Commerce, Mining, & Finance

Evening Star, Issue 22631, 24 April 1937, Page 12

Commerce, Mining, & Finance

OVERSEAS TRADE STATISTICS FOR MONTH AND YEAR FAVOURABLE BALANCES . [Per United Press Association.] WELLINGTON, April 23. z The following are the figures for New Zealand’s overseas trade (excluding

All the above values are expressed in terms of New Zealand currency. AUSTRALIAN STOCK EXCHANGES Frau Association—By Telegraph—Copyright ' SYDNEY, April 23. On the Stock Exchange Broken Hills and Electrolytic Zinc recovered • some of the lost ground to-day and industrial shares presented a firm front. MORNING SALES.

PRICE OF GOLD PWss Association—By Telegraph—Copyright LONDON, April 23. Received April 24, at 1.15 p.m.) Fine gold is quoted at £7 Os BJd per ounce.

THE SEARCH FOR GOLD ELECTROLYTIC ZINC PRODUCTION The Electrolytic Zinc Company of Australasia Ltd. gives the following production statement for the four weeks ended on April 7, with the four weeks ended on March . 7 shown in parentheses:— Zinc, tons, 5,347 (5,368), of which used at the works, 90 (90).. Silver lead product for shipment to Port Pirie for realisation: Lead, tons, 155 (160), silver, ounces, 27,500 (31,500). West Coast Department.—Ore treated, tons, 12,075 (12,101); lead concentrates produced, tons, 918 (964); zinc concentrates produced, tons, 4,097 (4,416). Assay values—Ore treated; Lead, per cent. N ,\ 6.0 (6.15); zinc, per Cent., 20.4 (21.72),; silver, oz, 6.6 (6.79); gold, dwt, 1.9 (2.04). Lead concentrates: Lead, per cent., 55.3 (54.9) zinc, per cent., 13.9 (14.1); silver, oz, 47.1 (49.4) ; gold,'-dwt, 8.9 (9.6). Zinc concentrates: Lead, per cent., 3.5 (3.4) ; zinc, per cent., 54.4 (53.9) ; silver, oz, 6.2 (5.3); gold, dwt, 2.1 (1.9). GULDEN DAWN REPORT For the 18 working days ended on April 13 a total of 590 tons was treated at the Golden Dawn Mine, the return amounting to £1,779, gold having been quoted at £7 2s per ounce. TALISMAN DUBBO RETURN Thirty-eight tons were treated at the Golden Dawn battery of the Talisman Dubho Mine for an approximate realisation of £239. GILLESPIE'S BEACH The secretaries _of the Gillespie’s Beach Gold Dredging Co. Ltd. advise that the dredge was stopped for a few days for repairs,. and there will be no wash-up this week. AUSTRALIAN PRICE 8F GOLD The price fixed by the Commonwealth Bank for gold; including jewellery, lodged at the Melbourne Mint for the week ended April 9, was at the rate of approximately £8 Is 9Jd per ounce standard (22 carats), equal to a premium of -107.78, per cent. Payment is made according to the assay value of the gold. The price was Id per ounce lower on . the week. The , price, per, ounce fine was £B’l6s 6Jd, which was id lower on the week. ' , SANDHILLS RETURN Messrs W. E. C. Reid and Co. report having received a telegram from Mr Alfred Smith, the manager of the Sandhills Gold Mining Company Ltd., stating that he had washed up for a return of 520 z 16dwt obtained from the upper section of a paddock immediately above the gorge. The lower section was completed on April 2, and yielded 21oz Bdwt. Yesterday’s return covers a period of 20 days, but bad weather and floods interfered with work on the claim, and the men were employed for a number of days getting the road in order to enable the plant to be removed to Tucker’s Beach. Mr* Smith’s estimate of the time required to shift the plant is three months. MAORI GULLY RETURN The Maori Gully return is 270 z sdwt for 132 hours.—Greymouth Press Association. NEMONA DREDGE RETURN The Nemona gold dredge return for the week was 330 z for 15,200 yards treated in 129 h smin. KING SOLOMON RETURN The King Solomon gold mine reports a return of 20oz 14dwt for the week. KILDARE GOLD MINING COMPANY A debit balance in the profit and loss account of £3,196 is shown in the balance sheet of Kildare Consolidated Gold Mining Company Limited, Otago, for 1936. The report states that_ although: slightly more gold was obtained than. in the previous year, actual operations showed a loss of some hundreds of pounds. Operations in the deep hole at Surfdale Hill were suspended as prospects were not encouraging, and work on ' higher ground had later uncovered nothing of value. In the channel, however, sufficient gold was obtained to meet current expenses. Further operations were giving the directors considerable concern. Paid capital of the company _is £B,OOO and rights, property, machinery; and shares are valued in the current accounts at £5,540.

