Commerce, Mining, & Finance

Evening Star, Issue 22085, 19 July 1935, Page 12

Commerce, Mining, & Finance

METAL MARKET P re« Awociation—By Telegraph—Copyright LONDON, July 17. The following are the official metal quotations;— Copper.—-Standard, £3l 14s 4Jd per ton; forward, £32 Is 10id. Electrolytic.—Spot, £35 sa; forward. £35 10s. Wire bars, £35 10s. r Lead.—Spot, £l4 7s 6d; forward. £l4 8s 9d. , ' • Spelter.—Spot, £l3 16s 3d; forward,, £l4. Tin.—Spot, £232 17s 6d; forward. £224 12s 6d. Pig Iron.—Home trade, £3 7s 6tl; export, £3 2s 6d. Antimony.—British, £74 10s;; , Wolfram, £1 lls. Silver. —Standard, 30 3-16 d per ■ o*; ine, 32 9-16 d. MEAT AGREEMENT CHORUS OF SATISFACTION [fit Uiitb Fans Amocmtiok.] AUCKLAND, July V - ‘ The opmion that the result oi . ... negotiations of the Prime Minister, (inr Forbes) and the Minister of Finance (Mr Coates) concerning the supply of meat from New Zealand to the United Kingdom was eminently satisfactory from the point, of view of the New Zealand producer was expressed by the Minister of Industries' and Commerce (Hon. R. Masters) on his arrival from the south to-day. Mr Masters is to return to Wellington to-morrow. “ It will be remembered,” the Minister said, “that the original intention of the British Government was not only . to restrict supplies by means of a ' quota, but also to impose a levy on all meat entering the United Kingdom.In view of the very heavy exports of * lamb and mutton from this Dominion, the imposition, of both a quota and a , levy would have undoubtedly proved a drastic toll on the supplies from New Furthermore, it must be borne in mind that the levy was intended for the protection of beef produced by United Kingdom agriculturists. Had the principle of a levy been maintained and insisted" upon the amount of the levy payable by New Zealand on a basis of the exports of all classes of meat would have been greater than that payable by the ustralians. ' “In view of the fact,” Mr Masters continued, “that the arrangement now made provides for the importation of lamb and mutton without a levy, and also that the quota arranged is in ex- ' cess of the amount provided for in the Ottawa year, New Zealand has every . reason to be satisfied with the excellent • result of the negotiations. Moreover, there is a considerable increase m the quantity of beef which we - are permitted to ship, and this will have a very far-reaching effect so far as our dairy farmers are concerned, inasmuch as the. restrictions placed on the export . of bobby calf meat will be relieved, and this will reflect itself in very appreciable benefit to the dairy industry. WELLINGTON, July 18. Speaking at the New Zealand Farmers’ Union Conference, Sir William Parry, deputy chairman of the" Meat Board, said that ah important fact atood out in that the agreement was a . continuance of the Ottawa spirit. But for that spirit New Zealand would never have achieved the results she, had; Although only a short-term agreement had been entered into, in the meantime, he thought that New Zealand need have'no fear as to the future if that spirit could be carried on. Taking it right through, the whole meat position seemed to him to be very satisfactory indeed, and, after all the uncertainty of the past few months, it was great relief to find that things had now been straightened out so .much in New Zealand’s favour.

RAILWAY WORKING ACCOUNT FOUR-WEEKLY PERISD [Pma United Pem« Association.! WELLINGTON, July, 18. The General Manager of Railways, Mr G; H. Mackley, announced to-day on behalf of the Government Railways Board, the financial results of the railway working Jor the third four-weekly Seriod of tin present financial year, ‘or the four weeks ended June 22 there was an increase in the gross revenue of £25,741, compared with the same period of last year, and an increase in expenditure of .£25,359, making an increase in the net revenue, or £382. The gross revenue for the period was £478411, and. the expenditure £437,642, making a net revenue of £40,469, as compared with £40,087 for the corresponding period of last year. ,The‘ total revenue figures for the three periods this year are £1,550,880, compared with £1,491,644 last year, the total expenditure figures being £1,286,416 and £1,228,535 respectively, leaving a net revenue of £264,464 for 1935 and £263,109 for 1934, which latter year did not include the 5 per cent, increase in salaries and wages, amounting approximately to £36,000 for the three periods this year. BUTTER AND CHEESE fun Association —By Telegraph—Copyright LONDON, July 18. July 19, at 11 a.m.) Butter is firm and active. Danish, 1025./ Choicest salted New Zealand. 89s to 90s; Australian, 86s to 87s. Unsalted—New Zealand, 94s to 965; Australian, 88s. Cheese is quiet. New Zealand coloured, 43s 6d; white, 445; Australian, both 41s to 425, and exceptionally good 42s 6d.

