COMMERCE AND FINANCE

Otago Daily Times, Issue 22629, 22 July 1935, Page 14

COMMERCE AND FINANCE

LONDON WOOL SALES DEMAND FOR FINER GRADES (United Press Association.) (By Electric Telegraph—Copyrlnnt.) LONDON, July 19. At the wool sales 10,528 bales were offered, including 4297 from New Zealand. About 6372 bales of Australian and New Zealand wool were sold. There was a Rood demand for all finer grades at steady rates, but merinos were 5 per cent, below the highest price of the series. For inferior and faulty and irregular the withdrawals were numerous. _ (( - New Zealand scoured merinos, Wenlyon," top price 24d, average 22|d; greasy half-bred. " Takitu." top 14d, average 13!d. Messrs Murray, Roberts and Co., Ltd., have received the following wool market cablegram from their London agents dated July 19:— _ , . Compared with present London sales openipg rates: Greasy merino except the best*" descriptions, market irregular; scoured merino, declined 5 per cent.; crossbred greasy except inferior descriptions, advanced 5 per cent. . The Bank of New Zealand has received the following advice from its London office under date July 19:— Compared with the opening of the wool sales greasy merino are fully firm and the market is strong for greasy crossbreds, which are id dearer. There is a-hmited demand for scoured wools, which are Id cheaper than opening.

BRITISH TREASURY BILLS , (British Official Wireless.) (United Press Association) (By Electric Telegraph—Copyright) RUGBY, July 20, The total amount applied for in tenders for £40,000,000 worth of Treasury bills was £67,685,000 at ail average rate, at three months of 12s 2.84 d, compared with 12s 1.60 d per cent, a week ago. COTTON, RUBBER, ETC. (United Press Association) (By Electric Telegraph—Copyright) LONDON, July 21. (Received July 20, at 6.50 p.m.) The following are Friday's dosing ,. , , Cotton: Spot. 7.02 d per lb; August, 6.57 d. ; „ Rubber: Para, 4fd per lb; plantation, smoked, 5 3-16 d. - June.—July-August delivery, £lB las per ton. / „ , ~ Copra—August - September delivery, South Sea. £9 17s 6d per. ton; smoked, £8 17s 6d; plantation, Rabatll, £lO 17s 6d. \ ■ Linseed oil, £23 per ton. Turpentine, 43s 9d per cwt. J. STAPLES AND CO. (Feb United I'kess Association) WELLINGTON, July 21. J. Staples and Co. have advised the Stock Exchange. Association that .the directors have declared an interim dividend of 2 i per cent, for the six months ended June, payable On August 7. The share register will be closed from July 25 to August 7 inclusive. APPLE MARKET A STRONG DEMAND. (United Press Association) (By Electric Telegraph—Copyright) • : LONDON, Ju!y v 2O, (Received July 20, at 7 p.ft.) Apples are in strong demand. New Zealand/ ex New Zealand Star, PoTt Bowea, Rangitata, >and Wairanga— Sturmefs, lis 9d, 12s 6d; Rokewoods, 9s 3d, 14s 6d; Granny Smith, 10s, 18s 6d; Romes, lis, 12s 9d; Australian Sturffiers. 9s 9d, 13s 6d; RokewoodS, 10a 3d, 14s Od; Granny Smiths, 12s 6d, 14s 6d. LEAD AND ZINC * MARKETING IN BRITAIN. Attempts to formulate a plan for the marketing of lead and zinc have been made for some months. At the Ottawa Conference producers of lead and zinc 4greed that if a duty of 10 per cent, was placed ou foreign metals they would Undertake to sell in Great Britain at the world price, says the Melbourne ArguSi The world price, was taken in practice to imply the price at which transactions were made on the London Metal Exchange, Business* at the London Metal Exchange, however, fell away, because of direct selling agreement between dominion producers and users in Great Britain. The result was that small quantities of foreign metals sold on the Metal Exchange established the price of dominion metals, and, producers naturally felt that they were being compelled to accept a fictitious price. ... The Chancellor Of the Exchequer, Mr Neville Chamberlain, said in debate recently that it was hoped to find a solution of the difficulty oa the basis o"f a duty of less than. 10 per cent. If producers are prepared to give away the protection that they have been afforded, it seems evident that they have been successful in bargaining with users for some compensating concession. LONDON PRODUCE MARKET The Bank of New Zealand has received the following advice from its London office under date July 19:— Frozen Meat.—For wethers the demand is improving. For ewes weaker values are ruling owing to lack of demand. The lamb market is firm, and there is a good demand. Wethers, light, 3|d to 4Jd"per lb; wethers, heavy, 3Jd to 3Jd per lb; evvee, 2d to 2£d per lb; lambs, twos, 7d to 7Jd per lb; lambs, eights. 7d to 7Jd per lb; lambs, fours, 6|d to 7d per lb; lambs, seconds, 6d to 6Jd per lb.

