FINANCE AND COMMERCE.

Press, Volume LXIII, Issue 19137, 21 October 1927, Page 12

FINANCE AND COMMERCE.

PRICE FIXING. PREVENTIVE LEGISLATION RECOMMENDED. THE P.A.T.A. ENQUIRY. I THE PRESS Speciil Serricr.] WELLINGTON, October 20. Concurrence with the findings of the Committee ul Enquiry which invcstiga. ><-<\ the proposed operations of Uiz Proprietary Article.-, Trade Association was espre.-scd in a report presented to tho Hon.-.: ul Representatives to-dav hv tlie Industrie, and Commerce Committee, which recommended to the Government that if and when necessary regulations be made to prevent the P.A.T.A. or any similar combination from operating Tn New Zealand. Regarding the nine petitions bearing over lIUOO signature.,, which asked for" an amendment of the Board ot Trade Act. \'.)VJ. against monopolies and restriction of trade the committee reported its inability to recommend that legislation he passed to prevent the fixation of prices without any regard to whether the prices were reasonable or otherwise. It recommended, however, that careful supervision ho exercised by the Department of Industries and Commerce, with a viewto preventing tho possibility of exploitation bv individual manufacturers or merchants. Mr P. Eraser (Wellington Central! said the petition showed that people were disturbed at the. attempt to fix prices by proprietary trade organisations, and the committee was to he thanked for it, recommendation. Mr W. H. Field (Otaki) advocated n of the powers of the Board of Trade. "I have made enquiries in Wellington lately about building prices," added Mr Field, "and I found that rings and combines are operating, and that as a result prices are .being kept up to an utterly, unreasonable amount. In other directions the nublic have to pay far too much for their commodities, and thero should he some effective means of checking this scandalous state of affairs." . Mr. W, J Girling (Wairau) explained that the petition was from indiTidunl manufacturers and not from associations "of manufacturers or warehousemen. It had been pointed out that very often a retailer would retail goods obtained'ifroin"the manufacturer at a price below reasonable cost for advertisement purposes. Where individual cases were involved, the committee did not recommend that legislation should bo introduced on the subject, but that the Department of Industries anu\ Commerce should watch very closely the operations complained of. Tho report was tabled. ROYAL SHOW. SHEEP ENTRIES A RECORD. Entries in the sheep section at the forthcoming Royal Show in Christthiirch are a record. The figures are not 'yet completed ' for, 1927; yet the aggregate shows', a substantial incieaso on -the two precediii'g years. In the merino classes, outside entries have inei eased the total to a very large one, Tho figures in other sections are not yet available, but a comparison of those iu the sheep, sccti'drf"over-.the'past three years is as'follows:

AUSTRALIAN BUTTER.

FREIGHT REDUCTION ANNOUNCED. . , (M table— association—coptright.) (ACSTHALIAN AND K.'Z. CABLE ASSOCIATION.). LONDON, October 19. For over two years the London agency of the Australian Dairy Board has been endeavouring to obtain a re-. <itictioh of freights on butter. The efforts of the Boa'rd at last have been * successful, shipping companies having decided to grant concessions on the following basis: If shipments of butter for the twelve months from July Ist to June 90th exceed 40,000 ton's, shippers receive an allowance of, 2£ pe* cent.; if they exceed 55,000 s tons, 5 per cent.; and if the ;shipments exceed 70.000 tons, 7$ per eetot. NEW COAL AREA. (inciAi. to m psiss.) GREYMOUTH, October 20. Interesting developments have taken place -in connexion 1 ' with' prospecting operations at the Clydevale Coal Mine in the Buller district. Some months ago it was found necessary to continue prospecting in a southwesterly direction; and about fifteen chains from the upper terminus of the aerial ropeway an area of coal has been struck which bids fair, in quality, to rival any coal at present being produced in the Buller district. The mineral is jet black a,nd very hard, and should produce a large quantity of screened coal. LINCOLN MILLS (AUSTRALIA). Lincoln Mills (Australia), Ltd., a holding! company, whose assets consist wholly of chares of Lincoln Knitting Mills Proprietary, Ltd., and Lincoln Spinning Mills Proprietary, Ltd., received from its subsidiary companies during its year which ended on June 30th, dividends amounting to £37,500. Salaries and directors' fees absorbed £1459. there was brought forward £I3OB, making available £37,348. Dividend of 9 per cent, on preference shares for the year absorb £36,000, and £ 1348 is carried forward. The capital consists of preference £400,000 and ordinary £80,527, the latter being in shares of 4s each. There is a reserve for taxation of £1134. Assets consist -of- shares at cost in and advances to other companies, in all £519,030. The statement of the subsidiary companies shows a profit of £38,860. Lincoln Knitting Mills declared a dividend accounting for £9OOO, and Lincoln Spinning Mills a dividend of £28,500. A • tatement of combined assets and liabilities of the two subsidiary companies shows a capital of £469,122, all of which is held by Lincoln Mills (Australia), and advances by the same company of £49,908. Sundry creditors, including the reserve for taxation, are thown as £231,105. Assets, amount to £755,461, of which £130,019 represents sundry debtors, £282,017 consists of stocks, £101,206 ef land and buildings, and £242,217 of plant and machinery. The report states . that the spinning mill -was fully employed with satisfactory results, and the output has been sold for some months ahead. Tho profits of the taurine mill werr disappointing. A change of aianstemeat has been made,

