FINANCE AND COMMERCE

Press, Volume LXIX, Issue 20955, 8 September 1933, Page 11

FINANCE AND COMMERCE

EXPANSION OF CREDIT STABILITY OF PRICE LEVEI CANADIAN BANKING VIEW The Monthly Letter for July o: the Royal Bank of Canada contains ai article on the necessity for furthei active expansion of credit in th« United States if the pace of recovery is to be maintained. The writer ob> serves that there have been many instances in the past when the benefits accruing from higher prices have let to progressive inflation. The fear oi the repetition of the experiences which follow upon excessive inflation ha; been the emotion which has controlled the deflationists, particularly in France, where more than 75 per cent, of internal debt was wiped out by controlled depreciation, and in Germany, where the whole internal debt was written off by uncontrolled inflation. Since the last three years have witnessed a major decline in prices, the restoration of the average price level of 1925-28, the approximate level at which a large part of the world's debt was incurred or refinanced, would ; bring about a more equitable relationI ship between debtors and creditors, i Even creditors will benefit by moderj: ate Inflation, since they will then be K a b* e to collect on the amounts due them, whereas further deflation would | have injured creditors and debtors alike. ' . ~l ar ,t hl s station Great Britain and i i he . Ul L lted states have contended that • u efforts should be directed toward I tho restoration of prices, profits, and , activity of internal industry. When !, these results have once been attained, the next major problem will be thai of securing the stability of the restored price level. Relative stability of international exchange will follow automatically when internal price levels have once been stabilised. First Task to Restore Prices. Unfortunately, the gold countries seem to fear the possibility of competitive depreciation in order to attain lelative advantages in export markets. In vew of the general opposition to depreciation in every country ° an «® r has been over-emphasised. The first task is to restore prices and exchange of goods within the United States. If other countries clearly understood this point they would realise that prosperity within the United states must be beneficial to all parts of the world. The restoration of the power of the public of the United States will lead that country to spend far more abfoad, both for commodities and in the direction of tourist f'Vl has been spending durthe last two years. The British have also begun to realise that a rise in their own internal price level is mor fL im Portance to Great than the particular parity of exchange which may be selected. , prices continue to rise and intercontinue to improve in the United States and Great Britain, and depression wiH be largely a thing of the past. tPower of Non-Gold Countries. WnriH 1^ ck ° f tangible results from the World Economic Conference has increased the need for a close rapprocheS' bet .ween the United States and ' hlf,?L Bn t in ' ar V? for ® rater harmony £ e ,_ pollcies of those counw£ich have abandoned the gold standard. If expansion of credit and increased activity of business can be K in the non-gold countries it should be possible to restore a large , world trade without much c °untnes remaining on the gold standard. Financial co-oper-ation between these countries is not merely an idea—soon it may become an accomplished fact. The World Economic Conference has given the non-gold countries a sense of their real power in world affairs. Gold at present is being held in nongold countries as a collateral against their currencies. It has little effect upon their value. When prices have once been raised to a satisfactory level and confidence in this new price level is once well established, the non-gold countries (if they care to do so) will be in a position to release a sufficient amount of their gold to force a corresponding rise in the prices in the gold countries. In any case, the Impetus to rising gold prices from the supplies of new mined gold and that \ which is coming from India, is bound to have prompt effect when confidence has become general. There are only a few countries left where it is possible to send the annual supplies of new gold, and this new gold must produce rising prices In those countries as soon as it begins to have its full normal influence upon currency and credit. Easy Money Bates Necessary. As yet there has been but little positive inflationary action in the United States, and the decline in the value of the dollar is largely in speculative anticipation of future action. The dollar has been sold short. Since even the present balance of trade is favourable to the United Stares a slight reversal in speculative sentiment could easily drive the dollar much nearer to parity with gold. Carried far, an upward movement of the dollar would be likely to weaken confidence in recovery. The position of the United States is such that positive steps toward expansion of credit are still necessary if the strength of the upward trend is to be maintained. G° ve fJ* ment expenditures will provide the added stimulus at the very time when the normal autumn upturn will be carrying business activity to better levels. The need ,for credit for this expansion, together with the necessity for credit to finance the government projects, might be expected to tighten money at that time. If there is close co-ordination between plans for financing and the expansion protects themselvp"?, this increased demand for o*»dit ran be met without advancing rat»«. It is the degree of co-ordination fvrh'Wted wh'fh will reveal to tne ' world thf* CPiae'ty of tr United States to maintain the pace oi Adenuate of tnis will also give a .£a«is JC*" hon« that the will be able to naintain stability a dollar re Mod in relation to price level rather thun jn relation to gold. Anv undue tighten >ne of monev r?>tes. however, at a time when the Goverrimpnt is seeking to encourage expansion r>oni s ill for that tyne of co-ordination jft ord a r that the stfiW of t.h« dollar shall b- nermaiWlv maintained. It wo"ld represent e-thei lack rf understanding or lack of co-

operation. DOMINION RUBBER CO. AUGUST CROP OF 58,000 POUNDS [THE PEESS Spflclal Service.] DXJNEDIN, September 7. The secretary of the Dominion Rubber Company, Ltd., reports that ho ) has received a cable message from the estate, advising that the crop ox -rubber harvested for August was fr. .58.0001b. L*'

