COMMERCE AND FINANCE

Otago Daily Times, Issue 22098, 31 October 1933, Page 7

COMMERCE AND FINANCE

MINING i | ' Vo BRIAN BORU DREDGE. - T if. ' *i; (Peb United Press- association.) GREYMOUTH, October 30. The Brian Born dredge return for 102 hours of work was 530 z 14dwt. CHARLESTON WASeUtP. The secretary of the Charleston Sluicing Company reports that the wash-up for 2o shifts from October 7 to October 21 totalled 151 oz. LAWSON’S ELAT COMPANY. The mine, manager of the Larson’s Flat Company reports that the wash-up for the two weeks ended October 26 produced 490 zof retorted gold. Approximately 6300 yards were sluiced, the yardage being restricted pending the installation of further plant, which the proposed issue of preference shares is intended Wprovide. CLUTHA DEYELOPMENT,|ITD. Mr Fred. G. Dunn, attorney fqr Clutha Development, Ltd., has received a cable message from Sydney stating that the Bulolo Gold Dredging, Ltd., has declared an interim dividend of 60 cents, Canadian, per share, payable to shareholders on the record at the close of business on November 9. and that Placer has declared an interim dividend of one dollar 20 cents, payable to shareholders on the record on the same date. OKARITO DREDGING COMPANY. Messrs W. A. Mitson and Co-, secretaries of the Okarito Five Mile Beach Gold Dredging Company, Ltd., report that the wash-up for last week was 330 z 7dwt for 113 hours’ dredging. WAIHI REPORT. The following information has been cabled to the London office of the Waihi Gold Mining Company, Ltd.: — No. 5 Level. —Driving west on the north branch of the Martha lode the next 35 feet is of good grade and the width of the lode i s about 24 feet. Martha lode: Driving west of the next 36 feet is of little or no value. The lode has reduced to 3 feet in width at the face. No. 11 level: Edward lode sinking winze: The next 15 feet assays 15s a ton. We are now opening out a level at 70 feet down. • Grand Junction, No. 6 level; Royal lode south-eastern prospecting crosscut —Owing to faulted and disturbed country crosscutting has been stopped at 321 feet, we are now driving west on a leader at 250 feet in. „ rr~~ r WORK ON THE CLAIMS.' THE CROMWELL AREA. (Special to Daily^Tlmes.) 1 October 30. The Bendigo field takes a prominent place in the mining activities of the moment. After viewing the extensive work in hand, ope cannot fail to.be impressed with the possibility of something permanent being developed on this once famous field, especially in reefing. Approximately 30 men are engaged on 'the several ventures. With a fine, up-to-date and admirably arranged plant, the power for which is derived from a 24 h.p. Diesel engine, excellent progress is now. being made at the New Bendigo mine. Many changes are met in the rock being penetrated, and only recently the defined walls of a reef formation were cut. The tunnel is now in about 800 feet, but has a considerable distance to go before the lines of the old Bendigo reef are cut at ihe low level. There is a confidgnce among those on the job that a new Tine of reef will be cut between the present face ,and the, ultimate objective under Reliance Hill. Messrs Harlwicb and party have an extensive area behind the New Bendigo mine, in which exists what is' known as the old miners’ tunnel. It wag on this /area that some of the earlier miners set in to drive a tunnel from Bendigo Creek to cut known lines of reef at, a depth of several hundred feet. Lack of funds forced-the pioneers to call a halt before reaching their objective. The - present party will extend the funnel. Five men are at work, but for some little time will be. engaged extending a road to the works. When this, is complete, and the necessary Elant assembled, work in the tunnel will e commenced. Further back on the hill, at the Rise and Shine, Messrs Logan and party’' have shifts at work, and are making good progress cross-cutting from a shaft. Men op the area consider it holds out good possibilities. ’ , , Mr Arey is busy , testing a defined sul- , phide lode . which extends over a- wide area. It has been located near the old Come-in-Time battery, which is still standing, and has also been found in a line, over a mile further back. u An. alluvial proposition is that ..of Messrs Pheloung and party, who are shafting a short distance down the creek from where the walls of O’Donnell’s old store still stand. With a pumping plant at work the shaft is down 180 feet, ana at that, depth prospects are said to be encouraging. ■ S: The Keystone drill recently taken to the Nevis field has commenced work well up the Nevis Valley..several miles beyond the Upper Nevis dredge. Under the direction of Mr Moye, manafer, four men are at work on Cornish ’oint. A face is being < straightened up preparatory to putting in a new tunnel. This is slightly up-stream from the original tunnel.

LOCAL AND OVERSEAS MARKETS.

