COMMERCE AND FINANCE

Otago Daily Times, Issue 22631, 24 July 1935, Page 14

COMMERCE AND FINANCE

LOCAL AND OVERSEAS MARKETS

EXTERNAL TRADE IMPORT AND EXPORT RETURNS (Peb United Press Association) WELLINGTON, July 23. The export and import returns of Dominion trade for the month of June were ns follows compared with the figures for the corresponding month of each of the two previous years. The figures for the respective six-monthly and 12-monthly periods are also given:— Month of June, 1935. 1931. 1933. £ £ £ Exports .. .. 3.227.000 3.295.000 3,701.000 Imports .. .. 2,356.000 1.728,000 2,042,000 Excess of exports 871.000 1.567.000 1.659,000 Six Months Ended June, 1935. 1934. 1033. £ £ £ Exports .. ..' 27,109,000 31,498,000 23,302,000 Imports .. .. 10,718.000 13.756,000 12.634,000 Excess of exports 10.391.000 1T.742.000 10.728.000 Twelve Months Ended June, 1935. 1934. 1933. £ £ £ Exports .. .. 42.954.000 40.142.000 37.470,000 Imports .. .. 34.302.000 20.703.000 25.290.000 Excess of exports 8.663,000 22.439,000 12,180.000 All the foregoing values are expressed in terms of New Zealand currency. Dealing with specie, which is excluded from the above returns, there was no export in June, 1935, and the imports amounted to £49. For the six months ended June, 1935, the exports amounted to £364,400 and the imports to £188,879. AUSTRALIAN STOCK EXCHANGES ’ (United Press Association) (By Electric Telegraph—Copyright) SYDNEY, July 23. / (Received July 23, at 10 p.m.) On the Stock Exchange bank shares and other classified stocks were 'firm, and tin shares were active round late levels. THE MORNING SALES. >

LONDON WOOL SALES CROSSBREDS IN DEMAND. (United Press Association) (By Electric Telegraph—Copyright) LONDON, July 22. At the wool sales 7320 bales were offered, including 3683 from New Zealand. About 5852 bales were sold. There was keen competition for crossbreds, chiefly from the Home trade. Other descriptions were quieter at unchanged prices. There were considerable withdrawals of inferiors owing to high limits. New Zealand scoured merinos, “ irish- , man Creek," top price 23Jd, average 23d; greasy crossbred, “Seafund,” top price IJd, average Bd. Bradford is quietly steady. PRICE OF FINE GOLD (United Press Association) (By Electric Telegraph—Copyright) LONDON, July 22. £ s. d. July 22 7 0 8i July 20 .. .. 7 I 0i July 19 . 7 1 0i July 18 .. .. .. 7 0 Hi July 17 7 0 l| July 16 7 0 Hi July 13 7 0 11 July 11 7 0 8 July 10 i. 7 0 11 PROPERTY SALE 1 Alex. Harris, Ltd., report having offered at auction yesterday, under instructions from the trustees in the estate of Mr William Dawson, a freehold property situated at No. 21 Scott street, St. Kilda, together with a five-roomed residence. After good competition the property was sold to Mr E. G. Dale at a satisfactory price.

THE SHARE MARKET DUNEDIN STOCK EXCHANGE A parcel of Commercial Banks changed hands at 16s lOd, cum dividend, on the Dunedin Stock Exchange yesterday, a closing buyer at 16s lid failing to attract further sellers. Standard Insurances were reported to have been dealt in at £3 12s 9d, the market closing with a seller at £3 13s 6d and no buyers forward. Three parcels of paid-up New Zealand Refrigeratings were reported to have been disposed of at £1 Is, the final buying and selling quotations being £1 Os 9d and £1 Is Cd respectively. Westport Coals were Reported to have been the subject of business at £1 2s, buyers’ best offer on ’Change being £X Is lOd. Ordinary Canterbury Meats were inquired for at £9 12s, but sellers did not come forward. Ordinary Bruce Woollens were in demand at 13s 9d without any response being received from sellers. Buyers of Mount Lyells Were prepared to give 19s lid, but sellers would not do business under' £1 0s 3d, SALE ON ’CHANGE. f s. d. Commercial Bank tfO 16 10 SALES REPORTED. Standard Insurance .. .. 3 12 9 N.Z. Refrigerating (pd., S) .. 110 Westport Coal 12 0 4 p.c. Stock, 1952-56 .. .. 112 0 0 SALE REPORTED AFTER LAST CALL. N.Z. Refrigerating (cont.) .. 0 9 114 The following are yesterday afternoon’s buying and selling quotations, which are subject to the usual brokerage:—

