FINANCE AND COMMERCE.

Press, Volume LXIII, Issue 19143, 28 October 1927, Page 10

FINANCE AND COMMERCE.

FRUIT CULTURE. AGRICULTURAL RESEARCH. [TEB PRESS Special Berric».] "WELLINGTON, October 27. Tho Km pi re Marketing Board is to he associated with the British Ministry of Agriculture and Fisheries in the organisation of the Imperial Agricultural Research Conference, at which Dr. C. .1 Reakos is to represent the Dominion." The annual report of the Empire Marketing Board, which lias just reached New Zealand, states that arrangements have been made for memoranda on different subjects of agricultural research, written by leading authorities in Great Britain to be put before the conference and that these are designed to afford a starting point for the collection of Empire experience in the fields which are of greatest value. In tho interests of fruit-growers and horticulturists memoranda have been prepared by Mr J{. G. Hatton, Director of the East Mailing Horticultural Research Station, and Professor B. T. V. Barker, of Long Ashton, dealing reFpeetivclv with the importance of standardised root-stocks and the effect of nutrition on tho quality of fruit. To each of these, is attached a questionnaire which, it is hoped, will elicit from scientific workers in different parts of tho Empire information which will enlargo the common stock of Empire knowledge on the subject and contribute to tho development of co-opera-tive research into a problem of great practical importance. With the same end in view, a memorandum and questionnaire on irrigation problems of Empire has been prepared by Dr. B. A. Keen, assistant director of the Rothamsted Experimental Station. The application of water to parched lands is a problem of the first degree.

DOMINION MEAT. PROPOSED INSPECTION OVERSEAS. (rt CABL«—PRESS ASSOCIATION—COPInIOHT.) UOBTRALIAS AKD H.Z. AMD BITH CABLE.) LONDON, October 2G. Addressing the Sanitary Inspectors' Association, Mr Dunlop Young, the Corporation of London's veterinary aurgeon, who is to visit Australia, said that, though Smithtiold's meat was supposed to bo inspected at the placo of slaughter, the Corporation of London's large staff of inspectors seized between 1000 tons and 2000 tons of unsold meat a year. All the Dominions and Argentina had vetorinaries in London watching the cargoes. Ho had long advocated that British veterinary, inspectors should be stationed! overseas to watch the killing and handling. One had now been allotted to Argentina.

FARMING IN AMERICA.

A PROFITABLE SEASON

(BT CABL«— PBIS3 ASSOCIATION—COPTSKJRT.) (AU»T»ALIAH AND U.S. CAM.* ASSOCIATION

(Received October 27th, 7.50 p.m.) WASHINGTON, October 26. The Secretary for Agriculture, Mr Jardine, Bays that agriculture is in a better position in tho United States today than at any since the war. This is due, principally, to the advnneo__in prices of cottou, dairy products, and live stock, also to the lack of conspicuous surpluses or shortages. Of the crops, production por capita of population is the second lowest in 33 years. Tho south could sell its cotton crop for 200,000,000 dollars more than last year. This improvement affects almost one third of American farms. Western cattle and sheep prices are on the most firmly remunerative basis since the 1920 collapse.

HONEY FREIGHTS,

REDUCTION SECURED.

(TROX OUR OVU COBBBSrOXDENT.)