SYDNEY WOOL SALES CLOSE OF SERIES PRICES AT HIGHEST LEVEL (UWITED TTIT.BS ASSOCIATION—BY ELECTItIC TELEGRAPH —COPYRIGHT.) (Received September 7, 10.5 p.m.) SYDNEY, September 7. At to-day's closing wool sales 13,208 bales w6re offered and 12,287 sold, while 1226 were disposed of privately. Prices were firm at the best point of the series, all sections operating freely. Greasy merino made 23d. The average price of wool for the first three days this week was £l9 0s lOd a bale or 14.3d per lb. ' SHEEPSKIN SALE ADVANCE IN PRICES Pyne, Gould, Guinness, Ltd., report having held their weekly sale yesterday. Competition was keen and prices showed an advance over last week's sale. The following was the range of prices:— 6 * Sound. Faulty. Halfbred—- d ' d ' d ' d ' Three-quarter to full-woolled 9.[ to 10 7J to 8 : { Half-woolled to 7 to 57 Short .. to 5A to 34 Three-quarterbred— Three-quarter to full-woolled 6J to 7v 44 (o 6 Half-woolled .. ' to 41 Crossbred— Three-quarter to full-woolied 44 to . r )[ 3.1 to ii,' Half-woolled .. to ,'i to 2.JMerino—■ Half-woolled .. fr; Short .. 44 Hoggets— Halfbred . . 7i Three-quarter and crossbred .. 6; Pelts 11 -J Green Skins—Hoggets 2s 6d to 6s, skins Is 3d to lis. DUNEDIN SALE tTHE PRESS Special Sorvlca.] DUNEDIN, September 7. In sympathy with the advance in wool values, prices for sheepskins have recently shown a marked improvement, and the highest price paid in New Zealand for sheepskins since early in 1930 was obtained at the Dunedin sales this week, when lOd per lb was realised for halfbred fullwoolled skinu. This would show a return of approximately 9s 6d a skin, compared with from 4s 3d to 4s 9d a skin, which were the values current throughout 1932. MARKETING BUTTER IN ENGLAND AUSTRALIAN FACTORIES' PLAN (Received September 7, 10.10 p.m.) MELBOURNE, September 7. A plan has been agreed upon by groups of Australian butter factories to pack large quantities of the best quality Australian butter in London and market it in Great Britain under a common Australian brand. It is also intended to put up butter in the form of one pound pats and market it there under the same brand. The New Zealand Loan and Mercantile Agency Company, Ltd., Christchurch, advises that it has received a cablegram from its London office giving the following information, under date September 6:— New Zealand dairy produce, butter 975. The market is firm. Cheese, white 495. 50s; coloured 51s, 525. The following is the copy of a cable message received by Dalgety and Co., Ltd., Christchurch. from Samuel Page and Son, September 6:— Butter—The market is firm. Danish 108 a to 110s; finest New Zealand 9Ss to 08s; finest Australian unsalted 9(is to 98s; salted 95s to 975; G.A.Q. 92s to 94a Cheese—The market is firm. Quotations: New Zealand white 49s to 50s; coloured 51s to 525. Canadian spot white 50s to 51s, and coloured 51s to 545. Canadian c.i.f. 51s to 525. GEAR MEAT COMPANY REDUCTION OF CAPITAL A meeting of shareholders of the Gear Meat Preserving and Freezing Company of New Zealand, Limited, was held on Tuesday, to confirm the resolutions passed at an extraordinary general meeting of members of the company held on August 10, that the capital of the company be reduced from 1 £460.000, divided into 460,000 fully paid up shares of £1 each, to £230,000, divided into 460,000 fully-paid shares 1 of 10s each, and that the reduction 1 be effected by returning to the holders ' of the shares the equivalent of 10s ' per share (capital which is in ex- 1 cess of the wants of the company), such return of capital to be effected ] by the transfer of New Zealand Gov- ! ernment inscribed stock as set out in the resolutions. Mr Allan Strang (chairman) moved, and Sir Francis Bell seconded, the lonflrmation of the resolutions. The motion was carried unanimously. MANAWATU KNITTING • MILLS ' ~ i MACKY, LOGAN'S ASSETS

Registration of the Manawatu Knitting Mils, Ltd., with a capital of £25,000, is the outcome of a deal which marks another step forward in the liquidation of the assets of Macky, I Logan, Caldwell, Ltd. The new company takes over the plant and goodwill of the Manawatu Hosiery Factory, Ltd., Palmerston North. The liquidator is not disclosing the exact figure, but a substantial cash sum is involved in the transaction. This is the second' subsidiary company of Macky, Logan's which has been successfully disposed of by the liquidator within recent months. PROPERTY SALES Messrs Baker Eros., 166 Manchester street, report having sold, on behalf of the trustees of the estate of the late James Neeve, five building sections in Conway street, Spreydon, to a client. —G

