COMMERCE AND FINANCE

Otago Daily Times, Issue 22353, 29 August 1934, Page 14

COMMERCE AND FINANCE

LOCAL AND . OVERSEAS: MARKETS

BRISBANE WOOL SALES (United Pr«*» Association,),: (By Electric Telegraph—Copyright.) BRISBANE, August ; 28. At the wool sales 9644 bales ..were offered, the bulk comprising average wools. wks very keen and animated. Japan being the chief buyer. Greasy fleece and skirtings showed a rise of 5 per cent, on last week’s.prices. For other greasy sorts there j was no quotable change. Scoiireds met with better competition, and also showed ari .upward tendency. Greasy sold to 16|d, and ■eoured to 27d. ■ > It is estimated that the prices for last week were about' XOJd per Ibj and between £l3 and £l4 per bale. ’! BRADFORD TOPS MARKET ~ ... i (United Press Association.) (By Electric Telegraph—Copyright^ LONDON, August $7. Bradford is quietly firm. Users; 1 are well covered. ij LONDON WHEAT MARKEIf (United Press Association.) ' (By Electric Telegraph—Copyright.^ t LONDON, August 27. Wheat cargoes are steady. Parcels are in small request. Futures: London—September, 245. December, 25s 8d; February, 26s Id. Liverpool—October, 5s OJd; December, 6s OJd; March, 6s 2Jd; May,. 6s Aid. . . ' v { NEW GUINEA GOLD SHARES ■ , ■ ■ ’! (United Press Association ) (By Electric. Telegraph—Copyrlglt.) LONDON, August: 27. New Guinea Gold shares arc quoted at 5s 9d. • f PRICE OF FINE GOLD ’ ;•};■ a • (United Press Association.) (By Electric Telegraph—Copyright.) LONDON,' August !27.| Fine gold is quoted at £6- 19s 4d pier 07.. . ;.: •/;_ i' • ; Jj SALE OF BUSINESS SITE t REPORTED _ :_ . ,/ vn {■.. -i' (Pei: United Press Association) ' CHRISTCHURCH, August 28.) It is reported that another large, property deal has been negotiated in CHris.t- ---• church. A building at: the northeast corner of Cashel and Colombo streets, it is understood, has been purchased by Mr R. E. M'Dougal!, of .Messrs. Aulsebroojt Company, Ltd., at £36,000. Building operations will be commenced as soon as the present leases expire. , PACKING OF PEARS NOT NEW ZEALAND. £ | n i; (Froji Our Own Correspondent.) ' : LONDON. July 20. ’ A recent cable message from Canada c,- to England stated the packing... of New Zealand pears was unsatisfactory. The attention of the London representative of the New Zealand Fruit Board was drawn to the statement _ by the Government publicity officer, who communicated with the board’s Canadian representative. The latter at ouce replied'that the press message should have read "Australian" pears, and not New Zealand. RABBIT SKIN SALE REPORT The Dunedin Stock Agents and Wool-, brokers’ Association (Messrs Dalgety' and 'Co., Ltd.; Donald Reid and Co., Ltdi,;Stronach, Morris, and Co., Ltd.; New land Loan and Mercantile Agencjf Cbmr pany, Ltd.; Wright, Stephenson. and .Cd., Ltd.; Otago Farmers’ Co-operative Association, Ltd., and National Mortgage add Agency Company, Ltd.) reports as 'follows:—

Large catalogues were forward for yesterday’s sale, of which a big proportion was comprised, of spotted and outgoing sorts. There was a very good demand for all grades, and good bucks were very firm at last sale’s prices, whilst outgoing sorts were dearer. There was a better demand for does, which were 2d to 3d higher. The following is the range of prices;—Summer broken, BJd to 9}d; autumn broken, 14d to 15d; second winter broken, to 18Jd; first winter broken, I9Jd to 23Jd; runners, B|d to 9d;.summers. Old to lOd; small, 41d to sd; light racks, 12$d to 13}d; prime racks, llfd to 12ld; dawny autumns, 13d to 13Jd; early autumns, lojd to 16Jd; late autumn, 30d to 30fd; second incoming, 24d to 26d; incoming winter, 36d to 38id; early winter bucks, 60d to 63d; early winter does, 24d to 28Jd; first spotted winter buck's, 45d to 49Jd; first spotted winter does, 23d to 24d; second winter bucks, 59|d to 64Jd; second winter does, 26Jd to 29|d; first winter bucks, 692 d to 73Jd; first winter does, 30Jd to 36|d; prime bucks, 73d to 75d; prime does, 40d to outgoing bucks, 37|d to 48ld; outgoing does, 18jd to 18fd; spring bucks, 18d to 28|d; spring does, 15d to 15Jd; milky, 9Jd to 15d; fawn, 6d to 12d; winter fawn, 22d to 24d; summer black, 6d to 7d; autumn black, lOd to I4d; first winter black, 19|d to 26d; second winter black, 15Jd to 21d; hareskins, 5d to 9d; horsehair, to 12d. MOSGIEL INDUSTRIAL COOPERATIVE SOCIETY The twenty-fifth half-yearly meeting of the Mosgiel Industrial Co-operative Society was w’ell attended, Mr D. Connor presiding. The profit and loss account showed a surplus, and the auditors and committee suggested that members receive a rebate of sixpence in the pound on all goods paid for during the past six months. —The report and balance sheet were adopted. Messrs D. Connor, J. Hicks, and G. Rutherford were re-elected, Mr Connor to the position of chairman. Mr Morton was elected treasurer and Mr Johnston secretary.

