COMMERCE AND FINANCE

Otago Daily Times, Issue 22367, 14 September 1934, Page 6

COMMERCE AND FINANCE

LOCAL AND OVERSEAS MARKETS

THE RESERVE BANK ASSETS AND LIABILITIES (P*b United Press Association) WELLINGTON, September IS. A Gazette issued to-night contains a statement of the assets and liabilities of the Reserve Bank of New Zealand as at the close of business on September 10. LIABILITIES. £ a. a. 1. Paid-up capital .. .. .. .. 500,000 0 0 2. Central Ktterr# Fund .. .. 1,000,000 0 0 3. Bank Botes •• 5.106.GG8 10 0 4. Demand Uabilltlea— . (a) State .. .. •• •« 8.063,473 10 9 (b) Banka 16,812.897 12 7 (o) Other „5 0 a 5. Time deposits “ 6. Liabilities In currencies other than New Zealand currency T. Other Uabilltlet »,079 S 8 Total .. £30.500,144 5 « ASSETS. ‘SmSST , 4.361.727 8 0 (b) Sterling eichangt .. .. 24,498,158 11 9 (c) Bold exchange .. *• *. 9. Subaldlsry coin 123.537 9 10 10. Discounts — (a) Commercial and agricultural bills .. .. ... .. •• (b) Tteaaury and local body bills 11. Adrances—(a) To State or Slate undertaking (b) To other public authorltlca (c) Other „ 15. Inreatmenta .. 1.500,000 0 0 15. Bank building 14. Other .6,724 8 11 Total .. .. 5 6 Proportion of resent (No. 8 leu No. 6) to notea and other demand Uabilltlea .. .. .. #9.54» DEBT CONVERSION . ARGENTINE’S OPERATION. (British Official Wireless.) (United Press Association.) (By .Electric Telegraph—Copyright.) RUGBY, September 12, (Received Sept. 13, at 5.5 p.m.) A scheme for converting a large part of Argentine’s debt from 5 per cent, to 44 per cent, on all loans has been announced, and underwriting took place vesterdav. Five Argentine loans are affected, and the holders will be invited to exchange into four and a-halfs on terms entitling the holders of maturing stock to receive the new_stock at a price equivalent to £93 10b. No cash subscriptions will be invited. Nearly £10,000,000 of Argentine Government bonds are involved. SALE OF PUREBRED JERSEYS HIGH PRICES REALISED. (Pei United Press Association.) HAMILTON, September 13. Despite the low quotations for butterfat and the uncertain position of the dairy industry an undoubted .improvement was shown in the conditions at the twelfth annual national Jersey Show sale at Claudelands when the best sale i° r several years waa recorded. There was a large and representative bench of buyers on both days of the sale and over 120 pedigree bulla were sold, realising an average of 32 guineas each. The top price was 155 guineas for a six-year-old bull, Idaha’s Sunrise, on account of Mr R. A. Lewis, of Pukekohe, and bought by Mr T. W. Narby, of Helensville. This bull was grand champion of the show held before the sale. The champion yearling of the sale, Greencroft Achievement, was sold on account of Mr J. Bones, of Kaipaki, and purchased for 137 guineas by Mr H. Rusk, of North Auckland, and a yeaning on account of Mr P. J. Petersen, oi Waitara, was bought by Mr W. T. Dale, of Waihou, for 101 guineas. PROGRESS IN TIN RESEARCH ASSISTANCE TO INDUSTRY, The first general report of the International Tin Research and Development Council describes the organisation and progress of this body, which was established by the Governments and tin producers of the principal countries exporting the metal. One of the chief objects has been to plan'a research and development programme to assist industries which use tin in their manufacturing processes and at the same time to conduct fundamental researches in order to develop new outlets for the metal. _ The council has organised and is directing researches. on basic problems relating to major applications of tin which they have delegated to university, Government, and _ industrial laboratories. Among the applications of tin covered by the researches are:—Tinplate; bearing metals; preparations of alloys from powdered metals; solders and other lead-tin alloys; bronzes; addition of other elements to tin; hot-tinning of castiron, steel, copper, etc.; electrodeposition of tin and tin alloys; anodic oxidation and colouring of tin; spraying of tin; pewter; collapsible tubes; tin foil; block tin pipe; tin in steel and nickel alloys; tin compounds. Progress has been made in all these researches whilst in some important directions results have already been obtained which promise to have a definite influence in improving products containing tin. < Several new uses for tin are mentioned in the report. A new dry electrical accumlator, in which tin forms one of the electrodes is described, and the application of tin compounds is indicated for a number of new industrial uses. " . DAIRY PRODUCE The New Zealand Loan and Mercantile Agency Company, Ltd., has received the following cabled advice from its London house, dated September 12; — Butter, including stored, 745, 775. Cheese. —White, 475, 47s 6d; coloured, 455. Market slow.

