Commerce, Mining, Finance

Evening Star, Issue 22619, 10 April 1937, Page 14

Commerce, Mining, Finance

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 subiect to alteration without notice) : J Buying. Selling. London—

DOLLAR RATES. The Associated Banks (other than the Bank of New South Wales) quoted the following dollar rates to-day on a New Zealand currency basis. They are subject ;o alteration without notice: — U.S.A. Canada. (Per £1 N.Z.) (Per £1 N.Z.) SELLING— T.T. (dol) 3.92| 3.92 i O.D. (dol) ... ... 3.934 3.92 J BUYING— T.T. (dol) ... «. 3.984 3.95| O.D. (dol) ... ... 3.974 3 °6J LONDON STOCK EXCHANGE Press Association —By Telegraph—Copyright LONDON, April 8. The following are the latest quotations o? Government securities: —

RISE IN COPPER MARKET IN 1936 POSITION CONSIDERED SOUND The average price of copper in London last year was £3B 10s a ton, the highest price £49 7s 6d, and the advance during the year £ls. The latest spot quotation for standard copper is £7O Is 3d. The year’s highest price is low compared with any during the 35 years preceding the price collapse in 1930, the annual report of Brandeis, Goldschmidt, and Co. Ltd., London, states. The recent price advance is the result of reaction after too low a price, progress in general world recovery, the curtailment agreement, and a general rise in the British and United States index figures. World consumption of raw copper in 1936 is estimated to have increased by 190.000 lopg tons on the year, for which the* United States was responsible. The estimated world consumption in 1936 was 1,830,000 long tons, against 1,690,000 tons in 1935 and 1.942.000 in 1928-29. The United States consumed 675,000 tons last year against 1,000,000 tons in 1928-29 ; Mine production, which continued under strict supervision during the year, was 1,596,000 long tons. The first public intimation was made in August that a definite percentage of a fixed capacity had been the basis of the curtailment agreement. It was apparent that the “ agreed ” capacity was much smaller than the mines’ actual productive capacity. World mine production in 1936 was estimated at 1,596,000 long tons, compared with 1,438,000 tons in 1935 and 1.820.000 tons in 1928. Of the estimated 1936 production, 534,000 long tons was credited to the United States, against 338,000 tons in 1935 and 856,000 tons in 1928-29. Adding to the mine production of 1.596.000 tons, production of 225,000 tons from scrap, less 46,000 tons increase in blister copper, the quantity available is 1,775,000 tons, or 105,000 tons less than consumption. Though the situation is such that the _ equilibrium of the market can again he upset by a number of factors, the report concludes, the position of copper at the moment is sounder than for a good many years. CANTERBURY MARKETS [Per United Press Association.] CHRISTCHURCH, April 9. Deliveries of potatoes to boats recently have shown that some farmers are inclined to be careless over the weights of bags. The limit is 1801 b, and bags over that weight will not be handled free. Orders have come in from the North Island, though business is not large. The market has weakened since the increased interest at the beginning of the week, though talk of South American shipments is still general. Inquiries from South America have been in hand for some time, but in the main the prices are not attractive, and no business with this quarter has been reported. Prompts are dull, but there is some interest in MayJunes, which have been sold at up to £4. Up to April 3, 818 tons of potatoes had been shipped to Auckland from Lyttelton, and 2,034 tons to Wellington. To the same date last year 897 tons had been shipped to Wellington, and none to Auckland. Chaff is a little firmer, and is worth up to £3 10s on North Island inquiry. Doubtless when the new season’s supplies become available' the market will again ease. There is a slightly better inquiry for grade oats, but prices are unaltered. White clover is coming in steadily, and the sample is fair. Extra choice seed is scarce. Few lines of red clover have been offered, and the quality appears to bo fairly good. The market is not yet established, but merchants’ ideas are about 6d to 7d. There is a large area under the crop this year, and the price will depend on how the threshing turns out. Cocksfoot is still offering from the peninsula, and holders of light-weight seed appear to be more ready to meet the market. THE BUTTER MARKET Press Association—By Telegraph—Copyright LONDON, April 8. Butter. Firm; Danish, 113 s; choicest salted Australian and New Zealand, 101 s; unsalted Australian, 102 s; New Zealand* 103 s. DAIRY PRODUCE Messrs A. S.- Paterson and Co. Ltd are in receipt of the following cablegram from London: — Butter.—Market firm; New Zealand and Australian, 101 s to 102 s; Danish, 113 s; landed cost, 1345. Cheese.—Market firm; white and coloured, 665; Australian, 64s to 64s 6d.

