COMMERCE AND FINANCE

Otago Daily Times, Issue 23334, 28 October 1937, Page 8

COMMERCE AND FINANCE

LOCAL AND , OVERSEAS MARKETS

THE SHARE MARKET DUNEDIN STOCK EXCHANGE PRICES GENERALLY STEADY Although there was a noticeable slackening of buying .interest on the Dunedin Stock Exchange yesterday, values throughout generally remained firm. Buyers of Australian mining stocks operated with caution, but sellers held the upper hand Quotations for banking issues revealed little change from those of the previous day. New Zealands, after a reported sale at £2 4s, having unsupphed buyers at 3d below this figure. Unions were on offer at the slightly easier price of £9 lis, but there was no response from buyers. Insurances were quiet, with a buying offer for New Zealands only, and P. and O. Deferred Stock moved up Is 6d to a buyer at £ 1 10s, but holders kept off the market. Waitaki Farmers' Freezing continued their upward tendency, but a buyer at :£4 6s did not attract a seller. . Coal shares, were slightly firmer. : *' ?, : > ' ', : After sales '■: at, fjirom £3< 6s ,4d to £3 6s 6dilßuoken Hill Proprietaries finished ) , with a market between £3 'ss'|»d and £3 6s fid. G. J. Coles werev shade easier, and Regent a buyer' on at £l, vendors fixing.their limits at Is 6d pri<je. A '; . .'-,'.■ •' ~ '.' Mount LyellaUttracted,the most attention in the-'.Australian mining section, and had three sales at £1 18s 6d, the market closing with buyers at this figure and sellers wanting Id more. Mount Morgans''were fairly firm and moved up to a sale at lis lid. Broken Hill Souths dropped 3d, a margin of Is separating the closing buying and selling quotations. ■ • ... ' YESTERDAY'S TRANSACTIONS

Mount Lyell .. .. ~ .. .. 118 6 The following are yeisterday afternoon's buying and selling quotations, which are subject to the usual brokerage:— GOVERNMENT LOANS

DIVIDENDS PAYABLE The following is a list of shares on which dividends will shortly be payable:— United Provisions Final pref. at .8 per cent, per annum .... .... •• To-day South .British InsuranceFinal of Is 5d per share .. To-day Drug Houses '■■■ of AustraliaFinal, 3§ per cent.; making 6J per cent.. per annum .. Oct. 30 Imperial Chemical Industries —lntefim, half-yearly ord. 3 ner cent, ...... .. Nov. 1 Macky Logan Caldwell— Interim at 5 per cent, per annum .... :'. .. .. Nov. 1 Martha Mine—ls per share, free of tax ~. ■; Nov. 2 Bank of Adelaide—lnterim at 5 per cent, per annum Nov. 3 South Otago Freezing—s per cent. .. ■;-.- .. (about) Nov. 9 N.Z. Paper Mills—lnterim, 3 per cent .. .. Nov. 15 Broken Hill Proprietary-Half-yearly, Is 3d per share (Australian currency)' .. Nov. 17 National Bank of Australasia —Half-yearly at 6 per cent." per annum Nov. 24 Dunedin Brewery and Wilson Malt Extract Company —lnterim at 7 per cent, per annum Dec. 1 Bank of New Zealand—Halfyearly, Is per" share, ord., 33 per cent. D long-term mortgage issue .... .. Dec. 11 Broken Hill South—ls 3d per share .. .... Dec. 17 NORTHERN EXCHANGES AUCKLAND

LONDON METAL MARKET (United Press Association) (By Electric Telegraph—Copyright) LONDON, Oot. 26.

ADDINGTON MARKET HEAVY FAT STOCK YARDINGS (Per United Press Association) CHRISTCHURCH, Oct. 27. Fat lambs, fat sheep, and fat cattle were in heavy supply at to-day's Addington market, due to next week's sale being a double one because of Carnival Week. Store Sheep.—Only a few pens of ewes and lambs and medium hoggets were forward, the demand being slow. Spring Lambs.—Too many were forward, and there was a decline of up to 3s per head (average price per lb, lOd to lOJd). •. Fat Sheep.—Nearly all the entry was shorn, and it comprised about 5250 head. There was % good sale throughout, with little change for wethers, shorn ewes being a shade easier. Best shorn wethers made to 37s 7d, and shorn ewes to 32s lOd. The bulk of the good sheep sold as follows:—Wethers 31s to 335, and ewes 25s to 295. ; Fat Cattle.—Five hundred and twenty-five were penned, and there was a general easing of about 20s a head, heavy bodies being most affected. Best beef sold at from 38s to 40s, in special cases to 42s 6d, medium 34si to 375, good steers from £l3 to £l6 10s, good heifers from £lO 10s to £l4, good cows from £9 10s to £l3 10s. Vealers—The sale was slacker by about 4s a head. Store Cattle.—Some station lines were penned, and these sold well at up to £7 6s. Cows made to £4 12s Fat Pigs.—There was a sound sale for porkers, which made from 41s Hd to £3 9s 6d (average price per lb, 7jd to 81 d). Baconers made from £a 9s 6d to £5 10s 6d (average price per lb, 7d to 8d). A ... Store Pigs.—A small entry met with a keen sale. Weaners made from 20s to 255. slips 27s to 295, and stores 30s to 355. AUSTRALIAN STOCK EXCHANGES (United Press Association) c(By Electric Telegraph—Copyright) SYDNEY, Oct. 27. (Received Oct. 27, at 11.15 p.m.) Local investors continued along cautious lines on the Stock Exchange to-day. The tone of the market was healthy and steady, with a restricted turnover. THE MORNING SALES

