FINANCE AND COMMERCE

Dominion, Volume 25, Issue 266, 5 August 1932, Page 14

FINANCE AND COMMERCE

STOCKS AND SHARES Values Again Harden MARKET ACTIVE Firm and active conditions again ruled in the stock and share market yesterday. Evidence of a more confident, feeling was to be found in the continual appreciation of values of certain stocks, which was reflected in the more nuinerous selling quotations. „ GHt-edged securities were fully Ann. Wellington , Harbour Board 5$ per cent debentures,' 1940, hardened 15/- to £99 ■ 15/- without response from sellers. Bank of New Zealand shares continued their upward course, three sales being recorded at 48/- and another at 48/3. There were late bids at 48/1 but advanced to 48/6. Bank of New South Wales sold at £26/15/-, cum div., anl more were offering at that price. . Commercial Banking Cot of Sydney were done at £l4/7/6. Buyers closed at £l4, but sellers asked £1 higher. There were sellers of National Bank of New Zealand Building Company were bid for at £4, but sellers wanted another ±l. There was no response to 4/7 offered for N.Z. Guarantee Corporation. \n active demand at fully firm rates was disclosed for gas, insurance, meat nnd shipping shares, but * n ™ there any response from holders. year Meats hardened 3d to 32/3 and HuddartParker ordinaries were 1/6 up at J4/-. Buyers increased their offer for Mosgiel Woollen 5/- to £6/15A but sellers stayed out. Wellington Woollen, ordinaries, were offered at £5/5/-, cum div., an advance of 2/6. but there were no bids. Brewery shares were firmer, with no sellers. Staples were 6d higher at 24/Colonial Sugars were reported sold nt £42 More were wanted at £4l/i»/o. ' but sellers held for £42/5/-. Fanners , Fertiliser were 6fl up at 13/-. sellers asking 14/6. Wilson’s Cement wete fully firm, and. Woolworth’s (N.Z ) preference were 6d up at 25/6. sellers 26/6. Yesterday’s Quotations SWek BMP Seller,.

DEALINGS ON ’CHANGE Sales in the Dominion The following sales H ere r>J2S^nn dvesthe stock exchanges of the Dominion yes

