COMMERCE AND FINANCE

Otago Daily Times, Issue 23945, 21 October 1939, Page 8

COMMERCE AND FINANCE

LOCAL AND OVERSEAS MARKETS

SHARE MARKET REVIEW

government’ loans Buyer. Seller. £ s. d. £ s. d

DIVIDENDS AND CALLS EARLY DISTRIBUTIONS

CALLS DUE G. J. Coles—New 10s a share Jan. 31 A.C.I. —New 5s a share .. .. Mar. 31 BALCLUTHA STOCK SALE (Special to Daily Times) BALCLUTHA, Oct. 20. There was a good attendance at the fortnightly stock sale at the corporation yards to-day. Sheep entries were not so large as at the' previous sale, numbering 325 fats and 693 stores. Contrary to expectations, fat sheep did not rise In sympathy with Burnside, but were back compared to the previous local sale, there being a drop of 3s to 4s a head. Fat ewes sold at up to 38s 3d for best; shorn wethers 27s 6d, light woolly wethers 27s 9d Store Sheep.—The yarding Included three or four pens of ewes with lambs at foot, which sold at 0s lOd to 13s sd. according to quality: two or .three small lots of ewe hoggets realised 22s to 26s 6d: wether hoggets 17s; small two-tooth ewes (shorn), 19s; shorn two-tooth wethers (small), 13s. Fat Cattle.—A fair entry and good prices were obtained. A specially good cow brought £l4 2s Gd, fat heifers £9 12s Gd, two-year-old steer £8 12s 6d; fat cows. £fi 17s 6d to £7. . , .. Store Cattle—2o9 yarded, Including yearling to three and four-year-old bullocks of a oua'ity that on the whole was good. The bulk of the entry comprised coloured cattle. Three and four-year steers sold at £lO to £ll 6s: 2J-year steers £0 17s Gd; yearlings (a specially good pen of Black Polled sold at £8 12s; other descriptions, £4 10s to £6 18s. A small lot of heifers realised £3 to £7. according to condition. Dairy Cows.—A small entry and prices ranged from £6 10s to £9 for best close-to-nroflt sorts. , pigs —A large entry of young pigs, which met with a very keen demand. Suckers sold at from 17s Gd to 30s, slips to 355. Two very diminutive suckers only realised 4s each. MOUNT MORGAN PRODUCTION (Per United Press Association) WELLINGTON, Oct. 20, The Mount Morgan production report for the month ended October 18 states that the estimated production of gold was G0760z, and copper 204 tons. Ore mined was 73,177 tons. GOLDEN BAY CEMENT COMPANY The annual report of the Golden Bay Cement Company, Ltd,, for the year ended .Tune 30 reveals a net profit of £17,552 10s sd. Social security tax and Income tax will absorb £9660, and £IOOO has been set aside for marine Insurance reserve. There remains £6862 10s 5d for distribution, together with £3304 7s 3d brought forward. The directors recommend the payment of a dividend at the rate of 7 per cent., absorbing £5073 13s sd. and leaving £5093 to be carried forward.

PEIRIOD ENDS BRIGHTLY

INCREASED TRADING RECORDED AUSTRALIANS FINISH STRONGLY Hwi investment market was quiet at the commencement of the week just ended, but towards the end of the period there was a sharp revival of interest, and many lines, notably the leading Australian industrials, rose swiftly, in some cases, in a considerable degree. Dominion trading concerns also attracted additional Interest. With corresponding increases in value. The market was never really stable, however, and Investors may at any time retire once more into their shell of caution, with consequent losses to the stocks which have appreciated. Despite continued inquiries at. in some cases, advancing prices. Government loans law little trading until yesterday, when several parcels changed hands. This was not so much the case in the north, but in Dunedin sellers were few and far between throughout the week, 'the banking section was not very active. Bank of New Zealands continuing to be the centre of interest. There w’ere several sales of these at £ 1 19s, and late in the week the prices advanced to £1 19s 3d. The demand was always steady. An odd lot of Commercial Banks changed hands at the increased price of 15s 3d, and the inquiry for these continued to be strong. National Banks were not asked for, but Australasias were wanted at £8 IDs. Insurance shares continued in demand, With Nationals rising steadily. Sellers of these were few, despite ,the raising of buyers’ limits to 17s 2d, at which figure the ahares were readily available not long ago. New Zealands and Standards were strong on buyers’ quotations, the latter selling at £2 15s 3d. Business was done in Howard Smiths at £1 Is 3d, and Union Steams continued in demand at £1 ss. In the meat section. New Zealand Refrigeratings went as high as 17s (buyer), and the contributing issue was wanted at 8s 3d. Loan and agency shares were practically neglected. Christchurch Gas snares continued in demand at Up to £1 4s, and there were odd inquiries for Auckland and Wellington Gas. Oflbrs of £1 for Kaitangata Coals failed to attract a seller, and the same was the case for Westports, which were wanted at £1 Is. Taranaki Oils had inquiries at 4s. In the woollen section there was less activity than in recent weeks, the only sale being one of ordinary Kaiapois at the unaltered price of 11s 3d. The inquiry for Mosglels which was apparent a week ago was not maintained. Keener Markets ADI leading Australian industrial scrip experienced a sharp rise. Australian Consolidated Industries, after a period of gradual firming, went to £1 19s 3d and continued strongly In demand while the new contributing issue was in request at 11s. Broken Hills were quoted at varying prices until a transaction at £3 16s revealed the current value of the shares, and G. J. Coles advanced to have a buyer at £3 13s 9d, with no seller forward. Hume Pipes also shared the advance, sales taking place at 18s and 18s 7d, and the demand for Sydney Wool worths rose to £1 4s 6d without finding business. In the New Zealand section Dominion Fertilisers sold at £1 4s 3d, and New Zealand Drugs were turned over at £3 Bs. Both had a firmer inquiry later. New Zealand Breweries were less in demand, and quotations of £1 16s 6d by sellers found no buyers in the market. Australian mining scrip was fairly well supported, ordinary Electrolytic Zincs being firm at a little under £3 while Mount Lyells were turned over at £1 12s 6d and Mount Morgans at 9s 9d. The latter firmed sharply at the beginning of the week, but were easier later. ! Sales of the Period " The following is a list of the sales recorded on the Dunedin Stock Exchange during the week ended yesterday:—

