COMMERCE AND FINANCE

Otago Daily Times, Issue 22709, 23 October 1935, Page 16

COMMERCE AND FINANCE

LOCAL AND OVERSEAS MARKETS

FOREIGN EXCHANGES (British Official Wireless.) (United Presa Association.) (By Electrio Telegraph—Copyright.)

All rates subject to alteration without notice DOLLAR RATES The Associated Banks (other than the Bank of New South Wales) quoted tb* following dollar rates yesterday on a New Zealand currency basis. They are subject to alteration without notice. U.S.A. Canada, (per£l (per £1 N.Z.) N.Z.) Selling— dols don* T.T. 3.93 J 3.99§ O.D 3.94 J 4.00 i Buying— O.D 3.98| -4.04| DOLLAR AND FRANC (United Press Association) (By Electric Telegraph—Copyright) LONDON, October 21. Exchange on New York is quoted at 4.91 7-16 dollars to the £ and on Paris at 74 9-16 francs to the £. DUTCH BANK RATE REDUCED '' (United Press Association) (By Electric. Telegraph—Copyright) AMSTERDAM, October 21. . The bank rate has been reduced to 4J per cent.

NORTHERN EXCHANGES AUCKLAND Sales on 'Change

THE SHARE MARKET DUNEDIN EXCHANGE Union Bants met with a stronger demand at £9 2s on the Dunedin Stock Exchange yesterday, sellers requiring 5s above that figure. National Insurances also improved slightly, buyers offering 19s sd, but without response from sellers. Contributing New Zealand Refrigerating? continued to advance, buyers' closing offer being 10s 9d, while sellers refused to accept less than 10s lOd. Several parcels of Mortgage Corporations were reported to have been disposed of at 5s 6d, the closing buying and selling quotations remaining at the same figure for differentsized parcels. New Zealand Drugs were inquired for at the slightly firmer price of £3 17s, but sellers would not take less than £3 19s. Buyers of New Zealand Breweries were prepared to give the improved price of £2 He Cd, but sellers remained firm at £2 12s 6d.

DAIRY PRODUCE Messrs A. S. Paterson and Co. have received the following cablegram from London:— Market weak owing to slow demand higher retail price. Continental shortage on German activity should result ultimate steadying market, but future level depends upon effect high retail price on consumption.

NATIONAL BUILDING SOCIETY TENTH ANNUAL MEETING. The tenth annual meeting of the National Building Society was held last evening, the chairman of the Board of Directors (Mr J. R. Fairbairn) presiding. Submitting the report and statement of receipts and expenditure for the past year, the chairman drew the attention of members to the fact that in spite of- the somewhat difficult year through which it had passed, the affairs of the society were in a very healthy state, and members could rest assured regarding its sound and stable p6sition. It was pleasing to note that there had been a reduced 'number of persons asking for temporary assistance by way of loans and suspension of payments. This was a clear indication of the improving conditions and the growing confidence of members in the future. The years of depression had been trying years for building societies. It was of interest to mention that the National Building Society had paid out during the past two or three years no less than £38,280 to members who had been unable to continue making their payments to the society. This sum, together with similar amounts from the other building societies operating throughout the community, had helped materially to case the burdens of many people who have been feeling the financial stress through lack of employment and other reasons. It was pleasing to be able to mention tlfeit in spite of a large number of withdrawals, the society had been able to' continue its regular ballots and sales throughout the past year —no less than £11,200 having been appropriated during the period. Members would be interested to know that of the large sum represented by loans made to members, the society had suffered not one penny loss. This fact was a tribute to the type of person who joined the building society movement. He was glad to say that through the operations of the society durinir the year several members had been enabled to purchase homes and others had been able to pay off their fiat mortgages and borrow money from the society on the table system. The fact that right throughout the depression not one member had had to sacrifice his home on account of inability to pay interest was the best testimony to the value of the table mortgage system. During the year the directors again reduced the minimum premiums fixed for loans by sales. Even at these very low rates there was no great demand for loans by sales, owing to the fact that current rates of interest were low, and money for investment on dwelling-house mortgages had been plentiful. He anticipated that the nresent low rates would continue during the next 12 months, after which he considered they would see firming rates, as the returning confidence throughout the community would gradually result in a demand for money for industry, with a consequently smaller supply being available for gilt-edged securities at low rates. Building society members would have noted with interest the housing scheme of the Government, and it wag due to the Government that building societies should give their whole-hearted support to any scheme which would make for the better housing of the people. In this connection, the building societies had done probably more than any other movement to help people to buy their own homes. Building society members constituted no small percentage of the community, and represented probably the most thrifty and stable element i:i the Dominion. He felt nure that the Government could rely fully upon the whole-hearted support of building societies in any scheme which they might put forward for the better housing of the people. Seconding the motion for the adoption of the report and balance sheet, Mr H. Halliday drew particular attention to the stability of the society, which was in perhaps the most satisfactory position that could have been hoped for after coming through a period of depression. It had not lost one penny. He felt certain there was now an up-grade in business. _ Times were still difficult, but they were improving, and most of the troubles had been left behind. . Speaking as a member of the board of directors, Mr A. C. Cameron said that the soundess of a building society depended on the soundness of the community, and the National Society was the soundest building society in the soundest city in the Domirion. Things were definitely on the up-grade. _ The retiring directors (Messrs H. Halliday and J. Jackson Purdie) were reelected unopposed. It was decided that the directors' remuneration should be fixed at the same figure as in previous years. Two free ballots were held, the second being necessitated by the fact that no tenders were received for one appropriation by sale. The thirty-fourth appropriation of £BOO in No. 3 group resulted in cluster No. 55 being drawn (in this case all four shares were held by one member), and the thirty-fifth appropriation of £BOO in No 3 group resulted in the drawing of cluster No. 57. AUSTRALIAN STOCK EXCHANGES (United Press Association) lßy Electric Telegraph—Copyright) SYDNEY, October 22. (Received Oct. 22, at 10 p.m.) The reports of good rains throughout the country had a firming effect on today's investment market. Buyers took the initiative, but found the offerings of good-class industrials restricted. Banking, gas, and brewery shares were all inclined to harden. THE MORNING SALES.

