COMMERCE AND FINANCE

Otago Daily Times, Issue 22295, 22 June 1934, Page 6

COMMERCE AND FINANCE

NATIONAL BANK OF NEW ZEALAND (Per United Press Association.) WELLINGTON, June 21. A London cablegram to the National Bank of New Zealand states that the Board of Directors has recommended a final dividend, at the rate of 4 per cent, per annum for the half-year ended March 31, making 4 per cent, for the year, tree of tax. LONDON TALLOW MARKET (United Press Association.) (By Electric TelegrapL— Copyright.) LONDON, June 20.. At the tallow" sales 959 casks were offe'red, and 162 were sold at : 6d to Is decline. The Bank of New Zealaud has received the following advice from ite Londou office under date June 20:— Tallow.—There is a poor demand, bood mutton, 20s 6d to 21s per cwt; good beet, 17» to 17s Cd per cwt; good mixed, lbs 9d to 17s per cwt; gut, 14s Cd to 15b od per cwt. DAIRY PRODUCE The New Zealand Loan and Mercantile Agency Company, Ltd., has received the following cabled advice from its London house dated June 20:— Butter, 78s. 795. Cheese—White, 495; coloured, 475. Markets slow. PACIFIC STARR-BOWKETT BUILDING SOCIETY Mr J. B. Shacklock presided over a large attendance of shareholders m .the Pacific Stan-Bowkett Building Society at an appropriation meeting held on luesday last. One thousand pounds disposed of bv ballot in group 5 was drawn by cluster No. 4, held in equal parts by two Dunedin shareholders. Ballot in group 7 was drawn bv cluster J>.o. 8, nekl by a Dunedin shareholder; £IOOO in group 7 was disposed of in two parcels by sale and the sale in Group'S went to Jour shareholders.at satisfactory figures after keen competition. PRICE OF FINE GOLD (United Press Association.) (By Electric Telegraph—Copyright) LONDON, Jtme 20. Pine gold is quoted at £6 17s 10Jd per ounce. . DOLLAR AND FRANC (United Press Association.) (By Electric Telegraph—Copyright.) LONDON, June 20. Exchange on New York is quoted at 5.04 i dollars to the £ and on Pans at 76| francs to the £. NEW ZEALAND FRUIT (United Press Association.) (By Electrie Telegraph—Copyright.) > , LONDON, June 20. x - The Rangitata'a New Zealand apples realised: Granny Smith, 10 s to 12s 6d; small Stunners, 7s to Bs. Pears realised: Three-quarters Barry, lis to 13s; Winter Nelis, lis to 15s. , 4 AUSTRALIAN MARKETS (United Press Association.) I (By Electric Telegraph—Copyright.) SYDNEY, June 21. (Received June 21, at 9 p.m.) Wheat: Country, sidings,. 2s 2d for bagged and 2s l|d for bulk, equal to 2s Hid and 2s ll*d respectively, ex truck, Sydney. Flour, £7 15s. Bran, £4 3s. Pollard, £5. • ... Potatoes: Tasmaman, £7 10s to £9; Victorian, £7. «««.•■'« Onions: Victorian Brown Spanish, £6 10s Maize: Yellow, 3s 3d; white, 3s 4d. ADELAIDE, June 21. Wheat: Growers' lots, 2s 6Jd. Flour: Bakers' lots, £7 17s Od. Bran, £5 ss. Pollard. £5. Oats: Algerian, 2s. Barley, 2s 3d. LONDON METAL MARKET (United Press Association.) " (By Electric Telegraph—Copyright.) rONDOJf. June 10.

LOCAL AND OVERSEAS' MARKETS.

