COMMERCE AND FINANCE

Otago Daily Times, Issue 22716, 31 October 1935, Page 16

COMMERCE AND FINANCE

LOCAL AND OVERSEAS MARKETS

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

NEW GUINEA GOLD SHARES (United Press Association) (By Electric Telegraph—Copyright) LONDON, October 29. New Guinea Gold shares are quoted at 4s lOd. "COLOMBO TEA SALE Mr L. M. Wright has received the following cabled report on the Colombo tea auction of October 29: — At yesterday's auction of 1,510,0001 b fine teas remained firm at last week's prices. Mediums were steady, while common kinds were slightly easier. A total of 1,810,0001 b is catalogued for auction at nest week's sale.

THE SHARE MARKET DUNEDIN STOCK EXCHANGE Mortgage Corporations were disposed of as 5s 5d on the Dunedin Stock Exchange yesterday, a closing buyer at the same figure being one penny below sellers requirements. Dominion Fertilisers changed hands at £1 3s, buyers' closing offer of £1 2s 9d failing to attract further sellers. Business was also done in New Zealand Breweries at £2 12s 9d, while further transactions at £2 13s were reported, the closing buying and selling quotations being £2 12s 6d and £2 12s 9d. Contributing New Zealand Refrigeratings were on offer at lis, but buyers would not give more than 10s 10d. Woolworths (Sydney) ehares met with a firmer demand at £5 lis, sellers refusing to accept less than £5 13s. There was an easier inquiry for Mount Lyells, buyers best offer being 18s 9d. Sellers asked 19s sd.

Unlisted Stocks Sales on 'Change Argo Gold Dredging (4) .. 0 1 2£ Emperor Fiji (10s paid) .... 012 6 LONDON STOCK EXCHANGE (United Press Association) (By Electric Telegraph—Copyright) LONDON, October 29. Dalgety shares, £6 10s; 4 per cent, cebenture, £101; Goldsbrough, Mort debentures, 255; P. and O. Deferred, ISs 4Jd. ADDINGTON STOCK MARKET (Pee United Press Association) CHRISTCHURCH, October 30. Entries at the Addington market were slightly easier to-day, but there was a firm sale for fat stock, and a sharp advance for store sheep. Spring lambs, of which there was a much smaller entry, sold at an advance values being about 9d a lb. _ Store Sheep.—This section was small in numbers, and there was a sharp advance of 2s for ewe hoggets and to Is 6d for wether hoggets, with ewes and lambs slightly firmer. Ewe hoggets sold at 34s and wether at 34s 4d. Fat Sheep.—There was a heavier entry of 3400 head. Wethers improved by 6d to Is and ewes by Is. Extra prime heavy wethers sold to 28s Id; prime heavy, 22s 6d to 24s 6d; prime medium-weight, 20s to 22s 3d; ordinary, 17s 9d to 19s ?d; extra prime heavy ewes, to 28a Id; prime heavy, 19s Gd to 21s 6d; prime mediumweight, 17s 6d to 19s; ordinary, 16s to 17s 3d. Fat Cattle.—The 460 penned were of good quality and with the exception of a few pens from the West Coast were all from within the province. Values were unchanged, the sale concluding firmly. Best beef realised 31g to 33s per 1001 b; extra prime steers sold to £ls 17s 6d; prime heavv. £ll 5s to £l4; medium prime, £lO to £l2 ss; ordinary. £7 15s to £9; extra prime heifers, to £l2 2 S 6d; prime, £7 10s to £9 10s; ordinary, £5 10s to £7 ss; extra prime cows, to £lO 17s 6d; prime, £7 to £8 15s: ordinary, £5 10s to £6 15s. Fat Pigs.—The sale all round was easier. Baconers made 44s to 53s 6d; heavy, to £3 7s 6d: average price per lb, Hd to si,d; porkers, 26s to 325; heavy, 34a to 41s 6d: average nrice per lb, 4d to 5Jd. SOUTHLAND MARKET REPORT (From Our Own Correspondent) INVERCARGILL, October 28. Oats.—The demand is easing off for seod oats, and it would appear that the bulk of the sowing is now completed. Stocks in store are very light, and there ie no surplus for shipment. There are occasional lines offering from farmers and values run in the vicinity of 3s 3d to 3s 4d for A grade and 3s for B grade, 0.t.C.9. Chaff.—The demand for chaff still continues, but there is very little offering from the country, with the result that stocks in store are very light at the present time. Values to farmers run from £4 15s to £5 per ton, on trucks, sacks supplied by buyers. * 7 Seeds. —The wholesale market for seeds is very quiet, the only business passing being in retail orders, which are quite good at the present time. There has been some inquiries for shipment to Australia, but prices offering have been too low to permit much business being done. There are no offerings from farmers, and it would appear as if the whole of last season's crop has now been disposed of. Wheat. —There is no offering of milling wheat, and supplies of fowl wheat are very scarce, and buyers have been compelled to look to South Canterbury for their supplies. Small seeds, such as fescue, brown top, and crested dogstail are not inquired for, and the market remains much the same as last week.

