Commerce, Mining, & Finance

Evening Star, Issue 22517, 9 December 1936, Page 8

Commerce, Mining, & Finance

WELLINGTON WOOL SALE TOTAL OF OVER 30,000 BALES AN ATTRACTIVE OFFERING |Fk Umw Prhi Ammutioh.] WELLINGTON December 8. A large quantity of wool will be dealt with at the Wellington wool sale to-morrow. Originally the quantity was fixed at 58,000 bales by the New Zealand Wool Committee, _ but so keen is the market and so satisfactory are the prices that the quantity has been raised to 30,008 bales. The qualities of the wool usually offered in this first Wellington sale consists of 36’s to 48’s counts, or low to good average cross-breds, and also lines of superfine cross-breds, half-breds, Romneys, Corriedales, Southdowns, and some merino. The wool coming into this sal© is reported by experts to be in bright condition and attractive to buyers. WOOL CONFERENCE H.Z. TO BE REPRESENTED THE SUBSTITUTE FRRRLEM {Per United Press Association.] WELLINGTON, December 8. Arrangements for a New Zealand delegation to visit Australia to attend a wool conference there in January were made at the initial meeting of the New Zealand Wool Publicity 'Committee to-day. The committee will be represented at the conference by the chairman (Mr H. M. Christie, M.P.), Mr Bernard E. H. Tripp (Timaru), and the Direcor-General of Agriculture (Mr A. H. Cockavne). The conference will be attended by representatives of the South African Wool Research Committee and the Australian-Wool Council. The committee to-day discussed some of the major problems facing the wool producers. It was felt that, while much could be done in New Zealand in connection with research and propaganda in the interests of wool, cooperation with similar committees in the other dominions and South America was necessary. In view of the present high prices ruling for wool, steps are to be taken to achieve this co-operation, for it was considered that the inevitable result of the present ■ high wool values would be to strengthen the position of the manufacturers of substitutes for pure wool. SYDNEY WOOL SALES Ftsm Association—By Telegraph—Copyright SYDNEY, December jB. As the wool sales 13,909 bales were offered, and 10,917 sold,” while 1,591 were disposed of privately. The market was strong for best descriptions, but there was irregularity in the case ‘of faulty types. Competition was mainly from Yorkshire, France, Germany, and the United States. Greasy merino brought np to 29|d. AUSTRALIAN STOOK EXCHANGES 1 Press Association—By Telegraph—Copyrighi SYDNEY, December 8. Nervousness is still apparent on the Stock Exchange, but buyers are ever ready to avail themselves of bargains. MORNING SALES. £ s. d.

MELBOURNE, December 8. The bond market was slightly easier, but leading industrials were firm on fairly quiet trading. Barriers and mining were little changed.

