Commerce, Mining, & Finance

Evening Star, Issue 22047, 5 June 1935, Page 7

Commerce, Mining, & Finance

FMEifiN EXCHANGE •r NEW’ZEALAND CHMEN6Y BASIS The .Bank of New South Wale», Dunedin, quoted the following rates for purchases and sales of foreign exchange (all rates subject to alteration without notice): — Buying, belling. London—

DOLLAR RATES. The Associated Banks'(other than the Bank of New South Wales) quoted the following dollar-sterling rates to-djy, which are subject to alteration without notice : ■ ■ D.S.A. Canada. Conversion of dollar bills re- - ceired .for collection and sale < of dollar drafts and tele- ■ graphic transfers ... ... ... 4.92 4.92 Purchase of dollar bills ... 4.95 4.95 On ■ a- New Zealand currency basis these rates are equivalent to _ , i U.B.A. Canada. SELLING— T.T, 3.95* 3.95| On'demand ... ... ••• ••• 3.95| 3.95 j BUYING— ' On demand ... 4.01* 4.0 H NEW AUSTRALIAN LOAN . TERMS AMNWMED PresY Association—By Telegraph—Copyright CANBERRA, June 5. (Received June 5,-at 10.30 a.m.) ■ A new Commonwealth £12,500,000 loan will- be 'placed on the market on-June-11. The loan will be for a term of 14• years and will: be repayable, at par in 1949. It will carry interest at the nominal rate of 3J "per cent, and is ■ being issued • at £99 10s per £IOO. , The actual yield to the investor will, be £3 8s 5d per cent, per annum. The interest will, be free of tax.STABILISATION OF CURRENCY AMERICAN DESIRES London is the refuge of timid money Uneasiness is felt about the ability of France and the remaining gold bloc countries to maintain the gold standard and funds are flowing again to the acknowledged financial centre of the World, which is a compliment to sterling. An important factor is the' intimation by the Secretary to the United States Treasury (Mr Morgcnthau) that there should be an international agreement on currency stabilisation. In 1933 an economic conference was held in London on this question, but the basis suggested was not acceptable to the United States. If competitive currency devaluation is to be allowed to proceed" unchecked, only chaos can result, remarks a Melbourne financial writer. Most countries have been fairly successfully managing their currencies in the difficult circumstances existing, but as the effect of devaluation wears off in foreign markets.pressure is likely to be exerted to induce further deMC* ciatibn in the exporting countries. This is where the danger lies when the world departs "from an international measure such as gold. Financial authorities in London have been urging for a long time that steps should _be taken to bring about currency stabilisation, ibe question is surrounded by difficulties, both political and economic, but ns all countries have had prolonged experience of currency complications, another international conference might achieve some good, especially as the suggestion ttr

ELECTROLYTIC ZINC IMPROVED OUTLOOK A possibility that the llosebery mine of the Electrolytic Zinc Company of Australasia Limited, on the most coast of Tasmania, would bo in -operation by the end of the year was .mentioned by the general manager of the company, Mr 11. St. John Somerset, on a recent visit to the mine. He said that prospects of commencing work at llosebery were brighter than they had been for some time. Prices for metals had improved materially, and if. no important change occurred in the position the company might be able to begin work when power became available from the new line being constructed by the hydroelectric commission. Mr Somerset said that when the mines were operating the zinc concentrate produced there would replace portion of the tonnage now being drawn from the Broken Hill mines. The chairman of the company, Sir Colin Eraser, said at the last annual meeting that .provision of electric power was being made at the mines so that the company would be in a position to begin operations there as soon as ; the condition of the metal market warranted it. Apparently that time has nearly arrived', and the outlook is regarded as being more promising than it has been for some time! The average sterling price of spelter in March was £l2 3s 5d a ton, compared with £ls 2s tkl to-day; lead has risen from £ll 2s to £l4 10s a ton, and silver from 2s s|d an ounce fine to 2s 10|d an ounce fine, METAL MARKET Preu Association—Bv Telegraph—Copyright LONDON. June 3. The following aro the official metal quotations;— Copper: Standard, £3l 18s Ijd per ton: torward, £32 6s 3d. Electrolytic; Spot, £35 10s; forward, £35 10s. ’ •Wire bars, £3G 10s. Lead; Spot, £l4; forward, £l4 2s 6d. ■ Spelter: Spot, £l3 16s 3d; forward, £l4 2s 6d. , Tin: Spot, £228 .7s 6d; forward, £222 2s 6d, „ n Pig iron: Home trade, £3 7s 6d; export, £3 2s 6d. . Antimony: British, £76 10s; foreign, £49 10s. Molybdenite. £l. 14s Gd per unit. Wolfram, £1 10s. Silver: Standard, 33£d per oa; fine, 36 3-16 d. ,

