FINANCE & MARKETS

Sun (Auckland), Volume IV, Issue 1043, 6 August 1930, Page 11

FINANCE & MARKETS

N.Z. Breweries Selling

Govt. Loans Firm

NEW ZEALAND BREWERIES sold this morning at 50s 3d, leaving the market firm. Government Bonds and Stock are attracting numerous investors.

Business on the Auckland Market Transactions on the Auckland market over the past 24 hours included: yesterday afternoon. —Bank of Australasia, £ll 17s 6d: New Zealand Insurance, ex div., £2 2s 9d; South British Insurance, £2 18s; Auckland Gas. £1 4s; Huddart Parker (pref.), £1 Os 3d; Timaru Brewery (paid), 13s; Sanford (ord.), 11s. At the morning: early call.—New Zealand Breweries, £2 10s 3d; Mount Lyell, £1 3s 3d; Mount Lyell (rights), Is 3d. At the midday call.—Commercial Bank of Australia (pref.), £6 12s; Union of Australia (Melbourne register), £l° 16s; Waihi Junction, 2s; Mt. Lyell (rights), Is 3d. Market at Midday Banks remain steady. Commercial of Australia are unchanged, the preference issue are slightly firmer. New South Wales are inclined to firm. New Zealand are a shade firmer. Union of Australia have also improved to sales £lO 16s (Melbourne register). Shipping Is attracting numerous investors. Huddart-Parker (pref.) are asked for at 19s 9d. Northern Steam have steady buyers. P. and O. are in

demand at 435. Union have persistent buyers at 20s 3d. is lifeless, with the exception of Waihi, which are steady. Junctions sell at 2s. Mount Lyell also changed hands at 23s 3d; the rights sold at Is 3d. * * * Talisman Dubbo Mines The manager of Talisman Dubbo Gold Mines, Ltd., reports: “The drive on the Dubbo reef has been advanced 14 feet for the week, and nearly the whole of that distance has been in a fault. This fault is interspersed with large boulders of fairgrade ore. The last holes fired today show quartz carrying gold and sulphides for the full width of the drive; this looks as if we are through th.e fault and the reef making again. - * * Dividends Due Com. Bank Aus.—final, pref., 4 p.c. p.a., ord., 15 p.c. p.a. Aug. 7. Queensland National Bank—quarterly, 2 p.c., making 9 per cent, for year Aug. 14. Farmers’ Fertiliser Co.—B p.c. Aug. 15. Dominion Investment and Banking—annual, 7 p.c.. .. Aug. 15. Victoria Nyanza Sugar—lnterim, 7i p.c Aug. 25. Electrolytic Zinc—ord. and pref.. final. 4 p.c. Sept. 4.

TODAY’S QUOTATIONS

Closing quotations at today’s midday call were:—

MANUFACTURE OF STRAWBOARD Special to THE SUN DUNEDIN, Tuesday. A company under the title of Strawhoard, New Zealand, Limited, and capitalised to the extent of £BO,OOO, has been formed for the purpose of manufacturing strawboard and allied Products at Timaru.

STANDARD INSURANCE COY. TOTAL INCOME OF £309,763 DUNEDIN, Tuesday. The annual report of the Standard Insurance Company states that the income from all sources for the year amounts to £309,762 19s 3d, to which has to be added the balance brought forward from last year, £ 19,118 12sThe surplus on the year’s operations, after making full provision for all ascertained losses to June 30, payment of interim dividend, donation to guarantee and provident fund, depreciation of properties and allocation of £25,000 to the reserves fund, amounts to £35.644 9s 4d. Out of this surplus the directors recommend the payment of a dividend at the rate of Is 3d a share, absorbing £12,500, and that the balance of £23.144 9s 4d be carried forward. PETROL PRICES RAISED POSITION IN CANTERBURY Press Association CHRISTCHURCH, Tuesday. The price of petrol a gallon in Christchurch from this morning will be 2s for first grade and Is lid for second grade. This decision was reached at a meeting of the Petrol Resellers’ Association, following the announcement that the oil companies would charge retailers an extra 2d and bear the extra Id increase in duty themselves. MORRINSVILLE DAIRY COMPANY * From Our Own Correspondent MORRINSVILLE. Tuesday. The annual meeting of the Morrinsville Dairy Company, was held on Monday. Mr. J. E. Leeson, chairman of directors, presided. The chairman said the production of the company for the season had increased from 1,212 tons to 1,577 tons of butter, an increase of 365 tons. “Any forecasts made at the beginning of the season are usually falsified,’’ said Mr. Leeson, in expressing his hesitation about forecasting the prospects for the coming season. This time last year companies were being offered Is 4£d for butter for early shipment, but this year buyers would offer only Is 2d and that only for the month c-f August. The low prices had put the speculator out of business. The most they could expect was Is 3d a lb. this season. The retiring directors, Messrs. FW. Seifert, F. West and J. H. Gaddes, were re-elected unopposed. The directors’ remuneration for the year was fixed at £2BO. A dividend of 6 per cent, on paidup share capital was declared.

