COMMERCE AND FINANCE

Otago Daily Times, Issue 22356, 1 September 1934, Page 10

COMMERCE AND FINANCE

LOCAL AND OVERSEAS MARKETS

The following is a list of shares on which dividends will shortly be payable:— Carlton Brewery, interim, 9 3-5 d Sept. 1 Standard Insurance, final, Is 3d Sept. 3 Electrolytic Zinc (pref.), final, 9 3-5 d ’ Sept. 7 Electrolytic Zinc (ord.), final, .9 3-5 d Sept. 7 Huddart, Parker (ord.), interim, 7 l-5d Sept. 13 Huddart, Parker (pref.), interim, 7 l-5d Sept. 13 King Solomon, 3d Sept. 15 Broken Hill South, ;, Is 6d Sept. 15 Bank of Australasia, interim, 3s Cd Sept. 28 NORTHERN EXCHANGES (Pek United Pkbss Association.) The following business was done on ’Changes yesterday:— Auckland.—Sales: Bonds (1949) 4 per cent., £110; Bonds (1955) 4 per cent., £llO 15s; E.S. and A. Bank, £5 Cs 9d; Reserve Bank. £0 9s Cd; Bank of New Zealand, 47s 6d; New Zealand Insurance, C3s 3d, 63a 6d; South British Insurance, 84s 6d; Farmers’ Co-op. Auctioneering (A pref.), 21s 6d; Farmers' Co-op. Auctioneering (B pref.), 20s Cd; Goldsbrough, Mqrt. 31s 9d; Auckland Gas,.2ss 7d; Australian Glass, 525; Bycroft, 52s Cd; Colonial Sugar, £66 10s (two) ; Consolidated Brick, 9s 9d, 10s; New Zealand Refrigerating, 18s 9d; Amalgamated Brick (Auckland), 1944 74 per cent., £lO3 10a (two); Okarito, 8s 2d;"Skippers, 8d; Talisman Dubbo, 12s 6d; Waihi Junction, 4s 3d (two)_, 4s 4d; Goldfields Dredging, Is 2d. Unofficial list: Woohvorths (Sydney; ord.), CSs Bd, OSs 9d. Wellington.—Sales: Government Bonds 4 per cent. (1949), £lO9 15s; 4 per cent. (1955), £llO 17s 6d; Bank of Australasia, £ll 12s 6d; New Zealand Insurance, CSs 6d (late Thursday); British Tobacco, 37s 3d: Consolidated Brick. 10s; Dominion Rubber, 28s 3d (late Thursday), Mount Lyell, 20s 6d. Christchurch. —Sales: New Zealand Government 4 per cent. Bonds (1946), £lO7 7s 6d; New Zealand Government 4 per cent. Bonds (1955), £llO 15s; Commercial Bank of Australia. 15s 9d; E.S. and A. Bank. £5 Cs 6d: Reserve Bank. £6 9s: British Tobacco, 37s 3d; D.T.C. (10s paid). 16s; Bell-Hooper (Is paid). SRI: Bell-Ivilgour, 3d; Brian Born. Is 7d, Is 64d: Deep Lead, Is 8d; Mahnkipawa, lOd. 10Jd (three); Mount Lyell, 20s 3d (two): Mossy Creek, Is 7Jd. Sales reported; Bank of New South Wales, £32 3s Cd: Tooths Brewery. 45s 3d: British Tobacco, 37s 3d (four), D.I.C. (10g paid), 15s Gel; New Zealand 4 per cent. Bonds (1949), £lO9 15s. AUSTRALIAN IMPORTS Imports to the Commonwealth for the year ended June 30, 1934, at £60,895,170, were £2,028,910 higher than those for the previous year. The United Kingdom was the chief supplier, with £25,700,632, or 42.2 per cent. Of the sources detailed by the Cotnmonwealth Statistician in his preliminary statement, United States held second place, with £7,795,948, or 12.80 per cent. Netherlands East Indies supplanted Japan as the third highest supplier. with £3,890,740, or 6.39 per _cent., but Japan was fourth, with £3,699,571, or 6.08 per cent. Fifth position was occupied by Canada, with £2,882.112, or 4.73 per cent.; while Germany was sixth, with £1,921,370, or 3.16 per cent.