P. & 0. Deferred Shares London, August 3. <X ifcfajxed «Imums aold to-day

DIFFICULT YEAR N.Z. Insurance Company DIVIDEND MAINTAINED Moving the adoption of the 94th annual report and balance-sheet of the New Zealand Insurance Company, at the meeting of shareholders at Auckland on Tuesday, the chairman of directors. Sir Alfred Bankart, said the company had shared the experience of all other underwriters in the matter of premium income which had fallen by £94,907 to £1,050,350. The year under review had fortunately suffered from no untoward underwriting events and losses had fallen from £740,244 to £670,713. This was in line with the reduced income, the ratio to income this year being 63.86 per cent., as against 64.64 per cent, in the preceding year. Expenses amounted to £349,331, being £4lOB less than last year.. The fall in income, however, increased the ratio from 30.86 per cent, recorded last year to 33.26 per cent. Every effort had. Been made to reduce expenses without impairing efficiency, but the effect of. the measures of economy put into operation would not be fully apparent until the expiration of the current year. It was not possible to effect staff economies which would keep pace with a fall in' income, and, even if it. were so. the directors were averse to taking any action calculated to aggravate the present economic condition. Moreover, they were by no means convinced of. the wisdom of reducing staffs at a time'when all the experience gainbd' by their' officers during their lengthy terms of service became of Increasing'value to the company. ■ It was most gratifying, therefore, to record that the underwriting profit amounted to £77,805, or some £1233-; greater than in the preceding year, while ample provision had been made for all known liabilities and possible bad debts. The investments side of the company s affairs had caused theiboard considerable anxiety during the year. In 1915 the underwriting profit was £87,423, and interest and rents £50,258; to-day. the 'underwriting produced £77,805, and interest .and rents . . £126,455. \ The latter figure, which gave a return of 4.68 per cen.t, compared with £140,296, or 5.07 per • cent, last year, a drop which had been experienced by practically all companies. Apart from the political factors which had adversely affected earnings from interest and rents, the company’s properties in. New Zealand, Australia, Africa, and America, from which a large revenue was obtained, had been seriously affected by the general depression. Pursuing a sound policy the directors had met their tenants not only fairly, but generously. Nothing could so adversely affect the capital value of .buildings as to have many empty offices and shops therein. Investment Fluctuation Account. A fall in the interest on an investment usually affects its capital value. Last year the board, placed £95,000 to the credit of the investment fluctuation account to cover any probable fall. A very careful scrutiny had been made of every class of: investments and any depreciation in securities in New Zealand, England, -Australia ,and. America, had been provided for. In order to strengthen! further the company’s investment position, and in view of the present outlook, the directors had deemed it prudent to transfer a further £50,000 to the investment fluctuation account, which will then stand at £149,251, thus forming a reserve which amply would cover any variation in market values. On. the liability side of the balancesheet the only change calling for comment was the item sundry creditors, which had fallen by £58,751. For the purpose of financing the payment of the dividend it was at times convenient for the’company to accept deposits at call, but this year the amount so required was considerably less than in the preceding year; hence the reduced amount due to sundry creditors.. , * . 1 The surplus from underwriting and Interest and rents was £204,261, which, added to the carry-forward from last year, £105,943, gave £310,204 to the credit of the appropriation account. An Interim dividend of 1/- a share was paid in February, last, leaving. £235.204 available for distribution. The directors had transferred £50,000 to the investment fluctuation account and now recommended the payment of a final dividend of .1/a share, making "If- a share for the year ended May 31‘, 1932, and leaving £llO,204 to carry forward to the new account.

Shareholders would remember that advice was given them of the possibility of the Commissioner of Taxes treating as income the capitalisation of 4/- per share in 1930 in order fo adjust their tax rates for the March, 1931. year. The commissioner had now notified them that he did not intend to adhere to his former interpretation of the Act. The report and balance-sheet were adopted. ' Sir Alfred Bankart and Messrs. Oliver Nicholson and Charles Rhodes were reelected directors.

Messrs. EL Gilfillan nnd F. C. Buddle were reappointed auditors. At a subsequent' meeting of the board Sir Alfred Bankart was re-elected chairman, and Jlr. Henry Horton vice-chair-man, for the current year.-

COMMERCIAL BANK OF AUST. Exchange'Adjustment Fund The directors of. the Commercial Bank of Australia Limited in their annual report state- that in order to make special ■provision to cover any variation in the rate of exchange £250,000 has been transferred from tho reserve fund out of profits previously credited there to an exchange adjustment reserve. The reserve fund is thuS reduced to £2,000,000. In addition to the appropriation for dividends out of profits, announced by cable in this column last Saturday, £lO,OOO has been appropriated for reduction of premises, as against an appropriation of £20,000 last year. This leaves £70,311 to be carried forward, as against £65,335 last year. SYDNEY STOCK EXCHANGE Market Strong and Active (Rec. August 4, 9.20 p.m.) Sydney, August 4. Strong and active describes the tone of the Stock Exchange to-day Every section was well supported, bonds setting new high records. Sales: Bank of New South Wales, £29 7/6; Commercial Bank of Sydney, £l5 10/-; Bank' of Australasia, £ll/10/-; Colonial Sugar, £47/5/-; New Zealand Insurance, 43/6; Burns, Philp, 44/6; Millaquin Sugar, 26/6; Fairymead Sugar, 24/-; Henry Jones, 32/4J; Australian Gas -A, £6/9/-; do. B, £6/9/6; Tooths, 30/-; Goldsbrough, Mort, 25/-; Dunlop Perdriau, 13/3; Australian Glass, 40/9; Electrolytic Zinc, 13/10; do., pref., 23/9; British Tobacco. 32/3; Mount Lyell, s2O/-; Broken Hill Ppy., 18/71: Taranaki Oil, 1/2. Commonwealth bonds, 1938. £9B/12/6; 1941, £9B/7/6; 1944, £9B/8/9: 1947, £9B/13/9; 1950, £99/5/-: 1953, £97 17/6; 1955, £97/18/9; 1957, £9.8; 1959, £9B; 1961, £9B/11/3. Melbourne, August 6. Sales: Commercial Bank of Australia, 16/1; South Broken Hill, 45/6; North Broken Hill, 62/6. North Broken Hill Development The following cable message from North Broken Hill Company Ltd. was received yesterday by the Stock-Exchange Association: "Cross-cut 1850 level cuts footwalls of lodes and ore exposed MB W <838 & 9 st'BlW’

