FINANCE AND COMMERCE

Press, Volume LXXIV, Issue 22512, 21 September 1938, Page 13

FINANCE AND COMMERCE

LONDON MARKETS OPEN QUIETLY PRICE FALLS CHECKED IN SYDNEY The London stock markets opened the week quietly, operators preferring to await the turn of events. Commodities were firmer but Home industrials were idle. The fall in prices on the Sydney Stock Exchange was checked yesterday. The market was brighter and firmer and Government loans were exceptionally active. The Melbourne market continued to be hesitant but showed a better closing tone. The turnover on the local exchange was small again yesterday, but price levels generally were well maintained.

COMPANY NEWS

TAI TAPU DAIRY

SUCCESSFUL YEAR REVIEWED

The annual meeting of shareholders of the Tai Tapu Dairy Company was held at Tai Tapu. the chairman, Mr John Sharp, presiding over an average attendance of shareholders. Moving the adoption of the annual report and balance-sheet, published in "The Press" on September 5, Mr Sharp said:—

"The results obtained will, I am sure, give general satisfaction to suppliers and shareholders. When one looks back over the long history of this company, one realises the many changes' that have occurred, and as each set of changed conditions has arisen it is to the credit of the organisation that it has adjusted itself to them and obtained for suppliers the maximum result for their produce. "Last year I referred to the purchase on the joint account of the Central and Tai Tapu Companies, of the Kiwi, Sefton, Mid-Canterbury, and Cam factories, which were closed down, being regarded as redundant units, with the exception of the operations of cheesemaking at the Cam factory, which has been continued by the joint companies on behalf of the cheese suppliers of the late Cam organisation. These accounts are kept entirely separate from those of either company's butter operations and have no relationship or effect on our expenses or pay-outs, other than the charges made for services actually rendered or expenses incurred. ' "With the rationalisation and zoning which took place last season, this organisation was prohibited from trading south of the Rakaia river. We therefore lost in manufacture butterfat equivalent to ISO tons of butter from Ashburton County and butter-fat equal to 450 tons of manufacture from the Temuka-Clandeboye districts. We gained some 250 tons of supply in North Canterbury, and the net result of these operations is that our output, which was last year 1985 tons, now stands at the figure of 1632 tons. "These drastic changes naturally called for reorganisation of methods to meet the changed conditions, and it is to the credit of the management that the organisation was so" handled thai in spite of the adjustments made under zoning and rationalisation, the unit cost per lb butter-fat is lower for the last season than the previous season by .lid. Our costs of collection, manufacture. and distribution are lower than those of any factory operating under similar conditions, and the result of this efficiency is reflected in the pay-out to suppliers, which compares favourably with any pay-out made by any butter-manufacturing company in the Dominion. "During the year the company purchased two sections of land adjoining the factory in Mocrhouse avenue, extended the factory, and also built garage accommodation N for six trucks on the new sections.- Wherever it has been possible to mechanise the work of the organisation, to bring about added efficiency and lower costs, this has been done. "Whilst a considerable amount of capital expenditure has been incurred in the last year, and some further expenditure has been authorised for the coming season, nothing has been spent that is not likely to be reflected in inv proved efficiency or quality. Your directors realise that to continue Taj Tapu in the position it has occupied for SO years, the company must maintain its high standard of buildings, plant, and staff. Amalgamation Proposals Abandoned "Last year the joint companies made • statement regarding the purchase of the four redundant factories, which concluded with these remarks: 'lf uneconomic and unwarranted competition is to be entirely eliminated, then it would appear to be in the best interests of producers that the proposals, having proceeded so far, should be completed. Both companies are in agreement on this point, and it is expected that at an early date proposals will be submitted to you with a view to completing the reorganisation of the industry of North Canterbury on a truly co-operative basis.' . "After 10 months of negotiations and ".laving submitted a scheme which was passed by both companies' legal advisors as the only practical method of fusion of the two companies, so as to preserve the interests of suppliers, the Central Company found itself unable to agree, and therefore amalgamation discussions and proposals have now been abandoned. We shall, wherever the interests of Tai Tapu suppliers are not adversely affected, or where it would be in the mutual interests of suppliers to do so, co-operate with the Central Company in every way possible. On the other hand, it is useless to disguise the fact that, with the abandonment of amalgamation proposals.- each company reverts to the position of desiring to maintain and extend its individual business. We are, therefore, as a Tai Tapu organisation, seeking additional supply, and wherever we can, in the Interests of our suppliers, extend our business, we shall regard it as our duty so' to do. "The balance-sheet calls for little comment. The cost of manufacture last season was 2.448 d per lb, whereas this year it is 2.336 d. This figure is affected somewhat by changed conditions, but it is extremely gratifying to your directors to note that, in spite of reduced output and reorganisation involved under zoning, the cost of handling a pound of butter-fat has been decreased. "Rationalisation Losses—Last year the company wrote off £7000: this year provision has been made for a further £3278 6s 6d. This completes the provision necessary for our half of the losses incurred in the purchase and closing down of the Kiwi. Sefton, Mid-Canterbury, and Cam factories. The amount standing as asset on the balance-sheet is the amount that is due to the company v from realisations already effected and a refund of income tax payment which is to be refunded under legislation authorised in the Finance Act No further provision is necessary by this company, as-all losses in connexion with rationalisation have now been provided for.*' _, „ Mr - H. J. Macartney seconded the motion. The retiring directors. Messrs F. Miller and T. M. Rainey, and the auditors, Messrs E. R. Caygill and Company, were re-elected.

