COMMERCE AND FINANCE

Otago Daily Times, Issue 23201, 27 May 1937, Page 14

COMMERCE AND FINANCE

THE SHARE MARKET DUNEDIN STOCK. EXCHANGE Another quiet day was experienced on the Dunedin Stock Exchange yesterday, but generally prices remained firm. Buyers of Bank of New Zealands were forward at £2 4s 6d, with sellers 4d away, and Commercials had an unsupplied seller at 19s 3d. For the paid and preferential issues of Southland Frozen Meats a buyer reentered the market offering £3 13s 6d, but this figure did not produce a seller. Trustees Executors met with a firm inquiry at £3 15s, but no seller was forward. Mosgiel Woollens rose Is to buyers at £lO, but sellers wanted 2s 6d in advance of this figure. Broken Kill Proprietaries eased slightly, the paids being offered at £4 3s 3d, and the contributings at £3 17s. No buyer came forward in either case, however. Buyers increased their offer to £2 13s 3d for Donaghy's Rope, but sellers showed no interest. Brewery shares continued to firm, New- Zea- • lands being inquired for at £3 3s 9d, ; with no sellers forward, and Staples being asked for at the increased price : of £2 US 3d. Sellers, however, i wanted 2s 3d in advance of this figure. The market for Broken Hill Souths eased slightly, buyers offering £2 10s 6d, which was 6d below sellers requirements. The ordinary issue of Electrolytic Zinc had business at £2 18s. Both issues, however, were easier. Mount Lyells, with buyers at £2 5s 6d and sellers 3d away, were easier, and Mount Morgans, with a seller at 14s Id, also revealed an easing tendency. There was slightly more interest shown in the New Zealand mining section, but quotations were only fractionally altered. Government Loans had another steady inquiry, but sellers were : not forward.

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

WELLINGTON

» =—++» LOCAL AND OVERSEAS MARKETS

** Ex dividend. DIVIDENDS PAYABLE The following Is a list of shares on which dividends will shortly be payable:— Bank of N.S.W.—6s per share, quarterly .. ~ .. .. May 2a Westport Coal—6d per share, interim May 28 Broken Hill Propy.—Ord., Is 3d per share. Conk, lOd per share, final .. .. ~ .. June 2 N.Z, Breweries—Bs per cent., ■• 10 4-5 d per share, half-yearly June Mount Lyell—ls 6q per share, interim '■'',. • June 21 DUnedin ' Stock '■■■' Exchange Proprietary—74 per cent., Is per share June 7 Dominion Fertiliser, 5 per cent. ' June 9 Bulolo Gold—No. 8, 1 dollar 50 cents June 10 Placer Development—No. 8, 60 cents .. i.. .. ~ .. June 10 Bank of N.Z. ("D")—7l per cent., 9d per share .. .. June 11 Bank of N.Z.,, 10 per cent., Is :< per share, final June 11 Broken Hill South, Is 3d per share .', ~ ~,.'.. June 18 Wilsons Cement, 9d per share, final .. June 23 Wioolworths' (W.A,)—2s per share .. June Australian Glass, (ord.)—9 per cent,, final .. .. >.. ~ June— Australian Glass (pref.)—final 4h per cent. ~,..,. .. June Waihi Grand Junction—4d per" share June National Mortgage (A issue) —ls per share, half-yearly July 1 National Mortgage (B issue) : —6d per share, half-yearly June 24 NORTHERN EXCHANGES AUCKLAND

AUSTRALIAN STOCK EXCHANGES (United Press Association) (By Electric Telegraph—Copyright) SYDNEY, May 26. (Received May 26, at 10 p.m.) Colonial Sugar shares, quoted on an ex dividend basis, scored a good rise on the Stock Exchange to-day. The turnover in all departments increased, but with little alteration in price levels. THE MORNING SALES

LONDON STOCK EXCHANGE (United Press Association) (By Electric Telegraph—Copyright! LONDON, May 25. £ s. d, Dalgcty 4 p.c. debentures 98 0 0 British Tobacco <2 u u Goldsbrough Mort nom . nai) 1 Dalgety .. .. •■ ■• •• fJ| ° P. and O. deferred .. ■ • ■*■ l 6 " NEW GUINEA GOLD SHARES (United Press Association) (By Electric Telegraph—Copyvlght) LONDON, May 25. New Guinea Gold shares are quoted at Is ANTWERP FUTURES (United Press Association) (By Electric Telegraph-CopyrifinD LONDON, May 25. Antwerp futures; July, 32\d; October, 32Jd. BULOLO SHARES (United Press Association) (By Electric Telegraph—Copyright) LONDON, May 25. Bulolo mining shares are quoted at 955. DOLLAR AND FRANC (United Press Association) (By Electric Telegraph—Copyright) LONDON, May 25. Exchange on New York is quoted at 4.94? dolars to the £. and on Pans at 110 5-1 G francs. THE BUTTERMARKET (United Press Association) (By Electric Telegraph—Copyright) LONDON, May 25, Butter is inactive. Danish, 112 sto 114 s. Choicest salted, nominal; New Zealand, 109 s; Australian, 108 s. Unsalted, nominal; New Zealand. Ills. Australian, 110 s.

