Commerce, Mining, & Finance

Evening Star, Issue 22683, 24 June 1937, Page 9

Commerce, Mining, & Finance

AUSTRALIAN STOCK EXCHANGES Pra*« Association—By Telegraph—Copyright SYDNEY. June 23. Tha Stock Exchange lacks buoyancy. The market nevertheless was steady today, with no definite trend in price movements. Tin shares were more active. £ s. d.

MELBOURNE, June 23. The market was quiet, with prices fairly steady. Sales: — £ s. d.

BOBBY CALF TRADE RATIBNALISATIBN PROPOSED [Pan United Press Association.] HAMILTON, June 23. “ The method* adopted in. the bobby calf trade are, as we all know, open to serious criticism, and I am particularly anxious that it should be put on a more rationalised basis than it is at present,” said the Minister of Agriculture (the Hon. W. Lee Martin), speaking at the National Dairy Conference. ‘‘ln this, connection the Dairy Produce Board is making a careful survey of the whole position, and will be shortly submitting definite proposals to mo by which a rationalised objective cam be reached. I feel that in this matter the board is particularly suitable, not only to formulate proposals, but also to be given that measure of statutory power tnat would enable a satisfactory internal organisation from the farmers’ standpoint to be in its hands. Something along that line appears to be the most reasonable manner of approach to put the position on a far more satisfactory basis than it is at present. ADDINGTON MARKET LITTLE CHANGE IN PRICES [Per United Press Association.] CHRISTCHURCH, June 23. There was little change at to-day’s Addington stock market. Exporters were m the market for both fat lambs and fat sheep, and as far as lambs are concerned it will be practically the final market of the year. Store Sheep.—Only 10 or 12 pens were forward, mostly wethers. The beet of these made to 265; ewe lambs to 28s Bd, and mixed aged ewes to 23s 5d The market showed little change. Eat Lambs.—Eight hundred were penned, mostly unfinished. For quality sorts there was a good export demand. Fat Sheep —A total of 5,500 was penned against 7,000 last week. Ewes sold a shade firmer. Exporters were operating freely, but wethers were a little easier. Best wethers made from 36s to 40s; good heavy, 31s to 355; prime medium-weight, 27s to 30s; and light down to 245; best ewes, to 31s; good, 25s to 28s; medium, 22s to 255; and light and aged from 15s to 18s. Fat Cattle.—The yarding consisted of 535, against 385 last week. There was a sound sale for good steers and heifers, but medium sorts were more difficult to quit. Best steers made from £l4 10s to £l6 17s Cd; good prime heavy, £l2 10b to £l4; prime medium-weights, £ll to £l2 ss; exceptionally good heifers, te £l2 12s 6d; good heifers, £7 10s to £10; medium down to £6; best cows to £lO 15s; good cows, £7 to £9; medium, £6 5s to_£6 ss; rough, down to £4 ss. Fat Pigs.—A good demand and improved prices for porkers. Best made frpm 47s 6d to 56s 6d; others, from 25s 6d to 465; average price per lb, 6d to 6]d; baconers, 53s 6d to £5 9s 6d; average price per lb, 6d to 6Jd. WORLD TRADE SUBSTANTIAL INCREASE Increased takings of raw materials and foodstuffs by both the United States and Great Britain account for a Itrge part (if the expansion that has taken place in world imports, states the National City Bank of New York in its May review. Whereas from the end of 1934 up to last September United States imports had been gaining at the rate of about 20 per cent, a year, the totals since then have risen over 350,000,000 dollars, or 32 per cent, above the corresponding level of a year ago. British figures are similarly striking. Purchases of outside foodstuffs and raw materials for manufacturing and defence requirements during/ the six months ended March, 1937, grew by about 245,000.000 dollars, or 13 per cent, compared with the outlay in the same period last year. Proportionately, even greater increases in import values have been recorded in France and the Netherlands, the import figures for the first quarter of 1937 being almost 70 and 50 per cent, respectively, larger than a year ago.

GOLDSBROUGH MORT LTD.

