COMMERCE AND FINANCE

Otago Daily Times, Issue 20290, 24 December 1927, Page 9

COMMERCE AND FINANCE

DUNEDIN MARKETS. FLOUR. WHEAT, AND OATS. The census of the stocks of flour, wheat, and oats in the Dominion taken at November 30. reveals a rather surprising position. The information given is quite contrary to the opinion held in many quarters, although it was repeatedly stated- m this column that there would not be any shortage of wheat in the _ Dominion this season, consequent on the importations of flour from Australia affecting the demand lor wheat by Now Zealand millers. The census shows that the stocks of tie Ll r in New- Zealand on November 30 totalled no fewer than 108,123 tons, as compared with 170,065 tons for the corresponding period last year. There is no doubt that this result has been brought about by the importations of Australian flour, chiefly to the North Island. These importations have naturally enough also affected the demand for the New Zealand manufactured article. There is a heavy duty _on Australian flour, but this fact, notwithtanding heavy quantities, are apparently still coming in. . - Then as regards wheat, it will be interesting to learn that the total milling lines in stock on November 30 amounted to 1,323,473 bushels, as compared wi h 492,601 bushels for the corresponding period last year. It will thus be seen that those who prognosticated that theye was going to be a shortage of wheat this season were wide of the mark. Of course, the importations of flour, as already stated, have affected seriously the demand for wheat by New Zealand millers. It will bo agreed, therefore, that there can be no fear of a shortage of wheat before the new crop reaches the market. It is expected that the new wheat will be available from Canterbury in February. With the heavy quantity of oats exported from New Zealand this season approximately 100,000 sacks, to the end ot October, chiefly to Australia—it would have been thought that there could not have been such heavy stocks left in the Dominion. The census shows, however, that the stocks of oats on November 50 amounted to 1,229.640 bushels, as compared with 1,424,777 bushels as at November 31, 1926. The figures once again go to prove how the demand for oats is being affected by the growing use of motor cars and the displacement of the horse by the petroldriven vehicle. Produce lines are quoted wholesale as follows: Chaff, £5 per ton. ox truck, for best Stamped, Is 8d; case, Is 7d Dairy butter: Milled bulk, to Is Id; pats, lid to Is. The market remains weak. Californian onions, 21s per owt; Canadians, 21s per crate; Australians, 12s to 14s per 1001 b bag. Baoon, to Is per lb. Hams. Is 2d per lb; boneless, Is 3d. FRUIT REPORT-

Business in the fruit marts was not particularly brisk early in the week, but on Thursday and Friday they presented «. very busy appearance. It is expected that business will bo well maintained tod The Waikouaiti arrived from Sydney on Tuesday. She brought a small consignment of fruit —some 500 cases mostly oranges and lemons. The Manuka, which also arrived on Tuesday—from Melbourne—did not bring any fruit. She carried, however, a supply of Victorian grown onions. The Waipahi, which arrived from Auckland on Thursday, brought a small consignment of bananas, and the market could have absorbed considerably more. Prices ranged from 27s 6d to 32s 6d per case. The Waipahi also carried transhipments of Californian oranges and lemons, ex the Tahiti. The lemons met a keen demand, and high rates ruled. The wholesale market is now quite bare of lemons. A few cases of Auckland-grown were also on the Waipahi. These brought 26s 6d per dump case. The supplies of tomatoes reaching the market from Canterbury are on the short side. The tomatoes show signs ot the wet, cold weather, the majority of them still being on the green side. A few cases of Nelson hothouse grown have also come forward. These are not even in such good condition as the Canterbury grown. Moderate-sized supplies of cherries have come in from Central Otago. The fruit shows signs of lack of sun. Black varities have brought good prices, but lightcolc cured ond small fruit have been neglected. , Supplies of cucumbers are not too plentiful. Supplies of cauliflowers are short on the market, and prices are firm. Cabbages are in over supply. The prices for new potatoes early in the week were very firm, but heavy supplies then came forward from Christchurch, Oamaru, and the local gardens, and the market has weakened. The market for good quality green peas has been fairly firm, at from 4d to 6d per lb. The prices for second grade are irregular. Moderate supplies only have come forward from Canterbury, and Central Otago, and North Otago. The market could do with more good quality lines. The wet weather has affected the earliness and the quality of the pea crops. Current wholesale prices are as follows ; Apples: Sturmers —Choice 12s, good _9s to 10s; American. 21s to 23s per case: inferior, 3s to ss. Bananas; Ripe, 40s per case; green, 27s 6d to 32s 6d. „ Strawberries, Is 6d to 2s 4d per lb. , Cherries: Extra choice to 2s per lb, jam quality 10Jd to Is 2d, prime. Is 6d; others, lOd to Is 3d. . , Gooseberries: Choice, 3d per lb; otners.

