COMMERCE AND FINANCE

Otago Daily Times, Issue 22723, 8 November 1935, Page 6

COMMERCE AND FINANCE

THE RESERVE BANK ASSETS AND LIABILITIES (Peb United Press Association) WELLINGTON, November 7. The Gazette issued to-night contains the following statement of the liabilities and assets of the Reserve Bank of New Zealand as at the close of business on Monday, November 4. The figures at the close of last week are given for the purposes of comparison, shillings and pence being omitted;— LIABILITIES

LONDON METAL MARKET fUnlted Press Association.) (By Electric Telegraph—Copyright) LONDON, Norcmbar «. (Recelred Nor. T. *t 11 p.m.) v Th# following are the official metal quotation*

MESSRS SHARLAND AND CO. IMPIId VEMENT IN PHARMACY TRADE. '■i . (Peb United Pbess Association) WELLINGTON, November 7. The. annual meeting of Messrs Sharland and Co. was held to-day. Djefinite sighs of recovery in the wholesale pharmacy trade were reported. The chairman (Mr A. ij. Mabin) made brief reference to the possibility of the establishment of chemists’ chain stores in New Zealand, but 1 the subject was not discussed, A ; net profit of £837 higher than last year was shown, and after providing for the usual dividend of 5 per dent., income tax, depreciation, and bad - debts, there %, was left £1056, increasing the carry forward to-£6128, The retiring directors and the retiring, auditors in Auckland, Wellington and Dunedin were’ all reelected. ! , LONDON WHEAT MARKET * (United Press Association) (By Electric Telegraph—Copyright) LONDON, November 6. Wheat: Cargoes are dull. Canadians are obtainable at 3d less. Australians and La Platas have a 3d to fid decline, but buyers continue a hand-to-moutb policy with little business. Parcels are mostly 4jd to fid easier. Manitobas and other descriptions are obtainable at about late rates to 3d decline. Futures: London —February, 255; 24s lOid." Liverpool—December,. 6s 1 Jd; March, 5e 9id; May, 5s B|d. SYDNEY WOOL SALES • (United Press Association) ’ (By Electric Telegraph—Copyright) SYDNEY, November 7. (Received Nov. 7, at 11.30 p.m.) At the wool sales 12,399 bales were offered, and 11,598 sold, while 1512 were disposed of privately. The Continent, Yorkshire, and Japan provided very strong competition, resulting in a new Sydney record of 25Jd for greasy merino. BRITISH CAPITAL ISSUES (British Official Wireless) (United Press Association) (By Electric Telegraph—Copyright) RUGBY, November 6. (Received November. 7, at 5.5 p.m.) For the first 10 months of this year new capital issues total £159.000,000, compared with £124,000,000, £113,000,000 and £98,000,000 respectively for the corresponding periods of 1934, 1933 and 1932.

LOCAL AND OVERSEAS MARKETS

THE SHARE MARKET DUNEDIN STOCK EXCHANGE New Zealand Breweries were dealt in at £2 12s 8d on the Dunedin Stock Exchange yesterday, a closing buyer at £2 12s 7d being fourpence below sellers’ requirements. There was a stronger inquiry for National Bank of New Zealanda, buyers offering £3 12s 3d. Sellers, however, would not accept less than £3 13s. Standard Insurances were inquired for at £3 7s, but sellers did not come forward. , Buyers of P. and 0. Deferred Stocks offered the improved price of. fl 2s 9d, but sellers were not interested. Business at £1 2s 6d was recorded. Ordinary Brown, Ewings were inquired for at Ms 6d-without sellers showing any interest. The market for Mount Lyells continued to improve, buyers’ closing offer being £1 Os 7d. Sellers would not do business under £1 Os lid. Mount Morgans improved slightly, buyers being prepared to give £1 17s 2d. • Sellers, however, would not accept less than £1 18s. Upper* Watuts were on offer at the easier figure of 7s 6d, bat buyers remained firm at 7s.