MINING

BIG RIVER GOLD MINES The report for the month cf August states: — No. 1 Adit Level—Winze on Duggan's reef: Sunk and timbered 7ft 6in, total 31ft. The lode increased to an average width of 2ft 6in of clean quartz, but values remained poor. Contractors suspended work. No. 3 Level—No. 1 south drive: Advanced 27ft, total 188 ft. Lode track well defined and carrying small bunches of broken quartz and small leaders. At 180 ft in a lense of stone running off into the hanging wall was met with. East Crosscut off No. 1 south drive at 180 ft in—The make of stone met with in the hanging wall of the main , drive was followed in this crosscut ' for a distance of 6ft, when it cut out , on a l'ault. The stone averaged 18in . in width and carried a little gold. ; Rise No. 2 above No. 1 south drive at 135 ft from entrance —Opened out I on a small lense of stone showing at | this point and advanced 19ft. The stone has gradually increased from 1 18in at foot of rise to over 4ft in width at l£)in up. and fair gold has been seen in breaking. A little water is coming from the stone, which is regarded as a favourable indication. Winze below No. 1 south drive at 70ft from entrance—Work resumed, and an advance of 7ft made. Total 30ft. The lode track was considerably disturbed by faulting. The ground proved hard and the contractors abandoned work, ... Stoping on Henderson's Reef—Some 1 stoping was done north and south off ; main rise above No. 1 south drive, xne lode on north side of rise averaged about Ift in width, but pinched to a few inches at 20ft from rise. On the , south side the stone has averaged I about 2ft in width, and appears to be I lengthening towards the south. Fair gold has been seen in both stopes. Stoping on Jones reef above inter-1 mediate level—Was considerably re- j tarded owing to some caved ground ! being met with. It was necessary to j secure and fill the cave before work i could be continued, j Stone averaging sft in width jand showing a little gold is now being ! | broken in two faces, and a rise is i j be ins put up on the lode to connoc! 1 ( '\vith No. 2 level and provide for yentilation and obtaining supplies of mullock for filling up the stopes. Main Shaft—Retimbering is beine proceeded with at 50ft below No. 3 level. An inspection was made of No 4 chamber which will not require a ' great deal of repairing and it is hoped S to have the shaft ready for work at! this level about the middle of the coming month. Battery—Since the clean up on August 7 it has been decided that no clean up shall take place until the end of September. Ore supplies were restricted owing to delay in stoping on Jones reef Previously referred to, but conditions aie again norma). j Oi'ITONUI DEVELOPMENTS, j LIMITED The Opitonui Developments, Ltd., mine report for last week is as follows: Turner's leader was trenched to within 20 feet of R.T.S. reef, where it is intersected by a parallel formation; to further prove Turner's leader requires a short cross-cut off the wall of R.T.S. reef. Approximately 20 feet of driving will intersect the formation and Turner's leader. Hilda Reef—The repairing of No. 2 level is being pushed on, and we hope to be able to explore further this level during the coming week. Trenching Hilda Reef, between Hilda west level and Power's Creek air shaft, is in progress. No. 3 level is full of water near Lannigans' Shaft. To drain <his is a fair sized job, so it is proposed to explore this level by laddering an air shaft which insects it above water level. This will be determined when No. 2 level is cleared to a point under Power's Creek. Sampling and assaying the tailings dump is in progress. This work is slow owing to the work only being possible after three dry days; cavitation of the bores has to be guarded ' against. New Reef—This discovery was made by O. Evans whilst obtaining water ; for his camp. The reef is exposed , practically on the bed of the stream and no doubt was uncovered by the driving of logs, which deepened and cut the banks to a steep angle. It is proposed to trench and pick this reef up opposite Carvill Shaft in the higher • country and in line with the same J channel of ground. The importance of this discovery cannot be stressed too much, as the reef is certainly auriferous. The assay showed 2.sdwt 1 of gold to the ton, and this is higher i than Carvills or Maiden at the surface. It has a splendici appearance. ' The country encasing it is ideal, and this reef will certainly be found to 1 contain high grade ore. Work generally at the mine is progressing very satisfactorily. The whole gang is working well and with enthusiasm. GGLCONDA MINES, LIMITED The mine manager reports that during the week the following work has been carried out:— Work was continued in the drive on the main reef east. The reef is wider ' than the drive, and the hanging-wall is interlaced with ribs of quartz and stringers. The reef is fairly well mineralised and blende is seen in the hangingwall portion. The country is much ' milder, and of a good description. We have got the south stopes on the branch reef in working order, and ! colours of gold mixed with zinc blende have been seen in the ore < broken out. We are endeavouring to connect these stopes with the northern stope, on the same reef, to get an ! air connexion and good progress is being made. Colours of gold with blende are also seen at this point. No crushing has been done. We have put in new shoes and dies in No. 2 box in the mill. RICH ORE Extraordinarily rich ore is being crushed by various mining concorns in Victoria. At Bolwarrah, near Ballarat, 30 tons of stone, not picked but taken as it came from the face, yielded 140oz 9dwt, valued, in Austra- , lian currency, at £IOOO. j Dividends of £90,000, or 30s a , share, have been paid to sharehold- j ers of the Hercules Gold-mining i Company (Bendigo) since the rich reef was discovered in June. 1932. In addition to another dividend of 2s a , share payable last Friday, the com- " pany held £6900 in cash, from which . a dividend of 2s a share would be declared a fortnight hence. The capital is £7500, and the mine was reopened as a result of the bonus given by the Government on gold production. CLEARING SALE Messrs C. K. Jones, Ltd., report having hold ii successful Knlo of furniture and effpets on tho premises, 302 Henley avenue, yesterday, on account of Mr D. Manson. "There was n largo attendance, and among . tho articles sold thn following prices were realised: —Carpet £8 Gp, couch and two rhairs £4 10s, table £'J, runner .£2 ss, throe vugs £l. part bedroom suite ,?0 10a, ru? 3 .£2 Bs. sweeper 2« Od, clock £1 17s, side- i board £2 2s Cd, dinner set £1 17a Cd, four { chaira Jt 1 ss, curtains £2 1".;<. mirror Ds, tonset la*, latvnmower XJ Ms. wringer 13s J o<l. Sundries sold at satisfactory pricer. t