THE SHARE MARKET

DUNEDIN STOCK EXCHANGE BUSINESS OF THE WEEK. The following is a list of the business recorded on the Dunedin Stock Exchange during the past week:—

The past week has steady markets oh the Dunedin Stock Exchange. Banking share# have been in good demand, especially E. 8. and A. Banks, which have had steady inquiry. Sound industrial stocks have been wanted, and the market for Government Loans has shown a good demand. The mining section has seen little alteration in values. Several parcel# of Bank of Zealand# have been turned over at £2 7s 6d, and th# closing quotations were 2d on either side of that figure. There, was business in Commercials at 15s lOd and 15s lid. These are now available at the latter figure, with a buyer in the market at 15s fid. The demand for E. S. and A. •hares has been improving, and there is now an unsupplied buyer forward at £5 ss. Throughout the week Reserves found # ready market, no fewer than seven sales being recorded at £6 9s 6d. They are now being offered at £6 10s. In the insurance section there has been a constant inquiry for Nationals, New Zealanda, and Standards, and business was done in Nationals at 19s 9Jd. Offers of 10s 9d at the close of the market found sellers firm at £l. Westport Coals were sold at 19s, and *re now available at 19a 2d. . Goldsbrough, Morts have como in for tome inquiry, and, after business was done at £1 10s 3d, the offer was increased to £1 11s, without attracting a further seller. New Zealand Guarantee Corporations were turned over at 4s 7d, and up to 4s fid has since been offered. Three sales of preferred D.I.C. shares took place at £1 ss, the market closing with a buyer at £1 4s fid and' a seller at £1 5s 3d. Dominion Fertilisers had Ijusinoss at £l, and a parcel of Dominion Rubbers changed hands at £1 Ss fid. The latter shares are now on the market at i 1 8s fid, with a buyer forward at fid less. There was a sale of North Broken Hills at £4 17s fid. and they have since been on offer at £5- The best buying quotation at the close of the market was £4 18s. The Sydney issue of Woolworths continued to attract /attention, and four gales were recorded at £3 8s fid. An offer of . £3 8s 3d later found sellers firm at £3 9s. There is an unsupplied buyer of ordinary Woolworths at £7 ss. Four sales of New Zealand Breweries were recorded at £2 Bs, and further business was done at £2 7s fid and £2 7s 3d, .At the close of the market buyers were offering £2 7s, with a seller forward at £2. 7a 9d. Up to £1 7s has been offered for a parcel of- Dunedin Breweries, and Tooths are wanted at £2 4s fid.

Bell-Hoopers and Bell-Kilgoura have had business, but the prices have not changed to any extent. The former are now wanted at s}d, with a seller asking more, and Bell-Kilgours are on offer at 4d. Bendigo Goldlights were turned over at IOJd, and later three parcels were sold .at lOd. The latter figure is still being offered, with sellers firm at IOJd. Gillespies realised Is lid, at which price they can now he bought, hut buyers are unwilling to give more than Is 9d. Two parcels of Goldfields were sold early in the week at Is 3d, but the market eased and further business was done at Is IJd. They are now on offer at the latter prief. Okaritos 'were sold at Ss, and they are now being asked for at the same figure. Though the (Jem aml for Government Loans has been firm, there have been few sellers forward, and no business has been recorded.

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

SYDNEY STOCK EXCHANGE

(United Press Association.) (By Electric Telegraph—Copyright.) SYDNEY, August 81. This morning's sales were aa follows: — Bank of New South Wales, £3l 15s; Australian Gaa (A), £7 16s 6d; Tooheys, 27s 4.}d; Tooths, 45b 6d; Broken Hill Proprietary, 40s 6d; Colonial Sugar, £O6 17s fid; Howard Smith, 15s 74c1: Lustre. 24s 3d; Wilcox, Moffin, 13s 3d. ADDITIONAL SALES. (United Press Association.) (By Electric Telegraph—Copyright.) SYDNEY. August 31. (.Received August 31, at 10 p.m.) Tiie Stock Exchange is responding to the new record price of gold in London, and there was renewed activity in the gold share market to-day, speculative buying being exceptionally heavy. The general trend of values was higher.

