Commerce, Mining, & Finance

Evening Star, Issue 22453, 25 September 1936, Page 7

Commerce, Mining, & Finance

AUSTRALIAN STUCK EXCHANGES Brass Association—By Telegraph—Copyright SYDNEY, September 24. The Stock. Exchange market for industrial shares was quieter and steadier. Bonds were firmer. £ s. a.

The Melbourne Exchange was closed owing to the Royal Show holiday. TIN PRODUCTION QUOTA Press Association—By Telegraph—Copyright LONDON, September 23. The International Tin Committee decided that the production quota for the final quarter shall remain at 90 per cent. Renewal of the control agreement, which expires at the end of the year, was discussed, but no decision was reached. Negotiations are being continued. THE METAL MARKET Press Association—By Telegraph—Copyright LONDON, September 23. The following are the official metal quotations: — Copper.—Spot, £3B 15s 7id per ton; forward, £39 6s IOJd. Electrolytic.—Spot, £43 2s 6d; forward, £43 12s 6d. Wire bars, £43 12s 6d. Lead.—Forward, £18; spot, £l7 18s 9d. ' , 3 Spelter.—Spot, £l3 17s 6d; forward, Spot, £192 10s; forward 1 , £l9l. Silver.— Standard, 19 7-16 d per oz; fine, 21d, SYDNEY WOOL SALES Presa Association—By Telegraph—Copyright SYDNEY, September 24. At the wool sales 12,196 bales were offered and 10,191 sold, while 582 were privately disposed of. The market closed firm. Competition was principally from Yorkshire and the Continent. Greasy merino made to 21id. - ■ ■■■- fr" DOLLAR AND FRANC Press Association—By Telegraph—Copyright LONDON, September 24. (Received September 25, at noon.) The dollar is quoted at 5.07 and the franc at 77. THE WOOL YEAR V DALGETY'S REVIEW « The 1935-36 wool-selling season was one of the most successful experienced for many years,” is' the opening sentence in Dalgety’s and informative review of the Australian and New Zealand wool trade. It is shown how values recovered and confidence was restored in the market, and this recovery is traced back to March, 1935. Of all wool-using countries the United Kingdom is shown to “ lead the world.” England is the largest wool importer afid Australia the largest wool producer. Referring to the New Zealand woolselling season. Dalgety and Co. remark on the record disposal in the Dominion last season of 756,833 bales, and add: “ It says much for the trade that they were able, without any apparent effort, to lift such a huge quantity with competition from all sections pronounced and keen, right up to the last sale im April.” “ Practically empty stores ” in New Zealand, with an almost negligible carry-over of greasy wool, describes the position in New Zealand at the end of the last wool year. . . Each New Zealand wool district is taken in review, with comments on every sale. Dealing particularly with Wellington, it is observed that “ there is no doubt that a large percentage of the previously good clips have gone off in character and breeding, and are lacking in evenness and robustness. Fat lamb breeding and top-dressing are to a certain extent responsible for the deterioration, '>and so long as fat lamb raising is the first consideration the North Island clip will not show much improvement.” Reference is made to “ hairiness ” as becoming more pronounced. Manawatu and Wairarapa supplied the best cross-breds. The review, as usual, is valuable not only for its comments on the wool industry and trade of the Dominion and Commonwealth, but also for its statistical information and authoritative references to the wool .industry in South Africa, Japan, South America, and other countries. A special section is devoted to synthetic wools and to rayon and staple fibre. JAPANESE STOCK POSITION Winchcombe, Carson and Co., Sydney, report that of late reference has been made to the heavy stocks of wool held in Japan, which reached 82,000,0001 b, about 273,000 bales, at the end of April last. That was a record total, but not much in excess of May, 1935, when the quantity held was 76,900,0001 b. Despite the heavy imports made in the 1934-35 season, Japan was a most extensive purchaser in 1935-36. She has fuither increased her exports of wool fabrics, the total from January to May being 12,500,000 square yards, 30 per cent, more than a year before. Larger supplies were needed to cope with expanding turnover.

