FINANCE and COMMERCE

Dominion, Volume 28, Issue 33, 2 November 1934, Page 14

FINANCE and COMMERCE

STOCKS AND SHARES Yesterday’s Quotations WELLINGTON MARKET FIRM ■ . . • The latest buying and selling quotations recorded yesterday on the Wellington Stock Exchange were as follow:—

Dividends and Calls

Gold Mining Returns (By Telegraph—Press Association.) Westport, November 1. 'Pile Addison’s Flat return for the fortnight ended October 24 was 350 z. for 35 shifts. Dollar Conversion Rates The Associated Banks have agreed that the conversion rates from October 23 will be:— U.S.A. Canada. Conversion of dollar bills received for collection and sale of dollar drafts 4.57 4.76 Purchase of dollar bills 5.07 4.96 These conversion rates are, of <'ourse, quoted on a sterling basis (London funds) and current rate of exchange New Zealand on London will be charged or alIqw edas the case gray require.

DEALINGS ON ’CHANGE Sales Recorded Yesterday RETURN ON INVESTMENTS Sales recorded on Dominion Stock Ex changes yesterday are shown in the fol lowing list. In the eeeond column is given the return based on the last annual dividend from investment at the quoted price. lu calculating the return on shares in companies which pay the'r 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 alone, and covers only the period for which the loans arc tax-free. WELLINGTON. Yield

SYDNEY STOCK EXCHANGE A Healthy Undertone By Telegraphy —Press Assn.—Copyright. (Received November 1, 5.50 p.m.) Sydney, November 1. The Sydney Stock Exchange market is generally steady, with a healthy undertone. Banks are quiet. Sales:—Colonial Sugar. £77/7/6; Associated News, 25/4 J; Australian Gas. A, £B/1/6: Berlei, pref., 33/-; British Tobacco, 41/9; Tooths, 41/9; Australian Glass, 56/-; Goldsbrough Mort, 32/- ; Morris Hedstrom, 17/6; Henry Jones, New Zealand delivery, 36/6; Electrolytic Zinc, 27/D; Farmers, 25/101; David Jones, 40/6; Anthony Hordern, 16/6: Newcastle Gas, A, 13/9; Australian Iron and Steel, pref., 22/74; Mt. Morgan. 34/9. Morning sales included :—Commonwealth Bonds, 37-8 per cent., 1947, £lO7 7/6: 4 per cent., 1938, £lO6/10/-: 1941. £lO7/12/6: 1944, £lO7/15/-; 1947, £lO9 12/6; 1953, £112; 1959, £111; Colonial Sugar, £77/7/6; Dunlop Perdriau, 20/1J; Goldsbrough Mort, 31/6; Meg\ gifts, 21/9. Melbourne, November 1. Sales on the Melbourne Stock Exchange to-day included :—Commercial Bank of Australia, 16/2; Goldsbrough Mort, 31/6; Metropolitan Gas. £l4/10/-; Herald and Weekly Times, 56/9; Broken Hill South. 80/-; North Broken Hill. 98/-; Mt. Lyell, 19/11. London Stock Exchange (British Official Wireless.) London. October 31. The stock markets, which will be closed to-morrow, were quiet to-day. British Government stocks were maintained. W'ar Loan, 3J- per cent., was quoted at £lO5/1/3. German bonds were steadier. French bonds were dull. Gold mines were firm. Rubber were weaker on the failure of the international rubber regulation committee to reach an agreement on basic quotas for the early part of next year, but the market was steadier later. The lists for cash applications in connection with an issue of £2.062,628 Mersey Dock and Harbour Board 31 per cent, redeemable debenture stock nt £97 per cent., were closed immediately after opening this morning. Loan Conversions By Telegraph.—Press Association. Auckland. November 1. A scheme formulated by the treasur-r of the Auckland Harbour Board. Mr. C. F. Garratt, for the conversion of its New Zealand securities amounting to £1.455800, was approved at a meeting of the board. Comparison with the normal rates of interest expressed in the debentures shows that the conversion will effect a saving during the currency of the new securities of over £BO.OOO. By Telegraph.—Press Association. Ijfunedin, November 1. In connection with the Dunedin city conversion loan the value of debentures surrendered to date is £2.091.700 out of a total of £2,214,700. leaving a balance, of £123,000 still outstanding.