Additional sales to-day were as follows: — . Colonial Sugar. £GC 15s; Bank of New South Wales, £3l 15s; Commercial Bank of Sydney, £l7 7s; E.S. and A. Bank, £5 7s. United Insurance, £lO 15s: Associated News, 23s 3d; Howard Smith, 15s 71d; British Tobacco, 37s fid; Tooths, 45a Gd; Tooheys, 27s 4|d; Carlton, 45s 0d; Australian Glass, 53s 9d; Dunlop Perdriau. 20s; Goldabrougb, Mort, 31s lOAd: Winchcombe Carson, 29s 9d; Wilcox Mofflin. 13s 3d; Greater J. D. Williams.®7s 10<1; Henry Jones, 325; Millaqnin Sugar (ex div. and bonus), 32s 3d: Electrolytic Zinc, 28s 4Jd; Lustre Hosiery, 24s Sd; Standard Cement, 18s 3d; Mount Morgan, 29s Cd; Broken Hill Proprietary, 50s; Bulolo Gold, £9; Buloio Deposits, 9d; Kuala Kampar, 16s lOJd; Rawang Tin. 8s lid; Maliin Nawa, 15s Gd; Placer Development, £29. MELBOURNE, August SI. Commercial Bank of Australia, 15s lid; National Bank (£lO paid), £l2 10s; Broken Hill Proprietary, 50s; Dunlop Perdriau, 20s 2d; Electrolytic Zinc, 28s 3d; ditto (pref.),36s; South Broken Hill, 80s; Mount Lyell, 20s 3d; British Tobacco (pref.), 31s Cd. NEW ZEALAND DRUG COMPANY INTERIM DIVIDEND DECLARED. At a meeting of the Board of Directors of Messrs Kempthorne, Prosser and Co.’s New Zealand Drug Company, Limited, held yesterday afternoon, an interim dividend of 3J per cent, for the half-year ended July 31 was declared.

DUNEDIN MARKETS

WHEAT. OATS, ETC. Odd lines of milling wheat are still on offer from growers who have either delayed threshing or been holding for the higher prices ruling, under the Wheat Purchase Board scheme, for the later months. The maximum price is reached in the month of September, and it will not be long therefore before _ all the wheat is marketed in this district. The lines submitted to the board have, of course, to be up to standard. The chief difficulty experienced in (his district is an excess of moisture in the wheat. The fowl wheat market remains Jinn, and shipping values have improved to 3s Sci, f.o.b. Supplies for the North Island are being drawn from Canterbury, as local values are above shipping parity. The best fowl wheat is now worth in Dunedin 3s 9d per bushel, sacks extra, ex store. A number of poor quality linos are on the market, and prices are irregular for these. The broken weather in this district is still holding up the sowing of wheat. Farmers are anxious ■ to plant spring wheat, but the state of the ground is preventing them from doing so, and this may eventually affect tiic area put down in this cereal. According to reports, Canterbury fanners are' also being delayed in their sowing operations. Millers’ prices for flour, etc., are as follows: Flour; 2001 b, £l3 12s: 100’s, £l3 17s; 50’s, £l4 2s; 25’s, £l4 7s. Bran, £4 10s per ton. Pollard, £6 per ton. Oatmeal: 2001 b, £l9; 25’s, £2l. The oat market is firm following on inquiries Trom overseas. Up to the present, however, few sales have been recorded. Grade oats have moved up in value, and are to-day quoted on a basis of 2s 7d. f.0.b., s.i.. for A’s and 2s 4d for B’s. The North Island is not responding to the firming, and actual business will have to go through from overseas before they will be interested. The quantity of oats held is on the light side, and growers who have them for sale are askmg for prices above shipping values. The quotations in the country are on a basis ot Is lOd, sacks exera. for As and Is 7d °There has been a good demand for seed oats. In some districts supplies are short, this applying particularly to Central Otago, and a fair quantity of oats has been sent to this district from Dunedin. Owing to the unfavourable weather conditions at the time of threshing good seed oats are not very plentiful. There is no alteration in the chatt market. Odd consignments are still arriving from the country. The best quality, truck loads, is worth £3 los per ton, sacks extra, ex truck, but most ot the business is confined to sales of small lots ex the store at round about £4 os per ton. Canterbury is still supplying chaff to the local market, and stocks are more than sufficient for the demand. It is now quite apparent that the potato market will remain dead for the remainder of the season. The'stores contain far more potatoes than are required for immediate consumption, and values continue low. Good sound tubers are worth from £2 15s to £3 per ton, sacks included, ex store, Dunedin. Badlygraded lines or those showing signs of growth are almost unsaleable. The shipping values in Canterbury are on the low side, the current quotation being £3 ss, f.0.b., s.i., for prompt shipment. All the seed markets are firm, with a rising tendency. The demand from overseas has had the effect of merchants putting up their values. A small quantity of rvegrass has been sold for export, but the bulk of the trade has been done in the finer seeds, such as Chewmgs fescue and brown top. It is expected that docstail will also be required for overseas. The values for the fine grass seeds are much higher than has been the case for a number of years. There is not a great deal of Ghcwings fescue available, and the wholesale price has moved up to 2s per lb. Cocksfoot and clovers are also firm, with the former remaining steady at recent rates. Cowgrass has moved up to higher values, and so also have Timothy and Alsike. Wholesale produce prices are as follows: — , , , Chaff; Good, bright, oaten sheaf, to £4 5s per ton, ex store. Potatoes, £3 5s to £3 10s per ton. ex store. Dairy butter; Milled bulk, to 9d per lb; separator, to 9d. Bacon, IOJd per lb. Ham; Ordinary, UJd; boneless. Is OJd per lb. Canterbury onions, round about 9s per cwt for best quality. Eggs: Stamped, lid per dozen: case. lOd. FRUIT REPORT. A further shipment of Australian navel oranges is due to arrive on Tuesday, ex the Waitaki, from Melbourne. The prices have not yet been fixed, but it is expected that they will be round about those fixed for the previous shipment. The allotment for the local market will amount to almost SOOO cases, representing an advance of 50 per cent, on the previous allotment. The wholesale market is at present bare of supplies of oranges, and the shipment by the Waitaki should be quickly taken up by retailers. A further shipment of Samoan bananas will arrive on Tuesday, ex the Maui Pomare, railed from Lyttelton.