LONDON MARKETS

HIGH COMMISSIONER'S CABLEGRAM The Department of Agriculture has rereceived the following cablegram, dated October 26, from the High Commissioner for New Zealand, London: — Talltw —Market firm; shipment so far landed in more or lees damaged condition. One shilling dearer, all descriptions extremely scarce. . Hemp.—Manila: Market quiet and easier. Closing sellers "K " grade for October-December shipment, £25 10s. Sisal: Market quieter in sympathy. November-January shipment sold down to £25 10s. New Zealand. —Market nominal; small business reported. November-January shipment common £l9 10s; rejected, £lB. Eggs.—English production smaller. English: National pack, 18s 6d to 23s 6d; ordinary, 18s to 18s 6d. Imported: Quiet. Danish: 13s 9d to 15s 9d. Australian: lis 6d to 13s 3d. Apples.—Market steady; fair demand. Californian Newtown, 9s to 10s; Gregan Newtown, lis to 12s; Washington Jonathan 8s to 9s; British Columbian Jonathan?. 6s 9d to 10s 3d. . Pears.—Market firmer. Cahfornian Cornice, 17s to ISs; Winter Nelis, 14s to 15s NEW ZEALAND GUARANTEE CORPORATION ANNUAL MEETING. (Per United Presi- Association! WELLINGTON, October 30. The annual meeting of the New Zealand Guarantee Corporation, Ltd., was held to-day. A final dividend at the iate of l£d a share on ordinary shares was passed. The retiring directors, Messrs W. Aopleton and W. Thorpe, were reelected unopposed, and the auditors were also reappointed. The sum of £3OO was voted to the chairman of directors, and £6OO to be divided among the remaining directors. An extraordinary meeting held subsequently adopted a proposal to reduce the number of directors from seven to five, and the following were elected: Messrs W. Annleton, K. D. Duncan, F. R. Hogarth. G. W. Maenus and W. Thorpe. LONDON METAL MARKET (United Press Association.) (By Electric Telegraph—Conyright) LONDON. October 29. (Received Oct. SO, at 10 p.m.) Tho following are tbe official metal quotation*:—

PERPETUAL FORESTS, LTD. (Special to Daily Times) AUCKLAND, October 30. An unchanged interim dividend of 4 per cent, for the half-year ended September 30 has been declared by New Zealand Perpetual Forests, Ltd. HENRY JONES DIVIDEND (Peg United Press Association) WELLINGTON, October 30. Henry Jones Co-op. has declared a dividend of Is 3d a share, payable on December 1 PROPERTY SALE Messrs' Park Reynolds, Ltd., report having held a sale of freehold sections in the estates of the late David Samuel and the late James Samuel, both of whom were old residents of Anderson's Bay. There was a large attendance of the public, and great interest was displayed in the sale. The sections offered were 18 fronting Stirling street, each having an area of 26.55 poles, and three fronting Oakland street, with areas of 2.76 poles each. All sections except two were sold, the following being a list of purchasers: —Lot 3, Mrs Scott, £180; lot 4, Mr Cooper (as agent), £200; lots 5 and 6, Mrs White, £180; lot 7, Mr Saunders, £180; lots 8 and 9, Mr Kindle, £180; lot 10, Mr Downing, £180; lot 11, Mr Gall. £175; lots 12, 13 and 14. Mr Turnbull (as agent), £175; lot 15, Mr Ball, £175; lot 16, Mr MacKenzie, £175; lots 17 and 18, Mr Ferguson, £172 10s; lots 19, 20 and 21. Mr White (as agent), £175.

