FINANCE AND COMMERCE.

Press, Volume LXVI, Issue 20106, 9 December 1930, Page 12

FINANCE AND COMMERCE.

TOE DEPRESSION.

IS THERE A REMEDY? SOME PRACTICAL SUGGESTIONS. LOWER INTEREST RATES. ISPF.OIAI.Lr WItITTZH FOR THE PR«SS.) i Rr Five and a Half Per Cent.J Tliis is an independent contribution with n-hioh we aro not necessarily in accord. Our responsibility begins and ends with a guarantee of the writer's competence. II!. Those who are speaking on behalf of wnge-earners just now are saying that; if they are to be asked to cut down wages, other items of overhead expenses, especially interest, should also be reduced. In short, if Labour is to make sacrifices, then Capital must also make them. This appears reasonable, but it overlooks two things: (1) That Capital is already making large sacrifices. Ia many cases it is getting reduced interest, or no interest at all, and much capital has been lost or is in jeopardy, and this for exactly" tho same reasons that employment and wages arc to-day in. jeopardy. (2) That rates of wages in the main in New Zealand are arbitrarily fixed by the power of the State, while Capital is subject to supply and demand, and its rates are therefore market rates. It is regarded by Labour as quite reasonable that wage rates should be fixed and protected by the law, but any proposal to fix interest rates in the s.imc way would get a short shrift. The State as Lender. No sane person would ask the State to use its power to interfere with the price of money as between lender and \iser. But the principle has been accepted that the State may borrow money to lend at reasonable rates and use Government Departments and officials lo conduct this business and to bring into being special organisations fostered by the State to compete with banking and trading companies in lending money; even to dealing direct with the individual borrower and his security. The war altered the incidence of lending, both by attractive offers of investments by Governments and by compulsion to take up war loans, and now that the prices of commodities and the cost of living have shrunk, and profits in business and farming have also shrunk, the investor in public loans is in possession of the soundest security lo ,be had, and the purchasing value of his interest in increasing. This class of capital is at present making no sacrifices, but it might have to do so later if tho community became so badly off that it could not keep the rentier "pegged up" in his position of privilege as against all others. This class of safe investments, privileged. and shielded to the extent of the extreme resources of the community, has drained capital away from the productive interests of the country at a time when much capital has been lost, and has made the price of money dedr at a time when industry vitally needs cheaper money. Interest Bates and Production. The simplest method of putting lower interest rates within the reach of the farmer or manufacturer (I would confine the assistance to producers only) ou at least a portion of the money he borrows for use in his business, would be for the State to borrow, say, up to £20,000,000 of money for the purpose of lending it on sound first security through bankers and mercantile houses and ordinary business channels. For such a purpose as production in New Zealand, secured by a small first mortgage on farm lands, or flocks and herds, or buildings and plant, with the guarantee of the bank or other lending institution, and the guarantee of the Dominion Government behind it, the money Bhould be borrowed in England Tor Tiot more than 44 per cent, to 4J per cent. The Method of Lending. The method of lending would be for the Government to advance certain »iim» to approved institutions as a first floating charge on the value of the securities held by those institutions against their own advances to these customers; conditionally on specified sums being lent to each at a Tate of interest not more than half per cent, higher than the rate charged to them by the Government. Tho loans and securities could be vouched to the Government every six months by each institution's auditors, who would act in this in a fiduciary capacity to the State. For instance, a farmer has 8000 sheep worth £BOOO. His ptock firm has lent him £6OOO on this security at 7-i per cent. The stock firm borrows a large sum from the Government with which to help a number of its clients. It lends the client £3OOO at 5J per cent, and secures it by a first charge on the stock valued at £BOOO, really replacing the first £.3000 of its own loan by the £.3000 of Government money. The client saves 2 per cent, on £3OOO, amounting to £6O per annum. The £3OOO of the lending institution's money is released for other purposes. The general rates on mortgages, debentures, fixed deposits, current accounts, etc., would be steadied and modified by this procedure. Popular Borrowing. This borrowing overseas by the Government for entirely productive purposes would be popular, and no doubt the British Government would be glad to facilitate it as one means of helping the Dominions. It might take the form of perpetual debentures, with the rate of interest adjustable every five years in accordance with a ratio to the prevailing price of money at the time, laid down at the commencement; the decision on each adjustment to be made by, say, the Governor of the Bank of England and the head of the New Zealand Treasury. The flow of this money could be arranged so as to correct the abnormal rate of exchange until New Zealand gets back to a gold basis and these rates are governed by the gold points. Elasticity Without State Interference. The value of the above proposal lies in its allowing perfect elasticity for sound business without any Government participation or interference with business, while yet the Government lends a proper assistance in obtaining overseas funds at a low rate, which a private firm could not do.

