FINANCE AND COMMERCE.

Press, Volume LXVIII, Issue 20563, 3 June 1932, Page 12

FINANCE AND COMMERCE.

EXCHANGE RATES. FIXATION FOR CUSTOMS ASSESSMENT. MINISTERS SUGGESTION. Hi« willingness to fix the rates of exchange for Customs purposes for monthly periods has been communicated to the Associated Chambers of Commerce of New Zealand by the Minister for Customs (the Hon. W. Downie Stewart). The Minister's letter was forwarded to the Canterbury Chamber of Commerce, and received at the meeting last night. The Minister wrote: — "It would appear that the original proposal of the Wellington Chamber of Commerce that the Department should fix rates of exchange for monthly periods has lost sight of during subsequent discussions, and that the Wellington Chamber, together with other principal Chambers, now desires that the Department should revert to par rates. Position Overseas. "In this connexion I may say that other countries, for example, Great Britain, Canada, and Australia (in effect), find it necessary to adopt the same policy as New Zealand in dealing with goods from countries whose currencies are relatively appreciated, and Canada and South Africa adopt practically the bank rate in connexion with goods from countries with depreciated currencies. "In face of the above and in view of the fact that the whole question of the rates of exchange to be used for Customs purposes will no doubt be fully discussed at the Imperial Economic Conference at Ottawa, it is not considered advisable at present to make any alteration in the method of converting currencies for duty purposes, and thus, before the Conference, depart from the practice followed m the principal partß of the Empire. If, however the Associated Chambers will advise'me that it is desired that the rates of exchange should be fixed for monthly periods, I shall be glad to take the necessary action." Mr "V. E. Hamilton said that tnis suggestion would not secure what merchants wanted. , , ■ _ . The letter was referred to the Importers' Committee, which was given power to reply to the Associated Chambers. IMPORTS AND EXPORTS. detailed figures. (FBSBB ASSOCIATION TZLEGaAM.) WELLINGTON, June 2. Detailed figures showing the imports and exports of New Zealand for the year ended on March 31st show that the imports totalled £23,165,522, compared -with £38,300,807 for the previous year. There were only 3089 motor vehicles imported of a total value of £437,04*5, against 15,039 cars in the previous year valued at £2,063,339. Petrol and kerosene imports did not vary to any remarkable extent, so tar as anantity was concerned, but there was a marked drop in value. Petrol imports were 69,950,822 gallons. valued at £1,363,198, against ! lons, valued at £2,020,784, in 1931. Tyre imports were £546,950, against imported was over 2,000,0001b more in quantity, but itsyalue was onlv £591,822, compared with £699,<2»0. WMsky totalled 263,547 gallons, valued at £266,092, against 320,862 gallons, valued at £398,457. There was a heavy drop in the importation of cigarettes and tobacco. Among other heavy drops were electrical apparatus and timber. Exports totalled £34,496,211, against £39,527,784. . Exports -to British countries totalled £31,746,848 and to. foreign countries to Australia totalled £1,216,211, and imports £2,466,638. Exports to Canada were £197,424, and imports £957,900. Exports to the United States totalled £891,467, and imports £3,651,887. .Butter exported was valued at £9,823,035, against £10,513,684. Cheese exported was. valued, at £4,069,450, against £5,964,699. Frozen lamb exported was valued at *,0,749",076, against £7,054,834, mutton at £1,408,982, against . £2 ' o7 J>^Vf' ll(i wool at £6,551,797, against £5,464,228.

NEW ZEALAND BANKING. A LONDON VIEW. Increase in. New Zealand exports, notwithstanding low prices and the set-back by the Hawke's Bay earthquake. is specially noticed in a review of New Zealand banking in the special supplement of the' "Financial Tunes, London. The Government's economy efforts are .particularly noted and commended. "Production not only was maintained on.' the. high standard reached in late years, _ but was increased to some extent, while endeavours were made to expand the overseas markets of the country's products, especially in Great Britain." After, having rapidly risen from 4| to 9f per cent, early in the year the premium on the English pound remained . unchanged on the enhanced level during the subsequent months. In their endeavours to support their clients the New Zealand banks had to adopt a liberal policy as regards lending, despite the continuous decline in their deposits. . "As regards the deposits, a marked increase nas taken place in the in-terest-bearing fixed deposits, while the interest-free deposits have undergone a considerable diminution, greatly to the detriment of the earning capacity ot the banks, which, moreover, had to shoulder higher taxes. . "Thanks to an«improvement m the wool market and to the expectation of a better trade in dairy produce with the United Kingdom after the adoption of the new tariff, the outlook for 1932 is regarded with greater optimism." NEW SYDNEY COMPANY. • The following new • company was registered in Sydney last week: Australasian Plantations, Ltd., capital £75,0C0. in shares of £1 each ; planters of tung trees and flax in New Zealand, etc. Subscribers: P. R. Larkm, Pearl Crooks, E. Yum, G. Bambury, J. O. Laing, J. G. Cruiokshank, W. S. Milburo.

