Commerce, Mining, & Finance

Evening Star, Issue 22805, 13 November 1937, Page 12

Commerce, Mining, & Finance

REVIEW Of THE WEEK THE UPWARD TREND METAL MARKET IMfROVES INVESTORS SHOWING CONFIDENCE The outstanding feature of the week on the local share market was the terious decline in Australian mining winch occurred on Tuesday, following a break in metaJs and strong selling pressure on Wall Street. Since, then, however, the market in. this section .has established an excellent recovery and prices closed yesterday on a much stronger basis than that ruling at the end of last week. Some of the prices recorded on Tuesday were the lowest for the year. Although metals have regained some of the ground lost earlier in the week, they are still on rather a low level. It would appear that President Roosevelt is aware of the serious position which is developing in the United States, and is endeavouring to check the decline and to restore some of the vanishing prosperity. A conference has been called to consider the position, hut so far,, no definite policy has been announced. The outdome.pf the discussion is being Waited with 'much interest. Investors during the., week showed more confidence than has been the case for some time past. There was considerable buying and an increased demand. Actually the week closed on a fairly optimistic note, and the market appears firm. A good deal will depend on events overseas, and these, naturally, are being watched very closely. It is, at any rate, pleasing to be able to report that the downward trend of metals has been checked, and that the arrow is at last pointing the. Other way. TREND OF THE MARKET. —Banks Quiet.— As has been the case for some time past, most of the interest in this section was in Bank of New Zealand shares, which remained fairly firm. Several transactions occurred at 445. Very little change occurred with the Australian banks, there being a preponderance of sellers. One sale of Bank of New; South Wales at £33 5s took place. —lnsurance Steady.— There was very little interest displayed in this section. New Zealand had two sales at £3 4s, while buyers showed some interest in Standard. —Shipping Lifeless.— This section was lifeless, and no change was recorded. —Meat Preserving.— Most of the interest in this section ■was bestowed, upon New Zealand, Refrigerating (contributing), there being one sale recorded at 9s 9d. There was a steady demand for Waitaki Farmers’ Freezing, but sellers showed no desire to dispose of stock. —Loan and Agency.— There was practically no variation in this market, and no business was transacted, —Woollens Quiets— Woollen shares were steady. Although sellers were fairly active, buyers were not tempted. Following the issue of the report covering the year’s transactions, Brace' Woollen (ordinary) eased slightly —The’ Miscellaneous Stocks.— 'Australian Industrials fluctuated on a trend similar to that Of Australian mining. Broken Hill Proprietary (rights) had sales at 265, and finished with four. sales yesterday at the improved price of 29s 9d. Broken Hill Proprietary (fully paid) also firmed,, and finished with buyers at £3 3s 9d. Sales were : recorded of G. J. Coles at: £4 11s 6d‘and £4 11s 9d, and buyers were firm at the end of 1 the week at £4 126 6d. New Zealand industrials maintained current rates. Donaghy’s had Buyers at the improved price of £2 4s’ 6d, while the Dunedin Stock Exchange Proprietary also had improved buyers at £2 2s 6d. The remainder of the section maintained current rates with practically no buyers. Taranaki Oils, however, appeared to he slightly weaker. —Sales of Breweries.— This market, too, attracted little attention. Three sales were recorded: Tooth’s at £2 14s, New Zealand at £2 9s and Dominion at £2 Os 6d. —Australian Mining.— This section drew considerable attention. A, setback was received on Tuesday following a break in the market overseas, but since then prices have risen to a satisfactory point. Mount Morgans continued to appreciate and had sales ranging from 10s lOd to 12s 2d. Mount_ Lyells attracted a good deal of notice and heavy buying took place. I —New Zealand Mining.— Very little interest -was shown in this section, and there were practically no changes in values. Kildares dropped from Is 3d to Is and closed at tnat figure yesterday. —Government Stocks.— Two sales were recorded in this section, but prices remained steady and generally there was not very much interest displayed.

