TRADE AND FINANCE

Evening Post, Volume CXXV, Issue 150, 28 June 1938, Page 14

TRADE AND FINANCE

STOCK & SHARE MARKET

r MOTOR INSURANCE

PRODUCE AT GLASGOW

PRODUCE & MARKET REPORTS FROM DAY TO DA\

NEW ZEALAND CREDIT NERVOUS INVESTORS EFFECTS OF "WHISPERING" (Special to thu "Evening Post.") LONDON, June 7. A writer in the finance and inves merit section of the "Spectator" says:"This whispering campaign again Mr. Savage's Socialist Government i New Zealand is disturbing to investor Jobbers have not merely quoted wid< prices, but have adjusted quotations 1 a level at which New Zealand's credi normally above that of Australia, now appreciably lower. "Here is a guide to the position:— Flat Yield Current yield, rodemptlo New Zealand, price. as. d. £s. i 8 p.c., 1045 ... 93% 3 4 6 4 4 4% P.c., 1948-58 101 410 0 410 fi p.c., 1956-71 107% 713 0 4 8 "The redemption yields compare wit returns ranging between 3 5-8 and per cent, on Australian issues wit similar dates, giving a difference of 1C per cent. Is this a fair appraisemer of the increase in the New Zealan risk? My own feeling is that the dar eers of Mr. Savage's plans for increase social services have been exaggeratec The plans are ambitious and the late< project for giving free medical servic and pensions at 60 will cost an extr £9 000 000 a year, of which the Ex fhequer will have to find £6,500,000. "This represents an increase in pub lie expenditure of roughly 20 per cent. "If New Zealand were facing a trad slump I should be afraid of such heavy increase in the tax burden, bu for the present I see no reason why th burden should not be carried fairl comfortably. At current prices ofwoe and dairy produce New Zealand is do ing pretty well, and I, for one, shoulj not be worrying yet as a holder of Ne\ Zealan illustra^on oJE the sensitiveness of the London Stock Exchange to c<?m ments on New Zealand finance wa furnished by the Auckland 5 per cenj (1945). This loan fell to 10s (vielding over 6 per cent, with re iemptfon), but it rosfto £101(y»eldm ; 5 per cent.) in eight days during th end of last month. The nse synchro nised with the assurance given by thi Prime Minister (Mr M J_ Savage) th New Zealand would honour its con tracts. Prices on the London Stock Exchange for 5 per cent. Australian (1945-75. and 5 Per cent. New Zealand (1946. stocks during May, 1938, were as. fol lows: — 5% Aust. 5% N.Z. May 1? in? 104 May 11 107 i"! May 18 103 May 25 , 1°? 104 The range of prices of the abovt stocks during 1937 was: Australian highest £109 17s 6d, lowest £105, New Zealand, highest £110, lowest £104 5s The range for the period January 1 tc May 25 was: Australian, highest £lOt 17s 6d, lowest £105 10s; New Zealand highest £108, lowest £102 15s. FRICE AND~RETURN Latest sales reported and 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 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:—

e MELBOURNE, June 27. a On the Stock Exchange of Melbourne t today there was strong and active buye ing of Barrier Mine shares. Leading V industrials were also firm, but trading i in them was quiet. Sentiment continued to be influenced 1 by further improvement in the overseas f market. Sales included: —

