COMMERCE AND FINANCE

Otago Daily Times, Issue 23595, 3 September 1938, Page 8

COMMERCE 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 Ex-

THE WEEK REVIEWED FEW*SIGNS OF OPTIMISM PRICE GAINS OUTNUMBERED BY LOSSES Increased selling pressure was the contributing factor for the greater volume of business put through on the Dunedin Stock Exchange for the period ended yesterday. The disturbing overseas happenings were closely reflected in the attitude of investors, who showed a marked disposition to await developments. In many instances transfers were effected in buyers' favour, sellers being compelled to grant concessions. Although trading was brighter than it was during the preceding period, keenness and enthusiasm were lacking from the market and buying pressure over all sections was far from normal. Commonwealth scrip experienced an almost continuous decline in value, metal shares, in particular, reflecting the general weakDGSS Gilt-edged Securities Compared with previous weeks, the section devoted to Government Loans took a more prominent part in the business transacted. It was not, however, because of the strong demand, but was due to the heavy selling pressure brought to bear on the market. Sales made were: 34 per cent. Stock, 1938-52, at £IOO 15s; 4 per cent. Bonds, 1943-46, at £IOO 2s 6d; 4 per cent. Stock, 194648, at £lOl 10s and £lOl 7s 6d; and, the 1953-57 issue at £lOl 10s. Two parcels of Hamilton Borough Debentures, 4J per cent., 1942 and 1945, changed hands at £lOl 10s and £lO2 respectively. There was also ;a transfer effected in Christehurch Tramways Board Debentures, 1948, at £lOl 15s. Banks and Insurances Dull Principal interest among banking shares was focused upon Bank of New Zealands, which declined throughout the period to close with a final market between £2 2s and £2 3s. Sales were made at £2 2s 6d and £2 2s 9d. Scant attention was bestowed upon other shares in the section, but sellers' limits were not greatly reduced. Apart from reported business in National Insurances at 17s and at Id below that figure, and a sale of New Zealands at the steady price of £2 16s 6d, little animation was displayed in the insurance section. Commonwealth Industrials Lose Ground Front-rank Commonwealth industrials, for which there was a very subdued inquiry, suffered setbacks almost without exception. Broken Hill Proprietories, which missed the sales list, finished the week showing a loss of approximately 2s, while G. J. Coles dropped about Is in value. Sydney Woolworths also shared in the downward trend and sold at from £1 Is 3d to Id below that figure. British Tobaccos changed hands at the fractionally easier price of £2 8s 9d, and an Australian sale of Colonial Sugars was put through at £47 7s 6d. Dominion Shares Quiet Buyers displayed an indifferent attitude to Dominion industrials, and were dominated by sellers. One bright feature, however, was provided by an advance in Gear Meats, which moved up to be dealt in at 14s 4d. The contributing issue of New Zealand Refrigeratings met with a fair inquiry, sales being put through at 8s and 8s Id. Milburn Lime and Cement shares reached the sales list after a long absence, a buyer being supplied at the steady market price of £1 16s 3d. New Zealand Breweries developed a further wsakness and changed hands at from £2 2s 6d down to £2 Is 9d ,; After fluctuating a little Taranaki Oilfields, which came in for slightly better attention, finished at around the closing levels of the previous week

Metal Scrip Marked Down In Australian mining group Mount Morgans presented the sternest front, but after selling as 10s lid, buyers refused to go above 10s Bd. Broken Hill Souths dropped nearly to business at £1 9s 4d, but picked up slightly towards the close. Mount Lyells, after slipping back to a sale at £1 7s, were marked down to a final market between £1 6s 8d and £1 7s 2d, while North Broken Hills declined from business at £2 5s 6d to £2 4s 3d, and closed with buyers at £2 3s 9d and sellers Is 3d away. Interest in Big Rivers In an otherwise dull and featureless section, Big Rivers stood out among New Zealand mining scrip for a consistent inquiry, a regular quota of buyers being forward at each of the daily call-overs. Altogether, six parcels were disposed of during the week, all at the steady price of Is 2d. Final buyers at Is Id were 2d below vendors' limits. YESTERDAY'S TRANSACTIONS Sale on Change Morning Call Big River Gold .. 0 12 Sales Reported National Insurance 0 16 11 North Broken Hill 2 5 0 Sale Reported After Last Call Woolworths (Sydney) .... 112 LATEST QUOTATIONS The following are yesterday afternoon's buying and selling quotations, which are subject to the usual brokerage:— GOVERNMENT LOANS

The following Is a list of shares on which dividend? will shortlv be navable:— Standard Insurance - Final Is 3d per share Sept 5 Wnitahu Gold Mining Coy.2d per share '3 1-3 oer cent.) Sept D Apex Investment. Masterton— Half-yearly at 5 per cent. oer annum Sept. 15

