COMMERCE AND FINANCE

Otago Daily Times, Issue 22628, 20 July 1935, Page 10

COMMERCE AND FINANCE

LOCAL AND OVERSEAS MARKETS

THE SHARE MARKET DUNEDIN STOCK EXCHANGE £— The following is a list of the, business transacted on the Dunedin Stock Ex-

UNLISTED STOCKS. Otago Farmers’ Co-op. (3g 4d paid) 0 2 8 Jones Nevis .. .. . •• ® ® * A large volume of business was transected on the Dunedin Stock Exchange during the past week, considerable activity being shown in banking shares _ and also in the stocks listed in the miscellaneous section. BANKING. Buyers of Bank of Australasias were prepared to give £lO 18s, but sellers would not accept less than £ll 2s. There was « stronger demand for Bank of New South Wales shares, buyers offering £3l 10s. which was 10s better thdn last week’s price. Sellers, however, did not come forward. There was a slight easing in the market for Bank of New Zealauds, buyers’ best offer at the end of the week being £2 11s 6d, while sellers required £2 11s 9d. Business was recorded earlier In the period at £2 12s. The long D issue showed an improvement of threepence in the buying offer of £1 12s 3d, sellers asking ninepence above that figure. Commercial Bank of Sydneys were reported to have changed hands at £lB, the latest buying offer of £l7 18s attracting no further sellers. E.S. and A. Banka met with a slightly easier inquiry at £5, sellers asking £5 4s. Business at £5 2s 6d and £5 3a was recorded. Four parcels of Reserve Banks changed hands at £6 9s fid, a. final' seller at the same price eliciting no response from buyers. Union Banks were in demand at £9, cum dividend. which was two shillings better than last week’s buying offer, but sellers did not come forward. Business at £9 was recorded earlier in the week. INSURANCE. National Insurances were the subject of business at £1 Os lOd, a closing seller at /the same price failing to attract buyers. Two sales of South British Insurances at £4 18s were recorded, the market closing with a buyer at the same figure and no sellers forward. Standard Insurances continued to be offered for sale at £3 13s fid, but. buyers would not give more than £3 12s. SHIPPING. The market for shipping shares remained unchanged. Buyers of Union Steam preferreds continued to offer £1 7s 3d, but sellers’ were reticent at the •nd of the week. Two sales at £1 7s fid were recorded earlier. MEAT PRESERVING. Ordinary Canterbury Meats were inquired for at £9 12s without sellers showing any interest. Ordinary New Zealand Refrigerating*! were dealt in at £1 Os 9d, a closing buying offer at the same figure being threenence belpw sellers' requirements. The contributing issue also met with a stronger demand, the market closing with a buyer at 9s lid and a seller at 10s. Business at 9s 9d and 10s was recorded. LOAN AND AGENCY. National Mortgages were in better demand’ at £2 11s fid. Is fid higher than last Week’s offer, but sellers did not come forward. The B issue also improved, buyers’ offer of £1 12s being one shilling better than last week’s price. Wright, Stephenson preference shares were inquired for at 19s lOd, sixpence higher than the buying offer last week, but sellers did not come forward. COAL. There was considerable activity in Westport Coals, six parcels of which were disposed of at £1 2a. The market closed with a close margin between buyers and sellers, the quotations being £1 Is lid and £1 2s Id respectively. Kaitangatas were on offer at £1 Os 9d, hut buyers were not interested. WOOLLEN COMPANIES. Ordinary Bruce Woollens were inquired !or at 13s 9d, which was ninepence above ast week’s buying offer, but sellers did not respond. The preference shares were offered for sale at £1 3s fid without buyers showing any interest. There was an improvement of one penny in the inquiry for ordinary Kaiapois, buyers offering 15s lOd. The buying quote for the preference shares was 18s 9d, an advance of ninepened on last week’s rates, but sellers would not do business under 19s 3d. Mosgiel Woollen were inquired for at £ll 7s fid. hut sellers remained firm at £l2. MISCELLANEOUS. Associated News shares were the subject of business at £1 3s lOid, latest buying offer of £1 3s 9d being unanswered. Australian Glass shares were also disposed of at £3 10s fid, a closing seller at £3 11s failing to attract buyers. Broken Hill Proprietaries were offered for sale at £2 19s fid without response