LABOUR UNREST ] WARNING BY A BANK ' *The National Bank of Australia recalls that "our efforts in stemming the last depression and moving forward to- : wards prosperity were greatly assisted by a marked absence of labour un- .1 rest. Labour stability induced confi- , dence among investors and industrial- ( ists, and led them to carry out building j projects and to increase factories and - plants. But, it is added, "unfortu- i nately there are now signs of a grow- i ing labour unrest, which, if it persists, 1 may have serious effects upon national well-being." 5 DECREASE IN MOTOR 5 VEHICLES ___ i Statistics published by the Interna- 1 tional Tin Research and Development Council, The Hague, show that the out- 1 put of the world's motor industry decreased by nearly 40 per cent, to , 1,371,000 vehicles in January to March, ' 1938, from 2,301,000 vehicles in Janu- - ary to March, 1937. 1 PRICE~OF~ GOLD < (By Telegraph—Press Assn.—Copyright.) y (Received June 28, 10 a.m.) j LONDON, June 27. j ' The price of fine gold per ounce, j 140s lOd. I S. d. \ June 24 140 10 June 23 140 9 £ June 22 140 10 \ June 21 140 9 June 18 140 10 June 17 140 101 June 16 140 10 June 15 140 9 June 14 140 8 J June 13 140 6i V June 11 140 7 June 9 140 6i 1 June 8 140 5 June 7 140 7 June 3 140 9 June 2 140 8 June 1 140 7J J May 2 139 6J S ! April 1 140 OJ March 1 139 9J February 1 139 7 January 3 139 5 Highest price in 1937, March 6, 142s t< 7jd; average price in 1930, 85s per oz. THE FRENCH FRANC & (By Telegraph—Press Assn.—Copyright.) (Received June 28, 10 a.m.) LONDON, June 27. Sterling exchange on Paris, 177 7-8 francs to £1. Francs. June 25 177 15-16 June 17 178 i May 4 1684 May 2 1623 April 25 165? April 1 162 i March 26 163 15-16 March 8 15515-16 Par with sterling, 124.21 francs to £1. DOLLAR AND STERLING si 'By Telegraph—Press Assn.—Copyright.) (Received June 28, 10 a.m.) LONDON, June 27. Sterling exchange, London on New K < York, 4.95 5-8. Gc —— Gi v Dollars. Br June 25 4.963-16 JJune 24 4.96 „ June 23 4,95$ M< June 22 4.95 3-8 June 21 4.963-16 F a June 20 4.97 3-16 Hi June 18 . 4.971-16 June 17 4.974 June 16 4,97| June 15 4.97 5-8 June 14 4.965-8 W( June 13- 4.94J June 11 4.96J Co June 10 4.95J June 9 4.95 June 8 4.95 3-8 71 . June 7 4.94J June 3 4.94 3-8 June *2 4.94 5-8 June 1 4.94 7-8 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 With the arrival of the May ship- n'o ments of dates from Persia this week, son tracts for last season's dates will be xa completed. Any further requirements before the new fruit comes to hand .. in December will have to be supplied from London stocks. Although some agents have advanced their prices for G. new season's by 6d per cwt others are still able to book at the opening prices. Wt rhe greater part of the business, how- J?" aver, has now been booked. I