THE SHARE MARKET DUNEDIN STOCK EXCHANGE A parcel of preferred D.I.C. shares changed hands on the Dunedin Stock Ex- 1 change yesterday at £1 ss. further offers of £1 4s 6d finding sellers firm at £1 5s 3d. Business was reported in Bell-Kil-gours at 5Jd, 'and there is now an unsupplied buyer at,Bid. There was a sale of Goldfields Dredging at Is. lid. and the shares are now wanted at Is Id, with sellers firm at Is 3jd. Skippers were turned Over at 7id, and can now be bought for that price, the best offer being Id less.

The.following are yesterday afternoon’s buying and selling quotations, which are subject to the usual' brokerage:— BANKING.

NORTHERN EXCHANGES (Per United Press Association) The following business was done on 'Changes yesterday:— Auckland—Sales: Bonds, 1955, 4 per cent., £llO 15s; Stock, 1938-52, 3J per cent., £IOB 17s 6d, £109; ditto 1949, 4 per cent., £lO9 15s; ditto, 1955, 4 per cent., £llO 15s (two); Bank of Australasia. 6d; Commercial Bank of Australia, 15a 10d: New Zealand Insurance, 62s 3d; South British Insurance, 82s 9d; Goldsbrough, Mort, 30s 6d; Consolidated Brick, 9a 7|d; Wilsons Cement, 30s (two); Broken Hill Proprietary, 48s lid (two); Golconda Holdings, Is 7£d (two); Goldfields Dredging, Is 2d (three): Mahakipawa, lOJd; Mataki, 2s 2£d. : Unofficial list: Woolworths (Sydney),’ ord., 68s 9d. Wellington.— SaletV Inscribed Stock. 4 per cent., 1940, £108; Commercial Bank of Australia, 15s lid; Bank of New Zealand, 47s 6d; Reserve Bank. £6 10s (late Monday), £0 10s; Union Bank, £D 10s date Monday), £9 10s; Abraham and Williams (pref.), £4 12s 9d * Sun Newspapers, 4s (two); Taranaki Oil, 2s 3d; Goldfields Dredge, Is 24d; Mossy Creek Is 6d. Unofficial list: Woolworths (Sydney), 69s (last four late Monday).