THE BIG FIVE BANKS A writer in the Sunday Times in August last, drew attention to a prediction made by Lord Overstoke in 1844 and its fulfilment almost to the letter after the Great War of 1914-18. Lord Overstoke wrote: "Not in my time or in that of anyone now living, but some time or other, bank fusion to an extent one can only imagine with difficulty will at some crisis of the country's fortunes become inevitable. Given a long war, at a cost quite inconceivable to-day, and the scarceness and costliness sure to follow, the banks, to defend themselves and their customers against the -administration and at the same time to satisfy all reasonable patriotic State demands, will be absolutely driven into alliances among themselves, which, whatever may be said about them, will be not only a national necessity, but a remunerative precaution."

MINING NEWS TALISMAN DUBBO GOLD MINES INTERIM DIVIDEND DECLARED. (Pek United Press Association) AUCKLAND, October 22. An interim dividend of 6(1 a share, equal to 10 per cent., has been declared by the Talisman Dubbo Gold Mines, Ltd. (Karangahake). This is the third dividend this year, and seventh since crushing was commenced in August, 1933. It is at the usual rate. MAHAKIPAWA GOLD FIELDS FUTURE POLICY DISCUSSED. (Pee United Pkess Association) CHRISTCHURCH, October 22. The future policy of the Mahakipawa Gold Fields, Ltd., will be determined by the results of tests now being carried out to ascertain the possibilities of the extension of operations with additional capital. This was the decision of a general meeting of shareholders. The chairman of directors, Mr J. L. Templin, said the company had arranged to sink a shaft towards the south end of the claim to prove if payable values existed on the false bottom approximately 10 chains south of the King Solomon shaft. If a profitable lead were cut at this level it would be possible to test the existence of the wash over a length of 00 chains north of the new shaft. Within two months the results would be known. As the company owed £I9OO, exclusive of the grant from the Unemployment Board and the cost of the geophysical survey, it would mean £2900 would be required to place the company in a position to carry on further testing work, and if the company were unsuccessful in striking gold a further £IOOO would be required for labour. The meeting was adjourned until the results of the tests could be known. THE WHEAT MARKET (United Press Association) (By Electric Telegraph—Copyright) LONDON, October 21. (Received Oct. 22, at 5.5 p.m.) Wheat: Cargoes are easier and parcels neglected and lower. Futures: London— February to April, 26s BJd. Liverpool— October, 6s Bfd; December, 6s 5Jd; March, 6s May, Cs OAd. RABBIT SKIN SALE The Dunedin Stock Agents and Wool Brokers' Association (Messrs Dalgety and Co., Ltd., Donald Reid and Co., Ltd., Stronach, Morris, and Co., Ltd., New Zealand Loan and Mercantile Agency Company, Ltd., Wright, Stephenson, and Co., Ltd., Otago Farmers' Co-operative Association, Ltd., and National Mortgage and Agency Company, Ltd.) reports as follows: — Small catalogues were forward for yesterday's sale. There was a keen demand for all grades, especially hatters' sorts, which were 2d to 3d higher. Winter grade, which were mostly of poor quality, were 3d to 6d lower, the biggest decline being for bucks. From now on, monthly sales will be held throughout the summer. The following is the range of prices:— Summer broken, to 29d; second winter broken, 32d to 33d; first winter broken, 37d to 38d: runners, to 29£d; summers, to small, to 17id; light racks, to 29£d; first spotted winters, bucks 66d to 68d, does 56d to 58d; second winter bucks, 72d to 76d; second winter does, 64d to 66d; first winter bucks, 92d to 93d; first winter does, 66d to 68d; outgoing, bucks 59d to 64d, does 43d to 45d; springs, bucks 40d to 42d, does 32d to 33d; milky, 30d to 33d; fawn, 16d to 18d; summer black, lOd to lid; first winter black, 40d to 45d; second winter black, 30d to 32d; hareskins, to 8d; horsehair, to 18d. BROKEN HILL PROPRIETARY MERGER PLAN COMPLETED. Following on the announcement of the chairman at the annual meeting of share holders, the directors of Broken Hil' Proprietary Company, Ltd., report that the negotiations under which the whole of the ordinary shares in Australian Iron and Steel, Ltd., were to be acquired in exchange for a parcel