FARM FINANCE. CHAMBER OF COMMERCE SCHEME. SUCCESS DURING LAST YEAR. The success of the Canterbury Chamber of Commerce's scheme for financing farm production was brought before the council of the Chamber last night in a report from the Farmers' finance Committee. A special sub-committee was authorised to make necessary amendments to the scheme for the coming year. The report stated:— "The committee, after making extensive enquiries through interested parties and discussing in conference personal experiences, reports that after a year's trial the scheme for financing farm production, now generally known as 'The Canterbury Chamber of Commerce Scheme,' has proved a success. Amendments Required. < "It is recommended that subject to a few minor amendments to clear up possible misunderstandings and permit of smoother working, the council approve a continuation of the conditions adopted last year during such time as the necessity for the scheme continues. A representative sub-committee has under consideration certain suggested amendments, modifications, and adjustments, . and it is suggested that the council authorise this committee to make without further reference, any alterations or adjustments of a minor character likely to improve the working of the scheme, in order that the new conditions may be available for a. renewal of the agreements now being negotiated.. • ' "The committee desires to express its appreciation of the wholehearted cooperation of practically all the interested parties without which the success achieved would have been impossible. In particular, the services of the Commissioner of Crown Lands, Deputy Public Trustee, and leading Christchurch solicitors deserve special mention." Mr H. S. E. Turner moved the adoption of the report. Seconding the motion, Mr W. Machin said that although the scheme cut across all manner of established rights, and depended upon the goodwill of those who subscribed to it. its working had been a triumph during the last twelve months. He suggested that the author of the scheme, Mr Norton Francis, should also be warmly thanked. Implement Manufacturers. On behalf of implement manufacturers, Mr L. .G. K. Steven said that in many cases the interests of this section had beten overlooked. Although they were vitally interested, the implement makers were not protected. They felt that some provision might be made for the provision of> depreciation. Mr Machin replied that even though the implement makers had been absent from the conferences they had been provided for, and, as far as he was aware, had received .their apportionments. He thought the complaint could easily be settled privately. The" report' was adopted. , It was decided to write a letter of thanks to Mr Francis.

SOUTH ISLAND DAIRY ' ASSOCIATION. ANNUAL CONFERENCE. (MISS ASSOCIATION MLZOBiU.) DUNEDIN, June 2. The annual conference of the South Islaiid Dairy Association, which was held to-day, affirmed the principle of compulsory milk grading, and also expressed itself in ; favour of differential pay-1 merits. A remit was passed favouring a national scheme of premium payments for quality cheese based on grading points, a levy to he imposed on all export cheese to provide the funds necessary for the purpose. A remit was passed expressing the opinion that the restriction placed on the free operation of exchange was a grave injustice to primary producers. A report brought down by the com-mitteei-appointed by the National Dairy Conference last June in connexion with the 1 administration of the industry and providing for the appointment of the Dairy Produce Board by a Dominion Council elected by dairy company directors was adopted. A remit favouring the exemption of one-vat cheese factories from millc grading regulations was defeated.

DAIRY MARKET. BUYERS* PROBLEM. Messrs J. 8.. MacEwan and Co.', Ltd., Wellington, report having received the following letter from London, dated April, 26th, and the information regarding the butter market will be of interest to readers (Since we last • wrote you, butter and cheese markets have both collapsed in a rather unexpected manner. Importers and buyers generally had been looking at the butter situation very largely from the standpoint of supplies from Australia, New Zealand, and the Argentine, and i ! or the past twq months the total production from these countries had been showing a decline. Anticipating smaller arrivals in April, May, and June, a good deal of optimism was displayed and considerable buying took place. 'lt so happened that the demand which we had experienced from those European countries who import all at once died out, f-wing partly to financial credits not being available, and • partly to the quota system regulating supplies, which France, Germany, Belgium', and other countries are now adopting, so that the result has' been that though excellent as our consumptive demand is; it has not been able to keep pace with imports, and stocks have increased considerably dtiring the past month. To-day, buyers do not quite know where they are, and an arrival of 16,000 casks of Siberian butter this week has still further caused them to wonder how much European butter'will have to be put on to our market during the next few months. DAIRY PRODUCE. LONDON QUOTATIONS. The New Zealand Loan and Mercantile Agency Co., Ltd., have received the following advice from London under date June Ist: — Butter —98s to 995. Market is steady. Cheese —575. Market is Quiet.

