FINANCE AND COMMERCE

Dominion, Volume 27, Issue 165, 10 April 1934, Page 12

FINANCE AND COMMERCE

STOCKS AND SHARES Wellington Exchange Reopens ' FIRM TONE IN MARKET A firm tone marked the reopening of the market on the Wellington Stock Exchange after the Easter recess. there was a fairly good demand in most of the popular sections. . Trading was not very active, eight sales being recorded durln Government loans were again in active demand, but sellers were few. Inces were steady t?o firm on pre-haster tates. The 4 per cent, stocks, 1949. had tno sales on ’change at £lO3/o/-. Banks were rather ouiet. with little or no change in q noted prices. Australasias had a sale at £l3/2/6. and more were wanted at £l3. New Zealands were firm at 48/1. sellers 49/-. Union ot Australias were wanted at £lO. sellers asking 6/- more. Commercial of Australia were steady at 16/9, sellers Commercial of Sydney were a shade firmer at £l7/12/6. and ?ew South Wales were steady at £33/la/-. _ Financial and pastoral, gas’ and insurance shares were steady to firm at late rates. South British Insurance were quoted at 76/6. cum. dividend, sellers asking 78/-. There was little doing in the meat, shipping, woollen, coal, and timber sections. Breweries were mostly steady, limaru 7/6 paid sold on 'change at 5/-. New Zealands were wanted at 39/10, sellers asking 40/3. Staples were unchanged at 26/9. . , u Miscellaneous industrials and others were in steady demand. There were two sales of Woolworths (N.Z.) ordinaries at £5/12/6. and Dunlop Perdriaus sold at 19/8. Wilson Cement were quoted a shade firmer at 26/-. Sharland ordinaries were strong at 24/-. Colonial Sugars were unchanged at £64/5/-. but sellers advanced to £65/5/-. Mining shares were inclined to dullness. Waihis were sought at 34/9, sellers asking 35/3. King Solomons were easier at 3/6. Skippers 1/- paid sold at 1/3. WELLINGTON EXCHANGE . Yesterday’s Quotations Buying and selling quotations at yesterday’s final call on the Wellington Stock Exchange were as follow:—

Unofficial List Buyers. Sellers. £ s. d. £ s. d. Wetn. Publishing Co. — 5 0 0 Aust. Forestry Bondholders' Trust, I’.S. group — 27 10 0 Dollar Conversion Rates The Associated Banks have agreed that the conversion rates from April 9 will be U.S.A. Canada Conversion of dollar bills received for collection anti sale of dollar drafts ..... 5.06 5.06 Purchase of dollar bills.. 5.26 <>.26 These conversion rates are, of course, quoted on a sterling basis (London funds) and current rate of exchange New Zealand on London will be charged or allowed as the case may require. Customs Exchange Rates The rates of exchange ruling at the announced dates of departure of the vessels named are shpwn in the following table. They are subject to confirmation by the Customs Department when the exact time of departure is learned on arrival of the vessels in New Zealand, finally declared rates being marked* :— Canadian Conqueror, Canada. dollars 5.10 City of Tokio, America, dollars 5.10} Hauraki, America, dollars .... 5.10} golfen Cwss, America, dollars s<l2£

