COMMERCE AND FINANCE

Otago Daily Times, Issue 23045, 23 November 1936, Page 14

COMMERCE AND FINANCE

LOCAL AND OVERSEAS MARKETS

THE SHARE MARKET DUNEDIN STOCK EXCHANGE A quiet morning was experienced on the Dunedin Stock Exchange on Saturday only three sales being reported. The banking section was well supsales being reported in New SSn'ds 3 af£2.ls g 3d*and ihe advanced price of £lO 10s. torn nlrciali rose further with buyers at 19s 5d and sellers at 19s 9d Nationals of New Zealand also being firmer w,th unsupplied buyers at £3 ff. National Insurances, ex dividend, were offered at 18s 7d without response fImWJ Goldsbrough, Mqrts were in demand at £1 17s 3d, with sellers at £1 iss. A feature of the miscellaneous section was the sharp rise in ordinary Brown. Ewings, which were sought at 18s , da, a rise of around Is, and the further advance in G. J. Coles, which attracted buyers at £4 Is, with sellers a shilling away. The Woolworth group remained firm on Friday's rates. There was a sale of 4 per cent. 1946-49 Stock at £lO2 7s 6d. and other issues were firm-

** Ex dividend, tt Cum dividend. DIVIDENDS PAYABLE The following is a list of shares on which dividends will shortly be payable:— National Bank of Australasia —lnterim at the rate of 5£ per cent, per annum .. .. Nov. 25 Westport Coal Final, 6d, making Is for the year and 5s per share from reserve Nov. 25 Perpetual Trustees Estate and Agency—lnterim, Is .. .. Nov. 2o Broken Hill Proprietary-Half-yearly Is 3d a share, or at the rate of 12£ per cent, per annum Nov. 25 Tattersfield, Ltd., Auckland—--8 per cent, per annum .. Nov. 2o National Timber Company, Ltd.—lnterim, 2J per cent. Nov. 25 Dalgety and Co.—Final, 3J per cent., making 6 per cent, for the year .. .. Nov. 26 North Wairarapa Building Society—lnterim at 5 per cent, per annum .. .. . • Nov. 26 E.S. and A. Bank—Final, 2J per cent., or 5 per cent, per annum Nov. 26 Gillespie's Beach DredgingId per share • ■ Nov. 26 Wilsons Cement—lnterim, 9d per share Nov. 27 Wellington Publishing Company, 41 per cent, per annum .. • •••••„•• ~~ Bank of N.S.W.-Final, 6s a share, making 21s for year Nov. 27 Dunedin Brewery—lnterim, 2J percent ... Nov. 30 Henry Jones Co-op.—ls 6d a share JL»ec. * Claude Neon Lights—Final, 4 per cent., making 8 per cent, per annum .. .. .. Dec. a Swan Brewery, Perth—Halfyearly, ord.. 2s and bonus North Broken Hill—4s a share Dec. 8 N.Z. Breweries—lnterim, 4 per cent - .. •• Dec. 9 National Insurance—Final, 5d per share .. .....•• -" Placer Development—lnterim, 50 cents (Canadian) .... Dec. 10 Bulolo Gold-Interim, 1 dol. 40 cents (Canadian) .. •• Dec. iu Broken Hill South-Quar-terly, 2s 6d per share .. Dec. 11 Kauri Timber-5 per cent. .. Dec. U Bank of New Zealand—lnterim at rate of 10 per cent, per annum ord. shares and at 7 per cent, per annum long-term D mortgage shares .. _•• uec - u P. and O. Company—Deferred stock at 4 per cent, and preferred at 5 per cent.

NORTHERN EXCHANGES AUCKLAND Sales on 'Change

WELLINGTON Sales on 'Change Makerua Dredge, 41 per cent, 1955 (late Fri.) .. 100 0 0 N.Z. Refrig. (late Fri.) ..... 01» * Broken Hill Pty. (late Fri.; g g 3) (2) 4 3 0 Woolworths (N.Z.; late Fri.) 7 5 0 G. J. Coles (late Fri.) .... 414 M'Leod Bros, date Fri.) .. 32 17 6 4 p.c. Insc. Stock. 1946 .... 102 0 0 Bank of N.Z \ \ % Broken Hill Pty. ...... 4 2 9 Mount Morgan u it> u Unlisted Stocks Woolworths (Syd.; late Fri.) 716 0 7 13 6 7 12 6 CHRISTCHURCH Sales on 'Change Com. Bank of Australia .. 019 6 N.Z. Refrig. (10s paid) .. 0 9 5 Staples Brewery i 10 ° Broken Hill Pty. (cum div.; 2) ■• •• 4 211 Broken Hill Pty. (cont; cum div.) § 11 10 G. J. Coles (2) 4 2 3 4 2 4 (4) 4 2 5 Hume Pipe (Aust.) 1 1 10 Woolworths (N.Z.; ord.) .. 7 6 6 Big River 0 2 1 Worksop Extended 0 1 71 Mount Lyell (cum div.) .. 116 9 (3) 1 16 10 Mount Morgan (3) 0 16 0 Sales Reported Standard Insurance (2) .. 3 0 0 Auckland Gas (late Fri.) .. 1 1 10 Cascade Breweries 22 0 Colonial Sugar (2) 43 7 6 N.Z. Drug 3 14 3 Staples Brewery 1 15 b Mount Lyell 1 16 9 Broken Hill Pty 4 3 3 G. J. Coles 425 Unlisted Stocks Selfridges (A'asia; old) .. 119 9 Woolworths (Syd.; ord.) .. 715 0 Sales Reported Woolworths (W.A.) .... 617 6 Selfridges (A'asia; old) .. 2 0 0 Woolworths (Syd.; ord.) .. 714 0 DOLLAR AND FRANC LONDON, Nov. 21. Exchange on New York is at the rate of 4.89 A dollars to the £ and on Paris at 103 3-16 francs to the £.