NET PROFIT OF £206,669 DIVIDEND DISTRIBUTION 8 PER CENT, A net profit of £206,609 representing an increase of £26,752 over the previous year, is presented in the annual report of the Goldsbrough Mort and Co. Ltd. The net profit for the year was £206,669 7s 2d, which, with the amount brought forward from last year of £138,292 15s 2d, totals £344,962 2s 4d. An interim dividend of 2 per cent, was paid in December last amounting to £48,000, and the directors recommend a final dividend of 6 per cent., payable _ at Melbourne (which, with the interim dividend, will make a total distribution of 8 per cent, for the year), £144,000, with the transfer to Officers’ Provident Fund of £IO,OOO, leaving a balance to be carried forward of £142,962 2s 4d. The average price per pound in Australian currency for greasy wool sold in Australia for the nine months ended March 31, 1937, was 16.55 d, as_ compared with 14.24 d for the similar period of the preceding season. In view of the uncertainty existing in regard to the level of values prior to the opening of sales in Australia in August last, and the subsequent results obtained, the wool season must be regarded as one of the most satisfactory in recent years. Throughout the period all sections _of the buying trade gave valuable assistance at various stages, resulting in a widespread demand .being available at prices which were generally remunerative to sellers. The number of bales handled for the year under review was as follows Sold, 291,723; shipped, 1,150: a total of 292.873. The corresponding total last year was 358,232 bales; this total was unusually large owing to the exceptional carry over of 61,935 bales held at March 31. The company held in store unsold at March 31 this year, 19,205 bales as against 10,480 bales at corresponding date last year. The total carry over in all the Australian selling centres at March 31, 1937, was 206,834 bales as against 103,677 bales at the corresponding date last year. WAR LOAN QUOTATION (British Official Wireless.) Press Association—By Telegraph—Copyright RUGBY, June 22. War loan, 3J per cent., is quoted at £IOO 8s 9d, DUNEDIN STARR-ROWKETT ANNUAL MEETING OF SOCIETY The annual meeting of the Dunedin Starr-Bowkett Society was held in the Manchester Unity Chambers last evening, Mr J. T. D. Dempster in the chair. Moving the adoption of the annual report and balance sheet, the Chairman said that the progress of the various groups had been slow. No. 4 group had reached the happy position of being in the process of liquidation. It would probably take some little time to complete the liquidation of this group, but up to date 12s Cd in the £1 had been refunded to shareholders in credit by reason of subscriptions having been placed to credit of loan accounts. The profit and loss account ip this group stood at £5,877 10s 6d, which, of course, would be reduced by expenses for winding up before liquidation was finally achieved. Shareholders in this group were to be congratulated. Progress in No. 5 group had been very slow indeed. This was a small group, and repayments and subscriptions were naturally very small. The directors would have to consider tho position of this group, with a view to expediting matters. Only four appropriations were made during the year, all by ballot, and the profit and loss account had been reduced by some £143. If the position was not improved by purchase sale in tho future the profit and loss account would naturally be reduced each year. There were shareholders still to obtain loans at last year’s rate, and it would take the group a long time to fulfil its functions. No. 6 group wont along slowly and steadily, and showed a fair progress. Speaking generally, there appeared to bo no great demand for loans. There was no animation among members to bid at sale. This was all right for members individually, but the society required premiums to keep it going successfully. The fact that money could bo had at low rates of interest outside with long terms of repayment doubtless accounted for this position, and was certainly against the success of societies such as theirs. Mr J. A. Hopcraft, seconding the motion, said that various factors had militated against profit-making, but, despite- tho very hard times they had been through, the affairs of the society were in a very healthy position. Their valuers were to be congratulated on the manner in which their work had been carried out. Tbe speaker said that the development of tho society had been under discussion by the board, and some proposals would shortly be submitted with a view to the formation of a permanent society from which their members could draw loans. The matter still had to be properly investigated, and before anything was decided members’ approval would bo sought. Mr P. W. Stabb said that tho directors were anxious to wind up No. 4 group as early as possible, and to this end tho transfer of mortgages to No. 5 group had been considered. The approval of members in each group would have to ho secured. Mr J. G. Patterson congratulated the direct rs on tho position of tho society’s affairs, and said that shareholders had every reason to be satisfied with the value arid condition of their securities. He commended the idea of a speedy winding-up of No. 4 group. Remuneration of directors were fixed at the same figure as last year—£lso The auditors’ fees were fixed at £ls 15s for groups 5 and 6, and £lO 10s for No. 4 group. Messrs J. A. Hopcraft and S. Smith were re-elected as directors. Messrs Burton and Patterson were reelected auditors. There being no bids for the two appropriations offered for sale, a ballot was held for £SOO in No. 5 group, cluster 159, hold hv two shareholders, being drawn. Tho ballot in No. 0 group for £SOO resulted in cluster 157, held by throe shareholders, being drawn.

