FINANCE AND COMMERCE

Press, Volume LXXI, Issue 21414, 5 March 1935, Page 13

FINANCE AND COMMERCE

6 0OL * A,j; ;[E J fikmek I'OR ; .ome ■3 " .. fitict <»r i"." * ,kd nu: i>r ~t:' * ■ " ; . ■ ilt 1 ' .. r-ilkK the ■ ■' i--~ ■-■■■■ • ;/,■ j ■v : ,, p- . *,,r •i«i !-'• U.'l'T ; •-i; ■ ' '• j l,: j:..;;, | -f - I ilfv.'l. ' (I. d. j v in to in'; I '' V -o io; | : ■ u *-> 0 V v l ; " . : • < - 0 ! ■? . ■> tO 1 "-'•NDON SALES : 1 ' ii - J l£j i - ! a'ivi'.rfron, *£ • fcT~-*" Cvr - exj:e "''- a t»at at tii !-• pnct's flk ' •" I'i Jb. fit be r"' a; — Kli. ; ; ian flfe..tnr aj.tjcioaled • !: 'i cver.tu&te. TIiADK i 2 - ! J" -*UXD STATISTICS «• f'oi; j\M \i; y i I ®9 , ! sr. ;'ji f,,i|k. "**•'—«J7 v.fri; 1.-iJf T - I "> e ''Orrc pt.nrii:!^ t, AH the - .... ... U. I'. tj'yil 1 -v."' - -.V, : j : J ~- ' ' rv-. .. KHUnu : PROFITS i :!!K "Ml.; FJU ._„ ! fcritssh f ~ : • ,;:r ' !'<■ ! w; i rV' > f "tt" « :1932. H,-ri. ! : lv idend. the ! v !° 'h'- r«,.iTV«; ; |jj a 'f- y>'4:!«ra•»•,•!J JIS account to ] PJ o:iT (,t 1 SJL* increased ! b : tnd nei Pro- •* U m.* • P°TOIH"|- ** cent. ,j.

GOLD MINING RETURNS .MANY DISAPPOINTING COMPANIES OPINIONS AS TO CAUSES There seems to be no very definite explanation. of the disappointing returns irom New Zealand gold mining companies which in the last two years have increased greatly in number without making a very great in-n-ease in the amount of gold exported. Many of the companies are still more or less in the early non-producing si ages, but there are many which have parted operations. hi 1932, which was a very big year, fine ounces were produced. In the total fell to 161,7550z, and 'he estimated production for 1934 is 4!i(ioz. Discussing these figures yesterday, a man closely in touch with •mruim in the South Island said that wen- perhaps a little difficult to •wuk'-rsUmd, and would be a surprise nm.'i people. Actually there had i.eeu relatively few notations recently, '; ost if the activity in that direction having taken place just after the boom began when gold was found at Cre>m\veil in quantities large enough to make an appeal to the imagination of the speculating public. The great increase in interest in rold mining was accurately demonsi rated in the increase in the number el organisations which set out to win /'■hi. Between 1932 and 1933 the number if alluvial propositions had increased from 30G to 726, and quartz mining operations from 2G to 32. The number of dredges in operation or ;■ i;in;i<i had also increased considerably. It should, however, be rememi- ri d thai, the quantity of gold proliy alluvial claims was small !. comparison with that produced by »:<• quart/ mining companies, of iK-ii Waihi was by far the biggest. In his opinion, mining was at pres•nt in a transition stage. All Ihe i."iM easily accessible gold, which v;,. generally alluvial, had been worked soon after the reawakening of interest. Indeed, the existence ot a good deal of it had been known, but it was only with the rising price "I gold, and the increased unemployment, that it was again considered as a commercial proposition. Alluvial workings needed no great deal of capital compared with working quartz, and at present several overseas companies, with large capital, were looking at propositions which would be conducted on a big scale. Until these propositions had been thoroughly investigated, no actual production could be expected. "The big concerns are not likely to rush in," he said. A. sharebroker agreed with the recent statement of Mr H. Kitson, of the C'hristchurch Stock Exchange, that the reports of some engineers called in. for opinions when the gold boom .-tasted, were unduly optimistic, and that the public had been led to expect rather more than was warranted irom mining propositions. The payment of engineers in shares in the employing company had sometimes been a factor, because it was unlikely that an engineer who was also a shareholder would give a report that v.eulri dampen the enthusiasm of investors to buy shares.

"Many of the companies floated so far have not produced tin ounce of gold." he salo. "or after having produced some, they have stopped. There i. re about 150 companies known to the public, but many of them have net produced anything yet. In some cases it is obvious that wh-ire gold has been known to exist, it lias been worked, but little testing of the rest of *:i<-■ claim was done. The consequence is thai some claims which were initially \eiy promising have petered out.' Another man was of the opinion '.ha' mining in New Zealand was only m ils infancy. Most of the development, u'Th one or two exceptions, had bet ii done- on alluvial areas, and these v.-e.e easy to work, hut nut always a -ourcc of supply for an indefinite lime. With the advent of the big overseas companies, much of the payable quartz that was generally believed to exist in New Zealand would be worked, and then the industry would go ahead rapidly Mining had progressed a long way in recent years, and modern methods, backed by ample capital, could be expected to send production figures upward.

