FINANCE AND COMMERCE.

Dominion, Volume 1, Issue 32, 1 November 1907, Page 10

FINANCE AND COMMERCE.

THE-SHAIIE MARKET.OA| ~-,. VThe dullness in the snkre market was'somevhat emphasised yesterday, but ..this dullness does' not mean' that the; market is drooping. JThe fact-is both buyers and sellers in-: 'different; ,, and this mood is likely to continue , .until the New Year. It is the holidays and , horse racing influencing inyestors. Yesterday, , one isale was reported in investment stocks, a line of New-Zealand and Biver Plate shares changed hands at 2fls. 6d., yielding to the investor approximately-';£4- '15s. .per.v.cent.» .In, ■tank shares there were'buyers "of {.Nationals , ! at £o Bs., sellers holding for .£5 9s. Insurance shares were neglected. The National Insurance Company's balance-sheet' for '.the; year ending September 30 is. being ; 'circulated,'and discloses a very satisfactory"'* condition of .affairs. The dividend for the year is maintained at 15 per cent. • Standardvlmiirance : shares were wanted at ■22s:j c WlHcK"'is;.a slight 'advance on the previous , : ehares aro neglected. v jvSillera-'Were-asking'.29s., 9d. for New Zealand'an^?Eiv^.Wate/shaj i es,.; and 7s. for LoanJ.and 1 Mercaritile/jGas , shares •were without ; change.,-f-.J.,There were' sellers, ofFeilding Gas shares shares, at .£25, £16, and i£3*7s:.i6d»;fo-r-'tho .various issues,' and Wellington Gas. at JSI? for the fully paid-up\ slja^.es.'^'Tiiie^olthei , 'group's; were all -quiet,'" witfi*--sellers .'■o&.C&nstclftifchv' Heat at .£lO 12s. Cd., Jlanawatu Rails'at 425;, .Wellington Woollens at £3 6s. 6d., and D.I.C. Preferred af^235.;.. : .., ..,- j> , ; ..}; M ' -~.;,..'■.. •':'.. ; THE MINING MARKET.. -Speculation is well- maintained-in-the-mining-section. Talismans have experienced another adv-ande, and were yesterday sold at 48s. Waihis have hardened, with, sales , at.,'.£B. ; 6Sv and £&.Is. Tairua Triumphs' wei* -sold -'at--25., with buyers offering Is. lid. The position of the. mining market yesterday is shown in the' following table:— I , ■' '- Buyer. Seller. Sales.

i ■ a 7-;o ' ' . ' NATIONAL'INSURANCE,^.;;-,> : . : - The thirty-fourth annual 'report and balance-' sheet of the National Insurance Company, covering the period to September' 30, are now available, and the figures show to advantage. Tho premium income for the year totalled .■£110,036,. while tha-*losses 'aggregated: or 57 per cent, of the. premium income; the working expenses, including bad and doubtful debts, totalled "£36,925, equal to. 33.56 per cent, of the premium income, and leaving an underwriting profit of £10,383|-. which is/equal'to-! 0.14 per cent, of the preniium';.income^".Tho', amount available for distribution is made up us under:— .fi - A Underwriting, profit 10,383 Interest, rent; 'etc. ... ... ... 15,713 Brought forward ... ... ...: ... 28,213 ,-,.., ..■,..:-.. . 54,339. And this it is proposed to distribute as Under:— To add to reserve ..." ... ... 10,000 Dividend, 15.. per'.'.cent. : ';;.;.::.,... v . .'.'.'.' 15,000 V'•' To carry' forward;..;;* , ;* *.*.'.;;.• : :;.; :' v ,...; ; ' 29,33?,'- ' _ _ vi ,51,339, _■ The fi^,^'h'dj' !^'awne'.".;srertiurt! (i'i;'lpfi(!J'rff-' insurances-; nnd'''retHfris,"-amountsd , 'to'-'ii10,035 13s. 10d., as compared with £106,036-2s. 10d. . in ' the previous-, year, thus, showing a. slight increase. Thc.Mbsscs totalled ''.£62,727 16s. 9<J., as against £40,891 13s. 3d., exhibiting- an l?increase of 3s: 6d.; or more'than 50 p'e.r. cent, over' ; thatf'of : the previous year.'.si'.The'; assets of .thovCqmpany are..well spread,- .'and include loans.on freehold properties in bentures £79,600,' money oii/^'dep.ositj.'faiid'^at , .: short call £37,600, i'and. £10,008 Us. 2d.' v Th'e rcserve3u'iid!sh6wtefcmdsV at- £i7o,.ooo,r; ■,}■'■' •-■ f:s::tft;^;t'+?