Commerce, Mining, & Finance

Evening Star, Issue 22882, 14 February 1938, Page 8

Commerce, Mining, & Finance

London Markets Nervous

Commodity Week Finished Better

Decline in Visible Tin Supplies

Although the ' Economist ’ and other authorities express the opinion that another extensive break in prices is unlikely, professional London operators share the nervousness of the public. The index of industrial equities published by the i Financial News ’ touched a new low level last week. Commodities were also affected by the international situation, but most finished the week better in tone. The further decline in metals remains unaccounted for, apart from -the fact that U.S.A; sales show no sign of improvement, states the week-end cable report.

Disturbed from its usual Monday morning dullness, the local share market was active this morning with interest centred on the Australian mining section. Disturbing overseas advices sent issues down to new 1938 lows, and in some cases stocks touched the lowest point since 1936. Commonwealth industrials also showed an easing tendency, but other sections generally were quiet at late rates. Although January tin statistics show a diminution in the amount of visible stocks, the price of the metal has failed to'respond to this favourable announcement. Spot tin fell £1 in London oh Friday to £79 7s 6d. A survey of the present market for tin is published below.

Woolworths (South Africa), a holding company quoted on the overseas list on New Zealand Stock Exchanges, reports that since the end of May last turnover has increased by 35 per cent. At the four original branches it is at a rate considerably in excess of £1,000,000 a year.

WORLD TIN STOCKS MORE FAVOURABLE POSITION PRICES FAIL TO RESPOND U.S.A. DEMAND IS GOVERNING FACTOR Statistics issued by the International Tin Committee show that at the end of January visible supplies of tin, compared with a month before, fell from 19,614 tons to 16,831 tons. An increase in the carry-over in Straits Settlements from 4,388 tons to 6,133 tons, however, made the net decrease for the month 1,038 tons. Despite this more favourable position .the price of the metal receded slightly following publication of the monthly figures. The market apparently coneiders that the statistics do not indicate accurately the state of world sjtpcks. ,When'prices are relatively low there is always a fair amount of .quiet purchasing by consumers. It is considered that these “ invisible ” stocks have''by now reached considerable proportions, and the knowledge of their presence is, causing buyers to show caution, even on publication of favourable statistics. The statistics are much more favourable than was generally expected. Messrs A. Strauss and Co., London, expressed the view in November that stocks of tin were likely to show a heavy increase by the end of the year. Published statistics show a decrease rather than an increase, but markets have continued weak and unsettled. Conditions in the United States are the- chief influence' in the market for tin, as is the case also with other metals and commodities. The . United States, which is not a tin-producing country, uses normally more than 50 per cent, of the world output. Therefore the market for the metal is extremely sensitive to fluctuations in business activity in the United States, a factor which has such an immediate and far-reaching effect on demand. 1 In the first quarter of 1937 the tin quota was fixed at 100 per cent, of standard tonnage, but for the three remaining quarters the figure was 110 per cent., which meant for all practical purposes that restriction was lifted. The price rose from £231 -a ton at the beginning of the year to a high of £3ll on March 15, after which there .was a steady recession, the low for the year—£lßl ss—being touched in November. The price fell to £177 2s 6d on January 28 last, but the latest Lon- * doa quotation is slightly firmer at £179 : 7s 6d. Because of the extreme weakness of jfche market the International Commit- . 'tee drastically reduced the quotas for .the first quarter of 1938 to 70 per cent, of standard tonnages, but this had no firming influence on the market.' The uncertainty of the business outlook appears to be overshadowing all normal market factors at present, and until some marked signs of recovery appear in the United States the prospect for any marked upswing of prices seems somewhat remote. 'The substantial cut in the quotas for the current quarter was modified by the permission given by the International Committee to Malaya, the Dutch East Indies, and Nigeria to produce part of the arrears resulting from the underproduction of other countries. This amounted to 11,400 tons. It is generally considered, however, that such a drastic reduction in the quotas must ultimately bring consumption and production more into line.

