FINANCE and COMMERCE

Dominion, Volume 27, Issue 189, 9 May 1934, Page 12

FINANCE and COMMERCE

STOCKS AND SHARES Government Loans Advancing WELLINGTON MARKET FIRM TMteX“ Supplies were very scarce, - _j fha nnlv Rale recorded was the 4 per at Wl7/G Buyers advanced their bids for the 4 per cent 1955 to £lO5/2/6, without response. Ranks were without marked change. New Zealands again sold G ™l% B a \j s nion and Commercial of Sydney £ l B - Union of Australia improved to £»/l»/V. era £lO/2/-. Australasias were a shaue easier at £l2. sellers asking £l2/12/b. Commercial of Australia were wanted at 16/8. but sellers held for !</-. in n ®re was an improved demand for financial and pastorals at steady rates. Welling•hm Crn» were again traded at oT/o. t 0 shades continued to harden South British were sold on ehanEe th “£ 78/3, and more were wanted at that price Nationals moved up to 10/8. sen ers 20/- New Zealands recovered to 59/9, others showing no change. vaS were steady at about late rates. Toohevs "'fee wwa rather bet & demand for miscellaneous shares. New Zealand Paper Mills were stronger at 30/-, but others were little changed. Gold mines were quiet. Waihis were firmer on sales at 35/3. WELLINGTON EXCHANGE Yesterday’s Quotations •rhe latest buying and selling recorded yesterday on the Wellington Stock Exchange were as follow.—

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 tn companies which pay their dividends outside New Zealand the exchange rates have not been taken into consideration. Lite return on 4 per cent. Government loans inrliides redemption. In the case of. 01 per cent.loans the return is for the interes alone, and covers only the period tor which the loans are tax-free. '

FOREIGN EXCHANGES Position of Sterling By Telegraph.—Press Assn. —Copyright. London, May 7. The following rates on foreign exchanges were current to-day compared with those ruling on May s:—

Gold and Silver. London, May 7. Gold.-—£6/IG/2 per fine ounce. Silver.—Cash, 19 l-ldd. per ounce; forward, 19 l-Bd. Dollar Conversion Kates 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. ' Big River Gold Mines The report of Big River Gold Mines. Ltd., Reefton, for April, states that the stopes produced 116 tons of ore. _ One stope in No. 3 level has been discontinued, and the men removed to extract a pillar under No. 2 level, Jones's line of reef No. 3 east crosscut advanced 38ft, 6in., making a total distance of 65ft. since commencement. The country penetrated has been hard and a change may be expected any time. Some water is making from the face. No. 4 level crosscut has been driven to a distance of 48ft.. making a total of 233 ft. from shaft. Twentyfive feet of the reef underlie has been cut, and early developments are possible. The leader in No. 1 level is still being followed, but improvement is slow. The stone bunches to 20in. at intervals, and then pinches to sin. to 7in. The length is sft. and the stone is of good quality. Waitahu Gold Mining Co. The directors of the Waitahu Gold Mining Company. Ltd., have created a debenture issue of £3OOO with the object of discharging current liabilities and providing about £lOOO working capital. The term of the debentures, is two years, and the rate of interest will be 10 per cent per annum. Sailors’ Gully Dividend The Sailors’ Gully Sluicing Company. Limited, which is operating at Waitabuna Gully. Gthgo. has declared a dividend of !/• a share. The company, which has a capital of £B4OO, was registered in 1896. This is the seventieth dividend paid, the last, of 6d. a share, being distributed in December, 1932.

