COMMERCE AND FINANCE

Otago Daily Times, Issue 23895, 24 August 1939, Page 17

COMMERCE AND FINANCE

THE SHARE MARKET DUNEDIN STOCK EXCHANGE FEWER BUYING QUOTATIONS -The tone of the market showed some Improvement yesterday on the.position of the previous day, but investors exhibited considerable caution and bids were fewer than for some time. Government loans had only two inquiries, but sellers were firm at steady values and business was done in 1952-55 4 per cent. Stock at £97. There was no demand for banking shares, and New Zealands were offered at £2. Insurances, however, were firmly in -demand. Broken Hill Proprietaries were firmer again with a seller at £3 7s 6d, but G. J. Coles were easier on buyers' quotation at £o 16a. Most leading lines of Dominion industrials were wanted at unchanged values, and there were further inquiries for Australian mining. YESTERDAY'S TRANSACTIONS •■■..■-;, Sales Reported, ■

CHRISTCHURCH Sales on 'Change ,

LOCAL AND OVERSEAS MARKETS

NORTHERN EXCHANGES AUCKLAND Sales on 'Change

WELLINGTON

DOLLAR AND STERLING (United Press Association) (By Electric Telegraph—Copyright) LONDON. Aug. 22. Sterling exchange, London on New York, 4.68 i

London on New' York during 1937 averaged 4.95d0l to £1 sterling: on August 2, 1938, 4.992; on September 8, 4.63;.and during October varied between 4.78 J and 4.75 g. D.uring November, 1938.. the variation was between ■- 4.761d0l (November 8), and 4.63 J. , v v LONDON METAL MARKET (United/Press Association! (By; Electric relesraph'.-Copyriehn '■'■■ ,'.V .. :. : LONDON, Aug. 22. The following are the official metal quotations •' ■•• • . • .

REGENT THEATRE COMPANY ANNUAL MEETING • The eleventh annual' meeting' of shareholders in. the Regent Theatre Company was held last evening, when the chairman of. directors, Mr J. McDonald, occupied the chair. Moving the adoption of the annual report and balance sheet, the chairman said that the year's operations bad proved very successful. The company had been able to maintain the quality of the films exhibited, while the rmenities of the theatre itself had been kept in excellent order. The directors recommended the payment of a dividend of 6 per cent., while depreciation had been increased by a further £SOO. and the mortgage reduced to £21,882. The motion was adopted. Mr J. H. Mason, representative of J. C. Williamson Theatres on the directorate, stated that the company was in a satisfactory liquid position, and as a trading concern it was operating successfully. The retiring directors, Messrs J. H. Mason, Harold Edwards, and N. Oram, were re-elected, and the directors' fees were fixed at the unchanged rate of £3OO. COLOMBO TEA SALE Mr L. M. Wright has received the following cabled report on the Colombo .tea auction of August 22: One million and a-half pounds were offered to buyers. Common grades remained firm, and medium and fine teas advanced slightly following improved quality of offerings. At next week's sale. 1,500,0001 b has been catalogued for sale. Fraser and Co., selling agents for Otago and Oamaru Egg Circles, report as under:— Eggs: Poultry farm eggs, 2s per dozen; second eggs, to Is 9d per dozen. Dairy butter pats, Is; bulk, Is OJd. Tallow, 9s per cwt. Pigs: Good bacon weights, 6sd 'to 7d per lb; overweights, 3d to 4d per lb; porkers, 7d to 7£d per lb. King Edward potatoes, £l9 to £2O per ton; Whites, £lB to £l9 per ton. Chaff, £5 10s per ton, sacks extra. Whole fowl wheat, to 6s 6d per bushel. Canterbury onions, 22s per bag. Honey: Bulk, 7d to 8d per lb; 21b pottles, Is 6d; 101 b tins, to Bs.

Poultry: White Leghorn hens, 4s to 5s 6d; heavy breeds, 5s 6d to 7s; cockerels—light 2s 3d to 4s, heavy 7s to 8s; roosters, 2s to 3s; ducks, 3s to 6s; ducklings, 5s to 6s; all per pair. Turkeys required. Gobblers, lOd to lid per lb, live weight; hens, 7d to 8d per lb.

We stock Palmer's chick food, South Otago meatmeal, leg rings, Is per dozen. We are Otago agents for Champion egg crates, Isco cod liver oil for poultry. Prices on application. Consignors, please note that all pigs and poultry must arrive not later than Wednesday morning of each week. We have a stock of poultry crates on hand for use for our clients.

