FINANCE AND COMMERCE

Press, Volume LXXIV, Issue 22370, 6 April 1938, Page 11

FINANCE AND COMMERCE

WEAKER INVESTMENT MARKET TIN TURNS UPWARD The investment market in Christchurch yesterday lost the gains made on Monday. Bidding was spiritless, and turnover small. In Sydney and Melbourne the exchanges were also quiet with business small, and prices steady, except for metals, which went lower. Tin has opened the week with a rise of £2 15s. Other metals have also firmed, but not to the same extent. The Dunedin Brewery Company announces,a final dividend of 4 per cent., making the total dividend for the year to the end of February 71 per cent., as against 6 per cent, last year.

SLUMP 18 NOT INEVITABLE SIR JOSIAH STAMP’S VIEWS RATIONAL AUSTRALIAN STATESMEN (tbom ottb own correspondent.) LONDON, March 16. "Australian statesmen talk rationally, and not mere political niceties. They are better than the statesmen in !New Zealand in their understanding of economics,” said Sir Josiah Stamp, after his return, via the United States, from his visit to Australia and New Zealand. He added that the spirit abroad in these Dominions was generally one of buoyancy. Sir Josiah, once named one of the six greatest men in the world, refuses to be a pessimist. He does not believe in the inevitability of either war or an industrial slump in Britain. “We in Britain are a good deal more optimistic than the Americans,” he said. “There is no need to fear a slump in this country. A depression in certain industries is likely, but I believe it will only be temporary. Fear in United States “The industrial situation in America, with its political complications, is depressing, and,, of course, may indirectly affect Britain. But I do most strongly condemn the jitters. They tend to bring about the very things you are jittery about In spite of all the war scares in Europe, I heard more talk of war in one hour in America than I have heard in a month in. this country. The words of mine most widely quoted in America were ‘gloom and grandmotherliness Invite slump-* ’-’ Nor does Sir Josiah Stamp believe that a slump is inevitable when Britain’s huge rearmament programme finally comes to a standstill. He says; “When this happens I am sure that with skilful handling a slump can be avoided. This can be done by, among other things, the judicious use ot public works which create employment. Britain Not a Policeman In the United States Sir Josiah heard both praise and criticism of the causes of the Cabinet crisis in Britain. “I found appreciation of the fact that England could not be expected to be the policeman of Europe for ever or the sole influence to wage war for righteousness.” In addition, to being one of the world’s foremost economists, Sir Josiah is chairman of the L.M.S. Railway, director of the Bank of England, president/of the Abbey Road Building Society, member of the Economic Advisory Council, and is connected with innumerable societies. • COMPANY NEWS ’

i>RA(3ES, LTD. A company has just been incorporated under the name of Drages, Ltd., to carry on the business _in Christchurch Of universal providers, furni-. ture dealers, and interior decorators. The company will lease a prominent building in Christchurch and will carry out extensive and modernising renovations to it. The company will be under the managership of Mr L. Cor- • ner, lately associated with the Calder Mackay Company, Ltd., DUNEDIN BREWERY (PRESS ASSOCIATIONS TELEQBAU.) ' DUNEDIN, April 5. The * Dunedin Brewery Company, Ltd., announces a final dividend of 4 per cent., making 7i per cent, for the year ended February 28. • Last year the full rate was 6 per cent. BRITISH WAR LOAN (British oiticial wireless.) RUGBY. April 4. War Loan, 3i per cent., is quoted tt £lOl 17s 6d. PRICE OF SILVER (BRITISH OEPICIAL WIRELESS.) RUGBY. April 4. Spot silver is quoted at 18? d a fine. Cuncg and forward at 18 7-16 d. NEW YORK TIN NEW YORK, April 4. Tin is quoted at 38.75 cents per lb.

