TRADE AND FINANCE

Evening Post, Volume CXXI, Issue 129, 2 June 1936, Page 12

TRADE AND FINANCE

PRODUCE & MARKET REPORTS FROM DAY TO DAY

AUSTRALIA'S NEW LOAN 3 . -i NINE MILLIONS WANTED 3 __ 3 FINANCING DEFICITS 3 ' 4 The Australian Loan Council is now in the local market with a loan for J £9,000,000. The terms of this new loan , are: Issued at £98 10s; bearing interest at 33 per cent.'per annum; and c maturing 1951. The effective yield to the investor is £3 17s 6d. . • The Loan Council originally requir- i ed a loan for £10,000,000, but. after , negotiations with the Commonwealth ( Bank Board were completed, the limit ] was fixed at £9,000,000, and the bank i has underwritten a loan for that ; amount. , #1 ; The Loan Council had reduced its i programme for the current year by . £5,397,000 and its borrowing requirements to £9,910,1)00. Of the £9,000,000 1 to be raised immediately £4,958,000 » will be allotted to the Commonwealth . and State Governments. The Commonwealth allocation will be £481,000; New South Wales £2,020,000, and other States all under £1,000,000. Of the £9,000,000 now to be borrowed £4.000,000 will be applied to funding deficits and the balance to public works. The Federal Government will make next financial year a grant of £500,000 to the six States. The distribution of £19,910,000 to be borrowed during the current financial year will include £3,750,000 on behalf of the Commonwealth, £6,053,000 for New South Wales, and £3,423,000 for Victoria. State deficits for 1936-37 are estimated at £2,350,000. It is expected in Melbourne financial circles that support for the new loan will come largely from the insurance and trustee companies but that the banks and the private investor are not likely to avail themselves of the opportunity. However, the 30s per cent, discount may be attractive to some private investors. The banks, it is believed, will require all their avail--1 able funds for financing industry and trade. ! AUSTRALIAN SHAKES ■ BROKEN HILL HIGH LEVEL 1 [By Telegraph—Press Assn.—-Copyright.) i SYDNEY, June 1. i On the Sydney Stock Exchange to: 3 day leading industrials met a strong - market. Broken Hill Proprietary scrip 3 advanced to a new high record level. Sales:—Colonial Sugar, £42; Bank of New South Wales, £33; Associated Newspapers, 22s ljd, 23s 4£d; Howard i Smith, 18s lOJd; British Tobacco, 41s 2 9d; Tooths Brewery, 52s 6d; Tooheys, 1 31s 3d; Carlton, 57s 6d; Coles, 80s 9d; J Dunlop-Perdriau, 18s; Mofflins, lis 9d; s Lustre Hosiery, 25s 3d; General Indusi tries, 19s 7Jd; Mount Morgan, 14s 7d; r Broken Hill Proprietary, 675, and new, i, 43s 4d; Broken Hill South, £5 13s; Ras wang, 9s; James Stedman, 18s; Wooli worth, second pref., 26s 6d; Koroere, e 4s lOd; Mineral Development, Is Id; :- Emperor, 12s 9d; Mount Kasi, lis.

DEMAND FOR WOOL i WHY CROSSBREDS? UNIFORMS AND BUNTING (From "The Post's" Representative.) LONDON, May 13; i Two factors are influencing the London wool market and are considered ; to have-caused the steady rise in price , which, woolbrokers anticipate, will re- , main firm and probably'appreciate by , 10 per cent, during the next six 1 months. These factors are motivated by widely different reasons. Oneis. i accounted for by the general re-arma- , ment programmes in Europe and a steady demand for uniforms by cen- ■ tral European countries.. Crossbred wool is required for their manufac- i ture The other factor is a reflection of the pTepaktions for King Edward : VHl's Coronation next. May. Orders are pouring in for bunting tohnethe Streets on the day when he drives to Westminster Thi» demand has meant a iTad 0 ditio o n rS tol°e o se two influences the?e are also the facts that the carryover e of la a st season's stocks has been reduced to a minimumi and that contractsnlaced by the British fighting forces, afthoW larger than m the cast few years, are expected to be bigger as Britain's re-armament pro-

