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COMMERCE AND FINANCE

THE SHARE MARKET $ DUNEDIN STOCK EXCHANGE i A sale of Union Banks at £8 6s was -.reported; on the Dunedin Stock Exchange yesterday. The shares were later on offer . •at £8 Bs, the best offer bem* £8 ss. A ’parcel of contributing New Zealand Kefrigeratings was turned over at os od, the closing quotations being Id on either ■ side of that figure. Electrolytic Zinc preferred shares were sold at £1 11s 6d, and are now on offer at £1 11s lOd. Business was done in New Zealand Breweries at t£l 12s. the befit offer later, being 3d below /that figure. Smith and Smiths were (turned over at 10s 6dv further offers o. ■•that price finding -sellers firm at lis. i Okaritos, which had business at llfi In, ’are now on the market at that figure. Two parcels of Buddy’s Points realised 6» 6d, the market closing with quotations ;2d on either side of the ®‘“ e „P nc ®; Waitahus were turned over at 7s 8d and ■"it 10d- These were the final quotations 'from buyers and sellers respectively. Nokomais improved in demand to 4a Bd, sellers -demanding ss. Freshfords .were turned over at lid. and are now available dt is. .Lawson’s Flats were sold at Is 6Jd, further .offers of the same figur. finding sellers firm at Is 7d. The demand for Government Loans continued to be good. SALES ON 'CHANGE.

LOCAL -AND OVERSEAS MARKETS.

DIVIDENDS PAYABLE. The following is a list of shares on which dividends will shortly be payable; Waihi Grand Jnctn, Id. final June 9 Executors, Is,' final .. June 9 Perpetual Trustees, Is, final .. June 10 Golden Sands, 3-sd, first .. ..' June 16 Okarito, 6d, fourth June IC Australian Glass, Is 2 2-sd, final June 22 Broken Hill South, Is June 23 Bank of N.Z., Is, final .. .. June 24 North Broken Hill, Is .. .. .. June 29 British Tobacco, 3 3-sd. interim June 3C N.Z. Breweries, 8 2-sd, final _.. June National Mortgage (£2 paid). Is, interim .. .. ........ July 1 National Mortgage (£1 paid), 6d, interim ... .. .. .. July 1 NORTHERN EXCHANGES (Pek United Press Association.) The following business was done on ’Changes yesterday:— Auckland. —Sales: Bonds (1949) 4 per cent., £IOO 10s; Bonds (1955) 4 per cent., £IOO 10s; Mount Eden Borough (1967) 53 per cent., £97; Cofnmercial Bank of Syd-< ney, £l7; Bank of New Zealand, 475; Bank of New Zealand (D pref.), 31s 2d: New Zealand Insurance, 49s lOd, 50s, 49s lOd; South British Insurance, 66s 6d; Auckland Gas, 22s lid, 23s Id; Consolidated Brick, 4s 3d; New Zealand Newspapers, 255;. New Zealand Paper Mills, 26s 9d, 275; Wilsons Cement (ex div.), 30s 7d; Woolworths (New Zealand; pref.), 36s 3d; Woolworths (Australian; new issue), 25s 6d; Consolidated Gold, , lls Id; King Solomon, Is 8d; Paddy’s Point, 5s fid; Waihi, 22s 2d; Broken Hill Proprietary, 345, Unofficial: Bell, Hooper, Is; Perpetual Forests (ex div.),, 41s 6d. v Wellington.—Sales:. Inscribed Stock 4 per cent. (1940), £IOO 10s (two parcels); 4 per cent. (1949), £IOO 6s; Commercial Bank of Sydney, £l6 19s; Bank of New Zealand (long;term), ,31s 3d (two parcels) ; Union Bank, £8 ss, £8 6s; New Zealand Insurance,. 50s (two parcels); Westport Coal, lls 7§d; British Tobacco, 35s 8d; Dunlop Perdrinu, 18s.lOd; Consolidated' Gold, lls Id; Mount Lyell, 22s 8d (three parcels); Electrolytic Zinc (pref.), 31s Bd. ' Christchurch. —Sales: Commercial Bank of Sydney, £17,. £l6 17s 6d; Bank of New Zealand, (cum diy.)," (two parcels); Union Bank;of Australia, £8 ss; New Zealand , Insurance, 49s 6d; Goldsbrough, Mort, 26s 3d, 26a Id;.-United,- BuildingSociety, 17s 2d; New Zealand Refrig. (£1 paid), 14s 7d (two parcels); New Zealand Refrig. (10s, paid), 5s 6d (two parcels); Westport Coal, ,11s 6d (four parcels); Staples Brewery. 26s 3d; Dominion Fertiliser. lls 8d: Electro. Zinc (ord.), 19s lid; Electro. Zinc (pref.), 31s 9d; Mount Lyell, 22s Bd, 22s 9d; Gillespie’s Beach 9d paid). Is 7d, Is 7Jd; Lawson’s Flat, Is 6Jd, Is 6d (four parcels); King Solomon, Is 8d; Nokomai, 4s 5Jd, 4j 6d, 4s 7d; Okarito (cum div.), lls 2d (two parcels), lls Ud; Waitahu (4s 6d paid.), 7s lid, 7s 8d (two parcels). Sales reported: Otago Harbour 5 per cent., 1934 (repayable London), fill 10s; Commercial Bank of Sydney, £l7 2s 6d; New Zealand Reffig. (10s paid), 5s 6d (two parcels); New Zealand Breweries (cum div.), 32s 3d. Unlisted stock: Snowy River, 3s 3d (two parcels). , , ( DAIRY PRODUCE The New Zealand Loan and Mercantile Agency Company, Ltd., has received the following cabled advice from ite London house, dated June 7:— 1 Butter, 80s, 81s. Market firm; upward tendency. - • Che'ese: White, 48s, 495; coloured, 535, 545. Market firm. LONDON TALLOW MARKET The Bank of New Zealand has received the. following advice from its London office under date June 7:— Tallow; There is.a fair demand. Good mutton, 23s 6d per cwt; good beef, 19s 6d to 20s; good mixed, 19s 6d; gut, 16s to !Bs. ' FOREIGN EXCHANGES ■i —■ — (British Official, Wireless.) (United Press Association.) (By Electric Telegraph—Copyright.)

