COMMERCE AND FINANCE

Otago Daily Times, Issue 23223, 22 June 1937, Page 6

COMMERCE AND FINANCE

THE SHARE MARKET

DUNEDIN STOCK EXCHANGE The reassuring news that the English markets were showing signs of the long-awaited improvement was reflected on the Dunedin Stock Exchange yesterday when quotations received revealed a firming tendency, and in some instances a sharp rise was noticeable. Buyers, however, were not so active as they w.ere bn Saturday, and in the banking section only two quotations were received. After reported business late on Saturday at £ 1 6s 3d buyers of Bank of New Zealands (long D) w’ere forward at £1 6s, but holders wanted 6d more. Another parcel of National Insurances changed hands at 17s, but at the call-over when there were no sellers forwai’d, buyers remained firm at 16s lid. The paid and preferential shares of New Zealand Refrigerating were wanted at the firmer price of £3 14s 6d, but holders displayed no interest. The woollen and loan and agency sections were quiet, with no alterations in quotations. Buyers of Westport Coals increased their offer to £1 3s, but there was no response from sellers. The paid shares of Broken Hill Proprietary were asked for at £3 17s 6d, with sellers 2s 6d away and the contributing issue had an unsupplied buyer at £3 12s. Dunlop Rubbers rose to buyers at £1 2s with sellers 9d away and G. J. Coles improved to buyers at £5 2s and sellers at £5 6s. After reported business at £1 2s 6d the rights issue of New Zealand Breweries had several buyers forward at this figure, but sellers remained firm 5d away. The Australian mining section registered the biggest improvement, Broken Hill Souths rising to buyers at £2 7s 3d and sellers Is 3d away. The preferential shares of Electrolytic Zinc improved Is 3d to unsupplied buyers at £2 14s, and the ordinary issue rose to buyers at £2 13s with holders Is 6d away. Mount Lyells were slightly easier on Saturday’s quotations, but Mount Morgans were much firmer with • buyers at 12s 6d and sellers at 13s.

LOCAL AND OVERSEAS MARKETS

•* Ex dividend. DIVIDENDS PAYABLE The following Is a list of shares on which dividends will shortly be payable:—

NORTHERN EXCHANGES AUCKLAND

WELLINGTON Sales on 'Change 4 p.c. Stock, 1943-46 (late Sat.) 104 2 6 Bank of Now South Wales (late Sat.) 35 17, 6 Wellington Gas (late Sat.; 2) . 1 15 0 Pukemiro Coal Hate Sat.) 018 0 Taupiri Coal (late Sat.) .. 015 9 New Zealand Breweries (late Sat.; 2) 2 7 6 New Zealand Breweries (rights; late Sat.; 2) .. 12 6 Broken Hill Pty. .(late Sat.) 318 0 Electrolytic Zinc '(ord.; late Sat.) 2 11 3 Big River (late Sat.) ~ .. 0 16 National Bank of Australasia (£10) 14 7 6 Wellington Gas (ord.; odd lot) 1 la 0 New Zealand Refrigerating (10s paid; 2) 0 8 10 Dominion Breweries .. .. 2 4 0 New Zealand Breweries (a) 2 7 6 (2) 277 (2) 2 7 8 Tooth and Co 2 14 9 Now Zealand Breweries (rights) J 2 9 1 I b Broken Hill Pty 3 18 3 Broken Hill Pty. (odd lot) 319 3 Broken Hill Pty. (cont.) .. 312 3 Consolidated Brick .. .. 0 7 5 2 Dunlop Perdriau 1 22 Staples and Co 2 11 0 Big River 0 1 6 a 0 17 Broken Hill South . • .. 2 9 1J G. J. Coles 5 5 6 Mount Lyell 2 1 0 2 0 5 2 0 6 Unlisted Slock Woolworths Ltd. (late Sat.) 619 0 Woolworths Ltd. (late Sat.) 619 9 (2) 6 19 9 New Zealand Perpetual Forests 230 Ballins Brewery 0 13 8

CHRISTCHURCH Sales on 'Change

COMPANY BALANCE SHEETS GORDON AND GOTCH (AUSTRALASIA). LIMITED.

Pursuing its upward course, the halfyearly net profit has reached £45,235. which is its highest point since 1929 The distribution for the period is retained at B'per cent and 12 per cent per annum for preference and ordinary shareholders respectively, while of the £11,235 placed to reserves, general reserve is allotted £IO,OOO.

