FINANCE AND COMMERCE

Dominion, Volume 27, Issue 187, 7 May 1934, Page 12

FINANCE AND COMMERCE

STOCKS AND SHARES dovornraent Loans Very Firm GOLD MINES ACTIVE Active conditions again ruled on the Dominion stock and share markets last week. The volume of business was heavy, particularly in gold-mining shares, and prices were generally very firm. The strong demand for gilt-edged securities continued unabated. Early in the week there was active trading in Government loans at advanced prices, but later there was a marked scarcity of supplies, and few sales were recorded. All Government issues now stand at a substantial premium, with a consequent reduction in the yield, and the market shows signs of further hardening. Localbody and other fir&t-class debentures were also a stronger market, but supplies were well held and little business was done. Little change was seen in bank shares, except New Zealands, which were actively traded at higher rates, the peak of 50/9 giving a return of less than £3/19/- per cent. The D mortgage shares also had a fair amount of business at up to .34/6.' Insurance shares were less active at steady rates, New Zealands being slightly easier at 59/8. Gas shares were firm, Wellingtons being traded at up to 37/6 and Aucklands at 25/5. Pastoral and financial were steady at about late rates. Meat shares were inactive except Gears, which firmed on sales up to 27/6. Southland Meat advanced to sell at 65/-. There was a better inquiry for coal mines at firmer rates. Westport advanced to 15/3, and Pukemiro to 24/-, Taupiris also being quitted at 15/-. Breweries were less active, and New Zealands eased on sales from 42/3 to 41/7. Staples were firm at 28/-, and Tooths sold to 44/9. Dunlop Rubbers were the most active in the miscellaneous section. In the middle of the week they made a good recovery to 19/9, but on later sales eased to 18/8. Wilson’s, Cement were a shade firmer on sales up to 27/3. Mining shares were heavily traded throughout the week, prices moving within very narrow limits. Talisman Dubboa advanced to sell up to 13/6 following the announcement of a further dividend. WELLINGTON EXCHANGE Saturday’s Quotations fhe latest buying and selling quotations recorded on Saturday on the Wellington Stock Exchange were as follow: — N.Z. GOVT. LOANS.

London Stock Exchange (British Official Wireless.i London, May 4. On the Stock Exchange to-day the markets were quiet. War Loan 34 per cent, was at £lO2/18/9. German and French bonds were slightly better. Internationals were steady. Gold mines were dull. London, May 5. Sales: Bnlolo Gold Dredge, £6/5/-; New Guinea Gold, 6/OJ.

LONDON WOOL SALES Crossbred Sells Firmly QUIETER DEMAND By Telegraph.—Press Assn.—Copyright. Loudon, May 4. Catalogues submitted at the wool eales to-day aggregated 6989 bales, including 788 New Zealand. Sales were about 1649 bales. A quieter demand, with some irregularity in merinos and more frequent withdrawals on high selling limits characterised this sale. Crossbred sold firmly to Great Britain and the Continent. New Zealand realisations included greasy merino, “MM,” 17d. highest and 16-Jd.” average. Greasy crossbred, “JB.” sold highest 12Jd. and 10<l. average. The Bank of New Zealand, produce department, has received the following ad-' vice from its London office under date May 4:—Compared with the opening of the sales, competition and prices have generally improved. Current quotations: Per lb.

H. Irwell and Company, Loudon, cabled the following prices under date May 4 :— 58’s, 17d.; 56’s, 16d.; 50’s. IOJd.; 48 s, Bd.; 46’s, 7|d.; 44’s, 6Jd. Slipe: Haltbred lambs, 17id.; three-quarterbred lambs. crossbred seconds, 10d. GERMAN EMBARGO Extended to May 21 London, May 4. The embargo on the importation of wool, tops, and yarns into Germany has been extended to May 21. The “Yorkshire Post” states that the London sale revealed indirect German influence in the saleroom. The extension of the ban should not materially affect the spot market. There are many firms accustomed to buy ou German account who are prepared to operate in anticipation of probable future requirements. , It will be nearly two months after the close of the present series before Hie sales recommence, and Germany will obviously need supplies before then. DEALINGS ON 'CHANGE Saturday’s Sales The following sales were recorded on Saturday on the stock exchanges mentioned:—