Emperor .... 0 12 3. THE BUTTER MARKET (United Press Association) (By Electric Telegraph—Copyright) LONDON. Oct. 26. Butter is strong. Danish, 150 s; Australian and New Zealand, salted and unsalted. 1465. NEW GUINEA GOLD SHARES (United Press Association) (By Electric Telegraph—Copyright) LONDON. Oct. 26. Now Guinea Gold shares are quoted at Is 6d.

FOREIGN EXCHANGES (British Official Wireless) (United Press Association)

<By Electric Telegraph—Copyright) RUGBY, Oct. 26. Paris— Par. Oct. 25. Oct. 26. Francs to £1 124.21 147 1-64 148 15-32 Brussels— Belgastofil SO 29.34} 29.35} OsloKroner to £) 18.180 19.90 19.90 StockholmKroner to £1 18.130 19.39 J 19.39} CopenhagenKroner to £1 18.150' 22.40 22.40 BerlinMarks to £1 30.34 12.32} 12.33 MontrealDollars to £1 4.86 2-3 4.95 4.95} New YorkDollars to £ I 4.86 2-3 4.95 1-16 4.95} YokohamaPence to yeD 84.582 14 14 Hongkong— Pence to dollar 24.58 15 15 BombayPence to rupee Batavia— FloMnsto£J 12.10 8.93} 8.93} MilanLire to £1 82.48 94} 94} AmsterdamGuilder to £1 12.107 8.95} 8.952 Prague— Kroner to £1 104} 141 9-16 141 9-16 GenevaFrancs to £1 25.22} 21.47 1-16 21.48} ViennaSchillings to £1 .. 84.86} 26} 26* Heislngfors— Marks to £1 193.23 226} 226} ' MadrldPesctastofi) 25.22} 92 11-32 92 11-32 BelgradeDinars to £1 25.22} 216 216 AthensDrachmas to £1 ..375 547} 547} Lisbon— Eseudos to £1 .. 110 110 3-16 110 S-16 BucharestLei to £1 931.6 675 675 810 de JaneiroPence to mllrels .. 5.890 4} . 4} Buenos AiresPence to pesos 47.22 ShanghaiPence to tael MontevideoPence to pesos Warsaw— Zlotystofil - 26.21 26.21

ON NEW ZEALAND CURRENCY BASIS The BanK of New South Wales, Dunedln. quoted the following rates for purchases and sales of foreign exchange yesterday:—

DOLLAR RATES The Associated Banks cother than the Bank of New South Wales) quoted the following dollar rates yesterday on a New Zealand currency basis. They are subject to alteration without notice:— _ U.S.A. Canada. (Per£l (Per£l N.Z.) N.Z.) Selling— Dols. Dols T.T. .. .. 3.97 3.96 15-16 O.D 3.971 3.97 5-16 Buying— O.D .. .. 4.01 g 4.01 5-16 MOUNT LYELL SHARES (United Press Association) (By Electric Telegraph—Copyright) LONDON, Oct. 26. Mount Lyell shares are quoted at 30s. LONDON STOCK EXCHANGE (United Press Association) (By Electric Telegraph—Copyright) LONDON. Oct. 26. Dalgety, 4 per cents., £99 10s: British Tobacco, 475; Goldsbrough, Mort, 26s 6d; Dalgety, 157 s 6d: P. and O. Deferred. 25s 9d. SELFRIDGE'S, LTD. (United Press Association) (By Electric Telegraph—Copyright) SYDNEY, Oct. 27. (Received Oct. 27. at 11.30 p.m.) Self ridges (Australasia), Ltd., is calling for more capital to finance the expansion of its business to New Zealand and Western Australia. The directors are ofTering 95.000 £l.shares at a premium of ss. in the proportion of ojie for every two held on November 10.