COMPANY NEWS DUHLOP-PERDRIAU FEES PAID TO DIRECTORS SHAREHOLDER’S QUESTIONS. Criticism of the manner in which the accounts were presented was voiced by several shareholders at the annual meeting of the Dunlop-Perdriau Rubber Company Limited, held in Melbourne recently. It was pointed out by the chairman of directors, Mr W. A. Watt, that it would be unwise to give competitors too much information about the company. One shareholder moved that the remuneration of the auditors be reduced from £2,000 to £1,750. He said that He did this to express his dissatisfaction with the presentation of the accounts. The balance sheet was presented in a form which even skilled accountants could not understand. It was the duty of the directors to present the accounts in a form which could be understood by shareholders and the public. Mr Watt replied that the form of balance sheet had been prepared by the English Dunlop Company and bad been introduced in Australia by the English company’s chief accountant, who said that it was approved by leading accountants throughout the world. The motion was defeated on a show of hands. Speaking to the motion for the adoption of the annual report, another shareholder said that the balance sheet was distinguished chiefly by the things it did not say. For some years shareholders had received dividends, the money for which should have been used to Write down the capital value of assets. He demanded to know what the directors received in fees and expenses and what amounts were received by certain executive officers under conMr Watt said that the was bound to secrecy on the directors' remuneration, but neither he nor other directors saw any reason why they should not be disclosed. The total draw as directors’ fees was £7,500, including salaries for two executive directors. “ This business stands in capitalisation among the first half-dozen in Australia,” continued Mr Watt, “ and in output it comes almost first if not first. It is a cheaply run machine (dissent). I do not say that it was cheaply run at the start, but I do say it is now. (A voice, Nonsense.) . As to the service agreements, they were named in the articles of association. There is nothing suspicious about them.” DEATH'S HET PROFIT OF £7,098 PROVISION FOR INCOME TAX [Per United Press Association.] CHRISTCHURCH, September 24.The provision of more than £4,000 extra for" income® tflx is the ma|lh reason for a reduction in the net profit of Beath and Co. Ltd., drapers, to £7,098 from £9,681 last year. The ordinary dividend is reduced to 5 per cent, from 8 per cent. The directors report that 56 per cent, of the net profit is required for land and income tax, for which £8,728 is allowed in the accounts. The gross profit was £58,210 against £88,174 last year. BAHK ADVAHCES DEMANDS OF INDUSTRIES An important mercantile hops© established in Melbourne with branches in provincial centres in Australia and New Zealand foresees a tightening up of bank advances in Australia. In correspondence with a New Zealand branch the firm referred) to points to the recent rapid) development of industries in Australia as having absorbed as much capital as the trading banks at the moment desire to advance. It is expected that, in the absence of borrowing overseas—which Australia is not likely to do at the moment —a position may presently be reached when the banks will be closely scrutinising their advances and) probably enforcing economies on those of their customers who cannot meet requests for reduction of their liabilities. Fears are expressed) in the letter that Australia is again “ plunging into a trade boom.” Attention is drawn to the ill-effects of enforced wholesale legal repudiation of and the vast national debt of Australia. G. J. COLES LTD. G. J. Coles Ltd. advise that the transfer book for ordinary shares will close on September 30 in connection with the issue of ordinary shares to shareholders registered at that date, in the proportion of one new share for every five held at 40s a share, payable 20s on November 16 and 20s on January 16 next year. BURNS PHILP (SOUTH SEAS) LTD. An interim dividend at the rate of 5 per cent, per annum will be paid on October 15. UNITED PROVISIONS United Provisions Ltd., Sydney, has declared its preference half-yearly dividend at the rate of 8 per cent, per annum and ordinary dividend at the rate of 2 per cent, per annum.

FOREIGH EXCHAHGES ON NEW ZEALAND CURRENGY BASIS The Bank of New South Wales, Dunedin, quoted the following rates (to-day) for purchase and sales of foreign exchanges (all rates subject to alteration without

DOLLAR RATES. The Associated Banks (other than the Bank of New South Wales) quoted the following dollar rates to-day on a New Zealand .currency basis. They are subject to alteration without notice:— U.S.A. Canada.