MINING NEWS ADDISON'S FLAT RETURN (Feb United Press Association) GREYMOUTH, October 30. For the fortnight ended October 19 the Addison's Flat Gold Mining Company worked 18 shifts for a return of 17oz 12dwt of gold. There will be no further returns for a period of approximately two months as the plant is being shifted to Gallagher's lead area. WAIPAPA BEACH DREDGE Messrs W. A. Mitsoii and Co., secretaries of the Waipapa Beach Gold Dredging Company, Ltd., report that the dredgemaster advises that the dredge has been working through a bar of puggy clay material. The washtip last week-end was held over, as there was so much clay in the water that, consequently, gold would have been lost. Working conditions have been hampered by an outbreak of influenza among the crew. It was expected that by to-day the dredge would be through this clay bar and would be working again on main beach. NEW BENDIGO COMPANY, LTD. The mine manager of the New Bendigo Gold Mining Company, Ltd., advises that the low-level adit was extended some 31 feet for last week, making a distance of 821 feet driven by the present contract parfcv. ARGO DREDGE RETURN The return of the Argo dredge was Moz for 150 hours (12,000 yards). MARTHA GOLD MINE The following information has been cabled to the London office of the Martha Gold Mining Company (Waihi), Ltd.:— No. 2 level: Martha lode —Driving is suspended at 106 ft west and a north-west prospecting crosscut has been commenced at 104 ft west. No. 12 level: Edward lode—Driving south the next 25ft assays 5e a ton. Ulster lode: Driving east the next 20ft assays 30s 9d a ton. The lode is about 4ft wide. This drive has holed to the former workings at 87ft east. All work is now proceeding as usual. AUSTRALIAN STOCK EXCHANGES (United Press Association) (By Electric Telegraph—Copyright) SYDNEY, October 30. (Received Oct. 30, at 10 p.m.) The tone of the industrial market was strong, and the principal classified issues were firmly quoted. Australian Glass, G. J. Coles, and Peters showed a marked appreciation. THE MORNING SALES.

PRICE OF FINE GOLD (United Press Association) (By Electric Telegraph—Copyright) LONDON, October 29.

BRITAIN'S FOOD SUPPLY BETTER PRESERVING METHODS. Seasons for foodstuffs, in particular for fruit, have practically disappeared in Britain. Most kinds of even perishable food are obtainable at about the same price throughout the year. Not a little of the credit for this state of affairs must be given to the Food Investigation Board, whose research work has led to a great improvement in the transport and storage of perishable foodstuffs. The report of the board for 1934, published recently, stated that the discovery by the department's research workers that beef can be stored from 60 to 70 days in a chilled state by enriching the air of the store with carbon dioxide, so enabling the carrying of chilled beef from Australia and New Zealand, had been energetically taken up by the interests concerned. Gas storage of homegrown apples has also, it is stated, proceeded rapidly. During 1934 the number of gas stores rose from 12 to 40, and the increase continues. Another investigation carried out with synthetic vitamin C proved it to be identical with the natural vitamin in its chemical structure and biological activity. It was further shown to remain substantially stable during the process of canning. Methods of preserving fish and eggs were also investigated and improved. Eraser and Co., selling agents for Otago and Oamaru Egg Circles, report as under: • Eggs: Poultry farm eggs, 10d 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, 5-Jd to 6d per lb; overweights, 2d to 3d; porkers, 6d per lb. Potatoes, 12s per cwt. Chaff, £5 10s per ton, sacks extra, ex store. Whole fowlwheat, 5s 3d per bushel. Bulk honev, 4d per lb; 10lb tins, 4s 6d to ss; Williams's Premier bacon; boneless hams, Is 3d; rolls, Is OJd: ham ends, Is Old per lb. Poultry: White Leghorn hens, 3s 6(1 to •Is; heavy breeds, 5s to Gs; 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 " Palmer's" chick food, "Natioual" 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 incubators 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.

COMPANY BALANCE SHEETS SHARLAND AND CO.. LTD.

Paid-up capital: 1918-19, £75,000; 1920, £106,250; 1921-35, £125,000.

* Including provision for income tax. t Subject to provision for land and income tax. $ On ordinary shares, 6 per cent, on preference. A net profit of £12,900, which is £837 higher than that of 1933-34, i s reported for the past year. The dividend on both preference and ordinary shareholdings is retained at 5 per cent., absorbing £6250, or barely half of the net surplus. For the third consecutive year, a sum of £SOOO is transferred to land and income tax reserve, which leaves £1656 to swell the floating balance to £6129. Charges show a slight decline, which is mainly attributed to the general group. Including directors' fees of £750. this group comes to £20,900, as against £27,242 for the previous year. Bad debts, at £455, are also less, but the larger allowance of £1772 which has been made for depreciation counteracts partly these reductions. In relation to gross profit, expenditure has stood in recent years as follows: —