THE SHARE MARKET DUNEDIN STOCK EXCHANGE A sale of Commercial Banks at 17s 8d wag recorded on the Dunedin Stock Exchange yesterday, the market closing with buyers offering 17s 7d and sellers asking 17s 9d. Goldfields Dredging shares were also the subject of business at Is OJd and Is, while a further sale at Is OJd was reported. The closing buying and selling quotations on ’Change were Is and Is o*d respectively. . There was an improved demand for Bank of New Zealand®, buyers offering £2 Bs. Sellers, however, required £2 8s 3d. A sale at £2 8s was reported. Buyers of Milburn Limes offered up to £1 17s, but sellers were not interested. There was a slight easing in the inquiry for New Zealand Breweries, buyers best offer being £2 7s sd, no seller coming forward. A sale at f- 7s 6d was reported. The demand for Waitahus showed a slight improvement, buyers offering 4s 4d. This price, however, was 5d below sellers’ requirements. There was a steady demand for Government Loans, but no seller came forWard ‘ SALES ON ’CHANGE.

NORTHERN EXCHANGES (Peb United Fbess association.) The following business was done on 'Changes yesterday: — Auckland. —Sales: Stock (1955), 4 per cent., £lll 7s 6d; Auckland Harbour (1947), 5i per cent., £lO6 10s; Mount Eden Borough (1956), 4J per cent., £lO5 ss; Commercial Bank Australia, 17s 9d, 17s Bd. 17s 9d; E. S. and A. Bank, £5 8s; National Bank of New Zealand, £3 14s Gel; Bank of New South Wales, £32 (two parcels); Reserve Bank, £6 9s 3d: Australian Provident Association, 10s 4d

