COMMERCE AND FINANCE

Otago Daily Times, Issue 22608, 27 June 1935, Page 14

COMMERCE AND FINANCE

FOREIGN EXCHANGES (British Official Wireless.) (United Press Association.) (By Electric Telegraph—Copyright.)

ON NEW ZEALAND CURRENCY BASIS The Bank of New South Wales, Dunedln, quoted the following rates for purchases and 3cles of foreign exchange yesterday:—

These rales are subject to alteration without notice. DOLLAR RATES The Associated Banks (other than the Bank of New South Wales) quoted the following dollar rates yesterday on a New Zealand currency basis. They are subject to alteration without notice.

Messrs J. Lindsay and Co., farm produce salesmen, Vogel street, Dunedhi, Agents for the North Otago Poultry I' armers' Association, report as under:— Eggs: Preserved. Is Id, poultry farmers. Is 5(1; others, Is 3d. Poultry: liens, Is to Is 9d; roosters, Is to 2s; turkeys,. Bd, 9d per lb live weight. Potatoes, 6s to 7s per cwt. Chaff, £5 10s per ton, sacks extra, ex -=tore. Clover and ryegrass hay, £5 per ton. Swedes, 3s 6d cwt. Whenten straw, £2 15s to £3 per ton. Oaten straw, 706 ton. Onions, 18s per cwt. Fowl wheat. 4s 6d to 5s per bushel, sacks extra, ex store. Straw chaff, 70s ton. Lucerne chaff, £5 10s per ton. Hay. £5. Oats: Good feed, 2s 9d per bushel, sacks extra. Bran, £5 10s. Pollard, £6 15e per ton. Barley meal for pigs, 9s per bag of 1501 b. We stock meatmeal, egg crates, grit, etc., and have poultry crates on hand for the free use of our clients. June 27.

LOCAL AND OVERSEAS MARKETS

THE SHARE MARKET DUNEDIN STOCK EXCHANGE National Insurances were reported to have been dealt in at £1 Os 6d on the Dunedin Stock Exchange yesterday, the market closing with a buyer at £1 Os 3d and a seller at £1 Os 9d. South British Insurances were also reported to have been the subject of business at £4 18s Gd, but no quotations for these shares were received during the afternoon call-over. A parcel of Dominion Fertilisers was reported to have changed hands at £1 2s, a closing buyer at £1 Is lOd being unsiipplied. Dunedin Breweries were also dinposed of at £1 10s, a final buyer at £1 9s Sd failing to attract sellers. Buyers of Milburn Limes were prepared to give 11 4 S 6d. but sellers were not interested. New Zealand Newspapers were inquired for at £1 18s 3d, Bellers refusing to ac- | cept less than £2. There was a slightly improved demand for New Zealand Breweries, buyers offering £2 ISs. Sellers, however, did not come forward. Mount Morgans were- inquired for at £1 16s 6d, but sellers remained unchanged at £l 16s 9d. SALES REPORTED.

DIVIDENDS PAYABLE. The following is a list of the shares on which dividends will shortly be payable: — National Bank of Australasia — Annual at the rate of 5 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, S'J per cent., 8 2-5 d per share .. June 28 North Broken Hill —Final, Is Gd per share and bonus of Is per share .... June 28 British Tobacco —Interim, 1J per cent June 29 National Mortgage—Final, 2£ 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—lnterim. 1 dollar 20 cents .. July 9 NORTHERN EXCHANGES AUCKLAND Sales on 'Change

WELLINGTON Sales on 'Change

AUSTRALIAN STOCK EXCHANGES (United Press Association, i (By Electric Telegraph—Copyright.) SYDNEY, June 26. (Received June 26, at 9.45 p.m.) The Stock Exchange was firmer, although Commonwealth Bonds were irregular THE MORNING SALES.

■ PRICE OF FINE GOLD (United Press Association.) (Bv Electric Telegraph—Copyright.) LONDON. June 25. Gold, a fine ounce, is quoted:

