FINANCE AND COMMERCE

Press, Volume LXXIV, Issue 22511, 20 September 1938, Page 11

FINANCE AND COMMERCE

SYDNEY EXCHANGE AGAIN

WEAKER

The general feeling of uncertainty about the situation in Europe caused further weakness on the Sydney Stock Exchange yesterday. Tlfe volume of business" was fairly large Melbourne investors are still following a waiting policy. The market there showed very little fluctuation yesterday.

The Christchurch Stock Exchange had another dull day yesterday. Dealings were confined to a few stocks, and price movements generally were toward lower levels.

THE KAURI GUM INDUSTRY

MINING

NEW RIVER

LARGEST EXPORTS FOR TWO YEARS SHIPMENTS FROM AUCKLAND LAST MONTH The largest quantity of kauri gum exported from Auckland for about two years was shipped last month. The total value was the highest for,'at [ least four years. This is not expected to be maintained, however, as the ten-; sion in Europe has created nervousness among buyers, which has been reflected in smaller orders. . The total quantity shipped in August was 427 tons, which is the'highest, since 441 tons were shipped in November. 1936. Exports in July amounted to 204 tons and in June were only 100 tons. The total value of £19,097 is exceedingly high and compare's with £BIO7 in July. The total for the 12 months ended March 31 was £138,612, so that the return is about twice as much as the monthly average. A further encouraging, feature is that the average price of almost £44 15s a ton is. £4 15s higher than that in July. Values are still below the average for last year of £sl a ton, but this is compensated for by the substantial amount shipped. The United Kingdom took the large quantity of 248 tons, against 144 tons in the previous month. Canada was second with 84 tons, an increase of 44 tons. Japan' re-entered the market after an absence of four months and purchased.42 tons. The United States increased its orders from three tons to 27 tons, and Italy made a welcome reappearance with a purchase of 15 tons. Australia bought only one ton. "Large quantities of chips and lower-grade gum were shipped last month," said a prominent merchant on Saturday. "Most of the quantity shipped to Britain comprised low grades. Japanese buying is only periodic, but the return of Italy is very welcome. "The market for higher-grade gums is still very dull, while the demand for chips has slackened. Gum is very hard to sell, and the trouble in Europe has made prospects very vague. Merchants are in the dark, and few reports are coming to hand. , With the finer weather, diggers are now producing more gum, and stocks are sufficient to meet the demand."

CLUTHA RIVER

OKARITO

MATAKI

BALANCE OF PAYMENTS

STATISTICAL EXPERIMENT IN QUEENSLAND

The Queensland Bureau of Industry has made an attempt to show the Queensland balance of payments. It is the first calculation that has been made of the balance of payments for an Australian state. If the calculations have a real value, the fact that capital movements are excluded greatly reduces its importance.

FOREIGN EXCHANGES

In the calculation, the following items have been taken into account:— Merchandise imports and exports; ships* stores (exports); public debt interest payments; earnings of nonQueensland companies in the state; port expenditure of non-Queensland ships; expenditure of funds of immigrants and tourists; payments to, and taxation of, absentees; war pensions received from abroad; Commonwealth Government consolidated revenue Mnd loan expenditure in Queenrtand; Golden Casket profits . from ; outside Queensland. * After taking these-factors injo; account it is estimated that from 193132 to 1936-37, the only year in which there was a net flow of capital from the state was in 1933-34, when ;Jhe debit movement was £1,780,000. In 1935-36, the inflow was £5,020,000, and in 1936-37, £363,000.

TAI TAPU DAIRY

£40,300 PAID OUT TO SUPPLIERS

The Tai Tapu Co-operative Dairy Company, Ltd., paid out £40,300 10s 4d yesterday to suppliers, being the final payment on the -1937-38 aupoly ' The advance rate for supply received from August 1 onwards has been fixed at Is 2d per lb butter-fat.

PRICES ON LOCAL MARKET LOWER

The New River Gold Dredging Company. Ltd., reports for the year ended July 31. 1938. that the dredge recovered 14240z of retorted gold at an average a week of 31oz 15dwt. The net value recovered a yard was 5.7 d, compared with 7d for the previous year. Working "costs, including £1465 depreciation on the dredge, were 3.7 d u yard, and working profit 2d a yard, compared with 4.6 d and 2.4 d respectively a year ago. Since the date of balance the value of gold recovered has been 8d a yard. The average working hours were 119 a week for 45 weeks for an average weekly yardage of 9960, or a total yardage of 448,000 for the year, compared, with 312,100 yards in the previous year; Gold export tax amounting to £B9O was paid during the year. At the date of balance the amount owing to the dredge builders was £299, and to second debenture holders £1523. During the year £2956 was paid to the builders and "£7OO to the second debenture holders. Since the date of balance payment to the builders has been completed and a further £BOO paid to the second debenture holders.

The accounts show a net profit on the year's workings of £2312. The profit and loss appropriation account stands in the balance-sheet at £3463.

The Clutha River, wash-up is 102oz for 138 hours.

The Okarito return is 340z for 114 hours.

The Mataki return for the week ended September 18 was 350z for 13. hours' work and 8500 yards.

SYDNEY WOOL SALES

GOOD CLEARANCE AND FIRM MARKET

(Received September 16, 11,15 p.m.)

SYDNEY, September 19. At the resumption of the wool sales to-day 11,864 bales were offered- and 10,550 were sold and 1262 privately. The market was very firm at closing rates of the last series for all descriptions. There was good general competition, with strong German buying and increased support from Japan. Greasy merino made I6d.

