FINANCE and COMMERCE.

Dominion, Volume 23, Issue 45, 16 November 1929, Page 14

FINANCE and COMMERCE.

STOCKS AND SHARES

WELLINGTON EXCHANGE MARKET QUIET AND STEADY The sharemarket was quiet and fairly steady yesterday. Except for. gilt-edged securities, the demand was poor, and there were comparatively few variations. Government securities were in good demand. and except for a drop of 2s. bd. in the bid for 5J per cent, stocks (19..6) there were no changes. Wellington Racing Club debentures were again wanted at £197. The demand for Bank shares has eased considerably, with few buyers. Commercial Bank of Sydney and English, Scottish and Australian Bank were both up, the former showing a rise of 2s. 6d. at £-4 7s. 6d„ and the latter a rise ot Is. at £7 Ils. Bank of New Zealand Long Term were steady at 28s. 3d. There were sellers for practically all Bank shares. Bank ot Australasit continue to be offered at do Bis., but for Australian Bank of Commerce sellers quoted 3d. less, and Commercial Bank of Australia were quoted a shade lower. Commercial Bank ot Sydney. English. Scottish and Australian Bank, and Bank of New South Wales, were unchanged, but the selling prices of Bank of New Zealand, Union Bank and National Bank of Australasia, £5 paid, were reduced Except for a bid of 10s. for Wellington Deposit, there was no business offering in Financial shares. There was a slightly better demand for Insurance shares, with bids of Bis. 3d. for National Insurance, and fils, for South British Insurance. Auckland Gas shares were firm at 2.j5.. but other Gas shares were neglected. New Zealand Refrigerating Bls. paid, and Canterbury Frozen Meat were unchanged. There was no inquiry for- Shipping and Woollen shares. Hikuraugi Coal ordinary were steady at Is. lid. National Timber were again in demand at Bs., and Kauri Timber, which have been neglected for a long time, were yesterday in demand at 155.. or ss. below their face value. New Zealand Breweries were a shade better at S7s. Od. The demand has fallen off for British Tobacco, Burns, Philip and Co., and New Zealand Drug. Sharland and Co. have met with a fair amount of busings during the past two days, and there are still buyers for the shares at 20s. lid. Wilson’s Cement were a shade firmer at 425. Bd. YESTERDAY’S QUOTATIONS Buying and selling quotations 'at the final call on the Wellington Stock Exchange yesterday were as follow:— Buyers. Sellers.

JEx rights. DIVIDEND

ANGORAS AND CHINCHILLAS BAD SLUMP IN WOOL £.ND SKINS Judging bv recent advices from London, something-like u setback appears to be in store for Angora rabbit wool and Chinchilla rabbitskins. Ln a letter received by a Wellington linn from Its London oilice recently, considerable caution is advised regarding the Angora and Chinchilla rabbit business, ‘as, like so many of these things in which fashion plays an important part, high prices are often followed by a slump in values, owing either to over-production or a change in the prevailing mode. Something of the sort has happened in the case of Angoras, tlie wool from which enjoyed such a vogue for a time, and at the present moment is almost unsalable, except at prices which are quite unpayable to the producer.” Krom a well'(known firm of London brokers advice has been received this week that values of Chinchilla rabbitskins have dropped considerably, the demand having fallen away. Current prices were quoted nt Is. to (is. per skin, but onjy a very few of the best quality were selling at (Is. Ordinary first grades were at about 45., and seconds‘and thirds at Is. to 2s. Prices for best skins were formerly up to about ids. each. The demand is said to be still decreasing and prices nre likely to go still lower. At a tile to be held in London last month 311,000 Chinchilla rabbitskins from Canada were to be offered. The vogue of Chinchilla was described as "merely a phase in the fashions of the day, and now that the fashionable demand has ceased it is difficult to say whether or when it is likely to come into general favour again. KAURI TIMBER CO. The Wellington Stock Exchange has received a telegram from the Kauri Timber Co , Ltd., that, subject to audit, the directors have resolved to recommend a dividend for the year ended August 31 at the rate of 3 per cent. annum.

