COMMERCE AND FINANCE

Otago Daily Times, Issue 22823, 6 March 1936, Page 12

COMMERCE AND FINANCE

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

ON NEW ZEALAND CURRENCY :, .:, Msis The Banfc ,of New South Wales, Duncdtn. quoted the following rates for purchases and sales, of foreign exchange yestorday:—. London— Buying. Selling.

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 £1 N.Z.) N.Z.) Selling— dols. dols. T.T. 3.995 3.995 O.D 4.00| 4.001 Buying—- / .O.D. 4.041 4.04 J PRICE OF FINE GOLD (United Press Association) (By Electric Telegraph—Copyright)

LOCAL AND OVERSEAS MARKETS

THE SHARE MARKET DUNEDIN STOCK EXCHANGE Bank of Australasias wore on offer at £l2 12s on the Dunedin Stock Exchange yesterday, but buyers were not interested. Commercial Banks were reported to have changed hands at £1 Os 'Sid, a closing seller at £1 Os 6d failing to attract buyers. There was an easier inquiry for Reserve Banks, buyers offering £5 17s. Sellci'3 remained firm at £O. National Insurances were in demand at 18s Bd, but sellers would not accept less than 19s 3d. Sellers of Mortgage Corporations were prepared to take 4s Sd, but buyers would not give more than 4s 7d. Brown, Ewings 'preference shares were reported to have been dealt in at £1 2s, the market closing with a seller at £1 2s Cd, and no buyers forward. Ordinary Electrolytic Zincs were inquired for at £1 17s, cum dividend, but sellers did not -show any interest. There was a firmer inquiry for Mount Lyells at £1 4s 3d, but sellers would not do business under £1 ss. SALES REPORTED.

The followine are yesterday afternoon's buying and selling quotations, which are subject to the usual brokerage:— BANKING.

CHRISTCHURCH Sales on 'Change Commercial Bank of Australia

AUSTRALIAN STOCK EXCHANGES (United Press Association) (By Electric Telegraph—Copyright) SYDNEY, March 5. (Received March 5, at 11 p.m.) On the Stock Exchange the values of e;ilt-edgeds were inclined to be depressed but other sections of the market were firm. Most banks recorded good gains. THE MORNING SALES.

BOOTH. MACDONALD, LTD. The directors' of Messrs Booth, Macdonald and Co., Ltd., in submitting statement of accounts, for the year ended December 31, 1935, report an increase in business for the year, resulting in a profit of £347 9s lid (as against a less on the previous year's trading of £7584 19s 8d), which is regarded as distinctly encouraging. The depression of the past few years made business very difficult with resulting losses but the directions look forward to further improvement in trading results during 1930. The turnover was substantially increased, largely due to the energetic work of the various staffs, and the result was shown in the increased gross profit as see out in the profit and loss account. In view of the better returns now being received by farmers for their produce, the directors anticipate an increased demand for the company's manufactures, and to meet this demand it is proposed still further to extend the sales organisation. Depreciation had boon fully provided for, amounting to £5157 5s 9d as against £4867 17s 3d last year, while the company's ti ortgsgo debenture liability had been reduced to £100,200. Stocks had been carefully and conservatively valued, while full provision had been made for any bad or doubtful debts. After full consideration the directors recommend an alteration in the date of the annual balance, from December 31 to June 30 in each year, and a resolution would be submitted at the annual meeting to give effect to the recommendation.

RAILWAY WORKING ACCOUNT

REVENUE AND EXPENDITURE FOUR-WEEKLY PERIOD (Per United Press Association) WELLINGTON, March 5. The railway working account for the four-weekly period ended February 1, 1930. is as follows:

