FINANCE AND COMMERCE

Press, Volume LXXIV, Issue 22464, 27 July 1938, Page 13

FINANCE AND COMMERCE

EXPORT MARKETS FOR POTATOES

RESERVE BANK’S PROFIT

The Minister for Marketing (the Hon. W. Nash) announced yesterday that the Government had arranged to buy and ship overseas some of the surplus potato crop in the Dominion this season. Mr Nash did not disclose the prices to be paid to growers or the countries to which the potatoes will be shipped.

The Reserve Banks net profit for the year ended March 31, 1938, was £195,811, an increase of £48,668 on last year.

The Associated Banks yesterday announced an alteration in the buying rates, New Zealand on London.

RESERVE BANK’S PROFITS

Net Amount, £195,811 INCREASE ON LAST YEAR TFrom Our Parliamentary Reporter.] WELLINGTON, July 26. The Reserve Bank of New Zealand, earned a net profit for the year ended March 31, 1938, of £195.811 3s 7d. This is shown in the annual report of the Board of Directors of the Bank, which was tabled in the House of Representatives to-day by the Minister for Finance (the Hon. W. Nash). “After making provision for a rebate on unmatured British Treasury Tbills, depreciation in other assets, and superannuation and retiring allowances for the staff, net profit for the ►year totalled £195,811 3s 7d,” the report states. “This amount has been •paid into the public account to the •credit oi the Consolidated Fund. The increase of £48,668 10s Id on the previous year’s net profit was due partly to the fact that the Dairy Industry Account of the Primary Products Marketing Department i which has been overdrawn since its inception) was in operation throughout the year, compared with about six months in the .previous year, partly to the larger average holding of investments, and partly to increased sales of sterling. While the pet reduction in the bank’s sterling assets yields an immediate exchange profit, it does so. however, at the expense of future earning power.” Ever since the bank commenced op- . ejrations, the report adds, its profits have been affected by the low rate at which British Treasury bills (one of the main sources of the bank’s income) have been obtainable in 'London. The average rate yielded by such bills acquired by the bank last year was 11s 0.95 d per cent., compared with 11s 2d and 11s Ud respectively during the previous two years. Higher Expenses As a partial set-off against higher Income, the expenses of the bank were greater by about 10 per cent. Among the principal causes of the higher expenditure were further supplies of banknotes, necessitated by the expanding note issue, and the fact that the public debt in New Zealand was managed by the bank for the whole year, compared with about half the previous year. Both these factors resulted in an increase in the cost of the staff of the bank. In addition, the total amount of salaries was raised by certain adjustments made during the year, as well as by the normal increase in average salaries, which may be expected to continue for some years in view of the comparatively low age of the members. Notes Outstanding The report points out that the total of notes outstanding was higher at all times during the year, than at the corresponding dates of the previous year, and the amount outstanding at the end of the year, £13,553,546 10s. exceeded the figure at March 31. 1937, by £431,736. These figures represent the aggregate of notes held by the trading banks and by the public. The effective note circulation—notes actually in the hands of the public—increased from £8.790.175 on March 22, 1937, to £9.536,178 on March 28, 1938 The expansion of the circulation during the last year was to be expected, having regard to the increase in turnover in domestic trade and in the national wages bill during the year. A

DUNEDIN SHEEPSKIN SALE

COMPETITION GOOD AND PRICES FIRMER

(PBE3S ASSOCIATION TELEGRAM.)

J metals market firm I

BRADFORD TOPS MARKET

x LONDON. July 25. tops are very firm on the jradford market and other grades are

EXCHANGE RATE ADJUSTED

NEW ZEALAND ON LONDON EFFECT OF AIR MAIL SERVICE Because of the new arrangements under which mails from New Zealand to Great Britain and certain other countries will be carried by air from Sydney, the rate of exchange New Zealand on London has been varied slightly. The banks’ buying rates, New Zealand on London (except telegraphic transfers) have been increased Is 3d all round from yesterday. felling rates, New Zealand on London, remain unaltered. The complete list of rates now current Is;—

The banks announce that no concessions will be allowed on these rates. A charge is to be made at the time of negotiation of Is 3d per £IOO sterling for every seven days if the drawer requests that presentation be deferred after arrival of .the bill in London. The maximum period for the deferred presentation is not to exceed 49 days. Exchange on usances other than above is to be calculated proportionately. The above-mentioned buying rates are based on acceptance immediately on arrival of the bills in London, but should the drawer "ive specific instructions that presentation be deferred for a period, such as until the arrival of the relative goods, the charge of Is 3d per £IOO is to be made.

THE RATE ON AUSTRALIA

ALTERATION WAS NOT A SURPRISE The alteration in the exchange rate on Australia was not a surprise to commercial circles in the Commonwealth. The movement wa's apparently anticipated some time ago, because of New Zealand’s unfavourable balance of trade. Commenting on the alteration, the "Sydney Morning Herald” states: “The movement was brought about by activity in the outside market, which was quoting rates below those at which the banks were operating. Rumours that there has been an abnormal transfer of funds from New Zealand to Australia are discounted by the small extent of the movement and by the fact that so far as can be learned there has been no actual refusal to furnish exchange. “Causes of the change have been a sustained demand for Australian money in New Zealand in order to pay for imports of Australian commpdities much in excess of exports. Diminution of New Zealand’s London funds following a continuance of heavy imports although exports have given lower returns, has exerted an influence on the Australian-New Zealand exchange rate, because any balance in favour of Australia in regard to New Zealand trade and capital movements is settled through the London balances.”

