COMMERCE AND FINANCE

Otago Daily Times, Issue 22718, 2 November 1935, Page 8

COMMERCE AND FINANCE

Sep. 30. Resenres. Account. Proflt. Dividend. £ £ £ P.c. 1930 .. T. 592 27,354 10.570 6 1031 .. 9.998 15,997 2.406 1932 .. 404 10,008 1.521 1933 .. 1.228 18,360 4.524 1934 .. 1.259 9,790 30 1935 .. 2,244 11,019 986

LOCAL AND OVERSEAS MARKETS

THE SHARE MARKET DUNEDIN STOCK EXCHANGE The following is a list of the business transacted on the Dunedin Stock J£sdiange during the past •week: —

A moderately large amount of business ¥U recorded on the Dunedin Stock Exchange during the past week. The market for the majority of shares remained fairly steady, only a few notable changes takin* place. BAmWk Bank of New Zealands were disposed of at £2 10a lOd, a closing buyer at £2 10s 9d failing to attract further sellers. There was a firmer demand for National Bank of New Zealands, buyers offering £3 2s 9d. Sellers, however, did not respond. There was a sudden drop in the market for Reserve Banks, buyers' closing, offer being £6, while sellers asked 6s more. INSURANCE. National Insurances were the subject of business at 19s 6d, cum dividend, a final buyer at 19s 3d, .being fourpence below seller*' requirements. New Zealand Insurances met with a better inquiry at IS : 2s 9d, sellers, refusing to accept less than £3 3s 3d. Business in Standard Insurances, at £3 7s 6d was recorded, buyers' closing offer of £3 6s being unanswered. SHIPPING.

' Huddart Parker preference shares were inquired for at £1 7s 6d, but sellers .did not come forward. There was a slightly easier demand for P. and 0. Deferred Stocks, buyers' best offer at the end ot the week being £1 Is 6d. Sellers remained firm at £1 3s. Buyers of Union Steam preference shares continued to asu £1 7s 3d, but "sellers were reticent. - MEAT PRESERVING.

Fully-paid New Zealand .Refrigeratings met with a slightly easier inquiry, buyers offering £1 la 9d at the close of the week. Sellers, however, would not do business under £1 2s 6d. A slight easing was also noticeable in the market. for the contributing issue, buyers offering 10s lOd, while sellers asked lis. Business at the latter figure was recorded earlier in the week. Buyers of South Otago Freezings were prepared to accept £7, ex dividend, but sellers did not come forward. LOAN AND AGENCY. Mortgage Corporations were disposed of at 5s 5d and 5s 6d, the closing buying and selling quotations remaining; unchanged at 5r 5d and 5s 7d respectively. Guarantee Corporations were on offer at 5s 4d, but buyers were not interested. Seljers ot ordinary Wright Stephenson shares were prepared to accept 18s 7d, but no response was received from buyers. COAL. There was no change in the market for Westport Goals, buyers continuing to offer £1 2s 4d. ' WOOLLEN" COMPANIES. Ordinary Bruce Woollens were on offer at 15 9 3d. but buyers did not come forward. Sellers of Kaiapoi preference shares asked the slightly higher price of 19s without buyers showing any interest, and there was no change in the market for Mosgiels. which were offered for sale at, £lO 10s without response from buyers. ; MISCELLANEOUS. Broken Hill Proprietaries, were Inquired for at £2 14s 3d, but sellers would not accept less than £2,155. The new issue (5s paid) was in demand at £1 5s 6d, sellers asking Is above that figure. Brown Ewing preference shares were disposed of-at £1 Is 6d, a closing seller at £1 2s being unanswered. D.I.C. preference shares were inquired for at £1 3s, ex dividend, without sellers showing any interest, and a firmer inquiry for Dominion Fertilisers, also at £1 3s, was unanswered. The debenture issue of the latter company met with a stronger demand at £lO6 but sellers were reticent. Milburn Limes were on offer at the easier pi-ice of £2 4s 9d, but buyers would not give more than £2 4s. New Zealand Drugs were dealt in at £3 17s and £3 17s 6d, the same figures constituting the closing buying and selling quotations respectively. New Zealand Newspapers were offered for sale at £2 Is 3d, but buyers remained firm at £2 0s 6d. Business at £2 0s lid was reported. New Zealand Paper Mills changed hands at £1 9s, cum dividend, the closine buying and selling quotations being £1 8s and £1 9s 6d respectively. Ordinary Woolworth's shares were in better demand at £5 Bs, but sellers did-iiot come forward. The Sydney issue waa Mquired for at £5 lis, sellers refusing to accept less than £5 12s-6d. ->"- BREWERIES. New Zealand Breweries eased considerably during the week, the closing buying offer being £2 lis 9d, compared with £2 12s 9d last week. Sellers' latest requirement was £2 12s 3d. Business at £2 12s 9d and £2 13s was recorded earlier in the week. Staples Breweries were inquired for at £1 12s, but sellers asked '£l 13s. Buyers of Timaru Breweries were prepared to give 8s 4d, cum dividend, but sellers were not interested. AUSTRALIAN MINING. Electrolytic Zinc preference shares were in demand at fl 16s 6d, but sellers did not respond. The ordinary issue met with a stronger inquiry at £1 12s 3d, sellers requiring 9d above that .figure. Mount