ft Cum dividend. 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 23 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.)—S per cent., 9 3-5 d per share, half-yearly Sept. 10 Electrolytic Zinc (ord.) —5 per cent., Is per share, yearly .. Sept. 10 NORTHERN EXCHANGES AUCKLAND Sales on ’Change £ s. d. Stock, 1938-52, 3} per cent 108 15 0 Stock, 1940, 4 per cent. .. 102 7 8 Amalgamated Brick (Auckland), 1944, 7i per cent. .. 105 0 0 National Bank of Australasia (£5 paid) .. 6 9 3 Commercial Bank of Aus. 0 17 0 Bank of New Zealand ' „ .. 2 11 6

LONDON WHEAT MARKET (United Press Association) (By Electric Telegraph—Copyright) LONDON, July 22. Wheat. —Cargoes are firm and higher. Parcels are quiet. Futures: London — September, 21s 8d; Liverpool—July, 5s l|d; October, 5e Id; December,6 ss; March, 4s Hid.

MINING NEWS CROMWELL FLAT BORING TO BE COMMENCED. Within the next 10 days a Keystone drilling machine will be despatched to Cromwell Flat to commence drilling on behalf of the British Developments Company, Ltd., which holds options over practically the whole of the Cromwell Flat. During the next six weeks test bores will be made on the flat and in the Manuherikia Valley, and after that it is expected that an intensive campaign will be carried out. Mr S. J. Gallach.er, local representative of the company, stated last night that preliminary investigations warranted the undertaking of the test bores as the initial step to further development. Ho also stated that the company had concluded negotiations which ensured an ample amount of capital being available for the undertaking. NEW GUINEA GOLD SHARES (United Press Association) (By Electric Telegraph—Copyright) LONDON, July 22. New Guinea Gold shares are quoted at 4s 3Jd. DOLLAR AND FRANC (United Press Association) (By Electric Telegraph—Copyright) LONDON, July 22. Exchange on New York is quoted at 4.96 5-16 dollars to the £ and on Paris at 74 3-16 francs to the £. LORNEVILLE STOCK SALE ( Special to Daily Times ) INVERCARGILL. July 23. A feature of the Lorueville stock sale to-day was the marked rise in the fat cattle prices. The yarding was the smallest so far this season, and this position was reflected in the competition which brought values up to their highest mark this year. Fat wethers were in small supply and prices improved, but the market for ewes was erratic and maintained about the same tone as last week. Fat Sheep.—There was a very small entry in this section, and, with the exception of two pens of wethers, the yarding was made up wholly of ewes. Owing to the very short entry of wethers, prices showed a rise, but the ewe sale was erratic, and, taken all over, they sold about much the same as last week. A pen of good quality, handy-weight wethers realised 29s 6d; light and unfinished sorts, from 20s to 235; extra prime heavy ewes, from IBs 6d to 20s 6d; prime quality, 17s Cd to ISs Cd; medium, 14s Cd to 16s Cd; and light and unfinished, down to 12s Gd.

Fat Cattle. —The entry consisted of a few pens of good quality bullocks and cows and the usual sprinkling of rough and unfinished sorts. The market was very bright and prices showed an increase of 30s for all grades. Prime heavy bullocks made from £lO 10s to £l2; good quality, £8 10s to £9 10s; lighter weights, £6 15s to £7 15s; prime, handy-weight heifers, up to £7 15s; medium-weight. £6 to £6 15s; light-weights, £4 12s 6d to £5 10s; prime heavy cows, up to £8 2s Cd; good quality medium-weights. £5 5s to £6 se; ordinary, £4 5s to £5; and aged and inferior, down to £2 10s.

EXCHANGE ON LONDON

THE POLICY IN AUSTRALIA,

On the subject of the exchange on Loudon the National Bank of Australasia says in its July purvey: — “ The current premium on sterling—2s per cent, for telegraphic transfers—has been unchanged for three and a-half years, tln/igh about six months ago it was thought in some quarters that the fall in wool prices indicated an increase in the premium on sterling. The high value of exports during recent months has strengthened the exchange position, and, on present showing, the marked stability of rates since 1931 appears unlikely to be disturbed for some time to come.

