COMMERCIAL.

Otago Witness, Issue 3889, 25 September 1928, Page 26

COMMERCIAL.

LONDON STOCK EXCHANGE.

LONDON, September 20. The following are the latest quotations for Government securities, compared with the prices ruling last week:—

FOREIGN EXCHANGES.

LONDON STOCK EXCHANGE. . LONDON, September 18. Bank shares: Australasia, -£l5; New South Wales (ex div.), £49; Union, of Australia, £l5 12s 3d; National of New Zealand, 146 s 6d; New Zealand 4 per cents., £94; New Zealand, shares, 60s; Loan and Mercantile 4 per cent, debentures, £75; ordinary stock, £llB. b z . - • . BANK OF ENGLAND RETURN. LONDON. September 20. The following is the Bank of England return: —-, ISSUE DEPARTMENT. Note circulation .. £133,773,000 Notes in reserve .. .. ~ 59,414,000 £193,187,000 Government debt £11,015,006 Other securities . 8,735,000 Gold, coin, and bullion .. 173,437,000 £193,187,000

BANKING DEPARTMENT. S" irietors’ capital .. .. £14,553,000 3,771,000 Public deposits 15,888,000 Other deposits 100,801,000 Seven-day and other bills .. 8,000 ■ £135,021,000 Government securities .. .. £28,065,000 Other securities 44,899,000 Notes m reserve 59,414’000 Gold and silver coin .. 2,643,000 £135,021,000 . The proportion of reserves to liabilities ls P er cen t’ Short loans are quoted at 3J per cent, and three-month bills at per cent. PRICE OF FINE GOLD. LONDON, September 19. Fine gold is quoted at £4 4s UJd per ounce. P. AND 0. DEFERRED STOCK. L. LONDON, September 20. an< * O* deferred Stock is quoted at LONDON METAL MARKET. ~ „ LONDON, September 21. C°PP er: , s P ot . *64 Is 10jd; forward, £64 13s 9d. Electrolytic: Spot, £7O ss; forward, £7O 15s. Lead: Spot, £22 10s; forward,'£2l 16s 3d. Spelter: Spot, £24 7s 6d; forward, £24 10s. Tin: Spot, £216 17s 6d; forward, £213 10s. ■ Silver: Standard, 26jd per oz.; fine 28 5-16 d. > * v , ,

LONDON WHEAT MARKET. LONDON, September 17. Wheat cargoes are steady in sympathy with better American closing prices. Sellers are offering at mostly 3d advance, but buyers make no response. Parcels are 3d dearer, but there is little business passing. Liverpool futures: October. 8s December, 8s Ud; March, 9s Id. LONDON TALLOW MARKET. LONDON, September 19. At the tallow sales 668 casks were offered, of which 448 were sold. The prices were mostly 6d dearer. Mutton: Fine, 44s per cwt; medium, 39s 6d. Beef: Fine, 445; medium, 39s 6d. Messrs Dalgety and Co. advise having received the following cablegram from their head office, London, September 19: At the London tallow sales 665 casks were offered and 485 were sold. On an average the prices are 6d per cwt higher for all grades except fine mutton, for which the prices are unchanged. BUTTER AND CHEESE. LONDON, September 20. Butter is slow. Danish is easier "at 1955. New Zealand and Australian are unchanged. Cheese is firm. New Zealand finest, 112 s and 114 s; Australian, 110 s and 112 s. LONDON MARKETS. ’ LONDON, September 20. Wheat: Cargoes are steadier on better American and Canadian closings, and reports of drought in parts of Australia. Quotations are 3d to 6d higher, but buyers are not disposed to trade. Parcels have a moderate inquiry at a similar advance. Liverpool futures: October, 8s 9d, 7s 8d; December, 9s OJd; March, 9s 2jd. Spot trade is quieter. Australian, ex ship, 475. Flour is slow; ex store, 32s 6d to 33s 6d. Oats are dull, and peas and beans steady. LONDON, September 22. Cotton: October, 9 3-5 d per lb. Rubber; Para, lOSd; plantation smoked, 8 5-16 d. Jute: September-October, £3l 17s. Hemp: July-September, £32. Copra: September-October, £24 17s 6d. Linseed oil, £29 ss. Turpentine, 42s 9d. Sheep: North Island light, 7id; Australian'firsts, 6d; Argentine, light, Gid; medium, 6Jd. Lambs: Canterbury, light. 10§d; medium, 10td; seconds, 9Jd; North Island, firsts, lOd; seconds, 9|d; others unchanged.

