COMMERCIAL.

Press, Volume LXI, Issue 18423, 2 July 1925, Page 10

COMMERCIAL.

WHEAT-GROWERS' PROSPECTS.

\FARMERS> UNION DISCUSSION. . Some gloomy remarks concerning the . J effect of the recent wet weather on / wheat crops, were made at yesterday's F meeting of the executive of the North T Canterbury branch of the New Zealand Farmers' Union. Mr W. W. Mulholland said that in view of the present position, it was essential that information should be obtained as to how much land had been sown in -wheat. He therefore moved that the secretary should be instructed to make enquiries from the various branches with a view to ascertaining •what the acreage was likely to be. _ Mr F. A. Wagner said that the position at Elle&mere was absolutely desperate, the district being in many instances, clean under water. He considered that the wheat would be better in the bags than sown, as to sowit now would be quite useless on heavy land. On the lighter land, the position was not quite so had, however. All the farmers in his district were pessimistic concerning ,the position, and it was his opinion that the greater part of the wheat already sown would he drowned out. It seemed that the only wheat that would be of any use would be spring sown stuff. Mr J. U. Cullen (Waddington) thought that although that district was at present under snow, the amount of wheat sown would he up to the average. After further discussion, the motion was carried.

RAILWAY TARIFF. CHAMBER OF COMMERCE INVESTIGATION. . The secretary (Mr P. E. Climie) of the Canterbury Chamber of Commerce yesterday received one copy of the new railway tariff. In view of more copies not being available, a change of j:Jans in connexion with the investigation by sub-committees of the Chamber has been necessary, and the investigation will take longer to complete. Mr F. A. Grant, assistant-secretary, who was formerly of the Railway Department, was engaged yesterday in going through the new tariff with the object of proparing useful data for the. sub-commit-tees to work upon. He is drawing up a comparative table setting out tho old and the new rates. The Chamber is fortunato in having Mr Grant on its staff, as his services at the present juncture will be extremely vailuable. The meeting at which tho sub-com-mittees were to submit their reports, which was fixed originally for Saturday eight, has been postponed.

~ (srEC.'iL TO "the THESS.") WELLINGTON, July- 1. During the afternoon sitting of tho House of Representatives, Mr D. G. Bullivaii asked, as a question of urgency, whether the Minister of Railways would see that Canterbury interests were supplied with copies of tho now railway tariff, so that they could study it and make representations beforo it -was brought into operation on July 13th. " ■

' The Hon. J. G. . Coatos said the Chambers of Commerce throughout the Dominion' wore being supplied with copies of the. proposed tariff. Only the other day'copies had been printed for circulation. ' Ample' time would, be given-for those interested to make representations .before the tariff was brought .jnto operation. 'Mr Sullivan interjected that there would not be much time if it was to come.into force on July 13th. Mr Coates replied that he had made no such statement. ' He had always said that sufficient time would be given to place the views of' those interested before the Board.

AMERICAN GOODS IN DOMINION. BRITAIN FAILS TO SPECIALISE. (SFICIAIi TO '"THE PBISS.") 2 - / WELLINGTON, July 1. Speaking in the Taranaki district during; his visit the other day, the Hon. B. F. Bollard, Minister of Lands, referring, to our support of British manufactures, said that he was in favour of British goods every time, but there was one thing the British manufacturer neglected, and which America studied: Britain was backward in sending her experts to find out exactly what our requirements wei;e. That was responsible for the slipping in of the United States, and their getting a good deal of our custom; . When the United States manufacturer wished to launch an article on our market, lie sent a man here to study just what he wanted. He cited motor-cars as an instance of this. Wo needed high-power cars for our market, and we got them from America, not from Britain. The British cars were low powered, and did not suit our roads. If they sent the right class of car we would not buy the American cars.'

