COMMERCE AND FINANCE

Otago Daily Times, Issue 22328, 31 July 1934, Page 6

COMMERCE AND FINANCE

NEW "ZEALAND INSURANCE COMPANY OPERATIONS FOR THE YEAR NET REVENUE EXCEEDS £1,000,000. (Special to Daily Times.) AUCKLAND, July 30. A net revenue from the fire, marine, and accident premiums of £1,001,328, compared with £1,008,530 in the previous year, is disclosed in the tinnual accounts of the New Zealand Insurance Company, Ltd., for the seventy-fifth year ended May 31. The directors propose the payment of a final dividend of Is per share, and to mark the occasion of the company having attained its seventy-fifth anniversary t a bonus of 6d, making a total disbursement for the year of 2s 6u per share. The dividend, which is equal to 10 per cent, for the year, is the same aa that paid in the previous year, but the bonus increases the total distribution to shareholders for the period to 12i per cent. The directors 6tate that the surplus on the year's operations, after making full provision for all ascertained losses, taxation, and other appropriations, amounts to £110,593 (against £74,604 in the previous year), to which is added the net income from the interest and rentn £117,703 (against £120.004), making a total of £228,295. With the balance brought forward £179,853, less dividend of Ls per share paid in August. 1933, absorbing £75,000, the total available.for distribution is £333,148 (against £304,853). The interim dividend of Is per share paid in February last required £75,000, leaving £258,148 to be dealt with. It is proposed to pay a final dividend of ls per share, making 2s per share for the year, absorbing £75,000, to pay a bonus (the seventy-fifth anniversary) of 6d per share £37,500, to transfer- to the trustee branch in trust for the company s pension fund £20,000, and to transfer, to, reserve for taxation £IO,OOO, leaving £115,648 to be carried forward. In addition £IOO.OOO has been transferred from the investment fluctuation account to the reserve fund, which now stands at £500,000. SYDNEY STOCK EXCHANGE (fTJnlted Press Association.) (By Electrie Telegraph—Copyrlsnt.) SYDNEY, July 30. The early sales were as follows:—National Bank (£25 paid), £5 17s 6d; Auss tralian Gas (A), £8 Is; Tooths, 445; Anthony Hordern, 14s; Australian Glass, 47s 6d; Broken Hill Proprietary, 45a 6d; Winchcombe, Carson, 30s. ADDITIONAL SALES. (United Press Association.) (By Electric /Telegraph—Copyright) SYDNEY, July 30. (Received July 30, at 9 p.m.). Stock Exchange business opened quietly, but sellers of industrial and general trading shares were not pressing, and values remained about late levels. Additional sales were as follow*: Queensland National Bank, £5 2s 6d; Australian General Insurance, 15s 3d; Adelaide Steam. 25s 6d; Australian Gas (A), £8 ls; Tooths, 445; Australian Glass, 47s 6d; Farmers, 19* 9s; Anthony Hordern, 14s- Standard Cement, 19s Ijd; Australian Iron and Steel (pref.), 21s 7id; Mount Lyell, 21s 6d; Broken Hill Proprietary, 45s 9d; North Broken Hill, 92s 9d; Bulolo Gold, £7 19s; Kuala Kamper, 16s lOid; Rawang, 9s 2d; Euratha Gold, 10s. MELBOURNE, July 30. Dunlop Perdriau, 18» 9d; Electrolytic Zinc, 26s 10Jd; Electrolytic Zinc (pref.), 345; Herald and Weekly Times. 49s 9d. WOOL HELD OVER SALES AND PRODUCTION. Including 13,914 bales of ilipe wool, the quantity of wool held over in New Zealand at June 30 is reported by Messrs Dalgety and Co. to amount to 76,925 bales. Quantities held in brokers' stores amounted to 39,636 bales, including 1425 bales .of scoured; in clients' woolsheds, 23,375, including 117 bales scoured. The total is 63,011 bales greasy and scoured wools, and 13,914 bales slipe wools. The same authority reports that sales in New Zealand of North Island wool at 3601 b per bale averaged £l4 12s 4d per bale last season, and South Island at 3321 b per bale, £lB ls lOd. Dominion sales were of 648,203 bales of greasy wool, 1233 bales scoured, and 1252 slipe, in all 650,688 bales. Production for the two past seasons compare as under: — 1933-34. 1932-33. Bales. Bales. Greasy 645,756 639,515 Slipe 108.640 119,204 754,396 758,719 Scott Bros., produce merchant* and commission agents, agents for the Diinedin Egg Suppliers' Association, report:—Eggs: Poultry farmers, ls 7d; others, ls 6d per dozen. Butter: Dairy pats, 7jd to 8d per lb; Honey: Bulk, 3jd to 4Jd per lb. Poultrv: Hens, ls 5d to Is 9d; heavy, to 2s 6d; roosters, Is to ls 3d; ducks, Is 6d to 2s each; geese, 2s 6d to 3s each; lb. Pigs: Prime Baconers, 5Jd to 6d per lb; porkers, to s|d per lb. Potatoes, £3 10s to £3 15s per ton. Chaff: Prime oaten sheaf, £4 to £4 5» per ton, bags extra ex store. Table carrots, 2s 6d per sugar bag, ex store. Canterbury onions: Light skins, 6s per cwt; brown Spanish, £8 10s., Partridge peas, 4s to 4e 3d per bushel, sacks extra. Whole fowl wheat, 3s lOd to 4s 3d per bushel, sacks extra. Smutty wheat, lis per sack. leed barley, 2s lOd. to 3s 3d per bushel, sacks extra. Whole maize, 5s 3d per bushel, sacks extra. Oats: Gartons, 2s 3d to 2s 6d per bushel. Lightfeeding oats, Is *»d per bushel, sacks extra. Victory feeding meal, 9s per cwt. Belfast feeding meal, 10s per cwt. " Acorn " buttermilk powder, 2jd per lb. Gristed wheat, lis per 1501 b. Farrofood, £6 ss, ex store. Barley pollard, 8s per 1501 b. Oat dust, 3s 6d per 1201 b. Oat pollard, 7s 6d per 1201 b- We hold stocks of poultry requisites.. Free use of fowl crates on application. July 30, 1934.