Trend of Business Dealing’ was more active before the market closed yesterday, and 10 tranactions were reported. Several parcels of Government loans changed hands, and these Issues continued in demand. Banking values were unchanged, and insurances were very firm, with Standards turning over at £2 15s 3d. Christchurch Gas shares advanced to £l. 4s ,9d on buyers' quotation, and there was an improved demand for woollen shares. A.C.l.’s remained firmly In demand at the same prices as the previous day, but Broken Hills were handed at £3 16s Gd (buyer) and £3 18s 6d (seller). The bid for Colonial Sugars was increased to £4s' 15s without finding a seller. Coles were also firmer with a buyer at £3 14s 6d„ and the offer for Sydney Wool worths was advanced to £1 ss. Electrolytic Zinc (ord.) shares were sold at £2 19s 6d and continued in steady demand, while Mount Lyells and Mount Morgans finished strongly. YESTERDAY’S TRANSACTIONS

Rawang Tin .. 0 9 9 LATEST QUOTATIONS 'Che following are yesterday afternoon's buying and selling quotations, which are •übject to the usual brokerage:—

NORTHERN EXCHANGES

CHRISTCHURCH Sales on 'Change

AUSTRALIAN STOCK EXCHANGES STRENGTH IN INDUSTRIALS (United Press Association) (By Electric Telegrahp—Copyright) SYDNEY, Oct. 20. (Received Oct. 20, at 11 p.m.) General strength in the market for Industrial shares was again apparent to-day, but there was a scarcity of scrip, particularly In the case of Broken Hill Proprietary.

BANK OF NEW ZEALAND INTERIM DIVIDENDS (Per United Press Association) WELLINGTON. Oct. 20. The directors of the Bank of New Zealand announce an interim dividend of Is a share on the ordinary shares and 33 per cent, on the D long term payable on December 9. CANTERBURY MARKETS FURTHER RISE IN PRICE OF POTATOES cPer United Press Association) CHRISTCHURCH. Oct. 20. The strong demand for Canterbury potatoes has caused the price to rise yet again, and merchants are paying £l6 to £l7 a ton for any supplies they can obtain. The stocks In the country are very short and many of the potatoes now being sold are of smaller size. . .. The demand is being sustained by the high price of the Pukekohe new crop, which is reported to have come on to the market at £34 10s a ton and to be selling now at £32. The retail price of Pukekohe potatoes is reported to be 5d per lb. Canterbury merchants are still receiving inquiries from the south and even from Pukekohe and Nelson. The other markets are unchanged.

