FINANCE & MARKETS

Sun (Auckland), Volume III, Issue 729, 31 July 1929, Page 10

FINANCE & MARKETS

Insurance Firm

Coals in Demand THE volume oi business on ’Change is improving and fairly heavy buying is noticed ia gilt-edge securities. Insurance shares are firm with little activity. Coals are exceptionally firm, steady buying recorded.

Yesterday afternoon's business. —On ’•.'hange: Reported, Renown Collieries , ord.), 17s; Renown Collieries (pref.), : s 2d: Auckland Gas (con.), 17s 9d; Northern Steamship, 14s 2d. Northern steamship. 14s 3d; Electrolytic Zinc i. or d.). £ 1 18s Gd; Wilsons Cement, £2 4s 3d. Business at this morning s early r,til. —On ’Change; Sanford (ord.), ISs ::0; Kuala Kampar. 13s lid. Reported: t'ommercial .Bank of Australia ill 10s; Kauri Timber. 18s 6d; Australian Iron and Steel (pref.), £1 ::s 9d; British Tobacco, £2 8s 6d; Henrv Jones. £1 13s 9d. Business at today’s mid-day call. — Reported: Australian Iron and Steel i pref.) t £1 3s # The banking section is less active at present, although shares in many tuses remain firm. Commercials or \ustralia, ordinary, are steady at 30s id. New South Wales have buyers ~t £.71 10s. sellers appearing at £sl 15<= Union of Australia, ox dividend, uive buvers at £ls, sellers quoting £ls s *- In the miscellaneous. Bluish Tobacco are changing hands a.c 4Ss Gd. } i'enry Jones sold this morning at 33s 9d, leaving a firm market. Robinsons Ice have many buyers at 22s 9d. Sanfords are attracting attention. Wilson’s Oment are exceptionally firm, with buyers 445, Gd. There is a fair inquiry for shipping shares and prices are well maintained.

| Devonport Ferry are steady. Howard : Smiths have buyers at 235, shares un- | offered. Huddart Parker, both ordin- ; ary and preference, are asked for. i Northern Steam paid have weakened } slightly, although many buyers are ! quoting. Union Steam preference are scarce, buyers quoting 20s 9d. * * * Loan and Agency section is firm. Abraham and Williams preference have persistent buyers at 88s. Farmers’ Auctioneering, ordinary, have improved to buyers 70s, no sellers quoting. Goldsbrough, Mort, remain quiet. River Plate and Loan and Mercantile are both in demand. Wright Stephenson have numerous buyers at 24s 6d. Calls and Dividends Calls and dividends are due as follow: Dividends— * Due. Auckland Gas, S p.c\, p.a. (int.) July 30 British Tobacco, 6i p.c. (pref.) (quarterly) July 31 j Electrolytic Zinc, 6 p.c., ord. and prof, (final) Sept. 6 1 N.Z. Insurance, lid a share (final) August 6 i Com. Bank of Australia, 4 j per cent, p.a. (pref), 15 per cent., p.a. (ord.) August S Victoria Nyanza Sugar, 7i per cent (interim) August 31 Calls — T , 1 Alburnia—2d a share July ol

TODAY’S QUOTATIONS ~j

losing quotations at today’s mid-day

call were:—

v N.Z. DAIRY COMPANY

DIRECTORS NOMINATED HAMILTON, Today. Nominations for directors of the New Zealand Co-operative Dairy Company, Ltd., closed this morning, as follow; Northern electoral district; Mr. J. Ballantine (Otaua), Mr. R. J. Glasgow «Onewhero), Mr. A. L. Hull (Waiuku), .Mr. J. W. Johns. Pukekolie: Mr. A. Jones (W r aipipi), Mr. J. H. Keith t Pukekohe), Mr. F. Kirton (Papakura), .1. Luke (Clevedoo), Mr. G. T. Parvin (Pukekolie),‘Mr. P. G. Wyman « Papatoetoe). South-western district: Mr. J. H. Furniss (Ruawaro), Mr. E. H. Jull (Te Rapa). Mr. F. Phillips i Otorohanga), Mr. I>. S. Reid (Ngahinepouri). Mr. R. G. Young (Gordontor). South-eastern district: Mr. W. 11. Allen (.Tirau), Mr. A. J. Walker i Kiwitihi). Paeroa ward; Mr. G. Buchanan (Paeroa).

