COMMERCE AND FINANCE

Otago Daily Times, Issue 23106, 4 February 1937, Page 6

COMMERCE AND FINANCE

, m —, —, LOCAL AND OVERSEAS MARKETS

THE SHARE MARKET DUNEDIN STOCK EXCHANGL There was an easier inquiry for Commercial Banks on the Dunedin Stock Exchange yesterday, buyers' best offer being 19s 6d. Sellers asked Ills lCd. Union Banks were on oiler at £lO 12s, but buyers were not interested. P. and O. Deferred Stocks were reported to have changed hands at £ 1 17s 2d, buyers remaining firm.at £1 17s. Paid-up ?Jew Zealand Hefngeratings met with an inquiry at £1 0s 2d sellers refusing to accept less than £l 0s 6d. The contributing issue was on offer at 9s 3d, tut buyers were unchanged at 9s 2d. Four sales at 9s 2d were reported after the last call. Wa:itaki Farmers' Freezings were in better demand at £4 3s, but sellers did not come forward. Buyers of Goldsbrough, Morts were prepared to give £1 lis 9d, but sellers were firm at £1 l»s bd. Broken Hill Proprietaries firmed slightly, the closing buying offer being £i 0s 9d. Sellers asked £4 2s. The contributing issue also improved, buyers being prepared to give £3 (s 6d, which was Is 6d below sellers requirements. There was a better market for G. J. Coles shares, the closing buying offer being £4 18s 6d. Sellers, however, did not respond. Both the preference and ordinary issue of Electrolytic Zincs met with a slightly improved inquiry, the buying offers being £2 15s 6d and £2 14s respectively. No sellers came forward.

OVERSEAS TRADE FIGURES FOR PAST YEAR 'Feb United Press Association" WELLINGTON, Feb. 3. The following are the figures for the overseas trade of New Zealand (excluding specif) for the month of December and the 12 months ended December, compared with the corresponding periods of 1934 and 1935, all values being expressed in terms of New Zealand currency:— The value of specie excluded was as follows: — DECEMBER 11)38. 1035. 1934. £ fi £ Kiport 4,322.000 3.022.000 2.593.000 Import!. .. .. 4.203,000 3.214.000 2,802,000 Excess of exports 20,000 703,000 200,000" • Signifies excess of Imports TWELVE MONTHS ENDED DECEMBER Exports ... 51.752.000 40.538,000 47.343.000 Imports .. .. 44,134,000 30,317.000 31,340.000 Excess of exports 12,013,000 10,221,000 10.003,000 December, 1936.—Exports, —; imports, £10,557. Twelve months ended December, 1936: Exports, 45,245; imports, 36,601. AUSTRALIAN STOCK EXCHANGES (United Press Association) (By Electric Telegraph—Copyright) SYDNEY, Feb. 3. (Received Feb. 3, at 10.40 p.m.) A feature, of the Stock Exchange business was the new high level of G. J. Coles, which touched £5 Is. Mandated Alluvials were marked down heavily, while industrials as a

DOLLAR AND FRANC (United Press Association) (By Electric Telegraph— Copyrlcht) LONDON, Feb. 2. Exchange on New York is quoted at 4.893 dollars to the £, and on Paris at 105 francs.

BULOLO SHARES (United Press Association) (By Electric Telegraph Copyright) LONDON, Feb. 2. Bulolo mining shares are quoted at 118 s 9d. SMITHFIELD COMPETITION (United Press Association) (By Electric Telegraph Copyright) LONDON, Feb. 2. Mr W. J. Jordan and Mr R. S. Forsyth visited Smithfield and examined the lamb exhibits in the annual competition for the New Zealand Meat Board's shield, the results of which are as follows: —Manawatu 1, Wairarapa 2, Wanganui 3, Wairoa 4. Two of the three prizes for best pens were awarded to Manawatu and the other to Taranaki. ANTWERP FUTURES (United Press Association) (By Electric Telegraph -Copyright) LONDON, Feb. 2. Antwerp futures are quiet. Quotations: March, 33Jd: May and July. 34d. MOUNT LYELL SHARES (United Press Association) (By Electric Telegraph—Copyright) LONDON, Feb. 2. Mount Lyell shares are quoted at 33s 3d. SYDNEY WOOL SALES (United Press Association) (By Electric Telegraph—Copyright) SYDNEY, Feb. 3. (Received Feb. 3, at 11 p.m.) At the wool sales 12,796 bales were offered and 11,870 sold, while 1425 were privately disposed of. Best descriptions ruled very firm, and there was a hardening tendency for average to good fleece and skirtings, prices for which were in sellers' favour. Greasy merino made 23d. INCREASED IMPORTS RECENT DEVELOPMENTS Describing the question as a serious one, the president of the Auckland Manufacturers' Association (Mr F. N. Ambler), at a meeting of the General Committee, pointed out that importations had increased by £7,000,000 for the 12 months ended November, 1936, over the figures for the previous period. Last year's figure was £43,000.000, as compared with £36,000,000 for the 12 months ended November, 1935. When he was discussing the question with the Minister of Industries and Commerce (Mr D. G. Sullivan) recently, Mr Ambler continued. Mr Sullivan had stated that so far manufacturers had not been adversely affected. They' had orders for many months ahead, more, in fact, than they could "Although this is true at present and we can see ahead for many months, said Mr Ambler, "we may wake up too late and find we have lost our markets." It would be some time before manufacturers were seriously affected, but they should be alive to the position and act before they were ' It was decided, on the motion of the president, that the Tariff Committee should bring down a report on overseas importations, with particular reference to Australia. Members were asked to supply detailed information as to how their own businesses were affected. LONDON STOCK EXCHANGE (United Press Association) (By Electric Telegraph—Copyright) LONDON, Feb. 2. Daleetv 4 per cent., £lOl 10s; British tSco, P £ 2is 3d; Goldsbrough, Mort, £1 13s 6d; Dalgety £9 10s, P. and O. Deferred, £1 Us 6d.

