Commerce, Mining, & Finance

Evening Star, Issue 22686, 28 June 1937, Page 6

Commerce, Mining, & Finance

SPAIN’S METAL SUPPLY OUTCOME OF WAR EFFECT ON GREAT BRITAIN Base metals have assumed a particularly important position in recent months following the extensive rearmament programmes which are being carried out practically throughout the world. The interruption of supplies due to the war in Spain has caused widespread adjustments, and Great Britain has been adversely affected, as copper, pyrites, and sulphur from the Britishowned Rio Tinto mines have been requisitioned by the insurgents in substantial amounts and despatched to Italy and Germany. This side of the Spanish question is receiving considerable attention in England, and the outcome of a victory for General Franco is discussed in a recent issue of the ‘ Economist.’ The opinion is expressed that for Great Britain such an outcome would be definitely unfavourable, since she normally imports nearly 1,000,000 tons of Spanish ore every year- to supplement _ her comparatively low-grade domestic resources. On the other hand, Germany and Italy would obviously obtain access _ to much-needed supplies of strategic minerals for their drive for self-sufficiency in the face of exchange difficulties. New reserves of iron ore would greatly benefit the enlarged German and Italian iron and steel industries, which are both suffering from a serious shortage of supplies. . Spain’s proved iron ore reserves total 711.000. tons, with an iron content of about 349,000,000 tons. Her probable resources are much larger. Spain s annual production of leading minerals is as follows:—Iron ore, 2,700,000 tons ; copper ore, 20,610 tons; tin, 250 tons; mercury, 1,227 tons; sulphur. 31,130 tons; coal and lignite, 7.300.000 tons. Morocco also possesses valuable ore reserves, , which are estimated at 25.000. tons. AMERICA AND WOOL ASSISTING THE MARKET Referring to increased purchases of wool by America during last Australian season, Messrs Winchcombe, Carson Ltd. report: Not only directly, but also indirectly, America influences- demand. Despite the fact that her mills are long established, when internal conditions are favourable, she is an extensive exporter of Yorkshire products. In the first quarter of this year Great Britain exported 2,429,000 square yards of woollens and worsteds to the States, the' total being twice the quantity for the corresponding three months of two years ago. Her activity has been of marked help m selling the by-products of the Bradford industry. During the period quoted, the United Kingdom exported 4,216,0001 b of noils and waste to American ports, nearly 10 times the quantity of two years previously. South Africa, South America, and New Zealand, like Australia,- have all benefited by much expanded American buying during the. two years. Up to the end of April E season Australian exports of wool e United States were 259,681 bales. In 1935-36 the total was 90,126 bales, and 1934-35 19,736 bales. TREASURY BILL TENDERS (British Official Wireless.) Pres* Association—By Telegraph—Copyright RUGBY, June 25. The total amount applied for in tenders for £50,000,000 worth of Treasury bills was £66,390,000. The average rate per cent, for the at three months is 11 5.41 d, as against 14s O.3Sd a week ago. THE MEAT MARKET Press Association—By Telegraph—Copyright WELLINGTON, June 36. The New Zealand Meat Producers’ Bqard 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.—Oross-bred wethers and/or maiden, ewes: Under 481 b, sid per lb: 49-561 b, 5Jd; 57-641 b, sd; 65-721 b, 4|d. Ewes: Under 481 b, 4idj 49-561 b, 3|d; 57-641 b, 3fd; 65721 b, 3Jd. New Zealand Lambs.