FINANCIAL OUTLOOK N.Z. SHARE MARKET MOVEMENTS REVIEWED By "NOON CALL” Business in Stock Exchange circles continues confined to within the smallest compass for many years and, although a true analysis of the position shows that there is not the shortage of money the more pessimistic would have us believe, there is certainly a tendency to restrict expenditure in every possible direction. The wave of depression which started last year seems to be reaching its highest point and on every hand there is talk of economy and still more economy. In many instances there is every indication that the efforts toward reduced expenditure are misdirected and would be better employed in bringing about rationalisation and increased efficiency within the industry concerned, but, be that as it may, it is evident that there is no 4 w a very decided disinclination to spend on anything which can be done without. On the investment market the same tendency is recorded and business, as a result, is suffering. As in all other periods of depression, so today the investing public makes safety a first Essential and gilt-edge stocks are the only securities meeting with a firm and consistent demand; even local body debentures are not as popular as they might be and any dealings in loans of the lesser public bodies of the Dominion today would have to be done on a basis which would allow a return of slightly over 6 per cent.

That the money is available for investment and the general stimulation of industry was shown clearly in the banking returns for the last quarter. The returns of fixed deposits showed little real change on the figures for the corresponding period of last year. The fact is, however, that the more the propaganda of the pessimist is allowed to circulate, the more closely the public is inclined to hang on to its savings. POSITION OVERSEAS There has been no movement in the overseas position to warrant any fresh wave of pessimism. The markets for our primary produce show little change and, although the outlook in certain instances may be a little uncertain, it is hard to see justification for any contention that price's will be tiny worse than has been the case over the past six months. The tendency is all the other way. The butter market is fairly steady and, with production in the Northern Hemisphere continuing to fall as the summer season advances, the demand for the produce of the Southern Hemisphere improves. Wool allows every indication of meeting with a better demand as soon as our Southern season opens. Beef prices, by comparison, arc good and lamb and mutton meet with a steady demand, even though the prices may not be as high as could be expected. The result of the Canadian elections -were not favourable to the New Zealand butter producer, but the battle over tariffs is not over yet and before the increased duty on New Zealand butter is definitely settled many points will, have to be considered and bargained over. Canada finds New Zealand too profitable a market for many of her manufactures to play round indiscriminately with tariff barriers. MOVEMENTS ON N.Z. SHAREMARKET The demand on the New Zealand sharemarket has been directed principally in the direction of gilt-edge securities, free-of-income-tax Government securities meeting with the strongest demand. There has been a brighter tone with respect to the banking group, however, and although there has not been any appreciable improvement in prices, a fair amount of business has been recorded. Shares in companies dealing with the man on the land meet with little demand on levels which allow business to be transacted. Coals are also neglected. The flooding of the Hikurangi mine for the third time in recent years, coming on top of the news that the Waikato mines had missed in their attempts to get a share of the Power Board’s business, has had a psychological reaction and coal shares are not popular at the moment. There are exceptions and these at the moment are Westports and Grey Valleys, both South Island companies. The industrial group shows little life, investors, generally, not showing much faith in this class of security. Below is a summary of some of the business in better-class investments which has taken place on the New Zealand Stock Exchange over the past few days, giving the approximate return on investment based on the latest dividend. In every case the price is the latest up to August 5. Approx.

