THE STOCK EXCHANGES

Press, Volume LXXIV, Issue 22318, 4 February 1938, Page 15

THE STOCK EXCHANGES

RETURN TO CONFIDENCE MARKETS GENERALLY BETTER There was a fair volume of business on the Christchurch Stock Exchange yesterday apart from one transaction, in which £ 17,000 worth of Government stock changed hands. Quotations reflect the slow return of confidence.

DEALINGS COMPLETED LISTED STOCKS Sales on 'Change £ s. d. 200 Bank of New Zealand (2) 2 3 4 100 Goldsbrough, Mort 111 2 50 Australian Glass .. 4 13 8 100 Broken HillPropty. (2) 3 111 75 G. J. Coles .. 4 2 3 4 19 2000 New River (A) 0 0 7 600 Moonlight Goldfields .. 0 0 5 150 Broken Hill South 115 6 (cum div.) .. '1 14 9 700 Mount Lyell (8) 111 3 1 10 11 100 Mount Morgan .. 0 9 9 Sales Reported £ 17.000 N.Z. Govt. 3J p.C, Inscr., 15/3/39-43 . . 102 2 6 £250 N.Z. Govt. 4 p.C, Inscr., 1943-47 ..104 2 6 400 N.Z. Refrig. (£1 paid) (cum div.) (2) 0 19 9 50 Australian Glass .. 4 13 8 100 Westport Coal .. 13 4 50 Mount Lyell .. 1 11 4 200 Wilson's Cement (2) 0 18 6 Government New Zealand Government 3i per cent, stock due March 15, 1939-43, changed hands at £lO2 2s 6d. The 4 per cent, stock, due 1946, had business at £lO4 2s 6d. National Bank of New Zealand were firmer with buyers at 555. Bank of New Zealand were a shade stronger with dealings at 43s 4d, and further buyers at 43s 3d, sellers at 43s 6d: Union Bank of Australia were easier with sellers at £9 10s. Goldsbrough, Morts moved up to 31s 2d, closing quotations 31s buyers. 31s 3d sellers. Miscellaneous New Zealand Refrigerating, fully { paid cum dividend, were stronger with dealings at 19s 9d, and further buyers at that price failed to attract sellers. Westport Coal were fractionally weaker at 23s 4d. New Zealand Breweries were stronger with buyers at 46s 6d. Australian Glass rose to 93s Bd, and more were wanted at that price: sellers at 93s lOd. Broken Hill Proprietary were fractionally weaker with dealings at 61s lid, and further sellers at 61s lOd. G. J. Coles appeared easier with dealings at 82s 3d and 81s 9d, and further sellers at the lower price; buyers at 81s 6d. Wilsons Cement were firm at 18s 6d, closing quotations 6d on either side. Mining Moonlight Goldfields had business at sd. New River changed hands at 7d. Broken Hill South had business on the morning call at 35s 6d, but on the afternoon call dropped to 34s 9d, with further sellers at the lower price; buyers at 34s 7d. Mount Lyells advanced to 31s 4d, 31s 3d, and 30s lid. market closing 30s 9d buyers, 30s lid sellers. Mount Morgans showed little variation with sellers and business at 9s 9d. North Broken Hill were weaker with sellers at 53s 3d. LATEST QUOTATIONS N.Z. Government' Debentures

UNLISTED STOCKS

AUCKLAND Sales on 'Change

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:— Buyers. Sellers

N.Z. Perpetual Forests (4s paid) .. .. 0 17 6 WELLINGTON

Hume Pipe •• •• 1 X ° SYDNEY * There was greater activity on the Sydney Stock Exchange yesterday, with prices generally steady. New Zealand investors were in the market for Dunlop-Perdriaus, Kandos Cements, and Goldsbrough, Morts, which are firming, as are the Cash Orders and Standard Cement. Mining business

MINING

MACRAES FLAT GOLD AND SCHEELITE The mine manager reports that for the fortnight ending January 31 operations have been conducted ou stone carrying satisfactory gold and good scheelite values. With the mill working part time 60 tons of ore were put through for a return of 15oz of retorted gold and three tons of concentrates, of an average value of 3oz to the ton, or a total of 240z from the 60 tons. In addition three tons of scheelite stone, carrying on an average up to 15 per cent, of scheelite, or the equivalent 8 to lOcwt of scheelite, have been set aside from the ore for treatment as opportunity offers. At latest advices scheelite was worth £315 a ton, including exchange. The faces now being worked show strong veins of scheelite, occasionally with a purity of 25 to 30 per cent. FOREIGN EXCHANGES (BRITISH OFFICIAL WIBEUtBS.)

