Commerce, Mining, & Finance

Evening Star, Issue 22618, 9 April 1937, Page 6

Commerce, Mining, & Finance

FINAL NAPIER WOOL SALE THE HAKE OF PRICES [Pee United Peess Association.] NAPIER, April. 8. The official range of prices at the wool sale is os follows : Southdown A—lßd to 194 d. Southdown B—Up to 17]d. Half-bred, 56-58’s — Average, 183 d to 20Jd. Half-bred, 52-56’s Average, 184 d to 19id. Inferior, 17d to 18d. Extra fine eross-bred, 48-oU s Super., 19d to 19|d. Average, 17|d to 18|d. Inferior, ISid to 16]d. Fine cross-bred, 46-48’s — Super., 19d to 20d. Average, 17Jd to 183 d. Inferior, 16d to 17Jd. Medium cross-bred, 44-46 s Super., ISid to 19id. Average, 17d to 18a. Inferior, 14d to 16d. Coarse cross-bred, 40-44 s Super., 19Jd to 204 d. Average, 18d to 19Jd, Inferior, 17d to 18d. Low cross-bred, 38-40 s—Average, 18|d to 19Jd. Hoggets—--52-54 ’s, 19d to 20Jd. 48-50’s, 183 d to 20Jd. 46-48’s, 18d to 19d. Lambs, Down, 17d to 19id. Fine cross-bred, 19d to 21d. Medium, 18Jd to 20Jd. Coarse, up to 184 d. Seedy and inferior, 9d to 144 d. Nedks — Super., 18d to_l9id. Average, 16d to 173 d. Inferior and seedy, 13|d to lo^d. Super., 16d to 174 d. Average, ■ 14id to 163 d. ■ Inferior and seedy, 12d to 14d. Bellies— ■ Super., 143 d to 16d. Average, 134 d te 144 d. Inferior and seedy, lOd to 13d. Crutchipgs— Super.; 14Jd to 164 d. Average, 134 d to 14id. . Inferior and seedy, lOd to 13d. Locks— ’> ; / Crossbreds, 84d to Hid. ‘ THE RESERVE BANK THE WEEKLY SUMMARY [Pee United Press Association.] WELLINGTON, April 8. The Gazette issued to-night contains the following statement of tie liabilities 'and assets of the Reserve Bank of New Zealand as at the close of business on April 5. The figures at _ the close of the!»previous " week are given for purposes of comparison, shillings and pence being omitted:— LIABILITIES. Last Week. This Week. £ £ „ 1. General Reserve .Fund J. 500,000 2. Bank notes 1 ' .... ... 13,1i9,2jj 13,073,07* 3 ‘ ... 7,887.810 7,188.600 b Banks ■... . ... 8,880,403 0,538,500 (c) Other ... 152-794 630.263 4. lime deposits “* 5. Liabilities in currencies other than ■ New Zealand currency . ... - G. Other liabilities ... *... 156,360 122,560 Total ... £31,756,750 £32.052,095 ASSETS. 7 ’ MoSTi 3.801.791 2,801,791 (b) Sterling exchange ... 19,098,003 19,272,055 fc) Gold exchange ♦... ~ 8. Subsidiary coin’ ... ... 153,308 146,758 9. Discounts— ' (a) Commercial -and agricultural bills —•— (b» Treasuiy and local body bills* •“ 10. Advanct*— (a) To State or State undertakings—(l) Daiiv industry account ... ... 6,329,783 G. 047,127 (2) For other 1 purposes ... ... 1,800,000 1,800,000 (b) To other public authordties • —' (c) Other ... ... 11. Investments ... 2,453,050 2,906,450 12. Bank buildings ... —■ 13. Other assets ... 119,854 78,813 Total ... ... ... £31,756,750 £32,052.995 Proportion of reserve (No. 7 less Nc. 5; to notes and other demand liabilities 72.758% 72.538% i SYDNEY MARKETS Press Association—By Telegraph—Copyright SYDNEY, April 8. Wheat: Bagged is quoted at 5s lOjd; bulk wheat, in the country, 5s 14d, equal to about 5s Bid, ex trucks, Sydney. : Flour, £l4. Bran, £6. Pollard, £7. Potatoes; Tasmanian, to £6; others, £5. Onions: Victorian Globes, £8 ss. Maize: Yellow, 5s Bd. , SYDNEY WOOL SALES Pres* Association—By Telegraph—Copyright SYDNEY, Aipril 8. At the wool sales 11,788 bales were offered and 10,410 sold, while 4,266 were disposed of privately. Prices for best descriptions were equal to the best point of the week. There was good general competition and greasy merino made to 31id. CONTRACTS FDR BRITAIN The British Department of Overseas Trade reports that the New Zealand Government has placed a contract with the General Electric Co. Ltd, for over 130 floodlights for use with various coloured lamps. These floodlights are to be used for illuminating the main Government buildings and the railway stations in Auckland, _ Wellington, and Christchurch! This is believed to be the largest-single order for electric discharge floodlighting yet placed in any part of the world. The Wellington City Council has placed a large , order for a centrovisory control apparatus with Standard '■ Telephones and Cables Lid., and an order for. feeder reactors with Reyrolle and Co. Ltd. Baker Perkins Ltd. have recently secured orders from variou: firms for bakers’ ovens amounting in value to the sum of £8,900.. Orders for water pipes have been placed by the Hokitika Borough Council with Stewarts and Lloyds Ltd.