COLD STORAGE RATES REDUCTION IN LONDON. ■:;;r.s3 association telegram.) WELLINGTON, October 20. sj.;iiil'actioii was expressed by the Dominion Executive of the New Zealand Farmers' Union to-day when reductions in the cold storage rates by the Port of London Authority were announced. The secretary (Mr W. J. Tow) read a letter from Mr A. \V. l'earse. representative at Sydney for the Port of London, notifying that the revised rates in London were as lows:At the Royal Victoria, West India, ami Surrey Commercial Docks stores, consolidated rate, including receiving into store, rent for one wee!? from first date of landing and delivery to land conveyance, 15s 9d per ton; rent per weelj for second period of seven days, Gs Cd; rent per week for each subsequent period of seven days, 0s; lighterage, if incurred in addition. These rates are net, i.e., not subject to the percentage reduction. The revised rates ou metft in cold storage are as follows: — Consolidated rate, including receivjug into cold store, piling to marks, rent for 28 days from the date of first discharge' of the frozen cargo, weighing at time of and delivery to railway 'waggons, vans, or craft alongside the store, 3.1s per ton; rent after 28 days at the rate of Is 9d per ton per day or part of a day on the weight in store each day, but such rent not to exceed 2t>s per ton for the second period of 2S , days, or 27s 9d per ton for the third and fourth .periods of 28 days,.or 26s 6d per ton for the fifth or any subsequent period of 28 days on the weight in store on the firsi day of such period. These rates are net, i.e., not subject to any percentage reduction. , The rates for cheese in ordinary storage, have not been altered, and will therefore be subject to the general reduction of 10 per cent, (other than rent charges), as from August Jst, 1927. The rates and charges are irrespective of port charges.' HAWKE'S BAY SHOW. FURTHER CHAMPIONSHIP AWARDS. (MESS ASSOCIATIOX TELEOB.VM.) • HASTINGS, October 20. Ideal weather prevailed for People's Day at, the Hawke's Bay Show, and there was an attendance of nbout 23,000. The'following championships were awarded: HORSES. Draughts-Sire, W. B. Campbell .(Hastings); mare, J. W. Harding (AVaipiikuran); reserves: sire, R. D. D.. .McLea.a; mare, Oeorgc • Leslie (Hastings). ' . "Working Draughts—J. W..'. Harding; reserve, George .Leslie. Harness Horses— Mrs C. Hi Crawford (Linton) ' : ; .' ' ■ .Harness . Ponies—Miss Gladys Guthrie (Havelock North). ■ Hacks—Miss Dolly Donnelly (Havelocd: North); reserve, H. B. Campbell (Hasti.ag3). ','.' • ' . .SHEEP. '_','. and ewe and reserve ram, W. Eayner '(Maatcrton);' reserve ewe, John Stringfellow (Greytown). ■ \ PIGS. •■" Berkshire—Boar, E. Ball (Hastings); sow,. \V. G.- "Wall (Hastings);, reserve boar and sew, Bowen and Wilson (Hastings). Tamworths —Boar and sow; reserve boar and.'sow, Bowen and Wilson.

