COMMERCE AND FINANCE

Otago Daily Times, Issue 22373, 21 September 1934, Page 6

COMMERCE AND FINANCE

THE RESERVE BANK LIABILITIES AND ASSETS (Peb United Press Association,) WELLINGTON, September 20; The 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 • 17:— LIABILITIES ~ ' £ s. a. 1. Paid-up capital .. . I . . 300,000 0 0 2. General U(’serve Fund y>, .’. 1.000.000 0 0 3. Bank notes ■ ’8,081,350 0 0 4. liabilities— . (a) State .. .. 4.070.420 3 5 (b) Banks .. ... 10.225,852 9 2 (c) Other .. 150 1 13 fi. Time deposits .... .... 6. Liabilities In currencies other, than New Zealand currency 7. Other liablUties .. .. ... . 10,97 8 811 Total .. .. £30,500,751 3 4 ASSETS. 8. Reserve — (a) Gold .. .. . ... • iy. 4.351.727 0 0 (b) Sterling exchange .. .. 24,400,800 711 (o) Gold exchange .. „ 9. Subsidiary coin .. „Vv .. • • - 123,512 12 3 10. Discounts— '• ’ ' ’ (a) Commercial and agricultural bills .. .. ; v ~ (b) Treasury and local body bills 11. Advances— ’ (s) To Stale or State undorr takings .. (b) To other public authorities fc) Other v. • • 12. Investments .. ~’ .. 1,500,000 0 0 13. Bank buildings .-l ■ 14. Other assets .. .. 34,015 3 2 Total V. £30.590,751 3 4 Proportion of reserve (No. 8 less No. 0) to notes and other demand JlabUitics; ... .. .. .. 00.52% LONDON WOOL SALES (United Press Association.) (By Electric Telegraph—Copyright.) .... LONDON, September 19. At the > wool ' 5a1e55;10,551 bales • were, • offered,; including -3645 from New Zealand, and 8732 bales-were sold. There -teas good home and Continental competiand the opening rates were maintained.' r - New Zealand greasy : >, crossbred, . “ top B}d, average-BJd; slips halfbredVlirmbs, “ J. Eclipse, TALA.,” top 12Jd, average lljd. V : ‘ ’ 1 SYDNEY WOOL SALES (United Presa f Association!) (By Electric Telegraph—Copyright.) n SYDNEY,. September.2o. -■(. (Received Sept. .20',’-at 11 p'-tiii). At the wool sales .(8076 , bales; were.offered and 6890 sold, while 1822 were disposed of privately.' The market was again firm for the greater ■ bulk of the offerings, but there was still irregularity for fleece descriptions showing fault. Therelwas strong competition from Japan and Yorksbir hi by Germany and France. 'Greasy merino sold to 14*d.- ; ’ ; : vv. i THE MELBOURNE SALES _ ‘.,V; {United, Press -Association.) ' A . Electric Telegraph—Copyright.), MELBOURNE, September 20. At the wool sales 655*0 bales were offered. '.’.There wae, a good demand for wools showing good style, both merino and comeback, but inferior sorts, more especially burry .and' # faulty skirtings,. were difficult-., to sell., ' The top prices werer—TSuper; .fleece, wool, 14|d; . come-; back, 141 d;; MARKETS;. < {Uiif&di Association.): (By Electric Telegraph—Copyright.) SYDNEY, September 20. ... (Received Sept. 20, at 10 p.m.) Wheat: At country sidings,'2g 21d and 2g 3d—equal to-about 2s .lo|3 and 2s lid, ex trucks. Flour, £8 10s. ‘ Bran,.. £5, Pollard, £5 ss/; ■ . <y ■ Potatoes: Tasmanian, £9 10s; Victorian, '£B-. 10s. ■ • ,s -- ‘ ’ ’ _ ’ Onions: Victorian Brown Spanish, to £9 10s. Maize: Yellow. 3s 2d; while, 3s 3d. FARMERS’: CO-OPERATIVE COMPANY DIVIDEND ON ORDINARY SHARES. (Special to Daily Times) AUCKLAND, September 20. An increase of £15,921 in the net profit is .disclosed in the annual accounts of .the Farmers’ Co-operative Auctioneering Company, Ltd., Hamilton, which earned £33,008 for the year ended July 31. With £282 brought forward from last year, there was available £33,290.. Preference dividends for the.year required £12,601, leaving a balance of £20,629, out of which it is proposed to pay a 4 per cent, dividend on the ordinary share capital, income tax for the year, and to carry the balance forward. This is the first ordinary dividend since 1929-30, when 7per cent, was paid. OPOSSUM SKIN SALE ' The third sale for the season will be held to-day, -when another record offering of ' over 65,000 skins will be submitted . by the various selling brokers. Messrs Dalgety and Co., whose catalogue comprises 44,665 skins, state that the quality of the skins is generally good, and, while the proportion of heavy-furred Otago skins is ,not so large as in the August sale, there is nevertheless a good selection of light colours from the North arid South Islands for which a good demand is again expected at about last sale’s prices. Owing to the complete lack of interest at the present time from the Continent, it is expected that dark colours will again be • slow of sale.

