FINANCE & MARKETS

Sun (Auckland), Volume III, Issue 813, 6 November 1929, Page 10

FINANCE & MARKETS

Bank Scrip Improves Heavy Business Recorded A LARGE volume o£ business is being transacted on ’Change and in many cases shares are improving rapidly, bank shares being most noticeable.

' A B.C. have steady buyers at 31s 6d, sellers appearing: at 32s 6d. Commercial Bank of Australia are selling freely at 27s 9d, leaving little change in the market. National of New Zealand are unchanged. New South ■\Vales have improved to buyers £4B 2s fid. sellers quoting at £49. Bank of New Zealand, both issues, arc inclined to improve. Union of Australia have turned to sales £l4 10s, leaving the market Insurance are also active. National are again selling: last sale 16s 4d. New Zealand changed hands last evening .it, 46s 3d. South British also sold last evening at 65s 3d. a drop of 3d compared with last sale. < *oal shares remain firm, few sellers appearing. Hikurangi are unchanged, ruke.miro have steady buyers at 70s fid. Renown. all issues, are firm. Taupiri sold this morning at 30s: the pref. have persistent buyers at 23s 6d. Considerable activity is being registered in the debenture section, and many sales are being written up. City of Auckland 5* per cent, sold at £IOO s*. Auckland Harbour Board 5J per i-ont. also changed hands at £IOO 15srN'ew Zealand Inscribed Stock, 1033, J>\ per cent., sold last evening at £9O 15s. Yesterday afternoon's business On ’Change: Commercial Bank of Australia, £1 7s 9d; Union Bank of Australia, £l4 10s. Reported: New Zealand Insurance, £2 6s 3d; South British Insurance, £3 5s 3d; staples Brewery. £2 13s 6d: Hayward’s Pictures. 18s; Milne and Choyce (deb.

stock). £1 7s 3d; City of Auckland. 1963. 51 yier cent., £lot as; Auckland Hospital Board. 5* per cent., 1948, £IOO 15s: New Zealand Inscribed Stock, 1933, 5i per cent., £99 ss^ Business at this morning’s early call. —On 'Change: Taupiri Coal (ord.), £1 10s. Reported: Goldsborougli Mort (1.5.), £2 4s 3d. * * * Business at today’s midday call. — On 'Change: Electrolytic Zinc (ord.), £1 15s. Reported: Commercial Bank of Australia, £1 7s 9d; British Tobacco, £2 6s 4d; Waihi G.M. Company, 12s sd. * * * Dividends Payable Due. Bank of Adelaide—interim, 10 p.c. p.a Nov. 6 Anthony Hordern—interim (half-yearly), pref., 7i p.c. p.a., ord. S p.c. p.a Nov. lo Dalgety, Ltd., 3 p.c. and bonus of 7s a share Nov. 14 Queensland Nat. Bank.—interim 10 p.c. p.a. .. ..... Nov. 14 Northern Steam, interim (half-yearly), at rate of S p.c. p.a Nov. 15 Broken HiU South —Is 6d a share . Nov. lo Burns-Pliilp—interim (halfyearly). 10 p.c. p.a Nov. 15 Taupiri share, ords Nov. 16 Nat. Bank of Australasia — Ord. and con., interim 10 p.c. p.a Nov. 37 N.Z. Paper Mills—interim, 3} p.c Nov. 29 Sharland and Co. —Pref. and ord. (final), 4i p.c Nov. Aust. Glass-.—interim, at rate of 9 p.c. p.a. on prefß., and 10 p.c. on ords Dec. 1