SOUTHERN POTATO MARKET

PRICES A LITTLE EASIER Press Association CHRISTCHURCH, Tuesday. The potato market is not so excited as last week, consequently in fairly substantial supplies going North. Inquiries from Auckland have declined and today the market is inclined to be a little easier. Both Auckland and Wellington have experienced a substantial advance, but this is regarded as a reflection of the local movement of the week-end. Potatoes for prompt delivery are quoted at £7 17s 6d, f.0.b., s.i., buyers, and £B, sellers, and AugustSeptembers at £B, approximately 2s 6d less than at the week-end. Farmers are being offered £6 12s 6d to £6 15s, on trucks, and there is more disposition to meet the market than a week or two ago. Substantial quantities went North during the week. The Kaiwarra on Saturday loaded 5,700 sabks at Lyttelton, making a total cargo, including that from Timaru, of 7,200 sacks for the week ending July 27. The from Lyttelton totalled the very substantial quantity of 16,180 sacks, as follows: —Auckland. 5,733; Wellington, 4,126; Napier and Gisborne, 2,368; West Coast, North Island, 3,526: West Coast, South Island, 427. For the season to date a little over 200,000 sacks have been shipped from Lyttelton, Auckland taking approximately 80*,1)00 sacks These figures show that potatoes have come to hand very freely. The Waipiata is now loading at Timaru and is expected at Lyttelton on Thursday or Friday. Nominally she is a July boat, and will be taking a good cargo of this month's deliveries. Onions are very firm, being quoted at £7 10s on trucks. All other lines of produce are quiet.

CHICAGO WHEAT MARKET

(Australian and X.Z. Press Association) Reed. 9 a.in. CHICAGO, Tuesday. Wheat.—July, 1 dollar 39 cents a bushel; September, 3 dollar 43 3-8 cents; December, L dollar 51 1-S cents; March, 1 dollar 56£ cents.

REFLECTIONS ON CHANGE

N.Z. MARKET REVIEWED OVERSEAS INFLUENCES By “NOON CALL” Unaffected by more or less unsatisfactory conditions overseas, the New Zealand investment market maintains a very firm tone. Ample funds continue t’o come forward for investment. London cables over the past few days have indicated one or two disturbing factors on the financial horizon, factors which must eventually influence the New Zealand market. Firstly, with wool prices 25 per cent, below those ruling at this time last year there seems little possibility of a recovery in the near future. Artificial silk is proving a substantial competitor on the higher price levels, while English and Continental manufacturers are finding it extremely difficult to quit stocks bought in at the higher prices; until they are able to do this, they will not be buyers of the raw product. This factor will not be fully felt in New Zealand until early in the new year; a smaller surplus in the sheep farming community, however, must make itself felt in investment channels. For some weeks now a weakening in the market for several stocks in companies dealing with the man on the land has been noted; this is particularly noticeable in concerns with Australian interests. Again, with the recent serious efflux of gold out of England and the generally unstable condition of several of the most important industries of Great Britain —the cotton industry in particular over the past week —the market there has registered a rather unhealthy tone for several weeks. This state of affairs, unless righted at a very early date, must react on the New Zealand gilt-edge market; this country has to face maturing loans to the tune of approximately £45,000,000 over the next 18 months. In the meantime, however, the gilt-edge market in the Dominion holds very firm. All classes of Government and local body debentures meet with a steady demand. One factor working for this has been the lack of attractive debenture issues offered to the public over the past two or three months. Movements on New Zealand ’Changes The market on New Zealand ’Changes over the week has recorded little movement worthy of special note. Healthy trading has been transacted with interests spread over a comparatively wide range. The keen interest in New Zealand Breweries which followed the announcement of the company’s capital reorganisation scheme has to a large extent died down and the market for both the shares and the debentures has been quiet on slightly lower levels over the past few days. Other brewery shares are also receiving less attention, although little change in the market for any scrip is recorded. Banks and insurances are quiet, a slight weakening tendency being recorded in the market for one or two Australian - banks. The market for shares in all the better managed coal companies is very firm. A rising tendency has been recorded throughout the week. This is particularly the case in regard to scrip in the Waikato companies interested in the carbonisation scheme scheduled to start operations at an early date. Pukemiros, which sold down as low as 59s early in the winter, were sought at 69s yesterday, with holders asking 755. Waipas, which were idle and neglected for many weeks up till a month or so ago on a market around 12s Gd, were dealt with at par (15s) yesterday. Renowns appear to have a number of weak holders, and although the scrip appears to be about the best buying in the group at the moment, steady sales are taking place around 17s. One of the features of the shipping section over the week, has been the weakening tendency of the market for Northern Steams. From sales at 14s 6d last week sellers have dropped to 14s 3d. A healthy tone is registered in the miscellaneous market, all profit-return-ing shares meeting with a steady demand. Return on Investment Below is a summary of sales made on New Zealand Exchanges over the week ended July 30, giving the approximate return on investment based on the latest dividend. In the case of Government and local body debentures the return includes redemption. The first column gives the price at which the latest sal© was made; Latest Approx. Price Return. £sd £ s d BANKS—