Lyells were dealt in at 19s id, the closing buying and selling quotations being 19s -d and 19s 6d respectively. MINING. Big Kivers were the subject of business' at Is IOJd and Is lid, a closing buyer at the latter figure being one penny below sellers' requirements. Kildares were i inquired for at the easier of 2s (id, sellers remaining firm at 3s. There was a slight improvement in the market tor Okaritos, buyers offering 4s 9d. Sellers, however, would not accept less than ;>s 3d. Waitahus also met witii a stronger inquiry at 2s lOd, but sellers were reticent. GOVERNMENT LOANS. There was a slight improvement in the inquiry for the various Government loan issues, business being recorded in 4 per cent. Stock, 1937-40, at £lOl 15s. 4 per cent. Stock. 1946-49, at £lO5, and 4 per cent. Stock, 1952-55, at £lO7 17s Ocl and £IOB. ,-SALES REPORTED. is. d. Bank of N.Z 2 10 10 Mortgage Corporation .. .. 0 5 6 Brown Ewing (pref.) .... 1 1 «■ N.Z. Dru K (2) .. 317 6 Big River .. 0 1 11 Martha .. 1 1 fi 4 p.c. Stock, 1952-55 .. .. 108 0 0 SALES REPORTED AFTER LAST CALL. Mortgage Corporation .. . • 0 5 0 Mount Lyell 0 19 4 The following are yesterday afternoon's buying and selling quotations, which are subject to the usual brokerage:—

'** Ex dividend. tt Cum dividend. DIVIDENDS PAYABLE. The following is a list of the shares on which dividends will shortly be payable: N.Z. Paper Mills—3 p.c, 7 l-5d per share, interim Nov. 11 Martha (Waihi) —6d per share Nov. 15 Natl. Bank of Australia (£10) 5 p.c, 5s per share .. .. Nov. 27 Natl. Bank of Australia (£5) 5 p.c. 2s 6(1 per share .. .. Nov. 27 Australian Glass (ord.) —10 p.c, Is per share, interim .. .. Dec. Australian Glass (pref.), 9 p.c, 10 4-5 d per share, interim .. Dee. NORTHERN EXCHANGES AUCKLAND Sales on 'Change £ s. d. Stock, 1946, 4 per cent 104 12 6 Commercial Bank of Australia 016 7* Bank of New Zealand (2) .. 2 10 10 Beserve Bank 6 0 0 Union Bank (Melbourne register) 9 8 6 New Zealand Insurance .... 333 3 3 4 Farmers' Co-op. Auctioneering (£5 paid) 3 18 6 Traders' Finance (con.) .... 0 4 0 (pref.) 1 0 0 Dominion Breweries 0 15 11 N.Z. Breweries 2 12 1

WELLINGTON Sales on 'Change

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

CHRISTCHURCH Sales on 'Change Unlisted Stocks Were's Investment Trust .. 0 5 0 WoolworthV (Sydney; ord.) 5 11 6 t Listed Stocks N.Z. Govt. 3i p.c, Inscribed, 1938-52 : 104 7 6 N.Z. Govt. 4 p.c. Inscribed, 1937-40 101 12 6 Mortgage Corporation (5s pd.) 0 5 6 Broken Hill Propy. (cum div.) .............. 2 15 2 (3) 2 15 3 Electrolytic Zinc (ord.) .. 1 12 6 Electrolytic Zinc (pref.) .. 117 J Kauri Timber (cum div.) .. 12 9 Mount Lyell 0 19 4 Sales Reported Waihi Grand Jctu. 0 4 0 Central Shotover (2) ... ... 0 0 1 N.Z. Newspapers 2 0 6 N.Z. Drug Co. (2) ...... 317 0 Kauri Timber (cum div.) '.. 12 0 Broken Hill Propy. (cum div.) 2 15 3 (3) 2 15 4 South British Insurance .. 4 7 6 North Canterbury Hospital Foard 4'i p.c. Debentures.. 103 0 0 Lyttelton Harbour Board 5i per cent 103 15 0