WHEAT COST INVESTIGATION

FIRST MEETING OF COMMITTEE [Per United Press Association.] CHRISTCHURCH, December 8. The first meeting was held to-day of the Wheat Cost Investigation Committee. Mir J. S. Barton is chairman of the committee, and associated with him are Dr Weston (Lincoln College), Messrs L. J. Schmitt (in charge of the Department of Industries and Commerce), R. M‘Pherson, A. Grant, H. Worrall, C. S. Sapsford, and D. O. Williams. Evidence will bo heard at Damaru, Waimate,/Timaru, Ashburton, and Christchurch in that order, the aim being to get the available information from all the areas where wheat is grown. The sittings will not be open to the Press, and all the evidence will be treated as confidential. Accountants and solicitors will be allowed to appear to assist witnesses. If so desired, the committee will visit farms also, and may hear evidence there. The committee’s desire is to obtain all the information possible on wheat. On the conclusion of the sittings the committee will submit its report to the Minister of Industries and Commerce (Mr Sullivan), who is chairman of the Wheat Committee of New Zealand. PRICE OF GOLD Press Association —By Telegraph—Copyright. ' LONDON, December 8. (Received December 9, at 2 p.m.) Fine gold is quoted at £7 Is 9d per ounce. TUNG OIL MINISTER ADVISES CAUTION In view of the interest being taken in tung oil in New South Wales, the Minister of Agriculture (Mr Hugh Main), in a statement issued recently, said that it was desirable that those who were contemplating planting should be informed as fully as possible of the prospects. Many producers were desperately seeking new forms of production owing to the poor returns from established industries, but it would be very unwise for them to take up anything new and incur expenditure in doing so unless they satisfied themselves that there was a reasonable prospect of bettering their ■positions. As a guide, the following estimates of costs of production and returns were given. The cost of land, its preparation and planting, and caring for the trees until they reached the commercially productive stage at about five years was estimated at £4O per acre, * The annual costs when the trees are in bearing were estimated as: Interest on £-10 at 5 per cent., £2; ploughing once, 10s; cultivation four times, 12s; fertiliser, 16s; labour in applying fertiliser, 4s; depreciation on costs of establishment, 12s; picking up fruit and bags, £1; or a total of £5 13s. With freight on fruit to mill, and cartage to rail, say, 17s, the total cost per acre would be £6 10s. It was estimated that the return per acre would be in the vicinity of 4001 b of oil. Tung oil was worth £9O per ton, or 9id per lb, in Sydney to-day. Six tons of fruit produced one ton of oil; thus one ton of fruit was worth £l6 per ton gross. ■ Growers could expect to obtain a return of about 55 per cent, of the oil value; 2,4001 bof fruit per acre produced 4001 bof oil. The gross value was £l6 Is 6d per acre for the fruit. (Fifteen whole fruit weigh 11b; 2,4001 b of fruit contains, .therefore, 36,000 whole fruits. This gave some indication of the work involved in picking up the fruit from the ground. On this basis 2,4001 b of fruit would return to the grower, when oil was at £9O per ton, £8 16s lOd per acre. With working expenses at £6 10s, the surplus to growers would be £2 6s lOd per acre. Mr Main added that these figures indicated that uncertain and disappointing as the position was in regard to citrus and other fruits, the prospects of tung oil being successfully produced were still more uncertain, and prospective growers were advised to consider them carefully and to exercise the utmost caution before incurring any material expenditure or in tying up their land by plantings. BRITISH TOBACCO PROFITS INCREASE The-directors of British Tobacco (Australia) Ltd. report for the year ended October 81, 1936, that dning the year four interim dividends, aggregating 7 per cent., have been paid on the ordinary shares —viz., II per cent, on December 31, 1935; 15 per cent, on March 31, 1936; per cent, on June 30, 1936; and 2 per cent, on September 30, 1936; and there is now available a balance of £36,612 18s Id, made up as follows : —Not profits for the year, after deducting all charges and expenses for management, etc., and providing for income tax, are £667,761 Os sd. Deduct preference dividend for the year of 6] per cent., £96,507 ss, leaving £571,253 15s sd, from which deduct four interim dividends on ordinary shares aggregating 7 per cent., £569,412 2s 7d, leaving £1,841 12s lOd. Add the amount brought forward per last balance sheet, £34,771 5s 3d, and there is left an available balance of £36,612 18s Id, which the directors recommend should be carired forward. The above figures do not include the company’s interest in the undivided profits of the subsidiary companies. The net profit last year was £585,949, and the ordinary dividend was 6 per cent. Shares in subsidiary companies are valued at £7,722,192. DOLLAR AND FRANC Press Association—By Telegraph—Copyright LONDON, December S. (Received December 9, at 2 p.m.) The dollar is quoted at 4.903. The franc is quoted at 105 3-16.