FOREIGN EXCHANGES (British Oliielai WireJessl (United Press Association) (By Electric Telegraph—Copyright)

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:—

LONDON METAL MARKET (United Press Association) (By Electric Telegraph— Copyright) LONDON, May 25. Tlie (ollowlns are tbe ollldal molal (imitations:—

ROYAL EXCHANGE ASSURANCE The accounts of the Royal Exchange Assurance, the operations of which cover practically all fields of insurance, show that the assets at the end of the past year amounted to £22,981,218. The total income from premiums and interest (less tax) of the life department for the year was £1,751,701, the total claims paid and outstanding were £697,743, and the sum disbursed for surrenders, including bonus, was £115,411. The annuity fund amounted at the end of the year to £2,057,395, and the capital redemption fund tp £420,593. The total income of the fire department was £1,451,158, the losses were £587,682, and a profit of £212,837 was transferred to the profit and loss account. In the marine department the income was £680,464 and the losses amounted to £587,459. The marine fund at the end of the year stood at £830,752. While the income of the general accident department was £1,163,133. the losses were £702,149, A profit of £101,281 was transferred from this department to the profit and loss account. At the close of the year the general accident fund amounted to £1,424,048. The departmental profits, together with the share of the proprietors' allocation account, carried to the profit and less account were £373,660, and, after the transference of £200.000 to the fire fund and £IOO,OOO to the general accident fund, the balance of this account was £1,100,038. ADDINGTON STOCK SALE FEWER ENTRIES (Per United Press Association) CHRISTCHURCH, May 26. Entries were smaller at to-day's Addington stock market, and as a result 'the recent values were well maintained. Store sheep and lambs, both ewe and wether, recovered values by about Is 6d a head. Ewe lambs sold up to 265, The adult ewes were an inferior lot, one good pen of sound-mouthed selling at 245. Wethers were easier by one shilling. Fat Lambs.—Two thousand were penned, schedule values being maintained. , , .. Fat Sheep.—Five thousand three hundred were penned, as against 7000 last week. Heavy ewes were a shilling easier, but wethers maintained prices, with firming in the final stages for a few good pens of prime. Values were: Best. 30s to 365; good, 27s 6d to 29s 6d; medium and inferior, 26s down to 225; best ewes, 23s to 30s; good. 21s to 22s 6d; ordinary, 18s to 20s; and inferior down to 15s. Fat Cattle.—Five hundred and twenty-five were penned. Prime beef, of which there was a smaller penning, were from par to a shade better than last week, and good heifers the same. Inferior sorts were hard to sell. Best steers sold from £l2 10s to £l6 12s 6d; good, £lO 10s to £ll 15s; and inferior down to £8 10s. Best heifers, £7 10s to £ll ss; good, £6 to £7 ss; ordinary, down to £4 15s. Best cows, £7 to £lO 10s: ordinary. £5 5s down to £4. , Fat Pigs.—There was an irregular sale for porkers, but good baconers maintained the recent values. Porkers, 25s 6d to 51s 6d; average price per lb to 6,',d. Baconers, £3 4s 6d to £5 Is 6d: average price per lb, s?d to 6 id.