SYDNEY WOOL SALE MARKET CONTINUES VERY FIRM GREASY MERINO BRINGS TO 16d (Received September 20, 9.25 p.m.) SYDNEY, September 20. At the wool sales to-day, 10,920 bales were offered. Sales at auction were 9710 bales and 611 were sold privately. Competition was sustained from the Continent, Yorkshire, and Japan. The market continues very firm for all descriptions. Greasy merino realised to 16d. BRADFORD TOPS MARKET LONDON,.September 19. Bradford business in crossbreds is steady and unchanged. Yarns are quiet. Some topmakers have withdrawn from the market for the time being, others quoting 26£ d for the sixtyfours. LONDON PRODUCE MARKETS NEW ZEALAND BUTTER LOWER SLIGHT EASING IN CHEESE PRICE The Primary Products Marketing De?artrnVnt has advised the Dairy Board of the conditions of the dairy oroduce markets at close of business Fn London on Saturday last, with prices ruling a week earlier:— s£3b"?. 8& to ue/- BE e |; Danish (spot) 135/- to 136/- 135/- to 136/Unsalted butters were quoted as follows:—New Zealand, 121s per cwt; Australian, 116s to 117s; Argentine, 108s to 110s; Dutch, Ills; and extra lines 114s °The butter market was reported as New Zealand butter was selling retail at Is 3d per lb; Danish at Is 4d. The Imperial Economic Committee estimated stocks of all butters in store at 1,244,362 boxes, compared with 816,974 boxes at the same time last year. _. Cheese The cheese market was described as quiet, prices as follows: Sept. 17. Sept. 10. I Cheese per cwt. per cwt. New Zealand .. 72/6 to 73/- 73/Canadian (new) 71/- to 72/- 71/- to 72/Can.dian (old) 78/- to 80/- 78/- to 80/Australian .. .68/- to 70/- 68/- to 70/Enjllsh farmers 86/- to 90/- 86/- to 88/English factory 66/- to 68/- 66/- to 68/New Zealand, Canadian, and Australian cheese above quoted were for both white and coloured. . j TALLOW, HEMP, EGGS, AND FRUIT HIGH COMMISSIONER'S REPORT The Department of Agriculture has received the following cablegram from the High Commissioner, London, dated September 18, 1938: Tallow Very little demand at auction; bids were made at about fid below last week's rates; 407 casks offered; none sold. Present spot quotations are:— Mutton: Fine, 22s 6d; fair to good, 17s, 20s 6d; dark to dull. 16s. 16s 6d. Beef: Sweet and/or mixed, 19s, 21s; fair to good, 16s 6d. 18s 6d; d~rk to dull, 15s 6d, 16s. Mixed: Fair to good, 16s 6d 18s 6d: fair to dull. 15s 6d, 16s. Gut, etc., 15s, 16s, Hemp Manila: Market quiet; small business has been done, but prices easier. K grade September-November shipment auoted values £l9 15s. Sisal: Market firmer; October-December shipment sold £l6 10s. New Zealand: Market unchanged. Stocks in London at Sep: tember 1, 115 tons, against 87 same time last year. Eggs Market quiet. English: National pack. 16s 6d; 225; ordinary pack, 19s, 20s. Danish (18 x 23): 13s 3d, 14s 3d. Australian (18 x 23): 12s 9d, 14s. Fruit Apples—Good demand, but prices easier owing to larger supplies. British Columbian Cox's Orange Pippins, 16s, 183; Californian Gravensteins. Bs. 13s 6d; Jonathan apples, 10s 6d, Us 6d; Virginia Delicious, 8s 9d, Us 6d. Pears —Prices easier owing to heavier arrivals. Californian Doyenne du Cornice, 14s, 15s;' Beurre Hardy, 10s 9d, 13s. , STOCK MARKETS QUIET GILT-EDGEDS SLIGHTLY EASIER FIRMING IN COMMODITY SHARES LONDON, September 19. Stock markets opened quietly today, operators preferring to await the turn of events..) Coppers, oils/ and rubbers were firmer, and Home industrials idle. Gilt-edgeds were fractionally easier. German bonds were mostly unchanged, but Czech bonds were lower. NEW YORK TIN LONDON, September 19. New York tin is quoted at 43.65 cents per lb.

