FINANCE AND COMMERCE

Press, Volume LXXIV, Issue 22431, 18 June 1938, Page 12

FINANCE AND COMMERCE

SHAKE MARKET REVIEW

INVESTMENTS REMAIN j. r-- ■' DULL TABANAKIS A BRIGHT SPOT ... (By Our Commercial Editor.) . ■ The chief item of interest this week has again been the continued risein the price of Taranaki Oils, which have? UeeiSpractically the only stock to show nny^nfe.. Apart from this one . issue, ■ business has been extremely quiet, and in general the dismal trend of recent weefts; toward lower levels has been maintained. There have been signs, ovefgeas that there is some cause for encouragement, but though mild optibe justified, it has failed to materialise, • and the overseas markets markedly quiet. The market «s;a whole Is .now very low, and , it, sffljfhs ' reasonable to suppose that something - approaching bedrock ■ has beeij(JJtfeacbed. .. ... ,• ~ ' Turnover day by flay was:— ’ - This Last week, 'week.-- * £ £ : Saturday .. 956 1,322 Monday • .. 3,598 , —=• Tuesday 4,260 1,7?5 Wednesday .. 5,526 4,017 - Thursday. , ... 3,767 3,241. 'Friday .. 2,489 2,918 .mVTotal- .... 20.596 13,293 . Dealings in the different sections Were*.— Shares. Value., ' * No. •• £ Government .. r— 1,520 Debentures .. Banking .. 200 295' Lpan and Agency .. 1,030 1,794 '■Refrigerating ..- 318 - 309 " Breweries .. 450 -929 - Miscellaneous .. 10.740 11,330 Mining ~ 7,750 . 3,898 n’r..;'.. Goveriunent, Government loans continue to be extremely keenly sought, but just - as closely held. Sales are becoming fewer and prices higher. There .is also a -considerably wider inquiry for local body debentures. -The banking section this week was dead, only two transactions going through. Commercial of Australia at 15s'40d were a penny dearer than they wete >: last week, but New Zealands showed a decline, though there was a slight recovery at the end. !

loans and meats -were alsb very quiet. Dalgetys were done ait £7 17s 6d, a considerable decline* and Gbldsbroughs at £1 6s 9d and £1 6s 8d also showed that they are continuing to slip as a reaction to the lower wool market

New Zealand Breweries, which were the only stock in this section to. show any life, did riot 1 siiSfaih the’ rise' that was apparent at the end of last'‘week. The price came down to £2 Is in dealings, but-then picked up to finish at £2 Is 3d. Miscellaneous ... 'Apart from Taranakis, the leading Australian industrials had the .greater part«of the business in the miscellaneous section, but activity was confined'to a few of them. One or two New ‘Zealand issues showed quite a lively -Westport-Stockton Coals and Dominion. 'Builders being promi* nent. There was a return of interest

in British Tobaccos, which, however, came down in dealings fronr-sales at , £2 7s 6d to sales at £2 7s. Broken Hill Proprietaries began the week •with a fractional appreciation,, but later fell away, sharply toward the end, and finished at round £2 17s. G, J Colei moved downward to finish at £4 0$ iQd. Taranaki Oils gave investors a period of excitement, a feeling that has been absent from the market fpr some time now. They began the week at round 12s, but moved up - rapidly to sales at 14s lid on Wednesday. There was a reaction after that, and sales ■Were made yesterday at down to 13s 10s, with, the market closing-; weak, Moturoas, though their movement was considerably smaller, followed much the same trend. Wilcox Moffiihs had spine dealings after a long period of quiet, but the price came back round 7$ to a sale at 5s 5d at the end. There Was steady trading in Woolworths Properties (rights), which showed a slight appreciation on balance. The Sydney ordinaries remained steady at £1 Os fid. : ; .. ■ • , ■ •,■ ; ■■■■ ■ - Mining -. ■■ '.■■■• -■ .Mines were, not, busy, And, in-face of the uncertainty. Of the ’overseas : markets for everything except gold, wefe weaker: . Broken; Hill North: ; a»d Broken Kill South moved down iby about 3s each bn the week, and Lyells and Morgans were also slightly cheaper, though they improved a little at the finish.:

LEASE OF WELL KNOWN v PROPERTY Messrs Baker Bros. (Estate Agents) L|d., 160 Manchester street, have pleasure in reporting that they have arranged ; a long lease of “The Mill House,” 25 Fendalton road, owned by tl*e Trustees of the late Richard Allen,’ to the proprietors of the Te Kohanga Maternity Hospital. —6 t COMPANY REGISTERED .‘Wylie and Turner, Ltd.—Registered £?„ a . Private company; June 7. Office:' I*s Victoria street, Ashburton. Capital: J n £1 shares. Subscribers: Aahburton. J. B. Wylie, L. C, Turner, fst - Objects' Wholesale and're-, ■k. * a “'3rpcers, provision merchants, genA ® ral ' storekeepers and incidental.

RECORD AVERAGE BANK ADVANCES LAMB MARKET REMAINS FIRM Average bank advances in New Zealand in April reached the record level of £55,947,797. r according to the Abstract of Statistics for May. The p6akfigure was £56,214,283 on April 4. The trend has been-downward since , then, but on May 16 the level was stiU £55,170,781,” an abnormally high figure. The volume of overseas trade was J 38.3 per cent, below the March total and 45.9 per cent, below the total for . April last year, which was unusually large. The decrease was due largely to a drop both in quantity and value of the wool exported. Imports $ were 2.6 per cent, higher in'.April last year. The London lamb market remains very firm, with, consumption satisfactory. Wethers are‘firm on short spot stocks and ewes are meeting with better inquiry.' Trading on the Christchurch .Stock Exchange was again dull during the week. It was confined mainly to a few leading Australian industrial and 'mining shares. Values on the whole were weaker, although some stocks showed a slight improvement at the end of the week. Taranaki Oils were again very active and rose rapidly until Thursday, when a reaction set in. . •

YESTERDAY’S BUSINESS

There was a moderate turnover on cajl yesterday, with the bulk of the dealings in Australian industrials, and gold . mining shares. Price movements were mostly in buyers’ favour. Apart from vestibule business the following transactions were recorded:—

Loan and Agency Sellers of Goldsbrough, Mort reduced their limits to 26s 73, buyers at 26s 4d.. ■ Westport-Stockton Coal moved up to •3s 5d ■ and 3s 6d, and more were wanted at 3s sd, sellers at 3s lOd. New Zealand Breweries remained unaltered, with sellers and business at 41s 3d; buyers at 40s lid. Tooths Brewery were easier, with sellers at 535.

