FINANCE AND COMMERCE

Press, Volume LXXV, Issue 22610, 16 January 1939, Page 11

FINANCE AND COMMERCE

SHAKEN STOCK MARKETS

WOOL SALE PROSPECTS

Continental disappointment at the results of the Rome discussions and the reported activity of German troops on the Dutch borders, following the alleged firing on the German Legations, caused a wave of selling on Continental Stock Exchanges, which affected the London exchange on Friday. • Opinions regarding the wool sale,- which opens to-morrow, are that there will be little change from the November rates. ’ The Australian drought and lower production in New Zealand are likely to curtail supplies of butter, and the present advance will probably be maintained while these conditions prevail.

Values showed a little easing at the second Napier wool sale compared with those ruling at the first sale in November.

NAPIER WOOL SALE

SLIGHT EASING ON DECEMBER RATES COARSEST WOOL TOPS MARKET IvaSflS ASSOCIATION Tr.LEOBAM.) HASTINGS. January 15. Applause greeted the top price of 13|d realised at the second Napier •wool sale on Saturday for an offering by H. S. Hooper (Waipukurau), of five bales of Lincoln-Romney cross •wether wool. The next best price was 15Jd, for 22 bales coarser type Lincoln wool, offered by A. J. Inglis (Ongaonga). The sale opened strongly and bidding was at times excited, but the majority of buyers appeared to be working to the same limits. These ranged from 9|d to IOJd, and the sale generally showed a drop of about Id per lb below the December figures. As the class of wool sold was in ho way near the standard of that offered at the first sale the drop in price may be discounted when the sale is regarded from the quality standpoint. The fact that growers were prepared to accept the market prices caused practically a full clearance, and there ■were very few passings.

The greatest demand was for good style crossbreds. Keen competition for this was evident throughout the sale. Buyers were obviously keen to secure supplies, resulting in a sale /marked by sustained ammation until the last catalogue was 'rompleted. Continental buyers were again strong bidders, and several new buyers were seen on the well-filled benches. Japan also was in the market. The total number of bales offered was 27,383. of which fewer than 500 were passed. Average topmaking quality wool realised from 9Jd to IOJd while good quality ranged from IO.Jd to lid, odd lines reaching from" 12d to 133 d. The feature of the sale was the strong bidding for the coarser quality wools. The only grade which sold cheaper than the Wellington prices was lambs, average to. super ranging from 9id to 113 d. The range of prices was as follows; d. 'd.

LONDON METALS

TREASURY BILLS

_• LONDON, January 14.. r** total amount applied for. in ' for £25,000,000 Treasury bills *3* £65,060,000. •t «!* avera Se rate per cent, for bills 8,09d ’ as against

FROZEN MEAT EXPORT

FIRST THREE MONTHS’ KILLINGS

SOUTH ISLAND LAMB INCREASE

Killings for export at all works during the 1938-39 season, commencing October 1, to December 31, 1938, are as follows, last Season’s figures being given for comparison:—

RETAIL PRICES OF N.Z. MEAT IN LONDON

The New Zealand Meat Producers’ Board has been advised by its London office, that the following retail prices were being quoted for New Zealand lamb and mutton retailed in London during December, 1998. These prices represent a fair average of the prices quoted by the better Cltfss shops in London for the best quality of New Zealand lamb and mutton. New- Zealand Lamb

LONDON PRODUCE MARKET

LONDON, January 14. Friday's closing prices in the London produce markets were:— Rubber-Para 7d per lb, plantation smoked 7 15-16 d. Jute—January-February shipment, £2O 3s 9d a ton. Copra—January - February shipments, South Sea £9 12s 6d a ton, smoked £9 10s a ton; plantation, Rabaul, £lO 12s 6d. Linseed Oil—£2s 5s a ton. Turpentine—34s per cwt. Rabbits—The market is firm. First large, ex store, 18s a dozen.