LOCAL AND OVERSEAS MARKETS

THE SHARE MARKET DUNEDIN STOCK EXCHANGE Two sales of paid-up New Zealand Refrigeratings were recorded on the Dunedin Stock Exchange on Saturday morning at £l Is, the market closing with a buyer at the same figure and a seller at £1 Is 3d. The contributing issue was also dealt in at 9s lid, a late sale from the previous day_ at the same price being reported in addition. Buyers' best closing offer was 9s lOd, while sellers remained firm at 10s. South British Insurances were reported to have changed hands at £4 18s 3d, a final buyer at £4 18s being one shilling below sellers' requirements. A late sale of ordinary Bruce Woollens at 14s was reported, a closing buyer at 13s 9d on 'Change failing to attract sellers. Another late sale of British Tobaccos, at £1 19s 6d, was reported, buyers offering sixpence Under that figure on 'Change without response from sellers. Three transactions in Consolidated Bricks at 10s 6d were reported, the market closing with a buyer at 10s 3d. Mount Morgans were reported to have been dealt in at £1 17s, and another sale at the same figure was reported after the last call, the closing buying and selling quotations being £1 16s 9d and £1 17s 6d respectively. SALES ON 'CHANGE.

UNLISTED STOCKS. Dominion Exec. % Trust (£SO Debs.) 35 0 0 40 0 0 M'lntosh Caley Phoenix .... **Ex dividend.

NORTHERN EXCHANGES AUCKLAND Sales on 'Change £ s. d. Auckland City 4J p.c, 1942 103 15 0 Bank of New Zealand .. .. 2 116 Union Bank 9 2 0 Pukemiro Collieries .... 15 0 Renown (pref.) 0 2 8 British Tobacco 1 19 11 Waihi Grand Junction .. 0 4 1J Mahakipawa 0 0 5| Unlisted Stocks Golden Crown 0 7 11

WELLINGTON Sales on 'Changs

(pref.) .. 17 0 AUSTRALIAN STOCK EXCHANGES THE MORNING SALES. (United Press Association) (By Electric Telegraph—Copyright)

NEW GUINEA GOLD SHARES (United Press Association) (By Electric Telegraph—Copyright) ' LONDON, July 19. New Guinea Gold shares are quoted at 4s ljd. LONDON METAL MARKET (United Press Association.) (By Electric Telegraph—Copyright.) j. LONDON, July 20. (HeceWed July 21. at 9 p.m.) The following are the official metal quotations:—

MOUNT LYELL (United Press Association) (By Electric Telegraph—Copyright) LONDON, July 19. Mount Lyell shares are quoted at 15s. PRICE OF GOLD (United Press Association) (By Eiectric Telegraph—Copyright) LONDON, July 19. The price of • gold is quoted at £7 Is 04d per ounce. LONDON, JWy 20. (Received July 21, at 9 p.m.) Gold is quoted at £7 Is OJd per ounce.

FOREIGN EXCHANGES ON NEW ZEALAND CURRENCY BASIS The Bank of New South Wales, Dunedln, quoted the followinc rate 9 for purchases and sales of foreign exchange on Saturday:—

DOLLAR RATES The Associated Banks (other than the Bank of New South Wales) quoted the following dollar rates on Saturday on a New Zealand currency basis. They are subject! to alteration without notice. U.S.A. Canndu / (per£l (per £1 N.Z.) N.Z.) Selling— dols. dols T.T 3.974 3.971 O.D 3.978 3.988 Buying— O.D 4.02* 4.03 SOUTHLAND MARKET REPORT (Special to Daily Times) INVERCARGILL, July 20. Oats.—The oat market continues firm with very few lines being offered by farmers, and it is now considered that the bulk of last season's crop has been disposed, of. Stocks in store are very light for this time of the year, and when the seed and retail demand is satisfied there will be very little left for shipment. Values to farmers are up to 3s on trucks for A grade and 2s 10d for B grade. Wheat. —There is practically no business passing in wheat, as apparently last season's crop has all been cleared up, and there is likely to be a shortage of fowl wheat before the hew season's crop is available. Any lines of milling quality on offer are readily accepted at the fixed prices by the local mills.