Miscellaneous "British Tobacco were weaker, with sellers at 46s Bd. Broken Hill Proprietor declined- to 57s 3d and 56s 9d, and more were wanted at the lower price,; sellers at 56s lid—sellers of the contributing reduced their limits to 34s Bd. Colonial Sugar were easier, with sellers and business at £47. G. J. ’Coles were fractionally weaker at 80s 10d, and more were offered at 81s, buyers at 80s 7d. Taranaki Oilfields declined to-IBs lid, 13s lOd, and 14s. market closing 13s 9d buyers, 13s lOd sellers. Wilcox Mofflin dropped to 5s sd, and more were wanted at that price. Woolworths Properties, “rights,” were fractionally weaker at 3s 9d and 3s Bd. Mining Skippers remained unaltered at 3d. and more were wanted at that price, sellers at Id. Broken Hill South declined to 245, and there were further sellers at that figure. Mount Lyells were firmer, with dealings at 22s 3d and 22s 6d. and further buyers at he higher price. Mount Morgans moved up to 8s 3id and 8s 4d. and closed firmer, with buyers at Bsi sd, sellers at- 8s *6d.' North-Broken Hill eased to 35s 3d. but closed firmer, with buyers at 35s 9d, sellers at 36s Id.

AUCKLAND ITHE PRESS Special Servlce.l AUCKLAND, June 17. Speculative interest was predomin-. ®nt in active' trading on tne Auckland Stock Exchange this week. Oil shares were a feature of the period, the interest which arose last week developing keenly and carrying values sharply upward. The demand, which laist'.week was mainly for Taranakis, embraced the scrip of the smaller Moturoa company, and- values of both issues touched their highest levels for a long time. Prices were steadier at the dose •pf the market, and Taranakis had receded from their peak of 15s to 14s. Moturoas were only Id easier at 6s Id. Investments were dejected, and the market closed weakly. Sellers were strongly in evidence, pressure being conspicuous in Australian issues. The impaired seasonal prospects have been the chief source of anxiety in the market there, and fears, have not altogether been relieved by the recent rains, which were inadequate in some areas. The end of the Commonwealth financial year is Only a fortnight away, and apparently the demand for liquid funds has brought sellers into the market. Gilt-edged issues ? failed to withstand the depressing influences, and the market for Government loans was weaker. Business in banks was particularly light. New Zealand industrials were dull, ~ without much movement in prices. Business was very restricted, even breweries receiving ‘meagre support, ..Sellers of Australian’ industrials Increased in activity toward the close of week, and buying support was largely in the nature of the picking up of bargains, and sellers desiring to liquidate were obliged to make concessions. Losses were made by all the leading stocks. In the absence of any lasting improvement in the London quotations for base metals, these issues remained depressed.

DUNEDIN (THE PRESS Special Service.] DUNEDIN. June 17. Speculative interest increased activity- on the Dunedin Stock Exchange this week.. There was some keen competition for metal and oil shares. Metals have shown a downward trend again and trading was done at fairly cheap prices. Australian mining shares continued to receive good attention, but all transactions—and they represented a fair percentage of the sales list—Were-at a sliding scale of prices. Tlj£ demand for front-rank Commonwealth industrials was spasmodic, and the trend was easier when the market ; closed. Of 70 odd sales put through 30 were of shares in Australian mining ventures. : Moturoa and Taranaki Oilfields had 13 transactions altogether., Op Thursday the, Taranaki

shares began to lose ground, and when the market closed they had dropped to between 13s and 13s lid. There was a pronounced slackening in demand for Government loans, and business was confined to two sales, one of 4 per cent, stock, 1943-46, at £lO3, and one of 4 per cent, stock, 1952-55, at £lO4 2s 6d. It was a poor week for banks. The one bright spot was an advance of Is 6d in National Banks of New Zealand. Bank of New Zealands settled down to a steady market between £2 3s 3d and £2 3s 9d. Scant interest was shown in Commonwealth houses, but Commercials (10s paid) improved slightly to have dealings at 15s lid and 16s.

Broken Hill Proprietaries reflected the weakness of the metals market, and their seven dealings were at prices ranging from £2 18s 6d down to £2 17s, with a further easing at the close. Sydney Woolworths were fairly steady at round £1 Os 6d, but Anthony Horderns,. British Tobaccos, Australian Glass, and Felt and Textiles shares all recorded losses. Morts Dock ? another share in the low-priced division, reached the sales list after a long absence, a buyer being supplied at 10s lOd. Mount Morgans were sold at from 8s 4d down to 8s 2d, but when the market closed buyers were offering 8s sd, with sellers asking 7d more. Broken Hill Souths were fairly active also, but after selling at up to £1 6s lOd (cum div.) they fell away to sales at £1 4s 6d (ex div.).

BUSINESS IN APRIL * RECORD AVERAGE BANK ADVANCES DECLINE IN OVERSEAS TRADE Average bank advances in New Zealand during April at £55,947,797, reached a record level, according to the Abstract of Statistics for May. The peak figure was £56,214.283 on April 4. Since that date the trend has been downward, but the level on. May 16 was £55,170,781, still an abnormally high figure. In reviewing business for the month, the ‘Abstract points out that April normally marks the beginning of tne slack season, and the easing in trade in that month this year was accentuated because of the Easter vacation. Last year,. Easter fell in March. The shorter working time in April this year, is reflected In the volume of bank debits, which showed a recession of 12.5 per cent, compared with March.