DAIRY PRODUCE REGULATIONS EXPORT PRICES ORDER [Per United Press Association.] WELLINGTON, September 24. The dairy produce export prices order and the dairy factory supply regulations, 1936, were issued as a supplement to the ‘ Gazette ’ to-night. They give effect to recent legislation passed by the House, and in the case of the former outline the procedure for packing butter and cheese and the fixation of prices for these commodities. The dairy factory supply regulations outline the powers of the Executive Commission of Agriculture, and cover a delivery of milk and cream to factories and their handling there. POPULAR LOAN QUICKLY OVERSUBSCRIBED Press Association—By Telegraph—Copyright LONDON, September 24. (Received September 25, at 2 a.m.) The London County loan of £lO,000,000, 3 per cent, at £99, 1956-71, was oversubscribed tenfold in five minutes. PRICE OF GOLD Press Association—By Telegraph—Copyright LONDON, September 24. (Received September 25, at noon.) Fine gold is quoted at £6 17s 3d an ounce.

AUSTRALIAN COMPANY PROFITS STEADY IMPROVEMENT SHOWN The net profits of Australian public companies have showed a steady improvement over practically the whole field of industry since 1932. The following table, compiled by the National Bank of Australasia, shows the results of 69 companies whose latest balance sheets covet trading periods which ended since January 1 this year. The paid-up capital of the 69 companies amounts to £43,000,000. When published reserves and undivided profits are added, the total of shareholders’ funds is £66,000,000. The profits disclosed aggregate £3,402,920, which is approximately 8 per cent, on paid-up capital, or 5 per cent, on shareholders’ funds. In thousands ol pounds, 1332. 1333. 1334. 1333. 1938.

There has been an upward movement since 1932 in the earnings of all sections represented above, except gas and electricity. In 1932, 19 of the companies showed losses and 50 profits. In 1936 they were all profit-earning. The statement indicates results for the opening half of the current year. A more comprehensive but less up-to-date comparison is that of results of public companies published during the last 12 months. This covers 528 companies which balanced their accounts during 1935. Their aggregate results are:— 1331 10,033,371 » 1332 10,654,862 1333 12,570,243 1334 15,166,037 1335 10,540.714 AUSTRALIAN MARKETS Press Association —By Telegraph—Copyright SYDNEY, September 24. Wheat: At country sidings, 4s 3Jd, equal to about i4s lOd ex trucks, Sydney. Flour, £l2 ss. Bran and pollard, £6 ss. Potatoes: Tasmanian, £10; others, to £8 10s, Onions: Victorian, £lB. , Maine, 4s 6d. ADELAIDE, September 24. Wheat; Growers’ lots, 4s 94d« Flour: Bakers’ lots, £l2 10s. . Bran and pollard, £6 ss. Oats: Algerian, 2s 4d. Barley, 2s sd. MELBOURNE, September 25. (Received September 25, at 11 a.m.) Wheat, ss. Flour, £l2 ss. Bran, £5 15s. Pollard, £6. Oats, 2s 2d to 2s 2Jd. Barley: English, 3s 3d to 3s 4d, Maize, os 2d to 5s 3d. • Potatoes, £6 5s to £6 10s. Onions, £l4 to £ls, BRADFORD MARKET Pre* Association—By Telegraph—CopyrlfW LONDON, September 24. (Received September 25, at 11.30 a.m.) Bradford tops:—Merinos: 70’s, 334 d; 64’s, 32d; 60’s, 31d. Cross-breds: 68’s, 254 d; 56’s, 204 d; 50’s 16d; 46’s, 14d; 44’s, 134 d. Merino tops are firm, but business is quiet. Topmakers are reluctant to make concessions owing to the relative dearness of wool. Cross-breds are firm. Botany yarns are quiet. Cross-bred yarns are more active. PEDIGREE BULLS FROM U.S. AVERAGE OF 385 GUINEAS REALISED [Per United Press Association.] AUCKLAND, September 24. Groomed and curled like toy dogs, 10 North American pedigree Aberdeen Angus bulls were sold at auction on account of Wayland Hopley Farms Incorporated, Atlantic Highway, lowa, United States, an average price of 385 gs being realised for the line. The top price of 675 gs was paid by Mr A. Goodwin, of Taumarunui, for an exceptionally thick and low-set animal s Bidding was keen throughout. CITRUS FRUITS SOUTH AUSTRALIAN SUPPLIES New ZeaJland farmers touring South Australia visited Waikerie, the cooperative packing sheds, where fruit was being graded for export to the Dominion. The visitors were ad L dressed by Mr J. B. Murdoch, of the Murray Citrus Co-operative Company. He made special reference to statements made in New Zealand alleging that growers here were obtaining nigii prices for oranges at the expense of consumers. Mr Murdoch said these statements were entirely erroneous, and l this was shown by the fact that the average price obtained from New Zealand wholesalers was 21s for a case containing one and two-fifths bushels. The charges for getting the fruit from producer to wholesaler were nearly 13s a case, leaving a net return of 8s a case, or 5s 7d a bushel, to growers. Of the oranges submitted for grading fully 40 per cent, were rejected for export, and these had to be sold locally at lower prices, so the average on the total was only 4s 6d to 5s a bushel; from this the cost of production had to be deducted. South Australian growers, he said, were anxious to extend trade with New Zealand, and with this end in view only the_ very best fruit was shipped. Grading was carried out by Government officers, who exercised close supervision. As a trade gesture two-thirds of this season’s crop was packed in New Zealand cases. Before leaving Waikerie most of the visitors placed orders for fruit to, be shipped to New Zealand. I