PROPERTY SALES REPORT Smiths City Market, Ltd., Mr H, C. Smith, managing director, reports a record year in all departments o£ its extensive business. Clearing sales of all descriptions have been wonderfully successful, room and yard sales have exceeded all previous levels, and auction and private property sales have never been equalled. During the two weeks preceding the holidays, the following properties were disposed of by public auction: On account of Mr A. R. Wilkins, capital building section, Lyttelton street, Spreydon, with large building thereon, to the Baptist Church Trustees. On account of Miss Boyle, her well-situated holdin". comprising two acres and bungalow of seven rooms, outbuildings, etc., at No. 119 Main South road, Upper Riccarton, to Mr Butcher. On account of Mrs Nutt, her attractive bungalow property, being No. 261 Richmond terrace, New Brighton, to Mr Hornsby. On account of Mr Windress, about 1J acres, situate Winters road. Papanui, to Mrs Hampton. Also, by private treaty, on account of Mr H. Smith, farm of 20 acres, with 5-roomed dwelling and outbuildings, to Mr and Mrs Hooper. Also having leased for a term Mr Coull’s fine residential property, being No. 47 Tabart street, Opawa, to Mr Summerton. Our last property sales report appeared on the 10th December, 1938. Many thanks, and best wishes to all. —1

PRICE OF GOLD LONDON, January 14. Gold is quoted at £7 8s 9Jd a fine ounce.

STOCK EXCHANGES

CHRISTCHURCH BUSINESS SMALL TURNOVER Markets continued quiet on call on Saturday morning. Prices generally were well maintained. Apart from vestibule business, the following transactions were recorded: — LISTED STOCKS

New Zealand Breweries Firmer National Bank of New Zealand (ex dividend) had business at 48s 6d, market closing 48s buyers, 49s 6d sellers. Buyers of Bank of New Zealand at 40s failed to attract sellers.

New Zealand Refrigerating had sellers at 17s 6d, but buyers were reticent. New Zealand Breweries appeared firmer with buyers at 38s 9d, sellers at 40s.

FOREIGN EXCHANGES

GROCERY TRADE PRICES AND PROSPECTS Business in both the wholesale and retail grocery trade last week was very satisfactory, and well up to expectations. Now that it has become apparent that necessary grocery lines imported from overseas will not be seriously restricted under the recent import restrictions, there is a more settled tone in the trade generally. Overseas markets have opened again after the holidays, and cabled quotations for various lines disclose no price movements of any Importance. Nuts Brazil’ nuts in shell are now on n favourable basis, as prices are now about £2 10s a ton under opening rates last season. As Brazil nuts are the cheapest nut available (except peanuts), their sale is increasing, and apparently they are to some extent replacing walnuts. Linseed Oil and Turpentine Th : London market for both linsec oil and turpentine has opened again after the holidays. Prices have not altered for either commodity. Jam A price list of new season’s jams, issued by an Australian factory, discloses the following advances: —Black currant, in tins, 12oz Is 3d a dozen, 240z 2s 6d a dozen; plum, in tins, 12oz 3d a dozen, 240z 6d a dozen. This movement may forecast values for New Zealand-made jams when the season gets well under way. Almonds The London market for Sicilian almonds is still weak and in buyers’ favour. Following the steady decline in prices, which commenced some months ago, values are now 24s 6d per cwt below those ruling in October last. There is as yet no Indication that the market is at rock bottom, and now the Christmas demand is over, weaker markets would cause no surprise. Oround almonds naturally follow the trend of market movements for Sicilian almonds (the raw material), and here again a weak position is apparent. Recent cablegrams advise lower quotations, f.0.b., London, for prompt shipment, for ground almonds ip all sizes packed. Jordan almonds have not moved in price lately, and values at present in London are similar to those ruling last month. Eggs The local market for fresh eggs is still well supplied, and on Friday city stores were paying farmers for supplies the following prices;—Firsts Is Id, seconds Is; ducks, Is, all net, and free of commission. Asked for his opinion concerning the immediate future of the local egg market, one large dealer said he did not think present values would come any lower this season, notwithstanding that one or two preservers had ceased operations. Fair quantities of eggs are being chilled, as last season the supply of chilled eggs fell far short of the de- ■ mand. Measures to overcome this trouble next winter are now being taken, and the quantity of chilled eggs in store this season should be sudstantially greater than last year. Pineapples A cablegram from Singapore last week states that large buying orders have been placed on the Straits Settlement markets for canned pineapple, and suggesting that New Zealand importers should operate without delay, as indications are for a firming market. Prices for and 2’s are as previously advised, with market firm. Maize Maize is offered at ss, f.o.b. Melbourne, prompt dispatch, according to a recent quotation. Cream of Tartar Recent quotations from overseas show cream of tartar slightly easier than it was before Christmas. Pilchards Advices have been received from Canada that orders booked for pilchards will be reduced pro rata, as the catch was insufficient to enable the canneries to pack enough to fulfil orders booked. The reduction wilj be approximately 25 per cent, on I’s and 15 per cent, on i’s. Tea The Indian tea market opened again last Monday, when an auction was hq]d in Calcutta. The Ceylon sales resumed last Tuesday at Colombo, when approximately 3,500,0001b were offered with export rights. Other than that the Ceylon market was firm for lower grades, and unsteady for Broken Pekoe and Broken Orange Pekoe, no news has so far arrived. Sago and Tapioca A decline in the price of sago in Singapore of 4Jd per cwt is noted on cabled quotations just to hand. Tapioca is a trifle easier by lid per cwt. Pepper Both the London and Singapore markets for pepper are weak and lifeless. Mail advices just to hand from London state that black pepper is selling on that market as low as 211-16 d per lb and higher grades up to 3?d per lb. F.a.q. Muntock white pepper is quoted at 33d per lb, f.0.b., London prompt dispatch. These figures show the low ebb at which pepper prices are still standing in London, and the unfortunate position for the growers is that there is no immediate prospect in sight for better prices. Production is in advance of demand, and although the demand may not be very short of the supply, it is yet sufficient to depress the market and keep it depressed.