THE SHARE MARKET ' DUNEDIN STOCK EXCHANGE' ■1 parcel of Bank of New Zealand (long D) shares changed hands on the Dunedin Stock Exchange yesterday at £1 13s 9d, further offers of £1 13s 6d failing to attract a seller. Paid-up hew Zealand Refrigerating were turned over at 19s 6d. Later offers of 19s found sellers firm at 19a Sd. National Insurances eased further, business being done at 19 s 6d. At the close of the market there was a buyer at 19s 4d, sellers asking 19s 7d. Three parcels of New Zealand Breweries were sold at £2 2s, od, the closing quotations being 3d on either side of that figure. Business was done in Maerewhenuag at 8d and they were later on the market at 9d. There were two sales of Nokomais at 3s 2d, and, the market closed with quotations Id on either side of that price. Two parcels of 4 percent. Stock (1955) changed hands at £lor, further offers of £lO6 15s failing to attract a seller.

SALES ON 'CHANGE. £ s. d. National-Insurance 0 19 6 Maerewhenua 0 0 8 ■', SALES REPORTED. Bank of N.Z. (long D) .. 113 9 N.Z. Refrigerating (paid) .. 019 6 N.Z. Breweries (three) .... 22 6 Nokoinai (two) 0 3 2 4 p.c Stock (1955), two .... 107 0 0 The following are yesterday afternoon's buying and selling quotations, which are mbject to the usual brokerage:—

NORTHERN EXCHANGES (Pkb United Press Association.) Tbe following business was dooe od 'Changes yesterday:— • Auckland.—Sales: Rural (194/), o pel cent., £103; Stock (1040), 4 per cent., £106; Commercial Bank of Australia, 16s 1 Id; Bank of New Zealand (D praf.), 33» Gd: New Zealand Insurance, 60s (two parcels); South British Insurance, 79s 3d; Westport Coal, 17s 6d; Auckland Gas, "Cs 6d (two parcels); Bycroft, 4fes, Milne and Choyce (deb.), 18a 6<J; farmers' Fertilisers, 20s 3d; New Zealand Paper Mill*, 30s; New Zealand Refrigerating, 10s; New Zealand Refrigerating (10s paid), 9 S 3d; Sanfqrd, 2s; Waitn Junction, 4s 2d. Unofficial list: Harvev Turbine, 19s; Silknit, 20s bd Wellington.—Sales: Commercial bank of Australia, 16s Id; Union Bank, £9 17s Gd (five parcels): Wright, Stephenson (pref.), 19s 9d; Wellington Gas, 395: Wrl : Huston Woollen (pvet.), £i> 8s; Kauri Timber, 16s 9d; Mount Lycll, 20s 9d.