of Broken Hill Proprietary, Ltd., shares, have been completed. This announcement has been received by the secretary of the Stock Exchange Association by cable from Melbourne. _ , At the annual meeting of the Broken Hill Proprietary Company, Ltd., at Melbourne on August 30, the chairman _of directors, Mr H. G. Darling, reviewing a year of extraordinarily successful operations which had resulted in a profit of £670,442, announced that to provide addi tional capital for an extension of operations it had been decided to make an immediate issue to shareholders of 1,493,854 shares of £1 each in the proportion of one share for each two exist ing shares. The issue price would b.e 30s a share, and payment would be spread over about 20 months. "In connection with the general development of the iron and steel industry in Australia," said Mr Darling, "it is fitting that I should tell you that conversations are at present proceeding, as a result of which it is possible that your company may acquire the whole of the ordinary shares in Australian Iron and Steel, Ltd., in exchange for a parcel of our shares. Shares issued for this purpose would definitely not possess _ any rights in connection with the. new issue of 1,493,854 shares to which I have referred. The benefits of such an arrange ment would be mutual, as it would prevent unnecessary duplication of plant and effort, and enable the industry to continue on non-wasteful lines, both in the amount of capita] used and in the costs of production." Australian Iron and Steel, Ltd., whose works are at Port Kembla, New South Wales, has a nominal capital of £5,000,000 in 1,500,000 7J per cent, cumulative preference shares, and 3,500,000 ordinary shares, all of £1 each. Paid capital fs £3.473,507, in 1,000,000 preference shares fully paid, 1,750,007 fully-paid ordinaries. 350.000 ordinaries paid to 17s. 600.000 ordinaries paid to 14s, plus £6OOO calls paid in advance. Most of the ordinary shares are held by the Hoskins interests, which handed Dorman, Long and Co., Ltd., 396,400 shares, and Howard Smith Ltd.. 50,000 shares for coming into the venture. There is £91,675-due to the ordinary shares in respect of a 5 per cent, dividend, declared in 1929, but not paid owing to the change in outlook. Ihe statutory " cut" of 22J per cent, has lowered the preference dividend to slightly over 5.8 per cent. (£58,125 per annum) from October 1. 1931, so that at the end of November, 1934, there was £245,000-odd due to them. The Broken Hill Proprietary Company, Ltd.. has a paid capital of £2,987,708 n £1 fully-paid shares, which will be increased by the new issue of £1,493,854 £1 shares at 30s. STATE TAX-GATHERER The growth of indirect taxation has been responsible for making business firms something like unofficial tax-gatherers tot the State, a position which the retail trader does not altogether appreciate. The New Zealand Draper, the journal of the New Zealand Federation ot Drapers, Clothiers, and Boot Retailers comments:—"The State has long realised that the tax-collector, like the executioner, bailiff, and other noxious but necessary officials, is on e who should be kept in the background as much as possible, and his activities to-day are mostly confined to persons of the class which is too polite and too timid to be anything but pleasant and acquiescent in meeting the tax-gatherer's peremptory demands for a cash payment. Most of the tax collecting for the State is done by retailers, but rarely do they receive any recognition of their services, and from customers they get growls instead of good wishes when they are forced to pass on some new imposition. ''Most of the revenue raised by the State to-day comes from Customs duties, primage, sales tax. and income tax on companies and corporations, and in the collection of this huge amount the unfortunate retailer is the final link in the collecting process. The more the trader has to collect for this purpose the more restricted becomes the actual spending power of his customers, and the more limited his total trade turnover of goods. In addition, the bulk of the exchange on imports has to be paid, directly or indirectly, by the retailer and collected by him from 'the public, and how often the shopkeeper is suspected of profiteering when lie is merely performing his forced task of collecting taxes for the State or exchange bonuses for exporters."