DIVIDENDS PAYABLE. The following is a list of the shares on which dividends will shortly be payable:— N.Z. Paper Mills—3 p.c., 7 l-5d per share, interim Nov. 11 Mosgie! Woollen —10 p.c., 4s 9 3-5 d per share, half-yearly Nov. 13 Martha (Waihi) —6d per share Nov. 15 Maori Gully—l l-5d per share Nov. 16 National Insurance—lo 5-7 p.c., 5d per share, half-yearly .. Nov. 18 Bruce Woollen (ord.) —3 p.c., 7 l-5d per share, annual .. Nov. 20 Bruce Woollen (pref.)—s 3-5 p.c., Is 1 11-25 d per share, l * annual Nov.. 20 Nat. Bank of Australia (£lO) — 5 p.c., 5s per share .. .. Nov. 27 Natl. Bank of Australia* (£5) — 5 p.c., 2s 6d per share .. Nov. 27 Broken Hill Propy.-*-ls 3d per share Nov. 27 E.S. and A. Bank —5 p.c., Is 6d per share, half-yearly .. Nov. M‘Leod Bros. —124 p.c.. 17s per share, half-yearly Nov. North Broken Hill —3s 6d per share Deo. 12 Broken Hill South—2s per share_ Dec. 19 Australian Glass (ord.) —10 p.c., Is per share, interim .. .. Dec. Australian Glass (pref.)—9 p.c., 10 4-‘sd per share, interim Dec.

NORTHERN EXCHANGES AUCKLAND • Sales on ’Change

AUSTRALIAN MARKETS (United Press Association) (By Electric Telegraph—Copyright) SYDNEY, November 7. (Received Nov. 7. at 11 p.m.) Wheat: At country sidings 2s lid for bagged and 2g lOd for bulk, equal to about 3s fid and 3s fiid ex trucks, Sydney Flour, £ll 7s Cd. Bran and pollard, £5 10s. Potatoes: Tasmanian £lO, local new £7, others £9 10s. Maize: Yellow and white ss. ADELAIDE, November 7. Wheat: Growers’ lots 3s 4d. Flour: Bakers’ lots £ll 17s fid. Bran, £5 7s fid. Pollard, £5 12 s fid. Oats: Algerian, Is lOd. Barley, 2s 2d. ‘ PRICE OF FINE GOLD (United Press Association) ’ (By Electric Telegraph—Copyright)

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

NEW GUINEA GOLD SHARES ../ ■ (United Press Association) (By Electric Telegraph—Copyright) LONDON, November 6. New Guinea Gold shares are quoted at ss. DOLLAR AND FRANC (United Press Association) (By Electric Telegraph—Copyright) LONDON, November 0. Exchange on New York is quoted at i.92i dollars to the £, and on Paris at 74 11-16 francs to the £.

AUSTRALIAN STOCK EXCHANGES (United Press Association) (By Electric Telegraph—Copyright) SYDNEY, November 7. (Received Nov. 7, at 11 p.nl.) On the Stock Exchange good support was again forthcoming for Bank of New South Wales and Commercial of Sydney but the recent upward trend in leading industrial shares was checked. The mining section displayed an improved tone. THIS MORNING’S SALES.

Ail rates subject to alteration without notice DOLLAR RATES The Associated Hanks (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