TODAY’S QUOTATIONS

doming quotation* at today's mid-day call wer®:—

BRITISH WHEAT MARKETS (United P.A. — By Telegraph — Copyright) Reed. 11.40 a.m. LONDON, Tuesday. Wheat. —Cargoes are dull, in view of the weakness in America and Canada. i»tf‘ers are Is 6d down, and buyers aie not inclined to do business. Parcels are easier—Mamtobas are is *;,l down and Platas 6d down. Trading is small —ex City of Dieppe. 44s fid. Futures: London. November, 4.s Id; December. 47s 7d; January, 48s 3d. Liverpool: December, 8s Did; March, 9s ocl, May. 9s 7d. LONDON METAL MARKETS United P.A. — By Telegraph—Copyright LONDON, Monday. < Quotations on October 31 in parentheses.) « 'onper.— £7O Ss 9d (£7l Is 3d); three months. £7O 6s 10id (£7O 18s 9d>. Electrolytic Copper.—Spot. £B3 10s (£B3 10s); three months, £B4 (£B4). Wire Bars. —Spot, £B4 (£S4). Lead.—Spot, £22 3s 9d (£22 10s); three months, £23 5s (£22 7s 6d). Spelter.—Spot. £2l 17s 6d (£22 Is 3d); three months, £22 7s 6d (£22 10s). Tin.—Spot, £lßl 17s fid (£IBO 2s 6d); three months, £lB5 2s fid (£192 2s fid). Silver.—Standard, 22 15-16 d (23d) an ounce; fine, 243 d (24 3-16 d). MINING NEWS TUI COMPANY.— The manager reports: For the week ending Nov. 2, the tramline has been completed in main « rosseut as far as No. 3. The fan and engine will be set up as soon as the pipes are all connected up. At the battery. the work in connection with the setting up of the third berdan has beenn completed, the berdan is running very smoothly, and will treat far more stuff than either cf the other two.

BRISBANE WOOL SALES ADVANCE IN VALUES (United P.A. — By Telegraph — Copyright) Reccl. 10 a.m. BRISBANE, Today. At the opening- o£ the wool sales there was keen competition. The highest price for greasy Merino was 20}d: scoured, 30d. Prices generally showed an advance of from 5 to 10 per cent, on the September sales. CHICAGO WHEAT MARKET United P.A.—By Telegraph—Copyright Reccl. 11.45 a.m. CHICAGO. Tuesday. Wheat.—December. 1 dollar 22 3-S cents a bushel; March, 1 dollar 29y cents; May, 1 dollar 33 cents. CALCUTTA LINSEED MARKET The Department of Agriculture has received the following cablegram dated November 4 from Messrs. Landale and Clark, Ltd., Calcutta, with reference to the linseed market:—“We quote £22 5s for linseed ;l ton net c. and f. Sydney. for immediate shipment. The market is steady.”

REFLECTIONS ON ’CHANGE AN EVENTFUL WEEK N.Z. MARKETS REVIEWED By “NOON CALL.” The past week has been the most eventful in recent years in Stock Exchange circles. It has seen the close of a period of falling prices which culminated in a day or so of almost panic selling pressure. The recovery was more rapid than the fall, and the market today registers a buoyant tone, with the general tendency toward higher prices. Tho most pleasing feature of the ■week has, of course, been the lowering of the Bank of England discount rate. While this has had a generally satisfactory reaction on the whole of the financial world, its influence will have a particularly beneficial effect on the overseas market for primary produce. Already cable messages report a brighter tone in theL English wool market. The Wall Street debacle of a fortnight ago seems to have come as a blessing in disguise to many sections of the market, as it has helped an all-round move toward a more healthy level of prices. One of the most disquieting market features of the moment is the large amount of loan money maturing, and awaiting conversion on the London market in the near future. The disquieting feature arises from the fact that there seems little likelihood of interest rates in this section of the investment market dropping to lower levels in the near future. The trend seems to be all the other way. The British Government’s proposal to offer 5 per cent, on its huge conversion proposal now on the market definitely shatters any hopes of the Dominions receiving cheap money in the near future. They certainly cannot hope to get it on better terms than the Old Country can give—experience teaches us to expect the reverse. Whereas the approximate cost to the country of a loan .raised for New Zealand early in the year was £4 18s 2d per cent., market indications are that any fresh money in the near future would cost over £5 10s per cent. It is this, combined with other factors, which strengthens the forecast that the New Zealand local giltedge market will see higher interest levels within the next few months. At the moment, the New Zealand gilt-edge market is firm, on levels little below the peak of two months ago. One of the pleasing features of the week has been the strengthening of the market for stocks which more or less reflect the outlook for the primary producer. The market for Goldsbrough Morts has moved up over 1s; Dalgetys are also decidedly firmer. Banks have shown considerable activity over the past day or so. Commercials -f Australia, in particular, coming into the limelight as a result of an exceptionally heavy turnover. The comparatively small price of this scrip makes it always popular with the small investor. Even at yesterday’s slightly higher prices, in spite of tho present outlook, the scrip appears to have attractions, returning as it does approximately £5 8s per cent, on investment.