PRICE OF FINE GOLD (United Press Association) (By Electric Telegraph—Copyright) LONDON, October 21.

THE POTATO MARKET (Pek United Press Association) CHRISTCHURCH, October 22. Since the first sign of weakening in the potato market a fortnight ago there has been practically no business at all in this commodity, and prices now, though they have undoubtedly slipped very considerably, are not quotable simply because no potatoes have been bought and very few sold. No orders at all have been coming in, northern markets apparently having been satisfied by consignments sent away. The Auckland price has come back, but, in spite of an assertion that the city will want southern stocks till well into November, the market here remains exceedingly dull. There are still some potatoes in the store here, but not many, and farmers continue to offer small lots. In some cases farmers who refused £ls a ton on trucks at the height of the rise are now unable to obtain a price at all. There is no disappointment in the market because, by this time in the season, trade is usually over for the year. The rest of the markets are very quiet with the exception of oats, for which inquiries have been received from both north and 60uth. SHARE VALUES PRICE MOVEMENTS AND INDEX NUMBERS. The following table shows the price movements and gives the index numbers of the listed shares. The basis of the index is: July, 1930, equals 100: —

SALE OF PICTURES Mr P. L. HALSTED'S COLLECTION. The notification that Mr P. L. Haleted's valuable collection of oils, water colours, and etchings would be disposed of under the hammer attracted a large attendance of art-lovers to Mr Halsted's residence, 19 Royal terrace, yesterday afternoon, when Messrs James Samson and Co. conducted a successful sale. Competition was particularly keen, 1 the oil paintinga attracting considerable interest, while the mezzo-tints were also sought after. In the oil and water colour section ' The Sun and the Wind" (Lucky Kemp-Welch > brought £52 10s, "The Church on the Hill " (W. Lee-Hankey) £l6 16s, " Cottage Garden" (George C. Haite) £l6 16s. " Taormina" (J. M'Whirter) £ls 15s, "Old Houses on Canal" (James Cook) £l4 14s, "An Evening with the Humorists" (Fred Roe) £l3 .139, "Fishing Boats" (Rona Haszard) £ll lis, "The End of the Town" (Tom Garrett) £8 Bs, " Cours Laf ayettes, Toulon " and " Market Place, Locarno" (C..W. Worsley) £7 7s each, "The Haystack (Cecil Kelly) £9 9s "Hampstead Heath" (an artists proof) £4 4s, "A Useful Lead " (Hounson-Byles) £5 ss, "Cleopatra's Needle" (Frits Althus) £5 ss, and " Scene in Canterbury (Mr s Kelly) £5 ss. Some 15 to 20 mezzotints brought from £5 5s to £3 3s, and a number of original etchings from £3 3s. LORNEVILLE STOCK SALE (Special to Datly Times) INVERCARGILL, October 22. There was a general easing in the fat sheep market at the Lorneville stock sale to-day. The fat cattle sale showed the same firm tendency as last week Fat Sheep.—There was a large yarding of good quality sheep, both ewea and wethers. The number yarded was in excess of local requirements, with the result that there was a general easing, more especially in the later stages, when was a drop of about 3s a head. Prune heavy woolly wethers realised from 33s to 365; prime quality, 30 s to 325; lighter weights 27s to 28s 6d; extra prime heavy young ewes, up to 34 s 3d; prime heavyweights, from 29s to 325; prime quality. 27s to 28s 6d; and medium, from 24s od to 26s 6d; and light and unfinished down to 18s. Included in the entry of wethers were a number of shorn ones, the majority of these being passed in at prices from 22s to 24 8 3d. Fat Lambs.—There was a medium entty of fat lambs, and prices ranged from 20s to 35s 6d for good quality sorts. Fat Cattle—The yarding was slightly bigger than last week's, but, although there were some really good cattle in all classes, the quality wag not up to that at last Tuesday's sale. Outside buyers were in attendance and their activities resulted in another highly satisfactory sale, prices being if anything more consistently satisfactory than last week. Prime heavyweight bullocks made from £lo 10s to £i»: prime quality, from £l4 10s to £ls 10s; eood quality medium-weights, £l3 to £l4, handy-weights. £ll 10s to £l2 10s; lighter, down to £9 10s; prime heavy cows up to £l2 ss; prime quality. £9 15s to £11; good quality medium-weights, £8 to £9 ss; lighter weights, £6 15s to £7 10s; aged, clown to £5; prime quality heavy-weight heifers, up to £l2; good quality, from £9 15s to £lO 10s; medium, £8 5s to £9 ss; lighter, from £6 10s to £7 10s. BANKING COMMISSION INQUIRY IN AUSTRALIA THE TERMS OF REFERENCE. As the result of a pre-election pledge civen by the Prime Minister of Australia, Mr J A. Lyons, a Royal Commission has been appointed to inquire into the monetary and banking systems. The terms of reference are wide, and they appear to cover matters dealt with by the Macmillan Committee in Britain as well as bv the Monetary Committee in New Zealand. However, the extent and nature of the evidence taken will depend largely on an interpretation of the terms. The actual terms of reference are:-- " To inquire into the monetary and banking systems at present in operation in Australia, and to report whether any, and if so what, alterations are desirable in the interests of the people of Australia as a whole, and the manner in which any such alterations should be effected." >r . , According to a Melbourne report, it is almost certain that inquiries will be made into the possibilities of influencing business conditions and the price leve through the exteusion of the central banking system, and emphasis may be placed on the desirability of a central bank controlling the volume of credit, interest rates, and the short-term loans. Other and important inquiries that will probably be made are:— Whether the existing credit facilities are adequate for the sufficient functioning of producers both in primary and secondary production. How far a central bank can go in enlarging and contracting credit in order to avoid temporary contingencies in the money market. The question of exchange rates and the co-operation between the Treasury and banking authorities. Whether or not it is advisable to shorten the margin between rates of interest paid on advances and those paid on fixed deposits. The absence of any organised market for the investment of short-term funds. The establishment of public bill markets, embracing either or both Treasury bills and ordinary trade bills. The members of the commission have already been appointed. The inquiry is expected to take 12 months.

