FINANCE AND COMMERCE.

Press, Volume LXVII, Issue 20234, 12 May 1931, Page 10

FINANCE AND COMMERCE.

GOLD STANDARD. GREAT BRITAIN'S POLICY. AMERICAN DEMAND FOR REVERSAL. (CHITBII PRBSS ASSOCIATION—EI ELECTBIO TBLBOHAtH—corvaiGirr.) (Received May lltlx. 5.35 p.m.) WA'SPIINGTON, May 11. The reversal of Great Britain's gold standard policy in India was demanded on Sunday by Senator Borah, chairman ot the Senate Foreign Relations Committee, who, in il broadcast speech, said it drastically lowered the purchasing power of nearly 800,000,000 people by depressing the price of silver. WOOL MARKET. GENERAL. FALL IN PRICES. PKESS ASSOCIATION™ I*Y 11LECTKIC TELEGRAPH—COPYKJOHT.) LONDON, May 10. Mr L. 1). Devereaux (representing the Australian "Wool Growers' Council) reports an easier market last week iu I.ondon, partly due to a reduced French demand owing to fears of a strike of operatives, and also difficulties in maintaining tho prices for tops and yarns. AH centres sliow a general fall of 5 per cent., compared with opening prices, both in Merinos and crossbreds, the fall being mostly experienced in scoured Merinos, and short, scoured, sliped, medium, and eoArso crossbreds. The Bradford market is stagnant, with little new business offering. OUTPUT OF SUGAR. INTERNATIONAL LIMITATION. IAIIUSSELS, May 10. The International Sugar Convention .has signed an agreement limiting production for five years. VICTORIA NYANZA SUGAR. (PSBS3 ASSOCIATION TII.ECy.AU.) WELLINGTON, May 11. The secretary of the Stock Exchange Association has received cabled advice from Victoria Nyanza Sugar that 7240 tons were manufactured to May 2nd. PURCHASE OF FERTILISERS. STATE ASSISTANCE. (MJSSS ASSOCIATION TELJSGR.VU ) WELLINGTON, May 11. : The Prime Minister announces that the Government as a measure of assistance to. enable farmers to purchase fertilisers has decided to authorise the Rural Intermediate Credit Board to relax its usual requirements in respect of the special fund of £IOO,OOO now • available, and to make the obtaining of money by farmers somewhat easier.

As a general rule no advance will bt> made unless the applicant is recommended as suitable by the dairy company which he supplies or a stock and station agent or other financial institution with which he does business. • The limit of the advances will be £75, and the new arrangement obtains only in respect of fertiliser purchased from now on.

RETRENCHMENT IN NEW ZEALAND. A SYDNEY COMMENT. Maoriland. is pegging along through the trough -of the depression, if not comfortably at least not quite, so uncomfortably'as expected, says the Sydney "Wild Cat." A drastic curtailment of imports enables the Dominion tQ show a small margin of exports over ' imports, and the position .in this respect is improving. At Wellington wool sales there was • aii almost complete , clearance of alLdffcrings at an advance of 2d to 3d per lb, and prices of meat and--dairy produce, are slightly improving in overseas markets. The problem of unemployment continues to present itself in an acute form, close on 32,000 persons being idle. The Unemployment Board is spending money at the rate of £2,500,000 a' year in an endeavour to alleviate. distress, but as winter approaches Jhe army of the workless. gathers recruits. There has been a change in the political situation following upoji Prime Minister Forbes's wage-reduction proposals. The proposed 10 per cent, cut in Civil Service salaries and facilities for the immediate revision, of industrial awards were strenuously opposed by the Labour Party and'as enthusiastically supported by the Reformers. A Labour stonewall dragged itself out to such length that Forbes took a leaf out of the bright lexicon of Australian Parliamentary procedure-and introduced the "gag." 1 Though urged to float a loan to restore earthquake-ravaged Hawke's Bay, the Government has decided that. the terms offered are'too stiff. Instead it proposes to set up si permanent earthquake relief fund; the nucleus of which will be £1,500,000 transferred from the London reserves. A tax of Is 6d per cent, on the amount covered by fire insurance premiums i 3 relied upon to keep the fund alive. The Government's retrenchment scheme won't obviate a substantial deficit this year. Tho railways are losing money at more than their normal rate owing to the slackness of general trade, and if, previous experience goes for anything-the Post and Telegraph Department's new schedule of highor prices will reduce the profit usually made by - these services. The Civil Servants' Association argues that wages reductions are no panacea for unemployment, and advocates taxation of incomes from £l5O tjg £3OO per annum, at present exempt, but that suggestion is not welcomed by any of tbe three political Parties. Much is hoped from

a report, not yet to hand, which Sir Otto Niemeyer was commissioned to , make concerning tho Dominion's bank- , ing system, but as the cardinal feature i; of those recommendations will probably be i a proposal to transfer tile greater fart of the Dominion's gold-reserves, amounting to about £7,000,000, to the vaults of the Bank of England, where it will, yield interest, tho immediate . monetary advantage to be gained isn't , likely to be very , impressive.

