Commerce, Mining, & Finance

Evening Star, Issue 22638, 3 May 1937, Page 13

Commerce, Mining, & Finance

THE MEAT MARKET [Per United Press Association.] WELLINGTON, May 2. The New Zealand Meat producers.. Board advises that the following are the approximate average prices realised for the week, based on actual transactions of wholesale quantities of the descriptions of meat mentioned, and are for representative parcels of the goods offering • during the.week, being for business done on the basis of delivered to Smithfield market and/or ex London stores: — New Zealand Sheep. Cross-bred wethers and/or maiden ewes: Under 481 b, Sid; 49-561 b, 4{d; 57-641 b, 4Jd; 65-721 b, 4Jd. Ewes: Under 481 b, 4|d; 49-561 b, 4id; 57-641 b, 4d; 65-721 b, 3Jd. New Zealand Lambs.—Canterbury: Under 361 b, 7d; 37-421 b, 6fd; 43-501 b, 6id. Second quality, average about 311 b, 6}d. Other South Island: Under 361b,' 7d: , S7-421b, 6|d: 43-501 b, 6fd. North Island Downs: Under 361 b, 7Jd: 37-421 b, 6Jd; 43-501 b, 6id. Second quality, average, about 301 b, 7Jd. North Island: First quality, under 361 b. 7d; 37-421 b, 6|d. Second quality, average about 311 b, 6Jd. _ : ’Australian Lambs.-—Victorian:- ■ First ' quality,' 29-361b,-61d; 37-421 b, Bid. ; Argentine Lambs. First quality, under 361 b,. 6Jd: 37-421b,5|d. New Zealand Chilled ■ Beef. —Ox hinds. 145-2101 b, 4|d. Ox fores, 1452101 b,. 3Jd. Australian Chilled Beef.—Ox hinds, 145-2101 b, 4gd. Ox crops, weights corresponding, 3id. Union of South Africa. Chilled Beef. —Ox hinds, 145-2101 b, 4}d. Ox 1 fores, 145.2101 b, 3Jd. Southern Rhodesian Chilled Beef,— Ox hinds, 145-2101 b, 4Jd. Ox fores, 1452101 b, 3|d. Argentine Chilled Beef.—Ox ;hinds, 145-210 lb, 6§d. Ox fores, 145-2101 b, 4d. , ■ \ Uruguayan Chilled Beef.—Ox hinds, ‘ 145-2lolb, sid. Ox fores, 145-2101 b, SJd. .. Brazilian Chilled Beef.—Ox hinds, 145-2101 b, 4Jd. New Zealand Porker Pigs.—First First quality; 61-801 b, 6|d; 81-1001 b, 6Jd; 101-1201 b, 6Jd. •New , - Zealand Baconer . Pigs.—l2l- - 6]ld. , Lamb Market.—Prices slightly easier, but consumption is improving. Mutton Market.—Wethers and ewes: ; Prices weaker, excepting light-weights. , Beef Market.—Frozen beef nominal; . stocks short. Chilled beef firmer owing to higher prices home-killed. New Zealand Porker Pigs.—Market steady and unchanged. - New Zealand. Baconer Pigs.—Firm, . with- prices unchanged. , Oil FROM COAL COST fIF PRODUCTION •At first’glance it seems feasible to . make "up the Joss of business in coal , to oil fuel and electricity : by turning the coal into oil; and' recovery of valuable by-products lost’ in smoke. But ’ ■ the processes of turning coal into oil,. - especially petrol, : whUe^practicable in. » may, be'"commercially, - uneconomic. Dr Herman, of the .' .Electricity Commission';'of, Victoria, has beetj; investigating the of producing oil from coal—“-and the.com-. ' mission uses abundant opal in generat- . ing. electricity at Yallourn. He has comotp' the conclusion that the only real; justification for the oil-from-coal industry would bo for providing some ; additional security for our oil supplies in time of war. Dr Herman held that in time of war the cry was for conserving man-power in industry so that every possible man could be released for the front. The additional employment of men required in oil-from-coal plants in Australia would be \ a disadvantage; just at the time, and the only time, when such plants would . be called upon to supply really vital , needs. Dealing with the suggestion that oil- , fromrooal plants would absorb unemployed coal miners. Dr Herman said the output per person employed in the New South Wales coal mines was about •500 tons per annum. The quantity of v black coal required for 150,000 tons of hydrogenated- oils was about 600,000 , tons, and the estimated cost to the - community, for that output would be . £2,250,000 above the costs of imported oils, equal to £1,900 yearly for every person employed in winning the necessary coal; A plant to produce 45,000,000 gallons'of Australia’s existing requirements of ‘ 468,000,000 gallons annually would involve a capita) cost of ■ £11,000,000, and a production cost of r about Is 5d a gallon, compared with the average cost of imported petrol in the last four years of 4.1 d per gallon. The’’ estimated requirement in 1940 of • 500,000_ gallons of oil, if produced in Australia by hydrogenation, would in- - volve £110,000,000 in capital expenditure, and cost about £25,000,000 -per annum in some form of subsidy. ■ MEAT FOR DOGS Freezing companies in New Zealand have been advised by the Meat ProfducersV Board that arrangements have been made with the British Government to allow the shipment from New , Zealand of ,15,000 cwt per year of frozen boneless beef for dog food to be manufactured in the United Kingdom. This is to be outside any quota quantity. WEST AUSTRALIAN DIVIDENDS The opinion that there should .be a considerable increase this year in Western Australian mining dividends was expressed recently by Mr Eichard Hamilton at the annual meeting of the Chamber of Mines at Kalgoorlie. Dividends paid. last year amounted to £1,101,967, compared with £2,024.152 in 1903, when the industry was at its" peak. It was gratifying to note that there had been less loss in 1936 than in the previous year through strikes and stepwork meetings, and it was confidently hoped that _ the application of; the amended mining award, which provided for a 40-hour week underground without wage reductions, would ensure a more lasting peace in the .industry than in recent years. He considered that Australian workers, particularly those in Western Australia, should bo prepared to await a more favourable time before seeking a genera! 40-hour week. Statistics quoted by Mr Hamilton that the average grade of the ore mined in Western Australia last year was 6.77dwt, the lowest in the l ” , stor\ of the State. In 1903 the grade was 21.62dwt.

