COMMERCE AND FINANCE

Otago Daily Times, Issue 22630, 23 July 1935, Page 6

COMMERCE AND FINANCE

ORANGES AND POTATOES INTERCHANGE WITH AUSTRALIA PROMISING NEGOTIATIONS (Per United Press Association) AUCKLAND, July 22. “ I have been inquiring concerning the orange situation in order to pave the way for the negotiations which are to take place between the Australian Minister for Commerce and the New Zealand Government, probably before the end of the year,” said Mr R. H. Nesbitt, the Australian Trade Commissioner in New Zealand, on his arrival by the Aorangi. He was hopeful that the outcome of the negotiations would he greater freedom of importation by New Zealand of Australian citrus fruits in return for Australia accepting a reasonable quantity of New Zealand potatoes. The trade figures for 1934 showed that New Zealand purchased from Australia £3,200,000 worth of goods, while Australia bought only £1,600,000 worth from the Dominion, He noted with pleasure that New Zealand’s exports of fish had nearly doubled in the last 12 months, _ and exports of softwood timbers had _ increased > by 25 per cent., and were still increasing. Mr Nesbitt said he found a general opinion in Australia that New Zealand should have favoured treatment. The personnel of the Commonwealth delegation to New Zealand was still uncertain. He pointed out that Messrs Lyons and Forbes were both due to arrive at Auckland on August 9, and it was likely the two Prime Ministers would have a preliminary discussion. There were many other subjects besides oranges and potatoes which needed discussion.

AUSTRALIAN STOCK EXCHANGES (United Press Association) (By Electric Telegraph—Copyright) SYDNEY, July 22. (Received July 22, at 10 p.m.) On the Stock Exchange general investments commanded strong support and leading industrials were firm, though Tooths aud Broken Hill Prdpy. eased back slightly. A vigorous demand for Goldsbrough, Mort was followed by a number of sales at advanced prices. MORNING SALES.

EGGS AND EGG-PULP QUANTITIES IN COLD STORAGE. (Pee United Press Association) WELLINGTON, July. 22. A comparative statement of the quantities of eggs and egg pulp in cold storage within the Dominion was issued today. At June 30 the figures were as follows: — Eggs in shell: North Island, 2610 dozen; South, 5366 dozen. Egg pulp: North Island, 70,6361 b; South Island, 45,0641 b. Frozen whites: North Island, 8601 b; South Island, 7041 b. Egg yolk: South Island, 5601 b. The return for the previous collection on March 31, 1935, was as follows: Eggs in shell; North Island, 67,810 dozen; South Island, 53,775 dozen. Egg pulp, 252,3921 b and 205,4321 b; frozen whites, 16301 b and 12601 b; egg yolk— South Island 10801 b. PROPERTY SALE Messrs Park, Reynolds, Ltd., offered at auction yesterday, on account of Mr J. B. M'Callum, who will leave shortly for Sydney, his freehold property. No. 39, Park street, containing • about 21 poles, with an eight-roomed residence and garage. There was an excellent attendance of buyers, and, under good competition, the property was sold to a client at a satisfactory figure.

LOCAL AND OVEiRSEAS MARKETS

THE SHARE MARKET DUNEDIN STOCK EXCHANGE There were two sales of Westport Coals on the Dunedin Stock Exchange yesterday at £1 2s, further inquiries at £1 Is 10d finding sellers firm at £1 2s Id. Commercial Banks were asked for at 16s 9d, sellers demanding Id more. The offer for paid-up New Zealand Refrigeratings stood at £1 0s 6d, with a seller forward at £1 Is 3d, and there was a buyer of the contributing issue at 9s 9d, sellers being firm at 9s lid. Mosgiel Woollens were on offer at £l2, the best buying quotation being £ll 7s 6d. Mining shares continued to be quiet, and there was the usual steady inquiry for all classes of Government Loans. SALES ON ’CHANGE. f b. d. Westport Coal (2) 12 0 SALES REPORTED AFTER LAST CALL.