The trading balance comes out at £4219 above that for the previous, six months, and, owing to the comparatively small increase in expenditure, the, greater part of this excess is available for the net profit. General expenditure, which is grouped at £20,273, is some £I3OO higher, but the taxation provision of £13,341 is £307 less, so that the relation between expenditure and gross profit has improved. The two have compared in recent years as follows:

Reserves are mounting steadily. After a lapse of some years, an addition of £IO,OOO is made to the general account on this occasion which will bring general reserve to £225,713, Contingencies reserve, which latterly has been singled out for attention, remains at £50,000. The reserve earmarked for leasehold property in us natural growth has risen to £4752 while the floating balance at £30,571 has also increased. At an aggregate of £310.496, reserves shovy their greatest advance for some time, but the shadowy asset of goodwill at its cost price of £118,074 has to be placed against them. The greater part, if not all, of taxation reserve, may be looked upon as a provision to meet an accrued liability. At £33,244, it represents an amount not far short of the total taxation charge for the past 18 months. Sundry creditors at £116,237 have receded to nearer their former position, and, with the exception of a sum of £634 for advance subscriptions, represent all the indebtedness.

Among the liquid assets the cash section continues to be strong, but it has fallen considerably below its level at September last. The bank balance appeurs at £49,995. or a reduction of some £13.000, while the general investments are down to £138,329, or by £40,000. The latter reduction comes after one of £15,000 during the previous halt year. The nature of general investments is not stated, but Reserve Fund investments, which remain at £19,745. are placed in Commonwealth loans. The chief floating assets are stock and sundry debtors, which between them comprise nearly £500,000. The rise of stocks to £236,595, or by £66,000, explains the smaller amounts held in bank and investments. The greater part of stocks consists of £171,111 on hand, which now apparently has received the benefit of the larger amounts afloat and in transit six months ago. While stock has increased, sundry debtors, including bills receivable, at £261,183, are slightly reduced, from which -it. may bo inferred that a period of expansion was expected shortly. Relatively there is little alteration in the fixed assets. The largest section —freehold property group—at £208,230 is less by some £IBOO, as happened six months ago. As a depreciation provision on this group is not mentioned in the profit and loss account, this similar reduction Is apparently due to some other cause. Leasehold property, reduced to the net amount of £17,576, is gradually diminishing under the growth of its relative reserve. Plant, fixtures, and fittings at £29.540 have been subjected to depreciation, so that their reduction of £657 may be attributed to that cause. Fixed assets aggregate. £255.346, or 23.31 per cent, of the total assets. '

The nature of the business seems to be such that a six-monthly period is long enough for the operating factors to have full effect, as the regularity of the resultant figures denote. The restoration of the results to the level preceding the “ slump ” period must bo gratifying to all interested.

FOREIGN EXCHANGES (Uruisn Olliciai Wireless) (United Press Association) (By Electric Telegraph— Copyright)

ON NEW ZEALAND CURRENCY BASIS I’lie Hank ot Neiv South Wales, Dunedin, looted tiie follmvlnK rates for purchases and sales of foreign exchange yesterday

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

BRITISH TREASURY BILLS (British Official Wireless) (United Press Association) (By Electric Telegraph—Copyright) RUGBY, June 19. The total amount applied for in tenders for £50,000,000 Treasury bills was £93,580.000. The average rale per cent, for bills at three months is 34s 0.38 d, against 15s 0.39 d a week ago. PUBLIC TRUST OFFICE STATEMENT FOR MAY, 1937 Estates of a value of £338,439 were reported and accepted for administration by the Public Trustee during the month, compared witli £515,840 for the previous month. Grants of administration made by the court in favour of the Public Trustee numbered 127 for the month. During the month 383 new wills appointing the Public Trustee executor were deposited for safe custody by living testators and 326 existing wills were revised to provide for changes desired by testators. The total number of wills now held in the Public Trust Office is 88,780,

