FINANCE AND COMMERCE

Press, Volume LXXIV, Issue 22338, 28 February 1938, Page 13

FINANCE AND COMMERCE

BRITISH MARKETS ADVANCE

BUTTER OUTLOOK OPTIMISTIC

In spite of a slight set-back at the week-end the advance in the investment market in Great Britain has been almost spectacular in the last fortnight, aecordlng to this week's commercial summary. There were sharp rises on all markets on Tuesday and Wednesday. Bealdea investments, commodities made a less impressive showing, but on balance were., firmer. Cotton was particularly strong, and with the virtual certainty of shorter crops growers are holding for higher values. Metals were a little lower at the Of the week, but have made good net gains. The immediate outlook for butter is considered to be good, with no possibility of a severe set-back. The present position is a little obscure, but the tone is optimistic. There has been some inquiry from Canada for New Zealand.

MARKETS ARE STRONGER

Advance Almost Spectacular COMMODITIES HIGHER (tftrmu> rasas' *»»ocjaTio»—co*t«i<jst.) LONDON, February 26: In spite of the end of the week setback, the advance in the markets from the low levels of the previous fortnight has been almost spectacular. The "Financial News" share index gained two points on Tuesday, and a further 1.3 the following day. A promising week for commodities petered out rather badly, though prices are a irifle higher on balance, with cotton the outstanding feature. Owing to heavy reductions in the acreage in the United States, a certain result from the complicated Farm Bill, farmers in America are reported to be holding on to the raw material in the belief that it will go higher. Metals rather lamely attempted to improve. United States refined copper stocks are still rising as also are American stocks of lead, which increased more than 4000 tons in spite of a sharp drop in domestic productipn. The butter position remains rather difficult to follow. After the rise at the begihning of the week, business petered out, though there is still plenty of optimism * about the immediate future. There is no reason to expect any big break in the market, though many operators would -"be happier if levels were slightly lower, say, around ST HOs to 112s. There has been some . '""Tlhquiry from Canada for New Zealand.

MINING BUNDI DREDGE It has been decided to check, bore the Buhdi Company's area on Chinanan terrace, and also to recondition the dredge. MAORI GULLY The Maori Gully Company's dredge on Thursday morning last reached the high reef blocking the entrance to Waimii Creek. There was no wash-up so as to allow the full crew to proceed with blasting operations whilst the weather was favourable. Very satisfactory progress has been made with this _ work and it is thought that the dredge will get through into Waimea Creek by the end of the present week The dredging of Waimea Creek is expected to provide a minimum of three months, and a maximum of six months' work. After putting down 16 scout bores, at a cost of £370. on the Camerons area, over which the company held an option, prospecting operations were discontinued as the results were not, in the opinion of the directors, sufficiently encouraging to warrant the expense of close-boring the area. Other areas are under consideration, and prospecting is proceeding on. one. MOONLIGHT GOLDFIELDS The Moonlight Goldflelds Company, Ltd., advise that the wash-up on February 23 was 120oz for 300 hours' sluicing. WHITE'S ELECTRIC Ths White's Electric Gold Dredging Company (Barrytown). Ltd.. reports a return during the week ended February 25, of 430z in 124 hours. NEW RIVER The New River Gold Dredging Company, Ltd., reports a return for the v/eek ended February 24 of 20oz from 10,000 yards treated in 118 hours. GOLDEN DAWN For 20 working days ended February 19, 658 tons of ore were treated,, by Golden Dawn Gold Mines, Ltd., ioi a return of £1352 at £7 2s a gold ounce. ■■•

COMPANY NEWS

WOOLWORTHS' NEW DISTRIBUTION PROFITABLE SHARES FOR INVESTORS (CKITED PRESS *S3OCUTtOK—CO?T»IOBT.) SYDNEY, February 26. The financial writer of the Sydney "Morning Herald" says that the announcement of Woolworths new bonus issue means that an original holding of £IOO worth ot^ shares will shortly be worth about £26,000 without pny effort by the investor. This will be the fifth issue of ordinary shares. The investor who bought 100 shares of £1 each about 11 years ago and held them, received three shares for one in 1928, one for one in 1931. three for two in 1934, and one for one in 1936. The directors now propose to issue one f.T five. The shtres subdivided last year now have a face value of 5s each. The original 100 will thus have grown after the forthcoming issue to 19*200 shares of 5s each. At yesterday's market price of 27s 3d, the holding would be worth £26,160. This takes no account of the sale of rights for cash.