Dominion Executive Trust (£SO paid) DIVIDENDS PAYABLE, The following is a list of the shares on which dividends will shortly be payable:— Union Bank—s per cent., 2s 6d per share, half-yearly .. .. July 25 Commercial Bank (ord.) —5 5-6 per cent., 4d per share, halfyearly Aug. 9 N.Z. Insurance—lo per cent., Is per share, final Aug. Electrolytic Zinc (pref.)—B per cent., 9 3-5 d per share, half-yearly Sept. 10 Electrolytic Zinc (ord.) —5 per cent.. Is per share, yearly .. Sep. 10 NORTHERN EXCHANGES AUCKLAND Sales on ’Change _ £ s. d. Bonds, 1940, 4 per cent. .. 102 0 0 Stock, 1939-43, 3§ per cent. 105 5 0 Stock. 1940, 4 per cent. .. 102 0 0 102 5 0 Auckland City, 1942, 4J per cent 103 15 0 Williamson Pictures. 1933-49, 7* per cent 78 0 0 National Bank of N.Z. (3) .. 3 8 9

Unlisted Stocks Auckland Trotting Club, 193944, 64 per cent 103 0 0 Woolworths (Sydney) .. ~ 414 0 Golden Crown 0 711 WELLINGTON

Unlisted Stocks Woolworths (Sydney, late sale Saturday) 4 13 0 4 13 3 4 14 0 CHRISTCHURCH Sales on 'Change

NEW COMMONWEALTH LOAN (United Press Association) (By Electric Telegraph—Copyright) LONDON, July 21. The new Commonwealth loan will be underwritten on July 22. It consists of £13,469,981 at 3 per cent., and will be issued at par, and dated 1939-41, with the object of redeeming the New South Wales Inscribed 3 per cent, stock due for repayment on October 1; also £1,049,868 Victorian 5 per cent., 1935-45, the holders of which can convert. It is pointed out that as the New South Wales threes were issued at a discount, the new issue will mean a real interest saving, amounting to £36,000 (Australian money) per annum. The lists of cash applications and close on July 24. It is officially announced that the Chancellor of the Exchequer has agreed to an immediate issue, part of which will be optional conversion. Scott Bros., produce merchants and commission agents, agents for the Dunedin Egg Suppliers’ Association, report:— Eggs: At market rates. Butter; 8d to SJd per lb. Honey: Bulk, 3Jd to 4d per lb: 11b pottles, 6s 6d per doz; 21b pottles, 11s per doz. Poultry: Hens, light la to Is 3d, heavy to Is 6d; roosters. Is to Is 3d; ducks, Is 6d to 2s; geese, to 3s each; turkeys, hens 8d per lb, gobblers 9d per lb. Pigs: Prime bacomys, to 6d per lb; porkers, to 5Jd Per lb. Fat: Nominally 14s_ to 18s per ewt. Potatoes: Arran Chief, £7; King Edwards, £8 per ton. Chaff: Prime oaten sheaf, £5 to £5 10s per ton, bags extra, ex store. Onions: Canterbury’s, 15s per cwt. Partridge peas: 5s 9d to Cs 6d per bushel, sacks extra. Feed barley: 3s 9d per bushel, sacks extra. Whole fowl wheat: 4s 9d to 5s per bushel, sacks extra. Whole maize: 5s 9d per bushel. Oats; Gartons, 3s 9d per bushel, sacks extra. Oyster grit: 5s 6d per 1001 b. Stocks held of Perfection chickfoods, lucerne meal, meatmeals, oyster grit. Free use of fowl crates on application. July 22, 1935.