EXCHANGE PROBLEM Shipowners and Export Boards EFFECT ON FREIGHT RATES An important arrangement has been come to between the shipping companies and the Meat and Dairy Boards in regard to freight rates and exchange. The Overseas Shipowners’ Committee recently asked the Dairy Board to consider the question. The shipowners drew attention to the fact that under the exist ing contract the dairy export shipping freights were paid in New Zealand, ana this in effect involved the companies, in a loss of approximately 10 per cent, in remitting to London the proceeds of freightearnings paid in New Zealand in New Zealand currency. Hitherto the companies had borne this charge, but they reminded the board that they could not continue to absorb this charge indefinitely or to face an advance in the exchange rate. They therefore requested that the position should be met if circumstances required. The Dairy Board resolved that a committee, consisting of Messrs. Fulton, Grounds, Corrigan, and lorns , (chairman). should be appointed to meet the shipowners’ representatives, in conjunction with a committee of the Meat Board. Power to act was accorded, the committee. Subsequently the Dairy and Meat Boards met the representatives of the shipping companies and the following understanding was reached: — (1) For all shipments on and after September 1, 1932, there shall be paid in addition to the contract rate. of freight a rate of exchange on the freight itself equal 'to any increase in the telegraphic rate of exchange over and above the present telegraphic rate of 10 per cent. That is to say, the shipping companies will continue to absorb the present rate of 1U per cent. . , ~ . (2) Where a steamer is loading at August 31 at any particular port, and portion of the produce is loaded prior to the end of August and portion after that date, any increased rate of freight, by reason of an increase in exchange taking place in. August, which becomes chargeable on that portion loaded after August 31, shall be spread over the whole of the shipment from that particular port on that steamer. (3) On' all shipments other than those referred to in paragraph (2) the rate of exchange which shall be, applicable shall be the rate ruling on the date on .which a steamer commences loading refrigerated cargo at any one port. (4) The rate of exchange for the purpose of assessing the freight shall be that published by the associated banks from time to time.

DOMINION BANKING Deposits and Advances The long-established low level of business activity still persists, as evidenced by the baiiking figures for June, says the Government Statistician. Debits recorded show a decline of 6.3 per .cent, from the previous month and of 7.1 per cent, from June, 1931. Although both deposits,.and advances declined elightly during June as compared with the previous month (the former by 0.6 per cent. , and the latter by 0.2 per cent.), the greater decrease in,the volume of deposits set the ratio of advances to deposits moving' in an unfavourable direction once again. However, the movement is elight, and the ratio now stands at 93.15 per cent, and is an improvement on the figure for June, (95.28 per cent.). The decline in the volume of deposits was chiefly at the expense of funds left at call with the banks, and this resulted in a decrease of the ratio of free to fixed deposits to 46.16 per cent, in contrast with a proportion of 53.96 per cent, recorded a year ago. The following comparison of bank deposits and advances is given in the latest monthly abstract of statistics: —