PRUDENTIAL BUILDING " SOCIETY DIVIDEND FOR YEAR OF FIVE I'ER CENT. The directors' report for the year ending December 31. 1934, of the Prudential Building and Investment Society of Canterbury has been issued and wilJ be presented to the annual meeting of shareholders, to be held on Fridav, March 22. The report is ss follows: We have to record with regret the death ol Mr A. Manhirc, who had been chairman of directors for a i umber of years. He rendered loyal and efficient service during his term of office, and took a keen interest in ilie operations and welfare of the society. The A capital shares now issued amount to 20,166 and there still remains 1313 C contributing shares. Your riirectors declared and paid 2K per cent. tor the half year on A capital shares and have declared a further 2i per cent, dividend, now payable, making a tolal of 5 per cent, for the year. After payment of which there is a balance of "profit of £065 Os Bd, which has been carried to reserve account, making a further reserve against depreciation of properties in the society's possession. Your directors consider they have made ample provision for any possible loss on realisation or depreciation of the society's investments. Members' attention is drawn to the saving bank department. Sums of Is upwards are received, carrying interest at 3 per cent, on the monthly balance. It is hoped members and their friends will avail themselves of this opportunity of depositing and saving small sums. In order to extend the operations of the society, it is the intention of the directors during the present year to obtain further A capital. Owing to the sound financial position of the society, and the satisfactory return on the investment to shareholders the shares should be eagerly taken up. Applications from present shareholders will receive priority. The retiring directors arc .Messrs W. Thomson and W. R. Honey,

v. ho offer themselves for re-election. Mr K. 11. Andrews was appointed to ihe board in place of the late Mr A. Manhirc. and his appointment will repmre to be confirmed by you. The auditors. Messrs Anderson and Browne, also retire, and offer themselves for re-election. Your directors desire to record their appreciation of the able services of tin: secretary and his staff, especially under the trying conditions of the .year. The balance-sheet shows that the paid-up capital is £20,021 19s. Subscriptions are £1939 19s, and deposits and accrued interest £3705. Loans on second mortgages are £22,011 and first £3311, loans on shares £1927, cash In hand £6B 13s, and balance at bank £371 12s. The working profit for the year was £1647, trie dividend of 5 per cent, absorbing £982, leaving a balance of £665. which is added to the reserve of cr;o<;:!.

AMBEELEY EWE FAIR A KEEN SALE TOP PRICE, 35/9 FOR CORRIEDALES The difficult feed position, the uncertainty concerning the restrictions on future meat exports, and the slack wool market are factors which, it was generally considered, would react unfavourably on values at yesterday's opening ewe fair of the season. However, results showed that these factors did not overcome the necessity of farmers having to secure ewes. The sale was a keen one and excellent

prices ruled throughout. Comparisons with Addington values can only be approximate on account of the difference in quality, and the comparison in any case can relate only to two-tooths, as few pens of standard lines of four-year ewes come forward at Addington. However, allowing for this difference in quality, two-tooths at Ambcrley yesterday were from Is Cd to 2s a head better than at Addington. Compared with the "hot" sale at Amberloy 12 months ago, when wool was 75 per cent, higher in prce than it is to-day, values were down only from 2s to 2s Cd a head. The entry comprised approximately 30,500 head compared with 30,000 last year and 33,000 in 1933. Most of the well-known North Canterbury stations which offer their cast sheep at Amberley were represented yesterday by ewes which came forward remarkably well considering the season passed through. Some of the twotooth ewes were on the small side, but the older sheep had retained their condition extremely well. Farmers were present from all parts of the province, the attendance possibly constituting a record. The gathering of motor-cars was reminiscent of a metropolitan show clay. Demand for Two-tooths The sale opened with two-tooths, and the first few pens of small lots showed little variation on the values ruling at Addington. However, the standard lines, when they were tillered, saw more spirited competition. The Seaview two-tooths (218) sold at 32s 6d, and 3% Mount Vulcan ewes made 32s to 32s 3d. The latter ewes last fair made 365. F. H. Courage also obtained 32s for a small lot. Later in the day the Corriedales offered by N. D. Campbell (Glen Dhu) made new prices for the season, 284 selling at from 33s 6d to 34s 6d. Top price of the sale, however, was realised by T. Edridge (Tormore), who secured 35s 9d for a draft of 171 twotooth Corriedales. Last year this vendor topped the market at 39s lor a truck lot, the remainder of his draft making 365. The Mount Vulcan halfbred ewes last year made 365, as' against 32s to 33s 3d yesterday, but they are scarcely so good this season. Four-year Sheep A sound demand developed from the outset for four-year sheep. Early in the sale R. and J. Little's Seaview draft of 471 realised 26s 3d; last year the draft of 443 sold at 28s. The Mount Vulcan draft of 80; i was sold in one line to a Pigeon Bay buyer at 3d- last season Ihe Mount Vulcan draft of 897 realised 265. The market, therefore, on these standard lines, was little different. Best price yesterday for four-Year sheep was 27s 3d, secured for the first, run of F. C.j Gardiner's Mount Vulcan hallbreds, his line of 392 making from that! figure down to 26s 6d. This vendor's ! draft last year made 25s 3d. j