M'ARJHUR TRUST LIMITED THE LATEST VENTURE “The M'Artlmr Trust Ltd., I .’ to which brief cable reference was made recently, has been registered in Queensland. <'£fae directors arc-'J. W. S. M‘Arthur. J. W. Watkins, and A. E. Eleischmann, and the bankers, Queensland National Bank. The capital authorised and present issue is £750,000 in 500,000 £1 4 percent. participating cumulative preference shares, and 500,000 10s ordinary shares. The shares are payable upon “ such terms as the directors may froni time to time determine, being not less than 5 per cent, on application, and 5 per cent, on allotment.” The preference shares will carry a fixed cumulative dividend of 4 per cent., with the right in any one year to participate in the profits of that year with the ordinary shareholders up to 10 _ per cent. The preference shares rank in priority to the ordinary shares as regards capital and dividend, “ but without any further rights to participate in the profits or assets.” •■ The directors will go to allotment when £4OO has been subscribed in preference and/or ordinary shares. Objects (among others): To acquire and'to hold for investment or otherwise, sell, exchange, mortgage, pledge, or otherwise dispose of or turn to account or realise upon and generally to deal in and with all forms of securities and ’ investments in any part of the world and to issue in exchange therefor or in payment thereof in any manner permitted by law, shares, stocks, bonds, debentures, or other obligations and securities of the company or to make payment therefor by any other lawful ! means of payment whatsoever; to borrow or raise money or secure the payment of money in such manner as tne company may think fit and in particular by the issue of debentures, debenture stock, assets, obligations, and securities of all kinds; to lend and advance money on assets of all kinds and give credit. to any company or person, on sncli terms as may bo thought fit and either with or without security ;■ to carry on the business of bankers.: capitalists, financiers._sharebrokers. '-real, estate agents, station and general agents, concessionaires, and merchants. The estimated capital outlay is £3oo, and working capital £2OO, and preliminary expenses £l5O , . Estimated income: The trust intends “to purchase a collective interest in a largo number of well-distributed investments, which should not only provide immediate income, but should m a few years ensure Substantial increase in the market value of tho investments held. . • “It is anticipated that as the trust progresses the rate of dividend will steadily increase with a Corresponding relative increase in inc value of the shares. Vendors’ consideration; No amount has been paid or is intended to be paid to any promoter. Contract: “ No material contract has been entered .into.” _ Preliminary expenses: These are to be borne by the company, and arc estimated at £l5O. SYDNEY WODL SALES KEEN COMPETITION Pres* Association—By Telegraph—Copyright SYDNEY, June 4. At five wool sales 11,048 bales were offered and 9,176 sold, while 323 were disposed of privately. Japanese and Continental buyers provided keen competition* and values were equal to the dosing rates of last week for all descriptions. Irregularity was still noticeable for doubtful yielding wools and short, faulty pieces. Greasy merino sold to IBd. The average price last week was £l3 13s 5d a bale, or 10.6 d per lb.

AUSTRALIAN STOCK EXCHANGES Press Association—By Telegraph—Copyright SYDNEY, June 4. On the Stock Exchange the investment market was fairly active. Detail trading and building shares were inclined to go higher, hut Government bonds were quiet.