from buyers. Business in the same shares at £2 19s was recorded earlier in the week. Dominion Fertilisers met with a slightly improved demand, buyers’ offer of £1 3s 3d being threepence better than last week. Two sales at £1 3s 2d were recorded. Dominion Rubbers were dealt in at £1 8s 6d, the market closing with sellers remaining unchanged at £1 9s. Sales of Milburn Limes at £2 7s were recorded, the closing buying and selling quotations being £2 6s 3d and £2 7s 3d respectively. There was a sharp rise in National Electrics, buyers’ closing offer of ils 9d being Is 3d better than last week’s quotation. Business at 12s was recorded. There was no change in the market for New Zealand Newspapers, the closing quotations being £1 18s and £1 19s. Business at £1 18s 6d was recorded. New Zealand Paper Mills were also dealt in at £1 14s 3d, a closing seller at £1 14s failing to attract buyers. Several sales of Farmers’ Fertilisers at £1 Os 6d were recorded, a closing buyer at £1 Os 6d being unsupplied. : BREWERIES. New Zealand Breweries changed hands at £2 14s 7d and £2 14s 9d, cum dividend, the closing buying and selling quotations being £2 13s and £2 14s 3d, ex dividend, respectively. Timaru Breweries were inquired for at 8s lid, but sellers did not come forward. AUSTRALIAN MINING.

Electrolytic Zinc preference shares were the subject of business at £1 15s, cum dividend, buyers’ closing offer of £1 14s 6d being unanswered. The ordinary issue was in demand at £1 7s 3d, cum dividend, but sellers did not come forward. Mount Lyells were dealt in at 19s 6d and 19s 9d. the closing buying and selling quotations being 19s 8d and 19s 9d respectively. There was a close market for Mount Morgans, buyers offering £1 17s and sellers asking twopence more. A sale at £1 17s was reported. North Broken Hills were disposed of at £6 15s, 'a final seller at £6 16s receiving no response from buyers. MINING. Sales of Bendigo Goldlighte a| lOd were recorded, the market closing with buyers offering 9Jd and sellers asking one penny extra. Kildares were on offer at 3s 2d, but buyers would not give more than 2s _lod. A sale at 3s was recorded earlier in the week. For King Solomons buyers were prepared to give 3s Bd, but sellers required twopence above that figure. Okaritos were offered for sale at 6s. but buyers remained unchanged at 5s 6d. GOVERNMENT LOANS. There was a steady demand for all issues of Government loans, but sellers were not in evidence. Business in 3J per cent. Stock, 1938-52, at £lO7 17s 6d, 4 per cent. Stock, 1937-40, at £lO2, arid 4 per cent Stock. 1952-55, at fill 15s, was reported. SALES ON 'CHANGE.

NORTHERN EXCHANGES AUCKLAND

** Ex dividend, ft Cum dividend. DIVIDENDS PAYABLE. The following is a list of the shares on which dividends will shortly be payable:— Union Bank—s per cent., 2s 6d per share, half-yearly .. .. July 25 Commercial Bank (ord.) —5 6-0 per cent., 4d per share, halfyearly Aug. 9 N.Z. Insurance—lo per cent.. Is per share, final Aug. Electrolytic Zinc (pref.)—B per cent., 9 3-5 d per share, halfyearly ~ Sep. 10 Electrolytic Zinc (ord.) —5 per cent., Is per share, yearly .. Sep. 10

Mount Morgan 1 17 0 Unlisted Stocks New Zealand Perpetual Forests (18s paid) 2 5 0 Woolworths (Sydney) .... 412 6 4 12 9 WELLINGTON

Unlisted Stocks Woolworths (Sydney) .. .. 412 0 CHRISTCHURCH Sales on ’Change New Zealand Government 4

AUSTRALIAN STOCK EXCHANGES (United Press Association) (By Electric Telegraph—Copyright) SYDNEY. July 19. (Received July 19, at 9 p.m.) On the Stock Exchange leading company shares were very firm, Commonwealth Bonds were quiet, and mining business slack. THE MORNING SALES. I s. d.

LONDON WOOL SALES KEEN COMPETITION FOR BETTER GRADES. (United Press Association) (By Electric Telegraph—Copyright) LONDON, July 18. At the wool sales 9958 bales were offered, including 6038 from New Zealand. About 7574 bales of Australian and New Zealand wool were sold. There was keen competition for better grades of merino crossbreds at full rates. Inferiors were somewhat irregular. Russia was buying greasy crossbreds at hardening rates. New Zealand scoured merino, “RR/T,” top 21Jd, average 21|d; slipe halfbred lambs, “ Belfast,” 15Jd and 13£d. Messrs Wright, Stephenson, and Co. have received the following cablegram from London:—The woo] sales continue with an average attendance of buyers, the Continent and Bradford being the chief operators. The market is firm, and competition is animated. The offerings are of an average selection, and, compared with the opening rates, the prices are unaltered, with the exception of greasy fine crossbred 46/48, yielding 75 per cent., and medium crossbred, 44/46, yielding 75 per cent., both of which grades have''advanced id per lb. The demand for Australian merino is not so keen, the market having declined 5 per cent. BRADFORD TOPS MARKET (United Press Association) (By Electric Telegraph—Copyright! LONDON, July 18. At Bradford the upward movement in merino tops has been checked, top makers finding -it difficult to make the last advance. Crossbreds are firm, with a hardening tendency. Quotations: —Seventies, 32Jd; sixty-fours, Sid; sixties, 294 d; fifty-sixes, 20d: fifties. 15d; forty-sixes, 12jd: forties. KUd. NEW GUINEA GOLD SHARES (United Press Association.) (By Electric Telegraph—Copyright.) LONDON, July 18. New Guinea Gold shares are quoted at 4s 3d