THE SHARE MARKET DUNEDIN STOCK EXCHANGE Two sales of Bell-Kilgoup shares were recommended on the Dunedin Stock Exchange yesterday, the prices being Is 5d and Is sid. After the last call two further sales were reported at Is sd. When the market dosed for the day buyers were offering le 4Jd. with asking one penny more. The contributing issue of New Zealand Refrigeratings were sold at 9s lOd, the final quotation being 9s 9d (buyers) and 9s lid (sellers). Otago Daily Times shares were sold at £2 5s 6d, but there was no quotation for these yesterday afternoon. King Solomons also changed hands at 3s Id. Later buyers had reduced their® offer to 3s, but sellers .remained firm at 3s Id. Dominion Fertilisers were reported to have been sola at 14s 44d. The best buying offer yesterday afternoon was 14s, with no seller forward. A sale was reported of Southland Frozen Meats (ord.) at £2 16s 9d. A seller was willing to do business when the market closed yesterday at £2 17s 6d. but no buyer was attracted by this figUre ‘ SALES ON ’CHANGE.

PALE REPORTED AFTER LAST CALL. Bell-Kilgour (two) .... 015 The following are yesterday afternoon’s buying and selling quotations, which are subject to the usual brokerage:— BANKING.

\ DIVIDENDS PAYABLE. The following is a list of shares on which dividends will shortly he payable:— D.I.C. (pref.), 6d, final .. .. Nov. 1 D.I.C. (ord.), 3d, final .. .. Nov. 1 Waihi, Is interim (approx.) .. Nov. 1 Electrolytic Zinc (pref.), Is., 7 l-sd, final .. .. ... •• Nov. 2 Bank’ of Adelaide, 2s, interim ... Nov. 9 N Z. Paper Mills, 7 l-sd, interim Nov. 10 Broken Hill Prop., Is, interim Nov. 15 National Insurance, sd, final ... Nov. 20 National Bank of Australasia (£5), 2 a 6d, interim .. ... Nov. 29 National Bank of Australasia (£10), ss, interim ..... • • Nov. 29 Bank of N.Z.. Is, interim . - Dec. 9 Bank of N.Z. (long D), 9d, interim Dec - 9 NORTHERN EXCHANGES (Pee United Press Association.) The following business was done on ’Changes yesterday:— . Auckland.—Sales: Stock 1940, 4 per cent., £lO2 (two parcels); Auckland Harbour Board, 1002, 5i per cent., £103: Wrieht. Stephenson, 6 per cent, second lien, £75; Bank of New Zealand, 46e9d; New Zealand Insurance, 555; Auckland Gas, 23 9 sd; Australian Glass, 525; New Zealand Refrigerating (10s paid), 9s 7d, 9s 8d; Waihi, 26s 2d (two parcels); Waihi Junction, 3s lid; Mount Lyell, 235. Unofficial list; Claude Neon Lights, 40b 6d. Wellington.—Sales: Bank of Australasia, £l2 15a 6d; Commercial Bank of Sydney, £l7 17s 6d (late Saturday);