—Canterbury: Under 361 b 7*d, 37-421 b 7d, 43-501 b 6|d; second quality—average about 311 b, 7id. Other South Island: Under 361 b, 7*d; 37-421 J), 7d; 43-501 b, 6|d. North Island Downs: Under 361 b 7-gd, 37-421 b 7d, 43-50Ib 6|d; second quality —average about 301 b, 7|d. North Island: First quality—under 361 b 7|d, 37-421 b 6Jd; second! quality—average about 311 b, 7|d. Australian Lambs.—Victorian; First quality—29-361b, 6|d; 37-421 b, 6Jd. Argentine Lambs.-—First quality; Under 361 b, 6§d!; 37-421 b, 6d. New Zealand Chilled Beef.—Ox hinds, 145-210Ib, 4|d; ox fores, 1452101 b, 3|d. Australian Chilled Beef.—Ox hinds, 145-210Ib, 4Jd; ox crops, weights corresponding, 3§d. Union of South Africa Chilled Beef. ;—Ox hinds, 145-2101 b, 5Jd: ox fores, 145-2101 b, 3|d. Southern Rhodesian Chilled Beef.— Ox hinds, 145-2101 b, 4Jd: ox fores* 1453101 b, 3d. Argentine Chilled Beef.—Ox hinds, 145-2101 b, 6Jd; ox fores, 145-2101 b, 4d. Uruguayan Chilled Beef.—Ox hinds, 145-2101 b, sid l ; ox fores, 145-2101 b, 3Jd. Brazilian Chilled Beef.—Ox hinds, 145-2101 b, 4Jd. New Zealand Porker Pigs.—First quality: 61-801 b, 6 id; 81-lOOlb, 6Jd; 101-120Ib, 6|d. New Zealand Baconer Pigs.—l2l- - 6Jd. ' Lamb Market. —Tendency of market is steady and unchanged. Consumption satisfactory. Mutton Market.—Wethers firm, with good trade. Ewes dull, with prices slightly easier. Beef Market.—Frozen beef: None available. Chilled beef: Prices easier owing to heavy supplies from the dominions. New Zealand Porker Pigs.—Easier, with poor demand. New Zealand Baconcr Pigs.—Market quiet and unchanged.;

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 tho 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:— U.S.A. CANADA. (Per £1 N.Z.) (Per £1 N.Z.) SELLING— T.T. (dol) ... 3.95 5-8 3.96 3-16 O.D. (del) ... 3,96 1-16 3.96 9-16 BUYING— O.D. (dol) ... 4.00 3-16 4.00 7-8 HUME PIPE RECORD PROFIT OF £18,235 As disclosed in a preliminary statement issued on June 7, .the profit of Hume Pipe (Ear East) Ltd. at £lB,235, constitutes a record for the company. The profit is struck after providing £7,066 due to Hume, Steel Ltd. as its sharp of the profits earned by the steel pipe section of tho business of Hume Pipe, (Far East). The profit compares with £i4,340 in 1935-36 and £1,610 in 1934-35. The dividend rate has been raised from 5 per cent, to 10 per cent. Other allocations from the profit are £12,600 to reserve and £1,665 to exchange fluctuation reserve. The sum of £5,050 is carried forward. The directors report that the prospects for the company’s business in the current year are very bright, and a further improvement in trading results is expected. Tho prospects in Malaya are now more encouraging than a year ago, it is stated, and orders in hand assure that the volume of business there will be considerably larger than last year. In Cliina, business in concrete pipes has not improved. For concrete, pipes the directors state, China is a “ cheap marand the company, witli its superior quality pipes, has had considerable difficulty in competing there. Hume Pipe (Far Eaht) shares yield 5.4 per cent, at 37s on a 10 per cent, dividend basis. Since tho previous balancing date debtors have increased from £26,174 to £43,630, and stock in hand is £42,12!, as against £19,157. These increases reflect tho larger business handled by the company. The reserve is shown at £30,000, compared with £17,500 in the previous year, and the provision for taxation is £12,790, ns against £3,350. The advance from Hume Pipe (Aust.) Ltd. has decreased by £27,800 to £4,230, and creditors are nearly doubled at £24,470. - LIVERFDDL FUTURES Press Association—By Telegraph—Copyright LONDON, Juno 27. (Received June 28, at 8 a.m.) Liverpool futures; July, 8s Hid; October, 8s 11 3-16 d; December, 8s lljd.