SYDNEY WOOL SALES WIDE AND KEEN COMPETITaON MARKET CONTINUES FIRM (united press associatiom— coptrioht.) SYDNEY, April 5. At the wool sales. 8950 bales were offered and 7630 sold, 468 privately. The market continues firm, with wide and keen competition, except for dusty and burry wools. Greasy merino realised to 193 d, BRADFORD MARKET LONDON, April 4. The Bradford market is unchanged. LONDON PRODUCE MARKETS HIGH COMMISSIONER’S REPORT The Department of Agriculture has received the following cablegram from the High Commissioner for New Zealand, dated April 1: Tallow —Market continues quiet on the spot with prices unchanged. Hemp—Manila: Market quiet but steady; .values unchanged. Sisal: Market quiet and inactive; prices inclined to be easier. April/ June shipment £l7 ss. New Zealand: Market inactive and unchanged; no first-hand sales reported. ... . , Fruit —Remuera discharged. The. following are the market values of sound conditioned fruit of the varieties mentioned, the range of prices generally representing the difference between the several grades and/or counts. Variable conditioned fruit of similar varieties proportionately less in value. Cox’s Orange apples, 13s, 17s; Worcester Pearmain, Alfnston, Bs, 10s. Gravenstein. 7s, Bs. Peas —Maples: Market quiet but prices slightly higher. Old crop New Zealand afloat sold on sample, 51s, 57s 6d, according to quality. New crop sold early last month. March/April shipment. 565; April/May 545. 555. Tasmanian scarce. March/ April shipment sold early last month, 60s 6d; later April/May shipment, 625. Blues: Market slow. Slightly better spot demand for lower grade small round new-crop Tasmanian. Shippers asking £l3; 10s April/May shipment. Buyers’ ideas, £l2 ss. BRITISH WHEAT MARKETS LONDON,' April 4. Wheat cargoes and parcels are easier. Futures are <! uoted: -^ ar> 31 . Apr . 4. London (a qr.) £ J % August .. ■■ 39 2 - November .• •, 33 u Liverpool (a cental) — „ fil Ma - v •• •• I I A Ju] y ” ” c ?•?} October .. .. , 6 6i 6 5J CHICAGO FUTURES NEW YORK, April 4. Cents a bushel. Mar. 31. April 4. May . • - • 85 j 82£ July \ -.813 793 September ~82 80|DUNEDIN SHEEPSKIN SALE . (PRESS ASSOCIATION TELEGRAM.) DUNEDIN, April 5. The’usual bench of buyers was present at to-day’s sheepskin sale, and prices for all grades were on a par with the previous sale. ' The following is the detailed range of prices:— Half bred, full wool 9id, three-quar-ter wool ?J.d to 9d, half wool 5.? d to lid, quarter wool sjd to 6id; fine crossbreds, full wool 7id to BJd, threequarter wool 7d to 7id, half wool to 7Jd,' quarter wool 5Jd to 6id; crossbreds, full wool 7Jd to ’Jfd, threequarter wool 7d to 7fd, half wool 6£d to 7id, quarter wool 5d to 6d; hoggets, halfbred 7id to 8d; fine crossbred 7d to 7|d, crossbred to 6Jd; dead, halfbred to 73d. fine crossbred 6M to "id, crossbred 5Jd to 64d; lambs, halfbred to 7Jd, fine crossbred to 7d, crossbred to 6?d, first pelts to 4Jd. PROPERTY SALE Messrs Baker Bros. (Estate Agents), Ltd.. 166 Manchester street, report having sold, on account of Mr Stringer, superior section in' Jerrold street to Mr-and Mrs Moffett. ' ~ -1 RUBBER STATISTICS LONDON, April 4. Rubber stocks are:— February. March, Tons. Tons.’, London •. 46,464 50,389 Liverpool .. 24,761 26,199 ASSOCIATED BANKS’ DOLLAR •' RATES / ""--- . , "s 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. (Per £1 N.Z.) - dot. doi. SCIl T T _ .. .. 3.98 3-16 4.00 7-16 O.D. V .. •• 3-983 - 4.00 13-16 Buy^ — 4.011 4.03 9.-16 O.D. .. 4-024 4.0413-16

CANTERBURY MARKETS ONIONS AGAIN FIRMER POTATOES CONTINUE LIFELES ter OUR COMMERCIAL EDITOR.) • Tuesday Evening. Few changes have occurred in th grain and produce markets since th end of last week, except that potatoe are if anything weaker, and onion have firmed further. The potato position is the main topi of discussion in the markets, but dis plays exceptionally little activity. J number of growers have started dig ging without waiting .for the col< spell that is usually thought neces sary to ripen the crop, and there hai been some comment on the* quality o. the lines so far shipped. No line ha; passed the Lyttelton grader this sea son as f.a.q. table grade, and it is re ported that certification has been refused to seed in South Canterbury or the same ground. Growers havt offered more freely in the lastfew days, as some of them have begun tc become anxious over the position. The nominal price for both prompt _anc forward is £3 5s on trucks, but little business is passing at that price. The Auckland market has weakened or reports of a good crop in the south. Onions axe very firm, and values are about £7 a ton on trucks. The Canterbury crop is short, as the season did not suit it, and growers arc holding firmly. Little business is passing as buyers are not prepared to pay the high prices except for small lots. Overseas onions are due to arrive at the end of May. The cocksfoot and ryegrass markets are unchanged, and very few samples of clover are being received. Oats are very dull, except Duns, for which there is a steady demand. Quotations The following are the prices quoted to farmers, on trucks at country sidings, unless otherwise indicated;— Wheat —Milling, f.o.b. Tuscan 5s 7d, Hunters 5s 9d, Pearl 5s lid. Oats—New season’s A Cartons to 2s lOd, B Cartons to 2s 6d, Algerians 2s 9d to 3s. Ryegrass—Perennial (new season’s) 3s 9d. Italian 2s 9d to 3s. Cocksfoot —Plains 8d to 9d, Akaroa 8d to 9Jd per lb. Cowgrass—6d to 7d per lb. White Clover—Bd to lOd per lb. Potatoes —Forward, £3 5s a ton. Onions—£7 a ton. Chaff—£4 a ton. Barley—Malting 4s VJd, feed 3s 6d a bushel. Browntop—M.d., 9d to lOd per lb. Partridge Peas—4s 3d to 5s 3d a bushel. Bran—Large, £4 15s; small, £5 ss. Pollard —Large. £6 5s a ton; small. £6 15s. FOREIGN EXCHANGES