INGLEWOOP MINE. PAYABLE QUARTZ REEF. ■ .. ' (SPECIAL TO THE PKBSS.) GREIMOUTH, October 20. • A report from Reefton this evening says .that a good payable reef, four«fcet wide; has been located in the level known as the "Battery Level" at. the Inglewood mine at Burke's Creek, near Black's, Point, Kec-f----ton. The discovery iB expected to give tho Inglewood mine A new lease of life, as the lode gives every promise of permanency. Preparations are in progress for cleaning up the' mine and carrying out repairs with a." view to starting crushing operations as early as /possible. It is hoped to have crushing in. full swing before the end of the current year. Mr.Rl Buffin, late manager of the Wealth of Nations-Mine, has .taken over the management- of the Inglewood property. OXFORD MARKET. The. entry, at the .Oxford, monthly; sals yesterday consisted of 777 sheep and lambs, 21. head of cattle, and 98 pigs. The principal sales of -sheep were 143 ewes and lambs at 21s, (all counted), 142. at 14s 3d, 41 at 13s 6d,.' 26 at 15s, 18 at 12s. 3d, 5 wethers at Efe, and 9 ewes at 25s 4d. Dairy • cows made £4 10s to £7 10s, store cows M. 10s to £i, 18-months-old heifers £2.15s ,to ,£3, calves S6s, and bulls £i 103 to £4. - ' All the pigs were weaners, and prices ranged from 12s to 235. (It was announced from the rails thai the Stock Auctioneers'. Association, after giving; due consideration to representations made, ' had decided to reaumo regular fortnightly sales. The announcement was received with great satisfaction by the farmers, to'whom the decision of the Association to hold monthly sales had ' given mucn concern. f PORK EXPORT. EFFECT ON LOCAL PRICES. A representative meeting of producers and others interested in the pig industry held at Palmerston North recently,. resolved to form a New Zealand Co-operative , Dairy Companies' Pig Federation, with district executives in the (a) Auckland province, (b) Taranaki, (c) Wellington, (d) Canterbury and West Coast, (e) Otago and Southland, (f) Marlborough and Nelson. "Having come to the inevitable conclusion," states the report. The main objective of the Federation is to stabilise prices in New Zealand by encouraging the export of frozen pork. In the achievement of this objective lies the entire success of the New Zealand pig industry, every other factor-., being subsidiary to it. The Government,. financial experts, commercial interests, and every other section of the community have preached the gospel of. increased production, with a result that to-day there is a record number of pigs in New Zealand, and producers are faced with the possibility—if not the certainty—of prices falling below cost of production; and will have to put up with all the evils inevitably associated with over-production. The result will be a 66t-back to the industry generally, and a reduction in pig stocks to a point that will suffice for local requirements only. These consequences have been foreseen for a considerable time past, repeated representations have been made to the Govern-' ment, the Meat Producers' Board, and the Dairy Produce Board, urging (o) the granting of a Government subsidy to assure tho exporting producer of a minimum price of, say, 5d per lb for his pork; (b) the passing of legislation instituting an . export bounty on all pork exported, under a.scheme similar to -what is commonly - known as the "Paterson Plan." An export bounty by way of a Government subsidy or the "Paterson Plan" is essential. The latter scheme simply consists of a sraall'leyy, say Jd per every lb of ■pork produced, which would pay a bounty of 2d on every lb of pork exported. Instead of a Government subsidy it-is. a' subsidy contributed entirely by the. producer. By subsidising exports 2d per lb, local prices would automatically rise 2d above . London parity. In short, tie scheme would encourage export and at the same Jirae. stabilise local ■prices at a level'that would leave a margin Jcf profit to the producer,

RAILWAY ACCOUNTS. (PRESS ASSOCIATION" TELEGRAM.) WELLINGTON', October 20. The Railway V\"orkins Account for the four-weekly period ended September lTt'u is as follows (shillings and pence omitted): —

