COMMERCE AND FINANCE

Otago Daily Times, Issue 22710, 24 October 1935, Page 18

COMMERCE AND FINANCE

LOCAL AND OVERSEAS MARKETS

THE WOOL SEASON ENCOURAGING PROSPECTS (Special to Daily Times) AUCKLAND, October 23 "If I could give a correct forecast of prices I would not be in the wool trade for long, but I think that prices on an average will be better than last season," said Mr Albert Smith, representative of the Bradford firm of Messrs B. Parkinson and Co., Ltd., who returned from London to-day by the Rangitiki. "If it was not for the large carry-over in New Zealand I would be more optimistic regarding prices." Mr Smith said that the mills in Yorkshire were working more or less on full time, and the prospect was definitely better than it was four years ago when he last visited England. BRISBANE WOOL SALES (United Press Association) (By Electric Telegraph—Copyright) BRISBANE, October 23. At the wool sales competition was very keen, and bidding animated. The market was very firm. The top prices were: — Greasy, 22id; scoured, 30£d. • THE MELBOURNE SALES (United Press Association) (By Electric Telegraph—Copyright) MELBOURNE. October 23. At the wool sales there was strong competition. All comebacks and fine crossbred wools moved in sellers' favour, and on a somewhat higher basis of values than at the previous series. LONDON METAL MARKET (United Press Association.) (By Electric Telegraph—Copyright) LONDON, October 2!. (Received Oct. 23, at 30 p.m.) The following ate the official metal Quotations—

PRICE OF FINE GOLD (United Press Association) (By Electric Telegraph—Copyright) LONDON, October 22.

DOLLAR AND FRANC. (United Press Association) (By Electric Telegraph—Copyright) LONDON, October 22. Exchange on New York is quoted at 4.91 3-16 dollars to the f, and on Pari3 at 7ii francs to the £. CHICAGO WHEAT QUOTATIONS (United Press Association) (By Electric Telegraph—Copyright) NEW YORK, October 21. Chicago wheat quotations:—December, 101 J cents per bushel; May, 1002; July, 99|; New York (cash), 134 f. LONDON STOCK EXCHANGE LONDON, October 22. Banks: Australasia, £9; New South Wales, £24; Union of Australia, £7 2s 6d; English, Scottish and Australian, 83s 3d; National of New Zealand, 555; Bank of New Zealand, shares, 42s 3d. Loan and Mercantile 4 per cent, debentures, £9O 10s; ordinary stock, £26 10s. TIN QUOTAS RAISED LONDON, October 22. The International Tin Committee recommends that quotas be raised 80 per cent., retroactive to October 1. AUSTRALASIAN T. & G. MUTUAL LIFE ASSURANCE SOCIETY, LTD. The board of the Australian Temperance and General Mutual Life Society reports that the new business completed during the financial year ended September 30 was as follows:—In the ordinary department 29,122 policies assuring £8,015,648, and in the industrial department 140,573 policies assuring £5,774,754; the total life business issued beins 169,695 policies assuring £13,790,402. These completions constitute a record in the history of the society and exceed those of the previous year by 2677 policies and £973,588 of assurance. In addition, in the accident department there were written 28,278 personal accident and sickness policies for £7,825,162, and 9757 policies in the ordinary department were endorsed with accident benefits for £1,662,648.

THE SHARE MARKET DUNEDIN STOCK EXCHANGE Mortgage Corporations were disposed of at 5s 6cl on the Dunedin Stock Exchange yesterday, the closing buying and selling quotations being 5s 6d and 5s 7d. New Zealand Breweries also changed hands at !he improved price of £2 12a 6d, a closing buyer at £2 12s 3d being sixpence below sellers' requirements. Union Banks were on offer at £9 6s, but buyers would not give more than £9 2s. Contributing New Zealand Refrigeratings were inquired for at the better price of 10s lOd, sellers' lowest requirement being lis 2d. Buyers of New Zealand Paper Mills were prepared to give £1 Bs, but sellers would not accept less than £1 10s. Goldsbrough. Morts met with a slightly firmer demand at £1 10s 6d, but sellers would not do business under £1 lis 6d. Buyers of Mount Morgans offered £1 15s 3d, sellers requiring £1 16s 6d. Waihi Investments were inquired for at 14s, but sellers were not interested. SALES ON 'CHANGE.

