COMMERCE AND FINANCE

Otago Daily Times, Issue 22545, 12 April 1935, Page 6

COMMERCE AND FINANCE

BANK OF NEW ZEALAND FINAL DIVIDEND DECLARED MR WATSON ELECTED CHAIRMAN (Peb United Pbess Association) WELLINGTON, April 11. The directors of the Bank of New Zealand announce that, subject to audit, it will be recommended at the annual meeting of shareholders on June 14 that a final dividend at the rate of 5 per cent, be paid to the ordinary shareholders for the half-year, making the distribution the same as the previous year. In connection with the election of chairman, the unanimous wish expressed that Sir Robert Anderson should accept the position, but he explained that for health reasons he had decided some time ago to resign his position as a director. It was then resolved that Mr William Watson should be elected chairman for the ensuing year. FOREIGN EXCHANGES ON NEW ZEALAND CURRENCY BASIS ThS Bank of New South Wales, Dunedin, quoted the following rates for - purchases and sales of foreign exchange yesterday

These rales are subject to alteration without notice. DOLLAR RATES The Associated Banks (other than the Bank of New South Wales) quoted the following dollar-sterling rates yesterday, which are subject to alteration without notice; — ■ U.S.A. Canada. Dols. Dols. Conversion of dollar bills received for collection and sale of dollar drafts and telegraphic transfers 4.83 4.85 Purchase of dollar bills 4.86 4.88 On a New Zealand currency basis these rates are equivalent to: — D.S.A. Canada. Dols. Dols. Selling— T.T 3.88 3.89 i O.D 3.88 i 3.90 Buying— O.D 3.93| 3.95 i SYDNEY WOOL SALES (United Press Association.) (By Electric Telegraph—Copyright.) SYDNEY, April 11. (Received April 11, at 10.15 p.m.) . At the wool sales 12,625 bales were offered and 11,546 were sold, 1684 also changing hands privately. There was keen general competition with increased German support. The market closed very firm, equal to the best rates of the week. Greasy merino sold to 17M. AUSTRALIAN MARKETS SYDNEY, April 11. (Received April 11, at 9.10 p.m.) Wheat: Country sidings, 2s 9d, equal to about 3s 4d for bagged and 3s 5d bulk, ex trucks, Sydney. Flour, fll 10s per ton. Bran and pollard, £4 15s. Potatoes: Tasmanian, to £8 10s; others £6 10s. Onions; Victorian, £8 10s. Maize, 3s 4d. ADELAIDE, April 11. Wheat; Growers’ lots, new seasons, 3s 2d; old crop, 3s. Flour: Bakers’ lots, £l2 2s 6d. Bran, £5. Pollard, £5 2s 6d. Oats: Algerian, Is lid. Barley, 2s 7d.

LOCAL AND OVERSEAS MARKETS

THE SHARE MARKET DUNEDIN STOCK EXCHANGE A sale of contributing National Bank [ of Australasias at £6 2s was reported on the Dunedin Stock Exchange yesterday, the market closing with a seller at £6 4s and no buyers forward. Contributing New Zealand Refrigeratings were reported to have changed hands at 9s Id, - the closing buying and selling quotations t being 9s and 9s 3d respectively. Sun - Newspapers were reported to have been i dealt in at 4s 3d, a closing seller at 4s 4d . failing to attract buyers. Business was ■ reported in Woolworths (Sydney) shares i at £4 8s 6d, the final selling quotation being 6d above that figure. A traneac- - tion in Bendigo Goldlights at lljd was ; reported, the market on 'Change rei maining unchanged at Hid and Is, buyers i and sellers respectively. Sales of Big • Rivers at 2s 5Jd and 2s Cd were also ; reported, buyers’ closing offer of 2s 5d ■ being 2d below sellers’ requirements. ! SALES REPORTED.