electricity board LOAN TO BE ISSUED. (United Press Association.) (By Electric Telegraph—Copyright.) LONDON, June 7. The Central Electricity Board is issuing a loan of £8,000,000 at 3J per cent, at 93J, redeemable 1963-93. PRICE OF FINE GOLD (United Press Association.) (By Electric Telegraph—Copyright.) LONDON, June 7. Fine gold is quoted at £6 2s 6d psr ounce. . Woods' Great I'-nnerraint Cure for Influenza Colds.—Advt.

MINING

BLACKWATER RETURN. The following report has been received from' Blackwater Mines, Ltd., for the month of May:—During the period 4100 tons of ore were crushed for a return of 1932 fine ounces of gold from all sources, the value of which (with gold at £5 15s per fine ounce) was £11,117. Working costs were £5798, leaving an estimated working profit for the month of £5319. Development expenditure for the month was £764, and capital expenditure was £l2ll. NEW GUINEA GOLD SLUICING. The Bulolo Gold Deposits Company, in which some New Zealand- capital is invested, has just-, shipped the first Jnstaltnerffe. of,-'sluicing gear to Wau, in the Mandated Territory. 'By September it is expected that 20 tons of plant will be operating a mile and a-hal£ from Wau, at the junction of Koranga Creek and Bulolo River. The gear will be capable of sluicing 100,000 cubic yards of material'a month. The water discharge .capacity of the nozzle is 14,000_ gallons a minute. Half a mile of piping,, mostly 32in and 18in, will be used. ’ BROKEN HILL. When asked to comment on the ipcrease in metal prices, Mr C. J. Emery, president of the Mining Managers’ Association of Broken Hill, said that, provided present prices continued, or improved, and lead sales continued as at present, he would anticipate increased employment in Broken Hill. AUSTRALIAN PRICE OF GOLD. The price fixed by the Commonwealth Bank for gold, including jewellery lodged at the Melbourne Mint, for the week ended May 26 was at the rate of approximately £6 18s 6d a standard ounce (22 carats), equal to a premium of 77.87 per cent. Payment is made according to the assay value of the gold. The price was Id lower on the week. The price an ounce fine was £7 11s Id, a fall of Id on the week. The Commonwealth Bank’s price for sovereigns at head office, Sydney, remains at 355. AUSTRALIAN MARKETS (United Press Association.) (By Electrlo Telegraph—Copyright.) SYDNEY. June 8. (Received June 8, at 8.15 p.m ) The wheat market is lifeless. Ample supplies in bulk are on offer at 3s. 3d and bagged at 3a 2£d. Country trading is of small proportions. Growers are marking time and are not prepared to do business at the present rates. Flour, £lO 5s per ton. Bran and pollard, £5 per ton. Potatoes: Tasmanian, £6 10a to £7 per ton; -Victorian, £6. . Onions: Victorian Brown Spanish, £0 per ton; .Globes, £5. Oaten hay, £7 10s per ton. Maize; Yellow and . white, 