CANTERBURY MARKETS ALL SECTIONS' CONTINUE DULL (BY OCB COJiMEECIAX. rDITOB.) Tuesday evening. The Canterbury grain and produce markets are having an exceedingly dull time, there being little activity in any section. No inquiries are being received in the potato market The North Island is still being well supplied from Ohakune and a few small parcels of new season's potatoes from Pukekohe are now making an appearance. The nominal quotations locally are £1 10s a ton on trucks for whites, and £1 15s for Dakotas. With the arrival of warmer weather, the demand for chaff has slackened off considerably. The quotation remains at £4 5s a ton. Other markets are featureless. Quotations The following are the prices quoted to farmers on trucks at country sidings, unless otherwise tndicated:— Wheat—Milling, f.0.b., September, Tuscan 5s lid, Hunters 6s Id, Pearl 6s 3d. Oats—A Gartons to 2s lOd, B Gartons to 2s 6d, Algerians 2s 9d to 3s. Ryegrass—Perennial 3s 9d, Italian 2s 9d to 3s. Cocksfoot—Plains 8d to 9d, Akaroa 8d to 9Ad per lb. Cowgrass—6d to Id per lb. White Clover—9d to Is per lb. Potatoes—Whites £1 10s a ton; Dakotas, £1 15s. Chaff—£4 5s a ton. Barley—Malting 4s 7Jd. 'feed 3s a bushel. Browntop—M.d., 9d to lOd per lb. Partridge Peas—4s 3d to 5s 3d a bushel. Bran—Large £4 15s, small £5 ss. Pollard—Large £6 5s a ton, small £6 15s. AUCKLAND [THE TRESS Special Service.] AUCKLAND, September 20 Since the last report, the only important alteration in the local grain and produce markets is in connexion with Australian bran, which has been reduced in accordance with the easier position across the Tasman, and is now quoted at £9 to £9 5s a ton on trucks or boat. Australian pollard was reduced a week ago. Supplies of pollard and bran from the local mills are still quoted at £7 15s and £6 15s a ton respectively. The only change in the market for oats and chaff is that freer supplies of good quality chaff are now available. Trade in oats is dull. Southern potatoes are selling freeJy at last week's prices. Supplies are ample and the demand good. A fresh shipment of onions came from Australian during the week to a fairly short market. This is expected to last until the first shipment of new season's Canadians come to hand in October, but the arrival of the latter will be about 10 days later than was expected, and there may be a temporary shortage. . ~ A fresh shipment of Australian wheat is due on Friday by the Korowai Barley is dull of sale, and the demand for maize is steady with no change in prices for any of these lines. LONDON METALS MARKET ADVANCE IN MOST SECTIONS