Broken Hill South—Quarterly, 6d per share . .. Sept. 15 Huddart, Parker pref. 3 ner cent., ord. 6 per cent Sept. 15 Electrolytic Zinc - Halfyearly. 9 pei cent, or 15 per cent pei annum on both ord and pref Sept. 16 Australian Foundation Investment Trust, Ltd.—6 per cent, on old shares: pro rata payment on new shares .. .. Sept. 19 N.Z. Drug—lnterim." half-year, 3i per cent Sept. 20 North Broken Hill—Quarterly. 6d per share .. • Sept. 28 Bank' of Australasia—lnterim 3s 6d sterling per share, at the rate of 7 per cent. Deiannum Sept. 30 CALLS PAYABLE The following is a list of shares on which calls will shortly be Dayable:— N.Z Paper Mills-Con., 5s a share, making 15s paid Sept 30 Rurns, Philp—New 5s a share making 15s paid . • Oct I Woolworths Properties Ltd.— 10s a share, making £1 paid Oct 31 Broken Hill Pty.—Con.. 5s a share, making 13<= 4d Daid Nov 30 NORTHERN EXCHANGES AUCKLAND

BRADFORD MARKET (United Press Association) (By Electric Telegraph—Copyright) LONDON, Sept. 1. The Bradford market is slightly easier. Business is very limited, buyers holding off pending the outcome of the European political situation. Quotations: Tops, merinos, seventies 27d; sixty-fours, 25Jd; sixties. 24Jd; crossbreds. fifty-eights, 21£d; fiftysixes, 19d; fifties. 17d; forty-sixes, 16Jd < nominal): forty-fours. 16Jd (nominal). LONDON STOCK EXCHANGE (United Press Association)

DUNEDIN MARKETS WHEAT, OATS, ETC. NO CHANGES RECORDED Little interest is being shown in the wheat market, apart from business in seed lines and supplies for poultry purposes. Wheat is now being planted in all districts, the spell of fine weather enabling farmers to make progress with this work. The break in the weather will hold up operations in the meantime, but from now on it is expected that there will be a keen demand for the earlier varieties of wheat, such as Gumbuck, Garnet, etc. It is unfortunate, however, that the stocks of these varieties are limited. The fowl wheat market is unchanged, the wholesale price for best quality remaining at 6s 6d per bushel, sacks extra, ex. store. Supplies for the local market are being drawn from both Gtago and Canterbury. Another shipment of Australian wheat for North Island ports is due early in October. 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 5s per ton. Pollard, £6 15s per ton. Oatmeal.—2oolb sacks, £l9 per ton; 25's. £2O per ton. The shipping market in oats remains unchanged. So far as this district is concerned merchants are holding small stocks only of oats for seed and feed purposes, and as a consequence they are not quoting for deliveries tc the North Island. Other ports are quoting 3s 4d, f.0.b., s.i., for A Gartons and 3s f.0.b., s.i., for B Gartons. There is a good demand in the country districts for seed purposes. Stocks are light in the country and farmers are drawing their requirements from the stores. A fair demand exists for feed purposes, and it is expected that this will continue during the month of September. CHAFF MARKET EASIER The inquiry for chaff is inclined to slacken. Supplies, however, are not heavy, and values for the best quality remain unchanged at £6 10s per ton, sacks extra. POTATO MARKET WEAK The potato market continues in an unsatisfactory position, and it is very difficult to make sales. Distributors are only buying from hand to mouth, and the stores are holding substantial supplies. The nominal quotation for the best quality is £3 10s per ton, sacks included, ex store. Attempts are still being made to interest the Government in the disposal of the surplus supplies in the South Island, but there does not appear to be any prospect of relief through exports overseas. The Australian Government has definitely refused to permit the importation of New Zealand potatoes, and there is no possibility of an export business to South America. A Timaru firm reports that in a letter dated August 3 its agents in Montevideo say that Argentine prices continue low and on the downward trend. Their Buenos Aires agents reported on that day that they would not know what to do with any stocks of potatoes from abroad if they had them. In the same letter, the Montevideo agents say: "The financial position of Uruguay to-day with regard to exchange is so bad that a severe system of quotas has had to be enforced. By his system only those countries which buy from Uruguay are allowed to sell to Uruguay Under this system, for instance, the United States have been eliminated for the last two months. New Zealand buys nothing from Uruguay, so the regulation prohibits any importation from there." DEMAND FOR SEEDS The spring demand for seeds is developing earlier in the Otago district this season than in previous years. The ground is in excellent condition, and this is enabling farmers to sow seeds. In a number of districts the grub has had an effect on pastures, and where this is the position farmers are harrowing and resowing their land. They are also being forced to resow areas where dry weather in the autumn caused, failure in the growth of the pastures. All the markets remain firm, with limited supplies available. There has been an inquiry for some lines, such as crested dogstail and white clover Certified ryegrass continues in short supply, and that applies also .to ordinary ryegrass of good germinating quality. The cocksfoot market is unchanged. Stocks of good quality white clover are scarce, and supplies are difficult to secure. There is not much interest being displayed in brown top, and the demand from overseas is still on the quiet side. Merchants anticipate, however, that the inquiry for brown top will show an improvement later on. Wholesale prices are as follows: Chaff.—Good, bright oaten sheaf, £5 17s 6d per ton. ex truck, to £6 10s. ex store. Potatoes.—White. £3 10s per ton. ex store; market weak. Dairy Butter.—Milled bulk, lOd per lb; separator, lOd per lb. Supplies wanted. Bacon, Is 2d per lb. Hams, Is 2d per lb; boneless. Is 4d. Egqs.—Stamped, Is 3d to Is 4d: case. Is 2d to Is 3d; market weak. Victorian onions. 12s to 13s per cental. Lard.—Bulk, 8d per lb. Bulk honey. 6d per lb. FRUIT AND VEGETABLES SHIPMENT OF ORANGES The wholesale marts are still holding lines of Australian oranges ex the Waitaki, and these have had, in some cases, to be repacked. The next shipment by the Waitaki is due on Tuesday next. A smal shipment of nines i? also on board the Waitaki. A shipment of Samoan bananas arrived during the week, railed from Lyttelton ex the Maui Pomare. The fruit was in much better condition than that of previous shipments and the fruit is ripening up well. Ripe bananas were unobtainable during the week but they will be available on Monday next. New Zealand-grown lemons are not so plentiful and the market is a little firmer. Poorman oranges are still slow of sale. Apples are not so plentiful, and the market is at last showing a better tone. Cauliflowers are more plentiful and prices show a sharp decline. Cabbages continue in short supply. Supplies of lettuce are equal to the demand. Swedes and carrots are in heavy supply, and parsnips, in fair supply. Wholesale prices are as follows: Apples.—Delicious, 3s 6d to is per case: Jonathans, 7s 6d to 10s. Sturmers, 5s to 7s; cookers, 4s to 5s 6d; inferior dessert and cooking, 2s to 3s. Pears.—Dessert, to 0s per half-case; cookers, to 3s 6d. Oranges.—Australian, 15s to 21s per case, according to count. Pineapples. 20s per case. Poorman oranges. 5s to 8s per case. Lemons.—New Zealand, 10s to 14s per case; inferior. 6s to Bs. Bananas.—Ripe 16s to 17s 6d per case. Cauliflowers.—Choice. 8s to lis per sack: others, 3s to 7s 6d. Cabbages. -Choice Savoys. 7s to 10s per sack. Swedes. Is to Is 6d per sugar bag. Rhubarb. 6s to 8s 6d per dozen bunches. Pumpkins, to lid per lb. Carrots, tc 3s per sugar bag. Parsnips to 4s 6d per sugar bag Lettuce, lr to 2s per dozen; extra choice, to 4s. Spinach. 2s to 4s 6d per dozen bunches. Leeks, 4d per bunch. DOLLAR AND FRANC (United Prest Association) (Bv Electrif Telegraph—Copyrighti LONDON, Sept. 1. Exchange on New York is quoted at 4.85 13-16 dollars to the £, and on Paris at 178 5-16 francs.