STOCK AND SHAREBROKERS. 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 Rules 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. Ralph Malcolm and Co., Stock Exchange Buildings. Wm. Brown and Co., N.Z.. Express Buildings. W. B. M’Leod, Stock Exchange„ Buildings. N. and E. S. Paterson Ltd., 163 Rattray street. John Reid and Sons, 5 Liverpool street. W. E. 0. 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. VV. Smeaton and Co., 152 High street. W. B. H. Statham, 320 Princes street. W. P. Titchener, Queen’s Buildings. J. H. Walker, T. and G. Buildings. W. J. Watson, Stock Exchange Buildings. Quick, Smith, and Black, Stock Exchange Buildings. , INVESTING FOR PROFIT. Our business is to successfully advise clients how to invest their capital for both security and income purposes. To-day we can submit a list of investments suitable for those requiring a reasonable income with prospects of capital gain. Write now or call for our folder, .* Stocks for Appreciation in 1937.’ The Securities Corporation (N.Z.) LTD., Sharebrokers, 20 Crawford street, Dunedin. Telegrams, “ Toscol.” Phone 11-777 (4 lines). v LOWER DIVIDENDS NORTHERN ROLLER MILLS The Northern Roller _ Milling Com- § any Ltd., Auckland, will pay a diviend of 4 per cent, against 6£ per cent, last year and 6J per cent, in 1935. The profit for the year ended February 28, before making provision for income tax, is £11,793, a decrease of £20.774. The sum of £6,635 is taken from undivided profits to meet the 4 per cent, dividend recommended. After placing £IO,(XX) to debts reserve and paying additional income tax from last year’s "carry forward, £50,830 is brought into the accounts. The appropriation this year for income tax is £6,528, while £3,900 has been paid in the preference dividend. The ordinary dividend will absorb £9,000, leaving a floating balance of £44,195. ONION REGULATIONS FRIGE FIXATION CONDITIONS GOVERNING SALES. [Pbe United Press Association.] WELLINGTON, April 23. An amendment to the Board of Trade Onion Regulations, which was gazetted to-night, provides that no person shall sell or purchase any first grade, second grade, or pickier grade onions, to which these regulations apply, at prices below the respective prices specified per ton, free on board or free on rail — namely: (a) If sold or purchased before May, 1, 1937: For first grade, £5 ss; for second grade, £4 ss; and for pickier grade, £8 5s (sacks extra in each case). (b) If sold or purchased on or after May 1, 1937: For first grade, £5 15s; for second grade, £4 15s; and for pickier grade,, £3 15s (sacks extra in each case). No person who is not a member of the Grain, Seed, and Produce Merchants’ Association shall sell any graded onions grown in one district to any outside that district, and no person who is not a member of the association shall buy any such . onions on behalf of any person outside the district in which the onions were grown. Nothing in this clause shall apply to the sale in any such district of. graded onions by any onion grower, or by public auction to any person outside the district in which such onions were grown. AUSTRALIAN LOANS CONVERSIONS IK LONDON Of the total Australian funded debt in London, 39 per cent, has been converted. mostly to lower rates. The Federal Treasurer, Mr Casey, who is at present in London, will probablv deal with a further £12.361,000 which falls due in November. When that has been done, more than £210,000,000 will have been converted in about six years. Between October, 1932. and June, 1936. ■ the conversions totalled £198,500,000 (sterling). The annual saving is approximately £4,000,000 in Australian currency. . Jbe reduction in interest rates on individual loans varies from 1 per cent, to 3 per cent. _ The conversions are regarded as a triumph for the prestige and financial acumen of the Australian High Commissioner, Mr S. M. Bruce. "TRADE CONCERNED" SELLING DAIRY PRODUCE The London Provision Exchange in x x -i annua l report just published stated. The committee has viewed with concern the tendency for the °f selling organisations in the United Kingdom by exporters of provisions to this country, whereby existing agents are deprived of their livelihood, those agents having already established the goodwill of the produce. The other exchanges throughout the country are equally interested in this matter, which will continue to receive careful attention.”

