FINANCE AND COMMERCE

Dominion, Volume 27, Issue 297, 12 September 1934, Page 12

FINANCE AND COMMERCE

STOCKS AND SHARES Commercial Banks Advance WELLINGTON MARKET FIRM A sharp rise in Commercial Bank of Australia shares was tho principal feature of the stock and share market yesterday. A week ago sales were being macle at 15/10 to 16/-. On Monday they changed hands at up to 16/o. and yesterday there were dealings m Wellington at 17/1, and elsewhere at up to 17/<!. lhe preference shares of the "Commercial were quoted in Wellington yesterday, at £9/14/-, but a sale was made in Christchurch at £9/19/-. , , , . , , There was a good demand for nans shares on the Wellington Exchange yesterday, and fairly active trading. Eight parcels of Bank of New Zealands were done at 47/6. Reserve Banks were sold at £6/0/-, and National of Australasia, £5 paid, at £6/8/-. . Little change was seen m other sections of the market, quotations being generally firm on late rates. Government loans were strong, and business was done in the 4 per cent, stock, 1046, at £lO7 15/- and £lO7/12/6, and in the 1055 maturity at £llO/15/-. lu the financial and pastoral section buyers looked for Dalgetys at £9/1/-, sellers easing to £9/7/-. Goldsbfrough Morts were unchanged at 30/-, sellers coming in at 30/9. Insurance shares were very strong. South British haying unsupported buyers nt 84/6 and Nationals at 20/-. New Zealnnds advanced to 65/-, sellers G5/3. N.Z. Refrigeratings moved 'up to 19/3, and South Otago Freezing were wanted at £6/1/-. Union Steam, preference, were firmer at 27/-. There was an active inquiry for breweries, and a strong demand for miscellaneous, a number of the latter showing a firmer tendency. Farmers’ Fertiliser sold at 20/14. Gold-mining shares were more active.

WELLINGTON EXCHANGE Yesterday’s Quotations The latest buying and selling quotations recorded yesterday on the Wellington Stock Exchange were as follow:—

BUTTER AND CHEESE London Markets Slow Joseph Nathan and Co., Ltd., have received from their principals, Trengroune and Nathan Ltd., London, the following cabled advice, dated September 10:—New Zealand butter: 77/- a cwt. New Zealand cheese: White, 48/-; coloured, 45/-. Both markets very alow.

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 tho 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 the. exchange rates have not been taken into consideration. The return of 4 per cent. Government loans includes redemption. In the case of 3} per cent, loans the return is for the interest nlone, and covers only the period for which the loans are tax-free.

Westland Breweries, Ltd. The report acd statement of accounts of Westland Breweries Ltd. for the year ended June 30, 1934, shows that during last year conditions on the West Coast have not tended to help the brewing industry, though it is pleasing to note that the figures presented in this balance-sheet are better than these of last year. There is still a great deal of unemployment, and the slack times in the coal mines and sawmills have reduced the spending power of a large section of the community. The recent strikes in the quartz mines have also given a very noticeable setback to the output of our commodity. Considerable sums have been spent during the last year at the various 'units on repairs, improvements, renewing of cask-plant, etc., with the result that our high standard of efficiency is being maintained. The gross profits for the year, after paying for materials, wages, and beer duty, js £9855/19/2. The net profit after allowing for depreciation and income tax is £1270/15/8. Owing to the present-day difficulties in the position of the brewery trade, which is largely due to excessive taxation, it is not proposed to recommend payment of. a dividend this year, and the directors feel that in the interests of shareholders a conservative policy is well justified. The retiring directors. Messrs. Allan Smith, T. H. Lee and W. J. Jeffries, offer themselves for re-election. Dividends and Calls Dividends— Due. Huddart-Parker. Dtd.—lnt.. ord. and pref., 3 p.c Sept. 13 General Finance, Ltd.—s p.c... Sept. 13 Broken Hill South—int., 1/C a share Sept. 1" King Solomon—fifth, 3d. a share Sent. 15 Bartholomew Timber—2J p.c... Sept. 20 N.Z. Drug—lnterim. 3J p.c Sept. 22 Bank of Australasia—interim. 3/6 (sterling) a share, less tax at -l/C in the £4 Sept. 23 North Broken Hill—final, 1/6 bonus, 1/- a share Sept. 28 Auek. Farm. Freezings—6 n.c. .. Sept. 28 British Tobacco—quarterly, 11 p.c., making C p.c. for year Sept. 29 Kalapoi Woollen—pref.. 10 p.c. (for two years to July Hi, 1934); ord., 3 p.c. p.a Sept. Milburn Lime—final, 5 p.c Sept; Milne and Choyce—ord., and dob. stock. 3J p.c., pref., (I p.c., and B pref., 7 p.c. .. Oct. Dunlop-Perdriau—ord., 5 p.c. prof., final. 5 p.c Oct. Kuala Lurnpar Tin, fid. per share Sept. 28 Calls— Alexander Mines, fld. per share Sept. 27 Bradford Tops Market By Telegraph.—Press Assn.—Copyright. London, September 10. Bradford tops makers are adhering to their recent quotations.