Jt> ie true that our fundamental problem is so to stimulates the business of the Dominion that costs of production and selling prices will balance, and this can and will be done in the longer event, probably by some sucli plan as suggested in the second article of this series, But the present urgent problem is to bridge the gap in available capital funds caused by the great drop in our collective income of probably 25 millions in these two years. I see no other way of doing this, and if it can be done this way, we provide the commencement of a reservoir of capital from which our production can be permanently irrigated until the days are reached when New Zealand becomes a creditor nation.

I ECONOMY IN CHEQUES. A NEW PRACTICE. A wider use of tlic practice of; making payments through orders on a bank is envisaged by the action. recently taken by tlie largp joint-stock banks in England. For sou years past, this practice had been followed by many large firms in making salary payments, and private individuals have shown an increasing inclination to employ it for making regular payments, such as club subscriptions. The debtor instructs his banker to make to the creditor's banker payment on certain dates until further notice, a number of such payments being covered by one cheque drawu on the debtor's banker. Thus a saving of. money and labour is effected, first, in the cheque stamps; second, in the cost of postage; third, in the absence of a receipt stamp; and fourth, in the work entailed in posting individual cheques and receipts. Such payments are obviously only possible where both debtor and creditor possess banking accounts, and have mutually agreed to this form of remittance. It is hardly surprising that the search for economies has led to the idea of the wider development of this method of making payment, particularly in large industrial enterprises, the "Times Trade Supplement" remarks. The Treasury having endorsed the legality of the system, the banks, or at least several of them, have taken steps to prepare for its extension. Banks, it is understood, propose charging a commission on payments made in this manner. A comparable system of making payments without the use of cheques has been employed in Germany for some years, and there, it is understood, the banks have instituted a clearing system for the lists of payments -with which customers supply them. STANDARDISED CHEESE. FORMI'LA IOK MANUFACTURE. (PBKSS ASSOCIATION TELEGRAM.) HAWERA, December 8. The "Hawera Star'' publishes an unofficial statement intimating that an agreement has been reached on the formula for standardised cheese manufacture, following upon representations by deputations and the Dairy Board to the Minister for Agriculture (the Hon. A. J. Murdoch), and that consideration is being given to the amendment to regulations under which the fat content of cheese other than full cream, instead of 50 per cent, to 52 per cent, as at present, would be 52 per cent, from August Ist to the end of December, 53 per cent, from the end of December to March 15th, and 54 per cent, for the remainder of the season. It is also stated that it is proposed to discard the standardisation brand, cheese under the new regulation to be branded "Cheddar" and the other cheese "Full Cream." THE COTTON INDUSTRY. JAPANESE BUYING ENGLISH MILLS. (UNITED PRESS ASSOCIATION—BY ELECTRIC TELEOKAI'H —COPYRIGHT.) PERTH, December 8. Mr Floyd, a passenger in the liner Bendigo, states that as a result of the Government's failure to prevent the dumping of foreign cotton goods Japanese interests are buying complete English mills for re-erection in the Far East. They are able to purchase the looms at about one-third their value, and -with cheap production costs a fresh menace will soon face the Western industrial world. DYESTUFFS ACT TO LAPSE. (BRITISH OFFICIAL WIRELESS.) RUGBY, December 6. Replying to criticism regarding the Government's decision to allow the Dyestufis Act to lapse, thus removing the import duties on imported dyestuffs, the President of the Board of Trade (Mr W. Graham) said that the textile industries, employing from 750,000 to 1,000,000, as compared with 7000 or 8000 in the dye industry, represented to tho Government that the restricting effects of the Act handicapped them. He was convinced that a policy of fiscal, freedom was better ana safer for a great exporting country.