STOCK AND SHAREBROKERS

TO INVESTORS IN STOCKS AND SHARES Investors are invited to transact their business through members of tho Dunedin Stock Exchange. All Contracts aro completed in accordance with the Rules and Regulations of tho Stock Exchange Association of New Zealand. Theso have beon approved and advertised in tho ' Government Gazette.’ No member of a Stock Exchange in any part of tho 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 tho Stock Exchange. The following are the members of the Stock Exchange:— 0. 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. h. Goldsmith, Stock Exchange Buildings. J. S. Hislop, 105 High street. J. B. Laidlaw, 125 High street. Ralph Malcolm and Qo„ Stock Exchange Buildings. J. S. MTnncs and Sons, N.Z. Express Buildings. VV. H, M’Leod, Stock Exchange Buildings. N, and E. S. Paterson Ltd,, 163 Rattray street. John Reid and Sons, 5 Liverpool street. W. B. C. Reid and Co., Edinburgh Houso. Sligo Bros., Stock Exchange Buildings. Fenwick and Beeves, Standard Insurance Buildings. Arthur M. Sidey and Co., A.M.P. Buildings. J. VV. Smeaton and Co., 152 High street. VV. B. H. Statham, 320 Princes street. VV. 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.

TASMANIAN IRON RESOURCES The establishment of smelting and other works in Tasmania for the manufacture of steel and iron from the Blythe River iron ore deposits is proposed by a company registered under the name of Tasmanian Iron Mines Limited. Legislation was enacted empowering the construction by the Government of a railway to the deposits, provided £50,000 was lodged with the Treasurer within six months of the passing of the Act, which period will expire shortly. It was proposed at the time that the raw material should be shipped to Japan, but it has been decided by the promoters of the company that manufacturing operations be carried on in Tasmania. The nominal capital of the company will he £350,000. The deposits are to be mined, and the proposal is to erect works in the vicinity of the area for the manufacture of steel tubes and fittings and large quantities of pig and foundry iron. CANARY SEED BUREAU INVESTIGATIONS The prices of canary seed are being investigated by officers of tho Bureau of Industries, states the Christchurch ‘ Star-Sun,’ which adds that the seed is being retailed in Christchurch at 8d per lb, compared with 3d a few years ago. A dealer in birds, commenting on the situation, said the American crops failed last season, while the Continental demand had increased out of all proportion. He said there seemed to be an opening for New Zealand farmers in growing the seed. One Canterbury farmer planted four acres last season, and it was understood that his return was amazingly good. Last season was not a good one for harvesting, but the experimental Canterbury crop had ripened satisfactorily, and would indicate that a new side-line could be developed by New Zealand farmers. MINING NEWS MOUNT LYELL COMPANY PROGRESS REPORT. The following is the progress report for tho fortnight ended June 9 submitted by the Mount Lyell Mining and Railway Company Ltd.: — North Mount Lyell: Tons extracted, 3,942. Crown Lyell: Tons extracted, 664. West Lyell: Tons extracted, 25,682. Prince Lyell: Tons extracted, 640. Lyell Tharsis: Tons extracted, 89. Lyell Comstock: Tons extracted, 3,218; No. 8 level, north drive, to 133 ft through ore; No. 9 level, pump sump completed Reduction works: Furnace in blast for 1 2-3 days of the period; 8,374 tons of refinery anodes made for the current year. Concentrator: Mill operated for 336 hours and treated 33,985 tons of ore, producing 1,883 tons of concentrates. Copper refinery: ’Tank house in operation throughout fortnight, 530 tons cathode copper being produced. Total for current year, 9,411 tons. ELECTROLYTIC ZINC Tho following is the production statement of the Electrolytic Zinc Company for the four weeks ended June 2, 1937: —Zinc, 5,373 tons ; used at works. 90 tons; silver lead product for shipment to Port Pirie for realisation—lend 185 tons, silver 32,6000 z. West Coast Department.—Ore treated, 12,107 tons; lead concentrates produced, 962 tons; zinc concentrates produced, 4,067 tons. Assay values: Ore treated—Lead 6.1 per cent., zinc 20.6 per cent., silver C.Goz. gold 2.ldwt; load concentrates—load 53.9 per cent., zinc 1 1.9 per cent., silver 49.10 z, gold lOdwt; zinc concentrates—lead 3.5 per cent., zinc 54.4 per cent., silver soz, gold 2.2dwfc.,

