Commerce, Mining, & Finance

Evening Star, Issue 22636, 30 April 1937, Page 6

Commerce, Mining, & Finance

FRUIT AND PRODUCE WEEK'S ACTIVITIES REVIEWED Reilly’s report that during the past ■week business in the fruit markets has been rather quiet, with smaller consignments coming to hand. Good quality apples have a fair inquiry at increased values, and cooking and dessert pears are in demand. Outdoor tomatoes are practically finished for the season; supplies of local hothouse are now coming to hand, and values have firmed. Some fine quality Gros Colmar graces have been received, and values are quite satisfactoryThe market is bare of oranges, only small consignments of Jamaican fruit being available. Owing to the cold weather ripe bananas have met with a slow sale. Atranshipment of green Samoans is due ex the Matua. Good shipments of pumpkins and jam melons have come .to hand from Hawke’s Bay, and this season are realising very good value. Marrows are short of the demand, and supplies this year are limited. Parsnips, carrots, and Swede turnips are selling readily at good values.. The potato market has firmed, supplies of King Edwards being short and realising satisfactory prices. Small consignments of green peas have been coming to band and values have firmed. Other fresh vegetables have a good demand, with the exception of cabbage, which is in over-supply and difficult to sell. Honey.—Five and 10-lb tins have an excellent demand. Eggs.—The market has advanced Id a dozen, guaranteed now selling at 2s 4d. ■ Poultry.—A good penning of birds for our weekly sale, pullets being in demand at satisfactory values. PAPER MANUFACTURE EXPANSION OF INDUSTRY Press Association—By Telegraph—Copyright MELBOURNE, April 29. Australian Paper Manufacturers Ltd. announced the issue of 1,000,000 6 per cent, cumulative preference shares to finance the establishment of the paper pulp industry in Victoria and extend the present paper mills in Sydney and Melbourne. Only 100,000 shares will be available to the public, 400,000 being taken by the brokers, J. (B. Were, while 500,000 are earmarked for' shareholders in the holding companies, the Australian Paper and Pulp. Company and Cumberland Paper and Board Company, FAMOUS GOLD MINE TO RE-OPEN CHEuUEREO HISTORY OF THE " SHEBA " One of the most famous, South African gold mines, the old Sheba Mine at Barberton, will bo reopened in the near future. The Bailey Group has acquired the shareholding : in a company which owned the Sheba Mine, and it is interesting to recollect that Sir Abe Bailey, chairman of the Bailey Group companies, was a Barberton pioneer at the end of the last century. The Sheba—romantically named—has often been closed down and reconstructed, First floated in 1887 with a capital of £20,000, its shares during the fodowing year dropped from £IOO to £4O. The capital was then raised to £65,000, and eight years later no less than £750,000 had been paid out in dividends. Big ideas of development were stimulated by the discovery by a prospector in the bush of a boulder, weighing half a ton, which yielded 500 oz in gold. Active prospecting led to the discovery of the Zwartkoppies reef. To acquire that property and to enter on a big development scheme, . the capital was again raised, this time - - in 1896, to £1,250,000. AUSTRALIAN STOCK EXCHANGES Piesß A«oci»tion— By; Telegraph—Copyright ■SYDNEY, April 29. ; On the Stock Exchange there was fairly heavy selling pressure in: South Broken Hills. Pastoral shares were firm, and the market was otherwise steady. £ s. d.

MELBOURNE, April 29. Bonds were steady, but investments, Barriers, and Mount Lyells were weaker on nervous market reports from overseas.