HOW TO FINANCE. A LABOURITE SCHEME. Mr J. J. Cusack, Federal member for Eden-Monaro, in the Commonwealth Parliament, declared during a financial debate that Sir Otto Niemeyer *'knows nothing: about hijjb finance/' Mr Cusack held that "all that we need is credits," and he in all seriousness to explain that 4 'this depression is quite artificial. It can be easily solved by making the money go round. Increase the circulation of money, and our troubles will be a*t an end —that's what I say, and I can prove it. Look here! I can show you how one cheque for £6 can provide an income of £3OO for a man for a year. I pay the cheque to my employee on Friday as a week's wages. He pays it to the store for goods on Saturday, and on Monday the storekeeper, who is a tenant of mine, pays it back to me as rent. On Friday I P3y it to my employee again. On Saturday ho pays it to the storekeeper again. And on Monday the storekeeper once moro pays it to mc. And so it goes on. There you are! In twelve months that £6 cheque of mine has provided my employee with an income of £3OO, on which the Federal Government can take £2O from him in taxes I" SAFETY-RAZOR COMPANIES MERGER. It is announced that the Gillette Safety Razor Company is to absorb the Autostrop Safety Razor Company (Inc.). An agree; ment concluded between the two companies provides for the acquisition by the Gillette Company of all the autostrop assets, including patents, patent rights, and properties. Th© Gillette Company was founded 29 years ago with an original capital of £IOO6, and with no additions to this except from earnings it has grown to be one of the largest manufacturing organisations in existence. Since its foundation it has distributed over £16,000,000 In dividends to its shareholder®.

WELLINGTON WOOL SALE.

NO IMPROVEMENT IN PRICES. BRISK DEMAND WITHIN LIMITS. [THE PRESS Special Sarricc.j WELLINGTON", December 8. No improvement in prices, heavy last minute withdrawals, frequent passings at auction, and animated competition within very restricted limits were the outstanding features of to-day's wool sale at Wellington. Starting promptly at 9 a.m., the sale proceeded with great rapidity, and was all over shortly alter one o'clock. Even though at times there was a noticeable lagging m tho bidding, at other times thero was very animated, almost frenzied, bidding for attractive lines that were much wanted, eight or ten gesticulating and shouting buyers being on their feet together, but when the line was knocked down the price was 4sd, sd, 6d, or a little more. Very seldom was there much bidding above 7d. The highest figures were reached for a few lots of merino wool, eight bales of merino owe selling at 10d, while 11 bales of super comeback "Feyire" made IOJd. Other Marlborough lines of similar descriptions made 9id. These wools were of superfine quality, very light in condition, and were purchased for local mills. Last Minute Withdrawals. Although the New Zealand Wool Committee originally fixed a limit of 30,000 bales, including 5000 bales of ' ( carry over'' from last season, the total quantity catalogued for to-day's sale was only D 8,040 bales. Heavy withdrawals, including those announced by each broker's seller from the rostrum, reduced the offering to about 16,500 bales, while passings as the sale proceeded were fairly heavy. One firm which offered 5340 bales sold about 4300 bales at auction. There was a good deal of cominen.t regarding growers' withdrawals after brokers had sent out their valuations. Buyers, too, who had spent much time in appraising the wool, expressed something more than disappointment with their wasted efforts due to the eleventh hour withdrawals. While growers generally appear resigned to meeting the market at the present low rates ruling, there are those who seem determined to "hold." Tho quality of the wool offered was below the average, and showed clear signs of tho unfavourable winter and spring weather conditions. Wool held over* from last season showed up unattractively, much of it being stale in appearance. Competition Keen. There was a full bench of buyers. Competition was well spread within closely restricted limits. Buying was on the whole more general than at Auckland, Wanganui, and Napier. Dominion mills took the merinos and shared the better halfbreds with France and Bradford. America competed freely for super crossbreds, but Bradford and Canada appeared to be the principal buyers in this section. Of the other lines Bradford took all they wanted, but the Continent, especially Germany, took the lion's share. France appeared to be buying a little more sparingly. There was some buying for Japan, and it is said that some wool was taken on behalf of Russia. Not much lambs' wool was offering, and France and Dominion buyers took most of what there was. Following is the official range of prices, compared with Wellington closing rates of last season:—-