SHARE MARKET

DUNEDIN STOCK EXCHANGE UNCERTAINTY CONTINUES An uncertain market and the fluctuating trends that have prevailed the week were again in evidence this morning. Quotations generally were steady at recent easier rates. Although metals were up in London the local market was not affected, except that the downward movement was stopped. Banks were quiet and easy. New South Wales shares continued on offer at £36 10s, while Bank of New Zealands, with dealings at £2 3s 9d, had sellers at the close at £2 4s, with no declared buyers. Commercials had a close market at 18s 2d and 18s 3d, with no business. Unions were quiet at yesterday’s easier buyers’ quotation of £lO 14s. New Zealand Loan and Mercantiles remained steady at £45 and £46 10s. The coal section met a good market, Westports being wanted at £1 3s and Kaitanagtas at £1 Is 6d. Broken Hill Proprietary were quiet, a buyer of the contributing issue appearing at £3 11s, sellers remaining 2s away. Of. J. Coles were weaker at sellers £5 3s, buyers not coming forward. Woolworths (N.Z.) were on offer at £8 ss, while the Sydney issue had an inquiry at £6 19s, 4s below sellers’ limits. Mount Lyell, with two transactions at £2 Os 6d, closed with quotations 3d on either side of that price. Broken Hill South changed hands at £2 6s 9d, while Electrolytic Zincs received a better hearing. Mount Morgans were fractionally weaker at sellers 12s 3d, with no declared buyers. Local gold mining was easier. Big Rivers changed hands at Is 6d, the market closing at Is 3d and Is 6£d. Consolidated Goldfields slipped back to sellers 14s, while Clutha Rivers were marked down to 2s, Government Stock remained firm, SALES REPORTED. —Late Yesterday.— Bank of New Zealand, £2 3s 9d. : —This Morning.— Bank of Now Zealand, £2 3s 9d. Big River, Is 6d. Now Zealand Breweries (rights), £1 2s 3d. SALES ON ’CHANGE, —This Morning.— Broken Hill South, £2 6s 9d, Mount Lyell, £2 Os 6d (2). Quotations as under:— Buyers. Sellers.