BUTTER AND CHEESE

PRICES ON LONDON MARKET

By arrangement with the Primary Products Marketing Department the following information is supplied on the London markets at July 23: Butter —New Zealand salted, 121s to 122s (last week 121s to 1225); unsalted 122s to 123s (122s to 1235). Australian salted and unsalted, 101s to 106s (salted 119s to 120s. unsalted 120s). Danish, 105s f.0.b., 125s to 126s spot (103s. 1235). Dutch unsalted, 112s to 114s (110s to 113s). Lithuanian unsalted, 115s (114s to 116s). Market steady but quiet. Retail prices unchanged. New Zealand Is 3d. Danish Is 3d. , Cheese—New Zealand white, 69s 6d (69s 6d to 70s); coloured, 69s 6d. ex. 70s (69s 6d to 70s). Australian white, 66s 6d to 68s (66s to 68s); coloured, 67s to 68s (66s 6d to 685). Canadian white. 78s to 80s (78s 1 6 80s); coloured, 79s to 80s (79s to 80s), c.i.f.. 68s (69s 6d). English finest farmers. 102s 6d to 104s 6d (102s 6d to 104s 6d). English factory cheese, 64s 6d (665). Market steady but quiet. New Zealand retail price unchanged, 9d.

AUCKLAND POTATO MARKET

GOOD SUPPLIES FROM . SOUTH [THE PRESS Special Service.] AUCKLAND, July 26. The Auckland market is well supplied with southern potatoes, and there should be enough on hand for the next 10 days. Prices are unaltered. Sales of seed potatoes have been restricted by wet weather. The onion market continues firm, as the small shipment brought from Australia by the Maunganui came to bare stores and was quickly distributed, ex wharf, at about 13s per cwt. As the next supplies from Australia are not due for about a fortnight, the shortage bas bean only partially relieved, and merchants are trying to keep their customers supplied by such odd lines as they may be able to pick up from the south. The rate through store is 17s 6d per cwt. Chaff is not plentiful, but it is expected that small consignments that have come forward lately will suffice for the limited requirements of this market. Prices of chaff and also of oats are unaltered.'

POTATOES FOR EXPORT

ARRANGEMENTS MADE BY GOVERNMENT PRICES AND DESTINATIONS NOT DISCLOSED PLAN TO REDUCE SURPLUS STOCKS [From Our Parliamentary Reporter.] WELLINGTON. July 26. An announcement that the Government had made arrangements to buy and ship overseas some of the surplus •of the New Zealand potato crop was made by the Minister for Marketing (the Hon. W. Nash) to-day. The Minister said that he did not want to announce either the price or the countries to which the potaotes would be shipped. The arrangement was not, he said, in the nature of a guaranteed prices for potatoes, but with the Government making purchases, the grower need not sell at too low a figure. “For some weeks, the Internal Marketing Division has been doing a great deal of investigational work,” said Mr Nash, “and it has been in constant touch with a number of overseas countries with a view to arranging, if possible, for the export of potatoes to relieve the growers of the Dominion of their surplus crops. Our efforts in this direction have been successful, and I am very happy to state that as a result of our negotiations we have been instrumental, not only in finding a market for our potatoes in those countries with whom we have traded previously, but also in opening up new avenues of disposal in export markets not hitherto supplied by this Dominion. “During the next few weeks, several shipments of potatoes are due to leave New Zealand for overseas destinations, and these are being handled by exporting houses or on behalf of thGovernment through the Internal Marketing Division. On this occasion the Government is arranging for the purchase of potatoes from growers at reasonable market values. The Government, in considering the question of export, has no intention of sending overseas potatoes which are required for local purposes, as it fully icaliscs the necessity of conserving sufficient stocks of potatoes for the local market to ensure adequate supplies at reasonable prices at all times. “It is hoped and anticipated, however,” Mr Nash concluded, "that the withdrawal from the local market of surplus potatoes for export will mean that growers will be in a position to dispose of their crops at economic prices.”

CANTERBURY MARKETS

POTATOES BOUGHT FOR EXPORT (bt our commercial editor.) Tuesday Evening. The long-awaited statement by the Minister for Marketing (the Hon. W. Nash) on the result of the Government’s inquiry into the possibility of exporting potatoes from the Dominion this season reveals nothing which the trade has not known for a week, and for that reason, if for no others, it it not likely that there will be any reactions in the market. A representative of a Christchurch firm has been buying potatoes under the Government scheme and it is reliably stated that the price offered has been £3 a ton on trucks, sacks in, which is just about equal to the £2 10s or £2 12s 6d a ton on trucks, sacks extra, which merchants have been paying for some time. . •

The destination of the potatoes to be exported has not been stated, but merchants say that arrangements have been made to ship 3000 tons of Dakotas from Lyttelton to South America early next month. Only recently, merchants in New Zealand were advised that because of a heavy harvest in the Argentine there would be no need to import supplies there this season, but the suggestion is that the Government will subsidise the shipments to satisfy growers at a consequent loss to the country. Export of potatoes to Uruguay and the Argentine in recent years have been:—l 932, nil; 1933, 3559 tons (£18,825); 1934, nil; 1935, nil; 1936, 4711 tons (£23,687); 1937, 15,580 tons (£131,357).