THE STOCK EXCHANGES

MARKETS CONTINUE DULL PRICES MOVE DOWN The small improvement in prices of a number of stocks on Monday was lost on the Christchurch Stock Exchange yesterday, when markets were dull under spiritless bidding, and turnover was small.-' •

Banking Commercial Bank of Australia remained unaltered with sellers and business at 16s 4d. Bank of New Zealand changed hands at 43s 2d and 43s 3d, and more were wanted at the higher price. Union Banks were easier at £8 12s 6d. Unsupported sellers of South British Insurance reduced their limits to 45s 3d. New Zealand Breweries were weaker with sellers at 44s 6d. ' , Miscellaneous Australian Glass were firmer on buyers’ offers 89s lOd. British Tobacco were firm, with buyers and business at 47s 3d. Broken Hill Proprietary receded to 60s, and more were offered at 59s 9d, buyers at 59s 6d—the contributing were weaker with sellers at 35s Bd. Electrolytic Zinc were easier with sellers of the ordinary at 39s 9d and of the preference at 445. G. J. Coles declined to 78s lOd, market closing 78s 7d buyers, 78s lid sellers. Woolworths (South Africa) were fractionally firmer at 15s 6d and 15s _sd, sellers staying in at the lower price, buyers at 15s 4d. Mining , Broken Hill South eased to 30s 3d, and there were further buyers at that figure, sellers at 30s 6d. Mount Lyells relapsed to dealings at prices ranging from 27s 9d to 27s 4d, closing quotations 27s 3d buyers, 27s 5d sellers. Mount Morgans were firm, with buyers and business at 9s 4d. North Broken Hill were weaker, with business at 48s, and further sellers at 47s Bd.

DIVIDENDS DUE The following dividends have been announced or recommended: — N.Z. Crown Mines—3d a share (less income tax) .. •. April 6 Lustre Hosiery, Ltd,—final halfyearly 4 p.c., making 7| p.c. . p.a. .. • • • • April 6 Howard Smith—final ord., 3 p.c. at 5 p.c. p.a.; quarterly pref., at 6 p.c. p.a. .. April 6 New Auckland Laundry—6 p.c, p.a. .. .. •• April 8 Beath and Co., Christchurchinterim pref., 2J p.c.; ord., 24 p.c. .. . - -. April 8 Dominion Rubber. Dunedinfinal, 3 p.c.. making 8 p.c. p.a. .. .. .. April 8 Amalgamated Zinc—half-yearly. at 5 p.c. p.a. .. April 8 Milne and Choyce, Aucklandinterim, half-year, pref., at 6 p.c. p.a.; B. pref., at 7 p.c. p.a., and debentures at 5 p.c. p.a. .. .. ■ • April 9 Northern Holler Mills—3J p.c. p.a. .. ••• • • April 12 Kempthorne Prosser, N.Z. Drug —final 41 p.c., making 8 p.c. p.a. and tonus of 5s a share April 12 Okarito Dredge—6 2-3 p.c. .. April 12 Yarra Falls—lnterim old. Is;, new, 3d .. .. .. April 14 South British Insurance—interim Bid a share ..- .. April 14 Woolworths, Ltd.—final 9 p.c. -. April 15 Woolworths (N-Z.) —interim pf., 4i p.c. .. .. .. April 15 Associated Newspapers, Syd.— , interim ord. and pref., 2 p.c. April 28 United Provisions—interim pref,, at 8 p.c. p.a. .. .. April 30 E., S., and A. Bank—lnterim 34 p.c. (less English income tax) May 16 Imperial Chemicals, Ltd.—final 5| p.a, making 8} p.a p.a. June 1

MINING barrytown The Barrytown dredge return for March was 514 ounces for 448 hours and 160,000 yards. EMPEROR* Emperor Mines. Limited, has advised from its head office in Melbourne that the option over 70,000 shares paid to 10s due on March 18 has been exercised, and certificates have been issued. Application has been made to have these shares officially listed on the Melbourne Stock Exchange. RIMU DREDGE The Rimu dredge return is 3270z for 1341 hours and 52,968 yards treated. MOONLIGHT VALLEY * A new agreement with the vendors of its property near Queenstown has been secured by the Moonlight Valley Gold Company, N.L. Instead of cash payments of £15,000 due under the old, agreement .the balance of the purchase consideration will be satisfied for £7500, payable from net proceeds of gold won. The new agreement is the result of a visit to New Zealand by the chairman, Mr R. M. V. Blakemore. The saving relieves the funds of the company to complete the equipment of the mine. In a report made after a recent visit to the property, Mr T. R. Victor states that two units working three shifts should treat at leas 40,000 yds weekly. On this basis a profit of 3d. a yard would give £SOO a week, or £25,000 a year.