Christchurch.—Sales: Zealand Government 4 per cent. Inscribed, 1955, £llO 12s 6d; Commercial Bank of Australia,. 15s lOd; New Zealand Insurance, 62a.6d; South British Insurance, 83g 6d; Goldsbrough, Mort, 31s (two), 30a lids New Zealand Refrigerating (£1 paid), 18s 6d; Australian Iron and Steel (pref.), 23s 2d (two); Australian Glass, 51s; Dunlop Rubber, 19s 6d; Electrolytic Zinc (ord., cum div,), 27s 6d;• Electrolytic Zinc (pref., cum div.), 35a 3d; Wilsons Cement, 30s Id; Quill Morris (in liquidation), 3s 6d (two); Beil-Hooper (Is paid), 5-Jd (two); Golden Point, 2|d; Goldfields Dredging, is 2d (five); King Solomon (cum div.), 4a 3d (two); Mount Lyell, 20s 3d, 20s 2d (two); Okarito, ss; Waihi Grand Junction, 4s 3d (six). Sales reported:' New Zealand Government 4 per cent. Inscribed, 1946, £lO7 sa; , New Zealand Government 4 per cent. Inscribed, 1949, £lO9 10s; Kaiapoi Woollens (7s paid), 4s 8d; Broken Hill Proprietary, 49s 3d, 48s 9d; Dominion Fertiliser, 19s lOd; Goldfields Dredging, Is 2d (two). Unofficial list: Sales: Woolworths (Sydney), ord., 68s 3d (two). Sales reported; Woohvorths (Sydney), ord., CBs 9d, 68s 6d (four); Pyne, Gould, Guinness, 4 per cent. " B ’’ Perpetual Debentures, £IOO. SYDNEY STOCK EXCHANGE (United Press Association.) (By Electric Telegraph—Copyright.) SYDNEY, August 28. This morning’s sales on Exchange were ns follows:—Bonds; 3J per cent. 1948, £102; 4 per cent., £1941, £lO6 ss; 1950, £lO6 10s. Shares: National Bank (£5 paid), £6 4s; Bank of New South Wales, £3l 17s 6d; Union Bank, £9 15s; Tooths, 455; Anthony Hordern, 14s 6d; Broken Hill Proprietary, 495; Dunlop Perdriau, 19s 7Jd; Wilcox, Mofflin, ISe.i ADDITIONAL SALES. (United Press Association.j (By Electric Telegraph—Copyright., SYDNEY, August 23. (Received August 28, at 10. 60 p.m.) Responding to= thtr upward trend of wcol values the investment market today showed considerable strength and activity.l A healthy tone prevailed in pastoral issues and in the principal trading and manufacturing interests. Banking, shares attracted more attention, but Commonwealth Bonds were irregular. Additional sales were as follows: — Bank or New South Wales, £3l 17s 6d; Commercial- Bank of Sydney, £l7 7s; National Bank (£5 paid), £6 4s; Union Bank, £9 15s; Colonial Sugar, £6O 10s; Associated News, 23s Berlei, 31s 3d; British Tobacco, 37s 6d; Tooths, 455; Tooheys 27s 1-Jd; Australian Glass, 52s 9d; do New Zealand delivery, 52s 9d; Dunlop Perdriau, 19s (pref. 355); Wilcox Mofflin, 13s 4d; I: Goldsbrough, Mort, 31s; Morris Hedstfoin, 16s 3d; Electrolytic Zinc, 28s 3d; Farmers, 20s; Anthony Hordern, 14s Cd; Standard Cement, 19s; Henry Jones, 31s lOJd; Mount Morgan, 275; Broken Hill Proprietary, 495; North Broken Hill, 98s 3d; Bulolo Gold, £9 is; Bulolo Deposits, Is Id; Kuala Kampar. 16s lOJd; Rawang Tin, 9s Id; Placer Development, £2B 18s; Euratha Gold, 9s 6d. Commonwealth Bonds (4 per cent.): 1938, £104; 1941. £106; 1944 £lO7 11s 3d; 1947, £IOB 15s; 1950, £lO6 17s 6d; 1953, £lO7 15s; 1955. £lO7 17s 6d; 1957. £IOB 15s;-1959, £IOB 15s; 1961, £IOB 15s. MELBOURNE, August 28. Australian Glass, 51s 6d; Commercial Bank of Australia. 16s; Commercial Bank of Sydney, £l7 ss; Huddart, Parker, 33s 9d; Gordon and Gotch, 44s 3d; Heiald and Weekly Times, 52s 9d; Bank of Australasia, £ll Bs. KAIAPOI WOOLLEN COMPANY (Per United Press Association) , CHRISTCHURCH, August 28. The operations of the Kaiapoi Woollen Manufacturing Company, Ltd., for the year ended July 19 show a marked improvement on those of the years immediately preceding. A profit of £6782 in 1933 after £2OOO had been transferred to depreciation has been replaced by a profit of £17,855 this year after transferring £6OOO to depreciation. For the first time since 1930 an ordinary dividend has been paid, the rate being three per cent., as against four per cent, in 1930. The. directors’ report states that trading conditions have shown an improvement during the year,, but the phenomenal rise which occurred in greasy wools : last season, while of great . benefit to the- Dominion, had an adverse' effect on "the company’s trading operations. Stocks have again been furthefl reduced, and at £203,843 are conservatively valued. The directors recommend that the available balance of £17,951 be distributed, as follows:—Preference dividend (two years), £6714 13s 4d; ordinary dividend £7269 5s 7d; transfer to bad debts reserve, £2000; transfer to tax reserve, £1500; carry forward, £467. The directors retiring by rotation, Messrs W. H. Clark and A. F. Carey, offer themselves for reel ection.