(two parcels); National Insurance, 20s 3d; Kauri Timber, 18s 3d; National Timber, 13s 6d; Kaiapoi Woollen, 12s lOd; Wellington Woollen (pref.), £5 10s; Consolidated Brick, 10s Dd, 10s sd, 10s 4d; Farmers’ Trading, Cs 4d (three parcels); do, (B pref.), 14s; Farmers’ Fertiliser, 20s: Wilsong Cement, 30s 3d (two parcels); Woolworths (Sydney), second pref., 275; Gillespie’s Beach, Is lOJd; Broken Hill proprietary, 49g lOd. Unofficial list: Woolworths (Sydney), ord., 725; do, Victoria (pref.), 275; Saddle Mines, Hid. Wellington—Sales: Inscribed Stock, 4 per cent. (1940), £IOB (two parcels); Bank of New Zealand, 48a (two parcels) ; New Zealand Refrigerating (paid), 19s 6d (two parcels); British Tobacco, 38s 9d (two parcels), 38s sd, 38s 6d; Colonial Sugar, £66 15s; Mount Lyell, 20s 3d; Big River, Is (two parcels). Unofficial: Woolworths (Sydney), 735. Christchurch. —Sales: New Zealand Government 4 per cent. Inscribed (1940), £IOB (two parcels); Commercial Bank of Australia, 17s 8d (two parcels), 17s 9d, 17s Bd; National Bank of Australasia (£lO paid), £l2 18s; Bank of New Zealand, 48s, 48s Id; Reserve Bank, £6 8s 9d (two parcels); National insurance, 20s 2d; Goldsbrough, Mort, 30s 6d; New Zealand Refrigerating (£l paid), 19s 6d; Anthony Hordern, 14s lid (two parcels); British Tobacco (cum div,), 38s 6d (three parcels); Broken Hill Proprietary, 60s; Consolidated Brick, 10s Sd: Big River, Hid; Brian Born, Is 4d; Goldfields Dredging. Is; Mahakipawa (pref.), 1930, Is 3d; Mataki, 2s 7id; Mining House Concessions. 4Jd; Mount Lyell, 20s 3d (three parcels); Skippers, 7cl. Sales reported: Bank of Australasia (cum cliv.). £ll 16s; Bank of New Zealand, 48s: New Zealand Insurance, 655; Quill Morris (in liquidation), 3s 3d; Nokomai, 4s: Big River, Is (two parcels); Bank of New Zealand, 48s la (two parcels); British Tobacco, 38s 6d; Nokomai, 4s 2d (two parcels); Mount Lyell. 20s 3d. Unlisted stocks; Woolworths (Sydney), ord., 1 2s (tno parcels). SYDNEY STOCK EXCHANGE (United Press Association.) (By Electric Telegraph—Copyright.) SYDNEY, September 13. Early sales on Exchange were as follows: —Bonds: 4 per cent., 1938, £lO5 3s 9d; 1961, £llO 10s. Shares: National Bank (£5 paid), £6 11s; Toohey’s, 29s 6d; Tooth’s. 46s 9d; Anthony Hordern, 15s; Associated News (pref.), 245; Australian Glass, 545; Broken Hill Proprietary, 60s; Dunlop Perdriau, 20s 4d; Goldsbrough, Mort, 30s 71d; Morris, Hcdstrom, 16s 3d. ADDITIONAL SALES. (United Press Association.) (By Electric Telegraph—Copyright.) SYDNEY, September 13. (Received Sept. 13, at 9 p.m.) With the Federal elections only two days off, investors on the Stock Exchange displayed marked confidence and bid up strongly for all classes of Bound stocks. Share values moved almost uniformly on the up grade, and the turnover was large in volume. Additional sales were as follows: — Bank of New South Wales, £32 15s; Commercial Bank of Sydney, £18; Commercial Bank of Australia, 18s _ (pref., £9 17s); National Bank (£5 paid), £6 11b; Colonial Sugar, £67 12s 6d; Australian Provincial Assurance, 10s 4d; Associated News, 24s 6d (pref., 245); United Insurance, £11; Australian Gas (A), £7 18s 6d; British Tobacco, 395; Tooths, 46s 9d; Tooheys, 29s 9d; Australian Glass, 545; Dunlop Perdriau, 20s 3d; Goldsbrough, Mort, 30s 6d; Morris Hedstrom, 16s 3d; Millaquin Sugar, 345; Electrolytic Zins, 27s 14d; David Jones, 355; Anthony Hordern, 15s 3d; Standard Cement, 19s 6d; Australian Iron and Steel (pref.), 23s 6d; General Industries (pref.), 245; Mount Morgan, 34s 9d; Mount Lyell, 20s l*d; Broken Hill Proprietary, 50s; Gordon and Gotoh, 4oe 3d; Placer Development, £26 10s; Euratha Gold, 10s 6d. MELBOURNE, September 13. Commercial’ Bank, 18s 3d; Nestles (pref.), 37e; Electrolytic Zinc (pref.), 35s 6d; Australian Glass, 545; Mount Lyell, 20s 3d; North Broken Hill, £5. NEW GUINEA GOLD SHARES (United Press Association.) (By Electric Telegraph—Copyright.) LONDON, September 12. New Guinea Gold shares are quoted at 5s s|d. PRICE OF FINE GOLD (United Press Association.) (By Electric Telegraph—Copyright.) LONDON, September 12. Fine gold is quoted at £7 Os s)d per ounce. TALLOW MARKET (United Press Association.) (By Electric Telegraph—Copyright.) LONDON, September 12. At the tallow sales 1444 casks were offered and 1090 sold at 6d to Is advance. Mutton: Fine, 22s 6d; medium, 18s 6d. Beef; Fine, 21s; medium, _ 18s. Stock, 3014; imports, 1546; deliveries, 896. The Bank of New Zealand has received the following advice from its London office under date September 12:— Tallow. —There is a good demand. Good mutton, 21s to 21s 6d per cwt; good beef, 19s 9d to 20s; good mixed, 19s 9d to 20s; gut, 16s to 17s.