The feature of the market was not the snecial prices secured for outstanding pens, but the steady demand for one-vear ewes. Anything with a decent mouth sold spiritedly at from 18s Cd to 21s. Last season a straightout line of Toviotdale Cornedale five-year-olds made up to 22s 3d. and hallbreds to 21s tkl. There were no prices like this vestcrday. but a number of pens of live-year ewes of somewhat inferior slandard ranged up to I7s (id. The consistency of the demand for this class and average four-year ewes indicates that plains flockowners are pinning their faith to lat lamb production. The drop in values on last season is more than represented bv the wool decline alone, so

that the "sale may be regarded as an exceptional one—better, indeed, than anticipated by about 2s 6d a head. Comparison ol Values TV- following is a comparison ol values at the sale yesterday and that of 12 months ago:— Hi:; l. 1 :':;■".. Orri.-dal.- -

As " d ;i 'i!, r _ to 9/0 5/ •" */ Dalgety and Company sold on account of: , J S Souler (Domett),. 72 2-toolh at 21s- 191 4-ycar at 21s to 21s 9d. S M. Deans (Kilmarnock), 73 2-tooth •it 25s 9d- 334 4-year at 21s 6d. W L Doak (Omihi), 72 2-tooth at 27s 9d Mrs'A R. Little (Mount Vulcan), 76 2-tooth at 22s 6d; 396 2-tooth at 32s to 32s 3d; 805 4-year at 25s od. R. Little, 66 2-tooth at 26s W A Douglas (Jedburgh), 148 2tooth at 25s 6d; 281 4-year three-quar-terbred at 22s 6d. C A Mowat (Cheviot), 328 2-tooth at 23s 6d to 24s 3d; 328 4-year at 17s 3d; 200 5-year at 17s 9d. G. M. Dixon (Double Corner), Ibo 2-tooth 'at 30s. . R. and J. Little (Seaview), 396 2tooth at 32s 6d; 471 4-year at 26s 3d; 90 ewe lambs at 19s 3d A D Cooper (Overshiels), 301 ltooth at 30s 3d; 400 4-year at 19s 6d •. H. Courage (Seadown), 69 2-tooth d J "and L. Ensor (Pendle Hills), 101 2-tooth at 28s 3d; 289 4-year at 22s 3d W Brett Wood (Mount Brown), 149 4, 6," and 8-tooth at 19s 6d. H D Greeuwood (Teviotdale), 128 Corriedale 6-tooth at 225; 563 4-year at 19s 6d to 20s; 100 4-year at 23si 9d J. E. Watson (Broomficld), 219 4yea'r three-quarterbred at 18s 3d; 112 6-tooth at 15s 6d. P. a'. Childs (Domett), 152 4-year at 17s 9d J R Maxwell (Glcngynk), 365 4. 6, and 8-tooth at 20s 6d; 76 2-tooth at 22s 9d G. A. McLean (Serrat Downs), 204 4 and 5-year at 19s 6d. G. B. and V. M. Cooper (Huyton), 224 s.m. ewes at 19s 3d. A. C. Hyde (Benmore), 170 4-ycar Jno. Fleming (Mount Scobie), 81 2tooth at 20s; Manuka Bay, 67 2-tooth at 19s W. C. Hyde (Cat Hill), 427 5-year at 9s W. T. Pain (Round Hill), 229 4-year at 17s 6d. Proctor Morris (Bernedale), 277 4 and 5-year Corriedale at 17s. W. D. Mackintosh (Glenafric), 180 ewe lambs at 16s 3d.

MINING FIJIAN DISCOVERIES A RICH LODE | THE PRESS Special Service.] AUCKLAND, March 4. The possibility of large scale operations being carried out on the new goldfield now being opened up at Tavua, in Fiji, was indicated by Mr E. G. Banks, of Melbourne, for many years superintendent for the Waihi Gold Mining Company, Limited, who arrived fronj Sydney by the Niagara on his way to Fiji. Mr Banks is now associated with a number of gold mining companies in Australia, and he is going to Fiji mainly in connexion with areas in which the Australian Mining Trust, Limited, of which he is a director, is interested. "If I am satisfied with the prospects on the field, and more paiticularly on the areas that the iiust ) ■ connected with, I shall lay down policy of active development," said Mi Banks.

Mr Banks is also a director of the Loloma Gold Mining Company, and he will also inspect areas held by that company in the Tavua district. lie mentioned that this company had proved a lode by the trenching method over a length of about 2580 feet. Eor a distance of 600 feet of, this the average width of the lode was 10 feet, and the average value 2oz a ton. He said that a very important feature in connexion with this mine was that the sulphide ore, which, was exposed at one spot in the creek at the foot of Loloma hill, carried very high gold values. He considered this highly important, as it indicated that the gold values would live down to reasonable depths. okarito RirnuN iITiKSS i!*SU'.IATI'.'N ■IT.I.rL.KV.O DUNEDIN, March 1, The Okarito return for I In: work ended March 2, totalled 350 x (klwt for 118 hours' dredging. WORKSOI' EXTENDED The Worksop Extended return for the week was 520/. for 120 hours; 8500 yards were dredged. Repairs to the Diesel engine arc proceeding satisfactorily. MATAKI I'RJSsS ASSOCIATION ' KI.E'; t A .''. AUCKLAND. March 4. The Mataki return for the weekended March 3 was 29 ounces for 133 hours' work. ALEXANDER MINES, LTD. ■ Sl'Ki IA I. TO Till: I'll!'. ,s . CREYMOUTH, March 1. It is reported that Alexander Mines, Ltd., on Saturday struck a reel' carrying gold in the number four level at the mine. No work has yet been done on the find, so its nature and size, which will be important m the iiiture of the mine, are not yet determined.