COMPANY BALANCE SHEETS

THE AUCKLAND GAS COMPANY, LTD.

After the pronounced increase, which it. showed a year ago, the net profit at £67.734 has returned practically to its former level. The dividend rate if retained at 5J per cent., as recommended, will absorb £61,873, and with £SOOO transferred to strengthen income tax reserve, there will be a sum of £B6O to bring the undivided profits to £9831 at the commencement of the current season. The company has shared the experience not uncommon at the present time of higher revenue beino more than counteracted by higher expenditure. The trading revenue has risen to £414,589, or some £15,000 in excess of that for 1935. to which interest of £ll6l, as before, has to be added. Expenditure is larger under most headings. Manufacture and distribution of gas is up to £211,954, or by over £20,000, while management charges, clerical salaries and rates and taxes at £24,365, £28,872 and £38,183 respectively are all larger. The depreciation provision of £34,686 is slightly less. The

As was the case a year ago, the fixed assets, apart from land, at £64,469, are reduced under each heading. Mains and services, which constitute the largest section, are down to £570,261, buildings and machinery to £456,110, and meters to £130,143. Each is entered at cost, less depreciation, and it may be assumed that the provision of £34,686 has been applied to all. The steady reduction in recent years has thus been continued. Mention of the extent of the expansion of the company's activities is not made in the directors' report, but a capital expenditure of approximately £13,000 is indicated by the figures. Fixed assets have stood to total assets as follows:

The largest liquid asset —stock—has risen to £158,133, or by over 25 per cent., and this movement, when taken in conjunction with the increase in accounts due, points to a considerable growth in the turnover. More than half of the stock consists of gas fittings at £90,214, but both coal (£28,309) and sundry stores (£18,184) are higher. The fact of a gas company, where settlement of the main commodity is usually either payable on demand or after a brief period of credit, possessing sundry debtors as high as £96,977, infers that the appurtenances occupy a large place in trading. In the cash section, New Zealand Government Stock remains at £33,000. which, if the face value of the investment, apparently represents a 3J per cent, holding judged by the interest received. Debenture investments, which at December, 1935, stood at £5700, are as low as £2OO, while cash at bankers at £2662 is also less. Liquid assets aggregate £291,215, an increase of £43,000, any deficiency in cash being more than made up by larger stock and sundry debtors.

Temporary loans on deposit have increased to £179,424. The bulk of the borrowing which two years ago was represented by debentures has been passed on to temporary deposits at doubtless a lower cost. The sum of £BO,OOO on secured "D" debentures is intact and incurring 6 per cent. Apart from interest accrued on debentures and on deposits at £2400 and £958 respectively, the rest of the indebtedness consists of sundry liabilities of £12,625, and consumers' deposits at £527, which give total liabilities of £275,935. Reserves have been swelled by the transfer of £SOOO from the net surplus to income tax reserve, which brings that account to £65.000. Taxation makes a heavy burden, when, as stated in the directors' report, this sum is nol equivalent to cover the charge for two years. Debenture redemption reserve which was opened 12 months ago by a transfer of £IO,OOO, remains at that figure, while premium on shares account is unaltered at £3530. With the floating balance raised to £9830, visible reseryes appear at £88,360, continuing the steady upward movement which has characterised them since 1921. ADDINGTON STOCK MARKET (Per United Press association • CHRISTCHURCH, Feb. 3. Values were well maintained at Addington to-day except for store lambs and cow beef, which were weaker. The store sheep entry was about the same as last week. Adult sheep sold well, though erratically, and lambs were cheaper by up to 2s, The fat Jamb entry was heavier, and the quality was fair, with prices firm. Values for extra prime heavy made to 34s 7d; prime heavy, 29s to 31s: prime mediumweight, 26s 6d to 28s 6d; ordinary, 25s to 26s Id; light, to 24s 6d. Fat wethers and ewes had a firm sale. Values for extra prime heavy wethers made to 34s 7d: prime heavy, 28s 6d to 31s; prime medium-weight, 26s to 28s; ordinary, 23s 6d to 25s 6d; light, to 235. Extra prime heavy ewes made to 27s 7d; prime heavy, 23s 9d to 255; prime medium-weight, 21s to 23s 6d; ordinary, 19s 6d to 20s 9d; light ewes, to 19s.