The Bank of New South Wales quoted the following exchange rates yesterday:— N.Z. on

The. Associated Banks (other .than the, Bank of New.South Wales) quoted the followin* dollar rates yesterday, on a New Zealand currency basis. They are subject to alterations without notice:— U.S.A. Canada.

COMPANY NEWS

WILCOX, MOFPLIN LOSS

NO SHOCK TO AUSTRALIAN MARKET

The net loss of £91,391. disclosed in the accounts of Wilcox, Mofflin, Ltd., for the year ended June 30, came as no shock to the Australian market, according to reports just received from there. , The loss is a retrogression of £136,775 on the result of 1936-37, when a profit of £45,384 was earned. To cover the loss the following appropriations have been made:—Balance brought forward £11,577, from general reserve £70,000, and from contingency account £13,500. These appropriations aggregate £95,077, leaving a credit balance of £3686 to be carried forward.

The directors state that the sudden fall in investment values in the United States created a lack of confidence, which caused the prices of the commodities in which the company to decline by from 35 to 45 per cent. As the company's business requires that substantial stocks should be carried, this fall ofi» values caused unavoidable losses. A contributing factor was the almost total loss of Japanese and European markets for hides, skins, and tallow.

INCREASE IN DEMAND

USE OP ELECTRICITY

AUTHORITIES DISAGREE WITH DEPARTMENT

There is a very distinct disagreement with the point of view of the Public Works Department that only a reasonably normal annual increase in the demand for electricity could be expected, and that the provisions made by the Government to cope with the expected, demand in the near future were ample, according to a statement made by the chairman of the Ashburton Power Board (Mr E. F. Nicoll). in a report yesterday to his board on the annual conference of the New Zealand Electric Power Boards', and Supply Authorities' Association. "I should like to mention the reference of the Minister for Public Works (the Hon. R. Semple) to the recent very heavy increase in load, and to the opinion of the department that we can only expect a reasonably normal annual Increase, and that the provisions made by the Government to cope with the expected demand in the near future were ample." said Mr Nicoll. "There is a very distinct disagreement with this point of view on the part of many supply authorities sc* far ar. the South Island is concerned, and during the conference a special meeting of representatives of South Island boards and supply authorities was held to consider the matter." Mr Nicoll said that from information and figures placed before that meeting it was deemed .d----visable-to ask the South, Island members of the executive to meet at an early date and prepare a* statement of the whole position for presentation to the Public Works Department, and to take whatever other action might be deemed necessary. In considering the matter it seemed to them that while the provision for extension being, made by. the department might be sufficient with a normal increase, the additional demands created on the bulk supply system appears to have been left out of account, such as the 68,000 volt line from Coleridge to the West Coast, arid the 110,000 volt line from Dunedin to Gore to interconnect the Waltaki and Southland systems, continued Mr Nicoll. The full present capacity of the South Island stations was 64,500 k,w„ and during last white? the demand reached 60,000. The year before the peak was 50,000 and the year before 44,000. "I believe that the 'matter is regarded seriously by other supply authorities, and there has been some communication with the department on the subject, but the latter Is apparently satisfied that all demands can be met," said Mr Nicoll. "No doubt they can, if the further increase Is only normal, and if there remains plenty of water at Waltaki to serve the new units yet to be installed, and there is no further trouble at Coleridge. Mention of the two latter conditions may be considered as unjustified at this stage, but doubts have been experienced,'and I think we owe a duty to our consumers to have their! interests considered in this matter by presenting bur point of view. I do not see how the department can come to a sound decision on the question without full consideration of the prospects as put before it by its retailers in the form of the power hards and supply authorities,, who are in such close touch with the actual consumer." -

GROWTH IN BRITISH

INDUSTRY

PRODUCTIVITY INCREASES

BY 20 PER CENT.

LONDON, September 18. The most gruelling bvirden since the war has fallen chiefly on gilt-edgeds and-the foreign bond market. Brokers are unable to recall a time when 'giltedgeds dropped four points in a single day, only to, regain the losses the day Mr J. M. Keynes has performed a service by turning the minds of city businessmen from the crisis by draw-,, ing attention to the extraordinary productivity of British industry- It appears that the real productivity of industry as a whole has increased 20 per cent, which means that industry is able to support*® higher standard of living, and means, also that the British can afford an armament programmeJ which would have seriously curtailed the standard of living 20 years ago.. . -,, The crisis has obscured the outlook the London wool sales. No one can venture definite opinions, and the opening will probably show that everyone will wait for the others to start, bidding. France appears anxious to obtain supplies of crossbreds, and Germany also needs fairly big; quantities of 'wool. ~ " ■'■.•/.- •'-;•> . •',-".

Butter is weak, as. %. result: of the general disinclination lb enter commitments... Prices are 'nominal, and business is likely to remain unsettled until the crisis is over. Nobody is interested in Canadian arrivals. The lowest prices at present are quoted at J 12s, compared with 116s and 114s for Australian.

THE STOCK EXCHANGES

MARKETS CONTINUE DULL

PRICE MOVEMENTS FAVOUR BUYERS

Markets continued dull on the Christchurch Stock Exchange yesterday, and dealings were restricted to a few stocks. Price movements generally were in favour of buyers.

DEALINGS COMPLETED

Government and Banking

New Zealand Government 4 per ,cent. stock due 1946, was fractionally firmer at £IOO ss, and there were further unsupported sellers at that price.