2d Rhubarb: Almost clone: 2d to 3d per lb. Christchurch tomatoes: Hothouse Is 4c to Is 6d per lb; seconds, lOd to Is 2d: local hothouse, Is 5d to Is Bd. Lemons; Californian, 67s 6d per double Valencias, 25s to 30s per case; Navels, 43s to 455. , ~ Carrots. Is to Is 6d per dozen bundles New potatoes: Locally grown, 3d to 4d per lb; Canterbury, 2d. Peas 3d to 5d per lb. Spinach, Is 6d per dozen. Cauliflowers; Choice, 12s per sack of 18. Cabbage: Choice, to 3= per sack; others, IS Le°ttuce C : k Choice, Is to Is 6d per dozen. Spring onions, 4d to 5d per bundle of WhitSfrnips. 9d to Is per dozen bunches. Cucumbers, 3s to 10s per dozen.

Messrs Fraser and Co., selling agents for the Otago and Oamaru Egg Circles, report as under: —Eggs: The market is I!Lr and stocks have accumulated. Butter: Separator pats, 10d to lid, 1, Tallow: Man'.et stead} at 18s to 22s per cwt for best quality. Pigs: Good bacon weights, 6Jcl to 7d; porkers, 6id to 7d; overweights, 3d to 6d per 1 ■ Potatoes: New potatoes (Oamaru), 3d to 3UI per lb. Chaff: Prime oaten sheaf, If/to £5 5a per ton. sacks extra. M hole fowl wheat: 7s 3d to is Cd per bushel. Onions: Melbourne £lO per ton. 1 oultrv; We hold our usual Christmas sale to' a good attendance of buyers. Mhitc Leghorns, 3s to as: heavy breeds, 6s to 7s; ducks, 4s to 6s; ducklings 7s to 10.,, mpkorel*? to Ss: creese, /s to 10s (all at pair); turkeys-hens Is and gobblers Is 2ld to Is 3d ncr lb live weight. luce nieaf: £8 per ton. Wo are agents for Parcora meat meal. Wo stock Star I. thick food, lucerne meal, poultry meal, oats maize, wheat, bran, and pollard, Champion egg crates (18s 6rl), leg rings (Is per dozen). Special quotes for qnantltronsigßor3 please note that pigs and poultry must arrive not later than Wednesday morning of each wce.c. W e have ?i stock of poultry crates on hand tor the use of our clients. Our premises will be closed on Decern* ber 26 and 27 and January 2 and 3. -

CANTERBURY MARKETS. (Peb Cn-ited Press .association CHRISTCHURCH. December 23._ With the produce firms closing for the holidays 1 there is no life in the trade. Discussion to-day centred around the statement published in this mornings _ 0 f the stocks of flour and wheat on hand as at November 30, 1027. The ■mtitv of flour on hand is 10,123 tons. This represents 486,000 bushels of wheat, compared with 820,000 the preceding Xfce wheat fig ure 6 represent as

LOCAL AND OVERSEAS MARKETS.

at November 30 1,323,473 bushels, compared with 492,601 12 months before. Under the two headings the stocks with which the present month was commenced amount to 1,810,000 bushels, compared with 1,317,000 last year, an increase of 500,000 bushels. Values for all products have been stationary, and there is practically nothing to add to mid-week observations. A little forward wheat has been bought at 5s Od, f.0.b., sacks extra, for Tuscan, and Gs for Hunters. However, traders are not disposed to do business before the holidays. The weather of the next few weeks will have a big influence on yields and, since realisation of the probabilities is necessary to encourage speculation, the present warm conditions are welcomed by farmers.