fir S,y/ o pTtfFrance and Germany buving far less than they did a few K back, it is *enerally. considered that the immediate outlook for wool is bright. Whether the price will be maintained when these contracts have been fulfilled is another matter. FASHION A FACTOR. The price of crossbred wool, which constitutes the largest proportion of New Zealand's clip, is maintained at a steady level by a number of causes. Wool substitutes are not only gaining in popularity, but they are used by the manufacturer to keep the priceof his article at a fairly low level. The depression is recognised to have developed in the public a habit of buying low-priced goods. Although economic conditions have improved materially there has not followed that rise in purchasing power to tempt the buyer to seek higher-priced articles, and an increase in the laice of woollen clothing is invariably followed by a slackening of sales and a quest for cheaper substitutes. Manufacturers also add a larger percentage of substitute material to woollen articles. Then, again, there is very little demand for crossbred wool for suitings. The fashion is for fine-woollen suits which can be obtained quite cheaply at the 50s tailors, and while fashion can be followed for so small an outlay, there is no immediate hurry to change it. BARTER OR BUYING?

Continental buying, especially frpm France and Germany, has fallen. France is struggling with a depression, ana Germany demands a reciprocal trade arrangement, usually referred to .as barter, belore she will import foreign goods. While Germany can barter machmery for wool with South Africa, America, and Uruguay she has ™ need of New' Zealand wool although there is every possibility that she woufd teke it were a reciprocal agree"Therfnas also been a slackening in demand for crossbred wool by Russia; where domestic flocks have been considerably increased of recent years bv an fnflux of New Zealand rams and with the advice of New Zealand Sastoralists.. Asia's wool demands are narrowing gradually to merino "wl fflentally, Russia now has «ipretmtation of paying her bills reguJaVlyfand I has no difficulty in securing "lUs g n en L e°rafcomment in London that the staSd of New Zealand wool „ by no means as high as it was in former years, and a deterioration in Sty has been noticed particularly during the Past three or four years. Thiffs accounted for iri part hy New Zealand using her sheep for a miai SS both wool and lamb and a so by the assumption that the low pric« of recent years has given no encouragement to farmers to maintain the standard of their flocks.

MELBOURNE, Juno 1. Sales on the Stock Exchange today included:—National Bank, £5 paid, £7 6s; Dunlop-Perdriau, 18s 3d; "Herald and Weekly Times," 68s 9d.

PRICE AND RETURN Latest sales reported ana made on the Stock Exchanges of the Dominion, with the highest prices and the approximate yields per cent, per annum to investors (all subject to appropriate taxes and exchange where operative), based on the last annual dividends, plus bonuses, if any, and considering redemption and brokerage in the case of redeemable securities where dated, were as follows:— Highest field price. p.c, p.a. £ s. d. £ 8. d Wellington. Comrn. Bank Aust. .. 019 3 3 0 7 Bank of N.Z 2 5 3 4 8 4 National Insurance . 017 9 4 4 0 [N.Z. Insurance 323 343 Renown Coal (pref.) 0 210 6 3 6 Staples and Co 114 6 217 11 N.Z. Refrig. (£1) ... 019 2 514 0 Consol. Brick 0 10 2 —