DIVIDENDS DUE Farmers’ Trading Co.—ord, 7 per cent June 24 Gear Meat—interim, 3d per share June 25 North Broken Hill quarterly, No. 106, of Is 6d per share ... June 25 Goldsbrough, Mort, Sydney—final, 6 per cent., making 8 percent. per annum June 25 Gillespie’s Beach —Id per share ... June 25 Kauri Timber—interim, 2Jt percent Juno 25 Manawatu Knitting—interim halfyear, 4 per cent Juno 28 Morris Hedstrom final, 3i per cent., making 5j per cent, petannum June 30 British Tobacco interim, quarterly, 2 per cent., at 8 per cent, per annum June 30 J. 0. Williamson—half-yearly pref. at 6 per cent, per annum ... June 30 Blackwater —interim. Is, and Consolidated Goldfields, 6d (sterling and tax free) ■ ... June 30 Zinc Corporation, participating 3s 6d, pref. and ord. (less English income tax), making 6s per annum; also half fixed cum. div., 2s on pref., foryear ended December, 1937 (less English income tax) ... July 1 National Mortgage and Agencyinterim, at 5 per cent, per annum July 1 James Stedman, Henderson’s Sweets first pref., halfyearly, 10 per cent July 1 Goodyear Tyre (Aust’asia) Ltd. — half-yearly pref. at 8 per cent. per annum July 1 National Bank of New Zealand — at 4 per cent, (sterling) per annum July 3 Dominion Breweries (old) —final 5 per cent., making 9 per cent, per annum; new at 9 per cent. per annum July 3 Mount Morgan—4Jd (Australian) July 10 Hume Pipe (Far East) Ltd.—lo per cent, per annum July 12 Woolworths (N.Z.)—interim, ord., 5 per cent July 15 Woolworths Ltd.—interim, ord., 2 ■ per cent July 15 FOREIGN EXCHANGES OH 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 ;—■ USA. CANADA. (Per £1 N.Z.) Per £1 N.Z.) SELLING T.T. (dol) ... 3.95 5-16 3.96 9-16 0.1 >. (dol; ... 3.96 11-16 3.97 BUYING— O.D. (dol) ... 4.00 7-8 4.01 1-4

Commercial Bank of Aus. tralia 0 18 7 Bank of New Zealand 2 3 9 Colonial Sugar ... 47 10 0 Burns, Philip 3 13 0 Tooths ... 2 15 3 Coles ... ... ... 5 3 6 Dunlop Perdriau ... 1 2 G Wilcox Mofflin ... 0 13 6 Henry Jones 2 7 6 Mercantile Mutual Insur* ance 1 11 3 J. Fielding ... ... 4 1 0 Amalgamated Zinc 0 9 11 Mort’s Dock 0 14 6 Sargents 1 12 6 Victoria Nyanza ... 0 18 0 Wunderlich I 2 0 Hum© Pipe 0 19 2 Mount Morgan ... 0 12 2 Mount Lyell 2 1 0 Bulolo Gold 6 0 0 Kuala Kampar ... . 1 0 0 Kuala Kampar (N.Z. livery) 1 0 0 pawang 0 11 9

Commercial Bank of Australia ... ■ ... 0 18 6 National Bank (£5 paid) 7 4 6 National Bank (£10 paid) 14 8 0 Howard Smith 1 1 4 British Tobacco ... ... ... 2 10 3 Coles ’ 5 2 6 Drue Houses _ Dunlop Perdriau 1 6 3 1 2 4 Goldsbrough, Mort 1 17 0 Felt and Textiles 1 15 0 Sulphide Corporation 0 14 0 Mount Morgan Mount Lyeli Broken Hill Propy 0 12 2 2 1 3 3 17 9 North Broken Hill ... ... 3 11 0 South Broken Hill 2 7 3 New Broken Hill 0 15 2 Emperor 0 15 2