STOCK EXCHANGE VALUES

DUNEDIN RATES, OCTOBER 20, 1939

FORMER LEVELS COMPARED

DUNEDIN MARKETS

WHEAT. OATS. ETC. Practically all lines of milling wheat have now been taken, up by millers. Any odd lines still available have a ready sale. , , Seed wheat continues to meet a good demand, though the period for spring sowing is now wearing on. Given favourable weather conditions, there should be sufficient supplies of wheat in the Dominion next season to meet requirements without resorting to importations, as the area to be planted will be larger than usual. Fowl wheat is in good supply, with sales on the slow side. The wholesale value is 5s 9d per bushel, sacks extra, with small lots saleable ex store at 6s 3d, sacks extra. Flour and Oatmeal Wholesale prices are as follows; — Flour.—2oo’s. £l3 15s 6d; 100’s, £l4 2s 6d; 50’s, '£l4 17s 6d; 25’s. £ls 7s 6d. Bran, £5 5s per ton. Pollard. £6 15s per ton. OatmeaJ. —2001 b sacks. £23 10s per ton; 25’s, £25 10s per ton. Oat Market Firm The oat market remains firm. Stocks in both Otago and Southland are below the average for this time of the year, and most of the oats in Canterbury have been marketed. There is an inquiry from the North Island for small lots, with A Cartons worth 3s 6d, f.o.b, s.i, and B’s 3s 3d. f.o.b. s.i. Few lines are on offer from growers. Values rule in the country at 2s 7d, sacks extra, for A Gartons and 2s 4d for B’s. The sowing of oats is later than usual, the unfavourable weather experienced earlier in the season delaying farmers in the preparation of their ground. Firmer Tone in Chaff The chaff market has a firmer tone, in sympathy with the better position in the oats market. Few consignments are reaching the market, but there are sufficient stocks in the stores to meet the demand, which is not of any dimensions. Best oaten sheaf chaff, truck loads, is worth £4 10s per ton, with small lots ex the store saleable at up to £5 2s 6d per ton. Stocks of old potatoes are about finished for the season, and merchants are experiencing a difficulty in meeting orders from distributors. This position is expected to continue until new potatoes come on the market. The late spring is, however, causing a delay in the growth of the new tubers in both the South and North Islands. Canadian-grown potatoes are still coming forward, and they are selling in Auckland at 26s per 1001 b bag. The small lines of freshly-picked Arran Chiefs held by merchants in Dunedin are worth £l7 to £lB a ton, sacks included. Seed potatoes are not over plentiful. It is almost impossible to execute orders for King Edward seed, and Arran Chief seed is also in rather short supply. Seed Market Firm Ryegrass of good quality and good germination is difficult to secure, and the market is firm. There is still a fair quantity of low-germinating ryegrass available, but little attention is paid to this quality White clover seed is in short supply, and prices are very firm. Further sales of cow grass have been recorded for shipment to England. A limited quantity only of Montgomery clover is now on offer. Prices for cocksfoot show a slight advance. The dry weather in Canterbury is retarding growth, and stocks of old seed are firming as a consequence. Neither fescue nor brown top is inquired for from overseas. Odd sales of brown top are being made to the North Island. Miscellaneous Produce Wholesale prices are as follows: Chaff.—Good, bright oaten sheaf, £4 10s per ton, ex truck; £5 2s 6d, ex store. Potatoes.—Arran Chief, £l7 to £lB per ton, ex store. 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, 25s per cental bag. Eggs.—Stamped, Is 5d per dozen; storekeepers’, Is 4d.

FRUIT AND VEGETABLES

GOOD DEMAND FOR ORANGES The recent shipment of Australian Valencia oranges was quickly sold out at the wholesale marts. Further supplies are expected in about 10 days’ time. Supplies of apples, ex cool store, are now on the short side. High prices are ruling for choice quality. Further supplies of bananas are expected some time next week. New Zealand-grown lemons are In steady supply.

Small lots of hothouse tomatoes are arriving from Canterbury. Supplies of asparagus are on the increase. They are arriving mostly from Canterbury. Rhubarb is in plentiful supply. Inferior grade lettuces are plentiful. The demand is practically confined to choice quality lines. Carrots, swedes, and parsnips are in short supply. Wholesale prices are as follows: Apples.—Extra fancy, Stunners to 14s per case; fancy to 12s; minimum, 5s to 8s; cookers, large, to 9s; small, 5s to 7s.

Oranges.—Australian, 20s to 245, according to count. Grapes.—Californian riblers to 40s per case. Samoan Bananas. —Ripe, 23s per case; green 21s 6d. Hothouse tomatoes, to 3s per lb. Lemons. —New Zealand, 10s to 19s per case, according to count. Cauliflowers.—Choice, 3s 6d to 5s 6d per sack; others, 2s to 3s. Swedes, 2s to 2s 6d per bag. Cabbages.—Spring cabbage, to 2s per case. Asparagus, 9s to 11s per dozen bunches. Cucumbers, 10s to 14s per dozen. Rhubarb, Is 6d to 2s per dozen bunches; loose, to per lb. Potatoes. —Whites, to 18s per cwt. Leeks, 4d to 5d per bundle. Parsnips, to 7s per sugar bag; wanted. „ , Lettuce.—Choice, to 2s per dozen, others, 6d to Is 6d. Carrots, 5s to 6s per sugar bag. Spinach. Is to Is 6d per dozen bunches. D.1.C., LIMITED final dividends declared The D.1.C., Ltd., has declared a final dividend on the preference shares of 2J per cent, for the six months ended August 20 and a final dividend on ordinary shares of 6 per cent, for the 12 months ended August 20.

