FINANCE AND COMMERCE

Press, Volume LXXIV, Issue 22505, 13 September 1938, Page 13

FINANCE AND COMMERCE

THE STOCK EXCHANGES

STOCK EXCHANGE INVESTORS

STAND BY

DEVELOPMENTS IN EUROPE AWAITED

Investors on the stock exchanges are standing by, waiting for developments in Europe. On the Sydney exchange yesterday trading was extremely cautious. The volume of business was small .and prices moved only very slightly. The Melbourne market was also lifeless.

Dealings on the local exchange were restricted to 11 stocks in which the turnover was small. The market lor shipping was bare and little interest was taken in most of the othßisect ions.

COMPANY PROFITS IN AUSTRALIA Nine Per Gent. Increase This Year SURVEY OF ANNUAL REPORTS A survey of the annual reports of <W public companies in Australia which have issued their accounts since the beginning of July shows that their aggregate net profits in 1937-38 were £6,558,531, an increase of £541,262, or nearly 9 per cent, oh the aggregate in 1936-37. The Sydney Stock Exchange Research and Statistical Review, which has prepared the survey of the profits of these companies, says that over the year paid-up capital increased by 15 per cent, to £53,973,221. As a result the ratio of net profit to capital fell from 12.8 per cent, in 1936-37 to 12.1 per cent. Dividends paid to shareholders by the 69 companies totalled £4,726,663 for the year ended June 30, compared with £4,300.291 in 1936-37. The companies, therefore, retained £1,831,868 to extend their businesses. The biggest increases in profits were recorded by heavy industries, and by companies enjoying a j#irtual monopoly in the Commonwealth, the review comments. Cement companies also enjoyed an extremely prosperous year, benefiting both from increased consumption and lower operating costs. Financing and discounting houses showed substantial improvement in profits, as, with better conditions,' there was a persistent demand for credit facilities by the lower-paid workers Disclosed banking profits were higher, enabling higher dividends to be paid in some cases, but the rate of profit on shareholders’ funds was still comparatively low. Pastoral companies had an unsatisfactory trading year, owing to the decline in wool prices. Costs also increased. the companies being faced with higher handling charges because of increased labour costs, and the un-

usually 'large number of clips which withdrawn from sale.' F■ -Whilst profits have improved, share pt'icejs have fallen,” the review states. “Investors are always looking ahead, and movements in share prices are, to a large degree, anticipatory. “The decline in share prices was, of course, largely influenced by the extremely unsatisfactory international conditions, and to the severe decline in American trade, accompanied by a serious fall in American security u prices. “The improvement recorded in July denotes the satisfaction expressed by investors in the results achieved by companies during the last year, but the fact that the bureau’s idea of share prices is well below that of a year ago may also be regarded as an indication that investors realise that it will be difficult for company profits, in the aggregate, to be maintained at the 1937-38 level in the face of lower commodity prices and a le£s satisfactory overseas trade balance.” THE OUTLOOK IN AMERICA RECOVERY OR RECESSION? PEACE THE MOST IMPORTANT FACTOR While Great Britain is considering whether she is in the early stages of a recession, there is a considerable body of opinion in the United States that depression which was so noticeable in America in the latter part of .last year and the early part of the present year, has given way^to recovery because there has oeen a moderate revival of business and security prices were up to a month ago on the upward grade. The slight backward movement Which has since taken place in security prices is regarded, according to oversea reports, as one of the slight natural adverse influences which accompany every recovery. Still, there is other opinion which takes the view that nothing has yet occurred to restore confidence.

