COMMENCE AND FINANCE

Otago Daily Times, Issue 21979, 14 June 1933, Page 12

COMMENCE AND FINANCE

LOCAL AND OVERSEAS MARKETS.

THE SHARE MARKET DUNEDIN STOCK EXCHANGE Mount Lyells had business yesterday at fl 2s 6d, further offers of the same amount on the Dunedin Stock Exchange finding sellers firm at Id more. Burmese ■was reported in New Zealand Newspapers at £1 sb, the closing offer of £1 4s 9d failing to attract a seller. There was a reported sale of Waihis at £1 2s 4d, and there was an unsupplied buyer later at £1 2s. Okaritos were turned over at lis, and are now on offer at that price with a buyer forward at 10s Od. Waitahus were sold at 7s 6d, and are now on the market at 7s Bd. A parcel of J per cent. Stock (1949) changed hands at fIOO 101 ' SALES REPORTED.

SALE REPORTED AFTER LAST CALL. Union Bank ........ 8 6 0 The following are yesterday afternoon’s buying and selling quotations, which are subject to the usfcat jbrokerage:— . BANKING.

inslulngj;..;

National .. .. New Zealand .. oi JJ ■' South British Standard .. 2vll 6 212 6

SHIPPING;'

COARLvK" ;i

loan AN&mmmj.

MEAT PRESERJIKG.

MISCELLANEOUS.

BREWERIES.

GAS. '

y®^'isMaMf-i&

GQVJSRJvMENT LOANS. 3J p.c. Ins., 19381943 .. 100 0 0 3J BiC. ti-Jns.) 19381932 .. .. 100 0 0 34 p.c. Ins., 19391943 .. .. .. 100 0 0 *— 34 pfc. |lns., 09391952 .. .. 100 0 0 r-. SJ p.c. Ins., 19411943 100 0 0 3i p.c. Ins., 19411952 100 0 0 4 p.c. Bonds, Jan., 1940 100 10 0 4 p.c. Ins., Jan., 1940 100 5 0,1,00 15 0 4 p.c. Ins., Feb..';.. 1946 .. .. ,41^-T.://'IOO 15 0 4 p.c. Bonds, April, : 1949 .. 4 p.c. Ins., Av) 1949*44 -viA* lOpA‘s 0 100 15 0 4 p.c. /Bonds, /June,- y 1955 .. V. .'.TOO 5 0 4 p.c. Ins., June, 1955 .. .. .. 100.. % 0 100 15 0 JOdd parcel*. *i?ra ''list ‘of ’6n ' whi- * SbpxtM M' Golden Sands, 3-od, first .. .. June 15 Okarito. 6d. fourth June 16 . Australian Glass, Is 22-6 d, final June 22. 'Broken iHill' South, la .. -.. June 23 Bank of.-N.2i. Is. final .. .. June 24 North Rrbkeh Hill,' Is . ; .. June 29 Goldsbrough, Mort, 6d. final .. June 29 British Tobacco, 3 3-sd, interim June 30 N.Z. Breweries, 8 2-sd, final .. July NationaU-Mortgage- (£2 paid),- v Is,-,-interim. ' . Jd'7 T NatidSal Mdrtgagfr •(£l‘.pald)v - 6d, interim July 1 N.Z. and River Plate, 7 l-sd, interim July 1

