FINANCE & MARKETS

Sun (Auckland), Volume III, Issue 893, 10 February 1930, Page 10

FINANCE & MARKETS

A Healthy Tone

MARKET ON ’CHANGE

By

“Noon Call.”

HEALTHY trading -was recorded on 'Change this morning, last week’s improved tone in the market for all sound stocks was maintained. The general tendency of prices continues upward.

Fluctuations Price movements, shown by a comparison of sales on the Auckland market over the past 24 hours with the price at the time of the previous recorded sale, include:— Commercial Bank of Australia, rise of 9d. Colonial Sugar, rise of 32s 6d. Business on the Auckland Market Transactions on the Auckland market recorded during the morning included: — At the early call.—Commercial Bank of Australia, 23s 9d : Colonial Sugar, '£43 15s: New Zealand Inscribed Stock, 1933. 5i per cent., £9S. At the midday call. —Commercial Bank of Australia, 23s 9d. Market at Midday In the banking group Commercials of Australia met with a firm demand at 23s 9d, sellers holding for 245. At this price the return, based on the latest rate of dividends, is approximately £6 3s 4d per cent. At this price the scrip has undoubted attractions to the small investor, who has sufficient faith in the market. New South Wales scrip ts also firmer, ■buyers offering £4O, a price which allows a return of approximately 5 per cent., based on the new rate of distribution, or, under the old rate, with the bonus of 2h per cent., a return of £ 6 Ss 4d. New Zealand’s are firm with buyers at 575, and no sellers. Insurance shares are meeting with a better demand on a strengthening market. New Zealand Breweries are firmer, with steady buyers at 83s. Little interest is shown in the mining group. Sellers of Ohinemuris dropped to 3s 3d at midday. Waihis are steady around 13s. Mount Lyell Mining A report from Australia states that exploratory work at the Mount Lyell Company's copper mine in Tasmania has disclosed ore bodies continuing on the lower levels, giving rise to expectations that the company’s ore reserves will be considerably increased. Messrs. J. B. Were and Son, of Melbourne. in their latest report, state that it is expected that the sale of fertilisers, in which the Mount Lyell < ‘ompany is interested, will be considerably reduced this season on ac-

count of the drought. Mount Lyell is interested in the fertiliser industry through its large holdling in Commonwealth Fertilisers and Chemicals, Ltd., and in a West Australian subsidiary. * * * Mine Managers’ Reports: Mine managers report as follow: Tui.—“The drive on the No. 3 reef (supposed Hague Smith reef) has been advanced four feet. The reef is wider than the drive, and some of the quartz looks very favourable for carrying values, although no gold has been seen.” Australian Whaling Co. The directors of the Australian Whaling Company advise that applications have been received for shares in excess of £75,000, and that the company has proceeded to allotment. The nominal capital of this company was shown in the prospectus at £75,000. Four hundred and fifteen thousand £1 shares were offered to the public. Mine Managers’ Reports Mine managers report as follow: Hauraki.—A few pieces of picked stone were again selected from the quartz broken in the stopes on the Stockwocd reef above the 400 ft level. Driving on what is probably the Venus reef, toward its junction with the Stockwocd reef, is in 18ft, nearing the junction. A start has been made with unwatering the winze which was sunk at the junction of the Cross reef and the Stockwood. This is the point where the first gold was got in this reef. At the new 500 ft level, the crosscut, toward the point where Legge’s reef should be, has been advanced to 20ft. Strong hard quartz is showing in the face and the country rock is favourable for gold, being of the same nature as that where the gold was got in both the New Reef years ago and lately in the Stockwood reef. Dividends Payable .. , Due. N.Z. Insurance—interim, lid a share Feb. 13 Queensland Nat. Bank —quarterly, 2£ p.c Feb. 13 v ictoria Nyanza Sugar—final for last financial year, 5 p.c., and interim for current year, 2} p.c Feb. 25 Broken I-lill South—quarterly, 2s a share Feb. 26 Wellington Gas—final, 4 p.c. .. Feb. Electrolytic Zinc—interim, ord. and pref.. 12 p.c. p.a Mar. 6 Cal'.— Moanataiari, 2s 2d paid—2d a _ share Feb. B Occidental—ld a share Feb. 7