BASE METALS MARKET OUTLOOK FOR TIN PROBLEM OF HIGH PRICES This is the second, summary from reviews of the base metal markets compiled by Brandeis, Goldschmidt, and Co. Ltd., London, and deals with the rising price for tin during 1936 and with the present outlook for the metal. _ x As .tin remained a strictly controlled metal during 1936, a comparatively steady price might have been expected, the review states. But beginning the year at £217 a ton, the price fell to £175 in July, advanced £7O in the next few months, and closed at £233. A characteristic of the market was a change from a backwardation of £lO between cash and three months prices early in the year to a contango of 10s at the end. This change represented at last a real improvement in the market position. Stocks of tin in England warehouses, which had fallen to the low figure of about 300 tons, increased to about 1,300 tons_ by the close of the year; but the review comments that this is still too low for ■ normal industrial and market requirements. At. the beginning of the year producers under the restriction scheme were operating on a quota basis of 90 per cent. During the second quarter the t quotas were reduced to 85 per cent!, but were raised to 90 per cent, in the third quarter, and to 105 per cent, for the fourth quarter. The new agreement for control for five years began with a basis of 100 per cent., with special scales for Siam and Belgian Congo. ' Visible supplies of tin increased steadily during the year to about 22.000 tons, compared with 14,000 tons at the end of 1935. Production for the year is estimated at 170,000 tons, so that apparent consumption amounted to about 162,000 tons, an increase of about 20,000 tons on the year. Deliveries declined in every country except the U.S.A., Russia, and France. The U.S.A. took about 25 per cent, more than in 1935, equal to about 15,000 tons, due to the industrial recovery there. There was a falling-off in the proportionate production of Bolivia, and an increase in production of China, Siam, and the Belgian Congo. China remains outside the scheme, and its production is likely to increase farther. Siam has been given an annual allowance of 18,500 tons as from 1937, and the Belgian Congo has been allotted 13.000 tons, with increases for subsequent years. In the Dutch. East Indies efficiency has been increased by the merger of the two groups under Government control. The report is of opinion that Malaya has conceded its pre-eminent position in the interests of restriction, and that during the next few years the restricted producers seem likely to lose further ground to the benefit of outsiders, unless the price be reduced. The review concludes on a warning note: “If the restriction scheme is to prove beneficial, producers will have to be content with a smaller margin of profit, especially now that their production is larger, and their overhead costs correspondingly lower. The working of the system will doubtless be improved under the new scheme, but it is difficult to believe that success will be achieved in the long run by any body of people, however competent, unless natural forces are given freer scope.” 1 CANTERBURY MARKETS [Per United Press Association.] CHRISTCHURCH, April 23. Interest in the grain and produce markets is practically confined to potatoes, which have been very much in the mind of the market since the announcement of early shipments to South America. Trade overseas has brought out a greatly increased offering from the country, and prices are easier now than they were at the beginning of the week. Whereas before there were more buyers than sellers, the position is now reversed. The first shipment of about 1.000 tons will be made by the Hororata \ about May 4 from Timaru and probably Lyttelton. Apart from the export trade there is practically nothing doing in potatoes. The North Island appears to be quite uninterested. Reports from the country indicate that the yields, are excellent. _ - A rise in the oat price has kept the market for chaff very firm. Oats also are in excellent demand, with A Gartons up to 3s 2d on trucks and B’s to 2s lid. Milling wheat is coming in quietly but steadily, and the quality of samples threshed from the stack is in general a great improvement on lines handled earlier in the season. The trade in small seeds is particularly dull, and appears to have a small chance of any strong revival till the spring. A good deal of cocksfoot is being offered, but generally it is very light and unattractive, and sellers have difficulty in selling at even as low as 6d. One or two lines of cowgrass have been offered, and the samples appear to be of good quality. Indications are that the price will be about 7d, with 7Jd for superior lots. White clover is offering fairly freely, but samples vary a good deal. In general it is good, and prices are up to lOd. A few lots of Browntop are being _ stripped in the country. The value is about lid for machine-dressed seed. The onion trade is stagnant. FOREIGN EXCHANGES (British Official Wireless.) Press Association —By Telegraph—Copyright RUGBY, April 22. The following are the mean closing rates: — Paris, franc to £1 110 5.32 New York, dollar to £1 4,93 15-16 Montreal, dollar to £1 4.92 J Brussels, belgas to £1 29.24 Geneva, francs to £1 21.59 Amsterdam, florin to £1 9,02 Milan, lire to £1 93| Berlin, reichmarken to £1 ... 32.29 Stockholm, kroner to £1 19.il Copenhagen, kronen to £1 22.40 Oslo, kroner to £1 ... * ig'gg Vienna, schillings to £1 264 Prague, crowns to £1 344 7.40 Helsingfors, marks to £1 2264 Madrid, pesetas to £1 92 n. 32 Lisbon, escudo to £1 ... 110 3-16 Athens, drachmae to £1 5471 Bucharest, lei to £1 ..■ 079 Belgrade, dinars to £1 215 Warsaw, roubles to £1 ... ... 25.90 Rio de Janeiro, pence to milreis" 44 Buenos Aires, pence to dollar ... Montevideo, pence to dollar ... 39£ Bombay, pence to rupee igi Shanghai, pence to dollar 14? Hongkong, pence to dollar 14 5-16 Yokohama, pence to yen a 991 Batavia* florin to £1 ... 34 *