LONDON WOOL SALES KEEN COMPETITION FOR BETTER GRADES Fren Association—By Telegraph—Copyright LONDON, July 18. (Received July 19, at 10 a.m.) At the wool sales 9,958 bales were offered, including 6,038 from New Zealand. About 7,574 bales of Australian and New Zealand wool were sold. There was keen competition for better grades of merino cross-breds at full rates. Inferiors were somewhat irregular, Russia was buying greasy cross-breds at hardening rates. New Zealand scoured merino, “ RR/T,” top 21id, 21|d: slipe half-bred lambs, “ Belfast,” 15jd and 13jd. AUSTRALIAN STOCK EXCHANGES Press Association—By Telegraph-Copyright SYDNEY, July 18. On the Stock Exchange a" reaction after the recent general strengthening was noticeable to-day, and sellers showed >at disposition to take_ profits. Buyers, however, were still active, and the turnover was again of large dimensions. Bank shares were still in request, while scrip of retail trading companies went higher.

NEW GUINEA GOLD SHARES Press Association—By Telegraph—Copyright LONDON. July 18. ' (Received July 19, at 10 a.mi) New Guinea gold shares are quoted at ' 4s : 3d. THE NEW ZEALAND TOUR i Press Association—By Telegraph—Copyright LONDON, July 18. (Received July 19, at 11 a.m.) James Parks has accepted the invitation to tour New Zealand with the Marylebone team. CHRISTCHURCH GAS COMPANY The directors of the Christchurch Gas Company yesterday declared an interim dividend of 3 per cent, for the half-year ended June 30. The annual dividend for the last three years has been 6 per cent. BULOLO SHARES ft * f'riM Association—By Telegraph—Copyright LONDON, July 18., (Received July 19, at 11 a.m.) Bulolo shares are quoted at £7. BEET SUGAR Prw Association—By Telegraph—Copyright LONDON, July 18. (Received July 19, at 1 p.m.) Beet sugar, August, 4s 3id. DAIRY PRODUCE Messrs A, S. Paterson and Co. Ltd. have received the following cable from London:—Butter: Market dull. Danish, 82s; landed cost, 103 s; New Zealand, 89s to 90s; Australian, 87s. Cheese: Market dull, declining. White cheese, 43s 6d; coloured, 435. Messrs Dalgety and Co. have received the following cable from their London office, dated July 18: —The butter market is firm. The cheese market is slow. Quotations: Danish butter, f.0.h., 80s; New Zealand finest butter, 89s to 90s; Australian finest unsalted butter, 87s; Australian finest salted butter, 87s; Australian G.A.Q. butter, 83s to 84s; Australian cheese, white, not quoted; Australian cheese, coloured, not quoted; New Zealand cheese, white, 43s 6d to 445; New Zealand cheese, coloured, 43s to 43s 6d; Canadian cheese, white, 62s to 645; Canadian cheese, coloured, 52s to 645; Canadian cheese, c.i.f., 49s to 80s.

FRENCH BANK RATE Press Association —By Telegraph—Copyright PARIS, July IS. (Received July 19, at 10 a.m.) * The bank rate has been reduced to 31 per cent.

THE SEARCH FOR GOLD JONES NEVIS SLUICING The annual report of the Jones Nevis Sluicing Company Ltd., to be presented at the second annual meeting of shareholders, on August 2, states as follows: A profit of £1,282 16s Id for the year ended June 30 is reported. Two paddocks were completed. The first paddock yielded a return of 2350 z 9dwt, and the second paddock yielded 2150 z 6dwt. A start lias been made with the stripping of the third paddock ready for the commencement of work next season. The heavy snowfall on the high country caused the water race contractor to cease the construction work of bringing in the water race to harness the Deep Creek water supply. Difficulties were experienced in the construction of the new race, but, although there has been additional expenditure, the result will be a better supply. The contractor expects to complete the construction work shortly after the coming season allows of a resumption of work. The profit for the season (£1,282 16s Id), together with the balance of profit from the preceding season (£589 10s 7d), makes the total of undistributed profits £1,872 6s Bd, This profit is very satisfactory, as the claim has not yet had the benefit of the use of the high-pressure water from Deep Creek, upon which over £4,000 has been expended. The directors recommend the payment of a dividend of 5 per cent, on the paid-up capital. This will cost £Bl2 17s 6d, leaving £1,059 9s 2d to be carried forward to next year. The retiring directors, both of whom are eligible for reflection, are Messrs James Black and Edwin Yarcoe.