TO-DAY’S QUOTATIONS

C.P.R. STOCK MONTREAL. Saturday. Dr. F. W. Beatty, president of rhe i 'anaciian Pacific Railway, announced today that apolication will be made in Hie corning session of the Dominion Parliament for permission to reduce the par value of the common stock of the Canadian Pacific Railway from 100 dollars to 25 dollars, constituting four shares for one. CHICAGO BANK RATE CHICAGO, Saturday. The Chicago Reserve Bank has reduced its rediscount rate from 4i per cent, to 4 per cent. The Cleveland rate has been reduced from 5 per cent, to 4J per rent.

OPOTtKI STOCK SALE ironi Our Own Correspondent OPOTIKI, Saturday. The monthly stock sale was held at the Opotiki saleyards on Thursday. The New Zealand Loan and Mercantile Agency Company, Ltd., report: We had a full yarding of cattle, but no sheep were offered. Competition was keen for all cattle, forward 3-year steers showing an advance on late rates. A total clearance was effected. Fat cows made £6 10s to £8 10s: forward COWS. £'s 6s to £6 4s; stores, £3 Ss to £5; weaner steers, to £3 13s; 18-months steers, to £6 17s 6d; 2 £ -year steers, to £9 19s; 35-year bullocks, £lO 10s to £l2 7s Gd; weaner heifers, Shorthorn, £2 12s Cd; Jer-sey-cross, to £ 3 5s Id; IS-months Jer-sey-cross heiferq, good colours, but poor condition, to £5 10s; springing heifers, to £7 ss; cows, to £S; Jersey bulls, to £6 10s. Dalgety and Company, Ltd., report: There was a heavy yarding of cattle, mostly good quality Shorthorns and Herefords, which sold under keen competition to a large attendance of buyers from all parts of the Bay of Plenty and Rotorua. Quotations: Fat cows, £6 10s to £S: forward cows, £4 to £5 17s Gd: store cows. £2 15s to £3 10s: grown bullocks. £9 2s Gd to £lO 10s: 2-year steers, £7 to £8 10s; yearling steers. 14 15s to £5 11?: cows and calves, £7 10s, dairy heifers, £4 15s to £5 11s.