LONDON, September 24,

Mr J. Rentoul (chairman of the New Zealand Honey Producers' Board), who has been here for some time in connexion with the honey trade, has succeeded in securing a reduction in the freight charges. Previously honey was carried from New Zealand to London at bVls per ton, but the Shipping Conference has now agreed to carry it at 75s per ton. This rate is not so low as tho Australian rate. Although Mr Rentoul is not quite satisfied with tho reduction, he has accepted it as a step in the right direction. Mr Rentoul will be leaving shortly for the Continent, and will make a second visit to Southern Germany in company with Mr Castles, manager of the honey department of Messrs A. J. Mills and Co. He will then catch the boat at Marseilles for India, where he is to investigate the possibilities of extending the New Zealand honey trade. After leaving India he will call at Singapore, where a small trade in New Zealand honey is now being carried on. ';■ GOLD. (»T CABLE—PMSS ASSOCIATION*—COMBIGHT). (AUBTBALIAX AOT ■K.Z. AMD BUS CABLE.) (Received October 27th, 9.5 p.m.) LONDON, October 26. The price of gold is 84s lid per or. J TEA SALES. (Received October 27th, 9.5 p.m.) CALCUTTA, October 27. At the tea sales the offerings were largely plain and medium tea. The market displayed an easier tone. Clean, common broken Pekoe Souchongs sold at recent rates. For all plain medium kinds bidding was more restricted, prices declining three to six pies per pound. Commonest medium clean fannings were firm. Cc-od liquoring kinds sold well, but tippy teas were slightly lower. Good dusts were iu »trong demand. Average prices were: Common Pekoe Souchong twelve annas six pies to 12 annas 9 pies; clean common broken PeIcoo Souchong, 13 nnnas 3 pies to 13 annas 6 pies; even black-leaf Pekoe, 13 annas 6 pies to 10 annas. TALLOW. (Received October 27th. 9.5 p.m.) LONDON, October 26. At the tallow sales 1000 casks were offered and 503 Bold. Prices were unchanged to an advance of 6d per cwt. Fine mutton made 38s 6d, medium 35s Gd, fine beef 40s 9d, and medium 35s 6d. Dalgety and Company, Limited, have received the following cablegram from their London office, dated October 26th:— Tallow—At the weekly auction 1000 casks were offered and 50 per cent. sold. Good mixed unchanged. Other descriptions 6d higher. i

MUCH BRIGHTER.

THE COMMERCIAL OUTLOOK. [THE PBEBB Sp«eiil Barvict.] AUCKLAND. October '27. The brighter commercial outlook in the Dominion and overseas was referred to by Mr E. I\. N. Russell at the annual meeting of the South British Insurance Co., Ltd., to-<lay. "When we fa.-t met," he said, addressins shareholders, "the outlook was clouded" by the coal strike in England and the fighting in China. The former ha.s long since been settled, and reports from the Old Country indicate ihat trade there is showing material •improvement. In China, where our interests are important, fighting continues, although happily with reduced intensity and to that extent the position may be said to have improved. The crying need of that' country is political and industrial peace, without which this most industrious race can neither produce nor consume to its capacity to the great disadvantage of themselves and the rest of the world.

''Coming nearer home, in Australia the outlook a month ago, owing to tho prolonged dry spell, was very gloomy, but good general rains have brightened the picture. This Dominion is still feeling the effect of high figures at which land changed hands during the moratorium, figures based not upon average productivity but partly upon war prices and partly upon a no better foundation than what other land had been sold at. There are _ signs that productive capacity is again becoming the basis of value. _ Enquiries for farming properties are increasing, and the general outlook is improving.'-'