. HEAVY TRADING Sydney Stock Exchange Active A FIRM MARKET By Telegraph.—Press Assn. —Copyright. (Received September 11, 8.30 p.m.) Sydney, September IL To-day's operations on the Stock Exchange were the heaviest recorded for some weeks. All sections, except banks, were very active. The gilt-edged market was stronger than usual, and.retail trading shares were firmer. Sales: Commercial Bank of Sydney, £l7 16/-; Queensland National Bank, 15 7/6; Colonial Sugar, £66/15/-; Associated News, 23/9; ditto, pref., .23/9; Adelaide Steam, ex dividend, 26/6. Burns, Philp, 55/6; Australian Gas, A, £7/IS/6; British Tobacco, 38/3; Tooths, 46/-; Tooheys, 29/-; Australian Glass, 53/3; ditto, pref., 39/-; Dunlop, Perdriau, 20/4J. Goldsbrough Mort, 30/9; Wilcox, Mofflin, 12/-; Greatey J. D. Williams, 7/1; David Jones, 40/9; Anthony Hordern, 14/11; Lustre C-losiery, 24/-; Standard Cement, 19/-; Wunderlich, 23/-; Newcastle Gas, C. 13/3; General Industries, 12/9. Mount Morgan, 35/45; Broken Hill Proprietary, 50/-: Soutli Broken Hill, 77/-; Bulolo Gold, £B/17/-; Bulolo Deposits, lOd.; Rawang Tin, 9/2; Larut Tin, 13/10; Placer Development, £26 5/-; Euratha Gold, 10/10. Commonwealth Bonds, 4 per cent., 1938, £lO4/17/6; 1941. £lO6/5/-; 1944, £lOB/1/3; 1947, £lO9/12/6; 1950, £lOB 10/-; 1953, £lO9/5/-; 1955, £lOB/15/-; 1957, £lO9/5/-; 1959. £lO9/15/-; 19G1, £llO. Morning sales included :—Commonwealth Bonds. 4 per cent, 1938, £l<>4 15/-; 1941. £lO6/3/9; 1944. £lO7/13/9: 1947, £lO9/12/6; 1950. £lOB/10/-; 1953. £lO9/7/6: 1955. £lOB/10/-; 1957, £lO9 1/3: 1959, £lO9/12/6; 1961, £110; Australian Gas, A. £7/18/6; Anthony Hordern, 'l4/9: Associated News, 23/6; Broken Hill Proprietary, 50/-; Colonial Sugar, £66/12/6;/Meggitts, 21/-; Goldsbrough Mort., 30/6. By Telegraph.—Press Assn.—Copyright. Melbourne,, September 11.. Sales on the Melbourne Stock Exchange to-day included: —Commercial Bank of Sydney, £l7/15/-: National Bank of Australasia. £5 paid, £6/10/-; Electrolytic Zinc, 27-/-; ditto, pref, 35/1J ; Commercial Bank of Australia, 17/6; Goldsbrough Mort, 30/9; Mt. Lyell, 20/3. DIVIDEND TO BE PAID Bartholomew Timber Company The directors of the Bartholomew Land and Timber Company, Ltd., in their annual report to be presented to the ordinary general meeting of shareholders at Hamilton, on September 20, state that the transactions for the year ended July 31, 1934, after making full allowance for depreciation, have resulted in a profit of £2248/18/-, from which has to be deducted i the debit balance brought forward front last year, amounting to £l5Ol/3/5, leaving available £747/14/7. After transferring £5OOO from the reserve account, there remains nt credit of profit and loss account £5747/14/7, From this, the directors recommend the payment of a dividend of 2i per cent., absorbing £1250, and leaving to be carried forward a balance of £4497/14/7. A note to the balance-sheet states that no provision has been made in the accounts for profit made by the subsidiary company, as no dividend has been declared by it. The company’s mill buildings. and plant and machinery were totally destroyed by fire bn March 27, 1934, and insurances were paid in full. Steps were immediately taken to erect a temporary mill and this has been cutting since June. Satisfactory purchases of machinery have been made and the erection of a new mill and plant is now proceeding. Sales for the year show a marked increase, but on account of the reduced cutting due to the fire, stocks of sawn timber have materially decreased. In view of the improved trading results, the directors have transferred £5OOO from the reserve account to profit and loss, which will leave a substantial amount in the latter account after payment of the dividend recommended.' , The retiripg director. Mr. A. L. Tompkins, 'offers himself for re-election. No dividend was paid in 1932 or 1933. aS against 8 per cent, for the year ended July 31, 1931. A sale of the £1 paid shares was made on the Auckland Stock Exchange last Friday, and on Monday they were quoted at 13/6 buyers, 17/6 sellers. BASE METALS MARKET Copper Easier; Spot Tin Firm By Telegraph.—Press Assn. —Copyright. (Received September 11, 8.20 p.m.) London. September 10. The official London (middle) quotations for Monday, as reported by the Australian Mines and Metals Association, compare as under with those previously