KAYE AND CARTER, LTD. MEETING OF CREDITORS. A full meeting of creditors in connexion the liquidation, of Kaye and Ltd., was held in the Chamber of Commerce yesterday afternoon," Mr J. •, D. Herdman presiding. The "meeting was not open to the Press;; '..''->." The-liquidators,-Messrs N. L. Macbeth and W>Machin, outlined the position of'the estate" to tbe creditors and "asked for instructions as to realisation;.'the attitude preferen- ' being made was indicated. ' They also -indicated ,the •' directions that should "li& given -'Jo "the liquidators. ■ , Resolutions wire/passed by the meetiug approving! the_ actions of the liqui- ' v dators andigivirig 'the required instruc- ■ '-"■■• - r '

- r, V' aold'tby public,.auction! at '. the ; ' -SSSSSSs?ales»mh;'.-; the following :—Account - !■ at 20gns, Xv fat , $-i T. J. Hamilton, Jersey cniss '^^iSKMMl&Pii*' l '*™* R - **. Moffat, Jersey 'P^S^^i I ** .account J. Cooper, Jersey &>MW!siS2. :^ g^: - »<!«ount\C.,l/ee, Jersey cow |K *|^flHV<' ?,;ottnt '&' e »ey. Shorthorn cow ton ' Jerse y *•"* .Vt- .goia .<* u *taujT4-.

THE LAST LOAN.

STATEMENT BY SIR JAMES PARR

(special to "tee' pbe'ss.") WELLINGTON, July 1. In the course of a speech in the House of Representatives to-day, the Hon. Sir Janies Parr made'interesting reference to New Zealand's last loan of £7,000,000. Of this amount, he said, one million'had heen set asid9 for advances on workers' houses and one million lor advances on rural securities. The balance of five millions had been absorbed by Public Works general purposes, including railway ai,d telegraph construction, which had taken up three millions and a half. Then there was railway improvement, half a million; hydro electricity, half a million;. and main highdays, half a million. So far as the Government was concerned, ii could be fairly claimed that there had been a most successful flotation. The yield to the investor was £4 los 3d per cent. Until the High Commissioner gob all the accounts and sent his statement to the Finance Minister here, it was impossible to say within two or three shillings per cent, exactly what the loan cost the borrower. • The indications were that the cost of the loan woidd be'little over 5 per cent. More exact information, he thought, -would be available by the time the Budget came out. There was no doubt. Sir James Parr added, that the Government had got in early in London, just before the present slump in all Dominion securities began to operate. It was true that the underwriters were left with a considerable portion of the loan, but that did not a'ffe:t the Government. The London County Council, probably the best gilt-edged security in ths British Empire, borrowed en the same terms as ours a few days later, and "•5 per cent, was left on the shoulders of the underwriters. New South Wales a few weeks afterwards offered terms superior, to those offered ; hy_ New Zealand—terms which would give the investor, £3 ,1s 6d per cent. —and the underwriters were left with 68 per cent. It was quite obvious that the New Zealand loan was considered the best security- offering at the time —a very high cpmplimeut.

Mr D. G. Sullivan: What is the cause of so much being-left on the hands of the underwriters.?. Sir James Parr: There were obvious reasons. There had been a very adverse balance of. trade-in the Old ."Country, the worst balance.for 20 years. There had been almost- complete stagnation in the iron and steel industries, and there could be no question that the determination of the Imperial Government to restore the> gold standard had resulted in the banks determining to keep their money in England. There could be no doubt that the vast number of issues of .loan capital in the last three or four years to all sorts of countries and people, outside-the Empire had conduced to the dearth of loan money. That dearth would continue. These facts had to be faced and that was one reason " for" the need of overhauling our arrangements with regard to the Advances' to Settlers' Department, and the necessity for considering whether this or any other country could undertake the finding of all the money on loan for all the people in the country. It was l poor business always to borrow money from a -country, which did not buy our goods., . America did not buy our beef and .wool,', and. they had a hostile tariff against, us. Supposing Australia borrowed in New York, as was indicated in a recent cabjo message,, the, interest would not be paid in Australian goods, but would have to be paid in London. That meant very heavy charges in London and : to the baiik. These were matters wliicli would have to be very carefully considered by anyone who mieht serk loan accommodation in New York in ' the near future. Borrowing in America by a Dominion was open to very serious criticism arid objection. By -borrowing in England we. paid out interest to people of our own nation. The interest payments did not go to-fatten a nation which had an adverse - tariff against us. '^