DIVIDEND AND BONUS. SOUTH BRITISH INSURANCE CO. [THE PRESS SpscUl Service.] AUCKLAND, October 27. At the annual meeting o£ the South British Insurance Company to-day the chairman of directors, Mr E. R. X. Russell, was able to announce a recommendation of the Board that not only Bhould the former rate of dividend be increased to 2s 3d per share, but that shareholders should receive a bonus of 5s per share. In the course of his address Mr Russell mentioned that for the first time in the company's history premiums had exceeded £1,000,000. This increase and tho great proportion of tho premiums were no:, he pointed out, from this Dominion, nor was more than a small portion of tho moderate surplus appearing in the underwriting account. The greater part of the company's business came from abroad. Tho funds for investment and for dividends thus made available were of real service to this tryConsiderable discussion has taken place in insurance circles of late concerning the activities in New Zealand of tho big English firm of Lloyds. The position was thus dealt with by Mr Russell: —"This company and the other local offices have largo assets in the Dominion. Insurance companies, other than local companies, are required by law to depost funds as security for the protection of policy holders. Parliament in its wisdom, a wisdom which has the approval of common-sense, has fixed these deposits, and the total is about £1,000,000. A private person acting as agent for private individuals abroad may effect insurances to an unlimited amount by depositing not one penny. If the deposit required from companies with many millions of capital and reserves be just and necessary, how much mora is it from any individual or individuals who publish no accounts nor show any assets specially applicable to meet losses in this Dominion? Surely an anomaly of this character will soon be rectified 1" , ■ . In reference to the accounts, tho chairman said that losses amounted to £617,562. ■ This was a huge sum, but when one reflected that it was the measure of only one company a distribution of the load of misfortune, it would be realised how colossal the total wastage must be from an insurance point of view. It was necessary to go back a great many years for a loss experienced so high as that of last year. Particularly was this the case in respect of dwelling houses, more especially in country districts. The advent of olectricity had introduced a serious factor as a fire-raiser. Properly installed, maintained, and used, it was as safe as any other system. Bad workmanship and inferior material might make every inch of wiring a potential incendiary. This source of danger was within the power of everyone to avoid by taking proper precautions.

D.I.C. ANNUAL MEETING OF SHAREHOLDERS. (TfcE PMSS «P«UI B*rric«] DUNEDIN, October 27. The forty-third annual meeting of the Drapery and General Importing Company of New Zealand, Ltd., was held this afternoon. Mr E. I. Halsted, chairman of directors, who presided, said that for some time past they had had hefore them the necessity for rebuilding the premises acquired some years ago from George and Kersley, fronting Lamton quay, Wellington. "We wore fortunate enough," he said, "to be able to arrange the purchase of the freehold corner or Lambton quay and Brandon street, which will consolidate our Wellington property and give us a solid block of land with frontages to three streets. We have had plans prepared for a new building to work in with and form a homogeneous whole with the buildings erected in 1905. When completed we shall have a magnificent store, the finest of its kind in the Dominion, and also splendid blocks of offices for letting purposes in the best position in Wellington. We hope a start will be made with those buildings immediately after Christmas. Naturally our Wellington business will be working under a severe handicap during the rebuilding period, but we have every confidence that when once we are housed in our new, enlarged, and up-to-date buildings business will quickly compensate for the expenditure we are undertaking. Comparing our balance-sheet figures with last years, there is an increase in sundry creditors of some £6OOO, an increase of no special importance or significance. The reserve fund is greater by last year's addition of £IO,OOO, and with a similar addition this year will stand at c 65,000. Profit and loss account is greater by £-1000 than laßt year, and after our proposed appropriations the amount carried forward will be augmented by that sum. You will see that our reservo fund and carry forward will together total the substantial ficure of £100,981. On the assets side stockl at £2l3,ooo'are £16,500 less than lagt year, and ore as low as it is possible to bring them. Your directors have never ceased to urge upon the managers the policy of keeping stocks at the lowest point consistent with maintaining turnover and show the variety necessary in a business such as ours. This policy has borne excellent fruit and enabled us always to keep stocks fresh and clean and to be in the forefront with every change of fashion. Sundry debtors are slightlv lower, and properties and P la . nt have been written down by over £l-,000. investments in Government stock have been increased by £IOOO, and other investments, chiefly in deposits, are greater by £47,000. Our credit balance at the bank has also grown bv £3200. Our investments and bank credits total £133,000, the whole of which is readily available in cash if and when required. We are particularly fortunate in being in tins strong position in view of the large amount required in tho near future for our \\ ellineton building and for the purchase of land already referred to. The profit and loss account shows that our gross profit is less than last year by nearly £6OOO, due to a small decrease in turnover, while our expenses have also fallen by £3700, testifying to the great care and watchfulness exercised. Net profits at £46.572 are £2IOO behind last year's. They leave an ample margin for reserves after paying the dividends proposed." The report and balance-sheet were adopted. Messrs P. L. Halsted and Alfred Fels were re-elected directors, and the auditors were also re-elected.