!A WAVE OF SELLING

CONTINENTAL STOCK MARKET EFFECT OF RUMOURS (unitbd rasas association—coptsiobt.) (Received January 15, 6.30 p.m.) LONDON, January 14. The stock market had a fit of the “jitters” on Friday. Continental disappointment at the results of the Rome meeting, aggravated by unconfirmed rumours of the activity of German troops on the Dutch borders, following the alleged firing on the German legations, caused a wave of selling, chiefly in Amsterdam, with repercussions in other centres. This resulted In a general depression, London giltedged stocks, which were chiefly active throughout the week, dropping most of the earlier gains due to the stronger position of sterling. The pound was also affected by the demand for dollars from the Continent on Friday, necessitating the operation of control. Sterling, on Saturday, improved in most centres.

Copper fell following the December figures, showing an increase in refined stocks of 32,631 tons, and blister stocks of 4586 tons, while the world consumption is 20,000 tons down, including an American decline of 12,500 tons. A good demand with little or no Change in values, compared with those of the November sale, is expected at the wool sales, commencing on January 17, for which New Zealand is offering 45,700 bales. Bradford firms are expected to be useful buyers in view of the steady consumption ot merinos since November. It is exgected that France will be a good Uyer, as the depreciated currency has improved wool exports to Scandinavia. Some circles are of opinion that the London sales, coinciding with the arrival of crossbreds from New Zealand, may slightly ease in price. Others believe that the arrivals, combined with the offerings at the sales, will not meet present requirements, and it is anticipated there will be little change in crossbred prices, especially for the lower qualities. The butter market is dominated by the Australian weather conditions, combined with the low production in New Zealand and Australia. It is expected that the rise will be maintained while the present conditions prevail. Cheese is featureless owing to the activity of butter and eggs. Continental supplies are still arriving in large quantities. MINING ARGO RETURN The return for the period ending January 14 was 123 ounces from 22,000 yards in 223 hours. BIG RIVER The report for the period ending January 13 is as follows: Work was resumed on Tuesday, January 10, and so far very few men have returned to work. One shift is being worked. The single shift will be continued until more labour is secured.

Sloping is being carried in between Nos. 4 and 5 levels. No. 6 level is being driven with one shift.

CLUTHA EIVER SHARES LONDON, January 13. Clutha River shares are quoted at Is 4Jd buyers and Is 7|d sellers; Molyneux River, 0d buyers, 9d sellers.

Southdown A 10 to 101 Southdown B 81 to 91 Halfbred. 56/58— Super 11 to 12 Average 93 to 103 Inferior to 91 Tins Crossbred. 50/5& — Super — to 121 Average 93 to 10J Inferior 9 to 94 Medium Crossbred, 48/50— Super 11 to 144 Average 10 to 11 Inferior 8i to 9} Medium Crossbred. 46/48— Super 11 to 134 Average 94 to 104 Inferior 81 to 94 Low Crossbred Super 44/4ft— It to 12 Average 9| to 103 Inferior 81 to 91 Low Crossbred 36/44— Super to 153 Average . . 11 to 12 91 to Hi 92/64 ( m 91 to 124 48/30 . 91 to 11 46/48 95 to 104 Lambs— Super , . * * 105 to 113 Average 94 to 104 Inferior and seedy 61 to 8 _ Very seedy 53 to 64 Pieces— Super 81 to 94 Average 73 to 84 Inferior and Bellies— seedy 64 to 74 Super 71 to 8 Average 63 to 74 inferior and Cnrtchlngs— seedy 6 to 64 Super 9 to 93 Average 74 to 84 interior and Lode*— seedy 54 to 64 Ordinary Neck*— .. 41 • 33 to to 5 44 . Super 10 to 103 > Average . . 94 to 93 ■ inferior \ • • 74 to 8

