COMMERCE AND FINANCE

Otago Daily Times, Issue 22609, 28 June 1935, Page 6

COMMERCE AND FINANCE

LOCAL AND OVERSEAS MARKETS

THE RESERVE BANK ASSETS AND LIABILITIES iPtx Dmted Press Association.) WELLINGTON, June 27. The Gazette issued to-night contains the following statement of the liabilities and assets of the Reserve Bank of New Zealand as at the close of business on June 24. The figures at the close of last week are given for the purposes of comparison, shillings and pence being omitted: — LIABILITIES

DUTCH BANK RATE REDUCED (United Press Association.) (By Electric Telegraph—Copyright.) AMSTERDAM, June 26. The bank rate has been reduced to 4 per cent. AUSTRALIAN STOCK EXCHANGES (United Press Association.) (By Electric Telegraph—Copyright.) SYDNEY, June 27. (Received June 27, at 10. p.m.) Stock Exchange trading was spread over a wide range of issues, but price variations were negligible. Commonwealth Bonds, however, showed signs of weakness. THE MORNING SALES.

mount jjyeii «... v x» v BULOLO SHARES LONDON, June 26. Bulolo shares are quoted at £7. DAIRY PRODUCE MARKETING NEW ZEALAND AND AUSTRALIA. The New Zealand Dairy Produce Board is seeking co-operation with Australia in phases of the marketing of dairy produce in Great Britain. The New Zealand Dairy Produce Board has written to the Australian Dairy Produce Export Board stating that it was realised that the quantities of butter exported from Australia and New Zealand were now approximately equal, and with a favourable season the Australian output might increase much more rapidly than that cf New Zealand. Consequently, it was of the greatest importance that the two countries should work closely together. It was considered that more frequent exchanges of visits should be made, and the New Zealand board was prepared to send a delegation to Australia to confer with the Australian board about the marketing of dairy produce. The Australian Dairy Produce Export Board (says an Australian exchange) is favourable to the proposal, and it has invited representatives of the New Zealand board to attend its forthcoming meetings.

TOE SHARE MARKET DUNEDIN STOCK EXCHANGE Ordinary Southland Frozen Meats were reported to have changed hands at £3 16s 6d on the Dunedin Stock Exchange yesterday, no quotations for these shares being received during the afternoon call over. Associated News shares were reported to have been disposed of at £1 3s 6d, the closing buying and selling quotations being £1 3s and £1 4s respectively. D.I.C. preference shares were dealt in at £1 ss, a closing seller at £1 5s 3d failing to attract buyers. Two sales of New Zealand Breweries at £2 14s 3d were reported, buyers' closing offer of £2 14s, cum dividend, being sixpence below sellers' requirements. Mount Morgans were reported to have been sold at £1 16s lOd, buyers offering one penny less than that figure on 'Change, whilr sellers asked £1 17s 3d. Two sales of Bendigo Goldlights at lljd were also reported, the market closing with sellers asking the same figure, while buyers would not offer more than lid. King Solomons were reported to have been disposed of at 3s 10a, buyers' offer of 3s 9d on 'Change being threepence below sellers' lowest requireSALES REPORTED.

ft Cum dividend. DIVIDENDS PAYABLE. - The following is a list of the shares on which dividends will shortly be payable: North Broken Hill —Final, Is 6d per share and bonus of Is per share June 28 Goldsbrough, Mort Pinal, 9 3-5 d per share June 29 British Tobacco—lnterim, 1J per cent June 29 Queensland Insurance —Interim, 9 3-5 d per share July 1 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—lnterim, 1 dollar 20 cents July 9 Mount Morgan—lnterim, 6d per share July 10 N.Z. Breweries—Final, 3J per cent., 8 2-5 d per share .. .. July 18

