Commerce, Mining, & Finance

Evening Star, Issue 21433, 9 June 1933, Page 5

Commerce, Mining, & Finance

THE STOCK EXCHANGE

SALES THIS WEEK

Sales on ’Change.—Monday: Freshford, Is (two sales). 'Tuesday: Okarito, 11s 2d, 11s Id (two sales); Freshford, lid. Wednesday: N.Z. Refrigerating (cont.), 5s 5d (four sales); N.Z. Drug, £3 4s Bd; Waitahu, 7s sd. Thursday: N.Z. Refrigerating (cent.), 5s 6d; Smith and Smith,' 10s 6d; Waitahu, 7s 8d; Freshford, Hi. This morning: Mount Lyell, £1 2s 9d; Gillespie’s Beach, Is Waitahu, 7s 8d (two sales). Sales Reported.—Monday: N.Z. Refrigerating (cont.), 5s 6d, 5s sd; Gillespie’s Beach, Is 6d; Okarito, 11s 2d. Tuesday: Bank of Now Zealand, £2 6s 6d; Okarito, 11s 2d; Waitahu, 7s (five sales); Nokomai, 4s. Wednesday: Commercial Bank, 15s 9d ; Paddy’s Point, 5s 6d; Waitahu, 7s sd. Thursday; Union Bank, £8 6s; New Zealand Breweries, £1 12s; Electrolytic Zinc (pref.), £1 11s 6d; Okarito, 11s Id; Paddy’s Point, 6s 6d (two sales); Waitahu, 7s 8d (two sales); 7s lOd (two sales); Freshford, lid; Lawson’s Flat, Is 6jd. This morning: New Zealand Refrigerating (cont.), 5s 6d (two sales); New Zealand Paper Mills, £1 7s. . Unlisted Stocks.—Tuesday: Bell-Hooper Gold, Is Id (two sales). Wednesday: Bell-Hooper Gold, Is Id.

COMPARATIVE FIGURES

AUSTRALIAN STOCK EXCHANGES

Press Association—By ■Telegraph—Copyright. SYDNEY, June 8. On the Stock Exchange most investments outside Commonwealth Bonds were strong and active, and the market continues buoyant. Sales.—Bank of New South Wales, £3l 17s 6d; Commercial Bank of Sydney, £l7; Union Bank, £8 10s; Australian Gas, £7 ss; Associated News, Its 3d ; Associated Nows (pref.), IDs 4)d ; Australian Glass. 50s 3d; British Tobacco, 365; Dunlop Perdrian, 18s l)d; Goldsbrough, Mort, 26s Gd; Howard Smith. 10s Gd; Henry Jones, 39s Gd; Electrolytic Zinc, 20s 3d ; Wilcox, Mofflin, 8s; Morris Hedstrom, ]7s fid; Standard Cement, 14s; Broken Hill Proprietary, 34s 7)d; South Broken Hill, 555; 4 per cent. Commonwealth Bonds, 1938, £lO3 16s 3d; 1941, £lO2 17s Gd: 1944, £lO2 17s fid; 1950, £lO3 ss: 1955, £lO3 17s Gd; 1957, £lO2 12s Gd; 1959, £lO2 2s Gd; 1961, £lO3 12s Gd. MELBOURNE, June 8. Sales.—Bank of New South Wales, £32 7s Gd ; National Bank (£5 paid), £6 Ss; E.S. and A. Bank, £5 Is; GolcTshrough, Mort, 26s Gd; Australian Glass, 50s 3d; Adelaide Steam, 22s sd ; Australian Iron and Steel (pref.), 14s; British Tobacco, 3Cs; ‘Herald and Weekly Times, 1 57s 3d; Dunlop Perdrian, 18s 9d; Electrolytic Zinc. 20s Id: North Broken Hill, Sis Gd ; South Broken Hill, 54s Bd.

LONDON STOCK EXCHANGE

Press Association—By Telegraph—Copyright.

