COMMERCE AND FINANCE

Otago Daily Times, Issue 22398, 20 October 1934, Page 8

COMMERCE AND FINANCE

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

Xh* volume of business transacted on Hm Dunedin Stock Exchange during the put week was again below normal and many stock* were inclined to be slightly Unstable. Bank of New Zealands continued in demud at up to £2 8s 9d, sellers remaining firm at £2 9s. Six parcels of Reserve Banks changed hands at £6 10s 3d, and there is now an unsupplied buyer forward at £6 10s. In the insurance section. South British Aares were in good demand, three sales being recorded at £4 13s. The shares are now on offer at £4 13a 3d. The inquiry for Nationals improved to £1 Is 3d, but no shares were available. Two sales of Westport Coals were reported at 19 s Id, and they can now be bought at 19a 2d. Kaitangafas have been offered at £l 2s 6d with no buyer forward. Paid-up New Zealand Refrigeratings brought 19s 4d and the contributing issue was dealt in at 9s 3d. The former shares are now wanted at 19s 3d, and 9s 3d was offerejJ for the latter at the close of the market, when sellers were asking 2d more. Southland Frozens and South Otago Freezings continued in' demand, but no business resulted.' The offer for Waitaki Farmers improved to £3 at the end of the week.

B row'll, Ewing’s preferred issue was sold at £1 2a 6d, further offers of the same price failing to attract a seller. There was a good demand for Dominion Fertilisers at up to £1 Os 9d, at which figure a sale took place. The debentures are .being asked for at £lO5. Mount Lyells eased during the period and business was done at 18s Sd. There is now an unsupplied buyer in the market at that price. Business was done in New Zealand Drugs at £3 19s 3d, further offers of the same figure failing to attract business. The Sydney issue of WoolwOrths was turned over at £3 16s, and thej? are now on offer at £3 17s, with a margin of Is 6d between buyers and sellers. The market for New Zealand Breweries reached £2 10s 9d early in the week, & sale taking place at that figure, but the demand has since eased and a further sale-was recorded at £2 10s. The shares are now on offer at the latter price, buyers offering £2 9s 3d. The contributing issue of 1 the Timaru Brewery was dealt in at 7s 6d, and is now being asked for at 7a sd. Tooths are wanted at £2 9s 9d, with a seller in the market at £2 10s 6d. There was a sale at the former figure. Business was comparatively quiet in the; mining section. Bell-Hoopers were turned over at 3d and Bell-Kilgours at 2fd. There has been no change in the market for,these shares. Bendigo Goldlights changed hands at Hid and Is, the closing quotations being id on either side of the latter price. Big Rivers, which were' sold at Is 7id, are now wanted at Is '7d, with a seller forward at Is Bd. A parcel of Waihis changed hands at £1 15s 9d, and further business was done at £1 16s. The demand for Government Bonds and Stocks remain steady, except in the case of 1940 4 per cent, issues, which are being asked for at £lO3 10s. SALE ON ’CHANGE.'

LOCAL AND OVERSEAS MARKETS

The following is a list of shares on which dividends will shortly be payable: — Brown, Ewing, final. Is .. .. Oct. 25' South British Insurance, final. Is 4d .. . i • • •• . Oct. 25 Donaghy’s Rope, interim, 9d, Oct. 26 Smith and Smith (pref.), int., 6d . Oct. 31 South Otago Freezing, final, 8s Oct. Waihi, Is Nov. 1 D.I.C. (pref.), final, 0d .... Nov. 1 D.I.C. (ord.), final, 6d .. .. . . Nov. 1 Bruce Woollen (ord.), final, 7 l-5d Nov. 12 Bruce Woollen (pref.), final, ' Is 1 11-25 d Nov. 12 National Bank of Auet. (paid), interim, 5s Nov. 28 National Bank of Auet. (cont.), interim, 2s 6d Nov. 28 NORTHERN EXCHANGES (Pee United Peess Association.) ' The following business was done on ’Changes yesterday:— Auckland. —Sales: Stock (1955) 4 per cent., £ll3 7s 6d; National Bank of New Zealand, £3 10s: National Bank of Australasia (£5 paid), £6 3s 6d; Bank of New Zealand, 48s 8d (four parcels); New Zealand Insurance, 69s 9d; Dunlop Perdriau, 20s; Farmers’ Trading, 6s 6d, 7s; Farmers’ Trading (B pref.), 14s 6d; Wilsons Cement, 34 s (two parcels); Golconda (lOd paid). Sid; Waihi Junction, 4s 4d; Broken Hill Propriety. 52s lOd. Unofficial list: Woolworth’s (Sydney; ord.), 76s 6d. Wellington. —Sales; Inscribed Stock 4 per cent. (1940), £105; 4 per cent. (1946), £lO9 10s; 4 per cent. (1949), £lO9 10s (two parcels); 4 per cent. (1955), £ll3 7s 6d, £ll3 10s; Christchurch Gas (cont.), 16s; South British Insurance, 93s 6d (late Thursday): Westport Coal, 19s, 19s Id. Unofficial: Maori Gully, Is 3d (late Thursday); Denhard Bakeries (pref.). 19s 9d. Christchurch. —Sales: New Zealand Government 4 per cent. Inscribed (1955), £ll3 ss; Bank of Australasia. £ll 13s; Commercial Bank of Australia (pref.), £9 19s; Bank of New Zealand, 48s 9d; Reserve Bank of New Zealand, £6 10s 6d; New Zealand Refrigerating (£1 paid), 19s 6d; New Zealand Refrigerating (10s paid), 9s 4d: New Zealand Breweries, 49s sd, 49s 3d: Dunlop Perdriau Rubber, 20s, 20s Id; Electrolytic Zinc (ord.), 28s, 27s 9d; Brian Born. Is 3d; Mount»Lyell, 18s lid (four parcels); Nevis Diesel Electric, 4Jd (three parcels); Waihi (cum div.), 36s 3d; Waihi Grand Junction, 4s 4d. Sales reported: New Zealand Government 4 per cent. Inscribed (1955), £ll3 7s 6d; Bank of New Zealand, 48s lOd (three parcels); British Tobacco, 41s sd; Broken Hill Proprietary, 52s Bd, 52s 9d; Dunloo Rubber (late sales Thursday). 19s lid (three parcels); Mount Lyell (late sale Thursday), 18s lid. Unlisted stocks; Argo Gold (6d paid), 7d (two parcels); New Zealand Mining Investment. Is; Woohvorth’s (Sydney; ord.), 76s 7d, 76s 6d. Sale reported: National Tobacco, 71s 6d.

