COMMERCE AND FINANCE

Otago Daily Times, Issue 23516, 2 June 1938, Page 8

COMMERCE AND FINANCE

LOCAL AND OVERSEAS MARKETS

THE SHARE MARKET DUNEDIN STOCK EXCHANGE SHARP RISE IN G. J. COLES A sharp rise in G. J. Coles, which changed hands during the afternoon call-over at £4 Is 9d—an advance 01 Is on the previous day—was the only outstanding movement recorded on the Dunedin Stock Exchange yesterday. Most sections of the market were dull, and the turnover was small. Buyers of banking shares displayed interest in two institutions only, paid Bank of New Zealands firming Id to finish with unanswered buyers at £2 4s 4d, and Union Banks slipping back to buyers at £B, with no sellers forward. , . , All listed coal shares were famy well supported, and both issues of Westport-Stockton made slight gains, but vendors showed no inclination to reduce their limits to effect transactions. Miscellaneous industrials were not in demand, and sellers outnumbered buyers by two to one. Apart from G. J. Coles, which finished with a market between £4 Is 3d and £4 2s 9d, Commonwealth shares were treated with indifference. Taranaki Oilfields recaptured some of their lost favour and moved up to buyers at 8s 8d and sellers 2d away. Regent Theatres dropped back 3d, to finish with unsatisfied buyers at £l. After selling at £1 2s 6d, Mount Lyells declined to buyers at £1 2s 3d and sellers 5d away, but Mount Morgans, which sold at 8s 9d, held the previous day's levels. Buying interest in the Australian mining section was weak. YESTERDAY’S TRANSACTIONS Sale on ’Change Morning Call £ s. d. Woolworths (Sydney) .. .. 10 9 Afternoon Call Mount Lyell 12 6 Mount Morgan 0 8 9 Sales Reported Gillespie's Beach (late Tues.) 0 0 9 Woolworths Properties (rights; late Tues.) 040 N.Z. Refrigerating (cont.;) .. 0 8 4 Woolworths Properties (rights) 0 3 11 Sale Reported After Last Call G. J, Coles 4 19 LATEST quotations The following are yesterday afternoon s buying and selling quotations, which are subject to the usual brokerage:— ' GOVERNMENT LOANS Buyer. Seller, £ s, d, £ a. d. 3J p.o. Stock, Nov., 19383} p.o. Stock, May, 1939- 101 0 0 3i p.c. Stock. May. 1941-52 101 0 0 3J p.c. Stock, Nov., 1941-52 .. .. ..101 00 - 4 p.c. Bonds, 1943-46 .. 102 10 0 4 p.c. Stock, 1943-46 .. 102 10 0 4 p.c. Bonds, 1946-49 .. 102 10 0 4 p.c. Stock. 1946-49 .. 102 10 0 4 p.c. Bonds, 1952-55 .. 104 0 0 4 p.c. Stock, 1962-55 .. 104 0 0 SJ p.c. Bonds. 1953-57 98 0 0 3i p.c. Stock. 1933-57 98 0 0 - MINING Big River (Is) .. .. 0 10 0 12 Clutha River (2s) .. 0 2 0 0 2 9 Gillespie’s Beach (Is) 0 0 10J Goldfields Dredging; (Is) .. .. .. .. 002, Martha (ss) 0 12 3 Nokomai (ss) .. ■ 0 1 9 0 22 Paddy’s Point (ss) ,\, 0 0 1 0 10 Sandhills (Is) 0 0 2J 0 0 3 BANKING N.Z. (£1) 2 4 4 Commercial (10s) 0 16 0 Natl. Of N.Z. (£2 10s) —2 13 0 Union (£5) .. ..-8 0 0 \ INSURANCE National (7s) .... 0 17 6 New Zealand (£1) 2 17 6 SHIPPING Huddgrt. Parker (ord.; £1) - 3| 9 Huddart, Parker (pref,: £1) 18 0 P. and O. Del, Stock (£1) i 1 4 0 U.S.S. Co. (pref.; £1) 6 0 17 0 MEAT PRESERVING N.Z. Refrig, (paid; £1) .. - 0 19 0 N.Z, Refrig, (cont: 10s) 0 8 3 0 8 3 South Otago Freezing (£5) WOOLLEN COMPANIES Bond’s Hosiery (£1) —. 0 17 0 Bruce (ord.; £1) . s 0 5 0 Bruce (pref.; £1) . Wellington (ord.; £5) LOAN AND AGENCY Goldsbrough, Mort (£1) - 1 10 0 N.Z. Loan and M. (ord.; £100) ... ~ 35 0 o N.Z. Guarantee Corp. (3s) .. 0 4 3 Wright, Stephenson (ord.; £1) .... Wright, Stephenson (pref.; £1) ....