MINING NEWS / RIMU RETURN (Per United Press Association* HOKITIKA, Oct. 27. The Rimu dredge return is 312.10 z for 133 hours, 50,384 yards being treated. PADDY'S POINT RETURN The Paddy's Point Gold Mining Company, Ltd., reports a return of 68oz as the result of 26 days' sluicing. MARTHA OPERATIONS The following information has been cabled to London:—No. 2 level, north branch Martha lode in drive west of Brown crosscut: The next 21 feet assays 12s 6d per ton. No. 4 level, east section of Edward lode, driving north: The next 25 feet is ore of good grade in about 3Jft lode. MOUNT LYELL REPORT The Mount Lyell Mining and Railway Company,. Ltd., submits the following progress report for the fortnight ended on October 13:— North Mount Lyell.—Tons extracted, 3549. Crown Lyell.—Tons extracted, 979. West Lyell.—Tons extracted, 24,922. Lyell Comstock.—Tons extracted, 3276. No. 9 level: No. 1 Mullock Pass rise to 54 feet through ore; main shaft to 524 feet through porphyry. Reduction Works.—Furnace in blast for full period; refinery anodes produced for year ended on September 30, 12,883 tons. The production for the current year was 181 tons. Concentrator.—Mill operated 336 hours and treated 31,537 tons of ore, producing 1798 tons of concentrates. Copper Refinery.—Tank house in operation throughout period, 506 tons cathode copper being produced for the fortnight. Total for the year ended on September 30, 13,516 tons. Production for the current year was 470 tons. SYDNEY WOOL SALES (United Press Association) (By Electric Telegraph—Copyright) SYDNEY, Oct. 27. (Received Oct. 28, at 0.15 a.m.) At the wool sr js 11,496 bales were off. red and 8920 sold, while 487 were privately disposed of. Competition came mostly from France and Germany. Greasy merino made to 253 d, the highest price this season. DOLLAR AND FRANC (United Press Association) (By Electric Telegraph—Copyright) LONDON, Oct. 26. Exchange on New York is quoted at 4.95 1-16 dollars to the £, and on Pans at 148 francs to the £. ANTWERP FUTURES (United Press Association) (By Electric Telegraph—Copyright) LONDON, Oct. 26. Antwerp futures:—December, 26£d; March and May, 26id. LONDON MARKETS HIGH COMMISSIONER'S CABLEGRAM The Department of Agriculture has received the-' following cablegram, dated October 23, from the High Commissioner for New Zealand, London:— Tallow.—Little more business, but prices 6d lower. Hemp—Manila: Market quiet and easier. Closing values "K " grade for October-December shipment £25 10s. Output January 1 to October 18, 1,112.000 bales, against 1,064,000 bales for the same period last year. Stocks in United Kingdom on October 1, 8286 bales, against 13,200 at the same time last year. Stocks in Manila on October 18, 173,000 bales, against 153,000 at the same time last year Sisal: Market quiet and easier. Octo-ber-December shipments quoted sellers £24 15s. New Zealand: Market quiet, with sellers on the basis of fair £26; but no business reported owing to the absence of buyers. Stocks in London on October 1, 46 tons, against 59 tons at the same time last year. Eggs.—Market quiet. English, National pack, 16s 6d to 225; English, ordinary pack, 18s to 19s; Danish, 13s 6d to 15s 3d; Australian, 12s to 13s 6d. Apples—Market weakened, but during the last few days demand is improving. Current prices are: Californian Newtown, 10s to 12s 6d; Delicious, 8s 9d to 9s 6d; Rome Beauty, 8s 6d to 9s 3d; Washington Jonathans, 9s; British Columbian Cox's Orange Pippins, 8s to lis 9d: Mackintosh Red. 7s to 9s. „ ~. Pears—Fair demand. Californian Doyenne du Cornice, 17s to 19s; Beurre Bosc, 13s to 13s 6d; Beurre Hardy, lis to 16s 6d. Fraser and Co., selling agents for Otago and Oamaru Egg Circles, report as under:— . Eggs—Associated Agents' price for the week ended October 23, Is lid per dozen; others, Is Id per dozen. Butter —separator pats, lid to Is per lb. Tallow. 15s per cwt. Pigs—good bacon weights, 6.'.d per lb; overweights, 2d to 3d; porkers, 6Jd per lb. Potatoes, 9s 6d lo 10s per cwt. Chad. £5 15s to £6 per ton. sacks extra. Whole fowl wheat, 6s Cd to 6s 9d per bushel. Canadian onions. 20s to 22s 6d per bag. Honey—bulk, 7d per lb: 101 b tins. 7s 6d: 21b pottles, Is 6d. Poultry-White Leghorn hens, 5s to 5s 6d - heavy breeds. 6s to 6s 6d. Cockerels—light. 2s 3d to 4s; heavy, 7s to 8s 6d; roosters. 2s to 3s 6d, ducks, 3s to 4s: ducklings, 6s to 7s—all per oair Turkey gobblers, 9d to lOd per ib 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 agent' for Gamble electric incubators, 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 morning of each week. We have a stock of poultry crates on hand for the use of our clients.