THE SEARCH FOR GOLD AUSTRALIAN PRICE OF GOLD The price fixed by the Commonwealth Bank for gold, including jewellery, lodged at the Melbourne Mint for the week ended May 24, is at the rate of approximately £7 19s 7d per standard ounce, equal to a premium of 104.87 per cent. Payment is made according to the assay value of gold. The price is 81d lower on the week. The price per ounce fine is £8 14s Id, a fall of 9Jd on the week. BIG RIVER CLEAN-UP The secretary of the Big River gold mine reports that for April and May 512 tons of ore were crushed for 5460 z lOdwt of melted gold. The cyanide plant treated 250 tons of sands for 3Son ISclwt of bullion. The total estimated value is £3,600. In additipn, 10 tons Scwt of concentrates have been saved, valued at £350. In making the above estimates the value of gold was taken as being 150 s per fine ounce. INVESTMENT PROBLEMS POSITION OF MINING SHARES In the course of his address to shareholders in New Zealand Crown Mines Ltd,, in London, on March 15. the chairman of directors, Mr A. L. Foster, discussed the general investment condition in regard to mining securities. He said:— • • “Investment conditions have been, and indeed still are, undergoing radical changes ' and almost unprecedentedly low rates of interest are now becoming more or less quite usual. This factor at first affected only what are known as gilt-edged securities; it then spread to what are known as ‘ industrials ’ and ultimately to gold shares, which latter, not so very long ago. were looked at askance as almost outside the pale of legitimate investment, and in any case demanded a return of about 10 per cent, to allow for amortisation as a wasting asset. At the present time, partly due to the higher price of gold and to the ‘ consequent lengthening of the lives of the gold mines (through the bringing in, as payable under present conditions, of large bodies of lower grade ore which formerly were classed as'unpayable) and with the more generally realised stability of the gold industry, a quite common rate of interest is now not much more than about one-half of what was formerly demanded and expected. Such being the case the prices of many of the gold mining shares would appear to have appreciated to such an extent as to somewhat restrict the sphere for investment for any further rise of importance in price of many of the gold mining companies, and, incidentally, increases tlie difficulty of investing money with safety and yet bearing a fairly high rate of interest.”

DOMINION FERTILISER COMPANY'S ANNUAL MEETING GENEROUS PRAISE FOR DIRECTORATE High praise for the directors of the Dominion Fertiliser Co._ Ltd. lor the successful maimer in winch the company was being conducted was given at the annual meeting of shareholders in the Public Trust board room last night. There was a large attendance, over which Mr R. G. Hudson (chairman of directors) presided. A dividend of 4 per cent, was declared, but it vyas pointed out that farmers wore receiving dividends in two ways by supposing the company. CHAIRMAN’S ADDRESS. In moving the adoption of the annual report and balance sheet, Mr Hudson said he was glad to record a period ot substantial progress'in the history pi the company. The profit for the year, after full provision for depreciation, income tax, and all charges, amounted to £15,925 7s lid, representing an increase over last year’s figures of approximately £3,200. The company was now securing the benefit of interest from the investment of cash sums set aside in the previous years against depreciation and obsolescence of buildings, plant, and equipment, and in reduction of preliminary expenses. !ne total of such sums, at the beginning 01 the financial year, amounted to over £31,000, which was all represented by gilt-edged investments returning current rates of interest. For the year under review the directors had again written off, by way of depreciation, the sum of £7,460 Bs, which represented the full provision allowed by the income tax law. In addition to that sum, 'the directors had applied out of profits the sum of £3,500 to writing down of preliminary expenses and establishment account, reducing the only unsubstantial item in the bal-ance-sheet to £16,000. By these provisions the amount held on account of depreciation and obsolescence, and applied in reduction of preliminary expenses was increased to over £44,000. For the ensuing year substantial revenue should be earned by the investment of this sum. He felt shareholders

