COMMERCE AND FINANCE

Otago Daily Times, Issue 23885, 12 August 1939, Page 8

COMMERCE AND FINANCE

' STOCK EXCHANGE

REVIEW

WEEK OF DULL TRADING

GOVERNMENT LOANS CONTINUE FIRM SLACKER DEMAND FOR INDUSTRIALS The investment market during the past week has been, unusually sluggish,; with a noticeably slacker demand for lines which, in the past few weeks, have had a well-maintained inquiry. This has been especially the case in industrials. Australians lost something of their popularity early, in the period and. later some Dominion trading concerns, which are seldom without a buyer on ’change, also lacked bids. This apparent diminution of confidence on the part of investors can be attributed mainly to the effects which the additional taxation, announced with the Budget last week, must necessarily have on the earnings of all businesses, and it is likely that many buyers will shorten their limits when they again appear in the market. Though trading has been dull for the most part, there has been a steady, if small, stream of dealing with banking and insurance shares to the fore. One or two lines which are not frequently turned over appear on the sales list, such as ordinary Wright, Stephensons, Taranaki Oil Developments, and McLeod Brothers, while Woolworths Properties 6 per cent, preferred ordinaries also made an appearance. Government loans continued in steady demand, with improved bids for some of the tax-free issues and also for one or two of the longer dated loans. Sellers, however, continued reticent, with the result .that no business was done in this section. •The banking section saw Nationals In keen demand throughout, and New Zealands less sought after. The latter were on offer at £1 19s 9d, and ultimately turned over at £1 19s 3d. Commercials were quoted from time to time;, but with a fairly wide market. In. the insurance section Nationals ■nd ’Standards claimed all the attention, and both had business. Nationals were slightly easier than in the previous week, selling at 16s 9d, but Standards were firm with two deals at £2 15s 3d. i Shipping business continues to be lifeless, the onlv sale being one of preferred New Zealand Shipping at £l2. Meat preserving shares had a keener demand than for some time. Paid-up New Zealand Refrigeratings, which had not been quoted for some days, reappeared with an unsupplied buyer at 16s 6d, and the contributing issue was dealt in at 8s 3d. Both issues of Southland Frozen Meats were wanted at £1 7s 3d, and there was a steady inquiry for South Otagos at £4 ss. Dean and agency shares were dull, with only Trustees Executors wanted at up to £4 ss. A parcel of ordinary Wright, Stephensons realised 19s 9d ■nd the preference issue continued on offer at 19s 4d. Auckland Gas shares were 1 easier with a seller at 16s 6d. The coal section had a fair inquiry with Kaitangatas wanted at £1 7s 6d and Westports turning over at £1 Os 9d. The latter continued with quotations 3d on either side of the sale price. Taranaki Oils were quoted from time to time at 6s (buyer) and 6s 9d (seller). A parcel of Taranaki Oil Developments realised 2s. Industrials Slacker Buyers appear to be awaiting some Indication of the effects of the new company taxation on the leading industrials, many of which failed to attract their customary bids. Australian Consolidated Industries were not asked for, though sellers quoted £2, and Broken Hill Proprietaries eased to £3 9s on sellers’ quotation without finding a buyer. G. J. Coles had one or two offers of £3 17s 6d, and the new Issue was asked for at £3 3s, but 1.C.1.’s Australian Iron and Steel, Associated News and other lines normally in constant demand were practically H6£[l€Ct€cL The preferred ordinary issue of Woolworths Properties had a sale of £1 ss, ■nd the Sydney Issue went to £1 4s 3d (buyer). Preferred Brown Ewings and preferred DJ.C.’s both continued in demand at unaltered prices and Dominion Fertilisers still had an unsupplied buyer at £1 4s. New Zealand Drugs, however, were not asked for in the latter part of the period and other lines shared the same fate. The only transactions were in McLeod Bros, and Hew Zealand Newspapers, the former at the reduced price of £2B and the latter at £1 12s 9d. There was one Inquiry for Colonial Sugars at £4B 10s. Mining Sections Dull The Australian mining section experienced a very dull period with only Emperors showing any firming tendency. These were on offer at 11s 7d, while buyers refused to go beyond 11s. Mount Morgans were again easier with a sale at 9s lOd. and there has been no subsequent change in value. The New Zealand gold mining shares were also substantially unaltered with only New Rivers changing hands. During the period 21 sales were recorded, compared with 25 in the previous week.

MINING

BANKING

- SHIPPING

MEAT PRESERVING

LOAN AND AGENCY

COAL AND OIL

Sales of the Period The following is a list of the sales recorded on the Dunedin Stock Exchange during the past week: —

BREWERIES

AUSTRALIAN MINING

LOCAL AND OVERSEAS MARKETS

WOOLLEN COMPANIES

Trend of Business The demand for Government loans at the close of the market was as keen as ever, and though one or two sellers came into the market, no business was done. Bank of New Zealands were easier with a sale at £1 19s 3d, no other changes occurring in the banking, insurance or shipping sections. Meat preserving shares were still firm and an offer of 19s 6d came forward for ordinary Wright, Stephensons. Both issues of Bruce Woollens were wanted, the ordinary shares at 10s 3d and the preference issue at 18s. There was little change in the position for industrials, though sellers came into the market for Dominion Fertilisers and Milburn Limes. New Zealand Drugs were offered at £3 9s 9d with no buyer. . Breweries and mining shares also closed quietly. , YESTERDAY’S TRANSACTIONS

Sale Reported After Last Call 4 p.c. Stock. 1952-55 .. .. 96 10 0 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. £ s. d.

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. £ s. d. Security finance .. J. Fuller and Sons 4J p.c. debs

DIVIDENDS PAYABLE The following is a list of shares on which dividends will shortly be ableFarmers’ Fertiliser—Ord., 6 p.c., p.a., pref., 5i p.c. p.a. (to May 31) Aug. 15 Woolworths (Sydney—Halfyearly, 10 p.c. pref., 5 p.c.; 7 p.c., prof., p.c Aug. 15 Mount Morgan (pref.)—lnterim 8 p.c. p.a Aug. 15 Com. Bank Aus. —Pref., 4 p.c.. ord.. 33 p.c Aug. 17 Trustees Executors—Final. 8 p.c. p.a. .. Aug. 17 Bank of New South WalesInterim,, quarterly, 6s a share (Australian currency) Aug. 31 Emperor Mines—Fourth 6d a share Aug. 31 Electrolytic Zinq (pref. and ord.)—Final, p.c. .. .. Sept. 15 Broken Hill South—6d a share Sept. 15 Standard Insurance—Halfyearly. Is 3d a share .