COAL Kaitangata (16s) .. 17 0 Westport (10s) .... 13 9 14 6 Westport - Stockton (ord.; 10s) .... 0 2 9 0 3 1 Westport - Stockton (pref.; 10s) .. .. 0 80 0 6 6 MISCELLANEOUS Anthony Hordern (£1) 0 17 0 Aust. Foundation Trust • .. 0 4 0 0 4 10 Australian Glass (£1) Broken Hill Propy. (£1) **3 0 0 Broken Hill Pty. (cont.; 10s) .... 1 16 9 Brown, Ewing (pref.; £1) .... 1 0 6 Colonial Sugar (£2O) **47 10 0 Consolidated Brick (£1) 0 9 0 D.X.C. (pref.; £1) .. 13 3 Dominion Fertiliser (debs.)' .. .. .. 102 0 0 Donaghy’s Rope (£1) —2 6 0 Stock Exchange Pty, (£1) ........ 22 0 - Felt and Textiles (£1) 1 11 9 G. J. Coles (£1) .. 4 1 3 4 2 9 flume Pipe (£1) .. 0 19 9 Milburn Lime (£1) ~ 1 17 6 McKenzies D. Stores Mort’s Dock (£1) .. 0 10 6 Farmers’ Fertiliser (£1 N.Z. Newspapers (16s 8d) ........ 1 17 9 N.Z. Paper Mills (£1) Otago Dally Times (£1) —2 7 6 Regent Theatre (£1) 10 0 Smith and' Smith (pref.; £1) .. .. 10 0Taranaki Oil k£l 4s 7d) 0 8 8 0 8 10 Woolworths (ord.; 6s) Woolworths (Sydney; ord.; ss) 10 6 110 Woolworths (South Africa: ss) .... 0 15 10 BREWERIES ' N,Z. Breweries (£1) 22 0 2 2'6 Dunedin (rights) .. 0 0 6 0 3 0 AUSTRALIAN MINING Broken Hill South (ss) 17 0 18 0 Electro. Zinc (pref.; £1) ’ Electro, Zinc (ord.; £1) 1 17 0 Mount Lyell (£1) .. 12 3 12 8 Mount Morgan (2s 6d) 0 8 8 0 8 10 North Broken Hill (ss) .. Placer Developments 3 10 0 *♦ Ex dividend. UNLISTED STOCKS All stocks in this section are not quoted on the official list, and transactions are subject to a different rate of brokerage:— Buyer. Seller. £ s. d. £ a. d. A. and T. Burt (pref.; £1) 0 12 0 Woolworths Properties (rights) .. .. .. 03 11 040 F. Insurance .. Hogg and Co. (ord.) 0 3 0 0 5 6 DIVIDENDS PAYABLE The following is a list of shares on whjoh dividends will shortly be payable:— McKenzies Dept. Stores— Final, 9 per cent, June 7 Dominion Fertiliser Company —6 per cent, per annum (about) June 8 Placer—No. 10, 80 gents (Canadian) a share ~ .... June 10 Bulolo —No, 10, 1.50 dollars (Canadian) a share .. . June 10 Bank of N.Z.~Final, Is per share, or 10 per pent, per annum June 10 Waihi Grand Junction—4d per share, free of tax June 14 N.Z. Breweries—Final, 4J per cent-i making 8J per cent, per annum .. .. .. .. June 15 Broken Hill South—lnterim, 9d per share, in Melbourne June 15 Wilsons Cement, Ltd.—Final, 4Jd per share (making 9d for the year) .. June 15 Mount Lyell—lnterim, 0d per share .. .. June 20 Australian Glass—Pref., 4J per cent,, ord 4 per cent., plus S per cent June 22 North Broken Hill-fid per share ~ June 28 Kauri Timber—lnterim at 5 per cent, per annum .. June Morris, Hedstrom—3 per cent., making 6 per cent, per annum, plus bonus 2J per cent. .... June 30 British Tobacco—Quarterly 2 per cent .. June 30 National Mortgage and Agency Company—lnterim at rate of 5 per cent, per annum July l Calls Burns, Philp.—New 5s a share Oct. 1 NORTHERN EXCHANGES AUCKLAND Sales on ’Change £ s. d. Bonds, 1953-57, 3| per cent. 98 17 6 Stock, 1953-57, 3i per cent. 98 17 6 Bank of New Zealand (2) 2 4 7 National Insurance .. .. 0 17 8 New Zealand Insurance .. 2 18 1 Westport-Stockton .. .. C 3 0 Farmers’ Trading .... 