FINANCE AND COMMERCE

Dominion, Volume 27, Issue 183, 2 May 1934, Page 12

FINANCE AND COMMERCE

STOCKS AND SHARES Market Quieter Yesterday VALUES FULLY FIRM There were no special features yesterday on the Wellington stock and share market. Trading was inactive, but there waa no falling off in the demand and prices were fully firm. Strong intercut in the gilt-edged was maintained. Prices of all Government loans were firm, the few sellers quoted showing no concessions. There was a good inquiry' for banks, prices showing little or no change. Australasias sold on 'change at £l2/15/-and Commercial of Australia at 17/-. Gas, insurance, meat and brewery shares were quiet but fully firm. The inquiry for. miscellaneous shares slackened. Dunlop Perdriau Rubber made a good advance, selling at 19/9. !, Mining shares were dull. ; WELLINGTON EXCHANGE Yesterday’s Quotations The latest buying and selling quotations recorded yesterday on the Wellington Stock Exchange were as follow:—

Bradford Tops Market London, April 30. _ Bradford tops market is at a standstill pending the opening of the London wool sales to-morrow. Gold Mining Returns Talisman Etubbo Gold Mines, Ltd., yesterday reported to the Wellington Stock Exchange that 3S tons of ore had been treated for £396. actual realisation. By Telegraph.—Press Association. Greymouth, May 1. The Brian Boru weekly mining return «ras 630®. 4dwt. for 102 hours’ working. The Ansae Day holiday was responsible for the reduced time worked. The Brian Boru Dredging Co., at an extraordinary general meeting, resolved to change the shares of the company from 27.000 at £1 each to 540,000 at 1/- each. Dollar Conversion Rates The Associated Banks have agreed that the conversion rates from April 30 will be;— U.S.A. Canada Conversion of dollar bills received for collection and sale of dollar drafts 5.03 5.02 Purchase of dollar bills .. 5.23 5.22 These conversion rates are, of course, K=d on a sterling basis (London s) and current rate of exchange New Zealand on London will be charged or allowed as the case may reuuire.

DEALINGS ON ’CHANGE Sales Recorded Yesterday RETURN ON INVESTMENTS Sales recorded on Dominion Stock Exchanges yesterday are shown In the following list. In the second column is given the return based on the last annual dividend, from investment at the quoted price. In calculating the return on shares in companies which pay their dividends outside New Zealand tlie exchange rates have not been taken into consideration. The return on -1 per cent. Government loans Includes redemption. In the case of 31 per cent. loans the return is for the interest alone, and covers only the period for which the loans are tax-free. WEDDINGTON.

BASE METALS MARKET Prices Fairly Steady By Telegraph.—Press Assn.—Copyright. (Received May 1. 8.5 p.m.) London. April 30. The official London (middle) quotations for Monday, as reported by tlie Australian Mines and Metals Association, compare as under with those previously cabled:—

Reduction of Capital Resolutions for the reduction of the capital of the Australian Guarantee Corporation. Ltd., received unanimous support from shareholders last week. Tlie capital is to be reduced from £950,000 in 850,000 ordinary and 100,000 preference shares, all of £1 each, to £822,500, iq 850,000 ordinary shares of 17/- each and 100.000 preference shares of £1 each. To effect the reduction paid-up capital, lost or unrepresented by available assets, is to be cancelled to the extent of 3/ner ordinary share, and the nominal value of 369,007 unissued shares is to be reduced to 17/- each. Government Stocks By Telegraph.—Press Assn.—Copyright. London. April 26. Quotations of Government stocks on the London Stock Exchange compare with those of a week ago as follow;—

