COMMERCE AND FINANCE

Otago Daily Times, Issue 22114, 18 November 1933, Page 10

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:— £ e. d.

Business on the Stock Exchange during the past week has not been particularly active. The principal volume of the business has been confined largely to the banking and mining sections, and in the latter interest has been divided over .the shares of a number of companies. A sale was recorded early in the week of Bank of New South Wales shares at £34. Sellers have been asking as high as £34 10a for these, with a buyer at £33 15s, who was not supplied, but the quotation yesterday afternoon was £34 se, with no response from, buyers. Bank of New Zealands were dealt in at £2'Bs, at which price two parcels were sold. The demand has been firm, the market closed with an offer of £2 7s lid, sellers at this stage asking £2 8s 3d. The Long D issue was also sold at- £1 12s. The best buying offer early in the week was £1 11s 9d, but the demand improved later to £1 12s 3d. There was a buyer yesterday afternoon at the former price, but a margin of one shilling separated his offer from the lowest price which sellers at that stage were prepared to take. . A transaction took place in E.S. and A. Banks yesterday afternoon, the price being £5 13s. This represents an advance of Is fid on an early offer, and the final quotation for the week was £5 12s, which did not elicit any response from sellers. Two parcels of Standard Insurances were sold at £3 Os 3d. There has been little inquiry for these during the week on the part of buyers, but sellers have Remained firm at round about £3 Is, the price at which the market closed yesterday, with a buyer forward at £2 19s 9d. Kantangata Coals were sought by buyers early in the week at fl 2s 3d. Towards the close of the period a sale took place at £1 2s 6d, but the final offer yesterday was £1 2s, with no response from sellers. . The contributing issue of New Zealand Kefrigeratings, which were dealt in last week at 9e lOd and 9s lid experienced a fall during the period under review, when three parcels were disposed of at 6s 7d. This was the figure at which they were sought in the middle of the week, but the falling tendency continued, and the market closed with buyers offering 9s fid and sellers asking 9s Bd. Among the miscellaneous .section the only transaction to record is a sale of Dominion Fertilisers at 15s id. The best offer by buyers early in the week was 14s 7d, but the market closed with a buying offer of 15a 2d, sellers then demanding 15s fid. As has been stated, business in the mining section has been fairly well distributed. ' J Waitahus were sold last week at fie sd, but the price during the present period was 6s 2d and 6s 3d, and yesterday afternoon sellers were willing to take 6s 4d, with no buyer prepared to give more than fig 2d. Early in the week business took place in Gillespie’s Beach shares (ex rights) at 2s. The demand by sellers at that stage was round about 2s IJd, but the market closed for the week with a selling quotation at 2s, no buyer being attracted. A firming tendency was noticeable in respect to Nokomais, which opened the week with an inquiry by buyers at 2s lOd. A sale was recorded at 3s, and the final offer for the week was 3s 2d, with sellers firm at 3s sd. A marked fall characterised the fortunes of Mount David. Last week they were sold at 2s 3d and 2g 4d, and this week a sale was reported at Is 9d, while ■ an offer of 2g on the part of sellers when .the market closed failed to attract Any response. Three sales of King Solomons took place at 3s 6d, which represented a rise of 4d on the selling price early in the week. The final quotations were 3s 3d (buyers) and 3s 5d (sellers). There was considerable business in BellKilgours, four parcels of which were sold at la 4d, while additional sales took place at lg, 4£d and Is sd. Sellers were willing to do business yesterday at Is 4d, but no .buyer was then forward. The only sale of Bell-Hoopers was at lid, at which price there was a mid-week transaction; the final quotations for the week being Is (sellers) and IOJd (buyers). SALES REPORTED. £ s, d, N.Z. Refrigerating (cont.), late Thursday 0 9, 7 Waitahu .. 0 6 3 E. S. and A. Bank ...... 513 0 Bank of N.Z. (long D) .. 1 12 0 SALE REPORTED AFTER LAST CALL. Nokoniai 0 3 3

LOCAL AND OVERSEAS MARKETS.

fPremium. ffCum dividend, DIVIDENDS PAYABLE. The following is a list of shares on which dividends will shortly be payable: — National Insurance, sd, final .. Nov. 20 Dunedin Stock Exchange Propy., 6d, interim Nov. 20 Dunedin Brewery, 6d, interim Nov. 21 Dalgety, 2s 6d, final Nov. 27 Wilsons Cement, 6d, half yearly Nov. 28 National Bank of Australasia {ls), 2s 6d, interim .. .. . . Nov. 29 National Bank of Australasia (£10), ss, interim Nov. 29 E. S. and A. Bank, final, Is 6d Nov, 29 N.Z. Breweries, 8 2-sd, interim Dec. 6 Bank of N.Z., Is, interim .. Dec. 9 Bank of N.Z. (long D), 9d, interim Dec. 9 North Broken Hill, Is 6d> final Dec. 12 Broken Hill South, Is .... .. Dec. 15 Mount Lyell, 6d, final Dec. 18 King Solomon, 3d. third .. .. Nov. 30 Kauri Timber, 6d, final ;. .. Westport Coal, 6d, final .... NORTHERN EXCHANGES (Per United Press Association.) The following business was transacted on ’Changes yesterday;— Auckland.-—Sales: Stock, 1949, 4 per cent., £IOO 15s; Stock, 1955, 4 per cent., £102: Bank of New Zealand, 48s 4d, 48s 2d; .New Zealand Insurance, 555; Standard Insurance, 60s; Farmers’ Coop. Auctioneering (A), 20s 6d; Loan and Mercantile, £6O (2): H.M. Arcade (pref.), 20s 3d; Bell-Kilgour, Is 4d; Golden Point, 2d; Golden Sands, 3a 6d (2); King Solomon, 3s 5d (2); Wnihi, 26s 3d; Mount Lyell, 22s 7d; Rawang Tin. 7s; Auckland Harbour, 1059, 5] per cent., £lO3. Unofficial list; Claude Neon Lights, 43s 9d; Investment Executive Trust (B), £9B; Maerewhenua (la paid). Hid. Wellington.—Sales: Bank of New Zealand, 38s 2d (late Thursday), 48s; New Zealand Guarantee Corporation, 8s 4d; New Zealand Insurance, 55s (late Thursday), 555: South British Insurance, 745; New Zealand Refrigerating, 19s 3d; Mount Lyell, 22s 7d; Waihi, 26 s 3d. Christchurch. Sales: Commonwealth Bank of Australia. 16s lid (2): Commonwealth Bank of Sydney, £l7 9a: E.S. and A. Bank (cum div.), £5 13s 3d; New Zealand Insurance, 55s (2) ; Goldsbrough, Mort. 30s; New Zealand Loan and Mercantile (ord. stock), £6l: New Zealand Refrigerating (£1 paid), 19s 3d; New Zealand Refrigerating (10s paid). 9s 6d (4); Staples Brewery, 27s 9d, 27s jgd; Tooths Brewery, 41s 6d; Broken Hill Proprietary, 39s 3d; Dominion Fertiliser. 15s 3d: Dunlop Rubber, 19s 3d (2); Mount Lyell (cum div.), 22s Od, 22s 7d (2); Alexandra Mines (13s 6d paid), 17s sd; Aotearoa, Is Sid, Is 4d,