4a 3d per bUShe *' ADELAIDE, June 8. ■' (Received June 8, at 9.55 p.m.) Wheat: growers’ lots, 2s IOJd to 2s lid per bushel. Flour: bakers’ lots, £8 15s per ton. Bran and pollard, £5 2s 6d per ton. Oats, is 9fi per bushel. SPORTING AUSTRALIAN STOCK EXCHANGES SYDNEY, June 8. (Received June 8, at 8,15 p.m.) On the Stock Exchange most investments outside Commonwealth Bonds were strong and active, and the market continues buoyant. . Sales: Bank 1 of New South Wales, £3l 17« 6d; Commercial Bank • of- : Sydney, £l7; Union Bank, £8 10s; Australian Gas, ; £7 ss; Associated News, 9s 3d;. Associated News (pref.), 19s 4}d; Australian Glass, 50s 3d; British Tobacco, 365; Dunlop Perdriau, 18s l£d; Goldsbrough, Mort, 26s 6d; Howard Smith, 10s 6a; Henry Jones, 39s 6d; Electrolytic Zinc, 20s 3d; Wilcox, Mofflin, 8s; Morris Hedstrom, 17s 6d; Standard Cement, I4s; Broken Hill Propidetary, 34s 7Jd; South Broken Hill, 555: 4 per cent. Commonwealth Bonds, 1938, £lO3 16s 3d; 1941, £lO2 17s 6d; 1944, £lO2 17s 6d; 1950, £lO3 ss; 1955, £lO3 17s 6d; 1957. £lO2 12s 6d; 1959, £lO2 2s 6d; 1961, £lO3 12s 6d. Morning sales: Bonds, 4 per cent., 1961, £lO3 15s; Bank of New South Wales, £32; Associated News, 9a sd; preference, 19s 44d; British Tobacco, 36e l£d; Dalgety, 8s lOd; Goldsbrough,Mort. 26s 9d; Henry Jones, 39s 6d; Howard Smith, 10s 4d; Wilcox, Mofflin, 8s; Winchcombe, Carson, 25s 9d; Tooths, 38s 7^d ‘ ' MELBOURNE, June 8. (Received June 8, at 8.15 p.m.) Sales: Bank of New South Wales, £32 7a 6d; National Bank (£5 paid), £6 8s; E.S. and A. Bank, £5 , Is; Goldsbrough, Mort, 26s 6d; Australian Glass, 50s 3d; Adelaide Steam, 22s sd; Australian Iron and Steel (pref.), 14s; British Tobacco, 365; Herald and Weekly Times, 57e 3d: Dunlop Perdriau, 18s 9d; Electrolytic Zinc, 20s Id; North Broken Hill, 81s 6d; South Broken Hill, 54s Bd. . —■ i«r LONDON METAL MARKET (United Pres* Association.) (By Electric Telegraph—Copyright.) LONDON, June 1. (Received June 8, at 8.1! p.m.) The following are the official uuotallons:—.

AUSTRALIAN WOOL SHIPMENTS FOR SEASON. Shipments of wool from Australia during the period July 1, 1932, to April 30. 1933, totalled 2,729,796 bales, the figures showing an increase of 225,846 bales compared with the similar period of the preceding season. The following, details show the exports made to the principal destinations during the past two years:—

The shipments to Japan show a further increase of XB,/748 bales on the high totals recorded in the preceding year. The United Kingdom figures show a shrinkage of 36,453 bales. The exports to Germany display a notable advance of 95,808 bales. Belgian figures exhibit an increase of 73,567 bales, and the French total an increase of 48,261 bales. As denoted by the exports made, the United States proved a very limited buyer at this season’s Australian auctions.