LARGE PROFITS FEWER WORLD RETURNING TO NORMAL SPECULATION DISAPPEARING The possibility of largo profits being won and consequent opportunities for speculation is fading as the' process of recovery gathers strength, states the monthly review issued by Byron Moore, Day, and Journeaux, stock and 1 sharebrokers, Melbourne. Profits of 100 per cent, have disappeared and those of 50 per cent, must soon become rarities, for the world is getting back to normal and extraordinarily largo investment or speculation profits must disappear from the scene. Evidence of these facts Las been amply furnished in Australia in the last seven years, and American investments have offered an even more spectacular illustration. There have not been lacking examples on the usually stable London market. In a period of economic improvement and expanding prosperity there is a tendency to discount the future of popular stocks far too heavily. In Australia it has, fortunately, been far from general. • That it has been present at all ■is evidence that speculation has displaced caution. Australia has reached what may be termed the new normal, or, at least, it must be near at hand. Sensational profit-making does not belong to normal, and instances of sharp rises must become fewer and fewer. To believe otherwise is to displace judgment by hope, and to view the stock market as a vehicle for perpetual speculation instead of appreciating its real function as the market place for investments. Discussing the effect of speculation in stocks and, to a lesser extent, in commodities, the article states that so far it has not assumed serious proportions. That the tendency exists, however, and is growing is sufficient justification for uttering a warning note. - Thus far investors have not lost their heads. Only the presence of this speculative fever germ in some quarters makes a warning necessary. If the overseas gambling in commodities, and particularly metals, increases, the movement may possibly find a quick reflection in the share markets. Should such happen the wise investor will stand aloof. INTERNAL MARKETING BUTTER REGULATIONS ISSUED [Per United Press Association.] WELLINGTON, April 8. Extensive regulations issued to-night deal with the marketing of butter within the Wellington district. They will come into force on May 1. • The regulations provide that no butter shall be sold by any. person unless a license is first obtained from the Primary P.roducts Marketing Department. The terms on which a license shall be granted are set out. The department has power to- define the areas within which manfacturers or wholesale distributors may sell butter, and it may assign an area to a manufacturer or distributor. The rates of distribution. and allowances will bo gazetted from time to time. The prices at which butter in pound pats shall be sold wholesale are as follow:—First grade creamery butter, 13d; second grade creamery butler, 12jd; whey butter, 12Jd. The price of bulk butter is Jd less than the above prices. The returns that must be submitted to the department by manufacturers are defined, and the department has the right to inspect the books of a manufacturer at all reasonable times. The premises on which butter is kept must be approved as a cool store. Butter for sale must be branded or marked as required by the.regulations., TANAH BUI TIN COMPANY Tanah Biji Ltd., F.M.S., proposes to farm a company to work the Batang Beejuntai property. The testing