SHARE MARKET DUNEDIN STOCK EXCHANGE REVIEW OF THE WEEK The chief interest of the week on the local share market was centred around the promulgation of the English Budget. After the announcement those shares which were domiciled outside England firmed noticeably, particularly in the case of Barrier; stocks and Mount Lyolls. After a very sharp drop Mount Morgans also made a noticeable recovery. The general industrial section remained firm without any noticeable movement, except in the case of G. J. Coles, which firmed after considerable fluctuation. The banking section shared the general inactivity until Wednesday, when National Bank of Australasia had business at £8 6s. Bank of Australasia (cont.) were on offer at £l2 18s without attracting buyers. Bank of New Zealands eased during the week from a transaction at £2 5s 3d to throe sales at £2 4s 6d, while Commercials were disposed of at 19s 6d and 19s 7d, a buyer at the former figure remaining unsupplied. National Bank of New Zealands had an easier inquiry towards the end of the week, with sales earlier at £2 5s 3d and £3 2s 3d. Unions were disposed of at £ll 7s, buyers easing to-day to £ll 5a without attracting sellers. The insurance section was quiet, with Nationals still on offer at 18s and sellers 4d away. Standards were on offer earlier in the week at £2 18s, with a buyer at £2 17s. P. and O. Deferred Stocks eased sharply, a closing offer yseterday being £1 19s 6d, as compared with £2 2s 6d on Monday. Union Steam Ships (pref.) remained fairly steady, the closing buying quotation being £1 6s 6d, with no sellers. In the loan and agency section Dalgety and Co. shares were wanted at £ll, a difference of 4s separating this offer from sellers. Wright, Stephenson preference shares had business at £l, quotations to-day being 3d on either side of that figure. Both the ordinary and A preference issues of Otago Farmers’ Co-op. bad inquiries at 4s and at 19s without attracting sellers. _ All shares in the coal section were inquired for to-day, with no sellers quoting. Kaitangatas and Westports were both wanted at £1 5s 6d, prices being practically the same as quoted last week. There was little change in the market for Broken Hill Proprietary, the closing quotations being £4 2s 6d and £4 3s 6d, while the contributing issue was inquired for at £3 15s 6d, with sellers a shilling away. G. J. Coles had a fluctuating market, and from buyers’ offer of £5 4s on Wednesday prices rose to £5 6s and £5 8s 6d this morning. Shillings Ltd. attracted a buyer during the week, and after rising from 15s to 16s sellers eased to 17s 6d. Woolworths (ord.) dropped from sellers £8 Ss on Saturday to £7 17s this morning, with no buyers at the close of the market. Breweries were quiet, although New Zealands changed hands at £2 19i 3d, a closing seller at £2 19s 9d being unanswered. Staples were on offer at £1 16s, while Dominions had a buyer at £2 Is 6d. Woolworth (Sydney, ord.) eased further to buyers at £7, sellers, however, wanting £7 6s. Australian mining shares dominated the market during the week, and a considerable ajnount of business was _ transacted, although the market was erratic. Broken Hill Souths eased to £2 9s 3d to-day, while North Broken Hill, following business at £3 10s, firmed to quotations at £3 14s 3d and £3 17s 6d. Electrolytic Zinc preference shares eased to £2 19s 6d and £3 0s 3d to-day, while the ordinary issue, following 12 sales at prices between £2 16s 6d and £2 18s 3d, closed with buyers at £2 18s 9d and sellers at £2 19s 9d. Mount Lyells had 18 transactions, and after quotations at £2 5s 8d and £2 5s lOd on Wednesday firmed to £2 6s lOd and £2 7s 2d to-day. Mount Morgans, after falling to sales at 14s 9d, recovered later in the week and were wanted this morning at 15s 6d, sellers remaining firm at 15s lid. Rawang Tins had buyers at 11s Bd, hut sellers would not accept less than 12s 4d. > In local gold mining Nokomais had business at 2s 2d and 2s 3d, while Okaritos changed hands at 3s 4d. There was a steady demand for all issues of Government stock. Business in 4 per cent, stock, 1946-49, at £lOl 15s, and 4 per cent, stock, 1952-55, at £lO4 was reported. BALES REPORTED. —Late Yesterday.— New Zealand Refrigerating (paid),,l9s 5d., Wright, Stephenson (pref.), £l. 1 Wanganui Harbour Board 4$ per cent., 1/4/54, £lO2 10s. Okarito, 3s 4d. —This Morning.— National Tobacco, £2 17s 6d, ■ SALES ON ’CHANGE. —Late Yesterday.— Bank of New Zealand, £2 4s 6d. SALES AFTER CALL^ —Late Yesterday.— Dunlop Perdriau Rubber, £1 Is. Mount Lyell, £2 7s. \ —This Morning.— Electrolytic, Zinc (ord.), £2 19s (2). Quotations as under: — Buyers. Sellers. £ s. d. £ s. d.

