COMMERCE AND FINANCE

Otago Daily Times, Issue 22023, 4 August 1933, Page 13

COMMERCE AND FINANCE

MINING The secretary of the Mount 33ayicl Sluicing Company reports that a partial wash-up was carried opt on Wednesday, resulting in 15oz being recovered. A clean up of the bottom has yet to be completed, and this will be done within the next few days. OKAWTJp DIVIDEND. At a meeting of directors of the Okarito Five Mile Beach Gold Dredging Company, Ltd., which was held last night, a dividend of 20 per cent, (one shilling per share) was declared payable towards the end of September. The actual date of the dividend will be fixed after the proceeds of gold exported come to hand. QUEENSTOWN DISTRICT MINING. THE SHOTOVER CLAIMS. (From Our Own Correspondent.) QUEENSTOWN, August S. The end of the winter season sees a certain amount of activity in the mining daim« on the Shotover. The Central Shotover Company is making preparations to work its holding at Deep Creek. Ihe Oxenbridge Shotover Gold Company has started work in the river under _ the management of Mr Charles Oxenbridge, son of the original holder of this property. The river is very rich in gold in this area, and if the present intention or bringing in more water for hydraulic elevating is carried out good returns may be expected. Work in several of the smaller holdings will be vigorously pursued next month or earlier, according to the weather conditions. In some cases excellent prospects have been obtained. Prospecting on the old Homeward Bound lode at Macetown will be resumed by industries, Ltd., next month. THE DOLLAR (United Press Association.) (By Electric Telegraph—Copyright.) LONDON, August 2. The dollar is quoted at 4.43. PRICE OF FINE GOLD (United Press Association.) (By .Electric Telegraph—Copyright.) LONDON. August 2. Fine gold is quoted at £6 4s 3d per oz. THE TIN MARKET (United Press Association.) (By Electric Telegraph—Copyright.) LONDON. August 2. Tin: World visible supplies 37,436 tons (Straits carryover 6966); supplies, 8242; deliveries, ■ NEW YORK STOCK EXCHANGE NEW RULES PROMULGATED. (United Press Association.) (By Electric Telegraph—Copyright.) NEW YORK, August 2. (Received August 3, at ,8 p.m.)^ The Governing Committee of the Slock Exchange_ promulgated new rules to-day, fixing minimum marginal requirements, ordering members to file weekly reports of pools and joint accounts, and prohibiting solicitation, of business -in customers homes. SILVERTON TRAMWAYS • A dividend of Is per share has been declared by the Silverton Tramway Company, Ltd., payable on August 30. The dividend will be paid to those persons who are registered on August 2, 1933. For the year ended June 30, 1932, dividend was 5 per cent. The 500,000 £1 shares have since been reduced to Hs each by payment of 6s per share. NEW ZEALAND APPLES POPULARITY IN CANADA. A bright future for New Zealand apples Canada is anticipated by the head -of the Canadian company handling the sales of New Zealand apples in Canada, in a report which has just been received by the Hawke’s Bay Fruitgrowers' Association. The most interesting extract from the report is the mention of the fine reception that Dominion fruit has received. ■ , , “The apples have received a, fine reception. It was not easy selling, but we kept plugging a*ay. Your goods have given satisfaction, and traders have made money, so I think next year if conditions are favourable we can handle a much larger quantity at a satisfactory price, but it is no use to giv e goods on consignment, and none of your Delicious were handled in this way. I think when we have completed collections and_ sent our final figures to you that you will be well pleased. , , “I felt a little cocky tins morning and feel that our Delicious nets to you should he as good as, or possibly better than, prices received elsewhere. We are collecting for everything, and there are no bad debts. However, I am touching wood. The fruit must have been handled splendidly nt your end to arrive in such good condition. Next year we are going to make Halifax our base absolutely. It took Toronto two weeks before they would buy, as they felt that we would give the fruit to them on consignment.”

LOCAL AND OVERSEAS MARKETS.