JAMAICAN ORANGES REGULATION OF PRICES [Per United Press Association.] WELLINGTON, December 8. Regulations issued under the Board of Trade Act to-night fix the price of Jamaican oranges at 32s 6d a case wholesale in Auckland, Wellington, Christchurch, and Dunedin; and in other places at 32s 6'd, plus transport and incidental charges. The retail price is also fixed, ranging from four to seven a shilling, according to size. Retailers must mark oranges for sale or exposed for sale showing the classification per case. STOCK EXCHANGE PROTECTING INVESTORS The Premier of New South Wales (Mr 13. H. Stevens) said in reply to a question in the Legislative Assembly that he would consider a suggestion for legislation to protect the investing public against possible default by members of the Stock Exchange. Notice was given to move that a select committee should bo appointed to inquire into the constitution of the Sydney Stock Exchange and the methods of its members in and about share transactions, including those on behalf of clients and dealings on their own behalf. Mr Sanders asked the Premier if he would “ ascertain the position of clients who aro involved in a crash brought about by a defaulting member of the Sydney 'Exchange. Will he also ascertain under what authority or constitution the Sydney Stock Exchange operates, and, if necessary; introduce legislation, as was done in the case of the Legal Practitioners Bill, to give security to the investing public against the possibility of members defaulting?” Mr Sanders asked the Premier whether he would bring down a Bill that would embody the principle governing the London Stock Exchange to prevent members operating as “ jobbers ” as well as brokers. The Premier, replying, said: “ I know that certain things have been happening. They have engaged the attention of my department, and inquiries have been made. The suggestion will receive consideration.” NEW LINERS TRADE EXPANSION Two new 20,000-ton passenger liners will enter the Australian trade in 1938, said Mr John Macmillan, managing director of the Shaw, Savill, and Albion Company Ltd. and the Aberdeen and Commonwealth Line Ltd., London, who is visiting Australia, and will come to New Zealand. Mr Macmillan said that the Shaw, Savill, and Albion Line and the Blue Funnel Line (Alfred Holt and Co.) would each build a new liner for their joint service to Australia via South Africa. Detailed specifications were now being drawn up for the vessels, and it was expected that the keels of the two ships would be laid down in Great Britain shortly. Mr Macmillan was not prepared to say the speed for which the _ vessels would be designed, but he said that they would be very fast. The terminal ports of the new liners would he London and Sydney, and calls would be made on both inward and outward passages at Teneriffe, Cape Town, and Durban. ■ BUTTER BOXES SUPPLY AND EQUALISATION MEASURES [Per United Press Association.] WELLINGTON, December 8. A statement about the substantial increase in the prices of butter boxes for the current dairying season and the supply and equalisation arrangements for 1937-1938 was made to-day by the Minister of Agriculture (the Hon. W. Lee Martin) as Acting Minister of Marketing. He emphasised that even had the Government not implemented its policy of increasing wages and reducing hours prices would have increased to the present level as a result of the development of a scarcity of white pine timber in the North Island. Regarding supplies for the 1936-38 season, the Minister stated that the Government had secured precedence for the requirements of the North Island box factory over prior Australian commitments, and had thereby not only avoided an acute shortage of boxes for the present season, hut had already commenced negotiations for -ensuring an adequate supply of South Island white pine to meet the North Island deficiencies during the 1937-38 dairying season. It was also proposed to institute a stay order in respect to the type of butter boxes to be used fqr the 1937-38 season, by which the dairy factories now using Saranac and substandard boxes would continue to use the same type of container as during the 1936-37 season.

In conclusion, the Minister added: ‘‘The Government believes that its actions have been dictated by the necessities of the situation and are in the best interests of the producer. Although the present scheme is now limited to the 1936-38 period, the Government has already initiated inquiries aimed at a long-term solution of all the relevant problems, as a result of which it is anticipated that regularity of future supplies will be assured, and that tho quality of the boxes will be improved and prices reduced.”

