FINANCE AND COMMERCE

Press, Volume LXXI, Issue 21416, 7 March 1935, Page 15

FINANCE AND COMMERCE

pbodltl fffElv blasd LAMB w „ If " niFFICLLTIKS i ("■= ■ flJiJ 1 - *» vS iJ T ■ f\ ~D O %-, February 14. r'tii trade gcncr"terestfd in - ■ ' r, rU 1. 1 .'-' LyL 1,1 CciA'-l averse «-l lcr-bi. repro'c-nt- - liron each of n:iu f.% the annual Noru: ,U r-" - K fiueici prec n!:i- ---«- ",.v Bav, Taranak.' ar.d* Va:ran;pa "Mt.iicn. thn-ru <:• "" ~ \u cn deii;i.u-»y ,!V4 dn-ncis. c t t d iin:<h -"* , c ud cs found „ diiliciilt ft :■ or y.utel* V, I:'-::: b> v (.!/.;.')U n , „ • r c ian.bs :kc\ and - . "... t -.—l'«-- v.*hic!i T Thiy c/ i- :r • „ r t t- < a r.i re _5 0 f ! r i pr ■v" ":ido" l'"dc. W a:ra:'apa Zr'nQ close runnc r-t'p. r-<"ffi!v*s pom: cr two b • gnAal pw c:.:r,pi.;.: wts jyw ij jt J-8 from Taranrk: r.'cpe 3s. C from KciJdiiK' '■Sfi&v created an fr.:; and was £.: J..n' • Parr. C :r.:r. v.::.. ispxuxftr prcsj.-r.tcd r_! i 'Jt-dt problems v,ntr. jz sst-i wholesaler.--. The by the lirp';rn-<i l-is^xa! t l -.& request f'U£»r.i Produce;--' ej Meets D. Mc . A. ni F. A. F.r.ttr. tete Marking (gai marking ci Zcur*fiij fiie indication of the \ ray t<-»-• a ,soud assies.. nfct. AOt Uiiv arc- the as eKnit. but the; e i: !t_ " tcraeixy piac. ij l!.- crciiO. For t-u. "5 pti ttnt. Lu ;;i>: 'ti.™} U Ot f. the btst (, :.d t& isaad faow iambi v/orc- . '.Undu- the U-urLns Act, r.e oi.us Wii'ifcQ u jlk--;biy asasu, «jyct;licd ~:.i lc, is taru-t upon r h tat be*: end, for jn- • V * ruzcti a: \hn , - L , .gjjeiiijj- u _.. •• J :c - that •.•L-;a:ler.-, ( ir tnt .;, o >j U ;y ■ - tf e tJrc-jLiC.rt- r;it » —L<irta.~s. "» and arc l a niarke:i ' - L ' t. e t( '.raventii IliO - • B< cci h the- iact K branded, i::the appii-i,ke-Jy - ariv r i'u far. —--c (.■! jujuus from •> disti'ict: s <i u-i f C r ot :er dii- *- we" uagested " " c f v IW ZeaA*»- e J v use of a t .. jr«r iambs r Of The .no uJ. - : to tile • '• Jlifh J,'iVLS - 1 * ' corru- " * r derived . _ - t ;'-from the : ~ 1 - d :,leat s»nrl - da -Malting the hf'tt , *" 1 c !ta 'nin,s' el *— - it is ' ' tr.at the u a f'J until the r <-r markers. — a - liable to t , 1 rs rr:ay of ii;.-;-f r-^ «* Ci-ied into ' <-02 "" '' « Departial lieIJibOH: of > mods JS f -He :d lU.Stj'a; jji ' d 1 COI!- _ ' ' carbon -,* l / ;r r c 1 at -h iita- ' (jlou-r of - w ' 1 r :nO - <• ■cc-ntra- *• f 1 1 Ji carboi! - -*2 ■ *- ut pre~Ui c ' that ; f s >• f j wiiii 1 c ■L.rbo;; ; _ f proved. *■_ J '' has now t* 1r . a —a .study and >= -v uzoiie at - lhe remit; so ,; n >' «.:■ ' V. I ®-J ennic^^l *■' " ' Q i-lerent orJ' ... 1 e ♦'fnccntra■s Erowtfi. T: Kj s'fiiailjj,."*, ? arc . %ia» J lKf - Pract ;ca i i.- <- r id rnc-at.s \ l! / Lo '- , ''' ! -'n c- e O ,' J - chickens 'f t-x at a T^ e longest It? «2 has to*'- 1 * Sr^- m ' drkwi deWork . r:s '-' £ ' a:,tJ Ai-enox March 6. JUS" 7 'eceived the • ° n ' he 5: -"The teas 'iff'W! l a i omrn , on «QQ Week's S Ea 'c

—— I WHEAT MARKET CARGOES, PARCELS, AND FUTURES LONDON AND LIVERPOOL ' QUOTATIONS LONDON, March 5. Wheat cargoes are quieter, owing to ' the lower Winnipeg closing rates. • Parcels are quiet Futures are quoted:— March 4. March 5. London (a quarter) I April .. 20 0 20 3 June 21 1 21 0 i Liverpool (a cental) • March .. 4 8J 4 8J - May t. 5 0 4 11J j | July .. 52| 5 2 r MORE RAILWAY TRAFFIC i \ FIGURES FOR MARCH . i The traffic returns of the Canter-bury-Westland railway district for the month ended on March 2 show a considerable improvement on the figures for the same j;eriod last year. For all trai'ic the revenue has increased by £20.994, from £83,352 last year to £ 109.340 this year. The number of passengers carried in- ' created by 22.000, this meaning £2OOO more revenue. Sheep carried were iKi.OOO more than for the same month last year, while under the heading • other goods" there was an improvement of more than 20,000 tons. Better ■ conditions generally and a good picnic • ca.