COMMERCE AND FINANCE

Otago Daily Times, Issue 22607, 26 June 1935, Page 12

COMMERCE AND FINANCE

LOCAL AND OVERSEAS MARKETS

TRADE OF THE DOMINION IMPORT AND EXPORT RETURNS (Per United Press Association) WELLINGTON, June 25. The returns of overseas trade, excluding specie, for May, 1935, compare as follows with the figures for May, 1934 and 1933, respectively:—

FIGURES FOR TWELVE MONTHS VALUE OF BRITISH MARKET. During the year ended March 31 last New Zealand exported goods to the value of £44,5)18,180, compared with a value of £46,042,570 in the previous year. Exports to the "United Kingdom totalled £37,879,182. New Zealand took from the United Kingdom goods valued at £16,436,923,. as • compared with £13,284,227 in the previous year. Next to the United Kingdom, Australia was New Zealand's hest customer. The Commonwealth took from the Dominion goods valued at £1,804,561, but in return New- Zealand imported goods valued at £3,389,441. In the case of Canada the position is even less satisfactory from New Zealand's point of view. For the year ended March 31 last New Zealand exported to Canada goods valued at £577,242 (£721,881 in the previous year), and in return she Imported goods to the value of £2,223,400 (£1,297,009 in the previous year). Exports to Japan fell away considerably last financial year, the figure being £410,565, as against £813,243 in the preceding year. On the other hand, imports from Japan last year totalled £897,680, as compared with £706,990 in the previous year. Out of a total value of £44,918,130, New Zealand exported goods valued at £40.627.788 to British countries. Her imports from British countries amounted to £23.966,235 out of a total of £32.568,243. Values of the principal items exported from New Zealand during the year ended March 31 last were as follows, the figures for the previous year being given in parentheses: —Butter, £10.928,353 (£11.691,541) ; cheese £4 645,863 (£4,683.512) ; beef, £922,404 (£811,855); lamb, . £9,015,017 (£6 584234); mutton, £1,828.011 (£1,351.087) : wool, £7,847,765 (£11.604.193) ; gold, £1,360,907 (£1.425,579). Principal items imported were:— Apparel, £1,110,195 (£919,152) : cotton piece-goods £1,636,045 (£1.620.904) ; silk piece-goods, £987.381 (£733.799); woollen piece-goods, £690,293 (£547.372) ; motor spirits, £1,085,192 (£1,035,018) : electrical appliances, £1,018,307 (£771,051) ; motor -vehicles, £2,3&3,743 (£882.723) : tyres for motor vehicles; £724,857 (£641,468). External trade figures for the last 10 financial years, expressed in terms of New Zealand currency, are of interest. They are as follows: — Tear ended

LONDON WHEAT MARKET (United Press Association.) (By Electric Telegraph—Copyright ; LONDON, June 24. Cargoes: The demand is quiet. Parcels are easier. Futures: —London: June. 23s sd; September, 223 sd. Liverpool: July, 5s 3|d; October, 5s 4d; December, 5s 3Jd; March, 5s 3fd. BRISBANE WOOL SALES (United Press Association.) (By Electrlo Telegraph—Copyright.) BRISBANE, June 25. At the wool sales good and average descriptions were from par to 5 per cent, higher than at the last sale. Top prices: Greasy 19d, scoured 27Jd. BRADFORD TOPS MARKET (United Press Association.) (By Electric Telegraph—Copyright.) LONDON, June 24. The Bradford market is very firm. Sixty-fours, 28Jd. Business is small.

THE SHARE MARKET DUNEDIN STOCK EXCHANGE Westport Coals were dealt in at fl Is 3d on the Dunedin Stock Exchange yesterday, the market closing with a buyer at £1 Is and no further sellers forward. Associated News shares were also disposed of at fl 3s 6d, buyers closing offer of £1 3s 3d being sixpeuce below sellers' requirements. Broken Hill Proprietaries changed hands at £2 18s 9d, the closing buying and selling quotations being £2 18s and £3 respectively. An odd parcel of New Zealand Insurances was reported to have been sold at £3 7s 6d, no quotations for these shares being received during the afternoon callover. National Insurances were also reported to have been the subject of business at £1 Os 6d, a closing offer at £1 Os 9d failing to attract buyers. Woolworths preference shares were reported to have changed hands at £2 Os 6d, and two parcels of Mount Morgans were reported to have been disposed of at £1 16s 6d, the final quotations for the latter shares being £1 16s 3d and £1 16s 9d, buyers and sellers respectively. * SALES ON 'CHANGE.