The total revenue from April, 1935, to February 1, 1936, was £5,032,143, the total expenditure was £4,894.719, and the net revenue was £737,424. The totals for the corresponding period last year were: Revenue, £5,371,541; expenditure, £4,632,313; net revenue, £739,228. THE RESERVE BANK ASSETS AND LIABILITIES (Per United Press Association) WELLINGTON, March 5. The Gazette issued to-night contains the following statement of the liabilities and assets of the Reserve Bank of New Zealand as at the close of business on Monday, March 2. The figures fit the close of last week are given for the purposes of comparison, shillings and pence being omitted:— LIABILITIES Last week. This week. £ £ 1. Paid-up capital .. .. 800,000 EUO.OOO 2. General Reserve Fund .. 1.000,000 1,000.000 3. Bank notes 9,854,580 3.803.789 4. Demand liabilities (a) State 5,070.065 7.115.470 (b) Banks 10.G71.357 10,133,904 (c) Other .. 07,509 75.036 5. Time deposits 6. Liabilities In currencies other than New Zealand currency .... "* 7. Other liabilities .. .. 127.518 120,572 Total £27.927,034 £28,844,333 ASSETS 8. Reserve—(S) Gold 2.801.733 2,801,733 (b) Sterling radiances .. 23,113,211 23,970,099 (c) Gold exchange .. - 9. Subsidiary coin .. .. 199,118 197,524 10. Discounts—(a) Commercial and agricultural bills .. ~ (b) Treasury and local body bills .... 1L Advances—(a) To Stato or State undertakings .... (b) To other publlo authorities .... (c) Other 12. Investments 1.779.04 S 1,781.923 13. Bank buildings .... 14. Other asseta 83.02 S 84,552 Total £27,927,034 £28,844,833 Proportion of reservs (No. 8 less No. 6) to notes and other demand liabilities .. D8.63795> 98.302% LONDON MONEY MARKET (United Press Association) (By Electric Telegraph—Copyright) LONDON, March 4. Discount and short-loan interest rates are all unchanged. NEW GUINEA GOLD SHARES (United Press Association.) (By Electric Telegraph—Copy right.) LONDON, March 4. New Guinea Gold shares are quoted at 3s 9d. DOLLAR AND FRANC (United Press Association) (By Electric Telegraph—Copyright) LONDON, March 4. Exchange on New York is quoted at 4.99 3-16 dollars to the £, and on Paris at 743 francs to the £. AUSTRALIAN MARKETS (United Press Association) (By Electric Telegraph—Copyright) SYDNEY, March 5. (Received March 5 t at 11 p.m.) Wheat: Country sidings, bagged and bulk, 3s Id, equal to about 3s ex trucks, Sydney. Flour £9 10s. Bran £5 10s. Pollard £C Potatoes: Tasmauian, to £B. Onions: Victorian Globe £B, brown Spanish £9. Maize: New season's 4s. ADELAIDE, March 5. Wheat: Growers' lots 3s sd. Flour: Bakers' lots £9 7s 6d. Bran and pollard £6 2s <sd. Oats: Algerian, to Is 9d. Barley, to Is lid. BONDS HOSIERY DIVIDEND (Per United Press Association) WELLINGTON. March 5. Bondg Hosiery Mills (New Zealand), Ltd.. has advised the Stock Exchange Association that the directors will recommend the payment of a dividend of 4id per share, equal to 5 per cent., on the subscribed capital from the date of subscription to January 19, 1930. LONDON METAL MARKET (United Press Association) (By Electric Telegraph—Copyright) LONDON, March 4. (Received March 5. at 11.30 p.m.) The following are the official metal quotations:—

MELBOURNE MINT MORE GOLD RECEIVED. A net increase of 27,158.24 liue ounces of gold in shown in the annual return of the Melbourne branch of the Royal Mint. The total received in the year ended December 31 is 220,255.85 line ounces, compared with 202,097.01 in the previous year. The receipt of new cold is greater and the amount of Hirlit gold coin and gold from unknown resources, comprising old Hold and jewellery, is smaller than that received in 1934. The reduction in these two items is 12.914.550 z, so the actual increase in new sold is 40,072.790 z. The greatest increase was shown by Victoria, the quantity being 10.535.430 z ahead of that of the previous year. Othei increases were:—Queensland. 10,074.950 z; New Guinea, 5440.22; South Australia, includin" North Australia, 4855.60; New South Wales, 2471.01; New Zealand, 630 90; and Tasmania, 100.06. Decreases wero: —Western Australia, 19.96; Fiji, 20 58: Malay, 8.10; light gold coin, 952.91; and unknown, 11,961.04. Of the gold received hist year 240,784.590 z standard was reissued for export

