COMMERCE AND FINANCE

Otago Daily Times, Issue 23354, 20 November 1937, Page 10

COMMERCE AND FINANCE

LOCAL AND .OVERSEAS MARKETS

THE SHARE MARKET DUNEDIN STOCK EXCHANGE The following is a list of the business

THE WEEK REVIEWED MOUNT LYELLS ACTIVE AGAIN METAL SHARES FINISH WEAKER The spirit of competition and enthusiasm which characterised the operations of buyers during the previous week was sadly lacking on the Dunedin Stock Exchange for the period under review and the considerably reduced number of transactions furnished ample evidence of the general uneasiness which pervaded the market. After a series of minor fluctuations during the early part of the week, metal stocks, which again comprised the bulk of the trading, commenced to drop in value on Thursday, and when the market closed they were all marked down in value. As was the case last week Mount Lyells led the way in trading, but the closing market rates revealed a drop of approximately 3s, compared with the prices ruling at the close of the previous period. During the past two months these shares have fallen considerably, the trend of the market being influenced in a large measure by the decline in copper prices. From dealings at £1 16s 3d, the shares dropped to business after the last callover yesterday at £1 14s. Broken Hill Souths came in for a fair amount of attention, but they also experienced a sliding market and lost about 3s in value during the period Electrolytic Zincs and Mount Morgans were also Included on the sales list. Bank of New Zealands claimed the most attention in ’a somewhat subdued banking section, and throughout the period under review they experienced a very steady market and were dealt in at £2 4s 6d, several more being wanted at this price. Bank of New South Wales finished a little easier, and Nationals were not well supported. Insurances were dull, with sellers predominating, and shipping shares, although they met with a fair inquiry, showed very little alteration in values. Among meat preserving issues principal interest was focused on New Zealand Refrigeratings, both issues of which were noticeably easier at the close. , For the first time for some months a sale was effected during the week in ordinary Canterbury Meats at £lO 15s, and South Otago Freezings also had their first transaction for some time, a buyer securing a parcel at £5 15s. Although sellers were in the ascendancy again, a few more buyers entered the woollen section, which, however, was very quiet, the only issue dealt in being Manawatu Mills at the steady price of £1 15s, Slightly stronger support was given by buyers .for shares in the loan and agency section, and the £5 paid scrip of Dalgetys appeared on the sales list at £9 17s. Following the announcement of a dividend of 5 per cent., to be paid on the 3s 4d shares, Otago Farmers moved up to a sale at 3s 9d. but buyers' best offer after this was 6d below that figure. Buyers displayed a wide interest in the miscellaneous section, which contributed largely to the week’s transactions. Broken Hill Proprietary rights were in demand again, and had a number of dealings at irregular prices. At the close, however they were marked down in value. G. J. Coles were also fairlv active but experienced a similar decline to most of the better-class Australian industrials. Colonial Sugars found a buyer at £46 17s 6d. and Dunlop Rubbers figures on the week’s sales list at £1 2s lOd New Zealand issues were not strongly supported, but values generally maintained recent levels. FIXED-TERM SECURITIES Although Government issues were generally well supported, regular buyers could not attract sellers, and the week closed with no business recorded in this section.

NEW ZEALAND MINING DULL The New Zealand mining section experienced another dull period, and, generally speaking buyers displayed little enthusiasm. A parcel of Argo Gold shares was sold at Is 9d. several more being wanted at the same price, but Martha Gold shares were dealt in at 14s, these sales representing the only business in this section. BANK OF NEW ZEALANDS FIRM The feature of a rather quiet banking section was the steady market experienced for Bank of New Zealands. which throughout the week had consistent inquiries at the improved price of £2 4s 6d Only one sale was effected at this price, however, vendors thereafter fixing their limits at £2 ss. Bank of New South Wales scrip finished easier and had two transactions at £32 10s; and Nationals of Australasia (paid! had their first sale for some time at £l4 12s. Commonwealth issues were fairly quiet again, and sellers generally outnumbered buyers. INSURANCE, SHIPPING AND MEAT No business was recorded among insurance stocks, which were given little support by buyers. Standards, however, were firm, with a buyer on yesterday afternoon at £2 19s 6d, and South British shares were inquired for at £4 13s, but holders showed no dis-, position to reduce their limits of £4 19s, Ordinary Huddart Parkers were a shade easier at the close, but other shipping stocks were virtually unchanged from the closing quotations of the previous period. Southland Frozen Meats, South Otago Freezings and Waitaki Farmers’ Freezings had regular buyers at steady prices, but of these three South Otago Freezings were the only shares to be dealt in, a parcel changing hands at £5 15s. After a sale at £lO 15s, ordinary Canterbury Meats were wanted at 5s below that figure, but no sellers were forward. WOOL, LOAN AND COAL A regular buyer was on at practically every call during the week for Bruce preference shares, but his offer of Is failed to attract sellers to relinquish their holdings. Oamaru Woollens had a final market between 18s 4d and 19s. but these appeared to be the only issues in which buyers were interested. During the week Mosgiel Woollens were on offer at £lO ss, but buyers displayed no interest . Loan and agency shares were a little brighter and business was recorded in Dalgetys at £9 17s. and the 3s 4d paid shares of Otago Farmers at 3s 9d. New Zealand Guarantee Corporation stock was firmer at the close, and Trustees, Executors had a number of inquiries at the steady price of £3 15s. Among coal stocks Kaitangatas were steady and WestportStocktons moved up a little to finish firm, Westports were a shade easier with final sellers at £1 5s 3d, and no buyers on. MISCELLANEOUS INDUSTRIALS As was the case during the previous period, the rights issues of Broken Hill Proprietary led the way in trading in the miscellaneous section, which, however, was generally dominated by sellers. After several dealings at fluctuating prices they fell to a final market between £1 7s 9d and £1 Bs-3d. Colonial Sugars were the subject of business at £46 17s 6d, final sellers at 2s. 6d above that figure receiving no response from buyers, and G. J. Coles had four transactions at from £4 11s 6d down to £4 9s Bd. An easing tendency for all Australian issues was apparent when the market closed how ever, and buying support had slackened considerably. New Zealand industrials were not well supported at any stage of the week, and although values showed no appreciable weakening sellers could very seldom locate a buyer. BREWERY SHARES NEGLECTED It was a sellers’ market for brewery stocks throughout the period, and although Dominions and Carlfons had one or two inquiries holders displayed little interest in prices offered. New Zealands finished a shade easier, but Tooth’s were steady on recent selling quotations. AUSTRALIAN MINING FALLING Erratic conditions prevailed h. the Australian mining section for the early part of the period, values for certain stocks often rising and fall in "the same day. With such unusual fluctuations, therefore, buyers were naturally cautious and waited on sellers to make the first move. On Thursday values started to drop, and at the close there was a further easing tendency which brought levels down to below those ruling at the close of the previous period. Mount Lyells led the way in trading again with sales at prices ranging from £1 16s 3d to £1 14s Broken Hill Souths experienced similar fluctuations, the closing quotations showing a drop of 3s 8d compared with those of last week Electrolytic Zincs. Mount Morgans and North Broken Hills all shared in the decline and appeared to be somewhat wobbly when the market closed YESTERDAY’S TRANSACTIONS