LOCAL AND OVERSEAS MARKETS

NORTHERN EXCHANGES (Peb United Pbess Association) The following business was done on Changes yesterday:— Auckland. —Sales: Bonds (1940), 4 per cent., £IOB 7s 6d; Stocks (1940), 4 per cent., £IOB 7s Cd; ditto (1949), 4. per cent., £llO 17s 6d; ditto (1955), 4 per cent., £ll2, £ll2 10s, £ll2 2s Cd; Amalgamated Brick (Auckland), 1944, 74 per cent.. £104; Gisborne Sheepfanners (1941), 64 per cent,, £IOO (two parcels); Bank of Australasia, £l2 3s: Commercial Bank of Australia, 17s 2d; National Bank of New Zealand. £3 Iss (two parcels); Bank of New South Wales, £32 17s Cd; Bank of New Zealand, 48s; National Insurance, 20s 4d; New Zealand Insurance. 675; South British Insurance, 90s; Kauri Timber, 20s 3d; Kaiapoi Wool (7s paid), 4s 3d; Colonial Sugar, £67; Consolidated Brick, 10s 9d (two parcels); Milne and Choyce (Deb.), 19s 9d: Farmers’ Fertiliser, 20s; New Zealand Refrigerating (£1 paid), 19s lOd; ditto (10s paid), 9s sd, 9s 6d; Mataki, 2s lOd, 2s 11-Jcl, 2s 10d; Mount Lyell, 20s. Unofficial list: Woohvorths (Sydney), ord., 775. Wellington.—Sales: Inscribed Stock, 4 per cent. (1955), £ll2. fill 12s Gd. £lll 15s; Bank of New Zealand, 48s; Reserve Bank, £6 9s 3d; New Zealand Guarantee Corporation, 5s 4d (two parcels); New Zealand Refrigerating (cont.), 9s Cd;

THE SHARE MARKET DUNEDIN STOCK EXCHANGE Two sales of Bank of New Zealands at £2 8s were reported on . the Dunedin Stock Exchange yesterday, the closing quotations being 3d on either side of that figure. Preferred Union Steams were on offer at £1 8s but the best buying quotation was £1 7s. . Up to £1 9s 9d was offered for Dominion Rubbers, but no seller responded.' Two parcels of Sydney Woolworths realised £3 16s. The final quotations being 3d on either side of the' .sale price. , New Zealand .Breweries were dealt in at.£2 7s 3d, later offers'of Id less finding sellers firm at £2 7s 6d. ’Bell-Hoopers were turned over at 4d, and there was business in Nokomais at 4s Id’ and 4s 2d. They are now wanted at the latter figure with sellers asking. Id more. There is an unsupplied buyer of-Okaritos at 8s lOd. SALES ON ’CHANGE.