DEAUNGS ON ’CHANGE

YESTERDAY’S BUSINESS DOMINION SALES The following sales were reported on the Stock Exchanges of the Dominion yester-

NEW COMPANIES The following private companies have been registered at Wellington: — Loan and Deposit Company, Ltd., Bio Customhouse Quay, Wellington. Objects. To acquire as a going concern the business carried on by B. M. Haymond for money-lending in all its branches. Capital. £3OOO, in £1 shares. Subscribers: Beryl M. ’Raymond and Ruth Evelyn May Washer Wellington, each 1500 sghares... 7 Upper llutt Land and Inveniment Co., Ltd.,. Upper Hutt. Objects: To purchase the freehold property of 22 acres 2 roods 18.9 perches in Block XIV, Akatarawa distrlet, owned by H. F. O. McGhle; also to carry on the business of buyers and sellers ot real and personal property. Capital, £l5OO, in £1 shares. Subscribers: H. G. Rutter, estate agent, and Martin Luckie, solicitor, of Wellington; Professor C. A. Cotton, Lower Hutt; J. T. Benge, storekeeper, and H. Marshall, hotelkeeper, Upper Hutt, each one share. Gonville Service Station, Ltd., Ridgway Street, Wanganui. Objects: To carry on business of garage and motor supply station proprietors, etc. Capital, £lOOO, in £1 shares. Subscribers: Frederick A. Williams, Wellington, 300 shares; H. W. Cooper. Wanganui, 250; F. Handley, Maxwell, 200; D. W. Gilbertson, Wanganui, 150: F. Haywood. Aramoho, and O. Allomes, Wanganui, each 50 shares. The following private company was registered at Auckland on Tuesday:—CrosbyKent (N.Z.), Limited, wholesale chemists and druggists. Capital, £lOOO, irf £1 shares. Subscribers: Thurston Wyatt Dickeson, 331 shares; Rickard Charles Bisgrove and George Darwin Stephenson Bates, 333 shares each. ' DAIRY PRODUCE MARKET BUTTER QUIET; CHEESE ■ - STEADY London, November 14. Butter.—The market is quiet. Danish, 187 s. per cwt.; choicest salted New Zealand, 1725. to 1745.; Australian, 168 s. to 1705.; unsalteds, New Zealand 184 s. to 188 s., and Australian 178 s. to 182 s. Cheese.—The market is steady; New Zealand, 935. to 945. per cwt. Dalgety and Company, Ltd., have received the following market advice from their head oflice, London, - dated November 14: Messrs. Samuel Page and Sons reP °Butter market very quiet. Danish, 180 s. to 188 s. (190 s. to 1925.); New Zealand finest salted, 168 s. to U4s. (170 s. to 1765.); Australian finest unsalted, libs, to 180 s (182 s. to 1845. j: Australian finest salted, 168 s. to 1725. (170 s. to 174 s );Australiau G.A.Q., 1645. to 1665. (,1665. to Cheese market steady at present prices. New Zealand white. 935. to 945. (935. to 945.) ; New Zealand coloured. 925. to J<K. (92s to 935.): spot price for Canadian white. 955. to 965. (!£>“, to 97s.);spot. price for Canadian coloured, us. to 96s (J4s.ro 96s ): c.i.f. price for Canadian, J3s. to Jus. (93 s. to 965.). (Last week’s quotations shown in parentheses.) Mr. G. A. Mills lias received the follow • ing cabled advice from his principals, Messrs. A. J. Mills and Co., Ltd.. London, under date November 14:—Butter: Ihe market is weak; New Zealand finest, li-s_ to 174 s : New Zealand lirst, 1 <os. to 11-s , Danish. 182 s. to ISGs.: Australian. l<os. to 1725. Cheese: This market is steady. New Zealand white, 935. to 945.; New Zealand coloured. 925.: Canadian white, 945. to Jos., Canadian coloured, 935. to 945. Messrs. Joseph Nathan and Company, Limited, have received tlie following cable from Messrs. Trengrouse and Nathan, Limited. London, dated November 14. New Zealand finest butter 1745. per cwt.; first grade, 171 s. per cwt., very quiet. New Zealand white cheese, 945. per cwt., col cured, 935. per cwt,; market firmer. POSITION OF STOCKS The statistical position of dairy produce stocks is sot out in the New Zealand Dairy Board’s latest circular as follows:— •The following arc the stocks of butter and cheese held in Canada as at Novcm-