Scott Bros., produce merchants and commission agents, agents for the Dunedin Egg Suppliers’ Association, report: —Eggs: We quote market firm, supplies on short side. We returned the following prices for eggs received during week ended June 19—Monday lo Thursday, Is fid; Friday, Is 9d: Saturday. Is lOd. Butter, JJid lo Is. Honey: Bulk. 7.'d to fid per lb. Beeswax, to 2s 6d per lb. Poultry: Hons, 2s to 2s fid each; roosters, Is lo Is fid each; cockerels. 2s to fis fid each. Ducks, 2s to 3s each. Geese, 3s lo 4s each. Turkeys: Gobblers. 9d to lOd per lb; liens, fid to 9d per lb. Pigs: Prime baconers. fid to GUI per lb; porkers. GJd to 7d per lb; fat. nominally 14s to 16s per cwt. Potatoes: Whites, £6 ss; K.E., £7 per ton, ex truck. Onions: Canterbury first grade, 7s per cwt. Partridge peas, fis fid per bushel, sacks extra. Whole fowl wheat, 6s to Cs 3d per bushel, sacks extra. Whole maize, fis fid per bushel. Oats: Cartons, 3s 9d to 4s per bushel, sacks extra. Chaff: Prime oaten sheaf, £5 15s to £6 per ton, bags extra, ex store. Oyster grit, fis per 1001 b. Straw; Oaten, £4; whealen, £3 15s per ton, ex store. Oat dust, 5s per bag. Culmings, eight sacks for 20s, f.o.r. Wanted: Vegetable marrows, carrots and parsnips. Stocks held of lucerne meal, chickfoods. Belfast meal. Crosskeys mcatmoal and Victory meal. Champion egg crates Free use of fowl crates on application, June 21, 1937.

MINING NEWS BIG RIVER MINES ANNUAL REPORT The annual report of the Big River Gold Mines. Lid., to be presented at the fifth annual meeting on July 2 states, inter alia: — The company's mining areas extend over 200 acres in the Big River district, hold under special quartz claims, together with water rights and special sites. In Deep Creek coal mining rights are held over C 3 acres, but the coal mine has not been reconditioned yet, find in the meantime supplies are being procured from Merrijigs Mines. During the year £5997 7s 3d was expended in repairs to the main shaft, battery, dam and water race, and mine development. A total of 450 tons of ore was crushed and treated for a return of £255(5 8s 4d. Now that crushing operations have been expanded, the company's financial position is daily becoming stronger. A return from the battery is just to hand, and is valued at £1065 for 1370 z 4dwt of melted gold and 21oz cyanide bullion from 200 tons of ore. It is expected that gold returns will be produced steadily at the end of each month from now on. The New Zealand Gold Producers Association (of which this company is a member) is still persevering with its efforts to induce the Government to abolish the gold export tax of 12s 6d ner ounce, and the matter has been taken up again with the Taxation Revision Committee prior to the taxation proposals being finally settled by the Government at the forthcoming session. Although this company has not yet reached the dividend stage, it has paid in gold duty £2686 15s 8d since it commenced operations in January. 1932. Up to the end of last year £25,876 11s 7d has been expended by the company in wages alone. It will be seen, therefore, that the company's operations have played no insignificant part in the gold mining industry of the Dominion. The directors are confident that the future of the mine will develop satisfactorily and profitably for shareholders. The whole of the directors retire, and, being eligible, offer themselves for re-election. WEEKLY REPORT The report of the mine manager of operations at the Big River Gold Mines. Ltd., for the week ended on June 17 is as follows; — No. 5, centre slope, intermediate: In the south face took out balance of stone, which went into the footwall for 14 feet; am now trying to locate stone ahead of the fault. In the north face the stone is still in 2ft blocks and seams, with the reef track turning into the hanging wall. No. 5 south intermediate level: From the north drive have followed a block of stone east for 15ft, at an average width overhead of Bft, with a chute of stone at end of block running south for Bft and 3ft wide of high-grade stone. This block of stone appears to be making bigger overhead. No. 5 level, south slope; The leading slope has been carried along for 28ft, with another 7ft to take out. The average width is about 6ft. In the last 12ft of the slope the stone has been broken up with bands of quartz in it. A totai of 124£ tons of stone was delivered to the surface bins. GOLDFIELDS RETURN Messrs W. A. Mitson and Co., secretaries of the Goldfields Dredging Company, Ltd., report advice of a wash-up of 350 z 19dwt. OKARITO RETURN The secretaries of the Okarito Five Mile Beach Gold Dredging Company, Ltd., report that, the wash-up for the week ended on June 19, 1937, was 290 z Cdwt for 128 hours’ dredging. MATAKI RETURN (Per United Press Association) AUCKLAND, June 21. The Mataki Gold Dredging Company reports a return for the week ended June 20 of 250 z for 130 hours’ work and 7500 yards. WAIPAPA BEACH RETURN The Waipapa Beach Gold Dredging Company, Ltd., reports that the dredge has been worked down to the beach and that last week’s operations consisted of opening out a working face for dredging. A wash-up on Saturday last resulted in a return of 14oz 6dwt for a partial week. KING SOLOMON DEEP LEAD At a further meeting of the directors and shareholders of King Solomon Deep Lead, Ltd., on Saturday night, it was decided that the company should go into voluntary liquidation. Messrs R. S. Green and W. Crawford were appointed liquidators at a fee to be agreed upon between the present directors of the company and the liquidators when liquidation has been completed. Mr Crawford said he was very sorry that the time had come when the company had to go into liquidation. Some of the Auckland shareholders had expressed surprise at the steps taken by the shareholders in Southland, but there was no use bringing up gold if it was going to cost more to get it than it was worth. GUINEA GOLD PROFITS Accounts of Guinea Gold for the year ended February 28 show a net profit of £41,769, which, with £723 balance brought forward, gave £42,492 available for dividend. Two dividends of 9id a share were paid in June and December, absorbing £39,583, leaving a balance of £2909 to be carried forward. The directors report that profit for the year, which is £3656 more than for the previous period, consisted for the most part of two dividends from Bulolo Gold Dredging, Ltd., of 1 dollar 40 cents each a share, the remaining consisting of a dividend of 2d a share on 4000 shares held in New Dcloraine Gold Mining Company. N.L Owing to depression in world markets for gold-mining shares, (lie market value of the company's investment m Bulolo Gold Dredging, Ltd., has further diminished, although the rate of dividend declared by. the company, and payable this month, is at a hi "her rale than hitherto. As a result the directors have increased the forthcoming dividend payable on June 14 by Id a share to 10td a share.