STOCK AND SHAREBROKERS. THE SECURITIES CORPORATION (NX) LTD. STOCK AND SHAREBROKERS. SELLERS: £ s. d.

ALLIANCE ASSURANCE BUILDINGS, 20 CRAWFORD STREET, DUNEDIN. Phone 11-777 (4 lines).

TO INVESTORS IN STOCKS AND SHARES Investors are invited to transact their business through members of the Dunedin Stock Exchange. All Contracts are completed in accordance with the Eules and Regulations of the Stock Exchange Association of New Zealand. These have been approved and advertised in the ‘ Government Gazette.’ No member of a Stock. Exchange in any part of the world is permitted to advertise shares for sale or purchase. Persons, firms, or companies who advertise shares for sale or purchase or employ canvassers are not members of the Stock Exchange. The following are the members of the Stock Exchange:— C. H. Breeze, 21 Crawford street. D. J. Calder, N.Z. Express Buildings. Hamilton and Davidson. Stock Exchange Buildings. Logan and Vivian, N.Z. Express Buildings. W. L. Goldsmith, Stock Exchange Buildings. J. S. Hislop, 105 High street. J. B. Laidlaw, 125 High street. Ealph Malcolm and Co., Stock Exchange Buildings. „ , Wm. Brown and Co., N.Z. Express Build- , ings. \V. H. M’Leod, Stock Exchange Buildings. ’ N. and. E. S. Paterson Ltd., 163 Eattray street. John Reid and Sons, 5 Liverpool street. W. E. C. Reid and Co., Edinburgh House. Sligo Bros., Stock Exchange Buildings. Fenwick and Reeves, Standard Insurance Buildings. Arthur M. Sidey and Co., A.M.P. Buildings. J. W. Smeaton and Co., 152 High street. W. B. H. Statham, 320 Princes street. W. F. Titchener, Queen’s Buildings. J. H. Walker, T. and G. Buildings. W. J. Watson, Stock Exchange Buildings. Quick, Smith, and Black, Stock Exchange Buildings.

AUSTRALIAN STOCK EXCHANGES Press Association —By Telegraph—Copyright SYDNEY, April 0. The investment market was stronger, but fairly quiet. Shares in silver, lead, and . copper concerns were unchanged. MORNING SALES.

SHARE MARKET DUNEDIN STOCK EXCHANGE REVIEW OF THE WEEK Business during the week was very heavy, especially in the metal section, following on events in America and the United Kingdom. Apparently the London market was seriously affected by rumours of American action in connection with gold and copper markets, some of which were later stated to be groundless. After reaching an extremely low point on Thursday, the market staged a sharp recovery on Friday. Owing to the nervousness caused, the industrial market was slightly weaker, but the other sections were unaffected. Advice from London received late in the week indicated that the position regarding copper and other commodities is intrinsically sound and likely to remain so for a long period. More attention was given to the banking section during the week, and prices firmed. E.S. and A.’s showed an improvement following the announcement of an increased dividend, and at the beginnig of the week quotations wore £6 12s and £7, prices falling back again to to-day’s figures of £6 9s and £6 12s fid. New South Wales were available at £37 15s, but did not interest buyers. New Zealands had a transaction at £2 3s fid, the market closing at £2 4s and £2 6s, a rise of approximately 9d on Monday’s figures. Commercial had sales at 19s 7d, while the preference issue was inquired for at £9 4s, sellers not quoting. Unions moved up to a sale at £ll 6s fid, with two at £ll 6s, the market closing with sellers quoting £ll 7s fid, the rise probably being due to an anticipated increased dividend being declared in July.

In the insurance section Nationals changed hands at 18s, the market remaining firm throughout the week. South British were inquired for at £4 13s fid, but attracted no seller, although a sale at £4 14s was reported. Standard had sellers at £2 17s fid.