THE SHARE MARKET DUNEDIN STOCK EXCHANGE A fair amount of reported business was recorded on (he Dunedin Stock Exchange yesterday. Goldsbrough, Morts were disposed of at fl 6a 6d, but no quotations for these shares were made. New Zealand Breweries were dealt in at £1 13s 4d, the closing quotations being £1 13s 2d and £1 13s 6d respectively. Two parcels of New Zealand Paper Mills changed hands at £1 7s, buyers offering 3d below that figure on 'Change,' with no response from sellers. Two parcels of Lawson’s Flat were sold at Is 3d, the closing buying and selling quotations being Is 2d and Is 4d respectively. Fully-paid up Southland Meats were disposed of at, £2 11s fid, buyers’ and sellers’ quotations being £2 11s and.£2 12s respectively. Buyers of Waihis were prepared to give £1 ‘3s 6d, but sellers did not show any interest. There was a slight advance in the demand for Okaritos. for which buyers offered 10s 9d. while sellers required 2d above that figure. Blackwaters were inquired for at £1 8s without any response being received from sellers. There was a steady demand for Government Loans. SALES REPORTED. f s. d. Goldsbrqngh. Mort .. .. 1 6 6 New Zealand Breweries .. 113 4 N.Z. Paper Mills (two) 17 0 Lawson’s Flat (two) .. .. 0 1 " Southland Frozen Meat (pd.) 211 G SALE REPORTED AFTER LAST CALL. Waitnhu ... 0 7 4 Milburn Lime 1 12 0 Standard Insurance .. .. 219 0 UNLISTED STOCKS. Snowy River 0 3 0 Bell-Hooper 0 0 10^ The following are yesterday afternoon’s buying and selling quotations, which are subject to the usual brokerage: BANKING.

NORTHERN EXCHANGES The following business was done on ’Changes yesterday:— Auckland—Sales; Stock (1955), 4 per cent.. £IOO 12s Cd; Mount Eden Borough (1952), 5 per cent., National Bank of Australasia, £l2 17e 6d; Bank of New South Wales, £32 ss; Bank ot New Zealand. 49s sd, 49 s 7d; Union Bank, £9 ss: New Zealand Insurance Company, 52s 6d (two parcels); South British Insurance Company, 70s: Goldsbrough, Molt, 26s 6d; Loan and Mercantile. £4o; Benown Collieries (pref.). 10d; British Tobacco, 345: New Zealand Drug. 60s (two parcels); Alexander. 20s (two parcels): Blnckwater, 28s 6d; Wailii Junction. 38s Bd. Wellington.—Sales; Inscribed Stock, 4 per cent. (1955). £IOO 15s; Bank of Now South Wales, £32; Union Bank, £9 4s: Goldsbrough. Mort, 26s 8d: New Zealand Insurance, 52s 6d; Now Zealand Drug, 66s (all late Wednesday); Alexander. 20s: Big River, Is sd. Christchurch. Sales: New' Zealand Government 4 per cent. Inscribed (1940), £101; Commercial Bank of Sydney. £l7 5s 6d, £l7 6s. £l7 6s 6d, £l7 7s; Bank of New Zealand, 49s sd; Union Bank of Australia. £9 4s. £9 3s 6d: Christchurch Gas (cum div.), 27s 6d (three parcels); Now Zealand Breweries, 33s 2d: British Tobacco. 34s Id; Mount Lyell. 225: Alexander (13s 6d paid), 19s 7d, 19s 3d, 19s 6d, 19s 4d (two parcels), 19s 3d. 19s 2d. 19s Id; Big River, Is 54d; Gillespie’s Beach (1s paid), Is lid; Lawson’s Flat (Is paid), Is 3d (three parcels). Sales reported: New Zealand Government 4 per cent. Bonds (1955), £IOO 15s; New Zealand Government 4 per cent. Bonds, 1955 (late sale Wednesday)." £IOO 15s: Commercial Bank of Australia, 10s sd; Bank of New Zealand,

I 49s 6d; Goldsbrough, Mort date sale Wednesday), 20s 6d; New Zealand Refrigerating (10s paid), Cs lOd; Electrolytic Zinc (pref.), 32s 3d. FOREIGN EXCHANGES (British Official Wireless.) (United Press Association.) (By Electric Telegraph—Copyright.)