BANK OF NEW SOUTH WALES The Bank of New South Wales quoted the following exchange rates yesterday:— Buying. Selling N.Z. on London—

ASSOCIATED BANKS* DOLLAR 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:— J U.S.A. Canada. (Per £1 N.Z.) Dol. Dol. Se £\g 8 ~~ .. 4.017-16 4.017-16 OD. - .. 4.01J 4.0113-16 BU3 TT~ „ „ 4.04J 4.04 9-16 OX>. .. •• 4.05Z 4.05 13-16 BRITISH WAR LOAN (BBIXI3B OFFICIAL WTRKLXaS.) RUGBY, February 2. War Loan, 34 per cent., is quoted at £lO2 17s 6d.

MELBOURNE There was no definite trend in the investment market. Fluctuations were narrow and business quiet.

THE OUTLOOK FOR METALS

NEW YEAR BEGINS UNCERTAINLY WEAKNESS IN TIN (From a Spi»j»al Correspondent.) LONDON, January 7. The year 1937 *«*! l >3 remembered as the period of greatest uncertainty and fluctuations in base metals for a long time. Since the depression years, prices had been rising more or less steadily, and they reached in the first two months of last year record heights. They were inflated levels, however, and a better understanding of the true position and prospects pricked the balloon. A great bull market was broken overnight, prices crashed, and the new temper was decidedly bearish. Within a few months it became clear that the apostles of early recovery were inordinately wide of the mark, and by the early autumn prices were back to 1935 levels. Restriction was reintroduced in copper and accentuated in tin towards the close of the year, but prices still refused to be cajoled. The year ended on a doubtful note, although it was generally held in informed circles that the real balance of supply and demand justified higher prices all round. Prospects for 1938 Consequently, 1938 starts uncertainly. In December stocks of copper and tin rose modestly, while those of lead and spelter declined slightly. Generally speaking, and making allowance for the fact that "reasonable" stocks are now less than they were a year ago, stocks of all the metals are too low. Industrial activity has shown some recession, and is likely to recede still further on the medium term, but even so there must clearly be a resumption of trade demand on a fair scale soon. Then, unless meanwhile available supines reveal an unexpected substantial increase, prices should improve. The Copper Position

In informed circles those operators who are withholding from the copper market in the expectation *oi lower prices are believed to be barking up the wrong tree. Prices are more likely to rise than to fall. It is virtually certain that there is a great volume of demand in America which is awaiting a fall to 10 cents. It is a tug of war which would most reasonably be terminated by a reduction in the American price to that level. There would soon be a recovery if the extent of the latent demand is anything like current estimates. Meanwhile, the statistical position needs only an addition to the demand side to become the staff on which booms are made. Stocks in the official warehouses of the London Metal Exchange rose from 27,622 tons at the end of November to 31,529 at the end of the year. But total stocks held outside America showed a modest decline. Add to this the fact that consumption is outstripping supply, and it will be seen that nothing short of a large rise in American exports could disturb prices further. That does not seem possible, so that all the indications are for a rise in price. The gloominess of the market in these conditions is solely to be accounted for by the general uncertainty. This once removed, even the most optimistic bulls might be surprised. Weakness in Tin

Tin is a different proposition. In the recent weakness of prices it has fallen more than the average, and for good reason. Some misguided observers are again pressing very strongly for a buffer pool, but the existence of such a pool would, if experience and economics are any guide, have aggravated rather than ameliorated the position. Messrs A. Strauss and Company estimate the visible supply of tin in December at 24,241 tons—an increase of 2333 tons. Stocks advanced over the month from 2214 tons to 2438 tons. Total new supplies increased from 10,320 tons to 10,636 tons. Deliveries fell from 10,610 to 9015 tons—an unexpectedly large decline. This is a poor basis for the market, and the immediate prospect is no brighter, for last year's arrears will be shown in the statistics of supply in the first month or two of this year. The United States's position is similarly difficult with an increase of 3320 tons in invisible stocks Restriction is clearly no magic wand; it is a medicine with delayed action. Until its influence on the supply side is manifest, or until deliveries increase, the tin market will not lack reason for its bearishness. Lead and Spelter