CHAMBER* OF COMMERCE. MEETING OF COUNCIL. The couaeil of the Canterbury Cham". ber of Commerce met last evening. There were present: Messrs A. O. Wilkinson (president), W. Bottrell, A. M. Burns, H. S. E. Turner, A. tf. Wright, V. E. Hamilton, A. C. Bretherton, L. G. K. Steven, M. J. Russell, J. N. Greenland, F. E. Sutton, R. T. McMillan, A G. Cannons, C. P. Agar, W. S. Newburgh, T. N. Gibbs, W. R. Carey, E. Bourke, W. Machin, P. E. Jones, P. Davidson, I J. Anderson, juu., and G. Cowie. The statement of receipts and payments, which was presented by treasurer (Mr A. M Burns) credit balance, at May 31st, of 17s sd. Penny Postage. In reply to a telegram congratulating him upon the return to P° 3m y the Postmaster-General (the Hon. A. Hamilton) telegraphed as follows: "I thank you for your congratulatory message and the expression of appreciation it contains. I, too, hope that the business that will accrue will 3U & tity the action taken." _ The Merchants' Association of Ai-w York wrote offering to place its organisation at the disposal of the Cant £ r ' bury Chamber, in the hope of an increase in the exchange. between New Zealand and the United States. The letter was received. Employment of Boys. The chairman of the Boys' Employ* ment Committee (Mr T. N. GibbsJ reported that the farm scheme was bcing well supported, and many boys had been placed. He thought the Chamber was fortunate in having Mr H. P. as its organiser. He read a report on the position from Mr Donald, and outlined "the activities which had been arranged through the Y.M.C.A., to keep the boys occupied. Although nothing spectacular had been accomplished, much valuable work was being done in the Cl The president returned the Chamber's thanks to Mr Gibbs. The report was adopted. Shipping to China. The Department of Industries and Commerce advised that following its representations the Osaka Shosen Kaisha shipping organisation was willing to extend its services so as to afford New Zealand exporters direct shipment to China. The company was willing to consider a call at Hong Kong or Shanghai, by the Melbourne Maru, _ which would load in Wellington early in June, provided sufficient cargo was offering, j The Chamber was requested to bring j this information to the notice of its members. The letter was received.

Mr Bodkin's Visit. A report on the visit to Canterbury of Mr W. A. Bodkin, M.P., of Central Otago, was submitted by the Irrigation Committee of the Council, and adopted. The Committee expressed its gratification at the well attended meeting which listened to Mr Bodkin and its appreciation of the very valuable assistance rendered by the Darfield branch of the New Zealand Farmers' Union, in connexion with the organisation of the gathering. New Members. The following new members were elected: —Evans and Bull (Mr Q. J. Leoch), Wheat Marketing Agency Co., Iytd. (Mr R. McPherson), and Zealandia Milling-Co., Ltd. (Zlr W. MacKenzie). The Shell Company, of New Zealand, Ltd., was authorised to change its representative from Mr N. G. Chamberlain to Mr S. N. B. Wynne. RAILWAY REVENUE. FIGURES FOR MAY. 5 The traffic returns for the Canterbury railways for the four-weekly period ended May 28th, compared with the corresponding period last year, show decreases under most headings. The increase in passengers was due to the tramway strike at C^iristchurch, and the increase was principally on the Lyttelton line, from and to the Woolston and Opawa stations. The increase of 84 in bearer tickets issued is explained by the fact that some people are buying this class of ticket in preference to the more expensive season tickets. An increase of 960 tons in timber carried was a shipment of white pine from the West Coast for Australia. Reduced fares are responsible chiefly -for the decrease in • passenger revemic. Details are: —

DRIED FRUITS. s VALUE OP PUBLICITY. (UNITED PRESS ASSOCIATION—BY BMSCT3IO TELEGRAPH —COPYBIGHT.) (Received Juno 2nd, 5.5 p.m.) VANCOUVER, June 1. Australia must do greater advertising to gain a hold of the Canadian dried fruit market, Mr W. F. Ives, the cricket team advance manager. Speaking as a guest of the Rotary Club, Mr Ives said he found that California fruits sold in Canada on publicity alone. OTAGO FRUITGROWERS. (FSZSa ASSOCIATION TIEJEGBAM.) DUNEDIN, June 2. At the Otago Fruitgrowers' Conference it was stated that, owing to a< November .frost, 85 per cent, of the Otago export fruit was wiped out. ADELAIDE MARKET. (Received June 2nd, 8.5 p.m.) ADELAIDE, June 2. Wheat —3s 2d. Flour—£7 10s per ton. Bran—£s 5 s. Pollard —£5 10s. Oats—ls 9d per bushel.

MINING. GOLCONDA G.M. COMPANY. The mine manager of the above company reports as follows: The shaft has been sunk to 10ft below the chamber. We are in splendid country. A flinty about 4in wide was passed through. The quantity o.t water is about the same and we aro draining the winze that was sunk previously. The shaft has been fuily manned with three shifts. GOLD PROSPECTING. 1 Gold prospecting for the absorption of unemployed labour is being systematically controlled in Central Otago. and if the policy extends as expected a large number of men will eventually be employed. An officer has been appointed to control the scheme, and to a meeting of the Lake County Council he explained its operation and the assistance rendered. Jlecently 55 men had been sent to the Cardrona field, and this number would be increased shortly 200, and in tin: spring another 200 would be sent there. About 200 would be placed at the Nevis. It was hoped that l\v the end of the year 2SOO would be distributed prospecting in Central Otago. WAIHI COMPANY'S PROFITS! The annual report of the directors of the Waihi Gold Mining Company, Ltd., for the year ended December 31st, 1931, shows, since 1893, £5,941,464 10s 6d paid in dividends and £984,857 12g 5d paid in income and corporation profit taxes. For the year 1931 dividends amounted to £99,181 Bs, and income and other taxes to £71,588 18s sd. Tor 1931 the yield (actual realisations) were £413,900; from 223,376 tons treated. The yield all told since 1892 to 1931 was The total output of gold and silver for 1931 was 75,347.410z gold and 434,475.960z silver. The total value of the output was £359,906 14s sd, taking gold at 84s per ounce and silver at 2s per ounce. From the total output for 328 tons of New Zealand Government ore the sum of £778 6s 7d has to be deducted, leaving a net total of Waihi Company's bullion of £359,128 7s lOd. Last November £212,500 was due from the ■ Government of New Zealand in respect to Hora Hora hydro-electric works, but it was arranged with the Government that the date of payment should be extended to November, 1934.