DIVIDENDS DUE

WELLINGTON’S WOOL THE FOUR SALES REALISE £2,811,469 [Per United Press Association.] v WELLINGTON, April 24. The total gross proceeds of the lour wool sales held in. Wellington this season were £2,811',469, against £l,825,592 for the five sales of 1935-36. This season’s figures are the best for eight years, and the final sale held on April 3 was easily the best of the season, the gross proceeds exceeding those of the February sale by £115,807, and those for January by £19,296. The everage price per bale at the April sale was £25 16s sd, giving an average price per pound of 17.584 d. For the four sales this season 121,460 bales were offered, 119,966 sold, and 1,494 passed in. LONDON PRODUCE MARKET The Bank of New Zealand has received the following advice from its London office as at the close of business yesterday:— Frozen Meat.—Larger supplies of wethers have caused prices to weaken, while there is a weaker tendency for ewes. The market for lambs is quiet j and unchanged. Wethers: Light, 4Jd to 5Jd per lb; heavy, 4d to 4Jd. Ewes: 3|d to 4id. Lambs; Twos, 7d to 7Jd ; eights, 6|d to 6*d; fours, 6Jd to 6|d; seconds, 6fd to 7d. WOOL PUBLICITY AND RESEARCH AH IMPORTANT POST During the last session p of Parlia ment legislation was enacted providing for the establishment of a committee to be known as the New Zealand Wool Publicity Committee, and the imposition of a levy on wool produced in New Zealand," the funds from which are to be utilised by the committee for the promotion of the mso of wool by (a) publicity or otherwise, and (b) scientific or industrial researches _in relation to wool or sheep with a view to the improvement of the quality of New Zealand wool, or the increased production thereof, or generally in connection with the wool-production industry. . . ... Similar legislation is in operation in Australia and South Africa, and at a meeting of representatives of these countries and New Zealand held in Melbourne ekrly in the year a scheme of organisation was drawn up providing for concerted action by the three countries. Under this scheme a central fund of £50,000 per annum is being created, and a secretariat is to be appointed in London, on which each country is entitled to one representaApplications are now being invited by the New Zealand Wool Publicity Committee for the position of Is ew Zealand representative on tins secretariat, and an advertisement in this connection appears in our advertising columns.

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.