GOLD MINING Latest Returns By Telegraph.—Press Association. Christchurch, May 5. Bell-Hooper Cromwell Gold Ltd. reports a return of 13oz. lOdwt. 12gr. for the week ended May 4. Greymouth, May 5. The Golden Sands mining return was 270 z. 13dwt. for 30 shifts of eight, hours. Christchurch, May 6. The Mahakipawa washup totalled 109 ozs. The Bell Hooper return was 13 on. 10 <lwt. Waihi Mine The following information has been cabled to the London office of the Waihi Gold Mining Company:—No. 4 level: North branch of Martha lode—Crow-cut-ting south at 329 feet; at 19 feet in the crosscut the upper part shows 4 feet of quartz essaying 3/6 a ton and the lower part country with quartz stringers assaying 8/6 a ton. Clutha River Gold By Telegraph.—Press Assn.—Copyright. London, May 4. The Clutha River Gold Dredging Company has been heavily over-subscribed. To continue her Homeward loading to tho agency of the Federal Company, the Turaklna arrived at Lyttelton yesterday from Bluff. She is to leave there again to-morrow for Wanganui, New Plymouth and Wellington to complete. The vessel is due here on May 1G and is to clear this port finally on May 19 for London. Avonmouth, Liverpool and Glasgow, via the Panama Canal. The C. and D. Line steamer Port Melbourne reached Lyttelton yesterday from Wafiganul to continue her Homeward lending. She will complete at Napier, Gisborne and Wellington, is due here on May 18, and Is to clear this port finally on May 10 for London, via Cape Horn.