SOVIET BUTTER. EFFECT ON DOMINION PRICES. ALLEGATION ABOUT BLENDING. (united tress association—bx jxectric TELEOHAPH— COPYBIG UT.) ■ ' ' J (Received May 11th,' 0.0 p.m.) LONDON, May 11 The "Daily Mail" says that 10,000 barrels of Soviet butter are arriving to-dav, and are expected further to depress Australian and New Zealand prices. A member of the House of Commons, Mr J. R. Renter, is asking Mr W. Graham (president of the Board of Trade) whether ho realises merchants' difficulties owing to the sale of Russian butter below Empire costs of production, and if he intends to prohibit Soviet imports. Sir William A. Wayland, Conservative M.P. for Canterbury, declares that New Zealand is losing heavily upon her exports to Great Britain owing to the Soviet's policy of depressing the market in order to cause an Empire crisis. Soviet butter is blended with Australian and New Zealand, ;which it> sheer_ trickery, for- which- a buttermarking order is imperative. . RURAL CREDITS. MEETING OF BOARD. (PRESS ASSOCIATION TILEiS BAil.) .WELLINGTON, May 11. At a meeting of the Rural Intermediate' Credit Board, the Commissioner reported that a Huntly Associa-' tion had-now commenced business, and several loans recommended by the directors" had been granted by the Board. The requisite number of signatures for tlie formation of an Association •to : be called the : Mangonui Association, with headquarters at Kaitaia, .'had .now been obtained, and- as soon as the necessary legal formalities had been .completed tho Association would commence to operate. A rc-turn of arrears of interest and instalments'owing at March 31st last was presented to tho Board. Though ii. had been necessary to postpone the payment '.of principal reductions in some eases, the arrears of interest are small and,the position-was-the subject of favourable remarks by members. The directions in.-which it could cooperate further • with the Government with_ the object of enabling farmers to obtain the maximum benefit from the moneys which the Government hasmade available for the purchase and application of fertiliser at this period of the year were fuUy discussed by the Hoard. After careful consideration, a scries of recommendations was drafted for submission to the Government. ONAKAKA IRON. UNION PERMITS CONTRACT TO PROCEED. In consequence of the changed attitude of the Union, Mr J. A. Heskett, Inte works 'manager for the Onakaka Iron, and Steel Co., Ltd. (iu-liquida-tion), will now be able to carry oilwith his; contract for the manufacture at the wol'ks of. pipes -for the Wellington Gas. Co., and, within the next tew.days, about 35 men will be started on work which will last for five -or six - months (reports the /'Golden Bay Times''). Scrap" iron and the remainder of ;th© iron in stock,when the company went into liquidation' will' be used. Mr Heskett considers .it likely that'other contracts will follow the-present one and is'confident that-when the restricted, trade conditions pass tlie whole works will bo once more in full operation. When Mr Heskett first brought' forward his scheme he was held Hp by the attitude of -the union which, passed' a resolution refusing to : work-for. hip or the. oompany until arrears of wages amounting to, some. £3500 were paid.' I *9 W .- 'have agreed,'..'to assist .the receivers to realise .on the assets, of tlie company, . and, in consequence haverescinded their 'previous resolution. The direct benefits of the carrying out of Mr Heskett's contract will be threefold—a number of local men will be given work, the carrying out of further contracts with similar beneficial results will be encouraged, and the work in Wellington of laying the pipes to be made at Onakaka will engage about 200 of the unemployed. The first task to be carried out is the re-erection of a furnace for remelting the iron, and when that is in operation the making of the pipes will commence. The contract is for a lino ?£ PiP O3 f° r a big gas main in Wellington and tho amount involved is approximately £IO,OOO. "Some people seem to think that Onakaka is finished," said Mr Heskett, '/''t I don't believe-that, for a moment. Y ' le n the present depression lifts and the market for pig iron comes back to normal,- the works will once moro be a sound business „ proposition. No doubt they will be taken over as a going concern and put into full-operation again. Not only do I say that the works are likely to re-open ; I say they will reopen." .