THIS GOLD BUSINESS REASONS AND RUMOURS POSITION OF GOLD-MINE SHARES Not only the black clouds on the international political horizon cast their shadows over the investment markets in. London and Australia and New Zealand, but rumours of a reduction in the purchase price of-gold have also exerted a depressing influence on the values of gold mine share. Fear is at the bottom of this trouble,_ fear not only of international complications, but also fear that, instead of gold being worth £7 or more per ounce, it may be reduced in money value. By whom? Reports have been current from time to time of late that in the United States, which holds more than half the gold in the form of bullion and coin in the world, gold continues pouring into itO coffers until the holding of this stupendous mass of gold -metal has now become embarrassing. Towards the end of April reports wore freely circulating in London and New York that' America would take steps to check this influx by offering for, the gold a lower price than that now current, or by imposing some sort of' restriction achieve the same result. These reports were denied by President Roosevelt. Then Mr Havenga, Minister of Finance for the Union of. South Africa, when in London, stated his conviction that the outlook for gold mining was satisfactory, and that the position did not justify a reduction in the price of gold. He condemned careless and unwise speculation. Again, on June 9, the British Chancellor of the Exchequer, Sir John Simon, announced that no change in British monetary policy was contemplated, Still gold poured into London for. sale, and to be shipped to America by millions of pounds sterling a -week. In one week early in this month nearly £12,000,000 worth of gold was sold in London, SHARE LOSSES. In the oscillations of the markets for goldmine shares millions of pounds may be (and have been) lost and won, nervous sellers getting rid of their holdings as quickly as possible and at a loss. Daring buyers make bargains, and bide their time until the fears of a lowering of the price of gold have passed. Then they “ feed ” the rising market with cheaply-bought shares, making substantial profits as a return for their ventures. The pries of fine gold in London yesterday was 140 s 6d per ounce. Before England went off the gold standard it was 85s 5d per ounce. Stimulated by the enhanced price put upon the metal gold, many goldmines that did not pay at 85s (fine) per ounce have become workable and some profitable at_ 140 s sterling, pnd those that paid at 85s per ounce greatly increased their profits. Gold is mine valued in New Zealand currency at approximately 145 s per ounce fine, and in Australian currency at 175 s 6d per ounce fine. A reduction in the price of gold by a relatively considerable amount, say, by 10s or 20s sterling, or its equivalent in other currencies, would lead to the closing down of many “ poor ” goldmines, and certainly to the sharp depreciation of the value of their shares, or such shares might have no value at all in the market. IF THE PRICE OF GOLD FELL. The consequences of any substantial '•eduction in the present price of gold by the United States alone or in agreement with other nations would reach far beyond the shareholders in goldmining companies, would adversely affect Government finances, industry and commerce, capital and labour, and values of goods, services, and properties. •The question arises; What if the leading countries of the world return to the gold standard at a lower parity? The wisdom or otherwise of such a step is freely and fully discussed by eminent economists and their opinions are widely divergent. The public, as the patient, is greatly, perhaps vitally, concerned, but feels that it can do nothing where the doctors differ, except hope that if Nature is given her unhampered way she may pull the patient through. Meantime, as the ‘ Investors’ Chronicle ’ (London) says, profits are being made out of the fears of holders of goldmine shares. . LONDON OPINION. While the good faith of some who had been spreading the rumours was not suspect, it was difficult to give others the benefit of the doubt. There was unquestionably some “ dirty work ” in connection with the gold scares in London and New York, and it is important‘that investors should take good care that they are not again victimised by irresponsible and mischievous rumours. The ‘Economist’ (London) took the view that PResident Roosevelt could not reduce the price of gold without new legislation, which at present is impracticable. Great Britain, similarly, is hound to keep faith with the signatories to the tripartite currency agreement. Moreover, psychological considerations are so important that tho authorities could scarcely take the risk of instituting a measure w;ould would be generally interpreted as deflationary. MOUNT MORGAN LTD. “ Tho whole position at Mount Morgan is essentially sound,” said the chairman of directors of Mount Morgan Ltd, (Mr Eric Campbell), after his return to Rockhampton from Mount Morgan, where he made an inspection of the mine. In view of tho fears as to the possible fall in the price of gold, the directors wished to state, Mr Campbell said, that with the mine’s expanding production and satisfactory costs they were not perturbed by that possibility.