Ryegrass.—This market still remains on the miiet side, with only occasional inquiries coming through. Sales have been reported to the North Island during the week at 4s r>er bushel, f.o.b. BltifT, for 291 b seed, but the demand is apparently very limited. Stocks in store are not heavy, and it is expected with the near approach of spring that \ more inquiries will be received. Potatoes.—The market has registered a sharp rise during the week, and considerable auantitieß have been sold for shipment during the month. There are not many potatoes offering from farmers, but f.a.q. Whites are readily saleable, at £6 to £6 5s o.t.cs.. according to the distance of railage.

TEA MARKET CEYLON AND CALCUTTA. At the usual weekly sale at Colombo on the 16th instant, the quantity offered came to a total of 2,000,0001 b. Quality proved to be particularly good and very suitable for New Zealand requirements, most grades being bright and juicy. The result of the sale showed a strong general demand, with the mai'ket recording advances on all grades. Actual price alterations showed an increase of |d per lb on commons and Price Broken Orange Pekoes, per lb on plain 8.0.P.'5, first classic broken Pekoes, and fine 8.0. P 's. Exchange remained unaltered. Next week's sale is expected to total 1,700,0001 b. The report on the Calcutta sale, dated the previous day, shows that the quantity offered at the auction came to a total of 1,300,0001 b. Dooars quality showed a falling off and second flush Assams were available. The result of the sale showed that the market was fully firm to clearer. MERCHANDISE MARKET The next sugar v boat, the Waimarino. is due on July 24. The Waitaki, which arrived from Melbourne last Tuesday, brought further supplies of Australian dried fruits, including lexias. The James Cook, from South Australia, will land a supply of One Crown sultanas. These have been short on the market. Advice from Singapore states that the sago and tapioca market continues firm. The Tamaroa will land supplies of Morton's curry powder, olive and castor oil, citric acid, herrings in sauce and kippered and fresh herrings, Lifeboat sardines, Egyptian lentils, Adams's furniture polish. Portuguese sardines in oil. and Bursoyne's milk of magnesia. Chinese walnut meat is in short compass in merchants' hands. Indications Point to the shortage being in evidence for some time. Goddard's liquid nlate polish is now on the piarket. in addition to the powder Edmonds are now turning out a line of jelly crystals. Bachelor. Three Castles (sixteens). Westward Ho and Woodbine cigarettes were reduced in price, wholesale and retail, during the week. DUNLOP RUBBER COMPANY

NO DIVIDENDS FROM GERMANY. How the international situation affects British companies with interests in foreign countries was illustrated by the chairman (Sir Erie Geddes) of the Dunlop Rubber Company, Ltd., at the recent annual meeting in London. In Germany, he said, the position was abnormal. That country had become a closed market to competitive imports, and the Government had pushed ahead energetically with the "motorisation of the country." The result had been a heavy demand for the products of the German Dunlop Company. Profits earned in Germany last year were substantial, but owing to the rigid exchange restrictions it was impossible to remit dividends from Germany. Therefore, for the time being, the company could not receive any return from its investments there.

Sir Erie Geddes added that despite this handicap the net profit for the year of the Dunlop Rubber Company, Ltd., amounted to £1.087,687. representing an increase of £174.821 on that of the previous vear. Taxation, however, had increased from £404,000 to £550,000, eo that nearly the whole of the increase in the net profits had been absorbed by taxation