GAS INDUSTRY “VERY SOUND STATE" SIR HAROLD BEAUCHAMP'S VIEWS The ability of the gas industry to maintain its progress was emphasised by Sir Harold Beauchamp, chairman of the Wellington Gas Company Ltd., when addressing shareholders at the annual meeting in Wellington. Speaking of the industry as a whole, Sir Harold said that while it was true that gas as a fuel was now faced with greater competition, it could be affirmed that the industry was in a very sound state, well organised and equipped to meet the changed conditions; A proper appreciation of all the facts led to the conclusion that gas would not only continue to occupy its important place in the economic change of things, but should be able largely to increase its sphere of public usefulness. So far as the Wellington company was concerned, the high price of all materials, together with heavy advances in wages and shorter hours, had substantially increased costs of manufacutre and distribution. These increases totalled £11,780. The revenue from the sale of gas, residual, and rents was £IO,OBO greater than the previous year. As a result of additions to plant, capital expenditure had been somewhat ab-' normal, amounting to no less than £34,075. The wages paid by the company for the year 1937 totalled £81,785, as against £75,065 in 1936.

LONDON STOCK MARKETS PUBLIC NERVOUSNESS CONTINUES Press Association—By Telegraph—Copyright LONDON, February 12. The ‘ Financial News ’ states that the index of industrial equities touched a new low level at 90.7. Professional operators share the public’s nervousness, and are unwilling to support the market. Nevertheless, the opinion of the ‘ Economist ’ and other authorities is that another extensive break in (prices is unlikely. The international situation - also affected commodities, but most finished the week decidedly better in tone. Sugar, which broke sharply in the midweek below os for the first time in 13 months, recovered sharply by IJd in the active market in March, finishing round 5s 3d. Rubber was firmer. There has been some speculative buying and the undertone has been even cheerful. There has been no new development to account for the further decline in metals apart from the fact that United States sales show; no sign of improvement. MARKET FOR WOOL PROSPECTS IN RUSSIA INCREASING LOCAL OUTPUT Russian' buying of wool at the London sales last month helped the English trade to recover a measure of confidence. Hopes that the needs of Russian mills, following general industrial expansion in that country, would necessitate constantly increasing imports of wool, had previously been disappointed. The Russian clip totals 202,100,0001 b, or about 673,000 bales of Australian weight. Only 9 per cent, of it is fine in quality, 20 per cent, scmi-coarse, and the balance coarse. The whole of the wool is consumed internally. Latest statistics available show that Russian wool imports in ]935 were 71,000,0001 b, and 1936 57,500,0001 b, the latter total being approximately 191,666 bales, but a considerable portion of that quantity consists of scoured wool purchased on the Continent and in the United Kingdom. Gradually Russia is rebuilding her flocks, which receded from 133.000. head in 1928 to 45.-100,000 in 1933. The number in 1936 was 64.000. and it was planned to increase the total to 81,000,000 in 1937.

It was reported that tinplate works in the. United States in the middle of December were operating at only 55 per cent, of capacity, compared with 108 per cent, a few months previously. As tin is used for plating more than for any other single purpose it is clear that demand for the metal must have fallen off very considerably as a direct result of reduced tinplate production. Messrs Brandels, Goldschmidt, and Co., metal brokers, London, expressed the view recently’ that the cut in the quotas should be a sufficient safeguard against any large increase in the visible supplies in the early part of the new year.