THE GRAIN CONFERENCE (United Press Association.) (By Electric Telegraph—Copyright.) REGINA, August 2. Sir Albert Humphries, a representative of British milling interests, addressing the Grain Conference, said that British millers and corn merchants did not want wheat to remain at low levels, which were not good for the producer, the miller, or the people as a whole. If agriculturists in the widest sense could be made prosperous, then the whole world would very shirtly become more prosperous as well. An organisation to take over wheat which was regarded as entirely above normal requirements and charged with finding an outlet from the usual trade channels was suggested by Mr A. H. Hobles% of the British Co-operative Wholesale Society, in a paper read by Mr George Keen, of the Canadian Cooperative Union, in Mr Hobley’s absence.

BROKEN HILL SOUTH Reconstruction of the company’s flotation plant has been decided upon by the directors of Broken Hill South, Ltd. At present flotation of crushed ore is carried out in two separate buildings, one for slimes and one for granular material. Under the new arrangement the two sections will be under the one roof. The new programme will entail the demolition of the old tailings plant and the building of a new flotation plant with the provision of accessory slime-settling tanks. The management intends to adopt the same modern type of binding as that which covers the granular and table sections of the mill—namely, reinforced concrete with steel superstructure, with a saw-tooth roof to give maximum natural lighting. Eight concentrating tables will be added to the present equipment to increase the capacity to 8000 tons a week. The greater part of the cost of the new work will be for the purchase of machinery and materials, but a fair proportion of the plant and accessories will be fabricated in the South company’s workshops. Some additional labour will-, be engaged during the constructional period. The new work will not involve any interference with the output of the mine. The flotation cells to be used will _ be those developed by the staff of the mine.

RISE IN RUBBER Referring to the rise in the price of rubber during the opening week of June on a substantial speculative demand and buying on higher American advices, a London trade report stated: —“The spot price has advanced to over 3id, comparing with 223-32 d a month ago, and 1 23-32 dat this time last year. Ihe market for forward positions has followed the spot quotation, and an active demand for deliveries over next year has caused a rise to over 4d for April-June, 1933. Dealers have been selling short on the advance, and with estates holding off on the general reserve of sellers, on the belief that restriction is near, conditions have been firm for the near view. It is evident that rubber is following the general trend of commodity prices, and values are being maintained despite the adverse visible statistical - position. Shipments from Malaya and Ceylon for May show a substantial expansion, and larger exports are expected for coming mouths, following the forward contracts now being entered into by estates at current quotations.”

GOODS FROM AUSTRALIA

NEW TARIFF IN OPERATION

From Tuesday last the new tariff rates became effective on certain goods produced or manufactured in Australia. These alterations were made so as to bring the rates into line with the duties charged on similar goods of United Kingdom origin. When announcing the alterations in May last, the Minister of Customs (Mr J. G. Coates) said it was not the settled tariff policy of New Zealand that duties on Australian products should oe less than those on similar United Kingdom products, except in the case of special goods such as timber or fisn. The Australian goods to which the rate of duty payable on United Kingdom goods now applies are as follow’s:—Confectionery, fresh apricots, cherries, grapes, peaches, plums. tomatoes, cigarettes, spirits, floor coverings, apparel and hosiery, furskins and made-up furs, glass bottles and jars, chinaware, fancy goods, sporting requisites, toilet preparations, motor vehicles, sashes, and doors. The Gazette notices respecting the new duties were issued pursuant to the provisions of the Customs Acts Amendment Act, 1932-33, and of the corresponding provision of previous Acts. They have nothing to do with the provisional agreement recently arrived at with Senator Sir Massy Greene on behalf of the Australian Government.