“Reference to Dr Roland Wilson’s statistics shows that Australia’s reserves of international currency increased from £39,000(000 sterling in 1930 to £68,000,000 sterling in 1934 without reductions in the premium on London funds. A logical inference is that no increase in the premiums would be made unless reserves became seriously depleted or the exchange position became markedly affected by changes in international affairs. This is in keening with the statement made in March last by the chairman of directors of the Commonwealth Bank of Australia (Sir Claude Reading) that it was ‘ the deliberate policy of the Commonwealth Bank to majntain a steady rate, and thus avoid the uncertainty which would exist with a frequently fluctuating rate. The Commonwealth Bank Board is still of the opinion that stability in the rate of exchange > is of the utmost importance.’ “This attitude toward the exchanges is supported by the marked emphasis now being placed on the disturbing effects of changing currency values upon world trade, and the urgent need to work towards international exchange stability. It should be borne in mind, however, that over a long period the dominating influence on exchange rates is not ‘policy.’ but economic fact. Australia’s balance of payments from year to year, and, possibly. changes in the exchange value of sterling, will, in the long run, determine the rate between the two countries.” LONDON METAL MARKET (United Press Association.) (By Electric Telegraph—Copyright.) LONDON, July 23. (Received July 23, at 10 p.m.)

PROSPERITY ON THE RAND PROFITS AND DIVIDENDS Striking figures showing the progress of the South African goldmjuing industry were quoted by Mr F. R. Phillips, chairman of directors, at the annual meeting of the Central Mining and Investment Corporation, held in London. Mr Phillips said that in 1932 the profits of the industry amounted to £15,380,000, in 1933 to £31,718,000, and in 1934 £32,000,000, while dividends were paid amounting to £8,993,000 in 1932, £13,600,000 in 1933, and £15,878,000 in 1934. Employment on the Rand had increased, the white employees rising from 23,800 at the end of 1932 to 30,200 in 1934, and the native employees from 221,000 to 252,000, The policy of the Rand mines of increasing the tonnage worked and lowering the grade was commended at the recent meeting of the Anglo-American Corporation of South Africa. The chairman, Mr R. B. Hagart, said the greatest ultimate benefit would be derived from the industry if all the possible gold that could be produced at a profit was won and if every ton of ore that left a little margin over the cost of mining and milling were crushed and treated. The average grade had been reduced to s.o3dwt. by December, 1934, a figure which compared with an average of 6.33dwt for 1932, the year before the Union’s departure from the gold standard Combined with the higher price of gold and the efforts to prevent a rise in working costs, this policy, ho said, would result in the mining of vast quantities of low-grade ore and the prolongation of the lives of the mines to an extent undreamt of a few years ago.

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

ON NEW ZEALAND CURRENCY BASIS The Banlt of New South Wales, Dunedin, quoted (he following rates for purchases and sales of foreign exchange yesterday:—

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. U.S.A. Canada (per £1 (per £1 N.Z.) N.Z ) Selling— i dols. dels T.T. .. ..... .. 3.971 3.973 O.I) 3.98 1 3.98± Buying— O.D. 4.02§ 4.02| OTAGO APPLES Messrs H. E. Napier, Ltd., have received the following cabled advice from their principals, dated London, July 19:— Mahia Wolseleys poor condition through over-ripeness. Commenced Stunner. I2s 6d to 14s; Tasraa and Rokewood, 13s; Statesman, T2s to 13s; Rome Beauty, 11s to 12s; Lord Wolseley, 9s to 13s, TRADE WITH RUSSIA The Moscow Narodny Bank, London, reports as follows: —Orders placed in Great Britain by Soviet trading organisations in April of this year amounted to 680.296, The total value of the orders placed in the first four months of this year amounted to £3,328,246. The following figures show the principal orders placed during April:—Machinery and equipment, £82,786; ferrous alloys, £47,875; steel, £19,988; non-ferrous metals, £202,432; rubber, £1001; textiles (raw materials), £98,490; tea, £62,111; chemicals, £40.036; miscellaneous, £34,577. Total. £589,296. In April of this year the Anglo-Soviet Shipping Company, Ltd., chartered on the Loudon market a total of 70 vessels, of which 32 were British. _ In addition to these a number of British vessels were chartered direct by Sovfrakht, Moscow. In the first four months of the current year the company chartered on the London market alone 171 vessels, of which 104 were British, Of the total tonnage chartered during that period, which amounted to 991,361 tons, some 597,227 tons were British, and of the estimated freight, which totals £672,309, some £424,951 is estimated as due to British owners. In the corresponding period of 1934 the company chartered some 191 vessels of 1,207,211 tons, of which 147 vessels of 959,387 tons were British. Of the total freight paid in the first four months of 1934, which amounted to £768,475, the sum paid to British owners was £618,247. The figures for the current year do not include time charters, nor the direct chartering by Sovfrakht. Moscow,