The ireely expressed opinion that there is very little likelihood of the arrears of wages due to the men who worked at Onakaka being paid has been contradicted from an authoritative quarter. It is understood that the two sub-contracts now being carried on at the works will do' much to,relieve the position, and it is further that the receivers for the company in liquidation have power to pay out to the employees all moneys as tliev receive them. ford motor finance. T,„™Vi°- CO ,. n< l r ? port o£ thc Ford Motor Coraof For l Mn, , oVer th ® European interests of Ford Motors (says a Homo report), shows a profit of £1,054,286, before providing for £l P ol'f n '- W „! ch figu . re compares with iI,OIJ 507 in the previous year, but after °. f depreciation of buildings, machin--P n * an , d deluding £104,512 from subsidiaries, so that the comparison is not 2£n.L? »- rUe / ono, T he au > oun ' set aside for s^-f'?=r° n . .T the Profits now announced is £43,550, together with £13,774 for obsolescence of plant. The dividend on the ordinary snri u. re f Qlnß 10 per cent - costing £542,500 less tax, and a sum of £188,250 is to be i'5 a o n fi e l £ reserve for taxation, leaving tlfh ?n5V arri ! d / orwar d as compared f2»8.507 brought in. The directors' re■port states that since the. date of the last balance-sheet the investments in affiliated comSfU" 8 v ln Public issues have been made have, been disposed of to a holding company, and in the balance-sheet "shares ® °"_P_J'° ans 'o aiflUiated companies" stand at £j,573,634, against £4,169,109, the increase being due to the increase in . loans to such companies. Cash in hand and at bankers stands at £894,001, against £2,204,227 a year ago, the lower figure being'due to the larger investment in Moans to ai&Uiated concerns and -to expenditure of nearly £1,500,000 on .the company's own works and plant. The sale of the investments to the holding company evidently realised a substantial book profit, for an addition of £756,209 to reserve account is derived from that source. At the annual meeting a resolution will bo submitted to increase the capital to £9,000,000 by the issue of 2,000,000 ordinary shares.

STATE OF TRADE. AN OFFICIAL REVIEW. In his monthly review of business; conditions for March the Government Statistician remarks that bank" debits ; -for the month (exclusive of Government accounts) reacted slightly to the customary, impetus given to business ac- : tivities during March,, but failed to "rise to anything approaching the level of last .year. Advances continued pa a comparatively Jiigh level, 'and it appears probable that the present exchange position may be reflected coming months by. yet a further increase proportionate to deposits.. Tho improvement in the ratio of ■: free to fixed deposits, in evidence last month was not continued. • - The dairying industry suffered a relapse as far as its marketing value at Home is concerned. Production showed the customary easing-off for this portion of the dairying season, but aggregate output was well «P to normal. For the first time for many months, the total exports approximated tho usual figure, an exorbitant demand lor wool being the primary cause of tho sudden rise. Imports during the month showed a substantial dwindling, and it seems certain that while the 10 P« r cent, adverse exchange rate on the New Zea]and-l«ondon money market will no doubt eventually relieve the plight of exporters,_ on the other hand imports must inevitably be further stifled: ' A forced improvement in' the favourable "visible" balance of trade should therefore ensue, which may mark the turning of the tide in the country's prosperity. **• Financial circles still continued to .lag behind tho usual state of activity oxnected during March, although a slight stimulus was received compared with February. The mortgage business transacted during the month plainly showed the paralysing effect of' the long-continued period of restricted credit and shrunken incomes. Tho wave of financial depression has placed manv firms and private individuals n> a precarious position, as reflected by a heavy "increase in the bankruptcy figures for the first quarter of the year. The banking position as at April 13th was, free deposits, £18,299,326; fixed deposits. £32,789,819;- advances .£53.635.295bi11s discounted . £1,018,137. . Put in another' form the position, was as follows:—. Advances ftud discounts . . 54,653,4'!2 Free and fixed deposits .. 51,089,145 Excess advances .. £3,564,-87 The external trade position for the twelve months ended March 31st last compares with returns for 1930 as follows : • 3930. 1931. a & Import# 49,045,817 39,527,784 Imports ' 49,167,914 , 88,300,807 Excess of imports, over exports, 1930, £122,097; excess of exports over imports, 1931, £1,226,977. Value of exports for the twelve months ended March 31st, 1931,. are less by £9,518,033 than those for last year. NEW ZEALAND CHEESE. FULL CREAM ONLY TO BE MADE. <?*EBS ASSOCIATION ' TXUSGKAU.) , . WELLINGTON, May 11. ! The quality of New cheese, .pdHfcwlarly that knqwtotas standardised, was, the subject of an'important statement made to-day-by the Ministor for Agriculture, the-Hon. A. J. ■Murdoch. ' , / . j After an oxhaustiva analysis of the ; industry, tho, Minister expressed the opinion ; it h^,-be&raie* i to revert to- the manufacture of ' full cream cheesy It j was . the policy of the Government, lie said, to regard tho dairy industry - as a 1 business concern able io manage its. oxyn affairs, but,- if.' it -was unable to reach it would. be for the Government to give a definite lead, t ' ' |