CANADA’S WHEAT WEALTH

MILLIONS FOR PRAIRIE PROVINCES POOLS DISTRIBUTE MONEY (Australian and N.Z. Press Association) Reed. 9 a.m. WINNIPEG, Tuesday. The manager of the Central Wheat J Selling Agency, Mr. E. B. Ramsay, j announced the distribution of nearly ' £8,000,000 as the second interim pay- j ment on wheat and coarse grains by : the Canadian wheat pools. The basis of payment is 21 half cents a bushel on No. 1, Northern and Fort William. IS cents on No. 2. 175 cents \ on No. 3, 221 cents on No. 4, 16 cents j on No. 5, S cents on No. G, and 71!- cents on r feed wheat. In the other grades there is a wide ! range of payments, from 36 cents to 2 cents. The interim payments on Durum wheat are:—No. 1, Amber | Durum, 185 cents; No. 2, 16 cents; No. 3, 12 cents; No. 4, 135 cents; No. 5, 14 cents; No. 6, 65 cents, and 14 cents a bushel on feed Amber Durum. Last year the pools adopted a new policy of adjusting all the spreads and making all deductions for the commercial reserve, carrying the charges, etc., from the second interim payment, and this course was followed this year. As a result, the final payment to be made at the end of the crop year will be a flat payment on all grades. Mr. Ramsay stated, regarding the interim payment on Grade 6 and feed wheat:—‘ Pool members who delivered wheat of these grades will remember that when a reduction was made in the initial payment last fall, from a dollar to 85 cents a bushel, a concession was made to members delivering lower grades. To meet a very difficult situation, a larger proportion of the price of their grain was paid than in former years. For a while, the drop in the initial payment for top grades was 15 cents below the previous year’s basis. The drop on No. 6 and feed was only 5 cents a bushel. The prices of the lower grades, therefore, did not depreciate from the previous year’s prices in proportion to the higher grades, even in the face of the very heavy deliveries of lowsr grades which the pool received.” Mr. Rr/msay added;—“The first interim pAyment on the 1928 crop was made by the wheat pool on March 1 last, v/hen a flat payment of 12 cents a busaiel was made on grades from No. 1 to feed, with the exception of No. 6, on which the payment was 10 , cents a bushel.” It is announced that an interim payment amounting to over £500,000 is also being distributed by the coarse grains pools of Manitoba and Saskatchewan. The distribution of the second interim payment is as follows, by the Alberta pool: bushels of wheat; by the Saskatchewan pool, £5,188.282 on 157,901,672 bushels of wheat; by the Manitoba pool, £390,000.