FROZEN MEAT TRADE Good Demand for Beef LAMB MARKET STEADY Lamb market: Firm and steady, with the exception of heavyweights, which are slightly weaker owing to over-supplies. Consumption satisfactory and tone of market good. Mutton market: Lightweight wethers unchanged, but heavyweights slightly easier. Ewes: Steady, with prices unchanged. Beef market: Meeting with good trade, with prices unchanged. New Zealand porker pigs: Prices firmer, but demand falling off as usual for the time of year. New Zealand baconer pigs: Quiet. The above report was received on Saturday, by the Meat Board from its London office, which advises that the following are the approximate average prices realised for the week ending May 4, based on actual transactions of wholesale quantities of the descriptions of meat mentioned, and are for representative parcels of the goods offering during the week, being for. business done on the basis of delievered to Smithfield market and/or ex London stores. Prices for tbe two previous weeks are also shown: — New Zealand sheep: Canterbury and North Island selected crossbred wethers and maiden ewes, 481 b. to 561 b., 5Jd. (same): 571 b. to 641 b., 4 5-8(1. (4sd., 4}d.) ; 651 b. to 721 b., 4-Jd. (same) ; North Island crossbred wethers and maiden ewes. 481 b. to 561 b.. (same) ; 571 b. to 641 b., 4}d. (4 5-8 d„ 4 5-8 d.); 651 b. to 721 b., 41-Bd. (4id., 4Jd.) ; . ewes, 481 b. •and under, 41-Bd. (same); 481 b. to 641 b., 3jd. (same): 651 b. to 721 b.. 3d. (3d., 31-8 d). New Zealand lambs: Canterbury, 361 b. and under, 7 3-Bd. (7 3-Bd., 7Jd.) ; 371 b. to 421 b.. 6 5-Bd. (6 5-8 d„ 6 7-8 d.); 431 b. to 501 b., 6}d. (6id., 6sd.). Second quality, average 321 b., 7d. (6 7-Bd., 6 7-Bd.). Other South Island brands: 361 b. and under, 7 3-Bd. (7id., 7Jd.); 371 b. to 421 b., 6 5-Bd. (65-8 d 6 7-8 d.); 431 b. to 501 b., 61d. (61d.. 61d.) ; selected North Island brands, 361 b. and under, 7 3-8(1. (7 3-Bd., 7id.): 371 b. to 421 b., 6 5-Bd. . (6?d., 67-Bd.) ; 431 b. to 50Ib„ 6}d. (61d„ 6Jd.). Second quality, average 321 b., 7d. (same). Other North Island brands, first quality, 361 b. and under, 7}d. (71-Bd., 7d.) ; 371 b. to 421 b., 6jd. (6 5-Bd., 6Jd.) ; second quality. average 321 b.. 6 7-8(1. (same). Australian lambs: Victorian. - first quality, 361 b. and under, 63-Bd. (same): 371 b. to 42b., 6.1 d. (same). Argentine lambs: First quality. 361 b. and under, 6 5-Bd. (61d.. 6Jd.); 371 b. to 421 b., 6d. (61-Bd.. 61-Bd.). New Zealand beef: Ox fores, 2{d. (same); ox hinds. 31d. (31d., 31-8(1.); cow fores and hinds, not quoted. Argentine chilled beef: Ox fores, 2 7-Bd, (3}d.. 27-8 d.); ox hinds, 5Jd. 5Jd., 4 7-Bd.). Australian frozen beef: Ox crops, over 1001 b.. 2 5-8(1. (2 5-Bd., 2}d.) ; ox hinds, over 1601 b., 3 3-8(1. (same). New Zealand prime porker pigs: 601 b. to 801 b., 5Jd. (s}d., 51<1.) ; 811 b. to 1001 b., 5 3-Rd. (51-Bd.. 51-8<1.): 1011 b. to 1201 b., 5 3-8(1. (s}d.. s}d.). New Zealand baconer pigs: 1201 b. to 1601 b., 51d. (6d., 6d.). By Telegraph.—Prese Assn. —Copyright. (Received May 6. 6.30 p.m.) London, May 4. Australian sheep: Ewes, 301 b. to 351 b., 3jd. Argentine sheep: First quality, crossbred wethers, 481 b. to 641 b., 4Jd.; 651 b. to 721 b., 3jd. Patagonian sheep: Wethers and/or maiden ewes, 501 b. to 601 b., 4d. Australian lambs: Other States, first quality, 361 b. and under, 6 3-Bd. Victorian, second quality, 361 b. and under, GJd. Other States, second quality, 361 b. and under, 6 3-8(1. All States, third quality, average about 261 b., 6Jd. Argentine lambs: Firfit quality, 361 b and under, G 5-Bd.; 371 b. to 421 b., 6d. Second quality, average about 281 b., 6jd. Australian pigs: First quality, 601 - to 1001 b., average about 801 b., sjd.; 1011 b. to 1201 b., 5Jd.; others unchanged. Market Quiet but Steady. The market is quiet but steady, says n report received by Levin and Co., Ltd., from their London agents. As compared with the previous week’s quotations. Down lamb, 281 b. to 361 b., 1-8(1. higher; 361 b. to ,421 b. 1-8(1. per lb. lower. Crossbred lamb, 361 b. to 421 b., l-Bd. per lb. lower. Ewes under 481 b., 1-8(1. “er lb. higher; 481 b. to 561 b., l-Bd. per lb. lower. Prime ox beef. l-Bd. per lb, higher. Smithfield "delivered” prices are quoted as follow: North Island Down lambs. 281 b. to "6ib.. 7Jdper lb.j 3Glb. to 421 b., 6?d. Best North Island crossbred lambs, 281 b to 361 b.. 7jd.; 361 b. to 421 b., 6 5-8(1. North Island second quality lambs, average 301 b. to 311 b., 6 7-Bd. Best North Island wether sheep, under 481 b., s|d.; 481 b. to 561 b., 51(1.; 561 b. to 641 b.. 41d.; 641 b. to 721 b.. 41(1. North Island ewes, under 481 b.. 4 l-Bd.; 481 b. to 561 b., 3Jd.; 561 b. to 641 b., 31d.; 6411). to 721 b.. 3d. New Zealand prime ox beef, 1601 b. to 2201 b.. 2}<l. The Bank of New Zealand, produce department. has received Hie following advice from its London office as at close of business last, week :—The market for wethers is dull, with a downward tendency. The market for ejves is rather easier. There is a fair demand for lambs. Tim market is weaker of heavyweights: lightweights remain steady. There is a good demand for beef at present prices. Wethers, light, 4 3-8(1. to 54(1. ner lb.: heavy 3 7-Bd. to 44rl Ewes 21(1. to 4 1-Sd' T "mbs. 2’s. 7 1-<M. to 7 3-9-1.. B>. Bid. tn 61d.: 4-s. 6 1-84. to 6 3-fC : seconds 61-1. to 7-1(1. Boot ox hinds. 3 1-Sd. to 3 3-8'1.: ox fores. 2 1-8(1. tn 2 3-8-1. FOREIGN EXCHANGES Position of Sterling By Telegraph.—Press Assn.— Copyright. London, May 4. The following rates on foreign exchanges were current to-day compared with those