Freehold properties continue to drop, their figure of £40,679 showing a reduction of £691. If no additions have taken place, the difference, which may be ascribed to depreciation, is equivalent, as a year ago. to 12 per cent, approximately on the total which covers land as well as buildings. In the case of plant and fixtures, which are down to £6968, it would appear that there have been some additions, so that the balance of the depreciation allowance when aplied to them works out in the neighbourhood of 124 per cent. Fixed assets, which aggregate £47,647, are equivalent to 30.04 per cent, of the total assets. The rise of stock on hand to £59,938 is not entirely offset by the smaller book debts, which, including bills receivable, come to £47,525. Following the usual course, the former is taken at cost or market price, whichever is the lower. It holds all the gross profit and over onethird more, its relation in this respect having risen. On the other hand, stock in relation to book debts looks low, or it may be that book debts look high in relation to stock. As, however, the reserve for doubtful debts is placed at £6OO, it would seem that the collection of book debts is not expected to cause much difficulty. Cash on deposit of £3500 seems to be held for some specific purpose as it has not been utilised to pay off the bank overdraft. Liabilities are grouped at £6756. The indebtedness, whicn two years previously stood at £26,434, has been substantially reduced. How much of the amount owing is due to the bank does not appear, but it cannot be large, when " other liabilities, etc.," are added. The inclusion of " etc." might be taken to mean that the group does not consist entirely of indebtedness. General reserves are swelled by the addition of £1656 to the floating balance. They now stand at £18,129, of whicn reserve account represents £12,000. While of late years general reserves have shown a tendency to rise, they cannot be regarded as large, but other methods of. adding to reserves may have been adopted. Of the specific reserves, the one for doubtful debts remains at f6OO, which is the figure at which it was established three years ago. The reserve for land and income tax at £SOOO presents some special features. During the past three years £SOOO has been set aside annually for this account, but instead of £15,000 being the amount, it is only £SOOO, or one year's allowance. If the other £IO,OOO has been required to meet taxation payments, it would seem that the account is in the nature of a provision more than in that of a reserve, and that the amount set aside annually is an item of expense to be placed'' against the gross profit. As shareholders receive less than one-half of the net profit, this is a matter on which they may ask for enlightenment. SYDNEY WOOL SALES (United Press Association) (By Electric Telegraph—Copyright) SYDNEY, October 30. (Eeceived Oct. 30, at 11.50 p.m.) At the wool sales 12,600 bales were offered and 11,392 sold, while 913 were disposed of privately. There was strong competition in all sections, and values were quite equal to the previous clay's rates. Greasy merino sold to 22Jd. UNITED PROVISIONS, LTD. For the year ended September 30 United Provisions, Ltd., Sydney (quoted on New Zealand Stock Exchanges), received in dividends from its operating companies £69,500, compared with £36,000 the previous year. After meeting expenses and providing £823 for taxation, the net profit was £67,812. With £1073 brought forward, there was available £68,886. A dividend for the year of 11 per cent, on the preference shares, leaving them no longer in arrears, absorbs £49,500. A dividend of 2 per cent, is proposed on the ordinary shares, absorbing £19,000, and leaving £386 to be carried forward. Approximately one-eleventh part of the final dividend of 8 per cent, on the preference shares and of the ordinary dividend is paid from profits earned outside Australia. The amount standing to the credit of the combined appropriation accounts of the trading companies at September 30, 1934, after the payment of the final dividend, which absorbed £22,500, was £49,956. For the year ended June 30, 1935, the Australian profits were £65,545, and £3200 was transferred from property profits reserve, while J. C. Hutton (N.Z.), Ltd., paid in dividends £4900 on September 30, making a total of £123,002 available. Taxation required £14,500, and £60,500 was distributed to United Provisions, Ltd. WEST COAST TIMBER EXPORTS The timber industry on the West Coast has been very active for some time, and will continue so in the immediate future. About a dozen vessels will load at Greymouth between now and Christmas with supplies for Australia, the bulk of the timber being white pine, with a small proportion of rimu. The vessels in the trade take approximately 1,000,000 feet each, and as this quantity represents a week's production from the mills, the total quantity to be despatched ensures a busy time ahead. The record for timber a number of years ago was 52,000,000 feet for the year.

NORTH BROKEN HILL NET PROFIT OF £3U0,683. The net profit of North Broken Hill, Ltd., for the yeur ended June 30 was £300,683, compared with £273,354 the previous year. With £364,437 brought forward, £755,121 is available. After the payments of dividends and a bonus, totalling 9s per share, which absorbed £315,000, and appropriating £59,441 for new plant in the years ended June 30, 1935, and June 30, 1936, there remains £3SO,(iBO to be carried forward. Mine production was valued at £991,460. Gross profit at £431,090 compares with £2G9,359 the previous year. Interest and dividends received amounted to £109,560, compared with £98,594. Expenses, including taxes, royalty, and depreciation, increased from £95,128 to £149,966. Lead and silver have been taken into (he aecouuts at £l2 10s (Australian) per ton, and Is 8d (Australian) per ounce respectively. The quantities at June 30 were: —Lead, 31,544 tons, and silver 887.8830 z, compared with 41,998 tons and 647,3400 z respectively last year. Of the silver, 370,4930 z represents metal withdrawn from sale under the terms of the agreement between the silver-producing countries. Lead concentrate treated during the rear was 79,060 tons, compared with 76,810 tons the previous year, and zinc concentrate treated was" 74,370 tons (67,180 tons). Ore reserves at June 30 were estimated at 4,500,000 tons, an unchanged figure. Ore extracted totalled 395,995 tons CANNED AND BOTTLED FRUIT The United Kingdom in 1934 imported more canned and liottle fruit, preserved in syrup, than ever before. This fact emerges from a report entitled "Canned and Dried Fruit Supplies in 1934," recently published by the Imperial Economic Committee. The total quantity im ported was 173,000 tons, valued at £5,380,000; in 1933 imports were 22,000' tons less. Imports from both Empire and foreign sources increased, but the proportion of the total supplied by British countries, which has shown a rising tendency for some years, reached the record figure of 44 per cent. The most important fruits were again pineapples, which comprised 27 per cent, of total imports, peaches (22 per cent) and pears (22 per cent.). Over 90 per cent, of the pineapples, and a quarter of the total imports, came from Malaya, while a record pack of peaches and pears enable Australia to supply 27 per cent, of

