COMMENCE AND FINANCE

Otago Daily Times, Issue 23577, 13 August 1938, Page 10

COMMENCE AND FINANCE

LOCAL AND OVERSEAS MARKETS

THE SHARE MARKET DUNEDIN STOCK EXCHANGE The following is a list of the business transacted on the Dunedin, Stock Exchange during the past week:—

THE WEEK REVIEWED LEAN PERIOD OF TRADING TARANAKI OILFIELDS DECLINE IN VALUE Sellers completely dominated the market on the Dunedin Stock Exchange for 4he period under review when buying interest wan at a particularly low ebb. The volume of business transacted was approximately half of the total,for the preceding period, and must run very close to being the smallest turnover recorded this year. The week has been free from spectacular fluctuations, but then; have been other influences to account for the decline in turnover. Grand National Week in Christchurch, where trading has been very subdued, has had its effect on the local market and, until Thursday, when business was brighter, conditions on the Australian Exchanges have been far from buoyant. No section came in for preferential attention, but for the first time for many weeks Dominion scrip had more transfers than Commonwealth shares. Once again Government Loans were freely offered/without, however, creating much enthusiasm. Chief interest among buyers was focused upon the 3J per cent, issues of the 1941 Stock, but sellers in these instances were few and far between. The sole transfers recorded during the period were in 4 per cent. Bonds, 1952-55, a buyer securing a parcel at £lO2, and in 3i per cent Stock. 1939-52. at £lOl. Banking Scrip Quiet Apart from a fairly steady inquiry for Bank of New Zealands, which appeared on the sales list at £2 3s 6d and £2 3s sd, there was little animation displayed for banking scrip. Commercials (10s paid) improved and were dealt in at 16s 9d. Maintaining its reputation for promptness, the Commercial Bank of Australia has already issued its accounts for the year ended on June 30. Gross earnings rose substantially, compared with the previous year, but the increase in expenses was nearly as great, and the profit is up by only £15,000 to £262,384. Related to shareholders' funds, the earning rate was only 4 per cent., but reserves built up in previous years are greater than ordinary capital, and the board has consequently been able to make a slightly more generous distribution to shareholders. Dominion Scrip Steady While trading in Dominion shares was not heavy, there was a slightly better display of interest for the most popular lines, Dominion Fertilisers being prominent for four dealings, all at the steady price of £1 ss. New Zealand Drugs were also firm, and changed hands at £3 10s 6d, with .final unsupplied buyers offering. 6d below that figure. A revival of support for paid New Zealand Paper Mills resulted in a sale at the improved price of £1 2s fld. Taranaki Oils Decline Until yesterday, Taranaki Oilfields experienced a fairly steady market, but at the afternoon call-over there was a sharp decline in values, the scrip being disposed of at 12s 10s, after which buyers would not go beyond 12s 9d - , u Among meat preserving shares New Zealand Refrigeratings received spasmodic support, and both issues figured on the sales list at recent market values. Westport Coals sold at £1 ss, and Westport-Stocktons maintained their recent improvement. Slightly more attention was bestowed upon New Zealand mining ventures, and. for certain scrip, values hardened a little. Big Rivers had regular buyers at around Is Id, and one transfer was effected at Id above that price. Nokomals were disposed of at about their approximate market value of Is 6d, while Okaritos and Waitahus were fractionally firmer. Commonwealth Industrials Dull For the greater part of the period Commonwealth industrials did not receive their customary support from sharebrokers, but yesterday, however, they regained a little of their lost popularity. There were no marked improvements in values, with the ex-

ception of Colonial Sugars, a buyer of which was prepared to do business at £49, without receiving any response from holders. Broken Hill Proprietaries missed reaching the sales list for the first time for many weeks, and at the close of the market values were on a par with the rates ruling at the close of the previous period. After improving to business at £4 Is, G J. Coles came back to finish with a final market between £4 0s 3d and £4 Is. Sydney Woolworths were dull, but held last week's values. Australian Foundation Trusts and British Tobaccos were both slightly firmer when the market closed. Subdued Trend in Metals Buyers were lethargic toward Commonwealth mining ventures, and the section devoted to this scrip was more subdued than is usually the case There vas no sharp recession in valuer but interest was dsflnitely lacking. Business was confined to a sale ~>f Mount Lvells at the slightly easier price of £1 8s 3d. and a transfer in Mount Morgans at 10s 6d. . Broken Hill Souths and Electrolytic Zincs also lost a little ground during the period. YESTERDAY'S TRANSACTIONS Sale on "Change AFTERNOON CALL

Sales Reported After Last Call G. J. Coles •• 4 o*> Mount Morgan (pref.; 20s paid; cum div,) .... ISO LATEST! QUOTATIONS The following are yesterday afternoon's buying and selling quotations, which are subject to the usual brokerage:-

LONDON STOCK EXCHANGE iUnited Press Association! (By Electric Telegraph—Copyright)

UNLISTED STOCKS All stocks'ln this section are not quoted on the official list, and transactions are subject to a different rate of brokerage:—

NORTHERN EXCHANGES AUCKLAND

WHEAT AND FLOUR (United Press Association) (By Electric Telegraph—Copyright) LONDON, Aug. 11. Wheat: Cargoes are easier. Parcels are steady. Futures—London. August, 29s 3£d; November, 26s 2d. Liverpool: October, 5s 4|d; December, 5s lid; March, 5s Old. The spot trade is quiet. Australian, ex ship, 31s to 335. Flour is steadier. Australian, ex store, 23s 6d to 245. Chicago futures: September, 828 cents per bushel; December. 64J; Mav. 671.

