COMMERCE AND FINANCE

Otago Daily Times, Issue 22066, 23 September 1933, Page 8

COMMERCE AND FINANCE

THE SHARE MARKET DUNEDIN STOCK EXCHANGE The following is a list of the business transacted on the Dunedin Stock Exchange during the past week;—

The business conducted on the Stock Exchange showed a considerable falling off in volume as compared with the previous week’s sales, although mining shares continued to be fairly active. Bank of Australasias were inquired for at £l3, cum dividend, but sellers did not show any interest. Bank of New Zealands were dealt in at £2 6s, the closing buying and selling quotations of £2 5s lOd and £2 6s Sd showing a drop of about 3s on last week’s rates. For Commercial Banks buyers were prepared, to give up to 17s, but sellers would not accept less than 17s 3d. There was a sharp rise in the demand for E.S. and A. Banks, buyers offering the much improved price of £5 18s at the end of the week. Business was done during the period at £5 15s. Buyers of National Bank of New Zealands offered £4 4s 6d, but sellers required 2s above that figure. . Upion Banka were disposed of at £lO 7s 6d, the market closing with buyers offering £lO 5s and sellers asking £lO 10s. There was a slight improvement in the inquiry for National Insurances,-; buyers offering 17s lOd. Sellers, however, would not accept less than 18s sd. New Zealand Insurances also met with a slightly better demand, but buyers’ offer of £2 14s did not attract sellers. For Dalgety and Co. shares buyers were prepared to give up to £lO 9s, but sellers required a further 7s. National Mortgages were inquired for at £2 9s without sellers coming forward. A sale at £2 10s was recorded. Several parcels of contributing New Zealand Refrigeratings changed hands at prices ranging from 9s 8d to 9s lid. The market closed with buyers and sellers quotation 9s lOd, no business resulting from difference in the size of the parcels. Paid-up Southland Frozen Meats were inquired for at £2 12s 3d, but sellers were reticent. 1

British Tobaccos were the subject of inquiry at £1 18s 6d, cum dividend, but sellers did not come forward. Parcels of Dominion Fertilisers changed hands at 12s and 12s 3d during the week, buyers’ closing offer being 12s, with no sellers forward. There was a slight advance in the market for Milburn Limes, buyers offering £1 10s 9d, without response from sellers, A sale at £1 I,os 9d was recorded. Mount Lyells improved in inquiry from £1 Is lid to £1 2s Bd, but sellers’ latest quotation was £1 2s lOd. A_ parcel changed hands, at £1 2s 8d during the period. There was a marked easing in the demand for New Zealand Breweries, buyers making no offer at the end of the week in response to sellers’ request for £1 17s. Sales at £1 17s 8d and £1 16s Id were recorded.

The inquiry for Staples Breweries also eased, buyers’ closing offer being £1 7s. No sellers came forward. Two- parcels of Okaritos were disposed of during the week at 11s 6d, ex dividend, the market closing with buyers offering 11s 2d and sellers asking 3d extra._ There was a steady improvement in the for Paddy’s Points up to the middle of, the week, when buyers offered 5s 3d in response to sellers’ request for 5b 6d. The market eased towards the end of the week, however, and no buyers came forward in response to sellers’ quotations of 5s 4d. A sale at the latter figure was recorded. Three parcels of Gillespie’s Beach shares were disposed of at' 2s 3d, the closing buying and selling quotations remaining unchanged at 2s 2|d and 2a 3d. Two sales of Waitahus at 7s 9d were recorded, buyers’ final offer of 7s 6d being 3d below sellers’ requirements. There was practically no change in the market for Nokomais, the buying and selling quotations remaining firm at 3s and 3s 2d. Sales at 3s and 3s 2d were recorded during the period. There was some activity in King Solomons, parcels of which changed hands at 3s 6d and 3s 7d. The closing buying offer of 3s 5d was Id below sellers’ requirements. Nine sales of Bell-Kilgours at prices between Is 7d and Is 8d were recorded, those figures representing the closing buying and selling quotations. Bell-Hoopers were also active, eight parcels being disposed of at Is. The market closed with buyers offering Is and sellers asking Is Ojd.

LOCAL AND OVERSEAS MARKETS.

There was a steady demand for Government Loans, but few buyers came forward. SALES ON ’CHANGE. £ b. d. N.Z. Refrigerating (cont.) .. 0 910 King Solomon ffO 3 6 SALES REPORTED. Bank of N.Z 2 6 0 N.Z. Breweries 1 16 1 The following are yesterday afternoon’s buying and selling quotations, which are subject to the usual brokerage:— ■ BANKING.