WINNIPEG WHEAT POOL. FINAL PAYMENTS. (BT CABl.r.--rRtSS iSSOCUWON—CUPTRIGDTJ (AUSTPALI.O: AND S.Z. CABLE ASSOCIATION.) OTTAWA, October 19. The "Winnipeg Wheat I'col announces thefinal iiaynient of .19,000,000 dollars on the'IHM Jroj), 'making the total for tho Yrincipal grades as follows:—No. 1 Northern, 1.1-2 dol.; No. 1, Durum, 1.15 dol.; No. i,\ Northern, I.3Tg dol.; No. Z, Northern, 1.31 dol.; 'No. -i, J .211 dol.; No. J, 1.9 dol.; No. 6, 97£ cents. 'J'ho announcement adds: "Auniinistratio:! expenses deducted frctu {aimers totalled less- than a fifth" of a cent, per bushel. The grand total paid since tho pool wai organised in 1323 is over 671.000,000 dol-aw." DECLINE IN PRICES. (AUSTRALIAN AND S.Z. CABLE ASSOCIATION.) OTTAWA, October IS. A Winnipeg message states that the beattraders pounded down all grain prices, arid the closing losses on wheat ranged from 2: f csj-ts to 41 cenls. Nearbv futures suffered most. The deckn-j is- attributed to an overstocked market, improved thrcEhing weather, and, the bearish outside news. AUSTRALIAN MARKETS. (Received October 20th. 3.45 p.m.) SYDNEY, October 20. Wheat —At country stations, 5s Id a bushel, ex' truck Sydney 3s BJd, parcels 5s 9d, bagged lots 5s 10Jd to os lid. I'lour—For export nominally £l2 10s a ton f.0.b., local £ll' sb. Bran and Pollard —£8 a ton. Oats—Tasmanian Algerian 5s 3d a bushel, ■white 4s lOd, New Zealand Gartons Is 7d to Is Bd. Maize—-Yellow os a bushel. Potatoes—Tasmanian £7 10s to £lO a ton. Onions—Victorian £5 to £5 10s a ton. ADELAIDE, October 20. Wheat—Growers' lots 5s 6d, parcels nominally 5s 9d to 5s 9}d. Flour—Bakers' lots £ll 2s 6d. Bran—£7 15s. Pollard —£7 7s 6d. Oats —3s 6d. WHEAT". LONDON, October 19. Wheat cargoes -are weak, in sympathy with North and South American advices. Quotations are from 6d to Is down and did not attract attention. Wheat parcels are" in moderate request at similar declines. ' Liverpool futures are quoted.:.T-Oclober 10s 2Jd per bushel, Decejnber-Marc-h "10s 4d, May.. 1(H 2|d. NEW YORK, October 19. Chicago wheat quotations are: —December ' 123} cents, March 129J cents, May 132' cents. COMPANY DIVIDEND. > - (Received .October 20th, 8.45 p.m.) LONDON, October 19. The New Zealand and Australian Land Company's year's dividend is-8 per cent. TALLOW. (Received October 20tb, 8.45 p.m.) LONDON, October 19. At the tallow sates 846 casks were offered and 835 sold at Is to 2s advance. Fine mutton brought 38s per cwt, medium 35s 9d, fine beef 40s 9d, and medium 355. " Dalgety and Company, Ltd., have received the following cablegram from t'neir London office, dated October 19th: — Tallow —At the weekly auction 840 casks were offered, and practically all sold. Mutton tallow Is higher, other descriptions 2s higher. • ■> •

