COMMERCE AND FINANCE

Otago Daily Times, Issue 22268, 22 May 1934, Page 6

COMMERCE AND FINANCE

TRADE OF THE DOMINION IMPORT AND EXPORT RETURNS (Tn Ukitbd P«b» absocwtioh.j WELLINGTON, May 21. / The figures for the overseas trade of New Zealand (excluding specie) for the month of April and for the four months ended, April were as follows, compared with the • corresponding periods of last year. In the cage, of the imports the recorded Value is given together, with the equivalent in New Zealand currency. In the case of the exports and the balance the'figures are in terms of Ivew Zealand "'■ ' Ap1.,1933. ApU934 CZ. enrreney £3,494,041 £0,408,418 Im jfeorded value 1,470,571 1,»78,987 2s*.Z; currency 1,803,000 2,414,400 B fi?~c a rrency 1,691,000 2,994,000 V ; FOUR MONTHS TO—- *; Ap1.,.1932. Ap1.,1933. Apl., 1934. Exports—';..; •": •-■/ ', ■, :■ \Z ciir- £ f I '■ repcy 15,905,272 16,542,023 23,493,051 Imports---•;> •'• ■yfiufi 7,605,006 6,973,898 7,933,189 Balance—;7,7lo,ooo 8,023,000 13,808,000 The Valui •of specie, which is excluded from the above return, was aa follows: April,; 1934-Expoirts, ■*;« £101,200; four months ended April;, IW* —exports. £373,000; imports, £395,000., •Kbl«.*A»; the official statistics the ;; im-. ports from Australia are. recorded terms of-Australian currency,; and the imports from other -countries.in. :sterlmg. - ' Q , FRENCH BONDS SATE OF INTEREST'REDUCED. :"(13iiited Press Assoelitlon.) (By Electrlo Telegraph—Copyright.) PARIS, May 19. The Minister of Finance has signed a. decree reducing the interest on national defence bonds and Treasury bonds to 1 * per cent. . MORRIS HEDSIKOM, LTD. (Fn Ujtttw) Pmsb Association.) ~ WELLINGTON, May 21. The directors of Messrs Morns Hedstrom,(Ltd., recommend a final |i«dend of 2 per cent., payable on June 30, making"* total of 4 per cent, for the year. COMPANIES REGISTERED The Mercantile Gazette notifies the registration of the following .compamei:--Southland Development Corporation, Ltd. Registered as * Private company April 26. Capital: £IOOO, m 1000 shares of £1 each. Subscribers: v™*? Coghill 150. Gorc-E. C. Smith 50. Tim-aru-H. W. Hall 200 R. E. Burrows-100. Mataura-C. O. M'Connell 50, D. A. Coster 25, A. D, M'Farlanc 25 R, Hector 50, J. T. Pearson 50, W. A. Thorn 50, T. K Fisher 25,C. C. Henry 50 C. E. R°we 25, T. Richmond 50, J. M'Earlean 25. Orepuki—E. A. Brown 75. Objects: To establish and promote companies for utilising and working native industrial products of New Zealand or Australia and for the encouragement and fostering of industrial manufacture and development ot every kind. . . . ... „.■'.•.. ■„ Mountain Terrace Gold Mining Company, Ltd. a private cornpan v May 3. Capital: £4OOO, in 4000 shares of £1 each. Subscribers: Dunedin —C M. Greenslade 50, J. A. Sparrow 200, C. A. M'Donald W.F.N. Gibson 350. A. J. Thompson 100, H. D. Marshall 50, H. L. Harris 50 t E. R. Dudley 50, P. J. B Renold 50, W. E. Gibson 50, J. Tomkins 50, J. O'Donnell 200, F. C. S. Archer 25, ¥■' S. Arthur 100. Teape 50. Wellmgto*-G. M'Donald 100. Kaupokonui (Taranaki)-W. J.; M'Donald 200. Christchurch—E. Skejellerup 25. Palmereton—A. M'GregOr 50, J Gordon 100. Mosgiel—J. M. Murray 100. Skippers—F. W. Gilchrist 500, N. M. M'Donald „500. Maheno—A. Clark 1000. Objects: To carry on all kinds of business in relation to mining. ■ Silver Beech Wood Products Company, Ltd. Registered May 3. Office: Esk street, Invercargill. Capital: f3OOO, in 3000 shares of £1 each. Subscribers: J. G. Hawkins 200, J. W. Munt 275, E. C. Muni 25, J. Burt 100, M. C. Burt 2d, C. Hunter 200, S. J. Kenny 25, J. I. Sho*e 100. F. E. Twyford 100, C. A. Smith 100, D. L. Rutherford 200, T. More 100, L. W. Petchell 50, C. H. Bowater 100, More'and Sons 1400, J. Hensley 50. Objects: Saw-; milling and timber merchants. NEW ZEALAND PAPER MILLS OPERATIONS FOR THE YEAR. The twenty-ninth annual general meeting of shareholders of New Zealand Paper Mills, Ltd., was held in the Chamber of Commerce board room yesterday afternoon, when Mr F. W. Mitchell presided over a fair attendance of members. The accounts presented showed a net profit on the year's operations of £11,170 17s Id, and, with the carry-forward froth last yeaf, there was available for distribution £17,519 4s 3d. The. directors' recommendation that the final dividend be at the rate of 4 per cent., making 7 per cent, for the year ended March 31, was adopted. This will absorb £6OOO, leaving £11,519 4s 3d to be carried into the following vear's accounts. The retiring director was Mr F. W. Mitchell, who was re-elected. Messrs Barr, Burgess, and Stewart were reappointed auditors for the eusuing term. The usual complimentary votes were passed to the directors and staff.

LOCAL AND OVERSEAS MARKETS.

THE SHARE MARKET DUNEDIN STOCK EXCHANGE A sale ot contributing New Zealand Refrigeratings was reported on the Dunedin Stock Exchange yesterday at 8s 6d, the closing quotations being 2d on either side of that figure. Both the ordinary and preferred issues of Southland Frozen Meats were turned over at £3 6s, further off era of £3 5s 6d failing to attract business. A parcel of Milburn Limes changed hands at £1 12s 6d, and there is now an unßupplied buyer forward at £1 12s. Two sales of New Zealand Breweries were reported at £2 2s, further offers of £2 Is lOd finding sellers firm at £2 2s 4d. Business was done in Mahakipawas at.9d and Bd, the maTket closing with a buyer at 8d and a seller at BJd- A sale of Moonlight Nelson Creeks was feported at Bd, and there was business in Nevis Diesels at 4£d. . The latter shares are now being offered at sd. SALE ON 'CHANGE. £ s. d.