, The more favourable interpretation, the "Guaranty.Survey”.of New York states, rests mainly upon the cyclical theory of business fluctuations —the belief that a period 'of depression generates powerful forces, tending to produce recovery. Applying this view to the present situation, it is noted tha.t the country has passed through the most severe and prolonged economic depression in its history, and that the process of recovery was by no means complete When it was interrupted by the re-

cession of the last 12 months. Ac-* cording to this- reasoning, such a long ,/Kperi°d of subnormal activity must Mi Awe depicted inventories, created ' f inortages, reduced capitalisations V '"shaken out weak financial structures and inefficient plants, lowered indebtedness, and otherwise paved the Way for a sustained upward movement of business. Also, certain specific developments of the last six months can be cited. The National Housing Act amendments removed some of the difficulties that had tended to prevent a revival in residential building construction. The Revenue Act of 1938 repealed or Codified certain features of the . Federal tax system that had been blamed for the failure of capital to flow into productive channels. The Federal spending programme will result in large expenditures for wag is and materials. Adverse Influences However, it is pointed out that the actual rise in the general level of

BUSINESS IN JAPAN INDUSTRIES MOBILISED FOR WAR USB OP MANY COMMODITIES PROHIBITED Japan has taken steps to mobilise her industries for what are now admitted to be hostilities rather than "an incident” in China. A recent Government announcement emphasised the need for adjustment in the demand for materials in order to safeguard supplies for armament industries and the export trade. The use of several commodities, says the monthly circular of the Mitsubishi Economic Research Bureau, such as cotton textiles, leather and hides, steel products, wool, petrol, and heavy oils, rubber, non-ferrous metals, machine tools, and certain kinds of timber have been prohibited for domestic, consumption other than for defence purposes. The prohibitions are applied to 32 articles in all.

Price control regulations have been issued and prices of the commodities nominated cannot be raised above that ruling on the day before nomination. Maximum official prices are applied to such commodities, both for the wholesale and retail trade. Price control policy is aided by the enforcement of a stricter anti-profiteering ordinance.

To encourage the export trade and accumulate foreign exchange bills abroad, the restriction on foreign exchange transactions for the importa tion of raw materials to be worked up for the export trade has been moderated. The process of licensing has been simplified under an exportlink system, as regards cotton and woollen textiles. A similar system is expected for rayon and other goods Concentration of the productive power of the Japanese towards the armament industries has stimulated rapid progress of the heavy and chomi - cal industries. Peace time industries, however, the review considers, will be adversely affected; hence the necessity of relieving minor industrialists, merchants, and employees engaged In such industries. Measures have been devised by the Government to facilitate the shifting of men and material to the heavy industries - ■ ' Prices Advance ' During the first half of the year, which was a period of gradually increasing national control over industries and the banking system, wholesale prices showed an advance of about 5 per cent., compared with the corresponding period of a year sgo, while the retail price index showed an advance of about 13 per cent. Production in the first third of the year increased by 2 per cent, only, owing to the marked recession in textile industries. Production in the heavy industries, however, continued to expand, as shoym by the greater increase in employment and earnings, compared with the average increase in manufacturing industries. In view of the severe restriction ot domestic consumption, the average index of production is not likely to show a large increase during the second half of the year, but favoured industries will • undergo further expansion as a result of the great increase in capitalisation, which, during the first half of the year, totalled in yen the equivalent of £190,000,000 or £3,000,000 more than the corresponding period a r year ago. Business activity during the first half of the year continued at a high level. The average net profit rate to paid-up capital of industrial companies showed a slight increase to 14$ per cent., that for manufacturing companies rising to 17.9 per cent., against 17.4 per cent, for the previous two years. The extent to which peace time industries will be adversely affected by the restriction of domestic consumption, the review continues, will depend on whether an outlet can be found in the export trade. The future of these industries is. therefore, intimately bound up with the development of business conditions in foreign countries. LOANS AT LOW INTEREST RATES UNITED STATES ISSUES OVEB-SUBSCBIBED WASHINGTON, September 11. The Treasury has announced that cash subscriptions aggregating 4.488.000. dollars have been received for 2i per cent, bonds, more than 11 times the amount asked; and 3.051.000. dollars for 14 per cent, bonds, which is 10 times the amount sought.

business activity has been very slight; and further recovery to a level that can fairly be, termed prosperous requires more than a replenishment ot depleted inventories and a filling or accumulated shortages of essential goods. It requires an active and continuous process of capital inyestmenl in industrial i expansion—in other words, an actual growth of national wealth. The conditions that have been held responsible for preventing such a growth in recent years cannot yet be shown to have altered in any essential way. . , ~ Weighing these opposing factors the “Guaranty Survey" considers that “the most encouraging .consideration is that the adverse conditions are, for the most part, not new, and that they did not prevent a very substantial measure of recovery from being achieved over the period between the early - part 1933 and the middle of 1937. “From the international point or view, the all-important question is that of peace, not only in the military sense, but the economic sense as well. In the last analysis, the problem oi recovery is not a national but an international problem.’’