NEW GUINEA GOLD SHARES (United Press Association) (By Electric Telegraph—Copyright) LONDON, Aug, 10. Now Guinea Gold shares arc quoted at Is 6d.

WELLINGTON

CHRISTCHURCH Sales on ’Change

NORTHERN EXCHANGES AUCKLAND Sales on ’Change

LONDON STOCK EXCHANGE (United Ptess Association) (By Electric Telegraph—Copyright) LONDON, Aug. 10.

HUDDART, PARKER DIVIDENDS (Per United Press Association) WELLINGTON. Aug. 11. The Stock Exchange Association has received advice that Huddart, Parker, Ltd., has declared an interim dividend, payable on September 14, on preference capital of 3 per cent., and on ordinary of 7 per cent. Transfer books will be closed from September 5 to 14. DOLLAR AND STERLING (United Press Association) (By Electric Telegraph—Copyright) LONDON. Aug. 10. Sterling exchange, London on New

London on New York during 1937 averaged 4.95d01. to £1 sterling; on August 2. 1938. 4.49 J; on September 8. 4.63; and during October varied between 4.78-J and 4.753- During November, 1938, the variation was between 4.76id01, (November 8) and 4.631. PRICE OF FINE GOLD (United Press Association) (By Electric Telegraph—Copyright)

BUTTER AND CHEESE (United Press Association) (By Electric Teieeranh—Copyright) LONDON, Aug. 10. Butter: Slow. Choicest New Zealand salted and unsalted, 117 s; Australian, 107 s; Danish, 1245. Cheese: Dull. New Zealand white, 595; coloured. 60s. No Australian offering.

DUNEDIN MARKETS WHEAT, OATS, ETC. UTILE CHANGE IN POSITION The broken weather Is delaying threshing of the limited quantity of wheat remaining in the' stack. There are still some lines to be marketed, but no interest is being shown by millers. The advanced prices for the month of August are on a basis of 5s 10d f.o.b. grower’s nearest port, for Tuscan, 6s for Hunters, and 6s 2d for Velvet. With no great demand for wheat for milling, supplies are being diverted to the fowl wheat market, and there are ample stocks of fowl wheat available. The demand for this wheat is on the slow side, with the wholesale distributors confining their buying to lines to meet immediate requirements. The retail business is mostly restricted to small purchases ex the stores, at up to 6g 3d per bushel, sacks extra. For larger quantities smaller prices have to be accepted Preparations for spring sowing are being held up, consequent qp the broken weather. It is anticipated that a substantial area will be sown in wheat this season, but so far as spring sowing is concerned, the area planted will depend on the weather conditions over the next few weeks. It is noticeable that there Is a tendency on the part of farmers to plant the Cross 7 variety—an early-matyring Tuscan. 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. £2S 10s per ton; 25’s. £25 10s per ton. Oats In Poor Demand The oat market continues quiet. On the one hand the offerings from the country are light, and on the other hand the demand is restricted. Stocks in the stores are also light—just about sufficient to cover the demand for seed and feed purposes. Millers, however, have substantial stocks, Th.e shipping business from this end of the Dominion is being largely filled from the Bluff. Quotations remain unchanged at 3s Id for A Cartons, f.0.b., s.i.. with B’s at 2s lOd f.0.b., s.i. These prices are equivalent to 2s 3d, sacks extra, on trucks country sidings, for A’s. and 2s for B’s. Chaff Values Unchanged The broken weather Is preventing supplies of chaff coming in from the country. The stores held a limited quantity only, but the demand continues weak. Values are unaltered at £4 15s per ton, sacks extra. • Scarcity of Potatoes Towards the end of last week the potato market was very firm, but owing to the possibility of importations from California the position has now changed a little. Quotations on a basis of £l6 15s a ton, delivered in New Zealand ports, with the duty of £2 10s a ton paid, are now available, shipments to arrive at the end of September. Although stocks of potatoes are definitely short in the South Island, the possibility of imports from California has had the effect of causing some New Zealand buyers to withdraw from the' market. On the other hand, where isolated lots of potatoes are held, the holders are inclined to sell. Early in the week sales for shipment to the North Island were made from Canterbury ports at £lB per ton. f.0.b.. s.i., prompt delivery, but this price is not now obtainable.. The present uncertain position will prevail until more information is to hand regarding the possibility of shipments from overseas. So far as the local market is concerned. it is bare of supplies. The ruling quotation for best quality whites is from £l7 to £l7 10s a ton. sacks included. Seeds Market Quiet The seeds market remains quiet and steady. There Is little ryegrass on offer, but merchants are not showing much interest in this seed, as they consider prices too high. They are also uncertain regarding the quantity of seeds that will be needed for spring requirements. In addition, the germination of the bulk of the ryegrass seed on offer is unsatisfactory. The cocksfoot market remains firm, with a little more interest being shown in the market with the near approach of spring deliveries. The white clover market remains firm. There is a shortage of supplies, and the market is inclined to firm. The cowgrass market is steady, and the Montgomery clover market firm. Little interest is being shown by overseas merchants in brown top seed. There are, however, some inquiries for Chewings fescue from overseas. Stocks of the latter seed are limited. Miscellaneous Produce Wholesale prices are as follows: — Chaff.—Good, bright oaten sheaf, £4 5s per ton, ex truck; £4 15s, ex store. Potatoes. —Arran Chief. £l7 to £l7 10s per ton, ex store; King Edwards, scarce, with higher prices ruling. Dairy Butter. —Milled bulk, Is per lb; separator, Is per lb; supplies wanted. Bacon, Is 3d per lb. Hams, Is 2d per lb; boneless, Is 4d. Onions. —Picked-over lines, to 21s 0d per cental bag. Honey, BJd per lb. Eggs.—Stamped, 2s 3d per dozen; storekeepers’, 2s 2d. FRUIT AND VEGETABLES A QUIET WEEK IN THE MARTS A quiet week has been experienced in the fruit marts. Farm supplies of apples are still on offer. The heavy supplies of inferior grade held in the marts have, now been pretty well cleared off, low prices having had to be accepted. Choice quality dessert sorts have had a good demand, the larger proportion of the offerings consisting of Stunners. Cookers have a steady demand. A further distribution of the South Australian oranges which -were landed ex the Waitaki from Melbourne was made by the Marketing Board during the week. This clears up the whole shipment, and the marts will now be ready for the next shipment, due by the Waitaki on Tuesday week. New Zealand lemons are expected some time next week. There will be no further shipment of Australian lemons for the next three months, when the supplies of New Zealand-grown are likely to have eased off. The small lots of poorman oranges coming forward are bringing good values. The bananas are in short supply, and no further supplies will arrive for about a fortnight. Cauliflowers are realising high values. Cabbages are in good supply, and the market is easier. Carrots and parsnips are in short supply, with high prices ruling. Swedes are more plentiful. Satisfactory prices arc obtainable for sound quality. Wholesale prices are as follows: Apples.—Delicious, Sturmers and Jonathans, extra fancy, 8s to 10s per case; fancy, 6s to 8s 6d: minimum. ■2s 6d to ,1s 6d; cookers, large 5s 6d to 7s, small 3s to 4s. Oranges.—Australian navels, 16s to 225, according to couni. Poorman oranges. 12s to 15s per case. Bananas.—Ripe. 21s per case.