The New Zealand Loan and Mercantile Agency Company, Ltd., has received the following cablegram from its London house, under date September 19:— Butter: New Zealand choicest salted, quotations unchanged. Cheese: Quotations unchanged. The markets' are slow. Murray, Roberts, and Co., Ltd., advise having received the following cablegram from their London agents dated September 20:— 60/64’s, yielding 48 per cent.. 22d; 56’s, yielding 60 per cent., 22d; 50's, yielding 65 per cent., 214 d; 44/46’s prep., yielding 74 per cent., 19d; 44/46’s carding, yielding 72 per eent., 18d: 40/44’s, yielding, ■73 per cent., 17d; 36/40’s, yielding 75 per cent., none offering. The Otago Farmers’ Co-operative Association of New Zealand, Ltd., has received the following cablegram from its London agents:— Butter: The demand is very limited, but the undertone of the market is firm. ■Present values of New Zealand 182 s to 185 s. ■ - . Cheese is steady; 112 s to 114 s. Lambs: The value is firm, but trade continues slow. * . Mutton is quiet. Messrs Dalgety and Cd., Ltd., have received the following cablegram from their head office, London, dated September 21: FROZEN MEAT. The market for New Zealand lamb is weak, and the demand is limited. The

market for New Zealand mutton is weak, and the demand is moderate. The market for New Zealand beef is weaker, and the demand quiet. " Quotations are as follow for frozen meat:—New Zealand prime Canterbury lamb, 28-361 b, 104 d; North Island, lOJd; prime Canterbury lamb, 36-411 b, lOJd; North Island, lOd; prime Canterbury lamb, second quality, 9fd; North Island, 9<d; prime Canterbury lamb, 42-501 b, 9RI; North Island, 9Jd; prime Canterbury mutton, 48-561 b, 7§d; North Island, 7gd; prime Canterbury mutton, 56-641 b, 7Jd; North Island, 7id; prime Canterbury mutton, 64-721 b, 7£d; North Island, 7d; prime Canterbury ewes, 48-641b,' 6d; North Island, 6d; prime ox beef hinds, 5Jd; fores, 3fd; English porkers, 80-1001 b, 9d; New Zealand porkers, 80-1001 b, 7|d; New Zealand porkers, 100-1201 b, 7jd. DAIRY PRODUCE. The market for both butter and cheese is steady, but quiet. Quotations are as follow:—Danish butter, 198 s to 200 s; New Zealand finest, 182 s to 186 s; Australian finest unsalted, 182 s to 184 s; salted, 170 s to 1745; Australian G.A.Q., 160 s to 1645; Australian cheese, white. Ills to 112 s; coloured, 110 s to Ills; New Zealand cheese, white, 113 s to 114 s; coloured. Ills to 112 s; Canadian cheese, white, 112 s to 113 s; coloured, Ills to 113 s 9d; c.i.f., 112 s to 113 s 9d. LONDON WOOL SALES. LONDON, September 18. The wool sales opened with a decline of from 5 to 10 per cent. LONDON, September 19. At the wool sales 10,421 bales were offered, of which 5333 were Australian ad 4026 New Zealand. There was an excellent representative selection of all sorts, though a considerable portion was secondhand. There was a crowded attendance from all centres. The market was listless, everybody awaiting a lower basis; conse- ' quently there were many withdrawals. Prices declined compared with July rates, closing with merinos generally 74 per cent, lower, greasy crossbred 5 per cent, to 74 per cent., good scoureds 74 per cent., faulty and carbonising sorts 10 per cent., and slipes 74 per cent. Prices: Brooklyn, 40d to 39d; Gibb, 384 d to 38d. New Zealand sales: Cornfoot, 184 d to 18d; Northampton, 244 d to 22d. LONDON, September 20. At the wool sales 12,485 bales were offered, of which 5303 were Australian and 2050 New Zealand. There was an average lot of merinos, chiefly suitable for Yorkshire. There was a good selection of top-making merinos, also slipes. There was fair competition at the opening rates, and the sale was better than yesterday, with fewer withdrawals. New Zealand sales: Whanakino, 19Jd and 181<1. The Bradford market is weak, and business is scarce. Nominal quotations: 64’s, 48d; 60’s, 454 d; 56’s, 37d; 50’s, 29*d; 46’s, 25d; 40’s, 244 d. “ WELLINGTON, September 21. The Department of Agriculture has received the following cablegram, dated September 19, from the High Commissioner, London:—“ The wool sales opened yesterday with a large attendance, but competition was slow, and prices are lower compared with the closing rates of the last series. Merino, good, is 5 to 74 per cent, lower; medium and inferior, 16 per cent.; crossbred, 5 to 74 per cent.; slipe, 74 to 10 per cent, lower. Holders were unwilling to accept the lower bids, and withdrawals were heavy. One hundred and forty thousand bales are available for the series, of which New Zealand provides 46,000, Australia 65,000, and South America 16,000. LONDON, September 21. At the wool sales 11.089 bales were offered, of which 3247 were Australian and 5647 New Zealand. There was a miscellaneous selection of merinos, only a few greasy crossbreds, and a large offering of slipes. There was fair competition, but withdrawals were frequent. Prices were firm at the opening rate. New Zealand sale: Bayfields, 23d.Murray, Roberts, and Co., Ltd., have received the following cable from London. dated September 21: —Compared with last London sale’s closing rates, greasy merino, except the best descriptions, declined 10 per cent.; lambs, merino greasy, declined 10 to 15 per cent.; scoured merino, best, declined 10 per cent.; scoured merino, other descriptions, declined 15 per cent.; crossbred, greasy fine, declined .10 per cent.; crossbred, greasy medium, declined 74 per cent.; crossbred, greasy coarse, declined 7J per crossbred, greasy lambs, greasy, declined 10 per cent., but slightly improved competition; better clearances; market irregular.

