TRADE AND FINANCE

Evening Post, Volume CXXV, Issue 146, 23 June 1938, Page 12

TRADE AND FINANCE

STOCK & SHARE MARKET

NORMAL TRADE

ZINC CORPORATION

PRODUCE & MARKET REPORTS FROM DAY TO DAI

FALLING PRICES

RISING IMPORTS

AUSTRALIA'S LONDON

FUNDS

NATIONAL BANK REVIEW

"Evening Post," June 23.

Special attention has been given by the National Bank of Australasia, Melbourne, in its June "Summary" of Australia's overseas trade returns and the London balances. The subject is also referred to in a brief statement of the position received by the Australian trade' Commissioner in New Zealand (Mr. C.*'E. Critchley). His advice is that, although rising Imports by Australia have reduced its favourable overseas trade balance, yet the position is not as serious as might be owing to the compensating activity in secondary industries, "but, more especially, to the strength of Australia's London funds. Australia's annual interest bill is nearly £23,000,000, and it is estimated that the favourable trade balance this year wUI not exceed £13,000,000 Transfer of capital and other "invisible exports and imports are expected roughly to cancel out, although there may be a slight balance in Australia s favour For the eleven months of 1937-38 the total favourable balance amounted to £12,290,000 in sterling, as compared with a favourable balance of £36,602,000 sterling in the corresponding period of 1936-37.

A STRONG POSITION. The Commissioner is advised that the London funds position is strong and the Government professes^ to have no uneasiness at the sharp fall of about £24,000,000 in the trade position • funds at the end, olast financial year amounted £89,900,0u« in Australian currency-the highest P °l nt Shortage 1 ST"'* 10,000,000 or AowlteA as the result of Australia's overseas the to fhe^eral"economic, position of the Commonwealth ..<*&s*£ ot % o u!ht. Vatiotrßank le a a i r so °nof in commodity export prices d^g 1 the^as o tTw°elye months, and describes it; as t ? n °The e orlent price leve" Ausor close to maintain a tralia can contact o f ™ ity reasonably high level vl g g The fall .in P" c / S n^fsted for about level which had persistettM twelve months, and w^ lC « ion 0 f ta , a v , e^ y ,,„Z Part of tfiat addition national Part olx reS erves Sg?ra e wn upon for cur"SUSSSK'*" evidenced by an unfavourable bdanffrf current s nrSactto in fhe London retlTbalance on account, w in C absence of exact informaSfe no *fiabieEstimate of its amount Ca % b ?s V ckS however, from.the overset trade returns of the last six months thatimports cannot long continue at their present level unless there is a substantial-increase in the value of eXPOT IMPORT ADJUSTMENT. After-reviewing! tney trifle fl %£*£ March 31 last, nine months of the Aus- :■ year, the bank rem"Ther'e are good reasons for expecting a shrinkage in imports.. Values of manufactured and semi-manufac-tured goods, which had risen in keeping with the increase in prices of raw materials and foodstuffs, should by this followed commodity prices downward. It is probable that in those European countries .where prices of local farm products are kept at high pricesV and are free of competition from outside', supplies, the effects of falling values of primary products may be relatively small. Against this more than:half the Australian imports come : from countries within the Empire and : the U.S.Ai, where internal prices : closely* approximate world values and : trade j competition should result in i Australia rapidly obtaining the advan- ■ tages of/the lower cost of manufactured goods which flows naturally from '. a fall in commodity prices." A THREEFOLD PROBLEM. The'-offlcial gazette of the'! Sydney , Stock. Exchange has observed with some ' misgivings the present rate at which imports are entering Australia. "Imports include the capital goods that must constantly flow into a young developing country, representing the importation of new capital for reproductive purposes, and account be ■ taken also of certain, 'invisible' exports,, : and of the value of bullion : and specie shipped abroad," . says the '■ gazette. "Nevertheless, the trend is in the wrong ; direction. As-a debtor nation, Aus- '- tralia must of necessity maintain a sub-, stantial surplus of export 'values in order to meet all debt-commitments in London. Confidence is" felt that no difficulty will be experienced .• this financial year, but the guarded warnings given by financial leaders cannot safely.be disregarded. "The-problem resolves itself into the three-fold one of the implementing of sound internal policies; the ' careful supervision of imports from overseas, and the development of expanding markets for export commodities. The.time to consolidate progress and guard against adversity is when times are good." NATIONAL BANK N.Z. DIVIDEND AT 5 PER CENT. Cable advice has been received from London by the general manager of the National Bank of New Zealand, Ltd., to the effect that the net profit for the year ended March 31 last, after providing for bad and doubtful debts, exchange, and other contingencies, amounts to £105,727, and to this amount has to be added £112,797, brought forward from the previous year, making an available total of £218,524. The interim dividend at the rate of 4 per cent, per annum free of income tax paid in January last absorbed £40,000. There has been transferred to premises account £10,000, and to pension and gratuity funds £14,000, leaving £154,524 available for distribution. The directors propose to allocate this amount as follows:—In payment of a dividend at the. rate of 5 per cent, per annum, less United Kingdom income tax at 3s 8d in the £ for the half-year ended March 31, 1938, £40,833. Balance to be carried forward, £113,691. The final dividend, which is equivalent to £4 19s lOd per cent, in New Zealand currency, will be payable in New Zealand on July 9 at any branch of the National Bank of New Zealand, Ltd at the current rate of exchange for demand drafts on London on date of negotiation.