The .Minister, in conjunction with the J)airy C'ontrol Board, ,fs calling, an important conference to be held.in Wel'lihgtori' on Friday, of leading representatives of all phases of the dairying industry; to consider the present critical.position and particularly the matter of improving the quality of production. The conference is to be of a private : nature. • BRITISH CAPITAL; ARGENTINE INVESTMENTS. Tho total of British capital invested in South and Central America is probably no less than £1,200,000,000, of which about £450,000,000 is invested in Argentina. In Argentina railways alone Great Britain hns invested no less than £260,000,000, while of tho total Argentine railway mileage of 23,500, as much as 16,000 miles is British owned, or only 4000 miles short of the total in Great Britain. Even apart from such benefits as have accrued to British wage-earners employed in furnishing plant and rolling stock for the lines, tho earnings' of British shareholders in these railway enterprises of Argentina form quite an. important item of revenue to Great Britain. ARGENTINE MEAT RECOVERY. A decided recovery is apparent, eaj-s the London "Morning Post," in the affairs of the S'mithfiold and Argentine Meat Company in the annual report for the year to December 30th last, which incidentally is issued with commendably greater promptitude than has sometimes been the case in the past. The profit for the year was £119,117, as compared with a net loss of £IB6O in the previous year, following on previous bad years which had left a legacy of £28,093 in the shape of a debit balance. The profit now announced clears off tho total debit of £20,953', and leaves n credit of £89,164, out of which dividends for 15 years are to bo paid on the 7 J per cent, cumulative preference shares, and £32,914 will remain to be carried forward. One year's payments, bringjng the dividerid to the end of 1928, have already been distributed, leaving a further half-year to be paid, leaving arrears as from July Ist, 1929. Tho improved results are ascribed to extensive reorganisation of the business in Argentina, coupled with rigid economy throughout the business. CLEARING SALE. Jones, McOrostie Co., Jji'd., held a successful clearing sale yesterday on account of Mrs Brodie, at her residence, No. 9 Oxley street, of the wholo of her furniture and effects. The following were amongst tho prices realised: —Carpets £l4 ,10s, £9 10s, £8 15s,' £4; sideboard £7 10s, Chesterfield £ll, wardrobe £7 10s, duchesse chest £6 10s, 4ft bedstead and wire £8 15s, kapoc bed £2 10s, down quilt £3 ss, easy chair £4 10s, hallstand £3 10s, 4ft bedstead and wire- £4 10s, duchesso £2 12s 6d, pedestal cupboard 32s 6d, radiator £2ss, 4 dining chairs £6, dining table £6 15s, easy chair £4 10s, wire couch £2 -wringer £2 Is, lawnmower £2, clock £1 13s, blankets £2 and £1 17s

CHRISTCHURCH STOCK EXCHANGE. YESTERDAY'S TRANSACTIONS. Markets generally .were dull on call yesterday and the recorded turnover was below the average. New Zealand Breweries were easier. Transactions, exelusivo of vestibule business, included:— 200 Commercial Bank ;of Australia. 30 Commercial Bank of Australia 25 ii., S., and A. Bank. : New Zealand Refrigerating (10s paid). 450 New Zealand Breweries^ 1500 King Solomon. 1100 Mahakipawa Goldfields. Coiiimercial Bank of Australia shares were fractionally firmer at 14s 6d, market closing 14s 3d buyers, 14s 5d sellers.' The preference shares remained unaltered ' at' £5 10s,. sellers'staying in at that price; buyers at £5 6s. English. Scottish, and Australian Bank shares were easier at £4 lis, closing quotations £4 6s buyers, £4 14s sellers. Sellers of National Bank of New Zealand shares reduced their limits to £5, buyers at £4 15s. Miscellaneous. Buyers of National Insurance shares, cum dividend, moved up to 13s 3d, sellers at 13s ~d. New Zealand Refrigerating 10s paid shares were iirm with dealings at 3s 3d and further buyers at 3s 2d, sellers at 3s 3d. New Zealand Breweries shares fell to 34s 3d and 33s 9d, and there were further sellers at the lower figure, buyers at 33s 7d. Buyers of Timaru Brewerv 5s paid shares moved up to 5s lid, sellers at 6s 3d. British Tobaccos were weaker with sellers at 29s 3d, 'buyers at 28s Od. King Solomon Gold< Mining shares relapsed to dealings at 2s 4d, closing quotations Id on either side. . Mahakipawa Goldfields shares recovered to Sd and Bjd, and more were wanted at B£d, sellors at 9d. !