AUSTRALIAN LOAN COUNCIL

Press Association—By Telegraph—Copyright. MELBOURNE, June 9. (Received June 9, at 10.5 a.m.) The proposal for -the suspension of sinking fund payments for one year was rejected by the Loan Council. The aggregate deficits for 1933-34 amount to £9,000,000. [At a previous meeting of the Loan Council the Premier of Victoria (Sir Stanley Argyle) submitted a proposal that 50 per cent, of tbo sulking fund payments (amounting to £7,000,000) should bo waived for one year.]

s INTERMEDIATE CREDITS

WELL ORGANISED

A MILLION LENT [Per United Press Association.] WIIANGAREI, Juno 8. TJio fourth and final conference of the Rural luterediato Credit Association was hold to-day. Mr J. N. Massey. M.P.. who presided, said that the hoard had advanced to farmers, either direct or through the medium of associations, one million sterling, with undoubted benefit to the farmers concerned, The board felt that it would bo unwise to extend to five years the maximum term of the loans, but in the meantime had arranged that any balance due on a loan at the end of the term shall not be arbitrarily called up, but shall run on as overdue with suitable periodical reductions if the security is inadequate and the conduct of the borrower has been satisfactory. The Acting Prime Minister (Mr Coates), in a telegram of welcome, congratulated the board on its good work.

NEW ZEALAND MANUFACTURERS [.SPECIAL TO THE ' STAR.’] WELLINGTON, June 9. The investigation of New Zealand's Customs tariff by a Royal Commission openetl without ceremony in one of the Parliamentary Committee rooms, the commission settling clown quietly to what is expected to bo a long task. The opening witness was Mr Mandor, general secretary of the New Zealand Manufacturers’ Association, who presented a very long statement. Before ho commenced a member of the commission, Professor Murphy, remarked that lie would not like to interrupt the witness later on, so he would bo glad to know at that early stage if he could claim to speak with authority for the interests he represented. ‘‘ What proportion of the manufacturers are included in your organisation?” asked the professor. Mr Marnier replied-that the organisation was a federation of bodies in the four centres of the dominion, and included at least 95 per cent, of the manu- ' factnrers in New Zealand.

DIVIDENDS DUE.

BRADFORD MARKET

A FI KM TONE, Press Assoeialion —l!y Telegraph—Copyright. ■ LONDON. June S. (Received dune !). at 11 a.m.) The Bradford market is very firm, with a hardening tendency. Quotations: Seventies, 27d; sixty-fours. ‘26d; sixties, 24J<1; fifty-sixes, 19jd; fifties, ].3.}d; forty-sixes, 10d ; forties, fid.

BUTTER AND CHEESE

Press Association—By Telegraph—Copyright. LONDON, Juno 8. .(Received June 9, at 11 a.m.) Butter is firm. Danish, 92s to 945. Choicest salted Now Zealand, 82s to 83s; Australian, 80s to 82s. Unsalted, Is to 2s premium. Cheese is steady. New Zealand, white 49s ; coloured 54s Gd; Australian, 47s and 51s Gd. Messrs Dalgety and Company Ltd. have received the following cable from London, dated June B;—The butter and cheese markets are firm. Quotations: Danish butter, 92s to 945; New Zealand finest butter, 80s to 82s; Australian finest unsalted butter, 80s to 82s;, Australian finest salted butter, -78 s to 80s; Australian G.A.Q. butter, 74s to 765. • Australian, cheese—white not quoted, coloured not quoted; Now Zealand cheese—white 48s to 495, coloured 545; Canadian cheese—white G6s to 68s, coloured 60s to 725, c.i.f. 54s to 565. j A. S. Paterson and Co. Ltd. have i received the following cable from Lon- ' don :—Butter; Market strong, upward ( tendency, assisted by hot weather; decreasing Danish output, 725; New Zealand, 82s; Australian, 81s, S2s, very scarce. Cheese: Similar; white, 495; coloured, 545.

DAIRY GRADING FIGURES

[Per United Press Association.] WELLINGTON, June 9. . The grading figures of the Dairy Division of the Department of Agriculture for the ten months ended May 31 show an increase for butter of 22.33 per cent, at 123,660 tons (101,088), ami for cheese an increase of 14.80 per cent, at 97,833 tons (85,227), compared with the corresponding period of last year. Reduced to terms of butter-fat equivalent, there is to date an increase of 20.218 per cent, oyer last year.