ON NEW ZEALAND CURRENCY BASIS The Bank of New South Wales, Dunedtn, quoted the following rates for purchases and acles of foreign exchange yesterday:— London— Buying. Selling

DOLLAR RATES The Associated Banks (other than the Bank of New South Wales) quoted tb* following dollar rates yesterday on a New Zealand currency basis. They are subjec.t to alteration without notice. U.S.A. Canada (per fl (per £1 N.Z.) N.Z.I Selling— dols dols T.T. 3.933 3.98 g O.D. 3.94 J 3.98| Uuvme — O.D 3.98 J 4.03 A NEW GUINEA GOLD SHARES t United Press Association) (By Electric Telegraph—Copyright) LONDON, October 31. New Guinea Gold shares are quoted at 4s IOAd. BEET SUGAR (United Press Association) (By Electric Telegraph—Copyright) LONDON, October 31. Beet Sugar.—December, 4s Hid. MOUNT LYELL SHARES (United Press Association) (By Electric Telegraph—Copyright) LONDON, October 31. Mount Lyell shares, 14s 9£d.

(United Press Association) (By Electric Telegraph—Copyright) LONDON, October 31 £ s. d.

DUNEDIN MARKETS WHEAT, OATS, ETC. No business can be recorded in the milling wheat market, for the simple reason that there are no offerings from the country. There is still a good demand for fowl wheat, as merchants are buying in anticipation of a shortage of supplies before the new crop comes in. Requirements are being secured from the Wheat Purchase Board, whose stocks are gradually being depleted, and it will not be long before the surplus at Oamaru is worked off. When this takes place, increased railage will have to be paid for deliveries from Timaru and further north. In the meantime the market remains firm at 4s 9d per bushel, sacks extra, ex truck, with 5s for lots ex the stores. The sowing of wheat in the Otago district for the coming season is completed. Considering the quantity of seed that has gone out to growers it is probable that the area sown will not be greater than last year, so far as Otago is concerned. The rainfall last week proved very beneficial to the earlier sown crops. Millers' prices for flour, etc., are as follows: — Flour.—2oolb, £l2 17s; 100's, £l3 2s; 50's, £l3 7s; 25's, £l3 12s. Bran, £5 5s per ton.

Pollard, £6 15s per ton. Oatmeal.—2oolb, £l9; 25's, £2l. A quiet period is being experienced in the oat market. The demand for seed has fallen off, and there are practically no oats left in the stores. An occasional shipping inquiry is being received, but in the absence of supplies merchants are unable to quote. Prices are unchanged on a basis Of 3s lid f.0.b., s.i., for A's, and 3s 9d for B's. The prices are equivalent to 3s 3d sacks extra, on trucks country sidings, for A's, and 3s for B's.

In anticipation of better yields for the coming season, there are already quotations on the market for deliveries next year. Quotations, which show a substantial drop in values, are round about 3s id for A's, spread delivery, April to September.

The spring growth of grasa was greatlyhelped by the rainfall last week, and there has been a weakening in the demand for chaff in view of this growth. The market, however, remains unchanged, with merchants still drawing their requirements from Canterbury. Best quality ex the truck is worth round about £5 15a per ton, sacks extra, and ex the store prices ranee tip to £6 ss. ■ The demand is practically confined to best quality lots ex the stores.