STOCK EXCHANGE RECOVERY SLACKNESS LONG-TERM OUTLOOK (By Telegraph—Press Assn.—Copyright.) • (Received June 23, 11 a.m.) LONDON, June 22. Although the stock, and share markets are still in a cheerful mood, the pace of the recovery is noticeably slackening. London now views the rapidity of the advance in Wall Street with some misgivings, but the sentiment of the long-term outlook is inclined to "bullishness." AUSTRALIAN SHARES INDUSTRIALS IMPROVE (By Telegraph—Press Assn.—Copyright.) SYDNEY, June 22. There was less evidence of profittaking on the Sydney Stock Exchange today and the turnover was much smaller than yesterday. Most of the leading industrials made fair headway. The rising trend of base metal shares continued today. Sales included: — Bank of New South-Wales 31 5 0 Comm. Bank of Sydney .. 20 12 0 E.S. and A. Bank 4 17 3 Queensland National Bank .5 10 Colonial Sugar 46 17 6. Howard Smith 1 0 3 Burns. Philp 2 11 6 British Tobacco 2 7 0 Tooth and Co. 2 14 9 Australian Glass, ex div. .. 411 6 Dunlop-Perdriau (New Zealand delivery) 1 0 6 General Industries 0 17 9 Kandos Cement 14 3 Cash Orders Amalg 0 16 6 Sargents 15 9 Gordon and Gotch 2 11 3 W. Atkins 12 0 Edwards Dunlop 2 8 6 Malleys 1 0 6 Standard Cement 0 19 6 Woolworths Ltd 1 0 7i Goodlet and Smith 2 5 0 Amalg. Wireless (contr.) .., 2 13 0 Goldsbrough Mort 1 8 10 Winchcombe Carson 1 6 6 Henry Jones 2 7 6 Mount Morgan 0 9 0 Mount Lyell ' 1 5 0 Kuala Kampar Tin 0 17 0 Rawang Tin ... 0 8 5 Larut Tin 0 12 0 Taranaki Oil 0 14 1J MELBOURNE, June 22. Sales on the Stock Exchange of Melbourne today, included:— £ s. d. G. J. Coles 4 2 6 Dunlop-Perdriau 1 0 9 Cox. Bros 0 15 3 Goldsbrough Mort 1 9 0 "Herald and Times" 2 18 0 Hume Pipe 0 19 2 Electrolytic Zinc 1 18 3 Electrolytic Zinc (pref.) ... 243 Mount Morgan 0 9 0 Mount Lyell ... 15 0 Broken Hill Proprietary ... 219 0 North Broken Hill 2 0 3 Broken Hill South 1 8 3 Emperor Gold 0 12 5 Loloma Mines ....;?. 12 0 PRICE ANDREf URN Latest sales reported and made on the Stock Exchanges of the Dominion, with the highest prices and the approximate yelds'per cent, per annum to investors (all subject to appropriate taxes and exchanges where operative), based on last year's distributions, and considering redemption and brokerage in the . case of redeemable securities where dated, were as follows:— . Highest Yield price, p.cp.a. £ b. d. £ s.d. Wellington. Inscr. Stock, 3% p.c, _ 1938-52 a. 101 5 0 3 9 0 Inscr. Stock, 4 p.c, 15/4/46-40 a. 102 10 0 314 11 Inscr. Stock, 4 p.c, 15/6/1952-55 a. 102 0 0 316 2 Bank of N.Z 2 3 6 411 11 N.Z. Breweries 2 10 4.2 11 British Tobacco 2 6 6 46 0 Burns, Philp , 210 '3 319 7 Farmers' Trading .... 