MINING NEWS THE GOLDFIELDS DREDGE On receipt of advice from the Goldfields Dredging Company’s dredgemaste',' on August 14 that the dredge had reached the company’s claim at Big Beach, the directors visited the claim and found that four hours after the arrival of the dredge there was another flood which carried away portion of the power line. Cable was at once forwarded from Dunedin; and steps were taken to re-erect the power line on its permanent route. The dredge, which was in a very safe position, then resumed work. The directors hav e decided that the Big Beach will be worked systematically on a face, which will entail working poor ground tor the first two or three weeks, and will oh viate the dredge going twice over the same ground. Now that the dredge is on the Big Beach it has also been decided to wash-up weekly. MACETOWN DEVELOPMENTS Following recent litigation over several well-known mining leases, namely Garibaldi, Premier, Sunrise, Treasure, and Homeward Bound, in the Macetown district, a company has been formed for the purpose of thoroughly investigating these old mines. The development in these mines has been handicapped for want of adequate capital, and the wanted stumuius has now been supplied by Macetown Developments, Limited, which com pany has gone to allotment over-sub-scribed. Preliminary investigation work will probably take approximately six months, and will be carried out under the supervision of Mr R. F. Landreth and Mr H. H. Adams, mining engineers. Most of the stone previously treated in this district has produced at the rate of nearly one ounce , per ton, and if the present company is successful in locating ore of even half that value, a very considerable margin of profit, it is stated, should be obtained. An assay office will be erected at Macetown and a small pilot plant consisting of an ore crusher, flotation unit, and cyanide plant will be installed. BELL-KILGOUR REPORT The secretary of the Bell-Kilgour Gold Mining Company, Ltd. (Mr F. R. Thompson). advises receipt of report from the manager, dated August 25, reading as follows: —No. 3 north branch was advanced 13 feet for the. week. A stratum of quartz sandstone is coming from the back and at present angle will make a full face in about 10 feet. Water is making freely out of the sandstone. Blocking out at 5a showed improved values on last week. At 5h 26 feet of driving gave irregular values. Good fine gold has been secured from No. 6 for 21 feet 6 inches of driving. The floor of No. 7a has made a total drop of 3 feet 3 inches from the cross-cut. From the appearance of the “ wash floor ” it seems as if we have reached the lower level. In last 5 feet of progress the “ floor ” dropped one foot. A pump bearing giving out caused a stoppage of sluicing. ALEXANDER MINES The annual report of the directors of Alexander Mines, Ltd., states: — Mining and ore extraction during the whole of the year has been confined to the " M'Vicar ’’ reef section. Owing to the hardness of the ore and the country rock in the lower workings of the mine it was decided to install rock-drilling machines. A hydro-power plant is under erection for the purpose of generating compressed air at the mine for working these machines underground. The major portion of this plant has been erected, and will be completed shortly, and the machines put into operation. When these are in commission, it will cheapen the cost of producing ore and render progress in the various development faces speedier. Directly the machines- are in operation it is intended to pursue a policy of active developmental and prospecting operations primarily with the object of augmenting ore reserves. At three places in the mine —namely, by extending No. 3 level north, also No. 4 level north, and cross-cutting to the eastward in No. 4 level, there appears to be every prospect of locating further payable ore bodies, and development work at these points will be pushed forward as early as practicable. Since February 27, in consequence of a sudden and unexpected demand made by the Inangahua Miners’ Union, a strike of the men in the company’s employ otcurred, and operations have been at a standstill. Early in July operations, in the mine were resumed. In November last it was decided to instali a four-panel roasting furnace at the mine for the treatment of concentrates being produced from milling operations. This furnace has been completed, arid is now waiting the erection of a small cyanide plant to treat these concentrates in a separate unit as distinct from the cyanide plant now in operation at the battery. When this furnace is in commission, it should enable the concentrates which are being produced from the battery to be treated successfully and at a much lower cost than by transporting them per paekhorses and railway to Greymouth, and then shipment to Port Kembla, Australia, for treatment there. The battery crushed for the nine months ended February last (when the strike com'raenced) 2959 tons of ore from which 2006 tons of sand were saved and treated at the cyanide plant, which is equal to 67 per cent, of the tonnage crushed. The gold produced was sold in London, and the output for the period realised £17,461 9s Bd, pins £3934 18s 3d. making a total of £21.390 7s lid. During the year two dividends, Nos. 8 and 9. of Is per share each, representing a total of £7500, were distributed to the shareholders.