JOdd parcel. DIVIDENDS PAYABLE. The following is a list of the shares on which dividends will shortly be payable:— Australian Glass (pref.)—Final, 10 4-5 J June 26 Australian Glass (ord.) —Final,'* le 7 l-5d June 26 National Bank of Australasia— Annual at the rate of 6 per cent, per annum Wilsons Cement —Final, 9d a share June Goldsbrough, Mort Final, 9 3-5 d per share June N.Z. Breweries —Final, 3J per cent., 8 2-5 d per share .. .. June 28 North Broken Hill—Final, Is 6d per share and bonus of Is per share June 28 British Tobacco —Interim, 1£ per cent June 29 National Mortgage—Final, 2J per cent July 1 Placer Developments—lnterim, 5 dollars 40 cents, Canadian currency, less Canadian absentee tax of 5 per cent. .. July 9 Bulolo Gold Dredging Interim, 1 dollar 20 cents .... July 9 NORTHERN EXCHANGES AUCKLAND Sales on 'Change

WELLINGTON Sales on 'Change

CHRISTCHURCH Sales on 'Change

OTAGO APPLES Messrs H. E. Napier, Ltd., report receipt of the following cablegram from London, dated June 22: Tongariro in good condition, commenced Delicious 13s to 15s; Scarlet Nonpareil and Statesman, 13s to 14s, on firm market. Winter Nelis fair condition, commenced 16s to 18s; Winter Cole, wasty, at ss.

AUSTRALIAN STOCK EXCHANGES (United Press Association.) (By Electrlo Telegraph—Copyright.) SYDNEY, June 25. (Received June 25, at 9 p.m.) On the Stock Exchange the investment market retains a fairly firm tone, but investors are showing a disposition to mark time pending the result of the Commonwealth loan, which closes to-day. THE MORNING SALES.

FOREIGN EXCHANGES f British Official Wireless) (United Press Association.) (By Electrlo Telegraph—CoDyrlght.)

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

BULOLO SHARES (United Press Association.) (By Electrio Telegraph—Copyright.) LONDON, June 24. Bulolo shares are quoted at £7 2s 6d. GLASGOW LOAN CONVERSION LONDON, June 25. (Received June 25, at 9 p.m.) Declining to accept the terms suggested by the Bank of England for the conversion of £2,500,000 5 per cent, stock, the Glasgow Corporation, which has a Labour majority, decided to r.aise the money by means of a 3 per cent, mortgage loan. It has been announced that the loan was fully subscribed.

MINING NEWS

CONSOLIDATED AND BLACKWATER MINES YEAR'S OPERATIONS SUCCESSFUL AND PROMISING CFrom Cue Own Cokresfondfnt.) LONDON, June 8. Mr A. Foster (chairman) presided at the ordinary general meeting on June 6 of the Consolidated Gold Fields of New Zealand Company and of the Blackwater Mines. Regarding the former undertaking, _it was announced that dividends on investments amounted tfi £16,111 and that there was a credit balance of £20,289. The balance brought forward, £16,855, gave a total of £37,144, from -which two dividends paid during 1934 of 9d per share and 6d per share respectively, both free of tax, had to be deducted, leaving £21,519 to carry forward. Out of that balance a dividend (No. 21) of 6d per share, free of tax, on account of the year ended December 31, 1935, would be paid on June 12. During the year their properties in the Progress areas received a great amount of investigation and research by members of the Geophysical Survey Department of the New Zealand Government, some of whom were camped on the ground for months. An interim report had already been received by the department, who were hopeful of supplying something more definite when their investigations were complete. In the Karamea district they held 600 acres in likely country, the boring of which they hoped to do on contract.. At Gow's Terrace they held an additional 1000 acres well spoken of, but so far untried. What appeared to be of more immediate promise were 1000 acres along the Glenroy River. Cables from their mining engineers" stated that two bore holes have been completed with very promising results, and work is proceeding. The chairman concluded by moving the adoption of the report and accounts. Mr L. Ehrlich seconded.