Sellers of E., S„ and A. reduced their

limits to £5 3s. Bank of New. Zealand dropped to 41s 7d, buyers staying p at that figure, sellers at 425.

New Zealand Breweries were firm, with sellers and business at 40s, buyers at 39s 9d. Australian Glass were easier, with sellers at 91s, buyers at 90s 6d. British Tobacco changed hands at 465. Broken Hill Proprietary relapsed to dealings at prices ranging from 55s 3d to 54s 6d, and more were offered at the lowest price, buyers at 54s sd. Dunlop Rubber were weaker, with sellers, at 20s sd. , Electrolytic Zinc ordinary had business at 395, and closed with sellers at 38s 9d, buyers at 38s 66. G. J. Coles were easier, with sellers at 76s lOd. buyers at 76s 3d. Woolworths, Ltd.. were fractionally firmer at 20s, 2d. market closing Id either way. Broken Hill South dropped to 28s 9d, closing quotations Id on either side. Mount Lyells were easier, with sellers at 26s Bd. North Broken Hill, cum dividend, eased to 455, and more were offered at 44s 9d. buyers at 44s 6d. Rawang Tin showed an easing tendency, with' sellers and dealings at Bs. buyers at 7s lid. Unlisted Stocks ■ Ballius Breweries, 15s paid, had business at lis. New Zealand Perpetual Forests, 4s paid, changed hands at 10s 9d.

UNLISTED STOCKS

LATEST QUOTATIONS

AUCKLAND, Sales on 'Chance

WELLINGTON Sales on 'Change

DUNEDIN Sales Reported

SALE KEPORT

Lease of Britannia Private Hotel and Sale of the furnishings therein, as a going concern, have been effected by Smiths City Market; also by public auction, on account of this Public Trustee, a capital little farmstead at Selwyn, in the estate of James McDonald, deceased.- —l

FREIGHT CHARGES IN PROVINCE

New Scale Discussed . At Conference

REDUCTION OF INDUSTRIAL

COSTS SOUGHT

Described by the No. 3 Transport I Licensing Authority (Mr T. H. Langford) as a. meeting unique in the transport life of New Zealand, a conference of transport operators and representatives of farming interests and industrialists was held yesterday to consider a proposed schedule of cartage rates for Canterbury, a schedule which, when finally decided upon, may be extended to the greater part of the South Island.

Mr Langford said that never be- ) fore had transport consumers and operators come together to endeavour to decide on a schedule of i freights for a wide area. The Trans- » port Department, in the last 18 , months, had been busy finding out just what transport costs in New Zealand are, and he could say that the data now available were reliable. It had been found, he continued, that 80 per cent, of truck operators in New Zealand did not know a thing about operating costs. "I say that without wanting to injure those engaged in the industry. Most of them are earnest, hardworking men, but the business side of the industry has largely been rule of thumb or guesswork," Mr Langford said. He felt that the conference would give satisfaction to all affected by transport services as he was confident {hat the greatest saving to industry could -be made through transport. The transport operator might ask why the spotlight of public attention should be focused on him. The answer was that he provided a great national service, and it was necessary that this should be placed on a sound and subject to a certain amount of supervision. The transport industry also came into contact with - State services and affected national income. Position of Railways "But I want you to disabuse your minds of one thing," went on Mr Langford. "It has been suggested that transport policy in New Zealand was aimed at the-protection of the railway service." There had also been a certain amount of criticism of the delegation of powers to the licensing authorities. The consequences depended entirely on the way in which those powers were exercised, and he thought all fairminded persons would agree that they had not been exceeded and had not been exercised to the full in many cases. "Our one effort has been to provide better and cheaper transport to the whole industry. The railway people think we have not treated them particularly well. Up to a point we have given them first consideration, but only when we think it is in the public' interest to' do so."

Industrialists wanted something more definite in freight rates, and the discussion would clarify the position and give a better schedule of rates, not only for road transport, but for rail as well. The public was entitled to the lowest possible rates at which goods could be borne. Many Interests Affected Mr J. Roy Smith, secretary to the Canterbury-Chamber of Commerce, said that the information supplied by the department had been circulated I among members, and it was found that many interests were affected, in-! eluding freezing companies, stock agents, timber merchants, butchers, and others, as well as the sheepowners' and farming organisations. As several of these had not had the opportunity of discussing the information, it was asked that an adjournment of the meeting be made to enable them to consider the position. Mr Langford said that as had already been indicated, he would be prepared to hear such evidence at a later date, but it was necessary to take some evidence that day, as many representatives had come long distances. Mr V. Raines, No. 4 Licensing Author-

SYDNEY

The general feeling of uncertainty caused further weakness on the Sydney Stock Exchange yesterday. The volume of business was fairly large.

Morning Sales

MELBOURNE

Investors are still pursuing a' waiting policy, because of the disturbed overseas situation. The market yesterday showed very little fluctuatiom , Sales

ity, had also come up from the south. In addition to the later meeting, it was proposed to hold a conference in Timaru.

Mr W. H. Nicholson, secretary to the Canterbury Sheepowners' Union, thanked Mr Langford for this assurance.