H.B. FARMERS' COOPERATIVE ASSOCIATION. ANNUAL MEETING. The annttml meeting of the Hawke's Bay Farmers' Co-operative Association, Ltd., was held at Napier on Monday. Mr 3. "W. Harding, chairman of directors, occupied t»»< chair. The balance-sheet placed before the-meet-ing showed that after . making due provision for depreciation oa buildings, plant, etc., and for estimated' amounts' of income and debenture taxes, the balance. of' profit, including £5985 19s 2d brought forward from last year, amounted to £18,990 17s od, which, the directors recommended should ije allocated to pay a dividend of 7 per. cent, on paidr-up capital and the balance to be carried forward.

proposing that the anntui Lalancesheet and report be adopted '.he chaim.an Baid: —"I have 'pleasure in movtug'that the report and balance-sheet be adopted. The position of the Associai.io.l as uiac'.osed by the figures in the balance-sheet n.ust be cc-i sidered very satisfactory. The bank account ehows a credit balance of £138,257, reX i'-suiting an increase .-incs U.<s iaf-t - ai:miui balance of £100,286. "We have reduced our stocks of merchandise by £17,389, and on the other aide of the balance-sheet the "trade and sundry creditors' liability is £10,399 less. The sum of £12,150 has been paid off the debentures. Our clients on "the one hand have increased their, credit accounts by £28,333, and on the other hand have reduced their debts to the Association by £71,617, a very creditable performance. We handled 25,351 bales of wool as against 23,731 last year. The extraordinary advance, in the values of wool sine© 1921 reached its e'hnax in the opening sa!e last season. Unfortunately since thei; the r.:arket has suffered a severe set-back. "With reference to the denatures issued by the Association, you -will no doubt be interested to know the . .\rectors' mtentuns regarding repayment of ti;efco. Sinc« the balance-sheet was drawn up £lfi,G"iO worth of these have been paid off, and more will be redeemed .as they become procurable. What remain of the five-year issue will be payable on June 30th nest year. - The tenyear issue have a currency cf another six years, but the Association has the option of paying them off on June 30th, 1925, on giving the holders six month?" notice. It is tho directors' intention to give this notice and .to make redemption of the whole of the debentures' by June 30th, 1926. It ia my pleasing duly to inform you that the directors have decided that, as the position of the Association is now such as to warrant it, payment of bonuses on business contributed by shareholders will be resumed-as fiom Mav Ist. I wish to express my hearty appreciation cf the valuable services rendered bv the staff during the year. The Board has already made provision out of profits for the payment of a. bonus' of 10 per cent, on salaries, which action I am sure will meet with y*ur approval." The motion was carried unanimously. The retiring directors, Mess'rs V. A: X. Couper, J. W. Harding and B. D. Douglas McLean were re-elected, and Mr C. Douglas Wilson •was re-elected auditor. At the conclusion of the meeting the directors re-elected Mr J. W. Harding as chairman.

/.RAILWAY FREIGHT RATES. ■' : >* The. Esilway -Department announces a, general reduction in tbe rates on merchandise .Waimate. A considerable cut has been made and tie, new .cheap rate* provide ample, proof of tbe ileeira of tho Department to'meet the'interests of thß consumer.

INDUSTRIAL RESEARCH.