WHEAT, FLOUR, ETC.

Press Association—By Telegraph—Copyright.

LONDON, Juno 8. (Received June 9, at 11.30 a.m.)

Wheat cargoes arc/dull. Parcels are .‘3d down. Futures:—London: June, 21s .‘id ; September, 21s 8d; December, 22s sd. Liverpool; July,,ss and 5s 8d; October, 5s 2:ld; December, 5s 4Jd, The spot trade is quiet. Australian (ex ship), 26s Del. and 275. Flour: Steady. Australian (ex store), 20s and 20s 6d.

Oats: Dull. Australian Algerian, 15s and 15s 6d; A Gartens, 18s and 19s. Peas: Blue, neglected; Tasmanian, JlOs and 3605; maples, steady; new crop Tasmanian, 53s and 555; New Zealand, 50s and 525; New Zealand beans, 28s and 295.

AUSTRALIAN MARKETS

Press Association—By Telegraph—Copyright

SYDNEY, .June S

The wheat market is lifeless. Ample supplies in bulk are on offer at 3s 3d and bagged at 3s 2£d. Country trading is of small proportions. Growers are marking time and are not prepared to do business at the present rates. Flour, £lO 5s per ton. Bran and pollard, £5 per ton. Potatoes; Tasmanian, £6 10s to £7 per ton ; Victorian, £6. Onions: Victorian Brown Spanish, £6 per ton ; Globes. £5. Oaten hay. £7 10s per ton. .Maize; Yellow and white, Is 3d per bushel.

ADELAIDE. .Inns 8. Wheat: Growers’ lots,'2s 10$d to 2s lid per hushel. Flour: Bakers’ lots, £8 15s per ton. Bran and pollard, £5 2s Cd per ton. Oats, Is 9d per bushel. MELBOURNE, dune 9. (Received Juno 9, at 10.10 a.m.) Wheat: Easier, 3s lid. Flour'', £8 7s 6d. Bran and pollard, £4 15s. Oats, 2s 3d. Barley: English, 2s sd, 2s 6d. Maize, ss. Onions: Steady. Brown Spanish, £3 15s; Globes, £2 15s.

BEET SUGAR

Press Association—By Telegraph—Copyright.

LONDON, Juno 8, (Received June 9, at noon.) Beet sugar: July, Gs 21d.

PRICE OF GOLD

Press Association—l'y Telegraph—Copyright

LONDON, June 8. (Received June 9, at 10 a.in.) Fine gold is quoted at £6 2s 2Jd per ounce.

FOREIGN EXCHANGES

Press Association—By Telegraph—Copyright ' LONDON, Juno 8. (Received June 9, at 11 a.m.) Paris, franc to £1 ' 85| Brussels, helgas to £1 ... - 24.19) Oslo, kroner to £1 19.80 Stockholm, kroner to £1 19.40' Copenhagen, kroner to £1 22,42) Geneva, franc to £1 ... 17.42) Berlin, reichmarken to £1 14.55) Montreal, dollar to £1 '.. 4.54 New York, dollar to £1 4.11-J Amsterdam, florin to £1 8.38 Milan, lire to £1 ... 64 13-16 Prague, kroner to £1 113) '“Vienna, schilling to £1 ... A 0) Helsingfors, marks to £1 226) Belgrade, dinars to £1 250 Warsaw, zlotys to £1 ... ... ... 30.18 Madrid, peseta to £1 39 7-16 Athens, drachmae to £1 590 Lisbon, escudo to £1 110, Bucharest, lei to £1 ... ... 572) ‘■Rio de Janeiro, pence to railreis Buenos Aires, pence to dollar ... 41f “Montevideo, ponce to dollar ... 34 Shanghai, pence to tael ... ... ... 15 3-16 Yokohama, pence to yen 14 31-32 Hongkong, pence to dollar ... 16 13-16 Bombay, pence to rupee ... ... 18 5-64 Batavia, ' florin to £1 ... 8.45 • “Nominal..