NORTHERN EXCHANGES

(Peb United Pbess Association.)

The following business was done on 'Changes yesterday: — • Auckland.—Sales: Wellington Harbour Board (1940), 5A per cent., £106; Bank of New Zealand, 50s 9d; Bank of Isew Zealand (D pref.), 34s 9d; New Zealand Insurance, 62s 6d; South British Insurance, 80s; Pukemiro Collieries, 25s 3d; Colonial Sugar, £64 13s 6d; Mahakipawa, Bd, 7Jd, Bd, Bid;«Mataki, 2s 2d (two parcels); Waihi Junction, 4s lid (two parcels); Kuala Kampar, 16e 9d; Sanford, Is 9d. Unofficial list: Harvey Oil Turbine (odd lot), 20s; Investment Executive Trust (B), £9S; Loyal (pref.), 21s; Golconda Holding, Is 4d. Wellington.—Sales: Government Bonds, 4 per cent. (1940), £106; 4 per cent. (1946), £lO6 10s; 4 per cent. (1949), £lO6 10s; 4 per cent. (1955), £IOB 10s; Stock, 4 per cent. (1955), £108; Rural Bonds, 5 per cent. (1947), £103; Union Bank, £10; : South British Insurance, 80s; Staples, 27s lOd; Taranaki Oil, 2s (late. Saturday) ; Brian Boru, Is 9d; Kuala Kampar Tin, 17s. , ~ . . . Christchurch.—Sales of unlisted stocks: Worksop Extended (Is paid), Is Bd, Is BJd, Is 8d (two parcels). Sales on 'Change: New Zealand Government 4 per cent. Stock, 1946 (odd lot), £106; hew Zealand Government 4 per cent. Stock, 1949 (odd lot), £106; New Zealand Government 4 per cent. Stock (1955), £IOB ss; Commercial Bank of Australia, 16s 9d- National Bank of Australasia (£5 paid, cum div.), £6 10s; National Bank of New Zealand, £4 2s; Bank of New South Wales (cum div.), £32 ss; New Zealand Loan and Mercantile (ord. stock). £56 (two parcels); Pukemiro Coal, 265; Christchurch Gas, 33s 6d; New Zealand Breweries (cum div.), 42s 3d; Do-, minion Builders, 4s 3d (two parcels); Dunloo Rubber, 18s 8d (two parcels); New Zealand Farmers' Co-op., 4i per cent. Stock (1940). £B2; Brian-Born (Is paid). Is 7d, Is 6d (four parcels); Mahakipawa, 8d (nine parcels); Mining House Concessions (6d. paid), 43d (three parcels). 4*d; Mount Lyell, 21s 6d; Nevis Diesel Electric, 4R 4}d; Okarito, 8s 5d (two parcels). Sales reported: National Bank of Australasia (£5 paid, cum div.), £6 10s: Bank of New Zealand, 50s 9d; Colonial Sugar, £64 10s (two parcels); Lawson's Flat, sd; Nevis Diesel Electric, 4Jd; Mahakipawa (ex div.), E.S. and A. Bank. £5 8s; Mount Lyell, 21s 6(1. 21s 7d: Brian Born, Is 6Jd. SYDNEY STOCK EXCHANGE (United" Press Association.) (By Electric Telegraph—Copyright.) SYDNEY, May 21. Bonds: 4 per cent., 1938, £lO7 7s 6d; 1941. £lO6 10s; 1944, £lO7 13s 9d; 1947, £lO9 sb; 1950, £lO9 17s 6d; 1953, £IOB 7s 6d; 1955, £IOB 17s 6d; Bank of New South Wales, £3l; Associated News, 24a 6d; Broken Hill Proprietary, 465; Colonial Sugar, £66; Dunlops, ISs 9d; Lustre, 22s 10Ad. ADDITIONAL SALES. (United Press Association.j (By Electrlo Telegraph—Copyright.i SYDNEY, May 21. (Received May 21, at 10 p.m.) On the Stock Exchange there was a strong tone, the price variations favouring holders, with gilt-edged and general securities displaying an upward trend. The following are additional sales:— Bank of New South Wales, £32; Commercial Bank of Sydney, £l6 15s; National Bank (£5 paid), £6 10s; Colonial Sugar, £66; Associated News, 24s 7*5 (pref., 24s 10Jd); Australian Gas (A), £8 Is; British Tobacco, 37b 9d; Gordon and Gotcb, 41s; Tooths, 465; Lustre Hosiery, 225; David Jones, 41s; John M'Grath, 29a 3d; Australian Iron and Steel (pref.)", 22s 6d; Wilcox Mottlin, 12s Hd; Drug Houses of Australia, 18s; Standard Cement, 17s 3d; Mount Morgan, 23a l*d; Broken Hill Proprietary; 47s 6d; South Broken Hill, 72s 6d; Kuala Kampar, 17s 3d; Larut, 15s. 4*d; Rawang, 9s; Mount Coolon, 12s 3d; Placer Development, £25 ss; do. (New Zealand delivery), £25 ss. MELBOURNE, May 21. Commercial Bank of Australia, 17s (pref.. £9 14s); Dunlop Perdnau, 18s lOd; Gordon and 41s; Golds-' brough, Mort, 32s 7*d. SALE OF RITZ, LIMITED Land Sales, Ltd., reports the sale of the well-known Ritz, Ltd.. of Dunedin, to Mr C R. Hadfield, of Musselburgh rise, Dunedin, under whose management the business will in future .be conducted. Mr M*Kenzie, late proprietor of Ritz, Ltd., is entering into business in Wellington. ■.'