GOLDEN DAWN RETURN The Golden Dawn Company reports that for the 12 working days ended •July 8 855 tons of ore were treated for a return of £1,775 at £7 2s a gold ounce. MAORI GULLY \ The Maori Gully Gold Dredging Company reports that the dredge is now halfway through first narrow part of claim. After passing through this part, which will be this week, the dredge will enter a wider area until the gorge proper is reached, possibly in six to nine months’ time. ADDISON RETURN fPae Ukited Pkssb Association.} WESTPORT, July 19. The Addison return for the fortnight ended July 13 was 220 z 7dwt for 36 shifts. ■ BRADFORD MARKET press Association—By Telegraph—Copyright LONDON, July 18. (Received July 19, at 11 a.m.) At Bradford the upward movement in merino tops has been checked, top makers finding it difficult to make the last advance. Cross-breds are firm, with a hardening tendency. # Quotations:—Seventies, 32}d; sixty-fours, 31d; sixties, 29}d; fifty-sixes, 2Qd; fifties, 15d; forty-sixes, 12Jd; forties, iOid. . THE RESERVE BANK ASSETS AND LIABILITIES - \ [Pan Uhitbd Press Association.} WELLINGTON, July 18. The ‘Gazette’ issued to-night contains the following statement of the liabilities and assets of the Reserve Bank of New Zealand as at the close of business on July 15. The figures at the close of last week are given for the purposes of comparison, shillings and pence being omitted: — LIABILITIES.

PRICE OF GOLD Press Association—By Telegraph—Copyrigl.' * LONDON, July 18. (Received July 19, at noon.) The price of gold is quoted at £7 Os lljd per ounce.

THE STOCK EXCHANGE

SALES THIS WEEK ON ’CHANGE. ' Banking.—Reserve, £6 9s 6d. Insurance.—National,' £1 Is lOd. Meat Preserving.—N.Z. Refrigerating (cont.), 9s 9d (two), 10s. Miscellaneous.—N.Z. Paper Mills, £1 14s 3d; Dominion Fertiliser, £1 3s 6d. Australian Mining.—Mount Lyell, I9s 6d (two). REPORTED. Banking.—Commercial Bank of Sydney, £18; Reserve, £3 9s 6d (three); E.S. and A., £5 2s 6d, £5 3s; New Zealand, £2 12s; Union, £9 Os 9d, cum div. Insurance.—South British, £4 18s 3d (two). Shipping.—t/.S.S. (pref.), £1 7s 6d. Meat Preserving.—N.Z. Refrigerating (cent.),. 10s (two); Refrigerating (paid), £1 Os 9d (two). Coal. —Westport, £1 2s (four). Miscellaneous. —Milburn Lime, £2 7s (two); Associated News, £1 3s _lojd; N.Z. Newspapers, £1 18s 6d; N.Z. Farmers’ Fertilisers, £1 Os 6d (two); Dominion Rubber, £1 8s 6d. Breweries.—New Zealand, £2 14s 7d, £2 14s 9d. Australian Mining.—Electrolytic Zinc (pref.), £1 15s; Mount Lyell, 19s 6d; Mount Morgan, £1 17s; North Broken Hill, £6 15s. Gold Mining.—Goldfields Dredging, 3d; Kildare, 3s; Bendigo Goldlight. lOd (two). Government Loans. —3£ per cent. Stock (1938-52), £lO7 17s 6d; 4 per cent. Stock (1952-55), £lll 15s. • Unlisted Stocks.—Quartz Mountain, 5s 7d (two); Otago Farmers’ Co-op (3s 4d paid), 2s 6d; Jones Nevis, Bd. : THIS MORNING’S BUSINESS. Reported.—Union .Steam Ship\ (pref.), £1 7s 6d; Refrigerating (cont.), 10s; Consolidated Brick, 10s 6d (late yesterday); National Electric, 12s; Farmers’ Fertiliser, £1 Os 6d (late yesterday). On ’Change.—Refrigerating (cent.), 10s; Broken Hill Proprietary, £2 19s. COMPARATIVE FIGURES