Oat crops are promising well. Trade in this cereal, however, is small at the moment. Beyond a few inquiries from England for ryegrass, which have not yet led to business, the seed market is lifeless.

SOUTHLAND MARKET REPORT. (From Cur Own Correspondent.) INVERCARGILL, December 23. GRAIN. Oats. —Owing to low stocks and possibly because of the holiday air that prevails and the increasing work on wool sales, salesmen are not much interested in the position, and little business is taking place. The basis of values‘locally is still firm at 3s od A’s, 3s 3d B’s, f.o.b. s.i. Some houses are completely out of stock of white oats and for the local trade have to secure supplies from their opponents. Chaff.—Owing to the fact that deliveries annually fall away for some weeks at Christmas and New Year time prices have somewhat improved during the week for lots which growers can guarantee they can deliver before New Year, £4 5s per ton on trucks, country siding, having been paid for prime ■ quality. . _ Ryegrass.—Stocks are getting into very small compass several merchants’ holdings being of an absolute negligible quantity. The retail trade has been exceptionally good, which accounts largely for the low stocks. Basis of values is 4s 4d per bushel for 291 b to 301 b seed with a germination of 85 per cent, or thereabouts. STOCK REPORT. The stock market is quiet, which of course is to be expected at this period of the year. Fat cattle were in short supply at \Vallacetown on Tuesday and consequently prices firmed slightly and a good sale resulted. There was also a much smaller varding of fat sheep forward and prices in this particular section showed a rise of about 3 S per head on the previous sale. The store market is quiet with very little business being done with the exception of a few forward sales of two-tooth ewes. Store cattle are selling well and there is a good inquiry for well-bred steers. Fat Cattle—Extra heavy prime bullocks, to £l7 10s; heavy prime bullocks £l3 10s to £ls; medium bullocks, £lO to £l2: heavy prime heifers, £ll to £l3; medium heifers £8 to £9 10s; heavy prime cows. £lO to £l2; medium, £7 10g to £9, vealers, to 355; to £4; prime ox beef. 37s 6d per 1001 b; heifer beef 35s to 37s 6d per 1001 b; cow beef, to cos Pe Fat oo Sheop.-Heav,v prime shorn wethers, 36s to 40s: medium wethers, 30s to oa», prime shorn ewes. 30 s to 335: medium ewes. 20s to 22s 6d ; prime heavy butchers Umh. 50s to 355; best freezing lambs, 27s 6d to 2Ss 6d: medium iambs. 25s to 26s 6d. Store Sheep.— Two-tooth ewes, forward delivery 30s to 335; two-tooth 19 to 21s 6d; lambs, as dropped, 20s to 22s 6d; four-tooth wethers. 24s to |6s, ewes and lambs all counted, 15s to 2Us, according to quality and age. Store Cattle.— Three-year steer? £8 to £9 10s- two-year steers, £6 10a to £7, yea, steers, £3 15s to £4 10s; two-year heifers, £3 to’ £4 15s. ■

MEAT AND DAIRY PRODUCE. Messrs Dalgety and Co.. Ltd., advise havin' recci/cd the following cablegram from their head office. London, dated UeCe Dafrv The market for butter £tr o dSrf buS iS £ l|l.V uIM “Vk. 1 - cilcS Zealand cheese, ■white. ,JuUa 102 s » to 90s; Canadian cheese white. 102 s fn iH4.s» coloured 100 s to IU4S. tC *Frozen meat.-The frozen meat market is nominal owing to the holiday .

BANK OF ENGLAND RETURN. , Pre6 . Association —By Telegraph Copyright. I LONDON, December 22. The follmving is the Bank of England return; — „ ISSUE DEPARTMENT. Note circulation .. -• •• £l^S)O Notes m reserve J ’ £169,152,000 Government debts f *«’735000 Other securities 149’402 000 Gold coin and bullion .. .. 149,4UAuuu £169,152,000 BANKING DEPARTMENT. Proprietors’ capital .... ?übHc‘depots v.::.;... Other deposits . ... ~ I° 2 - 90 | ,00 ° Seven-day and other bills . d ,uuu £139,291,000 Government securities .. .. £^ 2 ’ 9^>S22 Other securities Iginm Notes m reserve 39 ’a7onnn Gold and silver com 979,000 £139,291,000 The proportion of reserves to liabilities is 26.80 per cent. Short loans are quoted at 3J per cent., and three-month bills at 4 5-16 per cent. —A. and N.Z. and Sydney Sun Cable. SOUTH AFRICAN WOOL. NEW RECORDS OF PRODUCTION. rj*res» Association— By Telegraph —Copyright ) CAPETOWN, December 22. The Union’s progress towards becoming a serious rival of Australia and Netv Zealand on the worlds’ wool market is becoming more marked every year, and this year new records of production have been established. Durban handled 147,957 bn'es between September and December, an increase of 47.250 bales, and the season has not yet closed. The other ports have shown tremendous activity, and, the authorities are optimistic of the Union’s future as a wool producer. —A. and N.Z. Cable.