NORTHERN EXCHANGES (Per United Pbess Association.) The following business was done on 'Changes yesterday:— Auckland. Sales: Mount Albert Borough (1959), £99; Mount Eden Borough (1961-63), 5f per cent., £9B; Commercial Bank of Australia, 15s Bd, 15s 9d; dittos (pref.)-, £8 19s; E.S. and A., £5; National Bank of New Zealand, £3 16s 6d; Bank of New Zealand D., Mort., 31b (three parcels); New Zealand Insurance, 49s 6d; A.P.A., 10s 2d (two parcels); Standard, 52s 3d; Goldsbrough, Mort, 25s 3d;. New Zealand Breweries, 32s 3d; British: Tobacco, 35s 3d; Bycroft. 36 s 6d; Colonial Sugar, £SB, £SB ss; New Zealand Farmers' Fertiliser, 15s 3d; New Zealand Paper Mills, 275; New Zealand Newspapers, ,255; Alexander,' 13s on, (paid), 10s 6d; Gillespie's Beach, Is 8d (two parcels); Waihi, 22 s 4d; Mount Lyell, 22s 7d. * -. ' ' Wellington. —Sales: Inscribed Stock, 4 per cent. (1946 and 1955), £IOO 7s 6d; Bank of New Zealand (long term), 31s; Blackwater Mines, 23s 3d (all late Moik day); Commercial Bank of Australia, 15s 9d; Union Bank, f 8 6s; Goldsbrough, Mort, 25s 3d; New Zealand Insurance,.,49s 6d; New Zealand Breweries, 325; Tooheys, 23s 7d; British Tobacco, 35s 4d; Wilsons Cement, 31s 6d; Big River, Is 6d; Mount Lyell, 22s 7d; Nokomai, 4s 9d (two parcels), 4s lOd. Unofficial list: National Tobacco, 605." v . -i/" Christchurch. —Sales: Commercial Bank of Australia, 15s 8d (three parcels); Commercial Bank of Australia (pref.), £8 17s, £8 17s 6d, £8 17s (three parcels); National Bank, of; New Zealand, £3 16s 3d; Union Bank of Australia,, £8 7s;. Goldsbrough, Mort (cum d,iv.), 2qs 6d, 255,9 d (two parcels); New Zealand Refrigerating (£1 paid), 14sIdi 14s 10d; New Zealand Refrigerating (10s paid), 5s lOd (two parcels), 6s, 6s Id; New Zealand Breweries (cum div.). 32s 6d; Beath and Co. (Is paid), 3s 6d: Electrolytic Zinc (pref.), 31s Sd,: 31s. 3d; E.S. and A. Bank,. £5; Mount Lyell, 22s 7d. 22s 3d; Alexander (13s 6d paid), 105.6 d; Big River, Is s£d, Is 6d, le shd (two parcels); Gillespie's Beach (9d paid). 1 S 8d (two parcels); Lawson's Flat (Is paid), Is 9d (two parcels); Nokomai, 4s 9d (seven parcels); Okarito (cum div.), lis (five parcels); Waitahu (4 S 6d paid), 7s 6d (two parcels). 7s 4d. -Sales reported: Commercial Bank of Australia, 15s 9d (two parcels) ; Commercial Bank of Australia (pref.), £8 18s; Commercial Bank of Sydney, £l6 19s; Bank of New Zealand (cum div.), 47s Id; Dalgety and Co., £8 15s (late sale 12th); New Zealand Refrigerating (10s paid), 6s 3d. Unlisted stock sales: Bell Hooper. Is 2d; Snowv River, 3s 9d (two parcels). DEPRESSION LIFTING ..,.. The recently-reported rises in the prices of metals and primary products indicate hopeful signs of a gradual lifting of the clouds of depression throughout the world. At least one powerful British'Company seems to read these signs Jn/that' way. We refer to the entry of the Pearl Assurance Company otLondon into the business field in New Zealand, where it has opened offices in all the main centres. , The assets of the "Pearl" are £73,000,000. Its decision actively to operate in Fire and Accident Insurance Business in this country at this stage leads one to the conclusion that, in the opinion of- onci'v.of: the Empire's most powerful "companies, the time w ripe to organise in anticipation of better times in all branches of business. It ik interesting to note, that prior to itr entry the "Pearl" had; moneys 'investedUn'New Zealand Government Bonds and Municipal Debentures'amounting to nearly £3,000,000. This sum is considerably greater than the New Zealand.in-, vestments of any other <Fire,;; or. ? Accident Insurance Company v —l£/,8j'33. " .'