FINANCE AND COMMENCE

Press, Volume LXXII, Issue 21746, 31 March 1936, Page 13

FINANCE AND COMMENCE

■§■ ' : ' *> .V FOURTH WOOL hr**CROSSBREDS REMAIN |Mf * v ' > * 4

KpTES OF TO-DAY

THRESHING STACKED, WHEAT COMMITTEE'S -APVICI2 TQ GROWERS

.BI OCH CCJOMBCUL EDITOU.) The Wheat Committee has been caused some concern in the last few days by the amount of undergrade wheat being offered threshed out of •tack, and has been prompted to recommend to fanners that they should carefully consider the position before threshing stacked wheat too early. The committee advises farmers to delay threshing out, of stack for a few weeks for three reasons. The first is that mills are mostly, well enough stocked up with wheat to see them through for some months. There is also the consideration that the longer threshing is delayed the greater is the increment obtainable on this wheat; and third, wheat stacked in the condition that most of it was stacked this season in Canterbury has a very good chance ©f coming into excellent condition if left to stack for about six week* •t least. Thero may of course be some farmers who need ready jsHjey ; "in quickly as possible, but there- if the chance that by threshing » Instead of in, say» a month; they will be losing money not only by the loss of the increment, but also by the quality of the wheat obtained.

TREASURY BILL ISSUE

AUSTBALIAN BANK'S

VIEWS

outside; causes

The action ot the Comroonweath Bank ia advertising an issue. of Treasury bUIi for public subscription of given timAo close examination of many factors .entering into finance and trade, and widespread newspaper comment and dfecusaion upon; the bank's action. Its implications, and It* probable remits, *»y» the tyaWh suinmary of the National Bank of Australasia, Ltd. ' : ' <■ "' " ;:/ ' : ' '" ■■■•'■ " The amount is but the Interest offered, livper cent per annum—is I per cent, above the xate allowed by the banks on | deposits fixed for an equal period, i.e., three months. One immediate reaction is an announcement by two of the banks that they have increased the rates of interest allowed on deposits at all terms, from three months up to two years, by i per cent. In various quarters the issue is interpreted as an indication that the Commonwealth Bank Board considers that the stimulus which additions to bank credit have brought to business is no longer required for the purpose of overcoming the depression complex; that production and trade have developed sufficient impetus to maintain their pro gressive movement without further monetary assistance, and that in view of the financial and trading position here, as affected by the results of import and export trade and the balance of oversea payments, some definite action is necessary to check the movement toward further expansion unless it can be made out of actual savings. The growth of importations during the last 12 months has caused some, concern in financial circles, but there were expectations that the «smg prices of export commodities would counterbalance the movement n imports: and lead to some surplus in the oversea balance of payments fox- the current year. The January flS ure £ l™Jj* leased, are not reassuring. They show a favourable balance of f 396,000 stg., which compares with £U3O,OOU stg. for the previous January, and with £4,035.00(5 stg. for January, 1934 Revenue from customs during Febru is not sufficient to cover current: outgoings for interest and other obligation" Consequently the oversea funds of the Australian banking system will be drawn upon for the difference following a shrinkage of some f 12JW0.0W hj their amount during the previous fiscal year. „ a „ or i, P o The shrinkage in reserves may be considered from various angles. but local finance is mainlv concerned with its effect uoon the liquid assets of the banking svstem. • « is possible • that by selling Treasury J>£ 8 * n B *££ open market the Commonwealth Bang wffi draw in some of the funds, whwn otherwise' would be used to grve a further stimulus to trade-includmg the import trade. In this way me prtmare upon London funds may w eated with beneficial reactions on t ne financial structure withm Aurtrgia. In some quarters it is heW «»*?f Commonwealth Bank, by ™»J Mblie is«ue of Treatury MJls,. «•* fttrted a chain ot consequences Vn. «jl»dmg rising interest rates *£s.£ Wfienin* in the money market. WW£, Porta -'-H- *"■« *««»lt«d t

PROPERTY SALES

The final wool sale of the Christchurch season IjeM last! : ; evening, when a catalogue of 17,00q 'safrs\was offered! 'The v/00l was of very mixed quality, the/ being.wiattractive late-shorn fine clips, and ..the Jfjsgt Coast and Chatham Islands. The offering and crutchings held over from thj*. sales. the best »/ the crossbred offering there demand at/prices fully up to recent rates. Halfbreds arid ipennos by M to Id, and lambs' wool was neglected'. There was;*' an .excel- ' lent clearance. .. '" - The Christchurch Stock Exchange yesterday ; haet-a/quiet day, but the values of most stocks were firm. *'. •" v J '. With the annual report and accounts of the North;.Caritex-' bury Co-operative Flour Milling Company, notice is givef? .of- . ,i special meeting to consider the winding-up of the compariy. The accounts show that there is a balance of £2994 available for distribution, and a dividend of 7_ per cent., unchanged from last year, is recommended.