FRANKTON STOCK SALE

SHARP RISE IN BEEF (From Our Own Correspondent) HAMILTON, Tuesday. The weekly stock sale at the Frankton saleyards today was well attended. There was a moderate yarding of beef and a fair yarding of sheep. Fat pigs were yarded in small numbers, but there was a good yarding of store pigs. A sharp rise was recorded for beef, but sheen and pig quotations were much the same as the previous week. The auctioneers report as follow: —• The Farmers’ Co-operative Auctioneering Company, Ltd.:—Beef met with keen competition and showed a slight advance on late markets. Fat sheep sold at late rates. On behalf of Mr. F. B. Hardy a particularly choice line of breeding ewes was sold. Best 4 and 5-year-old ewes in lamb to Romney rams brought up to 375; 4 and 5-year-old ewes in lamb to Southdown rams averaged 365, while 350 of the same ewes brought 35s lOd. Prices were:—Fat bullocks, £l4 5s to £l4 18s; heavy fat cows, £lO 15s to £l2 2s Gel; medium, £8 19s to £lO 8s; light, £5 to £6 17s; vealers, £3 6s to £3 13s. An extra choice runner on account of Mr. A. If. Storey, of Te Awamutu, realised £8 9s. Yearling heifers, £4 8s; yearling heifers, small, £3; fat wethers, £1 17s 4d to £1 18s; store wethers, 25s to 30s; fat ewes, £1 Is; medium baconers, £3 3s to £3 9s; light baconers and heavy porkers, £2 12s to £3; light porkers, £2 to £2 7s; good stores, 29s to 335; slips, 23s to 275; weaners, 12s to £1; best bobby calves, 11s to 14s 6d; others, 6s to 10s. The New Zealand Loan and Mercantile Agency Company, Ltd: —One extra prime fat bullock on account of Mr. T. M. Hall, of Hamilton, purchased by Mr. W. It. Shattock, Hamilton, realised £lB 12s 6d. One prime bullock on account of Mr. A. A. Holmes, of Te Rapa, purchased by Mr. J. Pratt, realised £l6 17s 6d. Fat cows made £7 15s to £8 11s; lighter cows, £6 to £7 12s Gd; fat wethers, 37s 2d to 37s 6d; fat ewes, 23s Sd to 25s 3d; good hoggets, to 355. There were few fat pigs yarded, but store pigs were yarded in large numbers, and realised good prices. Dalgety and Company, Limited;— Medium-weight prime bullocks made up to £l6 os, this price being obtained for Mr. E. W. R. Leslie. Prime heavy young cows, also on account of Mr. Leslie, fetched up to £l3 Is. Ordinary prime average weight cows and heifers made £9 10s to £ll ss; inferior, £7 to £S; boners, £4 5s to £6 15s. Only a few pens of store cattle were yarded, which sold at full late rates. Rough 3-year steers made £7 7s 6d; 18-months steers mixed breeds, £7 ss; wearier ss; forward cows, to £7 4s; bull, £o ss. Heavy prime fat wethers made 38s lOd; medium-weight fat wethers, 345; prime woolly hoggets, 23s lOd. A alues for store sheep were generally 2s a head lo\\ei than late rates. Mixed sex black-face hoggets made 22s Gd; Cornedale wether hoggets, 21s Gd; 170 forward conditioned wethers, 20s; 350 store wethers, 2ts 6d, small store wethers*, 2os; aged ewes in lamb to black-faced rams, 275. Li&ht baconers sold to £2 10s; heavy porkers, £2 to £3 ss; light, £1 16s to £- Es. Store pigs were yarded in large numbers and sold at very satisfactory prices. Bobby calves came forward m large numbers, and sold at late rates.

HIDE MARKET EASIER

AUCKLAND VALUES The market for heavy to medium ox hides at yesterday’s auctions conducted by tlie Auckland AVoolbrokers’ Association, registered a decline of Jd to yd a lb. on prices at the previous Auckland sale. Sheepskins were also slightly easier, but values for other lines remained practically unchanged. Prices ranged as follow: — Cow Hides.—Light and medium, 6gd to 7 1-Sd a lb second quality and cut, 52d to 6id; faulty, old to 6d; ox hides, light, 7 1-Sd to 7£d; medium, Sd to SJd; heavy. B£d to Sid; second quality, Gtd to 7d; cut, 75d to Sd; kips, best grade, 7? t d to 75d; seconds, 6sd to Gid; yearlings, best grade, 9d to 9Jd; second, 7d to 7id; calfskins, heavy, 91b to 101 b -weights, 9d to 9Jd a lb; best light. Is o}d to Is OJd; best medium, Is ljd to Is 12d; light and medium, cut, lOd to 10td; slippy, ssd to •Jd. Sheepskins.—Three-quarter to fullwoolled, medium to fine crossbred, lO&d to lid; coarse crossbred, 95d to lOd; faulty, BJd to damaged, 75d to Sd; badly damaged and broken, 7d to 7yd; half-woolled, medium to fine crossbreds, 9td to lOd; coarse crossbreds, 9£d to 93d; faulty, 8d to 85d; damaged, 7d to 73d; quarter to half-woolled, damaged, 6d to Gid; quarter-woolled, sound, 9d to 9id; faulty, Sd to Sid; lambskins, sound, lid to lliri; faulty and seedy, 95d to lOd; damaged, Sid to 9|d; salted sheepskins, half-woolled to three-quarter, large 8s 9d to 10s Gd each: medium 7s 6d to 8s; light, 5s 9d to 6s Sd: quarter to halfwoolled, large, 6s to 6s 6d; medium, 4s 9d to 5s 6d; light. 3s 4d to 4s 4d; lambskins, largo, 6s 3d to 7s; light to medium, 4s to ss. Tallow.—Best mixed, in barrels, 27s 6d to 2Ss a cwt: second quality, 25s to 26s Gd; poor quality and gut-stained, 20s to 235; in tins, good quality. 26s to 275; seconds. 24s to 255._ Horsehair, best tail, Is 9.". d to Is 10<1 a lb; mixed. Is 6d to Is Sd; shorts, lOd to Is 3d; mane, 9d to 9id.