SYDNEY WOOL SALES (United Press Association) (By Electric Telegraph—Copyright) SYDNEY, March 5. (Received March 0, at 0.5 a.m.) At the wool sales 12,883 bales were offered and 11,753 sold, while 986 were disposed of privately. There was good general competition, Japanese, Yorkshire and German operators being particularly active. Prices for all descriptions were firm at yesterday's rates. Greasy merino sold to 24Jd. HOULDER LINE, LTD. INTEREST IN SHAW, SAVILL COMPANY. The Houldcr Line, Limited, of England, which is interested mainly in the United Kingdom-South America shipping trade, has again acquired New Zealand and Australian interests through the purchase of part of the Shaw, Savill and Albion capital. The Shaw, Savill Company has an authorised capital of £BOO.OOO, of which £792,375 is issued in 39,075 A preferred shares and 120,000 B ordinary shares of £5 each, fully paid. The A preferred shares carry a cumulative dividend of 5 per cent., which has been paid regularly. In 1933, Purness, Withy and Co., Ltd., and its associated company, British Maritime Trust, acquired an interest of onethird of the Shaw, Savill Company's B ordinary capital. At that time the White Star Line and its subsidiary, Oceanic Steam Navigation Company, held the remaining ordinary shares. In December last year it was announced that an oiler which Furness, Withy, mada on behalf of itself and associated companies to acquire practically the whole of the remaining issued ordinary share capital of the Shaw, Saville Company from the ofiieial receiver, as liquidator of the White Star Line, Limited, and from the Oceanic Steam Navigation Company, Ltd., had been accepted. The deal involved about £1,500,000. Speaking at the annual meeting in London last month of the Houlder Line, Ltd., Lord Essendon, chairman of directors, said: "It is common knowledge that Furness, Withy and Co., Ltd., have recently acquired the balance of share capital of the Shaw, Savill and Albion Company, Ltd. As the Houldcr Line was for so many years closely associated with trade between Great Britain and Australia and Now Zealand, the desire has been expressed that this company should acquire some of these shares, and arrangements are therefore being. made for the Houlder Line to take over about 8000 of the shares in Shaw, Savill, thus restoring an interesting link which was severed some 23 years ago when this company sold out its interests in the Australian and New Zealand trades." Lord Essendon is chairman of Furness, ] Withy, and also Shaw, Savill. Furness, Withy holds an interest in the Houlder Line. MONETARY SYSTEM NEW ZEALAND CRITICISED. The necessity for continuous management of a monetary system, as ilu6trated by recent developments in New Zealand, is stressed in an article in the Midland Bank Monthly Review. The journal states that the successful operation of a monetary system based on sterling demands as much wisdom and foresight as one based on gold, and just as dire results may follow from too great a readiness to regard the system as a mechanical device, demanding no more than simple supervision. "London funds owned by New Zealand have been at a high level, partly because of the stimulus given to export trade to England, partly because of the check to imports, and partly as the obverse to the accumulation of foreign-owned funds in New Zealand in the hope of an appreciation of her currency in terms of sterling," states the article. "The result is a position of remarkable liquidity. "For" some time past the monetary position in New Zealand has presented a picture of almost ludicrous liquidity. The return of the Reserve Bank for early December shows gold and London funds aggregating £23,500,000, held against notes in circulation amounting to £D,250,000 and deposits of £14,500,000. The reserve proportion was therefore practically 100 per cent., whereas the statutory minimum is 25. Moreover, the commercial banks have ample funds to meet any further demands for advances that may arise. "The law requires the banks to maintain balances at the Reserve Bank amounting to at least 7 and'3 per cent, of demand and time deposits respectively, but in September last they held against deposits in New Zealand, amounting to £61,000,000, £5,000,000 of balances at the Reserve Bank as well as £16,000,000 in London funds. "It has been reported recently that £3,000,000 of these funds have been transferred to the Reserve Bank following the new Prime Minister's statement on the possibility of an appreciation of the New Zealand pound; but a movement of this kind has no effect on the internal situation, since in exchange for the London balances the trading banks acquire additional balances at the Reserve Bank. In short, there is a superabundance of banking funds in New Zealand, not as a consequence of domestic monetary policy, but mainly because of a step taken by the New Zealand Government in January, 1933, with the prime object df improving the agricultural producer's return from his sales in the English market." BRITISH BANKING " BIG FIVE '• RESULTS. No remarkable change is shown in the 1035 profits and dividends of the "Big Five" English banks—Barclay's Bank, Ltd.. Lloyd's Bank, Ltd., the Midland Bank, Ltd., the National Provincial Bank, Ltd., and the Westminster Bank, Ltd. Dividends are unchanged except in the case of the Midland and Westminster Banks, both of which celebrated their centenaries with bonus distributions of 2 per cent. ■ The following table shows the net profits and dividends of the five banks for the past three years:— 1933. 1934. 1035. Barclay's— Net profit £1,005,000 £1,708,000 £1,784,000 Dividends:

* Including centenary bonuses of 2 per cent. f After providing for centenary bonus to staff, pensioners, and widows. "So long as money remains cheap, shareholders can scarcely exjiect to see profits restored to the 1929 level," says the Economist, commenting on the figures. " Expanded resources do not adequately compensate for very low interest rates. The reduction in earnings in recent years measures the contaribution of bank shareholders toward national recovery, for the maintenance of cheap and plentiful credit is eminently in the public interest. "From the banks' own point of view, again, improving trade means fewer bad debts and the rehabilitation of debts previously written off. Recovery is also beginning to be reflected in the increased demand for bank advances."

RUGBY, March 4. Paris— Par. Mar. 3. Mar. 4. Francs to £1 124.21 . 74 55-61 74 53-64 Brussels — Belgas to £1 Oslo— Kroner to £1 30 29.20 29.261 18.180 19.901 19.001 Stockholm— Kroner to £1 18.130 19.391 19.391 Copenhagen— Kroner to £1 18.150 22 22 BerlinMarks to £1 20.34 12.28 12.28 Montreal— Dollars to £1 4.86 2-3 4.D9Vs 4.981 New York — Dollars to £1 4.86 2-3 4.99 5-18 '!.!)» Yokohama — Pence to yen 24.582 14 1-64 14 Hongkong — Pence to dollar 24.58 15 3-32 15 11-16 Bcmbay— Pence to rupee — 181 181 Batavla— Florins to £1 12.10 7.231 7.23J Milan— Lire to £1 82.46 62. 3-16 621 Amsterdam — Guilder to £1 12.107 7.261 7.26 Prague— Kroner to £1 104 J 119 1191 Geneva— Franca to £1 25.221 15.115 15.111 Vienna — Schillings to £1 84.861 26} 261 Helsingfors— Marks' to £1 193.23 227 227 MadridPesetas to £1 25.22} 36 1-16 361 Belgrade— Dinars to £1 25.221. 216 216 . Athens — Drachma to ' £1 375 516 516 Lisbon — Escudos to £1 110 110% 110% Bucharest— Lei to £1 831.8 669 669 Rio de Janeiro — Pence to mllreis .. 5.890 41 41 Buenos Aires— Pence to pesos 47.22 36 S6 Shanghai— Pence to tael ■—' 141 141 Montevideo— 89 9-16 Pence to pesos —■ 392 Warsaw—" Zlotya to £1 *"■ 26.25 26.25

£1 N.Z. to £100 stg.. .. •• T.T. 124 124/10/O.D. 123/10/124/8/9 Australia— fi Ato.£100N.Z. T.T. 101 100/10/O.D. 101 100/10/Fiji— •••'■. £ 7 to £100 N.Z. T.T. 00/7/6 89 D-D. 00/7/8 89 Sew York— Dollars to £ N.Z. T.T. '4.03g 3.99? O.D. 4.041 1 4.00% Montreal— ' ■ ' Dollars to £ N.Z. T.T. 4.038 3.095 O.D. 4.04g • 4.00% Prance— Franca to £ N.Z. T.T. 60.6S 59.85 O.D. . 01.13 59.89 Noumea — Francs to £ N.Z. T.T. 62.48 58.48 O.D. 62.03 58.54 Pipeete— Francs to £ N.Z. T.T. 62.48 58.63 O.D. G2.93 58.69 Belgium— Belgas to £ N.Z. T.T. O.D. 23.381 23.392 Germany— ■ Relchsraarks to £ N.Z. .. .. T.T. —. 9.793 O.D. — . 9.798 ItalyLire to £ N.Z. T.T. O.D. ~~ ™"* Switzerland — Francs to £ N.Z. T.T. 12.317 12.047 O.D. 12.422 12.052 HollandFlorins to £ N.Z. T.T. 5.935 5.785 O.D. 5.995 5.789 Java— Florins to £ N.Z. T.T. 5.913 5.753 O.D. 5.973 5.757 Japan— N 2. Pence to 1 ,ypn - .... T.T. — 17 37-64 oi). — 17 9-1G Shanghai— N.Z Pence to 1 Dollar .. T.T. 17 17-64 18 41-64 1 O.D. 17 5-64 18g India and Ceylon— N.Z. Pence to 1 Rupee .. .. T.T. 22 9-64 22 57-64 O.D. 22 3-C4 223 Hongkong— 1 N.Z. Fence to 1 '- Dollar .. .. T.T. 18 25-32 20 17-32 j O.D. 18 11-16 20i Singapore— N.Z. Pence to 1 Dollar .. T.X. 84 25-64 35 29-C4 O.D. 34 13-04 35 7-16 1 Sweden— Kroner to fl N.Z. T.T. 15.785 15.490 O.D. 15.845 15.500 Norway— Kroner to £ N.Z. T.T. 16.183 15.893 O.D. .16.243 15.903 Denmarkt Kroner to £ N.Z. T.T. 18.203 17.893 O.D. 18.263 17.903 AustriaSchillings to £ N.Z T.T. —. 20.68 O.D. _ 20.70 Czechoslovakia — Crowns to £ N.Z. T.T. S4.65 O.D. — 94.70 All rates subject to alteration without notice.