MINING NEWS ■ MOUNT LYELL COMPANY DIVIDEND DECLARED. (Peb United Press Association) WELLINGTON, November 7. The Mount Lyell Mining Company has advised the Stock Exchange Association that a dividend of 6d, Australian currency, has been declared out of the profits resulting from operations other than mining for the year ended September 30. The dividend will be payable on December . 16, and the books will be closed on November 18. The year’s net profits arc £65,912, after writing off £61,672 for prospecting, development, and depreciation, and £5012 for taxation. LONDON MARKETS HIGH COMMISSIONER’S REPORT. The Department of Agriculture has received the following cablegram, dated November 2, from the High Commissioner for New Zealand, London; — Tallow—Spot, market quiet; values unchanged. Manila —Market idle and easier, with second-hand sellers. “K ” grade, £23 10a. Sisal —Market quiet and steadier at the close. No. 1 for Noveraber-December shipment sold up to £25 15s; for JanuaryMarch shipment sold up to £26 7s 6d. New Zealand—Market quiet; orders and offers scarce. Nominal value on the basis of High Points is £23. Eggs—Market quiet. English: Scarce; prices have advanced. Imported: Slightly easier. English—National pack, 18s 6d to 24s Cd; ordinary pack, 19s 6d to 21s 6d. Danish; 13s 6d to 15s 6d; Australian: 11s to 12s 6d. Peas—Maples: Market very quiet. New Zealand: On sample afloat sold 62s 6d; No. 1 for October-December shipment 53s 9d at close. Sellers’ offer for November shipments 53b. “A” grade Tasmanian afloat sold 545. New crop Tasmanian for February-March shipment offered 50s. New Zealand for March-April shipment 495; buyers’ ideas 2s less. Blues —Poor demand. "A" grade Tasmanian for November-December shipment sold £lO 10s. BRITISH MEAT POLICY NEW ZEALAND’S POSITION. The complexity of the meat import situation is illustrated (saj’s the London Financial Times) by the continuance of the subsidy to home beef producers until October, 1936. This journal points out that notwithstanding the presence in London for the Jubilee celebrations of the Dominion Ministers, it was not possible to secure such agreement as would enable a term to be put to the subsidy policy at an earlier date. Thig was largely because -the hands of the Government were tied by the agreement with the Argentine, which has still a year to run. The British Government has announced its determination to meet the needs of the home producer by the use of a tariff with substantial Dominion preference, as soon as the necessary agreement can be secured. Through the mouth of the Dominions Secretary it has pronounced the system of restriction, embargo, and subsidy to have been proved in practice to be unsatisfactory. “New Zealand’s problem of finding a market for her output stands out clearly in the report of the Meat Producers’ Board for the year to June 30 (remarks the Financial Times). Production for export has far outstripped expansion in demanjl, especially in view of the virtual closing of so many European markets. In 1924-25 killings for export, covering meat of all kinds, amounted to 5,705,600 carcasses; in 1934-35 the total was 9,099,000. United Kingdom imports of frozen and chilled beef in 1934 were nearly double of those of 10 years earlier in the case of New Zealand, while in regard to the larger producers the amount from Australia varied little, and in the case of South America they were nearly a million quarters less. _ Between the same years the landings in this country of New Zealand mutton and lamb rose from 125,100 tons to 177,700 tons. Expansion on this scale emphasises not only the difficulties confronting the overseas pastoral industry in present world political and economic conditions, but also the need for careful handling in maintaining a balance with the home consumer and producer interest.” NESTLE AND ANGLO-SWISS MILK A profit of £107,400 is disclosed in the accounts of Nestle and Anglo-Swiss Condensed Milk (Australasia), Limited, for the year ended June 24, compared with £96,003 in the previous The profit is struck after transferring £52,400 to depreciation reserve and £35,000 to taxation. The 8 per cent, preference dividend requires £BO,OOO, and ordinary dividend is recommended at per cent, absorbing £15,000. With £3508 brought into the there is £5358 to bo carried forward. Both .preference and ordinary dividends are unchanged.