^;-.. .COMMONWEALTH CpNyERSIQN, 'A SATISFACTORY RESULT. , (United, Press Association.), t-v'i (By Electric ,: ' ' LONDQNr'Juw 13,'(Received June 13, ; at;7.p:m.) . ~..-. Financial t commentators,, yregard; ' the result of the Commonwealth "conversion, as very satisfactory. Dealings'closed at a premium of one-eighth on'the ißsue price. .SHEEPSKIN SALE The Dunedin Wootßrbkers' Association (tbefeew Zealand: Loan.?and Mercantile Agency, Company, /jLtd., 'Dalgety : aM Co., Ltd.,' NationakMortgage/an&>Agency Coni-panv,;Ltd.,'-Str'Qhach,-:MOrris and Co., Ltd., Donald .:.Rei'd;i.;arid Co., Ltd.,. Wright, Stephensoaand Gv Ltd., Otago Farmers Co-op.'AssbciationLtd.) report as follows: —The fortnightly sheep skin sale was held yesterday, when medium sized catalogues were offered to the usual bench of buyers. The demand was keen. Haltbreds and fine crossbreds were firmer by id to id per lb; and medium and coarse crossbreds sold at last sale's rates. The following is the range of prices:— Half bred: Full wools, to B|d; half-wools, to "6Jdi quarter-wools, to 4jd. Fine crossbreds: Full wools, to 6id; half-wools to 43d; quarter-wools, to 3|d. Crossbreds: Full wools, to sd; half-wools, to 4d; quar-ter-wools, to 3d. Halfbred hoggets to 7d. Fine crossbred hoggets.to 6d. crossbred hoggets to 42d. Dead and damaged halfbred to 6Jd, dead and damaged crossbred- to 3?d, Halfbred dead to 6|d. Crossbred dead to 4d. Halfbred lambs to 7d. Fine crossbred lambs to 6|d. Crossbred lambs to 4Jd. First pelts to 2Jd. Inferior pelts id. to Id. HIDES AND SHEEPSKINS AUCKLAND VALUES IMPROVE. (Special to Dailt Times.) AUCKLAND, June 13. The values for hides ..and sheep skins coi)tiniie>to improve, and ; the. rates now ruling are equal to those realised some years ago. The market has improved considerably during the past few months and a more active tone prevails. ihere was a large offering at the fortnightly sale held by Auckland brokers to-day, the quality being up to the average. A full bench of buyers was representative of the local tanners and overseas interests. Under sustained inquiry a brisk sale resulted and almost a total clearance was effected. Local buyers took the bulk ot the offering. In some cases the bidding went beyond the exporters' limits. Lornpared with values at the previous sale hides were fd to Id per lb higher, dried sheep-skins Jd to Id per lb higher, and salted sheep skins about. 4d each higher. AUSTRALIAN BUTTER INCREASE The Australian Minister of Commerce (Mr Fi H. Stewart) has announced that from July 1, 1932, to May 27, 1933 a total of 3,931,698 boxes of butter (98,292 toris) has been shipped from the Commonwealth, representing an increase .ot 532,232 boxes (13,306 tons) over shipments for '■ the same period last year. Shipments to the United Kingdom to May 27 of this year had totalled 91,509 tons, as against 78,423 tons for the corresponding period of last year, representing an increase of 16.6 per cent, J<or the week ended May 27, 1933, butter gradings: in all States had only 21.359 . boxes, against 59.026 boxes for the corresponding week last year.