MANUFACTURERS' OPINION,

(SPECIAL TO- "THE • PRESS.") DUNEDIN, July 1. More or less embryonic at this stage, tnere' is.a proposal before such organisations as manufacturers' associations for the institution of definite schemes of scientific industrial research. Extracts from a circular sent out by the Industrial Corporation of New Zealand in reference to a Government Committee of Enquiry which it was proposed to set up to consider the possibilities of tlie-proposed scheme for scientific industrial research, were read at a meeting of the Punedin Manufacturers' Association. 1 »e weak point in the. scheme, the circular explains, was the want of definite enquiries from manufacturers for scientific information and if was asked that rlie meeting consider this aspect of the question. "One reason why that difficulty exists," remarked Mr J. Hogg, "is that though the manufacturer is often faced with a problem, it is a special problem of a private nature, and the firm might not wish to have it brought into the limelight. - ' - "I think vou have'hit the nail on the head," observed the chairman. A member: A man does not wish to have his processes brought before the •Miblic when he has paid pounds lor Tlis investigations. "There are no doubt distinct possibilities in the scheme," commented ■M'- Hoes. • * ' ' ■ ' ' ' ' It was decided that the Corporation bi thiuked for the information m its circular. AUCKLAND MARKETS. (special to "the tress. ) AUCKLAND, July 1. Potatoes. —Moderate supplies have enabled the local market to respond to the firmer tone' in the south, and merchants are this week asking £8 3s. ex store. Sood potatoes are offering at 0s to 12s per cwt. according to variety, but the demand is dull, and no improvement is likely till' a good spell of fine Heather comes in. Onions.—Australian are regularly arriving hy each steamer, but the price has advanced on the other side, arid local merchants are now asking 22s Gd per cwt. A few southern are spiling at ISs fid. Oats.- I —The market is very dull, any small demand being filled at 5s fid to 5s 9d for. B grade. Seed oats are also, quiet, hut an increased demand is expected before, long. Chaff.—A shipment ■of Blenheim chaff has arrived, and Canterbury is also coming along fairly regularly. The quotation is 10s Cd per cwt, ex store, and as the market in the south is firming, it is expected that before long Tegular quantities of Australian will be imported, as it "could sell at 9s 6d per cwt. The recent wet weather has prevented any cutting of local chaff, but it is known that good quantities are available, bo that local and Australian are expected to keep tbe price, of southern from soaring very high.

Maize.—The market is fairly steady at 6s 9d per bushel, on the wharf, in wholesale lines of Coast maize, but merchants are casting their • eyes on South African, where it is reported that (here is a record crop. Some of this will probably be imported by September. Wholesale current prices are:—Butter, first grade factory Is 6Jd per lb booked, Is 6d per lb for prompt cash; second grade factory is 5Jd per lb booked, Is 5d per lb prompt cash; farmers' separator 3s 2d per lb cheese ?Jd to lOiJd per lb; bacon and hams Is to Is Id per lb; bacon sides IOJd to lid per lb; lard, in bulk, lid per lb, pats Is per lb; flour, lo.cal and southern, 200 ib sacks, £l9 15s per .ton (less 2J per cent, discount); sharps £lO 10s per ton; bran £9 10s per ton.