MINING NEWS ELECTROLYTIC ZINC The production statement of the Electrolytic Zinc Company for the four weeks ended April 7 is as follows: — Zinc, tons produced, 5347, of which 90 tons were used at the works. The silver lead product for shipment to Port Piri for realisation was. lead, 155 tons, silver, 27,500 ounces. West Coast Department: — Ore treated, 12,075 tons; lead concentrates produced, 918 tons; zinc concentrates produced, 4097 tons. Assay values, ore treated —lead, 6.0 per cent.; zinc, 20.4 per cent.; silver, 6.6 oz; gold, I.9dwt. Lead concentrates —lead, 55.3 per cent.; zinc, 13.9 per cent.; silver, 47.10 z; gold, B.9dwt. Zinc concentrates—lead, 3.5 per cent; zinc, 54.4 per cent.; silver. 6.20 z; gold, 2.1 dwt. MOUNT LYELL COMPANY The Mount Lyell Mining and Railway Company, Ltd., reports as follows for the fortnight ended May 12: — North Mount Lyell: Tons extracted, 3245; 1000 ft level, No. 30, rise to 69ft through schisty ore. Crown Lyell: Tons extracted, 780; 400 ft level, excavation pump chamber completed. West Lyell: Tons extracted, 20,777. Prince Lyell: Tons extracted, 1800. Lyell Comstock: Tons extracted, 2967; No. 9 level, main crosscut to 45ft through porphyry; pump sump to 4ft through porphyry. Reduction works: Furnace in blast for full period; 7784 tons refinery anodes made for current year. Concentrator.- Mill operated 336 hours and treated 31,732 tons ore, producing 1844 tons concentrates. Copper refinery: Tank house in operation throughout fortnight, 535 tons cathode copper being produced. Total for current year, 8337 tons. MARTHA CRUSHING RETURNS The following information has been cabled to London by the Martha Gold Mining Company (Waihi). Ltd.:— For the period ended May 8, comprising 22 crushing days, 18,479 tons of ore were crushed for a result of 5256 fine ounces of gold and 43,170 fine ounces of silver. This includes 1961 tons mined from the Grand Junction area, which yielded 633 fine ounces of gold and 2500 fine ounces of silver. No. 2 level, north branch of Martha lode: In the Brown north-west crosscut have driven to the west a further 34ft in ore asaying 30s 9d a ton. The lode is about 4jft wide. No. 3 level, driving south on the oast branch of the Edward lode: The next 29ft is ore of good grade, about 3ft wide. No. 6 level, Gidden's south crosscut from the north branch of the Martha lode: At about 500 ft west of No. 2 the shaft is out a total of 175 ft. At 106 ft in there is auartz 15in wide assaying 6s 9d a ton,- course 70deg. true and dip lin 1 north. At 156 ft in there is quartz 9in wide assaying 31s a ton. course in 53deg. true and dip 1 in 6 south. No. 11 level, Royal lode, driving east: The next 47ft is of little or no value. PRICE OF FINE GOLD (United Press Association) (By Electric Telegraph—Copyright)

SALE OF JERSEY STUD AVERAGE PRICE OF 19 1-5 GUINEAS (Per United Press Association) NEW PLYMOUTH, May 26. The whole of H. Salway's Hua Brook Jersey stud of 220 head was sold for a total of 4224 guineas, representing an average of 19 1-5 guineas. The cattle on the final day were spread over the Waikato, Bay of Plenty, Manawatu, Wairarapa, and Taranaki. The top price on the final day was 75 guineas for an eight-year-old cow, Hua Brook Perfect Lady. MOUNT LYELL SHARES (United Press Association) (By Electric Telegraph—Copyright) LONDON, May 25. Mount Lyell shares are quoted at 355, COLOMBO TEA SALE Mr L. M. Wright has received the following cabled report on the Colombo tea auction of May 25: The market for medium and fine teas remained firm at last week's rates, while prices for common grades eased about Quality of offerings showed slight improvement. At next week's auction, 2,250,0001 b will be offered for sale. Fraser and Co., selling agents for Otago and Oamaru Egg Circles, report as under:— Eggs,—Poultry farm eggs, market rates. Butter; Separator pats, 9d to 91d per lb. Tallow: 15s to 17s per cwt. Pigs: Good bacon weights, 6Jd to 7d per lb; overweights, 2d to 3d; porkers, 6Jd per lb. Potatoes; 6s 6d to 7s per cwt. Chaff: £5 15s to £6 per ton, sacks extra. Whole fowl wheat: 6s to 6s 3d per bushel. Canterbury onions; 8s to 9s per cwt. Honey: Bulk, 7d per lb; 101 b tins, 6s 6d; 21b pottles, Is 3d. Poultry: White Leghorn hens, 3s to 3s 6d; heavy breeds, 4s 6d to 6s; cockerels, light 2s 3d to 4s, heavy 7s to 8s 6d; 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. We are agents for: Champion egg crates, Isco cod liver oil for poultry, Prices on application. Consignors, please note that all pigs and poultry must arrive not later than Wednesday moi-ning of each week. We have a stock of poultry crates on hand for the use of our clients.