"EXPECTATION OF LIFE" l. Referring to the motor business, Sir William Goschen, chairman of the Sun g Insurance Office, London, reminded shareholders that recent speeches of the chairmen of various insurance companies in Great Britain had drawn attention to the increasingly heavy 0 awards which were being granted in . respect of third party injuries. 6 'This," he said, "has also been our n experience. The decision in July, 1937, in the House of Lords in the case of Rose v. Ford must have its effect on our business. Compensation for 'loss of expectation of life' was not contemplated when third party motor insurance became compulsory and it is interesting to note that in one country already—namely, New Zealand, where 0 a similar state of affairs existed— amending legislation has now been passed whereby the additional liability 0 has been removed." PRICES OF BASE METALS (By Telegraph—Press Assn.—Copyright.) 6 (Received June 28, 11.30 a.m.) LONDON, June 27. n The official London (middle) quotau tions, as reported by the Australian Mines and Metals Association, com--1 pare with those previously cabled as 0 follows:— June 24. June 27. Per ton. Per ton. £ s. d. £ s. d. Copper— G Standard, spot 37 8937 16 10J Ditto, forward 37 14 4£ 38 3 1J Electrolytic .. 41 5 0 41 15 0 5 to 42 5042 15 0 Wire bars .. 42 5 0 42 15 0 Lead — 3 Spot 14 18 915 1 10J Forward .... 14 18 1£ 15 0 7J SpelterSpot 14 1 104 14 1 3 Forward .... 14 6 10£ 14 4 4J 1 TinSpot 187 15 0 187 10 0 Forward .... 188 17 6 188 2 6 Silver— ' Standard, per oz 19d 19 l-16d ) Fine 20Jd 20 9-16 d DOLLAR KATES. ! The Associated Banks (other than s 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. Canadian i Dollars. Dollars ; (Per £1 (Per £1 N.Z.) N.Z.) Selling— 1 TT 3.97 3-16 4.015-16 .On demand ... 3.97 9-16 4.01 11-16 : 1 Buying— On demand ... 4.01 J 4.05| ' [ GOLD DREDGING RETURNS.' ] ' (By Telegraph—Press Association.) 1 I DUNEDIN, June 27. The Okarito wash-up was 320z for 105 hours. | The Clutha River wash-up was 2300z : ' for 126 hours. ; AUCKLAND, June 27. i The Mataki dredge return for the week ended June 26 was 320z for 133 t i hours' work and 9700 cubic yards. I GREYMOUTH, June 27. The Maori Gully dredge has not i washed up as a reef in the creek bod i has impeded operations, entailing a t good deal of blasting. The company reports that the trouble is likely to 3 recur and may prevent the remainder / of the area being worked. In any c event, the area will be worked out at f the end of August. A wash-up is ex- C pected this week. j SILVER MARKET. < i (British Official Wireless.) (Received June 28, 12.40 p.m.) RUGBY, June 27. Price of Silver.—Spot, 19 l-16d per oz: forward, 18 7-Bd. v j: BRITISH WAR LOAN. I (British Official Wireless.) (Received June 28, 12.40 p.m.) RUGBY, June 27. The British War Loan, 3J per cent., r is quoted at £101 15s. It DREDGING SHARES IN LONDON. (By Telegraph—Press Assn.—Copyright.) g 1 (Received June 28, 12.40 p.m.) n LONDON, June 27. ti Share Quotations.—Clutha River, s buyers lOJd, sellers Is ljd; Molyneux £ River, buyers Is, sellers Is 3d. 1 NEW YORK PRICE OF TIN. g (By Telegraph—Press Assn.—Copyright.) H (Received June 28, 11.30 a.m.) NEW YORK, June 27. 5! Tin is quoted at 42.60 cents a lb. BRADFORD TOPS. * I/. (By Telegraph—Press Assn. —Copyright.) (Received June 28, 11.30 ajn.) a LONDON, June 27. S The Bradford tops market is steady ir and there is more inquiry for yarns. S NEW GUINEA GOLD. a< (By Telegraph—Press Assn.—Copyright.) w (Received June 28, 11.30 a.m.) T LONDON, June 27. 01 New Guinea Gold Mining shares sold ti at Is. ei tv WHEAT FUTURES. c f si in (By Telegraph—Press Assn.—Copyright.) ci (Received June 28, 11.45 a.m.) B LONDON, June 27. M Wheat cargoes have advanced and parcels are firmer. Futures:—London, August, 36s 3Jd a quarter; November, 30s Bid; Liverpool, i July, 6s 6 7-8 d a cental; October, 5s 11 7-8 d; December, 5s 10 7-Bd. Chicago:—July, 77 cents a bushel; September, 78 cents; December, 79 7-8 c i, cents. _ foi WAIRARAPA STOCK SALES. n!( The New Zealand Loan and Mercan- " tile Agency Co., Ltd., held a clearing sale of dairy stock on behalf of Mr. ' S. Goss at Nireaha last week. The cows met with sound competition. !?• Owing to the fact that the bulk of the herd were due in August prices were cal affected, but top cows made £10 10s, and the majority sold at from £7 15s , to £9 15s. October and September at] calvers and cows due as late as Nov- i ember 25 made £6 5s to £9. I The New Zealand Loan and Mercan- 1 tile Agency recently held a successful p '" sale of dairy stock on account of Mr. , E. A. Nutt, at Dyerville. Stock came pn forward in first-class condition, and this contributed largely towards the success of the sale. No calving dates the or individual returns were available, but good sorts with the appearance of calving early commanded up to £12 i 10s. ■ vie IRISH BUTTER FOR ENGLAND. Increased competition between New Sir Zealand and Irish butter on the English market is not anticipated as a result of the Anglo-Eire Agreement, by ' which "the tariff of 40 per cent, on cl , Irish butter entering the United King- n dom has been removed. Contrary to Air what might have been expected, the f production of creamery butter in the p.® Irish Free State increased steadily s, !j after 1932, when the tariff was imposed, rising from 611,000cwt in that year to 338.000cwt in 1936. An adverse season T :ause& a fall to 758,000cwt in 1937, F

TUESDAY, JUNE 28, 1938. Buyers. Sellers. £ e. d. £ e. d.