LONDON METAL MARKET (United Press Association.) (By Electric Telegraph—Copyright.) LONDON. August 2. (I'cccircd August 2, at 10 p.m.) Tho following arc the oTid.il Quotations: — Ton,

Silver, standard .. 17->id Kali till Silver, duo JOISd Fall S-KiJ J. STAPLES AND CO. (Per United Press Association.) WELLINGTON, August 3. J. Staples ami Co,. Ltd., declared an interim dividend for the year 1033 at the rate of 21 per cent, on the capital of the company. It was paid to shareholders on Wednesday. AUSTRALIAN MARKETS • (United Press Association.) (By Electric Telegraph—Copyright.) SYDNEY, August 3. (Received August 3, at 10 p.m.) The wheat market is very quiet, as shippers are not operating owing to the uncertainty overseas. Bulk wheat, nominally, 3cs 54d; bagged, 3s Gild. Flour, £ll. Bran. £4. Pollard, £4 10s. - Potatoes: Tasmanian, £6 10s; Victorian, £5 10s. Onions: Victorian Brown Spanish, £4 10s. Oaten hay, £7. Maize: White and yellow. 4s 4d. ADELAIDE, August 3. Wheat: Growers’ lots, 3s 3d and 3s 3R Flour; Bakers’ lots. £9 10s. Bran and pollard, £5 2e 6d. Oats: Algerian, 2s Id. AUSTRALIAN STOCK EXCHANGES (United Press Association.) (By Electric Telegraph—Copyright.) SYDNEY, August 3. (Received August 3, at 10 p.m.) The Stock Exchange was very active, Commonwealth Bonds leading the way m a general rise in prices. The following sales were made: Bank of Australasia, £l2 3s; Commercial Bank of Sydney, £l7 8s; National Bank (£5 paid), £6 7s; Colonial Sugar, £59 ss; Australian Provincial Assurance, 11s 7d; Associated News, 8s 6d (pref., 19s); Adelaide Steam, 23s 9d; Australian Gas (A), £7 6s 6d; British Tobacco, 355; Anthony Hordern, 10s 6d (pref., 19s 3d)_; Australian Iron and Steel (pref.). 15s 44J; Australian Glass, 495; Burns, Philp, 525; Goldsbrough, Mort, 26s 6d; Dunlop Perdriau, 18s lid; Meggitts, 20s; Farmers, 13s; Morris Hedstrom, 18s 10i'l; Millaquin Sugar, 28s; Winchcombe Garson, 26s 9d; Wilcox Moiilin, 8s 4d; Wunderlich. 20s 6d; Mount Morgan, 38s; Broken Hill Ppy., 37s 4Jd; South Broken Hill. 575; North Broken Hill, 84s 6d; Zinc Corporation, 335. Commonwealth Bonds —4 pet cent., 1938, £103; 1941, £lO3 10s; 1944. £lO4 12s 6d; 1947. £105; 1950, £lO5 7s 6d; 1953, £lO4 7s 6d; 1955 £lO4 17s 6d; 1957. £lO4 17s 6d; 1959, £lO5 7s 6d; 1961, £lO5 15s. MELBOURNE, August 3. Commercial Bank of Australia, 16s 8d; Goldsbrough, Mort. 26s 6d: Carlton Brewery, 395; Herald and Weekly limes, 44s 3d; Electrolytic Zinc (pref.), 32s 6d.

CURRENCY PROBLEM STERLING AND DOLLAR. With America refusing to discuss monetary matters at the World Conference the situation is very obscure, but developments during the next few months may strengthen Britain’s position, and the currency question, instead ol being divided into three divisions, will resolve itself into two main groups—-the sterling group and the dollar group, notes the July Review of Messrs H. Byron Moore, Day, and Journeaux, of Melbourne. The gold countries must decide to link themselves with either sterling or the dollar, and whichever way they turn the future will be defined accordingly. It is evident that sterling will continue to be the basic currency, and whatever measure of gold dilution is applied to the British sovereign similar dilution will ultimately be applied to all 'other currencies, although probably not simultaneously. America, faced with possible boycott, is unlikely to persist in an independent monetary policy, but her programme in the meantime is likely to have a very influential effect on the point of gold dimtion. Apparently, the devaluation of the dollar is to continue, and such a policy will inspire further dollar rises in commodity prices, but a prolongation of the existing methods would ultimately bring dangerous reactions, and possibly affect the internal position of the United States of America to a very dangerous degree. The increased volume of monetary resources resulting from dilution and lower gold coverage would assure a continuity of cheap money, a most essential factor in promoting industrial activity. The profits accruing to the Treasuries from the dilution of existing gold stocks would give increased spending power for prosecuting public works, and would enable taxation to be reduced, which would act ns a tremendous stimulus to industry. AMERICA’S DANGEROUS EXPERIMENTS.