RESERVE BANK Assets and Liabilities STERLING EXCHANGE LOWER The thirteenth weekly statement of the assets and liabilities of the Reserve Bank of New Zealand as at the close of business bu Monday, October 29, is as follows: —

Proportion of reserve (No. S less No. G) to notes and other demand liabilities, 99.42 per cent., compared with 99.48 per cent, on October 22. There has been no further change iu the bank’s holding of gold, which stands at £3.201,727. Sterling exchange at £23.222,189, however, shows a reduction on the week of £1,498,861. Subsidiary coin at £115,886/4/10 shows only a nominal change, investments have advanced by £20,251 to £1,536,473. Other assets at £37,112/10/1, show a deUrease of £6495/5/6. On the liabilities side, bank notes at £8,878,287/10/- show a very minor change. Government deposits show a further advance during the week, and have increased by £617,319/13/4 to £5,020.113/7/5. Demand liabilities, to the trading banks stand at £12,676,766, a reduction of £2.106.781. Other demand liabilities at £2649/3/6 have decreased by £253/2/6. Other liabilities have increased by £5103/3/1 to £35.572/3/7. The statement balances at £28.113,388 5/2, a reduction of £1.484.887/15/4.

FOREIGN EXCHANGE On New Zealand Currency Basis The Bank of New South Wales, Wellington, quoted the following rates for their purchases and sales of foreign exchange yesterday:— Buying. Selling. France—

T.T. represents telegraphic transfers. O.D. represents on demand transactions. The above rates are subject to alteration without notice. New Zealand Pound Abroad Basad on the rates quoted yesterday by the Bank of New South Wales, £1 New Zealand was worth approximately! 1(5/1 iu London. £l/0/1 in Australia 10/0} in U.S.A. 15/81 in Canada. 9/8 in France. 9/111 in Italy. 9/6} in Germany. 9/6i in Java. £l/7/10 in Japan. Position of Sterling B.v Telegraph.— Pre*s Assn.— Copvr.cht London, October 31. The following rates on foreign exchanges were current to-day, compared with thos®

Gold and Silver. London, October 31. Gold—2(l/19/7 per fine ounce. Silver —Cash, 23 3-Bd. per ounce; forward, 23 7-Uid.

TRADING BANKS Monthly Return for September SOME MARKED CHANGES Further marked changes are shown !u a summary of the trading banks’ monthly returns as at the close of business on Monday. September 24, when compared with those for August 27. The returns, which are furnished to the Reserve Hauk in accordance with section 46 of the Reserve Rank of Now Zealand Aet. 1933. were gazetted last night. The aggregate figures for the six trading banks, expressed in New Zealand currency, arc as follow