LONDON STOCK EXCHANGE (United Press Association.) (By Electric Telegraph—Copyright.) LONDON, June 25. Dalgcty and Co.'s shares, £6 lis 3d; 4 per cent. Debenture Stock, £lOl 10s; Gojdsbrough, Mort, 5 per cent. B Debenture Stock, 23a 9d; Peninsular, (deferred stock), 18s. DOLLAR AND FRANC (United Press Association.) (By Electric Telegraph—Copyright.) LONDON, June 25. Exchange on New York is quoted at 4.95 dollars to the £, and on Paris at 74 9-16 francs to the £. BRISBANE WOOL SALES (United Press Association.) (By Electric Telegraph—Copyright.! BRISBANE, June 26. At the wool sales values were firm at opening rates. Top prices for greasy, 18Jd; scoured, 27Jd. NEW GUINEA GOLD SHARES (United Prt63 Association.) (By Electrlo Tele.jraph—Copyright.) LONDON, June 25. New Guinea Gold shares are quoted at 4s 3£d. NATIONAL BANK LONDON, June 25. The National Bank of New Zealand Board has transferred £500,000 from its currency reserve account to provide the cost of capital transfers from New Zealand to London. LONDON FRUIT MARKET The Otago Provincial Fruitgrowers' Council advises that the High Commissioner's cabled report for week ended June 22, on the London fruit market, is as follows: — Karamea and Tongariro shipments discharged in good condition. Apples.—Better demand at firmer prices. Jonathan, Delicious, Dougherty, Frimley Beauty and Yates, lis to 14s; Ballarat, Statesman, Spitzenburg, Rome Beauty, Stunner and Tasma, 10s 6d to 13s; Granny Smith, 10s Od to 12s 6d; Cleopatra, Dunn's Favourite and Pioneer, lis to 12s. Otago: Jonathan, 12s 6d to 15s; Delicious, Cleopatra and Statesman, 13s to 14s; Stunner and Spitzenburg. 12s to 13s; Dunn's Fabourite and Rome Beauty, lis 6d to 12s. Pears.—Limited supplies at better prices. Winter Nelis, 14s to 17s; P. Barry, LTnconmie and Buerre Easter, 9s 6d to 14s; Keiffer, Ss to 10s. Otago: Winter Nelis, wasty, 7s to 16s; Josephine, 16s; Keiffer, I*l s to 12s. DAIRY PRODUCE The. Otago Farmers' Co-operative Association of New Zealand, Ltd., are in receipt of the following cablegram from London, dated June 25: Butter: Finest, 90s; first, 89s. Cheese: White, 455; coloured, 44a 6d. Both markets firm. COLOMBO TEA SALE Mr L. M. Wright has received the following cabled report on the Colombo tea auction of June 25: At yesterday's auction of 2,010,000ib common kinds advanced id, medium and fine teas id to |d. The quality showed improvement. With a smaller sale next week, 1,750,0001 b being catalogued for auction, firmer prices are anticipated. ADDINGTON MARKET (Per- United Press Association; CHRISTCHURCH, June 26. Entries were of normal size in to-day's market in the 6heep sections, but heavier in the cattle. Store Sheep.—There was a brisk sale for the mediocre classes forward, lambs firming slightly in values. Ordinary ewe lambs made from 17s to 19s; well-grown wether lambs, 14s to 15s Id; other lambs, lis to 13s 3dj medium good sound-mouth ewes, to 17s; sound and failing-mouth ewes, 10s 6d to 13s 6d; ordinary twotooth wethers, 17s 6d to 18s lOd; small two-tooth wethers, to 16s. Fat Sheep.—An entry of 3500 head—--1100 less than last week—was forward. Exporters were scarcely interested, and values were practically unchanged. Extra prime heavy wethers made to 32s 7d; prime heavy, 23s 6d to 25s 6d; prime medium-weight, 20s 6d to 20s 3d; ordinary wethers, 18 s to 20s; extra prime heavy ewes, to 28s; prime heavy, 18s 6d to 21s 6d; prime medium weight, 15s to 17s 6d; ordinary, lis to 13s 6d; light, to 10s 6d. Fat Cattle. —In this section 510 were penned, which included truck lots from Southland and South Canterbury. There wa6 a decline of 15s a head. Good beef made from 21s to 23s per 1001 b (a few pens to 245); heavy beef, 18s to 20s; ordinary, down to 16s. Top price was £l3 2s 6d for a show beast. Fat Pigs.—The entry was small, and values for all classes showed a slight improvement. Choppers made to £4 19s 6d; baconers, 42s to 50s; heavy baconers, 51s to £3; extri heavy, to £3 14s (average price a lb, 5Jd and sjd); porkers, 22s to 30s; heavy porkers, to £2 (average price a lb, 5Jd and 52d).