Christchurch.—Sales: Commercial Bank of Australia, 16s; National Bank of Australasia (£5 paid), £6 2s, £6 Is 6d; Union Bank of Australia, £9 17s 6d (five parcels); New Zealand Refrigerating (10s paid), 9s 2d (two parcels); Tooths Brewery, 42s Id (two parcels); Beatk and Co., 32s 6d; British Tobacco (cum div.), 375; Dunlop Rubber, 17s sd, 17s 6d (five parcels); Bell-Hooper, 5d (seven parcels); Brian Boru, Is 7*d; Central Shotover (9d paid), lid; Golden Point, 21d; Mahakipawa (1930 pref), Is 3d (two parcels); Mount Lyell, 20a 8d (two parcels), 20s 7d; Nevis Diesel Electric, 4Jd; Nokoinai, 3s: Waitahu, 4s 3d: Skippers, lid; Stafford Sluicing? Is 0d (two parcels). Sales reported: New Zealand Government 4 per cent. Inscribed (1940), £lO6 (two parcels); New Zealand Government 4 per cent. Inscribed (1949), £lO6 15s (late sale 20th, odd lot): New Zealand Government 4 per cent. Inscribed (1955), £107; Bank of New Zealand, 4Ss Bd, 4Ss 7d: New Zealand Refrigerating (10s paid), 9s 3d; Westport Coal, 17s 6d; Dunlop Rubber, 17s sd; New Zealand Farmers' Fertiliser, 20s 3d; Bell-Hooper. 3d, s}d; Central Shotover (9d paid), lid; King Solomon, 3s lid; Mataki, 2s 4d; Mount Morgan, 25$ lid; Nevis Diesel Electrie. 3Ad; Skippers, Hid; Union Bank, £9 17s. Unlisted sale: Golconda Holdings, Is 7d. SYDNEY STOCK EXCHANGE (United Press Association.) (By Electric Telegraph—Copyright.) SYDNEY, June 21. This morning's sales:—Bonds, 4 per cent., 1938, £lO4 12 9 6d; 1941, £lO6 los 3s; 1944, £lO7 18s 9d; 1950, £lO9 12s 6o; 1959, £lO9 7s 6d; 1961, £lO9 17s Cd; Bank of New Zealand, 49s 6d; Tooths, 425; Anthony Hordern, 13s lid; Associated News, 21s 6d; Goldsbrough, Mort, 31s; Wilcox, Mofflin, lis 7d. ADDITIONAL SALES. (United Press Association.) (By Electric Telegraph—Copyright.) SYDNEY. June 21. (Received June 21, at 10 p.m.) Ou the Stock Exchange industrial trading shares continue quiet and weaker, but the mining market recovered from the r.ervousness outlined yesterday, and the buying inquiry for many market leaders was strong. Indeed, the whole gold group was firmer. Additional sales were:— Bank of New South Wales, £3O 2s 6d; Commercial Bank of Sydney, £l7; Bank of New Zealand, 49s 6d; Associated News, 21s 4*d (pref. 22s 8d); Tooths, 425; W. R. Carpenter (paid), 40s 6d; Amalgamated Textiles, 10s 7d; Dunlop Perdriau, 17s 9d; Anthony Hordern, ]4s;. David Jones, 36s 9d; Winchcombe, Carson, 29s Or]; Monnt Morgan, 26s 4Jd; Broken Hill Proprietary, 445; Euratha Gold, lis 9d; Kuala Kampar, 8s lOd; Malim Nawar, los 6d; Tongkah Harbour, 20s; Rawang Tin, Ss lOd; Taranaki Oil, Is lOd. MELBOURNE, June 21. Herald and Weekly Times, 50s; National Bank (£5 paid), £6 ss; Electrolytic Zinc, 255; Ditto pref., 33s 3d; Goldsbrough, Mort, 30s 9d; Mount Lyell, 20s 6d.

"TIME BARGAINS" PROHIBITED. (United Press Association > (By Electric Telegraph—Copyright.) SYDNEY, June 21. (Received June 21, at 10.30 p.m.) On the Stock Exchange the chairman (Mr F. Steel) announced to-day that "time bargains" would, until, further notice, be prohibited, except those transacted in the vestibule. A large part of the business in mining shares recently has been on the basis of forward delivery, and while sharebrokers regard the new edict as drastic, it is believed to be the outcome of the Tullamore disclosures. NEW GUINEA GOLD SHARES (United Press Association.) (By Electric Telegraph—Copyright.) LONDON, June 20. New Guinea Gold shares are quoted at 5s 9d. ' UNITED STARR-BOWKETT SOCIETY A meeting of members of the United Starr-Bowkett Building Society was held last evening to dispose of £2300 by ballot and sale, Mr V. S. Jacobs presiding. A ballot for the hundredth and fourth appropriation in No. 5 group resulted in cluster No. 41 being drawn, while the hundredth and fifth appropriation in the same group was sold at £lO per £IOO. The fifty-eighth appropriation in No. 9 group was a sale of £SOO, which realised £ls per £IOO. A ballot being taken for the twentieth appropriation in No. 11 group, cluster No. 264 was drawn. FOREIGN EXCHANGES (British Official Wireless.) (United Press Association.)