COMPANY NEWS

S.I.M.U. INSURANCE

The account of the South Island Motor Union Mutual Insurance Association for the year ended June 30, 1938, show that premium income was £56,038, compared with £44,752 in the previous year. Net claims, after taking into account Reinsurance recoveries and making adequate provision for claims not finally settled, amounted to £32,479, compared with £27,628 a year ago. The claim ratio declined from 61.73 per cent, to 57.95 per cent., and the expenses ratio from 24.3 per cent, to 23.7 per cent. Total funds of the association now stand at £135,410. Reserves total £109,545.

■ The directors report a surplus for the year of £8291, which has been disposed of by adding £594 to general reserve, adding £844 to bonus rebates paid during the year, and reserving £6854 for bonus rebates to be paid in 1938-39.

The retiring directors are Messrs F. W. Freeman and H. C. Harley, both of whom have been nominated for reelection. Mr R. T. Tosswill offers himself for re-election as auditor. Balance-sheet items are:—

WAIREWA DAIRY Mr E. Ussher, chairman of directors, presided at the annual meeting of shareholders of the Wairewa Cooperative Dairy Company, Ltd., Little River. A dividend of 4 per cent, on paidup capital, and a total payout on butter-fat of Is 4|d a lb for the season were announced. The report stated that 126 tons ol cheese were exported and 41 tons were sold on the local market during the season. The retiring directors, Messrs N Wright and E. W. Ussher, were reelected, and at a subsequent meeting of directors. Mr E. Ussher was reelected chairman.

MINING WHITE’S ELECTRIC White’s Electric dredge has been working through shallow ground and for this reason there was no wash-up last week. MOSSY CREEK The Mossy Creek return is 17oz 18dwt for 10,500 yards and 139 hours. CLUTHA RIVER The Clutha River wash-up for 139 hours is 1430z. OKARITO The Okarito return for 112 hours is 31oz. BLACKBALL CREEK The Blackball Creek dredge return is 51oz from 12,500 yards. ADDISON’S FLAT The - Addison’s Flat Gold Mining Company reports that since operations were resumed on July 13 after removal of plant to the new base, work has been intermittent owing to suitable men not being obtainable. During the coming week it is expected that full time will be commenced. To September 6 68 shifts have been worked for 740z sdwt. MATAKI JUNCTION The Murchison Mataki Junction return for the week ended September 8 wc j 99 ounces of smelted gold for 131 hours and 20,000 yards dredged, MATAKI Mataki Gold Dredging, Ltd., reports that the return for the week ended September 11 was 53 ounces for 129 hours’ work and 8000 yards, BROKEN HILL MINE £15,000,000 IN DIVIDENDS AND BONUS SHARES

Shareholders have received about £15,000,000 in dividends and bonus shares in the 53 years since the famous Broken Hill mine was opened.in New South Wales. As indicated by Mr H. Darling, chairman of Broken Hill Proprietary* Company, Ltd., the mine will be closed in November. The general manager of the company, Mr L. Bradford, said that there was no alternative but to close the mine because all the accessible ore had been taken out. Mr Bradford added that no decision had yet been made about the transfer of members of the staff, which numberer 500, to other centres.

For some years its silver-lead mine has been only a very small part of the Broken Hill Proprietary Company’s activities, the steel works at Newcastle and associated enterprises being the main sources of income. However, there will be a general feeling of regret that the pioneer mine of the Barrier has at last come to its end. In the 53 years since,- the Broken Hill Proprietary Company was formed the proprietary mine has yielded 12,280,000 tons of ore, from which there have been recovered 1,445,004 tons of lead. 603,000 tons of zinc, and 189,457.0000z of silver.