BALCLUTHA STOCK SALE (Speciai ro Daily Times) BALCLUTHA, Nov. 19. A good sale of fat sheep the entry not being large. Fat ewes (in wool' sold up to 40s 3d, lighter 33s 9d to 365, shorn ewes 30s medium shorn ewes 24s to 28s. fat wethers 33s 6d to 435, fat hoggets (in wool) 45s shorn wether hoggets to 24s 9d. Store Sheep.—A small yarding. Two tooth wethers (shorn) 22s to 23s Cattle.—Fat cattle sold well. Bullocks made £ll 15s to £ls. medium bullocks £7 10s, fat cows (best) £ll 10s to £l2 fat heifers £6 10s to £8 10s. There was a much improved demand for store cattle, compared with the previous sale. Forward bullocks sold at £lO ss. threfc and four-year bullocks £7 15s to £9, store cows to £7, three-year-old heifers £6 yearling steers £4 ss. . Dairy cows sold well at an advance on late rates. Good cows near profit £8 10s to £9 medium cows £6 to £6 10s Jersey cows to £9 10s. Pigs.—There was again a good demand for voung pigs, which sold at high rates Small suckers made 22s to 255, larger 27s to 335, slips 36s to 395. Bidding was keen throughout. BRADFORD MARKET (United Press Association) (By Electric Telegraph—Copyright) LONDON. Nov 18. The Bradford market is weak Confidence is lacking and there is little demand. Merinos; 70’s, 30d; 64’s. 28d; 60’s, 27d. Crossbreds: 58’s, 24Jd; 56's. 23d; 50’s 20d; 46’s and 44’s. not quoted. DOLLAR AND FRANC (United Press Association) (By Electric Telegraph—Copyright) LONDON, Nov. 18. Exchange on New York is quoted at 4.99 15-16 dollars to the £l, and on Paris at 147 3-32 francs. LONDON WOOL SALES (United Press Association) (By Electric Telegraph—Copyright) LONDON Nov 18. At the wool sales 6456 bales were offered, including 1511 from New Zealand, and 4670 were sold There was a moderate selection with slow demand. New Zealand slipe crossbred lambs, “Makarewa.” top price 14Jd, average 14d. EGG MARKET (United Press Association) (By Electric Telegraph—Copyright) LONDON, Nov. 18. Eggs are very firm. Quotations: — Seventeens, 13s 9d to 14s; sixteens, 13s 6d; fifteens. 13s; fourteens 12s 6d; thirteen and a-halfs, 11s 6d to 11s 9cL •