GILLESPIE'S BEACH COMPANY ANNUAL MEETING YEAR'S OPERATIONS REVIEWED At the fifth annual meeting of Gillespie's Beach Gold Dredging Company lilt night. Mr N. K. Sligo was in the chair. CHAIRMAN'S REMARKS Moving the adoption of the annual report and balance sheet, the chairman said that up to the close of the financial year on June 30, gold amounting to 35220 z. valued at £28,333 14s Id, had been won. Dredging, electric power costs, and administration expenses oyer the same period amounted to fcIIMSH 16s 7d. being an increase on the previous year of £1216 17s 6d Tins increase was due to:-(l) Higher wages and increased cost of manufactured machinery. (2) A general all-round increase in maintenance stores. wj» Transport difficulties. The latter trouble caused grave anxiety to the directors and dredgemaster—material had to be boated over part of the Cook River lagoons and thence pulled by the company s tractor round the sea bluff to the claim. The hard work given the tractor would necessitate expensive repairs or probablv a new machine. The transport difiiculty.accounted largely for the extensive renewal of angle irons for the ladder, and consequent extra repair time. Under ordinary conditions, a new ladder would have been installed and thus saved much lost dredging time. As a further indication of transport difficulties, the new bottom tumbler sent forward two years ago had not yet been delivered on the claim. . , , , , „ The area of ground worked during the year was approximately 22 acres. "About four chains of the lagoon side of the face," Mr Sligo said, " are being dredged to a blue marine bottom, which dips rapidly to seaward, and the bore put down in the beach end of the dredge dam Bottomed on blue marine at 30 feet, but showed no gold beyond the dredging depth at this part of the face 21 feet below water level of dam. Two bores put down further to the west of the working face showed gold to a depth of 23ft and 24ft below the present dam water level. This ground has an overburden of from Bft to 12ft above dam level, and before the dredge can be turned to make a return cut south, a longer elevator will be required to treat this deeper ground successfully, and, in view of possible contingencies regarding higher levels ahead, it will be wise to make provision for this longer elevator as soon as possible." During the year, Mr Sligo continued, the dredge averaged 14,000 cubic yards per working week, the value being 9.1 d per cubic yard, with gold at. £7 per oz. The average price of gold sold during the year was £7 8s per oz after payment of export tax and bank charges. The dredge averaged 80oz per week of dredging time and between five and six weeks' dredging time was lost. The profit and loss appropriation account showed that four dividends aggregating 33 1-3 per cent., and amounting to £11,666 13s 4d, were paid to shareholders. Income dividend tax amounted to £1682 6s Bd, leaving a balance of £4153 10s 2d carried forward. Shareholders were notified at the last annual meeting that a serve fund of £IOOO had been established, which had since been increased to over £3OOO. this sum, being part of the balance carried forward. The gold export and dividend taxes amounted to £3882 3s Id. "Some concern was caused the directors," he remarked, " owing to the corrosion of the pelton wheel buckets and runner at the power station. A new set of bronze buckets was put in, and a new set of rtainless steel buckets and runner has been ordered from England at a cost of £385. "In view of the acclaimed general prosperity of the country gold mining companies and individual miners feel that they are being hit below the belt by the rentention of a tax so unjust in its crippling effect "On the industry, and especially so discouraging to companies unable to pay dividends to their shareholders. A direct capital tax on any industry will never be popular, and the previous Government's action in putting this Act on the Statute Booh to its present crude form and without protecting clauses for New Zealand companies, which have not returned the original capital to shareholders, shows a lack of concern, particularly in regard to the possible exploitation of low-grade reefing propositions and small mining concerns working on or near the border line. "Apart from the retention of this tax the present Government has shown much sympathetic consideration for the industry, more so than any previous Government of late years. In-justice to the present Minister of Mines no reasonable expense has been spared to assist and enlarge the industry by the judicious expenditure of the proceeds of the tax, but representatives of all classes of gold mining are insistent that the Act should be revised within a reasonable time, and an effort made either to abolish it as regards New Zealand-owned properties, or a complete statesmanlike reconstruction undertaken of the incidence of the Mr J M. Stewart seconded the motion 'and referred to the working conditions at the claim, making comparisons of values and costs with previous years. He also spoke of the work at the dam to increase the water supply at the power house. The report and balance sheet were then adopted. RE-ELECTION OF DIRECTORS The retiring directors, Messrs N. K. Sligo and M. Sullivan, were reelected. * The present auditors, Messrs W.E. C. Reid and Co., were re-appointed. APPRECIATION Appreciation of the services rendered the company by Mr George Pettigrew, dredgemaster, who recently resigned his position owing to ill-healtn, was expressed by the chairman and other speakers. It was decided to place on record a minute of appreciation pf his work, a copy to be forwarded to Mr Pettigrew. COLOMBO TEA SALE Mr L. M. Wright has received the following cabled report on the Colombo tea auction of October 26: Common teas were slightly irregular, but medium and better grades were in strong demand and prices were firm to dearer. , Sales continue to be small. Next week 1.750,0001 b will be auctioned.

COMPANY BALANCE SHEETS THE DRAPERY AND GENERAL IMPORTING COMPANY OF NEW ZEALAND, LTD.

This company again lays before its shareholders the results of a successful year's trading. The improvement shown in the trading result of a year ago has been more than maintained, a net profit of £38,496 succeeding one of £31,104. After £12,500 is absorbed by the preference share dividend of 5 per cent., the recommendation is to distribute 6 oer cent, (the same as last year) on the ordinary shares and allot sufficient to bring general reserve up to £40,000. The balance to be carried forward is £44,277, an increase, of £3777. In July, 1937, the directors decided to distribute out of the general reserve the sum of £60,679 as a bonus amongst the holders of ordinary shares and to capitalise it. The dividend now recommended is on the ordinary shares, including the bonus issue. The amount to be distributed for the year will be £14,589, .against £10,927 in 1936. The directors, in their report to shareholders, draw the attention of the preference shareholders to the fact that by the Mortgagors and Lessees Rehabilitation Act, 1936, the temporary reduction in the rate of dividend payable on preference shares, viz., from 6 per cent, to 5 per cent., has been made permanent. The turnover has been on a larger scale, as the relative figures show. Gross profit is up to £275,133. While the items in expenditure are detailed, the amounts are not given except in the case of directors' fees, the debit for which in this year's accounts has increased from. £3OO to £1514. The following table gives a comparison of the ratio of expenditure, including taxation, to gross profit:— : '