LONDON, March 4. £ s. d. March 4. .... 7 0 11} March 3 .... 7 1 1 March 2 .... 7 1 1} February 27 .. .. 7 1 81 February 26 .. ..7 10} February 25 .. .. 7 0 10 February 22 .... 7 1 0} --~-

Commercial Bank .. .. Brown, Ewing (pref.) G. J. Coles £ a. 1 0 1 2 3 12 d. 3 A 0 6 SALE REPORTED CALL. AFTER LAST Wright, Stephenson (pref.) .. 1 0 0

Buy< ir. Seller. £ s. d. £ 8. d. 12 12 0 N.8.W .. — 34 15 0 New Zealand .. .. — 2 7 8 Commercial .... — 1 0 6 E.S. and A — 6 5 0 Natl, of A'asia .. — 15 13 0 Natl, of A'asia 7 13 0 0 6 0 0 INSURANCE 8 0 19 3 New Zealand .... — 3 3 0 Standard 3 2 6 3 4 3 SHIPPING. P.andO.Def. Stock — 1 4 6 U.S.S. Co. (pref.) 1 6 3 1 6 9 MEAT PRESERVING N.Z. Refrig. (cont.) 0 9 9 'o 9 11 South. Froz. Meat (paid) 3 16 0 — South. Froz. Meat (pref.) 3 16 0 — Waitaki Farmers 3 15 0 4 0 0 LOAN AND AGENCi Goldsbrough, Mort 1 12 6 1 13 3 Mortgage Corporation 0 4 7 0 4 8 National Mortgage 2 10 0 — N.Z. Loan and M. (ord.) 30 0 0 40 0 0 N.Z. Guar. Corp. — 0 6 1 Wright, Stephenson 9 1 0 0 COAL. 1 2 9 WOOLLEN COMPANIES. Bruce (ord.) .... 0 12 0 0 14 0 Bruce (pref.) .. — 1 4' 0 MISCELLANEOUS. Anthony Hordern.. 1 0 0 — Associated News .. 12 3 — Broken Hill Propy. —' 3 0 0 Brown, Ewing (ord.) 0 14 6 — Brown, Ewing , (pref.) — 1 2 6 Consolidated Brick — 0 10 11 Crystal Ice .. .. 1 17 6 — D.I.O. (pref.) .... — 1 4 3 Dominion Fertiliser -1 5 0 1 5 9 Dominion Fertiliser (Debs.) 104 0 0 — Dominion Rubber,. | — 1ti io 0 Stock Exchange Propy 1 19 0 2 0 0 Milburn Lime .... ff2 4 3 2 5 0 National Electric — 0 12 9 N.Z. Paper Mills .. — 1 10 0 Regent Theatre .. — 1 1 0 G. J. Coles .... 3 12 3 — BREWERIES N.Z. Breweries .. 2 11 6 2 12 3 0 9 6 GAS. Christchurch .... — 1 16 0 AUSTRALIAN MINING. Electrolytic. Zinc 0 — Mount Lyell .... 14 3 1 5 0 Mount Morgan .. 0 16 0 — North Broken Hill — ft8 3 0 Upper Watut .... — 0 7 9 MINING. 0 1 11 Gillespie's Beach .. — 0 1 0 Goldfields Dredging 0 0 31 0 0 5 King Solomon .. — 0 3 6 Molyneux River .. 0 2 4 —- Mount David .. — 0 1 6 0 2 6 3 — 24 0 0 3 GOVERNMENT LOANS. 