Apples are still offering freely and prices remain unchanged. Pears are offering in small lots. The demand is confined to choice quality. New Zealand-grown lemons are in good supply. Poorman oranges have a better inquiry. Cauliflowers arc still plentiful, but the market showed a slight firming towards the end of the week.

Cabbages are in good supply and low prices are ruling. Table carrots meet a fair sale. Poor quality are, however, difficult to place. Choice-hearted lettuce realise good prices. Swedes are in over-supply.

Wholesale prices arc as follows: — Apples: Stunners, 4s 6d to 6s per case: Delicious, extra choice, 7s to 8s; others. 4s to ss; Jonathans, 4s Cd to Os; cookers. 4s to ss; inferior dessert and cookers, 2s 6d to 3s 6d per case. Pears: Winter Cole and Winter Nelis. 6s to 8s per bushel case. Bananas; Ripe, 34s to 10s per case. Lemons: New Zealand-grown, 16s to 20s per case. Grapes: Red. 30s per case; black, to 355.

Oranges: Australian navels, 16s to 235. Poorman oranges, 10s to 12s per case. Cauliflowers: Choice, to 4s per sack of 18: others. Is. Cabbage: Choice, 2s lo 2s 6d per sack. Swedes, lo Is per sugar bag. Carrots, Is Od to 2s per sugar bag. Parsnips, Is 6d to 2s per sugar bag. Lettuce: Choice, to 4s per dozen; others, Is to 2s per dozen. Leeks, 3d to 4d per bundle. Celery, Sd to Is per bundle of three heads: Potatoes, 3s 6d to 4s 6d per cwt. Violets, Is to Is 6d per dozen bunches. Boronia, 6s to 8s per dozen. MELBOURNE MARKETS (United Press Association.) (By Electric Telegraph—Copyright.) MELBOURNE, August 31. Wheat, 3s 4d. Flour, £8 15s. Bran, £4 15s. Pollard,' £5. Oats, 2b 4d. '■ Bariev: English. 2s 9d. Maize, 3s 6d. Onions, £6 15s to £7. CHICAGO WHEAT MARKET (United Press Association.) (By Electric Telegraph—Copyright.) NEW YORK, August 30. Chicago wheat quotations: September 1023 cents per bushel, December 1033, May 10GL CANADIAN WHEAT FORECAST (United Press Association.) (By Electric Telegraph—Copyright.) WINNIPEG, August 30. The wheat crop in Alberta, Saskatchewan, and Manitoba was forecast to-day at 265,000,000 bushels, an increase of more than 14,000,000 bushels over 1933. Eightyfour per cent, has been cut, and 30 per cent, threshed.

BANK OF ENGLAND RETURN

(United Press Association.) (By Electric Telegraph—Copyright.) LONDON, August SO. The following is the Bank of England return: — ISSUE DEPARTMENT. Note issue in circulation .. £379,283,720 Banking department .. .. 72,478,371 £451,762,097 Government debt .. . .. £11,015,100 Other Government securities 245,220,200 Other securities 44,12.0 Silver coin 3,314,585 Gold coin and bullion .. .. 191,702,097 £451,702,097 BAN Ivl NG DEPARTMENT. Proprietors’ capital .. .. £14.553,000 Rest 3,083,882 Public deposits 33,991,138 Other deposits (bankers) .. 83,746,089 Other accounts .. .. .. 35,210,025 Seven-day and other bills .. 5,325 £171,190,059 Government securities .. .. £83,184,709 Discount advances .. .. .. 5,615,500 Securtics J),343, 717 Notes in reserve 72,478,371 Gold and silver coin .. .. 573,756 £171,190,059 The proportion of reserves to liabilities i a 47.70 per cent. Short loans are quoted at j per cent.; three months’ bills at 25-32 per cent. FOREIGN EXCHANGES (British Official Wireless.) (United Press Association.) (By Electric Telegraph—Copyright.)