Gold nnd Silver. London, May 4 Gold.—£6/15/10 per fine ounce. Silver—Cash, 18 5-8(1. per ounce: forward. 18 1)1-16(1. London, May h. Gold.—£6/16/2 per fine ounce. London, May 11 Sterling exchange, London on Now York. 5.113 dollars, on Paris 77 3-16 francs. Dollar Conversion Rates The Associated Banks have agreed that the conversion rates from May 7 will be: — U.S.A. Canada Conversion of dollar bills received for collection and sale of dollar drafts 5.01 5.00 Purchase of dollar bills 5.21 5.20 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.

DAIRY PRODUCE More Inquiry for Cheese BUTTER MARKET FIRMER There was a slight improvement in tbe London butter market last week. Prices showed an increase of 2/6 to 3/- a <pvt. over those of the previous week, while the market closed firmer. Deliveries of New Zealand butter were 1921 tons, compared with 1700 during the previous week. The quantity of New Zealand butter in store was 10.405 tons, compared with 10,791 for the previous week, and 8318 tons a year ago. The cheese market closed firmer, prices showing a slight increase on the week. The Dairy Board’s London office reports Friday’s official closing quotations as follow, those for the previous week being shown in parentheses: Butter.' New Zealand, salted. 72/6 to 74/- (70/to 71/-; May 4, 1933, 72/- to 73/-); 72/6 to 74/- equals approximately 8.4 d. f.0.b.; unsalted. 72/- to 74/-, ex. 75/(71/- to 74/-; May 4, 1933, 72/- to 76/-) Deliveries, New Zealand, 1921 tons. In store, 10,405 tons (includes 247 tons ex Hororata). _ Australian, salted and unsalted. <l/to 72/- (69/- to 70/-). Deliveries. Australian, 1839 tons. In store. 7296 tons. Argentine, unsalted, 70/- (70/-). Danish, 61/- f.0.b., 82/- spot (60/-; 82/-). Dutch, unsalted, 70/- to 77/- (69/- to 77/-). Esthonian, unsalted, 68/- to 69/(69/-). Latvian, salted and unsalted, 68/- to 69/- (68/- to 70/). Siberian, salted, 67/- to 68/- (67/- to Lithuanian, salted, 67/- to 68/- (68/to 69/-); unsalted. 68/- to 69/- (68/to 70/-). ' The Imperial Economic Committees estimated stocks all butters, 1.097,666 boxes (984.279 boxes). The board has also received the following advice from its agents in Canada: —Butter: New York, 254 cents; Montreal, 19J cents a lb.; stocks, 136 tons, last year 120 tons. Cheese. New Zealand, white, 43/- to 43/6 (44d. f.0.b.), (42/6 to 43/-; May 4, 1933, 417- to 42/-); coloured. 42/6 to 43/(42/-; May 4, 1933, 47/- to 48/-). Deliveries, New Zealand, 18,604 crates. In store, 127,409 crates. Canadian, white, 50/-, 54/-, to 56/(52/- to 56/-) ; coloured, 52/- to 54/(52/- to 56/-). Deliveries, Canadian, 5702 boxes. In store, 101,516 boxes, Australian Minimum Prices. The New Zealand Dairy Produce Board are advised by the Australian board that thej’ have fixed the minimum prices at which Australian butter may be sold for forward shipment to the United Kingdom during the coming week at 8 5-Bd. and 8 3-Bd., this being the same as for previous week. These prices are New Zealand f.o.b. equivalent of the Australian c.i.f.e. .minimum prices fixed. Agents’ Reports. The New Zealand Producers’ Co-opera-tive Marketing Association’s weekly cabled market report from London, dated Friday, is as follows: —Butter: Market has closed firm after a week of good business. New Zealand, finest grade, 72/6 to 74/-; first grade, 72/-; Danish, 82/-. Cheese: Market firm with more inquiry. New Zealand white, 43/- to 43/6; coloured. 42/6 to 43/-. , r , Mr. Thomas Gray has received the following report, dated May 4, from Mr. A. C. Rowson, London:—Cheese: New Zealand. white, 44/- per cwt.; New Zealand, coloured.-43/6 per cwt. Butter: First grade. 73/- per cwt.; finest grade, 74/per cwt. Both markets advancing and good demand. * BASE METALS MARKET Slight Recovery in Tin By Telegraph.—Press Assn.—Copyright. _ (Received May 6. 6.30 p.m.) London, .May 4. The official London (middle) quotations for Friday, as reported b.v the Australian Mines and Metals Association, compare as under with those previously cabled:—