COAL MINE LOSSES Pukemiro and Renown Accounts Dominion Special Service. Auckland, September 11. The accounts of Pukemiro Collieries, Limited, for the year ended August 31 sihow a loss of £5025. after allowing £lOB5 for depreciation. This compares with a loss in the previous year of £7036, and a profit of £7505 in 1932. The dividend for the year has been reduced from 5 per cent, to 21 per cent. Renown. Collieries, Limited, report a not profit of £662 for the year ended July 31. against a loss of £3350 in the previous year. No allowance has been made for depreciation, which also was not allowed for in the 1933 accounts. The directors are submitting proposals to write down the ordinary shares from £1 to 12/- each, to reduce 'lie rate of cumulative dividend on preference shares to 7 per cent., and to extinguish the liability for arrears of preference dividend. No dividends have yet been paid by the company, which commenced operations about seven years ago. London Stock Exchange (British Official Wireless.) London, September 10. On the Stock Exchange to-day, the markets opened quietly. British Government stocks were slightly easier, but War Loan, 3j per cent., was unchanged at £lO5/1/3.

FOREIGN EXCHANGE On New Zealand Currency Basis YESTERDAY’S QUOTATIONS The Bank of New South Wales, Wellington. quoted the following rates for their purchases and sales of foreign exchange yesterday

' T.T. represents telegraphic transfers. O.D. represents on demand transactions. The above rates are subject, to alteration without notice. New Zealand Pound Abroad Based on the rates quoted yesterday by tho Bank of New South Wales, £1 New Zealand was worth approximately: 16/1 in London. £1 /!)/! in Australia. 16/2 in U.S.A. 15/S-J in Canada. 9/71 in France. 9/104 in Italy. 9/71 in Germany, Dollar Conversion Rates The Associated Banks have agreed that conversion rates from September 10 will be U.S.A. Canada. Conversion of dollar bills received for collection and sale of dollar drafts 4.89 4. <6 Purchase of dollar bills .. 5.00 4.00 The conversion rates are, of course, quoted on a sterling basis (London funds) and current rate of exchange New Zealand on I-A ndon is to be charged or allowed for as the case may require. Customs Exchange Rates Rates of exchange ruling at the announced dates of departure of the vessels named are shown in the following table. They are subject to confirmation by the Customs Department when the exaet time of departure is learned on arrival of the vessel; in New Zealand, finally declared rates being marked* : — Canadian Britisher, Canada, dol. 4.954 ■Mariposa, America, dol Mariposa, Canada, dol *4.97 City of Winchester, America, _ dol o-8 Waikawa. America, dol ,>.o3s Golden Cloud, America, dol. .. 4.99 Position of Sterling By Telegraph.—Cross Assn.—Copyright London, September 10.