New Zealand Breweries, 475, 47s 3d; Tooths, 46s lOd; British Tobacco, 38s 6d; Big River, Is 7d; Skippers, 7£d; Goldfields Dredge, Is. Unofficial: Woolworths, Ltd., 775. Christchurch. —Sales; New Zealand Government 4 per cent. Inscribed (1940), £IOB ss; New Zealand Government 4 per cent. Inscribed (1946), £IOB 10s; New Zealand Government 4 per cent. Inscribed (1955), £112; Commercial Bank of Australia, 17s 2d (five parcels), 17s 3d; Commercial Bank of Sydney, £l7 15s; Reserve Bank, £6 9s; New Zealand Guarantee Corporation (cum dir.), 5s 4d (two parcels); New Zealand Refrigerating (10g paid), 9g sd; New Zealand Breweries, 47s 2d; Tooths Brewery, 46s 6(1; British Tobacco (cum div.), 38s 6cl; 100 Timaru Brewery (7s 6d paid), 7s 4d; Burns, Philp, 54s 6d (two parcels); Electrolytic Ziqc (ord.), 27s 7d (two parcels); Kauri Timber, 19s 6d (two parcels), 19s 7d; New Zealand Newspapers, 32s 6d; Sun Newspapers, 3s lid; Bendigo Goldlight, Is 3Jd; Bell-Kilgour, d; Big River, Is 7d; Brian Born, Is 4d; Glenroy, Is Mahakipawa, 10d; Mount Lycll, 20s; Nevis Diesel Electric, 5Jd; Nokoinai, 4s Id (four parcels); Skippers, (two parcels); Waihi Grand Junction, 4s 3d. Sales reported: Skippers, 7Jd; Nokomai. 4s 2d; Electrolytic Zinc (ord.), 27s 7d; Timaru Brewery (7s 6d paid), 7s 5d (two parcels); New Zealand Brewei-ies, 47s 3d (two parcels), 47s 3d (two parcels), 475; National Insurance, 20s 4d; Dalgety and Co., £9 4s 6d; Skippers, 7§d; New Zealand Newspapers, 32s 9d. Unlisted stocks; Woolworths (Sydney), ord., 76s 6d, 765, 76s 6d. Reported: Woolworths (Sydney), ord., 775. SYDNEY STOCK EXCHANGE (United Press Association.) (By Electric Telegraph—Copyright.) SYDNEY. September 20. The early sales on Exchange were as follows: —Bonds: 3J per cent., 1948, £lO2 ss; 4 per cSnt., 1941, £lO6 17s 6d; 1944, £IOB 10s; 1953, £lO9 17s 6d; 1961, £IOB 13s 9d. Shares; Tooths, 46s 6d; Anthony Hordern. 14s lid; British Tobacco, 38s 6d; Broken Hill Proprietary, 52s 9d; Burns, Philp, 55s 6d; Colonial Sugar, £67 ss; ’Dunlopi 20s; Goldsbrough, Mort, 30s lid; Howard, Smith, 16s 9d. ADDITIONAL SALES. (United Press Association.) (By Electric Telegraph—Copyright.) SYDNEY, September 20. (Received Sept. 20, at 10 p.m.) On the Stock Exchange strong support was accorded shares of companies associated with building trades. Pastoral shares were steady, but Commonwealth Bonds were rather quiet, as were banks, which were firm. Additional sales were as follows;: Bank of New South Wales, £32 17s 6d; Colonial Sugar, £67 10s; Associated News (pref.), 24s 3d; G. J. Coles, 45s 9d;' Burns, Philp, 565; Australian Gas A, £7 18s 6d; British Tobacco, 38s 7Jd; Tooths, 46s 9d; Australian Glass, 54g 6d; Dunlop Pcrdriau, 20s; Winchcombe, Carson, 28s Od; Henry Jones, 355; Millaquin Sugar, 32s 6d; Anthony Hordern, 14s lid; General Industries, I2s 6d; Wunderlich, 23s 3d; Mount Morgan, 33s 6d; South Broken Hill, 765; Broken Hill Proprietary, 52s 9d. Commonwealth Bonds (4 per cent.), 1938, £lO5 17s 6d; 1941, £107; 1944, £IOB 15s; 1947, £IOB 3s 9d; 1950, £lO9 16s 3d; 1953, £lO9 15s; 1957, £IOB 3s 9d; 1959, £llO 10s; 1961, £IOB 16s 3d. MELBOURNE, September 20. Commercial Bank of Australia, 17s 9d; Australian Glass, 54s 9d; Electrolytic Zinc, 28s (pref., 365); Huddart, Parker, 355; Herald and Weekly Times, 53s 9d; Adelaide Steam, 26s 9cl; Mount Lyell, 20s lidADELAIDE, September 20. Wheat: Growers’ lots, 3s. Flour: Bakers’ lots, £9. Bran and pollard, £5 ss. Oats: Algerian, 2s 3d. Navels, 4s 6d to 6s. Lemons, 3s to 6s. NEW GUINEA GOLD SHARES (United Press Association.) (By Electric Telegraph—Copyright.) LONDON, September 19. New Guinea Gold shares are quoted at 5s Bcl. FRENCH CONSOLIDATION LOAN (United Press Association.') (By Electric Telegraph-—Copyright.) PARIS, September 19. In announcing a consolidation loan of from three to ten years, at 4J per cent., the amount not being fixed, the Minister of Finance (M. Germain Martin) said that if international events became more grave, necessitating increased armaments, it .would'be logical to create a special armaments account, as was done in 1913. However, the Geneva developments indicated peace. BANK OF CANADA’S BILLS (United Press Association.) (By Electric Telegraph—Copyright.) OTTAWA, September 19. The new Bank of Canada’s bills will bear a picture of Princess Elizabeth and the others of the King and the Prince of Wales. DAIRY PRODUCE The South Island Dairy Association, Ltd.; has received the following market report from London: — Butter;—Owing to poor demand prices, have further declined; 72s to 755; Danish, 104 s. Cheese. —Dull. White, 46s to 475; coloured, 455. The New Zealand Loan and Mercantile Agency Company, Ltd., has received the following cabled advice from its London house dated September 19:— Butter (including stored), 725, 745; business quiet. Cheese. —White, 475; coloured, 455. Market slow. PRICE OF FINE GOLD (United Press Association.) (By Electric Telegraph—Copyright.) LONDON, September 19. Fine gold is quoted at £7 0s 8d per ounce.