The ordinary issue of Huddart Parkers had a seller at £2, buyers not quoting. P. and O. Deferred Stock was quoted at £2 3s fid and £2 4s 3d late yesterday, buyers falling to £2 2s this morning without attracting sellers. Union Steam Ship preference shares had a firm market, quotations remaining at £1 6s 3d and £1 7s. New Zealand Refrigerating shares, both paid and contributing, had a strong inquiry, eight transactions of the former issue at prices ranging from ,19s fid to 19s 9d being registered. The closing quotations were 19s 5d and 19s Bd, while the contributing shares had buyers at 8s 9d all through the week. The paid issue of Southland Frozen Meat had buyers at £3 13s fid, sellers not being interested. South Otago Freezing were in better demand at £7 los. In the Loan and Agency section Dalgety and Co. shares had a transaction at £lO 17s fid, sellers’ closing quotation being £ll 2s. Sellers of National Mortgage fell 2s during the week, the market closing at £2 lls and £2 15s. New Zealand Loan and Mercantile had two sales at £SO, buyers offering £4B, being £3 below sellers’ requirements. New Zealand Guarantee Corporation Rights had business at Is lOd, while the preference issue of Wright, Stephenson’s changed hands at £l, sellers quoting £1 0s 3d this morning. Westport Coals had a sale at £1 3s fid, sellers falling to that price this morning with buyers 3d away, while the ordinary issue of Westporl-Stocktons had buyers at Is lOd. The woollen section was quiet, Mosgiels being quoted to-day at £lO and £lO ss. Broken Hill Proprietarys dropped Is fid during the week to buyers £4 ss, while the contributing issue closed at £3 15s and £3 18s. Australian Glass had business at £4 13s 3d, while several parcels of Dunlop Perdriau Rubber changed hands at prices ranging from £1 0s 3d to £1 Is, a buyer appearing this morning at £1 Os Bd, with no sellers. G. J. Coles had transactions at £5 2s Id and £5 Is, sellers quoting £5 2s this morning, with no buyers. The ordinary issue of Woolworths rose from buyers £7 2s to £7 6s, no sellers appearing. Breweries were quieter, with no business recorded." ► Business in the Australian mining section was heavy towards the end of the week, caused by a rush for Mount Lyells, and, to a smaller extent, Mount Morgans. Mount Lyells opened firm, bub fell about the middle of the week, and a strong inquiry within the last few days resulted in 26 sales being registered. The market closed at £2 fis and £2 7s. Mount Morgan had nine transactions, and, after the sales today at 17s 7d, the market closed at 17s fid and 17s Bd. There was a good demand for the ordinary issue of Electrolytic Zincs, four sales being recorded at £3 Is, sellers quoting Is above that price this morning. Local gold mining was quiet, although Nokomais changed hands at 2s 4d. There was a steady demand for practically all issues of Government stock,, sales of the 4 per cent. 194346 and 194649 issues being reported. SALES REPORTED. —Late Yesterday.— Bank of New Zealand, £2 3s fid. Mount Morgan, 17s Bd. —This Morning.— Bank of New Zealand, 2s 4d (cum div.). National Mortgage, £2 14s. New Zealand Guarantee Corporation Rights, Is lOd. Mount Morgan, 17s 7d (2). SALES ON CHANGE. —Late Yesterday.— Mount Lyell, £2 fis (7). Electrolytic Zinc (ord.), £3 Is. New Zealand Refrigerating (paid), 19s fid (3). SALES AFTER CALL, —This Morning.— National Insurance, 18s. Mount Lyell, £2 fis (2).