—Latest Sales.— Sales since the last review have been as follow : : Banking.—Bank of New Zealand, £2 4s (6); Bank of New South Wales, £33 ss. Insurance.—New Zealand, £3 4s (2). Meat Preserving.—-New Zealand Refrigerating (cont.), 9s 9d. Miscellaneous.—Broken Hill Propriet ary (rights), £1 6s (2), £1 7s 6d, £1 7s 9d, £1 8s 6d, £1 9s, £1 9s 9d (4); Brown, Ewing (prof.) £1 Is 3d; Dominion Fertilizer, £1 4s 6d (3); Dunlop Perdriau Rubber, £1 2s; G. J. Coles, £4 11s 6d. £4 11s 9d; Woolworths (Sydney), £1 8s 6d, £1 9s; Australian Foundation Investment Trust (rights) 6Jd; Gordon and Gotch, £2 14s 3d. Breweries.—Tooth’s £2 14s; New Zealand, £2 9s; Dominion £2 Os 6d. Overseas Mining.—Broken Hill South, £1 17s, £1 37s 6d, £1 17s IOJd, £1 18s (3), £1 18s Id (3), £1 19s 3d; Electrolytic Zinc (ord.), £2 7s 3d, £2 9s 6d;. Mount Lyell. £1 12s 9d, £1 13s 6d, £1 15s, £1 15s 3d (7), £1 15s 7d. £1 15s Bd, £1 15s 9d (4), £1 15s lOd, £1 15s lid, £1 16s (4), £1 16s 6d, £1 17s 3d, £1 17s 6d: Mount Morgan IQs lOd (4), 11s lid, 12s Id, 12s 2d; North Broken Hill, £2 12s, £2 4s 6d. Government Doans.—4 per cent. Stock .1943-46) £lO3 (2) ; 3.V per cent Stock (1941-43).. £lOl 10s. St. Kilda Borough Debentures, 4J per cent. October 1, 1940, £lOl ss. Dunedin Drainage Board, April 1, 1950, 4i per cent., £lO4 10s. COMPANIES REGISTERED

Cash Order Purchasers Ltd., registered November 1, Christchurch. Capital : £30,000 into shares of £1 each. Subscribers; J. Ballantyne and Co. Ltd. 4.000, Beath and Co. Ltd 4,000, Hay’s Ltd. 4.000 j New Zealand Farmers’ Coop. Association of Canterbury Ltd. 4.000, T. W. Perry 200, C. S. Thomas 200, and L. J. H. Hensley 1. Objects: Cash Order and Finance Co. and incidental. Stafford Street Motors Ltd., registered as a private company, October 29. Office: 14 to 20 Stafford street, Dunedin. Capital: £B,OOO into 8,000 shares of £1 each. Subscribers : Dunedin—M. V. Shiel 6,000 pref., L. Johnson 850 ord., V, G. Holloway 1,150 ord. Objects : To construct, erect, add to, maintain, pull down, or alter sewers, roads, streets, buildings, houses, flats, and shops, to carry on the business of proprietors, manufacturers, and dealers in automobiles, motor cars, motor cycles, cycles, aeroplanes, and vehicles of all kinds. T. AND G. MUTUAL LIFE The directors of the Australasian Temperance and - General Mutual Life Assurance Society Limited report that the new business completed during the financial year ended September 30 was as follows—ln the ordinary department 35,201 policies, assuring £lO,317,242, and in the industrial department 149,467 policies, assuring £6,611,804, the total life business issued (excluding reassurances) being 184,668 policies, assuring £16,929,046. In addition in the accident department there were written 24,558 personal, accident, and sickness policies for £6,952,671, and 8,860 policies in the ordinary department were endorsed with accident benefits for £1,812,534. STUD SWEEP FOR NEW ZEALAND Messrs Wright, Stephenson and Co. Ltd., advise that in addition to the supreme champion- pen of Southdown ewes at the English Royal Show, Messrs Ellis Bros, have purchased in England seven outstanding stud ewes from the Sandringham flock of His Majesty the King. Three of these ewes were sired by Sandringham 127 of 1933, two by Sandringham 267 of 1934,, and the sires of the remaining pair were Sandringham 43 of 1933 and Sandringham 189 of 1933. The three ewes in the champion pen at the English Royal were registered in England as Ford Royal Supreme English Flora, Ford Royal Supreme English Flossie, and Ford Royal Supreme English Freda. These were bred by Messrs John Langmead and Sons. All the above were mated to Leading English sires before being sent into quarantine, and have just been shipped to Australia, en route to New Zealand. SEARCH FDR GOLD MAORI GULLY RETURN The Maori Gully return was 460 z 6dwt for 125 hours’ dredging. TALISMAN DUBBO REPORT A total of 46 tons of ore was treated at the Golden Dawn battery of the Talisman Dubbo mine, for an approximate realisation of £507.