MINING

CHARLESTON RETURN (Pes United Press association.) CHRISTCHURCH, May 21. The Charleston Sluicing; Company's return was 230 z lchvt for 22 shifts. BRIAN BORU DREDGE (Pes United Ijbbs91 j bbs9 Association.) GREYMOUTH, May 21. The Brian Boru return was 330 z 16dwt for 107 hours. MATAKI RETURN (Peb united Pbess association.) AUCKLAND, May 21. The Mataki return is 320 z for 131 houre. MINING AT CROMWELL CURRENT OPERATIONS. (Special to Daily Times.) CROMWELL, May 21. A Keystone drill has been landed near the Pive-mile Creek, on the CJutha, where an area will be tested. The laud is just beyond that on which the Clutha Development Company in recent years spent several thousand pounds on boring, and which, since that time, has been held by several parties. In the height of the dredging boom a drill also operated above the area now being tested. An area which looks like giving very payable results is at present being developed on tlie north bank of the Kawarau, in the Kawarau Gorge. A small private syndicate is interested, and its objective, when commencing, was a deposit worked in the early days but which was abandoned when a fatality occurred. The tunnel for testing tki« was started some distance above water line, and after it had been extended some way the o!d workings were struck twice. lu each case the tunnel was risen. It finally tapped solid ground, with a fivefoot body of tight wash, showing good prospects. The tunnel has now been driven 60 feet ahead in this, the only alteration being that in places the wash varies to two feet six inches. The tunnel is five feet by three, and gives gold value of £1 for every foot, ahead. The tunnel is still being extended along the lead, and when this is completed, a good deal of side-driving can be done. Ihe gold is a sample distinct from that won lower down the Kawarau at the BellKilgour and Bell-Hooper claims, being finer, but what miners term heavyweighing in proportion to the bulk. Another period of rain during the week kept the river at a high level, and miners along the stream are unable to set out on their winter programme. lhose parties at Waenga, in Clyde-Cromwell Gorge, are anxiously looking for a low river. So far there has been little or no frost. OPERATIONS AT WAIHI The latest report of the superintendent of the Waihi mine contains tue following information: — No. 14 Level—Martha lode: The roof of the level was heightened from Gin rise to 120 ft east, and the level timbered in readiness for stoping. No. 13 Level,-—Empire lode, east ,o[ No. 4 ebaft deviation west crosscut: Driving was continued to 224 ft 6in, where a connection was effected to No. 4 shaft north crosscut. The average assay value over the distance driven during the period, 45ft 6in, wai 8s Od per ton. Martha lode (south section, east of No. 4 shaft north crosscut): Driving was continued from the 117 ft point and advanced # to 175 ft. Assav value during the period was low. Driving will be continued eastward on or near the north wall. Martha lode (east of Cow rise): The level wa fl further widened from 15ft east of Cow rise to 64ft east, the average width taken being 12ft. Assay value during the period ranged from 20s lOd to 22s 6d per ton. '' No. li (70ft) Sub-level.—Edward lode: Driving north from Snapper winze was continued to 118 ft, where work was stopped. Average assay value from 87ft to 101 ft is 32s lOd per ton, and from this point to the face 4s 2d pe.r ton. The width of the pay ore is - about 4ft. No. 11 LevelV-Empire lode, Paul sloping block: Widening the level was continued from 56ft to 97ft east of the Paul rise; the level was- also heightened to 92ft, and timbered to 70ft. Martha lode: Tanner winze has been sunk 40ft 6in. It is intended to test the lode at this depth by cross cutting. No. 6 Level. —Espir west crosscut (prospecting for the north branch of Martha lode): The crosscut was advanced 80ft during making a total of 4C9ft. At 468 ft there is a leader 3in wide, course 58 degree B (true), with a dip slightly north-west. The assay value is 12s 9d per ton. The crosscut is being continued. No. 5 Level.—North branch of Martha lode west of Roycroft crosscut: The drive wag advanced 47ft during the period, making a total of 4833 ft. The grade of ore was good to 480 ft, with the width varying from 2ft to sft. As oxidised countrv was seen on the north side at 474 ft, it was decided to crosscut, and this was commenced at the 470 ft mark and driven north, exposing a total width of 18ft of oxidised quartz. After careful sampling on both sides of the crosscut and reducing three abnormally high assays, the resultant average is 201 s Id per ton. The drive was widened to lOJft on the north side of this brown country from 472 ft to 480 ft, where driving west was resumed. The assay value at 4S3ft over sft of hard quartz, with country scon ou the south side, is 14s Id per ton. Martha lode west of No. 2 shaft new N.W. crosscut. The north crosscut from the 440 ft mark connected at l44Jft to the crosscut driven south from the north branch of Martha lode. The west drive has now been advanced to 580Jft. At 543 ft the total width of the lode is 23ft, average assay value Cs 6d per ton. No. 4 Level. —North branch of Martha lode: The east face from Gordon crosscut was advanced to 236 ft. Driving has been stopped in this direction as the vein was practically cut out. Driving westward on the line of the reef was continued .to 265 ft. Edward lode south of the S9ft south crosscut: A total of 86ft was driven during the period, making a total of 194 ft south. The average width of the lode is 21ft of good grade. JUNCTION AREA. Junction No. 9 (40ft) Sub-level.—Em-pire lode: Widening of the level to 9ft was continued to 66ft east of the No. 7 ■ pass. Further widening was done from I 90ft to 102 ft east of No. 6 pass and to 26ft west, the average width taken being i 9ft. Stoping timbers are being placed in ' position. Junction No. 9 Level.—Empire lode No. 1 10 pass block: The level was widened to 13ft from No. 10 pa6s to 77ft west. j Waihi Company's No. 12 Level. —Royal : lode: No. 1 rise has been put up 50ft. Waihi Company's No. 10 Level. —Ulster reef: The block has been timbered for j its full length and stoping operations comi menced.

Junction No. 6 Level.—Martha lode, Berry block: The timbering of this block has been completed and stoping operations will be shortly commenced. George lode, Gibbons block: Shrinkage stoping was commenced and the breaking of ore carried to 18ft up.

ELECTROLYTIC ZINC COMPANY The production statement of the Electrolytic Zinc Company of Australasia, Ltd., for the four weeks ended May 2 is as follows, the figures for the previous four weeks being given in parentheses:— Zinc, 4120 tons (4036 tons); amount used at works, 50 tons (50 tons); lead, 155 tons (140 tons); silver, ]6,7000z (12,500 oz).