MISCELLANEOUS— Anthony Hordern ... 1 1 0 British Tobacco ... Broken Hill Proprietary Broken Hill Proprietary (cont.) ... 315 0 318 0 Brown, Ewing (pref.) 12 6 Consolidated Brick ... 0 9 3 D.I.C. (ord.) 016 6 D.I.C. (pref.) ...... 13 9 Dominion Fertiliser Dunedin Stock Ex- one change Proprietary —2 2 6 Dunlop Perdriau Rubber M 108 G. J. Coles Kauri Timber Milburn Lime and Cement 1 19 9 Mort’s Dock ‘ — 0 14 9 Moturoa Oil (ord.) ... 0 3 0 National Electric ... 013 3 014 6 N.Z. Drug Co N.Z. Farmers’ Fertiliser 0 19 0 N.Z. Newspapers ... —2 0 6 N.Z. Paper Mills ... ‘ Otago Daily Times ’ 2 6 0 2 7 6 Regent Theatre ... Shillings Ltd 0 18 0 Wilson’s N.Z. Cement 1 16 0 Woolworths (ord.) ... 7 7 0 Taranaki Oil 0 3 0 0 4 0 BREWERIES— New Zealand Staples’ 1 16 0 UNLISTED STOCKS— Woolworths (Sydney, ord.) 7 2 6 Were’s Trust (new issue) 0 6 3 Were’s Trust 0 6 3 0 6 6 OVERSEAS MINING— Broken Hill South (ss) ... 2 8 0 211 6 Electro. Zinc (pref., £1) ... ... Electro. Zinc (ord., £1) Mount Lyell (£1) ... 2 6 0 2 7 0 Mount Morgan (2s fid) 017 6 017 8 North Broken Hill (ss) 317 6 Placer Development Rawang Tin (10s) ... 0 12 5 Austral-N.Z. Mining 010 9 012 6 GOLD MINING— . Argo Dredging (Is) 0 2 0 Big River (Is) 0 2 1 Clutha River (2s) ... 0 2 4 Gillespie’s (Is) ... ... 0 16 0 18 Goldfields Dredging (Is) 0 0 4 Molyneux River (2s) 0 2 3 Nokomai (ss) 0 2 3 0 2 6 Okarito (ss) 0 3 4 Paddy’s Point (ss) ... 0 2 3 Sandhills (Is) ... .* Skippers (Is) 0 0 4 Waimumu Sluicing (Is) 0 0 Hi Waipapa Beach (Is) 0 0 7 0 011 Waitahu (ss) 0 1 6 0 2 6 N.Z. GOVERNMENT LOANS—--3i p.c. Stock, May, n 1939-52 3i p.c. Stock, March, 1941-43 100 10 0 3i p.c. Stock, Sept., 1941-43 ... ... ... 100 10 0 - 3i p.c. Stock, May, 1941-52 101 10 0 3i p.c. Stock, Nov., 1941-52 101 10 0 4 p.c. Bonds, 1943-46 102 5 0 4 p.c. Stock, 1943-46 102 5 0 4 p.c. Bonds, 1946-49 102 10 0 4 p.c. Stock, 194649 102 15 0 4 p.c. Bonds, 1952-55 102 10 0 4 p.c. Stock, 1952-55 102 15 0 3i p.c. Bonds, 1953-57 DIVIDENDS DUE Rutherglea Gold Dumps—lo per cent - ... - ••• ? pr ' Asnazu Gold Dredge—ls per cent. Apr. 10 Milne and Choyce —Interim, pref., 6 per cent, per annum; B pref., 7 per cent, per annum; ord. and deb., 4 per cent, per annum ... ••• Apr. 10 Amalgamated Wireless (Aust.) — —lnterim half-yearly, 5 per cent. Apr. 12 Amalgamated Zinc (de Bavays)— Half-yearly, 2) per cent. ... Apr. 13 David Jones, Sydney half-yearly, Ist pref., 6 per cent, per annum; 2nd pref., 7i per cent, per annum; ord., 10 per cent, per annum Apr. 14 Ronpibon Tin—Pref., 2s a share Apr, 15 Yarra Falls Co. Ltd—lnterim, 5 per cent Apr. 15 G. J. Coles—lnterim quarterly, 9d. a share Apr. 15 Woolworths (N.Z.) Ltd.—lnterim, 4i per cent, on paid-up prefs. Apr. 15 South British Insurance—interim, Is 4d per share Apr. 22 Denton Hats Ltd.—lnterim, 3d a £1 share .... Apr. 23 Drug Houses of Aust, —Interim, 3 per cent Apr. 30 United Provisions—lnterim prefer- _ ence at 8 per cent, per annum Apr. 30 North Kalgurli (1912) Ltd.-In-terim, fid sterling a share ... Apr. 30 Associated Newspapers—lnterim, pref. and ord., 2 per cent. ... Apr. 30 E.S. and A. Bank—lnterim, 3Jr per cent, (sterling) May THE SEARCH FDR GOLD GILLESPIE'S BEACH The secretaries of the Gillespie’s Beach Gold Dredging Company Ltd. advise that the return for the period ended April 9 amounted to 90oz 3dwt for 168 hours’ dredging. This return was obtained from the beach end of the cut. •MAORI GULLY DREDGE [Per United Press Association.] GREYMOUTH, April 9. The return from the Maori Gully dredge is 460 z 13dwt for 130 hours’ work. KING SOLIMON RETURN [Per United Press Association.] INVERCARGILL, April 9. The return at the King Solomon mine was 290 z sdwt for nine days’ work. BANK OF ADELAIDE [Per United Press Association.] WELLINGTON, 'April 9. The Bank of Adelaide has advised the Stock Exchange Association that the directors will recommend a final dividend at the rate of 5 per cent, per annum for the half-year ended March 31, payable on April 28. BEET SUGAR Press Association— 3y Telegraph—Copyright LONDON, April 8. Beet sugar, 6s 7]d ,