would approve whole-heartedly of the policy of the directors, both in making provision lor the maximum depreciation as well as writing off preliminary expenses as soon as reasonably might be. The setting aside of depreciation funds represented a wise and businesslike precaution against the inevitability of plant becoming worn out and obsolescent. ’ It was observed in every commercial undertaking that was conducted on sound and prudent lines, and the value of it had been demonstrated over and over again. The sums held by the company on account of depreciation and renewals should convince shareholders that the business of the company was being conducted on conservative lines. The company’s plant and premises, as originally designed and installed, were of a comprehensive nature. It was testimony to the thorough manner iri which the plant and premises were designed and erected that to date the company had not been called upon to expend any sums on capital improvements or extensions. By judicious expenditure out of revenue on repairs and maintenance the plant and premises were- kept in the .highest ;state of efficiency. • “ The company lias again paid out very substantial sums in railages, harbour dues, and rates and taxes. Gross railages, including sums charged do consumers, exceeded the sum of £15,800. Harbour dues paid to the Otago Harbour Board on inward and outward cargoes over the llavensbourne and Dunedin wharves exceeded £3,200. Apart from the debenture loan, the companv’s liabilities at -balancing date totalled' £9,457 3s _ lid. This sum included full provision for income tax payable in February next. On the assets side the company’s properties, plant, machinery, and equipment stand at the original cost, less the provision for depreciation already mentioned. Investments now shown as £45,719 Is 8d represent an increase of over £9,000 on Jbst year’s figures. Stocks at £58,962 7s 4d show’ a reduction of over £6,000. Sundry debtors, Jess reserve for doubtful debts, stand at £13,159, an increase of over £3,000 on iast year’s figures. It may interest shareholders to know that the whole of these sums was received by the company within two months of balancing date. Preliminary expenses now show in tho balance-sheet at*£l6,ooo, representing a reduction of £5,500. Money at call and short notice totals £22,159 16s lid. while the credit with the company’s bankers totals £7,266.” PRICE OF PHOSPHATES. Consumers would know that during the year under review fertiliser prices had remained constant, notwithstanding the reduction of tlio Government subsidy on superphosphate manures to 2s 6d per ton; that had been made possible by the reduced price charged by the British Phosphate Commission for phosphate rock. The efficient control by the British Phosphate Commission of the production and export of phosphate rock froni Nauru and Ocean Islands had resulted in rock costs being the lowest on record. Actually the cost of rock imported into New Zealand was to-day approximately 30 per cent, below prc : war costs. All reductions m price of rock , were applied either in reduction of price to the consumer or in'savings to the Consolidated Fund in the way of lower rate of 'subsidy. Consumers would appreciate that with the Government subsidy at the low figure of 2s 6d per ton it meant that the State had recently benefited

by lower rock costs. It might interest shareholders to know that the world production of phosphate was again rising steadily,- and that the figures for 1934 showed very substantial advances over 1933 and the preceding years back to. 1931. The world production for 1934 amounted to the colossal total ot 9,250,000 tons. That, he thought, was testimony that phosphates were recognised world-wide as the fertiliser par excellence, and he still expected in the South Island greater appreciation of the value of superphosphate with increasing trade and business to the company. The company was well prepared to meet every demand of trade. Ample stocks were always on hand, and. with the cooperation of the British Phosphate Commission, additional rock supplies to meet increasing trnde t could usually lie made available. During the year the British Phosphate Commission arranged for improved facilities for_ unloading cargoes at llavensbourne, with the result* that the company received into its works from the ship Inverbank, in I ebruary last, a record tonnage of 1,642 tons for one working day. The company had still ample reserve capacity on its manufacturing side, and if ever necessity arose for extensions the location and 'lay-out of the plant provided facilities at a minimum cost. The production of acid and fertilisers and the regulation of purchases of raw materials had continued under the control of Mr .H. Douglas Kerr. To Mr Kerr and the technical and works staff and to the secretaries must be given full credit for the successful onera'irms of the company. To the staff’ and workers of the company he expressed his appreciation of their efforts.

ACTIVITY OF'.SHARE' SALESMEN. “On two separate occasions during the year the directors have found it necessary to warn shareholders—particularly our farnter Iriends —of the activities of a certain class oi share salesman. The directors are particularly anxious that as many as possible of their farmer customers shall continue to be associated in the company. I would impress upon our farmer friends the value that the company has been to them, and, of course, the company recognises the value that they represent to the company. I hope that this mutual position may be maintained at all times. It will continue to everyone’s advantage if our farmer friends hold their investment in this company. I know of no better investment from the farmer’s point of view, “ To me it is a great pleasure to endorse the directors’ recommendation to pay an increased dividend for the year. The rate - which the directors recommend (4 per cent.) is still modest, hut it represents a substantial improvement on last year’s rate. Income tax is still a most considerable factor. It bears in a most unequal manner on small shareholders, which in tin's company comprise the great majority. If the Government in its wisdom would alter the incidence of taxation so that tax would be payable by the, individual according to his own particular graduation, instead of by the company on the highest scale, it would enable substantial increases to be made in the amount distributed by the company.”