BASE METALS MARKET Prices Fairly Steady (Bee. August 4, 7.55 p.m.) Sydney, August 4. The official London (middle) quotations for Wednesday as received by the Australian Jlines and Metals Association compare as follow with those previously cabled: —

DAIRY PRODUCE London Market Prices . Cabled advice dated August 3 has been received by A. 11. Turnbull and Co., Ltd., from their London principals, W. Weddel and Co., Ltd., London, as follows: —■. Danish butter, 108/- to 109/-; New Zealand finest, 104/- to 105/-; Kangaroo, 99/- to 102/-. Market weak. New Zealand cheese, white and coloured, 55/- to 58/-. Market firm. The New Zealand Loan and Mercantile Agency Company Limited have received the following advice from their London House dated August 3:—Dairy produce (last week’s figures in parentheses) : Butter, New Zealand choicest salted, 105/- to 106/- per cwt. (106/-). Market slow. Cheese, white, 57/- to 58/- per cwt (55/- to 56/-); coloured, 56/- per cwt. Market steady. ' Sharp Rise in Gold Shares (Rec. August 4, 0.15 p.m.) Sydney, August 4. A spectacular rise in gold shares was registered to-day when Cracow OP t, oj> £lO shares, which were quoted at ±laU on Tuesday, sold for £275 each. There were only one hundred of these shares, of which forty were taken in Sydney. Ihe Cracow field is in Queensland. Adjoining ventures also rose sharply.

CUSTOMS REVENUE. The Cdstoms revenue collected at Wei-

GRAIN AND PRODUCE Christchurch Markets POTATOES SLIGHTLY EASIER Dominion Special Service. Christchurch, August 2. There is little difference in the prompt position of the potato market, but later months are slightly easier. Prompts are quoted at £5/15/- to £5/17/6 f.0.b., 5.1., with little business. August-Sep-tember delivery is quoted £6/5/-, as against £6/10/- the week before. The quotation to-day on trucks is £4 15/- a ton, with slightly freer offerings than recently. The Waipiata was booked to sail tonight with a cargo of quite 7000 sacks from all ports. The Port Waikato lifted about 1000 sacks from Timaru for Auckland, but the Lyttelton complement will be small. Fowl feed is firm, and supplies are not easy to pick up. There is no inquiry worth mentioning for oats or Chaff, but the usual inquiry for spring small seeds may be expected shortly. The following are quotations for produce to be paid to farmers, on trucks, free of commission, sacks extra, except where otherwise stated:—*■ Wheat: Wheat " Marketing Board’s price, Tuscan 4/9$ f.0.b., Hunters 4/11$, Pearl 5/Is. Fowl wheat: Prompt, 4/9$ to 4/10. Oats: A Gartons, 3/- for prompt; B’s, 2/9; Algerians, 3/-. ' Potatoes: £4/15/-.