Pineapples, to 20s per case. Lemons. —Australian, 25s to 34s 6d per case, according to count. Pears—Dcs/ert, 4s to 6s per halfcase; cookers, 3s to 4s. Cauliflowers—Choice, 8s to 12s per sack; others, 2s to 3s. Swedes. tq 2s 6d per bag. Cabbages, to 4s per sack. Brussels sprouts, 4d to 6d per lb. Beet, to Is 6d per dozen bundles. Potatoes—Whites. 16s to 18s per cwt. Leeks. 5d per bundle. Celery, 3s to 7s 6d per dozen heads. Parsnips, 7s per sugar bag. Lettuce.—Choice, 3s to 4s: others. Is to 2s per dozen. Carrots, to 5s 6d per sugar bag.

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

ON NEW ZEALAND CURRENCY BASIS The Bank of New South Wales, Dunedin, yesterday Quoted the following rates for purchases and Bales of foreign exchange :

All rates subject to alteration without notice. dollar rates The Associated Banks (other than the Bank of New South Wales) yesterday quoted the following dollar rates 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.) ~ Dols. Dols.

LONDON METAL MARKET (United Press Association) (By Electric Telegraph—Copyright) LONDON, Aug. 10. The following are the official metal quotations; —

BRADFORD TOPS MARKET (United Press Association) (By Electric Telegraph—Copyright) LONDON. Aug. 10. The Bradford tops market is quiet but the output is fully maintained. Merino tops arc slightly easier. _ but crossbreds arc fully Arm. Quotations: Merinos—7o's. 28d; 64\s. 26Jd; 60’s, crossbreds —58’s, 23d; 56's, 50's, 46‘s, 44’s, not quoted.

NEW DREDGING VENTURE

MIKONUI GOLD DREDGING (N.Z.) LTD. GOES TO ALLOTMENT

The Investing public will be interested to learn that Mikonui Gold Dredging (N.Z.). Ltd., has gone to allotment. In recent years the attractive and profitable nature of gold dredging operations on the West Coast has been demonstrated to the public in no uncertain manner. The Ameri-can-owned Rimu dredge in particular has recovered gold exceeding £1,000.000 in value on the current price of the precious metal, while small wooden dredges such as Argo and Nemona have already, in a comparatively short period, returned to fortunate shareholders total dividends exceeding 100 per cent, on the nominal capital.

Since commencing operations in December of last year, both the American controlled Grey River dredge and the Australian controlled Kanieri dredge have provided further concrete evidence that the industrial development of the gold-dredging industry in New Zealand by means of modern excavating equipment warrants the serious attention of the Investing public.

The Grey River dredge has proved conclusively that a correctly designed all-steel, capacity gold dredge is capable of consistently treating a thruput of 4,500,000 cubic yards per annum at the rate of 700 yards per hour, under New Zealand conditions.

This fact is of great importance and it is interesting to note that Mr Paul R. Parker, of New York, who designed both the Rimu and Grey River dredges, is now engaged on the design of the Mikonui dredge, which will be the heaviest and most powerful gold dredge erected in New Zealand.

The comprehensive economic schedule published in the Mikonui prospectus discloses that whilst the total selected yardage is 70,000,000 cubic yards, an unusually high grade zone exists containing 41,000,000 cubic yards valued at 3J grains, i.e., I4d per cubic yard.

This zone represents the first nine years’ life of the Mikonui dredge, and based on the thruput rate established at Grey River, the dredge, while operating in this high-grade area, should effect an annual yield approximating £262,500.

Allowing for the deduction of gold tax and with operating and administrative costs based on the ac.ual results of the big dredges already referred to, this yield is equal to a return slightly in excess of 50 per cent, on the share capital of the company. The reports published in the prospectus disclose that the Mikonui area has been intensively drilled by New Zealand Prospecting and Mining, Ltd., who have had many years of experience in testing gold-bearing alluvial deposits. The sponsors of the venture are well known in New Zealand and Australia, having scout-drilled the Kanieri and Arahura areas as well as completely drilling .the Ngahere area on which the erection of a powerful modern dredge is now nearing completion.

Administration of the Mikonui Company’s affairs will be in competent hands, and both speed in bringing the dredge into production and economy and efficiency in subsequent administration can be relied on.

Application will be made for the listing of the Mikonui Gold Dredging (N.Z.), Ltd., shares on the Stock Exchange, both in New Zealand .and Australia It is considered that the genuine investor should find these shares - tractive both on the score of capital appreciation over a period and for consistent income at a later stage. The position of gold in the economic SsnfflfS MB 5 mitted by world authorities to be the onlv commodity the future price of which can be predicted with certainty.