FURTHER CONGRATULATIONS. Seconding the motion, Mr P. M’Skimming, M.P., said shareholders would agree that the balance-sheet was very satisfactory. The company was getting rid of the burden of preliminary expenses, which lor some reason or other, always appeared on the asset side of the balance-sheet, and it was only a matter of two or three years when that entry would disappear. In addition to the payment of, dividends, some sums had been set aside for reserves.. The full amount for depreciation allowed by the Income Tax Department was also set aside, and, that made a difference in the sum available for distribution. Income tax of almost 6s in every pound of profit also made a big hole in the funds. There was no doubt that if the output of the company increased, profits would increase at a greater ratio. He strongly advised farmers not to listen to plausible share commission saleshien who endeavoured to induce them to sell their holdings in the company. On no account should the farmers sell the company’s shares. (“ Hear, hear.”) A-s had been pointed out, the farmer received a good return, even if no dividend was shown in the balance-sheet. (“ Hear, hear.’ ) All farmers would realise that they had been getting a dividend apart from the company’s 'declarations, and all should be satisfied with their investments m a sound concern paying, at the P^ es f n J period of low interest, a dividend ot 4 nor cent Mr D. J. Ross (Hillgrove) congratulated the directors on the excellent year’s workings. He supported Mr M'Skimming’s remarks, and said that the farmers, were receiving better dividends by making greater iise ot. fertilisers, which improved their land, and bv bailing up the company s output. ‘The farmers received dividends both wavs. The directors were deserving of the thanks of every sbarehok.er for the manner in which they had carried out their work. Mr J. 11. Re vie (Crookston) also congratulated the board. As time went on the company would be one of the greatest factors ‘in building up the primary industry and the products of Otago ami Canterbury. Mr H. Smith (Southland) added his congratulations, and gave his personal experience of the value of the com-

pany’s products. . , , ... Mr M'Skiniming paid a tribute to the work of the staff, and stressed the valuable nerrioes of Mr Kerr. “ Without throwing any bouquets at ourselves, wo can say wo have made a success of the company,’ said Mr Hudson. in returning thanks tor the laudatory remarks. _ The motion was carried. DIRECTORS RE-ELECTED. The retiring directors (Messrs James Fletcher and R. L. Byars) were unanimously re-elected. Directors fees were fixed at the simi of £6OO, to be divisible as the board thought fit. Messrs J. W. Smcaton and Co. were re-elected auditors at the same remuneration as last year. INSURANCE PROFITS LONDON AND LANCASHIRE ■ Accounts for 1934 show fire premiums £2,842,102 (against _ £2,767,767 in 1933), marine premiums £1,023,781 (£858,310), and accident premiums £2,028,190 (£1,912,457), total of £5,894,073 (£5,538.534) _ Net underwriting profits (excluding interest) are; Fire £387,950 (£414,504). marine £133,936 (£128,336), accident £77,816 (£43,749), and fixed term assurance account £l.OlO (£402). total of £000.712 (£586,991). Interest on investments amounted to £490,014,' Appropriations include final dividend of 25 per cent., making 50 per cent, for year (unchanged) ; forward £2,204.928. Reserve funds, excluding capital paid up, amount to £10,949,319, or 185.77 per cent* of premium income.