\l CANADIAN PACIFIcfIIAILWAY. . The fullJreport of the.Canadian.Pacific.Bailway for the fiscal year ending June 30 last, ebows that despite an. unusually severe winter season, which ( -addcd, enormously to;, operating• expenses, the b'alati'ce" for dividends amounted to 18.376,031 dollars, which, after the deduction of .1,736,228 dollars, which is equal*to 13.C7 per cent, on tho 121,680,000, preferred .dividends leaves 16,63D,80G . dollars of'common "stoclc as against 14.15 per. cent, on 101,400,000 dollars, stock in the previous year. The gross earnings amounted to 72,217,527 dollars, and the working expenses to 4p,!)14,218 dollars. The percentage of operating expenses to gross earnings was 61.96 per. cent., as compared,, with','G2.7s' per cent, last year. -; \';i- '.'■■■? : -r." , i.-' : v '•)_ i°-rf.: COPPER. ;. 'itej .; The Chinese provided a diversion on tho. New York , Metal Exchange on. Tuesday, by. buying about 10,000,0001b. of copper. China is coining copper, and the , demands of China: on previous, occasions caused the prices- of-the metal to advance. Copper is quoted at £64, and that represents an advance of £5 ss. in about two days, but the position of copper is not at all promising. America is the principal copper producer, and the situation in America is unsatisfactory. •;,Tho "Commercial Chronicle," of Sep-< tember 14, says.:-7"Abstfliite.;'con£iisioii '. n'revaila in tho trade, and-lie -would 'be a bold'mah who would hazard an' opinion as to the probable outcome. But the matter does not seem to be one of price alone,:anel.-itjs;-a question whether even additional cutei "would'■ *be "'efficacious in bringing in purchasers. Consumers, apparently, would'!be willinK?enonghitovliHy, : ' but the demand for' their'own goods" has fallen away, and, under the circumstances, they can see no advantage in buying copper even at the present low prices, and turning it into goods, for which there may be no'm'arket.'- In' other words, confidence appears to be completely gone. Until a few. months ag0,..a1l branches of the" trade-were "kept:, .busy .'arid'fin. a high state of , tension, because 'of the'-nccn--mulation of old orders; but .with these orders out of the way new orders are notforthcoming, ,, end, therefore, overythißgOisVat -fc-sEamliitill:" DEAR "MONEY IN BERLIN. The Eeichs Bank, or Imperial .Bank of Germany, has advanced its discount rate to Gl per cent,,, in order to prevent an outflow of

.■gold.to.New'iYoi-k... When the Bank of Eng;land;;rate was advanced early in the- week, it was a certainty that Berlin would "have to go higher. Money- is, and .has been, .exceedingly tight ■ in Berlin"!' The: Berlin correspondent of the; "Economist," writing under date September 11, says:—"Factors are.lcoming into view which prevent the indulgence of optimistic hopes regarding the future of.the.market. The heavy advance of grain prices, is!'noted with some concern by bankers asv ai ■ circumstance i, likely;J:o affect the money situation; another matter, that is attracting attention - is the circumstance that an' unusually l ! large number of bills are now going to protest..- This shows that commercial people are : in great straits to raiso working capital,. a' conclusipn that has been unpleasantly reinforced .'.by a. marked increase in. the number of•'. business -insolvencies since J&?« .beginning ;of the. month!':-.' These are occuriJing:-; in .various branches -of-trade /both i,j.n v the provinces ■ niid .Berlin, .and';in nearly all cases., the suspensions'are explained :as caused byj the. impossibility to ; raise" working 'capital." -.The, t coin and .bullion iirthq'-.'lmperial' Bank of at --.the end ■■ of," August; -.totalled !:;243,W1,000, but of this about was in gold. It was announced , recently that Germany was about to coin: a considerable amount of sSjlver currency.!: .'.,'■. .-■!..'.■:'; , . v • '-METALS.: V ,■.,-'"_.: .. BT TELEGBAPH— PRESS .ASSOCIATION— COPTRIGHT. Londojj, October 30. Copper, on the spot and three months, .£64 per. ton, a rise of £2 since yesterday, and of "£o ss; since"the previous quotation. Tin.