NORTHERN EXCHANGES AUCKLAND Sales on 'Change

ANTHONY HORDERN AND SONS The directors of Anthony Hordern and Sons, Ltd., Sydney, are giving notice of the redemption, next year, of the £790,000 outstanding debentures. The debentures were issued in 1926, and now bear interest at £5 8s Cd per cent, per annum, the annual charge being £42,857. Arrangements have been made with the Mutual Life and Citizens' Assurance Company, Ltd., to take up, on September 1, 1936, £600,000 in debentures of the company, of 10 years' currency, and bearing interest at £4 2s 6d per cent, per annum, payable half-yearly. The company undertakes to reduce the amount by £IO,OOO each half-year, and has the right to repay up to £50,000 in one year. The remainder of the existing ißStie, £190,000, will be repaid from cash resources of the company. The benefit of the reduced rate of interest will not take effect until the second half of the next financial year, commencing at the end of August, 1936. Fraser and Co., selling agents for Otago and Oamaru Egg Circles, report as under: Eggs: Poultry farm eggs, lOd to lid; others, 9d per dozen. Butter: Separator pats, 9d to lOd per lb; bulk, lOd per lb. Tallow, 15s to 17s per cwt. Pigs: Good bacon weights, 5Jd to 6d per lb; overweights, 2d to 3d; porkers, 6d per lb. Potatoes, 15s per cwt. Chaff, £5 10s per ton, sacks extra, ex store. Whole fowl wheat, 5s 3d per bushel. Bulk honey, 4d per lb; 101 b tins, 4s 6d to ss. Williams Premier bacon: Boneless hams, Is 3d; rolls, Is Ojd; ham ends, Is OJd per lb. Poultry: White Leghorn hens, 3s 6d to 4s; heavy breeds, 5s to 6s; cockerels —light 3s to 4s, heavy 5s to 6s; roosters, 2s to 2s 6d; ducks, 3s to ss; ducklings, 5s to 6s; all per pair. Turkey gobblers, 8d to 9d per lb, live weight; hens, 7d to 8d per lb. We stock Palmers' chick food, National meat meal, leg rings, Is per dozen (special quotes for quantities). We are agents for " Champion" egg crates, Isco cod liver oil for poultry, prices on application. We are Otago agents for: " Gamble" electric incubator and the " Betteridge " egg cleaning table, particulars on application. Consignors, please note that all pigs and poultry must arrive not later than Wednesday morning of each week. We have a stock of poultry crates on hand for the use of our clients.

, MINING NEWS NEW BENDIGO COMPANY Reports from the mine manager of the New Bendigo Gold Mining Company, Ltd., for the two weeks ended October 12 and October 19, indicated that it was necessary to delay operations for a few days in order to effect necessary repairs to the rock drill. The distance driven for the two weeks was 47 feet making a total of 790 feet completed by the present contractors. Much softer country was experienced. BUNDI DREDGE RETURN (Per United Press Association) GREYMOUTH, October 23. The Bundi tin dredge obtained a return of 1420 z 16dwt 6gr from 400,000 cubic yards in 200 hours. The dredge was closed down for four days on account of a shortage of water. Minor repairs were effected, and the dredge is now working satisfactorily. A net loss of £1494 is shown by Bundi Tin Dredging Co. N.L., Greymouth (New Zealand) for the year ended December 31, and in addition £20,850 wa e lost on the sale of the company's assets at Bundi. In their report the directors state that the period covered the company's final operations in the East prior to transferring its activities to the gold area in New Zealand. The No. 2 dredge was transferred to New Zealand. The sale of the Eastern concessions, which was effected after the Bundi and Cheneh areas had been worked out, resulted in a loss of £44,726. The only asset remaining in the East at December 31 last was the Gambang area, which had since been sold for a net return of £7344. The dredge from Bundi commenced operations at Greymouth (New Zealand) on June 13 last, and to September 27 had treated 228,500 yards for approximately 11540 z of gold bullion. The estimated value of the gold was £B6OO, which it was estimated would show a profit of £2OOO, which the directors consider satisfactory, aa much of the period was taken up by opening-out operations. AUSTRALIAN STOCK EXCHANGES (United Press Association) (By Electric Telegraph—Copyright) SYDNEY, October 23. (Received October 23, at 10 p.m.) On the Stock Exchange classified stocks were firmly quoted, and Government securities were strongly supported. THE MORNING SALES.

FOREIGN EXCHANGES

(British Official Wireless.) (United Press Association.) (By Electric Telegraph-Honyright.)

DOLLAR RATES The Associated Banks (other than the Bank of New South Wales) quoted th«* following dollar rates yesterday on a New Zealand currency basis. They are subject to alteration without notice.