South British Insurance, 71s 9d; New Zealand Refrigerating (cont.), 9s 8d 9s 9d- Dominion Fertiliser, 14s 4sd; Bulolo Gold, £5 Is 3d. Unlisted: Claude Neon Ll 6hdstchurch'—Satesf blew Zealand Government 4 per cent. Inscribed, 1949, £IOO 15s; Commercial Bank of Sydney, £l7 10s (six parcels); Goldsbrough, Mort, 29s 9d (five parcels); New Zealand Refrigerating (10s paid), 9s 9d (three parcels): Kaiapoi Woollens (17s paid), 8s; New Zealand Breweries, 30s 3d (two parcels ; Anthony Hordern, 13s 4d; Mount Lyell, 23s Id; New Zealand Farmers’ Co-op. 4* per cent. Stock. 1940, £65; Bell-Hooper (9d paid), lid (two parcels); BeH-Kil-gour, Is sd; Big River Is 6Jd. Is 5d (three parcels); Central Shotoyer (M paid) Is Ojd; New Cornish Point (Cd paid)’ 7id (five parcels); Okarito, 10s. Sales reported: Bank of Australasia. £l2 15s, £l2 16s; Bank of New South Wales, £33 17s 6d; United Building Society, 17s 9d; New Zealand Refrigerating‘(los paid), 9s 9d; Australian Glass (cum div.), 525; Dunlop Rubbers, 18s 10d, Electrolytic Zinc (ord.), 25s 6d. WILTON COLLIERIES. LTD. (Special to Daily Times.) AUCKLAND, October 30. A circular has been issued to shareholders of the Wilton Collieries, Ltd., asking them to subscribe £20,000 in preterecce capital to enable the company co continue operations The circular announces that negotiations with Renown Collieries, Ltd., for amalgamation have failed and that the two companies are again operating as separate entities. Iroposals also had been advanced on ben air of the older established Waikato colliery companies for the purchase of the Wilton coiiiery and also the Renown colliery. The circular states that the price offered by these companies would not have P r o* vided any margin to cover shareholders capital, and the proposals were so hedged with restrictions as to make _ acceptance practically impossible. The directors express their confidence that with additional capital the company can carry on. Renown collieries, ltd. (Special to Daily Times.) AUCKLAND, October 30. “The bogey of too many mines in the Waikato is still being paraded, but it is our contention that there is room for all the existing collieries to work a reasonable period each week and secure shareholders’ investment, miners homes, and a reasonable return for capital, and this condition should apply to-day but for the selfish desire of some people to dominate the industry,” said Mr W. r. Brooke Taylor, chairman of directors,_ at the annual meeting of Renown Collieries, Lt Mr Taylor said the directors regretted to report a trading loss for the year of £3349 Full allowance had been made tor royalties (£2939), and very satisfactory arrangements had since been made with the royalty holders in settlement of their claim. Plant and machinery had been maintained in first-class condition, and the output was increased during the last three months by 400 to 500 tons without unusual stoppage or capital expenditure. No wages were overdue. The bank overdraft was £13,853, and the company was indebted 'to shareholders who had guaranteed this amount under a joint and several guarantee. The company had a large investment in the Waikato Carbonisation Company, but the investment could not be looked on as profitable in view of the competition from coal. The concern was of national importance on account of the research work, undertaken, but it would appear that it would probably be forced out of business by the same tactics that existed in the coal trade generally. ELECTROLYTIC ZINC The Electrolytic Zinc Company of Australasia, Ltd., shows a remarkable increase in profits for the year ended June. Gross profit on working accounts for the year is £442,605, compared with £290,790 for the previous year, and net profit is £223,094, against £85,090 for 1932. Dividends for the year require £120,000, representing 8 • per cent, on the £1,500,000 of preference capital. A further dividend of 8 per cent, on the preference shares is payable on November*. 2, which will clear arrears of preference dividends + o December 31, 1932, leaving a liability for preference dividends agains£ future profits of £60,000 accrued to June 30, 1933. The average price of zinc in sterling in the year has been £l4 15s 8d a ton, compared with £l2 18e lOd a ton in 193132. The directors repprt that the rise in prices of metals has been assisted by other favourable factors in the year. The improvement in trade in Australia has been reflected by a greater demand for zinc, and in the year 20,801 tons, or 40 per cent, of output has been sold for consumption in Australia, compared with sales of 16,428 tons in 1931-32. Marketing of zinc overseas is presenting new problems owing to tariffs and bounties for the benefit of metal-producing industries in countries which formerly were large importers. The company has, however, been able to maintain and to sell full production in the year, and also to sell part of the" stock carried over. The company has to meet the conditions imposed under the Zinc Cartel, and it is a member of the Anglo-Australian producing group.

FOREIGN EXCHANGES

(British Official Wireless.) (United Press Association.) (By Electric Telegraph—Copyright.)

THE TIN AGREEMENT (United Press Association.) (By Electric Teles'aph—Copyrlgnt.t LONDON, October 29. The tin agreement increases the, export quotas from 33 1-3 to 40 per cent., plus a special 4 per cent, quota in 1934. MOTUROA OIL HELDS The following report for the four weeks ended October 28 has been received from Moturoa Oil Fields, Ltd., New Plymouth: No. 4 well was drilled to 660 ft in sandy shale formation, at which depth the lOin casing was cemented on October 21. No, 2 well produced' 348 barrels (12,180 Imperial gallons). The total production to date is 447,304 Imperial gallons. BRITAIN’S REVENUE A HEAVILY-TAXED SECTION. About 90,000 persons, less, with their families added, than 1 per cent, of the population of the United Kingdom, pay about 60 per cent, of the income tax and surtax of the country, according to figures read in the House of Commons by Mr Hore-Belisha, financial secretary to the Treasury. The current year’s expenditure, Mr Hore-Belisha told the House, would be £697,000,000, of which £652,047,000 would be provided from taxes. Of this total, direct taxpayers would contribute £382,900,000, or almost £6O out of every £IOO of revenue raised. No one who had an earned income of less than £2 10s a week, or who had an unearned income of less than £2 a week was liable to income tax. There were 8,400,000 persons in the United Kingdom with incomes of more than £2OO a year, but such was the system of allowance for marriage, children, and dependent relatives that 4,700,000 persons were delivered altogether from obligation to tax, leaving only 3,700,000 to bear the whole burden of income tax and surtax. Then the income tax itself was so graduated that 90,000 persons only provided £152,000,000, or 60 per cent, of the whole of the income tax and surtax raised. Exactly the same section of. the community, this 1 per cent., provided an additional £64,000,000 in death duties, raising their contribution to 65 per cent, of what was commonly called direct taxation. PREFERENCE DIVIDENDS AN AUSTRALIAN VIEWPOINT. Although in New Zealand a satisfactory reduction in the dividend payable on preference shares is an established fact, the position in Australia is not so defined. “It is difficult to imagine any circumstances which would justify interference with the rights and privileges of preference shareholders,” states the Melbourne Argus. “In the initial stages of the formation of a company it is open to all those intending to invest in it to take preference shares or ordinary shares. Those who take preference shares do so because they expect no more than the fixed rate of dividend attaching to such shares; those who take ordinary shares do so because they think such shares will be the more profitable, inasmuch as they will not be limited to the rate of dividend that may be paid after the requirements of the preference shares have been -satisfied.