DUNEDIN MARKETS | WHEAT, OATS, ETC. There is a continued lack of interest in ; the milling wheat market. _ At this time : of the year, however, few lines of milling I wheat are left for disposal. Some farmers are still holding lines, waiting for the full prices paid by the Wheat Purchase Board for the month of September. The advanced prices for the month of Julv are on a basis of 4s 3d, f.o.b, ; grower’s nearest port, for Tuscan, 4s 5d ■ for Hunters, and 4s 7d for Velvet. Trade in fowl wheat is quiet. Met- : chants have ample stocks in hand and are supplementing their supplies when ■ necessary from Canterbury. The dis- j tributing business is poor, and now that the Wheat Purchase Board is releasing supplies from its stocks there will be quite sufficient available to meet require- | incuts. The current value for fowl j wheat is 4s 7d per bushel, sacks extra, ex truck, Dunedin, with small lots selling at up to ss. I Millers’ prices for flour, etc., are as ( f °F°lour.—2oolb, £l2 17s; 100’s, £l3 2s; 50’s, £l3 7s; 25’s. £l3 12s. Bran, £5 5s per ton.

Pollard, £6 5s per ton. Oatmeal. —2001 b, £l9; 25 s, f~l. The oat market continues firm, ana merchants are finding it difficult to siecure stocks from the country. The stores are short of supplies, and the few lines tnat are held there are required for seed purposes. An occasional inquiry for oats is being received from the North Island, but merchants are unable to accept orders, owing to a lack of stocks. The present shipping value is 3s 9d, f.0.b., s.i., for As and 3s 6d for B’s. There is also an inquiry for oats for milling. _ The present quotation in the country is 3s Id lor heavy A Cartons, 3s for ordinary A’s and 2s 9d for B’s, sacks extra. Seed oats are meeting a strong demand. It will not be long before spring sowing commences, and farmers are now booking their orders, realising that later on it may be difficult to secure sufficient oats to meet their requirements. The chaff market remains steady. Supplies for the local market are still being drawn from Canterbury. Values for the best quality are on a' basis of £o, sacks extra, on truck, for truck loads, and to 10s, ex the stores. The demand us confined to the best quality. ... The potato market continues firm witn stocks in Dunedin on the low side. Owing to the mild season potatoes that were placed in store at the time of digging have had to be picked over before sales can be made. The value of freshly picked lines of Arran Chiefs is £7 per ton, sacks included, with King Edwards worth about £1 a ton more. The shipping market is very firm and sales ot Whites have been made at £7 10s per ton, f.0.b., s.i., Canterbury ports. Keports from Auckland go to show that the market there is also very firm. Southein merchants have lines of potatoes stored in, Auckland, but they are not prepared to release them in the meantime. This has had an effect on the Auckland market as merchants there had relied on being able to buy from consignment stocks as required. . . Although the period of spring sowing is now approaching there is not yet any improvement in the seed markets. ihe market for most lines, including cocksfoot and ryegrass, remains steady, out there is a weaker tendency in the finer grasses. This refers more particularly to brown top and Chewings fescue. 1 Tactically no sales of these two latter varieties are being made overseas, buyers in the northern hemisphere holding off the market until they discover what the returns from their own crops are going to be. The advices so far to hand state that there should be a favourable harvesting of seeds in the northern hemisphere. Wholesale prices are as follows: Chaff—Good bright oaten sheaf, to £5 10a per ton, ex store. Potatoes. —Arran Chiefs, £7 per ton; King Edwards, to £B. The market is I Butter.—Milled bulk, 8d per lb; separator, Bd, ' Bacon, Is o£d per lb. , Ham. —Ordinary, Is Id; boneless, Is 3d per lb. . , Canterbury onions, 10s per cwt. Eggs, Is 6d per dozen. FRUIT REPORT.

The next shipment of South Australian oranges is due to arrive by the Waitaki from Melbourne on Tuesday next. The quantity allotted to the Dunedin market is in the vicinity of 2500 cases, aa compared with 3400 in the previous shipment. Prices have been fixed at the same figures as those ruling for the first shipment—namely, 15s to 21s per case, according to the size of the oranges. A small shipment of mandarins will also be landed ex the Waitaki. Poorman oranges have a good demand. Queensland pines are in good supply, but are not meeting with a very keen demand. , A large shipment of Island tomatoes is due to arrive at the end of next v/eek, ex the mail steamer due at Wellington on Monday. New Zealand lemons are plentiful. A shipment of Californian will arrive towards the end of next week. These lemons have to bear a duty of 2d per lb. Pears, both dessert and cooking, are practically finished for the season. Best quality apples are not oyer-plenti-ful. Large supplies of inferior grade are affecting the prices of the best quality, which, it may be stated, are not bringing the prices ruling at this time last year. The satisfactory prices for apples at Home will assist the industry very considerably in Central Otago. Retailers report a better sale tor bananas.