The following rates on foreign exchanges were current to-day, compared with; those ruling on September 8;—

(Par, 8.23 31-32 since dollar depreciation on February 1. 1931. Gold and Silver. London, September 10. Gold.—£7/0/11} per fine Olmec. Stiver, —Cash, 21 13-166. per ounce; forward, 21 7-Sd. Sydney Wool Sales B" Telegraph.— Press Assn.—Copyright. (Received September 11. 9.45 p.m.) Sydney, September 11. At the wool sales to-day, 7196 bales were offered, of which 6019 were sold at auction : also 353 bales privately. There was spirited competition from Japan, Yorkshire and the Continent. Prices maintained late levels. Greasy merino fleece sold to 16d. for ?J bales from Morco. The average price of the now elip wools sold last week was £l3/4/10 a bale, or 10/05d. per lb.

AUCTION DIARY TODAY. Johnsonville Fat Stock Sale, 1 p.m. Masterton Spring Horse Fair. 12.30. 8 Willeston St., 12.30 p.m.—Furnishings (Johnston and Co.). TO-MORROW. 34 Hatton St. Extension, I.3o.—FurnishIngs (Johnston and Co.),

POTATOES VERY CHEAP Auckland Market Prices Dominion Special Service. Auckland, September 11. The chief feature of the local grain and produce market has been the heavy arrival of southern potatoes, which .have brought about a congestion and a lowering- of prices to the lowest levels recorded this season. The spot stock” in Auckland are heavy and as a fresh amount is due on Thursday, holders are nervous and are quitting at from £4/5/- to £4 10/- per ton, ex wharf. Merchants' prices through store have been dropped to £5/5/- per ton. The onion market is s-teady. with I’ukekolie supplying good quality lines in quantities sufficient for local requirements. Canadian new season’s onions are due on October 1 and these have been quoted to arrive at 13/6 per IdOlb. bag ex wharf. This price, which is subject to exchange adjustments-, is the lowest rate available for n good many seasons. There Ims Jieen no change in the local market for oats and chaff. The demand for pollard and bran continues good, with no further change in prices. Wheat is still being quoted at 5/- per bushel, wholesale, which is based on old purchase.'’. On to-day's southern parity at least 2d. more would have to be <'harged. Maize, too, is fnirly firm at 4/- per bushel, but, as with wheat, merchants arc working on past orders. U.S.A. Wheat Production By Telegraph.—Press Assn.—Copyright. Washington, September 10. The severe toll taken by the drought was indicated on Monday in the Department of Agriculture's September crop report. This showed wheat production to b e 493,285,000 bushels.