COMPANY BALANCE SHEETS

WILSONS (N.Z.) PORTLAND CEMENT, LTD.

Slackness' in orders, resultihß in a .temporary closure of the works,- has had its inevitable effect upon the profit for the past year. To find a net return as low it is necessary to go back to the early years of the company’s existence, but the distribution recommended for shareholders is not affected, and remains the same as that for 1931-32. A demand upon reserves to furnish £20,000 to complete the dividend is involved in consequence. lee proportions of the net surpluses allotted to shareholders and the business have been as follows: —

• Minus. Although during the past year or two, reserves have had no specific transfer made to them out of profits, their tendency was upward, but the present demand by the dividend will reduce them to £158,34u. Reserve account remains at £IIO,OOO, nut it has been the practice to carry forward a large unallocated surplus balance which had reached the sum of £68,346. Alter the latter has furnished the needful funds, it will still represent a substantial amount. The company’s chief reserve, however, appears to have been formed by the heavy writing down annually of the fixed assets which has enabled assets to be formed of a revenueearning and easily-realisable nature. During the past financial year the policy of writing down the fixed assets has continued. At £213,389, they are less by nearly £25,000—a difference which, if entirely due to writing down, would make a considerable demand upon the gross surplus, and by-itself more than make up the deficiency required to meet the dividend. Eventually the dividend recommendation may thus turn out to be a transfer of reserves. The fixed assets group comprises items of a nature, each with, its own characteristics and special rate of depreciation, so that the matter of working out the annual wastage allowance must present many complications. While the different properties are named, no indication is given of their respective book values. A comparison of the fixed group with the total assets comes out as follows: —

Fixed Total Ratio to TotsL Mar. 31. Assets. Assets. Fixed. Liquid.

Although the diminishing process has eased during recent seasons, the_ position of the property in the assets is exceptionally favourable for a manufacturing concern. . Investments, at. £476,459, have now reached a point from which the interests of the company appear to be mainly concerned in stocks and shares. The revenue produced in this manner would seem to have produced the greater part of the net profit. From the method .suggested for the proposed reduction of capital, New Zealand Government securities seems to be the predominating investment. How far shares in other companies contribute towards the total does not appear, but if the controlling interest in one or more subsidiary companies is held, such holdings'will differ from those which the company owns as an ordinary shareholder. A strong indication is given of the declining turnover by the drop in stock to £9236, or approximately one-fifth of its figure at March, 1932, while sundry debtors at £30,747 also continue to decrease, but in a smaller degree. The one liability to outsiders is the creditors’ group, which has fallen in sympathy with other, trading items to £16,963. or by nearly one-half. Income tax provision is included, and possibly represents the largest unit. As usual, the profit and loss account is silent on the matter of sums disbursed, so that it merely shows the net trading surplus with transfer fees (£43) added. The knowledge of the relation of expenditure to revenue or to expenditure in previous: years is not imparted to shareholders, and while that information may not have been sought in prosperous years, it has become a matter of greater interest now, when the company's activities have become so restricted that it has been deemed advisable to recommend the reduction of the paid-up capital by onehalf. TRADE OF, VICTORIA Exports from Victoria for the first 10 months of the current fiscal year were £26,909,603, an increase of £4,046,880 on the corresponding period of last year. Exports of merchandise totalled £23,948,681, a rise of £2,644,562, and exports of bullion and specie £2,960,922, a rise of £1,402,318. In English currency values, imports for the 10 months were £18,317,631, compared with £13,127,455 for the same period of the previous year. Bullion and specie rose by £79.545 to £285,753, while merchandise imported was £5,110,631 higher at £18,031.878, After converting the recorded values of exports to English currency, there was an estimated favourable balance of £3,124,000 for the 10 months In exports, major gains were recorded in wool, butter, frozen mutton, and lamb, flour, and milk and cream. Decreases occurred in wheat and soap. In imports decreases were few, and generally o' minor importance. Large gains were shown by textiles other than apparel, yarns, petroleum spirit, arms and ammunition, machines, and machinery, and chassis for motor cars. AMERICAN RUBBER INDUSTRY