-on have helped to increase the , number of passengers, while the droucht caused stock to be sent to the works earlier. Shipments of timber to Australia caused increased timber traflic in Westlar.d. The returns for the period are compared with last year's figures in the following table:Total Carried 1935. 1934. I'a--seniors .. 104,262 142.30(3 Season tickets .. 5.303 5,131 Cat'!.. .. 2.37(5 1,730 .. 330.951 316.167 Timber iton?) .. 11 959 10.378 Other goods itons) .. 118,751 97,198 Revenue r £ Passengers .. 15.701 13,440 Season tickets .. 2,190 2,259 Parcels .. 2.601 2,559 Goods .. 80.251 67.747 Miscellaneous .. 2,600 2.347 Total .. £109,346 £88,352 DOMINION RUBBER COMPANY DIVIDEND OF FIVE PER CENT. ' [THE TKESS Special Service.] j DUNEDIN, March 6. i A meeting of directors of the Dominion Rubber Company, held to-day, decided to recommend that a final div dend of Is a share be passed for payment at the annual meeting. SECURITY RESERVES BUILDING SOCIETY'S YEAR Metropolitan Permanent Building and Investment Society directors, Wellington, in their forty-fourth annual report and balance-sheet to the society, to February 15, state that they recommend distribution of profits at the rate of 6 per cent, per annum bo made, and that - further sum of £IOOO be added to the depreciation of securities reserve. The profits for the year i including a balance of £1740 9s 5d brought forward from last year) : amount to £9IGS 13s 9d; less expense account, £1551 lis 7d, leaving a net ; profit of £7614 2s 2d. From this sum an interim dividend on A shares and ; amount credited B shares at 3 per cent. ! for six months ending August 15, 1934. amounted to £2393 14s lOd, leaving a | balance of £5220 7s 4d. This it is proDosed to appropriate as follows: —To credit holders B investment shares at 3 per cent, for six months ending February 15, 1935, £1025 lis 9d; to ■ payment of dividend at 3 per cent, for six months ending February 15, 1935, to holders of A shares, £I2OO, making ; £2225 lis 9d. Also to place to depreciation of securities reserve £IOOO, totalling £3225 lis 9d, and carrying forward to next year £1994 15s 7d. The dividend on A shares will be payable on March 21. Mr Gordon J. Reid and Captain J. E. Dawson, retiring directors, offer themselves for re-election. BRITAIN'S INTERNAL TRADE REVIEW BY LLOYDS BANK (nr.iTisn offimal wireless.) (Received March C, 7.30 p.m.) RUGBY, March 5. Commenting on the industrial situation. Llcyds Bank, in its monthly revk-w for March, says: "The recent indications show that internal trade, on the whole, is well maintained, and that the recent sporadic feeling of pessimism is in no way justified. It is true that the combination of cheap money and restricted opportunities for trade, especially in the international field, diverted" a certain quantity of capital i into speculative activities of an unsound character, but the amount involved was very small, and the re- : cent episodes are purely surface movements, The fundamental trade position of the country remains as sound as i* was at the end of last year, and the current trade statistics are good. j CHEAPER PEPPER t ! Latest private cable advices from 1 Singapore report a fall of lid per lb ;:n the price of white pepper. As was to be expected after the failure of an attempt by English speculators to corner the market, there has been a decided decline in values, until current quotations are 5d to 6d per lb below 1 those nominated just before the saili ing of the direct steamer to New Zea- ! land at the end of December. Owing ,to the uncertain outlook, buyers are ! withholding and awaiting further de--1 vclonrr)'' - !'i '.