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 to alteration without notice: — U.S.A. Canada. (Per £1 N.Z.) (Per £1 N.Z.) SELLING— T.T. (dol) ... 3.95 5-16 3.94 9-16 O.D. (dol) ... 3.95 13-16 3.95 1-16 BUYING— O.D. (dol) ... 4.00 1-8 3.99 1-4 PITFALLS FOR INVESTORS “It has been found,” states ‘ The Accountant ’ (London), “ that fraudulent share vendors are circularising investors with offers suggesting some of the advantages and safeguards of unit trusts, and accordingly all investors in such trusts, who now number more than a quarter of a million persons, are to receive a warning from the Unit Trusts Association that unsolicited investment offers coming from an unknown source should not be accepted without the advice of a stockbroker, bank manager, or solicitor. “ W© are interested to observe that Labouchere’s suggestion made in 1874 that the clergy should be specially warned, is apparently now to be taken to heart, since at the recent Church Assembly a resolution was moved ‘ that the Press and Publication* Board be instructed to spcure a brief article setting forth in simple language the danger to investors of dealing with “ bucket shops” and similar firms, and to send a copy to every incumbent with a request to insert it in his parochial magazine.’ Many leading s banks now insert warnings in their customers’ passbooks.” DOLLAR AND FRANC Press Association —By Telegraph—Copyright LONDON, April 23. /(Received April 24, at 1.15 p.m.) The dollar is quoted at 4.93 f, The franc is qjioted at llli.

specie):— For March, Exports 1937: 7,509,000 Imports 4,606,000 Excess of exports 2,903,000 For March, Exports 1936: 7,448,000 Imports 3,038,000 Excess of exports 4,410,000 For March, 1935: Exports ••• it. 6,131,000 , Imports 2,843,000 Excess of. exports 3,288,000 For the three months ended March, SL937: Exports ... 22,280,000 Imports 12,984,000 Excess of exports 9,296,000 For the three months ended March, 1936: Exports, 18,798,000 Imports , 9,622,000 Excess of exports 9,176,000 For the three months ended March, 1935: Exports 15,660,000 Imports 8,499,000 Excess of exports 7,161,000 For the 12 months ended March, 1937; Exports 60,235,000 Imports 47,621,000 Excess of exports 12,614,000 For the 12 months ended March, 1936: Exports ••• ••• 49,676,000 Imports , 37,440,000 Excess of exports 12,236,000 . For the 12 months ended .March, 1935; * Exports ••• ♦.» 44,918,000 Imports ••• ... 32,568,000 Excess of exports 12,350,000

£ s. d. Commonwealth (Bonds— 4 p.c., 1944 101 13 9 ; 4 p.c., 1957 102 7 6 Bank of New South Wales 38 2 6 Goldsbrough. Mort 1 17 6 Wilcox .Mofflm Tooth’s , ... 0 14 3 2 17 9 Toohey’s ... 1 13 6 Broken Hill Proprietary ... 4 3 9 (new) 3 16 9 Electrolytic Zinc ... ... 2 19 9 British Tobacco ... 2 11 0 Colonial Shear ... ... ... Dunlop Peruriau45 .5 0 1 • 1 4* . Afternoon ' sales. Bank of New South. Wales 38 2 6 Commercial Banking of .Sydney • ... 22 17 6 Associated News ... 1 3 9 Australian. Gas A . ... ... 7 5 6Berlei ... ... 1 19 0 Tooth’s • ... 2 17 9 Coles 5 8 0 -Morris fledstrom 1 9 6 Electrolytic Zinc 2 19 9 Anthony Hordern (New Zealand delivery) 1 0 3 J. Fielding-... ; lloodyear (pref.) 3 19 ■1 12 3 0 Sargents Walaas 1 12 1 1 4i 3 Wunderlich (ex div.) ,1 3 0 Woolworths (ord.) ... ... 7 5 0 Salfridges 1 16 0 Mount Morgan Mount Lyells ■0 15 7* 2 7 6 Bulolo Gold 7 0 0 Emperor ... 0 17 6 Rawang ... 0 11 1 Broken Hill Proprietary ... 4 3 6 South Broken Hill ... ... 2 10 0 MELBOURNE, April 23. Bonds were in good demand and Barriers and Mount Lyells ’ were better on more favourable news from London. Gold shares were stronger. £ s. d. Commercial Bank of Australia ;. 0 19 9 -National Bank (£5 paid) 7 18 0 Howard Smith ... ; 1 3 7 Coles 5 8 0 Dunlop Perdriau 1 1 6 Goldsbrough, Mort 1 18 0 Electrolytic Zinc 2 19 6 Electrolytic Zinc (pref.) ... 3 0 6 Kauri Timber 1 4 3 Mount Lyell 2 7 3 North® 1 Broken Hill 3 15 6 Emperpr 0 17 6 Satupolo ... 1 7 9 Sulphide Corporation ... 0 15 0