SOUND POSITION N.Z. Investment Company DIVIDEND, 5 PER CENT. At the annual meeting yesterday of the New Zealand Investment, Mortgage and Deposit Company Ltd., the chairman of directors, Mr. Gerald Fitzgerald, iu moving the adoptiou of the report and bal-ance-sheet, printed in this column on April 17, said capital was unchanged at £35,500, and deposits at £74,715 were slightly more than last year, while the reserve fund, which by last year’s addition stood at £ll,OOO, would this year be increased to £12,000. On the assets side mortgages at £123,381 were £7230 less. Daring the year the directors considered it advantageous to realise on the company’s holding of inscribed stock, and this was done without loss. An item which had not appeared in the balance-sheets for many years reappeared under the heading of freehold property. As indicated in the last report, it seemed inevitable that certain property should fall into the company’s hands, in each case the subsequent mortgagee being ’.inwilling or unable to protect their, interests, and the owners raising no objection to realisation. Meantime these properties were let at remunerative rentals, and as the market improved there should be no difficulty in realising the amount shown in the balance-sheet, so that no loss was anticipated. In the bank account a small credit balance took the place of the overdraft in last year's statement. In the profit and loss account interest paid on deposits was over £430 less, but against, this income had diminished- by nearly £lOOO. Consideration had been extended, to the company’s customers and in no case had interest doubtful of recovery been taken into account. Charges generally had decreased, and the. _net profit for the year was £2369/17/5. a drop of £384. ... The dividend of 5 per cent would absorb £1775, and in order to maintain the customary transfer of £lOOO to reserve the carry forward of £2507/12/8 was some £4OO less than the figure brought in from last year. Considering the state of business generally the directors' regarded the result of the year’s working as hot unsatisfactory. and they looked for an improvement in the company’s returns in the general recovery that must follow when the period of legislative interference should have passed. No new mortgage business had been transacted during the year. In a fen cases further accommodation had been found for old customers, but the amount was small, and such advances were eminently sound. The satisfactory maintenance of the deposit figures showed that the .company’s credit had suffered no loss in public confidence, and he was happy to he' able to assure depositors of the stability of the company and its continued ability to meet nil its obligations as required. The report, and balance-sheet wee. adopted. The retiring director Mr. W. FL Denton, was re-elected, and .Mr. O. O. Kember was reappointed audit or. AUSTRALIAN STEEL Outlook for Dividends ‘‘The directors* look forward to being in' u position to recommend dt the next annual meeting a payment on account of the arrears,” said Mr. C. IL Hoskins, chairman and joint managing director of Australian Iron and Steel, Limited, at the annual meeting of shareholders in Sydney recently. "The sheet mill and galvanised plant in course of erection at Port Kembla will be of the most modern design,” he added, “and it is expected that production will commence toward the end of this year. . At. the conclusion of the chairmans address, a shareholder protested that, although the company had a credit balance of £297,013, dividends on preference shares bad not been paid. The chairman pointed out that the dividends had only been deferred, but would eventually be paid. The deferment of payment was having the' effect of stabilising the company, and preference shareholders were in the fortunate position that they would get their interest before the ordinary shareholders. The market position of the company . was sound. Shareholders would realise, he said, that the directors weip doing everything in their power to retain the solidity of the company. Other shareholders asked why the uncalled capital on the ordinary shares should not . lie called up and used for the purposes of the proposed plant extensions. Mr. Hoskins stated that the capital for the machinery and plant was being called up from the ordinary shareholders, and it would permit the company to carry out- the work in its entirety. The company was in the position at present of having more orders than a year ago, and the directors hoped tliat that trend would continue. FOREIGN EXCHANGES Position of Sterling By Telegraph.—Press Assn.—Copyright. London, April 30. The following rates on foreign exchanges were current to-day. compared with those

Gold and Silver. London. April 30. Gold.—£6/15/8 per fine ounce. Silver,—Cash, 1813-16(1. per ounce; forward. 18 7-Bd. j London Butter Market Firm Joseph Nathan and Co.. Ltd., have received from their principals, Trengrouse and Nathan Ltd., London, the following cabled advice, dated April 30: —-New Zealand butter, 71/- per cwt. Firm.