LONDON STOCK EXCHANGE LONDON, August 30. The following aro the latest Quotations of Qorernment securities compared with the prices rullaa last ,weck:—

DIVERSIFICATION GIVES SECURITY The investor who purchases shares in the New Zealand Investment Trust sees his pound spread over a number of highly attractive investments instead of the one or two within his reach as an individual The risk of loss is thereby greatly reduced and the probability of profit greatly increased, the dividends from the various investments made by the Trust being “ pooled ” and divided amongst the members in direct ratio to the capital involved. Net rate of return to investors is nearer 5 per cent, than 4 per cent, with growing capital appreciation. Full particulars gladly given on application to the New Zealand Investment Trust, Ltd., D.I.C. Building, Wellington (P.O. Box 1616). Branches at Christchurch, Dunedin. Invercargill, and Auckland. Chief Brokers: The Securities Corporation (N.Z.), Ltd., Dunedin. —Advt. WHEAT, FLOUR. ETC. (United Press Association.) (Dy Electric Telegraph—Copyright.) LONDON. August 30. Wheat cargoes are steadier. Parcels are steady to 6d dearer. Futures: London—September 23s 4cl. December 25s 4cl, February 25s lOd. Liverpool—October 5s BJd, December 5s Hid, March ,6s Igd The spot trade is slow, with an easier tendency. Australian, ex ship, 30s to 31s. Flour is quiet. Australian, ex store, 21s to 225. _ • Oats are quietly steady. Peas and beans are unchanged.

COMPANY BALANCE SHEETS THE NORTH OTAGO FARMERS’ CO-OPERATIVE ASSOCIATION, LTD,

After the trading results of recent years, the net profit of £2664 brought out for the past year will be gratifying to shareholders. Better trading conditions for wool and live stock have produced a general improvement, which has been reflected in’the larger turnover. The net surplus has been placed against the debit balance, brought from the previous season, which is thereafter reduced to £7797. , . Each side has contributed to the improved result. The gross profit has risen to £13,091, or by nearly £3OOO, while expenditure has been cut down by some £ISOO, As, with the exception of depreciation on plant and fittings (£321) and directors’ fees (£112), details are not given regarding the amounts of the different items, although their nature is entered, it does not appear where the economy has been effected. In relation to gross profit, expenditure has stood as follows: — Eipendl- Grow •lira. Profit.

The chief alteration in the liabilities is the reduction of the bank overdraft from £13,175 to £2827. As a partial set-off, customers' credit balances have risen to £9130, which, if a consequence of the larger turnover ia not accompanied lay a corresponding increase in sundry debtors. Deposits—fixed and at call—which comprise £29,038, continue to bo the largest outside liability. They have not changed greatly, but, as representing a sum equivalent to almost one-half of the paid-up capital, play an important part in financing the company. The chances are that the money is borrowed more cheaply now than 12 months ago. Trade and sundry creditors which at £1960 are up bring the total outside liability to £42,954, or diminished by nearly £SOOO during the year. The chief fixed assets are freehold and leasehold properties, which, at £25,723 and £3339 respectively, are unaltered. The depreciation provision does not apply to them, although, in the latter case, the expiry of one year in the duration of the lease might be expected to affect its value. Both are entered at book value, which may have been well written down previously. The plant group is reduced to £1622 and the fittings group to £1243. The allocation of the depreciation figure is not given, but it comes to 10 per cent, approximately over the whole, and, except for some £3O, has been fully effective in reducing these two groups. In the case of the furniture and fittings, the rate considerably exceeds the statutory allowance. Shares in other companies at £75 might be more appropriately included under floating assets. Liquid assets, which comprise twothirds of the total assets, are divided between the stocks group of £25,011 and sundry debtors at £39,043. Each item has altered little when the amounts involved are considered. Their figures may have varied appreciably throughout the year, but at the latest five closing dates, sundry debtors have fluctuated within a margin of little over £2OOO. Contrary to what might be expected, they have been only slightly affected by the larger turnover. Stocks meanwhile have decreased by about one-third. The reduction in stocks may be reflected partly in the smaller bank overdraft and may be due partly to a more conservative valuation. The steady improvement shown by the last two annual results will encourage shareholders to hope that, given normal conditions, the debit trading balance may be worked off in the course of a few years. BRISBANE WOOL SALES (United Press Association.) (By Electric Telegraph—Copyright.) BRISBANE, August 31. The wool sales have concluded. Ten thousand six hundred bales were offered, the majority being average and inferior descriptions. Compared with the opening rates, good wools were in keen demand, and values firm. Average and inferior wools, compared with May prices, were quoted at 5 per cent. down, and scoureds 5 per cent, to 10 per cent, lower. Prices: Greasy. 17d: scoured. 23d. BRADFORD TOPS MARKET (United Press Association.) (By Electric Telegraph—Copyright.) LONDON, August 30. At Bradford there is moderate business. Quotations: Seventies. 29Jd; sixtyfours, 28d; sixties, 26d; fifty-sixes, 201 d: fifties, 15d; forty-sixes, Hid; forties, lOd. BUTTER AND CHEESE (United Press Association.) (By Electric Tedcgraph—Copyright.) LONDON. August 30. Butter; Quiet. Danish, 104 s: choicest salted New Zealand. 77s to 78s; Australian, 745; unsalted New Zealand. S6s; Australian, 78s to 80s. Cheese: Slow. New Zealand -coloured. 465; white, 49a.