“ Scores of instances could be quoted in which the judgment of the ordinary shareholder has been for a time more than justified, ordinary shares having paid much higher dividends than the preference shares. Those who took preference shares were more cautious. They did not expect the good times to continue for ever, and they were satisfied with smaller but safer returns. Now that their judgment appears to be justifying itself there arises an agitation to reduce their returns, in spite of the sacrifices they made in the years when ordinary shares were returning better dividends. “ The issue is often cleverly clouded by a plea that this sacrifice is being asked of preference shareholders to save the company from going into liquidation. If the payment of interest on company debentures were the issue, this might be a sound argument, as debenture money is borrowed money, and the lenders have the right of recovery against the borrower in the event of default in interest payments. But to apply it to preference shares is unfair. Debenture interest must be paid whether profits are earned or not, but interest on preference shares can only be paid when sufficient profits have been made. After the legal obligation on preference shares has been discharged the ordinary shareholders receive a portion of the profit. It is) clear, therefore, that any reduction in the rate on preference shares must in the long run be for the benefit of ordinary shareholders, many of whom have received in the past much higher returns than preference shareholders.”

Scott Bros., produce merchants and commission agents, agents for the Dunedin Egg Suppliers’ Association, report:— Eggs: At market rates. Butter: Dairy pats, 7d to 8d per lb. Honey: Bulk, to 4d per lb; 101 b tins, 3s 9d to 4s each; 51b tins, 2s 9d each. Poultry: Hens, Is 6d to 2s each; young roosters, Is to Is Cd each; ducks, 2g to 2s 6d; geese, 3s to 4s 6d each. Turkeys—hens 8d per lb, gobblers 9d per lb. Pigs: Prime baconers, 4d to 4£d per lb; porkers, 4d to 4Jd per lb. Potatoes, £3 per ton, ex truck. Chaff: Prime oaten sheaf, £3 15s to £4 per ton, bags extra, ex store. Canadian onions, 17s 6d per 1001 b bag. Partridge peas, os per bushel, sacks extra. Whole fowl wheat, 3s 9cl to 4s, sacks extra. Whole maize, 5s 3d per bushel, sacks extra. Clover and ryegrass hay, £4 10s, ex store. Lucerne hay, £5 10s per ton, ex store. Oats; Gartons. 2s to 2s 6d per bushel, sacks extjra, ex store. Pressed wheateu straw, £3 ss; oaten, £3 10s, ex store. Farrofood, £6, ex store. Victory feeding meal, 9s per cwt. Palmer’s chick food: 1001 b, 14s 6d; 50lb, 7s 0d; 251 b, 4s, ex store. Ground barley, 8s per 1501 b, ex store. “Acorn” buttermilk powder, 2Jd per lb. October 30. 1933.

COMPANY BALANCE SHEETS

BROWN, EWING, & CO., LTD.

A decided improvement is indicated by the net profit of £743 brought out by the past year’s trading. Coming after two successive years when the balance was on the wrong side, this result must be welcome to shareholders. The net profit, however, falls short by £507 of the amount required to meet the preference share dividend, which has been met as usual, necessitating a further call upon reserves, and increasing the debit balance carried forward to the current year to £2222. The better result is due to reduced expenditure and larger gross profit to an almost equal extent. As usual, the charges are partly detailed and their amount entered in aggregate. The reorganisation of the business, referred to in the directors’ report, may be regarded as the reason why a reduction of roughly 17 per cent, in 1931-32 has been followed by one of 7 per cent. Gross profit, which has risen to £19,083, is still behind its figures of previous years. In relation to gross profit, expenditure has stood as follows: —

The ratio has been reduced to that of three years ago, when the expenditure was over 33 1-3 per cent, larger. It looks as if expenditure has done its slmre towards producing a reasonable profit,: and that it is income that must be looked to for increasing the rfiargin between the' two. Reserve account ia still maintained >it £IB,OOO, but against it there has to, be placed the debit balance of £2222 after the'preference share dividend for the past year has been met. Three years ago, when a sum of £3OOO was withdrawn frominner reserve, it was stated that more of such reserves were available. If they are still intact they have not been brought to light, but their existence may have influenced the policy, which, despite adverse results, has not allowed the prefer-! once share dividend to lapse. The chief liability, continues to be the bank overdraft, which at £14,402 has altered little. Deposits and open accounts have risen to £9521, but it does not appear to which of the two headings the increase is due. The wide designation of “open accounts,” while presumably not including interest-bearing items, may cover accounts that, strictly speaking, are not liabilities, and it may be under that head-, ing that the inner reserves are contained. If deposits have increased there will be a larger sum on which to pay interest, but at a lower rate than formerly. At £37,283', stock and shipments afloat do not show as great a rise as might be expected from the higher exchange rates ruling. The average of this group over the past three years comes out distinctly lower than the average over the previous three years. This may be due to the adoption of a more conservative valuation. In relation to the gross profit, the stock and shipments figure has slightly fallen. Book debts and open account are down to £11,017, but here, again, owing to the designation, it does not appear how book debts .alone are affected, although, apparently, one open account only is concerned in addition. Cash on hand does not appear as a separate entity on this occasion, but may be the open account referred to above.

