COMMERCE AND FINANCE

Otago Daily Times, Issue 22101, 3 November 1933, Page 13

COMMERCE AND FINANCE

K WHEAT AND OATS • THE COMING SEASON . DECREASED AREA TO BE SOWN. (Fiom Oub Parliamentary Reporter.) • WELLINGTON. November .2, • Statistics quoted in to-night’s Gazette of the areas and estimated areas of wheat, oats, and barley show that a decrease is expected in wheat and oats and an increase in barley. Last season there was a total of 305,924 acres under wheat, * 424,587 under oats, and 22,500 under barley. It is expected that in the coming season there will be 294,500 acres of wheat, 336,500 of oats, and 27,500 oi barley. Of these areas only 11,400 of wheat, 24,100 of oats, and 3300 of barley are in the North Island, all the remainder being in the South. It is estimated that there will be 22,350 acres, of which-5500 are in the North Island, put down in potatoes next year. This compares with 24,005 acres of potatoes last year. WOOLSELUNG SEASON PROSPECTS FOR AUCKLAND SALE. (Special - to Dailt Times.) F AUCKLAND, November 2. With the first wool sale a litle over three weeks away merchants report that so far comparatively little wool is on hand. The rains of last week have had the effect of delaying shearing and the cartage of wool »nd consequently a number of broken clips have 1 been received. A spell of fine weather during the next few days will have theieffect of piling up irt the stores large stocks and the wool storemen will have to' work overtime in order to. get the catalogues out before the sale. The mild weather of the winter has resulted in a growth of wool of an even, soft quality and. the opinion has been voiced that the average standard, is higher than it has been for some years past. Some large' lots of earlier shearings are in stores and these show no deterioration of quality. At this juncture it would be difficult to estimate the quantity to be offered at this first. sale. Much of it will be local wool and it is expected that large stocks will accumulate at the last minute. The general opinion is that the catalogue will be as full one. The high prices being realised by fine wools may have the effect of increasing the price of fabrics made from them and this may have a tendency to increase the demand'for a wool more of the type being , offered at . Dominion sales. . AUSTRALIAN STOCK EXCHANGES (United Press Association.) (By Electric Telegraph—Copyright.) • ' SYDNEY, November 2. (Received Nov. 2, at 10.30 p.m.) On the Stock Exchange the market was strong, with only slight price tionsThe following sales were made: — Bank of New South Wales, £33 17s 6d; Commercial Bank of Sydney, £l7 13»; { Colonial Sugar; £62 2b 6d; Australian Provincial Assurance, 12s 3d; Adelaide' Steam, 25s 6d; Howard Smithy 12s 6d; Australian Glace, 525; British Tobacco, 37s 9d; Dunlop Perdriau, 18s IOJd (pref., 6d)Goldsbrough, Mort, 30s I4d; Anthony. Hordern, 12s 9d; Australian Iron and Steel (pref.), 18s; Hume Pipe, 13s 6d; Tobheys, 24s 6d; Carlton Brewery, 455-3 d; Henry Jones, 35* 9d; Electrolytic Zinc, 26s 6d; Morris Hedstrom, 19s 3d; Broken Hill Proprietary, 41s; Mount Morgan,: 52s 6d; Kuala Kampar, 12 s Bd. ' • , MELBOURNE, November 2. ; -i Goldsbrough, TVfort,' 30s; Herald and Times, 48s ,6d; North Broken Hill, 87s 6d. ■ - - ' ' AUSTRALIAN MARKETS (United Press Asaor'ntlon.) (By Electric Telegraph—Copyright,* ’ , SYDNEY, November 2. •(Received Nov. 2; at 10.30;p.m.) Wheat: Bagged is quoted .nominally at 2n 9d. but there have been no sales. Silo wheat, in the country, on sidings, is offered at Is lOd, and bagged* at Is lid, equal to 2s 6d, ex trucks, Sydney. ■Flour, £9. . ~ Bran, £4 10«. ■:{ \ "V Pollard, £4 15s. Potatoes; Tasmanian. £5 10s; Victorian, to £4 10a. •- ■; Onions: Victorian, brown £4, white £9. Oaten hay. £7 v 10b. . • Maize: Yellow and white, 3e 10d. /ADELAIDE, November 2, Wheat; Growers’ lots, 2s sd. Flour: Bakers’ lots, £7 55.. Bran and pollard, £5 2s 6d. x Oats: Algerian, 2s I<L i • v (United Press Association.) (By Electric-Telegraph—Copyright.) LONDON. October 31, Exchange on New York is quoted at 4.78 J dollars to the £l. THE PRICE OF GOLD (United Pres* Association.) (By Electric Telegraph—Copyright.) J . LONDON, November 1. Gold is quoted at £6 11s 9d per oz.