MARKET A GENERAL FIRMING LONDON, January 13. Jan. 12. Jan. 13. Comr— Standard, si Jfltward ®<ctrolytic A ton. A ton. £ s. d. of 42 15 0 .. 43 1 10i .. 47 15 0 £ s. 42 19 43 4 48 0 d. 4J 8* 0 t0 b “ S s2sb* .. 48 15 .. 48 15 .. 14 10 .. 14 14 oo 49 0 49 0 14 13 14 18 0 0 9 n Spot 1^ ard .. 13 10 .. 13 15 7i 0 13 19 14 1 44 10J Spot -.forward Siiyer— ..216 7 6 216 10 0 ..217 1 3 217 3 9 Standard, per (B, Fine, per .. 20gd 20Id oz. 22d 20|d Iron Jan. 6. Jan. 4 19 13. 0 British foreign .. 70 10 .. *43 0 0 0 70 10 *42 10 0 0 .. ‘2 2 0 (A unit) 2 16 (Chinese) *2 19 •Nominal. 0 2 17 6

North Island 1938-39. 1937-38 Chilled beef (qrs.) 46,789 44,121 Frozen beef (qrs.) 16,792 5,897 Wethers (c/cs.) 94,685 87,714 Ewes 15,642 24,615 Lambs 1,240,244 1,390,755 Porkers . . • • 65,243 86,163 Bacotiers 81,432 81,423 Boneless beef (frt. c/cs.) 98.925 78,901 Boneless bobby veal 90,304 54,908 Sundries 46.004 44,137 South Island Wethers 14,969 13,343 Ewes 1,313 6,681 Lambs 404,221 .356,462 Porkers 2,617 4,918 Baconers 3,200 3,524 Bonless beef 1,929 4,819 Boneless veal 12,918 15,263 Sundries 9,043 8,244 Dominion Total Chilled beef 46,785 44,121 Frozen beef 16,792 5,897 Wethers 109,650 101,057 Ewes • 16,955 31,296 Lambs 1,644,465 1,747,217 Porkers 67,860 91,081 Baconers 84,632 84,947 Boneless beef 100,854 83,720 Boneless veal 63,222 70,171 Sundries 55,047 52,431 Stocks On Hand Stocks on hand at December 31, were;— 1938-39. 1937-38 Chilled beef (qrs.) 1,094 1,561 Frozen beef (qrs.) 12,194 7,159 Wethers (carcases) 52,572 56,021 Ewes 12,657 20,315 Lambs .4 * . 875,033 806,533 Porkers . . * 23,437 32,272 Baconers ,4 4 42,317 30,833 Boneless beef 83,101 484131 Boneless bobby veal 07,392 87,399 Sundries .. 30,331 24,338

Legs Per lb. d. .. 13 Shoulders .. 11 Loins .. 11 Necks .. 6 ' Breasts 3 Forequarters 9 Hindquarters .. Hi New Zealand Mutton (Wethers) Legs 9i Shoulders .. Ci Loins .. 84 Necks 3 Breasts .. 3

Sales on ’Change' £ s. d. 200 National Bank of N.Z. (ex div.) 2 8 6 200 Woolworths (Sydney, ord.) .. .. (2) 1 1 10 Sales Reported 300 Woolworths (Sydney, ord,) .. .. (3) 1 1 10 300 Woolworths (South Africa, ex div.) 0 15 5