BUTTER AND CHEESE. Pres Association—By Telesranh— Copyright 1 LONDON, December 23. Butter.—Trade is quiet. Choicest salted —New Zealand, 156 s and 160 s; exceptional, 1625; Australian, 154 s and 1565; unsalted —New Zealand. 16Ss and 1725; Australian, 160 s and 1645; Danish; 176 s and 178 s. , , . Cheese. —Quiet. -Sew Zealand, 88s and 9L. —A. and N.Z. and Sydney- Sun Cable. BRADFORD WOOL MARKET. (Prc». Association 1U TeleKraph—Hopyrignt LONDON. December 23. Trade at Bradford is slow, with a holiday market. Quotations are unchanged A. and N.Z. Cable. CHICAGO WHEAT MARKET. p,,.., Association— Bj Telegraph-Copyright., NEW YORK. December 22, Chic aeo Wheat Quotation-. —December. 126 1-8 cents per bushel; March, 128 j; May, 129 5-8 —A. and N.Z. Cable.

MINING.

COMPANY BALANCE SHEETS.

ENGLISH, SCOTTISH, AND AUSTRALIAN BANK. LIMITED.

If growth of capital be taken as sure indication „f the progress of a business, this bank must be doing well. In five years its capital has practically doubled, while reserves have increased proportionally. Profits have been steadily mounting, enabling the increasing demand of the 124 per cent, dividend to be met, and at the same time adding to the undivided surplus. Fortunate in the possession of a large amount of cheap money in the form of perpetual stock which, until two years ago, exceeded the paid-up capital, the institution is advantageously placed. As during the past year it extended its sphere by acquiring the business of the Royal Bank of Australia, Ltd., as from April 1 last, the figures for the last quarter of the financial year are swollen accordingly, although it is too early to ascertain what results the merger is to bring. The net profit of £550,988 gives a return of 20.99 per cent. The dividend claims £295,312, or 11.25 per cent., and £IOOO, or .38 per cent., is allocated to provident fund, leaving 9.36 per cent, to swell reserves. The extra £375,000, representing the amount in share capital paid to the Roval Bank shareholders, ranks for dividend for one quarter only, but the sum it claims (£14,062) is greater than the increased profit shown as the effect of the amalgamation. 4s might be expected, the expenditme has risen, the curtailment of 12 months ago, which, however, was chiefly . taxes, having been well exceeded. With a head office in London, both British and Australian taxation have to be met. ihe balance of profit of £1,425.836 has been subjected to the usual deductions before being entered, among them being the interest on the perpetual stocks. ihe detailed charges stand to profit for the past seven years as under, viz.: * Eatio. Charge?. Profit. percent. iq<vi 01 £067.744 £830,7£0 67.93 ... 749.211 1,004.686 68.44 jjno.no ... 780,350 1,251,1 PS 62.37 1923- ... 801,953 1,304,455 61.48 1924- 839,343 1.355,323 61.93 1926-27 874,848 1,425,836 61.36 Considering the difference in taxation, the proportion of charges for the past five years has kept remarkably even, the<tendency being downward. , Attention has been devoted to building up reserves in various ways. The Practice has been adopted of making the allocation from profits to reserve fund by instalments. a sum of £15,000 being ransferred before the balance of profit m appropriated. During the past yeat-a sum altogether of £IOO,OOO has been added to reserve fund, but in accordance with the articles of association a sum of £98,49/ has also been taken from profits to purchase and to cancel deferred inscribed deposit stock. When the purchase of the fir .1 rrs* paid-up capital. They are not entirely represented on the other side of the balance sheet by the more permanent investments, but are distributed throughout the aS ßv S bcing substantially written down annually through the sale of stock, bam< premises and furniture do not get much chance to increase their book value to am groat extent. They stand at £S/-,o , or £IIO,OOO higher than at June, 10-0. In view of the ordinary expansion, and the additional property acquired by the amalgamation, such an increase is much lower than might have been expected. The position is that in five years the fixed assets have grown on paper only from £807,652 to £872,564, or at an average of approximately £13,000 per year, and this increase covers the expanding business of the larger bank plus what was acquired from the Royal Bank of Australia by the amalgamation. The general reserves are given material support here. Advances, after due allowance has been made for bad and doubtful debts and contingencies, arc up to £27.507,320. ine re sponsibility for the bulk of the increase lies with the amalgamation, but apait from that the movement is upward, and gaining on the deposits. Hie relative positions of the two since 1920 are as follows. Deposit* Kotoami Current por