LOCAL AND OVERSEAS MARKETS.

THE SHARE MARKET DUNEDIN STOCK EXCHANGE A parcel of Kaitangata Coals was disposed of at £1 2s 6d on the Dunedin Stock Exchange yesterday, the market closing with buyers offering £1 2s 3d, and no further sellers forward. Contributing New Zealand Refrigeratings changed hands at 10s Id, buyers’ closing offer of 10s being twopence short of sellers’ final requirements. Waitahus were also the subject of business at 6a 6d, sellers asking the same figure when the market closed, while buyers offered threepence less. National Inihrances were, inquired for at 18s 7d, pum dividend, but sellers were not interested. Union Steam preference shares met with a firmer inquiry, buyers offering £1 4s 6d. Sellers, however, would not take less than £l_ss 6d. New Zea_land Breweries were inquired for at £1 I7s 6d, but sellers did not come forward. King Solomons were in slightly better demand at. 3s 2d, sellers asking 3s 4d. Nokomaia were also inquired for at the slightly better price of 2s 9d, but sellers showed no interest. SALES ON ’CHANGE. >"{■■;'• .V;- • - £ s. d. Kaitangata Coal ........ 126 N.Z. Refrigerating (cont.) .. 010 1 Waitahu 0 6 6 The following are yesterday afternoon’s buying and selling quotations, which are subject to the usual brokerage: — BANKING.

*Ex right. fßights. **Ex dividend. tfCum dividend. DIVIDENDS PAYABLE; The following is a list . of shares on which dividends will shortly be payable:— 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), 2g od, 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 (Per United Press Association.) The following business was done on ’Changes yesterday:— Auckland. —Sales: Bonds (1940). 4 per cent., £lO2 ss; Bank of New Zealand, 47s 4d; South British Insurance, 72e 3d; Goldsbrough, Mort, 30s; Auckland Gas, 23g 6d; Bycroft, 40s 3d; Colonial Sugar, £6l 10s; Dominion Fertiliser, 14s 3d, 14s 4id; Electrolytic Zinc (ord.), 26s 6d: Farmers’ Fertiliser, IBs 3d; New Zealand Refrigerating (cont.), 10s (two); Golconda (8d paid), 6d, 8d; Okarito, 10s 2Jd; Waihi Grand Junction, 4s (two). Unofficial list; Investment Executive Trust (B deb.), £9B. Wellington.—Sales: Inscribed Stock 3J per cent. (1039-52), £lO2 2s 6d; Wellington Gas, 345; South British Insurance, £3 12s 6d; New Zealand Refrigerating (paid), 20s 6d, 20s 7d (four), 20 s 7*d; Westport Coal, 13s 0d; New Zealand Newspapers, 27s 9d; Bell-Hooper, 9Jd. Unofficial list: Investment Executive Trust (B debe.), £9B. Christchurch.—Sales on ’Change: New