>DUNLOP PERDRIAU The Dunlop Perdriau Rubber Company announces interim dividends oi 5 per cent, on preference snare 3 and 3£ per cent, on ordinary shares. The rates are unaltered. ' PERMANENT INVESTMENT AND LOAN

The annual meeting of the Permanent Investment and Loan Association of Canterbury was held on Friday. In a review of the year, the chairman, Mr H. D. Andrews, drew special attention to the increased turnover in the amount put out on mortgage and to the total sum invested at the close of the year, which was greater than it had been for many years past. He referred to his remarks of a year ago concerning the anxiety which the directors felt as to the outcome of a number of applications for relief In respect of rural securities, which were pending under the Mortgagors and Lessees Rehabilitation Act. but which had not yet come forward for consideration by the Adjustment Commission. The surplus upon the years working'was in excess of that for 1936. but largely on account of the uncertainty as to the extent to which the association's securities might be affected as a result of recommendations by the commission, the directors had deemed it advisable to carry forward in the profit and loss account the additional surplus. The chairman booed that, by (the time the shareholders came together at the next annual meeting all these applications would have been dealt with and the position of the securities determined. NATIONAL MORTGAGE (CHITED PRESS ASSOCIATION —COPTTUOHT.I LONDON, February 27. The National Mortgage and Agency Company of New Zealand, Ltd.. profit is £25,882. A final dividend of 2J per cent, and a bonus of 2J per cent, have been declared. K METALS 'MARKET. ;V,

PRICE OF SILVER (esiTisß official wmenss.) RUGBY, February 26. Spot silver is quoted at 20 3-J.Gd a fine ounce and forward at 19|d. BRITISH WAR LOAN (jiamsß officiai, wirblms.* RUGBY. February 25. War Loan. 3J per cent., is quoted at £lO3 £•? 9d.