UNOFFICIAL LIST. Buyers. Sellers. £ s. d. £ s. d. National Tobacco — 2 4 0 Woohvorths Properties, Ltd. . . 013 6 013 9 F.A.M.E. Insurance (pref.) (10s pd.) .. — 0 17 6 BUSINESS TRANSACTED. Sales today:— No. of Shares. £ s. d. 50 McKenzies Department Stores 3 1 0 SO Broken Hill Propty. .. 219 6 Sales made after going to Press yesierday:— No. of Shares. £ S. d. : £960 3'A p.c. Govt. Stock, 1953-57 97 5 0 £960 3*/& p.c. Govt. Stock, 1941 97 5 0 175 National Mortgage A* 2 3 7'A ( 100 Silvorton Trams 1 15 0 100 N.Z. Breweries 2 1 9 50 Broken Hill Propty. .. 219 6 100 Dunlop-Perdriau 1 0 9 100 G. J. Coles (2 sales) .. 4 2 9 £ SO G. J. Coles 4 3 0 400 Woohvorths, Ltd. (ovd.) (3 sales) ....» 10 5% 200 Woohvorths (N.Z.), , Ltd 10 7 ( 100 Taranaki Oil 0 14 6 500 Mossy Creek 0 1 0 150 Mount LyeJl (2 sales) .. 17 6 OVERSEAS LISTINGS. 1 Sale late yesterday:— 0 To. of J shares. £ s. d. 7 250 Woohvorths Holdings . 015 7 c *Cum div. fEx div. C DIVIDENDS DUE. ■orth Broken Hill—Cd per share .... June 28 roldsbrongh, Jlort—final, 5 per cent. per annum j une 20 ■"lesple's Beach Dredge—ld per share June 30 t rltlsh Tnbacco-quartorly. 2 per cent. June 30 s . C. Williamson, Ltd.—half-yearly, c pref., at 6 per cent, per annum June 30 p 'orris, Hedstrom—3 per cent., making J: G per cent, per annum, plus bonus C 2% per cent June 30 h armers Trading—ord.. 7 per cent. June 30 a :ts .Majesty's Arcade, Auckland— a Interims, 2 3-5 per cent. pref. and ? 3 per ccnt. ord July 1 1 :el!uirne and Karori Tramway— c Interim at 5 per cent. ord. and C pref July l .'clliiigton Trust, Loan, and Invest- ti ment—interim, 2'/ 2 per ccnt July 1 ash Orders (Amalgamated)—quarter- S ly pref. at 10 per ccnt per annum July 1 f ational Mortgage of N.Z.—interim at I' 5 per cent, per annum July 1 tl Inc Corporation, Ltd.—final, partlci- S' pating for 1937, ordinary and pre- n ference <ls (id sterling; preference i. for first, half of 1935, 2s sterling per share July 1 c ig River —Id per share July 4 1' oyes Bros. (Melbourne), Ltd.— final, 6V4 per cent, and bonus 1% per cent., making 14 per cont. per nmium July 5 oivnrd Smith—quarterly pref. at G per cent, per annum July 7 'oolivorths (N.Z.)—lnterim 5 per cent. July 7 Z omlnlnn Breweries—final at 10 per Ji cent, per annum July 7 .-i ationn! Bank of N.Z.—final, at 5 per cent. per annum, less English Income tax July 9 1' omnta Reefs—3d per share July 12 d ume Steel—half-yearly, 7% per cent. vi cum pref July 14 p . J. Coles—half-yearly pref., at 8 per jj cent, per annum July 15 , 'oolworths (N.Z.), ord—s per cent. July 15 ount Morgan—3d per share July 20 .Z. Farmers' Fertiliser—6 per cent. "• per annum .. 4u*. 1! c;