GOLD SHARES ACTIVE Sydney Stock Exchange YESTERDAY’S TRADING By Telegraph.—Press Assn. —Copyright. (Received May 1. 8.5 p.m.) Sydney. May 1. A feature of business on the Stock Exchange to-dav was the exceptional activity of gold shares. The majority of local ventures were in request nt firmer rates. Price movements in the investment mnr-y ket were in sellers’ favour. <■ Sales: Bank of New South Wales. £->3 15/-: ditto. New Zealand delivery. £33 12/6; National Bank of Australasia. £:> paid. £6/9/- • Queensland National Bank. £5/14/-. Colonial Sugar. £66/10/-: United Insurance, 10/10; Australian Gas, 15. £8 2/6: Associated News. 25/-: ditto, pref.. 25/6. British Tobacco, 37/9; Australian Glass. 50/-: Dunlop Perdriau. 19/4-J: Wilcox Mofflin, 14/1 ; Millnquin Sugar, 30/-: Fairymead Sugar, 34/6. Australian Iron and Steel, pref.. 22/9: Meggitts. 22/3; Gordon nnd Gotch, 39/7J: Touheys. 29/-; Standard Cement, 17/9; Bulolo Gold. £7/19/6; Rawang Tin. 8/9; Mount Morgan. 21/14. Commonwealth bonds. 4 ner cent.. 1938. £106; 1941. £lO7/5/-; 1944. £10(1/18/9; 1950, £108; 1955, £lOB/10/-; 1957, £lOB 17/6; 1959. £lO7/5/-; 1961. £lO7/17/6. Morning sales included: Commonwealth bonds. 4 per cent.. 1938. £lO6/2/6; 1941, £l/7/7/6; 1947, £lO7/7/6; 1950, £lO7/17/6; 1955. £lOB/8/9; 1957. £lOB 17/6; Tooths. 44/9; British Tobacco, 37/9; Colonial Sugar. £66/10/-; Dunlop Perdriau. 19/6: Goldsbrough Mort.'34/-. Melbourne. May 1. Sales on the Melbourne Stock Exchange to-day included: Commercial Bank of Australia. 17/2: National Bank of Australasia. £5 paid. £6/9/6: Nestles, pref., 36/-. DEARER BACON Position in Britain Remarkable evidence of the effects of the bacon quota was provided by Sir James Martin, chairman of Home and Colonial’ Stores, at the general meeting of the company in London on March 20. Very soon after the Government’s import restriction policy bad been adopted, a rise in retail prices began. The decrease in consumption, which was bound to follow, has now become apparent. Home and Colonial Stores suffered a fall in profits last year of £150,000, directly attributable. according to Sir James Martin, to a shrinkage in consumption of bacon. The same tendency toward shrinking bacon consumption was recorded, at the general meeting of Meadow Dairies on March 19. says tlie “Economist.” Moreover, Sir James Martin, who may be assumed to have some practical knowledge of the bacon market, expressed the opinion at the Home and Colonial meeting that if the present restrictionist policy is continued bacon may “go out of fashion as an article of food in many households.” The public. Sir Janies added, who are after all pretty shrewd in their judgment, do not hesitate to buy what in their view offers the best, value, and have no hesitation in substituting one article for another in budgeting for their household requirements. This is but one among many of the simple economic facts which Mr. Elliot’s clumsily improvised schemes failed to take intoiaccount, comments the “Economist.” The theory behind those scheme’ was that the price of one commodity after another could be forced up in the interest of the producer by limiting the supply; and the probable repercussions of such a policy on demand were forgotten or disregarded. In practice, ns wiis inevitable, the consumer is beginning tp assert himself; and in the case of bacon it seems likely that in the long run not only the retailer and the public but the farmer himself may be injured. If bacon is too dear to buy. no farmer, English or Danish. will get anything for it. We hope that the reaction of the consumer to this case may incline Mr. Elliot to study th? factor of demand. If he did so, it mig.it perhaps dawn upon him that the interest of producer and consumer alike lies not in restriction of supplies but in a cheapening of production and an expansion ot demand. Price of Rubber Advances By Telegraph.—Press Assn.—Copyright. London, April 30. Rubber touched 6|d. per lb. to-day and closed at 6 5-Bd. . , Rubber stocks, compared with those ot recent date, are: —