Last week. Thla week. £ ■ £ 1. Paid-up capital .. .. 500,000 500,001) 3. General Reserve Fund 1,000.000 1,000,000 8. Bask notes - ,v .. .. 8.930.G1J 9,056,722 (a) State’ .. .. .. 5.GB1.339 3,572,021 (b) Banks .. 4,495.910 4,475,828 ■687,207 112,506 I. Time deposits .. .. .. — • «. Liabilities in, currencies other than New Zealand- currency .. — — r. Other liabilities .. ; 9T.02S 95.834 Total £31,433.155 : £21,402.943 • '• ASSETS 8. Reserre— (a) Gold .. 3,801.732 3,801,732 (b) Sterling exchanges .. 16.831,482 16,835,599 (c) Gold . exchange ' — 1. Subsidiary coin ... .. 318,033 313.145 10. Discounts— (a) Commercial and agrlcultural bills. .. — (b) Treasury and local body bills .. .. ■ ... — — 11. Advances— (a) To State or Stats undertakings .. .. •- : " ’ . — (b) To other public ' authorities .. .. . —• — (e) Other’ .. - — • 1*. Investment! , .. .. .. 1.529,988 1,535,850 13. Bank building! .. .. . — — 14, Other assets .. .. .. 40.927 . 27,015 Total i.. ;.. .. £21,422.155 £21.402,913 Proportion ot reserve (No. 8 less" No. 6) to notes and other demand liabilities .. 99.03% 99.082%

Copper, gpot Ton. „ 635 10 0 Rise £0 S VA Copper, forward .. .. 35 16 10U Klse 0 8 3 Electrolytic, spot.. .. 10 0 0 Blea 0 6 0 Electrolytic, forward .. 40 10 0 Rise 0 5 0 Wire ban .. .. Rise 0 5 0 Lead, ipot .. .. Rise 0 7 0 Lead, forward .. .. 18 0 0 Rise 0 7 6 Spelter, ipot .. .. 16 6 3 Rise 0 3 0 Spelter, forward .. .. 16 12 6 Rise 0 6 0 Tin, apot „■ .. Rise 0 IS 0 Tin. forward , .. 313 2 G Rise 0 10 0 . Pig Iron* home trade 3 7 6 No change Fig iron, export .. 3 2 6 No change Antimony, British .. 83 10, 0 No change Antimony, foreign 68 0 0 No change Molybdenite .. .. Unit. No change Wolfram .. .. No change Silnr. itandard ., Oz. .. 29 5-164 No change ' lUrer, fine .. .. .. 31^d No change