Thousands of visitors to the Empire Exhibition at Glasgow who have inspected the New Zealand Pavilion have taken away with them samples of butter and cheese, reports the London correspondent of "The Post." From May 3, when the exhibition was opened, until June 4, no fewer than 50,529 sales were made. Of these 17.625 were for quarter and half lb pats of butter, and 32,904 for 3oz samples of cheese. The sum of £600 was realised. Altogether, 49071b of butter was distributed and 61711b of cheese. During the exhibition the New Zealand Dairy Sales Division is also canvassing the retail shops in Glasgow with excellent results. Instead of the demand for New Zealand butter giving way to the seasonal supply of Irish butter, the sale of the Dominion product has extended well past its normal season. FOREIGN EXCHANGES 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. £ 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 £N.Z. 100. ... T.T. & O.D. 101 0 0 100 10 0 Fiji—£F. to £N.Z. 100. T.T. & O.D. 90 7 6 89 0 0 New York—Dollars to £ N.Z. 1. T.T. 4.0039 3.9714 0.11. 4.0159 3.9754 Montreal—Dollars to £ N.Z. 1 T.T. 4.0451 4.0127 O.l>. 4.0571 4.0167 Belgium—Belgas to £ N.Z. 1 T.T. 23.675 23.305 O.D. 23.750 23.37G Czechoslovakia —Korunas to £N.Z. 1. ... T.T. — 113.77 O.D. — 113.82 Denmark —Kroner to £ N.Z. 1 T.T. 18.203 17.893 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 £ N.Z. 1 T.T. — 141.16 O.D. — 141.20 Germany—Relchsmarks to £N.Z. 1 T.T. — 9.810 O.D. — 9.815 Greece—Drachmae to £ N.Z. 1 T.T. — 429.54 O.D. — 429.84 Holland —Florins to £ N.Z. 1 T.T. 7.297 7.147 O.D. 7.337 7.151 Italy—Lire to £N.Z. 1. T.T. — 75.50 O.D. — 75.55 Java —Florins to £N.Z. 1 T.T. 7.275 7.125 O.D. 7.315 7.129 Norway—Kroner to £ N.Z. 1 T.T. 16.182 15,892 O.D. 16.242 15.898 Noumea—Frances to £ XZ. 1 T.T. — 139.91 O.D. — 139.95 Tapeete—Francs to £ N-Z. 1 T.T. — 139.96 „ , O.D. — 140.00 Sweden—Kronor to £ N.Z. 1 T.T. 15.785 15.490 O.D. 15.845 15.496 Switzerland—Francs fo £N.Z. 1 T.T. 17.540 17.270 , O.D. 17.645 17.275 Chpfoo— pence to 1 dollar ...... T.T. —• 12*4 °D. — 12 15-16 Hong hong—N.Z. penco 1 dollar T.T. 18 29-64 18 53-64 B _ , 0D - 18 27-64 18 53-64 Inola & Ceylon—N.Z. pence to 1 rupee . T.T. 21 31-32 22U O.D. 21 15-16 22% Japan—N.Z. pence to 1 J' e " T.T. — ' 17 33-64 ~ „ vr , °- D - — 17,33-64 Manila—N.Z. pence to 1 Peso T.T. 29 21-32 30 5-32 ol> - 29 0-16 30 5-32 Shanghai—N.Z. pence to 1 dollar T.T. n g.g Singapore—N.Z. pence to 115-8 1 dollar T.T. 34 3-8 34 55-64 O.D. 34 9-32 34 55-64 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 Os Id in Australia, 16s 4d in U.S.A 16s 53d in Canada, £1 2s 83d in France, 16s 4Jd in Italy, 9s 7Jd in Germany, lis 9|d in Java, £1 8s Oid in Japan. EGG PRICES UNCHANGED. No change has been made for this week by the Wellington Egg Marketing Committee in the current wholesale prices, which are expected to remain unaltered until next week. PRODUCE IN LONDON. The Department of Agriculture has received the following cablegram from the High Commissioner for New Zealand, dated June 24, 1938:— Tallow.—No demand at auction; 532 casks offered, none sold. Prices nominal in absence of business. Present spot quotations are:—-Mutton, fine, 235; mutton; fair to good, 17s 6d, 21s; mutton, dark to dull, 16s 6d, 17s; beef, sweet and/or mixed 19s, 21s 6d; beef, fair to good, 16s, 18s; beef, dark to dull, 15s 6d, 16s; mixed, fair to good, 16s, 18s; mixed, dark to dull, 15s 6d, 16s; i gut, etc. 15s, 16s. 1 Hemp.—Manila: Market very firm } jwing to news of signing National Hemp Corporation Bill in Philipipnes. s 'K" grade July/September shipment n iold £20 ss. Output January 1 to June J !0, 502,000 bales, against 714,000 same d period last year. Stocks in United Kingdom, May 31, 13,889 bales, against >737 same time last year. Stocks in Manila, June 20, 193,000 bales against d 165,000 bales. > Sisal hemp.—More active. June/ t August shipment sold £16 15s, July/ } September shipment £16 17s 6d. Clos- i ng value £17. J New Zealand.—Nothing to report, Stocks in London June 1, 115 tons, d igainst 109 same time last year. c Fruit.—Port Sydney discharged Hook '' >f Holland. Market tendency down- ! vard owing to competition soft fruit. a fhe following are the market values d if sound-conditioned fruit of the varie- ci ies mentioned, the range of prices genially representing the difference be- £ ween the several grades and/or ,i :ounts. Variable-conditioned fruit of s imilar varieties proportionately less 1* n value. Dougherty, 10s, 12s; Deli- d •ious, 9s 6d, lis 6d; Rokewood, 10s, lis; {' 3allarat, 9s 6d, 10s 6d; Statesman, 9s, 0s 6d; Dunn's Favourite, 8s 6d, 10s id; Granny Smith apples, 10s 6d, 13s s id. s ji RAILWAY AND AIR SERVICES | « A The arrival and departure times of the prlaIpal trains at Wellington Station are as Jllows:— DEPARTURES. To Auckland.—3 p.m. and 7.15 p.m. (no A Ight train on Saturdays or afternoon train on L' undays). To Naplor.—9.4o a.m. f c To New Plymouth.—lo.ls a.m. i, To Woodville.—7.so a.m., 3.30 p.m. (raH-car). To Palmerston North.—B.3o (a.m., 9.40 a.m., a ).I5 a.m.. 3.0 p.m., 5.47 n.m., 7.15 p.m. te Limited Express not Saturday). To Masterton.—7.so a.m., 3.30 p.m. (rail- o] ir). 0.4 p.m. (rail-car) . ARRIVALS. (I From Auckland.—7 a.m. (not Mondays), 9.30 m. (not Sundays). cc From Napier.—4 p.m. nE From New Plymouth.—s.ss p.m. From Woodville.—l2.l4 p.m. (rail-ear), 5.44 m. .11 From Palmerston North.—lo.49 a.m., 7.8 p.m. From Masterton.—lo.lo a.m. (rail-car), 12.14 1? m. (rail-car), 5.44 p.m. 1" AIR SERVICES. Al Arrival and departure times of airliners at Co e Rongotal Airport are as follows:— DEPARTURES. P ' To Auckland.—Noon. (Union Airways ser- n l ' ce.) To Ne150n.—7.45 a.m., 11.35 a.m., 12.15 p.m., 30 p.m., Monday to Saturday. (Cook Strait * v invays service.) , To Blenheim.—B.3o a.m., 10.45 a.m., 11.35 "J m., 2.15 p.m., Monday to Saturday. (Cook rait Airways service.) Lc ARRIVALS. At From Auckland.—ll a.m. (Union Airways ' ol rvice.) Lc From Nelson.—S.ls a.m., 11.20 a.m., 2 p.m., 15 p.m., Monday to Saturday. (Cook Strait lln rways service.) nn From Blenheim.—o.3s a.m., 11.20 a.m., 12.5 m., 3.20 p.m., Monday to Saturday. (Cook rait Airways service.) rel . To Nelson.—l2.ls p.m. • SUNDAYS. fat Ly To Auckland.—Noon. pe From Auckland.—ll ».%. Co