WINTER SHOW. LIBERAL PRIZE MONEY. Prizes on a scale rarely offered previously in the Dominion will be available to winners of fancywork classes at the Winter Show. A special prize of £5 5s will be awarded for the best piece of fancywork out of four classes. The schedule for the bliow, which is to be held in the- sing Edward Barracks from August 6th to 20th, has been revised and many new classes have been added. In the women's section there are many, prizes offered for cookery, needlework, etci The classes for apprentices have been largely in>. creased, so that lirirfc, second, and thii'4 year boys will not 3iave to compete with fourth and fifth year. Another new class is one in which the president of the Manufacturers' Association, INI r E. Archbold, offers a special prize of £1 Is for the best article of furniture made' out of packing cases by a boy between the age of fourteen and eighteen years. In spite of tho times the winter Show Excutive has kept the prize money throughout the schedule on a very liberal scale and it is hoped that exhibitors -will respond in a similar manner. BRITISH TOBACCO CO. QUARTERLY DIVIDEND. IPRIBS ASSOCIATION TXHOBAM.) WELLINGTON, Juno 2. The British Tobacco Company lias declared a quarterly dividend on ordinary shares of 1} per cent., payablo on June 30th. t " The dividend is the same as that paid in June, 1931. The total dividend for the year was 8 per' cent, on ordinary shares, in 1930 12 per cent., and in 192!) 11 per cent. The ordinary paid up capital of the company is £8,134,459 and the preference capital £1,484,727. LONDON WOOL SALES. GOOD COMPETITION. (UNITED PRESS ASSOCIATION—BY • ELECTRIC TELEGRAPH —COPYRIGHT.) LONDON, June 1. At the wool sales 12,018 bales were offered, including 3822 from New Zealand, approximately 3544 being, sold. There was good general competition at late rates. New Zealand slipe, halfbred lambs. Feilding, Bid top, 7d average; scoured pieces, Grampians, 16d and 14^d. PRICE OF GOLD. (united fuess association—bt bmlctbio TELEGRAPH —COPYRIGHT.) LONDON, June 1. Gold (per line ounce) is quoted ai follows: — £ s.'d. Juno Ist ... ... 5 12 9 May 31st ... ... 5 12 5 PRICE OF SILVER. (BRITISH OMICIAL WXRXLESB.) (Received June 2nd, &.5 p.m.) RUGBY, June 1. Silver (pence per ounce) is quoted as fol lows: May 91. • June 1. d. d. Spot ' .. 16 15-16 16 15-16 Forward .. .. 16'15-lS 17 SUPPLIES OF TIN. (UNITED PRESS ASSOCIATION— BY ELECTRIC TELEGRAPH —COPYRIGHT) (Received June 2nd, 5.5 p.m.) LONDON, June 1. Tin stocks at the end of May were as iol

NATURE'S GIFT. < A RECORD HARVEST. SOUTH AUSTRALIAN OUTLOOK. (raOM OTJR OWN COBRBSPOK-DJSKT.) t SYDNEY, May 25. 1 Perhaps no part o£ Australia has mado , a bigger step in the march to prosperity than the big central State, South Australia. That State's deficit on June 30th, the end of the financial year, is not likely to exceed £1,400,000, which it) about £.100,000 less than the sum allowed.under the Premiers' Plan. A general improvement of conditions in South Australia is most pronounced in the primary industries, and as 4hat State depends on such industries more than most countries, the improvement in the outlook, and the confidence it has engendered among farmers and business men, furnish what are regarded as sound premises for the conclusion that, -without any political up- 1 set, South Australia will be tiie first State -to return to prosperity. 1 A record wheat harvest in the central State of about 47,000,000 bushels will yield approximately £8,000,000. The wool clip is likely to be worth more than £2,000,000, arid hundreds of thousands of pounds from wine—one of South Australia's biggest indua tries —fresh and dried fruits, and dairy produce will bring the season's gift to more than £13,000,000. The railways estimate an earning of £2,750,000. The high-light of the changed South Australian outlook will be the big wheat yield. The improvement on last season is most pronounced, for the harvest then yielded about 35,000,000 bushels, at an average of 8.34 bushels. At the end of December there were 6,500,000 sheep in South Australia—an increase of half it million compared with the previous year. In most parts of the State the lambing has been wonderfully good. Re-stocking is general, for bountiful rain has brought on excellent feed, and many stations which | have been depleted since the drought years will soon bo carrying their customary flocks. Nature is doing its best for ~ South Australia. If man—otherwise the politician —will only pull with it, all will be well again in the central State before very long. Another big factor in its economic picture is the wine yield. South Australia is the principal wine-producing State of the Commonwealth, and provides more than 75 per cent, of the total "make." The vintage is estimated to bo approximately the same as last year's, namely, about 13,200,000 gallons. . The outlook in South Australia is, generally, immeasurably brighter than it was a year ago. FOREIGN EXCHANGES. (ÜBITISH OFFICIAL WIRELESS.)