Messrs J. Lindsay and Co., farm, produce, wool, and skin salesmen, Vogel ' street, Dunedin, agents for the North Otago Poultry Farmers’ Association, report os under;-—Eggs: Poultry farmers’, , Is fid; others, Is 3d; preserved, Is Id. i Honey: In 101 b tins, ss. Poultry: Hens I 2s to 2s 3d, ducks 2s, turkeys 7d to 8d per lb, live weight; cockerels 3s to 3s fid. Pigs; Prime baconers, to 51d per lb; porkers, sd. Potatoes. £7 to £8 per ton. Prime chaff, £5 10s per ton, ex store, sacks extra. Clover and ryegrass hay, £5 per ton, ex store. Wheaten straw, £2 15s per ton; oaten, £3 10s per ton. Onions: Brown Spanish, 8s fid per bag of 501 b. Fowl wheat, 5s to 5s fid per bushel, sacks extra. Straw chaff, £3 10s per ton, sacks extra. Lucerne chaff, £5 10s per ton, sacks extra. Lucerne hay, £5 per ton. Oats: Good feed, 3s per bushel, bags extra. Bran, £5 15s. Pollard, £6 15a per ton. Wool, skins, bides at market rates. We stock meatmeal, egg crates, grit, efc., and have a stock of crates on band for the free use of our clients.—July 24, 1935.

Commonwealth Bonds— £> B. d. 99 12 6 4 per cent., 1938 103 7 6 4 per cent., 1944 .... .. 105 2 6 4 per cent., 1950 ,. .. .. 107 5 0 4 per cent., 1957 105 5 0 Commercial Bank o£ Sydney 18 13 0 Bank of New Zealand .. . • 2 13 0 Australian Gas (A) 8 6 0 Anthony Hordern .. . • •. • • 0 18 3 Associated Newa (pref.) 1 3 3 British Tobacco .. 2 0 9 Broken Hill Proprietary .. 2 10 9 Morris. Hedstrom i .. 1 2 -6 Pitt, Son, and Badgery 2 1 0 Wilcox, Mofflin 0 IX 11 ADDITIONAL SALES. £ 6. d. Bank of New South Wales .. 33 0 0 Commercial Bank of Sydney 18 14 0 National Bank (£10 paid) 13 5 0 Bank of New Zealand .. .. 2 13 0 Colonial Sugar 45 9 0 Australian Provincial Assur1 2 0 United Insurance 12 8 0 Associated Newa (pref.) . 1 5 a Adelaide Steam 1 11 6 Howard Smith 0 16 n British Tobacco 2 0 9 Tooths 2 15 0 Carlton Brewery 2 14 0 0 15 10* Wilcox Mofflin 0 11 11 Morris Hedstrom 1 2 6 Henry Jonea .. .. - 1 17 3 Anthony Hordern General Industries .... .. 1 1 0 0 3 9 Standard Cement 1 3 3 James Stedman 0 18 6 Hume Pipe 0 14 10 Mount Morgan ., .. .. .. .. 1 16 9 South Broken Hill ., .. .. 4 14 6 North Broken Hill 6 19 0 Zinc Corporation 2 3 0 0 7 9 31 17 6 MELBOURNE, July 23. Commercial Bank of _Auetralia 0 17 5 National Bank (’ffi. paid) .. 6 12 0 Bank of New South Wales 32 12 6 E.S. and A* Bank .. .. .. 5 6 0 Herald and Times 2 19 0 Metropolitan Gas .... .. 14 8 0 Broken Hill Proprietary .. 2 10 s