NEW YORK SHARE INDEX DOW JONES AVERAGES

COMPANY NEWS WOOLWORTHS (SOUTH AFRICA) TURNOVER UP 35 PER CENT. Turnover of Woolvvorths Holdings Ltd. (South Africa) since the end of May last had increased by 35 per cent., compared with the corresponding period of the previous year, said the chairman (Mr M. Sonnenberg) at the annual meeting of shareholders. The increase related only to four branches—Capo Town, Durban, Port Elizabeth, and Johannesburg, which were then trading and from which the dividend received by the holding company was earned. The increase had now been augmented by the opening of additional branches. A new building in Pretoria was nearing completion. The East London premises were being reconstructed and should be opened before May, 1938. , , Without taking those new branches into account, turnover effected at the four original branches at present was at a rate considerably in excess of £1,000,000 a year. It was the policy of the board to consolidate further the company’s present interests, and at the same time strengthen the reserves of the company. Sales of South African manufactured commodities exceeded in percentage the sales of imported goods. It is said that the South African undertaking has no connection with Australian Woolworths Ltd. AMALGAMATED TEXTILES POSITION OF ALBURY MILLS. Directors of Amalgamated Textiles Ltd. report that the answers in reply to the chairman’s circular concerning the removal of the Albury mills represent only a small percentage of the shareholders. In a circular to shareholders the board states that, while there is a small majority of those replies in favour of the removal of the mills to Sydney, the promises of financial contributions towards the cost of the scheme are negligible. In view of this, the circular states, the board would not be justified in incurring the expense of calling an extraordinary general meeting of the shareholders. Some of the shareholders in their letters either suggest on state straight out that the proposal to move the mills to Sydney emanated from this board,” the directors add. “This is not so. On the contrary, it was the result of a direction made by the shareholders at the annual meeting in December, 1936,” BEAUREPAIRE INVESTMENTS . An interim dividend at the rate of 10 per cent, per annum an ordinary shares and at the rate of 7 per cent, per annum on preference shares for the halfyear ended December 31 has been declared by the directors of Beaurepaire Investments Ltd., payable on February 18. Transfer books close on February 9. This is the first dividend declared by the company since its shares were listed on the Stock Exchange. Dividends at the same rate were declared by the company for the period ended June 30 last. REPORTS AND RETURNS BIG RIVER Big River Gold Mines Ltd. submit the following report for the week ended February 10: No. 5 level, north stope: Stoping to the south; stone 3ft Sin wide. South stopes: The lower stope is 7ft wide and the upper 3ft wide. Centre stope: Stoping on chute in the hanging wail, the width being 3ft. Winze: Sunk 3ft; total, Soft 6in. South drive; Drove 4ft in track formation. Shaft: Completed Bft; total, 4Sft. Battery: Sixty-eight tons of stone sent to battery. WESTPCRT-STOCKTOH COAL MUCH BIGGER OUTPUT. The Westport-Stockton Coal Company Ltd. earned net profit of £10,630 in the year ended December 31, 1937, compared with £6,795 in the previous period. Dividend recommendation of 6 per cent, on preference shares is the first since_ 1922, when 8 per cent, was paid, and in addition to the substantial improvement in earnings and profit a big feature of th 6 accounts is a further reduction in debentures to £10,485, compared with £29,033 a year ago. The balance sheet reveals that cash and deposits at £22,507 are more than sufficient to pay off the remainder of the debentures whenever the directors see fit. Depreciation at £7,228 is another satisfactory feature. The company has been called on to set aside £8,824 for income, and debenture taxation. The year’s output of coal was 142,780 tons, against 108,219 tons in the previous period. TUNG OIL SUPPLY THREATENED BY WAR . The world’s largest supply of tung oil is being cut off by the Sino-Japanese conflict, threatening a serious shortage in the paint and varnish industry. ■ Widely usel as a paint and varnish drier, tung oil, or “ China wood oil,” is produced mainly in the Chinese provinces of Sinfeiang and Hopei, and exported through the port of Hankow. Production and export of the oil are handled almost entirely by Japanese planters and middlemen, and consequently there is little fear that Japanese troops will destroy the trees. Chinese forces now command the provinces, however, and a definite shortage is being felt because of the stoppage of exports.