BRITISH MARKETS BRIGHT OUTLOOK FOR WOOL BUTTER PRICES FIRMING (United Press Association) (By Electric Telegraph—Copyright) LONDON, Nov. 21. (Received Nov. 22, at 7.30 p.m.) Nervousness due to Continental developments, notably the threat to bombard Barcelona, and the American Reserve Board's proposal to check speculation were the chief reasons for the security markets finishing a somewhat quiet if steady week dully. Although international crises are now almost weekly affairs, their results thus far are so intangible that investors are apparently of the opinion that a crisis can only affect the market if it threatens specific British interests, involving a 'threat of war. Nevertheless, the legal position regarding blockades and rights of search on the high seas and the background of intensification of European antagonisms caused a limitation of operations. Another reason is brokers' reaction after last week's heavy settlement dealings in the British £100,000.000 loan, which was opened at 1-16 discount and closed at par. Applications to £SOOO were fully allotted, and others received 80 per cent, of their requirements. The issue caused quietness in gilt-edged securities, including the dominions. Industrials were generally cheerful. "The general question is whether wool is going to be still dearer," says the Yorkshire Post, commenting on the advanced prices in London, which are now 5 per cent, above the opening. It adds: "Although prices compare startUngly with the previous series, they show that London has amply endorsed the current overseas values. Moreover, they proved the strength of the dpmand, even at high levels. Indeed, home buyers' activity indicates a need for augmenting supplies. Merinos are now arriving from overseas, while the eager competition for crossbreds shows the bareness of manufacturers' supplies." Butter stocks in British cold stores are 21,248 tons—7B4B in excess of the quantity held in November, 1935. Shipments afloat from Australia, New Zealand and the Argentine are 2525 tons less than in November, 1935. The Australian decreased production is causing firmness, and the expectations are that prices will settle down at a higher basis, at least for a time. The demand for cheese is good, owing to the improvement in quality. There has been a slight decrease in imports, and supplies are quickly cleared. MERCHANDISE MARKET A supply of Basket brand muscatels reached the market ex the Maunganui, transhipped at Wellington. A small shipment of Sicily almonds has arrived by transhipment from Australia. They show a very high landed cost. A line of Holbrook's tomato sauce, lOoz bottles, has come forward from The Wingatui and the Port Whangarei will land cargoes of sugar this week. , , , Although advice had been received from Australia that supplies of tinned peaches and pears had oeen sold out, some merchants have been able to secure limited supplies of these lines, but at higher prices than those ruling for the New Zealand packed. The Hauraki, from Pacific Coast ports, brought a considerable quantity of prunes, seeded and seedless raisins, canned vegetables, pilchards, salmon, and 500 sacks of Canadian flour. , , Whether the new season s dates on the Nardana will arrive in Australia in time to be transhipped to New Zealand to meet the Christmas demand is still uncertain. The British-India Company is, however, now running a faster vessel from the Persian Gulf, and that being so the fruit may reach Dunedin earlier than is anticipated. The Tongariro, now discharging at the Dunedin wharf, has brought a considerable number of merchandise lines. Prices for the new season's Chinese walnut meat are now available. They show an advance on those ruling for the new season's of last year. The new season's K peas are expected to be on the market about the middle of January. Prices will be higher than last year, St. Mungo's soap powder shows a slight reduction in price. LONDON METAL MARKET (United Press Association) (By Electric Telegraph—Copyright)

LIVERPOOL FUTURES (United Press Association) (By Electric Telegraph—Copyright) LONDON, Nov. 21 (Received Nov. 22, at 7.30 p.m.) Liverpool Futures: December, 8s o',d; March, 7s 9 3-16 d; May, 7s B£d.

LONDON MEAT MARKET

SMITHFIELD PRICES (Peh United Press Association) WELLINGTON, Nov. 22. The New Zealand Meat Producers Board advises that the following are the approximate average prices realised for the week based on actual transactions in wholesale quantitieb of the descriptions of the meat mentioned and are for representative parcels of the goods offering during the week, being for business done on the basis of delivered to Smithfield Market, and/or ex London stores (prices for the two previous weeks are also

DAIRY PRODUCE LONDON MARKET PRICES (Per United Press Association) WELLINGTON, Nov. 21 The following information has been supplied regarding the London markets by the Primary Products' Marketing Department, which has received a cablegram from London:— Butter,—New Zealand salted, 109 s to 110 s; unsalted, nominal. Supplies are small. Deliveries New Zealand butter 1230 tons; in store, 2569 tons (includes 7166 boxes Tamaroa). The butter market is quiet, with the New Zealand retail price Is Id per pound. Danish Is 3d.

Cheese,—New Zealand white, 73s to 73s 6d; coloured, 71s 6d to 725. Deliveries, 11,035 crates New Zealand, with 40,692 crates in store. The cheese market is quiet. The New Zealand retail price is 9d per lb.

The New Zealand Loan and Mercantile Agency Company, Ltd., has received the following advice from London, under date November 18: New Zealand choicest salted butter, 108 sto 109 s per cwt. Market firm. Cheese.—White, 72s to 73s 6d per cwt; coloured, 72s to 73s 6d per cwt. Market steady. FRUIT AND PRODUCE WORLD Reilly's report selling:— Per Dozen.—Spring cabbage, Is Gd to 2s. Cauliflowers, 4s to 5s Gd. Carrots. Is. Spinach, Is. Lettuce: Choice, Is 6d to 2s 6d; small, Gd to Is. Eggs. Guaranteed, Is 3d to Is 4d. Poeticus narcissi. 4d to 6d. Christchurch asparagus, 7s to 8s Gd. Poppies. 3d. Cucumbers, 7s to 14s. Each.—Champion egg crates: 24 dozen. 17s Gd. Fruit crates, 6s 6d. Per Case.—Oranges: Jamaicans, to arrive 24th. Californian lemons, 555. Grapefruit, 37s Gd. Grapes: Red Emperors, 30s; Almerias, 32s 6d. Canadian apples: Jonathans and M'lntosh Reds, 22s 6d. Ripe bananas, 28s. Pines, to 30s. Apples: Delicious, 7s to 10s; Sturmers, 6s to 10s; Rome Beauty, Bs, Lord Wolseleys, 7s 6d; small and second grade varieties, 3s 6d to ss. Pears: Wanted; choice Winter Cole, 10s 6d to 12s 6d; P. Barry. 8s New Zealand lemons, 8s to 12s. Per Pound.—Strawberries: Choice, Is Id to Is 7d; jam, lOd to Is. Cherries. Choice, Is 2d; small, 7d to 9d. Christchurch tomatoes: Firsts, Is 2Jd to Is 4d; seconds and small, lOd to Is Id Local tomatoes: Firsts, Is Gd; seconds and small dessert, Is 4d to Is sd. Green peas, to sjd. Broad beans, 23d to 3d Gooseberries, 2£d to 3£d. New potatoes: Local, 3d to 4Jd; Nelson, 2d; Pukekohe. l|d. Kumeras, 34d. Rhubarb, ljd. Tea: Orange Pekoe, 2s Gd. Cheese. 7d. Butter: Storekeepers, 8d to 9d. Bacon: Prime, Is. Bacon and porker pigs, to 7d; overweights, 4d. Bulk honey, s£d. Beeswax, Is 3d. Per Hundredweight.—Onions: Canadian, 27s Gd. Oyster grit, 6s. Woodwool, 265. Potatoes, 3s to 6s. "Vivus" and "Viv o Veg" plant food, 18s 6d. Seed potatoes, 2s to Bs. Olive oil, 12s gallon. Giraffe lime sulphur, Is 6d gallon. Semesan: 2oz. 2s 3d; lib, Bs. Red Rose nicotine sulphate: 101 b, 455; 21b, lis 6d; lib, 7s Gd: Jib, 4s 6d. Arsenate of lead paste, 9d to Is 3d. Powder, Is to Is 6d. Red oil, 5s 6d. French Bordeaux. Is Id. Strawberry punnets, 63s per 1000. Fowl wheat, to 5s 6d. Partridge peas, 6s 6d. Maize, Bs. Oats: Gartons, 3s to 3s 6d bushel. Crushed oats. 9s 6d. X Keys meatmeal, 15s bag. Pollard. £6 ss. Bran, £5 10s. Chaff: 8.0.5.. £4 15s ton. Buttermilk powder. 3£d Palmer's chick food: 1001 b, 17s 6d. Per Pair.—Poultry: 217 hens at 2s 2d to 10s, 30 cockerels at 2s 8d to 10s 2d. 8 bantams at Is 2d to Is Gd, 41 ducks at 3s 2d to 4s, 266 young cockerels at 2d to 8d per pair. REILLY'S CENTRAL PRODUCE MART, LTD.. Moray place, Duncdin, C.l.