Highest Yield price, p.c., p.a. £ s. d. £ B. d. Wellington. Inscr. Stock, 3% p.c., 1938-52 a. 101 5 0 3 9 0 Inscr. Stock, 4 p.c., . 15/2/43-46 a. 102 12 6 3 15 0 Inscr. Stock, 3%. p.c., 3/1939-43 a. 100 7 6 3 10 1 Inscr. Stock, 3% p.c., 1953-57 a. 97 5 0 — Inscr. Stock, 4 p.c., 15/4/4649 a. 102 10 0 3 15 0 National Mortgage, A 2 3 7% 6 17 6 N.Z. Breweries 219 415 Kauri Timber 1 1 4% 7 0 4 Broken Hill Pty 2 19 11 4 3 5 G. J. Coles 4 2 9 4 10 7 Taranaki Oil (til 0 14 6 — Woolworths, Ltd. .*... 1 0 6 3 13 2 Mossy Creek Gold ... 0 10 — Mount Lyell 1 7 6 — Woolworths Holdings. 0 15 7 3 4 2 Selfridges (A/asia.) .. 0 17 0 — Auckland. Govt. Bonds, 4 p.c., 15/2/43-46 a. 103 0 0 3 14 0 Inscr. Stock, 3% p.c., 15/3/39-43 a. 100 5 0 3 10 2 Bank of N.S.W 31 6 0 3 16 8 Bank of N.Z 2 3 2 4 12 7 Union Bank u. 8 5 9 4 4 5 P. and O. Deferred .. 1 6 3 3 0 11 Kauri Timber 116 6 19 6 Dominion Breweries . 1 16 0 5 11 1 N.Z. Breweries 2 '1 6 4 1 11 Broken Hill Pty 2 19 3 4 4 4 Colonial Sugar 46 10 0 3 4 6 Electro. Zinc (ord.) .. 2 10 8 10 8 Taranaki Oil 0 14 7 — Woolworths, Ltd 1 0 5 3 13 5 ' Broken Hill South ... 1126 — Mount Lyell 1 7 9 — Mount Morgan 0 9 10 — North Broken Hill ... 2 5 3 — Christchurch, Bank of N.Z 2 3 3 4 12 5 N.Z. Breweries 2 1 6 4 111 British Tobacco 268 458 Broken Hill Pty 2 19 6 4 4 0 Dunlop-Pcrdriau 1 0 9 6 14 11 Electro. Zinc (ord.) .. 2 0 9 8 11 0 Electro. Zinc (pref.) ,. 2 6 6 7 10 6 Gr. J. Coles 4 3 6 4 9 9 Taranaki Oil 0 14 6 Wilcox Mofflin 0 6 4 — Woolworths, Ltd 1 0 5 3 13 5 Mossy Creek 0 10 — Broken Hill South ... 1 13 0 — Mount Lyell 18 2 — North Broken Hill .2 7 0 Mount Morgan 0 9 9 Woolworths (W.A.) .. 4 8 0 — Dunedin. Inscr. Stock, 3'/£ p.c., 1938-52 a. 101 5 0 3 9 0 Bank of N.Z 2 3 3 4 12 5 Broken Hill Pty 2 19 10 4 3 0 Gillespie's Beach 0 0 10 — Mount Morgan 0 9 10 — Nokomai Gold 0 1 6 — I.—Market price includes accrued interest but not brokerage. n.—In Australian currency. JAVA EXCHANGE. (By Telegraph—Press Assn.—Copyright.) (Received June 28, 10 a.m.) BATAVIA, June 27. Sterling exchange, 8.94 guilders to £1. The rate on June 25 was 8.93J. NEMONA DREDGE. There was no wash-up at the Nemona dredge last week, owing to repairs being required, whilst it was also necessary to shift a transformer. The dredge will resume tomorrow night and will wash-up as usual next Friday. STOCKS AND SHARES. TTLTAN F. McCABE, Member of Wel- ** lington Stock Exchange, Stock nnd Share Broker, Bank of Australasia Chambers, 101 Customhouse Ouny, Wellington. Tel. 43-220. Telegrams ULTMA. Wgtn. & LONGUET, Stock and Shire •*-' Brokers, Members Wellington Stock ; Exchange, Manchester Unity Building, I corner Grey Street and Lamb ton .Quay. Telephone 43-112. Telegram* "Stockshare."