ACTIVE MARKET Commonwealth Bonds Firmer SYDNEY STOCK EXCHANGE By Telegraph.—Press Assn. —Copyright. (Received May S. 8.45 p.m.). Sydney, May 8. Business was active on the Sydney Stock Exchange to-day. values tending in sellers’ favour. The announcement that the Federal Cabinet in Adelaide to-day would consider the preliminary details and the forthcoming internal loan caused Commonwealth Bonds distinctly to firm, but there were no declared sellers. Mining shares were weaker, but the ordinary investment market was unchanged. . . , . Sales:—National Bank ot Australasia. £lO paid, £l3/10/-; Queensland National Bank, £5/16/-; New Zealand Insurance, Associated News. 25/-; Burns. Philp. South Seas, 25/9; Australian Gas. A. £B/4/-; Tooths. 44/9; Fairymead Sugar. General Industries, 11/11: Lustre Hosiery. 23/3; Anthony Hordern, 16/3; Henry Jones. 32/-: Goldsbrougb Mort. 34/-. Mt. Morgan, 22/9; Broken Hill proprietary. 47/9; South Broken Hill, 73/-1 Bulolo Deposits, 1/11 ; Rawang Tin, 9/4; Larut Tin. 15/3; Malim Nawar Tin, 16/3: Placer Development, £22/15/-. Commonwealth Bonds, 4 per cent., 1938,'£106/1/3; 1941. £lO7/12/6; 1944 £lO7/12/6; 1947. £lO7/18/9; 1950 £lOB 6/3; 1953. £lOB/18/9; 19ao, £lOB/I</6: 1957. £lO9/2/6; 1959. £lO7/13/9; 1961. £lOB/7/6. Morning sales included: Commonwealth Bonds. 4 per cent., 1938. £lO6 2/6; 1941. £lO7/10/-: 1944, £lO7/12/6; 1947. £lO7/12/6: 1957, £109; Tooths, 45/-; Anthony Hordern. 16/3: Associated News, 24/9; Australian Glass. 49/-; Broken Hill Proprietary. 48/-: Henry Jones. 32/-: Lustre Hosiery. 23/6: Morris Hedstrom. 17/3. Melbourne, May 8. Sales on the Melbourne Stock Exchange to-dav included :—Commercial Bank of Australia, 17/3; Goldsbrough Mort. 34/3: Herald and Weekly Times. 52/-: Electrolytic Zine. pref.. 33/9: Australian Iron and Steel, pref., 23/1. LONDON WOOL SALES Numerous Withdrawals Bv Telegraph.—Press Assn.—Copyright. London. May 7. Offerings at the May London series of wool sales to-day were 6686 bales, including 2302 bales New Zealand. About 2720 bales were sold. Quieter market conditions prevail, with numerous withdrawals on sellers’ high limits. Those lines that were sold realised steady rates. , Realisations included New Zealand, greasy merino. “Brancott, ’ 19d. highest. 18id. average; scoured merinos, “Braemar.” 33d. highest. 32}<1. average. Bradford tops market quotations are a shade easier owing to the extension of the German embargo on wool imports. Levin and Co., Ltd., have received the following cable from their London agents, dated April 7: —The auctions continue fairly animated at the level of the °P ea " ing day. with the exception of slipe halfbred lambs, which are Id. to Jd.-cheaper. The following prices are current: —

DAIRY PRODUCE FIRM N.Z. Butter Selling at 75/Jossph Nathan and Co., Ltd., have received from their principals, Trengrouse and Nathan, Ltd., London, the following cabled advice, dated May 7:—New Zealand butter, 75/- per cwt.; New Zealand cheese. 44/- per cwt., Both firm. MARGARINE SUFFERS Cheap Butter and Lard While low prices for butter in England nre affecting the sale of best grades of margarine, competition by cheap lard has also affected the margarine trade. This was made clear at the annual meeting in Loudon of the Maypole Dairy Company. Limited, whose profits in 1933 dropped by £55.000 to £312.000. “There is no sign of an immediate advance in butter prices sufficient materially to help the margarine trade,” said Sir James Martin, chairman of directors. “Quotas in other countries and increased and unrestricted production in New Zealand and Australia, have resulted in huge quantities of butter being shipped, to Britain at prices which, to put it mildly, cannot possibly be remunerative to the producer. This is n state of affairs which will no doubt be rectified in time.” - BASE METALS MARKET Prices Generally Steady By Telegraph. -Press Assn. -Copyrtgbt (Received May 8, 8.30 p.m.) I.ondon, May (. The official London (middle) quotations for Monday, as reported by the Australian Mines and Metals Association, compure as under with those previously

Standard, per oz. . 18 5-Bd. 19 1-lßd. Fine 201-S<l. •JOO-ldd. ♦American, 8.50 cents a lb. vAmerican. 53.10 cents a lb. Price of Rubber Advances (British Official Wireless.) London. May 7. The price of rubber elo-ed iji London to-day at "bl per lb On the Stock Exchange buoyant conditions prevail in the rubber shares section of the market, and. elsewhere prices are steady.