SOUTHLAND MARKETS IMPROVED DEMAND FOR FRUIT LITTLE ACTIVITY IN GRAIN AND PRODUCE (Special to Daily Times) INVERCARGILL, Aug. 23. The fruit markets have been more active during the last week, the warmer weather having stimulated the demand. Prices are firm, and there are indications that values will rise shortly. Vegetable prices are unchanged. There has been little activity in the grain and produce markets. The potato prices continue to.be on a very high level, the King Edward variety commanding up to £ls a ton. There has been practically no shipping business in grain or produce recently, and prices, for most lines are on a low level. Oats.—The oats market is quiet at the present time. There are very few lines offering from farmers, and there is not much demand either for shipment or for milling. A fair percentage of the stocks held will be required for sowing, and merchants are busy with their dressing machines preparing to send out orders as required. The values to growers remain at from 2s to 2s 3d a bushel, o.t.cs, ,for grade oats, according to bushel weight and quality. For under-grade lines the values range from Is 8d to Is lid a bushel, o.tcs., according to merit. Wheat.—The values for milling wheat for the current month are 5s lOd a bushel for Tuscan varieties. 6s for Hunters, and 6s 2d for Velvet, these prices being f.o.b. Bluff and subject to a minimum bonus of 3d a bushel at the end of the season. Fowl wheat Drices have been seriouslv affected by the importation of whe?* into the North Island from Australia, and values for good whole fowl wheat are about 4s 9d a bushel, o.t.cs. Chaff.—The market is well supplied and the demand is small. The value to growers for good, bright quality is about £3 10s a bushel, o.t.cs. Ryegrass.—Business in ryegrass is quiet, and there are now no offerings from the country. Business is confined to the disposal by merchants on behalf of farmer clients of dressed lines in merchants' stores. Sales for shipment are difficult because of the competition, except in certified lines, but more particularly because of the low germination of most of the Southland seed this season. Any seed showing 80 to 90 per cent, germination is readily saleable at from 6s 6d to 7s 6d a bushel. Lines germinating between 50 and 80 per cent, range in value from 3s 8d to 5s 6d a bushel. Seed showing a germination of under 50 per cent, is difficult to sell, even at low prices. For dressed Italian ryegrass, the values range from 3s to 5s a bushel, according to quality and germination. Browntop—The market still remains very dull, with practically no interest being shown by overseas buyers. The values to growers for machine-dressed seed are about Is 2d per lb for certified and Id less for uncertified. Potatoes.—The market has been kent supplied by small lines, many of only a few bags, which growers have found it worth while to turn into cash at the high rates ruling. Although supplies are much scarcer than in some previous seasons, the higher prices are attracting to the market small lines, which in a normal season would not be offered. The values are still firm, with good lines of the King Edward variety commanding about £ls a ton and Arran Chief up to £l4. PRICE OF FINE GOLD (British Official Wireless) (United Press Association) (By Electric Telegraph—Copyright) RUGBY. Aug. 22.

FRENCH FRANC (United Press Association) (By Electric Telegraph—Copyright) LONDON, Aug. 22. Sterling exchange on Paris, 176? francs to £l.

CLUTHA AND MOLYNEUX SHARES (United Press Association) (By Electric Telegraph—Copyright) LONDON, Aug. 22. Share quotations: Clutha River Company—buyers 10Jd, sellers Is lid; Molyneux River Company—buyers 3d, sellers 4£d. LONDON SHARE MARKET (United Press Association) (By Electric Telegraph—Copyright) LONDON. Aug. 22. Eank of Australasia, 127 s 6d; E.S. and A. Bank, 61s; Union Bank of Australia, 105 s (nominal); Bank of New South Wales. 21 s lOd; National Bank of New Zealand, 30s; Bank of New Zealand, 27s (nominal); British Tobacco, 34s 4id (nominal); Goldsbrough. Mort, 19s (nominal); Dalgetys. 87s 6d (nominal); P. and O. Deferred, 17s; New Zealand Loan and Mercantile, 4 per cent, debentures, £73 (nominal), ordinary, £l4 (nominal). THE BUTTER MARKET (United Press Association) (Br Electric Telegraph—Copyright) LONDON. Aug. 22. Butter is meeting a slightly better demand. Choicest New Zealand, salted and unsalted, 118 s; Australian, 109 s and HOs.

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

ON NEW ZEALAND CURRENCY BASIS The Bank of New South'Wales, Dunedln, yesterday quoted the following. rates for purchases and. sales of foreign exchange:— London—filN.Z. to £IOO Buying. Selling.

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.

NEW GUINEA GOLD SHARES (United Press Association) (By Electric Telegraph—Copyright) LONDON, Aug. 22. New Guinea Gold shares, Is 63d. HUDDART, PARKER DIVIDEND The directors of Huddart, Parker, Ltd., have declared an interim divi-dend-for the half-year ended June 30, 1939, of 3 per cent, on the preference shares and 7 per cent, on the ordinary shares. The dividend will be payable on September 14.