SALE ON ’CHANGE. i !• 9. d. N.Z. Breweries .. .. 2 12 8 SALES REPORTED P. and 0. Deferred Stock 1 . 2 6 Broken Hill Proprietary (2) **2 18 0 Martha (2) .. .... ] . 2 0 SALES REPORTER AFTER LAST CALL. Cash Orders (Amalgamated) . 1 6 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 3 0 — New South Wales — 33 0 0 New Zealand .. 2 10 9 2 u 0 N.Z. (Long D) .. — Commercial .. .. ■ — • 1 14 0 16 0 6 National of N.Z. 3 12 3 3 13 0 Reserve .. .. 6 3 0 — Union' .. .. ., — 9 .10 0 INSURANCE. Standard .. .. 37 0 — ■ SHIPPING. Huddart, Parker (pref.) .. .. 17 6 — P. and 0. Def. Stk. 1 2 9 — U.S.S. Co. (pref.) . 1 7 3 — MEAT PRESERVING. N.Z. Refrig, (paid) 1 2 0. 1 2 4 N.Z. Refrig. (cont.) 0 10 10 0 11 0 South. Froz, Meat (paid) .. .. — 4 0 0 South Otago Freez. 7 0 0 — LOAN AND AGENCY. Mortgage Corporatiou .. .. 0 5 6 0 5 9 Notional Mortgage (B Issue) .. 1 12 3 — ■ N.Z. Loan and M. (ord.) .... - 38 10 0 Trustees, Executors 3 o 0 — COAL. Westport .. .. 12 6 1 3 6 MISCELLANEOUS. British Tobacco 1 19 3 2 0 0 Brown, Ewing (ord.) .. .. 0 14 6 — Brown, Ewing (pref.) .... 11 0 — Dominion Fertiliser 1 3 1 — Dominion Fertiliser (Debs.) .. ..106 0 0 — Dun.-Kaik. Trams 1 17 0 — Stock Exchange Propy 1 17 .0 2 0 0 Milburn Lime .. — 2 4 9 National Electric — 0 13 0 N.Z. Drug Co. .. 3 17 6 4 0 0 Farmers’ Fertiliser — 0 19 6 N.Z.-Newspapers .. 2 0 0 — N.Z. Paper Mills .. 17 6 1 9 6 Wilsons Cement .. 2 1 6 . Woolwortbs (Sydney) ■ .. 5 10 0 — WOOLLEN COMPANIES. Bruce (ord.) .. — 0 15 0 Bruce (pref.) .. — 1 2 6 Kaiapoi (ord.) .. 0 13 3 — Kaiapoi (pref.) .. . — 0 19 0 Mosgiel .... — 10 9 6 Oamaru (pd.) .. 11 0 1 2 6 BREWERIES. N.Z. Breweries .. 2 12 7 2 12 11 Timaru .. ... tfO 8 4 — AUSTRALIAN MINING. Electro. Zinc (ord.) , — 1 15 C Mount Lyell .. 10 7 , 1 0 11 Mount Morgan .. 1 17 2 1 18 0 Upper Watut .. 0 7 0 0 7 6 Mowat .... .. 02 6 0 3 0 Bendigo Goldlight 0 0 2 0 0 3 1 Big River 0 1 10 — Brian Boru .. — 0 0 3i Central Shotover .. — 0 0 Kildare .. .. 0 2 9 0 3 0 King Solomon .. — 0 3 3 Mahakipawa .. — 0 0 1 Molyneux River 0 2 0 ' — Mount David •. — 0 1 6 Maori Gully .. 0 1 1 0 1 3 Nevis Diesel .. — 0 0 If Oxenbridge .. — 0 0 3 Paddy’s Point .. 0 1 0 0 2 6 Sandhills ., .. — 0 0 Skippers .... 0 0 2 0 0 n Wqjhi Investments — 0 17 • 6 Waipaoa Beach 0 1 6 0 1 9 Waital*u ... .. — 0 3 6 Martha .... 11 9 1 2 3 - 1 GOVERNMENT LOANS. 3J p;c. Stock, Nov., 1938-52 .. .. 104 5 0 — Si p.c. Stock, May, ; ■ 1939-52 .. .. 104 5 0 — 4 p.c. Bonds, 194346 104 10 0 — 4 p.c. Stock, 194346 104 10 0 — 4 p.c. Bonds, 194649 105 0 0 — ( 4 p.c. Stock, 194649 105 0 0 106 0 0 4 p.c. Bonds, 195255 108 0 0 — 4 p.c. Stock, 195255 ...... 108 0 0 — **Ex dividend. ft Cum dividend.

£ S. d. Stock, 15/1/40, 4 p.c. (2) 101 15, O' Ditto, 15/2/46, 4 p.c., .. 104 15 0 Franklin Power, 2/8/63, H p.c. .. .... .. 107 10 0 E.S. and A. Bank .. 5 6 6 Bank N.S.W 33 0 0 Bank of New Zealand .. 2 10 6 N.Z. Insurance (2) 3 5 3 South British 4 10 0 Farmers’ Auctioneering (B pref.) 1 1 9 North Auckland Fanners (B pref.) ,. 0 11 0