SOUTHLAND MARKETS. (special to thb pbess.) INVERCARGILL, October 20. Oats —A splendid clearance has been effect l .ed by shipments to Australia and Great Britain, . and although the price did not show much profit to merchants in all deals, the surplus of stocks has been cleared up. The value to farmers at- present is 2s 8d to 2a Od per bushel for A grade, with 3d less for B grade. - Wheat —This market is getting bare of supplies, and probably advanced prices will rule until the new crop is marketable'. There are no supplies offering from farmers. The value at present is nominally 6s 3d per bushel. ' ' Chafi: —Stocks are not too plentiful just now, and,any good quality stuff would find a ready sale at from £4 to £4 5s 6d per ton'. Grass-Seed —So far there has not been tho activity in' this market that has been shown in other lines, but occasionally lots are being disposed of, and as stocks are not heavy it is anticipated that merchants will effect a clearance before the new season's seed is on. offer. F.o.b. values for dressed seed run'to 4s 6d per bushel for good germinating lines. The value to farmers for good quality undressed seed runs to about 2s 9d per bushel. ' Potatoes —Supplies of locally-grown potatoes are dwindling, and very few are offering from farmers. Northern potatoes are now beginning to find their way south to supply local needs. The value to farmers is about £5 10s to £5 15s per ton- on trucks, country stations. Fruit and Vegetables—As a result of brisk business during the pasf week, a much brighter tone exists in the fruit market. Spring vegetables have come forward freely, and prices are good. Apples are now in short supply; This state of affairs is likely to continue as the bulk o£ ■ the fruit has been handled for the season. The first parcel of Canadian apples is due here about October 25th. Orange's and lemons are in very short supply. A small consignment of Island oranges arrived during the week, 'and were quickly disposed of at high prices. The *nly stocks now available are some CaliTornians, but these, too, • are commanding high values. There is every indication of there being a. distinct shortage, as no others are in view until shortly before Christmas, Californian lemons are available, but prices »T6 almost prohibitive owing to the high values ruling in America, and also the increased duty lately imposed upon imported lemons. Supplies of dark Californian grapes will reach the market ex the Makura. du» in Wellington early next month. The first parcel (a. small one) of new season's Christchurch hothouse tomatoes arrived during the week, but opened up in bad order. The fruit bore evidence of having been picked too ripe. Current prices are:—Apples, best Delicious to 17s per case, best Stunners to 13s 6d, small from 5s to Bs, pears to 5d per lb, graves to 40s per keg, Island oranges 33s 6d "per case, Californian oranges to £2 los, Californian lemons to 70s, cauliflowers (large) 7s to 10s per doz., small Is to ss, cabbaces to Cs 9d a doz., asparagus 4s to 6s per doz.. radishes Is per doz. bunches, Vettuce to 6s per dozen. SALE OF PROPERTY, Jones'. McCrostio Co., Ltd., sold by public auction, on account of Mrs Cummins, the property situate in Lin wood avenue, comprising residence of five rooms, together with 11 perches of land, for £675. Jones, McCrostie Co., Ltd., report that they have sold, on accounts of Mrs Dix, the property situated No. 281 Worcester street. City, comprising two-storey bungalow with 20 perches of land, for the sum_ of £1450, and on account of the vendor's • (in conjunction with Bowker,"s Land Agency), concrete bungalow, situate on Bealey avenue, to Mr Clark, for £835.

CHRISTCHURCH STOCK EXCHANGE. Markets generally -were dull except in a few stocks. Prices continue to firm, the outstanding exception being Union Banks, which continue to weaken as the time for the announcement of the terms of the new issue approaches. In the stock and bond market five hundred 4J per cent. 193S stock wa3 . released at £96 7s 6d, an increase of 2s Od on last sale. An odd parcel of 5i per cent. 1933 bonds changed hands at £lOl 7s 6d, buyers offering i'lol js a.nd sellers £lOl 10s, for a lurther supply. The remainder of the Government issues were quiet, but the market held at recent prices. In the banking section, Bank of Xcw South Wales were again active and '-7 wore turned over at prices ranging from £ll 10s to £ll 12s 6d, market closed buyers 'ill is, s?l!ers £ll 10s. Bank of New Zealand have some attention at o<s 9d siiie;, buyers quoting 57s gd, sellers 'asking 37s 11-1. L'nion Bank were easier at buyers' £l-1 7s (3d, sellers £l4 16s. In the miscellaneous investment section, two' parcels or National Insurance Company of New Zealand were bought at 80s, buyers offering to buy more at that price and -ellcrs holding for SOs 6d. South Britifh held on Wednesday's prices, buyers 57s Id, sellers 38s, but no sales were effected. ■ In the Loan and Agency section, Balgety's were active, the old issue being sold at £l3 10s and £l3 lis, and the new issue at £l3 Is, £l3 Is Ed, and £l3 2s 6d. In all 310 shares in this company changed bands .- leaving buyers unsatisfied and offering £l2 19s without attracting further sellers. A long period of inactivity in Canterbury Frozen Meat was broken by_ a sal? at £7 17s tirl. New Zealand Refrigerating, . both fully paid and partly paid, held firm at late rates, lis 9d being offered for the fully paid and 7s 5d for the partly paids, sellers asking 15s 3d and 7s 8d respectively. Christchurch Gas, new 5s paid, had sale at 6s Gd on 'change, and a further sale was also reported at the same price. New Zealand Breweries were dealt in at -14s, leaving buyers in at 43s lOd without sellers. • 2s 6d separated buyers and sellers in Colonial Sugar, the. latter holding for £sl. YESTERDAY'S TRANSACTIONS. Sales .Reported—N.Z. Govt. -1J per cent. Inscribed, 1935, £96 7s 6d; oi per cent. Bonds, 1933, £lOl 7s 6d; Bank of New South Wales, £44 12s 6d, £44 10s; Bank of N.Z., 57s 9d; National Insurance, 80s (2 parcels); .Dalgcty and Co., £l3 10s, £l3 lis;' Dalgety and Co. (new), £l3 2s 6d, £l3 la (2 p'arcels), £l3 Is 6d; Christchurch Gas (new), 6s 6d; N.Z. Breweries, 41s. Sales on 'Change—Comm. Bank of Aust., 26s sd; Christchurch Gas (new, 5s paid), 6s 6d; Canterbury Frozen Iteat, £7 17s Cd.

