Commerce, Mining, & Finance

Evening Star, Issue 21890, 29 November 1934, Page 8

Commerce, Mining, & Finance

AUSTRALIAN STOCK EXCHANGES Press Association—Jßy Telegraph—Copyright SYDNEY, November 28. On the Stock Exchange shares in concerns which have already announced bonus issues were sold or quoted at firm rates, notably Colonial Sugar and Carlton Brewery, while miscellaneous industrial and trading shares were moderately active and generally steady. Euratha Gold dropped substantially and sold heavily'. Later sales were as follow ;—Commercial Bank of Sydney, £l7 19s; English, Scottish, and Australian Bank, £5 ss; United Insurance, £ll ss; Colonial Sugar (ex bonus issue), £4O; Tooth’s (ex div.), 51s; Goldsbrough, Mort, 29s lOJd; Carlton Brewery, 54s 3d; Morris, Hedstrom, 16s 6d; Australian Gas A, £8 2s 6d; Australian Gas B, £8 3s 6d; Dunlop Perdriau, 20s; British Tobacco, 42s fid; Australian Iron and Steel (pref.), 23s fid; Electrolytic Zinc, 25s lid; Hnddart, Parker, 375; Broken Hill Proprietary, 53s 9d; South Broken Hill, 80s fid; Bulolo Gold, £8 12s; Mount Morgan, 35s 9d: Mount Lyell, 17s 9d; Commonwealth Bonds (4’s) —1938, £lO6 17s fid; 1941, £106; 1944, £lO7 17s fid; 1947 £lO9 12s fid; 1953, £ll2 2s fid; 1955 £ll2 10s; 1957. £111; 1959, £lll 7s fid; 1961, £lll 12s fid. MELBOURNE, November 28. National Bank (£5 paid), £6 3s; Commercial Bank of Sydney, £l7 19s; Commercial Bank of Australia-(pref.), £10; ‘Herald and Times,’ 675; Goldsbrough, Mort, 29s 9d; Mount Lyell, 18s. LONDON STOCK MARKETS (British Official Wireless.) RUGBY, November 27. The general tone of the stock markets is good. British Government Stocks are firmer. War Loan is at £lO7. METAL MARKET Press Association—By Telegraph—Copyright LONDON, November 27. The following are the official metal quotations:— Copper: Standard, £27 11s 3d per ton; forward, £27 18s lid. - Electrolytic: Spot, £3O 10s; forward, £3l 10s. Wire bars, £3l 10s. Lead: Spot, £lO 13s 9d; forward, £lO Spot, £ll 17s, fid; forward, £l2 3s 9d. , Tin: Spot, £228 16s 3d; forward, £229 Pig* iron; Home trade, £3 7s Qd; export, £3 2s fid. . Antimony: British, £64 10s; foreign, £56 10s. , Molybdenite, £1 14s fid per unit. Wolfram, £2 Is. Silver: Standard, 24fd per oz; fine, 26 9-16 d.

LONDON WOOL SALES POSTPONED OWING TO FOG _ Press Association—By Telegraph—Copyright LONDON, November 28. (Received November 29, at 10 a.m.) The wool sales were postponed owing to fog. PRICE OF GOLD Press Association—By Telegraph—Copyright LONDON, November 28. (Received November 29, at 10 a.m.) Fine gold is quoted at £6 19s 7}d per oz. DOLLAR AND FRANC Press Association—By Telegraph—Copyright LONDON, November 28. (Received November 29, at 10 a.m.) The dollar is quoted at 498 3-8 and the franc at 75 9-16. THE SEARCH FOR GOLD MATAKI RETURN The following is the official return of the Mataki Gold Dredging Limited:— Yield, 20oz; hours, 13H j yards, 13,000. NEVIS SLUICING CLAIMS The claim manager (Mr J. A. Johnston) reports for the period ended November 17:—“I have the water race finished and all cleared out, and, in my opinion, a good job has been done, and it will easily carry the full number of thirty heads of water which we have a right to. At present wo are engaged laying down the main' pipe line on to the lower level at Schoolhouse Creek, and, all going well, we will have the line completed this week. As soon as we get the line finished we will commence blowing out a cut for a tail race and get some boxes and ripples placed in position. We are also doing some sluicing on the top claim. We have had a good spell of fine weather lately.”