A rumour current in Wellington last week was that one of the countries the Government was going to send potatoes to was China, and continued inquiries from Australian merchants for quotations for New Zealand potatoes have led to the belief that the Government is negotiating with the Commonwealth for the lifting of the embargo on Dominion potatoes. Although opposition to any proposal to remove the embargo is known to be strong in several parts of Australia, there is a more conciliatory tone about a recent report that a representative body of New South Wales farmers approached the Government and suggested that Dominion potatoes should be allowed to be imported. Mr Nash’s statement last week that it was hoped to sell potatoes in Australia a little later is also regarded as significant. Whatever the markets the Government has discovered, the shipments to them will have to be large if the surplus stocks in the country are to be appreciably reduced. The excess over requirements has been variously estimated between 9000 and 20,000 tons. It is not yet possible to give a figure with certainty, but it does seem that considerably more than the 3000 tons mentioned for shipment next month will have to be sent out of the country to make any difference to the grower. Merchants were still quoting £2 10s a ton on trucks at handy stations today. Other markets are unchanged. Quotations The following are the prices quoted to farmers on trucks at country sidings, unless otherwise indicated;— Wheat—Milling, f.0.b., July, Tuscan 5s lOd, Hunters 6s. Pearl 6s 2d; Oats—A Cartons to 2s lOd, B Cartons to 2s 6d, Algerian: 2s 9d to 3s. Ryegrass—Perennial 3s 9d, Italian 2s 9d to 3s. Cocksfoot—Plains 8d to 9d, Akaroa Sil to 9Jd per lb. Gowgrass—6d to 7d per lb. White Clover—9d to Is per lb. Potatoes— £2 IQs a ton. Onions—£l7 a ton. Chaff—£4 5s to £4 10s a ton. Barley—Malting 4s 7sd, feed 3s 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. Linseed—£22 to £23.

NEW YORK TIN

NEW YORK, July 25. New York tin is quoted at 43.75 cents per lb.

THE STOCK EXCHANGES

LARGER LOCAL TURNOVER

PRICE MOVEMENTS IRREGULAR

Turnover on the Christchurch Stock Exchange yesterday was larger than it has been in the last few days. Most of the dealings were in industrials. Price movements were irregular.

DEALINGS COMPLETED

LISTED STOCKS Sales on ’Change £ s. d,

3 16 Government and Banking New Zealand Government 3J per cent. Stock, due 1938-52, changed hands at £lOl 2s 6d, the 4 per cent. Stock, due 1946, at £lO2, and the 4 per cent. Stock, due 1955, at £lO2 2s 6d, Bank of New Zealand were firm, with sellers and business at 435. Dalgely and Company had dealings at £8 Is 6d, market closing £8 buyers, £8 2s 6d sellers. Sellers of GoldsbvQugh, Mott reduced their limits to I 28s 6d. Felt and Textiles advanced to 34s 3d and more were offered at 34s 7d, buyers at 33s lOd. Buyers of Westport Coal raised their bids to 24s 6d, without attracting sellers. Miscellaneous Broken Hill Proprietary had dealings at 61s 5d and 61s 6d. The contributing were dealt in at 3Cs 9d. Colonial Sugar were firmer, on buyers’ offers, £4B. Electrolytic Zincs (cum div.) advanced to 44s 9d and 44s lOd, but closed with sellers at 44s 4d, buyers at 44s 2d. The preference were steady, with sellers and business at 48s 3d, buyers at 48s. G. J. Coles rose to 83s 6d. and more were offered at 83s 4d. buyers at 83s. Woolworths were fractionally weaker, with sellers and business at 21s lOd, buyers at 21s 9d. Woolworths (South Africa) were a shade stronger, with buyers and business at 15s 7d. Mining Mount Lyclls moved up to 29s 7d and 29s 9d, but closed with sellers at 29s 6d, buyers at 29s 3d. Mount Morgans were fractionally firmer at 10s 9Jd, 10s lOd, and 10s 10id, and more were offered at the highest price, buyers at 10s lOd.

AUCKLAND Sales on ’Change

LATEST QUOTATIONS

N.Z. Govt. Debentures

WELLINGTON

MELBOURNE

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.

Industrials generally maintained their Arm tone on the Melbourne Exchange yesterday, but Barriers were inclined to be hesitant. Gold shares were dull.

SYDNEY

A slight reaction was noticeable on the Sydney Stock Exchange yesterday, but leading industrials held their* ground. The demand for bank shares revived.

FOREIGN EXCHANGES

BANK OF NEW SOUTH WALES

LONDON

ASSOCIATED BANKS’ DOLLAR RATES

The Associated Banks (other than the Bank of New South Wales) quoted the following dollar rates yesterday, on a New Zealand currency basis. They are subject to alteration without notice;— U.SA. Canada. (Per £1 N.Z.) Dol. Dol.