BROKEN HILL YEAR OUTPUT REACHES RECORD DEMAND FOR EXPORT A period of great activity and expansion, which was assisted by a substantial increase in export demand, is reflected in the accounts of the Broken Hill Proprietary, Company. Ltd.. for the year ended May 31. The output of the company's products again constituted a record. As announced in a preliminary statement; the net profit of £1,431,513 also was a record. Gross working profit was £2,738,575, against £2,337,456- in the previous year. The net profit, which is arrived at after providing £850.669 for depreciation and £550,000 for income tax. includes £1,219,621 on trading. £53 ; 556 from general investments, and £158,129 from investments in subsidiary- companies. Dividend of •12J per cent., an unchanged rate. required £760,715, against £670,562 the previous year. The amount transferred* to : reserve from the profit is £600,000. making the account £4,385,000. The directors, in. their report, state that the company's products were in regular demand. The various productive units were fully engaged. All plant and machinery had been maintained in a satisfactory condition, and the year's results reflected the benefit derived from the continuance of the extensive programme of plant improvement. The extent of the increase in production in the last three years is shown in the following table: — 1937. 1938. 1939. Output— Tons. Tons. Tons. Steel ingots 783,100 854.300 869,900 Pig iron .. 669,500 674,500 674,400 The consolidated balance sheet of the parent company and Its subsidiaries balances at £22,943,371. against the parent company's £17,811,570. TOMATOES FOR SAUCE INCREASED PRICE TO GROWERS (Per United Press Association) AUCKLAND, Aug. 23. Representing an increase of £1 a ton on last year's prices, Auckland distric growers of tomatoes for sauce manufacture will receive £8 a ton for their crop throughout the approaching season. Dissatisfied with the rates which have been ruling since before the depression, the growers recently countered the manufacturers' offer of £7 10s a ton with a request for £9 6s Bd, and in the subsequent negotiations Government mediators' assisted the parties to'reach a compromise of £o a ton. , . ; •■ .' Captain Currey.-.who was appointed the growers' representative, at a meeting called by the Auckland Commercial Gardeners' Society, said „ the increase in the season's payout over that of last season would, be. about ,£3OOO, the output being estimated at 3000 tons. As a result, contracts.being let at the present time for forward delivery in several months' time would involve a cheque to the growers of about £24.000. r /A v. ANTWERP FUTURES ' r .(United Press Association) :. ; ; (By Electric Telegraph—Copyright) LONDON, Aug. 22. ►? Antwerp futures are quiet. August, 20|d; November, 21 Jd," January, 21§d. AUSTRALIAN STOCK EXCHANGES (United Press Association) (By Electric Telegraph—Copyright) SYDNEY, Aug. 23. (Received Aug. 23, at 11 p.m.) -' ' Leading industrial and metal shares recovered some of the ground lost yesterday, and the tone of the market, on the Stock Exchange to-day was brighter The Morning Sales

G. J. COLES AND CO., LTD. ANNUAL REPORT The annual report of the directors of G. J. Coles and Co., Ltd., shows that the company earned a profit of £255,361 in the year ended June 30 last, after providing £70,000 for, taxation and £79,477 for depreciation This compares with a profit of £242,377 in the preceding year. The result is a good record for the organisation. After meeting the 8 per cent, preference charge of £12,000, there remains from the profit an amount of £243,361, equal to 22.6 per cent on the ordinary capital of Earning rate in the previous year on average paid capital was 21.5 per cent. The distribution to ordinary shareholders is increased from 17* per cent, to 182 per cent, (interim 7&, final 7J, bonus 33). The full ordinary payment requires £201.800, and it is proposed to transfer £42,000 to reserve and to carry forward the balance of £374. ine sum brought into the accounts was £Bl3 A 'new issue of 215,250 ordinary shares at par was announced in April. This additional capital will be used in the rebuilding of the Adelaide and Brisbane premises. The freeholds oi these premises were recently purchased by the company. Part of tne new money will be used in the rebuilding of Union House. Melbourne The issue will raise ordinary capital to £1,291,515. J . The 16 new stores opened during the year constituted a record for the company, and brought the total in operation to 80. During the year £6490 was distributed to charitable organisations throughout Australia, and £SOOO set aside for staff superannuation fund.

EXCHANGE DEALINGS •NEW ZEALAND .FUNDS LONDON "BLACKS MARKET •ONLY SMALL TURNOVER ! Comment'oh the'Vdeyelopment of a ".black-" market' in;; conriectionwrth New Zealand pounds, in / Lopdoh, is made in arecent "issue '■. of; the EcottO:rhist, which'spates, that it was inevitable that' the control-'of< exchange established .in the • Dominion would sooner or later'result in the emergence !df such : a market. The point js stressed, however; that turnover has been of the most exiguous proportions. ... "There are two features in the New Zealand' exchange position from which the emergence of a 'black' market may be said to derive," states the journal. " The first is that the control of the foreign exchange market is by no means all-embracing. For example, there is no compulsion on the New Zealand recipient of sterling' interest on London investments to remit those receipts to New Zealand. Nor does the conversion of, the proceeds of export trade into New Zealand currency appear to be altogether water-tight. "Secondly, the New Zealand Government has distributed import: licences and permits for certain, exports 1 of capital with a liberality which lhas certainly not been justified by the'''st^teV'df-'London funds. '■■'■, Wsiilt. has been, in the first r place-.'* small accumulation' of sterling funds held by private interests in New Zealand; and, secondly, a demand for .sterling.frpm New ; Zealand which has excee'ded'Hhe resources available to the trading banks. The banks have been forced, much against their will, to "ration sterling exchange to. their customers, even although they have been armed with the necessary permits. . J "'<>, ... "In these circumstances, what could be more natural than that. the development of direct dealings between the unofficial non-banking New Zealand holders of sterling and those whose urgent and duly sanctioned requirements cannot, for the time being, be satisfied in the official market? MINING NEWS OKARITO DREDGE ANNUAL REPORT The annual report of the Okarito Five Mile Beach Gold Dredging Company. Ltd., to be presented at the annual meeting on September 18, states, inter alia:— The result of the year's operations shows an improvement on the results of the last four years, and this improvement is due principally to two factors—the total gold won (12790 z) is greater than any annual total since 1935, and the price realised (£7 17s sd) per ounce is the highest average price yet realised. During the year the dredge has operated on a wide face extending from the centre of the claim to the edge of the lagoon. This ground, while not particularly rich, has proved to be reasonably consistent in values. There were 46 weekly washups in the year averaging 28oz. The highest weekly return was 590 z ldwt on April 22, and the lowest returns, about lOoz per week, occurred in February, when the dredge was- going through tailings. ' The improved result for the year is due also to a reduction in lost dredging time. ■ . . . The boring of the ground adjoining the north end of the claim on the lagoon side was completed early in the year. Several lines of bores extending into the lagoon were put down, but the bores outside the actual claim gave negative results in almost every case. It is evident, therefore, that payable ground does not exist in that area. One bore hole was sunk to a depth of about 40 feet to ascertain the possible existence of payable ground at lower levels. This bore also proved negative. The dredging account shows an operating profit of £5063 before allowing for overhead expenses. This is a substantial increase on last year's figure of £3267, and, as the total operating expenses amount to almost the same figure, the increased operating profit is obviously due to the greater quantity of gold won and to the higher price realised. It will be noted that wages have increased considerably, but the increase has been offset by a reduction in the cost of repairs and maintenance. The overhead expenses amount to £682, and reduce the operating profit to a net profit of £4439. On August 2, 1938, a dividend of 4d per share was declared. The payment of this dividend absorbed £2333, and, after providing £lls for income tax and writing off the expenditure on boring, £205, a balance of £3009 remains in profit and loss appropriation account. Against this balance the directors, on June 26, declared a 10 per cent, dividend, which was paid on July 22. GREY RIVER RETURN (Per United Press Association) WELLINGTON, Aug. 23. The Grey River dredge return is 254| ounces from 93,852 cubic yards treated in 128 hours.