SHARE QUOTATIONS (United Press Association) (By Electric Telegraph—Copyrighti LONDON, Aug. 11. Share quotations: Clutha Riverbuyers Is 9d, sellers Is 10Jd; Molyneux—buyers 9d, sellers Is. BUTTER AND CHEESE (United Press Association) (By Electric Telegraph—Copyright) LONDON, Aug. 11. Butter: Quiet. Danish, 1255; choicest salted New Zealand, 121 s; Australian. 118 s; unsalted, Is premium. Cheese: Firm. New Zealand, white and coloured. 70s 6d: Australian, 68s and 695. DOLLAR AND FRANC (United Press Association) (By Electric Telegraph—Copyright) LONDON, Aug. 11. Exchange on New York is quoted at 3.88§ dollars to the £. and on Paris at mifrancs. BRADFORD MARKET (United Press Association) (By Electric Telegraph—Copyright) LONDON, Aug. 11. The Bradford market is quiet, awaiting the opening of the Australian woo! sales. Merinos: 70's, 28d; 64's, 26Jd: 60's, 25Jd Crossbreds: 58's, 22d; 56's, 20d; 50's, 17d; 46's, 16id (nominal): 44's, 16Jd (nominal) BEET SUGAR (United Press Association) (By Electric Telegraph—Copyright) LONDON, Aug. 11. Beet sugar, 5s 3Jd. PRICE OF FINE GOLD (United Press Association) (By Electric Telegraph—Copyright)

BALCLUTHA STOCK SALE (Special to Daily Times) BALCLUTHA, Aug, 12. The fortnightly sale to-day was a good one, although in the store pens bidding was not so brisk as usual, owing to the shortage of feed. Fat sheep numbered 307, and store sheep 2789. Extra good heavy wethers sold at 325; lighter wethers, 21s to 255; fat ewes (best), 19s to 235; light ewes 10s to 12s. Store Sheep.—Extra good ewe nog gets, °-8s lOd; medium ewe hoggets. 20s to 23s 6d; small ewe hoggets. Hs to 17s; wether hoggets, 10s to 16s; two-tooth ewes. 25s to 295; soundmouth ewes, 18s to 235; best full and failing-mouth ewes. 14s to 18s; cull ewes, 2s to 4s 6d; store wethers (slight), 16s. Fat CaUle.—A small yarding. Fai bullocks, £11; fat cows, £6 10s to £lO 10s; light and aged cows, £3 17s 6d to £4 10s. Store Cattle.—A small yarding. Best forward bullocks, £ll 17s 6d; small bullocks. £5; heifers, £3 7s 6d; calves, 37s 6d. Dairy Cows.—Forty were yarded, including some Jersey herd. Best reached £7 10s, but the general demand was not brisk, and low prices ruled the market, the average for a good cow being £5, with prices down to £2 and £2 12s 6d. Pigs.—About 40 young pigs penned There were a number of passings Sales were made at 17s to 20s for suckers and 27s to 29s for stores. SALE AT ALLANTON Messrs Donald Reid and Co.. Ltd.. reports having held a spring sale at the Allanton sale yards on Tuesday. Buyers were present from all the surrounding districts, and competition for all classes of stock was keen. Sheep.—There were 1619 penned, and they raised the following prices:—S.M ewes, from 24s 2d to 26s 6d; f. and f. mouth ewes, 10s 9d to 17s; ewe hoggets. 21s to 245; wether hoggets, lis 5d to 17s 6d. Cattle.—There were 80 head yarded, and quotations were as follows:—Fat heifers, from £8 to £lO 10s; two-year-old steers, £7 10s to £8: dairy cows, best, to £8 10s- medium, to £6 10s' heifers. £6 12s 6d to £7 15s. Horses.—A total of 40 was offered young sorts meeting with a ready sale while aged mares and geldings were dull of sale. Quotations were as follows:—One three-year-old filly. £34 one mare, six years, £32 10s; one gelding, four years, £29; one gelding, foui years, £2B 10s; one mare, eight years. £2B 10s; one gelding, seven years, £26; one mare, four years. £26. Aged mares and geldings sold from £7 10s to £l6.