N.Z. BREWERIES k • B INCREASE IN PROFITS § c The directors of New Zealand Brew- I eries, Ltd., Wellington, report for the >_ year ended March 31 last as. follows:- £ y "After writing off depreciation on * buildhigs, plant, rnachinery rollmg i stock etc., and paying, a sum 01 there is to be added the amount ( brought 8 forward from last £14,512 Is 9d, making £99. 9 , 14 }™ S?- < From this amount must be deducted the suT of £38,229 Os 9d, being interim dividend paid for the period ended J September 30, 1935, leav ng a sum of £61,685 9s 8d to be dealt with. ■ "Your directors recommend that this amount shall be appropriated as follows- Payment of dividend of 4 per cent «e half-year, making 7J per : clnt for the yearf £43,69155 M; and : to be carried forward, £17,994 3s lia, total, £61.685 9s Bd." « MOM , The retiring directors are Messrs. E T, Chrisp, Eliot R. Davis, and A. : S.' Duncan, who offer themselves for re-election- The auditors, Messrs. Watldns, Hull, Wheeler, and Johnston, offer themselves for re-election. Comparison of last year's with this year's balance-sheet is as follows.— Jlar. 31, Mar. 31, 1935. 1830. £ £ Vrnl , t 564,857 594,082 Net profit "•*<>*> f£ oi Dividend, p.c. • '«.„„ Dividend, amount .... Wf 81,920 Forward • 14 - al - "■"* TmST. 1.092,271 1,092,271 fn™anc P o rUrve':::.: -40,000 45,000 Heserve fund llj-.000 115,000 Tax reservo <«,000 75,000 Sundry' creditors iM.i 7-V ?o? Profit and loss 52,7-U 01,680 linTSd buildings ... ; 448.18T ■ 450 236 Machinery, plant W),3,« 09,o« Furniture, flttlnßS ™ Stocks ■•••■•. 'VX>,O-oi H9,7 w\

Broken Hill Pty. ..i. 3 4 0 3 2 0 Dunlop Perdriau 0 17 9 — G. J. Coles 3 19 8 3 2 9 Hume Pipe (Aust.) .. 019 3 4 3 1 Gillespie's Beach 0 12 — Grand Junction 0 3 10 S 18 3 Mount Morgan 014 7 017 2 ' Unofficial— Woohvorths, Ltd. d.f 515 0 111 5 " Auckland. Govt. Bonds, 4 p.c. (1940) a. 102 12 0 310 1 Govt. Bonds, 4 p.c. (1946) ..'..... a. 104 0 0 310 6 Inscr. Stock, 4 p.c. .(1940) a. 102 12 6 310 1 Inscr. Stock, 4 p.c. 1 (1955) a. 106 0 0 311 8 Amalg. Brick (Wgtn.), 7% p.c (1944) ...;. 99 0 0 n. National Insurance . 018 0 4 3 4 Huddart, Parker .... 115 3 319 5 N.Z. Breweries ....-..' '213 4 216 4 Broken Hill Pty. ..i. 3 4 6 3 2 0 , Consolid. Brick ...... 010 1 — , G. J. Coles .- .4.0. 0.326 > Hume Pipe (Aust.) .. 019 0 4 2 0 . Sanford 0 3 0 — • Wilson's Cement .b.i. 2 4 6 3 19 Grand Junction 0 310 818 3 i Golden Crown 0 9 3 n. ■ Golden Dawn 0 3 2 «. Mount Morgan 014 10 014 10 ' Waihi Investments .. 010 6 n. Unofficial— , ,„ „ ~, . 2 Woohvorths, Ltd d.t 512 6 111 1 I Woolworths (W.A.) t.f 510 0 110 3 Christchurch.

Advances against barley ■ and hops 19,139 u.JUi Investments and ad- „, aoqais ranees 583,171 twa.aia Shares In subsidiary companies 17,901 |ank rß a nd 'cash''.' .V.'. WfiM W.™ BELFRIDGES (AUSTRALASIA), LTD. ■ A newdssue of 41,131 ordinary shares at par value (20s per share) is being made by Self ridges (Australasia), Ltd., Sydney. The company began operations in 1933 with one store in the Pitt Street shopping block, Sydney. Two new stores are to be opened shortly, one at Paddington and the other at Newcastle, bringing the total stores up to nine. The object of this new issue by the company is stated to be the expansion of its chain store organisation.