110 613 4 Moturoa Oil 0 5 9 — Taranaki Oil 0 15 0 — (Woolworths, Ltd 10 5 313 5 Woolworths, rights .. 0 3 6 — Mount Lyell 15 0 — Mount Morgan 0 8 7 — I . . Auckland. Govt. Bonds, 4 p.c, ! 15/6/52-55. ........ a. 102 10 0 315 4 Inscr. Stock, 3%' p.c, 15/1/1953-57 a. 97 5 0 — Inscr Stock, 4 p.c, 15/4/46-49 a. 102 10 0 314 11 Auck. Harbour, iV* p.c, 9/7/48 a. 105 15 0 — Bank of N.S.W. ...u. 31 10 0 316 2 Baiikof.N.S.W. (SydI ney register) ....u, 31 5 0 316 9 N.Z. Insurance ....;. 216 6 310 9 Taupiri Coal .....'..;. 014 6 617 11 Westport - Stockton v .(ord.) •..'.'• 0 3 8 — Westport - Stockton (pref.) 0 6 9 817 9. Dominion Breweries . 116 3 510 4 N.Z. Breweries 209 425 British Tobacco 2 6 6 4 6 0 Broken Hill Pty, ...v. 219 0 4 4 8 Colonial Sugar: ...:.. 46 12 6 3 4 4 G. J. Coles ..• 4 2 0 411 5 Milne and Choyce deb. 014 6 6'17 11 Mort's Dock 010 i 6 712 4 Taranaki Oil 0 14 7 — Whakatane Paper Mills (ord.) 0 4 9 — Woolworths, rights ... 035 — Broken Hill South .... 18 3 — , Mount Lyell 150 — Mount Morgan 0 8 10 — Chrlstchureh. Rural Bonds, 5 p.c, 15/9/47 a. 102 15 0 — Bank of N.Z 2 3 6 411 11 British Tobacco 266 460 Broken Hill. Pty 218 6 4 5 5 Broken Hill Pty. (cont.)- ;..,. 115 1 — Electro. Zinc (pref.).. 2 3 9 8 0 0 G-. J. Coles 40 9 412 10 Moturoa Oil 0 5 8 — N.Z. Paper Mills 10 6 616 7 Tararuvki-Oil 0 14 3 — Westport - Stockton (pref.) 0 6 9 817 9 Wilcox Moffiin....... 0 6 6 — Broken Hill' South .... 1 8 7 — Grey River .;... 0 12 3 — Maori Gully ......... 005% — North Broken Hi 11,... 2 0 1 — Kanieri 1 5 0 ' — Dunedln. Bankof'N.Z: 2 3 6 4 11 11 Sth. British Inwe. ... % 0 9 218 9 Sout&and Uesfi I 9 0 4 9 7 Westport Coal 149 409 Westport - Stockton (pref.) 0 7 0 811 5 N.Z. Breweries 2 10 42 11 N.Z. Farmere' Fert. . 019 0 6 6 3 Mount Lyell 14 6 - a.—Market price includes accrued interest but not brokerage, u. —In Australian currency. LONDON MONEY MARKET RATES. (By Telegraph—Press Agsn.—Copyright.) (Received June 23, 11 a.m.) LONDON, June 22. Discount and short-term interest rates are quoted as follows: —Day-to-day loans, i per cent.; fine trade bills, three months, 2 to 2J per cent.; ' bank bills, three months, 9-16 per cent.; six months, 5-8 per cent.; Treasury bills, two months 9-16 per cent.; three months f 9-16 per cent. NEW YORK, June 22. Call money is quoted unchanged at 1 per cent.