NORTHERN EXCHANGES AUCKLAND Sales on 'Change

WELLINGTON Sales on 'Change

DOLLAR AND FRANC (United Press Association.) (By Electric Telegraph—Copyright.) LONDON, June 26. Exchange on New York is quoted at 4.94 3-16 dollars to the £. and en Paris at 74 9-16 francs to the f. BRISBANE WOOL SALES (United Press Association.) (By Electric Telegraph -Copyright.) BRISBANE, June 27. The wool sales concluded with keen competition. Values for well-grown wools were fully 5 per cent, higher. Top prices were: Greasy, 18fd; scoured, 27£d. THE PERTH SALES (United Press Association.) (By Electrlo Telesranh- Copyright - PERTH, June 27. At the Perth wool sale prices showed an advance of 15 to 20 per cent, compared with the April sale, making parity with the recent advances in other markets. AUSTRALIAN MARKETS (United Press As iclation.) (By Electric Telegraph—Copyright.) SYDNEY, June 27. (Received June 27, at 10.5 p.m.) Wheat. —Country sidings, 2s 5Jd lor bagged and 2s 4Jd for bulk, equal to 3s OJd, ex trucks, Sydney. Flour, £ll 5s Brand and pollard, £5. Potatoes. —Tasmanian, £ll to £l4; Victorian, £ll. Onions.—Victorian brown, £lO 10s. Maize. —Yellow, 4s 4d; white, 4s 3d. ADELAIDE, June 27. Wheat.—Growers' lots, 2s lid. Flour.—Bakers' lots, £ll 7s 6d. Bran, £5. Pollard, £5 2s 6d. Oats, Is 9d and Is lOd. Barley, 2s 6d. NEW GUINEA GOLD SHARES (United Press Association.) (By Electric Telegraph—Copyright, i LONDON, June 26 New Guinea Gold shares are quoted at 4s 2Jd. DAIRY PRODUCE The New Zealand Loan and Mercantile Agency Company, Ltd., has received the following cablegram from its London house under date June 26: — New Zealand choicest salted butter, 90e: market steady. Cheese. —White, 455; coloured, 44s 6d; market steady.