CHRISTCHURCH SALE. The first Chvistchurch wool sale of the season will be held at the Caledonian Hall on Friday, commencing at 9 a.m. The following is the order of sale: — National Mortgage and Agency Co., Ltd. New Zealand Farmers' Co-op. Association, Ltd. Pyne, Gould, Guinness, Ltd. Dalgety and Co., Ltd. H. Matson and Co. New Zealand Loan and Mercantile Agency Co., Ltd. GISBORNE REFRIGERATING COMPANY. (PRESS ASSOCIATIOX TELEGRAM.) GISBORNE, December 8. Tho amalgamated freezing companies commenced operations to-day under the name of the Gisborne Refrigerating Company. Heavy killings till Christmas are expected. Mr H. B. "Williams is chairman, of the new company.

WOOL RESEARCH. I

WORK AT MASSEY COLLEGE. (MESS ASSOCIATION 'IILMSiU.) FALMEBSTON N., December 8. The extent of the thoroughness of the wool research work being carried out at Masscy College surprised Lord Barnby, a noted wool expert, when ho visited the college, and he prolonged his stay because of his deep interest, discussing for over three hours with Professor Peren and eight members of the wool research staff, details of the experiments in hand to improve New Zealand wools. Lord Barnby told an interviewer that the work carried out was an eyeopener, and no praise was too high for it. Ho had made minute investigations into the scientific research activities and was convinced that tho staff wero proceeding on the right lines, with tho ultimate result that their investigations should be of considerable benolit not only to wool-growers but also to the textile manufacturers. The location, surroundings, and general appearance of the College buildings also favourably impressed the visitor, who said that these denoted an earnest desire on the part of tho Government to foster tho highest aims in agriculture. Professor Percn said that the staff profited considerably by the views expressed by Lord Barnby, who had approached the subject from a manufacturer's viewpoint. GEAR MEAT COMPANY. LOSS ON YEAR'S OPERATIONS. [THE PRESS Special Saryice.J WELLINGTON, December 8. The balance-sheet of tlio Gear Meat Company for the year ended November 30th last was circulated to-day, and for tho first time for a great many years there is shown a substantial loss on trading. A year ago the balance at tho disposal of the directors for distribution among shareholders was £o 1,000 (including the amount brought forward from tlie previous year). Tho present balance-sheet shows a loss of £33,4!XJ, but deducting the amount brought forward, £10,009, tho debit balance is reduced to £17.487. 'l'll© interim dividend paid in June absorbed £17,250, so that the total debit is £34,737. To cover this the directors recommend the transfer of £15,000 from the General Reserve Fund and £50,764 from the Marine, Fire, and Accident Insurance Fund, a total of £0.3,7G4, which wipes out tho deficit, and leaves a balance of £31,0"27. The directors' report says:—"ln view of the losses sustained, the directors have decided to recommend the payment of a reduced final distribution of Is 3d per share, making with the interim dividend 2s per share." Last year tho fiiuil distribution was Is 9d per sharo. The amount carried forward is £2277, against £16,009 brought in. The experience of 'ho Gear Company shows the value of building up reserves in times of prosperity to meet such unforeseeable setbacks like the present. The nnnunl meeting of shareholders is to be held to-morrow week, when tho dividend is payable. The actual loss made on sales "nd manufactures is shown at £24,737. The general rowrve now stands at £l/3.090, and the Marine. Fire, and Accident reserve at £IO.OOO. COUPON GIFTS. BRITISH TRADEP.S RAISE OPPOSITION.