The coal group continues popular with a wide range of investors. It is interesting to not© in this connection that Renowns have justified the forecast of last week in the fact that the scrip has sold on slightly higher levels. The market for shares in Southern mines is very quiet.

The miscellaneous group shows little movement, although the section generally reflects a considerably brighter tone, and a wider range of businesshas been transacted over the past few days.

Summed up, it can be said that the market today, as. compared with last week, has a decidedly healthier tone, with a general improvement shown in the level of prices. At the moment there is good buying for the cautious investor, but care is needed not to get caught in the present wave of revived faith, which tends to again raise prices to unhealthy levels. Return on Investment Below is a summary of sales made on New Zealand Exchanges over the week ended November 5, giving the approximate return on investment based on the latest dividend. The prices quoted, although the latest recorded sale price, need not necessarily be today’s market price, as the market for most of the more popular stocks has altered daily over the past week. In the case of Government and local body debentures the return includes redemption. Latest price. Ap. return. £ s. d. £ s. d. BANKS—

HIDE MARKET DULL I AUCKLAND SALE 7 As reported in yesterday’s Sun, the offering of hides at yesterday afternoon's hide and skin auctions conducted by the Auckland Woolbrokers’ Association met with a very dull sale, and very little business was done under the hammer. Especially was this the case in regard to heavy hides. There was a general decline of id a lb, compared with prices at the last sale. The market for sheepskins was very firm. Prices ranged as follow: Cow hides, light and medium, 62d to 7id a lb.; heavy, tild to 7d; second quality and cut, 4£.d to s£d; faulty, 4d to sd: ox hides, light, 65d to 7d; medium and heavy, 6d to 6ijd; second quality and cut, 55d to fid; kips, best grade, 63d to 7*d; seconds, s id to 6d; yearlings, best grade, 83d to 9d; seconds. 6i*d to 7d; calf skins, heavy, 91b to 101 b weights, Sid to 9d; best light, 12|d to 13d; best medium, 135 d to 133 d; light and medium, cut, 10id to lid; slippy, Sid to 9Jd. Sheepskins.—Three-quarter to fullwooled, medium to fine crossbred, lOid to lid; coarse crossbred, 9id to 10a; faulty, 85d to 9d; damaged, 75d to Sd;. badly-damaged ancl broken, sid to *6d; half-woolled, medium to fine crossbred. Sid to 9d; coarse crossbred, Sid to Sgd; faulty, 7d to 7£d; damaged, F»id to fid: quarter to halfwoolled. damaged, 5d to sid; lambskins, sound, 10 Jd to 103 d; faulty and seedy, Sid to 9d; damaged, 7id to Sd; salted sheep skins, three-quarter to full-woolled, 9s 9d to 10s each; medium, 8s 3d to 8s 9d; light, 5s 3d to 6s 3d; half-woolled, large, 6s to 6s 3d; medium, 4s fid to 5s 3d; light, 2s 9d to 3s Sd. Tallow. —Best mixed, in barrels, 28s 6d to 29s a cwt: second quality, 24s to 26s fid: poor quality and gut-stained, 21s to 22s fid: in tins, good quality, 27s Gd to 28s; seconds, 24s 6d to 265. Horse-hair. —Best tail, Is Sd to Is 9d a lb: mixed. Is 6d lOd to Is Id; mane, Sid to 9cl. Bones.—Clean, dry, £5 15s a ton.