LIVE STOCK MARKET Waipukurau Sale Dominion Special Service. Waipukurau, May 1. A moderately large yarding faced buyers to-day, when sheep prices were on a par with late rates. Cattle values revealed a steady low market. Young stock, however, slightly advanced. Two good fat Jersey bullocks and two P.A. bullocks made £4/10/-. and one heavy huilock £5/18/-; one heavy steer. £3/7/-: three good vealers. 25/6; good cow, £3 1/1; 33 yearling store P.A. steers. £3 6/-; forward two-year-old P.A. steers. £~ Three heavy fat lambs. 24/-; four good wethers. 23/2; two others, 2»>/ < ; 21-* good ewes. 17/7; 66 better ewes. 18/7: 175 store wether lambs, 16/S; 17 others. 15/1 ; 214 four and five-year ewes r.w. Southdown mm. 17/10; 54 two-tooth wethers, 20/10. The accounts of New Zealand News papers Ltd. for the .year ended March disclose a net profit of £38.723, an increase of £7116 on earnings "f the previous year. A final dividend, of 2| per cent, is recommended, milking •> per cent tor the year, which absorbs £29,124, and £lo,ill is carried forward, against £6119 brought into the accounts. The dividend is at the same rate as that paid in the previous vear The nominal capital of the company is £1.000.000. of which £582.500 is issued.