HEAVY TURNOVER Sydney Stock Exchange Active TIN SHARES IN DEMAND By Telegraph.—Press Assn.—Copyright. (Received April 9, 8.35 p.m.) Sydney, April 9. On the Sydney Stock Exchange to-day there was a heavy turnover. Banking securities slackened a tritie, but Colonial Sugar advanced. Australian bonds were in brisk demand and the trend in tin shares was distinctly upward. General industrial issues were irregular. Sales: Bank of New South Males, £34 10/-; Commercial Bank of Sydney, £l< 17/-; Commercial Bank of Australia, 17/-; Union Bank, £lO/5/-; Colonia Sugar, £66/10/-; Mercantile Mutual Insurance, 22/-; Burns Philp, 56/6, Burns Philp, South Sea, 28/-; Associated News, 22/9; ditto, pref.. 23/3; British Tobacco, 37/71; Tooths, 43/3; Howard Smith, 14/-; Australian Glass, 01/-! Dunlop Perdriau, 19/9; Goldsbrough Mort, 33/6; Winchcombe Carson, 29/9; Wilcox Mofflin, 14/-; Fairymead Sugar. 34/3; Farmers, 18/9; Lustre Hosiery. 24/4; Australian Iron and Steel, pref.. 21/3; General Industries. 11/3; United Provisions, 9/4; Wunderlich, 24/-; Drug Houses of Australia, 17/10}; John McGrath. 27/9; Newcastle Gas, B L>/-; ditto, C, 13/-; Goodlet and Smith, 20/-. Mount Lyell. 24/-; South Broken Hill. 70/9; North Broken Hill, 91/9; Zinc Corporation, 40/-; Bulolo Gold, £7/0/6; Bulolo Deposits, 1/9; Kuala Kampar, 16/14; Rawang Tin, 9/2; Six Weeks, 9/2;*Larut, 14/8; Tanah Biji, It/-. Morning sales included: Commonwealth bonds, 4 per cent.. 1938. ill» 6/3 ; 194-1” £lO6/6/3; 1944. £lOB/2/6; 1947. £lO6/15/-: 1950. £loi/8/9; 19a3. £lO7/12/6; 1959, £lOB/12/6; Commercial Bank of Sydney, £l7/17/-; Bank of New Smith W’ales. £34/10/-; Tooths, 43/- 43/3; Anthony Hordern. la/10i; Associated News, 22/9; ditto, pref, 23/3’ Dunlop Perdriau. 19/9; P” 1 ? 3 Philn 56/6; British Tobacco. 31/9; Colonial Sugar. £66, £66/12/6; Lustre, pref.. 27/3; Morns Hedstrom, 17/3, Winchcombe, 29/9. Melbourne, April 9. Sales on the Melbourne Stock Exchange to-day included: Bank of Australasia. £l3; Commercial Bank ,of Australia, 17/-; Goldsbrough Mort. 33/6: Dunlon Perdriau. 19/9; Herald-Weekly Times 51/3; Taranaki Oil, 1/10: Mount Lyell, 24/-. London Stock Exchange (British Official Wireless.) London. April 7. Business on the Stock Exchange today was restricted- owing to the end ot the (account. British funds were inactive, but well maintained. DEALINGS ON ’CHANGE ■ Yesterday’s Sales The following sales were recorded yesterday on the stock exchanges mentioned:—

FOREIGN EXCHANGES Position of Sterling By* Telegraph.—Press Assn.—Copy right. Lomlon, April 7. The following rates on foreign exchanges were current to-day, compared with those

tSellerß, official. ♦Sellers. Gold and Silver. London, Aipril 7. Gold.—£6/14/7 per fine ounce. 811 ver.—Gash, 19 15-16 d. per ounce; forward, 20d. AHAURA. The Upper Ahaura Gohl Dredging Company, Limited, proceeded to allotment on March 28. Copies of Hie prospectus have been filed with the Wellington Stock Exchange anti sent to all Stock Exchange members throughout New Zealand. Application for listing will he made in due course.—Advt.

RECORD DEPOSITS March Quarter Bank Returns BIG DECLINE IN ADVANCES Current 1 Account Balances Up The outstanding features in the returns of average liabilities and assets .of the six trading banks in New Zealand for the first quarter of the year are that the total of free and fixed deposits at over £6l million, is the highest ever recorded ; that advances and bills discounted at £41,575,526 are at the lowest level for ten years; that the excess of deposits over advances, at more than £l9l million, Js the highest since the war, and that Government securities held by the banks have increased since the December quarter by well over £3 million to £23,453.3(7. The most satisfactory feature of the returns is the market increase in free deposits, or current account balances, which, at £21,657,550, nre £3 million higher than for the previous quarter. The principal changes disclosed by the latest returns, compared with those for the March quarter of 1933 arc as follow : £. • Free deposits increased .... 4,196.268 Fixed deposits increased .... 4,246,W0 Government deposits decreased I,_>o.j,i<i4 Advances decreased 7.6‘_3.40<> Note circulation increased .. Coin and bullion decreased .. 120.33 t Govt, securities increased .. 14,202,4(1 The following table gives a comparison of the principal items in the latest returns with those for the December quarter of 1933, showing the changes ,n three months: — Dee. qr. Dec. qr. 1983. 1934. Free deposits 18,622,333 21,(W7,551) Fixed deposits .... 39,518,6X1 Govt, deposits 1,133,5 - Govt, securities ... 20,132,720 -3.403,3(7 Advances 42,765,264 Discounts Note circulation .. 6,366,631 ’Coin and bullion .. 5,054,918 5,093,418 Increase in Free Deposits. The marked increase in free deposits, or current account balances, is a satisfactory feature of the latest returns. Compared with the figures of a year ago, the increase is £4,196,268. As compared with the figures for the quarter ended December 31, 1933, the increase is slightly over £3,000,(XX). Undoubtedly the improved returns from the export trade, notably wool and frozen meat, are reflected in the total ot free deposits, which, at £21,657,550, are the highest recorded since 1930. All the banks share the increase, a.s is shown :n the following comparative table: —