The potato market continues depressed with sales difficult to make. Small supplies have been arriving from the country districts, but the distributing trade has now dwindled down to small compass. The present value for potatoes is difficult actually to name, the quotations being irregular and merchants are not prepared to operate to any extent. Reports from the North Island go to show that new potatoes are becoming more plentiful daily, and that the market for old potatoes iw lifeless. A fair quantity of old tubers is still in the stores at Auckland, and it would appear that no further supplies are wanted. Supplies of new potatoes in_ the South Island district are now increasing. Apart from the retail trade, which continues good, there is little business passing in seeds. The wholesale markets are quiet, merchants not being prepared to stock up until they have worked off their supplies in hand. There is no quotable change in values, and this position is expected to 'continue until the prospects of the new crops are known. Most of the seed growing districts could do with further rains, and it is considered that the lack of moisture may have an effect on the root growth, resulting in lower yields of cocksfoot, ryegrass, etc. Wholesale prices are as follows: — Chaff.—Good bright oaten eheaf, £5 10s ex truck; £5 5s ex store. Potatoes.—Prices irregular. Dairy Butter.—Milled bulk, lOd per lb; separator, lOd, supplies wanted. Bacon, HJd per lb. Ham.—Ordinary, Is 2d per lb; boneless, Is 4d. Eggs.—Stamped, lid per dozen; case, lOd. Canadian onions, 22s 6d to 27s 6d per cental bag. The onion market has weakened. " FRUIT REPORT. Supplies of apples are getting shorter every week. ' Most of the supplies are coming from the Cromwell and Alexandra districts. The demand is confined practically to best quality. Cookers are also in short supply. Christchurch hothouse tomatoes are becoming more plentiful, and the market is easier. Local hothouse-grown are also appearing on the market.. New Zealand-grown lemons are still plentiful. The last shipment of Samoan bananas, ex the Maui Pomare, has ripened up well, and the "stocks in the marts are pretty well cleaned out. Californian-grown grapes are plentiful. Cauliflowers and cabbages are increasing in supply. Carrots, parsnips, and swedes are practically unprocurable. Large supplies of peas are commencing to arrive from Waimate and Christchurch, and are meeting with a ready sale. New potatoes are also increasing in supply. The market was firm towards the end of the week. Lettuce are in _ The demand is confined to best quajity. Supplies of asparagus continue to arrive from Christchurch. Wholesale prices are as follows: — Apples.—Delicious, 5s to 8s; Sturmers, 9s to lis; Tasma, 6s to 8s; cookers, 6s to Bs. Tomatoes. —Christchurch hothouse. Is 8d to 2s per lb. Lemons.—New Zealand-grown, 6s to 10s per case; Californian, to 40s. Oranges.—Valencias, 17s to 235; St. Michael's, 15s to 21s. Bananas.—Ripe, to 27s 6d per case. Californian Grapes.—Black, 25s per case; red. 245; white, 22s 6d. Cauliflowers. —Choice, 6s to 7s per sack; others, 2s to 3s. Carrots, 4s to 5s per sugar bag. Spring cabbages, 2s 6d to 3s per case. Peas, 3Jd to 4d per lb. Spinach, to Is per dozen bunches. Swedes, 2s to 2s 3d per sugar bag. Beet, Is per dozen bunches. Rhubarb, Id per lb. Potatoes, 8s to 10s per cwt; new potatoes, 6d to 9d per lb; Auckland-grown, 3Jd. Lettuce.—Choice, Is 6d to 2s 3d per doz; others, to Is. Leeks, 3d to 4d per bundle. Asparagus, 5s to 7s per dozen bunches.

BUTTER AND CHEESE (United Press Association) (By Electric Telegraph—Copyright) LONDON, October 31. Butter is quietly steady at lower levels. Choicest salted New Zealand, 106 s; Australian, 104 s to 106 s. Unealted: New Zealand, 110 s; Australian, 108 s. Cheese is weak. New Zealand white and coloured, 535; Australian, 51s and 525. PRICE OF FINE GOLD

DOMINION PICTURES A further increase in net profit is shown in the accounts of the Dominion Picture Theatres Company. Ltd., Auckland, for the year ended September 30. After making full provision for depreciation and taxation, the profit amounts to £2665, compared with £2614 in the previous year and £1155 in 1932-33. As previously announced, the directors recommend dividends of 5 per cent, on ordinary shares and 6 per cent, on preference shares. These will absorb £2287, leaving £3132 to be carried forward, against £2754 brought into the accounts. The report states that rentals have been well maintained, and the building and theatre are in good order. The mortgage on the freehold property has been further reduced bv £2OOO.