of the area was completed eight years ago, and the directors’ report for the year ended March 31, 1929, stated that the final tests had proved 115,000,000 cubic yards and a recoverable value of .51b per cubic yard. The subsequent fall in the price of tin, and later still a disagreement with the vendors of the pro,petty, delayed the equipment proposals. The development of the Berjuntai project was receiving the full attention of the board, the chairman (Mr A. A. Henggeler) said' at the last annual meeting of the company, and though no definite announcement could be given until the future of the restriction of production scheme was known, the directors and the company’s partners, London Tin Corporation Ltd., had in view the potentialities of the area, as and when it couldi be equipped for profitable working. Last year Tanah Biji Ltd. reduced its capital from. £IOO,OOO to £37,500 by returning to 12s 6d per share, by issuing 150,000 of the 193,838 shares held in Rawang Tin Fields Ltd., making the shares paid to 7s 6d. The company 'holds also 25,000 shares of £1 each in Jelapang Tin Dredging Ltd. The chairman intimated at the annual meeting that it was not intended to continue ’the company’s original function of prospecting operations, and when the Berjuntai area had been disposed of they could consider winding up the company. London Tin Corporation has a halfinterest in the new venture in consideration of finance provided during the whole period the property had been retained. PRICE OF GOLD Press Association—By Telegraph—Copyright LONDON, April 8. (Received April 9, at 1.15 p.m.) Fine gold is quoted at £7 Is lljd per ounce. DOLLAR AND FRANC Press Association—By Telegraph—Copyright LONDON, April 8. (Received April 9, at 1.15 p.m.) . The dollar is quoted, at 4.894. Tim franc is quoted at 105 5-16.

AUSTRALIAN STOCK EXCHANGES Press Association —By Telegraph—Copyright SYDNEY, April 8. On the Stock Exchange investment shares were mostly .weaker and base metal shares were marked down heavily following a week of continued reaction. The turnover in all departments, however, was restricted. £ s. d. Bank of New South Wales 37 17 6 United Insurance 10 16 0 Colonial Sugar ... 45 10 0 Tooth’s ... ... ... .... ... 216 0 Tooheyls ... ... ... . ... 113 3 Australian Glass i.. 413 , 0 Wilcox Mofflin 0 14 0Claude Neon ... ... ... 2 14- 3 Meggitts ... ... 112 6 Cash Orders ... 1.19 9 Peters ... .;. ... 211 '0 Gibson and Howes 1 10 9 Electrolytic Zinc 219 9 (pref.) 3 10 Anthony Hordern 10 9 Standard Waygood 0 7 0 Mount Morgan 0 17 6 Mount Lyell 2 5 6 Rawang 0 12 4 Broken Hill Pty 4 3 9 South Broken Hill 2 9 3 MELBOURNE, April 8. The market generally was fairly steady, and Barrier stocks were easier. £ s. d. Commercial Bank of Australia 0 19 11 National Bank (£5 paid) 7 18 0 Coles ... ... ... 5 10 Dunlop Perdriau 113 (pref.) 115 0 Goldsbrough, Mort 1 17 3 Electrolytic Zinc 3 0 0 (pref.) 3 0 9 Yarra Falls 2 3 6 Melbourne Electric Stock 0 18 9 Mount Morgan ... 0 17 6 Mount Lyell 2 5 14 Broken Hill Pty 4 4 0 North Broken Hill 3 18 3 South Broken Hill 2 9 3 Zinc Corporation 7 16 0 Emperor 0 19 4 Loloma ... ... 1 4 0 THE SEARCH FDR GOLD ALEXANDER MINES LTD. The secretary of the Alexander Mines Ltd. has submitted the following report on the work done during March;— No. 6 Cross-cut,—Two shifts of two men have been employed for a footage of 81ft, making a total of 161 ft from the surface. The country passed through is good reefing country, pug, quartz, grit, and leaders in places. The face is-firm, the underlay being to the westward. Stoping.—Stoping has been confined to No. 5 level backs, no_ men being available to man the intermediate stopes. No. 5 stopes look well, the south end also opening up in good condition. A solid stope is being driven south of the main rise, and shows stone 3ft in width, with a little stone going underfoot. This stone appears to widen quickly overhead, and will give greater stoping length on this block. Battery.