MINING ALEXANDER MINES^LTD. The secretary, Alexander Mines, Ltd., reports as follows for the month of May:— . No. 3 Intermediate North..-—This face has been driven out to 67 feet from winze. The last 35 feet has been on a fault line which carried several boulders of stone, indicating that the lode has been displaced in this direction. No. 4 Slain Crosscut. —Crosscuttinc was continued for a few feet on reef formation carrying a considerable amount of crushed stone. The drive is now being turned in order to follow this to the southward.

No. 4 Crosscut Rise—Rising was carried on until. a height of 49 feet was reached and a crosscut then put out and a connection made with the winze sunk from No. 3 intermediate. This connection opens up a portion of the stone below No. 3 level for stoping. No. 4 East Crosscut off Mam Level North.—This crosscut is now being continued in fairly solid country, the face being 19 feet from the main level. Should nothing encouraging be discovered here, the main level will then be driven north. Stoping.—Stoping has been carried on as usual on No. 3 level backs, the stone being small and more expensive to work. Below No. 3 level the stone is also small, and unless further developments disclose more ore these stopes will not produce any great tonnage. Battery.—Two hundred and ninety-eight tons of ore were sent to the battery and 296 tons crushed for a return of 170 oz 19dwt melted gold. The cyanide department for the same period treated 183 tons of sand for 690 z 17dwt of bullion. The total estimated value of these returns is £893 (exclusive of premium on sale of gold abroad and premium on exchange) . BIG RIVER GOLD MINES, LTD. GOLD RETURNS. The secretary of the Big River Gold Mines, Ltd., reports as follows: — The first clean-up at the battery has been completed, 241 ounces, of melted gold being obtained (by amalgamation only) from 300 tons of ore crushed. The estimated value is £965 (exclusive of premium on sale of gold and premium on exchange). In addition, 2 tons lOcwt of concentrates were produced from this crushing, and 100 tons of coarse sands are now under treatment in the cyanide plant. This return is considered very satisfactory, as the bulk of the ore crushed was obtained from development faces, and, therefore, could not be kept clean and free from mullock. ' Crushing has now been suspended owing to shortage of water, but in future this will be overcome, as a very large storage dam at the head of the water race is now being repaired. LATEST WAIHI REPORT. The mine superintendent of Waihi Gold Mining Company has cabled the following information to London: —No. 3 level, north branch Martha lode crosscut: At 31 feet up rise showed only country with stringers of quartz of little or no value. Crosscutting stopped, and another rise commenced at 60 feet west. No. 4 level: At 214 feet in north-west prospecting crosscut driven to east 19 feet, lode in the face being two feet wide, and to west 18 feet, where lode in face ig one foot and three-quarters wide. Quartz in both drives is of good grade. No. 5 level: At 103 feet in north-west prospecting crosscut driven to east 20 feet, and to west 15 feet; leader about six inches wide, and of little or no value. Junction No. 6 level: At 68 feet southeast from the Empire lode driven northeast 11 feet, assay value being 59s 6d per ton, and' to' south-west nine feet, assay value being 40s per ton; vein is about six inches wide. No. 11, level, 80 feet sublevel: Sinking stopped in winze at 51 feet:down. Have.commenced driving west of face of Royal lode from No. 4 shaft, south-east crosscut at No. 12 level. MOUNT COOLON PRODUCTION. Mount Coolon Gold Mines, N.L., production for the fortnight ended May 30 compares with that of the previous two periods as follows : Fortnight ended, May 2. May 16. May 30. Ore, tons •• 2,089 2,485 2,271 Gold, fine oz 1,156 1,518 1,446 Yield, dwt per ton .. .. 11.07 12.21 12.73

BRADFORD MARKET (United Press Association.) ,\ (By Electric Telegraph'—Copyright.) . LONDON, June 12. ; The Bradford market, is firm. .High prices are checking business. PRICE OF FINE GOLD "V'-. ' (United Press Association.) * (By Electric Telegraph—Copyright.) , LONDON, June 12. Fine gold is quoted at £6 2s 2£d.per oz. THE WHEAT MARKET (United Press -Association.) (By Electric Telegraph—Copyright.) LONDON, June 12. Wheat cargoes are quieter in tone, tending easier. Parcels are in poor demand, with offers occasionally, lower. Futures:— London: June, 21s lid; September, 225; December. 22s 9d. Liverpool: July, 5s Id; October, Ss 3d; December, 5s 4Jd. NEW YORK, June 12. (Received June 13, at 8 p.m.) Chicago wheat.—July,. 771; September, 79 4-8; December, 82j. New York: Cash, 88£ cents per bushel. ADVANCE IN SHEEP PRICES (Per United Press Association.) WAIPUKURAU, June 13. Exceptional prices ruled at the Central Hawke s Bay weekly sale at Waipukurau to-day. There was a large yarding of fat sheep, ,17 ewes and lambs realising 20s, and three pens 235. Five prime wethers brought 14s 9d, 58 others 14s 6d, 26 ewes 14s 2d, and 70 two-tooth stores 13s 10/d. V .-' ELECTRICITY BOARD'S LOAN (United Press Association.) (By Electric Telegraph—Copyright.) LONDON, June 12. The underwriters of the Electricity Board's loan received 58 per cent. Dealings opened at 1 per cent, discount. The Central Electricity Board issued a loan of £8,000,000 at 3J per cent, at 93i, redeemable 1963-93.