BANKING— New Zealand ... ... 4 4 3 4 4 9 Commercial 0 19 6 — Commercial (pref.) ... 9 6 0 6 12 B.S. and A National of New ~ 0 Zealand National of Aus3 1 0 tralasia (cont.) ... Union of Australia — 7 18 0 Ltd INSURANCE-' 11 5 0 National SHIPPING— Huddart, Parker 0 17 8 0 18 0 (ord.) — 6 2 0 0 U.S.S. Co. (pref.) ... MEAT PRESERVING— 1 6 Gear N.Z. Refrigerating — 0 17 3 (paid) Southland Frozen 0 19 4 0 (paid) LOAN AND AGENCY— 3 15 Goldsbrough, Mort ... Mortgage Corporation 1 17 0 — 3| per cent. Stock — 98 10 0 National Mortgage ... N.Z. Loan and Mer2 15 0 cantile (ord.) N.Z. Guarantee Cor48 0 0 “ poration 0 4 5 — Otago Farmers’ Co-op. Otago Farmers’ Co-op. 0 4 0 (A pref.) Trustees. Executors. 0 19 0 and Agency Wright, Stephenson 3 12 0 “ (ord.) 0 19 3 — Wright, Stephenson (pref.) COAL— 0 19 6 1 0 3 Kaitangata 1 3 6 — Westport Westport-Stockton 1 3 8 “ (ord.) Westport-Stockton 0 2 0 (pref.) WOOLLEN COMPANIES 0 4 0 Bruce (ord.) — 0 13 0 Kaiapoi (cont.) Mosgiel MISCELLANEOUS— 0 5 .10 0 0 0 0 5 10 10 6 0 Anthony Hordern ... Associated News — 1 0 3 (pref.) . ••• Broken Hill Proprie1 3 3 ' tary ••• Broken Hill Proprie4 2 6 4 3 ‘ 6 tary (cont.) 3 15 6 3 16 6 Brown, Ewing (pref.) 1 2 6 — Consolidated Brick ... — 0 8 8 Crystal Ice Go 1 18 0 2 3 0 D.l.C. (ord.) 0 16 9 — D.I.C. (pref.) , . 1 3 9 — Dominion Fertiliser ... Dunlop Perdrinu 1 4 3 Rubber 1 0 10 1 1 1

General Industries ... — 1 0 3 G. J. Coles 5 6 0 5 8 6 Hume Pipe ... 0 19 9 1 0 3 National Electric .. 0 13 0 0 14 0 N.Z. Drug Co 3 15 9 N.Z. Farmers’ Fer- , tiliscr 10 3 _ N.Z. Newspapers — 1 18 6 ‘ Otago Daily Times 2 6 0 2 7 0 Regent Theatre — 1 0 6 Shillings Ltd 0 16 0 0 17 6 Smith and Smith (pret.) Wilson’s (N.Z.) Cement 110 _ 1 15 0 Woolworths (ord.) ... — 7 17 0 Taranaki Oil 0 3 0 0 4 3 BREWERIES— New Zealand 2 19 9 Staples’ ... — 1 16 0 Dominion 2 16 — UNLISTED STOCKS— National Tobacco (ord.) 2 18 0 Woolworths (Sydney, ord.) 7 0 0 7 6 0 OVERSEAS MINING— Broken Hill South (5S) ... ... ... ; ... 2 9 3 Electrolytic Zinc (pref., £1) 2 19 6 3 0 3 Electrolytic Zinc (ord., £1) 2 18 9 2 19 9 Mount Lyell (£1) ... 2 6 10 2 7 2 Mount Morgan (2s 6d) 0 15 6 0 15 11 North Broken Hill (5s) 3.14 3 3 17 6 Placer Development — 5 0 0 Austral N.Z. Mining 0 10 9 - GOLD MINING— Argo Dredging (Is) 0 2 0 Big River (Is) — 0 2 0 Clutha River (2s) ... 0 2 6 — 8 Gillespie’s (Is) ■ ' ... — 0 1 Molyneux River (2s) 0 2 4 • — Nokomai (5s) 0 2 0 0 2 3 Okarito (5s) — 0 3 9 Sandhills (Is) 0 0 4 Waimumu Sluicing (Is) ... 0 0 10 _ Waitahu (5s) 0 13 0 2 3 N.Z. GOVERNMENT LOANS— 31 p.c. Stock, Nov., 1938-52 101 10 0 3), p.c. Stock, March, 1939-43 ...... - 100 5 0 — 31 p.c. Stock, Sept., 1939-43 100 5 0 — 31 p.c. Slock, March, 1941-43 100 10 0 31 p.c. Stock, Sept., 1941-43 100 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, 1946-49 101 10 0 . — 4 p.c. Stock, 1946-49 101 10 0 —- 4 p.c. Bonds, 1952-55 103 15 0 —- 4 p.c. Stock, 1952-55 103 15 0 — 3 p.c. Bonds, 1939-41' 96 0 0