FRUIT AND PRODUCE Messrs Bray Bros. Ltd. report as follows for week ending to-day:— Farmers have been favoured with much better weather conditions during the past week, and this should help materially in the saving of the crops still in stock or uncut. Threshing has commenced in the Taieri district, and the wheat shows the , effects ,of the severe weather conditions which prevailed over quite a long period. ' Report from the north go to show that the bulk of the wheat crops in Canterbury has been threshed. Most of the growers have carried out their threshing from the stock, and there is not the same quantity in stock as in previous years. The actual damage to the crops, and the reduced returns, consequent on the unseasonable weather, cannot be estimated until the agricultural statistics are available. The fowl wheat market continues firm. In Canterbury sound fowl wheat is quoted at 5s sd, f.0.b., sacks extra, for shipment to the North Island. The value is about 5s 9d, sacks extra, ex the store.

Wholesale prices are as follow: Flour: 200’s, £l3 15s 6d; 100’s, £l4 12s 6d; 50’s, £l4 17s 6d; 25’s, £ls 7s 6d. Bran, £5 5s per ton. Pollard, £6 15s per ton. Oatmeal; 2001 b sacks, £22; 25’s, £24. The oat market continues firm, with few offerings coming forward. Heavy Gartens are worth 3s 2d, sacks extra, on trucks, country sidings, ordinary A’s being quoted at 3s 9d, f.0.b., s.i., and B’s 3s 7d. Potatoes are arriving from the Taieri i and Oamaru districts, and. supplies are quite sufficient to meet the demand. , The demand for chaff continues limited, but supplies are quite equal to the demand. Best quality is worth £5 10s per ton, sacks extra, ex the truck. Any business going through is from the store, load lots selling at round about £5 15s per ton, sacks extra. Most of the seeds markets have quietened down. The markets, however, remain firm, with unusually small offerings for this time of the year. Crested dogstail has been sold on the wholesale market at Is per lb, and slightly over for the best quality. Chewing’s fescue is not maintaining its advance. Now that there is more seed available there is not the same strong demand for export, FRUIT REPORT. Business has been fairly quiet during the week. The stone fruit season is fast drawing to a close, and there is not much variety for retailers to choose from. Cox’s Orange Pippin apples are not so plentiful, but heavy supplies of Delicious and Jonathans are coming forward, mostly from the Nelson district. Dessert pears have a good inquiry. Some lots which have been held too long are reaching the market in an over-ripe condition. Small lots of nectarines are reaching the market and cool stores. Sales have been disappointing. The , tomato, market is steady, and there is good inquiry for choice quality lines. The market is bare of oranges until the arrival of the Doric Star, which is due in Auckland on April 20. New Zealand-grown lemons are in fair supply and Californian-grown are also on offer. The market has been short of requirements of bananas until this week, when a small shipment is arriving ex the Matua from Auckland; The next Maui Pomare shipment is due hero next Tuesday. Quinces are in short supply." Vegetables of all descriptions have been offering at low rates, inferior quality being particularly hard to sell. The following prices were realised during the week. —Bushel and American Cases.— Ripe bananas, 22s 6d to 255. New Zealand Lemons.—Fancy, 16s to 18s; others, 10s to 12s, Californian lemons, 555. Peaches. —Dessert, 3s to 3s 6d; jam, 2s to 2s 6d. Plums. —Dessert, 4s to ss; jam, 2s 6d to 3s 6d. Nectarines. —Dessert, 5s to 7s; jam, 3s to 4b. —Per Dozen.— Cucumbers.—Hothouse, 7s to 8s 6d case; outdoors, 7s to 10s case. Lettuces, Is to Is 6d. Spinach, Is to Is 6d. Section honey, 10s. —Per Sack.—• Cabbages, 2s to 2s 6d. Cauliflowers, 2s 6d to 3s od. Parsnips, Is dozen. Carrots, Is to Is 6d. —Per lb.— Plums, 3d to 4d. Peaches, 2]d to 3]d. Nectarines, 4d to 6d. , Grapes, Is to Is 3d. Potatoes, 6s 6d to is cwt. Peas, 2d to 3d . Tomatoes —Local, 6d to 8d; Christchurch, 4d to sd. Bacon, official price list. Bulk honey, 6d, Beeswax, Is 2d. , Butter.—Prints, Is 2 U ; , , bu l k Is 2Jd; bulk (28 and 141 b), ls,2}d. Cheese, 7d to 7Jd. Eggs, market rates. A MILLiaN GALLONS MOTUROA OIL FIELDS OUTPUT The output of crude oil from the wells of Moturoa Oil Fields LtdL, New Plymouth, now exceeds 1,000,000 gall lons. From the three existing oil wells, situated near the breakwater this great quantity of crude oil has not only been drawn but actually sold, this quantity being additional tot becrudo oil used for power purposes at the well. The oil has been sold to New Zealand Refineries Ltd.. New Plymouth, and is partially refined at New Plymouth and the products, in the form - of motor spirit, kerosene, Diesel distillates, and other oils, finding a ready market m Taranaki Province. The Moturoa wells have now been producing for nearly five years, and their output considerably exceeds the quantity produced fr°m any other wells in New Zealand m the past When it is remembered that the wells put down by the Moturoa Company were largely experimental and to test the - shallow oil horizon, the • result has been surprisingly good, and may indicate the existence, of a payable oil field, which would justify further and more intensive development. It is anticipated that the new petroleum legislation which the Government proposes to bring down this Session will materially assist the company m enabling further geological and geophysical work to be undertaken, and it is hoped this will lead to the, disI covery of favourable drilling locations.