Australian stock exchanges

(United Press Association) (By Electric Telegraph-Copyright) SYDNEY. June 21. (Received June 21, at 8.40 p.m.) Metal shares met an improved market on tiie Stock Exchange to-day, but the general investment business is still saggmg. mornjnG sales

MELBOURNE EXCHANGE The market generally was fairly quiet, although some stocks showed an improvement. Sales;— £ s. d.

SALE ON ’CHANGE £ s. d. Mount Morgan (cum div.i 0 12 6 SALES REPORTED Bank of N.Z. (Long D; late Sat.) 1 6 3 Mt. Lyell (cum tllv.; late Sat.) 2 1 6 Mt. Morgan (cum dlv.; late Sat.) O' 12 0 N.Z. Breweries (ex rights late Sat.) 2 7 0 N.Z. Breweries (rights) . 1 2 6 National Insurance 0 17 0 Electrolytic Zinc lord.) • • 2: 12 6 SALE REPORTED AFTER LAST CALL Mt. Lyell (ex'div.) 2 0 9 The following are yesterday afternoon’s buying and selling! quotations, which are subject to the usual brokerage:— GOVERNMENT LOANS Buyer. Seller. £ s. d. £ S. d. 3j p.c. Stock, Nov.. 1938-52 .. ..1. 102 0 0 — 31 p.c. Stock, March. 1939-43? .... .. 101 10 0 31 p.c. Stock, £iep„ 1939-43 101 10 0 — 31- p.c. Stock, May, 1939-52 .. 102 0 0 — 31 p.c. Stock, March, 1941-43 .... .. 101 10 0 — 31 p.c. Stock, Sep., 1941-43 101 10 0 — 31 p.c. Stock. May, J941-52 ■ .. .. 101 10 0 — 31 p.c, Stock, Nov., 1941-52 101 10 0 — 3 p.c- Bonds, 1939-41 ,. Of 0 0 — 4 p.c. Bonds, 1943-48 .. 103 0 0 — 4 p.c. Stock, 1943-48 .. — 104 0 0 4 p.c. Bonds, 1946-49 .. 103 0 0 — 4 p.c. Stoek, 1946-49 .. 103 0 0 — 4 p.c Bonds, 1952-55 ., 102 10 0 — 4 p.c. Stock, 1952-55 102 10 0 ~ 31 p.c. Bonds, 1953-57 .. 98 0 0 — 31 p.c . Stock, 1953-57 .. 93 0 0 — MINING Argo (Is) — 0 2 1 Big River (Is) .. 0 1 3 0 1 9 Clutha River (2s) 0 2 3 — Consol. Goldfields (4s) — 0 15 0 Gillespie’s Beach (Is) 0 1 4 0 1 6 Gt , Melds Dredging (Is) — 0 0 4 Molyneux River (2s) 0 2 0 — Maori Guily (Is) * ~ 0 1) I Nokomai (5s) .. .. 0 2 3 0 2 7 Okarito (5s) .. .. .. 0 2 1 — Sandhills (Is) .. .. 0 0 1 — Skippers (Is) .. — 6 0 4 Waihi Grand Junctn. (2s) ., .. — 0 3 0 Wamiumu Sluicing (Is) .. — 0 0 y BANKING A’asia (£5) .. .. — 12 12 0 N.h.W (£29) .. .. — 37 '.) u N.Z. (£1) — 2 4 3 N.Z. (Long D; £1) .. 1 G 0 1 6 8 Commercial (10s) — 0 18 8 E.S. and A. (£3) .. — '8 8 0 Natl, of N.Z, (£2 10s) 3 2 0 — Natl, of A’asia (eont,; £5) .. .. .. .. - 7 8 0 INSURANCE National (7s) ., .. 0 18 11 — South British (£1) .. 4 14 6 — Standard (£1) . — 3 0 0 SHIPPING Howard Smith (£1) ,. _ 1 0 0 Huddart. Parker (ord.; £!£-:■ .. .. — ■ 2 0 0 Huddart. Parker (prof. £1), 1 6 9 — P. and O Def . Stock (£1) ■ 1 17 8 — U.S.S. Co. (pref.; £1) 1 8 0 —

