CHRISTCHURCH STOCK EXCHANGE.

Press, Volume LXIII, Issue 19150, 5 November 1927, Page 16

CHRISTCHURCH STOCK EXCHANGE.

YESTERDAY'S TRANSACTIONS.

QUOTATIONS.

I OTHER EXCHANGES. (PRESa ASSOCIATION TELEGBAMS.) AUCKLAND. November 4. Sales—New Zealand Breweries Debentures, 23s 8d; Auckland Harbour Board, 1937, 51 per cent., £97; City of Auckland, 1040,~ 5J per cent., £O6 10s; Commercial Bank of Australia, 28s lOd; Bank of New Zealand, 58s 3d; New Zealand Insurance, 38s 7d; Taupiri Coal. 275; Devonport Ferries, 23s 6d; Staples Brewery, 38s 6d; Lucky Shot Is 6d; Waihi, 21s sd. WELLINGTON, November 4. Sales —Union Bank, fractions (two parcels), 9s 6d. Sales Reported—Union Bank, fractions. 9s 6d; Union Bank, rights (three parcels), 53b■ New Zealand Insurance, 395; Wellington Meat Export (x>rd»), 8s 3d. DUNEDIN, November 4. Sales—Union Bank (fractions), 9g 3d (three); Auckland Amusement Park (ord.) 103 9d; Milburn Lime and Cement, 32s 6d.' Sales Reported—Milburns, 32s 6d; Katie nal Electric, 13s Gd; New Zealand Dru"s 64s Gd; Taupi.ri Coal, 275. ° '

WHEAT. CHICAGO QUOTATIONS; NEW YORK, October 3, Chicago wheat quotations are:—December 1253 cents a bushel, March 128J cents, May 1315 cents. EGGS. LONDON, November 3. Latest arrivals of eggs from all States are of good quality, and are quoted at from 16s 6d to 19s 6d, according to weight. The market is dull owing to heavy supplies of Continental and South African. ' DAIRY PRODUCE. LONDON, November 3. The butter market is quiet, but the demand is improving slightly. Quotations are:—Australian and New Zealand (choice salted) 168s to 170s, exceptional 1725. Unsalted lots have been temporarily cleared. Danish is quoted at 1935, and is hardening. Oheese is quiet. Quotations are: — New Zealand—loos to 102s. j Australian—9Bs.

j AMALGAMATED ZINC. A net profit of £12,157 is ehown in the accounts of the Amalgamated Zinc (De Bavay's), Ltd., for the half year ended 30th, compared with £10,746 for the previous half-year, and £28,393 for the corresponding term of 1926. This result was domed from earnings on investments With £37,534 brought forward, a sum of £49 G9l was available, and dividend of 8 per cent per annum absorbed £BOOO, leaviug £4l 691 t0 b for ™rd. Surplus liquid assete at £231541 were £19,000 lower on the period. Capital is £200.000, and cash HiWli ties stood at £53 981Principal'K£ loans and deposits £285,307, r.hare in other companies £"137,067, and aundnr debtors £5312. The directors etato that the? took i* 31,250 shares of £1 each ™g iU WfV M BPer , *>' L < which was T £Fr& ll™? Si^ ih » capital of * so '^?.rfSri ß^ lßate * Possibilities of manufacturing paper from wood grown in Southern Tasmama. The experimental campaign in Tasmania 18 p rocee dj n(f \ *i* bo thkt the

Dalgety and Company, Ltd., have received the following cable advice from their London office, dated November 3rd:— "Butter —Rather more enquiry. We quote: Danish 190s, finest New Zealand salted 168s to 1725, finest Australian unsalted 174s to 1765, salted 106s to 170s. "Cheese—Market quiet. We quote: New Zealand white and coloured 100s to 102 c, Canadian spot, white and coloured 98a to 103s; Canadian c.i.f. 96s to 98s. TALLOW. The New Zealand Loan and Mercantile Agency Co., Ltd., have received the following cablegram from London, under date 2nd inst.: — . "Tallow—We quote present c.i.f. and e. values for the following descriptions of tallow:—Fine mutton 39s per cwt, good beef 40a per owt. mixed 38a 6d par ewt., Maxb* U+ettvt*

Sales on 'Change-Bank of X.Z., 58s (i parcels); Henry Jones Coop., 365; Union Bank (fractions), 9s, Sa 9d (3 parcels), Se Bd, Ss 3d (2 parcels); Electro. Zinc (pref.), 32s (2 parcels). Sales Reported— Bank of N.Z., 56s 2d, 58b Id, 5Ss; Union Bank (rights), 52a 3d; Dalgety and Co. (new), £l3 2s; X.Z. Befrig. (contr.), 8s ld; ! N.Z. Drag Co., 616 6d; Wilson's Cement, 36s 6d.