FOREIGN EXCHANGES OK 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 th* Bank of Now South Wales) quoted the following dollar rates to-day on a New Zealand currency basis. They are subject to alteration without notice:— IT.S.A. Canada. (Per £1 N.Z.) (PerfilN.Z.) SELLING — T.T. (dol) ... 3.96 5-8 3.95 11-16 O.D. (dol) ... 3.97 1-8 3.96 3-16 BUYING— O.D. (dol) ... 4.01 7-16 4.00 7-16 DUNEDIN RABBITBKIN SALE The Dunedin Stock Agents and Wool Brokers’ Association reports as follows Offerings at yesterday’s sale of rabbitskins wero slightly smaller than at the last sale owing to the rough weather experienced during the past week. Increased quantities of autumn and incoming grades were forward with small, but representative, lines of new season’s early winters. There was a very strong demandlfor all grades, and compared with the last sale low grades, including racks, were from Id to 3d dearer* whilst autumns and incomings showed a sharp advance of from 3d to 9d per.lb. Early winter bucks sold to M)d per lb, and a small lot of first winter bucks brought 160 d. The following is the rahgo of prices:— Summer broken, 32d to 32id J autumn broken, 41d to 42d; second winter broken,. 46d to 48Jd; runners, 30id to 40Jd; summers—bucks 39d to 43d, does 32id to 33-Jd ; small, 24d) to 25Jd; light racks, to 40d; prime racks, 50d to 52Jd; dawny autumn, 58d to 66d; early autumns, 72d to 77dj late autumn, 96d to lOOd; incoming winter, Uld to H2d; first early winter bucks, 139 d to MW; second, 125 d to 126 d; first early winter does, to 93$d; milky, 32id to 40Jd; fawn, 55d to 74Jd; winter fawn, to 86id; summer black, 45d to 47d; autumn black, 68d to 70d; haroskins, 30jd to 31 id; horsehair, to 19d. CORONATION AND SALE OF DIAMONDS The year 1936 has been the best for South African producers since 1929, and still better results are anticipated in 1937. Sales of uncut stones by the Diamond Trading Company have risen from £3,720,000 in 1934 to £6,235,000 in 1935 and to £8,500,000 last year. Conservative observers estimate sales in the Coronation year at more than £10,000,000. The Consolidated Diamond Mines of South-west Africa has already paid off the whole of six years’, back dividends on its 7J per cent, preference shares. An ordinary dividend is expected this year. De Beers Consolidated have paid four years’ arrears on its preference shares, absorbing £3,200,000. Productive operations at the famous Dutoitspan Mine have recently been doubled. It is hoped, assuming' diamond sales continue to be as, satisfactory as in recent months, to bring the preference dividend up to date by July and open the door for a restart of deferred dividends which were suspened since 1929,