BANKING— New South Wales £ s. d. £ s. d. (£20) — 36 10 0 New Zealand (£1) ... New Zealand, — 2 4 0 Long “ D ” (£1) ... 1 6 0 — Commercial (10s) ... 0 18 2 0 18 3 E.S. and A. (£3) ... National of New — 6 8 0 Zealand (£2 10s) ... National of Austral- — 3 4 0 asia, cont. (£5) ... Union of Australia — 7 8 0 Ltd. (£5) ' ... INSURANCE— 10 14 0 National (7s) ... ... 0 17 1 — Standard (£1) SHIPPING— Huddart, Parker, 3 0 0 ord. (£1) Huddart, Parker, — 2 0 0 pref. (£1) P. and 0. Deferred 1 6 9 — Stock (£1) U.S.S. Co., pref. , 1 17 6 ~~ (£1) 1 6 0 1 7 0 Burns Philp (£1) ... MEAT PRESERVING— 3 11 0 Gear (10s) N.Z. Refrigerating, 0 16 0 — paid (£1) N.Z. Refrigerating, 0 18 10. 0 19 0 cont. (10s) Southland Frozen, 0 8 9 0 0 0 paid (£1) Southland Frozen, 3 15 3 — 1 pref. (£1) LOAN AND AGENCY— ‘National Mortgage, “ B ” issue (£1) ... N.Z. Loan and Mercan3 15 3 1 9 0 111 0 tile, ord. (£100) ... N.Z. Guarantee Cor45 0 0 46 10 0 poration (5s) Wright, Stephenson, 0 4 10 — ord. (£1) Wright, Stephenson, 1 1 0 — 6 pref. (£1) COAL— 1 1 0 1 2 Kaitangata (16s) ... 1 1 6 — Westport (10s) Wostport-Stockton, 1 3 0 “ ord. (10s) WOOLLEN COMPANIES 0 2 0 0 2 9 Bruce, ord. (£1) ... — 0 11 6 Bruce, pref. (£1) ... — 1 3 6 Kaiapoi, cont. (7s) ... — 0 5 0 Kaiapoi, pref. (17s) 0 16 6 — Mosgiel (£4) 10 2 0 — Timaru (£1) MISCELLANEOUS— 0 19 0 Anthony Hordern (£1) Broken Hill Proprie0 18 6 0 19 3 tary (£1) Broken Hill Proprie- — 3 18 0 tary, cont. (16s 8d) Consolidated Brick 3 11 0 3 13 0 (£1) 0 7 3 — D.I.C., pref. (£1) ... Dominion Fertiliser 1 3. 9 — (£1) , Dominion Fertiliser 1 3 0 — Debs 104 0 Dominion Rubber 0 — (£1) Donaghy’s Rope and — 1 15 0 Twine (£1) Dunedin Stock Exchang 2 13 e 0 — Proprietary (£1) ... Dunlop Perdriau 2 0 0 — Rubber (£1) General Industries 1 1 11 1 2 5 (12s 6d) O’19 6 1 0 2 G. J. Coles (£1) ... — 5 3 0 Hume Pipe (£1) ... Milburn Lime and 0 18 6 0 19 2 Cement (£1) 2 0 0 — Mort’s Dock (£1) ... Moturoa Oil, pref. — 0 14 0 (5s) 0 2 6 0 5 0 N.Z. Drug Co. (£2) ‘ Otago Daily Times ’ — 5 14 9 (£1) 2 5 0 2 7 0 Regent Theatre (£1) Smith and Smith, 1 0 0 1 1 6 pref. (£1) Wilson’s (N.Z.) 1 1 6 — Cement (10s) Woolworths, ord. 0 19 0 1 0 6 (£1) BREWERIES— 8 5 0 New Zealand (£1) ... Now Zealand (ex 2 6 G 2 8 0 rights) Staples’ (£1) 1 1 3 1 2 0 — 2 11 0 Dominion — 2 4 0 Tooth’s (£11 — 2 15 0 Dunedin (£1) UNLISTED STOCKS— Mackintosh, Caley, 1 8 6 Phconix (£1) Woolworths, Sydney, 0 7 3 — ord. (£1) 6 19 0 7 3 0 Quartz Mountain M’Kcnzie's Depart0 1 0 0 2 0 ment Stores (£1) ... OVERSEAS MINING— Broken Hill South 3 19 3 4 0 0 (5s) ... Electrolytic Zinc 2 6 6 2 7 3 (pref., fit) Electrolytic Zinc 2 13 0 — (ord., £1) 2 12 3 2 13 9 Mount Lyell (£1) ... 2 0 3 2 0 9 Mount Morgan (2s 6d) North Broken Hill “ 0 12 3 (5s) 3 10 0 3 11 0 Rawang Tin (10s) ... Austral N.Z. Mining 0 11 3 0 11 7 (9s) GOLD MINING— 0 12 0 Big River (Is) 0 1 3 0 1 61 Clutha River (2s) ... Consolidated Goldfields 0 2 0 — (4s) — 0 14 0 Gillespie’s (Is) Goldfields Dredging 0 1 6 (Is) 0 0 4 Molyncux River (2s) 0 2 0 . Maori Gully (Is) 0 0 6 Nokornai (5s) — 0 2 9 Paddy’s Point (5s) 0 2 0