MINING NEWS

CENTRAL SHOTOVER COMPANY '' ANNUAL REPORT. The annual report of the Central Shotover Gold Mining Company, which will be presented at the second annual meet : ing of shareholders in the Chamber of Commerce board room on July 5, states that sluicing operations commenced on June 28, 1934, a considerable area of bottom wash being uncovered. The first paddock waa completed on July 30, the area being half an acre and the average depth 12 feet. The ground was very stony, and had all been previously worked by the early miners. The total wash-up from this paddock was 20oz 7dwt. Anew channel was made through which the bhotover River was diverted, thus uncovering nearly seven chains of riverbed which looked to be maiden ground; but before this could be worked a heavy flood occurred on August 15 which silted "P the paddock and buried the elevator, and the river went back to its former course. A fortnight was spent in turning bade the river to recover the elevator, when another flood occurred and made recovery impossible at that time. A new elevator was purchased, which arrived on the claim on September 26. The second paddock was started on September 6, and comprised an area of half an aero, it being completed on October 3. The return from this was only Boz 14dwt, as this ground had also been previously worked. A start was made on the third paddock on October 18, and on October 27 a partial wash-up took place for a return of 9oz lOdwt. The river was still running very high. The paddock was finished on November 3, the area worked being 40 x 40 yards of bottom, and the depth lb feet to 20 feet; the wash-up was 18oz 13dwt, making a total of 28oz 9dwt tor the paddock. The fourth paddock was started on November 9 and finished on November 30, the area of this being approximately quarter of an acre. -the ground was solid and very rough, with stones and boulders. The river was high and the seepage heavy, the gold return being lOoz sdwt. The pipe line was then shifted and the fifth paddock commenced on December 4, but was not completed until February 15 owing to a. series of floods, the first one occurring on January 7. No damage was done to the plant on this occasion, *but part of the protection wall was carried away, necessitating rebuilding and strengthening. The area of this paddock was one-third of an acre, and the depth 15 feet to 30 feet. The total return from this paddock was 240 z sdwt, the seepage being exceptionally heavy. A start on the sixth paddock was made on February 18, but on March 26 on abnormal flood occurrpd which washed away the protection wall and buried a substantial portion of the nlatit, with the result that sluicing operations had to be stopped altogether. A caretaker was then . appointed to look after the claim and to provide a man on the spot to enable the salvage of anv gear which became visible, and thus a substantial part of the lost plant has since been recovered. lhe elevator, however, is still buried, although the last report from the caretaker stated that a portion is now exposed. lhe profit and loss account shows that to March 31, 1935, the loss in running the claim amounted to £1224 3s sd, from which is to be deducted the profit of £2OO made by the disposal of tne pipe line to the Arthur's Point Sluicing Company, Ltd., leaving the net loss for the period £1024 3e sd. This has absorbed practically all the company's working capital, and, with the loss of the claim plant in the big flood, has rendered it impossible for the claim to be reopened. The directors have just completed negotiations with Mr J. Stephens, whereby he has taken the claim on a 30 per cent, tribute basis, and he has already made a start with the necessary work preliminary to the salvaging of the lost plant. inis tribute agreement operates to the benent of ,the company in two special ways:— First, it provides for the company a JO per cent, share of profits on the operations of the tributor, without any liability on the part of the company in the event of a loss being made; secondly, tne opening up of additional ground, under the guidance of miners who profess to know where the best gold-bearing parte ot the river exist, will enable the company to decide whether the claim can be maae a payable proposition. The directors to retire at the meeting are Messrs G. Thompson end A. D. Ldgar, who, being eligible, offer themselves tor re-efection Mr G. S. Kirby, the company's auditor, will also retire, and is eligible for re-election. GLENROY RETURN The secretary of Glenroy Gold, Ltd., report* that a wash-up took place on June 22, resulting in a return of 220 z 16dwt 20gr. CAIRNMUIR SLUICING, LTD. A report by Mr William Murray, the manager of Cairnmuir Sluicing, Ltd., states that since June 1 a good deal of time has been spent on the race fixing drops, tussocking banks in sandy country, fixing minor leaks, taking up bottom through the old dams on the lower Hat, clearing slips after the heavy rains. and repairing a break, for which last purpose 72 feet of fluming and trestles had L be carried over a rough track. During the period ended June 22. the water was on the claim for proximately 50 hours, but so far as can be see . ti. gold has been seen in the tailrace. LONDON METAL MARKET (United Press Association.) (By Electric Telegraph—Copyright.) LONDON. June 28. (Received June 27. at 10 P.m.) The following are the official metal Quotatlons:-

PRICE OF FINE GOLD

LONDON, June 26. Gold, a fine ounce, is quoted:—

AUSTRALIAN GLASS COMPANY A net profit of £175,522 was realised in the year ended -March 31, 1935, by the Australian Glass Manufacturers Company, Ltd., Melbourne. This contrasts with £129,601 earned in 1933-34. The item gross profit, interest, rent, etc., increased from £417,79.3 to £529,993. Interim dividends of 5 per cent, on the ordinary shares and at the rate of 9 per cent, per annum on the preference shares were paid up to September 30, 1934, absorbed £54,398. The directors propose payment of final dividend of 8 per cent, on the ordinary shares, makinß 13 per cent, for the year, 4 per cent, of which is paid out of income dorived from the company's investments, and dividend at the rate of 9 per cent, per annum on the preference shares for the six months ended March 31, 1935, absorbing £82,313, and leaving a balance of f 38,810 to be added to the balance brought forward from the previous accounts, making a total of £70,005 to be carried forward to next year's accounts. The board states that the operations of the company continue to show improvement. Ordinary dividend for 1933-34 was fl per cent.

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

ON NEW ZEALAND CURRENCY BASIS The Bank or Ken South Wales, Uunedln, quoted the following rates for nurohases and odes of foreign exchange yesterday:—

These rates 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.