DUNEDIN MARKETS WHEAT, OATS, ETC. The milling wheat market shows no change. Millers are holding fair stocks of New Zealand-grown wheat and have also supplies of Australian wheat. , , , South of Dunedin the ground is in fairly good order for sowing wheat, and farmers are commencing to plant their seed. In the northern districts the ground is still too wet to allow spring sowing to be carried on to any extent. Farmers, it may be stated, are anxious to sow as much wheat as possible. The fowlwheat market is unchanged with best quality worth 6s 6d per bushel, sacks extra, ex store. Stocks in the country are diminishing. It is expected that there will be a better demand for wheat for poultry purposes during the next two or three months. Wholesale prices are as follows: Flour.—2oo's, £l3 15s 6d; 100's, £l4 12s 6d: 50's. £l4 17s 6d; 25's, £ls 7s 6d. Bran, £5 5 S per ton. Pollard, £6 15s per ton. Oatmeal.—2Golb sacks, £l9 per ton: 25's, £2O per ton. There is no alteration in the oats market and few sales are taking place. The ordinary consumptive demand from the North Island is small and millers are also not showing much interest in the market, as they have ample stocks in hand. Although the general quotation for A Gartons is 3s sd, f.o.b.s.i. some sales are still being recorded at 3s 4d, f.0.b.5.i., August-Sep-tember delivery. Few offerings are coming oh the market from the country, as the oats held by growers are required for stock feeding purposes. FIRMER MARKET FOR CHAFF The demand for chaff shows an improvement, following on fanners requiring supplies for feeding their stock. The market remains firm with best quality selling at £6 10s per ton, sacks included, ex truck. Supplies are being drawn from the surrounding districts. North Otago and Canterbury. POTATO POSITION WEAKER The future of the potato market remains obscure, and the tendency is for values to weaken. So far no information is available regarding an outlet of surplus stocks to Australia. Growers however, are still inclined to await developments, and in the meantime best quality whites are selling slowly at £4 per ton, sacks included, ex store. King Edwards are now practically unprocurable. SEEDS MARKET STEADY All the seed markets remain steady, but apart from the Government orders for seed, which have now been practically filled, there is not a strong inquiry.. Some sales, however, have been made for export, these including lines of cocksfoot, dogstail and Italian ryegrass. There are now indications of a strong demand setting in in this district for lines for spring sowing. Values, of most seeds remain unchanged. Certified ryegrass is still scarce and ordinary ryegrass maintains its value. The cocksfoot market is steady, and the white clover market firm. There is a scarcity of supplies of the latter seed. The cow grass market is quiet, and, following on export business, the dogstail market is inclined to firm. Stocks of Chewings's fescue are on the light side. Export orders have lately been received for this seed, and it is anticipated that all stocks will be cleared in the next month or so. There is no inquiry for brown top and this market is quiet. Wholesale prices are as follows: Chaff.—Good, bright oaten sheaf, £5 15s per ton, ex truck, to £6 10s, ex store. Potatoes.—White, £4 per ton, ex store: King Edwards, to £5 10s. Dairy Butter.—Milled bulk, lOd per lb; separator. lOd per lb. Supplies wanted. Bacon, Is 13d per lb. Hams. Is 2d per lb; boneless, Is 4d. Eggs.—Stamped, Is sd; case, Is 4d. Canterbury onions, 21s per cwt. Market firm, with supplies in short compass. Victorian onions to arrive next week are quoted at 13s per cental. Lard.—Bulk, 8d per lb. Honey 6d to 6£d. Eggs were reduced by 2d per dozen during the week. FRUIT AND VEGETABLES CAULIFLOWERS AND CABBAGES IN SHORT SUPPLY Supplies of apples are not so plentiful. The demand, however, is weak. Pears are in short supply, and the market is firm. Australian oranges are practically cleared from wholesale hands. The next shipment is due on Thursday ex the Waitaki. A small shipment of mandarins and pines will also be on this steamer. Poorman oranges are in good supply, but there is little inquiry for them. New Zealand-grown lemons are plentiful with low prices ruling. There has been a better demand for ripe bananas. The last shipment ex the Maui Pomare ripened up particularly well. No further supplies are expected for at least a fortnight. Cauliflowers and cabbages continue in short supply, and extreme prices are ruling. Spinach is also bringing high prices. Swedes, carrots, and parsnips have a steady demand. Rhubarb is in good supply from North Canterbury, and the market has eased a little. Marrows are practically finished for the season. Small lots of pumpkins continue to arrive from the North Island. Supplies of choice quality lettuce are not equal to the demand. Weatherbeaten lines are slow of sale. Wholesale prices are as follows: — Apples.—Delicious, 3s 6d to 6s 6d per case; Jonathans, 7s 6d to 10s; Sturmers, 4s to 6s 6d; cookers, 4s to 5s 6d: inferior dessert and cooking. 2s to 3s. Pears.—Dessert, to 6s per half-case; cookers, to 3s 6d. Oranges.—Australian, 14s to 20s per case, according to count: Island. 10s 6d to 15s 6d. Pineapples, 20s per case. Poorman oranges. 5s to 7s 6d per case. Lemons.—New Zealand, 8s to 14s per case. Bananas.—Ripe. 16s to 17s 6d per case. Cauliflowers.—Choice, 16s to 24s per sack; others, 3s to 7s 6d. Cabbages.—Choice Savoys, 8s to 12s ner sack. Swedes, to Is 9d per sugar bag, Celery, to Is per bunch. Rhubarb. 6s to 8s 6d per dozen bunches. Marrows, to lid per lb. Pumpkins, Id per lb. Carrots, to 3s per sugar bag. Parsnips, to 4s 6d per sugar bag. Lettuce. Is to 2s per dozen; extra choice, 3s 6d. Spinach. 2s to 3 S 6d per dozen bunches. Leeks, 4d per bunch. BANK OF ENGLAND RETURN (United Press Association) (By Electric Telegraph—Copyright) LONDON, Aug. 11. The following is the Bank of England return:— ISSUE DEPARTMENT Note issue in criculation £490,000,000 Bank department .. .. 36,400,000 Government securities • • 188,500,000 Other securities •. • • 500,000 Silver coin BANKING DEPARTMENT Host 3,600,000 Public deposits .. .. i 9 ' 3o °.opO Bankers' deposits .. 106,100,000 Other amounts .. .. 34,500,000 Government securities .. 109.700,000 Discounts and advances 9 ' 2 ,°0- 0 , 00 , Other securities .. .. 21,600.000 Notes and coin .. •■ 37,500.000 Ratio of reserve to liabilities is 23.48 per cent. The Bank of England discount rate remains unchanged at 2 per | cent.

FOREIGN EXCHANGES (British Official Wireless) (United Press Association) . (By Electric Telegraph—Copyright)

ON NEW ZEALAND CURRENCY BASIS The Bans of New South Walea, Uuuedin. uuoted the following rates for purchases and sales of forclcn etchanjre yesterday:—

DOLLAR RATES The Associated Banks (other than the Bank of New South Wales) quoted the following dollar rates yesterday on a New Zealand currency basis They are subject to alteration without notice U.S.A. Canada (Per£l (Per£l N.Z.) N.Z.) Selling: Dols Dols _ TT .. .. 3.91 3.92 9-16 O.D 3.91} 3.92 J BU O.D? : .. .. 3.95 3.96 11-16 BASE METAL PRICES CAUSES OF THE SETBACK While the steady decline in base metals from the high price levels attained in the early months of 1937 has clouded the immediate outlook of the market, the.opinion of both producers and merchants is that it would take little to bring back more prosperous conditions. The inference is taken from the present stock position and world consumption that there is a reasonable chance of higher values before l° n ß- , , u , . These views were shared by Lord Home, chairman of directors of Zinc Corporation, Limited, and Sir Charles Barrie, chairman of Metal Traders. Limited, at recent meetings in London Fear of war in Europe and more de nation and fear of political repression of industry in the United States are factors the removal of which is indispensable to recovery. Lord Home declared that, measured by its damage to the well-beine of the world, the political conflict with United States industry had been disastrous. He went so far as to predict that its continuance might jeopardise the prospects of an Anglo-American trade agreement and even threaten existing currency arrangements. . , A j. An optimistic view of the future of the metal markets is taken by the National City Bank of New York in its July circular, which states that the strengthening of commodity prices is one of the developments from which business may justifiably draw encouragement. Tin has risen sharply on the reduction of the export quota to 45 per cent, and the decision to segregate a proportion of shipments in a buffer pool. Lead and zinc have both been marked up and the copper market shows a stronger tone, due to a rise in the London price.