Total ..17,461,282 21,637,550 4,406,268 Fixed Deposits High. The abnormally high level of fixed deposits is evidence .that confidence in industrial enterprise and other avenues it investment is still lacking. Probab-.v. also, considerable sums which in normal times would be remitted to London by shipping insurance and other companies arc being held in New Zealand on account of the high exchange rate. The following table compares the fixed deposits for the March quarter with those for the corresponding period . of last year. • March, March, Increase.

Fixed deposits hare increased from an average of slightly under £3O 'million in 1929 to nearly £39} million for the quarter just ended. Actually, however, the figure for the March quarter is slightly less'than that for the previous quarter. The highest monthly average (£39.ib0,154) was reached last. October, since when the figure bad fluctuated very little, with a slight downward tendency. Free and fixed deposits combined for the March quarter reached the average of £61.113,433. the highest ever recorded in the Dominion. The fluctuations during the last six years are shown in the following table: —

The improvement in respect of free deposits is a notable one. It will bo seen that the average of fixed deposits is nearly £lO million higher than for the March quarter of 1929. while free deposits are over £4 million lower. The record average of total deposits at over £6l million, is nearly £6 million higher than for the March quarter of 1929. Decrease in Advances. As compared with a year ago. advances or overdrafts at £40,311.423 have decreased by £7.623.405, of which the figures for the two purely New Zealand banks account for £57456,234. The position in regard to advances is shown in the following comparative table:; —

Advances rose materially during the first stages of the depression and it was not until 1932-33 that a, definite downward' movement set in. which bus since been greatly accelerated. The minimum overdraft rnte in 1930 was 7 i>er eent., as compared with 5 per cent, to-day. . The position of the various banks in regard to total deposits and advances is shown in Hie following table:

by the banks hp.vc risen during the last twelve months by over £l4 million to £23.453.377. Ibis representing an increase during the last three months of £3,320.652. The following table compares the note circulation and holdings of coin mid bullion for the March quarter for the last seven years:— Gold Noles in Coin and March Circulation Bullion. Qiinr. £ £ 1928 6.376.668 7.867,459 1929 6.37(1.894 7,263,361 1930 6.417,038 6.648.838 11)31 5,802(261 6,055,422 1932 5.875.025 6.598,701 1933 6,004,821 5.213,755 1931 -.. 6,291.031 5.093,418 The table sliows that notes in circulation increased during Hie last quarter t'o the highest level since 1930. There lias been a further decline in coin and bullion JwffiTi ngs.

AUCTION DIARY TO-DAY. Tauinnrnnui Stock Salo, 11 a.m. (Abraham and Williams. Ltd.). Levin Sale (Abraham and IVlUliims Ltd.). Mart. Cuba St.—Household furniture, 2 p.m. (Davis Bros.). Mart, Cuba St.—-Household furniture, 1.30 p.m. (Silverstone). Mart. Dixon St.. 1.30 p.m.—Household furniture (C. W. Price). TO-MORRO W. Taiininranui Autumn Cattle Fair, 11 a.m. (A & W.. Ltd.). Johnaonvllle Fat Stock Salo, 1 p.m. (Wright, Stapheneon).