MAKURA'S FRUIT CARGO

[Pci; United Press Association.] WELLINGTON, December 8. The correspondent of the United Press Association writes as follows from Rarotonga : Tho Makura, wliidi left Rarotonga on December 1, «*rried approximately 5,000 cases of bananas, for which the growers were paid 9s (id a case in tho shed and 10s on the wharf. A shipment of tomatoes was also sent, most of which were on consignment. Prom now until the beginning of April or late in March the main fruit exports will be bananas Jn March and April oranges will be ready for shipment. The following officials, who are going on furlough, travelled to New Zealand by the Makura: —Captain A. A. Luckham, Resident Agent at Aitutaki; Captain E. C. Vellenoweth, Resident Agent at Mauke; Misses T. Butler and A. Pierard. Mrs A. C. Bouchier and Mr C. E. Mosse, who are returning to New Zealand, were made presentations before their departure by the Makura. BUTTER MARKET Press Association—By Telegraph—Copyright LONDON, December 8. (Received December 9, at 11 a.m.) Butter is slow. Salted choicest New Zealand, 104 s; Kangaroo, 101 s to 102 s. Unsalteds, 116 s and 114 s. THE SEARCH FOR GOLD BLACKWATER MINES The return for November is as follows : Crushed 3,247 tons, yielding 1,310 fine ounces of gold from all sources, the value of which, taking gold at 142 s per fine ounce, is £9,302. Working expenses were £6,840, leaving a working profit of £2,462. Development expenditure was and capital expenditure was £395. Review of development work carried out during the month: —No. 13 level; South drive advanced 103 ft, of which tho first 73i't was on reef averaging 16dwt in value and 24in in width. The next 24ft was in blank, and the remaining 6ft of progress w T as on reef of an avei’age value or 14dwt and average width of 22in. No. 13 level: North drive advanced 68ft on reef averaging ISidwt in value and 22in in width. No. 12 level: Winze at 1,770 waS> sunk 27ft on reef averaging 16idwt in value and 16in in width. Winze at 2,825 was sunk 21ft, of which the last lift averaged BJdwt value and 24in width. No. 11 level: Rise at 135 ft advanced 37ft in country rock. The intermediate level from winze at 90ft in No. 10 advanced 12Jft on reef averaging lOJdwt over 24in width. The winze at 2,620 in No. 10 was sunk 28ft in blank, the reef having been cut off by a dyke, but is now showing in bottom of winze. BULOLO DREDGING PROFITS An estimate of prospective profits, and dredging life of Bulolo Gold Dredging Limited (New Guinea"), was given by Mr C. A. Banks, managing director, who presided at the annual meeting of the company in Vancouver recently. Mr Banks said that as the additional dredges came into production the operating profit should gradually increase to between. 4,500,000 and 6,000,000 dollars in Canadian currency annually. Dredging would continue for 17 or 18 years. Based on known gravel reserves, several dredges would close down in about nine years, but some additional yardage might be developed in the meantime. PLACER DEVELOPMENT AN IMPROVING OUTLOOK. At the annual meeting of Placer Development Limited (New Guinea), in Vancoucer, recently, Mr C. A. _ Banks, managing director, said that an increase In dividends from tho Bulolo Company might later be expected, as that company’s; earnings should substantially increase as further dedges were installed. Pato Consolidated Gold Dredging Limited, in which Placer Development now owned a 40 per cent, interest, was installing four new dredges, making six in all, and a 10.000 horse-power hydroelectric plant. ‘The operation should develop into one of the large dredging enterprises of the world. An operating company would be formed to take over the Colombian Restrepo Options, on which it was considered several dredges would be warranted. _ ' Of the other subsidiaries, the Asnazu Gold Dredging Limited had recently declared a first dividend of 5 per cent. Rutherglen Gold Dumps Limited (Victoria) had also declared a first dividend of 5 per cent. Placer Development Limited had recently acquired some additional slum dumps, on which another treatment plant of 500 tons daily capacity should be operating about next Slay. REGENT THEATRE DIVIDEND The Regent Theatre Company announces an interim dividend of 2J per cent., payable to-morrow.