Partridge peas: To 5/7. Barley: 3/-. Cocksfoot: Akaroa, 6d; Plains, 4d to sd. Perennial ryegrass, 4/- to 4/3. Italian ryegrass: 3/9 to 4/-. Chaff: £3/12/6 to £3/15/- a ton. White clover: 1/6 to 1/8. Cowgrass, lOd. Bran: £3/10/-. a ton shipping and £4 10/- a ton local. Pollard: £5 a ton for shipping, £6/10/local. Flour: £l3/12/-, with the usual increments for smaller packings. AUSTRALIAN PRICES Wheat Market Firm ■ (Rec. August 4, 7.55 p.m.) Sydney, August 4. Wheat, ex trucks Sydney, 3/2 a bushel; ,at country stations, 2/7. Flour, £lO a ton; bran and pollard, £6 a ton; potatoes, Tasmanian £7/10/-, Victorian £6 a ton; onions, Victorian £25 a ton, Japanese £24; oaten hay, £7/10/- a ton; maize, yellow 5/2 a bushel, white 4/7. Adelaide, August 4. Wheat, to 3/- a bushel: flour, £7/15/a ton; bran, £4/17/6 a ton; pollard, £5 10/- a ton; oats, 1/8 a bushel. Canadian Wheat Crop Ottawa, August 3. Conditions during July were' again fateful to the prospect of a bumper wheat crop in Western Canada, says the Bureau of ’ Statistics. Fair to excellent prospects remain in Manitoba, Northern Saskatchewan, and North, Central and Western Alberta, but the large central wheat area is drought-stricken to the same degree as in 1919, 1930, and 1931, and there have been greatly reduced crop prospects during the past three weeks. FRUIT AND VEGETABLES Wellington Prices Good supplies of pip-fruits 'have'arrived during the past week and prices are A little easier, report W. Burbidge and Company. Firm fancy Delicious apples and Winter Cole pears are selling best. All early spring vegetables are in keen demand and prices good. New-laid eggs are coming In freely, but sales are good and the price is firm. Potatoes are selling well and the market is steady, but onions are very dull and sales hard to secure. Prices obtained yesterday morning are as folApples: Fancy Stunners, 5/-; others, 3/- to 4/-; .Delicious, fancy, 5/- to 5/6; others, 3/6 to 4/6; Dohertys, 4/-; Jonathans, 3/- to 4/6; Ballarats and Washingtons, 4/6 to 5/-; Statesman and Rome Beautys, 4/- to 4/6 per bushel case. Pears: Winter Coles, 7/6 to 8/-; W. Nelis, 5/6 to 6/6; Baurree Boses, 5/to 5/6 per bushel case. Local lemons: Hastings, 6/- to 8A; Te Puke, 11/- to 14/- per bushel case. Nelson new potatoes, 3d per lb- Potatoes; Suttons Supreme, £8 to £B/0/-; Red Dakotas, £7/15/- to £8; North Island Whites, £7/5/- per ton. Canterbury onions, 14/6 per bag; Japanese onions, 19/- per crate. Swedes, 2/- a case. Pumpkins: Red, 4/6 to 5/-, grey, 5/- to 5/6 per sack. New-laid eggs, 1/5; mediums, 1/3 per dozen. Separator butter: Pats, 8d ; bulk, 7sd per lb. Comb honey: No. 1 grade, 7/6 to 8/-; No. 2 grade. 6/- per dozen. New Zealand walnuts, 4d per lb. Best Blenheim chaff, £6/15/- per ton. Good whole fowl wheat, 6/- per bushel.

GOOD PRICES FOR HORSES Successful Feilding Sale A successful sale of horses was held at Feilding last Saturday by Associated Live Stock Auctioneers Ltd. It is many years since such keen interest has been displayed by such an exceptionally large attendance of buyers representing a wide area, 'extending as far as Hawera, Tarhape, Levin and Dannevirke. Bidding was animated throughout for the offering of 109 horses, and very few were passed at auction. The heavier sorts of unbroken horses sold particularly well, while there was an unsatisfied demand for good all-round broken horses. Prices ranged as follow:— Unbroken medium to heavy draughts, account James McKelvie: Eight four year-olds, £33, £3l/10/-, £26/10/-, £25, £24, £23/10/-, £l7/10/-, £l3, £ll/10/-. Account S. Williamson : Four rising four-year-old geldings, broken to lead, £33, £29, £27/10/-, £24. Account Dalrymple Bro’s.: Three half-draughts, £25, £lB 10/-, £ll/10/-. Account Barber Estate: Eight three and four-year, broken to lead, £3O, £29/10/-. £2B/10/-, £27/10/-, £25/10/-, £24, £2l/10/-, £l5/10/-. Account Janies Northcoot: One four-year gelding, £26/10/-. Broken horses, account various vendors: Best draughts, all work, £39/10/-, £35, £34/10/-, £24 to £2B/10/-; others, £lB £l9, £24 to £25/10/-. Best draught chain workers, £37/10/-, £36/10/- to £3l. Spring carters and medium draughts, £25, £24 £l9 to £l7/10/-. Aged horses. £lB, £ll/10/-, down to £2/5/-. Unbroken ponies, £4/15/-, £3/15/-. £2/15/-, to £10; hacks, 20/- to £3/15/-.