Cows predominated in the fat cattle entry, and were cheaper by up to £l. Steers were scarce, and were firmer. Values for extra prime heavy steers made to £l4 12s 6d; prime heavy, £l2 to £l3 10s; prime mediumweight, £lO 15s to £l2 ss; light and ordinary, to £lO ss. Extra prime heifers made to £ll 2s 6d; prime, £8 5s to £9 ss; ordinary, £5 10s to £7 15s: light, to £5. Extra prime heavy cows made to £ll 2s 6d; prime cows, £6 10s to £8; medium, £'s to £6 ss; aged and inferior, to £4 15s. The,pork entry was small, but prices were firm because of the poorer quality. The bacon entry was shorter, and prices were firm. Values: Choppers made from 48s 6d to £3 Is; porkers, 31s Cd to 37s 6d; heavy porkers, 43s 6d to 47s Gd—an average price per lb of to 6Jd. Baconers made from 49s 6d to 59s 6d; medium baconers, £3 2s 6d to £3 7s 6d; heavy baconers. £3 10s 6d to £4 3s 6d—an average price per lb of 5.1 d to 6d.

Fraser and Co.. selling agents for the Otago and Oamaru Egg Circles, report as under: — Eggs: Is 4d per dozen. Butter: Separator pats, 8d to 9d per lb. Tallow: lis to 12s per cwt. Pigs: Good bacon weights, 6id to 7d per lb; overweights, 2d to 3d. Porkers: 6Jd per lb. Potatoes: Market glutted: slow of sale at 4s 6d to 5s 6d per cwt. Chaff: £5 10s per ton, sacks extra. Whole fowl wheat: 5s 6d to 5s 9d per bushel. Canterbury onions: 14s per cwt. Poultry: White Leghorn hens, 2s to 3s: heavy breeds, 4s to ss; cockerels, light 3s 6d to 4s. heavy 7s to 9s; roosters, Is 4d to 2s. Ducks: 3s to 4s; ducklings, 5s to 6s, all per pair. Turkey gobblers, 8d to 9d per lb live weight; hens. 7d to 8d per lb. We stock Palmer's chick food, National meatmeal, leg rings Is per dozen (special quotes for quantities). We are Otago agents for: Gamble electric incubators and the Betteridge egg cleaning table. Particulars on application. Consignors, please note that all pigs and poultry must arrive not later than Wednesday morning of each week. We have a stock of poultry crates on hand for the use of our clients.

