Commerce, Mining, & Finance

Evening Star, Issue 22881, 12 February 1938, Page 12

Commerce, Mining, & Finance

REVIEW OF THE WEEK

A DULL MARKET RETURN OF DOWNWARD TREND TURNOVER POOREST FOR SOME TIME ' Confirming the easier undertone experienced last week, the New Zealand investment market developed a definite downward trend during the week ended last night. Not only did Commonwealth industrial and hut the weakening extended to other sections. While prices were clipped by only small amounts, representing the extent to which sellers were prepared to meet lowered buying rates buyers also lowered their limits, and it was not unusual to find vendors monopolising a section.The sales list was the poorest for a long time. Despite the loss caused by the*Dunedin Exchange observing a Cup Day holiday on Thursday, the turnover was well down. Investors apparently refused to enter fresh commitments unless the stock could be classed as giltedged or very near the borderline. Such issues as Broken Hill Proprietary, Bank of New Zealands, G. J. Coles, and others, transactions in which are generally numerous, failed to reach the faks list. This timidity embraced practically every section except Government loansf for which there was an unsatisfied demand. , , , The uncertain outlook of overseas markets has conduced to the retention of a cautious feeling. _ Although the Wall Street recovery is reflected in London, where bear covering is reported to be noticeable,. business generally remains very quiet. New York has shown a definite improvement on the week, hut counteracting this has been a fluctuating base metal market, which finished weaker. This is normally a quiet period of the investment year, however, and the holiday spirit has not yet been shaken off, while income tax commitments lie ahead. Reviewing the New Zealand share market, the official record of the Stock Exchange states that, although ' published figures indicate that there is plenty of money awaiting investment, investors appeared to be acting cautiously. 1 Industrial prospects in this Dominion remain the same as last year, with wages costs still on the up grade, and this accounts for the apparent lack of interest in shares in the frozen meat, woollens, coal, and gas sections.” THE GILT-EDGED MARKET. The adoption of a “ safety first ” policy has practically removed '’the speculation factor from the market, with a resultant demand for Government- Ibsns. Strong buyers quote daily for practically, every issue, and only one - holder has responded. Business was recorded in ’46-49 stock at_£lo4, i buyers later raising their limits os. : EASIER METALS MARKET. .( Base metals experienced a fluctuating weCk ’and finished weaker. Prices moved back steadily until when a sharp recovery brought them' back to above opening rates. Thursday saw another, drop, however, with a consequent depressing effect on Australian related stocks. On the week copper lost 16s 3d; tin ss, lead 13s, and spelter 16s. ' MORE ATTENTION TO N.Z. MINING. Rewarding those who have supported New -Zealand mining stocks,_ interest in that section has appreciably improved since the exchanges reopened this year. Despite the bugbear of the industry—the gold export duty—many concerns have been steady dividend producers, and not all of them large companies. The weeding out of unpayable enterprises and the addition to the share list of concerns with reasonable prospects are two favourable indications. A revival of interest in tho gold mining section is long overdue, and despite the fact thht most mining shares can be, classed as speculative, there are a few concerns promising steady dividend returns that could be included in an investment portfolio. The week just ended was bright for gold mining Two new companies to enter the dividend list wore Big-River and Clutha River, while Paddy’s Point returned to the list after an absence of 14 months. Clutha River’s interim distribution of lid,a share (61 per cent.) is particularly gratifying to Otago mining and investing circles. Incorporated in London, in 1934, the dredge began operations last May, and from its first washup of 240 z the returns improved to a best of 4330 z for 126 hours on: October 1, making to date a total recovery of 7,146pz. MARKET NOTES. Bank of New Zealands eased further during the • week, a Christchurch sale yesterday being made at £2 3s. Commercial Banks were quoted ex div. yesterday, the market readjusting ■ its price to 16s 7d. Standard Insurance improved slightly on the advice of an unchanged interim dividend of Is 3d per share, but sellers did not appear. New Zealand Refrigeratings were also quoted ex div. yesterday. Ksitangata Coals remained firm, the wide margin of 3s separating buyers (£1 6s). from holders.