CANTERBURY MARKETS (Per United Press Association) CHRISTCHURCH, October 19. A shortage of old potatoes has developed in Auckland, and inquiry has been received for a shipment by the Wingatui, leaving Lyttelton to-day. The consignments going north recently have been progressively smaller and, as the experience of the season has been that sufficient will arrive to meet the current needs, there has been little incentive for northern merchants to order for potatoes. For to-day’s boat £2 15s, f.0.b., s.i,. was paid. The vessel lifted 549 sacks from Timaru, and is taking 2700 to-night from Lyttelton. The next boat is due to sail on Wednesday or Thursday. Tlie fowl wheat market is firm at 3s 9d, f.0.b., s.o. There is no inquiry for oats, which are quoted at 2s 7d, f.0.b., s.i.. for A Cartons. Chaff is unchanged, but there is little business doing. All classes of seeds are unchanged. PRICE OF FINE GOLD (United Press Association.) (By Electric Telegraph —Copyright.) LONDON, October 17. Fine gold is quoted at £7 2s Id per ounce. P. AND 0. SHARES (United Press Association.) (By Electric Telegraph—Copyright.) LONDON, October 18. P. and D. shares are quoted at 18s l*d. NEW GUINEA GOLD SHARES (United Press Association.) (By Electric Telegraph—Copyright.) LONDON, October 18. New Guinea Gold shares are quoted at 5s 4Jd. STEEL INDUSTRY BRITISH FIRM’S PROFITS. Further evidence of the manner in which the iron and steel trade has been in the van of Britain’s industrial recovery is afforded by an announcement made recently by the United Steel Companies, Ltd. This £6,600,000 combine reported a rise in profits for the past year from £351,438 to £947,680, and shareholders are to receive a dividend of 6J per cent. ■ At the same time it adds another chapter to one of the most interesting stories the city has provided for some tune —a story in which there is a certain amount of poignancy (states a London financial .writer). In 1929 Clarence Hatry visualised a vast steel combine. In conjunction with Austin Friars Trust he devised what seemed to be an exceedingly ambitious scheme and formed the Steel Industries of Great Britain, Ltd. The Hatry crash nullified his efforts and owing to the resultant complications the shares of the company were not dealt in on the Stock Exchange. In May, however, a powerful financial group purchased the shares which Steel Industries of Great Britain, Ltd., held in the operating Company—United Steel Companies, Ltd. —and offered them to the public at 21s 6d. The current price is around 235. A SAFEGUARD FOR THE SMALL INVESTOR The investor who has not got sufficient capital to spread his risk over a sufficient number of securities, or the necessary skill, time, or knowledge to make a careful selection, can secure both these advantages by placing his money in the New Zealand Investment Trust. Immediately he becomes a part owner of all the securities that can safely be regarded as the “ cream ” of current investments; Ask your lawyer, banker, or broker for full particulars, or write direct 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.— A dvt. PUBLIC TRUST OFFICE • BUSINESS FOR SEPTEMBER. Estates of a value of £534,904 were reported and accepted for administration by the Public Trustee during the month. The new business for the six months ended September 30 was £3,236,550, compared with £2,690,688 for the corresponding period last year. Grants of administration made by the court in favour of the Public Trustee numbered 166 for the month. During the month 369 new wills appointing the Public Trustee executor were deposited for safe custody by living testators and 295 existing wills were revised to provide for changes desired by testators.