PROSPERITY STATISTICS BIG EXPORT AND IMPORT INCREASES SIGNIFICANT SAVINGS BANK FIGURES [Per United Press Association.] WELLINGTON, May 2. “ I want to quote figures to illustrate the fact that the country is in a better position than it was a year or.-, two ago, though we all feel that, of course,” said the Acting Prime Minister (Mr P. Fraser) when opening the Wellington Coronation Show on Saturday night. The exports during the 12 months ended March 31, Mr Fraser _said, amounted in value to £60,235,000, compared with £49,676,000 in the 12 months ended) March 31, 1936. The imports amounted in the 12 months ended March 31 to £47,621,000, and to £37,440,000. in the previous 12 months. Savings bank business was another indication of the' trend of- progress, Mr, F r aser said. The deposits for the year . ended March 31 were £30,677,000 and the withdrawals £27,042,000. The amount standing to the credit of savings bank depositors at March 31, 1936, was. £52,916,000, -with ah excess of deposits of £2,086,000. Interest on March 31, last amounted to £1,514,000, and 'the -aggregate sum to the credit of depositors was £58,065,000, an-increase of £5,149,000 over the 12 months. THE SEARCH FDR GOLD NEW RIVER DREDGE The New, River dredge last week obtained, a return of 940 z froin 14,000 yards tre'atcd in 184 hours. OKARITO WASH-UP The secretaries of the Okarito Fivemile Beach Gold .Dredging Company Ltd. report a wash-lip of 270 z I9dwt for 160 J hours’ dredging. GOLDFIELDS RETURN The secretaries of the Goldfields Dredging Company Ltd. advise .a wash-up of Ifoz 7dwt. WAIPAPA BEACH RETURN The secretaries-of the Waipapa Beach Gold Dredging; Company-Ltd. advise; a wash-up of 2loz ,}odwt for 129 hours’ "dredging. .... 1( V-, . , -,,J , westuoast dredges - , ■d'?* -- -1 1 - * v The Argo dredge return was 660 z: for 128 hours’ work- from ai3,OOU yards. . The nemona "dredge; obtained a return last week of ‘ 98oz :'l4dwt from 17,10.0 -yards ;for 129£, hours’ work. The: Mossy Creek ■ return -was 17oz ISdwt for 130'. hours, during, which 12,100 yards were, treated. NORTH KALGURLI (1912) LTD. North Kalgurli (1912) Ltd., results at depth near the Gold Mines of Kalgoorlie Ltd., boundary continue to be good. At the No. 15 level of the Kalgurli shaft sloping is on 30dwt ore over a width of 33ft, and at the No. 13 level stripping the north drive has revealed’ an additional- 12ft of ore, making, a total width so far disclosed of 24ft, averaging 14dwt. These values are being obtained in the rich ore i body located more than 12 months ago, but the. precise , nature of the body remains to he determined. At first it had a north-easterly strike, but at depth it appears to have developed a northerly strike, which is of decided advantage to the company. Development work on the western portion of the mine is also progressing satisfac torily, although the values are more in beeping with the average grade of the mine. BIG RIVER REPORT Following is the report of the work completed during the period ended April 27 at the Big River Gold Mines Ltd.:— Surface.—Snow and rain delayed work on the repairs to the mine bins. No. 5 Intermediate Level.—The south drive was advanced from 12ft to 34ft through reef track carrying small boulders and seams of stone. The north drive was advanced from 6ft to 35ft through disturbed reef track carrying’ small seams of stone in the roof of the drive. No. 5 south rise was advanced from 9ft to 20ft Bin with 4ft of good stone in the north end of the rise. A total of 32J tons of stone were delivered to the surface bins. SYLVIA MINES ALLOTMENT The directors of Sylvia Gold,_ Silver, ana Base Metals Mines, No Liability Auckland, proceeded to allotment on Friday, Applications for the 16,000 5s shares offered to the public totalled 81,210. DAIRY PRDDUCE LATEST LONDON QUOTATIONS [Per United Press Association.] WELLINGTON,- May 1. The following 'information has been supplied regarding the London' markets by the Primary Products Marketing Department, which has received a cablegram from London:— Butter.—New Zealand • salted, 108 s; exceptionally fine,. 109 s; unsalted, 110 s; deliveries, 2,370 tons; in store, 7,075 tons (including 58,030 boxes ex the Hurunui and the Port Fremantle). Retail prices are unchanged, and the market is quiet. Cheese New Zealand white and coloured, 70s; exceptionally fine, 70s 1 6d; deliveries, 21,019 crates; in.store, 105,595 crates. Retail prices are unchanged, and the market is steady.