J H. Watt (Mount Ellen). 104 at lis 3d. ~„ . Eskvale Estate < Amborley <. l.w ■>- year at 16s. l'ync. Gould, Guinness fin account ol: ShoHo Douglas 'Tf Ngaparri. :M5 4- * T A. Croft 'Hamilton Glens), 331 ■!- year at 22s (id; 281 2-tooth at 31s. E O. Harrison (The Downs). 28. 4year at 21s 3d. W. E. Fit/.pati.k (Mount Ellen), 31a 4-vcar Corriedalc at 20s Gd. H D Greenwood (Teviotdalei, 490 5-vear Corricdalc at 19s: 77 4 and :>- ve'ar at 9s Ci; 153 4 and 5-year at 19s. " E C Gardiner (Vulcan Downs), 3:)2 4-year at 26s 6d to 27s '.id; 197 4 and 5-vear at 13s 3d. D C Gardiner 'Duvedalci. 2d2 4year Corricdalc at 23s (id; 82 2-tooth crossbred at 26s Cd. F. 11. Courage (Scndown), 220 4-year at 24s 3d. . A P A. Nicholls 'Davaan, 347 4ycar at 17s 9d; 477 2-tooth at 275. E L Hiatt (Limeslone Hills;, 140 4 and 5-vear Corricdalc at 21s 9d to 225; 207 2-tooth at 31s Cd F Sargent (Cheviot), 122 2-tooth at 23s 6d; 94 2-tooth at 26s fid. it B Johnson (Sandhurst), 364 5-year at 15s to 15s (id; 227 4-ycar a'. 19s E. Stringer (Tc Tini). 340 4-ycar at 19s to 19s 6d. N B. Wilkin-on (Dalkeith), 279 4year at 17s 9d, 271 2-tooth at 28s 6d to 295. r N D. Campbell (Glen Dhu), 34a 5vear Corricdalc at 18s 6d; 164 4-year at 255; 284 2-tooth at 33s 6d to 34s fad; Greta Paddocks, 152 2-tooth at 345. J. R. Bowkcr (Clarcmont), 304 4year at 19s. , A. S. Westland (Glcnmark), 382 4year Corricdalc at 21s. Broomfield Estate (Amborley), .3a I 4-year at 16s 6d; 154 2-tooth at 30s. Rt. Hon. G. W. Forbes (Crystal Brook), 149 4-year Corriedalc at 14s; 142 2-tooth at 27s Gd. T. D. Macdonald (Glcncoe), 127 4year at 18s. D. W. J. Gould (Mount Cass), 08 2-tooth Corriedalc at 325. B Wynn-Williams (Mount Donald), 212 4-year at 20s, 126 2-tooth at 27s Gd. J. J. Fitzpatrick (Cheviot), 302 4year Corriedalc at 18s. T H. Wilkinson (Spotswood). 84 2tooth at 26s Gd. J. Robinson (Hurunui), 240 4-year at 14s 9d. C. E. Jackman (Domett). 72 2-tooth Corriedalc at 30s. A Gillanders (Mount Scddon). 106 2-tooth at 30s; 71 2-tooth at 26s 6d. L. D. Ferguson (Gowan Hill), 92 2tooth crossbred at 27s 6d. Jno. Fitzsimmons (Domett), 286 2tooth at 31s; 144 2-tooth at 28s 6d.

H. Matson and Company sold on account of: — H. D. Greenwood (Teviotdalc). 192 2-tooth at 24s 9d; 189 2-tooth at 24s 3d to 25s 3d; client, 84 2-tooth at 15s 9d. N.Z. Farmers' Co-op. Association sold on account of: — R. W. Lochhead (Mont Serrat), 240 4-year at 21s 6d; 178 4, 6, and 8-tooth at 22s 9d. A. R. Turnbull (Balcairn), 213 4year at 16s 3d to 16s 6d. S. E. Rutherford (Onepunga), 210 4year at 15s Cd. Mrs H. Overton (Omihi), 361 4-ycar at 225. J. Paton (Brooklands), 73 2-looth at 32s 3d. W. H. Mackenzie (Weka Bank), 300 Corriedale ewe lambs at 17s to 18s 9d. R. Brophy (Glen Alton), 68 2-tooth at 30s 6d. National Mortgage and Agency Co., Ltd., sold on account of:— A. E. Hunt (Waipara), 135 s.m.. at 13s 6d. J. K. Macfarlane (The Sisters), 28G 4-year at 20s to 20s 3d. D. W. Smith" (Phoebe), 148 2-tooth at 25s 9d. T. Edridge (Tormore), 171 4-year Corriedale at 22s Gd; 126 2-tooth at 35s 9d. E. Edridge (Mount Sandford), 200 4year Corriedale at 23s 6d; 120 2-tooth at 29s 3d; 56 three-quarterbred 2-tooth at 25s 6d; 47 2-tooth at 25s 6d; 28 4-year at 14s.