WOOL IN 1936 BRITISH COMMITTEE'S REVIEW PRESSURE OF DEMAND Tho countries largely responsible for the sound statistical position of wool throughout 1930 were Great Britain, tho United States, and Belgium. Wool purchased overseas was mainly for immediate use, and throughout the year, as far as could bo ascertained, stocks, especially of cross-bred qualities, were considerably below normal in manufacturing countries. Wool supplies moved steadily from the countries _ of primary production at hardening prices. This is, part of the admirable picture of woo.l textile activity in the chief manufacturing countries in 1936, given in the annual review entitled ‘ World Consumption of Wool, 1936,’ issued by the Imperial Economic Committee. Tho achievement of hardening prices and reduced wool stocks is all the more notable in view of the reduced purchases of France, Germany, and Italy, the Japanese-Australian trade dispute, ancll tho various political, labour, and economic disturbances in certain European countries. The chief factors contributing to the development are summarised thus:— , (1) A general improvement’ in the purchasing power and industrial conditions in soriio of the more important consuming countries. (2) Tho increased demand, for wool in Great Britain and the United States (tho two largest world consumers. (3) The confidence engendered by the sound statistical position of wool in the chief producing countries at the close of the 1935-36 season. (4) The improvement—to a limited extent only—of _ international trade in wool products in some countries In almost all eases, where imports of wool increased tho demand, was chiefly on the part of the home consumer, and there was no noticeable expansion in tho aggregate volume of the world’s foreign trade in wool products. AMERICA BUYS MORE. The United States, which has only had a minor influence ojj tho world market for .wool in recent years, bought largely both in Australia and South America during the opening months of the 1936-37 season. The maintenance of a high degree. of industrial activity since September, 1935, reduced stocks of domestic wools and prices moved into line with tho import parity price of foreign wools. In Belgium activity remained satisfactory throughout tho year, resulting from tho improved economic, and financial situation, and there was some improvement in the export trade. Imports of wool into France during 1936 were much reduced as compared with the years prior to 1934. After the devaluation of tho franc, a sharp improvement set in, mainly on home account, but it was not maintained to its full extent. Imports into Germany were also reduced. There was some improvement in exports, but trade reports in general indicate that the industry was severely handicapped by tho lack of its normal wool supplies. In Italy supplies of wool in 1936 were only just over half those in 1935, and export trade in wool tissues was much reduced. Usually heavy wool purchases in the first half of 1936 compensated largely for the_ abstension of Japan from the Australian market after June, so that aggregate imports in 1936 were only 10 per cent, below the. high point reached in 1935. Stocks were much reduced and there was a further ex pansion in exports of wool tissues and wool yarn. DEMAND FOR CROSS-BREDS. A feature of the year was the imprived demand for cross-bx-ed wools and the relatively high prices obtained for them as compared with merinos A definite scarcity developed in the lower qualities. This may be partly at tributed to the increased demand fqr uniform cloths, the general fashion trend -towards woollen goods, the utilisation of cross-breds, in Coronation decoration goods in Great Britain, substitution for merinos in fixed price goods as wool values hardened, and the operations of