PRICE OF GOLD LONDON, April 4, Gold is quoted at £7 Os OJd a fine ounce. STOCK MARKETS ASHBURTON Prices at the Ashburton stock sale yesterday showed an increase of about 2s a head on the prices ruling at last week's sale. There was a small yarding of fat sheep, and the demand exceeded the supply. The quality was of average standard, with some prime pens. In the store sheep section the entry reached between 5000 and 6000. Top price was 27s lOd for six prime wethers sold on account of H. L. Driscoll (Seafield). Fat lambs made up to 26s 3d for one sold on behalf of G. Kennedy (Elgin). , The best price for fat ewes was 2is Id for six offered on account of J. Smith (Elgin). The principal sales were:— Fat Ewes—On account of J. Smith (Elgin), 16 at 19s 4d to 21s Id; A. N. MacMillan (Wlnchmore), 12 at 16s 7d to 19s 10d; Miss E. Dutton (Lowcliffe). 1 at 19s; M. S. Turton (Ashburton). 8 at 7s 4d; H. J. McCosker (Riverside), 9 at 14s 10d; B. Hampton (Pendarves), 25 at 15s Id to 20s Id; C. H. Jones (Winchmore), 64 at 9s 6d; clients, 100 at 14s 9d to 18s Id. Fat Wethers—On account of C. F. Long (Pendarves), 13 at 21s lOd to 24s Id; R. H. J. Evans (Lowcliffe), 6 at 21s 6d to 23s 7d; estate E. Lill (Greenstreet), 19 at 21s Id to 255; H. L. Driscoll (Seafield), 9 at 27s 7d to 27s 10d; A. N. MacMillan (Winchmore), 1 at 225; D. W. Dutton (Lowcliffe), 4 at 26s 4d. Fat Lambs —On account of Miss E. Dutton (Lowcliffe), 1 at 24s 3d: G. Kennedy (Elgin), 2 at 21s 9d to 26s 3d; C. H. Jones (Winchmore), 100 at 19s. Stores—soo two-tooth ewes at 12s 3d to 19s 7d, 48 mixed-sex lambs at 10s 3d to 10s 6d, 200 four-year ewes at 11s 6d to 235, 382 sound-mouth ewes-at 12s 9d -to 14s, 880 wether lambs at 4s 7d to 14s, 125 ewe lambs at 14s to 17s 4d. Cattle—One fat cow at £6 12s 6d, 1 dairy cow at £3 2s 6d. RANGIORA There was a small yarding of sheep at the Ranglora market yesterday. Prices realised were as follows: —Ewes, 9s fld to 245; wether lambs, 17s lOd to 255; wethers, 23s 4d. In the pig section prices for weaners showed a decline in keeping with rates at the Addington sale last week. There was a good entry of pigs, the range of prices being as follows:—Porkers, 39s 6d; weaners, 4s to 10s; slips, 12s to 13s • 6d: stores, 21s to 25s 6d. Eight m.s. calves were sold at £3 2s. one fat cow at £5 15s, and one cow in profit at £4. PLEASANT POINT About 2000 fat lambs .were yarded at the Pleasant Point stock sale, all being disposed of at full schedule rates. The range was: Prime 19s 7d to 22s 6d, light 17s to 18s 7d. Fat sheep were in good demand, prices being slightly in advance of recent rates. The values were; Prime wethers 25s to 26s 3d, light 22s 7d to 23s 10d; prime ewes 14s to 18s lOd, medium 10s to 12s lOd, light 8s to 9s 7d. There was a very keen demand for store sheep, all the good lines being eagerly sought after. Values were: Ewe lambs 13s lOd to 24s lOd, m.s. lambs to 14s, wether lambs 5s to 14s, four and five-year ewes to 21s 7d, aged ewes to 21s 7d, twotooth wethers to 18s 6d. About 150 head of fat cattle were offered, the quality and price being better than at the previous sale. The range was; Prime steers £lO to £l2 2s 6d, light £8 7s 6d to £9; prime heifers £lO to £l2 7s 6d, medium £7 12s 6d to £B. light £5 to £6 12s 6d, fat cows £7 7s 6d to £8 12s 6d. The entry of store cattle was again fairly large, but every line was sold. Prices were good, and had an upward tendency. The range was: Bulls to £9. yearling steers to £3 12s 6d, yearling heifers to £2 17s 6d, empty heifers to £5 17s 6d, two-year steers to £6 7s 6d, empty cows to £4. , , ' A small entry of dairy cattle sold, as follows: Springing heifers to £8 15s, heifers in profit to £7 10s. LORNEVILLE INVERCARGILL. April 5. Freezing ewes rose by an average of Is 6d a head at the Lorneville stock sale to-day, when compared with last week s low rates. The schedule was the same, but owing - to less congestion at the works, freezing buyers operated much more keenly. Good butchers’ ewes were, dearer by 2s a head. Fat lambs also showed an advance of up to Is a head. Good quality cattle were at least £1 a head dearer and poorer sorts showed an even bigger increase in value. „ Prime wethers made up to 27s 9d, good 25s to 265, medium 23s to 245, and Inferior down to 21s, extra good young ewes brought up to 21s 6d, prime 18s to 19s, good 16s 6d to 17s 6d, and freezing ewes 10s 6d to 14s 6d, Extra prime mediumweight bullocks sold up to £l4, good handy-weights £lO 15s to £l2, lighter sorts £9 15s to £lO 10s, unfinished £8 to £9: .prime medium-weight heifers up to £lO 10s, good £8 10s to £9 10s, lighter weights £7 10s to £B, small and unfinished £6 to £6 10s; good cows £9 to £8 15s, medium-weights £8 to £8 10s, poorer £Q 10s to £7103, Inferior £5 to £5 15s. and boners £2 10s to £3 10a.