Hemp and Tow Gradings Quantities of hemp and tow graded at Dominion ports last month compare

FOREIGN EXCHANGES Position of Sterling I,oiidon, August 3. *The following rates on foreign exchanges were current to-day as compared with quotations on August 2 and par:—

Gold and Silver. London, August S. Gold.—£s/17/2 per fine ounce. Silver.—Cash, 17 3-16 d per oz.; forward. 171 d. ' Customs Exchange Rates Rates of exchange ruling at the announced date of departure of the vessels named are shown in the following table. They are subject to confirmation by the Customs Department when the exact time of departure is learned on the arrival of the vessels in New Zealand, finally declared rates being marked*— Canadian Conqueror, Canada, dollars 4.14 Brisbane Maru, Japan, yen 18.5 Aorangl, Canada, dollars 4.105 Arden vohr, America, dollars 8.54 J Port Hobart, America, dollars 3.54 Canadian Cruiser, Canada, dollars .. 4.05 Taranaki Oilfields Taranaki Oilfields, Melbourne, cabled to the Stock Exchange Association yesterday as follows: “All shares forfeited for non-payment seventh call due August 12 last will be sold here 31st inst. unless previously redeemed by payment of fcha to ttumaaay® Melboum

Gold Dredging in New Guinea Mr. Fred G. Dunn, attorney for Clutha Development Limited, advises that the yield of the Bulolo dredge for the 28day period ended July 18 amounted to 4663 ounces of bullion of an approximate value of 62,950 gold dollars from 198,600 cubic yards. AUCTION DIARY TO-DAY. Brandon St., 2.30 p.m.—Sale property a/c S.C., 85 Apu Crescent, L v all Bay (J. 11. Bethune & Co.) Mart, Wakefield St., 11 a.m. —Sale produce (Wgtn. Fruit Markets, Ltd;). 8 Wllleston St. (basement), 10.30 a.m._ Sale household furnishings (B. Johnston & Co.). _ , . Woolworths Buildings, 1.30 p.m.—Sale furniture (I. Silverstone and Co.). Bond St., 1.30 p.m.—Sale furniture, etc. (Ramsey Wilson and Co.). 91 Dixon St., 1.30 p.m.—Sale furniture, etc. (C. W. Price). TO-MORROW. 167 Marine Parade, Seatoun. 1.30 p.m.— Sale property and furniture (I. Silverstone & Co.). MONDAY. Martinborough Sale, 11.30 aau. (Asaoq. Aucttencsrs IMA