ADDINGTON STOCK MARKET (Per United Press Association) CHRjSTCHURCH, October 23. Entries were received of normal size to-day &nd values showed little change. Store sheep, ewes and lambs sold at up to Is a head better and hoggets about 6d. The best of ewes and lambs sold at 13s lOd and the best ewe hoggets at 31s 3d

Fat Sheep.—The entry was mostly of shorn wethers, which were easier by up to Is a head. Ewes were unchanged. Shorn values were:—Extra prime heavy wethers, to 27s 4d; prime heavy wethers. 21s Od to 23s 6d; prime medium-weight, 19s to 21s; ordinary, 17s 3d to 18s 9d: extra prime ewes, to 26s lOd; prime heavy, 18s 6d to 21s; medium-weight, 16s 6d to 18s 3d; ordinary and light, to lCs. Fat Cattle.—Four hundred and fifty were penned, practically all being from local districts and the West Coast. V allies were unchanged. Extra prime heavy steers brought to £ll 17s 6d; prime heavy, £ll 15s to £l3 15s; medium-weight prime, £lO to £l2 ss; ordinary, £8 to £9 ss; extra prime heifers, to £lO 17s 6d; prime, £7 5s to .£9; ordinary, £5 5s to £6 15s; extra prime cows, to £ll 12s 6d; prime, £0 15s to £8 10s; ordinary, £5 5s to £0 10s. Fat Pigs.—Baconers were a little firmer, but otherwise the market was unchanged. Choppers made 50s to £4; baconers, 46s to 54s Cd; heavy baconers, EBs 6d to £3 10s 6d (average price per lb 5d to 5&d); porkers, 28s to 41s 6d (average"price per lb 5d to 5Jd). GUARDIAN TRUST Directors of the Guardian Trust and Executors Company, Ltd., Auckland, re port the total value of assets now under the administration and control of the company amount to £12,639,206 18s Bd. New business for the year affects assets of .t total value of £1,045,637. The following ligures illustrate the growth of the Guardian Trust: —Assets under administration: 1915, £10,650; 1930, £9,738,044; 1935, £12,039,297. The future progress of the company is assured by the steadily increasing number of new clients. An outstanding feature of the year has been the many instances in which the company has been requested to continue management of their assets by beneficiaries. AUSTRALIAN MUTUAL PROVIDENT SOCIETY AN EPIC IN FIGURES. The house flags on all of the A.M.P. Society's 1 district offices throughout New Zealand will be flying this week, as the manager for New Zealand has received cabled advice from his head office in Sydney that the accumulated funds of the society have reached the stupendous total of one hundred million pounds. This large sura represents, of course, merely the amount invested by the society to meet claims as they fall due under the million and move policies now on the society's books. The growth of the A.M.P. Society from humble beginnings in 1849 to the largest mutual life office in the British Empire in 1935 i g a romance of colonial business enterprise, of which its members have just reason to be proud.