LATEST QUOTATIONS. Buyciß. Sellers. S a. a. £ s. d. N.Z. GOVT. DEBENTUKES—--4J per cent. Inscribed,

OTHER EXCHANGES. (press association telegrams.) AUCKLAND, October 20. Sales —Bank of Australasia. £l4 Us; South British Insurance, 57s 6d; Pukemiro Collieries. Ltd., 60s; Taranaki Oilfields, 7s •3d; Obinerauri Gold and Silver,.6s 6d; Ohinemuri, preference. 6s 4d. WELLINGTON, October 20. Sales Reported—-51 per cent.Bonds<l933), £lOl 7s 6d; National Bank of Australasia (£5), £8 12s. DUNEDIN, October 20. Sales —Bank of New Zealand, 57s 9d. Sales Reported—National Insurance, 80s: Bank of New Zealand, 57s Id; New Zealand Drugs, 64s 3d.

Royal Royal 1925 1926192? Sheep competitions ... 72 60 60 Merino • ... 191 187 24", Englir r. Leicester ... 81-118 98 Border Leicester ... 91 .67 105 Lincoln ..: ■' ... 25 28 25 Bomney .... 82* 25 36 Southdown ... ... 136 101 il44 Suffolk ... "'■: ;:. -5 -. 2 Shropshire ... ... 53 39 28 Rye! and ... C49 38 69 Corriedalc ... 207 275 250 Halfbred ... ... 47 52 28 Fat sheen ... ... 64 65 46 Wool . ... ... ... 15 20 18 1093 1075~1154

liny. E-.p. ofi'iCV. Noun Island— Kailm . . 402 092 102."5 Gis-borne .. 'J,600 3.143 142.53 .Main lines r.ud branches 292.59G 201.>27 SO.00 Total .. .£295.660 £205,90;: SO.50 South Jtlaml— • ilain lines and branches 1>5.::;.7 19:;.M". 97.Vs Westport . . l»,Ci;>7 7,300 7.".87 Nelson .. 1.512 2,09:5 202.02 £:>ton .. 2.551 :i.ai:j 120.40 Total .. .ilOS.r.01 £200,450' 97.01 Operating total .. 1191.16! .1:472.413 00.90 Mib'jellancou^ revenue . . 19.675 — — I.. Wakatimi steamers .. 527 1.4 12 201.93 Advertising, motor service, refreshment rooms, and other subsidiary services .. 15,015 13,9u7 S9.91 U-pt. duelling.-, .. -1.096 14.345 131.77 Grand toinl i - 33GV17-l ,i'302.07S 66.7S

1338 and 1939.. 96 0 0 96 10 0 5i per cent Inscribed, 19-27-11 .. ..OS 5 0 — o.i per cent. Inscribed " 1933 .. •• 101 '2 fi — y„ per csnt. Bocds, 193U 101 5 - 0 101 10 0 5i per csnt.' Inscribed, 1936, and Bonds, 1936 .. .. 10.'. 0 0 — COMPANY DEBENTURESN.Z. Breweries, Inscr. 1 3 3 — N.Z. "Breweries, Bonds 1 3 4 — Glaxo, 6i per cent., 1945 .. ..90 0 0 95 0 0 Gisborne Sheepfarmers' 7J per cent.. 1931 84 0 0 94 0 9 BANKb—