Advances. Accounts. cent. 1900-"! ... £19,069,035 £32,555,735 8i.55 vioi on 18 950,421 23,773,421 '8.71 *** tf?SSS S:S!:™ £2 iK ::: Ir'jorjM 33:088,509 . 83. is Advances now stand higher in relation to St-aras 's sudden and pronounced move upward must cause some reflection. Among deposits, the interest-bearing section shows a marked superiority. Bills receivable are down to 15, 67b,(.87, or some £300.000 less, in spite of the merger. Cash at banker* and at short notice at £1,700,183 has increased nearly £SOO 000, denoting that it is deemed ad visablc to retain a large sum in an easily realisable form to meet possible demands in the near future wlirl® cash and bullion have increased by about £400,000 to £6,916,154. British and colonial Government securities have received an addition of over £220,000 but, it: cannot be said, in view of total assets of £44,154,758, that their aggregate of £1.478,820 is proportionally large. it falls over a million pounds short of the reserve fund, illustrating how advances are encroaching upon the other assets. The fresh issue of capital made since the close of last financial year may do something towards restoring the balance. On the liabilities side, notes in circulation at £lllß, are almost a negligible Quantity. The miscellaneous group of liabilities, including bills P bas risen to £3,289,950, or nearly £9OO 000 in the 12 months. It is scarcely likely that the amalgamation is responsible in this case for the large advance. A comparison shows that the sundry liabilities stood high at June. 1921, when the advances were also high in proportion, indicating that the one has a bearing upon the other. It may be that the higher the advances the more ample the provision for bad and doubtful debts that is entered among sundry liabilities. . f The annually diminishing item 01 perpetual stocks is down to £2,030 966. The reduction is .affecting the deferred inscribed deposit stock alone the compuleory purchase of which each year out oi profits must amount to a certain fraction of the sum declared to be available for dividend. The perpetual stocks have come in useful for financing purposes, providing money which until, recently was larger than the paid-up capital, at a cost of 4 per cent, and 3 per cent. . They have been one of the main factors in producing the present prosperity.

NOKOMAI SLUICING COMPANY

The secretary of the Nokomai Sluicing Company reports that No 1 elevator reached bottom at a depth of 80lt. There is about 10ft of wash at the front of the elevator and the prospects are very fair. The stone wall is being built at the back of the elevator, and an Hip driving line is to be connected up, and then the sluicing will be resumed. , , Xo 2 elevator is now down to a depth ofVo’ft, and when this level is completed the, elevator will be sunk to the bottom. The overhauling of the Lion race is now finished, and both elevators have a full supply of water.

BRITISH WAR LOAN CONVERSION. Press Association Rv Telegraph —■i'*(-pyru*:ir.) 1-OXDOX, December 22. (Received Dec. 23. at 5.5 p.rn.) The Government’s War Loan conversion S'lieme has been issued, and invites applications* for 5 per cent. Treasury bonds, 1933-35, at £lOl, convertible into a 4 per cent, consolidated loan. Holders o: 5 per rent, and 4 per cent, national War Bonds. maturing on September 1. 1925. mav e;n banco i;: i■ > lb- new bond., reviving £lO5 10s and £99 10s thereof respectively for each £IOO.— A. and N.Z. Cable.