“The number of registered unemployed males on May 7 was 8314,” the review says, “an increase of 1099 on the total recorded on April 9,- The approach of winter with the cessation of certain-avenues •of seasonal employment is; jtio dopbt responsible for this increase. “Heavy rains during April caused serious flooding in the Hawke’s Bay district, t.nd serious losses of both stock and pastures were suffered. The serious outbreak of facial eczema, particularly in the Waikato district, has necessitated the destruction of considerable numbers of stock. Wet weather has held up threshing operations in some districts, but returns received frqm threshing-mill operators indicate that the major portion of the wheat crop had been threshed up to the end of April. “The volt me of overseas trade received a set-back during April, the value of exports dropping 38.3 per cent, below the March total, most primary products sharing in this decrease. Apples and pears were exported in considerable quantities during the month, but the quantities did not come up to those for April of last year. Imports recorded a slight decrease compared with March. -Hanking *

“The average value of bank debits to individual customers’ accounts dropped from £21,520,331 in March to £18,831,445 in April - The shorter working month through the Easter vacation falling in April is ho-doubt the principal factor contributing-, to this large decrease. The normal trend is for debits to show increases up to March, and with April to commence the off-season recession. A comparison of bank debits for the 12 months ending with April 1938, with a similar 12-monthly period of the previous year, shows an increase of 5.6 per cent.

“The-average figure of total deposits for April shows very little movement, but, advances at £55,947,797 have increased by ‘£1,194,803. bringing the ratio of advances to deposits up to 83.37 per cent., compared with 81.57 in the previous month, and 68.16 per cent, in April of 1937.

“Net note circulation averaged £10,140,42’ in April, this average being the highest yet recorded, although for . weekly periods the figure for the Christmas week ot 1937 (£11,679,389) has not been exceeded. “Net overseas funds of New Zealand hanking institutions on account of New Zealand business amounted to £ (N.Z.) 23.617,116 on April 25. being £ (N.Z.) 2.052,554 higher than the total on March 28. As compared with the position at the end of April of last year, however, a decrease of £ (N.Z.) 7.975,474, or of 21.8 per cent.. is recorded External Trade "The value of merchandise exports for April (£4,547,158) was £2,818,453 lower than in March, reflecting the seasonal recession which normally becomes evident after the end of March. Most of the major primary products show considerable reductions both in quantity and in value compared with the previous month. Exports of wool in particular fell from 150,833 bales, valued at £2,222,867, in March, to 79,997 bales, valued at £1,154,036, in April. “The value of exports during April of last year amounted to £8,401,986, a phenomenal total for an April month. A comparison with April of this year shows a reduction of £3,854,828, or of as much as 45.9 per cent-. This major decrease is due in a large measure to the drop in both quantity and value of wool exported, the decrease in value of this item for April of this year compared with April of last year amounting to £2,665,319. “Imports during April (£4,454,996) continued at a high level, although showing a decrease of 9.2 per ■ cent, from the March total. Compared with April of last year, however,, an increase of 2.6 per cent, is recorded. The consistently high level of imports recorded in recent months combined with somewhat reduced export totals (due to the lower prices of wool), has had the effect of reducing the excess of exports for the 12 months ending with April, 1938, to £2,975,812, compared with an excess of £14,095,204 during a similar period of 1936-37,”

PROPERTY SALES

W. E. Simes and Co.. Auctioneers and Estate Agents, 239 Manchester street, report having sold, on behalf of Mr Johnson, his 6-roomed bungalow, Puriri road, Riccarton, to Mr McHarrie. and oh behalf of Mr Collier his bungalow and i-acre. Hackthbrne road Cashmere Hills, to Miss Ray. —1

SALE OF FARMS

w. E. Simes and Co., Auctioneers and Estate Agents, 239 Manchester street, report having sold on behalf of Mr J. Foster, his farm at Scargili of 131 acres, together with homestead and buildings, to Mr Cole. —2

.VALUES ON STOCK EXCHANGE

CHRISTCHURCH RATES, JUNE 17, 1938

FORMER LEVELS COMPARED

OTHER QUOTATIONS

Buyers. Sellers. £ s. d. £ s. d. Thyrodone. .. 1 10 0 Tlmaru Lime .. 0 19 0 10 9 Westland Breweries .. Westland Breweries (con.) .. ..120 Woolworths (W.A.)

AUCKLAND

WELLINGTON

DUNEDIN

LONDON

LONDON, June 16. Clutha River Company, buyers Is 7id, sellers Is IOJd. Molyneux River Company, buyers Is Ud, sellers Is 4Jd. Mount Lyell, 16s 10id'.

SYDNEY

Dull condiltons on overseas markets continue to exert depressing influence on the Sydney Stock Exchange, resulting in industrial shares further weakening. The undertone of the market, however, is healthy.

BANE OP ENGLAND RETURN ■

LONDON, June 16. The following is the Bank of England return for the week ended June 16: — ISSUE DEPARTMENT Notes Issued— „ o= ™nnnn In circulation-- •• 5.700,000 In banking department .. 40,700,000 526.400.000 Government debt .. .. 11.000.000 Other Govt, securities .. 189.000,000 Other securities .. .. Silver coin . .. Fiduciary issue .. .. 200,000,000 Gold coin and bullion •• 326,400.000 526.400.000 BANKING DEPARTMENT Capital .. .. •• 14,500,000 Rest 3,300.000 Public deposits .. .. 11.600.000 Bankers .. .. •. 109,100,000 Other accounts ... •• 43,200,000 181.700.000 Government securities .. 114,400,000 Discounts and advances .. 5.600,000 Other securities .. .. 20.100,000 Notes and coin .. .. 41.600.000 181.700.000 The ratio of reserves to liabilities is 25.34 per cent. The rate of discount is unchanged at 2 per cent. FOREIGN EXCHANGES

THE BANK OF NEW SQUTH WALES

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;— U.S.A. Canada. Per £1 N.Z. Selling— Dol. Dol. T.T. .. .. 3.988 4.02 9-16 O.D 3.99 4.03 Buying— T.T. .. .. 4.01 1 4.052 O.D. .. ... 4.02 J 4.07

NEW YORK TIN

LONDON, June 16. Tin is quoted at 39.75 cents per lb,

MELBOURNE

Sales £ s. d. Comm. Bank of Australia .. 0 16 0 British Tobacco ... .. 2 7 0 G. J. Coles' .. ..419 Drug Houses .. .. 15 0 Dunlop Perdriau .. .. 019 9 Electrolytic Zinc .. .. 114 6 Electrolytic Zinc (pref.) .. 2 0 3 Mount Lyell .. .. 13 0 Broken Hill Pty. .. .. 217 0 North Broken Hill .. • • 1 16,3 South Broken Hill .. .. 0 12 3 Loloma •• •• 12 0

FROZEN MEAT SMITHFIELD PRICES lamb market firm (TOTTED PEE S 3 ESSOCIAITO* —COFJBMH*.) LONDON, June 16. t Thp New Zealand Meat Producers BolSd Set that the following are the ruling prices of wholesale Quantities of the descriptions meat mentioned and are for j Se < ?" tative parcels of the goods, sold on Thursday, June 16. Chilled beef prices are averages of the week on which this Urtte issued. All prices are on the basis of delivered to Snuthfield market (previous prices are also shown): — June June June 2. 9. 16. Per lb d. d. d.