BANK OF ENGLAND RETURN

(United Press Association) (By Electric Telegrahp—Copyright) LONDON, Oct. 19. The following is the Bank of England return:- DEpARTMENT £ Note issue In circulation .. 530.300.000 Bank department .. . • 49,900,000 Government securities .. 565,800,000 Other securities 3 onn nnn Silver coin zuu.uuu BANKING DEPARTMENT Public‘deposits 12,000.000 Bankers’ deposits .. .. H 6.500.000 Other amounts .... •• 38,500,000 Government securities .. 1() 3.500.500 Discounts and advances .. 3,200,000 Other securities 23,300.000 Notes and coins 50,700,000 Ratio of reserve to liabilities is 30.35 per cent. The Bank of England discount rate is 3 per cent.

DAIRY COMPANY

CO-OPERATIVE OF OTAGO SHAREHOLDERS’ ANNUAL MEETING The annual meeting of the Co-operative Dairy Company of Otago, Ltd,, was held In the Early Settlers’ Hall on Thursday. There were 23 shareholders present, and Mr W. Blackle (chairman of directors) presided. The chairman referred to the death of Mr John Christie, an original director, and Mr W. Amos, who had been closely associated with the company. Review by Chairman

Moving the adoption of the annual report and balance sheet, the chairman said that the average pay-out per pound butter-fat, over all grades, was 15.259 d, against 14.143 d the year before, representing an increase of 7.8 per cent. The turnover for last year was £151,000, against £145,000 the year before. The marketing account showed total butter sales of £124,259 only, but this was the net figure after deducting outside purchases. They again sold locally more butter than they manufactured, and the total sold was a new record for the company, being 1090 tons, against 990 tons the previous year, which was the highest to date. The total butter manufactured was 857 tons, against 882 tons the previous year. Adverse conditions prevailed last season, and more people went out of dairying. In regard to the balance sheet, the chairman said that sundry debtors’ account of £14,701 was made up of butter accounts £11,750, and advances to suppliers £2951. Tire comparative figures last year were; Butter accounts, £8552; advances to suppliers, £3343. In other words, monthly butter accounts had increased by £3198 and advance accounts had been reduced bv £392. Bad debts for last year totalled £135 on a turnover of £151,000 and over the last four years they had lost £3OO on a total turnover of over £500,000. The Dominion average loss on this class of risk would amount to £2500. The question of Amalgamation with the T. and P. Company was fully examined during the year, and several meetings were held by the executive commission, the chairman said. A report was drawn up by the auditors, and three main facts emerged. First of all, an expenditure of over £20,000 would have to be met for alterations, etc., and they would still have the disadvantage of operating two factories, Secondly, the savings likely to be effected to the company’s suppliers under the amalgamation proposals were found to be under Id per lb butter-fat. Thirdly, the basis of capitalisation might have to be as low as 10s in the £. The directors decided that the high cost, small savings, and the probable writing off of £lO 000 paid-up capital, were not reasons such as would justify them In recommending the amalgamation. An Arduous Year Mr F. Waite, M.L.C., who seconded the adoption of the report and balance sheet, remarked that the year had been an arduous one for all. Some losses had caused the directors and management serious concern, and after several investigations a reorganisation had taken place which it was hoped would make for more satisfaction in the future. So fax as amalgamation was concerned, he was one who believed that in the long run this move was in the interests of the dairy farmer. The basis of amalgamation was the stumbling block. In so far as the pay-out was concerned a table issued by a northern butter factory showed that of seven butter factories In the South Island whose balance sheets were available, this company was third top, Mr Waite said. Collection costs were higher In Otago than In any other provinces, owing to the greater distances over which cream had to be railed. Mr Waite said that this year’s guaranteed price was to be the same as last year’s So far the Government had not reached finality with the Home Government as to price, but it was obvious that the anticipated London realisation was a more important determining factor than costs or even the principles laid down in the Marketing Act. Although prices for produce were held down costs continued to Increase, A general discussion ensued on amalgamation. factory management, .pay-outs, and other matters of administration. In reference to the creation of wards so that voting for directors might take place on a ward system, it was intimated that the directors would give this matter consideration. It would involve an alteration in the articles of association. Dividend Rate The report and: balance sheet were adopted. The dividend was fixed at the rate of 4 per cent. The chairman announced that the retiring directors, Messrs C. T. McCallum (representing company shareholders) and William Neill (representing supplier shareholders) had been re-elected, the former unopposed. Messrs Barr, Burgess and Stewart were re-elected auditors at a fee to be agreed upon. Chairman Appointed At the conclusion of the annual meeting. a meeting of directors was held, at which Mr Waite was elected chairman and Mr J. Kirkland (Middleman*) deputychairman. CHRISTCHURCH STOCK EXCHANGE THE INVESTMENT MARKET UPWARD TREND CONTINUED (Special to Daily Times) CHRISTCHURCH, Oct. 20. Although business was confined to fewer sections, the upward trend noticeable in the investment market on the Christchurch Stock Exchange at the end of last week was continued this week, and the markets closed strongly. Government loans, Australian industrials, and chain stores and shares in the insurance and gas groups were in steady demand. Breweries appeared easier, and for the first time since the middle of August had no local business. Other sections which were inactive locally were shipping, frozen meat, woollens, and coal. There was a substantial Increase In the turnover in Government Issues, and all prices were firmer. Banks were irregular, Union of Australia losing 2s 9d at £7 9s 9d and National of New Zealand easing 9d to 42s 6d. New Zealand were firm at 39s 3d, and E.S. and A. were stronger. Insurances were firmer on restricted business, and gas shares also improved. Business in the loan and agency group was confined to Goldsbrough, Mort, which continued to show the strength of recent weeks. There was no business in breweries, but New Zealand showed a weakening tendency. . „ . All miscellaneous stocks dealt in were firmer than at the close of last week, and some, notably Electrolytic Zinc and Coles, made substantial gains. Ordinary Zincs were up 3s at 61s and 60s 6d, and preference gained Is 9d to 61s and 61s 9d. Coles showed a recovery of 7s on the last sale a month ago. . The mining business was small, but more Issues were dealt In, and showed an improvement. MINING NEWS WORKSOP RETURN The Worksop Extended Gold Dredging Company, Ltd., had the following return for the week ended October 18:—240z of gold for 121 hours’ work, covering 9500 yards of material. COMPANY REGISTERED Notification of the registration of the following company appears in the Mer•cantile Gazette:— Isllp and Watt, Limited, Dunedin, registered as a private company. Capital; £SOOO into 5000 shares of £1 each. Subscribers: Dunedin—H. L. Watt, 4900,-F. Martin 100. Objects: to carry on business of manufacturers, importers of footwear of all descriptions. chiropodists, leather merchants, tanners, dealers in hides, skins ’ and other such materials. BRADFORD TOPS MARKET (United Press Association) (By Electric Telegrahp—Copyright) LONDON, Oct. 19. (Received Oct. 20, at 6.30 p.m.) Bradford topmakers are still reluctant to do business pending the issue of the new price schedule. It is expected that the way will be cleared for new civilian trade when rationing comes into operation on November 1. Spinners are similarly reserved. Moderate weights are changing hands at a slight advance. SOUTH AFRICAN WOOL SALES (United Press Association) (By Electric Telegrahp—Copyright) CAPETOWN. Oct. 19. (Received Oct. 20, at 11 p.m.) At the South African wool sales during the week ended October 14, 15,281 bales were offered. Japan operated to a limited extent owing to the non-existence of credits. Scoured wool from the warehouse averaged as follows; 70's, sold; 64’s, 284 d; 60's, super, 291 d. ordinary, 26jd.