WAIHI GOLD MINING COMPANY WINDING-UP MEETING TWO NEW COMPANIES BURDEN OF TAXATION. (From Our Own Correspondent) (By Air Mail) LONDON, September 28. An extraordinary general meeting of shareholders of the Waihi Gold Mining Company was held this week for the purpose of winding up the company. The following resolutions, read by the secretary, were submitted to the meeting: 1. That the company be wound up voluntarily, and that Alexander Dallas Hastic be and he is hereby appointed liquidator of the company for the purposes of such winding up. 2. That the liquidator be and he is hereby authorised to enter into an agreement with Waihi Investments and Exploration, Ltd., in the terms of the draft agreement (expressed to be made between this company and the liquidator of the one part and the said Waihi Investments and Exploration, Ltd., of the other part), which has been laid before this meeting and subscribed for identification by the chairman, and to carry such agreement into effect with such modifications (if any) as he may think expedient. 3. That the liquidator be and he is hereby authorised to distribute in specie among the shareholders in the company the shares held by the company in Martha Gold Mining Company (Waihi), Ltd., and the shares to which he will become entitled under the agreement referred to in resolution No. 2 passed this dav in Waihi Investments and Exploration, Ltd., so that each shareholder }n the eompanv will receive one fully-paid share of 5s in Martha Gold Mining Company (Waihi). Ltd., and one fully-paid share of 5s in Waihi Investments and exploration, Ltd., in respect of each share of 5s held in the company. Lieutenant-colonel E. H. L. Beddington (chairman) said that, in addition to the explanations set forth in the circular distributed about these proposals, a further reason for them was that the New Zealand income tax regulations laid down that in the case of a company subject to New Zealand taxation, whose principal source of income was gold mining, the tax should be assessed on the amount that company paid in dividends. l*or a New Zealand company operating in New Zealand that was quite a logical proposition, but for an English company, because its largest interest was in gold mining in New Zealand, to be compelled to> pay New Zealand income tax on the profits or tin mining in Siam and on the income from investments outside New Zealand, to the extent to which they formed part of its dividends, was scarcely equitable. ASSETS OF COMPANIES. The chairman gave details of the assets, both of Martha Gold Mining: Company (Waihi), Ltd., and of Waihi Investments and Exploration Ltd. In the case of the Martha Company they consist of:—The mine, works, properties, etc., at book value at December 31 last, £74,525; cyanide, stores, furniture, etc., . also at book value at December ! 31 Inst, £33,497; and of investments at cost, and cash amounting to £177,298. The .total of these assets is £285,320, which is represented on the -other side of the balance sheet by the issued capital-991,814 shares of 5s each, totalling £247,953 10s, and a capital reserve of £37.367, representing the profits from January 1 to March lb, 1935, which had to be capitalised under the Companies Act. . In the case of the Waihi Investments and Exploration, Ltd., its assets consist of: Our investment in Puket Tin Dredging, Ltd., at cost, amounting to £158,466-, and other investments, at cost, and cash, amounting to £284,620. These totalling £442 953, are represented on the other side of the balance sheet by the issued capital of 991,814 shares of 5s each, making £247,952 10s, and a capital reserve of about £l9s,ooo—the exact amount of this latter sum being dependent on the balance remaining after the final liquidation of the Waihi Gold Mining Company, Ltd., and the distribution by the liquidator for each share in that company, of one share in Martha Gold Mining Company (Waihi), Ltd., one share in Waihi Investments and Exploration, Ltd., and os cash payment, which would be distributed as early in November as he finds practicable. EXPENSES £6o oo. The costs of the scheme, continued the chairman, including the stamp duty in the United Kingdom and New Zealand, the formation of the new companies and the transfer of their assets, and the legal expenses, would amount to something less than £6OOO. "It is sad to think," said Colonel Beddington, "that the old Waihi Gold Mining Company, after a prosperous career of more than 48 years, is to be wound up, but in no other way could we submit to you proposals that we consider wholly satisfactory. We shall retain the name in Waihi Investments and Exploration, Ltd., and we hope that this company will be worthy of its parents. You will also retain the mine under the name of the Martha, named, of course, after the lode that has made the old mine famous, and there we could envisage the next year or so with somewhat more confidence if the New Zealand Government could see its way to abolish, or largely -reduce, _ the onerous export tax on gold, which is a grievous burden on the industry, and lithe miners, whom we are always anxious to treat fairly, could realise that tne higher the wages they exact, the shorter is bound to be their period of employment in the mine, owing to the higher, grade of ore that needs to be sent to the mill in order to cover costs with a margin of profit for taxation and dividend. SOUTH AFRICAN PROPOSITION. The chairman announced that the directors were just about to begin an investigation of a gold mining proposition m South Africa, but they were unable to say anything beyond that they thought it was sufficiently attractive to warrant investigation. The Martha Gold Mining Company (Waihi), Ltd., had declared an interim dividend of 6d ler share, free of income tax, payable on November 15 to all shareholders on the register on November .'. As the Waihi Company paid an interim dividend of 6d per share in May on account of 1935, shareholders would have received the same amount in interim dividend as thev received last year. Several shareholders paid, tributes to the directors and to the staff. It was mentioned that since 1893 shareholders had received £l3 14s 6d per share, and in addition, the directors had returned 15s per share and also given shareholders a bonus. . , The resolution? were carried unanimously. DAIRY PRODUCE The South Island Dairy Association, Ltd., has received the following market report from London: Butter.—Depressed. Finest, HGs to 117 s; Danish, 1345. Cheese.—Quiet. White and coloured, 595.