AUCKLAND. Sales on 'Change—- £ s. d. South British Insurance ... 211 6 N.Z. Breweries ... ... 114 3 Ti'maru Brewery (5s paid) 0 6 0 N.Z'. Refrigerating ... 0 3 1 Wilson's Cement ... 2 0 3 2 0 0 Moanataiari Mining ... Oil WELLINGTON. Sales Reported—- £ s d. Union Bank of Australia (2) 710 0 New Zealand Government 4i per cent. Stock, 1938 98 10 0 Puuediri City (I per cent., 1932 99 17 (i

MINING. KING SOLOMON, LTD. Tho following letter from tho Kins .Solomon Deep Lead, Limited, lias been received by the Christchureh Stock Exchange, Ltd., bein™ a report on tho work dono at the mine for tho two weeks ending May 9tli:— Tho placing of the ulectricnlly-driveu fourstage centrifugal pump in the shaft chamber has been completed, and the pump is now throwing tho water to the surface satisfactorily. The dam has been strengthened and raised, giving a larger holding rapacity. The ditching of the race supplying the boiler foed water lias been cleaned out. At the intersection of tho shaft drive and the west drivo the flat sheet was lifted, anu three level sets put in with an easy turn to facilitate trucking. The trucking road had to be re-layed to tho faces, and tho work was resumed in the north face on Saturday, 2nd instant, with four men. Six men nro now being eraployod underground, and as the new huts aro completed extra men will be put OD. Forty feet of driving were completed, making a total distance of 58. feet driven on the wash in this drive. ' The gold-bear-ing wash varied in depth from, two feet to six feet. Prospects of gold to tho dish were good, and the return from • this drive should be satisfactory. The contractor is making good progress with the erection of tho huts, arid ,will finish during tho coming week.' The purchase of the Winding Creek Company's assets, including plant, tools, water rights, claim, etc., lias ben completed at a price satisfactory to the company.

DAIRY PRODUCE. Messrs A. H. TurnbuU and Co. avo in <rocbii>t -of the following cablegram from their principals, W. "Weddol and Co., Ltd., dated London, May Bth: Butter —Danish 118s (last week 120s to 121s): Now Zealand, unsalted butter 108s to 112s (110s to 114s); Now Zealund, salted butler 103 a to-100s (106s to 108s). Market Cheose —Now Zealand, white 44s to 47a (last week 46s to 485),. coloured 48s to 50a (49s to 51s)Canadian! white 70s to 74s f72s to 745), coloured 72s to 74s (72s to 745). Market slow. . •