116 G. J. Coles ........ 4 19 Herald and Weekly Times 2 14 11 New Zealand Drug .. .. 3 7 6 Taranaki Oil .. i 0 8 8 0 8 9 0 9 0 Woolworths (Sydney) ■ .. 10 9 Woolworth’s Properties (rights; 2) 0 3 10 Mount Lyell 13 3 , 12 9 Mount Morgan 0 8 9 Unlisted Stocks New Zealand Perpetual Forests . 200 WELLINGTON Sales on ’Change Stock, 1943, 3£ per cent. .. 100 5 0 Stock, 1946, 4 per cent. .. 103 5 0 Australian Glass 4 12 3 Broken Hill Ppty (2) .. 2 19 6 Colonial Sugar 47 5 0 Dental and Medical .. .. 0 13 11 Consolidated Brick (2) .. 0 8 11 Woolworths, Ltd. (ord.; 2) l 0 8 Woolworths, Ltd. (ord.) .. 10 9 Woolworths (rights; 2) ~ 0 3 11 Grey River Dredging .. 0 12 3 Mount Lyell 12 6 Woolworth’s Holdings (late Tuesday) 0 15 10 CHRISTCHURCH Sales on 'Change Commercial Bank of Australia 0 15 6 Bank of New Zealand (cum div.; 3) 2 4 6 New Zealand Breweries (cum div.) 22 0 British Tobacco (cum div.) 2 7 6 Broken Hill Proprietary (ex div.) 2 19 3 Consolidated Brick .. .. 0 8 11 D.I.C. (10s paid) 0 14 9 Electro Zinc (ord.; 3) .. 1 16 6 G. J. Coles 4 16 Taranaki Oilfields .. .. 0 8 10 Wilcox Mofflin 0 7 2 Woolworth’s Properties (rights; 2) 0 3 10 (fights; 2) 0 3 11 Broken Hill South (cum div.) 17 5 Mount Morgan (2) .... 089 North Broken Hill (cum div.) .. .. .. ... 1 19 6 (cum div.) 1 ID 3 Woolworths, Ltd, (2) .. 10 8 (2) 10 7 Sales Reported Taradalc Borough, 4) per cent., 1944 .. ..' .. .. 103 0 0

FOREIGN EXCHANGES (British Official Wireless) (United Press Association) (By Electric Telegraph—Copyright) RUGBY, May 3t. Paris— Far. May 30. May 31. Franca to £1 124.21 378 7-32 178 7-32 Brussels— Belgas to £1 30 29.304 29.28 Oslo— Kroner to £1 11.180 19.90 19.90 StockholmKroner to £1 18.130 19.394 19.394 Copenhagen— Kronor to 61 18.150 22.40 22.40 Berlin— Marks to £1 20.34 12.35 12.33 Montreal— Dollars to £1 4.88 2-3 5.00 g 5.002 New York— Dollars to £1 4.86 2-3 4.95 5-16 4.95 Yokohama— Pence to yen 34.582 14 14 Hongkong— Pence to dollar 24.58 14J 14j Bombay— Pence to rupee Batavia— Florins to £1 12.10 8.95 8.95 Milan— Lire to £1 82.46 9»J 94 1-16 Amsterdam— Guilder to £1 12.107 9.96 9-16 8.971 Prague— Kroner to £1 1041 1421 142 J Geneva — Francs to £1 25.22 J 21.721 21.72* Vienna— Schillings to £1 .. 84.861 261 261 Helsingfors— Marks to £1 193.2 S S26J 226 g Madrid— Pesetas to £1 25.221 Belgrade— Dinars to £1 25.221 218 218 Athens— ’ Drachmas to £1 .. 375 5471 5471 Lisbon — Escudos to £1 ~ 110 1101 1101 Bucharest— Lei to £1 931,6 8771 6774 Rio de Janeiro — Pence to mllreis .. 5.890 2 13-16 3 13-16 Buenos Aires — Pence to pesos 4T.22 18.94 18.941 Shanghai— Pence to tael log 10J Montevideo— Pence to pesos Warsaw— Zlotys to £1 ON NEW ZEALAND CURRENCY BASIS The Bank of New South Wales, Dunedin, quoted the following rates for purchases and sales of foreign exchange yesterday:— Buying. Selling. London—- £ N.Z, to £IOO stg T.T. 124 124/10/O.D. 123/10/- 124/8/9 Australia—- £ A. to £IOO N.Z T.T. 101 100/10/O.D. 101 100/10/Fijl—- £ F. to £IOO N.Z T.T. 90/7/6 89 O.D. 90/7/6 89 New York— Dollars to £1 N.Z. .. .. T.T. 4.0009 3.9604 O.D. 4.0109 3.9704 Montreal— Dollars to £ N.Z. T.T. 4.0441 4.0110 O.D. 4,0361 4.0156 Belgium— Belgas to £ N.Z. T.T. 23.719 23.400 O.D. 23.794 23.420 Czechoslovakia — Korunas to £ N.Z. T.T. O.D. Denmark — Kroner to £ N.Z. T.T. 18.203 17.893 O.D. 18.263 17.899 Finland— Harks to £ N.Z, T.T. 185.15 179.35 O.D. 185.55 179.45 to £ N.Z. T.T. - 141.40 O.D. Germany— * Reichsmarks to £ N.Z. .... T-T. O.D. -841 Greece— Drachmae to £ N.Z T.T. O.D. Holland— Florins to £ N.Z, T.T. 7.310 7.160 O.D. T. 350 7.164 Italy— Lire to £ N.Z. T.T. O.D. to £ N.Z, T.T. 7.283 7.133 O.D. T. 323 7.137 Norway— Kroner to fi N.Z. T.T. 16.183 15.892 O.D, 16.242 15.898 Noumea — Francs to £ N.Z. T.T. - 140.15 O.D. Papeete— Francs to £ N.Z. T.T. O.D, • Sweden— Kroner to fi N.Z. T.T. 15.785 15.400 O.D. 15.845 15.498 Switzerland— Francs to £ N.Z. T.T. 17.635 17.365 O.D, 17.740 17.370 Hongkong— N.Z. Pence to 1 Dollar .. .. T.T. 18? l»l O.D. 18 11-32 181 India and Ceylon— N.Z. Pence to 1 .. Runee .. .. T.T. 21 63-64 22 17-61 uupee OD> 21 61-64 22 17-61 Japan— N. Pence to 1 ~, ' Ten .... T.T. - J* O.D. U* Manila— N pes<T enM . . l °.! T.T. 29 11:16 30 3-16 O.D. 29 19-32 30 3-16 Singapore— N-Z. Pence to 1 . .. Dollar .. .. T.T. 34* 34 47-84 Dollar oo 34* 5,32 34 47-64 All rates subject to alteration without notice. DOLLAR RATES The Associated Banks (other than the Bank of New South Wale?) quoted the following dollar rates yesterday on a New Zealand currency basis. They are subject to alteration without notice:- U>S . A . Canada, (Per £ 1 (Per £1 N.Z.) N.Z.) Selling; Dols. Dols. TT .. .. 3.96 11-16 4.01 O. .. .. 3.97 1-16 4.01 7-16 B aD. g: .. .. 4,01 4.05 7-16 DOLLAR AND FRANC (United Press Association) (By Electric Telegraph—Copyright) LONDON, May 31. The dollar is quoted at 4.95 J. The franc is quoted at 178 J. ANTWERP FUTURES (United Press Association) (By Electric Telegraph—Copyright) LONDON, May 31. Antwerp futures are quiet. July, 22Jd; October, 23Jd. Fraser and Co., selling agents for Otago and Oamaru Egg Circles, report as under:— Eggs: Poultry farm eggs, 2s; seconds, Is 10d; pullets. Is 8d per dozen. Tallow: 13s per cwt. Pigs: Good bacon weights, 64d to 7sd per lb; overweights, 3d to 4d per lb; porkers, 6£d to TJd per lb. Potatoes: £4 10s to £5 per ton. Chaff: £5 15s to £6 per ton, sacks extra. Whole fowl wheat: 0s 6d to 6s 9d per bushel. Canterbury onions: To 13s per cwt. Honey; Bulk, 6d to 6id per lb; lolb tins, 7s 6d; 21b pottles. Is 6d. Poultry—While Leghorn hens. 3s to 3s 6d; heavy breeds. 4s to ss; cockerels, light 2s 3d to 4s, heavy 7s to 8s 6d: roosters, 2s; ducks, 3s to 4s; ducklings, 5s to 6s, ail per pair; turkey gobblers. 9d to 10d per lb, live weight; hens. 7d to 8d per lb. We stock Palmer’s chick food. South Otago mcatmeal, leg rings Is per dozen (special quotes for quantities). We arc agents for Champion egg crates, Isco cod liver oil for poultry; prices on application. We are Otago agents for Gamble electric incubators. Particulars on application. Consignors, please note that all pigs and poultry must arrive not later than Wednesday morning of each week. We have a stock of poultry crates on hand for the use of our clients.