MINING NEWS MAEREWHENUA GOLDFIELDS The secretary of the Maerewhenua Goldficlds Development Company, Ltd.. reports the following progress since the beginning of the financial year (November 1, 1936): — The shifting of the plant and pipes to Golden Gully has been completed at reasonable cost, and operations in Golden Gully are now in full swing. Since the last report a total of four wash-ups have taken place, these yielding 350 z 2dwt, an estimated value of £252 16s. Thereof, Boz 12dwt was taken into the accounts of the past financial year. Out of the balance, approximately five ounces represented the balance of the tail race at Duffer's Gully, and the remainder, approximately 21 ounces, is the product of Golden Gully, and represents 105 hours' sluicing. It is estimated that a further 10 ounces is deposited in the tussocks trap at the tunnel, which will be washed up at a later date. The option extension expired on January 31, but a further free extension of six weeks has been granted on application from London. MINING HOUSE CONCESSIONS The secretary of Mining House Concessions, Ltd., reports the following progress since the commencement of the financial year (November 1, 1936): Gold production on Adams's area was in progress during such time as the water supply permitted, and only 70 hours' actual sluicing was done, with a yield of 21oz 3dwt of gold, the approximate value being £154. The approximate mine expenditure, including mine manager's salary, amounted to £llO. Drilling operations on the Taipo flats are now in full progress. BUTTER MARKET (United Press Association) (By Electric Telegraph— Copyright) LONDON, Feb. 2. Butter Is quiet. Danish, 118 s: choicest salted Australian and New Zealand, 86s; unsalted Australian, 90s; New Zealand, 925. DOMINION BREWERY CAPITAL ISSUE POSSIBLE (Special to Daily Times) AUCKLAND, Feb. 3. A new level was established by Dominion Brewery shares on the Auckland Stock Exchange to-day, business passing at 435, compared with 40s prior to Christmas and 18s 9d a year ago. The company announced to-day that the share transfer books would be closed for a short period next week, which may foreshadow the issue of further capital. An announcement by the directors is expected shortly. In August last the company made an issue of 40,000 £1 shares at a premium of 2s 6d, and in December paid its first interim dividend at the rate of 8 per cent, per annum, against 6J per cent, for the previous full year. SILVERTON TRAMWAY, LTD. (Per United Press Association) WELLINGTON, Feb. 3. Silverton Tramway, Ltd., has advised the Stock Exchange Association that a dividend (the 142nd) of 9d per share has been declared, payable on February 26. COLOMBO TEA SALE Mr L. M. Wright has received the following cabled report on the Colombo tea auction of February 2:— At yesterday's tea sale of 1,125,000 pounds prices remained firm for good quality kinds, while common and medium grades were slightly irregular, being one to two cents lower at close of auction. Quantity to be auctioned next week is 1,500,000 pounds. CANNED FRUITS Figures relating to the export of canned fruits from Australia for 1936, prepared by the Canned Fruits Control Board, disclose that shipments of apricots, peaches, pineapples, and pears increased considerably on the previous year. Once again the pineapple position improved after a relapse of several years, and although production fell short of the peak period in 1933, the export figures, especially to Canada, improved considerably. This year, apricots exported were 171,224 cases, of which United Kingdom absorbed 132,726 cases, New Zealand 21,993 cases, and Canada 12,018 cases. Peaches exported totalled 585,720 cases, of which the United Kingdom imported 457,923 cases, Canada 187,223 cases, and New Zealand 30,352 cases. Other big shipments went to Eastern buyers. The pear exports. 376,000 cases, were absorbed by United Kingdom, 355,670 cases, Canada 9120 cases, and Eastern countries 6630 cases. The 4647 cases of fruit salad exported were sent to Canada, 3352 cases, and Eastern countries, 1231 cases. Exports of apricots, peaches, and pears during 1935 amounted to 1,171,265 cases. MEAGRENESS OF ACCOUNTS Objection to the sparse form in which the accounts of many public companies were now being issued was voiced by Mr E. Baldry, chairman of the Incorporated Accountants' London and District Society, at a dinner held in London recently. In his opinion it was just a bad habit. Mr Baldry stated that he knew all the arguments in favour of this practice, such as the need for not giving away information that would be useful to competitors, but to his mind 95 per cent, of those arguments were unfounded. It was correct to say that accountants certified accounts and said that they showed " a true and correct view of the state of the company's affairs," but, in view of the meagreness of the information given in so many accounts, the question was, Did they? The broad fact was that to the unhappy shareholder they did not show a true and correct view of the state of the company's affairs, said Mr Baldry- He said he was speaking entirely of the over-conservative balance' sheets. He was all in favour of withholding the distribution of profits if it was going to affect the financial business of a company.

SALES REPORTED £ s d E.S. and A'. Bank 6 4 0 P. and 0. Def. Stock .. .. 1 17 2 Broken Hill Propy .(cont.) 3 7 6 Westport Coal .. . 14 0 Woolworths (ord.) 7 3 0 Mount Lyell (2) . 2 2 4 SALES REPORTED AFTER LAST CALL Bank of New Zealand .. 2 0 6 N.Z. Refrigerating (cont.; 4) 0 9 2 Shillings, Ltd. .. 0 19 0 The following are yesterday's afternoon's buying and selling quotations, which are subject to the usual brokerage-_ BANKING Buyer. Seller. £ s. d. £ s. d, N.S.W. (£20) .. 35 0 0 36 0 CI Commercial (10s) 0 19 6 0 19 10 E.S. and A. (£3) — 6 8 0 Union (£5) .. .. — 10 12 6 INSURANCE National (7s) .. 0 18 1 — New Zealand 3 10 — Standard (£1) ... — 2 19 CI SHIPPING Howard Smith — 13 0 P. and 0. Def. Stock 1 17 0 — U.S.S. Co. (pref.; 1 5 10 — MEAT PRESERVING N.Z. Refrigerating (paid; £1) 10 2 10 6 N Z. Refrigerating (cont. 10s) .... 0 9 2 0 9 3 South. Froz. Meat (paid; £1) .. .. — 3 16 -6 Waitaki Farmers 4 3 0 — LOAN AND AGENCY Goldsbrough, Mort (£1) 1 17 9 1 18 « National Mortgage 2 17 0 — N.Z. L. and M. (ord.; £100) .. — 43 0 0 N.Z. Guarantee Corporation (3s), 0 5 0 — Perpetual Trustees (18s) .... — 3 4 0 Trustees. Executors (£2) :.,.. 3 12 0 — Wright, Stephen- ; son (ord.; £1) * »*(Ji 18 0 — COAL Kaitangata (16s) 1 1 6 — Westport (10s) .. 1 3 6 — WOOLLEN COMPANIES Bruce (ord.; £1) " — 0 13 3 Bruce (pref.; £1) — 12 9 Kaiapoi (cont.; 7s) — 0 6 0 Kaiapoi (pref.; 17s) .. (1 14 4 0 14 10 Mosgiel (£4) .. £1 16 0 — MISCELLANEOUS Anthony Hordern (£1) — 110 Associated News (pref.; £1) — 14 6 Australian Glass 4 11 9 — British Tobacco (£1) 2 9 9 2 10 6 Broken Hill Propy. (£1) 4 0 9 4 2 0 Broken Hill Propy. (cont.; 10s)* .. !! 7 6 3 9 0 Brown, Ewing (ord.; £1) 10 0 — Brown. Ewing (pref.; £1) Colonial Sugar 12 6 — (£20) .. •■ 42 5 0 — Consolidated Brick 0 10 3 0 10 9 D.l.C. (ord.; 10s) 0 15 9 — D.I.C. (pref.; £1) 13 6 — Dominion Fertiliser (£1) .. 14 3 — Dominion Rubber 1 11 0 1 15 0 Donaghy's Rope (£1) 2 11 6 — Dunedin-Kaikorai Trams (£1) •• — 1 15 0 Dunlop Perdnau Rubber (£1) 0 18 11 — General Industries 1 0 6 (12s 6d) .. •• — G. J. Coles (£D 4 18 6 — Hume Pipe (£1) 1 1 4 1 1 11 Milburn Lime Mort's Dock (£1) 2 2 0 0 13 6