AMALGAMATED WIRELESS NET PROFIT OF £119,824. Amalgamated Wireless (AustralasiaJ, Ltd., reports a net profit of £119,824 for 1934-35, compared with £137,934 the previous vear. When announcing the profit for 1933-34, which was considerably more than, that of any previous year, the report stated that part of the increase over previous periods should be regarded as nonrecurring. Dividend is maintained at 10 per cent. (4 interim and 6 final), and requires £74,428. A sum of £30,000 has been allocated to the general reserve, and a sum of £15,000 to the staff superannuation and provident fund. With £30,502 brought forward, there is carried forward £30,958. Gross revenue was £545,831. against £502,401 during 1933-34. The directors state that the beam wireless service has maintained its revenue, and is now carrying over 75 per cent, or the total telegraah business between Australia and Great Britain, and also continues to carry a satisfactory portion of the telegraph business between North America and Australia. Technical refinements have continued to be introduced with improved results in the operation of the service. The photo-telegram service with England was successfully inaugurated on October 16, 1934, and is now available for the transmission of all types of pictures, documents, and drawings. During the year considerably more use was made of the overseas telephony service, and the company was able to reduce the charge to the public by a substantial amount. The company's manufacturing establishment has been extended, and last year was the most satisfactory in the company's history, eclipsing all previous manufacturing and trading figures. In addition to a record number of wireless sets, the company completed many broadcasting stations, including two for the New Zealand Broadcasting Board. Since the end of the financial year the company has secured a contract for the erection of a 60 kw. station for New Zealand, which is many times larger than any other broadcasting station in the southern hemisphere. LINCOLN MILLS " For every £1 we owe we have liquid assets worth £7 7s, which is a very satisfactory position," said the chairman (Mr John Fox) at the recent annual meeting of Lincoln Mills (Australia), Ltd. Total liabilities are £49,303, while liquid assets are £363,113. During the past 10 years £231,435 had been written off against land and buildings, plant and machinery. This deprecia tion had enabled obsolete machinery to be replaced with up-to-date plant from time to time. \