COMPANY NEWS SWAN BREWERY LTD. [Per United Press Association.] WELLINGTON, May 2. The Swan Brewery Company Ltd. has advised the Stock Exchange Association that the directors propose to pay on June 2 on the now issued ordinary shares of 5s a dividend of 6d a share, and in view of the projected new issue of capital a special bonus of 3d a share. FEUDING GAS CDMPANY NO DIVIDEND RECOMMENDED The directors of the Feilding Gas Company Ltd., in their report for the year ended February 28, 1937, state that the net profit, after making provision for all necessary adjustments, is £lB5 14s lOd. The sales of gas and profit from by-products show a slight improvement, and the directors look forward to another increase in this direction for the ensuing year. During the year the directors caused a comprehensive report on the works to be obtained from a gas engineer, and consequent on this report extensive work was carried out at the works at- considerable expense, this being met out 'of revenue. The directori are of the opinion that considerable benefit will accrue in the future from their , action in this respect, Owing to the depletion of the cash resources of the company by the, extensive replacements of plant it is not proposed to recommend the payment of any di-' vidend in respect of the year’s trading. ANDERSDNS LTD. IMPROVING TRADE CONDITIONS A neb profit of £11,973, • compared with £11,766 last year, is shown in the accounts of . Anderson’s Ltd., Christchurch, to March i3l, 1937. Final ■dividends of -per 1 cent., making 3 per cent, for the year, are recoin* mended on preference and ordinary capital, and £6,500 is to be placed in reserves. ft Submitting, the accounts, the directors report that the company has experienced a continuance of the improved conditions, with: satisfactory trading results, The Christchurch Works, in particular, have been employed throughout the year at high pressure, while within recent months valuable contract work has been secured which will keep the Lyttelton works fully employed for the next 12 mouths. The accounts for, the year show a net profit of £11,973 10s 7d, which, with the amount brought forward from last year, £729 2s 2d, gives a total of £12,702 12s 9d, available for disposal, less interim dividends of £2,520 paid on November 5, 1936. PRESTIGE (N.Z.) LTD. PREFERENCE DIVIDEND The directors of Prestige (N.Z.) Ltd., hosiery manufacturers, of Wellington, have, announced an unchanged final dividend* at the rate of 6 per cent, per annum, to be paid for the six months ended March 31, on all preference shares.