MR FOSTER ON DEVELOPMENTS. At the meeting of the Blackwater Mines, Ltd., Mr Foster referred to the strike in the early part of last year when active operations were suspended for three months, the battery being _ run on only 200 days as compared with 291, and the tonnage milled 31,862 againot 45,366 tons the previous year. 1 The working profit was not affected to the same extent owing to the average, price realised for the gold # won during the nine months* working being considerably higher than was ths case for the year 1933. The yield from ore milled was 14,9660 z fine gold, which realised an average of 140 s 7d per ounce, as against 126 s 6d in 1933, the exceptionally high average value obtained being partly due to the delayed arrival in London of their December 'output just when, fortunately, gold was at its highest price. The total realised value of the gold won during the year was £105,218. Unfortunately, against this revenue the taxation demands were extremely onerous. The gold export duty paid to the New Zealand Government, and referred to by Mr Spencer (a managing director in New Zealand) as an "iniquitous tax," alone amounted to £8436, or the equivalent in New Zealand currency to 6s 6.80 d per ton milled. In addition to this duty New Zealand and United Kingdom income taxes are estimated to amount to a further £12,500, making a grand total for taxation of, roughly, £21,000, or equivalent, to Is 8d per share. The yield of gold per ton against 38s 11 id, an increase of lljd per ton, or, inclusive of gold premium, 60s, as against 58s per ton milled in 1933. The actual value of the ore mined was still maintained on a remunerative basis quite independently of any benefit derived through the increased value of gold. The average value of the ore sent to the mill during the year was 9.93dwt per ton, from which an extraction of 94.55 per cent, was obtained, a slight improvement in each aase over 1933. The tonnage milled during the first five months of the current year was 18,090 tons and the yield of gold 7.7960 z of an estimated value of £55,778. Working costs were £27,086, leaving an estimated working profit for the period of £28,692. The total development footage in the mine amounted to 2722 ft, and of the total of 2153 ft driven, risen and sunk, 1600 ft, or nearly 75 per cent., was on reef and averaged 11.25dwt over a width of 22.31 in. Tha development results were the more

important as being obtained in the present lowest level of the mine and as justifying with confidence, the expectation of their continuation in depth. Owing to the unexpected extension by the Greymouth Power Board of their line to within 10 miles of the Blackwater property, it had been decided to substitute electric power at the north shaft in place of the existing steam plant and a powerful electric hoist of the latest design capable of working to a much greater depth hae been ordered, is now on point of shipment, and is expected to result in considerable saving in the cost of hoifcting. - Taking fnto account the labour dis-tuibanc-e with which the company was faced for so considerable a portion of the period the results of the operations for the past year had again been favourable, and that as regarded the t current year, in view of the very satisfactory results being obtained, both as shown by the monthly outputs and in developments on the No. 12, that continued confidence was fully justified and, given a continuance of equally satisfactory results in the new two levels, the question of increasing the crushing plant, as suggested by Mr Spencer, would have to be considered. An understanding had been reached with the Consolidated Gold Fields of New Zealand, whereby a 50 per cent, interest in that company's prospecting operations had been offered them and accepted, provided they shared equally with them the cost of such operations. The chairman concluded by moving the adoption of the report and accounts. Mr L. Ehrlich seconded the motion, and the retiring director, Mr A. L. Foster, was re-elected. SANDHILLS REPORT The manager of the Sandhills Gold Mining Company's claim reports that the paddock was finished on June 14 and the wash-up on the following day produced a return of 9oz 17dwt l4gr. The pump gear is now being shifted down the beach and set up again to commence the 6econd paddock. It is expected that the bottom should be reached about the end of the week. The beach is fairly hard as a result of the frost and gets no sun at all round the gorge at present. OKARITO RETURN Messrs W. A. Mitson and Co., secretaries of the Okarito Five Mile Boach Gold Dredging Company, Ltd., report that the wash-up for the week ended Saturday last was 390 z 9dwt for 129 hours' dredging. The following report relates to _the four weeks from May 19 to June 15: — Total gold won, 117 oz 17dwt; total time worked, 457 hours; total non-working time, 119 hours; total yardage treated, 26,630, an average of 58 cubic yards per hour; average value of ground (on basis of gold worth £4 per ounce), 4.2 d per cubic yard. GILLESPIE'S BEACH RETURN The return from the Gillespie's Beach dredge Inst week was 440 z 12d\vt for 135 hours' dredging. BENDIGO-GOLDLIGHT The Bendigo-Goldlight dredgemaster reports that owing to one or two stoppages during last week there was no wash-up by the dredge at the end of last week. AUSTRALIAN PRICE OF GOLD The price fixed by the Commonwealth Bank for gold, including jewellery, lodged' at the Melbourne Mint for the week ended June 14, was at the rate of approximately £7 19s 9d per standard ounce (22 carats), equal to a premium of 105.11. Payment is made according to the assay value of gold. The price is 9d lower on the week. The price per ounce fine is £8 14s 3d, a fall of lOd on the week. WORKSOP EXTENDED The secretary of Worksop Extended Gold Dredging Company. Ltd., reports that the yield for the week ended Saturday last was 61oz 14dwt from 9500 yards of wash secured in 126 hours' dredging. The dredge is now almost clear of the gully where it has recently been dredging, and is gradually opening out into the main valley, after which digging operations should proceed uninterruptedly.