Mr J. B. Cullen. representing the New Zealand Road Transport Alliance, presented a proposed schedule as a basis of discussion. He said it had been drawn up on the experience of the last 18 months, and the rates represented a general reduction. The conference, lasting all day, discussed in detail many of the proposed freight charges, and good progress was made toward a general agreement Important clauses, however, have yet to be considered by interested bodies, and discussed at a further conference on October 3. •

NEW CARTAGE BATES

PROPOSALS OF ROAD OPERATORS

AGREEMENT ON MANY CLAUSES

i A comprehensive review of freight rates in the Canterbury district was begun yesterday" by the No. 3 Transport Licensing Authority, Mr T. H. Langford, -when a conference of road operators, representatives of farmers' organisations, industrialists, and the Railway Department discussed a proposed schedule of charges submitted by Canterbury branches of the New Zealand Road Transport Alliance. The overhaul of freight rates Is part of the Transport Department's plan for the co-ordination of transport services and the reduction of industrial costs. It was stated that the proposed schedule makes a general reduction of freight charges.

To many of the proposed rates the farming organisations represented at the conference offered no objection. Others, however, will be considered further by the interested parties and discussed when the conference resumes on October 3.

The schedule of the New Zealand Road Transport Alliance 1 is proposed to operate in the area bounded by the Waipara river in the north and by the Rangitata river in the south, intimately it is hoped to secure a uniform scale for the whole of the South Island, with the exception of exempted areas where special considerations warrantspecial rates. The suggested rates ase as follows: GRAIN AND POTATOES—Up to one mile, 3d a sack and Jd a sack for up to every additional mile. Extra labour supplied by farmers to be paid for at award rates. Headed wheat picked up round the paddock, extra lid a sack. Potatoes picked up. from tows on digging, extra lid a sack. Potatoes in center bags, not to exceed lcwt, a reduction/of 33 1-3 per cent on above schedule price. GRASS SEED—Up to one mile, 2*d a sack. Every additional mile, id a sack extra. v e r£K A F\r BALED , HAY, AND STRAW—Up to one mile, 5* a ton, risms by .^. a ton 'or-every additional mile. Minimum load -three tons. Hill country Sd a ton extra. All chaff to be charged at 25 sacks to the ton. Bales of hay and straw to be charged at 30 bales to the ton. MANURE, LIME AND * OTHER GOODS NOT SPECIFD3D—Up to one mile, 3s a ton; rising by 8d a ton for each additional mile; hill country, 3d a ton extra. Minimum load, four tons; under four tons, mileage rate. Backloading, half rate to apply on the smaller consignment when carting grain and manure for the same client, to and. from rail only. '■nSBSS&Wi J?* I **. TI »UCK AND DRIVER— "7s 6d an hour up to 2i-ton load; 10s an hour up to 4-ton load; 12s 6d an hour up to 6-ton load; 2s 6d an hour for each additional man. This rate to apply to work on farms and to work under one mile not otherwise specified.

MILEAGE RATE—One way only, minimum 7s 6d; 2s a mile up to 2i-ton load; 2s 6d a mile up to 4-ton load; 3s a mile up to 6-ton load; hill country, 6d a mile extra.

LIME AND MANURE SOWING—--2s 6d an acre up to lOcwt; 3s an acre up to one ton; additional 6d an acre for mixture; cultivated ground, 6d an acre extra: 9d a ton extra for discharge to railway shed; cartage from farm shed to paddock, 10s an hour for truck and two men. Cartage at lime and manure rate. Stoney or swampy land and orchards by arrangement. WOOL—Up to one mile. Is a bale: one to two miles, Is 3d a bale, rising by 3d a bale for each additional two miles; back country, Is a bale extra. The wool rates embodied in this

schedule are applicable to the conveyance of wool in the Christchurch exempted area and the Paparua County. For the conveyance of wool outside thiS specified area, the rates for the conveyance must not be less than the cost of cartage to the nearest railway station based on the foregoing schedule plus railage rates to destination. SHOW STOCK—Is a mile both ways. FURNITURE AND IMPLEMENTS— Mileage 'rate plus hourly rate for loading and unloading; minimum, 7s Sd. FAT (LAMBS) STOCK TO FREEZING WORKS—Up to eight miles, 3d a head, rising by id a head for each additional mile up to 20 miles: thereafter Id a head /or each additional five miles; minimum load,. 80 head./ SHEEP—Fat sheep: UpHO eight miles 4Jd a head, rising by id a head for every additional two miles up to 20 miles; from 20 to 25 miles, 10Jd; 25 to* 30, Is, thereafter rising by-ljd a head for every additional five miles. Stare Sheep: Up to eight miles, Sfd a head, rising in a graduated scale to BJd a head for up to 25 miles and to Is 3d a head for up to 50 miles. Store lambs: Up to eight miles, 2fd a head, rising to 6jd for up to 25 miles, and to 10{d for up to 25 miles. Fat sheep: Minimum load. 53 head; store sheep, 66 head; store lambs. 90 head. * * - LOOSE COAL—CoaI from mines, lime and manure rate; coal ex truck,., hourly rate up to one mile, over one* mile, hourly rate plus mileage rate. TIMBER—Is 3d a 100 feet up to one mile, additional Id a 100 ft for each mile extra.