RABBIT MARKET Press Association—By Telegraph—Copyright LONDON, May 1. The rabhit market is flat. First large, ex store, IBs. PRICE OF HIDES Press Association —By Telegraph—Copyright LONDON, May 1. Hides.—Meatworks, ■ dry salted— Queensland, 351 b to 451 b 9id, 30lb to 401 b 9Jd. 251 b to 851 b 9d, 201 b to 301 b 9d. New South Wales—9fd, 9Jd, 9£d, 9i<l. Wet salted : Queensland—solb to 601 b 7|d, 401 b to 501 b 7d. New South Wales—7fd, 7jd. Victorian abattoirs, 7Jd. CDTTDN, RUBBER, ETC. Press Association—By Telegraph—Copyright LONDON, May 1. Friday’s closing prices were as follow : Cotton.—Spot, 7.22 d; June, 7;05d. . Rubber.—Para, Hid; plantation smoked, lOd. « Jute.—May-June, £2l 15s. Copra.—South Sea, £l6 15$; smoked, £l6; plantation, Rabaul, £l7 15s. Linseed oil, £3l 10s. . Turpentine, £1 18s 3d. APPLES IN DEMAND Press Association—By Telegraph—Copyright LONDON, May 1. Apples are in good demand. New Zealand, 'ex' Raugitiki: Jonathans, 12s and 13s 6d. Australian: Jonathans, 10s to 13s.

SHARE MARKET DUNEDIN STUCK EXCHANGE BARRIER COMPANIES IMPROVE The market was dull this morning, the only activity being in the Australian mining section, where shares in the Barrier Company, moved up. Electrolytic Zincs (pref. and ord.) improved to £2 19s and £2 18s 3d on buyers’ quotations, with sellers 6d and 9d away. Broken Hill South rose to £2 8s 6d and £2 10s, while North Broken Hill were wanted at £3 12s 6d, Is 6d below sellers’ requirements. Mount Lyells, after three sales at £2 5s 9d, had an unsupplied buyer at that price when the market closed, with sellers wanting £2 5s lid. Mount Morgans had a close market at 15s and 15s Id, without business. National Insurance shares’ had a seller at 17s 9d, buyers easing further to 17s sd, while in the meat preserving section a buyer of the paid issue of Southland Frozen appeared at £3 13s. G. J. .Coles were inquired for at the improved price of £5 ss, while the ordinary issue of Woolworths (N.Z.) cased to £7 12s, sellers not quoting in either case. In local gold raining Okaritos had business at 3s, while Government stock met with a good demand. SALES REPORTED. Union Bank of Australasia Ltd., £ll 6s, SALES ON ’CHANGE. Mount Lyell, £2 5s 9d. SALES AFTER CALL. . Mount Lyell, £2 5» 9d (2); Okarito, 3s. Quotations as under: — Buyers. Sellers. £ s. d. £. s. d.

DIVIDENDS DDE Moagie! Woollen —Interim at rate of 8 per cent, per annum ... May 13 E.S. and A. Bank—lnterim, 3i per cent- (sterling) May -*• Imperial Chemical Industry—ord., final per cent. ... ... ••• June 1 Bank of New Zealand —Final, or- _ dinary shares. Is ... ... .... June 11 National Bank of Australasia At 6 per cent, per annum on both issues “ 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): —

DOLLAR BATES, The Associated Banks (other than the Bank of Now South Wales) quoted the following currency basis. They are subject to alteration without notice:— XJ.S.A. Canada. (PerPIN.Z.) (Per £1 N.Z.) SELLINGT.T, (dol) ... 3.95 7-8 3.95 O.D. ' (dol) ... 3.96 3-8 3.95 1-2 BUYING— O.D. (dol) ... 4.00 11-16 3.99 34 LONDON WOOL SALES Press Association—By Telegraph—Copyright LONDON, May 1. At the wool sales 8,781 bales were offered, including 4,534 from New Zealand, 0,993 being sold. There was a good selection, and an active demand for cross-breds, especially from the home trade, at full rates. Merinos were quieter and largely withdrawn. New Zealand lots sold as follows :—Scoured merinos, Punawai, top price, 33Jd; greasy cross-bred, Braxton, top price 19d, average 17£d,