COLON'AL SUGAR REFINING COMPANY THE HALF-YEARLY MEETING (United Press Association) (By Electric Telegraph—Copyright) SYDNEY, May 26. (Received May 26, at 11.15 p.m.) Addressing the deferred half-yearly meeting of the Colonial Sugar Refining Company, the chairman, Mr E. R. Knox, said Australia's export quota of 400,000 tons, fixed by the recent international agreement, could be regarded as satisfactory. It was also very gratifying that the British Government would maintain the existing preference on Empire sugar for the period of the agreement, namely, five years. Mr Knox added tha* the total output of raw sugar from all Australian mills was 756,000 tons, and from the company's seven mills the yield was 67,900 tons —a record in each case. The Fiji output was also a record, 149,300 tons. The report and balance sheet were adopted. FOREST PRODUCTS, LTD. (Per United Press Association) AUCKLAND, May 26. In their first annual report the directors of New Zealand Forest Products. Ltd., state that they are preparing to take over the forests formerly maintained by New Zealand Perpetual Forests. As financial issues are involved and are of considerable magnitude, the two companies have agreed to refer these to the Bondholders' Incorporated Commission. When these matters have been settled the way will be clear for the directors to take possession. The directors state that the best technical advice is being sought respecting such problems as the suitability of the timber for general purposes, timber for boxmaking, for veneer or plywood, or as woodpulp for paper and wallboard, etc., as well as questions of transport, milling, and marketing. "Despite representations which have been made by bond salesmen or others as to the financial returns which bondholders might expect," the report proceeds, "your directors feel that at this stage they cannot give any definite indications of the sums which might eventually accrue thereunder." The directors add that the forests represent an asset of great potential value, and the policy of gradual realisation is clearly indicated as being in the best interests of the project as a whole. NORTH BROKEN HILL DIVIDENDS EXCEED £7,000,000 North Broken Hill, Ltd., last week advised the Stock Exchange Association that the directors had declared a dividend (No. 106) of Is 6d a share, payable in Melbourne on June 25. The dividend, which is the second declared since the 20s shares were sub-divided into 5s shares, will require £210,000, and is at the rate of 120 per cent. The previous quarterly dividend of Is 6d a share was paid on March 24, When the latest dividend is paid out on June 25, shareholders in North Broken Hill, Ltd., will have received £7,180,190 in dividends from the company, which has a paid-up capital of £700.000. For the last financial year North Broken Hill, Ltd.. distributed a total of 15s 6d per 20s share, equal to 77A per cent, on capital, During the last 10 years the company's yearly distributions have been as follows: 1927, 65 per cent.; 1928. 40 per cent.; 1929, 47A per cent.; 1930, 40 per cent.; 1931, 33 per cent; 1932, 25 per cent,; 1933, 20 per cent.; 1934, 35 per cent.; 1935, 45 per cent.; 1936, 77J per cent. CHAIN STORE MERGER G. J. COLES AND WOOLWORTHS The following announcement was made in Melbourne recently by the directors of G. J. Coles and Co., Ltd.: "As the result of a conference between the directors of Woolworths, Ltd,, and G, J. Coles and Co., Ltd., it was decided at a meeting of the directors of G. J. Coles and Co., Ltd., held to-day. that a common basis of control of the activities of both companies would be beneficial to the interests of shareholders, employees and the public; and that negotiations to that end should proceed." It has not yet been decided what form an amalgamation would take, but it is believed that a detailed examination of the financial positions of both companies will be undertaken immediately. If an amalgamation is decided upon it is understood that each company will retain its identity, It is possible that a holding company will be formed to take over the shares of the two companies, shareholders in which will receive shares in the new company. The announcement of the negotiations between the directors of G. J. Coles arid Woolworths comes at a most interesting stage in the development of chain store organisations in Australia, says the Melbourne Argus. Competition for favoured trading positions is increasing, and, in common with other retailers, the companies are faced with a rise in prices of raw materials. If the negotiations result in an amalgamation of interests there will doubtless be room for economy in several directions, especially where the companies dovetail at the top, and any rationalisation which can be applied will make for stability in the enterprises. Should the negotiations result In thn formation of a holding company in which present shareholders would receive an interest in proportion to their present holdings, the fact that Woolworths is a more highly " geared stock than Coles would raise some knotty problems for the negotiators. Woolworths are using £275,000 of preference capital with £844,000 of ordinary capital, while the preference capital of G J. Coles is £150.000 and ordinary capital is £978,000. Any agreement reached by the directors, of course, would have to be submitted to shareholders, who would have the final say in the matter. The recent rise in the market price of ordinary shares in G. J. Coles has aroused speculation along various lines, principally the possibility of a new issue to meet building costs, and what the amount of the final dividend will be The directors are to be commended for letting the shareholders into their confidence before the negotiations with Woolworths have reached an advanced stage. NEW ZEALAND NEWSPAPERS HEAVY TAXATION BURDEN Reference to the amount of taxation and other contributions to the Government was made by Sir Cecil Leys, chairman of directors of New Zealand Newspapers, Ltd., at the annual meeting. The company made provision ot £37,800 for land and income tax for the year ended March 31. "It is not unreasonable to add to this amount £4892 collected by the company for unemployment taxation, and a smaller amount of £832 of sales lax concerned with its jobbing business," continued Sir Cecil. "So we have a total of £43,524 paid, or to be paid, to the Government, while shareholders receive £37,343. On these figures the Government has the advantage of more than a half interest in the business without any responsibility or capital commitment. " There is a further item that should be included. The company's contribution to its pension and provident funds for the year was £SOBB. an amount that can properly be taken as relieving Government pension obligations of an equivalent sum. Therefore, the total contribution to the Government from the past year's business is £48,612. Wages amounting to £142,000 were paid during the 12 months." The death of Mr C. H. Hewlett, chairman of the board in Christchurch, and a member of the directorate, was recorded with profound regret. Mr Norton Francis, of Christchurch. has been appointed to the vacancy. The retiring directors. Messrs A. R. Brett and A. T. Donnelly, were re-elected.

