COMMERCE AND FINANCE

Otago Daily Times, Issue 22712, 26 October 1935, Page 11

COMMERCE AND FINANCE

MINING VENTURES MURCHISON GOLD AREAS The Murchison district and the Upper Matakitaki Valley are at present attracting the attention of a large number of gold dredging and mining companies. Applications of more than ordinary significance dealt with at a sitting of the Warden's Court at Murchison were those of Mataki Junction Gold Dredging for a special dredging claim of 291 acres, and Mammoth Gold Dredging, Ltd., for 1000 acres special dredging claim. The Mataki Company also applied for some GO acres adjoining its existing ground. That company now has a new dredge nearing completion and it is expected that it will commence operations by the end of November. It already holds a dredging claim of 87 acres and with the present application for 291 acres which has been recommended to the Minister for consent its total claim will be of 378 acres. The whole of the ground has been tested. The Mataki Company has been semiring very satisfactory returns from its present dredge, which is operating near the township, and a record of 53 ounces was secured last week. The additional area is being secured to prolong the life of that venture. The application of Mammoth Gold Dredging, Ltd., which has also been recommended to the Minister, has farreaching possibilities. This area extends from the Six Mile to the bridge crossing in the Upper Matakitaki. It is understood that English' capital will finance this undertaking. While in its infancy stages as yet, it is nevertheless interesting to note the activity of Alluvial Holdings, Ltd., in the Top Maruia. This company holds well over 1000 acres in the locality and applications at the last sitting of the Warden's Court covered 490 acres under prospecting licences. Two boring plants are at work, and though it is early to predict the possibilities of the area, general conditions are favourable for dredging, and it is well-known gold-bearing country. New Zealand Minerals, Ltd., are also interested in a property in the Lower Maruia. The application by this company for 100 acres prospecting licence was granted by the court. DAIRY PRODUCE Messrs Dalgety and Co. advise having received the following cablegram from their head office, London, dated October 24: — The butter market has rather more inquiry this end of week. The cheese market is slow. Danish butter, f.0.b., 108 s to 109 s; New Zealand finest butter, 112 s to 114 s; Australian finest unsalted butter, 114 s to 116 s; Australian finest salted butter, 112 s to 114 s; Australian g.a.q. butter, 108 s to 110 s. Australian cheese, white, not quoted; Australian cheese, coloured, not quoted; New Zealand cheese, white, 58s to 58s 6d; New Zealand cheese, coloured, 58s to 58s Gd; Canadian cheese, white, 58s to 60s; Canadian cheese, coloured, 58s to 60s; Canadian cheese, c.i.f., not quoted. Messrs A. S. Paterson and Co., Ltd., are in receipt of the following cable advice from. London:— Butter. —Market steadier.. New Zealand, 114 s, 115 s; Australian, 113 s, 114 s; Danish, 108 s; lander cost, 1295. Cheese. —Market dull. White, 57s 8d; coloured, 58s. The National Mortgage and AgencyCompany, Ltd., is in receipt of the following cablegram from London: — Butter. —Market steady; New Zealand finest, 112 s. 114 s; New Zealand first, 110 a, 112 s; Danish, 130 s; f.0.b., 110 s; Australian, 112 s, 114 s. Cheese.—Market slow; New Zealand white and coloured, 58s. 58s 6d; Canadian, 68s, 625. USE OF WOLLSTRA DICTATES OF FASHION. Much has been heard during the year of the competition of wollstra with wool, remarks Goldsbrough, Mort and Co., in its annual review. Wollstra is made in Germany from a mixture of raw wool with vistra (artificial silk), and when the percentage of each has been 50 quite a presentable textile has been produced. With orders from the German Government that a given proportion of wollstra was to be used, it has been reported that much of this material, more especially for women’s wear, has recently been worn in that country. However, with wool at ruling values, it appears as though wollstra is not likely to supplant wool in countries other than Germany in existing circumstrances, but if prices for wool were to rise to a basis in the vicinity of 25 per cent, to 50 per cent, above present values, mixed fabrics might be able to compete with raw wool products. However, despite changes in fashions, there is no gainsaying that wool has gone into consumption in recent years, and that within the last few months there have been less wool and tops in consuming countries and lower unsold stocks of wool in the principal producing countries. The review expresses the opinion that the satisfactory clearances over the last year have been due in no small measure to the natural reaction by the consuming public to goods made from wool at a cheap or reasonable price level. Besides this, a growing demand for the staple has been evidenced in the demand during recent year® for clothes suitable for sporting purposes, and there is a definite link between the erection of a greater number of new homes in many countries and the demand for rugs and carpets made from wool. While the replacement of wool by artificial silk for women’s hose is evident, it is also apparent that there is an evergrowing demand for wool yarn for domestic purposes. The practice of hand knitting alone must account for a very large amount annually. HEAVY INDUSTRIES IMPROVEMENT IN BRITAIN. IRON AND STEEL OUTPUTS. Commenting on the progress of the iron and steel trades in Great Britain. The Times states: —“No industrial group suffered more keenly in the depression than trades comprising * heavy ’ industries. These have been among the last to participate in the recovery, but during the past 12 months the restoration of the fortunes of most of the varying types of iron, steel, and engineering companies has proceeded apace. In many instances dividends have been resumed or increased and the improvement in outlook, coupled with the extreme monetary ease, has enabled iron and steel makers to obtain fresh capital for reconditioning or extending works or for reducing interest charges. ■ “ The recovery has been helped by the revival in other industries, such as the motor car and house building, which depend upon iron and steel manufacturers for a part of their raw material, and also by the import duties imposed by the National Government. The recent five years’ agreement reached between the British iron and steel industry and the International Steel Cartel has inspired confidence in the permanence of the recovery. “ Evidence of the increased activity in the iron and steel trade is provided by the expanding output. For the first seven months of 1935 total iron and steel production amounted to 9,323,000 tons, compared with 8,653,000 tons in the corre sponding period last year, an increase of 7,7 per cent. Exports also are rising, the total for the same period being 1,356,000 tons, against 1,234,000 tons, an increase of 9.88 per cent. The expansive tendency of production continues, the July output of pig-iron and steel. 547,300 tons and 803,300 tons respectively, comparing with an average monthly production for the first seven months of the year of 531,500 tons and 800,600 tons. “ The altered fortunes of the iron and steel and engineering industries have brought about a remarkable transformation in the share market. In the earlier hart of 1933 it was still in the deepest depression, but last year a great improvement occurred, which has been carried further in the current year.”