CREDIT STRETCHING WARNING BY BANKER DANGERS BEING REALISED ALL MUST WORK HARDEJR ■ member of the community must be prepared to *play his part by working harder, if existing standards are to remain unimpaired," stated Mr J. L ; Webb; chairman of directors of the Commercial Bank of Australia, Ltd.. when addressing, shareholders at the annual meetingr in .Melbourne recently '." ' ' \*.t/■■'''■' •' '.'"'. - .'>'.-' ;; '', "There are welcome 1 signs':,;vthat! thoughtful people. are 7 beginning^;: torealise that credit cannot be.stretched almost,indefinitely without endanger-' ing financial stability," said Mr. Webb. "There can be no doubt that .easy money, within proper limits, and an enlargement of the basis of credit, can assist in bridging over a- period/: erf emergency. But credit stretching' Can* not. in the long run. cover increased financial commitments which are of a character adding to economic strength. Sooner or later., the requirements of sound finance are inexorable. Sacrifices From AH Classes

"Generally speaking we have passed through a particularly anxious period and have , overcome many 'adverse factors remarkably well, in spite of the many shocks administered ;ih recent months. “Increased taxation appears Inevitable, and will call for sacrifices from all classes of the community. Faced with huge outlays on unproductive, armaments, there is the greatest possible need for avoidance of all unnecessary expenditure in other directions. Wasteful expenditure—and undoubtedly there is a great deal—must be ruthlessly abolished. y ‘ “Recent reports from'overseas indi--cate that the enonmous expenditure being undertaken by the Governments of Great Britain and the United. Stales is influencing a, marked revival in the internal trade of those countries, and it is not unreasonable to hope that its effects will be felt, before long, in the primary, producing countries of the Empire, where a rise in prices of primary products is long overdue. Control In New Zealand “The fall in New Zealand’s overseas funds necessitated the introduc-, tioii of exchange control in December, 1938, and. after the experiences of the past six months, there is every indication that the initial difficulties of oper-, ating the system have been overcome by the joint efforts of the Reserve Bank of New Zealand and the trading, banks, who are co-operating closely with the Dominion, Government. “Drought and low prices have affected Australia, but the Central Bank replenished the liquid resources of the trading institutions and enabled them to continue to render liberal assistance to all types of industry. " Introduction of a substantial amount of overseas capital played an important part in the growth of secondary industries and also in keeping internal conditions at a comparatively high level. • ; ■ (■■■ "The directors propose to continue the present policy of extending reasonable assistance to credit-worthy borrowers. consistent with the amount of resources available.” The latest profit of the bank In relation to shareholders’ funds was still low —only 3.98 per cent, on shareholders’ funds and 6.39 per cent, on paid capital. COMPANY BALANCE SHEETS WRIGHT. STEPHENSON & CO.. LTD.

The rise in the net profit exhibited a year ago has been followed by a decline of over £SOOO in the past financial year, and brings the figure back to where it stood for the year 1936-37. No alteration is made in the proposed distribution. Preference shareholders receive thein fixed 5 per cent., and ordinary shareholders 5 per cent, also, but the holders pf the latter class are to receive, either in perpetual debenture stock of Abraham and Williams, Ltd., or in cash, according to whether their holdings are 200 shares