LONDON MARKETS Tallow and Hemp Dull WOOL BUSINESS QUIET The Department, of Agriculture has received the following cablegram, dated April 7, from the High Commissioner for New Zealand. London : — Tallow : Poor demand continues. 1 allies about unchanged. Hemp: Manila—Market quiet. Value "K” grade for April-June shipment 15/-. Sisal— Market quiet and April-June shipment quoted sellers £l7 5/- and May-July shipment sold at £1( 5/- New Zealand—Market dull and unchanged, with no first-hand sales reported. , ... Peas - Maples—Demand disappointing. Market'lras declined, but a little more inforest shown by buyers at the lower level. Sellers quote Tasmanian for April-June shipment at 40/6. Closing values New Zealand for April-May shipment, 39/-. Blues —Large supply of Tasmanian. Poor demand. Closing values for April-June shipment, £lO/15/-to £ll. The Bank of New South Wales has received the following cable message from its London office dated April 6: Wool: Business quiet; prices steady. Mutton; Ewes. 2Jd. to 4Jd.; wethers, 41-Sd. to 51d. Lamb. 65-8(1 to < o-8< ■ Beef, 2d. to" 31-Sd. Pork. ;>|d. Io ssd. Butter, 72/-. Cheese, 43/6. LONDON APPLE TRADE SLOW Heavy Arrivals Expected The Department of Agriculture has received the following cablegram, dated April 7, from the High Commissioner for New Zealand. London : — Apples! Mataroa and Zealandic shipments cleared. Port Hunter landed in good condition. Mahana, Tuscan Star and Mnmari discharging next. week. Trade very slow in anticipation of heavy arrivals. Current prices for: Cox’s Orange. 1.4/- to 20/-; Jonathan, 11/- to 13/-; Dunn’s Favourite, 10/- to 12/-; Worcester Pearmain, 9/- to 11/-; Alfriston, 11/- to 12/-; Gravenstein, 7/- to 9/Record Fruit Shipment A record cargo of 115,000 cases of apples was shipped in the Royal Mail Line steamer Nebraska, under charter to the Shaw. Savill and Albion Company, which left Nelson on Thursday. Of the shipment 30.000 cases are for London, 70,000 for Manchester, and lu.ooo for Glasgow. The previous largest direct shipment was 72,076 cases by the Port Hobart in 1926. The total export of apples from Nelson up to March 22 was 420,094 cases. GOLD MINING , Latest Returns Gillespie’s Bench Gold Dredging Co., Ltd., yesterday reported to the Stock Exchange Association a return of 420 z. 15dwt. for 122 hours’ work last week. The Okarito Five Mile Beach Gold Dredging Co., Ltd., reported to the Stock Exchange Association a return of 31oz. 17dwt. for 117 hours’ work last week. Th? Okarito Company has also issued the following report covering operations during the four weeks ended March 24:— Total gold won, 1460 z. 13dwt.; total time worked. 473 hours: total non-working time. 103 hours; total vardage treated, 26,500, an average of 56 cubic, yards per hour; average value of ground (on basis of gold worth £4 per ounce), s|d. per cubic yard. Talisman Dubbo Gold Mines.. Limited, yesterday reported to the Wellington Stock Exchange that 31J tons of ore had been treated for £263 actual realisation. The Brian Born dredge reports a return for last week of 620 z. sdwt. of gold, says a Press Association message from London. By Telegraph.—Press Association. Christchurch. April 9. The Maliakipawa wash-up for the week totalled 141 oz. of alluvial gold. By Telegraph.—Press Association. Auckland. April 9. The Mataki return totalled 390 z. for 131 hours. Operations at Waihi The following information has been cabled to the London office of the AVaihi Gold Mining Co.. Ltd.: — No. 5 level —North branch of Martha lode: Driving west on the north side of the horse of country rock the next 4ft. assavs 12/9 a ton ; 4ft. of reef is exposed with the north wall in hand. We have widened on the souUi side of horse of country rock from 470 ft. to 480 ft. west, and in the face there is a mixture of quartz and country 3ft. wide, assavrng 3/3 a ton. Driving north-east the next 4ft. assays 5/- a ton. The north wall is in hand. LIVE STOCK MARKET Raetihi Cattle Fair At the Raetihi cattle fair last Friday Freeman R. Jackson and Co., Ltd., offered 1900 head, which came forward in very good condition. The sale was a keen one except for fat. cows and fat and forward bullocks, which were in over-supplv. Prices wore:—Fat bullocks, £6/2/-, £6/3/-. £6/5/-, £6/8/-, to £6/12/-; fat. cows, £3/5/-, £3/8/6, £3 13/-, £3/17/6, £4, to £4/8/-; fat and forward bullocks, £5/10/-. £5/12/6, to £6/5/-: bullocks, well bred, £4/17/-, £4 19/-, £5. £5/5/-. to £5/6/-: Holstein and crossbred bullocks. £3/15/-, £4. to £4 .12/6; P.A. 3i-year steers, £4/15/-, £5, to £5/7/6; 31-year steers, £3/15/- to £4/5/-; 21-year steers. £3/15/-, £3/17/6, £.3/18/-, to £4/1/-; 20-mbnth steers (few yarded). £2/18/-. £3/1/-, £3/2/-, to £3 12/6: 20-month heifers’. £2/7/6. £2/9/-, to £2/15/-; 21-year heifers (Hereford and P.A.). £3, £3/5/-„to £3/6/6; forwai'd 3-year P.A. heifers, £3/10/-, £3/14/-, to £4; good P.A. empty cows, £2/12/6, £2 17/6, to £3/2/6; store crossbred cows, £l/10/-.'£2, to £2/10/-; boner cows, 20/-, 22/6. 27/-. to 34/-; works bulls. £l/10/-, £2, £2/10/-. £3, to £3/7/6; sound runbred bulls. £3/10/- to £4; small wenner run-bred heifers. £l/5/- to 32/6; m.s. weaners, 33/-, 35/-. to £2/2/6; P.A. weaner steers, 37/6 to £2/3/-.