AUSTRALIAN FAT LAMB

Improvement In Quality

REPORTED COMPETITION WITH DOMINION A marked improvement in the quality of fat lamb raised in South Australia has taken place in the last season, when, although the number of lambs raised was not as large as usual because the season closed early, there was, a predominance?, of first grade lambs. This was emphasised in an interview with "The Press" on Saturday by Mr G. M. Blyth, representative of Bennett and Fisher, Ltd.. Adelaide, who is visiting New Zealand making purchases of sheep for Australian breeders. Mr Blyth, who predicted a steady growth of the fat lamb industry in South Australia during his visit to the Dominion last year and mentioned the likelihood of competition with New Zealand, expressed similar views this time, referring to the improvement in quality as an important factor. The purchases of rams which he has already made in the North Island are an indication of the growing preference of South Australian farmers for a better quality. "In previous years," he said, "we tried to buy the cheapest stuff, but those who have inspected this year's purchases say that this consignment of various breeds is of the highest quality ever to leave New Zealand. We have not bought cheaply, as we realise that it pays to secure the best possible. New Zealand breeders have been willing to meet us, as we cannot yet afford to pay the high Drices for stock that are obtained in New Zealand. But South Australians are learning the advantage of securing the best, and in a short time are likely to be paying as high prices as are paid in New Zealand. "We are taking back some of the best sheep in Canterbury," said Mr Blvth. referring to the purchases which he intends to make in the South Island. He said that the Border Leicester was still in £ood demand in South Australia. Learning from New Zealand South Australia had the country and rainfall and climate for fat lamb raising, and the lack of crossbred ewes was being rapidly' overcome. The number of Romney Marsh sold in 1935 was. 20, in 1936 4t was 250. and last year it was 900. "Many of the younger people in the cities are going out on the land and many are .taking trips to study New Zealand methoda," he said. "We still look to New Zealand as the beau-ideal of fat lamb raising. The use of topdressing and pasture improvement are Btlll In their infancy in South Australia, but the younger graziers are rapidly learnings the value of these methods, which have meant that in some of the rainfall districts land which once carried one Sheep to the acre is now carrying Ave. Ten years ago we were 3d a pound behind New Zealand in fat lamb, but we have come within id But we still have to realise the benefit of heavy topMdresßina. ; "Nature has b«er» wonderfully bountiful to us, but New Zealand has also had many natural advantages, and m some respects she is standing still while other countries are catching up. The New Zealand farmer has had the advantage of a' good climate and has taken a great deal for granted. It will not be many years before he has to face rivalry from South Australia and Australia generally, tn the South [Australian dairying Industry, too. U Is considered that there has been an outstanding improvement, and one i* nstounded at the way in which the younger farmers are gaining the education to lift the whole of the pastora* industry into a more progressive phase." Use -of the Dorset Horn Breed Mr Blyth spoke enthusiastically of a breed of sheep that -was proving very popular as a fat lamb getter, the South Australian bred Dorset Horn. One of the foremost advantages of the breed was that its use enabled the season to start some four weeks' earlier, he said, addina that he considered that th<? breed could be al3o used to advantacp in New Zealand. Mr W. S. Harvey, whb was accompanying him on th«» trip, fattened between 3000 and 4000 lambs a year, and in a paddock of 250 ewes, where he used Dorset Horn rams with first cross merinos, 60 lambs went away fat off the mothers m nine weeks. 00 in 10 weeks, and 120 in It weeks. Most South Australian breeders did not take the rams away from the stud flocks at all, and were obtaining three crops of lambs in two years. He had noticed sheep of this breed in New Zealand, but unfortunately the majority of the shipment were from New South Wales and Victoria, where the type was. inferior—as different from the South typei as the old Kentish Rohiney Marsh*.w4s.3rom the" modern tyjje. The only ram he had seen of the South ■• Australian: standard in New Zealand was. that owned by Mr R. Bennell, of Manakau, wh6 had obtained it from Mr B. R. ,Hart, of Two Wfells, a prominent South Australian breeder. "At seven months of age the Doiset Horn is as big as a two-tooth Romney, he said. "I am certain that if it were used in'New'Zealand in -any great number the season would be four weeks earlier. In South Australian markets »5 per cent; ol IVie ltoabs duvj iing the first six weeks are by Dorset Horn rams out of crossbred or pure merino ewes. But while it is true that the Dorset Horn wool is a little better than Ryeland, with a slightly better lock softer handling, and a fair staple length, it is for the most part harsh bnd has no style." Government Restriction Criticised Mr Blyth added that the main thing that was holding the fat lamb industry back in South Australia was that ail the killing was done by the. Government ■ . ! . "It is keeping us back more , than anything else," he said. "We are underserviced, and at the peak of the season lambs have sometimes to wait five or six days. Lambs have on occasion had to be shipped to Melbourne. This Government interference with thp activities of the primary producer by not allowing private enterprise is most detrimental." Mr Harvey and Mr J. Walsh, two South Australian breeders who are accompanying .Mr Blyth, both spoke hiehly of the assistance and hospitality <h!v had received in the Dominion and of the value of what they had learned from New Zealand methods. (

BRITISH TREASURY BILLS LONDON. February 25. The total amount applied for in tendprs for £40,000.000 Treasury Billsin Sndorfthls week was £93.(00.000. Tbe average rate per cent, for bills at three months was 10/1.39 d. against- 10/1.04 d a week ago.