FOREIGN EXCHANGES ON NEW ZEALAND CURRENCY BASIS The Bank of New South Wales, Dunedin. quoted the following rates for purchases and sales of forelßD exchange on Saturday:—

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

LONDON MARKETS (United Press Association) (By Electric Telegraph—Copyright! LONDON, Nov. 21. (Received Nov. 22, at 7.30 p.m.) Yesterday's closing prices were as follows: Cotton: Spot, 6.76 d: December, 6.52 d. Rubber: Para, Hid; plantation smoked. 8 11-16 d. , „ <o ,„ Jute: November-December. £lB los 3d. Copra: December-January South Sea, £l7 17s 6d; smoked, £l7 15s; plantation, Rabaul, £lB 15s. Linseed oil, £27 10s. Turpentine. 39s 9d. NEW BRITISH LOAN (British Official Wireless) (United Press Association; (Bv Electric Telegraph—Copyright) RUGBY, Nov. 20. (Received Nov. 20, at 5.5 p.m.) The stock markets are quiet. Dealings began to-day in the new Government loan of £100,000,000 bearing interest at 23 per cent., for which the subscription lists yesterday closed within two hours after the opening. The principal applications came from large institutional investors. Dealings in the new loan, which has a life of 20 years and was offered for subscription at £9B 10s, began at Is 8d discount to par. LONDON WOOL SALES IMPROVEMENT IN PRICES (United Press Association) (By Electric Telegraph—Copyright) LONDON, Nov. 20. At the wool sales 8072 bales were offered, including 3874 bales from New Zealand, and 7696 were sold. There was a moderate selection and strong competition.' Prices generally were 5 per cent, above opening rales. The Home trade, the Continent, and Russia secured the bulk of the offerings. America was also competing. New Zealand greasy crossbred, "F.J./Gore," top price. 16d, average 14Jd; greasy halfbred. "Swindon," 19d and 19d; slipe halfbred lambs, " Pareora/N.8.," 21d and 21d. LONDON PRODUCE MARKET The Bank of New Zealand has received the following advice from its London office as at close of business on Friday:— Frozen Meat.—The market for wethers is firm. For ewes there is a fair demand, while it is thought that prices for lambs have reached the top. Wethers—light 4gd to 5Jd per lb, heavy 3§d to 4gd per lb; ewes, 3gd to 4gd per lb; lambs—twos 7gd to 7?d per lb, eights 7d to 73d per lb, fours 6£d to 63d per lb, seconds 7d to lid per lb. Wool.—Compared with opening of sales, market has hardened. New Zealand greasy merinos, super, 60/64's quality, 19d to 20d per lb; New Zealand greasy merinos, ordinary, 60/64's quality, 16d to 17d per lb; New Zealand greasy merinos, inferio", 60/64'.; quality, 13d to 14d per lb: New Zealand greasy haifbreds, 56/58's quality, 15d to 16d per lb; New Zealand greasy haifbreds. 56's quality, 14d to 141 d per lb; New Zealand greasy haifbreds, 50/56's quality, 134 d to 14£d per lb; New Zealand greasy crossbreds, 50's quality. 13Jd to 14d per lb: New Zealand greasy crossbreds, 48/50's quality, 13d to 13Jd per lb; New Zealand greasy crossbreds, 46/48's quality, 13d to 13,}d per lb: New Zealand greasy crossbreds. 44/46's quality, 12id lo 13d per lb: New Zealand greasy crossbreds. 40/44's quality, 12Jd to 13d per lb: New Zealand greasy crossbreds. 36/40's quality. 12Jd to 13d per lb.

COMPANY BALANCE SHEETS THE WESTPORT COAL COMPANY, LTD. Paid-up capital: 1920-31, £450,000; 1932-36, £225,000.

Although a gross profit of £45,597 is recorded for the past year, the net profit falls some £6OOO behind that of 1934-35. The proposal is to supplement the interim distribution by a final dividend also of 6d per share, making 10 per cent, as before. This will leave a balance of £1735 from the net surplus to swell reserves. It is further proposed to pay 5s per share from the contingency reserves and insurance funds, which will mean an outlay of £112,500. A profit of £ 17,893 on coal account is the highest for six years, and, combined with the satisfactory return of £27,704 from steamer and other sources, has brought the gross profit to £45,59/. Against this, there has been a definite rise in expenditure, which has surpassed its total for several seasons by coming out at £21,362. Heavier taxation has possibly played a part in this result, but with the exception of directors' fees (£1202) and accident fund contributions (£373), the amounts of the different charges are not given. The output of 173,858 tons is the largest since 1931-32, but in relation to the charges which appear in the profit and loss account has cost above the average of late years, the rate per ton being as follows:

Among the fixed assets, development account remains at £60,000, but property is reduced to £45,385, or by nearly £9OOO. Since the fixed assets were first entered two years ago in the balance sheet under these headings, property account has been reduced by over 25 per cent., while development is less by £2OOO. It would not have caused surpiise if the positions had been reversed, and the depreciation provision applied mainly to development account. At the present rate of writing down, it looks as if the expectation of life for the property was regarded as short. When mines stores, which have risen to £13,340, are included, the property aggregate is down to £118,725. The relative sinking fund total has grown concurrently to £35,242, so that the relation between the two continues to increase. The movements have been as under: —