N.Z. GOVT. LOANS. Buyers. Sellers. • ■ £ s. d. £ s. d. 4 p.c. Bonds, 1040 .... 1(12 5 0 —— 4 p.c. ditto, 1940 .... 1(13 9 0 — 4 p.c. ditto, 1955 .... 102 10 0 —- 5 p.c. Bonds, Rural, 15/9/1947 97 15 0 i. ■ ■ 3} p.c. Ins. Stk.. 1039-43 101 10 0 — 34 p.c. ditto, 1939-52 .. 102 10 0 — 34 p.c. ditto, 1938-43 .. 101 7 f» —— 3| p.c. ditto, 1938-52 .. 102 10 0 —— 4 p.c. ditto, 1940 .... 102 10 0 103 0 0 4 p.c. ditto, 1046 .... — 102 15 0 4 p.c. ditto, 1949 102 17 6 —— 4 p.c. ditto, 1955 .... 102 10 0 103 5 0 DEBENTURES. Eastbourne. 4} p.c., 1952 ' — 100 15 0 Wgtn. Racing Club .. 98 10 0 — BANKS. Australasia 13 0 0 ■ Control. of Aust., ord. 0 1G 9 0 17 1 ©onircl. Ban kg.. Co., Svdnpy 17 12 6 18 2 G National Of N.Z 4 5 0 New South Wales .... 33 15 0 —— Now Zealand 2 8 1 2 9 0 TTninr. nf A list 10 0 0 10 B 0 FINANCIAL. Abraham and Williams, ord 2 7 0 3 0 0 Ditto, pref 3 15 0 Dalgety and Co 10 0 0 10 12 B Goldsbrough Mort and Co. i 1 14 0 N.Z. Guarantee Corp. 0 11 0 0 11 11 Wgtn. Trust. Loan ... 4 It 0 — General Finance — 10 0 GAS. Wellington, ord 1 1G « 1 17 G Ditto, pref 1 4 0 — INSURANCE. National of N.Z 0 18 10 —— New Zealand 2 17 Q 3 0 0 Smith British ♦3 16 3 IS 0 MEAT. Gear Meat 1 7' 0 N.Z. Refrig.. 10/- paid 0 7 10 0 8 1 Wgtn. Meat Exp., pref. 0 19 6 — 0 5 6 ■ 1 — TRANSPORT. Haddart, Parker, ord. 1 12 0 — WOOEIJEN. KaiapoL ord - 0 11 0 Ditto, contrib — 0 3 0 COAL. Kaitangata, contrib. .. —■ 119 Vfiknmirn 1 1 9 ■ — TIMBER. Tarlngamutu Totara —— 0 7 0 Taupo Totara 0 4 0 Ttntniti — 0 5 0 BREWERIES. Carlton 2 4 0 N.Z. Breweries 1 19 10 2 0 3 Staples and Co. ...... 1 6 9 _—~ Timaru, contrib 0 4 11 0 5 4 MISCELLANEOUS. British Tobacco. Aust. —■ 1 18 0 Burns, Philp and Co. — 2 17 ft Colonial Sugar ...... 64 5 0 65 5 0 Dominion Fertiliser .. 0 17 10 Dunlop Perdrlau .... 0 19 6 0 19 9 Electrolytic Zinc. 8 p.c.. part pref. .., 1 13 0 Henry Jones Co-op. .. • ■ - 1 14 B N.Z. Farmers’ Fertiliser 0 It! B 0 18 0 Shariand and Co., ord. 1 4 0 —— Wgtn. Queen's Theatre —— 110 Wilsons. N.Z., Cement 1 6 0 — Woolworths, N.Z., ord. 5 7 6 5 15 0 OIL. Mnhirnn ord 0 2 0 0 3 3 MINING. Rig River oio Blackwater - 1 15 0 Gillespie's Beach .... — 0 2 2 Golden I)awn 0 2 3 King Solomon ...... 0 3 6 Mahakipawa. ord. .... 0 0 4 — Ditto, pref 0 0 '4 —— Mount Lyell 1 3 9 — ■- Oknrito •0 9 0 - - Waihi • 1 14 9 1 15 3 Brian Boru • 2 10 Skippers, 1/- paid ... 9 1. 0 14 Ditto. 9d. paid ... o o : 10 — Maerewhenua o o : LOJ - . ■ Nevis Diesel 0 0 0| Ra'wnng 'Tin »0 10 0 ♦Cum dividend.