LOCAL AND OVERSEAS MARKETS.

THE ASSOCIATED CHAMBERS PAST YEAR’S ACTIVITIES. An indication of the exceptionally wide interests of the chambers of commerce in New Zealand is given in the annual report of the executive of the Associated Chambers of Commerce. The report covers in detail the activities of the chambers in their efforts on behalf of the community as a whole. “The year has been a particularly busy one for the executive,” the report states. “It has dealt with a great variety of subjects coming within what appears to be the unlimited province of the chamber of commerce movement, as regards matters affecting in lesser or greater degree the interests of industry, trade, commerce and finance, and the general public welfare. In particular, the early session of Parliament in 1935, which marked the culmination of the emergency sessions that have been .held during the depression for dealing with very far-reaching legislation, threw upon the executive a vast amount of work in relation to the epoch-making mortgage finance proposals of the Government. “ The executive has kept constituent chambers fully informed of its operations, and has sought the views of chambers on all possible occasions. The executive would welcome greater expedition by chambers in dealing with matters referred to them for their opinions, and would suggest that where chambers do not ordinarily hold frequent regular meetings, they meet specially -to deal with important matters that are referred to them. The executive would thereby be assisted to deal more expeditiously with business of importance.” Most important among the legislative matters dealt with this year was the consideration of the Mortgage Corporation proposals, the largest single undertaking in the history of the chambers. There were, however, many other matters of almost equal weight, amqng them the com-mercial-trusts legislation, the Companies (Bondholders’ Incorporation) Bill, and a protest against extraneous legislation being; included in washing-up Bills. Sales tax and trade with Australia were among the many general topics to which the chambers gave attention. The report will be presented at the conference to be held in Napier on October 30 and 31. BRITISH TRADE OUTLOOK FURTHER RECOVERY FORECAST. Further recovery in British trade is forecast in an article on the business outlook appearing in the current issue of the Midland Bank’s Monthly Review. The writer of the article considers that any improvement in exports can hardly be rapid, and that their volume may not reach even the early post-war level for some years; he believes, however, that the signs are still propitious for a continuance of the upward trend of business in the home market, and he gives three reasons for his contention. First, the enlarged amount of money available for spending or reinvesting resulting from the recent expansion in business profits should provide a further stimulus to trade; secondly, the maintenance of activity in the building trade should lead to increased general business; and, finally, the pressure of abundant supplies of capital and short-term funds available to the borrower and entrepreneur at low rates continues to exert its beneficial effect on the country’s business. SHIPS FOR SOVIET BRITISH YARDS BENEFIT. The largest order of its kind given to any firm of shipbuilders for the past 10 years, and the first shipping order placed by the Soviet Government in Great Britain, has gone to the Furness Shipbuilding Company, Ltd., of Haverton Hill. The contract is for seven timber-carry-ing vessels, 320 ft long, having a metric tonnage of 4000 each, for heavy service, including work among ice, in Russian waters. , The whole order has to be completed within 12 months. It is expected to find immediate work for about 1000 extra workers on Tees-side. All the machinery required for the vessels will be made by an English engineering firm, a sub-contract which will keep several hundreds of additional workers busy on Tyneside. Finally, the steel plates involved will mean extra employment at English steel works. AUSTRALIAN WOOL HIGHER SALE RETURNS. Sales of