Zealand Government 4 per cent. Bonds (1940), £lO2 12 a 6d (two); New Zealand Government 4 per cent. Bonds (1946), £102; New Zealand Government 4 per cent. Bonds (1949), £101; E.S. and A. Bank, £5 12s 6d, £5 12s; Bank of New South Wales, £34 (two); New Zealand Refrigerating (fl paid), 20s 6d; New Zealand Refrigerating (10s paid), 9s lid (10); Christchurch Gas, 27s 3d; New Zealand Breweries, 37s 9d (two); Dunlop Rubber, 18s 9d (two); Electrolytic Zinc (ord.). 26s 3d; Howard Smith, 13s; Alexander Mines (13s 6d paid), 17s 6d (two); Gillespie’s Beach (ex rights), 2s 2|d. Sales reported: Bank of New Zealand (cum div.), 47s 3d; Goldsbrough, Mort, 30s IJd; New Zealand Refrigerating (10s paid), 10s; New Zealand Refrigerating (10s paid), 9s 10-id; Westport Coal, 13s Bd. 13s 9d; New Zealand Breweries, 37s 7d; Electrolytic Zinc (pref.; ex div.), 34s 6d; Wilsons Cement, 27s 4d; Electrolytic Zinc (ord.), 26s 6d. MINING GOLDEN DAWN REPORT. The report of the manager of the Golden Dawn mine at Owharoa states: — On No. 3 level the drive north on No. 3 reef west branch has been driven 21ft, total 127 ft, from the north end of the north block of stopea. The reef averages 105 n wide. The winze, on No. 3 reef at Flat Sheet has been sunk 15ft, total 32ft. The reef averages 2ft wide. On the intermediate level the drive north on No. 1 reef from the north end of Cinnabar block has been driven 10£t, total 10ft. The reef averages 12in wide, and the ore is of very fair value. On No. 3 level sloping has been carried on in three shifts on No. 3 reef in three blocks with machines, and in one block on the Magazine reef. Underhand sloping, is being carried on on No. 1 reef north of the winze, and on the hangingwall branch south of the winze. The reefs average 20in, 12in, and 16in wide. On No. 2 level sloping is being carried oq in one block on No. 1 reef with a machine working three shifts. The reef averages 2ft wide. UPPER SHOTOVER COMPANY. The Dunedin Stock Exchange was advised yesterday that 40,000 shilling shares in the Upper Shotoyer Gold Mining Company, previously reserved, are now offered to shareholders in the proportion of onefourth of holdings. The register will be closed from November 10 to 13.; MAORI GULLY COMPANY. The provisional directors of the Maori Gully (Kokiri) Gold Dredging Company met at Greymouth on Monday night and allotted the shares applied for to applicants.' Approximately 45 per cent, of the capital, stated the chairman of the meeting, was applied for on the West Coast, which was a good recommendation for the claim. The company’s area is situated near Stillwater. It was prospected by a keystone drill, and in reviewing this part of the work the chairman stated that in all 38 bores had been put down in 73 acres, and the average values were Is 6d a cubic yard, with gold at £4 an ounce. The boring showed that the area was remarkably free from timber, only one small log being encountered in the 38 bores. A tender had been provisionally accepted for a dredge, with the object of expediting the construction when the order was placed. The large number of bores sunk showed that everything possible had been done to ensure that the values were in the claim. ADDISON’S GOLD MINING COMPANY. (Peb United Press Association.) ■ WESTPORT, November 2. Addison’s Gold Mining Company, Ltd., held its official opening to-day, a large number of citizens attending the prospecting company’s works and sluicing operations. It was stated that from four shifts gold valued at £135 had been recovered. GOLDEN DAWN GOLD MINES, LTD. (Special to Daily Times.) AUCKLAND, November 2. The operations of the Golden Dawn Gold Mines, Ltd., for the half-year ended June 30 show a net profit of £1487, against £990 in the previous half-year. After this profit is struck £312 is allowed for depreciation, the balance increasing the balance in the profit and loss_ appropriation account to £2641. During the period 4933 tons of the company’s ore and 158 tons of outside ore were treated for a total return of £16,651, or, deducting outside ore, £16,223. TALISMAN DUBBO GOLD MINES, LTD. (Special to Daily Times.) AUCKLAND, November 2. The Talisman Dubbo Gold Mines, Ltd,, accounts for the half-year ended June 30 show a debit of £llß, as against a profit of £7 in the previous half-year. The debit in profit and loss account is thereby increased to £392.

FOREIGN EXCHANGES

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

LONDON METAL MARKET LONDON, November 1. (Received Nor. 2, at 10.30 p.m.) The following are the official quotations:— Ton.