MEAT PRESERVING N.Z. Refrig (cont.: 10s) 0 0 9 0 9 0 South Froz. Meat (paid; £1) .. .. 3 14 6 — South. Froz. Meat (pret.; £1) .. .. 3 14 6 — WOOLLEN COMPANIES Bruce (pref.; £1) — 1 3 6 Mosgicl (£4) .. .. 10 2 0 — LOAN AND AGENCY Natnl. Mortgage (£2) — 2 13 0 Natl. Mortgage (B issue; £1) 1 9 0 — Perpetual Trustees (18s) — 3 2 0 Wright, Stephenson (ord.; £1) .. 1 0 9 — Wright Stephenson (pref.; £1) .. .. 1 1 0 1 2 6 COAL Westport (10s) .. .. 1 3 0 — MISCELLANEOUS Anthony Hordern (£1) 0 18 6 0 19 4 Broken Hill Pty. (£1) 3 17 G 4 0 0 Broken Mill Pty. (cont.; 15s) .. .. 3 12 0 — brown Ewing (pref.; £1) 1 2 8 — D.I.C (pref.; £1) .. 1 3 9 — Dominion Fertiliser (£1) 1 3 0 — Stock Exchange Pty. (£1) 2 0 0 — uunlop Perd. Rubber (£1) 1 2 0 1 2 9 MISCELLANEOUS General Industries (12s 6d) — 1 0 2 G. J. Coles (£1) 5 2 0 5 6 0 Hume Pipe (£1) .. .. — 1 0 0 Milburn Lime (£1)*.. 2 0 0 — Mort’s Dock (£1) 0 13 6 0 14 3 Moturoa Oil (pref.; 5s) 0 2 6 — Natnl. Electric (£1) .. — 0 14 0 N.Z. Drug Co. (£2) .. Farmers’ Fertiliser —. 3 15 n (£1) 0 19 3 1 0 G Regent Theatre (£1) 1 0 0 1 2 0 Smith and Smith (pref.; £1) .... 1 1 6 — Wilsons Cement (10s) — 1 19 6 Woolworths (ord.; £1) — 8 2 0 BREWERIES N.Z. Breweries (£1; ex rights) 2 7 3 — N.Z. Breweries (rights) 1 2 6 1 2 11 Staples (£1) .. — 3 12 0 Dunedin (£1) .. 1 8 6 — AUSTRALIAN MINING Austral N.Z. Mining Os) 0 11 3 0 13 6 Broken Hill South (5s) 2 7 3 2 8 6 Electro Zinc (pref.; £1) 2 14 0 — Electro. Zinc (ord.; £1) 2 13 0 2 14 6 Mount Lyell (£1) .. 2 0 6 2 1 6 Mount Morgan (2s 6d) 0 12 G 0 13 0 North Broken Hill (5s) 3 11 6 3 12 -3 Rawang Tin (10s) .. 0 11 0 —