RETAIL PRICES

UPWARD TREND ANALYSED S3CIAL AMELIORATION NOT THE SOLE FACTOR [Pbh United Press Association.] WELLINGTON, May 1. A statement on the trend of retail prices in New Zealand was issued by the Minister of Industries and Commerce (the Hon. D. G. Sullivan) today. Tno- statement is based on figures prepared by the Government Statistician, and covers practically every item in the average household budget. The movement of retail prices in New Zealand for some time past has been upwards, but New Zealand is not alone in this, respect, upward movements in prices being _ recorded in overseas countries practically without exception, states Mr Sullivan. It is not surprising to find statements _in the Press commenting on the _ rising tendency of prices. Much of this comment is ill-informed. Comment on price movements is frequently couched in such terms as to leave the impression in the minds of readers that the Government’s- legislative programme has been the sole, or at least the dominating, influence contributing to the increased cost of living. For such increases in retail prices as may be directly attributed to the Government’s legislative programme of social amelioration it makes no apology, but there is obviously need for a clearer understanding both as to the extent of the recent retail price movements and as to the causes of such movements. A comparison of the overall increases in retail prices disclosed by the most recent index numbers is given below, and shows the increases in the retail prices of all groups for the periods mentioned. Per cent. March, 1936, to March, 1937 . (12 months) 7.6 May, 1936, to March, 1937 (nine months) 5.5 May, 1936, to August, 1936 (three May, 1936, to November, 1936 (six months) 3.3 An analysis of the retail price increases in individual groups of ■ commodities makes it clear that many factors other than the legislation ameliorating wages and working conditions have been operative. The following figures show the in creases in retail prices in the different groups from May, 1936, to March, 193 7 (nine months) and from March, 1936, to March, 1937 (12 months): —

FOOD AND HOUSING COSTS. The impact of the recorded increase in the prices of dairy products on individual families is greatly lessened by the Government’s scheme for the free distribution of milk to school children, the Minister states, a factor _ which obviously cannot be _ reflected in the price index, blit which _ is of great moment to many families. A factor contributing to the increased cost of food is the increase in the overseas prices of imported food commodities. Obviously the Government has no control over the overseas prices of these commodities, but undue increases in these prices or in the retail prices of New Zealand produce commodities are checked by the operation of the Prevention of Profiteering Act. Housing costs rank second only to food in the budget of expenditure of the average household. The Government Statistician’s Dominion index number of the average level of rents shows an increase of 3.9 per cent, over the latest available 12-monthly period. It will be admitted that this is a moderate increase when the following facts are taken into consideration:— House building virtually ceased for a prolonged period during the depression years; the recent increase in employment and in wages rates has enabled many people who were formerly forced to share houses to afford separate homes; there were 13,740 marriages last year. Considering the above factors, it cannot be doubted that but for the Government’s timely action in massing the Fair Rents Act a marked increase in rents would have taken place. Furthermore, the Fair Rents Act forms a check not only on the rentals of houses in occupancy, but also in tlic reletting values. EFFECT OF WOOL PRICES. The Government Statistician’s index number of clothing, drapery, and’footwear prices shows an increase of 7.4 per cent, over the latest available 12monthly period. World prices of textile materials have in recent months shown a very marked upward trend. The prices of New Zealand wool have been from 50 to 70 per cent, higher than a year ago, while considerable, though lesser,, increases have taken

place in the world prices of other major textile materials. It should be clear that the increase in retail prices, which has been shown to be largely due to factors outside the control of the Government, forms but a very minor set off against the benefits conferred on the community by the Government’s legislative programme. Spending power, savings, and business activity generally are reaching high levels, and it is clear that New Zealand is enjoying ah era of prosperity. SYDNEY STOCK EXCHANGE Press Association—By Telegraph—Copyright SYDNEY, May 1. £ s. d. Commonwealth Bonds—

TRANSPACIFIC IMPORTS The pending withdrawal of the American P. and O. steamers, hotter known as the “ Golden ” boats from the transpacific trade between New Zealand and Pacific' Coast ports of the United States may cause some inconvenience to importers of certain lines, particularly lumber. But it is understood that otherwise the needs of importers of goods from American Pacific ports are fairly well met.