SALES ON 'CHANGE Broken Hill South £ s. d. 2 11 6 SALES REPORTED Electrolytic Zinc (ord., 3) .. 2 18 0 0 15

Buyer. Seller. £ s. d, £ s. d. ', N.S.W. (£20) .. .. — 38 0 0 2 4 6 2 4 10 Commercial (10s) — 0 19 3 '., E.S. and A. (£3) .. — 6 10 0 ' Natl, of N.Z. (.£2 10s) 3 2 6 — Union (£5) 11 3 0 11 5 0 INSURANCE " National (7s) .. .. — 0 17 2 Standard (£1) .. .. — 3 0 0 SHIPPING ; P. and 0. Def. Stock 2 0 0 — r . . U.S.S, Co. (pref.; £1) 1 G 9 — MEAT PRESERVING I N.Z. Refrig. (paid, £1) — 0 19 3 N.Z. Refrig,(cont.,10s) — 0 9 0 South. Frozen Meat (paid, f £l). .. .. 3 13 6 ,VSouth Frozen Meat (pref., £1) ,v. .. 3 13 6 — South Otafio Freezing (£5) .. ■■-,. -.•;»; .. — 8 0 o' LOAN AND AGENCY Dalgety and Co. (£5) — 11 S 0 ■ Goldsbrough, Mort (£1) .. .. 1 17. 6 1 IB 0 ; N,Z. Loan and M. (ord.; — 49 10 0 N.Z. Guarantee Corp. (3s) ...... ., .. 0 4 8 — . Trustees.,. Executors <■ .. 3 15 0 — Wright, Stephenson (ord.; £1) .. .. 1 0 9 ~ Wright, Stephenson 1 1 0 — Otago Farmers. (3s 4d), .... — 0 4 3 NZ. Farmers' Co-op., 4-S p.c. Stock, 1945 .. 90 0 0 92 0 0 ■'.;;-'' £$ ', •'fcaitangata Jlfc) ... Vtfcstport jJO's)'.'.'..' •■ — 1 /# 6 1 4 0 ,'.' rWOOLLEN COMPANIES Bruce (ord.; £1) . 0 10 0 0 11 6 Bruce (pref:; ill) — 1 3 6 Mosgicl (£4)* '■■ ..,'■:. 10 0 0 10 2 6 MISCELLANEOUS l : .. ■ 1 Anthony Hordcrn (£1) .. 0 19 8 0 19 11 Aust. Iron and Steel < (pref., £1) ... ..• 1 6 6 —■ British Tobacco (£1) i 2 10 3 Broken Hill Pty. (£1) — 4 3 3 Broken Hill Pty. (cont,; — 3 17 0 Brown, Ewing (ord.; £1) — 1 1 0 Brown, Ewlng (pref.; v Consolidated Brick 1 2 6 — (£1) —' o a 6 D.I.C. (ord,; 10s) .. 0 16 6 — D.I.C. (prof.; £1) .. 1 3 9 — Dominion Fertiliser (£1) •• 1 3 G — Dominion Fertiliser (debs.) 104 0 0 — Dominion Rubber (£1) 1 12 9 1 16 0 Donaghy's Rope (£1) 2 13 3 — Dunlop Perd. Rubber (£1) 1 0 10 1 '1 2 General Industries (12s 6d) 1 0 0 — G. J. Coles (£1) — 5 9 6 Hume Pipe (£1) 0 19 0 0 19 6 Milburn Lime (£1).. 1 18 0 — Natl." Electric (£1) .. — 0 14 3 Farmers' Fertiliser 1 0 9 —■ Malay Rubber (ord.; £1) **0 17 6 —