SHARE MARKET

DUNEDIN STOCK EXCHANGE SHILLINGS LTD. SELL AT PREMIUM The opening to-day of the Dunedin store of Shillings Ltd. was accompanied by a rather sharp rise in the value of the shares on the local market. Some time ago these shares were quoted several shillings below par, but this morning a sale was effected at 21s following persistent buyers during the last few days at par. Sales were also recorded in Mount Morgans at yesterday’s selling price of 15s 6d, and later improved to 15s Bd. Bank, insurance, and shipping shares failed to attract much attention. In the meat section Refrigerating paids were easier at 20s 2d, while the contributings were inclined to harden after yesterday's loss of a few pence. Goldsbrough, Morts were practically unchanged, and in the miscellaneous group the outstanding movement was the hardening of values in the case of Australian Glass and Broken Hills, and the easing tendency of G. J. Coles. Woolworth ordinaries were for sale at £6 14s ex rights and cum dividend, but no buyer was attracted. The Sydney "issue had a wider market from £7 12s to £7 16s. Closer markets were experienced by several Australian mining issues, and business was recorded in Electrolytic Zinc ordinaries at the weakened price of 46s 6d, and in Mount Morgans, the latter closing with no seller under 15s lid. Mount Lyells were also, fractionally firmer. Reported business in two of the 4 per cent, issues of Government loans reveals tho weakness in this section of the market. SALES REPORTED. New Zealand Refrigerating (paid), £1 0s 2d. Electrolytic Zinc (ord.), £2 6s 6d. Four per cent Stock (1946-49), £lOl 10s. Four per cent. Stock (1952-55), £lO3 10s. SALES ON ’CHANGE. Mount Morgan, 15s 6d (2); 15s Bd. SALE AFTER CALL. Shillings Ltd., £1 Is. Quotations as under:—

DIVIDENDS DUE Placer Development—lnterim, 50 cents (Canadian) Dec. 10 Golden Sands—lnterim, 15 per cent. Dec. 10 Bulolo Gold —Interim, 1 dol 40 cents (Canadian) Dec. 10 Wellington Meat Export—pref. at 6 per cent, per annum Dec. 10 New Zealand Loan and Mercantile—s per cent, cum pref., at 5 per cent, per annum, for 18 months ended December 31, 1933 (less English income tax) Dec. 10 Traders’ Finance, Auckland—pref. half yearly 5 3-5 per cent, per annum; ord. 5 per cent. per annum Dec. 11 Austral Malay Tin—6d (sterling) Dec. 11 Broken Hill South—Quarterly, 2s 6d a share Dec. 11 Kauri Timber—s per cent Dec. 12 Bank of New Zealand—lnterim, at rate of 10 per cent, per annum ord. shares, and at 7 per cent, per annum long-term D mortgage shares Dec. 12 Mount Lyell—Final, Is 6d a share, making 10 per cent, for year Dec. 12 Gordon and Gotch—l2 per cent. per annum Dec. 13 National Tobacco, Napier—pref. 8 per cent., crd. 124 per cent. Dec. 15 Wellington Gas—pref. 2£ per cent. or 5 per cent, per annum ... Dec. 15 Woolworths (N.Z.) Ltd.—Final pref., at 9 per cent, per annum; final ord., at 122 P er cent, and bonus of 5 per ceut. Dec. 15 Guinea Gold—9£d Dec. 16 Goldsbrough, Mort —Interim, at 4 per cent Dec. 16 Nemona Gold Dredge—second of Id per share Dec. 16 P. and O Deferred —4 per cent, per annum (less English income tax) Dec. 17 Blackwater Mines—interim, Is (sterling), tax free Dec. 17 Consolidated Goldfields—final, 6d (sterling), tax free Deo. 17 Devonport Ferry—interim, 24 per cent Dec. 17 Eonpibon Tin—Pref., Is pec share; ord., IOJId per share Dec. 17 Bentong Tin—ls Dec. 18 Mossy Creek —Id _ Dec. 18 Dominion Breweries—ord. and pref. 8 per cent, per annum ... Dec. 18 Hume Pipe (Far East)—interim at 10 per cent, per annum ... Dec. 19 Kanmunting Tin—l2 per cent. (less British income tax) ... Dec. 22 Sulphide Corporation Pref., Zs per share; ord., 9d per share Dec. 22 P. and O. Deferred—4 per cent. per annum North Kalgurlie share (sterling, less English income tax) ... ... Bee. 28 Morris, Hedstrom—lnterim, 2£ per cent. Dec. 30 British Tobacco—Quarterly, 2 per _ cent. Dec. 31 Zinc Corporation —2nd half fixed cum pref., 2s; interim, 2s 6d on both pref. and ord Jan. 1 National Bank of New Zealand — half-yearly at the rate of 4 per cent, per annum (free of tax) equivalent to £4 18s lOd per cent, per annum in New Zealand currency Jan. 5 G. J. Coles—ord. Is per share ... Jan. 15 Victoria Nyanza Sugar—3 per cent. Jan. 27 FOREIGN EXCHANGES ON NEW ZEALAND CURRENCY BASIS The Bank of New South Wales, Dunedin, quoted the following rates for purchase and sales of foreign exchanges (all rates subject to alteration without notice) Buying. Selling. London—