> YEAR'S PROFITS '"" HIGHER

NORTH CANTERBURY MILLING . PROPOSAL FOR WINDING UP

The accounts of the North Canterbury Co-operative Flour Milling, Exporting, and Agency Company, Ltd., which will be submitted to shareholders on April 22, show that there Is a balance of £2994 available for dis* tribution, compared with £2724 last year. It is proposed to pay an un* changed dividend of 74 per cent, for the year. Shareholders will be asked to consider© proposal to wind up the company voluntarily; The directors' report states;--"The company's subsidiary, the Zealandia Milling Compa'ny, Ltd, has be-.n operating without stoppages during the iyear, except for the usual overhaul. The quality of the products has been kept up to a uniformly high grade. I "The amount of profit available for ! distribution is £2994 19s 6d, after making adequate provision for all depreciation, "The directors recommend the payment of a dividend of 74 per cent, for the year upon the paid-up capital of the company, the balance to be carried forward. "Mr F. G. Horrell retires from the directorate and is eligible for re-elec-tion. Mr F. G. Dunn agains offers his Services as auditor. "Following the annual an extraordinary general meeting will ba held to consider a proposal to wind the company up voluntarily. In putting forward this proposal, the directors feel that the time, is opportune to give shareholders a more direct-con-trol gf tha .ZeaJandia Milling Company, which companyMi owned bv the-North Canterbury * Co-operative Flour- Mill in g Exporting, and' Agency Company, Ltd, and is actively engage*! in the manufacture of dour. Your directors feel that it will be of advantage to the shareholders to hold their shares jn tha Zealendia Milling Company, Ltd.} and that the business will be strengthened by this prdoediire. Full information will■;be given to shareholders at the meeting."

Binns. Barber and Company Ltd. fronts 9t 66 feet on Moorbouge aveSS m»nrpteseTs;'ate W arid Mrs G. ChadWJck. -

: MAKKET FOE POSSIBILITIES IN *JAPAN >

J* IMPRESSIONS OP MR A, E. " M’PHAIL . : -v- ■-. ■ Th«r possibilities l which Japan offers as .for Hew Zealand and Australian'{Products were discussed by Mr ’i&;E,.Mcphall, who has returned from, a-lour country,, speaking at'the flunehebji .of. ihe Christchurch Business Men's - Club ’ yesterday. In the same Way Ms had already been taught t‘6‘ consume many western 1 products., Mr MqPhaii said, she could be taught tq eat , our butter and other dairy products/ ■ ' • It was said that Japan could now produce all the butter., she required,, said Mir. McPhail. but'therewaa no doubt that it - the millions 'of; population to that country were" taught t,o eat butter, Japan 1 Would, an a; lew years, be Consuming more of this product than this Dominion could ever produce. Other , products could find a potential mhrket, hi* the East: in the same way, There-Whs a time, said Mr McPhail,. when cpffee,, was practically unknown in; Japan. Me had? been told by an American he had met on his tour that 18. years :ago there> : was scarcely a person in the country , that knew of the value of coffee as a J drlnk. Since then, however, the Americans had made a supreme effort to teach the Japanese to drink coffee. Sp - thorough had been their Campaign that the drink, was a very popular one in Japamat the present time. „ ■■ , ‘ In practically the.,same way, several years‘ago. there had been only oneoakerv in - Tokyo, hut now they were to be seen in many places. But Japan already termed a large market ?for our wool, and it was only right that we should form a market lor their manufactured articles. Economic Aspect As to the economic aspect, continued Mr McPhail, there was a population of 100,000,000 seeking a “place in the sun” and they were naturally pushing outwards in ail directions. The only piace, as far as he could gather, where the “White Australia" slogan was to be heard talked about was in Australia Itself. One European who had been in Japan for 38 years, and had a sound knowledge of Japanese military affairs, had told him that there was no possibility of either Australia or New Zealand being attacked by Japan. Japan recognised that it would mean ‘ national suicide” to launch such an offensive. But she had not the same thoughts in Manchukuo, for it was in the East, no doubt, that she. intended to spread. According to all the information he could glean during his trip, Japan had served a good purpose by converting a land of pirates and robbers into a place where It was possible to live in comparative peace. She was developing the country and placing it once more on a good footing. Even many of the Chinese inhabitants in the country were not opposed to the Japanese rule. In some ways the Japanese had done away with the problems which confronted the Western races, said Mr McPhail. “We must remember that westernisation does not necessarily mean civilisation,” said Mr McPhail. “One notable factor is the great home life of the Japanese, which is governed to a large extent by their religion. There is no dole, as if one of the members of a family is out Of work, the rest of the family provide for him.”