ONION MARKETING “DEFINITE MISCONCEPTIONS’' NEW REGULATIONS DEFINED [Per United Press Association.] WELLINGTON, April 9. A statement covering the new regulations governing the sale of onions was made to-day by Mr A. H. Cockayne, Director-General of the Department of Agriculture. v ■[" “ There appears to be a definite misconception,” said Mr Cockayne, “ particularly in the minds of Christchurch merchants who trade in onions, that the regulations limit their operations to a margin of 7J per cent, profit. 1 wish to make it perfectly clear that where a merchant is selling on a commission basis on behalf of a grower he is limited to a 1\ per cent, commission, but where he purchases onions and thereby acquires the ownership he is at perfect, liberty to trade in these onions as hitherto without any restriction as to profit. Clarification of this point should set at rest the fears of growers that the so-called restrictions of the merchants’ profit is hampering the sale of onions to-day. Mr Cockayne said the growers were breaking the regulations by consigning ungraded onions to outside markets. It must be clearly understood that only graded onions were allowed to be sent to outside markets for sale. No grower was allowed to send for sale outside the scheduled district in which his onions were grown any ungraded or under-grade onions without first receiving a permit from the Department of Agriculture to do so. The inception of 'the new regulations called for the co-operation of growers and merchants with the department in regulating the industry, which, in the past, had been subject to violent market fluctuations, causing heavy losses to both growers and merchants. “ When the onion advisory councils are set up,” added Mr Cockayne, “ the regulations will be carefully gone into, and. if necessary, recommendations will be made to the Government to smooth out any minor points and advise in respect of grading, future prices, etc. I am satisfied that, despite the assertion to the contrary, the growers will realise in time that the operation of fixed prices is definitely in their interests, and that it will result in stabilising their business at satisfactory prices.”