—Spot, .£149 ss. per ton, a fall of 15s. since yesterday; three months, ,£l5O 10s. ~Lead,<,;£lß> 7s. Gd. per ton, a rise of 2s. 6d. since" Saturday. l •■'■■ . Silver, 2s. 3 7-16 d. per ounce. TALLOW. .;,,..)„..,,;,..:,, ~ ~ •■,. LoNnoN, October 30. "'At the'?tallow, sales ;1800 casks were offered and '. SDO t - sold. ,-Mutton, fine, 365; 3d. per ewt. j .medium, 335. 6d.; beef, fine, 35si;. medium, 335. ~.,, TRADE RETURNS. ' The. trade returns'for the' September quarter, published in'last , night's Gazette,'-show that the imports,' including \£30,905 specie, amounted-'to .£4,820,953, as, against ,£4,234,875 for the corresponding, quarter of last' year, and, the ■. exports amounted 1 ' to ' ,£3,251,452,' 'against ' ' ■:■ z , .. COLONIAL SUGAR COMPANY. ........ . EFFECT.,OF TARIFF. ni TELEGBAPH —rRESS ASSOCIATION-tCOPTHIGHT. . ' Sydnet, October. 31. At the- half-yearly, meeting of the Colonial Sugar Company the net profits were stated to ■be' :£,llß,os3,"which,'with".£9l,B29 brought forward,'' mafle .£209,882 available'for distribution. A 10 per cent, dividend was declared, and the ■Slim of -.£99,882 forward. . '■ The chairman said the abolition of the duty in New Zealand; excepting that'it would possibly create a larger demnml, would not alter the position, as sugar-refining had never been protected in New Zealand. The present crop, he added, would be. henyy, but the drought, both in Australia and Fiji, .was'likely 1 to have a bad effect on-next year's, output. w : \i '.■', ..",'!"'' STOCK-SALE. ,.■ , ■■ -A'\' V [BT TELEGEAPH.—PBESS'ASSboiATIpNi] GisnoßNE, October 31. • ;At-the;Matrfwh'ero stock'sale'll,ooo sheep.were yarded,' chiefly 1 h'bggcfs. and ■ dry • ow ; cs. A few pens of wethers, sold well at late rates, but there were.no prime. lots sold. Ewes were 'below/fe,cent 'prices, 'but hoggets were, keenly , competed:' for.;*'. The.;; first lambs, of the season ■were> submitted; :buf were not thoroughly fat /•Nearly:.; IOpO , -head" , of.'c'attle were offered. Young animal.s;s'old.-,\vell,;;but 'dairy cows, wcro hard .t.o,.;quit.;-"Sheep , : sold', at the • following prices — 1 .'225.j prime fat ewes, :18s-.-;fid..>;to>2os:;iniodium-fat ewes, 17s. 4d to ftitei restores; %SMi\ tp,.lss.i9d. ;■ -owes,and lambs, 1 ,-225.; : 4( tytp. a76..;6dV;. prime, fat hoggets, 18s. to .'195.:::7r1.:';:/ijieditira,--16sV: to',;i7s.; culls, 14s lid to 15s. '9d. Cattle sold '.'as, follows :—Fat' steers "?' 9s, o o ,' « 8 lOs - ; fat O,VR ' -£* ; to.. JBG; store l tee l s ' o *- , - , t0 store cows, ss. to. 10s.; heifers, c£l:.7s. to oG3 18s. Messrs. Abrahams, and Williams, Limited report on their Miisterton stock'sale, held vesterday, as follows :-The yarding of stock in both sheep and cattle, was in excess of advertised numbers. In sheep, some extra 'quality ewes and wethers were offered,, and for an extra, prime line of:shbrn ewes offered, on account of Mr. A. P. Whatman, of. Abbotsford, the yqry. satisfactory, price of 18s. was realised: Bidding for store sheep was in. and out, vendors' ideas of values'being, in. most cases, in excess/of what buyers were prepared, to give. ,A satisfactory clearance was, however, made in cattle. ■'. The ; ',demaridi was not. brisk. Most lines, however, found- purchasers before the end, of-.thej day.. r We quote:— .Sheep;— Extra prime, fat shorn ewes, 18s.; fat ewes in the wool, 225. to 235. Gd.; forward ompty ewes, 16s. to 17s. 8(1.; ewes and lambs, 20s. Stl. to 2Js.; fut wethers, 255.; hceets 16s. 6tl. to 17s. 4d. ' Cattle.—Forward empty heifers, .£2 10s. to ,£3'-75.-*6d.; springing heifers, £3 ss. to "je-t;' forward empty cows, £3 to. J33-. 7s.' 6d.; cows in. calf, J33 2s; 6d. to JU 3s:; wean'ers, 21s Gd to 295. • • .'.. ' • . ' Pigs.—Porkers, 285.; stores, 10s.. 6d..j weaners, 10s. to 10s. Cd. . : ■;:■)' •'?;cusTpMS.,DUTJEs:; ; Tlie,.Customs duties collected 1 in. Wellincton yesterdny totalled 'iCIOS!) 12s. Id.; the. Custom.