—During the month 408 tons were sent to the battery and 398 tons were crushed for a return of 183 oz 3dwt of melted gold. During the same period the cyanide department treated 258 tons of sands for SOoz Bdwt of bullion. The total estimated value was £1,598. In addition, 7.58 tons of concentrates were saved, valued at £223. (Note: In estimating the above values, gold has been taken at 145 s per fine ounce.) UNITED STARR-BOWKETT A meeting of members of tho United Starr-Bowkett Building Society was held in the secretary’s office last evening to dispose of £I,BOO by ballot and sale. A ballot was held for tho 124th appropriation in No. 5 group, cluster No, 11, held by two members, being drawn. Tlie 125th appropriation in No. 5 group was a sale, but there being no buyers, a ballot was held, cluster No. 2 being drawn, held by one member. A ballot was taken for tho thirtyninth appropriation in No. 11 group, cluster No. 13, held by two members, being drawn. DEARER TOBACCO LEAF STEADY UPWARD TREND The fact that a substantial increase in the cost of leaf tobacco would have to be faced in tho current year was emphasised by Lord Dulverton, chairman of the Imperial Tobacco Co. of Great Britain and Ireland, at the annual meeting iu London recently. Lord Dulverton showed how the company out of its large resources had been able in the past to even out temporary fluctuations in cost by carrying large stocks of leaf to mature in bond. But obviously when the general trend in prices over a series of years was in the upward direction, the rate of profit must be adversely affected. That the was able last year to increase its earnings was due to a continuous expansion in tobacco consumption, resulting from the general improvement in the trade of the company. But Lord Dulverton declared that any further increase in duty on tobacco, still at the highest figure at which it has ever stood, would have an immediate and definite restrictive effect on consumption.

SHARE MARKET DUNEDIN STOCK EXCHANGE Tho feature of the share market this morning was the sudden recovery in Mount Lyells, which from four reported sales lato yesterday, tit prices ranging from £2 5s 9d to £2 6s 4d, had transactions this morning, at £2 6s 6d and £2 7s 6d. The- market closed with quotations at £2 7s 6d and £2 Bs. Mount Morgans also - had business at 17s 9d, buyers’ final quotation being Id higher than yesterday. Commercial Banks had a. late sale yesterday at 19s 7d, the market closing with sellers at that figure. „ , , „ The paid issue of New Zealand Refrigerating had business this morning at 19s 6d, while .Dalgotys had a reported transaction at £lO 17a 6d. The ordinary issue of Woolworlhs (New Zealand) .had- a buyer at £7 3s, no sellers gold mining was quiet, with a good demand for Government stocks. Sales reported. : —Late Yesterday.— Now Zealand Loan and Mercantile (ord.),' £SO (2). . Mount Lvcll, £2 6s 4d, £2 6s 2d, £2 5s lOd, £2 5s 9d. —This Morning.— Wright, Stephenson (pref.), £l. Dalgely, £lO 17s 6d. SALES ON CHANGE. —Late Yesterday.— Nokomai, 2s 4d. ’ , —This Morning.— Dunlop Perdriau Rubber, £1 Os 9d (2). Mount Lyell, £2 6s 6d, £2 7s 6d. Mount kiorgan, 17s 9d. ; SALES AFTER CALL. ’ —Late Yesterday.— ;'V Commercial Bank, 19s 7d. 1 New Zealand Refrigerating (paid), 19s 6d. —This Morning.— New Zealand Refrigerating (paid), 19s 6d. Guarantee Corporation Bights, Is lOd. G. J. Coles, £5 Is. Mount Lyell, £2 7s 6d. Quotations as under; — Buyers. Sellers. £ s. d. £ s. d.

MOIWA OIL OUTPUT Moturoa Oil Fields Ltd reports for three months ended March 31, as follow :—Moturoa No. 1 well: •: Produced 2.570 Imperial gallons; total production l to date, 29,263 Imperial gallons. Motu.roa No. 2 well; Produced 25.034 Imperial gallons; total production to date, 839,919 Imperial gallons, Moturoa No. 4 well: Produced 11,054 Imperial gallons; total production to date, 146,149 Imperial gallons. The total quantity of oil disposed of to date amounts to 1,015,331 Imperial gallons.