WILSONS (N.Z.) PORTLAND CEMENT INTERIM DIVIDEND DECLARED. , (Special to Daily Times.) WELLINGTON, November 2. Wilsons (N.Z.) Portland Cement, Ltd., has advised the Stock Exchange Association that an interim dividend of sixpence per share for the half-year ended September 30, 1933, will be paid on November 28 to members on the register. The register will be closed from Wednesday, November 15, to Thursday, November 23, both days inclusive. The dividend is at the usual rate. Regarding the interest on Government Inscribed Stock to which members are entitled by way of a return on capital, the secretary of the company states that as the transfers of this stock could not be completed in time for the transferees to receive the six months’ interest which is payable thereon on November 15 next, such interest will be received by the company and paid to transferees entitled thereto at the same time as the interim dividend is paid on November 28. The directors have also decided to pay interest at 3J per cent, for 44 days from April 1, 1933, to May 14, 1933 (inclusive).. This will be paid to members who are registered holders of shares on October 2. Members whose stock has been sold by the company on their behalf will be paid interest from April ,1 to May 14 only. THE AMERICAN EXPERIMENT The Sydney Morning Herald states that American newspapers by the most recent mail all write of declining trade during August following on the rising trade which in previous months followed the announcement of the United States recovery plan. In the latter part of the period of rising prices there is no doubt in the minds of the writers that the cause of continual increases in values was the demands by far-seeing business men to stock up prior to the further rises which were anticipated should inflationary measures be put in operation. But prices were pushed up too fast, and speculation in stocks, grains, and cotton collapsed. In many industries the higher costs due to the national recovery measures, the Review of the National City Bank points out, have been now added to prices, and the factor of “ beating the gun ” is no longer present. Operations in the industries generally had increased so rapidly as to regain in four or five months onehalf of the volume lost over three years and a-half. It was feared by all good judges, including General Johnson, that production at this rate was not only exceeding current requirements, but was running ahead of prospective retail distribution. The crux of the situation was stated to be whether the higher prices which had been established at wholesale could be repaid by the public at retail as stocks in retailers’ hands were replaced by higher priced goods and the advances passed on to consumers. The cash income of industrial workers by September had shown a very substantial increase, the Department of Labour’s 'index of employment in the manufacturing industries in the four months ended* July having risen 22 per cent, and the pay-roll disbursements having advanced 39 per cent. The income of farmers had likewise gained substantially, one estimate being for an increase of 40 per cent. The 4 other side of the picture is that retail prices and the cost of living generally were advancing rapidly. The cost of living for industrial workers, as calculated by the National Industrial Conference Board, was moving upward at an accelerated pace, having risen 3.3 per cent, in July over June, compared with 1 per cent, in June over May and 0.8 per cent, in May over April. Federal Reserve Banks during the week ended August 23 speeded up their programme of Government security buying by adding 35.000,000 dollars to their Government portfolio, as against additions of around 10,000,000 dollars weekly for nearly two months preceding. The purpose of the increase was to put more funds into the market in the hope that increasing bank reserves would lead to a larger volume of bank loans, and hence a greater use of credit. It is recognised that during the early stages of the national recovery campaign business concerns may be especially in need of banking accommodation to Ipridge over the period during which rising costs may considerably outstep recovery of income. The National City Bank Review points out that attempts to force credit expansion by pumping funds into the market have been made several times within recent years without success. The trouble is that the failure of credit to expand has not been due to any lack of funds available for lending, but to a scarcity of paper eligible for bank investment. Banks are able and eager to lend whenever suitable paper that can be counted on to be paid at maturity presents itself.

COMPANY BALANCE SHEETS THE BRUCE WOOLLEN MANUFACTURING COMPANY, LTD.