STOCK AND SHAREBROKERS. INVESTMENT SERVICE. Economic changes are now so rapid and far-reaching that the holder of even the best securites must keep informed on current financial happenings. We are constantly providing investors with financial information necessary for a proper selection and supervision of securities. We invite you to consult onr Investment Advisers. . The Securities Corporation (N.Z.) Ltd., 20 CRAWFORD STREET, Phone 11-777 (4 lines). FRUIT AND PRODUCE Bray Bros. Ltd. report as follows for the week ended yesterday; — There are now practically no offerings of milling wheat, and the season can be considered to have practically finFowl wheat is plentiful, liut the quality is mostly poor and the prices for this wheat are irregular. Best quality is worth up to 6s per bushel, ex truck, sacks extra. The country right through the South Island is still" badly in need of rain. Wholesale prices are as follow: Flour.—2oo’s, £l3 15s 6d; 100’s, £l4 12s 6d; 50’s, £l4 17s 6d; 25’s, £ls 7s 6d. Bran, £5 5s per ton.

Pollard, £6 15s per ton. Oatmeal.—2oolb sacks, £35; 25’s, £27. The oat market continues in a stagnant condition. There are no offerings from the country, but a fair quantity is held in the stores. The nominal price for A Gartons is 3s 8d per bushel, f.0.b., s.i, with B’s quoted at 3s 4d, f.0.b., s.i. These prices are equivalent to 2s 8d and 2s 4d respectively on trucks, country sidings, sacks extra.

The stores are carrying good supplies of chaff. The demand, however, is weak and not sufficient to make any noticeable clearance of supplies. For small lots of prime quality ex the store the quotation is up to £5 10s per ton, ex store. Transactions in truck lots, ane few and far between.

Practically no supplies of old potatoes are now reaching the market. The supplies available are coming from the Oamaru and Canterbury districts. No tubers are arriving front the Otago district, and it is reported that a considerable quantity of potatoes grown on the Taieri were not considered to be worth digging, as owing to the wet season the tubers simply rotted in the ground. Sound quality whites are worth up to £l3 per ton, with the few bags of King Edwards still reaching the market quoted at higher money. The season is now drawing to a close, and supplies of new; potatoes are steadily increasing. Stocks of good quality ryegrass and cocksfoot continue in short compass, and they will be cleaned up before the new season’s seeds come on the market. Good quality dogstail is also short, but on the other hand the demand is quiet. There is little, if any, change as regards- the market for fescue and brown top, and values remain Unchanged. The Maunganui, from Melbourne on Tuesday, landed a small shipment of Australian navels. These realised a high price at auction. A fair quantity of Valencias were also to have been landed', but were overcarried by the shipping company. The Holmlea brought 1,250 cases of Valencias transhipped ex the Awatea. at Wellington. The fruit landed in splendid condition and is selling from 30s to 32s 6d per case, according to the counts. A small shipment of Californian grapes realised satisfactory prices, but the grapefruit and lemons were overcarried to Sydney. A, small shipment of pines was received ex the Karetu from Sydney and were in excellent condition, payable prices being realised.

Some difficulty is being experienced in getting choice quality apples, and a shortage of this description of fruit is anticipated before the new season’s crop comes on the market. Inferior quality are fairly plentiful, and these have to bo sold at low rates to quit. Christchurch hothouse tomatoes are in better supply, and there is a keen demand for both local and Canterbury sorts.