SALES TAX YIELD GAIN MADE IN JUNE COMPARATIVE FIGURES Although business activity showed a seasonal falling off in June, sales tax revenue remained buoyant, receipts from the tax being large indicative of sales during the month prior to the month of collection. The amount received during June wag £285.738, compared with £273,087 in May and £283,094 in June. 1937. The receipts for the month were the third highest total for the current year, being exceeded by the amounts collected in April and January. The return for January was the highest monthly figure in the five years the tax has been operative. The following table compares the collections for the first six months of the past two years:—

•Record For the six months of 1938 the tax has yielded £1,676,919, or £3255 more than the amount received for the corresponding period of 1937. For the last financial year, ended March 31, the tax provided £3,499,000 while the estimate for the year to end on March 31, 1939, is £3,400,000. COMPANIES REGISTERED The Mercantile Gazette notifies the registration of the following comDflniGS'"" Andrew Lees, Ltd. (formerly a private company), re-registered as a public company, July 20. Capital: £41,575 into 11,190 ordinary shares of £1 each and 30,385 preference shares of £1 each. Present subscribers: Dunedin— C. S. Melville 4076, Perpetual Trustees Estate and Agency Company of New Zealand, Ltd., 16,723 A X Swan 300. J. Nisbet 50. A. G. Melville 10,888, A. S. Patillo 200. A. E. Swan 200, M. Brown 400, A. Emslie 588, G. E. Withers '550 E. Low 100, M. A. Permin 180, William Smart 200, A. F. Permin 220, G. N. Kemp 150, M. Blakely 300, P. Findlay 100, F. J. Allum 100, R. C. Chivers 100. Palmerston North—l. S. Wilson 850. Christchurch—S. C. Lloyd 100. Invercargill-J. M. Wilson 50. Oamaru-C. A. G. Catto 50, exor William Low (G. D. Low) 100. Objects: Carry on business of paperers, painters, glaziers, dealers in oils and colours and all materials on kindred trades. McCracken and Walls (Invercargill), Ltd. Registered as a private company Julv 27. Office: No. 2 shop, Majestic Theatre Buildings, Dee street, Invercargill. Capital: £IO,OOO into 10,000 shares of £1 each. Subscribers: Dun-edin-R. Walls 7200. J. W. Walls 2400 Invercargill—J. A. Holmes 400. Objects: To carry on business of music sellers, wireless, gramophone, music, sound recording instruments and incidentals. Parker Halliday. Ltd. Registered as a private company July 28. Office: Office of J. J. Hall, public accountant, 150 Rattray street, Dunedin. Capital: £3OO into 300 shares of £1 each. Subscribers: Dunedin—A. J. Taylor 160. F. Johnston 140. Objects: To carry on the business of importers, exporters, indentors, merchants, carriers, general warehouse and incidental. Rental Incomes and Estates, Ltd. Registered July 28. Office: 362 Moray place, Dunedin. Capital: £25,000 into 10,000 5 per cent, preference shares of £1 each and 15,000 ordinary shares of £1 each. Subscribers: Dunedin—S. R. Burns 100. D. C. Cameron 100, T. Campbell, J. P. Dey. F. Edmonds. W. G. Burns, E. W. Newall 1 each, all ordinary shares. Objects: To carry on the business of builders, architects and surveyors, brick and tile makers, lime burners, house, land and estate agents Enterprise Gold Mining Company Ltd. Registered as a private company August 1. Office: 6a Council street, St. Kilda, Dunedin. Capital: £2550 into 2550 shares of £1 each. Subscribers: Waitahuna—W. McKenzie 450, Mary McKenzie 100. H. M. Quilter 100. Dunedin—R.'F. McKenzie 450. L. J. Cullen 50. A. F. McKenzie 50, J. M. McKenzie 50. M. H. McKenzie 50. R. Murray 250. H. Muir 125. A. Earl 125, M. A. Dryden j 50. W. T. Fraser 50, F. B. Francis 100. E. E. Varcoe 50, H. E. Thomas 100 Macrae's Flat—W. L. Bradbrook 100 J. Griffin 50, G. Griffin 50. G. Roy 50. Gore—William Grant 100, R. J. Matheson 50. Objects: To carry on all kinds of business in relation to mining and prospecting and incidental. WELLINGTON WOOLLEN COMPANY DECREASE IN NET PROFIT A net profit of £14,997 was earned by the Wellington Woollen Manufacturing Company, Ltd., for the year ended June 30. This compare? with £18,584 in the previous year and £20,081 in 1936. As announced in this column recently, the dividend on both ordinary and preference shares is maintained at 6 per cent. The sum of £1893 was added to buildings and £5170 to plant and machinery The directors' report states that trading was difficult, more especially in the second half of the year due in part to intense competition from Australian imports. The increase of 5 per cent, in tariffs on piecegoods and 15 per cent, on garments taking effect from March 1, was 100 late to assist the company's financial period. The ever-increasing production and distributing costs cannot but ':ause feelings of apprehension to manufacturers, who may well ask when there is to be respite from these disturbing factors to industry, adds the report. Two awards have been released by the Arbitration Courts, granting further additions to wages, together with some costly concessions, whereby textile and clothing operatives have obtained increases since 1985 ranging individually from 31 per cent, to 70 per cent.