N.Z. FARMERS’ CO-OPERATIVE ASSOCIATION OF CANTERBURY

THE YEAR'S OPERATIONS NET PROFIT OF £27,574. £Peb United Press Association.) CHRISTCHURCH, September 13. The report and statement o£ accounts of the New Zealand Farmers’ Co-operative Association of Canterbury, Ltd., for the year ended July 31, 1934, has been issued. The accounts show a marked improvement on those of last year, the net loss of £95,218 last year being converted into a net rofit of £27,574 in 1934. The gross profit for the year was £154,777. After providing for a very considerable amount of interest which had been suspended and not taken into profit, and also the • sum of £2500 for extra depreciation against plant, machinery, and fixtures, it is proposed to allocate the whole of the year’s net profit against the accumulated deficiencies shown in the balance sheet. Provided the conditions continue, states the report, the net earnings of the association are likely to be more satisfactory in the future, and therefore it has been decided by the directors to place certain financial proposals before the shareholders at the extraordinary meeting to be held during the year whirfi, if < carried, should have the effect of enabling the association to pay dividends at the end of the present financial year and in the future. FOREIGN EXCHANGES (British Official Wireless.) (United Pres* Association.) (By Electric Telegraph—Copyright.)

ON NEW ZEALAND CURRENCY • BASIS The Bank of New South Wales, Dunedin, quoted the following rates for their purchases and sales of foreign exchange yesterday:— Buying. Selling.

LONDON METAL MARKET (United Press Association.) tßy Electric Telegraph— Copyright.) LONDON, September If. (■Received Sept. 13, at 0.30 p.m.) The following are the official metal quotations:—