tAmerlcan. 53.10 cents a lb. I’rices of Other Metals, London. May 4. Prices of other metals are as follow, last week's quotations being shown in parentheses Pig iron; Home trade, £3/7/0 a ton (same); export. £3/2/6 a ton (same). Antimony: British, £42/10/- a ton (same); foreign. £2O/10/- a ton (£25/15/-). Molybdenite: 36/- a unit (same). Wolfram: 41/3 a unit (40/0). RAW MATERIALS General Firming in Prices Bv Telegraph.—Press Assn.—Copyright. (Received May 6. 6.30 p.m.) London, Muy 4. Friday’s closing prices for the following raw materials were as follow, tho.se for April 27 being in parentheses:— Cotton: Liverpool quotation, good American piiddling, spot, 5.93 d a lb. (5.88 d. June delivery. 5.73 d a lb. (5.6G<1.). Rubber: Para. s|d. a lb. (s}d.) ; plantation .smoked ribbed sheet. 7d a lb. (6 l-16d.). Jute: May-June f»hipnient. Indian jute. Dundee quotation. £l5/15/- a ton (£l5 11/3). Copra : May-June shipment. South Sea. £7/12/6 a ton (£7/7/6) ; smoked. £6 17/6 a ton (£6/15/1 ; plantation Rabanl £B/5/- a ton (£8). Linseed oil: £2l/10/- a ton (£2O 15/-). Turpentine: 47/9 a cwt. (48/9). Ostniridium ; Unchanged. Sydney Stock Exchange By Telegraph—Press Assn.—Copyright Sydney. Muy 5. Sales on the Sydney Stock Exchange today ineluded: —Commonwealth Bonds. 4 per cent., 1938. £lO6/2/6; 1941, £lO7 7/6; 1944, £lO7/8/9; 1947, £lO7/10/-; 1950, £lOB/1/3; 1957. £109; 1959. £lO7 \5/-; 1961. £lOB. Australian Gas. A. £B/3/6; ditto. B. £B/3/6; Associated News, 25/74; Anthony Hordern. 16/-: Henry Jones, 32/-: Dunlop Perdriau. 18/9Lustre. 23/6: Wileox Mofflin. 14/-. Stock Sales will he found on Pago 4.