The lamb market remains very firm, with consumption satisfactory. Werners are firm on short spot stocks. Ewes are meeting with better inquiry. Chilled beef is easier this week because of the warm weather, and owing to heavy supplies. . New Zealand porker pigs are quiet, with prices unchanged. New Zealand baconer pigs are steady and unchanged.

MINING

NEMONA

The Nemona dredge return is 84 ounces for 118 hours and 13,800 yards.

BARRYTOWN

The Barrytown dredge return for the half-month ended June 15 was 2720 z for 233 hours and 102,000 yards.

NOKOMAI

{IBB PRESS Special Service.! DUNEDIN. June 17. "Owing to the abnormally dry season a certain amount of working time was lost, but given normal seasons, the directors look forward with confidence to the future,” says the sixth annual report of the Nokomax Gold Mining Company, Ltd., for the year ended March 31. . .. The net operating loss for the year was £2545 against £628 last year. Gold won amounted to 11360 z, compared with 2Q310z last year. The directors’ report states that the hydraulic elevating and gravel pumping was begun .oh June 1, 1937, and except tempocfiry stops for adjustments has continued up to the present. The two 12in Thompson gravel pumps installed during the year have proved themselves quite capable of coping with the Nokomai gravel and wash as well as attending to seepage and nozzle water. They have fully come up to the directors’ expectations and are proving eminently satisfactory and constant in their work.

MAORI GULLY

(rasas essocutios tsusobuu.)

GREYMOUTH, June 17. The Maori Gully dredge return was 41oz lldwt for 121 hours.

METALS MARKET

PRICE OF GOLD

LONDON, June 18. Gold is quoted at £7 Os lOd a fine ounce.

dominion wheat YIELDS threshing returns fob 193$ CROP SLIGHTLY LARGER THAN last YEAR An. average wheat yield of 325. bushels to an acre is indicated m the figures of threshing returns to May » published in the current issue of the Abstract of Statistics. The figmee cover 134,000 acres out of a total cwp of approximately 178,000 acres. Tbrn yield last year was 32.32 bushels. The table gives the results of ing operations-carried out during months of January-April, 1938. accord* ihg to returns received from threshing* min operators up to May 26. The figures show that 134,099 acres at threshed, returned a total yield s 4360,073 bushels, the average yieM an acre being 32.51 bushels. These results relate to three-quarters of the total area of wheat (for threshing) estimated for this season- .Regarding 40,693 acres threshed have produced 1,879,488 bushels, the average yield an acre being 46.19 bushels. WHEAT Average Total Area Yield threshed, threshed- annere. Bushels. Acres. Boshets. 1,881 74 2.193 73 90,253 2356 28,976 837 143368 4.052 3.729.713 115.488 294.604 68,485 .and District. risborne [awke's Bay Wellington lelson larlborough anterbury ftago outhland 11.160 1.807 Totals Gisborne Hawke’s Bay Wellington Nelson Marlborough Canterbury Otago Southland .. Totals .. 3750 32.51 4,360,073 134.099 OATS Average Total Area Yield threshed, threshed, an acre. Bushels. Acres. Bushels. lie 4.572 17,462 897.869 292.044 646.079 71 167 2728 563 31.02 21226 41.71 6.432 45.40 11.435 SSJB 1,879.488 40.633 46J9 GOVERNMENT SECURITIES ■ ' , LONDON, June IS. The following are the latest quotations for Government securities compared with the prices ruling last week:— June 9. June IS. £ s. d. & a. d. .. 113 10 105 11 101 18 98 IS 90 18 88 3 British— Consols Funding Loan. 4 p.C., 1960-90 War Loan, 3} p.c. 102 0 Con. Loan. 3] p.c. 102 IS Victory Bonds, 4 p.c. Commonwealth—--5 p.c., 1945-75 .. 4 p.c., 1943-54 •' 3} p.c., 1934-53 . 3i p.c., 1936-47 . 3 p.c., 1958-60 .< New South Wales—- . 4J p.c., 1935-53 . Victoria—--3 pic.. 1929-40 4J p.c., 1940-50 . 5 p.c..- 1945-75 . Queensland — S p.c., 1932-47 . 5 p.c., 1940-60 . South Australia—--5 p.c.. 1942-62 . 3 p.c.. 1945-75 Western Australia—--4 p.c., 1942-62 Tasmania—--3| p.c., 1938-40 4 p.c.. 1940-50 Mew Zealand—--4| p.c., 1948-58 3i p.c., 1940 3 p.c., 1945 75 0 0 74 10 0* 113 S 101 15 102 10 .. 11l 10 0 U 1 10 0 105 0 101 11 88 S 90 7 88 1 96 15 0 96 2 • S 3 12 102 0 105 5 95 12 103 13 105 5 75 S 93 11 10117 104 IS 9 95 5 103 11 104 15 75 3 .. 100 3 9 9915 0 100 11 100 10 100 5 98 13 93 2 •Ex interest. 100 IS 100 7 99 12 S 91 15 • BRADFORD MARKET QUIET. LONDON, June ML The Bradford market is very quiet. Users are adopting a waiting policy. Quotations: — Merinos—70’s .. 64’s .. SO’s .. Crossbreds—58’s .. 56’s .. 50's .. 46’s ... 44’s .. d. % 24 f 4 17 :i§ PRICE OF SILVER (BRITISH omezu VIRBLZaaJ (Received June 17, 5.5 pjnJ RUGBY. June ML Spot silver is quoted at 18 13-16® a fine ounce, and forward at IS 7-164,