METALS MARKET. , (united muss association—bi elsctbig TBLEGBAtH—COPIBKJH.T.) '

STUDHOLME JUNCTION STOCK SALE. The stock salo at Studhohne Junction yards drew small yardings in all sections. Very few cattle were forward, and there was little demand, deals being made at low price!?. A raca and ft half of fat sheep, comprising mostly ewes, were bought uiainly by freezing buyers at schedule prices. The store sheep consisted of a miscellaneous collection of hill lambs in backward condition, wethers in forward condition, and two or three pens of good breeding ewes. The market wns very dull, and sales were hard to make, the bulk of tho yarding being passed. A consignment of good forward crossbred wethers from Southland was a feature of the sale. They commanded a good deal of attention, and sold to spirited competition. Tho following sales were made:— Fat Ewes —Sixty-two at 5s 4d, 15 at 8s 4d, 15 at 7s, 17 at lis, 8 at 8s Id, 40 at 5s Id, 8 at 7s, 13 at 8s Id, 18 at 8s 6d, 24 at 7s. Fat Wethers —Four at 15s Id, 4 at 15s, 8 at 15s 4d, 11 at 13s, 13 at 12s Bd, 3 at 12s 9d. ■ Fat Lambs —Ten at 10s sd, 24.at 12s lOd, 44 at 12s lid. . Store Sheep—-Thirty-nino lambs at 5s 6d, 43 at 2s id, 42 at 2s, 97 at 12s, 22 at lis 3d, 58 ewe lambs at 3s 2d, 10 at 6s, 83 wether lambs at 7s 9d, 28 at 4s, 94 m.s. lambs -at 5s 2d, 68 wethers at 10s lid, 84 at 12s 3d, .207 ewes at 9s, 101 at 7s, 80 at ss, 38 at 5s lid, 73 at 7s 6d, 26 at 6s, 45 two. four, and six-tooth wethers at 10s Bd. Cattle —Springing heifer at £5 15s. JOHNSONVILLE STOCK SALE. At the Jolmsonville sale prices for bullocks were easier than last week's rates. An average yarding of sheep was submitted, prices showing no alteration. Prime bullocks sold to £7 Bs, medium to £6 ss, prime cows and heifers to £i Is, others to £2 15s, runners to £3 2s, vealers to 30s, prime wethers to los Cd, medium to 12s 6i, prime ewes to lis sd, others to 10s Id, lambs to 14s 7d.

CHRISTCHURCH STOCK

EXCHANGE. YESTERDAY'S TRANSACTIONS. The volume of business on call yesterday was the heaviest recorded daily total for some weeks past, chiefly due to heavier trading in Government issues. Transactions, exclusive of vestibulebusiness, were:— £3500 N.Z. Govt. 4J per cent. Inscribed, 1938. £SOO N.Z. Govt. 5i per cent. Bonds, 1936. 100 Commercial Bank of Australia. 5 Bank of New South Wales. 70 Union Bank of Australia. 100 Standard Insurance. 200 Goldsbrough, Mort. 200 New Zealand Breweries. 1500 Mahakipawa. 500 Mahakipawa (pref.). 200 Golden Dawn. 50 Okarito.

New Zealand Government 4$ per cent. Stock, due 1938, remained unaltered with buyers and business at £92 2s 6d, sellers at £92 ss. Buyers of 5i per cent. 1933 Stock and Bonds raised their bids to par, but holders were reticent. Five and a half per cent. 1936 Bonds were stronger with buyers and business at £99 7s 6d, sellers at £99 15s. Commercial Bank of Australia shares realised 13s 2d, buyers staying in at that figure, sellers at 13s 3d. Bank of New South Wales wero firm at £24 15s, market closing £24 12s 6d buyers, £25 5s sellers. Union Bank of Australia shares scored a rise of 2s at £6 16s, and there were further buyers at £6 15s 6d, sellers at £6 17s 6d. Miscellaneous. Standard Insurance shares scored a rise of Is with business at 395, and there were further buyers at that figure, sellers at 425. Goldsbrough, Morts recovered to 21s 7d, market closing 21s 6d buyers, 21s 9d sellers. New Zealand Breweries realised 24s 3d, buyers staying in at that price, sellers at 24s 9d. Quotations for Amalgamated Wireless, Australian Glass, Dunlop Rubbers, Colonial Sugars, Burns, Philp, Electrolytic Zinc, and Mount Lyells all indicated firmer markets. Golden Dawns were fractionally weaker at 6s, closing quotations $d on either side. Mahakipawas were slightly easier with sellers and dealings at sd, buyers at 4M—the preference had business at 6id, market closing either way. Okaritos moved up a point to 9s 3d, buyers staying in at that figure, sellers at 9s 4d.