FOREIGN EXCHANGES (Britisn Official Wireless) (United t»ress Association) (By Electric Telegraph--Copyright) RUGBY, Sept. 1. I'arls— I'ar. Aug. 31. Sept. I. francs to CI 124.2! 178 19-04 178 21-64 Brussels— Belgastofil 3D 28.78 J 28..7J OsloKroner to £) 18.180 19.90 19-90 StockholmKroner to £) 18.130 19.39* 1939 J i openhagen— Kroner to £1 18.150 J2.4U 22.40 BerlinMarks to £) 2034 12.12* 12.13 MontrealDollars to £) 4.50 2-3 4.801 4.56 J New York— Dollarstofil 4.802-3 4.833 4.85 i-lb Kiltouama— Pence to yeD 3J.-">X2 14 14 Hongkong— Pence to dollai 24.58 15 15 rtnnibayPence to rupet - 17 27-32 17 27-32 Batavia— Florin? to £1 12.10 8.90* 8.91 MilanLire to £1 52.46 92} 92i ■uusterriam— Guilder to £) 12 10/ 8.92 1-16 8.92 I'rague— Kroner to £1 101* 110* 1404 Genera— Francstofi) 25 22$ 21.29* 21.28* Vienna*— Schillings to £1 .. S4.SOJ 2HJ 26 i tieisingfors— Marks to £) 193.13 226? .'263 MadridPesetas to £) 25.22} BelgradeDinars to £ I 25.22 i 211 214 \ i hensDrachmas to £1 .. 375 51"* 517* uisbonEsctidos to £1 .. 110 110 3-16 110 3-ttt Bucharest— Lei to £1 931.6 6*o 670 Itio de JaneiroPence to mllrcls .. 5.890 2J 2 29-32 Buenos AiresPence to peso? 47.22 18.904 18.974 shanghai*— Pence to tael Montevideo— Pence to pesos Warsaw— Zlotystofil - 26.23 25.94 * Nominal ON NEW ZEALAND CURRENCY BASIS fhe Bank ot Men South Wales, Duuedin, quoted the following rates for purchases and sales of foreign exchange yesterday:—