b, buyer; s, seller; c, cum dir.; e, ex dir,

DOLLAR AND FRANC Pres* Association—By Telegraph—Copyright LONDON, July 18. (Received July 19, at noon.) The dollar is quoted at 4.96 and the franc at 74 11-16. GOLD EXPORT TAX “A MERCILESS FARTHER M “ The Government is not only a substantial, but it is a merciless partner in our business, because it matters not to the Government whether we make profits or losses," said Mr R. T. Tosswill, chairman of directors of Golden Sands Limited, in criticising the operations of the gold export tax, at the annual meeting of Golden Sands Limited, held m Christchurch last week. Mr Tosswill said that in New Zealand there were large areas of' low-grade gold-bearing country which, with the present price of gold, would go a long way to help the country out of its difficulties, and could be mined profitably. The Government had given an assurance that it was doing everything possible to provide work for the unemployed, but if it were actually in earnest in endeavouring to increase gold production and minimise unemployment it should be sympathetic to the often expressed opinion that the gold tax should be abolished. “ The gold tax is tantamount to o tax on capital if this speculative business is conducted at a loss,” said Mr Tosswill. "In a little over two years the Golden Sands Company has paid just on £I,OOO by way of gold export tax. This represents 25 per cent, of our contributed capital, and nearly 15 per cent, of our total capital.” A resolution was passed urging the Government to abolish the tax*

AUSTRALIAN MARKETS Press Association— By Telegraph—Copyright SYDNEY, July 18. Wheat: Country sidings, 2s 3d for bagged and 2s 2*d for bulk, equal to about 2s lOd and 2s IOJd ex trucks, Sydney. Flour, £lO 7s 6d. Bran and pollard, £5. ' Potatoes.—Tasmanian, £l2 to £l4; Victorian, £l2. Onions, Victorian Brown; £lO 10s. Maize.—Yellow, 3s lOd; white, 4s. ADELAIDE, July 18. Wheat, growers’ lots, 2s Bd. Flour, bakers | lots, £lO 17s 6d. Bran, £5. Pollard, £5 2s 6d. , Oats, Algerian, Is 9d. Barley, 2s 6d. MELBOURNE, July 19. (Received July 19, at 10 a.m.) Wheat, 3s. ' Flour, £lO 7s 6d. Bran, £4 15s. Pollard, £5. Oats, 2s 3d. Barley, English, 2s 7d to 3s. Maize, 4s 6d. Potatoes, £lO 15s to £ll. ’ Onions, £9 ss. SYNTHETIC RUBBER Remarkable progress in the manufacture of synthetic rubber is claimed by German chemists, and experiments made with motor car tyres are stated to have been satisfactory. The question of wholesale production is largely influenced' by considerations of cost. As long as it was necessary to employ carbide of calcium as the base of the new product, the price for the first materials was sometiines as much as 50 per , cent, higher than that of the natural rubber. On the other hand, it is quite possible that a substitute will be obained as a by-product in the hydrogenation of coal at a price which will make the manufacture ..of synthetic rubber a practical proposition.

THE LOAN CONVERSION MINISTER EXPLAINS TRANSACTION LABOURITE “ VERY MUCH AT REA " (Pn Unras Fua AaMOUTiba.] WELLINGTON. July 18. The Acting Minister of Finance (thfli Hon. Adam Hamilton) stated to-day that he had noticed a £ress report ..of a statement emanating from -Mr T. H. M'Combs, the Labour candidate for the Lyttelton by-election, regarding recent loan conversion operations in Londoh. Mr Hamilton remarked that Mr M'Combs was very much at sea as to thfe true position. In the case of tha New Zealand conversion a cash issue was made at 3 per cent, at 98J, which gave a return to the investor of £3 2s per cent, over the full currency of the new loan (£2O years), whereas tha India loan, to which reference was made, was issued at 98,, with interest at 3 per cent., returning to the investor £3 3s pier cent, over the full period of 17 years, compared with £3 2s 3d in New Zealand’s case for the corresponding term. “It will thus be seen,” said the Minister, “ that the New Zealand loan was a slightly more favourable transaction than that of India.” In regard to the suggestion that the New Zealand Government threw away £140,000 on the transaction, Mr Hamilton went on to say that he was unable to understand this statement, as it would be impossible by any practical method to have done what Mr M'Combs suggested. The New Zealand loan certainly advanced ! i per -cent, on the London market, quotations, but the cabled reference to quotations being made at i per cent, premium did not mean that the stock was settling at £IOO ss. but that it had advanced i per cent, on the original issue price, that was from £9B 10s up to £9B 15s, such advance clearly indicating the popularity which New Zealand issues enjoyed on the London market. This popularity enabled the Government to effect the conversion on terms actually more favourable than those of the recent India loan.