STOCK MOVING FREELY

HEAVY DEMAND FOR TRUCKS WORKING NIGHT AND DAY Record numbers of sheep have been handled by the Railway Department in the Auckland Province over the past few weeks. Despite the fact that trains are being worked night and day, difficulty Has been experienced in keeping the lines clear and coping v/ith the rush of orders for freight space. During the week ended February 1, 59,000 sheep were transported by the Auckland branch of the transport department; 58,000 were handled during the previous week. This rush of activity in respect to the transport of stock has been maintained since the works opened in December last, and now. with the numbers of fat stock tending to fall off, the position has been accentuated by the large number of breeding ewes travelling; many thousands of breeding ewes have been taken over the Taneatua - Fast Coast lino this season. In previous years these sheep have been driven right through from the Poverty Bay side of the East Coast into the Waikato. The opening up of the railway line has shortened cpnsiderably the time during which the sheep are on the road. Despite the heavy demands for space, the transport department appears to be handling the position well—exceptionally well when it is realised that it is handicapped by a. shortage of trucks. All classes of wagons are being requisitioned. For instance, sheep are loaded in big L goods wagons; lambs may be sent into the works in cattle trucks. Trains are running at all hours, and every endeavour is being made to get consignees to upload immediately the stock reaches the station of destination. Consignees are expected, for instance, to get up at two in the morning should the stock arrive at that time, and unload, as an engine will be waiting to rush the empty wagons away to another part of the line. The large number of ewe fairs l throughout the district over the past week or so has added to the rush of work. At the Tuakau fair last week, for instance, up to 19,000 sheep had to be shifted immediately the sale finished. Trains were kept on the job continuously until the last truckloan had been attended to. In adidtion to the heavy traffic in sheep, cattle and pigs are being dealt with in large numbers. Further tax will be made on the transport department’s facilities over the next few weeks in the rush of orders for the transport of fertilisers for autumn sowing. Already the demand has set in. Two big shipments of slag arrived during the week-end, and call for immediate distribution. BUTTER AND CHEESE DAIRY BOARD’S REVIEW WELLINGTON, Sunday. The New Zealand Dairy Produce Board has received the following market report from its London office, dated February 7, prices for the previous week being in parentheses: Butter New Zealand: Salted, 152 s to 154 s (151 s to 1545); unsalted. 166 s to 170 s (168 s to 1725); 152 s to 154 s equals approximately Is 27-8 d f.o.b. First whey, 146 s (1465): second whey, 144 s (1445). Deliveries New Zealand this week. 1,213 tons; in store, 5.838 tons. Australian: Salted. 148 s to 152 s (150 s to 1525); unsalted, 150 s to 156 s (152 s to 1565). Argentine: Unsalted, 146 sto 150 s (148 s to 150 s). Danish: F.0.b., 172 s (1655); spot, 176 s to 178 s (172 s to 1745). Dutch: Unsalted, 186 s to ISSs (182 s to 184 s). Siberian: 150 s (150 s to 1525). Polish: 140 s to 144 s (140 s to 1465). Market quiet: During the week the Danish retail price increased to Is 9d. Cheese New Zealand: White, 90s to 91s (90s to 91s): coloured, 88s to 80s (80s to 87s): BSs to 91s equals approximately 83. d f.o.b. Deliveries New Zealand this week. 21,000 crates; in store, 67,000 crates. Canadian: White, 96s to 100 s (96s to 100 s); coloured, 96s to 98s (96s to 98s). Deliveries Canadian, 4,724 boxes; in store. 145,214 boxes. Market quiet,, retail prices unchanged. Stocks in London The estimated stocks of all butters held in London, private and or provincial stores, at February 1, 14,500 tons, compared with 10,000 tons last year. The estimated stocks of cheese at London, Liverpool and Bristol at February 1 are: Canadian. 107,900 boxes, compared with 115,700 boxes last year; New Zealand and Australian, 85,200 crates, compared with 72,900 crates last year.