STOCK EXCHANGES CHRISTCHURCH YESTERDAY'S TRANSACTIONS Markets continued firm on call yesterday, and there was a moderate turnover. Transactions, exclusive of vestibule business, were:— Sales on 'Change £ s. d. 5 Bank of N.S.W. . . 30 0 0 300 Bank ot N.Z. (3) 2 9 3 100 N.Z. Rel'rig. (£1 pd.) 019 6 100 N.Z. Refrig. (10s ixlj 0 9 0 100 N.Z. Breweries .. 2 10 6 5 Colonial Sugar . . 40 12 6 GOO Gillespie's Beach .. 0 17 0 1 8 0 1 81 100 Mount Lyell . . 017 11 1000 Skippers .. (2) 0 0 5 Sales Reported J4O United Building Soc. 12 9 100 British Tobacco .. 1 18 0 £3OO N.Z. Farmers' Co-op., 4 A p.c. Stock, 1940 . . 83 5 0 (iOO Brian Boru .. 0 0 3 200 Gillespie's Beach . . 0 1 8V 100 Mount Lyell .. 0 17 10 200 E. Recce, Ltd. (pi'.) .. 0 2 6 UNLISTED stocks Sales on 'Change 100 Woolworlhs (Sydney), <>]•(!. (2> 4 11 9 Sale Reported 200 E. Recce, Ltd. (pi.) 0 2 6 Bonds and Bank Shares Buyers of New Zealand Government 4 per cent. Bonds, due 1955, raised their bids to £llO 10s without attlading sellers. Bank of New South Wales had business at £3O, and more were W.intod at £29 17s Gd, sellers at £3O fis. Bank ot New Zealand were fractionally firmer at 49.s 3d, sellers stayin! 1 . in at that figure, buyers at 49s

Sellers of A.P.A. reduced their limits in ID:. :;d, buyer;-; al 9s !kl. United r.iiiUiiii,:.', Society were firm al 225. 9d, clii;.;ic, quotations 22s lid buyers, 23s seller;:. New Zealand Kefrijieraliiif* had business in the J'ully paid at 19s (id. and in .the 10s paid at !).->, market closim; iini) for Ixilh issues. New Zealand Breweries advanced to 50s (id, and more were offered at 50s 7d. buyers at 50s 4d. British Tobaccos; advanced 1o 38s, market closing 37s 8d buyers, 37s 10d sellers. Colonial Sugars changed hands at £4O 12s Gd, and there were further buyers at £4O 10s. sellers at .!.'.40 ]7s (id. Mew Zealand Farmers' t'o-0>,., 4! per cent. Slock, due 1940, moviil up to £i(3 ss, closing quotations 5s on eitlier side. Mi n in;;' I Irian Bonis wore tirm at 3d, market closing ,',d either way. Buyers of Hi;.: Rivers raised their bids 1o 2s Id, sellers at 2s ltd. Gillespie's Beach rose to Is 7il. Is Bcl, and Is BUI. market closing Is fid buyers. Is f)d sellers. Mount Lyells were firm at 17s lid and 17s lOd, and there were further sellers at the lower price, buyers al 17s 9d. Skippers remained unaltered with sellers and dealings at sd, buyers at 'l'd. Cnlistcd Stocks K. Keece. Btd., preference', were firm, with .seller., and business at 2s lid. buyer; al 2s 4(1. U'eoiwcrths 'Sydney i* ordinary, had dealin',s al ills Ski, and more were ottered at Ills fid. buyers at 91s 7d. I.AI'KST QI'OTATIONK N.Z. (Government Debentures Buyers. Sellers. £ s. d. £ s. d. '.',', p.e. Ins. 1:141-4:5 - - IOH 0 0 :;.', p.e. Ins., 193:1-52 107 10 0 :;.', p.e. Ins.. 1950-43 - - 107 15 0 :'■'■; p.e. Ins.., 1941 . 102 0 (I 4 p.e.. Ins.. 19.47-40 101 10' 0 102 10 0 1 p.e. Ins., 1052-55 109 10 (I 4 p.e. Ins., 192,7-4(1 102 7 (i 4 p.e. Bend. . 1952-55 110 10 (I Oilier Debentures Boolh. Macdonald. (>.'. p.e., 1927 . . (if, 0 0 71 0 0 Claxo, C>\ p.e.. 1915 102 10 0 Gisborno Sheep fa refers (», p.e., 1941 100 10 0 Hunks Com. el Aust. . . 0 Hi 1 Dili 3 Com. of Aust. ipf.) - - 10 0 0 Com. of Svdnev .. .1(1 0 0 Hi 2 6 K„ S„ and A. 4 19 0 5 0 (i Nail. of A/asia. (£lO pel.) .. 12 if, 0 13 0 0 Natl. of A/asia. i£s pel. i . . (i 5 0 (i (i 0