N Z. GOVT. LOANS — B J p.c. Bonds, 1939 ... 95 15 44 p.c. ditto. 1938 ... — 54 p.c. ditto, Feb.. 1937 101 0 54 p.c. ditto,. Sep., 1937 4* p.c. Insd. Stk-jlOSS, — 41 n c. ditto. 1938 . — ■ ““ p.c. ditto. Sep., 1937 101 0 51 p.c. ditto.' 1941 ...‘97 » DEBENTURES— Wgtn. Gas Co. ...... 99 0 A uck. City. 54 p.c., 1944 90 10 Dunedin City, 5i p.c., 1944 wo v 0 0 0 0 0 0 0 £ s d 96 5 101 10 96 2 99 0 0 0 6 0 Wgtn. Harb. Bd., 5} p.c., 1940 99 15 0, — Westport Boro., 6 P.C., 98 0 0 Makerua Drn. Board. 95 0 0 Wai tom o Elec. P.B., 6 p.c.. 1945 99 0 0 Eastbourne Boro., 6* p e 195° • 97 0 0 Haurakl Plains, 5$ p.c., ' . 1959 “ 97 0 0 BANKS— „ 6 National' N.Z ■ Commercial Bank. Co. (Sydney) 1* 0 New South Wales ... — New Zealand z 0 0 1 15 0 •26 15 2 8 0 0 6 FINANCIAL— . n 5 0 o Equitable Bldg. Co. ..4 0 1 2 8 Goldsbrough, Mort .. — N.Z Guar. Corpn.. ord. 0 4 N.Z. Invest.,' Mortgage and Deposit V OT n N.Z. Loan & Merc., ord. 87 0 0 41 0 0 Wgtn. Deposit & Mtg. 0 8 contr. ...... to 14 3 — Christchurch . 7} * Wellington, ord U 8 INSURANCE— +“» d 6 —- MEAT PRESERVING— _ Well. Meat Exp., pref. 0 12 6 transport— . , . Huddatt. Parker, ord. 1 4 0 — Union Steam, pref.. • • 9 19 1 5 0 Kelburn Tram, pref. . — WOOLLEN— M1K 0 — Wellington, ord. .•••• “ •5 5 0 COAL— 0 12 0 Westport .... — , TIMBER— - - 9 ■■■»- Levland-O’Brien .... — 1 0 0 3 0 0 National - BREWERIES— Lariiou New Zealand i * 9 — Staples and Co 1 * 0 MISCELLANEOUS— Colonial Sugar ...... 4! 18 « 42 5 0 Burns, Philp, South ...... • ••• * O Electro. Zinc, pref. .. 1 1 9 8 «■»■ Howard Smith,-ord. .. 0 8 National Electric ® io 0 New Zealand Drug ... 2 id N.Z. Farmers’ Fer0 10 0 0 14 6 Wilson’s Cement 1 8 Woolworths, pref. 1 ... 1 o 9 6 1 9 1 6 3 6 MINING— 0 13 6 9 0 18 0 — 6 0 16 0 •Cum. dividend. fEx. dividend.

lerday: WELLINGTON. £ 8 d Inscr. Stock, 54 P-c., Sept., 1937 .. 101 5 0 q Bank of New Zealand (2) 3 3 Bank of N.S. Wales, cum. div. .. 20'15 0 Commercial Bank or Sydney .... 14 7 0 Colonial Sugar •Late sale Wednesday. AUCKLAND. £ 8 d Govt. Bonds, 54 p.c., Sept., 1937... 101 0 0 Ditto. 54 P-c., Sept., 1937 ...... 101 5 0 Inscr. Stock, 54 p.c., Feb.,.1934.. 101 5 0 Ditto, 54 p.c., Sept., 1937 (2) .., 101 0 0 Commercial Bank of Aust. , 0 14 0 Bank of New Zealand (2) , > 2 8 0 , 1 19 9 Ditto , 2 0 0 Ditto ••••■ , 2 0 3 , 1 4 6 , 0 6 6_ 1 4 11 ’Ditto •••••••••• , 1 5 0 Tooth’s - . 1 6 6 42 0 0 , 42 2 6 Farmers’ Trailing ......... 0 4 14 Kempthorne, Prosser .. , 2 14 6 Dlttn 0 3. 3 , 0 1 2 Blackwater Mines 0 12 0 0 4 10 Wai hi 0 15 9 CHKISTCHUBCH. £ s d Commercial Bank of Aust, cum I div (2) , 0 14 0 Goldsbroiigh, Mort (2) . 1 2 0 N.Z. Refrigerating, 10/- paid .... . 0 4 5 , 42 0 0 Mount Lyell , 0 17 8 King Solomon (3) . 0 1 74 Waitabu (2) discount .......... , 0 0 3 Sales reported— Bank of New Zealand , 2 8 0 Ditto . 2 8 3 Huddart, Parker , 1 4 S Northern Steam, fully paid , O 6 7 Ditto . . »0 0 7 . 1 4 11 Ditto . 1 5 0 Colonial Sugar . 42 2 6 •Late sale Wednesday. DUNEDIN. £ • d Sales reported— Inscr. Stock, 54 p.c., Sept, 1937 .. 101 5 0 Bank oi New Zealand (2) 2 8 0