100 stg. N.Z T.T. £124 £124 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. 3.9613 3.9255 O.D. 3.9738 3.9305 llontreal — Dollars to £1 N.Z ... T.T. 3.9573 3.9224 O.D. 3.9698 3.9274 Austria— Schillings to £1 N.Z T.T. 20.63 O.D. — 20.65 Belgium— Belgas to £1 N.Z. ... ... ... T.T. 23.241 O.D. — 23.252 Czechoslovakia — Crowns to £1 N.Z ... ’T.T. ni.85 O.D. — 111.90 Denmark— Kroner to £1 N.Z. ... T.T. 18.204 17.894 O.D. 18.264 17.904 I'i-ance— Francs to £1 N.Z. ... ... ... T.T. 87.29 O.D. — 87.33 . i ormany— Reichmarks to N.Z £1 ... T.T. 9.715 O.D. — 9.720 : lolland —, Florins to £1 N.Z. ... ... ... T.T. 7.294 7.144 O.D. 7.354 7.148 Italy— Lire to £1 N.Z. ... .*. ... T.T. 74.55 O.D. — 74.60 JavaFlorins 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. 15,787 15.492 O.D. 15.847 15.502 Switzerland— Franc to £1 N.Z ... T.T. 17.484 17.214 O.D. 17.589 17.219 Noumea— Francs to £1 N.Z. ... T.T. 85.92 O.D. — 85.98 Papeete— Francs to £1 NZ. ... T.T. 86.07 O.D. — 86.13 Hongkong — N.Z. pence to dollar ... . 1 ... T.T. 18 19-64 18 51-64 O.D. 18 17-64 18 25-32 India and Ceylon N.Z. pence to rupee ... . 1 ... T.T. 22 3-8 22 21-32 O.D. 22 11-32 22 41-64 ,;pan— N.Z. pence to yen 1 ... T.T. 17 31-64 O.D. — 17 15-32 Shanghai— N.Z. pence to dollar 1 ... T.T. 17 7-8 18 3-8 , O.D. 17 27-32 18 23-64 Singapore— N.Z. pence to dollar 1 ... T.T. 34 23-32 35 13-64 O.D. 34 5-8 35 3-16 i.’hefoo — N.Z. pence to dollar ... . 1 ... T.T. 17 55-64 18 31-64 O.D. 17 13-16 18 15-32

Consols, 2i per cent.'... ...... £76 10 0 Funding Loan, 4 p.c. f 1968-90 110 5 0 Assented War Loan 103 0 0 Conversion Loan, 3j 101 15 0 Victory Bonds, 4 (ex div.) 109 10 0 Commonwealth. 5, 1945-75 109 2 6 Commonwealth, 3j, 1936-37 100 10 0 Commonwealth, 4, 1943-48 ... 102 13 9 Commonwealth, 3j, 1948-53 101 10 0 Commonwealth, 31, 1956-61 96 5 0 Commonwealth, 3, 1955-58 ... . 91 1 3 New South Wales, 44, 1935-45 ... 100 0 0 Victoria, 3, 1929-49 96 2 6 Victoria,’ 4J, 1940-60 104 2 6 Victoria, 5, 1945-75 ... — ... 109 0 0 Queensland, 3, 1922-47 ._ ... 96 5 0 Queensland, 5, 1940-60 ' ... 105 5 0 South Australia, 3, 1916 (opt.) 82 0 0 South Australia, 5, 1945-75 109 0 0 Weet : Australia, 4, 1942-62 102 6 3 Tasmania, 34, 1920-40 101 15 0 Tasmania, 4, 1940-50 — 101 5 0 New Zealand, 44, 1948-55 104 17 6 New Zealand, 34, 1940 102 0 0 New Zealand, 3, 1945 97 0 0 *Ex Interest.

50 G. J. Coles 5 1 0 100 Howard Smith ... 1 4 0 75 Sulphide Corporation (ord.) 100 Rawang Tin 0 16 8 0 12 4 30 Tooths Breweries 2 16 3 125 Shillings Ltd. 0 17 0 100 Broken Hill South 2 10 9 200 Wilcox, Moffliu 0 13 2 100 Mort’s Dock 0 14 3 100 Bank of N.Z 2 3 9 200 Nokomai 0 2 6 BUYERS: 25 Queensland National Bank . . 5 14 0 100 Hums Pipe 1 0 3 100 Commercial Banks 0 19 6 200 Kauri Timber ... ... •• 1 3 0 200 Kaiapoi Woollen (7s paid) 0 5 3 300 Mount Morgans 0 17 6 100 National Mortgage A 2 14 6 100 Wright, Stephenson (pref.) 0 19 9' 200 Electrolytic Zinc 3 0 3 50 Woolworths N.Z 7 7 0 £500 1938-52 3£ p.c. Stock 6 N.Z. Perpetual Forest Bonds. 4 Afforestation Ltd. Shares. 101 10 0