The international building position is not so black as it is sometimes painted. In Great Britain, it is usually assumed that the decline in building activity will continue at at least its recent rate, but there are public works to be reckoned with, and they should make up some of the leeway. In America, the President's huge building programme will obviously revitalise the whole industry. Accordingly, lead may

prove cheap around the current level. particularly since the cable, pipe, and sheet manufacturers are well employed The current year may see lead consumption hold its own. Last year's total was 1,190,000 tons, some 55,000 tons up on the year, and a new high record. The present pause may do good in the long run if it helps to eliminate the factors on the supply side which last year caused a rise from 1,102,400 tons to an estimated 1.240.000 tons. A significant feature is that stocks are subnormal. The galvanising industry, on the other hand, is not at all bright, and the medium-term future is viewed with some misgiving. Last year's production of zinc outside America was about 1,120,000 tons, against a consumption of 1,075,000 tons. The offtake will, of course, be stimulated by the American building programme, but it is doubtful whether the market has yet reached bottom. Stocks still increase. Here, if anywhere, there is a solid case for the restriction of production. but there is no apparent hope of it.

EMPLOYEES IN OIL STORES

NEW AWARD ANNOUNCED PROVISION OF FORTY-HOUR WEEK (PBXS9 ASSOCIATION TEUSBAIf J AUCKLAND, February 3. A rise of 5s a week for adult storemen, and a 40-hour week, have been awarded by the Second Arbitration , Court to the Northern Taranaki, Wellington, Canterbury, and Otago, and Southland Oil Stores Employees* Industrial Association of Workers. The new award was announced to-day, and its period is from January 1 to December 31, 1938. It does not include retail shops and warehouse employees, other than drivers and clerks. The worker governed by this may be required to work four hours on the stattuory halfholiday, between 7.30 ajn. arid noon, at % ordinary rates, with a minimum of four hours' pay. He may not be employed except to receive goods or to dispatch goods to or from places at least five miles distant from the store. . The minimum rates of wages will be as follows:—Storemen. £4 12s 6d a week; storemen in charge of two or more, other than casuals, £4 15s. A head storeman is one substantially employed at manual labour, and in charge of other workers. If in charge of two or more workers, other than casuals, and up to five such workers, he shall be paid 10s a week extra, or £1 a week extra if in charge of more than five.

Casual workers will receive 2s 6d an hour.

A 40-hour week and wages at the rate of £5 4s 6d a week have been awarded to shift workers. All time worked in excess of aij eight-hour shift shall be paid for at time and a half for the first four hours, and double time thereafter. Crib-time of half an hour will be allowed in each shift, without deduction from workers* pay, but only when a full \ieek is worked. <

Youths may be employed at not less than the following rates of wages:— Sixteen years of age or under, £1 2s 6d; 16J years, £1 7s 6d; 17 years, £1 12s 6d; 17£ years, £1 17s 6d; 18 years, £2 2s 6d; 19 years, £2 12s 6d: 20 years £3 2s 6d; thereafter the adult rate. The proportion of youths shall be not more than one to every three adult workers, or a fraction of three. The following are recognised holidays: New Year's Day, Anniversary Day, Good Friday, Easter Monday, the King's Birthday, Labour Day, Christmas Day, and Boxing Day. In Canterbury, Southland, and Hawke's Bay, Show Day may oe substituted for Anniversary Day. Work done on specified noliaays shall be paid for at double rates. In the case of permanent hands, this shall be in addition to their ordinary wages. Watchmen are to receive £5 for a 43hour week, casual watchmen 2s 4d an hour, on award holidays 2s lOd an hour, and on Sundays, Christmas Day, and Good Friday 3s an hour.