TIMBER IMPORTS AND EXPORTS

HON. E. A. RANSOM'S REVIEW t (MESS ASSOCIATION TELEGEAH-! WELLINGTON, September 7. 1 Reviewing timber imports and exports for the seven months ended July 31, the Commissioner of State : Forests (the Hon. E. A. Ransom) said c a slight increase in imports had oc--1 curred, but the figures were still only 1 12 per cent, of those for the average 2 seven-month period totals during 5 1928-30. Exports were 15,000,000 board feet - for both the 1933 and 1932 periods, t compared with approximately i 20,000,000 board feet in 1928 to 1930. t The favourable trade balances for the t 1933 and 1932 periods are respectively i 11,000,000 and 11,500,000 feet, compared with an adverse balance of ! 13,000,000 board feet for the corres- : ponding periods in 1928 to 1930. ; Butter boxes are the second largest ; import item, in 1933 the figures show--1 ing an increase of 200,000 board feet • over 1932, but the annual importation s of boxes is still only about 10 per ' cent, of the total butter boxes used. ! Timber imported previously for | fruit cases and cheese crates was re- | placed almost entirely last export season by insignis pine, silver beech, ; and kahikatea grown in New Zealand, i but exchange movements between ! Canada, Great Britain, and New Zealand at present were in favour of increased imports for the next export ; season. PRICE OF GOLD wnw-; as-scm iv.t >.• r.LV.mc i LLi'.Gi:..\i'[i—cur V 1 .Iri".' LONDON, September 6. The price of gold (a fine ounce) is:— j £ .s. d. September 0 .. .. 6 10 7 September 5 (i 10 1 i September 4 .. G 11 0 ! September 2 .. (> 11 3 i i September 1 .. .. <> 10 j ! August .'il G 9 7 ! August 30 . . . . G 8 I August 29 .. .. (i 9 4'. j August 23 .. .. (> 8 8J j j j PRICE OF SILVER I ! (ctirtisii omcur. wini:i.s=s.) RUGBY, September (!. Silver (pence an ounce) is quoted:— Sept. 5. Sept. G. Spot .. 18 3-1G 18 1-10 l Forward .. 18 5-16 18i | FOREIGN EXCHANGES (am mil orrieuc, wnictsai < (Kcceivoii September 7, .">.3 p.m.) RUGBY, Si'i'tomlior (i.

AUSTRALIAN PRODUCE SYDNEY MARKET (UNITED PRESS ASSOCIATION —BY ELECTRIC TELEGRAPH—COPYRIGHT.) (Received September 7, 9.'JO p.m.) .SVDXEY, September 7. Tlio wheat market, is dull. Silo lots are quoted 3s 3d and Sis 'ld, P.s 4Jd Jor bagged, while In the country on sidings bagged and Kilo were offered at 2s 5d and 2b 4(1 respectively, equal to about 3s oi trucks in Sydney. Farmer.*, liowovev, .ire . not celling. Flour—.'J 10 r>:<. llran and Pollard —,£o 10s. Potatoes—Tasinaimn, X 5, ili: Victorian, to £5. Onions—Victoriau Brown Spjnis.li, to £'l JO:;. O.iton Hay—£7. Maize—Yellow and white, -iv. ADELAIDE MARKET (lieceived September 7, 'J.lo p.m.) { ADELATDF., .September 7. Wheat—Growcrß' lots, 2s 10id. ] Flour —Bakers' lots, £3 ]os. Brand and Pollard—£s 2s Cd. i Oats—Algerian, 2s Id. ' ]