LOCAL MARKETS DULL

PEW DEALINGS IN DOMINION SHAKES

Markets on the Christchurch Stock Exchange were dull yesterday. Dealings were confined to 11 stocks, in which theturnover was small. The market for shipping shares was bare and interest in most of the ot her sections was only slight. Of the stocks dealt in, most were A ustralian. The only New Zealand were Taranaki Oilfields < 100 at 12s 6d), Grey River (150 at 14s), Glenroy Gold (1000 at Id), and New Zealand Farmers’ Co-op. 4i per cent, stock, 1950 (£IOO at £9O).

DEALINGS COMPLETED

Breweries and Miscellaneous New Zealand Breweries were fractionally weaker, with sellers at 40s 2d. Sellers of British Tobacco (cum div.) reduced their limits to 46s Sd, and buyers retired to 455. Colonial Sugar moved up to £47 ss, and more were wanted at that price. Dominion Fertiliser were weaker, with sellers at 24s 6d. , ' , G. J. Coles remained unaltered at 77s 6d, market closing 2d either way. New Zealand Farmers’ Co-op, 44 per cent, stock, due 1950, changed hands at £9O. Taranaki oilfields recovered to 12s 6d, closing quotations 2d on either side. Wilcox Mofflin were weaker, with sellers and business at 6s 2d. A late sale of Wool worths on Saturday was reported at 20s 9d. Business to-day was at 20s 7d, and there were further sellers at that figure, buyers at 20s 6d. Mining Grey River were firm at 14s, market closing 3d either way. Glenroy Gold were firmer, with buyers and dealings at Id. . Mount Morgans were fractionally weaker at 10s lOd. North Broken Hill dropped to 455, and there were further sellers at that figure. Rawang Tin were a shade easier at 8s 3d. Broken Hill South reduced their limits to 30s 6d. and Mount Lyells were easier, with sellers at 26s lOd.

ASSOCIATED BANKS* DOLLAR * BATES The Associated Banks (other than the Bank of New South Wales the following dollar rates yesterday on a New Zealand currency basis. They are subject to alteration without notice:— U.S.A. Canada. Per £1 N.2.

Liabilities Change from 1938. Last year. £ £ Deposits on account premiums 8 —65 Reserve unexpired 31,657 + 6,540 General reserve 71,758 + 594 Invest, fluctuation and contingency reserve 6,130 —132 Rebate bonus reserve 6,854 + 3,327 Unpaid claims and sundry accounts 19,003 + 1,107 Assets Investments 120,394 + 10,311 Interest accrued 955 + 172 Premises, etc. 1,146 + 755 Sundry debtors 3,455 —2,189 Cash 9,459 + 2,311 Year Ended June 30 1937. 1938. £ £ Premium Income 44,752 56,038 Claims 27,628 32,479 Loss ratio (per cent.) . 61.73 57.95 Expense ratio (p.c.) . 24.J 23.7 7,584 8,291

LISTED STOCKS Sales on ’Change £ s d. 100 G. J. Coles (2) S 17 6 5 Colonial Sugar 47 5 0 100 Taranaki Oilfields ... 0 12 6 100 Wilcox Mofflin 0 6 2 100 Woolworths (Syd., _ _ ord.), cum div. 1 0 7 150 Grey River (3) 0 14 0 1000 Glenroy Gold (2) 0 0 1 500 Mount Morgan (5) 0 10 10 100 North Broken Hill _ _ _ (cum div.) 2 5 u 50 Rawang Tin 0 8 3 £100 N.Z. Farmers Co-op. _ . _ 4J p.c. stock, 1950 .. 90 U U Sale Reported 850 Woolworths (Syd., . _ ord.) (late sale Sat.) 1 0 9