BRITISH WHEAT MARKET LONDON, September 19. Wheat cargoes are steady, and parcels very steady. Futures are quoted as follows:- Sept. 15. Sept 19. October 3 qUarter> .7 23 S - B* & * November .. 23 10* 23 11* Liverpool (a cental)— October .. 5 1| 5 II December .. 4 118 4 111 March s .j_ 4 102 4 10f CHICAGO FUTURES NEW "iTORK, September 19. Cents a Bushel. Sept. 15. Sept. 19. September •• 6*l 64* December -• 64| 65 May i .. •• 6fl ß . mi WHAKATANE PAPER MILLS, LIMITED PRODUCTION THIS YEAR Addressing a well-attendedmeettni of local shareholders in the Whakatane Paier Mills at Christchurch last Monday night Mr H. A. Horrocks, man--smg director, said that the company's plant would be in operation in December The company would be the first mm in Australia and New Zealand manufacturing groundwood pulp and timber therefor was being cut iron l M m takana Island. Output wouldl be 12,000 tons of pulp, and in addition thereto the company would be manufacturing 16,000 tons of paper board. «snti«!faetorv arrangements had been made for the sale* of the company's products, portion of which would be exported. Gross turnover, said Mr Horrocks, should approximate £300,000 per annum/ Although £500,000 has been expended on the Whakatane works, the net earning capacity of the plant was considerable, and shareholders could congratulate themselves as, after providing for payment of de.benture interest and preference # dividends, there would be ample internal finance to take care of subsequent extensions. , , . , , „ *u~ Eight thousand tons of pulp from the company's own plant would be converted into paper board, but the company would also be using around 5000 tons of wastepaper (the collection of which had been organised by the Salvation Army and afforded employment for quite a large number of people). In addition to the above raw materials some 3000 tons of chemical pulp would be used each year, and this would be imported until such time as a unit for its manufacture at the works could be installed, whereupon the company would be entirely self-contained and in a position to make newsprint, thereby bringing aoout full utilisation of the company's extensive forests. Following a full discussion of the company's operations, shareholders present expressed appreciation with the progress made and confidence in the company's prospects. The policy of the board in issuing debentures to provide working capital and funds for redemption of the £70,000 which suppliers of equipment had temporarily invested in the company, was endorsed by the meeting, which decided to support the debenture issue and passed a resolution inviting the co-operation of all shareholders. i Mr A. B. L. Smith occupied the I chair. —1

THE STOCK EXCHANGES

LOCAL TURNOVER AGAIN SMALL

PRICE LEVELS GENERALLY MAINTAINED

DEALINGS COMPLETED LISTED STOCKS

' Government and Banking New Zealand Government, 4 per cent, stock, due 1946, changed hands at par, and there were further unsupported sellers at £IOO 2s 6d. Buyers of National Bank of New Zealand raised their bids to 52s 3d. Bank of New Zealand were firmer with dealings at 41s lid and 425, and further buyers at the higher prices failed to attract sellers. Buyers of Union Banks raised their bids to £8 6s, sellers Is away. Tooth's Brewery shares were weaker, with sellers at 525. British Tobacco moved up to 46s 3d, market closing 45s 6d buyers, 46s 6d sellers. Broken Hill Proprietary changed hands at 54s 6d and 54s Bd, market closing 54s 7d buyers, 54s 9d sellers. The contributing were firmer at 375, market closing 3d either way. Electrolytic Zinc, ordinary, declined to 38s 3d, but closed with buyers at 38s sd. sellers at 395. Taranaki Oilfields were weaker with dealings at 12s 3d and 12s 2d. and further sellers at the lower price, buyers at 12s Id. Wilcox Mofflin were easier, with sellers at 6s. ' Broken Hill South recovered to 29s 3d, buyers staying in at that figure, sellers at 29s sd. North Broken Hill, cum dividend, recovered to 45s 3d, closinp quotations 44s lOd buyers. 45s 6d sellers. LATEST QUOTATIONS'

Although the recorded turnover on the Christchurch Stock Exchange yesterday was small, the demand for some stocks was slightly better. Price levels on the w>ole were fairly well maintained.