Unfortunately America’s policy, which until recently had given a very definite lead to world recovery, is now likely to check temporarily any further forward movement. The United States Congress is forcing its way into national control of industry and production by means of codes setting the basis of competition, hours of working, and wages, with a view to further raising dollar prices and reducing unemployment. General discontent is accruing in many branches of industry, the leaders of which believe the movement to be essentially socialistic, involving dangerous experiments likely to weaken or even totally destroy the financial and economic structure of the United States. Fortunately other important countries are strongly opposed to the movement, but the damage likely to result from artificial interference with the normal functioning of trade and industry must eventually react adversely against worjd recovery on sound lines. The strong opposition against the dictatorial powers of President Roosevelt is likely to ensure a more moderate policy in the future, and it may not yet bo too late to arrest this pernicious attempt to nationalise industry on socialistic principles. RECOVERY DEFINITELY BEGUN. Meanwhile evidence is developing which indicates that world recovery has definitely begun. Confidence is steadily growing in most countries, and the masses appear to be drawing closer together iu an organised march towards prosperity. Notwithstanding the discouraging developments iu the World Conference all markets are becoming stronger, trade is showing definite signs of improvement, unemployment is less acute, and spending power is increasing. 'The world's credit machinery, which for the last four years has practically stopped, is now commencing to revolve, and under the influence of returning confidence will steadily increase iu velocity, but until currency stabilisation is achieved, it cannot resume its former speed. However, general satisfaction exists in the knowledge that the worst phases of fhe depression are over, and although the future is still full of complexities, the psychology and morale of the masses have so completely changed that they are unlikely to be arrested in their forward movement.

DAIRY PRODUCE Messrs Dalgety and Co. advise receiving the following cable from their head office, London, dated August 2:—The butter market is firm. The cheese market is quiet. Danish butter; 98s to 100 s; New Zealand finest butter, 83s to 85s; Australian finest unsaltod butler. 83s to 85s; Australian finest salted butter. 82s to 84s; Australian G.A.Q. butter, 79s to 81s. Australian cheese, white, not quoted: Australian cheese, coloured, not quoted; New Zealand cheese, white, 48s to 495; New Zealand cheese, coloured, 50s to 51s; Canadian cheese, white, 52s to 545; Canadian cheese, coloured, 52s to 545; Canadian cheese, c.i.f., sls to 525. The New Zealand Loan and Mercantile Agency Company, Ltd.,- has received the following cabled advice from its London house dated August. 2; — Butter. 83s. 85s. Market firm. Cheese: White, 48s Cd, 495, market steady; coloured, 51s, market slow. DOMINION PRODUCE HIGH COMMISSIONER’S REPORT. The Department of Agriculture has received the following cablegram, dated July 29, from the High Commissioner for New Zealand, London;— Tallow.—The market is quiet but steady at about last quotations. An auction will be held on August 2. Hemp.—Manila: Tho market is steady. “ K. ” grade for Angust-October shipment sold at £lO ss. _ Sisal: The market is steady. Fair business was done in No. I for August-October slip!meut, which sold at £l7 15s, and for October-December shipment, £lB, New Zealand: The market is unchanged. Eggs.—-The market is firm, with an upward tendency. English: National pack, lbs 6d to 15s. English; Ordinary pack, 11s to 12s. Danish, 7s to 10s. Peas.—The market is inactive. “A” grade Tasmania, for July-August shipment, sellers ask 4G S to 46s 6d. No. _1 New Zealand afloat sold at 455. Fair average quality for July-August shipment, 425. Blues: The market is very dull. Sellers of “A” grade Tasmanian afloat ask 14s 6d.

