TRADE AND FINANCE.

Auckland Star, Volume LIII, Issue 138, 13 June 1922, Page 6

TRADE AND FINANCE.

\UCKLAND SHAREMARKET. BUSINESS DONE. \T TIIF. 3 15 P.M. CALL YESTERDAY--Walhl fVS/ P - &&■'* \V:iibi Grand .lunction Vw'in'n N.Z. War Loan. B p.c, 1027 ... f»4 10 0 AT THE 10 A.M. CALL TO-DAY-Wajhi £1 0.0 Rank of Npw Zealand,.. C,l2/«. fi/l'J/O Aiicklnml Gas (cont.) ;:,■,.. ;. N.Z. War Loan, 1938 *»' '-'" \T Tin: NOON fALL TO-DAY-Hani; or Nnw Zealand £2/l'J/r> llaurakl Hoofs ;, !" , Wailil £!/«/"

MARKET CHANGES. Bank of New Zealand—Sales £2 12/9, up 6d. National Bank—Buyers ex rights £5 14/. up N.Z. Loan and Mercantile (ord.)—Buyers £73, up £t. Maxwell, Ltd.—Buyers 17/, up 4/6. SOUTHERN EXCHANGES. (By Telegraph.—Press Association.) DUNEDIN, this day. Sales reported: Bank of New Zealand, -2 12/6; Westport Coal, il 9/. Sales on Change: New Zealand Express (ord.), 16/. CHKISTCHURCH, this day. Sale reported: Bank of New Zealand (cum liv.), £2 12/6. THE WAIIHI MINE. RECENT DEVELOPMENTS. fRy Telegraph.—Own Correspondent.) WAIHI, this day. Operations ou the Edward lode have disclosed the existence of an enormous body of stone, a considerable portion of which is thought payable in a crosscut put through the reef. In driving both north and south ou the ore hoflv the values have been distinctly higher than was tiie case at corresponding points at leve.s o.e~::. Values on the liar!ha have been erratic some payable, some under paying point', but there have been decidedly encouraging features n.ssoclarcd wltli tbe parent lode hi .'i depth. HAURAKI MINES, LIMITED. The following telegram has been received from the manager of the Hnur.iki Mines Ltd.:—" Stripping reef at Welcome Kind intermediate level, about two pounds of picked stone loosened by working." INTERNATIONAL EXCHANGE. SPECTACULAR RISE IN FNITED STATES. VANCOUVER, *»i, ly ls Sterling exchange has made phenomenal gains in the United States ever since early in May. and a: the time of writing it has reached the highest since July 14 loiy British funds in New York being quoted at -I dols. 433 cents. This advance has displaced the previous high record of 1922 of t dols. 448 cents, established on March 1 The present advance iv sterling has been termed a "mystery move" by dealers in New York, who were unable to explain it particularly since it was praeticallv the "illy foreign exchange which is active, the balance of the list being uioro or less dormant. Several theories were advanced. The most popular nnd probably the most plausible being the fact tha! the scarcity of bills in the market., due to restricted international trade had made it necessnrv for those who sold sterling In January. February and March to go into the market and bid openly for the exchange, rather than to pick up Ihe bills to cover their short commitments, as they appear on the market usually In large volume at this time of the year. Another theory which has been advanced is that the British Government is in the market, engaged in the task of putting up its own exchange, not alone for its sentimental effect on financial morale abroad, but also to give it. greater debt-paying power in paying the country's international obligations. At any rate, and for whatever the cause, sterling exchange has been remarkably strong all through the month of May. l*ractiea.ly the only other exchanges which exhibited similar strength were those of Hongkong and Shanghai, whose acrivity is solely entwined with the new high rate lor silver, at 705 cents, established coincident with sterling's highest. CANADIAN SILVER. The effect of tho unprecedented rise of sterling in New York has been electrical upon Canadian funds, which rose as high as 99. In Montreal on New York, and slightly higher in the West. In several cities situate on the international boundary on the American side. Canadian silver was accepted at par. and as a result, feeling improved considerably as owing to the difference between Canadian and American funds a vexatious condition had existed ever since Canadian funds descended. At one. time Vancouver money was dis- . win ted to as low as SO cents on tiie dollar iv -Seattle, but now -Canadian inonev is being accepted at full value In that' city. In Ontario cities, notably St. Catherines. American silver is beinjj circulated, by one and all. its value being on a level' with Canadian funds.