OAMARU MARKETS,

FOREIGN EXCHANGES.

(From Our Own Correspondent

OAMARU, December 23. The Oamaru grain market shows practically no activity. One or two of the local millers have been operating in wheat for delivery in February, and have secured Tuscan at 5s 8d per bushel for mixing with this season’s wheat. . No business has yet been done in regard to the new season’s oat crop. The live stock market has shown less activity than last week, though a number of sales have been made for both prompt and forward delivery. Two-tooth shorn ewes have sold at 35s for forward delivery, and sound-mouth ewes at 28s od. A line of cull wether lambs changed hands at 12s 6d. Fat lambs on the hoof have been sold at 30s, and eight-tooth wethers for immediate delivery at from 17s 6d to 20s. . Not much fat beef has been offering, though fat heifers have sold at £9, and fat steers at £l4. Fat cows have also brought good prices. No transactions in dairy cattle nave been reported, but young pigs have been in somewhat better demand. and weaners have sold at from 20s to 255. Business in stock generally is expected to be small next week, but activity is expected early next month.

PORK EXPORT INDUSTRY. GOVERNMENT ASSISTANCE. A THREE-YEAR SUBSIDY. (Per United P-.ess \ssociation.l AUCKLAND, December 23. Without Government help it is doubtful whether the pork export business could carry on, according to a statementmade by the Prime Minister to-day. The export season is just starting, and dairy farmers will be able to enjoy Christmas better when they know that the Government has decided to come to the rescue with a three-year subsidy, the amount for the first year being estimated at £30,000. The final details will be discussed between th.ii .Minister of Agriculture and the central boards, but, briefly, it is the intention cf the Government to provide for a Kubsirly covering three years, for the remaining two of which the amount will 1:-e progressively reduced. Should there be a recovery in prices, this will naturally be taken into consideration in determining the arpount to be paid. The Government wishes to make it quite plain that the object is to assist the industry in its first difficult years, and enable it to overcome those initial difficulties which at the moment appear to threaten its continued existence. OSMIRIDIUM IN TASMANIA.' ISSUE OF BUYERS’ LICENSES. (Press Association-—By Telegraph—Copyright.) HOBART, December 23. Owing to the unsatisfactory position that has arisen in regard to the disposal of osmiridium, and the apparent failure to pool, the Tasmanian Government has decided to revert to the system of issuing buyers’ licenses. CREDITS FOR ITALIAN BANK. (Press Association—By Telegraph—Copyright.) LONDON, December 22. (Received Dec. 23, at 10 p.rn.) The Banca d’ltalia’s London correspondent, in a statement on the result of conversations at the Bank of England, with participation, by the governor of the Federal Reserve Bank of New York, says that arrangements were concluded for a central banks’ credit of 75,000,000d01, or its equivalent, to the Banca d’ltalia. in token of the solidarity of the central banks on establishing Italian currency on the gold exchange standard basis. The operations concluded in London confirm and strengthen the principle of co-opera-tion of the central banks for the reconstruction of the monetary basis essential to the development of the economic relations of the countries and peoples. J. P. Morgan’s and the Italian Government's fiscal agents in London have arranged a credit in dollars and sterling for a total sum equivalent to £50,000,000 for the same object.—A. and N.Z. and Sydney Sun Cable. LONDON METAL MARKET. (Props AssociationTelegraph—Copyright.) LONDON, December 23. (Received Dec. 24, at 0.15 a.m.) Copper: Spot, £6O 5s 74d; forward, £6O 9s 4id. Electrolytic: Spot, £66 10s; forward, s £67. Wire bars, £67. Lead: Spot, £22; forward, £22 ss. Spelter: Spot, £26 3s 9d; forward, £25 IBs 9d. Tin: Spot, £265 16s 3d; forward, £263 8s 9d. Silver: Standard, 27 7-16 d; fine, 28 9-16 d per Iz.—A. and N.Z. Cable. LONDON STOCK EXCHANGE. (■press Association—By Telegraph—Copyright.) LONDON, December 22. The following are the latest quotations tor Government securities, compareiJ with tho prices ruling last week : Last week This week £ B. d. £ e. d.