Green peas, mostly from South Canterbury, have been in very fair supply and the price has decreased slightly. New potatoes are more plentiful and values easier, and both cabbages and cauliflowers are in better supply. Asparagus is coming forward in irregular quantities, and values are inclined to fluctuate. High prices are ruling for carrots swedes, and parsnips, which are now nearly at an end, and choice lettuce is also selling well. Inferior lines are plentiful, but difficult to sell. Wholesale prices are as follows: Dozen.— Lettuce, Is to 2s 6d. Spinach, Is 4d. Beetroot, Is 4d. CaiTots, Is. Eggs, market rates. —Per Case.— Californian lemons, 60s. , New Zealand lemons, 10s to 15s, Australian Valencias, 30s to 32s 6d • Navels, 395. Grapefruit, 37s 6d. Blaok grapes, 355. Pines, 21s to 22s 6d. Bananas, 27s 6d. Apples.—Delicious, 9s to 11s; Sttirmers, 8s to 10s; cookers, 6s 6d to 7s 6d. Strawberries, Is 6d to Is 9d per pottle. —Per Lb.— Leeks, 4d bunch. Kumeras, Id. Cheese, 7£d. Butter, storekeepers, lid. Bacon, official price list. ■ Honey, 51b tins 4s 9d, 101 b tins 9s 3d. Beeswax, Is 6d. Eschallots, 2{d. Rhubarb, IJd to 2d. Tomatoes.—Local glasshouse, Is 8d to Is lOd; Christchurch glasshouse. Is 6d to Is Bd. Cauliflowers. 12s to 15s. Potatoes, whites 14s. New Potatoes.—Local, 4id : Auckland 2£d. Onions 21s to 22s 6d. Spring cabbage, 2s to 2s Cd.

SHARE MARKET DUNEDIN STOCK EXCHANGE VALUES STEADY FRACTIONAL EASING IN METALS A feature of this morning’s call-over was the interest displayed by buyers in New Zealand Government loans, but sellers were not tempted. Values remained about the same, though 1939-43 stock showed a sellers’ increase of ss. Insurance, banking, shipping, and meat preserving were quiet, values remaining steady. In the loan and agency section Otago Farmers declined 6d on buyers’ offerings, sellers seeking ss. No business was recorded in the miscellaneous section, prices remaining practically unaltered. Three sales took place after call this morning in Australian mining, two parcels of Mount Morgans being sold at 11s lOd, and one of Mount Lyells at £1 16s 3d. Values in this section showed a very slight easing tendency. Local gold mining was quiet. SALES REPORTED. —Late Yesterday.— Dunedin Drainage Board, April 1, 1950, 4f per cent., £lOl 10s. Broken Hill South, £1 19s 3d. Mount Moran, 12s Id, 12s 2d. —This Morning.— National Bank of Australasia, £l4 12s. SALES AFTER CALL. —Lato Yesterday.— . Broken Hill Proprietary (tights), £1 9s 3d (4). Mount Lyell, £1 16s 3d. —This Morning.— 'Mount Lyell, £1 16s 3d. Mount Morgan, 11s lOd (Z).

CALLS PUE. Grey River Dredging—Fourth, Is 3d a snare, making 7s 6d oaid Ncv. 19 Associated Pulp and Paper Mills —Sixth, 2s 6d a share Nov. 19 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. Tho Associated Banks, other than the Bank of New South Wales, quoted the following dollar rates to-day on a New Zealand currency basis. They are subject to alteration without notice: — U.S.A, CANADA. (Per £1 N.Z.) Per £1 N.Z.) SELLING— T.T. (dol) ... 3.99 11-16 3,99 3-8 O.D. (dol) ... 4.00 1-8 3.99 13-16 BUYING— • ' O.D. (dol) ... 4.04. 1-J3. 4.03 13-16

AUSTRALIAN STOCK EXCHANGES Press Association—By Telegraph—Copyright SYDNEY, November 12. Base metal shares continued their rising trend on ’Change to-day. Further improvement in’ Broken Hill Proprietaries was an outstanding feature. Industrials were also much firmer, although prices were narrow. MORNING SALES.