BELL-HOOPER REPORT The Bell-Hooper Cromwell Gold Ltd. report for the week ended November 23 is as follows: — No. 2 miner area: Block Q, northwest of No. 3a north drive—The bal-

once of - the payable ground of this block has been extracted. Nothing of a payable nature now remains on this side of No. 3a north drive. Owing to the weight coming on to the timber, this drive is unusable for the present to prospect the east side, where indications of a possible extension of value showed. When the ground has settled further prospecting will bo undertaken here. A prospecting drive (No. 3b, north drive) was started at 60ft west of No. 4 north drive from the west drive. This was advanced 14ft due north, but values are now poor in the face and no further work will be done. No. 4 north drive workings: No. 1 east drive —This drive was advanced 25ft, a total of 66ft east. Samples have shown payable gold. At G2ft east a truck sample gave value of 6.B7dwt per cubic yard. Wo have not yet got definite information ns to the course of the deep gutter, but the drive has now been set to a course 119 deg true. During the coming week we will probably crosscut both ways. No. 1 west drive—This drive was advanced Bft. a total of 10ft from No. 4 north drive. Good gold was showing on the bottom for 7ft from the start. At 7ft the bottom dipped steeply into the water and work was stopped. A drive was started on the opposite side of the No. 1 east drive to prospect the one south of* the No. 1 east drive. This drive (No. la east) was advanced 16ft each. Good gold was obtained. A one-truck sample gave value of 7dwt per cubic yard. The bottom rose quickly, and now stands at 4ft above rail level. Good values are still showing in the face.

ADDISON'S FLAT RETURN WESTPORT, November 28, The Addison’s Flat return totalled 30oz 2dwt for thirty-six shifts. ANOTHER NEW COMPANY The following public sluicing company has been registered in Auckland:—Waikororaiko Sluicing Company, gold miners. Capital, £26,000,_ in 250,000 shares of 2s each. Subscribers: T. G. Julian, TI. B. Inglis, R. W. Bell, E. Vance, H, Maxwell, G. H, Chesterman, and S. Orbell. one share each. MAEREWHENUA OPERATIONS A loss of £743 is shown in the first annual accounts of the Maerewhenua Goldfields Development Company Limited (North Otago), for the period ended October 31. The directors state that for the convenience of book-keep-ing the production period had been fixed as at September 1, 1934, and, as gold extraction expenses and maintenance were charged to the working account, a loss resulted. However, it could have been treated as capital expenditure. The outstanding liabilities, £3,630, were to be met by the balance of the debenture issue, the bulk of which had been underwritten, and by the sale of surplus gear. Although the development scheme was on the point of completion some time ago, considerable delay had been caused in the final stages, but the difficulties which had arisen had now been overcome. Sluicing had been proceeding for some time, hut actual production was reached only recently. A RICH MINE In the three months—August-Octobev ■—the Wiluna Gold Corporation, West Australia, recovered 31,500 ounces of gold, valued a.t £275,000, on which the working surplus was £155,000.

BULOLO PRODUCTION The production for October of the four dredges of Bulolo Gold Dredging Limited (New Guinea), was as follows, September figures being given in parentheses :—Cubic yards treated, 836,000 (930,100); bullion oz, 16,122 (15,787); gold fine oz, 11,200 (10,983); value Australian currency at £8 10s a fine ounce, £95.200, (£93.355); working profit, £67,830 (£66,079). CWMBO TEA SALE Mr L. M. Wright has received the following cabled report on the Colombo tea auction of November 27:—The market for common teas was slightly easier, medium and fine teas being irregular. The quality of the offerings was plain. A total of 1,410,0001 b was auctioned. At next week's sale 2,210,0001 b are catalogued for auction. ALDINGTON STOCK SALE A keen demand for fat sheep was. the principal feature of the Addington market yesterday, exporters operating. Wether values were firm, while ewes advanced Is a head. Store Sheep.—There was only a.small entry, with a steady demand for dry sheep, the market for which was firmer. Wether hoggets .were most keenly sought after. Fat Lambs.—There was an entry of 1,000 head, all in small lines. Exporters took a small proportion at the export schedule —7sd for up to 361 b, 7d for 371 b to 421 b, 6id for overweights, and 7d for seconds. The top price was 26s Id. Fat Sheep.—There was an entry of 5.400, the quality being uniformly good. There was keen competition, with exporters operating for wethers only. Wethers were very firm at late rates, ewes selling at an average of Is a head above late rates. Values were: Show wethers, to 27s Id; extra prime heavy wethers, 24s to 25s 6d; prime, 22s to 245; medium-weight, 19s 6d to 21s 6d; ordinary, 18s 6d to 19s 6d; light, to 18s; extra prime heavy ewes to 22s 7d; prime, 19s to 21s; medium-weight, 16s 6d to 18s 6d; ordinary, 14s to 16s; light and aged, to 13s 6d. Fat Cattle. —An entry of 450 head included lines from southern provinces. The demand was steady at a level slightly below late rates for all except, the primest handy weight steer and heifer beef. The continued spell of hot weather was the biggest factor in holding the present level of the market. Best beef made from 26s to 28s; good, 24s to 25s 6d; heavy, 21s to 23s 6d; medium, 17s to 20s; rough, down to 12s. Values were: Extra prime heavy steers, to £l2 7s 6d; prime, £lO 10s to £ll 15s; itiedium-weight, £8 15s to £10; ordinary quality, £6 to £8 10s; light, £3 to £5 15s; extra prime heifers, to £9 12s 6d; prime, £6 to £8 ss; medium, £4 10s to £5 15s; light. £2 10s to £4; extra prime cows, to £7 12s 6d; prime, £5 5s to £7; medium, £4 to £5; light, £2 to £4 10s.