BANKING— New Zealand 2 4 3 Commercial — 0 19 8 Commercial (pref.) 9 5 0 — E.S. and A — ,6 12 0 National of Australasia (cont.) _ 7 18 o : Union of Australia Ltd. ... ... — 11 7 0 INSURANCE— National 0 17 5 0 17 9 SHIPPING— Howard Smith 1.4 0 Huddart, Parker (ord.) _ 2 0 0 U.S.S. Co. (pref.) ... 1 6 6 — MEAT PRESERVING— Gear 0 17 3 N.Z. Refrigerating (paid) ... . _ 0 19 7 N.Z. Refrigerating (cont.) ... ... ... 0 8 10 0 9 2 Southland Frozen (paid) ; ... 3 13 6. LOAN AND AGENCYGoldsbrough, Mort ... 1 18 0 1 18 5 Mortgage Corporation 3| p.o. Stock • 98 10 0 National Mortgage 2 13 0 2 14 0 N.Z. Loan and Mercantile (ord.) _ 51 0 .0 N.Z. Guarantee Corporation 0 4 8 0 4 11 Otago Farmers’ Co-op 0 4 0 — Otago Farmers’ Co-op (A pref.) ... ... ... _ 1 1 0 Trustees, Executors, . and Agency. ... ... 3 12 0 . _ Wright, Stephenson (ord.) ... ... ... 10 0 Wright, Stephenson ‘ (pref.) ... ... ... 1 0 0 ; COAL— Westport ■ ... ... ... 1 3 6 — WOOLLEN COMPANIES— Bruce (ord.) ... ... '■ 4_ 0 13 0 Kaiapoi (cont.) — 0 5 '6 Mosgiel ,i. 10. 2 6 10 8 0 MISCELLANEOUS— Associated News (pref.) ... 1 3 41: 3 9 Australian Glass ’ 4 7 0 , Broken Hill Proprietary ... ... 4 1 0 . — Broken Hill Proprietary (cont.) 3 14 6 Brown, Ewing (ord.) ... 1 0 0 _ Brown, Ewing (pref.) .'. ■ 1 2 6 _ Consolidated Brick ... — 0 8 6 D.I.C. (pref.) ... ... 1 3 9 — Dominion Fertiliser 1 3 9 — Donaghy’s Rope and Twine 2 14 0 Dunedin Stock Exchange Proprietary 2 0 0 _ Dunlop Perdriau • Rubber 1 0 9 1 1 0 G. J. Coles ... 5 5 0 Milburn Lime and Cement 1 16 9 1 18 0 National Elective ‘ ... — 0 14 3 N.Z. Drug Co — 3 15 :6 N.Z. Farmers’ Fertiliser ... ... ... 1 0 3 N.Z. Malay Rubber (ord.) ... ■.. ... 0 16 6 N.Z. Newspapers ... ■ —. 1 18 3 N.Z. Paper Mils ... — 1 8 0 ‘ Otago Daily Times ’ — 2 6 9 Shillings Ltd. ... ... 0 17 6 Smith and Smith (pref.) 1 1 0 Whitcombe and . Tombs 3 0 6 Wilson’s (N.Z.) Cement 1 14 0 Woolworths (ord.) ... 7 12 0 — BREWERIES— New Zealand ... ... 2 19 6 3 0 0 Staples’ ... Tooth’s ... 1 14 9 1 16 0 ■ — ' 2 18 0 UNLISTED STOCKS— Assoc. Petrol (pref.) 1 11 0 MTntosh, Caley, Phoenix 0 5 0 Woolworths (Sydney, ord.) 7 2 0 7 6 0 Woolworths (Sydney, rights) 4 12 6 ■4 15 0 OVERSEAS MINING— Broken Hill South (Ss) ... 2 8 6 2 10 0 Electrolytic Zinc (pref., £1) ... ... 2 19 0 2 19 6 Electrolytic Zinc (ord., £1) 2 18 3 2 19 0 Mount Lyoll (£1) ... 2 5 9 2 5 11 Mount Morgan (2s 6d) 0 15 0 0 15 1North Broken Hill (5s) . 3 12 6 3 14 0 Placer Development — 4 15 0 Rawang Tin (10s) ... — 0 12 0 Austral N.Z. Mining ... — 0 11 6 GOLD MINING— Argo Dredging (Is) 0 2 1 Big River (Is) .— 0 2 0 Clutha River (2s) — 0 2 4 Gillespie’s (Is) ... ... — 0 1 7 King Solomon (Is) — 0 0 7 Molyueux River (2s) . — 0 2 4 Nckomai (5s) 0 2 2 0 2 4 Okafito (5s) 0 3 0 — Skippers (Is) _ 0 0 4 Waitahu (5s) ... ... — 0 2 3 N.Z. GOVERNMENT LOANS3J p.o. Stock. No*. 1938-52 101 10 0 3it p.c. Stock, March, 1939-43 ... 100 5 0 3i p.c. Stock, Sept., 1939-43 ... ... ... 100 5 0 _ 3J p.c. Stock, March, ,1941-43 100 5 0 . p.c. Stock, Sept., 1941-52 ... 101 10 0 _ 34 p.c. Stock, May, 1941-43 100 5 0 34 p.c. Stock. Nov. 1941-52 . .. ... 101 10 0 4 p.c. Bonds, 1943-46 102 15 0 — 4 p.c. Stock. 1943-46 102 15 0 — 4 p.c. Bonds, 1946-49 102 10 0 — 4 p.c. Stock, 1946-49 102 10 0 — 4 p.c. Bonds 1952-55 104 0 0 — 4 p.c. Stock, 1952-55 104 0 0 104 10 0 3 p.o. Bonds, 193941 96 0 0 — p.c. Bonds, 1953-57 93 0 0 — 3i p.c. Stock, 1953-57 98 0 0 —'