Woolworths (New Zealand) lost almost Is to finish at 19s sd. Taranaki Oils brought 6s 7d when sold in Wellington last Thursday. Buyers quoted that price in Dunedin yesterday, but holders answered 3d away. The market is still awaiting news about the plan to have the company’s area tested by a powerful oversea group. Mackintosh Caley Phoenix (an unlisted stock) gained 6d yesterday to unanswered buyers’ 4s 6d on the announcement of the closing of the share register. LATEST SALES. Sales since tho last review have been as follow:: — Government Loans. Stock, 19-16-49, £lO4. Banking.—National of Australasia, £l4 10s (2). ■“Meat Preserving.—Southland Frozen (ord.), £1 9s; South Otago Freezing, £5 12s 6d. Loan and Agency.—N.Z. Guarantee Corporation, 4s 7d. Woollen Companies. Kaiapbi (pref.), 16s 2d. Miscellaneous. Associated News (pref.), £1 4s 6d; N.Z. Drug Co., £3 9s (2); Woolworths (N.Z., ord.), £1 Os 6d; Woohvorths (Sydney), £1 4s 9d (2), £1 4s 6d (4), £1 4s 7d. Breweries. —New Zealand, £2 6s.

Overseas Alining.—Broken Hill South, £1 13s, £1 12s lOd; Electrolytic Znic (ord.), £2 7s; Mount Lyell, £1 10s 9d (2), £1 10s lOd, £1 10s; North Broken Hill, £2 12s 6d, £2 10s 6d (4).

AUSTRALIAN STOCK EXCHANGES

Press Association —By Telegraph—Copyright SYDNEY, February 11. . Buyers continued to display hesitancy on the Stock Exchange to-day, but industrial shares held their ground. The reverse in London metal prices caused renewed weakness in dependent stocks.

LONDON SHEEPSKIN SALE

Messrs Dalgety and Co. Ltd. report : At the sales held to-day 2,247 bales were offered, of which 1,500 bales were sold. Fair selection of New Zealand skins; irregular competition. Home trade and Continent principal operators. America not operating. As compared with closing rates. of last series:—Half-breds, 10 per cent, lower; cross-breds, 10 per cent, to 15 per cent, lower; clothing, par to 5 per cent, lower. Range of prices is as follows: Merino —three-quarter to full-woolled, Sjjd to 9-2 d; quarter to half-woolled, 5Jd to 73d; cross-bred—three-quarter to full-woolled, fine, 8d to medium and coarse, 6Jd to 9d; quarter to half-woolled, fine, 7d to 9Jd; medium and coarse, s{d to 7Jd; short and shorn, 5Jd to 6id. Lambs, 7id to B|d.

NEW YORK SHARE INDEX

DOW JONES AVERAGES

CANTERBURY MARKETS

NO SIGNIFICANT ALTERATIONS [Per United Press Association.] CHRISTCHURCH, February 11. No significant alterations have occurred in the grain and produce markets this week, and quotations for all lines remain fairly steady. Wheat deliveries continue to be heavy, but the muggy weather has caused a larger number of lines to be outj of condition than would have been expected. The moist atmosphere has prevented a good proportion of the crop from drying out properly, and rejections on account of moisture content are fairly heavy. Almost all of this grain will, of course, come into condition if treated properly, but the -weather has been deceptive.

STOCK EXCHANGE INDICATOR

Government loans Firm Banks Weak. Insurance Quiet. Shipping Steady. Meat preserving No change. Coal Stable. Woollen Neglected. Aust. industrials Uncertain. N.Z. industrials Inactive. „ Breweries Dull. Aust. mining Weaker.

The average yield, estimated by the Government, is considerably higher at 32 bushels than most growers would have, expected a few weeks ago. Yields have, however, been turning out very well in every district, and some heavy crops are reported. The total yield as estimated by the Government indicates that an area of about 179,000 acres will be available for harvest instead of the 188,000 acres estimated earlier in the season. The crop is probably in part accounted for by the bad conditions in some parts of North Otago, where crops were ploughed in or fed off in spring drought. Oats continued to come in freely, but, as the demand is limited, the market is weak. A Gartons are worth up to 2s 10d, with perhaps Id extra for exceptional lines. Chaff is very quiet, with very little business. Interest in the potato market is at present dead Buyers’ offers are very few, and the growers do not appear to bo interested. There is, as yet, no indication whether there will be a market in South America this season or not, and until this position clarifies there is likely to be little strength in the market. Reports from alf the growing districts show that crops will be exceptionally heavy. Small seeds are dull. There is some demand for perennial ryegrass at unchanged prices. Cocksfoot is being offered more freely, but merchants are taking little interest. Growers’ ideas range up to Is for good lines, but the best price offered is Bd, with 9d for exceptional seed.