Vealers.—There was a smaller entry and a sharpened demand, the drop of last week being recovered. Values: Best runners, £5 16s; good, £3 to £4 15s; best vealers, to £3; smaller calves, 15s to 255; bobby calves, 3s fid. Store Cattle.—There was a medium supply. Station steers in poor condition made £4 10s to £5 10s; good three and four-year-old, to £6 10s; fresh cows, £2 15s to £3 10s; others, to 30s. Fat Pigs.—There was a large entry of both porkers and baconers, and values all round were from par to a shade better than last week. Export buyers took over 300 head of porkers. Values: Porkers, 31s fid to 44s fid; average price per lb, sid to fid; baconers, 47s fid to £3 11s fid; average price per lb, 5Jd to s|d. Store Pigs.—There was a mediumsized entry, and values were firm at late rates. Values: Weaners, 16s to 21s; slips, 22s to 23s fid; stores, 24s to 31s; sows in pig, 55s to £4 Is; purebred boars, £3 to £4 ss. DEVDNPORT STEAM FERRY COMPANY The Devonport Steam Ferry Company has declared an interim dividend of 2j per cent, (unchanged). ZINC CORPORATION Press Association—By Telegraph—Copyright LONDON, November 28. (Received November 29, at noon.) The Zinc Corporation is paying an interim participating dividend of fid a share on preference _ and ordinary shares, payable in English currency to shareholders on the London and Melbourne registers. NEW GUINEA GOLD CHARES Press Association—By Telegraph—Copyright LONDON, November 28. (Received November 29, at 11 a.m.) New Guinea Gold shares are quoted at 5s lid. TRADE WITH JAPAN VIEWS OF VISITOR FROM THE EAST

That there is great scope for improving the present trade relations between New Zealand and Japan is the view of Mr C. Yoshimura, a Japanese visitor to Christchurch. Mr Yoshimura is the representative of the Dainippon Celluloid Company, of Osaka, Japan, and during a tour of the dominion he is endeavouring to promote further trade between the dominion and his country. “ I believe that Australia and New Zealand must he great markets for Japan,” Mr Yoshimura said. He had come to New Zealand partly to make arrangements for buying rennet casein for use in the manufacture of casein products by his company. He said that his company was the biggest buyer of New Zealand casein, taking 60 per cent, of the entire production, and he. could promise that much more could he bought. It was hoped that by providing a market for New Zealand casein Japan would be able to increase hei trade with this part of the Empire. i “" s COMPANY NEWS PATERSON, LAING. AND BRUGE The Melbourne office of Paterson, Laing, and Bruce Ltd. has received a cable message from the directors in London intimating that the net profit on trading last year is £6,044, compared with_ £3,635 the preceding year. The profit is arrived at after providing for loss on exchange, £15,969: interest on investments, £2,603; and deducting debenture interest and other expenses, £12,527. The debit balance of the profit and loss account is reduced by tha profit to £70,681. GORDON AND GOTCH The directors of Gordon and Gotch Australasia Ltd. have decided to recommend the payment of a dividend of 8 per cent, per annum on preference shares and IQ per cent, per annum on ordinary shares for the half-year ended September 30, 1934. CARRERAS TO INCREASE CAPITAL