Natl. Electric (£])/ — 0 15 3 N.Z. Drug Co. (£2) — 3 17 0 Malay Rubber (ord.; £1) . ■ 0 16 0 — N.Z. Paper Mills (£1) 1 17 0 — Wilsons Cement (10s) — 2 0 0 Woolworths (ord.; £1) 7 0 0 — Shillings, Ltd. (£1) 0 18 10 — BREWERIES N.Z. Breweries (£1) 2 16 9 2 17 9 Staples (£!)•• \ ° ° 2 1 0 Dominion (£1) <s <s u — Dunedin (£1) .. 18 0 — Carlton (£1) •• - 3 5 6 AUSTRALIAN MINING Broken Hill South (£1) 2 6 6 2 8 0 Electro. Zinc (pref.; £1) ■• 2 15 6 — Electro. Zinc (ord.; £1) •• 2 14 0 — Mount Lyell (£1) 2 2 6 2 3 0 Mount Morgan Developments .. 0 0 6 — North Broken Hill (£1) 3 16 0 3 18 0 Rawang Tin (10s) 0 10 10 — 0 Placer Dev. .. — 5 3 Austral-N.Z. (9s 6d paid) .. .. 0 10 0 — MINING Big River (Is).. — 0 2 0 Blackwater (£1) 1 8 6 — Clutha River (2s) 0 2 0 — Consol. Goldfields (4s) 0 15 0 — Gillespie's Beach (Is) 0 1 5J 0 1 64 Goldfields Dredging (Is) .... — 0 0 4 King Solomon 0 1 0 Martha (5s) .. 10 0 1 1 0 Molyneux River (2s) 0 2 0 Maori Gully (Is) 0 0 5 — 9 Nokomai (5s) .. 0 2 6 0 2 Okarito (5s) .. 0 3 9 0 4 9 Paddy's Point 0 2 9 Skippers (Is) .. — 0 0 4 Waimumu Sluicing (Is) .... 0011 0 1 1 GOVERNMENT LOANS 3J p.c. Stock, Nov., 1938-52 .. ..101 0 0 102 0 0 3i p.c. Stock, Mar., 1939-43 .... — 102 0 0 3* p.c. Stock, May, 1939-52 .... — 102 5 0 4 p.c. Bonds, 194346 103 0 0 — 4 p.c. Stock, 194346 103 0 0 — 4 p.c. Bonds, 1946- 8 Q — 4 px. Stock, 1946- io3 g o — 4 p.c. Bonds, 1952§5 ... 102 15 0 — 4 p.c. Stock, 1952- n 55 . .. .. 102 15 0 — »*Ex dividend DIVIDENDS PAYABLE The following is a list of shares on which dividends will shortly De payable: — Commercial Bank (ord.), 6 2-3 p.c, 4d per share, halfCommercial Bank, 4 p.c, 4s _ ,_ 5 per share, half-yearly . aeo. 5 Auckland Gas, 2f p.c, final • Feb. 9 N.Z. Insurance, 10 p.c, Is per 10 11 Staples Brewery, 5 p.c, 4s per N.Z. Refrigerating (paid), 5J p.c, Is 1 l-5d per share .' Feb. 12 N.Z. Refrigerating (cont.), 5J p.c, 6 33d per share final Feb. 12 National Mortgage (£2), 61 p.c, Is 6d per share, halfNational Mortgage (£D, 61 i 25 25 p.c, 9d per share .. . • • . xeo. Christchurch Gas, 4 p.c, halt Wellington Gas, 5 per cen , Feb. t. - pref., 8 per cent. ord. .. • • * eD - Electrolytic Zinc (ord. and pref.), 12 p.c, Is 2 2-5d per __ share, half-yearly . Mar. 18 NORTHERN EXCHANGES AUCKLAND Sales on 'Change £ s. d. Bonds, 1943-46, 4 p.c. 103 17 6 Bonds, 1952-55, 4 p.c .. 103 15 103 10 0 0 Stock, 1939-43, U p.c. (2) 101 5 0 Stock, 1938-52, 3£ p.c. (2) 101 5 0 Stock, 1943-46, 4 p.c. (2) 103 17 6 Stock, 1946-49, 4 p.c. 103 15 0 Stock, 1952-55, 4 p.c. 103 15 103 10 0 0 103 15 0 Bank of New South Wales 35 12 6 Bank of New South Wales (Melbourne register) .. 35 la 0 4 15 6 Goldsbrough, Mort .. .. 1 18 3 Winchcombe, Carson .. .. 1 19 0 Westport Stockton .. 0 2 2 3 0 0 Dominion Breweries (2) .. Dominion Breweries (pref.) 2 3 1 3 0 8 N.Z. Breweries (2) .. 2 17 3 2 16 9 4 12 0 2 10 6 4 1 3 Claude Neon (N.Z.) .. .. 1 12 0 Colonial Sugar (odd lot) .. 43 0 43 2 0 6 0 18 11 2 14 V Electrolytic Zinc (pref.) .. 2 15 2 15 6 3 2 16 6 4 18 5 0 3 0 1 3 0 Woolworths (N.Z.) .. •• 7 3 6 1 0 5 1 0 2 Waihi Investments .. .. 0 13 2 Waihi Investments (odd lot) 0 13 1 2 2 6 Unlisted Stocks Woolworths (Syd.; 2) 8 14 0 Woolworths (W.A.) .. ... 7 5 0 Selfridge's (N.Z.; 4s paid) 0 8 0 8 1 0 WELLINGTON Sales on 'Change Bank of N.Z. (late Tues.) 2 0 4 Bank of N.Z. (late Tues.) 2 0 3 South British Insurance 4 15 6 New Zealand Refrigerating (10s paid; late Tues.) .. 0 9 4 Wellington Woollen (pref.; 5 19 0 Yarra Falls (late Tues.) .. Westport Coal (late Tues.) 2 0 1 4 H 0 NZ Breweries (late Tues.) NZ. Breweries (late Tues.) 2 17 4 2 17 3 Staples and Co. (late Tues ) Broken Hill Pty. date 2 0 0 0 4 1 Colonial Sugar date Tues.) 43 0 0 G. J. Coles (late Tues.) 4 18 7i Morris Hedstrom (late 1 11 0 Electrolytic Zinc 'pref.; 2 15 9 103 17 6 103 15 0 103 10 0 103 10 0 34 P.c Stock, 1939-43 101 0 0 3J p.c. Stock 1938-52 101 0 0 2 0 4 2 0 U 1 3 0 4 1 3 3 16 6 Colonial Sugar .. 43 2 6 Electrolytic Zinc (prof. 2) 2 16 4 MacDuff's (pref.) 1 2 0 4 19 6 4 19 9 0 13 2 2 2 0