COMPANY NEWS

NEW REGISTRATIONS Notification that the following companies have been registered appears in the latest issue of the ‘ Mercantile Gazette ’:— Palmerston Service Station Ltd. Registered as a private company, January 28. Capital: £4,500 into 4,500 shares of £1 each. Subscribers:—Palmerston, H. J. Hastie, 3,000; Dunedin, H. King, I. Objects: To acquire and take over the business of garage and service station proprietors now carried on at Palmerston by C. F. Smith, to carry on the business of motor and mechanical engineers and importers’ agents, and dealers of automobiles and incidentals. Bramley Oil Refineries (New Zealand) Ltd. Registered January 21. Capital: £20,000 m 20,000 shares of £1 each. Subscribers: Invercargill—W. Strang, J. Campbell, C. J. Johnson, L. a. Blackmore, D. Teviotdale, J. Holloway, J. Peterson, one share each. Objects: Oil refining and motor garage business.

SHARE MARKET

DUNEDIN STUCK EXCHANGE AUSTRALIAN MINING TOUCHES NEW LOWS WOOLWORTHS (SYDNEY) WEAK Inflated by the present overseas advice, Australian mining stocks took a downward turn at this morning’s call, many issues touching new lows. Sellers were again in the majority, but to-day buyers quoted after a conspicuous absence yesterday. Commonwealth indicators were irregular, and vendors were again in the majority in this section. The cautious attitude adopted by buyers cramped the turnover, two parcels of Mount Lyells being the only recorded transactions in the room. Among the banking issues New Zealands lost further ground, the market being between £2 2s 6d and £2 3s 6d—a 3d loss on yesterday. Australias also declined. Commercials were steady at the ex dividend price (16s sd) of buyers, but Unions finished on a holder’s market at £9 se.

Although some Australian industries leaders had a firm undertone, other issues tended to decline. Broken Hill Proprieties advanced slightly, although a margin of Is 3d separated buyers and sellers. G. J. Coles slipped 6d, while Woolworths (Sydney) declined in its lowest mark for along time with buyers at £1 3s. Mount Lyells led the decline in Australian mining stocks with sellers at £1 19s 10d, the closing market prices being £1 9s 6d and £1 10s. Mount Morgans were marked back to unanswered holder’s 9s 4d. Barrier Companies were partly weak, North’s finishing at buyer’s £2 9s, sellers being Is 6d away. SALES REPORTED. —Late Yesterday.— New Zealand Drug Co., £3 9s. New Zealand Breweries, £2 6s. Electrolytic Zinc (ord.), £2 7s. —This Morning.— Australian .Foundation Trust, 5s lOd. SALES ON ’CHANGE, —This Morning.— Mount Lyell, £1 9a lOd (3). SALES AFTER CALL. —Late Yesterday.— Broken Hill South, £1 13s, £1 12s lOd, North Broken Hill, £2 10s 6d (4), Quotations as under:— Buyers. Sellers. £ s. d. £ ». d.

DIVIDENDS DUE. Dominion Invest, and Banking— Interim, half-yearly, at 5 per cent, per annum Feb. 14 Woolworths Ltd., Sydney Interims of .5 per cent, on 10 per cent, and 5£ per cent, on 7 per cent, preference shares Feb. 15 Cash Orders Amalgamated—Quarterly interim at 15 per cent, per annum Feb. 15 Queensland National Bank Ltd.— Interim, half-yearly, 4£ per cent. per annum Feb. 17 Kandos Cement—Half-yearly at 10 per cent, per annum Feb. 18 Melbourne Steamship pref., at 6 per cent, per annum, ord. 7 per cent, per annum ... Feb. 23 Clutha River Gold Dredging Co. Ltd. —Interim, per share ... Feb. 23 Bank of N.S.W.—lnterim, quarterly, at 6s per share Feb. 24 Silverton Trams—ls per share ... Feb. 25 Kuala Lumpur Tin N.L.—ls per share Feb. 25 Australian Guarantee Corp—Halfyearly, at 10 per cent, per annum _ Mar. 1 Elder, Smith yearly, at 7 per cent, per annum Mar. 1 Big River Gold —Id per share ... Mar. 1 Carlton Brewery Final 7£ per cent Mar. 1 Standard Insurance Half-yearly, Is 3d per share Mar. 7 W. R. Carpenter per cent, per annum ... Mar. 15 Electrolytic Zino yearly, 6 per cent., pref. and ord. ... ... Mar. 17 Apex Invest. Trust Final halfyearly at 6 per cent, per annum Mar. 17 Tongah Compound N.L. .share Mar. 19 Tongah Compound No. 2 N.L. —Is / share and bonus Is per share ... Mar, 25 CALLS DUE. Bricks and Mortar (making 4s paid) Feb. 28 Olympic Tyre and Rubber Go.— 5s a share (making 15s paid) ... Feb. 28, Broken Hill Pty.—New, 5s a share (making 8s 4d paid) Mar. 31 Burns, Philp New, 5s a share (making 10s paid) Apr. 1