UNLISTED STOCKS All transactions in stocks quoted in this section are subject to special brokerage ind are not quoted on the official list:—

DUNEDIN Sales Reported £ s. d. Lrgo Gold (con.) .. .. 0 18 »ank of New Zealand (2) 22 0 rational Bank of Mew Zealand 212 3 lew Zealand Drug (ex dlv.) .. 3 9 0

WELLINGTON Sales on 'Change £ s. d. David Jones (Ist pref.) .. l « « New Zealand Breweries .. * o u Taranaki Oil ~-• _, • •• 012 3 (All above late Mgnday) N.Z. Guarantee Corp. .• 0 * Ja British Tobacco .. •• 2 6 d New Zealand Drug .. •• 3 s 3 Taranaki Oil " " n\l n Grey River .. •• ° « ° Nemona' Gold -. •• u J. » SYDNEY The Sydney share market yesterday was brighter and firmer with price falls checked. Government loans were exceptionally active.

MELBOURNE The Melbourne market is still hesitant but yesterday it showed a better closing tone on more promising indications of a settlement in Europe. Sales £ s. d. National Bank (£lO paid) .. 13 10 0 G. J. Coles .. 3 18 B Australian Glass .. .. 4 9 9 Dunlop Ferdriau .. 10 7 Imperial Chemicals (pref.) .. • 1 1 9 Electrolytic Zinc 1 19 6 Electrolytic Zinc (pref.) .. 240 Mount Lyell .. .. .. 17 0 Broken Hill Pty. .. .. 2 6 0 Emperor .. .. .. 012 6 Loloma .. .. ,„ 1 3 6 LONDON Quotations Buyers. Sellers, £ s. d. £ s. d. Clutha River Company 0 16 0 10 Molyneux River Company .. 0 0 7J 0 0 9 J ASSOCIATED BANKS' DOLLAR RATES The Associated Banks (other than the Bank of New South Wales) quoted the following dollar rates yesterday, on a New Zealand currency basis. They are subject to alterations without notice:— U.S.A. Canada. (Per £1 N.Z.) ] dol. dol. Selling— i T.T. .. .. 3.84 5-16 . 3.86 7-16 O.D. .. .. 3.848 * 3.86| Buying— J T.T. .. .. 3.88 5-16 3.90 7-16 O.D. .. .. 3.891-16 3.911 GOLD AND SILVER PRICES ; LONDON, September 19. Gold is quoted at £7 4s 7d a fine ounce. Silver is quoted at 20d an ounce spot and 20fd forward.

DIVIDENDS DUE The following dividends have been announced or recommended: — Argo Gold Dredge—ld (No. 16) To-day Howard Smith—interim 2 p.c. Sept. 22 K D V. Boxes, Auckland—2i p.c. Sept. S3 N.Z. Farmers" Co-op. (Christchurch)—lst pref, 4J p.c; • "A" and "B" prefs., 4 p.c. .. Sept. 34 North Broken Hul— -Final, Ma share, at 60 p.c. p.a. .. Sept. 38 Cox Bros. (Australia)—final. A and B pref., 7 p.c. pJ.; ord., 15 p.c. p.a. .. • • sept, a* Felt and Textiles. Ltd., Sydney-Half-yearly, 5 p.c. at the rate of 10 p.c. p.a. • • ■ • - Sept. 30 Dunlop-Perdriau Rubber—final, pref. 5 p.c ord. 31 p.c. .. Sept. 30 Bank of Australia—interim 3s 6d sterling a share .. .. Sept. 30 British Tobacco —quarterly 2 p.c. Sept. 30 United Provisions —ord. 3 p.c. pref., final half-year, 4 p.c. Sept. 30 Bricks and Mortar, Ltd., Sydney —interim quarterly at 8 p.c. . p.*. .. .. Sept. 30 Joseph Nathan and Co., Ltd.— half-yearly at 8 p.c. p.a. x>n preferred ord. .. .. Oct. 1

MINING LOWER RAWANG PAYMENT Rawang Tin Fields. Ltd. (Malaya), has declared an interim dividend of If d .a share, payable in sterling. The interim dividend last year was 6d a share, which, with a 'final payment of 3d a share, made 9d. or 7* per cent., unchanged, for the year ended March 31. RIMU The Rimu dredge return is 185.90z for 135 1-3 hours, from 51,463 yaidi treated. BRITISH WAR LOAN LONDON, September It. War Loan, 3J per cent, is quoted at £99 17s «d.