Broken Hill Proprietary were firmer with buyers at 58s 3d, sellers at 58s 0d. Woolworths, Ltd., were firm with sellers and dealings at 21s lOd, buyers at 21s 9d. Woolworths (South Africa) were dealt in at 15s 5d, and further buyers at 15s Id failed to attract sellers. Grey River appeared firm with buyers at 17s, sellers at 17s lid. SATURDAY’S TRANSACTIONS N.Z. Govt. Debentures Buyers. Sellers, £ s. d. £ s. d. 4 p.c. Ins., 1949-52 96 0 0 — 34 p.c. Ins., 1953-57 90 0 0 — 4 p.c. Ins.. 1946 93 0 0 — 4 p.c. Ins., 1949 — 99 0 0 4 p.c. Bonds, 1946 98 0 0 — 4 p.c. Bonds, 1949 .. 98 0 0 98 10 0 Banks Comm, of Aust. (cum div., 10s) 0 16 0 0 16 1 Comm, of Aust. (pref., £10) 9 10 0 — Comm, of Sydney (£12 10s) 21 0 0 — E.. S., and A. (£3) .. 9 2 0 5 8 0 Natl. of A/asla. (£5 paid) 6 15 0 — Natl, of N.Z. (ex\div., £2 10s) 2 8 0 2 9 6 New Zealand (£1) 2 0 0 — Union of Australia (£3) 8 10 0 8 13 6 Loan and Agency IJalgrcty and Co. <£5> — 8DO Goldsbrough, M. (£1) — 19 0 Frozen Meat N.Z. Hefrig. (£1 pd.. 0 17 6 cum div.) — N.Z. Refrig. (10s pd„ 0 8 0 cum div.) — Woollens Kaiapoi (17s paid) 0 7 6 0 9 0 Kaiapol (7s paid) — 0 4 0 Kaiapoi (pref.) 0 13 6 0 17 0 Coal Grey Valley (10s) 0 6 0 0 8 6 Westport (10s) 1 0 U 116 Westport-Stockton (10s) 0 3 9 0 3 11 Westport-Stockton (pf.. 10s) 0 7 0 0 8 0 Gas Christchurch (£1) — 14 9 Breweries New Zealand (£1) 1 18 9 2 0 0 Queensland (£1) Timaru (in liqdn.) 1 6 0 0 0 9 — Melbourne Co-op. (£1) 2 14 6 — Miscellaneous Alloy Steel (N.Z.) (£1) 15 0 Alloy Steel Aust.) — 0 9 0 Anthony Hordern (£1) 0 15 6 0 16 9 Aust. Glass (£1) — 5 17 6 Berlei (N.Z.) (£1) .. 3 10 0 British Tobacco (£1) 2 10 0 2 10 9 Broken Hill Pty. (£1) 2 18 3 2 18 6 Dominion Fert. (£1) .. 1 1 ‘0 13 0 Evans Atlas Flour (10s) 1 0 6 15 0 G. J. Coles (cum div.. . £1) . .. 4 1 6 4 2 0 Hay's, Ltd, (con., 15s paid) 0 18 0 Hume Pipe (Aust.) (£1) 0 19 0 Kauri Umber (23s) 1 1 0 — McLeod Bros (£10) .. 28 10 0 Morris, Hedstrom (ex div., £1) 1 6 0 • Morts Dock (£1) .. 0 15 9 Moturoa Oil <6s) O50 Radio (1930) (10s) 0 12 0 10 0 Standard Cement (£1 ) 1 1 6 TaranaJci Oil. (24/7) pd.) — 0 9 0 Victoria Nyanza (£1) — 0 13 6 Wilcox. Mofflin (11s) .. — 0 7 0 Woolworths (Sydney), (ord.. 5s) 1 1 9 1 1 10 Woolworths (N.Z.), (5s) 0 18 0 0 19 0 Overseas Listing Woolworths (9.A.) (ex div., 5s) .. .. 0 15 1 Australian Mining Mount Morgan (2s 6d) 0 10 2 0 10 7 Nth. Broken Hill (5s) — 2 10 0 Hawang Tin (10s) — 0 7 9 N.Z. Mining Addison’s Flat (Is) .. 0 0 9 Barrytown- (£1) — 18 0 Big River (Is) — Oil Blackvvater (ex div.. £1) 0 16 0 — Gillespie’s Beach (Is) — 0 10 Golden Sands (Is) .. 0 0 6 0 10 Grey River (10s) 0 17 I) 0 17 11 Maori Gully (Is) 0 0 6 0 0 7 New Hiver (Is) 0 0 K4 0 0 10 Waihi Invest. (5s) ., 0 8 0 UNLISTED STOCKS All transactions In stocks quoted in this section are subject to special brokerage and are not quoted on the official list. Buyers, Sellers, £ s. d. £ a. d. Arahura 1 4 0 Aust. Motorists’ Peto is e rol — Ballins Breweries (cum div.) 0 9 6 — Blackball Creek .. 0 1 0 0 12 Christchurch Press .. —- 9 9 0 Kanieri 1 11 0 — Timaru Lime — 0 19 0 Westland Breweries .. 1 14 0 Woolworths (W.A.) 4 8 0 AUCKLAND Sales On ’Change £ s. d. Comm. Bank of Australia 0 16 1 Bank of New Zealand 1 19 10 South British 2 2 0 Consolidated Brick 0 8 0 Eiectrcv'ytic Zinc (ord.) 2 6 6 Wellington Meat 0 8 0 Waihi Investment 0 6 7 Overseas List Woolworths Moldings (S. Africa) 0 15 4 0 15 5 WELLINGTON Sales on ’Change t a. d. Stock. 34 P.c.. March, 1039*43 97 0 0 Bank of New Zealand t 2 0 0 South British Insurance . Wellington Meat Export (ord.) 0 8 0 Woolworths Holdings .. 0 15 6 (All above late Friday.) 2 0 0 Bank of New Zealand 0 National Insurance • 0 15 6 Gear Meat ,, • British Tobacco • Electrolytic Zinc (prof.) • Woolworths Holdings .. * '