UNLISTED STOCKS. Dominion Investment Trust (£SO) .. N.Z. Investment Trust (Debs.) .. DIVIDENDS PAYABLE. The following is a list of the shares on which dividends will shortly be payable: Alexander Mines, Is per share Apl. 29 South British Insurance, 13 1-3 p.c., Is 4d per share, halfyearly .. Apl.— Kaitaugata Coal, 7 13-16 p.c., Is 3d per share, yearly .. .. Apl. E.S. and A. Bank, 5 p.c., Is 6d per share, half-yearly .. May 1 Mosgiel Woollen, 8 p.c., 3s 22-5 d per share, half-yearly May 13 Smith and Smith (pref.), 5 p.c., Is per share, yearly .. June 1 NORTHERN EXCHANGES AUCKLAND Sales on ’Change £ s. d. Mt. Eden Borough, p.c., 1/4/55-60 106 10 0 Mt. Eden Borough, 4} p.c., 1/4/50-61 100 10 0 Newmarket Borough, 4;} p.c., 1/6/52 .. .; 107 0 0 Amalgamated Brick (Auck.), 7i p.c., 1/3/44 100 0 0 100 10 0 Gisborne Shccpfarmers, 6i p.c., 31/8/41 101 0 0

Bank of New South Wales 30 0 0

Unlisted Stocks Alluvial Holdings 0 18 WELLINGTON Sales on ’Change

Unlisted Stocks N.Z. WoolpaclvS (£1 paid) . . 012 0 CHRISTCHURCH Sales on ’Change

AUSTRALIAN STOCK EXCHANGES . (United Press Association.) (By Electric Telegraph —Copyright.) SYDNEY, April 11. (Received April 11, at 8.30 p.in.) An upward trend of prices characterised to-day’s investment market. Pastoral shares were firmly quoted. Buyers displayed hesitancy in the gold share market, although the turnover was about normal. MORNING SALES. £ s. d.

NEW GUINEA GOLD SHARES (United Press Association.) (By Electric Telegraph—Copyright.) LONDON, April 10. New Guinea Gold shares are quoted at is Old. DOLLAR AND FRANC (United Press Association.) (By Electric Telegraph—Copyright.) LONDON, April 10. Exchange on New York is at the rate of 4.85 f dollars to the £l, and in Paris at 73§ francs to the £l.

£335,000 AT 3} PER CENT.

THE RESERVE BANK ASSETS AND LIABILITIES (Pee United Pbess Association.) WELLINGTON, April 11. The Gazette issued to-night contains the following statement of the liabilities and assets of the Reserve Bank of New Zealand as at the close of business on April 8. The figures at the close of last week are given for the purposes of comparison, shillings and pence being omitted:— LIABILITIES last week. This week. £ £ 1. Paid-up capital .. .. 800,000 500,000 2. General Ueserve Fund 1.000.000 1.000,000 S. Bank notes 0,374.180 0,377,149 4. Demand liabilities — (a) State 11.030.302 11,743,308 (b) Banks 4.876,118 4,442,107 (c) Oilier 9,582 6,543 5. Time deposits 6. Liabilities .in currencies other than Now Zealand currency .... 7. Other liabilities .. .. 72,001 80,335 Total £27,703.452 £27.140.444 ASSETS 8. Reserve—(a) Gold .3,001,731 3,001,731 (b) Sterling exchange .. 22,458.881 21,820,564 (c) Gold exchange .. 0. Subsidiary coin .. .. 170,730 1T6.27S 10. Discounts—(a) Commercial and agricultural bills .. (b) Treasury and local body bills .... 11. Advances—(a) To State or State undertakings .. (b) To other public authorities .... (c) Other 12. Investments 2,070,222 2,093,510 13. Bank buildings .. 14. Other assets 55,885 57,359 Total £27.763.452 £27,140.444 Proportion of reserve (No. 8 less No. 6) to notes and other demand liabilities .. 97.21% 97,07% PRICE OF FINE GOLD (United Press Association.) (By Electric Telegraph—Copyright.) LONDON, April 10. Gold (a fine ounce) is quoted:—