WOOL SALES.

LOCAL DATES FIXED,

m 7 to> Christchurch Woolbrokera' \sso. cute* have fixed the following dffi tor the coming season's sales :—■

Brokers reserve the right to alter closing dates accord.ng to limitations of the Wool Committee. The above roster is subject to alterations being made in both time and date and to fixtures being altogether withdrawn.

ELECTROLYTIC ZINC CO.

PAST YEAR'S OPERATIONS.

•Reviewing the past year's operations of Electrolytic Zinc Company at the annual meeting of shareholders in Melbourno on October 25th, the chairman, Mr W L Baillieu, said that the outstanding events were he increased efficiency in the operation of the company's various undertakings and developments at the Tasmanian West Coast «f^ r ail , l . ieu . SBid "»cy had felt the effect of the decline in base metal prices but his had been offset to a larte **ie*t m. vL lower prices payable for « t° cordan.ee with the sliding scale nrovh on of their Agreement, and by the higher recoveries improved ' C ° StS - bro * over 2000 t n n« lC?l ? h n,etlce - The eain of over 2000 tons in the output of zinc was a fine tribute to the efficiency of the com' pany's technical staff and emp ovees, and the S',? , fL toward i ? creased W "d reduced costs was going on unceasingly. «*. 11 tt 8 mo , st im P M tant factors governr«!.f »* tt,nre £ f th , e com m the West Coast mines Developments during the past year had extended their knowledge of the ore bodies. The 1,400,000 tons estimated ore reserves had been arrived at on a co„. servative basis, and the directors felt XWent that they would be substantially added i!lv a .L£i rOSP ™ ln J E - B l d miDin e were further advanced. The directors were confident that an economic method of treating the ores had been evolved, as the result of years of pafns taking effort since the company had taken over the mines, and they 'could see their way clear to proceed with the establishment of a large commercial unit. An approximate estimate showed that the outlay on the mill, mine equipment and other services would call for about £2OO 000 pJEmM e « nert a™ ? es r\ This expenditure, could be financed out of tho companv'g own resources. The position as regards "supplies o. zinc concentrates had been as secure as was reasonably possible. After exhaustion of supplies already contracted for. tho cost of material, other than from tho company s own mines, must bear-a close ratio to the then ruling price for spelter. It eould bo fairly assumed that the difference between the cost of such raw material and tlifl market value of the metals allow a fair margin of profit over treatment and realisation costs.