and over, or less, a further 5 per.cent. In this manner a sum of £42,5X6 js disposed of, and a balance of £347 left to raise the carry-forward to £58,296; The gross profit figure, shown at £83,826, has been subjected to the deductions of general expenses, depreciation, and provision for taxation and bad and doubtful debts. What, is left are charges of a more or less fixed nature, such as interest on debenture stock, directors' fees, and employees* pensions fund contributions at £3l*oßo, £3105, and £6778 respectively. The result is that the reduction in, the net profit.is. practically, that of, the, gross profit brought out. A larger provision for taxation ; may partly account for the smaller, balance. General reserves are raised to £86j429 by the addition of the £347 unallotted from the past year's net surplus; ;Of the total £28,133 is represented by general reserve account and £58,296 by the floating balance.. . This seems a reversal of the general order, but apparently there is a, desire to build up the floating balance and maintain it at a high level. The total liability in debentures and fixed deposits is diminished from £805,392 to £798,210. This difference is comparatively small, but the alterations, which in the component part* are larger, combine to reduce the interest bill. : Fixed deposits, which presumably incur the lowest interest rate, have Increased.to .£98,478. .An advance in clients* current accounts, to £484,909 is accompanied by a.fall in Sundry trade creditors fo £301,391. The balance'(uninvested) > of the staff pensions fund has grown to £54,942, and leaves the amount invested in the company's debentures at £167,077 as before. Bills payable and bank over-, drafts, at £3972 and £5478 respectively, do not greatly affect the general position.' These fixed' : and current liabilities aggregate £1,648,903, or virtually their total at June, 1938. •

The debt to the eight subsidiary companies concerned is increased to £142,455, but against this the hojdirjg* in debentures, shares/deposits, and advances, at £273,183, have also risen, The shares held in "associated companies, valued at cost less writings off, are larger at £130,319, and make the total assets held in subsidiary and associated companies £403,502, a sum which in itself constitutes a large 'undertaking.

The chief asset—advances—has grown , to £990,336, which more than-covers the increase in the .amount, due to clients on current account. Entered after deduction of reserves,' advances represent more than half of the current assets. The . other section .of sundry debtors—those which are lfli curred on ordinary trade termif-has fallen t0,£314,699, but the, deficiency is made up by L the larger sum of, £1,13,927 , held on bills receivable. -The net amount of advances against produce, after deduction of drafts against them, - has dropped to £65,990, or by nearly one-halfV but the total of £245,995 tied up in stocks is little reduced. '.Shares in outside companies at £42,884 are practically as before, while the large figure of £13,176 appears for cash on hand. In their aggregate of £1,793,920 < current assets are virtually unaltered. In the fixed assets capital, expenditure has chiefly affected premiums, but . their increase .of approximately £ 17,000 ■ has been almost neutralised M .the depreciation provision, so that .at £188,634 premises have altered little. Land at its cost price of £94,801 shows a small addition, but the general effect, after deduction of £49,950 in mortgages as before, is only slightly, changed. Some expenditure has taken place on the machinery and plant group, but here again the depreciation provision has partly counteracted the expendi--ture which brings the book value of the group to £BO2O. Motor, cars and; trucks at £17,707 are practically as a.-. year ago. A total of shows that the fixed assets are mounting . slowly. Their relations to the total assets have been as under:

As outlined in a memorandum: t 6 shareholders, which accompanies the statement of accounts, the book value of the fixed assets has been kept well written down, so that the hidden - reserve contained in them, together with that in the shareholdings m sub-, sidiary and associated companies, may comprise the main reserves of the company.