THE SHARE MARKET

OUHEDIN STOCK EXCHANGE Tins morning’s call over was a very quiet one, there being little variation from yesterday’s quotations. ‘Sun ’ Newspapers were sold at 8s 4d. and there was reported business in Bank of New Zealand at £2 10s 9d. Westport Coals at £1 Is, New Zealand Newspapers ,at £1 19s 6d, and Bendigo Goldlights at Hid. A sale of Gillespie’s Beach was also reported after the call. Banking and insurance shares were fairly steady, ps also were meat shares. In the. loan and agency section buyers of Loan and Mercantiles advanced slightly, while buyers of Broken Hill Proprietary moved up to £2 15s 6d. Selling quotations for New Zealand Newspapers showed a slight easing, while buyers of ‘Sun’ Newspapers offered Bs, sellers asking 8s 6d. Buyers of New Zealand Paper Mills advanced a little, £1 14s 6d being offered. There was a •slight casing in Mount Lyells, while Mossy Creeks were sought for at 2s Bd. In the Government Loan -section there were buyers at’ slightly increased quotations in practically all stocks, but sellers were scarce. SALES. Reported.—Staples’ Brewery (late yesterday), £1 15s; Bank of New Zealand. £2 10s 9d; Westport Coal, £1 Is: New Zealand Newspapers. £1 19s 6d; Bendigo Goldligbl, lljd. On ’Change.—‘ Sun ’ Newspapers, 8s 4d. After Calk--Gillespie’s Beach, Is Sid. Quotations as under;— Buyers. Sellers

LONDON STOCK EXCHANGE Press Association —By Telegraph Copyright LONDON, June 4. (Received, June 5, at 11 a.m.) Bulolo, 151 s; New Guinea. 4s 4Jd; Bank of Australasia, £8 16s 10Jd; Bank of New South Wales, £23 12s 6d; Union Bank of Australia, £G is M; National Bank of New Zealand, 81s; Bunk of New Zealand 4, per cent., uls Gd; Bank of Now Zealand shares, 43s 9d; Loan and .Mercantile debentures, £94;. Loan and Mercantile ordinary stock, £24.,

DAIRY PRODUCE MARKET

IMPROVEMENT PREDICTED AN ENGLISH MERCHANT’S VIEWS f Per United Press Association.] WELLINGTON, June 5., “ It is difficult under modern international conditions to forecast the market very far ahead, as so many factors not known to-day may be operative to-morrow, and so upset all previous calculations, but as far as we are able to judge it does look as though dairy produce as a whole should remain on a somewhat higher basis than during the past two years,” said Mr F Warren, managing director of Messrs J and J. Lonsdale and Co. Ltd., dairy produce merchants, of London, who arrived with his wife and Son to-day on a holiday visit. Last year the imports of butter into England led to the greatest consumption in the history of the Mother Country, the average per head being 25.21 b. The figures for the four years before that were 23.51 b, 21.71 b, 201 b, and 18.71 b. The output of margarine continued to decrease, being down to 164,000. tons last year.. The total imports of butter from all sources were 485.000 tons, of which New Zealand supplied 28 per cent., seven more than iii ■ 1933, and Denmark 26 per cent., against 29 in 1933, the dominion thus heading the list of importations from abroad for the first time. The Australian supplies increased to 22 per cent., against 19 in 1933. • Home production had increased as the result of the erection of new factories, but farm production had decreased. It was estimated that the English production last year was 48,180 tons. Owing to drought conditions in Germany, .-that country was compelled to increase its imports in the latter part of last year, and' she was still importing greater quantities than at this time last year. . During January another factor came into the market in the demand for shipments to New York, the stocks in America being only 12,500 tons, against 40.000 on January 1, 1933. In regard to cheese, Canada had dropped to 2G,0il tons exported to Britain. Home production had increased to 50,000 tons. New Zealand's supply to the Home Country was 104,602 tons, Australia's 5,722, and only 13,090 came from the rest of the world.