CeamsH OFFICIAL wtBELzaa.) RUGBY. April 4. Par. April 2. April 4. Paris, fr. to £1 124.21 16i 11-16 159 5-10 New York, dol. to £1 4.866 4.96 7-16 4.96 9-16 Montreal, dol. to £1 4,866 4.99 1-16 4.99 7-16 Brussels, 29.48i belgas to £1 35 29.46i Geneva. 21.64 fr. to £1 25.2215 21.633 Amsterdam, 8.96 ij fl. to £1 12.107 8.963 Milan, 943 lire to £1 92.43 943 Berlin, reich12.38 marken to £1 20.43 12.36^ Copenhagen, 22.40 22.40 kr. to £1 18.159 Stockholm. 19.40i 19.40} kr. to £1 18.159 Oslo, kr. to £1 18.159 19.90 19.90 Vienna, schgs. to £1 34.585 — — Prague, 1428 kr. to £1 154.25 1421 Helsingfors, 1&.23 2261 226$ marks to £1 Madrid, pese25.2215 tas to £1 — Lisbon, escu110 3-16 110 3-16 dos to £1 375 Athens, drach 547$ to £1 375 547$ Bucharest, 677$ 677$ lei to £1 813.60 Belgrade, 217 217 dinars 376.3 Rio de Janeiro, pence to milreis 4.90 2 13-16 2 13-16 Buenos Aires, pence to do!. 51 —- — Montevideo, 20 i 20 i pence to peso Bombay, pence 18 18$ -Cfi CO to rupee Shanghai, 12i 12J pence to dol. Hong Kong, pence to yen « 14 13-16 143 Yokohama, pence to yen 24.58 13 31-32 13 31-32 Batavia, 8.95 8.95 guilders 12.107 Warsaw, par 43.36 zlotvs to £1 —— ’Determined by price of silver.

FOREIGN EXCHANGES BANK OF NEW SOUTH WALES The Bank of New ’ South Wales quoted the following exchange rates yesterday:— Buying. Selling. N.Z. on 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. B0/7/6 89 O.D. 90/7/6 89 New York— Dol. to £1 N.Z. T.T. 4.0165 3.0819 O.D. 4,0265 3.9859 Montreal— Dol. to £1 N.Z. T.T. 4.0383 4.0059 O.D. 4.0503 4.0099 Austria— Schgs. to £1 N.Z. Not quoted. Belgium— 23.580 Belgas to £1 N.Z. T.T. 23.890 O.D. 23.965 23.591 Czechoslovakia — Korunas T.T. — / 113.46 to £1 N.Z. O.D. — 113.51 Denmark — Kroner to £1 N.Z. T.T. 18.203 17.893 O.D. 18.263 17.899 Finland— 179.14 Marks to £1 N.Z. T.T. 184.94 O.D. 185.34 179.24 France— _ . Francs to £1 N.Z. T.T. — 126.11 O.D. — 126.15 Germany— Relchmarks to £1 N.Z. T.T. -r9.876 O.D. — 9.881 Greece— , Drach. to £1 N.Z. T.T.— 429.54 O.D. — 429.84 Holland— Florins to £1 N.Z. T.T. 7.305 7.155 O.D. 7.345 . 7.159 Italy— ■ Lire to £1 N.Z. T.T. — 75.64 O.D. — 75.69 Java— Florins to £1 N.Z. T.T. 7.279 7.129 O.D. 7.319 7.133 Norway— Kroner to £1 N.Z. T.T. 16.181 15.891 O.D. 16.241 15.897 Noumea— . . Francs to £1 N.Z. T.T. — 124.86 O.D. — 124.90 Papeete— '. _ Francs to £1 N.Z. T.T. — 124.91 O.D. — 124.95 Sweden — . Kronor to £1 N.Z. T.T. 15,701 15.496 O.D. 15.851 15.502 Switzerland— Francs to £1 N.Z. T.T. 17.567 17.297 O.D. 17.672 17.302 Chef oo— N.Z. pence to dol. Not quoted. Hong Kong,— N.Z. pence to dol. T.T. 18 11-64 18 35-64 O.D. 18 9-64 18 35-64 India and Ceylon— T.T. 222 22 21-32 N.Z. pence to rup. O.D. 22 11-32 22 21-32 Japan— N.Z. pence to yen T.T. — 17* O.D. — 17i Manila— N.Z. pence to peso T.T. 29 39-64 30 7-64 O.D. 29 33-64 30 7-64 .Shanghai— N.Z. pence to dol. Not quoted. Singapore— T.T. 34 15-32 34 61-64 N.Z. pence to dol. O.D, 34J 34 61-64