FREIGHT RATES FROM JAPAN (Per United Press Association) WELLINGTON, October 23. The Federal Steam Navigation Company, the New Zealand agents for the Osaka-Shoshen-Kaisha, to-day received a cablegram stating that the freight rates from Japan to Lyttelton and Dunedin had now been reduced to the same rate as those to Wellington. BURNS, PHILP DIVIDEND (Per United Press Association) WELLINGTON. October 23. Messrs Burns, Philp, Ltd., have advised the Stock Exchange Association that an interim dividend of Is per share has been declared, payable on November 15. ALOHA CENTRAL (Per United Press Association) WELLINGTON, October 23. Aloha Central has advised the Stock Exchange Association that the company will accept applications for a new issue of shares from New Zealand shareholders bearing Dominion postmarks of October 20. ELECTROLYTIC ZINC In a preliminary statement, the Electrolytic Zinc Company of Australasia. Ltd., Melbourne, reports a net profit of £256,020 for the year ended June 30, after providing £145,000 for amortisation and depreciation, and £55,923 for taxation. The net profit for the previous year was £234,707, and in 1933 it was £223.094. The company recently announced an increase in the year's dividend from 4 per cent, to 5 per cent. LONDON MARKETS HIGH COMMISSIONER'S REPORT. The Department of Agriculture has received the following cablegram, dated October 19, from the High Commissioner for New Zealand, London: — Tallow.—-Market firm, with quotations slightly higher for mutton, fine. Hemp.—Manila: Market quieter and slightly weaker; trade demand poor. "K" grade for October-December shipment quoted sellers at £27. Sisal: Market quiet and somewhat easier. No. 1 (jrade for October-December and January-March shipments quoted, sellers at £27. 2*ew Zealand: Moderate inquiry but small business has been done. "Fair grade, £2l; rejected, £lB 10s. . Eggs.—Market firmer; prices have advanced. English National pack, 16s 6d to 21s; English ordinary pack, 16s to 17s; Danish, 13s to 15s; Australian, lis 6d to 13s 6d. COLOMBO TEA SALE Mr L. M. Wright has received the following cabled report on the Colombo tea auction of October 22: The market for fine teas remained farm, medium kinds were id to U dearer, while prices for common teas were slightly irregular. The quality remained useful, supplies coming forward being small. Next week's auction is catalogued for 1,510,0001 b. AUSTRALASIAN PAPER AND PULP Australasian Paper and Pulp Company, Ltd., reports a net profit for the year ended September 30 of £103,732 compared with £107,950 for the previous year. A sum of £763 is brought into the accounts making £104,496 available. Dividends of 8 per cent, on both ordinary and preference shares, the rate being the same as last year, absorb £92,209, leaving £12,286 to be carried forward. The only movements of importance in the balance sheet itema are a decrease of £2707 in the amount deposited at call with the company and an increase of £7739 in the company s deposits at call.

Ton Copper, srot .. .. £34 0 4% Fall £0 9 *% Copper, forwanj .. .. 34 1G 10 >/4 Fall 0 10 0 Electrolytic spot .. .. 38 10 0 Fall 0 10 0 Electrolytic, forward .. 30 10 0 Fall 0 10 0 30 10 0 Fall 0 10 0 17 11 3 Fall 0 s a Lead, forward .. .. 17 11 3 Fall 0 8 9 Spelter, spot .. .. 10 0 0 Fall 0 1 3 Spelter, forward .. .. 16 5 0 Fall 0 2 6 233 10 0 Fall 8 12 G Tin, forward .. .. 221 10 0 No change Fig Iron, borne trade 3 7 6 No change Pig Iron, export 3 2 G No c hange Antimony. British .. 83 10 0 No change Antimony, foreign 62 10 Unit. 0 No c hange 1 14 6 No change I 13 0 No change 02. Silver, standard .. 29 5-lCd No cl h&nge 31%d No c hange

f 6. d. October 22 .. . . .. 7 7 October 21 .. . . .. 7 5 October 18 .. . . .. 7 31 October 17 .. . . .. 7 6 October 16 .. . . .. 7 71 October 15 .. . . .. 7 9 October 14 . .. 7 n October 12 .. . . .. 7 9