LISTED STOCKS Sales on ’Change £ s. d. •300 Westport - Stockton Coal 0 3 5 0 3 6 TOO N.Z. Breweries 2 ■1 3 200 Broken Hill Pty. (3) 2 17 3 2 16 9 10 Colonial Sugar 47 0 0 ■ ' 50 G. J. Coles 4 0 10 300 Taranaki Oilfields .. 0 13 11 ; (2) 0 13 10 ; 100 Wilcox Mofflin 0 5 5 220 Woodworths Properties (rights) 0 3 9 ... (2) 0 3 8 1000 .Skippers, Ltd. 0 0 0} 100 Broken Hill South .. 1 4 0 • 350 ; Mount Lyell (cum div.) .. (2) 1 2 3 •• (2) 1 2 6 - 200 Mount Morgan (cum V div.) . . 0 8 3i 0 8 4 100 North Broken Hill : : > •. (ciun div.>. . . ./ (2) •. 1 .15 3 Sale Reported 200 Taranaki Oilfields .. 0 14 0

Am’t. paid a Companies. sh’e. Buyers. Sellers. Approx. market price Approx, market price a year ago Div. p.c. or am’t. a share. DiV. Return on investment at approx, market price. £ £ s. d. £ 8. d. £ 8. d. £ s. d. £ a. d. N.Z. Banks— curr. Australasia 5 9 15 0 12 12 6 8 Feb.-Aug. 4 2 u Comm, of Aust. 10s 0 15 10 0 15 11 0 15 11 0 18 3 6 2-3 Oct.-Mch. 4 3 9 Comm, of Aust. 1 L c (pref.) 10 9 '8 0 9 7 6 9 4 0 4 Oct.-Mch. 4 5 Comm, of Syd. 12J — 20 12 6 20 10 0 21 0 0 6J Jan.-July. 3 19 3 E.. S., and A. .. 3 4 16 3 4 17 3 4 16 6 6 2 6 7 Nov.-May 4 7 0 Natl, of A’asia 10 — — 13 5 01 14 10 0 6 Nov.-May 4 10 6 Natl, of A’asia 1 1 1 (con.) 5 — . 6 S 6 I 7 0 0 6 Nov.-May 4 13 4 Natl. of N.Z. 2i 2 13 6 — 2 14 0 3 5 0 4i Jan.-July 4 3 4 N.S.W. 20 31 0 0 31 15 0 3l 12 6 35 15 0 6 Jan.-July 3 15 10 Union 5 — 8 9 6 8 8 0 10 15 0 7 Jan.-July 4 3 4 New Zealand 1 2 3 »4 — 2 3 6 2 3 6 10 Jan.-July 4 11 11 Insurance— National 7s — 0 17 9 0 17 9 0 17 0 10 5-7 May-Nov. 4' 4 6 New Zealand .. 1 2 16 b 2 18 ,0 2 17 3 3 6 0 10 Feb.-Aug. 3 9 10 South British .. 10s __ 2 7 0 4 16 0 132 Apl.-Oct. 2 18 6 Standard 1 — 2 18 0 2 17 6 2 18 0 12J Mch.-Sep. 4 6 11 Loan and Agency—Dalgety and Co. 5 7 16 0 7 18 6 7 17 6 10 12 6 8 May-Nov. 5 1 7 Goldsbrough, M. 1 1 6 4 1 6 7 1 6 6 1 16 3 7 Dec.-June 5 5 7 United Building 1 1 .0 0 1 0 9 1 0 6 1 0 6 5 Oct.-Apl. 4 17 6 Frozen Meat— Gear 10s 0 16 0 1 0 IB 3 7i July-Oct. 4 13 9 N.Z. Refrig. .. 1 — 0 18 6 0 18 6 0 19 0 5i Feb. 5 18 10 N.Z. Refrig, (con.) 10s 0 8 5 0 8 6 0 8 5 0 8 11 5i Feb. 6 10 8 GasAuckland 1 — 1 0 6 1 1 6 5i 5 7 3 Auckland (con.) 15s 0 13 9 0 14 4 0 15 9 51 July-Feb. 5 15 1 Christchurch .. 1 1 7 3 1' 7 6 1 7 6 1 7 0 7 Aug.-Feb. 5 1 9 Ch.Ch. (con.) .. 10s — 0 13 6 0 13 0 7 Aug.-Feb. 5 3 8 Wellington 1 — — 1 16 6 1 15 6 8 Aug.-Feb. 4 7 8 Shipping— Huddart-Parker 1 — — 2 5 6' 1 18 6 11 May-Dec. 4 16 8 P. and O. Def. 1 — . 1 7 0 2 1 0 4 May-Dec. 2 19 3 Union (pref.) .. 1 — 1 7 0 1 6 6 1 6 6 5i May-Dec. 4 3 0 Coal— Tauplrl 1 . 0 15 0 0 15 9 5 1 Nov.-May 6 13 4 Westport 10s — — 1 4 0 1 3 3 10 May-Nov. 4 3 4 Breweries— • Carlton 1 _ 3 6 0 3 2 0 15 Oct.-Mch. 4 10 10 New Zealand .. 1 2 0 11 2 1 3 2 1 3 2 7 fi 81 Jan.-July 4 2 5 TooHeys 16s — 1 10 6 1 13 3 9 Mch.-Sep. 4 14 5 Tooths 1 2 12 3 2 13 0 2 13 0 2 14 6 101 May-Nov. 3 19 2 Miscellaneous— Aust. Glass .. 1 4 -12 0 4 13 0 4 12 6 4 11 9 15 Dec.-June 3 4 10 Beath and Co. 1 __ 1 0 0 0 19 9 1 2 0 5 Mch.-Sep. 5 1 3 British Tobacco 1 2 6 5 2 6 8 2 6 8 2 9 6 10 March , 4 b 8 Broken Hill Pty. 1 2 16 9 2 16 11 2 16 9 3 17 7 12J Nov.-May 4 8 1 Burns, Philp .. 1 _ 2 12 6 3 11 9 10 Nov.-May 3 16 2 Coles 1 4 0 7 4 1 0 4 0 10 1 ... 182 Jan.-July 4 12 9 Colonial Sugar 20 46 TO 0 47 0 0 47 0 0 47 0 0 7i Nov.-May 3 3 9 Dom. Fertiliser 1 1 3 9 1 5 3 1 4 0 1 3 0 6 June 5 0 0 Dunlop Rubber 1 0 10 3 0 19 8 0 19 1 1 1 9 7 Apl.-Oct. 7 3 6 Elec. Zinc (ord.) 1 1 13 10 1 14 7 1 14 3 2 10 9 17J Mch.-Sep. 10 4 4 Elec. Zinc (pf.) 1 1 19 3 1 19 11 1 19 9 2 13 4 17i Mch.-Sep. 8 16 0 Henry Jones .. 1 2 7 6 2 6 0 10 June-Dee. 4 4 2 Kauri Timber .. 25s 1 1 2 1 2 0 1 1 3 1 3 7 6 June-Dee. 7 1 2 N.Z. Drug Co. 2 — 3 7 6 3 14 0 8 Sep.-Apl. 4 14 9 Mount Lyell ..' 1 1 2 6 1 2 7 1 2 6 2 0 8 17i June-Dee. 15 11 1 Farm. Fertiliser 1 0 18 6 1 1 0 6 August 6 9 8 N.Z. Newspapers 16/8 1 15 3 1 16 0 1 15 3 1 14 9 8 Nov.-May 3 15 7 Whit. & Tombs 21 .1— _ 3 3 0 3 2 6 6 Mch.-Oct. 4 15 2 Wilson’s Cement 10s 0 17 0 0 IB 3 1 19 6 71 Nov.-Jane 4 12 3 Woolworths 5s 1 0 5 1 0 6 1 0 6 — 15 I Oct.-Apl. 3 13 2 Where no approximate price Is given return Is worked on mid-market price. unless only one quote is given.