DEALINGS COMPLETED LISTED STOCKS Sales on ’Change £ s. d. 100 Comm. Bank of Aust. .. 0 16 4 100 Bank of N.Z. 2 3 2 100 Broken Hill Propty. (2) 3 0 0 150 G. J. Coles 3 19 3 (2) 3 18 10 400 Woo.hvorths (South Africa) 0 15 6 (3) 0 15 S 100 Broken Hill South (2) 1 103 300 Mount Lyell 1 7 9 1 7 6 1 7 5 1 7 4 100 Mount Morgan 0 9 4 50 North Broken Hill 2 8 0 Sales Reported 50 British Tobacco 2 7 3 100 Mount Lyell 1 7 6 25 Union Bank 8 12 6 100 Bank of N.Z. 2 3 3

LATEST QUOTATIONS Buying Selling £ s. d. £ S. d. N.Z. Govt. Debentures 34 p.c. Ins.. 1953-57 .. 4 D.C. Ins., 1946-49 104 — 98 104 17 10 c 0 4 d.c. Ins., 1952-53 5 0 —— 4 b.c. Bonds, 1949 *— IU* XU Rural Bonds, 5 p.c., 101 15 15/9/47 0 Other Debentures N.Z. Refrig., 41 p.c.. 102 10 1940-45 — Banks Australasia (£5) 9 10 6 9 13 0 Comm, of Aust. (10s) 0 16 2 0 16 4 Comm, of Aust. (pref., 10 9 12 6 £10) .. , 9 0 Comm, of Sydney (£12 20 17 10s) — 6 E.. S.. and A. (£3 pd.) 5 0 0 5 3 0 Natl, of A/asia (£5 19 15 paid) Natl, of N.Z. (£210s) 2 14 9 6 2 6 9 New South Wales (£ 20) — 32 0 0 New Zealand (£1) 2 3 3 2 3 5 Union (£5) 8 12 6 — Insurance National (7s paid) .. 0 17 6 0 17 9 New Zealand (£1) — 3 0 0 South British (10s) .. ‘ 2 5 3 Standard (£1) —* 2 18 9 Loan and Agency Dalgety and Co. (£5) —• 8 10 0 Goldsbrough, M. (£1) 1 10 1 1 10 5 N.Z. Guar. Corpn. (3s) — - 0 4 4 N.Z. Loan and Merc. 34 (ord., £100) 0 0 United Building (£1) 1 0 3 1 1 0 Frozen Meat Cantby (£7 10s pd.) — 10 6 0 Gear (10s) — 0 16 6 N.Z. Refrlg. (£1 paid) 0 18 2 N.Z. Refrlg. (10s paid) 0 8 0 0 8 1 Woollens Felt and Textiles (£1) — 1 13 6 Kaiapol (17s paid) .. —- 0 12 .0 Kalapol (7s paid) — 0 4 0 Kaiapol (pref., 17s) .. — 0 17 3 Coal Westport-Stockton (10s) 0 2 0 — Westport-Stockton (pf.. 6 10s) — * 0 0 Gas Auckland (£1) 1 0 0 1 0 6 Christchurch (£1) 1 8 0 1 9 3 Ch.-Ch. (con., 10s pd.) 0 13 6 — Breweries New Zealand (£1) .. — 2 4 6 Tooheys (16s) — 1 11 0 Tooths (£1) .. 2 13 2 2 14 0 White Star (in liqdn.) 0 1 7 — Tlmaru (in liqdn.) 0 1 0 — Miscellaneous Anthony Hordern (£1) — 0 18 10 Andersons (pref., £1) — 0 19 6 Aust. Foundation Inves. — 0 5 6 Aust, Glass (£1) 4 9 10 4 10 5 Beath and Co. (cum dlv., £1) — 1 1 3 British Tobacco (£1) 2 7 3 2 7 5 Broken Hill Pty. (£1) 2 19 6 2 19 9 Broken Hill Pty. (con.) 1 15 3 1 15 8 Colonial Sugar (£20) .. 46 15 0 47 10 0 Dom. Builders (10s) 0 2 6 — Dom. Fertiliser (£1) 1 3 6 1 4 6 Dunlop Rubber (£1) .. 