MINING NEWS BULOLO GOLD DREDGING Mr Frederick G. Dunn, attorney for Clutha Development. Ltd., lias received the following Bulolo production report for August:—" For month of August the total gross production from dredges Nos. 1,2, and 3 amounted to 14.4020 z of bullion, containing 10,001 oz of fine gold from 063,500 cubic yards. The estimated working profit is 75060 zof fine gold. The above production is equivalent to £85,008 10s, and working profit to £63,801 on the basis of £8 10s (Australian) per fine ounce of gold. Dredge No. 4 reached bedrock at the end of August. As authorised by resolution passed at the extraordinary general meeting held on December 18, 1933, supplementary agreements have been made with Placer Development, Ltd., under which that company has now been allotted 150.000 fully-paid shares of Bulolo Gold Dredging, Ltd., on account of the purchase price of the Bulowat Burnside areas as contemplated by the original agreement of January 22, 1932, thus bringing the total issued shares of Bulolo Gold Dredging, Ltd., to 915,000. The balance, if any, of the purchase consideration will be determined and allotted before October 15, 1935.” OPTIONS DECLINED New Zealand Gold Options, N.L. (states the Melbourne Argus, of September 13), reports that options over the Nevis area and‘the 400-acre area adjacent to the Nevis area have been unfavourably reported on by Messrs Thomas J. Shephard and John Victor, and in view of this it is not the intention of the company to exercise these options. It is also announced that the option over 250 acres dredging property at Westport, South Island, New Zealand, known as Bradshaw’s Creek, had been unfavourably reported on by Messrs Thomas J. Shephard and John Victor. DOLLAR AND FRANC (United Press Association ) (By Electric Telegraph—• Copyright.) LONDON, September ,19. Exchange on New York is quoted at 5.00 J dollars to the f and on Paris at 75 francs to the f. VICTORIA NYANZA SUGAR (Peb United Press Association.! WELLINGTON, September 20. The Victoria Nyanza Sugar has advised the Stock Exchange Association that a cable message from the plantations , received to-day reads as follows: —“Tons of cane crushed to September 15, 20,500 sugar manufactured, 1550 tons; process, 112 tons. MUCH IMPROVED POSITION CANTERBURY FARMERS’ COOPERATIVE ASSOCIATION. A net profit of, £14,190 17s was made by the Canterbury Farmers' Co-operative Association during the year ended July 31. This position is revealed in the annual report of the directors, to be presented at the forty-first annual meeting of Shareholders. The report states:—The directors have pleasure in submitting the annual report and balance sheet for consideration of shareholders, and in expressing their sincere appreciation of the loyal support accorded to the association during the year, draw attention to the considerably improved result of the year’s operations, brought about by the greatly-increased prices obtained for woo] and lamb in the past season. The amount at credit of profit and loss account is £14,190 17s, with an increased turnover in merchandise, grain and produce, and auction departments of £268,361. Full depreciation on buildings, fixtures, and plant has been provided, amounting to £5096. During the year a further 11,32 ordinary shares were forfeited owing to non-pay-ment of calls, bringing the forfeited shares reserve to £4167 12s sd. This sum has been utilised to write down our freehold and leasehold properties._ The position in finance as compared with last year - is detailed hereunder, the 1933 figures being in parentheses; —Debentures, £249,768 (£249,816); bank overdraft, £78,417 (£114,875); overdraft in London, £6561 (£11,785); current accounts in credit, £26,589 (£16,741); total, £361,335 (£393,217)—a decrease in responsibility