HUGBY, October 21. Paris— Par. Oct. 19. Oct. 21. Francs to £1 124. 21 74 9-16 74 33-64 Brussels— Belgas to £1 30 29.21 29.20 OsloKroner to £1 1S.180 19.901 19.304 StockholmKroner to £1 18.130 19.39} 19.391 Copenhagen— Kroner to £1 15.150 22 22 BerlinMarks to £1 20.34 12.211 12.211 Montreal — Dollars to £1 4.86 2-3 4.983 4.931 New York— Dollars to £1 4.86 2-3 4.91 7-16 4.913-16 Yokohama— Pence to yen 24 582 14 3-64 14 3-64 Hongkong— Tence to dollar 24 58 24 3-16 241 Bombay— Pence to rupee — 181 181 Batavia— Florins to £1 12. 10 7.23* 7.231 Milan— tiro to £1 82. 46 G0i GO 9-16 AmsterdamGuilder to £1 12 107 7.24J 7.231 Prague— Kioner to £1 1041 1182 1181 Geneva— Francs to £1 25 225 15.10 15.10 Vienna— Schillings to £1 84.S6J 26 26 Helsingfors— Marks to £1 195 .23 226% 226% MadridPesetas to £1 25. 22a 36 36 Belgrade— Dinars to £1 25 221 216 215 Athens— Drachma to £1 .. ..375 515 515 Lisbon — Escudosto £1 110 1101 HOi Bucharest— Lei to £1 .. 931.6 625 825 Bio de Janeiro — Pence to mllreis .. 6.890 41 41 Buenos Aires— Pence to pesos 47.22 361 361 ShanghaiPence to tael — 175 178 Montevideo — Pence to pesos — 39 11-18 39} Warsaw— Zlotya to £1 — 2C.00 26.06 ON NEW ZEALAND CURRENCY | . BASIS The Bank of New South Wales, Dunedtn, 1 quoted the following rates for purchases and | scles of foreign exchange yesterday :— London — Buying. Selling. £1 N.Z. to £100 stg. .. .. 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 £100N.Z. T.T. 90/7/6 &9 O.D. 90/7/6 89 New York— ' Dollars to £ N.Z. T.T. 3.973 3.93S O.D. 3.99 3.941 Montreal— Dollars to £ N.Z. T.T. 4.03} 3.991 O.D. 4.041 4.00 France — Francs to £ N.Z. T.T. 60.52 59.22 O.D. 60.82 59.27 Noumea — Franca to £ N.Z. T.T. 61.47. 58.47 O.D. 61.87 58.52 Papeete— « Francs to £ N.Z. T.T. 61.47 58.47 O.D. 61.87 58.52 Belgium— Belgas to £ N.Z. T.T. — 23.147 O.D. — 23.162 Germany— Eelchsmarks to £ N.Z. .. .. T.T. — 9.606 O.D. — 9.611 ItalyLire to £ N.Z. T.T. — 47.99 O.D. — 48,03 Switzerland— Francs to £ N.Z. T.T. 12.353 11.953 O.D. 12.428 11.963 HollandFlorins to £ N.Z. T.T. 5.950 5.700 O.D. 6.000 5.704 JavaFlorins to £ N.Z. T.T. 5.923 5.698 O.D. 5.973 5.702 Japan— N.Z. Pence to 1 Yen ... .. T.T. — 17 11-16 O.D. — 17 43-64 Shanghai— N.Z. Pence to 1 Dollar .. .. T.T. 21 5-lf 221 O.D. 21 3-16 22 9-16 India and Ceylon— N.Z. Pence to 1 Rupee .. T.T. 22| 22 23-32 O.D. 221 22 21-S2 Hongkong— N.Z. Pence to 1 Dollar .. .. T.T. 29 19-3 2 30 21-32 O.D. 29 15-3 2 30 19-32 Singapore— N.Z. Pence to 1 Dollar .. T.T. 34| 35 5-16 O.D. 342 35i Sweden— Kroner to £ N.Z. T.T. 15.790 15.460 O.D. 15.830 15.470 Norway— Kroner to £ N.Z. T.T. 16.200 J5.870 *15.880 O.D. 16.240 DenmarkKroner to £ N.Z. T.T. 18.208 17.878 O.D. 18.248 17.888 Austria— Schillings to £ *■ N.Z T.T. — 20.47 O.D. — 20.49 Czechoslovakia— Crowns to £ N.Z. T.T. 95.01 > O.D. — 95.06