DAIRY PRODUCE. The National Mortgage and Agency Co. of N.Z., Ltd., have received the following cablegram from their principals, Messrs A. J. Mills and Co., Ltd.. London:— Butter continues slow. Fresh arrivals 174s to 1765. Stored neglected. Cheese market quiet; 103s to 101s. The New Zealand Loan and Mercantile Agency Co., Ltd., have received the following cablegram from London, under date 26th inst.:— N.Z. Butter—l72s to 1765. Market slow. Cheese—lo2s to 105. Market •low,

CHRISTCHURCH STOCK EXCHANGE.

Business brightened up considerably yesterday, and there was a. fair turnover in most classes of tiocks at advanced prices. In the stock and bond market no business was recorded, prices being srm »t late rates. The Treasury advisee that, o per cent. Btock and bor.d3 maturing November 15th r.cst can be renewed at the holders' optrion to August loth, 1033, at =>: per ctni. , In the Bank section, Bitk oi Adelaide. on •vhtcii a. dividend el Js i is payable on November 3th, salc3 took at' £& Us 6d, the dividends going _to the tracers, leaving buyers ±'B Us, sellers JS 15s £d. Australian Bank of Commerce, '-W changed hands at Sis 3d, market "-•los.ng buvers 32s id, eoilers 32s iCd. Commercial Bank of Australia had a turnover cf •200 at -2Ss lOd, an advance of 4tl on last recorded business. This did not eshaust the aupplv at tliat figure, buy.-rs quoting 2Ss Bd, sellers '2?s lOd. £lO 1 per cent, shares were fractionally firmer with buvers TT Is, sellers £7 ss. National Bank of' Australasia were firm with a sale at jEI~ 103 of the fully paid shares—market closing buyers 117 9s. sellers .£l7 lis. For the £5 paid shares in this bank there was a turnover at £S 13s 9d and £S 14s, buvers offering £8 13s 9d for further supplies, sellers asking £3 14s 6d. New South Wales were easier at £M !2s 6d sellers, no buyers quoting. Bank of New Zealand had some attention at slightly increased pnoes, 550 were sold at 57s lOd, -200 at 57s lid and 200 at 5Sb, market closed buyers 57s 3d, sellers 57s lOd. Unioj Banks were not quoted, but thera was a turnover o: rights to new shares at, prices ringing from 543 to 555. Fractional rights were sold 93, market closing firmer at buyers 9s 3d, sellers 9s 6d. New Zealand K-efrijerating shares arc firm with buyers closely approaching sellers' prices. Quotations were: Fully paid, buyers 15s, sellers 153 2d; partly paid, buyers 7s Bd, sellers 7s 9d. Christohurch Gas new shares: An odd lot was turned over at 6s 4d, buyers remaining in at that price, sellers (is (id. Buyers of New Zealand Breweries advanced to 445, sellers asking 44s 6d. British Tobaccos have declined to SGs buyers, 56s 9d sellers. Electrolytic Zinc preferred had sale on the afternoon call at 325, showing an advance on the morning quotations when sellers asked 31s lid. More were sought at S*ls, sellers requiring 32s 3d. New Zealand Farmers' Co-op. first cumulative preference shares were wanted at SSs, sellers not quoting. Sellers of this company's bond issue asked £BO for the 1930, and £79 for the 1935 iS3uo without buyers being attracted. Whitcombe and Tombs—A line c &> shares had sale at £3 7s Kd, buyers wanting more at 675, .sellers holding for the reported price. Australian Glass Manufacturers announce a dividend of 5 per cent, on ordinary shares and 4* per cent, on preference shares payable Deoembor Ist. Shares were not quoted on call yestcrdaj-.