On the clearly established facts now demonstrated by pL Bulolo, South America, California. Rus sia, and New Zealand—mechanised industrial mining in the form of I b H c £ e * dredging is not only a foolproof but a highly profitable method of extracting the metal. __

mining news PADDY’S POINT RETURN Paddy’s Point Company reports a wash-up of 550 z lOdwt as the result of five weeks and a-half s sluicing. nemona returns fPEh United Press Association) GREYMOUTH Aug. 11. The Nemona return was 650 z for iza hours’ work (10,600 yards). PADDY’S POINT RETURN The secretaries of the Paddy’s Point Gold Mining Companv report a washup of 550 z lOdwt of gpld as the result of five weeks and a-half’s sluicing. OPOSSUM SKIN SALE PRICES ADVANCE FOR BEST QUALITY The Dunedin Stock Agents’ and Woolbrokers’ Association (Messrs Dalgety and Co.. Ltd.; Donald Reid and Co f Ltd.: Stronach. Morns, and Co.. Ltd., New Zealand Loan and Mercantile Agency Conapany .Lt<l;Wr^ht. Stephenson, and Co.. Ltd.. Otago Fa mers’ Co-op. Association, Ltd., and National Mortgage and Agency Company. Ltd) held the first opossum skin sale" of the season yesterday, when a total of 15,600 skins were brought forward by the selling brokers, -the unfavourable weather had a marked effect on the skins, which resulted in a lower percentage of supers and first quality grades, while the general quality of the skins was disappointing as a whole. Although conditions overseas arc not conducive to buoyant trading, the demand was keen, especially for good quality skins. As compared with the closing rates of the 1937 season, the best quality blues and greys were Is dearer, and blacks and browns on the average 9d. Thirds and damaged grades were sold at lower rates, , The following is the official range of P 1 Blues, super. Us 9d to 14s 6d. Blues, first. 10s lid to Us 3d. Blues, second. 7s to 7s sd. Greys, super.. 8s 9d to 12s 6d. Greys, first. 7s to 10s 2d. \ Gx'eys. second, 4s 9d to 6s 4d. Red necks, super. 6s to 6s lid. Red necks, first. 5s 3d to 6s 4d. Red necks, second, 3s 9d to 4s 7d. Blacks, super. 6s to 6s lid. Blacks, first. 5s Id to 3s 9d. Blacks, second, 2s 6d to 3s Bd. Browns, super. 5s to 5s 9d. Browns, first. 3s 9d to 4s lid. Browns, second. 2s 3d to 3s 6d. Small blacks. 6d to Is. Small blues and greys. 6d to 2s sd. The next sale is scheduled for September 8.

COMPANIES REGISTERED TWO DUNEDIN NOTIFICATIONS Notification of the registration of the following companies appears in the latest issue of the Mercantile Gazette: — Pettit (C, J.), Ltd. Registered as a private company, Dunedin. Capital, £2OO into 200 shares of £l. Subscribers: Dunedin—C. Pettit 1, M. V. Pettit 199. Objects: To carry on the business of architects, builders, timber merchants, engineers, bricklayers, plumbers, ironmongers, and general incidental. ~ '. . , Carter and Tyrrell, Ltd. Registered as a private company. Dunedin Capital, £IOOO into 1000 shares of £1 each. Subscribers: A. E. Tyrrell 500. E. G. Carter 500. , Objects: To carry on business of running taxi cabs and motor vehicles and to transport passengers, mails, etc., by land, sea, and air, and generally to do business as general carriers. Waimate Publishing Company, Ltd. Registered as a private company. Capital, £SOO into shares of £1 each. Subscribers: Waimate—R. P. Harris 249, A. F. Sargent 249, A. C. Harris 1; Timaru—E. J. Ellis 1. Objects: Acquire business of printers, publishers, and newspaper proprietors, with incidentals carried on by R. P. Harris, journalist. BANK oTTnGLAND RETURN (United Press Association) (By Electric Telegraph—Copyright) LONDON, Aug. 10. The following is the Bank of England return:—

per cent. FRENCH FRANC (United Press Association) (By Electric Telegraph—Copyright)

BEET SUGAR (United Press Association) (By Electric Telegraph—Copyright) LONDON, Aug. 10. Beet sugar, 7s 03d. WHEAT AND FLOUR (United Press Association) (By Electric Telegraph—Copyright) LONDON. Aug. 10. Wheat cargoes are steadier and parcels are steady. Futures are quoted —London: August, 19s Id; November, 19s 7Jd. Liverpool: October, 3s 83d; December, 3s lUd; March, 4s Hid. The spot trade is quiet. Australian, 19s 6d. Flour: Steady. Australian (ex store), 17s 6d to 18s 9d. Chicago futures: September, 64J cents per bushel; December, 64f; May, 65J. BULOLO SHARES (United Press Association) (By Electric Teleeraoh —Copyright) LONDON. Aug. 10. Bulolo shares are quoted at 100 s. HIDE SALE Messrs Waters. Ritchie and Co., Ltd., report having held their monthly sale on Thursday, when they submitted 20!9 hides and yearlings, also 817 calfskins to a full attendance of, buyers. Exporters were not very active, but tanners competed freely for all lots suitable to their requirements. Cows and light oxen were firm, with best conditioned lots up to id dearer; medium weight oxer; generally a shade lower: heavy oxen weighing from 601 b '.o 701 b snowed slightly in sellers’ favour; over 701 b were not quite up to previous rates. Heavv substance lots not being in keen request, were about id lower. Yearlings showed improvements up to 3d per lb. but calfskins were id lower. The following quotations are for well-preserved lines:— Oxen.—Heavy substance 73d to 10d; 601 b and over, 6d to 6|d; 53/591b sid to 6d: 45/521b, 4£d to 53d; 33/441b, 4sd to Cow’s.—solb and over. 43d to 53d; 40/491b, 43d to 53d; 30/391b, 4|d to 5Jd. Yearlings—Heavy, 4Ad to 63d; light, Calfskins.—Sound. 9Jd to 10Jd; faulty 6Jd to Sid.