Dealing with the company’s industry generally, the following figures will serve to indicate the extent of the taxation and other relative payments which have been made since the company came into existence:—Paid in rates on mining properties, £Bl4 2s lOd; in rents on leases. £Bl2 8s id; on pack track £8(52 17s 8d: in income tax on dividends. £3512 12s Id (tax on dividends Nos. 8 and 9 not yet paid): in gold duty, £2862 oasd. Early in 1933. extra taxation was imposed on all gold mining companies, and it is hard to understand why such an important industry was saddled with the high duty of 12s 6d per ounce of cold produced. This is a direct tax on industry, and is fundamentally unsound, and at the present time most uneconomic when every effort should be strained to create employment. Every other gold-producing country in the world is adopting a policy of fostering the gold mining industry in order to stimulate employment and promote production of gold. Gold is the only primary product which is in keen demand, and is therefore readily saleable without much expense. All gold mining companies should protest against this gold duty tax which absorbs so much of the assets which are so vitally necessary for development work and ore production. DEEP LEAD RETURN The wash-up of Deep Lead. Ltd., on Thursday. August 23, produced 60oz 7dwt from 27 shifts.

LONDON METAL MARKET

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

LORNEVILLE STOCK SALE ( Special to Daily Times) INVERCARGILL, August 28. There were big increases in all sections at Lorneville stock sale to-da. Fat Sheep—There was a large yarding of good quality sheep, about two-thirds of which were ewes. The sale opened on a basis similar to last week, but as there was an over-supply for local requirements the market eased to about 1> in the latter part, of the sale. Extra prime heavy wethers realised up to 30s 3d; prime quality, 26s to 27s Od; medium, 24 a 6d to 25s 6d; lighter, down to 20s; prime heavy ewes, up to 20s 3d; prime, quality, 18s 6d to 19s 6d; medium. 16s 6d to 17s 6d; light and unfinished, down | to 12s. ‘ ■ Fat Cattle.—A considerable number of the fat cattle yarded was of inferior quality. The sale opened brightly, out 1 prices declined after the first race had been disposed of. Prime quality bullocks realised up to £8 7s 6d; medium, from £6 10s to £7' 10b; lighter, down to £5 154; . prime quality heifers, up to £6 Iss; medium, ,£5 to £6 ss; inferior, down to £4 ss; prime heavy cows, up to £6 ss; good quality, £4 15s to £5 15s; and rough and unfinished, down to £3.

GOVERNMENT INQUIRIES ACTION BY CHAMBERS OF COMMERCE. • The executive of the Associated Cham" berg of Commerce in New Zealand has ; set up a sub-committee to investigate • complaints which have been made about the effect on business of the demands of Government departments for detailed and confidential information. In a circular letter issued by the associated chambers it is stated that a protest has been made by the Gore Chamber; against “ the growing tendency of Government departments to make extravagant and-arbitrary demands on persons carrying on business, requiring them to supply information of a confidential nature relating to their particular bust ness, financial status and resources, together with a mass of details involving considerable time and trouble, particularly applications for heavy traffic licenses, form T.L. 39, for motor vehicles.” The letter adds that the executive understands that the road transport business is not the only one which is required to give intimate details of the nature complained of by the Gore chamber, and it is anxious to secure from chambers instances' of any other businesses that could be quoted. A sub-com-mittee lias been set up to obtain infor*. mntion bn the position as affecting businesses generally, with a view to making representations to the Government. WELLINGTON INVESTMENT COMPANY The directors of the Wellington Investment, Trustee, and Agency Company, Ltd., in their forty-eighth annual report, state that the net profit for the year ended June 30, 1934, after providing for income tax, amounted to £3482 Is 6d. To this must be added the sum of £1440 7s 8d carried forward from last year, leaving an available balance of £4922 9s 2d, which the directors recommend should be dealt with as follows: —Payment of a dividend of 4$ per cent, for the year, £2790; to carry forward, £2132 9s 2d. The balance sheet shows the principal assets as follows Mortgages, £17(5,771; freehold property, £5129; Government stocks, £10,802; cash at bankers, £3102. The principal items on the liabilities side are:—Paid capital, £62,000; general reserve, £27,000; reserve for depreciation of mortgages, £6597; reserve for depreciation of investment securities, £400; reserve for income tax, £949; deposits and accrued interest, £93,014. No dividend was paid last year, the distribution for the preceding year being 6 per cent. “ I have long been of the opinion that wo olionU i-ocaiM nresent times and