BANK OF NEW ZEALAND SOUND POSITION MAINTAINED ORDINARY DIVIDEND OF 10 PER CENT. (Per United Press Association) WELLINGTON, June 1. The report of the directors of the Bank of New Zealand for the year ended March 31, which is to be presented at the ordinary general meeting on June 10, states: — The profits, after providing for the expenses of management and for all bad and doubtful debts and other contingencies. and after making provision for the annual donation to the provident fund, were £ s. d. 583,209 5 11 To which has to be added the balance brought forward from last year 364,889 17 3 Making a total of .. .. 948,099 3 2 From which has been paid a dividend on preference A shares ■. ■ • 50,000 0 0 An interim dividend on C long-term mortgage shares 7,031 5 0 An interim dividend on D long-term mortgage shares 17,578 2 6 An interim dividend on preference B shares .. 31,250 0 0 An interim dividend on ordinary shares .. .. 187,500 0 0 Leaving available for distribution .. • • 654,739 15 8 This sum the directors propose should be disSosed of as follows: — lividend on C long-term mortgage shares at 6 per cent, per annum 7.031 5 0 Dividend on D long-term mortgage shares at 7i per cent, per annum 17,578 2 6 Dividend on preference B shares (making £IOO,OOO for the year) 68,750 0 0 Dividend at the rate of 5 per cent, on ordinary shares (making £375,000 for the year, equal to 10 per cent.) 187,500 0 0 Leaving a balance to be carried forward of .. 373,880 8 2 Total . .. 654,739 15 8 The dividends are to be paid in New Zealand currency. During the year agencies have been opened at Granity, Kerikeri, Manurewa, Oamaru North, Okaihau. Pokeno, Riccarton, George street (Dunedin), Upper Queen street (Auckland). The Waikouaiti branch has been converted into an agency, and the St, Heliers Bay agency has been closed. In the 1936-37 year the net profit of the bank was £600,008, compared with £565,182 in the previous year. The bank has maintained an ordinary dividend of 10 per cent, since 1934. In 1933 Hi per cent, was paid, and in 1932 and the previous five years 14 1-3 -per cent. The total dividend distribution will be the same as last year, £574,218 15s. ‘ LONDON STOCK EXCHANGE (United Press Association) (By Electric Telegraph—Copyright) LONDON, May 31, £ s. d. Bank of Australasia .. .. 7 12 6 E.S. and A. Bank .. . 316 6 Union Bank of Australia .. 6 2 6 Bank of New South Wales 24 12 6 National Bank of N.Z. .. 2 0 0 Bank of New Zealand .. 113 9 British Tobacco 1.16 9 Goldsbrough, Mort .... 13 9 Dalgety 676 P. and O. Deferred '.. .. 10 6 N.Z. Loan and Mercantile 4 p.c. debentures .. .. 90 0 0 N.Z. Loan and Mercantile (ord.) 26 0 0 SHARE QUOTATIONS (United Press Association) (By Electric Telegraph—Copyright) LONDON, May 31. Share quotations: Clutha RiverBuyers Is 7id, sellers Is 10id; Molyneux—buyers Is, sellers Is 3d. Mount Lyell shares are quoted at 17s 6d. New Guinea Gold shares are quoted at Is lljd. RUBBER QUOTA REDUCED BY COMMITTEE (United Press Association) (By Electric Telegraph—Copyright) LONDON. May 31. The International Rubber Committee reduced the quota for the third quarter to 45 per cent. Rubber shares have risen slightly, as the reduction meets the market’s best expectations. It seems now that there is a hope of reducing stocks to a more reasonable level. BUTTER MARKET (United Press Association) (By Electric Telegraph—Copyright) LONDON, May 31. The butter market is steady. Choicest salted Australian, 121 s; New Zealand, 1235; unsalted Australian, 1235; New Zealand. 