Bank of New Zealand, fouF £ 2 9. 7 d. 6 Commercial Bank 0 15 10 Commercial Bant 0 15 11 Reserve Bank, seven 6 9 6 National Insurance 0 19 9i Westport Coal, two 0 19 0 Goldsbrough, Mort 1 10 3 N.Z, Guarantee Corp 0 4 7 Broken Hill South 3 18 6 D.I.C. (pref.)i three .. .. 1 5 0 Dominion Fertiliser .. ..'.. 1 0 0 Dominion Rubber 1 8 6 North Broken Hill 4 17 6 Woolworth* (Sydney), four 3 8 6 N.Z. Breweries, four .. .. 3 8 0 N.Z, Breweries .. 2 7 0 N.Z. Breweries 2 7 3 Bell-Hooper, two .. .. .. 0 0 5i Bell-Kilgour .. .. 0 0 M Bendigo Goldlight 0 0 104 Bendigo Goldlight. three 0 0 10 Blackwater 1 13 0 Gillespie’s Beach .. .... .. 0 1 11 Golden Sands 0 2 84 Goldfields Dredging, two .. 0 1 3 Goldfields Dredging, three .. 0 1 14 Nevis Diesel 0 0 44 Okarito 0 8 0 Oxenbridge 0 0 9 Skippers .. 0 0 74

SALES ON ’CHANGE. £ s. d. Reserve" Bank., two 6 9 6 X.Z. Breweries 2 7 3 Bendigo. Gokllislit. tlir.c.e. ...... 0 0 10 SALES I;K PORTED. Reserve Bank, two 6 9 6 Blaekwatcr 1 13 0

Buver. Seller. C 8. cl. £ 8. d. A'asia 11 8 0 — n.s.w 32 0 0 — N.Z 2 7 4 2 7 8 Commercial .. ’ .. 0 15 6 0 15 11 Comm, fpref.) 9 11 0 — E.S. and A 5 5 0 — Natl, of N.Z. .. — 3 15 0 Reserve — 6 10 0 Union .. .. .. — 9 15 0 INSURANCE. National 0 19 9 1 0 0 New Zealand .... 3 2 6 — Standard 3 7 0 — SHIPPING. Htiddarl, Parker (pref.l I 8 0 — U.S.S. Co. (pref.) 1 6 9 — COAL. Kaitangata .. .. 1 0 3 — Westport — 0 19 2 Westport-Stockton (pref.) 0 4 7 0 5 S