FRUIT AND PRODUCE HEAVY SUPPLIES BEING RECEIVED Reilly’s report that during the past week heavy supplies of fruit and produce have been received, supplies being more than sufficient for the demand. Large consignments of apples are arriving from Nelson, Central Otago, and Canterbury. Good quality Cox’s Orange are bringing satisfactory values, but other dessert apples are having only a limited inquiry. Dessert pears have an excellent demand at satisfactory, values.' Fairly heavy _ supplies of tomatoes have been coming to hand, although there is not a great deal of first-grade fruit. Values for ’ good quality linos are firm.- Some late peaches are still arriving. . <■ , Strawberries are also coming to hand and netting satisfactory prices. Grapes are short of requirements, and values have firmed. Consignments of blackberries are wanted, while supplies of quinces are short. Oranges are. very short of the 1 de-; maud. : Japanese oranges, - which arrived last week, were particularly wasty, and some lines contained nearly 80 per cent, of wasty fruit. Further supplies of Californian oranges, grapefruit, and) lemons are advised ex ; the Monterey, ■ due in Auckland next Friday. ■■■. ■ Ripe - bananas are - selling well. , !A' further : shipment; of Nines and Samoans is due by the, Maui Pomaro at Lyttelton on Monday* ’ 12th, the Dunedin quota being due on Tuesday. There, is a better inquiry; for North, Island passion fruit. . ; Fresh, vegetables are in over-supply, cabbage and cauliflowers realising very low values* and-supplies being difficult to quit. ■ Green , peas and . beans have a fair demand, and . marrows, pumpkins, carrots, and parsnips have : a satisfactory inquiry. Potatoes :have> a good inquiry, particularly the King Ed. ■ward variety. Eggs,-—Values ’remain at 2s per dozen for guaranteed. Poultry.—Only : a small penning_ of birds for Wednesday’s ,sale, prices being satisfactory. . ' ■

BANKING — New South Wales ... — 37 15 0 New : Zealand , 2 3 3 — ■ New Zealand, 0 Long “ D ” — . 1 7 Commercial 0 19 5 0 19 7 Commercial (prof.) ... 9 4 0 — E.S. and A 6 10 0 — National of Australasia (cont.) — 8 0 0 Union of Australia Ltd ... ... 11 4 0 11 7 6 INSUEANCE — National ... ... ... 0 17 9 Standard — 2 17 6 SHIPPING— P. and 0. Deferred Stock ... 2 3 6 2 5 0 U.S.S. Co., (pref.) ... 1 6 0 1 7 0 MEAT PRESERVING— N.Z. Refrigerating (paid) 0 19 4 0 19 9 N.Z. Refrigerating (cont.) 0 8 8 _ Southland Frozen (paid) 3 13 6 — Southland Frozen (pref.) 3 13 6 — South Otago Freezing 7 15 0 — LOAN AND AGENCYDalgety 10 13 0 11 2 0 Mortgage Corporation 0 3| p.c. Stock ... — 98 10 National Mortgage ... — 2 17 0 National Mortgage (“B” Issue) ... 1 10 0 — N.Z. Loan and Mercantile (ord.) 48 0 0 — N.Z. Guarantee Corporation 0 5 0 — 0 Perpetual Trustees ... 2 17 0 3 4 Trustees, Executors, and Agency ..... ... 