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

ON NEW ZEALAND CURRENCY BASIS The Bank of New South Wales, Dunedin, quoted the following rates for purchases and sales of foreign exchange yesterday;— London— Buying. Selling. £N.Z. to ElOOstg T.T. 124 124/10/O.D. 123/10/- 124/8/8

DOLLAR RATES The Associated Banka (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. U.S.A. Canada (per £1 (per £1 N.Z.) N.Z.) Selling— dolg. dola T.T 3.97 J 3.98 J O.D 3.985 3.985 Buying— O.D 4.025 4.03 i GORE HORSE SALE On Saturday last, Messrs Wright, Stephenson, and Co., Ltd., conducted their first sale in their new horse bazaar. The market for good sorts was good throughout the sale, and any young horses met with keen competition. _ The highest price for a five-year-old gelding was £56. A quantity of new and second-hand harness was sold on account of Mr Charles Gatehouse, of Christchurch, and brought full market rates. The prices obtained for the horses are as follows:—Five-year-old gelding £56. 1 aged mare £5, 1 aged mare £l, 1 seven-year-old mare £39 10s, 1 aged gelding £1 10s, 1 unbroken rising three-year-old gelding £33 10s, 1 rising four-year-old mare £46, 1 rising four-year-old mare £sl, 1 .rising four-year-old mare £SO, 1 nine-year-old gelding £37, seven-year-old mare £35 10s, 1 five-year-old gelding £46. 1 four-year-old gelding £46, 1 rising three-year-old gelding (unbroken) £33, 1 five-year-old mare (in foal) £3O 10s, five-year-old gelding £46 10s, 1 seven-year-old gelding £lO, 1 two-and-a-half-year-old filly (unbroken) £l, 1 nine-year-old mare £l3 10s, 1 10-yqar-old hack £7, 1 six-year-old mare £SO, 1 aged gelding £B, 1 aged gelding £3O 10s, 1 aged gelding £l7, 1 aged mare £4 10s, 1 10-year-old hack £9. 1 aged mare £lO, 1 pony gig £lO. PRODUCTION OF OIL EXPANDING WORLD CONSUMPTION World production of crude oil in 1934 was 208,548,000 metric tons, compared with 197,696,000 tons in the previous year, according to figures issued by the Royal Dutch Petroleum Company. The chief producer was the United States, with 123,874,000 tons, against 123,271,000 in 1933. Russia produced 24,150,500 tons, compared with 21,440,000 tons, and Venezuela 20,112,000 tons, against 17,293,000 tons. The larger production of the United States and other countries is a reflection of the difficulty of securing common agreement among producers to regulate output for the purpose of obtaining greater equilibrium between supply and demand (the London Times states). Nevertheless, in spite of the hindrances to trade, the world consumption of oil products is steadily growing. In round figures, consumption last year is estimated at 195.000. metric tons, comparing with 186.000. tons in 1933 and 178,000,000 tons in 1932.

Speaking at the annual meeting in London of the Burma Oil Company, Sir John Cargill, the president, said the demand must continue to expand, but production of natural petroleum could not do so indefinitely. Therefore countries and companies which had produced sanely and not in a spendthrift way in recent years would ultimately get their reward.

MINING NEWS OKARITO RETURN Messrs W. A. Mitson and Co., secretaries of the Okarito Five Mile Beach Gold Dredging Company, Ltd., report that the wash-up for the week ended Saturday was 320 z 6dwt for 123 hours’ dredging. Four-weekly Report.—The following report relates to the four weeks from Juno 16 to Julv 13; —Total gold won, 1440 z 7dwt; total time worked, 504 hours; total non-working time, 72 hours; total yardage treated, 29,150 (an average of 57.8 cubic yards per hour): average value of ground, 4.7 d per cubic yard (o.n basis of gold worth £4 per ounce).