Japan in New Zea land, where supplies of lower grades are already reduced, and in South America, and of tho United States in South America. Increased prices were the outcome of the pressure of demand upon a healthy market, and there was a marked absence of speculative forward buying. U Germany and Italy increased their efforts to stimulate home production, but although some improvement is reported output is still small in relation to the needs of the respective indutnes. World production in 1935-36 was on a greasy basis 3,726,900,0001 bas against 3,668,000,0001 b in 1934-35 and 3,861,000,0001 b in 1932-33. THE SEARCH FOR COLD WORKBOP DREDGE RETURN . The Worksop Extended Gold Dredging Company Ltd. reports a yield of 320 z for the week ended June 24 or a yrardage of 9,000 treated in 129 hours. HEMONA GOLD DREDGE A return of 350 z for the week ended on June 25 is reported by the Nemona Gold Dredging Company Ltd. A total yardage of 14,600 was treated for 119 hours’ dredging. BIG RIVER GOLD MINES Big River Gold Mines Ltd. have issued the following report for the period ended on June 24 : No, . 5 Centre Reef Intermediate Stope.—Work has proceeded 10ft ahead of the fault in the south face without stone of any importance being struck. Another stopo is rising in the block of stone near tho fault. In the north face work is proceeding towards another stope, where the.stope appears to be becoming more consolidated. No. 5 South Block Intermediate.—All tho stone in the hanging wall branch of the north drive has been cleaned out, and timber is being put in for stoping. In tho north face work is proceeding where tho reef track carries some small seams of stone. In No. 5 level in tho south block leading stope 18 inches of good grade stone came in halfway up the face, and, on work being driven ahead, this stone opened out 2ft' Gin going south; G 24 tons of stone were delivered to tho bins at the surface.

SHARE MARKET

DUNEDIN STOCK EXCHANGE GENERAL IMPROVEMENT, BUT BUYERS WEAK Following brighter reports from London and Australia, the local share market had a firmer undertone this morning. Prices firmed in practically all sections, and in particular Australian mining shares, but buying support was weak. No business was transacted at the call-over, and only one sale reported. The banking section remained unsteady. New Zealand’s improved to buyers £2 4s Id without attracting holders. Commercials were Weaker at 18s and 18s sd, while Unions were also easier at buyers '£lo 12s. Insurance shares were firm. Nationals improved further to buyers 17s 3d, while South British had an inquiry at £4 15s. Standards were steady at sellers £3. oSuthland Frozen Meat (paid) maintained sellers’ high quotation of £4 ,12s 6d, but buyers did not come forward. New Zealand Loan and Mercantile (ord.) had the comparatively close market of £45 and £46 10s. Westport Coals, with reported business at £1 3s 6d, had buyers at £1 3s 3d, but no declared sellers. The ordinary issue of Broken Hill Proprietary improved sharply to £4 0s 3d and £4 2s, while the contributing shares were slightly firmer. G. J. Coles had a weak market at £5 and £5 3s while Woolworths (N.Z.) - were quiet at buyers £5 10a. New Zealand Breweries (rights) had buyers at£l Is lOd, with no declared sellers. The ordinary issue was wanted at £2 6s 9d.The Australian mining section registered an all-round improvement. Mount Lyells rose to buyers £2 Is, with sellers steady Is 6d away, while Mount Morgans had buying inquiries at 12s 10d, with no declared sellers. Barrier companies had a better market. Local gold mining was quiet, with little change in quotatibns. Government loans were steady, with a good inquiry. SALKS REPORTED. —This Morning.— Westport Coal, £1 3s 6d. Quotations as under:— Buyers. Sellers. S s. d. £ s. d.