The gradual reduction in the ratio has been a feature of recent seasons. Fixed assets, consisting of land and buildings, fixtures and plant, shown at cost less depreciation, total £,471,70&. as against £491,348 in 1936, a reduction of £19.583. During the bast two years these assets have been •reduced by £37,660. The mortgage 0f. £46,000, which may be regarded as a'deduction from the fixed assets, has been-re-duced by £SOOO. Stock on hand, including shipments afloat, occupies premier place among the liauid. assets. These items are shown at,£221,374,.0r £56,170 greater than last year. Sundry debtors, less reserve for bad and doubtful debts, have increased by £7302, and are shown at £94,956. This increase is, no doubt, due to increased turnover. , . • '. . , Investments, the nature of which is not disclosed, are now written down to £142, while cash on hand shows little variation. 'The bank balance has changed sides, a credit balance of £719 having been transferred into an overdraft of ■ £12,715. Grouped with the item ''sundry creditors " is the provision for land and income tax and deposits. This group shows an increase of £18,855, and now stands at £107,797. There is ■.nothing to indicate the extent of the liabilities to depositors under this heading. Reserves now total £108,141, made up of; plate-glass insurance reserve £2824 (an increase of £128), contingency reserve £21,040 (an increase of £676), and general reserve £32,370, plus appropriation from this year's surplus £7630, and the floating balance of Following the distribution out of general reserve of the bonus of £60,679 to ordinary shareholders, the total reserves show a net gain of £12,260, after the deduction pf an unexplained decrease of £52 in the general reserve accounts. PRICE OF FINE GOLD (United Press Association) (By Electric Telegraph—Copyright) LONDON, Oct. 26.

IMPERIAL AIRWAYS DIVIDEND LONDON, Oct. 27. (Received Oct. 27 at 10 P.m.) Imperial Airways profit was A dividend of 7 per cent, has been declared. IMPERIAL CHEMICAL INDUSTRIES Announcing an increase from 2J per cent, to 3 per cent, in the interim dividend, payable on November 1, the board of Imperial Chemical Industries, Ltd., said the decision was not to be read as indicating any increase in the total dividend 'for the current year. For the past three years 8 per cent, has been received by ordinary stockholders, and the disappointed optimists of yester-year are again canvassing the possibility of an increased total payment for 1937, says the Economist. Yet the board has acquired a reputation for straightforward speech, and such conjecture is clearly no dependable investment pointer. It is evident—indeed, it has been evident since 1935 that the company could pay more at the expense of free reserves, but this possibility was obviously not practical politics while the capital reorganisation remained in dispute. Last year however, an additional sum of £500,000 was provided from revenue, together with £1,000,000 from the central obsolescence fund and £5,431,141 from capital reserve to write down the value of subsidiary interests. Presumably the special reasons for applying £500,000 from revenue for this purpose no longer operate, and this sum itself is equivalent to 1 per cent, for the ordinary stock. But the optimists' case also contemplates an increase in profits for 1937. despite the stress which was placed on rising costs in the chairman's speech and a further increase in trade both at home and abroad, does appear certain this year. The directors, however, have always taken something more than a single year's view, and investors and optimistic speculators alike can be sure that the final dividend decision next year will take full account of the trading prospects of 1938 and 1939,

Sales on 'Change 1 18 6 Sales Reported Bank of New Zealand .. .. Broken Hill Proprietary (ex (ex rights) (ex rights) Mount Morgan > •.-. 2 4 0 3 6 4 3 6 4J 3 6 6 0 11 11 Sale Reported After Last Call