STUCK & SHAKE MARKET I TUESDAY, JUNE 2, 1936. X Buyers. Sellers. £ ». d. £ b. d.

N.Z. Govt Loans— 3% p.c. Inscr. Stock, 15/3/1939-43 102 0 0 - < 3% p.c. Inscr. Stock, : 15/0/1939-43 102 0 0 -- • 'J'A p.c. 1 riser. Stock, 15/11/1938-52 102 12 G 103 10 0 ■ V-k p.c Inscr. Stock, 15/5/1939-52 102 12 0 3% P.c. Instr. Stock, 15/5/1941-52 102 10 0 "Wj. n c Inscr. Stock, l.Vn/1938-41 : 100 12 0 10110 0 4 p.c. Inscr. Stock, 15/1/1937-40 ~ 10., 0 U 4 p.c. Inscr. Stock, 15/6/1952-55 ...... ~ 100 l < C « p.c. Bonds, 15/1/ 1937-40 10.! 10 0 Other Debentures— Arnal. Crick, Wgtn. . - 100 10 0 Banks— Australasia ••'••••- „ ",« r, *„ ;2 ?, Comm. of Aust. (ord.) 019 0 019 0 Knc.. Scot., and Aust. 0 3 0 ■- National of N.Z ...* " *" gl New South Wales .. - 33 00| New Zealand 2 4 J - •] J| Union of Aust — J u o FinancialEquitable Bldg. Co. .. 010 0 112 4 112 10 NZ. Guarantee Corp. 0 5 4 • 0 5 0 N.Z. Invest Mort. and _ o9 3 W?tTlnvVsV.'f.& A. » 09 b Wgtn. Trust Loan .. o 4 0 Gas— Gisborue •••■•* ?, ? '?, , Wellington (ord.) ... 2 0.. ' insurance— , National of N.Z. ... 017 0 — [ New Zealand 3 2 0 o J 0 , Queensland 2 18 fa - : South British 4 9 0 411 0 . Standard - o d u Transport— • Huddart Parker ~ fl I Union Steam (pref.)t 15 9 — i Kelburne Tramway . | (prof.) " ' a C f yVonllen- - Bond's Hosiery Mills 019 0 10 3 - Manawatu ; - \« k - Oamaru ••/•••• a . n i -,n n - Wellington (ord.) ... « 4 0 010 0 - Wellington (pref.) •■ 6 4 0 010 0 1 CoalGrey Valley 0 10 0 - Taupiri ~ 01 ° ° Westport — 1 i J Westport-Stocktou . 0 1 ~ — Renown 0 10 0 -

Timber— d „ Kauri .: - * J C Taringamutu ■■■••■•■ u a D , n 0 Taupo Totara (pref.) — 10 u Taupo Totara (16s fl prer.) : Brewerlos— N.Z. Breweries ....* 213 f> -lull Staples and Co 1 14 " ~ Miscellaneous— Auet. ......' 4W « - Brit. Tobacco (Aust.)* 2 10 — Brit. Tobacco (Syd. n BrXn HilYPtyV''" 37 0 - Broken Hill Pty. (eontrib.) ........ 2 2 0 Burns, Philp, & Co. 311 0- - Colonial Sugar .... 41 5 0 4110 0 Consol. Brick & Pipe 010 1 - SHARE MARKET -TWO O Denhard (prcf.) .... <> W °, - Dunlop-Perdriau ... 017 b 01/ 11 Electro Zinc (8 p.c. __ •> o 0 part pref.) „ ' n., G. J.. Coles ......... 4 0a 409 Howard Smith (ord.) - °M 2 N.Z. Farmers' Fert. 110 1 u Sharland & Co. (pref.) " \[ » Taranaki Oil ......... » l ° ° 1 6 Wilson's . (N.Z.) Cement .••••• " la J Wool worths (N.Z.) - r (ord.) sl7 c 9 7 ° Woolworths, Ltd. (2nd _ hSS-W'::::::::: Üboioo Mining— Gillespie's Beach .... 011 — Skippers 0 0Australlan— Mount Lyell * 1 * * \ * § Mount Morgan ...... 014 6 014 8 Placer Development 510 0 Irowat ° 4 u u i [ UNOFFICIAL LIST. J • ■ Buyers. Sellers. ! ' £ s. d. £ s. d.