DIVIDENDS DUE Morris Hcdsirom final, 31 per cent., making 5f per cent, per annum June 30 British Tobacco interim, quarterly, 2 per cent., at 8 percent. per annum June 30 J, C. Williamson —half-yearly pref. at 6 per cent, per annum ... June 30 Blackwater—interim. Is, and Consolidated Goldfields, 6d (sterling and lax 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., for year ended December, 1937 (less English income tax) ... July 1 National Mortgage and Agencyinterim, at 5 per cent, per annum July 1 Goodyear Tyre (Aust’asia) Ltd.— half-yearly pref. at 8 per cent. per annum July 1 Queensland Insurance—interim half-yearly at 8 per cent, per annum July 1 Cash Orders Amalgamation—interim pref. at 10 per cent, per annum July 1 James Stcdinan, Henderson’s Sweets—first prof, half-yearly, 10 per cent July 1 H.M. Arcade and Theatre Co., Auckland—interim pref. 2 3-5 per cent.; ord. 3 per cent. ... 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 Argo Gold Dredge—ld per share July 5 Union Theatres Investment Ltd.— interim half-yearly pref. at 5 per cent, per annum July 7 Howard Smith Ltd.—quarterly pref. at 6 per cent, per annum July 7 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 G. J. Coles Ltd.—half-yearly pref. at 8 per cent, per annum ... July 15 FOREIGN EXCHANGES (British Official Wireless.) Press Association—By Telegraph—Copyright RUGBY, June 26. (Received Juno 28, at 11 a.m.) Tho following are the' mean closing Paris, franc to £1 ... ... ... 110 57-61 ■New York, dollar :to £1 i 49311-16 Montreal, dollar to £1 4.941 Brussels, belgas to £1 ... ... 29.224, Geneva, francs to £1 ... 21.54 J Amsterdam, florin to £1 8.97 J Milan, lire to £1 8.95 J Berlin, reiohmarken to £1 ... 12.304 Stockholm, kroner to £1 19.391 Copenhagen, kroner to £1 ... 22.40 Oslo, kroner to £1 19.90 Vienna, schillings to £1 264 Prague, crowns to £1 14111-16 Helsingfors, marks to £1 2264 Madrid, pesetas to £1 ... 92 11-32 Lisbon, escudo to £1 110 3-16 Athens, drachmae to £1 5474 Bucharest, lei to £1 670 Belgrade, dinars to £1 ... ... 216 Warsaw, /roubles to £1 23.06 Rio de Janeiro, pence to milreis 41 Buenos Aires, pence to dollar ... Montevideo, pence to dollar ... 39J Bombay, pence to rupee 184 Shanghai, pence to dollar 14 7-16 Hongkong, pence to dollar ... 14 25-32 Yokohama, pence to yen 13 31-32 Batavia, florin to £1 95J APPLES AND PEARS Press Association—By Telegraph—Copyright LONDON, June 27.* (Received June 28, at 8 a.m.) Apples are firmer. Tasmania and South Australian Granny Smiths, 9s to 14s 6d; Jonathans, Gs 6d to 7s 9d; Sturmers, 6s 6d to 8s 6d. Pears.—Vic tori an Boses, 9s 6d to I2s 6d; Packhams, 11s to 14s. AUSTRALIAN STOCK EXCHANGES Press Association—By Telegraph—Copyright SYDNEY, June 26. Stock Exchange quotations to-day were as follow: — £ s. d. Commonwealth Bonds—■ ’ 4 per cent., 1938 97 0 0 4 per cent., 1941 ... ... 102 11 3 4 per cent., 1944 103 12 6 4 per cent., 1947 103 12 6 4 per cent., 1955 102 10 0 Goklsbrough, Mort 1 15 9 Associated News 12 9 Anthony Hordern 0 19 4J Broken Hill Proprietary ... 4 1 6 Electrolytic Zinc 2 17 3 British Tobacco 2 10 3 Dunlop Perdriau 12 9 Henry Jones 2 8 0 COTTON, RUBBER, ETC. Pres* Association—By Telegraph—Copyright LONDON, June 27. (Received Juno 28, at 8 a.m.) Friday’s closing prices were:— Cotton.—Spot, 6.95 d per lb; July, 6.85 d. Rubber.—Para, IOJd per lb; plantation, smoked, 9|d. Jute.—June-July shipment, £2O 6s a ton Copra.—July-August shipment, South Sea, £l4 16s a ton; smoked, £l4 10s; plantation, Rabaul, £ls 12s 6d. Linseed oil, £3l Is Id a ton. Turpentine, 37s Gd cwt.