Buyers. Sellers. £ 5. d. £ s. d. N.Z. Govt. Debentures 3} p.c. Ins.. 15/3/39-43 100 0 0 100 7 6 3J p.c. Ins.. 1938-52 101 10 0 101 15 0 3i p.c. Ins., 1953-57 .. — 98 7 6 3i p.c. Ins , 1938-41 .. 99 10 0 — 4 p.c. Ins., 1946 102 7 6 103 0 0 4 p.c. Ins., 1949 102 7 6 103 0 0 4 p.c. Bonds, 1946 102 7 6 — 4 p.c. Bonds, 1949 102 5 0 — Other Debentures Port Chalmers, 41 p.c., 1/4/50 105 10 0 Napier Borough, 41 p.c., 1/4/46 — 105 0 0 Napier Borough, 41 p.c.. 1/4/59 —— 105 0 0 N.Z. Refrig., 41 p.c.. 1/8/40-45 101 10 0 _ C.F.C.A., 4J p.c.,.21/4/42 — 97 0 0 Cooke and Son, 5, p.c.. 29/4/47 , t. — 100 0 0 Loan and Agency Natl. Mort. A (£2) .. 2 3 0 N.Z. Guar. Corpn. (3s) 0 4 3 0 4 6 N.Z. Loan and Merc. (ord. stock, £100) ,, — 39 0 0 Shipping New Zealand (£10) .. 11 10 0 — Frozen Meat Cantby. (£7 10s paid) 9 3 0 10 5 0 Cantby. (pref., £5) .. 6 3 0 — _ Woollens Kaiapol (17s paid) 0 10 1 0 12 0 Kaiapol (7s paid) 0 3 3 0 4 0 Manawatu (£1) — 1 12 6 Timaru -(£1) — 0 12 6 Coal Grey Valley (£1) — 0 14 0 Westport-Stockton (10s) 0 3 5 0 3 10 Westport-Stockton (pf.. 10s) 0 6 4 — Breweries Timaru (in Uqdn.) 0 0 10i 0 11 Miscellaneous Andersons (pref., £1) — 0 19 0 Anthony Hordern (£ 1) — 0 17 0 Aust. Iron and Steel (pref., £1) — 17 9 Beath and Co. (£1) .. — 10 0 Booth, Macdonald (pf.. £1) 0 2 0 0 2 1 Broken Hill (con.) 1 13 9 1 14 8 Drug Houses of Aust. (£1) 1 4 0 — David Jones (£1) — 2 0 1 Dom. Builders (cum div., 10s) 0 5 3 0 6 3 Domin. Fert. (£1) 1 3 9 15 3 Dominion Rubber (£1) — 14 0 Donaghy Rope (£1) .. — 2 6 6 D.I.C. (10s paid) 0 14 3 — Evans Atlas Flour (10s) 0 19 3 — G. J. Coles (£1) 4 0 7 4 10 Greater Crystal (£1) — 0 15 0 Hay’s, Ltd. '(con., 15s paid) 0.17 0 — Hume Pipe (Aust., £1) 0 18 0 — Mason, Struthers (£1) — 0 10 6 Kain, R. G. (p£., £1) — 10 0 Moturoa Oil (5s) 0 6 0 0 6 2 McKenzies. Ltd. (£1) — 3 3 6 Natl. Electric (£1) .. -— 0 14 0 N.Z Farmers' Co-op. (£2 10s paid) 0 2 6 0 12 0 N.Z. Farmers’ Co-op. (10s paid) — 0 0 1 N.Z. Farmers’ Co-op. (A pref. and B pref. £4) 2 0 0 N.Z, Farmers’ Co-op. (4J p.c Stock. 1950, and 1955, £100) —- 94 0 0 N.Z. Paper Mills (£1) 1 0 0 1 0 11 Quill, Morris (1936). (£1) 0 18 6 12 0 Reid N.Z. Rubber (£1) — 16 6 Taranaki Oil. (24/7) .. 0 13 9 0.13 10 Wilcox, Moffiin (11s) 0 5 5 0 5 7 Woolworths (Victoria) (pref., £1) — 1 10 0 Woolworths (N.Z.) (cum div., 5s pd-) • • 1 0 1 10 7 Woolworths Properties (rights) 0 3 7 ' — Overseas Listing Woolworths (S. Africa) (5s) 0 15 7 0 15 11 Mining Argo (cum div., Is) i. 0 1 9 0 2 0 Argo (con., cum div.) 0 1 6 Big River (Is) — 0 11 ClQtha River (2s) .. 0 2 0 0 2 6 Gillespie’s Beach (Is) 0 0 8 0 0 9) Golden Sands (Is) — 0 14 Goldfields Dredg. (Is) 0 0 21 _ Grey River (10s Pd.) 0 12 0 0 12 1 Maori Gully (Is) 0 0 51 — Nemona (cum div., Is) — 0 18 New River (Is) 0 0 2 — Mining House Concessions (Is) .. 0 0 1 — Skippers, Ltd. (Is) .. 0 0 oi 0 0 1 Sandhills (Is) 0 0 i — Waitahu (5s) 0 0 7 0 13 Worksop Extend. (Is) 0 0 9 0 10 Australian 'Mining Broken Hill Sth. (5s) 1 3 11 14 0 Mount Morgan (cum div., 2s 6d) 0 8 5 0 8 6 Nth Broken Hill (cum div., 5s) . .. 1 15 9 1 16 1 Rawang Tin (10s) 0 8 0 0 8 3 Wellington Alluv. (2s) 0 5 6 — 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 Apex Mills .. __ 0 12 6 A.P A. .. (f 0 0 ' — Ballins Breweries .. 0 12 0 0 13 5 Blackball Creek .. 0 1 0 0 1 4 Carbonic Ice 1 4 n Coulls, Somerville 6 17 0 Kanleri .. 1 0 9 15 0 Mt. Cook Tourists .. — 0 5 2 N.Z, Perpet. Forests — 2 2 6 N.Z. Perpetual Forests (4s paid) .. . — 0 18 0 N.Z. Mining Invest. .. — . . 0 0 3 Selfridges. (A/asia) .. 0 16 0 Selfridges (N.Z.) .. IBM 0 16 9 Selfridges (N.Z.) (con.) — 0 8 6