YESTERDAY'S SALES. CHRISTCHURCH; Sales on 'Change—

Sales Reported—- £ a. d. N.Z. Govt. 4i per cent. In- o scribed, 1938 (2) 92-6 N.Z. Govt. 5} per cent. Bonds, 193G .. •• ' <> Union Bank of Australia .. 616 0 New Zealand Breweries .. 14 0 AUCKLAND. Sales on 'Change—

WELLINGTON. Sales Reported—

DUNEDIN. Sales on 'Change—

SYDNEY STOCK EXCHANGE. In an active and decidedly cheerful market on the Sydney Stock Exchange yesterday, investment prices made further appreciable headway. Buyers operated with great confidence all round, Commonwealth Bond values having the best rises'that have been recorded for weeks, reports a Press Association cable message.

P. AND O. DEFERRED STOCK. (UHITED PRESS ASSOCIATION —BT XLXCTSIC TELEGRAPH —COPYRIGHT.) LONDON, June 1. P. and O. deferred stock is quoted at 12s 10|d. : AUSTRALIAN PRODUCE. SYDNEY MARKETS. (UKITED PBBSS ASSOCIATION—BT CLKCTBIO TELEGRAPH—COPYRIGHT.) (Received June' 2nd, 8.5 p.m.) SYDNEY. June 2. Wheat—Ex .trucks, Sydney, 2a 71d; country stations, Sb 2d. Flour——£lo per ton. v Bran—£4 10s. Pollard—£s ss. Potatoes—Tasmanian to £.6; Victorian £5 ss. Onions—Victorian, Brown Spanish £l9; New Zealand £lB, -with good enquiry. Oats—2s 6d. Oaten Hay—£7. Maize—4s 7d. SUMNER PUBLIC LIBRARY. - ■ , A meeting of the committee of the Sumner Public Library was held last night. Present—Mr C. I. Denham (chairman), Mesdames H. J. Marriner, \V. H. Nicholson, W. H. Brown, and D. Smith, Misses 'Selby and Willett, and Mr G. P. Allen. The financial statement showed receipts to date £lO5 19s lOd, including subscriptions £63 0s 6d and extra books £l6 14s 6d. A letter was received from the Borj ought Council stating that owing to the present financial position a grant of £1 Is would be made this j f ear. It was decided to accept, the grant with thanks. It was decided to obtain the Borough Council's consent to the following notice of motion for the anuual meeting:— "That the rule relating to the reservation of books be rescinded.'' A. resolution of - sympathy was passed with Mrs Fountain Barber in her illness. It was resolved that Messrs F. J. .Menzies and G. F. Allen be given power to procure a suitable loose-leaf ledger for a new catalogue of books.

Possengors. £ 19S3 12,194 1931 14,323 BEVE1TOE. Misc. & PaTceU. Goods. Rents. Tot'al. £ £ ■£ 2426 54,312 2503 71,435 2585 72,127 2842 91,873 PASSENGERS. Season Passengers. Tickets. No. No. 1032 .. 93,746 4876 1931 .. 91,818 4879 Increase .. 1,928 Decrease .. — 3 Bearer Tickets. No. 421 337 84 GOODS. Cattle, Sheep, Calces. Pigs. No.' ' No. 1982 .. 2562 211,388 1931 .. 2762 224,663 Increase — „ E'ecrease 200 13,27<> Timber. Tons. 8617 5657 960 Other Goods. 83,267 108,887 25,620

lows:— Tons. Visible .. 50,562 Spot .. '1,638 Afloat 1,000 Deliveries ... 1,451

(Received Juno 2nd, G.5 p.m.) KUGBY, June 1. The following are exchange, compared the current rates ot with those oi May 31st and par: — Par. May 31. June 1. Palis, fr. to 124.21 93 7-16 93 5-16 3.59 3.68i 4.18& 4.19 26g 26.35 New York, dol. to £1 4.8GC Montreal, dol. to £1 4.SCO Brussels, belgita 'oil 35 Geneva, fr. to £1 •• 23.2-215 18 27-32 ltt 13-10 Amsterdam, fl. to £1 12.107 9.11 a-wa 71 £ 713 Milan, lire to £1 93.43 Berlin, reichmarkcn 15.65 15 19-32 to !,,i£l . • * • * 20.43 Stockholm, kr. to £1 18.159 19$ 19 7-16 Copenhagen, kr. to £1 Ofclo, kr. to £1 18.153 18.159 18.30 18.30 20 1-1<> 30 1-16 Vienna, schgs. to £1 34.585 3CJ —~ Viague, kr. to £1 .. 164.25 123 J 121 Warsaw, par zlotys 43.38 , to th — — Helsingfors, marks to 215 215 £1 193.25 Madrid, pesetas to 44| 44 11-16 A'l 25.22la Lisbon, cscudos to 110 110 £1 110 Athens, draoli to £1 375 565 565 Bucharest, lei 'to £1 818.6 ■ C32J G15 Bio de Janeiro, pence *i k to mifteis ' 4.988 Buenos Aires, ponce to dol. .. 47.577 34i Sih Montevideo, peiico to 30 30 dol. 51 (nam.) (nom.) ITatavia (guildur) .. 12.107 — — Bombay, pence to 17 15-16 17 15-16 rupco Shanghai, pence to 18 20 19J tael * Hpn:? Kong, penco to dol. * 15 131 Yokohama, pence to yen 24.58 21 21§ • Determined bj price of silver.