£ s. d. Commonwealth Bonds— 102 b 0 4 p.c., 1961 100 11 3 Commercial Bank of Sydney 23 0 0 Commercial Bank of Australia , 0 19 9 Bank of New South Wales 38 0 0 Tooths 2 16 0 Sargents 1 13 6 Anthony Horden 1 0 6 G. J. Coles 5 1 0 Broken Hill Proprietary ... 4 4 0 Electrolytic Zinc 3 2 0 (pref.) 3 3 0 AFTERNOON SALES. Commercial Bank of Sydney 22 19 0 Colonial Sugar 45 5 0 Australian Gas (A) 7 5 0 British Tobacco 2 12 0 Tooths 2 16 6 Tooheys 1 13 7* Goldsbrough, Mort 1 17 4* Electrolytic Zinc 3 1 0 Electrolytic Zinc (pref.) ... 3 2 9 Anthony Hordern ' 1 0 6 General Industries 1 1 0 Grimley 0 17 6 Sargents 1 13 3 Waldas 1 1 6 Selfridges 1 18 0 Mount Morgan 0 17 6 Mount Lyell 2 6 9 Kuala Kampar 1 4 0 Rawang 0 12 4^ Placer Development 4 19 6 MELBOURNE April 9. There was good demand for bonds, and industrials were steady, vith a better tone for the base metal section. Gold mining shares were quiet. £ s. d. Commercial Bank of Australia 0 19 9 National Bank (£5 paid) ... 7 18 0 Howard Smith 1 3 9 Carlton Brewery 3 5 6 Coles 5 2 0 Australian Iron and Steel (ptef.) 1 6 9 Dunlop Perdriau 1 1 3 General Motors 1 4 6 Hume Pipe 1 0 6 Electrolytic Zinc 3 1 0 Electrolytic Zinc (pref.) ... 3 2 3 Yarra Falls 2 3 6 Kauri Timber 1 3 9 Mount Morgan 0 17 6 Mount Lvell 2 6 9 Broken Hill Proprietary ... 4 3 9 North Broken Hill 3 18 3 South Broken Hill 2 10 6 Emperor 0 19 1 Loloma 1 3 9 Satupulo *... s,w ... 1 18 0

Quotations as under: — Buyers. Sellers. £ s. d. £ s. d. BANKING— New South Wales ... — 37 15 0 New Zealand 2 4 0 2 6 0 Commercial (pref.) ... 9 4 0 — B.S. and A 6 9 0 6 12 6 National of Australasia (cont.) — 8 0 0 Union of Australia Ltd — 11 7 6 INSURANCE— National — 0 18 2 Standard - . — 2 17 P SHIPPING— Huddart Parker (ord.) — 2 0 0 P. and 0. Deferred Stock 2 2 0 U.S.S. Co. (pref.) ... 16 3 1 7 0 MEAT PRESERVING— N.Z. Refrigerating (paid) 0 19 5 0 19 8 N.Z. Refrigerating (cont.) 0 8 9 Southland frozen (paid) 3 13 6 3 16 3 Southland Frozen (pref.) 3 13 6 - LOAN AND AGENCY— Dalgcty — 11 2 0 Mortgage Corporation 3| p.c. Stock ... — 98 10 0 National Mortgage ... 2 11 0 2 15 0 National Mortgage (“ B ” Issue) ... 1 10 0 N.Z. Loan and Mercantile (ord.) 48 0 0 51 0 0 N.Z. Guarantee Corporation 0 5 0 N.Z. Guarantee Corporation (rights) 0 18 Trustees. Executors, and Agency 3 12 0 Wright, Stephenson (pref.) _ 1 0 3 COAL— Westport 1 3 3 1 3 6 Westport-Stockton (ord.) 0 1 10 WOOLLEN COMPANIES— Bruce (ord.) __ 0 13 0 Kaiapoi (ord.) 0 14 2 Kaiapoi (cont.) ... 0 5 2 Mosgiel „ ... 10 0 0 10 5 0