BRITISH WAR LOAN

(BRITISH OFFICIAL WIRELESS.) RUGBY, July 25. War Loan, 3i per cent., is quoted at £lO3. PRICE OF GOLD LONDON. July 25. Gold is quoted at £7 Is 5d a fine ounce, a reduction of id. PRICE OF SILVER (BRITISH OFFICIAL WIRELESS.) RUGBY, July 25. Spot silver is quoted at 19 13-16 d a fine ounce and forward at 19 11-lod. BRITISH WHEAT MARKET

CHICAGO FUTURES . NEW YORK, July 25.

STOCK SALES

RANGIORA No sheep were entered In the aeekqp stock market held at Rangtora yesterdayThe entry of pigs was small and Jfitti realised were as follows: Pigs—Baconers £3 Ms 6d, pockets <•*. slips 19s 6d to 225. good weaaets Ik. small weaners 13s 6d. Cattle —Springers £5 Ms to £< Haspringing heifers £5 2s M to £C Ms. yearling heifers £3 12s 6d-

ASHBURTON Prices showed a further decline of M 6d a head at the Tlnwald stock market yesterday when compared with Hum iW» Used at Ashburton last week. There waa a large entry of sheep, most of the yarning consisting of light ewes. The top price of the sale was 24s Id lor a pen of five wethers sold on account ai G. L. CressweU (Lismore). while ewes realised up to 22s 4d for a penot iw entered by A. Bond (Coldstream). The principal sales were:— Fat Ewes—On account of W. Laagdoa (Valeria). 72 at SB lOd to lls Td: J. F. Cameron (Pendarves). 22 at Us 7d to US Id; C. R. CressweU (Lismore). M at Us lOd to 18s 7d; Dawson’s Estate (LoercUffe). 7 at 17s Id to Us 4d: A, Band' (Coldstream). 10 at 21s Id to 22s 4d; C- C. C. Harper (Hacfcthone), IS at Us M to ,15s lOd; G. L. CressweU (Usmore), 52 at 10s 4d to 13s JOd; clients. 124 at Ss Id to 19s lOd. Fat Wethers—On account of W. Lana don (Valetta). 17 at 20s 10d to 21s Td; J. B. Lambie (Kyle). 9 at 22s Id; DuijUat Estate (Pendarves). 12 at 20s tod to 2to hfc G. L. CressweU (Lismore). 20 at 2to U .1 24s Id.

LORNEVILLE I (tress assooatio* reusuml I INVERCARGILL. July M. | A slight easing in values tor w MIR was apparent at the weekly sale of MMHft at the LornevUle yards to-day. MaMas the sheep offering were reres. an* wmm were of particularly good M cattle were forward in UlghUy ■Mt numbers than last week, aad traina showed a slight easing w ncM naaa} Extra prime quality haUoeks said at ag(.2a £l6 ss. prime quaUty £l4 to fU. Pkj quality medium-weights £l2 to Elat MS quaUty light-weights £lO Us to £ll UR Extra prime quality heifers rutiai to £l2 6s. prime quaUty £l9 Us to .M 10s. good quaUty £9 10s to £» 9s»_ pj light-weights £7 10s to £9 Ik. BBi prime cows made up to £l2 KMF - quality £lO Ss to £ll. good qttoUtFHB Ss to £9 15s, medium, quality (KSm * £8 10s, and unfinished ftwwf’ ".. Fat Sheep--Bu" prime qtuWy to to brought l_vmaGty 2Ss to 295. medium qnak> 27s. and unfinished down to ton. Extra prime heavy young, ewes to 25s 6d. prime Q.uahtj' 29s to 225. gagff quality 17s 6d to 18s «d. medhmr jpwiy X4s 6d to 15s 6d. and unfinished sons down to 12s. ■»

DUNEDIN, July 26. At the Dunedin sheepskin sale, the Usual bench of buyers was present and competition was good Prices were a shade firmer compaied with the last sales. Rates were:— Halfbred— d. d. Pull wool 9.1 to 95 j Three-quarter wool 8.5 to 9i Half wool 75 to 83 Quarter wools 61 to 7 Fine CrossbredFull wool 83 to 91 . Three-quarter wools 81 to 93 Half wool 7.? to 8.V Quarter wool 6i to 6; ... Crossbred— / Full wool 73 to 83 Three-quarter wool 8 h Half wool 73 Quarter wool 53 to 6J Hogget halfbred 81 to 91 Fine crossbred 81 to 8,3 Crossbred 8 to 81 Lamb skins— Halfbred 81 to 91 Pine crossbred 8 to 8? Crossbred Pelts— •• 8 to 81 Firsts 4 to 4i Seconds 3

LONDON, July 25. .Cooper— July 22. £ s. d. July 25. £ s. d. Standard, spot 40 9 44 41 4 44 * orward 40 14 4} 41 9 4J Electrolytic 45 -0 0 45 15 0 to 46 0 0 46 15 0 Wire bars Lead46 0 0 46 15 0 Soot 14 13 u 15 0 0 Forward Spelter— 14 14 44 15 1 104 Spot 14 0 74 14 6 104 • Forward 14 5 74 14 11 104 Snot 194 2 6 194 17 6 forward Silver— 195 2 6 195 17 6 .. per OZ. 19*d 19 13-16d Standard. per oz. 21 l-16d 21fd