THURSDAY, JUNE 23,, 1938. Buyers. Sellers. £ s. d. £ b. d. N.Z. Government Loans— 3V& p.c. Inscr. Stock, 100 2 6 100 10 0 3Vi p.c. Inscr. Stock, 15/11/IO3S-52 — 101 7 0 3\b p.c. Inscr. Stock, 15/1/1953-57 — 97 7 6 i p.c. Inscr. Stock, 15/2/1943-46 — 102 15 0 4 p.c. Inscr. Stock, 15/4/1946-49 — 102 lo 0 4 p.c. Inscr. Stock, 15/6/1952-55 — 102 10 0 4 p.c. Bonds, 15/4/ 1946-49 102 7 6 — 4 p.c. Bonds, 15/6/ -1952-55 102 0 0 — Banks— Australasia 911 0 915 0 Eng., Scot., & Aust. 416 0 — National of N.Z. ..." 214 0 — Nat. of A'asia (£10) . 13 1 0 13 6 6 New South Wales .... - 32 0 0 New Zealand 233 235 Union of Aust — 8 8/0 FinancialEquitable Bldg. Co. . 013 0 — Goldsbrough, Mort & Co — 18 6 Nat. Mortgage'"A" * 2 2 6 - Newton King (pref.) .089 — N.Z. Invest. Mort. and Dep - 0 9 9 InsuranceNational of N.Z. ... — 017 8 New Zealand — 2 16 9 South British — 2 7 6 Meat PreservingGear Meat t — 015 9 TransportUnion Steam (pref.) . — 16 6 WoollenBond's Hosiery Mills 014 9 — Kaiapoi (pref.) — 0 17 0 Manawatu — 1 13 9 Timaru — 0 12 9 Wellington (ord.) ... — 5 5 0 Bruce (pref.) ........ — 110 Coal— Taupiri .. — 0 16 0 Westport-Stockton ... 14 3 — Westport-Stockton (pref.) - 0 7 0 Timber— Rotoiti 0 2 6 0 4 3 Rotoiti (pref.) .; — 0 18 3 Taupo Totara (ord.) .. . — 0 6 0 BreweriesTooth and Co 2 13 9 — MiscellaneousAnthony Hordern ... — 0 17 2 Aust. Glass t — 4 11 0 Broken Hill Pty 217 9 218 6 Colonial Sugar — 46 15 0 Consol. Brick & Pipe* — 0 8 9 Denhard (pref.) 110 — Dunlop-Pcrdriau .... — 10 6 Electro. Zinc (ord.) . — 1 17 9 Electro. Zinc (8 p.c. part, pref.) 2 2 6 2 3 9 Felt and Textiles .» 110 0 — General Industries .. — 0 17 9 G. J. Coles 4 13 4 2 0 Henry Jones Co-op. .. — 2 8 0 Howard Smith (ord.) — 10 6 Hume Pipe — 0 19 3 Mac Duffs (pref.) .... — 10 3 Mac Duffs (ord.) — 0 17 0 McKenzie's — 33 0 Moturoa Oil — 0 6 0 Sharland & Co. (ord.) 015 9 — Sharland-& Co. (pref.) 015 9 - Taranaki Oil — 0 14 3 Wilson's (N.Z.) Cement 0 16 1 — Woolworths, Ltd. (ord.) 10 4 10 5 Woolworths, Ltd., Rights — 0 3 4 Mining— Argo (contrib.) ...* 0 15 — Big River ........* 010 — Gillespie's Beach .. — 0 10 Maori Gully K 0 0 4% — Martha .... .?.'?£. - 011 3 Mossy Creek '•?*»{. — 0 12 Nemona ;.... 0 14 — Skippers, , ... iV ..... 00 0% — Warn Investments '08 3 -^ AustralianBroken Hill South .* 1 7 3 — Mount Lyell 14 0 14 6 Mount Morgan .... .'* 086 089 North Broken-Hill .