• Subject to incomo tax. The net profit for the past year is shown as £9487, which improves the upward tendency of recent years. The practice is continued, however, of including depreciation of plant and premises in profit and loss appropriation account, whereas, as an expenditure incurred in bringing out the profit, its fitting place would appear to be in profit and loss account. If the £4OOO devoted to depreciation is deducted, the net profit would come out at £5487, Which, after the preference share obligations are met, leaves sufficient to pay a 2£ per cent, dividend to ordinary shareholders and to apply the sum of £lB7 to swell reserves. It is gratifying to find that ordinary shareholders for the first time since the issue of preference shares are recommended for a dividend. A further reduction has been effected in expenditure, the interest discount and insurance group, at £7552, having fallen by over £I3OO. This decrease is partly counteracted by the rise in* the general expenses group, to £7497—a rise for which doubtless the income tax provision chiefly accounts. _ When the depreciation allowance, which is again taken at £4OOO, is added, expenditure totals £19,049, or equivalent to 77.64 per cent, of the gross profit, as against 84,47 per cent, for 1931-32. Reserves are little altered, the general account and dividend equalisation account remaining at £12,000 and £SOOO respectively. The floating balance is increased to £729, making an aggregate of £17,729. Another item entered under reserves is income tax reserve of £3347 19s 2d. As shillings and pence are included, the assumption is that that sum is a provision to meet the exact amount duel When compared with the amount appearing at September, 1932, for the same purpose, the difference would more than account for the larger general expenses. A comparison of.reserves with paid-up capital comes out as follows: 1 — Paid-up

Exclusive of income tax, there is little difference jn the liabilities. The general group is down to £4237—a movement that is probably dus to the lower rates of interest, and a lower scale of expenditure in general. Deposits, which during 193132 were considerably increased, are less by some £750, but this decrease is more than neutralised by the larger bank overdraft. The interest-incurring items are much as before, only they will not now cost as much. At the latest three balancing dates liabilities have stood thus: — . 1931. 1932. 1933. £ £ £ Sundry creditor# .. 6,SOS 4.970 4,237 Deposit# .. .. .. 7.571 12,007 11,807 Bank 06,208 70.363 71,405 79.174 87,409 87,039 Among the liquid assets, stock at its different stages accounts for £108,378. It does not fluctuate greatly, but is inclined to move up. As stock holds a value approximately four and a-half times the balance on goods account, the valuation of it has an important bearing on the year’s result. Taken on a conservative basis, its rising value may not necessarily mean a greater quantity, but a proportionally larger quantity of manufactured goods. Book debts and bills receivable arc both down —the former to £16,674, the latter to £l3o9,—but this may be due to smaller values or to a greater promptitude in meeting payment. Advances on workers’ homes employs £1943. The fixed assets, grouped at £135,112, have been reduced by the depreciation provision of £4OOO, which more than cancels the capital expenditure of £2235. Over the whole, the provision works out at approximately 3 per cent? As distinction is not drawn in the published statement between land, buildings, plant, and machinery, it is uncertain how far the recognised rates of allo'wance for deterioration on the different sections are met. The recent additions, it is to be assumed, are likely to concern the more rapidly deteriorating section of machinery and plant.. As during the past four years a total sum of £14,000 has been written off the fixed assets, it is seen that their needs are not being neglected. The system, on which the balance sheet is drawn up, of classifying the different items of liabilities and assets under subheadings, adds greatly to the lucidity of the statement, and should be much appreciated by shareholders. SYDNEY WOOL SALES (United Press Association.) (By Electric Telegraph—Copyright.) SYDNEY, November 2. (Received Nov. 2, at 11. SO p.m.) At the wool sales 12,757 bales were offered and 12,119 were sold, while 2533 were disposed of privately - There was very strong general competition, with the market closing firm on late rates for all descriptions and a distinct hardening tendency for all well-grown wools. Greasy merino made 26id for five bales from Barraba. The average price for greasy wool in Sydney for the first three days of this week was £lB 5s 5d per bale, or 14d per pound. SYDNEY HARBOUR BRIDGE The capital cost of the Sydney harbour bridge at June 30, 1933, is shown in the Auditor-general’s report at £10,057,170. Dorman, Long and Co., Ltd., the contractors, have been paid £4,810,516. The Public Works Department spent £5,246,654 on the work, including £2,065,429 for approaches, £1.339,027 for resumptions and £1,414,401 in interest on expenditure during construction. The cost was met by £8,381,057 from general loan account, £1,665,443 from rates levied by municipalities, £10,664 from the unemployment relief fund, and an odd amount of £5 from the public works fund. Changes in wages rates cost £512,641. Some surplus lands which were resumed have yet to be sold. YOKOHAMA SPECIE BANK A net profit of £750,957 is shown by the Yokohama Specie Bank, Ltd., for the halfyear ended June 30, compared with £708,217 for the preceding half-year and £634,942 for the corresponding period of 1932. The usual dividend at the rate of 10 per cent, per annum is paid, and takes £500,000, the reserve is strengthened by a transfer of £150.000, and £680,904 is carried forward against £585.946 brought down. Issued capital is £10,000,000, reserve fund £11.975.000, reserve for doubtful debts £347,123, deposits f 59,865,510, and bills payable, rediscounted, etc., £49,849,282. Assets aggregate £133,900,683, leading items being advances, etc., £48,591,164, bills receivable, etc., £38.841.299, investments £35.956.085, cash £7,923,280, premises, etc., £2,588,854. QUALCAST LIMITED The board of Qualcast Ltd., iron founders, lawn mower and precision iron castings manufacturers, of Derby, England, reports that for the 12 months ended June 30, 1933, net profit was £30,116 or £419 below that for 1031-32. Payment is proposed of a final dividend of 10 per cent., again making 15 per cent, for the year. The directors also recommend that goodwill, trade marks and patents he written down by £10,945, leaving the item at a value of £1 only, and that the whole of the expenses of the preference issue, £4021, be written off. The sum carried forward is reduced by £11,857. to £28.718. Stocks are reduced by £9063, to £38,105, and debtors are £29,388, against £32,428. Cash on deposit amounts to £42,847. Liabilities to creditors and bankers are reduced by £39,021, to £10,788.