AUCTION SALES MONDAY. 83 Rugby Street, 1.30 p.m.—Sale household furniture (E. Johnston and Co.) TUESDAY. 41 Panama Street, 2.30 p.m.—Sale of property, 35 Havelock Street, Mornington (Harcourt and Co.) Messrs. Duigan and Co., Saleroom, Wan1 ganui, 2 p.m.—Subdivisional 'sale, account J. Craig (Wright, Stephenson, and Co., Ltd.) Lavin. —Stock sale, 1 pan.

THE MONEY MARKET BANK OF ENGLAND RETURN INCREASE IN GOLD (Rec. November 14, 5.5 p.m.) London, November 14. The Bank of England return for the week ended November 13 is as follows:

♦ Including Exchequer, savings banks, commissioners of national debt and. dividend accounts. Proportion of reserve to liabilities 30.80 per cent., compared with 30.80 per cent, on November 6. 30.10 per cent, on October 00, and 42.50 per cent, on November 11, 10-8. The principal items of the above return compare as follows with those for the week ended November 0:— Nov. 0 Nov. 13._

l4, 1928, £162,487,073. 1929 maximum, June 12, £164,211,400; minimum, October 2, £130,343,588. SHORT LOANS AND BILLS. The Bank of England rate of discount is 6 per cent., to which it was reduced on October 31 from GJ per cent. Short loans are quoted at 5 per cent., unchanged on last week. The market rate for best three months bills is now 5 21-32 per cent., as against 5 13-16 per cent, last week. NEW YORK RATES. New York. November 14. The Federal Reserve Bank to-day decreased the rediscount rate from o to 4* per cent., which is the lowest level since JU Cail money was at 6 per cent, all day today. GOVERNMENT STOCKS .9 London. November 14. Quotations of Government stocks to-day compare with those of a week ago as

FOREIGN EXCHANGES

(British Official Wireless.) Rugby. November 14. The following rales on foreign exchanges are current to-day, compared with the cabled quotations on November 12 and

FROZEN MEAT TRADE

PRICES UNCHANGED

Dalgety and Company, Ltd., are advised by their head office, London, under date November 14 that there is rather more inquiry for frozen meat, but no improvement in prices. ... .. . According to advice received by M. A. Eliott, Ltd., Palmerston Noth, from their London agents, there lias been no change in the values of lamb, mutton and beef. Current .Smithfield quotations are’:—North Island prime lambs, under 36111. B>d., 361 b. to 421 b. 71d., 421 b. to 50ib. 7jd.; ordinary North Island lambs, under 4_lb. 7 5-Bd.. second quality, under 42111. 7jd.; best North Island wethers and/or maiden ewes, 48111. to 561 b. and 561 b. to 64111. 6 3-Bd., 641 b. to 721 b. and over 721 b. 51d.; ordinary Nortli Island wethers and/or maiden ewes, 481 b. to 561 b. and 561 b. to 641 b. 61d., 6411>. to 721 b. and over 72111. 5 3-Bd.; Nortli Island ewes, under 641 b. 4id., 641 b. to 721 b. and over 721 b. 4 l-Bd.; New Zealand prime ox beef (equal fores and hinds), 1601 b. to 2201 b., 4i]d.