* 18 6 — Placer Development 3 14 6 — Wgtn. Alluvials '...,. — 0 6 0 Overseas. Listings— Woolworths Holdings — 0 15 8 -UNOFFICIAL LIST. Buyers. Sellers. £ •a. d. £ e. d. National Tobacco .. — 2 5 6 National Tobacco (new issue) — 2 5 0 Selfridges (N.Z.), Ltd. — 0 16 0 South Wgtn. Pictures — 0 18 6 BUSINESS TRANSACTED. Sales today:— No. of Shares. £ ■*• o. 100 Mount Lyell 14 3 Sales made after going to press yesterday:-— No. of , Shares. £ B. A. £1000 3%-p.c. Inscr. Stock, 1938-52 101 "5 0 £5000 4% p.c. Inscr. Stock, 1946 (2 sales) .. 102 10 0 £1130 4% p.c. Inscr Stock, 1949 (2 sales) 102 10 0 £2010 4 p.c. Inscr. Stock, 1955 102 0 0 £600 3% p.c. Inscr. Stock, 1953-57 97 5 0 : 10 Bank of N-.S.W. .... 31 7 6 200 N.Z. Breweries ■'.. 2 1 0 200 Tairanaki Oil 0 15 0 100 Taranaki Oil .... OH 8 300 Taranaki Oil 0 14 7 , . 100 Moturoa Oil (pref.) .. 0 6 0 *Cum div. +Ex ,jiv. THE FRENCH FRANC (By Telegraph—Press Assn.—Copyright.) (Received June 23, 10 a.m.) LONDON, June 22. Sterling exchange on Paris, 177 15-16 francs to £1. Francs. June 21 177 13-16 June 17 178J May 4 168J May 2 rt.. 162} April 25 165J April 1 162* March 26 163 15-16 March 8 15515-16 Par with sterling, 124.21 francs to £1. TIMBER TRADE. The Dominion's imports and exports of timber during April are reported as follows by the State Forestry Department, the values being given in New Zealand currency:— Imports.—From Australia, £48,936; from Canada, £9655; from the United States, £4350; from Japan, £2816; from other countries, £84. ; Exports.—To Australia, £14,384; to Pacific Islands,- £1588; to United Kingdom, £94. DIVIDENDS DUE. G6ar Meat—lnterim, 3d per share .. June 25 Argo Gold Dredge—ld per share .... June 25 North Broken Hill—6d per share .... June 2S Goldsbrough. Mort—final, 5 per cent. per annum June 29 British Tobacco—quarterly, 2 per cent. June 30 Morris, Hedstrom—3 per cent., making 6 per cent, per annum, plus bonus 214 per cent June 30 Farmers' Trading—ord., 7 per cent. June 30 Cash Orders (Amalgamated)—quarterly pref. at 10 per cent, per annum July 1 National Mortgage of N.Z.—interim at 5 per cent, per annum July 1 Zinc Corporation, Ltd:—final, participating for 1937, ordinary and preference 4s Od sterling; preference for first half of 1938, 2s sterling per share ~.. July 1 Noyes Bros. (Melbourne), Ltd.— final, 6Vi per cent, and bonus IVa per cent., making 14 per cent. per annum July 5 Howard Smith—quarterly pref. at 6 per cent, per annum July 7 National Bank of N.Z.—final, at ! 5 per cent, per annum, less. ' English Income tax July 9 Hume Steel —half-yearly, 7Vs per cent. cUm pref July 14 ; Woolworths (N.Z.), ord.—s per cent. July 15 Mount Morgan—3d per ahare ....u.. July 20