The trading banks’ own notes in circulation, payable in New Zealand, were further reduced during the four weeks by £893,100. a total reduction since duly 30 of £3,504,177. The total note circulation at September 24 was £6,183,671. 10/-. compared with £6,096,377 at August 27, an increase of £87,294/10/-. The demand liabilities of the trading banks iu New Zealand (current accounts. etc.), stand at £25,771,320, a reduction of £413,255, compared with those at August 27. Time liabilities in New Zealand at September 24 stand at. £39.586,720. a reduction during the four weeks of £676.286. The demand aud time liabilities in New Zealand total £65.358.040, a decrease of £1,089,541. Demand liabilities elsewhere than in New Zealand incurred in respect of New Zealand business now total only £292,251, compared with £5.148,764 on August 27. Time liabilities elsewhere than in New Zealand total £822.213. compared with £748.479 on August 27, an increase of £73,734. Reserve balances held in the Reserve Bank of New Zealand total £15,913,546, compared with £16.510,565 on Adgust 27. a reduction of £597,019. Total overseas assets in respect of New Zealand business, at £16.880,812, show a reduction of £3,546,717, mostly in London. Advances and discounts in New Zealand total £41,603,073. an increase during the four weeks of £3-12,063. The ratio of advances and discounts to total deposits in New Zealand at September 24 was 63.65 per cent., compared with 62.09 per cent, at August 27. and 64.25 per cent, on July 30. BUTTER AND CHEESE London Markets Firm A. H. Turnbull and Co.. Ltd., have received the following cable from their principals, W. Weddel and Co., Ltd., dated London. October 31: Both markets active. Butter: Danish, 123/-: New Zealand finest, 89/- to 72/-; Kangaroo finest, 69/- to 71/-. Cheese: New Zealand white, 53/6 to 54/-; coloured, 52/6 to 54/-. Joseph Nathan and Company, Ltd., have received from their principals. Trengrouse and Nathan. Ltd.. London, the following cabled advice, dated October 31: New Zealand butter: Finest. 72/-: first. 70/- to 71/-. New Zealand cheese: White. 53/6; coloured, 53/-. Markets quiet but firm. The New Zealand Loan and Mercantile Agency Company. Limited, have received the following advice from their London house dated October 31—Dairy produce (last week's quotations in parentheses): Butter. New Zealand choicest salted. 71/to 72/- per cwt. (68/- to 70/-). Market firm. ■ Cheese, white. 53/- to 54/- per cwt. (51/-);, coloured 53/- to 54/- per cwt. (50/-). Market quiet.

GRAIN AND PRODUCE Australian Markets By Telegraph.— Press Assn.—Copyright. Received November 1, 8.55 p.m.) Sydney. November 1. Wheat at country sidings is quoted at bagged 1/11 a bushel, bulk 1/104. which is equal to 2/6 and 2/6$ ex trucks Sydney. Flour, £8 a tou; bran. £5; pollard, £5 5/-. Potatoes, local, new. £l2/10/- a top; Tasmanian, to £l4: Victorian, to £9. Onions. Victorian. £lO a ton. Maize, white and yellow. 3/3 n bushel. B.v Telegraph. —l’res« As«n. —Copyright. (Received November 1, 10.5 p.m.) Adelaide. November 1. Wheat, growers' tots. 2/6 to_ 2/7 a bushel. Flour, bakers’ lots._ £7/17/6 a ton. Bran and pollard. £5/5/-. Oats. 2/3 a bushel. Barley, 2/6 to 2/10. BASE METALS MARKET Copper Again Easier B.v rdcjrranh --Press Assn.—Copyright. (Received November 1, 5.55 p.m.) London. October 31. The official London (middle) quotations for Wednesday, as reported by the Australian Minos and Metals Association, compare as under with those previously cabled

Customs Exchange Rates Rates of exchange ruling at the announced dates of departure of the vessels named are shown in (he following table. They are subject to confirmation by the Customs Department when the exact time of departure is learned on arrival of the vessels in New Zealand, finally declared rates bei ng* marked * :—