■■■'■; £ s. d. 4 p.c. Stoc,k, 1952-55 .. .. ! 37 0 0 LATEST QUOTATIONS The following are yesterday afternoon's buying ana selling quotations, which are subject to the usual brokerage :- * . GOVERNMENT LOANS Buyer. Seller. £ • i £ s d 3} p.c. Stock. Sept.* v 1938-43 .. - . 99 15 0 4 p.c. Bonds, 1943-46".. — 98 10 0 4 p.c. Stock, 1943-46 .. — 98 10 0 4 p.c. Bonds, 1946-49 .. 98 10 0 99 5 0 4 p.C. Stock, 1946-49 .. 98 10 0 — 4 p.c. Stock, 1949-52 .. — 97 9 0 MINING Augtrai N'fw Zealand Mining (£1) .... — 14 0 Big Blver (Is) ... .. 0 0 8 — Clutha River (2s) .. 0 10 0 18 Gillespie's Beach (Is) — 0 0 10 Nokomai (5s) .... — 0 2 0 BANKING Australasia. (£5) .. — • 8 6 2 0 0 Commercial (10s) .. — 0 16 3 E.S. and A. (£3) .. — 5 0 0 Union (£5) — 8 0 0 INSURANCE National (7s) .. .. 0 16 9 0 17 0 New Zealand (£1) .. 2 11 9 — Standard (£1) .. .. 2 15 3 2 16 3 SHIPPING U.S.S. Co. (pref.; £1) 14 6 ' ' — MEA'I PRESERVING N.Z.Refrig. (paid: £1) 0 16 0 ' —'' N.Z. Refrig. (cont.; 0 8 4 LOAN ANU AGENCY Otago Farmers (3s 4d) — 0 2 9 Wright, Stephenson (pref.; £1) •• •• - ' 0 19 b CUAL AND OIL Kaitangata (16s) .. '.. 17? —' Westport (10s) .. .. — 1 1 6 Westport - Stockton (pref.; 10s) . 0 7 9 — WOOLLEN COMPANIES Bruce (ord.: £1) .." 0 10 3 _ Bruce (pr«f.; £1) .. 0 IB 0 ' —- Kaiapoi (piref.; 17s) .. 0 14 4 — uamaru (£1) .... V 15 i> ,"" > MISCELLANEOUS : Australian Consold. '•'■• Irids. (ex rights) ... ,... — ... .1 18 , 0 Broken Hill Pty. (£1)' -± 3 7 6 Brown, Ewlng (pref.; £1) - 1 1 6 D.I.C. (ord.; 10s) .. — 0 15 0 D.I.C. (pref.; £1). .. r. 1 1 9 1 .2 .0 Uominion Fertiliser ■ (£1) ....: ..:.;;V .V ■•■■l 4 -0 '' •'*?•' ; G. J. Coles (£i) .: 3 16 : "0', ■■'' ,,.i.v Vv Milburn Ltae (£1) ... ,1 16^0 '"' —/■■■■ McLeod Bros. (£10).. ?>':+•>' 28 5 0 Natnl.:Electric (£1) .;. • 0:13 v 6., ... — N.Z. :Drug. Co. (£2).,!,, -r. 3 10 0 N.Z. Paper Mills (£1) 1.6 0 '•— ' Otago' Daily Times '■' ... - •"■' ' x «£i'fc,..:.,/.,. ... •- 2 0 6 Wilsons Cement' (10s) 0 17 3 ' r — '•.;,-. 'BREWERIES . "■ N.Z. Breweries (£1) — 1 17 0 AUSTRALIAN MINING Broken Hill South (5s) ■" — ■•'.' 18 8 Electro Zinc (ord.; £1). .. .... .. 2 13 <5 2 14 6 Mount Lyell (£1) ..1 7 6 18 6 Mount Morgan (2s 6d) 0 9 3 0 10 0 Rawang Tin (10s) .. — , 0 7 9 Wellington Alluvials 0 4 0 DIVIDENDS PAYABLE The following is a list of shares on which dividends will shortly be payable; — ::■; \..-!."■ V.'; ■'-■■■'•.:■ ■'" Radio (1936), Ltd., Is a share Aug. 25.. Queensland Brewery^-Final, ord., 3$ p.c; pref, 2% p.c; .. Aug. 25. Dominion Investment-rFinal, A. Band C, 5 p.c, p.a., B, C (third isMJe), 4 p.c. p.a. .. Aug. 28 Bank of New South WalesInterim, "■' quarterly, 6s- a share (Australian currency) Aug. 31 Emperor Mines— Fourth, 6d Aug. 31 Standard Insurance—Final, Is Sept. 4. Huddart. Parker—Interim, pref., 3 p.c.: ord., 7 p.c. .. Electrolytic Zinc (pref. and Sept. 14 Sept. 15 Broken Hill South—6d a Sept. 15 North Broken Hill—6d a share (Aust. currency) Sept. 27

£ s. d. Mount Eden, 1954-59, 4J p.c. 99 10 0 Commercial Bank of Australia 0 16 0 E.S. and A. Bank (late Tues.) 4 15 0 Bank of New Zealand .. 1 19 9 South British (late Tues.) 2 2 3 Auckland Gas 0 15 3 Dominion Breweries (ord.) 1 13' 3 A.C.I, (late Tues.) .. .. 1 16 0 Broken Hill Pty. (3) 3 6 0 Colonial Sugar (late Tues.) 48 10 0 (late Tues.) 49 7 6 Consolidated Brick .. 0 8 5 2 13 3 3 17 9 Woolworths (Syd.; 3) .. .. 1 4 9 1 7 9 Unlisted Stock Nikau Bacon (pref.) 0 12 6

Sales on 'Change Auckland Gas (late Tues.) I.C.I, (pref.; late Tues.) .. 4 p.c. Stock, 1943 .... .. Dominion Breweries .. Electrolytic Zinc (pref.) .. North Broken Hill .. .. 0 15 1 5 99 12 7 17 1 13 2 17 2 6 3 0 6 6 9 0 0

Union Bank of Australia .. Broken Hill Pty North Broken Hill • (cum div.) .. .. Electrolytic Zinc (cum div.) Sales Reported Broken Hill Pty. .. .. Electrolytic Zinc (cum div.) 7 17 3 5 3 6 1 0 2 7 2 14 3 6 2 14 6 6 0 0 6 0 6 0

August 21 .. . . .. 4.68 $ August 18 .. . . .. 4.68J August 17 .. . ... 4:68 i August 16 .. . . .. 4.68$ August 15 .., . . .. 4.684 August 14 .. . . ..■ 4.68$ August 11 ... . . .. 4.68$ August 10 ■.'.■':,'.. . .. 4.68$ August 9 ••.'.. . ,.. 4.68$ August 8 .:■''. . .. 4.68$ August 1 .. . . .... 4168$ July 31 .. .. . . .. .4.68$ July 3 .... . . .. 4.68$ . June 30 . .. 4.68$ June 1 .'■■'.'. . ..4.68$ May 31 .. .. . . .. 4.68'< May 1 . .. 4.68$ April 3 . .. 4.68 7-16 March 31 .. . . .. 4.68i March 1 . .. 4.682 February 28 .. . * February 1 .. . . .. 4.683 January 31 .. .. . ,. 4.68* January 2 .. . . ... 4.68 J