British Treasury Bills (British Official Wireless.) London, May 4. A total of £80.035.000 was applied ter in teXs for £40,000,000 of Treasury hills tn-rlav The maximum amount was allotted in bills at three The average rate per cent, was 17/1.954., as compared with 17/8.49d. a week ago. Chicago Wheat By Telegraph.—Press Assn.—Copyright. (Received May 6. 6.30 p.m.) ' New York, May 4. Chicago wheat futures; May, 81| cents a bute July, 795; September, 80. hew York, ca«h, 93 1-8 cents. Government Stocks By Telegraph.-Prese -‘'X’X Quotations of Government stocks on the Lmidon Stock Exchange compare wit.i those of a week ago as tallow. Varihtion

Customs Exchange Rates Rates of exchange ruling at the announced dates of departure of the vessels named are shown in the following table Thev are subject to confirmation bv the Customs Department when the exact time of departure is learned on arrival of the vessels in New Zealand, finally declared rates being marked Golden Cross, Canada, dollars .. *5.10 Golden Cross. America, dollars .. .>.l- - Britisher. Canada, dols. -i.los Winton. America, dollars 5.1<Waikawa. America, dollars ... o.liij Niagara. Canada, dollars u.l-i

Buyers. £ s. d. Sellers. £ a. d. 4 p.c. Bonds, 1940 .... 104 0 0 ’ > —— 4 p.c. ditto, 1946 .... 104 5 0 4 p.c. ditto, 19*19 .... 103 7 6 4 p.c. ditto, 1955 i... 104 10 0 — 5 p.c. ditto, Rural, 1947 100 10 0 ** 3} p.c. Ins. Stk.. 1939-43 103 10 0 3J p.c. ditto, 1939-52 .. 104 10 0 •MB 3} p.c. ditto, 1938-43 ., 103 10 O 3} p.c. ditto, 1938-52 .. 104 10 0 — , 4 p.c. ditto, 1940 .... 104 2 6 4 p.c. ditto, 1946 .... 104 7 6 —— 4 p.c. ditto, 1955 .... 104 10 0 — DEBENTURES. Wgtn. City, 5i p.c., 1940 101 0 0 Makerua Dge. Bd., 6 p.c.. 1946 102 5 0 Wgtn. Gas Co 101 0 0 Wgtn. Racing Club .. 99 10 0 —- Amid. Brick and Pips, Wellington —“ 90 10 0 BANKS. Australasia - 12 10 0 Comrcl. Bankg. Co., Sydney 18 5 0 Eng., Scot, and Anst. 5 7 0 National of Australasia, £10 paid —- • •13 8 6 New South Wales .... —. •33 15 0 New Zealand •2 10 0 2 11 0 Ditto, “D” long term *1 14 3 1 14 9 Union of Aust.. 9 19 6 10 2 0 FINANCIAL, Abraham and Williams, ord. 2 8 0 Ditto, pref. 3 19 0 Equitable Building . 1 15 0 — Goldsbrough Mort and Co 1 14 1 N.Z. Guarantee Corp. 0 4 1 0 4 4 N.Z. Loan and Merc., ord. stock . 52 0 0 N.Z. and River Plate 13 9 General .Finance ..... — 0 19 0 GAS Christchurch 19 0 Wellington, ord 1 17 3 1 17 6 ■ INSURANCE. National of N.Z *0 19 6 10 0 New Zealand . 2 19 G 8 0 0 Queensland a R fl MEAT. Gear Meat 1 7 9 N.Z. Refrig., 10/- paid 0 7 7 — Southland 3 3 0 _— Wgtn. Meat Exp., ord. 0 5 6 0 12 6 TRANSPORT, i Huddart, Parker, pref. 15 0 __ Union Steam, pref. ... 15 9 10 6 WOOLLEN. Kalapot, fully paid ... — 0 10 3 Ditto, contrlb 0 3 3 Wellington, ord 5 5 0 5 10 6 COAL. 13ft 14 6 TIMBER. Leyland-O’Brien 110 — BREWERIES. Carlton 2 5 a N.Z. Breweries ...... 2 16 Staples and Co 1 ft 0 Tooth and Co. ...... 2 4 4 2 5 0 Tooheys , 18 6 Tul 2 fl ft MISCELLANEOUS. British Tobacco, Aust. 1 17 3 1 18 0 Burns, Philp, and Co. 2 10 0 Colonial Sugar 65.5 0 Dunlop Perdrlau .... 0 18 11 Electrolytic Zinc, 8 p.c. part pref 1 14 fl Howard Smith, ord. .. 0 13 9 N.Z. Drug 3 13 9 __ N.Z. Farmers' Fertiliser 0 18 6 N.Z. Paper Mills •i io o Prestige, N.Z., pref. . 0 19 6 Sharland and Co., ord. •13 0 Wgtn. Queen’s Theatre —— 10 9 Wilsons N.Z. Cement . 17 3 Woolworths N.Z.. ord. 5 15 0 Dominion Rubber ... 13 0 N!Z Malay Rubber, pref 1 2 G Ditto, ord 0 5 0 OIL, Moturoa, ord .. 0 3 ft Taranaki ft 9 ft MINING. Alexander, contrib. . 0 15 6 Bell Kilgour 0 0 3 Big River 0 0 11 Blackwater 1 12 0 1 15 6 Consol. Goldfields ... 10 0 Golden Point 0 0 2f King Solomon 0 4 4' Mahaklpawa 0 0 7i Monnt Lyell 13ft Okarito 0 8 6 0 <8 10 Walhl 71 14 6 Waihl Grand Junction 0 5 0 Mining House Concessions 0 0 51 0 0 6 Talisman Dubbo .... •0 13 ’3 0 15 0 •Cum dividend. |Ex dividend. " “ ■■ . Unofficial List Buyers. Sellers. £ a. d. £ s. d. Invest., Exec. Trust, 98 0 0 Ditto, 1st B deb. .. 96 10 0 98 10 0 Ditto, 2nd B deb. .. — 97 0 0 Aust. Forestry Bondholders’ Trust, P.S. - 27 10 0 Southern Cross Assce. 0 19 Procera Bread, 10/- pd. 10 0 Metters, N.Z.-, Ltd. .. . — 0 6 U