MINING NEWS

WHITE'S ELECTRIC DREDGE Advice has been received from the contractors for the construction of the dredge for White's Electric Gold Dredging Company that the machinery has been ordered from 'England, and a commencement has been made with the construction of the pontoon in steel. MOUNT MORGAN DIVIDEND Mount Morgan, Ltd.. has declared an interim dividend of 6d a share in Australian currency for the quarter ended June 25, payable on July 10. The directors announce that the new treatment plant will be in operation in July. It will handle not less than 5000 tons of ore a week. This implies a considerable increase of tonnage, improved recoveries, and reduced costs. The directors expect, providing that the existing price of gold is maintained, that they will be in a position to increase the amount of dividends declared from and including the next quarter. PROCERA BREAD SHARES SENSATIONAL ADVANCES. Rapid appreciation in the prices paid for shares in the Procera Bread Process Company was the principal topic of the Wellington Stock Exchange on Tuesday. The company (says the Evening Post) holds certain patent rights which it has protected in almost every bread-using country in the world and the right to manufacture already disposed in some of them. The rights are for distributing areas, and Wellington, Christchurch, and Dunedin are now working under them. In Australia 52 districts have secured licenses to use the patent, and 12 licensee are operating in New Zealand. Royalties are paid by licensees on loaves of bread distributed. The feature of the patent is the great reduction of the starch content of the loaf manufactured by the process. The London rights have been purchased by Nevill's Bread Company, a very old established London bread manufacturing organisation which supplies 8000 shops in the metropolitan area. The balance sheet of the New Zealand company showed sales of patents and royalties, £7006; expenditure, £4567; profit, £2466. The shares were sold in November last at 14s to 14« 3d, but they snibsequently dropped to 9s. The recovery began at the end of May, when sales were made *at round about 12s. Since then the advance has been extraordinarily rapid, as the record of sales during the past few days will show: — May 31, sales 12s: June 12, 16s 6d; June 13, 17s 6d, 18s 3d, 19s 9d; June 14, 20s, 20s 6d; June 18, 245; June 19, 26s 9d; June 20. 295: June 21, 335, 37s 9d; June 22, 45s 3d; June 24, 50s, 565, 60s; June 25, 67s 6d. Later sales, however, have been made at a somewhat lower figure than the last-mentioned. WORLD MEAT TRADE Information available relating to the production of and trade in meat in the principal countries of the world, with special reference to the part played by the British Empire, is summarised in a report issued by the Imperial Economic Committee. In view of the present meat negotiations in London, the statistics given in the report are of more than usual interest. . Cattle numbers in the world as a whole appear to have declined during the past decade, while sheep and pig populations have increased. Beef production in the principal producing countries decreased between 1925 and 1931, but has since shown some recovery, according to the report. Production of mutton and lamb has expanded throughout this period. Pig meat production has also increased, particularly in Europe, but by 1933 the output was beginning to decline and a further fall probably occurred in 1934. It is evident that there has been-a downward trend in beef consumption and a change-over to mutton and pork in recent years. A few countries together account for the greater part of the meat entering world trade. Argentina is by far the principal exporter of beef, with Australia occupying second place, although the meat equivalent of the Irish Free State exports of live cattle would place that country before Australia. New Zealand is the principal exporting country for mutton and lamb, while in the past two years Australia has superseded Argentina in second place. Denmark exports considerably more pig meat than any other country, and the Empire's share in the export trade is very small. International trade in pig meat is dominated by the movement of bacon and hams to the United Kingdom. This trade showed a material expansion between 1926 and 1932, but voluntary restrictions followed by a more permanent scheme of import control caused a considerable reduction in imports, which declined by 32 per cent., or nearly 3.9 million cwts, between 1932 and 1934. „. , Beef prices in the United Kingdom withstood the depression rather longer and better than many other products. A fall occurred in 1931, however, and continued in the two following years; even in 1934 average prices were slightly lower than in 1933. Prices of mutton and lamb fell to a much greater extent than did beef between 1930 and 1932, but recovered appreciably in the two subsequent years. There was a very substantial decline in bacon prices between 1930 and 1932. The restriction of imports arranged at the end of the latter year, however, was followed by a marked price recovery, and by 1934 prices, particularly for imported bacon, were almost back to the 1930 level.

Eraser and Co.. selling agents for Otago and Oamaru Egg Circles, report as under: — • Eggs.—Market rates, others Is 2d to Is 3d; pullet eggs, Is Id per dozen. Butter: Separator pats, nominally, 7d to 8d per lb; bulk, 7d per lb. Tallow, 15s to 17s per cwt. Pigs: Good bacon weights, 5Ad to 6d per lb; overweights, 2d to 3d per lb. Porkers: Od per lb. Potatoes: 0s to 7s per cwt. Chaff: £5 to £5 5s per ton, sacks extra, ex store. Whole fowl wheat, 5s 3d per bushel. Bulk honey, 4d to 4id per lb, 101 b tins 4s 6d to ss. Williams Premier bacon: Boneless hams. Is 3d; rolls. Is Oid; ham ends. Is (Ud per lb. / Poultry. —White Leghorn hens. 2s 0d to 3s; heavy breeds, 4s 6d to ss; cockerels, light 3a to 4k, heavy 5s to 6s; roosters, 2s to 3s; ducks, 3s to ss; ducklings, 5s to 6s 6d, all per pair. Turkey gobblers: 8d to 9d per lb, live weight; hens, 7d to 8d per lb. We stock Palmer's chick food. National meat meal, leg rings Is per dozen (special quotes for quantities). We are agents lor:--Champion egg crates. " Isco " cod liver oil for poultry; prices on application. We are Otago agents for: —The Gamble electric incubator and the Betteridge egg cleaning table. Particulars on application. Consignors,—Please note that all pigs and poultry must arrive not later than Wednesday morning of each week. We have a stock of poultry crates on hand for the use of our clients.