wool in Australia from July 1 to September 30 totalled 308.100 bales, which realised £5,054,429, compared with 279,793 bales, realising £3,541,507, in the corresponding period of 1934. The average was £l6 8s Id a bale, or 12.84 d per lb, against £l2 13s 2d a bale, or 9-69 d per lb, last year. The Sydney Morning Herald states that the present brighter feeling in the market should not be interpreted as an indication of war creating a demand for the sheep’s staple. Medium crossbreds, suitable for military clothing, are still relatively cheap compared with merinos. The sound statistical position of merinos is the chief creative influence of this season’s improved values, and not any special increase in mill turnover in all quarters. Brices for metals and grain are admittedly higher, and the world consequently has better purchasing power, but the hone must be expressed that overconfidence in the wool outlook will not carry prices for the staple to a level which cannot be maintained. A season of moderate, sustained values is desirable. Supplies of merino wool available this season are estimated at 3,777,865 bales, 3,015,865 bales from Australia and 762,000 bales from South Africa. This is the lowest quantity for five years, and compares with 4,140,606 bales available last season. “ In viewing these figures it is advisaole to regard them as a reason for the maintenance of satisfactory prices rather than as constituting a cause of ‘ boom ’ rates,’ - states the Australian journal. “ Higher prices check consumption and excessive levels have by that means resulted in the world finding itself with ample wool to cover its needs though a shortage originally looked probable. Crossbreds are today available in large quantities in New Zealand and elsewhere.” CASTLEMAINE BREWERY Improved results are recorded by Castlemaine Brewery Company (Melbourne), Ltd., for the financial year ended September 30. Gross profit, including dividends on shares in Carlton and United Breweries, Ltd., amounts to £17.994, being an increase of £lßll over the preceding 12 months, and, after providing for expenses. rates, and taxation, the net profit is £2325 higher at £15,927. This is the best result since 1930. The dividend for the year is Is 6d a share, compared with Is 9d a share last year, when the distribution included a special dividend of 2.38 per cent., representing the balance of profits earned previous to 1914. This year’s dividend requires £15,000, leaving a carry forward of undivided profits of £21,894, against £20,967 brought into the accounts. MEAT COMPANY WOUND UP A resolution was passed at a meeting of shareholders of the Wairarapa Frozen Meat Company, Ltd., providing that the company he wound up voluntarily and that Mr G. W. Sellar lie appointed liquidator. The company some years ago leased and operated the Waingawa Meat Works. On the termination of this activity an arrangement was made under which the capital of the company was invested in shares in the Wellington Meat Export Company. It is understood (says the Dominion) that the effect of the liquidation of the Wairarapa company will be that these Wellington Meat Export Company shares will now bo held by the shareholders individually.

LONDON STOCK EXCHANGE (United Press Association) (By Electric Telegraph —Copyright) LONDON, October 14. The following are the latest Quotation* of Gotemment securities compared with the prices ruling

LONDON METAL MARKET (United Press Association.) (By Electric Telegraph—Copyright) LONDON, October 24.

FOREIGN EXCHANGES (British Official Wireless.) (United Press Association.) (By Electric Telegraph—Copyright.)

ON NEW ZEALAND CURRENCY BASIS The Bank of New South Wales, Dunedin quoted the following rates tor purchases and sales of foreign exchange yesterday London— Buying. Selling £1 N.Z. to £IOO

DOLLAR RATES The Associated Banks (other than the Bank of New South Wales) quoted the following dollar rates yesterday on a New Zealand currency basis They are subject to alteration without notice. U.S.A. Canada (per £1 ( per £ I N.Z.) N Z ) 'idling— dola dois T.T 3.93| 3.99 g O.D 3.94| 4.00 J ' Q.D. 3.99 4.043