YESTERDAY'S TRANSACTIONS. Sales Reported—Bank of Adelaide (cum div.), £S 14s 6d; Comm. Bank of Aust., 28s lOd; National Bank of Australasia (£lO paid, cum div.), £l7 10s; National Bank of Australasia (£5 paid, cum div.), £8 14s; Bank of N.Z.. uSs. 57s lid (2 pa-rcele); Electro. Zinc (pref.), SlsSd; Union Bank (lights), 555, 513, 555; Whitcombe and Totnbs, 67s 6d. Sales on 'Change-Aust. Bank of Commerce, 32e !>d; Bank of N.Z., 57s 10d (4 parcels); Union Bank (rights), 54s (4 parcels), fractions 9s; Christchnrch Gas (new), 6s 4d; Electro. Zinc (prof.), 325; Xalional Bank of Australasia (£5 paid cum div.), £3 13b Sd. LATEST QUOTATIONS.

P. AND 0. COMPANY DIVIDEND.

(ACSTi!lI.!i* AXD S.Z. ASD BUS CABLJ.) (Received October 27th, 9.5 p.m.) LONDON', October 25. The dividend on P. and 0. deferred stock is 10 per cent, tax free.

OTHER EXCHANGES.

(FBS*S A36OCIATIOH TELEGEAMS.) AUCKLAND, October 37. Sales —Inscribed Stock, 1936, 5J per cent., £101; New Zealand Breweries Debentures, 23s Bd, !3b 7d; Commercial Bank of Australia, 28s 9d, 2Ss lOd; Union Bank of Australia, rights, 555; fractions 9s; New Zealand Insurance, 395; Farmers' Co-op. Auctioneering B pref. 15s; Hikurangi CO3I, 2s 9d; Waipa Coa!, 13s 9d; Northern Steamship, 14s Sd; Kauri Timber, 24s sd, 24s 4d; Tarannki Oil. 8s 6d; Wilson's Cement, 36s 6d; Occidental Una UO3-). ls Waihi, 22s od. WELLINGTON, October 27.