BANKS— Sellers. Buyers. Australasia 13/2/B .. — rouimerclal (prel'.i .. - •• k' , ?',". National •■ :,';"•" New South Wales ... ■ ■ M/0 ] New Zealand - I- " • - Jr ': Iniou of Australlii . . !"• I k - J I\ and 0 ■ 1 - ,1 -' u Nationul •'• ' ° .\>w Zealand I ;1 " ' /s ,; South British 1 IT :i 1 H> |> Standard ■ ' •' •' FINANCIAL— N.Z. ami River Plaii'. I'- 1 ■'■ •• IS •' Loan and Mercantile ■ ■ 13/0/0 i.oan ami Merc. (prc-0 - . <' : ' " " COALriikuransi - ■■ •'.;? Taujiirl (pref.i l">/10 . • '••■'> Wnijm i'> '! ■• lj " UAS— Auckland ip.n.i - . ■ 1 1 10 Aurklnud icont.i .... IS'" ■• •" " liirkpuliead 17,0 ■■ — Napier ■ ■ s •'■ ° SIIllTIXG— Dcviinpon ferry .1.4," .. 1,3,'tl Huddarl, 1'arUor (ord.i -. S.II .. - ■■ ; i S.7.. Sliipiilns ipref.K lll'Ti/O .. Northern .Sieaiii Ip.n.) U-0 .. — Nnrtbem Steulii (wnt.1 (i - . •••s I', nud 0. iH'iVire.l .. IWOO.ii .. 320 I, l-nion Sti-.uu iprof.i!; 1'.» li .. !«.'« TIMBKi: — liartlioliiiiiew 1S/0 .. — Kauri Timber 1/7/B •• l-'6<" I..O-B — •• 111/ 1 ' Parker. Lttrah 1/4,0 . . 1 • 1 '0 WO0LLKNIviilapol (ord.i — ■■ 1/4 / n Mellinstoii - •• S/10,0 MISCELLANEOUS— Alirahaiu. Wil. (prpfi r> O/O .. \. J. Eutrii-an. Ltd... - - . - >« <"' Aiieklaud Trains lfi/0 .. 7/3 llycroft, Ltd 1.0,0 .. l'cnt.al Supplies 3/-»/0 •• — Farmers , Auc. (A prof) 18.fl .. l r > H I'armm' Aue. (B pref.) ]"0 .. ln/0 Theatre Arcade (pref.) — • • ls ° Merediths. Ltd 11/6 . • — Milne, Cboyce lord.).. — •■ WO Milne, t'lioice (deli.) - .. 1/0 » liemptiio.-iic. Prosser — •• 2/11'i> Newton Kins. Ltd. .. 17/6 .. — N'.Z. Home Builders.. — .. 5'6 X.Z. I'aper MiU." 1/1/3 .- l/J'JJ N.Z. Refriff. (oont.i.. 14/- •• 13/0 I'arensa Oil 8/6 .. — Maxwell and Co 1/5/0 .. 17/0 Takapuna Trams 15/0 .. — Thames Theatre — ■• H/O Toiison .12/6 .. — Uniou Oil — .. 1/5/0 Wiseman and Sons.. 14/0 .. Wilsons Cement lfi/S . if.':. MINING STOCKS— Hauraki Reefs 0/2* .. 0/1 J Hauraki Mines 3/0 .. 2/6 Ohinemuri Mines 3/3 .. — Waihi 1/6/3 .. 1/0/0 Waibi Grand Junction 7/9 . . 7/6 DEBENTURES AND BONDS— N.Z. War, 1030, 4.J p.c. 04/10/0 . . !>4/O/0 N.Z. War. 1!)3S, 4 j p.c. 93/17/(! . . !)3'10/n N.Z. Wnr. 1930. 4* p.c. 94/0/0 .. n:i,'10>0 ••oiaiers' Loan, 1033, 5J 97/10/0 .. '.17/0/0 C.Z. Ins., 193S, 4J p.c. 94/5/0 . . i«,'10/O V.Z. Ins., 1039, 41 p.c-. 94/3/0 . . !>3/10/0 Soldiers' Loan. Ins., 5} 07/10/0 . . — Napier Harbour Board 99/0/0 . . 9U/0/0