Woohvorths Ltd. (ex r in n bonus issue) ...... 515 0 510 6 Woohvorths (W.A.), Ltd. (ex bonus issue) J - t> " " Frozen Products .... - ( l i " McDuff's, Ltd. (pref.) - 1«* '« National Magazines (pref.) •; N.Z. Farmers' Dislhb. (lis 6dpd.) ....... - "•' " Rotary Knitt Weave - * 100 Shillings, Ltd. (7s fld . pd.) • v * .. r. o Tiproff Seal Cap .... — '* ° Majestic "A" Deben- _ 8 3 0 0 Mettcrs ~ 012 0 BUSINESS TRANSACTED. Sales today, (morning call):— N°- of £ s. d. Shares. , i 9 q 500 Leyland-O'Brien ■ 1 2 J 100 Consolidated Brick and Pipe ; 010 2 200 Consolidated Brick and pipe 0 10 -s 200 Mount Morgan 0 14 8 100 Mount Morgan , 7 n SO Broken Hill 3 7 ° Sales made after going to press yes--1 terday:— No. of 1 Share*. £ s. d. 125 Bank of N.Z. -.•.•■••• 2 5 3 500 Dominion Breweries (2 sales) * 1 100 Goldsbrough Mort. & Co : 112 ° 300 Consolidated Brick and Pipe 0 10 2 ! 100 Hume Pipe °™'> 100 Broken Hill Propty i b 6 ) UNOFFICIAL LIST, \ Sales made after going to press ycster--3 day:— 1 S°- o£ £ s. d. Shares. , 000 Woolworths, Ltd. ex a bonus issue) (7 sales) 0 15 o i 75 Woohvorths, Ltd. (ex 5 bonus issue) (2 sales) 514 9 *Cum div. fEx div.

Inscr. Stock, 4 p.c. (1940) 103 0 0 3 7 8 Bank of N.Z. (D Mort) 1 9 6 5 1 8 Nat. Bank A'asia. (£5) 7 6 0 311 11 N.Z. Refrig. (10s pd.) 0 0 2 GO 0 N.Z. Breweries 213 9 2ld 9 Anthony Hordern .... 018 9 2 2 h British Tobacco ....1. 2 10 218 0 Broken Hill Pty. ..1. 3 4 7 3 111 Broken Hill Pty. /„„„■! 2 0 0 n. Hume Pipe "(Aust.) . 019 4 4 2 9 Milbnrn Lime ....... 2 2 0 43 4 Woohvorths (N.Z.) . 815 0 112 0 Gillespie's Beach .... 0 11 n. ArgoGold 0 16 - Skippers ■ V V f- 9 n 0 Mount Lyell 1 * _■ = » » Mount Morgan 014 7 617 2 iIOO 110 3 Woohvorths> Ltd. d.t 514 » lw ° , - Dunedln, Jn (l9ss) StOCk ' 4 .. P a.'10015 0 310 3 Hume Pipe (Aust.) . 019 0 4 4 2 Talisman Dubbo 010 10 9 4 7 Unofficial— 1 in . Woohvorths,. Ltd. df 515 0 110 o t—Ex. rights. , . a.—Market price includes accrued interest, but not brokerage. b.—lncludes bonus. . d.—Capital to be doubled by issue of bonus shares. i.—lnterim div. increased. n.—Position not available. _ 1 tl —Capital to be trebled by issue of bonus 1 shares, 2:1.