CHRISTCHURCH Sales on 'Change Comm. Bank of Aust. (cum 0 19 9 0 19 10 1 18 3 N.Z. Refrig. (£1 paid; cum 1 0 4 Dominion Breweries .. 2 3 0 British Tobacco (3) .. .. 2 10 0 Broken Hill Pty. (2) 4 0 11 4 10 (2) 4 1 3 4 1 2 (cont.; 13s 4d pd.; 2) 3 7 6 (3) 3 7 9 Dunlop Rubber (2) 0 18 11 Electrolytic Zinc (ord.; cum 2 14 6 . " (2) 2 14 9 Electrolytic Zinc (prof.; cum 2 16 6 10 3 4 18 3 119 0 13 3 14 6 o i n 0 1 9 Mount Lyell (3) (4) 2 2 3 2 2 5 0 16 7 0 16 61 0 11 1 Sales Reported N.Z. Refrig. (10s paid; cum 0 9 2 Westport-Stockton Coal .. 0 2 0 2 17 3 2 16 9 Canterbury Farmers' Co-op. Hate Tues.; odd lot) .. 0 15 6 43 0 0 1 2 11 1 3 0 Mort's Dock (2) 0 13 2 0 4 1 0 4 6 Bank of New Zealand .... 2 0 6 Unlisted Stocks Selfridges (new; 4s paid).. 0 8 3 PRICE OF FINE GOLD (United Press Association) (By Electric Telegraph-Copyright) LONDON, Feb. 2. £ s. d. February 2 .... 7 2 0 February 1 .... 7 2 0i 2 0 1 111 1 11 1 81 1 91 January 23 7 1 10 1 91 January 20 7 1 81