LONDON, September IS . CopperStandard, spot £ s. d. 41 14 4* £ s. 43 8 d. Forward 42 16 10J 43 11 104| Electrolytic .. 47 15 0 48 5 u to 48 15 - 0 49 5 0 Wire bars .. •48 15 0 49 5 0 Lead— Spot 15 17 6 16 3 14 Forward . 16 3 11 16 5 Vt Forward 16 3 n 16 5 7$ Spelter— Spot 14 17 6 14 8 l\ Forward 15 1 10J 15 0 n Tin— Spot 194 12 6 196 7 6 Forward 195 12 6 197 2 6 Silver — Fine, per oz 19 7 r 16d 19id Standard per oz . .. 21d 203d

Sales on 'Change £ s. d. £200 N.Z. Govt, 4 p.c. Ins., 1943.-46 100 0 0 200 Bank of New Zealand 2 1 11 (2) 2 2 0 100 British Tobacco (cum div.) .. (2) 2 6 3 100 Broken Hill Proprietary 2 14 6 2 14 8 100 Broken Hill Proprietary (contr.) 1 17 0 200 Electro. Zinc (ord.) (ex div.) (2) 1 18 3 200 Taranaki Oilfields .. 0 1Z 3 0 12 2 100 Broken Hill. South .. 1 9 3 50 North Broken Hill (cum div.) 2 5 3