on the year of £31,882. The directors propose in the near future to submit proposals for the writing down of capital to elinr ">ate the profit and loss appropriation account of £102,187, and in this regard it will be necessary to obtain the consent of preference shareholders to cancellation of unpaid preference dividends. It is hoped that with a continuance. of improved general conditions of business the association will then be in a position to pay dividends on the reduced amount of capital. Debentures in the association amounting to £246,318 mature on April 21 next, and the directors will submit proposals for the rearrangement of same to a meeting of debenture holders to be called at a later date. * PUBLIC TRUST OFFICE STATEMENT FOR AUGUST, 1934. Estates of a value of £662,024 were reported and accepted for administration by the Public Trustee during the month. On March 31 last the total value of the estates under administration by him was £60,760,493, and the new business for the five months ended August 31, 1934, was £2,701,646, compared with £2,167,778 for the corresponding period last year. Grants of administration made by the court in favour of the Public Trustee, numbered 151 for the month. During the month 396 new wills appointing the Public Trustee executor were deposited for safe custody by living’ testators and 372 existing wills were revised to provide for changes desired by testators. The total number of wills nowheld in the Public Trust Office is 82,336. WHALE OIL PRODUCTION According to a report issued _by the Committee for Whaling Statistics, appointed by the Norwegian Government the maximum of oil output was reached in 1931 (season 1930-31) with 3,686,976 barrels. In 1932 it was 915,842 barrels, and in 1933 2,596,778 barrels, which was only 200,000 barrels less than in 1930. A calculation of the oil output for the Antarctic in the season 1933-34 shows a figure which is about 100,000 barrels less than in 1932-33. The output of oil in the last two years is, then, compared with the production of former years in the Antarctic, very large, only the two years 1930 and 1931 showing a greater output. The output of oil in 1933 was 29.6 per cent, lower than in 1931, while the number of whales caught in 1933 was 33.1 per cent, lower than in 1931. The oil output has thus decreased loss than the number of whales caught. ADELAIDE STEAMSHIP INCREASE IN PROFIT. Accounts of the Adelaide Steamship Company, Ltd., for the year ended June 30, show a net profit of £139,480, compared with £116,243 earned in the previous year and £104,427 in J 932. With £463 brought forward, £139,952 is available. The dividend for the year is 6 per cent., against 5 par cent, in the previous year, which absorbs £139,508, leaving a carry forward of £444. Messrs J. Lindsay and Co., grain and produce salesmen and commission agents, Vogel street, Dunedin, agents for the North Otago Poultry Fanners’ Association, report as under; —Eggs: Poultry farmers’, market rates; others, 9d. Butter: Dairy pats, 6d to 7d. Pigs: Bacouers, 5d to sid per lb; porkers, 5d to iWd per lb. Potatoes, 60s per ton. Chaff, £4 5s per ton, sacks extra, ex store. Ryegrass hay, £3 15s per ton, ex store. Wheaten straw, 55s per ton, ex store. Oaten straw, £3 10s per ton. Honey: 101 b tins, 5s each. Tea: 51b boxed, 12s 6d. Canterbury onions, 6a 6d per bag, ex store. Good whole fowl wheat, 4e to 4s 3d per bushel, sacks extra, ex store. Oats-; A grade Gartens, 2s 6d per bushel, sacks extra; Duns, 3s per bushel. Poultry; Hens, 2s to 2g 6d: roosters, Is Cd to 3s; turkeys, 8d per lb; gobblers, 9d. Barley pollard, 8s per bag of 1501 b. Lucerne liny, £5 10s per ton. Wc stock meatmeal, grit, chicken food, etc., and have poultry crates on hand for the free use of our,clients. —September 21.