Messrs Murray. Roberts, and Co., Ltd., have received the following cablegram from their London agents, dated September 21:—-Compared with last London sales the closing rates for greasy merino, except the best descriptions, declined 10 per cent., lambs’ merino greasy declined 10 to 15 per cent., scoured merino, best, declined 10 per cent., scoured merino, other descriptions, declined 15 per cent., crossbred greasy fine declined 10 per cent., crossbred greasy medium declined 7J per cent., crossbred greasy coarse declined 74 per cent., crossbred lambs’ greasy declined 10 per cent., but the competition was slightly improved, and there were better The market is irregular.

CHICAGO WHEAT MARKET. NEW YORK, September 20. Chicago wheat: September, cents per bushel; December, U4i;‘March,-119§.

THE WORLD WHEAT SUPPLY. WASHINGTON, September 21. The Department of Agriculture forecasts that the world wheat • supply this year will be only 4 per cent.. larger than the . supply available in 1927. It anticipates that. this .increase will be largely offset by an increase in the demand. It is pointed out that the increases in North America are likely to be balanced by the anticipated smaller crops in Russia and India, both of which

countries will probably be compelled to import wheat before the' end of the season. AUSTRALIAN MARKETS. SYDNEY, September 20. Wheat: farmers’ lots, at country stations, 4s; ex truck at Sydney, 4s 7Jd. Flour: The oversea business is not quotable, pending a settlement of the waterfront uncertainty; local, £l2 10s per ton. Bran and pollard have risen 5s to £7 for each. Oats: Tasmanian white, 4s 8d to 4s lOd; Algerian, 2s 6d to 4s 9d. Maize: Yellow, nominally 4s 3d. Potatoes, £6 to £6 10s. ADELAIDE, September 20. Onions: Victoria, £l4. Wheat: Growers’ lots, 4s 7d. Flour: Bakers, £ll 15s. Bran, £4 17s 6d. Pollardj £7 2s 6d. Oats, 3s 3d. MELBOURNE, September 21. Wheat is steady at 4s 9jd. Flour is quiet, to £l2 12s 6d. Bran is steady, at 36s sd. Pollard, £6 ss. Oats are firm. Milling, to 4s; feed, 3s 4d. Barley: English malting, 5s 3d to 5s 4d; Cape, 4s. Maize, 4s 2d. Chaff is firm at £6 to £6 10s. Potatoes are slow, to £3 15s. Butter and cheese are unaltered.. CANTERBURY MARKETS. CHRISTCHURCH, September 18. Except in potatoes, the grain and produce markets are lifeless. Regarding potatoes, the position remains practically the same as at the week-end, with a qualification that, owing to the difficulty of securing further supplies, prices have firmed still more. To farmers from £5 to £5 _ss has been paid. There are fair inquiries frcSm Napier and Gisborne, in addition to those from Auckland. The Wingatui is expected to load potatoes at Lyttelton on Thursday, and the Waipiata on Monday. No movement is recorded in respect to wheat and oats, and the market is stagnant. MESSRS MILNE AND CHOYCE. AUCKLAND, September 19. The annual meeting of shareholders in Messrs Milne and Choyce, Ltd., was held to-day. Sir George Elliot (chairman of directors) presided. " In moving the adoption of the report and balance sheet, which provided for an 8 per cent, dividend, Sir George congratulated shareholders upon the excellent results attained. He stated that the sales during the year had increased, and at the same time the trading expenses had been reduced. Extra depreciation had been written off plant and fixtures, and ample provision had been made for bad and doubful debts. The motion was carried unanimously. BUSINESS IN THE UNITED STATES. The American Trade Commissioner has received the following cablegram from the United States Department of Commerce regarding business conditions in the United