MINING NEVIS DIESEL COMPANY MEETING OF SHAREHOLDERS. The Dunedin shareholders of the Nevis Diesel Electric Dredging Company, Ltd., met on Tuesday evening to discuss various aspects of the company's affairs. Mr J. L. M'lndoe, occupied the chair. The chairman briefly reviewed the company's position, which he stated was not up to expectations. He then called upou the chairman of directors (Mr D. S. Mackenzie) to address the meeting.' Mr D. S. -Mackenzie stated that the directors had been faced with many difficulties owing to the nature of the country in which the claim was situated, but that these had been overcome satisfactorily, and an excellent job made of the dredge and plant. The expenditure had been much heavier than the estimates, largely owing to the fact that there was a creat deal more work to be done on the dredge and at the claim than was stated by the engineer (Mr W. W. Begg). The expenditure on the water races and hydro plant was not provided for by the engineer. The directors, however, were justified in utilising the water and keeping the Diesel plant as a standby in case of snow in tho races. The Diesel plant would also lengthen the dredging season. The dredge returns had been poor, but he himself was confident of ultimate success, and had backed up his opinion by taking up further shares in the company, with the result that he was now one of the largest shareholders. Mr Mackenzie answered numerous inquiries from shareholders, and stated that after friendly negotiations, Investigations, Ltd., had offered to put down 20 bores at their own expense to test the claim. The directors had accepted this offer, and recommended that no dredging be done until the result of the bores was made known. The directors appreciated the action of Investigations, Ltd., which would be of great value. The secretary of the company .(Mr If. 11. Thompson) reviewed the financial position and stated that the company was at present approximately £3OOO in debt, and three of the directors had guaranteed the bank overdraft. He showed where capital expenditure bad been in excess of the estimates shown in the prospectus. Mr Thompson pointed out the need for further capital, and outlined the terms of the proposed debenture issue. A resolution was put to the meeting—- " That the Dunedein shareholders support the debenture issue, and recommending other shareholders also to give it their support." The resolution was carried unanimously, and substantial offers were made to take up debentures. The opi» l0n was expressed that, while the shareholders appreciated the work done by the directors, the company would be managed more satisfactorily if a majority of the directors lived in Dunedin. Mr Mackenzie stated that the directors concurred with this view, and to facilitate the bringing about of the change, he and his fellowdirectors were prepared to vacate office on being released from their guarantee to the "bank. A resolution was passed recommending the reduction of the q"ah»f.ftion of directors from 4000 shares toJOQO shares, and increasing the number of directors from four to five, not fewer than three of whom should be resident in Otago. Mr George Thompson was nominated as director.

BEN LEDI SLUICING COMPANY The manager of the Ben Ledi Sluicing Company reported as follows, under date June 16:—Excellent progress has been made with the construction of the water race during the past fortnight. Twentyfive men are engaged on the 30b, and there have been practically no stoppages on account of weather. The entire length from the deviation to the intake (268 chains) has been stripped, with the exception of about 12 chains of rock work, and considerably more than 100 Chains have been completed. Arrangements are being made to have the portion from the deviation down to the foot of the race (104 chains) excavated by plough and scoop, which should not take long and will result in a considerable saving in cost to the company. As the result of a visit from some of the directors earlier in the month, together with Messrs M. Murray aud K. M'Quadc, who had prospected the claim, the point at which operations will be commenced was determined, and in view of the headway being made with the race, it is anticipated that sluicing will be started in the early spring. GOLCONDA MINES The latest Golconda report states:— During the week in the main drive we drove sft into the reef. There is no footwall showing. The quartz i ? heavily mineralised, and shows silica and a little zinc blende. The reef has the right dip for the Cambria reef, and the appearance of the quartz is more like this reef than any other body of ore that we have cut in this section of the mine. There are great possibilities of getting a rich run of ore between here and the mam slide, as the reef is well defined and is a very strong ore body. The water has eased off, but there ie still a little gas cominc; from the reef. GOLD SHIPPED TO AMERICA A shipment of bar gold from the West Coast for the United States was taken by the Rangatira from Lyttelton on Tuesday evening. The gold amounted to 26000 z, of the approximate current value of £IB,OOO. WORKSOP EXTENDED DREDGING COMPANY The contractors- constructing the dredge for the Worksop Extended Gold Mining Company report that a trial run was taken out of all the gear, which was found to be satisfactory. The dredgemaster arrived on the claim on June 19STATISTICS OF TIN WORLD POSITION IMPROVES. In 6pite of recent iucreases permitted in production, the world statistical position of tin continues to improve. Stocks at the end of May had fallen to 16,788 tons, and it is recognised that about 15,000 tons is a minimum stock needed to meet the demands of consumers. Consumption in recent months has been about 8000 tons, and the monthly production quotas fixed for April to October this year are equal to 8063 tons. With all important producer in agreement in supporting the restriction plan, the future course of prices For tin depends largely upon consumption. The United States consumes normally 60 per cent, or more of world production, and figures there have shown a substantial improvement. Estimated production of motor car uuits in April was 400,000, compared with 189.284 units for April, 1933, and production of tinplates was placed at 4,000,000 boxes, compared with 2,250,000 boxes for April, 1933. In the meantime prices for tin have been fairly steady, and at the present level of prices production by most of the producing companies is on a profitable basis.