QUOTATIONS PROM BANK OF NEW SOUTH WALES The Bank of New South Wales quoted the following exchange rates on Saturday: Buying. Selling. N.Z. on London— • £N.Z. to £100 stB . T.T. 124/7/6 123 O.D. 123/18/9 124/19/0 Australia— 100 £A. to £100 N.Z. T.T. 100/10/O.D. 100/10/100 Fiji— 88/12/6 £F. to £100 N.Z. T.T. 90 O.D. 90 88/12/6 New York — T.T. 3.7704 3.7178 Dol. to £1 N.Z. O.D. 3.7754 3.7188 Montreal— Dol. to £1 N.Z. T.T. 3.8030 3.7429 O.D. 3.8117 3.7439 Belgium— Belgasto£l N.Z. T.T. 22.387 21.847 O.D. 22.462 21.852 Czechoslovakia — Korunas to £1 N.Z. T.T. — 107.01 O.D. — 107.03 Denmark— 1 Kroner to £1 N.Z. T.T. 18.227 17.695 OJ5. 18.287 17.697 <

Finland — Marks to £1 N.Z. T.T. 186.23 176,08 O.D. 186.63 176.13 Francs to £1 N.Z. T.T. 144.78 139.78 O.D. — 139.80 Germany— Reichsmarks tp £1 N.Z. T.T. 9.151 O.D. — 9.153 Greece— Drachmae to £1 N.Z. T.T. 418.90 O.D. 419.05 Holland— Florins to £1 N.Z. T.T. 7.028 6.773 O.D. 7.068 6.775 Italy— Lire to £1 N.Z. T.T. — 70.48 O.D. — 70.90 Java— Florins to £1 N.Z. T.T. 7.001 6.741 O.D. 7.041 6.743 Norway— Kroner to £1 N.Z. T.T. 16.208 15.711 O.D. 16.268 15-714 Noumea— Francs to £1 N.Z. T.T. 149.78 186.28 O.D. — 136.32 Papeete— Francs to £1 N.Z. T.T. 148.58 136.58 O.D. — 136.62 Sweden — Kronor to £1 N.Z. T.T. 15.837 15.335 O.D. 15.897 15.338 Switzerland — Francs to £1 N.Z. T.T. 16.800 16.335 O.D. 16.905 16.337 Chefoo— N.Z. pence to dol. T.T. O.D. — Hong Kong— N.Z. pence to dol. T.T. 18 27-64 19S-64 O.D. 18 25-64 19 5-64 India & Ceylon— N.Z. pence to rup. T.T. 22 9-64 22 41-64 O.D. 22 7-64 22 41-64 Japan— N.Z. pence to yen T.T. — 3.72 Manila— O.D. — 17| N.Z. pence to peso. T.T. O.D. Nominal Nominal Shanghai— N.Z. pence to dol. Singapore— T.T. O.D. Nominal Nominal N.Z. pence to dol. T.T. 34 27-64 35 17-64 O.D. 34 23-64 35 17-64 ASSOCIATED BANKS’ DOLLAR

RATES The Associated Banks (other than the Bank of New South Wales) quoted the following dollar rates on Saturday on a New Zealand currency basis. They are subject to alteration without notice U.S.A. Canr.da. (Per £1 N.Z.) Dol. Dol, Selling— T.T. 3.71* 3.741 O.D. 3.71* 3.74| Buying— T.T. .. 3.76 5-16 3.79 7-16 O.D. .. 3.77 1-16 3.801