MELBOURNE, November 12. Commonwealth Bonds remain steady, ■with good supjwrt for industrials, and Barriers moved uip sharply. Mount

Quotations as under: — Buyers. Sellers. £ s. d. £ s. d. BANKING— Australasia (£5) ... 11 10 0 .New South Wales (£20) 32 10 0 New Zealand (£1) ... 2 4 0 2 4 6 Commercial (10s) — 0 17 7 National of New Zealand (£2 10s) ... 2 19 0 National of Australasia (cont., £5) ... - 7 8 0 INSURANCE— National (7s) 0 18 1 Standard (£1) 2 19 3 — SHIPPING— Howard Smith (£1) 1 1 9 Huddart, Parker (ord,, £1> 2 1 6 — Huddart, Parker (pref., £1) 1 7 3 — U.S.S. Co. (pref., £1) 1 6 6 -TMEAT PRESERVING— N.Z. Refrigerating (cont., 10s) 0 9 9 0 9 10 Southland Frozen (paid, £1' 1 7 0 1 8 0 South Otago Freezing (£5) 5 5 0 LOAN AND AGENCY— Goldsbrough, Mort (£1) 1 14 3 National Mortgage (£2) 2 0 0 2 10 0 N.Z. Guarantee Corporation (3s) _ 0 5 0 Otago Farmers’ Co-op. (3s 4d) 0 3 3 0 5 0 Trustees, Executors, and Agency (£2) ... 3 15 0 — Wright, Stephenson (pref., £1) 1 0 6 — COAL— Kaitangata (16s) ... 1 4 6 Westport (10s) — 1 5 3 WOOLLEN COMPANIES Bruce (ord., £1) 0 11 0 Bruce (pref., £1) 1 1 0 . — Kaiapoi (pref., 17s) — 0 17 3 Mosgiel (£4) — 10 7 6 Manawatu Knitting Mills 1 14 0 Wellington (pref., £5) — 6 0 0 MISCELLANEOUS— Anthony Hordern (£1) 0 19 0 Associated News (pref., £1) — 1 4 0 Australian Foundation Trust (rights) British Tobacco (£1) 0 0 5* 0 0 8 2 8 6 — Broken Hill Proprietary (£1) 3 3 0 Broken Hill Proprietary (rights) ... 1 9 0 1 10 3 Brown, Ewing (pref., £1) 1 2 0 Brown, Ewing (ord., £1) 1 2 0 Colonial Sugar Co. (£20) 47 10 0 D.I.C. (pref., £1) 1 3 6 1 4 3 Dominion Fertiliser (£1) 1 4 0 1 5 0 Dominion Fertiliser Debs 103 0 0 Donaghy’s Rope and Twine (£1) 2 4 0 Dunedin Stock Exchange Proprietary (£1) ... 2 2 0 Dunlop Perdriau Rubber (£1) 1 2 5 . General Industries (12s 6d) 0 19 6 G. j. Coles (£1) ... 4 11 9 4 13 0 Milburn Lime and Cement (£1) 2 1 6 M’Leod Bros. (£10) 26 10 0 — Mcrt’s Dock (£1) ... — 0 11 6 Moturoa Oil (ord., 5s) 0 4 6 Moturoa Oil (pref., 5s) — 0 5 0 N.Z. Drug Co. (£2) — 3 15 0 N.Z. Newspapers (16s ' 8d) 1 17 0 1 18 6 N.Z. Paper Mills‘(£1) 1 5 6 — ‘ Otago Daily Times ’ (£1) 2 5 9 _ Regent Theatre (£1) Q 19 6 — Shillings Ltd. (£l) ... — 0 19 3 Smith and Smith (pref., £1) 1 2 0 Taranaki Oil (£1 4s 7d) 0 6 6 Wilson’s (N.Z.) Cement (10s) - . 1 0 0 Woolworths (ord., £1) — 5 5 0 Woolworths (Sydney, ord., £1) 1 8 3 1 9 0 BREWERIES— New Zealand (£1) ... 2 9 0 Dominion (£1) ... ... — 2 1 0 Dunedin (£1) 1 9 6 — Carlton (£1) 3 1 0 — UNLISTED STOCKSSelfridges (rights) ... 0 1 0 Selfridges (£1) — 1 9 0 A. and T. Burt (pref., £1) 0 12 6 0 17 0 Security Finance — 0 17 0 OVERSEAS LIST— Woolworths (South Africa) 0 14 0 OVERSEAS MINING— Austral N.Z. Mining (15s) 0 15 0 Broken Hill South (5s) 1 18 6 1 19 9 Electro. Zinc (pref., £1) _ 2 12 0 Electro. Zinc (ord., £1) • 2 8 6 2 9 3 Mount Lvell (£1) ... 1 16 0 1 16 9 Mount Morgan (2s 6d) 0 11 10 0 12 0 North Broken Hill (5s) 2 11 0 2 13 9 Placer Development 3 12 0 Rawang Tin (10s) ... 0 10 3 — GOLD MINING— Alexander (15s) 0 1 2 0 1 6 Argo Dredging (Is) 0 1 9 Clutha River (2s) ... 0 3 9 Gillespie’s (Is) — 0 1 4 Kildare (2s) 0 1 0 Martha (5s) — 0 15 0