POTATO MARKET LIFELESS POSITION IN CANTERBURY Press Association CHRISTCHURCH, Tuesday. The potato market has weakened since the week-end. Then the quotation was £6 ,f.0.b., s.i.; on Monday sales were at £ 5 15s, and today, at £5 10s. Prices to farmers are £4 ss. Still a fair number of small lines* are offering from the farmers. The merchants are receiving no orders from Auckland and only occasional orders from elsewhere and* as, moreover, potatoes can be purchased so easily from the merchants there is no demand for the farmers’ offerings.’ The Kurow, which sailed last Friday, took no potatoes from the port. Oats have retained values. A grade Gartons are worth 3s Sd to 3s Sid. f.0.b., s.i., and B Gartons 3s 7id. Chaff is very difficuilt to procure. There has been a. steady trade with the North Island, in addition to which farmers, on account of the scarcity of feed in the late winter and early spring, have cut into chaff a good deal of their oats for sheep feed. It is some time since such a small number of stacks have been seen at this time of the year. Values at present are £7 5s a ton, f.0.b., s.i., and from £5 5s to £5 7s fid a ton on trucks. Peas are still meeting with a “dead” market, the export demand being nil. Homo advices are to the effect that the English crop of Partridge peas was better than for many years and the quality superior.

CANTERBURY FREEZING CO. LOSS ON YEAR OF £29,152 (Special to THE SUN) CHRISTCHURCH, Tuesday. A loss on the year’s trading of £29,152 is shown in the annual report of thesNorth Canterbury Sheepfarmers* Co-operative Freezing, Export and Agency Company. This, with the total brought forward from last year, makes a total of £29,419. The dirqptors recommend that the loss should be dealt with by writing off the general reserve of £9,000 and the dividend equalisation reserve of £5,000, leaving a balance of £15,419 to be carried forward. During the year an alteration in the arrangements for the* disposal of the company’s meat was approved by the majority of the directors. The company paid a dividend of 6 per cent, in 1924, but in the following year incurred losses exceeding £20,000, which absorbed half its reserves. There was *a small loss in 1926, but in 1927 profits totalling £6,875 were declared and a dividend of 6 per cent., amounting to £5,094 on the capital of £84,855 was paid. Last year the company lost over £ 8,000, and carried forward a deficiency of £267. The past year’s results have extinguished all its reserves and left a deficit of £15,419. A PROGRESSIVE COMPANY STUDYING WOOL BUYERS’ NEEDS Further indication of the determination of the New Zealand Loan and Mercantile Agency Company to give the best possible service, to clients is shown in the fact that one of the company's officers, Mr. Harry Duke, of the wool department, recently spent several months abroad studying buyers’ requirements. Mr. Duke, who is due back in the Dominion within the next week or so, spent some time in the factory of Sir James Hill and Company, at Bradford, studying the English process of sorting, scouring and costing wool; he was also several months in the factory of Messrs. Henri Caulliaz and Company at Roubaix, France, studying French methods. The knowledge gained during liis stay abroad should be of gfeat value to the company’s wool department. Growers who entrust their wool to the Loan Company can be assured of expert service.