METAL MARKET

Press Association —By Telegraph—Copyright. LONDON, June 7. The following are the official quotations :—- Copper.—Standard, £37 11s 10|d; forward, £ 1 37 16s 10)d per ton. Electrolytic.—Spot, £43 per ton. , Lead.—Spot, £l3 7s Gd; forward, £l3 13s 9d per ton. Spelter.—Spot, £l6 11s 3d; forward, £l6 11s 3d per ton. Tin.—Spot, £215 12s Gd; forward, £215 12s 6d per ton., . Silver.—Standard, 19 3-16 d; fine, 20 11-16 d per oz. \ The following were the quotations at this time last year:—Copper: Standard, £26 Is 3d per ton; forward, ’£26 Is 3d. Electrolytic: Spot, £3O 10s; forward, £3l. Lead: Spot, £lO Is 3d; forward, £lO Gs 3d. Spelter; Spot, £ll 16s 3d; forward, £l2 2s 6d. Tin: Spot, £ll9 7s 6d; forward, £l2l 17s 6d. Silver: Standard, 16 3-16 d per oz; fine, ISJd.

A STERLING AREA

PROFESSOR GASSEL'S IDEA Monetary reconstruction schemes of various countries are dealt with by Professor Gustav Cassel in the report for April. 1933, of the Swedish Statistical Department. Professor Cassel, who makes passing reference to the exchange position in New Zealand, says that instead of concentrating efforts on the judicims regulation of the internal purchasing power of the currency, attention often has been focussed on the foreign quotations of the currency. “ This tendency,” ho continues, “ has been accompanied by a very ill-advised desire to lower these quotations in order to gain commercial advantages. In F.nglund it was supposed that the pound sterling on the restoration of the gold standard in 1925 was quoted at rates of exchange higher than those which corresponded to the internal purchasing power of the currency, and that this had an adverse effect on the balance of trade. France, on the other hand, when in 1928 she reverted to a gold standard at a new parity, fixeijl that parity so,low that her exports were favoured, at any rate for a time, whilst her imports were handicapped. This experience has evidently been taken as a basis for well nigh universal endeavours to keep down the international value of the currencies.

Since England in September, 1931, was Forced to abandon the gold standard, British monetary policy has deliberately aimed at a low international valuation of the pound. The Exchange Equalisation Fund, which was created in the spring of 1932, has, in fact, been directly utilised in order to prevent such a rise in the dollar rate of exchange for the pound as might be considered detrimental to the British balance of trade. Similar endeavours have subsequently been made in other countries. When Australia, after great difficulties, had managed to stabilise the exchange value of the Australian pound in London at £1.25 to £l, New Zealand considered herself handicapped and resolved to raise her London rate of exchange to the same level.” It was not long before another competitor, Denmark, followed this example. Such competition in exchange values is described as quite incompatible witli equilibrium in the international monetary system. It is considered by the professor that a matter of paramount interest at present is first to get the purchasing power of money reduced, and thus raise the level of commodity prices. There is, however, lie points out, little prospect of a general agreement amongst countries to raise prices. If England would take the lead in the part of the world where the gold standard has been abandoned and raise prices, the policy would, he contends, immediately win wide adherence, and it would be quite possible to create the “sterling area” within which stable money could afterwards bo maintained.

THE SEARCH FOR GOLD

BROKEN HILL

AUSTRALIAN PRICE OF GOLD

BANK INTEREST RATES

TUNG OIL

NEW GUINEA SLUICING The Bulolo Gold Deposits Company, in which some New' Zealand capital is invested, has just shipped the first instalment of sluicing gear to Wau, in the Mandated Territory. By September it is expected that twenty tons of plant will be operating a mile and a-half from Wau, at the junction of Koranga Creek and Bulolo River. The gear will be capable of sluicing 100,000 cubic yards of material a month. The water discharge capacity of the nozzle is 14,000 gallons a minute. Half a mile of piping, mostly 32in and 18in, will be used.