FOREIGN EXCHANGES (British Official Wireless.) Press Association—By Telegraph—Copyright RUGBY, February 11. The following are the mean closing rates: — Paris, franc to £1 151 13-32 New York, dollar to £1 5.02} Montreal, dollar to £1 5.01} Brussels, belgas to £1 29-55} Geneva, francs to £1 21.611 Amsterdam, florins to £1 ... ».. 8.97} Milan, lire to £1 95} Berlin, reichmarken to £1 ... IjJ.Wi Stockholm, kroner to £1 19-40 Copenhagen, kroner to £1 22-40 Oslo, kroner to £1 Jr'i Vienna, schillings to £1 ‘fe Prague, crowns to £1 Helsingfors, marks to £1 2Z6} Madrid, pesetas to £1 Lisbon, escudo to £1 .-. "d-i 6 Athens, drachmae to £1 ... ... 54G Eucbarest, lei to £1 Belgrade, dinars to £1 Warsaw, roubles to £1 ... r*Rio de Janiero, pence to mnreis 2 13-ifa Buenos Aires, pence to dollar ... Montevideo, pence to dollar 21} Bombay, pence to rupee 18} Hongkong, penes to dollar ■ Shanghai, pence to dollar o-io Yokohama, pence to yen , 14 Batavia, florins to £1 8.9 b THE MEAT MARKET [Per United Press Association.] WELLINGTON, February 13. The New Zealand Meat Producers’ Board advises that the following are the ruling prices of wholesale quantities of the descriptions of frozen meat mentioned, and are for representative parcels of the goods sold on Thursday, February 10. Chilled beef_ prices are averages of the week on which this list is issued. All prices are on the basis of delivered to Smithfield Market:— New Zealand Sheep.—Cross-bred wethers and/or maiden ewes: Under 481 b, s|d per lb; 49-561 b, s}d; 57-641 b, sd: 65-721 b, 4Jd. Ewes: Under 481 b, 4Jd: 49-561 b, SJd; 57-641 b, 3}d; 67-721 b, 3id. New Zealand Lambs. —North Island Downs; Under 361 b, 7|d; 37-421 b 7|d; 43-501 b, 7|d. Second quality: Average about 301 b, 7|d. North Island: First quality, under 361 b, 7|d; 37-421 b, 7fd. Second quality; Average .about 311 b, 7id. Australian Lambs. —Victorian; First quality, 29-361 b, 6|d; 37-421 b, 6|d. Argentine Lambs.—First quality: 361 b, 6|d; 37-421 b, 61d. New Zealand Frozen Beef.—Ox hinds, 145-2101 b, 4|d; ox fores, 145-210Ib, 3}d. Australian Frozen Beef.—Ox hinds, 145-2101 b, 4}d: ox crops, weights corresponding, 3id. New Zealand Porker Pigs.—First quality :61-801b, 7}d; 81-1001 b, 63d; 1011201 b, 6|d. New Zealand Baconer Pigs.—l2l- - 6|d. (Chilled beef prices are approximate average prices realised for the week.) New Zealand Chilled Beef.—Ox hinds, 145-2101 b, s|d; ox fores, 145-2101 b, 4d. Australian Chilled Beef.—Ox hinds, 145-2101 b, 6Jd; ox crops, weights corresponding, 4d. Southern Rhodesian Chilled Beef.— Ox hinds, 145-2101 b, sJdj ox fores, 1462101 b, 3|d. Argentine Chilled Beef.—Ox hinds, 145-2101 b, 6id; ox fores, 145-2101 b, 4Jd. Uruguayan Chilled Beef.—Ox hinds, 145-2101 b, 6Jd; ox fores, 145-21011), 4d. Brazilian Chilled Beef.—Ox hinds, 145-2101 b, 6d. Lamb Market.—Again easier owing to heavier supplies, but consumption satisfactory for the time of the year. Mutton Market.—Wethers quiet and unchanged. Ewes; Easier owing to poor demand. Beef Market.—Frozen beef; Market steady and unchanged. Chilled beef; Easier this week owing to heavier supplies. New Zealand Porker Pigs.—Unsuitable weather is affecting demand and prices. New Zealand Baconer Pigs.—Slightly easier owing to weaker tendency bacon. COTTON, RUBBER, ETC. Press Association—By Telegraph—Copyright LONDON, February 12. Yesterday's dosing prices wore:— Cotton: Spot, 5.02 d per lb; March shipment, '4.90d. Jute: February-March shipment, £lB 17s 6d a ton. Copra: February-March shipment, South Sea, £ll 5s a ton; smoked, £lO 17s 6d; plantation Rabaul, £l2. Linseed oil: £29 5s a ton. Turpentine, 32s 3d per cwt.