Standard of Living

There was much talk of a very low standard of living in Japan, but although the; prices Of common commodities were very low, most of the people seemed to be fairly "well off' in their own way. "Another very noticeable factor is the happiness of the race. «In all places smiling faces can be seen, which is not always the case in Western countries," concluded Mr McPhail.

DAIRY PEOPUCE

LONDON MARKET

BUTTER FIRMER

DEALINGS COMPLETED

UNLISTED STOCKS Sale on ’Chang® £ s. d. 50 Woolworths (Syd,), „ {ord., cum dlv.) .. 614 6 Sale Reported 25 Woolworths (Syd.), (ord., cum div.) .. 6 14 3

Government New Zealand Government 4 per cent Stock, due 1040, were firmer with buyers and business at £lO2 ss. A late sale of Commercial Bank of Australia shares on .Saturday was reported at 20s Id. and buyers yesterday offered that price,, sellers 20s 3d. E., S., and A. Bank shares remained unaltered at £6 4s and- closed firmer with buyers at £6 4s 3d. Bank of New Zealand had dealings at 44s 3d and 44s 6d and more were offered at the higher price. New Zealand, Refrigerating (10s paid) were steady with buyers and dealings at 9s 9d. New Zealand Breweries were easier with dealings at prices ranging from 52s to 51s 6d, market closing 51s 4d buyers, 52s sellers. Tooths were firmer on buyers’ offers 52s 3d. Miscellaneous

Buyers of Broken Hill Proprietary contributing shares raised their bids to 35s lid, sellers at 36s 3d. Colonial Sugar were firmer with buyers and business at £42. Dunlop Rubbers were firm at 14s, sellers staying in at that price, buyers at 13s Id. Unsupported sellers of New Zealand Drugs reduced their limits to 77s 3d. New Zealand Newspapers were firm at ?7s. North Canterbury Co-op. Flour changed hands at 16s and further buyers at that price failed at attract sellers. Mount Lyells were fractionally firmer at 23s lid and more were offered at 245, buyers at 23s Bd. Mount Morgans (cum dividend) had business at 16s 2id and there were further buyers at 16g sd, sellers at 16s 7d. Rawang Tin changed hands at 8s 9d, market closing 8s 9d buyers, 8s lid sellers. Skippers were a shade easier at 2£d.

LATEST QUOTATIONS

The New Zealand Dairy 'Board has received the following market report from'its London office, dated March 27, 1936: Butter—New Zealand salted, 82s, up to 84s Hast week, 80s to 81s), equals approximately 9.58 d f.0.b.; unsalted, 84e to 85s, ex. 86s (84s to 86s); Australian, salted 80s to 84s (80s tQ 81s), unsalted 82s to 83s (82s to 84s); Argentine unsalted, 80s to 'B4s (82s to 84s); South African, 78s to Bls (76s to 795) Market firm after weak opening. New Zealand, retail price unchanged, ■ lid Danish, 94s f.0.b., 115s spot (100s. 120s to 1225); Dutch unsalted, 80s to 86s (82s); Polish, salted 80s to 81s (80s to 81s): unsalted 79s to 80s (80s) Market quiet. Danish retail price re-dUCheest-New' Zealand white. 60s to 51s (last week, 49s to 49s 6d), equals 5 46d f.0.b.: coloured 51s to 52s (sls to 51s 8d). equals 5.53 d f.0.b.; market firm at end of week: New Zealand retail prices unchanged, 6d and 7d. Australian, white 48s to 49s (47s to 48a) coloured 49s to 50s (49s to 50s); CanadTan. white (quiet) 60s to 62s (59s to 62s)Xired 63s to 64s (63s to 645); old season's white 67* to 68s; English finest farmers, 72s to 86s (70s to Sis); English factory cheese. 40s to 50s (48s to 525): market Arm. The minimum f.o.b. prices for the period from March 28. 1936 until further notice are:-Butter: 10id, less 1J per cent, commission (83s 5d c.i.f.e.). Cheese: s§d, less 14 per cent.. commission (49s 7d c.i.f.e.).