N.Z. Newspapers (16s — 1 17' 0 N.Z. Paper Mills (£1) **1 6 fi — Regent Theatre (£1) **1 0 3 1 4 0 Smith and Smith (pref,; £1) .. ■• 1 1 6 —. Wilsons Cement (10s) — 1 13 3 Woolworths (ord.; £1) — 8 0 0 Shillings. Ltd. (£1) .. 0 18 9 — Edments 1 14 0 2 0 0 BREWERIES N.Z. Breweries (£1) 3 3 9 — Staples (£1) ... '., 2 11 3 2, 13 6 Dunedin (£1) .. •- 1 8 6 '! AUSTRALIA!* MINING Austral N.Z. Mining .. 0 11 9 0 13 6 Broken Hill South (5s) 2 10 6 2 11 0 Electro. Zinc (preL; — 2 19 0 Electro. Zinc (ord.; — 2 18 0 Mount Lyell (£1) •• 2 5 6 2 5 9 Mount Morgan (2s 6d) — 0 14 1 North Broken Hill — 3 15 G Rawang Tin (10s) .. 0 11 6 0 12 0 Placer Development .S — 4 15 0 MINING Big River (Is) .. .. — 0 1 9 Clutha River (2s) — 0 2 9 Consol. Goldflelds (4s) — 0 15 0 Gillespie's Beach (Is) — 0 1 6 Goldflelds Dredging — 0 0 3 King Solomon (Is) .. — 0 0 7 Maori Gully (Is) .. — 0 0 7 Nokomai (5s) .. .. 0 2 0 0 2 9 — 0 3 3 Paddy's Point (5s) .. 0 2 3 Sandhills (Is) .. .. 0 0 1 0 0 2 Skippers (Is) .. •• 0 0 2J 0 0 31 Waimumu Sluicing 0 0 6 0 1 0 Waipapa Beach (Is) .. 0 0 7 0 0 a Waltahu (5s) .. .. 0 1 0 — GOVERNMENT LOANS 31 p.c. Stock., Nov., 1938-52 100 10 0 — ( 31 p.c. Stock, March, 101 0 0 — 3J p.c. Stock, Sept., 101 0 0 — 3J p.c. Stock, May, 100 10 0 — 31 p.c. Stock, March, 101 0 0 —■ 31 p.c. Stock, Sept., 101 0 0 — 31 p.c. Stock, May, 100 10 0 — 31 p.c. Stock, Nov., 100 10 0 — '4 p.c Bonds, 1943-46.. 103 5 0 — 4 p.c. Stock, 1943-46.. 103 5 0 — 4 p.c. Bonds, 1046-49.. 103 5 0 — 4 p.c. Stock, 1946-49.. 103 5 0 — 4 p.c. Bonds, 1D52-55.. 104 0 0 — 4 p.c. Stock, 1952-55.. 104 0 0 — 31 p.c. Bonds, 1953-57.. 98 10 0 — 31 p,c. Stock, 1953-57.. 08 10 0 —

Sales on 'Change £ s. d. National Bank of Australasia :(£5 paid) ..... ..'..' 7 10 0 N.Z. Insurance, (odd lot). .. 3 2 6 4 14 0 ,'Westport-Stackton ■ '.. .,. 0 2 10 Auckland Gas .,' .. ■'..'. 1 1 9 Northern Steam (cont.) .-,"., 0 1 0 Kauri Timber 1 3 4 Kaiapoi Wool (pref.) ...' .. 0 17 0 Dominion Breweries. .. .... 2 3 9 N.Z. Breweries .. .. ., 3 3 74 Australian Glass 4 12 0 2 9 10J Broken Hill 4 3 0 Colonial Sugar (ex div.),.. 46 0 0 2 17 0 Electrolytic Zinc (pref.) .. 2 18 4JFarmers' Trading (new; 20s 10 6 5 9 3 5 9 0 0 4 11 Wilsons Cement ...'„. 1 12 6 0 17 4 0 17 1 (2) 0 17 0 Waihi Junction * 0 3 9