POTATOES FIRMLY HELD POSITION IN CANTERBURY Press Association CHRISTCHURCH, Tuesday. With the heavy south-west storm there has been little chance of produce being delivered during the- past few days and the market is very quiet, with very little alteration in values. The rain has affected chiefly the potato market. The grower remains a very firm holder. Quotations are £ 4 15s to £4 17s 6d for prompt delivery, £4 17s 6d to £5 for August delivery, and £5 to £5 2s 6d for August-Sep-tember delivery. There are a few inquiries from Auckland and the other ports. The next boat due to leave for Auckland is the Waipiata tomorrow or on Thursday, and it is not expected that she will take a very big cargo. The Waimarino will be the next, about Monday. There js still a fairly good demand for oats and the market is firm at late rates. Today Southern quotations are 3s lOd a bushel, f.0.b., s.i., for A Gartons, and 3s 9d for B grade. Local B Gartons have been sold at 4s and A grade at 4s Id. Chaff for- prompt delivery has been sold at £7 to £7 2s 6d, f.0.b.. s.i., which is equivalent to £5 7s Cd to £5 10s a ton on trucks. A few lines of onions are still coming forward and the best quality lines can command up to £ 4 a ton on trucks. Fowl wheat is firm with the inquiry good at 6s to 6s Id a bushel, f.0.b., s.e.

MATURING LOAN GOVERNMENTS OFFER TO HOLDER Special to THE SUN WELLINGTON, Tuesday. In connection with the 4J per cent, war bonds which were issued in 1916 for war purposes and which mature on September 1, the Minister of Finance, the Hon. G. W. Forbes, stated today that the Government was offering holders of the maturing bonds renewal for a further period, to September 1, 1937, in either inscribed stock or bearer debentures. The securities issued in renewal will bear interest at the rate of 5h per cent., payable half-yearly on March 1 and September 1. The maturing securities were issued with the condition of freedom from in-come-tax, but the income from the securities issued in renewal will not be exempt from taxation. It should be clearly understood, of course, that in-come-tax will not be deducted from the half-yearly interest payments, but will be payable only by investors whose incomes are assessable for taxation in tho usual way. Bonds which are not to be renewed will be paid on presentation at maturity at any branch of the Bank of New Zealand. FRANKTON STOCK SALES BEEF MARKET ADVANCES Special to THE SUN HAMILTON, Tuesday. An advance of 20s for beef marked the stock sale at Frankton today. Cow beef was yarded in large numbers and there was exceptionally keen bidding for the lines offered. Sheep and pigs were penned in average numbers and were sold at late rates. The auctioneers report as follow: Halgety and Company, Limited. — Prime ox sold at equal to 39s a 1001 b: prime cow and heifer, 38s; best prime young cows and heifers, to £l3; prime, £9 to £11; prime light-weight bullocks, £l3; inferior and light cows, £6 10s to £8 10s. There was a fair yarding of store cattle, which sold at full late rates. Store light cows made £5; boners, £3 to £4: Holstein yearling heifers, £4; Jersey yearling heifers, £5; Jersey-cross yearling heifers, £3 7s 6d; Shorthorn yearling steers, £3 ss; cull calves, 32s 6d. A good yarding of fat sheep, which sold at the same rates as last week. Fat wethers made to 27s 8d; fat ewes, to 18s; light, 13s 6d; mixed aged ewes in lamb to Romney rams, 16s 9d; cull ewes, 11s 6d. Fat pigs came forward in small numbers, with a large yarding of stores. Boners made £ 3 3s to £3 8s: porkers, 42s to 48s; large stoies, £2 to £2 8s: slips, £1 10s to £1 15s; vveaners, £l to £1 6s.

New Zealand Loan and Mercantile Agency Company, Limited.—Prime lat bullocks, £ls to £ls 17s; medium fat bullocks. £l3 to £l4 ss; others, £6 10s to £7 2s 6d; killable cows, £5 10s to £6; boner cows, £4 12s to £4 18s; vealers. £3 7s 6d; store cows. £3 17s to £4 3s; prime fat wethers. 27s 3d to 28s; fat ewes, 15s Gd to 16s; 10 fat hoggets, 15s 6d to 16s; ewes in lamb, 12s Gd to lGs. Fat pigs were again yarded in average numbers, but a slight increase in prices was obtained. A heavy yarding of storo and weaner pigs met with brisk competition, and the high prices of last week were maintained. Heavy porkers made £2 12s od to £2 16s; medium quality porkers, £2 7s to £2 11s; stores, £2 to £2 ss; slips, £1 13s 6d to £ 1 17s 6d; weaners, £1 Is Cd to £1 Bs.