CHILLED MEAT PROSPECTS London, November 14. Colonel Dunlop Young, veterinarian to the citv of London, in a paper read before tlie British Refrigeration Association, said his recent tour in Australia and New Zealand Impressed on him Unit it was impossible to realise how we could exist without refrigeration. It was incorrect io say that ctiilted meat cannot be brought from the Dominions. He was absolutely certain that engineers will eventually bring chilled meat from Australia, and New Zealand satisfactorily. If the meat is of the same quality as South American and in sufficient quantity ships should load at. flic nearest port, to Britain, and come direct and discharge at tlie first suitable port.

THE WOOL SALE WAIRARAPA FARMERS’ OFFERING PAPATAHI MAKES TOP PRICE Reporting on Thursday's wool sale, the. Wairarapa Farmers' Co-operative Association, Ltd., state that a small offering was submitted to a record bench of buyers representing all branches of the trade throughout the world. The tone generally was better than anticipated, due mainly to au unexpected demand from America. Bidding was spirited and most lots were keenly competed for, although it was noticeable that u section of the Bradford representatives were silent, evidently finding tlie market beyond their limits. A few lines of Merinos and Southdowns offered were difficult Io quit and failed to realise satisfactory prices. Our catalogue comprised some wellknown elips from the Wairarapa and local districts, and we are pleased to announce that once again we realised top price of the sale with the well-known Papatani clip, the property of Mr. IL A. Matthews, having obtained 15}d. for a line of 22 bales AA ewes, which price must be considered highly satisfactory in view of the fact that prices compared with the sale on March 20 last have declined fully 3d. to 4d. a lb. The following are some of the lines sold by the Wairarapa Farmers’ Co-operative Association, Ltd.: — Hoggets. —Papatahi/H, 17 bales at l-ljd., 9* bales at 13}d., 6 bales at 14d., 6 bales at Hid.; HB, 4 bales at 12}d.; MB/B, I) bales at 12jd., 5 bales nt 12}d.; Omata, 6 bales at 12d.; NMcL, 6 bales at 13d.; CB/O, 12jd.; LTSB, 12Jd. , Ewes and Wethers.—Papatalu/H,. 22 bales at 153 d., 16 bales at 141 d., 5 bales at 13d.; JO/L, 11 bales at 133 d., 7 bales at 12»d.; HB 5 bales at Hid.; MB/B, 9 bales at 12d., G bales at 101 d„ 2 bales at Hid.; JJ/Solway, 8 bales at 12d.; CB/O, 6 bales at 13d„ 2 bales at Hid.; Quay, 4 bales at 121 d„ 4 bales at 12d.; 88/W, 7 bales at 12-jd., 3 bales at Hid., 7 bales at 113 d.; CB/O, 5 bales at 12d.; Omata, 4 bales at 131 d., 2 bales at Hid., 9 bales at 12Jd. Necks, Pieces and Bellies.—Papatahi/H, 2 bales at 13jd„ 10 bales at lid., 7 bales at Sid.; MB/B, 3 bales at S*d.; CB/O, BJd., Bd.; Omata, BJd., Sd.; 88/W, 81d., 7id., Bd.; JO/L, 9d., BJd., Bd.; Papatawi/H, 8 bales at 7{d. Crutehlngs.—JO/L, 9Jd.; HD, Bd.; EL, 8d Old.; RFC, 91d.; BM/Mangarawa, BJd.; Part Te Parae/Rawbiti, 81d.; 88/W, ojd.; CB/O, Old.; JP/Tarata, Old.; JP/KH, 7n(l. GRAIN, PRODUCE, FRUIT, ETC. DUNEDIN MARKETS Dominion Speciai service. Dunedin, November 15. Now that the wool season is approaching, most of the stores have disposed of the bulk of their stocks of wheat. I'or some time there has been practically no free wheat offering and most of the business transacted lately has been eonhned to pool wheat. The quality of tins in a good many cases has not been ot the best, but owing to the short stocks available there has not been the difficulty in selling that would otherwise have been experienced. Prices remain unchanged and general quotations are ss. 9d. per bushel, •sacks extra, on trucks, for Tuscan; 6s. for Hunters, and 6s. 6d. for