MELBOURNE WOOL SALES (United Press Association.) (By Electric Telegraph—Copyright.) MELBOURNE, November 2, At the wool sales competition was again very keen, with all the best features of the preceding two days. There was much evidence that prices in most cases favoured sellers. DALGETY AND COMPANY THE YEAR’S PROFIT. (United Press Association.) (By Electric Telegraph—Copyright.) LONDON. November 1. Dalgety and Co.’s net profit was £85,438; brought in* £156.464; final dividend, 2s 6d per share, making 5 per cent, for the year; staff provident fund, £10,000; brought forward, £131,902. AMERICAN TREASURY’S PRICE (United Press’Association.) (By Electric Telegraph—Copyright.) WASHINGTON, November 1. The United States Treasury to-day fixed the price of gold at 32d0l 26cents—--74 cents above the world quotation. DAIRY PRODUCE The New Zealand Loan and Mercantile Agency Company, Ltd., has received the following cablegram from London: — Butter —Finest, 88s to 90s; firsts. 83s to 84s. The market is steadier. Cheese — White, 475; coloured, 465. The market is firm. EXPORT SEASON OPENS The new export season for New Zealand dairy produce and frozen meat is already under way. The first cargo vessels taking shipments from the Dominion have already left these shores. The first consignment of lambs for the Christmas trade in Great Britain left last week by the New Zealand Shipping Company’s Remuera, and further cargoes of lamb will be taken by the Tamaroa, Rangitiki, and Port Nicholson within the next few weeks. The Tamaroa will be the first of these ships to get away, leaving Auckland on November 8 for Southampton and London. She will be followed by the Port Nicholson two days later and the Rangitiki on November 17. The Tamaroa and the Rangitiki will take the Panama canal route, while the Port Nicholson _ will go via Cape Horn. The Remuera is due at London about December 1, the Tamaroa about December 11, and the Port Nicholson and the Rangitiki about a week later. A large quantity of beef and mutton is also on the way to the United Kingdom. The dairy export season is now under way,' and shipments will be going from the Dominion at frequent intervals. Among the vessels which will be taking dairy produce is the Blue Star motor ship Tuscan Star, now on her way out to New Zealand to inaugurate a new service.