FIREWOOD—MiIeage rate, plus loading and unloading time, with minimum of ss.a coad and 12s 6d a load.' STOCK MARKET—Prices a head are given in the~" following distance groups: Up to 15 miles, 15 to 20 miles, 20 to 25. 25 to 30, and 30 to-35:—

Fat lambs: 6d.7d.8d.9d, lOd. Store -lambs: 10 per cent, less than for fat lambs. _

Fat sheep: Bd, Oid, IOJd, Is Id, Is 2d. Store sheep: 20 per cent, less than for fat sheep. . * . Pigs: Choppers, 3a, 3s 6d, 4s, 4s* 6d, ss. Baconers, one head only: 2s, 2s 3d, 2s 6d 2s 9d, 3s; up to .five head, Is 9d, 2s, 2s 3d. 2s 6d. 2s SdV All over five head:: - Is 6d, Is 9d, 2s, 2s 3d. 2s Bd. Porkers, one'head only: Is 9d, 2s, 2s 3d, 2s 64, " 2s 8d; up to five head, Is 6d, Is fid, 25,.. . 2s 3d, 2s 6d; all over five head. Is 3d, Is 6d. Is 9d. 2s, 2s 3d. Slips: Up to five head. Is, Is 3d, Is 6d, Is Bd, 2s; each additional, 9d, Is,' Is 3d. Is 6d, Is 9d. Weaners: Up to five' . head, 9d, Is, Is 3d, Is 6d, Is 9d: each, additional, 6d. 9d, Is. Is 3d, is 6d. Vealers: Big, 4s, 4s 6d, ss, 5s 6<L 6s; : small, 2s 6cU 3s, 3s 6d, 4s, 4s 6d. . -' Bulls: One head only. 12s 6d, 15s, 17s 6d, 20s, 22s 6d; all over .on* head,' . 10s, 12s 6d. 15s. 17s 6d, 20s. Cattle: One head only Cup to eight miles, 6s), 7s 6d. 9s 6d, lis 6d, 13s td, .- 15s 6d; each additional (up to eight miles, ss). 6s, 7s 6d, 9s, 10s 6d, 12s. ' Maximum charge from one point of loading (up to eight miles £1): £1 " 12s Sd. £2 ss. £2 15s. £3 ss, £3 15s, -. BOBBY CALVES—Iid a mile home to home, plus award rate if assistant -~ engaged. All calves to be picked up from pens at roadgate of farm. FRUIT. RANGIORA—Fruit: . 3d-a bushel case to Papanui, 4d to. Christy - church from Loburn; id- extra for packed export cases. .Stone fruit: Up to> 24 cases 3d a case: loads over 24.. . ca SSJ 2 * d « case (half-bushel). KEROSENE AND PETROL—Up to 15 -miles.. 3s a drum: each additional drum. 2s 6d; up to 20 miles. 3s 6d a drum, each additional: drum 3s; up to 30 miles 4s a drum, each additional drum 3s 6d; up to 40 miles 5s a drum, each additional drum 4s Bd. Returns: Black drums 6d. steel drums 9d. The. above to apply to loads up to -10 drums Over. 10 drums at mileage rate^

Provision for Back-Loading The major part of the discussion on: the / early clauses of the proposed - schedule centred on the extra charges for picking up potatoes from rows on [digging. Some of the farmers* repre-. rsentatives present expressed approval of the proposed rates for the cartage of grain and also the extra charge of lid a sack for headed wheat picked up around the paddock. Mid-Canter- - bury and EUesmere farming v interests approved the charges for cartage of grass seed, but representations for a more favourable scale were made on behalf of Banks Peninsula. After, some discussion the transport operators agreed to a reduction of 6d a ton on the carriage of chaff, baled' hay, and straw for distances in excess of seven miles. .--:.- The proposed rates for the carriage of general goods were also discussed at length, and the operators agreed to a reduction in the proposed charges of ljd a ton for each mile in excess of 12. Back-loading -was referred to by farmers' representatives as an important consideration, and the carrier.agreed to the inclusion-in the schedule of the following clause: "Back-loading to apply to any goods carted for the same client providing the back load is obtained from the one point of supply; half rates to apply to the smaller load: carriage of sheep-being an excep- : tion to this provision." Farmers agreed [ that the hourly and mileage rates were I reasonable.

Clauses held over for later consideration included the important ones dealing with the of wool, stcck to freezing works, sheep and stock for Addington Market.