SOUTHLAND FREEZING WORKS UNIFORMLY GOOD SEASON. The official closing of the freezing works in Southland took place on Wednesday after a uniformly good season. The killings, taken all over, were considerably above those for last season, and (the Southland Times states') the quality of the stock killed generally was good. The season closed a little earlier than usual this year. Tentative figures supplied by the Southland Frozen Meat Company show that about 34,000 more sheep and lambs were killed at Mataura than during the previous season, although at the Makarewa Works nearly 1000 fewer were killed. The unofficial total for Mataura for the season is 343.C30, and for Makarewa 398,580. These figures are as nearly accurate as it is possible to give them at this stage. Comparative figures for the last five years are as follows: —

The company's works at Makarewa opened on December 14, and, although Wednesday was the official closing day a further 500 sheep and lambs would have to be killed yesterday to complete the seaeon. The same position obtains at the company's Mataura works, where it will be necessary to kill a further 3000 sheep and lambs to finish off.

TRUTH (N.Z.) LIMITED The directors of Truth (N.Z.) Limited have declared an interim dividend at the rate of 6 per cent, per annum for the six months ended March 31 last. MOTOR TYRE PRICES Notwithstanding the recent small Increase in the prices of motor tyres in Australia, the prevailing rates (says the Melbourne Argus) are considerably lower than those in New Zealand. Comparisons with the New Zealand prices, which were raised this month by as much as 15 per cent., show that the Australian rates are about 30 per cent, lower. The recent increase in prices in New Zealand was attributed to the steady increase in the costs of raw material. Consequently an increase in the retail prices of tyres had been expected for some time. Although the prices of tyres in New Zealand are about 30 per cent, higher than the Australian prices, the New Zealand report states that, considering duty and other charges, tyres have been exceptionally cheap in New Zealand. The Australian motorist is apparently much more advantageously served in the matter of tyre prices than are the motorists in the Dominion.

NEW ZEALAND BREWERIES

NET PROFIT OF £77,835

The directors of New Zealand Breweries, Ltd., in their report to be presented at the twelfth annual general meeting ot shareholders to be held at Wellington on July 17, state: — "After writing off depreciation on buildings, plant, machinery, rolling stock, etc., and paying a sum of £487,020 14s 9d as excise duty, and making provision for land and income taxes and contingencies, there remains a net profit of £77,835 18a lOd, to which there is to be added the amount brought forward from last year —£13,135 2s 4d—making £90,971 Is 2d. From this amount must be deducted the sum of £38,229 Is, being interim dividend paid for the period ended September 30, 1934, leaving a sum of £52,742 0s 2d to be dealt with. " The directors recommend that this amount shall be appropriated as follows: —Payment of dividend of 3£ per cent, for the half-year, making 7 per cent, for the year, £38,229 18s sd; to be carried forward, £14,512 Is 9d. " Dividends paid on the company s holding of shares in subsidiary companies have been taken to credit in the profit and loss account. , "The directors to retire in accordance with the articles of association are Messrs Hugh Adam, Alfred Louisson, and Hugfl T. Speight, who, being eligible for reelection, offer themselves accordingly, lhe directors are of the opinion that the annual general meeting of members should be held at an earlier date than that permitted by article 67 of the company's articles of association, and. recommended that the present provisions or article No. 67 be cancelled and the following substituted therefor:—fhat the next ordinary general meeting of members and every subsequent ordinary general meeting of members shall be held on such day in every year and at such time and place as the directors shall determine. In order to give effect to the foregoing the necessary motion will be submitted to the meeting." , , . Principal items in the balance sheet are—Sundry creditors, £56,064 14s 10d; taxation reserve, £65,000; insurance reserve, £40,000; reserve fund, fllS.O 00 - Assets of the company total *M21,677 15s, made up as follows:—Land and buildings (at cost, less sales and. depreciation), £448,187 2s 7d; machinery and plant, cask plant, motor trucks, etc. (at cost, less discarded, and depreciation), £60,377'2s Hd; stocks on hand, £!/o> uw 13* 6d; advances against barley and flops, £l9 139 Is sd; office furniture and fittings, £SB 6s 6d; investments and advances to the trade (lees reserve for depreciation), £583,771 3s sd; shares in subsidiary companies, £17,901; amounts owing to company on current account (less reserve ! for doubtful debte), £99,100 19s 9d; cash at bankers and in hand, £67,089 4s lid.