ft Cum dividend. DIVIDENDS PAYABLE. The following is a list of shares on which dividends will shortly be payable:— Dunlop Perdriau Rubber (pref.), ,Is, -final Sept. 30 King Solomon, 3d .. .. .. £Jept. 30 Pukemiro Collieries, le, final .. Oct. Bank of Australasia, 3s 6d interim • •• Oct. 6 N.Z. Guarantee ,Cbrp'., 3d, final Oct. 20 Waihi, Is, interim (approx.) .. Nov. 1 Electrolytic Zinc (pref.), Is 7 l-sd, final Nov. 2 NORTHERN EXCHANGES (Pee United Press Association.) The following business was done on ’Changes yesterday: — Auckland.—Sales: Stock, 1940 4 per cent., £lOl 2s 6d; Commercial Bank of Australia, 17e, 17s Id; E. S. and A, Bank, £5 18s 6d; National Bank of New Zealand, £4 6s; National Bank of Australia (paid), £l3 ss; Bank of New South Wales, £34; Bank of New Zealand, 45s 9d (2), 45s fid, 45s 3d; South British Insurance, 74s fid; Goldsbrough, Mort., 29s lid; Loan and Mercantile, £57; Auckland Gas, 23s 7d; National Timber, 5s lid; Bycroft, Ltd., 395; Milne and Choice (deb), 17s; New Zealand Newspapers, 28s (3); King Solomon, 3s 6d (3); Okarito, 11s fid; Waihi, 26s Id, 26s 3d; Waihi Junction, 4s 4d; Broken Hill Proprietary, 39s 9d. Wellington.—Sales: Union Bank, £lO os (2), £lO 8s; Wellington Gas (late Thursday), 33s fid; Henry Jones, 38s; Alexander (cont. cum div.), 21s 2d, 21s 3d; Gillespie’s Beach, 2s 3d; Waihi, 26s 9d. Christchurch. —Sales; Commercial Bank of Australia, 17s Id (7); Commercial Bank of Sydney, £lB 8s (2); E. S. and A. Bank, £5 9s; National Bank of New Zealand, £4 5s (3); Bank of New South Wales, £33 12s fid (4); Bank of New Zealand, 46s Id; Union Bank of Australia, £lO 6s; Dalgety and Co., £lO 12s fid (1); Goldsbrough Mort., 29s 9d (2), 29s 8d (5), 29s 7d, 29s Bd, 29s 7d, 29s fid; New Zealand Guarantee Corporation (cum div.), 7s 9d; New Zealand Refrigerating (£1 paid), 19s; New Zealand Refrigerating (10s paid), 9s 7d (6); Kaiapoi Woollens (17s paid), 8s fid (2); New Zealand Breweries,’36s 2d, 36s Id; Tirnaru (7s fid paid), 6s 3d (3); Tooth’s Brewery, 395; British Tobacco (cum div.), 37s 3d, 37s Id; Dunlop Rubber (cum div.), 18s 9d, 18s 8d (2); Henry Jones Co-op., 37s 8d; Wilson’s Cement. 35s fid: Alexander Mines (13s fid paid; cum div.), 21b fid (3), 21s 3d

(3), 21b 2d (2), 21s Id (3), 21s 2d. 21s, 21s Id (4), 21s; Bell-Hooper (9d paid), Is (5); Central Shotoyer (9d paid), lid; Freshford, 8d (2); Gillespie's Beach, 2s 3d (4); King Solomon (cum div.), 3s 4d; New Cornish Point (Is paid), lOd, Sales reported: Commercial Bank of Sydney, £lB 8a; Union Bank of Australia, £lO 6s 6d. £lO 6s; Dalgety and Co. (late sale Thursday). £lO 12s 6d; Goldsbrough, Mort., 29s 9d (2), 29s lOd; New Zealand Refrigerating (10s paid), 9s lOd, 9s 9jd; Kaiapoi Woollens (17s paid), 8s sd, 8s 8d; Timaru Brewery (7s 6d paid), 6s (2). SKINS. HIDES, AND TALLOW (Special to Daily Times.) WELLINGTON, September 22. Competition for sheepskins was very keen and animated at the fortnightly sale conducted by the Wellington brokers. Prices advanced Jd and in some cases £d a lb on two weeks ago._ Salted skins showed a corresponding rise. There was a good demand for all grades of hides as compared with late rates. Heavies, mediums, and light-weights were easier by id to id, while kip and yearling declined up to id. Calfskins met weaker market values, generally being lower by id to |d. , Pair supplies of tallow were offered, prices being fully firm on late rates, CANTERBURY MARKETS (Per United Press Association.) CHRISTCHURCH, September 22. The potatoe market showed little change until to-day, when there was a tendency towards lower values. Yesterday business was done at £3 15s and to-day at £3 10s to £3 lls 6d. Dakotas were quoted at £4 ss. There is practically no inquiry from the north and shipments represent consigned potatoes. The Waimarino on Thursday night took 2800 sacks from Lyttelton and, with 1700 from Timaru, 4500 sacks went north. There are still fair quantities of potatoes left in some districts, but the opinion is that these will be cleaned up by the end of the season. The extent of the decline in the potato trade with the North Island is remarkable as will be shown from the following figures showing the number of sacks shipped from Lyttelton for the past four years:—l933, 96.080; 1932, 143,586; 1931, 147,997; 1930, 279,509. During the present season 40,000 sacks have been exported from Lyttelton and Timaru to South America. The reduced shipments north indicate the extent to which production has increased in the other island. Last year there was the heavy disposal of seed to the north, but this season the quantity has been small, from which it may be inferred that the northern growers are using their own seed.,. Fowl wheat is unchanged at 3s 6d. No Partridge peas are worth 3s 6d a bushel on trucks, but there is no inquiry for export oats. The small seeds market is lifeless, quotations being unaltered. VICTORIA NYANZA SUGAR (Special' to Daily Times.) WELLINGTON, September 22. The Victorian Nyanza Sugar Company has advised the Stock Exchange Association that the following cablegram has been received from the plantation:—■' Cane crushed to September 17, 10,725 tons; sugar manufactured, 740, tons; process, 67 tons. Clear of. locusts since last cablegram. The plantation is in good condition, and the weather is favourable.

DUNEDIN MARKETS WHEAT, OATS, ETC. An odd parcel of milling wheat is still reaching the market, and where phe quality is up to the standard it is being stored on behalf of the Wheat Purchase Board, as millers are not buying. In the northern districts the fixed advanced prices are now at their maximum, but for wheat delivered from south of Waikouaiti an extra £d per bushel has to added to the prices ruling fo,r this month before the maximum is reached. For the month of October local growers will be paid 3s 9d for Tuscan. 3s lid for Hunters, and 4s Id for Velvet, growers’ nearest port. The fowl wheat market is steady. Stocks are on the light side, as merchants have been working on supplies secured early in the season, and these are just about depleted. The value of best quality fowl wheat has advanced slightly, the quotation to-day being 3s 5d per bushel, sacks extra, ex truck. The value for delivery ex store, small quantities, is 3s 9d to 4s, sacks extra.

A few lines of seed wheat are still being delivered to the country. Late sowing has been delayed owing to broken weather. Millers’ prices for flour, etc., are as follows:

Flour: 2001 b, £l4 2s; 100’s, £l4 17s; 50’s, £ls 2s; 25’s, £ls 7s, Bran, £5 per ton. Pollard, £6. Oatmeal: 2001 b, £l6; 25’s, £lB. Bran was advanced 10s per ton during the week.