MINING BLACKWATER RETURN (SPECIAL TO THE PHESS.) REEFTON, March 6. Blackwater Mines return for FebI ruary was: Crushed 3460 ton's, yielding 1455 fine ounces of gold, valued at 1425, £10,331. Working costs were £5470, working profit £4361, development £677, and capital £B9O. The returns for the last two months compare as follows: — Jan. Feb. Crushed, tons .. 3,730 3,460 Yield, fine ounces .. 1,672 1,455 £ £ Value .. 11,788 10,331 0 Working costs .. 5,313 5,470 Working profit .. 6,375 4,861 Development .. 1,072 677 Capital development .. 302 890 i. ALEXANDER RETURN (SPECIAL TO THE MESS.) REEFTON, March C. The Alexander Mines clean-up for February was 289 tons crushed for 236 ounces 18dwt of melted gold; cyanide, | 214 tons sands were treated for 650z ldwt; concentrates, the roaster produced 1036z 14dwt bullion. The total estimated value is £2775. In addition 12.33 tons of concentrates have been saved, valued at £260. In estimating the above values, gold has been taken at £7 10s a fine ounce. ; i ! PADDY'S POINT 1 ) (PRESS ASSOCIATION TELEGRAM.) DUNEDIN, March 6. ) Paddy's Point Company reports a wash-up of 44Joz for 22 days' sluicing. GOLDEN DAWN REPORT The mine manager's report for the fortnight ending February 23, states: Development—No. 3 level: Drive north from winze on No. 3 reef ex- ■ tended six feet. Reef 12 inches wide, assay £2 16s 7d a ton. Drive north on No. 3 reef Wcstwall branch from j split in reef driven seven feiM; 14 inches wide, 8s Id. Drive south on I Westwall branch reef to get under | blow worked in level above driven 44 | ieet; 14 inches wide up to the last I few feet of driving: at present the i! reef is six inches wide, 8s 7d. Cross- :' cut west off drive south on Westwall ! branch driven eight feet. At this point we cut a reef 20 inches wide; £1 Bs. Possibly the proper Wcst--1 wall branch or No. 2 reef. Rise on 1 No. 3 reef from slopes south block 1 driven seven feet. Reef average two • teet, 12s lid. Bottom Intermediate Level —Drive j south from Grey's old stopes on No. I 1 reef driven 48 feet from old main | | pass. Four feet wide, £3 12s 9d. j Drive south on Eastwall branch No. 3 j : reef from south end of Daily's old | stopes driven 16 feet.; two feet wide; £2 16s 7d. Drive north on Westwall branch reef off drive north on No. 1 : reef driven 24 feet; 16 inches wide; £4 Is 9d. Top Intermediate Level—Cross-cut west oft' drive north on No. 1 reef driven 17 feet. The country here has got softer. Surface level: Cross-cut j east from western side of bald spur ! driven 10 feet. The country rock | here is still heavily mineralised and 'of a good class for carrying reefs. ! Stoping: No. 3 level: On No. 3 reef j north and south of winze, two feet \ I wide, £3 14s 4d. On No. 1 reef, ji i north and souih of winze, 15 inches, ; ! £7 5s 6d. Oil No. 3 reef, Eastwall r branch south block, two feet, £2 10s ! Bd. Bottom intermediate level: On t Westwall branch reef off No. 1 reef, j] lour feet wide, £3 13s 3d. MACETOWN DEVELOPMENTS The report for the week ending March 3 states:— The track to the Maryborough mine was completed and trenching on the All Nations lode has unearthed a shoot J of pay ore. This has been sampled for a distance of 70ft; trenching is proceeding west on the strike of the shoot. The results of this will be known in j 10 days' time. The assays averaged 6dwt a ton, and the sloping width is 30 inches. At the point of location, the All Nations lode is parallel to the Maryborough or Garibaldi lode. This is an important find and adds greatly to the value of the Maryborough section. The opening of the Sunrise mine disclosed the tunnel as being in very bad order and no further examination can be made until the necessary repairs are carried into effect, and a good deal of timber will be required, j i bell-kilgour mining The secretary of the Bell-Kilgour Gold Mining Company, Ltd., advises receipt of report from the manager, dated March 2, reading as follows: Tlie No. 3 west cross-cut from the north branch was advanced 27ft for the period. At that distance old workings ( were again met with. This shows the i worked-out ground 22ft ahead, or north of where it was met in No. 2 west cross-cut. A fair sample of rough j gold was secured just before breaking into old ground. As the run of values : appears to be turning more to the ( north-east, the main drive is being • driven ahead again, and from present , appearances should strike this run in about 15ft to 20ft. i ■ i PRICE OF GOLD ( LONDON, March 5. Gold (a fine ounce) is quoted:— < £ s. d. < March 5 "22 }n * i March 4 8 10 j March 2..76 10 2 February 28 ..741 j February 27 ..7 3 llg ■ February 26 .. 7 3 6£ . February 25 .. 7 3 9£- . February 23 .. 7 3 11 ( February 20 .. 7 2 9 2 - PRICE OF SILVER LONDON. March 5. Silver (pence an ounce) is quoted:— Mar. 4. Mar. 5. Snot •• 274 26 11-16 Forward .. 27 3-16 262 CLEARING SALE Messrs O. K. Junes, Ltd., report having hold u successful clearing Bale on tile premises, 199 Bcaley avenue, yesterday. There was u very largo attendance, nrul the fol lowing prices were realised:—lissex motorcar SSU, couch and two chairs Mo 10s, carl.el £l2 Ss, couch und txvo chairs £ll, buffet, "table, and three chairs £!l, sewing ma chine £9 10s, Eureka vacuum £6, radio £7, rugs, £5 10s, £4 10s, typewriter £3 10s, runner £1 12s 6d, standard lamp £2 2s 6d, carpet £(), wardrobe £4 10s, duchesse £3 10s, duehesso £3 12s Od, bedstead £2 2s 6d, carpet £.■), mirror £1 ss, bedstead £2 7s 6d, bedstead £1 ss, baby duchesse £1 10s, seagrass settee and two chairs £2 7s, boy's liifivclo £2 15s, carpeting £1 13s, piano rolls £ l'" 7s. — 8