Sals—Lnion Bank (rights), 60s. Sales reported—Union Bank (fractions). 9s 0C (sir parcels); bi per, cent. Bonds, 1936, i'lol 7s 6d; Mount Albert Borough, 5 per cent., £92; >'. Z. Guarantee Corporation (o:u.;, 86 Bd, Electrolytic Zinc (pref.)* 31s gd. DUNEDIN. October 27. Sales reported:—Commercial Bank 23:, lOd; Waihi 22s sd. ( AUSTRALIAN MARKETS. t (ST CABLE— FRJC3S ASSOCIATION COPYRIGHT.) (ACSTBALIAV AND X.Z CABLB ASSOCUTIOX.) (Received October 27th, 8.20 p.m.) SYDNEY, October 27. Wheat—At country stations, ex truck .Sydney, os "hi a bushel. Parcels are dull at 0s Od. Bagged is nominally 5s lid to 6s. i r lour —Local, £l4 os a ton; for export, £l2 5s f.o.b Bran and pollard—£7 10s a ton. Oats —Tasrnanian Algerians, is 3d a bushel; white, 4s lOd. Maize—Yellow, 5s a bushel. Potatoes —Tasmanian, £6 to £9 10s a (on. Onions —Victorian, £4 to £5 os a ton. ADELAIDE, October 27. Wheat—Growers' lots, os 5d a bushel. Parcels (nominally), 5s SJd. Flour —Bakers' lots, £l4 2s 6d a ion. Bran —£7 15s a ton. Pollard —£7 7s 6d a lon. Oats —3s tid a bushel, HIDES. (.Received October 28th, 10.10 p.m.) MELBOURNE, October 27. Hides —Tho market is very strong. Lights, mediums, and kips advanced -Jd and bestconditioned parcels Id. BRUCE WOOLLEN COMPANY. ITHB PEESS Special Service.] DUNEDIN, October 27. Tho directors of the Bruce Woollen Manufacturing Company express regret in their annual report that the trading for the year ended on September 10th ehow3 a loss >A £1543(5 17s lOd, which is, however, covered by the balanco carried forward. The past year has l«jen a particularly trying one for the directors, owing to its being largely a year of reorganisation, coinciding with a period cf general business depression. A change has been made in tho method cf marketing the company's goods, and the directors feel sure this will ultimately be beneficial (o the interests of the shareholders. The directors have considered the question cf providing for depreciation, but as all buildings and plant are now considerably under actual value, there is no necessity for any writing-down during the year. Mr Charles' Grey resigned the position at general manager, and Mr Edward Moore was appointed in his atead. The capital of the company lies been increased by tho creation of 50,000 shares of £1 each, all of which have been offered to shareholders as 7 per cent, cumulative preference shares. RABBITSKIN SALE. Wright, Stephenson and Co., Ltd., Dunedin, offered a smaller catalogue thau usual at Tuesday's sale. Bidding was exceptionally keen, prices for the best classes of skins showing an advance of 6d to lOd per lb, and off-season's skins ruling firm at last sale's rates. Quotations: Weevily, 18d to 33Jd; second broken, 36d to 48Jd; autumn broken, 3fid to 40d; first winter broken, 52d to 59d; runners, 16$ d to 243 d; summers, 25d to 28Jd; summer bucks, 25d to 27d; light racks, 37d to 39d; prime racks, 37d to 40Jd; dawny autumns, 44jd to 45d; early autumns, 48d to 60Jd; autumns, 60Jd to 66Jd; second incoming, 68d to 74Jd; incoming winters, 76! d to 94d; early winters, 95d to 104 d; first spotted winters, 64Jd to 92d; Becond winter bucks, 84d to 88Jd; second winter does, 107 d to 114 d; first winter bucks, 113 d to 117 d; first winter does, 124 d to 129Jd; prime bucks, 121 d to 124Jd; prime does, 133 d to 135 d; second spotted winters, 52d to 71d; outgoings, 78d to 98d; springs, 38d to 45Jd; milky, 32d to 48Jd; fawn, 66Jd to 74Jd; winter fawn, llOd to 117 d; summer black, 35d to 43Jd; first winter black, IOOd to 124 d; second winter black, 84d to 90Jd; hareskins, 45d to 641 d; horsehair, 23d to 25d.