Sundry debtors on open account at £42,793 have altered little, but bills receivable, which have increased to £2233, raise the total amount outstanding. Sundry stocks do not vary much, their figure of £22.645 being about an average one. Loans to workmen for purchase of houses (£692) are gradually becoming less, and it looks as if they would be eliminated in a few years. Cash in bank at £7182 is smaller than usual, but apparently the necessity for the large bank balances of former years does not now exist. The predominating floating asset of loans and investments entered at their cost price of £419,339 is higher than ever. Representing approximately two-thirds of the total assets, it transforms the company to an invetsment concern. Even if the proposed distribution of 5s per share eventuates, investments will still comprise a formidable sum. Liabilities are divided between sundry creditors of £30,139, and bills discounted amounting to £693. Since the indebtedness was shown in this manner, it has increased, but not to any appreciable extent. Visible reserves have risen to £376,201, the difference being chiefly in the insurance fund, which now stands at £156.805. The small drop in the contingency reserves to £206,522 is more than counteracted by the higher undivided surplus profit of £12,873. The increase in reserves has been accompanied by a greater increase in the supporting investments, whose marginal superiority is thus larger than before. HORSE SALE AT GORE Messrs Wright, Stephenson, and Co., Ltd., held their last Gore horse sale of the season on Friday, when there was a moderate entry. Draught horses were in good demand, and realised up to £45, this figure being paid for a five-year-old mare. A six-year-old mare brought £43 10s, and a seven-year-old gelding realised £42. Several others sold from £ls up to £4O. There was a poor demand for hacks. Sales were: Five-year-old gelding, £3O; six-year-old mare, £25; 10-year-old gelding, £ls; aged mare, £l2; six-year-old gelding, £4O; seven-year-old gelding, £42; seven-year-old mare, £3B 10s; .six-year-old mare, £43 10s; aged gelding, £2O; aged gelding, £8; five-year-old mare, £45; six-year-old gelding, £35; aged gelding, £l4; seven-year-old mare, £23 10s; four-year-old gelding, £36; aged hack, £6 10s; eight-year-old hack, £6 10s; fiveyear hack, £l7. A three-year-old gelding £34 and an eight-year-old mare £l2 10s were passed in. TRADING BANKS FURTHER DECREASE IN DEPOSITS ADVANCES INCREASING A substantial decrease in overseas funds, a further decrease in deposits, a sharp rise in advances, and an increase in the note circulation are the principal features of the monthly statement of the assets and liabilities of the six trading banks in New Zealand as at the close of business on Monday. October 26. The aggregate advances of the trading banks on October 26 totalled £47,120,179, an increase of £1,689,138 since September 23, while discounts at £659,333 were higher by £90,561. Aggregate advances and discounts were £47,779,512, an increase of £1,779,699 since September 23, and the highest level since September 30. 1935. The excess of deposits over total advances and discounts on October 26 was £15,157,598, compared with £17,420,686 on September 28. a -decrease of £3,263,088. The demand liabilities, or current account balances, of the trading banks on October 26 amounted to £28,888,667, a decrease of £45,990 since September 28. Demand liabilities since the end of April have decreased by £3,160,535. Prior to that there had been an upward movement since October, 1935. Time liabilities or fixed deposits on October 26 totalled £34,043,443, a decrease of £437,399 since September 28. and a total decline of £3,262,383 since April 27. The time liabilities now stand at the lowest figure recorded for several years, and are £6,543,931 below the total of £40,592,374 on July 30. 1934. The total of demand and time liabilities on October 26 was £62,937,110. a decrease of £483,389 since September 28. The latest figure is £6,422,968 less than on April 27, when the total of £69,360.078 was the highest since July, 1934. Balances held by the trading banks with the Reserve Bank on October 26 totalled £7,660.854, compared with £6,864,718 on September 28. an increase of £796,136. The trading banks' London funds on October 26 amounted to £10.763,469, compared with £12,890,571 on Scptem-

SYDNEY STOCK EXCHANGE

ber 28, a substantial decrease of £2,127,102. The latest total is £5,443,057 below that of September 30. 1935. Overseas funds held elsewhere than in London in respect of New Zealand business on October 26 totalled £5,641,355, a decrease of £ 144,154 since September 28. The total overseas funds on October 26 were £16,404.814. a decrease of £2,271,256 since September 28, and £5,474,187 less than on September 30, 1935. MINING NEWS BIG RIVER GOLD MINES The following is the report for the week ended November 16 of the Big River Gold Mines, Ltd.:—No. 4 level; South stope—The run of ore in this area is about 10 feet and has widened out overhead from four feet to seven feel six inches. Centre stope—Fill-ing-in operations are in progress, and hanging wall leader will then be stoped. No. 5 level: Advanced 22 feet for the period, making 290 feet in from the main shaft. Nine tons and a-half of quartz were delivered to the surface bins. Slight repairs were done in No. 2 level. The water-race and feeding boiler are being reconditioned in anticipation of dry weather. Since the above was written the reef track has been cut in No. 5 level, carrying stone one foot wide on the foot wall side. This stone is reported to carry free gold. Hanging wall is not yet to hand and further work is necessary to prove the ore channel NEW RIVER RETURN The New River return to the 18th inst. is 15£oz from 5000 yards. The dredge has turned away from the terraces, where it met with a great deal of heavy timber. The dredge builders are now making the final adjustments necessary and there will be no return this week. KILDARE CONSOLIDATED MINE A wash-up has just been completed for a total return of 960 z 14dwt 12gr in the Kildare Consolidated Gold Mine. WORKSOP EXTENDED GOLD DREDGE The following is the official return of the Worksop Extended Gold Dredge for Ihe week ended November 19:— Yield, 60 ounces; hours dredged, 134; yardage treated, 11,000. WEST COAST DREDGES The Argo dredge return was 71oz (14.000 yards) for 132 hours. The Maori Gully return was 38oz 14dwt for 124 hours' work. The Golden Sands return was 560 z 19dwt for 36 shifts. The Mossy Creek return was 370 z 18dwt for 120 hours (9000 yards). GILLESPIE'S BEACH DREDGE RETURN The secretaries of Gillespie's Beach Gold Dredging Company, Ltd. (Messrs T. H. Thompson and Sons) report tha* the return for the week ended November 20 amounted to 81oz 15dwt for 124 hours' dredging. This return was obtained from the lagoon end of the cut SOUTHLAND STOCK REPORT (Special to Daily Times) INVERCARGILL, Nov. 21. The stock market continues fairly active in all sections, and values remain fairly firm. Fat cattle are coming forward in larger numbers, the quality being good and values have eased during the past week. Fat sheep are also offering freely, the bulk of the yardings being now shorn sheep. The market during the past week has been firm. The store sheep market continues good, feed is plentiful and prices are still advancing, there being keen competition for all lots coming into the yards. The store cattle market is quieter, probably due to the slight decline in fat values.

Fat Cattle.—Prime heavy bullocks, £ll 10s to £l2 10s; medium-weight prime bullocks, £9 10s to £lO 10s; lighter bullocks. £7 10s to £8 10s; prime heavy heifers, £8 10s to £9 10s; medium heifers, £5 to £6; prime heavy cows, £9 to £10; medium cows, £6 to £7; lighter cows. £3 10s to £4 10s.

Fat Sheep.—Prime heavy shorn wethers, 28s to 295; medium-weight 26s to 275; lighter, 22s to 235; prime heavy shorn ewes, 20s to 21s 6d; medium shorn ewes, 18s to 19s; lighter shorn ewes, 16s to 17s. Store Sheep.—Good Romney ewe hoggets, 36s to 38s; medium Romney ewe hoggets, 32s 6d to 345; Romney wether hoggets, 23s to 24s 6d; medium wether hoggets, 20s to 21s 6d; four, six and eight-tooth ewes and lambs, all counted, 20s to 21s 6d; aged ewes and lambs, 15s to 17s; poorer sorts, 10s to 12s.