BURNSIDE MARKET. (PJtBSS ASSOCIATION' TELEGRAM.) ■ J V . DUNEDIN, July 1. There,, were moderate yardings in all departments at Burnsidc to-day, and current prices'were sustained. In the case of .pigs, however, values appreciated considerably. Fit cattle—'lhere was a yarding ot 188 heau,, compared with 182 last week. The quality for the most part was good, there heing .some choice animals .from .Southland and Central Otago. The demand was brisk throughout, and . although prices showed a decline of 20s a head at the commencement, they finished about 5a a head above those ruling a week ago. Extra prime ox beef (handy-weights) brought 42s to 44s 6d per •lOOlb, heavy and medium quality to 40s, prime heifer to SSs, and light heifer and coyv beef from 25s to 27a 6d. Best bullocks made £lB to £22 10s, prime £l3 5s to £l6 10s, medium £ll 10s to £l3, extra prime heifers £9 15s to £lO 7s 6d, medium £6 5s to £1 10b and cow 3 about £8 10s. Fat sheep—There was an entry of 2529 head, compared with 2751 last week. There was a good supply -of all qualities, including a number of medium to very fair ewes. The tone of the market was fairly good at the opening, heavy sorts selling well. Light prime sheep were unchanged, and medium and heavy ewes eased compared with last week's prices from Is to 2s a head. Values we're somewhat erratic. Prime handyweight wethers,. suitable for export, brought from 7d to 7id per lb, heavy-weight and medium "quality from Ed to GJd, prime handyweight ewes 5d to &Jd, prime heavy ewes to sd, and aged and light ewes 4d to 4id. Extra mime he'avy wethers made up to 575, prime heavy 42s to 49s 3d, lighter sorts 32s to 365, prime heavy ewes 31a 6d to SSs, lighter.2ls to 265. , Fat lambs—There was an entry, of 310 head, compared with 482 last week. There were -some very fair lambs included in the entry, and the' rates showed little change from those of last week. Prime lambs sold at- uo to lid per lb, but second quality was hard to sell at 9d. Prime lambs made from 39s 3d to 41s, prime 31s 3d to 35s 3d anl medium 24s 9d to 275. Store cattle—There was a yarding of 250 head, including some eighty three to four-year-old bullocks, the balance being .cows, and young sorts. Steers were in over supply and priceß were easier. Boners and voung sorts were unchanged. ■ Forward bullocks sold ' from £8 7s 6d to £9 ss, and others to £6 ss. Pigs—There were 105 fats and fifteen stores entered. Prices for the former rose considerably. Heavy baconers made from £5 15s to £6 4s, light £4 15s to £5 10s, and heavy porkers to £4 10s. Baconers sold from 9£d to lOd per' lb, and porkers from lOd to lid. There were only a couple of pens of stores, and these went up about is 6d a head.

DAIRYMEN'S CONFERENCE. SUBSIDY FOR HERD-TESTING URGED. (PBMS ASSOCIATION IBLEORAM.), ... i HAWERA, July 1. The National Dairy Association to-day fixed Wellington as the place for the next conference. The session was mainly devoted .to addresses on matters of interest to the industry. Group herd-testing was lengthily discussed. Jfr J. Grounds, chairman of the Control Board, stressed the importance. of herd-testing, whichthe Board wished to encourage. The Dominion would not neglect any opportunity of strengthening the position against the opposition. Testing was offering splendid advantages in this direction. He considered that the Government should associate itself with the movement, but the producers should proceed with the scheme irrespective of the support of the Government. This would be for the good of the whole community. Mr R. M. Somerville (Te Kuiti) considered that group teßting would solve the problem of raising the butter-fat standard.. The need was urgent for increasing the average 60 that it would compare more favourably with Denmark's. The group system furnished the best means; the estimated cost was five shillings per cow. He suggested. that the Government grant a subsidy of one shilling per cow. The speaker said that the Governments of other dairying countries paid similar sidies.Mr C. "M. Hume, of the Co-operative HerdTesting Association, said 'that the two 'greatest difficulties were getting rid of cull cows and scrub-bulls. He believed that, with universal , tests, the average woujd be brought up to 2501b within ten.years. .This would mean extra income to the Dominion of £6,000,000 annually. . Mr - Sinclair- (Opotiki) considered .that a subsidy of one shilling was too modest, and suggested two shillings. • • ~ • Other speakers-advocated the scheme, and Conference adopted a resolution recognising the urgent need, of improving: the country's dairy herds to.raise the butter-fat, standard, and urged, dairy, farmers ta adopt herd-testing under proper, methods. _ The organisation also requested the Government to assist by grant- ; in*-*- subsidy. -

CHBISTCHURCH STOCK EXCHANGE.

YESTERDAY'S TRANSACTIONS.