AUSTRALIAN PRODUCE

FLOUR AND POTATO PRICES SOAR Following a rising wheat market, the price of flour in New South Wales has jumped 50s a ton during the four days ended July 19. It now stands at £l4 a ton, which is 10s a ton higher than at the corresponding date last year (says the “Sydney Morning Herald”). Drought in the world’s principal wheatgrowing areas has been the primary cause of the advance in flour. On July 19 millers bought bagged wheat in Sydney for August-September delivery at 6s 3d a bushel. Three weeks ago the nominal value was 4s 9d. Flour at that stage was worth £ll 10s a ton. This advance of Is 6d a bushel in wheat in three weeks began gradually. Oversea markets were rising owing to lack of rain in -wheatgrowing areas, principally in Canada, but also in the United States and the Argentine. Rain is also badly needed in New South Wales. The rise in oversea markets gained impetus, as droughts remained practically unbroken. The position grew more serious, until this week enormous reductions in North American wheat yields were estimated, and world’s prices soared. The Canadian yield was forecast at 270,000,000 bushels, against last year’s crop of 533,000,000 bushels, and altogether there was expected to be a shortage of over 400,000,000 bushels in the North American spring crop. Not only have local prices kept pace with the rise in world values, but with the dry weather assuming the proportions of a drought in the wheat belt, they have moved well ahead. On the strength of the drought, farmers have sold very little of the remainder of last season’s crop of late, with the result that prices in Sydney are now 7d or Sd above export parity. At this time last year, parcels of wheat were quoted at 5s 4d to os sd, ex trucks Sydney. Flour was worth £l3 10s a ton. POTATO PRICES MAY ADVANCE Supplies of potatoes, which have been diminishing for the last few weeks, may be still smaller. Even if supplies remain stationary, prices are certain to remain at a high level. First-grade Tasmanian potatoes, which realised £7 a ton in July last year, are now selling for £2O. In normal years the Sydney supply is drawn mainly from Tasmania, with a certain quantity from Victoria. Local supplies are not large at this time of the year. This year the shortage is due to small Tasmanian shipments, crops having suffered from a variety of causes. Last year supplies were l large, and Sydney prices w ere low.

This influenced many Tasmanian farmers to plant considerably less land. For this reason, even if conditions had been favourable, the crop would have been under that of last year. As the season advanced, the recent floods ruined large areas, many of which were washed away, and portions of the beaches were littered with potatoes. The rain also damaged part of the remainder, and started various diseases among the damp lots. In addition, rain and frosts have diminished the output. Farm preduco agents consider that shipments from Tasmania will vary weekly from as low as 10,000 bags to 16,000 bags. Even the latter figure is too low for Sydney’s requirements. Victoria sends a fair proportion of her output to Sydney, and also to South and Western Australia, but with the Tasmanian shortage, Victorian supplies are being drawn on more heavily than usual. Gippsland, which produces the early crop, has been practically exhausted, and the Ballarat district, which produces later, has been heavily drawn upon. The Tasmanian shortage has had the effect of raising the Victorian market, and preventing large consignments to other States. Victorian potatoes are selling in Sydney at £lB a ton. Local supplies are at a very low ebb, only an occasional truck being available. They will only become an important factor in November, when the Clarence River crop is harvested. The demand for potatoes suffers heavily as the price reaches high levels, but since recent lots have been sold fairly readily at £2O a ton, it appears that the market can absorb present supplies. Practically all this week’s consignment of choice potatoes has been sold, only a proportion of damaged bags being undisposed of. It is likely that potatoes will be scarce for the next three months, when local lots will be available. Tasmanian crops will be on hand in January, and other States will also produce a surplus. a