£100 st*. N.Z. ... ... T.T. £124 £124 10/ O.D. £123 10/ £124 8,9 Australia— £A' to £100 £100 10/ N.Z. .. T.T. £101 Fiji— £F to £100 £89 N.Z. .. T.T. m 7/e New Xork — Collars to £1 3.99} 3.95} N.Z ... T.T, O.D. 4.00fc 3.95} Montreal— • Dollars to £1 3.95} N.Z ... T.T. . 3.99} O.D. 4.00} 3.95} Franc*— francs to £1 60.65 59.35 , N.Z. ... ... ... T.T. O.D. 60.95 59.40 Noumea— francs to £1 53.60 N.Z ... ... T.T 61.60 O.D 62.00 58.65 Papeete— ; '■ Francs to £1 ' 58.60 N.Z. ... ... ... T.T. 61.60 O.D 62.00 58:65 Belgium— Bellas to £1 .,. T.T. O.D. - 23.038 23.053 /Germany—Aeichmarks to £1 9.578 N.Z. ... ... ... T.T. — O.D. — 9.583 Italy— . ■ ■ ■ * Lire to £1 47.21 n.z. ... .:. T.T. : — ■■ O.D. — 47.25 Switzerland — francs to £1 12.361 11.961 N.Z ...T.T. O.D. 12.436 11.971 Holland— florins to £i 5.984 5.754 N.Z ... T.T O.D 6.034 5.738 Javaflorin* to £1 5.931 5.703 N.Z - ... T.T. O.D. 5.981 5.710 Japan— N.Z pence, to yen ... ... 1 .. T.T. 17 13-16 Shanghai— N.Z. ■pence to 1 25 3-32 Dollar ... ... T.T. 25 25-32 O.D. 25 21-32 25 1-32 India and Gey lor — ,N.Z. pence to rupee 1 ... T.T. ■m 22 23-32 O.D. ■ 22} ■ 22 21-32 Hongkong— N.Z. pence to dollar ... 1 ... T.T. 3-4 27-52 35 29-32 O.D. 34 23-32 35 27-32 Singapore— N.Z. pence to dollar 1 ... T.T. 34 9-32 •35- 7-32 O.D. 34 5-32 35 5-32 Sweden— Kroner to £1 ‘ 15.460 N.Z. ... T.T. 15.790 O.D. 15.830 15.470 Norway— Kroner to £1 16.200 15.870 N.Z. . T.T. O.D. 16.240 15.380 Denmark — Kroner to £1 18.208 17.878 N.Z. ... T.T. O.D. 18.248 17.8S3 Austria-**; *•? “ ■■ V. “ * f 1 '- Schillings to' £1 N.Z ... T.T. O.D. - 20.72 80.74 Czechoslovakia — Crowns to £1 95.01 N.Z. ... ... ... T.T. — . O.D, — 95.06

—Afternoon Sales. E.S. and A. Bank £j 5 0 Colonial Sugar Mercantile Mutual Insur<11 10 0 ance Australian General Insur1 5 3 ance ■ Australian Provincial As0 15 0 surance 1 1 0 Howard Smith 0 14 !) Burns, Philp . ;t 0 G Farmer’s 1 5 G Anthony Hordern ... ... 0 18 9 Lustre Hosiery _ 1 6 3 General Industries 0 18 0 Standard Cement 1 2 9 Mount Morgan 1 15 10iMount Lyell Mount Lyell (Now Zealand 1 0 4-1 delivery) ... ... 1 0 3 Broken Hill Proprietary 2 1-5 9 South Broken Hill 4 8 0 Zinc Corporation 1 18 G Bulolo Gold 9 12 0 Malitr. Nawar 0 14 6 Rawang Tin 0 7 5 Placer Development 27 13 0 Assam Tin 2 2 0 MELBOURNE, Commercial Bank of AusJune 4 1. tralia ... 0 15 3 National Bank (.£10 paid) 12 17 0 Gordon and Gotch ... ... 2 7 ' G Mount Lyell 1 0 4]