DUNEDIN MARKETS WHEAT, OATS, ETC. According to reports the sowing of wheat is still being carried out in Canterbury and also in other parts of the South Island. The broken weather is, however, holding up sowing in many places. It has been found that quickly maturing varieties can be sown later, and it is this class of wheat that is now beingplanted. The variety in most demand is Jumbuek, but stocks are not plentiful, and it is difficult to secure supplies. Odd lines of milling wheat are still reaching the market, and where the quality is satisfactory they are being taken over by the Wheat Purchase Board. Most merchants are carrying sufficient stocks of fowl wheat, but although the demand is weaker there is no quotable change in values. Up to 3a 9d per bushel, sacks extra, ex store, is obtainable for best quality. Inferior lines are soiling at irregular prices. According to reports from Canterbury the fowl wheat market there has eased slightly. The quotation is now 3s BJd, f.0.b., sacks extra, this representing a reduction of Jd per bushel on the rates lately ruling. Millers’ prices for flour, etc., are as follows: Flour: 2001 b, £l3 2s; 100’s, £l3 7s; 50’s, £l3 12s; 25’s, £l3 17s. Bran, £5 per ton. Pollard, £5 15s per ton. Oatmeal: 2001 b, £l9; 25’s, £2l. The prices of 1001 b, 50lb, and 251 b bags of flour have been reduced 10s per ton. The price of pollard has been reduced 5s per ton. The oat market continues depressed, and there are few inquiries. Stocks held in Dunedin are on the light side, with 2s 7d, f.0.b., s.i., being the basis of quotation for the few orders for A Cartons coming to hand. B’s are quoted at 2s 3d. Some farmers are still holding oate, and are asking prices above the shipping parity. The ruling values in the, country are Is 9d, sacks extra, on trucks, for A’s, with B’s at Is 5d to Is' 6d. No further inquiries have been received from overseas, merchants at Home not now being prepared to make offers for New Zealand grown oats. There has been a larger delivery of seed*oats from this centre than usual, but this does not mean that there is a heavier sowing out. The increased demand has been caused through a shortage of seed oats in some districts, notably Central Otago. Little business ‘is passing in chaff. Sales are still confined to store lots, and there are ample supplies to meet the demand. Values remain unchanged, prime quality being worth £3 15s per ton, sacks extra, ex truck. Lots ex the store are selling at £4 5s per ton, sacks extra. Apparently there is no possibility of an export business being done with potatoes to Australia, and, moreover, the season is now well advanced. Values in the Dominion are very low, and locally the price for best quality is round about £2 10s, sacks included, ex store. In Canterbury, where the expectation of an outlet to Australia caused a slight firtning, the shipping quotation is down to £2 per ton, f.0.b., s.i. According to reports from Auckland new potatoes from Pukekohe are coming forward in increased quantity. As a consequence, from now on, there will not be the same demand from the South Island for old season’s tubers. The seed markets remain quiet, with practically no wholesale business passing. There is an entire lack of demand from overseas for some of the main lines, only Chewing’s Fescue and Brown Top being wanted. Prices for both these lines remain firm, and there is no quotable change in the other varieties. Stocks of seeds are on the light side and this applies particularly to Cocksfoot. Without an export demand it is doubtful whether values of ryegrass can be maintained. Wholesale produce prices are ns follows: Chaff: Good, bright oaten sheaf, to £4 5s per ton, ex store. Potatoes, to £2 10s per ton, ex store. Dairy butter: Milled bulk, 6d to 6jd per lb; separator, Od to 6Jd, Bacon, lid. Ham: Ordinary, lljd; boneless, Is Ojd per lb. Onions: Canadian, 20s per cental bag. Eggs, lOd per dozen. FRUIT REPORT. The Waitaki arrived on Wednesday with a further shipment of Australian oranges. There were 4000 cases approximately in the consignment for Dunedin — about the same number as was landed by the Waitaki on her previous trip from Melbourne. The shipment was comprised of Valencias, and the sizes were mostly small. There is now only one more shipment of Australian oranges to come to hand during the present season. After that the market will again be dependent upon Californian-grown. Supplies of choice quality apples are not so plentiful. The demand is practically confined to well-coloured lines of appes of 2Jin or over. Inferior grade are hard to place. Small lots of pears continue to arrive from Nelson cool stores. Supplies of Auckland hothouse tomatoes have eased off, and the Canterburygrown coming to the local marts show a marked increase in values. A good shipment of Island tomatoes reached the market during the week, transhipped ex the mail steamer at Wellington. This vessel also brought a small quantity of Rarotongan bananas. New Zealand-grown lemons are not so plentiful, growers not being prepared to forward the usual quantities on account of the low prices ruling. A further shipment of Californian grapes arrived on Friday, ex the Breeze. The fruit was transhipped at Wellington. Asparagus is offering freely from Canterbury. The market is easier, but fair prices are still being obtained. Cauliflowers were in short supply early in the week, and up to 7s per sack was being secured in the marts for choice quality lines. Heavier supplies have since been arriving, and the market 'declined yesterday, the same quality of cauliflowers then being offered at 3s to 4s per sack. Rhubarb is in over-supply, with unpayable prices ruling. Choice-hearted lettuce have a good inquiry. Poor quality are in over-supply, with sales hard to effect. Cabbage have a good inquiry, with fair prices being obtained. Carrots and swedes have a better inquiry, but parsnips are slow of sale. Wholesale prices are as follows: — Apples: Sturmers, 5s to 8s per case; Delicious, extra choice, 7s to 8s; others, 3s 6d to ss; cookers, 4s 6d to 6s; inferior dessert and cookers, 2s to 3e 6d per case. Pears: Winter Cole and Winter Nelis, 8s to 10s 6d per bushel case. Bananas: Ripe, 20s to 24s per case. Oranges: Australian Valencias, ICs to 23s per case, according to size of the fruit. Tomatoes: Hothouse, 2s to 2s 4Jd per lb. Lemons: New Zealand-grown, 8s to 12s 6d per case; Californian, to 57s 6d. Grapes: Red, to 22s 6d per case. Poorman oranges, 4s to 5s per case. Cauliflowers: Choice, to 4s 6d per sack of 18; others, Is to 2s. Swedes, 9d to Is per sugar bag. Carrots, 2s to 2s 3d per sugar bag. Parsnips, Is 6d to 2e per sugar bag. Spring cabbages, to 2s Od per case of two dozen. Asparagus, 5s to 7s 6d per dozen bunches. Rhubarb, to Is 3d per dozen bundles; loose, to Id per lb. Lettuce: Choice, to 3e 6d per dozen; others, Is to 2s. Leeks, 2d to 3d per bundle. Potatoes, 3s to 3s 6d per cwt. SOUTH AUSTRALIAN WOOL SALES (United Press Association.) (By Electric Telegraph—Copyright.) ADELAIDE, October 19. At the wool sales the bidding was brisk and competition more animated than at the previous market in September. Good to best fleece and pieces were about 5 per cent, dearer, and inferior types were firm. Of the 14,513 bales offered 13,256 were sold, and of these 4937 realised lOd per lb or more. Japan bought freely. Two German firms also operated. BRADFORD TOPS MARKET (United Press Association.) (By Electric Telegraph—Copyright.) LONDON, October 18. Bradford is firm following the harder tendency in Australia. Quotations: Seventies, 271 d; sixty-fours, 26d; sixties, 24d; fifty-sixes, 19Jd; fifties, 14d; fortysixes, lid; forties, 9Jd.