States during August:— “ Business and industry generally has had an upward trend in August. Steel mills throughout the country are operating at 83 per cent, of their maximum capacity. The automobile industry continues at a high rate of activity. Railroad earnings are much higher. Construction contracts decreased slightly. Record volume Stock Exchange transactions. Brokers* loans renew upward swing. Money rates higher.” DISTRIBUTORS, LTD. CHRISTCHURCH, September 20. Millers who are shareholders in Distributors, Ltd., have been meeting in conference in Christchurch for several days past discussing whether the company should carry on or be wound up. This evening the office of Distributors, Ltd., supplied the following report to the press:— “ The flourmillers’ conference, which has been in session all the week, has disbanded without result. In view of the conflicting interests the matter of a satisfactory settlement is very doubtful.” SUGAR OF MILK COMPANY. The directors of the Sugar of Milk Company have reported to the shareholders that, subject to the shareholders* approval, they have accepted the offer by Whey Developments,-Ltd., of England, to purchase the company as a going concern. The purchase price represents a return of £1 10s (by way of cash and preferential shares) per £1 share. Mr J. G. Neil (chairman of directors) stated that Whey Developments, Ltd., is opening up other factories in New Zealand, besides works in England. Several wellknown financial men in London are behind the new company’, and a general expansion of the Sugar of Milk Company’ll activities is expected to take place. The present directors of the Sugar of Milk Company will form the New Zealand Board of the new company. SUNDAY TIMES COMPANY. Sunday Times Newspaper Company (Sydney) reports a loss of £34,775 for the’ year ended June 30. The previous year a profit of £1456 was disclosed. The report states that in April last the whole of the ordinary shares held by Beckette Newspapers, Ltd., were purchased by Mi? A. E. Dalwood. Messrs J. H. C. Sleemen, A. Hendy, W. E. Walmsley, L. G. Walmsley, and M. E. Pettinger retired from thd board, and Messrs A. E. Dalwood, W. J, Dellow, and R. J. Burchell were elected; The directors immediately inaiigurated d thorough reorganisation of the eompany’ff affairs. All assets of the,company, includ-

ing book debts, were brought under review, ‘and items totalling £10.583 were written off. The capital is £200,000, of which £IOO,OOO is 9 per cent, cumulative preference. There are debentures of £2OOO, an overdraft of £58,840, and other creditors of £4907. Assets, including goodwill of £73,000, are valued at £233,233.

RAILWAY WORKING ACCOUNT. FIGURES FOR FOUR-WEEKLY PERIOD. WELLINGTON, Sept. 20. The railway working account for the four-weekly period ended August 18 is as follows, shillings and pence beiner omitted:— K NORTH ISLAND. Expend!- Percent, ol Revenue, ture. Revenue. £ £ Kaihu 389 813 184.04 G-isborne 2,340 3,129 123.14 Main lines and branches 290.4G4 207,031 87.85 Total £293,194 £270,974 88.31 SOUTH ISLAND. Expend!- Percent, ot Revenue, ture. Revenue. £ £ Main lines and branches 195,131 197,731 94 38 Westport 10,004 7 44(5 72.73 Nelson 1,548 3.149 184.22 lectori 2,693 3,155 121.26 Total £209,378 £211,483 94.43 Operating total ... £502,573 £482,457 90.9] OTHER ACCOUNTS. Expendi- Percent, of Revenue, ture. Revenue. £ £ Miscellaneous 21,640 Lake Wakatipu steamers 456 1,293 237.21 Refreshment rooms ... 19,703 20.058 95.44 Advertising, road motors, and other subsidiary services, departmental dwellings 7,433 13,966 172.40 Grand total £551,807 £515,776 88.58 IMPORTS \ND EXPORTS.