DUNEDIN MARKETS WHEAT. OATS. ETC. The dry weather is having a serious effect on the crops practically throughout the South Island, and in some instances stock is being turned on to them. While all districts are suffering from a lack of rain. Central and North Otago are the most affected. Scattered rains have fallen in some localities. but heavier falls are badly There is no doubt that the yields of wheat this season throughout the South Island will be considerably reduced. An odd line or two of late-threshed wheat is coming on the market, out this wheat is generally not suitable for milling. There is sufficient fowl wheat available in the South Island for requirements. and supplies in the North Island are being supnlemented by imports from Australia. Fowl wheat is worth to-day about 5s 9d per bushel, sacks extra delivered in Dunedin Most of the trade, however, is being done in under-grade lines, and these are selling at 5s to 5s 3d per bushel, sacks extra. Wholesale prices are as follows: Flour.—2oo’s. £l3 13s 6d: 100's £l4 12* 6d: 50’s, £l4 17s 6d; 25’s. £ls 7s 6d. Bran, £5 5s per ton. Pollard. £6 15s per ton Oatmeal—2oolb sacks. £25; 25’s, £27. The oat market continues auiet and sales are slow. Fair stocks are held in the stores. The market ahead does not look over bright, and there have been inquiries for spread delivery next year. Some forward sales have been reported, but sellers have now withdrawn their Quotations, in view of the drought conditions For prompt delivery A Cartons are worth nominally '3s 6d f.0.b., s.i„ and Bs 3s 3d f.0.b.. s.i. Odd lots are on offer from the country, but it is difficult to ob tain a response from either merchants or millers. The demand for chaff continues quiet, with sales confined to small lots. The nominal value is £5 5s per ton ex truck, sacks extra. Most of th, consignments coming in are being taken into store OLD POTATOES SCARCE Old season’s potatoes are now practically finished for the season. Any small lots reaching the market are saleable at £l3 to £l4 per ton, extruck, sacks included. New potatoes from Pukekohe, which were selling at 16s 9d per cwt about a week ago, are now quoted at higher values It is usual for the market to decline gradually at this time of the year, but dry weather is restricting the‘supplies of new potatoes from the North Otago and Peninsula districts. At the present time there is a shortage of potatoes in the Dominion. SEED MARKETS UNCHANGED No changes can be recprded in the seed markets, which remain quiet. The dry weather is affecting the demand from farmers, who are waiting for rain •before sowing, and the returns of seed next season are bound to be affected by‘the present drought conditions. There is little export inquiry for any lines. Last season’s fegcue is just about cleaned up, but there is still a fair quantity of brown top in the stores. The export demand for the latter seed has been limited during the past season. The cocksfoot market remains unchanged Wholesale prices are as follows: Chaff.—Good bright oaten sheaf. £5 ss, for small lots, ex store. Potatoes.—White. £l3 to £l4 per ton, ex truck; quality irregular. Dairy Butter—Milled bulk, lid per lb; separator, lid per lb Supplies wanted. Bacon, Is 13d per lb. Hams, Is 2d per lb: boneless. Is 4d. Eggs.—Stamped, Is 4d: case, Is 3d. Onions.—Canadians. 20s per 1001 b bag. Honey.—Bulk, 6jd to 7Jd per lb. Lard. —Bulk, 8d per lb. FRUIT AND VEGETABLES SHORTAGE OF NEW POTATOES Strawberries are coming forward in increasing supply from Central Otago and Outram. The market was fairly easy at the beginning of the week, but it firmed yesterday Reports from growers state that the dry weather is affecting the crops, and that the season is likely to be a short one. Cherries also firmed in price towards the end of the week. Supplies of tomatoes are increasing, but the market for choice quality lines remains firm. A shipment of Australian oranges is expected towards the end of next week by the Waikouaiti from Sydney. A shipment will also arrive by the Maunganui, due on Tuesday week from Melbourne. Prices are expected to come back a little on those ruling for the first shipments of Australian oranges. Gooseberries are commencing to make an appearance on the market and are meeting a keen demand. A shipment of Californian grapes, grapefruit, and lemons is expected at Auckland- next Friday. A line of Canadian Delicious and Jonathan apples is due to arrive next week. No further supplies are expected this year from Canada. Both the North Island and locallygrown new potatoes have been in keen demand during the week, and prices have increased daily. Supplies of North Island-grown are difficult to secure, and reports from the north state that they will not be over plentiful for the next week or two. Prices in the North Island have shown a sharp advance. Locally-grown new potatoes also have a ready sale. , Green peas have been in heavy supply. but a steady demand has been maintained, and no difficulty is being experienced in clearing consignments. The market for asparagus has eased and supplies are difficult to place. The demand fo*- lettuce is confined to prime quality. The bulk of the consignments are of poor quality and these are hard to sell. Small lots of new season’s carrots are reaching the market. New season’s white turnips are in good supplyRhubarb is in short supply. Wholesale prices are as follows: — Apples.—Delicious. 8s to 10s per case; Stunners, 6s to 9s 6d; cookers, 7s to 9s; inferior dessert and cooking. Is 6d to 3s. , Bananas.—Ripe, 26s 6d per case. Oranges.—Australian Valencias. 26s to 28s per case. Californian Grapes.—Black. 35s per case; reds, 30s. • Gooseberries. 4d to s£d per lb. Tomatoes.—Local hothouse, Is 5d to Is 6d per lb; Christchurch hothouse. Is 2d to Is 4d. . , j , Strawberries.—Choice, Is to Is sd: others. 8d to lOd per pottle. Cherries, to Is 2d per lb. Lemons.— Californian. 70s per large case: New Zealand, 8s to 14s. Cauliflowers. —Choice. 13s to 16s per sack; others. 5s per sack. Cabbages.—Choice Is 9d to 2s per case. Asparagus. 5s to 7s oer dozen bunches. Green peas. 3d to per lb. Parsnips, 6s to 7s 6d per sugar bag. Potatoes. —Prime, to 13s per cwt. New Potatoes. —Peninsula, 5d to 6d per lb; North Island. 2Jd to 3d. Rhubarb. Is Gd to 2s 6d per dozen bunches. Lettuce.—Choice. 2s 6d per dozen: others. Is to Is 6d. Leeks. 3d to 4d per bundle. Spinach.—Choice. 10d to Is 6d per dozen bunches.