THE SUGAR INDUSTRY OUTLOOK NOT BRIGHT COLONIAL COMPANY CHAIRMAN’S VIEWS Climatic conditions, stated the chairman of directors, Mr. E. W. Knox, at the half-yearly meeting' of shareholders in the Colonial Sugar Com- i pany, both in Australia and Fiji. j affected the growth of the cane during the past six months, and the total output of sugar will be about 600,000 tons, including 220,000 tons from the company’s factories. It will be necessary to export from Australia 192.000 tons, which has been sold to British refiners and should realise about the same price as the shipments of the 192 S crop. Since August the production of sugar from the company’s Australian and Fij mills has averaged over 10,000 tons a week. The prospects of the 1930 crop are not, so far, favourable—the winter and spring nights having been unusually cold —and the rainfall for that period was below the average. Since the sharp fall in the world’s price for sugar, which reached the lowest point in May last, there has been a slight recovery in values, but it cannot be said that this will be maintained. All the producing countries, except Java, now depend more or less on protection of their sugar industry or on preferential duties, and a way out of the resulting tangle is not manifest. To add to the difficulty, the British Chancellor of the * Exchequer lias stated his intention to propose next year the abolition of the sugar duties and the consequent cessation of preference for the produce of the British colonies formally promised to those communities for a period of ten years from July, 1926. Mr. Knox remarked that the company’s deliveries of refined sugar during the half-year again showed no increase and they were still in doubt as to the cause of the slightly smaller consumption. But there had been a strong demand for syrup, as has been the case before when many people were out of regular work and a cheap substitute for butter was sought. He added that the company’s refinery at Perth is nearly completed, and it was expected to start work there in a few weeks. With that addition to the refining, plant, the company could provide a larger supply of refined sugar than is now required in Australia, so that it did not expect to be called on to enlarge any of the present factories for some time to come. FRANKTON STOCK SALE BEEF MARKET FIRM From Our Own Correspondent HAMILTON, Tuesday. There was a good attendance of buyers at the weekly stock sale at Frank ton toda>. Prices for beef were slightly firmer than last week, while sheep quotations were slightly easier. Pigs were yarded in good numbers, and sold at fol!ow^ eS ’ The auctioneers report as New Zealand Loan and Mercantile Agency Company, Ltd.—Fat bullocks, f 1.4 Is to £l.i 17s 6d; lat cows, £ll 7s to £l2 15s; lighter, £9 17s 6d to £lO 12s 6d; light, £7 5s to £8 12s; fat w»+l ieiS ’ 10(1 to 29s two-tootli wethers, to o9s; ewes, to 22s 9cl; hoggets, t 0 225; 9 5; spring lambs, 23s to 255; baconers! 16s to £1 4s; porkers, £2 10s to £2

Farmers Co-operative Auctioneering Company, Ltd.—A good yarding of cattle an s* a medium yarding of sheep. Competition was keen throughout, and increased prices were realised for both steer and. cow beef. Store cattle and sheep were sold at late rates. There was a good yarding of fat and store pigs, and prices were slightly below last week s quotations. Dairy cows came forward in average numbers and met with a ready demand. We quote*:—Fat steers, £l4 Os to £l4 16s; medium fat £l2 Its to £l3 7s fid; fat cows, £S 19s to £lO 11s; light fat cows, £6 17s fid to £8 2s 6d; vealers, £2 13s to £2 15s: three and five-year steers, £9 14s to £ll is; 2 to 2i-year steers, £7 17s 6d to £8 2s fid; store cows, £4 to £6 ss; Jersey and Jersey-cross yearling heifers, r.Z two-year Shorthorn heifers, £6 los to £7; bulls, £5 to £9 10s; heavy fif-coners, £4 to £4 4s; medium baconers, £o 12s to £3 16s; light baconers, £3 3s to £o 10s; heavy porkers, £2 15s to £3; light, £2 5s to £2 12s; good stores, 35s to £2; slips, 28s to 335; weaners, 15s fid to 245. Dalgety and Company, Ltd.—There was an average yarding of beef. Prices were much on a par with last week’s rates. Choice ox sold at 40s a 100, prime cow and heifer beef at equal to 35s to 38s, according to quality. Aged fat cows, £7 15s to £9; light cows and he if ei_s, £6 _s to £7 12s fid; runners, up to £ o 1 1 s 6d: store cattle were in short supply, and all classes sold at late rates; store cows £6 to £7 ss; small cull heifers, £3 10s to £4 ss; small highgrade Jersey yearling heifers, £fi; dark Jersey yearling heifers, £5 ss; bulls £4 There was an average yarding of fat sheep. Prices were about on a par with -last week’s rates. Heavy shorn wethers 2vs to 2Ss lOd; fat wethers, 25s 9d; fat shorn hoggets, 23s lOd; fat woolly wethers, 335; store cull wethers, 20s to £8; eyves and lambs, 30s. There was a heavy yarding of fat and store pigs. Store pigs were slightly easier than last weeks rates, and light porkers also were a bit easier. Prime heavy baconers, £4 to £4 9s; medium, £3 13s to £4heavy porkers, £2 15s to £3 Is; lighter’ o9s to £2 12s fid; large stores, 39s to 435; slips, ols to 37s fid; weaners, best, 20s to 27s fid; others, 10s fid to 17s 6d. A particularly fine line of 40 prime baconers for Messrs. Ayers and Smith, Waharoa averaged £4 9s.