EXCHANGE DATE

ON NEW ZEALAND CURRENCY BASES 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. London—

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:— U.S.A. CANADA. (Per £l, N.Z.) (Per £1 N.Z.) SELLING— - . T.T. (dol) ... 4.02 11-16 4.02 7-16 O.D, (dol) 4.03 1-16 4.02 13-16 BUYING— O.D. (dol) ... 4.07 4.06 7-8 THE SEARCH FOR GOLD GOLDFIELDS DREDGIKG £Pe» United Pres Association.] TIMARTJ, February 11. The Goldfields Diedging Company advises a return of 2ooz lOdwfc for 215 hours. During this period the dredge worked through some old tailings for 90 hours. GILLESPIE'S BEACH The Gillespie’s Betch Gold Dredging Company Ltd. reports a washup for the week ended February 11 of 460 z lOdwt for 110 hours’ dredging, 12,880 yards being treated. The dredge worked four days on the beach cut and two days on the lagoon.

£ s. d. Bank of New South Wales 1 12 5 National Bank (£5 paid) 7 4 6 Sugar 46 15 0 Associated News 1 2 6 (pref.) 1 4 7i Adelaide Steam , 1 14 9 Australian Gas (A.) 7 9 0 British Tobacco. 2 10 3 Tooths _ . 2 15 6 Australian Glass •... ... 4 14 0 Dunlop Perdriau ... ... 1 3 4i David Jones 2 1 3 Farmers ■ 0 18 9 Aust. General Insurance ... 0 16 6 Hume Pipe 1 1 U Sargents ; ... 1 9 6 Newbold Brick ... ... ... 1 14 0 Goldsbrough, Mort 1 11 3 Henry Jones ... ... ... 2 8 6 Menzies Hotel ... 0 12 9 Wool worths 1 3 10J (New Zealand delivery) 1 3 9 Wunderlich 1 0 9 Electrolytic Zinc (pref.) ... 2 10 0 Mount Morgan ... 0 9 2 South Broken Hill ... ... 1 13 0 North Broken Hill ... ... 2 10 6 Bulolo Gold 7 0 0 Bawang • ... 0 9 2 Emperor ... ••• 0 11 10 Loloma ... ■■■ 0 18 4i TJla Yam Tin (New Zealand delivery) 1 9 9

MELBOURNE, February 11. National Bank (£5 paid) 0 7 4 a. J. Coles 3 19 0 Dunlop Perdriau 1 3 4 Electrolytic Zinc 2 7 3 (pref.) 2 9 6 Broken Hil! Pty. ... ... 3 1 3 (new issue) 1 13 3 North Broken Hill 2 10 9 South Broken Hill ••• • 1 13 3 Mount Morgan 0 p 1 Mount Lycll 1 10 0 Emperor ... ... 0 11 6 Loloma ... 0 18 2

Eallroads. Industrials. Turnover. Feb. 10 ... 29.11 125.54 630,006 Feb. 9 ... 28.13 125.00 750,000 Feb 8 ... 27.86 125.52 770.000 Feb. 7 ... 27.10 121.39 510,000 Feb. 5 ... 27.56 122.88 450,000 Feb. 4 ... 27.42 120.52 810,000 Feb. 3 ... 27.08 118.49 1,090,000 Feb. 2 ... 27.97 123.06 580,000 Feb. 1 ... 28.36 123.97 690,000 Jan. 31 ... 27.96 121.87 760,000 Jan 29 ... 27.45 120.14 430,000 1938. Highest ... 32.33 134.35 Lowest ... 27.08 118.49 1937. Highest ... 64.86 194.40 ‘Lowest ... 28.91 113.64