Store Cattle.—Three and four-year bullocks, £7 to £8; two and three-year bullocks, £5 to £6 10s: yearling bullocks, £3 to £4 10s.

Sales Reported £ s. d. Bank of New Zealand \\Z 1 'A 0 6 4 per cent. Stock, 1946-49 102 7 Sale Reported After Last Call 8 Nokomai .. U i. The following are Saturday morning's buying and selling quotations, which are subject to the usual brokerage: ~ BANKING Buyer Seller £ s. d. £ s. " d. N.S.W. .. •■ ... ~r tt35 0 0 NZ. tt2 1 Commercial .. 0 19 0 ~ " 5 i i 0 19 6 9 Natl, of N.Z. .. 3 2 0 "-" Natl, of A'asia .. — 0 15 15 10 10 0 0 INSURANCE National .... »»0 18 3 2 7 0 Standard •. •• ~~ SHIPPING Howard Smith .. — 1 1 9 P. and O. Def. \ .. Stock .... 11* 6 — U.S.S. Co. (pref.) 1 6 6^ — MEAT PRESERVING N.Z Refrig. (paid) .... — N.Z. Refrig. n n 0 19 8 6 (cont.) .... 0 9 3 0 9 LOAN AND AGENCY Dalgety and Co. —- ttlO 15 0 Goldsbrough, Mort 1 17 Mortgage Corp. 3g p.c. Stock •■ — 3 1 IB 0 98 10 0 N.Z. Loan and M. (ord.) .. •• 32 0 0 •—' N.Z. Guarantee Corp. .... — Perpetual Trustees — 0 5 t+3 4 5 0 Trustees, Execu0 — Wright Stephenson (ord.) •• v IV 0 — COAL Westport .. ..ttl 6 3 — Westport-Stock-ton (ord.) ... 0 1 3 0 1 9 Westport-Stock- ■ „ ton (pref.) .. 0 3 0 — WOOLLEN COMPANIES Bruce (ord.) .. — 0 13 0 Bruce (pref.) .. — 1 3 0 Kaiapot (cont.) 0 5 0 0 5 9 Kalapoi (pref.) — 0 18 0 MISCELLANEOUS Anthony Hordern — Australian Glass 4 11 0 0 19 4 12 8 6 British Tobacco 2 5 0 •— Broken Hill Pty. tt4 1 9 4 3 3 Broken Hill Pty. ■ (cont.) .. .. t+3 10 8 — Brown, Ewing ■ ., • (ord.) .. -. 0 18 3 ■ — Brown, Ewing (pref.) .. .. 1 2 fi ■-" • Consolidated Brick .. .. 0 9 0 —• D.I.C. (pref.) .. 13 3 — Dominion Fertiliser .... — 1 4 9 Donaghy's Rope 2 10 a — Dunlop Perdriau Rubber .. .. 0 17 9 0 18 3 General Industries 0 18 0 — G. J. Coles .. 4 1 0 4 2 0 Hume Pipe .. 1 1 11 — Kauri Timber ,. — 1 5 0 Milburn Lime .. — 2 2 0 Mort's Dock .. 0 13 0 — National Electric 0 15 0 0 15 3 N.Z. Drug Co. .. 3 14 0 — Farmers' Fertiliser — •1 0 6 N.Z. Newspapers — 1 19 6 N.Z. Paper Mills 1 4 6 1 8 0 Otago Daily Times .... 2 3 9 2 4 6 Regent Theatre .. 10 6 — Wilsons Cement ttl 15 6 — Woolworths (ord.) .. ..'7 3 0 — Shillings, Ltd. :. 0 16 6 —• BREWERIES N.Z. Breweries .. tt2 12 3 2 13 0 Dunedin .... —• ttl 10 0 Tooths .. .. **2 14 0 2 17 0 OIL Moturoa (pref.) 0 3 0 0 5 n AUSTRALIAN MINING Electro. Zinc (pref.) 2 fl 0 2 10 0 Electro. Zinc (ord.) 2 7 0 2 8 3 Mount Lyell .. ttl 16 6 1 16 11 Mount Morgan .. 0 15 6 — Rawang Tin ..0 10 9 0 11 3 Rhodesian Selection Trust .. — 1 13 6

MINING 0 1 9 — Big River .. 0 1 11 0 2 0 Central Shotover — 0 0 5 Clutha River 0 2 5 — Gillespie's Beach — tto 1 8 Molyneux River 0 2 0 — Mossy Creek 0 1 3 — Nokomai .. 0 2 5 0 2 9 Okarito .. 0 3 0 — Paddy's Point .. 0 2 6 — Waipapa Beach 0 0 84 0 o io GOVERNMENT LOANS 34 p.c. Stock, Nov., 1938-52 .. 102 0 0 — 34. p.c Stock Mar.. 1939-43 .. 102 0 0 — 3i p.c. Stock, Sep.. 1939-43 .. 102 0 0 — 3i p.c. Stock, May, 1939-52 .. 102 0 0 — 3£ p.c. Stock, Mar., 1941-43 .. 102 0 0 — 34 p.c. Stock, Sep., 1941-43 .. 102 0 0 ■— 3h p.c. Stock, May, 1941-52 .. 102 0 0 — 3J p.c. Stock, Nov., 1941-52 .. 102 0 0 — 4 p.c. Bonds, 193740 100 10 0 — 4 p.c. Stock, 1937100 10 0 — 4 p.c. Stock, 1943- — 103 m 0 4 p.c. Stock, 1946103 0 0 4 p.c. Stock, 1952- _• 105 0 0

3 1 4 12 1 16 2 12 4 12 1 0 4 2 0 13 7 5 7 7 3 g Dominion Breweries .. .. 3 6 6 0 7 0 6 7 10 0 0 5 0 5 0 3 0 19 1 16 0 15 3 6 9 Unlisted Stocks Auckland Farmers' Freezing 0 0 Woolworths (Sydney) .... 1 1 7 14