Buyers. Sellers. £ s. d. £ s. d. 31 p.c. Ins., 1938-52 .. 102 10 0 — 3J p.c. Ins., 1939-52 .. 102 0 0 — 31 p.c. Ins., 1953-57 .. 98 0 0 100 0 0 4 p.c. Ins., 1943-46 .. 104 0 0 104 5 0 4 p.c. Ins., 1952-55 .. 103 0 0 — 4 p.c. Bonds, 1946 104 10 0 — 4 p.c. Bonds, 1955 103 10 0 -"■ Other Debentures Gisborne Sheepfarmers, 61 p.c. 31/8/41 103 0 0 — Banks Adelaide (£5) 5 15 0 — Comm. of Aust. (10s) 0 16 8 0 16 10 Comm. df Aust. (pref., £10) 9 12 6 9 15 6 E., S., and A. (£3 pd.) — 5 6 0 Natl, of A/asia. (£10 paid) — 14 14 0 Natl, of A/asia. (£5 paid) 7 2 0 7 5 0 Natl, of N.Z. (£2 10s) 2 15 0 2 15 3 New South Wales (cum div.. £20) .. 32 0 0 33 0 0 New Zealand (£1) 2 3 3 2 3 6 New Zealand (mort shares, £1) — 1 10 3 Union of Aust. (cum div. and bonus, £5) 9 6 6 9 10 0 Insurance National (7s paid) .. 0 16 10 — New Zealand (cum div.. £1) — 3 2 6 South British (£1) .. — 2 8 6 Standard (£1) 2 19 0 — Loan and Agency Dalgety and Co. (£5) 8 3 6 8 10 0 Goldsbrough, M. (£1) 1 11 0 1 11 3 N.Z. Guar. Corpn. (3s) 0 4 6 0 4 9 N.Z. Loan and Merc. (ord.. £100) — 51 0 0 United Building (£1) 1 0 7 — Wright, Stephenson (pref., £1) 1 0 11 — Newton King (pf., £1) 0 8 9 0 10 6 Shipping Huddart-Parker (pref., £1) 1 7 9 — P. and O. Def. Stock (£1) .. * .. — 1 12 0 Frozen Meat Canterbury (£7 .10s paid) - 10 2 6 — Gear (10s) 0 15 0 — N.Z. Refrig. (£1 pd., cum div.) 0 19 9 — N.Z. Refrig. (10s pd., cum div.) 0 9 2 0 9 6 Nth. Cantby. Freezing (pref., £1) — 0 19 0 Waitaki (£5) 4 0 0 4 10 0 Woollens Bonds Hosiery (£1) .. 0 17 0 — Felt and Textiles (£1) 1 15 0 1 16 8 Kaiapoi (17s paid) .. — 0 13 0 Kaiapoi (7s paid) — 0 4 6 Kaiapoi (pref., 17s) .. — 0 17 0 Coal Westport (10s) 1 3 0 1 3 6 Stockton (10s) — 0 3 0 Stockton (pref., 10s) .. 0 5 0 0 5 9 Kaitangata (16s pd.) .. — 1 8 0 Gas Auckland (cum div., £1) — 1 1 3 Ch.Ch. (cum div., £1) 1 8 6 1 9 6 Breweries New Zealand (£1) .. 2 6 6 2 6 8 Queensland (£1) — 1 8 0 Swan (5s) — 1 8 0 Tooths (£1) 2 14 10 2 15 9 Timaru (in liqdn.) .. 0 0 11 — White Star (in liqdn.) 0 1 1 — Miscellaneous Amalg. Wireleess (con., (14s paid) — 2 10 0 Andersons (pref., £1) — 0 19 0 Anthony Hordern (£1) 0 18 5 0 18 7 Aust. Glass (£1) 4 13 8 4 13 10 Beath and Co. (£1) 0 19 0 1 1 6 Beath and Co. (Is pd.) 0 1 8 0 2 5 British Tobacco (£1) 2 9 6 2 9 8 Broken Hill Pty. (£1) 3 1 8 3 1 10 Broken Hill Pty. (con.) 1 13 3 1 13 8 Consolid. Brick (£1) .. — 0 7 6 Colonial Sugar (£20) — 47 0 0 Cox Bros. (10s) — 1 0 6 Dominion Blders. (10s) — 0 3 0 Dom Fertiliser (£1) .. 1 3 0 — D.I.C. (10s) - — 0 14 9 D.I.C. (pref., £1) 1 3 6 — Dunlop* Rubber (£1) .. 1 3 1 1 3 3 Electro Zinc (ord., cum div., £1) .. 2 7 4 2 8 0 Electro. Zinc (pref., cum div., £1) 2 9 9 2 10 0 Evans Atlas Flour (10s) 0 19 9 — G. J. Coles (£1) 4 1 6 4 1 9 Greater Crystal (£1) .. 0 7 3 — Hay's, Ltd., (con., 15s paid) ,. — 0 15 6