DOLLAR RATES. The Associated B,anks (other than the Banks oE New South Wales) quoted the following dollar rates to-day on a New Zealand currency basis. They are subject to alteration without notice: — U.S.A. Canada. (Per £1 N.Z.) (Per £1 N.Z.) SELLING— T.T. (dol) 3.93 i 3.93 O.D. (dol) 3.93 J 3.93 j BUYING— T.T. (dol) 3.96 J 3.96$ O.D. (dol) 3.98 A 3.97 j ANTWERP FUTURES Press Association—By Telegraph—Copyright LONDON, December 8. (Received December 9, at 11 a.m.) Antwerp futures are firm. January, 31J; March, 32i; May, 32*.

Commonwealth Bonds— 3| per cent., 1942 .... ,.. 101 0 0 3J per cent., 1949 ... ... 97 17 6 3 per cent., 7/8/47 .., ... 99 15 0 4 per cent., 1938 .... ... 102 8 9 4 per cent., 1941 .... ... 100 11 3 4 per cent., 1944 ... ... 100 16 3 4 per cent., 1947 ... ... 100 17 6 4 per cent., 1950 101 5 0 4 per cent., 1953 ... ... 101 10 0 4 per cent., 1955 101 17 6 4 per cent. 1961 100 17 6 Bank of New South Wales 33 12 6 Tooth’s ... 2 14 3 Anthony Hordern ... ... 0 18 3* Australian Glass 4 9 0 Broken Hill Proprietary ... 4 0 9 Broken Hill Pty. (new) ... 3 9 0 Colonial Sugar 43 2 6 Mauri Bros ... 3 10 6 AFTERNOON SALES. £ s. d. Bank of' New South Wales 33 15 0 Com. Banking of Sydney ... 20 7 6 Colonial Sugar ... 43 2 6 Burns, Phi Ip ... ... ... 3 14 9 Australian Gas A ... ... 7 7 0 British Tobacco ... ... ... 2 6 0 Tooth’s ... ... .... ■... 214 6 Coles ; ... ... ... 4 11 6 Goldsbrough, Mort ... ... ■ 1 16 6 Mort’s Dock 0 13 7 W. H. Soul ... 4 5 0 W. B. Carpenter ... 2 4 0 Spencers ... ... 0 6 3 Gordon and Gotch ... ... 2 13 6 Victoria Nyanza ... ... ... 0 14 8 Mount Morgan 0 15 7* Mount Lyell 1 17 0 Broken Hill Proprietary ... 4 1 3 South Broken Hill ... ... 1 18 0 North Broken Hill 3 0 9 B'awang (New Zealand delivery) 0 10 7 Placer Development ... ... 5 0 0 Peninsular Tin 1 8 6 Pungah Tin 1 12 0