FOREIGN EXCHANGE ON NEW ZEALAND CURRENCY NASI* The Bank of New South Wales, Dunedin, quoted the following rates'for purchase and sales of foreign exchange (all rates subject to alteration without notice) Buying. Selling*

DOLLAR RATES. The Associated Banks (other than the Bank of New South Wales) quoted the fol. lowing dollar rates to-day on a New Zealand currency basis. They are subject t* alteration without notice:— \ U.S.A. CANADA. (Per £1 N.Z.) (Per £1 N.Z.J SELLING— T.T. (dol.) ... ... 3.974 3.97| O.D. (dol.) 3.97| 3.984 BUYING— * O.D. (dol.) 4.024 4.02 J RUSSIAN ORDERS FOR STEEL Further .contracts for steelwork* ' plant and machinery have been booked by a Sheffield firm. One is for the supply to the Russian Government of complete foxing and rolling plant foe the production of 36,000 tons of rail# way tyres a year. The plant will include a 3,000-ton hydraulic press* roughing and finishing mills, marking and rectifying presses, charging machines, hydraulic pumps and accumulators, and other auxiliary machinery# A contract for the supply of a large [hydraulic press for the heavy forging department of a Continental steelworks has also been secured#

AFTERNOON SALES. £ 8. d. Bank of New South Wales 32 12 6 Commercial Bank of Sydney .... 18 12 0 National Bank (£5 paid) 6 10 6 Union Bank 9 7 6 Bank of Australasia 11 4 0 Associated News 1 3 3 Automatic Totalisators ... 1 0 3 Australian Gas A 8 4 0 British Tobacco ... ... ... 2 0 3 Tooth’s ... ... ... ... ... 2 15 6 Toohey’s ... ... ... ... 1 10 6 G. J. Coles ... 3 2 6 W. R. Carpenter Australian Iron and Steel 2 2 6 (pref.) ... ... ... ... X 4 74 Dunlop Perdnau 0 16 44 (pref.) 1 12 9 Goldsbrough, Mort Morris, Hedstrom ... 1... 1 1 10 1 3 9 Greater J. D. Williams'... 0 7 11 Electrolytic Zinc : 1 8 0 Anthony Hordern ... ... 1 0 14 Farmers ... • ... 1 8 0 General Industries ... ... 0 19 9 Henry Jones ... 1 17 6 Mount Morgan ... ... ... 1 17 0 North Broken Hill 6 16 6 Broken Hill Proprietary ... 2 19 9 Bulolo Gold 8 15 0 Larut Tin ... ... 0 11 3 Placer Development 31 12 6 MELBOURNE, Julj 18. National Bank (£10 paid) 13 0 0 Bank of New South Wales 32 6 0 G. J. Coles ... 3 2 6 Gordon and; Gotch ...• ... 2 5 0 South Broken Hill ... ... 4 10 6

Last Week. This Week. 1. Paid-up capital .£500,000 £500,000 2. General Reserve Fund 1,000,000 3. Bank notes 9,008,515 9,009,240 4, Demand liabilities—- 1 11,975,672 12,189,895 (b) Banks .. 4,048,041 4,007,093 (c) Other 20,323 22,867 5. Time deposits — — 6. Liabilities in cur rcncics other than New Zealand cur rency 7. Other liabilities ... 08.541 69.877 Total £26,584,749 ASSETS. 8. Reserve— 2,801,732 (a) Gold 2,801,732 (b) Sterling exchange 21,777,808 21.531,184 (c) Gold exchange ... — — 9. Subsidiary coin 139,896 187,610 l. Discounts— (a) Commercial and agricultural bills — — (b) Treasury and local body bills — — M. Advances— (a) To State or State undertakings _ — (b) To other public authorifics — — (c) Other — 12. Investments 2,094,075 5,094,075 13. Bank buildings — 20,147 11. Other assets 21,804 Total 1 * £20,835,317 £26,584,749 Proportion of reserve (No. 8 less No. 6) to notes and other demand Habilitiea 97.28% 97.27%