THE RESERVE SANK ASSETS AND LIABILITIES [Pek United Press Association.] WELLINGTON, April 29. The gazette issued to-night contains the. following statement or the liabilities and assets of the Reserve Bank or New Zealand as at the close of business on April 26. The figures at, the close of the previous week are given for purposes of comparison, shillings and pence being omitted: — LIABILITIES. i Last Week. This WSek. £ £ 1. General Reserve Fund 1,500,000 1,500,000 2. Bank notes 13,016,820 12,056,903 3. Demand liabilities—(a) State ... 7,338,122 7,709,278 (b) Banks 9,756,211 9,786,630 (c) Other ••• 811*393 90j,k>41 4. Time depos-its ... ... 5. Liabilities in currencies other than New Zealand currency , -- _ 6. Other liabilities «■* 136,305 1-6,68 a Tot al £32,598.858 £33,985,030 ASSETS. '•■{SrSST ... 3,801.791 2,801.791 (b) Sterling exchange 19,622,337 20,309,013 (c) Gold exchange ... rr 8. Subsidiary coin ... ... 146,*53 X4a,807 9, Discounts—(a) Commercial and agricultural bills ... (b) Tres-ury end local body bills . —■ *"• 10. Advances—(a) To State or State undertakings—(l) Dairv industry account 6,146,667 5,849,071 (2) For other purposes 000,000. 900,000 (b) To other pjbllc authorities ... ... (o Other -—■ —* 11. Investments ... 2,906,450 2,906,450 12. Bank buildings ... ... ' —* 13. Other assets ... ... ... 74,853 72,797 Total £32,598,858 £33,985,030 Proportion of reserve (No. , 7 less No. 5) to notes and oth - r demand liabilities 72.399% 73. CM% THE SEARCH FOR GOLD WILUNA MINE Production of gold by Wiluna Mine for March, with figures for February in parentheses, was as follows:—Ore treated, tons, 50,240 (45,964) ; gold, fine oz, 10,026 (8,860); value, Australian, £88,135 (£78,161); working costs, £57,440 (£50,921): per ton, 22s lOd (22s 2d, including 3s 6d per ton for development) ; working surplus, £30,695 (£27,240). Costs and surplus shown in Australian currency. BULOLO GOLD DREDGING The attorney for Clutha Development Ltd. forwards the. 'following Bulolo report:—For tho month of March the total gross production, .amounted to 17,8060 z of bullion containing 12.3840 z of fine gold from 918,000 cubic yards; estimated working profit, 8,8020 zof fine gold. This production is equivalent to £108,360. and working profit of £77,542 on the basis of £8 15s (Australian) per fine ounce of gold. ARAM GOLD DREDGING LTD. Arahura Gold Dredging Ltd. (N.Z.) reports that the plans and specifications of the dredge were completed early this year, and satisfactory progress is being made with the manufacture of the equipment. The dredge will bo electrically operated, fitted with 18cubic feet buckets capable of digging and treating 400,000 cubic yards monthly, ana the design' includes the most modern type of gold-saving plant. It is anticipated that the dredge will be ready to commence mining operations about tho middle of next year. Tho directors add that although it is not anticipated that any material depreciation in the price of gold will occur, ample provision has been made. All calculations have been, based on gold valued at £4 16s sterling, or £6 New Zealand, per ounce, which is considered sufficiently conservative to.cover any variation in tho London price, of gold and/or any variation in the existing exchange rate. STAFFORD GOLD DREDGE LOSS Stafford Gold Dredging, N.L, (N.Z.) shows a net loss of £750 for tho year ended January 31, reducing the . credit balance to £1,414. The dredge treated 451,346 cubic yards, and recovered 1,4490 z smelted gold. Proceeds were £11,712, resulting in a working profit of £363. Working expenditure was--6.04d per cubic yard, against 6.3 d tho previous year. Operations were suspended during August. Later tho dredge worked, in low values, and then reached a section containing a more solid formation of wash. Actual work hero began in February this year, and results have improved since then. The report adds that there is a prospect of a more profitable operation for the period ahead. At January 31, the company had £2,140 gold in transit, creditors £1,411, and bank overdraft £1,805. WHEAT EXPORTS STEADY Shipments of wheat from Australia are being maintained at good volume, and in the week ended April 20 exports in the form of grain and flour were equal to about 1,726,051 bushels of wheat, compared with 1,700,486 bushels shipped in the previous week. Victoria supplied 34,063 bushels of wheat and 5,999 tons of flour; New South Wales, 811,753 bushels and 2,663 tons respectively; South Australia, 9,333 bushels and 1,827 tons; and Western Australia, 298,214 bushels and 1,442 tons, the* total of flour being 11,931 tons.