Ton £ s. d, £ s. d. Copper; spot "j-u 44 19 4i Fall 0 V 3 Coppier, forward 44 16 101 Fall 0 0 71 Electrolytic, spot 50 5 0 Fall 0 10 0 Electrolytic, forward ■ ... .. 50 15 6 Fall 0 5 0 Wire, bars 50 15 0 Fall 0 5 0 Lead, spot 16 0 71 Fall 0 3 9 Lead, forward .. 15 16 101 Fall 0 3 9 Spelter, spot .. 14 8 9 No change Spelter, forward 14 10 71 Fall 0. 1 101 Tin, spot .. .. 229 18 9 No change Tin, forward .. 224 7 6 Fall 0 10 0 Oz 18 7-16d. Rise id \ Silver, standard Silver, fine 192d Rise 15-16d

£ s. d. August 22 . .. 7 8 61 August 21 . .. 7 8 7 August 18 .. 7 8 7 August 17 .. 7 8 7 August 16 .. 7 8 7 August 15 .. 7 8 7 August 14 . .. 7 8 21 August 11 .. 7 8 6 August 10 .. .. 7 8 61 August 9 , .. 7 8 6 August 8 , .. 7 8 64 August 5 . .. 7 8 61 August 4 , . v" ■ 7 8 6i August 3 ..... , .. 7 8 61 August 2 , .. 7 8 61 August 1 , .. 7 8 61

August 21 .. . . .. 1763 August 17 .. . . .. 176} August 16 .. . . .. 1763 August 15 .. . . .. 176? August 14 .. . . .. 1763 August 11 .. . . .. 1763 August 10 .. . .' .. 1763 August 9 .. . . .. 1763 August 8 .. . . .. 1763 August 1 .. . ... 1763 July 31 ..,-...-. ... 1763 July 3 . .. 1763 June 30 . .. 1763 June 1 . .. 1763 May 31 . .. 1763 May 1 .... . . .. 1763 April 28 .. .. . . .. 1763 April 3 .... . ... 1763 March 31 .. . . .. 1763 March 1 .. . . .. 177 February 27 . .. 177 February 1 .. . ....". 177 January 31 .. . . .. 177 January 5 .. . . .. 177 11-16

BUGBY, Aug. 22. Paris— Par Aug. 21. Aug. 22. Francs to £1 -! 124.21 176 45-64 176 45-61 Brussels— Belgas to £1 SO 27.55J 27.65} Oslo — Kroner to £ 1 18.180 19.90} 19.90} Stockholm — Kroner to £ 1 18.150 19.40 19.40 CopenhagenKroner to £1 18.150 22.40 22.40 BerlinMarks to £ 1 20.34 11.66} 11.66} Montreal — Dollars to £1 4.86 2-3 4.68} 4.68 1-16 New York— Dollars to £ 1 4.86 2-S 4.68} 4.68} Yokohama — Pence to yen 84.582 14 14 Hongkong— Pence to dollar 24.58 14 11-16 14 11-16 Bombay— Pence to rupee — IT 5-16 17 5-16 Batavla— Florins to £ 1 12.10 8.72 8.72 MilanLire to £ 1 82.46 89 89 Amsterdam— Guilder to £1 12.107 8.721 8.73} Prague*— Kroner to £1 104} 137| 1371 Geneva — Francs to £ 1 25.221 20.73 20.72} Vienna— Schillings to £1 84.86} — — Helsingfors— Marks to £1 193.28 227 22T MadridPesetas to £1 25.22} 42} 42} Belgrade— Dinars to £1 25.22} 210 210 AthensDrachmas to £1 375 547} 547} Lisbon— Escudos to £1 110 110} 110} Bucharest — Lei to £ 1 931.6 660 660 Itio de Janeiro— Pence to mllrels .. 5.890 31 n Buenos AiresPence to pesos 4T.22 20.19} 20.16 ShanghaiPence to tael — 4} 41 Montevideo — Pence to pesos — 18} 18} Warsaw — Zlotys to £1 — 24.87 24.87 * Nominal.