This Moraine. Last Week. Approx. Price Buyers. Sellers. Buyers. Sellers 12 Months Ago. £ 8. i. £ s. d. £ s. d. £ s. d. x. s. a. BANKING— Australasia - — 11 0 0 11 15 0 New South Wales ... 31 15 0 — — — 30 10 0 New Zealand 2 11 6 2 12 0 2 11 9 212 6 2 8 6e Now Zealand (Long D) . ... ... 1 12 0 — 114 Oe Commercial 0 16 8c 0 16 10c 0 16 6 0 16 11c 0 16 0 Commercial' (pref.) ... — 9 13 6 Commercial, Sydney — — 18 1 0 16 17 6 E.S. and A. ... ... 5 0 0 — 5 1 0 5 3 0 5 1 0 National of New Zealand _ 3 9 6 3 9 0 3 ii 0 3 17 0c National of Australasia — — — — 12 7 6 National of Australasia (cont.) ... ... 6 5 0 — 6 4 0 — 6 X 0 Reserve ... — 6 9 6 6 9 0 6 9 6 — Union of Australia . Ltd 9 .0 Oc — 8 18 0 9 3 0 9 17 0 INSURANCE— National 1 0 6 1 1 0 1 0 9 1 1 3 0 19 0 New Zealand ... ... 3 8 6c — 3 8 6c 2 19 9 South British 4 18 0 4 17 0 4 18 3 3 19 3 Standard ... 3 12 0 3 13 6 — 3 13 6 3 2 6 Queensland — — 3 9 0b A.P.A. 1 1 9 — 1 1 9 ■— 0 10 0 SHIPPING— Howard Smith _ 0 15 0 — *— Huddart, Parker (ord.) — — — —- 1 13 6 Huddart, Parker (pref.) 1 6 0 — 1 6 0 — 1 6 0 P. and 0. ■ Deferred Stock 1 1 0 1 1 0 — 1 0 3 U.S.S. Co. (pref.) ... 1 7 3 — 1 7 3 X 8 0 17 0 MEAT PRESERVING— Canterbury Co. (ord.) _ — 9 10 0 -- 10 0 0 Canterbury Co. > (pref.) — — — — 5 10 0 Gear Co — — — — 1 7 6 N.Z. Refrigerating , (paid) ... ... ... 1 0 8 1 1 3 0 19 7 — 0 19 4 N.Z. Refrigerating (cont.) ... 0 9 11 0 10 0 0 9 9 0 10 0 0 9 0 Southland Frozen (paid) — 3 15 6 — 3 12 0 Southland Frozen (cont.) ... _ — 1 19 0 1 15 3 Southland Frozen (pref.) 3 16 0 3 IS 6 — 3 10 0b South Otago Freezing 6 15 0 — 6 15 0 — 6 2 6 Waitaki Fanners’ Freezing 3 13 6 — 3 12 6 LOAN AND AGENCY— Dalgety and Co. 8 3 0 8 6 .0 8 5 0 8 12 6 Goldsbrough, Mort ... 1 9 9 1 8 ’9 — 1 10 6e National Mortgage ... 2 11 6 — 2 10 0 — 2 19 0c National Mortgage (“ B ” issue) 1 12 0 — 1 11 0 — X 11 9c N.Z. Loan and Mercantile (ord.) — 45 0 0 — 55 0 0 N.Z. Guarantee Corporation ... ... .. 4 0 5 8 0 5 11 ■0 5 8 — 0 4 5 Perpetual Trustees ... 3 4 0 — 3 4 0 — 3 2 6 Trustees, Executors, and Agency 3 4 0 — 3 4 0 — 3 5 0b Wright, Stephenson (ord.) 0 18 0 —- 0 18 0 — 0 18 3 Wright, Stephenson (pref.) , 0 19 10 — 0 19 2 1 0 0 COALKaitangata — 1 0 9 — 1 1 0 1 0 6 Westport 1 1 11 1 2 1 1 1 10 1 2 0 0 18 0 Westport-Stocktom (ord.) _ 0 1 3 0 1 8 0 S 0 Westporl-Stockton (pref.) — 0 4 3 — 0 ♦ 3 0 5 6 WOOLLEN COMPANIES— Bruce (ord.) ..., ... 0 13 9 0 13 0 — 0 10 0b Bruce (pref.) 1 1 6 1 3 6. — 1 3 9 1 1 3b Kaiapoi (ord.) 0 15 10 0 15 9 0 16 9 0 11 3 Kaiapoi (cont.) 0 6 0 0 6 3 — — 0 3 6 Kaiapoi (pref.) ... ... 0 18 9 0 19 3 0 18 0 0 19 9 0 18 0b Mosgiel 11 5 0 12 0 0 11 7 6 12 0 0 10 10 0 Wellington (ord.) ... — — — 5 5 0b Wellington (pref.) ... — — — 5 5 0b MISCELLANEOUS— Associated News — 1 3 9 — — Australian Glass — — — 2 8 6e British Tobacco — 1 19 9 — — 1 16 4 Broken Hill Proprietary ... — 2 19 6 — 3 0 0 2 4 0 Brown, Ewing (ord.l —. — — — 0 19 0b Brown, Ewing (pref.) — — 1 2 0 1 5 9 1 1 0b Colonial Sugar Co. .— — 43 5 0 — 66 0 0 Consolidated Brick ... — 0 10 9 — 0 11 2 — Crystal Ice Co 2 3 0 2 8 0 2 2 0 2 8 0 1 15 0 D.I.O. (ord.) — — 0 15 0 — 0 15 6 D.I.C. (pref.) — — — — 1 5 3 Dominion Fertiliser ... 1 3 0, — 1 3 0 1 3 6 0 19 3 Dominion Fertiliser (debs.) 108 0 0 108 0 0 — — Dominion Rubber ... — 1 9 0 1 5 6 Donaghy’s Rope and Twine ... 2 12 0 — 2 12 0 ■— 2 10 0 Dunedin-Kaikorai Trams 1 18 0 1 18 0 — 1 16 0b Dunedin Stock Exchange Proprietary 2 1 0 . — 2 1 0 2 2 0