I Mossrs F <"-d and H»dfl«l* VMlllH t.oneers, Land and Ut.!4|lS 1 tho under-montionM on their last S»ie, of Mr-A. J. , North road, to iFffiP a account of Mrs D»vl«_ h n iut ..TrJHI - .ted Sydney %*"£* MHB a cipal Electricity DenartmX ' **»■ • of Mr M. R. Smith hi?l at ' t account of .Mr h. E.- BowleV' fclSli t to Miss M. J. Braddicfc ftJsSSI 1 tion, their very fine protoerhr ilffisffi a to Messrs Briscoe,. LtdV kuLSKSHE J Nc W Zealand FarCsfyftgfM P tion, thoir property.' h»Mn*V^SffllK s , seventy-five their motor sho^k''t»?SO^ J and Co., Ltd. ~Oi^so&jSffl» r rence, his bungalow "wi^SfflK i Charles street, "rttd, ®fiß • On account or Rev. Wi T HMfceBHI 1 dential property, aitt»t«d ihta?»2Hi Mr H. Blakeway, hit seated Shrewsbury%S3HßH Musgrovp. on accost orttPHM&SffiG his building section, silwiS «M«lSlI . Avonside. to W. B/MdlTkTßSfilißl account of Mr 'L. ClAlSi - bungalow, situated WatftrdrfteSftaEiail - to a client, on tmmlffl*mmEm. { a very fine block of land, eoaWsa£ll > mately 10 acres, sltastadMMKßlKl Papanui, to a client, u QntttSßll6ffli Mortgagees, a Ari».clai|4fiSj^^^^ . to M. E, and E. ft, P. Laws, his Bryndwr, to a client,, «:K£lim^3Sl ; H. Stanley, his Somerileld street, m^m^^WeSm ■ account of Mr J, 1 perty, situated MBt hjfii^ffia^^pßffl| i Brown, her I Btataribre road, XoWtiffl&zmtWmm ■ pllent, his very MiMMtfSmiMSsm ing over SO in very close account of Miss A^ramm^pSSraH hit very fine Pendalton, to MflffimißM Vogel street, On account of a section, situated Y^mS^Wmm • tins, to P. 0, anf count of Mrs M. property, situated DnrhilaWfewMit Sinclair. On accdnnt late J, 11 mining*, a *«W"«M»najugK perty, situated in G. Honham. On * c W?4R«lKWi*aKs his /new bungaloVjr. litutMiSNwl^K'i ' St. Martins, to HrlJpMHkl of Mrs A. M. perty, situated LeinsWr; ttMJMH&BIBm St. George's ttotpitel, UymM&Mm count of a client, mere, to Mr 0. B. Mr"R. Bder, his new rens road, Hillmorton, account of Mr and Mm'g.lß&nSßsaßifi residential property, aitawi VfffiSßslJlb*! On account of Mrs M, galow propertyr ' carton, to a client, , pa) Oraw, his very fine residWWlljraSMj situated Weston roid, On account of \t 0. Bso%*sfffiiiißS§ property, situated Albans, to Mra fl. Qw}*na,y;wMgmM u client, hit Stasmore road, Llnwooa, to On (account of Mr <?., MeTlerafilHßßGg| property, with two-storey HUOiMKH|ni Durham street, to Mrs T. JLftSIgBEMI nccount of a client, hi* situated' Armagh ttrest, Jo'Mm JH|jag!ffl| wan.' On acootmt of »J'' 9 tiaV property, situated Mr o. G. Weodhata. Off a <jggMffißJE 0. Orchftrd, his re«)d«nti«!*«Wf(|^K , Somerneld Utreel, account of a pliant, hw situated Weston road, £apa«!jvjnSHß Binnie. On account of MM property, situated Office w *??s!r3SgH| Mr J. A. Johnstone. Ob Delaney, 2 building ltca rington street, Spreydon, to In conjunction with NiZ. Association, on « MO . a very -flno /"VjSUVWSBHi Sprlnetton. containing "&gi§BgSßi 0. W? Robson. t On t*W%JffiH£Bm Eder, his new ;»JKKfflg^| street, 'Bl«M rto »L, w „^J:iiK^SHal account of bungalow, Situated B J* t * ( S. Che Y twin. .On Thomas, his building ruth avenue, Spreydon,.w tricity .Dapartment. tfcJSSsESBM and R. Snoll, ■ very MfMgli the corner of Wjor containing over 8 ff^JffßSM section, situated »", ,n »*ffi«|gH Mr H. Roberts. -On den his ana Andrew'* lerrac*. B^^ H mSUHI On account of M«^tJwf^»Hßj ing effected ; J^ , ?SaW*3HH both unfurnished and «'i F^M^ with having lnv l''fr fl ..t aW ««»Sffl clients' money on bofh first an &m& s °?f- r„,<t and HadfleW Messrs 1 oro ana "?" |_^. or "s«lWKjßßH are desirous Of either perty to make use of -their expert advice. Also, hj« n | a and eollartlmc branch a«a^ t« , &ss§§&

Referring to future dividend prospects, the chairman said that, owing to the varying and unexpected factors which cropped up from year to year, it was difficult to make any accurate forecast, but after a close study of the figures for the first three months of the current year he could say that, unless some unforeseen contingency arose, the company would be able to maintain the present rate of distribution with metals round about current prices