N.Z. GOVT. LOANS. Buyers. £ s. d. Sellers. £ s. d. 4 p.c. Bonds, 1040 .... 104 0 0 104 MM 4 p.c. ditto, 1040 .... 104 0 0 10 0 4 p.c. ditto, 1949 .... 103 2 6 MM 4 p.c. ditto. 1055 .... 31 p.c. Ins. Stk., 1030-43 104 5 0 — 103 2 6 —M 34 p.c. ditto, 1030-52 .. 104 2 6 — 34 p.c. ditto, 1038-43 .. 103 2 6 MM 3} p.c. ditto, 1038-52 .. 104 2 6 —— 4 p.c. ditto, 1940 .... 104 2 6 104 7 6 4 p.c. ditto, 1046 .... 104 0 0 104 12 6 4 p.C. ditto, 1049 .... 103 0 0 103 10 0 4 p.c. ditto, 1055 .... 104 5 0 — DEBENTUKES. Dunedin City, 5} p.c., 101 10 1044 0 — Makerua Dge. Bd., 6 102 p.c., 1946 MM 10 0 Manawatu City, 4t p.c., 102 30/3/1060 MM 10 0 Mt. Albert, Bi p.c., 1063 100 10 0 101 10 0 Wgtn. Gas Co 101 0 0 MM Wgtn. Racing Club .. 00 10 • 0 M— Amid. Brick and Pipe, Auckland 89 0 0 — Ditto, Wellington .. — 90/10 0 BANKS. Australasia 12 9 0 12 18 0 Comrcl. of Aust., ord. . 0 16 10 MM Comrcl. Bankg. Co., Sydney 17 15 0 18 0 0 National of N.Z MM 4 3 0 National of Australasia, £10 paid *13 6 0 13 10 0 Ditto. £5 paid .... •6 7 0 33 ——- New South Wales .... *33 0 0 no 0 New Zealand Ditto, "D” long term •2 9 10 2 10 0 *1 14 0 —'M Union of Aust — 10 5 0 FINANCIAL. Abraham and Williams ord 2 8 0 MM Ditto, pref 3 18 0 —— Equitable Building Co. 1 15 0 —“ Goldsbrougb Mort and 3 Co MM 1 14 N.Z. Guarantee Corp. — 0 4 4 N.Z. Loan and Merc., 0 ord. stock 50 0 0 57 0 N.Z. and River Plate MM 1 3 9 General Finance — 0 19 0 GAS. Auckland, contrlb. ... Wellington, ord —— 0 18 .7 1 17 0 1 17 9 INSURANCE. National of N.Z •0 19 6 1 0 0 New Zealand 2 19 3 MM Queensland 4 .. 3 8 0 MEAT. Gear Meat 1 6 9 1 7 1 N.Z. Refrig., £1 paid 0 17 9 Ditto, 10/- paid .. 0 7 5 0 7 8 Wgtn. Meat Exp., ord. 0 s 6 — TRANSPORT. Huddart, Parker, pref. 1 5 0 Union Steam, pref. ... 1 5 6 MM WOOLLEN, Kalapoi, fully paid ... MM 0 10 3 Ditto, contrlb mmi. 3 Wellington, ord 5 12 0 COAX.. Pnkemlro — 1 9 TIMBER. Kauri 0 16 0 0 17 0 Leyland-O'Brien 1 1 0 1 2 0 BREWERIES. Carlton 2 5 3 MM N.Z. Breweries 2 1 9 Staples and Co 1 8 0 1 0 0 Tooth and Co. 2 4 0 —* MISCELLANEOUS. British Tobacco, Aust. — 1 17 9 Dental & Med. Supply 0 6 0 0 8 0 D.I.C., ord 0 14 0 — Dunlop Perdrlau 0 19 3 0 19 10 Electrolytic Zinc, 8 p.c. part pref MM 1 19 0 Prestige, N.Z., pref. . Sharland & Co., ord. MM 1 V 0 1 3 0 — Wilsons, N.Z., dement 1 7 0 1 7 5 Woolworths. N.Z., ord. 5 12 0 MM N.Z. Malay Rubber, ord. 0 5 0 MM Ditto, pref 0 15 0 MM Dominion Rubber ... 0 19 9 MM OIL. tf. Moturoa, ord 0 8 9 MM Taranaki 0 1 10 MM. mining. Alexander, fully paid Ditto, contrlb, ... MM 0 17 6 MM 0 1 L5 6 Bell Hooper 0 0 10 0 1 0 Big River MM 0 0 3 LI Consol. Goldfields *.• MM 1 0 0 Freshford MM 0 0 n Gillespie’s Beach • «*: 0 1 11 0 2 2 Golden Sands ...... 0 2 0 0 8 6 King Solomon 0 4 4 Mahakipawa 0 0 1 3 9 Nokomal .......... 0 1 8 0 2 0 Okarlto 0 8 4 Waihl *1 14 1 0 1 ] L5 6 Waihl Grand Junction MM 0 5 0 Waltahu 0 4 6 3 Talisman Dubbo .... *0 12 0 0 3 13 Skippers. 9d. paid ... M— 0 0 10* Placer Development . MM 24 J LO u Brian Boru 1 19 3 •Cum dividend. Unofficial List mm Buyers. Sellers. £ s. d. £ 8. d. Woolwortha, Ltd., ord. Vacuum Products, 10/MM 5 17 6 paid MM 0 12 0 Southern Cross Assce. 0 1 » —• — 1 0 0