Sales on ’Change £ s. d. Govt. 'Bonds. 4 p.c., 1946-49 102 10 0 Auckland City Council, 41 p.c., 1944-67 • • 103 10 0 National Bank of N.Z. , , 2 15 0 Bank of New South Wales 31 10 0 N.Z. Insurance , , 2 17 3 Auckland Gas 1 0 6 Northern Steam (paid) 0 4 4 Colonial Sugar .. # # 47 7 ■ 6 47 5 0 47 2 6 Electro. Zinc (pref.> .. •• 2 0 2 Hill and Plummer .. 0 19 0 Moturoa Oil .. 0m 0 6 a 0 6 i 0 6 0 0 6 i Taranaki Oil .» 0 14 3 0 14 4 (2) 0 14 0 Wilson's Cement .. . 0 16 4i 0 16 4 Woolworths Properties (rights) 0 3 8 , # 0 3 9 0 8 7 0 3 8 Mount Morgan .. 0 8 4 0 8 5 (2) 0 8 6 Mount Morgan (pref.) 0 13 4 Mount Lyell .. • • 1 2 7

Sales on ’Change £ s. d. Dalgety and Co. 7 17 6 Goldsbrough, Mort and Co. # , 1 6 101 Taranaki Oil 0 14 3 Woolworths (rights). (2) 0 3 8 Maori Gully 0 0 5 (All above late Friday) Dalgety and Co. 7 17 6 Kauri, Timber (2) 1 1 3 Bankers’ and Traders' Insurance 1 11 101 New Zealand Breweries 2 1 3 Broken Hill Pty. .. 2 17 71 N.Z. Farmers’ Fertiliser 0 18 6 Moturoa Oil 0 6 3 Taranaki Oil 0 14 0 Wilson’s Cement 0 16 3 Mount Lyell 1 2 4

Commercial Bank & S. d. ,, 0 15 11 N.Z. Refrigerating (con.) 0 8 5 Broken Hill Pty. .. •• 2 17 0 Sales Reported Nokomal Gold • • • • 6 1 8 Commercial Bank • • M 0 16 0 N.Z. Paper Mills . . ,, l 0 6 N.Z. Refrigerating (paid) .. 0 18 6 Wilson's Cement 0 16 2 Dunedin Breweries (rights) .. 0 0 6 Mount Lyeli i 2 6 Woolworths Properties (rights) 0 3 9 Sales After Call Broken'Hill South (2) i 4 6 Mount Lyeli .. i 2 6

Morning Sales £ s. d. Tooths - i • • 2 13 6 Australian Gas A , , 7 10 0 Associated Newspapers 1 0 9 Anthony Hordern • • 0 16 9 Australian Glass , , 4 13 9 Colonial Sugar , , 47 7 6 Dunlop Perdriau , , 0 19 9 Electrolytic Zinc (pref.) 2 0 0 Afternoon Sales Comm. Bank of Sydney 20 11 0 National Bank (£5 paid) 6 11 0 Colonial Sugar 47 5 0 Berlel 1 19 9 British Tobacco 2 6 6 Tooths 2 13 3 Tooheys 1 11 3 Australian Glass 4 13 3 DUnlop Perdriau ,, 0 19 7 Anthony Hordern 0 16 9 General Industries # , 0 17 0 Stedman ,, 0 14 7 J. Felldlng 4 4 0 W. Adams 0 15 3 Wunderlich (( 0 19 6 Sargents 1 6 0 W. R. Carpenter 2 2 0 Victoria Nyanza «• 0 15 0 United Provisions 0 6 2 Goldsbrough, Mort 1 6 9 Electrolytic Zinc .. 1 14 3 Mount Morgan • • 0 8 6 Mount Lyell 1 2 9 Broken Hill Pty. 2 16 3 Loloma M 1 2 1 Taranaki - «• 0 13 9

(BRITISH OITICUI, WCBELZSa.l RUGBY. June 16. Par. June 15. June 16. Paris, fr. to £1 179 178 25-64 178 15-32 New York, 4.97} dol. to £1 4.866 4.97 9-16 Montreal, 5.02J dol. to £1 4.866 5.023 Brussels, ' 29.20} belgas to £1 35 29.21} Geneva, 21.64} 21.643 fr. to £1 25.2215 Amsterdam, 8.96 fl, to £1 12.107 8.95} Milan. 94 7-16 lire to £1 92.43 94} Berlin, reich12.30} marken to £1 20.43 12.30} Copenhagen, 22.40 22.40 kr. to £1 18.159 Stockholm, 19.39} kr to £1 18.159 19.39} Oslo, kr. to £1 18.159 19.90 19.90 Vienna, schgs. to £1 34.585 — — Prague, 142 11-16 kr. to £1 154£5 142} Helsingfors. 2268 marks to £1 193.23 227 Madrid, pese- ( tas to £1 25 £215 — — Lisbon, escu110} dos to £1 375 110| Athens, drach to £1 375 547} 547} Bucharest, 672} lei to £1 818.60 672} Belgrade, 212 dinars 376.3 212 Rio de Janeiro, pence to 2 13-16 milreis 4.90 213-16 Buenos Aires, pence to dol. 51 18.99 18.98}. Montevideo, pence to peso • 20 20 ■ Bombay, 17 25-32 17 25-32 pence to rup. * Shanghai, 8} pence to rup. • 88 Hong Kong, pence to yen 14 15-16 14 15-16 Yokohama, 14 pence to yen 24.58 14 Batavia, guilders 12.107 8.94} 8.92} Warsaw, par zlotys to £1 43.38 — — •Determined by price of silver.