CHRISTCHURCH STOCK EXCHANGE

YESTERDAY'S TRANSACTION'S The recorded turnover on call yesterday was below the average, and a smaller number of stocks was j affected. The outstanding feature was the activity in New Zealand Refrigera ting shares. Price levels generally were well maintained. Transactions, ~ exclusive of vestibule business, were: ~ £250 N.Z. Govt. 4 p.c. Insc., 1940. 25 Natl. Bank of N.Z. . 100 Bank of N.Z. 30 Dalgety and Co. '' 400 Mort. f 100 N.Z. Ret'ng. (£1 pd.). 1350 N.Z. Refrig. (10s paid). 2 • COO Kaiapoi Woollen (17s pd.). i' 100 Staples Brewery. " 100 Timaru Brewery (7s 6cl pd.). 1 7 Colonial Sugar. 200 Dunlop Rubber (cum cliv.). 500 Gillespie's Beach, t 300 King Solomon (cum div.i. ■ 050 Nckomni. 1 | 150 Waitahu. 1 1 * j i New Zealand Government 4 per cent, stock due 1940 changed hands at r £lOl 7s Gd. the market closing £lOl - buyers, £lOl 10s sellers. t Commercial Bank of Australia , shares recovered to 16s Id buyers. IGs ,| 2d .sellers. Commercial Bank of Sydi j ney were firmer on buyers' offers £l7 - j 12s (id. National Bank of New Zc:a- . j land were steady at £4s 3s, the mart ket closing Gd either way. Bank o New w~re firm, with dealings at 48s lOd and more were wanted i t 48s lid. Un'on Eank of Australia shares were firmer on buyers' offers I £9 14s. I Insurance shares were firmer with j buyers of National at. 17s 9d, New Z»a- ] kind at 53:-: Gd, South British at "i Is i I I'd, and Standard al oils Gd. Dalgety and Company rose 5s to business at £lO 10s, and more were wanted at £lO 7s Gd. Goldsbrough, Morts had dealings at 29s 4d. 29s sd, and 29s (Id. the market closing £9s 4d buyers, 29s 5d sellers. New Zealand Refrigerating (fully paid* were firm with buyers j and business at. 18s 9d; ihn 10s paid i 'veovured to 9d. and there were j further buyer.'- al that figure. with | sellers at 8s lOd. Kaiapoi Woollen:'. • partly paid remained unaltered at. ?•> I lOd. eloping quotations 4d on either J side. Stanles Brewery shares gained j 1s 3d at 28s 9d. and more were wanted at 28s lOd, sellers at 29s 6d. Timaru Brewery (partly paid) were firm with buyers and business at 6s 9d. Colonial Sugars remained unaltered at £SB 10s, the market closing £SB 10s buyers, £SB 17s Gd sellers. British Tobaccos were firmer on buyers' offers 355. Dunlop Rubbers (cum dividend) realised 18s Id, and more were offered at that figure. Buyers of Wilson's Cement raised their bids to 35s 2d, without attracting sellers. Gillespie's Beach were steady with buyers and dealings at 2s 2Ad. King Solomons (cum dividend) were fractionally weaker with sellers and business at 3s Id, buyers at 3s. Nokomais were easier with dealings at 3s and further sellers at 3s Id, buyers at 3s. Waitahus had business at 7s 3£d. Buyers of Waihi raised their bids to2Bs 3d. but sellers were reticent. Sellers of Blackwaters reduced their limits to ?-7s 9d. Alexander Mines (partly paid) were easier with sellers at 18s lid. LATEST QL OTATIONS

MELBOURNE Com. Bank of Aust. .. 016 5 Moun_t Lyell ~ 12 0 Dunlop Perdriau .. 0 18 2 Metropolitan Gas .. 12 14 0 WAR LOAN STOCK (BBITISB OFFICIAL WXBRLESS.) RUGBY, September 6. British 3J per cent. War Loan stock is quoted as follows: £ s. d. '• September 6 .. 100 5 0 September 4 .. 100 0 0 September 1 .. 99 18 S August 30 .. .. 99 15 0 August 29 .. .. 99 10 0 August 25 .. ~ 99 16 3 August 23 .. .. 100 0 0

■ z STUBMQLME STOCK MMmM& : The stock at Ssadt©lm«> «Uended by a small notafaer of taoywafc iNH the general lone of ike aittK. for sheep, was hmliMer tfai* 111 liM feMI . recently. The yarding of sheep *3 i»in. aawi ]MM» tieaHy all wtna cleared ai issprwwdl nattikt The quality was fair to go«dL The email fat c*ttt» jtstimt fueejuriWwt steeri, koifers, and cow* «( iaSr Rates ware, if aaythtes, s%I«J3P iuawmft*, For diiry cows, urtiicli w«m rat IMMS, supply, the prie* vent wp w£4 20a. IMM> cattle vent Ilttl® ia deawKL Tie following sale* were ssuwto:—Store Sbcf jv—ll7 foul' aH4 half bred eves at I la, 169 MM' ansi fUMM*quarter bred at 10*. IS cirH at Sfc wetter hojrfet* at IS* 34.. Horse* —Poor « JW; *»*«»» £d 20s; gliding*, Sow years Jtt*,. sfetws ywwt# £2B. aged £2.5. Fat Ewes—five at 14*. Cattle—Dairy cow* at jM XOs, sßt £2 7b 6-1, £4. 13 la 64, «M J» tffl*; «Mr with calf at £5 »#, ctapty «nr a 4 Xtk tkfe cow 6 at S3 15s, Jtt IC*. M* let*, wi m 2s fid; fat Heifers at J£* 12* C 4, Oft attMMt at £7 5s and £7.