Sale price. £ s. d. Return , OU invest me nr. £ s. d. Bank of Australasia . 12 15 (1 2 18 9 Comincr. Bk. of Aust. 0 17 0 2 18 9 N.Z. Insurance .... ♦3 0 0 3 6 8 Gear Meat (2) •17 0 2 15 6 Dunlop Rubber .... 0 19 9 4 1 0 Wilsons Cement .... 17 1 3 13 10 ♦0 8 5 .—- Goldfields Dredging ♦0 0 9J —- Skippers, 1/- paid .. 0 1 Oi —-- •Late sale Monday. AUCKLAND. £ s. d. £ B. d. Inset. Stock, 31 p.c., 1938-52 * 101 10 0 3 8 0 Ditto. 4 p.c., 1949 (2) 103 0 0 3 15 0 Bank of N.S.VV 33 0 0 3 0 Bank of New Zealand 2 10 3 3 19 7 Ditto 2 10 0 4 0 0 South British Insur. .. 3 IS 3 3 8 - .Tauplrl Coal 0 1'5 0 6 13 4 Auckland Gas, contr. . 0 18 6 4 9 Ditto, fully paid .. 15 4 4 6 io Colonial Sugar 00 0 0 3 15 9 Consolid. Brick 0 7 3 — Farmers’ Trading, B 0 11 6 6 16 Farmers* Fertiliser ... O 17 10 5 12 1 N.Z. Newspapers .... 18 6 3 10 2 N.Z. Refrig., contr. .. 0 7 6 6 13 4 Taranaki Oil 0 2 3 — Gillespies Beach 0 2 0 — 0 0 71 - Talisman Dubbo 0 12 7 — Skippers. 9d. paid .... 0 0 9J Unofficial List — Invest. Exec. Trust, 2nd. B deb 96 Q 0 7 5 10 Loyal, pref 1 1 9 CHRISTCHURCH. £ s. d. £ s. d. Bank of N.S. Wales .. 33 2 G 3 0 4 Goldsbrough Mort .... 1 14 0 1 9 5 N.Z. Guarantee Corp. 0 4,2 2 8 0 Ditto 0 4 1 2 8 11 Ditto (2) 0 4 2 2 8 0 N.Z. Breweries 2 2 0 3 6 8 Australasian Paper .. 1 15 3 4 10 9 Beath & Co., 1/- p'd. (2) OSO 1 0 0 Dunlop Rubber 0 19 6 4 2 0 0 19 7 4 1 8 Ditto 0 19 6 4 2 0 Ditto (3) 0 19 5 4 2 4 N.Z. Farmers’ Co-op., 4} p.c., 1940 76 15 0 5 17 3 Bell Hooper 0 0 10} — Brian Boru (6) 1 19 9 —• Ditto . 2 0 0 ■ Central Shotover 0 0 9 — Gillespies Beach (2) .. . 0 2 2 — Maerewhenua (2) .... 0 0 11 — Mahakipawa (8)- . 0 0 7J —• Ditto, prof. (2) .... 0 1 1 — Mining House Cone. (2) 0 0 5 — Nevis Diesel 0 0 5> — Rawang Tin 0 8 8} Ditto (5) 0 8 8 —— 0 4 6 Skippers, 9d. paid .... 0 0 9} Sales reported— Oomm. Bank of Aust. 0 17 0 2 18 9 0 15 0 5 0 0 Austr. Paper &• Pulp 1 15 5 4 10 4 Dunloop Rubber 0 19 9 4 1 0 Ditto 0 19 - 8 4 1 4 N.Z. Drug, odd lot .. •3 13 9 4 1 4 Bank of Australasia .. 12 13 0 2 19 3 Gillespies Beach 0 2 2} — Maerewhenua ........ 0 0 11 Skippers, 9d. paid .... 0 0 9} — •Late sale Monday. DUNEDIN. £ s. d. £ H. d. Dominion Fertiliser . 0 17 9 Dominion Rubber ... 14 0 Inser. Stock, 4 p.c., MHO •104 10 0 3 7 8 Ditto, 4 p.c., 1946 . •104 10 0 3 12 3 British Tobacco 1 17 4 3 4 3 Colonial Sugar 66 0 0 3 15 9 Mahakipawa ....... 0 0 <i - - Nevis Diesel 0 0 5 — Waitahu 0 4 5J Gillespies Beach .... 0 2 1 — •Late sale ; Monday.

April 27 Per ton. April 30. Per ton. Copper— £ s. d. £ s. d. Standard, spot . .. 32 14 4* 32 18 14 Standard, forward 33 1 10.', 33 1 101 ♦Electrolytic .. 36 0 0 35 15 0 to 36 10 0 3(1 5 0 Wire bars Lead— .. 36 10 0 36 5 0 Spot .. 11 7 R 11 7 6 Forward .. 11 13 9 11 13 9 Spelter— Spot ,. 14 17 0 14 18 9 Forward .... .. 15 1 3 15 1 3 Tin—' tSpot .. 238 7 6 238 15 0 Forward .. 235 15 0 235 17 6 Sliver— Standard, per oz. . 18?d. 18 13-lfld. Fine •American, f Amer lean. ... 20jd. 8.50 cents a 54.10 cents a 20 5-lGd. lb. lb.