LATEST QUOTATIONS Buyers. Sellers. £ s. d. £ S. d. N.Z. Govt. Debentures Buyers. Sellers £ s. d. £ s. d. 3 d.c. Ins., 1941 — 98 0 0 3i p.c. Ins., 1938-52 .. — 101 0 34 D.c. Ins., 1939-52 94 — 101 0 34 p.c. Bonds. 1953-57 .. 10 0 4 p.c. Ins., 1943-46 100 0 0 4 p.c. Ins., 1949 101 0 0 100 15 4 p.c. Ins.. 1955 100 — 6 4 p.c. Bonds, 1946 2 4 p.c. Bonds, 1049 101 0 0 101 15 0 Other Debentures Banks Peninsula, 4i 103 p.c., 1/4/65 ; • Ch.Ch. Drainage Brd., 104 10 41 p.c., 30/8/56 Tolaga Bay, 41 p.c.. 10/0/60 —* — 103 0 0 Oxford County, 41 p.c., 1/4/61 • • — 106 0 0 Wellington Hospital, 41 p.c., 14/9/43 — 103 15 0 North Cant. Power, 41 p.c., 1/5/59 — 100 1U 0 Wellington City, 41 p.c., 1/7/53 — 104 10 0 Banks * Comm, of Aust. (14s) — 0 16 0 Comm, of Aust. (pref.. 9 £10) 9 5 0 7 6 Comm, of Sydney (£12 20 10s paid) — E., S.. and A. (£3 paid) 5 3 0 5 3 6 Natl, of N.Z. (£2 10s 12 10 paid) N.S.W. (£20) 2 12 29 10 0 0 2 30 3 0 New Zealand (£1) •— ,2 12 0 Union of A’asla, (£5 6 8 9 paid) 8 3 Insurance National (7s paid) — 0 16 10 Loan and Agency Dalgety and Co. (£5 8 1 6 3 paid) „ ■ • Goldsbrough, M. (£1) 1 6 11 7 N.Z. Guar. Corpn. (3s) 0 4 3 Frozen Meat Cantby. (£7 10s paid) 9 3 0 0 12 6 Cantby. (pref., £5) .. — t> XV 14 5 Gear (10s) - — N.Z. Refrig. (£1 pd.) — 0 18 N.Z. Refrig. (10s pd.) .. —• 0 6 Southland (£1) 1 10 3 X 13 Woollens Kaiapoi (17s paid, cum div.) 0 10 0 •— Kaiapoi (7s paid, cum s div.) . • • 0 0 Kaiapoi (p£., cum div., 17s) 0 14 6 0 16 3 Manawatu (£1) — 111 0 Coal Westport (10s) — 1 4 6 Westport-Stockton (10s) — 0 4 Westport-Stockton (pf., 10s) 0 6 9 0 7 3 Gas Auckland (£1) — 1 0 4 Christchurch (£1) — 1 7 9 Breweries Crown (in liqdn.) 0 1 0 — New Zealand (£1) 1 10 6 2 0 2 Timaru (In liquidation) 0 0 10 0 0 11 Tooths (£1) • — Z 13 y i Miscellaneous Alloy Steel (N.Z.), (£1) 1 0 0 —- Amalg. Wireless (17s paid) 2 13 0 2 18 0 Aust. Iron and Steel 8 0 (pref., £1) .. — 1 Beath and Co. (£1) .. •— 1 0 0 Berlei (N.Z.), (£1) .. 3 5 0 3 10 0 Booth, Macdonald (pf., £1) ' — 0 2 4 British Tobacco (cum 6 div.. £1) 2 5 0 2 3 Broken Hill Pty. (£1) 2 15 3 2 16 0 Broken Hill Pty. (con., 10s paid) 1 18 0 1 18 2 Colonial Sugar (£20) 47 5 0 47 7 6 Domin. Fertiliser (£1) 1 3 s 1 4 6 Donaghy Rope (£1) .. 2 1 9 — D.I.C. (pref., £1) .. — 1 4 0 Dunlop Rubber (cum 10 div., £1) .. ■1 0 6 1 0 Electro. Zinc (cum div.. £1) 2 1 0 2 1 IX Electro. Zinc (pref., 5 cum div., £1) 2 4 9 2 0 Evans Atlas Flour (10s) 0 19 3 — 8 G. J. Coles (£1) 3 17 4 3 17 Gordon & Gotch (£1) — 2 14 6 Greater Crystal (£1) 0 12 6 — Hay's, Ltd. (con., 15s paid) . — 0 18 0 Howard Smith (cum div., £1) ,. — 1 0 0 Hume Pipe (Aust.),