SUGAR OVER-PRODUCED

SERIOUS PLIGHT OF WEST INDIES INDUSTRY

MEASURES IFOR RELIEF British Official Wireless RUGBY, Thursday. In the House of Lords Viscount Elibank (Conservative) called attention to the serious state of the British West Indian sugar industry, and pressed for the early publication of the report of the West Indian Suqftr Commission, which recently returned from the West Indies. Lord Elibank said it was perfectly clear that sugar was not being sold today under free trade conditions. The over-produetion of sugar which existed today, and which was being loaded upon the markets of the world, was very largely due to high protective tariffs and subsidies. I-le suggested that the Chancellor of the Exchequer, Mr. Snowden, should not remove or reduce the sugar duties this year, and should continue the existing preferential duties. Lord Olivier (Labour), who was chairman of the West Indian Sugar Commission, supported Lord Elibank’s appeal. He believed that when Mr. Snowden in July last expressed his intention of sweeping away all duties on foodstuffs he was not fully acquainted with the situation. CREDIT COLLAPSES The commission had come to the conclusion that under present circumstances, even with preference, the West Indian sugar industry could not continue to be carried on, because of the collapse of credit, and because the statement of the Chancellor of the Exchequer had knocked the bottom out of the market. “If and when preference is withdrawn without compensation,” said Lord Olivier, “the whole of the West Indian sugar industry, except so far as it produces for home consumption, will be put into the process of winding up, and at the end of 18 months it will come to an end.” He suggested that the report of the commission should be submitted lo the Economic Committee which the Government had lately set up. At present West Indian sugar growers were producing at a loss of £ 1 to 25s a ton. If preference were withdrawn, they would produce at a loss of £5 a ton. PROBLEM! OF PRODUCTION Lord Passfield, Secretary for the Colonies, in replying for the Government, said the fundamental cause of the present situation was that production had outrun consumption. The difficulties of remedying the situation were almost insuperable. When the Chancellor of the Exchequer stated his desire, or intention, to sweep away the duties on imported foodstuffs, he was expressing the feelings of all three parties. The Liberal and Conservative Parties, equally with the Labour Party, were strongly against putting duties on foodstuffs. If relief were to be given to the sugar planters, he suggested that a charge could be better borne by those of the public who were able to pay than by the poorer section of the community. IJe hoped that in the international field something could be done to deal with over-production. The Minister said he regretted he had no policy to announce, but the Government would not be slow to consider this matter, the gravity of which it fully understood. CLAUDELANDS RAM FAIR KEEN DEMAND FOR ROMNEYS From Our Own Correspondent HAMILTON, Sunday. Romney rams met with a keen demand at the Claudelands ram fair, which concluded on Saturday: Flocks of Romneys offered by J. J. Ryburn, Ngahinepouri, were sold from Sgns to 14gns, the last-mentioned price being paid by H. Bodley, Coromandel. A flock of 30 rams offered by D. G. Forlong, Bunnythorpe, sold up to 16gns, and averaged £ll ss. Dalgety and Company were the highest bidders, the purchase being made on behalf of a customer at Palmerston North. Two stud Romneys were sold on account of T. Tocker, Featherston. J. R. Fleming, Ngaruawahia, bought one for 13gns, and A. H. Gaskill, Glen Murray, bought the other for J4gns. V. Nolan, Cambridge, sold 35 Romneys at an average of £8 19s, the best price being Signs. From Sgns to ljLgns was obtained for a number of stud one-shear rams, offered on account W. C. Knight, Manurewa. Flocks sold on account of Murray Farmer, Otorohanga, and Wallace Thompson, Aotea, made from 7£gns to B£gns. Inferior quality rams brought from 2£gns to 6gns. Lincolns were sold at from 4gns to 7gns. A flock from W. G. Park, Te Awamutu, averaged 6£gns. FROZEN MEAT PRICES LONDON WEEKLY REPORT LONDON, Saturday. The weekly quotations for the undermentioned classes of frozen meats are based on actual sales of wholesale quantities of carcases of mutton or lamb, or of quarters of beef delivered to Smithfield market and or ex London stores. They are compiled by the Quotations Committee, Smithfield. To arrive at the equivalent ex ship valued one farthing a pound should be deducted from the prices quoted below. Quotations given represent the average for the week and are not selected lines, but for parcels fairly representative of the bulk of the shipments now on offer. New Zealand Sheep.—North Island crossbred wethers and maiden ewes, 481 b to 561 b, 7fd; 571 b to 641 b, 7!d; 651 b to 721 b, 7 1-Sd. Australian Sheep.—First quality crossbred and or Merino wethers. 401 b to 651 b, 61d; second quality, 301 b to 551 b, 6d. Ewes. 301 b to 551 b, 5?.d. Argentine Sheep.—First ~ qualitv, crosbred wethers, 481 b to 641 b, 7d; 65ib to 721 b, 6£d; over 721 b, Cd. New Zealand Lambs—Selected North Island brands, 361 b and under, llld: other North Island brands, first quality. 361 b and under, lid. Australian Lambs.—Victorian, first quality. 361 b and under, 9Qd; 371 b to 421 b, 9’ld. Other States, first quality, 361 b and under, 9.|d; 371 b to 421 b, 9id. Victorian. second quality, 361 b and under. other States, second quality, 361 b and under. Sd; all States, third quality, 7£d. Argentine Lambs.—First quality, 361 b and under, 9d; 371 b to 421 b, 9d; 431 b to 501 b, 82d. Argentine Chilled Beef.—Ox fores, 1601 b to 2201 b, s£d: hinds, 7 1-Sd. New Zealand Pigs.—First quality, 601 b to 1001 b, 10|d: others unchanged. COTTON, RUBBER AND HEMP (Last week’s prices in parentheses.l Cotton.—March delivery, 8.31(1 (5.59 d) a lb. Rubber. —Para, S 3-Sd (8 3-Bdl a lb: plantation and smoked, 7 7-8 d (7 5-Sd> a lb. Jute.—February-March shipments. £27 (£27 11s 3d) a ton. Hemp.—Neglected; highpoint, fair, nominally £32 10s. Copra.—February - March shipments. South Sea. £2l 10s (£2l 12s 6d) a ton: plantation. Rabaul, £2l 10s (£2l 17s 6d) a ton. Linseed Oil. — £44 10s (£44 TO?) a ton. Turpentine.—43s (42s 6d) a cwt.