£ S. d. 4 p.c. Stock, 1946-49 96 15 0 4 p.c. Stock, 1952-55... .. 06 15 0 4 P.C. Stock, 1954-58 ., .. 97 12 6 Bank of New Zealand (3) .. 1 19 0 Commercial Bank (odd lot) 0 15 3 Standard Insurance .. .. Howard Smith 2 15 1 1 3 3 Kainpoi Woollen (ord.; 2) .. Australian Consol. Industries 0 11 1 19 3 3 Broken Hill Proprietary .. 3 16 0 Dominion Fertiliser .. .. 1 4 3 Hume Pipe .. 0 18 0 0 18 7 N.Z. Paper Mills 1 4 9 N.Z. Drugs 3 8 0 Electrolytic Zinc (ord.) (2) 2 19 3 2 19 6 Mount Lyell 1 12 6 Mount Morgan 0 9 9 Rawang Tin 0 9 7 0 9 9

Sales Reported £ s. d. 4 p.c. Stock, 1946-49 ., 96 15 0 4 p.c. Stock, 1952-55 ., 96 15 0 4 p.c. Stock. 1954-58 .. 97 12 6 Standard Insurance 2 15 3 Kaiapoi Woollen (ord.) 0 11 3 N.Z. taper Mills .. .. 1 4 9 Electrolytic Zinc (ord.) 2 19 3 (2) 2 19 6

3J p.c. Stock, March, 1941-43 96 0 0 3J p.c. Stock, Sept., 1941-43 96 0 0 3 p.c. Bonds, 1939-41 .. 9V 0 0 — 3 p.c. Stock, 1939-41 .. 97 0 0 — 4 p.c. Bonds, 1946-49 .. 96 10 0 — 4 b.c. Stock, 1946-49 .. 96 10 0 — 4 p.c. Bonds, 1932-55 .. 96 10 0 — 4 p.c. Stock, Nov., 1948 .. .. .. .. 99 5 0 4 p.c. Stock. 1954-58 .. — 98 0 0