When asked to comment on the. increase in metal prices, Mr C. J. Emery,' president of the Mining Managers’ Association of Broken Hill, said that, provided present prices continued, .or improved, and lead sales, continued as at present, he would anticipate increased employment in Broken Hill. ■

The price fixed by the Commonwealth Bank, for gold, including jewellery lodged at the Melbourne Mint, for the week ended May 26 was at the rate of approximately £6 18s 6d a . standard ounce (22 carats), equal'to, a premium of 77.87 per cent. Payment is made according to the assay value of the gold. The price was Id lower on the week. The price an- ounce fine was £7 11s Id, a fall of Id on the week. , The Commonwealth Bank’s price for sovereigns at head office, Sydney, remains at 355. ■ . ■ i .

REPLY TO AUSTRALIAN CRITICISM A statement made by Mr Hogan, a former Premier of Victoria,'in which be expressed the view that,. the , Ansitraliau banks in reducing the rural producers’ overdraft rate to 5-J' per cent, were still not quite making a reduction equivalent to those carried out under the Premiers’ Plan in Juno, 1931, was replied to by Mr W. A; Leitch, chairman of the associated banks in Victoria, who will be remembered as chief inspector in, New .Zealand for the Union Bank. Mr Hogan contended that, in keeping with. the previous margin between deposit rates and overdraft rates the overdraft figure should have been 5 per cent, long ago. “The banks,” Mr Leith said,.“have carried out faithfully everything they undertook to do under the agreement they came to with Mr Hogan in August, 1931. In addition to . that undertaking, although it was satisfactory to Mr Hogan, they made further concessions in interest rates. Mr Hogan seems to overlook the fact that the 5£ .per cent, overdraft rate is the m'aximum charge. How, far. the banks have gone below 5} per cent, neither Mr Hogan nor -anybody else except the banks and their customers who are concerned, is in a position to say. It is pure assumption to say that the banks have not made adequate sacrifices. . “Mr Hogan said that the banks now were paying 2 per cent, to 3 per cent, for money on fixed deposit. Some of our 4J per cent, deposits do not run out until the end of next month. Then we shall enter upon an era of 4-J- per cent, money. When that has gone on for some months we shall be down to 4 per cent., and so on. These apparently ■ are trifles which are overlooked by politicians. ” Mr Leitch mentioned that Federal and State taxation on net interest income paid by the banks was 5s 3d in the pound in Victoria, Western Australia, and Tasmania, about 6s 2d in South Australia, 7s 2d in Now South Wales, and 8s 8d in Queensland.

AMERICAN EXPERIENCE The Empire Marketing Board recently estimated that 400,000 acres planted with tung oil trees would satisfy the requirements of the Empire, and that the land for this could be found within the Empire. This is regarded as an underestimate, for in America, where the cultivation is being taken up seriously, the estimated needs for the United States alone is pue.at 300,000 acres. -The Manchester ‘Commercial’ says:—“American experience is both interesting and encouraging. While cultivation has bean carried on for some years in Florida and Louisiana, the greatest activity appears to bo in Mississippi, where, on the Gulf Coast, one plantation alone exceeds 10,000 acres, and is being extended. A lumber company in Louisiana has been planting its barren, unproductive land with Aleurites, securing from a sixty-five-acre ground eight tons of fruit in the fourth year and fifty tons in the fifth. Here, and in the Mississippi, it is said that the yield per aero is double that of the sugar cane, while the cost of upkeep and reaping is loss than one-tenth the cost of cane cultivation. Both the Aleurites and the Eloeococca flourish on waste land and rocky soil, provided there is a sufficient rainfall. The trees, which grow to 30ft to 40ft high, need very little care, although they re-

spend to a certain amount of cultivation by bigger yie!ds._ The process of oil extraction is fairly simple, riot calling for expensive machinery, the essentials being presses and good filters. .The', nuts when ripe, are split open, the seeds extracted, ropsted, ground, and pressed. If the fleshy substance of the puts is allowed to ferment (Us commonly happens in China and Japan) the seeds may rot," be attacked by boring insects, or. otherwise damaged, all of which affect both the yield and quality of the oil."- ;