Sandhills (Is) ... ... 0 0 1 ,0 0 Skippers (Is) — 4 Wairnumu Sluicing (Is) 0 0 8 N.Z. GOVERNMENT LOANS3i p.c. Stock, Nov., 1938-52 102 0 0 — 3i p.c. Stock, March, 0 1939-43 101 10 — 2!, p.c. Stock, Sept., 0 1939-43 101 10 — 3i p c. Stock, May, 0 1939-52 102 0 — 3J p.c. Stock, March, 1941-43 101 0 0 — p.c. Stock, Sept., 101 0 1941-43 0 — 3i p.c. Slock, May, 101 0 1941-52 0 — 3£ p.c. Stock, Nov., 0 1941-52 101 0 — 0 4 p.c. Stock, 1943-46 103 10 0 104 5 4 p.c. Bonds, 1946-49 103 10 0 — 4 p.c. Stock, 1946-49 103 10 0 — 4 p.c. Bonds, I9biJ-bb 102 10 0 — 4 p.c. Stock, 1952-55 102 10 0 — 3i p.c. Bonds, 1953-57 98 10 0 — 3i p.c. Stock, 1953-57 98 10 0

London— £100 stg. N.Z T.T. £124 £124 10/ O.D. £123 10 I £124 8/9 Australia — £A to £100 N.Z T.T. £101 £100 10/ Fiji— £F to £100 N.Z T.T. £90 7/6 £89 Now York — Dollars to £1 N.Z. ... T.T. 3.9991 3.9621 O.D. 4.0091 3.9661 Montreal— Dollars to £1 N.Z. ... T.T. 4.0008 3.9659 O.D. 4.0133 3.9699 Austria— > Schillings to £1 N.Z. ... T.T. — — 20.83 O.D. — 20.84 Belgium— Belgas to £1 N.Z, ... T.T. — O.D. — 23.394 Czechoslovakia — Crowns to £1 N.Z. ... T.T. — 112.96 O.D. — - 113.01 Denmark— Kroner to £1 N.Z. ... T.T. 18.203 17.893 O.D. 18.263 17.899 Franco— Francs to £1 N.Z. ... T.T. — 88.86 O.D. — 88.90 Germany— Reichmarks to £1 N.Z. ... T.T. — 9.836 O.D. — 9.841 Holland— JFlorins to £1 N.Z. ... T.T. 7.327 7.177 O.D. 7.367 7.181 Italy— Lire to £1 N.Z. ... T.T. 75.32 O.D. — 75.37 Java— Florins to £1 N.Z. ... T.T. 7.295 7.145 O.D. 7.335 7.149 Norway— Kroner to £1 N.Z. ... T.T. 16.183 15.893 O.D. 16.243 15.899 Sweden— Kroner to £1 N.Z. ... T.T. 15.785 15.490 O.D. 15.845 15.496 Switzerland— Francs to £1 N.Z. ... T.T. 17.508 17.238 O.D. 17.613 17.243 Noumea— Francs to £1 N.Z. ... T.T. — 87.49 O.D. — 87.55 Papeete— Francs to £1 N.Z. ... T.T. 87.44 O.D. — 87.50 Hongkong— N.Z. pence to 1 dollar ... T.T. 18 5-32 T8 19-32 O.D. 18 1-8 18 19-32 India and Ceylon— N./j. penco to 1 dollar ... ... T.T. 22 3-8 22 21-32 O.D. 22 11-32 22 21-32 Japan— N.Z. pence to 1 - yen ... T.T. — 17 15-32 O.D. — 17 15-32 Shanghai— N.Z. pence to 1 dollar ... T.T. 17 11-16 18 1-8 O.D. 17 21-32 18 1-8 Singapore — N.Z. pence to 1 dollar ... T.T. 34 23-32 35 13-64 O.D. 34 5-8 35 13-64 Chefoo— N.Z. pence to 1 N.Z. ... T.T. 17 43-64 18 19-64 O.D. 17 5-8 18 9-32 Manila— N.Z. pence to 1 peso ... T.T. 29 59-64 30 27-64 O.D. 29 53-64 30 27-64