T.T. 124/7/6 125/-/-O.D. 123/18/9 124/19/0 Australia — £ 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/-/-88/12/6 New YorkDollars to £ N.Z. T.T. 3.7743 3.7310 O.D. 3.7793 3.7320 MontrealDollars to £ N.Z. T.T. . 3.7718 3.7318 O.D. 3.7805 3.7328 Belgium— Belgas to £ N.Z. T.T. 22.339 22.019 O.D. 22.414 22.034 Czechoslovakia— Korunas to £ N.Z T.T. O.D. — ' — Denmark — Kroner to £ N.Z. T.T. 18.140 17.830 O.D. 18.200 17.832 FinlandMarks to £ N.Z. T.T. 184.88 179.08 O.D. 185.28 179.18 France — Francs to £ N.Z. T.T. 142.97 140.47 O.D. 144.22 140.49 Germany— Relchsmarks to £ N.Z. .... T.T. — 9,273 O.D. .— 9.275 GreeceDrachmae to £ N.Z T.T. — 429.20 O.D. — 429.35 HollandFlorins to £ N.Z. T.T. 7.098 6.94G O.D. 7.136 0.918 ItalyLire to £ N.Z. T.T. — 70.94 O.D. — 70.96 JavaFlorins to £ N.Z. T.T. 7.082 6.932 O.D. 7.122 6.934 , NorwayKroner to £'N.Z. T.T. 16.130 16.840 O.D. 16.100 16.843 . NoumeaFrancs to £ N.Z. T.T. 145.47 138.72 O.D. 146.97 138.76 Papeete— Francs to £ N.Z. T.T. 144.87 138.87 O.D. 146.37 138.91 Sweden— Kroner to £ N.Z. : T.T. 15.730 15.435 O.D. 15.790 15.438 SwitzerlandFrancs to £ N.Z. T.T. 16.771 16.501 O.D. 16.871 16.504 Chefoo— • N.Z.; pence to 1 dollar .. T.T. O.D. ' — — , Hongkong— N.Z. pence to 1 dollar .. T.T. 18 1-16 18 7-10 O.D. 18 1-32 18 7-16 India and Ceylon— N.Z. pence to 1 rupee ' .. T.T. 22 7-32 22} O.D. 22 3-16 221 Japan— N.Z. pence to 1 T.T. — 17 37-64 O.D. — 17 37-04 Manila— N.Z. pence to 1 T.T. 31 33-64 32 7-32 O.D. 3127-64 32 7-32 Slianahal— N.Z. pence to 1 dollar .. T.T. — — O.D. — — Singapore— N.Z. penco to 1 dollar T.T. 34 27-31 ! 35 21-64 O.D. • 342 35 21-04 South. Africa— £1 N.Z.to £100 S.A. ... .. T.T. 123/4/3 124/17/O.I). 124/17/All rates subject to alteration without notice.

U.S.A. Canada. (Per £1 (Per £1 N.Z.) N.Z.) Dels. Dels. Selling— 3.72J T.T. .. .. 3.72 1-16 O.D. .. .. 3.72 5-16 3.723 Buying— 3.785 O.D. .. .. 3.775

Commonwealth Bonds— £ a. d. 3Jp.c, 1947 .... ..... 100 13 9 < 31 p.c. 1951..; : .^;vi-^ 99 5 •o 4 p.c, 1944;.. ■■•;■:. ':..'' :■;%- 101 8 9 4 p.c, 1950 V, ..v.. Ifv 100 1 '■$(■ 4 p.c, 1953 .. .. .-".Vf-'lj .100 7 -6 4 p.c. 1947' .;'.:. ;:;*•'.'.*•: 100 17 6 101 5 0 4 p.c, 1961'' ...• . : . : '.., ...; 101 15 0; Commercial Bank of Sydney 18 2 a; Tooheys ..■ '.'. .'■.....V«"■'•■••■ . 1 8 v 0 ' Tooths ■.;,.;■'.'.>•..,. v,.,'.. ; 2 9 9 Australian Gas (A) .*.;/. '7 '2, 0 Broken Hjll Pty. -.;■. .;, .; ",2 18 '3 Burns, Philp \i.': .-. ■'.:■' 2 9 6 43 15 0 Additional Sales Commercial Bank of Syd. .. 18 2 0 43 15 0 United Insurance .. .. 10 5 0 2 9 6 0 19 6 2 5 0 2 10 0 1 8 0 3 10 3 Aust. Consolidated Indus. .. 1 13 3 (rights) 0 5 4 0 13 9 1 9 9 Dunlop Perdriau .. .. 0 17 9 1 2 6 0 16 0 1 8 6 2 9 3 Felt and Textiles .. .. 1 9 3 Electrolytic Zinc .. 2 9 0 (N.Z. delivery) 2 9 3 (pref.) 2 11 6 Broken. Hill Proprietary .. 2 19 0 North Broken Hill .. .. 2 3 3 South Broken Hill .. .. 1 5 3 0 9 1 1 4 9 , MELBOURNE, Aug. 2c . £ s. d. National Bank (£10 paid) 12 6 0 3 10 6 0 18 6 Felt and Textiles ••• •'• 1 9 3 1 2 0 0 10 9 Aust. Consolidated Indus. .. 1 13 3 (rights) 0 5 0 1 4 9 Electrolytic Zinc .. •• 0 8 8 2 8 3 (pref.) 2 11 0 1 5 0 0 9 2

March Paid-up Debenture General Net Dividend. 31. Capital. Stock. Reserves. Profit, Prcf. Ord. £ £ £ £ p.c. p.c. 1921 . 635.740 305,154 04.813 .20,584 614 7 1924 . 541.880 640,208 00.378 30,809 m 7 1027 . 845,032 670,493 100,413 20,502 5% r 1030 . 640,144 687,330 112.882 30,035 514 7 1033 . 550,082 089.065 28,133 407,865 214 ■— 1034 . 650,082 007,246 41,742 41,364 714 : S June 30. 014 8H •1930 . 850,082 040,379 06,277 40,220 1037 . 650,082 .080,287 80,588 42,815 6 8 J1038 . 650.082 711.457 80.082 48.011 6 i 1030 . 550.082 099.732 80,429 42,803 8 ' 1 • Fifteen months’ period. ' t Lost,

March 31. Fixed Assets. Total Assets. Ratio, p.c. 10.38 10.56. 1934 .. 1935 .. .. 236,015 .. 225.609 2.274,432. 2,135,730 June 30. 1936 .. 1937 .. 1938 .. 1939 .. .. 231,064 .. 254,129 .. 254,312 .. 259,212 2,162,937 2,435,518 2,439,402 2,456,633 10.68 -10.43 10.43 10.55-