Choice quality lettuce have a better demand.

Cauliflowers are in short supply, and the market is firmer. Larger supplies are not likely to reach the market until towards the middle of August. Marrows are hard to place. Carrots are plentiful. Wholesale prices are as follows: Pears.—Dessert, to 10s per bushel case; cookers, wanted.

Oranges.—South Australian, 15s to 21s, according to size; Poorman, 8s to 10s. Apples.—Delicious, 4s Cd to 7s; Jonathans, 4e 6d to 6s; Sturmers, 5s to 7s; cookers, 3s Cd to ss; small dessert and cookers, 2s Cd to 3s. Lemons.—New Zealand-grown, 8s to 12s per cnee. Pineapples, 15s to 18s per case. Grapefruit, 30s to 35s per case. Bananas. —Ripe, to 20s per case. Cauliflowers.—Choice, 5s to 8s Cd per sack; others, 3s to 4s Cd. Carrots, to 2s per sugar bag. Cabbages, 4s to 5s per sack. Parsnips, 2s 6d to 3s per sugar bag. Beet, Is per dozen bunches. Pumpkins. 7s to 8s per cwt Marrows, 4s to 5s per cwt. Rhubarb, to 4d per lb. Potatoes, 6s to 8s per cwt. Lettuce. —Choice, 2s Cd to 3s per dozen; others, to Is. Leeks, 3d per bundle. Celery, Cd to 8d per bundle of four heads.

LONDON STOCK EXCHANGE (United Press Association.) (By Electric Telegraph—Copyright.) LONDON. July 18. The following are the latest quotations of Got eminent securities compared with the prices rulln last week:—

butter and cheese (United Press Association) (By Electric Telegraph—Copyright! LONDON, July 18. Butter is firm and active. Danish, 102 s Choicest salted New Zealand, 89s to 90s; Australian, 86s to 87s. New Zealand, 94s to 965; Australian, 88 Cheese is quiet. New Zealand coloured 43s fid: white, 445; Australian, both 41s to 425, and exceptionally good 42s oci. Messrs A. S. Paterson and Co., Ltd, are in receipt of the following cabled advice from London; . Butter.— Market dull. Danish, 82s, landed cost, 103 s; New Zealand, 89s, 90s, Cheese—Market dull; declining. Wh.tc cheese, 43s 6d; coloured, 435. Messrs Dalgety and Co. advise having received the following cablegram from their head office, London, dated July 18.— The butter market is firm. The cheese market is slow. Danish butter, 80s; New Zealand finest butter, 89s to 90s; Australian finest unsalted butter, 87s; Australian finest salted butter, 87s; Australian g.a.q butter, 83s to 84s. Australian cheese, white, not quoted; Australian cheese, coloured, not quoted; blew Zealand cheese, 1 white, 43s Cd to 445: New Zealand cheese, coloured, 43s to 43s Cd; Canadian cheese, white, 52s to 645; Canadian cheese, coloured, o2s to 645; Canadian cheese, c.i.f., 49s to 50s. The National. Mortgage and- Agency Company, Ltd., is in receipt of the following cablegram from London:— Butter—Market steady. New Zealand finest, 89s, 90s; New Zealand first, 88s, 89s; Danish, 100 s; Danish, f.0.b., 80s; Australian, 87s. , . Cheese.—Market quiet. New Zealand white, 445, 44s 6d; New Zealand coloured, 43s 6d, 445; Canadian white, 60s, Canadian coloured, 58605, DOLLAR AND FRANC (United Press Association) (By Electric Telegraph—Copyright) - LONDON, July 18. Exchange on New York is quoted at 4.96 dollars to the f and on Pans at 74 11-16 francs- to the £. FRENCH BANK RATE (United Press Association) (By Electric Telegraph—Copyright) PARIS, July 18. The bank rate has been reduced to 3J per cent. PRICE OF FINE GOLD (United Press Association) (By Electric Telegraph—Copyright) LONDON, July 18.