AUSTRALIAN STOCK EXCHANGES (United Press Association) (By Electric “’elegnc* - Copyright) SYDNEY. August 11. (Received Aug. 11. at 9 p.m.) The Stock Exchange was dull, without much alteration in prices, if anything. tending weaker. The Morning Sales

BALCLUTHA STOCK SALE (Special to Daily Times) BALCLUTHA, Aug. 11. There was a good attendance at the fortnightly sale to-day, and a fair yarding of stock. The sheep yarding comprised 350 fats and 1337 stores. Fat sheep prices ruled high, in sympathy with Burnside. Best fat ewes, heavy, made 22s to 28s; medium ewes, 15s to 20s; fat wethers, 23s to 325. Store Sheep.—A good demand; and best full-mouthed ewes sold at 20s to 24s 6d; failing-mouth ewes, 12s 6d to 16s Id; cull ewes, 2s 7d to 3s; mixedsex hoggets, 17s; wether hoggets, 11s 6d to 14s 7d; store wethers to 225. Fat Cattle.—A small yarding and a very good sale. Fat cows sold at £7 to £ll, and bullock* at £9 to £9 10s Store Cattle.—A small yarding. Yearling heifers, £2 12s; two-year-old steers, £3 15s; forward bullocks, £8 ss. A small yarding of dairy cows sold at £5 to £8 ss. Pigs.—A fair yarding of young pigs and a very good sale. Suckers sold at 20s to 255, and slips at 28s. It was remarked by farmers , present that young pigs had continued to sell well this year, even in the worst winter months.

COMMERCE AND FINANCE

CHRISTCHURCH STOCK EXCHANGE DEMAND FOR GOVERNMENT ISSUES (Special to Daily Times) CHRISTCHURCH, Aug. 11. The Investment market settled down to steadier trading this week, and although the Stock Exchange was closed all day on Tuesday and on Wednesday and Thursday afternoons, because of the races, the volume of ' business, at £11,629, was more than twice that of last week. The market opinion of the . Budget proposals was more clearly indicated in the steady and strong demand for nearly all Government issues. For the first time over a long period there were buyers of several lines offered at and above par, but sellers were very few. Both Australian and New Zealand industrials were regularly quoted. Insurance, gas, and banking groups appeared easier, but the market for frozen meat, woollen. ?nd coal shares were firm to better. The most notable gain in Government loans was made by 4 per cent. 1946 stock, which rose £1 5s to 10s above par, and closed with buyers at £IOO £is. The 3* per- cent, stock, 1939-43,. gained 10s, and 4 per cent, stock due 1948 moved up 17s 6d on the last sale six weeks ago. In the fairly active banking group prices showed an easing tendency Of two New Zealand issues, National were firm at 46s 6d and 46s 9d, but New Zealands lost lid at 39s and 39s 4d. Commercial of Australia were Id down at 16s 7d and E.S. and A. lost Is at £4 19s. Commercial Banking of Sydney, at £2O 10s, eased 10s on last sale. In mid-March, neither insurance nor loan and agency attracted any business on the local market, anti the only shipping business was in preferred New Zealands, which had their first sale this year at £l2. Canterbury Frozen Meat dropped 15s at £9 paid. New Zealand Refrigeratings were firmer at 16s 6d, but contributing were fractionally weaker at 83 3d.

Renown Collieries, whose accounts were published this week, rose by 2s Sri on last sale throe months ago to 10s 9d, and Westport-Stockton ordinary remained unaltered at 4s. The only local business in breweries was in New Zealand’s, which were 6d easier at 37s and 37s 3d.

Prices of several leading Australian issues in the miscellaneous section again moved to lower levels. Notable among easier issues were Broken Hill Proprietary, which were down Is 9d Dunlop Rubber. Electrolytic Zinc (preference) and G. J. Coles, British Tobacco and ordinary Electrolytic Zincs were firm, and Australian Consolidated Industries and Wool worths. Ltd., improved. The outstanding rise was scored by New Zealand Drug, which moved up 3s on the last local sale to 695. In the only sale in the Australian mining section, Mount Lyells eased Sd to 28s 3d. Among the New Zealand issues, Marthas were 3d easier at 9s 6d, and New River Id easier at 10d. Ngahere were firm at 22s 3d, 22s 4d and 22s 6d. INCREASE OF CAPITAL Notification of the following increase of capital is contained in the latest Issue of the Mercantile Gazette:— Stanton Bros., Ltd. Capital increased by addition of £750 (730 ordinary shares of £1). beyond registered capital of £SOOO. CANTERBURY MARKETS POTATO PRICES STEADIED EFFECT OF GOVERNMENT'S DECISION (Per United Press Association) CHPiISTCHURCH. Aug. 11. The Government’s announcement that licences may be obtained to import potatoes has had the effect of steadying potato prices in the local market. Quotations to farmers to-day were unchanged from those of a week ago. at £l6 10s to £l7 a ton. according to station and delivery. Another largeshipment Jeft for the north this week by the Waimarino, which took 5200 sacks from Lyttelton, as well as a quantity from Timaru. Prices in other grain and produce markets are unchanged. Deliveries of teed wheat for spring sowing have not reached any volume yet. but a week or two of warmer weather would quickly accelerate this trade.

REGENT THEATRE COMPANY NET PROFIT OF £2653 DIVIDEND OF SIX PER CENT. The directors of the Regent Theatre Company, Ltd., report as follows for the year ended March 31:-.-The year’s operations have resulted in a net profit of £2653 10s Id. out of which an interim dividend of 2\ per cent has been paid. It is recommended that a final dividend of per cent, be paid, making 6 per cent, for the year. The appropriation account will then appear as follows: £ s. d.

£ s. d. Bank of New Zealand 1 19 3 National Bank of New Zealand (2) 2 6 6 9 National Insurance • • •• U 10 Standard Insurance (2) .. ID 3 New Zealand Shipping (pref.) • • • • • ■ • ■ 12 0 0

New Zealand Refrigerating (cent; 2) .. 0 8 3 Wright, Stephenson (ord.) 0 19 9 Westport Coal (2) 1 0 9 Taranaki Oil Developments 0 2 0 Hume Pipe 1 0 6 McLeod Bros 28 0 0 New Zealand Newspapers .. 1 12 9 Woolworths Properties 1 5 0 Mount Morgan 0 9 10 (pref.) 1 3 6 New River (2) 0 0 10

Sales Reported £ s. d. Bank of New Zealand .. ■ • 1 19 3 Westport Coal .... • • 1 0 9 6 Mount Morgan (pref.) 1 3