SKIPPERS, LTD. £IO,OOO INCREASE IN CAPITAL. (Peb United Pbess Association) CHRISTCHURCH, June- 25. A unanimous decision to increase the capital of Skippers, Ltd., by the issue of preference shares to the amount of £IO,OOO was made at an extraordinary general meeting of shareholders to-night. It is proposed to install a hydro-electnc plant at Skippers Creek to generate .approximately 300 horse-power, to make provision for increasing by 100 horee power* at a later date, and to cut a channel through a ; projecting rock at Maori Point. The capital will be allocated for a hydro-electric scheme £6500, ' for an additional 100 horse power £ISOO, for a channel cut £IOOO, and for brokerage and contingencies £IOOO. KING SOLOMON MINE QUARTERLY REPORT. (Special to Daily Times) GORE, June 25. The quarterly report of the King Solomon Deep Lead,-Ltd.. issued to-day, revealed that the gold Avon from March 1 to May 31 amounted to 8630 z 17dwt 12gr. There were only three wash-ups in April. The average weekly returns were considered satisfactory. LONDON METAL MARKET (United Press Association.) (By Electric Telegraph—Copyright.) LONDON. June 2*., (Hocelvcd June 28. at 10 p.m.) The following are tha official metal Quotations:—

PRICE OF FINE GOLD (United Press Association.) (By Electric Telegraph—Copyright.) LONDON, June 24. Gold, a fine ounce, is quoted:—

DOLLAR AND FRANC LONDON, June 24. Exchange on New York is quoted at 4.94 dollars to the i and on Pans at 74| francs to the f. SOUTHLAND TEXTILE MILLS It is reported that the textile mills to be established in Southland with the assistance of English capital will be anions the largest of their kind in the world and will employ many hundreds of operatives. The manufacture of every class of hessian, sacking and woolpack from New Zealand fibre is to be engaged in to supply a portion of the Australian and New Zealand market, estimated to be worth f 4.000.000 a year.

NEW GUINEA GOLD SHARES (United Press Association.) yf(By Electric Telegraph—Copyright.) _?* LONDON, June 24.. • New Guinea Gold shares are quoted at 4s lid. . GOLCONDA HOLDINGS. LTD.j| (Special to Daily Times) AUCKLAND. June 25. Golconda Holdings, Ltd., has declared a second interim. dividend for the jcurrenfc year of 5 per cent. The first, also of 5, per cent., was paid in March. ::.'.:*s'';% LORNEVILLE STOCK SALE: (Special to Daily Times) JM INVERCARGILL, June 25. I There was little fluctuation in thf markets at the Lorneville stock sale today, and yardings were small except in the fat cattle section. v Fat Sheep. —The fat sheep section wa» a fairly large one, and included a good percentage of prime heavy ewes. Wetherf were in short supply, and the majority, were light and unfinished sorte. There was a firm sale for good quality ewes, but wethers, more especially medium quality sorts, were slightly easier. Extraprime heavy ewes realised from 17e 6d to 19s 9d; prime quality, 15s 6d to 17sj lighter, 12s to 14s; freezing sorts, down to 10s 6d; prime quality wethers, up to 275; medium, 23s 6d to 25s 6d; lighter, 21s 6d to 235; and unfinished, down t» 18s. _-'.- -, ~\l Fat Lambs. —There was only a fair entry of fat lambs, and a large propori tion consisted of light and unfinished sorts, as was only to be expected at the tail end of the season. Extra prima heavy lambs realised from 25s 6d to 275; prime quality, 22s 6d to 24s 6d; mediuiri,19s to 21s; with light and inferior sorts, down to 15s. Fat Cattle.—There was a fairly large yarding forward with a percentage of unfinished steers and inferior cows. The sale was a quiet one, but good quality cattle values remained much the 6ame as last week, while unfinished steers and inferior cows showed an easing tendency. Prime quality bullocks realised £7 10s to £8 ss; good quality medium weights, £6 5s to £7; lighter sorts, £o 10s to £6; unfinished, down to £4; extra prime quality heifers, up to £6 17s 6d; prime quality, £5 5s to £5 15s; lighter sorts, £4 to £4 15s; small and unfinished, ■ down to £2 15s; good quality cows, £4 5s to £5; medium weights. £3 7e 6d to £3 17« 0d; inferior sorts, £2 to £2 12s 6d. | WHITE STAR LINE At the first meeting of the contribu? tories of the White Star; Line;."held in London on May 16 last, it Tvas. shown that the total deficiency," including shara capital, was £11,280,864. Gross liabilities were estimated at £2,643,670, and assets to realise £362,865. The senior official receiver, Mr E. T. A. Phillips, who occupied the chair, said that the company, was promoted by Lord Kylsant in. con* junction with the Royal Mail Steam' Packet Company. The statement of affairs, as lodged by Mr F. Charlton, a director, showed that £2,621,398 was due to unsecured creditors, among whom was the Government of Australia, to which £778,306 was due. The failure of the company was attributed by Mr Charlton to, among other causes, excessive price* agreed upon in respect of acquiring certain assets and the extraordinary slump in shipping. Mr Phillips said that in assessing the position and apportioning the blame, people should remember the • extraordinary difficulties which had beset J the shipping industry, and the vital necessity, from the national point of view, of keeping as many British ships as possible under British control at sea. ALEXANDER RACKET COMPANY Another successful year ha& been e» | perienced by the Alexander Patent Racket | Company, of Tasmania, and v shareholders have received a dividend of 15 per -cent, for 1934, compared with l€ .; per cent, in 1933. The company claim* " : to be obtaining an increasing share of. the local market, despite intense competition, while-overseas sales also showrt:; satisfactory increase. Gross earning* : have improved by £5200 to £30,500, ant | profits, after providing an unstated.,: amount for depreciation, are stated tt-"-' be £6160 (27 per cent, on capital), com- i pared with £2760 in 1933, when £sook-;§ was written off fixed assets.