BIG RIVER REPORT The Big River Gold Mines report for the week ended July 18 states: —No. 4 south drive was advanced six feet with a good track in the face. No. 4 north drive was driven two feet, and work is stopped temporarily. The north stope is rapidly cutting out. The stone is two feet wide and the length 10 feet. In the rise stope there is stone four feet wide and 15 feet long. It is going strong. Filling in the south stope is in progress. The nprth winze was sunk four feet to make a total of nine feet. In the shaft good progress is being made. Seventyeight tons of ore were sent to the battery. GILLESPIE’S BEACH DREDGE The secretary of the Gillespie’s Beach Gold Dredging Company, Ltd. (Mr F. R. Thompson) advises that the wash-up for the week ended July 20 amounted to 470 z Gdwt for 136? hours. LATEST WAIHI RETURN The following information has been cabled to the London office of the Martha Gold Mining Company (Waihi), Ltd.: — For the period ended July 6, comprising 22 crushing days, 18,934 tons of ore were crushed for a result of 4656 fine ounces of gold and 33,234 fine ounces of silver. This includes 1840 tons mined from the Grand Junction area, which yielded 565 ounces of gold and 1381 ounces of silver, also 904 tons of residues from the old Waihi mill site, yielding 130 ounces of gold and 2049 ounces of silver. No. 2 Level. —Lode situated at 10 feet in Hooper crosscut; Driving west the next 31 feet assays 26s 9d a ton, and the next 36 feet 13s 3d a ton. The width of the lode varied from one foot to three feet. No. 7 Level. —Martha lode, north branch: Driving west the next 47 feet is ore of good grade but too small for stoping. i No. 10 Level. —Ulster lode, sinking winze; The next 25 feet assays 23s 3d a ton. The width of the lode is about three feet. No. 12 Level. —Edward lode: Driving south the next 35 feet assays 2s 3d a ton, Ulster lode: Driving west the next 43 feet assays 13s 9d a ton. The width of the lode varies from three feet to five feet. MATAKI RETURN (Per United Press Association) AUCKLAND, July 22. The Mataki return for the week ended Sunday last was 420 z for 136 J hours’ work.

i 8. d. Commonwealth Bonds— 4J p.c., 1943 101 15 0 4 p.c., 1938 103 7 6 4 p.c., 1944 105 2 6 4 p.c., 1947 106 5 0 4 p.c., 1950 107 10 0 4 p.c., 1953 105 0 0 4 p.c., 1957 105 7 6 4 p;e., 1959 105 10 0 Tooths 2 16 3 Anthony Hordern 1 0 li •Associated .News (pref.) 1 3 6 Broken Hill Proprietary 2 19 9 British Tobacco 2 0 6 Howard Smith 0 16 44 Morris Hedstrom 1 2 0 ADDITIONAL SALES. f 8. d. Bank of New South Wales 32 17 6 Howard Smith 0 16 6 Huddart, Parker 1 19 9 British Tobacco 2 0 9 Carlton Brewery 3 13 9 Australian Iron and Steel (pref.) 1 4 n Australian Glass 3 13 6 Dunlop Perdriau 0 16 0 Goldsbrough, Mort 1 10 9 Wilcox, Mofflin 0 11 11 Morris Hedstrom 1 2 3 Greater J. D. Williams .. 0 7 10 Anthony Hordern 1 0 3 Lustre (ord.) 1 8 3 General Industries .. .. .. 1 0 9 Mount Morgan 1 16 10i Broken Hill Propy 1 19 6 Broken Hill South .. .. .. 4 14 0 Zinc Corporation 2 1 9 Kuala Kampar .. .. 0 12 6 Rawang Tin 0 7 7 Placer Development 32 0 0 MELBOURNE, , July 22. Commercial' Bank of Australia . • 0 17 3 National Bank (£5 paid) .. 6 12 0 Dunlop Perdriau 0 15 10 G. J. Coles 3 2 0 Howard Smith 0 16 6 Broken Hill Propy. 2 19 3 Broken Hill South 4 13 6 Mount Morgan 1 17 s Electrolytic Zinc (pref.) .. 1 15 10i Zinc Corporation 2 1 9 Tongkah Harbour 1 12 6