DOLLAR EXCHANGE RATE The Associated Banks’ dollar conversion rates as from August 1 are as follows: — U.S.A. Canada. Dols. Dole. Conversion of dollar bills received for collection and sale of dollar drafts 4.37 4.71 Buying of dollar bills .. 4.57 4.91 Dollar exchanges, as already quoted by the New Zealand hanks, are as under, compared with previous quotations:— United States Dollars to £l. July. July July July July 19. 21. 22. 28. 31. Buying .. 4.93 4.84 4.75 4.63 4.63 Selling .. 4.73 4.64 4.55 4,43 4.40 Canadian Dollars to £l. Buying .. 5.12 5.06 4.98 4.99 4.97 Selling .. 4.92 4.86 4.78 4.79 4.77 Rates for U.S. dollars on July 4 were: Buying, 4.52 dollars; selling, 4.32 dollars. These conversion rates are ascertained on a sterling basis (London funds), and therefore current rate of exchange New Zealand on London will also be charged or allowed for as the case may require.

Buyer. Seller. £ s.’ d. £ 6. d. Australasia .. 11 10 0 — New South Wales 32 0 0 32 7 0 New Zealand 2 9 3 2 9 8 N.Z. (long D) .. 1 11 0 0 16 6 Commercial .. .. — E.S. and A. , 5 4 0 5 5 0 National of N.Z. .. 4 1 0 — Union **9 5 0 9 6 6 INSURANCE. National 0 If 0 — New Zealand 0 12 0 — South British 3 8 6 — Standard .. .. 2 16 0 — SHIPPING. Howard Smith 0 9 0 — U.S.S. Co. (prof.) 1 o 9 — COAL. Kaitangata .. .. 1 i 0 0 — Westport 0 13 0 13 2 LOAN AND AGENCY. National Mortgage — o 6 0 National Mortgage (B issue) .. .. 1 5 0 — N.Z. Loan and M. (ord.) — 46 10 0 Perpetual Trustees 2 10 0 — MEAT PRESERVING. N.Z. Refrig, (pd.) 0 15 6 0 16 0 N.Z. Refrigerating 11 (cont.) 0 6 8 0 6 South. Froz. Meat (paid) .. .. 2 11 0 o 12 0 South Otagp Freez. 4 10 0 5 5 0 MISCELLANEOUS. Australian Glass .. 2 7 0 — 6 British Tobacco .. I 13 6 1 14 Broken. Hill Propy. i 16 G 1 17 6 Colonial Sugar 57 10 0 — Dominion Fertiliser (debs.) .. .. 97 0 0 — Stock Exchange 6 5 0 Propy. .. .. 2 0 3 Electrolytic Zinc 11 (p'ref.) .. .. 1 0 — Electrolytic Zinc 10 (ord.) — 1 2 Kaiapoi Woollen (ord.) .. .. 0 7 3 — Kaiapoi Woollen 0 6 (pref.) .. .. 11 — Mosgiel Woollen .. 8 6 0 . M’Leod Bros. 24 0 0 — Mount Lyell — 6 1, 2 3 N.Z. Drug Co. Farmers’ Fertiliser 3 5 ' . 9 — 9 0 16 N.Z. Paper Mills .. North Broken Hill 1 6 4 ~6 6 Smith and Smith .. 0 11 6 — Wilsons Cement .. 1 13 0 — N.Z. Newspapers .. 1 6 0 — BREWERIES. N.Z. Breweries .. 1 13 2 1 13 6 Staple’s .... — 1 6 9 MINING. Kawarau .. .. 0 0 5 — Waihi 1 3 6 — Waihi Grand Jctn. 0 3 6 0 —- Mahakipawa 0 — 0 3 Kildare 2 2 0 2 4 Okarito 0 10 9 0 10 it Paddy’s Point — 0 5 3 King Solomon 0 1 11 0 2 2 J Blackwater .. 1 8 0 — iu Gillespie's Beach .. 0 1 10J 0 1 Wnitahu 0 7 3 0 7 6 Golden Sands 0 2 9 0 — Big River .. .. r — 1 7 Mount David —. 8 0 2 9 Nokomai .. . • Lawson’s Flat 0 3 0 4 0 0 1 2 0 1 4 Central Shotover .. 0 1 0 0 1 Bell-Kilgour 0 1 2 0 1 3 Oxenbridge .. 0 0 91 0 0 101 GOVERNMENT LOANS. 31 p.c. Ins., 19381943 100 0 0 — 31 p.c. Ins,, 19381 1952 100 0 0 — 31 p.c. Ins., 1939i 1943 100 0 0 31 p.c. Ins., 19390 1952 100 0 — 31 p.c. Ins., 1941100 1943 0 0 31 p.c. Ins., 19410 "1952 .. 100 0 — 4 p.c. Bonds, January, 1940 .. 100 10 0 — 4 p.c. Ins., January, 1940 100 10 0 — 4 p.c. Bonds, February, 1946 .. 101 0 0 — 4 p.c. Ins., Febru0 ary, 1946 .. .. 101 0 4 p.c. Bonds, April, 101 1949 0 0 4 p.c. Ins., April, 101 0 1949 0 — Ex dividend.