whole were strong. THE MORNING SALES £ s. d. Commonwealth Bonds — 99 2 6 97 2 102 10 6 0 101 2 6 Commercial Bank of SydBank of New South Wales 21 12 36 2 0 6 Anthony Hordern .. . • 1 1 0 Anthony Hordern (pref.) .. 1 3 3 Broken Hill Proprietary .. 4 2 0 43 7 6 Morris Hedstrom .. 1 10 3 ADDITIONAL SALES Bank of New South Wales 36 5 0 National Bank (£5 paid) .. 7 15 0 43 7 6 1 4 6 3 16 6 2 10 Wi 5 1" u 1 13 0 4 14 0 0 19 3 Goldsbrough, Mort .. 1 18 9 0 Winchcombe, Carson .. 1 19 1 10 0 Anthony Hordern .. .. 1 1 0 Warburton Franki .. •• 1 3 0 17 3 9 9 2 11 Gordon and Gotch .. 2 13 1 11 0 17 0 17 3 3 0 0 4J 2 2 1 2 0 Kuala Kampar (New Zea0 3 4.'. 11 1 2 0 11 1 0 0 3 Mandated Alluvial . ■ MELBOURNE, Feb. 3. The bond market was unchanged. Industrials were firm, with G. J. Coles to a record high level. Barriers were better, and gold mining irregular. d. Comm. Bank of Australia .. 1 0 0 2 1 3 2 10 9 3 5 5 1 1 7 1 7 0 0 6 6 2 Aust. Iron and Steel (pref.) 0 19 Dunlop Perdriau (pref.) .. 1 15 1 18 0 7* 0 Goldsbrough. Mort .. •• 2 15 Electrolytic Zinc (pref.) .. 2 17 0 17 0 0 9 2 2 Broken Hill Pty 4 1 9 6 North Broken Hill .. . • 3 17 South Broken Hill .. •• 2 7 1 0 0 14 1 4 0 6 6 3 Sulphide Corporation

FOREIGN EXCHANGES (British Official Wireless; 1 (United Press Association) (By Electric Telegraph—Copyright) RUGBY, Feb. 2. Paris— I'm Feb. 1. Feb. 2. Francs to £ 1 12' 1.21 105 3-04 105 5-04 Brussels— Belgas to £1 30 29.02i 29.00 OsloKroner to £1 18.180 19.00 19.90 StockholmKroner to £) 18.130 10.30) 19.394 CopenhagenKroner to £1 18.150 22.40 22.40 BerlinMarks to £ 1 20.34 12.17 12.18 MontrealDollars to £1 4.86 2-8 4.89% 4.00 New York — Dollars to £1 4.88 2-3 4.89 11-18 '4.90 1-16 Yokohama— fence to yen 34.582 13 31-32 13 31-32 Hongkong— Pence to dollar 24 Bombay* .58 14 31-32 14 9-16 Pence to rupee — 18 3-Gi 18 3-64 Batavla— Florins to £1 12. ,10 8.895 8.891 MilanLire to £1 82.46 93 1-32 93 1-16 Amsterdam — Guilder to £ 1 12.107 S.Oii 8.945 PragueKroner to £1 104 i 140% 140% GeneraFrancs to £1 25. 22} 21.39 21.101 ViennaSchillings to £1 .. .. 84.86) 261 261 Helslngfors— Marks to £) 193.23 226J 2261 MadridPesetas to £1 25. 22j 93 11-32 93 11-32 Belgrade— Dinars to £1 25. 22* 213 213 AthensDrachma to £1 ..375 547) 547J Lisbon— Escudos to £1 • .. 110 110 3-16 110 3-16 BucharestLei to £1 .931.8 670 670 Rio de JaneiroPence to milrcls .. 5.890 41 41 Buenos AiresPence to pesos 47.22 — — ShanghaiPence to tael — 14 17-32 14 17-32 Montevideo — Pence to pesos — 39 % 39% Warsaw— Zlotysto £1 — 26.06 26.06 ON NEW ZEALAND CURRENCY 1 BASIS I The Bank or New South Wales, Dunedin, quoted the followlni 1 rates i for purchases and sales of foreign exchange yesterday :- - London— Buying. Selling. £1 N.Z to £100 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— C F to £100 N.Z. T.T. 90/7/6 89 O.D. 90/7/6 89 New YorkDollars to £ N.Z. T.T 3.96% 3.92J 3D, 3.97% 3.931 MontrealDollars to £ rt.Z T.T. 3.96% 3.92% O.D. 3.97% 3.93% AustriaSchillings to £ N.Z T.T. — 20.58 O.D — 20.60 Belgium— Belgas to £ N.Z. T.T. — 23.212 O.D. — 23.22S Czechoslovakia— Crowns to £ N.Z T.T. — 111.88 O.D. — 111.93 DenmarkKroner to £ N.Z T.T. 18.203 17.893 O.D. 18.263 17.903 France — Francs to £ N.Z r.T O.D. 84.23 81.27 Germany— Relchsmarks to £ N.Z T.T — 9.713 O.J. — 9.718 HollandFlorins to £ N.Z. T.T. — 7.141 O.D. — 7.145 ItalyLire to £ N.Z. T.T. — 7.451 O.U — 7.456 JavaFlorins to £ N.Z. T.T. — 7.089 O.T) — 7.093 NorwayKroner to £ N.Z. T.T. 18.181 15.891 O.D. 16.241 15.901 Sweden — Kroner to £ N.Z T.T. 15.785 15.490 O.D. 15.845 15.500 SwitzerlandFrancs to £ N.Z T.T. — 1T.113 O.D. — 17.US NoumeaFrancs to £ N.Z T.T. — 82.86 O.D. — 82.92 PapeeteFrancs to £ N.Z. T.T. — 83.01 O.D. — 83.07 Hongkong— N.Z. penco to 1 dollar .. . • T.T. 18 19-84 18 51-64 O.D. 18 17-64 18 25-32 India and Ceylon— N.Z. pence to 1 rupee .. T.T. O.D. 22 13-3: • 22% 2 22 11-10 22 43-64 Japan— N.Z. pence to 1 yen .. T.T. OD. 17 29-64 17 7-10 Shanghai— N.Z. pence to 1 T.T. 17% 18% O.D 17 27-3 2 18 23-64 Singapore— N.Z. pence to 1 dollar .. .. T.r. OD 31 23-3 34% 2 35 13-64 35 3-16 Chefoo — N.Z. pence to 1 dollar .. •• T.T. O.D. 17% 1RJ 17 53-64 18 31-64 All rates subject t« i altera itlon without notice. 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 nre subject to alteration witnout notice. U.S.A. Canada. (l'er £1 (Per £1 N.Z.) i N.Z.) Selling— Dols. Dols. T.T .. 3.92? 3.92J O.D .. .. 3.93.1 3.93| Buying— T.T 1 1 .. 3.96J! 3.96J O.D .. 3.97| 3.97g CET LONDON METAL MARI (United Press Association) (By Electric Telegraph—Copyright) LONDON , Feb. 2. The following are tm> offlela 1 metal quoi ntlons:£53 1 ! 0 Rise o n va Comer, forward .. 53 ! 5 0 Rise 0 5 7',i Electrolytic, spot 53 ( ) 0 Rise 0 5 0 Klectrolytlc. forward.. 50 1 ) 0 Rise o in o 59 ( 1 0 Rise n in o 2l» 1 ? n Klso 0 2 G Lena forward .. .. 2<i ; ! fi Rise 0 2 0 Spelter, spot .. .. 21 : ! (I No i ,'liange Spoiler forward .. .. 21 i: i 9 Rise 0 3 9 227 ! 2 li Rise l in o Tin. forward .. .. 227 l: 1 r, Rise 1 10 0