Merino— d. d. Super 60/Ws .... 20 to 22 Ordinary 60/64’s . 171 to 18J Inferior 60/64’s . 131 to 141 Halfbreds— 56’s 16 to 17 50/56’e 12 to 13 Crossbreds — 50s 0* to 10 48/50’s 8J- to 91 46/48’s 8 to 8| 44/46’s 7i to 8 40/44’s 7 to 7] 36/40’s 6| to i

WELLINGTON. • £ s. d. National Bank Aust/asia, £5 pd. •6 7 0 Bank of New Zealand •2 10 9 Wellington Gas (2) 1 17 6 1 17 5 Pukemiro Coal •14 0 Freshford ' 0 0 1 Waihl Grand Junction 0 4 9 Mining House Concess 0. 0 5} •Late sale Friday. AUCKLAND. £ s. d. Inscribed Stock, -1 p.c., 1940 ... 104 10 0 Ditto, 4 p.c., 1940 Bank of New Zealand 104 5 0 2 10 9 Bank of New South Wales .... 33 2 6 Queensland Insurance 3 9 0 Taupiri Coal 0 16 0 15 4 Ditto 15 5 0 4 2 Northern Steam 0 6 0 Brian Boru 0 2 0 Fteshford 0 0 1 Maerewhenua 0 0 11 Talisman Dubbo 0 13 6 Christchurch. £ s. d. Comm. Bank of Aust 0 16 11 Nat. Bank of Australasia, £o paid, cum div 6 7 0 N.Z. Refrig., 10/- paid (2) 0 8 0 N.Z. Breweries 2 1 9 Staples Brewery 1 8 0 Dunlop Rubber (2) 0 18 8 Mount Lyell 13 6 Freshford . 0 0 1 Golden Point (2) 0 0 2i Moonlight Nelson Creek • 0 0 8 Nevis Diesel Electric (3) .... 0 0 51 Nokomai o 1 1>H Rawang Tin i 0 9 5 Ditto 0 9 4J Ditto 0 1) 5 Waihl 1 14 ,9 Waltahu 0 4 i! Sales reported— Dunlop Rubber DUNEDIN. 0 18 3 £ s. d. Nevis Diesel •0 0 5} JIahakipawa •0 0 8 Sales .reported:— Rawang Tin. ex div 0 9 6 Nokomai 0 1 10