Farmers’ Co-operative Auctioneering Company, Limited. —A good yarding of cattle and a medium yarding of sheep. Both ox and cow beef met with keen competition and sold at further increased prices. A pen of fat cows on account of Mr. 31. Barrett, of Koromatua, averaged £l4 ss. the top-priced edw realising £ls 2s Gd. Store cattle sold at late quotations. A small yarding of fat pigs met with a dull sale, but stores changed hands readily at late rates. We quote: Prime fat bullocks, £ls 12s fid to £l6 15s; medium fat bu’locks, £l3 17s fid; light fat [ steers, £lO 15s to £lO 17s 6d; prime fat cows, £l3 to £ls 2s fid; prime fat heifers, £l2 to £l3 4s; heavy fat cows, £lO 5s to £ £l2 10s; medium. £8 7s fid to £9 17s; light, £fi 5s to £7 15s 4d; forward-conditioned, £ 5 to £5 12s 6d; runners, £4 8s to £6 19s; vealers, £2 3s; 2J to 3-year tore steers. £8 5s to £8 14s; 2-year steers, £6 3s; store cows, £2 10s to £4; fat and forward wethers, 24s fid; store wethers, 18s 6d; fat hoggets. 19s 6d to 225; 5year breeding ewes, 24s lOd; forward ewes. 12s to 13s 6d; baconers, £2 18s to £3 3s; porkers, £2 10s to £2 15s; stores, 37s to £2 3s fid; slips. 28s to 355; weaners, 22s 6d to 265. COMMERCIAL BANK OF AUSTRALIA NET PROFITS OF £389,841 Net profits amounting to £389,841 are shown in the annual report of the Comtnercial Bank of Australia, Ltd., for the year ended June 30. The amount brought forward was £94,190. The directors have added £22.851 to reserve and applied £20,000 to the reduction of bank premises, both these allocations being considerably smaller than in 1928-29. Dividend on ordinary shares is maintained at 15 per cent., absorbing £260.937, and preference dividend of 4 per cent, requires £84.694. A balance of £95,549 is carried forward. Capital increased by £237,149 to £4.040.749 on the year, the new capital being available for only part of the period. Premium of £237,149 received on the new share issue has been added to reserve, making it £2,160.000. A decline of £2,015.811 in deposits to £22,165,235 is accompanied by a fall of £1.583.361 in advances to £20.677,514 •ind of £534.023 in cash items. London balances, which include £1.300,000 of Commonwealth Treasury bills, are £392,500 higher. Bills receivable in London show a small increase of £21.987 to £2,022,560. Government securities are practically unchanged at £762.636, against £761,361. Following is a comparison of the bank’s results for the last three year a;

TAUMARUNUI STOCK SALE From Our Own Correspondent TAUMARUNUI, Tuesday. Hoggets were in keen demand at the fortnightly sale today, but there was practically no call for ewes. A largo yarding of the former was offered, with a few cattle. Sheep.—Four-tooth ewes in lamb to Romney rams were passed in at 21s; old ewes, passed in at 7s 3d; goodmouthed ewes, passed in at 21s 6d; ewe hoggets, 12s 6d to 20s; m.s. hoggets, 13s 9d to 19s. Cattle.—Fat bullocks made £lO 10s to £lO 15s; fat cows, £6; two to year steers. £5 17s 6d; 3-year steers. £7: Shorthorn—heifers, £3; P.A. steers, £4; P.A. bull 6.1 guineas; run cows, £3 2s; yearling heifers, 355; dairy cows, £6 15s to £7 15s; dairy heifers, £B. ,