The fixed assets group, which comprises land and buildings, remain at £39.541, their figure for some years. Depreciation is mentioned, but whether it applies to this group does not appear. Further fixed assets, which are entered at £3109. show a rise of approximately 20 per cent. As this group is of a more temporary nature, it is assumed that the deepreiation allowance has been applied to them, but- it is not stated to what extent. Apparently the balance at_ debit of profit and loss is meanwhile being carried forward. It seems rather too much to expect that the improving business can shoulder this burden of past years, t< and possibly it may be decided to write it off by the aid of reserves. SYDNEY STOCK EXCHANGE (United Press Association.) (By Electric Telegraph—Copyright.) SYDNEY, October 29. (Received Oct. 30, at 10 p.m.) The Stock Exchange_ was firm and steady, most inquiry being for pastorals in anticipation of a resumption of wool sales.

The following sales were made: — Bank of New South Wales, £33 15s; Commercial Bank of Sydney, £l7 17s; Colonial Sugar, £6l 10s; Australian Provincial Assurances, 12s; Associated News, 20s 4£d (pref., 20s 3d); Australian Gas A, £7 7s; British Tobacco, 38s 6d; Australian Glass, 525; Dunlop Perdriau, 18s 9d; Goldsbrough. Mort (New Zealand delivery), 30s 3d; Tooths, 435; Burns, Philp, 55s 3d (ditto, South Seas, 325); Henry Jones, 35s 6d; Winchcombe Carson, 29s 6d; Millaquin Sugar, 28s 9d; Wilcox Mofflin, 10s 3d; Anthony Hordern, 13s 2d; Fanners, 16s Dd; Meggitts, 21s 3d; Australian Iron and Steel (pref.), 17s Sd; Automatic Totalisators, 17s 9d; Broken Hill Proprietary, 40s 6d; North Broken Hill, 87a; Mount Morgan, 525; ■Bulolo Gold, £5 Is; Kuala Kampar, lls 9d. DAIRY PRODUCE The New Zealand Loan and Mercantile Agency Company, Ltd., has received the following cabled advice from its London house, dated October 29: — Butter. —Fineist, 925; firsts, 88s. Cheese. —White, 465, 475; coloured, 45s 6d. Weak tendency at present. GRAIN AND PRODUCE REPORT Messrs Donald Reid and Co., Ltd., report as follows: — Wheat.—There is very little milling wheat offering. The local mills appear to have secured sufficient for their requirements this season. Wheat Board rates are as follows: —Tuscan, 3g 9d; Hunters, 3s lid; Velvet, 4s Id, sacks extra, f.o.b. main ports. Fowl wheat has hardened in value. The demand, however, is by no means brisk, and sales are generally confined to small lots ex store. Values, according to quality atul quantity required, range from 3s to 4s per bushel, sacks extra, ex store, Dunedin. Oats. —There is a distinct firming in this market. Stocks held in store are negligible, and farmer holders are not inclined to accept the prices merchants have been offering. The scarcity is bound to lead to improved prices. To-day merchants are offering Is 6d and Is 7d, sacks extra, for A grade Gartons, on trucks at farmers’ delivery sidings. B grade are worth about 3d per bushel less, but the demand for this grade is not so keen. Chaff. —The improved price for oats and the dry weather being experienced in Canterbury is responsible for an improvement in the tone of the chaff market. Full truck lots may still be purchased at £3 10s per ton, ex truck, but smaller quantities ex truck are worth an extra 5s pe r ton. When lots ex truck are not available stored stocks are drawn upon, and value of these lots is from £4 to £4 5s per ton, sacks extra, in all cases. Potatoes. —The season for old potatoes is, now drawing to a close. Consignments are arriving in excess of the demand, and consequently values remain at a low basis. Best freshly-picked lines are realising from £3 to £3 10s, ex store, the price being regulated by the quantity taken. Poorly giaded lines are difficult to quit at any price; £2 10s per ton is probably top value. Seed potatoes are about finished. Arran Chief, the popular late variety, are selling at 30s per ton, ex store, sacks in.