LONDON METAL MARKET (United Press Association.) (By Electric Telegraph—Copyright.) , LONDON. June 13. (Received June 13, at 8 p.m.) There is & slight weakness In the metal market. The following are the ofllclal quotations:— Ton. Copper, spot £35 14 4% Fall £1 11 10V4 Copper, forward .. .. 35 18 1 J ,4 Fall 113 VA Electrolytic, epot .. .. 40 10 0 Fall 110 0 Electrolytic, forward .. 41 5 0 Fall 15 0 Wire bare 41 5 0 Fall 15 0 Lead, epot 13 6 3 Fall 0 3 9 Lead, forward .. .. 13 12 0 Fall 0 3 9 Spelter, spol 16 11 S Fall 0 8 9 Spelter, forward .. ~ 10 11 8 Fall 0 6 3 Tin. spot 222 18 3 Fall 4 11 3 Tin. forward 222 10 3 Fall 4 11 3 Oz. SUter, itandard .. .. 19 7-10 d No change Sliver, fine 21d No change FOREIGN EXCHANGES (British Official Wireless.) (United Press Association.) (By Electric Telegraph—Copyright.) ItUGBT, June 12. (Received June 13, at 5.5 p.m.) Paris— Par. June 10. June 12. Francs to £1 .. 124.21 85 15-16 86 Brussels"—" Belgasto£l.. 35 24.20 24.254 OsloKroner to £l.. 18.189 19 13-16 19.80 Stockholm — Kroner to £l.. 18.150 19 13-32 19.40 Copenhagen— Kroner to £1 .. 18.150 22.421 22.42 BerlinMarks to £1 .. 20.43 14.44 14.421 Montreal— Dollars to £1 .. 4.86 2-3 4.55 4.59 New York— Dollars to £1 .. 4.86 2-3 4.12 4.141 Yokohama— Pence to yen 24.582 14 15-16 15 3-32 Hongkong— Pence to dollars 24.58 171 17% Bombay— Pence to rupee Batavia — • Florins to £1 12.10 MilanLire.to £1 .. 82.46 64 27-32 61 81-S2 Amsterdam — Guilder to £1 12.107 8.41 8.42 Prague— Kroner to £1 .. 1041 113 J 113% GenevaFrancs to £l.. 25.221 17.521 17.521 Vienna— Schillings to £1 84.861 31 81 Heislngfors— Marks to £1 .. 193.23 2261 22C1 MadridPesetas to £1 25.231 39 9-16 39 19-32 Belgrade— Dinars to £1... 25.221 AthensDrachma to £1 375 590 590 Lisbon— Escudos to £1 110 110 110 Bucharest — | Lei to £1 .. 931.0 570 570 Rio de JaneiroPence to mllreis 5.890 4% 4% Buenos Aires— Pence to pesos 47.28 413 Shanghai— Pence to tael .. Montevideo — Pence to pesos Warsaw — Zlotys to £1 .. NEW YORK RATE. LONDON, June 12. The New York rate reached 4.191, the highest since September, 1931. LONDON APPLE MARKET The Co-operative Fruitgrowers- of Otago, Ltd., advise having received the following cablegram from. London, giving prices realised for Otago apples and pears shipped by this company:— Port Pirie's Cox's, extras 17s to 20s; fancy's 13s to 17s; Jonathans, extras, 12s 6d to 14s; fancy's, 10s.to 12s; Cleopatras, lis to 14s; Vicar of Wakefields, 7s to 8s; Winter Coles, 7s 6d to 10s. Port Dunedin's Statesman, Jonathans, 9s to 12s; Cleopatras, Dunns, 10s to 12s; Delicious, 9s to lis; Scarlet Nonpareils, 10s to lis; Newtowns, lis to 13s; Winter Nelis, cases, 10s 6d to 13s: halves, 5s to 7s; trays, 4s; Winter Coles, cases, 5s to 6s; halves, Is to 3s. All very wasty. Market weak, values depreciating. AUSTRALIAN STOCK EXCHANGES (United Press Association.) , (By Electric Telegraph—Copyright.) ; , SYDNEY. June 13. (Received June 13, at 7.5 p.m.) On the Stock Exchange the rise in wool values produced a firm undertone for pastoral issues, but some of the more active industrials receded from the recent high levels, sellers having been brought in. Banks were neglected, and Commonwealth Bonds were steady. Sales: Colonial Sugar, £SB; Howard Smith, 10s sd; Associated News, 9s 4d.; Associated News (pref.), 19s ljd; Dunlop Perdriau, 18s 9d; Goldsbrough, Mort, 26s l|d; Commonwealth Wool, 15s 4£d; Winchcombe, Carson, 265; Electrolytic Zinc, 20s; Electrolytic Zinc (pref., New Zealand delivery); 32s 4Jd; Amalgamated Wireless (paid, New Zealand delivery), 33s 3d; Meggitts, 18s 9d; Berlei, 27s 4Jd; British Tobacco, 35s 7£d; Tooths, 38s Tooheys, 23s 3d; Broken Hill Proprietary, (two), 34s ljd; South Broken Hill 54s 4£d. Morning sales.—Bonds: 4 per cent. 1938, £lO2 18s 9d; 4 per cent. 1940, £lO3 10s; Australian Gas (A), £7 4s; Tooheys, 23s 3d; Tooths, 38s 6d; Associated News, 9s sd: Colonial Sugar, £SB 10s; Goldsbrough, Mort, 26s 3d; Wilcox, Mofflin, 7s lid.