£ s. d. Mortgage Corporation . • 0 5 6 N.Z. Breweries .. 2 12 6 SALES REPORTED. Bank of N.Z. .. .. 2 10 3 Bank of N.Z. (Long D) .. 1 13 6 Waitahu (2) .. .. .. 0 2 9 SALES REPORTED AFTER LAST CALL. N.Z. Refrigerating (cont.) 0 11 0 N.Z. Breweries .. 2 12 6 The following are yesterday afternoon's buying and selling quotations, which are subject to the usual brokerage:- — BANKING. Buyer. Seller. i s. d. £ s. d. 11 0 0 — New Zealand .. 2 10 0 2 11 0 N.Z. (Long D) .. 1 13 0 — E.S. and A — 5 6 0 Natl, of N.Z. .. 3 11 0 — — 6 10 0 9 2 0 9 6 0 INSURANCE. 0 19 4 — 3 £ 6 — SHIPPING. P. and 0. Def. Stock 1 1 6 — U.S.S. Co. (pref.) 1 7 0 — MEAT PRESERVING N.Z, Refrig. (paid) 1 1 9 „ N.Z. Refrig. (cont.) 0 10 10 0 11 2 South. Froz. Meat — 3 19 6 South. Froz. Meat — 3 19 6 South Otago Freez. 7 6 0 — LOAN AND AGENCY Dalgety and Co. .. — 8 4 0 Goldsbrough, Mort 1 10 6 1 11 6 Mortgage Corporation 0 5 6 0 5 7 National Mortgage — 2 14 6 National Mortgage (B Issue) .. 1 12 0 — Trustees. Executors 3 3 0 — Wright, Stephenson (ord.) '— 0 18 9 Wright. Stephenson 1 0 0 — COAL. 1 2 0 1 2 9 MISCELLANEOUS. Associated News 1 3 6 — Associated News (ord.) — 1 4 9 Broken Hill Propy. (cum rights) 3 4 0 3 4 9 Broken Hill Propy. (rights) 0 19 9 — Brown. Ewine 1 1 0 — D.I.C. (pref.) .. 1 4 0 — Dominion Fertiliser 1 2 6 — Dominion Fertiliser (debs.) 105 10 0 — Dominion Rubber.. 1 4 0 1 8 0 Stock Exchange 1 17 0 2 0 0 Dunlop Perd. Rub. 0 15 4 — Milburn Lime — 2 5 0 N.Z. Drug Co. .. 3 16 0 4 0 0 N.Z. Newspapers.. 2 0 0 2 0 9 N.Z. Paper Mills .. 1 8 0 1 10 0 Wilsons Cement .. 2 1 0 — Woolworth's (ord.) 5 5 0 — Woolworth's (Syd- — 5 12 0 WOOLLEN COMPANIES. Bruce (pref.) — 1 2 6 Kaiapoi (pref.) .. — 0 19 0 — 10 10 0 Oamaru (paid) .. — 1 2 0 BREWERIES N.Z. Breweries .. 2 12 3 2 12 9 1 8 6 1 10 0 AUSTRALIAN MINING. Broken Hill South 4 15 0 — Electrolytic Zinc (ord.) 1 11 0 — Mount Lyell .. 0 19 3 0 19 9 Mount Morgan 1 15 3 1 16 6 MINING. Bendigo Goldlight 0 0 ft. 0 0 6 — 0 2 0 Gillespie's Beach .. 0 1 1 — — 0 3 1 King Solomon 0 3 2 ■— Molyneux River .. 0 1 5 c 0 4 6 0 5 6 Oxenbridge .. —. 0 0 3 Paddy's Point — 0 2 6 Waihi Investments 0 14 0 .— Waipapa Beach .. 0 1 6 — 0 2 8 .— 1 0 6 — GOVERNMENT LOANS. 3} p.c. Stock. Nov., 104 5 0 — 3| p.c. Stock, Mar., 1939-43 — 103 5 0 3J p.c. Stock, Sept., 1939-43 • — 103 5 0 3} p.c. Stock, May, 1939-52 104 5 0 — 4 p.c. Bonds, 193740 ... 101 10 0 — 4 p.c. Stock, 193740 101 10 0 102 0 0 4 p.c. Stock, 194346 104 10 0 — 4 p.c. Stock. 194649 105 0 0 106 0 0 DIVIDENDS PAYABLE. The following is a list of the shares on which dividends will shortly be payable:— South British Insurance —13 1-3 p.c, Is 4Jd per share, final .. Oct. 24 Brown, Ewing (ord.) —2J p.c, 6d per share, final Oct. 26 Brown, Ewing (pref.)—5 p.c, Is per share, final Oct. 26 Donaghay's Rope—7 ; i p.c, 9d per share, interim .. Oct. 26 N.Z. Guarantee Corporation 8 1-13 p.c, ljd per share, fina' 1 Oct. 30 D.I.C. (ord.)—5 p.c, 6d per share, final .. Oct. 30 D.I.C. (pref.)—5 p.c, 6d per share, final .. Oct. 30 South Otagb Freezing—8 p.c, 8s per share, final Oct. — Timaru Brewery—5 p.c, 2£d per share, interim .. Oct. — N.Z. Paper Mills—3 p.c, 7 l-5d per share, interim Nov. 11 Martha (Waihi) —6d per share Nov. 16 Natl. Bank Australia (£10) — 5 p.c, 5s per share .. . Nov. 27 Natl. Bank Australia (£5) — 5 p.c, 2s 6d per share . Nov. 27 Australian Glass (ord.) —10 p.c, Is per share, interim . Dec. , Australian Glass (pref.)—9 p.c, 10 4-5d per share ; , interim .. Dec.