Is 4Jd; Bell-Hooper (9d paid), lid; Big River, lid; King Solomon (cum div.), 3s sd; Lawson’s Flat, sd; Nokomai, 3s Waitahu, 6s Id. Sales reported: Commonwealth Bank of Sydney, £l7 9s; New Zealand Loan and Mercantile (ord. stock), £6l; Beath and Co. (Is paid), 6s 6d. AUSTRALIAN STOCK EXCHANGES (United Press Association.) (By Electric Telegraph—Copyright.) .SYDNEY, November 17. ' (Received Nov. 17, at 10 p.m.) The Stock Exchange market continues steady, with the turnover increasing. Following are the sales: — Bank of New South Wales, £33; Commercial Bank of Sydney, £l7 10s; Commercial Bank of Australia (New Zealand delivery), 16s lid; Colonial Sugar, £6O 10s; Mercantile Mutual Insurance, 20s 9d; United Insurance, £9 7s 6d; Howard Smith, 12s 9d; Tooths, 425; Carlton Brewery, 42s 9d; Dunlop Perdriau, 19s 44d; British Tobacco, 37s 7id; Henry Jones, 355; Fairymead Sugar, 32s 6d; .Millaquin Sugar, 30s 3d; Electrolytic Zinc, 26s lOJd; Anthony Hordern, 13s 6d, pref., 22s 6d); Farmers, 18s 6d; General Industries, 9s 6d: Mount Morgan, 595; Mount Lyell, 22s 4<H; Broken Hill Proprietary, 39s South Broken Hill, 62s 9d; Kuala Kampar, 12s 6d; Bulolo Gold, £5 10s; Bulolo Deposits, 2s; Commonwealth Bonds (fours) —1938 £lO4 ss, 1941 £lO2 12s 6d, 1944 £lO4, 1947 £lO5 10s, 1953 £lO5 12s 6(1, 1955 £lO5 15s, 1957 £lO4 2s 6d. 1961 £lO3. MELBOURNE, November 17. Commercial Bank of Australia, 17s Id; Australian Glass, 48s 6d; Hudart, Parker, 32s 6d; Herald and Times, 47s 6d; Dunlop Perdriau, 19s 4d; Goldsbrough, Most, 30s 6d; North Broken Hill, 85s 6d, WOOL PRICES IN SYDNEY (United Press Association.) (By Electric Telegraph—Copyright.) SYDNEY, November 17. (Received Nov. 17, at 10.15 p.m.) The current wool prices are as follows: — Greasy extra super merino, to 31fd. "Greasy merino, tree or nearly free— Best. 24d to 255. Good, 22d to 2 ( 3d. Average, 19d to 20s. Greasy merino, slight burr— ' Best, 20d to 22d. Good, 18Jd to 19Jcl. Average, 16Jd to 17id. Greasy merino, broken ana first pieces— Best, to 23Jd. ' Do bellies — Best, to 16d. Slight burr, best 13Jd to 14jd. Do locks — Best, to 123 d. Good, 8d to Bid. Lambs — Best, to 21d. Good, 14d to 15d. Average, lid to 13d. Comeback — Best, to 23Jd. Slight burr— Good, 18Jd to 20id. Average, 17d to 18a. Inferior, 14d to 16d. Crossbred — Best, to 23R Slight burr, fine, 18d to 20d. Medium, 12d to 14d. Coarse, 5d to 6d. IRONSAND FOR EXPORT Interest in the commercial possibilities of Taranaki ironsand, a material that has been responsible for as many hopes and disappointments as oil in that province, is still alive. A shipment of 50 tons has been ordered by Burns, Philp, and Co., London, to be shipped on the steamer Cumberland, now at Ivew Plymouth. The firm has not received information whether the sand is to be used for experimental smelting, but_ since the covering letter to the order ib explicit that the sand is to be kept clean, and as the consignment would hardly be sent 12,000 miles for anything else, the purpose is presumed to be for smelting. Ihe fetter concludes; —"I fully expect to be making further shipments of sand to London." It is likely that_ my friends will require a number of shipments.