DOMINION BREWERIES, LTD. NET PROFIT OF £2436. (Special to Daily Times.) AUCKLAND, June 21. A net profit of £2436 is disclosed in the fourth annual accounts of the Dominion Breweries, Ltd., for the year ended March 31. The profit was struck after provision for all charges, bad and doubtful debts, etc., including £2804 written off as depreciation on brewery buildings, plant, etc., and hotel furniture and effects, as compared with a loss of £14,002 in the previous year. The directors recommend that the profit be applied in reduction of the debit balance in the profit and loss account. If this proposal is approved by the shareholders the debit to be. carried forward will be reduced to £6130. The directors are still of the opinion that the interests of the company will not be prejudiced in delaying the proposals for a reduction of capital. With the shareholders' approval they propose to defer action until the result of the current year's trading is known. The paid capital of the compauy is unchanged at £78,207. NEW ZEALAND CO-OPERATIVE DAIRY COMPANY RECORD PRODUCTION. (Pei United Pkesb Association.) HAMILTON, June 21. Assisted by the generally _ favourable weather conditions, a substantial increase in production is recorded by the New Zealand Co-operative Dairy Compauy for the year, the dairy produce manufactured reaching the record of 01,280 tons, an increase of 4854 tons on last year. The suppliers to the company now total 10,139 DOMINION PRODUCE HIGH COMMISSIONER'S REPORT. The Department of Agriculture has received the following cablegram, dated June 16, from the High Commissioner for New Zealand, London: — Tallow. —Market inactive, with values about unchanged. Hemp.--Manila: Market quiet, but steady. Values about unchanged. Output January 1 to June 11, 601,000 bales, against 485,000 for the same period laßt vear. Stocks in the United Kingdom at June 1, 26,035 bales, against 13,068 at the same time last year. Stocks in Manila at June 11,140,000 bales, against 140,000 at the same time last year. African sisal: No. 1 grade for July-September shipment sold at £l6. New Zealand: Market unchanged. Stocks in London at June 1» 11 tons, against 152 at same time last year. Fruit.—Cumberland's cargo in good condition. Markets weak and trade very slow. Current prices are:—Apples: Ballarat, 8s to 9s 6d; Cleopatra, Statesman, and Sturmer, 6s 6d to 9s; Delicious, 5s 6d to 8s 6d; Bulked small, 5s 6d to 6s 6d; Dougherty, 10s; Dunn's Favourite, 7s to 9s 6d; Granny Smith, 9s to 12s; Jonathan, 6s to 10s; bulked small, 6s to 7s 6d; London Pippin and Ryiner, 7b to 8s 6d; Newtown Pippin, 8s to 9s; others, 6s to Bs. Pears: Winter Nelis, 10a to 15s; Trays, 4s; Josephine, 12s 6d to 14s; P. Barry, 10s to 12s; Keiffer, 7s to 10s; Vicar of Winkfield, 9s; LTnconnue, fls to 9s 6d; Beurre Easter,' 8s to 9s 6d.