MINING Big River (Is) .. .. — 0 i 0 Clutha River (2s) 0 1 0 0 i 8 Gillespie’s Beach (Is) — 0 0 10 Mossv Creek (Is) — 0 1 0 New River (Is) .. .. 0 0 9 0 1 0 Nokomai (5s) .. ... 0 1 7 0 1 11 Okarito (3s) .. .. — 0 2 9 Waitahu (5s) .. .. — 0 1 0 BANKING N.Z. (£1) 1 19 0 2 0 0 Commercial (10s) 0 15 2 — E.S. and A. (£3) .. 4 10 0 — Natl, of N.Z. (£2 10s) “ . 2 3 6 INSURANCE National (7s) .. .. 0 17 2 — New Zealand (£1) 2 14 3 — Standard (£1) . • • • 2 14 9 — SHIPPING Howard Smith (£1) .. 1 1 0 — U.S.S. Co. (pref.: £1) 1 5 0 — MEAT PRESERVING N.Z. Refrig (paid; £1) 0 17 0 — N.Z. Refrig, (cont.; 10s) 0 8 3 — South. Frozen Meat (paid: £1) .. •• 1 7 6 1 8 3 Waitaki Farmers (£5) 4 8 0 LOAN AND AGENCY Wright, Stephenson (pref.: £1) •• •• — u GAS Auckland (£ 1) .. .. 0 15 0 — Crlstchurch (£1) 1 4 9 COAL AND OIL Kaitangata (16s) .. .. 1 7 ,0 — Westport (10s) 1 1 0 Westport - Stockton (ord.: 10s) .. .. .. — 0 4 0 Taranaki OH (£1 4s 7d) .. , 0 4 0 — WOOLLEN COMPANIES Bruce (ord.; £1) 0 10 0 — Bruce (pref.; £1) 0 18 0 —- Kalapoi (ord.: 17s) .. 0 11 0 0 11 6 Kalapol (pref.; 17s) .. 0 14 3 — Mosgiel ( £4) .. .. 9 5 0 — Wellington (ord.; £5) — 5 10 0 MISCELLANEOUS Australian Consold. Inds. (£1) 1 19 3 2 i 0 Australian Consold. (5s paid) 0 11 0 — Broken Hill Pty. (£1) 3 16 6 3 18 6 Brown, Ewing (pref.; £1) — 1 i 0 Colonial Sugar (£20) 49 15 0 — D.I.C. (pref.; £1) .. 1 1 9 — Dominion Fertiliser (£1) 1 4 0 •— Dunlop Perd. Rubber (£1) 0 19 0 — G. J. Coles (£1) .. 3 14 6 — I.C.I. (pref.- £1).. •• 1 2 0 — Mllburn Lime (£1) .. 1 15 3 — McKenzies Dep. Strs. (£1) — 2 2 0 McLeod Bros. (£10) .. — 28 5 0 N.Z. Drug Co. (£2) .. S 8 0 — Otago Dally Times S 0 s Woolworths (Syd.; ord.; 5s) 1 8 0 —" Woolworths Properties, Ltd., 6 p.c. (pref.; ord.; £1) 1 8 0 — Woolworths Properties. Ltd., 6 p.c. (pref.; ord.; 10s paid) 0 11 0 BREWERIES N.Z. Breweries (£1) — 1 16 3 AUSTRALIAN MINING Broken Hill South (5s) 1 10 6 1 13 0 Electro. Zinc (ord.: £1) 2 19 3 3 0 0 Emperor (10s) .. .. 0 10 9 — Mount Lyell (£1) .. 1 12 6 1 14 0 Mount Morgan (2s 6d) 0 9 9 0 10 3 Placer Developments .. — 4 5 0 Rawang Tin (10s) 0 9 0 —

The following is a list of shares on which dividends will shortly be payable:— Son Mi Otago Freezing—5 p.c. p.a. To-day Son'll British—Final 8Jd a share Oct, 26 N.Z. Guarantee Corporation— Final, 2d a share .... • • Oct. 26 Australian Iron and Steel— Pref.. 2J years’ arrears. 2s 10.875d a share .. Nov. 1 Bank of Adelaide—Interim 51 p.c. p.a. .. ... •• Nov 1 Wacky Logan-r-Intenm 5 p.c. p.a. . A . • ■ ■ Nov 1 Martha—Interim. 6d .stg.. a share (free of British income tax) Nov. 2 Burns Philp—Interim, 5 p.c. .. Nov. 15 Dunedin Brewery—Interim 3 Broken Hill Proprietary—Interim, Is 3d a share ... . ■ Nov. 27 Nov. 29 National Bank of AustralasiaInterim. 3 p.c ■ Nov. 29 I.C.I. (London)—Ord slock. 3 p.c, stg Dec. 1

AUCKLAND Sales on ’Change £ 8 a. Stock, 1953-57, 31 p.c 92 0 0 Stock, 1940-43, 4 p.c 98 15 0 Stock, 1953-56 , 4 p.c 98 10 0 Commercial Bank of Australia 0 15 6 National Bank of N.Z 2 2 6 National Bank of Australasia (cont.) 6 7 6 N.Z. Insurance (2) 2 14 9 Auckland Gas 0 15 3 Kauri Timber 1 9 Leyland O’Brien 0 11 0 Rotoiti (late Thurs.) 0 0 3 3 6 6 0 Herald and Weekly Times .... i By croft (3) 1 15 9 Dunlop Ferdrlau 1 1 0 Electro. Zinc 3 0 6 Electro. Zinc (pref.) 3 1 9 3 2 0 G. J. Coles 3 15 0 Macduffs (ord.) 0 2 0 Mort’s Dock 0 17 U Woolworths (N.Z.; 2) .. .. 0 17 0 Woolworths (Syd.: late Thurs.) 1 5 0 (2) 1 5 3 1 5 6 Golden Dawn 0 2 0 Broken Hill South 1 13 0 Mount Lyell 1 13 3 Unlisted Stocks Sllknlt 0 4 9 WELLINGTON