Directors of Carreras Ltd., cigarette manufacturers, etc., propose to increase the capital of the company to £150,000 by the creation of 800,000 new ordinary shares of Is each: It is proposed to capitalise £40,000, of which £33,792 is standing at the credit of the share premium reserve account and £6,206 being part of the undivided profits of the company, and accordingly that a special bonus of £40,000 be declared to be applied to holders of ordinary shares on the register at November 24, in payment in full for 800,000 ordinary shares of Is each. Allotment of the shares is to be in the proportion of four new shares to each ordinary share now held. Ordinary shares will he consolidated, so that every five existing ordinary shares shall constitute one 5s ordinary share. In their circular to shareholders, the directors say that proceedings have been begun in the Supreme Court to restrain the company from carrying into effect proposals to capitalise specific reserves, and they hope that the matter will be concluded before December 31. Should the courts decide against the company, in relation to the share premium reserve, any resolutions carried by shareholders at the forthcoming meeting will not bo acted upon.

THE SHARE MARKET

OMEMN STOGK EXStWMCE Improved business is being recorded in the investment market, arid prices for the most part continue on a distinctly firm basis. The demand for bank shares appears to have revived, and New Zealands changed hands at 48s Bd. Commercials were fractionally firmer. Earnings of the institutions continue to be affected by. the decline in interest rates, as well as by reduced exchange business, due to no small extent to lowered wool prices. Investors continue to show a strong preference for meat preserving shares, but there is little life in the loan and agency section. " Industrials on the whole maintained their recent good support and a number moved turthor on the up-grade. Australian Glass interests have risen to a new high level for recent years—any fears of the possible effect of increased competition having apparently been dissipated for the present. Electrolytic Zincs- still show a sharp decline in consequence of remarks at the annual meeting that, unless the price of zinc improves m the near future, it may not be possible for the company to pay an intenm dividend on its ordinary shares. Sellers again dominated the gold mining market, Kildares and King Solomons being the only concerns to hold their ground. A complete change was made in the Government Loans section, buyers, appearing al i lss . ues :, The renewed demand is probably due to the possibility of a further downward tremd in interest rates.

BALES. Beported,'“New Zealand Refrigerating ’ o®? Iwd; 1 w d; ? ew Zealand Paper Mills, £Xl4s9d ; Bendigo Goldlight, lid; Glenterday) 3 ' * Maerewhenua , H Gate yes°n ’Change.—-Charleston, 6d; Bank of New Zealand, £2 8s 8d; National Insur--1113 £1 ls 7d; 4 per oent - Stock (1948), .Quotations as under:—

DIVIDENDS DUE. Australian Glass —pref., 4£ p.c., ord., interim, 5 p.c Dec. 1 Henry Jones Co-opt.—ls a share Dec. 1 Dunedin Brewery—interim, 3 p.c. Dec. 6 Bank N.Z. —interim, ord, Is; Long *' D ’’ 3J p.c. ... „ _. Dec. 8

N.Z. Breweries—interim, 31 p.c. • Dec. 19 Wolworth’s (N.Z.) —final, 1 4-5 p.c. bonus (pref.), 121 p.c. (ord.) Dec. 11 North Broken Hill—ls 6d a share Dec. 13 Kauri Timber—3 p.c. for year, 9d a share ... Dec. —* Waitaki Farmers’ Freezing—3 p.c. and bonus of 2 p.c. Dec. 19 North Kalgurlie, 6d less Eng. inc. tax ... ... Dec. 14 Blackwater, interim (Brit, cur.) Dec. 15 Consolidated Goldfields, 6d (Brit. cur.) Dec. 15 Broken Hill South, Is 6d, payable Melbourne Dec. IS Morris Hedstrom—interim, ord, 2 P-c Dec. 31 Bulolo Gold Dredging—interim, 90 cents Canadian, less tax of , 5 P-c Jan. 19 Placer Development—interim, 1 dollar 80 cents Canadian, less tax of 5 p.c. Jan. If Claude Neon—s p.c, (8.C.) Jan. 15 FMEKK EXWAWE ON NEW ZEALAND GBMEN6Y BASIS The Bank of New South Wales, Dun-j edin, quoted the following rates forj its purchases and sales of foreign] exchange to-day:—, ‘ France— . ,