VALUE OF EXPORTS DECLINE FOR SEASONAL YEAR DUE TO FALL IN WOOL New Zealand commodity exports for the seasonal year ended Junei 30 reached a total value of £61,919,913, a decrease of £2,701,561, or slightly over 4 per cent, on the return for 1836-37. The decline in value is almost wholly due to a fall of nearly £6,500,000 .in the declared value of wool, although this was largely offset by substantial increases in butter, cheese,, frozen meat, hides, and apples. A feature x>f the returns is that wool has failed to maintain its position "as the Dominion's most valuable export commodity, having been supplanted by butter. A comparison for the past two seasons of exports of most value is as follows:

The most marked change In the figure is the sharp fall in wool values. An additional factor in the, lower return was the drop in the quantity of wool production from 302.900,0001 b in the grease to 296,800,0001 b. The average declared value in 1937-38 was £l6 3s lOd a bale, against £22 8s 7d in. 1936-37, a fall of 27 per cent. Export prices of other classes of farm produce were satisfactory. In addition to the items listed, hides and apples increased, but sheepskins, rabbit skins, and tallow all were lower. WINTER WOOL SALE DISPOSAL OF CRUTCHINGS A crutching sale, at which fleece wool will be offered, will be held at Dunedin on August 26. This is the customary winter sale. ' Ait the auctions already held in the North Island there has been a strong inquiry for good crutchings, especially the coarser grades. At Wellington 9}d was realised for coarse crutchings, while at Napier a higher price was given. Halfbreds and finer qualities of crossbreds have been in demand at lower prices. There have also been several inquiries from overseas buyers on the local market for clean crutchings for shipment to Japan, Germany, America, Australia, and also for the Continental and Home trade. The only sale at which the demand was poor took place at Auckland. This, however, was accounted for by the fact that the Auckland crutchings were of exceptionally poor quality, the offerings being badly discoloured and very heavy in condition. LONDON METAL MARKET (United Press Association) (By Electric Telegraph—Copyright) LONDON, Aug. 11. The following are the official tn quotations:— Ton

HIDE &uj£ Messrs Waters, Ritchie and Co., Ltd., report as follows:—We held our monthly sale on Thursday, when we cleared our catalogue of 2229 hides and yearlings, and also 821 calfskins to a full attendance of tanners and' exporters. All grades of abattoir standard cows realised prices from 41d to s|d per lb, country butchers from 4jd to 4Jd. Weights up to 501 b were keenly competed for, and showed ad« vances-of id to id per lb. Light and medium ox also, in most instances, showed in sellers* favour at from 5Jd to 6d. Heavy and substance ox, which are at present carrying full winter condition, were generally Id to id lower. Ordinary lines of heavies realised from 6|d to 7d, and substance lots from 8d to 9Jd. Yearlings showed little change, but calfskins were Id to W higher.

£ s. <i. 4 p.c. Bonds, 1952-55 ..102 0 0 31 p.c. Stock, 1939-52 .. .. .. 101 0 0 .. 0 1 2 ..0 1 6 Bank of New Zealand (4) ..2 3 6 2 3 5 Commercial Bank (10s paid) .. 0 16 9 N.Z. Refrigerating (paid) .. 0 18 0 (cant; 2) 0 3 2 Westport Coal .. .,■.;... • W." 15 0 Dominion Fertiliser (4) .. .; 1 5 0 .. 4 1 0 4 0 6 .. 3 10 6 New Zealand Paper Mills ... 1 2 9 Taranaki Oilfields .... .. 0 12 10 Mount Morgan .. ., .. 0 10 6 Mount Lyell ,. ., .. '.... 18 S Peters ice (N.Z.) .. .,'... ..1 3 3

y ■ £ s. a . 0 12 10 Sales Reported JJ p.c. StocK, 1939-52 ... . N.Z. Refrigerating (cont.) Dominion Fertiliser .... . Peters Ice (N.Z.) ., .. ... . 101 0 0 .082 . 1 5 0 1 3 3 . 1 8 3