IMPORTS FROM BRITAIN NEW ZEALAND HEADS LIST. Figures quoted on Monday by the Minister of Finance and Customs (Mr J. G. Coates) show that New Zealand's imports from the United Kingdom have continued to compare favourably both in percentage of total imports and per head of population with other parte of the world. The statistics, which were for 1933, were mentioned at the reception in Wellington to Mr Robert Boulter, C.M.G., who has recently been appointed his Majesty's trade commissioner in New Zealand. Imports from the United Kingdom had been 51 per cent, of the total fast year, Mr Coates said. For South Africa they had been 46 per cent., for Australia 43 per cent., for India 37 per cent., for Canada 24 per cent., and for Denmark 22 per cent, (now 28 per cent.). This showed by comparison that New Zealand had been by no means an unimportant factor in the purchase of manufactured goods irom the United Kingdom. The value of imports per head of population had been as follows: — £ s. d. New Zealand 6 4 2 Australia S 4 4 South Africa 2 15 9 Canada 1 12 11 India 0 1 11 Denmark 3 5 4 "So you see," concluded Mr Coates, "we still have pride of place."

(ISeceired Ji ins 21. at 9 p.m.) The following are the official metal quotations:Ton. Copper. epot •• •• £32 110% Fall £0 4 4 , ,6 Copper, forward .. .. 32 8 0 Fall 0 2 1% Electroljtio. tpot.. \. S5 5 0 No chanje Electrolytic, forward .. 35 15 0 No change 35 IS 0 No change 11 1 3 No change Lead, fotward . • •• 11 3 9 Fall 0 13 Spelter, «pot .. .. 14 0 0 No charge Spelter, forward .. •• 14 3 9 Fall 0 13 22G 3 9 Rlie 0 11 3 Tin. forward .. .. 226 3 9 Bin 0 11 8 Pit Iron, home trade .. 3 7 6 No change Pig Iron, export .. S 2 S No change Antimony. British 42 10 0 No change Antimony, foreign .. 25 15 0 No change Dnlt 1 1» 0 No change 2 » Oa, 0 No change Sllrer, atandard .. .. 10%d Rise 1-lGd 21 7-16d Hiss l-16d

BANKING. Buyer. Sellei £ s. d. £ 8. d. 11 15 0 — N.S.W 30 7 6 — N.Z — 2 9 0 N.Z. (long D) .. 1 13 6 , — Commercial ... .. 0 16 0 0 16 5 E.S. and A — 5 2 6 —' 10 0 0 INSURANCE. 0 19 4 0 19 7 3 1 0 — SHIPPING. Huddart, Parker 1 5 6 — U.S.S. Co. (pref.) 1 5 6 — COAL. 0 17 6 0 18 3 Westport-Stockton ford.) Westport-Stockton 0 2 5 — (pref.) 0 2 10 — LOAN AND AGENCY Dalgety and Co. .. Goldebrough, Mort. National Mortgage — 10 5 0 1 10 0 1 11 6 — 3 2 0 N.Z. Loan and M. (ord.) — 59 0 0 N.Z. Guar. Corp. 0 4 3 — Trustees, Executor* 3 5_ 0 — Wright, Stephenson 0 19 9 1 0 4 MEAT PRESERVING , N.Z. Refrigerating 0 19 0 0 19 8 N.Z. Refrigerating - 0 9 0 0 9 4 South. Froz. Meat (paid) 3 10 0 — South. Froz. Meat 1 14 6 — South. Froz. Meat (pref.) 3 10 0 — South Otago Freez. 6 0 0 — MISCELLANEOUS. Broken Hill Propy. — 2 4 6 Broken Hill South 3 ll fc 6 — Brown, Ewing * (ord.) 0 19 0 — Brown, Ewing 1 0 9 — Bruce Woollen 0 10 0 — Bruce Woollen 1 1 0 — ■ Cryetal Ice .. — 1 19 0 D.I.C. (ord.) .... 0 14 6 — D.I.C. (pref.) p .. 1 4 6 1 5 6 Dunedin Fertiliser 0 18 5 0 19 3 Dominion Fertiliser 104 0 0 — Dominion Rubber 1 *' 6 — Dunedin-Kaikorai 1 16 0 — Stock Exchange 2 0 0 2 5 0 Kaiapoi Woollen (ord.) .. .. .. 0 10 6 0 11 0 Kaiapoi Woollen , 0 3 5 0 3 9 Kaiapoi Woollen 0 18 3 0 19 6 Milburn Lime 112 3 — Mosgiel Woollen .. 10 5 0 —■ N.Z. Drug Co. .. 3 16 6 — Malay Rubber 1 2 6 — N.Z. Paper Mills ■ 1 9 9 — Regent Theatre .. — 1 0 6 Smith andl Smith 0 17 0 — BREWERIES N.Z. Breweries .. 2 2 3 2 2 9 OIL. ■— 0 4 3 MINING. Bell-Hooper .. .. 0 0 41 0 0 Gh Bell-Kilgour .. .. — 0 0 4 Bendigo Goldlight 0 0 S 0 0 9 Big River — 0 1 0 Central Shptover '— 0 1 0 Charleston .. — 0 1 4 Gillespie's Beach .. 0: 1 9 0 1 11 Golden Point 0 0 1 — Golden Progress C 0 10 0 1 2 Golden Sands — 0 2 10 Goldfields Dredging — 0 0 10i0 1 OS 0 1 I 0 1 10 0 2 0 King Solomon — 0 4 0 LawsonV Flat 0 0 .3 — Maerewbenua .. — 0 0 9 Mooulight-Nelson 0 0 51 — Nevis Diesel .. .. 0 0 3i 0 0 4i New Cornish Point — 0 0 1U4 0 3 1 0 3 6 Oxenbridge .. 0 7 9 0 8 2 0 0 11J — 0 0.11 Upper Shotover .. 0 0b 0 3 10 0 4 2 — 0 0 9 GOVERNMENT LOANE. 3J p.c. Stock, 1938106 0 0 — 3J p.c. Stock, 1939106 0 0 — 31 p.c. Stock, 1041106 0 0 — 3* p.c. Stock, 1938106 0 0 — 3J p.c. Stock, 1939106 0 0 — 3J p.c. Stock, 1941106 0 0 ~~~ 4 p.c. Bonds, Jan. 105 5 0 —~ 4 p.c. Stock, Jan. 105 5 0 — 4 p.c. Bonds, Feb. 106 0 0 4 p.c. Stock, Feb. 106 0 0 — 4 p.c. Bonds, April 106 5 0 4 p.c. Stock, April 106 5 0 4 p.c. Bonds, June 106 15 0 — 4 p.c. Stock, June 106 15 0