Wilson’s Cement — 9d per share, final June 23 Australian Glass (ord.)—9 per cent,, final June 23 Australian Glass (pref.)— Final 4£ per cent, .. ., June 23 Gear Meat—5 per cent., 3d per share, half-yearly ., June 25 Gillespie's Beach — Id per share June 25 Goldsbrough, Mort — 8 per cent,, Is 2 2-5d per share, yearly June 25 Kauri Timber — 5 per cent., 7£d per share, half-yearly June 25 North Broken Hill—No 106, of Is 6d per share quarteriy '. .. .. June 25 British Tobacco—Quarterly, 2 per cent., 8 per cent, per annum .. .. June 30 Blackwater—10 per cent.. Is per share, half-yearly June 30 Consolidated Goldfields — 5 per cent. Cd per share, half-yearly June 30 Woolworths (W.A.) —2s per share June - National Mortgage (A issue) —Is per share, half-yearly July 1 National Mortgage (B issue) —6d per share, half-vcarly July I Dominion Breweries—8i per cent., 10 4-5d per share. half-yearly, about .. .. July 3 National Bank—4 per cent., Is per share, half-yearly ,. July 3 Mount Morgan — 4Jd per share half-yearly .. .. July 10 Woolworths (N Z.) — 5 per cent.. Is per share, halfyearly July 15

Sales on 'Change £ s. d. Mount Eden Borough, 195459, 4J p;c 106 10 0 Mount Eden Borough, 195661, 4J p.c 106 10 0 Amalgamated Brick (Auckland), 1944, 8 p.c 100 0 0 Bank of New Zealand (D Mort.) .. 1 6 4 New Zealand Insurance .. 3 6 0 Pukemiro 0 18 0 Now Zealand Breweries (rights) 1 2 6 1 2 V, 1 2 6 Broken Hill Ply 3 18 6 Consolidated Brick .. ,. 0 7 6 Colonial Sugar 47 0 0 Dunlop Perdriau 1 2 0 Electrolytic Zinc 2 12 6 Electrolytic Zinc (pref.) .. 2 14 6 Farmers’ Trading 1 2 6 G. J. Coles 5 5 0 Mort’s Dock 0 14 3 New Auckland Laundry .. 1 0 0

Commercial Bank of Australia . 0 18 3 Now Zealand Breweries (3) 2 7 9 (3) 2 7 7 i2) 2 7 8 2 7 9 (4) 2 7 8 New Zealand Breweries frights) 1 2 7 (8) 1 2 6 Staples Brewery 2 10 (i Broken Hill Pty. (2) .. .. 3 17 9 (2) 3 18 5 Broken Hill Ply. (contr.) .. 3 13 3 Dunlop Rubber 1 2 3 Electrolytic Zinc ford.) 2 12 3 (2) 2 12 4 2 13 6 G. J. Coles (2) 3 4 9 (8) 5 5 0 Mort's Dock (4) 0 14 3 New Zealand Farmers’ Fertiliser (2) 1 0 0 Big River f2) , 0 1 7 Waimumu Sluicing 0 0 (3 Mount Lycll.fex div.; 2) 2 0 3 2 0 2 2 0 10 2 1 0 Mount Morgan (cum div.) 0 12 6 (2) 0 12 7 0 12 8 (7) 0 12 9 Sales Reported Commercial Bank of Australia 0 18 4 New Zealand Breweries .. 2 7 9 (2) 2 7 8 Westporl-Stockton Coal .. 0 2 6 Mount Lycll (ex div.; 2) .. 2 0 6 2 0 5 Unlisted Stocks M’Kenzie’s Department Stores 3 19 6 Woolworths (Syd.; ord.; 2) 7 0 0 Sales Reported M'Kenzie’s Department Stores 3 19 6