A RECORD PRICE SALE OF GOLD SHARES. (United Press Association.) (By Electric Telegraph—Copyright.) MELBOURNE, April 11. Aloha Syndicate shares, paid only to £lO, were sold at £SOO on the Stock Exchange. This is a record price for gold scrip in the present revival. AMERICAN WHEAT ESTIMATE OF CROP. (United Press Association.! (By Electric Telegraph—Copyright.) WASHINGTON, April 10. The United States winter wheat production, indicated by the condition of the crop on March 1, is expected to bo 435,409,000 bushels. BRITISH STOCK MARKET (British Official Wireless.) (United Press Association.) (By Electric Telegraph—Copyright.) RUGBY, April 10. (Received April 11, at 5.5 p.m.) The stock markets have maintained a firm appearance. War loan, SJ per cent., was quoted at £lO6 17s 6d. Other Government stocks were also slightly easier, but the movements otherwise were mostly upwards. DOMINION. PICTURES. LTD DIVIDENDS DECLARED. (Special to Daily Times.) AUCKLAND, April 11. The directors of Dominion Pictures, Etd.. Auckland, have declared interim dividends of 3 per cent, on preference shares and 2.J per cent, on ordinary shares, payable on April 30. Both dividends arc at unchanged rates. NAPIER HARBOUR LOAN

The Napier Harbour Board has succeeded in raising its harbour development loan of £335,000 at 3J per cent. In the circumstances the rate compares favourably with any recent local body loans, and is further evidence of the supply of capital for investment.

The acting-chairman of the board, Mr E. J. Herrich, said this week that £50,000 was being raised for 35 years on a principle of debenture redemption equivalent to a table mortgage. The balance of £285,000 would be for a term of 20 years, but on a table mortgage scale of payments as if the loan were for 35 years. The amount outstanding at the end of the 20 years would be £164,407, and arrangements for renewal would have to be made at that time. MARINE INSURANCE AND DAIRY PRODUCE A renewal of the comprehensive insurance cover on New Zealand dairy produce has just been effected by the Dairy Board at a 20 per cent, reduction on the existing cover. The new rate, which is approximately half the best rate available when the board first commenced operations, is the lowest in the history of the New Zealand dairy produce trade, while the terms of the insurance are the most comprehensive. The new rates represent a saving of £12.000 a year to the industry, and are as follows: —Butter. 5s per cent.; cheese, 5s Cd per cent. They are lower than those ruling for other primary products such as wool and tallow, and are a striking indication of the savings which can be made through placing all insurance business for one huge industry through one channel. In the 1928-29 season, for instance, when rates on other refrigerated cargo hardened, a small reduction was secured on dairy produce, despite the fact that the cover is more comprehensive than those issued on other cargo. Prior to the inception of the Dairy Board the rates of premium varied and the larger companies were able to obtain much better rates than the smaller ones. The lowest net rate of which the board knew in 1923-24 was: Butter 9s 6ld per cgiit., and cheese 11s 4d per cent. The terms of the policies were wide, but not nearly as wide as the present cover, which protects the produce against “ any risks whatsoever,” and has been described by insurance experts as being the most comprehensive cover in the world. The contract has been renewed from time to time, always at a reduced figure, and it was to come up again for renewal in August this year. The new rates are subject to the board agreeing to continue its shipping inspection service—a service which has proved beneficial alike to the industry and to the underwriters. It is estimated that the savings to the industry represented by reductions in insurance since the board first came into existence total, on to-day’s values, £47,000 annually, despite the fact that rates on other classes of goods have not fallen greatly. The contract is a very wide one, covering manufactured produce against any risks whatsoever from the time of manufacture until 30 days after the date of final discharge in the United Kingdom. Milk or cream in the factory is covered against fire, and damage by earthquake is also covered. The contract lias worked to the absolute satisfaction of .the board, claims being promptly and generously settled.