COMPANY RESULTS Wellington Deposit & Mortgage DIVIDEND PASSED At the annual meeting of the Wellington Deposit, Mortgage, and building Association. Ltd., yesterday, the chairman. Mr. W. IL P. Barber, in moving the adoption of the *;®l 1 °J rt „.“_ n . , f . u “ ,?'re‘ said capital remained at £—>.oo. and itserves at £7300. plus the carry forward of £llO2 Deposits at £28.<83 showec, a small increase of £212 over the Preyiups vear. The hank overdraft of £12..>9,j was uow £9524, a reduction 0f£3071. Ou the assets side mortgages of £68.205 were now £65,478. a reduction of £2<2<. Panama Chambers leasehold premises at £6223 were reduced by £127. the original cost having been £8529. Sundry debtors were practically the same as last year There were only two material changes from last year's figures, namely, a substantial reduction in the bank overdraft, and a reduced amount of mortgage investment. The previous year's deposits showed a drop of no less than £13.925; that heavy reduction had been arrested, and this vear showed a small improvement. Interest on deposits was lower by £l2O. the rates of interest being limited by the Government regulation. On the other side, interest on mortgages was reduced by £613. This reduction was mainly caused by not taikng to profit interest on certain accounts in respect of which legal proceedings wete pending, on others in arrear on which rents from the properties were being collected, and also remission of interest by order of the Adjustment Commission under the Mortgagors and Tenants’ Relief Act. It was anticipated that rents received from these properties would gradually reduce ;he arrears of interest and show an improvement during the current year. Charges were reduced by £352. Unfortunately, Panama Chambers again showed a loss on account of many offices remaining vacant. It was regretted that the profit and loss figurese would not warrant the declaration of a dividend. ‘‘Existing legislation has restricted the activities of financial institutions such as ours,” said Mr. Barber, “and the passing of the Mortgagors and Tenants Relief Act, 1933, introduced further restrictions that make successful operations more difficult. Our advances were made on a conservative basis by reliable valuers, and. although values have declined. i't is not considered likely that any loss will ultimately result. _ It is necessary, however, that the association’s business should be conducted under the strictest supervision. The outlook appears to be brighter, and when confidence is restored, business will improve and become normal. The report and balance-sheet were adopted. The retiring directors. Messrs. W. Watson and F. J. Evans, were reelected. Messrs. S. M. Hobbs and R. Arthur Glen were reappointed auditors. BURNS, PHILP AND CO. Last Year’s Accounts Accounts of Burns, Philp and Company, Limited, merchants and shipowners, for the year ended March 31 show a net profit of £203.257, a reduction of £5274. Gross profits increased by £23.075 to £735,556. While expenses of management decreased slightly, an addition of £30,142 was made to depreciation branch and other reserves. Dividend, unchanged at 10 per cent, absorbs £150,000. A sum of £25.000 has been transferred to the reserve fund, making it £975,000. and £25,000 to the special depreciation from the company’s copra plantations. Against £24,826 brought forward, £28,083 is carried forward. Following is a comparison of the profits and appropriations over the past three years:— 1932. 1933. 1934. Brought forw’d £33.888 £39.295 £24.829 Not profits 202.407 208,531 203.257 £239,295 £ 244,826 £ 228,083 Dividend, p.c. .. 10 10 10 Amount 150.000 150,000 150,000 To reserve .... 50,000 25,000 25,000 Copra depreciation account — 25.000 25,000 Stnft bonus .... — 20.000 — Carried forward £36,205 £24,826 £28,083 Capital is unchanged at £1,500,000 and the reserve fund stands at £950,000. Liabilities to the public have been reduced by £105,078. Of the assets, the amount of merchandise held at balancing date is £37,083 less than a year previously, cash items are lower by £20,711, and debtors have reduced the amounts due to the company by £.89,671. A substantial increase, £67,374, has 1 taken place in the item “property,” shipping property and investments.” TRADERS’ FINANCE CO. Interim Preference Dividend Dominion Special Service. Auckland, May 8. The Traders’ Finance Corporation, Limited, of Auckland, has declared an interim dividend on the preference shares at. the usual rate of 7 per cent, per annum, less the statutory reduction of 20 per cent, for the half-year ended March 31. No declaration has been made on the ordinary shares. The company's paid capital of £91,497 includes £34,077 in £1 preference shares. Gisborne Gas Company The directors of the Gisborne Gas Co.. Ltd., report that the profit on the year’s working amounts to £2OOB/5/11. After providing for depreciation, careful valuation of stocks, and due consideration as to the worth of amounts owing to the company, the directors recommended that £450 be appropriated to income tax. £350 to a reserve for plant renewals, that the preference dividend be paid absorbing £635/4/-. and the balance of £573/1/11 be carried forward to the credit of the profit and loss account. From this account it is proposed to wr'te off against old plant the sum of £l5OO. The directors draw attention to the substantial reduction effected in the liabilities of the company as compared with last year’s accounts. Although a dividend on the ordinary shares is not recommended. it is apparent to the directors that the financial position of the comnany is rapidly improving. Messrs. 11. J. Bushnell and W. 11. Chrisp (chairman), and Dr. Gunn, retiring directors, offer - themselves for reelection. New Zealand Paper Mills, Ltd. The directors of New Zealand Paper Mills. Ltd.. Dunedin, report for the year ended March 31 that after making provision for all bad and doubtful debts, fnr depreciation, and for income tax. there is a balance of £22.019/4/3. and deduct itfg the interim dividend paid on November 10. 1933. £4500. there is left available £17.519/4/3. The directors recommend that this amount be dealt with ns follows: —Payment of dividend at the rate of -I per cent, for the half-year (making 7 per cent, for the year) £6OOO. and carry forward £11.519/4/3. totalling £l7519/4/3. The demand for the company’s manufactures is reported as having been good during the year, and prospects are of such a nature as to warrant extensions to the plant. Accordingly, arrangements nre being made to install a new M.G. machine at Mntanra which will enable us to deal with an anticipated greater sale, and particularly with classes of paper wlfch we have not hitherto exploited. An improvement in the hydroelectrical supply is also in contemplation. The retiring director, Mr. F. W. Mitchell. offers himself for re-election.