N.Z. GOVT. LOANS. Buyers. Sellers. • £ s. d. £ s. d. 4 p.c. Bonds, 1946 .... 107 10 O 4 p.c, ditto, 1949 .... 109 10 0 — 4 p.c. ditto. 1955 .... 110 10 0 —• 5 p.c. Rural Bonds, 1947 104 0 0 3} p.c. Ins. Stk.. 109 5 0 34 p.c. ditto, 1939-52 .. 109 0 0 «—■ p.c. ditto, 193S-43 .. 109 5 0 >— 3} p.c. ditto, 1938-52 .. 109 0 0' 4 p.c. ditto. 1940 .... 107 15 0 —— 4 p.c. ditto, 1940 .... 107 12 4 p.c. ditto, 1949 .... 109 10 0 —— 4 p.c. ditto, 1955 .... 110 10 0 — DEBENTURES. Hauraki Plains, 5J p.c,, 1944 —— 102 10 0 Wgtn. Gas Co 101 15 0 Wright, Stephenson. 5 p.c. prior lien .... 97 0 0 — BANKS. Australasia *11 10 0 12 0 0 Comrcl. of Aust., ord. 0 17 1 0 17 3 9 14 0 ■ - Comrcl. Banking Co., Sydney 17 10 0 Eng., Scot, and Aust. . 5 6 0 r» s 0 National of N.Z 3 10 0 National of Australasia. £5 paid 0 7 6 0 10 0 Now Zealand 2 7 ;» 2 8 0 Kitto, D long term 1 14 0 1 15 0 lieserve Bank of N.Z. G 8 9 6 11) 0 I ininn nE Aust . — - 9 12 0 FINANCIAL. Dalgety and Co 9 1 0 9 7 0 Equitable Bldg. Co. .. 2 10 0 —-• Goldsbrough Mort and Co 1 10 0 1 10 9 N.Z. Guarantee Corp. 0 4 7 0 4 10 N.Z. Invest., Mort, and Denosit 0 5 3 N.Z. Loan and Merc., . — 56 0 0 Wgtn. Dep. and Mtge. 0 4 0 GAS Christchurch 1 12 6 ■ Wellington, ord 2 0 6 INSURANCE. National of N.Z 1 0 0 New Zealand .3 5 0 3 5 3 South British 1 4 u — MEAT. Gear Meat - 1 8 0 N.Z. Itefrig., £1 paid O 19 3 Ditto. 10/- paid .. — 0 9 3 South Otago 6 1 0 ’— TRANSPORT. Iluddart, Parker, ord. *1 12 6 —- Union Steam, pref. .. 1 7 0 Kelburn Tramway .. 1 5 0 — WOOLLEN. Kaiapoi, contrib —. •0 4 3 Wellington, ord 0 7 0 5 12 0 Ditto, nref. 5 10 0 — — COAL. O 13 s> 0 19 3 TIMBER. Kauri - 0 18 7 Leyland-O’Brien , .... — 1 3 3 BREWERIES. Carlton .... 2 4 6 N.Z. Breweries ...... 2 7 3 2 7 8 Staples and Co 1 9 0 111 0 Tooth and Co. O ft X " ft 9 MISCELLANEOUS. British Tobacco •1 17 4 1 17 9 Burns, Philp and Co. 2 13 a Colonial Sugar CO 15 0 Consol. Brick and Pipa — 0 11 4 Dental & Medical Sup. 0 7 3 — Dominion Fertiliser .. I 0 0 —- Dunlop'Perdrlau .... •1 0 0 1 0 ri Electrolytic Zinc, ord. —■ — 1 7 3 Ditto 8 p.c. pt, pref. —— ♦1 15 9 Howard Smith, ord. .. 0 15 G 0 16 0 N.Z. Farmers’ Fertiliser 1 0 0 —— N.Z. Newspapers .... 1 12 3 —— N.Z. Paper Mills 1 11 a Prestige N.Z., pref. .. 1 3 G Sharland and Co., ord. 1 5 0 Wilsons N.Z. Cement 1 10 0 —— Woolworths N.Z., ord. 7 12 6 — United Provisions ... 0 9 3 Farmers’ Trading .... 0 G 0 —— Bycrofts 2 11 9 — , National Electric .... —• 0 8 C on,. Taranaki —- 0 1 7 MINING. Alexander, paid .... 0 18 0 1 0 O liell Hooper 0 0 Beil Kilgour 0 0 Big River 0 0 8 0 1 0 Blackwater 1 12 o Brian Born ........ 0 1 3 0 1 dj Gillespie’s Beach .... 0 2 3' King Solomon ..... *0 4 0 O 4 3 Mahaklpawa 0 0 104 0 0 J u Mataki 0 2 Mount Dyell .1 0 1 1 0 3 Nokoinal 0 3 9 0 4 3 Okarito 0 8 0 8 9 Skippers 0 0 rv , O 0 Waihl 1 1.2 Waibl Grand Junction 0 4 0 Waitahu 0 4 Mossy Creek 0 1 7 Goldfields Dredging .. 0 0 1 14 Worksop 0 1 1 .0 — Glenrov Gold - 0 1 \ *Cum dividend. Unofficial List Buyers. Sellers. £ 6. d. 8. d. Woolworths Ltd., ord. 3 10 3 3 11 6 Matters N.Z., Ltd O 4 9 National Tobacco ... 3 4 6 Wgtn. Perm. Bld., "A" shares 10 0 0 Claude Neon Lights .. 2 12 a Wgtn Mortgages, 13/paid 0 12 G N.Z. Woolpacks, £1 pd. —— 0 17 6