WEDDINGTON. £ f. d. Inscr. stock, 4 p.-c.. 1040 (2) .... Bank ot Australasia v> 0 18 6 Timaru Brewery, 7/6 paid Dunlop Perdriau Rulbiber 0 u 0 0 19 8 Woolworths (N.Z.), ord. (2) Skippers, 1/- paid 5 12 0 1 d. AUCKLAND. £ R. Auckland Harb. Bd., 6 p.c., 1M1 105 10 0 Uni'on Bank 10 0 South British Insurance 3 16 6 65 0 0 0 19 7 1 14 9 0 H 3 0 Hi 0 p 3 0 0 3 0 31 CHRISTCHURCH. r. s. d. Union Bank (3) 10 0 N.Z. Doan & Mercantile, ord. (3) 60 0 0 0 14 N.jt. Breweries (3) 2 0 0 Timaru Brewery, 7/6 paid 0 4 11 0 Australian Iron & Steel, pref. 1 1 0 Dominion Builders' Supplies .... 0 4 3 Dominion Fertiliser (2) 0 IS 0 0 19 8 19 thha f*>) 0 1 4 0 1 0 0 1 Y Maliakipawa, ord 0 0 3 0 Ditto (3) 0 0 4’ Ditto (2) 0 0 4 1 0 0 54 Ditto, pref. (2) 0 0 0 (4) 0 9 0 !) 0 Waif’i 1 15 0 0 1 3 Ditto’ (2) 0 3' 0 1 Sales reported— Bank of New Zealand ‘2 s r. 0 IS 0 Moonlight Nelson . Creek 0 1 0 0 0 11 0 1 4 10} Ditto, 9d. paid 0 0 0 0 11 •Ml l LU DUNEDIN. £ s. d. 1 4 3 Maiiakipawa (2) 0 0 3} 0 0 11 Sales reported— Skippers, 9d. paid (2) Ditto 0 0 10$ 0 0 11

ruling on April 6: — April 7. . April 6. Pa r. N. York, dol. to £ 5.17 5.16 4.86.6 Montreal, dol. to £ 5.101 4.866 Paris, £r. to £ 78 11-32 78 7-32 124.21 Brussels, btfl. to £ 22.10 22.06 35.00 Geneva, fr. to £ 15.97 15.95 23.22-j ' Amist’dam, fl. to £ J | h >• ! 7.625 12.107 Milan, lire to £ 60.125 5!) 15-16 92.46 Berlin, inks, ’to £ 13.01 12.98 20.43 St’h'olm, knr. to £ 19.395 19.39 18.159 C'hagen, knr. to £ 22.395 22.395 18.159 Oslo, knr. to £ 19.90 19.96 18.159 Vienna, schgs. to £ 28 28 34.585 Prague, knr. to £ I'M 3-16 123.625 164.25 Hel’fora, mks. to £ 226.50 226.50 193.23 Madrid, pes. to £ 37 13-1G 37.75 2»).22»j Lisbon, esc. to £ no no no Athens, drach. to £ •537 ►537 375 Belgrade, din. to £ — 225 276.31 Bucharest. lei to £ 515 515 813.G9 Warsaw, zloty •to £ — — 43.38 Rio de J., p. to mil. +4 1-8 14 1-8 5.899 B. Aires, p. to peso 136 J 136* 47.62 M. Video, p. to peso f37 u-8 h'>7] 51 Calcutta, p. to rup. 18 3-32 18 3-32 18 Shanghai, p. to dol. 161-8 ir»; — ir.’Knng, p. to dol. IS 18 — Y’haina, p. to yen 14 1-8 14 1-8 24.5S2 Batavia, fl. to £.... 7.60 7.61 12.107