MINING NEWS MAORI GULLY RETURN (Pee United Press Association) GEEYMOUTH, July 20. The Maori Gully return was 740 z 18dwt for hours. GOLDEN SANDS RETURN (Pee United Pkess Association) GREYMOUTH, July 20. Golden Sands return, 390 z 4dwt for 20 shifts of eight hours. WORKSOP RETURN (Peh United Press Association) REEFTON, July 20. The return of the Worksop dredge was 560 z for 123 hours over 9000 yards. MAHAKIPAWA REPORT The report for the week ended July 17 states: — , , The arch drive from the south end of No. 2 blocking strip ae mentioned last week, was swung round in an easterly direction, and after proceeding forg 18 feet, hit a very pronounced smooth waterworn wall. This is what we had been looking for, and we know now the location of both walls and the present direction of the gutter. This gutter, which is heading slightly east of south, is now going further away from the old workings all the time, and was missed by the old miners, as where it jurictioned with the old drives it was only 10 feet wide, and was three feet up from the floor of their drive. The complete absence of gold for the last 50 feet is explained by the fact that in this section- the bottom is hard and smooth, and is on a grade of one in five. As the difference in vertical height between the Golden Gate and Craig's shaft is about 44 feet, which is equal to a grade of one in 14, it is evident that the steep grade we are now on cannot continue, but must flatten of?. When this occurs,* and the bottom gets softer, we can again expect gold. After hitting the wall mentioned above, we returned to the end of the blocking strip where we had first jumped up three feet and started to shoot up the bottom and grade the line so that we could get the trucks right up to the Pace, and save the double handling of the wash. This should be completed by tomorrow . „ , ~ The blocking strip along the east side of north blocking strip was continued for another eight feet when we connected up with old workings. A prospecting drive was started 14 feet north of the Golden Gate shaft, and has been driven east for 20 feet in poor-grade wash. Jhe bottom was three feet 'below the floor where we started, but has now risen level with the floor. DOLLAR AND FRANC

(United Press Association) (By Electric Telegraph—Copyright) LONDON, July 19. The dollar is quoted at 4.95 5-16 and the franc at 74|. DAIRY PRODUCE PRICES (Per Un.ited Press Association) WELLINGTON. July 20. The dairy produce prices have been fixed at butter lOgtl. cheese sd, equivalent to 86s 4d and 445. The South Island Dairy Association, Ltd., has received the following market ■report from London: — Butter: Firm, with more inquiry; 89s to 90s; Danish, 102 s. Cheese: Quiet. White and coloured, 43s 6d. ANGLO-PERSIAN OIL DIVIDEND OF 12J PER CENT. The accounts of the Anglo-Persian Oil Company, Ltd., for 1934, record a profit of £3,183,200, which is an improvement of £539,200 on 1933. Appropriations for extra depreciation require £459,100, and the usual preference dividends amount to '£1,071,200, leaving £1,652,900 for the ordinary shareholders. The ordinary dividend has been raised from 7A per cent. to 12»i per cent., less tax, the amount being £1,678,100. , * The directors report that* 9 production and sales are increasing, but prices remain low. Additional drilling is giving satisfactory results, and the examination of new areas in Iran is proceeding. TO conform With the change of name ija the country of operation the title Anglo-Iran-ian Oil Company is being substituted for the present title. HAWKE'S BAY FARMERS' DIVIDEND 6 PER CENT. The annual meeting of the Hawke's Bay Farmers' Co-operative Association, Ltd., was held in the association's premises, Hastings, last week, the chairman of directors (Mr J. W. Harding) presiding. The directors' report stated that, after allowing for the payment of rebates to shareholders at the rate of 12* per cent, on various commissions contributed, and 2 per cent, on goods purchased, and malting provision for depreciation on buildings, plant, etc., and for estimated amount of income tax, the balance of profit, including £9567 ss. brought forward from last year, amounted to £20,954 18s 4d, which the directors recommended should be allocated to paying a dividend of 6 per cent, on /paid-up capital, and adding the sum of £ISOO to the reserve fund, the balance to be carried forward. FRUIT AND PRODUCE WORLD Reilly's report selling:— Cabbage, 3s, 4s. Cauliflower, 3s, ss. Honey: fib pats, 3s 6d. Lettuce: Small, 6d, Is; large, 2s Od. Eggs: Storekeepers', Is 4d; guaranteed, Is 6d; pullets', Is 2d; preserved, Is. Section honey. 10s. Violets, 3s 6d, 4s Gd. Narcissi: Sol de Or, Bs, 10s; paper whites, 2s; cranes. 6s, Each. —Knapsack sprayer, £4 15s. Champion egg crates: 24 dozen, 17s 6d. Bushel and' American Cases.—Apples: Choice Jonathans. ss, 7s; Delicious, 4s, 6s; Stunners, ss, 7s; deopatras, ss, 7s; Rome Beauty, 5s 6d; Statesman, 5s 6d; cookers, 4s, ss, Pears: Winter Nelis, wanted, 10s, 12s; P. Barry, Bs. Marmalade oranges, 9s, 9s 6d. Califorman Valencias, 40s. Grapefruit, 355. Australian navels. 16s to 21s. Pineapples, 17s, 18s 6d. Mandarins, 275, 20s. Half Cases.—Pears: Winter Nelis, 5s 6d. Passions, wanted. Kippers: Best English, lis 6d. Per Pound.—Peanuts, 4d. Walnuts, 4d, sd. Almonds. 6d. Tea: Orange Pekoe, 2s 6d. Butter: Storekeepers', Bd. Pickling onions. Id. Bacon: Prime, Is. Kumeras, 2Ad. Porker and bacon pigs, sid, Cd; overweights, 2d, 3d. Artichokes, l|d. Brussels sprouts, 2-Jd, 3d. Per Hundredweight.—Potatoes: King Edwards, 8s; Arran Chief. 7s. anions, 16s. Oyster grit, 6s Gd. Woodwool, 265. Marrows, 6s, Pumpkins, Bb. , Olive oil. lis 6d gallon. Giraffe lime sulphur 8 gallons, 2s; barrels, Is 9d. Semesan and Granosan: 2oz, 2s Sd; Boz, ss; lib, 8s; 251 b, 150 s. Blackleaf "40." British: 101 b, 455; 51b. 265; lib, 8s 6d; Jib, 4s 3d. Restar grass grub exterminator: A-gal-lons, Ss 6d; 1 gallon, 6s 6d. Patent codlin moth tree bands: 200 ft lengths, 17s 6d. Prepared white oil, ss. Arsenate of lead paste. 6d to Is Id; powder, Sid to Is Id. White oil, 4s. Red oil, 3s 9d. Special soap, 275. Improved spray. 6d lb. French Bordeaux, Is Id.