Buyer. Seller. £ s. d. £ s. d. 3J p.c, Stock, March, 1941-43 101 10 0 — •3J p.c. Stock. Sept., 101 10 0 — 3J p.c. Stock. May, 1941-52 104 0 0 — 31 p.c. Stock, Nov., 1941-52 . .. . 104 0 0 — 4 p.c. Bonds, 1946-49 .. — 103 5 0 4 p.c. Bonds. 1952-55 104 15 0 — 4 p.c. Stock, 1952-55 104 15 0 — 3J p.c. Bonds, 1953-57 98 5 0 — 3i p.c. Stock, 1953-57 98 5 0 — MINING Big River (Is) .. .. 0 1 3 0 1 6 Clutha River (2s) .. 0 3 4 — Consol. Goldflelds (4s) — 0 13 6 Gillespie's Beach (Is) — 0 1 5 Kildare (2s) .. .. . . — 0 .1 3 Molyneux River (2s).. 0 2 3 — Nokomai (5s) .. .. 0 2 0 0 2 6 Okarito (5s) .. .. /.b 2 9 0 3 9 Paddy's Point (5s) .. ; — 0. 1 6 Sandhills (Is) .. .. : —• 0 0 4 BANKING 11 3 0 _ N.S.W. (£20) 32 10 0 33 o 0 N.Z. (£1) 2 3 9 — N.Z. (long D; £1) .. — 1 9 6 Commercial (10s) 0 17 3 . :—• Natl, of N.Z. (£2 10s) • — 2 19 0 Natl, of A'asia (cont; £5) 7 7 0 1 •—.; Union (£5) — \9 ji ■•'; 0 INSURANCE ?"•"!■''"». National (7s) .. .. — ' 0 18 3 New Zealand (£1) .. 3 4 0 ■ ''.'-U'' South British (£1) .. — yjvu 0 Standard .(£1) .. .. — ,3.0 8 SHIPPING i'f ■;. Huddart, Parker (ord.; £1) — *'2 0 Huddart, Parker V. (pref.; £1) .. .. 1 7 0 ';! ' rP. and O. Der. Stock (£1) 1 10 0 ■ .— U.S.S. Co. (pref.: £1) 1 6 6 — MEAT PRESERVING N.Z. Refrig. (paid; £1) 0 19 9 . 1' 0 9 N.Z. .Refrig. (cont. — 0 « 11 South. Froz. Meat ''•. ! • (paid; £1) .. .. — *&fy 0 South Otago Freezing (£5) ••"... 5 5 0 6 0 0 Waltaki Farmers (£5) 4 6 0 — WOOLLEN COMPANIES Bruce (ord.; £1) ,.-. :"•. ■—' 0 12 6 Kalapoi (ord.; 17s)7:\. \ ■''■,—r'. ;o,i2 9 Kaiapoi (cont.; 7s) :.; 'I [•—' 0 4 1.0 Kaiapoi (pref.; 17s)'.. — ■ 0 17 3 Oamaru (£1) .. '.. . — '••' 0 19 6 — 0 17 0 LOAN AND AGENCY Goldsbrough, Mort ■ -V' (£1) '■■■ 113 10 '■■.l ii 6 Natl. Mortgage (£2).; — . 2 10 0 N.Z. Loan and Mi ,'.'' ' (ord.; £100) .. .. ;: —: 36 "'. 0 0 N.Z. Guarantee Corp. (3s) '; — i 3 5 : iti Otago Farmers (3s 4d) • 0 3 6 — ' '■. Wright, Stephenson (pref.; £1)' .. .. ,'■;'• ~~ ■; J.: %' 3

COAI Kaitangata (16s) .. .. 1 3 6 — Westport (10s) .. .. — 1 5 6 Westport-Stockton (ord.; 10s) .. .. 0 2 1 0 2 6 Westport-Stockton (pref.; 10s) .. .. 0 4 10 — MISCELLANEOUS Anthony Hordern (£1) i. 0 19 0 Associated News (pref.; £.1) .. .. — 1 4 0 Australian Glass (£1). 4 10 0, 4 12 6 British Tobacco (£1) 2 8 0 2 9 0 Broken. Hill Propy. (ex rights) .. .. 3 5 9 3 6 6 Broken Hil) Propy. (rights) 1 10 6 1 11 0 Brown, Ewing (pref.;' £1) — 1 2 3 Colonial Sugar (£20) — 47 2 6 D.I.C. (ord.; 10s) 0 15 0 — Dominion Fertiliser (£1) 1 4 3 1 5 0 Dominion Fertiliser (debs.) L02 0 0 — Donaghy's Rope (£1) — 2 10 0 Stock Exchange Propy. (£1) .. .. 2 1 0 2 2 6 Dunlop °erd. Rubber (£1) — 1 2 7 General Industries (12s 0 18 6 — G. J. Coles (£1) .. 4 11 6 4 12 9 Hume Pipe (£1) 0 19 11 1 0 3 Milburn Lime (£1) .. — 2 3 3 Mort's Dock (£1) .. — 0 11 6 Moturoa Oil (5s) — 0 4 0 Moturoa Oil (pref; — 0 5 0 N.Z. Drug Co; (£2) .. — 3 15 0 N.Z. Paper Mills (£1) — 1 7 0 Regent Theatre (£1) 1 0 0 1 1 6 Shillings, Ltd. (£1) .. — 0 19 0 Taranaki Oil (£1 4s — 0 7 3 Wilsons Cement (10s) — 1 0 0 Woolworths (old.; ord.) 4 18 0 — Woolworths (new; ord.) 4 18 0 — McKenzies Department — 4 8 0 BREWERIES N.Z. Breweries (£1) _ 2 9 0 Dominion (£1) — 2 0 0 Dunedin (£1) .. .. 1 9 9 — Carlton (£1) .. .. 3 1 0 — AUSTRALIAN MINING ' Austral N.Z. Mining (13s) .. .. :. .. _ 0 15 0 Broken Hill South (5s) 2 0 0 2 1 0 Electro. Zinc (pref.; £1) — 2 15 0 Electro. Zinc (ord.; £1) — 2 13 0 Mount Lyell (£1) .. 1 18 6 1 18 7 Mount Morgan (2s 6d) 0 11 6 0 11 10 | North Broken Hill (5s) — 2 18 9 Placer Developments.. — 3 11 0 UNLISTED STOCKS Self ridges (£1) .. .. 1 11 0 — A. and T. Burt (pref.; 0 10 6 0 12 6 Security Finance (£1) — 0 17 .0 Mackintosh Caley Fhce- — 0 7 0 Snows Outfitters 0 5 6 — Whakatane Paper Mills \ 0 5 4 — Woolworths (Syd.; 5s) 1 9 6 1 9 9 Felt and Textiles (ex rights; £1) ... — 1 17 0