■ This, Morning. Last Week. Last Year. .Buyers. Sellers. Buyers. . Sellers. Buyers. Sellers. £ 3. d. £ s. d. £ s.d. £ s. d. £ s. d £ S. d. BANKING— Bank of Australasia ' — — 10 15 0 — — — Bank of N.S.W. ... — — 30 5 0 — ' 25 0 0 — Bank of New Zealand 2 6 6* — : 2 6 0* -— —' 2 3 0* Bank of N.Z. (Long “ D”) — — i 9 6 — — Commercial Bank 0 15 7 • 0 16 0 0 15, 6 0 16 0 0 13 4 0 13 10 E.S. and A. Bank — — — 5 5 0 — — National Bank of 0, ;NewrJ5eaIand ..i ... ■•3; 14 ■0 — . 3:12 ’ —. •; 5 .2 6 National Bank of 10 0 0 ii 0 Australasia — — — — 0 National Bank of 4 15 0 Australasia (cont.) • — — 5 19 0 — — Union Bank- of Aus0 0 tralia Ltd 8 6 0 8 8 0 8 — — ■— INSURANCE— ] National ' Insur. Co. 0 16 3 — — 0 16 7 . 0 11 0 0 11 4 N.Z. Insurance Co. 2 9 6 — 2 8 6 2 9 6 — — South British Insur- * 2 10 0 ance Co. ... * 3 5 6 — — — 0 — 1 ,Standard Insur. Co. — — — 2 13 1 18 0 — Queensland Insurance 2 10 9 — —* ~ SHIPPING— Howard, Smith 0 10 0 — — — — — Howard, Smith 0 (pref.), ... ... ...' — — 1 2 3 — — 0 19 ,'Huddart, Parker ■' (pref.) ... 1 2 3 —* — — — — ■ P. and 0. Def. 0 12 0 Stock — 1 0 0 1 1 9 0 15 6 ’ ’-U.s.s. Co. (pref.) ... 1 2 3 — 1 1 ot — 0 19 0 — GOAL— Kaitangata, Coal 1 0 0 0 12 0 19 3 — — — 0 ' Westport Coal Co. ... 0 11 3 3 U 12 3 V iU LOAN AND AGENCY— Goldsbrough, Mort ... — 1 s 0 — — 1 16 National Mortgage ... — — ; — — — 0 National Mortgage 1 0 0 1 0 (“ B ” issue) .... ... — 0 '— 0 — — N.Z. Guarantee Corp. 0 5 6 — 0 5 0 0 6 — — Perpetual Trustees .... . — 2.12 6 — 1 12 0 — 3 U U" Wright, Stephenson ■ (ord.) ...' ... — Wright, Stephenson (pref.) ... .L "■••• 0 8 9. 0 8 0 r0 10 6 — 0 11 3 ■' — ■ 0 10 0 - - 0 14 6 MEAT PRESERVING— N.Z. Refrigerating 0 11 8 (paid) 0 14 0 0 15 0 0 12 6 — 3 0 11 N.Z. Refrigerating 0 5 0 5 0 0 (cont.) J.. ... 0 5 5 8 5 6 — 4 3 Southland Frozen Meat 6 0 (paid) 2 4 0 — 2 4 6 o —■ — South Otago Freezing 4 4 0 3 15 0 — 2 0 0 MISCELLANEOUS— Australian Glass 2 7 0* 2 7 0 — — — British Tobacco 1 15 0 1 16 3 '* — 0 — — •— Broken Hill Prpty. 1 13 6 — 1 13 — — — Broken Hill South ... — 2 15 6 — — — 1 — Bruce Woollen Co,. 0 10 0 0 (ord.) ■ , — — 0 10 — — Bruce Woollen Co. 0 0 (pref.) ; Colonial Sugar Co. 0 15 0 0 15 56 0 0 0 1 - Dominion Fertiliser ... 0 11 3 . — 0 10 6 — Dominion Fertiliser 99 10 0 99 0 o; Debentures ... ... •.— ■— 0 — D.I.C. (ord.) — o n n 0 10 0 0 11 — D.I.C. (pref.) Dominion Rubber ... 0 12 6 1 0 6 0 19 0 10 6 0 — — 0 6 0 Donaghy’s Rope and Twine ... .... 1 17 9 2 * 0 oi 1 17 9 — - - Dunedin Stock Ex1 12 Of 0* change Proprietary — 0 I 12 — Dunlop Rubber — 0 19 — Electrolytic Zinc (pref.) ... — 1 12 0 111 3 - 0 18 0 Electrolytic Zinc (def. ord.) 0 19 0 1 1 0 0 1 0 0 1 i 0 0 10 0 - Kaiapoi Woollen (ord.) _ — — — 0 5 0 0 6 0 Kaiapoi Woollen (pref.) ... — 0 6 6 — — - 0 8 0 - Milburn Lime and Cement 1 8 0 1 1 6 1 8 0{ — 1 4 6 Mosgiel Woollen Co. 8 0 0 — 8 0 0 — 22 10 0 16 0 3 M'Leod Bros Mount Lyell _ 24 0 1 2 0 7 1 2 9 24 0 0 — 0 0 17 g 0 0 National Electric N.Z. Drug Co. ... ... 3 4 9 3 5 6 3 6 oi 2 6 3 N.Z. Express (ord.) ... ... ... ' ' — — - - - 0 15 3 N.Z. Farmers fertiliser . 0 16 6 _ 0 16 6 - 0 12 3 N.Z. Paper Mills ... 1 6 9 1 7 0 1 6 3 1 6 9 ' ~ • Smith and Smith 0 (pref.) ... ... .... * Otago Daily Times Wilson’s (N.Z.) Cement 0 10 6 0 12 - - 1 17 0 2 0 0 1 10 0 1 11 0 1 11 9 - - Woolworth’s (pref.) ... 1 15 0 — BREWERIES— 1 N.Z. Breweries Ltd. ,1 11 6 — 1 11 G 1 12 6 — 4 7 Staples’ Brewery Dunedin Brewery ... 1 6 0 1 6 6 — 1 1 6 0 18 0 f; - Tooth’s' Brewery — — “ 1 6 0 Carlton Brewery .... — GAS— 1 5 Christchurch ... ... —• — — ’ 3 OIL— 4 Moturoa (ord.), m 0 4 0 —' — 1 0 2