OKAIN'S BAY DAIRY CO, Mr P. E. Moore, chairman of the direc- ? rß ' ,PP r ov « a good attendance' of shareholders at the annual meeting of the Limited I>ail7 • Factol 'y Company, After a number of questions had been answered, the report.and balance-sheet were adopted. The directors were recommended to provide better facilities for cashing suppliers' milk cans,. and to rescind'a motion . regarding tns charge for/hot water. General •satisfaction was expressed regarding the company s operations., during the year,* It was stated that as far as. was known the pay out of Is did had been beaten by °"-ir one :i ctorv in ithft Dominion. Mr A. W. Ware, a retiring director, <iid not seek re-election. .A ballot" for the election of _ two directors was taken, and resulted in Messrs T. . Priest tnd#, Geo. ttarrig being elected* rv ' *• ; A vote of thanks was accorded the retiring

Mr C. W. Leete was re-elected auditor. lho question of how daylight Having would attect the dairy farmer was" disoussed, and tno general opinion was that the factor* could not reoeivo the milk much earlier than at present. /• At_ a meeting of directors held later, Mr t. hj,. Moore was re-elected chairman He welcomed Mr F. Priest and Mr. P.- Geo, Harris to the directorate. '..

FROZEN MEAT. Dalgety and Company, Ltd., have received the following cablegram from their London office, dated November 3rd:— Froaen Lamb—Market weaker. Demand iij w Quotations: 28-361b. Canterbury 9jd North Island 9|d;' 36-421b, Cahtorbttry 9Jd, North Island 9d; second quality, Canterbury M. North Island 9d,-42.501b, Canterbury B|d, North leland BJd. For Augtralian the market is dull and demand poor. We quoto: Australian lamb, f.a.q., Bid to Frozen Mutton—Market weaker. Bemand ?2°LA W, ?P t0 ,* am w «»ther. Quotations: Canterbury 6»d, North Island fid! ??'£2s' Canterbury 6d. North- Island 5Sd: 64-721b, Cnnterbury 5Jd, North Island 51d ewes, 48-641b, Canterbury 4|d, North Island 4Jd. Frozen Beef—Quotations': Argentine chillcd hinds sd, fores 3d. P ol *—Quotations: English pork BJd to Bsd; New Zealand porkers, 80 to 1001b, nominally Bd, 100 to 1201b 7Jd; New Zealand ' baconers, 120 tor 1701b, nominally 6d. 1701b and over sid. Owing to exceptionally heavy supplies of English and Irish,pork, prices are weak and . quotations for frozen are nominal. Veal—Market weak. Business has been done, at 4|d, buyers not disposed to operate

SUGAR. V M (BT CABLE—PKKSS ASSOCIATION— COPYRIGHT.) (AUBIAALIA* AND K.Z.. CABM ASSOCIATIOir.) rr.r.,,1., j LONDON, November 3. Orranulated sugar is quoted at 29s 4Jd.

FARMER AND CO., LTD. Net profit of £102,605 shown in the report of Farmer and Co., Ltd., Sydney, for the year ended July 31st, after allowing for .£3BBB in debenture interest, is £4092 more than for of fl re i yi^ US n ye . ar - , m l ßt dividend «r,JL P i- .f on i- nh * ori >» "2.000, second pref«S?» e dW J?'A d 0f 7 - per cent - and ordinary dividend at the usual rate of 10 •B trTJ" W?i The ■""»»«*«"» AH '£»« ?n? rred » tp the resorve fun<l . making it niiin. V-j c S m P Br| aon of profits, rate of ordinary dividend, and amount placed to reserve over a period of nine years, follows:

~~w£ffl

The Bradford s°. Rood. Qnouti.?""* "nuSyk forty-sixes 23d, fo?u/,^»T^| M ELBOubE SAI^'; ~At«he y oo.i E t>on particularly L !!!**• taftii breds. The market j.^***^?^ realised up to 29jd. tte **»«s^fiN CEREALS. ' i (Received November 4tK a« J% ' Wheat cargoes afef ftft I » further threepence £ «L***& are in poor request, ,„* *«2 to sixpence. ' na fIM PPeJ OH fPot trade to^ed 8 . duII: «*Jt Oats and peas are firm. * "•*? * Beans are quiet.' /Ji DALGE^m<| with a bonus of 7 nor «,,",WJB6 Premises .. <lir Staff Provident' Fund " VTfti Bonus to overseas staff " ''US Brought forward " "JM

land sales';ii|m

Debentures appear at £420,080, being the amount paid up on an issue of £500,000 made during the year, in order to finance I the erection of the new building. The issue price van £96 10s, and the discount amounting to £17,600 has been written off the re- "™! fund. The reserve for contingencies, ±IO,OOO, has been transferred to the reserve fund. Every effort is being made, the direcv»j?tate' to e *P*dlte the completion of the building, and the item freehold and plant has advanced £259,740. Investments have been realised on to the extent of £874,777, and the cash is down by £20,391, while two new ' •terns, including part proceeds of the debenture issue are bank drafts £135,000, and fixed deposits £IIO,OOO. An increase of nearly £37 ; G00 in stock in-an outcome of increased business. A comparison of balance-sheets for three years follows:'— Liabilities—

PROPEBTtaiIg Messrs H. G. Uj|>! auction yesterday tnp. ■ 128 Linwood »*enu«, with Mr P. M. Ward, »<><