SYDNEY WOOL SALES Super Sorts Again Advance By Telegraph.—Press Assn.—Copyright (Received November 1, 10.5 p.m.) Sydney, November 1. At the wool sales to-day, 10,677 bales were offered, of which 0665 were sold at auction, 602 being sold privately. There was very strong competition in which all sections shared, particularly Yorkshire. The market was very firt'i, with occasionally a five per cent, further advance in the case of super sorts. Greasy merino made 18d. for Tenterfield and Yass offerings. The Australian wool trade had a break from May to the end of August without sales, the auctions for June being suspended. The absence of a basis for raw material Costs undoubtedly had a disturbing effect on business in manufactures, owing to the uncertainty attaching to the price of tops and yarns, says the “Sydney Morning Herald.’’ If confidence hail prevailed the lack of wool sales would not have produced such ill effects, but with the German embargo in force, and Europe generally unsettled, traders could not form a reliable idea of the rates at . which it was safe to buy goods. In the e'ircumstunces the cancellation of June auctions proved an error of judgment. Wool has since been sold at lower figures than were indicated at that time by the prices obtained privately for passed-in greasy lots and local fellmongered lines, and the figures which were then ruling for tops and yarns in England. Average 64’s tops were quoted at 30d. to Slid, in June, and have since sold at 25d. Following on the-opening of wool auctions in August, business in fabrics revived to some degree in Great Britain, as a basis of prices was established. Japanese nnd Yorkshire buying was chiefly responsible for establishing values at early sales of the season, ano orders from those quarters, particularly the former, were available in June. The'experience might well be noted by those concerned in the Australian wool trade. A suspension of sales is made in the hope that values will subsequently recover, but the lack of auctions has n tendency Io prevent tliem doing so. Only at times, when, business is demoralised by some extraordinary development, can it be considered judicious to cancel sales. Experiences during the depression show that Australia pursued a wise policy in marketing her clip, and thereby encouraging the free use of the staple. Rec'ently sales have been cancelled in Geelong owing to erowers’ reluctance to meet the marl,’Ct. Tn their hopes of values rising appreciably. sbe/n-owners are more optimistic than buyers in Australia, who are in daily touch bv cable with trading conditions jn the mills oversea.’.