A HEALTHY TONE

MONEY MARKET SHOWS BRIGHT OUTLOOK

CONFIDENCE IN AUSTRALIA Lnited P.A.—By Telegraph—Copyright Reed. 9.5 a.m. LONDON, Sunday. Conditions and prospects on the Stock Exchange are far more favourable than they have been for some time. Several factors have contributed to this impurovement. First, of course, is the reduction of the bank rate, which naturally strengthened all gilt edged stocks, and caused a mild recovery in many industrial stocks which had previously been in a depressed condition. Another good factor is the gradual lessening ot liquidation, which has been troubling the market for months; but from the Australian viewpoint the most satisfactory incident is the steady improvement in Australian Government stocks after their late unprecedented and unwarranted collapse. Financial writers unanimously attribute the recovery to Mr. J. H. fcScullin’s and Mr. HJ. G. Theodore’s reassuring statements, especially of their intention to pursue a drastic policy of economy. Sir Robert Gibson’s announcement that the Commonwealth Bank is shipping £7,U0U,000 worth of gold is also having a good effect. Commenting on the position, the “Financial Times” says: "It was heedless conduct of Australia’s affairs which was questioned here, and not the good faith of its people. Mr. Scullin and Mr. Theodore appear now to have, not only a lull realisation of the seriousness of the position, but a determination to redress it. if their efforts are carried to a logical conclusion, there is no need to doubt as to the complete restoration of Australia’s credit.” How great the improvement lias been is shoy/n in the following middle prices dealings:—Commonwealth 5 per cents., 1945-85, on Tuesday were £BS 10s, and on Friday £B9: 42 per cents., on Tuesday were £Bl 15s, and on Friday £B4. Flew South Wales 5 per cents, 1945-65, on Tuesday were £B4, and on Friday £BS 10s. Victorian 5 per cents, 1945-75, on Tuesday were £B4, and on Friday £B7. Other Australian stocks show similar increases. LOAN FOR INDIA India is the first borrower of the year. The underwriting is proceeding of £6,000,000 six per cents at £99. The loan is repayable at par on June, 193", but may be extended a year, in which case it will be repayed at £lOl, allowing for redemption in 1932. The loan yields £6 9s per cent., and if redeemed in 1933 the yield is £6 12s 3d per cent. Til© object of this loan is to repay maturing bills due on February 27. The terms are considered very generous to subscribers, and may be taken as an indication that future borrowers here will have to pay a high price. The butter trade remains disappointing. There is an entire absence of speculative buying, retailers beingcontent to take only sufficient for immediate requirements. This is not surprising in view of the liberal stocks here and the quantity afloat, but as the present prices of Australian and New Zealand are nearly 30s a cwt. below those ruling a year ago, some importers are hopeful that bottom has been reached. One cause of these low prices has been the mild weather through all the winter months, with the warmest January on record. Now, however, we are experiencing a cold spell, and the demand ought to improve. BUTTER REJECTED Dissatisfaction has been expressed with the quality of some of the recent arrivals of Australian butter. One importer who purchased an unsalted consignment of a certain Australian brand on C.I.F. terms, rejected the parcel on the ground that it was of inferior flavour. Importers also say their consignments from Australia this year have been far from satisfactory, chiefly on account of the flavour; but they also complain of excessive moisture. There have also been said to have been numerous instances of short weight. It is usual to hear complaints like this when the market is dull, but there seems full justification for them in. the present instance. France has not delayed long in taking retaliatory action to Australia’s imposition of increased duties on French spirits and wine. The “Journal Officiel” has published a decree raising the French import duties on Australian butter and wheat, practically trebling the previous rates. Not a great amount of Australian wheat lias been imported into France i ecently, as the harvest has been good, but there are occasional imports of fair-sized parcels of butter, which the new duties will make impossible in future. FROZEN MEAT PROGRESS PIONEERS OF REFRIGERATION LONDON, Friday. A distinguished assemblage under the chairmanship of Lord Kylsant, and including the High Commissioner for Australia, Sir Granviile Ryrie, and the High Commissioner for New Zealand, Mr. T. M. Wilford, met in London today to celebrate the jubilee of the foundation of the frozen meat industry. This dates from 1880, when the steamer Strathleven, under the auspices of Mcllwraith, McEacharn, Ltd., conveyed 34 tons of beef, lamb and mutton from Sydney to England. Lord Kylsant, in toasting the pioneers of refrigeration, referred to the Brazilian Ambassador in London, Senor Raul de Oliviera. In responding, Senor Oliviera congratulated Australia and New Zealand on their example, which, he said, had filled South America with admiration. The Australian Minister of Trade and,Customs, Mr. J. E. Fenton, said: “We are going to make Australia boom and we are going- to make Australia and Brazil run for it,” as he sat down and shook the hand of Senor Oliviera Mr. Wilford said New Zealand supplied over half Britain’s lamb and mutton, and he prophesied the early success of recent experiments in instantaneous freezing-. N.Z.’S WOOLLEN INDUSTRY INCREASED ACTIVITIES From Our Resident Reporter WELLINGTON, Saturday. The woollen milling industry in New Zealand increased its activities last year compared with 192 S according to a review m the monthly Abstract of Statistics covering the year ended irarch 31. 1929. There was no increase m the number of mills, but the number of_employees increased from 2,576 by In the year ending in 1929. the wages bill was £399,560, a five per cent, increase and the value of the products y, as £1,236.578, a two per cent, increase. The mills, during the period, used 4.095.16!1b. of scoured wool. The output of tweeds, cloths and flannels declined 12 per cent., but there was a 21 per cent, increase in the number of shawls and rugs manufactured, four per cent, in blankets and nine per cent, in yarns.