dollar .. ... f.T 3$ 3) -04 34 31-32 O.n 34 25-64 84 31-32 All rates subject to alteration without notice DOLLAR RATES The Assuciated 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 T.T 3.89 3-16 3.895 O.D 3.89 7-16 3.90 1-16 Buving: O.D 3.93 3.93 13-16 LONDON METAL MARKET • United ress Association) (By Electric Telegraph—Copyright) LONDON, Sept. 1. The following are the official metal quotations:— Ton £ s. d Copper, spot 40 6 10i No change Copper, forward 40 15 7J Rise 0 5 0 Electrolytic, spot 45 15 0 Rise 0 5 0 Electrolytic, for- . ward .. 46 15 0 Rise 0 5 0 Wire bars . .. 4G 15 0 Rise 0 5 0 Lead spot .. 14 1 10* Fall 04 4i Lead, forward 14 5 7* Fall 0 1 3 Spelter, spot .. 13 5 0 Fall 0 5 0 Spelter, forward 13 10 0 Fall 0 1 3 Tin spot .. .. 192 17 6 No change Tin! forward .. 103 15 0 Fall 0 2 6 Oz Silver, standard ISUd No change Silver, fine .. 20Jd No change BUTTER AND CHEESE (United Press Association) (By Electric Telegraph—Copyright) LONDON, Sept. 1. Butter is in slightly better demand. Danish: 136 sto 1375. Choicest salteds: New Zealand. 1235; Australian. 120 s. Unsalteds: Is premium. Cheese is firm. Choicest New Zealand white and coloured. 735: Australian. 70s. BEET SUGAR (United Press Association) (Bv Electric Telegraph—Copvue'H) LONDON. Sep:. 1. Beet sugar, 5s s',d

CHRISTCHURCH STOCK EXCHANGE THE WEEK'S ACTIVITIES (Special to Daily Times) CHRISTCHURCH, Sept. 2. The past week has seen little improvement of the share market overseas, but a more confident tone is reported as being noticeable on the London Stock. Exchange and Continental Bourses. Eratic movements on Wall street were attributed to the increasing anxiety over the European situation, and about mid-week there was a rush of selling orders, which caused a break in prices. The price of gold, which ha; been mourning almost steadily for some weeks past, reached £7 3s 3£d on August 31.„the highest point since March 6. 1935 (£7 9s 4d). The fluctuating moods of the overseas markets were "due to the genera] uncertainty of the . European situation War in the Far East and trade recession, and the industrial troubles in Australia had a depressing effect on the Stock Exchange markets in New Zealand. Apart from Government and local body debentures, the recorded dealings on the local exchange were confined tc 35 stocks, and the turnover was comparatively small. Had it not been for substantial business in municipal and local body debentures, especially on one day. the week's figure* would have presented a sorry figure. Apart from dealings in Australian industrials and mining shares, they accounted for the bulk of the transactions. New Zealand industrials were out of favour, and any business done in these was almost negligible. The proposed taxation to support the social security proposals of the Government is causing much concern, and the latest revelation that companies will be called on to bear a tax of Is in the £ on chargeable income is likely, it is claimed, to prove an unsupportable burden to some and further to depreciate values, as the amount paid in such a tax is not allowed as deduction. The Is in the £ is equivalent to a further increase in income tax, which is considered sufficiently high already. Compared with last year, the sellers in most sections appear to be willing to make concessions, and the trend of sales is towards lower levels. Government loans were sold at prices slightly below those ruling in the previous week, and most of the dealings were in the 4 per cents. A long list of local body and municipal debentures has been quoted almost daily, and an unusually large turnover was recorded therein. BANK OF ENGLAND RETURN (United Press Association) (By Electric Telegraph—Copyright! LONDON, Sept. 1. The following is the Bank of England return:— ISSUE DEPARTMENT Note issue in circulation £480,400,000 Bank department .. .. 46,000,000 Government securities .. 188,800,000 Other securities .. .. 200.000 Silver coin BANKING DEPARTMENT Rest 3,700,000 Public deposits .. .. 27,300,000 Bankers' deposits .. .. 94,700,000 Other amounts .. .. 36,400,000 Government securities .. 102,100,000 Discounts and advances 5,400,000 Other securities .. .. 22,300,000 Notes and coin .... 47,300,000 Ratio of reserve to liabilities is 29.78 per cent. The Bank of England discount rate remains unchanged at 2 per •cent. WHEAT AND FLOUR (United Press Association) (By Electric Telegraph—Copyright i LONDON, Sept. 1. Wheat cargoes are easier. Parcels are lower. Futures—London: September, 26s lOd; November, 22s lid. Liverpool: October, ss' l£d; December, 4s 10|d; March, 4s B|d. The spot trade is slow. Australian, ex ship, 28s 6d to 28s. Flour is easier. Australian, ex store, 22s to 235. Chicago futures: September. 623 cents per bushel; December, 64g; May. 663. AUSTRALIAN STOCK EXCHANGES (United Press Association) 'By Electric Telegraph—Copyrighti SYDNEY/Sept. 2. (Received Sept. 2, at 10.35 p.m.) To-day's Stock Exchange market was a trifle irregular, with a weaker tendency on light trading. Base metals were unchanged. THE MORNING SALES £ s. d. Commonwealth Bonds—--4 per cent., 1941 .. .. 102 1 3 4 per cent., 1944 .. .. 102 17 6 4 per cent, 1947 .... 104 0 0 4 per cent, 1950 .. .. 103 2 6 Bank of New South Wales 30 15 0 Tooheys A 7S ini Anthony Hordern .. .. 016 10* British Tobacco Son Electrolytic Zinc .... 2 l u Kandos Cement l o » ADDITIONAL SALES Bank of New South Wales 30 15 0 Commercial Bank of Sydney 2 Huddart. Parker « q n ' British Tobacco f- » « Tooths .. 719 « Tooheys ' J, Dunlop.Perdnau.. {^{ . I£ Jl Anthony Horden 0 16 9 General Industries . • • • V Z n Kandos •• •• j 2 X Associated News (pref.) •• 1 jj » Amalgamated Wireless (con.) 2lb 0 Producers General .. •• « j* *» R Fowler .... •• •• ° 0 Woolworth (second pref.) .. l » » Taubmans . ■ o e r Mauri Brothers nan United Provisions .... ° » " Goldsbrough Mort .. .. 1 ' '* Henry Jones . . l ■ « " Mount Morgan ... •• •• Xih % Broken Hill Proprietary ■• 217 o MELBOURNE. Sept. 2. There was a steady market for < Commonwealth loans. Industrials are quiet, with leaders slightly easier Barriers are also inclined to drift National Bank (£5 paid) .. 612 0 (£lO paid) 13 15 0 British Tobacco \ \ \ Carlton Brewery % •» » G. J. Coles '» Drug Houses .. .. • • • • } , , Dunlop. Perdriau ■•■••• \ in % (pref.) 118 6 Melbourne Invest. Trust .. 010 3 Australian Foundation Investment Trust ...... 0 5 4 Imperial Chemicals (pref. 11 » (10s paid) 011 7 Mount Morgan 0 11 0 Mount Lyell .. \ J. \t Broken Hill Proprietary .. 2 17 6 South Broken Hill .. .. 110 1 Emperor 01 6 U Loloma ■ law TIN SUPPLIES (United Press Association) (By Electric Telegraph—Copyright) LONDON, Sept. 1. Tin: World visible supplies, 20.108 tons. Straits carry-over, 5616 tons. Supplies. 6543 tons. Deliveries. 6080 tons. PRICE OF FINE GOLD i (United Press Association) (By Electric Telegraph—Copyright) LONDON, Sept. 1/ £ s. d. Sept. 1 7 3 04 August 31 7 3 3£ August 30 7 2 B.J August 29 7 2 7 August 27 7 2 8 August 26 7 2 7 August 2n 7 2 0 August 24 7 2 6J August 23 7 2 64 August 22 7 2 6J August 19 7 2 51 August 18 .. -. .. 7 2 4i