(By Electrlo Telegraph— Copyrlfibt.) RUGBY, June 20. ParisPar. June 19. June 20. Francs to £1 124.21 76 13-32 76 13-32 Brussels— Belgas to £ 1 SO 21.60 21.59 OslcKroner to £ 1 18.180 19.90 J 19.90} StockholmKroner to £1 18.130 19.40 19.40 CopenhagenKroner to £ 1 18.150 22.395 22.39} BerlinMarks to £ 1 20.43 13.26 13.23} Montreal— Dollars to £1 4.86 23 4.972 4.9S1 New York— Dollars to £1 4.86 23 5.04 13-16 5,03% Yokohama — Pence to yon .. 24.5S2 14 9-32 14 9-32 Hongkong— Peace to dollar 24.58 171 171 Bombay— Pence to rupee — IS 3-64 18 3-G4 Batavin — Florins to £1 12.10 — — . MilanLire to £1 .. 82.46 58 9-16 58«i AmsterdamGuilder to £1 12.107 7.435 7.433 PragueKroner to £1 104J 121} 121} GenevaFrancs to £ 1 25.22} 15.52 15.51 ViennaSchillings to £1 84.861 27 27 Helsingfors— Marks to £1 193.23 226J 2262 MadridPesetas to £1 25.221 3« 27-32 S6?i Belgrade— Dinars to £1 25.22} 222 222 AthensDrachma to £1 375 527 527 . Lisbon — Escudos to £1 110 110 110 Bucharest — Lei to £1 .. 931.6 505 505 Rio dc JaneiroPence to mllreis 5.890 41 41 Buenos AiresPence to pesos 47.28 36} 36} Shanghai— Ponce to tael — 155'. 15| Montevideo — Ponce to peso* — 381 38! Warsaw — 55toty3 to £ 1 — — ~"" .