•Buyers. Selle: ra. £' 8. ■' d. £ 6. d. N.Z. GOVT. DEBENTUEES4J per cent. Inscribed, 1933 56 2 6 96 10 0 ik per cent. Inscribed, 1939 96 2 6 96 17 6 44 per cent. Bonds, 1938 96 0 0 96 12 6 5 per cent. Bonds, 1927 .. •• 99 0 0 — 54 per cent. Inscribed, 1927-41 98 0 0 — 6J per cent. Inscribed 1933 101 3 6 — 6i per oent. Bonds, 1933 101 S 0 — Si per cent. Inscribed, 1936 101 2 6 : 101 7 6 6J per cent. Bonds, 1936 101 S 0 — COMPANY DEBENTURES— N.Z. Breweries, Inscr. 1. 3 0 — N.Z. Breweries, Bonds 1 3 ■i 1 4 0 Booth, Macdonald, 6J per cent., 1932 — 70 '> 0 Glaxo, &£ per cent., 1913 -. •• 90 0 0 100 0 0 BANES— Adelaide (cum div.) ., 8 14 0 8 15 6 Aust. of Commerce .. 1 12 8 1 12 10 Australasia 11 10 6 14 13 0 Comm. of Aust. 1 8 8 1 8 10 Comm. of Aust. (pref.) 7 1 0 7 5 0 Comm. of Sydney 24 10 0 24 15 0 K, S., and A. 7 11 0 7 13 6 E., S., and A. (Royal Bank issue) .. 7 9 0 — National of Australasia (£10 pd., cum div.) 17 9 0 17 11 0 National of Australasia (£5 paid, cum div.) S 13 9 8 14 6 New South Wales .. 41 0 0 44 2 6 New Zealand .. 2 17 9 2 17 10 Queensland National 8 2 6 — Union of Anst. (rights) 2 14 0 2 14 6 Union of Aust. (fractions) 0 3 3 0 9 6 INSURANCENational — 4 0 0 Mercantile Mutual —. 1 8 0 New Zealand -- 1 19 0 Queensland — 2 16 6 South British (ex div.) — 2 IS 0 Standard S 0 9 — LOAN and AGENCY— Dalgety and Co. 13 9 0 13 11 0 Dalgety and Co. (new) Golasbrough, Mort .. 12 19 0 13 1 0 2 7 7 2 8 0 Goldsbrougb, Mort (new) 2 6 6 2 6 9 National Mortgage 3 12 0 3 IS 0 N.Z. Loan and Mercantile (ord. stock) .. 91 0 0 97 10 0 N.Z. and River Plate — 1 7 9 SHIPPING— Devonport Ferry — 1 S 0 Huddart-Parker" 2 6 9 — P. and 0. Deferred Stock 250 0 0 aso 0 0 Union (pref.) 1 0 0 1 0 4 FROZEN MEATCanterbury 7 10 0 s 0 0 N.Z. Refrig. (£1 paid) 0 15 0 0 15 2 N.Z. Refrig (contv.) .. 0 7 8 0 7 9 WOOLLENSKaiapoi (ITs paid) 0 7 11 0 9 0 Kaiapoi (pref.) 0 10 6 0 12 0 COALTaupiri (ord.) I 6 0 — Westport 1 It 9 1 15 6 GAS— Auckland _- 1 3 3 Ckristchurch 1 3 3 —. Cbriatchurch (,new 5a paid) 0 6 ■1 0 6 6 Thnaru _ 1 3 0 BREWERIESCrown 0 13 0 0 14 1 New Zealand .. 2 4 0 2 4 6 Staples 1 18 4 1 19 6 Ward — 1 .18 0 White Star — 1 0 3 CEMENTS— Wilson's 1 ;s 4* 1 16 9 MISCELLANEOUS— Allied Motors 0 10 3 0 33 0 Beath and Co. 1 12 3 1 12 6 British Tobacco 2 16 0 2 17 0 Burns, Phiip 1 17 4 1 17 6 Canterburv Salevards (£2 10s paid) " .. — 0 2 6 Colonial Sugar 51 0 0 54 5 0 Electro. Zinc (ordJ 1 10 0 1 11 0 Electro. Zinc (prei'.t .. 1 12 0 1 12 3 Henry Jones Co-op. .. 1 17 3 1 19 0 Holden'a Motors 1 11 0 1 14 s Hume Pipe — 0 16 0 Strutliers (Ms paid) 0 13 6 0 14 Mason, Struthers (10s paid) 0 9 6 0 10 0 Mercantile Finance Corporation C3s paid) 0 1 8 0 2 1 N.Z. Drus Co. 0 4 3 3 4 6 N.Z. Farmers' Co-00. (1st pref.) '.. 2 IS 0 — N.Z. Farmers Co-o;5. (pref. re dir. onlr) I ' 6 1 10 0 N.Z. Farmers' Co-op. i6> oer cent. Stock, 1930) 7G 0 0 SO 0 0 N.Z. Farmers' Co-on. (6A ner ceni. Stock. 1933) — 79 0 0 N.Z. Guarantee C'orpn. 0 s 7 0 8 8 Taranaki Oilfields 0 8 2 0 8 S Whitcombe and Tombs 3 7 0 3 7 6 Sanford, Ltd. — 1 0 3 MINING— Kaworau n 0 n 0 1 4 Mi. Lvell 1 7 3 1 7 8