SYDNEY WOOL SALES (United Press Association.). (By Electric Telegraph—Copyright.) SYDNEY, October 30. (Received Oct. 30, at 11 p.ra.) ' The wool sales were resumed under the keenest competition from all sections, and the market showed an advance of 7J to 10 per, cent, on the closing rates of the previous Sydney series. Good free wools revealed the full extent of the advance. Come-backs and crossbreds were in keen request, and splendid clearances were effected. Greasy merino fleece made 25Jd, which was the top price of the season here, obtained for five bales from Barraba. The offerings totalled 11,066 bales,! of which 11,320 were sold, while 2619 were disposed of privately. | SHARLAND AND COMPANY j (Special to Daily Times.) i , WELLINGTON, October 30. j The directors of Messrs Sharland and Co., Ltd., in their thirty-fifth annual report state that after providing for ail | bad and<jdoubtful debts, land and income I tax, depreciation, writing £2OOO off the goodwill of the Young Chemical Company : account, and taking stock at cost price or market value, whichever is the Tower, i there remains a balance of £6788 14s Bd, 1 made up as follows;—Profit for the year i ended August 31, 1933, £13,440 16s lid; balance brought forward from the previous year, £3462 IBs 9d;—total/ £16,903 14s Bd. Out of this has already, been dealt with—reserve, for land and income'tax, £SOOO, writing off goodwill Young Chemical Company £2OOO, interim dividend of 2i per cent, paid on May 10, 1933, £3125,—a total of £10,125. The net amount available for distribution as per profit and loss account ( is £6778 14s Bd, and from this it is proposed to pay a dividend of 6 per cent, per annum on both the preference and ordinary shares, £6250; less interim dividend as above, £3125; —leaving a balance to be carried forward to next year of £3653 14s Bd. CHRISTMAS LAMB EXPORT As a result of the favourable season, .fat lambs for export in Hawke’s Bay are well forward, and allocations have; been made to enable large numbers to: be exported in time for the Christmas market. It is estimated, that fully 59,000 lambs will be available. The Tamaroa, now at Napier, will take approximately: 27,000 carcasses, and on Monday next: the Port Nicholson will take about 18,000 carcasses. The Rangitiki is due at Napier on November 14, and will sail direct for London on November 17. Her allocation; is not_ yet available, but it is anticipated! that it will bring, the number to well over 50,000 carcasses. For the Christmas market last year the Tainui was the only vessel to load, when 23,145 carcasses were shipped. v NATIONAL BUILDING SOCIETY ANNUAL MEETING. The eighth annual meeting of the shareholders in the National Building Society was held in the Tudor Lounge last night, the vice-chairman (Mr H. HalHday) presiding over a fair attendance-of members. In moving the adoption of the annual report and balance sheet, the vice-chair-man said that all three groups were in a sound position. Owing to the fact that the directors had been called upon to assist members, the number of appropriations during the year had been reduced. The society had assisted members to the extent of £5900 by way of refund of subscriptions for the year, without weakening its position in any way. The society held mortgages to the extent of £84,411 Is 2d, and none of the securities had caused the directors any anxiety. The net profit for the year amounted to £1721 16s 10d, while the total amount standing to the total of profit and loss account was £11,171 17s Id.; Continuing, Mr Hailiday stated that it was only 150 years ago that the idea of building societies was started in a small : village in England by. a group of workers who banded together into what they termed a local thrift club. The movement had now spread all oyer the world, and was becoming a recognised form of financing that was particularly acceptable to middle-class and lower-paid wage-earners. The National Society stood in a very favourable position compared with other ort animations of a similar nature, and memers should feel proud of the solidity of. their small but flourishing concern. He would urge all shareholders to make every effort to retain their membership, as there were several methods by which the society could assist them, should they find it difficult to keep up their payments. The past year had been difficult, but it had been a happy one for the directors, and he thought he could say with confidence that better times were coming and that the forthcoming year would be happier still. Mr A. C. Cameron seconded the motion, to which Messrs J. Jackson Purdie and W. Kindley spoke briefly, and the report and balance sheet were adopted. DIRECTORS ELECTED. The retiring directors, Messrs J. R. Fairbairn and A. C. Cameron, were unanmously re-elected, and the directors’ remuneration was fixed at the same figure as last year. APPROPRIATIONS. The sum of £2406 was disposed of by ballot—£Boo in each group. The successful cluster in No. 1 group was No. 38, held by one shareholder. In No. 2 group cluster No. 184 was successful, the cluster being held by one shareholder. In No. 3 group cluster No. 265, held by one shareholder, was drawn. A vote of thanks to the secretary (Mr G. S. Kirby) and the staff brought the meeting to a close. AUSTRALIAN WINES The magnificent progress of Empire wines may, to a certain extent, be judged by the import figures (says the latest Wine Trade Review to' hand). Last August the total from British wine-pro-ducing countries was 318,388 gallons. That compares very favourably with 278,345 gallons imported in the previous - August, and still more favourably with 185,540 gallons imported in August, 1931. It is interesting to note that in this remarkable development both South Africa and Australia are the chief factors. The South African imports have gone up .from 33,010 gallons in August, 1932, to 68,950 gallons last month. Australia, in August, 1932. sent us 222,271 gallons, but last month her record x’eached 230,899 gallons. In the face of these mammoth figures the 18,000 gallons from other British countries appears insignificant. GUARANTEE CORPORATION REDUCTION IN CAPITAL. In his address at the annual meeting of the New Zealand Guarantee Corporation, Ltd., held at Wellington last week, Mr Sidney Kirkcaldie said that the company had found it necessary to seek investments outside those intended when the company was started. That the policy was a wise one was shown by the fact that these investments now covered 35 different companies and institutions. The return by way of dividend, added to the appreciation of to-day’s market price, also justified the policy of the directors. The instalment business put through during ti e year was £75,212, the lowest on record. The total amount of establishment charges, £18,410, had been discharged out of profit during the first four years of the company’s existence. The total amount of dividends paid, including those now recommended, was £141,085, equal to 65.8 per cent, of the paid-up capital. In addition, a general reserve had been created of £20,000. The balance sheet disclosed that on August ST the company had in the bank £4539 2s 3d in cash and £29,000 on fixed deposit. These amounts had since been increased by the realisation of assets to £76,000. The chairman said the reduction of the shares to 3s each, with no further liability, should provide adequate capital for immediate necessities, and the directors were convinced that should an addition at any time be required it could be easily obtained without going beyond the present shareholders,' Intimation was given by the chairman that steps would he taken to reduce the number of directors from seven to five. There was an attendance of 66 shareholders. The report and balance sheet were adopted, and the directors’ recommendations in respect of 1 dividends were carried unanimously. Messrs Hogarth and Mac Ewan, the retiring directors, were reelected, Mr Veitch withdrawing his nomination. The resolution regarding the reduction of capita] was also carried unanimously, subject to confirmation at a further meeting to be held on November 10.