LATEST QUOTATIONS. ' Buyers. Sellers. £ s. d. £ s. d. N.Z. Government Debentures— per cent. Inscribed, ; 19U8 ' 33 6 0 98 15 0 ; 44 per cent; Inscribed, 1039 . ... 98 7 6 00 0 0 4J per cent. Bonds, 1333 ■ ■ .. 38 12. C 9S 15 0 .. per , cent.' Bonds, 1039 98 12 C — 4i per cent. Bonds, 95 10 1941 0 — 5i per cent. Inscribed, 1932 99 15 0 5i per cent. Inscribed, 1911 96 0 0 — 5J per cent. Inscribed, 1933 98 0 0 GJ per cent. Inscribed, 1933 99 5 0 i» 17 6 5i per cent. Bonds, }93G 99 fi • — ': o$ p«r ocst. Inacribed, 1936 99 0 0 — Banks— Auat. of Commere* .. 0 33 9 0 15 0 Australasia 8 16 0 9 1 0 Coram, of Aust. 0 11 3 0 11 5 Comm. of Auat. (pref.) 5 U 0 r, jo 0 Comm. of Sydnoy 13 10 0 15 0 0 12., S., and A. 1 6 0 4 11 0 National of Australasia (£10 paid, cum div.) 10 5 0 11 5 0 National of Australasia (£5 paid, cum div.) i 15 0 National of N.Z. ' .. ■1 15 0 5 0 0 Now South Wales (cum div.) 25 0 0 20 10 0 New Zealand (cum div.) 2 » 6 a u 6 Union of Aust. 7 8 6 7 13 C Insurance— ' A.P. A.. 0 4 3 0. 4 9 National' (qtru dir.). .. 0=1?' 3 0 13 , New Zealand . . avJi 0 3 2 1 % South British aid 2 16. Standard • .. 26 6 Loan and Agoncy— ly Cbristchurcli , Building Society .. ... UU .0 12 5 0; Dalgety , and .Co. (cum ; div.) ; c ao' 0 6 10 0 . '.Mutual. Benefit ' 11 171 ■B) 0^ " Goldsbrough, Mart 0'1!>. 1 1 1. • N,25. > Guarantee 'Corpn. 0 6 '1 0.. S 1 United Building Society 0 13 '5 0 :\i 6 Shipping— ■ Union (prof.) . 0 19 9 — Frozen Meat—r • N.Z. Eafng. (£1 pairl) 0 9 9 O 11 0 ; N.Z. Refrig.-(10s paid) 0 3 o 0 3 3' .Woollens— Kaiapoi (17s paid) ... 0 7 3 ! 0 11 o ; Coal-- .•' Westport v 1 4 6 "1,5 6- - Stockton (pre!.) ., 0 2. «: Ghis-^-Christchurch ... ". .. ' ~ 1 5 8; Breweries— . c New Zealand '.. 1 13 rj 1 13 9 •Staples .. 1 12 0 1 16 6 Timaru 0 11 0 Timaru (5s paid) 0 5 11. 0 6 3 Tooheya 0 10 3 0 10 0 Tooths ' 1 0 a 1 1 6 Ciown (in liquidation) O 5 0

Miscellaneous— Amalgamated Wireless (contr.) Australian Glass (cum div.) Beatli and Co. Death arid Co. (Is paid) British Tobacco Dunlop Peidriau Kubber .. .. Dominion Builders' Supplies Eioctro. Zino (prof.) .. Howard Smith Kauri Timber .. Mt. Lyeil IN'.Z. Drug Co. N.Z. Farmers' Co-op. (6£ per cent. Stock, 1940) .. ; N.2. Farmers' " Co-op. (6J per cent. Stock, 1015) .. .. j N.Z. Farmers' Fertiliser Morris .. Xj nited Pictures Victoria Nyanzn. Sugar \\ ilson's Cement (cum div.) AVunderlich .. tSlenheim Oilwells Mining— Cornish Point Kin? Solomon Mahakipawa, .. ., Mahakipawa (pref.) Okarito Winding Creek (Is pd.) Golden Point (10s paid) Golden Point (10Jd pd.) , .North Broken Hill J. l l 1 0 0 2 1 8 0 6 0 3 0 15 0 7 0 17 53 0 50 0 0 13 0 7 0 15 1 19 1 17 0 0 0 2 0 0 0 0 0 8 0 0 0 1 1 1G 1 0 3 G 3 3 2 6 8' 0 0 3 0 0 8 6 6i 3 8i 0 1 0 0 0 18 0 14 9 13 0 0 3 3 19 3 0 9 8 0 15 G 0 10 0 0 17 10 2 H 6 56 0 0 0 16 10 0 8 0 13 0 18 0 a o 8 10 0 3 0 0 0 0 8 0 2 5 0 0 9 0 8 6 0 0 2 0 11 0 0 15 2 0 0 YESTERDAY'S SALES. CIIRISTCHURCH. Sales on 'Change— E., S., and A. Bank New -Zealand Refrigerating (10s paid) (4) New Zealand Breweries (3) King Solomon (3) Mahakipawa (2) Sales Reported— Commercial Bank of Aus- • tralia ... Commercial Bonk of Australia (pref.) New Zealand Breweries New Zealand Refrigerating (10s paid) ... x s. ■ a. 4 11 0 0 3 3 1 13 9 0 2 4 0 0 8 0 0 8J 0 14 6 5 10 0 1 14 3 • 0 3 3 0 .3 3 DUNEDIN Sales on 'Change— Hruce Woollen ... King Soloniou Sales ReportedCommercial Bank . , National Insurance (2) •r ' £ s. d. 0 10 o 0 2 5 0 14 6 0 13 i)