£ s. d. Com.'Bank of Australia ... 0/ 19 6 National Bank (£5 paid) ... 7 9 0 B.S. and A. Bank 6 0 0 Carlton Brewery 3 3 0 Coles 4 10 9 Australian Iron and Steel (pref.) .. % 1 5 9 Australian Glass 4 11 3 Electrolytic Zinc ...' 2 7 6 (prof.) 2 10 0 Victoria Nyanza 0 14 6 Mount Morgan 0 lo 8 Mount Lyell 1 16 9 Broken Hill Proprietary ... 4 1 3 North Broken Hill ..." ... 3 0 9 South Broken Hill 1 17 6 Zinc Corporation 6 0 0 Emperor 0 19 0 Loloma v. ... .m. mi 1 3 3

Buyers. Sellers. £ s. d. £ S. d. BANKING— New South Wales ... — 35 10 0 Commercial 0 19 0 — E.S. and A 5 17 0 — National of New Zealand 3 2 0 — INSURANCE— National — 0 18 6 Standard — 3 0 6 SHIPPING— U.S.S. Co. (prof.) ... 1 6 3 — MEAT PRESERVING— N.Z. Refrigerating 6i (paid) «•* ••• N.Z. Refrigerating 9 6 1 0 (cont.) 0 0 9 8 Waitaki Farmers* Freezing 4 2 0 — LOAN AND AGENCYGoldsbrough, Morb ... 1 IS 3 1 16 3 Mortgage Corporation 3§ p.c. Stock — 98 10 0 National Mortgage ... 2 10 0 3 0 0 N.Z. Loan and Mercantile (ord.) 32 0 0 40 0 0 N.Z. Guarantee Corporation ... 0 5 3 — Perpetual Trustees ... — 3 4 0 Trustees, Executors, and Agency 3.12 0 ■— Wright, Stephenson (ord.) ... 0 18 3 COAL— Kaitangata 1 2 0 — Westport 1 1 6 — Westport-Stockton (ord.) ... 0 1 6 0 2 0 WOOLLEN COMPANIES— 9 Bruce (ord.) — 0 13 6 Bruce (pref.). — 1 3 0 Kaiapoi (pref.) — 0 17 9 MISCELLANEOUS— Associated News — 1 3 9 Associated News (prof.) — 1 5 9 Australian Glass 4 9 0 — Broken Hill Propritary 4 0 0 — Broken Hill Proprietry (cont.) 3 8 6 3 10 6 Brown, Ewing (ord.) 0 18 0 — Brown. Ewmg (pref.) 1 2 3 — Consolidated Brick ... — 0 11 1 Crystal Ice Co 2 4 0 2 8 0 D.I.C. (prof.) 1 3 6 — Dominion Fertiliser ... — 1 4 6 Dominion Fertiliser Debentures 105 0 0 — Dominion Rubber ... 1 8 0 Dunedin-Kaikorai Trams — 1 17 0 General Industries ... 0 18 0 G. J. Coles 4 9 0 4 10 6 Hume Pipe 1 0 6 —, Mort’s Dock 0 13 3 0 13 10 M'Lcod Bros — 32 10 0 National Electric — 0 15 6 N.Z. Farmers’ Fertiliser — 1 0 0 * Otago Daily Times ’ 2 5 0 — Regent Theatre 1 1 3 — Woolworths (ord., ex rights) — 6 14 0 Shillings Ltd 1 0 0 — BREWERIES— New Zealand ... ... 2 12 0 2 13 0eStaples’ 1 16 0 — Dunedin 1 9 3 Carlton 3 2 0 — UNLISTED STOCKSWoolworths (Sydney, ord.) 7 12 0 7 16 0 AUSTRALIAN MINING Electrolytic Zinc (pref., £1) 2 8 9 2 9 6 Electrolytic Zinc (ord., £1) ... ... 2 6 6 2 7 6 Mount Lyell (£1) 1 16 8 1 16 10 Mount Morgan (2s 6d) 0 15 7 0 15 11 Rawang Tin (10s) ... 0 10 0 —■ Placer Development 5 1 0 GOLD MINING— Big River (Is) _ 0 2 0 Clutha River (2s) ... 0 2 5 — Consolidated Goldfields (4s) Gillespie’s (Is) 0 15 0 — — 0 1 6 Mossy Creek (Is) ... 0 i 3 — 7 Maori Gully (is) ... — 0 0 Nokomai (5s) ... ... — 0 2 9 Okarito (5s) 0 6 0 4 6 Paddy’s Point (5s) ;.. 0 £ 4 0 2 10 Sandhills (Is) _ — 0 0 3 Waimumu Sluicing (Is) 0 0 6 0 0 8 Waipapa Beach (Is) 0 0 9 0 0 10 Waitahu (5s) — 0 2 0 Worksop (Is) 0 1 5 “ N.Z. GOVERNMENT LOANS3j p.c. Stock, Nov., 1938-52 101 0 0 — p.c. Stock, March, 1939-43 — 102 10 0 3t p.c. Stock, Sept., 1939-43 102 10 0 3i p.c. Stock, March, 1941-43 101 0 0 — 3£ p.c. Stock, Sept., 1941-43 101 0 0 —- 31 p.c. Stock, Mav, 1941-52 101 0 0 — 3£ p.c. Stock, Nov., 1941-52 101 0 0 — 4 p.c. Bonds, 1937-40 100 15 0 — ‘ 4 p.c. Stock, 1937-40 100 15 0 — 4 p.c. Bonds, 1943-46 101 0 0 — 4 p.c. Stock, 1943-46 101 10 0 — 4 p.c. Bonds. 1946-49 101 ,0 0 — 4 p.c. Stock, 1946-49 101 5 0 — 4 p.c. Stock, 1952-55 103 0 0 —