Sales Reported—Bank of New South Wales, £4l lis (2 parcels); Huddart-Parker, 45a; Goldsbrough, Mori,. 44s 6d (2 parcels), 4h ad, 455. Sales on 'Change—Goldsbrough, Mort, 44s Cd (2 parcels); Westport Coal, 09s 6d.

OTHER EXCHANGES. (PBE69 ASSOCIATION TeUHJBAHB.) AUCKLAND, July 1. Sales—New Zealand Breweries' Debentures, 21s lid: Bank' of Now Zealand, 57s 3d (two eales); Zealand and River Plate (ex6iv) 21s; Auckland Gas, 23s 4d; HuddartParker 45s (two parcels); .Northern Steamship l*s'3d: Abraham and Williams (pref.), 90s; Wilson's Cement, 33s 3d; Kawarua, 15s Cd. WELLINGTON, July 1. Sales Reported—lnscribed Stock, 1938 £97, 1941 £97; National Mortgage, £3 16s Bd. DUNEIDIN, July 1. Sales—Dominion Rubber, 345; Nokomai Hvdraulio,-53 9d. Sale Reported—Bank of New Zealand, 57s 3d. MOVEMENTS' IN SHARES. The past produce season having been good, especially in respect to wool, the shares of financial companies have como into favour, and show air' upward tendency (says Tuesday's "Dominion"). Comparing the prices at periods twelve months aipart, the folicwing is the result:

Dalgety and Co.'s shares show an increase of 22s 6d per share, and N.'l. Loan and Mercantile ordinary 3tock an increase of £6 Brewery shares have also received very clcse attention from investors, and the shares ba.ve appreciated considerably, as will be seen from the following: June 1924 June 1925

In each case there is a, substantial improvement, and this is particularly noticeable v.ith respect to N,Z. Breweries. Another group that has attracted investors is the timber group, and. here again there has been appreciation, as will be seen f frora the. following: June 1924 June 1920

There are . quite a number of groups in which values have scarcely varied, while -in respect to others business has been slow. In the latter category may be placed -woollen and coal shares. Meat shares, with few exceptions, like the Gear and Canterbury Frozen Meat, have, met with t'vstricted business. The greatest advance hf* token place-in Colonial Sugar shares, which have risen from £43 to £SU Wilson's Cement rose from 26s 6d.to 32s 6d.

AUSTRALIAN FRUIT POOLS. RECORD OF LOSSES. Efforts are still being made to wind up the Commonwealth fruit pools, the heavy losses on which have been dealt with in the Auditor-General's report. In 1922-28 the sum of £312,000 was voted for the purpose of meeting losses on the 1920-21 and the 3921-22 fruit pools, and during the year •£4751 was charged against the credit to meet the net losses on the Kingwood and Croydon and Maryborough special pools. In the following year the balance —£307,248 was. fully expended, in addition to £14,939 which was charged to the Treasurer's advance. On the 1920/21 pool the loss, as far as can be ascertained, was £91,939, and on the 1931-22-pool £235,000.. In addition to these amounts, provision has been made in the Appropriation Act, 1924-25, for £154,000 to cover losses on the 1920-21 and 1921-22 pools, and this amount was fully expended m 1924-25. In- 1923-24 the sum of £284,500 was brought to account by the Treasury as repayment of' advances made in the 1922-23 pool.