PETROL TAX YIELD FOR LAST YEAR EXPENDITURE ON ROADS. The net yield of the petrol taxation for the year ended March 31, 1934, was £2,368,147, states the annual report of the Transport Department, which has been presented to the House of Representatives. Sinee the inception of the tax the net yield (i.«?., gross yield less refunds) has been as follows:

Total since inception of tax £9,133,534 * Part year only, f Increase from 4d to 6d per gallon as from July 22, 1930. i Increase from 6d to 8d per gallon as from October 7, 1931. x Increase from 8d to 10jd per gallon as from February 9, 1933. The distribution of the net yield of the petrol tax was as follows for the year ended March 31. 1934: — Main Highways Board ~ .. £ 669,868 Boroughs (population of 6000 and over) 101,728 Consolidated Fund 1,579,965 Commission to Customs Department for .collection .. .. 16,586 Total £2,368,147 FOREIGN EXCHANGES i(British Official Wireless.) ilUnlted Press Association.) (By Electric Telegraph—Copyright.)

LONDON METAL MARKET (United Press Association.) (By Electric Telegraph—Copyright.) LONDON, September 10. (Received Sept. 20, at 10 p.m.) The following are the official metal quotations:—

£ 9. d. Woolworths (Sydney), two 3 ic 0 •N.Z. Breweries .. 2 7 3 Bell-Hooper .. .. 0 0 4 0 4 1 ■ 0 4 o SALES REPORTED. Bank of N.Z., two 2 8 0 N.Z. Breweries 2 n i 3 The following are yesterday afternoon’s buying and selling quotations, which are subject to the usual brokerage:— BARKING. Buyer. Seller. f s. d. £ 9. d. N.S.W. .. .. 32 10 0 33 0 0 N.Z 2 7 9 2 8 3 N.Z. (long D) .. — 0 17 3 Nat!, of N.Z. .. 3 14 0 — Reserve — 6 9 3 INSURANCE. National .. .. 1 0 2 New Zealand .. .. 3 6 0 — Standard 3 7 0 — SHIPPING. Howard Smith — 0 17 0 H add art, Parker (pref.) 1 8 0 — P. and 0. Def. Stock 0 18 6 — U.S.S. Co. (pref.) ; 1 7 0 .1 8 0 COAL. Kaitangata .. .. 1 1 6 Westport . . .. 0 19 0 0 19 6 Westport-Stockton (ord.) — 0 3 6 - - LOAN AND AGENCY. National Mortgage — 3 1 0 N.Z. Guar. Corp. 0 5 2 0 5 6 Perpetual Trustees 3 1 0 — Wright, Sephenson (ord.) — 0 18 6 ‘ : MEAT PRESERVING. Canterbury Meat • ' (pref.) .... .. 5 12 0 — N.Z. Refrigerating (cont.) .; .. .. — 0 9 6 South. Froz. Meat 3 11 ; (paid) 0 3 15 0 South. , Froz. Meat (cont.)".,. .. .. 1 15 0 — South. Eroz. Meat (pref.) 3 11 0 — South Otago Freez. 