Natl, of N.Z. . . 3 1! 9 3 9 3 New South Wales 29 17 6 30 5 0 New Zealand 2 9 22 9 3 New Zealand CD" Mori shares) .. 11111 112 3 Reserve .. 6 10 3 (5 10 9 Union of Aust. . . 8 12 0 9 0 0 I Insurance i A.P.A. . . 0 9 9 0 10 3 National .. 114 12 3 New Zealand 3 7 6 3 10 0 South British Standard (ex div.) 3 110 3 12 0 Loan ami Agency Dalgetv and Co. 8 2 6 312 6 Goklsbrough.Mort 17 7 18 0 N.Z. Guar. Corp. 0 511 0 6 1 United Build. Soc. 12 3 13 0 Wright. Stephenson and Co. (pf.) . . 110 Frozen Meat Canterbury (ord.) - 10 15 0 Canterbury (pi.' 5 16 0 Gear 113 N.Z. Refrig. (£1 paid) .. 019 5 019 7 N.Z. Refrig. (10s paid) .. 0 811 0 i) 0 Southland 3 15 0 4 0 0 Woollens Kaiapoi 'pf.) .. 017 0 017 6 Coal Taupiri .. 0 17 0 Stockton (Old.) . . 0 0 10 0 1 3

Stockton (pi.) .. 0 3 8 0 4 0 Gas Christchurch <l()s paid) 0 16 6 Auckland (cont.) 0 19 6 Timaru . . Timaru (cont.) .. 0 6 3 iirewerios Monlei-ths . . -■• 0 15 U New Zealand 2 10 4 2 10 7 Timaru (7s (id pel.) 0 8 3 0 8 8 Tooheys . . 18 4 Tooths .. 2 8 0 2 9 0 Miscellaneous Assoc. Newspapers .110 12 9 Ausl. Glass .. 2 17 (i 2 19 9 Bcalh and Co. . . 19 0 1 12 0 Beath and Co. (Is paid) 0 8 3 0 9 3 British Tobacco (cum div.) 1 17 8 1 17 10 Broken Hill Prop. 2 11 3 2 11 9 Claude Neon (Syd.) 2 5 0 Claude Neon (N.Z.) 2 5 0 2 10 0 Colonial Sugar . . 40 10 0 40 17 6 Consolidated Brick -- 0 9 11 Dom. Builders' Supplies .. 0 4 0 0 10 0 Dominion Fori. . . 119 Dunlop Perdriau Rubber .. 0 18 5 0 18 9 Electro. Zinc Cord.) 110 12 0 Electro. Zinc (pref., cum div.) 114 6 Hays, Ltd.. (15s paid) .. 0 15 0 Eclipse Petrol .. 0 5 0 Kauri Timber . . 0 19 4 0 19 9 Manawatu Knitting Mills .. 1 12 0 1 17 3 New Colosseum .. 17 9 1 11 0 New Zealand Drug 3 18 0 4 0 0 Glaxo (pref.) N Z. Farmers' Coop. (Ist pref.) .. 2 0 0 2 10 0

UNLISTED STOCKS All transactions in stocks quoted in this section are subject to a different rale of brokerage from listed stocks, and arc not quoted on the official list. Andersons, Ltd.

MELBOURNE £. s. d. National Bank (£5 paid) 6 7 0 National Bank (£lO paid) 13 4 0 British Tobacco .. 1 17 9 Broken Hill Proprietary .. 2 11 9 Dutilop Perdriau .. 0 18 10 Australian Iron and Steel (pref.) .. .. 12 9

SYDNEY On the Sydney Stock Exchange yesterday, the improved tone continued, the result of the Victorian elections being regarded as a favourable factor. The new record high price for gold did not stimulate the gold share market to any noteworthy extent, although most established welldeveloped concerns gained strength. Morning: Sales

FOREIGN EXCHANGES 'WUTISU OFJrICIAr. wmzi.zss.)

PRICE OF GOLD (UKITED PRESS ASSOCIATION—BY ELECTRIC TBLKGRArH—COPIHIGHT.) LONDON, March 3. A new high record price for gold was reached at to-day's fixing, when gold to the value of £362,000 was disposed of at £7 6s IOJd a fine ounce, representing an increase of Is an ounce. Quotations (a fine ounce) are:— £ s. d. March 2 .. 7 6 10.V February 28 ..741 February 27 .. 7 3 Hi February 26 .. 7 3 6J February 25 .. 7 3 9J February 23 .. 7 311 February 20 .. 7 2 9i February 16 ..7 2 8J

DOLLAR-STERIiNG RATES The Associated Banks (other than the Bank of Now South Wales) quoted the following dollar-sterling rates yesterday, which ar# subject to alteration without notice:— U.S.A. Canada, dol. dol. Conversion of dollar bills received for collection and sale of dollar draffs and telegraphic transfers . . 4.7."> 4.77 Purchase of dollar hills 4.79 4.81 On a New Zealand currency basis these rates arc equivalent to: — U.S.A. Canada, dnl. dol. Selling— T.T. 3.831 O.L>. 3.81S 3.83 i Buying—--0.1). 3.8S n.891