LONDON METAL MARKET (United Press Association.) (By Electrlo Telegraph—Copyright.) LONDON. June 25. (Received June 26, at 10 p.m.) The following are the official metal quotations:—

THE COMMONWEALTH LOAN (United Press Association.! (By Electric Telegraph—Copyright.) CANBERRA, June 26. (Received June 26, at 10.30 p.m.) Government officials were surprised that the loan was under-subscribed to the extent of £1,700,000. The consensus of opinion is that the rate of interest will have to be raised still further if the remainder of the borrowing programme of the Loan Council is to be successful. LONDON MARKETS HIGH COMMISSIONER'S CABLEGRAM. The Department of Agriculture has received the following cablegram, dated June 22, from the High Commissioner for New Zealand, London:— Tallow.—Market very quiet, with an easier tendency. Mutton, fine, is firm owing to short supply. Hemp.—Manila: Market firmer on American and Japanese buying. K grade for August-October shipment sold at £l3 10s. Closing values £l3 15s. Sisal: Market firm, with fair demand. Closing values for July-September shipment, £l6 7s 6d. September-November shipment sold up to £l6 10s. New Zealand: Market unchanged. On the basis of fair grade the nominal value is £ls 10s. No first-hand sales reported. TRANSPORT INDUSTRIES GREATER ACTIVITY SHOWN. Claiming that the transport industry are a sensitive index of business activity generally, the latest Abstract of Statistics reviews the past year's results in this industrial group. In the railway year to March 31, the excess of working revenue over operating expenditure totalled £769,476, the best financial result since 1928-29. As regards motor transport, the total number of licensed motor vehicles on March 31 was 209,462, compared with 197,285 at March 31, 1934. Importations of motor vehicles rose from 5460 to 16,186, or almost 200 per cent. An indication of the increase in road usage was provided.by the fact that imports of motor spirit rose by 24 per cent. In coastal shipping, the total tonnage of cargo handled during the year ended March 31, 1935, increased by about 10 per oant. on the previous year. The total manifest tonnage of overseas cargo increased 11 per cent., inward cargo being 21 per cent, greater and outward cargo declining by 3 per cent. Arrivals of passengers on overseas vessels were 50 per cent, higher and departures increased by 48 per cent. NEW AUCKLAND TUG Particulars of the twin-screw steam tug building by Lobnitz and Co. Ltd., Renfrew, _ for "the Auckland Harbour Board, are given in a recent issue of the Syren and Shipping Illustrated. She will be of 150 tons register, with a length of 125 ft, beam of 32ft, and mean draught of 13ft. The two riple expansion engines will develop a total of 1500 i.h.p. and give her a maximum speed of 12 knots and a static pull of 14 tons. The scantlings will be 10 per cent, in excess of Lloyd's requirements, and she will be fully equipped with electric lighting, flood-lighting, and signalling apparatus. No fewer than 22 tenders were received by the Harbour Board, ranging from the successful one of £26,366 of Messrs Lobnitz to £41,950. ' A further £2OO has been added to the contract price by additional items agreed upon after recommendation by the board's engineer. Delivery of the vessel is to be made ealy in the new year. MONETARY DISORDER EXTENSION DURING YEAR. The outstanding feature of economic evolution in 1934 was the continuance of monetary disorder, which, far from decreasing, had rather extended, said Mr Louis Dapples, president of the Nestle and Anglo-Swiss Condensed Milk Company, at the annual meeting at Cham, Switzerland. Currencies which were detached from gold at the beginning of 1934 had still further weakened, and generally other currencies which were regarded as more or less effectively tied to gold had not escaped this depressing tendeucy; indeed, if the truth were told, some of them had ceased to be free exchanges, and were subject to controlled rates the maintenance of which was thus of a very problematic order. Such a state of affairs could not be helpful to the general economic situation, for it became increasingly evident that, without a stabilisation of currencies to pave the way to the normal operation of exchanges, permanent recovery could only be of an illusory nature. It must be recognised also that the cause of the prolongation of a depression so long and so universal were not to be found only in a delicate international political situation, but also and more particularly in artificial governmental interference, which in most cases was proved to be clearly deceptive in its results. Such intervention only had the effect of continued and further restriction of the exchange of goods and the free circulation of capital and of intensifying the struggle for national selfsufficiency, which eventually could only end in a sort of slow and general asphyxiation. As an illustration of the decadence of international commerce under the regime of monetary chaos and various systems of planned economy, | Mr Dapples said that from 1929 to the end of June, 1934, the gold values of the world's export trade had fallen by C6J per cent., and in volume the reduction was about 23 per cent. From statistics it would appear that the countries which had suffered least in. the gold value I and- volume of exports were still to be found among those who remained faithful to the gold standard, which rather indicated that it was towards the application of principles of sane economics that they must look to ensure safety for the future PAPER INDUSTRY j PROGRESS IN AUSTRALIA. Steps being taken to develop the woodpulping industry in Australia were de- i scribed by Mr H. W. Marshall, secretary ! of Australian Paper Manufacturers, Ltd., j in evidence before the Tariff Board. Mr j Marshall said the company was investigating the possibilities of utilising the j thinnings from extensive pine forests in the south-eastern portion of South Aus- ! tralia. The company was also interested in the prospects in other States for the pulping of hardwoods for the manufacture of paper products, and had already spent £12,470 on surveys. At present the whole of the kraft pulp requirements of the Australian and New Zealand kraft paper mills were suppliel by Scandinavian countries, particularly Sweden and Finland. A programme involving the addition of two large machine units to the company's present plant, representing an expenditure of £500,000, had been agreed to for the mills in Victoria and at Botany. At the Botany mill f 90,000 had just been spent on a high-pressure boiler and turbine.