AUSTRALIAN WOOL THE SYDNEY SALES. (United Press Association.) (By Electric Telegraph—Copyright.) SYDNEY, June 13. ' (Received June 13, at 8 p.m.) At the wool sales 11,320, bales were offered and 10,112 were sold. A total of 6348 bales was sold privately. There was very strong competition in all sections, the American demand again being the dominating feature. Prices generally were very firm at the opening day's rates for all descriptions, with a hardening tendency in good spinning woolrf. Greasy merino made 17d.

In June, 1932, wool values in Australia were on the lowest level since the depression began. They are now 30 to 40 per cent., above that period. At the recent Brisbane sales prices were 7J to 10 per cent, higher than at the Sydney market in May.

LORNEVILLE STOCK SALE RECORD YARDINGS. (Special to Daily Times.) INVERCARGILL, June 13. The largest yardings of fat lambg and fat sheep seen at Lorneville for at least 17 years, and probably the largest on record, were forward for the weekly stock Bale to-day. Northern buyers secured the bulk of the fat lambs. Local bidders extended their schedule rates, but the northern competitors persisted, and went up to 22a for exceptionally good pens, while several lots sold at above 20s. Fat Sheep and Lambs. —The abnormal size of the fat sheep and fat lamb yardings had no deadening effect on the competition, and bidding at improved rates from northern and local interests was exceptionally keen throughout. Good quality lambs principally met with the strongest competition at well above local schedule rates. The sale was classed as probably the best all over held at Lorneville for some years. Extra heavy prime lambs sold at from 19a to 20s 9d, with exceptionally good lots up to 225; prime sorts, from 15s 6d to 17s 9d; medium, from 14s to 15s 6d; light, from 12s to 139; extra prime heavy wethers realised from 18s to 20s 6d; prime mediumweights, from 15s to 16s; lighter, from lis to 13s; extra prime heavy-weight ewes brought up to 12s 6d; prime heavy sorts, from 10s to 12s 6d; medium, from 8s to 9s 6d; freezing lots, from 6s 3d to 7s 6d. Pat Cattle.—The market for good quality cattle wag on a par with last week's sale. Best quality bullocks realised from £5 10s to £6 10s; medium quality sorts, £4 to £4 10s; light and unfinished, down to £2 15s; best cows, to £4; mediumweights, £3 to £3 10s; lighter sorts, from £l_lsg to £2 ss; best heifers, up to £4; medium-weights, £3 to £3 ss; lighter sort's, to £2. GOLDSBROUGH MORT COMPANY (Pes United Pbess Association.) WELLINGTON, June 13. , The Stock Exchange Association has' received a cablegram from the Goldsbrough, Mort, Company stating that the net profit for the year ended March 31 last totalled £78,984. The amount brought forward last year was £108,372, making a total of £187,356, less dividend recommended £60,000, transfer provided fund £2OOO, and carry forward £125,356. DUNLOP RUBBER COMPANY Net profits of the Dunlop Rubber Company, Ltd., of England, in 1932 amount to £860,077, compared with £480,029 for the previous year. The improvement has enabled the company to pay 4 per cent, on ordinary shares, which received no dividend last year. The directors report that the company has intensified its policy of concentrating its manufacturing facilities and closing redundant works, and efforts in economy have been continued. The business of the company has been organised in four large divisions, apart from tyres and accessories, general rubber goods, footwear, garments, and sports goods. A comparison of leading items in the accounts shows that fixed assets of the company at £4,469,356 have increased by' £554,672, and investments and advances are less by £2,816,930, amounting