3i p.c. Stock, Mai 1 :. .i ' 1941-43 98 10 0 — 3J p.c Stock, Sept.. 1941-43 • • 98 10 0 — 3 p.c. Bonds, 1939-41 .. 97 0 0 — 3 p.c. Stock, 1939-41 .. 97 0 0 — 3J p.c. Stock, 1953-57 89 0 0 89 10 0 4 p.c. Stock, 1940-43 .. 99 5 0 — 4 p.c. Bonds, 1943-46 .. 99 5 0 — 4 p.c. Stock, 3943-46 .. 95 5 0 — 4 p.c. Stock. 1949-52 .. 97 0 0 — 4 p.c. Stock, 1952-55 .. 96 0 0 97 0 0 4 p.c. Stock, Nov., 1948 .. .. .. •• 99 10 0 99 IS 0

Austral .New Zealand Mining (£1) .. .. 1 4 0 Big River (Is) .. Gillespie’s Beach (Is) 0 0* 0 0 10 Goldfields Dredging (Is) .. •• . 0 0 2 Nokomal (5s) .... 0 18 0 2 0 Okarito (5s) .. .. , 0 2 6 Sandhills (Is) .. .. — 0 0 2 Waltahu (5s) .. .. — 0 0 9

N.Z. (£1) 1 39 0 1 19 9 N.Z. (long D; £1) .. 1 6 9 — Commercial (10s) 0 16 9 Natl, of N.Z. (£2 10s) ■ 2 6 0 - —

INSURANCE National (7s) .... — 0 17 0 Standard (£1).. .. 2 13 0 —

Howard Smith (£1).. — 116 U.S.S, Co. (pref.; £1) — ■ 15 3

N.Z. Refrig. (paid; £1) .. .. .. .. 0 16 6 — N.Z Ref fig (cent.; 10s) .. .. .. .. 0 8 0 0 8 4 South. Frozen Meat (paid; *D w .. •• 1 7 3 — South Frozen Meat (pref.; £1) .. .. 1 7 3 — South Otago Freezing (£5) .. .. ..; .. 4 5 0 —

Otago Farmers (3s 4d) Trustees. Executors 0 1 s o s e (£3) .. Wright, Stephenson 4 5 o — (ord.; £1) Wright, Stephenson 0 19 6 — (pref.; £1) .. .. — 0 19 4

Westport (10s) .. .. 10 8 — Westport - Stockton (pref.; 10s) .. .. 0 7 U 0 8 1 Taranaki Oil (£1 4s 7d) — 0 6 9

Bruce (ord.; £1) 0 10 3 — Bruce (pref.; £1) 0 18 0 — Kaiapoi (ord.; 17s) — 0 12 3

MISCELLANEOUS Australian ConsoM. Inds — 2 0 0 Broken Hill Pty. (£1) — 3 9 0 Brown, Ewing (pref.; £1) 1 0 0 — Crystal Ice (£1) — 2 1 0 Dominion Fertiliser (£1) 1 4 0 1 5 0 G. J. Coles (£1) .. 3 17 6 — Hume Pipe (£1) .. 1 0 0 1 1 0 MacDuffs (ord.; £1) .. 0 1 6 — Milburn Lime (£1) .. 1 15 6 1 16 6 McLeod Bros. (£10) — 28 5 0 N.Z. Drug Co. (£2) .. — 3 9 9 N.Z. Paper Mills (£1) 1 5 9 — Otago Dally Times (£1) .. .. .. 1 18 6 2 0 6 Regent Theatre (£1) — 1 1 6 Wilsons Cement (XOs) 0 17 0 — Wool worths (Syd.; ord.; 5s) 1 4 3 Woolworths Properties. Ltd. (6 p.c. pref.; ord.; £1) .. — 1 5 6

N.Z. Breweries (£1) I 15 9 Dominion (£1) .. .. 1 13 6 Tooths (£1) 2 14 6 —

Mount Lyell (£1) .. — 18 9 Mount Morgan (2s 6d) 0 9 10 0 10 0 Mount Morgan (pref.; 12s) .. .. 13 0 —

£ s. d. Bonds, 1953-57, 3J p.c 89 5 0 Stock, 1939-43, 3j p.c 99 10 0 New Zealand Insurance .. 2 12 0 Westport Coal 1 0 9 Kauri 1 2 9 Dominion Breweries (2) .. 1 14 9 A.C.I. (late Thurs.) .. .. 1 19 6 Bycroft (10s paid) 1 5 0 Farmers' Trading (late Thurs.) 0 18 1 Wilsons Cement (2) .. .. 0 17 3 Woolworths (Sydney; late Thurs.) 1 4 4 1 4 4 Martha 0 9 6

Sales on 'Change 4 p.c. Stock, 1958 (2; late Thurs.) 96 15 0 Bank of New Zealand (late Thurs.) 1 19 3 Standard Insurance (late Thurs.) 2 15 3 Kauri Timber (late Thurs.) 1 2 9 New Zealand Breweries (late Thurs.) 1 17 6 Colonial Sugar (late Thurs.) 49 2 6 4 p.c. Stock. 1949 (2) .. .. 99 5 0 Comm. Bank of Australia .. 0 16 8 New Zealand Guarantee Corporation 0 4 2 Feilding Gas 0 2 6 National Insurance .. .. 0 16 ID Electrolytic Zinc (ord.) .. 2 13 6 G. J. Coles (2) 3 18 9 Woolworths, Ltd. (4) .. .. 24 4 4i Woolworths (N.Z.) .. .. 0 17 \0

Canterbury Frozen Meat .. Electrolytic Zinc (cum div.) Woolworths (N.Z.) .. _ Woolwortbs (South Africa) 9 0 0 2 13 6 0 17 11 0 14 9 1 2 4 Sales Reported 1 2 6

4 p.c. inscr., 1943-46 .. Oamaru Woollens date 100 10 0 Thurs.; 2) 0 15 0 New Zealand Breweries .. 1 17 3 Dominion Fertiliser .. .. 1 4 2 Dunlop Rubber .... .. 1 0 7 Milburn Lime New Zealand Drug Com1 16 0 pany (late Thurs.) .. .. 3 9 0