MINING NEWS QUARTZ MOUNTAIN (PAPUA) Mr W. H. Gordon, the Quartz Mountain mine manager, writing from Sydney, under date October 18, reports that the lode in No. 2 tunnel had been driven on another 31 feet, making a total of <1 feet. As yet he had not reached the footwall, and dish samples continued the same. In the next report from the mine true assay values (instead of dish panning) would be available as the smelting and assay office would be completed. The truck line was completed from the mine to the hopper and the delivery of ore had commenced. The health of white men and native boys’ was excellent at the machinery site the whole of the crushing plant was completed and ready for work. The treatment plant was practically _ completed, and only a few minor details remained to finish this portion of the work. The laying of the pipeline to the works is completed. The Merrill-Crowe precipitation plant was in position and ready for work. GOLDFIELDS DREDGE Messrs W. A. Mitson and Co., secretaries of the Goldfields Dredging, Company, Ltd., report that Mr A. Maitland, the company’s dredgemaster, left suddenly for health reasons, and the dredging operations ceased on October 7. The directors appointed Mr John S. Ritchie, of Cromwell, to the vacant position ol dredgemaster, Mr Ritchie taking over his duties on Monday, last. The dredge is running well, and the present dredging operations consist of opening out work, as it is desired to increase the width of the dredge cut. KING SOLOMON RETURN (Per United Press Association) INVERCARGILL, October 25. The return at the King Solomon mine this week was 7Goz lOdwt. CHRISTCHURCH STOCK EXCHANGE (Special to Daily Times) CHRISTCHURCH, October 25. Though there is by no means the healthy tone of a few weeks ago, there appears now to be a better feeling on the Stock Exchange than there has been since Italy and Abyssinia began their war. The news from Europe has been increasingly encouraging, particularly this last week, and the Exchanges throughout the Empire have reacted at once. Prices have generally firmed and, though the turnover has not been large, there has been an inquiry for general investments more nearly norma! than for some time. Basically, the markets are strong, the uncertainty over the European situation alone preventing trading from being active in almost every class of stock. The local Exchange this week showed a definite improvement and the whole tone of the market was sound. The week began slowly, but there was a much better total of dealings towards'the end. The most interesting developments were the keen buying and consequent rises in the prices of New Zealand Breweries and of Broken Hill Rights. The turnover was £24,321 compared with £21,017 last week. In the banking section there was a fairly active market throughout the week, prices for everything except Reserve Banks showing a tendency to harden. Commercial of Australia ordinaries were sought consistently at IGs Bd, about Id dearer than the average of last week. The preference issue was dealt in at £9 12s and was unchanged. E.S. and A. showed a tendency to fluctuate slightly but finished at £5 6s 6d, a fractional advance over last week. National of New Zealand had dealings at up to £3 11s 9d, an advance of 6d. Reserves, possibly because of the approach of the election, sold on a falling market and lost Is 6d in the week, finishing at £6 6s 6d. There was little interest in Government stocks, debentures or insurance. Not a great deal of activity was shown in the loan and agency section where, with wool valued satisfactorily and the money market fairly well stabilised, holders are prepared to wait for higher offers. Goldsbrough, Morts moved up sharply, selling at as high ag £1 11s 3d, a shilling better than the price last week. _ Mortgage Corporations, because of political uncertainty, remained at 5g 6d and did not attract much attention. Business in the 10s New Zealand Refrigerating shares was active throughout the week and the price showed n substantial advance. They began at 11s 5d and finished on a strong market at llg 2d, the encouraging outlook for meat doubtless influencing buyers. Another factor also is that the company s year ends this month. The pound shares also showed a slight rise in sympathy with the others. Halfway through the week, buyers of New Zealand Breweries advanced their limits and trading in this stock became active. The price at £2 12s 6d was a shilling ahead of the opening last week, and up to £2 12s 9d was given. Tooths continued their steady upward movement and advanced to £2 17s 9d. Broken Hill rights, which at the beginning of the month lost about half a crown in two days, picked up markedly this week and finished at £1 Os 4d, an advance of Is Id on the week. The ordinary shares showed the same disposition, and gained 18d on the week, finishing at £2 15s 6d. G. J. Coles were erratic, but were generally dearer. Consolidated Brick had dealings at prices which showed a decline from recent quotations. The price yesterday was 9s Id, sixpence down on last week. Dunlop Rubbers continued the rising tendency they have shown recently, and hardened 5d on the week to 15s 7d. Electrolytic Zincs, following the stronger base metals market overseas, were a little dearer, and were done yesterday at £1 12s 3d. There was an active market for Woolworths, the ordinary New Zealand issue showing a quite strong advance of 4s 6d to £5 12s Cd on the week. The Sydney issue was irregular, hut generally stronger over a number of dealings, and sold up to £5 12s 6d. A sale of the West Australian shares was made at £8 11s, an advance of 4s 6d over last dealing. The mining section was not particularly active, but there was a generally strong tone. Maori Gully moved up a penny to Is lid. King Solomons also recorded a penny advance to 3s 4d. Mount Lyells picked up in the middle of the week, but at the end were weaker again. MINING FLOTATIONS ACTION IN MELBOURNE PROTECTING THE INVESTOR. Action is contemplated by the committee of the Melbourne Stock Exchange to tighten the regulations relating to the listing of mining companies. “ Very stringest regulations are already in force, but recent happenings have shown that further requirements are necessary,” said the chairman of the Exchange, Mr W. Forster Woods, in explaining the committee’s plans. “A suggestion that prospectuses of milling companies should be subjected to strict supervision before issue is to be commended for its object, hut in my opinion it is not adaptable to the conditions under which mining companies are promoted. Promoting interests may have but little time to raise capital to avail themselves of an offer of purchase, and more often than not a company is floated before anv prospectus is issued. The public must look to the personnel of the directors and promoters and he guided by the ability as well as the integrity of those to whom they are entrusting their money. The committee is investigating cases where it appears as if certain persona who sponsored the flotations were beneficially interested in vendor consideration without that fact having been disclosed in the prospectus. “ Every published report on a mine should be dated, and no excision should be made except with the expressed approval of the person making the report. Incorrect reporting of yields or other information, even though it may he corrected subsequently by the management, is also considered to be of a serious matter. A large proportion of mining companies are still in the prospecting and development stages, and it is not reasonable to expect even the most highly qualified mining engineers or other persons who may term themselves mining exports to estimate correctly on all occasions the result of developmental activities. Listed companies are required to report promptly any change, favourable or otherwise, at the mine: the investor must then judge for himself the’ prohah.e result of such development.”