Buyers. Sellers. £ s. d. £ s. d. Howard Smith (£1) .. 1 1 0 — Hume Pipe (Aust.), (£1) .— 111 Kauri Timber (25s) .. 1 2 0 12 3 M.K. Millinery (5s) .. — 0 11 6 Millaquin Sugar (£1) . — 1 18 6 National Electric (£1) 0 14 0 0 18 0 N.Z. Farmers' Co-op. (£2 10s paid) —— 0 15 0 N.Z. Farmers' Co-op. (10s paid) .. N.Z. Farmers' Co-op. — 0 0 3 (1st pref.. £5) 3 0 0 — N.Z. Farmers' Co-op. ("A" pref.. £4) 1 10 0 1 18 0 N.Z. Farmers' Co-op. (4J p.c. Stock, 1939 and 1940, £100) 91 0 0 — N.Z. Farmers' Co-op. (4J p.c. Stk., 1945, £100) 91 5 0 — N.Z. Farmers' Fert. (£1) 0 18 0 0 19 0 N.Z. Newspapers (16/8) — 1 19 3 Radio (1936) (10s) .. 1 0 0 119 Taranaki Oil. (24/7) .. 0 5 3 0 5 7 United Provisions (£1) — 0 8 0 Whitcombe and Tombs (£2 10s paid) 3 3 0 3 3 7 Wilcox, Mofflin (lis) .. — 0 11 0 Wilson's Cement (10s) 0 18 0 0 19 0 Woolworths (N.Z.) (ord., 5s paid) — 10 6 Woolworths (pref., £1) 1 17 6 — Woolworths (Sydney) (2nd pref., £1) 1 7 6 18 8 W. R. Carpenter (£1) 2 6 3 2 8 0 Woolworths (Sydney), (ord., 5s) 1 5 0 15 5 Overseas Listings Woolworths (South Africa (5s) 0 14 2 0 14 6 Mining Alexandra (£1) 0 11 0 Argo (Is) — 0 19 Argo (contr.) 0 1 1 — Barry town (£1) 1 5 0 1 10 0 Big River (Is) — 0 1 31 Gillespie's Beach (Is) — 0 12 Golden Dawn (5s) .. — 0 2 3 Goldfields Dredg. (Is) 0 0 U 0 0 4 Grey River (8/9 paid) — 0 11 6 New River (Is) 0 0 6 0 0 71 Maori Gully (Is) 0 0 5 0 0 5£ Moonlight Gold. (8d paid) 0 0 4i 0 0 61 Mossy Creek (Is) — 0 14 Nokomai (5s) 0 1 6 0 2 2 Skippers (Is) 0 0 u 0 0 21 Waihi Invest. (5s) .. 0 11 0 Worksop Extend. (Is) 0 0 9 0 10 Australian Mining Broken Hill South (5s) 1 14 7 1 14 9 Mount Lyell (£1) .. 1 10 9 1 10 11 Mount Morgan (2/6) .. 0 9 a 0 9 9 North Broken HiU (5s) 2 12 9 2 13 3 Rawang Tin (10s) .. — 0 10 0

£. s. d. £ s. d. Alloy Steel (Autt.) .. 0 10 0 — Alloy Steel (N.Z.) .. 0 12 0 0 19 3 Assoc. Motorists' Petrol (pref.) 1 5 0 1 10 0 A.P.A 0 9 0 ~- Ballins Breweries (10s paid) — 0 13 0 Bundi (vendors) — 0 10 0 Christchurch Press .. 8 19 0 Kanieri (ISs paid) .. 0 16 0 _ N.Z Perpetual Forests (4s paid) 0 15 0 1 0 0 J. J. Niven (17s pd.) — 0 11 0 E. Reece, Ltd. (pref.) 0 3 4 0 s 0 Selfridges (A/asia) .. 1 5 0 1 7 0 Self ridges (N.Z.) •— 1 1 0 Westland Breweries .. 1 15 0 2 1 0 Woolworths (W.A.) .. 4 0 Q 4 15 0