DUNEDIN MARKETS WHEAT, OATS. ETC. The milling wheat market remains unchanged, with little movement. Millers are not buyers, as they have ample stores to see them through till the new crop is available. Dunedin merchants are now drawing their stocks of fowl wheat from the Wheat Purchase Board. Supplies of fowl wheat are, however, available in Oamaru, Lyttelton, and Timaru for shipment to the North Island, and the merchants in these particular towns are therefore able to fill orders from the north from their own stocks. The nominal quotation for shipment to the North Island from these ports is 3s 7Jd, f.0.b., sacks extra, and there is also a limited quantity available at the Bluff at Id per bushel under this quotation. Owing to the bulk of the wheat in this district being of milling quality, Dunedin merchants during the year have had to draw the greater part of their fowl wheat requirements from outside districts. -As a matter of fact, there has been no shipping of fowl wheat from this port over the year. 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. The oat market continues quiet. Inquiries from the North Island are restricted to good feed lines of Gartons and good quality farmers’ . dressed and machine-dressed Duns. Apart from a few A grade Gartons, stocks of oats in Dunedin are of small compass and, moreover, there is little offering from growers. The nominal values are 2s 3d per bushel, f.0.b., s.i., for A grade Gartons and 2s for B’s. These prices are equivalent to Is 7d for A’s and Is 4d for B's, sacks extra, country sidings. The chaff market is fairly firm, with the bulk of the local being drawn from Canterbury. K The value of good quality chaff is £3 15s per ton, truck lots, and £4 stores, sacks extra. The market for old potatoes is about finished. Sound, freshly-picked lines are worth from £2 10s to £3 per ton, according to quality. Regular supplies of Pukekolie tubers are now arriving, and selling at round about IJd per lb. Overseas business in seeds, quietened down during the week. Inquiries have ceased in the meantime for ryegrass, but owing to. the large quantity sold for export prices remain steady. The Value of heavy machine-dressed perennial of good export quality is 4s per bushel, sacks extra, and of good Italian 4s 3d. Cocksfoot, chewings fescue, and crested dogstail are in short supply, and prices are firm. Wholesale prices are as follows: Chaff: Best quality, £4 to £4 ss, ex store, sacks included, s Potatoes, £3 per ton, sacks included, ex store._ Dairy butter; Milled bulk, 6Jd to 7d per lb; separator, fijd to 7d. Bacon, 9Jd per lb. Ham: Ordinary, lOJd; boneless, Is per lb. Onions: Canadian, to 21s per cental bag. Eggs; Stamped, lOd per dozen; case, 9d. Both the dairy butter and egg markets continue weak. FRUIT REPORT. Strawberries are beginning to arrive in larger quantities. Prices dropped at the commencement of the week, but there was a better demand later on. The weakness earlier in the week was probably the result of the cold weather conditions. Some growers are packing their strawberries too green, hoping to catch a high market, and these lines are adversely affecting the sale of better quality fruit. The demand is practically confined to wellripened strawberries, a very fine line of which quality, grown at Miller’s Flat, wsa sold m the marts yesterday afternoon at Is Sid per .lb. Strawberries are also arriving from Alexandra, Roxburgh, and Waimate. The first of the season’s cherries have arrived from Waenga (Central Otago) and Canterbury. They met a keen demand. Gooseberries are in better supply, A shipment of Rarotongan bananas came to hand during the week. Further supplies of South Australian oranges arrived by the Wainui, from Melbourne, on Tuesday. The shipment was practically composed of small-sized Valencias. Supplies at the marts have now been pretty well sold out. There will be no further shipments from Australia until the arrival of the Wainui on Tuesday fortnight. Californian Valencias are offering at 40s per case. Tomatoes from local and Canterbury hothouses have been in better supply. Lower values ruled early in the week, but they improved later on. The quality of most lines compares favourably with that of other seasons, A further shipment of Californian grapes hag reached the marts and been sold out to retailers. There has been a better demand for really choice lettuce. Poor quality is in heavy supply and eales are hard to make. Cauliflowers are practically finished in the meantime. Spring cabbage are in heavy supply, with lower prices ruling. s Green peas are plentiful. Supplies are arriving mainly from the Waimate and Canterbury districts. Peninsula-grown potatoes are in better supply. They are meeting a keen inquiry, and prices have only come back a little. North Island-grown have a good demand. Wholesale prices are as follows: Apples: Delicious —choice 8s 6d to 12s; Sturniers —choice 7s to 10s 6d; others 4s 6d to 6s; cookers, 7s to 9s 6d. Lemons: New Zealand-grown, 12s to 16s. Strawberries: Choice, Is to 1s fid; others, 8d to 10d per pottle. Cherries, Is 2d to Is 5d per lb. Bananas: Ripe, to 27s per case. Gooseberries, 2d to 2Jd per lb. American grapes, 27s per case. Christchurch hothouse tomatoes: Choice, lOd to Is per lb; small, 8d to 9d. Lettuce: Choice, to Is 9d per dozen; others unsaleable. Rhubarb: Best quality, 2s fid per case. Asparagus, 5s to 7s fid per dozen bundles. Cauliflowers: Choice, 10s to 12s fid per sack. Spring cabbage, 3s to 4s per cental bag. Green peas, 2d to 2|d per lb. New potatoes, 2d to 2|d per lb; Auck-land-grown, to l£d. Parsnips, 2s fid to 3s fid per cental bag. White turnips, 9d to la per dozen bundles. Young carrots, Is to Is fid per dozen bundles. ■ 1 ■ MELBOURNE MARKETS (United Press Association.) (By Electric Telegraph—Copyright.) MELBOURNE, November 17. Wheat, 2s 9d. Bran, £4 10s. Pollard, £5. Oats, 2s 3d to 2s 4d. Barley: English, 2s fid. Maize, 4s to 4s 3d. Onions: Spanish, £2; Silverskins, £4 to £4 ss. COMPANY REGISTRATION The Mercantile Gazette notifies the registration of the following company:— Gigantic Mines No Liability. Registered November 6, 1933. Office, Sussex Chambers, 12 Panama street, Wellington. Capital, £7200, in 7200 shares of £1 each. Subscribers: Wellington—J. H. G. Robertson, E. L. Marehant, C. R. C. Robieson, A. J. Toogood, L. V. Ellis, E. O. Hales. R. Gilkison, one share each. Objects: To purchase, apply for, obtain, take on lease, or otherwise acquire lands, heriditaments, and property or any interest therein, or any gold mines, mining options, mining privileges, to exercise any such options and general incidental.