these two fruits combined, and 14 per cent, of the total imports. Shipments from Canada and South Africa also increased. The United States was again the most important source of supply, but from that country though slightly heavier than in the previous year, comprised only half of the total as against 57 per cent, in 1933, and were well below the 1931 and 1932 figures. Supplies from Japan— almost entirely canned oranges-—continued their rapid expansion, and shipments from Spain and Italy also increased. Last year's heavy imports, however", were not maintained in the firat six months of this year, when imported supplies declined by 17 per cent, in comparison with the first six months of 1934. Canada and South Africa are the only important sources whose shipments have shown an advance this year, as compared with last. Output in the United Kingdom .appears to have diminished since 1932, when the pack of canned and bottled fruits was estimated at 34.000 tons. Imports of dried fruits into the United Kingdom in 1934 amounted to 170.000 tons, valued at £5.778,000. Of this totai raisins comprised 60,000 tons (£2,112,000), a ouantity lower than in any year since 1926, and currants ' 59,000 ton* ( £2,143,000). Empire countries supplied 45 per cent, of total raisin importe, as against 60 per cent, in 1933 (when Australian production and export reached record dimensions), and 18 per cent, of-..-total imports of currants, as compared K with 22 per cent. Supplies of currants from Greece were heavier .thaw-in any year since 1928. '" , ' "" '*" MARK FOYS. LIMITED Directors of Mark Foys, Ltd., department stores, Sydney, have called a meet-. ing of shareholders to declare a dividend on preference ■ shares for a period of two years Hi months at the rate of 5 per cent, per annum to the amount of £40,367 to be paid by the issue of ordinary shares ' to preference shareholders. The sum will ; be taken out of reserves. Preference '" shares number 272,902. At the annual imeeting in June shareholders agreed "t» payment of arrears of preference dividend :'.: to March 15, 1932. Should the resolu- * tions be passed it is the intention of th« directors to pay a cash interim preference « dividend for six months ended August 31.-■-at the rate of 5 per cent, per annum.