DUNEDIN STARR-BOWKETT ANNUAL MEETING The thirty-ninth annual meeting of the | Dunedin Starr-Bowkett Building Society was held last night. The chairman (Mr P. W. Stabb) presided over a good attendance of members. The secretary presented the annual report of the society, which read ag follows: No. 3 Group.—During the year a final dividend of £1 9s 9d per share has been paid to shareholders, making in all the | sum of £7 9s 9d. This completes the liquidation of this group, and shareholders are to be congratulated on its successful termination. No. 4 Group.—The shares current in this group number 452, and shareholders holding 49 shares have still to get an appropriation. The credit at profit and loss account is £6423 9s 7d. During the year 11 appropriations were disposed of, 10 by ballot and one by sale. No. 5 Group.—Five appropriations were disposed of by ballot and one by sale during the year. A total of 402 shares are current in this group, and the credit at profit and loss account is £4701 16s 7d. No. 6 Group.—Shares to the number of 660 are current in this group. Five ap- I propriations were disposed of during the vear, all by ballot. The amount at credit of profit and loss account is £3721 Is Id. j CHAIRMAN'S ADDRESS. Moving the_ adoption of the annual re- | port, the chairman said: I "Like the previous year, the one gust closed has carried with it much anxiety and worry for your directors, and yet I think that the outlook is a little brighter than last year. _ The position as to the society's securities has improved, and while we are yet concerned about several securities, we trust that by judicious nursing of same the ultimate loss, if any, be considerably minimised. You will note that in No. 4 group we have experienced a loss of. £64 18s 7d on the realisation of one security. At one time it seemed as if it would have been much bigger. This, I think, is the first loss the society has sustained. It will be of interest to members to learn that the society has advanced no less a sum than £448,707. Repayments amount to £382,873, leaving owing by the i members £65,834. Surely a remarkable | record, and one which speaks eloquently of the past value of the society not only to the members but also to the community itself. Many owning their properties today should be, and are, thankful that they became associated with the society. " I have been asked several times as to when another group is likely to be formed. I am of the opinion that the time is not opportune, as, in view of the very low rate of interest at present obtaining, and the amount of money available outside, it is doubtful if it could be successfully launched. There are varying opinions as to whether the interest rate is likely to remain stationary, rise or fall, but without claiming to be an authority I am of the opinion that the interest rate will remain at its present level for some time to come. "I cannot too strongly emphasise that it was never intended that societies such as ours were founded for the purpose of making money, the object being, by group formation, to make easier the financing of homes, and compulsory saving. It is true that on account of high premiums paid when interest was high and money scarce that considerable profits were made | in the various groups that have terminated, enabling your directors to distribute to the members considerable profit. This was merely an incident in the economic conditions, and I am afraid that the same profits cannot be looked forward to from the groups still running. : In support of this contention I would point out that in the year just concluded, in the various groups there were 22 appropriations, only two being by sale, the other 20 by ballot. In the past there i were usually an equal number of j appropriations by ballot and sale. ! Premiums on sale varying from £lO to £3O and £4O per £IOO were paid by members requiring loans. " Dealing with the individual groups I am pleased to be able to report that I No. 3 group has terminated, and the final I figures are presented to you. I would like to congratulate members on its successful career, dividends amounting to £7 9s 9d per share having been paid to members. With reference to No. 4, group, this year will probably see all members entitled thereto obtain an appropriation; then the process of liquidation will take ! place. The amount standing to the credit ' of profit and loss is £6423 9s 7d, which will gradually reduce as liquidation proceeds. No. 5 group has a credit balance in profit and loss account of £4701 16s 7d, and there.still remain 402 shares current. One or two securities in" this group are giving your directors some concern. No. 6 group has a profit and loss account credit of £3721 Is Id, 660 shares being current in this group." The motion was seconded by Mr J. G. i D. Dempster and carried. GENERAL. j Consequent on the retirement of Mr ' T. J. Walker from the board of direc- j tors, it was decided to reduce the number | of directors from six to five, and the i rule was accordingly amended. Rule 89 was also amended, so that three members instead of four could form a quorum. The directors' fees were fixed at a total of £l5O. and the auditors' feea at £ls per group. The retiring director, Mr P. W. Stabb, was re-elected. BALLOT. At the conclusion of the meeting the following appropriations were disposed of by ballot:— No. 4 Group.—The 172nd appropriation of £SOO wa6 drawn by No. 285. which consisted of five shares. In No. 5 group the 102nd appropriation of £SOO was drawn by No. 74. also consisting of five shares. The third appropriation, the sixtyseventh of £SOO from Group No. 6, was drawn by No. 325, consisting of five shares. I