BANK OF ENGLAND RETURN (United Frees Association.) (By Electric Telegraph—Copyright.) LONDON, November 16. The following is the Bank of England return:— ISSUE DEPARTMENT. Note issue in circulation .. £369,105,832 Banking department .. .. 81,432,557 £450,538,388 Government debt £11,015,100 Other Government securities 243,068,723 Other securities .. ~ .. 2,274,100 Silver coin 3,642,077 Gold coin and, bullion .. .. 190,538,388 £450,538,388 BANKING DEPARTMENT, Proprietors’ capital .. .. £14,553,000 Rest 3,200,773 Public deposit , 18,728,299 Other deposits (bankers) .. 103,988,956 Other accounts .. .. .. 37,016,563 Seven-day and other bills .. 920 £177,548,511 Government securities .. .. £71,163,095 Discounts and advances .. 8,556,732 Securities .. 15,152,271 Notes in reserve 81,432,557 Gold and silver coin .. ... 1,243,857 £177.548,511 The proportion of reserves to liabilities is 51.70 per cent. Short loans are quoted at i per cent.: three months’ bills at 1 3-32 per cent. DAIRY PRODUCE (United Press Association.) (By Electric Telegraph—Copyright.) LONDON, November 16. Butter is steadier. Danish, 120 s; choicest, salted New Zealand, 87s to 88s; Australian, 86s; unsalted is scarce. New Zealand, 110 s; Australian, 104 s. Cheese is quiet. New Zealand white and coloured, 525. Messrs Dalgety and Co., Ltd., advise having received the following cablegram from their head office, London, dated November 16: — _ The butter market is firm owing to break in arrivals. The cheese market is quiet. Danish butter, 118 s to 120 s; New Zealand finest butter, 85s to 88s; Australian finest unsalted butter, 102 s to 106 s; Australian finest salted butter, 83s to 86s; Australian g.a.q. butter, 80s to 'B2s. Australian cheese, white, not quoted; Australian cheese, coloured, not quoted; New Zealand cheese, white, 51s to 525; New Zealand cheese, coloured, 51s; Canadian cheese, white, 48s to 545; Canadian cheese, coloured, 48s to 645; Canadian cheese, c-i-fsos to 525. Messrs A. S. Paterson and Co., Ltd., are irt receipt of the following cabled advice from London:— Butter: Danish market steady; 98s f.o.b—landed cost 119 s. Colonial market quietly steady—tendency easier on large arrivals New Zealand. First grade salt butter, 86s; finest grade, 87s; Australian, 83s, 85s. . . Cheese: Market quiet; buyers inactive. White cheese, 51s fid; coloured, poor demand owing to large supplies, 51s; Canadian, 475. 5% AND TAX FREE Dividends from Investment Trust Companies are virtually free of tax, as this income as far as it consists of dividends is exempt from Income Tax. Profits made from the purchase of and their sale at a higher figure are capital profit, and not subject to Income Tax. The N.Z. Investment Trust offers tax free 5 per cent, first Mortgage debentures, payable quarterly through the Bank. Write to-day for full particulars to the N.Z. Investment Trust, Ltd., Dunedin (P.O. Box 100). Branches at Wellington, D.I.C. Buildings (P.O. Box 1016): Christchurch (P.O. Box 708); Invercargill (P.O. Box 243). Chief Brokers: The Securities Corporation (N.Z.), Ltd.—Advt. LONDON METAL MARKET (United Press Association.) (By Electric 'Telegraph—Copyright.) LONDON, November U. (Received Nov. IT, at 10 p.m.) The following are the official metal Quotations: —

PRICE OF GOLD {United Press Association.) (By Electric Telegraph—Copyright.) LONDON, November 16, Gold is quoted at £6 8s 6d per oz. THE DOLLAR' (United Press Association.) (By Electric Telegraph-Copyright.) LONDON, November 16, Exchange on New York is quoted at 5.44 dollars to the £l. BRADFORD MARKET (United Press Association.) (By Electric Telegraph—Copyright.) LONDON, November 16. Bradford quotations: Seventies, 38d; sixty-fours, 37d; sixties, 34d; fifty-sixes, 24£d; fifties, 17Jd; forty-sixes, forties, lid. Higher prices are checking business. P. AND % SHARES (United Press Association.) (By Electric Telegraph—Copyright.) LONDON, November 16. P. and 0. shares are quoted at 16e. WHEAT. FLOUR, ETC. (United Press Association.) (By Electric Telegraph-Copyright.) LONDON, November 16. Wheat cargoes opened quietly at 3d to 6d down', influenced by a report of the practical completion of Russian winter sowing, heavier Russian clearances, and further exchange fluctuations. There is a broadening Far East inquiry. Australian December shipments are reported,to amount to 35,000 tons. American Pacific wheat was sold direct to Japan for December and January shipment. Details are not available. Parcels are in small demand at 3d to 6d down. Trading is small. West Australian, December-Jan-uary, ex unnamed steamer, 235. Futures —London; December, IDs Id; February, 19s sd; April, 19s 9d. Liverpool: December, 4s 5Jd; March, 4s B|d; May, 4s IOJd. The spot trade is slow. Australian (ex ship), 255. Flour is quiet. Australian (ex store), 18s to 18s 6d. Oats: Quietly steady. Peas and beans: Unchanged. BLUE STAR LINE Notification of the following company registration is contained in the Mercantile Gazette; — Blue Star Line (N.Z.), Ltd. Registered as a private company November 7, 1933. Office. Maritime Building, corner ; Customhouse quay and Ballance street, Wellington. Capital, £20,000, in 20 shares of £IOOO each. Subscribers: Snpderstead, Surrey, England—G. A. Drabble: Auckland—R. L. Ziman, 10 shares each. Objects: To carry on business of shipowners, shipping agents, ship brokers, wharfingers, and general inci- i dental.