MINING NEWS KING SOLOMON DEEP LEAD 4NNUAL MEETING. The annual meeting of King Solomon Deep Lead, Ltd., was held at . Gore on Wednesday evening, the chairman of directors (Mr Henry Smith) presiding i over an attendance of 14. 1 Moving the adoption of the annual report and balance sheet, the chairman referred to several important works which had been carried out during: the year. Among these had been the further improvement to the stand-by power plant, so that this plant now placed them in a very secure position. A very satisfactory amount of gold (£50,000) had been won during the year. From this, £16,000 had been paid in wages. They would agree with him that, considering the amount of labour employed in the industry, the Government should take a long view and allow the gold miner to retain the full amount of the gold tax. The primary producer had the full advantage of the exchange, and the Government should encourage gold mining to that extent. If they had the handling of that money it would be directed into channels beneficial to the country ns a whole. Anyone visiting the mine would be struck by the apparent air of prosperity there, and he paid a tribute to the manager (Mr R. C. Ruffin) and the staff. The motion was seconded by Mr D. S. M'Kenzie, who said it would have been pleasant to have secured another dividend, but the amount of the gold tax showed that in that direction had gone 80 per cent, of the funds required to pay another dividend. Altogether the company’s industry was returning to the Government £4150 in taxes, and he agreed that apparently the Government did not appreciate the value to the. country of this solid industry. He said that the profit for the year (£3923) could have been swelled ha.d not several beneficial works been carried out. The report and balance sheet were adopted, The directors' fees were fixed at the same figure as last year. The retiring directors, Messrs R. P. Boyne and D. S. M'Kenzie, were reelected. Mr F. Young was reappointed auditor. A vote of thanks to the staff and to the secretary (Mr R. S. Green) was carried by acclamation. At a subsequent meeting or directors Mr Henry Smith was re-elected chairman. ALEXANDER MINES DIVIDEND A dividend (No. 10) of Is per share, payable on all shares in Alexander Mines, Ltd., irrespective of what is paid up on each class of share, was declared by the directors of the company at the monthly meeting, and is payable on April 29, The transfer books will be closed on April 22, T 935. The dividend absorbs £3760, and is paid to shareholders free of income tax. DAIRY PRODUCE The New Zealand loan and Mercantile Agency Company, Ltd., has received the following cablegram from its London house, under date April 10: New Zealand choicest salted butter, 77s to 78s. Cheese.—White, 44g 6d to 455; coloured, 46s to 46g 6d. Markets quiet. TRADE WITH RUSSIA ORDERS FOR GREAT BRITAIN. The orders placed in Great Britain by Soviet trading organisations in January of this year amounted to £706,408, as compared with £415,786 in January, 1934, states the Moscow Narodny Bank (London), Ltd. The following table shows the principal goods ordered during that month: Machinery and equipment, £52,638; ferrous alloys and steel, £155,112; non-ferrous metals, £187,715; rubber, £1160; textile raw materials, £121,820; tea, £110,305; miscellaneous, £77,052. Total, £706,408. Aa can be seen from the above, the total orders placed in the past year show an increase of £411,579. In addition to the January purchases, Arcos, Ltd., also completed negotiations in that month for the placing of large orders for various machinery and equipment involving a sum of more than £1,000,000, on a cash basis, for shipment to the Soviet Union. The orders, which will provide employment for large numbers of men, are to be executed in a period from three to 12 months. They arc also of interest because they are distributed over the main industrial districts —Manchester, Birmingham, Sheffield, and Scotland. Several groups of factories are involved, beginning with the production of the raw materials to the finished product. One of the most interesting of the orders arranged, which involves about £500,000, is ior sets of railway wheels, axles, and tyres complete ; to be delivered in about six months. This order is of interest because, including the sub-contrac-tors, a group of 13 factories will be engaged in its execution in branches of industry which have been depressed in recent years. The fulfilment of this order will require about 30,000 tons of British steel, and will also provide work for local and inter-factory transport. Another order of interest to the British engineering industry is the one for machinery and equipment for Soviet paper factories. It is the first time that such equipment has been ordered in Great Britain, and in view of the huge development in the Soviet paper industry, it is certainly very promising. The other items of the orders include about 25,000 tons of different kinds of steel, which are to be delivered within six mopthe. This order will be executed in the various British metallurgical centres. The British non-ferrous metals industry received a large order in January involving about £300,000. This order, like those mentioned above, has also been placed on a cash basis. Yorkshire has profited by the Arcos purchases in January of large quantities of wool for export to the Soviet Union. In January of this year 26 vessels were chartered by the Anglo-Soviet Shipping Company, Ltd., on the London market, 15 of which were British. The total tonnage chartered was 187,655, of which 107,705 was British, and the sum involved is estimated approximately at £139,641, of which £80,175 will go to British owners. These figures do not include time charters. lu the first month of 1934 only 19 vessels were chartered by the company, of which eight wore British, and the sum involved was £86,752, of which British firms received £44,152. BUTTER FOR AMERICA FURTHER RE-EXPORTS. A cablegram has been received by the New Zealand Dairy Board from its London office stating that at last week-end further shipments of butter from the United Kingdom had been made to New York. These consisted of 10,000 boxes of butter, and in addition there were 10.000 casks, equal to 20,000 boxes, of Northern Hemisphere butter. In dealing with the United States dairy produce position during 1934 the Imperial Economic Committee reported that cattle numbers in the United States have increased annually since the low point reached in 1028. Total numbers on January I, 1935, however, were 10 per cent, less than a year earlier, and the smallest since 1930. All classes of the dairy herd shared in the decline, and the number of cows and heifers was 4 per cent, fewer tiian on January 1, 1934. A larger than usual commercial slaughter during 1934 and heavy Government buying for drought relief purposes were largely responsible for the decline. The actual number of cattle purchased on Government account is estimated at 7.500.000 head, and the bulk consisted of cows and heifers. Pasture conditions in many areas of the United States during 1934 were the worst on record, and total milk production was smaller than in 1933. Manufactured dairy products shared in the decline. The production of butter in the United States has shown an upward trend in post-war years. The estimated output of creamery butter in 1934 was 6 per cent, smaller than in 1933, and the lowest since 1930. Stocks of butter on February 1 last were only one-quarter as heavy as those of a year earlier. Although its production was reduced, consumption of butter in the United States in 1934 was over 3 per cent, higher than in 1933.