T'rt r. Sept. 5 Sept. 0. 1'arjs, fr. to A'l. 121.21 81 l 80 13-1G New Y urk, dol. to A' I •J.i'Oi) 4.150 ■1, ij 0 : lj Montreal, lo A 1 4.SCO •1.73 4.78 UruFSolf, belgti.s (o ,£'t 22.70 22.05 Geneva, Sr. to J I •T. ""13 10.12 1 0.30} Amsterdam, 11. to .11 .12.107 7.o 7 7.81 Milan, lire to x 1. 8.5'i 00 3-16 59 .15-10 Berlin, rckliiriarken to .1' 1 2 0. 13 13.29} 1 3.2 (j 3 Stockholm, kr. to XI 18.159 19.371 lft.371 Copenhagen, kr. tori 18.159 22.40 22.10 Oslo, kr. to £1 aa.i&D 19.90 19.90 Vienna, tclnjs. to XI 04.585 29 29 (nom.) (nom.) Prague, kr. to .11 1G 107 j 100} Hc!.-titii;fors, marks to £ I 193.23 22G} 226} Madrid, pesetas to AI 25.2215 37 31-32 37 13-16 Lisbon, cseudos to £1 110 105 104} Athens, draeh to XI 375 505 505 Bucharest, lei to A X 818.0 530 535 Belgrade, dinars 25.2215 230 232} Rio de Janeiro, pence to milreis 4.892 43 42 Buenos Aires, (ofiieial) (official) pence to doi. 45.577 44 44 (ofilcial) (official) Montevideo pence to dol. 51 30 30 Bombay pence (nom.) (nom.) to rupee 19 18 l-l0 18 1-16 Shanghai, penco to dol. * 15 5-16 15 3-16 Hong Konpr, pence to dol. * 103 16 15-16 Yokohama, pence to yen 21.58 14 1-16 144 j Warsaw, par ztotys to £1 43.30 Batavia, guilder 12.107 7.85 — by price of silter. METALS MARKET (Received Scptemlif r 7, 8.20 p.m.) LONDON, Septembor 6. Quotations: — Sept. 6. Sept. 6. A ton. A ton. Copper— .£ s. d. £ s. d. Standard, spot 30 0 35 15 7} Forward .. 30 10 n 35 18 9 Electrolytic . . 39 5 0 39 0 0 to . . 40 o n 30 15 0 Wire bars .. 'in 0 0 39 15 0 American electrolytic: 9 cents per lb. LeadSpot . . 12 2 0 , 12 2 0 Forward .. 12 10 0 13 8 9 Spelter— Spot .. 17 5 O 10 18 9 Forward ., 17 8 9 17 3 9 TinSpot .. 219 0 3 2 17 8 9 Forward . . 219 3 a 2 17 11 3 Silver— Standard, per oz. 1ST -lOd i8 i. rod i tno, pt'r ox. .. 192c 191d

— Buyers. Sellers. £ s. d. £ d. N.Z. Govt. Debentures. :U p.c. Ins., 1938-43 101 12 6 3J p.c. Ins.. 1938-52 101 5 0 101 15 0 4 p.c. Ins., 1940 .. 101 0 0 101 10 0 4 p.c. Ins., 1946 .. 100 10 0 100 15 0 4 p.c. Ins., 1955 .. 100 5 0 101 0 0 4 p.c. Ins., 1949 .. 101 0 0 101 10 0 4 p.c. Bonds, 1940 101 2 6 — 4 p.c. Bonds, 1946 100 10 0 — 4 p.c. Bonds, 1949 101 5 0 4 p.c. Bonds, 1955 100 5 0 101 0 0 Other Jebentures. Ashburton ElectricSi p.c., 1/5/34 .. — 101 10 0 Banks Peninsula Power 5.J p.c., 1/11/57 — 101 0 0 Glaxo 6i p.c., 1935 90 0 0 — N.Z. Refrig. p.c., 1935 101 0 0 — Banks. A'asia. (cum div.) 12 13 6 13 0 0 Com. of Aust. 0 16 1 0 16 2 Com. of Aust. (pf.) 8 10 0 8 16 0 Com. of Sydney 17 12 6 17 16 0 E., S., and A. 5 6 0 5 7 0 Natl. of A/asia (£10 paid) 13 1 6 13 4 0 Natl, of A/asia (£5 paid) 6 2 0 6 7 0 Natl, of N.Z. 4 2 6 4 3 6 New South Wales 32 2 6 32 10 0 New Zealand 2 3 11 2 9 0 N.Z. (D. mort.) .. 1 13 3 — Union of Aust. .. 9 14 0 10 0 0 Insurance. A.P.A. 0 10 9 — National 0 17 9 0 18 3 New Zealand 2 13 6 2 15 6 South British 3 11 6 3 14 0 Standard 2 18 6 3 0 6 Loan and Agency. Ch.Ch. Bldg. Soc. 11 0 0 — Dalgety and Co. .. 10 7 6 10 10 0 Goldsbrough, Mort. 1 9 4 1 9 5 Mutual Benefit .. 9 0 0 ■— National Mort. A. 2 6 0 —. N.Z. and River Plate 1 0 0 — N.Z. Guaran. Corp. 0 7 0 0 7 o N.Z Loan & Merc. (ord.) « 50 0 0 — United Bldg. Soc. 0 17 3 — Wright, Stephenson (ord.) 0 9 6 — Perpetual Trustees 2 10 0 2 15 0 Shipping. Huddart Parker (cum div.) 1 9 3 1 11 0 P. and O. def. stk. 1 3 3 — Union (pref.) 1 3 6 — Frozen Meat. Canterbury 9 0 0 10 2 6 Canterbury (pf.) 5 7 0 •—■ Gear 1 12 3 — N.Z. Refrig. (£.1 paid) 0 18 9 0 18 11 N.Z. Refrig. (10s paid) , 0 8 9 0 8 10 North Cant. Frzng. 0 7 G 0 11 6 Southland — 2 11 6 Southland (cont.) 1 5 6 — Woollens. Kaiapoi 0 7s paid) 0 7 6 0 8 2 Kaiapoi (prefj — 0 15 6 Coal. Westport 0 12 3 — Gas. Auckland 1 3 0 Auckland (con.) .. 0 16 0 17 3 Christchurch 1 7 — Christchurch (10s paid) 0 13 *t -- | Breweries. 1 i New Zealand 1 18 1 19 o Staples ] 8 10 1 !) (j Timaru 0 9 0 0 12 lil Timaru 7s fid pd.) 0 0 0 0 10 : Tooheys ' l 4 Tooths 1 17 () i 19 o! Miscellaneous. AusL Paper and Pulp — i 13 3 Australian Glass .. 2 7 !) 2 8 3 ; Aust. Iron and Steel (pref.) 0 14 6 0 15 3 I Beath and Co. (cum div.) 1 7 3 1 8 2 Beath and Co. (Is paid) (cum div.) 0 4 6 0 5 3 Brit. Tobacco (cum div.) 1 15 0 1 15 4 Brit. Tobacco (pf.) 1 3 0 I Broken Hill Prop. 1 17 0 1 18 0 Colonial Sugar .. 58 10 o58 17 6 Dominion Fertiliser 0 13 0 Dunlop Rubber (cum div.) 0 17 11 0 18 1