14 OTA f BRITISH MARKETS MHJ £CI»«Wyw [CE BRIGHT OUTLOOK FOR WOOL BUTTER PRICES FIRMING LOCAL AND OVERSEAS MARKETS | (United Press Association) (By Electric Telegraph—Copyright) LONDON, Nov. 21. (Received Nov. 22, at 7.30 p.m.) Nervousness due to Continental developments, notably the threat to bomTHE SHARE MARKET I MINING Big River .... 0 1 11 0 2 0 Central Shotover — 0 0 5 Clutha River .. 0 2 5 — Gillespie's Beach — ttO 1 8 Molyneux River 0 2 0 — bard Barcelona, and the American Reserve Board's proposal to check speculation were the chief reasons for the DUNEDIN STOCK EXCHANGE security markets finishing a somewhat quiet if steady week dully. Although international crises are now almost weekly affairs, their results thus far are so intangible that investors are A quiet morning was experienced on the Dunedin Stock .Exchange on JalMossy Creek .. 0 13 Nokomai .. .. 0 2 5 Okarito .... 0 3 0 0 2 9 apparently of the opinion that a crisis can only affect the market if it threatens specific British interests, inurday, only three sales being reported. Paddy's Point .. 0 2 6 — volving a 'threat of war. Nevertheless, The 'banking section was .well supWaipapa Beach 0 0 8h 0 0 10 the legal position regarding blockades ESftW 3 r d eP a°nd ed Un?onf a W t the Kneed price of £10 10s. Commercials rose further with buyers at igfsd and sellers at 19s 9d Nationals of New Zealand also being: firmer■ with GOVERNMENT LOANS and rights of search on the high seas and the background of intensification ih p.C. OtOCK, Nov., 1938-52 ..102 0 0 34 p.c Stock Mar.. 1939-43 ..102 0 0 of European antagonisms caused a limitation of operations. Another reason is brokers' reaction after last week's heavy settlement unsupplied buyers at £3 2s Nationaj Insurances, ex dividend, were onerea 3J p.c. Stock, Sep.. 1939-43 ..102 0 0 — dealings in the British £100,000.000 loan, which was opened at 1-16 disat 18s 7d without response from buyers. Goldsbrough, Morts were in demand 3J P.c. Stock, May, 1939-52 ..102 0 0 — count and closed at par. Applications to £5000 were fully allotted, and at £1 17s 3d, with sellers at £1 IBs. 34 p.c. Stock, others received 80 per cent, of their A feature of the miscellaneous section Mar., 1941-43 ..102 0 0 — requirements. The issue caused quietwas the sharp rise in ordinary Brown. 34 p.c. Stock, ness in gilt-edged securities, including Ewings, which were sought at 18i«. Sep., 1941-43 .102 0 0 — the dominions. a rise of around Is, and the further 34 p.c. Stock, Industrials were generally cheerful. advance in G. J. Coles, which attracted May, 1941-52 ..102 0 0 — "The general question is whether buyers at £4 Is, with sellers a shilling away. The Woolworth group remained 34. p.c. Stock, Nov.. 1941-52 ..102 0 0 wool is going to be still dearer," says the Yorkshire Post, commenting on the firm on Friday's rates. There was a 4 p.c. Bonds, 1937advanced prices in London, which are sale of 4 per cent. 1946-49 Stock at £102 7s 6d. and other issues were firm40 100 10 0 4 p.c. Stock, 1937- "~ now 5 per cent, above the opening. It adds: "Although prices compare startSales Reported £ s d Bank of New Zealand .. t+2 1 » 4 per cent. Stock, 1946-49 102 7 B 40 100 10 0 4 p.c. Stock, 19434 p.c. Stock, 194649 - ic 4 p.c. Stock, 195255 - « — lingly with the previous series, they show that London has amply endorsed )3 10 0 the current overseas values. Moreover. )3' 0 0 they proved the strength of the dpmand, even at high levels. Indeed, home buyers' activity indicates a need Sale Reported After Last Call )5 0 0 for augmenting supplies. Merinos are now arriving from overseas, while the eager competition for crossbreds shows ** Ex dividend, tt Cum di\ adend. The following are Saturday morning's buying and selling quotations, which are subject to the usual brokerDIVIDENDS PAYABLE The following is a list of shares on the bareness of manufacturers' supplies." Butter stocks in British cold stores age'— which dividends will shortly u " "-">•- uc yaj - are 21,248 tons—7848 in excess of the * ' BANKING able:— quantity held in November, 1935. ShipBuyer Seller National Bank of Australasia ments afloat from Australia, New Zea- £ s. d. £ s. d. —Interim at the rate of 5£ land and the Argentine are 2525 tons gf T - ::•::-«. 7'.*!*! per cent, per annum .. Nov. 25 less than in November, 1935. The AusWestport Coal — Final, 6d, tralian decreased production is causing Colnmercial .. 0 19 5 0 19 9 making Is for the year and firmness, and the expectations are that prices will settle down at a higher basis, at least for a time. The demand for cheese is good, owing to the improvement in quality. There has been a slight decrease in imports, and supplies are quickly cleared. Natl, of N.Z. .. 3 2 05s per share from reserve Nov. 25 Natl. of A'asia .. - " 15 0 INSURANCE National .... - "0 18 7 Standard .. •• — 3 z ° SHIPPING Perpetual Trustees Estate and Agency—Interim, Is .. Broken Hill Proprietary-Half-yearly Is 3d a share, or at the rate of 12£ per Tattersfield, Ltd., Auckland— Nov. 25 Nov. 25 Howard Smith .. — 119 8 per cent, per annum .. National Timber Company, Nov. 25 MERCHANDISE MARKET P. andO. Def. '■ .. „ Stock .. .. 1 14 6 - U.S.S. Co. (pref.) 16 6,. — Ltd.—Interim, 2J per cent. Dalgety and Co.—Final, 3| Nov. 25 A supply of Basket brand muscatels MEAT PRESERVING N.Z Refrig. n , 0 « (paid) .... - 0 1» 6 N.Z. Refrig. ■ 0 R (cont.) ■• •• 0 9 3 0 9 6 LOAN AND AGENCY per cent., making 6 per cent, for the year v ... North Wairarapa Building Society—Interim at 5 per E.S. and A. Bank—Final, 2J per cent., or 5 per cent. Nov. 26 Nov. 26 reached the market ex the Maunganui, transhipped at Wellington. A small shipment of Sicily almonds has arrived by transhipment from Australia. They show a very high landed cost. A line of Holbrook's tomato sauce, Dalgety and Co. — WO 15 0 Nov. 26 lOoz bottles, has come forward from Goldsbrough, Mort 1 17 3 1 18 0 Mortgage Corp. 3i p.c. Stock • ■ — 98 10 0 N.Z. Loan and M. (ord.) .... 32 0 0 — Gillespie's Beach Dredging— Wilsons Cement—Interim, 9d Wellington Publishing Company, 44. per cent, per Nov. 26 Nov. 27 The Wingatui and the Port Whangarei will land cargoes of sugar this week. , , , Although advice had been received N.Z. Guarantee _ Corp. • • • • "*™~ Perpetual Trustees — tf3 4 0 Trustees, Execu-4-«».t. 3 12 0 — from Australia that supplies of tinned peaches and pears had oeen sold out, Bank of N.S.W.-Final, 6s a share, making 21s for year Nov. 27 some merchants have been able to secure limited supplies of these lines, Wright, Stephen- . son (ord.) . • 0 18 0 — COAL Westport .. ..■ ttl 6 3 — Westport-Stock- . ton (ord.) ... 0 13 0 19 Dunedin Brewery—Interim, Henry Jones Co-op.—Is 6d Claude Neon Lights—Final, 4 per cent., making 8 per Nov. 30 Dec. 1 Dec. 3 but at higher prices than those ruling for the New Zealand packed. The Hauraki, from Pacific Coast ports, brought a considerable quantity of prunes, seeded and seedless raisins, canned vegetables, pilchards, salmon, and 500 sacks of Canadian Westport-Stock- ■ „ „ ton (pref.) ..030 — Swan Brewery, Perth—Halfyearly, ord.. 2s and bonus flour. Whether the new season s dates on At- — 7*t~ ».#j.M~tn it.ill ni.i*iira in AncfrnliJl WOOLLEN COMPANIES Bruce (ord.) .. — J 13 0 Bruce (pref.) .. — \\\ North Broken Hill—4s a share N.Z. Breweries—Interim, 4 National Insurance—Final, 5d Placer Development—Interim, 50 cents (Canadian) .. •• Bulolo Gold—Interim, 1 dol. 40 cents (Canadian) .. .. Broken Hill South—Quarterly, 2s 6d per share .. Kauri Timber—5 per cent. .. Bank of New Zealand—Interim at rate of 10 per cent, per annum ord. shares and at 7 per cent, per annum long-term D mortgage Dec. 8 Dec. 9 the iNardana win arrive in r»uon«»iia : in time to be transhipped to New Zealand to meet the Christmas demand is still uncertain. The British-India Kaiapoi (cont.) 0 5 0 0 5 9 Kalapoi (pref.) - 0 18 0 MISCELLANEOUS Anthony Hordern — „ 0 19 8 Australian Glass 4 11 0 4 12 6 British Tobacco 2 5 0 — Broken Hill Pty. tt4 1 9 4 3 3 Broken Hill Pty. ■ (cont.) .. .. tt3 10 8 — Brown, Ewing ., (ord.) .. -. 0 18 3 — Brown, Ewing (pref.) .. .. 1 2 fi — Consolidated Brink 0 9 0 — Dec. 10 Dec. 10 Company is, however, now running a faster vessel from the Persian Gulf, and that being so the fruit may reach Dunedin earlier than is anticipated. The Tongariro, now discharging at the Dunedin wharf, has brought a considerable number of merchandise lines. Dec. 11 Dec. 12 Dec. 12 Prices for the new season's Chinese walnut meat are now available. They show an advance on those ruling for the new season's of last year. The new season's K peas are expected to be on the market about the middle of January. Prices will be higher than last year, ■ a • fl . .V ** w D.I.C. (pref.) .. 13 8 — Dominion FerP. and O. Company—Deferred stock at 4 per cent. St. Mungo's soap powder shows a slight reduction in price. tiliser .... — 14 9 and preferred at 5 per cent. — Donaghy's Rope 2 10 9 Dunlop Perdriau Rubber .. .. 0 17 9 0 18 3 General Industries 0 18 0 — NORTHERN EXCHANGES LONDON METAL MARKET (United Press Association) G. J. Coles .. 4 10 4 2 0 —— (By Electric Telegraph—Copyright) Hume Pipe .. 1 1 11 — Kauri Timber .. — 15 0 AUCKLAND LONDON, Not. 20. The following ate the offlrlnl nieial quotations:— Milburn Lime ,. — 2 2 0 —— Mort's Dock .. 0 13 0 — Sales on 'Change £ s. d. 3 1 3 4 12 6 1 16 6 2 12 3 4 12 6 10 6 a -,/ National Electric 0 15 0 0 15 3 • N.Z. Drug Co. .. 3 14 0 - Copper, forward .... 44 18 Hi Fall 0 0 0 Farmers'Fertiliser — -10 6 Electrolytic spot .. 40 1 3 lllsq 0 3 0 N.Z. Newspapers — 1 19 6 Dominion Breweries .. .. Electrolytic, forward.. 40 2 (i Fall 0 2 0 N.Z. Paper Mills 14 6 18 0 Otago Daily Times .. .. 2 3 9 2 4 6 4 2 0 Lead, forward .... 22 10 3 Klae 0 7 0 Regent Theatre .. 10 6 — Wilsons Cement ttl 15 6 — Woolworths 0 13 7 7 5 0 7 7 6 Spelter, spot .... JO IS 0 Wso 0 6 3 Spelter, forward .. .. 10 18 9 Klso 0 5 0 nnn lit n Poll Oil 0 (ord.) .. ..7 3 0 — 7 10 0 Shillings, Ltd. :. 0 16 6 - BREWERIES 0 5 0 0 5 3 02. L*ri- n . Una 01*1 TVO t'llltnCP N.Z. Breweries .. tt2 12 3 2 13 0 0 19 3 1 16 6 0 15 9 Dunedin .... — ttl 10 0 Silver, fitsncitirci •• •• -- ii-i'ifi Xio ciiuiine