N.Z. GOVT. LOANS. . Buyers. £ s. d. Sellers. £ s. d4 p.e. Bonds, 1955 .. 5 p.e. Rural Bonds. 1947 34 p.e. Ins. Stk.. 1938-43 113 5 0 0 0 - 4 p.e. ditto, 1946 .... —- 109 5 V 4 p.e. ditto, 1949 .... —— 109 r> 0 4 p.e. ditto, 1955 .... 113 5 0 — DEBENTURES. IVelllugton Gas Co. .. Amid. Brick, Wellington 103 12 6 105 0 0 Ditto, Auckland ... 105 15 0 Wright!, Stephenson, 5 pc 98 10 0 —■ Australasia 611 15 0 Comrcl. of Aust., ord. O — Comrcl. Banking Co., Sydney ..I...'.... 16 15 0 17 10 0 Eng.. Scot, and Aust. 5 3 0 —— National of N.Z 3 10 6 —-• National of Australasia, £5 paid •6 2 6 — New South Wales .... 31 10 0 — New Zealand 2 8 9 9 Ditto, D long term Reserve Bank of N.Z. 6 n 3 1 ft 14 12 0 0 Union of Aust 9 4 0 9 * FINANCIAL. Abraham and Williams, pref 4 14 0 Dalgety and Co. .... Goldsbrough. Mort and Co *9 0 0 ‘9 7 6 1 10 6 1 11 6 National Mtge. (A) .. —— 4 1 N.Z. Guarantee Corp. Wgtn. Invest., T. & A. 0 5 0 5 6 0 8 9 ——. Wgtn. Dep. and Mtgel 0 4 0 0 6 0 General Finance' .1... — 1 0 0 GAS. Christchurch 1 14 0 — Gisborne . .1 — 0 12 c Wellington, ord. ..... 2 1 0 — INSURANCE. Aust, Prov. Assce. ... — 0 10 11 National of N.Z •1 1 6 3 — New Zealand —— 9 o South British 4 8 6 4 10 0 MEAT. Gear Meat —— 1 7 3 N.Z. Kefrig., £1 paid 0 19 10 1 0 ft Ditto, 10/- paid .. 0 9 9 0 10 0 TRANSPORT. Union Steam, pref. .. 1 7 1 8 c P and 0. defd. stock . 1 2 o. —— Kelburne Tramway . 1 5 9 — WOOLLEN. Kaiapoi, pref. —— 1 1 0 Ditto, paid 0 14 .10 •— Wellington, ord.. .... Ditto, pref. ....... V11 6 ,0 — COAL. Kaitangata 1 1 0 1 2 0 Westport —— 0 19 2 Westport-Stockton. pre£ - 0 4 6 — TIMBER. l.eyland-O’Brien ..... 1 2 3 1 3 0 National 0 14 0 0 15 0 Taupo Totara 0 ft 3 Hotoltl > ... 0 3 0 0 4 5 BREWERIES. N.Z. Breweries .2 10 3 Staples and Co. ...... 1 10 6 ——• Tooth and Co — 2 11 3 Tui 2 19 6 — MISCELLANEOUS British Tobacco 2 1 *> 2 1 9 Colonial Sugar •76 10 0 77 5 0 Consol. Brick & Pipe 0 10 10 0 11 3 Dental & Medical Sup. O T ft 0 11 3 Dominion Fertiliser .. 1 0 6 __ Dunlop Perdriau .... . 1 0 1 Electrolytic Zinc, ord. .1 7 9 1 8 0 Ditto, 8 p.e. pt. pref. 1 16 0 — Farmers’ Co-op. Auct. —— 3 19 0 Henry Jones Co-op. .. —— 1 17 0 N.Z. Paper Mills •1 13 0 Shetland and Co., ord. •1 <6 0 —— Ditto, pref. ...... •1 6 0 Woolworths N.Z m ord. 8 2 6 8 7 0 Ditto, pref —• 2 1 0 Australian Glass .... *2 14 0 —— Broken Hill Pty — 2 12 3 OIL. Taranaki 0 0 7 — MINING. Alexander, contrib. .. 0 15 10 0 1 16 2 Bell Hooper 0 0 6 Bell Kllgour 0 0 o 0 0 4 Big River 0 1 9 0 11 L0 Brian Boru O 1 0 Central Shotover .... 0 0 5 0 1 6 Consol. Goldfields ... — 0 1 .7 0 King Solomon 0 3 8 0 3 9 Mount Lyell 0 19 0 0 1 .9 3 Nokomai 0 3 7 0 3 1 1 Okarlto O 8 0 8 y Talisman Dubbo ... 0 11 B Waihl ,T 16 9 Waitahu — 0 4 1 Lawson Flat 0 0 Nevis Diesel 0 0 44 0 0 r> Moonlight Nelson ... —— 0 O 2} Worksop 0 3 7 0 4 0 Maerewhenua 0 0 4 •Cum dividend. tEx dividend. Unofficial List " 1 - “ Buyers. Sellers. £ s. d. . £ S. d. Woolwortha Ltd,, ord. 3 14 6 3 1 5 6 Denhard. pref 0 18 B 1 0 0 Fullers-Haywiard —— W> O 0 Kllbirnie Theatres .. 0 15 0 Kemballs, pref —— 0 14 0 Ditto, debentures .. 95 0 0 Maori Gully 0 1 74 Wairarapa Frzn. Meat Co 9 19 0 Fluenzol, Ltd., ord. . 1 6 0 I’rocera Bread, vendor -— 0 15 0