Wood preservative, 4s Cd. Powdered charcoal, 4d. Granulated charcoal, 4d. Fowl wheat: First grade, 5s 6d; broken, 4s. Partridge peas, 6s 6d. Maize, 5s 6d. Kibbled maize, 6s 6d. Oats: A Gartons, 3.3 6d; B's, 3s. „,,»«. Crushed oats, 0s 6d. X Keys meatmeal, 15s. Buttermilk powder, 3d. Bran, £5 10s. Chaff: 8.0.5., £5. Straw: Wheaten, £2 15s; oaten, £3 ss. Oatmeal, £l9. Hay, £4 10s. Pollard, £6 10s. Manuka tomato stakes. 2s 6d dozen, 18s hundred. Per Pair.— Poultry: 305 hens at Is to 6s, 119 cockerels at 3s 4d to 9s 4d, 14 bantams at Is to 2s 6d, 47 ducks at 4s 2d to 5s Cd, 84 pullets at 5s Od to 10s Cd pc pair. Turkeys: 8 hens at Bd, 6 gobblers at 8d per lb. REILLY'S CENTRAL PRODUCE MART, LTD., Moray place, Dunedin.

LONDON MEAT MARKET (United Press Association) (By Electric Telegraph—Copyright) LONDON, July 20. (Received July 21, at 7 p.m.)