shown):— o M to N.Z. Sheep- >' > > Canterbury and North 0 o 0 Island selected cross- £ 'A 7^ bred wethers and (Per io.i maiden ewes: d. a. a 51 Si 5 43 42 43 43 4„ 4„ 4ii 4 B North Island: r; rj 41 43 4} 4 a 4 :l 43 41 4;) Ewes: 41 a 4.1 3 a 3b ■''a 33 3iJ 32 N.Z. LambsCanterbury: 71 7A 61 73 7 8 7 65 7 61 Second quality: 7 Average about 311b .. .. — 7 Other South Island: 71 73 75 7 7 61 7 K 61 J3 North Island Downs: — — Second quality: Average about 301b .. .. — Other North Island. First quality _, 73 /i 7 01 Cs ■ Second quality: __ Average about 311b »• - Ob Australian LambsVictorian: First quality. 71 ' 7J Argentine LambsFirst quality (New season's): 63 62 62 6 U 6a 6S N.Z. Frozen BeefOx hinds (145-2101b) 33 n 32 Ox fores (145-210lb) .. .. n 21 23 — — - N.Z. ChilledOx hinds (145-2101b). .. .. 4„ 42 4S Ox fores (145-2101b) .. .. 2% 23 2% Argentine ChilledOx hinds (145-2101b) .... '■),', 5 5i Ox fores (145-2101b) .. .. 34 3A 3 Uruguayan ChilledOx hinds (145-2101b) .. .. 5 5 42 Ox fores (145-2101b) .. .. 25 2a 21 Brazilian ChilledOx hinds <145-2101b) — — ~ Ox fores (145-2101b) — ~~ ~~ Australian FrozenOx hinds (145-2101b) .... 3a 3 a 32 Ox crops (weights cor22 23 Australian ChilledOx hinds (145-2101b) .... 41 41 — Ox crops (weights cor23 22 Unlon ot South Atrlca ChilledOx hinds (145-2101b) .... 4J 54 — Ox fores (145-2101b) .. .. 2J 2J — Southern Rhodesia ChilledOx hinds (145-2101b) .... 42 43 4J Ox fores (145-2101b) .... U 2S 23 N.Z. Porker PigsFirst quality: 68 , 61 6& 6„ 64 6 Oil 6« 6a Prime baconers: 61 61 61 Lamb Market.—Firm, with prime light-weights better. Stocks of old season's becoming small. Mutton Market.—Wethers firm, i vvith better prices. Ewes steady, with good demand. Beef Market.—Frozen beef market steady and unchanged. Chilled beef prices have improved slightly this week. New Zealand Porker Pigs .—Firm, with improved consumption. New Zealand Baconer Pigs .—Nominal.