AUSTRALIAN STOCK EXCHANGES (United Press Association ) (By Electric Telegraph—Copyright) SYDNEY, October 25. (Received Oct. 25, at 11 p.m.) _ On the Stock Exchange good class industrial stocks were still in firm request. There was also strong buying for Australian Bonds. THE MORNING SALES.

FOREIGN COMPETITION Alarm at the effects of Japanese competition was expressed by eeyeral members at a meeting of the executive ot the Canterbury Manufacturers’ Association. Mr H. Lee declared that he knew of bathing costumes from Japan which were selling at 57s 6d a dozen, about half the price of the New Zealand-made article. The costume bore only a number, and he thought it should be compulsory that such articles should be branded with the country of origin, as the inference was that the costumes were made in New Zealand. Mr H. B. Duckworth said that the Auckland footwear manufacturers were very concerned, as Japanese footwear, most of which was for children, was selling in the north at very low prices. Mr A. M. Hollander urged the need for a careful survey of the position, for if the Dominion wanted to sell more wool to Japan, then Japanese goods had to be taken in return. It had to be remembered that it was only in the last few years that exports from Japan to New Zealand exceeded the Dominion’s exports to Japan. He felt that the Manufacturers’ Federation was watching the position. After further discussion the matter dropped, the chairman (Mr C. H. Burson) stating that it was gratifying to know that-a Dunedin remit would ensure a discussion on the.subject at the federation conference. • BROKEN HILL STEEL If British steel production were tied up by a war, there wa» only one outside British source that could supply munitions or other steel goods, and that was Broken Hill in Australia, said the Australain Trade Commissioner, Mr R. H. Nesbitt, in an address to the Hastings Chamber of Commerce. The steel works at Broken Hill, he said, were national in this respect that they were the only British steel works of any magnitude outside Britain. They meant a tremendous thing for Australia, and at present were employing about 13,000 hands. Their consumption of coal amounted to approximately 1,000,000 tons a year. They had a great potential value in time of war, and if they were to he kept in a state of efficiency against that contingency, then they should be kept in a state of efficiency in time of peace. That was why they must he supported. AIR LINES OF AUSTRALIA, LTD. Air Lines of Australia, Ltd., has been registered in New South Wales with £1,000,000 capital in £1 shares, of which 5000 are deferred shares, and 995,000 ordinary shares. The objects are to establish, carry on and maintain lines on regular services of aircraft, vessels, etc. The first directors are Lord Semphill, W. Stephenson, G. A. Robinson, 15. B. Wareham, H. G. Armstrong. A. D. W. Allen. A. Macdougall and E. D. Armstrong. COMPANIES REGISTERED The Mercantile Gazette notifies the registration of the following companies: — Larry’s Consolidated Gold Mining Company, Ltd. Registered ns a private company October 10. Office: 29 Bond street, Dunedin. Capital: £2OOO into 2000 shares of £1 each. Subscribers: Dunedin —Caroline S. Bowron 1. Recfton —J. Coghlan 1999. Objects: To carry on all kinds of business in relation to mining by hydraulic, elevating, suction, pumping, dredging, sluicing, or by any other method of mining. South Seas Films, Ltd. Registered October 10. Office: 24 Water street. Dunedin. Capital: £2OOO into 500 deferred shares of £1 each and 1500 ordinary shares of £1 each. Subscribers: Dunedin —V. G. Brown 25, E. Whittleston 25. I. H. Penrose 100. S. B. MacDonald 100. C. H. Lewis 50, W. A. Mitson 50. Mosgiel— H. V. Smith 400. Objects: To “carry on business as producers of kineinatographic motion pictures, caterers for public and private amusements and entertainments, to organise and conduct theatrical productions and entertainments of all kinds. Modern Homes. Ltd. Registered as a private company October 17. Office: Care Air H. Booth, accountant, A.M.P. Chambers. 89 Princes street, Dunedin. Capital: ESOO into 500 shares of £1 each. Subscribers: Dunedin —L. G. Waters 480, E. M. Waters 10. T. G. Waters 10. Objects; To carry on the business of builders and contractors in all its branches and incidental. Dominion Property Brokers, Ltd. Registered as a private company October 17. Office: Office of Reginald Crooks. Union Bank of Australia Chambers, Princes street, Dunedin. Capital: £l5O into 150 shares of £1 each. Subscribers; Dunedin —J. M. Mntheson 100. R. Crooks 50. Objects: To carry on the business of agents for the lotting, renting and leasing of leasehold and freehold properties, the collection of rents, interests, business of financial brokers and general incidental. EMBARGOES ON EXPORTS "PLAYTHING OF POLITICS.” AUSTRALIA AND POTATOES. A comment upon what ho described as pseudo-political embargoes on exports, with special reference to the Australian embargo against New Zealand potatoes, was made in an address to the Hastings Chamber of Commerce this week by Mr R. H. Nesbitt, Australian Trade Commissioner in New Zealand. Mr Nesbitt said it was a matter for regret that the principle of the embargo, which was fitted only for scientific treatment, should be made the plaything of politics. The fault in that respect lay on hotli sides of the Tasman. For ex-