MELBOURNE MARKETS ‘ (United Press Association) I By Electric Telegraph—Copyright) MELBOURNE. July 19. Wheat, 3s. Flour. £lO 7s 6d. Bran, £4 15s. Pollard, £5. Oats, 2s 3d. Barley, English, 2s 7d to 3s. Maize, 4s 6d. Potatoes, £lO 15s to £ll. Onions, £9 ss. WHEAT. FLOUR, ETC. (United Press Association.) i By Electric Telegraph—Copyright.) LONDON, July 18. Wheat cargoes are firm and unchanged. Parcels are steady to Cd advance. Futures:—London: September, 21s 3dt Liverpool: July, ss; October, 4s HJd; December, 4s Hid; March, 4s IOJd. The spot trade is slow. Australian, ex ship, 26s 9d. ~ , Flour is quiet. Australian, ex store, 20s to 20s 6d. I Oats are firm. Peas and beans are quiet and unchanged.

hide sale Messrs Waters, Ritchie, and Co., Ltd., report as follows:—We held our monthly hide sale on Thursday, when we submitted a catalogue of 2744 hides and yearlings, also 1055 calfskins to a full attendance of tanners and exporters. Owing to lack of overseas inquiries for cow hides and light-weight ox, supplies were heavy, and with tanners’ somewhat limited requirements competition for these grades was weak, with the result that values generally showed a decline of id to |d per pound. On the other hand, ox hides, especiallv heavy and substance lots, met with keen competition at prices which were fully equal to last month’s level. Calfskins remained firm, light yearlings from id to Id higher, heavy slightly easier. TMlowing are some of our best prices:— Ox. —Four 671 b Sid, 11 671’0 Sjjd, 8 811 b «4d 14 Colb BJd, 10 751 b Sid. 27 651 b S'd 15 701 b Bd. 31 651 b Bd, 80 78ib 7|d, 124’64-671h 7ifd. SO 74/751b 7fd, 58 74'761b 7id, 28 56/6211) 7id, 27 76/7811) 7|d, 11 65/7211) 74d, 59 561 b 7d, 25 631 b 7d, 15 551 b 63d, 17 401 b 63d, 24 50/56!b 6id, 9 49ib 63d, 17 561 b 6|d, 40 49/561b 6d, 14 491 b sjd, 13 401 b m, 27 381 b 43d, 24 401 b 41d. Cows. —Two 631 b 7d, IS 611 b 6|d, 14 631 b Bid. 41 04Ih Sid, 237 561 b sd. 73 461 b 4|d. 131 53/5511) 4|d, 102 451 b 43d, 100 45/4611) 4id. 28 S6lb 4|d, 106 54'561b ii fl , 44 451 b 4ili), 83 541 b 4>d. 40 361 b 4d. 86 431 b 4d. 67 S6lb 3|d. Yearlings.—Heavy, 4|d to aid; lights, —Best, B|d to 9Jd; light, 7id to 72d.

HAWKE’S BAY FARMERS’ ASSOCIATION The annual meeting of the Hawke’s Bay Farmers’ Co-operative Association, Ltd., was held in the associations premises, Hastings, this week, the chairman of directors (Mr J. W. Harding) presiding. . , .. The directors’ report stated that, after allowing for the payment of rebates to shareholders at the rate of 12J per cent, on various commissions contributed and 2 per cent, on goods purchased, and ‘’making provision for depreciation on buildings, plant, etc., and for estimated amount of income tax, the balance of profit, including £9567 5s brought forward from last year, amounted to £20,954 18s 4d’ which the directors recommended should be allocated to paying a dividend

of 6 per cent, on paid-up capital and adding the sum of £ISOO to the reserve fund, the balance to be carried forward. RUSSIAN ORDERS FOR STEEL Further contracts for steelworks planft and machinery have been booked by a Sheffield firm. One is for the supply to the Russian Government of complete forging and rolling plant for the production of 36,000 tons of railway tyres a year. The plant will include a 3000-ton hydraulic press, roughing and finishing mills, marking and rectifying presses, charging machines, hydraulic pumps and accumulators, and other auxiliary machinery. A contract for the supply of a large hydraulic press for the heavy forging department of a Continental steelworks ha* also been secured.

chance during the past week:- < £ 8. d. Bank of N.Z 2 12 0 Commercial Bank of Syd. # . 18 0 0 B.S. and A. Bank .. .. 5 2 8 5 3 0 Reserve Bank (4) .. 6 9 6 Union Bank • . t+9 0 9 National Insurance 1 0 10 South British Insurance (2) 4 18 3 Union S.S. Co. (pref.; 2) • • 1 7 6 N.Z. Refrigerating (paid) . • 1 0 9 N.Z. Refrigerating (cont.; 2) 0 9 9 (6) 0 10 0 Westport Coal (0) 1 2 0 Australian Glass S 10 6 Associated News (2) 1 8 10i Broken Hill Propy, 2 19 0 Dominion Fertiliser (2) 1 3 6 Consolidated Brick 0 10 6 Dominion Rubber .. 1 8 6 Milburn Lime (2) 2 7 0 National Electric 0 12 0 N.Z. Newspapers .. .. 1 18 6 N.Z. Paper Mills 1 14 3 Farmers’ Fertiliser (3) 1 0 0 N.Z. Breweries .. t+2 14 7 ff2 14 9 Electrolytic Zinc (pref.) ttl 15 0 Mount Lyell (3) .. 0 19 6 0 19 9 Mount Morgan .. .. 1 17 0 North Broken Hill .. 6 16 0 Bendigo Goldlight (S) .. 0 0 10 Goldfields Dredging .. 0 0 3 Kildare .. 0 3 0 Mount David 0 1 6 Si p.o. Stock, 1938-52 .. 107 17 6 4 p.e. Stock, 1937-40 .. 102 0 0 4 p.c. Stock, ,1952-55 111 15 0