COMPANY FLOTATIONS OFFICIAL EXAMINATION. DANGERS OF THE SYSTEM. The dangers associated with the establishment of a Corporate Investments Bureau to examine public companyflotations were pointed out by Mr W. H. Hemingway in an address last week to Auckland sharebrokers on his experiences on the New York Stock Exchange. Mr Hemingway said investors In the United States were supposed to be ( protected by what was known as the “ blue sky ” law, so named because a senator had remarked facetiously that only the blue sky seemed to be its limit. Under this law, the various states had institutions known as’ Corporation Commissioner’s offices. Before a new company could be floated or a new issue of shares placed on the investment market, data had to be supplied to the Corporation Commissioner. His office was something the same as that proposed for the Investments Bureau in New Zealand. The commissioner was supposed to conduct a complete investigation, and he then, if he thought it warranted, gave a permit. “ The one great weakness of the system is that this permit is regarded by the investing public as a sign of official approval as a sound investment,” said Mr Hemingway. “ That is what we will have to guard against in setting up an Investments Bureau in this country. Any body of men would have to be superhuman to decide the chances of success of any flotation.” Mr Hemingway said that the “blue sky ” law had not resulted in any lessening of fraudulent promotions in the United States. There was now a strong movement to modify the powers of the commissioner’s office and to set up only those safeguards which existed under English law, upon which the New Zealand law was based. RAYON PRODUCTION A GROWING INDUSTRY. The rayon industry continued to make rapid headway in the past year (says the Economist). The United States remained the largest producer in 1934, but if the present rate of expansion in Japan continues it is perfectly possible that she will head the list in the near . future. Apart from Japan, production in Germany, Italy, and France registered bigger increase between 1933 and 1934 than in Great Britain. The importance of rayon in international trade is far from negligible. A recent survey prepared by the Economic and Statistical Department of the Joint Committee of Cotton Trade Organisations shows that trade in rayon yarn now amounts to two-thirds (by value) of that in cotton yarns. Moreover, the value of world exports of rayon piece-goods is now one-seventh, and the yardage one-twen-tieth, of the exports of cotton goods. Meanwhile all the evidence points to a further increase in rayon production during 1935. British output of yarn and waste in January, at 10,120,0001 b, exceeded all previous records by a substantial margin. The success of the new textile fibre is due partly to a steady improvement in quality and party to the enlightened policy of most of the leading yarn manufacturers of stimulating demand by passing on to the consumer the progressive reduction in costs. As a result, rayon is steadily displacing cotton, silk, and wool in many types of materials. It appears that staple rayon fibre can now be spun into yarn with as much ease as cotton. In Britain, Courtaulds have established a large demonstration mill to show spinners how to turn rayon into yarn on standard cotton machinery. ARE LARGE SHIPS ECONOMIC? A report published recently in London states that the manager (M. Cangardel) of the French Trans-Atlantic Shipping Company, which owns the new liner Normandie. gave the cost of running the vessel as £54,000 a journey. This question, he said, was giving the greatest anxiety to the company, because, under present conditions, it was not certain that the vessel would repay such heavy charges. The amount mentioned did not include amortisation of capital, and the company was not in a position to repay this out of its own resources, and hoped that the Government would come to its assistance. The Queen Mary, now being fitted out in England, is a vessel as large as the Normandie, and doubts have also been expressed of its ability to operate economically. It seems probable that the construction of such huge vessels has reached, if not exceeded, the economic limit, and that smaller vessels, which do not incur such heavy running expenses, will prove to be far more profitable.