Mount Albert Borough, , 1952, JC s. u. 41 per cent. 103 10 0 Amalg. Brick (Auck.), 1946 .'.' 92 0 0 Comm. Bank of Aust. 0 16 11 0 16 10 Bank of New Zealand 2 3 4 2. 3 3 N.Z. Insurance 3 19 Taupiri Coal 0 17 0 Devonport Ferry 1 0 6 Berlei (N.Z.), ex div. .. 3 7 6 British Tobacco 2 9 10J Broken Hill Pty. 3 2 0 Colonial Sugar 46 10 0 Milne and Choyce Deb. 0 14 9 Waihi Investment 0 9 10 Mount Morgan D 9 10 Unofficial list

Sales on 'Change £ s. d. N.Z. Investment Mortgage 0 9 6 Tooheys. Ltd. •» 1 12 4 (Both late Wednesday.) Ins. Stock, 4 p.c, 1946 M 104 2 6 Tooth and Co. >. 2 15 6 N.Z. Breweries ♦» 2 6 3 Comm. Bank of Aust. . «* 0 16 11 0 16 10 Australian Glass ~. »• 1 13 9 British Tobacco ». 2 9 9 Colonial Sugar .. 46 10 0 Electrolytic Zinc (pref.) *' 2 10 6 2 10 3 G. J. Coles # 4 2 6 Wilson's Cement 0 18 5 Woolworths (N.Z.). Ltd. (ord.) 10 6 Woolworths, Ltd. (ord.) (3) 15 3 15 6 (2) 1 5 51 Broken Hill South .. .. 1 15 6 Mount Lyell •• • 1 11 5 1 11 0 Mount Morgan (2) 0 9 9 DUNEDIN Sales on 'Change d £. s. d. Mount Morgan (3) 0 9 9 Sales Reported Commercial Bank 0 16 10 Queensland National Bank National Insurance 5 4 6 0 16 11 Southland Frozen Meat (2) 18 6 10 0 15 4 1 11 3 Regent Theatre .. ■• Woolworths (Sydney) (ord.) W) Mount Lyell tz; After Call

was dull. Morning Sales Tooths 2 16 0 6 Australian Gas 7 8 British Tobacco .. 2 10 3 Australian Glass »• 4 14 6 Colonial Sugar • • 46 15. 0 Farmers .. 1 13 0 Henry Jones •• 2 9 3 Afternoon Sales Commercial Bank of Sydney 20 4 0 Associated Newspapers 1 2 11 Australian Gas A .. 7 8 6 British Tobacco • • 1 10 3 Tooths .. 1 15 9 Australian Glass .. 4 14 9 Dunlop-Perdriau 1 I 6 Dunlop-Perdriau (N.Z. delivery) 6 Farmers 1 13 0 David Jones 2 1 0 Lustre Hosiery 1 3 6 Lustre Hosiery (pref.) 1 3 9 General Industries 1 1 H Kandos Cement 1 6 0 Kandos Cement (N.Z. delivery) 1 5 9 Hume Pipe ,, ., 1 1 11 Cash Orders e 0 ## 0 17 10J Felt and Textiles rt ., 1 17 0 Sargents •• *m 1 10 0 Hackshalls v# — 0 13 7 Newbold Brick „ •• 1 14 0 Carriers (old) «» »• 1 5 9 Meggitts .. ' ,. 1 11 6 Standard Cement w ,. 0 19 6 Australasian Paper •>• ... 1 12 6 Woolworths M •^ 1 5 6

RUGBY, February 2. Par. Feb. 1. Feb. 2. Paris, fr. to £1 124.21 152 15-32 15225-32 New York, dol. to £i 4.866 5.013-16 5.00J Montreal, dol. to £1 4.866 5.01J 5.00g Brussels, belgas to £1 35 29.53 29.57} Geneva, fr. to £1 25.2215 21.62J 21.61J Amsterdam, fl. to £1 12.107 8.962 8.96i Milan, lire to £1 92.43 95i 95} Berlin, reichmarken to £1 20.43 12.421 12.41 Copenhagen, kr. to £1 18.159 22.40 22.40 Stockholm, kr. to £1 18.159 19.40 19.40 Oslo. kr. to £1 18.159 19.90 19.90 Vienna, schgs. to £1 34.585 26} 26} Prague, kr. to £1 164.25 142 11-16 142£ Helsingfors, marks to £ 1 193.23 226| 226} Madrid, pesetas to £1 25.2215 — — Lisbon, escudos to £1 375 173 7-16 173 7-16 Athens, drach to £1 375 547} 547} Bucharest, lei to £1 813.60 677 J 677} Belgrade, dinars 376.3 216 216 Rio de Janeiro, pence to milreis 5.90 2 27-32 2 27-32 Buenos Aires, pence to dol. 51 — —> Montevideo, pence to peso • 23 22* Bombay, pence to rupee 18 184 18} Shanghai, pence to yen * 14 3-16 14 3-16 Hong Kong, pence to yen • 15 15 Yokohama, pence to yen 24.58 14 14 Batavia, guilders 12.107 8.94} 8.94} Warsaw, par zlotys to £1 43.36 _ __ * Determined by price of silver.