Buying: Per £100 London. £ s. d. 124 0 0 T.T. Selling: Per £100 London. £ s. d. 124 10 0 123 11 3 On Demand 124 8 9 123 10 3 3 days’ sight 30 days’ sight — 123 6 3 124 6 3 123 1 3 60 days’ sight 90 days’ sight 120 days’ sight 124 3 9 122 16 3 124 1 3 m 11 3 —

£1500 N.Z. Govt. 3i p.c. _ . • Ins.. 1938-52 <2) 101 2 6 £250 N.Z. Covt. 4 p.c. _ _ . Ins., 1943-46 102 0 U 100 Felt and Textiles .. 1 14 3 100 Broken Hill Propnetary (contr.) 1 16 9 200 Electro. Zinc (ord.. cum div.) (2) 2 4 9 2 4 10 50 Electro. Zinc (cum div., pref.) 2 8 3 50 G. J. Coles (cum div.) 4 3 6 100 Woolworths (Syd., ord.) 1 1 10 100 Woolworths (South Africa) 0 15 7 400 Mount Lyell 1 9 7 (4) 1 9 9 600 Mount Morgan 0 10 9i 0 10 10 0 10 10J (2) 0 10 10 Sales Reported £510 N.Z. Govt. 4 p.c. Ins., 1955 102 2 6 100 Bank of New Zealand 2 3 0 40 Dalgety and Co. (2) 8 1 6 100 Broken Hill Proprietary 3 1 5

Buyers. Sellers. £ s. d. £ s. d. 3 p.c. Ins., 1941 96 0 0 — 31 p.c. Ins.. 15/3/39-43 .. — 100 2 6 3i p.c. Ins., 15/9/39-43 — 100 5 0 3i p.c. Ins., 1938-52 101 0 0 101 10 0 31 p.c. Ins., 1933-57 — 96 5 0 4 p.c. Ins., 1946 102 0 0 102 5 0 4 p.c. Ins., 1949 — 102 5 0 4 p.c. Ins., 1955 — 102 5 0 4 p.c. Bonds. 1946 102 2 6 — Other Debentures Waikato County, 3! p.c., 1/9/69) — 101 0 0 Banks Australasia (£5) 10 3 6 .— Comm, of Aust. (cum div., 10s) 0 16 5 0 16 9 Comm, of Aust. (pref.. cum div., £10) 9 4 0 9 12 0 Comm, of Sydney (£12 10s paid) 19 17 6 20 10 0 E„ S., and A. (£3 paid) 5 4 3 5 4 6 Natl, of A'asia (£5 pd.) 6 13 0 6 14 0 Natl, of N.Z. (£2 10s paid) 2 13 6 2 14 3 N.S.W. (£20) 30 10 0 31 12 6 New Zealand (£1) 2 2 9 2 3 0 N.Z. (mort shares £1) .. .. 1 9 0 — Union of A’asia (cum div., £5 paid) 8 0 0 — Insurance National (7s paid) 0 17 8 New Zealand (cum div., £1) 2 16 6 — South British (10s) .. 2 5 9 — Standard (£1 paid) .. — 2 16 11 Loan and Agency Dalgety and Co. (£5 paid) 8 0 0 8 2 6 Goldsbrough, M. (£1) — 1 8 6 Invincible Bldg, (cum div., £5) 4 15 0 Natl. Mort. (A) (£2 paid) — 2 4 0 N.Z. Guar. Corpn. (3s) 0 4 3 0 4 5 N.Z. Loan and Merc. (ord. stock. £100) .. 32 0 0 — United Building (£1) 1 0 3 1 0 7 Shipping New Zealand (£10).. 12 0 0 13 0 0 Union (pref., £1) — 1 6 9 Frozen Meat Canterbury (£7 10s pd.) 9 2 6 9 16 0 N.Z. Refrig. (£1 paid) 0 18 4 0 18 11 N.Z. Refrig. (10s paid) 0 8 2 0 8 4 North Canty. Freezing (pref., £1) .. 0 15 0 — Southland (£1) 1 10 0 1 11 6 Woollens Felt and Textiles (£1) 1 13 10 1 14 7 Kaiapoi (17s paid) 0 10 4 0 10 8 Kaiapoi (7s paid) 0 3 4 0 4 3 Manawatu (£1) — 1 11 6 Timaru (£1) — 0 11 6 Coal Westport (10s) 1 4 6 — Westport-Stockton (10s) 0 3 11 -— Westport-Stockton (pf.. 10s) 0 7 1 — Gas Auckland (cont.. cum div., 15s paid) 0 14 4 0 15 2 Christchurch (cum div.. £1) — 1 7 3 Christchurch (10s paid. cum div.) — 0 13 6 Breweries Dominion (£1) 1 15 9 New Zealand (£1) 2 2 9 2 3 0 Swan (5s) — 1 6 6 Timaru (in liqudn.) 0 0 10 — Tooheys (16s) — 1 11 0 Tooths (£1) .. 2 14 3 2 15 0 'Miscellaneous Alloy Steel (Aust.) 0 7 0 0 11 0 Amalg. Wireless (15s paid) — 2 12 6 Anthony Hordern (£1) 0 17 0 0 17 6 Aust. Glass (£1) 4 15 3 4 16 3 Aust. Iron and Steel “ (pf., £1) .. 1 8 0 1 8 9 Beath and Co. (£1) .. 0 18 6 0 19 6 British Tobacco (£1) 2 8 5 2 9 1 Broken Hill Pty. (£1) 3 1 0 3 1 4 Broken Hill Pty. (con.. 6/8 paid) 1 16 9 1 16 11 Colonial Sugar (£20) 48 0 0 - — Cox Bros. 0 18 6 Dominion Fert. (£1) .. 1 4 10 1 5 6 D.I.C. (10s paid) 0 14 9 0 15 9 Dunlop Rubber (£1) .. 1 2 2 1 2 3 Electro. Zinc (cum div., £1) 2 4 2 2 4 4 Electro. Zinc (pref.. cum div., £1) 2 •8 0 2 8 3 Evans Atlas Flour (10s) 0 19 3 — G. J. Coles (£1) 4 3 0 4 3 4 Gordon & Gotch (£1) 2 11 0 — Hume Pipe (Aust.) (£1) 0 18 2 0 18 10 Mason, Struthers (£1 paid) — 0 17 6 Mason, Struthers (14s paid) — 0 11 6 Mason, Struthers (10s paid) .. .. r~ 0 7 6