LOCAL AND OVERSEAS MARKETS.

The following are yesterday afternoon's buying and selling quotations, which are subject to the usual brokerage:—

THE SHARE MARKET DUNEDIN STOCK EXCHANGE Bell-Kilgours were disposed of at 4sd on the Dunedin Stock Exchange yesterday, buyers' closing offer remaining at the same figure, while sellers required 4|d. Four 'parcels of Brian Boru shares changed hands at ls 6d, a final selling request for ls 7d bringing no further quotations from buyers. King Solomons were dealt in at 4s, the market closing with buyers offering 3s lid and no sellers forward. Buyers of Bank of New Zealands offered £2 5s 9d, sellers evincing no interest. There was an easier demand for Bendigo Goldlights, buyers' best offer being 7d. Sellers, however, required SidThere was a slight improvement in the inquiry for Goldfields Dredging, buyers offering IOJd, which was Jd below sellers' requirements. Kildares were inquired for at 2s Id, sellers requiring 2d extra. SALES ON 'CHANGE. £ s. d. Bell-Kilgour 0 0 4$ Brian Boru (four) 0 1 6 King Solomon 0 4 0 SALES REPORTED. New Zealand Drugs 3 17 6 Southland Frozen Meat (ord.) 311 3 Dominion Fertiliser ...... 018 6 Woolworths (Sydney) .... 3 3 9 Big River 0 1 1 Bell-Kilgour (two) 0 0 4* Bell-Hooper .. 0 0 5A Nokomai 0 3 5

NORTHERN EXCHANGES

(Peb United Pbess Association.)

The following business was done on 'Changes yesterday:— m^a, Auckland.-Sales: Bonds (1940), 4 per cent., £loo 15s; City of Auckland (1940), 5* per cent £lOl 10s; Wellington Gaa (1941), 64 per cent., £105; Commercial Bank of Australia, lfc 6d (two); E.S and A. Bank, £5 Is; Bank of New Zealand 465; Reserve Bank, £6 ss; New Zealand Insurance, 625; Farmers, Auckland (£2! paid), 18s 6d; British Tobacco, 36s 9d; Wilsons Cement. 30s: Bell-Kilgour, od; Golden Dawn, 2s; Waihi, 325. . Wellington—Sales: Wellington Gas, 6J nPP cent (1941). £lO5 late Saturday); Bank of New Zealand (D Mort.), 34s (two) 345; Goldsbrough, Mort. 295. sd; South British Insurance. 81a 6d; British Tobacco. 36s 9d; Big River, Is lid; NevL Diesel, m (last two late Satur-daC)h*ristchurch.-Sale 6 : Commercial Bank of Australia (cum div.), 15s sd; h.b. and A. Bank, £5 Is (two); Bank of New Zealand, 45s 9d; Reserve Bank of .New Zealand £6 5s {five); A.P.A., 10s 2d (two); Goldsbrouirh, Mort, 29s Od, 2?s sd; New Zealand Guarantee Corporation, 4s sd, Christchruch Gas (10s paid, cum div.), 15s 3d; New Zealand Breweries, 43s 6d (four); Henry Jones Co-op., 31s; Woo - worths (Sydney, 2nd pref.), 27e 6d; Bell-