March, 1033. March, Increase. 1934. Bank. New Zealand 8,173,514 9.814,848 1,641,331 National ... 3,120,639 3,815,697 G05,0.)8 Union 2,017,051 2,716,639 699,588 N.S. Wales .. 1,871,579 2,361,48-1 489,905 Australasia • 1,543,187 1,951,681 408,404 Commercial , 735,342 997,201 261,889

1lW3. 1031. Bank. New Zealand £ 17.S09.417 £ 19.236.051 C 1,435.634 National 6.016.510 7,180.422 1,163,873 Tin Ion 4.402.730 602,805 N.'S. Wales .. 3.89S,6S6 4,395,332 490,816 Australasia . 2..W.146 3.400.958 •101,812 Commercial • 68'4,250 840,384 146,125 Total ... 35,203,OSS 30,435.883 4,246,895

Free Fixed Total March Deposits. Deposits. Deposits. Qu ar. 192!) ... 25.736.7 43 £ 20.608,752 55.345,495 1930 ... 23.005.822 30.007.419 54,903,241 1931 ... 18.320.853 32.022,086 51,251,939 1932 ... 16.998,822 34,406,289 51,465,111 1933 17,461.282 35.208,988 524170,270 1934 ... 21,657,550 39,455,883 61,113,433

March, 1933. March, 1934. Decrease. Rank. N.Z. ... 22.037.r>l 2 17.783.616 £ 4,250.8.16 National . 8.473.674 7,268,336 1,205.338 ... 5.028.327 5,028.473 ;»99,8;>4 N.S. Wales 5,795,289 5,050,339 744,950 Aust'asla . 4,623,344 3,890,722 726,622 Commerc’l l,379 t 682 1,283,937 05,745 Total . £47,934,828 £40,311,423 £7,623,40.7 Bills discounted by all the >anks for the March quarter average £1,264.103, which is more than double the figure of twelve months ago, and the highest for the last six years. The following table shows advances ant discounts for the March quarter for six -years—advances actually 7 being the owest for some ten yearn Total March Advances Discounts. Qu ar. 1929 . ... 45,175,304 1,184.440 £ 46,359,74! 1930 . ... 52,447,130 1.229,643 53,676,770 1931 . . . . 53.204.390 1,007.844 54.332,231 1932 . ... 49,519.031 712,706 50,232.337 1933 . ... 47.934,828 565,446 48.500,274 1934 . ... 40,311.423 1,204,103 41,575.526 A comparison of the total deposits (free and fixed) with advances (including bills discounted) shows he banks’ indebtedness tc the public 1 o be over £19J millions. this excess of deposits being the highest on record. Che position for the March quarter for the last eight years is shown in the following table Excess of March Deposits. Advances Deposits. Quar. 1927 £ . 45,528.813 50,800.808 £ ♦5.271,995 1928 . 411,058,295 40.070.370 3.887,025 1929 . 55.345.41)5 46.350,744 8,085,751 1930 . 54.003.240 53,076,770 326,461 1931 . 51,251,939 54.332.234 ♦3.080,295 1932 . 51,465,111 50.232,337 1.232.774 1933 . 52,071,270 48.500,274 4.169.996 1934 . 61.113,433 41,575,520 19,u3 4,9 J < •Excess o advances.

Total Total Deposits. Advances. Bank £ £ New Zealand .... 20.050,809 18.928,207 .... 10.996.119 7.1111,375 5.038,201 N.S. Wales • (1.750.81.0 5.073.24 Australasia Coni merci al 5.352,639 ... 1.837,585 3,946.122 1.296,429 Total £61,113,433 £41.575.52(1 A notable feature of the latest returns is that the Government securities held