STOCK EXCHANGES

SATURDAY'S BUSINESS Markets were quieter on call oft Saturday morning, and dealings were restricted to a few stocks. Price movements were irregular. Apart from vestibule business, the following transactions were recorded: — LISTED STOCKS Sales on 'Change £ s. d.

Stocks Generally Firm Commercial Bank of Australia remained unaltered with buyers and business at 16s 6d. sellers 16s 7d. New Zealand Guarantee Corporation were fractionally firmer at 4s sd. and fur ther buyers at 4s 4d failed to attract Hill Proprietary had dealings at 61s lOd, market closing Id elthei way—the contributing eased to 32s M, closing quotations Id on either side Dunlop Rubber (cum dividend of 31 ner cent) rose to dealings at, 23s 5d £& 23 e s n 6d. market closing 23s 4d buyers. 23s 7d sellers. G. J. °°|i s f " covered to 82s 3d. and there were further sellers at that figure, buyers at Woolworths. Ltd.. were firm at2osl'odand 265. Bd. buyersstayingj in at ihP higher price, sellers at 2bs lia. Woolworths "New Zealand) were firm at 2ts 3d. sellers staying in at that weaker, with sell s P a 6 nd dealings at Ud buyers at Id. Mount Morgans eased to sellers and dealings at Os 9d, buyers at 9s Bd.

LATEST QUOTATIONS

Buvcrs. Sellers. £ s. d. £ s. d.

UNLISTED STOCKS •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. £ s. d. £ s. d.

FOREIGN EXCHANGES

BANK OF NEW SOUTH WALES

The Associated Banks (other than the Bank of New South Wales! quoted the following dollar rates on Saturday on a New Zealand currency -basis. They are subject to alteration without notice:— U.S.A. Canada. Dol. Dol. (Per£lN.Z.)

- LONDON, February 25. Feb. 24., - Febi 25. Copper— Standard, spot £ s. 41 4 d. 4J £-8. d 40 . 9 4} Forward 41 8 9 40 5 0 Electrolytic .. 45 0 0 44 5 0 to 46 0 0 45 0 0 .Wire bars .. 46 0 0 45 0 0 LeadSpot 15 15 7J 15-5. 0 Forward -..'; 15 15 7J 15 4' 4i SpelterSpot Forward 15 3 9 14 18 li 15 3 n 14 18 .14 Tin— •Spot 189 7 6 186 17 .6Forward 189 2 "6 186 7 6 SilverFine, per oz. 20Jd 20 3-16d Standard; per oz. 21 ll-16d — v~ Feb. 18. Feb. 25. Pig Iron (ton) 5 9 0 5 9 0 Antimony^— ■ , British 81 10 0 81 10 0 . Foreign 60 0 0 60. 0 0 (a unit) Molybdenite .. 2 5 0 2 5 0 Wolfram '3 17 0 3 16 0

100 Com. Bank of Aust. .. 0 16 6 100 Broken Hill Pty. (2) 3 * i 1U 100 Broken Hill Pty. (contr.) 1 iz 9 100 Dunlop Rubber (cum div.) 1 3 5 25 G. J. Coles 4 2 3 600 Woolworths ("Sydney. ord.. cum div. and bonus) , , (6) 1 6 10 1500 Skippers <2> 0 0 " i 9 300 Mount Morgan (3) 0 9 Sales Reported 200 N.Z. Guarantee Corp. 0 4 5 6 100 Dunlop Rubber ■ • 1 3 300 "Woolworths (N.Z.. ord.) , l3) 1 1 3 100 Woolworths (Sydney, 1 6 g ord.)