NZ. GOVT. LOANS. Buyers. £ s. d. Sellers. £ s. d4 p.c. Bonds, IMO .... 104 5 15 0 0 — 4 p.c. ditto, 1949 IO* 4 p.c. ditto, 19S5 Ito 0 2 0 6 — "34 p.c. Ins. Stk..-1939-43 103 34 p.c. ditto, 1030-52 •• 104 10 0 — 12 6 — 3? p.c. ditto. 1938-43 .. Ito si p.c. ditto, 1938-52 .. IM 4 p.c. ditto, 1940 ...... IM 10 12 10 0 0 0 105 0 0 .4 p.c. ditto, 1948 ...... IM 15 0 4 p.c. ditto, BMP 101 4 p.c. ditto, 1955 105 0 2 0 6 — DEBENTURES. Dunedin City 10 0 — Wellington City 101 0 0 — Makerua Dge. Bd.. 6 p.C„ 1948 - 102 5 0 Sluggish River, 5J pc., 1944 — 101 10 0 Wairere E.P., 6 p.c. 1901 —- IV Wgtn. Gas Co 101 0 0 — Wgtn. Racing Club .. 99 10 0 Amid. Brick and Pipe. Wellington - 90 10 0 Booth, McDonald, 5}. p.c., 1937 00 0 0 Gisborne Gas .. ...... SO 0 0 banks. Australasia 1? 0 0 12 12 6 Comrcl. or Aust, ord. 0 1G 8 0 17 0 Comrel. Bankg. Co.. Sydney 1* 12 6 18 2 « Eng. • Scot., and Aust. 5 6 0 o 10 National of Australasia, £10 paid — *13 8 Ditto, £5 paid ... “0 6 0 10 0 New South Wales .. — •33 10 ■New Zealand - Ditto. “D” long term *1 10 9 2 11 3 14 3 — Union of Aust. v 18 6 10 2 0 FINANCIAL. Abraham and Williams, 8 ? Ditto, pref ? 19 0 — Equitable Building . 1 Goldsbrough Mort and Co 1 15 0 — 13 6 1 13 11 N.Z. Guarantee Corp. 0 4 1 0 4 N.Z. Loan and Merc., 0 ord. stock 5° 0 0 60 0 Wgtn. Invest. T. & A. 0 6 0 8 9 Wellington Trust Loan 4 15 0 5 10 0 Wgtn. Dep. & Mortgage — 0 7 0 Wright, Stephensou, pref 0 18 0 - GAS. 5 3 1 5 7 Gisborne 0 7 0 Wellington, ord — 1 17 9 INSURANCE. National of N.Z *0 19 8 1 0 0 New Zealand 2 19 9 —- Queensland 3 8 0 — South British 3 18 3 —— Standard 3 1 0 — MEAT. Gear Meat 1 8 0 " 1 8 9 N.Z. Refrig., £1 paid.. 0 17 11 Ditto, 10/-paid .... 0 8 5 — Wgtn. Meat Dxp., pref, 0 19 6 — TRANSPORT. Hud dart. Parker, pref. 1 S 0 Union Steam, pref. .. 1 5 9 — WOOLLEN Kalapoi, fully paid ... 0 10 3 Ditto, contrib — 0 3 3 Wellington, ord — 5 10 0 COAL. Pukemiro .. 1 3 9 1 4 6 Tauplri 0 15 6 — Westport 0 15 0 — TIMBER. Kauri 0 18 1 0 17 Leyland-O'Rrien .... 1 1 0 1 * 6 BREWERIES. N.Z. Breweries 2 1 10 — Staples and Co — 1 8 9 Tooth and Co 2 4 6 2 5 3 Tooheys 1 9 9 1 10 3 Till 2 10 0 — MISCELLANEOUS. British Tobacco, Aust. 1 17 0 1 17 5 Colonial Sugar —— 65 0 0 .Dominion Fertiliser . —— 0 18 0 D.I.C., ord 0 14 — D.I.C., pref 1 1 10 «— Electrolytic Zinc, ord.., Farmers’ Co-op. Auct. 3 •— 1 7 0 0 0 — Henry Jones Co-op..,, —— •1 12 0 N.Z. Drug 3 14 0 — N.Z. Paper Mills *1 10 0 —— Prestige, N.Z., pref. .. 0 18 4 0 19 4 Sharlana and Co., ord. *1 3 0 — Ditto, pref *1 3 0 — Wilsons N.Z. Cement., 1 7 3 w Woolworths N.Z,.. ord. & 12 ■— Dominion Rubber ... 1 4 3 —- N.Z. Malay Rubber, pref —• 1 1 0 Northern Roller Mills. 1 10 0 — OIL. Taranaki 0 2 0 —• MINING. Alexander, fully paid 0 17 6 Ditto, contrib — 0 15 3 Big River 0 0 7 0 0 10 Blackwater 1 12 0 1 16 0 Consol. Goldfields . ..< — 1 0 0 Golden Dawn 0 0 2J King Solomon ....... 0 4 3 0 ■4 7 Mahiiklpawa ’ 0 0 8’ — — 1 3 7 1 10 0 2 3 Okarlto 0 8 4 0 8 10. Walhl 1 14 9 1 15 4 Walhl Grand Junction. —- 0 ') ») Skippers, 9d. paid .... —- 0 0 10 Mining House Concessions 0 0 a Mount Morgan 1 111 —• Talisman Du'bbo *0 13 3 — Nevis Diesel 0 0 5 —— •Cum dividend. Unofficial List ■ Buyers. Sellers. £ s. d. £ 8. d. Invest., Exec. Trust, A deb —-» 97 10 0 Ditto, 1st B dvb. .. 97 0 0 99 0 0 Ditto, 2nd B deb. .. —— 96 10 0 Aust. Forestry Bondholders Trust, I’.8. Group — 27 10 0 Southern Cross Assee. 0 1 9 — Woolworths, Ltd., ord. 8 0 a Procera Bread, 10/- pd. 0 0 « 0 15 8 Forestry Development, LWI. 1 15 0