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£• s. d. ; £ s. d. N.Z. Farmers' Coop. ("A" pref.) 0 15 0 1 5 0 N.Z. Farmers' Cocop. ("B" pref.) 0 9 1 1 5 0 N.Z. Farmers' Coop. (44. p.c. stock, 1940) 83 0 0 83 10 0 N.Z. Farmers' Coop. (4£ p.c. stock, 1945) 83 0 0 84 0 0 N.Z. Malay Rubber (pref.) — 0 12 6 N.Z. Newspapers 1 12 6 1 15 0 Quill Morris (in liquidation) 0 3 9 0 4 9 Sun Newspapers 0 3 11 0 4 1 Taranaki Oil 0 2 6 Victoria Nyanza Sugar 0 6 0 — Wilson's Cement .. 1 14 0 1 14 6 Woolworths (N.Z.), ord 9 12 6 9 19 0 Woolworths (N.Z.), pref. 2 1 6 2 2 6 Woolworths (Vic.). pref. — 1 10 0 Mining Addison's Flat .. 0 1 8 0 2 9 Alexander 0 15 9 0 17 6 Alexander (15s paid) 0 13 9 0 17. 0 Aotearoa _ 0 0 11 Bell Hill 0 0 44 0 1 3£ Bell Hooper 0 0 1 — Bell Kilgour 0 0 0? 0 0 1 Bendigo Goldlights 0 0 9 A 0 1 0 Big River 0 2 1 JD 2 11 Blackwater 1 11 4 1 11 11 Brian Boru 0 0 23 0 0 3> Central Shotover 0 0 o.v 0 0 5 Charleston 0 0 0'. 0 0 5 Consolidated 0 15 7 1 2 6 Deep Lead 0 1 9 0 2 1 Gillespie's Beach 0 1 8 0 1 9 Golden Dawn 0 1 4 0 2 3 Golden Point 0 0 Oi 0 0 1 Golden Sands 0 2 2 0 2 64 Goldfields Dredg. 0 0 6 0 0 *l\ Kildare 0 2 11 0 3 0 King Solomon .. 0 3 84 .0 3 101 Maori Gully 0 1 3J 0 1 4 Lawson's Flat .. 0 0 3 0 0 35 Mahakipawa 0 0 8* 0 0 94 Maerewhenua 0 0 2 0 0 2\ Mahakipawa (pf.), 192!) issue 0 1 1 0 1 5 Mahakipawa (pf.), 1930 issue . 0 1 4 Mataki — 0 2 0 Moonlight Nelson Crock -_.. 0 0 J4 Mossy Creek 0 2 2 0 2 6" Mount Lyoll 0 17 9 0 17 10 Mount Morgan 1 18 10 1 19 9 Mount Morgan "rights" 0 18 9 Nevis Diesel Elec. 0 0 li 0 0 2.} New Cornish Point 0 0 1 0 0 6 Nokoinai 0 2 1 0 2 44 Okarito 0 7 14 0 7 24 Placer Develop. 28 0 0 37 10 0 Rawang Tin 0 7 0 0 8 0 Skippers 0 0 4J 0 0 5 Upper Shotover (lOd paid) 0 0 1 0 0 84 Waihi 2 1 4 2 1 8 Grand Junction 0 4 9 0 5 0 Waitahu 0 1 6 0 3 3 Worksop Extend. 0 2 5 0 2 8

(pref.) 0 16 9 0 17 6 Assoc. Motorists' Petrol (pref.) 1 3 7 Pen Ledi 0 0 4 0 0 (> Argo CJoki 0 1 4.', 0 1 5 (.'hristehurch Press 8 0 0 Golden Gully — 0 0 9 Kiwi Dairy 0 2 6 . Jones Nevis 0 0 8 0 0 11 Macetown 0 1 0 N.Z. Perp. Forests 2 0 0 N.Z. Mining Investment — 0 1 0 E. Reece, Ltd. Cpref.) 0 2 4 0 2 6 Regent Theatre Building — 0 7 6 Stacey & Hawker (pref.) 1 0 n — Upper Watut (2s paid) 0 5 10 0 6 6 Warners, Ltd. .. i — 7 10 0 V/ere's Invest. Trust 0 4 l — Wool worths (Syd) oi'd. 4 11 7 4 11 »

AUCKLAND Sales on 'Change £ s. d. Rural Bonds, 5 p.c, 1947 .. 105 5 0 Stock, 4 p.c, 1949 109 0 0 N.Z. Insurance 3 7 9 South British Insurance .. 4 14 3 4 14 0 Wcstport, Stockton 0 1 0 Auckland Gas 1 7 4 Dominion Breweries 0 14 9 Aus. Iron and Steel (pf.) .. 1 2 6 Skippers, Ltd. 0 0 5 Waihi 2 1 5 Unlisted Stock 2 1 6 Woolworths (Sydney) 4 12 0 WELLINGTON Sales on 'Change £ s. d. Coram. Bank of Australia (late Saturday) 0 16 1 Bank of New Zealand 2 9 2 N.Z. Guar. Corp. 0 6 6 Wellington Gas (late Sat.) 2 4 0 N.Z. Insurance (late Sat.) 3 8 0 N.Z. Refrigerating 0 19 4 Wellington Woollen 5 18 9 Millaquin Sugar .. 1 14 6 DUNEDIN Sale on 'Change £ s. d. Okarito 0 7 0 Sales Reported Bank of New South Wales 30 0 0 British Tobacco I 18 0 Colonial Sugar 40 15 0 Woolworths (Sydney), (2) 4 12 0 Glacier Development 28 5 0 Mount Lyell .. (2) 0 17 9 Nokomai 0 2 3 Big River 0 2 u