N.Z. Govt. Debentures 31 p.c. Ins.. 1953-57 .. 4 p.c. Ins.. 1952-55 4 p.c. Bonds. 1946 97-15 102 5 0 98 5 104 10 0 102 17 0 0 6 Rural Bonds. 5 p.c 15/9/47 102 10 0 ■ Other Debentures Glsbome Sheepfarmers. 0 61 p.c, 31/8/41 103 0 105 0 0 Pyne, Gould, Guinness -*• Banks Australasia (cum div.. £5) Comm. of Aust. (10s) 10 2 0 16 6 6 10 7 0 16 6 7 Comm. of • Aust. (pf., £10 > • ■ „;a. _ 9 11 0 Natl, of A/asia (£10 paid) • ■ • • 14 10 0 — Natl, of A/asia (£5 ' 9 paid) — 7 3 N.S.W. (£20) 31 10 0 — New Zealand (£1) — k 2 3 1 N.Z. (niort. shares. £1) — 1 10 6 Union of Aust. (£5) 8 18 0 9 0 6 Insurance National (7s paid) 0 17 0 — New Zealand (£1) ■• 2 19 0 — South British (10s) 2 5 0 — Standard (cum div.. £1) 3 0 0 — Loan and Agency Dalgety and Co. (£5) 8 7 6 8 15 0 Goldsbrough. M. (£1) 1 10 4 1 10 9 Natl. Mortgage A (cum div.. £2) 2 6 0 2 9 0 N.Z. Guar. Corpn. (3s) 0 4 4 — N.Z. Loan and Merc. (ord. stock. £100) .. — 46 0 0 United Building (£1) 1 0 6 1 1 0 Wright. Stephenson (pref.. £1) 1 0 6 — Newton King (pf.. £1) 0 1 0 —' Frozen Meat Cantby. (£7 10s paid) 10 0 0 — N.Z. Refrig. (£1 paid) — 0 19 0 N.Z. Refrifi. (10s paid) 0 1) 1 0 8 4 North Cantby. Freezing (pf.. cum div., £1) • — 0 19 0 Coal Westport (10s) 1 3 0 1 3 4 Wcstport-Stockton (10s) 0 2 9 0 3 0 Westport-Stockton (pf., cum div., 10s) 0 6 0 0 6 4 Gas Auckland (£1) 1 0 0 1 0 4 Christchurch (£1) •■ 1 8 1 1 8 ll Breweries Queensland (cum rts., 1 8 0 £1) Swan (5s) —~ 1 8 0 Tooths (£ 1) 2 14 4 2 15 3 Timaru (in liqdn.) 0 1 0 0 1 2 Miscellaneous Amalg. Wireless (cont., £1 paid) Andersons (pref.. £1) 2 8 0 18 0 0 0 19 0 Anthony Hordern (£1) 0 18 3 0 18 7 Allov Steel (N.Z.) (£1) 0 17 10 0 19 2 Aust. Glass (£1) 4 12 6 4 13 3 Beath and Co. (Is pd.) 0 1 5 — Berlei (N.Z.) (£1) .. 3 5 0 3 12 6 British Tobacco (£1) 2 9 3 2 9 5 Broken Hill Pty. (£1). 3 1 9 3 1 11 Broken Hill Pty. (con.. 10s) 1 12 8 1 12 10 Consolid.'- Brick (10s) 0 6 8 0 7 8 Dominion Build. (10s) 0 2 0 0 3 0 Dominion Fert. (£1) 1 3 0 — Dominion Rubber (£1) 1 0 0 1 6 0 D.I.C. (10s) 0 14 0 0 14 7 D.I.C. (pref., £1) 1 3 6 — Dunlop Rubber (cum div., £1) 1 3 4 1 3 7 Electro. Zinc (ord.. £1) 2 7 3 2 7 G Electro. Zinc (pf., £1) 2 8 7 2 8 9 G. J. Coles (£1) 4 2 1 4 2 3 General Industries (£1) — 0 19 10 Hays. Ltd. (con., 15s) 0 14 3 0 15 3 Howard Smith (cum div., £1) 1 0 6 — Hume Pipe (Aust.) ..'(£!,) ... ..-. . 1 0 9 1 1 0 Kauri Timber (28s) .. — 1 2 2 Leyland O'Brien ,(£ 1) — 0 18 6 Motti Dock (£1) — 0 10 6 McKeyizies '(£1). — 3 13 0 N.Z.' Farmers' Co-op. (1st pref.. £5) 3 5 0 — N.Z. Farmers' ; Co-op. . ,(A pref., £4) . 1 10 0 1 16 0 N.Z. - Farmers' Co-op. (41 p.c. Stock. 1949 and 1950. £100) 93 0 0 — N.Z. Farmers' Co-op. (4J p.c. Stock, 1955, ,£100) 93 12 6 96 0 0 N.Z. Farm. Fert. (£1) 0 17 3 1 0 0 N.Z. Newspapers (16/a) — 1 19 6 Quill, Morris (1936) (£1) 0 17 6 — Radio (1936) (£1) .. — 1 3 0 Taranaki Oil. (24/7) 0 6 2 0 6 6 United Provisions (£1> 0 5 6 0 6 a Whitcombe and Tombs (£2 10s paid) 3 0 0 — Wilcox, Mofflin (lis) .. — 0 11 0 Wilson's Cement (10s) 0 17 8 0 18 6 Woolworths (N.Z.) (5s) 1 1 1 1 1 3 Woolworths (Sydney) (ord., cum div. and bonus, 5s) 1 6 10 1 6 11 y Overseas Listing Woolworths (S.A.) (5s) 0 15 0 0 15 1 Mining Argo (cum div.. Is) 0 1 8 Argo (con.) 0 1 2 — Barry town (£1) 1 0 0 1 6 0 Big River (Is) 0 1 n 0 1 4 Golden Point (Is) .. — 0 0 2 Golden Sands (Is) .. 0 1 8 0 2 1 Goldfields Dredg. (Is) 0 0 2 0 0 31 Grey River (5s) 0 11 5 — New River (Is) 0 0 5 0 0 7 Maori Gully (Is) .. 0 0 41 0 0 5 Moonlight Gold. (Is) 0 0 43 0 0 61 Nokomai (5s) 0 2 2 Skippers (Is) 0 0 10 0 u Waihi Grand June. (5s) 0 2 8 0 3 0 Waimumu Sluic. (Is) 0 0 7 Worksop Extend. (Is) 0 0 111 0 1 2 Waitahu — 0 1 3 Australian Mining Broken Hill South (5s) 1 13 3 1 14 0 <Maunt Lyell (£1) .. 1 10 10 1 11 0 Mount Morgan (2/6) .. 0 9 8 0 9 9 Placer Develop. (£1) 3 15 6 4 0 0 Hawang Tin (10s) 0 9 4 0 9 54