MINING NEWS NOKOMAI REPORT The secretary of the Nokomai Gold Mining Company, Ltd., reports the completion of tho partially excavated _ paddock. The return from the area which is situated at the foot of the hill on the east side of the claim is !85oz 16dwt 12gr. More than half of the paddock had a high rock bottom carrying very little gold. It is now proposed to move the elevator from the high bar and open up a new paddock on more payable ground. bell-kilgour' company The first annual report of the Bell-Kil-gour Gold Minin" Company, Ltd., to be presented to members at the annual meeting of the company on September 24, states: — “ Shareholders will remember that the prospectus stated that in addition to the area of 9 acres to be taken over from Messrs J. P. Bell and William Kilgour (the Bell-Kilgour claim) the company had: (a) an option for £3500 over 6A acres of ground belonging to William Murray; and (b) an option for £7OOO over a further nine acres belonging to William Kilgour. In order to gain an idea of the possible value of these two additional properties the directors had a geophysical survey made, and in view of the results obtained they decided to take over Murray’s but not W. Kilgour s property. Up to date, all work has been concentrated on the Bell-Kilgour claim. “ For the first few months —up to September, 1933 —the claim was being opened up for future work. A roadway from the flat down to the entrance of the main drive was constructed; pumps and sluice boxes were installed, and the main drive timbered. The first wash-up took place on October 6, 1933, and since then there has been a regular weekly return. The total gold won up to the first week of this month amounted to SOl.Soz, from 5420 cubic yards of wash. Expenses of working incidental to alluvial mining are heavy; for an average week, with a full team (23) of men employed, the working costs and overhead amount to approximately 220 zof gold at £7 per pz. The directors have endeavoured to keep cxr penses down to the lowest figure compatible with sound business, and have aimed at keeping tho reserve capital intact. The result of this is shown by the fact that apart from the balances in current accounts, the deposits in the Post Office Savings Bank amount to £2280 12s Cd. It is pleasing to note that a small profit has been made. It has been suggested that better results would be obtained if more men were employed. This, however. is_ not possible, as the maximum number is already engaged, and to employ more men it would be necessary to open a second entrance drive, complete with tram rails, etc. Conditions at present do not warrant this expenditure. . . ~ “ The rich returns originally anticipated have not as yet been realised. The work so far completed indicates that the wash is patchy, and the values very irregular, vai-ying every few feet. This irregularity makes it impossible to predict future returns or values with any certainty whatever. Up to date, the greater part of the gold has been found in the vicinity of the workings the original owners, Messrs Bell and Kilgour. The ground towards the back of the claim has proved to be low grade. Recent work on the north-west branch drive (No. 3) indicates that a channel may extend from Murray’s claim across the main area. While it is too early yet to gauge the possibilities of such a channel, it is quite likely, in view of the nature of the country, that it will contain good gold. The directors feel that further work is necessary before any definite conclusion can be arrived at concerning the value of the claim. By careful management both of the claim and of the company s finances, it should be possible to investigate the property thoroughly with a view to locating rich wash.” ALEXANDER MINES, LTD. ANNUAL MEETING. The annual general meeting of shareholders of the Alexander Mines Company, Ltd., was held at the County Chambers. Reefton, on Saturday, September 