' Sales on 'Change Commercial Bank of Australia (ord; late Tuesday) .0 19 2 Bank oiNiZ. late Tuesday) : 2 4 6 N.Z. Breweries (late Tuesday) .'.'.;.,;., •:,,;., 3 3 6 Staples and Co. (late. Tues'2 12 0 Colonial Sugar (cum div.; late Tuesday; 2) .. 46 10 0 General Industries (late 1 0 3 G. J. Coles (late Tuesday) v. ■ 'P 9 9 G. J. Coles (late Tuesday) ..: 5 10 6 Shillings, Ltd. (late Tiles-" 0 19 4 Wilsoris Cement (late Tues1 12 6 Commercial Bank of Ausn 9 6 N.Z. Guarantee Corn 0 4 9 Kelburn Tram (pref.) .. .. 1 2 0 1 1 6 3 3 9 * 3 3 11 (2) 3 4 0 3 4 1 3 4 2 3 4 3 Colonial.Sugar (ex div.) .. 46 0 0 Dunloo Pcrdriau (2) .. .. 1 0 11 G. J. Coles (2) 5 9 5 9 0 9 5 9 1 16 0 0 Placer Development .. 4 8 (i Millaquin Sugar 2 4 6 CHRISTCHURCH Sales on 'Change Commercial Bank of Australia (2) .. < 0 19 1 0 19 0 Goldsbrough, Mort .. .. 1 17 11 N.Z. Refrigerating (£1 pd.) N.Z. Breweries (cum div.) 0 19 0 3 3 10 ■ (4) 3 4 0 3 4 1 (2) 3 4 6 Staples Brewery .. .. .. 2 11 2 11 2 11 6 7 (2) 9 2 11 8 2 11 6 (3) 2 12 0 (3) 2 12 3 (4) 2 12 6

Anthony Hordern 0 10 G British Tobacco (5) 2 9 9 Broken Hill Pty. (cum div.; 3) 4 ,3 0 Broken Hill Pty. (contr.; cum div.) 3 16 3 Electrolytic Zinc (2) 2 17 11 Electrolytic Zinc (prcf.) 2 18 6 G. J. Coles 5 9 3 5 9 6 (5) 5 8 6 General Industries 1 0 6 (2) 1 0 •6 Dunlop Rubber (3) .. 1 1 0 Hume Pipe (Aust.) 0 19 :i Shillings Ltd. (4) 0 19 2 Taranaki Oilfields (4) 0 4 9 (2) 0 4 8 T. J. Richards 2 11 6 Broken Hill South .. 2 11 9 2 11 0 Mount Lyell .. 2 5 9 (2) 2 5 7 Mount Morgan .. 0 14 1 (2) 0 13 8 0 13 9 Rawang Tin .. (Ml 9 0 11 10 0 11 9 Skippers (4) .... 0 0 3 * Sales Reported Commercial Bank of Aus0 19 1 New Zealand Insurance (2) 3 2 6 Kaiapol Woollen (pref.; late Tues.) .. 0 17 0 Broken Hill Pty. (2) 4 3 0 Colonial Sugar .. 46 7 6 Dunlop Rubber (2) .. 1 -1 0 Electrolytic Zinc (ord.) Evans Atlas Flour 2 17 11 0 19 1 0 19 0 G. J. Coles 5 9 6 Mount Lyell (3) .. .. 2 '5 11