Alloy Steel (Aust.) .. — 0 15 0 a.p.a; 0 9 0 — Ballin's Breweries (15s paid) 0 12 3 0 12 6 Christchurch Press .. 8 10 0 9 5 0 Coulls. Somerville 0 15 6 1 5 0 N.Z. Perpet. Forests — 2 6 0 Westland Breweries (con.) 1 0 0 — Woolworths (W.A.) .. 4 7 6 4 13 6

(SAITiafl OFFICIAL WiaKLSSi.) RUGBY. February 26. Par. Feb. 25. Feb. 26. Paris, fr. to £1 124.21 153 25-32 153 21-32 New York, dol. to £1 . 4.866 5.02 5.02 3-16 Montreal, dol. to £1 4.866 5.02 5.02 3-16 Brussels, belgas to £1 35 29.55J 29.56 Geneva, fr. to £1 25.2215 21.591 21.591 Amsterdam, fl. to £1 12.107 8.96? 8.96J Milan, lire to £1 92.43 052 952 Berlin, reichmarken to £ 1 20.43 12.404 12.401 Copenhagen, kr. to £1 18.159 22.40 22.40 Stockholm, kr. to £1 18.159 19.41 19.414 Oslo, kr. to £1 18.159 19.90 19.90 Vienna, schgs. to £1 34.585 26i 264 Prague, kr. to £1 164.25 142 13-16 1422 Helsingfors, marks to £1 193.23 2264 2264 Madrid, pesetas to £1 25.2215 — — •" Lisbon, escudos to £1 375 110 3-18 110 3-16 Athens, drach to £1 375 547J 5474 Bucharest, lei to £1 813.60 677| 6774 Belgrade, dinars 376.3 216 216 Rio de Janeiro, pence to milreis 5.90 2 13-16 213-16 Buenos Aires. pence to dol. 51 — — Montevideo, pence to peso • 211 211 Bombay, pence to rupee 18 134 184 Shanghai, pence to dol. • 14 3-16 14 3-16 Hong Kong, pence to yen * 15 15 Yokohama, pence to yen 24.58 13 63-64 13 63-64 Batavia, guilders 12.107 8.94} 8.944 Warsaw, par zlotys to £1 43.36 — — ♦Determined by price of silver