6 5 0 — ■ -MISCELLANEOUS. Broken Hill Propy. 2 12 0 2 13 3 Brown, -Ewing (ord.) . — 1 0 2 Bruce Woollen 0 13 3 Bruce Woollen (pref.) .. .-. .. 1 I 0 — Crystal Ice .. .. 1 17 0 _ D.I.C. (pref.) : :.V 1 5 0 — Dominion Fertiliser 1 0 1 — Dominion Fertiliser 1 (debs.) ,. . . 103 0 0 Dominion Rubber 1 9 9 —- Duif.-Kaikorai Trams 1 17 0 — Stock Exch. Propy. 2 0 0 — .Electro-Zinc (ord.) 1 7 6 — Kaiapoi Woollen (pref.) 1 1 0 —; Milburn Lime 1 17 0 . Mount Lycll .. . 0 19 9 1 0 3 N.Z. Drug Co. . . 3 18 0 — Malay Rubber ;•», . (pref.) ... V ; —, 1 ■ 7 0 N.Z. ' Newspapers 1 12 0 N.Z. Paper Mills 1 12 (0Repent Theatre .. v ■ — 0 19 6 Smith and Smith .0 18 0 Wilsons Cement ..' 1 10 0 Woolworths (Svd): 3 15 9 3 16 3 Sun Newspapers . i — 0 4 O BREWERIES ■ N.Z. Breweries 2 7 2 2 7 6 Timaru (cont.) .. 0 7 3 0 7 6 Dunedin .. .. .. 1 8 0 1 9 9 Tooths .. .. .. 2 fi 0 MINING. Aotearoa ’ ■_ 0 1 0 Bell-Kilgour .. .. — 0 0 22 Bendigo Goldlipht 0 1 2 0 1 21 Big River .. .. 0 1 0; 0 1 71Blackwater .. .. 1 12 G Central Shotover — 0 0 10 Charleston .. .. — 0 1 3 Clutha River 0 2 0 Gillespie’s Beach 0 1 9 0 1 10 Golden Dawn .. .. 0 2 1 . Golden Point .. .. — 0 ■ 0 3 Golden Progress .. 0 1 0 0 1 3 Goldfields Dredging 0 0 103 0 1 0 Glenroy .. . i ,, 0 1 2 . 0 1 3J Kildare 0 1 10 0 3 11 King Solbmon 0 3 10 0 3 11 Mabakipawa . . .. . 0 0 11 Mining House Concessions — 0 0 41 Moonlight-Nelson Creek 0 0 2 o 0 0 6 Nevis Diesel ., .. 0 51 Nokoinai 0 4 2 0 4 3 Okarito ,. ..... 0 8 10 Oxenbridge ., ., 0 0 9 Skippers 0 0 7 0 0 7J Waihi 1 12 9 Waitahu 0 4 4 0 5 0 Wetherstones — 0 1 3 GOVERNMENT LOANS. 31 p.c. Stock, 19381943 108 10 0 3J p.c. Stock, 19391943 108 10 0 3} p.c. Stock, 19411943 .. ... 108 10 0 3J p.c. Stock, 19381952 3J p..c. Stock, 1939 108 10 0 ,1952 108 10 0 3i p.c. Stock, 19411952 108 10 0 4 p.c. Bonds, Jan. 15, 1940 .. .. 107 15 0 . 4 p.c. Stock, Jan. . 15, 1940 .. .. 108 2 6 108 10 0 4 p.c. Bonds, Feb. 15, 1946 .. .. 107 15 0 . 4 p.c. Stock., Feb. 15, 1946 .. .. 107 15 0 108 10 0 4 p.c. Bonds, April 15, 1949 .. .. 109 10 0 4 ,p.c. Stock, April 15. 1949 . .... 109 10 0 110 10 0 4 p.c. Bonds, June 15, 1955 ... ., 111 0 0 4 p.c. Stock, June 15, 1955 .. ,. 111 0 0 112 0 0

1028 .. .. . £ 143,516* 1929 .. .. , 802.232 1930 .. , 961,907 1931 .. .. . 1,314.4501 1932 .. .. , 1,677,520+ 1933 .. .. . .. .. 1,865,762s 1934 .. .. 2,368,147