. MINING GOLDFIELDS DREDGE (PJIKS3 ASSOCIATION TSLBOBAU.) DUNEDIN, March 30, The Goldfields dredge reports a wash-up of lloz lldwt for the week ended on Saturday/ MATAKI (PBB6S ASSOCIATION TBMIOIUU.) AUCKLAND, March 80. The Mataki return for the week ended on March 20 was 39 ounces for 132 hours work. OKARITO (FUJI ASSOCIATION TiWONBM.) DUNEDIN, March 30, The Okarlto return for the week ended on March 28 was. 4 lloz 17dwt for 138 hours’ dredging. property sales C. %. Jones. Ltd., report having sold a residential property of six with i-acre or land, m Carlton Mill road, to a client. , xr „ H. Matson and Company and H. b, Richards, joint agents, report having disposed of 26 Sections in the Cran* ford street subdivision, leaving only three unsold.

XH]E STOCK EXCHANGES

OUIET DAY AT CHRISTCHURCH

MOST ISSUES HOLD THEIR GROUND

, The Christchurch Stock Exchange had a quiet day yesterday, when turnover was small. Most of the issues dealt in were a littje dearer than fhey closed last week, or else were firm.

UNLISTED STOCKS

SYDNEY

The Sydney Stock Exchange yesterday was quiet, but had a strong undertone. Prices of industrials showed little variation. There was extensive dealing in Placer Development shares, due largely to buying on an oversea account. Bank shares were steady.

MELBOURNE The Stock Exchange was closed to-day for the Labour holiday. PRICE OF SILVER (otitkd vrbss LONDON, March 28, Silver is quoted at; Spot, 19Jd, torward, 19Sd a flue ounce. _

FOREIGN EXCHANGES

FOREIGN EXCHANGE RATES

DOLLAR MARKET RATES

The Associated Banks (other than the Bank of New South Wales) quoted the following dollar rates yesterday on a New Zealand currency basis. They are subject to alteration without notice;~U.S,A. Canada.

COMPANY NEWS IMPERIAL TOBACCO Profits of the Imperial Tobacco Company (of Great Britain and Ireland) reached a record level in the year ended October 31 at £10,268,000, being more than £676,000 in excess of the previous record created in the preceding period. After providing £852,000 for dividends on various classes of preference capital, £9,4X6,000 remains for ordinary shareholders. Of this amount, which equals 25 per cent, on ordinary capital, £9,015,000 is being distributed as ordinary dividends, and bonuses of 24 per cent., free of tax, compared with 22$ per cent, last year.

AMALGAMATE!? WIRELESS (PBBSB iBSOCUTJOB WELLINGTON, March 30. The directors of Amalgamated Wireless (Australasia), Ltd., have declared an interim dividend of 4 per cent, payable on April 9, Transfer books will be closed from March 31 till April 9. tin March last year an interim dividend of 4 per cent, was paid. The distribution: for the year was 10 per cent.]

Balanc«'i>heet LIABILITIES £ s. d. 25,000 0 0 11,000 0 0 Nominal capital Less uncalled Calle<l-up capital 14,000 0 0 tails paid in advance Accrued Interest 300 0 0 IB 10 9 319 10 0 General reserve Insurance reserve ■. .. Profit and loss appropriation account 6,000 0 0 840 3 5 2,094 19 6 £24,254 12 11 Contingent liability: Uncalled capital in Distributors, Ltd. .... 800 0 0 ... '.ASSETS S s. d. Fixed assets: ■ Freehold land, buildintfa, and railway siding at cost, less provision for depreciation 1,015 3 4 Floating pssets: Dennis truck Shares * Distributors, Ltd. Zealandia Milling Co., Ltd., 24,200 shares at cost - • 50 16 0 200 0 0 21,070 9 8 21,270 9 8 Zealandia Milling Company, Ltd. Cash in hand and bank .. 1,516 7 1 401 16 10 £24.254 12 U PROFIT AND LOSS ACCOUNT Directors &es " 4 „ t - f ' General expenses, interest, audit fees, depreciation, income tax .• •• Balance available for distribution 250 0 0 197 4 0 2,994 19 6 £3,442 3 6 £ s, d. 1935, February 1. Balance brought forward .. Less dividend declared .. 2,724 7 9 1,050 0 0 1,674 7 9 1936, January 31. Rents and sundry receipts, • • Dividend: Zealandia Mining Company, Ltd. .. •■ Dividend: Distributors, Ltd. 688 15 9 1,089 0 0 10 0 o £3.442 3 6