DIVIDENDS DUE. Eotoitl Timbcr-prcf. 5 per cent, per jmg 5 June 8 N.Z. Breweries—final 4 per cent. .... Jun° '; Walhl Grand J— S Bank of New Zealand—final. Is pir Klmre or 10 per cent, per annum June U Broken HIU South-2s Cd per share June U NaUonal Tlmber-flnal 2% per cent. . June 1, Oamaru Woollen—lnterim 2'/ 2 D« Jung J5 cent. ........•••••••■•'•••••■;' June IT Gisborne Gas—l% vetceM. ....■•■; Hume Steel-halt-yearly pref. at . ,s ner cent, per annum • i"' * „~ MouSt r 6d per share, June 23 Farmers" Trading Co.. Auckla n l 25 .ortr^ny^rer-e^^ and bonus of Is per ware ..... British Tobacco-quarterly, I**J* June SO National' k'per'cent. x Bulolo-lnterlm 1 dol. 40 cents .. July „ Placer Development-Interim •>»

NATIONAL TRUSTEES DIVIDEND. The directors of Ngtagd ttta^. SSSf£ pay an nterim dividend at the unchanged rate of 6 per cent, per annum for the halfyear ended April 30. The dividend will be payable on June 11.

FLEXIBLE EXCHANGE LEADING BANKER'S OPINION {By Telegraph—Press Assn.—Copyright.) SYDNEY, June 1. During the examination of Mr. A. C. Davidson, general manager of the Bank of New South Wales, before the Royal Commission on Banking, he was ) asked for his opinion on speculation with exchange. He said he did not think it should be forbidden because there was no speculation worth while mentioning in ordinary times. Mr. Justice Napier, chairman of the } commission, interjected: "I cannot help thinking that speculation with ex--3 change is almost on a par with trading with the enemy in wartime as an G act inconsistent with the best interests of the country." Mr. Davidson replied: In the exchange market speculation never moves except within limits fixed by the Cen--0 tral Bank, and in that way speculation j can be controlled. I am not afraid i n of speculation in exchange." -, Subsequently. Mr. Davidson said that he could not emphasise too a strongly the case for a flexible exn change rate which, through small but n frequent changes, would give the rec quired lead to small internal mvestments as became necessary. In its management of exchanges the Central Bank could not disregard Government policy and capital movements. 0 The Central Bank should co-operate 0 with the Government and trading banks and seek a constant adjustment 3 in exchange policy to conditions creat--0 ed by legislative and administrative acts.

MINING NEWS

PLACER AND BULOLO

Placer Development, Limited, Vancouver, has declared an interim divi- , dend of 50 cents a one-dollar share, subject to Canadian absentee tax of 5 per cent. Bulolo Gold Dredging, Limited, is paying an interim dividend of 1 dollar 40 cents a share of five dollars, also subject to tax. Both dividends are at the same rate as last year and both are payable on July 2. : The Placer dividend is worth about : 2s 6d in New Zealand and the Bulolo payment about 7s. (By Telegraph—Press Association.) AUCKLAND, June 1. The Mataki dredge return for the week ended May 31 was 38 ounces 135 hours' work, 9000 cubic yards being dealt with. DUNEDIN, June 1. The Goldfields dredge reports a washup for 370z for a period not ststcd. The' Okarito washup for the week ended Saturday was 220z 9dwt for 129 hours' dredging. WESTPORT, June 1. For the four-weekly period ended May 21- the Mataki Junction dredge recovered 2430z 16dwt for 393 hours, during which 56,000 yards was treated. DEEP LEAD. Deep Lead washed up 41oz 9d\vt on May 27, the product of 36 shifts. SAILOR'S GULLY. Sailor's Gully, situated at Waitahuna Gully, reported for the year ended April 30:—The drought period was longer this year than usual, resulting in a reduced gold return. During the year advantage was taken of an amendment of the Mining Act to have the company's claims consolidated into one claim. Recently the company sold its residence site and dwelling at Waitahuna Gully, and has bought rights to a new area of eight acres, with the improvements thereon. Apart from the drought period, water supply has been good and work continuous, though the ground has not been so rich as was expected. won amounted to 2490z sdwt. Owing to this small return the directors have no recommendation to make as to payi ment of a dividend or as to any Amount to be placed to reserve. Plant and race are in good order.