GOVERNMENT LOANS Buver. Seller £ s d £ 8 d 3J p.c. Stock. Nov.. — 01 10 0 3i p.c. Stock. May, 100 15 0 — 3i p.c. Stock. Mar., 1941-43 101 0 0 - 3J p.c. Stock. Sept., 1941-43 01 0 0 — 3J p.c. Stock, May. 01 0 0 — 3J p.c. Stock. Nov., 1941-52 01 u 0 — 4 p.c. Stock, 1952-55 .. — 102 0 i) Rural Bonds .. .. — 103 0 0 MINING Austral . N.Z. Mining — 1 1 3 Big Rivej (Is) .. .. 0 1 1 — Clutha River (2s) .. 0 2 0 0 2 9 Gillespie's Beach (ls> 0 0 11 — Molyneux River (2) — 0 1 6 Mossy Creek (Is) .. 0 1 0 — Nokomai (5s) .. .. 0 1 5 0 1 a Okarito (5s) .. .. 0 1 9 0 3 0 Sandhills (Is) 0 0 1 — Walpapa Beach (Is) — 0 0 1 Waitahu (5s) 0 0 10 — BANKING N.S.W. (£20) .. .. — 32 0 0 2 3 0 2 3 9 N.Z. (long D; £1) .. — 1 10 0 Commercial (10s) . — 0 17 5 Commercial of Sydney • (£12 10s) .. .; 20 5 0 — Natl, of N.Z. (£2 10s) 2 11 0 2 13 0 Union (£5) .. .. — 8 12 0 INSURANCE National (7s) .. .. — 0 17 7 Standard (£1) .. .. 2 16 0 2 17 3 SHIPPING Huddart, Parker (ord.; 2 6 8 — Huddart, Parker (pref.; £1) 1 8 0 — P. and O. Def. Stock (£1) 1 5 0 • T U.S.S. Co. (pref.; £1) 1 6 0 1 6 9 MEAT PRESERVING N.Z. Refrig (paid: 0 18 0 0 18 9 N.Z. Refrig (cont.: 0 8 2 0 8 4 South. Froz. Meat (paid; £1) .... 1 9 10 — South Otago Freezing — 5 8 0 WOOLLEN COMPANIES • Bruce (pref.; £1) .. — 1 0 0 Mosgiel (£4) .. .. — 10 0 0 Oamaru (£1) .. •• — 0 17 0 LOAN AND AGENCV Goldsbrough, Mort 1 9 0 1 9 9 N.Z. Loan and M.; (ord. £100) .. .. — 35 0 0 Trustees Executors (£3) 4 5 0 — Wright, Stephenson (ord.; £1) .... 1 3 9 — Wright. Stephenson (pref.; £1) .... — 1 0 6 COA1 Westport (10s) .. .. 1 4 9 1 5 3 Westport - Stockton (ord.: 10s) .. .. 0 4 0 0 5 0 Westport - Stockton (pref.; 10s) — 0 8 6 MISCELLANEOUS ■ Associated News (£1) 1 2 0 — Associated News ' (pref.; £1) .... 1 3 6 — Australian Foundation 0 5 0 0 5 4 Australian Glass (£1) — 4 16 0 British Tobacco (£1) 2 9 0 — Broken Hill Pty (£1) .. ..' .. .. 2 19 0 2 19 8, Broken Hill Pty. i (cont.; 10s) .. 2 0 6 2 1 3 Brown Ewing (ord.: £1) - 1 0 U Colonial Sugar (£20) 49 0 0 — 0 17 6 — D.I.C. (pref.; £1) .. 1 3 0 — Dominion Fertiliser 1 4 9 — Donaghy's Rope (£1) — 2 3 9 G. J. Coles (£1) .. 4 0 3 4 1 0 0 16 9 — Hume Pipe (£1) 0 19 0 — MacDuffs — 0 16 0 McKenzies Dep. Stores (£1) 3 3 0 — Mort's Dock (£1) .. — 0 14 0 Mutoroa Oil (5s) — 0 5 G Natnl. Electric (£1) 0 13 6 — N.Z. Drug Co. (£2) 3 10 0 — N.Z Paper Mills (£1) 1 2 0 — Taranaki Oil (£1 4s 7d) 0 12 9 0 13 0 Wilsons Cement (10s) — 0 18 0 Woolworths (ord.: 5s) — 1 0 9 Woolworths (Syd.: 1 1 3 1 1 9 Woolworths (S. Africa: 5s) 0 15 5 0 15 10 BREWERIES N,Z. Breweries (£1) 2 2 6 2 3 0 AUSTRALIAN MINING Broken Hill Soutn (5s) 1 11 0 1 11 9 Electro Zinc (pref.: £1) — 2 8 0 Electro Zinc (ord.: 2 3 0 2 3 3 Mount Lyell (£1) .. 1 8 0 — Mount Morgan (2s 6d) 0 10 4 0 10 7 Mount Morgan (pref.; 1 1 6 — North Broken Hill (5s) — 2 7 0 Placer Developments ~" 3 18 0

Buyer Scllei £ s d £ s d Mackintosh Caley Phcenix (£1) .... 0 5 9 0 8 0 National Tobacco (ord.; £1) .... — 3 2 0 Woolworths Properties (10s) - 0 14 2 Selfridge'8 (Aust.) .. 0 16 3 — Imperial Chemical Industries (£1) .. — 1 2 1 Langes Gas Producer — 1 5 0 DIVIDENDS PAYABLE The following is a list of si hares on which dividends will shortly be Dayable:— N.Z Farmers Fertiliser—6 pei cent, per annum Aug 15 Mount Morgan---pref halfyearly. 4 p.c Aug 15 Mossy Creek—One oenny per share (No 12) Aug 15 Woolworths Ltd.'. Sydney—1st pref. half-yearly at 10 per cent per annum; 2nd pref. half-yearly " qt , 1 ner cent per annum Aug. 15 Morts Dock, Sydney—5 per cent, per annum, and bonus. 11 per cent. Aug. 17 Kandos Cement—Final halfyearly 5 per cent., and bonus 2-J per cent Aug. 18 Queensland National BankFinal 2i per cent half-year making 4J ner cent oer annum Aug 18 Kegent Theatre—Final. 'l\ per cent at rate of 5 per cent. per annum Aug. 18 Kuala Lumpul Tin—Is per share Aug. 19 Commercial Bank pt Australasia. Ltd.—Half-yearly at rate of 4 per cent per annum on pref shares and at 7J per cent per annum on ordinary shares (payable in Australian currency) Aug. 19 Okarito Dredging Coy.—4d per share 6 2-3 per cent. Aug 20 Pitt. Son. and Badgery— Final half-yearly. 5 per cent., making 10 per -cent. Aug. 24 Bank of New South WalesQuarterly 6 per cent. 6s per share Aug. 25 Associated Newspapers Ltd.— Interim ord and oref.. 2 per \ cent Aug. 30 Loloma Gold Mine—Is .. Aug. 31 Silverton Tramway — Final, half-yearly, 10 per cent., making 20 per cent, per Aug. 31 Carlton Brewery—Half-yearly, 73 per cent Aug. 31 Elder Smith. Adelaide—Final, 3J per cent., making 7 per cent, per annum .. Sept. 1 Waitahu Gold Mining Coy.— 2d per share (3 1-3 per Sept. 9 Apex Investment. Masterton— Half-yearly at 5 per cent. Sept 15 Broken Hill South—Quarterly. 6d per share Sept. 15 Electrolytic Zinc - Halfyearly. 9 per cent, or 15 per cent per annum on both ord and oref Sept. 16 CALLS PAYABLE The following is a list of shares on which calls will shortly be payable:— Mount Morgan—Pref.. 4s, making £1 paid Aug. 15 Amal Wireless (A'sia)—Con., Is a share, making 17s paid Aug. 15 Dunedin Brewery and Wilson Malt Extract Co.—Con. 5s a share, making 5s paid Sepi 1 N.Z. Paper Mills—Con., 5s a share, making 15s paid Sept 30 Burns. Philp—New. 5s a share. making 15s paid Oct. 1 Woolworths Properties Ltd.— 10s a share, making £1 paid Oct. 31 Broken Hill Pty.—Con., 5s a share, making 13s 4d paid Nov 30