WELLINGTON. Yield p.c. on InSale price, vestment. £ s. d. £ s. d. laser. Stock, 4 p.c., 1046 107 15 0 4 n Ditto, 4 p.c., 1046 .. 107 12 (> i) 0 Ditto. 4 p.c., 1055 .. 110 15 0 3 6 10 Comm. Bank or Aust. 0 17 1 IS 6 Nat. Bank A/asla., £5 18 paid 6 8 0 3 1 Bank of N.Z. (4) — 7 6 4 4 Ditto (4) 6 4 4 Reserve Bank G 9 0 3 17 G Farmers’ Fertiliser .. 1 0 li 4 19 4 Brian Bora ......... 0 1 4 Nokomai *0 4 0 ■— *" Ditto 0 4 0 —— Skippers ;.... 0 0 7} —— 'Waihi •1 13 .0 6 1 Goldfields Dredge .... 0 1 1 —- Unofficial list: Woolworths Ltd., ord. (5) 3 10 9 —— Ditto (2) 3. 11 0 -— ’Late aale Monday . AUCKLAND £ s. d. £ 8. <1. Inscr. stock, 4 p.c., 1016 3 3 (2) IOS 0 0 4 Ditto, 4 p.c., 1040 .. 110 0 3 5 3 Ditto, 4 p.C„ 1955 .. Waltemata Cty., 51 111 0 0 3 6 7 p.c., 1950 105 0 0 —— Nat. Bank of N.Z. (2) 3 14 0 14 1 Nat. Bank of A/asla, £5 paid (2) 6 s 0 3 IS 1 Bank of N.S.W 32 0 0 3 2 G Bank of N.Z . o 10 4 3 N.Z. Insurance 3 i> 0 1 6 Ditto •> 3 3 1 3 Northern Steamship .. 0 6 6 —- Taupo Totara Timber 0 7 0 —- Consolidated Brick (2) 0 11 0 —- Farmers’ Trading .... 1) 6 3 3 16 9 N.Z. Refrig., £1 paid . 0 19 3 o 3 10 Farmers’ Fertiliser .. 1 0 6 5 0 0 Wilsons Cement 1 10 3 3 c 1 Wai hl 1 13 0 6 1 o Waihi G. Junction .. 0 4. 4 7 13 10 Broken Hill Pty. 10 O 4 O .0 Gillespies Beach (3) . 0 1 10 4 —• Mataki 0 64 — Ditto 0 Y —— Ditto 0 -J n — Unofficial List— Woolworths, Ltd., ord. 3 10 9 — Ditto 3 11 0 CHRISTCHURCH £ R. d. £ ' R. d. Comm. Bank of Aust. . 0 17 0 o 18 10 Ditto (5) 0 17 18 3 Ditto (3) 0 17 1 18 G Ditto 0 17 0 J 18 10 Ditto, pref 9 19 0 4 0 t> Bank of N.Z -5 8 0 4 3 4 United Building Society cum div. (3) I 1 7 4 12 8 N.Z. Refrig.. £1 paid 0 19 fl 4 0 N.Z. Breweries y G 18 11 Tooth and Co. (2) .... <) 3 14 3 Anthony Hordern ... 0 14 7 — British Tobacco (2) .. 1 17 6 4 0 Broken Hill Pptry. ... o 9 9 4 0 4 Brian Boru 0 1 4 ——■ Goldfields Dredge (2) 0 1 0 — Lawson’s Flat 0 0 4 Mahaklpawa (2) 0 0 11 — Ditto 0 0 104 ■ ■ ■. Maerewhenna ........ 0 0 •>i — Mining House Cone. .. 0 0 4 —- Waltahu 0 4 4 —— Skippers 0 u Y — Sales reported: E.S. and A. Bank .... Bank of N.Z 5 7 6 o 15 10 o 7 9 4 3 9 N.Z. Ref rig.. £1 paid Beath and Co. 5 19 6 J. 7 1 11 .. 1 7 N.Z. r Newspapers .... Maerewhenna (2) .... 1 12 9 3 1 0 0 0 54 — Mossy Creek 0 1 4 — Unofficial list: Argo Gold, 3d. paid .. 0 0 4 —• Mining Investment ... 0 0 Hi —--> Ditto 0 •0 11 —— TV oolworths Ltd., ord. 3 10 G — Ditto €» 11 G — DUNEDIN. £ s. d. £ s d. Westport Coal 0 19 0 3 18 11 Dominion Fertiliser .. 1 0 3 2 19 3 N.Z. Breweries ...... 2 7 G 2, 18 11 N.Z. Rofrig., eontr. .. 0 9 0 5 11 1 Mahaklpawa 0 0 11 —