GERMANY lAND

WOOL PRINCIPLE OF BARTER (HO)! OUI 0*« CO*BESPOHDB*T.) LONDON, February 9. It has been announced that while Germany is to take wool to a value of £2,400,000 before the end of May, South Africa will take German manufactured goods of a like value before the end of September. This subject of bartering is discussed in the "Textile Mercury and Argus," of Manchester. "Now we learn," says the writer, "that representatives of German interests have been interviewing German officials at Australia House, London, with a view to an ai'rangement being made to obtain Australian wool by barter. It is stated that the negotiators are not so much concerned with the price they will have to pay for the wool, as they are with the idea that they shall pay for it in goods rather than in money. A pertinent point has been raised as to whether Australia could obtain any particular merchandise from Germany more advantageously than she could elsewhere. In these barter schemes sight should not be lost of the posilion of the consumer, even if the respective countries do not observe the reciprocal arrangements on which their relationships are based. "There would soon be an outcry if i an arrangement were made for the sale of woo] which involved higher prices for imported manufactured goods. The question of Imperial preference has to be taken into account, and any goods imported into South Africa, Australia, or New Zealand. from Germany would have to pay the appropriate tariff for imported foreign goods, as distinct from British goods. The United Kingdom is, alter all, the best market for its primary produce for the oversea Dominions, and the latter cannot afl'ord to do anything which would jeopardise their trade relationships with the Mother Country. Then there is also the Ottawa Agreement. Australia could not enter into a barter arrangement with Germany on a big scale for buying wool without raising issues which would vitally affect the United Kingdom. During the year 1933-34, Germany took from Australia and New Zealand 533,587 bales of wool, and in 1932-33 a total of 489,443 bales. Judging by events so far this season, Germany does not look /ike buying more than a quarter of that amount in the Commonwealth. The exchange position may cause Germany to buy a larger proportion than usual of her Australian wool supplies in the United Kingdom." LONDON SALES CATALOGUE FOR NEXT SERIES LONDON, March 5. j Wool available for the sales which open on March 12 totals 169,500 bales, including 33,000 new arrivals from Australia and 43.000 from New Zealand. It is expected that 128,000 bales! will be catalogued. DAIRY PRODUCE LONDON MARKET QUIET I The following report was received yesterday morning by A. H. Turnbull and Company from their principals, Messrs W. Wcddell and Company, Ltd., I London: — I Butter—The market is quiet, with no j demand. Danish 110s, New Zealand linest 765, Kangaroo 78s. | Cheese —The market is slow. New j Zealand, white and coloured, 4Gs. WAR LOAN STOCK (BRITISH OFFICIAL WIItELESS.) RUGBY, March 5. British War Loan Stock, 31 per cent., is quoted:— £ s. d. March 5 .. 105 17 6 March 4 .. 106 7 6 March 1 .. 106 15 0 February 27 .. 106 15 0 BRITISH STOCK MARKET (BRITISH OFFICIAL WIRELESS.) (Received March 6, 7.30 p.m.) RUGBY, March 5. Sterling showed a recovery on all principal centres. The stock markets are dull, a general decline in gold mining shares following the set-back in the price of gold to £7 7s 10£ d. DIVIDENDS AUSTRALIAN COMPANIES Austral Malay Tin, Ltd., which is carrying on extensive gold prospecting operations in Otago Central and on the West Coast, has declared an interim dividend of 6d sterling a share, payable on March 8. The directors of Howard Smith, Ltd., I recommend, subject to audit, payment of a dividend of 2£ per cent, for the year ended December 31. This rate compares with 1!j per cent, for 1933. Directors of Lustre Hosiery, Ltd., recommend the payment of a final ordinary dividend of 51 per cent., which, with the interim dividend of 2\ per cent., makes 7J per cent, for the year, compared with 5 per cent, last year. A substantial increase in profits is shown in the company's accounts for the year ended December 31, 1934. Gross profits rose by £.9902 to £160,852 and the net profit, struck after provision for taxation, was £33.158, compared with £25,155 in 1933. Preference dividend at the rate of 10 per cent, per annum, less the statutory deduction of 22A per cent., absorbs £6458; £12,917 is required for the ordinary dividend; and a. further amount of £IO,OOO is added to general reserves. The balance carried forward is £17,267.