(£1) 0 10 4 — Kauri Timber (25s) — 1 3 3 I.C.I. (Aust. and N.Z.) (pref., £1) 1 1 3 i i 9 McKenzies, Ltd. (£1) — 3 4 0 N.Z. Drug Co. (cum dlv., £2) 3 12 6 N.Z. Farmers’ Co-op. (1st pref., cum div., £5) 3 5 0 . N.Z. Farmers’ Co-op, (4i p.c. Stock, 2/3/49, £100) — 92 0 0 N.Z. Farmers’ Co-op. (4J p.c. Stock. 1950, £100) 89 0 0 90 15 0 N.Z. Newspapers (10/8) 1 13 9 1 14 9 Taranaki Oil. (24/7 pd.) 0 12 4 0 12 8 Wilcox, Mofflin (11s) ., 0 5 10 0 6 2 Wilson’s Cement (10s) 0 16 3 — Woolworths (Sydney), (ord., cum div., 5s) .. 1 0 6 1 0 7 Woplworths (N.Z.) (5s) — 0 19 0 Woolworths (pf., £1) — 2 0 0 Overseas Listing Woolworths (S.A.) (5s) 0 15 0 0 15 2 Mining Alexander (£1) 0 7 0 0 15 0 Alexander (15s pd.) .. 0 6 6 — Argo (cum div.. Is) ,. ■0 1 11 —

• Buyers. Sellers. £ s. d £ s . d. Argo (con., cum div. 71 Is) 0 1 4! 0 1 Big River (Is) ... 0 1 3 Clutha River (Is) — 0 1 3 Clutha River (2s) 0 19 0 2 1 Gillespie’s Beach (Is) 0 0 11} 0 i 3 Golden Sands (Is) .. 0 0 9 0 i 0 Grey River (10s) 0 13 9 0 14 3 Glenroy (Is) 0 0 1 0 0 •ti Maori Gully (Is) 0 0 4J 0 0 6 Mossy Creek (Is) — 0 1 1 Nemona (ex dlv., Is) —— 0 1 7 New River (Is) 0 0 6 0 0 71 Skippers, Ltd. (is) 0 0 1 Skippers (pref., Is) .. — 0 0 6 Worksop Extend. (Is) 0 0 11 0 1 i Australian Mining Broken Hill Sth. (cum 10 dlv., Ss) 1 10 2 1 6 Mount Lyell (£1) 16 9 1 6 10 Mount Morgan (2s 6d) 0 10 10 0 10 10i Mount Morgan (pref.. 6 £1) 110 1 1 Nth. Broken Hill (cum div., 5s) 2 4 11 2 5 0 Rawang Tin (10s) 0 8 2 0 8 S Wellington Alluvials 0 5 0 0 5 6 UNLISTED STOCKS • All transactions In stocks quoted In this section are subject to special brokerage and are not quoted on the official list. Buyers. Sellers. £ s. d. £ s. d. A.P.A. 0 8 9 — Afforestation (£55) .. , 40 0 0 Blackball! Creek 0 0 11 0 i 2 Kanieri 12 6 — Ngahero — 0 14 0 N.Z. Perpetual Forests 1 16 0 N.Z. Perpetual Forests (4s paid) 0 8 0 0 11 2 Tingey, R. and E. — 1 2 6 Woolworths Properties — 0 14 3 AUCKLAND Sales on ’Change £ s. d. Ins. Stock, 1943-46, 4 P.C. 100 2 6 Ins. Stock, 1946-49, 4 p.c. 101 0 0 Ins. Stock, 1938-52, 3J p.c. 100 5 0 Ins. Stock, 1939-43, 3J Farmers’ Auct. (£5) P.c. .. 100 2 6 4 8 9 Auckland Gas (con.) . 0 14 3 Dominion Breweries 1 10 9 N.Z. Breweries (2) 2 0 0 Electro. Zinc (pref.) . 2 5 o" Imperial Chemicals (pref.) 1 1 8 Rawang Tin (2) 0 8 0 Unofficial List Selfridges (N.Z.) (16s paid) .. 0 5 6 Woolworths Properties (p£.. 10s paid) 0 14 0 0 14 1 WELLINGTON Sales on ’Change £ s. d. Woolworths, Ltd. (ord.) (late Saturday) 1 0 10 Ins. Stock, 3J p.c., 1938-52 100 5 0 G. J. Coles 3 IB 0 3 17 9 Taxanaki Oil Colonial Sugar (4) (2) 0 47 12 7 5 6 Unofficial List Whakatane Paper Mills (ord.) 0 3 9 DUNEDIN Sale on ’Change £ s. d. Ins. Stock. 1946-49, 4 p.c. 101 0 0 Reported Sales Broken Hill Pty. (con.) (late 6 sale) 1 18 G. J, Coles 3 17 10i 3 17 9