NATIONAL INSURANCE COMPANY SIXTY-FOURTH ANNUAL MEETING ASSETS NEAR THE MILLION MARK The sixty-fourth annual meeting of shareholders in the National Insurance Company of New Zealand, Ltd., was held yesterday afternoon. The chairman of directors • (Mr John Moloney) presided, and there was a lair attendance of shareholders. Moving the adoption of the annual report and balance sheet, the chairman said:— “Mr F. W. Mitchell’s absence from this meeting, for which an apology is offered, is caused by his being abroad at present. The past year has been an uneventful one in the company’s affairs, “Auckland Premises—For some time your directors have had under consideration the addition of two storeys and the installation of a lift in our Auckland building. A contract has been let, and the work is now in progress, and should be finished in February. We will then have a modern five-storey building which should attract a desirable class of tenant. “ New Plymouth Building—With reference to our New Plymouth site, we had plans and specifications prepared by our architect and tenders called for, but, as the lowest tender was in excess of our estimate, we deferred the matter. However, in view of the fact that we have received notice to quit our present office (due to its early demolition), and there seems little prospect of any reduction in building costs, we decided to go on with the erection of the building, which will be commenced early in January. “Premium income for the year, £261,219, shows an increase of £28,016, this rise being almost mainly produced by the accident section, but this advantage has been nullified by increased losses from the same source that provided the increase. Interest and rents have increased by £1503, totalling for the year £28,459. after deducting £3107 for taxation; mortgage investments have decreased by £6089, debentures and shares by £15,656, and New Zealand and Australian Government securities have increased by £83,990. The smaller sum shown for Government taxes is accounted for by the fact that the larger part of the underwriting profit was made in fields outside New Zealand, where the rate of taxation is on a lower basis. “Last year’s results show a net balance of £86,165, including £37,536 brought forward from the preceding year, after transferring £12,500 to reinsuranc. current risks reserve. That amount now stands at £117,500, being equal to 44.98 per cent, of the annual premium revenue. The general reserve fund has been increased by the transfer of £6500, bringing that fund to £326,500, or only £23,500 less than the paid-up capital. Assets are within £6574 of the million mark. “A payment of 5d per share is now recommended by your directors, making a total distribution of 9d per share for the year, totalling £37,500, and leaving a balance of £37,628 to be carried forward.” PROBLEMS OF TO-DAY Mr W. Downie Stewart seconded the motion. He said that it was gratifying that the results of the year’s operations had again proved normal, and great credit was due to all the members of the staff throughout New Zealand and Australia for the success which had attended their efforts. For new problems were continually arising in the world of insurance—new ri. c ks or extensions of existing liabilities were a constant feature of the year's work, and all these necessitated the utmost care and the exercise of sound judgment on the part of the underwriters. To take one curious instance that affected many British companies and their allies in all parts of the Empire—the problem’ of their liability owing to the tragic events of the civil war in Spain. Some policies covered fires arising from riots and civil commotion, but not damage arising from war operations. It was obviously a matter of great difficulty to ascertain whether fire losses that occurred in the early stages of the conflict arose from riots and civil commotion or whether the fact that the 'army took part in the struggles from an early stage might cause these incidents to be legally treated as arising from war. When all these questions came up for settlement it looked as if the lawyers at least would reap a rich harvest whatever the underwriters had to suffer. — (Laughter.) But so widespread and incalculable were the risks arising in many, parts of the world from civil commotion, rebellion, and armed incursions by one country into another, as in Spain and China, that underwriters throughout the world had found it imperative to take steps to eliminate from their policies the risk of fire arising from these confused happenings. Then again all over the world new problems and new anxieties arose from the alarming increase in motor accidents. In this sphere New Zealand was greatly affected by questions arising from the insurance of motor vehicles owing to the large number of cars in proportion to the total population. In spite of the praiseworthy efforts of the Minister of Transport to reduce the appalling number of road accidents, the claims to be met steadily mounted up, and, as a general rule, much higher damages had to be paid than was the case a few years ago Indeed, during the past two years the claims to be provided for under compulsory third party risks had exceeded the premiums by nearly £120,000, and early this year a revision of rates to be charged under the Act had to be ga The e ßritish Board of Trade had recently set up a committee to inquire into the whole question of compulsory third party insurance, but the result of its inquiries was not yet known. But the chief trouble arose from the fact that to some people speed mania was irresistible, and apparently because they were insured they took risks that often led to disaster, ihe result was that as the insurer had little or no control of such risks, the burden had to be borne by the body of motorists generally in the assessment of premiums. In the sphere of workers’ compensation it was not unnatural that in New Zealand and in other countries there was a continual expansion, with a view to granting larger benefits to injured workers, and it was not easy for even the most expert underwriters constantly to maintain a safe margin between premium revenue and the satisfaction of claims. But as against these new and growing forms of liability there were certain spheres of underwriting, such as marine insurance, where, owing to the marvels of wireless and other inventions of science, the normal risks of shipwreck and other perils of the sea had been materially lessened, so that in modern times it had been found possible for insurance companies to lessen the cost of the service they rendered to the mercantile community in matters affecting shipping and the carriage of goods by sea. Fire losses per head of population in New Zealand were still heavy as compared with Great Britain, but as against Canada or the United States they made a much better showing. Of course, when financial conditions improved the position was reflected in higher property values, which meant a greater payment when insured properties were destroyed by fire. Year by year * progress was made in the organisation and equipment of fire fighting appliances, and valuable education was given in methods of preventing fire wastage during Fire Prevention Week. He had not seen the figures relating to outbreaks of fire for the year ended March. 1937 but for the previous year the report presented to Parliament had shown a large increase in the number of outbreaks from various causes. Finally, it was well known that the business of insurance was largely dependent on general economic conditions. and while controversy still raged as to how far world recovery was genuine and well founded, and how far it was temporary and artificial, it seemed as if they might look with some degree of confidence for a maintenance of the present improvement for a reasonable time. They were probably familiar with the fact that Britain was the pioneer in most parts of the world