N.Z. GOVERNMENT LOANS— 3i p.c. Stock, Nov., 1938-52 ... 102 0 0 31 p.c. Stock, March, 1939-43 101 0 0 _ 31 p.c. Stock, May, 1939-52 101 10 0 _ 31 p.c. Stock, March, 194143 101 10 0 — 31 p.c. Stock, Sept., 1941-43 101 10 0 _ 31 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 15 0 — 4 p.c. Stock, 1943-46 103 15 0 — 4 p.c. Bonds, 1946-49 104 0 0 — 4 p.c. Stock, 1946-49 104 0 0 — 4 p.c. Bonds, 1952-55 103 10 0 — 4 p.c. Stock, 1952-55 103 10 0 — 31 p.c. Bonds, 1953-57 97 10 0 — BANKING— Australasia (£5) ... 10 5 0 10 14 0 New South Wales (£20) ... „ — 6 32 15 0 New Zealand (£l) ... 2 2 2 5 2 New Zealand (Long “ D,” £1) — 1 10 0 Commercial (10s) ... 0 16 5 — Commercial Of Sydney (£12 10s) ■ ... ... 19 15 0 20 3 0 E.S. and A. (£3) ... — 5 6 0 National of Australasia (£10) 14 9 6 National of Australasia (cent., £5) ... ... 7 0 0 Union of Australia Ltd. (£5) — 9 5 0 INSURANCE— National (7s) 0 16 9 0 17 0 SHIPPING— Huddart, Parker (ord., £1) ... ... 2 2 3 Huddart, Parker (pref., £1) 1 7 0 P. and O. Deferred Stock (£1) — 1 8 6 U.S.S. Co. (pref., £1) 1 6 7 - MEAT PRESERVING— Canterbury (ord., £7 10s) — 10 10 0 N.Z. Refrigerating (cent., 10s) 0 8 6 Southland Frozen (paid, £1) ... ... — 1 9 6 South Otago Freezing (£5) 5 10 0 - LOAN AND AGENCY— Goldsbrough, Mort £1) - — 1 11 6 National Mortgage (£2) 2 6 6 N.Z. Loan and Mercantile (ord., £100) ... — 49 0 0 N.Z. Guarantee Corporation (3s) ... 0 4 6 0 4 8 Trustees, Executors, and Agency- (£2) 3 15 0 Wright, Stephenson (ord., £1) 1 2 0 1 3 6 Wright, Stephenson , (pref., £1). ... ... 1 0 6 — COAL— Kaitangata (16s) ... 1 6 0 1 9 6 Westport (10s) X 3 0 — Westport-Stock ton (ord., 10s) — 0 3 6 Westport-Stockton (pref., 10s) '... ... — 0 7 0 WOOLLEN COMPANIES— Bruce (ord., £1) ... 0 7 0 Kaiapoi (pref., 17s) — 0 16 6 MISCELLANEOUS— Anthony Hordern (£1) - 0 18 9 Associated News (pref., £1) 1 4 4 Australian Glass (£1) 4 12 6 4 14 0 Australian Iron and Steel (pref., £1) ... 1 7 British Tobacco (£1) — 0 2 10 0 Broken Hill Proprietary (£1) ...- 3 0 6 3 1 9 Broken Hill Proprietary (cont.) ... — 1 13 3 Brown, Ewing (pref., £1) — X 3 0 Australian Foundation Trust ... — 0 6 0 Brown. Ewing (ord., £1) — 1 0 6 Colonial Sugar Co. (£20) 46 5 0 D.I.C. (pref., £1) ... 1 3 9 Dominion Fertiliser (£1) 1 4 3 Dominion Fertiliser Debs 102 0 0 Donaghy’s Rope and Twine (£1) — 2 7 0 Dunedin Stock Exchange Pty. (£1) 2 2 0 Dunlop Perdriau Rubber (£1) 1 3 6 Felt and Textiles ... — 1 17 0 G. J. Coles (£1) ../ — 3 19 6 Kauri Timber (£1 5s) — 1 2 9 Milburn Lime and Cement (£1) ... — 2 0 0 M'Leod Bros. (£10) — 29 10 0 Moturoa Oil (pref., 5s) .' — 0 5 0 N.Z. Drug Co. (£2) 3 8 6 3 10 0 Regent Theatre (£1) 0 19 0 — Smith and Smith (pref., £1) — 1 1 6 Taranaki Oil (£1 4s 7d) 0 5 8 _ Woolworths (pref., £1) 1 17 0 Woolworths (ord., 5s) — 1 0 0 Woolworths (Sydney, ord., 5s) 1 3 0