Last week. S 500,000 This week. L Paid-up capital .. .. 500.000 S. General Beserre Fund .. 1.000.000 1,000,000 S. Bank notes 9.172.472 9,111,209 4. Demand liabilities— 13.S26.S97 13.287,926 8.800.679 5,915.104 27,261 22.5U — *~ «. Liabilities In currencies other than New Zealand currency .. .. — — T. Other liabilities .. .. 53,997 53.808 £27.880.807 £27,890,679 ASSETS ft. Beswrft— . 2.801,731 2.801.732 (b) Sterling exchange .. 22,813,000 22.813.024 (e) Gold exchange .. — — $. Subsidiary coin .. .. 147,514 145,974 10. Discounts— (a) Commercial and agricultural bill* .. "" "* (b) Treasury and local body bills .. .. — — 11. Adrances— (a) To Bute or State undertakings — "■ (b) To other public authorities .. .. — -~ — — 2.094.07B 2.094.075 It. Bank buildings .. .. — —• 24.485 35.873 £27.880,807 £27,890,679 Proportion it reserre (No. 8 less No. 6) to notes and other demand liabilities .. 97.20% 97.25%

i s. d. Commonwealth Bonds— 31 p.c, 1948 ... ...; .. 99 10 0 103 17 6 101 17 6 103 6 3 106 10 0 Tooths. .. ... .. .. .. 2 15 0 3 9 0 Broken Hill Proprietary .. 2 19 0 0 16 a 1 2 3 Morris, Hedstrom 1 2 0 ADDITIONAL SALES. Commercial Bank of Sydney t s. 17 18 d. 0 8 17 6 Bank of New South Wales .. 32 0 0 44 5 0 1 11 6 1 16 6 1 19 3 2 14 9 1 10 0 Associated News (pref.) .... 1 4 3 0 16 6 8 2 6 1 9 9 0 10 9 1 6 6 Amalgamated Textiles ..... 0 10 11 0 19 " 4* 1 16 9 0 18 9 Broken Hill Proprietary .. 2 19 3 South Broken Hill .. .. 4 6 0 6 10 0. 31 17 6 Commonwealth Bonds— 102 1 3 103 6 3 104 11 3 105 8 9 106 15 0 106 7 6 4 per cent., 1957 104 17 6 MELBOURNE, June 27. National Bank (£10 paid) .. 12 16 0 9 0 0 1 9 9