Westport Coal .. . 1 2 0 Anthony Hordern ord.) 1 0 3 Broken Hill Proprietary 2 19 0 The following are yesterday afternoon’s buying and selling quotations, which are subject to the usual brokerage:— BANKING. Buyer. Seller. f s. d. f B. a. N.Z 2 11 3 2 u 9 N.Z. (long D) .. 1 12 3 — Commercial .. .. 0 16 9 0 16 10 E.S. and A 5 1 0 — Natl, of N.Z — 3 8 9 Reserve — 6 9 6 Union r— 9 2 0 INSURANCE. National — 1 1 0 New Zealand .. .. — S 8 0 South British 4 18 0 — Standard 3 12 0 3 13 6 A.P.A 1 1 9 — SHIPPING. Howard Smith 0 16 3 — Huddart, Parker (pref.) 1 6 0 — P. and 0. Def. Stock 1 1 0 — U.S.S. Co. (pref.) 1 7 3 — MEAT' PRESERVING. Canterbury Meat (ord.) 5 11 0 — N.Z. Refrig (paid) 1 0 6 1 1 3 N.Z. Rcfrig. (cont.) 0 9 9 0 9 11 South. Froz. Meat (paid) 3 16 0 3 18 0 South. Froz. Meat (cont.) 1 18 0 — South Otago Freesing 6 15 0 — LOAN AND AGENCY. Dalgety and Co. .. 8 4 0 8 8 0 Goldsbrough, Mort 1 9 9 — Natnl. Mortgage .. 2 11 6 — Natnl. Mortgage (B issue) .. .. 1 12 0 — Perpetual Trustees 3 4 0 — Wright, Stephenson (ord.) 0 18 0 —• Wright, Stephenson (pref.) 1 0 0 — COAL. Kaitangata .. .. — 1 0 9 Westport 1 1 10 1 2 1 MISCELLANEOUS. Aust. Iron and Steel 1 4 0 — Broken Hill Propy. — 2 19 6 Consolidated Brick 0 10 4 — Crystal Ice .. .. 2 3 6 2 6 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 Rope .. 2 12 0 — Milburn Lime — 2 7 3 Natnl. Electric .. 0 11 9 — N.Z. Drug Co. .. 4 3 0 4 4 0 Farmers’ Fertiliser 1 0 6 — N.Z. Newspapers.. 1 18 0 1 19 0 N.Z. Paper Mills.. • 1 13 9 Wilsons' Cement .. — 1 19 0 Wool worths (ord.) 12 0 0 — Wool-worths (Sydney) 4 13 0 4 15 0 Anthony Hordern 1 0 0 — WOOLLEN COMPANIES. Bruce (ord.) • .. 0 13 6 0 14 0 Bruce (pref.) 1 1 6 1 3 6 Kaiapoi (cont.) 0 6 0 — Kaiapoi (pref.) .. — 0 19 3 Mosgiel 11 7 6 12 0 0 BREWERIES. N.Z. Breweries 2 14 0 Timaru — 0 9 2 AUSTRALIAN MINING. Electro- Zinc (ord.) 1 7 6 — Mount Lyell .. .. 0 19 10 1 0 0 Mount Morgan .. 1 16 0 — North Broken Hill — 6 17 0 MINING. Bendigo Goldlight — 0 O 114 Big River .. .. 0 1 11 0 2 2 Blackwater .. .. — 1 11 6 Central Shotover .. — 0 0 5 Charleston .. .. — 0 0 6 Gillespie’s Beach .. — 0 1 6 Golden Progress .. 0 0 3 — Kildare 0 2 10 0 3 2 King Solomon — 0 3 11 Moonlight-Nelson Creek — 0 0 1 Mount David — 0 1 9 Maori Gully .. 0 1 4 — Nokomai — 0 2 0 Okarito 0 5 8 0 6 0 Oxenbridge .. .. — 0 0 7 Sandhills — 0 0 6 Skippers — 0 0 3 W aipapa Beach .. 0 1 2 0 1 5 Waitahu 0 2 9 0 3 0 GOVERNMENT LOANS. 34 p.c. Stock, March, 1936-43 105 0 0 34 p.c. May, 193652 107 10 0 34 p.c. Stock, Nov., 1938-52 107 10 0 _ 31 p.c. Stock, March, 1940-43 105 5 0 105 15 0 34 p.c. Stock, Sep., 1939-43 105 5 0 105 17 6 34 p.c. May, 193652 107 10 0 — 34 p.c. Stock, March, 1941-43 105 5 0 34 p.c. Stock, Sep., 1941-43 105 5 0 — 34 p.c. Stock, May, 1941-52 107 10 0 — 34 p.c. Stock, Nov., 1941-52 107 10 0 — 4 p.c. Bonds, 193740 102 0 0 4 p.c. Stock, 193740 102 0 0 102 15 0 4 p.c. Bonds, 194346 108 0 0 4 p.c. Stock, 194346 108 0 0 4 p.c. Bonds, 194649 108 10 0 4 p.c. Stock, 194649 108 10 0 4 p.c. Bonds, 195255 111 10 0 4 p.c. Stock, 195255 111 10 0 — UNLISTED STOCK.