Loudon— £100 stg. • N.Z T.T. £124 £124 10/ O.D. £123 10/ £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 New York— Dollars to £1 N.Z. T.T. 3.9925 3.9556 O.D. 4.0025 3.9596 Montreal — Dollars to £1 N.Z. T.T. 3.9966 3.9617 O.D. 4.0091 3.9657 Austria — Schillings to £1 N.Z. . T.T — 20.88 O.D. — 20.89 Belgium— Belgas to £1 N.Z. . T.T. O.D. — 23.343 23.354 Czechoslovakia— Crowns to £1 N.Z. , . T.T. — 113.01 O.D. — 113.06 Denmark — Kroner to £1 N.Z. T.T. 18.203 17.893 O.D. 18.263 17.899 France— Francs to £1 N.Z. . T.T. — 88.87 ! O.D. — 88.91 Germany— Reichmarks to £1 N.Z. . T.T. 9.813 O.D. — 9.818 Holland — Florins to £1 N.Z. T.T. 7.316 7.166 O.D. 7.356 7.170 Italy— Lire, to £1 , N.Z. . T.T. — 75.25 . O.D. — 75.30 JavaFlorins to £1 1 N.Z. T.T. 7.291 7.141 O.D. 7.331 7.145 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. 17.494 17.224 O.D. 17.599 ■ 17.229 Noumea— Francs to £1 N.Z. . T.T. 87.50 o;d. — 87.56 Papeete— Francs to £1 N.Z.. **. ,. T.T. 87.45 O.D. — 87.51 Hongkong— N.Z. pence to 1 dollar T.T. 18 3-32 18 17-32 O.D. 18 1-16 18 17-32 India and CeylonN.Z. pence to 1 rupee ... ... 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 45-64 18, 9-64 O.D. 17 43-64 18 9-64 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 dollar 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

BANKING— New Zealand (£1) ... 2 4 1 New Zealand, Long “ D ” (£1) .... 16 0 Commercial (10s) 0 18 0 0 18 5 National ,of Australasia .(cent., £5) 7 2 0 7 5 0 Union of Australia Ltd. (£5) 10 12 0 — INSURANCE— National ' (7s) 0 17 3 South British (£1) ... 4 15 0 — Standard (£1) — 3 0 0 SHIPPING— Huddart, Parker, ord. (£1) .... 2 0 0 Huddart, Parker (pref., £1) 16 9 _ P. and .0. Deferred Stock (£1) ... ... 1 17 6 _ U.S.S. Co., pref. (£1) 16 3 1 7 0 MEAT PRESERVING— N.Z. Refrigerating, paid (£1) 0 18 10 0 19 3 Southland Frozen, paid (£1) ’ _ 4 12 6 South Otago Freezing (£5) 7 15 0 !- LOAN AND AGENCY— Gokkbrough, Mort (£1) 1 16 0 National Mortgage ■:(£2) ....... ... 2 13 0 National Mortgage, “B.”" issue (£1) ... 1 9 0 1 11 0 N.Z. Loan and Mercan tile, ord. (£100) ... 45 0 0 46 10 0 . N.Z. Guarantee Corporation (3s) 0 4 9 0 5 0 Perpetual Trustees (18s) 2 18 0 Wright, Stephenson, ord. (£1) 110 Wright, Stephenson, ' pref. (£1) 110 1 2 6 COAL— ' Kaitangata (16s) 116 Westport (10s) 13 3 — WOOLLEN COMPANIES— Bruce, ord. (£1) ... 