MINING MINING RESEARCH COMPANY. The directors of the Mining Research Company recently visited the scene °* their operations at Golden Gully, Collmg- : wood, where a comprehensive scheme ot prospecting and development is being car- ! ried out. Two independent mining enI giueers are on the property engaged in checking values and making reports, and advice to date indicates that the o ri e;>> al I values where taken are confirmed, ine directors expressed their satisfaction with the work in progress, and in order to give them an indication of the values on the claim one-third of a yard was treated through a sluice box from an ordinary working face under the scrutiny of two engineers, and the results were Idwt sgr of gold, or equivalent to 15s per yard, at £4 per ounce. Dish prospects were taken in various locations with surprising values, some returning up to as much as idwt to a dish. _ A low level race is being constructed with a capacity of four heads and with 45 feet of fall, and will be completed in three weeks. This race is for the purpose of taking out bulk tests so that a definite estimate of values from different portions of the claim can be made. Three prospecting shafts are being sunk on the property, with a view to proving the depth and value of the wash in various localities. All told, 14 men are being employed on the property. Mr Vickerman, of Messrs Vickerman and Lancaster, confirms the question of water supply and estimates that there are 50 heads available at a pressure of 500 feet and considers _ that the claim has considerable possibilities. THE GOLDFIELDS DREDGE. The secretary of the Goldfields Dredging Company, Ltd., reports _ that the dredge is now making a straight cut to better ground higher up the river, and until this is reached no wash-up will take place. GOLCONDA MINES REPORT. The Golconda Mines manager’s report for the week is as follows: — Sloping was continued_ on the branch reef south and 51b of picked atone was secured. Not much quartz has come from here, as the reef has spliced, and we will get very little quartz until the quartz makes again on the top splice. Close to the shaft we are working on the branch reef, main reef, and the hanging wall reef. A few nice dabs of gold were seen in the main reef close to the junction. It has been necessary to timber the etopes h.ere, as the country is fairly heavy. KING SOLOMON DEEP LEAD. (Per United Press association.) INVERCARGILL, November 17. The wash-up at the King Solomon mine for the week totalled 640 z 9dwt. MAHAKIPAWA RETURN, (Per Unites Press Association.) CHRISTCHURCH, November 17. The Mahakipawa wash-up for the week was I6oz. LONDON STOCK EXCHANGE (United Press Association.) (By Electric Telegraph—Copyright.) LONDON, November 16. The following are the latest Quotations of Government securities compared with the prices rullns last week:— Last week. This week.

FOREIGN EXCHANGES (British Official Wlialess.) • (United Press Association.) ; (By Electric Telegraph—Copyright.)

BULOLO SHARES (United Press Association.) (By Electric Telegraph—Copyright.) LONDON, November 16. Bulolo shares are quoted at 91s 3d. NEW GUINEA GOLD SHARES (United Press Association.) (By Electric Telegraph—Copyright.) LONDON, November 16. New Guinea gold shares are quoted at 5s Ijd. MOUNT LYELL (United Press Association.) (By Electric Telegraph—Copyright.) LONDON, November 16. Mount Lyell shares are quoted at 18a lid. WOOL CONSIGNMENTS Messrs Murray, Robert* and Co., Ltd., ( are in receipt of the following cablegram from their London agents, dated Novem- , her 14: — , , . , . I The following vessels have arrived in time for the consignments of wool by them to be offered in the next series, commencing November 21: —Tainui, Mahana, Mataroa, Matakana, Rangitata, Port j Campbell.