Last Week. Approx. Price Buyers. £ a. d. Sellers. £ s. d. Buyers. £ s. d. Sellers £ B. ; 12 Months Ago. d. £ f. d. MISCELLANEOUS (Continued)— Dunlop Perdriau 0 16 3 0 16 4 0 18 0 Kauri Timber — — — 1 0 3 0 16 9 Milburn Lime and 0 2 6 0 2 7 3 2 6 2 7 3 - 28 — 0b M‘Leod Bros — — 33 0 0 — 0 0 11 9 0 10 6 — 0 5 6b N.Z. Drug Co 4 3 0 4 4 3 4 3 0 4 4 0 5 XI 0 N.Z. Farmers’ Fer1, 1 0 3 — 1 0 0 — 1 3 N.Z. Newspapers 1 18 0 1 19 0 1 18 0 1 19 0 1 9 6 ] N.Z. Paper Mills ... ‘ Otago Daily Times ’ 2 9 6 1 14 0 1 14 2 9 0 0 114 9 1 10 2 10 3 0 0b Regent Theatre — — — Smith and Smith 0b (pref.) . — 1 0 0 — 0 11 * Sun ’ Newspaper* ... — — 0 8 3 — Wilson’s (N.Z.) 9 9 0e Cement 1 17 9 — 1 17 — 1 Woolworths (pref.) — * 12 — — 2 0 0 Wooiworths (ord.) ... 12 0 0 ■ 0 0 “7 O 10 0 Woolworths (Sydney) 4 12 0 4 13 0 — 4 15 0 — Anthony Hordern ... 1 0 0 1 0 4 ’ BREWERIES— 2 13 Oe 2 14 3e 2 14 0c — 6 2 2 3c 1 15 9 — 6 1 15 1 8 3 Dunedin 1 9 0 —* 1 9 — 1 0 6 9 0 3 0 Timaru 0 8 11 — —" Tooth’s ..* -2 14 3 i — — 2 Carlton — — GAS— — 1 7 0 ' — i 6 6 Auckland (cont.) ... — — 1 0 0 — u iy 112 6 Christchurch — — 1 2 0 — AUSTRALIAN MINING — Electrolytic Zinc 1 14 6e 1 14 0 1 15 0c 113 6 Electrolytic Zinc ' 1 7 0c 1 7 0c — 1 4 3 / , 0 19 6 1 0 0 — 8 — 3e 1 1 7 Mount Morgan 1 16 10 1 17 4 1 16 I 17 — North Broken Hill ... — 6 16 0 6 15 0 —w Upper Watut * 0 4 6 — j GOLD MININGBendigo Goldlight ... . Big River Blackwater 0 0 9* 0 0 ia 0 2 3 0 0 0 2 3 2 0 1 0 u li s 0 0 1 0 1. IS 74 04 6s Brian Boris Charleston Gillespie’s Golden Progress 0 0 1 4J 0 3 0 1 54 0 0 3 0 0 0 1 9 5 0 0 0 1 3 110i 1 2s Goldfields Dredging 0 0 2i 0 0 Ojt 0 0 U Golden Point ... ... Golden Sands 0 710 0 3 1 0 0 "i 3 60 0 3 3 0 0 2 lls 2 lb King Solomon ... ••• Mahakipawa 0 3 8 0 3 10 0 3 1 6 8 0 o 3 11 0 7* 0 0 6 11 0 11 Molyneux River Mount David ... 0 0 J. 8 1 4 0 7 9 — Moonlight-Nelson Creek ... — 0 0 -i 0 0 5b Maori Gully ... ... Nevis Diesel Nokomai , ... Okaritq Oxenbridge 0 0 1 4 , 0 5 0 0 0 0 0 1J 2 0 6 0 0 7 1 0 0 5 0 0 0 0 0 2 6 0 o 5* 3 8 6 0 0 0 0 0 3 8 0 4 2 4 9s Sandhills ■ ... Skippers — 0 1 17 0 0 0 • 1 12 8 . Ob Waihi ... ... : Waitahu Waipapa Beach ... Worksop •> 0 7 9 0 0 3 1 0 5 0 0 0 2 1 2 9 ?. 0 0 3 1 0 5 4 0 .4 9 N.Z. GOVERNMENT LOANS— (Bonds quoted are £100 Bonds.; 31 p.c. Stock, March, 193643 105 5 0 — 105 5 0 - - 3t p.c. Stock, May, 1936-52 .107 5 0 — 107 5 0 — - 3i p.c. Stock, November. 1933-52 107 5 0 — 107 5 0 — - 3i p.c. Stock, March. 193943 ... 105 5 0 — 105 5 0 — - 3i p.c. Stock, Septem193943 105 5 0 — 105 5 0 — - 31 p.c. Stock, May, 1939-52 107 5 0 — 107 5 0 —4 - 31 p.c. Stock, March, 1941-43 ... 105 5 0 105 5 0 — - 31 p.c. Stock, September. 194143 ... ... 105 5 0 105 5 0 — - 31 p.c. Stock, May, 1941-52 107 s'o — 107 5 0 _ - 31 p.c. Stock, November 1941-52 107 5 0 107 S 0 — — 4 p.c. Bonds, 1937-40 4 p.c. Stock, 1937-40 4 n.c. Bonds, 1943-46 102 0 Oe — 104 0 0 — 102 0 Oe — 108 — 108 0 0 — 0 0 ' 4 p.c. Stock, 1943-46 4 p.c. Bonds, 1946-49 4 p.c. Stock, 1946-49 4 p.c. Bonds, 1952-55 4 p.c. Stock, 1952-55 108 0 0 — 108 * 108 10 0 — 5 0 108 10 0 — 108 111 10 0 — 5 ... - 111 5 0 111