Yesterday. Last Week. Last lear. Buyers. Sellers. Buyers. Sellers. Buyers. Seller £ e. d. £ s. d. £ s. d. £ 6. d. £ s. d. £ B. . N.Z. GOVT. DEBENTURESi$ per cent. Inscribed, 193S .. .. 96 5 0 96 10 0 96 2 6 96 10 0 — — i\ per cent. Inscribed, 1939 .. .. 96 7 6 96 10 0 96 2 6 — — — 4J per cent. Bonds, 1930 .. .. 98 2 G 99 0 0 — — — — 4J per oent. Bonds, 193t> .. .. 96 7 6 96 13 0 96 5 0 96 12 6 96 7 6 — 5i per cent. Inscribed, 192741 .. .. 98 12 6 — 98 10 0 — — — 51 per cent. Bonds, 1933 .. .. 101 2 6 101 10 0 101 5 0 101 12 6 100 5 0 100 12 5* per cent. Inscribed, 1936 .. .. 101 5 0 101 10 0 101 5 0 — — — 5J per cent. Bonds, 1936 .. .. 101 2 6 — _ _ — — OTHER, DEBENTURES— Timaru Borough, i{ per cent., 1933 .. — 93 10 0 — 94 0 0 — — Christchurch Trams, 5j per cent., 1944 .. 96 JO 0 99 10 0 — — N.Z. Breweries, Inscr. 13 3 13 9 _ — — N.Z. Breweries, 13 6 1 3 10 13 0 14 0 14 3 — Booth. Macdonald, 6J per cent., 1932 .. — 69 0 0 —. — — — BANKS--Adelaide (cum div.) .. 8 17 0 8 19 0 S 14 6 8 16 0 _ _ Aust. of Commerce .. 1 12 8 1 12 9 1 12 7 1 12 9 1 14 3 1 15 Australasia .. .. 14 11 0 14 15 0 14 11 0 14 12 6 14 4 0 14 5 Comm. of Aust. .. 18 9 1 8 U 1 S 8 1 8 10 — — Coinm. of Aust. (pref.) 7 10 7 2 0 7 10 7 2 6 — ' —. Comm. of Sydney .. 24 10 0 24 17 6 — 25 2 6 26 2 6 — E., S., and A. .. 7 12 0 7 13 6 — 7 13 6 — — - E., S. and A. (Royal Bank issue) .. 7 9 0 7 11 6 7 9 0 — — — National of Australasia (£10 paid cum div.) 37 11 0 17 12 6 17 9 0 IT 11 0 38 10 0 18 15 ' National of Australasia * (£5 paid cum div.) 8 14 0 8 15 0 8 14 0 8 14 6 9 5 0 9 6i National of N.Z. .. 6 16 0 6 17 0 6 17 0 6 18 9 6 19 6 7 0i New South Wales .. 44 3 0 44 6 0 43 15 0 44 2 6 44 15 0 45 0 1 New Zealand .. .. 2 17 11 2 16 0 2 17 9 2 17 11 3 0 1 3 11 New Zealand (Mortgage Shares, 10s paid) .. 0 16 8 — 0 16 6 — — — Queensland National (cum div.) - .. 8 5 0 — . — — — — Union of Aust. .. 13 17 6 14 2 6 — — 15 4 6 — Union of Aust. (rights) 2 12 0 2 12 6 2 11 0 2 12 0 — Union of Aust. (fractions) .. .. 0 6 2 0 8 4 0 9 3 0 9 6 ■ — — INSURANCE— ■ Mercantile Mutual .. — 17 0 National (cum div.) .. 3 19 0 3 19 9 New Zealand .. .. —' — I IS 0 1 19 0 119 ( Standard .. ..300 — 3 0 0 — 2 19 0 3 0 ( United, .. .. 12 >0 0 14 0 0 — _ _ _' LOAN AND AGENCY— Dalgety and Co. (cum , div.) .. .. 13 11 6 13 14 0 — • 16 5 0 17 0 ( Dalgety and Co. (new) 13 1 0 13 2 0 . 12 9 3 13 1 0 Goldsbrough, Mort .. 2 7 9 2 8 0 2 7 6 2 7 9 2 10 0 2 10 1 Goldsbrough, Mort (new) 2 G 10 2 7 0 2 6 6 2 6 9 N.Z. Loan and Mercantile (ord. stock) .. 93 10 0 — 93 10 0 — 95 10 0 % 10 0 N.Z. and "River Plate 17 0 — Perpetual Trustees .. 3 0 0 3 5 0 _ _ SHIPPINGDevonport Ferry ... 13 3 16 0 — 15 0 ( Howard, Smith .. 1. 9 9 1 10 3 1 10 0 1 10 6 1 12 6 1 12 C Huddart-Parker .. 2 7 3 3 8 3 2 7 3 2 8 3 2 7 6 2 7 9 P. and O. Deferred Stock (cum div.) ..265 0 0 273 0 0 260 0 0 275 0 0 249 6 0 252 0 0 Union (pref.) .. 10 0 — 10 0 10 4 10 0 1 0~ C FROZEN MEATCanterbury .. .. 7 17 6 ' 8 2 6 7 10 0 8 0 0 Canterbury (pref.) .. 4 16 6 5 10 _ " . _ N.Z. Refrig. (£1 paid) 0 15 4 0 15 ,9 0 14 11 0 IS 1 ' __ N.Z. Refrig. (contr.) .. 0 7 11 0 8 0 0 v.8 0 7 9 0 ? 2 0 7 8 WOOLLENS- | ;' Kaiapoi (17s paid) .. 0 8 0' 0 9 0 0 8 0 0 9 0 ■ 0 11 0 0 11 8 Wellington .. .. 