(Kecc'ved June 2nd, 9.30 p.m.) LONDON June 1. Quotations: — May 31. ■ June l. per ton. per ton. Cupper— £ b. d. £ 8. d. Standard, spot 25 15 71 26 6 3 Forward 25 ; 15 74 26 16 3 Electrolytic -.31 0 0 80 10 0 to .. .. 31 10 0 31 10 0 American electrolytic: 6.25 cento per lb. Wire bars 31 10 0 31,10 0 Lead— Spot 9 15 0 10. 5 0 Forward •• 10 5 0 10 10 0 Spelter — 11 8 9 12 1 8 Spot Forward .. 11 12 6 12 1 6 Tin118 18 9 Spot ■ 122 3 9 Forward 121 2 6 124 8 9 Silver— 16 15-lfd Standard, per oz. 15 15-16d Fine, per oz. ISid 18id

LATEST QUOTATIONS. Buyers. Sellers. £ s. d. £ a. d. N.Z. Government. Debentures— 41 per cent. Inscribed, \ . 1938 92 2 6 92 5 0 4h per cent. Bonds, 1938 and 1939 .. 92 1 6 — 5i per cent. Inscribed, 1951 99 6 0 — 51 per cent. Inscribed, ,# 1937 96 5 0 5J per cent. Inscribed, 1933 97 15 0 98 10 0 5i. per cent. Inscribed and Bonds. 1933 .. 100 0 0 5J per cent. Inscribed, 1P36 99 a 6 — 6J per cent. Bonds, 1936 99 7 6 99 15 0 Bit per cent. Inscribed, Feb., 1937 99 5 0 99 12 6 5J per cent. Bonds, Feb., 1937 99 5 0 — 54 per cent. Inscribed and Bonds, Sept., 1037 99 5 0 99 15 0 Other Debentures— N.Z. Refrig., 5J per cent.,- J93o 90 10 0 -A 97 0 0 Banks— Australasia 9 0 0 9 6 0 Comm. of Aust. 0 13 2 0 13 3 Comm. of Aust. (prof.) 6 3 0 6 14 O E., S., and A. 3 16 0 4 2 0 National of Australasia (£5 paid) 4 12 6 5 0 0 National of N-.Z. S 0 0 3 5 0 New South Wales 24 12 6 25 5 0 New ■ Zealand (cum dir.) 2 2 6 2 3 0 New Zealand ("D" Mortgage shares) .. 14 0 1 6 0 Union of Aust. 6 15 6 6 17 H Insurance— National 0 11 0, 0 11 2 New Zealand .. 1 16 1 1 16 6 South British 2 9 3 2 11 0 Standard 1 19 0 2 2 0 Loan and Agency— Dalgety and Co. 6 15 0 7 0 0 Goldsbrough, Mort 116 1 1 9 N,Z. and River Plate 110 1 4 0 N ,Z. Guarantee Corpn. 0 4 0 0 4 2 United Building Society 0 13 0 0 14 3 Shipping— P. and 0. Deferred Stock 0 16 3 Union (pref., ex div.) 0 18 0 ~ Frozen Meat— N.Z. Refrig. (£1 paid) 0 11 S 0 11 7 N.Z.- Refrig. (10s paid) 0 4 0 0 4 2 Coal— Westport-Stockton (ord.) 0 0 5 0 0 8 West port-Stockton (pref.) 0 0 7 0 1 3 Gas—Auckland 10 3 Cbristchurch 16 0 Christchurch (10s paid) 0 12 0 — Breweries— Carlton .. 16 6 New Zealand .. 14 3 1 4 9 Staples 13 0 1 4 3 Tooheys 0 16 1 — Tooths .. 1 5 10 16 6 Miscellaneous— Amalgamated Wireless (contr.) 0 15 0 — Australian Glass (cum , ■ div.) 1 15 3 2 0 0 Beath and Co 0 18 0 1 1 0 British Tobacco (cum div.) 1 7 10 1 8 0 Colonial SugaT 39 12 6 40 0 0 Dunlop Rubber 011 5 0 11 9 Electrb. Zinc (ord.) 0 10 5 0 11 6 Electro. Zinc (pref.) .. 0 19 2 0 19 11 Henry Co-op. '.. 15 3 Herald and Weekly Times 2 2 0 2 5 0 Howard Smith 0 5 0 0 7 6 Moturoa, Oil 0 B 0 0 5 0 Mt.'LyelL. .. 0 10 7 0 16 9 N.Z. Drug Co. 2 6 9 N.Z. Farmers' Co-op. (G\ per cent. Stock, > 1940 and 1945) 36 10 0 42 0 0 Victoria Nyanza Sugar 0 13 9 0 16 3 Wool wort lis (N.Z.), pref. 18 6 Zealandia Soap 0 2 9 0 4 e Mining— Alexander 0 18 9 Alexander (contr.) 0 16 3 1 8 0 Cornish Point; .. 0 0 2 .0 0 3 Cornish Point (pref.) .. 0 0 li 0 0 3 Golden Dawn 0 5 114 0 6 OJt Golden Point 0 0 5 0 0 5i Solomon 0 11 0 1 3 * Maliakipawa .. .. 0 0 4A 0 0 5 Mahakipawa (pref.) 0 0 6 0 0 7 Okarito (cum div.) 0 9 3 0 9 4 Waihi — 0 15 6 Waihi Grand Junction (ex div.) 0 2 11 — Blackwater 0 8 1 o e 6