SYDNEY Investors traded with extreme caution on the Sydney Stock Exchange yesterday —they preferred to wait developments in Europe. The volume of business was small and price changes were only minor. Morning Sales £ 6. d. Comm. Bank of Sydney 20 3 0 Bank of New South Wales 30 5 0 Tooheys i n 6 Anthony Hordern 0 16 6 Broken Hill Pty. 2 16 0 Farmers i 12 0 Millaquin Sugar 1 17 6 Afternoon Sales £ s. d. Bank of New South Wales 30 2 6 Comm. Bank of Sydney 20 3 0 National Bank (£5 paid) 6 11 6 Bank of New Zealand 2 2 0 Colonial Sugar 47 10 0 Associated Newspapers 1 0 3 Burns, Philp 2 11 3 Tooths 2 13 9 Tooheys X 11 6 Farmers 1 12 0 Anthony Hordern 0 16 6 Stedmans . 0 11 11 Perpetual Trustees 4 11 0 Sargents 1 S 9 W. R. Carpenter 2 5 9 Edwards Dunlop 2 8 6 J. Feilding 4 4 0 Malleys 0 19 0 Wool worths 1 0 4} Masonite 0 16 3 Wilcox, Mofflin 0 6 0 Morris Hedstrom 1 6 6 Millaquin Sugar 1 17 6 Henry Jones .. 2 9 0 North Broken Hill 2 5 0 Placer Development .. S 19 6 Loloma # , 1 4 4 Taranaki Oil 0 12 6 Oil Search 0 8 6

MELBOURNE Investors in Melbourne are marking time, awaiting developments overseas. The market yesterday was lifeless, but Industrial stocks were steady. Sales £ s. d. Comm. Bank of Australia 0 15 11 G. J. Coles 3 18 3 Drug Houses 1 5 3 Drug Houses (old) 1 5 6 Melbourne Investment Trust .. 0 10 7 Herald and Times 2 18 0 Australian Foundation Investment Trust .. .. 0 5 2 Capel Court Investment Trust 0 3 9 Imperial Chemicals (pref.) 1 1 9 Electrolytic Zinc (pref.) .. 2 5 4 Mount Lyell 1 6 7 Broken Hill Pty. 2 16 3 North Broken Hill 2 5 0 South Broken Hill 1 10 6 Loloma 1 4 6