The British Empire has encouraged planting of tung oil trees in India, Australia, and New Zealand, but their output is still relatively small. Russia, with some 25,000 a tcs under cultivation for the past six years, has not been able to acquire a sufficient supply for export. The United States is the second producer of the oil, but its domestic requirements far exceed the supply, and no export surplus is available as yet.

SHARE MARKET DUNEDIN STUCK EXCHANGE AUSTRALIAN MINING RECEDES AGAIN NEW 1938 LOWS RECORDED Influenced by the international situation, an easier base-metal market, and a weaker trend in Wall Street, Australian mining issues dropped back sharply on the local Investment market to-day in the most serious recession this year. Stocks were carried to new 1938 lows, and, in some cases, to the lowest market since 1936. Trading was active at lower rates after the call, however, but transactions were generally made in buyers’ favour. Mount Lyells declined from . reported business at £1 9s lOd to between £1 9s 4d and £1 9s lid, the lowest ex dividend market since 1936. Mount Morgans slipped to unanswered holders’ 9a 2d, Souths had dealings at £1 IZs 9d (Is below vendors offer), while Electrolytic Zinc (ord.) sold at £2 6s 6d. North Broken Hills changed hands at the comparatively stable price of £2 10s, but are expected to decline in line with other stocks in this section. Commonwealth industrials showed little change on Saturday's easier prices. Broken Hill Proprietaries were marked back, along with G. J. Coles (which showed Is loss). Woolworths (Sydney) remained weak at unanswered buyers' £1 3s 6d. _ Dominion issues were quiet and generally steady. New Zealand Breweries finished slightly easier, between £2 5s 6d and £2 6s. while Taranaki Oils had buyers at 5s Bd, 4d below vendors’ limits. SALES REPORTED. —This Morning.— Commercial Bank of Sydney, £2O. N.Z. Guarantee Corporation, 4s 7d. Tooths 1 Brewery, £2 15s, Mount Lyoli, £1 9s lOd. SALES AFTER CALL. —This Morning.— Broken Hill Proprietary, £3 0s 6d (3). Electrolytic Zinc (ord.), £2 6s 6d (2). Broken Hill South, £1 12s 9d .(2). North Broken Hill, £2 10s (2/1 Quotations as under:— Buyers. Sellers. £ s. d. £ s. d. N.Z. GOVERNMENT LOANS—

DIVIDENDS DUE. Woolworths Ltd., Sydney Interims of 5 per cent, on 10 per cent, and 3£ 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, 4i 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, lid per share ... Feb. 23 Bank of N.S.W.—lnterim, quarterly, at 6s per share Feb. 24 Silverton Trams —Is 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—ld per share ... Mar. 1 Carlton Brewery Final 7i per cent Mar. 1 Standard Insurance Half-yearly, Is 3d per share Mer. 7 W. R. Carpenter per cent, per annum Mar. 15 Electrolytic Zinc 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.—ls share and bonus Is per share ... Mar. 25 CALLS DUE, Bricks and Mortar (making 4s paid) Feb. 28 i Olympic Tyre and Rubber Co.— 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 RATE 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. London —