AND RE-ARMAMENT THE PRESENT UNCERTAINTY (By Telegraph—Press Assn.—Copyright.) (Received June 23, 9.30 a.m.) LONDON, June 22. Sir Robert Home, chairman of the Zinc Corporation, London, a company operating in Australia, addressing shareholders, said he was criticised last year for stating that the company was profiteering out of re-armament. But experience had proved that the interference with normal trade caused by re-armament had had a serious adverse effect upon consumption. Nobody at the present time appeared to be inclined to embark on new enterprises, or even to continue courageously to bear the risks attendant on those already launched. The continuance of the political conflict with industry in the United States would tend to eliminate all [prospect of an Anglo-American trade agreement of any importance and might threaten even the much-adver-tised currency arrangements. foreignlexchanges Closing direct rates as quoted by the ( Bank of New South Wales, Wellington, 'today, for buying and selling foreign currencies based on New Zealand currency, were as follows:— Buying. Selling. £ s. d. B s. d. London—£N.Z. to £ stg. 100 T.T. 124 0 0 124 10 0 , O.D. 123 10 0 124 8 9 Australia—£A. to EN.Z. 100 .... T.T. and O.D. 101 0 0 100 10.0 Fiji—.£F. to £N.Z. 100. T.T. and O.D. 90 7 G 89 0 0 New York—Dots, to £ N.Z. 1 T.T. 4.0070 3.9724 O.D. 4.0170 ' 3.9764 Montreal—Dols. to £N.Z. 1 T.T. 4.0457 4.0163 O.D. 4.0607 4.0203 Belgium—Belgas to £ N.Z. 1 T.T. 23.671 23.381 O.D. 23.746 23.372 Czechoslovakia—Korunas to £N.Z. 1 T.T. — 113.62 O.D. — 113.67 Denmark—Kroner to £ N.Z. 1 T.T. 18.203 17.893 I O.D. 18.263 17.899 Finland—Marks to £ N.Z. 1. T.T. 185.35 179.55 O.D. 185.75 179.65 France —Francs to £ i N.Z. 1 T.T. — 141.20 O.D. — 141.24 Germany—Relchsmarks to £N.Z. 1 T.T. — 9.809 O.D. — 8.814 Greece—Drachmae to £ N.Z.I T.T. — 429.54 O.D. — 429.84 Holland—Florins to £ N.Z. 1 T.T. 7.293 7.143 O.D. 7.333 7.147 Italy—Lire to EN.Z. 1. . . T.T. — 75.50 O.D. — 75.55 Java —Florins to EN.Z. 1 T.T. 7.271 7.121 O.D. 7.311 7.125 I Norway—Kroner to . £ I N.Z. 1 T.T. 16.182 15.892 O.D. 16.242 15.898 I Noumea —Francs to £ N.Z. 1. T.T. — 139.95 O.D. — 139.99 Papeete—Francs to £ N.Z. 1 T.T. — 140.00 O.D.«'— 140.04 Sweden—Kronor to £ N.Z. 1 T.T. 15.785 15.490 O.D. 15.845 15.496 Switzerland—Francs to EN.Z. 1 T.T. 17.506 17.236 O.D. 17.611 17.241 Chefoo—N.Z. pence to 1 dollar T.T. — 12»4 O.D. — 12 15-84 Hong Kong—N.Z. - pence to 1 dollar T.T. 18 3-8 18% O.D. 1811-32 18% India and Ceylon—N.Z. pence to 1 rupee T.T. 21 61-64 22 15-64 i , O.D. 21.59-64 22 15-64 Japan—N.Z. pence to 1 yea T.T. — 17 33-64 O.D. — 17 33-64 Manila—N.Z. pence to 1 peso T.T. 29 11-16 30 3-16 O.D. 29 19-32 30 3-16' Shanghai—N.Z. pence to 1 dollar T.T. — 1125-32 O.D. — 1125-32 Singapore!—N.Z. pence to 1 dollar T.T. 3419-64 34 25-32 O.D. 34 13-64 34 25-32 The' £1 is £1 in New Zealand currency. The rates are subject to alteration without notice. Based on the figures quoted by the Bank of New South Wales, the New Zealand pound, compared with its original par value, is equivalent to approximately 16s Id in London, £1 0s Id in Australia, 16s 4d in U.S.A., 16s 6d in Canada, £1 2s B|d in France, 16s 4d in Italy, 9s 7id in Germany, lis 9id in Java, £1 8s Id in Japan. DOLLAR AND STERLING i L (By Telegraph—Press Assn.—CopyrTgfjt.l (Received June 23, 10 a.m.) LONDON, June 22. Sterling exchange, London on New York, 4.95 3-8. Dollars. June 21 4.96 3-16 June 20 4.97 3-16 June 18 4.97 1-16 June 17 4.97* June 16 4.97} June 15 4.97 5-8 June 14 4.96 5-8 June 13 4.944 June 11 4.96* June 10 4.95} June 9 4.95 June 8 4.95 3-8 June 7 4.94J June 3 4.943-8 June 2 4.94 5-8 June 1 4.947-8 May 30 4.95 5-8 May 2 4.9811-16 April 1 4.96 5-8 March 1 5.02 February 1 5.019-16 January 1 5.00 5-16 PRICE OF GOLD (By Telegraph—Press Assn.—Copyright.) (Received June 23, 10 a.m.) LONDON, June 22. The price of fine gold per ounce, 140s lOd. June 21 140 9 June 18 140 10 June 17 140 10J June 16 140 10 June 15 140 9 June 14 140 8 June 13 140 6i June 11 140 7 June 9 140 6J June 8 140 5 June 7 140 7 June 3 140 9 June 2 140 8 June 1 140 7i May 2 139 64 April 1 140 0i March 1 139 9jj February 1 139 7 January 3 139 5 Highest price in 1937 March 6, 142s 7Jd; average price in 1930, 85s per oz. DOLLAR RATES. 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.SiA. Canadian Dollars. Dollars. (Per £1 (Per £1 N.Z.) N.Z.) Selling— T.T 3.97 5-16 4.014 On demand ~. 3.97 11-16 4.0115-16 Buying— On demand ... 4.019-16 4.0515-16 JAVA EXCHANGE. (By Telegraph—Press Assn.—Copyright.) (Received June 23. 10 a.m.) BATAVIA, June 22. Sterling exchange, 8.93J guilders to £1. The rate on June 21 was 8.944. guilders. BRITISH WAR LOAN. [By Telegraph—Press Assn.—Copyright.] LONDON, June 21. The British War Loan, 34 per cent, is quoted at £101 16s 3d.