Kilgour, 4fd; Brian Boru, ls 6d; Gillespie's Beach, Is lOd: Golden Point, 2s Gd; Kildare, 2s 2d; Mahakipawa, lOd (two); Nokomai, 3s s*d (two); Rawang Tin, 9s 2d (three) ; Mossy Creek, ls iihl. Sales reported: New Zealand Government 4 per cent. Inscribed (1946), £lO7 ss; Christchurch City Council, 5J per cent. (lOoo). £107; E.S. and A. Bank, £5 ls; Reserve Bank, £6 os 6d: New Zealand Insurance, 625; Worksop Extended, ls 10Ad. Unlisted stocks: Woolworths (Sydney, ord.), 645, 64s 6d, 64s 9d (two), 63g 9d. FOREIGN EXCHANGES (British Official Wireless.) (United Press Association.)

THE RESERVE BANK

TRANSFER OF GOLD HOLDINGS

Within three months of the opening of the Reserve Bank of New Zealand, which will take place to-morrow, all the trading banks operating in New Zealand must hand over to the Reserve Bank all trold coin and bullion in their possession, in exchange for Reserve Bank-notes or credit on the Reserve Bank. This is the effect of a proclamation made by the uov-ernor-General (Lord Bledisloe) in the Gazette. By proclamation on January 26, August 1 was fixed as the date by which this transfer must be made, but the period has now been extended by three months. By Order-in-Council in the same issue of the Gazette,, September 1 is fixed as the date after which all trading banks in the Dominion must maintain at all times balances in the Reserve Bank.

GERMAN WOOL PRODUCTION

Official estimates of sheep population and wool production in Germany show that neither have increased of recent years. The number of sheep in the country in 1933 was 3,381,000; in 1930, 3,504,000; and in 1913, 4988,000. Wool production in 1933 was 31,300,0001 b. in 1930 32,400,0001 b, and in 1914 46,100.0001 b.