STOCK EXCHANGES CHRISTCHURCH YESTERDAY'S TRANSACTIONS Markets were more active on call yesterday, and there was a good volume of diversified business with activity in shares in the banking and gold mining sections. Transactions, exclusive of vestibule business, were: Sales on 'Change £ s. d. £640 N.Z. Govt. 4 p.c. Ins., 1952-55 .. .. 11l 0 0 128 Comm. Bank of Aust. 016 3 50 Comm. Bank of Sydney .. (2) 16 2 6 350 Bank of N.Z. (5) 2 9 3 20 Reserve Bank .. 6 10 3 100 Electro. Zinc (ord.) 1 111 50 Woolwortlis (N.Z.), ord. .. (2) 9 15 0 150 Alexander (15s paid) 016 6 (2) 0 16 8 966 Big River (3) 0 22 0 2 2i 1500 Goldfields Dredging (2) 0 0 6J 300 Kildare .. .. 0 3 0 1000 Lawson's Flat 0 0 3 100 Mount Lyell .. 017 9 100 Mount Morgan .. 1 18 8 200 Nokomai .. 0 2 3 100 Okarito .. (2) 0 7 5 500 Skippers .. .. 0 0 5 Sales Reported £3OO VVaimakariri River Trust, 4i p.c., 1/10/65 106 1 0 30 Comm. Bank (pref.) 917 0 50 Southland Frozen Meat .. .. 3 18 0 500 Goldfields Dredging 0 0 7i UNLISTED STOCKS Sales on 'Change 400 Woolworths (Syd), ord. (5) 4 11 9 General A parcel of New Zealand Government 4 per cent, stock, due 1955, changed hands at £lll, buyers staying in at that price, sellers at £lll 10s. VVairnakanri lliver Trust 4j per cent, debentures, due 1/10/65, were dealt ia at £lO6 10s, and late offers ol' £lO6 tailed to attract sellers. Commercial Bank of Australia were fractionally firmer at 16s 3d, buyers staying m at that price, sellers at 16s 4d—the preference were firm with buyers and business at £9 17s, sellers at £lO. Commercial Bank of Sydney advanced to £l6 2s 6d, closing quotations ud on either side. Bank of New Zealand were firm at 49s 3d, market closing Id either way. Reserve Banks had business at £6 10s 3d, and more were offered at that ligure, buyers at £6 10s. Southland Frozen Meats were firmer at 78s, market closing 76s buyers, 80s sellers. Goldsbrough, Morts were a shade easier with sellers at 27s Bd. New Zealand Breweries were fractionally firmer on buyers' offers 50s 7d. Electrolytic Zinc ordinary were firm with sellers and business at 21s lid, buyers at 21s 9d—buyers of the preference advanced their bids to 35s 3d, I but sellers were reticent. Woolworths (N.Z.) ordinary had dealings at £9 15s, buyers staying in at that figure, sellers at £lO. Mining Alexander Mines (15s paid) bad dealings at 16s 6d, and 16s Bd, market closing 16s 7d buyers, 16s lid sellers. Big Rivers were a shade stronger at 2s 2d and 2s 2£d, buyers staying in at the higher price, sellers at 2s 3d. Goldfields Dredging changed hands at 7d and Gid, closing quotaj tions 7d sellers, Gd buyers. Kildares were firmer with buyers and business at 3s, sellers at 3s id. Lawson's Flat were firmer at 3d, sellers staying in at that price, buyers at 2 : ; d. Mount Lyclls recovered to 17s 9d, closing I quotations 17s 8d buyers. 17s 9d ! | .sellers. Mount Morgans were dealt j in at 38s Bd, market closing 2d either ■ way. Nokomais were firm at 2s 3d. I Okaritos were fractionally firmer with j dealings at 7s sd, and further buyers at 7s 4i>d. Skippers were stronger with buyers and business at sd, sellers at s.[d. | Unlisted Stocks Woolworths (Sydney) ordinary were steady at 91s 9d, sellers staying in at that price, buyers at 91s Bd. LATEST QUOTATIONS N.Z. Government Debentures Buyers. Sellers. £ s. d. £ s. d. 3i p.c. Ins, 1938-43, 1938-52, and 193952 .. .. _ 107 10 0 ( 3:1 p.c. Ins, 1941 .. 102 0 0 31 p.c. Ins, 1939-43 4 p.c. Ins, 1937-40 102 7 6 103 0 0 : 4 p.c. Ins, 1943-46 105 10 0 4 p.c. Ins, 1952-55 111 0 0 111 10 0 4 p.c. Bonds, 1937-40 102 10 0 102 15 0 4 p.c. Bonds, 1943-46" 105 10 0 4 p.c. Bonds. 1946-49 107 10 0 4 p.c. Bonds, 1942-55 111 0 0 Rural Bonds .. 105 0 0 Other Debentures Waimakariri River Trust, 4i p.c, 1/10/65 .. 106 0 0