FOREIGN EXCHANGES (British Official Wireless.) (United Press Association.)

BANK OF ENGLAND RETURN (United Press Association.) (By Electric Telegraph—Copyright.) LONDON, October 18. The following is the Bank of England return: — ISSUE DEPARTMENT. Note issue in circulation .. £377,217,235 Banking department .. .. 74,721,311 £451,938,546 Government debt .. ... - 11,015,100 Other Government securities 244,796,361 Other securities 1,189,563 Silver coin .. 2,998,976 Gold coin and bullion .. .. 191,938,546 £451,938,546 BANKING DEPARTMENT. Proprietors’ capital .. .. £14,503,000 Rest 3,098,671 Public deposits 17,516,064 Other deposits (bankers) .. 104,490,807 Other accounts .. • • • • •• 37,443,718 Seven-day and other bills . . 5,060 £177,107,312 Government securities .. •• £81,279,164 Discount advances 9,408,333 Securities Notes in reserve Gold and silver coin .. .. 64u,791 £177,107,312 The proportion of reserves to liabilities is 47.20 per cent. Short loans are quoted at -2 per cent.; three months’ bills at 25-32 per cent. LONDON STOCK EXCHANGE LONDON. October IS. Tho Collowlnß are the latest flotations of Government securities compared with the prices ruling las* week:— Last week. This week.

ON NEW ZEALAND CURRENCY BASIS The Bank of New South Wales, Dunedin, quoted the following rates for purchases and sales of foreign exchange yesterday :

Singapore— N. pence to 1 dollar .. .. T.T. 34 7-16 35| O.D. 34 5-16 35 5-16 T.T. represents Telegraphic Transfers. O. represents On Demand transactions. The above rates are subject to alteration without notice. * These rates are nominal only. DOLLAR AND FRANC (United Press Association.) (By Electric Telegraph—Copyright.) LONDON, October 18. Exchange on New York is quoted at 4.93| dollars to the £, and on Pari s at 74 5-16 francs to the f. TAXATION FIGURES The New Zealand Trade Review- and Price Current gives the following details of taxation for the year ended March 31, 1934: Customs revenue (excluding petrol tax and tyre tax), £6,485,014; beer duty, £655,404; land tax, £498,978; income tax, £2,961,243; death duties, £1,390,742; racing revenue, £340,740; motor vehicles taxation, £1,703,527; unemployed taxation, £4,413,221; other, £3,021,898:—t0ta1, £21,470,827, or £l3 18s 7d per head of population, including Maoris. Taxation by local governing bodies, year ended March 31, 1933; —Rates, £5,237,688; licenses, etc., £505,796; total, £5,743,484.

COMPANY BALANCE SHEETS

THE BRUCE WOOLLEN MANUFACTURING COMPANY, LTD.

* Subject to Income tax. t After including depreciation.

In common with other woollen manufacturing concerns, this company has had to cmitend with the difficult conditions arising from the fluctuations in the market price of wool during the past year. It is satisfactory to find that the net profit, when taken on the base of the previous year, has risen £667, so that when the preference shareholders have received their 5 3-5 per cent., the recommendation is to pay 3 per cent, on the ordinary shareholdings. There will then be £354 to add to the floating balance, making £IOB4 to bring to the current season. The remarkable similarity for the past year and its predecessor in the two expenditure groups, while the depreciation allowance of £4OOO which on this occasion is included in the profit and loss account is unaltered, brings the disbursements within £lO of one another. Interest, discount, and insurances, at £7626, show a slight increase, but the income tax and general expenses, at £7415, including directors’ fees (£333), show a corresponding drop. The larger gross profit is thus all available for division, and, if the directors’ recommendation is confirmed, £SOO will be distributed to shareholders, and the balance will go to reserves. Expendi-' ture in its relation to gross profit is equivalent to 75.57 per cent., as against 77.64 per cent, for 1932-33. Except for the £354, unallocated from the gross profit, reserves are unaltered, general account remaining at £12,000 and dividend equalisation account at £SOOO. The augmented floating balance of £IOB4 brings the total visible reserves to £18,084. The income tax reserve of £4358 presumably contains the provision for income tax mentioned in the profit and loss account, hut whether the above figure applies entirely to tho past season, as whether it holds something over and above the actual charge, does not appear. In relation to paid-up capital, reserves have stood as follows:

Although EOine reduction has been effected in the bank overdraft, the amount, £65,018, is still high. If this may be taken as an average figure throughout the year, the annual interest charge must continue to take a heavy toll from the profits. Deposits have risen to £13,625, or by £2300. This may be partly a result of the reduction in the bank balance and, while transferring the interest charge from one heading to another, presumably effects a saving in the rate. The sundry creditors group, at £4680, is maintained within its customary limits. It consists, inter alia, of various charges accrued, some of which would require to be met shortly, while discounts on book debts are included, instead of being deducted from their relative asset. A comparison of the liabilities at the latest three closing dates come out thus: — 1932. 1933. 1984.