£ s. d. N.Z. Refrigerating (pd., 2) 1 1 0 N.Z. Refrigerating (cont.) 0 9 11 SALES REPORTED. N.Z. Refrigerating (pd., 2) late Friday) .. .. •• 110 0 9 Hi Bruce Woollen (ord., late Friday) .. . 0 14 0 British Tobacco (late Friday) 1,19 6 South British Insurance 4 18 3 Consolidated Brick (3) 0 10 6 Mount Morgan 1 17 0 4 per cent. Stock, 1032-55 '.'. 112 0 0 SALES REPORTED AFTER LAST CALL. Mount Morgan 1 17 0 The following? aro Saturday morning's buying and selling quotations, which are subject to the usual brokerage: — BANKING. Buyer. Sellei ■». £ s. d. £ s. "d. N.S.W 31 10 0 — N.Z 2 11 3 2 11 9 N.Z. (W D) .. 1 12 3 1 13 0 Commercial .. *. 0 16 8 0 16 10 E.S. and A 5 0 0 — Natl, of N.Z. .. — 3 8 9 Reserve .. _ 6 9 6 9 0 0 — INSURANCE. National .. ~_ 1 1 0 South British 4 18 0 4 19 0 Standard .. • __ 3 13 6 A.P.A 1 1 9 — SHIPPING. ■ Huddart, Parker (pref.) .. 1 6 0 —i P. and 0. Def. Stock 1 1 °a — 17.8,8; Co. (pref.) 1 7 3 a — MEAT PRESERVING Canterbury Meat (ord.) .. 9 12 0 , __ N.Z. Refrig. (paid) 1 1 0 1 1 3 N.Z. Refrig. (cont.) South Froz. Meat 0 9 10 0 10 0 (paid) .. .. 3 16 0 — South Otago Freezing 6 15 0. — LOAN AND AGENCY Dalgety a'nd Co. .. — 8 6 0 Natnl. Mortgage .. 2-11 6 — Natnl. Mortgage (B Issue) 1 12 0 — Perpetual Trustees 3 4 0 S 10 0 Trustees, Executors 3 4 0 — Wright, Stephenson ' ■ ?, (ord.) .. 0 18' 0 — Wright, Stephensoti (pref.) .. 0 19 10 — COAL. Kaitangata .. .. — 1 0 9 Westport .. 1 1 0 1 2 2 MISCELLANEOUS. Aust. Iron and Steel I 4 0 i_ British Tobacco .. 1 19 0 ■ — Broken Hill. Prpy. — 2 19 6 Consolidated Brick 0 10 3 — Crystal Ice '.. 2 3 0 2 8 0 D.I.C., (pref.) ..' 1 4 6 Dominion Fertiliser 1 3 0 Dominion Fertiliser. (Debs.)" 108 0 0 ' Dominion Rubber _ 1 9 0 Donaghy'a Rcpe . ; 2 12 0 Dunlop Perd. Rubber .'. '.. 0 16 3 Milburn Lime _s. 2 7 0 Natnl. Electric .. 0 11 9 Farmers' Fertiliser 1 0 6 N.Z, Newspapers ., N.Z. Paper Mills .. 1 18 0 119 1 14 0 0 Woolworths (ord.) 12 0 0 Woolworths (Sydney) .. ., 4 12 6 — WOOLLEN COMPANIES. Bruce (ord.) 0 13 9 Bruce (pref.) ., 1 3 6 Kaiapoi (pref.) .. 0 18 6 0 19 3 BREWERIES N.Z. Breweries .. **2 13 'o 2 14 3 Staples .. . , .. 1 16 0 0 8 11 Tooths 2 14 0 — AUSTRALIAN MINING. Bulolo Dredging .. Electro. Zinc (pref.) 1 14 6 9 10 0 Electro* Zino (ord.) 1 7 6 Mount Lyell 1 0 0 Mount Morgan .. 1 16 9 1 17 6 North Broken Hill 6 16 0 Upper Watut 0 4 8 MINING. Bendigo Goldlight 0 0 9£ o o in* Big River .. ., \ 0 2 3 Charleston , 0 0 6 Gillespie's Beach J. . 0 1 5i Golden Progress .. 0 0 3 Goldfields Dredging 0 0 2£ Glenroy _ 0 0 4 0 3 „ 0 King Solomon 0 3 in Mooniight-Nelfion Creek .. ., 0 0 I Maori Gully _^ 0 1 5 Okarito. ,. .... 0 5 6 0 6 0 Osenbridge .. S&ndhills .. .. 0 0 Si 0 0 0 0 6J 6 Waihi .. Waitabu .. ,. 0 2 9 1 18 0 3 0 0 GOVERNMENT LOANS. 3i Stock, March, 193643 .. .. 105 5 0 — 3 i Stock, Mav, 1936-52 107 12 6 H Stock, Nov., 1938-52 .. .. 107 12 6 3J Stock, March, 1939-43 .. . 105 5 0 3J Stock, Sept., 1939-43 105 5 0"i Stock, Mav. 1939-52 107 12 6 3J Stock, March, 194143 105 5 0 H Stock, Sept., 194143 105 5 o H Stock, May, 1941-52 .. .. 107 12 6 3J Stock, Nov., 1941-52 .. .. 107 12 6 4 Bonds, 193740 102 0 0 4 Stock, 1937-40 102 0 0 102 15 o 4 Bonds, 194346 108 0 0 4 Stock, 1943-46 108 0 0 4 Bonds, 1946-49 108 15 0 4 Stock, 1946-49 108 15 0 4 Bonds, 1952-55 111 15 0 4 Stock, 1952-55 111 15 0