Paid-up capital, £600,000. Trading Net t Dividend •Besoms. Balance. i’roflt. I’ref. Ord £ £ £ P.e. P.e. Mar. 31, 1928 187,535 80.872 47,073 8 10 Sap. 30, 1028 200,2811 78.107 40,880 8 13 Mar. 31, 1030 218,310 70,553 41.078 8 10 Sep. 30. 1030 257,330 02,415 32,702 8 3 .Mar. 31. 1032 204,050 41,723 22,342 8 8 Sep. 30. 1932 203.720 45,897 23.458 8 8 Mar. 31. 1934 275.201 50,100 30.824 8 10 Sep. 80, 1934 279,400 01,520 33.028 8 10 Mar. 31. 1035 282,283 58.095 31.000 8 10 Sep. SO 1933 287,048 61,080 33,648 S 10 Mar. SI. 1930 200.857 00,062 37.593 8 12 Sep. SO. 1930 200,041 74.031 41,070 8 12 Mar. SI. 1037 310.400 78,850 45,235 8 12 •Excluding taxation reserve. fHate Per annum

Expenditure, TaxaTrading General tion. Total. Balance. Batle £ £ £ £ p.e. Mar. 31. 1030 21,238 7,030 28.871 70,553 40.93 Sep. 30, 1030 21,330 8,317 29.053 62.415 47.5! Mar. 31, 1032 14,400 , 4,072 10.381 41',723 40.45 Sep. SO. 1032 15,051 0,488 22.430 45.807 48.80 Mar. 31. 1034 18,317 7,020 25.337 60,106 45.11 Sep. 30. 1034 18.282 10,210 28,402 01,520 40.3) Mar. 31. 1033 10,073 7,002 27,035 58.005 io.ua Sep. 30, 1035 10,630 8.705 28,431 , 01,080 45.87 Mar. 81, 1030 10,178 0.282 28,400 00.052 43.01’ Sep. 30. 1038 18,053 13,708 32.001 74.031 43.70 Mar. 31. 1037 20.273 13.341 33.014 78,850 42.03

I’an 3 - I’ar Itronv. June 10. June IS. .tune 10. Francs to £ I 1£1.£1 110 57-01 110 20-32 Brussels— • Bellas to £ J 30 20.25 20.243 Oslo Kroner to £1 IS.ISO 10.00 10.00 Stockholm— Kroner to £ 1 is.no I0.30J 19.391 i ntieidiapeu— Kronur to £ 1 is.no 22.40 22.40 lierliu — Marks tu £ 1 20.31 12.311 12.323 \lotitrual — Dollars to £ I 4.SB 2-3 4.035 1.035 New York— Dollars 10 £ 1 1.80 2-3 4.03a 1.03 29-32 V okohaimi— I'uiicu to vcn 31.582 13 31-32 13 31-32 ilomtkfinit— Deuce to dollar 24.08 14 25-32 14 13-10 llonibay— fence to rupee __ IS4 185 Data via — Florins to £1 12.10 8.90 8.00 villa nLire to £1 82.46 93 13-10 03 27-32 vmsterrlam — Guilder to £ 1 12.107 8.981 8.085 I’rapue— Kroner to £ 1 I04J 141J 1413 lieneva - Francs to £) 25.224 21.533 21.51 vtennaSeltlllintrs to £1 84.801 201 204 ilelsliiators— Marks to £ 1 103.23 220i 2205 Madrid— t’esetas to £ 1 25.221 92 11-32 02 11-32 ttclarade— Dinars to £ 1 25.22 J 216 210 AlliensDrachma to £1 375 517J 547J Msbon - Escudo? to £1 110 .110 13-10 110 13-16 Uuidiareat— Lei to £ I 031.6 070 070 itlo de Janeiro— I’enee to mllrcls .. 5.800 4i 4i Uuenos Aires— 1‘cnce to ttcaos 47.22 — ''hntuthal — Pence to tael — 14 13-32 14 7-10 Montevideo— Pence to pesos 395 395 Warsaw— Zlotys to £1 - 20.00 20.06