in the Initiation and development of insurance, and that she had long ago established a predominating influence in that sphere. The principles and policy of the National Insurance Company were founded on the best traditions of British insurance, and their shareholders and policy holders could rest assured that the company would maintain its finances in such a position as to be able to meet all charges and emergencies that might present themselves as the years went by—(Applause.) . , The motion was carried. ELECTION OF OFFICERS The retiring directors (Messrs J. Sutherland Ross and F. W. Mitchell) were re-elected, Mr Ross returning thanks on behalf of himself and Mr Mitchell. Messrs E. R. Smith and W. F. Monkman were re-elected auditors. VOTES OF THANKS Mr D. C. Cameron moved a vote of thanks to the directors and the various staffs throughout New Zealand and Australia, and this was carried by acclamation. • , ~ Mr G. R. Ritchie returned thanks on behalf of the directors, and Mr A. Mumford (general manager) on behalf of the staffs. LONDON STOCK EXCHANGE (United Press Association) (By Electric Telegraph—Copyright) LONDON, Nov. 18. The following are the latest quotations . i. nrttnnni’on

AUSTRALIAN LOAN CASH CONVERSION DISAPPOINTING (United Press Association) (By Electric Telegraph—Copyright) LONDON, Nov, 18. It is understood that the cash conversions of the Australian loan have not realised expectation*

BANK OF ENGLAND RETURN (United Press Association) (Bv Electric Telegraph—Copyright) LONDON, Nov. 18. The following is the Bank of England return:— ISSUE DEPARTMENT Note issue in circulation \ £481,100,000 Bank department .. .. ®5,300,000 Government securities.. 188,100,000 Other securities .. .. 900,000 Silver coin •• BANKING DEPARTMENT r*pct 3,200,000 Sic deposits!: 33.200.000 Bankers’ deposits .. .. 86,700,000 Other amounts ... .. 36,100,000 Government securities.. 76,600,000 Discounts and advances 9,000,000 Other securities •• 21,300,000 Notes and coifi,. • • 66,800,000 Ratio of reserve to liabilities is 42.84 per cent. The Bank of England discount rate remains unchanged at 2 per cent. WHEAT, FLOUR, ETC. (United Press Association) (By Electric Telegraph—Copyright) LONDON, Nov. 18. Wheat.— Cargoes had a sharp uplift. Parcels are dearer Futures:—London, November. 44s Id; March 43s Id. Liverpool: December, 7s URd; March, 7s 9sd; May, 7s 93d. The spot trade is slow. Australian, ex ship, 43s 6d. Flour is easier. Australian, ex store, 31s 6d to 325. Chicago Futures.—December, 91* cents per bushel; May, 921; July, 85$. MACDUFFS, LTD. CHAIN STORES AMALGAMATION Macduffs. Ltd., is being formed to I carry out the amalgamation of the businesses as going concerns of Macduffs, Ltd., and Shillings. Ltd. Each company is at present operating a chain of stores—Macduffs in six towns and Shillings in eight towns, each distributing its own particular class of merchandise. The amalgamation will immediately increase the distribution of goods of each company to the 14 stores. The wider distribution of the goods of each company will ensure a greater turnover, and consequently larger buying power with corresponding reductions in prices. Eighty-five thousand preference shares and 39,092 ordinary shares are to be issued to the public for subscription Macduffs stores have been very successful since incorporation, and for the last financial year paid dividend at the rate of 6 per cent, on preference shares and 171 per cent, on ordinary shares. In their last trading year Macduffs earned more than sufficient net profit to pay the whole of the new company’s preference dividend. Shillings, Ltd., was Incorporated in March. 1936, and although none of its eight stores had a clear 12 months’ trading, for the period ending August 23, 1937, a net profit, after all allowances for income and land tax and depreciation, wa* mad-, of £934 10*.