Velvet. The fowl wheat market is firm with stocks now getting • into short compass. Good lines have been selling at 6s. -d. .per bushel, sacks extra, ex store. There is very little business passing in oats. The shipping demand is very quiet and the only transactions locally are in small lines for feed purposes. Prices show no quotable change and rule at 3s. Sd. per bushel f.0.b.,5.i., for A gartons and 3s. 7d. for B grade. These prices are equivalent to 3s. 2d. and 3s. Id. per bushel respectively, sucks extra, on trucks at country sidings. The local chaff market is firm in symnathv With the northern markets, where good quality is now difficult to obtain from farmers -for shipment, •□.he demand is not heavy here and stored stocks are being worked off at £6 10s. per ton, sacks extra. Thik price is equivalent to £(> os., sucks extra, ex truck, for truck lots It is very ucticeable this season that consignments of old potatoes from holders In the south are arriving on this market for a longer period than usual. There is a gradual t’alling-off in the demand for old tubers, and In consequence prices have a downward tendency, while sales are irJiicult to effect. Freshly-picked lots are selling at £6 per ton, sacks included. Supplies of new potatoes are on the increase, both from the North Island and locally. Local supplies will be'earlier this esason than usual. This is accounted for by the exceptionally long dry spell experienced making the growing crops come on ra The' rainfall experienced lately has Increased the retail demand for seeds and business is reported to be very good. Ryegrass is firm owing to stocks being short, and sales have been made both to North Island and South Island merchants. In other lines no wholesale trading is being done, and the stocks of certain lines such as dogstail, cowgrass, etc., are more than sufficient to meet the retail demand. Business in the fruit market has been fairly brisk during the week. A shipment of Samoan bananas arrived by the 1 regress on Tuesday. The condition of the fruit on arrival was only fair. No other shiuments of overseas fruit have arrived during the week, but the ..Waikouaili is expected towards the end of next ueek with a moderate consignment. The Manuka is also due from Melbourne, but advices from there state that prices are fairly high, so a heavy shipment is not exP Canadian apples are expected by the Kurow on Monday. This will be the brut shipment of the season to arrive here. Ibc whole of the consignment will be of the Jonathan variety. Supplies of Delicious and Wiiiesap will come by the following steamer in about three weeks. In the. meantime the market is very bare of apples. A few small lots have come forward from Central Otago and also from the Canterbury cool stores. The demand for Californian grapes has slackened off considerably, and prices have eased in consequence. Caulillowcrs are in rather short supply and good prices have been obtained. These remarks also apply to choice anything in either line if not choice is hard to sell The market is overstocked with lettuce and reallj' choice is tlie only kind that is saleable. Spinach and white turnips are now coming in more plentifully and prices for them are very low. Supplies of asparagus have increased, and prices have receded accordingly. ENGLISH MARKETS London, November 14. Wheat.—The spot trade is quiet. Australian, ex ship, 435. 6d. to 445. 6d. per quarter. Flour. —The market is easier. Aiist.rauian, ex store, 345. 6d. Oats.-—Al-gerian, 225. to 235. Peas.—The market is slow. Blues, New Zealand, to 300 s. to 3205. Maples, New Zealand, 555. to 60s. Beans.— The market is quiet. Now Zealand, 4Ss. to 50s.' Beet sugar, December. 7s. 83d. Por cwt.