May. May. May, 1935. 1934. 1938. £ £ £ Export! .. 4.326,000 4.T10.00* S.120,000 Imports .. .. 3.024,000 2.343,000 S.073,000 Excess of export* 1.302,000 2.36T.000 1.047.000 The figures for the five months ended May, 1935, compare as follows with those for the corresponding periods of 1934 and 1933 :— Fire Monthi of 1935. 1934. 1938. £ fi £ Export! .. 13.382.000 88.203.000 19,062,000 Import! .. .. 14.362.000 12.028.000 10,592.000 Bices! of export! 9.520,000 16,178,000 9,070,000 All the foregoing values are expressed in terms of New Zealand currency. The value of the specie excluded was as follows:— FITS months May. ended May. £ £ Export! .. .. J10.000 884.400 Import! .. .. COO 188,830

March 31. Exports. i £ Imports. £ 52,993,706 1926 .. . .. 48'.680,371 1927 .. . .. 45,681,338 48,116.370 1928 .. ,. 54,957,031 44,405,913 1929 .. , .. 56,526,243 45,076,865 1930 .. .. 48,411,817 49,429,5S4 1931 .. .. 39.527,009 39,833,157 1932 .. .. 33,942,617 24.760.421 1933 .. .. 37,510.164 25,059,520 1934 .. .. 46,042.570 26,135,496 1935 .. .. 44,918,180 32,567,785