£ 8. d. N.Z. Refrigerating: (cont.) 0 10 0 Broken Hill Proprietary 2 19 0 SALES REPORTED. Consolidated Brick (late Thurs.) 0 10 6 Farmers’ Fertiliser (late Thurs.) .. .. .. . * 1 0 6 U.S.S. Co. (pref.) 1 7 6 Australian Glass .. V r 3 10 6 Dominion Fertiliser 1 3 6 National Electric .. ?. .. 0 12 0 4 per cent. Stock, 1937-40 . 102 0 0 SALES REPORTED AFTER LAST CALL. Westport Coal .. .. 1 2 0 Mount David .. .. 0 1 6 Mount Lyell .. .. 0 19 9 4J per cent. Christchurch Tramway, debs., 1954 .. , 108 0 0 The following are yesterday afternoon’s buying and selling motations, which are subject to the usiia brokerage — BANKING. Buyer. Seller. £ a. d. £ a. d. A'asia 10 18 0 11 2 0 N.S.W 31 10 0 N.Z 2 11 6 2 11 9 NlZ. (long D) .. 1 12 3 1 13 0 Commercial .. .. tfO 16 8 0 16 L0 E.S. and A 5 0 0 5 4 0 Natl, of N.Z 3 9 s Reserve ,. .. .. 6 9 6 Union tf9 0 0 INSURANCE. National 1 0 10 South British 4 18 0 Standard 3 12 0 S 13 6 • A.P.A 1 1 9 SHIPPING. Huddart, Parker (pref.) 1 6 0 P. and 0. Def. Stock 1 1 0 U.S.S. Co. (pref.) 1 7 3 — MEAT PRESERVING Canterbury Meat (ord.) 9 12 0 N.Z. Refrig, (paid) 1 0 9 1 1 0 N.Z. Refrig, (cont.) 0 9 LI 0 10 0 South. Froz. Meat (paid) 3 16 0 — South. Froz. Meat (pref.) S 16 0 — South Otago Freezmg 6 15 0 — LOAN AND AGENCY. Dalgety and Co. .. — 8 6 0 Goldsbrough, Mort 1 9 9 _ Natnl. Mortgage 2 11 6 — Natnl. Mortgage (B issue) .. . 1 12 0 — N.Z. Guarantee Corp 0 5 9 — Perpetual Trustees 3 4. 0 Trustees, Executors 3 4 0 — Wright, Stephenson (ord.) 0 18 0 — Wright, Stephenson (pref.) 0 19 10 — COAL. Kaitangata .. .. — 1 0 9 Westport 1 1 11 1 2 1 MISCELLANEOUS. Aust Iron and Steel 1 4 0 British Tobacco .. 1 19 0 — Broken Hill Propy. — 2 19 6 Consolidated Brick — 0 10 9 Crystal Ice .. .. 2 3 0 2 8 0 D.l.C. (pref.) .. .. 1 4 6. — Dominion Fertiliser 1 3 3 — Dominion Fertiliser (debs.) 108 0 0 — Dominion Rubber — 1 9 0 Donaghy’e Rope .. 2 12 0 — Dunlop Perdriau Rubber 0 10 0 0 16 3 Milburn Lime * .. 2 6 3 2 7 3 Natnl. Electric .. 0 11 9 N.Z. Drug Co. .. 4 3 0 4 4, 0 Farmers’ Fertiliser 1 0 6 — N.Z. Newspapers 1 18 0 1 19 0 N.Z. Paper Mills — 1 14 0 Woolworths (ord.) 12 0 0 Woolworths (Sydney 4 12 0 4 13 0 Anthony Hordern 1 0 0 1 0 3 WOOLLEN COMPANIES. Bruce (ord.) 0 13 9 . Bruce (pref.) — 1 3 6 Kaiapoi (ord.) .. 0 15 10 — Kaiapoi (cont.) .. 0 6 0 0 6 3 Kaiapoi (pref.) .. 0 18 9 0 19 3 Mosgiel 11 7 6 12 0 0 BREWERIES. N.Z. Breweries .. **2 13 0 2 14 3 Staples — 1 15 9 Timaru 0 8 11 Tooths 2 14 3 — AUSTRALIAN MINING. Electro. Zinc (pref.) tfl 14 6 , Electro. Zinc (ord.) ttl 7 3 Mount Lvell 0 19 8 0 19 9 Mount Morgan .. 1 17 0 1 17 2 North Broken Hill — 6 16 0 Upper Watut 0 4 6 MINING. Bendigo Goldlight 0 0 94 >0 0 104 Big River .. . — 0 2 3 Charleston — 0 0 6 Giflespie’s Beach .. — 0 1 Si Golden Progress .. 0 0 3 — Goldfields Dredging 0 0 23 0 0 33 Glenroy — 0 0 4 Kildare . 0 2 10 0 3 2 King Solomon .. .. 0 3 8 0 3 10 Molvneux River.. 0 1 8 — Nokomai — 0 2 0 Okarito 0 5 0 0 6 0 O.venbridge .. .. 0 0 bh 0 0 ■ 7 Sandhills — 0 0 G Waihi — 1 18 G Waihi Grand .)ctn — 0 4 3 Waipapa Beach .. 0 1 3 — Waitahu G 2 9 0 3 0