The United States consumes approximately 60 per cent, of the world’s crude rubber output, and of this quantity neatly 80 per cent, goes into the manufacture of automobile tyres and tubes. According to Dunn and Bradstreeb, New York, heavy stocks handicap the rubber industry. Reviewing the American position they state: «While the absorption of rubber was expanding at an average rate of over 11 per cent, per annum between 1920 and 1929, when world consumption reached 790,000 long tons, by 1932 it had fallen under 660,000 tons. In the United States, consumption fell from 470,000 tons in 1929 to 313,122 tons in 1932. This total was a drop of 10.3 per cent, from the, consumption figures from the record total of 1929.’ The 1932 consumption was the smallest , for any year since 1923. The December, 1932. consumption by manufacturers in the United States of 16,990 tone was the smallest for any month since February, 1922. As the output of rubber oh the 6,000,000 acres of tappable trees in the Orient in 1932 amounted to approximately 715.000 lons, stocks of crude rubber on hand and afloat showed an almost uninterrupted monthly increase last year. By the end of January of the current year, these stocks reached a record high of 428,915 tons, while consumption tell to 21,661 tons, the lowest record set down for any January in the last decade. Output of automobiles declined about 40 per cent, last year from the 1931 volume, and the tyre manufacturing industry suffered in proportion: for production of automobile casings in 1932 totalled only 40 093,000, as compared with 48.739.000 in’l93l, and 77,944.000 in 1928, the peak year for the industry. Aa more tyre miles were worn out last year than were replaced. trade estimates put the replacement needs alone for 1933 at 60,000,000 tyres, if the automobiles now on the highways are to be provided with the proper safety and comfort necessary to motor car owners. The buyer this year obtains for his dollar more than 30 times the quantity of rubber than he could have bought with the same dollar in 1926. The price then was slightly above a dollar a pound, as compared with 3J cents a pound at the close of 1932.

ABERDEEN-COMMONWEALTH LINE

Particulars , have been filed at Somerset House of the Aberdeen and Commonwealth Line, the new; company w'hieh has been formed to acquire the six vessels of the Aberdeen and Commonwealth Line which were originally sold by the Australian Government to the White Star Line in 1928. The nominal capital of the company is £500,000, in £1 shares. The objects of the company are stated as follows: —To acquire and hold steam, motor or other ships or vessels and aircraft: to acquire and maintain passenger and cargo lines or regular services of ships and vessels and aircraft, and to carry on the business of shipowners, builders, and brokers, loading brokers, and brokers for the sale of ships, aircraft, or other property, etc. The first directors (to number not less than four nor more than eight) are to be appointed by the subscribers. The registered office is at New Zealand Chambers, 34 Leadeuhall street, London. Lord Essendon, chairman of Messrs Furnessj Withy, and Co., Ltd., has been appointed chairman of the new Aberdeen and Commonwealth Line. His fellowmembers on the board are Mr J. Macmillan (managing director l of Shaw, Savill and Albion Company, Ltd.), Mr W. C. Warwick (director, Furness, Withy, and Co., Ltd.), Mr C. J. Cowan (chairman, Federal Steam Navigation Company), Mr I. C. Geddes (director. Orient Steam Navigation Company), and Mr H. B. G. Larkin (assistant manager P. and O. Steam Navigation Company, Ltd.). • A STERLING AREA NEW ZEALAND EXCHANGE. • Monetary reconstruction schemes of various countries are dealt with by Professor Gustav Cassel in the report for April, 1933, of the Swedish Statistical Department. Professor Cassel, who makes passing reference to the exchange position in New Zealand, says that instead of concentrating efforts on the judicious regulation of the internal purchasing power of the currency attention has been focussed on the foreign quotations of the currency. “ This tendency,” he continues, “ has been accompanied by a very illadvised desire to lower these quotations in order to gain commercial advantages. In England it was supposed that the pound sterling on the restoration of the gold standard in 1925 was quoted at rates of exchange higher than those which corresponded to the internal purchasing power of the currency, and that this had an adverse effect on the balance of trade. France, on the other hand, when in, 1928 she reverted to a gold standard at a new parity, fixed that parity so low that her exports were favoured, at any rate for a time, whilst her imports were handicapped. This experience has evidently been taken as a basis for well-nigh universal endeavours to- keep down the international value of the currencies. “ Since England in September, 1931, was forced to abandon the gold standard, British monetary policy has deliberately aimed at a low international valuation of the pound. The Exchange Equalisation Fund, which was created in the spring of 1932, has in fact been directly utilised in order to prevent such a rise in the dollar rate of exchange for the pound as might be considered detrimental to'the British balance of trade. Similar endeavours have subsequently been made in other countries. When Australia, after great difficulties, had managed to stabilise the exchange value of the Australian pound in London at £1.25 to £l, New Zealand considered herself handicapped, and resolved to raise her .London rate of exchange to the same level.” It was not long before another competitor, Denmark, followed this example. Such competition in exchange values is described as quite incompatible .with equilibrium in the international monetary system. It is considered by the professor that a matter of paramount interest at present is first to get the purchasing power of money reduced, and thus raise the level of commodity nrices. There is, however, he points out, little prospect of a general agreement amongst countries to raise prices. If England would take the lead in the part, of the world where the gold standard has been abandoned and raise prices the policy would, he contends, immediately win wide adherence, and it would be quite possible to create, the “ sterling area ” withinl which stable money could afterwards be maintained.