Buyers. Sellers. £ s. d. £ s. d. Electro. Zinc (ord.) 13 0 13 6 Electro. Zinc (pf. cum div.) 1 13 3 1 13 9 Gordon and Gotch 1 15 0 1 16 6 Greater Crystal Palace —. 12 6 Howard Smith 0 10 9 0 11 6 Hume Pipe (Aust.) 0 10 3 — Mount Lyell 1 1 10 1 1 11 N.Z. Drug Co. (cum 3 8 0 div.) —. N.Z. Farmers' Coop. 1st pf. 0 15 0 — N.Z. Farmers' Co-op. 4 h p.c. Stock, 1940 56 0 0 — N.Z. Farmers Coop. 4.1 p.c. Stk., 1941 55 0 0 75 0 0 N.Z. Newspapers I ti 9 — Taranaki Oil 0 13 0 3 3 Victoria Nyanza Sugar 0 12 6 — Whitcomb and Tombs 3 5 6 — Wilson's Cement .. 1 15 2 — Woolworths (Syd- . ney) new £1 paid pref. 14 3 1 6 6 Mining. Alexander 1 1 3 Alexander icont.) 0 18 0 0 18 11 Aotearoa 0 14 0 1 9 Bell Hooper <!kl paid) 0 0 11 0 0 1U Bell Hill o i :? 0 3 9 Bell Kilgour 0 1 8 0 19 Big River 0 1 7 0 1 7.'.Blackwater 1 17 5 1 17 9 Central Shotover (9d paid) 0 0 lOi o o iii Freshford 0 0 8" 0 0 9 Gillespie's Beach (Is paid) 0 2 2i 0 2 3 Golden Dawn .. 0 2 9 0 2 11 Golden Point 0 0 2 0 0 21 Kildare 0 2 4 0 2 8' King Solomon (cum div.) 0 3 0 0 3 1 Lawson's Flat (Is paid) 0 0 7 0 0 8 Mahakipawa 0 0 1 0 0 2 Mahakipawa (pf.) 0 0 2 ! New Cornish Point <1,- paid) 0 0 8 0 I 1 New Cornish Point (6d paid) 0 0 5£ 0 0 7 Nokomai 0 3 0 0 3 1 Okarito (cum div) 0 12 0 0 12 2 Oxcnbridge Shotover (9d paid) 0 0 84 0 1 0 Waihi 1 8 :s Waihi Gd. June. 0 4 3 0 4 6' Waitahu . <5s pd.) 0 7 2 0 7 4 Mataki 0 2 4 0 2 11 UNLISTED STOCKS i All transactions in stocks quoted in this section are subject to double rate of brokerage and are not quoted on the official list. £ s. d. £ s. d. Andersons, Ltd. t (pref.) 0 12 0 — Brian Boru 0 18 6 1 1 6 Charleston Sluic. 0 2 0 0 2 3 Claude Neon Lights 1 13 0 1 17 6 Industries, Ltd. (12/'6d pd.) 0 5 0 0 10 0 Invest. Exec. Trust B debs. 90 0 0 92 0 0 Long Trail — 0 2 0 Maerewhenua (9d paid) 0 0 8J 0 0 9i Mining House Cone. (3d paid) 0 0 3 0 0 4 Moonlight Nelson Creek (6d pd.) 0 0 7 0 0 9 National Tobacco 3 2 6 — N.Z. Perp. Forests 2 5 0 Skippers (3d pd.) — 0 0 2 Smith, Wyllie .. 0 13 7 0 15 0 Snowy River 0 2 3 0 3 0 Sun Newspapers 0 3 3 0 4 2 Temuka Flour 0 12 6 — Wore's Invest. Trust 0 4 2 0 4 8 Wet herstone's, Ltd. (4/- pd.) 0 2 0 0 3 9 Woolworths (N.Z.) ord. 5 10 0 — Woolworths ("Victoria) pref. 12 6 1,4 0 YESTERDAY'S SALES 'CHRISTCHURCH Sales on Change. £ s. d. N.Z. Govt. 4 p.c. Ins., 1940 101 7 6 Bank of New Zealand (2) 2 8 10 Dalgety and Co. .. 10 10 0 Goldsbrough, Mort 19 4 19 5 19 6 19 4 N.Z. Refrig. (£1 pd.) 0 18 9 N.Z. Refrig. (10s paid) (7) 0 8 9 Staples Brewery 18 9 Timaru Brewery (7s 6d pd.) 0 6 9 Colonial Sugar .. 58 10 0 Dunlop Rubber (cum div.) 0 18 1 Gillespie's Beach (Is pd.) (2) 0 0 2i King Solomon (cum div.) 0 3 1 Nokomai (5) 0 3 0 Waitahu (5s paid) 0 7 3i Sales Reported. National Bank of N.Z. .. 4 3 0 Kaiapoi Woollens (17s pd) 0 7 10 WELLINGTON Sales on ' Change. £ s. d. Govt, bonds, 4 p.c . 1940 101 2 6 Ins. stock, p.c., 1939-43 .. 101 17 6 Ins. stock, 4 p.c.. 1949 ..101 2 6 Nat. Bank of N.Z. 4 3 0 Bank of N.Z. (late Wed.) .. 2 8 8 N.Z. Guarantee Corp. 0 7 0 Gear Meat 1 12 9 N.Z. Breweries 1 18 6 King Solomon (late Wed.) 0 3 1 "