BANKING, Buyer. Seller. f s. d. £ 8. d. N.S.W 32 5 0 — N.Z 2 11 0 2 12 0 CoixHiiercial .. .. tfO 16 11 — E.S, and A o 0 0 — INSURANCE. National — 1 0 10 Standard S’ 13 8 A.P.A i i 9 — SHIPPING. P. and 0. Def. Stock i i 0 — U.S.S. Co. (prof.) 1 7 0 — MEAT PRESERVING. Canterbury Meat (ord.) 0 12 0 — N.Z. Refrig. (paid) 1 0 9 1 1 6 N.Z, Refrig, (cbnt.) 0 9 11 0 10 0 South Otago Freezing .. .. 6 15 0 — Waitaki Farmers 3 13 0 — LOAN AND AGENCY. Dalgety and Co. .. Goldsbrough, Mort 1 10 0 8 6 0 Natnh Mortgage .. 2 11 5 — Natnl. Mortgage (B issue) .. .. 1 12 0 — Wright, Stephenson (ord.) 0 18 0 — Wright, Stephenson (pref.) .. .. 1 0 0 — COAL. Kaitangata .. ,. — 1 0 9 Westport 1 1 10 — Westport-Stocktou (pref.) .. .. —- 0 i 3 MISCELLANEOUS.

Aust. Iron and Steel i 4 3 British Tobacco .. i 19 9 — Broken Hill Propy Consolidated Brick 0 10 6 2 19 6 Crystal Ice .. 2 3 6 2 6 0 D.I.C. (pref.) .. 1 4 6 — Dominion Fertiliser 1 3 3 — Dominion Rubber — 1 9 0 Donaghy’s ‘ Rope .. 2 12 6 — Milburn Lime 2 6 0 2 7 0 Natnl. Electric .. 0 12 0 N.Z. Dru& Co. — 4 4 3 Farmers’ Fertiliser 1 0 6 N.Z. Newspapers .. — 1 19 0 N.Z. Paper Mills — 1 14 0 Regent Theatre .. 0 16 0 I 0 0 Woolworths (ord.) 12 0 0 — Woolworths (Sydney) .... 4 13 0 — WOOLLEN COMPANIES. Bruce (ord.) .. 0 13 9 Bruce (pref.) — 1 S 6 Kaiapoi (ord;) .. 0 15 10 — Kaiapoi (cont.) .. 0 6 4 — Kaiapoi (pref.) .. — 0 19 3 MosgieR 11 7 6 12 0 0 BREWERIES. N.Z. Breweries .. 2 13 0 2 14 0 Timaru 0 8 11 — Tooths 2 14 6 — AUSTRALIAN MINING. Electro. Zinc (pref.) .... 1 14 6 — Electro. Zinc (ord.) .. .. 1 7 6 — Mount Lyell .. .. 0 19 11 1 0 3 MINING. Bendigo Goldligbt 0 0 9 0 o iii Big River .. .. 0 1 11 0 2 2 Blackwater .. .. — 1 n 9 Brian Boru .. — 0 0 4 Charleston — 0 0 6 Gillespie’s Beach — 0 i 6 Golden Progress .. 0 0 3 0 0 11 Goldfields Dredging 0 0 22 — Kildare 0 2 10 0 3 1 King Solomon — 0 3 10 Molyneux River .. 0 1 8 — Mount David — 0 1 9 Nokomai .. .. 0 2 0 Okarito — 0 6 0 Oxenbridge — 0 0 7 Sandhills .. .. — 0 0 6 Waihi — 1 18 0 Waitahu .. .. 0 2 9 0 O’ 0 GOVERNMENT LOANS. 3J p.c. Stock, March, I9Sfi-43 .. 105 0 0 3 i p.c., Stock, May, 1936-52 .. .. 107 10 0 3£ p.c. Stock, Nov., 1938-52 .. .. 107 10 0 — 34 p.c. Stock, March, 1939-43 .. 105 5 0 SJ p.c. Stock, Sep., 1939-43 .. ,. 105 5 0 — 34 p.c. Stock, May, 1939-52 .. .. 107 10 0 — 31 p.c. Stock, March, 1941-43 .. 105 0 0 — 34 p.c., Stock, Sep., 1941-43 .. .. 105 0 0 — 34 p.c. Stock, May, 1941-52 .. ., 107 10 0 — Si p.c., Stock, Nov., 1941-52 .. .. 107 10 0 — 4 p.c. Bonds, 193740 102 0 0 4 p.c. Stock, 193740 .... .. — 102 10 0 4 p.c. Bonds, 194346 108 5 0 — 4 p.c. Stock, 194346 108 5 0 — 4 p.c. Bonds, 194649 108 15 0 — 4 p.c. Stock, 194649 108 15 0 — 4 p.c. Bonds, 195255 111 10 0 112 0 0 4 p.c. Stock, 195255 111 10 0 —