v DIVIDENDS DUE The following dividends have been announced or recommended:— Huddart, Parker—Interim, pref. 3 p.c., ord. 8 p.c, Sept. 15 Apex Investment, Masterton-Half-yearly at 5 p.c. p.a, .. ~Sept. 15 Broken Hill South—Quarterly, 6d a share Sept 15 Electrolytic - Zinc —Half-yearly, 9 p.c. or 15 p.c. p.a. on both ord. and pref. Sept. 16 Hackshalls. Sydney—Interim, 6d a share Sept. 17 Aust. Foundation Investment Trust —6 p.c. p.a. Sept, 19 N.Z Drug—Interim, half-year, 3} p.c. Sept. 20 Argo Gold. Dredge—Id Sept. 21 N.Z. Farmers’ Co-op. (Canterbury)—1st pref., 4J p.c. p.a.; “A” and “B” prefs., 4 p.c. p.a.) .. ... Sept. 24 North Broken Hill—Final, 6d a share, equal to 60 p.c. p.a. Sept. 28 Felt and Textiles, Ltd., Sydney— Half-yearly, 5 p.c. at 10 p.c. p.a. Sept. 30

BANK OP NEW SOUTH WALES The Bank of Ne.w South Wales quoted the following e# change rates yesierday ‘ Buying. Selling. N.Z. on London — £N.Z. to £100 stg. T.T. 124 124/10/O.D. 123/11/3 124/9/6 A, £A a to~£100 N.Z, T.T. 100/17/6 100/5/O.D. 100/17/6 100/5/Fiji— £F. to £100 N.Z. T.T. 90/7/6 89 O.D. 90/7/6 89 Dol. to £1 N.Z. T.T. 3.8904 3.8565 O.D. 3.8954 3.8575 Montreal— Dol. to £1 N.Z. T.T. 3.9032 3.8708 O.D. 3.9119 3.87X8 Belgium— Belgas to £1 N.Z. T.T. 23.180 22270 6 O.D. 23255 22275 Czechoslovakia— Korunas to £1 N.Z. T.T. — 11125 OJD. — 11127 Denmark— 17293 Kroner to £1 N.Z. T.T. 18.203 OX>. 18283 17295 Finland— Marks to £1 N.Z. T.T. 185.40 179.60 o.o. ias .60 “178.70 France— Francsto £1 N.Z, T.T. — 14227 O.D. — 14229 Germany— Heichmark* 9588 to £1 N.Z. T.T. — OX). — 9290 Greece — • Drachmae to £1 N.Z. T.T. — 420.54 O.D. — 429.69 Holland— Florins to £1N.Z. T.T. 7.268 7.118 O.D. 7.308 7.120 Italy— Lire to £1 N.Z. T.T. — 73.302 O.D. — 73.327 Java— Florins to £1 N.Z. T.T. 7.247 7.097 O.D. 7.287 7.099 Norway— Kroner to £1N.Z. T.T. 16.182 15.882 O.D. 16242 15.895 Noumea— Francsto £1 N.Z. T.T. — 140.52 O.D. — 140.56 Papeete— Francs to £1 N.Z. T.T. — 140.67 O.D. — 140.71 Sweden— Kronor to £1 N.Z. T.T. 15.785 15.490 O.D. 15.845 15.493 Switzerland— Francsto £1 N.Z. T.T, 17.291 17.021 O.D. 17.396 17.023 Chefoo— N.Z. pence to dol. T.T. — HI O.D. — 112 Hong Kong— N.Z. pence to dol, T.T. 18 7-16 18 13-16 O.D. 1813-32 18 13-16 India and Ceylon— N Z. pence to rup. T.T. 22 7-64 22 25-64 OX>. 22 5-64 22 25-64 Japan— N.Z. pence to yen T.T. — 17 9-16 O.D. — 17 9-16 Manila— N.Z. pence to peso T.T. 30 15-64 30 57-64 Shanghai— N.Z. pence to dol. T.T. Not quoted O.D. Not quoted • Singapore— N.Z. pence to dol. T.T. 34 13-32 34 57-64 O.D. 34 5-16 34 57-64

dol. dol. Selling— T.T. .. 3.84 13-16 3.861 OD. .. 3.85 1-16 3.851 Buying— T.T. .. 3.885 3.90 S-16 O.D. .. 3.89J 3.918-18