METAL SHARES ADVANCE ON AUSTRALIAN MARKETS (By Telegraph—Press Assn.—Copyright.) SYDNEY, June 27. All base metal shares continued to advance on the Sydney Stock Exchange today. There was also a brighter tone among industrials. Sales included:— _ £ S. d. 3 t Comm. Bank of Sydney ... 20 12 0 n Nat. Bank of Aust. (£5) .. 6 10 0 ; s. Colonial Sugar 46 17 6 ;r United Insurance 9 17 Jj ;o Huddart Parker 2 6 0 t, Burns, Philp 2 11 o is Australian Gas (A) 7 9 ° British Tobacco (N.Z. delivery) 2 7 9 Tooth & Co 2 14 6 i. Carlton Brewery 3 4 a i. Australian Glass 4 11 J ® Dunlop-Perdriau 11 ' K General Industries 0 18 3 Kandos Cement 1 jj h Mort's Dock 0 10 9 4 Standard Cement 0 19 « h W. Atkins 12 0 s W. Adams ? 1° 2 £ Sargents 1 ? jj 3 Woolworths Ltd (2nd pref.) 18 0 " Winchcombe, Carson 1 7 b ? Mount Morgan 0 9 7 Mount Lyell 1 8 0 1 Broken Hill Proprietary .. 3 0 3 e North Broken Hill 2 8 .0 a Zinc Corporation 4 12 0 Rawang Tin 0 8 10 Larut Tin 0 13 1 Emperor Gold 0 12 9

£ s. d. s Nat. Bank of Aust. (£5) .. 6 11 0 " British Tobacco 2 7 6 5 G. J. Coles 4 4 0 > Australian Glass 4 12 0 Dunlop-Perdriau 1 1 0 j Goldsbrough Mort 1 9 3 ; Henry Jones Co-op 2 7 0 ; ; Australian Paper ManufacI turers (pref.) 1 4 6 : Felt & Textiles 1 10 9 . "Herald & Times" 3 1 0 Jason Investment Trust .... 069 Electrolytic Zinc 2 2 3 , Electrolytic Zinc (pref.) .. 2 7 9- ' Mount Morgan 0 10 0 , , Mount Lyell 1 8 0 Broken Hill Proprietary 3 0 0; Broken Hill Proprietary (new isue) 1 16 0 i North Broken Hill 2 8 3 Broken Hill South 1 13 10 ; Emperor Gold 0 12 7 -