DOLLAR RATES. The Associated Banka (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) ... 4.02 1-2 4.02 3-8 O.D. (dol) ... 4,02 15-16 4.02 3-4 BUYING— O.D. (dol) ... 4.06 7-8 4,06 15-16 MINING NEWS WHITE'S ELECTRIC STEADY PROFIT BEING MADE The White’s Electric Gold Dredging Company (Barrytown) Ltd., in the period to November, 1937, won 820 ounces of gold of a total export value of £6,512. Of this £569 was paid in royalty and £512 in export tax. In 31 weeks of actual dredging 220,116yds were worked, the gross value per yard saved being 7d. Since the reconstruction the average value has been 9.6 d. In the company’s report to be presented at the first annual meeting this month, the directors state that most of the financial difficulties have been overcome, and the dredge is now working satisfactorily. A steady profit is now being made each week, which means substantial reductions in liabilities. OKARITO WASH-UP The secretaries of the Okarito Fivemile Beach Gold Dredging Company Ltd. report a wash-up of 21oz 10dwt for 126 hours’ dredging. HONEY MARKETING SECURITY FOR TRADERS [Per United Press Association.] WELLINGTON, February 12. A statement issued by the. Minister of Marketing (the Hon. W. Nash) says that there has recently been a strong agitation by beekeepers that the Government should provide assistance in honey marketing in the Dominion and overseas. The internal marketing department has been devising a scheme to give a measure of security to commercial beekeepers, and it is now proposed that the department will offer an advance of 4Jd a lb pro rata according to^ grade. Suppliers wishing to obtain this advance may send supplies to the grading stores at New Plymouth, Wellington. Lyttelton, Smithfield, Dunedin, Bluff, and Auckland, or to the premises now occupied by New Zealand Honey Ltd. at Auckland, EXPORT VALVES LOWER PRICES BUT GREATER PRODUCTION The Commonwealth Bank, in its January statistical bulletin, suggests that, despite the fall in prices, the value of exports for 1937-38 should be about the same as for 1936-37," when it was £A159,000,000. The estimate is made on the basis of available estimates of production, and of present prices for exports. Gold exports are included.

“ Tli© latest available estimates and the volume of wool received, into store,” the bulletin states, “ suggest that wool production in 1937-38 will probably exceed that of 1936-37 by between 50,000 and 100,000 bales. Progress with wheat harvesting has revealed advantageous yields, so that previous estimates of wheat product.on are now considered somewhat too low. Current private estimates suggest a total production of about 175,000,000 bushels, compared with 151,000,000 bushels last year.” The improvement in export prices noticeable during December proved temporary, the bulletin adds. The export price index (1927=100) for January 13, fell to 78.2, compared with 82.3 on December 10. Prices of wool, butter, lamb, and sugar have declined, but there has been some improvement in metals. Some wool may remain unsold at the end of the current year.. Internal activity continues at a high level. The building industry is active in all States. Manufacturing activity is high, and capacity is evdently still being expanded.

Railroads. Industrials. Turnover. Feb. 11 ... 28.96 124.94 390,000 Feb. 10 ... 29.11 125.54 630,000 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 ... 27.05 118.49 1,090,000 Feb. 2 ... 27.97 123.06 580,000 Feb. 1 ... 28.35 123.97 690.000 ■Tan. 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