N.Z. GOVT. LOANS— £ s. d. £ s. d. 54 p.c. Ins. Stk., 1933 100 15 0 — ■ 54 n.e. ditto. 1936 ... 101 10 0 — 54 p.c. ditto, 1941 ... 99 19 0 — ■14 p.c. Bonds, 1939 and 19-8 1 00 0 0 — — 44 p.c. ditto, 1930 ... 99 17 6 54 P.c. ditto, 1933 ... 1 00 17 6 —• 54 P.c. ditto, 1936 ... 101 12 6 — DEBENTURES— Well. Racing Club .. 107 0 0 —— N.Z. Breweries (bonds) — 18 6 BANKS— 13 16 0 Australian Bank of 1 1 12 3 Commercial of Aust. _ - 17 8 Commercial Banking Co. (Sydney) 24 7 6 25 0 0 English, Scottish, and Australian 7 11 0 7 14 0 National of Australasia ( £5) ■ ■ ‘9 10 New South Wales ... — 48 15 0 New Zealand — 3 .1 <-> Ditto (long term) ... 18 3 18 8 Union of Australia .. — 14 11 0 FINANCIAL— Goldsbrough Mort .. — 12 4 0 Abraham and Williams 1 ■ 4 10 0 N.Z. Guarantee Corp. (ord.) — 0 8 9 Well-Trust and Loan — 7 10 0 Well. Deposit & Mortg. 0 10 0 — GAS— 15 0 15 0 Wellington (ord.) ... ■ - 1 1 13 6 INSURANCE — 0 16 3 •0 16 4 South British .. . t .... 3 4 0 3 5 6 MEAT PRESERVING— — 2 4 0 Canterbury Frozen Meat (ord.) 8 0 0 —— N.Z. Befrlgerat. (£1) — 0 13 0 Ditto (10s.) 0 5 6 — TRANSPORT— 1>. and O. def. stock.. — ‘2 17 3 WOOLLEN— Kaiapoi (ord.) —— 0 13 6 Wellington (ord.) ... — 6 11 0 COAL— Hikurangi (ord.) 0 19 — Westport — *1 14 0 Westport-Stock ton ■ • 0 4 3 0 14 6 TIMBER— 0 8 0 0 10 0 Leyland-O’Brien .... ‘1 11 6 Kauri •0 15 0 — BREWERIES— New Zealand 4 7 9 4 8 3 Staples and Co — ■ 2 14 0 MISCELLANEOUS— Burns. Philp, and Co. — 12 4 0 British Tobacco (Aust.), 12 6 6 Dental and Medical .. 0 10 9 Electro. Zinc (pref.) . 1 14 G 1 15 6 Howard Smith (ord.) —• 12 6 N.Z. Drug —— 3 15 0 , Shurland and Co. (ord. 10 9 ' - - Wairarapa Farmers' 0 16 0 Well. Queen's Theatre 1 3 0 Wilson's Cement .... *2 2 8 —- MINING— Mount Lyell —— 2 3 0 0 12 2 0 12 6 "Cum. dividend. lEx dividend.

Company. Percent. Period Payable Tnupiri Coal .... u Half-year To-day Dalgety and Co. 10 Half-year Nov. 18 Ashburton Gas .. 8 Year Nov. 18 N.Z. Farmers’ Distrlbuthiff Co. .. 7 Year Nov. 20 National Insurance (1 Half-year Nov. 21 Wilson’s Cement . 5 Half-year Nov. 20 National Bank of Australasia .. 5 Half-year Nbv. 27 Leyland-O’Brien Timber 41-i 3 Half-year Nov. 27 N.Z. Paper Mills . 3} Half-year Nov. 29 Australian Glass . 5 Half-year Dec. 1 1*. and 0. del’, stk. 7 Half-year Dee. Henry Jones Co-op. 6} Half-year Dec. 2 N.Z. Loan and Merenntile 5 Half-year Dee. 8 Mount Lyell 13} Half-year Dee. IS