Whitcombs and Tombs (£2 10s) ... 3 5 0 BREWERIES— Dominion (£1) 1 18 9 Dunedin (£1) 1 9 0 1 11 0 UNLISTED STOCK— A. and T. Burt (pref., £1) 0 10 6 0 14 0 OVERSEAS LIST— Woolworths (South Africa) 0 14 6 0 14 9 OVERSEAS MINING— Broken Hill'South (5s) 1 12 6 1 13 3 Electrolytic Zinc (pref., £1) ... ... 2 9 3 Electrolytic Zinc (ord., £1) 2 6 0 2 7 3 Mount Lyell (£1) ... 1 9 6 1 10 0 Mount Morgan (2s 6d) 0 9 4 North Broken Hill (5s) ... „■ Z 9 0 Z 10 6 Placer Development — 3 19 0 GOLD MINING— Big River (Is) 0 1 0 Clutha River (2s) ... 0 2 4 0 3 0 Gillespie’s (Is) 0 0 9 0 1 1 Goldfields Dredging 0 0 2 0 0 4 Kildare (2a) — 0 1 0 Martha (5s) 0 15 0 Molyneu* River (2s) 0 2 0 Mossy Creek (1?) ... 0 1 0 — Nokomai (5s) ... ... — 0 2 2 Okarito (5s) 0 3 0 Paddy’s Point (5s) 0 1 6 Sandhills (Is) 0 0 3 Waipapa Beach (Is) — 0 0 3

£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— £F to £100 N.Z T.T. £90 7/6 £89 New York — Dollars to £1 N.Z T.T. 4,0602 4.0255 O.D. 4.0702 4.0295 Montreal— Dollars to £1 N.Z . T.T. 4.0567 4.0242 O.D. .4.0687 4.0282 Austria— Schillings to £1 N.Z IT.T. 20.95 O.D. —. 20.96 Belgium— Belgas to £1 N.Z . T.T. 23.949 23.639 O.D. 24.024 23.650 Czechoslovakia — Crowns to £1 N.Z T.T. 113.71 O.D. — 113.76 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. 123.13 120.65 O.D. — 120.67 Germany— Beichmarks to £1 , N.Z. ... .. T.T. —■ 9.906 O.D. — 9.901 Holland— Florins to £1 N.Z T.T. 7.311 7.161 O.D. 7.351 7.155 Italy— Lire to £1 N.Z T.T. 76.45 O.D. — 76.50 Java — Florins to £1 N.Z T.T. 7.283 7.135 O.D. 7.323 7.137 Norway— Kroner to £1 N.Z . T.T. 16.182 15.892 O.D. 16.242 15.898 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. 17.547 17.277 O.D. 17.652 17.282 Noumea — Francs to £1 N.Z T.T. 124.38 119.38 O.D. — 119.42 Papeete— Francs to £1 N.Z T.T. 124.23 119.43 O.D. — 119.47 Hongkong— N.Z. pence to £1 N.Z T.T. 18 29-64 18 53-64 O.D. 18 27-64 18 53-64 India and CeylonN.Z. pence to i 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 1-2 O.D. — 17 1-2 Shanghai— N.Z. pence to 1 dollar ... . . T.T. 18 9-64 O.D. — 18 9-64 Singapore— N.Z. pence to 1 dollar T.T. 34 11-16 35 11-64 O.D. 34 19-32 35 11-64 Chefoo — N.Z. pence to 1 dollar T.T. 18 1-8 O.D. — 18 7-64 Manila — N.Z. pence to 1 peso T.T. 29 9-16 30 1-16 O.D. 29 35-64 30 1-16