- r LISTED STOCKS Sales on ’Change £ s. d. £200 N‘Z. Govt 4 p.c. Ini, 1937-40 - •• 102 5 0 42 E.. S.. and A. Bank . (cum dlv.) . • •• 6 4 0 50 Bank of New Zealand 2 4 3 , 200 N.Z.Refrig. (10s pd.) 0 9 9 A 280 N.Z, Breweries Z XX 2 11 y 6 100 Dunlop Perdriau R. 0 14 0 100 Canty. Co-op. Flour O 0 80, Rawang Tin • • 0 8 9 800 Skippers • • (2) 0 0 24 Sales Reported 100 Com. Bank of Aust. (late pale Saturday) 1 0 1 50 Bank of New Zealand^ 2 4 6 200 N.Z. Eefrig. (10s pd.) 0 9 9 200 N.Z. Breweries (2) 2’ VI 0 100 Dunlop - Perdriau R: 0 14 0 200 N.Z. Newspapers (2) 1 17 0 • 200 Mount Morgan (cum div.) • • ••• 0 16 24 100 Mount Byell 1 3 11

N.Z. Government Debentures Buyers. Sellers. £ s. d. £ Bd. 3J p.c. Ins., 1939-43 .. 100 12 6 4 p.c. Ins., 1937-40 102 5 0 — 4 p.c. Bonds, 1940 102 5 0 — 4 p.c. Bonds, 1946 103 2 6 — 4 p.c. Bonds, 1949 103 2 6 — Banks Adelaide (£5) — 7 0 0 Australasia (£5) 11 12 G 12 5 0 Comm. of Aust. (10s) 1 0 1 1 0 3 Comm. of Sydney (£12 10s) 20 0 0 — E„ S„ and A, (cum div., £3 paid) 0 4 3 — Natl, of A'asia. (£10 paid) 15 1 0 15 16 0 Natl, of A'asia. (£5 pd.) — 7 11 0 New Zealand (£1) —■ 2 4 6 Reserve (£5) .. S 16 6 5 18 0 Union of Aust. (£5) .. 9 15 6 9 18 0 Insurance New Zealand (£1) 2 16 6 __ Queensland (£1) 2 14 3 — South British (cum dlv., £1) 4 8 0 — Loan and Agency Dalgety and Co. (£3) .. — 9 7 0 Goldabrough, Mort (£1) 1 U 0 1 H 0 Mortgage Corpn. (5a paid) ■• •• 0 4 7 — N.Z. Loan ana Merc. (ord., £100) — 37 0 0 United Build. Society (ord„ gum div.. £1) 1 0 0 1 0 11 Wright, Stephenson (pf., £1) - 1 0 3 Shipping N.Z. (pf., £10) 11 10 0 — Frozen Meat Canterbury (£7 10s pd.) — 10 5 0 N.Z. Refrig. (£1 paid) — 0 19 il N-Z. Refrig. (10s paid) 0 9 9 0 9 10 Woollens Kaiapoi (17s paid) . .. — 0 15 0 Kaiapoi (7s paid) 0 5 10 0 6 1 Kaiapoi (pf., 17s) .. ,0 17 " 0 *"~ Manawatu Knit. (£1) — 1 19 0 Coal Westport-Stockton (pr„ 10s) — 0 2 6 Gas Christchurch (£1) — 1 14 6 Timaru (£1) .. —' 1 2 6 Breweries Monteiths (10b paid) ,. — 0 10 0 New Zealand (£1) 2 11 4 2 12 0 Staples (£1) .. 1 12 9 1 14 0 Timaru (cum dlv., 10s) 0 14 0 mi. Timaru (10s paid, new, cum div.) 0 13 10 Tooths (£1) •• 2 13 3 2 XZ 8