present conditions as not nearly so abnormal or transitory as is generally considered, but that we should adjust our selves to new conditions and confidently endeavour to carry on business in accordance with those conditions,” said Mr G. G. Watson, pre.siding at the annual meeting of shareholders on Thursday. “It seems to me that a large part of the commercial paralysis of the day is due to unnecessary timidity and hesitation. Many people appear to be afraid to resume norma! business lest conditions* become worse, while as many more apparently feel that conditions will improve but that business activities should be postponed until the improvement takes place. Both groups alike. I think, are wrong, and their attittudo of mind goes a very long way towards retarding recovery. If people would only, adjust their business to present conditions 8* far ns possible and embark on normal activities the wheels of commerce would start turning smoothly again.* DAIRY PRODUCTS, LTD. Dairy Products, Ltd., with a capita] of £32,000 fully paid-up in cash, has purchased the business of the New Zealand Sugar of Milk'and Casein Company, Ltd The services of Mr D. F. Sandys Wnnsch M.A. (Oxon.), 8.50., . M.l.Chem.. E.A.T.M.M., have been retained ns- managing director, and the other directors are Sir Ernest Dbenham, Bart, and Messrs Arthur Barnett and James Begg. The secretary is Mr R. C. Burgess, of Messrs Barr. Burgess, and Stewart. .It has been decided to start manufacturing this season on October 15,

COMMERCIAL BANK OF AUSTRALIA —— ■ ANNUAL MEETING. At the annual meeting in Melbourne of the Commercial Bank of Australia, Ltd., the chairman (Mr J. L. Webb), in reviewing the accounts for the year, said that' the balance sheet total was greater by £2,508,865 than last year. Capital paid up £4.117,350, reserve , fund £2,000,000, and reserve for exchange adjustment £250,000, were unaltered. Notes in circulation £178,980, in connection with the New Zealand business, were lower by £9514 than last year. This item would gradually disappear, as from August 1 the Reserve Bank of New Zealand commenced to function, and took over the note issue for the Dominion. Bills payable aqd other liabilities, £1,170.409, showed an increase of £159.294, due to trade fluctuations. Government deposits had increased by £169,309. The ordinary deposits not bearing interest had increased by £1,397,033, and deposits bearing interest had also increased £635,430, such increase being spread over all the Australian States and New Zealand. These movements reflected the difficulty that customers of banks, in common with all financial institutions, were experiencing in profitably employing funds at' the present time, and indicated that money was available for industrial and other undertakings when trading conditions rendered investment therein profitable. Cash and other liquid assets showed an upward movement of £889,804, and now totalled £9,560,185, which repre, sented 36.9 per cent, of the bank’s total liabilities to the public. The increase in deposits rendered it desirable to maintain a large proportion of liquid assets. The banks holding of Government securities and Treasury bills had increased by £340,808, making a total of £4,123,i03. Advances and bills discounted at £21,725.648 showed an increase of £1,424,786. The increase was distributed in all of the States of the Commonwealth and in New Zealand under a liberal policy, with due regard to safety. Notwithstanding the large amount of cheap credit available there had been very limited demand for money for expansion of trade and industry, due possibly to the lack of confidence in the future, created largely by the fear of political interference in monetary affairs

by inexperienced reformers, and deipit* the assertion that low rates of interest would stimulate investment in industry and other undertakings, the fact remained that up to the present result* had not proved interest rates to be the principal factor. Profit and Lose Account. —This year’* profit at £209,154 13s Bd, compared with £213,633 19s 3d for the previous year:, showed a reduction of £4479 5s 7d, Thi* result was to be expected in times such as the present, and wag due to lower, average interest rates ruling for advance* during the period under review, and to the decreased margin of earnings both from interest and exchange. The net profit was equal to a return of 5.07 per cent, on the bank’s capital, and 3.24 per. cent* on the total of shareholders’ funds, NEW ZEALAND.

The Dominion was now in .the fourth year of economic depression, although there were signs of recovery, and banging returns generally substantiated this fact. The outlook had improved, notwithstanding the uncertainty regarding 4 restrictions in London upon the importation of Dominion primary products, particularly butter and cheese. As had v been done in Australia, the Government, with a view to aiding the primary pro* 4 ducer, raised . the exchange rate from * £lO9 12s 6d to £124 10s. The rate from August 1 had since been reduced to £124 per cent. , ; The Reserve Bank of New Zealand commenced operations on August 1, and had taken over the note issue. The trading banks were required to maintain balances at the Reserve Bank equal to 7 per cent, of their free deposits and 3 per cent, of their fixed deposits. Th« transfer from' the trading banks of • > large amount into non-interest-bearing assets . would affect the profit*, of the banks, but this'-would be substantially \ set off by a saving of, note tax, .which was now 4$ per cent, and the cost of maintaining the bank’s own note issu* department. AUSTRALIAN WOOL CHEQUE Despite a reduction in turnover of 479,766 bales, the Commonwealth wool cheque .showed an increase of £17,122,724 during the 1933-34 season, total receipt* amounting to £52,165,778.