London— Buying. Selling £ 1 N.Z. to £ 10U t.t. 121 124/10/ O.J. 123/10/124/8/9 Australia — £ A to £100 N.Z i i 10 1 ioi)/io/0 1» 101 100/10/ Fljl- £ Fto £100 N.Z l'.l, 90/7/8 80 0 D 00/7/0 i'i New Vork— Dollars to £ N2. l'.l n.orii 3.92 O.D. 3.083 3.92} Montreal — Dollars to £ N.Z. T.T. 3.943 3.91} O.D. .1.06 3.913 Austria — Schillings to £ N.Z .. .. 1'. t. — 20.48 0 D. — 20.50 Belgium— Belgas to £ N.Z l'.l'. — 23.100 O.I) — 23.111 Czechoslovakia— Crowns to £ N.Z r.t. — 110.03 O D — 110.08 DenmarkKroner to £ l> 1 r. I is.203 17.803 Oli. 18.203 17 00? France— Francs to £ N.Z r.T. — 81.20 01). — 81.30 Germany— Ueiclismarks to £ N.Z .. r.i — 0.089 O.D —■ 9.094 HollandFlorins to £ N.Z l'.l. ■— 7.217 OU. — 7.221 Italyhire to £ N.Z r.t — 74.41 0.1). — 74.40 JavaFlorins to £ N.Z IM' — 7.177 0 1). — 7.181 NorwayKroner to £ N.Z T.T. 1R.181 15.891 O.D 1(5.241 13.901 SwedenKroner to £ N.Z. r.T. 1T..7S5 15.490 OD. 15 845 15 501) Switzerland— Francs to £ N.Z. T.T. — 17.004 O.D. — 17.009 Noumea— Francs to £ N.Z t.t. — 82.89 O.D. — 82.95 Papeete— Francs to £ N.Z. r.r. — 83.04 OD. — 83.10 Hongkong— N.Z. pence to 1 dollar .. .. t. r. IS 9-32 18 25-32 O.D 18} 18 49-C4 India and Ceylon— N.Z pence to 1 rupee .. .. T. 1'. •in titi-si 0 D. 22 11-38 : 22 41-114 luPan — N.Z. pence to 1 yea .. .. T.T. — 17 17-32 0.0. — 17 33-11! Shnnghal— N.Z. pence to 1 dollar •. t. r. 17 13-1G 18 5-Hi 0.0. 17 25-35 : 18 19-04 Singapore— N.Z. pence to 1 dollar .. .. T.T. 34 23-38 : 35 13-01 O.D 34% 35 3-16 niefoo— N.Z pence to 1 dollar .. .. T.T. 17 53-04 18 29-o4 O.D 17 25-32 : 18 7-16 All rates subject tv i b Iteration without uotlce

notice:— U.S.A. Canada (Per £ (Per £ N.Z.) N.Z.) Selling— Dols. Dnls T.T O.D .. .. 3.92J 3.913 Buying— T.T .. .. 3.951 3.948 O.D .. .. 3.965 3.95|

Cross Nut Dividend Sep. 30. Profit. Profit. & Bonus. t £ |).e. 1P20 .. .. n 1. -«~ 2 Sr,,230 10 \m .. .. n.u.-.o 48.14L mi 11)21 .. .. (11.417 27.701 111 1U38 .. .. S>I.7.'U 4ii,707 lS'.S 1(128 .. .. T1.U85 ::7.27!i ll'i 1(130 .. .. 54,447 27,078 6<Si lli:i2 .. .. iil.7SI) 17.074 «7 ipsa .. .. ;io.S4;; iii.700 '\ i 1034 .. .. 38,51!) 25,570 10 1OU0 .. .. .17.(105 SO.Slii 10 1030 .. .. 45.507 24.2:,5 tlO ' Approximate. t Excluding division from reserves.

Outliut. Charm's. l'er Ton Tons. £ S. (1. 1(121-22 .. ... 435.001 0J.080 2 n.ro iu2;;-24 .. .. sit.in (13,718 4 1.08 1025-2G .. .. 442.825 42,020 1 10.77 1027-28 .. .. 300.027 33.700 1 8.74 1020-30 .. .. 301.700 20.400 1 6.511 xaai-32 .. .. 173.S80 10,800 1 11.10 1002-33 .. .. 137.403 11,0(0 2 0.52 1003-34 .. .. 154.043 13,040 1 0.05 1034-35 .. ., 100,136 15,089 1 10.00 1035-30 .. .. 173.858 21,302 2 5.40

Kmliinu 1), 80. Property. Fund Total. Itatlo. £ E p.e. 1022 .. .. 272.021 123.013 45.07 J!>24 .. .. 273,824 144.057 52.(11 mso .. .. 291.074 187.800 114.34 1028 .. .. 283.700 215,107 73.81 1(130 .. 272,572 244,055 89.54 10:12 .. .. 172,787 Hi),071 17.40 1033 .. .. 108.008 II2.524 19.30 1031 .. .. 1-I0,!i!ll 33,027 2;;.17 1UH5 .. .. 125.40:i 31.103 27.10 1030 .. .. 118.725 35,212 29.08

PRICE OF FINE GOLD LONDON, Nov . 21 £ s. d. November 21 .. .. . . 7 2 2 November 20 . 7 2 2 November 19 . 7 2 2J November 18 . 7 2 3 November 17 . 7 2 4 November 16 . 7 2 3£ November 12 . 7 2 G" November 11 . 7 2 5 J November 10 . 7 2 7"

(United Press Association) (By Electric Telegraph—Copyright) SYDNEY. Nov. 21. (Received Nov. 21, at 5.5 p.m.) £ s. d. Commonwealth Bonds— 31 p.c, 1947 100 5 0 4 p.c, 1953 101 12 6 101 13 9 Bank of New South Wales 35 17 6 Australian Gas (A) .. 7 8 0 Carlton Brewery . ■ 3 3 3 Tooths 2 17 0 Anthony Hordern .. .. 0 19 3 Anthony Hordern (pref.) .. 1 3 3 Associated News (pref.) .. 1 3 9 2 (5 !) Broken Hill Propy. (new) 3 12 0 Dunlop Perdriau 0 18 0 General Industries .. 0 18 7?, Goldsbrough, Mort .. .. 1 17 6" 2 6 6 0 17 !! 2 (J 9 1 9 6