SAILORS' GULLY COMPANY The directors of the Sailors' Gully Gold Mining Company have submitted the following report tor the year ended April 30:—

Work at the mine lias been carried on continuously. About the middle of April the company finished ground sluicing in Tucker Gully and started to elevate near the eastern boundary of the claim in Sailors' Gully. The water supply has been good. One thousand four hundred feet of new.pipea bave been ordered to I renew part of the pressure line. When i these are in position all the races and plant will be in good order. The pros- ' pects of the company are good. Thu . gold won during the year amounted to 6830 z 19dwt, valued at £4418 19s id. During the year the death occurred of Mr W. R. Smyth, who for many years gave to the company faithful and valuable service as chairman of directors. His 'loue experience in mining, and his practical knowledge of sluicing, in particular, were of great assistance. The vacancy > in the directorate caused by his death j wa« filled by Mr J. B. M'Kinlay.

JONES NEVIS WASH-UP Messrs W. A. Mitson and Co., secretaries of the Jones Nevis Sluicing Company, Ltd., report that a wash-up of 2780 z was secured prior to the claim being closed down for the winter season. This represents the Result of sluicing operations since the company took over the claim at the end of last November. The position of the elevator was altered in January, with the result that neither the previous paddock nor the present one have been finally cleaned up. NEVIS DIESEL CLAIM The secretary of the Nevis Diesel Electric Dredging Company, Ltd., reports that the dredge has been successfully benched. The dredgemaster washed up 7oz sdwt for four days' dredging and four days' benching. A heavy snow storm with difficult drifts has been experienced, and this may prevent boring, but every effort will be made to carry on as long as possible. OKARITO RETURN Messrs W. A. Mitson .and Co., secretaries of the Okarito Five Mile Bead Gold Dredging Company. Ltd., report that the wash-up for the week ended Saturday was 270 z 18dwt for 115 hours' dredging. GILLESPIE'S BEACH RETURN The return from the Gillespie's Beach dredge for last week was 38oz sdwt for 103 hours' dredging. RICHNESS OF THE RAND The number of new records set up by West Rand Consolidated Mines, in the past vear seems to be -a record in itself. Tonnage milled, working revenue low working cost per ton, working profit P cr ton. total profit, development foota«e advanced—in each of these respects the report for 1933 surpasses all of its predecessors. Perhaps the most striking feature (says the London Daily Telegraph), is the ore reserve figure. At a price for gold of 135 s per fine ounce it is estimated that the pavable ore developed amounts' to some 9,000,000 tons. At 85s per ounce the reserve is estimated at 5,447,000 tons, against 5,028,000 tons at the end of 1932, the value in each case being s.3dwt. While the total profit for the year was over £571,000 higher at £896,063, the amount paid in dividends was only £132,813 greater at £265,625. Capital expenditure absorbed £331,013, while taxation took £330,315 of the year's profit. ASHBURTON POWER BOARD LOAN OF £2500. • (Per United Press Association.) ASHBURTON, May 21. The Ashburton Power Board to-day decided to raise a loan of £2500 at 3| per cent. This is part of an amount already authorised at 4 B pcr cent. - GRAIN AND PRODUCE REPORT Messrs Donald Reid find Co., Ltd., report as follows: — Wheat.—Odd lines are still being threshed, and the local millers are accepting all that is suitable for gristing purposes. Fixed rates for May are As follows:—Tuscan. 3s 7d; Hunters, Ss 9d; Tel vet, 3s lid, sacks extra, f.c.b., mam ports. Fowl wheat is in plentiful supply this year, and values are inclined to ease. Value in the country, on truck at country stations, is 3s per bushel, sacks extra. The ex store price ranges from 3s 3d to 4s per bushel, according to quality and quantity required. Oats.—The oat harvest has been * disappointment this year. Everything was in line for a good season, but the weather took charge, and the quality of the oats suffered considerably. Very few A grade have been offered. Merchants are not greatly interested in B grade Or undergrade, and these lines are hard to sell. Values to-day are as follows: —A grade, Is Od; B grade, Is 6d; under-gradc, to Is sd, sacks extra, 0.t., country statidns. Chaff. —This product is now only a side line in the produce world. The motor car and truck have taken control of the city traffic. There is plenty available in store for all demands. Prime is worth £3 15s per ton, ex truck, for truck lots. The ex store price for the same quality is £4 ss. Medium is worth to £3 15s, ex store, and poorer grade up to £3 10s, sacks extra in each case. Potatoes.—The weather has prevented digging operations, but the stores are fairly well stocked, and Canterbury merchants are also forwarding consignments. Merchants are not buying with any zest. Best tables are worth up to £4 10s, sacks in, ex store, Dunedin. THE AMERICAN EXPERIMENTS THE TEST OF THE SCHEMES. The crucial test of the whole recovery programme will come when the Federal Government withdraws, its support from the many millions of persons who have been wholly or partly dependent on it and the burden must be assumed by. private business. This is the view expressed by the Guaranty Trust Company of New York iu the latest issue of the Guaranty Survey, its review of business and financial conditions in the United States and abroad. " Tlie termination of emergency employment under the Civil Works Administration aud the apparent tendency of the Administration to avoid further drastic emergency legislation have," the Guaranty Survey says, " brought the country face to face with perhaps the most crucial question of the entire recovery programme —how and to what extent private business will be able to resume its normal functions and permit the Government to withdraw gradually from the economic field. The question does not apply to the C.WA. alone. It covers the whole range of emergency activities whereby the Government has undertaken to relieve the conditions resulting from the depression. "The critical nature of the problem is only too obvious. The announcement of the plan for ' demobilisation' of the C.W-A. was followed by a storm of protest, not only from C.WA.. beneficiaries, but also from local officials and social workers, who saw themselves faced with a set of serious problems after the withdrawal of Federal aid. The situation furnishes one more illustration of the well-known fact that it is much easier for a Government to embark on paternal schemes than it is to escape from them later on. It is evident, nevertheless, that the country's economic structure is being permeated with a vast and complicated network of Governmentally-sponsored activities in industry and finance and that these activities will sooner or later entail a process of transition whereby the Government will gradually retire and permit its place to be taken by private business Many millions of persons have been wholly or partly dependent on the Federal Government for their current support, and, when this is withdrawn, the burden must be assumed by private business. That transition will bring the crucial test of the whole recovery programme. . If it is successfully accomplished the main objective of the 'New Deal* will have been achieved, as far as its recovery aspects are concerned. If not, the Government will have no choice but to carry the burden for an indefinite period. "In such an event, the ultimate outcome defies prediction. On the supposition that some means could be found to make the programme pay its own way, the logical result would seem to be a semi-socialistic regime in which the Government would carry on those activities from which it had been unable to withdraw. If, on the other hand, no means should be found to meet the enormous scale of expenditure that such ft programme wbuld involve, it would become impossible to avoid direct currency inflation and financial chaos. Neither State Socialism nor uncontrollable inflation is | desired. Hence, it is of the utmost importance that everything possible be done to extricate the Government from the i economic system before it is too late. The I longer the present situation continues, the I more difficult it will be to effect the ! transition." I | AUSTRALIAN WOOL VALUES The National Council of Woolselling 1 Brokers of Australia has compiled a stateI ment of the wool season of 1933-34 from July 1 to April 30, which shows that the average price realised over all centres for greasy wool for April was 11.57 d per lb, and the average a bale £ls Os Id. and from July 1, the commencement of the season, to April 30, 16.04 d per lb and £2O 5s 5d n bale. The average price, realised in Victoria for greasy wool for April was 12.26 d per lb. and average a bale £l4 14s lOd. and from July 1 to April 30, 16.59 d per lb, and £2O 1« 6d a bale.