Miscellaneous Amalg. Wireless (con., cum div., 14s paid) .. 1 10 0 2 0 0 Anthony Hordern (£1) 0 19 8 1 0 0 Aust, Glass (£1) „ •• 4 1 6 4 2 6 Aust. Iron and Steel ' (£1) •• , •• — 1 5 3 Beath and Co. (cum dlv., £1) .. -. 1 8 0 1 8 0 Beath and Co., (Is pd., cum div.) .. • • • 0 3 0 0 5 6 Berlei (N.Z.) (£1) ■ • — 3 3 0 Booth, Macdonald (pt. £1) •■ , ■' — 0 2 5 British Tobacco (cum div., £1) 2 0 3 2 0 9 Broken Hill Pty. (£1) 2 19 6 3 0 3 Broken Hill Pty. (con., 3s 4d paid) 1 15 n 1 16 3 Colonial Sugar (£20) •■ 42 0 " 0 42 10 0 Consolidated Brick (£1) — 0 10 0 Dominion Builders Supplies (10s) .. •• Dominion Pert. (£1) .. 0 5 1 5 4 3 0 6 1 6 2 0 Dunlop Rubber (£1) .. Electro. Zinc (ord., £1) 0 13 li 117 0 0 14 117 0 9 Electro. Zinc (pf.,£l) —r 2 1 0 General Motors-Hol-dens (pre*., SX) • • 1 3 6 Glnemore Brick and Tile (16s paid) 0 2 6 0 6 0 G. J. Coles «1> s tt 6 3 12 0 Greater Crystal Palace (£1) 0 9 6 010 e Hay's, Ltd. (£1 Pd.) imm 1 D 0 Hay'*, Ltd, <«te Pd.) ■ <•— 0 IS 3 Howard. Smith (cum div,, £1) .0 16 6 0 17, 0 Kauri Ttrnb«r (25s) ., I 3 4 ' 1 3 10 Morris, Sedrtrom («J) 1 3 0 . •..'—'

Buyers. Sellers, £ s. d. £ s. d. N.Z. Drug (cum div.. £2) — 3 17 3 N.Z. Farmers'. Co-op. (£8 10s paid) 0 17 0 — N.Z. Farmers' Co-op. "(10s paid) — 0 2 0 N.Z. Farmers' Co-op, (B pref., £4) J 15 0 —• N.Z. Farmers' Co-op. (4i p.c, stock, 1940, £100) 91 10 0 N.Z. Farmers' Fert. (£1) 0 19 3 _ N.Z. Newspapers (£1) 1 16 9 1 13 6 N.Z. Paper Mills (£1) — 1 10 0 North Cant. Co-op. Flour (10s) 0 16 0 -*. Procera Bread (10s) .. 0 16 6 1 11 6 Taupo Totara Timber (10s) 0 8 6 — Weeks, Ltd. (£5) — 8 10 0 Whitcombe and Tombs (£2 10s paid) 3 8 6 3 13 8 Wilcox. Mofflin (£1) .. — 0 11 s Wilson's Cement (10s) 1 18 0 ~" Woolworths (N.Z.) (ord.. £1) 5 0 0 5 6 6 Woolworths (N.Z.) (pref. cum div., £1) — 1 16 6 Mining Antonios Hydraulic (Is) 0 0 4 0 0 8 Aotearoa (Is) — 0 1 01 Argo Gold (Is) 0 1 3 0 1 31 Big River (Is) 0 1 94 0 1 11 Barrytown (£1) — 1 10 0 Brian Boru (Is) 0 0 2i. 0 0 22 Gillespie's Beach (Is) 0 1 U 0 15 Golden Sands (cum div., Is) 0 2 1 « — Goldflelda Dredg. (Is) 0 0 31 0 0 4 Irowat (2s 6d) 0 3 0 — King Solomon (Is) ., — • 0 3 2 Kuala Kampar (10s) — 0 14 6 Lawson's Flat (Is) .. — 0 Q 34 Maerewhenua (Is) ,.. — 0 0 21 Mahakipawa (6d) 0 0 01 0 0 1 Mahakipawa (1930, pref,, Is) .. _ 0 0 21 Maori.Gully (Is) 0 0 10 0 0 11 Moonlight Gold. (Is) — 0 0 10 Mossy Creek (cum div., Is 0 1 2 0 16 Mount Lyell (£1) 1 3 8 14 0 Mount Morgan (cum div., 2s 6d) 0 16 5 0 16 9 Nevis Diesel Elec. (Is) 0 0 01 — Okarito (5s) — 0 5 0 Rawang Tin (10s) 0 8 9 0 8 11 Skippers (Is) 0 0 21 0 0 22 Upper Shotover (lOd paid) — 0 0 3 Worksop Extended (Is) 0 1 1 0 1 11

All transactions in stocks quoted in this section are subject to a different rate of brokerage from listed stocks and are not quoted on the official list. Andersons, Ltd. (pref.) 0 18 3 0 19 3 Ben Led! (Is said) — 0 0 4 Canty. Roller Flour 0- 5 6 0 10 0 Christchurch Press .. 8 17 6 — Carbonic Ice .. — 110 Emperor Fiji .. 0 11 9 0 13 3 Macetown .. — 0 0 7 N.Z. Mining Invest. — 0 0 8 N.Z. Perpet. Forests — 3 0 6 Wool worths (Sydney) (ord., cum div.) .. 6 14 6 6 13 6 Woolworths (W. Aust.) 9 10 0 11 10 0