The oat market continues quiet. There is practically nothing offering from the country, but on the other hand, the shipping demand is negligible. Values remain unaltered, the general quotation being on a basis of 2s, f.0.b,, s.i., for A’s and Is 9d for B’s. The demand for seed oats is not as great as in previous seasons, this indicating that the sowing down will be less than usual.

Supplies of chaff are still arriving on the market from Canterbury and from the south, a's growers in this district are not cutting to any extent. The value of best quality chaff is £3 10s per ton, sacks extra, ex truck, but most of the business is being done in small lots ex the store at prices ranging from £3 15s to £4 5s per ton, sacks extra. Although there has been an improvement in the shipping value of potatoes this has not had any effect on local values. Potatoes are difficult to sell, and on account of the market being over-supplied values have weakened. Best quality is worth round about £3 per ton, sacks included. Reports from the North Island go to show that new season’s potatoes will be available much earlier than usual, and that it is expected that the demand on the South Island for old tubers will fall off rapidly in October. The deliveries of seeds to the country continue good with prices of all lines remaining steady. There are no quotable changes in any of the markets. Wholesale prices are as follows: Chaff: Best quality, £3 15s to £4 ss, ex store, sacks included. Potatoes, £3 per ton, sacks included, ex store. Dairy butter; Milled bulk, lOd per lb; separator, lOd. Bacon, o|d per lb. Ham: Ordinary, lOJd; boneless, Is per lb. Onions: Brown Spanish, to 14s per cwt. Eggs: Stamped, Is per dozen; ease, lid. Factory and dairy butter has been advanced Id per lb. FRUIT REPORT. There is now a distinct shortage of both dessert and cooking apples of choice and any lines coming forward are readily taken up at improved values. A fair quantity of poor grade apples are ,' f ill on offer and low prices have to be accepted for these. With the low prices ruling at Home for New Zealand Sturmers many growers will regret that they shipped their choice quality apples away. Over three months have to elapse before the new season’s apples will be on the market. The trade will have to depend largely on American apples in the meantime. South Australian navel oranges are off the market until Tuesday week, when a fairly large shipment will arrive, ex Wainui. A shipment of Island oranges reached the market during the week, and these will meet the shortage until the arrival of the South Australian navels. A small lot of Rarotongan bananas, Californian plums, grapes, and grapefruit also reached the market, and these were readily taken up. New Zealand lemons continue in good supply. Low prices are still ruling. Cauliflowers are in heavy supply, and low prices are ruling. Reports indicate that there will be a falling-off in supplies next week. Lettuce were in much heavier supply later in the week, and the market became easier. Prices, however, may be considered satisfactory for choice quality lines. Rhubarb is in better supply. Spring cabbage are offering freely, and are meeting with a ready sale. A small lot of Peninsula new potatoes were on offer during the week, and realised from la 3d to Is 8d per lb. Growers on the Peninsula state that the new potatoes will be available in quantity fully a month earlier than last season. Wholesale prices are as follows; Apples: Democrats, se6d to 7a fid per case; Delicious—choice 7s fid to 11s, others 4e to 6s; Stumers, choice 5s 6d to 8s fid; cookers, 4a fid to 6s. Oranges: Californian Valencias, to 30s per case; Australian navels, 12s to 17s fid per case, according to size; Poorman 7s to 9a; Island repacked, to 22s fid. Lemons: New Zealand-grown, beet quality, 7s to 10s per case; others, 5s to 7s. Bananas: Ripe, to 25s per case. Californian grapefruit, to 37s fid per case. Lettuce: Choice, 2s to 4s per dozen; others, Is to 2s. Rhubarb: Choice, 2s to 2s fid per dozen bunches; loose. lsd to 2d per lb. Carrots, to 2s fid per sugar bag. Cauliflowers: Choice, 2e to 4s per sack; others. Is to 2e per sack. Spring cabbage, 2s to 3s per dozen. Potatoes, 3s to 4« per cwt. Parsnips, 4s per cental bag. Swedes, to Is per sugar bag. Artichokes, Id per lb. WHEAT, FLOUR. ETC. (United Press Association.) (By Electric Telegraph—Copyright.) LONDON, September 21. Wheat cargoes are easier in sympathy with American bearishness, but owing to the exchange fluctuations buyers are nervous. Easiness is accentuated by a further break in North and South American openings. An increasing movement of Russian descriptions to the Orient is reported. The Anglo-Canadian and King Malcolm’s cargoes sold at 24s IOJd. Both bulk and parcels are inactive and generally 3d easier, except for Russians, which are S'd firmer. Futures: London—September 21s 3d, December 22s 3d, February 22s fid; Liverpool—October 5s 10£d, December 5s l|d, March 5g 4|d, May 5s fid. Spot is quietly steady. Australian (ex ship), 26s fid and 27s 3d. Flour.—Steady; Australian (ex store), 19s fid and 20s. Barley.—Steady; Europeans, 3d up. Oats, peas, and beans are unchanged. THE DOLLAR (United Press Association.) (By Electric Telegraph—Copyright.) LONDON, September 21. Exchange on New York is 4.75 dollars to £l. MOUNT LYELL (United Press Association.) (Bjl Electric Telegraph—Copyright.) LONDON, September 21. Mount Lyell shares, 17s fid. P. AND 0. SHARES (United Press Association.) (By Electric Telegraph—Copyright.) LONDON, September 21. P. and O. shares are quoted at 18s fid. NEW GUINEA GOLD SHARES (United Press Association.) (By Electric Telegraph—Copyright.) LONDON, September 21. New Guinea Gold shares, 6s Hid.