1 0 10 1 1 0 Electro. Zinc (ord., £1) 1 19 5 1 19 9 Electro. Zinc (pf., £1) 2 3 6 2 4 0 Evans Atlas Flour (10s) 0 19 0 — Gen. Industries (12/6) 3 18 7 3 18 11 Hay’s, Ltd. (con., 15s paid) 0 15 9 — Hay’s, Ltd. (£1 paid) 1 0 9 — Hume Pipe (Aus.) (£1) Kauri,Timber (25s) .. 0 18 1 0 19 o- — 1 1 6 McKenzie’s Department Stores'. (£1) 3 7 0 3 10 0 N.Z. Co-op. (£2 10s paid) 3 5 0 — N.Z. Farmers’ Co-op. (1st pref., £5) .. 3 5 0 \ — N.Z. Farmers’ Co-op. (A pref., £4) — 2 0 0 N.Z. Farmers’ Co-op. (4J, P.c. Stock, 1949 and 1950, £100) N.Z. Farmers’ Co-op. 95 0 0 97 0 0 (4i p.c. Stock, 9/6/51, £100) — 96 15 0 N.Z. Farm. Pert. (£1) 0 18 0 0 19 0 Quill, Morris (1936) (£1) 0 17 6 Shillings (£1) • — 0 18 0 Taranaki Oil. (24/7) .. 0 6 1 0 6 2 United Provisions (£1) — 0 6 8 Waldas Shoes (£1) — 0 13 0 Wilson’s Cement (10s) — i 0 18 8 Woolworths (N.Z.) (5s paid) .. 1 1 4 1 1 7 Woolworths (N.Z.) (pf., cum dlv., £1) 1 17 6 2 0 3 Woolworths (Sydney) (ord., cum dlv., 5s) 1 1 7 1 1 9 Overseas Listing Woolworths (S. Africa) (5s) •.. .. 0 15 4 0 15 5 Mining Addison's Flat (Is) .. 0 1 2 Alexander (£1) 0 15 0 Alexander (con.) 0--12 0 Argo (la) .. .. 0 1 7 Argo (con.) 0 1 3 ; Big River (Is) ■0 0 9 0 1 3 Austral (N.Z.) (17/6 Beach (Is) 0 0 9 0 18 0 0 0 10 Golden Dawn (5s) .. 0 X 0 0 2 >8 Golden Sands (Is) .. i - 0 2 0 Goldfields Dredg. (Is) 0 0 2 — 9 Grey River (10s pd.) 0 12 6 0 12 New River (Is) .. 0 0 51 0 0 6J Maori Gully (Is) .. 0 0 4i Mossy Creek (Is) 0 1 i Nemona (ex div., Is) 0 1’ 8 Nokomai (5s) .. — 0 2 0

Buyers. Sellers. £ s. d. £ S. d. Okarito (cum div. 5s) — 0 2 6 Skippers (Is) 0 0 0i 0 0 1 Waihi Grd. Junct. (2s I — 0 3 0 Worksop Extend. (Is) 0 0 10 0 1 2 Australian Mining Broken Hill Sth. (5s) 1 10 3 1 10 6 Mount Lyell (£1) 1 7 3 1 7 5 Mount Morgan (2/6) 0 9 4 0 9 4* Nth. Broken Hill (5s) 2 6 10 2 7 H Mt. Morgan (pref , 2s 6d) 0 5 n 0 S 3

UNLISTED STOCKS All transactions in stocks quoted in this section are subject to a different rate of brokerage from. listed stocks. and. ace not quoted on the official list. Buyers. Sellers. £ s. d. £ S. d. Apex Mills — 0 17 6 Assoc. Motorists’ Petrol (pref.) 1 5 10 —- Ballins Breweries — 0 12 3 Blackball Creek 0 1 3 0 1 6 Carbonic Ice 1 3 6 — Christchurch Press .. 8 10 0 — Mount Cook Tourists — 0 5 0 National Tobacco — 2 12 8 N.Z. Perpetual Forests (4s paid) 0 14 0 0 15 6 Selfridges (A’asia.) .. •—• 1 9 0 Self ridges (N.Z.) — I 0 0 Selfridges (14s paid) —■ 0 12 6 White’s Electric 0 0 1 0 0 3 Woolworths (W.A.) (cum div.) 4 17 6