(Press Association—By Telegraph-Copyright.) LOXDOX, December 22. The exchange rates on Tendon are as follows; Par. Dpc. 10. Dec. 22. Pane, fr to £1 21.22* 134.00 124.00 Brussels, belgas to £1 5 31.90 3-1.01 Oslo, kr to £l Kfil 18.34 13.31 Stockholm, kr. to £1 ... 18.139 18.07 1-13 18.07 Copenhagen, kr to £!■■■ 18.169 18.90 15.20 Berlin, reichmkn to £1 9.10 20.13 20,12 Montreal, dol K £1 ... 4.433 1.881 4.89 New York, dol to £1... 4.86] 4.88 7-32 4.88 a Yokohama, st to yen.. 21.43 22 11-16 23 12-13 Hongkong, st. to d 01... * 24] 219-16 Calcutta. Bt to rpe. 16 to gold £ 18 332 18£ Batavia, guild to £1 22.221 12.0''] 12-07] Amsterdam, guild to £1 12.107 12.07] 12.07 A Home, lire to £l 25--’2i K.RZ •Governed by price ol silver. —A. and N'.Z. Cable.

•Dividend June Paxfl-up Parpetual ReKet per SO. Capital. Stocks. serves. Profit. cent. 1921 .. £1.319,887 £2,1-40,466 £1,402,605 £267,975 10 1922 .. 1,319,887 2,390,466 1,557,094 345,475 10 1923 ... 1,500,000 2,340,466 1,732,600 470,848 12i 1924 ... 1,600,000 2,272,966 1,650,102 602,603 124 1925 ... 2,250,000 2,207,966 2,133,414 515,981 124 1926 ... 2,250,000 2,125,966 2,280,722 542,308 124 1027 ... 2,625,000 2,030,966 2,827,961 550,988 124 • Free of income tax.

Imperial Consols, 2} p.o. ... 54 10 0 54 15 0 War loan, 6 p.c., 1929-47 100 15 0 100 15 0 War loan. 3J p o., 1925-28 ... 101 7 0 101 0 0 Conversion loan. 3J p.o. 75 10 0 76 10 0 O’wealth 6 p.c.. 1931-41 103 3 6 103 2 0 O'wealth loan ... ... ... 57 17 6 97 17 6 N.Z 6 p.o., 1936-51 108 7 6 108 5 6 N.Z 4 p.c., 1929 98 6 3 98 5 0 N.Z 3J p.o., 1940 ._ ... 86 12 6 86 15 0 N.Z 3 p.o., 1945 78 12 6 78 17 6 N.S.W 6J p.o., 1930-40 ... 103 IS 0 104 0 0 NSW S p.o. .930-40 100 10 0 100 12 6 N.S.W 6J p.o., 1922-32 ... 101 7 6 101 5 0 N S.W 4 p.o. 1933 92 18 6 93 0 0 N.S.W 3J p.o.. 1930-60 ... 85 5 0 85 2 6 N S.W 3 p.o., 1935 74 15 0 74 17 8 Vio 6$ p.o., 1930-40 100 17 6 101 15 0 Vio 6 p.o., 1932-42 ... .„ 99 0 0 99 2 6 Vio 3) p.o.. 1929-49 ... _ 78 0 0 77 15 0 Vio 3 p.o., 1929-40 72 0 0 71 10 0 Q’land. 3 p.c.. 1922-47 ... 103 0 0 103 0 0 Q’land 3J p.o., 1930 95 0 0 95 6 0 Q'land. 6 p.o. 1930-40 70 17 6 71 0 0 S.A p.o., 1930-40 104 0 0 104 0 0 S. A 3$ p.c., 1939 .„ .. 85 10 0 85 10 0 S.A 3 p.o., 1916 or alter ... 60 15 0 60 15 0 W. A. 6 p.o., 1930-40 101 17 6 101 0 0 W.A 3J p.o., 1920-35 88 12 6 88 15 0 W.A 3 p.o., 1915-36 ... 85 7 6 85 12 6 Tas 6J p.o.. 1930-40 10-1 0 0 104 18 9 Tas 3$ p.o.. 1920-40 83 0 0 83 10 0 Tas 3 p.o., 1920-40 79 10 0 80 2 8 -A. and N Z. Cable.