Bank of New South Wales 32 5 0 Reserve Bank 6 9 0 New Zealand Insurance 3 7 3 South British Insurance 4 IS 3 Dominion I. and B. North Auckland Farmers (B 0 17 0 pref.) 0 10 0 Renown Colliery 0 9 0 National Timber .. .. 0 14 0 Kaiapoi Wool (7s paid) 0 6 5 Dominion Breweries 0 15 0 Consolidated Brick 0 10 7 Farmers’ Trading .. 0 7 2 A.Z. Refrigerating (£1 paid) 1 0 9 Mahakipawa 0 0 Si Matahi 0 1 11 Okarito 0 5 10 Mount Morgan .. .. 1 17 0

Sales on ’Change Inscribed Stock, 34 per cent., 1939-52 (2) .. 108 7 6 Christchurch Drainage, per cent., 1964 108 17 6 National Bank of N.Z. 3 8 9 National Bank of New Zealand (late sale Saturday) (6) 3 8 9 Bank of New South Wales .. 32 7 6 Bank of New Zealand (2) .. 2 11 C Union Bank (late sale Saturday) 9 3 0 National Insurance 1 0 9 Gear Meat 1 1 0 N.Z. Refrigerating (cont.) .. 0 9 10J 0 9 11 Kaiapoi Woollen (cont.) 0 6 6 National Timber , 0 14 3 Anthony Hordern (late sale Saturday) 1 0 0 Broken Hill Broprietary (late sale Saturday) .. .. 2 19 •n (Late sale Saturday) 2 19 i 2 19 0

Goldsbrough, Mort 1 10 1 1 10 3 N.Z. Refrigerating (fl paid) 1 0 10 Anthony Hordern 1 0 1 Dunlop Perdriau Rubber (2) 0 15 6 0 15 7 (2) 0 15 8 Kauri Timber 1 2 2 Brian Boru 0 0 n 0 0 3 King Solomon (2) 0 3 9 Maori Gully (2) 0 1 6J Mount Lyell 1 0 0 1 0 1 Sales Reported JST.Z. Government 4 per cent. Inscribed Stock, 1937-40 .. 102 0 0 Christchurch Drainage Board, 4i per cent., 1964 National Bank of N.Z. 108 17 6 3 8 9 Reserve Bank 6 9 6 Maerewhenua 0 0 2