Banks Australasia (cum div.) 11 5 0 Com. of Aust. 0 16 3 0 16 4 Com. of Aust. (pf.) 9 17 0 10 0 0 Com. of Sydney .. 16 2 0 16 3 0 E., S., and A. 4 19 0 5 0 6 Natl, of A/asia. (£10 paid) 12 17 0 13 0 0 Natl. of A/asia. (£5 paid) 6 5 6 6 7 6 Natl, of N.Z. 3 8 3 3 9 0 New South Wales 29 18 6 29 19 0 New Zealand 2 9 2 2 9 4 Reserve 6 10 0 6 10 3 Union of Aust. .. 8 12 6 8 17 0 N.Z., "D" Mort. .. 1 12 0 1 12 3 Insurance A.P.A. 0 9 9 0 10 4 National — 1 2 0 Standard — 3 12 6 Loan and Agency Dalgety and Co. .. 8 0 0 8 12 6 Goldsbrough, Mort 1 7 5 1 7 8 Mutual Benefit 14 10 0 16 5 0 National Mortgage A 2 12 0 3 0 0 National Mortgage B 1 11 0 — N.Z. Guar. Corp. 0 5 11 0 6 1 United Build. Soc. 1 2 4 1 2 8 Wright. Stephenson and Co. (pref.) _ 1 0 0 Frozen Meat Canterbury — 10 10 0 Gear 1 1 3 1 2 3 N.Z. Refrig. (£1 paid) 0 19 6 0 19 8 N.Z. Refrig. (10s paid) 0 8 10 0 8 11 Southland 3 1G 0 4 0 0 Southland (con.) .. ~ 2 0 0 Woollens Kaiapoi (17s pd.) _ 0 15 6 Kaiapoi (pref.) 0 17 0 0 17 9 Coal Westport 1 1 3 1 1 9 Stockton (pref.) .. 0 3 6 0 4 3 Gas Auckland (con.) .. 0 19 7 1 1 0 Christchurch (10s paid) 0 16 6 — Timaru — 1 2 6 Timaru (con.) — 0 G 6 Breweries Monteiths 0 11 6 0 15 0 New Zealand 2 10 7 2 11 0 Timaru (7s 6d pd.) 0 8 4 0 8 8 Staples — 1 12 0 Tooheys 1 8 G — Tooths 2 8 3 2 9 0

Miscellaneous Assoc. Newspapers 12 0 1 2 £ Allied Motors 0 2 0 0 3 £ Anthony Hordern 0 17 5 0 17 10 Aust. Distillery .. 1 6 C Aust. Glass 2 17 6 2 19 11 Beath and Co. 1 9 0 1 12 C Beath and Co. (Is paid) 0 8 3 British Tobacco (cum div.) 1 17 9 1 18 0 Broken Hill Pty. 2 10 6 2 11 0 Burns, Philp 3 11 0 Claude Neon (Syd.) 2 5 6 2 8 0 Claude Neon (N.Z.) 2 5 0 2 10 0 Colonial Sugar .. 40 15 0 ' Consolidated Brick — 0 9 11 D.I.C. (10s paid) .. 0 12 6 — Dom. Builders' Supplies 0 5 0 0 7 6 Dominion Fert. .. 1 1 10 — Dunlop Rubber .. 0 18 6 0 18 8 Electro. Zinc (ord.) 1 1 9 1 1 11 Electro. Zinc (pref., cum div.) 1 15 3 — Hays, Ltd. (15s paid) 0 15 6 — Henry Jones 1 15 0 1 16 0 Howard Smith (cum div.) 0 15 0 0 15 9 Kauri Timber 0 19 0 0 19 8 Milburn Lime 2 3 0 — New Colosseum .. 1 7 9 1 11 0 N.Z. Drug Co. 3 18 6 3 19 9 N.Z. Farmers' Coop. (1st pref.) .. 2 2 0 2 10 0 N.Z. Farmers' Coop. ("B" pref.) 0 9 0 — N.Z. Farmers' Coop. (4g p.c. stock, 1940) 82 10 0 83 10 0 N.Z. Farmers' Coop. (4£ p.c. stock, 1945) 82 10 0 83 15 0 N.Z. Farmers' Coop. (4i p.c. stock, 1939) — 83 0 0 Quill Morris (in liquidation) 0 3 10 0 4 6 Sun Newspapers .. 0 3 9 0 4 0 Taupo Totara Timbcr 0 5 3 — Victoria Nyanza Sugar 0 6 0 — Wilson's Cement .. 1 14 0 14 3 Woolworths (N.Z.), ord. 9 15 0 10 0 0 Woolworths (N.Z.), pref. 2 1 6 2 2 6 Woolworths (Vic.), pref. —• 10 0 Mining Addison's Flat .. 