Buyers. Sellers. £ s. d. £ s. c . 0 Myers Emporium .: 1 10 0 1 12 Moturoa Oil (5s) 0 5 4 0 5 . 5 Macduffs (pref., £1) — 0 18 0 Macduff's (ord., £1) — 0 17 0 National Electric (£1) 0 14 0 0 14 9 N.Z. Drug Co. (£2) .. 3 10 0 — N.Z. Farmers’ Co-op. 12 (£2 10s paid) N.Z. Farmers’ Co-op. — 0 0 (A pref., £4) 1 15 0 2 0 0 N.Z. Farmers’ Co-op. (4J p.c. Stock, 1949, 0 £100) 91 0 — N.Z. Farmers’ Co-op. (4J p.c. Stock, 1955, 95 £100) — 0 0 N.Z. Newspapers (16/8) — 9 1 15 3 N.Z. Paper Mills (£1) 1 1 — Quill,' Morris (1936) 18 (£1) 0 6 — N.Z. Mortgage Security 0 (£2 paid) — 10 1 5 Taranaki Oil (24s 7d) 0 13 0 13 11 United Provisions 0 6 6 0 8 6 Wilcox, Mofflin (11s) .. 0 7 3 0 7 7 Wilson's Cement (10s) — 1 0 0 Woolworths (Sydney) 1 9 10 (ord., 5s) 1 1 1 Woolworths (Victoria) 10 (pref., £1) .. — 1 0 Woolworths (N.Z.) (5s) — 1 0 9 Woolworths (N.Z.) (pf., £1) 1 15 0 — Overseas Listing Woolworths (S. Africa) 15 10 (5s) 0 15 7 0 Mining Argo (cum div.. Is) .. 0 1 10 Argo (contr., cum div., 0 Is) Barry town (£1) 1 6 1 ~4 0 Big River (Is) 0 1 1 0 1 2 Blackwater (cum div., 17 £1) 0 0 Consolid. (cum div., 0 8 4s) 0 Gillespie’s Beach (Is) 0 0 9 Golden Point (6d) 0 0 1 Golden Sands (Is) .. 2i 0 1 U Goldfields Dredg. (Is) 0 0 0 0 3 Grey River (10s) 0 13 9 0 14 3 Austral (N.Z.) (£1) .. 6 1 1 6 Maori Gully (Is) 0 0 0 0 7 Nemona (Is) 0 1 4 0 1 7 New River (Is) 0 0 6i 0 0 Nokomal (5s) 0 0 9 0 1 9 Mining House Concessions (Is) 0 0 1 — Skippers, Ltd. (Is) .. 0 0 0J u u 03 Waihi Invest. (5s) 0 9 8 Waihl Grand Junc0 tion (2s i 2 11 Worksop Extend. (Is) 0 1 0 0 1 la Australian Minins Broken Hill Sth. (5s) 1 13 3 1 13 9 Mount Lyell (£1) I 9 3 1 9 6 Mount Morgan (2s 6d) 0 10 10 0 10 10J Nth. Broken Hill (5s) 2 9 0 2 9 8 Rawang Tin (10s) 0 9 3 0 9 6 Wellington Alluvials 0 5 0 Zinc Corpn. 4 13 0

Assoc. Motorists’ Pet6 rol (pref.) 1 3 0 1 0 A.P A. Baltins Breweries .. 0 9 0 0 13 0 Blackball Creek — 0 0 1 1 Carbonic Ice 1 3 6 Kanieri 1 0 0 1 4 N.Z. Perpetual Forests 14 9 (4s paid) .. —- 6 0 Scl/ridges (A’asia) .. 0 13 ~~~~ A Self ridges (N.Z.) — 6 0 17 0 Self ridges icon., 4s pd.) 0 3 6 Timaru Lime 0 19 0 1 0 Whakatane Paper and 0 Pulp 0 4 0 5 0 Woolworths (W.A.) .. — 4 10 0 Woolworths Properties 13 9 14 (10s paid) .. 0 0 0