Dividends— Due. Colonial Sugar—half-yearly, 20/- a share and boons, 5/- a share Nov. 7 Dominion Pictures—final, ord. 3} p.c., pref. 3 p.c. Claude Neon Lights, N.Z.— Nov. 7 final 6 p.c., making 10 p.c. for year Nov. 7 Sharland and Co. —final 2} p.c. both issues, making 5 p.c. for year. Nov. 8 N.Z. Paper Mills—interim, 3 p.c Nov. 9 National Insurance —final, fid. a share, making fid. for year Nov. —— Burns, Philp—interim, 1/- per share ; Nov. 15 Tattersfield, Auckland, 6 p.c. Bycroft, Ltd.—interim, lid. per Nov. 13 share Nov. 10 Broken Hill Ppty,—half-yearly 1/- per share Nov. 21 Nat. Bank of Australasia—interim at rate of 5 p.c. per annum Nov 28 Dalgety and Co.—final, 2J p.c.. making 5 p.c. for year - .. Nov. 28 Australian Glass—pref., 4} per cent., and ord. interim of p.c Dee. 1 Henry Jones Co-op.—final, 1/per share, making 7} p.c. for year Dec. 1 Broken Hill South—1/C per share Dec. 15 Calls— Argo Gold, lid. per share .... Equitable Building, £1 per Nov. a share; final payment of 5/per share Dee. i

• Sale price. £ s. cl. p.c. on investment. £ 6. d. Nat. Bank of A/asia., £10 paid .......i...... N.Z. Guar. Corpn. (2) 12 0 12 6 6 19 1 N.Z. Insurance 3 *8 9 o 18 J. Kaitangata Coal .... 1 1 6 6 19 6 British Tobacco 1 6 •» 17 19 Henry Jones Co-op. .. 1 0 4 3 4 Woolworths N.Z., ord. 8 7 0 2 7 11 Big River, ex rights . *0 1 94 — Ditto 0 1 — Worksop Ext .0 o 9 —- Unofficial list: Woolworths Ltd., ord. (2) 3 15 3 •Late sale Wednesday. AUCKLAND. £ s. d. £ s. d. Govt, bonds, -1 p.e., 19K5 109 0 0 3 0 loser, stock, 4 p.e., 19-10 (2) 109 0 0 3 3 5 Ditto, 4 p.e., 1949 .... 109 0 0 3 11 Ditto. 4 p.c., 1955 .... 113 10 0 4 1 Mt. Roskili, 52 p.c., 1960 101 0 0 — Bank of Australasia .. It It 6 4 9 Comm. Bank of Aust. . 0 16 0 3 z 6 Bank of N.Z 9 0 4 1 8 A.1*. Assurance 0 to (1 1 3 10 Standard Insurance .. 3 to 0 3 11 y Goldshrough, Mort ... Auckland Gas, contr. . 1 10 11 3 17 7 0 19 9 4 3 6 Kauri Timlber 0 19 4 «> 11 9 Kalapoi Woollen, cont. 0 4 6 4 13 4 Colonial Sugar 76 17 6 3 y 1 N.Z. Drug 4 0 3 3 14 9 British Tobacco .... 1 1 -L 18 Farmers’ Fertiliser .. 0 19 0 y 5 3 N.Z. Paper Mills ...... 1 15 0 4 0 0 N.Z. Kef rig., £1 paid 1 0 0 it 0 0 Ditto, 10/- paid .... 0 9 11 0 10 Wilsons Cement 1 14 0 18 10 Broken - Hill Pty o 12 0 3 1(1 It Waihi, ex div 1 17 0 5 8 1 Waihi G. Junction (2) 0 4 3 7 16 10 Blackwater 1 13 6 — King Solomon 0 o 9 — CHRISTCHURCH s. d. £ s. d. Bank of N.Z *> 8 9 4 1 Dalgety & Co 9 3 0 o 1'1 8 N.Z. Refrig., 10/- paid (4) 0 9 10 5 1 8 Tooth & Co — 10 10 3 0 10 Beatih & Co., 1/- paid 0 9 10 0 16 3 British Tobacco (2) .. 2 1 3 •> IS 2 N.Z: Farmers’ Co-op., 41 p.c,, 1930 SG 0 0 5 4 8 Blackwater 1 13 4 — Brian Boru (2) 0 1 1 —— Glenroy 0 0 111 — Maerewhenua (10) ... 0 0 41 — Nevis Diesel (2) 0 0 41 —— Nokomai 0 .3 9 ■ . Worksop Ext 0 3 6 —— Ditto 0 3 7 —- Ditto (2) 0 3 9 —- Ditto 0 3 8 — Ditto 0 3 7i —— Sales reported— Merc. Mutual Insur. . , 1 4 9 3 4 3 A-P. Assurance 0 10 5 1 4 0 Dalgety & Co 9 3 0 J 14 8 Ditto 0 4 6 o .14 British Tobacco (2) .. 1 5 •> 17 It N.Z. Refirig., £1 paid 1 0 0 0 0 Ditto, 10/- paid .... 0 9 11 5 0 10 Claude Neon (Sydney) (2) o 11 0 3 18 y Deep Dead •0 2 0 — Unofficial List— Argo Gold, Gd. paid (3) 0 0 91 —— Maori Gully, 1/- paid .. 0 1 51 —— Procera Bread, 10/- pd. 0 12 — •Late sale Wednesday. DUNEDIN. £ d. x? s. d. Reserve Bank 6 11 3 3 16 Ditto t 6 11 0 3 16 4 N.Z. Drug (2) 4 0 0 3 15 0 N.Z. Breweries 2 9 G 2 16 7 Kaitangata Coal 1 1 6 6 19 6 Waihi, cum div 1 18 4 5 4 4 Gleproy 0 1 0 — Bendigo Goldlight 0 0 101