RUGBY, July 20. Paris— Par. July 18. July 20. Francs to £1 124.21 74 41-64 74 47-64 Brussels— Belgas to £1 SO 29.32 29.334 Oslo— Kroner to £1 18.180 19.904 19.904 Stockholm— Kroner to £1 18.130 19.394 19.394 Copenhagen— 22 Kroner to £1 18.150 22 Berlin— Marks to £1 20.34 12.26 ' 12.28 Montreal— 4.964 Dollars to £1 4.86 2-3 4.968 New York— 4.964 Dollars to £1 4.86 2-3 4.053 Yokohama— 144 Pence to yen .. 24.582 144 Hongkong— 25 9-16 Pence to dollar 24.58 258 Bombay— 184 Pence to rupee — 184 Batavia— 7.234 Florins to £1 12.10 7.234 Milan— 59 15-16 Lire to £1 82.46 59 15-16 Amsterdam— 7.29 Guilder to £1 12.107 7.26J Prague— 119 Kroner to £1 104^ 1185 Geneva15.124 Francs to £1 25.224 15.11 Vienna— Schillings to £ 1 84.864 26 26 Helsingfors— 2264 Marks to £1 193.23 2264 Madrid— 36 1-16 Pesetas to £1 25.224 36 1-32 Belgrade— 215 Dinars to £1 25.224 215 Athens— 515 Drachma to £1 3SS 516 Lisbon— 1104 Escudos to £1 110 1104 Bucharest— 485 Lei to £1 931.6 485 Rio do Janeiro— 45 Pence to mllrels 5.890 * 4J Buencs Aires364 Pence to pesos 47.22 364 Shanghai— 18 13-16 Pence to tael — 18 13-16 Montevideo— 395 Ponce to pesos — 395 Warsaw— 26.06 Zlotys to £1 — 26.06

Australia— £A to £100 N.Z. T.T. 101 100/10/O.D. 101 100/10/FIJI— 89 £F to £100 N.Z. T.T. 00/7/6 O.D. 90/7/8 89 New York— 3.978 Dollars to £1 N.Z. T.T. 4.015 O.D. 4.03 3.981 Montreal— 3.081 Dollars to £1 N.Z. T.T. 4,02 O.D. 4.031 3.983 France— Francs to £1 N.Z. T.T. 60.72 59.42 O.D. 61.02 59.47 Noumea — 61.67 58.67 Francs to £1 N.Z. T.T. O.D. 62.07 58.72 Papeete— Franca to £1 N.Z. T.T. 61.67 58.67 O.D. 62.07 58.72 Belgium— Beiges to £1 N.Z. T.T. O.D. - 23.272 23.287 Germany— Reichsmarks to £1 9.658 N.Z. .. . • •• T.T. — O.D. — 9.663 Italy— Lire to £ 1 N.Z. T.T. 47.48 O.D. 47.52 Switzerland— 12.377 11.977 Franca to £1 N.Z. T.T. O.D. 12.452 11.987 Holland— 5.994 5.744 Florins to S1 N.Z. T.T. O.D. 6.044 5.748 Java— 5.698 Florins to £1 N.Z. T.T. 5.928 O.D. 5.973 5.702 Japan— N.Z. pence yen .. . to 1 T.T. — 17 13-16 O.D. — — Shanghai— N.Z. pence to 1 dollar • • • T.T. 22 11-16 24 O.D. 22 9-16 23 15-16 India and Ceylon— N.Z. pence to 1 22 23-32 rupee T.T. 228 O.D. 22i 22 21-32 Hongkong— N.Z. pence dollar to 1 T.T. 318 32 9-16 O.D. 318 32J Singapore— N.Z. pence to 1 34 7-32 35 5-32 dollar • .. T.T. O.D. 34 8-32 35 3-32 Sweden — 15.791 15.461 Kroner to £1 N.Z. T.T. O.D. 15.831 15.471 Norway— 16.202 15.872 Kroner to £1 N.Z. T.T O.D 16.242 15.882 Denmark— 17.878 Kroner to £ 1 N.Z. T.T. 18.208 O.D. 18.248 17.888 Austria— Schillings to ; £1 20.52 N.Z. T.T. — O.D. — 20.54 Czechoslovakia— 94.85 Crowns to £1 N.Z. T.T. — O.D. — 94.90 These rales are subject to alteration without notice.