LATEST QUOTATIONS. Buyers Sellers £ a. a. £ a. ■ d. N.Z. GOVT. DEBENTURES— 4} per cent. Inscribed, 3938 96 15 . 0 97 0 0 4J per cent. Inscribed, 1939 96 15 0 — 5 per cent. Inscribed, 1927 98 5 0 96 15 0 5 per cent. Bonds, 3927 •• •• 98 5 0 — 5J per cent. Inscribed, 3927-41 9S 5 0 99 0 0 5J p-er ceat. Inscribed, TJ33 101 7 6 101 10 0 OTHER DEBENTT7RES- - Chri=.tchurch City, 6J par cent. . • 102 id 0 — New Brighton Borough, 5J per cent. 98 0 0 100 0 0 New Plymouth Borou?h. Sj per cent. — 98 0 0 Christcluireh Tramways, 5V p»r cent. 97 5 0 — N.Z. Breweries, Bonds — 1 2 0 Glaxo, 6J per cent., 1945 85 0 0 — BANKS— Adelaide 8 10 0 — Bank of Tictcria 7 9 0 7 12 G Comni. of Aust. — 1 10 9 Comin. of .Sydney 24 12 6 25 0 0 Xational of A'asia (£10 paid) ' .. 16 11 0 lfi 15 0 National of A'asia (£5 paid) 8 1 0 8 4 0 National of N.Z. (new) ■ 6 7 0 G 8 0 New South Wales 41 7 6 41 11 0 New Zealand 2 17 0 2 17 3 Royal (£1. paid) — ' 1 17 0 Royal (£4 paid) 6 35 0 — Union of Aust. U li 0 14 15 6 INSURANCE— National 3 38 6 4 0 0 Queensland 2 8 6 2 10 0 LOAN AND AGENCY— Goldsbrough. Mort 2 4 9 2 5 3 N.Z. and Biver Plata 1 1 0 — SHIPPING— Huddart -Parker 2 5 0 2 5 3 FROZEN MEAT— Canterbury 12 15 0 13 5 0 N.Z. Kefrie.' (paid) .. — 0 19 4 N.Z. Being, (contr.) .. 0 9 0 0 9 0 COAL— West,r>ort 1 0 9 1 11 3 Stockton (prof.) : .. 0 2 0 0 4 0 GAS— Christchurch .. 7 14 0 7 36 0 Tiraavni — 7 7. 0 BREWERIES— Crown . . . • 1 15 0 — Marning ;. 1 15 6 1 16' 9 "Ward '.. • ■; 2 3fi 0 2 18 0 New Zealand 2 0 0 2 1 9 CEMENTS— Wilson's 1 12 3 1 -12 .8 TIMBER— Kauri 1 12 0 1 12 5 MISCELLANEOUS— Broth and Co. 1 11 0 1 13 0 British Tobacco (ex div.) 2 2 6 2 3 6 Colonial Supnr 52 10 0 54 0 0 Electro. Zino (pref.) .. 1 8 6 1 9 0 Electro. Zinc (def.) 1 7 6 1 8 0 Mason. Struthers (£1 paid) 1 3 6 1 3 11 Mason. Struthers (14s paid). .... '0 15 C — Mason, Struthers (IDs paid) 0 11 0 0 12 0 Merc: Finance Corpn. ~* (5s paid) 0 3 0 . . — N.Z. Drug Co. — 3 6 .0 N.Z. Farmers' Co-op. (GJ per cent. Stock, 193d) ..' 87 0 0 90 0 0 N.Z. Guarantee Corpn. • 0 9 9 — N.Z. Paper Mills .. 1 0 0 1 1 0 . N.Z. Sugar of Milk ... — 1 5 0 Tawnaki Oilfields 1 o 6 1 2 0 . Weelcs, Ltd. (<£5 paid! .. — 11 15 0 Whitcombe and Tombs 3 10 0 3 12 0 MTNING— Mt. Lyell ». . 1 0 7 low Waihi. 1 6 0 —

June 1924 June £ a. d. £ sl925 8. d. Dalgety and Co. National Mortgage JLoan and Mer. (o N.Z. and Biver rd.) . Plat< .13 5 . 3 18 . 88 0 3 1 0 0 0 0 0 14. 7 3 18 94 0 1 1 6 0 0 0

K.Z. Breweries Manning and Co. Ward and Co. £ s. d. .. 14 9 .. 16 0 .. 2 5 0 £ s. A. "119 fl 1 16 6 218 0

£ b. a. £ a. d. Kauri ;. 19 6 1 13' 0 Lcyland, O'Brien National .. 2 2 0 2 15 6 .. 116 12 3