A vigorous campaign against the continuation of coupon gift schemes fostered by certain tobacco companies is being waged by tho National Chamber of Trade, representing 100,000 traders throughout tho country (states the London "Daily Mail"). In a letter to the Imperial Tobacco Company, which is trying to stop the system, the Chamber says: "It is important for every retailer to try to visualise tho detrimental effect which the gift coupon schemes must inevitably produce in restricting in the ordinary way of trade the sales of the hundred and one articles which aro given away in exchange for coupons. Thus it is of vital urgency to maintain the recognised principles of regular retail trade in tho common interests of manufacturer, distributor, and consumer. "The operation of extravagant gift schemes must sooner or later bring about the sacrifice of quality.'' Mr Patrick Howling, the secretary of the Chamber, said to a reporter: "The subject is of vital interest to every trader, because a continuation of the movement will mean the demoralisation of business." DAIRY PRODUCE. (DRESS ASSOCIATION TELEGiIAM J WELLINGTON, December 8. I>airy Division grading figures for the four months ended November, 1930, show an increase for butter of 4.34 per cent, at 35,491 tons (34,013), and for cheese an increase of 11.11 per cent., at 27,447 tons (24.701) as compared with the corresponding period last season. Reduced to terms of butterfat tho equivalent gradings of dairy produce for the four months show an , increase of 6.09 per cent, over ;h (: | corresponding period for the preceding ; season. , HORSE SALE. Messrs H. Matson and Co. held theii' "weekly horse sale in Tattersall's Horse Bazaar on Saturday. There was an entry of 30 horses, comprising a large majority of heavy-weight; and useful draughts, suitable to start farm work. There was a genuine demand for theso classes up to a price, but in most cases they failed to reach the owners' values and were passed in. Vendors, realising the state o* the market, reduced their reserves accordingly, which resulted in 8 horses changing hands after the sale. The demand 'or lighter types was very poor, as usual. The following were the principal sales: —On account of client, bay mar*o, 7 years, £10; Mr T. Moore, Rakaia, 1 black mare, 9 years, £8 10s; 1 black gelding, 5 years, -£3; on account client, pony mare, 9 years, S5; hay mare, 8 years, £l4; Mr F. Hampton, Sumner, bay mare, 10 years, £10; Mr E. J. McFadden, Styx, 1 roan mare, 7 years, £8 10s: Mr James Hamilton, Woolston, 1 mare, 8 years, £lO 10s. REILLY'S CENTRAL PRODUCE MART, LTD., DUNEDIN REPORT. Apples—Sturmevs showing: waste 7s to 10s, Delicious 8s to 12s per case; mushrooms. Is; pears, Coles 4d to sd, Nelis 5d to 6d; potatoes, 3d to 4d; gieen peas. 3d to sd; toma- | toes, choice Is 3d to Is Gd, medium Is 2d, thirds Is; gooseberries, choice 3d: cherries, Is 6d; strawberries. Is 3d to Is lOd; porker and bacon pigs, BJd per lb; section honey, I 12s per doz.; asparagus, 6s to 9s per doz. I bundles; lettuce, extra choice Ds to 4s; others Is; cauliflowers, choice 9s to 12s: cabbage, 2s Gd to 3s 6d; cucumbers, 34s to 16s per doz; spring carrots, 2s 9d; turnips, Is 9d per do». bundles; eggs, I s **'' to Is 8d per do». —»

CHRISTCHURCH STorir EXCHANGE.

YESTERDAY'S TRANSACTIONS

'J'he Share market on call yesterday was quiet, bidding for most classes of stocks spiritless, and the recorded turn ovor small. The markets for Shipping and Woollen Company shares were bare. Transactions, exclusive of VP =i; bule business, included: 700 Comm. Bank of Aust 20 Comm. Bank of Aust." ( prc f 50 Natl. Bank of New Zealand ( c u m div.). v 2°° Goldsbrough, Mort, (l ate sa i e ot.h ). 300 N.Z. Guarantee Corpu. 50 New Zealand Breweries. 1000 Mahakipawa Goldfields. Unsupported sellers of New Zealand Government 4£ per cent. 1938 Bonds ! reduced their limits to £9B 7s 6d. Commercial Bank of Australia shares had dealings at 15s lid and 15s 9d, market closing 15s Dd buyers, 15s lOd sellers tho Preference realised £6 6s, and there were further buyers at £6 ss—sellers at £(3 lis. National Bank of New Zealand cum dividend dropped to £5 5 S and there wero further sellers at that price, buyers at £5 3s 6d. Bank of New Zealand, ex dividend, were available at 51s, buyers at 50s 4d. Miscellaneous. Goldsbrough, Morts had dealings at IDs 9d, market closing 19s 5d buyers, 19s 7d sellers —late sales on 6th instant were reported at 19s Gd and 19s 3d. New Zealand Guarantee Corporation shares were fractionally weaker at 6s lid, and there were further buyers at that price, sellers at 7s. New Zealand Breweries shares were released at 41a Id and more were offered at 40s lOd, buyers at 40s 4<l. British Tobacco shares wero firm with buyers at 29a lid, sellers at 30s. Unsupported sellers of New Zealand Drug Company shares reduced their limits to 575. Mahakipawa Goldfields shares changed hands at Bd, market closing 7Ad buyers, 8d sellers. Okarito Gold Mining shares were weaker with sellers at 5s Id, buyers at 4s.