Commercial Bank of Sydneydate sale Friday) .. .. 18 8 0 Bank of New South Wales (late sale Friday; 2) 32 2 6 Bank of New Zealand (late 2 11 6 Union Bank (late sale Fri9 2 0 (late sale Friday; 2) 9 3 2 New Zealand Refrigerating (late sale Friday; contr.) 0 9 11 Manawatu Knittings (late sale Friday) .. 1 17 6 Anthony Hordern (late sale 1 0 1 (late sale Friday) 1 0 0 Electrolytic Zinc (ord.; late 1 7 8 New Zealand Newspapers (late sale Friday) .. 1 18 5 General Industries (late sale 1 0 0 Christchurch Drainage 4J p.c, 1961) 108 17 6 New Zealand , Refrigerating 1 0 9 Unlisted Stocks Woolworths (Sydney; late sale Friday; 2) 4 12 9 4 13 0 CHRISTCHURCH Sales on 'Change 'Commercial Bank (cum div.) 0 16 9 0 16 10 8 5 0 Timaru Brewery (7s 6d paid) 0 9 0 Electrolytic Zinc (pref., cum div.; 2) 1 15 6 0 2 0 Gojdfields Dredging .. 0 0 3 0 0 6 1 17 0 Sales Reported, Christchurch Drainage Board 4J p.c, 1961 108 10 0 1 0 0 0 2 0 Unlisted Stocks Associated Motorists Petrol

SYDNEY, , July 20. Commonwealth Bonds: — £ s. 99 2 d. 6 Si p.c., 1648 .. 3§ p.c, 1949 .. 99 12 6 3I p.c, 1943 .. 101 15 0 4 p.c, 1938 .. 103 3 02 4 p.c, 1941 .. 103 17 G 4 p.c, 1944 .., 105 2 6 4 p.c, 1953 .. 108 2 6 4 p.c, 1957 .. 105 7 6 4' p.c, 1959 .. 105 11' 3 Commercial Bank of Sydney 18 12 0 Bank of New South Wales .. 32 17 (3 Union Bank 9 5 0 Tooheys .. 1 10 7* Anthony Hordem .. 1 0 U British Tobacco 2 0 3 Broken Hill Proprietary 2 19 9 Howard Smith .. • • .. 0 16 0 Morris Hedstrom 1 2 0 Winchcombe 1 8 6

Ton. Copper, spot .. .. £31 10 iO',4 Rise £0 8 VA Copper, forward .. 32 5 VA Rise 0 8 9 Electrolytic, spot..... 35 0 0 No c hange Electrolytic. Toward .. 85 15 0 Illsa 0 10 0 35 15 0 Rise 0 10 0 15 1 8 Rise 0 3 9 Lead, forward .. .. 15 3 9 Rise 0 5 0 Spelter, spot .. .. 14 8 0 Rise 0 0 S 230 5 0 Rise X 7 6 Tin, forward .. .. 224 7 6 Kail 0 11 3 rig Iron. Home trade Pig Iron, export .. S 7 S 8 6 6 Mo c No e hange hange Antimony. British .. 74 10 0 NO c hange Antimony, foreign <. 45 15 'Unit, 0 Pall 0 5 0 1 14 0 No change 1 11 0 No change SUrer, standard .. .'. 30 3-16d No change 32 O-iOcl No change