SALE ON ’CHANGE. £ s. d. D.I.C. (pref.) .. .... .. 1 5 0 SALES REPORTED. Bell-Hooper .. V. .. .. 0 0 5i Skippers .. .. .. 0 0 u Goldfields .... .'. .. .... 0 1 H SALES REPORTED AFTER LAST CALL. ■ Bank of New Zealand . . .. 2 7 . 6 Wooly-orths (Sydney) . . •'... 3 8 6

Buyer Seller. £ Vs. d. £ 8. d. Australasia .. ■ .. n 7 0 ■ T N.S.W. ..V 31 0 0 New Zealand "2 7 6 2 ■ 7 v'9 N.Z. (long D) 1. 1 13 9 — Commercial .. 0 15 9 . — E.S. and A, - .. 0, 2 0 — Reserve .... ... e a 0 6 JO 0 INSURANCE. National0 T9. 7 0 19 11 Stahdard. .. ... 3 6 0 — SHIPPING. Huddart, Parker (pref.) .. .. 1 8 0 — U.S.S. Co. (pref.) 1 C 9 — v' 1 ‘ COAL. Kaitangata .. 1 0 3 — Westport .. — 0 19 2 Westport-Stockton (prd.) — 0 3 6 . LOAN AND AGENCY Gpldsbrough, Mort 1 10 0 National Mortgage • —1 3 1 0 N-.Z. Loan and M. lord.) .. — 57 0 0 N.Z. Guarantee Corp. .. .. 4 4 0 — Wright, Stephenson (ord.) .. .. — 0 18 9 Wright, Stephenson (pref.) .. .. 1 0 3 —. MEAT PRESERVING. Canterbury Meat (pref.) .. .. 5 10 0 — N.Z. Refrigerating (cent.) .. .. ' 0 8 8 ' South. Frozen Meat (paid) .. .. 3 10 0 - South. Frozen Meat (cent.) ., ,. 1 la 0 South. Frozen Meat ■ p ■ (pref.) ,. .. 3 10 0 South Otago Freez. 6 0 0 — MISCELLANEOUS. Associated News .. 1 3 6 British Tobacco .. 1 16 9 Brown, Ewing (pref.) .. ,. 1 1 0 1 2 0 Bruce Woollen (ord.) .. 0 11 9 Bruce Woollen (pref.) .. ... 1 1 0 D.I.C. (ord.) 0 15 0 — D.I.C., (pref.) 1 4 6 1 5 3 Dominion Fertiliser 1 0 0 Dominion Fertiliser (debs.) .. .. 102 10 0 Dominion Rubber —. 1 9 3 Stock Exchange Proprietary 2 0 0 Dunlop Perdriau Rubber .. _ 0 19 10 "Kaiapoi Woollen . (ord.) .. ... . 0 13 9. —r-. Kaiapoi Woollen (pref.) ... 0 19 9 Milburn Lime 1 14 Q Mosgiel Woollen .. 10 5 (5 Mount Lyell : 1 0 1 National Electric '0 8 9 N.Z. Drug Co. 3 17 6 N.Z. Newspapers 1 11 0 N.Z. Paper Mills .. 1 11 6 Regent Theatre .. 0 19 6 Smith and Smith ,. 0 17 0 Wilsons Cement .. 1 9 9 1 10 6 Wool worths (Sydney) .. .. 3 8 0 << 9 0 Sun News — 0 4 o BREWERIES N.Z. Breweries .. 2 7 0 2 7 9 Dunedin,, 1 6 6 Tooths ,. L. ., 2 4 6 — ' OIL.. Moturoa .. .... . — 0 3 9 MINING. Alexander ... ., 1 0 0 Aotearoa ,. .. __ 0 0 9 Bell-Hooper ,. .. 0 0 Bell-Kilgour ., ., 0 0 4J 'Bendigo Gpldlight 0 0 9i Blackwater .. 1 12 6 Brian-Boru .. .. 0 1, 3 Central Shotover ., 0 0 10 Gillespie’s Beach .. 0 1 9 0 i m Golconda Holdings 0 1 6 0 1 8 Golden Point _ 0 I) 34 Goldfields Dredging 0 1 1 0 1 34 Glenroy — 0 1 3“ King Solomon 0 4 0 0 4 5 Mahakipawa .. .. — 0 o n Moonlight-Nelson Creek .. .. 0 0 4 0 0 5 Nevis Diesel .. 0 0 4 0 0 44 Nokomai .. .. 0 3 2 Okarito .. .. 0 8 0 0 8 2 Skippers .. .. 0 0 0 0 74 Upper Shotover .. 0 0 G Waitahu 0 4 8 0 4 11 Stafford .. .. 0 1 44