BEET SUGAR . (United Press Association.) (By Electric Telegraph—Copyright.) LONDON, November 10, Beet sugar: December, 4s 3§d. TEA AND ' BUTTER AN OPTIMISTIC VIEW. Mr Eric Miller, chairman of Messrs Harrisons and Crosfield* Ltd., speaking at the annual meeting of the company > in London, suggested . there was justification for a more optimistic view of the prospects of the tea industry generally as a result of the regulation scheme now in force. Speaking of the plantation rubber industry, he showed that some regulatory scheme was essential if producers were to avoid drifting along unprofitably for an indefinite period, and he called attention to the recent statement of the Chancellor of the Exchequer, that “ in the case of pirmary commodities there _ was no method so certain and so rapid_ in its operation ns the control of production and the proper .adaptation of supply to demand where that could be effected by international agreement/’ Commenting on this, Mr Miller said:— “No simpler statement of the case could be presented for getting the supply of rubber regulated on an international basis. Where the co-operation of several Governments is required to make regulation sufficiently comprehensive to justify its legislative adoption, it is obviously necessarv to retain a certain elasticity of mind, without which no international round table conference can hope to achieve a comprehensive and satisfactory solution of a problem which is really long overdue for settlement. i “Those of us in touch with the actual working of the industry in the East cannot be oblivious to the hardship which a continuance of over-production brings in its train for all those who are engaged in production upon estates or small holdings. The Governments of the countries in which rubber is grown are in need of revenue from the industry, and last, not least, the proprietors of the trees from which the rubber is derived are definitely entitled to a reasonable return on their investment as recompense for the part they have played in the creation of this great industry, upon which the world depends for dts supplies of a most essential primary commodity. Personally, I cannot forget that they have had no return on their investment for several years past.” ELECTROLYTIC ZINC A satisfactory report of operations for the year ended June 30, 1933, was presented to a meeting of shareholders of the Electrolytic Zinc Company, Ltd. . The chairman (Mr C. Fraser) said that the grade premium, which the company’s highly refined metal commanded | over common spelter, had been well maintained. This premium varied from £2 5s to £2 15s a ton, and was therefore a very important factor. The realisation during this period of some 4400 tons of the stock of metal on hand at the end of the previous period, at approximately £lO (Australian) a ton in excess of the figure at which it was included in the accounts for last year, represented a substantial addition to the revenue and profit figures. As the stock of zinc at June 30 was .only the tonnage in ordinary course awaiting shipment, no similar addition to profit would take place during the current year. The statistical position of zinc, when considered in relation to the present regulated production, remained satisfactory, and world stocks of the metal were by no means heavy. At the same time the serious fall in consumption could not be lost sight of. Available figures for this year indicated that consumption should increase to about 900,000 tons for 1933. The arrangements developed under the cartel to permit of maintenance of practically full output at Eisdon had been preserved under the conditions formulated for the recent renewal of the cartel until July, 1934. They involved payment of penalties in respect of production beyond the quota figure, but, despite this, it was to the company s advantage to maintain full scale production. Owing to the difficulty in selling extra production to the West Coast, mines had not yet been opened. Provided that there were no serious disturbances of present conditions in the industry, the directors hoped that it would be possible during the first half of 1934 to bring the preference dividend up to date, and present appearances indicated that the holders of ordinary shares could look forward to some return from the operations of the current financial year.

WOOL-SELLING SEASON BRIGHTER PROSPECTS EOR GROWERS. Wool auctions in the Dominion for the season 1933-34 will begin on Monday, November 27. at Auckland, and will be followed by the sale at Napier on December 1, and at Wellington on December 7, after which buyers will attend sales at Christchurch, December 12; Timaru, December 16;> and Dunedin, on December 20. Fortunately for wool-growers generally (the Mercantile Gazette says), the wool barometer is set fair, and unless there is a sudden and unexpected reaction generally on world commodity prices there appears no likelihood of a check in the present upward tendency. Fine wools, we know from the sales in the Commonwealth, show substantial advances, and it will be rather singular if crossbred wool does not participate in the upward trend. The consensus of opinion is that our wools will register an advance commensurate with that of fine wools. The wool textile industry was, about the first to feel the impact of the'slump, and the reason is that when the masses of the people believe it necessary to exercise economy, clothes afford'them the best opportunity for economy ._ As the dctfression progressed millions of people had to be content with the cast-off clothing of the more favoured citizens in the community. There was thus a sudden shrinkage in the demand for wool and prices fell sharply. We can illustrate this by quoting the prices realised at the Dominion wool sales for a series of years. The figures are as under:— Average

But wool is again wool this season, for demand appears to have overtaken supply. This ha,s been brought about by natural causes; that is to say, drought in South Africa and Australia, and the consequent decimation of the sheep population has caused the clips from those; countries to be smaller than in the past, season, and the New Zealand clip will also be smaller because there are fewer sheep in the Dominion; when to this is added the sustained economic recovery - of Great Britain and the promising : position of some European countries in the sterling zone it is possible to understand why wool is experiencing an upward trend just now. If the demand is;; maintained—-and there is every indication of that —users of wool will be operating; close up to the sheeps’ backs. The pronounced demand at the moment is for- fine , wools as furnished by Australia and South Africa, because that class of wool - is short for the. reasons stated above* but ascending prices for fine wools must' react on crossbred wools, and there is ample evidence that it is doing so. Durr, ing the past two months buyers on behalf of principals overseas and buyers on speculative account have beep touring the. country districts, buying held.oyer wools, or wools of the new clip at prices about, 2d to 2Jd per lb more than was realisedat the closing sales in March and April", last. The winter has not been unfavour-;’ able, and it is said that the wool this „ vear will show good growth and be or better quality than for the past twoseasons. . ~ Although the clip will be smaller in;, quantity, authoritative opinion inclines to , the view that the gross realisation this* season will be from £2,000,000 t0£2,500,000 £2,500,000 more than in the preceding", season, and with lower costs of production growers should net a satisfactory profit. While this picture is very pleasing, there is that other matter of the pegged exchange on London. Unless ‘ the exchange is lowered very sdbn the Government’s liability to the banks under the Indemnity Act, already .running into millions, will increase rapidly and become a menace to the community.

ATLANTIC PASSENGERS ;• Statistics of North Atlantic passenger traffic for the three (.uarterg of the current year show that the volume of travel has fallen considerably, even from the abnormally low level reached during the first nine months of 1932. The totalnumber of passengers carried eastboundand westbound, excluding Mediterraneansailings, between Europe and the United,.. States and Canada was 411,072, against”. 558,082, a decrease of 147,010, or over 2ft per cent. In the case of Canada the drop i was from 82,680 to 62,497. while* travel to and from the States fell front 475,402 to 348,575, the percentage of de-; dine being higher in regard to the State# than the Dominion.