LONDON WOOL SALES TONE CONTINUES FIRM (United Press Association.) (By Electric Telegraph—Copyright.) LONDON, September 21. At the wool sales 11,844 bales were offered, including 3508 from New Zealand. Aboiyt 7790 bales were sold. The general tone continued firm. The bulk of the offerings was sold. There were some Continental buyers. Full recent rates were maintained. There were withdrawals owing to sellers’ firm limits. Greasy merinos: Victorian, top 21d, average 20 g cl; New South Wales, 19d and 18|d; scoured merino Queensland 28d; South Australian 24d to 20,id. New Zealand “mako” 24d and 22d. New Zealand halfbreds 16d. THE SYDNEY SALES (United Press Association.) (By Electric Telegraph—Copyright.) SYDNEY, September 22. The average wool prices for the current week’s Sydney sales were: —Greasy merino fleece, to 23d; do, light, seedv, or burry, best to 19Jd; good 17d to 18d, average 15d to 16d; do, burry, best 16d to 17d, average 14d to 15d, inferior 12d to 13d; do, broken and first pieces, light seedy, and burry, best to 19d, good 14d to 16d, average 12Jd to 13id; do, very burry, best to IOJd, average Bjd to 9Jd, inferior 6Jd to 7£d; lambs, best to 183 d, good lid to 12d, average 8d to 9d; do, burry, best 9d to lOd, average 64d to 7id, inferior 4d to 4jd. 5% AND TAX-FREE Taxation is the bug-bear of investment to-day. Dividends from investment trust companies are, however, virtually free of income tax, as this income, so far as it consists of dividends, is exempt from income tax. Profits made from the purchase of securities and their sale at a higher figure r are capital profits and not subject to income tax. The New Zealand Investment Trust, Ltd., offers tax-free 5 per cent, first mortgage debentures, payable quarterly through the bank. Write to-day for full particulars to the New Zealand Investment Trust, Ltd., Alliance Assurance Building, Dunedin. P.O. Box 100; Phone 11-777; Invercargill, P.O. Box 243. Agents and attorneys in Sydney and London. —Advt. DAIRY PRODUCE (United Press Association.) (By Electric Telegraph—Copyright.) LONDON, September 21. Butter is quietly steady. Danish, 120 s; choicest salted New Zealand and Australian, 108 s to 110 s. Cheese: Steady. New Zealand—white 545, coloured 555; Australian, 52s and 535. Messrs A. S. Paterson and Co., Ltd., have received the following cablegram from London:— Butter. —Colonial market firm; New Zealand finest salt butter, 109 s, 110 s: first grade salt butter, 100 s; Australian, 108 s, 110 s; Continental market steady; Danish, 97s (landed cost, 119 s). Cheese. —White, market firm, 54s fid; Canadian,' 565-57 g fid. Messrs Dalgety and Co., Ltd., have received the following cablegram from London, dated September 21;— The butter market is firm. The cheese market is firm. Danish butter, 118 sto 120 s; New Zealand finest butter, 105 s to 110 s; Australian finest unsalted butter, 108 s to 110 s; Australian finest salted butter, 107 s to 109 s; Australian G.A.Q. butter, 104 s to 106 s. Australian chfiese, white, not quoted; Australian cheese coloured, not quoted; New Zealand cheese, white, 54s to 655; New Zealand cheese, coloured, 54s to 555; Canadian cheese, white, 54s to 58s; Canadian cheese, coloured, 54s to 58s; Canadian cheese, c.i.f,. not quoted. The National Mortgage and Agency Company, Ltd., is in receipt of the following cablegram from London;— Butter.—Market firm; New Zealand finest, 109 s, 110 s: New Zealand first grade, 106 s; New Zealand unsalted, 112 s; Danish, 116 s. 118 s; Australian, 108 s, 109 s. Cheese.—Market improving; New Zealand white, 545, 54s fid; New Zealand coloured, 54s fid, 655; Canadian c.f.L, 665. LONDON METAL MARKET (United Press Association.) (By Electric Telegraph-Copyright.) LONDON, September 21. (Received Sept. 22, at 10 p.m.) The following are the official Quotations:—

BANK OF ENGLAND RETURN (United Press Association.) (By Electric Telegraph—Copyright.) LONDON, September 21. The following is the Bank of England return: — ISSUE DEPARTMENT. Note issue in circulation .. £370,469,766 Banking department .. .. 79,906,375 £460,376,131 Government debt .. £11,015,100 Other Government securities 243,576,406 Other securities 1,763,597 Silver coin 3,644,897 Gold coin and bullion .. .. 190,376,131 £450,376,131 BANKING DEPARTMENT. Proprietors’ capital .. .. £14,553,000 Rest 3,677,432 Public deposit 18,218,506 Other deposit (bankers) .. 105,087,990 Other accounts .. .. .. 43,421,387 Seven-day and other bills ~ 1,423 £185,559,738 Government securities .. £80,655,963 Discounts and advances .. 9,192,227 Securities 14,448,864 Notes in reserve .. .. .. 79,906,375 Gold and silver coin .. .. 1,356,309 £185,550,738 The proportion of reserve to liabilities is 48.50 per cent. Short loans are quoted at 5-16 per cent.; three months’ bills at 13-32 per cent. BRADFORD TOPS MARKET (United Press Association.) (By Electric Telegraph—Copyright.) LONDON, September 21. Bradford reports that the sales in London confirm the earlier prices in tops, which remain firm. Buyers at present are not increasing their commitments. Quotations: 70’s, 36d; 64’s, 33|d; 60s, 323 d; 50’s, 22Jd; 50’s, 15Jd; 46’s, lljd; 40’s, IOJd. PRICE OF GOLD LONDON, September 21. The latest quotation for gold is £6 12s 9d per ounce. RABBIT SKIN MARKET LONDON, September 21. At the rabbit skin sales 1600 bundles were offered and 960 sold. There was a good demand for hatters, which were up to 10 to 15 per cent, compared with July. There was better inquiry for medium furriers, which showed a slight advance.