RUGBY, June 25. iarls— Par. June 24. June 25. Francs to £1 124.21 74 19-32 74 33-64 Bri"-sels— Ktigaa to £1 30 29.27 29.25 OsloKroner to £1 18.1S0 19.90} 19.90} StockholmKroner to £1 18.130 19.39} 19.39} CopenhagenKroner to £1 18.150 22 22 BerlinMarks to £1 20.34 12.25 12.23 Montreal— Dollars to £1 4.86 2-3 4.94% 4.941 New York— Dollars to £1 4.86 23 4.94% 4.941 YokohamaPence to yen .. 24.582 14J 14} Hongkong— Pence to dollar 24.58 • 27J 26 11-16 Bombay— Pence to rupee — 18} 18} Batavla— Florins to £1 12.10 7.22} 7.22} MilanLire to £1 . . 82.46 59 13-16 59 9-16 Amsterdam— Guilder to £1 12.107 7.23 7.24} Prague— Kroner to £1 104 1 118i 1173 Geneva— Francs to £1 25.22} 15.09 15.08 Vienna— Schillings to £1 84.86} 26 26 Helslngfors— Marks to £1 193.23 2262 2261 MadridPesetas to £1 25.22J 36 35 21-32 BelgradeDinars to £1 25.225 216 215 Athens— Drachma to £1 8S5 E14 514 Lisbon— Kscudos to £1 110 110} 110} BucharestLei to £1 ,, 931.6 492} 492} Rio de Janeiro — Pence to milrels 5.890 4i 4i Buencs Aires- — Pence to pesos 47.22 36} 36} ShanghaiPence to tael — 17 9-16 19 3-16 Mbntevldeo— Pence to pesos — 393 392 Warsaw— ZIotys to £1 — 255 253

London— CN.Z. to ClOOstg Australia— £A to £100 N.Z. T.T. O.D. T.T. O.D. Buying. 124 123/10/101 101 Selling. 124/10/124/8/9/ 100/10/Fiji— £F to £100 N.Z. T.T. O.D. 90/7/6 90/7/6 89 89 New York— Dollars to £1 N.Z. T.T. O.D. 4.001 4.015 3.961 3.963 MontrealDollars to £1 N.Z. T.T. O.D. 4.00} 4.01* 3.961 3.97 France — Franca to £1 N.Z. T.T. O.D. 60.52 60.82 59.22 59.27 NoumeaFrancs to £1 N.Z. T.T. O.D. 61.47 61.87 58.47 58.52 PapeeteFrancs to £1 N.Z. T.T. O.D. 61.47 61.87 58.47 58.52 Belgium— Belgas to £1 N.Z. T.T. O.D. - 23.199 23.214 Germany— Belchsmarks to £1 T.T. O.D. - 9.622 9.627 ItalyLire to £1 N.Z. T.T. O.D. 47.23 47.27 SwitzerlandFrancs to £1 N.Z. T.T. O.D. 12.342 12.417 11.942 11.952 Holland— Florins to £1 N.S&. T.T. O.D. 5.954 6.004 5.704 5.708 Java — Florins to £1 N.Z. T.T. O.D. 5.915 5.965 5.690 5.694 Japan— N.Z pence to 1 T.T. O.D. - 17 13-16 Shanghai— " N.Z. pence to 1 dollar .# .. T.T. O.D. 22 31-3 22 27-3 ! 24 9-32 I 24 7-32 India and Ceylon— N.Z. pence, to 1 rupee .. •• T.T. O.D. 22% .221 22 23-32 22 21-32 Hongkong— N.Z. pence to 1 dollar •. T.T. O.D 32 7-16 32 5-16 335 33 7-16 Singapore— , N.Z. pence 'to 1 dollar -. •• T.T. O.D. 34 5-32 34 1-32 35 5-32 35 1-32 SwedenKroner to £1 N.Z. T.T. O.D. 15.790 15.830 15.460 15.470 Norway— • Kroner to £1 N.Z. T.T O.D. 16.200 16.240 15.870 15.880 Denmark — Kroner to £1 N.Z. T.T. O.D. 18.208 18.248 17.878 17.888 AustriaSchillings to £1 N.Z T.T. O.D. - 20.57 20.59 Czechoslovakia — Crowns to £1 N.Z. T.T. O.D. - 94.21 94.26