Closing quotations at today's midday Buyers. Sellers. £ s. d. £ s. d. BANKS— ■Aust. of Commerce . 1 3 ustralasia 11 10 0 Com. of Australia J 1 Ditto (con.) rights 0 Nat. ot X.Z Xat. of Australasia 15 0 15 10 0 Xew South Wales 40 ft 0 41 0 0 New Zealand .. .. 17 0 Union of Australia 11 10 0 12 0 0 INSURANCE— Xatlonal ft 0 New Zealand .. .. 4 0 • Queensland 12 South British .. .. 2 12 6 3 0 6 I.OAN A.\T> AGENCY— Paige ty and Co. . . 12 0 0 Dorn. Bank & Investment 0 10 6 1 6 Ditto (B shares) . ft 10 farmers Co-op. 4 1 0 Ditto A (prof.) 0 17 0 Ditto B (pref.) 0 16 • ‘•oldsbrough, Mort . 1 i;; 6 1 It 3 Xat. Mortg. Agency 10 0 Ditto (rights) ft Newton King (pref.) 0 n C N.Z. *v River Plate 1 1ft >.Z. Guar. Corp. 0 s 9 X. Auck. Farmers’ Co-op. (ord.) . .. 0 2 ft ft Ditto (B pref) 0 0 0 0 11 0 COAL— 11 kurangi 0 1 <; 0 2 6 Ditto (pref.) . . .. 0 4 Ditto (A pref.) .. 0 <> I'ukemiro 12 0 Renown 16 Ditto (pref ) . . . . 2 « Ditto (new Issue) 0 S l 'Faupirt ] X 9 W aipa 0 12 •» ft 14 6 Westport 1 8 1 1ft 0 Westport Stockton. — 0 •» 0 GAS— Auckland 1 r. G 1 4 ft Ditto (con.) .. .. — o 17 10 SHIPPING— Pevonport Steam . 1 2 9 — I luddart-Parker — 2 0 ft Northern Steam 0 14 Ditto (con.) .. . . 0 7 0 r. & O. tdef. stock) 2 17 0 — TIMBERBartholomew .. .. ] 1 0 — Peyland-O’Brien 1 — National 0 S ft 0 Parker-Lamb .. .. — 0 17 6 KREWERLESC. L. Innes 1 1 0 — Ditto (pref.) .. .. 1 1 — X.Z. Breweries .... t vustralian Glass 6 Aust. Iron (pref.) l British Tobacco l 1 llycroft, Ltd 1 1L G —