1255. PRICE OF FINE GOLD (United Press Association) (By Electric Telegraph—Copyright) LONDON, May 31. £ s. d. May 31 7 0 5J May 30 7 0 5J May 27 7 0 9 May 26 .7 0 9 May 25 7 0 7J May 24 7 0 4J May 23 7 0 4| May 21 7 0 1J COLOMBO TEA SALE Mr L. M. Wright has received the following cabled report on the Colombo tea auction of May 20:— At yesterday’s auction of 3,000,0001 b fine teas remained firm, medium grades were slightly easier, and quotations for common teas showed a decline of about id on last week’s rates. At next week’s sale 3,250.0001 b will be offered. WAR LOAN (British Official Vnelcssl (United Press Association) (By Electric Telegraph—Copyright) RUGBY, May 31. (Received June 1, at 6.30 p.m.) War loan, 3J per cent, is quoted at £lOl 12s 6d. NEW CAPITAL ISSUES (British Official Wlrelessi (United Press Association) (By Electric Telegraph—Copyright) RUGBY, May 31. (Received June 1, at 5.5 p.m.) New capital issues in May amounted to £27,397,880. against £5.038.715 in April, and £11.410.592 in May, 1937. The total for the first five months of the year is £67.541,677. LONDON METAL MARKET (United Press Association) (By Electric Telegraph—Copyright' LONDON. May 31. The following arc the official metal quotation*: Ton Copper spot i . •• £33 16 3 Rise £0 I I Ota Copper, forward .. 34 I'3 Rise 0 I lO'/a Electrolytic, spot .. 38 0 0 Rise 0 3 0 Electrolytic, forward.. 39 0 0 Rise 0 3 0 Wire bars 39 0 0 Rise 0 3 0 Lead, spot .. .. .. 13 14 4>/, Fall 0 0 7‘/a Lead, forward .. .. 13 16 lO'/a No change Spelter, spot .. 12 7 8 Fall 0 I 3 Spelter, forward 12 8 I'/a Fall 0 I 3 Tin, spot .. .. 164 7 6 Rise 3 0 0 Tin, forward .. .. 164 7 6 Rise 2 5 0 Oa. Stiver, standard .. IS 13-I6d Rise M6d Silver, (in* 20 7-l6d Rise M6d

ADDINGTON MARKET EASING IN VALUES (Prr United Press Association) } CHRISTCHURCH, June 1. _ Values showed an easing at to-day s weekly Addington stock market. Store sheep was the principal section affected, the advance of up to 2s a head being lost to-day. There were few buyers forward. Wethers sold well, but were easier, and there was a keen demand for export lamb. Fat sheep maintained rates for the few better sorts, but medium sheep were easier. The fat cattle penning was smaller, but there was a drop in values of approximately 15s a head. In the subsidiary sections, vealers, store cattle and fat pigs sold well. Store Sheep.—About 6000 were yarded, and most of the ewes and indifferent sorts were passed at auction. Two-tooths sold at 265. but old ewes were not wanted. Close on 1000 station wethers sold at from 20s 10d to 21s 6d, about Is 6d down on last week. Fat Sheep.