GOVERNMENT LOANS. Buyer. Seller. £ 8. d. £ B. d. 3J p.c. Stock, March, 1936-43 .. 105 s c — 34 p.c. Stoci May, 1936-52 .. 107 5 0 34 p.c. Stock, Nov., 1938-52 .. 107 10 0 — 34 P.c. Stock, March, 1939-43 .. 105 3 0 — 34 p.c. Stock, Sep., 1939-43 .. 105 5 0 — 34 p.c. Stock, May, 1939-52 .. 107 5 0 — 34 P.c. Stock, March, 1941-43 .. 105 5 0 — 34 p.c. Stock, Sep., 105 0 1941-43 .. 5 — 34 p.c. Stock, May., 1941-52 .. '107 5 0 — 3J p.c. Stock, Nov., 1941-52 .. 107 5 0 — 4 p.c. Bonds, 193740 .... 102 0 0 — 4 p.c. Stock, 193740 .... 102 0 0 — 4 p.c. Bonds, 194346 .... 108 0 0 t 4 p.c. Stock, 194346 .... 108 0 0 r— 4 p.c. Bonds, 194649 .... 108 10 0 — 4 p.c. Stock, 194649 .... 108 10 0 — 4 p.c. Bonds, 195255 .... 111 10 0 — 4 p.c. Stock, 195255 .... 111 5 0 — UNLISTED STOCKS, Dominion Executive Trust (£60 debs.) .. .— 40 0 0 Scoullar and Chisholm (prefO .. MTntosh, Caley, — 0 19 0 Phoenix .. — 0 13 0

Sales on ’Change Bonds—4 per cent., 1940 Stock —34 per cent., 1938-52 108 12 0 108 5 0 Stock—-4 per cent., 1940 108 12 6 Stock—4 per cent., 1949 109 10 0 Stock—4 per cent., 1955 112 0 0 Amalgamated Brick (.Wellington), 7J per cent., 1944 103 15 0 National Bank of New Zealand 3 8 0 Bank of New South Wales .. 32 2 6 Bank of New Zealand .. .. 2 11 6 Dominion I. and B Farmers’ Auctioneering (£5 paid) .. 0 16 6 4 4 0 Christchurch Gas 1 16 3 National Timber 0 14 0 Taupo Timber 0 7 6 Kauri Timber 1 2 3 Kaiapoi Wool (cont.) .. .. 0 6 4 British Tobacco 1 19 6 1 19 9 Consolidated Brick (2) .. .. 0 10 7 Dunlop Perdriau .. .. .. .. Farmers’ Trading 0 16 1 0 7 2 Morris Hedstrom 1 1 7 New Zealand Newspapers .. 1 18 6 Big Eiver 0 2 2 Mataki (2) 0 2 0 (2) 0 1 11 Waihi Junction 0 4 14

Sales on ’Change Christchurch Trams, 4J per cent., 1954 108 15 0 Bank of Australasia (late sale Thursday) :. 10 19 6 11 0 0 National Bank of New Zea(late sale Thursday; ) .. 3 8 9 National Bank of Australasia (£10 paid) 12 15 0 Bank of New South Wales .. 32 0 0 Bank of New Zealand (2) .. 2 11 6 Reserve Bank 6 9 0 Union Bank (late sale Thurs- , 9 2 6 day) 9 2 6 (2) 9 2 0 Christchurch Gas (2) .. ., 1 16 3 Gear Meat 1 1 0 Yarra Falls 2 2 3 Timaru Brewery 0 9 0 British Tobacco' (2) 1 19 7$ Consolidated Brick 0 10 7 Dunlop Perdriau 0 16 1 Mount Morgan 1 17 0

per cent. Inscribed Stock. 1952-55 112 0 0 National Insurance 1 0 7 New Zealand Breweries (ex div.) 2 13 6 Australian Glass 3 10 9 3 11 6 Broken Hill Proprietary .. 2 19 0 Dunlop Pcrdriau Rubber .. 0 1(1 2 g| 0 0 16 16 1 0 Electrolytic Zinc (ordcum div.) 1 7 9 Howard Smith 0 16 6 Big River 0 2 0 Sales' Reported Mataki 0 2 0 National Electric 0 12 0 Howard Smith 0 16 8 Commercial Bank of Sydney 18 2 6 New Zealand Refrigerating 0 9 11 Skippers 0 0 n New Zealand Farmers’ Co-op. 0 per cent. Stock 1939 .. 85 0 Anthony Hordern 1 0 i