Sales on ’Change Bank of N.Z. (late Thurs.) .. 1 19 3 Standard Insurance (late Thurs.) 2 15 3 Rotoiti Timber (late Thurs.) .. 0 3 6 Aust. Consolidated Industries (cont.: late Thurs.) .. .. 0 13 0 12 0 10 Broken Clill Pty. (late Thurs.) 3 16 3 Woolworths, Ltd. (late Thurs.) 1 4 7 4 p.c. Stock, 1958 (2) 97 12 6 South British Insurance .. .. 2 4 0 Kauri Timber 1 1 9 Electro. Zinc (pref.) 3 1 6 Woolworths (N.Z.) 0 17 0 Woolworths, Ltd 1 4 10 Woolworths Properties (10s paid) 0 12 8

Union Bank of Australia .. 7 4 9 Electro. Zinc (ord.) 3 0 0 Electro. Zinc (pref.) .. .. 3 1 9 Woolworths (Syd.; ord.) 1 5 2 0 2 (2) 1 5 (2) 1 5 3 Rawang Tin 0 9 9 New River 0 0 11J Sales Reported Rural Bonds, 1947, 5 p.c. .. 98 15 0 National Bank of N.Z 2 2 6 Aust. Consolidated Industries (5s paid) 0 12 6 Electro. Zinc (ord.) .. .. (3) 3 1 0 3 0 6 Electro. Zinc (pref.; 3) 3 1 9 G. J. Coles 3 15 0 N.Z. Paper Mills 1 4 9 Mount Morgan (late Thurs.) 0 10 0

The Morning Sales £ 8. d. Tooth’s 2 9 9 Anthony Hordern (pref.) .. .. 0 18 9 Australian Consolidated Indus15 4i 1 (cont.) 0 11 6 British Tobacco 2 6 9 Broken Hill Proprietary .. .. 3 8 3 Cash Orders 0 15 9 Additional Sales £ 6. d. Commercial Bank of Australia 0 14 1 Union Bank 6 8 0 Colonial Sugar 47 0 0 Associated News 0 15 10 Bradford Cotton 3 0 Australian Consolidated Indus. 1 15 6 Mort’s Dock 0 16 6 Adams 0 12 0 Henry Jones 2 13 8 Electrolytic Zinc .. .. .. 2 14 6 (pref.) 2 17 3 Broken Hill Pty 3 9 0 Broken Hill South 1 7 10 Oil Search 0 2 11 MELBOURNE, Oct. 20. Commercial Bank of Aust. . . (pref.) 0 14 8 0 0 0 Aust. Consolidated Industries 1 15 4 (cont.) 0 11 6 Drug Houses 1 5 2 Herald and Times 2 17 6 Woolworths i 2 4 Mount Lyell 1 9 Mount Morgan 0 Felt and Textiles 1 12 0 y w Loloma