to £12,983,336. Current assets are greater by £1,607,995, including an : increase of £1,530,889 in cash. Total assets are £24,716,678. There is a surplus of current assets over current liabilities of £5,940,403. The depreciation of sterling has led to a considerable increase-in the value of investments abroad, for which, however, no credit is taken in the accounts. The appreciation is estimated at £2,278,000. USHER'S HOTEL, SYDNEY The directors of Usher's Metropolitan Hotel, Ltd., Sydney, in a circular which they nave, just issued, state that the company's profits have been more than mainr tained when compared with last year, and that they hope to present -an improved balance sheet at the annual meeting in October. DEPRECIATION OF DOLLAR Little notice seems to be taken in New Zealand of the rapid depreciation of the dollar. Two months ago (says the Dominion) an English pound would change into only three dollars 41 cents; to-day it is worth four dollars 11 cents.. Between April and June the slide has been 70 cents. Another 70 cents and the dollar will be almost back to par with the pound sterling. New Zealand had an instance of what that signified in a practical way by the reduction of the price of petrol. No doubt the effect will make itself felt over the whole range of American exports. Prices in American currency became prohibitive as the dollar rose 'in relation to the pound; now the process is being reversed. What the end of these changing valuations of currencies is to be cannot be predicted. They have introduced a devastating factor of uncertainty into all trade and industry. Part of Japan's recent rapid advance in world markets is explained by the "heavy depreciation of the yen. Currency stabilisation at an agreed scale of values will be one of the main problems at the World Economic Conference, one that must be solved if.anything real; is to be accomplished in other directions.

\ AUSTRALIAN TRADE A total favourable balance of £36,193,000 is shown in the returns of, the oversea trade of Australia for the first 10 months of the present financial year. Compared with the figures for nine months, the balance shows an improvement of £2,811,000 for the month of April. Exports of merchandise in the 10 months were £84,882,967 in Australian currency, compared .with £82,480,910 for the corresponding period of last year, the increase being £2,402,057. Exports for the month of April were £8,135,003, compared with £10,645,000 in March and £8,927,185 in April, 1932. Bullion and specie exported during the 10 months increased £13,988,483 to £21,704,974. This latter figure included exports from the gold reserve of the Australian notes fund estimated in English currency values at £11,266,636. Current production of gold, stated the Commonwealth Statistician, in the full year 1932-33 is estimated at approximately £5,380,000, as against £3,600,000 in the full year 1931-32. Merchandise imported was 8.1 per cent, lower in April, 1933, than in March, and, including bullion and specie, the total imports were 9.3 per cent, lower. The total of merchandise imported in the 10 months was valued at £48,084,371, compared with £35,857,524 in the first 10 months of 193132. Bullion and specie imported in the two periods aggregated £58,451 and £58,196 respectively. The total value of imports was £49,017,747 in the 10 months against £36,355,410 in the previous year. With exports totalling £106,587,941 in the 10 months, the trade balance was £36,193,000, a rise of £1,771,000 on the, figures for the same period of last year. The commodity balance showed a reduction of £9,128,000 on the previous year's total for 10 months. The total was £19,659,000, against £28,787,000 last year.