Paid-up Dubra- Net I)lvl>Capital. turps. Keservea. Profit, dm<i. Di'c. SI. £ £ £ £ p.c. lOIS .. 557,817 100,050 143.330 54,305 9 1-6 1020 .. 500.841 , 100,050 13V'30 47,523 0 1-G 1022 .. 833.010 250,050 32,1'il 08,202 8 1024 .. 005.571 250.050 37.K18 70,037 8 1020 .. 1,050.018 250,050 2.0.311 83.393 S 1028 .. 1,US,(ISO 300.050 40.285 80.321 8 1030 .. J.124,005 300.1)50 44,213 00,255 S 1032 .. 1.121.005 280,000 44,407 07,000 Wi 1033 .. 1,121,005 280,000 50,003 71,070 5 ] /j 1034 .. 1.124,005 2H0.O00 05.733 08,004 IS'i 1035 .. 1,12-1,(105 NO.nun 82.500 78.041 l>'/i 1030, .. 1.121,005 SO,000 88,300 07,734 8',4

relations Of expenditure to receipts have been :— 1920 .. JK2 .. Expenditure £ 321.223 3:14,2.-,:; >. nerelpts. 307,082 400,730 Kntto. n.<\ 87.51 85.57 1024 .. 410.571 487,891 81.15 1920 401,801! 480,483 83,21 1923 .. S33.18S 470.708 81.02 min 373.01! 1 403,319 80.52 10:12 .. ism .. I :>::■» .. 338,299 320,072 325,975 405,389 302,051 303.078 83.15 81.04 82.70 1!).'!5 .. 321,724 490,305 80.31! 1931! .. 348,011! 415,750 83.71

Fixed Assets. Total Assets. Katie.. £ £ p.c. 10;o .. .. 953.808 1.007.291 80.93 1022 .. .. 1.040.909 1.200.845 80.75 1021 .. .. 1,209,030 1,403.75:) SO. 13 man .. .. 1.321,781 1.500.001 84.73 1928 .. .. 1.308,220 1,030.429 83.40 1930 .. .. 1,300,533 1,002,102 S4.92 1932 .. .. 1,325.209 1.554,738 85.24 1933 .. .. 1,305.171 1.551,095 84.11 1934 .. .. 1,271.035 1.524,805 83.35 1935 .. .. 1.249,785 1,497,538 S3.45 1930 .. .. 1,228,983 1,520.197 S0.S4