Price. Variation. £ s. d. £ s. d. Consols, 2} p.e 79 0 0 0 10 6* Fund. Loan. 4, 1960-90 M3 0 0 u 5 0* War .Loan, 31, after 1052 x!02 15 0 2 0 U* Conv. Loan, 3} p.e... Victory Bonds, 4 p.e... 103 10 0 same til 0 same C’wealth, 5, 10+5-75.. C’wealth, 0. 193,1-41 .. 110 16 .1 0 1 3* 102 0 0 11 3* C’wealth, 3J, 1037 .... 101 10 0 some Victoria, 3, 1929-49 .. Victoria, 3J, 1920-49 .. 94 15 0 0 12 99 0 0 0 2 6’> Victoria, 5. 1932-42 .. 100 11 lot 0 3 MiVictoria, 41, 1040-60 .. 106 17 6 0 1 N.S.W., 3, 1935 N.S.W., 34, 1930-50 .... 101 6 3 0 1 3t 99 10 0 0 2 6* Q’lantl, 5, 1940-60 ... 107 8 9 same Q’land, 3, 1022-47 .. 1)6 0 0 0 5 ill N.Z., 44 1948-58 .... 107 5 0 0 2 6* N.Z.. 3j, 1945 102 0 0 0 1 3* N.Z., 3, 1045 N.Z., 6. 1936-51 97 8 9 0 1 3‘ 107 3 9 0 1 S. Aust.. 3J, 1939 .... 102 Q 9 0 3 9* S>. Aust., 3, 1916 or after 86 0 0 same Tasm., 3, 1920-40 .... 101 15 0 0 1 3t Tasm., 3, 1920-40 .... 99 0 0 0 5 0* W„ Aust., 3J. 1920-35 101 0 0 same W. Aust., 3, 1915-35.. 100 16 3 0 6 3t tHlghcr. ’Lower. x Ex interest.

ruling ou Aipril 28: —. April 30. April 28. Par. X. York, dol. to 5.13 7-8 5.113-8 4.866 Montreal. dol. to £ 5.11} 5.12 5-8 4.866 Paris, fr. to 77 11-32 7'7 13-32 124.21 Brussels, bcl. to £ 21.875 21.85 35.00 Geneva, fr. to £ 15.785 15.76 25.225 Amst'dam. fl. to £ <.'o4o I .oo 12407 Milan, lire to X* 601-16 601-16 92.46 Berlin, inks, to £ 12.96 12.95 20.43 St'bolni, knr. to £ 19.40 19.40 18.159 C’hagen. knr. to £ 22.395 22.395 18.159 Oslo. knr. to 19.905 19.905 18.159 Vienna, schgs. to £ 28 28 34.585 Prague, knr. to £ 122.875 122.75 164.25 Uel’fors, mks. to £ 222.75 220.75 193.23 Madrid, pes. to £ 37 11-32 37.375 25.225 Lisbon esc. to £ ill) 110 116 • Athens, drach. to •533 ‘533 375 Belgrade, din. to 1 ' 225 225 276.31 Bucharest. lei to £ 510 510 813.60 Warsaw, zloty to I' -— — 13.38 Rio de J., p. to mil. .44 1-8 41} 5.899 B Aires, p. to peso 4361 4361 47.02 M. Video, p. to peso 438'1-8 4381 51 Calcutta, p. to ru.p. 18 3-32 18 3-32 18 Shanghai. p. to dol. 151 15 3-8 — II.-Kong. p. to dol. 17 17 1-8 — Y'haina. p. to j TH 14 3-16 14 3-16 21.58’2 Batavia, fl. to £ 7.51 7.51 12.107 official ‘Sellers

Feb. 5. Tone. Mar. 5. Apl. 30. Tons. Tons. London . 39,064 39.6S0 42.539 Liverpool . . 51,937 52,832 53,917