THE SHARE MARKET DUNEDIN STOCK EXCHANGE Although no business was effected at the call-over this morning, five sales were reported, the prices realised in all cases being firm. ■ tn the banking section National of New Zealands had business at £3, with subsequent sellers at Is 6d more and no buyer. New Zealands lost further ground, sellers reducing their limit to 38s lid, with no buyer over 38s 4d. National' Insurances continued to appreciate in value, a sale at 18s 8d being followed by further buyers- at 18s 5d and no seller under 19s. Buyers of Wright, Stephenson ordinaries moved up 9d to 16s 9d without response, and Goldsbrough, Morts were available at 34s 3d, but no buyer was attracted. Sellers appeared for all issues of Kaiapoi Woollens, the ordinaries providing the only buyer in the section. After persistent inquiry at 45s 6d Crystal Ices attracted a seller this morning 2s away. Dunlop Rubbers had a close market, while Woolworths’ ordinary shares, which were sought yesterday at £4 19s, had business at £5 Is, with' a subsequent seller at £5 ss. All brewery issues maintained strong support, a rise of 6d in the buying quote for Dominions providing the only change in the quotations. There was a slackening off in the demand for Australian mining scrip, Electrolytic Zinc prefs. being the only issue to attract a buyer, though sellers of all issues were firm on yesterday’s quotes. There was the usual preponderance of buyers for Government loans. A parcel of £250 worth of 1946-49 stock was on offer at £lO5 15s, but no other seller put in an appearance. SALES REPORTED. National Bank of New Zealand, £3. National Insurance, 18s Bd. Woolworth’s (N.Z., ord), £5 Is, Mount Lycll, £1 9s 6d. Shillings Ltd., 17s 6d. Quotations as under:—