LONDON , Aug. 11. Aug. 4. Aug. 11. British- £ s. d. £ s. d. Consols, 2J p.c. 75 5 0 75 5 0 Funding Loan, 4 p.c. 114 0 0 113 15 0 War Loan, 3J p.c. .. 102 15 0 102 17 6 Con. Loan, 3J p.c. 103 10 0 103 10 0 Victory Bonds, 4 p.c. 112 10 0 112 10 0 Commonwealth's p.c, 1945-75 106 0 0 106 0 0 4 p.c, 1943-48 101 18 9 101 18 9 3J p.c, ■1948-53 100 2 6 100 7 6 3i p.c, 1956-61 91 1 3 91 0 0 3 p.c, 1955-58 89 1 3 89 5 0 New South Wales— 3J p.c, 1930-50 96 15 0 96 17 6 Victoria's p.c, 1929-40 93 10 0 94 5 0 •43 p.c, 1940-60 102 0 0 102 0 0 5 p.c, 1945-75 105 16 3 105 16 3 Queensland's p.c, 1932-47 95 10 0 95 7 c 5 p.c, 1940-60 104 0 0 104 3 9 South Australia— • *3 p.c, 1916 or after 75 15 0 75 17 6 5 p.C, 1945-75 105 15 0 105 12 0 Western Australia— •4 p.c, 1942-64 100 8 9 100 10 0 Tasmania— *3J p.c, 1929-40 101 7 6 101 18 9 *4 p.c, 1940-50 100 10 0 100 5 0 New Zealand— 4J p.c, 1948-58 101 0 0 101 0 0 3} p.c, 1940 .. 99 12 6 99 10 0 3 p.c, 1945 ., .. 94 17 6 95 10 0 *Ex div.

Sales on 'Change P a A 3 J p.c. Stock, 1938-52 .. Natnl. Bank of N.Z 3C S. 101 0 Q. 0 2 12 3 Bank of New Zealand 2 3 3 Union Bank .... .. 8 11 6 2 6 9 Westport-Stockton (pref.) 0 8 0 0 7 9 Broken Hill Proprietary .. 2 19 6 2 19 3 0 18 3 Farmers' Fertiliser .. .. 0 19 9 Peters Ice (N.Z.) .. .. 1 3 3 1 4 6 Wool worths (Sydney) 1 1 6 Mount Morgan 0 10 6 Broken Hill South .. .. 1 11 9 WELLINGTON Sales on 'Change 4 p.c. Stock, 1949 101 15 0 Bank of Australasia 10 15 0 Bank of New South Wales 31 10 0 Commercial Bank (pref.) .. 9 11 3 National Bank of N.Z. .. 2 12 0 Huddart. Parker .. 2 7 8 Broken Hill Proprietary .. 2 19 7* 49 1 49 0 6 o Felt and Textiles .. •• 1 14 0 Farmers' Trading .. .. 0 19 9 Moturoa Oil 0 5 3 1 15 n Taranaki Oil 0 12 11 (2) 0 13 0 Mount Lycll 1 8 7 CHRISTCHURCH Sales on 'Change Bank of Australasia .. 10 15 0 Commercial Bank of Aust. 0 17 3 N.Z. Refrig. (10s paid) 0 8 2 Felt and Textiles .. 1 13 9 New Zealand Breweries (2) 2 2 9 Broken Hill Proprietary .. 2 19 6 (cont.) 2 1 2 Electro. Zinc (cum div.; 3) 2 3 3 Woolworths (Syd.; ord.) .. 1 1 6 (2) 1 1 3 Broken Hill South (cum div.) 1 11 10 Mount Lyell (2) .... 1 8 1 8 6 4 Mount Morgan (2) .. 0 10 7 Sales Reported National Bank of N.Z. (late 2 12 0 South British Insurance .. 2 6 9 Dalgety and Co 8 1 6 N.Z. Refrig 0 18 9 Westport-Stockton Coal Broken Hill Ply. (cont.) .. 0 8 0 2 0 9 49 2 6 Dominion Fertiliser .. 1 5 0 McKenzies. Ltd. .. 3 5 0 Taranaki Oilfields • • 2 13 0 Woolworths (South Africa) 0 15 6

LONDON, Aug. 11 £ s. d. August 11 . 7 2 4i August 10 . . .... 7 2 6 August 9 . 7 2 74 August 8 . 7 2 3 August 6 . 7 2 1J August 4 . 7 2 04 August 3 . 7 18 August 2 . 7 1 64 July 30 7 16 July 29 7 1 64 July 23 7 14