ample, the constituents of a certain Australian politician might say, “ Let New Zealand potatoes in and out you go. The price of potatoes in New Zealand last week, said Mr Nesbitt, was such that Australian potatoes could have been shipped from Sydney to New Zealand and have under-sold the local product. During the past five years the average price in Sydney had not been beyond £5 10s a ton, but in certain months in certain years the price had risen as high as £23 a ton. It was then that New Zealand growers said they ought to have the right to ship to Australia. The Australian growers’ attitude was that they carried the market when ft was low, and therefore they were entitled to it when it was high. Actually, the cost of shipping to Australia, according to recent quotations, was £5 7s a ton. In Australia there were 110,000 acres of potatoes planted every year. So far as could be ascertained production was 400.000 tons, and consumption about 395.000 tons, so there was a surplus of approximately 5000 tons a year. That was why Australia said she did not want New Zealand potatoes. THE POTATO MARKET (Feu United Peess Association) CHRISTCHURCH, October 25. The potato market remains as it has been for the past 10 days, without a sign of life, and those in the trade are almost ready to agree that the season is now over. Auckland has shown no disposition to buy from here, the market there contenting itself with the small shipments arriving on consignment. There has been no business at all, and farmers who still have some potatoes left are finding it impossible to obtain a price. The Auckland value at present is equivalent to about £B, on trucks, Canterbury, but, as there is no business, this quotation is purely nominal. The continued dry weather gave the market for ryegrass a little, life, but the rains of the past few days have quietened things down again. There were a few buyers about early in the week, hut, as sellers were inclined to hold tight, little business was done.. Other markets are very quiet indeed. SHARLAND AND CO.. LTD. LAST YEAR’S TRADING RESULTS. The directors of Messrs Sharland and Co., Ltd., in their thirty-seventh annual report, for the year ended August 31, state that after providing for all bad and doubtful debts, land and income tax, depreciation, and taking stock at cost price or market value, whichever is the lower, there remains a balance of £9253 10s od, made up as follows: —Profit for year ended August 31, 1935, £12,900 4s 3d; balance brought forward from previous year, £4472 Os 3d, a total of £17,378 10a Oil; less —reserve for land and income tax £SOOO, and interim dividend, 2J per cent., paid May 10, 1935. £3125, a total of £8125, leaving the net amount available for distribution as per profit and loss account £9253 10s 6d. It is proposed to pay a dividend of 5 per cent, per annum on both preference and ordinary shares, £6250, less interim dividend as above, leaving a balance to ho carried forward to next year of £OI2B 10s Cd.