YESTERDAY'S SALES. CHRISTCHURCH. Sales on 'Change— T-. s - d. Comm. Bank of Aust. (pref.) 6 6 0 N.Z. Guarantee Corpn. .. o 611 Mahakipawa Goldfields .. 0 0 8 Sales Reported— Comm. Bank of Aust. .. 015 11 0 15 9 , , 0 15 11 National Bank of New Zealand (cum div.) . . 5 5 o Goldsbrough, Mort. (Late Sales 6th) . . o]9 6 0 19 3 Goldsbrough, Mort (2) 019 9 New Zealand Breweries . . 213 WELLINGTON. Sales Reported— Goldsbrough, Mort. ... "q jg d y Auckland Gas Co. ... ] 3 3 Taranaki Oil Co. ... 0 2 4 New Zealand Guarantee Corp. (ord.) ... 0 7 0 Government 5£ per cent. Stock, 1941 ... ... 95 5 0 Bank of Australasia ... 9jg 6 r, , , 915 0 Bank of New Zealand ... SlO 11

DUNEDIN. on 'Change—i- s. d. N.Z. Refrigerating (cont 0 2 0 Okarito ... ... 0 4 0 (2) 0 4 8 (21 0 4 7

April , 1930. Dec., 1930. d. d. d. d. Merino —- Super — 9{ 9 to 10 Average Si to 6 to 81 Inferior 7 10 8 4£ to 51 Fine Halfbred, 56-58— Super — 8 to S* Average 81 to 6 to 7* Inferior — 41 to 51 Medium Halfbred 50-56 — Average Si to 10* 6 to 71 Inferior ■—- 4 to 51 Extra Fine Cross bred, 48-50 — Super 9{ to 10* fl£ to 7£Average 8 to 91 5 to 61 Inferior 7 to s 4 to 4JFine Crossbred 46-48— Super a* to 10i 6A to 7i Average 8 to 9i 4i to Gi Inferior 61 to 71 3i to 4i Medium Crossbred, 44-46— Super to 91 6 to 7-1 Average 7} to 9 4} t.0 51 Inferior 64 to 71 3 to 4 Coarse Crossbred, 40-44 — Super — Si 5{ to 6f Average 71 1 0 84 41 to 5* Inferior 6 to 7i 21 to 4 Low Crossbred, 36-40— Super 8i to 81 5 to 51 Average 7 to 8 31 to 4'i Inferior 1. 5} to 61 21 to 3 Hoggets— 48-50 8 to 91 51 to 74 Fine, 46-48 . . 6} to 91 5 to 7 Medium, 44-46 71 to 9 4 to 6 Lambs— Down, 50-56 8 to 91 6 to 6$ Fine, 46-50 . . 8 to 101 41 to 6 J Seedy and inferior 41 to 7 2 to 4 Bellies and Pieces— Merino, good to super .. — 8 to 5 Halfbred, good to super .. 3i to 5 Crossbred, good to super 51 1.0 71 3 to 51 Crossbred, low to medium 31 to 5 H to 3 Crutchings— Medium to good 41 to 6} 3 to 41 Inferior and seedy 31 to 4* 1 to 21 Locks— Crossbred 31 to 31 1 to 2