Mossy Creek (Is) «„• 0 0 11 — Maori Gully (Is) ... — 0 0 6 Okarito (5s) 0 2 0 0 2 5 Paddy’s Point (5s) ... 0 2 9 0 3 6 Sandhills (Is) 0 0 3 Waipapa Beach (Is) — 0 0 3 N.Z. GOVERNMENT LOANS— 3£- p.c. Stock, Nov., 1938-52 — 104 10 0 3J p.c. Stock, March, 193943 — 101 15 0 3t p.c. Stcck, Sept., 1939-43 — 101 15 0 31 p.c. Stock, March, 194143 101 0 0 — 31 p.c. Stock, Sept., 1941-43 101 0 0 — 31 p.c. Stock, May, 1941-52 104 0 0 — 31 p.c. Stock, Nov., 1941-52 104 0 0 — 4 p.c. Stock, 1943-46 — . 103 2 6 4 p c. Bonds, 1946-49 102 15 0 — 4. n.c. Stock, 1946 49 102 15 0 — 4 p.c. Bonds, 1952-55 105 0 0 — 4 n.c. Stock, 10b U U — 31 P.c. Bonds, I9b3-b7 9b b 0 — 31 p.c. Stock, 1953-57 98 5 0 — DIVIDENDS DUE. National Insurance—Final, 5d per share, making 9d ... Nov. 15 Woolworths Holdings Ltd., South Nov. 15 Africa—10 per cent Burns, Philp — Interim, halfyearly, at 10 per cent Nov. 15 N.Z. Paper Mills—interim, 3 per cent ••• Nov. 15 Broken Hill Proprietary — HalfNew. 17 yearly, at Is 3d per share ... Anthony Hordern — Half-yearly pref.. at 7i per cent, per annum; ord., at 5 per cent, per Nor. 17 • $nnum Australian Glass—Interim, ord., 6 per cent.; pref., 4£ per cent. Nov. 17 Younghusband and Co. — Interim, half-yearly at 10 per cent, per Nov. 19 annum North Kalgurli—Second interim, 9d per share sterling (equal to 37 £ per cent.), less 2s 9d in Nov. 19 £1 English income tax National Bank of Australasia— . Half-yearly, at 6 per cent, per annum Nov. 24 Henry Jones Co-op.—Is 6d per Dee. 1 North Broken Hill—Quarterly, Is Dec. 8 • 3d per share Bank of New Zealand — Halfyearly. Is per share ord., 3J per cent. D long-term mortgage issue __ Dec. 11 Broken Hill South—Is 3d per Dec. 17 share Victoria Nvanza Sugar—6 per Jan. 26 cent.