LOAN AND AGENCY. Buyer. Seller. c S. d. £ s. d. Dalgetv and Co. .. 9 0 0 — Goldsbrough, Mort I n 0 — National Mortgage — 3 1 0 National Mortgage 9 i'B issue) .. .. — 1 11 N.Z. Guar. Cnrp. 0 4 G — Wright, Stephenson IS 9 I'ftrd.) — 0 MEAT PRESERVING N.Z. Refrigerating ,10 (paid) 0 18 6 0 18 N.Z. Refrigerating 0 0 (cont.) ; 0 9 9 3 South. Froz. Meat (paid) 3 10 0 South. Froz. Meat (cont.) I 15 0 — South, Froz. Meat (pref.) .. - .. 3 11 0 — South Otago Free*. 6 0 0 — MISCELLANEOUS. British. Tobacco .. 1 16 9 — Brown, Ewing Bruce Woollen 1 1 6 (ord.) 0 12 0 — Bruce Woollen (pref.) 1 1 0 — Colonial Sugar 66 0 0 — Crystal Ice .. .. 1 14 0 — D.I.C. (pref.) .. 1 4 6 1 5 3 Dominion Fertiliser 0 19 10 1 0 0 Dominion Fertiliser fdebs) 102 10 0 — 6 .Dominion Rubber 1 8 3 I 8 Donaghy’s Rope .. 2 8 0 — Dunedin-Kaikorai Trams 1 17 0 — Stock Exch. Propy 2 0 0 — Dunlop Perd. Rub. — 0 19 7 Electrolytic Zinc 8 9 •(ord.) 1 8 0 1 Kaiapoi Woollen 0 14 (pref.) .. .. Milburn Lime 1 1 0 0 1 I S Mount Lyell .. .. 1 0 2 1 0 8 National Electric — 0 8 9 N.Z. Drug Co. .. 3 18 0 — N.Z. Newspapers 1 11 s — N.Z. Paper Mills.. 1 11 6 — 0 North Broken Hill 4 18 0 ■ 5 0 Regent Theatre .. 0 17 0 0 19 0 Smith and Smith 0 19 0 — Whitcombe and Tombs 3 15 0 — Wilsons Cement .. 1 10 0 ~ Woolworths (Syd.) Woolworths (ord.) 3 8 3 3 9 0 7 5 0 — Sun Newspapers — 0 4 2 BREWERIES. N.Z. Breweries 2 7 0 2 7 9 2 4 6 — OIL. Moturoa .. .. —* 0 3 9 MINING. Bell-Hooper .. .. 0 0 H 0 0 H Bell-Kilgour .. .. — 0 0 4 Bendigo Goldlight 0 0 10 0 o 104 Blackwater .. .. — 1 13 6 Central Shotover — 0 0 10 Charleston ... .. — 0 1 3 Gillespie’s Beach 0 1 9 0 1 11 Golden Progress . - 0 1 1 — Golden Sands •0 2 7 — Goldfields Dredging — 0 1 14 Glenroy — 0 1 3 King Solomon — 0 4 5 Maerewhenua 0 0 44 0 0 54 Moonlight-Nelson 0 0 Creek — 5 Nevis Diesel 0 0 4 0 0 44 0 3 o 0 3 6 Okarito 0 8 0 10 Oxenbridge .. .. 0 0 9 0 0 Skippers 0 0 6 — 6 Upper Shotover .. 0 0 6 0 1 Stafford — 0 1 44 Waitahu .. .. .. — O’ 5 0 Wetherstoues .... — 0 1 3 Sandhills .. .. 0 0 5 0 0 9 GOVERNMENT LOANS. 34 p.c. Stock; 19381943 108 0 0 — 3i p.c. Stock, 19391943 108 0 0 — 34 p.c. Stock, 19411943 108 0 0 — 3| p.c. Stock. 19381952 108 0 0 — 34 p.c. Stock. 19391952 .... . . 108 0 0 — 34 p.c. Stock, 19411952 108 0 0 — 4 p.c. Bonds, Jan. i5, 1940“ .. .. 107 0 0 — 4 p.c. Stock, Jan. 13, 1940 .. .. 107 10 0 — 4 p.c. Bonds,. Feb. 15, 1940 .. .. 107 10 0 — 4 p.c. Stock, Feb. 15, 1946 .. .. 107 10 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, 1955 .. .. 110 10 0 — 4 p.c. Stock, June 15, 1955 .. .. 110 0 0 — DIVIDENDS PAYABLE.

RUGBY, August 30. Paris— Par. Aug. 29. Aug. 30. Francs to £ 1 Brussels— 124.21 75 9-32 75 1-32 Beiges to Cl Oslo — 30 21.183 21.083 Kroner to £ X Stockholm — 18.180 19.903 19.903 Kroner to Cl Copenhagen— 18.130 19.39J 19.393 Kroner to £ 1 Berlin— 18.150 22.393 22.393 Marks to Cl Montreal— 20.48 12.643 12.571 Dollars to Cl New York— 4.86 2-8 4.803 4.90 Dollars to £1 Yokohama— 4.88 2-3 5.04% 5.02% Ponce to yen .. 24,582 14 8-82 14 B-16 Hongkong— 181 Pence to dollar Bombay— 24.58 18J Pence to rupee Batavia— — 18 1-16 18 1-16 Florins to £ 1 Milan— 1110 7.86 7.35 Dire to £1 .. Amsterdam — 82.46 57 29-32 57 29-32 Guilder to £1 Prague— 12.107 7.333 7.321 Kroner to £ 1 Geneva1041 1093 — Francs to £ 1 Vienna— 25.221 15.21 15.103 Schillings to £ 1 Helsingfors— 84.86J 261 263 Marks to £1 Madrid— 108.23 2263 226J Pesetas to £ 1 Belgrade— 25.223 88 7-16 86 7-32 Dinars to £1 Athens— 25.223 214| 200 Drachma to £1 Lisbon— 375 520 517 Escudos to £1 Bucharest— 110 110% 110% Lol to £1 lllo de Janeiro— 031.6 498 495 Pence to mllrcls Buenos Aires— 5.800 41 41 Ponce to pesos Shanghai— 47.28 363 363 Pence to tael Montevideo— — 16 11-16 162 Pence to pesos Warsaw— 89 391 Zlotys to £ 1 — 26.62 26.62