United Building, Auckland —InApr. 26 erim at 5 per cent, per annum Okarito Gold Dredge—4d per 5s share Apr. 27 Bank of Adelaide—Half-yearly, Apr. 28 final at 5 per cent, per annum British Tobacco (Aust.) Ltd.— Quarterly, pref., at 6j per Apr. 30 cent, per annum Claude Neon Ltd., Sydney—Interim half-yearly at 15 per Apr. 30 cent, per annum Drug Houses of Aust. —Interim, 3 Apr. 30 per cent United Provisions—Interim preferApr 30 ence -at 8 per cent, per annum North Kalgurli (1912) Ltd. —InApr. 30 terim, 6d sterling a share ... Associated Newspapers—Interim, Apr. 30 pref. and ord., 2 per cent. ... N.Z. Investment, Mortgage, and Deposit Co.—Final, 3 per cent., making 5 per cent., per .May 3 annum ••• *.• Mosgiel Woollen —Interim at rate May 13 of 8 per cent, per annum ... E.S. and A. Bank —Interim, 31 per cent, (sterling) May — Imperial Chemical Industry—ord.. June 1 final 51 per cent Bank of New Zealand—Final, ordinary shares. Is J une 11 National Bank of- Australasia ( At 6 per cent, per annum on V both issues

London— 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. E90 7/6 £89 New' York— Dollars to, £1 N.Z. ... T.T. 3.9880 3.9521 O.D. 4.0005 3.9571 Montreal — Dollars to £1 N.Z. ... T.T. 3.9799 3.9450 O.D. 3.9924 3.9500 Austria — Schillings to £1 N.Z. ... T.T. — 20.68 O.D. — 20.70 Belgium— Belgas to £1 Not available. Czechoslovakia — Crowns to £1 N.Z ... T.T. — 112.51 O.D. —■ 112.56 Denmark— Kroner to £1 N.Z ... T.T. 18.203 17.893 Q.D. 18.263 17.903 France— Francs to £1 Not available. Germany— * Reichsmarks to £1 N.Z ... T.T. 9.783 O.D. —. 9.788 Holland — Florins to £1 N.Z. ... T.T. 7.3387.188 O.D. 7.398 7.192 Italy— Lire to £1 N.Z ... T.T. 75.11 O.D. • 75.16 Java— .Florins to £1 N.Z. ... T.T. 7.321 7.161 O.D. 7.381 7.165 Norway— Kroner to £1 N.Z ... T.T, , 16.183 15.893 O.D, , 16.243 15.903 Sweden— Kroner to £1 N.Z ... T.T. 15.794 15.499 O.D . 15.854 15.509 Switzerland— Francs to £1 N.Z ... T.T. 17.508 17.238 O.D. 17.613 17.243 Noumea — Francs 1 to £1 Not available. Papeete— Francs to £1 Not available. Hongkong— N.Z. pence to X 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. pence to 1 yen ... T.T. 17 15-32 O.D. — 17 29-64 Shanghai— N.Z. pence to 1 - dollar ... ... T.T. 17 3-4 18 14 O.D. 17 23-32 18 15-64 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 3-4 18 3-8 O.D. 17 45-64 18 23-64