Buying. Selling. London— 124/10/£N.Z. to fllOOstg T.T. 124 O.D. 123/10/124/7/6 Australia — 100/10/£A to £100 N.Z. T.T. 101 O.D, 101 100/10/Fiji— 89 £F to £100 N.Z. T.T. 80/7/8 O.D. 90/7/6 89 6 New York— S.88J Dollars to £1 N.Z. T.T. 8.92% O.D. 3.933 3.883 Montreal — S.93J 3.893 Dollars to £1 N.Z. T.T. (LD. 3.943 3.90* France— 59.67 59.97 58.37 5S.42 Francs to £1 N.Z. T.T. O.D. Noumea— 60.62 67.62 Francs to £1 N.Z. T.T. O.D. 61.02 57.67 Papeete— Francs to £1 N.Z. T.T. 60.62 57.62 O.D. 61.02 57.67 Belgium— Belgas to fil N.Z. T.T. O.D. - 22.660 22.675 Germany— Reichsmarks to £1 N.Z T.T. O.D. , 9.453 9.458 Italy— Lire to £1 N.Z. T.T, O.D. - 46.23 46.27 Switzerland — 12.244 11.844 Francs to fil N.Z. T.T. O.D. 12.319 11.854 Holland — Florins to £ 1 N.Z. T.T. 8.000 5.650 O.D. 5.950 5.654 Java— Florins to £1 N.Z. T.T. 5.891 5.666 O.D. 5.941 5.670 Japan— N.Z. .pence to 1 yen .. •• • • T.T. _ IT 22-32 O.D. — — Shanghai— N.Z. pence to 1 dollar .• • T.T. S3 15-92 23 25-82 OJ>. 22 11-32 23 28-32 India and Ceylon — N.Z. pence to 1 rupee .. .. T.T. 22 11-32 22 11-16 O.D. 22 7-32 228 Hongkong— N.Z. pence to 1 dollar . . . • T.T. 298 SO 11-16 O.D. 293 30 g Singapore— N.Z. pence to 1 dollar .. • • T.T. 84 5-16 35i O.D. 34 S-16 35 3-16 Sweden — Crowns to fi N.Z. T.T. 15.787 15.457 O.D. 15.827 13.467 Norway— Kroner to £ N.Z. T.T. 16.198 15.868 O.D. 16.238 15.878 Denmark — 18.203 17.878 Kroner to £ N.Z. T.T. O.D. 18.248 17.888 Austria — Schillings to £ 20.22 N.Z T.T. — O.D. — 20.24 Czechoslovakia — 92.20 Crowns to £ N.Z. T.T. — O.D. — 82.25