AUCKLAND Sales on 'Change. £ s. d. ' Auckland Harbour Board, 1937, 5i p.c. 101 0 0 Com. Bank of Australia (4) 0 16 1 Nat. Bank of New Zealand 4 2 6 Nat, Bank of A'asia (pd.) .. 13 3 0 Bank of New Zealand 2 8 9 New Zealand Insurance .. 2 13 3 Grey Valley Coal 0 14 0 Auckland Gas 13 3 Colonial Sugar 58 5 0 Bell Kilgour 0 19 King Solomon <2) 0 3 3 0 3 2 Mataki .. M 0 2 6 0 2 5 0 2 4} Waihi 18 4 Waihi Junction 0 4 6 Kuala Kampar 0 7 0 Unlisted Stocks. N.Z. Perp. Forests 2 9 0 DUNEDIN Sales on 'Change. £ s. d. Bell Hooper 0 1 0* (3) 0 10 King Solomon tcum div.) .. 0 3 1 Sales Reported. Bank of N-Z. 2 8 10 2 9 0 National Bank of N.Z. .» 4 4 0 N.Z. Guarantee Corp. .. 0 7 0 King Solomon 0 3 2 Lawson's Flat 0 0 8 Gillespies .. (2) 0 2 2$ Colonial Sugar 58 10 0 Mahakipawa 0 0 2 N.Z. Refrig. (conO 0 8 9 Paper Mills 13 0 Waitahu 0 7 3 SYDNEY On the Sydney Stock Exchange yesterday .industrial and trading issues were fairly steady, and there was plenty of activity. Commonwealth bonds were inclined to move upward. Morning Sales. £ s. d. | Commonwealth 4 p.c. bonds— 1938 103 7 6 1941 103 12 6 J.944 104 0 0 .1947 104 15 0 1948 104 15 0 104 17 6 Bank of New South Wales 32 5 0 i Associated Newspapers (pi.) 0 18 10 { ■Broken Hill .. 1 18 0 Goldsbrough, Mort 1 9 10$ Willcox Mofflin 9 9 10 Afternoon Sales. ! Bank of New South Wales 32 5 0 Com. Bank of Aust (N.Z. delivery) 0 16 3 Nat. Bank (£10 pd.) 13 7 6 Colonial Sugar 59 15 0 Australian Provincial Assce. 0 12 0 United Insurance 9 7 6 Mercantile and Mutual Ince. 0 18 9 Associated Newspapers 0 9 0 Associated Newspapers (pf.) 0 19 0 Adelaide Steam 14 0 Australian Gas A 7 6 6 Goldsbrough, Mort 19 7* Newcastle Gas C 0 11 11 Anthony Hordern 0 11 0 Australian Iron & Steel (pf.) 0 15 0 Automatic Tcrtalisator 0 12 6 Fanners 0 14 0 David Jones 19 0 Henry Jones 1 17 9 Fairymead Sugar 19 0 Morris Hedstrom 0 19 6 Willcox Mofflin 0 9 9 Goodlet and Smith 0 17 9 Mount Lyell 12 0 Broken Hill Prop. 1 17 10} South Broken Hill 3 16 Bulolo Gold 4 13 9 Bulolo Deposits 0 16 Mount Morgan 2 5 3 Mt. Morgan (N:Z. delivery) 2 4 9 Mt. Coolon 0 12 10 Kuala Kampar 0 7 lis