The Bank o£ New South Wales quoted the following exchange rates yesterday:— Buying. SeUing. N.Z. on London— 124/10/£N.Z. to £100 stg. T.T. 124 O.D. 123/10/124/8/9 Australia— £A. to £100 N.Z. T.T. 101 100/10/OX). 101 100/10/Fill— £F. to £100 N.Z. T.T. 80/7/6 89 O.D. 90/7/6 89 New York— Dol. to £1 N.Z. T.T. 4.0200 3.9855 O.D. 4.0300 3.9895 Montreal— 4.0270 Dol. to £1 N.Z. T.T. 4.0594 OX). 4.0714 4.0310 Belgium. T.T. 23.665 23.355 Belgas to £1 N.Z. O.D. 23.740 23.366 Czechoslovakia — Korunas 113.91 to £1 N.Z. T.T. — O.D. — 113.96 Denmark — Kroner to £1 N.Z. T.T. 18.203 17.893 O.D. 18.263 17.899 Finland— Marks to £1N.Z, T.T, 185.49 179.69 ' OX). 185.89 179.79 France— Francs to £1 N.Z. T.T. — 141.57 O.D. — 141.61 Germany— Beichmarks to £1 N.Z. T.T. — 9.811 O.D. — 9.816 Greece— ' Drachmae to £1 N.Z T.T. — 429.54 O.D, — 429.84 Holland— Florins to £1 N.Z. T.T. 7.301 7.151 O.D. 7.341 7.155 Italy— Lire to £1 N.Z. T.T. t75.72 OJV — 75.77 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. 16.182 15.892 O.D. 16.242 15.898 Noumea — Francs to £1 N.Z. T.T. — 140.32 O.D. — 140.36 Papeete— Francs to £1 N.Z, T.T, — 140.37 O.D. — 140.41 Sweden— Kronor to £1 N.Z. T.T. 15.785 15.490 O.D. 15.845 15.496 Switzerland— Francs to £1 N.Z. T.T. 17.573 17.303 O.D. 17.678 17.308 Chefoo— N.Z. pence to dol. T.T. — 11 15-16 O.D. — 11 59-64 Hong Kong— N.Z. pence to dol. T.T. 18| 182 OX). 18 11-32 183 India and Ceylon— N.Z. pence to rup. T.T. — 22 9-32 O.D. — 22 9-32 Japan— ■ N.Z. pence to yen T.T. — 17 9-16 O.D. — 17 9-16 Manila— N.Z, pence to peso T.T. 29 11-16 30 3-16 O.D. 29 19-32 30 3-16 Shanghai— N.Z, pence to dol. T.T. Not quoted. O.D. Not quoted. Singapore— N.Z. pence to dol. T.T. 34 19-64 34 25-32 O.D. 34 13-64 34 25-32

New Zealand Sheep— Crossbred : wethers and/or maiden ewes: 481b and under 55 6 6 49-561b 55 55 3| 57-641b Si Si 54 • 65-721b Ewes: 5 5 5 481b and under 4 4 4 49-561b 31 |5 It 57-641b 34 3f 3| 65-721b 3| 3i 34 N.Z. Lambs — Canterbury: 361b and under 7S 7f 7f 37-421b 7i 75 75 43-501b 71 7i 7| Second quality: Aver, about 311b Other South Island: 78 7f 74 S61b and under 71 7* 7| 37-421b 7i 75 43-501b 74 74 74 North Island Downs: 361b and under 71 73 72 37-421b 75 75 75 43-501b 74 73 7§ Second quality: Aver, about 301b 7* 74 74 37-42Ib 7i 73 7J Second', quality: .71 73 7* Aver, about 311b Australian Lambs— Victorian, first quality: 29-361b 7 7 7 37-421b 6| 65 . 6| Argentine Lambs— First quality: ‘V 361b and under 7 7 .7 63 37-421b N.Z. Porker Pigs— First quality: 63 63 61-801b 65 65 65 81-1001b 63 63 63 101-1201b N.Z. Baconer Pigs— 65 65 6| 121-1601b 7| 63 63 (Chilled beef prices are approximate average prices realised week.) for the N.Z. Chilled Beef— Ox hinds. 53 54 145-2101b 55 Ox fores. 3f 35 145-2101b 33 Australian Chilled Beef — Ox hinds. 54 45 145-2101b 55 Ox crops, weights 35 34 corresponding Southern Rhodesian 3| Chilled beef; — Ox hinds. 45 53 43 145-2101b Ox fores. 145-2101b 31 35 23 Argentine Chilled BeefOx hinds, 6J 64 63 145-2101b Ox fores. 125-2101b 33 33 38 Uruguayan Chilled Beef — Ox hinds. S3 .■ 145-2101b 5| 53 Ox fore's. 33 35 38 145-2101b Brazilian Chilled BeefOx binds. 55 55 55 145-2101b Union of South Africa Chilled bedf:— Ox fores. 145-2101b —- — 3 4 Ox hinds. 55 145-2101b — .

LONDON, June 16. June 15. June 16. Cooper— £ s. d. £ s. d. Standard, spot 33 19 43 33 15 73 Forward , , 34 3 li 34 0 0 Electrolytic 38 10 0 38 9 0 to 39 0 0 39 0 0 Wire bars , 39 0 0 39 0 0 Lead— Spot 13 6 103 13 9 43 Forward 13 6 103 13 10 73 Spelter— Spot 12 6 10i 12 8 13 Forward # # 12 10 7i 12 13 13 TinSpot 171 7 8 173 17 6 Forward # , 172 2 6 174 12 6 Silver— Fine, per Standard, 02. oz. 18|d . 1813-16d per 203 20 5-16d