f 8. d. Mount Lyall . .. 1 2 6 N.Z. Newspapers •• • . .. Oil 0 6 0 4 p.c. Stoct (1949) .. . ..100 10

■ - Buyer. Seller.’ £ a. d. £ b. d. New Zealand .. ; ‘ •' •2 .6 - 9 — , Commercial . • ■" 0 l$; - 6 0 15. 9 National of .N.Z.*fe.-a-* .■.-'3 15‘ 'P: . National of A’asi?Jf-: Union .. • • V* & .5 0

Huddart, Parked;; (nref.) •• • ■ V P. and 0. Dcf. 6 > — U.S.S. Co. (pref.) l<‘ ?■ Of ■ —

Kaitangata ..-.-'d O' 0 / — Westport • 12 6

Dalgety and Co. . -. O .-v National Mortgag$$I& 5.VV (B issue) .. • ZZ „ Perpetual Trustee?/ '.0 -2 12 0 Wright, Stephcnsotf^'jvg^k'.. (ord.) .. .. - Wright, if#, ■■. (pref.) .. >.;v a 0 11 -;'9 —

X.Z. Refrig. (paid). < 15 3 X.Z. Refrig. XcontV);:-;0,; ; 5l-9- v — South. Frozen Meat. -r i, (paid) .... 2 4 3 2 4 9

Australian Glass .. 2 7 6 2 9 6 British Tobacco .. 1 14 6 1 15 4 Broken Hill South — 2 15 6 Bruce Woollen (ord.) — 0 10 0 DJ.C (ord.) .. .. 0 10 3 0 11 3 Dominion Fertiliser Dominion Fertiliser 0 11 8 (debs.) 100 0 0 0 19 0 Dominion Rubber .. 0 14 0 Donagby’s Rope .. 1 18 0 1 19 9 Dunlop Perd. Rubber Electrolytic -Zinc 0 18 0 0 18 9 (pref.) Electrolytic Zinc 1 11 3 1 11 9 (ord.) 0 10 0 1 0 0 MilburnLime .. .. 1 7 6 — Mosgiel Woollen'.. 8 2 6 — Mount Lycll 1 2 6 1 2 7 Farmers’ Fertiliser — 0 16 6 N.Z. 1- 7 Or Smith arid BmitRiv :0ll0 9 0 12 •0 WilsotiS"-Cement ■1 10 3 1' -rWoolworths (pref.) 1 15 0 — N.Z. Newspapers .. 1 4 9 —

N.Z. ifrfewcritfs•*'tja 1-2 0 1 13 0 Tooths- • .&.’•£ | 1 |8 0

Christchurch 17 0 —

Kawarau .. .. 0 0 5 — Waihi ,.... • • •• 1 2 0 — Waihi Grand Jctn.* '■ 0 3 3 0 3 7 Mahakipawa ■'i 0 '0 1 Kildare.*-..: . . ...... 0 2 .1. 0 2 5 Okarito 0 10 9 0 11 0 Paddy’* Point . . .. — *'• : V 0 5 7 Golden Progress .. 0 1 4 0 1 9 King Solomon 0 1 6 0 1 9 Blackwater .. .. 1 2 9 . —: Alexander 0 9’ ' 6 0 12 0 Gillespie’s Beach .. 0 I 7 0 i 8 Waitahu . r 0 7 8 Big -/River . .. ... 0 1 5 0 1 6 Xokcimai • .. .. 0 4 8 0 4 11 Freshford .. .. 0 0 11 0 1 1 Central Shotoyer . 0 0 10 0 1 0 Lawepp’s Flat , 0 1 6 0 1 9