London— Buying Selling £1 N.Z to £100 stg. r.T. 124 124/10/ O.D. 123/10/124/8/0 Australia— / £ A to £100 N.Z T.T 101 100/10/O.D 101 nilS F to £100 N.Z T.T. 00/7/6 80 O.D. 00/7/6 89 New VorKDollars lo £ N.Z. T.T. 3.0000 3.0586 O.D. 4.0050 3.9026 .Montreal— Dollars lo £ N.Z. T.T. 3.0001 3,0612 O.D. 4.0080 3.9052 Austria— Schillings to B N.Z T.T. — 2SI.UU O.D. — 21.01 Belgium— Belcas lo £ N.Z T.T. — 23.301 O.D. — 23.372 Czechoslovakia— Crowns lo £ N.Z T.T. — i la.yi O.D. — 112.08 Denmark— Kroner lo £ N.Z T.T 18.203 17.803 O.D. 18,203 17.899 France — Francs to £ N.Z T.T. — 88.87 O.D. — 88.91 llermany— Reichsmarks to £ — P.823 N.Z .. .. T.T. O.D. — 0.828 Holland— Florins lo £ N.Z T.T. 7.310 7,109 O.D 7.3.10 7.173 Italy— Lire to £ N.Z. T.T. — 75.21 O.D. — 73.20 lava— Klnrlna to £ N.Z. T.T. 7.201 7.141 O.D. 7.331 7.143 \ or way— Kroner lo £ N.Z. T.T 10.183 15.893 O.D. 10.243 15.899 Sweden— Kroner to £ N.Z. T.T, 15.785 15.490 O.D. 13.815 15.496 Switzerland— Francs to £ N.Z T.T. 17.483 17.215 O.D. 17.500 17.220 \oiimoa— Francs lo £ N.Z. r.T. — 87.50 O.D. — 87.56 Fapeete— Franca to £ N.Z T.T. —- 87.45 O.D. — 87.51 Hongkong— N.Z pence to 1 IS 5-32 IS 10-32 dollar T.T. O.D. 18 10-32 India and Ceylon— N.Z. pence to 1 rupee .. .. T.T. •>0 3 22 21-32 O.D. 22*11-32 22 21-32 laimn— N '.7, pence to 1 — 17 15-32 ven .... T.T. O.D. — 17 15-32 Shanghai— N.Z pence to 1 dollar .. .. T.T. 17 45-04 IS MlO.D. 17 43-64 lS 9-64 Singapore— N Z pence to 1 dollar .. ., T.T. 31 23-32 35 13-01 • O.D. 343 35 13-6! I'll (Too— M Z pence to I dollar .. .. r.T 17 23-32 18 11-32 O.D 17 43-01 IS 21-01 Manila— N.Z pence to 1 peso .. .. T.T. 29 10-0 30 27-64 O.D 20 53-01 30 27-01 All rates subject to alteration without notice

notice;— U.S.A Canada (Por £ 1 (Per £1 N.Z.) N.Z.) Soiling— T.T. Dols Dols .. 3.95 15-16 3.96 1-16 O.D. .. 3.96 5-16 3.96J Buying— O.D, .. 4.00a 4.00 : f

Commonwealth Bonds— £ s. d. 31 p.c., 1948 97 0 0 p.c., 1951 100 2 6 4 p.c., 1938 100 10 0 4 p.c., 1944 103 7 6 4 p.c., 1937 104 0 0 Bank of New South Wales 36 2 6 Associated Nows (prof.) .. 1 3 9 Broken Hill Pty 3 19 0 Electrolytic Zinc 2 ADDITIONAL SALES 13 0 Bank of Now South Wales Commercial Banking of 36 0 0 Sydney Commercial Bank of Aus21 15 0 tralia 0 18 6 Colonial Sugar 47 17 6 Bank of New Zealand .. 2 3 9 Tooths 2 15 3 Coles .. 5 6 0 Dunlop Perdriau .. 1 2 71 Winchcombe, Carson .. .. 1 19 3 Australian Drug Houses .. 0 13 0 Electrolytic Zinc .. .. 2 14 6 Electrolytic Zinc (pref.) .. 2 16 0 Woolworths (ord.) .. .. 7 0 0 Mount Morgan 0 12 8 Larut 0 19 •ia

Commercial Bank of Australia ■ 0 18 6 National Bank (£5 paid) 7 4 6 National Bank (£10 paid) 14 8 0 Howard Smith .. .. 1 0 7 British Tobacco .. .. 2 10 6 Coles 5 G 0 Dunlop Perdriau .. .. 1 2 8 General Motors ,. .. 1 4 0 Electrolytic Zinc .. .. 2 14 9 Electrolytic Zinc (pref.) 2 16 3 Mount Morgan .. .. 0 12 9 Mount Lyell Broken Hill Pty 2 1 6 3 18 6 South Broken Hill 2 8 6 North Broken Hill 3 12 0 Emperor 0 16 3 Loloma 0 19 7 Satupulo 1 16 0