, LONDON, June : 8. (Received June 9, at 11 a. m.) £ s. d. Imperial Consols, p.c 75 0 0 Funding Loan 109 15 0 War Loan (assented) 99 2 6 Conversion Loan, 3i p.c 99 5 0 Victory Bonds, 4 p.c. ; 108 7 6 Commonwealth, 6 p.c., 1931-41 ... 104 5 0 Commonwealth, 5$ p.c., 1922-27 ... 102 7 6 Commonwealth, 3| p.c., 1936-37 .. ,100 0 0 New Zealand, 6 p.c., 1936-51 ... 108 0 0 New Zealand. 4 p.c., 1920 104 5 0 New Zealand, p.c., 1940 98 15 0 New Zealand, 3 p.c., 1945 • . 93 0 ■ 0 New South Wales, 6i p.c., 1930-40 103 5 0 New South Wales, 6 p.c., 1930-40 101 10 0 New South Wales, p.c., 1933 99 15 0 New South Wales, 3j p.c., 1930-50 99 15 0 New South Wales, 3 p.c., 1935 ... 91 2 6 Victoria, 6J p.c., 1930-40 101 17 6 Victoria, 6 p.c., 1932-42 101 7 6 Victoria, 4| p.c., 1940-60 100 7 6 Victoria, 3| p.c., 1929-49 93 2 6 Victoria, 5 p.c., 1920-40 87 5 0 Queensland, 6 p.c., 1930-40 ... ... 103 7 6 Queensland. 5 p.c., 1940-60 102 17 6 Queensland, 3 p.c., 1922-47 87 2 6 South Australia, 6| p.c., 1930-40 ... 103 5 0 South Australia, 3j p.c., 1939 ... 99 7 6 South Australia, 3 p.c., 1918, or after 72 7 6 West Australia, 6 p.c., 1930-40 ... 100 10 0 West Australia, 3£ p.c., 1920-35 ... 99 10 0 West Australia, p.c., 1915-35 ... 99 1 3 Tasmania, 6i p.c., 1930-40 104 5 0 Tasmania, 3j p.c. 1920-40 ... ... 98 12 6 Tasmania, 3 p.c., 1920-40 97 17 6