f 8. d. Mount Lyell (late Wednesday) 0 19 4 Electrolytic Zinc. ord. (late Wednesday) 1 3 4 National Bank of Australasia (cont.) .. . 8 2 0 N.Z. Refrigerating (cont.) 0 9 1 Sun Newspapers . 0 4 3 Woolworths (Sydney) .. 4 8 6 Bendigo Goldlight t - , . 0 0 m Big River 0 2 Si Big River (2) .. . 0 2 6 SALE REPORTED AFTER LAST CALL. Milburn Lime .. . 2 3 0 The following dre yesterday afternoon’s buying and selling quotations, which are subject to the usual brokerage: BANKING. Buyer. Seller. £ s. d. f 8. d. Australasia .. .. — 11 0 0 New Zealand .. .. 2 9 7 — N.Z. (long- D) .. 1 13 3 — National of N.Z... 3 7 0 — National of Australasia — 13 0 0 National of Australasia (cont.) — 8 4 0 Reserve 6 11 0 — Union 8 9 0 — INSURANCE. National 1 0 9 ■New Zealand .. .. 3 9 6 A.P.A 1 0 6 — SHIPPING. P. and 0. Def. Stck 0 19 9 — U.S.S. Co. (pref.) 1 7 3 — MEAT PRESERVING. N.Z. Refrigerating ■ (cont.) 0 9 0 0 9 3 N.Z. Refrigerating (paid) 0 19 6 1 0 0 South. Froz. Meat (paid) 3 15 6 3 17 0 South Otago Freez. 6 12 0 — LOAN AND AGENCY. National Mortgage (B issue) .. .. 1 11 0 — Perpetual Trusteea 3 3 6 — Trustees, Executors 3 2 0 — Wright, Stephenson (pref.) .. , — 0 19 9 COAL. Kaitangata .. .. 1 1 0 — Westport 1 1 2 1 1 6 W estport-Stockton (pref.) 0 3 10 — British Tobacco .. — 1 18 0 Broken Hill Propy. 2 11 6 2 12 6 Brown, Ewing (pref.) .. ,. .. — 1 4 0 Crystal Ice .. .. 1 17 8 — Dominion Fertiliser 1 1 9 Dominion Fertiliser (Debs.) 105 0 0 Dominion Rubber — 1 11 0 Kaiapoi Woollen (pref.) 0 16 9 0 18 0 Kauri Timber 0 17 6 Milburn Lime 2 2 6 2 3 0 N.Z. Drug Co. .. 3 19 3 4 0 0 N.Z. Newspapers .. 1 13 0 N.Z. Paper Mills — 1 14 3 Regent Theatre .. 0 17 0 0 19 6 Sun Newspapers — 0 4 4 Wilsons Cement .. 1 13 6 Woolworths (ord.) 9 15 0 Woolworths (Sydney) .. — 4 9 0 Woolworths (Westralia) 6 15 0 — BREWERIES. N.Z. Breweries .. 2 13 6 2 14 3 Staples .. .-. .. 1 13 0 Timaru 0 8 9 Carlton — 2 10 0 AUSTRALIAN MINING. Electrolytic Zinc (ord.) 1 3 0 I 3 6 Mount Lyell .. .. 0 10 6 1 0 0 Mount Morgan 1 15 0 MINING. Bell-Hooper .. .. 0 0 3 Bendigo Goldlight o o in 0 1 0 Big River 0 2 5 0 2 7 Central Shotover 0 ■ 0 4J Clutha River 0 1 9 Gillespie’s Beach 0 1 6 0 1 8 Kildare 0 3 1 King Solomon 0 4 0 0 4 3 Molyneux River .. 0 1 9 Moonlight-Nelson Creek 0 0 1 Mount David 0 1 0 0 2 0 Nokomai 0 1 6 0 2 6 Okarito 0 6 7 Paddy’s Point 0 0 9 Sandhills .. ., .. 0 0 2\ 0 0 6 Waihi Grand Jnctn. 0 4 5 Waitahu 0 2 5 — GOVERNMENT LOANS. 3J p.c. Stock, 19381943 104 0 0 Si p.c. Stock, 19391943 104 0 0 Si p.c. Stock, 19411943 104 0 0 3i p.c. Stock, 1938- * 1952 106 0 0 .. , 3£ p.c. Stock, 19391952 106 0 0 3J p.c. Stock, 19411952 106 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, Fob. 15, 1946 106 0 0 4 p.c. Stock, Feb. 15, 1946 106 0 0 4 p.c. Bonds, April 15, 1949 109 0 0 4 p.c. Stock, April 15, 1949 109 0 0 4 p.c. Bonds, June 15, 1955 111 0 0 4 p.c. Stock, June 15, 1955 111 0 0 —

30 2 6 Bank of New Zealand (3) .. 2 9 9 Bank of N.Z. (D Mort) .. 1 13 9 New Zealand Insurance 3 10 6 South British Insurance (2) 4 18 0 United Building (Auck.) .. 1 0 3 Kauri Timber 0 18 5 National Timber 0 12 6 Dunlop Perdriau (2) .. 0 17 7 Farmers Trading .. . r .. 0 7 5 New Zealand Drug 3 19 6 Sanford fpref.l 0 11 0 Wilsons Cement 1 14 0 Skippers 0 0 3 Waihi 2 2 9 Mt. Lyell 0 19 5