HIDE AND SKIN MARKET AUCKLAND AUCTIONS A further decline in the market for hides and dried sheepskins was noted at the fortnightly auctions held by the Auckland Woolbrokers’ Association yesterday. Calfskins and tallow sold at late rates. Prices ranged: Cow Hides. —Best grade, light, 4|d to 5d a lb; medium, 4id to 4|d; heavy, 43d to 4£d; cut, 3*d to 4d: second grade, 3Jd to best grade, light, 41d to 43d; medium, 4Jd to 43d; heavy, 5d to s|d; cut. 4d to 4sd; second grade, 3j|d to 4d; hides, slippy, 2Jd to 3d; kips, best grade, 5d to s|d; second grade, 3Jd to 4d; yearlings, best, light, 6£d to 7d; heavy, sid to 53d; second grade, 4d to 4id; calfskins, heavy, 6id to 6|d; medium, 9Jd to lOd; light, 83d to 9d; small, 7£d to 8d; cut, 6£d to 7d; slippy, sid to 6d. Sheepskins.—Dried, threequarter to full-woolled, medium to fine crossbred, 6id to 7d a lb; coarse, 6Jd to 6Jd; faulty, 5d to 5 id; damaged, 4£d to 43d; badly damaged, 3d to 3id; halfwoolled, medium, 6d to 6id; coarse, 53d to 6d; faulty, 5d to s£d; damaged, 3d to 3id; bare to quarter-woolled, sound, sid to 6d; faulty, 3£d to 4d: damaged, 2id to 3d; lambskins, sound, ond to 6d; faulty, 41d to sd; damaged, 4d to 4id; salted, sheepskins, threequarter to full-woolled, large, 5s 7d to 6s 3d each; medium to large, 4s to 4s 6d; light to small, 2s 9d to 3s 2d; half-woolled, large, 3s to 3s 6d; medium, 2s 6d to 2s lOd; light and small, 2s to 2s 4d; hoggets, large, 3s 3d to 3s 6d; medium, 2s 9d to 3s 2d. Tallow. —Barrels good mixed, 21s a cwt: second grade, 18s 6d to 19s; poor quality, 16s to 17s; in tins, good mixed, 19s 6d to 20s a tin; second grade, 16s to 17s 6d; horsehair, best tail, Is 6d to Is 7id a lb; mixed, Is 3d to Is 4d; short and mane, 8d to 9d; bones, clean, dry, £ 6 a ton. AUSTRALIAN BANK OF COMMERCE

PROFITS SHOW A DECLINE Net profits of the Australian Bank of Commerce for the year ended June 30 were £180,692, a decline of £37,853. A transfer to the reserve fund of £25,000, against £40,000 in the previous year, makes that account £1,111,880. The paid-up capital is unchanged at £2,208,000. Dividend of 7 per centw absorbs £154,560, compared with 8 per cent., absorbing £176,640 a year ago. The balance carried forward is £29,802, which is £1,132 more than was brought into the account. There are all-round decreases in the balance sheet figures. Deposit show a heavy fall of £1.360,858, to £13,353,280. Against that movement advances and bills discounted are only £117,847 lower, the total being £ 12,795,307. The drain on money in London during the term is reflected in a fall of £429,545 in the balances there.

HAURAKI DAIRYING INCREASED PRODUCTION * The 15 th annual report of the directors of the Hauraki Plains Cooperative Dairy Company, Limited, for the season ended June 30, states that 005 h tons of cheese, 60 tons of creamery butter and 12* tons of whey butter were made, an increase over the previous season in the case of cheese of 98 tons. Owing to standardised cheese having been made the cheese department had supplied 44,0001 b. of butter-fat for butter making. The company sold 615 tons of cheese at 8 h a lb., f.0.b., leaving only 50 tons of the latter part of the season’s make to be sold on consignment. The average grade for cheese was 91.8 and of a total of 8,865 crates there was not a single crate of second grade or modified cheese. The average payment to cheese suppliers had been Is 6d a lb., butter-fat, ai>d to butter suppliers Is 3 2,-3d. The directors proposed to pay 6 per cent, interest on share capital, which amounted to £655. The directors recommend that at the annual meeting a further payment of lid a lb. butter-fat should be made to cheese suppliers and as all the butter had now been sold full payment of the balance due to the butter sunpliers should he made, together with interest on share capital. The balance on cheese would be paid out as soon as cabled advice of final realisation was received. TOTAL PAYOUT OF 1/7 TATUA DAIRY COMPANY Special to THE SUN MORRINSVILLE, Tuesday. J The cheese manufactured by the Tatua , (Tatuanui) Dairy Company during the past season amounted to 962 tons, com- J pared with 928 tons for the 1928-29 season, states the 16th annual report. | to be placed before suppliers at the j annual meeting on August 13. It is recommended that a dividend of | 5 per cent, be made on paid up capital j Including this payment, the total pay- i ment for the season will be Is 7.68 d a I lb. b.utter-fat. The retiring directors, Messrs. F. J. | Shirley and H. J. Wilton, are eligible j for re-election.