34 p.c. Stock. Nov., 1938-52 102 0 0 34 p.c. Stock, March, 193943 101 10 0 Si p.c. Stock, Sept., 193943 103-10 0 — 34 p.c. Stock, May, 1939-52 101 10 0 — 34 p.c. Stock, March, 191143 101 10 0 54 P.c. Stock, Sept., 191143 101 10 0 34 P-c. Stock, May, 1941-52 101 10 0 — 34 p.c. Stock, Nov., 1941-52 101 10 0 — 4 p.c. Stock, 1945-46 103 10 0 — 4 p.c. Bonds, 194649 103 10 0 — 4 p.c. Stock, 1946-49 103 10 0 — 4 p.c. Bonds, 1952-55 103 10 0 — 4 p.c. Stock, 1952-55 103 10 0 — 34 p.c. Bonds, 1953-57 97 10 0 — BANKING— Australasia (£5) ... ■ — 10 17 0 New South Wales (£20) - 32 15 0 New Zealand (£1) ... 2 2 3 — New Zealand (Long “ D,” £1) — 1 10 3 Commercial (10s) ... 0 16 6 0 16 10 Commercial of Sydney , (£12 10s) ' — 20 3 0 ’National of New Zealand (£2 10s) ... — 2 15 0 National of Australasia (£10) 14 9 0 _ National of Australasia (cont., £5) ... ... 7 1 0 7 5 0 INSURANCE— National (7s) — 0 17 1 Standard (£1) 2 18 6 , : — SHIPPING— Huddart, Parker (ord., £1) 2 2 6 Huddart, Parker (pref., £1) 1 7 6 — P. and 0. Deferred Stock (£1) — 1 10 0 tf.S.S. Co. (pref., £1) ... ... 1 6 8 - MEAT PRESERVING— Canterbury (ord., £7 10s) ' — 10 10 0 N.Z. Refrigerating (cont., 10s) — 0 8 9 Southland Frozen (paid, £1). 189 1 9 6 South Otago Freezing (£5) 5 10 0 Waitaki Farmers’ Freezing (£5) — 4 10 0 LOAN AND AGENCY— Dalgety (5s) — 8 10 0 Goldsbrough, Mort (£1) - 1 11 3 N.Z. Loan and Mercantile (ord., £100) ... —■ 50 0 0 N.Z. Guarantee Corporation (3s) ... 0 4 6 0 4 8 Wright, Stephenson (ord., £1) 1 2 0 _ Wright, Stephenson (pref., £1) 1 0 9 - COAL— Kaitangata (16s) ... 1 6 0 Westport (10s) 1 2 11 1 3 3 Westport-Stockton (pref.. 10s) 0 6 0 - WOOLLEN COMPANIES— Bruce (ord., £1) ... 0 7 0 Kaiapoi (pref., 17s) — 0 16 6 MISCELLANEOUS— Associated News (pref., £1) 1 4 6 4 14 Australian Glass (£1) — 0 Australian Foundation Trust’ — 0 8 0 British Tobacco (£1) — 2 10 0 Broken Hill Proprietary (£1) ... 5 0 5 5 0 9 Broken Hill Proprietary (cont.) ... 1 12 3 1 13 3 Brown, Ewing (ord., £1) - 1 0 6 Consolidated Brick (£1) -.0 7 4 0 7 8 Colonial Sugar Co. (£20) - 46 10 0 D.I.O. (ord., 10s) ... — 0 15 3 D.I.C. (pref., £1) ... 1 3 9 — Dominion Fertiliser Debs. 102 0 0 Dunedin Stock Exchange Pty. (£1) 2 2 0 Dunlop Perdriau Rubber (£1) 1 2 9 1 3 3 Felt and Textiles ... 1 17 0 G. J. Coles (£1) ... — 3 18 6 Kauri Timber (ill 5e) — 1 2 9 Milburn Lime and Cement (£1) ... ■ — 2 0 0 M'Leod Bros. ,(£10) — 29 10 0 Mort’s Dock (£1) ... — 0 11 0 Moturoa Oil (ord., 5s) ’ — 0 5 0 Moturoa Oil (pref., 5s) — 0 5 0 National Electric (£l) — 0 15 6 N.Z. Drug Co. (£2) - Regent Theatre (£1) 0 19 3 10 0 0 — Smith and Smith (prof., £1) — 1 1 6 Taranaki Oil (£1 4s 7d) 0 5 8 0 6 0 Woolworths (pref., £1) 1 17 3 Woolworths (ord., 5s) — 1 0 3 Woolworths (Sydney, ord., 5s) 1 3 6 — BREWERIES— New Zealand (£1) ... 2 5 6 2 6 0 Dominion (£1) 1 19 0 Tooth's (£1) 2 14 6 —