Buyer. Seller. 1 8. d. £ B. d. N.S.W w — 34 5 0 New Zealand .. .. 0 9 — 2 Commercial .. .. 0 16 11 0 17 E. S. and A 5 10 6 — National of N.Z. .. — 4 5 0 INSURANCE National .. .. .. ■HO 18 r — New Zealand .. .. 2 14 a — South British .. .. 3 11 0 — Standard .. . • - • — S 1 0 SHIPPING. Huddart. Parker . (pref.) .. ... .. 1 4 0 — 6 U.S.S. Co, (pref.) 1 4 6 1 k COAL. KaitangatJsl .. .. 1 2 3 -r10 Westport a .. .. 0 13 ,7 0 13 Pukemiro V .. .. — 1 0 LOAN AND AGENCY. Goldsbrough, Mort 1 9 0 r — National Mortgage 2 13 6 — National Mortgage 8 (B issue) .. .. 1 0 — N.Z. Guarantee Corp. .. .. .. 0 8 3 — 'Wright, Stephenson 9 (pref.) ,.. .. .. 0 14 . — .MEAT PRESERVING. N.Z. Refrigerating (paid) .. .. .. 1 0 3 N.Z. Refrigerating 10 (cont.) .. .. .. 0 0 .0 10 2 South Frozen Meat (paid) .. .. .. 2 16 3 1 — South Otago Freez■ing .. .. 4 17 6 5 s 0 MISCELLANEOUS. Australian Glass .. 2 10 0 — British Tobacco .. 1 17 0 — Brown, Ewing 6 (pref.) .; .. .. ' 1 0 Bruce Woollen 5 1 (pref.) .. .. ... r— 0 0 Crystal Ice .. 1 9 0 — 6 Dominion Fertiliser 0 14 2 0 14 Electrolytic Zinc 15 6 (pref.) .. ... '.. 1 14 3 1 Electrolytic Zinc 9 9 6 3 6 6 (ord.t .. ........ Mount Lyell .. .. 1 1 5 2 1 1 N.Z. Drug Co. .. 3 10 0 — Farmers’: Fertiliser 0 15 0. N.Z. Paper Mills 1 7 9 1 8 6 Regent Theatre .. 0 19 6 — Smith and Smith . o 15 6 “ Wilsons Cement (IDs paid) .... 1 6 0 — BREWERIES N.Z. Breweries .. 1 17 0 — Staples .. .... 1 7 6 — Dunedin . • .. .. 1 4 0 — OIL, Moturoa — .. .. — 0 3 6 Moturoa (pref.) ... . 0 5 0 . . * MINING. Waihi .... . ’. .. *•1 5 0 — Waihi Grand Jctn. 0 3 19 — Mahakipawa .. <. ? 0 0 0 KiRlare .. .. .. 0 2 0 2 3 0 0 10. Paddy’s Point .. 0 5 6 New Cornish Point (6d paid) .. .. — 0 0 r Golden Progress .. — 0 1 6 King Solomon Golden Point 0 3 2 0 3 4 0 0 1 0 0 2 Alexander (13s 6d paid) ... .. .. 0 17 0 — Alexander (20s 6" paid) 0 18 — Gillespie’s Beach .. *0 2 1 — Gillespie’s Beach .. ■ to 1 0 — Waitahu 0 6 3 0 6 6 Big River .. .. — 0 1 4 Mount David .. , . — 0 o 5 Nokomai .. . T .. 0 2 9 — Freshford .... 0 0 3i I 0 0 5 Upper Shotover .. — 0 1 7 Nevis Diesel ,. .. 0 0 9 0 1 0 Central Shotover 0 1 0 0 1 2 Wetherstones (5s paid) — 0 4 2 Bell-Kilgour .. .. — 0 1 4 Bell-Hooper .. .. 0 0 9 0 0 10 Oxenbridge .. .. — 0 0 Aotearoa 0 0 6 — 6J Bendigo Goldlight — 0 0 GOVERNMENT LOANS. 3} p.c. Ins., 19381952 101 10. 0 — 3J p.c. Ins., 19391952 101 10 0 — 3J p.c. Ins., 19411952 101 10 0 102 15 0 4 p.c. Bonds, Jan., 0 1940 ; 102 0 — 4 p.c. Ins., Jan., i940 .. .. .. .. 102 0 0 — 4 p.c. Bonds, Feb., *1946 101 15 0 — 4 p.c. Ins., Feb., 1946 101 15 0 — 4 p.c. Bonds, April, 1949 100 15 0 — 4 p.c. Ins., April, 1949 101 0 0 101 10 0 4 p.c. Bonds, June, 1955 .. .... .. 4 p.c. Ins., 'June, 101 10 0 — 1955 101 10 0 —