WELLINGTON. Yield p.c. on in vestment. £ s. d. £ s. d. Inscr. Stk., 4 PC., I” 40 Comm. Bk. of Sydney 104 *18 17 0 6 0 3 3 6 9 8 5 5 Bank New Zealand 2 11 11 0 0 3 3 8 8 Wellington Gas South British' Insur. .. i 3 •0 17 18 15 6 3 3 4 3 4 5 8 18 4 2 4 4 6 Toohey and Co. .v.... 1 15 3 3 ♦Late sale Mondaj AUCKLAND. A. s. d. £ 8. <1. laser. Stock, 4 p.c., 1046 Ditto, 4 p.c., 1940.... 105 IM 0 10 0 0 3 3 11 12 6 Farmers’ Auct. r B pref., „ , 1 1 0 4 0 6 6 4 0 1 0 8 15 3 0 □ 0 18 4) 4 9 Devonport Ferry .... 1 1 6 4 13 0 3 14 9 4 0 3 Colonial Sugar .... 64 64 10 12 0 6 3 3 17 17 6 4 Farmers’ Fertiliser .. 0 18 0 o 11 I 0 4 Mahakipawa (2) 0 0 9J — 0 1 8} Skippers, 1/- paid .... Ditto 0 0 1 1 oj 0 — Unofficial List— “Sun” Newspapers o' 4 2 — CHKISTCnURCIl £ s. d. £ 8. d. Inscr. Stock, 4 p.c., 107 1 j>55 0 0 3 12 Fj Ditto, 4 p.c., 1955 ... 106 15 0 3 12 10 Comm. Bank of Aust. 0 16 11 2 19 1 Goldsbrough Mort .... 1 13 9 1 9 7 N.Z. Re>frlg., contr. (4) 0 8 0 17 Ditto 0 8 6 5 17 7 Ditto (2) 0 8 7 16 4 9 3 16 0 04 10 0 , 3 17 b N.Z Farmers' Co-op., 4i p.c., 19W 70 10 (1 5 17 7 j?p11 Hooper (2) (i 0 10 —— 104 0 . — Deep Lead, 1/- paid .. 0 2 0 — King Solomon (2) .... 0 4 — 0 0 — Mahakipawa (3)' 0 0 9 — 0 0 — 0 8 0 — Rawang Tin (5) 0 9 4 — Skippers, 1/- paid (2).. 0 0 Id —— Ditto (3) Sales reported— 0 0 10 1 0 2 9 9 Goldsbrough Mort .... 1 13 6 1 9 10 N.Z. Refrig., 10/- pd, (2 Ditto 0 0 8 8 6 7 5 17 16 8 B Mahakipawa 0 0 8i — Skippers, 1/- paid .... 0 1 0 — Unofficial ListMining Research .... 0 1 0 - DUNEDIN. £ s. d. £ s. d National Bank of N.Z. 4 0 0 2 10 0 Standard Insurance .. •3 1 6 4 1 3 Dominion Rubber .... 1 5 0 — North Broken Hill .... 4 14 0 —— Bell Kllgour •<) 0 5 — K txv la Dinqpl 0 0 •Late sale Monday.