£ s. d. Westport Coal .. 1 1 3 Associated News .. 1 3 6 Broken Hill Proprietary 2 18 9 SALES REPORTED. Big River (late Mon.) 0 2 J3 7 2 6 National Insurance .. .. 1 0 6 Woolworths (pref.) 2 0 6 Mount Morgan (two )•■'.*• 1 16 6 4 p.c. Stock, 1946 (two) '.'. 108 5 0 4 p.c. Stock, 1949 .. 108 10 0 SALES REPORTED AFTER LAST CALL. Commercial Bank .. 0 15 9 Bruce Woollen (two) .. 0 13 6 Dominion Fertiliser (two) 1 2 0 The following are yesterday afternoon's buying and selling quotations, which are subject to the usual brokerage: — BANKING. Buyer. Sellei £ s. d. £ s. d. N.Z. 2 10 0 2 10 6 Commercial .. .. 0 15 6 0 15 9 E.S. and A — 5 2 0 Natl, of N.Z. .. 3 9 0 — 6 8 6 6 10 0 — 4 12 0 INSURANCE. National .. — 1 0 9 — 3 13 6 SHIPPING. Huddart, Parker 1 6 0 1 8 0 U.S.S. Co. (pref.) 1 7 0 1 7 6 MEAT PRESERVING. N.Z. Refrigerating (paid) 0 13 9 0 19 6 N.Z. Refrigerating — 0 8 11 South. Frozen Meat (paid) 3 18 0 ■ — South. Frozen Meat 3 16 0 — Waitaki Farmers 3 10 0 — LOAN AND AGENCY. Natnl. Mortgage .. 2 10 0 2 14 0 Natnl. Mortgage (B 1 11 0 — Perpetual Trustees 3 2 0 — Wright, Stephenson 0 19 3 — COAL. Kaitangata .. — 1 1 0 1 1 0 — MISCELLANEOUS. Associated News .. 1 3 3 ' 1 3 9 Broken Hill Proprietary 2 18 0 3 0 0 Brown, Ewing — 1 3 9 Bruce Woollen (ord.) 0 13 0 0 14 0 Consolidated Brick 0 9 0 0 9 4 Crystal Ice .. 2 1 0 — D.I.C. (pref.) .. 1 4 6 __ Dominion Fertiliser 1 1 10 1 2 1 Dominion Fertiliser (Debs.) .. 105 0 0 — Dominion Rubber .1 7 6 1 9 3 Kaiapoi Woollen (ord.) — 0 15 0 Kaiapoi Woollen — 0 5 3 Kaiapoi Woollen 0 18 0 — Kauri Timber .... — 1 1 0 Milburn Lime 2 4 3 — Natnl. Electric .. 0 9 0 - 1 — N.Z. Drug Co. .. 4 2 6 4 4 6 N.Z. Newspapers .. 1 18 0 1 19 0 N.Z. Paper Mills .. 1 14 0 — Smith and Smith — 1 2 0 Sun Newspapers 0 8 0 — Woolworths (Syd.) 4 13 0 — BREWERIES N.Z. Breweries , .. 2 12 9 — 1 13 0 1 14 6 GAS. 1 6 0 — AUSTRALIAN MINING. Electrolytic Zinc (ord.) 1 5 6 — Mount Lyell .. — 0 18 9 Mount Morgan .. 1 16 3 1 16 9 MINING. Bendiao Goldlight Big River .. 0 0 101 0 0 111 0 2 1 0 2 4 Gillespie's Beach .. — 0 1 6 Golden Progress .. 0 0 3 — 0 3 0 0 3 3 King Solomon — 0 4 0 — 0 1 6 0 5 0 0 5 9 Sandhills — 0 0 7 0 2 9 0 3 0 Maori Gully .... — 0 1 5 GOVERNMENT LOANS. 3J p.c. Stock, 19391943 105 0 0 — 3J p.c. Stock, 19381952 107 0 0 — 31 p.c. Stock, 19391952 107 0 0 — 31 p.c. Stock, 1941107 0 0 — 4 p.c. Bonds, Jan. 15, 1940 103 0 0 — 4 p.c. Stock, Jan. 15, 1940 103 0 0 — 4 p.c. Bonds, Feb. 15, 1946 107 15 0 — 4 p.c. Stock, Feb. 108 0 0 — 4 p.c. Bonds, Ap. 15, 1949 108 0 0 — 1 p.c. Stock, Ap. 15, 1949 108 0 0 — 4 p.c. Bonds, June 15, 1955 111 0 0 — 4 p.c. Stock, June 15, 1955 111 0 0 —

f 8. d. 104 0 0 Stock (1946). 4 p.c 108 0 0 109 0 0 111 15 0 Mount Roskill (1960) 5| p.c. 110 0 0

Amalgamated Brick (Auck), 104 0 0 Commercial Bank of Australia. 0 15 s 5 1 9 6 9 3 1 0 6 1 7 0 New Zealand Breweries (2).. 2 12 6 Farmers' Trading (2) .. 0 7 2 New Zealand Newapapers (2) 1 18 9 N.Z. Refrig. (£1 paid) .. .. 0 19 0 N.Z. Refrig. (10s paid) .. .. 0 8 10 1 10 0 0 2 3 Unlisted Stocks Woolworthg (Sydney) .. 4 13 6 4 13 3

Inscribed Stock 4 p.c. (1955) 111 10 Commercial Bank of Australia 0 15 National Bank of Australasia 12 16 Bank of New South Wales .. 31 16 Bank of New Zealand (late New Zealand Breweries .... 2 12 9 19 0 7 6 0 2 3 6 0 6 s New Zealand Newspapers .. 4 4 0 1 18 9 0 18 11 30 12 6 Unlisted Stocks Woohvorths (Sydney; late sale Procera Bread (vendor; late Porcera Bread (ordinary; late 4 13 2 15 3 0 3 1 9 0 0 o (2) 3 7 6