" UNHEALTHY PRICES LONDON LOAN MARKET "High prices make new loans inadvisable at the moment,” said Professor N. F. Hall, head of the department of political economy, London University, m an interview in the ‘ Sydney Morning Herald.’ “As a matter of fact,” ho added, " prices are unhealthily high at present, and there might be a very nasty boom if they do not settle a little. “ The activity following the rearmament announcement brought heavy speculation in many products, including non-ferrous metals. Many buyers have not been able to hold.” Professor Hall said that the rearmament programme would carry with it a period of prosperity. But in 1940, when the pogramme ended, a slump was possible. The British Government would have to prepare for this. “The rearmament was necessary, and it had the backing of the ordinary man,” said Professor Hall. “ The Government had a lot of slack to make up. The rearmament figures were made to appear as large as possible in order to impress other nations.” Professor Hall said that Australia’s name, financially, was very good in London. It was remembered how Australia had' weathered the critical years of the depression. “But, financial memory is very short,” he added. “ However, your last cbnversious were almost as good as those of the British' Government. “Britain is easily the most solid financial nation in the world, and no country looks like challenging her. America is far more stable than she was a few years ago, and there is less speculation. Technically, the economic position in America is sound, but there is a social nervousness and bitterness.” TIN DREDGING AMALGAMATION TAIPING AND NORTH TAIPING Shareholders of the Taiping Tin Dredging Company Ltd. and the North Taiping Tin Dredging Company Ltd. have passed resolutions authorising the amalgamation of the two companies. The proposals were submitted at an extraordinary meeting at Penang recently. The North Taiping Company recently acquired the rights to mine a selected area of 411 acres containing 16,300,000 cubic yards of alluvial with an average ore content of 1.331 b a cubic yard. This property will be equipped with a modern high capacity bucket dredge which will also be available to work the Taiping area at a later date, j't is proposed to allot to Taiping Tin and North Taiping Tin one fully-paid one-dollar share for every two shares at present issued in a new company which is to be formed. AUCKLAND SAVINGS BANK A record year’s business,, with assets totalling £8,962,850, and, with an aggregate of £8,021,110 at the credit ordopositora, was shown in the annual report of. the. Auckland Savings Bank, presented by the president,. Mr A. Harris, at the annual meeting of the trustees "of the bank on Monday. In pointing to the high level of assets and depositors’ balances, Mr Harris said such a practical example of thriftiness on the part of. the hank’s 176,000 depositors was tangible evidence that people were not unmindful of the virtues of self-reliance and independence. Discussing the year’s working, the president’s report stated that, apart from interest added to depositors accounts, there was an increase m deposits of £186,000. Altogether £9,130,COO passed over the bank’s counters. Interest added to all accounts amounted to £216,000, compared with £208.000 during the previous year. Sinoo the bank was established 89 years ago, £4,700,000 has been, received by depositors in interest on their accounts. GOOD NEW CLIP EXPECTED AUSTRALIAN WOOL SEASON Reviewing the wool season of 1936-37 the Australian, Mercantile, Land, and Finar-e Company Ltd. states that the Australian market was without the support of Japan until January, and the strong and persistent demand from Great Britain in the period when the trend of the market was in doubt was most favourable. European and Australian manufacturers followed the lead of Great Britain, and assisted materially in maintaining values in the first month or two, when confusion and slump conditions might easily have caused difficulty. A notable .feature before Christmas was the special demand from the United States. Rarely, if ever before, bad the demand been so strong relatively at the end of the selling season than this season. The market tendency demonstrated that the world wanted wool in. greaer quantities at a reasonable price. Turning to the coming season, the company states that there are grounds for the'belief that the new clip will he satisfactory. In most districts, particularly those that supply wool to the southern selling centres, the early part of the growing season has been favourable. Flocks for the most part are in good condition off-shears, the company states, and the state of the sheep at time of shearing is the best guide to the nature of the following clip. Sheep are still holding their condition, although the season at present is not promising, and many properties may be overstocked unless good rains fall soon. There should, however, be a generous clip whatever might be the fate of many flocks after shearing if rain'were delayed. . MOUNT MORGAN REPORT [Per United Press Association.] WELLINGTON, April 30. The Mount Morgan Ltd. production report for the four weeks ended April 28 is as follows:—-Ore mined, 38,922 tons; ore treated, sulphide 24,100 tons and oxidised 14,706 tons; estimated production of gold, 3,5090 z; silver 3840 z, copper 119 tons. SYDNEY MARKETS Press Association—By Telegraph—Copyright SYDNEY. April 29. Wheat: Bagged is steady at 5s 2Jd. Bulk wheat at country sidings, 4s sd—equal to ss, ex trucks, Sidney. Flour, £l2. Bran, £6 10s. Pollard, £7. Potatoes: Tasmanian, to £6 Onions: Victorian Brown, £10; white, £B. Maize: Yellow, 5s 6cl.