London— Buying. Selling. £N.Z. to £100 stg. T.T. 124 124/10/OJJ. 123/11/3 124/9/6 Australia — £ A. to £100 N.Z. T.T. 100/17/6 100/5/O.D. 100/17/6 Filter, to £100 N.Z., T.T. 90/7/6 89 ■■;■• "'''-*■'. >■< O.D. 90/7/6 89 NewvYork—- '■ "i- -\ • . : , •Dol. to £1 NJZ. T.T. 3.8789 3.8449 O.D. 3.8839 .3.8459 MontreE.1—tog£l ;N.Z. T.T. 3.9026 3.8702 O.D. 3.9113 3.8712 Belgium— :.BelKa«to£i N.Z. T.T. 83.027 22.717 O.D. .23.102 22.722 Czechoslovakia — Korunas tbi £1 N.Z. T.T. — 111.05 043. — •'„ 111.07 Denmark— ,~ Kroner to £1N.Z. T.T. 18.203 17.893 O.D. 18.263 17.895 Finland— ■ <-* • Marks to £1 N.Z. T.T. 185.40 179.60 > O.D. 185.80 179.70, France— Francs to £1 N.Z. T.T. — 142.26 O.D. — 142.28 Germany— ' Relchmarka , v;*o--£1;-N.Z. T.T. — 9.568 O.D. — 9.570 Greece! • ;-:V ':''?- .Drachmae iv,.:--'to;:*l.N t .Z. T.T.— 430.75 OJ>. — 430.90 Holland—• Florin* to £1 N.Z. T.T. 7.870 7.120 }'\ -, ■:■ ■'.'.* r -• • O.D. 7.310 7.122 .Italy-i:--.v-.'-.-: ; '" : - _ *, Vfjdre-iltp; £1. N.Z. T.T. — 73.117 •■oj>: — ;•'■•, 73.142 Java —v.-;.;'. ..... ' ' : . ' ■.■ . Florinsto «UN.Z. T.T. 7.247 7.097 O.D. 7.887 7.099 Norway—-'-' Kroner to £1 N.Z. t.t. w.iea 15.892 OX>. 16.242 15.865 NoumeaFrancs to £1 N.Z. T.T. — 140.51 O.D. — „ : 140.S5 Pajbeete-^: ;: '' : - J - Francs^to£1 N.Z. T.T. — 140.66 ...:■> ... _, •-:.' OJJ. — 140.70 ''..' ; Kroriorto £IN.Z. T.T. 15.785 15.490 . OJD. 15.845 15.493 Switzerland— Franc* to £1 N.Z. T.T. 17.865 17.015* OJ3. 17.390 17.017 Chefoo— N.Z. pence to dol. T.T. — 121 O.D. — 124 Hong Kong— N.Z. pence to do]. T.T. 18 29-64 18 53-C4 O.D. 18 27-64 " 18 53-64 India sand Ceylon— "' N.Z. pence to rup. T.T. 22i 22 13-32 . ' *r.Z. pence to yen O.D. 22 3-32 22 13-32 T/r. — '".- ■:' 17 9-16 ,OJ).V ; -'; 17 9-16 Manila— N.Z. pence to peso T.T. 30 15-32 314 * ' ;• ■!-. :v : -" '- : '"• ' ' V'" O.D. 30| ; ,r. 314 ,. Shanghai—, . .. ■. -'-.*. ■' N.Z. pence to dol T.T. Not quoted O.D. Not quoted Singapore— V N.Z; pence to;dol. T.T.34 13-32 34 57-64 "',- '". ''.'_ : ' - ' "". *■;'• y—. O.D. 34 5-16 34 57-6* ASSOCIATED J BANKS' DOLLAR ; ; j

Selling— T.T. O.D. ... . (Per £1 N.Z.) dol. dol. .. 3.832 . 3.861 ., 3.8315-16 3.86 7-16 T.T. O.D. .. 3.872 3.901 .. 3.88J 3.911-16

Year ended June 30 1836 1937. 1938 £ £ £ Net profit 35.680 45,384 — Loss — — 91,391 Div., p.c. 9.09 9.09 — Div., amount 20,000 20.000 —. To reserve 15,000 25,000 — Prom reserves .. — — 83,500 Carried forward 11.192 11.577 3,686 LIABILITIES— Capital 220.000 220.000 220,000 Reserve 45,000 45.000 — Contingency account 13.500 Overdaft and su.ndry creditors 191,648 •119,461 •162,088 Sundry creditors t 92.997 55,152 Advances against shipments 3,137 — *— Suspense accts. .,. 5,807 8,977' 7.799 ASSETS— Properties, plant, etc. 177,191 175,294 183,812 Stock 157,451 215.926 171,879 Sundry debtors .. 160,856 150,848 76,801 Cash 1,287 1,592 2,192 Shares in other companies — 12.851 14,041 •Overdraft only tPrevlously included above.

LISTED STOCKS Sales on 'Change £ s. d. £200 N.Z. Govt. 4 p.c. Insr., 1943-46 .. : IPO 5 0 50 Bank of New Zealand . 2 1 7 100 N.Z. Breweries 2 0 0 50 British Tobacco (cum div.) .2 6 0 200 Broken Hill Proprietary (2) 2 15 3 2 14 7 2 14 6 100 Woolworths (Syd., <- c-rd.) 1 0 2 200 Broken Hill South (2) 1 8 9 100 North Broken Hill (cum div.) (2) 2 5 0 * 50 Rawang Tin (cum div.) 0 8 0 Sales Reported 100 Electro. Zinc (ord. ( ex div.) .. 1 19 0 UNLISTED STOCKS Sales Reported 100 Ballins Breweries 0 11 0 100 N.Z. Perpetual Forests - • (4s paid) 0 10 9