London — £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 £101- 10/ Fiji— £P to £100 N.Z T.T. £90 7/6 £89 New York— Dollars to £1 N.Z. .. T.T. 4.0304 3.9958 O.D. 4.0404 3.9998 Montreal — Dollars to £1 N.Z. .. T.T. 4.0265 3.9940 O.D. 4.0385 3.9980 Austria — Schillings to £1 N.Z T.T. 20.88 O.D. — 20.89 Belgium— Belgas to £1 N.Z. .. T.T. 23.792 23.482 O.D. . 23.867 23.471 Czechoslovakia — Crowns to £1 N.Z. .. T.T. 113.17 O.D. — 113.22 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. 117.20 O.D. — 117.24 Germany— Eeichmarks to N.Z. £1 .. T.T. 9.850 O.D. — 9.863 Holland— Florins to £1 N.Z. ... T.T. 7.346 7.196 O.D. 7.386 7.200 Italy— Lire to £1 N.Z. .. T.T. 75.96 O.D. — 76.01 Java— Florins to £1 N.Z. ... T.T. 7.323 7.173 O.D. 7.363 7.177 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. 15.789 15.494 O.D. 15.849 15.500 Switzerland — Francs to £1 N.Z. ... T.T. 17.540 17.270 O.D. 17,645 17.275 Noumea — Francs to £1 N.Z. .. T.T. 115.95 O.D. — 115.99 Papeete— Francs to £1 N.Z. .. T.T. 116.00 O.D. — 116.04 Hongkong— N.Z. pence to dollar 1 ... T.T. 18 7-16 18 13-16 O.D. 18 13-16 18 13-16 India and Ceylon— N.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 33-64 O.D. — 17 33-64 Shanghai— N.Z. pence to dollar 1 .. T.T. 18 7-64 O.D. — 18 7-64 Singapore— N.Z. pence to dollar 1 ... T.T. 34 45-64 35 3-16 O.D. 34 39-64 35 3-16 Chefoo; — ■ N.Z. pence to dollar 1 .. T.T. 18 1-8 O.D. — 18 7-64 Manila— N.Z. pence to peso 1 ... T.T. 29 39-64 30 7-64 O.D. 29 33-64 30 7-64

£ s. d. Commonwealth Bonds— 3 .per cent., 1948 84 0 0 4 per cent., 1938 102 3 9 4 per cent., 1!>41 103 17 6 4 per cent., 1950 104 5 0 Bank of New South Wales 33 5 0 Tooheys ... 1 1 12 0 Australian Gas (A) 7 9 6 Australian iron and Steel (pref.) 1 6 n Broken Hill Pty 3 5 3 (rights) 1 10 0 Burns, Philip 2 18 0 Colonial Sugar 47 5 0 Electrolytic Zinc 2 9 9 Huddart, Parker 2 3 9 Woohvorths 1 8 10J AFTERNOON SALES. (Bank ot New South Wales 38 5 0 Comm. Bank , of Sydney ... 21 7 0 Bank of New Zealand 2 4 0 Colonial Sugar 47 2 6 United Insurance (ex div.) 10 6 0 Mercantile Mutual ■ 1 11 0 Associated News ... ... 0 ... 1 3 3 Huddart, Parker 2 4 0 Burns. Philp 2 18 0 British Tobacco 2 10 0 Tooths 2 14 9 Australian Glass ... 4 12 0 llunlop Perdriau 1 2 9 Anthony Hordern 0 18 10* Lustre 1 2 4* Hume Pipe 1 0 4* Westinghouse ... 1 2 4i Felt and Textiles 1 16 U (rights) 0 14 0 Sargents 1 10 9 Neon Signs (New Zealand delivery) ... 0 17 4i United Provisions 0 6 6 Goldsbrough. Mor.t 1 14 0 Electrolytic Zinc 2 9 9 (ipref. 2 12 0 Mount Morgan 0 12 0 Mount Lyell 1 16 9 Broken Hill Pty 3 5 0 North Broken Hill ...- ... ' 2 14 0 South Broken Hill ... ... 1 19 9 Kuala Kampar ... 0 19 0 Rawang '■■■ 0 10 9 Emperor 0 12 11

Morgans were weaker. £ s. d. Comm. Bank of Australia 0 17 5 National Bank (£5 paid) ... 7 5 0 National Bank (£10 paid) 14 12 0 Adelaide Steam 1 12 7* G. J. Coles 4 13 0 Dunlop Perdrian 1 2 11 Cox Bros. ... ... 0 16 9 Felt and Textiles 1 16 0 Yarra Falls 1 19 0 Electrolytic Zinc 2 9 6 (pref.) 2 11 9 Mount Morgan 0 12 1 Mount Lyell ... 1 16 6 Broken Hill Pty 3 5 0 North (Broken Hill ... ... 2 13 6 South Broken Hill ... ... 1 19 6 Zinc Corporation ... ... 4 17 0 Emperor 0 12 11 Lfoloma ... 0 17 6