UNLISTED STOCK— Quartz Mountain (5s) 0 0 6 0 2 0 A. and T.. Burt (pref., £1) 0 10 6 0 14 0 OVERSEAS LIST— Woolworths (South Africa) 0 14 5 _ OVERSEAS MINING— Broken Hill South (5s) 1 15 9 Electrolytic Zinc (pref., £1) 2 9 6 Electrolytic Zinc (ord., £1) 2 6 4 2 6 8 Mount Lyell (£1) ... 1 9 4 1 9 11 Mount Morgan (2s 6d) 0 9 2 North Broken Hill (5s) ... 2 11 0 Placer Development — 4 0 0 GOLD MINING— Big River (Is) 0 1 0 0 1 3 Clutha River (2s) ... 0 2 3 — Gillespie’s (Is) 0 0 9 0 1 1 Goldfields Dredging (Is) 0 0 2 0 0 4 Kildare (2s) — 0 0 9 Martha (5s) 0 15 0 0 16 0 Nokoraai (5s) — 0 2 2 Okarito (5s) — 0 3 0 Sandhills (Is) 0 0 1 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 £l00 10/ Fiji£F to £100 N.Z. ... ... T.T. £90 7/6 £89 New York— Dollars to £1 N.Z . T.T. 4.0586 4.0259 O.D. 4.0686 4.0279 Montreal— Dollars to £1 N.Z . T.T. 4.0562 4.0257 O.D, 4.0882 4.0279 Austria — Schillings to £1 N.Z . T.T. 20.95 O.D. — 20.96 Belgium— Belgas to £1 n;z . T.T. 23.947 23.637 O.D. 24.022 23.648 Czechoslovakia — Crowns to £1 N.Z T.T. 113.77 O.D. — 113.82 Denmark— Kroner to £1 N.Z . T.T. 18.205 17.893 O.D. 18.263 17.899 Finland— Marks to £1 N.Z. T.T. 179.15 O.D. — 179.25 France— Francs to £1 N.Z . T.T. 123.21 120.71 O.D. — 120.75 Germany— Reichmarks to N.Z £1 T.T. 9.900 O.D. — 9.905 Greece— Drachmae to £1 N.Z T.T. 429.54 O.D. — 429.84 Holland— Florins to £1 N.Z . T.T. 7.308 7.158 O.D. 7.348 7.162 Italy— Lire to £1 N.Z . T.T. 76.44 O.D. -i. 76.49 Java— Florins to £1 N.Z. ... . .. T.T. 7.279 7.129 O.D. 7.319 7.133 Norway— Kroner to £1 N.Z ., T.T. 16.182 15.892 O.D. 16.242 15.898 Noumea —■ Francs to £1 N.Z . T.T. 124.45 119.46 O.D. — 119.50 Papeete— Francs to £1 N.Z. ... . ,. T.T. 124.31 119.51 O.D. —. 119.55 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 Chefoo— N.Z. pence to dollar ... . 1 . T.T. 18 1-8 O.D. — 18 7-64 Hongkong— N.Z. pence to 1 dollar T.T. IS 29-64 18 53-64 O.D. 18 27-64 18 53-64 India and Ceylon N.Z. pence to rupee ... . 1 . T.T. 22 3-8 22 21-32 O.D. 22 11-32 22 21-32 Japan— N.Z. pence to yen 1 . T.T. 17 1-2 ! O.D. — 17 1-2 Manila— N.Z, pence to peso 1 T.T. 29 9-16 30 1-16 O.D. 29 33-64 30 1-16 Shanghai— N.Z. pence to dollar 1 .. T.T. 18 9-64 O.D. — 18 9-64 Singapore— N.Z. pence to dollar ... . 1 , t;t. 34 11-16 35 11-64 O.D. 31 19-32 35 11-64