8. Thirteen shareholders were present and 58 shareholders were represented by proxy, making a total representation of 33,189 shares. The chairman of directors, Mr D. A, M’Vicar, presided. The directors’ report, balance sheet and statement of profit and loss account for the year ended M a y 31, were received and adopted. _ ~ Messrs S. A. A. Fry and F. W. Manton, the retiring directors, were reelected. Mr W. B. Auld and Mr H. Cooper were re-elected auditors. A proposal from a shareholder made at the previous annual general meeting suggesting that the company’s shares should be subdivided into smaller denominational values of cither 5s or Is shares was again brought forward at this meeting, but it was decided that no action be taken in the matter. Mr S. A. A. Fry brought forward a suggestion that during the incoming year the directors should consider the question of installing a diamond drilling plant to enlarge the scope of prospecting operations in the mine, which would be more expeditious and cheaper than by driving crosscuts. A discussion then arose as to the question of defraying the capital expenditure recently incurred in the erection of the hydro-power plant and likewise the installation of rock drilling machines. After considerable discussion it was proposed that it be a recommendation to the directors that three calls of 6d each per share would be levied on the contributing shires to help to pay for the capital expenditure referred to. _ This resolution was finally carried on the casting vote of the chairman. A further recommendation to the directors was to the effect that Mr D. A. M’Vicar’a services to the company as chairman of directors for the past year should be specially recognised. A vote of thanks was accorded to the directors, the mine manager, and staff officials for their services during the past year, and the meeting terminated. At The conclusion of the annual meeting, tho usual monthly meeting of directors was held, and the ninth call of Od per share was made on all the contributing shares of the company and becomes payable on Thursday, September 27, 1934. SYDNEY WOOL SALES (United Press Association.) (By Electric Telegraph—Copyright.) SYDNEY, September 13. (Received Sept. 13, at 10.30 p.m.) At the wool sales 8387 bales were offered and C 576 sold, while 1013 were disposed of privately. There was good general competition, and the market closed firm at the previous day’s level of prices. The position regarding shabby fleece and burry fleece lines has not improved, and these are still selling somewhat irregularly. Greasy merino sold to 15i}d for eight' bales from Scone. The average price of wool for the first three days of the week was £l2 11s 4d, or 9.4 d per lb. DOLLAR AND FRANC (United Press Association.) (By Electric Telegraph-—Copyright.) LONDON, September 12. Exchange on New York is quoted at 5.01 dollars to the f, and on Paris at 75 1-16 cents to the £. Messrs J. Lindsay and Co., grain and produce salesmen and commission agents, Vogel street, Dunedin, agents for the North Otago Poultry Farmers’ Association, report as under: —Eggs: Poultry farmers’, lOd. Butter: Dairy pats, 6d to 7d. Pigs: Baconers, 5d to sid per lb; porkers, 5d to 5Jd per lb. Potatoes, 60s per ton. Chaff. £4 5s per ton, sacks extra, ex store. Ryegrass hay, £3 15s per ton, ex store. Whcaten straw. Sss per ton, ex store. Oaten straw, £3 10s per ton. Honey: 101 b tins, 5s each. Tea: 51b boxes, 12s 6d. Canterbury onions, 5s 6d per bag, ex store. Good whole fowl wheat, 4s to 4s 3d per bushel, sacks extra, ex store. Oats: A grade Cartons, 2s 6d per bushel, sacks extra; Duns, ?s per bushel. Poultry: Hens. 2s to 2s 6d; roosters, Is 6d to 3s; turkeys, 8d per lb; gobblers, 9d. Barley pollard. 8s per bag of 1501 b. Lucerne hay, £5 10s per ton. We stock meatmeal, grit, chicken food, etc., and have poultry crates on hand for the free use of our clients. —September 14.