AUCKLAND Sales on 'Change £ S. d Bonds, 1948, 4 per cent. 103 0 0 Bonds, 1955, 4 per cent. . .. 104 0 0 Bonds, 1949, 4 per cent. 104 ,0 0 Stock, 1946, 4 per cent. 103 0 0 National Bank of New Zealand 3 14 9 Bank of New South Wales 34 5 0 Reserve Bank .. .. (2) 5 17 0 Union Bank 9 16 0 New Zealand Insurance 2 17 6 South British Insurance 4 9 0 National Mort. and Agency (A) 2 10 9 Bartholomew Timber .. 0 18 6 Consolidated Brick 0 9 10 Gillespie's Beach 0 1 3 Golden Crown (Is 8d paid) .. 0 7 10 Mount Morgan ... > .. 0 16 3 Unlisted Stock Woolworths (Sydney) 6 15 0 6 14 3

WELLINGTON Sales on 'Change ,4 Bank of New South Wales .. K s. 34 2 Q 6 Bank of New South Wales (odd lot) 34 5 0 Bank of New Zealand 2 4 6 Bank of N.Z. (late Saturday) .. 2 4 3 Wellington Investment Trustee 0 9 3 New Zealand Insurance (3) 2 17 6 Gear Meat .. .. (2) 1 0 0 Huddart-Parker 1 17 6 Broken Hill Proprietary 2 19 9 Colonial Sugar (late Saturday) 42 0 0 Consolidated Brick 0 9 9 G. 3. Coles (late Saturday) 3 11 6 N.Z. Drug (late Saturday) 3 16 0 Wilson's Cement 1 19 9 Mount Morgan (late Saturday) 0 16 3 0 10 4

OUNEDIN Sales on 'Change £ s. d. Reseive Bank 5 17 0 Commercial Bank of Aust. 10 2 N.Z. Refrig. (con.) (late Sat.) 0 9 0} Big River 0 1 11 Gillespie's Beach Oil

Morning Sales £ s. d. Australian Gas (A) 7 12 o' Tooth's Brewery ("rights") 111 6 Associated Newspapers (pf.) .. 1 3 n Broken Hill Proprietary 3 1 3 Colonial Sugar 42 12 6 Dunlop Rubber (pref.) 1 13 6 Morris, Hedstrom 1 5 3 Wilcox, Mofflin .. t. 0 11 8 Afternoon Sales Commercial Bank of Sydney .. 20 16 0 Commercial Bank of Australia 1 0 71 National Bank (£10 paid) 15 16 0 Bank of Australasia 12 0 0 Colonial Sugar 42 10 0 Automatic Totalisators 1 0 6 Howard Smith 0 17 3 Australian Gas (A) .. 7 12 0 Tooth's Brewery 2 12 9 Tooheys .. 1 11 6 Mercantile Mutual Insurance (N.Z. delivery) ,. 1 12 0 Drug Houses of Australia 1 9 41 Australian Iron and Steel (pf.) (N-Z. delivery) 1 5 6 Dunlop Rubber ■ .. 0 14 4 Dunlop Rubber (pref.) 1 13 6 Winchcombe, Carson (N.Z. delivery) .. •• 1 13 0 Morris, Hedstrom .. v •• 1 5 3 Henry Jones .. 1 19 C David Jones .. 2 3 0 Anthony Hordern 1 0 0 General Industries 1 0 7J Claude Neon .. .. 2 17 9 Gordon and Gotch 2 7 3 Goodlet and Smith 1 4 0 W. R. Carpenter 2 3 0 Clifford Love , 2 11 fi Standard Cement 1 2 3 Mount Lyell .. 1 4 0 Broken Hill Proprietary .. 3 0 3 Broken Hill Proprietary (new) 1 16 3 South Broken Hill 5 13 0 Zinc Corporation 4 2 6 Rawansr Tin .. •• •• 0 8 n Larut Tin •• •• •• 0 11 " 0 Placer Development (N.Z. delivery) 5 17 0 Loloma 1 0 n* Emperor Gold 0 12 0