Buyers. Sellers. £ s. d. £ 3. d. RANKS— Com. oi' Australia. • - Ditto (con.) .. .. 6 Ditto (pref.) . . 7 F. nK •, Scot. *!v- Aust. *-* National of N.Z. New South AN ales 1 10 ■ New Zealand .. .. 1 Ditto ID tnorr.) . 1 Union of Australia . 15 0 0 INSURANCE — 0 12 ft — National 0 1H 1 New Zealand . • .. 2 8 Queensland 0 3 4 G South British .. .. Standard 1,0AN AND AGKNC1 Abraham & Williams Farmers’ Co-op. Auct G N.Z. & Kiver Plate l 10 — Ditto (pref.) .. .. 80 0 — N. Auok. Farmers’ 0 o Ditto B (pref.) .. 0 11 G 6 "Wright Stephenson COALGrey Valley 1 i* ft — liikuransi (pref.) . Ditto A (pref.) .. o t) !G G Ditto (pref.) .. .. Tauplri — Ditto (pref.) .. .. ft Westport-Stockton (pref.) GAS— 1 4 ft 1 4 Ditto (con.) .. .. 0 17 Gisborne 0 13 — SHIPPING— Devon port Steam •« 1 1 3 1 2 6 [ luddart-Parker 6 2 6 Ditto (pref.) .. .. — Northern Steam . • I’. O. (def. atk.) Union Steam (pref.) 1 0 — TIMBER— 1 0 0 — 0 18 0 Parker-Lamb •• •• — WOOLLEN— Kaiapoi (con.) .. . • ft 4 ft — Ditto (pref.) .. 6 Welling,ton .. •• •« — BREWERIES— <’. D. Innes (pref.).. 1 ft 0 — X.Z. Breweries .. 4 MISCELLANEOUSAuck. Amuse. Park — 0 2 Ditto (pref.) .. .. —— \ust. Iron (pref.) .. 1 A. J. Entrican Australian Glass 14 9

Buyers. Sellers. s. d. £ s. d. Booth, Macdonald 0 11 0 1 10 Ditto (pref.) .. .. 0 0 British Tobacco .. 8 3 9 Burns, Philp .. .. Bycroft, Ltd 1 Checker Taxi 0 1 6 57 Colonial Sugar .. .. 57 7 6 Dominion Pictures.. 1 0 6 Ditto (pref.) Donaghv’s Rope 1 0 6 1 14 Elec. Zinc Cord.) • I 17 Ditto (pref.) .. .. 1 IS Farmers’ Trading . 0 d 0 16 Ditto B (pref.) .. 0 12 6 Fuller's Pictures .. Gear Meat 2 0 11 Hayward's Pictures 14 1 13 H.M. Arcade (pref.) 1 Lewis Eady (ord.) . 1 Ditto (pref.) .. Milne and Choyce • 6 Ditto (pref.) .. .. 1 Ditto, B (pref) . Ditto (deb. stock) 6 Morris Hedstrom . Ditto (pref.) .. — X.Z. Farmers* Fert. 1 4 N.Z Refrig;, (con.) . 0 7 Robinson Ice Cream 0 0 D Sbarland and Co. • 1 3 Ditto (pref.) .... 6 0 _ Thames Theatre .. 0 Wilsons Cement - 4 1) MINING— n 1 5 0 2 0 Moanataiari (paidj 0 6 1 0 10 Luckv Shot (4s pd.) Ditto (con.) .. .. 4 Ohinemuri (ord*) .. 0 11 9 0 11 11 0 1 0 0 1 4 Mount Lyell Kuala Kainpar Tin 0 2 13 0 0 14 1 DEBENTURES — 10 5 95 99 101 Ditto, 6 p.c City of Auckland, 99 1940 61 P.c Ditto, 1936. 51 p.c. Ditto, 1943, 64 P.C. 101 Bor. of Devonport, 6 p.c Bor. of Mt Eden, 103 104 0 10 0 - N.Z. Breweries 1 S ° government bonds— 99 0 0 — Ditto. 1938. 44 p.c. Ditto. 1941. 44 P.c. 100 Ditto, 1933, 5i p.c. Ditto. 1933. 54 p.c. — Ditto. 1936, 64 P-c. 101 5 | INSCRIBED STOCK — i War Loan, 193S. 44 100 0 0 — 1 Ditto. 1939, 44 p.c. 100 •—■ ! Ditto, 1927-41, 5i . 6 101 10 I Ditto. 1933, 54 P-C. 101 1 Ditto. 1936. 54 P-c. 101 5