London— £100 stir* N.Z. T.T. £124 £124 10/ O.D, £123 10/ £124 8/9 Australia— £A to £100 N.Z T.T. £101 £100 10/j Fiji— £P to £100 N.Z. ... ... T.T. £30 7/6 £89 New York— -Dollars to £1 N.Z. T.T. 4.014 3.97jr O.D. 4.02| 3.971 Montreal— Dollars to £1 N.Z T.T. 4.01f 3.98 O.D. 4.03 3.984 France— Francs to £1 59.31' N.Z. ......... ~ T.T. 60.61 O.D. 60.91 59.3* Noumea— Francs to £1 N.Z. ... T.T. 61.56 58.58 O.D. 61.96 58.61 Papeete— Francs to £1 58.58 N.Z. T.T. 61.56 O.D. 61.96 58.61 Belgium— Betgas to £1 23.248 N.Z. ... ... ... . T.T. ' ' — O.D. — 23263 Germany— Eeichmarks to £1 N.Z ... T.T. — 9.648 O.D. — 9.651 Italy— Lire to £1 47.48 N.Z. ... T.T. — O.D. — 47.50 Switzerland— Francs to £1 N.Z. ... ... >.. T.T. 12.363 11.963 O.D. 12.438 11.973 Holland— Florins f to £1 N.Z. ... T.T. 5.970 5.720 O.D. 6.020 5.724 JavaFlorins to £1 ■N.Z. T.T. 5.925 5.698 O.D. 5.973 5.702 Japan— N.Z. pence to 1 17 13-18 . yen T.T. — Shanghai— N.Z. pence to 1 23 15-19 dollar ... .. . *„T.T, . 221 O.D . 22i 23J India and Ceylon— N.Z. pence to 1 22 23-32 rupee ... ... T.T. m O.D. 224 22 21-32 Hongkong— '• N.Z. pence to 1 dollar T.T. 31 3-16 324 O.D. 31 1-16 32 3-19 Singapore— N.Z. pence to 1 35 5-38 dollar ...... T.T. 34 7-32 O.D. 34 3-32 55 3-32 Sweden— Kroner to £1 15.791 N.Z. ... T.T. 15.461' O.D. 15.831 15.471 Norway— Kroner to £1 15.878 . N.Z. T.T. 16.202 O.D. . ?. 16242 15.882 Denmark— Kroner to £1 17.878 N.Z. ... T.T. 18.208 O.D. 18.248 17.888 Austria-^-1 ■ Schillings to £1 T.T. 20.57 N.Z «• O.D. — 20.59 Czechoslovakia — Crowns to £1 94.85 N.Z. T.T. O.D. — 94.99