DIVIDENDS DUE

THE RESERVE BANK THE WEEKLY SUMMARY [Per United Press Association.] WELLINGTON, September 24. The ‘ Gazette ’ issued to-night contains the following statement of the liabilities and assets of the Reserve Bank of New Zealand as at the close of business on September 21. The figures at the close of last week are given for the purposes of comparison, shillings and pence being emitted; —. ' LIABILITIES. Last Week. Thii Week. £ £ t. Gener«? Pescive Fund 1,500,000 1,500,000 2. Bank notes ... 11,042,360 11,194,466 3. Demand liabilities*-* (a State 5,646,307 3,950.196 (b> Banka 6,227,976 6,653,669 (c.‘ Other 132,551 , 190,987 4. Time deposits 6. Liabilities in currencies othei than Nc* Zealand currency ... ... —•— 6. Other liabilities ... 94,111 104,517 Total 643,307 ASSETS. T. Reserve—,a) Gold ... . ... 3,801,733 2,801,733 (b) St .ling exchange 18,849,074 16,921,503 (c) Goiu exchange 8. Subsidian coin ... ... 180,022 172,295 9. Discounts—(a) Coirmernai and • agricultuiaj Dills p— , . (bi and local body bill* ... - • 10. Advances*— (a; To State or State undertakings 710,200 894,230 (b To othe public authorities (c) Otner 11. Investments ... ... ... 2,035,850 2,035,850 12. Bank buildings ... ... 13. Other asset* . 66,426 68,246 Total Proportion of reserve (No. 7 less No. 5) to notes a,.d other, lia- , i bilities ... 93.933$ ' 89.694% THE SEARCH FDR GOLD EMPEROR ORE RESERVES The directors of Emperor Mines Ltd l ., Fiji, report that Mr H. J. C. Conolly has returned from the field, and in a preliminary report states that ore reserves comprise;—Developed ore: Oxidised ore, 620,000 tons: telluride ore, 50,000 tons; partly-developed ore (mostly telluride ore), 60,000 tons. Total, 720,000 tons, values: Oxidised ore, lOdwt fine gold per ton; telluride ore, probably higher. This estimate does’ not include any ore from the Regent lode. TALISMAN DUBBO MINES Talisman Dubbo Mines advise that 26 tons of ore was treated at the Golden Dawn battery for an approximate realisation of £291. NEW RIVER DREDGE [Per United Press Association.] GREYMOUTH, September 25. ■ The New River Dredging Company reports a return of SSJoz of gold for 141 hours and from 13,000 yards.

Commercial Banking of Syd19 15 0 Baifk of New Zealand 1 19 6 Colonial Sugar 43 7 6 Automatic Totalisators Tooths 1 0 2 16 3 9 Queensland Brewery 1 4 9 Go4dsbroughj Mort 1 14 0 Mark Foy ... 1 11 9 Stediman Malley’s ... Mori’s Dock-... • ••• ••• 0 17 0 1 0 0 11 0 10 Union Steam Ship Co. (pref., Sydney register) 1 6 0 B.. Fowler 0 14 6 Mount Morgan 0 13 1 Broken Hill Proprietary 3 16 6 Broken Hill Proprietary 2 17 (new) 9 Placer Development _ 4 18 0 Mandated! Alluvials ‘ 1 10 9 Loloma ...' i no Emperor - 0 14 11

notice): — Selling. Buying. London— £100 stg. N.Z . T.T. £124 ' £124 10/ O.D. £123 10/ £124 8/9 Australia— £A to £100 N.Z . T.T. £101 £100 10/ Fiji— £P to £100 N.Z . T.T. £90 7/6 £89 New York— Dollar to £1 N.Z ... T.T 4.08| 4.04J O.D. 4.09| 4.051 Montreal— Dollar to £1 N.Z ... T.T 4.084 4.04* O.D 4.09| 4.05* Austria — Schillings to £1 21.08 N.Z ... T.T. — O.D. — 21.10 Belgium— Belgas to £1 23 029 N.Z ... T.T. . O.D. — 23.940 Czechoslovakia— Crowns to £1 N.Z ... T.T. 97.47 O.D. — 97.52 Denmark— Kroner to £1 N.Z ... T.T 18.203 17.893 O.D. 18.263 17.903 France — Francs to £1 N.Z ... T.T. — 61.45 O.D. — 61.49 Germany— Rcichmarks to £1 N.Z ... T.T, — 10.051 O.D. — 10.056 Holland— Florins to £1 N.Z .* ... T.T. — 5.960 O.D. — 5.964 Italy— Lira to £1 N.Z. ... T.T. 51.50 O.D. ’ 51.55 Java— Florins to £1 N.Z ... T.T. — 5.926 O.D. — 5.930 Norway— Kroner to £1 N.Z ... T.T. 16.181 15.891 O.D. 16.241 15.901 Sweden — Kroner to £1 N.Z. ... ... ... T.T. 15.785 15.490 O.D. 15.845 15.500 Switzerland — Francs to £1 N.Z ... T.T. — 12.391 O.D. — 12.396 Noumea — Francs* to' £1 ' ' N.Z. ... ... ... T.T. — 60.08 O.D. — 60.14 Papeete— Francs to £1 N.Z ... T.T. — •60.23 O.D. — 60.29 Hongkong— N.Z. pence to 1 - dollar ... .. T.T. 18 13-64 18 45-64 O.D. 18 11-64 18 11-16 India and Ceylon— N.Z. pence to 1 rupee ... T.T. 22* 22 21-32 O.D. 22 11-32 22 41-64 Japan— N.Z. pence to 1 yen T.T. — 17 33-64 O.D. — 17i Shanghai— N.Z. pence to 1 ‘ a dollar ... ... T.T. 174 18 O.D. 17 15-32. 17 63-64 Singapore— N.Z. pence to 1 dollar .. T.T. 34 23-32 35 13-64 O.D. 34| 35 3-16