Australian Prov. Assurance 1 o 0 National Insurance 1 0 8 New Zealand Insurance .. .. 3 7 0 N.Z. Farmers’ Co-op (B 0 12 0 Claude Neon (N.Z.; 2) 2 2 0 Colonial Sugar .. 44 12 (i Consolidated Brick 0 10 9 Electrolytic Zinc 1 S 0 Gear Meat 1 1 5 K.D.Y. Boxes (10s paid) .. 0 11 0 Morris Hedstrom 1 2 0 N.Z.. Refrigerating (10s paid) 0 9 11 Peter’s Ice 1 4 0 Wilsons Cement 1 IS 6 0 2 9 Placer Development 32 5 0 32 0 0 Unlisted Stocks Astral Products (£1 paid) .. Bankers and Traders’ Insur1 2 0 ance (10s paid) 1 5 3 Woohvorths (Sydney) .. .. 4 15 0 Golden Crown 0 S 0 WELLINGTON Sales on ’Change Inscribed Stock, 4 per cent., 1955 .. .. 111 17 6 National Bank of New Zealand (late sale Monday; 2) 3 S 9 3 8 6 Gear Meat i 1 3 Kaiapoi Woollen (cout.) 0 6 G 0 7 9 Colonial Sugar 44 10 0 Anthony Hordern (late sale Monday) 1 0 3 Broken Hill Propty (late sale Monday) 2 19 0 Consolidated Brick (late sale Monday) 0 10 9 Dominion Rubber (late sale Monday) 1 8 9 Unlisted Stocks Woohvorths (Sydney) .. .. 4 15 3 Woohvorths (W.A.) 7 5 0 0 12 0 3 8 0 Glaxo, 6J per cent., 1945 .. 101 15 0 CHRISTCHURCH Sales on ’Change Commercial Bank of Australia (cum div.; 3) .. 0 10 11 Reserve Bank 6 9 3 Dalgety and Co Canterbury Frozen Meat 8 3 0 (pref.) 6 0 0 N.Z. Refrigerating (10s paid; 2) 0 9 11 N.Z. Breweries 2 13 6 2 13 6 *(2) 2 13 4 British Tobacco 2 0 0 Dunlop Perdriau Rubber .. 0 15 8 Manawatu Knitting Mills •. 1 17 6 Golden Dawn 0 2 G King Solomon 0 3 9 Maori Gully 0 1 0 0 1 51 Mount Lyell 1 0 2 Sales Reported Brian Born 0 0 3 1 18 8 Claude Neon (N.Z.) 2 2 3Timaru Brewery (7s 6d paid) 0 9 2 Christchurch Gas (cum div.; odd parcel) 1 16 3 Standard Insurance 3 13 0 Reserve Bank (late sale Monday) 6 9 6 Reserve Bank (2) 6 9 0 National Bank of Australasia (£5 paid) 6 10 0 Unlisted Stocks Argo Gold (3) 0 1 u

Tlio following are tho official Ton. metal quotations Copper, spot £31 17 0 Ulse £0 0 714 Copper, forward .. 32 6 3 Rise 0 0 714 Electrolytic, spot .. 36 0 0 No change Electrolytic, forward 36 15 0 No change Wire bars .. .. 35 15 0 No change bead, spot .. .. 15 3 0 Rise 0 2 6 Lead, forward .. 15 6 0 Rise 0 1 3 Spelter, spot 14 10 0 Rise 0 1 8 Spelter, forward 14 12 6 Rise 0 1 S Tin, spot .. 243 0 0 Rise 6 16 0 Tin. forward ., 224 16 3 Rise 0 8 9 Pig Iron, home trade 3 7 6 No change Pig Iron, export 3 2 6 No change Antimony. British 74 10 0 No change Antimony, foreign 45 15 Unit. 0 No change Molybdenite .. .. I 14 6 No change Wolfram .. .. I 11 Oz. 0 No change Sllrer, standard .. .. SO 3-lGd No change Silver, fine .. .. 32 0-16d No change