CANTERBURY MARKETS POTATOES IN THE DOLDRUMS (Per United Press Association) CHRISTCHURCH, Sept. 2. The potato market is in the doldrums; indeed, merchants report that it is lifeless. There are no inquiries whatsoever from the North Island, nor are there any appreciable sales going through locally. The nominal quotation to-day to growers is 30s a ton on trucks, but only in cases where there is an order to fill are merchants prepared to pay even that price. This is largely because the Auckland markets are congested, and it is difficult to effect clearances. The seasonal demand for small feeds has yet to set in; The weather is detrimental to sowings. Although seed wheat is still going out, quotations are unchanged. A halfpenny increment on wheat, the last for the season, materialised this week. RUBBER STOCKS (United Press Association) (By Electric Telegraph—Copyright) LONDON, Sept. 1. Rubber stocks. London, 64,816 tons. Liverpool, 34,564 tons. SHARE QUOTATIONS (United Press Association) (By Electric Telegraph—Copyright) LONDON, Sept. 1. Share quotations: Clutha Riverbuyers Is 7id, sellers Is 10Jd; Molyneux—buyers 7£d, sellers IOJd. PROPERTY SALES Alex. McDonald, land agent, reports having completed the following sales Endellyon Flats, High street, to Mr C. Smith; building in Cumberland street to the City Corporation; two sections in York place to Mr F. J. Fay; residence in Wycola extension to Mr E. J. McCabe; a residence in Playfair street to Mr A. Jamison; a residence in Belgrave crescent to Mrs Lindon. Total, £13.630. Messrs R. S. McKenzie, Ltd., report having sold to cash buyers the brick bungalow formerly occupied by Mr Cyril Pettit, Buccleugh terrace, Waverley; also Mr Easson's roughcast bungalow, Quarry street, Musselburgh. N. and E. S. Paterson, Ltd., reports having sold at auction on behalf of the Otago Harbour Board the following leases at the upset rentals:—Section 6. block lviii. Vogel and Cumberland streets, to the Otago Farmers' Cooperative Association, Ltd.; lot 4 of the subdivision of section 27, block lxi, White street, to Messrs Hogg and Co., Ltd.: section 32, block lxx, Ward street, to Messrs Newberry. Walker, Ltd.: section 72, block lxxiv, Ward and Devon streets, to the Dunedip Ice Cream Co., Ltd.; section 78, block lxxiv, Ward street, to Mr James Mulholland. MINING NEWS WAITAHU RETURN The Waitahu Gold Mining Company, Ltd., reports that elevating operations in No. 16 paddock were commenced on August 13. A partial washup on Thursday last resulted in 470 z lldwt for 33 shifts elevating of eight hours each. From the stripping operations 3oz were obtained, making a total of 50oz lldwt so far won from this paddock. WOOL SELLING SEASON JAPANESE PURCHASES The question of Japanese competition at the opening of the selling season was discussed by the trade just before Sydney opened the season on Monday of last week. , The Acting Minister of Customs for •Australia (Mr Perkins) then pointed out that under the trade agreement framed in July Japan undertook to purchase between 350,000 and 400,000 bales of Australian wool during the season. . . _ " During the negotiations the Japanese Government was informed that the Commonwealth Government attached much importance to the administration of the quota agreement with Australia on the basis which permitted the regular movement of wool,' said the Acting Minister . "We had been assured on this point." Mr Mososhiku, of Mitsui Bussau Kaisha, gave it as his personal opinion that Japan would not be operating when the Sydney sales opened. Up to then he had not received any advice from his principals in Japan. A representative of F. Kanematsu (Aust.), Pty., Ltd., also said his company had not received any instructions. The Japanese Vive-consul in Sydney (Mr Miyake) said there was nothing for Australians to be worried about. Japan had undertaken to purchase a large quantity of Australian wool, and those purchases were likely to spread over the period of 10 months which remained before the agreement concluded on June 30 next.