COMPANY BALANCE SHEETS I

DOMINION FERTILISER COMPANY, LTD. Tesr ended Paid-up Debenture Net DirtMar. 31. Otpltil. Issue. Reserves, rroftt. dend. ] £ £ £ £ P.O. , 1932 .. 233,801 100.000 3033 .. 235,017 100,000 1,302 3,024 1954 .. 240.559 100,000 1828 12,703 JS ! * LOSS. , The net profit for the past year shows j a marked improvement. It comes out at over four times that of the preceding year, and continues the progress that was then apparent. The recommendation is to pay a 3 per cent, dividend, after applying £4458 to the further reduction of preliminary expenses and establishment account. A sum of £IO2B will remain to be added to the undivided surplus carried to the current year. The practice of this company of amalgamating trading account with profit and loss account does not tend to lucidity. Items are confined to totals, but the totals are united, so that no information is gained regarding either t.ie position of purchases to sales or the overhead expenses to gross profit. This practice is the more surprising when full details are given regarding such a charge as depreciation which totals £7791, yet regirding the group containing purchases and certain expenditure which aggregates £119,108, no information is imparted of the respective amounts of the component parts. Other items of expenditure—commission, discounts, railages, interest, and transfer fees—are entered as deductions from sales. It is not clear why interest and transfer fees should be treated in this manner any more than wages and rents. The general effect of the arrangement is that the reader is little wiser on the essential points by which the net profit has been brought out. Subscribed capital has increased to £240,559. Some progress has, apparently, been'made with the collection of calls in art-ear, which at March, 1933, amounted to £12,585. As no mention is made at this time of calls in arrear, it may be assumed that they have partly been paid and partly been converted 'into forfeited shares. The combined »sum which appears for unallotted and forfeited shares is £59,441. The debenture issue, which remains at £IOO,OOO, plays a considerable part in the financing of the company. Originally issued at 7J per cent., the rate of interest, in common with that on other debenture, will have participated in the general reduction caused by legislation. The money provided by debenture may be regarded as furnishing the funds for investments. Sundry creditors, which cover all outside liability, have risen to 115,509, or fivefold, but the provision of £5326 for income tax will have assisted to swell the total.

Full details of the fixed assets are given. As apart from motor cars, no capital expenditure has taken place during the year, each section has received the full benefit of its depreciation allowance. Leasehold and freehold properties, with an allowance of 12757, or equivalent to over 2 per cent, are down to £129,583; plant and machinery, with £2984, or 5 per cent., to £56,695; sulphuric acid plant, vffh £l7lO, or 10 per cent., to £15,390; railway siding, with £lB6, or 5 per cent., to £3529; and office and laboratory equipment, with £37, or 5 per cent., to £713. It would seem that all wear and tear have been fully allowed for. In addition, motor cars are. down to £lOsl, after £ll7, or a 10 per cent, provision has been applied to them. The aggregate of the fixed assets is £206,963,- equivalent to 56.61 per cent, of the total assets, as against 63.17 per cent, at March, 1933. Stocks, which have risen to £65,126, continue to be the largest liquid asset. As their increase of some f9OOO coincides with a rise of over £4OOO in sundry debtors, the indications of an enlarging turnover are evident. Sundry debtors, after deduction of their special reserve of £450, stand at f 9889. This amount looks small when it is considered that the annual sales are something above £135,714, and it seems well under the average sales for one month. Investments, including accrued interest, comprise £36,283. Shares in Fertilisers (South Island, N.Z.), Ltd., of the face value of £I2OO form a part, but no indication is given of the "nature .of the other holdings. The bank balance of £25,850 again appears large, but, doubtless, the greater part will be earning interest. With the increased amount of sundry creditors to meet, it may be considered essential to maintain a large bank balance. _ Steps arc being to wipe out the item of preliminary expenses and establishment account, which has been reduced to £21,000. As', the reduction is greater than the sum applied for that purpose from the past year's profit, it is apparent that no time is going to ba lost in clearing the balance sheet of that unsubstantial item, and rendering the position stronger in consequence. PROPERTY AUCTION i Messrs John Reid and Sons, Ltd., conducted a very successful property auction at their rooms last evening. The property in question was a subdivision frOnt- , mg Bay view road, Moreau street, and East avenue, St. Kilda, containing 13 allotments in all. The following prices were obtained:—Allotment 1, £225; allotment 2, £200; allotment 3, £200; allotment 4, £215; allotment 5, £215; allotment 6, £200; allotment 7, £200; allotment 8, £200; allotment 9, £220; allotment 10, £220; allotment 11. £230; allotment . 12. £220; allotment 13, £205. The whole of the allotments in the subdivision were disposed of. RUMOURS OF FUSION BANKS OF AUSTRALASIA AND UNION. Rumours of amalgamation of the interests of the Bank of Australasia and Union Bank of Australia are again current, and are again officially denied. But they are not new. They have been in circulation (says the Evening Post) on several occasions and have been repeatedly denied. The two banks have now been established nearly 100 years. The Bank of Australasia was established by Royal Charter in 1835, and the Union Bank in 1837. The Union Bank has the distinction of being the first bank to do business in New Z6aland. Both operate Jn most of the primary producing centres of Australia and New Zealand. Some details of their balance sheets and other particulars are given hereunder:— Bank of Union Australasia. Bank. £ £ Paid-up capital .. .. 4.500,000 4,000,000 Reserve fund .. .. 2,4T5,000 3,350,000 Currency reserve .. .. 2,000,000 1,500,000 Reserve liability (under charter) .. .. 4,500,000 8,000,000 Head office .. .. .. London. London. Branches and agencies— No. No. Australia .... 179 193 New Zealand .. 47 50 The summary of returns of the above banks at the last quarter of 1933 compared as follows: Australasia. Union. £ £ Liabilities .. .. .. 31,203,415 25,395,105 Assets .. 40,819,171 32,607,768 Deposits 31,111,025 24,926,988 Advances and securi- ■ ties 37,851,621 . 31,556,993 Securities, Government and municipal .. 6,776,429 2,560,447 Landed property .. 447,361 256,600 Scott Bros., produce merchants and commission agents, agents for the Dunedin Egg Suppliers' Association, report:— Eggs: Poultry farmers, 2s; others, Is lOd per dozen; pullets, Is 7d; preserved eggs, l s 4d per dozen. Butter: Dairy pats, to 7d per lb. Honey: Bulk. 4id to 5d per lb. Poultry: Hens, Is 2d to Is 5d each; roosters, ls to Is 3d; ducks, ls 6d to Is 9d each: geese, 2s 6d to 3s each; turkeys —hens, lid per lb; gobblers, 8d per lb. Pigs: Prime baconers, 5d to s§d per lb; porkers, 5d to s*d per lb. Potatoes, £4 5s to £4 10s per ton. Chaff: Prime oaten sheaf, £4 5 S to £4 10s per ton, bags extra, ex store. Table carrots, 2s 6d per sugar bag, ex store. Canterbury onions, 4s 3d per cwt. Partridge peas, 4s to 4s 3d per bushel, sacks extra. Whole fowl wheat, 3s lOd to 4s 3d per bushel, sacks extra. Broken wheat, 12s 6d per sack, sacks in. Feed barley, 2s lOd to 3g 3d per bushel, sacks extra. Whole maize, 5e 3d per bushel, sacks extra. Oats: Gartons, 2s 3d to 2s 6d per bushel. Light feeding oats. Is 9d per bushel, sacks extra. Victory feeding meal, 9s per cwt. Belfast feeding meal, 10s per cwt. ' Acorn" buttermilk powder. 2Jd per lb. Gristed wheat lis per 1501 b. Farrofood, £6 ss, ex store. Barley pollard, 8s per 1501 b. Oat dust, 3s 6d per 1201 b. Oat pollard, 7s 6d per 1201 b sack. We hold stocks of poultry requisites. Free use of fowl crates on application. May 21, 1934.