WELLINGTON. £ s. d. Ensrlisli, Scottish, and Australian • ( 12 Christchurch Gas 1 0 7 6 0 Sharland and Co., ordinary 1 1 0 Sharland and Co., preference .... 1 1 (1 8 Waihi” Grand junction 0 1 - AUCKLAND. £ s. d. Inscribed Stock, .1933, 5J pc. . 101 0 0 Commercial Bank of /Xustralia .. 1 3 Union Bank of Australia (Melbourne resister) 14 8 0 Goldsbrougli Mort 0 (_) Bycroft, Ltd. (late sale Thursday) It 1 6 DUNEDIN. e d. 0 9 6 Sale reported:— 1 16 0 N.Z. Government Bonds, 1930, 44 p.c. (after last call) 100 0 0

bL ' r 1: 1929. 1928. 1927. Tons. Tons. Tons. Butter 19,379 11.161 10,643 Cheese 10,877 .10,883 13.2a8 Taking into account Canadian cheese both in Canada and the United Kingdom, the position shows:— 1929. 1928. 192,. 'Cons. Tons.- Tons. In Canada 10.877 10.883 13,2u8 Ill U.Ik. •••••«•• 3,463 7,352 8,103 20,310 18.235 21,301 The following are the stocks of butter and cheese held in the United States at November 1:— 1929, 1928. 1927 Tons. Tons. Tons. Butter 01,751 47,278 53,021 Cheese 34,849 36,660 26,280 The position of stocks at November 1 was as follow: — BUTTER. 1929 1928 tons. tons. Estimated stocks of N.Z. butter in London, including private and provincial stores 12,500 15,500 Stocks in N.Z., including loaded into steamers not sailed finally at November 1 3,825 6,454 New Zealand stocks afloat .. 9,760 8,215 1.. .—— . ■ . 13,525 14,669 CHEESE. Estimated stocks in London, Liverpool and Bristol:— 1923 1328 1927 tons. tons. tons. New Zealand and Australian 2,789 1,514 1,193 Canadian 9,463 7,352 8,103 — — —.— ■ 12,252 8,866 9,296 —• ■ ■ - Stocks in New Zealand including steamers not sailed finally at November 1 4,286 5,714 5,659 Stocks afloat from N.Z 7,499 7,831 5,390 11,785 13,545 11,049 Total in sight 24,037 22,411 20,345

ISSUE DEI’A RTMENT. £ Govt, debt 11,015,100 Notes issued:— £ In circuOllier Govt. lation 358,105,337 securities 235,375,285 In bankOther seiug dept. 33,820,549 curl ties 8,791 J. »•> Silver coin 4,818,462 ‘£260,000.000 Gold coin and bullion 131,928,886 '£391,928,886 £391,928,886 * Amount of fiduciary issue. BANKING DEPARTMENT. . £ £ Capital 14,553,000 Govt, seRest 3,182,257 curities 66,8o4,792 ♦Public Other securities: deposits 15,784,557 Discounts Other deposits: and adBankers 54,705,309 vances 9,210,(178 Other Securities 19,275,175 accts. 41,755,117 Notes 33,820,u49 Seven-day Gold and etc., bills 2,500 silver coin 812,146 £129,982,740 £129,982,740

Rest £3,154,381 £3,182,257 Deposits Government £9,526.637 61,620,909 £15,784,557 54;,705,309 Other accounts . 38,746,612 41,755,117 £109,894.158 £112,244,983 £ £ Securities: — Government .... 67,171,855 ' 66,834,792 Advances and dis6,754,012 9,210,078 Other securities 19,816,220 19,275.175 33.862,316 34,662,605 Note circulation 358.403.760 358.108.337 iCoin and bullion 133,266,076 132,771,032 ♦ Reserve on November 14, 1928, was