-, collections for the month ,o( October amounted .to .£74,013 10s. 5d.," and. the ißeer Duty to :r ! : ;; , : '',,-' ' ; . '.MINING. .:,;>:;■ [BT TELEGRAni.—OWN CORRESPONDENT.] Auckland, Oclbber 31. ■The opening rip of the new reef intersected a few days'ago in the crosscut being projected south from the shaft in the western'workings -of the .Waihi.Grand Junction mine, is being followed, with, keen interest. The', ore body has now been penetrated for upwards of lOff. .without revealing the footwnll,..and the quartz • continues to improi-e.; in. , appearance as the work'advances. The "dovolopiiient promises to prove one of considerable importance; and as there is'not a great deal of atone overhead, it would appear that the operations in progress are''practically on' the cap-.of the reef, the identity of which has not yet been ascertained.

In some quarters it was suggested that (ho stranger might, prove to bo the Empire lode, but this does not seem probable as the crosscut, in which the lode was picked up, has nor., iiccoKhoK .to the strike of the Empire lode in the Waihi Company's workings, been carried far enough in a south-easterly direction to intersect that vein. During the past week or two the main lode above No. S level in the New Zealand Crown mine has shown considerable improvement in values. The drive is now in about 2000 ft. south of the underlie shaft, and sloping over the back of the ore body hnr. disclosed the existence of high-grade q'uoi-K The Company's Superintendent (Mr. I)*k) will leave i* a few days for London, t" confer with the directors on matters relating to the : installation of the new electrical pumping plant and the future development of the mine, and it is understood that on his return, a more vigorous and comprehensive scheme of underground operations will be proceeded with, including the exploration of reefs known to exist on the property, but so far not developed. The official re-iort of the work carried out at the Tnlisrr.c" :ui:ie for the three weeks onding September U, is as follows:—No 10 level .sloping :—The assays for the period from No. 1 Bonanza block stopes average £2 Bs. Gd. No. 11 love 1 :— The south drive from' No. 7 crosscut has advanced l!)ft., total 130 ft.; width of reef, i'.t. ; average of assays, £1 12s. lfkl. This drive will hereafter be known as the sonlh drive main reef, and the present face is 445 ft. south of No. 4 crosscut. From theface of the south drive, a crosscut was extended eastward 23ft., and the whole of this distance shows a mixture of nunrtz and country rock, carrying low values. Main south drive: —This was extended 28ft. to a connection with the north drive from No. 7 crosscut. For this distance the reef was small, and values very poor. Stopiiig :—The . average of assays from the No. 1 Bonanza block stopes is £1 Is. 9(1. From the No. 2 Bonanza block stopes the values average £1 os. fid. No. 12 level, south drive, main reef, advanced 27ft., total 155 ft.; width of reef, G3in.; average of assays, £9 12s. South drive, east vein, advanced 24ft., total 305 ft.; width of reef, 36in.; assays average, .£1 7s. sd. At 201 ft., a crosscut was driven westward lGft., where it junctional with the south drive on the. main reef. The ventilation at this point is', now very good. No. 5 winze:—This was started 102 ft. south of No. 3 crosscut, and sunk fift. Values for this distance average .£3 11s. Owing to the. water becoming troublesome, sinking l:as been stopped until No. 5 rise. No. 13 level, drains this section. Stoping':—The assays from No. 1 north block stopes average £2 12s Oil., and No; 2 north block stopes average ,£1 Gs. ■ Gd. No. 13 level. No. 5 rise, advanced 31ft., total 131 ft. From 100 ft. to 124 ft., the values average 3s. 3d. for a width of 27in., and from 124 ft. to 134 ft., values average .£3 19s. Id., for a width of 4ft. The crosscut into the hanging wall at -00ft. was advanced lift., total 22ft. (discontinued.)