Tor the 12 months ended with August 31, the trade figures of the Dominion compare as follows:— Exports. Imports. Excess. £ £ £ 1928 ... 55,275,553 44,557,882 Exp. 10,717 671 1927 ... . 46,112,082 46,725,887 Imp. 613,805 1926 ... 47,252,747 50,708,530 Imp. 3,455,783 The excess of exports is not quite so good as for the 12 months ending with June or July, but the position is better than a year ago by £11,331,476, and is over £14,000,000 better than two years ago. As compared with the previous 12 months, exports have increased £9,163,471, and imports have been reduced £2,168,005. Imports are (the Mercantile Gazette says) now at quite a low level and surplus importations must now be worked off, and we must expect increase in importation. This is quite all right as long as our exports keep up, and there appears every prospect of the coming season maintaining last season’s level, if not exceeding it. This would help trade all round and justify increased importation. The outlook at present appears very bright, but it is early in the season to anticipate what export values will be ahead. '

OPOSSUM SKIN SALE. The Dunedin Stock Agents and Wool Brokers’ Association (Messrs Dalgety and Co., Ltd.; National Mortgage and Agency Company, Ltd.; New Zealand Loan and Mercantile Agency, Company, Ltd.; Otago Farmers’ Co-operative Association Company, Ltd.; Donald Reid and Co., Ltd.; Stronach, Morris, and Co., Ltd.; and Wright, Stephenson, and Co., Ltd) report as follows:— At the third sale of the season held on Friday between • 17,000 and 18,000 skins were offered, mostly from the North Island. The'quality was hardly as good as that of the last sale. The demand was again very keen for all grades, and very high prices were realised. Compared with last sale prices for blacks, browns and reds were quite Is higher, whilst blues and greys were up to Is lower, except for super sorts, which sold almost up to last sale. The following is the range of prices:—Super blues, 19s 6d to' 23s 7d; first blues, 16s to 19s 3d; second blues, 12s to 14s; Super greys, 17s to 19s 6d; first greys, 14s to 15s 6d; second greys, Ils to 13s; Super blacks, 16s 6d to 225; first blacks, 13s to 16s; second blacks, 10s 6d to 12s 9d; super browns, 13s 6d to 14s 9d; first browns, Ils 9d to 12s 6dp second browns, 9s 6d to 10s 6d; super reds, 12s to 12s 7d; first reds, 10s 5d to Ils 6d; second reds, 9s to 10s.

N.Z. SUGAR OF MILK AND - CASEIN COMPANY. The fifteenth annual report of the New Zealand Sugar of Milk and Casein Company states that the output for the year was 288 tons. The directors deemed it advisable in view of the restricted sales to close the works down earlier than usual, and not to manufacture an excess quantity. Stocks on hand are much larger thaq usual, owing to a smaller demand for the product. Prices are lower this year, but this is largely offset by reduced manufacturing costs. The profit on the year’s manufacturing was £1853 'l9s Id, after making provision for income tax and the Dairy Company’s profit account, and writing down contracts and patent rights, buildings, and plant. This, with the amount brought forward, £1638 15s sd, makes a total of £3492 14s 6d, out of ■which the directors recommmend the payment of a dividend of 71 per cent., absorbing £1875, leaving £1617 14s 6d to be carried forward. DAIRY PRODUCE. The National Mortgage and Agency Company is in receipt of the following cablegram from London:— Butter:. The market is quiet. Finest New Zealand, 184 s to 186 s; first grade New Zealand, 182 s; Danish, 194 s to 1965; Irish, 178 s to 180 s; Argentine, 170 s to 1745; Siberian, 158 s to 160 s. Cheese: The market is firm. New Zealand white, 113 s to 114 s; New Zealand coloured, 112 s to 113 s; Canadian- white, 113 s to 114 s; Canadian coloured, 112 s to 113 s,