RUGBY, October 29. Paris— Par. Oct. 28. Oct. 29. Francs to £1 124.21 74 37-64 74 39-64 Brussels — Belgas to £1 30 29.19 29.201 OsloKroner to £1 18.180 19.901 19.901 StockholmKroner to £1 18.130 19.391 19.391 Copenhagen— Kroner to £1 18.150 22 22 BerlinMarks to £1 20.34 12.22 12.221 Montreal— Dollars to £1 4.86 2-3 4.971 4.961 New YorkDollars to £1 4.8G 2-3 4.911 4.915 Yokohama — Pence to yen 24.582 14 3-64 14 1-32 Hongkong— Fence to dollar 24.58 231 231 Bombay— Pence to rupee — 181 18ft Batavia — Florins to £1 12.10 7.241 7.24J Milan— Lire to £1 82.46 601 60 7-16 AmsterdamGuilder to £1 12.107 7.24 7.241 Prague— Kroner to £1 1041 1183 1183 Geneva— Francs to £1 25.221 15.111 15.12 Vienna — Schillings to £1 84.861 261 261 Helslngfors— Marks to £1 193.23 2203 227 MadridPesetas to £1 25.22} 35 31-32 36 Belgrade— Dinars to £1 25.221 215 215 Athens— Drachma to £1 .. .. 3T5 516 516 Lisbon— Kscudosto £1 110 1103 1108 Bucharest — Lei to £1 .. 931.6 625 625 Rio de Janeiro — Pence to milreis .. 5.890 41 45 Buenos Aires— Pence to pesos 47.22 361 361 Shanghai— Pence to tael — 141 15 13-16 Montevideo — Pence to peso* — 39£ 392 Warsaw. — ZIotys to £1 — 26.06 26.06 ON NEW ZEALAND CURRENCY BASIS The Back of New South Wales, Dunedin, quoted the following rates for purchases ana sales of foreign exchange yesteroay • London— Buying. Selling. £1 N.Z. to £100 stg T.T. O.D. 124 123/10/124/8/9 Australia— £ A to £100 N.Z. T.T. 101 100/10/O.D. 101 100/10/FIJI— £Fto£100N.Z. T.T. 90/7/6 89 O.D. 90/7/6 89 New York — Dollars to £ N.Z. T.T. 3.98 3.94 O.D. 3.991 3.941 MontrealDollars to £ N.Z. T.T. 4.021 3.R81 O.D. 4.031 3.987s FranceFrancs to £ N.Z. T.T. 60.59 59.29 O.D. 60.89 59.34 NoumeaFrancs to £ N.Z. T.T. 61.54 58.54 O.D. 61.94 58.59 Papeete— " Francs to £ N.Z. T.T. 61.54 58.54 O.D. 61.94 58.59 Belgium— Belgas to £ N.Z. T.T. — 23.155 O.D. — 23.170 Germany— Belchsmarks to £ N.Z. .. .. T.T. — . 9.614 O.D. — 9.619 ItalyLire to £ N.Z. T.T. — 47.89 O.D. — 47:93 SwitzerlandFrancs to £ N.Z. T.T. 12.371 11.971 O.D. 12.446 11.981 HollandFlorins to £ N.Z. T.T. 5.956 5.706 O.D. 6.006 5.710 Java— Florins to fl N.Z. T.T. 5.915 5.690 OD. 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. 191 20 7-16 O.D. 19 20g India and Ceylon— N.Z. Pence to 1 Rupee .. .. T.T. 22g 22 23-32 O.D. 221 22 21-32 Hongkong—N.Z. Pence to 1 Dollar .. .'.' T.T. 28 17-32 29 19-32 O.D. 28 13-32 29 17-32 Singapore— N.Z. Pence to 1 Dollar .. .. T.T. 34| 35 5-16 O.D. 341 351 SwedenKroner to £ N.Z. T.T. 15.790 15.460 O.D. 15.830 15.470 NorwayKroner to £ N.Z. T.T. 16.200 15.870 O.D. 16.240 15.880 DenmarkKroner to £ N.Z. T.T. 18.208 17.878 O.D. 18.248 17.888 AustriaSchillings to £ N.Z T.T. — 20.63 ' O.D. — 20.65 CzechoslovakiaCrowns to £ N.Z. T.T. — 95.01 O.D. — 95.06 All rates subject to alteration without notice DOLLAR RATES The Associated Banks i (other than the Bank of New South Wales) quoted thf following dollar rates yesterday on a New Zealand currency basis. They are subject to alteration without notice. U.S.A. Canada (per£1 (per fl • N.Z.) N.Z.) Selling— dols. dois. T.T ,. 3.94 3.981 O.D .. 3.94* 3.98S Buying— O.D .. 3.99 4.03|