MINING OKARITO RETURN Messrs W. A. Mitson and Co., secretaries of the Okarito Five Mile Beach Gold Dredging Company, Ltd., report that the wash-up for the week ended Saturday last was 320 z 19d\vt for 127 hours' dredging. GILLESPIE'S BEACH RETURN The wash-up from Gillespie's Beach for last week was 51oz 3dwt for 129 J hours dredging. THE CHARLESTON RETURN (Peb United I j keks Association.! CHRISTCHURCH, July 30. The Charleston Sluicing return for a fortnight was 19oz 7dwt. THE MATAKI RETURN (Peb United PbesJs Association.) AUCKLAND, July GO. The Mataki return for the week ended July 29 was 290 z for 138 hours work. SHIPPING FREIGHTS EFFECT OF PORT CHARGES. If instead of continually approaching the shipping companies for. reduction ot freights (says the Pastoral Review, Sydney) the same amount of energy were spent in endeavouring to reduce the enormous costs that ships are put to m loading on the Australian and New Zealand coasts, freights would fall automatically. It is known throughout the world that the expense of loading ships is higher in Australia than anywhere else, l'irst of all, as a result of our excessively high tariff, ships have to come out empty or partly loaded. They have light, port, and pilotage dues to pay at anything from Jive to •ten ports, and the port and pilotage charges are frequently payable twice over on the same voyage. They have to pay dutv on all ship's stores when used on the coast, and the high labour charges tend to make the trade still more unprofitable. When it is realised that a ship can go from England to the Argentine, take out a full cargo, and return fully loaded, with one set of port and light dues, in; the time that a ship is loading on the Australian or New Zealand coast, it will be seen that it is at this end that the reductions should be made. At present it }s practically impossible for ships in this trade to make ends meet, or to reduce appreciauly their rates. "We ourselves are absolutely and entirely to blame for the rate of freights we have to pay, and it is no use shutting our eyes to the fact, concludes the Review. ' The dimensions of the one-way seaborne traffic in Australian trade are illustrated by statistics just made available by the Commonwealth Statistician. During the 12 months ended June 30, 1933, of the 1554 vessels of all nationalities to enter Australian ports, 522 arrived in ballast. The proportion of empty ships to those carrying at least some cargo was thus one to two. In the case of vessels on the British registry it was far greater, ai rivals with cargo being 418 and in ballast 294. PRICE OF WHEAT SERIOUS PROBLEM IN FRANCE. France also has an agricultural problem. During late years (says the Paris correspondent of the Economist) all farm products have been affected by a slump in prices of 30 to 50 per cent., which only in very small degree has been counterbalanced bv the fall in industrial prices. The question of wheat is the most important, because, the Frenchman eats great Quantities of bread and because he is a great producer of wheat (France produces nearly as much wheat *as Argentina and Australia together), adequate, the committee of the Chamber production. French wheat has been accorded many protective measures, which have always proved inadequate. The principal of these are:—(l) The prohibition of the importation of foreign wheat; (2) the fixation of the wheat price at a minimum of 115 francs per quintal. These measures have complicated rather than ameliorated the situation of the farmer. The prohibition against foreign wheat cannot modify French over-production. Since the war the protection of wheat has led the producers to sow greater areas, and, on the other hand, new methods have contributed to greater productivity, one hectare producing nearly 17 quintals as against 12 in the past. ' . ... Last year France produced nearly 100 million quintals for a home consumption of some 80 to 90 million quintals. Moreover, the consumption of bread has fallen from 84 to 72 million quintals, or from 224 to 192 kilogrammes per capita, becausp of the low quality of the bread and the utilisation of substitutes. The fixing of the price of wheat at 115 francs a quintal by the law of July 10, 1933, has not clarified the position, because the farmer does not easily find a purchaser, so fiat he must secretly undercut the official price, if he needs money, or he must store his wheat. It is estimated, for instance, that the whole carry-over will reach 25 million quintals this year against five million quintals in 1932-33. The existence of these large stocks involves disorder of the market and the demoralisation of the farmers. Moreover, the indebtedness, of these farmers is placed at the present time at 7000 million' francs. It is to be noted that foreign wheat would cost at fjie present time in France between 50 and 60 francs a quintal, which is 70 or 80 francs cheaper than the French price. If applied to a consumption of about 80 million quintals, this difference represents a sum of more than 6000 million francs, which the French consumer pays every year for. the maintenance of its farmers. AUSTRALIAN BANKING HEAVY HOLDING OF DEPOSITS. Features of the aggregates of the abstracts of average liabilities and assets of the 10 trading banks in Australia during the June quarter are the great increases in deposits and the great increase in the holdings of notes and of cash with the Commonwealth Bank, compared with the aggregates of the corresponding quarter a year previously. Fixed deposits increased by £9,929,326, and current accounts by £12,353,939. The amount of the increase (says the Sydney Morning Herald) is due to the great accession of credit brought about by the higher wool prices of the season now closed, which had its effect all through the community, and the fact that there was little inclination to launch out into fresh enterprise. Rather than put it into new investments, money is kept in the banks, and as much as possible placed in Commonwealth loans, with their concessions in regard to taxation. That the current accounts increased so much more than the fixed deposits is probably due to some banks rationing fixed deposits, and to some extent to depositors keeping more free cash. Total deposits increased by £22,283,365. . Against this increase the item all other assets," which is largely composed of advances and discounts, increased by £2,844,066. The contrast is agaiu further evidence of the hesitancy on the part of customers of the banks to use the banks' resources to enter into new enterprises and into extensions of existing enterprises. In the other principal means of investment of the hinds of, the banks—Government securities and Commonwealth Treasury bills—the movements are in contrary directions, and that they are not greatly different is duo to then: movements having the same origin. NEW ZEALAND AND RIVER PLATE COMPANY The New Zealand and River Plato Land Mortgage Company announces that, having regard to the difficulty of transferring funds from Buenos Aires to London and tlie continued non-fulfilment of their obligations by a considerable number of the company's borrowers, the directors have decided not to pay an interim dividend an account of the current year. The question of a distribution is postponed until the board is in a position to lay the whole of the accounts for the ye al ' ending October 31 next before the shareholders. This course was referred to by the chairman at the annual meeting on January 16 as one which it might be found most prudent to follow. Hitherto interim dividends have been regularly paid for many years past. For 1932-33 the interim was 3 per cent., and was followed by a final 2 per cent., making 5 per cent, on the £700,000 of capital.