CANADIAN TREATY CRITICISED TAURANGA DAIRYMEN MOVING Special to THE SUN TAUHANGA, Tuesday. A motion urging the Government to negotiate with the Canadian Government concerning the increased duty on New Zealand butter, with a view to obtaining a reduction of the tariff, was adopted at the annual meeting of the Katikati Co-operative Dairy Company. Ltd. The shareholders re-elected Messrs. E. Marshall, O. Ross, W. L. Gread and S. A. Wells to the directors. The total pay-out for the season will be 15.32 d net for all grades, which does not include cost of carting cream. At a meeting of directors held after the annual meeting, Mr. E. Marshall was re-elected chairman. FOR WINTER COUGHS AND COLDS HEENZO GIVES PROMPT RELIEF Sudden changes of weather bring on nasty colds, hacking coughs, sore throats. At the first signs of such ailments you will find that HEENZO (Hean’s Essence) gives prompt relief It is warming, soothing and really effective. HEENZO Is easy to make and at the same time is a great money-saver. Purchase a bottle of HEENZO, follow the simple directions on the label, and you have a pint of the finest family cough and cold mixture. The saving effected is at least 15s, as you really get eight bottles for the price of one Chemists and stores throughout New Zealand stock HEENZO. Price 2s bd | a bottle. —2,

Buyers. Sellers. £ s. d £ 3. d BANKS— Australasia 12 0 0 i’om. of Australia 1 3 1 1 4 Ditto (con.) .. .. 0 10 0 Ditto (pref.) .. .. r> 11 0 T-:ntr.. Scot and Aust. b lb 0 6 0 0 5 10 0 b 16 6 Nat. of Australasia 13 18 0 Ditto (con.) .. .. 1 0 New Wales . 36 15 0 37 0 0 New Zealand 2 10 0 2 10 0 Ditto (D mort.) .. 1 0 1. s 0 Union of Australia 10 14 6 10 17 0 INSURANCEo 13 10 0 14 p, New Zealand .. .. 0 2 0 South British .. ... — 2 19 o JO\N AND AGENCY — L>om. Invest, and Bank 0 19 0 1 1 0 Farmers’ Co-op. Auct A (pref.) 16 6 Ditto B (pref.) .. 0 15 6 Goldsbrough, Mort . 1 0 1 7 9 Newton Kins (pref.) 0 12 0 N.Z. & River Plate 1 10 0 N.Z. Guar. Corp. . 0 6 X.Z. Loan & Merc. 80 0 0 93 0 0 Reliance Loan .. .. — 1 2 0 COAL— Grey Valley . • .. 1 3 0 t 5 0 Renown i) lb 0 Ditto (pref.) . . . . 0 s 0 0 Ditto (new issue> 0 0 0 11 Taupiri 1 0 Ditto (pref.) .. .. 1 6 tVaipa 0 13 0 "V\ estport — 1 14 "Westport-Stockton . — 2 0 CAS— Auckland 1 3 o 1 4 6 Ditto (con.) .. .. 0 17 a Birkenhead and Northeote 0 12 6 Gisborne 0 11 0 Thames .. •• •• .. 0 8 6 SHIPPING— Devonport Steam .. 1 4 n Howard Smith . . . . 0 17 0 Huddart-Parker 1 19 0 D tto (pref.) .. .. 0 19 9 0 14 0 0 14 D Ditto (coti.) .. .. 0 0 4 T*. and < >. (def. stk.) 0 — Union Steam (pref.) 1 0 3 — TIMBERLey land-O'Brien — 1 0 0 National 0 8 9 0 10 0 Barker-Lamb .. .. — 0 14 0 BREWERIES— C. L. Innes .. .. 1 1 0 — Ditto (pref.) .. .. 1 1 0 N.Z. Breweries 2 10 2 2 10 8 MISCELLANEOUS— Australian Glass .. 1 13 0 1 15 6