£ s. d. Stock, September, 39-43, 3J 102 10 0 101 15 0 Commercial Bank of Australia (pref., 2). 9 12 6 E.S. and A. Bank 5 5 9 Bank of New South Wales (2) 31 17 0 8 2 0 Farmers' Co-op. Auctioneering 3 18 0 0 10 0 1 3 3 0 6 9 2 12 0 2 2 0

1 18 6 Broken Hill Proprietary (2) 2 15 6 43 0 0 0 9 7 0 9 5 1 11 6 K.D.V. Boxes (10s paid) .. 0 9 9 1 3 9 N.Z. Newspapers (2) .. .. 2 0 9 2 1 3 0 14 10 WELLINGTON Sales on 'Change Bank New South Wales 32 0 0 Bank of New Zealand (late 2 10 6 N.Z. Refrigerating (cont.) .. 0 11 0 2 2 6 King Solomon (late Tuesday) 0 3 4 Unlisted Stocks Wool worths (Sydney) .. .. 5 11 0 Woolworths (West Aust.) .. 8 10 0 CHRISTCHURCH Sales on 'Change Unlisted Stocks 11 0 0 Sales Reported Unlisted Stocks Woolworths (Sydney, ord., 5 11 s Sales on 'Change Listed Stocks Commercial Bank of Australia 0 16 s Commercial Bank of Australia 9 12 0 5 5 0 6 7 0 N.Z. Refrigerating (10s 0 10 10 N.Z. Breweries (4) .. 2 12 6 2 12 7 2 12 S Australian Iron and Steel 1 5 3 1 5 6 Broken Hill Proprietary (cum div., 2) 2 15 0 Broken Hill Proprietary (rights, 3) 1 0 3 0 9 2 Woolworths (N.Z., ord) 5 12 6 0 1 u 0 3 4 0 1 1 0 19 3 Sales Reported National Bank of New Zea3 11 6 N.Z. Refrigerating (10s paid) 0 11 0 New Zealand Breweries 2 12 9 Amalgamated Wireless (cont.) 1 15 6 1 18 6 Broken Hill Proprietary 1 0 0 New Zealand Newspapers (late sale Tuesday) .. 2 0 9 Woolworths iN.Z., ord.) 5 10 0 0 I 1

£ s. d. Commonwealth Bonds — 102 6 3 4 p.c, 1941 103 6 3 4 p.c, 1944 102 8 9 103 10 0 104 2 6 7 15 0 0 19 44 Anthony Hordern (pref.) .. 1 3 9 1 4 It Associated News (pref.) 1 4 6 1 19 0 Broken Hill Proprietary (ex 2 16 0 0 15 104 0 17 i'i 1 8 3 Wilcox. Mofflin 0 10 3 ADDITIONAL SALES. Bank'of New South Wales .. t s. 32 0 d. 0 43 10 0 1 4 6 7 15 6 1 19 3 2 17 9 0 13 3 Peters 1 19 6 New South Wales Blue Metal 0 16 14 0 17 14 2 5 0 W. E. Smith .. .... .. 0 13 9 0 17 9 Claude Neon (New Zealand 2 11 0 Hoyts (B pref.) 0 12 9 Australian Iron and Steel 1 6 6 0 15 104 Goldsbrough, Mort .. .. 1 11 3 1 4 0 1 16 104 1 12 14 Electrolytic Zinc (pref.) ., 1 16 3 Anthony Hordern .. .. 0 19 44 Amalgamated Textiles .. 0 11 0 1 1 6 1 16 3 Broken Hill Proprietary (cum 3 5 3 Broken Hill Proprietary (ex 2 16 0 South Broken Hill .'. .. 4 18 C North Broken Hill .. .. 7 17 6 3 2 6 0 14 0 0 12 c Placer Development .. 5 5 0 1 1 6 Koroere 1 1 0 MELBOURNE, October 23. National Bank (£10 paid) .. 14 0 0 3 4 0 1 12 u 1 14 0 0 19 6 3 7 6 1 1 6