Adelaide (cum dlv.) .. 8 13 0 8 16 0 Aust. of Omruerce 1 12 u 1 12 10 Australasia 14 11 0 14 13 6 Cornoi. c''Aust. 1 8 4 1 8 6 Ooium. o£ Auat. (pref.) 6 18 6 7 2 0 .Cornm. of Sydney '.. 24.10 0 24 17 6 K., S., and A. 7 11 6 7 13 0 National of Australasia (£10 paid) 17 '7 6 17 12 6 National of Australasia, ,(£5 paid) .. 8 12 0 8 13 6 National of N.Z. 6 18 0 6 19 G New South. Wales 44 5 0 41 10 0 New Zealand .. 2 17 8 2 17 11 New Zealand (Mortgage Shares, £1 paid)".. i e'. 0 . —:

New Zealand (Mortgage Shares, 10a paid) .. 0 16 6 — Queensland National .. 8 3 0 —" Union of Aust. H 1 6 14 16 0 1NSURANCEMercantilo Mutual ... — l' 7 0 National .. ■ ■■■ i 0 0 4 0 6 New Zealand .. 1 19 0 1 19 3 South British (cum div.) 2 17 i. 2 18 ,0 Standard 3 0 6 — LOAN' and AGENCY—

Kalgety and Co. 13 10 0 13 12 0 Dalgety and Co. (new), 12 19 0 13 i 0 Goldsbrough, Mort 2 7 6 2 8 0 GoldBbrough, Mort (new.) 2 6 o 2 6 9 National Mortgage 3 11 0 3 18 0 N.Z. Loan and . Mercantile (o'rd. stock) 93 10 0 — SMIVP1NG- ' Dej-onport Ferry 1 3' 0 1 4 9 Howard, Smith 1 10 0 1 11 H R and 0. Deferred Stock 330 0 0 280 0 0 Union (pref.) 1 0 0 — FROZEN MEAT— .

Canterbury 7 10 0 7 18 0 JC.Z. Kefrig. (£1 paid) 0 14 il 0 16 3 N.Z. Eefrig. (contrO • • 0 7 5 0 7 8 \VOU[,LENS—

Kaiapoi (17s paid) 0 7 6 0 9 3 COAL- « Taupiri (ord.) . 1 5 6 16 9 Westport 1 15 0 —-. Stockton (ord.) 0 1 3 0 19 GAS- : Auckland 1 2 9 1 3 0 ChriatcTiuroh .. 1 3 0 — Cbristchurcb (new Ss paid). 0 6 G 0 6 7 Tirnaru ;iv 1 0 3 12 3 BKEWERIESCrown .. 0 13 0 0 H 0 Monteith'e 0 19 1 1 1 0 New Zealand .. 2 3 10 — Staples 1 18 0 1 19 3 Ward — 1 18 0 White Star _ 10 0 Tooths 1 19 6 — CEMENTSAVilson's — 1 16 6 TIMBERKauri 1 3 0 14 6 MISCELLANEOUS— Allied, Motors — 0 12.6 Aust. Glass 2 1 0. — Beath and Co. 112 0 1 12 9 British, Tobacco — 2 18 10 Bums, Philp 1 16 0 — . Colonial Sugar 53 17 6 54 0 0 Electro. Zinc (ord.) 1 8 6 19 8 Electro. Zinc (pref.) 1 9 9 110 9 Ho'den's Motors 1 14 10 1 15 2 Humo Pipe — 0 15 3 Mercantile Finance Corporation (5s paid) 0 1 3 0.2 3 N.Z. Drug Co. 3 3 10 3 4 3 N.Z. Farmers Co -op. (pref. re div. ■ o nly) — 1 14 0 N.Z. Guarantee Corpn. 0 8 5 0 8 7 Taranaki Oilfields 0 8 0 0 10 0 Whitcombe and Tombs 3 7 0 3 7 9 MINING— Kawarau 0 0 9 0 1 0 Alexander Mines (ii paid) — 0 18 11 Mt. Lyell 1. 7 6 1 S 2 Vaihi 1 2 i —