N.Z. Govt. Debentures Buyei •s. Sellers. £ s.. d £ s. d. 3 p.c. Ins.. 1941 — 96 0 0 3J' p.c. Ins., 15/3/39-43 {* 0 0 — 3 J p.o. Ins.. 15/9/39-43 '— SB 0 0 3J p.c. Ins.. 1938-32 101 o 0 3} p.c. Ins., 1953-57 93 15 0 M- S 0 4 p.c. Ins.. 1943-46 — 100 5 0 4 p.c. Ins., 1949 — 100 7 6 4 p.c. Bonds, 1946 .... 100 5 0 — Other Debentures Banks' Peninsula Power Board, 4i p.C, 1/4/65 '— 103 0 0 Glsborne Sheep, 81 p.c, 31/8/41 ... 101 0 0 — Banks A/asia. (cum div., £5) 10 5 0 10 13 6 Comtn. of Aust. (10s) 0 15 B 0 15 11 Coram, of Aust. (pref.. £10) 9 3 0 _ Comm. of Sydney (£12 10s paid) — 20 2 8 E., S., and A. (£3 pd.) » 5 3 0 Natl.-of A/osla. (£5 paid) ■ •6 10 0 Natl, of N.Z. (£2 10s paid) 2 12 0 — New Zealand (£1) 2 1 7 2 2 0 Union of Aust. (£5 paid) v .. — 8 10 0 Insurance National (7b paid) ' .. ., 0 16 9 New Zealand (£1) — 2 16 0 Standard (£1 paid) .. ■ — 2 15 0 Loan and Agency Dalgety < and Co (£5 paid) _— 8 2 0 Goldsbrough, M. (£1) — 1 6 8 Mutual Benefit (£10) N.Z. Guar. Corpn. (38) — 13 15 0 0 4 0 0 4 2 United Bid*, (cum div., £1) .. 1 0 0 — Wright, Stephenson (cum div., £1) 1 1 0 — Wright, Stephenson pref., cum div., £i) —r 1 0 6 Shlppinr Union (pref., £1) — 1 6 3 , Froxen Meat i Cantby. (£7 10s paid) Cantby. (pref., £5) 9 1 6 w_ 6 10 0 Gear (10s) — 0 14 6 N.Z. Refrig. (£1 paid) _ 0 17 11 N.Z. Refrig. (10s paid) —— 0 8 2 Southland (£1) 1 10 3 1 11 e Woollens Kaiapol (pref., cum div., 17s) —« 0 15 9 Coal Westport (10s) . _ 1 4 9 Westport-Stockton (10s) 0 4 6 Wectport-Stockton (pf.. 10s) 0 . 6 0 0 7 ' 1 • . > Gas ," Auckland (£1) " 1 0 4 Chrlstchurch ( £ 1) \. — 1 7 8 Breweries Crown (in liqdn.) .. 0 1 0 Dominion (£1) 1 10 0 New Zealand (£l) .. 1 19 9 2 0 0 Queensland (£1) .. 1 6 0 Swan (5s) 1 6 e 18 0 Timaru (in liqdn.) 0 0 10 0 1 0 Tooths (£1) 2 12 0 2 12 9 Miscellaneous Alloy Steel (N.Z.), •<£1) . 1 0 0 —. Aust. Glass (£1) 4 11 0 Berlei (N.Z.) (£1) .. 3 5 0 3 10 0

Buyers. Sellers. £ s. d . £ s. 'd. Booth Macdonald (pf.. £1) — 0 2 3 British Tobacco (cum div., £1) , .. 2 6 5 Broken Hill Pty. (£1) 2 14 5 2 14 6 Broken Hill Pty. (con., 10s paid) 1 16 0 1 16 9 Colonial Sugar (£20) — 47 5 0 Consolid. Brick (£1) — 0 7 9 Dominion Fert. (£1) _^_ 14 6 Donaghy Rope (£1) 2 2 6 2 8 0 Dunlop Rubber (cum div.. £1) 1 0 3 10 5 Electro. Zinc (ex div.. £1) 1 18 6 1 18 9 EJectro. Zinc (pref.. ex div.. £1) 2 3 0 2 3 6 Evans Atlas Flour (10s) 0 19 0 G. J. Coles (£1) 3 16 3 3 17 10 Hay's, Ltd. (£1) — 13 6 Hay's, Ltd. (con., 15s paid) 0 18 0 Hume Pipe (Aiist.), (cum div., £1) — 10 0 I.C.I. (Aust. and N.Z.), (pref.. £1) 113 118 Milburn Lime (£1) .. 1 14 6 McKenzies, Ltd. (£1) 3 3 6 N.Z. Drug Co. (£2) »_ ' 3 12 0 N.Z. Farmers' Co-op. (£2 10s paid) •M 0 12 0 N.Z. Farmers' Co-op. (10s paid) —. 0 0 1 N.Z. Farmers' Co-op. (1st pref., cum div.. £5) 3 6 0 ._ N.Z. Farmers' Co-op. (4J p.c. Stock, 1950, £100) — 90 5 0 N.Z. Newspapers (16/8) 1 13 9 1 16 0 Quill, Morris (1936). (£1) — 110 South Island Finance (10s paid) — 0 8 5 Tarahakl Oil. (24/7 pd.) 0 12 2 0 12 5 Wilson's Cement (10s) 0 16 6 0 17 3 Woolworths (Syd.). (ord., cum div.. 5s) .. 1 0 1 10 3 Woolworths (Vict.), (pref., £1) 1 10 0 Woolworths (N.Z.) (5s) — 0 19 0 W. R. Carpenter 2 4 6 2 6 0 Overseas Listing Woolworths (S.A.) (5s) 0 14 4 0 14 11 Mining Argo (cum div., is) ' 0 2 0 Argo (con., cum div., Is) 0 12 0 18 Big River (Is) 0 13 Austral (N.Z.), (£1) .. — 110 Gillespie's Beach (Is) Grey River (10s) ; .. 0 0 9 0 11 0 14 6 Glenroy (Is) . 0 0 1 Maori Gully (Is; .. 0 0 6 Moonlight Gold . (8d). — 0 0 5J Mossy Creek (Is) .. 0 11 Nemona (Is) 0 13 0 15 New River (16) 0 0 6 Nokomai (5s) 0 ~2 0 Skippers, Ltd. (Is) .. — 0 0 1 Skippers (pref., is) .. Walhi Invest. (5s) .. — 0 0 6 0 8 6 0 9 6 Waihi Grd. June. (2s) 0 2 10 0 4 0 Worksop Extend. (Is) , — 0 11 Australian Mining Broken Hill Sth. (6s) 18 8 1 8 10 Mount Lyell (£1) 16 6 16 8 Mount Morgan (2s 6d) 0 10 10 0 10 11 Mount Morgan (pref., 1 £1) 1 1 0 114] Nth Broken Hill (cum div.. 6s) 2 4 6 2 4 9 ! Kawang Tin . (cum div., 10s) / 0 7 11 0 8 ,0 i Wellington , Alluvials 0 4 10