call were:-— Buyers. Sellers. t . d. £ d MISCELLANEOUS— Colonial Sugar . . . . 43 Dental and Medical 0 Dominion Pictures . 1 0 Ditto <pref.) .. ... 1 0 0 Dunlop Perdriau 1 Electrolytic Zinc Cord.) 1 10 Ditto (pref.) .. .. 1 11 0 Farmers’ Trading.. 0 8 0 9 0 Ditto (A pref.) 0 14 6 Fullers’ Pictures 0 18 0 dear Meat 0 6 Hayward’s Pictures 0 18 0 Henry Jones Co-op. 1 9 6 1 3 1 ft N.Z. Drug 14 0 Milne and Choyce (deb. stock) .. .. 1 7 6 Morris. Hedstrom (pref.) 0 IS 0 Farmers’ Fertiliser.. 1 N'.Z. Paper Mills . . 1 0 6 N.Z. Refrigerating . 0 10 0 Ditto (con.) .. .. 0 4 6 ft Sanford. Ltd 16 ft Ditto (pref.) .. .. 1 0 ft s. R. Maxwell.. .. 0 4 0 9 0 Union Oil 1 ft Whittome. Stevensons 2 5 0 W ilsons Cement 1 IS 0 2 0 0 MINING— Alburnia 0 0 3 0 n 9 Moanataiari (paid) . 0 .1 6 0 4 Ditto (2s 4d pd.) 0 1 0 Ditto (Is (<d pd.) 0 L 1 0 1 S Lucky Shot (4s pd.) 0 0 Ohinemuri (ord.) .. 0 10 AVaihi 0 12 1 1 0 13 Waihi Grand June. . 0 1 0 1 Mount Lyell 1 1 9 1 !(> 3 Kuala Kampar Tin . 0 DEBENTURES— Auck. Har Board. 6 per cent 102 0 City of Auck. 1940, 5J per cent 93 0 30 0 Bor. Devonport, 6 102 Bor. Mount Eden. 6 102 0 0 Bor. New Plymouth, 1933, 5i 99 0 Bor. of Hamilton. 6 . 100 0 0 Williamson’s Films 103 0 0 Gisborne Sheepfarmers — GOVERNMENT BONDS War Loan, 193$. 4i 99 0 0 — Ditto, 1939, 4} .. 99 — ditto. 1941. 4' 99 0 0 Ditto, 1933. 5.1 .. 9S 3 0 0 Ditto, 1936, 5i .. 9S 10 0 — INSCRIBED STOCK War Loan. 193S, 4 ;l 9S 1 7 fi 99 10 0 Ditto, 1939, 4 j .. 1*8 I . 6 1 00 0 0 Ditto, 3 927-41. 54 111 0 Ditto, 1933, 51 . . 9$ Ditto, 1936, 5 1 . . 99