i • B. d. N.Z. Refrigerating (cont.) 0 5 a 6 8 Smith and Smith . • • . * • • 0 10 0 7 0 0 11 SALES REPORTED. Union Bank ... .. • • 8 6 0 New Zealand' Breweries .. 1 12 Electrolytic Zinc ( pref.) • • 1 11 0 11 6 Paddy's Point (two) Waitahu (two) .. 0 5 6 0 7 8 0 7 10 Waitahu (two) .. • • . • • ‘ u u Lawson’s Flat .. • • .... 0 1 The following are buvintr and selling ■ yesterday afternoons notations, wnicn are ■object to the usual brokerage:BANKING. . ■ ■ , i ‘ Buyer. Seller. £ B. d. 1 8. d. Australasia .. • • 10 15 0 3 New Zealand . .. 2 6 9 2 7 New Zealand (Long 1,10 0 —• Commercial .. .. 0 15 9 ' — Comttfercial: (pref.) 8 16 0 , E. S. and A. .. .... — 5 4 National of A’asia 6 0 8 5 * (cont.) Union .. .. • • 0 0 8 ~8 0 , INSURANCE. National .; .. . • 0 16 3 ■ — New Zealand .. .... 2 9 6 South British 3. 5 9 SHIPPING. / Huddart, Parker 1 2 3 U.§.S. CoT (pref.) 1 2 0 r— COAL. Kaitangata .. .. Westport ..... •• 0 19 0 11 9 3 0 12 0 LOAN ,A"D Af •'W Dalgety and Co. .. Goldsbrough, Mort 8 2 1 5 0 9 National Mortgage, 1 16 0 National Mortgage 0 (B issue) .. .. 1 0 N.Z. Guarantee 8 0 6 2 12 (Corp.) .. •. .. . Perpetual Trustees 0 5 0 0 Trustees, Executors 2 9 0 ,. ■ *!“*• Wright, Stephenson (ord.) ...... 0 8 10 • — Wright, Stephenson • (pref.) .. 0 11 3 — MEAT PRESERVING. Canterbury Meat 6 0 (ord.)! ,. ... .> 0 N.Z. Refrigerating 0 14 (paid) .. ..... 0 . mmm N.Z. Refrigerating (cont.) •• •• •• South Otago Freez- •: ing 0. 6 4 2 5 6 0 5 7 MISCELLANEOUS. British Tobacco .. 1 15 0 2 15 Broken' Hill South — 6 6 Broken Hill Propy. 1 13 . — Bruce Woollen' (ord.) i. ' .— 0 10 0 Bruce Woollen (pref.) .. >>■ •• - DJ;C. (ord.) .. .. . 0 15 0 1 0 0 11 0 0 - Dominion Fertiliser 0 11 0 ■ Dominion Fertiliser 100 0 0 12 (debs) Dominion Rubber 0 ,0 0 18 0 Donaghy’s Rope .. 1 17 9 2 0 0 Stock Exchange , 1 12 0 Electrolytic Zinc (pref.) 1 11 10 Kaiapoi Woollen ; 0 3 6 (pref.) .;•• •• •• Milbufn Lime .. 1 8 0 M’Leod Bros, 24 0 0 N.Z. Drug Co. .. Farmers’ Fertiliser — 3 5 6 — 6 0 16 N.Z. Paper Mills 1 6 "T Otago Daily Times Smith and Smith 0 10 6 2 0 0 11 0 Wilson’s Cement 1 10 0 Woolworths (pref.) 1 14 0 : T. BREWERIES N.Z.' Breweries .. 1 11 9 — Tooths .. . i . • ■ • 1 17 0 ' mining. Kawarau .... •. 0 0 5 — Waihi Grand Jctn 0 3 6 — Mahakipawa 0 0 1 0 ~2 Kildare .. •• •• 0 2 1 Okarito .. ... •• 0 11 1 8 Paddy’s Point - .. 0 5 4 0 5 Cornish Point .. 0 0 2 9 8 Golden Progresa .. 0 1 4 0 1 King Solomon . • Golden Point .. ... 0 0 i 0 1 Blackwater .. .. 1 2 6 T 8 10 Gillespie’s Beach . Waitahu .. ’.. •• 0 1 0 7 7 8 0 1 0 7 Golden Sands 0 3 3 0 1 6 Mount David 8 0 2 0 Nokomai .. .... • • 0 4 0 5 0 1 0 1 0 Freehford — Central Shotover 0 0 0 Lawson’s Flat ... 0 1 6i 0 1 7