TAXES IN VICTORIA NEW ZEALANDER'S EXPERIENCE. A former Christchurch resident, who last year went to live in Melbourne, has written to a member of the staff of the Press on taxation and business conditions in Victoria. " Over here," he writes, " both state and Federal income tax and unemployment tax are all payable at the end of the financial year. Unemployment tax is not deducted weekly as you go along. The system for all Victorian taxes is that after the end of the financial year a sum sufficient to cover them is deducted weekly from your wages—a neat and painless extraction. " My total State income tax and unemployment tax is very much less than my unemployment tax alone was in NewZealand," he continues. "The two together are less than 8d in the £l, and Federal income tax, which is the only additional tax, is so small relatively as not to matter. Yet, in the State Parliament the other day, the Premier (Sir Stanley Argyle) said: 'Victoria will not tolerate another penny of taxation.' Unlike most other States Victoria has refused to borrow money this year. Wheat and butter, of course, are all to the dogs, but things seem to be improving fast in some mysterious way. There is £1,000,000 worth of building going up in 200 yards of Bourke street alone. I cannot yet ascribe a reason to such amazing buoyancy. I hope it 'is real. At any rate, the banks and financial institutions are building too. The Bank of New South Wales is just completing a new palace in Collins street and the State Savings Bank has just put up an eightfloor addition in Elizabeth street." CONVERSION OF £IOO,OOO A, report of the negotiations; in connection with the offer by the Australian Mutual Provident Society to convert debentures totalling £IOO.OOO. now domiciled in Svdney and carryintr a rate of interest of 5J per cent, was made to the Auckland Electric Power Board recently by the chairman, Mr W. J. Holdsworfh. The terms of conversion (says the New Zealand Herald) include a reduction of 20 per cent, in the rate of interest, reducing it to £4 8s par cent., and the payment of interest and repayment of principal in , Auckland. The chairman said he had visited Wellington in connection with the matter, and there had been friend'y discussions. It wap realised that the board was not in a position to haran'n. as the transfer of the loan to New Zealand was -voluntary on the part of thp society. The schedule of repayment had been but there would have to be confirmation bv the society'.* directors. The conversion would take place from September 30. There were now only formalities to settle, and would practically finalise the whole of the board's internal indebtedness. It. was estimated that the saving to the hoard would be £llOO a year. On the motion of Mr S. J. Harbutt, thp chairman's action in the matter was confirmed NEW ZEALAND TRADE BRITAIN'S LARGER SHARE. The share of British countries in New Zealand's import trade showed a continued increase in 1933 to 74.55 per cent., according to the statistical report upon trade and shipping for that year which has just be issued. By a further rise the United Kingdom's proportion reached just above 50 per cent, of the grand total. Canadian imports, which have shown a relative decrease in 1932, rose again to almost the 1931 percentage. Australia, perhaps under the influence of exchange parity, again improved its position somewhat. Japan's percentage rose from 1.89 to 2.57, in other words, by rather more than one-third. America's fell relatively more than in the preceding years, namely, from 14.18 to 11.11. The following are proportions for the past four years:—

Total, foreign countries £3,483,770 £5,457.888 Grand total, all countries .. •• £41,301,951 £21,451,382 Particular imports account for all or most o." ,he trade with certain countries. For example: Ceylon, tea; India, tea, jute, and other fibre; Malaya, tinned pineapple, sago, tapioca, and petrol; Seychelles and New Caledonia, guano; South Africa, dried fruits, maize, and diamonds; Nauru,, Gilbert and Ellice Islands, and Tuamoto Archipelago, rock phosphate; Belgium, manures; the Netherlands, cocoa-butter; Norway, paper; Sweden, dairy machinery, wood pulp, and timber; China, edible nuts; Dutch East Indies, sugar and mineral oils; Cuba, sugar and cigars.