Commonwealth bonds— £ s. d. 31 p.c, 1948 96 0 0 3g p.c, 1949 95 2 6 33 p.c, 1951 98 15 0 4 p.C, 1D38 103 7 6 4 p.c, 1941 102 2 6 Pitt, Son, and Badgcry .. 2 9 G 2 16 3 Cole's 5 10 6 Australian Gas (A) .. 7 7 6 ADDITIONAL SALES Bank of New South Wales 37 10 0 Commercial Banking of 22 4 0 National Bank (£10 paid; 15 5 0 Bank of New Zealand 2 4 6 47 15 0 Mercantile Mutual Insur1 11 9 1 19 6 Huddart, Parker (pref.) .. 1 7 0 British Tobacco 2 10 9 British Tobacco (N.Z. deliv2 10 9 2 16 3 1 13 3 5 9 0 4 14 0 1 1 4'. Dunlop Perdriau (pref.) .. 1 15 9 Goldsbrough, Mort .. 1 18 9 Goldsbrough Mort (N.Z. de1 18 6 Wilcox Mofflin 0 14 0 0 19 6 0 12 6 0 13 6 3 10 0 Newbold Brick 1.16 6 1 12 3 Gordon and Gotch .. 2 12 6 Hordern's (ex div.) .. .. 0 19 6 Hordern's (pref.;. ex div.) .. 1 2 8 Mount Morgan. .... .. 0 13 6 2 6 0 0 19 6 0 4 8 MELBOURNE, May 26. The bond market strengthened further, but industrials were quiet, with some leaders a little easier. £ s. d. 11 -4 0 1 2 3 British Tobacco 2 11 0 3 3 3 ColeB •• •• -., :•• •; 5 8 6 Australian ' Iron and Steel 1 7 4 14 6 3 Dunlop Perdriau ,, .. 1 1 5 Dunlop Perdriau (pref.) .. 1 16 0 7.', 1" Goldsbrough, Mort .... •• 1 18 1 4 3 176 Electrolytic Zinc (pref.) .. 2 17 2 18 0 13 2 6 4 3 9 6 6 3 0 Broken Hill Pty North Broken Hill •• •■ 3 14 0 South Broken Hill •• ■• 2 10 1 0 0 17 6 75 0

RUGBY, May 25. Paris— Par May 24. May 25. Franca to £1 121.21 110 11-32 110 13-32 Brussels— Bclgasto £1 30 29.30J 29.31 Oalo— Kroucr to £1 1S-180 19.90 19.90 otOCkllOlIll— "■ Kroucr to £ 1 .18.130 19.391 19.391 Copenhagen— Kroner to £ 1 IS.150 22.40 22.10 Berlin— Marks to £ J jo.ai 12.301 12.30J MontrealDollars to £1 '1.80 2-3 '1.932 4.933 New York— Dollars to £1 4.86 2-3 4.013-1 6 4.9-11 Yokohama— Pence to yeD 31.582 M 11 Hongkong— Pence to dollai ' 24.58 J12 11 27-32 Ijouibay— Pence to rupee _ 181 ISA Butavla— Florins to £1 12.10 S.Otil 8.07 MilanLire to £1 82.4G 93 15-16 93 29-32 Amsterdam— Guilder to £1 12.107 8.99 8.99 Prague— Kroner to £ 1 104) 1H5 M1b Geneva— Francs to £ 1 25.22J 21.604 21.31? V lenua™ Schillings to £1 84.861 201 201 dcisingfors— Marks to £ 1 193.23 22Gi 226{ MadridPesetas to £ 1 23.22J 92 11-32 92 11-32 Belgrade— Dinars to £1 25.22 J 215 213 Athens— Drachma to £1 375 54TJ 54TJ Esnidos to £1 110 110 3-16 110 3-16 L»IK'il!irC3t—— Loi to £1 931.8 6721 0721 Uln de JaneiroPen co lo mllreis .. 5.890 a 41 Buenos Aires— Pence to pesos 17.22 — _ Shanghai— Penco to tael — 11 13-32 11 15-32 Montevideo— , Pence to pesos _ 395 39^ Warsaw— Ziotys t<j £J — 20.06 26.00

U.S.A. Canada (Per £ 1 (Per£] N.Z.) N.Z.) Selling— Dols. Dols. T.T. .. 3.96J 3.95 13-16 O.D. .. 3.96g 3.96 5-16 Buying— O.D. .. 4.00 15-16 4.00 9-16

Ton. t.'opper. snot ., £01! 7 (i lliso 1 5 0 Copper, forward ,. CO .19 V. i Itise 1 0 ~\z Electrolytic, spot 05 0 0 ItUn 0 10 0 Electrolytic, forward.. C7 0 0 Illso 0 10 0 Wire, bars .. .. «" o n Itlsa 0 10 0 Loud, spot .. .. 21 18 0 Iti.SO 0 0 0 l.cad. forward .. 24 US 3 Itiso 0 3 9 Spelter. *pot .. .. 2:: is a Kail 0 JO 0 Spelter, forward .. 24 3 9 Fall 0 5 0 Tin. spot .. .. v 233 2 r, Fall 0 12 G Tin. forward .. .. 2.51! 2 0 0/. Fall 0 13I) Silver, ilnt> .. .. 20 Hd .Rise Urt Silver, standard ,. 22(1 Ilise Hd

LONDON, May 25. May 25 May" 24 7 0 6 May 22 May 20 May 19 7 0 54 May 13 .. .. .. 7 0 5J