Lait week. This wear. e s. d. 1 1. d. Consols SO 15 0 80 15 0 Funding Loan, 4 p.c., 1069-90 115 12 6 116 0 0 Assented War Loan .. .. 104 7 6 104 15 0 Conversion Loan, SM p.e. .. 106 1 3 103 15 0 Victory Bondi, 4 p.c. (eidlr.) 112 12 0 112 12 « C’wealth, 6 p.c., 1045-75 .. 107 15 0 107 16 3 C’wealth. 6 p.c.. 1035-45 .. 102 0 3 102 8 3 C'wealth, 4 p.c., 1045-48 .. 102 6 0 102 3 « C’wealth, S*i p.c., 1948-53 .. 100 7 6 /100 a 8 C'wealth, SH p.c., 1030-37 .. 101 18 0 102 0 0 N.8.W.. S p.c., 1035 .. .. 101 17 6 101 18 9 N.8.W.. S*A p.c,, 1930-60 .. 07 8 s 97 10 6 N.S.W., 4*4 p.c., 1035-45 .. 101 2 s 101 3 9 N.S.W.. 5 P.0,, 1935-55 .. 103 7 6 103 6 3 Victoria, 3 p.c.. 1020-40 03 0 0 02 15 0 Victoria, 4% p.c., 1940-60 .. 104 0 0 104 0 0 Victoria, 6 p.e.. 1045-75 .. 107 6 0 107 1 8 Queensland. 3 p.c.. 1022-47 .. 93 5 0 S3 6 0 Queensland, 5 p.c., 1040-60 .. 106 12 e 106 « 8 S.A., 3 p.c.. 1916 (opt.) .. 83 16 8 £2 6 0 S.A., 6 p.c,. 1945-76 .. ., 107 8 9 107 0 0 W.A., 3 p.c.. 1015-35 .. .. 101 17 6 101 10 0 W.A., 4 p.c.. 1942-H2 .. .. 101 3 0 100 17 6 Tasmania. 3% p.c., 1920-40 .. 100 15 0 101 0 0 Tasmania, 4 p.e., 1940-50 .. 101 5 0 101 0 0 New Zealand. Hi p.c., 1048-58 107 7 6 107 11 8 Now Zealand. 314 p.o„ 1040 101 13 9 101 17 6 New Zealand, 3 p.c., 1945 .. 98 17 6 08 5 0 New Zealand. 6 p.c., 1930-51 106 0 0 108 5 0

Paid-up General Net July 3L Capital. Rescrres. Profit. Dividend. £ £ £ p.c. 1020 .. .. 37.500 20,048 13.728 8% 1022 .. .. 60,085 8,803 tO.284 6 1024 .. .. 60.310 1,009 241 — 1026 .. .. 60,800 1,671 3.364 — 1028 .. .. 60,800 *006 2,133 0 1029 .. .. 60,907 683 2,284 8 1030 .. .. 60,907 93 t487 . — 1831 .. .. 60.907 — 14,611 —• 1032 .. .. 60,541 — 14.162 — 1933 .. .. 60,831 — tl.704 —’ 1*34 .. .. 60,887 — 2,004 — * Subject to income tax. t liOII.

£ £ p.c. 1910-20 .. . , 19,002 32.730 58.06 1021-22 .. 17,922 8,038 207,48 1023-24 .. 15,700 18,791 93.50 1025-28 .. 15,284 18,848 81.96 1027-28 .. 15.953 18,088 88.21 1028-20 .. 18,125 18.408 87.59 1029-30 .. 16,084 15,607 103.12 1930-31 .. 10,228 11.617 135.72 1031-32 .. 13.224 0,072 145.77 1032-33 .. 11.913 10,119 117.73 1033-34 .. 10,428 13,001 79.04