N.Z. Govt. Debentures . Buyers. Sellers £ s. i £ s. a,i 3 p.c. Ins.. 1941 — 98 0 t> 31 p.c. Ins., 1938-52 —- lOJ o 0 31 p.c. Ins.. 1953-57 .. 93 0 0 94 Z 6 4 p.c. Ins., 1943-46 .. — 100 2 6 4 p.c. Ins., 1949 .. 100 10 0 — 4 p.c. Ins.. 1955 ..100 2 6 — 4 p.c. Bonds, 1946 .. 100 0 0 —— 4 p.c. Bonds. 1949 .. 100 10 0 _ 4 p.c. Bonds, 1955 ..100 2 6 —. Other Debenture* Banks Peninsula Power Board. 41 p.c, 1/4/65 — L03 0 0 Waitemata Harbour, 41 p.c. 1/12/84 — 104 0 0 Oxford County, 41 p.c. 1/4/61 —- 106 0 0 Tolaga Bay, 4J p.c, \ 10/9/60 .. •• — 102 10 0 Waitemata Harbour, 3J p.c. 1/11/60 —» 96 0 0 Wellington Hospital, 41 p.c, 14/9/43 •~ 103 10 0 Napier Harbour, 41 p.c, 30/9/50 .. -. 102 10 0 Napier Harbour, 41 p.c, 30/9/32 102 10 0 Gisborne Sheep, 6) p.c. 31/8/41 mt .. 101 0 0 •~* Dominion Fert., 71 p.c, 1/2/41 102 0 0 ~*~ Banks A'asia. (cum div., £5) 10 5 0 — Comra. of Aust. (10s) 0 15 8 0 15 10 Comm. of Sydney (£12 10s paid) »~ 20 2 6 E.. S., and A. (£3 paid) 5 0 6 5 3 0 Natl, of A/asia. (£5 paid) .. __ •• — B .9 0 Natl, of N.Z. (£2 10s paid) .. v 2 12 3 •*- New Zealand (£1) .• 2 2 0 — N.S.W. (£20) 29 10 0 30 5 0 Union of Aust. (£5 paid) 8 6 0 8 7 0 Insurance National (7s paid) — 0 16 9 New Zealand (£1) .. — 2 16 0 Standard (£1 paid) .. — 2 15 0 Loan and Agency Dalgety and Co (£5 8 10 1 610 paid) Goldsbrough, Mort (£1) _ N.Z. Guar. Corpn. (3s) 0 3IU 0 4 2 United Bldg. (cum div., £1) 1 0 0 *~ Shipping Union (pref., £1) — 2 6 3 Frozen Meat Cantby. (£7 10a paid) 9 7 6 — Gear (10s) 0 13 9 •— N.Z. Refrig. (£1 paid) — 0 17 9 N.Z. Refrig. (10s paid) 0 7 6 0 8 1 North Cant. Freezing (pre*., £1) .. 0 16 0 0 18 0 Woollens Kaiapoi (17s paid, cum div.) 0 10 0 -~■ Kaiapoi (pref., cum div., 17s) .. 0 14 0 0 16 0 Coal Grey Valley. (£1) — 0 13 9 Westport (10s) — 1 4 8 Westport-Stockton (10s) 0 3 0 0 4 6 Westport-Stockton (pf., 10s) 0 6 1 """ Gas Auckland (£1) — 1 1 0 Christchurch (£1) —• 1 7 8 Breweries Crown (in liqdn.) .. New Zealand (£1) 0 1 0 —- 1 19 6 2 0 0 Queensland (£1) — 1 6 0 Swan (5s) 1 6 3 1 8 0 Timaru (in liqdn.) .. 0 0 10 — Tooths (£1) .. — 2 12 0 Miscellaneous Alloy Steel (N.Z.), ' < £1 > ,„;• 1 0 0 ~ Amalg. Wireless (17s paid) •— 2 18 0 Aust. Glass (£1) 4 9 0 4 10 6 Beath and Co. (£1) •■ — 1 0 0 Berlel (N.Z.) (£1) -■ 3 6 0 3 10 0 Booth Macdonald (pf.. £1) 0 1 6 0 2 1 British Tobacco (cum div., £1) .. •• 2 5 6 2 6 6 Broken Hill Pty. (£1) 2 14 7 2 14 9 Broken Hill Pty. (con., 10s paid) 1 16 9 1 17 3 Colonial Sugar (£20) .._ — 47 0 0 Dominion Fert. (£1) .. 1 4 3 Donaghy Rope (£1) .. Dunlop Rubber (cum div., £1) 2 2 6 2 8 0 1 0 4 1 0 7 Electro, Zinc (ex div., £1) .. 1 18 5 1 19 0 Electro. Zinc (pref., (ex div., £1) 2 3 0 2 3 9 G. J. Coles (£1) 3 15 6 3 16 6 Gordon and Gotch (£1) — 2 14 6 Hay's, Ltd. (con., 15s paid) —— 0 18 0 Howard Smith (cum div., £1) .. .. 0 17 6 1 0 0 Hume Pipe (Aust.), (cum div., £1) •— 10 0 I.C.1. (Aust. and N.Z.), (pref., £1) .. 1 1 3 — Millaquln Sugar (£1).. —' 1 18 6 McKenzies, Ltd. (£1) .. —» 3 4 0 N.Z. Farmers' Co-op. (£2 10s paid) — 0 12 0 N.Z. Newspapers (16/8) 1 13 6 — Radio (1936) (£1) South Island Finance *^— 0 17 6 (10s paid) .. .. — 0 8 6 Taranakl Oil. (24/7 pd.) 0 12 1 0 12 2 United Provisions (£1) 0 6 0 0 8 5 Wilcox, Mofflin (lis) .. 0 5 4 0 6 0 Wilson's Cement (10s) 0 16 0 — Woolworths (Sydney) (ord., 5s) 1 0 1 1 0 2 Woolworths (N.Z.) (5s) — 0 19 0 Woolworths (N.Z.) (pref., cum div., £l) !-» i ; Z 0 0