U.S.A. Canada. (per£l (perfl | N.Z.) N.Z.) Selliii" — Dols. Dols. T.T. .. . 3.96J 3.96| O.D. 3.96g 3.901 Buying— O.D. .. . 4.011 4.01 JS

e s. d. / National Insurance 1 0 6 I South British Insurance .. 4 18 2l Dunedin Breweries . . 1 10 0 Dominion Fertiliser 1 2 0 The following are yesterday afternoon's | buying and selling quotations. ivhich are | subject to the usua 1 brokerage :— BANKING. Buye Seller £ s. d. £ s. 'd. Australasia — 11 2 0 New Zealand 2 10 0 — Commercial .. 0 15 6 — National of N.Z. 3 9 0 3 11 6 Reserve 6 8 6 6 9 6 — 9 2 0 INSURANCE National 1 0 3 1 0 9 Standard . . 3 12 0 3 13 6 SHIPPING. Huddart, Parker (pref.) .. 1 6 0 1 8 0 U.S.S. Co. (pref.) 1 7 0 — MEAT PRESERVING 1 N.Z. Refrig. (paid) 0 18 9 — N.Z. Refrig. (cont.) 0 9 0 — South. Frozen Meat (paid) 3 16 0 — Waitaki Farmers 3 10 0 — LOAN AND AGENCY Dalgety and Co. .. 8 0 0 — National Mortgage 2 10 0 2 14 0 National Mortgage (B issue) .. 1 11 0 — Wright, Stephenson (pref.) .. .. 0 19 3 — COAL. Kaitangata .. — 1 1 0 Westport .. .. 1 1 0 — Westport-Stockton (pref.) .. — 0 4 3 MISCELLANEOUS. Associated News .. — 1 4 0 Broken Hill Proprietary 2 18 s 2 ID 3 Brown, Ewing (pref.) .. — 1 3 9 Consolidated Brick 0 9 1 — Crystal Ice .. 2 1 0 — D.I.C. (ord.) 0 15 0 — D.I.C. (pref.) .. 1 4 6 — Dominion Fertiliser 1 1 10 — Dominion Fertiliser (debs.) 105 0 0 — Dominion Rubber 1 7 6 1 9 3 Donaghy's Rope .. 2 11 « — Stock Exchange Proprietary — 2 1 0 Dunlop Perdriau Rubber — 0 16 5 Kaiapoi Woollen (ord.) .. — 0 15 0 Kaiapoi Woollen (pref.) .. 0 18 6 — Milburn Lime 2 4 6 — National Electric 0 9 0 — N.Z. Drug Co. .. — 4 5 0 N.Z. Newspapers .. 1 18 3 2 0 0 N.Z. Paper Mills .. 1 14 0 — Sun Newspapers .. 0 8 0 0 8 6 Woolworth's (Sydney) 4 12 6 — BREWERIES N.Z. Breweries .. 2 13 0 — 1 9 3 — AUSTRALIAN MINING. Electrolytic Zinc (ord.) .. .. 1 6 0 — Mount Lyell 0 186 — 1 Mount Morgan .. 1 16 6 1 10 9 1 MINING. 1 1 Bendigo Goldlight 0 0 10i 0 o 114 | Big River 0 2 2 0 2 0 Blackwater — 1 11 9 Charleston .. — 0 0 8 Gillespie's Beach .. — 0 1 G Golden Progress .. 0 0 3 0 1 0 0 s 0 0 3 3 King Solomon — 0 4 0 Nokomai — 0 1 c 0 5 4 0 5 9 Oxenbridge .. 0 0 5 0 0 6 Skippers .. ... Waitahu — 0 0 3 0 2 7 — Maori Gully 0 1 S 0 1 6 GOVERNMENT LOANS. 3J p.c. Stock, 19381943 105 0 0 — 3J p.c. Stock, 19391943 105 0 0 — 3} p.c. Stock. 19411943 105 0 0 — 3J p.c. Stock, 193S1952 .. .... 107 0 0 — 31 p.c. Stock, 19391952 107 0 0 — 3£ p.c. Stock, 19411952 107 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, 1940 .. .. 107 10 0 — 4 p.c. Stock, Feb. 15, 194G .. .. 107 10 0 108 10 0 4 p.c. Bonds, April 15, 1949 .. .. 108 0 0 — 4 p.c. Stock, April 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 —

Bonds. 1940, 4 per cent. f s. 103 15 d. 0 Stcck, 1955, 4 per cent. .. 111 12 6 Stock, 1949, 4 per cent. .. 109 5 0 Auckland Harbour Board 1940, 4J per cent 104 0 0 Bank of New South Wales .. 31 0 0 Bank of New Zealand (2) .. 2 10 4 Bank of N.Z. (D mort.) .. I 12 6 3 8 3 8 ."5 (i 1 7 ■A Dominion Breweries . • . • 0 14 0 Broken Hill Proprietary .. 2 ]8 li Morris Hedstrom (2) .. .. 1 1 1U 1 N.Z. Newspapers (2) .. »• 1 18 0 1 19 1 16 (i