OUTPUTS A RECORD (By Telegraph—Press Assn.—Copyright.) (Received June 23, 9 a.m.) LONDON, June 22. Sir Hobert Home, presiding at the annual meeting of the Zinc Corporation, said the output and mill recoveries for 1937 were a record; but while prices were then satisfactory, there was now a different story to tell. The reasonable co-operation of producers and the overdue expansion of trip consumer demand should, nowever, quickly result in better prices for metal producers. FURTHER RISE PRICES OF BASE METALS (By Telegraph.-Press Assn.-Copyright.) (Received June 23, 11 a.m.) LONDON, June 22. The official London (middle) quotations! as reported by the Australian Mines and Metals Association, compare with those previously cabled as follows:- June2l _ June 2 2. Per ton. Per ton. £ s. d. £ s. d. C °S P tantod, spot 36 3 1| 36 15 0 ffiroi 0 y r tr d 0* SIS f Electroiyuc |J 0 0 41 o 0 Wire bars.... 41 0 0 41 0 0 ... 14 8 1J 14 17 6 Forward':::: 14 8 if 14 15 7 4 SP S tr 13 110* 13 9 4} &ard :::: is &m 1314 4 Tin— Spot 184 2 6 187 10 0 Forward .... 185 2 6 188.7 6 Stanlard, per oz 181HM JBl5-16d Fine 207-16 d 207-16 d DREDGING SHARES IN LONDON. (By Telegraph—Press Assn—Copyright.) j (Received June 23, 11.30 a.m.) LONDON, June 22. Share Quotations.-yClutha River, buyers Is 7Jd. sellers'ls 10id;Molyneux River, buyers Is ljd, sellers Is 4Jd. SILVER MARKET. (By Telegraph—Press Assn.— Copyright.) LONDON, June 21. Price of Silver.—Spot, 18 15-16 d per oz; forward, 18 5-Bd. \ COLOMBO TEA MARKET. t (By Telegraph—Press Association.) I DUNEDIN, June 22. Mr. L. M. Wright has received the 'following cabled report on the Colombo tea auction of June 21:—At yesterday's auction of 2,750,0001b, inferior grades declined about Id, medium teas remained steady, while teas showing, quality were in keen demand, and were firm to dearer. Supplies are decreasing, and at next I week's sale 2,250,0001b will be offered for auction.