Buyers. Sellers. £ s. d. £ s. d. (pref.) 0 5 0 British Tobacco 1 17 0 Bycroft, Ltd 1 15 0 Con. Brick and Pipe 0 17 0 Colonial Sugar 38 0 0 Dominion Pictures . 1 6 Ditto (pref.) 1 1 6 Electrolytic Zinc (pref.) 1 9 1 4 Farmers’ Trading .. 0 7 8 0 8 0 Ditto (B pref.) .. 0 12 0 0 13 6 Fuller’s Pictures .. 0 12 Hayward's Pictures. 0 12 6 Hill and Plummer . 2 0 II. M. Arcade Theat. 1 0 17 Ditto (pref.) 1 0 0 N.Z. Drug 3 1 0 4 0 Milne and Choyce (del*, stock) .. .. 1 0 1 5 r» National Pictures . 0 13 6 XX. Farmers’ Fert. 1 i u X X. Paper Mills . 0 19 0 Rcbinson lee Cream 1 5 0 Sanfoncl. Ltd 0 1*2 6 Ditto (pref.) .. .. 0 19 0 Sharland 0 19 0 Taranaki Oilfields . 0 0 10 Thames Theatre 0 11 0 0 15 ') t'nion Oil l 15 0 Whit tome-Stevenson 1 IK 0 Wilsons Cement 1 19 0 2 1 6 MINING— Moanataiari (paid) . 0 0 8 0 1 3 Kawarau 0 0 6 Lucky Shot (4s pd ) 0 1 0 Ohinemuri (ord.) .. 0 1 0 Ditto (pref.) . . 0 1 3 Waihi 0 13 9 0 14 W aihi Grand Jun*. 0 1 10 0 9 Mount Lyell 1 0 1 Kampong 0 18 0 — DEBENTURES— Auckland Gas. 1932, 94 0 0 Ditto. 1935. 6i p.c. 101 0 0 A in k Harbour Board. 95 10 0 Ditto, 6 p.c 101 0 0 City of Auckland. 1940, 51 p.c 97 0 0 Ditto. 1949, 51 p.c. 9d 10 0 Auck. Power Board, 1950, 51 p.c 95 10 0 Bor. of Devonport, 100 0 0 Williamson’s Films 101 0 0 Gisborne Sheepfarmers’ so 0 0 — Glaxo .. .. .. 90 0 0 — '5UVEKNMENT LOANS War Loan, 1938, 4} 99 10 0 — Ditto. 1939, 4h p.c. 99 10 •0 — Ditto, 1941 4£ p.c. 99 10 0 — Ditto. 1933, 5* p.c. 99 0 0 Ditto, 1936, 5£ p.c. 99 0 0 — O'lMKKl' STOCK War Loan. 1938. 4J 99 10 0 Ditto. 1939, 4 i p.c. 99 10 0 — Ditto, 1927-41, 5J. 95 0 0 Ditto. 1933, 5& p.c. 99 0 0 Ditto, 1936, 5& p.c. 99 0 0

Latest Return per £100 Price. Invested. d. £ d. BANKS— Aust. of Commerce 1 1 10J 6 8 0 Com. of Aust. 1 1 3 7 1 2 37 G 7 9 N.Z 2 IB 0 5 2 3 Union .. 10 lb 0 b 16 3 GAS— Auckland 1 4 0 G 13 4 Christchurch 1 6 B B Thames 0 7 6 12 4 5 BREWERIES— New Zealand .. .. 1 10 0 6 0 0 Tooths 1 8 9 8 13 11 MISCELLANEOUS— British Tobacco 1 17 6 6 8 Colonial Sugar . . . . 37 10 0 B 13 4 Electro. Zinc (pref.) 1 4 0 8 B 8 Goldsbrough, Mort . 1 7 8 7 4 7 Kempthorne, Prosser 0 2 6 6 8 0 Whittome Stevensons 1 18 0 9 4 3

Brought forward Net profits . . .. 1D28. £ 81,579 355,019 1929. £ 90,485 391,623 1930. £ 94,190 389,841 436,778 482,108 484,031 To reserve . . .. 45,662 49,787 22,851 Bank premises . Dividends 30,000 30,000 20,000 Pref., 4 p.c. . . 84,694 S4.694 84,6^4 Ord., 15 p.c. . 185,937 223,437 260,937 c Carried forward. 90,485 94,190 95.549