DUNEDIN HIDE SALE. Messrs Waters, Ritchie, and Co. report having held their usual monthly sale of hides at their stores, Crawford street, on Thursday afternoon. There was the usual attendance of buyers present, but competition was anything but keen, and prices eased to the extent of Jd to Id per lb on those of the previous sale. Owing to the unsatisfactory state of outside markets, shippers in the meantime are not operating. Included in our offering of 1446 were some lines of very stout substance hides, and these had special attention, and brought extreme values. The following were some of our best prices:— Ox: Five 801 b, 143 d; four 731 b, 14jd; two 651 b, 14|d; three 791 b, 14d; three 651 b, 13Jd; one 571 b, 13Jd; 15 751 b, 13Jd; one 781 b, 13d; seven 641 b, 13d; two 661 b, 12gd; one 671 b, 124 d; one 681 b, 12d; one 751 b, 12d; one 611 b, 12d; two 771 b, lljd; 196 641 b. Hid: five 721 b, lljd; 28 641 b, Hid; 28 561 b, lljd; 123 561 b, lid; 98 741 b, lid; 36 491 b. lOJd; 13 501 b, IOJd. Cows: 11 341 b, lid; 55 441 b, 10§d; 128 451 b. lOjjd; 12 391 b, lOid; 297 561 b, 10jd; 57 371 b, 10-Jd; and 68 44]b, at lOd per lb.

DAIRY PRODUCE EXPORTS. HEAVY SHIPMENTS BOOKED. Z The dairy produce export season is now in full swing, and some heavy shipments will leave the Dominion during the next six weeks. Including two steamers now loading and due to sail finally next week, the allotments of space for eight ships up to November 10 provide for 505,000 boxes (12,625 tons) of butter and 158,450 crates (about 11,000 tons) of cheese. Considerably more than half the bufier will be shipped at Auckland, the allotments for that port being 348.900 boxes of .butter and 33,943 crates pf cheese. The Devon will load 77,900 boxes of butter and 9000 crates of cheese at Auckland, and the Ruahine 98,000 boxes of butter. The allotments for Wellington, including tran-" shipment from New Plymouth, Patea, and Wanganui, total 96,100 boxes of bi.tter and 89,644 crates of cheese, more than half of the latter coming from Patea. Three steamers will load 30,000 boxes of butter and 29,000 crates of cheese at New 1 lymouth and 12,100 boxes of butter and 3463 crates of cheese at Wanganui. The allotments and final sailing dates are as follow:—

BREWERY FINANCE. Although the turnover of Arthur Guinness, Son, and Co., brewers, declined from £11,504,604 for 1926-27 to £10,731,190 for 1927-28, the net profit increased by £46,908 to £2,098,482. This was due to smaller excise duties and taxation needs and an increase in income from investments. Profit was struck after allowing for all charges and depreciation. Dividend was maintained at 24 per cent., and ordinary shareholders in addition received a bonus of 4 per cent. A sum of £200,000 was transferred to reserve and £728,969 was carried forward, against £837,368 brought into the accounts. Issued capital at June 30 was £9,500,000, reserve £2,100,000, and sundry creditors stood at £3,482,395, against £3,787,368 a year ago. Properties, plant, goodwill, etc., appeared ’at £5,749,534, stocks £3,218,758, against £3,768,385; casks £615,014, investments £3,469,465, against £2,491,234, cash items £1,969,138, while sundry debtors owed £2,064,019, against £2,647,544 a year ago. For the 12 months ended July 31 Toohey's, Ltd., brewers, Sydney, earned a net profit of £183,449, which contrasts with £174,101 for 1926-27. With £34,091 brought forward the directors have available £217,540. Interim dividend at the rate of 10 per cent, per annum was paid in March last, and a final dividend at the same rate has been declared requiring ifi all £120,000. A sum of £15,000 is written off for depreciation and £45,000 is added to the reserve, leaving £37,540 to be carried forward. Macninery and plant have been maintained efficiently, and expenditure in connection therewith has been defrayed out of current revenue. The capital is. £1,200,000; reserve fund £458,500, and sundry creditors £493,655, the balance sheet total being £2,309,695. Assets include brewery plant, rolling stock, freeholds, etc., £1,546,053, stock £156,343, sundry debtors £581,896, and cash £25,402.