change during the past week:- - £. s. d. 3i p.c, Stock, 1938-52 .. .. 100 15 0 100 2 6 4 p.c. Stock. 1946-49 .. . 101 10 0 101 7 6 101 10 0 Hamilton Borough Debcn101 10 0 Harnilton Borough Debentures, 41 p.c, 1945 .. ..:..'. 102 0 0 Christchurch Tramways Board, 101 15 0 C 1 2 Bank of New Zealand (2) 2 2 6 2 2 9 National Insurance (3) .. .. 0 17 0 0 16 11 New Zealand Insurance 2 16 6 0 14 4 0 8 0 0 8 1 Oil Search .. .. ... . 0 8 9 2 8 9 Colonial Sugar (Aust. sale) 47-7 6 0 16 6 Woolworths (Sydney; 4) .. .. I 1 1 I 3 2 New Zealand Breweries .. .. 2 2 e 2 1 9 Broken Hill South (3) .. .. 1 9 4 1 7 0 0 10 11 2 5 6 2 4 3 2 5 0 Woolworths Properties (3) 0 14 0

Buyer. Seller £ 9. d. £ f. d ii p.c. Stock. Nov., — 101 0 0 3i p.c. Stock, Mar., 1939-43 — 101 2 6 34 p.c. Stock May, 1941-52 101 0 0 — 34 p.c. Stock Nov., 1941-52 101 0 0 — 4 p.c. Bonds, 1943-46 .. 100 0 0 — 4 p.c. Bonds, 1946-49 . 101 0 0 — 4 p.c. Stock, 1946-49 .. — 101 10 0 4 p.c. Stock, 1952-55 .. — 101 10 0 34 p.c. Stock, 1953-57 — 95 0 0 MINING Austral N.Z. Mining — 1 1 3 Big River (Is) .. 0 1 1 0 1 3 Clutha River (2s) — 0 2 7 Gillespie's Beach (Is) 0 1 0 0 1 2 Goldfields Dredging (Is) — 0 0 4 Grey River .. .. — 0 13 9 Mossy Creek (Is) 0 0 11 — New River, 0 0 5 0 0 1 Nokomai (5s) .. .. 0 1 ri 0 2 0 Okarito (5s) .. .. — 0 3 0 Sandhills (Is) .. .. — 0 0 2 Waitahu (5s) .. .. 0 0 9 0 1 0 BANKING N.S.W. (£20) ... .. _ 31 10 0 N.Z. (£1) 2 2 0 2 3 0 Commercial (10s) — 0 16 6 Comm. (pref.; £10) .. . — 9 7 0 Natl, of N.Z. (£2 10s) — 2 13 3 INSURANCE National (7s) .. 0 16 9 0 17 2 SHIPPING Huddart, Parker (pref.; £1) .. .. — 1 6 0 U.S.S. Co. (pref.: £1) 1 6 0 — MEA1 PRESERVING N.Z. Refng. (paid; £1) — 0 18 4 N.Z. Refrig (cont.; 10s) ,:'...;. ■,...:,•• •• 0 7 10 0 8 1 South Otago Freezing — 5 6 0 WOOLLEN COMPANIES 1 Bruce (ord.; £1) .. — 0 7 0 Mosgiel (£4) .. .. — 10 0 0 Oamaru (£1) .. ■• — 0 17 0 LOAN AND AGENCY Goldsbrough, Mort (£1) . .. .. ;. — 1 8 9 N.Z. Loan and M. (ord.; £100) .. .. — 35 0 0 N.Z. Guarantee Corp. (3s) .. — 0 4 6 Otago Farmers (A — 1 1 0 Trustees. Executors (£3) 4 5 0 — Wright, Stephenson (pref.; £1) .... — 1 0 6 COAL Westport (10s) — 1 5 3 Westport - Stockton (pref.; 10s) .. .. 0 6 9 — MISCELLANEOUS Associated News (£1) *n i 0 _ Australian Foundation — 0 5 5 Australian Glass (£1) — 4 13 0 British Tobacco (£1) — 2 9 0 Broken Hill Pt.v (£1) ... . .. ... 