THE TIN POSITION

Not for many years has the statistical position of tin been so strong. Visible supplies at the end of April were 17,219 tons. Normal supplies are estimated at 20.000 tons, which was the aim of the Tin Producers' Association, when stocks were more than double that amount. The objective, however, has only been reached by curtailment of output, and companies, although benefiting from an appreciably higher price, have had to be content with reduced production. It is reported that there has been wide consumer buying from the United States, Russia, and the Continent generally. With the shrinkage in stocks, companies are hopeful of increased production quotas. BEEF EXPORT TRADE POSSIBILITY OF RESTRICTION. In a cablegram received by the New Zealand Meat Producers' Board last week its London manager advises that the Fat Stock Commission's report has been issued, and it is expected that official talks with the dominions will commence early in June in regard to the importation of beef into the United Kingdom. . Having regard to the abnormal quantity of low grade beef at present being treated at various freezing works and shipped either in beef quarters or as boneless beef, the board points, out that until the discussions in London are completed it cannot be assumed that there will be an unrestricted entry of this class of beef into the United Kingdom. Last year, at the request of the British Government, shipments of beef from the Dominion were suspended from August to November. According to the latest returns issued by the Meat Board, shipments of frozen beef for the seven months ended April 30 totalled 236,837 quarters, compared with 1(52,441 quarters for the corresponding period of 1932-33.. In addition 120,955 bags of boneless beef and 11,160 quarters of chilled beef were shipped during the last seven months. The return of killings for export for the seven months ended April 30 shows 219,087 quarters of beef and 362,872 freight carcasses of boneless beef, the latter comparing with 238,830 freight carcasses for the seven months of 1932-33. DOMINION CURRENCIES STERLING EXCHANGE STANDARD. The future of world currencies continues to exercise the minds of financiers and economists. A contributor to the Economist sees in the extension of central bank banking in the dominions the strengthening of the currency system .of the Empire. He visualises a British Commonwealth chain of central banks maintaining close liaison with the Bank of England. In the course of developing the Imperial banking chain a # new cur-; rency system, he writes, if it has not been evolved, has been extended systematised, and legalised. This system, known to Australian and New Zealand economists for some time past as the "sterling exchange standard," is an important variant of the gold exchange standard. The regulation of credit by means of London balances has, in fact, been the method by which credit and currency in the dominions has been controlled for many decades,*. The new legislation systematises, ho § Continues, this method and concentrates its management in the reserve banks. The holding of " English sterling" reserves, as provided by the amendments to the Commonwealth Bank Act passed in May, 1932, or the obligation of the New Zealand Reserve Rank to buy and sell sterling, together with the Indian provisions; whereby reserves may be held in gold or sterling, now constitute a definite legal basis for the sterling exchange standard. South Africa and the Irish Free State are also, in fact, operating such a standard at the moment, and there is therefore a fairlv wide geographical basis for its operations. Canada, on the other hand, while proposing to create a reserve bank, 'evidently conceives that bank as operating on a gold standard. The Bill oefore the Canadian Parliament provides that it shall keep a gold reserve of 25 per cent. "In 1935, therefore," the contributor to the Economist considers, " it seems certain that Australia, New Zealand, South Africa, the Irish Free State, and India will be operating a sterling exchange standard through their central.banks,.or, in the case of Ireland, its currency .com' mission. The ultimate reserve against note issues will consist of sterling assets. The Canadian Bank may co-operate, but probably less fully. All these dominion banks, however, will be clearly allied with the Bank of England, which will in all but abribrmal cases be able to provide for their reserve needs without running risks of sudden and unforseen withdrawals of funds such as were a constant danger under the gold exchange standard. It will, of course, only be able to do so as it did in the past for India, by adding to its temporary commitments. From the point of view of the London market, therefore, the systematiaation and centralisation of the system is as manifest an advantage as it is likely to be for the dominions concerned, though it increases the responsibilities and commitments of the Bank of England. " The responsibility of the Bank of England as the centre of the whole system will naturally increase. It will become a central bank of central banks, a phrase often used as an aspiration for the 8.1.5., which, however, has never really been such au institution. As such, the Bank of England, more than at present, must have an Imperial as distinct from a domestic conception of policy. The banking structure of the Commonwealth has progressed a logical step beyond its political structure. This fact raises delicate policy issues which can only_ be worked out gradually by prudent administration." VICTORIAN WHEAT YIELD In the critical period of the growing season of the 1933-34 crop hot, dryweather conditions in Victoria caused earlier estimates of the season's wheat yield to be reduced substantially. Although useful rainfalls occurred in September, subsequent lack of soaking downpours caused anxiety, and the high temperatures which prevailed for several days in October and the first half of November proved a serious setback to the wheat plants in many parts of the State. It was not until about the middle of November (says the Melbourne Argus) that heavy rains were received,_ and, although a number of people associated with the industry asserted that it was too late for the crops to benefit, experience had shown that, even at a very late date, crops •in Victoria had made some recovery from such downpours. From the earlier optimistic opinions of production estimates were cut down to approximately 36,000,000 bushels, and the yield of 42,613,106 bushels now officially announced reflects the benefit of the late rains. Of the crop, about _ 14,500,000 bushels are required for Victorian seeding and consuming needs, thus providing a surplus of, roundly, 28,000,000 bushels. Exports to date this season approximate 10,000,000 bushels, which leaves a surplus of 18,000,000 bushels yet to be shipped, disregarding any carry-over from the previous season. Production for 193334 compares with that of previous seasons as under: — Area Sown. Yields. Average. Acres. Bushels. Bushels. 1924-25 2,705,323 47,364,495 17.51 1925-26 2,513,494 29,255,534 11.64 1926-27 2,915,315 46,886,020 16.08 1927-28 3,064,172 26,160,814 8.54 1928-29 3,718,904 46,818,833 12.59 1929-30 3,566,135 25,412.587 7.13 1930-31 4,600,200 53,814,369 11.70 3931-32 3.565,872 41,955,856 11.77 1932-33 3.230,995 47,843,129 14.81 1933-34 3,052,931 42,613,106 13.96 RECKITTS PROSPERITY Keckitt and Sons, the well-known manufacturers of starch, polishes, and household cleansers, have enjoyed another year of prosperity, despite the continuance of difficulties in export markets. It is true (says the financial editor of the London Daily Telegraph) that profits are again lower, but the decline amounts to no more than 2? per cent.—from f 1,175,626 to £1,145,302. The usual 22* per cent, dividend is thus comfortably covered, and £117.000 is again allocated to employees' bonuses and £150,000 to writing down holdings in subsidiary and allied companies. The carry-forward, however, is reduced by £54.304 to £147.440. The liquid position remains very strong, tor cash and external investments alone exceed £2.000,000.