GOVERNMENT LOANS. Buyer. Seller. £ s. d. £ s. d. 34 p:c. Ins., 1938100 ; o ; :o — 1943 p.£. Ins., 1938- *• .■* 1952 V. 100 0 0 — 34 p.c. Ins., 19391943 100 0 0 — 34 p.c. Ins.. 19391952 100 0 0 — 34 p.c. Ins., 19411943 V. .. .. .. 100 0 0 — 34 P.c. Ins., 19411952 100 0 0 — 4 p.c. Bonds, January 1940 .. 100 10 0 — 4 p.c. Ins.. Jan., 1940 .. 100 10 0 — 4 p.c. Ins., Febru- . „ ary, 1946 .. 100 6 0 101 yO 0 4 p.c. Ins., April, 1949 100 5 0 100 15 0 4 p.c. Ins.. June, 1955 100 5 0 100 15 0

RUGBY. June 7. (Eeceved June 8. at 5.5 p.m.) Paris— Par. June 6. June 7. Fnyics to £1 .. 124.21 88% 86 1-32 Brussels— Bclgas to £ 1 .. 35 24.301 24.291 Oslo— Kroner to £ X .. 18.189 19 23-32 19.75 Stockholm — Kroner to £1 .. 18.150 19.45 19 13-32 Copenhagen— Kroner to £1 .. 18.150 '22.45 22.421 Berlin— Marks to £1 .. 20.43 14 17-32 14.55 Montreal — Dollars to £1 .. 4.86 2-3 4.50 4.50} New York— Dollars to £1 4.85 2-3 4;02 4.07 Yokohama— Pence to yen 24.582 14 15-16 14 31-32 Hongkong— • .V -VPonce to, dollars 24.58 16! 16 11-16 Bombay— Pence to rupee — 18 5-64, IS 5-64 Batavia— Florins to £1 12.10 — ■ — Milan— Lire to £1 .. 82.46 65 3-16 65 1-16 Amsterdam— Guilder to £1 12.107 8.42 8.411 Prague— 113! Kroner to £ 1 .. 1041 113} Geneva— 17.521 Franca to £1 . 25.22 1 17.54 Vienna— Schillings to £1 84.861 301 SOI Helsinglora— , 2261 Marks to £1 .. 193.23 2201 Madrid— 39% Pesetas to £ 1 25.234 39 9-10 Belgrade— 2471 Dinars to £1 .. 25.221 2471 Athens— 590 Drachma to £1 375 590 Lisbon — ' 110 Escudos to £1 X10 noBucharest— 570 57.2J Lei to £1 .. 931.6 • Rio de Janeiro— 4| 4! Pence to mllrcls 5.890 Buenos Aires— 41! 41! Pence to pesos 47.28 Shanghai— Pence to tael, .. — 15% 15% Montevideo — 34 34 Pence to pesos — Warsaw — Zlotys to £1 .•