£ 8. d. Southland Frozen Meat (ord.) 3 16 6 Associated News .. 1 3 6 D.T.C. (pref.) .. . 1 5 0 N.Z. Breweries (2) 2 14 3 Mount Mortran .. 1 16 1U Bendigo Goldlight (2) .. .. 0 0 114 King Solomon ... 0 3 10 UNLISTED STOCK. Anthony Hordern . 0 18 9 The following are yesterday afternoon's buying and selling quotations, subject to the usual brokerage which are BANKING. Buyer. Seller. £ s. d. £ 8. d. 10 18 0 11 1 0 New Zealand .... 2 10 2 2 10 6 Commercial .. .. 0 15 6 0 16 0 E.S. and A 5 0 0 5 2 0 National of N.Z... 3 9 0 — National of A'asia 6 3 6 — 6 9 0 6 9 6 8 15 0 9 0 0 INSURANCE. — 1 0 9 3 12 0 3 13 6 SHIPPING. Huddart, Parker (pref.) 1 6 0 1 8 0 P. and 0. Def. Stock 1 1 0 — U.S.S. Co. (pref.) 1 7 0 — ' MEAT PRESERVING. N.Z. Refrigerating 0 19 0 — N.Z. Refrigerating 0 9 1 *— South Otago Freez. Waitaki Farmers 6 13 6 — 3 10 0 — LOAN AND AGENCY. Dalgety and Co. .. 8 0 0 — National Mortgage 1 2 10 0 2 14 0 National Mortgage (B issue) .. .. 1 11 0 — Trustees, Executors 3 2 0 — Wright, Stephenson (ord.) 0 17 9 — Wright. Stephenson (pref.) 0 19 3 — COAL. Kaitangata .. — 1 1 0 1 1 1 — MISCELLANEOUS. 1 4 0 Associated News .. 1 3 0 Broken Hill Pty. — 3 0 0 Brown, Ewing — 1 3 9 Consolidated Brick 0 9 1 — Crystal Ice .... 2 1 0 — D.I.C. (ord.).. .. 0 15 6 — D.I.C. (pref.) — 1 5 3 Dominion Fertiliser 1 1 10 1 2 0 Dominion Fertiliser (debs.) 105 0 0 _ Dominion Rubber 1 7 6 1 9 3 Donaghy's Rope .. 2 11 6 — Dunlop Perdriau — 0 16 4 Kaiapoi Woollen Milburn Lime 0 18 6 — 2 4 9 — N.Z. Drug Co. .. — 4 5 0 N.Z. Newspapers.. 1 18 6 1 19 3 N.Z. Paper Mills.. 1 14 0 — Otago Daily Times 2 9 0 2 10 6 Sun Newspapers .. 0 8 1 0 8 5 Woolworths (SydWoolworths 4 12 6 — (second pref.) — 1 8 0 BREWERIES. N.Z. Breweries .. tt2 14 0 2 14 6 2 14 0 — AUSTRALIAN MINING. Electrolytic Zinc (ord.) 1 6 0 — Mount Lyell .. .. 0 18 6 — ■ Mount Morgan .. 1 16 9 1 17 3 MINING. Bendigo Goldlight 0 0 11 o o 114 0 2 3 0 2 6 Charleston .. — 0 0 8 Gillespie's Beach 0 1 5 0 1 6 Golden Progress .. 0 0 3 0 1 0 Goldfields Dredging 0 0 1 0 0 4 Kildare .. — 0 3 3 King Solomon 0 3 9 0 4 0 — 0 1 6 0 5 6 0 5 9 Oxenbridge .. 0 0 5. — — 0 0 3 0 2 8 0 3 0 GOVERNMENT LOANS. 3} p.c. Stock, 19381943 105 0 0 — 3J p.c. Stock, 19391943 105 0 0 — 34 p.c. Stock. 19411943 105 0 0 — 31 p.c. Stock, 19381952 107 5 0 _ 3J p.c. Stock, 19391952 107 5 0 — 3J p.c. Stock, 19411952 107 5 0 - 4 p.c. Bonds, Jan. 15, 1940 103 10 0 — 4 p.c. Stock, Jan. 15, 1940 103 0 0 — 4 p.c. Bonds, Feb. 15, 1946 108 0 0 _ 4 p.c. Stock. Feb. 15, 1946 108 0 0 _ 4 p.c. Bonds. April 15, 1949 108 0 0 — 4 p.c. Stock, April 108 0 0 — 4 p.c. Bonds, June 15,1955 111 0 0 _ 4 p.c. Stock, June 111 0 0 — UNLISTED STOCKS Scoullar and Chisholm (pref.) .. — 1 4 0 Dominion Executive Trust (debs.; £50) — 40 0 0

£ s. d. Govt. Stock, 3J p.c, 1938-43 105 10 0 Govt. Stock, 3J p.c, 1938-52 107 17 6 Auckland Transport, 4i p.c, 1944-45 105 0 0 5 1 6 Bank of New South Wales .. 31 0 0

8 17 6 South British Insurance 4 19 0 Dominion Breweries .. 0 14 9 Broken Hill Proprietary (2) 2 18 6 Farmers Trading (ex div.) .. 0 6 8 0 3 11 0 1 10 0 4 0 1 16 10i 1 16 11 Unlisted Stocks Woohvorths (Sydney) .. .. 4 13 3