3i p.c. Stock, Nov., 0 — 3J p.c. Stock, Mar., 1939-43 102 10 0 — 3J p.c. Stock, Sept.. 0 — 3J p.e. Stock, May, f 11)39-52 102 10 0 — 4 p.c. Bonds, 10370 — 4 p.c. Stock, 193740 101 15 0 — 4 p.c. Bonds, 19430 ~~ 4 p.c. Stock, 19434G 102 0 0 -— 4 p.c. Stock, 1946104 0 0 4 p.c. Stock, 1952105 0 0 UNLISTED STOCKS Mackintosh Calcy 0 0 11 6 National Tobacco 2 0 0 Woohvorth's (Sydney) 6 9 0 — tf/Cum dividend. DIVIDENDS PAYABLE. The following is a list of shares on which dividends will shortly be payable:— Dominion Rubber—5J per cent. Mar. 7 Milburn Lime—7J per cent. 9d per share, half-yearly Mar 10 Electrolytic Zinc—8 per cent. 9 3-5d per share, half-yearly Mar 19 Gillespie's Beach—3-5d per Mar. 19 Mataki—Id per share .. . Mai27 Bank of A'asia—7| per cent. ii 3d per share, half-yearly .. Mar. 27 North Broken Hill—3s (id per Mar. 27 Hume Pipe—5 per cent., Cd per share, half-yearly .. . . .. Mar. IANGES 30 NORTHERN EXQ WELLINGTON Sales on 'Change d. 3 Commercial Bank of Australia £ s. 1 0 1 0 4 National Bank of New Zealand (bite Wednesday) 3 15 0 . National Bank of Australasia (late Wednesday) 15 5 0 National Bank of Australasia (£5 paid, late Wednesday) 7 12 0 Bank of New South Wales 34 10 0 Bank of New Zealand .. 2 7 4 Bank of New Zealand (long 1 9 0 Mortgage Corporation 0 4 7 Ashburton Gas 6 5 0 1 5 16 Wellington Gas (pref.) 1 4 0 1 0 6 New Zealand Refrigerating 0 9 11 New Zealand Breweries 2 11 2 12 11 0 D.I.C. (pref.) .. •• 1 3 9 Mount Morgan (5) 0 10 3 Unlisted Stocks Woolworths (Sydney, late Wednesday) .. .. 6 in 0 0 0 o a lb 0 0 13 0

(2) .. , 1 0 4 (4) 1 0 3 National Bank of New Zealand 3 17 0 Bank of New South Wales .. 34 12 0 Golclsbroiigh, Mort .. 1 13 0 Mortgage Corporation 0 4 7 Christchurch Gas (odd lot) 1 15 6 New Zealand Breweries (2) 2 12 0 4 2 10 4 2 9 British Tobacco (cum div.) 2 1 6 Broken Hill Proprietary (2) 2 19 6 G. J. Coles 3 12 9 3 12 8 (2) 3 13 0 Hume Pipe (Aust., cum div.; 0 16 10 0 0 2 0 0 3 Maori Gully (cum div.) 0 1 0 1 4 4 0 1G 2 Mount Morgan (rights) 0 5 9 Sales Reported 3-J p.c. Inscribed Stock 102 12 0 Heathcote County 4| p.c, June 103 10 0 Commercial Bank of Australia 1 0 4 National Bank of New Zealand 3 17 3 Bank of New South Wales 34 11 6 '4 2 11 Broken Hill Proprietary 0 3 G Electrolytic Zinc (ord., cum 1 17 5 3 12 9 Unlisted Stocks Woolwortlis, Sydney (ord., 3) 8 9 0 Sales Reported Woolwortlis, Sydney (ord.) .. 6 9 6