Commonwealth Bonds — 4 p.c„ 1938 103 8 9 4 p.c., 1957 105 5 0' 4 p.c., 1961 106 10 0 Commercial Bank of Sydney 18 12 0 Anthony Hordern 1 0 u Associated News 1 3 & Associated News (pref.) 1 3 104 Broken Hill South 4 11 6 Dunlop’s ' .. 0 16 6 James Stedman 0 18 9 Lustre Hosiery 1 8 3 ADDITIONAL SALES. £ s. cl. Bank of New South Wales .. 32 15 0 Commercial Bank of Sydney (New Zealand delivery) ,. 18 12 0 National Bank (£5 piad) 6 11 0 Union Bank 9 5 0 Colonial Sugar 45 0 0 Adelaide Steam 1 11 6 Huddart, Parker 1 19 9 Burns, Philp 3 5 0 Australian Gas (A) 8 3 0 British Tobacco 2 0 3 Tooths 2 15 3 Tooheys 1 10 n G. J. Coles 3 2 0 Morris, Hedstrom I 2 0 Henry J ones 1 17 6 David Jones 2 1 6 Anthony Hordern 1 0 1 General Industries 1 0 0 General Industries (pref.) .. Amalgamated Textiles .. .. 1 6 0 0 11 7 John M'Grath 1 16 0 Mount Morgan 1 17 0 South Broken Hill 4 11 6 North Broken Hill 6 10 0 Bulolo Gold 8 10 0 Malim Nawar .. .... 0 18 3 Placer Development 32 0 0 MELBOURNE, July 19. Bank of Australasia 11 3 0 Commercial Bank of Sydney 18 8 0 National Bank (£5 paid) .. 6 11, 0 Goldsbrough, Mort 1 10 s G. J. Coles 3 2 6

Last week. This week. £ s. d. £ s. d. Consols 80 0 0 85 15 0 Funding Loan. 4 p.c., 1900-00 118 15 0 119 0 0 Assented War Loan .. .. 106 15 0 100 15 0 Conversion Loan. 3% p.c. .. 108 10 0 108 7 6 Victory Bonrl:, 4 p.c. (ex (HO 117 6 3 117 0 0 C'wealth. 5 p.c.. 1045*75 110 3 9 no 5 0 C’wealth. 344 p.c.. 1936-37 .. 104 18 9 104 17 6 C'wealth. 4 p.c., 1043-48 .. 103 0 0 103 i 3 C'wealth. 3% p.c.. 1948-53.. 102 5 0 102 6 0 N.S.W.. 3 P.O.. 1935 .. .. 101 2 6 101 1 3 N.S.W.. 344 P.C.. 1930-50 .. 100 2 6 100 5 0 N S W.. 4% P.C., 1935-45 ., 100 10 0 100 15 0 N.S.W.. 5 p.c.. 1935-55 .. 102 1 3 102 3 9 Victoria 3 p.c., 1029-49 98 15 0 98 15 0 Victoria 4% p.c.. 1940-90 .. 104 17 G 104 15 0 Victoria 5 p.c,, 1945-75 109 15 0 no 0 0 Queensland. 3 p.c., 1922-47 .. 99 0 0 93 12 0 Queensland. 6 P.c., 1040-00 ,. 107 7 0 107 12 0 S.A.. 3 P.C.. 1016 (opt.) .. 89 0 0 88 5 0 S.A.. 6 P.c. 1045-75 .. .. no 5 0 109 18 9 W.A.. 4 p.c • 1942-03 .. .. 102 2 0 102 5 0 Tasmania, 3 l ,fc pc., 1020 40.. 102 7 6 102 10 0 Tasmania. 4 p.c. 1040-50 .. 102 2 fi 102 5 0 New Zealand. 414 P.c.. 1948-55 no 5 0 no 5 0 New Zealand. 314 P-c.. 1940 104 0 0 104 2 8 New Zealand, 3 p.c.. 1946 .. 101 12 6 101 10 0 New Zealand, 6 p.c., 1030-51 103 13 » 103 13 9

£ B. d. July 18 7 o 114 July 17 7 u July 16 7 0 Hi July IS 7 0 11 July 11 7 0 8 July 10 7 0 ii July 9 7 0 7 July 8 7 0 9