GOVERNMENT LOANS. 3| p.c. Stock, 19381943" .. 107 10 0 ~ 3i p.c. Stock, 19391943 .. . 107 10 0 — 3§ p.c. Stock, 1941'Ll943 .. 107 10 0 — 3j p.c. Stock, 1938’1952 .. 107 10 0 — p.c. Stock, 19391952 .. 107 10 0 — 3>i p.c. Stock, 19411952 .. 107 10 0 — 4 p.c. Bonds, Jan. 15, 1940 106 10 0 — 4 p.c. Stock. Jan. 15, 1940 106 10 0 — 4 p.c. Bonds, Feb. 15, 1946 107 0 0 — 4 p.c. Stock, Feb. 15, 1946 107 0 0 — 4 p.c. Bonds. April 15, 1949 108 0 0 — 4 p.c. Stock, April 15, 1949 108 0 0 — 4 p.c. Bonds, June 15, 1055 110 0 0 — 4 p.c. Stock, June 15, 1955 110 0 0 —

BUGBY, Au gust 27. Paris— Par. Aug. 25. Aug. 27 Francs to £1 124.21 75 25-32 75 27-31 Brussels— 21.30 Bolgas to £1 SO 21 261 Oslo— 19.90} Kroner to £1 18.180 .49.90} Stockholm— 19.39} 10.39} Kroner to £1 18.130 Copenhagen— , 22.39} Kroner to £1 18.150 22.39} Berlin— 12.83 Marks to £1 20.43 12.77} Montreal— Dollars to £1 4.86 2-3 4.93 4.912 New York— 5.05% Dollars to £1 4.86 2-3 5.06J Yokohama — 14} Pence to yen .. 24.582 m Hongkong— 18} Pence to dollar 24.58 18} Bombay— 18 1-16 Pence to rupee — 18 4-16 Batavia— 7.85 Florins to £1 12.10 7.SO Milan58 9-32 Lire to £1 , . 82.48 58 5-32 Amsterdam— 7.39 Guilder to £1 12.107 7.36} Prague— 120} Kroner to £1 104} 120% Geneva— 15.32} Francs to £1 25.221 15.28} Vienna— 202 Schillings to £ 1 84.86} 262 Helsingfors— 226 9-32 Marks to £1 193.23 2262 Madrid— 36 9-16 Pesetas to £1 25.22| 39 17-32 Belgrade— 218 Dinars to £1 25.22J 220 Athens— ' 617 Drachma to £1 875 520 Lisbon— 110% Escudos to £1 110 110% Bucharest— 495 Lei to £1 , . 931.6 493 11 In de Janeiro— 4i Pence to mllrels 5,890 4i Buenos Aires36} Ponce to pesos 47.28 36} Shanghai— 16 11-16 16 11-10 Pence to tael — Montevideo— 39 89; Pence to pesos — Warsaw— 26.62 Zlotys to £1 26.62

LONDON. August 27 (Received August 28, at 11 p.m.) Tho following are the official metal Quotations Ton. Copper, spot .. £28 4 4Va Rise £0 1 3 Copper, forward ,. 28 11 10>4 . Rise 0 ? 0 Electrolytic, spot .. .. 31 5 0 Rise 0 6 0 Electrolytic, forward 4 . 31 15 0 Rise 0 5 0 Wire bars .. .. 31 13 0 Rise 0 5 0 bead spot ... .. 10 13 0 rail 0 1 3 bead, forward .. 10 15 0 Fall 0 2 8 , Speller.' spot .. .. .13'IT C Rise 0 3 0 Spelter, forward »■« .. 13 15 0 No.chauge Tin. tiwi .. .. 228 3 2 Rise' 0 0 3 Tin. forward 227 10 8 Kail 0 1 S I’la irou. home trade .. 3 7 0 No change I’lg Iron, export .. 8 3 8 No change Antimony, British .. 44 10 0 NO change Antlm my. foreign. .. 28 5 0 DnlL No change Molybdenite .. .. 118 0 No change Wolfram .. ., On No change Silver, standard .. , 21 B-lfld No change Sllrer fine .. .. . 23&d No change