£87.409 £87.039 £88.823 Under the operation of depreciation, the fixed assets continue to fall. With additions of £1723 accompanied by a depreciation allowance of £4OOO, the group has fallen £2277, or down to £132,835. The provision is equivalent roughlv to 3 per cent., but as the respective vahies of the different sections are not mentioned, it does not appear how far the recognised rates for wear and tear on the different classes are met. In a business of this nature, expenditure on a high scale may be incurred and certain good-conditioned machinery rendered obsolete with little warning, owing to the invention of some improved device. Liquid assets aggregate almost the equivalent of the fixed assets. Stock, which at £105,746 is the chief item, is little altered, the decrease being made up by the rise in book debts and bills receivable to £19,397 and £1705 respectively. Advances on workers’ homes is reduced to £IBB2, fresh advances having apparently not been made, while those existing are gradually being paid off. The substantial increase in sales mentioned in the directors’ report is a hopeful sign as affording a means of reducing the heavy loan indebtedness, which still_ remains a burden to hamper the activities of the company. WHALE OIL PRODUCTION From a report issued by the Committee for Whaling Statistics, appointed by the Norwegian Government, it is learned that the maximum of oil output was reached in the 1930-31 season, when 3,686,976 barrels were marketed. The season following was a comparatively poor one, resulting in 915,482 barrels being obtained, but for the 1932-33 season the improved yield was 2,596,800 barrels. A calculation for the Antarctic in the season 1933-34 shows a figure which is about 100,000 barrels less than m the preceding year. The animal slaughter of the whales to keep up such an enormous oil output figure must inevitably result in their extinction in southern waters. DAIRY PRODUCE (United Press Association.) (By Electric Telegraph—Copyright.) LONDON, October 18. Butter: Danish is firm at 110 s. Others are steadier after the weakness early in the week. Choicest salted Australian and New Zealand. 64s to 665; unsalted Australian, 68s to 70s; New. Zealand, none offering. , . Cheese is firmer. New Zealand white and coloured, 495; Australian, 475. Messrs Dalgety and Co. advise having received the following cablegram from their head office, London, dated October 18: The blitter market is steadier. The cheese market is steady at present prices. r , Danish butter, 107 s to 109 s; New Zealaud finest butter, 62s to 655; Australian, finest unsalted butter, 04s to 08s; Australian finest salted butter, 62s to 655; Australian g.a.q. butter, 60s to 61s. Australian cheese, white, not quoted; Australian cheese, coloured, not quoted; New Zealand cheese, white, 48s to 48s 6d; New Zealand cheese, coloured. 48s 6d to 495: Canadian cheese, white, 50s to 525; Canadian cheese, coloured, 50s to 525; Canadian cheese, c.i.f., not quoted. Messrs A. S. Paterson and Co., Ltd., are in receipt of the following cabled advice from London: Butter: Market steadier—more inquiry New Zealand. Now Zealand, 655, 665; Australian, 655. ‘ Cheese: Market firm on short supply. White cheese, 495: coloured, 48s 6d. The National Mortgage and Agency Company advises that it is in receipt of the following cablegram from London: — Butter: Market firm. New Zealand finest, 665; New Zealand first, 645; Danish, 104 s to 106 s, 90s, f.0.b.; Australian, 655. , , Cheese: Market firm. New Zealand, white and coloured, 48s to 48s 6d; Canadian, c.i.f.. white, 48s; Canadian, c.i.f., coloured. 525. SHARLAND AND CO.. LTD. FINAL DIVIDEND. (Pee United Press Association) WELLINGTON, October 18. Sharland and Co., Ltd., has advised the Stock Exchange Association that the directors propose to recommend, at the annual meeting on November 8, a final dividend of 2-i per cent, on both preference and ordinary shares, making 5 per cent, for the year ended August 31,

POTATO FAMINE SHORTAGE IN SYDNEY. Prices of potatoes in Sydney are nowhigher than they have been at any time during the last four years, which information has already been conveyed by cablegram. _. . Q In Sussex street market on October » agents advanced wholesale prices by as much as £5 a ton. The well-known lasmanion Brownell sold at £lB a ton, while new potatoes from the North. Coast were disposed of at £23 and £24 a ton These prices are the highest recorded since 1929, when over £3O was obtained for Tasmanian potatoes. Despite the . rise in prices eager retailers besieged Sussex street agents, and were not content until they had purchased the majority of the 8465 bags shipped from Tasmania for the_ weeks Sydney market. A firm market is usual at this time of the year, when Tasmanian supplies are dwindling, but no rear is held this year, in view of the higb prices, that the shortage will prove acute, as reports from Tasmania state that a record area of 7000 acres has been planted with Bismarcks, and the North Coast crop in New South Wales, despite early panmistic estimatea and reports of blight, is expected to be fairly heavy and of good quality. BREAD PRICES The alteration in the minimum price of bread, which takes effect on Tuesday next, concerns city and suburban districts only. For the past three years there has been, more or less, a price war, the 41b mat being sold ataslow.as Vid.and Bd. Bakers forced to meet these prices have been unable to carry on, and _as the result of insolvencies amongst their ranks these rates have been restored to 9d as a minimum over-the-counter price, ihe. alteration, therefore, does not concern any bread price parity in country districts. SOFT GOODS TRADE “ DEPLORABLE PRACTICES.” “ Throughout the year the company has set its face against such methods of trading as resorting to the giving of tree gifts ’ or other similar devices as inducements to people to purchase goods, sail Mr Parker Pope, chairman of Farmers, Ltd., Sydney. ’‘These practices are basically unsound, and, at the best, simply mislead the public. The directors believe Mr Pope went on, “ that it is not possible to give with merchandise a ‘ free gut' said to be worth anything up to 20 per cent, of the value of the merchandise purchased, unless, in the first instance, the quality of the merchandise has been so lowered as to permit of the cost of the so called ‘ free gift ’ to be wrapped up in the price of it; or, secondly, that a greater price is being charged for the merchandise than it is worth, in order to cover the cost of the extra article ostensibly given away in the guise of a ‘free gift.’ “These are deplorable practices which, unfortunately, creep into merchandising and tend to destroy public confidence, but the directors feel that there is some responsibility on big businesses to be open and frank with the public in their trading methods. So basically unsound are these practices that in the public interest at least two States of the Commonwealth have found it necessary to probit them by statutory provisions. Fortunately, some steps are also being taken in New South Wales to urge the prohibition of such practices in trade.”