Bank of New South Wales .. 34 0 0 Bank of New Zealand (two) 2 8 0 Bank of New Zealand (long D) 1 12 0 E.S. and A. Bank 5 13 0 Standard Insurance (two) .. 3 0 3 Kaitangata Goal : .. .. • New Zealand Refrigerating * (cont., three) .. .. 1 2 0 0 9 7 Dominion Fertiliser .. .. 0 15 i Waitahu .. .. .. .. .. 0 6 2 Waitahu .. .. 0 6 3 Gillespie's Beach (ex rights) 0 2 0 Nokomai .. .. 0 3 0 Golden Point 0 0 ' U Mount David . 0 1 9 KingBolomon (three) .. .. Big River .. .. .. .. .. 0 3 6 0 0 10i Central Shotover i. .. .. 0 1 0 Bell-Kilgour (four) .. .. 0 1 4 Bell-Kilgour .. .. .. .. 0 1 Bell-Kilgour 0 1 b Bell-Hooper ...... .. 0 0 ii

The following are yesterday afternoon’s buying and selling Quotations, which are subject to the usual, brokerageBANKING. Buyer. Seller. £ s. d. f s. d. New South Wales . 34 5 0 New Zealand 2 7 11 2 8 3 N.Z. (Long D) .. 1 11 9 1 12 9 Commercial .. 0 16 9 0 16 11 E. S. and A. 5 12 0 — National of N.Z. .. — 4 5 0 INSURANCE. National 0 18 9 — New Zealand .. .. 2 14 6 ■ South British .... 3 12 3 — Standard 2 19 9 3 1 0 SHIPPING. Hnddart, Parker (pref.) 1 4 0 — U.S.S. Co. (pref.) 1 4 6 — COAL. Kaitangata .. .. 1 2 0 — Westport tfO 13 9 0 14 6 Pukemiro . 1 .. .. 0 19 0 — LOAN AND AGENCY. Dalgety and Co. .. 10 0 0 — Goldsbrough, Mort 1 10 0 1 11 0 National Mortgage 2 16 0 3 0 0 National Mortgage (B issue) .. .. 1 9 0 — N.Z. Loan and M. (ord.) • 63 0 0 Wright, Stephenson (pref-) 0 16 0 — MEAT PRESERVING. N.Z. Refrigerating (paid) — 0 19 3 N.Z. Refrigerating (cont.) 0 9 5 0 9 8 South. Froz. Meat (paid) .. ... .. 2 19 0 — South. Froz. Meat (cont.) 1 10 0 — South Otago Freezing 4 17 6 5 5 0 MISCELLANEOUS. British Tobacco .. 1 16 10 1 17 6 Brown, Ewing (ord.) 0 15 0 — Brown, Ewing (pref.) — 1 0 0 Bruce Woollen 1 (pref.) — 1 0 0 Crystal Ice .. .. 1 10 0 — D.I.C. (ord.) .... 0 14 6 — D.I.C. (pref.) .. .. 1 2 0 — Dominion Fertiliser 0 15 2 0 15 6 Dominion Fertiliser (Debs.) 101 0 0 — Dominion Rubber 0 15 0 0 19 0 Donaghy’s Rope .. — 2 7 6 . Electrolytic Zinc (pref.) .. .. .. 1 14 0 1 15 3 Electrolytic Zinc (ord.) — 1 7 6 Kaiapoi Woollen } (ord.) — 0 8 6 Milburn Lime .. 1 10 0 * Mosgiel Woollen . 8 10 0 — M‘Leod Bros. 26 0 0 — Mount Lyell .. .. — 1 2 10 N.Z. Drug Co. .. 3 10 6 — Farmers’ Fertiliser 0 16 4 — N.Z. Paper Mills tn ? 6 — Otago Daily Times 2 5 3 2 6 3 Regent Theatre .. ,0 19 0 — Smith and Smith 0 18 0 I — Wilsons Cement .. 1 6 9 — BREWERIES N.Z. Breweries .. fl 16 6 1 17 3 Staples 1 7 0 — Dunedin .. .. .. 1 4 0 * Timaru — 0 6 3 OIL. Moturoa — 0 3 0 Moturoa (pref.) .. — 0 5 0 MINING. Waihi 1 5 9 — Waihi Grand Jotn. 0 4 0 0 4 6 Kildare — 0 2 2 Okarito 0 10 1 — Paddy’s Point 0 4 0 0 4 9 Golden Progress .. — 0 1 6 King Solomon no s 3 0 3 5 Golden Point .. .. 0 0 1 — Blackwater .... — 1 14 6 Gillespie’s Beach (ex right) /. — 0 2 0 Gillespie’s Beach (right) .... .. 0 0 9 0 0 11 Waitahu 0 6 2 0 6 4 Big River .. •0 0 10J —- Mount David .... . 0 2 0 Nokomai 0 3 2 0 3 5 Freshford .1 .... 0 0 2 0 0 4 Wetherstones .... 0 3 10 0 4 3 Lawson’s Flat .. 0 0 4 0 0 7 Central Shotover .. — 0 1 1 Bell-Kilgour .. .. — 0 1 4 Bell-Hooper .. .. 0 0 10i 0 1 0 Oxenbridge .. «. — 0 0 H Aotearoa .. .. .. 0 1 2 0 1 5 Bendigo Goldlight — 0 0 H Nevis Diesel .. .. — 0 0 11 ' GOVERNMENT LOANS. 3} p.c. Ins., 10381943 .. .... .. 100 5 0 —- 3J p.c. Ins., 19381952 — 101 0 0 3J p.c. Ins., 19391943 .. 7 100 5 0 — 3£ p.c. Ins., 19391952 .. 101 0 0 3J p.c. Ins., 19411943 100 5 0 —- 3J p.c. Ins., 1941- ’ 1952 — 101 0 0 4 p.c. Ins., Jan., 1940 — 102 10 0 4 p.c., Bonds, Feb., 1946 101 0 0 — 4 p.c. Bonds, April 1949 —- 101 0 0 4 p.c. Bonds, June, 1955 , 101 10 0 — 4 p.c. Ins., June, 1955 101 10 0 —