N.Z. Government Loans— 3M p.c. Inscr. Stock, 15/3/1930-43 100 5 0 100 7 6 3% p.c. Inscr, StocTi, 15/3/1941-43 100 2 6 — 3% p.c. Inscr. Stock, 15/9/1941-43 100 2 6 — 4 p.c. Inscr. Stock, 15/2/1943-46 — 102 15 0 4 p.c. Inscr. Stock, 15/4/1940-49 — 102 12 6 4 p.c. Inscr. Stock, 15/6/1952-55 — 102 10 0 4 p.c. Bonds, .15/4/ | 1946-49 102 0 0 — 1 Local Bodies Debentures— Wellington C'ity and Suburban Highways Board,. iVi p.c., 1/3/ „ . jf)43 — lUo o u Eastbourne Borough Council, iVi p.c., n 15/12/1951 — 192 0 0 Other Debentures— Amalg. Brick, Auckland 97 0 0 BanksAustralasia 9 13 0 0 14 6 Comm. of Aust. (ord.) 0 15 7 Eng., Scot., and Aust. 4 17 6 — Nat. of N.Z * - „ 2 17 0 Nat. of A'asia (£10).. 13 4 0 , New Zealand 230 Union of Aust — 8 9 0 FinancialEquitable Bldg. Co.... 0 13 3 — Goldsbrough, Mort & Co * 18 9 19 6 Nat Mortgage A ..* 2 2 6 — Newton King (pref.) . 0 8 6 ~ N.Z. Guarantee Corp. — 0 4 0 GasWellington —' 1 1G 0 InsuranceNational of N.Z. .... 0 17 4 ' Meat Preserving— Gear Meat 0 15 9 Transport— 1 Huddart Parker (ord.) 2 5 3 ~ Huddart Parker (pref.) — 1 «J « Union Steam (pref.) . — 10 0 WoollenBond's Hosiery Mills. 0 14 9 ~ TZ n Kaiapoi (pref.) — ? H S Manawatu i o Tiinaru — 2 i Wellington (ord.) .... — » 4 6 Bruce (pref.) ~ Timber— Rotoiti 0 2 9 <J * ° Rotoiti (pref.) — 0 17 o Breweries— N.Z. Breweries 216 ~ - Tooth and Co — 2 14 9 Miscellaneous— Aust. Glass - o 4 11 3 Brit. Tobacco (Aust.) 2 6 8 2 7 1 Broken Hill Pty. . „ rrm f \ — 1 16 0 Broken Hill'Pty. .. 2 19 3 2 19 9 Burns, Pliilp, & Co.... — 2 11 Colonial Sugar 46 5 0 46 12 C'onsolid. Brick and Pipe * 088 Denhard (pref.) 110 — Dental and Medical Supply ~ I™* Electro. Zinc (ord.) — 2 " Electro. Zinc (8 p.c. Part Pref.) — „ 27 0 •Felt & Textiles 1 10 3 — General Industries .. 0 18 0 0 18 4 G. J. Coles 4 3 0 4 3 3 Henry .Jones Co-op. . — ; " J MacDuffs (pref.) ... — 1 J® 3 Milburn Lime — „ 1 ,V Moturoa Oil _. — 0 5 H N.Z. Farmers' Fertiliser * - 10 0 Sharland and Co, (ord.) 0 15 9 — Sharland and Co. (pref.) 0 15 9 — Taranaki Oil 0 14 4 0 14 6 Wilson's (N.Z.) Cement . ( 0 16 0 — Woohvorths, Ltd. (ord.) 10 3 10 6 Woohvorths (N.Z.) (ord.) * 10 4 10 8 Mining— Argo (contrib.) — 0 14 — Big River * 0 1 0 — Gillespie's Beach ... * 0 0 8 0 1 0 Grey River 0 12 3 — Martha — 0 11 3 Nemona 0 1 4 — AustralianBroken Hill South ... — 1 13 9 Mount Lyell 174 17 7 Mount Morgan * 0 9 7 0 9 11 North Broken Hill ,f 2 5 9 2 6 3 Wellington Alluviala . — 0 5 11 Overseas Listings— Woohvorth Holdings (South Africa) ... — 0 15 8