BALCLUTHA STOCK SALE (Feom Our Own Correspondent.) BALCLUTHA, October 19. Donald Reid and Co. held a successful sale to-day of cattle, the entry numbering over 300 head, and including some really good lines. Fat cows sold at up to £8 Ss; heifers, to £6 ss; store cows, £3 7s 6d to £3 10s; forward cows, £4 to £6;. forward bullocks (a good line), £8 13s to £9 4s; others, £6 10s to £6 18s. Taien graziers secured a good proportion of the yarding. MELBOURNE MARKETS (United Press Association.) (By Electric Telegraph—Copyright.) MELBOURNE, October- 1». Wheat, 3s. ■/ Flour, £8 2s 6d. Bran, £5. Pollard, £5 ss. Oats, 2 S Sd and 2s 4d. Barley; English, 2s lOd to 3s 2d. Maize, 3s 6d. Onions, £7 to £7 2a 6d. 1 RECORD GOLD PRICE SOVEREIGNS WORTH £2 0s lOd. Gold reached a new record price oa October 3 (says the Melbourne Argus). The price of £7 2s 2Jd a fine ounce recorded in London is equivalent to £8 15s 5d in Australia, after adding exchange and allowing for realisation charges. The Electrolytic Refining and Smelting Company of Australia sold a parcel of gold in London which showed a return of £8 15s 6d an ounce to the producer. The increase in London is further reflected in the price offered for sovereigns in Melbourne. These were quoted on October 3 by the Bank of New South Wales at £2 0s lOd each. The price of gold for exchange purposes was hitherto based on the value of the pound sterling against the franc, but since the United States has practically established an open market for gold at 35 dollars an ounce, the price of gold has moved more in conformity with the dollar rate. Since September 28 depreciation of sterling in terms of the dollar has proceeded by the following stages:—4.97|, 4.96|, 4,924. These movements in themselves would be sufficient to explain the rise in the price of -gold. The trend of the dollar toward parity with sterling (4.86 2-3) may indicate a freater measure of confidence in President loosevelt’s policy. The effect of further gold hoarding is another factor which must not be overlooked. A considerable influence in the exchange market at thi« time of the year is the seasonal activity in London among traders laying in the usual winter supplies of imported goods. The price of gold had increased October 11 to £7 3s 3d a fine ounce, an advance of Is Oid. With exchange this would make the Australian value on October 11 approximately £8 16s 9id. USHER’S METROPOLITAN HOTEL NET PROFIT OF £17,001. A net profit of £17,001 for the year ended August 31 was revealed in the accounts oi Usher’s Metropolitan Hotel, Ltd., Sydney. Last year it was £15,043, and in the previous year the profit was £12.010. In the year prior to that it wac £8502. Interim dividends for the year ar recommended were 8 per cent, per an= num on preference and 10 per cent, parannum on ordinary shares.

Reserve Bank, six Booth British Insurance, three f 6 4 0 s. 10 13 19 d. 3 0 1 N.Z. Refrigerating (paid) .. K-Z. Refrigerating (cent.), 0 0 19 B 4 3 Brown, Ewing (pref.) .. .. Dominion Fertiliser Mount Lyell N-Z Drugs 1 1 • 0 3 2 0 IS 19 6 9 8 3 Woolworths (Sydney) .. .. North Kalgurli 3 1 2 16 0 4 ro4 10 9 2 10 0 Timaru Brewery (cont.) .... Tooth’s Brewery Bell-Hooper • Bell-Kilgour Bendigo Goldlight Bendigo Goldlight Big River 0 2 0 0 0 0 0 0 7 9 0 0 0 1 1 1 6 9 3 n m 0 74 8 1 15 9 Waihi A per cent. Stock, 1940, three 1 105 16 0 0 0

£ d. Waihi 1 16 0 SALES REPORTED. South British Insurance .. , 4 13 0 Timaru Brewery (cont.). late Thursday .. . . .. 0 7 6 Bendigo Goldlight .. 0 1 0 W aihi .. .. .. .. 1 15 9 UNLISTED STOCK. Alluvial Holdings . 0 2 6 The following are yesterday afternoon's buying and selling quotations, which are subject to the usual brokerage :— / ■ BANKING. Buyer. Seller. £ s. d. f s. d. A’asia — 11 16 0 N.Z. 2 8 9 . 2 9 0 N.Z. (Long D) .. — 1 14 10 Commercial .. . 0 16 0 National of N.Z. 3 12 0 Reserve 6 10 0 INSURANCE. National 1 1 3 South British — 4 13 3 Standard .. .. .. 3 9 0 SHIPPING. Huddart, Parker (ord.) 1 15 0 Huddart, Parker (pref.) 1 8 0 P. and 0. Def. Stock 1 1 0 U.S.S. Co. (pref.) 1 7 0 — COAL. Kaitangata .. .. — 1 2 6 Weetport —• 0 19 2 W estport-Stockton (ord.) — 0 3 3 Westport-Stockton • (pref.) — 0 5 0 LOAN AND AGENCY. National Mortgage — 3 0 0 N.Z. Loan and M. (ord.) — 50 0 0 N.Z. Guarantee Corporation 0 5 3 0 3 5 Perpetual Trustees 3 1 0 — Wright, Stephenson (ord.) — 0 17 9 Wright, Stephenson (pref.) 1 0 3 —