PROFITS OF FORD MOTORS A marked improvement has taken plaea in the fortunes of the Ford Motor Com'pany, as shown by the latest accounts. Whereas for 193*2 a trading loss of £160,249 was shown, before providing for depreciation and exceptional charges, a trading profit of no less than £943,069 is recorded for 1933. Anticipated economies in the cost_of manufacture resulting from higher efficiency have been achieved, and steady progress is being maintained. In addition to the trading profit, there is £443,649 accruing from profit on exchange, so that the gross trading result amounted to £1,386,719. From this figure is deducted £535,833 for depreciation and obsolescence, etc., and when interest charges and los>s on trading of the Near Eastern branch are met the net amount of £755,794 compares with a debit of £681,828. The net debit brought in was £354,045, and this is now wiped out, leaving a credit balance of £388,170 to be carried forward. No dividend is to be paid. The last distribution was 10 p.er cent., for 1930. The rehabilitation is apparently due to increased business in the home market, since, the company's foreign trade has been hampered by dollar depreciation and increased competition of United States products abroad. MOTOR IMPORTS Motor vehicles and chassis valued at £230,798 were imported into New Zealand in the first three months of this year, and of that total vehicles to the value of £81,250 were landed in Auckland. The number of vehicles landed in New Zealand was 1716, and the number imported into Auckland was 618. According to a return specially, prepared for the Auckland Star by the Comptroller of Customs, the United Kingdom contributed 1326 cars and chassis, Canada 209, and U.S.A. 181. Of these totals Auckland took 449 from the United Kingdom, 106 from Canada, and 63 from the United States. The cost of the British cars for the Dominion was £186,428, from Canada £25,198, and from U.S.A. £18.172. Auckland paid the United Kingdom £60.646, Canada £13,189, and U.S.A. £7423. Only 59 chassis, valued at £7071, for passenger vehicles other than buses, were brought into the Dominion. Under the heading of lorries, vans, trucks, and buses, the record shows only two imports from the United Kingdom, valued at £l7O, and none from any other country. A total of 543 chassis for lorries, vans, trucks, and buses was imported, at a cost of £75.014, Auckland's contribution being £21,243, of which £13.945 went to the United Kingdom for 85 chassis, £1241 to Canada for 14 chassis, and £6057 to the United States for 53 chassis. Noticeable features of the statistics are that the imports from the United Kingdom are much greater than those of any other country, and that the number of vehicles sent to the Dominion from countries other than Britain, the United States and Canada last year could have been counted on the fingers of two hands.