Aug. 10. Aug. 1 3. British— £ s. d. £ s. d. Consols, 2J p.c. 66 5 0 66 10 0 Funding Loan, 4 p.c. 104 10 0 105 0 0 War Loan, 3i p.c. .. 91 12 6 90 15 0 Con. Loan, 3J p.c. .. 92 10 0 92 10 0 Victory Bonds, 4 p.c. 104 10 0 105 0 0 Commonwealth— 5 p.c., 1945-75 .. .. 100 15 0 101 0 0 4 p.c. 1943-48 .. .. 98 0 0 98 0 0 33 p.c., 1948-53 .. .. 90 5 0 90 5 0 3i p.c., 1956-61 .. 80 0 0 79 15 0 3 p.c., 1955-58 .. .. 78 2 6 78 2 6 New South Wales — 3i p.c. 1930-50 .. .. 88 7 6 89 0 0 Victoria — 3 p.c., 1929-40 .. .. 86 0 0 88 7 6 43 p.c„ 1946-60 .. .. 99 10 0 99 5 0 5 p.c., 1945-75 .. .. 100 10 0 100 10 0 Queensland — 3 p.c., 1932-47 .. .. 88 15 0 90 0 0 5 p.c., 1940-60 .. .. 100 0 0 100 5 0 South Australia — 5 p.c., 1916 or after 67 0 0 67 10 0 5 p.c., 1945-76 .. .. 100 10 0 100 10 0 Western Australia— 4 p.c., 1942-64 .. .. 92 10 0 92 0 0 Tasmania — 3£ p.c.. 1929-40 .. ., 100 10 0 100 12 6 4 p.c., 1940-50 .. ., 94 15 0 94 10 0 New Zealand— 4i p.c.. 1948-58 .. .. 92 0 0 91 15 0 3j p.c., 1940 .. .. 100 10 0 100 1 3 3 p.C., 1945 .. .. 89 7 6 89 2 6

York, 4.684. August 9 .. .. 4.684 August 8 August 4 August 3 August 2 August 1 .. .. 4.684 July 31 .. .. .. .. 4.684 . July 24 .. .. ,. .. 4.68J July 14 .. .. .. .. 4.68 3-16 July 7 .. .. 4.68 3-16 July 3 .. .. .. .. 4.684 June 30 .. .. .. 4.684 June 1 .. .. .. .. 4.684 May 31 ,. .. .. .. 4.684 May 1 ., .. .. .. 4.684 April 3 .. .. .. .. 4.68 7-16 March 31 .. .. 4,684 March 1 .. .. 4.68J February 28 .. .. .. 4.684 February 1 .. .. .. 4.683 January 31 .. .. 4.684 January 2 .. .. 4.684

August 10 . LONDON. Aug. 10. £ s. d. 7 8 6J August 9 . 7 8 6 August 8 . 7 8 6i August 5 . 7 8 6i August 4 . 7 8 6J August 3 . 7 8 6i August 2 7 8 6i August 1 . 7 8 6i July 31 7 8 6| July 29 7 8 6 i July 28 . 7 8 6J July 27 . 7 8 6J July 26 7 8 6i July 25 7 8 6 July 24 . .. .. 7 8 5i

Paris— Par BUOBT, Aug. 9. Aug. 10. Aug. 10. Francs to £1 124.21 176 23-32 176 23-32 Brussels — Bclgas to Cl SO 27.551 27.552 Oslo — Kroner to C1 18.180 19.901 19.901 Stockholm— Kronor to £1 18.150 19.39 19.39 Copenhagen— Kroner to £1 18.150 22.40 22.40 Berlin— Marks to £1 20.34 11.661 11.061 Montreal — Dollars to Cl 4.86 2-3 4.68 1-16 4.681 New York— Dollars to £1 4.86 2-8 4.681 4.681 Yokohama— Pence to yen 84.582 14 14 Hongkong— Pence to dollar 24.58 14 11-16 14 11-15 Bombay— Pence to rupee -0IT 8-16 IT 5-16 Batavia — Florins to £1 12.10 8.T9 8.79 Milan— Lire to £1 82.46 89 81 Amsterdam— Guilder to £1 12.10T 8.89 8.77 Prague*— Kroner to £1 1041 1371 1STI Geneva — Francs to £ 1 25.221 20.731 20.721 Vienna— Schillings to £1 84.861 Helsingfors— Marks to £1 193.28 22T 227 Madrid— Pesetas to £1 25.221 42i 421 Belgrade— Dinars to fil 25.22} 210 210 Athens— Drachmas to £1 ITS 8471 8471 Lisbon — Escudos to £1 110 U0| 110| Bucharest— Lei to £1 981.6 660 660 Bio dc Janeiro — Pence to mllrels .. . 8.890 >1 2t Buenos Aires— Pence to pesos 47.22 20.191 20.19 Shanghai*— Pence to tael , 41 41 Montevideo — Pence to pesos 181 181 Warsaw— Zlotys to £ 1 24.87 24.87 • Nominal.

London— £1 N.Z. to £100 Buying. Selling. Btff. .. .. T.T. 124/7/8 125/-/-O.D. 123/18/9 124/19/6 Australia — 100/10/- £ A to £100 N.Z. T.T. 100/-/-O.D. 100/-/-FIJI— £ F to £100 N.Z. T.T. 90/-/-88/12/0 O.D. 90/-/-88/12/0 New York— Dollars to £ N.Z. T.T. 3.7743 3.7310 O.D. 3.7703 3.7320 Montreal— Dollars to £ N.Z. T.T. 3.7726 3.7326 O.D. 3.7813 3.7338 Belgium— « Belgas to £ N.Z. T.T. 22.262 21.952 O.D. 22.337 21.957 Czechoslovakia— Korunas to £ N.Z T.T. — — O.D. — — Denmark — 17.830 Kroner to £ N.Z. T.T. 18.140 O.D, 18.200 17.832 Finland — 179.08 Marks to £ N.Z. T.T. 184.88 O.D. 185.28 179.18 France— 140.47 Francs to £ N.Z. T.T. 142.97 O.D. 144.22 140.49 Germany— Reichsmarks to fi 9.265 N.Z T.T. — O.D. — 9.267 Greece— Drachmae to £ 429.20 N.Z T.T. — O.D. — 429.35 Holland— T.124 6.974 Florins to £ N.Z. T.T. O.D. 7.164 6.976 Italy— 70.94 Lire to £ N.Z. T.T. — O.D. — 70.96 Java — 6.956 Florins to £ N.Z. T.T. 7.106 O.D. 7.146 6.958 Norway— 15.839 Kroner to £ N.Z. T.T. 16.129 O.D. 16.189 15.842 Noumea — 145.47 138.72 Francs to £ N.Z. T.T. O.D. 146.97 138.76 Papeete— 144.87 138.87 Francs to £ N.Z. T.T. O.D. 146.37 138.91 Sweden— 15.441 Kroner to £ N.Z. T.T. 15.736 O.D. 15.796 15.444 Switzerland— 16.774 16.504 Francs to £ N.Z. T.T. O.D. 16.874 16.507 Chefoo— N.Z. pence to 1 T.T. O.D. dollar .. •• z Hongkong— N.Z. pence to 1 181 184 dollar .. .. T.T. O.D. 18 S-S2 18a India and Ceylon— N.Z. pence to 1 rupee .. • - T.T. 22 9-82 22 9-16 O.D, m 22 9-16 Japan— N.Z. ponce to 1 yen T.T. O.D. . 17 37-64 17 37-64 Manila— N.Z. pence to 1 T.T. 81 83-64 82 T-32 P O.D. 31 27-64 32 7-32 Shanghai— N.Z. pence to 1 T.T. O.D. dollar .. • • — — Singapore— N.Z. pence to 1 dollar .. • • T.T. 34 Bl-64 85 9-82 O.D. 34 45-64 35 9-32 South Africa— £1 N.Z. to £100 atg. • • • • T.T. 123/4/3 124/17/O.D. 122/17/124/17/-