London— Buying. Selling. £N.Z. to £100stg 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. 4.01J 3.97& O.D. 4.021 3.971 Montreal — Dollars to £1 N.Z. T.T. 4.01J 3.97S O.D. 4.02? 3.981 FranceFrancs to £1 N.Z. T.T. G0.64 59.31 O.D. 60.94 59.39 Noumea — Francs to £1 N.Z. T.T. 61.59 5S.59 O.D. 61.99 58.64 Papeete— Francs to £1 N.Z. T.T. 61.59 58.59 o.d: 0.1.99 58.64 Belgium— Belgas to £1 N.Z. T.T. — 23.248 - O.D. — 23.2G3 Germany— Ilelchsmarfes to £1 T.T. — 9.646 O.D. — 9.651 ItalyLire to £1 N.Z. T.T. — 47.44 O.D. — 47.4S SwitzerlandFrancs to £1 N.Z. T.T. 12.359 11.959 O.D. 12.434 11.969 Holland- '• Florins to £1 N.Z. T.T. 5.972 5.722 O.D. 6.022 5.726 JavaFlorins to £1 N.Z. T.T. 5.915 5.690 O.D. 5.965 5.694 Japan— N.Z. pence to 1 yen | T.T. — 17 13-16 O.D. — — Shanghai— N.Z. pence to 1 dollar .. . • T.T. 22 27-32 24 5-32 O.D. 22 23-3 2 24 3-32 India and Ceylon—, N.Z. pence to 1 rupee .. .. T.T. 228 22 23-32 O.D. 221 22 21-32 Hongkong— N.Z. pence to 1 dollar .. T.T. 31J 32 9-16 O.D. 313 325 Singapore— N.Z. pence to 1 dollar • • • ■ T.T. 34 7-32 35 5-32 O.D. 34 3-32 35 3-32 SwedenKroner to £1 N.Z. T.T. 15.791 15.461 O.D. 15.831 15.471 Norway— Kroner to £1 N.Z. T.T 16.202 15.872 O.D. 16.242 15.882 DenmarkKroner 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 CzechoslovakiaCrowns to £ 1 N.Z. T.T. •— 94.85 O.D. — 94.90 These rates are subject to alteration without notice.

N.Z. SHEEP— CO - <M Canterbury and North i? >> >f Island selected cross-1-3 ►? 1-5 bred wethers and (Per lb.) maiden ewes: d. d. d. 48-501b — 4 4 35 SI 35 Si 3i 33 Ewes: 41 41 41 21 25 22 65-721b 24 21 24 North Island: 4 4 4 31 3.? 33 34 33 31 AUSTRALIAN SHEEPFirst quality crossbred and/or merino wethers: 40-641b 3 25 n • Second quality: 3 25 25 Ewes: n 25 n ARGENTINE SHEEP— First quality crossbred wethers: si 34 34 65-721b 3i 31 31 PATAGONIAN SHEEP- - Wethers and/or maiden ewes: n 34 34 34 3 3 Ewes: — — — ARGENTINE LAMBS— First quality: 361b and under .. 54 54 51 51 51 54 Second quality: Average about 281b 51 51 51 PATAGONIAN LAMBS- _ First quality: 301b and under .. .. 5f 51 51 37-42lb 51 5 5 Second quality: / Average about 301b «f 51 51 N.Z. LAMBS— Canterbury: First quality: 361b and under .. .. 7 7f 71 7 ' 7| 71 6| el 7 Second quality: Average about 321b 6 6| 61 Other South Island: 361b and under .. .. 7 71 It 7 7| 71 6| 65 7 Second quality: Average about 32lb .. — — — Selected North Island, including Downs: 301b and under .. *. 7 71' 71 7 71 71 ,62 65 7 Second quality: L Average about S21b 64 6§ 64 Other North Island: First quality: 361b and under .. •• 0| 7 7 65 7 7 Second quality: Average about 32lb 55 e 65 AUSTRALIAN LAMBS- - Victorian: First quality: 361b and under .. .. 54 55 6 54 51 6 Second quality: ft 361b and under .. .. 54 5| 55 Other States,: First quality: 30lb and under . .. »«• 51 5| 55 54 51 55 Second quality:. 301b and under .. .. n 51 — All States: Third quality: Average about 281b .. 51 5| 55 N.Z. FROZEN BEEF— Ox fores (160-2201b) .. 24 21 21 Ox hinds (160-2201b) .. 31 31 31 AUSTRALIAN FROZEN beefOx crops (1001b and n 28 — Ox crops (over 1001b) .. n 2§ 2§ Ox hinds (1601b and 3i 34 35 Ox hinds (over 1601b) .. 3s 34 — N.Z. CHILLED31 31 ' 3 ii U IS AUSTRALIAN CHILLED31 3 ?i 11 15 15 UNION OF SOUTH AFRICA CHILLED3* 35 34 n 21 2 SOUTHERN RHODESli V CHILLEDn 24 2§ u li U ARGENTINE CHILLEE i BEEF— Ox forea (160-220lb) .. 21 21 21 Ox hinds (160-220lb) .. 41 41 4§ URUGUAYAN CHILLED- — 31 3| — 2 2 BRAZILIAN CHILLED- — — H 3 N.Z. PIGSFirst quality: 51 H 51 54 54 54 51 54 54 AUSTRALIAN PIGS— « Fii'st quality: 60-801b 51 51 51 81-lOOlb 54 54 54 1014201b 5h 54 54