transacted on the Dunedin, Stock Sxchange during the past week;— £ s d. Argo Gold 0 1 9 Martha Gold 0 14 0 Bank of New Zealand .. .. 2 4 6 Bank of New South Wales (2) 32 10 0 National Bank of Australasia (paid) 14 12 0 Canterbury Meat (ord.) .. .. 10 15 0 South Otago Freezing .. .. 5 15 0 Manawatu Knitting Mills 1 15 0 Dalgety and Co. 9 17 0 Otago Farmers 0 3 9 Broken Hill Propy. (rights; ») 1 8 9 1 8 3 1 8 1 1 8 7 O. 3. Coles 4 11 6 4 10 10 4 11 0 4 9 8 Colonial Sugar 46 17 6 Dunlop Perdriau Rubber (3) .. 1 2 10 Broken Hill South 1 18 6 * • 1 18 0 1 16 6 v (3) 1 16 0 Electrolytic Zinc (ord.; 2) .. 2 8 6 2 8 0 Mount Lyell .. 1 16 3 (2) I 15 3 1 15 9 1 15 8 1 15 0 (3) 1 14 9 1 14 6 1 14 5 (3) 1 14 3 1 14 4 1 14 0 Mount Morgan (3) 0 11 10 0 11 6 North Broken Hill (2) .. 2 10 0

Sales on 'Change £ 9 a Bank of New South Wales (2) 32 10 0 Broken Hill Proprietary (rights) 1 8 3 1 8 1 Mount Lyell 1 14 6 1 14 5 Broken Hill South (2) ,. .. 1 16 0 Sales Reported Dalgety and Company 9 17 0 Otago Farmers .. . 0 3 9 Broken Hill Proprietary (rights) 1 8 7 G. J. Coles . . 4 9 8 Mount Lyell 1 14 0 (3) 1 14 3 1 14 4 Sales Reported After Last Call Broken Hill South 1 16 0 Mount Lyell . .. . 1 14 0 North Broken Hill (2) 2 10 0 The following are yesterday afternoon'!. buying and selling quotations, which are subject to the usual brokerage;GOVERNMENT LOANS Buyer Seller £ s. d. £ s. d. 3J p.c. Stock.. Nov.. “1938-52 102 10 u 3i p.c. Stock Mar.. 1941-43 101 0 0 — 31 p.c Stock Sept.. 1941-43 101 0 0 — 31 p.c. Stock, May. 1941-52 101 10 0 — 31 p.c. Stock, Nov., 1941-52 101 10 0 — 3 p.c. Bonds. 1939-41 . — 99 10 0 4 p.c. Bonds. 1943-46 103 0 0 — 4 p.c. Stock, 1943-46 .. 103 0 0 — 4 p.c, Bonds. 1952-55 105 0 0 — 4 p.c. Stock, 1952-55 . 105 0 0 — 31 p.c. Bonds, 1953-57 98 10 0 — MINING Argo (Is) 0 1 9 - Big River (Is) .. .. 0 13 0 1 5 Clutha River (2s) — 0 3 6 Gillespie’s Beach (Is) — 0 1 4 Goldfields Dredging (Is) 0 0 2 0 0 3 Kildare (2s) — 0 1 0 Martha (5s) .. .. — 0 13 3 Mossy Creek (Is) 0 0 101 — Nokomai (5s) .. .. — 0 2 6 Okarito (5s) .. . 0 2 9 0 3 6 Sandhills (Is) 0 0 2 Waihl Investments (5s) — 0 10 6 BANKING N.S.W. (£20) .. 32 0 0 — N.Z. (£D .. • • 2 4 6 2 5 0 Commercial (10s) — 0 17 3 Natl, of N.Z. (£2 10s) 2 17 0 2 18 6 Natl of A’asla (cont.; £5) — 7 7 0 INSURANCE National (7s) .. .. — 0 18 0 New Zealand (£1) ., — 3 5 3 South British (£1) .. 4 13 0 4 19 0 Standard (£1) .. .. 2 Ifl 6 —