Inscribed Stock, 4 p.c, 1949 108 15 0 Inscribed Stock. 4 p.c. 1955 111 10 0 Bank of Australasia (3) .. 10 17 6 National Bank of New Zealand (late sale Wednesday) 3 10 0 Napier Gas (late sale Wed5 1 3 Napier Gas (pref.) .. 10 2 0 National Insurance .. 1 0 6 New Zealand Breweriea (late sale Wednesday) 2 14 2 13 0 9 Anthony Hordern (late sale 0 18 6 0 16 3 New Zealand Newspapers (late sale Wednesday) 1 18 9 Sun Newspapers (late sale 0 8 2 Unlisted Stocks Woolworths (Sydney) (2) .. 4 13 3 2 10 0 2 10 9 CHRISTCHURCH Sales on 'Change N.Z. Govt. Inscribed Stock, 109 0 0 Commercial Bank of Australia (2) .. .. 0 15 9 New Zealand Breweries (cum div.; 7) ... .... .. 2 14 4 2 14 3 2 14 0 2 13 9 2 14 1 Dunlop Perdriau Rubber (4) 0 16 2 New Zealand Farmers' Co-op. 4J p.c. Stock, 1940 .. .. 83 10 0 Alexander Mines (15s paid) 0 13 6 Bendigo Goldlifdits .. . • 0 0 10£ 0 0 1 0 3 11 0 0 4 0 0 6 0 1 H Mount Morean (cum div.) .. 1 16 11 Sales Reported Bank of Australasia (2) 10 17 6 National Insurance ... .. 1 0 6 New Zealand Breweries (cum 2 14 6 0 18 9 D.I.C. (pref.) 1 5 0 Dunlop Perdriau Rubber (5) 0 16 1 New Zealand Newspapers .. 1 18 11 0 1 6 0 3 11 Worksop Extended • • 0 2 7 Unlisted Stocks Procera Bread (10s paid) .. 2 11 0 2 10 0 Woolworths (Sydney, ord.; 2) 4 13 0

Ton. £20 6 3 Fall £0 14 4% Copper, spot Copper, forward .. Electrolytic, spot .. 20 12 32 10 6 0 Pall 0 10 10'/4 Fall 0 10 0 Electrolytic, forward .. 33 5 0 FaU " " " 0 10 u 33 5 0 Fall 0 10 0 13 13 0 Fall 0 3 0 Lead, forward .. .• 13 15 0 Fall 0 3 9 Spelter, spot .. .. IS 17 6 FaU o a B Soelter. forward .. .. 13 18 S Fall 0 2 6 229 16 3 No c: liange Tin. forward .. 220 7 6 Kise 0 10 0 Pig Iron, home trada 3 7 0 No ci liange Pig Iron, export 3 a 0 No el liange Antimony, British 70 10 0 No change Antimony, foreign .. 18 10 0 No c: liange Dnlt. 1 14 0 No c hange 1 10 3 No change 02. Sll?cr. standard .. 31d Fall 1-lGd 33 7-lCd Fall l-10d

£ s. d. June 26 .. .. .. 7 1 2 i 04 June 25 .. .. .. 7 June 24 .. .. .. 7 0 III June 22 .. ., .. .. 7 1 0 June 20 .. .. .. 7 1 14 June 18 .. .. .. .. 7 1 2 June 17 .. .. .. 7 o 04 June 15 •. .. .. 7 0 9 June 14 .. .. .. 7 0 8