RUGBY, September 19. Paris— Par. Sept. 18. Sept. 10. Francs to £1 124.21 75 1-32 74 31-32 Brussels — 21.05 Bolgas to £ 1 30 21.05J 19.90* Kroner to £1 18.180 19.90* Stockholm"— 19.39J 19.391 Kroner to £1 18.130 Copenhagen— 22.40 22.40 Kroner to £1 18.150 12.38 Marks to £1 20.43 12.38 4.835 Dollars Ao £1 4.86 2-3 4.85? New York— 5.001 5. 5-16 Dollars .to £1 4.86 2-3 Yokohama— 14 5-16 14 5-16 Ponce to yen .. 24,582 Hongkong— Pence to dollar 24.58 18S 18 13-16 Bombay— Pence to rupee — 18 1-16 18 1-16 Batavia — 7.27 7.27 Florins to £1 12.10 Milan— 571 578 Lire to £1 .. 82.46 Amsterdam— 7.20J 7.28* Guilder to £1 12.107 Prague— Kronor to £1 104} 1182 1183 15.15 Francs to £1 23.221 15.15J Vienna— 265 26* Schillings to £1 84.861 Helsingfors— 226} 226} Marks to £ 1 193.23 Madrid— Pesetas to £1 25.221 35 3-16 36 8-16 Belgrade— 216 Dinars to £1 25.221 Athens— 516 516 Drachma to £1 375 Lisbon — Escudos to £1 110 110% 110% Bucharest — 493 495 Lei to £1 .. 931.6 Klo de Janeiro— 4J 41 Pence to rallrels 5.890 Buenos Aires— 365 36* Pence to pesos 47.28 Shanghai— 17 IT Pence to tael .. — Montevideo— . Pence to pesos — 39% 39% Warsaw — Zlotys to £1 — ON NEW ZEALAND CURRENCY BASIS miiB -Rank nof New South Wales, Dunedin, minted the following rates for their purchases and sales of foreign exchange yesterday. Buying. Selling. France— „ _ Francs to £.1 N.Z. T.T. O.D. 60.86 61.16 59.56 59.61 Noumea — _ • 61.81 58.81 iO.D. 62.21 58.86 Papeete— ' „ 61.81 58.81 O.D. 62.21 58.86 Belgium— 17.296 16.596 17.396 16.611 Germany— Reichsmarks to £ 1 9.739 N.Z. .. •• TT. O.D. — 0.744 Italy— Lire to £1 N.Z, T.T. • _ 45.65 O.D. — 45.69 Switzerland — 12.391 11.991 O.D. 12.466 13.001 Holland— Florins to £ 1 5.738 N.Z. .. .. T.T. 5.988 \ O.D. 6.038 5.742 Java— Florins to £1 5.734 N.Z. .. .. T.T. 5.959 O.D, 6.009 5.738 Japan— N.Z. Pence to 1 18 1-10 yen T.T. ~ Shanghai— N.Z. pence to 1 2(5,17-32 21 27-32 dollar .. .T.T. O.D. 20 13-32 21 25-32 India and Ceylon— N.Z. pence to 1 22 21-32 rupee .. .. T.T. 22 5-16 O.D. 22 3-16 22 19-32 Hongkong— N.Z. pence to 1 22 15-16 24 dollar .. T.T. O.D. 23 13-16 23 15-16 Singapore— N.Z. pence to 1 34 13-32 35 11-32 dollar .. .. T.T. O.D. 34 9-32 33 9-32 T.T. represents Telegraphic Transfers. O.D, represents pu demand transactions. The above rates are subject to alteration without notice.

Copper, spot Ton. £27 10 714 Rise £0 3 9 Copper, forward .. 27 18 3 Rise 0 3 114 Electrolytic, spot., SO 7 6 Rise 0 3 6 Electrolytic, forward 30 17 0 Rise 0 3 6 Wire bars ,. .. 30 17' 6 Rise 0 2 8 Lead, spot .. ,. 10 6 8 Rise 0 1 3 Lead, forward .. 10 10 0 Rise 0 1 8 Spelter, spot 12 7 0 Rise 0 2 a Spelter, forward .. 12 11 3 Rise 0 2 6 Tin, spot .. .. 228 17 8 No change Tin, forward 227 3 9 Rise 0 2 6 Pig Iron, home trade 8 7 G No change Pig iron, export S 2 6 No change Antimony, British 41 10 0 No change Antimony, foreign 32 10 0 No change Molybdenite .. .. Dnlt 1 11 6 No change Wolfram .. .. 2 2 0 No change Silver, standard >. Oz 21 13-10d Rise l-10d Silver, tine .. ,, 23 0-lCd Rise 1-lGd