LONDON PRODUCE MARKET HIGH COMMISSIONER’S CABLE The Department of Agriculture has received the following cablegram from the High Commissioner .for New Zealand, London, dated November 2: Tallow. —The spot market is quiet and sales at auction were slow. Present quotations are:—Mutton: Fine. 40s to 40s 6cl a cwt; fair to good, 37s (id to 395; dark to dull. 35s 6d to 365. Beef: Sw'eet and/or mixed, 39s to 425; fair to good. 36s to 38s 6d; dark to dull, 35s to 35s 6d. Mixed: Fair to good. 36s to 38s 6d; dark to dull, 35s to 35s 6d. Gut, etc.: 34s to 35s 6d. Hemp.—Manila is again easier. Closing values for “J” grade November - January shipments and Decern berFebruary shipments are £35, sellers. Sisal: The market is quiet and easy. Business has been done in fair average quality October-December shipments as follow: No. 1, down tp £3B ss; No. 2, £37. Good marks No. 1 was offered at £39 ss, with a few transactions in No. 2 at £3B. Mexican: Firm good white, £4O 2s 6d: special brushed, £43 12s 6d. New Zealand: The market is dull and the tendency is downward, especially in lower grades. Buyers’ ideas are considerably below those of sellers. Nominal comparative closing values, November-January shipments, are: High points, £33 10s"; fair, £3O to £3O 10s:* common, £2B to £2B 10s. Tow is unchanged. Oats.—The market continues very dull for imported, with prices easier, as the pressure of German supplies Is still felt. Plate November shipments are offered at 19s 9d; new crops. De-cember-February shipments, are ol*tainable at 20s 9d; Chilean afloat is offered at 20s; German November shipments, sellers ask 39s 9d. English offerings are restricted on account of the low* prices. Choice white spring is offered at 24s to 255; other qualities down to 2ls. Peas.—Maple: The demand for imported continues dull, good quality English being obtainable at 51s to 525. Sellers of No. 1 New Zealand Partridge afloat ask around 55s c.i.f., but buyers’ ideas are not more than 51s 6d, as landed parcels ex store are obtainable at 52s 6d to 555. Blues: No recent business-in New Zealand or Tasmanian, as the market is overstocked w ith Japanese and Dutch, which are selling at poor prices. Business has been done at £IS 15s for September-November shipments and down to £lB for De-cember-January shipments. Nominal e Zealand ex store, £ls to Beans.—The market is quiet. English crops are of good quality and are held firm, best winter making 53s to 545. old spring crop, 57s to 595. Chinese horse are dull of sale, Octob^'-Novem-ber shipments offering at £9 2s 6d without buyers. Danish Cocksfoot.—The market is quiet, the present value being about 85s New Zealand ports. Wool.—At Bradford a. better tone is reported for tops. Quotations steady at the last rates quoted.