Govt. Stock, 4 p.c., 1943-46 (late Wednesday) £ 8. d. 106 15 0 Govt. Stock. 4 p.c., 1946-49 109 10 0 Auckland Gas 1 8 0 Huddart, Parker (ord.) 1 17 9 Union Steam (pref.) .. 1 7 8 Kauri Timber 0 18 7 Broken Hill Proprietary .. 2 17 4 Dunlop Perdriau 0 17 6 Sliarlands (pref.) 1 5 0 Bis River 0 2 54 Mossy Creek (late Wednes.) 0 2 10

£ S. d. Commercial Bank of Australia 0 15 6 Colonial Sugar 42 10 0 Electrolytic Zinc (ord.) (2) General Motors - Holden’s (pref.) 1 3 4 1 2 8 Woohvorths (N.Z.) 9 17 6 Big River (0) 0 2 6 Brian Born .. .. . 0 0 3J Goldfields Dredging 0 0 4 Maiori Gully .V 0 1 4 Mossv Creek (2) 0 2 9} Mount Lyell (2) 0 19 6 Sales Reported Goldsbroughj Mort 1 8 9 Wellington Gas (late sale 10th) 2 3 9 Australian Glass (2) .. 2 IS 0 Australian Iron and Steel (pref., cum div.) 1 2 6 Woohvorths (N.Z.) (pref.) .. 2 1 6 Mossy Creek 0 2 10 Maori Gullv (2) 0 1 4 Mount Lyell 0 19 6 0 19 7 Skippers 0 0 3 Big River 0 2 6 Unlisted Stocks Woohvorths (Sydney) (ord.) 4 8 4 4 8 5 4 8 6

Commonwealth Bonds — 3* p.c., 1948 .. .; .. .. 101 10 0 4 p.c., 1938 104 0 0 4 p.c., 1944 106 17 6 4 p.c., 1950 107 0 0 Commercial Bank of Sydney 15 12 0 Australian Gas (A) .. .. 8 0 0 Tooheys 1 9 U Associated News (pref.) 1 4 11 Australian Glass 2 17 9 British Tobacco . 1 18 0 Dunlops 0 17 7i ADDITIONAL SALES. Bank of New South Wales .. 30 15 0 Commercial Bank of Sydney.. 16 12 0 National Bank (£5 paid) .. ; 6 3 0 National Bank (10 paid) .. 12 10 0 Bank of Australasia .. .. 11 4 0 Colonial Sugar 42 12 6 Associated News 1 3 3 (pref.) 1 3 101 Adelaide Steam 1 9 • 6 Howard Smith 0 15 3 Australian Gas (A) .. .. 8 0 0 British Tobacco 1 18 0 Tooths 2 10 3 Tooheys 1 9 U Dunlop Perdriau (pref.) .. 1 15 0 Winchcombe Carson 1 7 0 Electrolytic Zinc 1 3 6 Australian Iron and Steel (pi-ef.) 1 3 0 General Industries 0 14 6 Automatic Totalisators 1 0 0 Mount Morgan 1 15 9 Broken Hill Proprietary .... 2 13 6 South Broken Hill 3 18 0 Kuala Kampar 0 13 9 Placer Development 27 4 0 MELBOURNE, April 11. Metropolitan Gas 13 17 0 Herald-Times 2 16 6 Nestles (pref.) 1 17 9 Mount Lyell 0 19 3 North Broken Hill 5 8 0

April 10 .. .. £ .. .. 7 s. d. 3 6 April 9 .. .. .. .. 7 4 U April 8 .. . . .. .. 7 4 11 April G .. .. .. .. 7 4 1 April 5 .. .. .. .. 7 3 104 April 4 .. .. .. .. 7 4 3 April 3 . . .. .. .. 7 5 7J April 2 .. .. .. .. 7 4 0 April 1 . . . . .. .. 7 5 84 March 30 .. .. .. .. 7 5 1 March 20 .. .. .. .. 7 3 8 "March 28 .. .. .. .. 7 4 104 March 27 .. .. .. .. 7 5 3 March 2G .. .. .. .. 7 5 7