£ fl. d. 'Bell-Kilgour .. .. .. .. 0 1 5 Si Bell-Kilgour .. .... 0 1 N.Z. Refrigerating (cant.) . . 0 9 10 Otago Daily Times 5 6 King Solomon .. .... .. SALES REPORTED. 0 3 1 Big River .. .. .. 0 i 6 Dominion Fertiliser .. ■ • 0 14 44 N.Z. Guarantee Corp. 0 8 3 Central Shotover . . .. .. 0 1 (T| Central Shotover .... .. 0 1 i Southland Meat (ord.) 2 16 9

Buyer. Seller. £ B. d. f 8. d. Australasia .. .. 12 10 0 — New Zealand 2 6 3 — Commercial .. 0 16 9 0 17 2 National of N.Z. .. — 4 5 0 Union — 10 .8 0 INSURANCE National t+0 18 3 — New Zealand .2 14 0 — Standard •• — 3 1 0 * SHIPPING. Howard Smith 0 12 4 — Huddart. Parker fpref.l .. 1 4 0 — U.S.S. Co. (pref.) ‘1 4 3 — COAL. Kaitangata .. 1 2 3 — Westport .. .. 0 13 7 0 14 0 LOAN AND AGENCY. Goldsbrough, Mort 1 9 0 — National Mortgage 2 13 0 — National Mortgage (B issue) .. .. 1 8 0 — N.Z. Loan, and M. (ord.) . - • ■ — 65 0 0 N.Z. Gurantee Corp. 0 8 1 — Wright, Stephenson (pref.) .. • • 0 14 9 MEAT PRESERVING. N.Z. Refrigerating (pd.) 0 19 6 — N.Z. Refrigerating (cont.) .. .. 0 9 9 0 9 11 South. Froz. Meat (pd.) :. .. .. — 2 17 6 South. Froz. Meat (cont.) South Otago Freez. 1 9 4 18 -0 0 5 6 0 MISCELLANEOUS. Brown. Ewing (pref.) .. — 1 1 0 Bruce Woollen (pref.) .. .. — 1 0 0 Crystal Ice. 1_ 9 0 — Dominion Fertiliser 0 14 0 — Dominion-Fertiliser ■ (debs.) .. 100 6 0 — Dominion Rubber * 0 19 0 Electrolytic Zinc (ord.) •• •• /1 5 3 1 5 9 Mosgiel Woollen .. 9 5 0 — M'Leod Bros. 27 0 0 — Mount Lyell 1 2 10 1 3 6 N.Z. Drug Co. 3 9 6 3 1U 3 N.Z. Paper Mills .. — X s 6 North Broken Hill — 4 10 0 Regent Theatre .. 0 19 6 — Smith and Smith 0 16 0 — Wilson’s Cement .. 1 6 0 — BREWERIES N.Z. Breweries .. 1 16 0 1 17 0 Dunedin .. .. 1 4 0 — OIL. Moturoa — 0 3 6 MINING. Waihi 1 6 0 1 7 0 Kildare .. .. 0 2 0 0 2 4 Okarito . • .. 0 9 9 0 10 2 Paddy's Point 0 5 1 0 5 6 New Cornish Point 0 1 0i — Golden Progress .. 0 1 2 0 1 6 King Solomon 0 3 0 0 3 1 Golden Point — 0 0 2 Bendigo Goldlight — 0 0 6i Gillespie’s Beach .. 0 2 H 0 2 3 Waitahu .. . • 0 6 8 0 7 0 Big River .. • • 0 1 6 0 1 8 Mount David — 0 2 6 Nokomai 0 2 9 — Freshford .. .. — 0 0 6 Upper Shotover .. — 0 1 9 Lawson’s Flat — 0 0 6$ Centra! Shotover .. 0 1 0 0 1 2 Bell-Kilgour .. ... 0 1 4J 0 1 5J Bell-Hooper .. .. — 0 1 o| Oxenbridge .. — . 0 Aotearoa 0 0 6 Nevis Deisel — 0 1 0