LIABILITIES— .L s. d. 1. Paid-up capital 5011.000 0 0 2. General reserve fund .. 1.000,000 0 0 3 Banknotes 8.878.287 10 0 4. Demand liabilities— (a) State (b) Hanks 5.020,112 12.67H!»06 6 8 (c) Other 2,GW 3 6 5. Time deposits 6. Liabilities in currencies other than New Zealand currency 7. Other liabilities 35,572 3 £ 28,113.388 5 o ASSETS— d. 8. Reserve— H. (a) Gold 3.201,727 0 0 (b) Sterling exchange 23,222,180 i) 1 (c) Gold exchange .. 9. Subsidiary coin 115,886 4 10 10. Discounts— (a) Commercial .and agricultural bills (b) Treasury’ aud local body bills 11. Advances— (a) To the State or State undertakings <b) To other public authorities —— (c) Other 1,536,473 12. Investments o — 13. Bank buildings 14. Other assets 37,112 10 1 <•' £28,113,388 5 2

Francs to £.1 x.z T.T. 61.31 60.01 O.D. 61.61 60.06 Noumea— Francs to £1 N.Z T.T. 62.26 59.26 O.D. 62.66 59.31 Papeete— Francs to £1 N.Z T.T. 62.26 59.26 Belgium— O.D. 62.66 59.31 Belgas to £1 N.Z. ,.... T.T. 17.525 16.825 Germany— Reichmarks O.D. 17.625 16.840 to £1 N.Z. T.T. — 9.723 O.D. — 9.728 Italy— Lire to £1 N.Z T.T. — 45.9S O.D. — 46.02 Switzerland— Francs to £1 N.Z T.T. 12.502 .12.102 O.D. 12.577 12.112 Holland— Florins to £1 N.Z. .... T.T. 6.0-45 5.795 Java— O.D. 6.095 5.799 Florins to £1 N.Z T.T. 6.015 5.790 Japan— O.D. 6.065 5.794 N.Z. pence to 1 yen T.T. — 17 21-32 Shanghai— N.Z. pence to 20 7-16 1 dollar T.T. 19i O.D. 19. 20 s India and Ceylon— N.Z. pence to 1 rupee 'T.T. 22 5-16 21 21-32 O.D. 22 3-16 22 19-32 Hong-Kong— N.Z. pence 24 23-32 to 1 dol. T.T. 23 21-32 O.D. 23 17-32 24 21-32 Singapore— N.Z. pence to 1 dol. T.T. 34 7-16 35g O.D. 34 5-16 35 5-16 .