3 12 0 — Wright, Stephenson (pref.) 1 0 3 COAL— Westport 1 3 0 1 4 0 Wcstport-Stockton (ord.) ... 0 1 10 — WOOLLEN COMPANIES— Bruce (ord.) 0 13 0 Kaiapoi ,(ord.) 0 14 2 10 — 0 Mosgiel 10 0 0 8 MISCELLANEOUS— Anthony Hordern ... — 1 1 0 Broken Hill Proprietary ... ... ... — 4 5 0 Broken Hill Proprietary (cont.) ... 3 17 0 ,3 19 0 Brown, Ewing (ord.) 1 0 0 — Brown, Ewing (pref.) ... . 1 2 6 — Consolidated Brick ... — 0 9 3 D.I.C. (ord.) 0 16 6 — D.I.C. (pref.) _. 1 3 9 — Dominion Fertiliser ... 1 3 10 1 4 3 Dunedin Stock Exchange Proprietary — 2 2 6 Dunlop Perdriau Rubber ‘ .... ... ... 1 o: 8 1 0 ll General Industries ... 1 0 3 — G. J. Coles ... —- 5 2 0 Hume Pipe — 1 0 7 Kauri Timber ... ... — 1 4 0 Milburn Lime and Cement ... — 2 0 0 National Electric 0 13 0 0 14 6 N.Z. Drug Co —■ 3 16 3 N.Z. Farmers’ Fertiliser 0 19 0 — N.Z. Paper Mills ... ‘ Otago Daily Times ’ — 1 9 0 — 2 8 0 Regent Theatre — 1 0 6 Shillings Ltd ■— 0 18 0 Wilson’s N.Z. Cement — 1 16 6 Woolworths (ord.) ... 7 5 0 — Taranaki Oil — 0 4 6 BREWERIES— New Zealand 2 18 0 2 19 6 Staples’ ... — 1 16 0 UNLISTED STOCKS— Woolworths . (Sydney, ord.) .... ... ... ... 7 i 0 — Woolworths (Sydney, rights) ... ... ... 4 6 0 4 10 ;0 OVERSEAS MINING— Broken Hill South ■ (5s) ... ... , 2 ■9 3 2 12 : 6 Electro. Zinc (pref., £1) ••• 3 0 6 3 2 ■ 6 Electro. Zinc (ord., £1) 3 0 0 3 1 ;e Mount Lyell (£1) ... 2 .7 6 2 8 0 Mount Morgan (2s 6d) 0 17 8 0 17 9 North Broken Hill (5s) 3 19 0 Placer Development — 5 7 0 llawang Tin (10s) ... 0 12 0 0 12 5 Austral-N.Z. Mining 0 10 9 — GOLD MINING— Argo Dredging (Is) _ 0 2 0 Big River (Is) — 0 2 1 Clutha River (2s) ... 0 2 4 Gillespie’s (Is) 0 1 6 0 1 8 King Solomon (Is) — 0 0 10 Lawson’s Flat (Is) ■... 0 0 5 Molyneux River (2s) 0 2 5 Nokomai (5s) ...■ ... • 0 2 3 0 2 6 Okarito (5s) 0 3 4 Paddy’s Point (5s) ... — 0 2 3 Sandhills .(Is) — 0 0 4 Skippers (Is) . . ... — 0 0 4 Waimumu Sluicing (Is) ... ... 0 0 9 0 0 114 W.aipapa Beach (Is) 0 0 7 Waitahu (5s) ‘ ... — 0 2 6 N.Z. GOVERNMENT LOANS— o.c. Stock, .Nov., 1938-52 101 10 0 3A p.c. Stock, March, 193943 ioo in 0 3J p.c. Stock, March, ; 1941-45 ... 100 10 0 • 3? |>.c. Stock, Sept., 100 10 0 31 p.c. Stock, May, 1941-52 101 10 0 —

31 p.c. Stock, Nov., 1941-52 101 10 0 4 p.c. Bonds, 1943-46 102 2 6 4 p.c. Stock, 1943-46 102 2 6 4 p.c. Bonds, 1946-49 102 10 0 4 p.c. Stock, 1946-49 102 10 0 4 p.c. Bonds, 1952-55 102 10 0 4 p.c. Stock, 1952-55 102 10 0 . 3 ,p.p. Bonds, 1939-41. 96 0 0 • “ DIVIDENDS DUE Riitherglen Golc Dumps—10 per cent. • ■ Apr., 10 Asnazu Gold Dredge—15 per cent. Apr., 10 Milne and Choyce—Interim, pref.. 6 per ■ edit per annum; B pref., .7 per cent, per annum; ord. and dob 4 per cent, per annum Apr. 10 Amalgamated Wireless (Aust.) — —Interim half-yearly, • 5 per .cent. ... Apr.; 12 Amalgamated Kim; (de Bavays)— Half-yearly, 2J per cent. Apr. 13 David Jones, Sydney — Interim half-yearly, 1st pref., 6 per cent, per annum; 2nd pref., 7J- per cent. per annum ; ord.. 10 per cent. per annum Apr. 14 Ronpibon Tin—Pref., 2s a share Apr. 15 Yarra Falls Co. Ltd.