SHIPPING Howard Smith (£1) .. _ 1 1 6 Huddart. Parker (ord.; £1) 2 1 0 — Huddart. Parker (pref.; £1) 1 7 3 — P. and O. Def. Stock (£1) 1 8 0 — U.S.S. Co. (pref.; £1) 1 6 6 — MEAT PRESERVING N.Z. Refrig, (paid; £1) 0 19 3 — N.Z. Refrlg. (cont.; 10s) .. 0 9 7 0 9 9 South Froz. Meat (pd.; £1) 1 7 0 1 7 9 South Otago Freezing (£5) 5 12 6 — Waitakl Farmers (£5) 4 7 0 — WOOLLEN COMPANIES Bruce (ord.; £1) .. — 0 11 0 Bruce (pref.; £1) .. 1 1 0 — Kaiapoi (pref.; 17s).. — 0 17 3 Mosglel (£4) .. .. — 10 5 0 Oarru m (£1) .. .. 0 18 4 0 19 0 0 17 0 Wellington (pref.; £5) - 6 0 0 LOAN AND AGENCY Goldsbrough, Mort (£1) — 1 12 6 Natnl. Mortgage (£2) — 2 8 0 N.Z Guarantee Corp (3s) 0 4 6 — Otago Farmers (3s 4d) 0 3 3 0 4 9 Otago Farmers (A 1 0 0 — I'rustees, Executors (£2) ••3 15 0 — Wright, Stephenson (ord.; £1) 1 2 0 — Wright, Stephenson (pref.; £1) .. .. 1 0 6 — COAL Kaitangata (16s) 1 4 0 _ Westport (10s) .. .. — 1 9 3 Westport-Stockton (ord.; 10s) .. .. 0 2 9 1 W estport-Stockton (pref.; 10s) .. .. 0 5 0 MISCELLANEOUS Anthony Hordern (£ 1) — 0 18 8 Associated News (pref.; £1) ,. .. — 1 4 0 Australian Glass (£1) — 4 9 6 British Tobacco (£1) 2 8 0 2 10 0 broken Hill Pty (ex 3 1 9 Broken HU) Pty. (rights) 1 7 9 1 8 3 Colonial Sugar (£20) — 47 0 0 Consolidated Brick (£1) 0 7 6 — L.I.C. (pref.; £1) 1 3 6 — Dominion Fertiliser (£1) .. — 1 S 0 Dominion Fertiliser (Debs.) 103 0 0 — Dominion Rubber (£1) — 1 10 0 Stock Exchange Pty (£1) 2 2 6 Dunlop Perd’ Rubber (£1) — 1 2 10 General Industries (12s 6d) 0 19 G. J. Coles (£1) .. — 4 9 9 Hume Pipe (£1) — 1 0 3 Milburn Lime (£1) .. — 2 1 6 Mort’s Dock (£1) .. — 0 11 0 Moturoa Oil (5s) — 0 4 0 Molucca Oil (pref.; 5s) — 0 5 0 McLeod Bros. (£10) .. 26 10 0 — Natnl. Electric (£!)■.. — 0 13 0 N.Z. Drug Co. (£2) .. — 3 15 0 N.Z. Paper Mills (£1) 1 6 0 1 6 9 Resent Theatre (£1) 0 19 6 — Shillings, Ltd. (£1) — 0 18 9 Smith and Smith (pret, £1) .. .. — 1 2 0 laranak) Oil (£1 4s 7d) — 0 6 7 Wilsons Cement (10s) 0 18 0 0 19 0 Woolworths (old; ord.; £1) 5 1 0 — Woolworths (Sydney: 3s); .. 1 6 0 1 7 9 BREWERIES N.Z. Breweries (£1) — 2 8 6 Dominion (£1) . — 2 0 9 Tooths (£1) ., . — 2 15 0 AUSTRALIA! 1 ! MINING Austral N.Z Mining (13s) — 0 15 0 Broken Hill South (5s) 1 15 9 1 16 2 Electrolytic Zinc (pref.: £1) — 2 10 0 Electrolytic Zinc (ord.; £1) 2 7 6 Mount Lyell (£1) .. 1 13 10 1 14 2 Mount Morgan (2s 6d) 0 11 0 0 11 7 North Broken Hill (5s) 2 9 3 2 10 y Placer Developments — 3 16 0 Rawang Tin (10s) — 0 10 6 UNLISTED STOCKS Mackintosh Caley Phcenix (£1) .. .. — 0 7 0 Selfridges (Aust.; £1) — 1 5 0 Woolworths Holdings (5s) 0 13 6 — A and T. Burt (pref.; £1) 0 12 6 — Security Finance (£1) — 0 17 0 •• Ex dividend. DIVIDENDS PAYABLE The following is a list ol shares on which dividends wil shortly be able:Bruce Woollen (pref.)—5 3-5 McKenzies Department Stores —interim, 9 per cent. .. To-day Westport Coai—final 6d per share, making Is :or year Nov. 22 National Bank oi Australasia -half-vearh at 6 oer cent per annum Nov. 24 Tui Brewery—final. 5 per cent Nov 24 North Wairarapa Permanent ~ Building Society--interim. Nov. 2J per cent. 25 £.S. and A Bank— -final, 3i per cent., making 7 per cent. Nov. 25 per annum ‘erpetual Trustees Es tate and Agency Company--interim 25 Is per share Nov Leyland-O’Brien Timber ~ 25 Is per share .. Nov. Dalgety and Co.—final, 4J per cent., making 8 per cent, per annum Nov. 25 Bank of New South Wales 29 quarterly. 6s per share Nov. Dunedin Stock Exchange interim, 2J per cent. .. Nov. 30