—Five thousand were penned. The small proportion of prime sheep sold at unchanged rates, but the medium classes were easier by about Is 6d, and freezing ewes were unchanged. Best wethers made from 27s 6d to 31s, and a few tops to 37s A draft of 70 averaged 35s 6d. Medium wethers ranged from 23s to 265, and light down to 18s; best ewes 20s to 235. tops to 275, medium 16s 6d to and light down to 12s. Fat Cattle—Five hundred and five were penned, with fewer prime heavyweights. These were down by 15s a head. Medium-weight prime were unchanged, and cows and heifers were also down by 10s to 15s. Best cattle made from £l3 10s to £ls. tops to £l6, good medium-weight £ll 10s to £l2 15s. and light down, to £8 15s. Best heifers and cows sold from £8 10s to £9 ss, tops to £H 2s 6d. and light cows down to £4 10s. Pat pigs had a good sale. Porkers sold from 29s 6d to 55s 6d (average price per lb, 6d to 6Jd). and baconers £3 Is 6d to £5 4s 6d (average price per lb, 6id to 7d). NEW ZEALAND PERPETUAL FORESTS, LTD. NET PROFIT OF £20.812 (Special to Daily Times) AUCKLAND, June 1. A net profit of £20.812, a decrease of £5218 on the previous year, is shown in the accounts of the New Zealand Perpetual Forests,., Ltd., for the year ended March 31. A final dividend of 4 per cent, and a special dividend of 2J per cent, was recommended, making, with the interim payment of 4 per cent., a total distribution of 10* per cent, for the year. This compares with 8 per cent, for the previous year, AUSTRALIAN STOCK EXCHANGES LITTLE VARIATION AT SYDNEY (United Press Association) (By Electric Telegranh—Copyright) SYDNEY, June 1. (Received June 1, at 9 p.m.) There was practically no variation in prices in any department on the Stock Exchange to-day. Carpenters shares were weaker in sympathy with reduced prices for Island produce. Pastoral shares are also tending easier. The Morning Sales

Commonwealth Bonds — £ s. d. 4 p.c., 1941 100 18 9 4 p.c., 1944 101 15 0 4 p.c., 1050 103 7 6 4 p.c., 1955 • 104 10 0 Commercial Bank of Syd20 10 ney 0 Tooheys 1 10 9 Anthony Hordern .. .. 0 17 6 Broken Hill Propy. (ex div.) 3 0 9 Cash Orders Amalgamated 0 17 0 Colonial Sugar Electrolytic Zinc (N.Z. de47 12 6 17 livery) 1 9 Additional Sales £ s. d. Commercial Banking of 0 Sydney 20 12 Colonial Sugar 47 15 0 Associated News .. .. 1 0 9 Associated News (pref.) .. 1 3 3 2 13 6 Australian Glass .. .. 4 13 3 Dunlop Perdriau .. .. 1 0 104 Felt and Textiles .. .. 1 11 6 W. R. Carpenter .. .. 2 2 3 United Provisions .. .. 0 6 7 Goldsbrough 1 9 6 Winchcombe Carson .. .. 1 8 0 Wilcox Mofflin 0 7 2 Mount Lyell 1 3 0 Broken Hill Proprietary .. North Broken Hill ,. .. 3 2 0 0 9 0 South Broken Hill .. .. 1 8 1 Kuala Kampar 0 16 3 Melbourne Exchange Trading on the Stock Exchange is still restricted, but gold shares and Barriers are more active, with an improving tendency. Sales: — £ S d. Commercial Bank of Australia 0 15 9 G. J. Coles . • 4 1 9 Drug Houses 1 3 9 Dunlop Perdriau .. .. .. Australian Paper Manufac1 0 11 1 1 9 6 turers (pref.) 4 18 Herald and Times .. .. 2 14 6 Mount Morgan 0 8 1U Mount Lyell 1 2 10 Broken Hill Proprietary .. 3 u b Broken Hill Proprietary 1 16 3 (new issue) Emperor 0 11 9 Loloma 1 1 3