last week — Last week. This week e B. d. £ 8. d. Consols 82 6 0 84 10 0 Funding Loan. 4 P.O., 1909-90 112 17 0 115 0 0 Assented War Loan .. .. 104 0 0 105 10 0 Conversion Loan. S 1 p.c. .. 103 5 0 105 0 0 Victory Bonds, 4 p.c. (eidlv.) 111 6 0 113 10 0 C’wealth 6 p.c., 1945-75 .. 108 17 6 109 5 0 ("wealth. 314 p.c., 1936-37 .. 102 0 0 102 10 0 C’wealth. 4 p.c.. 1943-48 .. 101 1 3 101 10 0 C'wealth. 394 P.c., 1948-53 .. 101 10 3 101 15 n C’woalth. 314, p.c., 1950-01 .. 96 0 0 90 10 0 N.S.W.. 3Mi P.c.. 1930-50 .. 99 6 0 99 5 0 N.S.W., iVi P.C.. 1935-45 ,. 101 16 0 101 7 c N.S.W.. 5 p.c.. 1935-55 .. 100 10 0 100 13 9 Victoria. S p.c., 1029-49 .. 96 10 0 90 17 6 Victoria, 40i p.c., 1940-00 .. 104 6 3 105 0 0 Victoria, 5 P.C., 1945-75 .. 108 10 0 109 0 0 Queensland, 3 p.c., 1922-47 .. 00 7 6 90 IT 6 Queensland, 5 p.C„ 1940-00 .. 104 8 9 105 6 0 S.A., 3 p.c., 1016 (opt.) .. 87 0 0 86 10 0 S.A.. 5 p.c,. 1945-75 .. .. 108 0 0 109 0 0 W.A.. 4 p.c, 1942-02 .. .. 101 17 6 102 5 (1 Tasmania, 3*4 p.c.. 1920-40 .. 101 12 6 102 5 0 Tasmania 4 p.c. 1940-50 .. 102 7 0 102 7 0 New Zealand. 4$4 p.c., 1948-65 106 12 6 107 15 0 New Zealand, 3% p.c., 1940 102 15 0 102 17 G New Zealand, 3 p.c.. 1946 .. 99 7 6 100 2 6 New Zealand. 6 p.c.. 1930-51 103 12 0 103 7 0

(Received Oct 25 a 11 p.m. The following are the official metal quotations — Ton Copper, spot £35 0 3 Rise £0 13 1% Copper, forward .. 36 IS 1V4 Rise 0 12 6 Electrolytic, spot .. 39 16 0 Rise 0 10 0 Electrolytic, forward 40 5 0 Rise 0 10 0 Wire bars .. .. 40 6 0 Rise 0 10 0 Lead, spot .. .. 18 0 0 Rise 0 8 8 Lead, forward .. 18 0 0 Rise e io 0 Spelter, spot .. 10 T e Rise 0 6 0 Spelter, forward .. 1G 11 3 Rise 0 6 3 Tin, spot .. .. 222 0 0 Rise 5 16 0 Tin. forward 213 18 9 Rise 4 6 8 Pig Iron, home trade 3 7 0 No change Pig Iron, export 3 2 6 No change Antimony. British S3 10 0 No change Antimony, foreign 62 10 o \ No change Dnlt Molybdenite .. • > I 14 0 No change Wolfram .. .. 1 13 0 No change Ox. Silver, standard .. .. 28 6-16d No change Silver, line .. .. 31%d No change

Paris— Par. RUGBY, October 24. Oct. 23. Oct. 24. Francs to £1 : 124.21 74 39-64 74 39-64 Brussels— Belgas to £1 SO 29.22} 29.21 Oslo— Kroner to £1 18.180 19.90} 19.90} Stockholm — Kroner to £1 18.130 19,39} 19.39} Copenhagen— Kroner to £1 18.150 22 22 Berlin— Marks to £1 20.34 12.23 12.22} Montreal— Dollars to £1 4.86 2-3 4.981 4.981 New York — Dollars to £1 4.88 2-3 4.91 13-16 4.91i Yokohama— Pence to yen 24.582 14 3-64 14 3-64 Hongkong— Pence to dollar 24.58 23 15-16 23} Bombay— Pence to rupee 18} 18} Batavia— Florins to £1 12.10 7.24} 7.24} MilanDire to £1 82.46 €0} 60 7-16 Amsterdam— Guilder to £1 12.107 7.24J 7.24} Prague— Kroner to £1 104} 1185 118} GenevaFrancs to £1 26.22} 15.13} 15.11} Vienna— Schillings to £1 84.86} 28 26} Hclelngfors— Marks to £1 193.23 226% 226% Madrid— Pesetas to £1 25.22} 86 1-32 36 Belgrade— Dinars to £1 25.22} 215 216 Athens— Drachma to £1 .. .. 376 615 616 Lisbon— Escudos to £1 110 1101 110| Bucharest — Lei to £1 .. 931.6 625 625 Ulo de Janeiro— Pence to mllreis 6.890 4} 4} Buenos Aires— Pence to pesos 47.22 36} 36} Shanghai— Pence to tael 18 15-16 16 3-16 Montevideo— Pence to pesos 391 391 Warsaw — Zlotys to £1 - 26.06 26.06