2 16 9 2 17 6 Broken Hill Pty. (cont, 10s) .. .. — 1 19 0 Brown. Ewing (ord.; £1) — 1 0 0 Consolidated Brick (£1) 0 7 0 0 8 6 U.I.C. ipref.: £1) — i 3 y Dominion Fertiliser (£1) ._ 1 5 3 Dominion Fertiliser (debs.) 101 0 0 — Donaghy's Rope (£1) — 2 4 0 G. J. Coles (£1) 3 18 3 — Moiuroa Oil (pref.; 5s) . . — 0 5 0 Natnl Electric i£l) 0 13 6 — Farmers Fertiliser (£1) — 0 19 0 N.Z. Paper Mills (£1) 1 2 3 — Otago Daily Times (£1) 2 5 0 2 G 0 laranaki Oil i £. ) 4? 7d) 0 12 6 _ Whitcombe and Tombs (£2 10s) . ... — 3 3 0 Wilson? cement (10s) — 0 17 -J Woolworths (ord.; 5s) — 1 0 0 Woolworths <Svd. ord.; 5s) 1 1 1 1 1 5 woolworths (South Africa: 5s) - 0 15 7 KRliWKRIES N.Z. Breweries (£1) _ 2 2 G Tooths (£1) . 2 14 0 — AUSTRALIAN MINING broken Hill South (5s) 1 U 6 1 10 6 Electro Zinc (pref.; £1) — 2 5 6 ■Alectro Zinc lord.; £1) — 2 2 0 Mount Lycll (£1) .. 1 6 8 1 7 2 Mount Morgan (2s Gd) 0 10 8 0 10 10 Mount Morgan (pref.; £1) — 1 1 6 North Broken Hill (5s) 2 3 9 2 5 0 Placer Developments - 3 19 0 UNLISTED STOCK All storks in tins jtcllon are r ol qui tea o;i the official list and transactions are 'iibieel to a diflcrent rate of brokerage •- Buyer Seller £ s d £ s d Mackintosh Caley Phcenix (£ 1) .. 0 5 C 0 7 6 National Tobacco (ord.; £1) .... ' 2 2 0 Woolworths Properties <10s) 0 14 0 0 14 4 A. and T. Burt (pref.. £1) — I) 13 0 Ballin's Brewery (losl — 0 12 G ** Ex dividend. DIVIDENDS PAYABLE

Sales on 'Change - Stock, 1938-52, 3§ per cent. 100 12 6 Commercial Bank of Aus0 16 1 (pref.) 9 6 9 g „ 0 R Bank of New Zealand 2 2 3 New Zealand Insurance .. 2 6 6 Westport Stockton (pref.) 0 7 1 Dominion Breweries 1 10 9 (rights; 2) 0 4 0 (odd lot) 0 3 10 (3) 0 4 0 Alloys Steel (Aust.) .. 0 7 0 British Tobacco 2 8 4 Consolidated Brick .. 0 7 9 3 19 3 3 19 0 Woolworths (Sydney) 1 1 0 Martha 0 11 0 Waihi Investments .. 0 8 6 Mount Morgan 0 10 9 Unlisted Stock Auckland Farmers' Freezing (£1 paid) 1 1 6 WELLINGTON Sales on 'Change Broken Hill Proprietary (late Thursday; 2) .. 2 17 6 Bank of Australasia .. 10 10 0 Dalgety and Co. .. 8 1 6 New Zealand Refrigerating 0 8 0 Broken Hill Proprietary (2) 2 17 6 Woolworths, Ltd. (second 1 8 9 (ord.) 1 1 2 Wellington Woollen (ord.) 4 18 6 Unlisted Stock Woolworths (W.A.), odd lot 4 4 0 CHRISTCHURCH Sales on 'Change National Bank of New 2 12 6 Union Bank of Australia .. 8 8 0 Invincible Building .. •4 10 0 New Zealand Breweries (2) 2 1 10 Broken Hill Proprietary .. 2 17 3 (contr.) 1 18 7 3 19 0 Taranaki Oilfields .. 0 12 10 Wilcox Mofflin 0 6 4 Sales Reported New Zealand Government 3§ per cent. Inscribed, 1938-52 100 10 0 Bank of Australasia (cum div.; late Thursday) 10 10 0 Commercial Bank of Aus9 6 6 Canterbury Frozen Meat 6 2 6 Wilsons Cement (late Thursday) 0 17 0 D.I.C. (ord.) .. 0 14 6