£100 stg. 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/ Fiji£F to £100 £89 N.Z T.T. £90 7/6 New York — Dollars to £1 3.93* N.Z. .. T.T. 3.96i O.D. 3.97* 3.93| Montreal— Dollars to £1 3.93* N.Z. .. T.T. 3.96| O.D. 3197* 3.93| Austria— Schillings to £1 *20.60 N.Z. ... T.T. — O.D. —- 20.62 Belgium— Belgas to £1 23.158 N.Z. ... T.T. O.D. — 23.169 Czechoslovakia— Crowns to £1 N.Z. ... T.T. 110.43 O.D. — 110.48 Denmark— Kroner, to £1 N.Z. .. T.T. 18.203 17.893 O.D. 18.263 17.903 France— Francs to £1 84.23 N.Z. ... T.T. — O.D. — 84.27 Germany— Reichmarks to £1 N.Z. ... T.T. 9.721 O.D. — 9.726 Holland — Florins to £1 N.Z. ... T.T. — 7.193 O.D. —• 7.197 Italy— Lire to £1 N.Z. ... T.T. ■ 74.59 O.D. 74.64 Java — Florins to £1 N.Z. ... T.T. 7.153 O.D. — 7.157 Norway— Kroner to £1 N.Z. ... T.T. 16.181 15.891 O.D. 16.241 15.901 Sweden— Kroner to £1 N.Z. ... T.T. 15.785 15.490 O.D. 15.845 15.500 Switzerland— Francs to £1 N.Z. ... T.T. — 17.661 O.D. — 17.666 Noumea Francs to £1 N.Z. ... T.T. — 82.86 O.D. — 82.92 Papeete— Francs to £1 N.Z. ... T.T. 83.01 O.D. — 83.07 Hongkong— N.Z. pence to 1 dollar ... T.T. 18 11-32 18.27-32 O.D. 18 5-16 18 53-64 India and Ceylon— N.Z. pence to 1 rupee ... T.T. 22 3-8 22 21-32 O.D. 22 11-52 22 41-64 Japan— N.Z. pence to 1 yen ... T.T. — 17 15-32 O.D. 17 29-64 Shanghai— N.Z. pence to 1 dollar ... T.T. 17 7-8 18 3-8 O.D. 17 27-32 18 23-64 Singapore— N.Z. ponce to 1 dollar . ... ... T.T. 34 23-32 35 13-64 O.D. 34 5-8 35 3-16 Chefoo— N.Z. pence to 1 dollar ... T.T. 17 7-8 18 1-2 O.D. 17 53-64 18 31-64