COMPANY BALANCE SHEETS GREY VALLEY COLLIERIES, LTD. Paid-up capital, £IOO,OOO. General Mining Net

While the net profit of £986 shows an improvement on that for 1933-34, it 5s considered insufficient to warrant the payment of a dividend to shareholders. The recommendation is to transfer the net surplus with £l4' withdrawn from the floating balance to general reserve, which will mean that shareholders for the fifth consecutive season receive no dividend. A slight rise is seen in expenditure, which totals £10,386. Virtually one-half ■ —£3ooo—represents depreciation. The salaries group has risen to £2875. but general expenses, including directors' fees (£600), at £2Oll, are down. Provision for taxation has again been fixed at £SOO, but it does not appear if that sum covers the year's charge. The balance from mining account is up by £1229, to which interest of £162 and miscellaneous receipts of £l9l fall to be added. The relations of revenue with expenditure have been as follows:

The output continues to be low.- and this is the factor borne in mind when dealing with the net surplus. The cost per ton has not altered materially, as the undernoted columns show: —

. Before the application of the depreciation provision of £SOOO, fixed assets stood at £91,466. By the allotment of £SOOO, the allowance for the latest six years aggregates £27,000. Full details are given of the allocation of the past year's allowance. The largest unit is development account, which for the second consecutive season is allotted £SOO and is reduced to £34,500. This is an asset, which it is desirable to write down at the earliest opportunity, as representing the capital expenditure incurred in opening up the mine. The. amount applied is regulated by what may be available for the purpose and not by any percentage. Next in size come plant, tools and equipment, which have received small additions during the year, and, after a 7i per cent, deduction, appear at £21,657. In the cases of buildings, a railway siding, and office furniture, no capital expenditure during the past year is involved,.so that the 7J per cent, allowance made to each, which reduces them to £16,274, £8778, and £lB5 respectively, takes ■ full effect. The generous wastage provision indicates that the claims of the fixed assets are receiving primary consideration. Leases, the depreciation on which is contingent with the duration of the different contracts, by an allowance of over 12 per cent., are down to £5071. In their aggregate of £86,466, fixed assets are reduced to 81. per cent, of the total assets. ■ The consequent Increase in the_ liquid assets is seen in fixed deposits, which are raised to £IO,OOO, while a further sum of £1250 is held in deposits at call. At the same time, cash at bank and in hand is up to £1303. Sighs of an increasing business may be found in sundry debtors and stores and coal on hand, which are increased to £2458 and £5278 respectively. Floating assets stand at £20,289, as against £13,647 at September, 1934. Sundry creditors, increased to £2061, and the taxation provision of £836, represent all outside liabilities. Apparently the annual provision of £SOO has exceeded requirements and permitted a small re serve to . grow. If, the directors' recommendation is confirmed, general reserve, which was established two years ago, will appear at £2OOO. Renewals and bad debts reserves remain at £ISOO and £ll4 respectively. The policy of fostering reserves and writing down assets which is now being followed, while making a demand upon the patience of shareholders meantime, is the one that is likely to produce best results in the future. DEALERS IN MONEY FUNCTIONS OF THE BANKS. The essential function of bankers, according to the League of Nations economic survey, is to act as money merchants —receivers and distributors of credit. They are borrowers on the one hand and lenders upon the other, their borrowings being represented by the deposits appearing to the credit of their customers, and their lendings appearing as assets of various kinds —bills discounted, overdrafts, advances, and investments. The development of credit has, it is true, given elasticity to the banking systems, so* that deposits often, if not generally, reflect advances rather than advances being sroverned by the volume of deposits available. There are, however, definite limits to the expansion of both sides of a bank's balance sheet in this way, limits which are''set ultimately by the proportion of legal tender money which it is necessary to keep for cash purposes. In developed banking systems, where the ultimate control of such cash resources is in the hands of a central bank, the extent to which commercial banks may expand credit is in the last resort determined by the limits within which the central bank can provide cash resources without endangering the . stability of the country's currency. While an upper limit is set to credit expansion in this way, the experience of recent years- throws considerable doubt upon the power of a central bank, by enabling the commercial banks to secure cash resources cheaply and abundantly, to set a lower limit of credit contraction. Moreover, in its expansion of deposits and advances, a commercial bank must bear in mind the immediate nature of the liability it incurs to its depositors, and must therefore keep its assets so distributed as to avoid the dancer of too large a proportion of them being unrealisable in sufficient time to meet a drain by depositors if such should develop. BRITISH DAIRYING DISTRIBUTORS COMPLAIN. The British dairying industry (writes an English correspondent) may be on the threshold of important and far-reaching changes. The Milk Marketing Board has just issued its new contract terms, the genera] tendency of which is to endeavour to reduce the distributive margin in respect of the sale of milk for liquid consumption instead of granting the distributors' demand for lower prices to the farmer. The Marketing Board contends that the distributors enjoy a working margin of Hid a gallon, compared with the lOd received by the farmer. The distributive trade has not hesitated to voice its dissatisfaction with the new terms, and the Central Milk Distributive Committee is reported to have instructed the trade not to sign the new contracts and announces its intention to appeal to the Minister of Agriculture. The Milk Marketing Board, however, seems to hold the whip hand since it possesses statutory authority to prescribe contract terms and conditions. It is unlikely that the milk distributors will, without a struggle, yield to the curtailment of their margin, and the possibility of the wholesale trade deciding to " buy short" on their liquid requirements and to curtail manufacturing programmes has already been mooted. With the total milk output of Great Britain rapidly expanding', the Milk Marketing Board would be faced by a bigger milk surplus than ever and the inevitable consequence would be that the board would be forced to go ahead with a manufacturing programme. Whether the method employed involved the principle of co-operation or not, it is almost certain that, once started, it would rapidly expand, and the quantity of British butter, cheese and condensed milk would be correspondingly increased. There would thus be introduced on the British market a new factor of competition which might bring good or evil so far as overseas Empire producers are concerned. The accession of large quantities of British dairy manufactures might recreate the recent disastrous glut of buttei and cheese and precipitate prices, or it might, on the other hand, create a closer community of interest between Home and Empire producers, encourage co-operative measures for expanding the demand for dairy products, and consolidate an Empire front against foreign competition.