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 89 O.D. 90/7/6 89 New York— Dollars to £ N.Z. T.T. 3.97% 3.93% O.D. 3.99J 3.948 Montreal— Dollars to £ N.Z, T.T. 4.031 3.994 O.D. 4.044 4.00 France— Franca to £ N.Z. T.T. GO.59 59.29 O.D. CO.89 59.34 Noumea— Francs to £ N.Z. T.T. 01.54 58.54 O.D. 61.94 58.59 Papeete— Francs to £ N.Z. T.T. G1.54 58.54 O.D. G1.94 58.59 Belgium— Belgas to £ N.Z. T.T. 23.167 O.D. — 23.182 Herman? — Reichsmarks to £ N.Z T.T. 9.622 O.D. 9.627 Italy— Lire to £ N.Z. T.T. 47.84 O.D. — 47.88 Switzerland— Francs to £ N.Z. T.T. 12.379 11.979 O.D. 12.454 11.989 Holland— Florins to £ N.Z. T.T. 5.954 5.704 O.D. 6.004 5.708 JavaFlorins to £ N.Z. T.T. 5.915 5.690 O.D. 5.9G5 5.694 iapan— N.Z. Pence to 1 Yen .. T.T. 17 11-16 O.D, — 17 43-64 Shanghai— N.Z, Fence to X Dollar .. .. T.T. 19 7-1G 20J O.D. 19 5-16 20 11-16 India and Ceylon— N.Z. Pence to 1 Rupee T.T. 228 22 23-32 O.D. 22i 22 21-32 Hongkong— N.Z. Pence to 1 Dollar T.T. 28 1-16 294 O.D 27 15-16 29 1-16 Singapore— N.Z Pence to 1 Dollar .. .. T.T. 343 35 5-16 O.D 341 33J Sweden — Kroner to £ N.Z. T.T. 15.790 15.4C0 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 Austria— Schillings to £ N.Z T.T. 20.47 O.D. — 20.49 Czechoslovakia— Crowns to £ N.Z. T.T. _ 94.85 O.D. — 94.90 All rates subject to alteration without notice

f s. d. Commonwealth Bonds — 4 p.c., 19d8 102 17 6 4 p.c., 1941 103 0 0 4 p.c.. 1947 104 12 C 4 p.c.. 1950 104 17 6 4’ p.c., 1952 104 5 0 4 p.c.. 1955 104 12 0 4 p.c., 1957 104 12 6 Bank oi Mew South Wales 32 5 0 An'Jionv Hordern (pref.) 1 4 0 Associated News 1 4 44 Broken Hill Proprietary (ex rights) 2 15 9 Broken Hill Proprietary (cum rights) 1 0 n Colonial Sugar 44 0 0 Dun lops 0 16 0 Goldsbrough, Mort I 11 6 Howard Smith 0 18 6 ADDITIONAL SALES. £ s. d. Bank of New South Wales 32 D 0 Union Bank 9 7 0 Australian Provincial Assurance 1 1 0 Australian General Insurance 0 17 0 Adelaide Steam 1 11 0 Howard Smith 0 18 6 Australian Gas A 7 15 6 Tooths 2 17 0 Tooheya 1 9 4J Australian Iron and Steel (pref.) 1 G 3 Australian Glass .. .. 4 0 0 Dunlop Perdriau .. .. 0 16 14 Goldsbrough, Mort 1 12 0 Henry Jones 1 16 104 Electrolytic Zinc .. .. 1 12 9 General Industries . . 0 19 0 Sargents Mark Fqy I 1 1 0 9 74 Claude Neon , , 2 11 io 4 Goodyear (pref.) .. .. 1 11 3 Farmers 1 6 0 Anthony Hordern .. .. 0 19 3 United Provisions 0 11 6 Broken Hill Proprietary ( 2X 15 9 rights) 2 South Broken Hill /4 8 19 6 Bulolo Gold 0 0 Kuala Kampar .. •. 0 14 6 Mount Kasi 0 18 0 Loloma 2 0 0 Koroere 1 1 0 MELBOURNE. October 25. Commercial Bank of Australia 0 16 9 (pref.) 9 13 0 Australian Glass 3 19 6 Nestles (pref.) .. .. 1 13 6 Goldsbrough Mort 1 12 0 Herald and Times .. . • 3 2 0 Mount Lyell 0 19 6 Loloma 2 0 6 Emperor 1 2 6 New Morobe 3 0 0