BANKING. Buyer. Seller. £ 8. d. £ S. d. Australasia .. — 11 18 0 New Zealand .. 2 5 9 _ New Zealand (long D) — 1 14 6 Commercial .. .. 0 15 3 — E.S. and A 4 18 0 — 6 4 0 6 5 0 — 9 18 0 INSURANCE. — 0 19 7 New Zealand .. 3 1 0 — 3 4 6 3 6 0 SHIPPING. Huddart, Parker (pref.) 1 8 0 — P. and 0. def. stock 1 1 0 — U.S.S. Co. (pref.) 1 8 0 1 7 6 COAL. Kaitangata .. .. 1 0 9 1 1 3 0 19 0 1 — Westport-Stockton (pref.) ., .. .. 0 4 3 — LOAN AND AGENCY. National Mortgage .- — 3 1 0 National Mortgage (B issue) .... — 1 12 0 N.Z. Loatf and M. — 58 0 0 N.Z. Guarantee Op. 0 4 3 — Trustees, Executors 3 8 0 — Wright, Stephenson 0 18 9 Wright, Stephenson (pref.) — 1 0 6 MEAT PRESERVING. N.Z. Refrigerating •— 0 19 0 N.Z. Refrigerating 5 ~— 0 8 South. Froz. Meat S 10 0 3 12 6 South Otai?o Freez. 6 0 0 — MISCELLANEOUS. Bruce Wolln (ord.) 0 10 6 — Bruce Wlln (pref.) 11 0 — DJ.C. (pref.) ... 14 0 —• Dominion Fertiliser 0 18 0 0 18 6 Dominion Fertiliser 104 0 0 —• Dominion Rubber . ■■'•' — 1 9 9 Dunedin-Kaikorai 1 16 0. — Stock Exchange , Proprietary 2 0 0 ■ Dunlop Perd. Rbbr 0 18 3 — Electrolytic Zinc 1 14 0 1 14 6 Kaiapoi Woollen 6 19 0 "*" Milburn Lime.. ( .. 1 12 6 "■"■ National Electric 0 5 6 — N.Z. Drue Co. . — 3 18 0 Farmers Fertiliser — 1 1 0 Malay Rbbr (pref.) — 1 10 0 N.Z. Paper Mills.. Regent Theatre .. 1 10 6 0 19 3 Smith and Smith 0 17 0 — Whitoombe and _ 1 10 3 BREWERIES N.Z. Breweries .. 2 3 6 — OIL. — - 0 3 4 MINING. 0 0 7 0 0 9 Bell-Hooper .. .. 0 0 5 0 0 6 Bell-Kilgour .. .. 0 0 4i 0 0 4| Bendigo Goldlight 0 0 7 0 0 81 Brian Boru .. .. 0 1 01 0 1 0 1 14 7 Central Shotover — 0 0 li Gillespie's Beach 0 1 10 0 1 111 Golden Progress ..-' 0 1 " l —. Goldfields Dredging 0 0 10* 0 0 li 0 1 * i 0 2 3 0 2 1 King Solomon Lawson's Flat .. 0 3 11 0 ~0 5 e Maerewhenua .... — 0 0 Mahakipawa .. .. 0 0 9 ."-" Moonlight-Nekon 0 0 6 Creek .. • • • • — . Nevis Diesel .. .. 0 0 4 0 3 0 8 0 0 0 0 0 0 0 5 K 0 3 4 0 4 10 6 84 2 Oxenbridge .. • • — o ~o 9 0 4 GOVERNMENT LOANS.

34 p.c. Stock, 1943 .. .. 1938- .. .. 106 10 0 — 3i p.c. Stock, "1943 .. .. 1939- .. .. 106 10 0 — 3* p.c. Stock, "1943 ..".'. 1941- .. .. 106 10 o — 3J p.c. Stock, 1952 .... 1938- .. .. 106 10 0 — 3J p.c. Stock, 1952 .... 1939. .. .. 106 10 0 — 3£ p.c. Stock, 1952 .. •• 1941- .... 100 10 0 — 4 p.c. BondB, Jan. .15, 1940 .. .. .. 105 0 0 — 4 p.c. Stock, Jan. 15, 1940 .. .. .. 105 0 0 — 4 p.c. Bonds, , Feb. 15, 1946 .. .. .. 107 0 0 — . 4 p.c. Stock, 15, 1946 .. Feb. .. .. 107 0 0 •— 4 p.c. Bonda, April 15, 1949 .. .. .. 106 15 0 — 4 p.c. Stock, A P ril 15, 1949 .. .. .. 106 15 0 — 4 p.c. Bonds, June 15, 1955 .. .. .. 107 0 0 — 4 p.c. Stock, June 15, 1955 .. .-. ..107 0 0 —