SALES REPORTED. £ e. d. Southland Frozen Meat (paid) 3 19 0 Mortgage Corporation (3) 0 5 6 Oamaru Woollen (paid) .. 12 0 The following are yesterday afternoon's buying and selling quotations, which are subject to the usual brokerage — BANKING. Buyer. Seller. £ s. d. £ s. d. Australasia 11 0 0 — New South Wales 31 10 0 — New Zealand 2 10 0 2 11 0 N.Z. (long D) .. — 1 14 0 Commercial 0 16 6 0 16 9 Natl of N.Z. 3 11 0 — Reserve — 6 9 6 9 2 0 9 7 0 INSURANCE. National 0 19 5 — Standard 3 4 6 — ■ SHIPPING. P. and 0. Def. Stock .. 1 1 0 — U.S.S. Co. (pref.) 1 7 0 — MEAT PRESERVING N.Z. Refrig. (paid) .. .. 1 1 9 — N.Z. Refrig. (conk) .. 0 10 9 0 10 10 South. Froz. Meat (paid) .. .. — 3 19 3 South Otago Freezing 7 6 0 — LOAN AND AGENCY Goldsbrough, Mort 1 10 2 — Mortgage CorporaKO 5 6 0 5 6 Natnl. Mortgage .. 2 14 6 Natnl. Mortgage (B issue) 1 12 0 — N.Z. Guarantee — 0 5 6 Wright, Stephenson (ord.) .. — 0 18 9 Wright, Stephenson (pref.) .. 1 0 0 — COAL. Westport .. — 12 9 MISCELLANEOUS. Associated News (ord.) .. .. 1 3 9 —;' Associated New3 (pref.) .. .. 1 3 9 — Aust. Iron and Steel .. 1 5 0 — . Broken Hill Propy. (cum rts.) — 3 4 0 Broken Hill Propy. (ex rts.) .. — 2 14 0 Broken Hill Propy. (rights) .. D.I.C. (pref.) .. 0 19 10 — 1 4 0 — Dominion Fertiliser 1 2 6 — Dominion Fertiliser (Debs.) .. .. 105 10 0 — Stock Exchange Propy 1 16 0 2 0 0 Milburn Lime — 2 5 0 N.Z. Drug Co. .. 3 17 0 3 19 0 N.Z. Newspapers .. 2 0 0 2 0 9 N.Z. Paper Mills Wilsons Cement .. 1 7 2 1 6 0 1 10 0 Woolworths (ord.) 5 6 0 — Wool worths (Syd- — 5 12 6 WOOLLEN COMPANIES. Bruce (ord.) 0 14 0 Bruce (pref.) — 12 6 Mosgiel — 10 10 0 Oamaru (paid) .. 1 0 6 1 2 6 BREWERIES N.Z. Breweries .. 2 11 6 2 12 6 2 16 6 — AUSTRALIAN MINING. Broken Hill South 4 15 0 _ Electro. Zinc (ord.) .. 1 11 0 —. Mount Lyell 0 19 3 0 19 9 Mount Morgan .. 1 15 0 1 16 6 MINING. Bandigo Goldlight 0 0 5 0 0 6 Big River .. 0 1 9 0 2 0 Charleston — 0 0 6 Gillespie's Beach 0 1 1 0 1 2i Goldfields Dredging 0 0 2 — 0 3 1 King Solomon 0 3 1 — Mount David — 0 1 6 Okarito 0 4 6 0 5 6 Paddy's Point — 0 2 6 Sandhills .. — 0 0 6 Skippers .. — 0 0 2| Waipapa Beach .. 0 1 5 — Waitahu .. 0 2 6 0 3 0 Worksop .. 0 2 0 — Martha (Waihi) .. 1 0 0 1 1 3 GOVERNMENT LOANS. 3£ p.c. Stock, Nov., 1938-52 .. .. 104 5 0 3| p.c. Stock, March, 193943 .. — 103 0 0 3J p.c. Stock, Sept., 1939-43 .. .. — 103 0 0 3£ p.c. Stock, May, 1939-52 .. .. 104 6 0 — 4 p.c. Bonds-, 193740 101 10 0 — 4 p.c. Stock, 193740 — 102 0 0 4 p.c. Bonds, 194346 104 10 0 — 4 p.c. Stock, 194346 104 10 0 — 4 p.c. Bonds, 194649 104 15 0 — 4 p.c. Stock, 1946 49 104 15 0 — 4 p.c. Bonds, 195255 107 15 0 — 4 p.c. Stock, 195255 ■. 107 15 0 — W Different sized parcels. DIVIDENDS PAYABLE. , The following is a list of the shares on which dividends will shortly be payable:— South British Insurance—13 1-3 p.c, Is 4Jd per share, final . . Oct. 24 Brown, Ewing (ord.) —2J p.c ., 6d per share, fina .. . . Oct. 26 Brown, Ewing (pref.)—5 p.c ., Is per share, fina . Oct. 26 Donaghy's Rope—7J p.c, 9d per share, interim .. . Oct. 26 N.Z. Guarantee Corporation 8 1-13 p.c, lid per share, final Oct. 30 D.I.C. (ord.)—5 5.C., 6d per share, final . Oct. 30 D.I.C. (pref.)—5 ' p.c'.,' 6*d per share, final . Oct. 30 South Otago Freezing—8 p.c , t 8s per share, final .. . Oct — Timaru Brewery—5 p.c, per share, interim .. . Oct. — N.Z. Paper Mills— 3 p.c, 7 l-5d per share, interim Nov. 11 Martha (Waihi) —6d per share Nov. 15 Natl. Bank Australia (£10)- - 5 p.c, 5s per share Nov. 27 Natl. Bank Australia (£5)- - 5 p.c, 2s 6d per share . Nov. 27 Australian Glass (ord.) —10 p.c ., Is per share, interim . . Dec. — Australian Glass (pref.) — } p.c ., 10 4-5d per share >, interim . . Dec. —

£ <?. d Stock, 15/1/40, 4 p.c. .. Ditto, 15/2/46, 4 p.c. .. Ditto, 15/4/49, 4 p.c, .. Bank of Australasia .. .. Bank of New Zealand .. .. 101 15 ..105 5 ..105 0 .. 11 2 .. 2 10 2 10 0 0 0 6 3 6 South British Insurance ..6 7 ..4 8 4 8 0 6 9