Selling— T.T. .. .. 3.72 1-16 3.72 1-16 O.D. .. .. 8.72 5-16 3.72 5-16 Buy o.r.. .. 3.77J 3.78 1-16

Ton £ s. d. £ s. d. Copper, spot .. 44 5 7i Fall 0 7 6 Copper, forward 44 8 14 Fall 0 7 6 Electrolytic, spot 49 15 0 Fall 0 10 0 Electrolytic, forward 50 15 0 Fall 0 5 0 Wire bars .. •• 50 15 0 Fall 0 5 0 Lead, spot .. . • 15 19 4J Fall 0 2 6 Lead, forward .. 15 15 71 Fall 0 3 9 Spelter, spot .. 14 8 9 Fall 0 0 71 Spelter, forward 14 13 U Fall 0 1 3 Tin, spot .. .. 229 18 9 No change Tin, forward .. 225 7 6 Fall 0 5 0 Oz Silver, standard 17d Rise Id Silver, fine 18 5 l-16d Rise id

Issue Department Note issue in circulation £521,900,000 Bank department .. .. 24,500,000 Government securities .. 288,200,000 Other securities .. -. 100,000 Silver coin .. • • • • 700,000 Banking Department n Rest 3,600,000 Public deposits .. ... 31,800,000 Bankers’ deposits .. .. 81,700,000 Other amounts • • .. 35,900,000 Government securities .. 114,800,000 Discounts and advances 6,000,000 Other securities .. .. 21,500,000 Notes and coins .. . • 25,200,000 Ratio of reserve to liabilities is 16.88 per cent. The Bank of England discount rate remains unchanged at 2

. V LONDON, Aug. 10. Sterling exchange on Pans. 1763 francs to £1. August 9 1761 August 8 August 4 August 3 August 2 August 1 July 31 July 14 July 7 July 3 1763 June 30 1762 June 1 1763 May 31 1763 May 1 1762 April 28 176J Abril 3 1763 March 31 1763 March 1 177 February 27 177 February 1 177 January 31 177 January 5 17711-16

Commonwealth Bond? — 3 peV cent., 1948 .. .. 93 2 9 3 per cent., 1951 .. 98 fl 3 3J per cent., 1948 .. .. 100 6 8 3£ per cent., 1954 .. .. 99 0 0 3g ,ner cent., 1955 .. .. 99 \ 3 4 per cent., 1941 .. .. 101 2 6 4 per cent., 1944, .. .. 101 16 3 4 per cent, 1947 .. .. 102 1 3 Tooths 2 11 9 Associated News .... • • 0 17 10J Anthony Hordern .. .. 0 13 6 Australian Consol. Indus... 1 15 7i Australian Iron and Steel (pref.) .. .. / 1 8 0 British Tobacco 2 5 9 Additional Sales Bank of New South Wales 28 5 0 Commercial Bank of Aus* tralia .. .... . .. . 0 15 li Commercial. Banking of Sydney (ex dividend) .. 18 7 0 Bank of Adelaide 5 15 0 Colonial Sugar 44 10 0 Millaouin Sugar 2 0 3 United Insurance 10 10 0 Howard Smith .. .... 0 19 0 Australian Iron and Steel (pref.) .. .. • T 8 0 Australian Consolidated Industries 1 15 9 Tooths 2 11 6 Coles .. .. 3 11 3 British Tobacco .. .. ... 2 5 9 Dunlop Perdriau .. .. .. 0 18 6 Mort’s Dock 0 15 General Industries .. .. 0 19 1» David Jones .. .... .. 1 14 3 Hume Pipe .. 0 18 0 Carpenter 2 2 0 Goldsbrough. Mort .. . • L i) 2 Henry Jones .. ,... .'. .. 2 10 0 Gordon and Gotgh ., .. 2 13 Fairymead Sugar 1 12 7 Newbold .. .......... .... .1.9 2 12 0 Taubmans •",.' '*;v .. .; 6 Broken Hill Proprietary .. 3 1 9 Mount Lyell .. .. .. ... 1 5 6 Mount Morgan -.. .. .. 0 9 0 Electrolytic Zinc 2 9 6 Electrolytic Zinc (pref.) ... 2 13 0 Arahura •. .. 1 6 6 MELBOURNE. Aug. 11. .£ s d. National Bank (£5 paid) .. 6 2 6 Metropolitan Gas ... .. 12 12 0 Mount Morgan .. .... 0 9 1 Er-'eror 0 10 0 1 Loloma .. 1 5 South Broken Hill .. ..' 1 5 9

Balance brought forward. April 1, 1938 1957 12 7 Less final dividend for year ended March 31, 1938 1150 0 0 807 12 7 Add net profit for year ended March 31, 1939 .. 2653 10 1 3461 2 8 Less interim dividend paid (2J per cent.) 1150 0 0 2311 2 8 Final dividend proposed (3J per cent.) .. .. 1610 0 0 Balance carried forward .. 701 2 8