MINING BELL-HOOPER, LTD, A circular letter from the chairman of directors of the Bell-Hooper Cromwell Gold, Ltd., states that two of the directors, Messrs Alan G. Hamilton, chairman, and J. Penny, visited the mine on August 27 and left again on August 30. In company with the mine manager they made a thorough inspection of all the underground workings, taking dish prospects froin the top, middle, and floor of the wash from the main face, and Nos. 1 and 2 crosscuts going east and west'. One of these prospects taken from the floor of No. 2 crosscut east gave the high return of fidwt, whilst those from both the crosscuts going west gave good returns. In other places gold could quite easily be seen lying on the bottom of the wash, the top or roof of the wash gave only a few colours, but when blocking out to a height of five feet quite payable averages should be maintained, Owing to insufficient development work having been done when Mr Autridge took charge, he could not keep on blocking out until enough faces were opened up, and someof this wash proved to be disappointing in values. However, he has steadily pushed on with the development work, and the wash, as stated above, had improved with a slight dip showing in the main face. One of the other reasons why blocking out from the west boundary line could not be undertaken was on account of the ventilation system. The main face had now been driven on past the shaft partly sunk by Messrs Bell and Hooper, and the manager intended to put in a cross drive to connect with his shaft, when he would have enough ventilation to commence blocking out. The directors were impressed wuth the systematic manner in which the mine was being developed, and in a few weeks time the main face would reach the back or north boundary, and a shaft would be sunk to enable all the timber and supplies to be lowered and so save money and time. At the present time all the gold recovered was from the development work off the main face and the crosscuts, and, when it was known that the development work had only been going on for a period of five months, it could safely be claimed that not many mines could recover enough gold to pay more than half the expenses from development work alone. The directors took this opportunity to dispel many of the rumours being circulated that they were withholding anything from the shareholders, but com sidered that important features should take place within five to six weeks. Plans of the mine showing the workings and the geophysical plan showing the deep lead which ran through the entire length of the claim could be inspected at the secretary’s office by shareholders.

BELL-KILGOUR COMPANY. The statutory meeting of the Bell-Kil-gour Gold Mining Company, Ltd., was held in the Chamber of Commerce board room recently. There was a good attendance of shareholders, and Mr Hr Adam occupied the chair. The chairman stated that, having now compeleted his contract with the company, Mr J. A. Roche had joined the board _in_ accordance with the articles of association. Messrs J. W. Smeaton and Co. were appointed auditors. The chairman, reviewing the work to date, stated that he and his fellow-direc-tors had visited the claim, and were highly satisfied with the work that had been carried out. In response to an inquiry whether the directors intended taking over the back area, he stated that this would be decided by the directors when the main drive had been completed 'to the boundary of the two claims. He expected that a washup would take place in about a fortnight, from wash taken out during the development work, but that the regular wash-ups would not be started for about a month. Mr Robert Lee, the company’s engineer, stated that the main drive had been enlarged, retimbered, and regraded for a distance of 300 feet. This drive would be continued to the northern boundary of the claim, and the claim to the western boundary would be developed before any blocking out was commenced. THE GOLCONDA MINES. The mine manager of the Golconda Mines, Ltd., reports that during the week ended September 16 the following work has been in progress:— Stoping has been carried out on the branch reef south of the shaft. Colours of gold were occasionally seen in the ore broken. We have practically completed the work to connect up with the stope on the main reef east. At this point there is an aggregation of quartz with two distinct ore bodies, and several ribs of quartz nearly all striking into the hanging wall. These droppers vary from an inch to one foot in width. We will open out on them nest week. The main ore body here is now on its proper underlie, and there is a big improvement in the country rock. Crushing was resumed on Friday alter the breakdown in the water race, NEVIS SLUICING CLAIMS. The announcement is being made of the flotation of Nevis Sluicing Claims, Limited, a company which has been formed to take over the alluvial claim, water races, plant, mining rights, and privileges of the vendors,'Messrs Williams, Johnston and Son, in the Nevis Valley. The vendors are w.ell known in the Nevis and Cromwell districts, and their claim has proved to be richly gold-bearing. With up-to-date and efficient plant, there should be handsome returns for some time to come. It is particularly interesting to note that the company is acquiring the claim, etc., direct from the actual claimholders who have been working on the claim for some years. Recent wash-ups have yielded both fine and coarse gold, the latter including nuggets up to loz in weight. It is estimated that a yield of 250 z pier week will give a return of 20 per cent, per annum on the capital after payment of all expenses. In addition to the claim on Schoolhouse Creek, operated by the vendors, the company proposes to work further areas in the locality. The water supply is more than sufficient for all the requirements of the company, and existing water races will permit profitable work to be commenced immediately whilst development is being_ carried out in other parts of the properties to be acquired. GILLESPIE’S BEACH DREDGE. Steady progress is being made with the power plant for Gillespie’s dredge in South Westland. The power house and transmission line are now well advanced (says the West Coast correspondent of the Christchurch Times), and the assembling of the dredge is progressing favourably, all being housed in. The machinery should be starting up soon, possibly next month. KING SOLOMON DEEP LEAD. (Per United Press Association.) INVERCARGILL. September 22. The wash-up at the King Solomon mine for the week totalled 103 oz lldwt. GOLD-PRODUCTION. INCREASE IN EXPORT VALUE. (Per United Press Association.) WELLINGTON, September 22. An increase in both the quantity and the value of gold exported from New Zealand during the first eight months of the year, as compared with the corresponding period of last year, is announced by the Minister of Mines (Mr C. E. • Macmillan). This year it was 105,6760 z, compared with 101,2790 z, and the value was £749,334, compared with £541,013. The number of prospectors who sold gold during August was 1359, compared with 836 in August last year. BALCLUTHA HORSE SALE (From Our Own Correspondent.) BALCLUTHA, September 22. A horse sale was conducted by the National Mortgage and Agency Company at the Corporation Sale Yards in the presence of a large number of farmers and others. There was an entry of 30 horses of all, descriptions, mostly aged and a proportion of light draughts. Ihe latter were in demand at from £l2 to £25, according to quality and age. Heavy draught geldings brought from £39 to £45 10s; aged draughts, flB to £3O; spring carters, £l6 to £24. In a line of unbroken draughts yearlings sold at up to £l4, and two-year-olds to £2B. ___ BEET SUGAR (United Press Association.) (By Electric Telegraph—Copyright.) LONDON, September 21. Beet sugar: October, 5s 2Jd.

FOREIGN EXCHANGES

LONDON STOCK EXCHANGE - (Halted Press Association.) * (By Electric Telegraph—Copyright.) LONDON, September 21. The following »re the latcit Quotations of Goremmcnt securities compared with the prices ruling lust week:— _ Last west. This week. £ s. d. £ s. <S.