All transactions in stocks quoted in tills section are subject to special brokerage and are not quoted on the official list:— Buyers. Sellers. £ S. d. £ s. d. A J?.A. 0 8 9 0 11 0 i Afforestation (£55) .. _ 38 0 0 i Ballins .Breweries. ... ., :iO 11 0 0 11 5 i Blackball Creek 0 Oil 0 l 14 Carbonic Ice 1 6 0 Kanlerl 1 2 9 1~5 0 Langes Mobile Gas .. 10 6 N.Z. Perpetual. Forests 1 10 0 1 17 0 N.Z. Perpetual Forests (4s paid) — 0 10 9 Ngahere 0 10 0 0 14 0 N.Z. Mining Invest. .. 0 0 2 Selfridges (A/asia.) 0 16 0 Selfridges (N.Z.) — 0 15 0 Selfridges (N.Z.), (con.) 0 7 0 N.Z. Tung Oil (£1 paid) 0 16 3 Tingey, R. and E. ... 12 0 Timaru Lime (cum div.) 0 18 0 10 0 Woolworths (W.A.) .. — 4 9 0 Woolworths Prop. .. 0 13 7 ' 0 14 3 Xtrovac " . 0 5 0

£ s. d. Mount Albert, 41 p.c. 1041 B 100 15 0 South British a 4 3 Auckland Gas 1 0 0 N.Z. Breweries 2 0 0 Broken Hill Pty. 2 15 0 (2) 2 14 2 14 2 3 0 Electro. Zinc (pre!.). (2) 6 0 Milne and Choyce (deb.) 0 16 6 Taranakt Oil . 0 12 0

Southland Frozen Meat (late u. Saturday) .. .. 1 10 3 4 p.c. Ins. Stock, 1955 (4) 100 0 0 4 p.c. Ins. Stock. 1946 ..100 2 ■ 6 3J p.c.Govt. Bonds, 1953-57 .. 94 0 N.Z. Guarantee Corpn. o 4 0 1 Electrolytic Zinc (pref.) 2 3 5 Taranakl Oil .. (2) o 12 2 Woolworths. Ltd. (ord.) ' (2) 1 o 2 Grey River .. .. o 14 o Mount Lyell i « 6

Dunedin City debs., 1947 Bank of New Zealand' New Zealand Breweries 41 p.C, (2) £ s. 102 IS 2 2 2 0 d 0 0 0 North Broken After Call Hill .. 2 4 11

£ S. d. Bank of New South Wales .. 30 12 0 Comm, Bank oi Sydney . ., ao 4 0 Tooths 2 13 o Associated Newspapers 1 0 3 Anthony Hordern 0 16U Anthony Hordern (pref.) 1 1 2 9 Broken Hill Prop. 2 15 o Electrolytic Zinc (pref.) ■•'-.. 2 4 0 Farmers .. 1 11 3 General Industries 0 18 7i 6 Henry Jones 2 8 Mark Foy 0 19 6 Sargents .. 1 5 6 Afternoon Sales Bank of New South Wales £ s. 30 5 d. o Comm. Bank o£ Sydney National Bank (£5 paid) 20 3 6 9 2 United Insurance '9 19 1 Colonial Sugar .. ' 46 17 6 Associated Newspapers 1 0 3 Burns, Philp .. ' .. 2 10 6 Australian Gas A (new) 6 17 0 British Tobacco . 2 6 3 Tooths .. .. i. 2 12 0 Tooheys 1 10 Q Australian Glass .. '.'. 4 10 0 Farmers .. 111 o David Jones 1 16 o Stedmans .. .. "" 0 11 o General Industries .. I 0 IS 7 Morts Dock .. 0 12 1 W. B. Carpenter .. 2 5 o Mark Foy 0 19 3 Newcastle Gas A .; -!" 0 12 1 W. Adams 0 X 13 1 1 o Paul and Gray o Woolworths ... 1 0 J 1 Henry Jones .. 2 8 Millaquin Sugar 1 17 (j Mount Morgan 0 11 0 Mount Morgan (N.2. delivery) Broken Hifi Pty. . 0 11 2 14 0 ■8 Rawang Tin 0 8 0 Emperor 0 12 ■t Loloma .. ]" Oil Search 1 3 41 0 8 0

National Bank (£5 paid) £. s. d. 6 10 0 G. J. Coles 3 16 9 Dunlop-Perdriau 1 0 7 Drug Houses 1 5 0 Goldsbrough, Mort .. .. 1 7 0 Melbourne Investment Trust .. 0 10 9 Herald and Times 2 18 0 Imperial Chemicals (pref.) 1 1 8 Imperial Chemicals (10s paid) 0 11 5 Electrolytic Zinc .. ... 1 19 3 Electrolytic Zinc (pref.) 2 4 0 Mount Morgan 0 11 0 Mount Lyell 1 6 9 Broken Hill Ptv. 2 14 9 North Broken Hill 2 5 0 South Broken Hill 1 9 6 Emperor 0 12 6 Lolorrm .. 1 3 1