RUGBY, June 26. | ParisPar. June 25. June 26, Francs to £1 124.21 74 33-64 74 33-64 Brussels — Belgas to £1 80 29.25 29.25 OsloKroner to £1 18.180 19.901 19.90} StockholmKroner to £ 1 18.130 19.39} 19.39} CopenhagenKroner to £1 18.150 22 22 BerlinMaries to £ 1 20.34 12.23 12.22} MontrealDollars to £1 4.86 23 4.9-H 4.22 New York— Dollars to £1 4.86 23 4.948 4.93J YokohamaPence to yen .. 24.582 14i 14} Hongkong1 Pence to dollar 24.58 26 11-16 27% BombayPence to rupee — 18} 18} Batavla— Florins to £1 12.10 7.22} 7.22} MilanLire to £1 .. 82.48 59 9-16 59| AmsterdamGuilder to £1 12.107 7.24} 7.24 Prague— Kroner to £1 1041 1172 1171 GenevaFrancs to £1 25.22J 15.08 15.06 ViennaSchillings to £1 84.86} 26 26 Helslngfors— Marks to £1 193.23 2263 2262 MadridPesetas to £ 1 25.22} 35 21-32 36 Belgrade— Dinars to £ 1 25.225 215 215 AthensDrachma to £1 37.5 514 515 Lisbon— Escudos to £1 110 110} 110} Bucharest— Lei to £1 .. 031.6 492} 492} Rio de JaneiroPence to milreis 5.890 4i 4i Buencs AiresPence to pesos 47.22 361 ' 36} ShanghaiPence to tael — 19 3-16 19 5-16 MontevideoPence to pesos — 392 392 Warsaw— Zlotys to £ 1 ~ 25} 25!

London— £N.Z. to filOOstg T.T O.D Buying. 124 123/10/Selling 124/10/124/8/9/ Australia— £4 to £100 N.Z. T.T. O.D 101 101 Fulfil 1 to £100 N.Z. T.T. O.D. 90/7/6 90/7/6 89 89 New fork— Dollars to £1 N.Z. T.T. O.D. 4.00 4.011 8.95i 3.968 MontrealDollars to £1 N.Z. T.T. O.D. 4.00 4.011 3.961 3.96J PranceFrancs to £1 N.Z. T.T. O.D. 60.51 60.81 59.21 09.26 NoumeaFrancs to £1 N.Z. T.T. O.D. 61.46 61.86 58.46 58.51 PapeeteFrancs to £1 N.Z. T.T. O.D. 61.46 61.86 58.46 58.51 Belgium— Belgas to £1 N.Z. T.T. O.D. _ 23.167 23.182 Germany— Relchsmarks to £1 T.T. O.D. - 9.622 9.627 ItalyLire to £1 N.Z. T.T. O.D. - 47.21 47.25 SwitzerlandFrancs to £1 N.Z. T.T. O.D. 12.325 12.400 11.925 11.935 HollandFlorins to £1 NZ. T.T. O.D. 5.950 6.000 5.700 5.704 Java— Florins to £1 N.Z. T.T. O.D. 5.90T 5.957 5.682 5.686 Japan— N.Z pence to 1 T.T. O.D. - 17 13-16 Shanghai— N.Z pence to 1 dollar .. T.T. O.D. 23i 23% 24 9-16 241 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. 83 19-32 34 21-32 83 15-32 34 19-32 Singapore— N.Z ponce to 1 dollar •• •• T.T. O.D 34 5-32 34 1-32 35 3-32 35 1-32 SwedenKroner to £1 N.Z. T.T. O.D 15.790 15.830 15.460 15.470 NorwayKroner to £1 N.Z. T.T O.D 16.200 16.240 15.870 15.880 DenmarkKroner 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 CzechoslovakiaCrowns to £ 1 N.Z. T.T. O.D. - 94.37 94.42

U.S.A. Canada (perfl (per£l N.Z.) N.Z.) Selling— Dols Dois. T.T .. .. 3.96 3.96J O.D .. .. 3.96J 3.96g Buying— O.D .. .. 4.01 4.01*

MATAUKA. Sheep. Lambs. Total. 1935 .. .. 37,925 305,075 343,000 1934 .. .. 24,901 284,009 308,910 1933 .. .. 29,716 284,088 313,804 1932 .. .. 36,112 281,239 317,351 1931 .. .. 27,362 231,002 258,364 MAKAREWA. Sheep. Lambs. Total. 1935 .. .. 32,480 366,100 398,580 1934 .. .. 27,986 371,566 399,552 1933 .. .. 32,691 362,668 395 359 1932 .. .. 45,774 378,723 424,497 1931 .. .. 34,781 302,627 337,408