£ 9. d, Commonwealth Bonds — £ s. d. 3J per cent., 1942 .. .. 100 13 9 4 per cent., 1938 .. .. 101 18 9 4 per cent., 1941 .. .'. 102 2 6 4 per cent., 1944 .. .. 102 5 0 4 per cent., 1955 102 10 0 4 per cent., 1957 ., 102 5 0 Commercial Bank of Sydney 21 8 0 Commercial Bank of Australia 1 0 7i Bank of Australasia .. 12 12 0 1 0 6 Australian Glass 4 3 9 Broken Hill Proprietary .. Broken Hill Proprietary 2 19 9 (second instalment paid) .. 1 15 9 Dunlops 0 15 li 0 17 7£ ADDITIONAL SALES. d. Commonwealth Bonds, Fours — t B. 101 18 9 102 7 6 102 7 C 101 15 0 103 10 0 43 0 0 Bank of New South Wales .. 35 12 fi Commercial Bank of Sydney 21 8 0 Commercial Bank of Aus1 0 9 E.S. and A. Bank (prcf. 0 13 9 10 0 0 Associated News> 1 2 9 Associated News (pref.) 1 3 id* 0 17 '" 3 2 1 9 1 12 0 3 13 3 1 9 10J 4 3 " 3 0 15 0 GoldsbrouL'h, Mort .. .. 1 13 44 Winchcombe Carson .. 1 12 9 0 11 9 1 18 0 Greater J. D. Williams .. 0 8 1 1 9 6 David Jones (first pref.) .. 1 6 0 1 0 6 1 6 1 1 7i General Industries (new) .. 1 0 9 0 17 9 Woolworths (second pref.) .. 1 5 6 Broken Hill Proprietary .. 3 0 0 Zinc Corporation (pref.) 7 4 0 0 1 0 0 14 6 Mineral Development .. 0 1 7 1 0 0 0 12 0 0 10 3 MELBOURNE, : March I >'. Commercial Bank of Aus1 0 9 Commercial Bank of Aus9 10 0 Herald and Weekly Times .. 3 5 3 0 17 4 Australian Iron and Steel 1 5 6 0 15 0 0 4 5 1 0 0 0 12 3 1 4 9

ExpenNet Revenue. diture. Revenue £ £ £ 309 592 283 Gisborne .. 1,50(5 1,634 08 North IslandMain line anc branches .. 329,008 252,856 76,212 South Island — Main line anc branches .. 200,803 170,030 30,775 Westport 5,410 4,340 1,070 Nelson .. 1,110 1,354 238 Picton .. 2.285 2,127 158 Total railway operation .. £540,559 £432,933 £107,026 Miscellaneous services 63,942 34,098 29,844 Total .. £604,501 £467,031 £ 37,470

Tod Copper, spot £35 18 9 11130 £0 (1 10'/j Copper, forward .. .. 36 8 0 Else 0 fi VA Electrolytic, spot.. .. 40 2 fi Itise 0 5 0 Electrolytic, forward .. 40 5 0 Itlse 0 2 0 40 5 0 Itise 0 2 0 1(1 7 0 Hi so 0 13 Lend, forward .. .. 1(1 It 3 Kite 0 13 Spelter, spot .. •• 10 2 i; Itise 0 2 0 Spelter, forward .. .. IB 7 0 Itlse 0 13 210 15 0 Itlse 18 0 Tin, forward .. .. 202 10 0 Rise 0 17 0 Mb Iron, homo trade 3 10 0 No c hinge Tie Iron, foreign 3 10 0 No change | Antimony. British .. 72 10 0 No L hange Antimony, foreign 40 10 0 No c hango Unit 1 11 6 No c hange 1 15 OZ. 0 No c hange Silfer, standard .. .. 10 3-H d Itlso l-10d 20 11-lCd Itlse l-ioa

A 10 10 10 B and C 14 14 14 Lloyd'sNet profit £1,439.000 £1.652,000 £1,643,000 Dividends: A B 12 5 12 5 12 5 MidlandNet profit £2.267.000 £2,292,000 £2,353,000 Dividends 16 16 18* National Prov. — Net profit £1,603,000 £1,644,000 £1,005,000 Dividends 15 15 15 Westminster — Net profit £1,465,000 £1,5 25,000 £l,403.000t Dividends: £4 shares £1 shares 18 121 18 12| 20* 14i*