RUGBY, November 1. Paris — Francs to £1 Par. 124.21 Oct. 31. 80 25-32 Nov. 1. 79 27-32 Brussels — Belgas to £1 35 22.675 22.405 Oslo — Kroner to £1 18.180 19.90 19.90 Stockholm — Kroner to £1 18.150 19.395 19.395 Copenhagen — Kroner to £1 18.130 22.40 22.40 Berlin — Marks to £1 .. 20.43 13.265 13.125 Montreal — Dollars to £1 4.86 2-3 4-84 4.833 New York— Dollars to £1 4.80 2-3 4.71 4.795 Yokohama — Pence to yen 24.582 145 145 Hongkong— Pence to dollars 24.58 17% 17% Bombay— 18 18 Pence to rupee — Batavia — 7.80 7.82 -Florins to £1 12.10 Milan— 60 1-32 59% Lire to £1 82.46 Amsterdam — 7.845 Guilder to £1 12.107 7.75 Prague— 1065 105} .* Kroner to £1 1045 Geneva— 16.12 Francs to £1 25.225 10.325 Vienna— 29 Schillings to £1 84.SG5 29 Helsingfors— 2205 2262 Marks to £ X 93.23 Madrid— Pesetas to £1 25.235 37 25-32 37% Belgrade— Dinars to £1 25.22J 2335 232 Athens— Drachma to £1 375 570 570 Lisbon— Escudos to £1 110 1043 1045 Bucharest— Lei to SI .. 931.6 540 5325 Rio de Janeiro— Pence to mllrels 5.890 4% . 4% Buenos Aires — Pence to pesos 47.28 44 44} Shanghai— Pence to tael .. — 15 7-10 15 9-10 Montevideo— I’enco to pesos 365 Warsaw— Zlotys to £1 — —

Copper, spot .. .. £32 14 4H Fall £0 2 S Copper, forward .. 32 1G 10<$ Fall 0 1 lOVj Electrolytic, spot ... 3G 0 0 Fall 0 10 0 Electrolytic, forward 37 0 0 Fall. 0 10 0 Wire bars ., ,. 37 0 0 Fall 0 10 0 Lead, spot .. .. 11 13 0 Rise 0 1 3 Lead, forward ,. 12 1 3 Rise 0 3 9 Spelter, spot .. .. 15 11 3 Fall 0 6 3 Spelter, forward, ,, 15 18 9 Fall 0 1 3 Tin, spot .. .. .. 224 10 0 Fall 0 2 6 Tin. forward .. .. 224 5 0 Fall 0 2 6 Pig Iron, home trade 3 2 6 No change Pig Iron, export .. 2 12 G No change Antimony, British SO 10 0 No change Antimony, foreign 22 17 G No change Unit Molybdenite !... 2 1 0 No change Wolfram i 9 0 No change Oz. Silver, standard... 18 5-lGd Rise l-10d Sliver, fine .. .. 19'Hd Rise 1-lGd

Gross Net Dividend Sop. 19. 1’roflt. Prom. Pref. Ord. £ £ p.o. p.c. IMS .. 23,383 *13.271 •' — 11 1920 .. 35.830 •24,503 — la 1922 .. 41,091 •27.270 — in 1924 .. 34.054 *18,016 — 8 1020 .. 20,798 9.050 — 7 1928 .. 20.095 7.279 T — 1929 .. 35,851 5.077 7 1930 .. 28,017 0,405 7 — m:u .. 24,300 0,518 r — 1032 .. 23,094 7.587 7 , • 1933 .. 24,535 9,487 5 3 5 2«,

Sep. 10. Tteserves. Capital. Ratio. £ £ p.c. 1918 .. .. 17.473 40,99(1 34.95 1920 .. .. 17.204 50,000 ‘ 34.50 1022 .. .. 9.521 100,000 0.52 1924 .. .. 17,201 100.000 17.20 1920 .. .. 18,005 100,000 18.00 1928 .. .. 17,259 118,855 14.52 1929 .. .. 17.303 141.7C4 12.20 1930 .. .. 17.437 149.908 11,03 1931 .. .. 17.455 150,000 11.04 1932 .. .. 17,542 150.000 11.69 1933 .. .. 17.729 150.000 11.83