£N.Z. to £100 Stg. T.T. 124 124/10/O.D. 123/10/124/8/9 Australia— £Ato £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 O.D. 90/7/6 89 New York — Dol. to £1 N.Z. T.T. 4.0477 4.0131 O.D. 4.0577 4.0171 Montreal — Dol. to £1 N.Z. T.T. 4.0462 4.0138 O.D. 4.0582 4.0178 Austria — Schgs. to £1 N.Z. T.T. — 21.00 OX). — 21.01 Belgium— Belgasto£l N.Z. T.T. 23.965 23.655 O.D. 24.040 23.666 Czechoslovakia — Cms. to £1 N.Z. T.T. — 113.71 O.D. — 113.76 Denmark— Kroner to £1 N.Z. T.T. 18.203 17.893 O.D. 18.263 17.899 France— Francs to £1 N.Z. T.T. 124.21 121.71 . O.D. — 121.75 Germany— Reichmarks to £L N.Z. T.T. — 9.896 O.D. 9.901 HollandFlorins to £1N.Z. T.T. 7.308 7.158 O.D. 7.348 7.162 ItalyLire to £1 N.Z. T.T. — 76.28 O.D. N, 76.33 Java — Florins to £1 N.Z. T.T. 7.279 7.129 OX). 7.319 7.133 NorwayKroner to £1 N.Z. T.T. 16.182 15.892 OX). 16.242 15.898 Sweden— Kronor to £1N.Z. T.T. 15.791 15.496 i O.D. 15.851 15,502 Switzerland— Francs to £1N.Z. T.T. 17.545 17.275 O.D. 17.650 17.280 Noumea— Francs to £1N.Z. T.T. 125.46 120.46 O.D. — 120.50 Papeete— Francs to £1N.Z. T.T. 125.31 120.51 O.D. — 120.55 Hong Kong— N.Z. pence to dol. T.T. 18 29-64 18 53-64 O.D. 18 27-64 18 53-64 India and Ceylon— N.Z. pence to rup. T.T. 223 22 21-32 O.D. 22 11-32 22 21-32 Japan— N.Z. pence to yen T.T. — 17J O.D. — 17 J Shanghai— N.Z. pence to dol. T.T. ""* > 18 9-64 O.D. 18 9-64 Singapore— N.Z. pence to dol. T.T. 34 43-64 35 5-32 O.D. , 34 37-64 35 5-32 Chefoo— N.Z. pence to dol. T.T. — 18J O.D. — 18 1-64 Manila— N.Z. pence to peso T.T. O.D. 29 37-64 29 31-64 30 5-64 30 5-64

£ s. d. Goldsbrough, Mort (N.Z. deliv.) 1 11 6 Wilcox, Mofflin 0 10 4 Henry Jones 2 9 3 Electrolytic Zinc 2 8 6 Electrolytic Zinc (pref.) 2 10 9 Mount Morgan 0 9 8 Broken Hill Pty. 3 2 6 South Broken Hill 1 15 4J Bulolo Gold 7 0 0

Sales:— £ s. d. National Bank (£5 paid) ..7 5 0 National Bank (£10 paid) .. 14 13 0 Drug Houses .. 16 0 Dunlop-Perdriau .. 13 8 Dunlop-Perdriau (pref.) 1 18 6 Electrolytic Zinc .. 2 8 3 Electrolytic Zinc (pref.) .. 2 10 3 Mount Lyell 1 11 6 Broken Hill Pty. 3 2 6 North Broken Hill .. 2 13 6 South Broken Hill .. 1 15 0 Emperor Gold .. M 0 12 6 Loloxna »» ~ - 0 18 0