1 2 0 2 14 0 2 14 3 0 15 0 15 14 4 0 7 2 0 7 3 0 7 5 0 2 04 0 4 0 0 19 3 WELLINGTON - Sales on 'Change Inscribed Stock, 4 p.c, 1946 (2, late Monday) 105 10 0 Bank New South Wales (2) 31 17 6 Mortgage Corporation .. 0 5 8 New Zealand Insurance .. .. 3 3 0 N.Z. Refrigerating (contr., 0 10 9 0 10 9 Broken Hill Proprietary .. 2 14 6 Dunlop Perdriau (2) .... 0 15 6 CHRISTCHURCH Sales on 'Change Unlisted Stocks 0 1 14 Sales Reported Woolworths (Sydney, ord., 2) 5 11 0 Woolworths (Sydney, ord., 2) 5 11 6 (2 5 12 6 (2) 5 11 0 Listed Stocks Commercial Bank of Aust. .. 0 16 8 New Zealand Refrigerating 0 10 9 2 17 3 Broken Hill Proprietary 0 19 9 0 19 10 (5) 1 0 0 (2) 0 19 11 1 0 0 Dunlop Perdriau Rubber 0 15 3 3 3 9 New Zealand Newspapers .. 2 0 6 United Provisions (cum div.) 0 11 10 0 11 9 0 0 3} 0 1 04 0 19 6 0 8 4 0 0 2 Sales Reported Listed Stocks G. J. Coles 3 3 9 Broken Hill Proprietary 0 19 4 (3) 1 0 0 1 18 3 New Zealand Refrigerating (10s paid) 0 10 9 0 10 10 Bank of New South Wales 32 0 0 New Zealand Newspapers .. 2 0 9

£ s. d. Commonwealth Bonds— 102 3 9 102 3 9 102 8 9 104 10 0 103 7 6 1 9 0 Tooths (New Zealand de2 18 0 1 5 0 (pref.) 1 4 6 Broken Hill Proprietary 0 19 7J North Broken Hill 7 13 0 0 10 2 ADDITIONAL SALES. Bank of New South Wales £ s. 31 17 d. 0 Commercial Bank of Sydney 18 0 0 9 5 0 Mercantile Mutual Insurance 1 7 9 1 4 9 Associated News (pref.) Australian Gas (A) .. 1 4 G 7 15 0 2 18 0 Tooths (New Zealand de- ,. 2 18 0 0 15 9 Winchcombe, Carson .. .. 1 !) 0 0 10 3 1 15 0 1 10 9 1 4 0 1 6 41 2 0 3 0 19 4A Anthony Hordern (pref.) .. 1 3 9 2 1 9 1 1 G VV. H. Paling 0 17 4i 0 17 6 .1 1.6 3 Broken Hill Proprietary (ex 2 15 9 3 2 3 0 14 0 MELBOURNE, October 2: Commercial Bank of Australia 0 17 'o 3 1 0 Bank of Australasia .. 11 2 0 3 19 6 1 IS 3 0 19 7 Enterprise .. .. «. ,.. 3 12 « 1 14 0 1 2 0

£ s. d. October 21 .. .. ,. .. 7 5 October 18 .. .. .. .. 7 H October 17 .. •• .. .. 7 0 October 16 .. .. .. 7 n October 15 ., .. .. .. 7 9 October 14 .. .. .. 7 01 October 12 .. .. .. .. 7 9

Oct . 9. Oct. 16 Index £ 6. d. £ e. d. No. 11 6 6 11 6 6 92.4 Com. (ord.) .. 0 16 3 0 16 8 79.3 Com., Sydney 17 8 9 17 12 0 88.0 E. S. and A... 5 4 6 5 5 6 84.4 Natl. A'asia (cont.) .... 6 11 3 6 11 3 90.5 Natl. N.Z. .. 3 12 6 3 11 0 59.1 N.S.W 31 7 6 37 7 6 86.6 Bank N.Z. .. 2 10 0 2 10 3 89.3 9 1 6 9 2 6 81.1 Dalgetys .. 8 3 6 8 2 3 77.2 Goldsbr., Mort 1 10 3 1 10 3 110.0 Tooths .. .. 2 14 0 2 15 7 185.3 Tooheys .. 1 8 9 1 8 9 127.8 N.Z. Breweries 2 10 9 2 12 0 104.0 Mount Lyell .. 0 19 10 0 19 5 84.4 El. Zinc (ord.) 1 11 1 1 11 8 158.3 El. Zinc (pref.) 1 15 2 1 15 7 153.0 British Tob. 1 17 10 1 18 6 102.7 Col. Sugar .. 42 10 0 43 0 0 215.0 Average .. 107.9 _ 108.8