GOVERNMENT LOANS. 3$ p.c. Ins. 19381943 .. 100 10 0 — 34 p.c. Ins. 1938“1952 .. 101 10 0 — 3§ p.c. Ins. 19391943 .. 100 10 0 — 3J p.c. Ins. 19391952 .. 101 10 0 — 34 p.c. Ins. 1941“1943 .. 100 10 0 — 3J p.c. Ins. 1941“1952 .. 101 10 0 —■ 4 p.c. Bonds January, 1940 101 15 0 — J anuary, 1940 101 15 0 — 4 n.c Bonds, February, 1946 101 7 6 — 4 p.c. Ins., February, 1946 101 7 6 — 4 p.c. Bonds April, 1949 .. 100 10 0 — 4 p.c. Ins., April, 1949 .. 100 10 0 — 4 p.c. Bonds June, 1955 .. . . • • 101 5 0 — 4 p.c. Ins., June, 1955 .. 101 5 0 — 1 tf Cum dividend.

RUGBY, October 28. Par. Oct. 26. Oct. 28. Franca to £ 1 124.21 805 81 5-32 Brussels — Belgas to £1 35 22.59 22.765 Oslo— Kroner to £ 1 18.180 19.95 19.90 Stockholm — Kroner to £X 18.150 19.395 19.395 Copenhagen— Kroner to £1 18.150 22.40 22.40 Berlin — Marks to £ 1 .. 20.43 13.21 13.295 Montreal — Dollars to £1 4.86 2-3 4.83 4.80 New York — Dollars to £ 1 4.86 2-3 4.74 4.715 Yokohama — Pence to yen 24.582 145 14 15-32 Hongkong— Pence to dollars 24.58 17 18 1-16 Bombay— Fence to rupee 18 1-64 18 Batavia— Florins to £1 12.10 7.85 7.85 Milan— Lire to £ 1 .. 82.46 59 13-16 60J Amsterdam — - Guilder to £1 12.107 7.815 7.87 Prague— Kroner to £1 1045 1063 107 Geneva— Franca to £ 1 25.225 16,27 16.40 Vienna— Schillings to £1 84.86J 29 29 Helsingfors— Marks to £1 193.23 226J 226$ Madrid— Pesetas to £1 25.235 37 21-32 37 15-16 Belgrade— Dinara to £1 25.225 235 235 Athens— Drachma to £1 375 580 Lisbon— Escudos to £1 110 105 105J BucharestLet to £1 031.6 540 5375 Rio de Janeiro— Pence to mllrels 5.890 4% 4% Buenos Aires— Pence to pesos 47.28 44 43J Shanghai— Pence to tael .. _ 15 5-16 15% Montevideo— Pence to pesos 36 36 Warsaw— Zlotys to £ 1 - 28.12 -

Paid-up capital; ; £50,000. General Not Dividend. Aug. 15. Reserves. Profit. Pref. Ord. £ £ p.c. p.c. 1919 B.oor 6 8 1921 4,004 6 9 1923 4.978 0 8 1025 4,050 6 9 1027 5,234 6 9 1928 22.931 4,077 6 9 1029 4.084 6 9 1930 974 6 8 1931 *2,o23 6 — 1032 •2.134 5 — 1033 * Loss. 743 5

Expenditure. Gross Profit. Batto. £ £ p.c. 1018-19 .. 25,522 30,528 83.00 1920-21 2U494 25.557 84.10 1922-23 .. ,, 21,112 27,090 81.02 1924-23 .. 27.318 32,268 84.00 1920-27 25,748 30.982 83.11 1927-28 .. 25.923 30,000 80.41 1928-29 .. 20.455 30.540 80.02 1929-30 .. 24,805 25,838 00.23 1930-31 .. 23.707 21.444 110.83 1931-32 .. 19.738 17,601 112.12 1932-33 .. 18.341 19.083 96.11