Sales on 'Change ■P c A 4 p.c. Stock, 1946-49. .. .. & 5. Cl. 102 10 0 Com. Bank of Aust. .. .. 0 17 7 Traders' Finance,(cont.) ... 0 4 7 Dominion Breweries .. '.. 1,19 9 2 0 0 ! .'• '.-.'■ (pref.) 2 0 0 British Tobacco' .. .. '.. 2 8 8 Broken Hill Proprietary .. 3 6 3 (rights) 1 10 6 Consolidated Brick .. .. 0 7 6 Farmers'Trading .... 1 0 7 Taranaki Oil ,. 0 7 1 Mount. Morgan (2) 0 12 0 0 11 10 Placer Development .. 3 10 6 Woolworths, Holdings (S.A.) 0 15 6 i Unlisted Stocks Australasian Forestry Bond- .' holders' Trust (1931 plant16 10 0 John Fuller,. H p.c, 1949 .. 65 0 0 0 10 ,0 , WELLINGTON ; Sales' on 'Change Bank-of N.Z. (late Tues,) 2 4 0 Union Bank (late Tues.) .. 9 10 0 Tooth and Co. (late Tues.) 2 14 6 Broken Hill Pty. (rights: ' late Tue<?.) .. .■•■ .... 1 10 6 Broken Hill South (late 2 2 0 3£ p.c. Stock, 1943 .. .. 101 7 6 4 p.c. Stock. 1949 .. 102 15 0 103 0 0 Stock; 4 per cent.. 1946 102 15 0. N.Z. Breweries 2 8 6 Broken Hill Proprietary (2) 3 6 6 3 6 3 (rights) 1 10 10 46 17 6 4 13 11 1 0 1 David Jones - •'• 2 2 1 1 19 0 1 18 8 1 18 9 0 11 10 CHRISTCHURCH Sales on 'Change Commercial Bank of Australia (5) 0 17 6 0 17 7 Broken Hill Proprietary 3 6 3 (2) 3 6 0 (rights: 6) 1 10 11 1 10 9 (odd parcel) 1 10 0 1 10 9 Electrolytic Zinc (ord.) .. 2 12 0 4 12 9 1 0 0 1 18 8 Mount Morgan .. •• •• 0 11 10 (7) 0 11 11 (2) 0 11 9 (4) 0 11 10

Sales Reported Commercial Bank of Australia (late sSle Tuesday) 0 17 7 British Tobacco (pref.) 1 11 0 Broken Hill Proprietary (rights) 1 11 0 4 13 0 Mount Morgan (2) .. 0 11 10J

The (allowing are the official Ton mcta 1 quot; ationi:— Copper, ipot .. , ,. £43 7 0 Rise £0 18 9 Copper, forward . 43 14 4'/i Rise 0 18 9 Electrolytic, ipot . . ' 49 0 0 Rlso 1 0 0 Electrolytic, forward. 50 0 0 Rise 1 0 0 Wirt ban .. . SO 0 0 Rise 1 0 0 Lead, ipot .. . 18" 1 IO'/j Rlie 0 12 6 Lead, forward .. , 18 0 IVi Rise 0 2 6 Spelter, ipot .. . 17 2 6 Rlie O 15 V/i Spelter, forward . 17 5 Vh Rise 0 13 9 Tin. ipot .. .. . . 208 12 6 Rise 3 17 6 Tin. forward .. . . 208 12 6 Rise 4 0 0 Silver, itandard" . 19 15-1 6d No c hange Silver, fine .. , ,. 2l'/ a d No change

£ s. d. Commonwealth Bonds— 4 per cent., 1938 .. 102 5 0 4 per cent., 1944 .. 102 12 6 4 per cent., 1947 .. 103 0 0 4 per cent., 1955 .. 103 15 0 Comm. Bank of Australia .. 0 17 9 2 14 9 Broken Hill Pty. .... 3 7 0 (rights) 1 11 0 47 7 6 74 0 15 ADDITIONAL SALES Bank of New- South Wales 34 2 6 Commercial of Sydney 21 14 0 Commercial of Australia .. 0 17 9 9 18 0 Mercantile Mutual .. .. 1 11 9 1 18 9 2 14 9 1 11 3 3 5 6 4 13 0 1 2 9 1 13 9 0 18 10$ Cash Orders Amalgamated (New Zealand delivery) 0 18 6 Felt and Textiles (rights) .. 0 14 9 1 15 0 3 8 6 1 3 9 0 18 14 Goldsbrough, Mort .. .. 1 14 9 Winchcombe Carson .. .. 1 13 9 0 12 4 2 11 0 Australasian Paper .. 1 13 3 1 13 0 Producers and General .. 0 14 0 0 18 0 Carriers (new; paid) .. 1 13 6 1 18 6 3 6 6 North Broken Hill .. .. 2 17 6 0 16 9 MELBOURNE, Oct. 27. Fluctuations were fairlj ' narrow, with some leaders and Barriers easier. £ s. d. National Bank (£5 paid) .. 7 12 0 9 14 0 1 12 6 1 1 9 4 13 6 4 12: 6 Dunlop Perdriau 1 2 9 Goldsbrough, Mort .. 1 14 9 Australian Paper Manufac1 4 6 Australian Paper Manufacturers (10s paid) .. 0 14 0 0 17 0 1 14 4J 2 12 6" Electrolytic Zinc (pref.) .. 2 14 9 0 11 10 1 18 6 Broken Hill Propy 3 6 6 2 17 1J 2 0 9