COMPANY HEWS BOND'S INDUSTRIES LTD. Bond’s Industries Ltd. reports a net profit of £11,659 for the year ended December 31, compared with £5,878 the previous year and a loss of £31,378 for 1934. The debit forward is reduced to £155,042. The profit was struck after paying £13,446 in debenture interest. DONAGHY'S ROPE AND TWINE FINAL DIVIDEND DECLARED The directors of Donaghy’s Rope and Twine Company Ltd. have declared a final dividend of lOd per shave from trading and 5d per share from investments, making a total of Is 3d per share. The dividend will be payable on or about May 21, PERMEWAN WRIGHT “ The current year’s trading has been satisfactory, but it is too early to attempt any forecast of results,” the chairman of Permewau Wright Ltd'. (Mr : J. B. Kiddle) said at the annual meeting of the company last week. For the year ended January 31 a profit of £16,400 had been earned, as against £11,566 in the previous year. Replying to a question by a shareholder, Mr Kiddle said that the return on tho new capital raised had so far been as good as that received from the old capital. Shareholders agreed to an increase in the directors’ fees from £SOO to £BOO per annum. MOVEMENTS OF TRADE IS THERE A REGULAR CYCLE? POSSIBILITIES OF FORECASTS Most people agree that prosperity is recurrent, and that periods cf active trade are apt to be followed by slumps, i Several ■ well-known economists, including Profesqr Gustav Cassel, have argued that there is ho cycle, but merely , a succession of, irregular ups and downs. Others believe that there are arithmetical means of distinguishing the genuine cycle from the irregular movement. One of these is Professor D. H. MacGregor, upon whose evidence the ‘ Economist ’ agrees that the trade cycle appears to he an established historical fact. Professor MacGregor postulates four conditions constituting a cycle. First, the line with which the movement is graphically represented must not substantially change direction between .a. peak arid ' a trough. Second, between ■each peak and trough the fluctuating line must cross the “ trend ” line; after a boom it must not fall to normal and then start rising again. Third, the successive high points and low points must bear a definite relation to one another. Fourth, the period of time between one turning point and another must be long enough ‘for ■ the cyclical influence to make itself felt. He traces for the period 1870 to 1910 what he regards as the three primary indices of economic change, those of employment, enterprise, and prices. He has devised the enterprise index on the basis of new joint-stock company registrations. All these indices conform to the four conditions with remarkable fidelity. What is the duration of the cycle ? Professor MacGregor finds that for the period he has chosen the interval between peak and peak, or between trough and trough, varied between five and 11 years. A simple average of the periods gives the duration of the trade cycle at a little over eight years. The war disturbed the rhythm of the cycle, but the ‘ Economist ’ points out that the post-war booms of 1920 and 1929 bore a strong resemblance to the traditional cyclical pattern. Forward-looking persons who calculate that eight and a-quarter years after the (English) autumn of 1929 comes tho midwinter of 1937-38 are warned by the ‘ Economist ’ that blind empirical forecasting- is uncritical and unsafe. It is now clear that, although the cycle has in general remained worldwide, major changes in policy have modified its operation in different countries. The great depression did not really begin in Franco and Belgium until 1932. Recovery began in the sterling area in the autumn of 1932; in the. United States and Germany in the spring of 1933; in France in the autumn of 1935; and in Holland and Switzerland in tho' autumn of 1936, Moreover, it must be remembered that the clear emergence of tho wopldcyglo coincided with the general adoption of the gold standard about 1870;.that Germany, France, and Belgium, which did not start returning to gold immediately after 1920, avoided the depression of 1920-23; and that tho incidence of the cycle may bo' different in a world that has forsaken the gold standard. Finally, since'the war in fact suspended the working of,the cycle, human action can plainly suspend it, though suspension is not abolition. “Tn assessing the present situation,” the ‘ Economist ’ adds, “ it seems safest to assume that the trade cycle and its attendant cyclical forces are real things; that there is a certain tendency for them to work themselves out in eight to 10 years; but that they are associated with, if not determined by, human policy, particularly in so far as it affects interest rates and the output of capital goods. And from this point of view, though from few others, armaments must bo accounted capital goods. The wise man will also recall that in 1937 America’s recovery *is about 18 months, and the late gold bloc countries’ recovery, about three years, behind that of Great Britain. It would bo very surprising if Great Britain’s economy turned definitely downward while America’s was still booming. NEW FEDERAL LOAN RAISING OF £7,500,000 The subscription lists of tho new Commonwealth loan of £7.500,000 at an effective interest rale of £3 19s Id per cent, were opened in Australia on Tuesday. The terms of the loan were well received in Australian financial centres, where it is thought the amount can be raised by tho Government out of the savings of the people, in spite of the existing demands for new capital from private industry. It is expected that some of the profit made on tho share markets earlier this month will be invested in the loan, while there is always a certain amount of monev available for investment which must'be placed in trustee stocks.

Commercial Banking of Sydney National Bank (£5 paid)' 23 0 7 17 0 G Bank of Australasia 12 19 0 Associated News ... 1 3 74 Huddart, Parker 1 19 9 British Tobacco .., 2 10 3 Tooth’$ ... .;. 2 18 3 Burns PHilp ... ... ... 3 13 0 Dunlop Pordrian • ... ... 1 1 2 Goldsbrough. Hort 1 19 0 Wilcox Mofflin ;.. ■ 0 14 0 F. T. Wimble ... ... ... 2 7 6 Stedman ... 0 16 9 Peters 2 11 0 Meggitts Amalgamated Wireless 1 12 0 ■ (cont.; N.Z. delivery) ... Sargents 2 8 9 1 12 9 Victoria Nyanza 0 18 3 Selfridges (N.Z.) 0 3 3 : 0 3 6 Electrolytic Zinc 2 17 6 Electrolytic Zinc (pref.) ... 2 18 0 Anthony Hordern 1 0 6 Anthony Hordern (pref.) 1 3 0 General Industries 1 0 6 Mount .Morgan 0 15 0 Mount Lyell ... 2 5 3 Mandated Alluvial 0 3 0