SALES ON 'CHANGE. £ s . d. Mortgage Corporations (2) 0 5 5 Dominion Fertilisers (2) 1 3 0 N.Z. Breweries 2 12 9 SALES REPORTED. Broken Hill Propy. (rights) 1 1 0 N.Z. Drug .. .. 3 17 0 Woolworths (Sydney) 5 12 0 N.Z. Breweries (2) 2 13 0 4 per cent. Stock, 1937-40 101 15 0 SALES REPORTED AFTER LAST CALL Mortgage Corporation (2) 0 5 5 The following are yesterday afternoon's buying and selling quotations, which are subject to the usual brokerage :— BANKING. Buyer. Seller. £ s. d. £ s. d. Australasia 11 2 6 — New South Wales 32 0 0 — New Zealand 2 10 9 — N.Z. (Long D) .. — 1 13 9 Commercial — 0 16 9 National of N.Z. ,. . 3 11 3 3 13 0 Reserve — 6 8 0 9 5 0 9 8 0 INSURANCE National — 0 19 9 Standard 3 5 0 — SHIPPING. Huddart, Parker (pref.) .. 1 7 0 — P. and 0. Def. Stk 1 1 6 — U.S.S. Co. (pref.) 1 7 3 — MEAT PRESERVING. N.Z. Refrig. (paid) 1 2 0 — N.Z. Refrig. (cont.) 0 10 10 0 11 10 South Otago Freez. 0 7 7 — LOAN AND AGENCY. Goldsbrough, Mort 1 11 3 — Mortgage Corpora0 5 5 0 5 6 National Mortgage — 2 14 6 National Mortgage (B Issue) N.Z. Loan and M. 1 12 3 — (ord.) .. — 37 10 0 N.Z. Guaran. Corp. — 0 5 6 Wright, Stephenson (ord.) .. 0 18 0 0 18 9 Wright, Stephenson (pref.) .. 1 0 0 — COAL. Westport 1 2 3 — MISCELLANEOUS. Associated News (ord.) .. .. — 1 4 9 Associated News (pref.) .. .. 1 3 6 — Broken Hill Propy. (rights) .. 1 1 0 — Brown, Ewing (pref.) .. 1 1 0 1 2 0 D.I.C. (pref.) .. 1 4 0 — Dominion Fertiliser 1 2 9 —■ Dominion Fertiliser (Debs.) .. 105 10 0 —£. Dominion Rubber 1 4 0 1 8 0 Donaphy's Rope .. — 2 16 0 Stock Exchange Propy 1 17 0 2 0 0 Dunlop Perd. Rub. 0 16 0 .. -— Milburn Lime .. 2 3 6 2:4 9 ■ N.Z. Drug Co. .. 3 16 6 — Farmers' Fertiliser -— 0 19 6 N.Z. Newspapers 2 0 s6 2 1 0 N.Z. Paper Mills Regent Theatre .. 18 0 1 10 0 0 16 0 0 19 0 Wilsons Cement .. •2 1 6 ■. ■ — Woolworths (Sydney) 5 11 0 5 13 0 WOOLLEN COMPANIES. Bruce (ord.) — ■tfo 15 3 Bruce (pref.) — 1 2 6 Kaiapoi (pref.) .. — 0 19 0 Mosgiel — 10 10 0 Oamaru (pd.) 1 1 0 1 2 6 BREWERIES N.Z. Breweries .. 2 12 6 2 12 9 Dunedin 1 8 6 1 10 0 GAS. Auckland — 1 6 3 AUSTRALIAN MINING. Broken Hill South 4 15 0 — Electro. Zinc (ord.) 1 12 0 — Mount Lyell 0 18 9 0 19 5 Mount Morgan .. — 1 17 3 Upper Watut 0 6 0 0 7 0 MINING. Bendigo Goldlight 0 0 5 0 0 51 Big River 0 1 .10 0 2 0 Gillespie's Beach 0 1 0 0 1 3 Kildare .. — 0 3 0 Molyneux River .. 0 111 — Mount David — 0 1 6 Maori Gully — 0 1 5 Nevis Diesel — 0 0 2 Nokomai 0 1 0 — Okarito 0 4 9 0 5 3 Paddy's Point — 0 2 6 Sandhills .. .. — 0 0 6 Skippers 0 0 2 0 0 24 Waihi Investments 0 15 0 0 16 0 Waipapa Beach 0 1 5J — Martha .. 1 1 0 — GOVERNMENT LOANS. 34 p.c. Slock, Nov., 1938-52 .. .. 104 5 0 — 34 p.c. Stock, Mar., 1939-43 .. .. 102 10 0 — 3| p.c. Stock, Sep., 1939-43 .. .. 102 10 0 — 34, 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 — 4 p.c. Stock, 194346 104 0 0 — 4 p.c. Stock, 194649 105 0 0 — 4 p.c. Bonds, 1952106 15 0 . 4 p.c. Stock, 1952106 15 0 — tt Cum dividend. NGES NORTHERN EXCI 1A AUCKLAND Sales on 'Change d. 6 Bonds, 194C, 4 p.c. £ 6. 104 12 Bonds, 1949, 4 p.c. 105 0 0 Bonds, 1955, 4 p.c. 107 17 6 Stock, 1946, 4 p.c. 104 12 'i Stock, 1949, 4 p.c. (2) '.'. 105 0 0 Stock 1955, 4 p.c. 107 17 6 Bank of ISiew South Wales (Sydney register) 32 7 6 Bank of New Zealand .. 2 10 9 Reserve Bank .. . 6 0 0 Kauri Timber .. . .. •. 1 1 A Taupo Timber .. .. .. 0 7 0 Broken Hill Propy (2) 2 15 3 .. .. 2 12 0 Claude Neon (Sydney) .. 2 10 3 Colonial Sugar .. .. . • 44 0 0 Consolidated Brick .. .. 0 9 1 Farmers' Trading [2) .. 0 7 3 N.Z. Drug .. .. .. .. .. 3 17 0 Wilsons Cement .. . • .. 2 2 0 .. .. 0 2 0 2 0 n Waihi Investments • • • • 0 16 0 Mount Lyell . ... 0 19 3 Unlisted Stocks Williams Rotary .. 0 2 2 Woohvorth's (Sydney; 2) « 5 12 5 11 0 0 WELLINGTON Sales on 'Change Inscribed Stock, 4 p.c, 1946 104' 12 6 Inscribed Stock. 4 p.c, 1949 105 0 0