i S. d. 2 10 10 National Insurance (2) .. tfO 19 6 Standard Insurance 3 7 6 N.Z. Refrigerating (cont.) Mortgage Corporation (2) 0 11 0 its) 0 5 5 0 5 6 Broken Hill Propy. (rigl 110 Brown Ewing (pref.) .. 116 « Dominion Fertiliser (2) .. 13 0 (2) 3 17 0 3 17 6 N.Z. Newspapers .. .. 2 0 11 X.Z. Paper Mills .. •• tfl 9 ° Woolworths (Sydney) 5 12 0 N.Z. Breweries .. •• 2 12 9 (2) 2 13 0 .. 0 19 4 Mount Morgan (2) .. .. 1 17 0 Bendieo Goldlight (2) .. 0 0 5J * •" \ ••"• 0 1 10J 0 1 11 .. 0 10 1 1 4J 4 p.e. Stock, 1937-40 .. 101 15 0 4 px. Stock, 1946-49 (2) 4 p.e. Stock, 1952-55 .. 105 0 0 107 17 6 108 0 0

BANKING. Buyer. Sell. 21'. £ 8. d. £ a. d. 6 — N.S.W. .. •• 32 0 o. 33 0 0 9 — N.Z. (long D) .. — 1 13 9 Natl. of N.Z. .. 3 11 9 — Reserve .-.-.. 8 0 0 6 6 0 0 9 11 0 INSURANCE. ,' National .. .. .0 19 3 0 19 7 New Zealand .. 3 2 9 3 3 3 Standard .. .. 3 6 0 — SHIPPING. Huddart, Parker (pref.). .... 17 6 — P. and 0. Def. Stock .... 11 6 1 3 0 MEAT PRESERVING N.Z. Refrig. (paid) .. ..11 9 1 2 6 N.Z. Refrig. (cont.) .... 0 10 10 0 11 0 South Otago Freezing ... .. .. **7 0 0 — LOAN AND AGENCX Mortgage Corpora5 0 5 7 Natal., Mortgage B Issue) .. .. 1 12 0 — N.Z. Guarantee Corp. .... — 0 5 4 Perpetual Trustees 3 3 0 — Trustees, Executors 3 '3 0 — Wright, Stephenson (ord.); .... — 0 18 7 COAL. Westport .. •• 1 2 4 — MISCELLANEOUS. Broken Hill Propy. 2 14 3 2 15 0 Broken Hill Propy. (new issue) .. 15 6 1 8 6 Brown, Ewing (pref.) .. .•.--• — 1 2 0 D.I.C. (pref.) .. **1 3 0 — Dominion Fertiliser I 3 0 — Dominion Fertiliser (Debs.) .. ..106 0 0 — Dominion Rubber 1 4 0 1 8 6 Stock Exchange Propy. .... 1 17 0 2 0 0 Dunlop Perd. Rubber .. .. 0 16 1 — Milburn Lime .. 2 4 0 2 4 9 N.Z. Drug Co. .. 3 17 0 3 17 6 Farmers' Fertiliser — 0 19 9 N.Z. Newspapers 2 0 6 2 1 0 N.Z. Paper Mills **1 8 0 1 9 6 Wilsons Cement 2 1 0 — Wool worths .(ord.) 5 8 0 —• Woolworths (Sydney) .. .. 5 11 0 5 12 6 *WOOLLEN COMPANIES.