RUGBY, October 22. Paris— Par. Oct. 21. Oct. 22. Francs to £1 124.21 74 33-64 741 Brussels— Belgas to £1 30 29.20 29.19 OsloKroner to £1 18.180 19.90) 19.904 StockholmKroner to £1 18.130 19.391 19.394 CopenhagenKroner to £1 18.150 22 £2 BerlinMarks to £1 20.34 12.211 12.22 Montreal— Dollars to £1 4.86 2-3 4.98J 4.981 New York— Cellars to £1 4.8G 2-3 4.91 3-16 4.91 3-10 Yokohama — Pence to yen 24 .5S2 14 3-64 14 3-64 Hongkong— Pence to dollar 24. 58 24i 234 BombayPence to rupee — 18a 181 Biitavla— Florins to £1 12.10 7.231 7.231 Milan— Llro to £1> 82.46 60 9-16 60 7-16 Amsterdam— Guilder to £1 12 .107 7.231 7.241 Prague— Ktoner to £1 104J 1183 118 11-10 (Icncva— Francs to £1 25.221 15.10 15.11 Vienna— Schllllngs-to £1 84 86J 26 26 Helslngfors— Marks to £1 19c 1.23 226% 226% MadridPesetas to £1 25. 22s 36 35 31-32 Belprade— Dinars to fil 25 .221 215 215 AthensDrachma to £1 .. ..375 515 515 Lisbon— Kbcudosto £1 110 1103 nog BucharestLei to £1 .. 931.6 C25 025 Rio de JaneiroPence to mllreis .. 5.890 41 41 Buenos AiresPence to pesos 47.22 361 361 ShanghaiPence to tael — 17| 17| Montevideo — Pence to pesos — 30S 39J Warsaw — Zlotys to £1 — 26.06 26.06 ON NEW ZEALAND CURRENCY BASIS i The Bank of Now South Wales, Dunedln, quoted the following rates for purchases ana 3ales of foreign exchange yesterdaj • London— Buying. Selling. £1 N.Z. to £100 stg. • • • > T.T. 124 124/10/O.D. 123/10/124/8/9 Australia— £ A to £100 N.Z. T.T. 101 100/10/O.D. 101 100/10/Fiji— £ F to £100 N.Z. T.T. 90/7/6 so O.D. 00/7/6 89 New York— Dollars to £ N.Z. T.T. 3.073 3.933 O.D. '3.99 3.941 Montreal— Dollars to £ N.Z. T.T. 4.038 3.99? O.D. 4.04J 4.00g FrancoFrancs to £ N.Z. T.T. 60.54 59.24 O.D. 60.84 59.29 NoumeaFrancs to £ N.Z. T.T. 61.49 58.49 O.D. 61.89 58.54 Papeete— Francs to £ N.Z. T.T. 61,49 58.49 O.D. 01.89 58.54 Belgium— Belgas to £ N.Z. T.T. — 23.135 O.D. — 23.150 Germany— Kelchsmarks to £ N.Z T.T. — 9.606 O.D. — 9.611 ItalyLire to £ N.Z. T.T. — 47.89 O.D. — 47.93 Switzerland— Francs to £ N.Z. T.T. 12.359 11.959 O.D. 12.434 11.969 HollandFlorins to £ N.Z. T.T. 5.950 5.700 O.D. 6.000 5.704 JavaFlorins to £ N.Z. T.T. 5.915 5.690 O.D. 5.965 5.694 Japan— N.Z. Pence to 1 Yen .... T.T. — 17 11-16 O.D. — 17 43-64 Shanghai— N.Z. Pence to 1 Dollar .. .. T.T. 20 21-32 21 31-32 O.D. 20 17-3 2 2129-32 India and Ceylon— N.Z. Pence to 1 Rupee .. .. T.T. sag 22 23-32 O.D. 221 22 21-32 Hongkong— N.Z. Pence to 1 Dollar .. T.T. 29 15-32 30 17-32 O.D. 29 11-3 2 SO 15-32 Singapore— N.Z. Pence to 1 Dollar .. T.T. 341 f 35 5-16 O.D 34} 351 Sweden— Kroner to £ N.Z. T.T. 15.790 15.460 O.D. 15.830 15.470 Norway— Kroner to £ N.Z. T.T. 16.200 15.870 O.D. 16.240 15.880 Denmark— Kroner to £ N.Z. T.T. 18.208 17.878 O.D. 18.248 17.888 AustriaSchillings to £ N.Z T.T. — 20.47 O.D. — 20.49 CzechoslovakiaCrowns to £ N.Z. T.T. — 94.85 O.D. — 94.90 All rates subject to alteration without notice

U.S.A. (Janadu (per£1 (per £1 N.Z.) N.Z.I Selling— dots. doib T.T .. .. 3.93fi 3.99g 0.D .. .. 3.94J 4.00$ U2>!il*Jl^3 0.D .. .. 3.98| 4.042