£ s. d. Ins. Stock, 3J p.c., 1953-57 95 7 6 Ins. Stock, 4 p.c., 1952-55 101 15 0 Comm. Bank of Aust. (2) 0 16 6 Bank of New Zealand 2 3 0 Union Bank 8 12 0 N.Z. Insurance (2) 2 16 9 South British (2) 2 6 6 Goldsbrough. Mort X 8 5 Auckland Gas (odd lot) 1 0 0 Dominion Breweries (3) 1 15 3 Broken Hill Pty. (2) 3 3 1 1 6 3 David Jones ,. 1 17 9 Electro. Zinc .. • • 2 4 9 Electro. Zinc (pref.) «. 2 8 0 2 8 3 Moturoa Oil . • 0 5 3 0 5 6 Morts Dock 0 12 9 N.Z. Newspapers •. 1 14 0 Truth (N.Z.). (pref.) • • 0 19 2 Union Oil and Soap 1 1 3 Taranaki Oil 0 13 103 0 13 10 Wilson’s Cement 0 18 0 Wool worths (Sydney) (2) 1 1 11 Waihi Investments .. 0 10 0 Broken Hill South ,. 1 14 2 Mount Lyell 1 9 6 Mount Morgan (ord.) 0 10 8 North Broken Hill (2) 2 10 0

Sales on ’Change £ s. d. Ins. Stock, 4 p.c., 1955 102 5 0 Tooth and Co. 2 14 6 Broken Hill Pty. (2) 3 1 0 Mount Lyell 1 9 6 (All above late Monday.) Ins. Stock, 4 p.c., 1955 , . 102 5 0 Wellington City, 41 p.c., 1943 102 0 0 Goldsbrough, Mort (2) 1 8 6 G. J. Coles (2> 4 3 0 4 3 4 Moturoa Oil . , 0 . 5 3 Taranaki Oil 0 13 9 Milburn Lime 1 16 0 Woolworths, Ltd. (ord.) 1 1 11 Unofficial List Woolworths Properties (10s paid) (late Monday) 0 14 0

DUNEDIN Sales Reported £ S. d. U.S.S. Co. (pref.) 1 6 3 Dominion Fertiliser 1 5 0 Woolworths (Sydney) 1 1 11 Woolworths Holdings 0 15 7 Mount Lyell 1 9 7 Sale After Call Mount Morgan .. • • 0 10 IX

£ s. d. Commercial Bank of Australia 0 16 9 G. J. Coles 4 4 0 Drug Houses 1 6 0 Australian Glass 4 16 9 Dunlop Perdriau 1 2 8 Australian Paper Mfrs. (pf.) .. 1 6 0 Australian Paper. Mfrs. (new) 1 5 9 Cox Bros. 0 18 2 Herald and Weekly Times 3 2 9 Yarra Falls 1 18 6 Electrolytic Zinc (pref.) 2 9 0 Mount Lyell 1 9 6 Broken Hill Pty. 3 1 6 North Broken Hill 2 9 6 South Broken Hill 1 13 9 Zinc Corporation 4 17 6 Emperor Gold 0 12 9 Loloma 1 2 6

Morning Sales Comm. Bank of Australia £ 0 S. 16 d. 9 Bank of New South Wales • • 31 7 6 Australian Gas A M 7 9 0 Broken Hill Pty. • • 3 1 9 Electrolytic Zinc .. «• 2 5 3 Felt and Textiles .» . 1 14 6 Goldsbrough, Mort • • 1 8 6 Huddart Parker •• 2 7 6 Afternoon Sales Bank of New South Walqp £ 31 s. 7 d. 6 Commercial Bank of Sydney 20 10 0 Colonial Sugar 48 12 6 Associated Newspapers 1 2 0 Huddart-Parker 2 7 6 British Tobacco 2 9 3 Australian Glass 4 16 6 Dunlop Perdriau 1 2 9 General Industries 0 19 3 Morts Dock 0 12 11 Nestles (pref.) 1 17 9 William Adams (rights) 0 0 11 Standard Cement 1 1 9 Malleys (New Zealand delivery) 1 1 9 Woolworths 1 2 0 Cash Orders 0 17 3 Sargents 1 9 10 Newbold Brick 1 14 0 Wilcox. Mofflin 0 7 6 Morris Hedstrom 1 7 6 Fairymead Sugar 1 12 0 Mount Morgan 0 11 1 Mount Lyell 1 9 6 Broken Hill Pty. 3 1 6 Bulolo Gold i. 6 18 0 Loloma 1 2 6 Taranaki Oil 0 13 9

