MR. HEADER WOOD'S MONTHLY REPORT. Since the date of my last circular, capital has not been in vested quite so freely as 'heretofore in bank iharei and other •tock. The amount of business done during the month has been below the average. The principal investments hare been in Bank of New Zealand shares. New Zealand Insurance Com pany shares, and Gas shares. Bank of New Zealand: The selling price of this stock throughout the month has been £1610s. cum div. The Lon don quoted price is £18 to £19, and the Sydney price 17J. On the 30th April, the half-yearly meeting of shareholders was held,and a most favourable report of the affairs of the Bank wa» presented. A. dividend at the rate of 17 per cent, per annum is to be paid; and after making ample allowance for all bad and doubtful debts, and writing off a considerable amount on ac count of Bank premises, upwards of £14,000 remains to credit of profit and loss new account. From this it will be seen that a very much larger dividend might have been paid, but uniformity of dividend was the safe principle that guided the Directors in their report, and the thareholders in its adoption. New Zealand Insurance Company: The selling price of this stock during the month has been £20, at which price shans are still to be had. As the close of the half-year is ap proaching and the losses sustained by this Company have been comparatively slight, these shares, at the quoted price, are a good investment. New Zealand Loan and Mercantile Agency Company : I have no transaction to report in this stock. In Westgarth's Circular of February 26, these shares are* quoted from t dis. to par; a price which it is difficult to account for, as a divi dend of 10 per cent, has been paid during the past year. Steam continues depressed and neglected as an investment. The affairs of the New Zealand Steam Navigation Company are in such a state that tb» Directors recommend that the Company be wonnd up. Gas : These shares ore firm at par, and are regarded as a sound investment. Jn Gold Mining shares there is little doing; the returns from the Kapanga Company have lately been of an average character. Money: Bank rate of discount, three months 8 per cent., four months 9 per cent. 