London— Buying. Selling £1 N.Z. to £100 ivr 124/-/-124/10/ O.D 123/10/124/8/9 Australia— £ A. to £100 N.Z. T.T 100/10/O.D 101/-/-100/10/ Fiji— £ F. to £100 N.Z. T.T. 90/7/6 89/-/-O.D 90/7/6 89/-/-New YorkDollars to £ N.Z. T.T 4.0034 0 3.9689 O.D. 4.0131 3.9729 MontrealDollars to £ N.Z. T.T. 4.0021 i 3.9699 O.D. 4.0144 3.9739 Austria— Schillings to £ N.Z T.T. — 20.83 O.D. — 20.84 Belgium— Belgas to £ N.Z. T.T 23.784 23.474 O.D. 23.859 23.485 Czechoslovakia — Crowns to £ N.Z. T.T. — 112.76 O.D. — 112.81 Denmark— Kroner to £ N.Z. T.T. 18.203 17.893 O.D 18.263 17.899 FrancesFrancs to £ N.Z. T.T. — 118.27 O.D. — 118.31 Germany— Relchsmarks to fi N.Z .. .. T.T. — 9.832 O.D. — 9.837 HollandFlorins to £ N.Z. T.T. 7.298 ; 7.148 O.D 7.338 ; 7.152 ItalyLire to £ N.Z. T.T. — 75.43 O.D. — . 75.48 JavaFlorins to £ N.Z. r.T. 7.271 7.121 O.D. 7.311 7.125 Norway— Kroner to £ N.Z T.T. 16.185 15.895 O.D 16.245 15.901 SwedenKroner to £ N.Z. T.T. 15.786 15.491 O.D. 15.846 15.497 SwitzerlandFrancs to £ N.Z. T.T. 17.441 17.171 O.D. 17*546 17.176 NoumeaFrancs to £ N.Z. l'.T. ; — 117.02 O.D. — 117.06 Papeete— Francs to £ N.Z. T.T. — 117.07 O.D. — 117.11 Hongkong— N.Z. pence to 1 dollar .. .. T.T. 18 20-64 18 53-64 O.D. 18 27-64 18 51-64 India and Ceylon— N.Z. pence to 1 rupee .. .. T.T. 222 22 21-32 t O.D. 22 11-32 22 21-32 Japan— N.Z. pence to 1 yen .. T.T. — 17 33-64 O.D. — 17 33-64 Shanghai— N.Z. pence to 1 dollar .. T.T. — 18 11-64 O.D. — 18 11-64 Singapore— N.Z. pence to 1 dollar .. T.T. 34 23-3S : 35 13-64 O.D 34J 35 13-64 Chcfno— . N.Z. pence to 1 dollar .. T.T. — 18 15-04 O.D — 18 7-3* Manila— N.Z. pence to 1 peso T.T. 29 47-64 30*15-64 O.D 29 41-64 30 15-64 All rates subject to alteration without notice

Dlvl-Paid-up Grosi Net dend. capital. Reie'rvci. profit. profit. Ord. Aug. 20. £ £ £ £ p.c 1932 \. .. 430,922 113,547 196,689 2,869 — IS33 ..' .. 431,283 113.722 190,679 17,120 2'/a 1934 .. .. 431,829 140.798 209,284 26,584 5 1935 .. .. 431,849 146,982 212,043 27,395 9 1936 .. , ,. 432,153 156,560 235,727 31,104 6 1937 .. .. 493,149 108,141 275,133 38,496 6

Grosi Expenditure, profit. Ratio £ ■ £ P.O. 1931-32 . .. 183,834 , 196,689 98.54 1932-33 . .. 173,534 190,679 . 91.03 1933-34 182.700 209,284 . 87.30 1934-35 ,. .. 184,648 212,043 87.08 1935-36 . .. 204,623 235.727 . 86.81 1936-37 .. ., 236,638 275,133 E5

£ s. d. October 26 .. . . .. 7 0 7 October 25 .. . . .. 7 0 74 October 23 .. . . .. 7 0 8 October 21 .. . . .. 7 0 74 October 20 . .■ . . .. 7 0 64 October 19 .. • . .. 7 0 54 October 18 .. . . «. 7 0 44 October 14 .. . . .. 7 0 4