Return Approx. Approx. upon market market Invest paid Approx. price price Dlv. Dlv. ment at per 8h’e. market a month a year p.c. or approx. Companies price. ago. ago. amt. payable market value. . £ £ 3. d. £ 8. d. £ 8. d. £ s d. N.Z. curr. GOVT. LOANS 3* Stock. Sent.. 1941-43 98 5 0 97 7 6 98 5 0 Mar.-Sept. 3 18 9 4 Stock, 1943-46 98 12 6 98 0 0 100 0 0 — Feb.-Aug. 4 5 6 96 15 0 95 10 0 99 15 0 — June-Dee. 4 8 6 4 Stock, 1954-58 97 12 6 97 0 0 — — May-Nov. 4 6 6 BANKING N.S.W 20 28 10 0 29 0 0 31 15 0 6 Qtrly. 3 10 2 N.Z 1 1 19 3 1 18 9 2 1 3 10 Dec.-June 5 1 9 10s 0 15 3 0 14 9 0 18 10 7 1-12 Feb.-Aug. 4 13 2 2* 2 2 6 2 5 0 2 11 0 5 Jan.-July 5 15 9 Union 5 7 5 0 7 15 0 8 10 0 6 July-Jan. 4 5 0 INSURANCE 7s 0 17 3 0 16 8 ‘ 0 16 6 9J May-Nov. 3 15 8 1 2 14 9 2 13 6 2 14 0 10 Feb.-Aug. 3 12 9 10s 2 4 0 2 2 6 2 4 0 14 1-6 Apl.-Oct. 3 4 6 Standard .. .. 1 2 15 3 2 14 6 2 15 0 12J Mar.-Sept. 4 10 6 SHIPPING Huddart, Parker 6 Sept.-Mar. 1 3 3 0 3 0 0 3 7 14 4 8 3 U.S.S. (pref.) .. 1 1 5 3 i 5 0 1 6 0 5J May-Dec. 4 0 0 MEAT PRESERVING N.Z. Refrlg. (pd.) 1 0 18 0 0 17 0 0 17 0 5J Feb. 6 2 ? N.Z. Refrig, (ct.) 10s 0 8 4 0 8 3 0 8 0 51 Feb. 6 12 0 8 Sept.-Mar. 1 1 8 0 1 7 6 1 7 6 2-3 4 15 S. Otago Freezing S 4 10 0 4 15 0 5 0 0 5 Oct. 5 11 1 LOAN & AGENCY Goldsbrough, Mt. 1 1 11 0 1 8 0 1 8 3 41 Dec.-June 2 17 1 Natnl. Mortgage 2 1 19 0 — 2 4 0 5 July-Mar. 5 14 s Wright, Stephenson (ord.) 1 0 18 e 0 18 6 i s 6 S Feb.-Aug. 5 2 7 COAL 16s 1 8 0 1 8 0 i 8 0 158 April 8 18 7 Westport .. .. 10s 1 1 3 1 1 0 i 4 0 10 May-Nov. 4 14 8 WOOLLEN COYS. 1 0 10 0 0 10 0 0 4 0 MB Nov. — Kalapoi (ord.) .. 17s 0 11 3 0 11 6 0 10 0 4 Sept. 8 3 0 Mosglel .. .. 4 9 10 0 9 10 0 9 10 0 8 May-Nov. 8 7 4 MISCELLANEOUS A C.I 1 2 0 0 1 15 0 — 6 8.86 Nov.-June 8 8 7 British Tobacco.. 1 2 10 0 2 8 3 4 B 2 18 8 Qtrly. 3 3 4 Broken Hill Pty. V 3 17 6 3 12 6 121 Nov.-May 3 4 6 Brown. Ewing (pref.) .. .. Colonial Sugar .. 1 1 0 0 1 0 6 i 1 0 B Mar.-Oct. 3 18 0 20 50 10 0 48 0 0 48 7 6 71 May-Nov. 2 19 4 DIG (ord.) 10s 0 13 0 0 14 0 0 14 6 Oct. 31 4 12 3 DIG. (pref.) .. 1 1 2 0 1 1 9 1 2 3 5 May-Oct. 4 10 10 Dorn. Fertiliser.. Donaghy's Rope 1 1 1 2 4 8 3 0 1 2 4 8 3 0 1 2 3 2 6 6 6 10 June Nov.-May 4 19 4 3 0 4 Dunlop Perd. 1 1 0 0 0 18 0 1 0 11 7 Apl.-Oct. 7 0 0 1 3 15 6 3 11 0 3 19 6 18| Jan.-July 4 19 4 I.C.I. (pref.) .. 1 1 2 6 1 4 0 1 2 4 5 Jan.-July 4 9 9 1 1 15 6 1 15 6 1 15 e 8| Mar.-Sept. 4 18 7 10 27 10 0 27 10 0 28 0 0 8 May-Nov. 2 18 2 2 3 8 6 3 7 9 3 9 6 8 Sept.-Apl. 4 12 6 N Z. Newspapers 16/8 1 11 0 1 12 0 1 15 0 8 Oct.-May 4 6 0 1 1 5 0 1 5 6 1 2 3 7 Nov.-May 5 12 0 1 2 0 0 2 0 0 2 0 6 8J Aug.-Feb. 4 7 6 Wilsons Cement 10s 0 17 4 0 18 6 0 17 6 71 Nov.-June 4 8 ft Woolworths (Syd., ord.) 6a 1 5 6 1 S S 1 1 0 171 Oct.-Apl. 3 8 7 Woolworths (N.Z., ord.) Ss 0 17 3 0 17 0 1 0 0 10 July-Jan. 2 18 0 BREWERIES N.Z. Breweries .. 1 ! 1 IB 0 1 11 3 2 0 6 81 Dec.-June 4 14 4 1 1 2 e 1 2 0 1 4 6 61 Nov.-May 5 12 9 Tooths 1 2 15 0 2 11 6 2 IS 3 12 May-Nov. 4 7 3 AUST. MINING 5s 1 12 0 1 9 0 1 12 6 40 — 6 5 0 Electro Zinc (pf.) 1 3 2 0 2 17 0 2 O 6 15 Mar.-Sept. 4 17 0 1 3 0 0 2 15 6 2 4 0 15 Mar.-Sept. 5 0 0 Mount Lyell 1 1 13 0 1 11 0 X 10 0 71 June-Dee. 4 10 0 Mount Morgan .. 2/6 0 9 10 0 9 10 0 11 3 — — — N’th. Broken Hill 5s 2 11 0 2 10 0 2 10 0 40 Qtrly. 8 18 0