Aust. of Com. 1 16* 0 4 8 11 Adelaide 10 1 0 4 19 Australasia 14 13 0 4 lb Com. of Australia . . 1 10 n 0 0 Ditto (pref.) .. .. 7 9 K Eng., Scot. & Aust. s 8 0 4 9 3 Nat. of N.Z. .. .. 7 0 0 0 0 Nat. of ’Asia .. .. 19 17 0 0 9 Ditto (con.) . . . . 9 1b 0 2 New South Wales.. 51 lb 0 4 10 7 New Zealand .. 3 l 4 13 Union of Aust. 15 10 0 4 10 9 INSURANCES — National 0 16 0 4 10 9 7 107j 16 7 South British .. .. 3 8 0 3 13 G LOAN AND AGENCY — Dalgety and Co. .. 15 3 6 5 12 0 Goldsbrough Mort.. 0 9 0 8 4 Nat. Mort. and Agency 4 6 5 15 3 N.Z. & River Plate 1 11 0 10 i N.Z. Guar. Corp. 0 9 7 4 Well. Trust & Loan 7 •4 0 11 1 Wright, Stephenson 0 IS 6 5 18 11 N.Z. Farmers’ Co-op CB pref.) 0 Ditto (A pref.) .. 3 1 —— Ditto (10s paid) .. 0 2 0 •— COALS— Grey Valley .. .. 1 5 6 4 14 1 Renown 0 17 Ditto (pref.) .. .. 0 3 Waipa 0 15 0 8 0 0 GA S— Auckland, cum div 1 4 10 fi 8 10 Ditto (con., ex div.) 0 17 9 0 lo 2 SHIPPING— Devonport Steam .. 1 2 0 0 10 4 Northern Steam . .. 0 14 , 8 9 Ditto (con.) . . . . 0 6 8 12 4 P. & O., def. sik... 2 15 0 4 7 3 TIMBER— Kauri 0 18 4 4 1 10 WOOLLENS— Kaiapoi .. 0 14 1 3 12 10 BREWERIES— New Zealand .. .. 4 ;> 3 ,*» 12 1 Staples lo 0 4 JO 11 Timai-u (3s paid) .. 0 8 18 9 Aust. Distillery 1 1 3 — MISCELLANEOUS— Aust. Iron and Steel (pref.) 1 9 6 11 10 British Tobacco ... 8 6 4 10 9 Burns, Philp, .. .. 9 4 7 Colonial Sugar 57 10 0 6 1 1 Dunlop Rubber 1 7 9 7 4 2 Elec trolytic Zinc .. 1 18 6 6 4 8 Ditto (pref.) .. .. 1 19 9 6 0 9 Gates, Lid., 0 10 6 12 2 Gear Meat 4 0 2 0 N.Z. Drug 17 9 b Milburn Lime .. .. 1 18 9 0 b 0 N.Z. Farmers’ Fert. 1 4 4 6 It 0 N.Z. Refrig;, (con.). 0 7 0 l 4 10 Sanford. I. id 0 IS 13 Well. Aleat Export 0 10 0 Wilsons Cement .. 2 4 3 4 10 5 DEBENTURES— Auck. Gas., 19S2, a per cent 90 10 0 4 N.Z. War Loan. 1033 per cent. 101 0 1 L N.Z. Ins. Stk., 103 S. •14 per cent 100 0 4 10 0 Ditto, 1933, 51 p.e. 99 17 8 Ditto. 1933. iii p.c. 101 0 1* 11 N.Z. Breweries •. 1 S 0 —