Ton. Copper, spot .. .. .. £37 11 10% Fall £0 18 9 Copper, forward .. .. 37 18 10% Fall 0 18 9 Electrolytic, spot .. ., 43 0 0 Fall 0 5 0 Lead, spot .. .. .. 13 .7 6 Fall 0 6 0 Lend, forward .. .. ' IS 13 9 Fall 0 5 0 Spelter, , spot .. .. .. 18 11 3 Rise 0 8 9 Spelter, forward .. .. 16 11 8 Pall 0 2 6 Tin, spot .. 215 12 6 Rise 0 3 0 Tin. forward .. .. 6 Rise 0 8 9 Oz. Silver, standard .. .. 19 S-16d Fall l-16d Silver, fine .. .. .. 20 ll-10d Fall l-18d

United Kingdom 1931-32, Bales. 893,604 579,024 1932-33. Bales. 857,151 597,772 France .. • • Germany .. .. 349,965 245,898 200,489 398,226 341,706 274,056 177,575 191,847 788 19,493 5,382 8,541 7,970 7,398 6,147 Switzerland .. United States .. 4* 33,759 3,912 Netherlands .. 2,131 6,377 5,820 5;i23 Canada Czechoslovakia 2,591 1,051 3,944 2,369

Paid-up Capital, £600,000 General Marine Insurance Net Dividend Mar. SI. Reserves. Fund. Profit. & Bonus, S £ £ p.c. 1920 .. 10,808 — 12,972 — 1922 .. 17.357 5,687 41,989 6% . 1924 .. 34,824 8,127 50,708 7 11-12 192G .. 79,212 17,145 86.411' 10 1927 .. 107,421 27,756 88,208 10 1928 .. 135,88030,307 88.245 id 1929 .. 181.252 32,830 85.588 10 1930 .. 178,208 34,587 89.955 12% 1931 .. 175,390 30.309 74,182 12% 1932 .. 178.346 37,639 62.958 10 . 1933- .. 158,345 37.90739,999 10-

Return on DisCapital. tributed. Retained. p.o. p.o. P.o. 1019-20 .. .. 2.18 "- 1 - 2.16 1921-22 .. .. 7.00 6.25 : .76 1023-24 .. .. 9.40 7.92 1.64 1925-28 .. .. 14:40 10.00 4.40 1928-27 .. .. 14.70 10.00 4170 1927-28 .. .. 14.71 10.00 4.71 i 1028-29 .. .. 14.28 10.00 4.28 1020-30 .. .. 14.00 12.50 2.49 1930-31 .. .. 12.36 12.50 * .14 1931-32 .. .. 10,49 10.00 ,49 1032-33 .. .. 6.07 10.00 •3.33

> £ £ P.c. p.c. 1820 ■. . 530.851 045.206 ' 82.27 17.73 1922, . . 601.295 733,501 68.34 31.60 1924/ . . 414,400 736.511 66.27 43.73 1028 . . 415.800 794.935 62.31 47.69 1927 . . 422,877 865,210 48.88 61.12 1923 . . 400.911 806,391 40.97 53,03 1929 . . 347.5G1 882,480 39.38 60.62 1030 . . 297,032 916,987 32.49 07.51 1031 . . 262,602 918,428 28.60 71.40 1932 . . 237,801 877,423 27.11 72.89 1033 . . 213.389 ' 843,275 25.30 74.70

Permanent link to this item

https://paperspast.natlib.govt.nz/newspapers/ODT19330609.2.12

Bibliographic details

Otago Daily Times, Issue 21975, 9 June 1933, Page 4

Word Count
4,803

COMMERCE AND FINANCE Otago Daily Times, Issue 21975, 9 June 1933, Page 4

COMMERCE AND FINANCE Otago Daily Times, Issue 21975, 9 June 1933, Page 4

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