The Bank of New South Wales quoted the following exchange rates ruling on Saturday:— N.Z. on Buying Selling London— £N.Z. to £100stg. T.T. 124 124/10/O.D. 123/10/124/6/9 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 O.D. 90/7/6 89 New York — Dol. to £1 N.Z. T.T. 4.0586 4.0240 O.D. 4.0686 4.0280 Montreal — Dol. to £1 N.Z. T.T. 4.0571 4.0247 O.D. 4.0691 4.0287 Austria — Schgs. to £1 N.Z. T.T. O.D. — 21.03 21.04 Belgium— Belgasto£l N.Z. T.T. 23.951 23.641 O.D. 24.026 23.652 Czechoslovakia— Korunas to £1 N.Z. T.T. — 113.66 O.D. — 113.71 DenmarkKroner to £1 N.Z. T.T. 18.203 17.893 O.D. 18.263 17.899 Finland — Marks to £1 N.Z. T.T. 184.93 179.15 O.D. 183.35 179,25 France;— Francs to £1 N.Z. T.T. 125.07 122.57 O.D. — 122.61 Germany— Reichmarks to £1 N.Z. T.T. — 9.892 O.D. — 9.897 GreeceDrachmae to £1 N.Z. T.T. — 429.54 O.D. — 429.84 Holland— , Florins to £1 N.Z. T.T. 7.307 7.157 O.D. 7.347 7.161 ItalyLire to £1 N.Z. T.T. _ 76.46 O.D. — 76.51 Java— Florins to £1 N.Z. T.T. 7.279 7.129 O.D. 7.319 7.133 NorwayKroner to £1 N.Z. T.T. 16.182 15.892 O.D. 16.242 15.898 Noumea — Francs to £1 N.Z. T.T. 126.32 121.32 O.D. — 121.36 Papeete— Francs to £1 N.Z. T.T. 126.17 121.37 O.D. — 121.41 Sweden — Kronor to £1N.Z. T.T. 15.797 15.502 O.D. 15.857 15.508 SwitzerlandFrancs to £1 N.Z. T.T. 17.528 17.258 O.D. 17.633 17.263 Chccfoo — N.Z. pence to dol. T.T. O.D. ~~ 18i 18 7-64 Hong Kong— N.Z. pence to dol. T.T. O.D. 18 29-64 18 27-64 18 53-64 18 53-64 India and Ceylon— N.Z. pence to rup. T.T. O.D. 223 22 11-32 22 21-32 22 21-32 Japan— N.Z. pence to yen T.T. O.D. ~ 17 31-64 17 31-64 Manila — N.Z. pence to peso T.T. 29 28-64 29 57-64 O.D. 29 39-04 29 57-64 Shanghai— N.Z. pence to dol. T.T. O.D. 18 7-64 18 7-64 Singapore— N.Z. pence to dol T.T. O.D. 34 43-64 34 37-64 35 5-33 35 0-32 ASSOCIATED 1 BANKS' DOLLAR RATES

Selllnc— T.T. O.D. Buying— T.T. O.D. .. 4.02J .. 4.02 15-16 .. 4.05J .. 4.06J 4.02 74.021 4.05g 4.06J ■16