OPOSSUM SKIN SALE The Dunedin Stock Agents and Woolbrokers’ Association (Messrs Dalgety and Co., Ltd., Donald Reid and Co., Ltd., Stronach, Morris, and Co., Ltd., New Zealand Loan and Mercantile Agency Company, Ltd., Wright, Stephenson, and Co., Ltd., Otago Farmers’ Co-operative Association, Ltd., and National Mortgage and Agency Company, Ltd.) reports as follows: — The third opossum sale for the season was held yesterday, when approximately 35',000 skins were offered. A comparatively small proportion of these were southern skins, the bulk of the offering being from the North Island, and generally the quality was inferior to that seen at the August sale. There was a particularly keen demand for all grades, and prices on an average showed a sharp advance. Best quality skins compared with August rates were 6d to Is 6d higher, and secondary and inferior grades, which comprised the bulk of the offering, were fuly Is 6d to 2s 6d per skin higher. Blues sold to 14s 0d and blacks to 13s each. The following is the range of prices:—Super blacks, Ils to 13a; first blacks, 9s 6d to 10s 9d: second blacks, 7s to 9s; super browns, 7s 3d to 9s; first browns, 6s to 7s; second browns, 5s to 5s 6d; super blues, 11s 9d to 14s 6d; first blues; 10s 6d to lls 6d; second blues, 7s to 9s 6d; super greys, 10s 3d to 12s 6d; first greys, 9s 3d to 10s; second greys, 6s 9d to 8s 6d; super reds, 7s to 8s 6d; first reds, 6s to 6s 9d; second reds, 4s 3d to 5s lid; inferior and damaged, 3s to ss; small, 2s to 4s 6d.

AUSTRALIAN STOCK EXCHANGES (United Press Association.) (By Electric Telegraph—Copyright.) SYDNEY, September 22. (Received Sept. 22, at 8 p.m.) The Stock Exchange market continue# to rise, and almost every section ie improving every day. Activity is well sustained. Following arc the sales: —Bank of New South Wales, £33 15s: Commercial Bank of Sydney. £lB 10s; Commercial Bank of Australia, 17s 4Jd; National Bank (£5 paid). £5 18s; Queensland National Bank. £5 1.35; Union Bank, £lO 17s 6d; Colonial Sugar, £6O; Associated News. 18s 9d (pref., 19s 6d); Burns, Philp South Sea, 345; Australian Gas A, £7 5s 6d; Berlei, 27s 6d; Berlei (con.), 13s 6d; British Tobacco (pref.), 27s 9d; Dunlop Perdriau, 19s IJd; Australian Glass, 495; Australian Provincial Assurance, 12s 3d; Tooths, 39s 9d; Carlton Brewery, 38s 6d; Anthony Hordern, lie 4d (New Zealand delivery), 11s and Us 2d (pref., 19s 10id); Automatic Totalisators, 16s 4Jd; David Jones, 33s 6d; Newcastle Gas B, 12s Id; Australian Iron and Steel (pref.), 17s; Comr moawealth Wool, 18s 7|d; Goldsbrough, Mort, 29s 10§d; Winchcombe Carson, 28« 3d; Morris Hedstrom, 20s; Henry Jones, 38s (New Zealand delivery, 38s lid); Fairymead Sugar, 295; Standard Cement, 16s 3d; Mount Lyell, 23s lid; Broken Hill Proprietary, 40s; North Broken Hill, 89s 9d; Kuala Kampar, 9s 3d; Mount Morgan, 49s 3d. Commonwealth Bonds (fours), 1938, £lO3 17 s 6d; 1941, £lO4 12 s 6d; 1944, £lO5 2s 6d; 1947, £lO3 17s 6d; 1955, £lO5 6s; 1957, £lO5 12s 6d; 1959, £106; 1961, £lO4 10s. MELBOURNE. September 22. Bank of New South Wales, £33 16a 3d; Dunlop Perdriau, 19s; Commercial Bank of Australia, 17s 3d; National Bank (£5 paid), £6 16s; Howard Smith, 12s; Adelaide Steam, 25s lid; South Broken Hill, 67s 3d, Mount Lyell, 235. MELBOURNE MARKETS MELBOURNE, September 22. Wheat is easier. Parcels are nominal at 3s Id. Shippers, 3d, on truck at Williamstown. _ Flour is quiet at £8 ss. Brand And pollard are steady, and in short supply at £5. Oats are firm. Milling, 2s Sd; feed, 2s 2d. Maize is weaker, nominally 4s to 4s sd. Potatoes are plentiful, occasionally to £3 6s. CHICAGO WHEAT MARKET (United Press Association.) (By Electric felegraph —Copyright.) CHICAGO, Sptember 22. (Received Sept. 22, at 10 p.m.) Wheat; September, 87i cents per bushel; December, 90|; May, 95; New York, cash, 98|. WAIRARAPA FARMERS’ CO-OP. (Special to Daily Times.) WELLINGTON, September 22. A loss of £10,836 3s 3d for the year ended July 31, 1933, is shown' by the Wairarapa Farmers’ Co-operative Association, Ltd., after providing for all expenses of management, bad and doubtful debts, and depreciation of plant and stock-in-trade, In their annual report the directors state that trading conditions during the year were even less favourable than previously, and price levels continued to fall. Though the volume of sales kept up very well, the money figures of the previous year were not maintained. . The company is unable to make any payment this year to preference shareholders on account of dividend or arrears. GOVERNMENT IMPORTS Goods imported for the New Zealand Government totalled £456,023 in 1932, compared with £885,597 in 1931 and £1,880,461 in 1930. Of these, £260,771, or 59 1-3 per cent., came from the United Kingdom, compared with 645 per cent, in 19S), £105,167 from Australia, and £16,729 from other British sources, making a total of £382,667, or 84 per cent., from all British sources, against 81 per cent, in 1931. The principal foreign imports were £63,984 from the United States and £17,576 from Sweden. Some of the principal items were: —Wheat _ £65,577, electrical appliances £58,735, insulated cable £13.318, railway plant, £49,031, hardware £25,949, iron pipes £13,124, metal cordage £10,707, lubricating oil £18,357, printing paper £19,939, and cotton piece goods £15.641. DESTINATION OF EXPORTS Although some 80 to 88 per cenL of the Dominion’s exports go to the United Kingdom, a certain amount of this reexported to other countries. A few years back these re-exports amounted to about £7,000,000, but since 1929 the amount m fallen' considerably, and in 1931 the total was £4,118,792. Wool is the principal item,' usually about two-thirds of the total. In 1931 wool totalled, £2,970,095, butter £217,645, sheepskins £186,377, hides £174,931, tallow £103,105. sausage casings £82,749. dried milk £56.419, casein £49,729. In 1930 the total was £4,612,765. In recent years more direct trade has been done with European countries in wool, tallow, hides, sheepskins, and casings.