(BRITISH OFFICIAL WIRELESS.) RUGBY, July 25. Par. July 23. July 25. Paris, fr. to £1 170 178 3-16 178 7-64 New York, dol. to £1 4.866 4.92 4.92 5-16 Montreal. 4.93} 4.93g dol. to £1 4.866 Brussels, 29.10} belgas to £1 35 29.10} Geneva, 21.49}* fr. to £1 25.2215 21.49} Amsterdam, 8.95g fl. to £1 12.107 8.95 Milan, 93 9-16 lire to £1 92.43 93} Berlin, reich12.25 marken to £1 20.43 12.25 Copenhagen, 18.159 22.40 22.40 kr. to £1 Stockholm, 19.40 kr. to, £1 18.159 19.39} Oslo, kr. to' £1 18.159 19.90 19.90 Vienna, schgs. to £1 34.585 — — Prague, 1423 kr. to £1 154.25 1421 Helsingfors, .2263 2263 marks to £1 193.23 Madrid, pese25.2215 tas to £1 — — Lisbon, escu110 3-16 dos to £ 1 375 110 3-16 Athens, drach to £1 375 547} 547} Bucharest, lei to £1 818.60 670 670 Belgrade, 217 dinars 376.3 217 Rio de Janeiro, • pence to nftlreis 4.90 2 27-32 2 27-32 Buenos Aires. pence to dol. 51 18.94 18.95} Montevideo pence to peso * 20 20 Bombay, pence 17 29-32 18 to rupee « Shanghai, 9} •pence to rup. * 9 Hong Kong, 14 15-16 14 15-16 pence to yen • Yokohama, 14 pence to yen 24.58 14 Batavia, guilders 12.107 8.93} 8.93} Warsaw, par 26.31 zlotys to £1 43.38 26.31 •Determined by price of silver.

The Bank of New South Wales quoted the following exchange rates yesterday:— Buying. Selling. N.Z. on London— 124/10/£N.Z. to £100 stg. T.T. 124 O.D. 123/11/3 124/8/9 Australia — ' £A, to £100 N.Z. T.T. 100/17/6 100/5/O.D. 100/17/6 100/5/Fiji— £F. to £100 N.Z. T.T. 90/7/6 89 OJJ. 90/7/6 89 New York— T.T. 3.9802 3.9458 Dol. to £1 N.Z. O.D. 3.9902 3.9498 Montreal— 3.9567 Dol. to £1 N.Z. T.T. 3.9891 O.D. 4.0011 3.9607 Belgium— Belsas to £1 N.Z. T.T. 23.584 23,274 O.D. 23.659 23,285 Czechoslovakia Korunas 113.66 to £1 N.Z. T.T. — O.D. — 113.71 Denmark— 17.893 Kroner to £1 N.Z. T.T. 18.203 O.D. 18.263 17.899 Finland— T.T. 185.40 179.60 Marks to £1 N.Z. O.D. 185.80 179.70 France— T.T. 144.59 142.09 Francs to £1 N.Z. O.D. 145.59 142.13 Germany— Reichmarks 9.769 to £1 N.Z. T.T. — O.D. — 9.774 Greece — Drachmae 429.54 to £1 N.Z. T.T. — O.D. — * 429.84 Holland— 7.146 Florins to £1N.Z. T.T. 7.296 O.D. 7.336 7.150 Italy— 74.95 Lire to £1 N.Z. T.T. — O.D. — 75.00\ Java— T.T. 7.271 7.121 Florins to £1 N.Z. O.D. 7.311 7.125 Norway— T.T. 16.182 15.892 Kroner to £1 N.Z. O.D. 16.242 1 15.898 Noumea — T.T. 147.09 140.34 Francs to £1 N.Z. O.D. 147.59 140.38 Papeete— Francs to £ 1 N.Z. T.T. 146.49 140.49 O.D. 147.49 140.53 Sweden — 15.491 Kronor to £1 N.Z. T.T. 15.786 O.D. 15.846 15.497 Switzerland— T.T. 17.452 17.182 Francs to £1 N.Z. O.D. 17.557 17.187 Chefoo— dol. T.T. — 121 N.Z. pence to O.D. — 12 15-16 Hong Kong— T.T. 18 29-64 18 53-64 N.Z. pence to dol. O.D. 18.27-64 18 53-64 India and Ceylon— 22 13-32 N.Z. pence to rup. T.T. 22J OJQ. 22 3-32 22 13-32 Japan— T.T. — 17 9-16 N.Z. pence to yen O.D. — 17 9-16 Manila— 30 17-64 N.Z. pence to peso T.T. 29 49-64 0.£>. 29 43-64 30 17-64 Shanghai— N.Z. pence to dol. T.T. Not quoted O.D. Not quoted Singapore— ' N.Z. pence to dol. T.T. 34 17-32 O.D. 34 7-16 3arI-04 35 1-64

Selling— T.T. .. 3.941 3.95 11-16 O.D. .. 3.95 3.961-16 Buying— T.T. .. 3.97 1 3.98 13-16 O.D. .. 3.98^ 4.00 1-16

Quotations — Buyers. Sellers. £ s. d. £ s. d. Clutha River ..0 0 10J 0 1 U Molyneux River .. 0 0 10i 0 1 U Sale New Guinea .. 0 10 —

LONDON. July 25. Wheat cargoes are easier. Parcels are lower. Futures are quoted ;— July 21. July 25. London (a quarter)— s. d. s. d. August .. -• 33 5 32 9J November .. 23 li 27 10 Liverpool (a cental) — July .. .. 6 8i 6 8i October .. .. 5 8J 5 8| December .. 5 6f 5 6|

' Cents aJwsJ^br- . J, '70T ■' 68 Septen?bfi£-—- .. 71 i 71J May .. — 72|