Overseas Listing: Buyers; Sellers. £. s. d. £ s. d. Woolworths (S.A.) (5s) 0 14 4 0 14 10 Mining Argo (cum div., con., Is) 0 13 0 18 Barry town (£1) — 13 8 Big River (Is) 0 1 01 0 13 Austral (N.Z.) (£1) .. ~— 116 Gillespie's Beach (Is) 0 0 11J 0 11 Golden Sands (Is) 0 0 8 0 16 Grey River (10s) 0 13 9 0 14 6 Glenroy (Is) 0 0 3 0 0 6 Mossy Creek (Is) — 0 12 Nemona (Is) .. 0 1 3i 0 15 New River (Is) 0 0 6 — Skippers,,Ltd. (Is) .. ~ 0 0 1 Skippers (pref.. Is) .. — 0 0 6 Worksop Extend. (Is) — 0 11 Australian Mining Broken Hill Sth. (5s) 19 3 1 9 S Mount Lyell (£1) 16 6 1 6 11 Mount Morgan (2s 6d) 0 10 7J 0 10 10) Mount Morgan (pref., £1) 110 11G Nth. Broken Hill (cum div., 5s) .. .. 2 4 10 2 5 6 Placer Developments (X doj.) 3 18 0 4 2 6 Rawang Tin (cum div., 10s) .. ~ 0 8 1 Wellington Alluv. 0 4 10 —

Buyers. Sellers. £ s. d £ s. d. \fforestation (£55 J .. — 38 0 0 \.P.A. .. .. 0 8 9 0 10 9 3allins Breweries .. 0 10 9 0 11 6 31ackball Crpek .. — 0 13 <anleri .. .. — 14 9 Mobile Gas .. — 110 >J.Z. Perpetual Forests — 1 17 0 National Investments (10s paid) — 0 5 0 Selfridges (N.Z.) .. — 0 12 0 Fingey, R. and E. — 12 0 ["imam Lime (cum div.) .. .. 0 17 6 10 0 Voolworths (W.A.) .. ~ * 4 9 0 Voolworths Properties — 0 14 3 AUCKLAND Sales on 'Change £ s. d. ns. Stock, 1953-57, 3J p.c. 94 0 0 ns. Stock, 1952-55, 4 p.c. ' .. 100 0 0 ns. Stock. 1939-52, 3J p.c. 100 0 0 lank of New Zealand 2 1 11 outh British .. (2) 2 4 3 Jroken Hill Pty. .. (4) 2 14 0 . onsolidated Brick 0 7 3 armers* Trading (A pref.) .. 12 0 armers' Trading (B pref.) lie mperial Chemicals (pref.) 1 1 .7 •aranaki Oil .. (2) 0 12 0 Wilson's Cement .. 0 16 6 0 16 7 iTaihi Investments 0 8 3 Unofficial List f.Z. Perpetual Forests (4s pd.) 0 11 3

Morning Sales £ s. d. Tooth's Brewery 2 12 0 Australian Glass 4 10 0 Australian Gas A (new) 6 17 0 46 7 6 Colonial Sugar Afternoon Sales £ s. d. Bank of New South Wales 30 5 0 Comm. Banking of Sydney E., S., and A. Bank 20 3 0 5 2 6 Colonial Sugar 46 12 6 United Insurance .. . - 9 19 6 Associated Newspapers (pref.) 12 0 Burns, Fhilp 2 10 3 Tooths 2 12 6 Australian Glass 4 10 6 Dunlop Perdriau 10 7} Anthony Hordern 0 16 0 Stedmans • • • • • • 0 12 0 General Industries .. 0 18 9 Morts Dock .. .. •• 0 12 0 J. Fielding 4 4 0 W. Adams -. .. .. 0 13 6 Standard Cement 0 19 6 Masonite .. •• •• 0 16 0 Gordon and Gotch .. .. 2 12 9 Victoria Nyanza .: 0 13 9 Henry Jones 2 8 3 Electrolytic Zinc 1 19 6 Electrolytic Zinc (pref., N.Z. delivery) .. 2 4 3 Mount Morgan .. .. 0 10 11 Mount Lyell .. .. .. 17 3 Broken Hill Pty. .. - .. 2 16 0 Emperor .. .. .. 0 12 4