(Per £1 N.Z.) (Per£lN.Z.) SELLING- ' T.T. (dol) 4.04* 4.04* O.D. (dol) 4.05* 4,05 BUYING— T.T. (dol) 4.08* 4.08 O.D. (dol) 4.09* 4.09*

Group. £ £ £ £ £, ... 28 12 12 12 ... 59!) 570 549 554 602 Gas, electricity, etc. (4) 212 197 197 178 105 Investment (9) ... 77 76 90 100 116 Manufacturing (17) 910 1,039 1,252 1,317 1,391 Miscellaneous ... 1 —3 —3 Pastoral (4) ... 98 104 240 128 235 ... 17 109 206 313 456 Transport (7) ... ... 287 267 309 307 319 Wholesale (7) ... 63 53 57 100 116 (less ]o&s». sj (69) 2,226 2,424 2,912 3,008 3,402

Buyers. Sellers. £ s. d. £ S. d. BANKING— New South Wales ... _ 32 15 0 New Zealand 1 18 4 1 18 11 Commercial ... ... — 0 18 5 National of New Zealand ... — 3 i 6 INSURANCE— National 0 18 5 0 19 0 Standard — 3 2 0 SHIPPING— Howard Smith 0 19 6 P. and 0. Deferred Stock 1 11 0 U.S.S. Co. (pref.) ... 1 6 0 MEAT PRESERVINGN.Z. Refrigerating (paid) ... N.Z. Refrigerating 0 19, 0 0 19 6 (cont.) 0 9 3 0 9 6 South Otago Freezing — 8 0 0 Waitaki Farmers’ Freezing 4 0 6 — LOAN AND AGENCYGolcfchrough, Mort ... — 1 14 3 National Mortgage ... — 2 11 0 Perpetual Trustees ... — 3 4 0 Wright, Stephenson (ord.) ' ... 0 16 9 — COAL— Kaitangata 1 1 0 — Westport “ 1 3 1 GAS— Christchurch — 1 10 0 WOOLLEN COMPANIESBruce (ord.) 0 14 6 Kaiapoi (ord.) 0 14 6 0 15 6 Kaiapoi (cont.) — 0 6 6 Kaiapoi (pref.) — 1 0 0 MISCELLANEOUS— Anthony Hordern ... — 0 19 0 Australian Glass . ... — 4 13 3 Broken Hill Proprietary ... — 3 16 0 Broken Hill Proprietary (cont.) 2 16 0 — Brown, Ewing (ord.) 0 16 9 — Brown, Ewing (pref.) Crystal Ice Co 1 2 3 — 2 5 6 2 7 6 Dominion Fertiliser ... — 1 4 9 Dominion Rubber ... — 1 9 0 Donaghy’s Rope and Twine i 2 11 0 — Dunlop Perdriau Rubber ... 0 18 4 ,0 18 6 G. J. Coles — 4 2 6 Milburn Lime and Cement — 2 3 0 National Electric 0 13 3 — N.Z. Drug Co 3 14 0 — N.Z. Farmers’ Fertiliser 1 1 0 — 6 N.Z. Newspapers N.Z. Paper Mills ... 1 6 6 2 0 • Otago Daily Times ‘ — 2 8 0 Regent Theatre ... — 1 1 6 Woolworth (ord.) ... — 5 5 0 BREWERIES— New Zealand — 6 2 14 0 Staple’s 1 14 — Dominion 1 11 6 — Dunedin 1 9 0 1 10 0 Tooths 2 16 0 — Carlton 2 19 0 UNLISTED STOCKS— Woolworths, Sydney 8 (ord.) — 0 5 0 Were’s Trust (rights) 0 1 0 1 6 AUSTRALIAN MINING Broken Hill South (£1) — 6 5 0 Electrolytic Zinc 6 9 (pref., £1) 2 4 2 5 Electrolytic Zinc (ord., £1) — 2 4 s Mount Lyell (£1) ... — 1 9 8 Mount Morgan (2s 6d) — 0 13 0 Upper Watut (5s) ... — 0 3 3 GOLD MINING— Argo Dredging (Is) ... 0 1 7 0 1 9i Big River (Is) — 0 Z 1 Blackwater (£1) ... — 1 14’ 6 Central Shotover (Is) — 9 0 0 5 Clutha River (2s) ... 0 1 — Consolidated Goldfields (4s) — 0 16 9 Gillespie’s (Is) 0 1 5 0 1 6 King Solomon (Is) ... — 0 1 0 Lawson’s Flat (Is) ... — 0 0 5 Molyneux River (2s) 0 1 8 — Mossy Creek (Is) 0 1 3 — Mount David (5s) ... — 0 1 0 Okarito (5s) — 0 5 6 Waipapa Beach (Is) . 0 0 10 Waitahu (5s) — 0 2 3 Worksop (Is) 0 1 8 N.Z. GOVERNMENT LOANS— (Bonds quoted are £100 Bonds.) 3£ p.c. Stock, Nov., 1938-52 103 15 0 — 3J p.c. Stock, March, 1939-43 101 15 0 — 3£ p.c. Stock, Sept., 1939-43 101 15 0 3£ p.c. Stock, March, , 1941-43 101 10 0 — 3j p.c. Stock, Sept., 1941-43 ... 101 10 0 — 3)r p.c. Stock, May, 1941-52 ... 103 10 0 — p.c. Stock., Nov., 1941-52 103 10 0 — 4 p.c. Bonds, 1937-40 101 0 0 — 4 p.c. Stock, 1937-40 101 0 0 — .4 p.c. Bonds, 1943-46 103 15 0 — 4 p.c. Stock, 1943-46 103 15 0 — 4 p.c. Stock, 1946-49 105 5 0 105 15 0 4 p.c. Bonds, 1952-55 105 5 0 — 4- p.c. Stock, 1952-55 105 5 0