Paris — Par. RUGBY', August 2. Aug. I. Aug. 2. Franca to £ 1 .. 124.21 85 5-32 84 25-32 Brussels — Bellas to £ 1 .. S5 23.83} 23.77} Oslo — Kroner to £1 .. IS.189 19.90 19.90 Stockholm — Kroner to £ 1 .. 18.130 19.37} 19.37} Copenhagen— Kroner to £ 1 .. 18.130 22.40 22.40 Berlin— Marks to £1 .. 20.43 13.96 13.92} Montreal — Dollars to £ 1 .. 4.86 2-3 4.82* 4.79 New York— Dollars to £ 1 .. 4.86 2-3 4.30} 4.46} Yokohama— Pence to yen 24.582 14*8 14% Hongkong— Pence to dollars 24.58 16% 16 29-32 Bombay— Pence to rupee _ 18 3-32 18 3-32 Batavia— Florins to £1 12.10 8.25 8.25 Milan— Lire to £ 1 ■ • 82.46 03 3-16 03% Amsterdam— Guilder to £ 1 12.107 8.24 8.22 Prague— Kroner to £1 .. 104} 112} 112 Geneva — Franca to £1 .. 25.22} 17.18} 17.13 Vienna — Schillings to £ 1 84.86} 30 30 Helsingfors— Marks to £1 .. 193.23 226} 220} Madrid— Pesetas to £1 25.23} 39 13-16 393 Belgrade— Dinars to £1 .. 23.22} 215 243 Athens— Drachma to £ 1 375 587} 587} Lisbon — Escudos to £1 110 110 110 Bucharest — Lei to £1 .. 031.6 565 565 Rio de Janeiro— Ponce to mllrels 5.890 4} 4} Beunos Aires — Ponce to pesos 47,28 42 42 Shanghai— Pence to tael .. 14 15-16 15 1-16 Montevideo — Pence to pesos 34 34 Warsaw— Zlotys to £ 1 .. — — -

Copper, spot .. .. £30 0 4 la Hisc £0 10 7 Ml Copper, forward ,. 36 13 114 Uise 0 11 3 Electrolytic, spot .. ■u 10 0 111 so n 10 o Electrolytic, forward 41 10 0 Fall 0 10 0 Wire bars .. .. 42 0 rt No clinngo Lead, spot .. 12 s 0 Hiso 0 3 9 Lead, forward .. 12 13 9 Iliso 0 3 9 Speller, spot .. M 16 13 0 Uiso 0 2 C Spelter, forward .. 10 10 3 fto chanjio Tin, spot 211 6 3 Iliso 1 10 3 Tin. forward .. .. 211 13 0 Ulso 1 13 9