RUGBY, Aug. 11. ParisPar. Aug. 10. Aug. 11. Francs to £1 124.21 178 57-64 178 59-64 Brussels— Belgasto £1 80 28.99* 28.92} OsloKroner to £ 1 18.180 19.90 19.00 StockholmKroner to £1 18.130 19.39s 19.39J i 'openhagen— Kroner to £1 18.150 22.40 22.40 BerlinMarks to £1 20.34 12.17 12.17J MontrealDollars to £1 4.86 2-3 4.90J 4.89 11-1« New YorkDollars to £1 4.S6 2-8 4.88 3-16 4.87 11-16 Vokohama— Pence to yen 84.582 14 14 Hongkong— Pence to dollar 24.58 15 15 BombayPence to rupee _ 17 13-1C ; 17 15-11 Batavla— Florins to £] 12.10 8.931 8.931 MilanLire to £1 82.48 82 11-10 82 Il-lfi Amsterdam— Guilder to £1 12.107 8.9SJ 8.95 PragueKroner to £ 1 104| 141i 141} (Seneva— Francs to £) 25.221 21.33 21.291 Vienna*— Schillings to £1 84.864 26J 261 HcislngforB— Marks to £) 193.28 2261 2«H< MadridPesetas to £1 25.22* — BelgradeDinars to £1 ti.m 217 Iiv AthensDrachmas to £1 8T5 547ft 5474 LisbonEscudo; to £1 110 no 3-ie i no s-r BucharestLei to £ 1 931.6 670 660 Itlo de JaneiroPence to mllrels .. 5.890 n Si Buenos AiresPence to pesos 47.22 18.73 18.821 shanghai*— Pence to tael — 8 8 . MontevideoPence to pesos — 20 201 Warsaw— Zlotvsto £1 — 26.12 26 12 • Nominal.

London— Buying aeliinK £1 N.Z. to £1011 r.T. 124 124/10/ O.D 123/11/3 124/9/6 Australia— £ A. to £100 N.Z T.7 100/17/8 100/5/O.D 100/17/6 100/5/FIJI — £ F. to £100 N.Z r.T 90/7/6 89 on 90/7/6 <>{■ New YorkDollars to fl N.Z r.T 3.9435 3.9091 O.D 3.9485 3.9131 Montreal— ' Dollars to £ N.Z TT 3.9583 3.9258 OD 9.9670 3.9298 Belgium— Belgas to £ N.Z r.T 23.442 23.132 00 23.517 23.143 Czechoslovakia— Korunas to £ N.Z T.I — 113.01 on — 113.06 DenmarkKroner to £ N.Z. r.T 18.20317.893 O.D 18.263 17.89!) Finland— Marks to £ N.Z T.T 185.3,4 179.54 o.n 185.74 179.64 France— Francs to £ N.Z r.T 145.24 142.74 O.D — 142.78 Oermany— Belchsmarks to & N.Z .. .. r.T. — 9.709 O.D. — 9.714 GreeceDrachmae to £ N.Z r.i. — 429.54 O.D. — 129S4 HollandFlorins to £ N.Z. T.T. 7.294 7.144 O.D 7.344 7.148 Italy— Lire to £ NZ r.T. — 74.36 O.D. — 74.41 JavaFlorins to £ N.Z T.T 7.271 7.121 O.D 7.311 7.125 Norway— Kroner to £ N.Z T.T 16.182 !5 89i O.D 16.242 15.898 NoumeaFrancs to £ N.Z. r.T 147.74 140.99 on — 141.03 Papeete— Francs to £ N.Z. T.T 147.14 141.14 O.D — 141.18 SwedenKroner to £ N.Z. r.T 15.786 15.191 o.n 15.846 15.497 SwitzerlandFrancs to £ N.Z. T.T 17.291 17.021 O.D 17.396 17.028 Cliefeo— N.Z. pence to 1 dollar .. T.T. O.D — - Hongkong— N.Z. pence to 1 dollar . ■ T.T 18 13-32 18 25-32 on 188 18 25-32 India and CeylonN.Z. pence to I rupee r.T 22 9-64 22 27-64 O.D 22 7-64 22 27-64 Japan — ' N.Z. pence to 1 yen .. r.T — 17 33-01 o.n — 17 33-64 Manila— N.Z. pence u i peso T.T 29 59-6^ 1 30 27-64 O.D 29 53-6< 1 30 27-64 Shanghai— N.Z. pence to 1 dollar .. r.T — — on- — — Singapore— N.Z. pence to 1 dollar .. •• r.T 34 17-32 35 t-til O.D 34 7-16 35 1-64 All rates subject to alteration without notice

1938 1937 January .. £317,598* £294,431 February .. .. 230,525 194,624 March .. .. .. 277,690 . 296,637 April .. .. .. 292,281 295,092 May .. .. 273,087 309,796 June .. .. 285,738 283,094

Quantity ,,. Rise or 1937-38 1936-37 Fall Butter (OOOcwt) .. 2918 2991 -73 Wool (000 bales) .. 761 846 -85 Lamb (OOOcwt) ..2805 2692 +113 Cheese (OOOcwt) .. 1691 1662 +29 Mutton (OOOcwt) 988 799 +189 Pork (OOOcwt) .. 586 591 -5 Gold (OOOoz) ..164 165 -1 Value Rise or 1937-38 1936-37 Fall (£000) (£000) (£000) Butter ..' 18,285 16,434 +1851 Wool .. .. 12,326 18,771 -6445 Lamb .. .. 9,760 8,956 +804 Cheese .. 6,096 5,282 . +786 Mutton .. 1,976 1,500 +476 Pork .. .. 1,885 .1,631 +254 Gold .. .. 1,368 1.378 -10

£ s. d. Copper, spot .. 41 3 9 Fall 0 0 71 Copper, forward 41 9 4J Fall 0 13 Electrolytic, spot 46 15 0 Rise 0 5 0 Electrolytic, forward .. ■ • 47 5 0 Fall 0 5 0 Wire bars .. 47 5 0 Fall 0 5 0 Lead, spot 14 6 3 Fall 0 13 Lead, forward . 14 10 7} Rise 0 6 3 Spelter, spot .. 13 16 10J No change Spelter, forward 14 1 10J Rise 0 0 7| Tin, spot .. .. 194 2 6 Fall 0 2 6 Tin, forward .. 195 2 6 Fall 0 5 0 Oz 19 7-16d Fall id Silver, standard Silver, fine 21d Fall id