£ s. 3. .£ 9. d. BANKINGAustralasia “T11 16 0 New Zealand (cum div.) .;. .. 2 10 9 2 11 0 New Zealand (Lons “ D,” cum div.) ... . 1 14 3 Commercial 0 15 5 Commercial (pref.) — 9 14 0 National of Australasia (cont.) .. ..; ... — 6 5 0 ' Reserve (cum div.) ... — 6 15 0 Union ot Australia Ltd 9 0 0 — INSURANCENational i 1 1 4 New Zealand 3 10 0 Standard ...' 3 12 0 3 13 6 SHIPPING— P. and 0. Deferred Stock 1 0 3 U.SS, Co. (pref,. ex. div.) J ... 1 6 6 — HEAT PRESERVINGN.Z. Refrigerating (paid) . . — 1 0 6 N.Z. Refrigerating (coni.) 0 9 0 0 9 1 Southland Frozen (paid) — .3 17 0 Southland Frozen (cont.) — 1 18 6 VVaitaki Farmers’ Freezing 3 9 0 — LOAN AND AGENCY— National Mortgage (cum div.) 2 11 0 2 16 0 National Mortgage (“ B ” Issue, cam . div.) ...* 1 11 0 N.Z. Loan and Mercantile (ord.) ... 53 0 0 — Trustees, Executors and Agency 3 3 0 Wright, Stephenson (pref.) ... 0 19 3 1 . 0 0 COAL— Kaitangata 1 1 6 Westport 1 1 0 — MISCELLANEOUSBroken Hill Prcply. 2 IS 6 Brown, Ewing (pref.) — 1 4 0 Bruce Woollen Co. 1 6 Crystal Ice Co. ... 2 0 0 — D.I.C. (ord.) ... ... 0 15 0 — D.I.C. (pref.) — 1 6 0 Dominicti Fertiliser cum div ) ... ... 1 2 5 1 3 0 Dominion Fertiliser • Debs. ... ... 105 0 0 Dominion Rubber ... — 1 10 0 Donaghy’s Rope and 0 Twine ... ... ... 2 10 — Dunedin Stock Exchange Propr.ietry (ex div.) 2 1 6 Dunlop Perdriau Rubber 0 16 5 — Kaiapoi Woollen (ord.)' ... 0 15 3. Kaiapoi Woollen (cont.) ... — 0 5 3 Milburn Lime and Cement ... ... 2 4 0 — National Electric ... 0 9 6 — N.Z. Newspapers — 1 19 9 N.Z. Paper Mills ... 1 146 — ‘ Otago Daily Times ’ 2 8 0 2 12 6 Regent Theatre ... 0 17 0 — ' Sun ’■ Newspapers ... 0 8 0 0 8 6 Wool worth’s (ord.) 11 0 0 — Wool worth's (Sydney) — 4 11 0 BREWERIES— New Zealand 2 13 0 . 2 14 3 Dunedin ... — 1 10 0 AUSTRALIAN MINING— Electrolytic Zinc ! (ord.) ... 1 5 6 1 7 3 Mount Lyell 0 19 10 1 0 0 iOLD MINING— Bell-Hooper Bendigo Goldlight ... 0 — 0 0 2 0 11 o.o Hi Big River 0 o 5 0 2 6 Clutha River 0 r 8 — Gillespie’s 0 i 5 — Kildare 0 3 4 — Mataki 0 1 74 — Molyneux River ... 0 1 8 — Mossy Creek 0 2 8 — 6 Nokomai ... — 0 2 Okaritb ... 0 5 0 0 6 0 Oxenbridge ... • — 0 0 7 Sandhills — 0 0 7 Skippers ... 0 0 2 0 0 3 Waitahu ... 0 2 8 0 3 0 Worksop , ... ... ... __ 0 2 7 N.Z. GOVERNMENT LOANS— (Bonds quoted are £100 bond*.) . 3* p.c. Stock. 19381943 105 0 0 — p.c. Stock, 19390 ‘1943 105 0 — 31 p.c. 'Stock, 1941‘1943 105 0 0 31 p.c. Stock, 19330 1952 106 10 — 31 p.c. Stock, 19390 1952 103 10 — 31 p.c. ■ StocK. 19410 1952 ... ... 103 10 — 4 p.c. Bonds Jan. 15, 1940 ... 103 0 0 — 4 p.c. Stock, Jan. 15, 1940 103 0 0 — 1946 ... ... 107 15 0 108 15 0 4 n.c. Slock. Feb. 15, 1946 107 15 0 — 4 p.c. Bonds, April 15, 1949 .. 108 0 0 — 4 p.c. Stock, April 15, 1949 108 0 0 — 4 p.c. Bonds, June 15, 1955 ... .. ••• H2 0 0 — 4 p.c. Stock, Juno 15, 0 1955 112 0 —