£ s. d. Bank” of New Zealand 2 6 0 E.S. and A. Bank .. 5 15 0 Union Bank .. .. 10 7 6 National Mortgage .. • • • . 2 10 0 N.Z. Refrigerating (cont , two) 0 9 Q 8 Q 0 9 10 (four) 0 9 11 South Otago Freezing . . •• 5 0 0 Otago Daily Times • • . • 2 5 3 Mount Lyell .. .. 1 2 8 Milburn Lime .. .. 1 10 9 Dominion Fertiliser 0 12 0 0 12 3 N.Z. Breweries 1 17 8 1 16 1 Okarito (two) .. .. *•0 11 6 Paddy’s Point . .. 0 5 4 Gillespie’s Beach (three) 0 2 3 Waitahu (two) 0 7 9 Golden Sands .. .. 0 3 6 Nokomai 0 3 2 0 3 0 King Solomon (three) .. t+o 3 3 6 7 Bell-Kilgour (three) (two) 0 i 8 0 i n (four) 0 i 7 Bell-Hooper (eight) .. .. 0 i 0

Buyer. Seller. f 8, d. f e. d. N.Z. 2 5 10 2 6 3 Commercial .. .. 0 17 0 0 17 3 E.S. and A 5 18 0 — Natl, of N.Z. 4 4 6 4 6 8 Natl, of A’asia .. 13 0 0 — Union 10 5 0 10 10 0 INSURANCE. National 0 17 10 0 18 5 New Zealand .. .. 2 14 0 — Standard 3 0 0 — SHIPPING. U.S.S. Co, (pref.) 1 3 6 — COAL. Westport 0 12 10 0 13 3 LOAN AND AGENCY. Dalgety and Co. .. 10 9 0 10 16 0 Goldsbrough, Mort 1 9 6 1 10 6 NatnI. Mortgage 2 9 0 Natnl, Mortgage (B issue) 1 7 6 — Perpetual Trustees — 2 15 0 Wright, Stephenson (ord.) 0 13 0 0 15 0 Wright, Stephenson (pref.) 0 13 0 — MEAT PRESERVING. Gear Meat .. .. I 13 0 — N.Z. Refrig, (paid) 0 19 0 — N.Z. Refrig, (cont.) ftO 9 10 0 9 10 South. Froz. Meat (paid) 2 12 3 — South. Froz. Meat (cont.) 1 6 0 — South. Froz. Meat (pref.) 2 11 6 — South Otago Freezing .... .. .; 5 0 0 — MISCELLANEOUS. British Tobacco .. ffl 16 0 — Broken Hill South —- tf3 8 0 Bruce Woollen (pref.) — 1 0 0 Colonial Sugar 58 10 0 — Crystal Ice .. .. 1 7 0 — D.I.C. (ord.) .. 0 11 6 — D.I.C. (pref.) 1 1 0 — Dominion Fertiliser 0 12 0 — Dominion Fertiliser (debs.) 09 0 0 Donaghy’s Rope .. 2 1 0 — Dunlop Perd. Rubber 0 18 0 — Electrolytic Zinc (pref.) ffl 13 3 — Electrolytic Zinc (ord.) 1 3 5 — Kaiapoi Woollen (ord.) .. .. 0 8 0 — Milburn Lime .... 1 10 9 _ Mosgiel Woollen .. 8 10 0 9 10 0 Mount Lyell .. .. 1 2 8 — Natnl. Electric .. — 0 6 0 N.Z. Drug Co. .. 3 9 0 — N.Z. Paper Mills 1 7 3 1 8 3 Regent Theatre .. — 1 0 0 Smith and Smith t+0 13' 3 —- N.Z. Newspapers .. 1 7 3 1 8 3 BREWERIES. N.Z. Breweries .. — 1 17 0 Staples 1 7 0 — Tooths — 2 0 0 OIL. Moturoa .... .. — 0 3 3 Moturoa (pref.) — 0 4 6 MINING. Kawarau — 0 0 7 Waihi 1 6 1 1 6 9 Mahakipawa 0 0 u 0 0 3 Kildare _ 0 2 4 Okarito 0 11 2 0 11 5 Paddy’s Point .... —• 0 5 4 New Cornish Point — 0 0 7 King Solomon no s 5 0 3 8 Golden Point 0 0 U ■ Blackwater .. .. — 1 17 0 Alexander .. .. 1 0 6 _ Consol. Goldfields 0 14 6 —• Gillespie’s Beach ;. 0 2 2* 0 2 3 Waitahu 0 7 6 0 7 9 Golden Sands .... 0 3 ,4 —- Big River .. .. ■0 1 0 0 1 9 Mount David .... 0 1 6 0 2 6 Nokomai 0 3 0. 0 3 2 Central Shotover .. — 0 0 11 Bell-Kilgour .. .. 0 1 7 0 1 8 Bell-Hooper .. .. 0 1 0 0 1 OJ Oxenbridge .. .. — 0 0 10 Aotearoa 0 1 0 0 1 8 GOVERNMENT LOANS. 3* p.c. Ins.,. 19381943 100 0 0 — 34 p.c. Ins., 19381952 100 0 0 —■ 3J p.c. Ins., 19391943 .. .. .. .. 100 0 0 — 3J p.c. Ins., 19391952 .'.V. .. .. 100 10 0 — 3$ p.c. Ins., 19411943 100 10 0 — 3J p.c. Ins., 19411952 101 0 0 — 4 p.c. Bonds., Jan., 1040 101 0 0 — 4 p.c. Ins., Jan., 1940 100 10 0 — 4 p.c. Bonds, Feb., i946 100 12 6 — 4 p.c. Ins., Feb., 1946 .. .. .. .. 100 12 6 — 4 p.c. Bonds, April, 1949 101 5 0 — 4 p.c. Ins., April, 1949 101 5 0 — 4 p.c. Bonds, June, 1955 100 10 0 — 4 p.c. Ins., June, 1955 100 10 0 —