Bruce (ord.) — 0 15 3 Bruce (pref.) — 1 2 6 Kaiapoi £pref.) — 0 19 0 Mosgiel . —' 10 10 0 BREWERIES N.Z. Breweries .. 2 11 9 2 12 3 Staples , . . 1 12 0 1 13 0 Dunedin — 1 10 0 Timaru tfO 8 4 — Tooths .. . 2 17 0 — AUSTRALIAN MINING. Broken Hill 1 South 4 15 0 — Electro. Zinc (pref..) 1 16 6 — Electro. Zinc (ord.) 1 12 3 1 13 0 Mount Lyell . 0 19 2 0 19 6 Mount Morgan — 1 17 9 Upper Watut 0 6 3 — MINING. Bendigo Goldlight 0 0 5 0 0 5} Big River 0 1 11 0 2 0 Central Sh'otover — 0 0 2 Gillesnie's Beach. 0 1 1 0 1 -2 Golden Progress 0 0 2 0 0 9 Kildare J 0 2 6 0 3 0 King Solomon 0 3 2 — Molyneux River .. 0 1 10 — Mount David — 0 1 6 Nokomai 0 1 0 — Okarito 0 4 9 0 5 3 Paddy's Point — 0 2 6 Sandhills — 0 0 6 Waihi Grand Jctn. 0 3 10 — Worksop 0 2 2 0 2 5 Martha 1 1 3 1 1 9 UNLISTED. New Bendigo Quartz 0 0 6 0 4 9 GOVERNMENT LOANS. 3£ p.c. Stock, Nov., 1938-52 104 5 0 — 3J p.c. Stock, Mar., 1939-43 102 10 0 .— 3£ p.c. Stock, Sep.', 1939-43 102 10 0 — 3i p.c. Stock. May, 1939-52 104 5 0 — 4 p.c. Stock, 193740 ... . 101 10 0 102 0 0 4 p.c. Bonds. 194346 ... . 104 5 0 — 4 p.c. Stock. 194346 ... 104 5 0 — 4 p.c. Bonds, 194649, ... 105 0 0 — 4 p.c; Stock, 194649 ... 105 0 0 — 4 p.c. Bonds, 19521 55 ... 107 15 0 — 4 p.c. Stock, 195255 .. . 107 15 0 —

New Auckland Laundry2 14 0 7 1 0 2 0 2 0 9 3 6 9 6 1 1 0 2 0 0 0 19 0 2A 4 Unlisted Stocks Woolworth's (Sydney) .. .. 5 11 0

Inscribed Stock, .4 p.c, 1940 101 15 v ' " 104 13 0 6 9 South British Insurance (late 105 0 108 0 4 8 1 2 12^ 0 0 0 3 d Pukemiro Coal (late Thurs.) Taupo Totara (late Thursday) Dominion Breweries (late 1 4 101 0 7 2 0 15 9 0 15 9 Electrolytic. Zinc (late Thurs.) 1 12 1 12 e 6 Unlisted Stocks Woolworth's (Sydney; late 5 11 9

RUGBY, October 31. PansPar. Oct. 30. Oct. 31. Francs to £1 124.21 74 39-64 74 41-64 Brussels— Belgas to £1 SO 29.22 29.18 OsloKroner to £1 18.180 19.90} 19.90} StockholmKroner to £1 18.130 19.39} 19.39} Copenhagen— Kroner to £1 18.150 22 22 BerlinMarks to £1 20.34 12.22} 12.22 MontrealDollars to £1 4.86 2-3 4.97g 4.973 New York— Dollars to £1 4.86 2-3 4.913 4.91 9-16 YokohamaPence to yen 24.582 'l4 3-64 14 3-64 HongkongPence to dollar 24.58 22J 22 Bombay— Pence to rupee — 18} 18} Batavla— Florins to £1 12.10 7.24} 7.24} Milan— Liro to £1 82.46 60 7-16 60 7-16 AmsterdamGuilder to £1 12.107 7.24} 7.23J Prague— Kioner to £1 '1041 119 118% Geneva— Francs to £1 25.22} 15.13 15.18 Vienna— Schillings to £1 84.86} 261 261 Helringfors— Marks to £1 193.23 227 227 MadridPesetas to £1 25.22} 36 36 Belgrade— Dinars to £1 25.22} 216 216 AthensDrachma to £1 .. .. 375 516 516 Lisbon— Escudos to £1 110 nog 1108 BucharestLei to £1 .. 931.6 625 625 Rio de JaneiroPence to milreis 5.890 » 4} 4} Buenos Aires — Pence to pesos 47.22 36} 36} Shanghai— Pence to tael — 151 15 1-16 MontevideoPence to pesos — 36 11-16 39 11-16 Warsaw — Zlotya to £1 — 26.06 26.06