(Bv Electric Telegraph— Copyrtght) LONDON, Sept. 1. Aug; : 25 Sept. 1. British- £ s. . d. £ s. d. Consols, 21 p.c. 75 10 0 14 0 0 Funding Loan, 4 p.c. 114 0 0 113 10 0 War Loan, 31 p.c. .. 102 17 6 102 2 6 Con. Loan, 31 p.c. .. 102 5 0 101 5 0 Victory Bonds, 4 p.c. 110 15 0 110 0 0 Commonwealth's p.c. 1945-75 105 17 6 105 15 0 4 p.c, 1943-48 100 17 6 101 10 0 32 p.c. 1948-53 100 1 3 99 17 6 3J p.c. 1956-61 90 17 6 90 17 6 3 p.c, 1955-58 38 15 0 88 7 6 New South Wales— 31 p.c. 1930-50 97 0 0 96 10 0 Victoria's p.c. 1929-40 93 11 3 93 7 6 *43 p.c. 1940-60 102 1 3 101 16 3 5 p.c, 1945-75 105 17 6 105 12 6 Queensland's p.c. 1932-47 9b 5 0 94 15 0 5 p.c, 1940-60 104 2 6 101 12 6 South Australia's p.c, 1916 or alter 76 0 0 76 0 0 5 p.c. 1945-75 105 16 3 105 10 0 Western Australia— ♦4 p.c, 1942-64 100 7 6 100 5 0 Tasmania— •3j p.c, 1929-40 101 6 3 101 2 6 *4 p.c, 1940-50 100 8 9 100 7 6 New Zealand— 44 p.c, 1948-58 100 12 G 100 2 6 31 p.c, 1940 .. 99 10 0 99 2 6 3 p.c. 1945 .. .. 95 2 (• 93 0 0 * Ex div

London— Buying Selling £ K.Z to £100 I.T 124 124/10/ O.D 123/11/3 124/9/8 Australia— £ A. to £100 N.Z T.l 100/17/b 100/5/0.0 100/17/6 100/5A FIJ1- £ If. to £100 N.Z I'.T 90/7/8 89 O.l) 90/7/6 ss* New ?ork— Dollars to £ N.Z. r.T. ,19253 3.S911 O.D. 3.9303 3.8921 MontrealDollars to £ N.Z t.t 3.9303 3.8978 O.D 3.9390 3.8988 Belgium— Belgas to £ N.Z r.T 23.317 23.007 O.D 23.392 23.012 Czechoslovakia— Korunas to £ N.Z I.'l — 112.30 O.D — 112.32 DenmarkKroner to £ N.Z. I.T 18.203 17.893 O.D 18.263 17.895 FinlandMarks to £ N.Z r.i 185.39 179.59 O.D 185.79 179.69 France— Francs to £ N.Z r.T 144.76 142.26 O.D — 142.28 Germany— Relchsmarks to £ N.Z .. .. rr. — 9.671 OD — 9.673 Greece— Drachmae to £ N.Z r.T. — 429.54 O.D. 429.69 HollandFlorins to £ N.Z. I.T. 7.270 7.120 O.D 7.310 7.122 ItalyMr e to £ N Z r.T. — 73.945 O.D — 73.070 Jara— Florins to £ N.Z. T.T 7.247 7.097 O.D 7.287 7.099 Norway— Kroner to fl N.Z I'.T 16.182 15.892 O.D 16.242 15 895 NoumeaFrancs to £ N.Z I.'l 147.26 140.51 O.D — 140.55 Papeete— Francs to £ N.Z I'.T 146.66 140.66 O.D 140.70, SwedenKroner to £ N.Z r.T 15.786 15.491 on 15.816 15.494 SwitzerlandFrancs to £ N.Z. r.T 17.285 17.015 o n 17.390 17.017 Chefoo— N.Z. pence to I dollar .. .. I'.T. O.D — — Hongkong— N.Z. pence to I dollar .. .. r.T 18 7-16 18 13-16 on IS 13-3: ! IS 13-16 India and Ceylon— N.Z. pence to 1 rupee I.T 22 3-64 22 21-64 O.D 22 1-6-1 ! 22 21-64 Japan - N.Z. pence to 1 veD .. r.T — 17 33-04 O.D _ 17 33-S4 Manila— N.Z. pence to 1 peso .. r.T 30 5-32 30 13-16 OD 30 1-16 30 13-16 Shanghai— N.Z. pence to 1 dollar r.T _ — O I) — — Singapore— N.Z. pence to 1