Copper, epot .. .. Ton. £28 IS 7H FaU £0 IS 1% Copper, forward ,. .. 28 18 Hi Fall 1 0 0 Electrolytic, ipot ., 32 0 0 Pall 1 0 0 Electrolytic, forward M 32 10 0 Pall 1 10 0 Wire bars .. .. 32 10 0 FaU 1 10 0 Lead, spot .. 11 2 0 Rise 0 2 8 Lead, forward M 11 6 3 Rise 0 1 3 Spelter, spot .. .. 14 12 8 Rise 0 2 8 Spelter, forward, .. M IS 0 0 Rise 0 3 6 Tin, spot .. .. .. 228 17 8 No chance Tin. forward .. .. 228 8 S Rise 0 1 S Pig iron, borne trade 4 « S 2 8 No chance Pig Iron, export .. .. 2 15 0 Rise 0 2 6 Antimony. British a. SB 10 0 No change Antimony, foreign M 23 6 0 Rise 0 2 8 Molybdenite .. .. Unit. 2 1 0 No change 1 7 0 Rise 0 0 9 Sllrer, standard .. Os. IS 5-lCd Fall 3-l6d Sllrer, fine .. .. 10%d Fall 3-l6d

£ a. d. £ B. d. 74 0 0 73 5 0 Fundlp* Loan. 4 p.c.. 1069-90 111 15 0 110 15 0 Assented War Loan .. •• 100 12 6 100 0 0 Conrcrslon Loan, 354 p.o. .. 100 17 6 100 2 G Victory Bonds, 4 P.o. (ex dir.) 110 7 0 109 10 0 C’wealth, 5 P.c.. 1048-47 .. 110 10 0 110 10 0 C'wealth, 8 p.c., 1048-47 .. 101 5 0 100 0 0 C’wcalth, 855 p.c.. 1938-37 .. 101 7 G 100 IT e Victoria, 3 p.o,, 1920-40 .. 93 0 0 93 0 0 Victoria, 354 P-C.. 1920-40 .. 98 7 0 97 15 0 Victoria. 654 P-o., 1030-40 .. 101 12 0 101 7 6 Victoria. 8 p.c,, 1932-48 .. 105 0 0 105 10 0 Victoria, 4% P.c., 1040-00 101 G 3 101 0 0 N.3.W.. 3 p.o., 1036 .. 100 15 0 100 7 c N.S.W., 354 p.c.. 1930-40 .. 08 12 6 98 0 0 Queensland. 6 P.c. Stock, redeemabla 1040-00 107 10 0 107 a c Queensland, 8 p.o., 1922-47 ,. 03 0 0 93 0 0 New Zealand, 454 P.o., 1943-67 108 2 0 107 16 0 New Zealand, 8J4 P-c., 1040 .. 101 7 0 101 0 6 New Zealand, 3 p.c., 1945 .. 96 10 0 95 13 6 New Zealand. 6 p.c., 1038-81 107 12 6 107 5 0 S.A., 3v4 P.o., 1039 .. •> 101 T 6 101 15 0 S.A., 3 p.o., 1018 or after .. 78 13 0 79 10 0 Tasmania, 354 P.c., 1930-40 .. 100 17 0 100 10 0 Tasmania, 3 p.c., 1910-40 98 0 0 98 0 0 W.A., 3 p.c., 1015-35 .. ... 100 10 0 100 0 0 W.A.. 8 p.c., 1030-40 .. .. 101 0 0 100 7 0

RUGBY, November 16. Par. Nor. 15. Nov. 16. Franca to £ 1 124.21 82 21-32 82 13-32 Brussels — 23.17} 23.14} Belgas to £ 1 85 Oslo— 17.90 ' Kroner to £1 18.180 19.90 Stockholm— 19.39} Kroner to £1 18.150 19.30} Copenhagen— 22.40 22.40 Kroner to £ 1 18.130 Berlin— 13.51 Marks to £1 20.43 13.46} Montreal— 5.23} Dollars to £1 4.86 2-3 5.32 New York— 5.50 Dollars to £1 4.86 2•3 5.40 Yokohama— 14% 14 1-16 Ponce to yen .. 24.582 Hongkong— m , iV% Ponce to dollars 24.58 Bombay— 17 31-32 Pence to rupee — 17 31-32 Batavia— 7.90} Florins to £ 1 12.10 7.90} Milan— 61 7-16 Dire to £1 82.46 61 5-16 Amsterdam — 8 Guilder to £1 12.107 8.02 Prague— 108% Kroner to £ 1 104} 1083 Geneva— Francs to £1 25.22} 16.68} 16.65} Vienna— Schillings to £1 84.86} 29 29 Helsingfors— 226} Marks to £1 .. 193.23 2263 Madrid— Pesetas to £1 25.23} 39 15-16 39 11-16 Belgrade— Dinars to £1 25.22} 235 240 Athens— Drachma to £1 375 565 570 Lisbon— Escudos to £1 no 107 107 Bucharest— Lei to £1 931.6 545 550 Rio de Janeiro— Pence to mllrels 5.890 4 4 Buenos Aires — Pence to pesos 47.28 43} 433 Shanghai— Fence to tael .. — 15% 15 7-16 Montevideo — Ponce to pesos — 36 35} Warsaw — Zlotys to £1 — — —

Season. Bales. per bale. 1927-28 .. .. 543,712 £23 18 4 1928-29 .. 575,632 21 4 6 1929-30 .. 425,902 12 1 0 1930-31 .. 445,196 7 10 10 1931-32 .. 475,135 7 10 4 1032-33 .. .. 576.224 7 10 3