CARLTON BREWERIES CAPITALISATION OF MBERVES A portion of the reserves of Caribous and United Breweries Limited, Melbourne, is to be capitalised in order, - to avoid the additional taxation on j such operations if undertaken after De>, cember 31. It is proposed to increase the capital to £3,000,000 by the creation of 1,000,000 shares of £1 each* Of the new issue 100,000 are to be preference shares and 900,000 ordinary, shares,' both classes to rank pari passu with existing shares. Shareholders are 1 to receive one share for each two shares held. Reserves at the date of the last balance-sheet were £1,388,575. IMPROVED BURNERS FARMERS' BKTRtWTiNG Mr Thqmas Currie, chairman of the New Zealand Farmers’ _ Co-operative Distributing Company, in moving the adoption of the balance-sheet at th«( meeting at Feilding, gave a comprehensive review of market conditions relating to the dominion’s primary products, and also touched upon the main economic factors which have affected; values. He referred to the excellent' trading years experienced by the_ company, the net returns being the highest | in its history, while the wonderful increase in the total turnover indicated, the steady progress being made by the company in all its centres throughout the Wellington Province. PERPETUAL FORESTS LTD. REALIMTWI OF TMKR New Zealand Perpetual Forests Lid,has just paid an interim dividend at; the rate of 4 per cent, payable to all - shareholders. A statement issued by the director*; read as follows: —“Immediately the! commission which it is proposed to set] up in terms of ‘ The Companies (Bond-1 holders’ Incorporation) Bill \ recently introduced into the House is constituted, it is hoped to lay_ before that ! commission _ a comprehensive plan for, the realisation of the vast forest area* in the best interests of, the acre owners.” ELECTRICITYCONSUMPTION INCREASE Hi BRITAIN The output of electricity in Great Britain, which is a useful index , ol trade conditions, continues to show, substantial expansion. During the first nine months of 1934 the total amount of electricity generated by authorised undertakings was 10,873,000,000 units,compared with 9,359,000,000 units for. the corresponding period of 1933, representing an increase of 1,514,000,000 units, or 16.1 per cent.

This Morning. Buyers. Sellers. BANKING— £ s. d. £ s. d. Australasia ... ... 10 18 0 New Zealand 2 8 6 2 8 9 o Commercial 0 16 8 0 16 National of N.Z. .. 3 11 0 Reserve ■ Union of Australia 6 9 0 8 10 0 Ltd _ INSURANCE— _ 8 17 0 National ... 116 1 1 g New Zealand 3 8 0 3 10 o Standard SHIPPING— Huddart, Parker 3 13 0 _ (P r ef-) P. and O. Def. — 1 10 3 Stock 1 1 s U.S.S. Co. (pref.) ... MEAT PRESERVING— 17 0 Canterbury (pref.) N.Z. Refrigerating 5 14 0 - N.5?. Refrigerating 0 19 10 ■ • 1 0 4 (cont.) Southland Frozen 0 9 10 0 10 1 (paid) Southland Frozen 3 16 0 (cont.) Waitaki Farmers’ 1 17 6 — Freezing. ... 3 7 6 3 15 0

LOAN AND AGENCY— National Mortgage ... r— 3 0 0 N.Z. Loan and Mer- > cantile (ord.) ... ... — 48 0 0 Perpetual Trustees ... 3 1 0 Wright, Stephenson (pref.) ... ... ... 1 0 0 COALKaitangata ... ... ... — 1 1 9 Westport — 1 0 10 W estport-Stockton (ord.) — 0 3 2 ItlSCELLANEOUS— Associated News ... — 15 9 Australian Glass 3 1 0 Brown, Ewing (ord.) 0 18 0 — Brown, Ewing (pref.) 1 0 0 — Bruce Woollen Co. "(ord.) 0 18 9 Bruce Woollen Co. (pref.) 1 1 D.LC. (pref.) ... ... — 0 17 0 Dominion Fertiliser — 113 Dominion Fertiliser Debentures 106 0 0 Kaiapoi Woollen • (ord.) — 0 15 11 Milburn Lime and Cement 2 2 3 Mosgiel Woollen Co. 10 15 0 — National Electric ... 0 8 0 — N.Z. Drug Co. 4 0 0 4 0 6 N.Z. Malar Rubber (pref.) — 15 0 N.Z. Paper Mills ... 1 14 6 1 15 0 ‘ Otago Daily Times 2 10 3 — Regent Theatre ... — ‘ Sun ' Newspapers ... — 0 19 6 o O Wilson’s (N.Z.) Cement — 1 14 Oe Woolworth’s (Sydney) 3 IS 6 —