108 0 0 New Lynn 4J p.c, 1952 100 0 0 Auckland Harbour 4£ p.c, 101 15 0 2 13 0 2 12 10 Woohvorth's (N.Z.; ord.) .. 5 12 6 CHRISTCHURCH Listed Stocks Sales Reported Commercial Bank of Australia 0 16 7 2 12 2 12 9 ;-. 2 17 1 Broken Hill Propy "Rights" 1 1 0 3 (2) •1 1 1 1 0 1 o Dunlop Perdriau Rubber (3) 1 1 0 16 0 15 0 11 3 5 3 (2) 3 5 2 (2) 3 5 1 N.Z. Drug (2) .. ■ 3 17 0 0 1 11 0 19 0 19 3 2 0 0 n N.Z. Farmers' Co-op., 4J p.c. 0 19 3 85 0 0 3 17 0 1 19 0 2 12 8 1 2 5 Mortgage Corporation ( 5s pd.) 0 5 5 8 2 8 2 3 0 2 10 9

Ton Copper, spot .. £31 14 4% Fall £0 2 G Copper, forward . * 35 1 1014 Fall 0 i ■1% Electrolytic spot .. .. 33 5 0 Fall 0 5 0 Electrolytic, forward .. 30 15 0 Fall 0 5 0 30 15 0 Fall 0 5 0 17 7 G Fail 0 11 3 Lead, forward .. .. 17 7 G Fall 0 11 3 Spelter, spot .. .. It! 3 9 Fall 0 1 3 Spelter, forward .. .. 16 3 8 Fall 0 13 9 220 15 0 Fall 1 15 0 Tin, forward .. .. 212 12 6 Fall 1 10 0 Pig Iron, homo trade 3 1 G No change Pig Iron, export 3 2 G No c hange Antimony. British .. 83 10 0 No c hange Antimony, foreign 59 0 0 No c hange Unit 1 14' 6 No change 1 16 Oz. 0 No c hange Silver, standard .. .. 20 5-lCd No change 31%d No change

£ s. d. Commonwealth Bonds— 3 per cent., 1948 92 8 9 96 10 0 96 15 0 102 17 6 103 10 0 104 0 0 104 7 6 104 15 0 103 7 6 2 18 0 1 4 9 4 2 3 1 19 4A 0 16 3 1 17 3 ADDITIONAL SALES. Commercial Bank of Sydneyf s. IS 0 d. 0 9 8 0 Queensland National Bank.. 5 5 0 1 4 9 44 5 0 1 11 0 Australian Gas (A) .. .. 7 16 0 1 10 0 1 8 0 1 19 4i 4 2 3 0 16 6 1 11 9 1 17 3 1 12 10J 0 19 0 0 14 n 3 6 g 2 1 0 0 17 0 2 11 6 2 10 6 1 14 0 Wunderlich (ex div.) .. .. 1 0 6 0 19 3 Broken Hill Proprietary 2 15 6 North Broken Hill .... .. 8 0 0 0 14 5 0 8 6 Puehonp Tin .. 0 16 MELBOURNE, October 3t 3 Commercial Bank of Australia 0 16 0 1 12 6 0 19 6 G. J. Coles 3 6 0 3 4 9 3 7 6 3 10 0. 1 2 6 2 1 0

£ s. d. October 29 .. . . .. 7 1 4J October 28 .. . . .. 7 1 6 October 26 .. . . .. 7 1 G October 24 .. . . .. 7 1 3J October 23 .. . . .. 7 1 4J October 22 .. . . .. 7 1 7 October 21 .. . . .. 7 1 5 October 18 .. . . .. 7 1 3J

General Gross Net Aug. 81. Hesencs. £ Profit. £ Profit. 1 £ Jlvideu P.O. 1018 . . 30,995 53,029 13,781 tv,k 1920 . . 17.707 50,400 13,178 8% 1922 . . U4,095 53.051 7.974 Q 1024 . . "13,415 40,329 7,412 7 192G . . *16.431 5U.8S7 9,013 7 1028 . . *10,451 50,171 S.215 7 1030 . . "17.S1U 50,873 10,249 7 1932 . . 15.403 40,739 13,338 G 1033 . . 15,05! 43,043 13,441 5 1934 . . 10,472 41.403 tl2,000 5 1035 . . 18,129 42,033 tl2,906 5

Expenditure. Grosi Profit. Ratio £ £ P.O. 1929-30 .. .. 46.C24 50,873 S1.98 1930-31 .. .. 47.871 51.722 92.55 1931-32 .. .. 33,402 40,739 71.40 1932-33 .. .. 30,503 43,943 09.41 1933-34 .. .. 29,334 41,403 70.85 1934-35 .. .. 29.127 42,033 09.29