£ 8. d. Commercial Bank of Australia 0 13 2 Bank of New South Wales 24 15 0 Union Bank of Australia .. 6 J.6 0 Standard Insurance 1 19 0 Groldsbrough, Mort (2) 1 1 7 New Zealand Breweries ■' (cum div.) 1 4 3 Golden Dawn .. (3) 0 6 0 Mahakipawa .. (3 1 ) 0 0 5Mahakipawa (pref.) 0 0 6i Okarito (cum div.) .. 0 9 3

vm *'*•* ■ «- £ s. d. 5} per cent. Bonds, 5£ per cent. Stock, 5J per cent. Stock, Mt. Eden Borough, 5} per cent. 1937 99 0 0 1937 99 0 0 1933 98 10 0 1964, 91 15 0 Commercial Bank 0 0 13 13 1 4 Bank of New Zealand (2) 2 1 jj 10 0 6 6 0 0 • N.Z. Insurance Goldsbrough, Mort 1 0 1 17 7 0 0 Eobinson Ice (3) Wilson's Cement 1 0 0 Golden Dawn 'J Golden Point

saxes 54 per cent. Bonds, 193G .. 54 per cent., 1937 .... £ on 0 0 96 10 fl Commercial Bank of Aust. 13 (ord.) 0 1 National Banlc of Austra10 0 lasia 4 Bank of Now South Wales 24 12 <) Bank of New Zealand o 3 0 National Insurance Co. .. 0 11 :5 (5 3 Tooth and Co. 1 3 5 5 1 5 9 British Tobacco Co. (ord.), cum div. 1 S ■» Okarito Gold, cum div. 0 i) N.Z. Drug Co. - 7 0

£ s. U. Waitahu 0 0 -t (dis.) 4} per cent. Stock, 1938 (3) 92 5 0 Sale Reported— 0 0 OJ (prem.) Gillespie's Beach.

Morning Sales: — £ s. d. Commonwealth Bonds — 95 5 0 4 per cent., 1938 4 per cent., 1944 91 0 0 4 per cent., 1950 .. 89 10 0 4 per cent., 1957 ;. 88 15 0' Bank of New South Wales 28 15 0 Goldsbrough, Mort . 1 4 0 Toohey's Breweries U 18 J.U-A Tooth's Breweries i y -i-i British Tobacco 1 12 0 Broken Hill Proprietary .. 0 16 6 Colonial Sugar 45 0 0 Closing Sales:— Bank of New South Wales 28 17 6 Commercial Bank of Australia 0 lo 0 Colonial Sugar 44 17 6 GoldBbrough, Mort 1 4 3 Winchcombe, Carson 0 19 6 Tooth's Breweries 1 9 9 Toohey's Breweries 0 19 0 Australian Glass 2 0 3 Dunlop Perdriau .. ... 0 13 0 Millaquin SugaV .. 1 5 9 Austral Gas A .. 5 18 0 Electrolytic Zinc (pref.) 1 2 0 British Tobacco 1 12 0 Howard, Smith 0 7 8 Broken Hill Proprietary .. 0 16 6 North Broken Hill 3 0 9 South Broken Hill3 0 9 Comonwealth Bonds — 4 per cent., 1938 95 8 9 4 per cent., 1947 90 0 0 4 per cent., 1950 89 18 9 4 per cent., 1953 90 10 0 4 per cent., 1955 90 0 0 4 per cent., 1957 89 10 0 4 per cent., 1961 90 12 6 MELBOURNE. & s. d. Commercial Bank 0 14 9 Tooth's Breweries 1 9 3 Amalgamated Zinc 0 9 0 Broken Hill Proprietary .. 0 16 4 Dunlop Perdriau 0 12 11 Electrolytic Zinc 0 12 0 "Herald and Weekly Times' 2 8 3 Mount Lyell 0 18 8 North Broken Hill 3 9 9 Taranaki Oil . . 0 0 9