£. s. d. Commonwealth Bonds— 4 per cent., 1938 104 13 9 4 per cent., 1941 105 13 9 4 per cent., 1944 106 5 0 4 per cent., 1950 107 17 a 4 per cent, 1955 107 12 6 4 per cent., 1959 108 5 0 National Bank (£5 paid) 6 5 0 Australian Glass 3 0 0 Broken Hill Proprietary .. 2 11 9 Dunlops 0 18 104 Wilcox, Mofflin 0 9 0 Closing Sales Colonial Sugar 41 1 0 Bank of New South Wales 30 2 6 Associated News (pref.) .. 1 3 9 Australian Gas (A) 7 17 G British Tobacco 1 18 0 Tooths 2 8 9 "Dunlop Perdriau 0 18 10£ Goldsbrough, Mort 1 8 3 Henry Jones 1 15 (i Fairymead Sugar 1 17 0 Anthony Hordern 0 17 9 Standard Cement 1 .0 3 Mount Morgan . 1 19 3 South Broken Hill 3 16 a North Broken Hill 5 2 o Bui* j Gold 8 19 a Buloio Deposits 0 0 11 Larut 0 11 o Placer Development - .'. 28 0 0 General Industries 0 15 3

KUGBY, March 2. Par. Mar. 1. Mar. 2, Paris, fr. to £1 124.21 72 17-32 71 27-32 .Vow York, dol. to £1 4.800 4.823 4.792 Montreal, dol. to A'l Brussels, beljra.s to,£l 4.800 4.84 4.81 35 2 0.4 8 i 20.28 Geneva, fr. to £1 23.2211 i 14.77* 14.64 Amsterdam, 11. Ui ill 12.107 7.07J 7.01 Milan, liro to £1 93.47 50 1 1.1(5 55 £ Berlin, reichmarkcn to _'u 1 -J n. y l 11.78 Stockholm, kV. to it IS. 159 19.39} 19.391 Copenhagen, kr. to XI 18.159 22.39} 22.39} Oslo, kr. to it 18.159 19.90} 19.90} Vienna, ecIiks-. to XI 34.085 20 25fc Prague, kr. to a) 104.25 114 11.1C i 11"-S Helsingfors, £1 193.23 22 0} 2201 Madrid, pesetas to XI 25.221: 34J; Lisbon, escndos to i'l 110 IH'J 110J Athene, drach to i' 1 Bucharest, loi f>,o 503 5 01 to xl ajp.o ■ l,-o (721 Belgrade. dinars 25.22 1' I 21.2 2 J.2 Kio do Janeiro, pence to milrcis 4.6!) 2 n li Buenos Aires, ponce to dol. Montevideo. ,.0J .,„, Bombay, penoo * ■' to rupee 1!) 18 5-32' 18 5-32 Shanghai, pence to dol. * 1 '■> .' 193 Hong Koiik. pence to dol. 24 3-10 Yokohama, pence, to yen * 14 1-32 14 1-1G Batavia. jriiildors 12.107 7.07^ 7.07i Warsaw, par 4 3.30 25.C2 price of sil 1 25.(>2 * Determii nod bv i - er.

FOREIGN EXCHANGE RATES The Bank of New South Wales quoted th* following rates as ruling yesterday for its purchases and sales of foreign exchang*. Tho rates are subject to alteration without notice. . London— Buying. Seljing. JSN.Z. to £100 8tg. T.T. 124 134/10 O.D. 123/10 124/7/8 Australia— X A. to £100 N.Z. T.T. 101 100/10 Fiji— O.D. 101 100/10 X F. to £100 N.Z. T.T. 90/7/6 S9 O.D. 90/7/6 89 Now York — Dol. to £1 N.Z. T.T. 3.87 3.82J O.D. 3.88J 3.83| Montreal— Dol. to £1 N.Z. T.T. S.S8i 3.84i France — O.D. 3.80i| :;.84& Francs to £1 N.Z. T.T. 53.42 57.13 O.D. 58.72 07.17 Noumea— Francs to £1 N.Z. T.T. 59.37 fiti.37 O.D. 59.77 56.43 Papeete— Francs to £1 N.Z. T.T. 59.37 56.37 O.D. 59.77 56.42 Belgium— Bellas to £1 N.Z. T.T. 16.672 15.97# O.D. 16.772 15.987 Germany— Iteichmarks to £1 N.Z. T.T. 9.256 O.D. — 9.261 ItalyLi ro to £1 N.Z. T.T. 44.5!) O.D. 44.63 Switzerland- — Francs to £t N.Z. T.T. 11.983 11.583 O.D. 12.058 11.593 Holland — Florins to •£! N.Z. T.T. 5.759 5.509 O.D. 5.809 5.513 Java— Florins to £1 N.Z. T.T. 5.722 5.497 O.D. 5.772 5.501 Japan— N.Z. pcnco to yen T.T. — 17 23-3* O.D. — Shanghai— N.Z. pence to dol. T.T. 24J 25 9-16 O.D. 24J 25 J India and Ceylon— N.Z. pence to rup. T.T. 228 23 23-32 O.D. 22$ 22 21-32 Hong Kong— N.Z. pence to dol. T.T. 30 3-32 31 5-32 O.D. 29 31-32 31 S-32 Singapore— N.Z. pence to dol. T.T. 34 g 35 5-18 O.D. 341 351 T.T. roprosents telegraphic transfer*. O.I), represents on demand transaction*.