0 10 0 Mosgiel (£4) 10 2 0 — Timaru (£l) — 0 19 0 MISCELLANEOUS— Anthony Hordern (£1) 0 18 10 British Tobacco (£1) 2 9 6 — Broken Hill Proprietary (£1) 4 0 3 4 2 0 Broken Hill Proprietary, cont. (15s) ... 3 13 0 3 16 6 Brown, Ewing, ord. (£1). 10 0 _ Consolidated Brick (£l) 0 7 3 _ D.I.O., pref. (£1) ... 13 9 — Dominion Fertiliser (£1) 13 0 _ Dominion Fertiliser Debs 104 0 O' Dunedin Stock Exchange Proprietary (£1) ... 2 0 0 __ Dunlop Perdnau Rubber (£1) 12 4 1 2 6 General Industries (12s 6d) _ 1 0 6 G. J. Coles (£1) ... 5 0 0 5 3 0 Hume Pipe (£1) 0 18 10 0 19 1 Milburn Lime and Cement (£1) 2 0 0 _ Mort’s Dock (£1) ... 0 13 0 — iloturoa Oil, pref. (5s) 0 2 6 0 5 0 N.Z. Drug Co. (£2) — 3 15 0 * Otago Daily Times ’ (£1) 2 5 0 2 7 0 Regent Theatre (£1) 10 0 Shillings Ltd. (£1) ... 0 17 9 Smith and Smith, prof. (£1) Wilson’s (N.Z.) 116 - Cement (10s) 0 19 0 1 1 0 Woolworths, ord. (£1) 5 10 0 - IREWERIES— Now Zealand (£1) ... 2 6 9 New Zealand (rights) 1 1 10 — Staples’ (£1) . — 2 11 6 Dunedin (£1) 18 6 ~ UNLISTED STOCKS— Assoc. Petrol (pref.) 1 10 6 Mackintosh, Calcy, Phoenix (£1) 0 7 0 _ Woolworths, Sydney, ord. (£1) _ , 7 2 0 Solfridges (£1) ... ... •— 1 11 0 A. and T. Burts, pref. (£1) 0 9 6 0 12 6 OVERSEAS MINING— Broken Hill South ((5s) _ 2 8 0 2 10 6 Electrolytic Zinc (pref., £1) 2 17 0 _ Electrolytic Zinc (ord., £1) 2 15 6 2 17 6 Mount Lyell (£1) ... 2 10 2 2 6 Mount Morgan (2s 6d) 0 12 10 — North Broken Hill (5s) ... , 3 12 9 _ Rawang Tin (10s) ... Austral N.Z. Mining (Us) ... 0 11 0 — 0 12 9 - GpLD MINING— Argo Dredging (Is) 0 19 Big- River (Is) 0 14 0 1 7 Consolidated Goldfields (4s) . 0 14 0 Gillespie’s (Is) —• 0 1 5 King Solomon (Is) — 0 0 7 Maori Gully (Is) ... — 0 0 7 Nokomai (5s) — 0 2 6 Okarito (5s) 0 2 0 — Skippers (Is) — 0 0 4 Waitahu (5s) — 0 1 4

N.Z. GOVERNMENT LOANSp.c. Stock, Nov., '' 1938-52 102 0 0 3j p.c. Stock, March, 1939-43 101 10 0 — 3J p.c. Stock, Sept., 1939-43 101 10 0 31 p c. Stock, May, 1939-52 102 0 0 — 31 p.c. Stock, March, 1941-43 101 10 0 3i p.c. Stock, Sept., 1941-43 101 10 0 3i p.c. Stock, May, 1941-52 101 10 0 , — 31 p.c. Stock, Nov., 1941-52 101 10 0 4 p.c. Bonds, 1943-46 103 10 0 — 4 p.c. Stock, 1943-46 103 10 0 .— 4 p.c. Bonds, 1946-49 103 10 0 — 4 p.c. Stock, 1946-49 103 10 0 — 4 p.c. Bonds, 1952-55 102 15 0 — 4 p.c. Stock, 1952-55 105 15 0 — 3£ p.c. Bonds, 1953-57 3g- p.c. Stock, 1953-57 99 0 0 99 0 0 —