Commercial Bank of Aus- £ s. d. tralia 0 19 8 National Bank (£5 paid) ... 7 10 0 National Bank (£10 paid) 15 17 0 British Tobacco ■ 2 9 9 Coles 5 5 0 Drug Houses of Australia 1 7 3 Dunlop Perdriau ... .... 1 1 2 Dunlop Perdriau (prof.) ... 1 15 3 Goldsbrouzh, Morfc 1 18 9 General Motors ... 1 4 7 Hume Pipe 0 19 9 Electrolytic Zinc 2 17 0 Electrolytic Zinc (pref. )... 2 17 6 Kauri fimber 1 4 0 Sulphide ... ... ... ... 0 14 3 Mount Morgan ... ... ... 0 15 0 Mount Lyelf ... ... 2 5 3 Broken Hill Ptv 4 0 6 North Broken Hill ... ... 3 10 9 South Broken Hill 2 7 3 Loloma 1 0 0

London — . £100 stg. £124 10/ N.Z. ... T.T. £124 O.D. £123 10/ £124 8/9 Australia — £A to £100 £100 10/ N.Z. ... O.D. £101 Fiji— £P to £100 £89 N.Z. ... O.D. £90 7/5 New York— Dollars to £1 3.9652 N.Z. ... ... T.T. 4.0016 O.D. 4.0141 3.9702 Montreal — £1 Dollars to 3.9576 N.Z. ... ... T.T. 3.9925 O.D. 4.0050 3.9626 Austria— Schillings to £1 N.Z .. T.T. 20.73 O.D. — 20.75 Belgium— Bellas to £1 23.387 N.Z. ... .. T.T. — O.D. . — ■23.398 Czechoslovakia — Crowns to £1 113.06 N.Z. ... ... T.T. — O.D. — 113.11 Denmark — £1 Kroner to 18.203 17.893 N.Z. ... ... T.T. O.D. 18.263 17.903 France — £1 Francs to 88.42 N.Z. ... ... T.T. — O.D. — 88.46 Germany— Reichmarks to £1 9.807 N.Z. ... .. T.T. — O.D. : — 9.812 ■ Holland— £1 Florins to 7.349 7.199 N.Z. ... . T.T. O.D. 7.409 7.203 Italy— Lire to £1 75.34 N.Z. ... ... T.T. —. O.D. —, 75.39 Java— £1 • Florins to 7.329 7.169 N.Z/... . T.T. O.D. 7.389 7.173 Norway— £1, Kroner to 15.892 N.Z. ... ... T.T. 16.182 O.D. 16.242 15.902 Sweden — £1 Kroner to 15.498 N.Z. ... T.T. 15.793 O.D. 15.853 15.508 Switzerland— £1 Francs to 17.248 N.Z. ... ... T.T. 17.518 O.D. 17.623 17.253 Noumea— Francs to £1 87.05 N.Z. ... .. T.T. ' — O.D. — 87.11 Papeete— £1 Francs to 87.20 N.Z. ... .. T.T. — O.D. — 87.26 Hongkong— N.Z. pence to 1 18 51-64 dollar . T.T. 18 19-64 O.D. 18 17-64 18 25-32 India and CeylonN.Z. ponce to 1 22 21-32 rupee .. . T.T. 22 3-8 O.D. 22 11-32 22 41-64 Japan— to N.Z. pence 1 17 15-32 yen ... . T.T. — O.D. — 17 29-64 Shanghai— N.Z. pence to 1 17 3-4 18 1.4 dollar . T.T. ' O.D. 17 23-32 18 15-64 Singapore—■ N.Z. pence to 1 34 23-32 35 13-64 dollar. . T.T;O.D. 34 5-8 35 3-16 Chefoo — N.Z. pence to 1 ' 18 13-32 dollar T.T. 17 25-32 O.D. 17 47-64 18 25-64