(By Electric Telegraph—Copyright.) KUGBY, July 28 ParisPar. July 27.' July 28. Francs to £1 124.21 76 13-32 76 15-32 Brussels — Belgas to £1 30 21.40 21.49 Oslo — Kroner to £ 1 IS. ISO 19.90i 19.901 Stockholm — Kroner to £1 18.130 19.391 19.391 Copenhagen— Kroner to £ 1 18.150 22.391 22.391 Berlin — Marks to £1 20.43 13.091 13.03 Montreal— Dollars to £1 4.86 23 4.95% 4.951 New York — Dollars to £1 4.88 23 5.03% 5.033 Yokohama — Pence to yen .. . 24.382 141 141 Hongkong— Pence to dollar 24.58 171 17J Bombay— Pence to rupee — 18 1-16 1S% Batavia— Florins to £1 12.10 7.48 7.48 MilanLire to £1 .. 82.46 58 25-32 58 25-32 Amsterdam — Guilder to £1 12.107 7.45 7.45 PragueKroner to £1 104 J 12U 121 5-16 Geneva — Francs to £ 1 25.225 15.43 15.441 Vienna — Schillings to £1 84.861 27 27 Helsingfors— Marks to £1 193.23 226J 2262 MadridPesetas to £ 1 25.221 36% 36 13-10 Belgrade— Dinars to £1 23.221 221 221 Athens — , Drachma to £1 3T5 525 525 Lisbon — Escudos to £1 110 110% 110% Bu2harest — Lei to £1 .. 931.S 503 503 Rio de Janeiro — Pence to milreis 5.890 41 41 Buenos Aires— Pence to pesos 4T.28 351 361 ShanghaiPence to tael 16% 16% Montevideo — 38% Pence to pesos — 38% Warsaw — Zlotys to £1 — —

1930 1931 1932 1933 p.c. p.c. p.c. p.c. United Kingdom .. 47.27 49.17 49.91 50.52 Canada .. 8.84 4.94 4.37 4.72 Australia .. 7.69 9.80 11.64 12.42 Total British .. 68.77 70.25 71.84 74.55 Japan .. .. 1.31 1.23 1.89 2.57 United States .. 17.60 15.65 14.18 11.11 ■ —;— _—— Total foreign .. 31.23 29.75 28.16 25.44 The report gives a good idea of the distribution of New Zealands overseas trade. The following table shows all the countries with which the Dominion had any considerable volume of trade in 1933, on the export or import side, or on both (exports given in New Zealand currency and imports in sterling):— Exports. Imports. & £ United Kingdom .. 35,571,509 10,839,803 Ceylon .. . . .. 2,670 442,628 India . .. 34,326 461,532 Hongkong .. . . .. 15,143 5,039 Malaya .. . . .. 22,929 50,545 Seychelles .. . . .. 15 32,942 South African Union 14,427 40,517 Canada .. . . .. 560,875 1,012,213 British West 1 Indies 20,970 12,926 Australia .. . . .. 1,393,311 2,674,683 Fiji . .. 87,435 84,877 Gilbert and Elllce Islands .. . . .. 5,227 71,378 Nauru Island , . .. 4,181 140.587 Western Samoa 51,348 31,435 Tonga .. .. . . .. 19,407 8,331 Total, British countries .. . £37,818,181 £15,993.494 Belgium .. . £ , .. 330,284 £ 138,620 Czechoslovakia . . .. 23 50,341 France .. . . .. 738,176 198,639 Germany .. . . .. 376,886 378,753 Italy . .. 97,330 115,888 Netherlands . .. 64,827 93,437 Norway .. • . .. 2,908 34,135 Russia .. . . .. 23 107,410 Spain . .. 5,858 42,076 Sweden .. . . .. 33,984 199,562 Switzerland . .. 1,219 87,989 Irak . • • 2 24,579 China .. . . .. 54,564 58,228 Japan . .. 354,402 541.342 Dutch East Indies .. 5,496 79S.579 Cuba — 36,200 Brazil .. . . .. 15,904 12,773 Panama Canal Zone 01,346 — Mexico .. . — 12,888 United States . . .. 1,188,972 2,383,451 Society Island . . .. 33,110 2,154 Hawaii .. . . .. 19,720 552 Tuamotu Archipelago 1,005 15,050 New Caledonia . . .. 256 10,700