(BRITISH OFPICIAt WIMLESS.) RUGBY. March 28- _ Par. Mar. 27. Mar. 28 Paris, fr. to £1 124.21 75 1-64 75 3-64 New York— dol. to £1 4.866 4.95 4.941 Montreal, dol. to £1 4.866 4.974 4.97 Brussels. belgas to £1 25 29.232 29.24 Geneva, fr, to £1 25.2215 15.16 15.19& Amsterdam. fl. to £1 12.107 7.28 7.28 Milan, lire to £1 94.26 62i 62 9-16 Berlin, reichmarken to £1 20.43 12.31 12.344 Oslo, kr. to £1 18.159 — — Stockholm. kr. to £1 18.159 19| 19| Copenhagen, kr. to £1 18.159 22.395 22.394 Vienna, schgs to £1 34.585 26} 264 Prague, kr, to £1 164.25 1194 1194 Helsingfors, marks to £1 193.23 227 227 Madrid, pesetas ■ to £1 25.2215 36 3-16 36 3-16 I4sbon. escudos to £1 110 1082 1082 Athens, drach to £1 875 518 520 Bucharest, lei to £1 818.6 670 670 Belgrade, dinars 25.2215 21.7 21.7 Rio de Janeiro, pence to milreis 4.899 41 41 Buenos Aires, V pence to dol. 51 — — Montevideo, pence to' dol. 51 391 394 Bombay, pence to rupee 10 181 181 Shanghai, pence to dol. * 144 144 Hong Kong, , pence to dol. * 152 153 Yokohama. pence to yen • 14 14 Batavia. guilders 12.107 7.274 7.274 Warsay, par zlotys to £1 43.38 — — •Determined by price of silver.

The Bank of New South Wales, Christchurch, quoted the following rates as ruling yesterday for its sales and purchases of foreign exchange. The rates are subject to alteration without notice;— Buying. Selling. London— £ N.Z. to £100 stg. T.T. 124 . 124/10 O.D, 123/10 124/8/9 Australia— £ A. to £100 N.Z. T.T. 101 100/10 O.D. 101 100/10 Fiji— £ F. to £100 N.Z. T.T. 90/7/6 89 OP. 80/7/6 89 New York — Dol. to £1 N.Z. T.T. 4.00 3.961 O.D. 4.QU 3.061 Montreal — Dol. , to £1 N.Z. T.T, 4.02J O.D. 4.031 3-981 3,99* Austria— SchgS to £1 N.Z, T-T. — Q.D. — 20.77 20.79 Belgium— Belgas to £1 N.Z. T.T. — 23.357 O.D. — 23.368 CzechoslovakiaCrowns to £1 N.Z. T.T. — 9506 O.D. — 9541 Denmark— Kroner to £1 N.Z. T.T. 19.203 17.893 O.D. 18.263 17»903 France —. Francs to £1 N.Z. T.T. 60.27 60.04 O.D. 61,32 60.08 Germany— Reichmarks to £1 N.Z. T.T, — 9.842 O.D. — 9.847 Holland— Florins to £1 N.Z. T.T. 5.971 5.821 O.D. 6.031 5.825 ItalyLire to £1 N.Z. T.T. — __ O.D. — — Java — Florins to £1 N.Z. T.T, 5.021 5,761 NorwayKroner to £1 N.Z. O.D. 5.981 5.765 T.T. 16,185 15.893 O.D, 16.243 15.903 Sweden — Kronor to £1 N.Z. T.T. 15.785 16.490 O.D. 15.845 15,500 SwitzerlandFrancs to £1 N.Z. T.T. 12.375 12.105 O.D. 12,480 12.110 Noumea — Francs to £1 N.Z. T.T. 62.67 58.67 O.D. 63.12 58.73 Papeete— Francs to £1 N,Z. T.T, 62,67 58.82 O.D. 63.12 58.88 Hong Kong— N.Z. pence to dol. T.T. 18 15-16 20 11-16 O.D. 18 27-32 20 21-32 India and Ceylon— N.Z. pence to rup. T.T. 22 9-64 22 57-64 O.D. 22 3-64 221 Japan— N.Z. pence to yen T.T. — 17 37-64 O.D, — 17 9-16 Shanghai— N.Z. pence to dol. T.T. 17 5-10 18 U-16 O.D. 174 18 43-64 Singapore— N.Z. pence to dol. T.T. 34 27-64 35 31-64 O.D. 34 15-64 35 15-32 T.T. represents Telegraphic Transfer. O.D. represents On Demand.

(Per £1 N.Z.) dol, dol. Selling— T.T. .. 3,964 3,968 O.D. .. 3,962 3.891 Buying— O.D. .. 4,01i 4.03J