BREWERIES— New Zealand 3 8 9 2 9 6 GAS— Christchurch ... ... 1 14 9 — CIEMo turoa (ord.) 0 4 3 Moturoa (pref.) — 0 6 0 AUSTRALIAN MINING— Electro. Zinc (ord.) — 14 9 Mount Lyell ... ... North Broken Hill 0 17 7 0 18 1 5 0 0 — GOLD MINING— Bell-Hooper 0 0 4 Bell-Kilgour ... ... .0 0 1-i 0 0 2 Bendigo GoIdligHt ... 0 0 10 0 0 11 , Big River ... — 0 17 Charleston ’... Gillespie’s 0 0 6 — — 0 17 Golden Sands —• 0 3 0 Goldfields Dredging ... 0 0 7 — Glenroy .... Hatter’s Flat — 0 10 0 0 1 — Kildare ... 0 2 5 0 2 9 King Solomon ... ... 0 3 '9 0 3 11 Mahakipawa ... ... 0 0 9 0 o 104 Moonlight-Nelson ’ Greek _ . . 0 0 2i Mount David — 0 2 0 Nevis Diesel ■— 0 0 4i Nokomai — 0 3 6 Okarito ... *— 0 9 0 Oxenbridge — 0 0 11 Skippers 0 0 U 0 0 8 Waitahu 0 3 9 Worksop ... ... — 0 3 4 N.Z. GOVERNMENT LOANS (Bonds quoted are £100 bonds). Si p.c. Stcck, 19381943 106 0 0 5i |>.o. Stock, 1939106 0 0 5£ Stock, 1941106 0 0 3i p.c. Stock, 19381952 106 10 0 3i Stock, 1939106 10 0 _ "* 3toc ' k ’ 106 10 0 . 4 p.c. Bonds, Jan. 15, 1940 103 0 0 4 p.c. Stock, Jan. 15, 1940 103 0 0 4, p.c. Stock, Feb. 15, 1946 104 0 0 107 10 0 4 j».c. Stock, April IS, 108 0 0 109 0 0 4 p.c. Bonds, June 15, 1955 112 0 0 4 p.c. Stock, June IS, 1955 , r '112 0 0 — UNLISTED STOCKS— Quartz Mountain (5s 9d paid) 0 4 6

Francs to £1 N.Z. T.T. • 61.44 60,14 , 1 016. 61.74 efe.la ■ Noumea— Francs to Si N.Z. TUT. orb. 82.39 62.7a som Papeete— Francs to £1 N.Z. XsT. 52,33 50.39 Belgium— 0.6. esM 59.44 . Belgas to £1 N.Z. T.T. 17.557 16.857; Germany— O.D. 17.657 IG'.mr Reichsmarks to £1 N.Z. T.T. 9.767,, 9.778' Italy— o.t». Lira to £1 N.Z. T.T. • — 45.28 O.D. 46.32 Switzerland— Francs to Si N.Z. T.T. 12.582 12.182 O.D. 12.657 12.192'. Holland— Florins to SI N.Z." . T.T. 6.061 5.811' O.D. 6.111 5.815' Java— Fiorina to £1 N.Z. .. T.T 5.020 5.795 O.D 6.070 5.799 Japan— N.Z. penee to 1 yen ... . T.T. — 17 21-33 Shanghai— N.Z. pence to 1 dollar ... T.T. 10 7-16 20j O.D.19 5-16 20 11-18 India and Ceylon— N.Z. pence to 1 rupee T.T. 2Z 9-32 221 O.D, 22 5-32 22 9-19 Hongkong— N.Z. pence to 1 dollar .. T.T m 25 9-111 Singapore— O.D m 25i 1 to 1 N.Z. pence ■ 1 dollar .. T.T 34 7-16 35J O.D. 34 5-16 35 5-19 T.T. represents tejegraphic transfers. O.D. represents on demand transactions* The above rate* are subject to alteration.-'