Commercial Bank of Australia 0 15 9 0 15 11 (7) , 0 15 10 E.S. and A. Bank .. 5 1 0 N.Z. Refrig. (10s paid) .... 0 9 0 2 8 9 New Zealand Brewerie s (cum 2 13 0 (odd lot) 2 13 2 2 15 6 1 8 6 British Tobacco (cum div.) .. 1 18 11 Dunlop Perdriau Rubber .. 0 16 " a 0 2 0 2 3 22 0 0 3 0 4 0 0 1 2i (2) 0 1 3 Sales Reported 0 18 10 0 4 " 0 New Zealand Drug Co 4 4 4 4 0 3 2 5 0 0 18 8 New Zealand Breweries (cum 2 13 0 Canterbury Froz. Meat (ord.) National Bank of Australasia S 1.2 6 New Zealand Government 4 6 4 0 p.c. Inscribed Stock (193740 (late sale Monday; 2) .. 103 15 0 '. Unlisted Stocks Procera Bread (10s paid; 2) 3 5 3 1 3 0 0 o (6) 0 Procera Bread (vendors' S 0 0

£ s. i. Commonwealth Bonds— 3£ p.c, 1948 99 10 0 3.? p.c., 1942 101 17 6 4 p.c, 1938 101 15 0 4 p.c. 1941 103 5 0 4 p.c, 1944 104 11 3 106 17 6 Bank of Australasia .. 11 3 0 Tooths 2 16 6 0 18 10i Anthony Hordern (pref.) .. 1 S 3 Broken Hill Proprietary 2 19 6 0 16 4J Dunlop's (pref.) 1 13 3 Fairymead Sugar 2 0 0 James Stedman 0 17 9 Morris, Hedstrom 1 1 101 Wilcox, Mofflin 0 10 11 ADDITIONAL SALES. Bank of New South Wales .. £ a. d. 31 15 0 Bank of Australasia 11 3 0 44 2 6 Associated News 14 0 Australian Gas A and B .. 8 3 0 1 19 3 Tooths 2 15 3 1 9 9 16 6 General Industries .. 10 0 Morris, Hedstrom .. " 1 1 101 0 18 104 1 3 11 Automatic Totalisatora 0 19 6 0 18 6 Broken Hill Proprietary 2 19 3 0 18 6 Placer Development .. .. 30 12 6 Tanah Biii 0 14 6 MELBOURNE, June 25. Commercial Bank of Australia 0 16 0 „ „ (pref.) 9 12 0 E.S and A. Bank 5 10 National Bank (£5 paid) 6 5 0 Gordon and Gotch 2 5 6 1 18 3 Goldsbrough, Mort 1 10 0

RUGBY, June 24. Paris— Par. June 22. June 24. Franca Co £ 1 124.21 74g 74 19-32 Brussels— Belgaa to £ 1 SO 29.16 29.27 , OsloKroner to £ 1 18.180 10.90) 19.90) Stockholm— Kroner to £ 1 18.130 19.391 19.39) Copenhagen— Kroner to £ 1 18.150 22 22 BerlinMarks to £ 1 20.34 1?.231 12.25 Montreal — Dollars to £1 4.86 2-3 4.0SJ 4.94% New York— Dollars to £1 4.86 2-3 4.94 4.941 Yokohama— Pence to yon .. 24.582 141 141 Hongkong— Pence to dollar 24.58 239 2TS BombayPence to rupee — 181 18) Batavla— Florins to £ 1 12.10 7.221 7.22) MilanLire to £1 .. 82.46 593 59 13-16 Amsterdam— Guilder to £1 12.107 7.25) T.25 PragueKroner to £1 1041 117J 118) Geneva— Francs to £ 1 25.22} 15.08 15.09 Vienna— Schillings to £1 84.86} 26 26 Helslngfors— Marks to £1 193.23 2261 2261 MadridPesetas to £ 1 25.22) 36 36 Belgrade— Dinars to £ 1 25.22J 216 216 Athens— Drachma to £1 315 ei* 514 Lisbon— Escudos to £1 110 110) 110) Bucharest — Lei to £1 .. 031.6 485 492) Rio de Janeiro— Pence to milrels 6.800 41 41 Buencs Aires — Pence to pesos 47.22 36) 36) Shanghai— Pence to tael — 17 9-18 17 9-10 Montevideo— Pence to pesos — 393 391 Warsaw— Zlotys to £1 — 251 25!