AUSTRALIAN MARKETS (United Press Association.) (By Electric Telegraph—Copyright.) SYDNEY, September 13. (Received Sept. 13, at 10.15 p.m.) Wheat; At country sidings. 2s Cd, equivalent to os Id bagged and 3s 2d bulk lots, ex trucks, Sydney, but no business was offering. Flour, £8 15s. Bran, £5. Pollard, £5 ss. Potatoes: Tasmanian, £9 10s; Victorian, £8 10s. Onions: Victorian Brown Spanish, £0 to £9 10s. Maize: Yellow, 3s 2d; white, Ss 3d. ADELAIDE, September 13. Wheat: Growers’ lots, 3s lid. Flour: Bakers’ lots, £9. Bran and pollard, £5 ss. Oats: Algerian, 2s 3d. Barley, 2s 10d.

£ 6. d. Commercial Bank . 0 17 8 Goldfields Dredging 0 0 1 1 0 0i SALES REPORTED. Bank of New Zealand .. 2 8 0 Goldsbrough, Morfc Bruce Woollen (or 1 10 8 I) ... # , 0 13 3 New Zealand Breweries .. •« 2 7 6 Goldfields Dredging SALE REPORTI 0 1 0i , ID AFTER LAST CALL. Woolworths (Sydney) .. .. 3 12 6 The following are yesterday afternoon’s buying and selling quotations, which are subject to tbe usual brokerage:BANKING. Buyer. Seller. £ s. d. £ s. d. Australasia .. .. — 11 15 0 New South Wales 31 10 0 — New Zealand .. .. 2 8 0 2 8 3 New Zealand (long 6 D) .. 1 14 3 1 14 Commercial .. .. 0 17 7 0 17 9 National of N.Z... 3 13 0 — 6 S 9 6 9 3 Union 9 8 0 _ INSURANCE. National .. .. .. 1 0 0 1 0 4 New Zealand .. .. 3 4 6 — Standard 3 6 4 — SHIPPING. Huddart, Parker, (ord.) — 1 14 0 Huddart, Parker (pref.) 1 S 0 — U.S.S. Co. (pref.) I 6 9 — COAL. Kaitangata .. .. 1 I 0 — Westport 0 19 0 0 19 3 LOAN AND AGENCY. Dalgety and Co. 9 0 0 — Goldsbrough, Morfc National Mortgage 1 10 5 3 1 0 N.Z. Guarantee Crp. 0 4 7 0 4 11 Wright, Stephenson 18 6 (ord.) — 0 MEAT PRESERVING. Canterbury Meat i, (pref.) 5 12 0 — N.Z. Refrigerating 0 19 (paid) 4 * N.Z. Refrigerating 9 (cont.) 0 9 3 0 4 South. Froz. Meat (paid) 3 11 0 South, Froz. Meat 1 15 3 — South. Froz. Meat (pref.) .. .. .. 3 11 0 — South Otago Freez. 6 3 0 — MISCELLANEOUS. Associated News .. 1 3 0 — Brown, Ewing 8 (ord.) .. .. .. — 1 0 Bruce Woollen (ord.) .. .. .. 0 13 0 0 13 6 Crystal Ice .. .. ' 1 17 0 2 2 0 D.I.C. (pref.) 1 5 0 — Dominion Fertiliser 1 0 0 1 0 4 Dominion Fertiliser (debs.) .... .. 102 10 6 —- Dominion Rubber 1 9 6 — Dun.-Kaik. Trams 1 17 0 — Stock Exchange Proprietary 2 0 0 . Electrolytic Zino (ord.) .. ... .. 1 6 6 — Kaiapoi Woollen (pref.) .. .. .. — 1 1 3 Milburn Lime 1 17 0 — Mount Lyell .. .. 1 0 2 — 9 National Electric 0 7 6 0 .8 N.Z. Drug Co. 3 18 6 — N.Z. Newspapers.. 1 12 0 — N.Z. Paper Mills Regent Theatre .. 1 11 0 17 6 6 0 19 0 Whitcombe and * 3 15 0 Wilsons Cement .. 1 10 0 — Woolworths Syd3 11 9 Woolworths (ord.) 7 0 0 — Sun News. ... . — 0 4 2 BREWERIES N.Z. Breweries .. 2 7 5 — Dunedin 1 8 0 1 10 0 OIL. Moturoa — 0 4 0 MINING. Bell-Hooper . . ... 0 0 4 0 0 51 Bell-Kilgour .. .. — 0 0 4 Bendigo Goldlight 0 0 Hi 0 1 0i Big • River .. .. 0 0 iii 0 1 3 Backwater .. .. I 12 6 — Central Shotover — 0 0 10 Charleston .. .. — 0 1 3 Gillespie’s Beach 0 1 Si 0 1 9i Golden Progress .. 0 1 0 0 1 4 Goldfields Dredging 0 1 0 0 1 0i Glenroy 0 1 2 — King Solomon 0 4 0 0 4 4 Lawson’s Flat — 0 0 « Mahakipawa .. .. — 0 0 11 0 2 6 Mining House 4J Concessions — 0 0 Moonlight-Nelson Creek .. .. .. — 0 0 5 Nevis Diesel .. .. 0 0 5 0 0 6 Nokoniai 0 3 11 0 4 3 0 8 4 «— Oxenbrldge .. .. 0 0 9 0 0 10 Sandhills .. .. .. 0 0 5i — 0 0 Hi , Stafford 0 1 4h Waihi — 1 14 0 Waitahu 0 4 4 0 4 9 Wetherstones .. .. 0 0 9 0 1 3 GOVERNMENT LOANS. 3i p.c. Stock, 10381943 108 0 0 . 34 p.c. Stock, 19391943 108 0 0 — 3J pc. Stock, 19411943 108 0 0 ■ 3 h P.c. Stock, 19381952 108 0 0 — 3J p.c. Stock, 19391952 108 0 0 — 3J p.c. Stock, 19411952 108 0 0 — 4 p.c. Bonds, Jan. 15, 1940 107 10 0 — 4 p.c. Stock, Jan. 15, 1940 107 10 0 — 4 p.c. Bonds, Feb. 15, 1946 107 10 0 — 4 p.c. Stock, Feb. 15, 1946 107 10 0 — 4 p.c. Bonds, April 15, 1949 109 10 0 — 4 p.c. Stock, April 15, 1949 109 10 0 — 4 p.c. Bonds, June 15, 1955 110 10 0 4 p.c. Stock, June 15. 1955 no io 0 —