Copper, spot .. .. Ton. £34 10 7% Pall £0 1 10% Copper, forward ,, 34 IS 9 FaU 0 1 10% Electrolytic, spot .. .. 37 15 0 Hiss 0 10 0 Electrolytic, forward 38 6 0 No change Wire bars .. .. 38 S 0 No change Lead, spot .. .. 11 18 9 Rise 0 2 6 Lead, forward .. 12 S 9 Rise 0 18 Spelter, spot .. •• IS 6 0 FaU 0 11 3 Spelter, forward .. ,16 18 9 Fall 0 18 Tin, spot 215 10 3 Fall 0 15 0 Tin. forward .. .. 215 16 S FaU 0 16 0 Pig Iron, home trade .. 3 2 6 No change Pig Iron, export .. 2 12 6 No change Antimony. British .. 33 10 0 No change Antimony, foreign S3 0 0 FaU 050 Molybdenite .. .. Unit 2 1 0 No change Wolfram .. .. .. 0 17 9 Rite 0 0 6 * Sllrer, standard • • Os, ISttd FaU 8-16d SUrer, fine .. io ii-ioa FaU S-lSd

Consols 73 15 0 73 15 0 Funding Loan. 4 p.e., 1908-90 111 15 0 112 0 0 Assented War Loan .. .. 100 10 0 100 18 0 Conrerslon Loan, V,i p.o. 90 10 0/ 09 10 0 Victor? Bonds, 4 p.o. (ei dir.) 108 18 9 100 0 0 C'wcalth. 8 p.e„ -1048-47 109 6 0 110 0 0 C’wealth, 8 p.o., 1915-47 .. 102 2 6 102 12 0 C’weallh, 3% p.o., 1938-87 .. 101 10 0 101 10 0 Victoria, 3 p.o.. 1020-40 80 0 0 89 10 0 Victoria, 3% p.c,. 1929-40 .. 95 5 0 96 0 0 Victoria, 8% p.c,, 1930- > .. 101 12 6 101 10 0 Victoria, 5 p.c., 1932-48 .. 104 18 9 104 17 6 Victoria, 4% p.c., 1040-60 .. 101 2 6 101 7 6 N.S.W., 3 p.c,* 1935 .. .. 99 18 9 80 18 0 N.3.W., 354 P.o., 1830-40 .. 05 10 0 03 2 8 N.S.W., 6 p.c.* 1030-40 102 7 6 100 6 0 Queensland, 8 p.e. Stock, redeemable 1810-60 101 0 0 101 0 0 Queensland. S P.C., 1022-47 .. 90 8 0 90 17 6 Queensland, 6 P.O.. 1920-40 .. 105 15 0, 106 0 0 New Zealand, 4% P.c.. 1045-57 108 IB 0 166 15 0 New Zealand, 3H p.o., 1040 .. 100 12 6 101 0 0 New Zealand. 3 P.o., 1046 ,, 02 10 0 02 15 0 Now Zealand, 8 p.c.. 1936-51 105 17 6 100 10 0 8.A., 3£ p.e., 1038 .. .. 101 0 0 101 2 6 S.A., 3 p.c,, 1916 or after .. 76 0 0 77 10 0 Tasmania, 3% P,o„ 1930-40 ,, 100 0 0 100 0 0 Tasmania. 3 p.e., 1010-40 .. 06 0 0 97 0 0 W.A., 3% P.C,, 1926-36 .. .. 101 0 0 101 S 0 W.A., 3 p.c., 1015-35 .. .. 100 « 0 101 0 0 W.A., 6 P.C., 1930-40 .. 101 0 0 101 3 s

KUGBT, September 21. Paris— Par. Sept. 20. Sept 21. Francs to £ 1 .. 124.21 79 9-32 70 9-32 Brussels — 22.25} Belgas to £1 35 22.22} Oslo — 19.90 Kroner to £1.. 18.189 19.90 Stockholm — 19.37} 19.37} Kroner to £1.. 18.150 Copenhagen— 22.40 22.40 • Kroner to £1 18.150 Berlin— 13.00} Marks to SI .. 20.48 12.99 Montreal— 4.88} Dollars to £1.. 4.86 2-3 4.88} New Tork— 4.77} ' Dollars to £ 1 .. 4.86 2-3 4.81 Yokohama — £4.582 14 3-32 14 3-32 Fence to yen Hongkong— 17% 17 8-82 Pence to dollars 24.58 Bombay— 18 1-32 Pence to rupee — 18 1-32 Batavia — 7.70 Florins to £ 1 12.10 7.65 Milan— 59 Lire to £1 .. 82.43 59 1-18 Amsterdam — 7.69 7.69 Guilder to £1 12.107 Prague— 104S Kroner to £ 1 .. 104| 104% Geneva — 16 Francs to £ 1 .. 25.22} 16 Vienna — Schillings to £1 84.864 29 29 Helsingfors— 226} Marks to £ 1 .. 193.23 227 Madrid— 37 3-32 Pesetas to £1 25.28} 37 3-32 Belgrade— 240 Dinara to £ 1 .. 25.22} 240 Athens— V Drachma to £1 875 565 560 Lisbon— Escudos to £1 110 108 ! 103 Bucharest — , Lei to £1 .. 931.6 530 532} Bio de Janeiro— Pence to mllrels 5.890 4J 4% Buenos Aires — ' Ponce to pesos 47.28 44| 44} Shanghai— Fence to tael .. _ 15 7-16 15 5-16 Montevideo — Ponce to pesos — 37 36 Warsaw— Zlotys to £ 1 .. — — —