Stock. Am’nt. Period Date. Wilson’s Cement Is final June a Perpetual Trustees Is final June 10 Golden Sands 3-5d first monthly J uno 15 Okarito 6d — June 16 Australian Glass Is 2 2-Sd final June 22 Broken Hill South Is — June 23 Rank of N.Z. ... Is linn I June 24 North Broken Mill Is -- Juno 29 Ooldsbrougli. Mori , Cd I’m r. I .1 uno 29 (approx.) British Tohaceu 3 3-5(1 — June 30 VVaihi Grand Junction 4d dual June — Trustees, Executors Is final Juno — N.Z. Breweries 8 2-5d - Juno — National Mortgage A Is interim July 1 National Mortgage B 6d interim July 1

MINING— ' Kawarau 0 0 5 — 0 0 5 0 0 7 — — VVailii 1 1. 9 — 1 2 0 -T0 15 0 Wailii Grand Junction 0 3 2 0 3 9t — 0 4 0 ■ 0 2 9 — Mahakipawa — — 0 0 1 ™ 0 0 4 0 0 b 0 2 0 0 2 4 1) 2 2 0 2 4 — 0 1 9 Okarito (cum div.) ... 0 11 0 0 11 2 0 11 0 0 11 2* 0 9 3 0 9 7 Paddy’# Point — 0 5 9 — 0 5 9 0 4 0 — Cornish Point 0 0 2 — — — — — Golden Progress 0 1 4 0 1 9 — — 0 2 1 0 2 b King Solomon 0 1 6 0 1 9 0 1 6 0 1 9 0 1 2 0 1 4 Golden Dawn — — 0 1 6 0 2 3 — — Blackwaler 1 2 6 — 1 2 3 0 8 0 0 8 9 Gillespie'# Beach 0 1 7 0 1 710 1 5} 0 1 7 P ar „ , 0 0 Oip Wait aim 0 7 7 0 7 8 0 6 10 0 7 0 0 0 9d 0 0 4d Golden Sands — — 0 3 0 0 3 0 — — Big River — 0 1 6 — 0 1 61 — — Nokomai 0 4 7 0 4 11 0 4 0 0 4 1 — — Frcshford — 0 1 0 0 1 2 — — Upper Shotovcr 0 1 Ga 0 1 6 — — — — Lawson’s Plat — — 0 1 0 1 61 — Central Shotovcr 0 0 9i 0 1 0 — 0 1 1 £ ' WAR BONDS— (Bonds quoted are £100 Bonds.) 1938-1943 31 p.c. Insc. 100 0 0 7 67 17 6 — — — 1938-1952 31 p.c. insc. 100 0 0 — 99 0 0 — — — 1939-1943 31 p.c. Insc. 100 0 0 — 99 0 0 — — — 1939-1952 31 p.c. Insc. 100 0 0 P9 0 0 — — 1941-1943 31 p.c. insc. 100 0 0 “ 99 0 0 — — — 1941-1952 51 p.c. Insc. 100 0 0 — 99 0 (I — . — — 100 10 0 — 100 10 ■ 0- — — — 1940 4 p.c. Inscribed 100 10 0 100 10 0 101 00 — — 1946 4 p.c. Inscribed 100 5 0 — 100 15 U — — 1949 4 n.e. Inscribed 100 5 0 101 15 0 100 15 0 — — .1955 4 p.c. Inscribed 100 5 0 100 15 0 100 15 0 — : — , q *Cnm dividend, fex dividend, }odd parcel.