Deposit.. Week ended. Govt. • Free. Fixed. 1932. .Tiinfi 1 J? £ 1,775,878 £ 16,485,840 £ 35,726,623 June 20 .. 1,884,028 16.603,098 35,677,102 June 27. ■ 1,771,168 16,098,171 35.700.150 July 4 .... 1,120,426 15,740,050 35,596,809 July 11 ... 1,278,425 15,673,418 35,338,896 July 18 ... ■1,242,073 15,571,773 35,367,957 Advances. Ratio", advances to Discts. Advances, deposits. 1M2 £ £ Per cent. June 13 .. 620,033 49,347,583 92.5.J June 20 606,877 . 92.31 June 27 .. 588,335 49,827,295 94.11. July 4 .... 583,482 50,542,427 97.46 July 11 .... 567,266 50,095,190 96.89 July 18 .... 606,773 49,825,308 ■96.65

Aug. 2. Per ton. Aug. 3. Per ton. CopperStandard, spot ... £ s d 27 15 0 £ s d 27 8 9 Standard, forward 27 8 9 27 3 9 ‘Electrolytic 31 10 0 31 0 0 to 32 0 0 32 0 0 Wire bars 32 0 0 32 0 0 Lead— Spot 10 8 9 10 1 3 10 16 6 10 11 3 Spelter— 12 7 6 12 6 3 Forward 12 13 9 12 12 6 Tin— Spot 133 2 6 133 2 6 tForward 134'17 6 134 12 6 Silver— Standard, per oz. . i7i 17.3-16d IPInA. npr nx 18 5-8d 18 9-16d ‘American, not quoted. ; fAmerlean, not quoted.

hr follows with those for July, 1931 July, July, Incr. or 1931 1932 deer. bales bales bales Hemp 1032 130fi .274 T 0 “ P 495 323 ♦172 ali»» 8 4 *4

Aug. 3. Aug. 2. Par. N. York, dol. to' £ 3.515 3.519 4.866 Montreal, dol. to £ 4.045 4.035 4.866 Paris, fr. to £ .... 89 11-16 89.75 124.21 Brussels, bel. to £ 25.325 25.375 35.00 Geneva, fr. to £ ... 18.045 18.055 25.225 Amst’dam, fl. to £ 8.73 8.735 12.107 Milan, lire to £ .. 68.875 6815-16 92.46 Berlin, mks. to £ 14.775 14.775 20.43 St’holm, knr. to £ 19.495 19.50 18.159 C’hagen, knr. to £ 18.595 18.60 18.159 Oslo, knr. to £ .... 19.975 1931-32 18.159 Vienna, schgs. to £ *29 *31 34.585 Prague, knr. to £ 118.75 118.75 16425 Hei’fors, mks. to £ 233 235 193.23 Madrid, pes. to £ 43.50 43.625 25.225 Lisbon, esc. to £ 110 110 110 Athens, drach. to £ 550 550 375 Belgrade, din. to £ 220 220 276.81 Bucharest, lei to £ 590 590 813.60 Warsaw, zloty to £ — —— 43.38 Rio de J., p. to mil. ♦51-8 •51-8 16.70 B. Aires, p. to peso 47.62 M. Video, p. to peso *29 •29 51 Calcutta, p. to rup. 183-32 183-32 18 Shanghai, p. to tael 20 7-16 20i —— H.-Kong, p. to dol. 159 15 9-16 —— Y’hama, p. to yen.. 18.625 18.625 24.582 Batavia, gl. to £.. — •Nominal. 8.81 12.107