LATEST QUOTATIONS. Buver*. S X ■ 3. d. £ oilers. a. d. N.Z. Government Debentures— 4; per cent. Inscribed, 1938 and 1039 'lfc per cent. BonciH, 1933 per rent. Inscribed and Bonds, 1033 99 <> 0 6i per cent. Inscribed, J9o6 .. .. 99 0 0 o'j, por cent. I3onci<3, - i>3G .. .. 99 2 6 98 9« 99 15 7 10 0 6 0 Other Debentures— N.Z. Breweries, Bonds 1 1 5 — Banks— Adelaide Aust. of Commerce .. Australasia Comm. of Aust. Comm. of Aust. (prei.) Comm. of Sydney K., S. t and A. National of Australasia (£'U) paid) National of Australasia (£5 paid) National of N.Z. (cum div.) Xaw Souih Wales New Zealand (et div.) 0 JS 3 30 0 15 6 5 J ft 10 •4 15 10 5 5 i 5 3 28 17 2 10 0 0 9 0 0 6 0 0 fi 6 < 5 0 9 0 6 17 5 11 5 5 29 1 15 0 IS 10 19 0 15 10 11 0 10 0 0 0 5 0 7 6 5 0 2 6 11 0 Insurance— A.P.A. (cum div.) New Zealand South British Standard a 3 '2 0 2 IS 6 0 6 0 a £ 2 10 s 6 0 Loan and Agency— Dalpety and Co. Goldsbrough, Mort N.Z, Guarantee Corpn. "United Building Society 7 2 0 If) 0 6 n 14 0 5 H S 0 0 0 11 19 7 15 0 7 0 6 Frozen Meat— Gear N.Z. (XI paid) .. N.Z. Hefrig. ;10* paid) North Canty. Freezing 0 * 0 1 6 11 1 0 0 0 15 10 2 1 0 9 1 6 Coal— Grey Valley icnm div.) Westport .Stockton (pref.) 0 10 1 5 0 0 1 0 ft 2 ft 3 Gas — Auckland Christchurch «v Timaru 1 3 1 ft 0 0 1 1 S S 3 6 Breweries— Carlton .. w New Zealand .. Staples Timaru Tooths Tooheys Timaru (5s paid) White Star 1 3 2 0 3 3 0 6 X 4 6 0 1 2 1 0 1 0 0 4 0 19 13 4 17 7 9 10 0 0 0 s 0 Miscellaneous— Allied Motors Australian Distillery .. Australian Glass Beath and Co. Beath and Co. (Is paid) British Tobacco Colonial Sugar Klectro. Zinc (pref.) .. Gordon and Gotch Greater Crystal Palace Homy Jones Co-op. .. Mt. Lyell (cum div.) .. N.Z. Drug Co. N.Z. Farmers' Co-op. (1st pref.) .. N.Z. Farmers' Co-op. ("A" pref.) N.Z. Farmers' Co-op. ("B" pref.) N.Z. Farmers' Co-op. (65 per cant. Stock. 1940) N.Z. Farmers' Fertiliser Quill, Morris Taranaki Oil United Pictures Victoria Nyanza Sugar Whitcombe and Tombs Wilson's Cement 0 0 1 5 0 S 1 f> 30 0 0 17 0 19 0 17 0 19 0 5 0 2 0 8 3 6 6 9 0 n 0 8 6 0 s 0 2 6 3 0 1 1 1 0 1 82 0 1 1 1 0 2 S e 2 75 1 O 0 3 2 0 8 1 0 7 11 6 0 5 0 3.0 0 10 0 17 10 2 6 2 6 1 0 39 10 17 0 10 0 4 0 0 0 10 0 0 0 10 0 3 2 0 0 9 0 0 6 Mining— Cornish Point Kawarau King Solomon I.fahakipawa Okarito Stoney Creek (7£cl paid) Winding Creek (Is pd.) Winding Creek (9d pd.) 0 0 0 0 0 0 0 0 0 4 0 0 0 0 1 S 44 n 0 14 1 0 0 0 0 0 0 0 3 0 R 0 8 5 3. 0 2 0 24

AUCKLAND. Sales on 'Change— £ s. d. Bank of New Zealand 2 31 0 Goldsbrough, Mort 0 19 6 Westporfc Coal 1 6 0 Auckland Gas 1 3 3 Electrolytic Zinc (pre/.) . . 0 3S 0 N".Z. Breweries (2) 2 0 0