Buying. Selling. London — £100 stg. N.Z. ..i ... 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 ; NZ. O.D. £90 7/6 £89 New York— Dollars to £1 N.Z. ... T.T. 3.9945 3.9576 O.D. 4.0070 3.9626. Montreal— • Dollars to £1 . N.Z. T.T. 3.9876 3.9527 O.D. 4.0001 .3.9577 Austria —, Schillings to £1 N.Z. ... ... ... T.T. _ 20.78 O.D. 20.80 Belgium— lic'.gas to £1 23.367 N.Z, ... ... ... ;t.t. — O.D. — 23.378 Czechoslovakia— Crowns to £X N.Z T.T. 112.94 O.D. — 112.99 Denmark— . Kroner to £1 .N.Z. ... T.T. 18.203 17.895 O.D. 18.263 17.903 France — , Francs to £1 N.z. — T.T. 88.43 O.D. — 88.47 Germany— Eeichmarks to £1 N1Z T.T. 9.797 O.D. — 9.802 Holland — - Florins to £1 N.Z ... T.T. 7.339 7.189 Italy— Lire to £1 N.Z. ... T.T. 7.525 O.D. — 7.530 Java — Florins to £1 N.Z T.T. 7.381 7.111. O.D. 7.441 7.115 Norway— Kroner to £1 N.Z T.T. 16.182 15.892 O.D. ' 16.242 15.902 Shvedon — Kroner to £1 N.Z ... T.T. 15.794 15.499 O.D. 15.854 15.500 Switzerland — Francs to £1 N.Z ... T.T. 17.518 17.248 O.D. 17.623 17.253. Noumea— Francs to £1 N.Z ... T.T. 87.06 O.D. — 87.12 Papeete— Francs to £1 N.Z T.T. 87.21 O.D. — 87.27, 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. 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 1-4 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 Chef oo — N.Z. pence to 1 dollar T.T. 17 25-32 18 13-32 O.D. 17 47-64 18 25-64

Per cent. Groceries S.l 6.3 Dairy produce ... ... 6.3 18.9 Meats ... •• ... • ... 9.5 11.3 Three food groups 7.2 11.6 Fuel and lighting 6.2 6.3 Rent 2.5 3.9 Clothing, drapery, and footwear ... ... 6.8 7.4 Miscellaneous ... ... 4.5 5.2 All groups 5.5 7.6

3J p.c., 1951 ... 99 10 0 4 p.c., 1938 ... ... ... 102 7 6 4 p.c., 1944 ... 101 10 0 Winchcombe, Carson ... 117 0 Tooth’s ... 2,18 6 Associated News (pref.) ... 1 3 4} Anthony Hordern ... 10 8 General Industries ... ... 1 0 6 Burns, PbUp ... 3 13 0 Meggitts ... ... 1 11 6