MEAT PRESERVING. Buyer. Seiler. £ 9. d. £ s. d. Canterbury Meat (pref.) 5 12 0 — N.Z. Refrigerating (paid) 0 19 3 — N.Z. Refrigerating (cont.) 0 9 3 0 9 5 South. Frozen Meat (paid) -. 3 12 6 3 15 0 South. Frozen Meat icont.) ’ 1 16 0 1 18 0 South. Frozen Meat (pref.) 3 12 6 — South Otago Freezing 6 9 0 — Waitaki Farmers 3 0 0 — , MISCELLANEOUS. Associated News .. 1 5 0 — British Tobacco .. 2 1 0 — Brown, Ewing \ (pref.) 1 2 6 — Bruce Woollen (pref.) 1 1 3 — Crystal Ice .. .. 1 18 0 — D.i.c. (ord.) .. .. — 0 15 9 Dominion Fertiliser I 0 9 — Dominion Fertiliser *- . (Debs.) .. . . 105 0 0 — Dominion Rubber — 1 11 0 Dunedin-Kaikorai Trams 1 18 0 — Stock Exchange Proprietary 2 1 0 9 4 9 Dunlop Perdriau Rubber — I 9 0 Electrolytic-Zinc (pref.) .. .. .. 1 15 9 1 10 6 Electrolytic-Zinc (ord.) 1 7 6 1 8 8 Kaiapoi Woollen (ord.) 0 13 S —• Milburn Lime 2 0 0 3 8 0 Mount Lyell .. .. 0 18 8’ — National Electric — 0 8 3 N.Z. Drug Co. 3 19 3 — Malay Rubber (pref.) 1 2 0 — N.Z. Newspapers 1 12 0 — N:Z. Paper Mills 1 13 3 — Regent Theatre .. — 0 19 6 Smith and Smith 0 18 0 — Wilsons Cement .. — 1 14 6 Woolworths (Syd.) 3 15 6 3 17 0 Sun News .. .. — 0 4 1 North Kalgurli .. I 4 10 — BREWERIES. N.Z. Breweries .. 2 9 3 ' 2 10 0 Dunedin • 1 10 Q Timaru (cont.) .. 0 7 5 — Tooths 2 9 9 2 10 6 OIL. Moturoa i — 0 4 0 MINING. Bell-Hooper -. .. 0 0 22 0 0 Bell-Kilgour *. . — 0 0 3 Bendigo Goldlight 0 0 Hi 0 1 hi Big River 0 1 7 0 1 8 Blackwater .. — 1 13 9 Central Shotover — 0 0 9 Charleston .. .. — 0 1 3 Gillespie’s Beach — 0 1 Golden Point — 0 0 2i Golden Sands .... — 0 3 0 Goldfields Dredging .. .... .. — 0 0 10i Glenroy — 0 I 0 Hatter’s Flat .. .. 0 0 1 0 0 3 Kildare .... .. 0 2 0 , 0 2 li King Solomon 0 S 6 0 3 10 Lawson’s Flat — 0 0 5 Maerewhenua — 0 0 5 Mahakipawa .. .. — 0 0 11 Mataki 0 s 6 0 2 9 Mining House Concessions —— 0 0 4i Moonlight-N elson Creek — 0 0 3 Mount Morgan .. — 1 18 0 Nevis Diesel .. .. — 0 0 4i Nokomai 0 s 0 0 3 11 Okarito .. .. .. — 0 8 9 Oxenbridge . .. 0 0 10 0 1 1 Skippers 0 0 5 0 0 7 Stafford — 0 1 3 Upper Shotover 0 0 8 0 0 u Waihi Grand Junetion .. .. • • 0 4 1 -— Waitahu — 0 4 3 Worksop 0 1 10 0 2 1 GOVERNMENT LOANS. p.c. Stock, 19381943 108 0 0 3J p.c. Stock, 19391943 108 0 0 —— 3J p.c. Stock, 19411943 108 0 0 —* 3J p.c. Stock, 19381952 • 109 0 0 3J p.c. Stock, 19391952 109 0 0 — 3J p.c. Stock, 19411952 109 0 0 4 p.c. Bonds, Jan. 15, 1940 103 10 0 — 4 p.c. Stock, Jan. 15, 1940 103 10 0 — 4 p.c. Bonds, Feb. l‘5, 1946 109 0 0 “ 4 p.c. Stock, Feb. 15, 1946 .. .. .. 109 0 0 — 4 p.c. Bonds, Ap. 15, 1949 .. .. .. 109 0 0 4 p.c. Stock, Ap. 15, 1949 109 0 o ; 109 10 0 4 p.c. Bonds, June' 15, 1955 112 0 0 — 4 p.c. Stock, June 15, 1955 112 0 0 — DIVIDENDS PAYABLE.

£ 8. d. Z 8. d. Consols .. •• 81 17 6 81 15 0 Funding Loan, 4 p.o.. 1060-90 115 0 0 114 18 9 Assented War Loan .. .. 105 12 6 105 15 0 Conversion Loan, 8% p.c. .. 104 15 0 104 15 0 Victory Bonds. 4 p.c. (ex dir.) 112 7 6 112 15 0 C'wealth. 6 p.c.. 1945-75 .. 111 6 3 112 i 3 C'wealth. 5 p.c.. 1935-45, .. 103 2 6 103 3 9 C'wealth, 4 p.c., 1945-48 .. 104 0 0 104 1 3 C'wealth, 3% p.c.. 1948-53 .. 103 2 e 103 1 S C’wealth, 3% p.c., 1936-37 .. 102 0 0 102 5 0 N.S.W., 3 p.c.. 1035 .. .. 101 3 0 101 5 0 N.S.W., 3% p.c.. 1930-50 .. 100 0 0 100 6 3 N.S.W.. 414 p.c.. 1935-45 .. 102 3 9 102 6 3 N.S.W.. 5 p.c., 1935-55 .. 102 5 0 102 7 6 Victoria, 3 p.c.. 1929-49 .. 90 1 3 06 10 0 Victoria, 4% p.c.. 1940-60 .. 106 3 0 106 12 G Victoria, 5 p.c., 1945-76 .. 111 3 9 XU 10 0 Queensland. 3 p.c., 1922-47 .. 90 S 9 90 13 9 Queensland. 6 p.c.. 1940-60 .. 100 17 6 107 0 0 S.A.. 3 p.c.. 1910 (opt.) .. 84 15 0 85 10 0 S.A.. 5 P.O., 1946-76 .. .. m 2 G 111 '■ 8 9 W.A., 3 p.c.. 1915-36 .. 100 8 9 100 7 6 W.A.. 4 p.o.. 1942-02 .. .. 103 7 6 103 7 6 Tasmania. 314 p.c., 1920-40 .. 101 17 6 102 17 0 Tasmania, 4 p.c., 1940-50 .. 103 6 3 103 10 0 Now Zealand. 4 J /& p.c., 1048-58 109 12 6 109 7 6 New Zealand. 314 P.c.. 1940 102 16 3 102 18 3 New Zealand, 3 p.o., 1045 .. 90 6 3 90 13 9 New Zealand. G p.o.. 1936-51 106 IB s 107 0 0