Buyer*. Sellers. £ s d. £ s. d. BANKS— A ust. of Commerce 1 1 l 6 1 12 6 Australasia 15 12 14 ft Com. of Australia.. 1 7 < * nit to (new issue) — ft Ditto (con.) .. .- 0 2 Com. of Sydney .. 21 10 25 •* Knt.. Scot., & Alls. * National of X.Z. .. 0 15 fi 0 Nat. of Australasia X 4ft — 0 N'pw South Wales . IS 2 8 6 0 I'nion of Australia . 14 1XSCRANCE— — ft 13 6 National — ft New Zealand .. .. o 2 ft Queensland jiouih British . . • • 5 ° 3*0AN AND AGENCY — Abrahams & ‘Williams (pref.> 14 ft J>algety and Co. . . Dorn. Invest and l aimers' Co-cp Auct. 1 Ditto (A pier.) .. •» - Newton King (pref.) N Auck. Farmers* — Ditto B (pref.) .. 0 COAL— HikurariRi 0 1 , __ Ditto (prof.) .. .. 6 • Ditto (A pref.) .. — Ditto (pref.) .. .. Ditto (new issue) 1 ft 6 i 10 6 Ditto (prof.) .. .. t> 0 0 14 AN a i pa AV estport-Stockton GAS— 1 4 IS 1ft Ditto (con.) .. •• T . Thames SHIPPING — Devon port Ferry .. 1 1 0 4 l 2 ft Howard Smith .. .. —" 0 Iluddart-Parker Ditto (pref.) 1 0 14 0 10 — I'nion Steam .. •• 6 TIMBER— 1 ft R Kauri Timber .. .. o 1 ,e. land-O'Srien — National Parker-Lamb .. .. ■WOOLLENKaiapol (pref.) .. .. BREWERIES — X.Z. Breweries ... MISCELLANEOUS— 4 7 0 0 16 4 6 ft — 1 Australian Glass Aust. Iron & Steel 2 13 ft 2 (pref.) — British Tobacco .. 1 3 - 5

Buyers Sellers £ s. d. £ d. Burns, Philp .. • • 2 2 0 — Colonial Sugar - • . Dental and Medical Dominion Pictures . 1 0 6 Ditto (pref.) .. .. l 0 Dunlop Rubber l 6 6 Electrolytic Zinc (Old.) I )itto (pref.) . . . . 1 Jo 0 0 0 13 0 16 1 Grey and Menztes . 0 10 6 Hamilton Theatres . 19 Hayward’s Pictures 0 IS Henry Jones Co-op. 1 ii H.M. Arcade Theatre (pref.) .. - .. •*. 1 l Holden's Motors (ord.) 1 0 — Ditto B (pref.) .. X.Z. Drug Lewis Eady (ord. ) . 1 Ditto (pref.) .. .. 1 0 0 Milne and Choyce, (dob. stock) .. .. 1 7 X 9 Morris Hedstrom 0 IS a X.Z. Farmers' Fort. 1 1 X.Z. Refrigerating . 12 6 13 Ditto (con.) .. .. 0 10 0 6 Northern Boot .. .. 0 S Sanford, Ltd 0 IS 6 Ditto (pref > .. .. 0 19 6 1 J 0 10 0 Taranaki Oilfields .. 0 4 ft 4 9 Tonson Garlick 0 6 6 I 'iiion Oil, Soap 1 Whittome- Stevenson — 6 0 Wilsons Cement 2 2 3 — MINING— 0 0 4 ft 1 6 Moanataiari (paid) 0 6 1 2 Ditto (con.) .. •• Kawarau 0 62 Lucky Shot (4s pd.) 0 0 9 (1 10 S Waihi 12 4 Waihi Grand June. 0 1 Mount Lyeli 1 Kuala Kampar Tin — DEBENTURES— 1932. 42 p.c. 98 10 0 Ditto, 3939, 5J p.c. 99 Ditto, 52 p.c. 100 0 0 98 0 0 City of Auckland, 1926, p.c 99 0 0 Borough of Mt. Eden 52 per cent. . - 100 0 0 102 X.Z. Breweries 1 s 0 1 Gisborne Slieepfarmers — 100 0 0 GOVERNMENT BONDS— War Loan, 1938, 4 2 100 2 K — Ditto, 1939, 4£ p.c. 100 Ditto, 1941, 42 p.c. 100 0 0 Ditto, 1933, 5i p.c. Ditto, 1933, 52 p.c. 100 0 Ditto, 1932, 5} p.c. 99 5 0 100 0 0 INSCRIBED STOCK War Loan, 1927-41, 0 0 Ditto, 1933, SI p.c. 99 5 0 Ditto, 1933, 52 p.c. 101 10 0 Ditto, 1936, 52 p.c. 101 0 0 101 10 0