May 7. May 5. Par. N. York, dol. to £ 5.113-8 5.111 4.866 Montreal, dol. to £ 5.09} 5.10} 4.866 Paris, fr. to £ 77 7-33 77 7-32 121.21 Brussels, bel. to £ 21.82 21.83 35.00 Geneva, fr. to £ 15.725 15.725 25 225 Arast’dam, fl, to £ 7.52} 7 52 iiiol ’Milan, lire to £ 59 3-16 59.875 92.46 Berlin, mks. to £ 12.035 12.1)35 20.43. St'liolm, knr. to £ 19.40 19.40 18.159 C'hagen, knr. to £ 22.395 22.395 18.159 Oslo, knr, to £ 19.90a 19.905 18.159 Vienna, schgs. to £ 28 ' 28 34.585 Prague, knr. to £ 122.25 122.375 164.25 Hel'fors, mks. to £ 226.75 226.75 193.23 Madrid, pes. to £ 37 9-32 37 5-16 Lisbon, esc. to £ 110 110 110 Athens, drach. to £ *530 •530 375 Belgrade, din. to £ 225 225 276.31 Bucharest, let to £ 510 510 813.60 Warsaw, zloty to £ — — 43.38 Rio de J., p. to mil. Ml 14} 5.899 B. Aires, p. to peso 136} 1364 47.62 M. Video, p. to peso 138} 138} ,51 Calcutta, p. to rup. 183-32 18 3-32 '18 Shanghai, p. to dol. 15} 15 — H.-Kong, p. to dol. 16 7-8 16} — Y’hama, p. to yen 1-1} 14} 24.582 Batavia, fl. to £ — 7.50 ISellers, official. ‘Sellers. 12.107

Per lb. Merino— d . 191 to d 21 . 16} to 17} Fine halfbred — . 18} 20 .Super, 56/58’s to • 16 to Medium — Super, 50/56s .i.... . 13} . 11 to to 14} 12 Extra fine crossbred— . n* 10} Super, 48/50's to • 8} to 81 Fine crossbred — . 8} to 01 . 7} to 8 Medium— to 8} Super, 44/46’s . 8 . 71 to 71 Coarse — Super 40/44’s . 71 to 81 . 6$ to 7i Low — to Super 36/40’s 8 A vern gp . fi! to . 0 to Y . 51 to 6 Locks 3} to 4}

cabled May I. Per ton. May 7. Per ton. Copper- £ s. <1 £ s. d. Standard, s-pot ... 1 11 32 b 3 Standard, forward 33 14 44 32 10 74 ‘Electrolytic 35 11) 0 35 5 0 to 311 0 0 35 1 a 0 VViro bars 36 0 0 35 15 0 I end— Spot 11 3 1) 11 2 6 Pn r wa rd 11 11 3 11 10 0 Shelter— Sipot Porvva rd 14 15 0 15 1 3 14 13 9 15 0 0 Tin— 231 12 f! 235 10 0 Forward 232 7 0 232 ft ft