—Interim, 5 per cent. Apr. 15 G. J. Coles —Interim quarterly, 9d a sharo Apr. 15 Woolworths (N.Z.) Ltd.—Interim, 4J per cent., on paid-up prefs. South British Insurance—Interim, Apr. 15 Is 4d, per share Apr., 22 Denton Hats Ltd.—Interim, 3d a £1 share Apr. 23 Drug Houses of Aust.—Interim, 3 per cent. Apr. 30 United Provisions—Interim preferonce at 8 per cent, per annum Apr. 30 North Kalgurli (1912) Ltd.—Interim; 6d sterling a share ... Apr. 30 Associated Newspapers—Interim, pref. and .ord., 2 per cent. ... Apr. 30 E S. and A. Bank—Interim, 3£ per.cent, (sterling). May — FOREIGN EXCHANGES ON NEW ZEALAND CURRENCY BASIS Tho Bank of New South Wales, Dunedin', quoted tho following rates for purchase and .sales of foreign exchanges (all rates sub.jeet to alteration without notice);— Buying. Selling. London— . 100 slg. N.Z T.T. : £124 E124 10/ O.D. £123 10/ £124 8/9 Australia— £A to £100 N.Z. ... O.D. £101 £100 10/ Fiji— £F to £100 N.Z O.D. £90 7/6 £89 New York— Dollars to £1 N.Z ... T.T. 3.9597 3.9235 O.D. 3.9722 3.9285 Montreal— Dollars to £1 N.Z ... T.T. b.ybbb 3.9206 O.D. 3.9680 3.9256 Austria— Schillings to £1 N.Z ... T.T. — 20.63 O.D. — 20.65 Belgium— Belgas to £1 N.Z ... T.T. — 23.212 O.D. — 23.223 Czechoslovakia— Crowns to £1 N.Z. ... ... ... T.T. — 112.16 O.D. - 112.21 Denmark— Kroner to £1 N.Z ... T.T. 18.203 17.893 , O.D. , 18.263 17.903 France— Francs to £1 > N.Z ... T.T. — 86.03 O.D. — 86.07 Germany— Reichraarks to £1 N.Z. ... ... ... T.T. — 9.713 O.D. — 9.718 Holland — Florins to £1 . . N.Z. ... ... ... T.T. 7.288 7.138 O.D. 7.348 7.142 Italy— Lire to £1 N.Z ... T.T. — 74.59 O.D. — 74.64 Java— Florins to £1 n.z. ... ... T.T. 7.261 7.101 O.D. 7.321 7.105 Norway— Kroner to- £1 N.Z ... T.T. 16.182 15.892 O.D. 16.242 15.902 Sweden— Kroner to £1 N.Z ... T.T. 15.788 14.493 O.D. 15.848 15.503 Switzerland— Franc to £1 N.Z ... T.T. 17.474 17.204 O.D. 17.579 17.209 Noumea— Francs to £1 N.Z ... T.T. — 84.66 O.D. — 84.72 Papeete— Francs to £1 N.Z ... T.T. — 84.81 O.D. - 84.87 Hongkong— N.Z. pence to 1 dollar ... T.T. 18 19-64 18 51-64 O.D. 18 17-64 18 25-32 India and Ceylon— N.Z. pence to 1 rupee ... T.T. 22 3-8 22 21-32 O.D. 22 11-32 22 41-64 Japan— N.Z. peace to 1 yen ... T.T. — 17 31-64 O.D. — 17 15-32 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. pence 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 55-64 18 31-64 O.D. 17 13-16 18 15-32 DOLLAR RATES. The Associated IJapks (other than the Bank of 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) ... ... 3.92* 3.9!i O.D. (dol) ... .... 3.92g 3.921 BUYING— T.T. (dol) ... ... 3.95J 3.95» O.D. (dol) ... 3.97 3.96|