Aust. of Commerce 1 12 0 ft 0 ft Com. of Australia 1 0 8 1 Commercial of 8yd. 24 0 1 Eng., Scot. & Aus. V 12 (5 4 18 4 National of N.Z. 6 Id 9 1 Nat. of Australasia . 18 10 0 8 1 Ditto (con.; . . . . S lb 0 14 New South Wales 48 10 0 3 1 New Zealand . . 0 0 4 15 7 Queensland National 9 0 0 1 1 1 Union of Australia . 14 10 0 b 3 b INSURANCE— National 0 16 4 4 11 10 New Zealand . . 2 6 3 South British . . . . 3 5 3 3 19 2 LOAN AND AGENCY— G old sb rough. Mo it. 2 4 6 Newton King- (pref.) 0 12 10 N.Z. Guarantee Cor. 1) 8 14 i Renown (pref.) Taupiri 0 1 10 4 0 6 13 4 GAS— Auckland 1 4 1ft 6 8 10 Ditto (con.) .. .. 0 IS 1 6 12 8 SHIPPING— Devonport Steam . 1 0 Northern Steam 0 14 10 7 TIMBER— Kauri Timber .. .. 0 16 9 4 9 6 WOOLLEN— Kaiapoi (con.) 0 3 10 7 6 1 BREWERIES — N.Z. Breweries • .. J. Staples 4 S 13 ft 6 1 13 r MISCELLANEOUS— British Tobacco ,> 6 O 4. 15 4 Burns, Piiilp 6 -i 11 11 Colonial Sugar (cum div.) 51 0 0 4 12 7 Dunlop Perdriau 1 0 b 15 Electro. Zinc (ord.) 1 13 11 7 1 6 Farmers’ Trading • • 0 9 8 13 0 Gear Meat 2 4 0 6 Hayward’s Pictures 0 IS 0 I 0 0 Kempthorne Prosser 14 0 8 1 Milne and Choyce deb, stock 1 7 Ti 17 5 N.Z. Farmers’ Fert. 1 0 h N.Z. Paper Mills . . 1 0 6 6 V 10 N.Z. Refrigerating (con.) 0 6 0 S 6 S Quill Morris Robinson Ice Cream 0 1 11 6 7 IS Sanford. Ltd 0 IV 9 IV 9 Taranaki Oilfields . Victoria Nyanza 0 4 jj 7 ft 4 W ilsons Cement 2 2 6 4 14 2 DEBENTURES— City of Auckland, 1963. 5} per cent 101 , 0 g 5 Auck. Hospital Board. 194S. 5-’. p.c 100 15 0 3 7 0 Farmers' Co-op. of Canterbury . . .. 90 0 0 7 12 1 GOVERNMENT BONDS War Loan. 1932. 5; 99 10 0 5 8 9 INSCRIBED STOCK War Loan. 1928, U 100 0 0 4 10 0 Ditto, 1932, ni p.c. 4 Ditto, 1933, P.C. 101 0 3