0 1 7i 0 2 7 Alexander 0 15 0 0 17 6 Alexander (15s paid) 0 16 7 0 16 11 Aotearoa — 0 0 10 Bell Hill — 0 1 5 Bell Hooper 0 0 0* — Bell KiJgour 0 0 °4 0 0 1{ Bell Kilgour 0 0 0 0 11 Jiendigo Goldlights 0 0 74 0 0 10i Blackwater 1 12 0" Bi 0 River 0 2 24 0 2 3 Brian Boru 0 0 2i 0 0 31 Bulolo 8 12 6 Central Shotover 0 0 1 0 0 5 Charleston 0 0 1 0 0 5 Consolidated 0 15 10 1 5 0 Deep Lead 0 1 9 0 2 1 Gillespie's Beach 0 1 7 0 1 74 Glenroy 0 0 2 0 0 34 Golden Dawn 0 1 9 0 2 4 Golden Point 0 0 o;. 0 0 1 Golden Sands 0 2 2' 0 2 5i Goldfields Dredg. 0 0 6 0 0 7 Kildare 0 3 0 0 3 1 King Solomon .. — 0 3 11 Maori Gully 0 1 24 0 1 4 Lawson's Flat .. 0 0 h 0 0 3 Maerewhenua 0 0 2i 0 0 3 Mahakipawa 0 0 8 i 0 0 9 i.lahakipawa <pf.), 1923 issue 0 1 1 0 1 44 Mahakipawa (pf.), 1930 issue 0 1 0 0 1 4 Mataki 0 1 9 0 2 0 Alining House Con. — 0 0 2 vioonlight Nelson Creek 0 0 2 Mossy Creek 0 2 3 0 2 6 Mount Lyell 0 17 8 0 17 9 Mount Morgan .. 1 18 6 1 18 10 Mount Morgan (rights) 0 18 3 0 19 0 Nevis Diesel Elec. 0 0 n 0 0 2 Ncv Cornish Pt. 0 0 i 0 0 5 Nokomai 0 2 24 0 2 3 North Broken Hill 5 0 o" 5 3 6 Okarito 0 7 44 0 7 11 Oxenbridge Shotover — 0 0 10 Peninsula Tin (15s paid) — 1 2 0 ! Placer Development 28 0 0 30 0 0 Ruwang Tin 0 7 2 0 7 6 Skippers 0 0 5 0 0 5;i Waihi 2 0 3 2 1 10 Grand Junction .. 0 4 7 0 4 11 Waitahu — 0 2 11 Worksop Extend. 0 2 6 0 2 9 UNLISTED STOCKS All transactions in stocks quoted in this section are subject to a different rate of brokerage from listed stocks. and are not quoted on the official list. £ s. d. £ s. d. Andersons, Ltd. (pref.) 1 0 0 Assoc. Motorists' Petrol (pref.) .. 1 3 8 1 6 0 Argo Gold 0 1 4 0 1 5 Ben Led! 0 0 34 0 0 44 Golden Gully — 0 0 9 Dominion Life (6s paid) — 0 3 9 Jones Nevis 0 0 84 0 0 9i New River (6d paid) 0 0 0 0 0 6 Macetown 0 0 5 0 1 2 N.Z. Dry Cell and Battery 0 15 0 1 3 9 N.Z. Mining Investment — 0 0 11 N.Z. Perp. Forests 2 5 6 2 8 0 Mount Morgan Development .. 0 2 0 0 3 0 Procera Bread (10s paid) — 0 14 0 Procera Bread (vendors' shares) .. — 0 13 0 E. Reece, Ltd. (pref.) 0 2 4 0 2 6 Regent Theatre 7 6 Buildings — 0 Stacey & Hawker (pref.) 1 5 0 Upper Watut (2s paid) 0 5 9 0 6 0 Warners, Ltd. — 7 10 0 Were's Investment Trust 0 4 1 0 4 9 Woolworths (Syd) ord. 4 11 8 4 11 9

AUCKLAND Sales on 'Change s. 7 New Zealand Insurance .. 3 d. 9 South British Insurance .. 4 14 0 Westport-Stockton Ccal 0 1 0 Auckland Gas 1 7 6 Wilson's Cement .. 1 14 0 Big River 0 2 3 King Solomon 0 3 10 Unlisted Slocks Loyal 1 0 G WELLINGTON Sales on 'Change £ s. d. Ins. Stock, 4 p.c., 1955 111 5 0 (late Tues.) 111 5 0 Natl. Bank of N.Z. 3 8 9 Bank of N.Z. (late Tues.) 2 9 3 2 9 2 (2) 2 9 4 Union Bank 8 14 0 Auckland Gas 1 7 6 N.Z. Insce. (late Tues.) .. 3 7 9 Standard Insce. (late Tues.) 3 12 3 N.Z. Breweries (late Tues.) 2 0 6 Colonial Sugar (late Tues.) 40 15 0 N.Z. Refrigerating 0 19 5 Woohvorths, N.Z. (ord.) 9 15 0 Big River 0 2 2 Woolworths (Cyd.) (late Tues.) 4 12 0 DUNEDIN Sales on 'Change £ s. d. Broken Hill Propy. 2 11 0 2 10 9 Electro. Zinc (ord.) 1 1 6 Sales Reported Bank of N.Z. 2 9 2 Bank of N.Z. (late Tues.) .. 2 9 3 Union Bank 8 14 0 Colonial Sugar 40 15 0 North Broken Hill (cum. div.) 5 2 0 Milb urn Lime .. 2 3 6