ruling on October 80:— X. York. dol. to £ Get. 31. 4.97 5-8 Oct. 30. 4.081 Par. +4.860 Montreal, dol. to £ 1.865 4.S6 ; : 4.SCO Paris, t'r. to £ 75 17-32 75 21 -31 1 124.21 Brussels, bel. to £ 21.34 21.28 35.00 Geneva, fr. to £ 15.28 15.31 •>, ***•;» Anist’dam, 11. to it 7.355 7.37 12.107 Milan, lire to £ 58 3-32 58 3-10 92.40 Berlin, inks. to £ 12.3(1 12.385 20.43 St’liolm, knr. to £ iii.:::i5 19.395 18.159 Clingen, knr .to £ 22.40 22.395 IS. 159 Oslo. knr. to £ 19.1)115 19.005 18.159 Vienna, seligs. to £ 2(5.50 7 31.585 Prague, knr. to £ 119.125 119 101.25 lienors, nibs. to £ 226.50 220.50 193.23 Madrid, pes. to £ 36.50 36 7-1G *’5 -5 Lisbon. esc, to £ 110.125 110.125 110 Athens. drach. to £ ♦517 *,)1,) 37.1 Belgrade, din. to £ 219 21 4 270.31 Bucharest, lei to £ 500 495 813.00 Warsaw, zloty to £ — 13.38 Hio de J., p. to mH. 71} •Ml 5.800 B. Aires, p. to peso 7301 7304 47.02 M. Video, p to peso f:») 1-8 739? «>1 Calcutta. n. to rnp 181-10 18 1-10 18 . Shanghai, p, to dol. 1515-10 10 —— H.-Kong, p. to dol. 10 3-8 l»i — Y'liama, p, to yen 14 14 24.582 Batavia, tl to £ tSellers, ofllclal. ♦Sellers. 7.34 12.11 tPar, 8.23 31-32 since dollar devaluation on February 1. 1934.

CREDIT— (a) Demand liabilities in New £ 25,771.320 30.5SC.720 (b) Zealand Time liabilities In New Zealand (c) Demand liabilities elsewhere than in New Zealand incurred in respect of New Zealand business 292,281 (<D Time liabilities elsewhere than in New Zealand incurred in respect of New Zealand business 822.213 (j) Notes of own issue in circulation payable in New Zealand 2,710,06-1 Total £ .69,188.598 DEBIT— .C (e) Reserve balances hold in the Reserve Bank of New Zealand 15.913.546 (f) Overseas assets in respect of New Zealand business— (1) In London (2) Elsewhere than in 7,751,171 London 9,129,041 (g) (1) Gold and gold bullion held in New Zealand .. (2) Subsidiary coin held in — New Zealand 601,647 (h) Advances and discounts in 41,603,073 New Zealand (i) Reserve Bank of New Zea5,107,105 land notes Total £80,106.273

Oct. ::o. Per ton. Ort. 31. Per ton. Conper— £ s. <1. £ 8. <1. Standard, spot ... 28 fl 3 27 18 9 Standard, forward 2S 11 101 28 fl 3 ‘Electrolytic .... St 5 0 30 10 0 to 32 0 0 31 10 0 Wire bars 32 0 0 31 10 0 Lead— Spot to it; :t 10 13 I) For ward 10 1G 3 10 13 9 Spelter— Spot 12 10 3 12 13 9 Forward Tin12 10 3 12 13 9 tSpot 22!) 12 <> •*•’{1 S !) Forward Silver — 22S 11 3 22S 11 3 Standard per oz. . 2311-1 (Id. 23 3-Sd. Fine 25 7-lfld. 25 }d. ‘American. cents a lb. 50 7 cents a lb.

Brisbane Marn, Japan, you Niagara. Canada, dollars . 141-16 4.SO} Canadian Challenger, dollars .. 4.81 Wairuna, America, dollars .... 4.89J City o£ Delhi, America, dollars . , 4.028 Mariposa, America, dollars .... . toei