ARGO OFFICIAL RETURN. ] Argo Gold Dredging Company, Limited, Reef ton, issues the following official return for the week ending May 30:—Yield, 82oz; yardage, 14,000; time, 127 hours. Latest dredging and sluicing returns as received are as follows:— "*• Hours. Oz. (Int. Argo Gold 127 82.0 Mossy Creek J32 V>.-> Worksop 13»- ' 0 /» Okarlto 129 22.9 Waipapa Beach 127 -8.1 u Glllcsplo's Beach CO ,«.12 King Solomon • — '13.13 Mataki Junction 12:1 fiS Goldflelds Dredge — 3. .0 Matakl 133 SS.O FOREIGN EXCHANGE RATES

Closing sight rates as quoted by ths Bank of New South Wales. Wellington, today, for buying and selling foreign ' currencies based on New Zealand cur- ] rency are as follows:— Buying. Selling. . — On demand. On demand. . New Zealand on £ s. d. £ s. d. London— fiN.Z. to £ stg. - ,«. „ n 100 123 10 0 124 8 9 Australia—£ A to £N.Z. 100 101 0 0 100 10 0 Fiji—£F to £N.Z., 100 . 00 7 G 89 0 0 New York—Dollars to £N.Z. 1 4.05>i iM % Mont-eal—Dollars to £ ■ N.Z. 1 4.0a»4 4.01% Austria—Schillings to £ N.Z. 1 •• — 21 - 04 Belgium—Belgas to £ . N.Z. 1 — 23 - 630 Czechoslovakia—Crowns to £N.Z 1. f....... — 9".07 Denmark—Kroner to £ jj.Z. 1 18.26u 17.9t)ii France—Franca to £ N.Z. 1 — CO - 77 Ge-many—Rcichmarks to £N.Z. 1 • — 9MT Holland—Florins to £ fj y J >t# — D.aUI Java—Florins "to ' £N.Z. _ g62 i( , J5 _to_ £ Switzerland—Francs to £N.Z. 1 — l-.3»J Noumea—Francs to £ N.Z. 1 •■ — A - Paneete—Francs to £ 59 57 HrTnf Ko'ne-N'i.' "pence » to 1 dollar •• IS-9-C1 -U i-di India a,-.'l Ceylon—N.Z. „„,, pence to 1 rupee <!2 3-61 —/« Japan—N.Z. pence to 1 yen •• — . Shanghai--N.Z. pence to 1 dollar • • » is <u M Singapore—N.Z. pence to 5315.32 1 dollar 341j-04 ijv>-a The above rates are for on demand transactions. The £1 is £1 in New Zealand currency. The rates are subject to alteration without notice. Based on the figures quoted by the 3 Bank of New South Wales the New i Zealand pound, compared _ with its 2 original par value, is equivalent to 1 approximately:— 2 £ B. d. ? 0 1G 1 in London. "r. 1 0 1 in Australia. 0 16 5% in U.S.A. «; 0 16 5% in Canada. t 0 9 8% in France. 0 9 8y 3 in Germany. 0| I) 9 8 in Java. 3 17 o*4 in Japan.

DOLLAR RATES. j The Associated Banks (other than the Bank of New South Wales) quoted the following dollar rates today, on a New Zealand currency basis. They are subject to alteration without notice. U.S.A. Canada (per £1 (per £1 N.Z.). N.Z.) Dols. Dols. Selling— TT 4.002 4.01 On'demand 4.00J 4.01J Buying— On demand 4.05g 4.06 PRICE OF SILVER. ' (British Official Wireless.) ! KUGBY, May 30. Price Of Silver.—Snnt. anrl forward. 119 15-16 d per oz.