follow: — Nov. 14. Variation. £ s. (1. 44 s. d. Consols, 24 per cent. .. 53 0 0 same Fund. Ln., 4 p.c., 1960-90 85 0 O same War Loan, 5 p.c., 1929-47 99 15 0 same Conver. Loan. 34 p.c. . 74 0 0 same Victory Bonds, 4 p.c. . 91 0 UT Co’wealtli, 54 p.c., 1922-47 95 b 0 7 Co’wealth, 6 p.c., 1931-41 99 17 6 Victoria, 3 p.c., 1929-49 69 .0 12 Gt Victoria, 3% p.c. 1929-49 71 7 G 12 0* Victoria, 54 P-C-, 1930-40 97 10 0 0* Victoria, 5 p.c., 1932-42 til 15 0 12 G* Victoria, 4} p.c., 1940-60 89 0 0 12 G* N.S.W., 4 p.c., 1933 ... 03 o 0 0* N.S.W., 3 p.c., 1935 ... 84 7 6 7 6* N S.W., 34 p.c., 1930-50 71 3 0 18, 0* N.S.W., 5j p.c., 1922-32 97 0 O «> 0* N.S.W., 64 P-C., 1930-40 101 0 0 o ()♦ N.S.W., 6 p.c., 1930-40 99 1 3 6* O’land. 34 p.c., 1930 .. 99 G »)T Q'land., 3 p.c., 1922-47 . 69 0 0 1 0 0* (fraud., 6 p.c., 1930-40 99 15 0 ‘ J f)t N.Z., 44 p.c., 1949-58 . 93 6 3 * 9* N.Z., 34 p.c., 1940 ... 86 7 6 G* N.Z., 3 p.c., 1945 ... 76 *i (i Gt N.Z., 6 p.c.. 1936-51 .. 103 ' 7 6 7 Gt S. Austr.. 34 p.c.. 1939 . S3 O O 10 Ot S. Aust.. 3 p.c., 1916/after 57 0 0 same 8. Austr., 64 P.c., 1930-40 101 0 or • Tasni., 34 p c., 1920-40 83 G (i t Tasm.: 3 p.c., 1920 40 77 0 0 1 0* Tasm., 64 p.c., 1930-40 101 15 0 Gt W. Austr., 34 p.c., 1929-35 87 15 0 same W. Austr., 3 p.c., 1915-35 86 5 0 10 O’ W. Austr.. 6 p.c., 1930-40 99 15 0 7 G* tHigher. ♦Lower.

par:— Nov. 14. Nov. 12. Par. New York, dol4.866 lars io £ .... 4.87 11-16 4.87 11-16 Montreal, clols. to 4.98 4.800 £ ! ——- Paris, tr. to £ 123.81 123.86 124.21 Brussels, belg. to 34.861 34.811 35.00 Geneva. 1'r. to £ 23.1(1 25.16* Amsterdam, Its. to 12.081 12.10 c 12.07? Milan, lire to £ 93.17 93.14 92.40 Berlin, inks, to £ 20.395 20.405 20.43 Stockholm, knr. 18.159 to £ 18.15 18.155 Oslo, knr. to £ . 1S.205 18.205 18.159 C’liagen.. knr. to £ 18.205 18.205 18.159 Vienna, sehgs. to £ 34.68 34.69 Prague, knr. to £ 164$ 164.1 24.02 Helsingfors, inks. 1941 34.72 192.23 25.22* to £ Madrid, pes. to £ 194J 34.93 Lisbon, esc., to £ Athens, drac. to £ 108.25 375 108.25 375 Bucharest, lei to £ 81(5 816 813.6 Rio de Janeiro. 513-16 46? pence to milreis B. Aires, p. to dol. 5 13-1(1 46 5-16 47.57 Calcutta, p. to rup. 17 27-32 17 27-32 18 Shanghai, p. to tael 20$ 204 * — II.-Kong, p. to dol. 201 20$ — Y’lmiua., p. to yen Batavia, Ils. to £ 23 31-32 23 63-64 24.58 12.12J 12.13* 12.10 Silver. —Spot, 22 9-16d. per ounce ; forward, 22 13-l(id. per ounce.