Recent quotations compare as follow: Aug. 10 Aug. 23 Aug. 30 Sept. 6 Per lb. Per lb. Perl'b. Perlb. <1. <1. <1. <1. 70's .... 30 30} 291 28} Ol’s .... 28 2!) 28 27 60‘s .... 26 26 26 5G’s .... 21 21 20} 20 50’s .... 15 15 .15 15 46’s .... Hi Hi Hi 11 40’s 10 101 10 10

cabled: — Sept. 7. Per ton. Sept. 10. Per ton. Copper— £ s. d. £ s. (1. Standard, spot. .... 27 Ifi 101 27 8 9 Standard, forward 28 3 1J 27 n ini ♦Electrolytic 31 0 0 39 10 0 to 31 5 0 31 0 0 Wire bars 31 5 0 . 31 0 0 Load— Spot 10 7 G 10 3 9 Forward 13 13 0 10 10 0 Spelter— 12 17 6 12 13 9 Forward 12 17 6 12 IS !) Tin— Spot 228 7 C 222 2 6 227 11 3 227 5 0 Silver— Standard, per oz. . 21 13-lfid. 21. 13-lfid. Fine 23 9-lCd. 23 9-lCd. •American, £ I cents a 1 lb.

Buying. Selling. Franca — Francs to £1 N.Z T.T. GO.yii 59.63 O.D. 61.23 59.68 Noumea — Francs to £1 'X.Z .... T.T. 61.88 58.88 O.D. 62.28 58.93 Papeete— Francs to £1 Z. • T.T. 61.SS 58.88 ■ O.D. 62.28 58.93 Belgium— Belgas to £1 Z • a • T.T. 17.315 16.615 O.D. 17.415 16.630 Germany— Keichmarks 9.S03 to £1 N.Z. T.T. —— » O.D. — 9.808 ItalyLi re to £1 45.69 N.Z T.T. — O.D. — 45.73 .Switzerland — Franes to £1 1.1,997 N.Z T.T. 12.397 O.D. 12.472 12.007 Holland— Florins to £1 5.756 N.Z T.T. 6.006 O.D. 6.056 5.760 Java — Florins to £1 5.726 , Z 4 t • • T.T. 5.951. O.D. 6.001 5.730 Japan— N.Z. pence IS} to 1 yen T.T. —- Shanghai— N.Z. pence to 1 dollar T.T. 20 5-16 21 g O.D. 20 3-16 21 9-16 India and Ceylon— - N.Z. pence 22 9-32 to 1 rupee T.T. 22f O.D. 5*32 22 9-16 Hong-Kong— N.Z. pence 23 15-16 to 1 dol. T.T. 22i O.D. OO s. — 4 23} Singapore— N.Z. pence 34 7-1G to 1 dol. T.T. 3* > O.D. 34 5-16 35 5-16

N’. York. dol. to £ Sept. 10. Sept. 8. Par. H.SGG .5 00 5.00 Montreal, dol. to £ •1:855 4.85} 4.866 Paris, fr. to £ 75 1 -32 7127-32 124.21 Brussels, bel. to £ 21.08 31.04 35.00* Geneva, fr. to £ .. 15.155 15.125 Amsfdam, tl. to £ 7.305 7.28} 12*107 Milan, lire to £ .. 57 11-1< ► 57.50 92.46 Berlin, inks., to £.. 12.40 12.46 20.43 St’holm, knr. to £ 19.395 19.395 18.159 C’hagen. knr. to £ 22.40 22.40 18.159 Oslo, knr. to £ 19.905 19.905 18.159 Vienna schgs. to £ 20.50 26.50 34.u8n Prague, knr. to £ 118.75 118.50 161.25 Hel’fors, inks, to £ 226.75 226.75 193.23 Madrid, pes. to £ .. 36 7-32 36.25 Lisbon. <»se to £ 110.125 110.125 no Athens, dracb. to £ ♦515 *515 «> 1 •> Belgrade, din. to £ 216 —— i 276 31 Bucharest, lei to £ 495 403 813.00 Warsaw, zloty to £ — — . 43.3$ Rio de .1., p. to mil *4 5 899 B Aires, p. to peso WGJ t364 47.62 M. Video, p. to peso {39 3-8 ■fno’n-s 51 Calcutta, p. to nip. 18 I-1<J 181-16 IS Shanghai, p. to dol. 17' 18? 17 1-8 — II.'Kong, p. to dol. 1813-16 — Y’hanin, n. to yen 14 3-8 14 3-8 24.582 Batavia, fl. tn £ .. iSellers. official. 7.26 •Selters. 7.27 12 J 07