RUGBY, September 12. (Received Sept. 13, , at 5.5 p.m.j Paris— Par. Sept. 11, Sept. ?.z. Francs to £1 124.21 75 1-32 75 1-16 Brussels — 21.09 21.07 Belgas to £ 1 30 Oslo — 19.90} Kroner to £ 1 18.180 19.90} Stockholm — 19.39} 19.39} Kroner to £ 1 18.180 Copenhagen— 22.40 22.40 Kroner to £ 1 18.150 Berlin — 12.45 12.41 Marks to £1 20.43 Montreal — 4.85J Dollars to £1 4,86 2-3 4.851 New York — 5.01 >/s Dollars to £1 4.86 23 5.01% Yokohama— 14% 14% Ponce to yea .. 24.582 Hongkong— 181 181 Pence to dollar 24.58 Bombay— 18 1-16 18 1-16 Peace to rupee — Batavia— 7.27 7.27 Florins to £1 12.10 Milan— Biro to £ 1 .. 82.46 57 11-16 57 11-16 Amsterdam — 7.30} 7.30 Guilder to £1 12.107 Prague— no 119 Kronor to £1 104J Geneva— 15.15} Francs to £ 1 25.22} 15.16 Vienna— 26} Schillings to £1 £4.86} 26} Helsingfors— 226| 2261 Marks to £1 193.23 Madrid— 36 3-16 Pesetas to £ 1 25.22} 36 7-32 Belgrade— 216 216 Dinars to £1 25.22} Athens— 516 Drachma to £1 375 510 Lisbon— 110% Escudos to £ 1 110 110% Bucharest — 495 Lei to £1 931.6 495 Klo de Janeiro— 41 Pence to mllrels 5.890 41 Buenos Aires — 36} Pence to pesos 47.28 36} Shanghai — 17 17 Pence to tael .. — Montevideo — 391 39% Pence to pesos — Warsaw — Zlotys to £ 1 — —

France— Francs to £1 N.Z. T.T. 60.94 59.64 O.D. 61.24 59.69 • Noumea — Francs to £1 N.Z. T.T. 01.89 58.89 O.D. C2.29 58.94 Papeete— Francs to £1 N.Z. T.T. 61.89 58.89 O.D. 62.29 58.94 Belgium— Belgas to £1 N.Z. T.T. 17.304 16.604 O.D, 17.404 16.619 Germany— ISelchraarks to £1 N.Z. .. .. T.T. 9.779 O.D. — 9.784 Italy— Lire to £1 N.Z. T.T. 43.03 O.D. f 45.69 Switzerland — Francs to £1 N.Z. T.T. 32.397 11.997 O.D. 12.472 12.007 Holland— Florins to £1 N.Z T.T. 6.000 5.750 O.D. 0.050 S..754 Java— Florins to £1 N.Z. .. .. T.T. 5.951 3.726 O.D. 6.001 5.730 Japan— N.Z. Pence to 1 yen .. . * .. 18 3-32 Shanghai— N.Z. pence to 1 dollar .. .. T.T. 20% 21 11-16 O.D. 20i 21% India and Ceylon— N.Z. pence to 1 rupee .. .. T.T.22 5-16 22 21-32 O.D. 22 3-16 22 19-32 Hong-Kong— N.Z. pence' to 1 dollar .. .. T.T. 22 29-32 23 31-32 O.D. 22 25-32 23 29-32 Singapore— N.Z. pence to 1 dollar .... T.T. 34 13-32 35 11-32 O.D. 34 9-32 35 9-32 T.T. represents Telegraphic Transfers. O.D. represents on demand transactions. The above rates aro subject to alteration without notice.

Copper, spot Ton. £27 9 4 % Itlse £0 2 8 Copper, forward .. 27 13 7% Else 0 3 8 electrolytic. »pot .. SO 10 0 No change Electrolytic, forward 31 0 0 Rise 0 5 0 Wlr« bars .. .. 31 0 0 Rise 0 6 0 bead, ipof .. 10 1 S Rise 0 1 3 Lend, forward 10 8 0 Rlso 0 1 3 Spelter, epot ,, 12 7 G Fall 0 3 9 Spelter, forward .. 12 11 3 Fall 0 3 9 Tin, spot .. 229 0 0 Rise 0 17 8 Tin, forward 9 Rise 1 0 0 Pin Iron, home trade 3 7 0 No change PtE Iron, export 8 8 8 No change Antimony. British 44 10 0 No change Antimony, foreign 31 0 0 No change Molybdenite .. ». Unit 1 14 e No change Wolfram ,, 2 1 8 No change Silver standard .. 21 11-lCd Fall 1-lKd Sliver fine .. 23%d FaU %d