Nemona Dredge—Id a share Hume Pipe, Australia, Ltd. —5 per Sept. 26 cent, per annum ... Claude Neon (Australia) —15 per Sept. 28 cent. British Tobacco—Quarterly, 2 per Sept. 28 cent. Amalgamated Pictures Ltd.— Half-yearly, 10 per cent. Myer Emporium, Melbourne— Final, 5J per cent., making 8£ Sept. 30 Sept. 30 per cent, per annum Dunlop Perdriau —Final, ord., and Oct. 1 pref., 6 per cent United Building Society (ChristOct 1 church) —Interim, 2£ per cent. Nestles and Anglo-Swiss Milk— Oct 1 Quarterly, pref., 8 per cent. Australian Knitting Mills—Final, half-year, pref., 3J per cent., ord., 4 per cent., making 7 Oct. 1 per cent, per annum Lincoln Mills—Final, pref., 5 per Oct. 2 cent., and ord., 8 1-3 per cent. Bank of Australasia—Interim, 3s Oct 2 6d per _ share Howard Smith—Ord., 2£ per cent, per annum; pref., 11 per Oct 2 cent. Amalgamated Zinc (De Bavay’s) Oct. 6 -Half-yearly, 5 per cent. ... G. J. Coles—Interim, quarterly, •Oct. 9 per cent Wunderlich Ltd. —Interim halfyearly, ord., 6 per cent, per annum; 1st and 2nd pref., 6 per cent, per annum; 3rd Oct. 15 pref., 7 per cent, per annum N.Z. Guarantee Corporation— Oct. 15 Final, 2d a share, 9 13-18 per cent, per annum Imperial Chemical Industries Ltd. —Interim, 2£ per cent., on Oct. 30 ordinary shares ... Not, 2