6 2 6 — ... COALHikurangi.(ord.) .; ' . — 0 2 9 — 0 2 10 _ ' _ Hikurangi (pief.) .. 0 6 3. 0 6 8 1 _ • Taupiri (ord. cum div.) 16 9 17 0 16 0 — Westport .. . ... 1 15 0 — 1 14 9 1 16 0 \ ,'•■:■ Stockton (ord.) .. 0 13 0 19 ■ ' Stockton (pref.) .. 0 2 3 0 3 6 _■ . _ . GAS1 Auokland .. .. 12 3 12 9 12 9 1 3" 3 Christchurch .. .. 1 3„ 5 13 7 13 0 13 6 14 1 14 6 Christchurch (new 5s pa-id) .. ... 0 6 4 066 0 6 3 0 6 7 . Timaru .. ..120130 — I' 2 6 BREWERIES— Crown .. .. 0 13 6 0 14 C 0 13 0 0 15 0 _ Montoith's .. .. 0 19 0 110 10 6 New Zealand .. .. 2 4 2 2 4 9 2 4 0 2 4 7 2 11 0 2 12 6 Staples .. .. l 18 0 1 IS 6 1 18 3 1 19 ,3 1 17 5 1 17 9 Ward .. .. 1 14 6 ; 1 18 0 White Star ... .. 0 17 6 10 0 — 10 0 ■. CEMENTS— «\ Wilson's .. .. 1 16 '0 1 17 0 1 10 3 1 17 0 ■ : ■ TIMBER— Kauri .. ..136143 14 0 14 3, 19 0 1 9 11 MISCELLANEOUS- ., Aust. Glass (cum div.) 2 16 '— 2 10. — ' ' •■- _ Beath and Co. ... 1 12 1 1 12 5 I 32 0 1 12 6 1 11 0 1 13 0 British Tobacco .. 2 17 9 2 18 6 2' 16 0 2 17 S 2 11 8 2 12 0 British Tobaoco (pref.) 10 0 — Colonial Sugar .. 53 15 0 54 0 0 54 .0 ,0 51 7 6 ' L.l.C. (ex div.) .. .0 7 G — ■ ■• . prem. D.I.C. (pref., ex div.) 10 0 — ' • __ '— ' Electro. Zinc (ord.) .. 1 10 9 1 11 3 1 10 0 1 11 3 1 16 6 1 17 0 Electro. Zinc-(pref.) .. 1 12 0 1 12 1 1 U 7 1 11 10 1 17 0 1 18 2 Henry Jones Co-op. .. 117 6 1 18 0 _* • Holden'a Motors .. 112 6. 1 13 6 1 13 6 1 14 0 Hume Pipe .. — 0 15 3 Mason,, Struthers (10s N . paid) .. .. 0 9 7 0 10 0 Mercantile Finance Corporation (5s p«id) .. 0 12 0 2 3 — ft 2 n — 0 4 6 N.Z. Drug Co. ..344350 3 4 3 3 4 6 < 3 10 6 3 12 6 N.Z. Farmers' Co-op. (1st pref.) .. — 4 0 0> __ N.Z. Farmers' Co-op. (pref. re div. only) 19 0 1 17 6 17 0 2 0 0 N.Z. Farmers' Co-op. (6J per cent. Stock, 1330) .. .. 74 0 0 78 0 0 72 10 0 SO 0 0 75 0 0 81 0 0 N.Z. Guarantee Corpn. 0 8 7 0 8 10 0 8 6 0 8 8 0 10 0 ' 0 31 0 N.Z. Paper Mills (cum div.) ... .. 0 16 4 0 17 3 N.Z. Sugar of Milk .. — .130 — 12 6 Taranaki Oilfiolds ... 0 7 11 0 8 8 0 8 3 C 8 9 Victoria Nyanza Sugar 2 6 0 2 10 0 Whitcombe and Tombs 3 7 3 3 8 0 3 7 0 3 8 0 Greater Crystal Palace 0 17 7 1 0 0 0 17 3 1 0 3 ~ i 0 3 Sanford, Ltd. , .. — 10 0 Quill, Morris ' .. 119 136 MINING— Kawarau ... .. 0 0 9 0 0 10 0 0 10 .0 1 2 0 2 7 0 2 10 Mt., Lyell ,.. .. 17 3 17 9 17 5 17 8 18 0 18 3 Waihi (ex div.) .. 114 12 0

Nov. bale date. 30, 9 a.m. Catalogues close Nov. •» Jan. 5, 7.30 p.m. Dec. 29. Feb. 8, 7.30 p.m. Feb. 1. Mar. 12. 9 a.m. Mar. 5.

' Net Ord. Placed to Profit. Div. Reserve. July 31st. £ P.C. X 1919 .. 79,047 15 24,052 1920 1921 .. 98,049 .. 77,561 12J 10 39,218 12,175 1922 .. 78,304 10 12,917 1923 .. 84,553 10 13,201 1924 .. 85,163 10 5,722 1925 .. 93,529 10 .14,088 1926 .. 98,413 10 18,092 1927 Tloh —* . . 102,505 10 22,505

Tear ended July 31st. 1026. 1927. Creditor* 160,000 178,060 Debentures ___ 420,060 : Share capital .. i.ooo.ooo 1,000,000 Reserve fund .. 152,507 163,699 Reserve for conting- • encies 10,000 • Assets— Cash 58,784 38,393 Bank drafts and deposits _ 245.000 Investments 129,282 54,505 Debtors 1 109,675 120,024 • 403,692 Stock .366,016 Freehold and plant 695,573 955,813 I/«aieaold .. ; 1.600 1,400 •Included lit r««nrV* taai.