London— Buying. Selling. £N.Z. to filOOstg T.T. 124 124/10/O.D. 123/10/124/8/9/ Australia— £A to £100 N.Z. T.T. 101 100/10/O.D. 101 100/10/FIJI— £f to £100 N.Z. T.T. 90/T/6 89 O.D. 90/7/6 89 New York— Dollars to £1 N.Z. T.T. 4.001 3.961 O.D. 4.013 3.97 Montreal— Dollars to £1 N.Z. T.T. 4.001 3.96J O.D. 4.011 3.97J FranceFrancs to £1 N.Z. T.T. 60.58 59.28 O.D. 60.88 59.33 Noumea— Francs to £1 N.Z. T.T. 61.53 58.53 O.D. 61.93 58.58 Papeete— Francs to £1 N.Z. T.T. 61.53 58.53 O.D. 61.93 58.58 Belgium— Belgas to £1 N.Z. T.T. O.D. 23.207 23.222 Germany— Relchsmarks to £1 T.T. — 9.634 O.D. — 9.639 ItalyLire to £1 N.Z. T.T. _ 47.S4 O.D. — 47.38 SwitzerlandFrancs to £1 N.Z. T.T. 12.341 11.941 O.D. 12.418 11.951 HollandFlorins to £ 1 N.Z. T.T. 5.964 5.714 O.D. 6.014 5.718 Java— Florins to £1 N.Z. T.T. 5.915 5.690 0.1). 5.985 5.694 Japan— N.Z. pence to 1 T.T. — 17 13-16 O.D. — — Shanghai— N.Z. pence to 1 dollar -. • ■ T.T. 23 13-32 24 23-32 O.D. 23 9-32 24 21-32 India and Ceylon— N.Z. pence to 1 rupee .. •• T.T. 22% 22 23-32 O.D. 221 22 21-32 Hongkong— N.Z. pence to 1 dollar .. .. T.T. 33 21-32 34 23-32 O.D. 33 17-32 34 21-32 Singapore— N.Z. pence to 1 dollar -• • • T.T. 34 9-32 85 7-32 O.D. 34 5-32 35 5-32 SwedenKroner to £1 N.Z. T.T. 15.790 15.460 O.D. 15.830 15.470 NorwayKroner to £1 N.Z. T.T 16.200 15.870 O.D. 16.240 15.880 Denmark— Kroner to £1 N.Z. T.T. 18.208 17.878 O.D. 18.248 17.888 AustriaSchillings to £1 N.Z T.T. -— 20.57 O.D. 20.59 Czechoslovakia — Crowns to £ 1 N.Z. T.T. —— 94.37 O.D. . — 94.42 These rates are subject to alteration without notice. DOLL/ ATES vR R The Associated Banks (other than the Bank of New South Wales) quoted the following dollar rates_ yesterday on a New Zealand currency basis. Ihey are subject to alteration without notice. U.S.A. Canada. (per £1 (per £1 N.Z.) N.Z.) Selling— Dols. Dols. T.T. .. ■ • .. 3.00J 3.96J O.D i • ,. 3.97 3.97i Buying— O.D .. 4.018 4.015

Ton Copper, spot .. .. £30 11 10W Blse £0 16 10W Copper, forward .. 30 IS fl BIse 0 10 10'i Electrolytic, spot .. 33 15 0 Itlse 10 0 Electrolytic, forward .. 34 6 0 Rise 0 15 0 34 5 0 Blse 0 15 0 13 18 9 BIse 0 3 9 Lead, forward ."• .. 14 0 O Blse 0 5 0 Spelter, spot .. .. 13 17 6 Blse 0 8 0 Spelter, forward .. .. 14 0 0 Blse 0 8 0 220 16 3 Fall 0 2 0 Tin, forward .. .. 219 6 3 Blsa 0 15 0 Pig Iron, heme trade 3 7 0 No change Pig iron, export 8 2, 6 No change Antimony. British .. 76 10 0 No change Antimony, fcielgn 48 10 Unit. 0 Blse 15 0 1 14 6 No c lango 1 10 3 No change Oz. Silver, standard .. SU&d' Fall , %d S4d Fall ll-10d

£ s. d. June 24 .. .. .. .. 7 0 11J June 22 .. .. .. .. 7 1 0 June 20 .. .. .. .. 7 1 1* June 18 .. .. .. .. 7 1 2 June 17 .. .. .. .. 7 o 04 June 15 .. .. .... 7 0 9 June H .. .. .. .. 7 0 8 June 13 .. .. .. 7 0 10 June 12 .. .. .. .. 7 0 9