Last week. This week. £ B. d. £ b. d Imperial Consols, 2J p.c. ... 55 15 0 War loan, 5 p.c., 1929-47 ..; 102 15, 0 102 12 6 Conversion loan, 3J p.c. ... 77 2* 6 77 2 6 C’wealtb 6 p.c., 1931-41 ... 102 12 6 102 10 0 O’wealth Line 5J p.c., 1922-27 99 3 9 99 o 6 N.Z 6 p.c.. 1936-51 107 10 0 107 7 6 N.Z. 4 p.c., 1929 100 3 9 100 5 0 N.Z. 3J p.c., 1940 88 12 6 88 12 6 N.Z 5 p.c., 1945 79 5 0 79 5 0 N.S.W. 6.J p.c., 1930-40 ... 102 5 0 102 0 0 N.S.W. 6 p.c., 1930-40 ... 102 0 0 102 0 0 N.S.W. 5J p.c., 1922-32 ... 102 10 6 102 12 6 N.SjW. 4 p.c., 1933 ...' ... 94 2 6 94 1 3 N.S.W. 3} p.o. 1930-50 ... 86 0 0 86 0 0 N.S.W. 3 p.c., 1935 77 0 0 77 2 6 Vio 51 p.c., 1930-40 — 98 0 0 Vie. 5 p.o., 1932-42 99 17 6 100 1 3 Vio 3J p.o., 1929-49 78 5 0 78 7 6 Vic 3 p.c., 1929-40 ... 72 5 0 72 0 0 Vio. 4$ p.c., 1940-60 95 0 0 95 0 0 Q’land 3 p.c., 1922-47 101 1 3 101 5 0 Q’land 3_i p.c., 1930 97 0 0 97 1 3 Q’land 6 p.c., 1930-40 72 0 0 71 18 9 S.A. 6J p.c., 1930-40 102 5 5 102 5 0 S.A. 3J p.c., 1939 ... ... 84 10 0 84 10 0 S.A. 3 p.c., 1916 or after ... 60 15 0 60 10 0 W.A. 6 p.o., 1930-40 102 10 0 101 5 0 W.A. 3J p.c., 1920-35 90 0 0 90 0 0 W.A. 31 p.c., 1915-35 87 5 0 86 2 6 Tas. 6J p.c.. 1930-40 102 12 6 102 16 3 Tas. 3J p.o., 1920-40 86 0 0 86 2 6 Tas. 3 p.c., 1920-40 82 0 6 82 0 0

LONDON, September 20. Par. Sept. 17. Sept. 20. Paris, fr. to £1 ... 25.221 124.20 124.15 Brussels, belgas to £1 25 . 34.90 34.91 Oslo, kr to £1 ... 18.81 18.19 18.20 Stockholm, kr. to £1 18.103 18.13 18.14 Copenhagen, kr. to £1 ... 18.150 18.19 18.20 Berlin, reiehmkn to £1 fl.19 20.36 20.35 Montreal, dol. to £1 4.45 4.84’ 4.85 New York, dol to £1 ... 4.862 4.85 3-32 4.85 1-32 Yokohama, pence to ’ pen 24.83 22 11-16 22’ Hongkong, pence to dol 24.3 243 24’ Calcutta, pence to rupee 24 18 18 Batavia, guild to £1 ... 22.221 12.10} 12.10} Rome, lire to £1 ... 25,22} 92.83 92.78 Amsterdam, guild to £1 12.107 12.0AJ 12.09’ Prague, kr. to £1 ... 12.107 lC.3g 163’

Due Butter Cheese Ship. Sails. U.K. boxes. Corinthic Sep.26 Nov. 2 25,000 12,000 Pakeha Sep.29 Nov. 8 60,000 7,800 Westmoreland Oct. 18 Nov. 25 74,000 27,000 Port Dunedin Oct. 18 Nov. 23 78,000 20,150 Ionic Oct. 26 Dec. 3 30,000 22,000 Devon Oct. 30 Dec. 14 94,000 30,000 Port Adelaide Oct. 31 Dec. 11 44,000 22,000 Ruahine Nov. 10 Dec. 16 100,000 17,500 Totals 505,000 158,450