£1 N.Z to £100 Btg. . . 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— £ P to £100 N.Z. T.T. 90/7/6 b9 O.D. 90/7/6 89 New York— Dollars to £ N.Z. T.T. 3.97J 3.93S O.D. 3.991 3.94} Montreal— Dollars to £ N.Z. T.T. 4.02 3.98} O.D. 4.031 3.983 France— Franca to £ N.Z. T.T. 60.61 59.31 O.D 60.91 59.36 Noumea— Frencs to £ N.Z, T.T. 61.5658.56 O.D. 61.96 58.61 Papeete— Francs to £ N.Z. T.T. 61.56 58.56 O.D. 61.96 58.61 Belgium— Belgas to £ N.Z. T.T. — 23.135 O.D. — 23.150 Germany— Reichsmarks to £ N.Z T.T. — 9.610 O.D. — 9.615 ItalyLire to £ N.Z. T.T. — ' 47.91 O.D. — 47.95 Switzerland— Francs to £ N.Z. T.T. 12.379 11.979 O.D. 12.454 11.989 HollandFlorins to £ N.Z. T.T. 5.950 5.700 O.D G.000 5.704 JavaFlorins to £ N.Z. T.T. 5.907 5.682 O.D. 5.957 5.686 Japan— N.Z. Pence to 1 Ten .. .. T.T. — 17 11-16 O.D — 17 43-64 Shanghai— N.Z. Pence to 1 Dollar .. T.T. 18 9-32 19 19-32 O.D. 18 5-32 19 17-32 India and Ceylon— N.Z. Pence to 1 Rupee .. T.T. m U 23-32 O.D. 22} 22 21-S2 Hongkong— , N.Z. Pence to 1 Dollar .. T.T. 26 19-32 27 21-32 O.D. 26 15-32 27 19-82 Singapore— N.Z. Pence to 1 Dollar .. T.T. 348 35 5-16 » O.D 34} 35} Sweden— Kroner to £ N.Z. X.T. 15.790 15.460 O.D. 15.830 15.470 Norway— Kroner to £ N.Z. T.T. 16.201 15.871 O.D. 16.241 15.881 Denmark— Kroner to £ N.Z. T.T. 18.208 17.878 O.D. 18.248 17.888 Austria— * Schillings to £ N.Z T.T. — 20.63 O.D. __ 20.65 CzechoslovakiaCrowns to £ N.Z. T.T. — 95.01 O.D. — 95.06 All rates subject to alteration wltboul notice

October 31 .. .. .. .. 7 5 October 30 .. .. .. .. 7 4 October 29 ., .. .. .. 7 4J October 28 .. .. .. .. 7 6 October 20 .. .. .. .. 7 6 October 24 .. .. .. .. 7 H October 23 .. .. .. .. 7 U October 22 .. .. .. .. 7 7 October 21 .. .. .. .. 7 5 October 13 .. . . .. 7 34

Expenditure .. 1T.6G2 . Revenue. itatlo 1920-30 .. 28,232 C2.56 1930-31 .. .. 14.182 1G.588 85.S0 1031-32 .. 9.303 10.825 85.94 1032-33 .. .. 13.932 18.75B 74.28 1933-34 .. .. 10.080 10,110 09.70 1934-35 .. .. 10.380 11,372 D1.33

Output, Expenditure ], Cost per to 3. (1. 2 9.895 1929-30 .. ..' 129.059 17.602 1930-31 .... ... 99.944 14,182 2 10.05G 1931-32 .. .. 49,506 9.303 3 9.045 1032-83 .. .. 63.371 13.932 4 4.704 1033-34 .. .. 44.370 10.080 4 0.523 1031-35 .. .. 45.034 10,380 4 7.352