[by telegraph.—press association.] Auckland, October 31. The gold returns from Auckland district mines for October, amount to .£100,633 3s. Id., as against -£118,074 for September, the shortage being accounted for by the fact that the Waiothi- return has not yet come- to hand. The October total is made up as. follows:— Ohincmuri, .£97,310 16s. lid.; Thames, .£1997 Gs. 2d.; Coiomandel, .£325. .

WELLINGTON SHAME LIST. ■ '■ r™>M F*n"and g. 2 Liabil- 3,3 PRICES, ' '/ . ' ■' Yield . ■ COMPANY. •"•• pXmVRJ. Balnnco .3 ity pot *> — ' to Forward' ■ -g£, Sbaro: «3 :■ Buyer.' Sollor. " Investor. BANKS.,,... ,-. £ ... . M A,, ., ,•£ jE. . f \£s.d., Hi -'A .8. d. £ e. d. KowZoaland'"----'- -SJOO.000 '■-Si , ???---3i'-' ■■ 3j ■ - : -10'- 0100- OH 0 >,' " National - - - 375,000 sis,J1 ' i 5* 15 ■ ■ ■ "IS ■ <■' 6 '8 0 f=1 0 ■' ■ INSURANCE. ' .. 0 ,, 0 . . •'.;■." National - ■'- - 100.000 . *J«£? * unlld.' -15 • - 1 6 !> 17 6 TI.l 611 1 New Zealand - - 300,000 ■ SS'Xi « 6 10 ; 4 0 0 4 3 6 : ; ■ .• ■ - ::.100,OM:" 1 i rinlkd.; ..30::. "■".:•■■.V5'15 0. ■.','., -..'. -. ... f ..75,00O-.- ■..-. S2 ' 1 ?-' i.'.J unltd.- '10 0 . .13 3 : ., . '■ ■ . . FINANCIAL. "•'■ ,,_„ ■■••.■' '■■■.■ EQuitabloBnildinS - W.OOO «g3 6 5 ]0 10 0 0 10 5 0 10 : 3 6 4 IS 9 Metropolitan Building 21,000 J-™ 10 nil 7 K ( C Wellington Invest;: - 50,000 3SS 4 I '"6" " 12 •' . WoPetoniTrustifcLoan .101,250 -,S"SS" 5,... S.. .-.8 •....'.-■;... 710 0 -. 710..0 B 6 8 National Mortgage ■ J - '200,000/ : 'JS*5S-'- .•2'-*-8- 10 ' ,?',T 6' '350 .•.-S.'4.'O 650 K.Z. andBiver Plate"- 'SOoioOO , •—?»•=«' "jr -'nil ■/' "lOO in!) 111 115 0 Loan arid Mercantile - 135,223 167 ' 36a J 8J. 5 0 7 0 ... ■ ..' Auckland' '-' • ifflisio ' 'F'S '"6 nil 16 l<0 0 14 5 0 , Christchurch '. - 150,000 M 5 nil 10 10 7 0 . . - FeUdine" .•-■.-■••■■ 10,803 - - 1 nil' -• ' 0173 0170 Gisborno..,..,- - - 17,100 °-g? 1 nil 12t ■"■■■.- Hawent <■■•='i!'.'..;. - ' : /8.250 '■■ "" ' 2- : J: 10 110 13 0. ;•...'. NewPli-mouth - - 18,000 3 - u9 . 5 nil 10 • 715 0 - • Napier- : V ■.. ■ • , -10 ••• • nil 15 .■,;■■ 25 0 0 ■; .„ - :m . -•»■ '-?£ .. ];: ,,; r 15,;, ; »,• J ,. ; , f ffeas^l'■■■",:^"■.■■Sβ,..,a-..^,..-ft'-irsf i,oo ..■'>■";■ 6 - 6 * ,,,■•»:. ..ju:.^..-.-?™'?? 0 ;.- ; .i{-...■••.■•■,, ji:5.;..;..5-.-■■■10. .. 0-7..6-' :;. ■. Canterbury -• ' v,-,t" t'183,727.' -.^'• n H : ' -'i'''"'58 "'8 ' 8.0 0- ■ ' • Christchurch.".;,.- "'165.930' / '" 10' nil. 8 10 7 6 1013 6 1010 0 713 4 Gear -.