SYDNEY To enable members to participate in their annual cricket match, Stock Exchange business was suspended after the noon call. Buyers were reserved, and values on the whole tended downwards. Sales:— Commonwealth Bonds— £ s. d. 3J per cent., 1938 100 7 6 4 per cent., 1938 104 12 6 4 per cent., 1941 105 15 0 4 per cent., 1947 108 5 0 4 per cent., 1957 107 13 9 4 per cent., 1959 107 17 G 4 per cent., 1961 103 0 0 Australian Gas ("A") 7 18 0 Broken Hill Proprietary .. 2 12 0 Dunlops 0 13 9 Howard Smith 0 15 74 Colonial Sugar 41 10 0 Bank of New South Wales 30 5 0 Associated News (pref.) .. 13 9 Howard Smith 0 15 6 Tooths 2 9 0 Goldsbrough, Mort 18 0 Lustre Hosiery 17 0 Standard Cement 1 0 6 Broken Hill Proprietary .. 2 11 9 Rawang 0 7 5 Placer Development 28 1 0 General Industries (pref.) 1 6 10§ MELBOURNE £ s. d. Commercial Bank of Aust. 0 16 7 Dunlop Perdriau 0 18 9 Howard Smith 0 15 G North Broken Hill 5 3 0 Electrolytic Zinc (pref.) 1 16 0 Zinc Corporation 1 10 6 Mount Lyell 0 17 11 FOREIGN EXCHANGES (EElTISIl OFFICIAL WIRELESS.) RUGBY, March 5. I'ar. Mar. 4. Alar. 5. Paris, fr. to £1 12-1.21 71 5-32 71 15-16 New York, dol. to £1 4.86G 4.75g 4.771 Montreal, dol. to £1 4.SC6 4.80 4.821 Brussels, belgas to i'l 35 20.09 20.20 Geneva, fr. to £1 25.2215 14.45 14.52 Amsterdam, tf. to i'l 1 2.107 C.91J 0.96J Milan, lire to i'l 9:5.47 50 57 1-16 Berlin, reiclimarkeu to £1 .. 20.43 11.G7J 11.73 Stockholm, kr. to £1 18.159 19.39} 19.39J Copenhagen, kr. to £1 18.159 22.39J 22.39* Oslo, kr. to £1 '18.159 19.901 19.90i Vienna, schgs. to £1 34.585 25i 25J Prague, kr. to £1 164.25 112 113 Helsingfors, marks to £1 .. 193.23 22GJ 226* Madrid, pesetas to £1 25.2215 341 34 J Lisbon, escudosto.Vl 110 1101 1101 Athens, drach to £1 675 497 497 Bucharest. lei to £L 818.(j 467J . 4841 Belgrade. dinars 25.2215 20.9 20.1 Rio de Janeiro, pence to miireis . . 4.892 41 41 Buenos Aires, pence to dol. 57 30$ 30i Montevideo, pence to dol. 57 41J 41J Bombay, peneo to rupee 19 181 18 J Shanghai, pence to dol. * 20 '3-16 20 7-1G [long Kong. pence to dol. * 25J 23 J V'okohama. pence to yen. * 14J Batavia. guilders 12.107 0.89i 6.93J Warsaw, par sslotys to £1 43.36 25.62 *Determined by price o£ silver. FOREIGN EXCHANGE RATES The Bank of New South Wales quoted the following rates as ruling yesterday for its purchases and sales of foreign exchange. The rates are subject to alteration without notice. Buying. Selling. London— £ N.Z. to £100 stg. T.T. 124 124/10 O.D. 123/10 124/7/6 Australia— £A. to £100 N.Z. T.T. 101 100/10 O.D. 101 100/10 Fiji— £ F. to £100 N.Z. T.T. 90/7/G S9 O.D. 90/7/6 89 New York— Dol. to £1 N.Z. T.T. 3.853 3.80§ O.D. 3.86g 3.81 J Montreal— Dol. to £1 N.Z. T.T. 3.90g 3.863 O.D. 3.91g 3.86J France— Francs to £1 N.Z. T.T. 58.06 56.76 O.D. 58.36 56.81 Noumea— Francs to £1 N.Z. T.T. 59.01 56.01 O.D. 59.41 56.06 Papeete— Francs to £1 N.Z. T.T. 59.01 56.01 O.D. 59.41 56.06 Belgium— Belgas to £1 N.Z. T.T. 16.608 15.908 O.D. 10.708 15.923 Germany— lieichmarks to CI N.Z. T.T. — 9.208 O.D. — 9.213 ItalyLire to i'l N.Z. T.T. — 44.97 O.D. — 45.01 Switzerland— Francs to £1 N.Z. T.T. 11.89; 11.492 O.D. 11.967 11.502 HollandFlorins to 11 N.Z. T.T. 5.731 5.481 O.D. 5.7S1 5.485 Florins to £1 N.Z. T.T. 5.G9S 5.473 O.D. 5.748 5.477 Japan— N.Z pence to J en T.T. 17 13-1G O.D. — Sh:- igh.-u— N.Z. pence to dol. T.T. 23 15 32 24 25-32 O.D. 23 11 32 22 23-32 India and Ceylon— N.Z. pence to rup. T.T. 22« 22 23-32 O.D. 22J 22 21-32 Hong Kong— N.Z. pence to dol. T.T. 28 29 -32 29 31-32 O.D. 28 2532 29 29-32 Singupore— N.Z. pence to dol. T.T. 34 2 35 5-16 O.D. 341 351 T.T. represents telegraphic transfers. O.D. represents 011 demand transactions.