ruling on May 3:— May 4. May 3. Par. N. York, dol. to £ 5.11 7-8 5.12 5-8 4.866 Montreal, (lol. to £ 5.101 5.10} 4.866 Paris, fr. to £ ... 77 9-32 77 13-32 124.21 Brussels, bcl. to £ 21.83 21 87 35.0(1 Geneva, fr. to £ .. 15.73 15.755 ■> Amst’dam. fl, to £ 7.525 7.54 ■12.107 Milan, lire to £ .. 59 29-32 ! 60 92.46 Berlin, inks, to- £ .. 12.95 12.97 20 13 St’holm. knr. to £ 19.411 19.40 18.159 C hagen, knr. to £ 22.395 22.395 18.159 Oslo. knr.' to £ 19.905 19.905 18 159 Vienna. Bchgs. to £ 28 28 31.585 Prague, knr. to £ 122.625 122.75 164.25 ITel'fors, inks, to £ 220.75 226.75 193223 Madrid, pes. to £ .. 37 5-16 37 5-16 Lisbon, esc. to £ 110 110 110 Athens, dracli. to £ •530 •530 37a Belgrade, din. to £ 2°5 no-. 276.31 Bucharest, lol to £ 510 510 S’ 3 60 Warsaw, zloty to £ — 26.96 43.38 Rio de.J., p. to mil. 44} +4’ 5.890 B. Aires, p. to peso 1'36) 136} 47.62 M. Video, p. to peso 138' t3 J 51 Calcutta, p. to run. 18 3-32 18 3-32 18 Shanghai, p. to dol. 15 14J — II.-Kong. p. to dol. 16 5-8 16} — Y'hanin, p. to yen 14' L .5S2 Batavia, fl. to £.. 7.50 7.50 12.t07 •Sellers. official. ‘Sellers.

May 3. Pgr ton. May 4. Per ton. Copper— £ s. tl. £ s. d. Standard, spot ... 32 11 10J 32 7 « Standard, forward 32 14 44 32 14 4} •Electrolytic .... 35 12 (> 35 10 0 to 30 0 0 30 0 0 Wire bars 30 0 0 30 0 0 Lead— 11 0 3 It 3 9 Forward ....... 11 13 9 11 11 3 Spelter— 14 10 3 14 15 0 Forward ....... 15 2 0 15 1 3 Tin— I'Spot 233 17 5 234 12 6 Forward 231 17 6 232 7 6 S'Jver— Standard, per oz. . ISJd. 18 5-8d. Fine 201d. 201-80. •American. 8.50 cents a lb.

£ s. d. £ s. d. Consols, 2) pc Fund.'Loan. 4, 1060-90 79 113 7 10 f> 0 0 7 0 10 or •if War Loan, 3J. after 195“ 102 17 6 0 2 6t Conv. Loan. 3 J p.e. .. Victory Bonds. 4 p.e. . 103 111 10 0 0 same same C’wealth, 5, 1945-75.. C’wealth, 6, 1931*41... C’wealth, 3$. 1937 .... 110 102 101 15 13 12 9 0 0 8 0 2 9t 6t ot or 1!* Victoria, 3. 1929-49 .. Victoria, »i. 1929-49 • 99 no x99 17 0 0 6 0 10 0 14 ■ Victoria. 43. 1940-60.. N S IV., 3. 1935 107 101 0 8 0 9 0 2 0 2 67 (it 3t X S IV.i 31. 1930-50 ,, 99 1'1 3 0 1 Q’land, 5. 1940-00 .... Q’land, 3. 1022-47 .... N.Z.. 4 j, 1948-50 107 10 0 0 1 3f 96 0 0 same 107. 101 17 0 6 same 0 2 «• N.Z.' 3.* 194’5 97 8 9 same N Z, 6. 1936-51 107 3 9 same S Aust., 3}. 1930 .... 102 0 0 0 3 9* S' Aust.. 3, 1916-or after 80 0 0 same ,Tasni„ 34, 1920-40 .... Tasnl., 3, 1920-40 .... AV. Aust., 3}, 1920-35.. 101 99 101 10 2 0 6 6 0 5 0 2 0 2 67 Ct W Aust., 3, 1915-35 .. 100 ir> 3 same fHigher ‘Lower. J :■ Ex interest.