Mahak ipawa 0 o: 8 SALES REPORTED. New .; Zealand Refrigerating (corit.) .. .. 0 8 6 Southland Frozen Meat (ord.) 3 6 0 Southland Frozen Meat (pref.) 3 6 0 Mjlburn Lime- . > 1 12 b New Zealand- Breweries (two) ,-. • -2' ,2 0 Mahakipawa-, .: 0 o 0 9 0 8 Moonlight .Nelson Creek .. 0 0 8 Nevis Diesel .. . 0 0- 4J The; following are buying and selling^ yesterday afternoon's juotationsy "" priii ch are subject to the usual brokerage: —. BANKING; . Buyer. ;.-'£VV4r: Seller. £ a. d. Australasia '"'•;; ■" '■/•-— *■* 12 5 0 New .South Wales 32 0 0 — New Zealand" ■ ■'.. 2 10 3 2 11 3 N.Z. (long. D) .. National of N.Z, .. 1 14 6 T- .'•—:'' '-'• 4 3 0 National' of Australasia (cont.) — ■ 6 10 U ; 10 0 0 — INSURANCE. National .. 1 0 0 — '.- New Zealand .. .. 3 16 — Standard .. ■• 3 3 0 3 6 0 SHIPPING. Huddart, Parker (pref.) .. ...- 1 5 0 —• U.S.S. Co. (pref.) 1 5 6 •~"; COAL. Kaitangata .. .. — 1 1 0 Westport •. .. 0 18 6 — -. Westport-Stockton (ord.) .. .. 0 2 0 ~~ Westport-Stockton (pref.) .. .. 0 8 0 0 3 3 LOAN AND AGENCY Goldsbrough, Mort. National Mortgage .■"' — 1 13. 0 i '• . '— 3 4 0 National Mortgage (B issue) .. .. 1 10 0 — Wright, Stephenson (ord.} .. •• 0 18 6 — Wright, Stephenson (pref.) .. .. 1 1 0 —" MEAT PRESERVING Canterbury Meat (pref.V-r ... .. N.Z. Refrig. (cont.) 5 5 0 0 8 4 0 "i 8 South. Frozen Meat (paid) 3 5 6 3 6 0 South. Frozen Meat (pref.). .. .. 3 5 6 3 6 6 Waitaki Farmer* 2 7 6 — MISCELLANEOUS. Associated New# 1 4 0 —: x Brown, Ewing (ord.) .. .. Bruce Woollen ' _ "~~ 1 0 o (pref.) .. 10 8 — Crystal Ice .. .. 1 15 0 2 0 0 D.I.C. (pref.) .. TV? 6 1 5 6 Dominion Fertiliser 0 17 6 __. Dominion Fertiliser (debs.). .. .. 102 0 0 — Dominion Rubber — 1 5 2 Dunedih-Kaikorai Trama< .. .. 1 14 6 — Stock Exchange •" 7 0 Proprietary Electrolytic Zinc 2 (ord.) .. .. 16 0 ~ Kaiapoi Woollen (ord.) .. .. —• Own Kaiapoi Woollen (cont.). .. 0 3 0 — Kaiapoi Woollen (pref.) . • •• 0 17 9 O.w « Milburn Lime 1 12 0 — j Mount Lyell .. .. 110 ■— N.Z. Drug Co. .. 3 16 0 3 17 U ; Malay Rubber (ord.) .... 0 6 0 — Malay Rubber (pref.) ■■""..." .. N.Z. Paper Mills .. 1 0 0 1 11 0 ' Regent Theatre .. 0 18 6 1 " " u 0 Smith and Smith 0 17 0 — Wilsons Cement .. .1 7 9 — " BREWERIES. N.Z. Breweries .. 2 1 10 2 2 4 Dunedin . • •• 15 0 1 .7 6 ' 0 8 0 — •2 4 0 — OIL. Moturoa .. • ■ ' — 0 4 S MINING. Aotearoa — 0 0 8 Bell-Hooper .. . • — 0 0 9 Bell-Kilgour .. .. 0 0 3J 0 0 4^ Bendigo Goldlight 0 0 6i 0 0 8 Big River .. ... — ■ ■ 0 0 10 Blackwater .. 1 12 0 1 14 0 Charleston *».. — 0 " " 1 0 Gillespie's Beach .. 0 19 0 2 0 Golden Point — 0 0 5 Golden Progress .. ■ —' 0 1 6 Golden Sands .— ; 0 3 3 Lawson's Flat — 0 0 6 Maerewhenua ■—■ 0 0 10 Mahakipawa 0 0 8 0 0 8J Mining House (cont.) .... 0 0 4* 0 0 6 Moonlight-Nelson Creek .. 0 0 6 0 0 8J Nevis . Diesel — 0 0 5 New Cornish Point (paid) .. . — 0 0 11 New Cornish Point (cont.) .. .- — 0 0 5 Nokomai — 0 3 1 Okarito .. •*;'•• 0 8 3 0 8 6 Oxenbridfte 0 0 11 0 1 0 Paddy's Point 0 2 0 0 3 0 1 0 4 9 Skippers . • • • Waitahu -. .'. — 0 0 GOVERNMENT LOANS. 31 p.c Stock, 1938104 0 0 — 3* p.c. Stock, 19391943 104 0 0 — 3i p.c. Stock. 19411943 104 0 0 — 3*. p.c. Stock, 1938103 10 0 — , 3£ p.c. Stock, 1939103 10 0 — 3J p.c. Stock, 1941103 10 0 — 4 p.c. Bonds, Jan. 15, 1940 i 105 0 0 —■ 4 p.c. Stock, Jan. 15, 1940 .. .. 105 0 0 — 4 p.c. Bonds, Feb., 15, 1946 .. .. 105 10 0 — 4 p.c. Stock. Feb. 15, 1946 .. ... 105 10 0 — 4 p.c. Bonds, April 15, 1949 .. .. 105 10 0 — 4 p.c. Stock, April 15. 1949 .. •• 105 10 0 — 4 p.c. Bonds, June 15, 1955 107 10 0 — 4 p.c. Stock, June 15, 1955 .. •• 107 10 0 —■ DIVIDENDS PAYABLE. The following is a list of stock on •which dividends will Bbortly be payable: — N.Z. Paper Mills, final, 4 per May 21 Wrifiht, Stephenson (ord.), May 23 Wright, Stephenson (pref.), 5 per cent, for 12 months May T6 Westport Coal Company, mMay 29 Bank of New South Wales, quarterly. H per cent. .. May 30 National Bank of Australasia (£10), 5s .. . ; May ao National Bank of Australasia (£5), 2s 6d .. Broken Hill South. Bank of N.Z., final, —, Is 6d .. 5 per cent. May 3U June 13 June 15 Wilsons Cement, final, 6d _, ;• June — >< Z Perpetual Forests, Ltd., N.Z. Breweries, final, Si per June —— July —