AUCKLAND Sales on 'Change E S. d. •Ins. Stock, 1939-41, 3 p.c. 90 0 0 Ins. Stock, 1939-43, 3i p.c. 100 2 6 Mount Albert, 1968, 4i p.c. 10b 0 0 Commercial Bank of Australia 0 16 3 Bank of New Zealand 2 3 3 2 3 4 Union Bank 8 11 9 South British .. (2) 2 4 9 Gisborne Gas .. 0 b 0 Broken Hill Proprietary 3 0 0 2 19 9 Electro. Zinc (ord.) 2 0 0 Henry Jones 2 8 9 N.Z. Refrig, (con.) 0 8 0 A sale of Auckland Harbour Board debentures, due on July 9, 1963, H per cent., at £103 5s yesterday, was officially recorded In error for debentures due on July 9, 1943. WELLINGTON Sales on ’Change • £ s. d. Goldsbrough, Mort 1 10 5 (2) X 10 6 Taranaki Oil .. 0 6 2 (All above late Monday) Ins. Stock, 3i p.c., 1943 100 2 6 Ins., Stock, 4 p.c., 1941 97 15 0 Ins. Stock, 3i p.c., 1943 100 2 6 Bank of Australasia .. 9 12 6 Commercial Bank of Australia (2) 0 16 3‘ Bank of New Zealand 2 3 5 (3) 2 3 3 New Zealand Breweries 2 4 9 Colonial Sugar .. (2) 47 0 0 Electrolytic Zinc (ord.) 2 0 6 Taranaki Oil .. .. (4) 0 6 2 Wilson’s Cement 0 17 6 Unofficial List Frozen Products 0 9 6 DUNEDIN Sale Reported £ s. d. Ins. Stock. 3i p.c., 1938-52 103 7 6 After Call Mount Lyell .. .. .. 1 7 5 SYDNEY Industrials were quiet and mostly steady on the Sydney Stock Exchange yesterday. There was an easier trend in metal stocks. Morning Sales £ s. d. Bank of New South Wales 31 17 « Australian Glass 0 19 6 Broken Hill Pty. 3 1 0 Farmers 1 11 li Henry Jones 2 9 b Kandos Cement ... 1 3 6 Meggitts 1 12 0 Afternoon Sales Bank of New South Wales 31 17 6 National Bank (£10 paid) 14 3 6 Associated Newspapers (pf.) .. 1 2 7i British Tobacco 2 8 0 G. J. Coles .. .. 4 0 0 Dunlop Perdrlau 1 1 3 Farmers 1 11 0 Morts Dock 0 10 9 Australian Gas (A) 7 6 0 Mark Foy 1 3 6 United Provisions 0 6. 4 Wilcox, Mofflin 0 9 7 Greater W. D. Williams 0 4 2 Henry Jones .. .. .. 2 9 6, Claude Neon (ex div.) 2 8 0 Hackshalls 0 13 0 Standard Cement 0 19 9 Amalgamated Wireless (con.) .. 2 10 0 W. H. Soul 4 5 0 Wright Heaton Woolworths 8 1 0 0 2 111 Westinghouse 1 1 6 Wunderlich .. s .. 1 1 3 Mount Morgan 0 9 6 Mount Lyell 1 U 0 Broken Hill Propty. 3 0 3 Larut Tin 0 12 101 Placer Development 3 9 0 Loloma .. .. 1 3 4J MELBOURNE On the Melbourne Exchange market leaders were generally easier. Barriers weakened on light trading. Sales: — £ s. d. Comm. Bank of Australia 0 16 4 Australian Paper Mfrs. (pref.) 1 13 6 Howard Smith 1 1 3 3 19 9 Australian Glass 4 11 6 Dunlop Perdriau .. 1 1 3 Dunlop Perdriau (pref.) 1 17 0 Electrolytic Zinc 2 0 0 Electrolytic Zinc (pref.) • .. 2 5 3 Mount Morgan 0 9 6 Mount Lyell 1 7 6 Broken Hill Propty. 3 0 3 North Broken Hill . 2 7 3 Broken Hill South .1 10 6 Emperor Gold 0 12 6 Loloma X 3 0

METALS MARKET LONDON. April 4. April 1. April 4. £ s. d. £ s. d. Copper— Standard, spot 38 5 7* 38 19 4* Forward 38 10 7* 39 4 4* Electrolytic .. 42 10 0 42 15 0 to 43 0 0 43 15 0 Wire bars .. 43 0 0 43 15 0 Lead— Spot 15 11 10* 16 0 7* Forward 15 11 10* 16 1 3 Spelter— Spot 13 11 10* 13 15 7* Forward 13 16 10* 14 0 7* Tin— Spot 171 2 6 173 17 6 Forward 171 5 0 174 5 0 Silver— Fine, per oz.. 19d 18|d Standard, per oz . 20Jd 20|d