Worksop Extended .. .. Mount Morgan (2) .. .. 0 2 7J 0 18 9 1 16 10 Unlisted Stocks Woolworths (Sydney) .. .. 4 13 0 4 13 3 Golden Crown (lid paid) .. 0 1 5 0 4 0

Inscribed Stock, 3* per cent., 1938-52 107 17 6 107 1(5 3 10 2 6 National Insurance (late sale 1 0 5 Gear Meat (late sale Tuesday) 1 1 3 2 2 0 0 S S Anthony Hordcrn (late sale 0 18 8 British Tobacco (late sale 1 19 0 N.Z. Newspapers (2) 1 18 9 Associated iNews (late sale 1 3 (5 Maori Gully (late sale Tues0 1 0 1 3 3.1 Waihi 1 10 8" Unlisted Stocks Woohvorths (Sydney, late sale 4 13 3 Proceva Bread (10s paid) .. 3 5 0 Procera Bread (Vendor's!) .. 3 1 0 CHRISTCHURCH Sales on 'Change N.Z. Government 4 per cent. Inscribed Stock, 1937-40 .. 104 0 0 Bank of New Zealand 2 10 6 Goldsbrough, Mort (cum div-, N.Z. Refrigerating (10s pd.) 1 9 0 9 7 0 N.Z. Breweries (cum.div., 2) 2 14 0 2 14 6 2 15 0 2 14 0 Anthony Hordcrn .. 0 18 7 0 18 6 Milburn Lime (odd lot) .. 2 5 0 Manawatu Knitting-Mills •• 1 17 0 Woohvorths (N.Z., ord., cum 12 0 12 2 0 0 0 1 5j 0 0 6 Maori Gully 0 1 4 0 18 10 Mount Morgan cum div.) 1 16 9 Sales Reported N.Z. Government 4 per cent. Inscribed Stock, 1937-40 .. 104 0 0 Manawatu Knitting Mills • • 1 17 0 0 1 3 0 1 3i Mount Morgan (cum div.) .. 1 16 9 Unlisted Stocks Procera Bread (10s paid) .. 2 17 6 2 15 0 2 17 0 2 16 0 2 15 0

£ 6. d. Commonwealth Bonds — 101 11 3 104 7 6 4 p.c. 1947 .. .... 105 17 6 Commercial Bank of Sydney 17 15 0 National Bank (£5 paid) .. 6 6 0 Bank, of New South Wales .. 31 15 0 1 9 9 2 14 9 Anthony Hordern 0 18 10a Anthony Hordern (pref.) .. 1 3 3 1 9 3 Broken Hill Proprietary 2 19 6 1 2 0 Morris Hedstrom 1 1 10J ADDITIONAL SALES. Commercial Bank of Sydney t a. 17 15 d. G 8 17 6 44 5 0 Adelaide Steam 1 11 6 0 14 0 Australian Gas A .... 8 3 0 1 19 0 2 15 3 Australian Glass (ex div.) .. 3 8 6 Dunlop Perdriau (pref.) 1 13 3 2 0 9 0 19 0 1 17 0 Broken Hill Proprietary 2 19 3 South Broken Hill .. 4 5 6 0 7 3 Placer Development 31 2 6 MELBOURNE. June 26. National Bank (£10 paid) .. 12 14 0 Bank of New South Wales .. 31 10 0 Goldsbrough, Mort .. .. 1 9 9 2 17 0 1 17 9

£ s. d. June 25 .. .. .. 7 1 (U June 24 .. .. .. .. 7 0 ll| June 22 .. .. .. 7 1 0 June 20 .. .. .. .. 7 i u June 18 .. .. .. .. 7 1 2 June 17 .. .. .. .. 7 0 01 June 15 .. .. .. 7 0 9 June 14 .. .. .. .. 7 0 s

Ton. Copper, spot .. £30 0 7H> Fall £0 11 3 Copper, forward .. 30 8 V,i Fall 0 9 i\b Electrolytic, spot .. .. 33 0 0" Fall 0 IB 0 Electrolytic, forward .. 33 15 0 Fall 0 10 0 33 IB 0 Fall 0 10 0 13 17 c Fall 0 1 3 Lead, forward .. ... 13 IS 9 Fall 0 1 3 Speller, spot .. .. 11 0 0 Itise 0 2 6 Spelter, forward .. .. 14 1 3 Rise 0 1 3 223 10 3 No c hange Tin. forward .. .. 210 17 0 Hlse 0 11 3 IMg Iron, heme trade 3 T 6 No c hange Pig Iron, export S 2 6 No change Antimony, British 76 10 0 No change Antimony, foiclgn 48 10 Unit. 0 No c bange 1 14 6 No^hange 1 10 Oz. 3 No c hangs Sllror. standard .. SI l-16d Fall T-16d 33Wd Fall Vzi