(By Electric Telegraph—Copy right.) RUGBY, October 18. Paris— Par. Oct. 17. Oct. 18. Franca to £ 1 124.21 74% 74 13-32 Brussels— Bolgas to £1 SO 20.94 21.02 • Oslo— Kroner to £ 1 18.180 19.904 19.904 Stockholm— Kroner to £1 18.130 10.894 19.394 Copenhagen— Kronor to £ 1 18.150 22.40 22.40 Berlin— Marks to £ 1 20.43 12.18 12.19 Montreal— Dollars to fil 4.86 2-S 4.831 4.84| New York— Dollars to £1 4.86 2■3 4.934 4.94g Yokohama— Ponce to yen .. 24.582 14 ,13 20-32 Hongkong— Ponce to dollar 24.58 20 1-18 19 9-16 Bombay— Ponce to rupee 18 1-16 18 1-16 Batavia— Florins to £1 12.10 7.19 7.19 Milan— Lire to £1 .. 82.46 57 8-32 .57 5-16 Amsterdam— Guilder to £ 1 12.107 7.21J 7.24 Prague— Kroner to £ 1 104* 116 11-16 1178 Geneva — Francs to fil 25.22* 14.99 15044 Vienna— Schillings to £ 1 84.864 261 261 Helsingfors— Marks to £1 193.23 2264 2264 Madrid— Pesetas to £ 1 25.224 35 25-32 35 13-16 Belgrade— Dinars to £ 1 25.22* 213 214 Athens— Drachma to £1 375 510 510 Lisbon— Escudos to £1 110 1104 1104 Bucharest — Lei to SI .. 931.6 490 490 Rio do Janeiro — Pence to mllrels 5.890 41 a Buenos Aires — Pence to pesos 47.28 364 864 Shanghai— Pence to tael .. _ 16! 18 11-18 Montevideo — Pence to peso* _ 39 15-16 89 15-16 Warsaw — Zlotys to £ 1 — - -

Buying. Selling. France — Francs to £1 N.Z. T.T. 00.43 59.13 O.D. 60.73 59.18 Noumea — Francs to £1 N.Z. T.T. 61.38 58.38 O.D. 61.78 58.43 Papeete — Francs to £1 N.Z. T.T. 61.38 58.38 O.D. 61.78 58.43 Belgium— Belgas to fil N.Z. T.T. 17.263 16.503 O.D. 17.363 16.578 Germany— Reichsmarks to £1 N.Z T.T. — 9.578 O.D. — 9.583 Italy— Lire to £1 N.Z. T.T. 45.37 O.D. — 45.41 Switzerland — Francs to £1 N.Z. T.T. 12.309 11.909 O.D. 12.384 11.919 Holland— Florins to £1 N.Z T.T. 5.950 5.700 O.D. 6.000 5.704 Java— Florins to £1 N.Z. .. . • T.T. 5.903 5.678 O.D. 5.953 5.682 Japan— N.Z. Pence to 1 yen T.T, — 17 9-16 O.D. — — Shanghai— . N.Z. pence to 1 dollar* .•. .. T.T. 18 21-32 19 31-32 O.D. 18 17-32 19 29-32 India and Ceylon— N.Z. pence to 1 rupee .. .. T.T. 22 9-32 22g O.D. 22 5-32 22 9-16 Hongkong— N.Z. pence to 1 dollar* T.T. 23J 24 9-16 O.D. 23g 24J

Sep. 19. Gross Profit. Net Profit. Dividend. Pref. Ord. mis .. .. £ 23,383 £ •13,271 p.c, p.o. — 11 1920 .. .. 35.830 -24,563 — 13 1922 .. .. 41.G91 . •27.270 — 10 1024 .. 34,054 *18,010 —— 8 1920 .. .. 20,708 0.050 — f 1D2S .. .. 20,005 7,270 7 — 1030 .. .. 0,405 7 — 1031 .. .. 24,300 0.318 7 — 1932 .. .. 23.094 7.587 7 — 1933 .. .. 24,535 9,487 5 3-5 2 Ms 1931 .. .. 25,105 10.154 5 3-5 3

Sop. 19. Reserves. Paid-up Capital. Ratio. £ £ p.c. 1013 .. . . .. 17,472 49.996 34.95 11120 .. . 50.000 , 34.59 1022 .. . 100.000 0.52 1924 .. . 10Q.000 i 17.26 1920 .. . 100.000 18.60 1928 .. . 118.855 14.52 1930 .. . 149,908 11.63 1931 .. . 150.000 11.64 1932 .. . 150.000 11.69 1933 .. . 150,000 11.83 1934 .. . 150,000 12.06

t £ t Sundry creditor* 4.979 4.237 4,680 Deposit* .. .. 1. 11,307 13.625 Bank . 71.496 66.018