---.-..■.. ■ -,-'r • B5JM .-1' nil.' 10 . 2 7 0 .... 4 6 10 ' ' .' Wellington Meat Exp . . ■ _• 5 . ..nil. .8. .612. .6 „ „ ' 105.766 h 63.767 4 1 8 5 2 6 ■ „ , .'.. .'., ,. J - j . . 5 6 . 23. ... 8 . ..3 6 0 . -3 7 0 3 6 0 6 7 3 Wanganul '■',: .Vv.i ' ; 15350? ■ •*'»;»> 5 -nil. K .' 8 ■.-,.■ • .. , • TBANSPOnT; ►'"-■• ■>-■••.■■.- — '••-. - . ■ . •- '..... ■ •W.&M. Railway - 170,000 121.453 i ,4 . . 7. 8 8 0 '220 368 N.Z.Shil>ping - . 473.840 113,751 .-./. 8'. .: nil. ; . ■ : 5. ■•■:■■ BOO Union Steam - . 600,000 , WSaS io n i|. 10 1810 0 : 18-10. 0 -581 Wgtn.Steam-Ferry,,.. '..''46,850/. . '.: .65.' '',£:. nil. 6 018 0, .■•;■-.■.•.'■ : COAIi.-'" -' ■■•'■-■ "■•■-''■ . ■■■:■■• •' '■ • :'. •' . • Wratport"".. "■'*:■■ - ''ZDfiCO'. :117,a5: ' ■ &■ v;y ■■ , 15 /;.- 716 :. O 717 6 . J 17 0. 613 0 Taupiri- - -K.;. > 82,600 ' ' 5.339 / 1 nil. •; . 74' ■ njg 0 . I'M ■•■>>■- "■; WOOLI/EN. „„„ :' ■• :; Eaiapoi- - ... - 100,000 32,854 5 nil. 6 5 0 0 .' , , Mosgiel- - - - 83,457 p"4g '. J'3i'.; 14' '.24 ■' : /.210 0 ; ' 3 ;0 0 ' 'Vv Wellington - - - 10,000 I. M,36iJ .-.', 1.. , 1. . 6 '3 6 0'- 3 6 6 ■ ' 3 6/.0. 7 5 6 • MISCEIiLANEOOS. ..«.-'. ■),; -■ . ..•■-.-.-.■ ■ ■ . ;•/• y>. " DonaehirJJope - - 47,000 — •"" '10' ■■nil" •'-—" • '512' 6 ■■-■••••• Leylana& O'Brien - 35.000 31,035 1 nil 15 2 6 0 2 7 6' Jlanricoville Lime - 7,000 205 1 nil 8 15 0 - '•: K.Z. ■-■ - 10,000 ■■■-z.~~ 10 nil' " ' _ '"' 1000 ./' .'■' N.Z.Drugs - - - £00,000 24,514 2 nil., 7 210,6 211 0 ■';' • N.Z. Paper Milla - W.755 . 1477'.. 1 , nil - v: .7 136 ; 1 4 0 1 3 1h 619 0 N.Z.Cement- :- 40JBO : 2.0B ' l'; nil 8 110 6 113 6 1.■..■•■Manning & Co. - " D6.000 37.670 -i; ,.'1 -. ■■io--. )-■■■■'. 4 0 0' Ward & Co. - - " 8WXX) 30,655 4 ...1 . .10 ',. , 62 6. Wgtn. Opera House " 18.630 1.705 5 nil ' 8 f O 0 ' .-j' V . . Wgtn. Fresh Food * 28,261 ,. ..— ,1. nil ,..-", 0.2rO| . ,/ .'•■,' '■'> ' Wbitcombe & Tombs', • ". S0J53, ,; '5'. ;■ nil , ,..,. ,io : ' .'4 .6 0'. 410 0. ■• • /■ 6barland. Limited-:•■'18,676 ■•-' S,3U-ji' -:-i:' ■ -74-'; - .• - .;.-ou 6 . ■" . "

. ., ■■&&&: ■'■'• ■.■*'s.vdi«'-::ie-.B i ,d.'Kura nui Cale-*»«r- /»i.r v >.w ' ..,■■■!.«■ <i-.,>o donian ... 1% h —;i^, r ," —." Tairua .'Broken''"' ■'■/■■■ •■' ■-: ■; ■;■ ■• Hills ...... - 0 5 6 •' Tairua Triumph, ■ 3d. paid ,,0.. 1 11. ,.*.„— ,... 0 .2.,P BiR River .■_....•-.•.._ ■ 013 „ Talisman ... ... 2 7 9 2 8 6 2 8 0 Waihi 8 6 0-880 8 G 0