RUGBY, July 22. Paris— Par. July 20. July 22. Francs to £1 124.21 74 47-64 74 59-64 Brussels— Belgas to £1 80 29.335 29.39 Oslo— Kroner to £ 1 18.180 19.905 19.905 Stockholm— Kroner to £1 18.130 19.395 19.395 Copenhagen— 22 Kronor to £ 1 18.150 22 Berlin - 12.38 Marks to £ 1 20.34 12.28 Montreal— 4.961 Dollars to £1 4.86 2-3 4.965 New York— 4.965 Dollars to £1 4.88 2-3 4.965 Yokohama — Pence to yen .. 24.582 145 145 Hongkong— 25 9-16 25 9-16 Pence to dollar 24.58 Bombay— 185 Pence to rupee — 185 Batavia— 7.235 Florins to £l 12.10 7.23} Milan— 60 3-16 Lire to £1 .. 82.46 69 16-16 Amsterdam— 7.33J Guilder to £1 12.107 7.29 Prague— 1195 Kroner to £ 1 1045 119 Geneva15.16S Francs to £ 1 25.225 15.125 Vienna— 28 Schillings to £1 84.865 26 Helsingfors— 2261 Marks to £1 103.23 22Ci Madrid— 80 1-16 36} Pesetas to £1 25.225 Belgrade— 215 Dinars to £ 1 25.225 215 Athens— 515 Drachma to £1 37*5 515 Lisbon— 1105 Escudos to £1 110 110} Bucharest— 485 Lei to £1 931.6 485 Rio de Janeiro— 45 Pence to mllrels 6.890 45 Buencs Aires— 365 Ponce to pesos 47.22 36} Shanghai— 18 13-16 1SJ Pence to tael — Montevideo— 33| 391 Pence to pesos — Warsaw— 26.06 Zlotys to £1 — 26.06

London— Buying. Selling. £N.Z. to £100stg T.T 124 124/10/O.D 123/10/124/8/9 Australia— 1 100/10/- £ A to £100 N.Z, T.T. 101 O.O, 101 100/10/FIJI— 00/7/6 80 £F to £100 N.Z. T.T. O.D. 90/7/6 89 New York— 4.01 J 3.971 Dollars to £1 N.Z. T.T. O.D. 4.02'i i 3.98 4.012 3.98 Dollars to £1 N.Z. T.T. O.D. 4.03 3.98i France— Francs to £1 N.Z. T.T. O.D. 60.84 61.14 59.54 59.59 Noumea — Francs to £1 N.Z. T.T. O.D. 81.70 C2.19 58.79 58.84 t’apoeto— Francs to £1 N.Z. T.T. O.D. 61.79 62.19 58.79 58.84 Belgium— Belgas to £1 N.Z. T.T. O.D. 23.304 23.319 (Jerraany— Reichsmarks to £1 N.Z T.T. O.D. ‘ 9.699 9.704 Italy— Lire to £1 N.Z. T.T. O.D. = 47.64 47.68 Switzerland — Francs to £1 N.Z. T.T. O.D 12.407 12.482 12.007 12.017 liolland— Florins to £1 N.Z. T.T. O.D. 6.080 6.080 5.780 5.784 Java— Florins to £1 N.Z. T.T.’ O.D. 6.979 6.029 5.754 5.758 Japan— N.Z pence to 1 yen •• •• •• T.T. — 17 13-16 O.D. —* Shanghai— N.Z. pence to 1 dollar . • • • T.T. 22 11-19 24 O.D. 22 9-16 23 15-16 India and Ceylon— N.Z. pence to 1 rupee .. .. T.T. 221 22 23-32 O.D. 22J 22 21-32 Uongkong— N.Z. pence to 1 dollar .. .. T.T. 311 32 8-16 O.D. sia Singapore— N.Z. pence to 1 dollar .. •• T.T. 34 7-32 35 5-32 O.D. 34 3-32 35 3-32 Sweden— Kroner to £1 N.Z. T.T. 15.791 15.461 O.D 15.831 15.471 Norway— Kroner to fil N.Z T.T 16.202 15.872 O.D 16.242 15.882 17.878 Kroner to £1 N-Z. T.T. 18.208 O.D. 18.248 I78S8 Austria— Schillings to £1 T.T. 20.52 N.Z O.D. — 20.54 i 'zechoslovakla — 94.85 Crowns to £ 1 N.Z. T.T. — O.D. — 94.90 These rales are subject to alteration without notice.