Farmers’ Trading Company-half-yearly, A and B pref, 5 3-5 per cent, per annum; and C pref 5 per cent, per annum Nov. 30 N.Z, Malay Rubber Co.. Ltd., —5 per cent, making 8 per Nov. 30 cent, for the year (about) Dunedin Brewery and Wilson Malt Extract Company —interim at 7 per cent per annum Dec I 1 Claude Neon—final, 4 per cent. Dec. Henry Jones Co-op. Is 6d Dec per share I Swan Brewery—6d per share 1 (ord. and pref.) . . Dec. North Broken Hill- -quarterly 8 Is 3d per share Dec Kuala Lumpur Tin—bonus 9 Is per share Dec. Golden Sands—Id per share Dec. 10 Bulolo—1.50 dollars (Cana10 dian) less tax ... Dec. Placer Development—60 cents 10 (Canadian) less tax Dec. Bank ot New Zealand—5 per cent., Is per share half11 yearly Dec. Bank of New Zealand (long D) 33 per cent. 0d per share Dec 11 Otago Farmers’ Co-op.—(ord., 3s 4d paid). 5 per cenL Dec. 16 (about) Otago Farmers’ Co-op.— (A pref. £1), 5 3-5 per cent. Dec. 16 (about) Otago Farmers’ Co-op.— (Investment shares, 16s 8d). 5 Dec. 16 per cent, (about) Broken Hill South—Is 3d per Dec 17 share Mount Lyell - final. 2s per share Dec. 20 Tongkah Compound Tin—Is per share and bonus Is per Dec. 23 share Morris Hedstrom (Fiji) — Dec. 31 interim, 3 per cent. Victoria Nvanza Sugar—6 per Jan. 26 cent NORTHERN EXCHANGES AUCKLAND Sales on ’Change £ s. d. Stock. 1953-57, 3i p.c 98 17 6 Stock, 1952-55. 4 p.c 105 5 0 Amalgamated Brick (Wei92 0 0 lington), 1944, 6 p.c New Zealand Insurance .. 3 4 9 Newton King (pref.) .. .. 0 9 6 Auckland Gas 1 1 6 Kauri Timber 1 2 7i Mosgiel Woollen 9 19 6 G. J Coles 4 9 6 4 9 9 Farmers’ Fertiliser .. .. 0 19 n New Zealand Refrigerating 0 19 9 Woolworths (N.Z.) .. .. 5 0 0 Golden Crown 0 4 3 Martha 0 13 4 Skippers 0 0 2 Mount Morgan 0 11 6 0 11 5 North Broken Hill .. .. 2 11 6 2 11 0 WELLINGTON Sales on ’Change National Bank of N.Z. (late Thursday) 2 17 10 Christchurch Gas (ord.; odd lot; late Thursday) .. .. 1 6 6 David Jones (late Thursday) 2 1 9 McKenzies (rights: late Thursday) 2 3 0 British Tobacco (pref.; late 1 Thursday) 1 11 E.S. and A Bank .. .. 5 11 9 Bank of New Zealand 2 4 9 Electrolytic Zinc (pref.) .. 2 9 2 9 1 2 6 2 Dunlop Perdriau n Woolworths, Ltd. (second 1 8 6 pref.) Mount Lyell 1 14 10J 1 14 4 Unlisted Stocks National Tobacco 3 4 0 CHRISTCHURCH Sales on ’Change v £ 3. d. N.Z. Govt. 4 p.c. Inscr., 194346 (2) 103 0 0 National Bank of N.Z. (odd parcel) 2 18 0 N.Z. Refrig. (10s paid) 0 9 9 N.Z. Breweries 2 8 0 Broken Hill Propy. (2) 3 0 9 3 0 0 Electrolytic Zinc (ord.) 2 6 6 2 6 0 Electrolytic Zinc (pref.) .. 2 8 6 N.Z. Farmers’ Co-op. 4 h p.c. stock, 1940 91 7 6 Procera Bread (cum div.) .. 0 15 0 Taranaki Oilfields (6) 0 6 3 Mount Lyell (3) .... 1 14 8 Mount Morgan (4) .. .. 0 11 5 Rawang Tin (2) 0 10 2 Sales Reported N.Z. Govt. 3J p.c. Inscr., 1939-43 (odd parcel) .. 101 0 0 N.Z. Govt. 4 p.c. Inscr.. 194346 103 0 0 N.Z. Refrig. (10s paid) 0 9 10 Broken Hill Propy. (rights) 1 8 3 G. J. Coles 4 9 6 Kauri Timber (cum div.; odd parcel) 1 2 9 Tooths Brewery 2 14 6 Mount Lyell 1 14 8 Mount Morgan 0 11 6 E.S. and A. Bank (2) .. .. 5 11 9 Wilsons Cement 0 18 6

for Government securities com par ed with the prices ruling last week:— Nov. 11. Nov. 18. British — & s. d. £ a. d. Consols 76 15 0 76 0 0. Funding Loan, 4 p.c. 112 15 0 111 15 0 War Loan, 3J p.c.-.. 101 15 0 101 5 0 Con. Loan, 3J p.c. .. 102 5 0 101 15 0 Victory Bonds, 4 p.c. 111 15 0 111 5 0 Commonwealth — 5 p.c., 1945-75 .. .. 109 3 9 109 u 0 4 p.c., 1943-48 .. .. 103 5 0 102 15 0 33 p.C., 1948-53 .. . 102 2 6 100 5 0 3i p.c., 1956-61 .. 92 17 6 92 10 0 3 p.c., 1955-58 ... .. 92 11 3 89 17 6 New South Wales — 4J p.c., 1935-43 .. .. 99 12 6 99 12 6 Victoria— 3 p.c., 1929-40 .. .. 96 2 6 98 3 9 42 p.c., 1940-60 . 105 7 6 106 6 3 5 p.c., 1945-75 ., .. 108 3 9 108 17 6 Queensland— 3 p.c. 1932-47 .. .. 97 10 0 97 5 0 5 p.c., .. .. 105 10 0 105 18 9 South Australia— 4 p.c., 1942-62 .. .. 108 18 9 108 12 6 3 p.c., 1916 or after 79 12 6 79 12 6 Western Australia— 4 p.c., 1942-64 ,. .. 102 3 9 102 0 0 Tasmania— 34 P.c.. 1929-40 .. .. 102 18 9 102 17 d 4 p.c., 1940-50 . , .. 103 0 0 102 15 0 4J p.c., 1948-58 .. .. 105 6 3 105 2 6 New Zealand— 34 P.c., 1940 .. .. 103 0 0 102 17 6 3 5-C., 1945 .. .. 93 15 0 93 10 0