Huddart, Parker (pref.) 1 9 0 Kauri Timber ■> 1 3 6 1 3 5 1 3 6 Dominion Breweries .. .. 0 16 2 Staples Brewery 1 13 0 Anthony Hordern 0 19 0 Bycroft 2 12 6 N.Z. Paper Mills 1 8 6 Martha 1 2 0 Mataki 0 2 3 Skippers 0 0 25 Waihi Investments 0 17 3 0 17 0 Placer 5 1 0 WELLINGTON Sales on ’Change Reserve Bank 6 % 3 3 Christchurch Gas (late Wednesday) 1 15 0 Gear Meat 1 2 6 Huddart, Parker . .. 1 18 6 Electrolytic Zinc 1 15 3 Skippers 0 0 2i Mount Lyell 1 0 6 Unlisted Stocks Mount Korocre 0 18 4 CHRISTCHURCH Sales on ’Change Listed Stocks Bank of New South Wales (cum div„ 3) .. .. .. 33 0 0 Bank of New Zealand .... 2 10 8 New Zealand Breweries 2 13 2 Staples Brewery i 13 6 Broken Hill Proprietary (cum div.) .. .. 2 17 6 Anthony Hordern* 0 19 1 Dunlop Perdriau Rubber (2) 0 16 8 Electrolytic Zinc (ord., odd lot) .. ...... .. 1 15 0 N.Z. Farmers’ Fertiliser 0 19 6 United Provisions 0 12 0 Big River 0 1 10J Mount Lyell .. .... .. 1 0 8 Rawang Tin 0 9 0 Sales Reported National Bank of Now Zealand (3) 3 13 0 Bank of New South Wales (cum div., late Wednesday) 33 0 0 Bank of New South Wales (cum div., 2) 33 0 0 N.Z. Refrigerating (10s paid) 0 11 0 Consolidated Brick .. 0 9 3 Kauri Timber (cum div.) .. 1 S' 7 N.Z. Newspapers .. .. .. 2 1 0 Maori Gully (cum div.) 0 1 ■n Mount Lyell 1 0 9 1 0 10

LONDON, November 6. f e. d. November 6 7 1 4J November 5 7 1 Si November 4 7 1 5 November 2 .. .... 7 1 fii October 31 7. 1 5 October 30 7 1 4 October 29 7 1 44 October 28 7 1 6 October 26 7 1 6

£ B. d. Commonwealth Bonds — 4 p.c., 1938 102 17 6 4 p.c., 1941 .. 103 18 9 4 p.c., 1947 103 0 0 4 p.c., 1957 104 5 0 4 p.c., 1959 103 0 0 Commercial Bank of Sydney 18 0 0 Tooths 2 18 9 Anthony Hordern .. .. i 3 9 British Tobacco .. .. . • 2 0 3 Huddart Parker 1 18 10i Meggitts 1 2 6 Morris Hedstrom 1 4 0 Wilcox Moft'lin 0 10 4 ADDITIONAL SALES. £ 8. d. Bank of New South Wales.. 33 10 0 (New Zealand delivery) 33 10 0 Commercial Bank of Sydney 18 0 0 New Zealand Government Debentures, 4 p.c. 1940 .... 101 10 0 New Zealand Insurance .. .. 3 3 0 United Insurance (ex div.) 12 0 0 Colonial Sugar (ex div.) .... 42 5 0 Associated News 1 4 9 (pref.) .1 4 3 Australian Provincial AsaurI 0 3 Cumberland Paper 1 13 6 D. Mitchell 0 4 0 J. Stedman 0 17 6 Peters 2 1 9 United Provisions .. .. .. 0 13 1 Beard, Watson 0 17 3 Howard Smith 0 19 0 Standard Cement 1 2 0 Mark Foy 1 2 3 Meggitts 1 2 6 W underlich 1 0 6 Wilcox, Mofilin 0 10 4 Goodlet and Smith .. .. .. 1 2 6 John M'Grath 1 14 6 David Jones 2 0 3 Morris, Hedstrom 1 4 0 British Tobacco .. .. .. 2 0 3 Tooths 2 19 9 Australian Iron and Steel (pref.) 1 5 0 Mount Lyell 1 1 9 Mount Morgan 1 17 10* Rawang ' 0 8 11 Loloma 2 0 0 MELBOURNE. November 1 7. Bank of New South Wales .. 33 0 0 G. J. Coles 3 5 0 Commercial Bank of Australia 0 16 8 Metropolitan Gas 14 0 0 Electrolytic Zinc 1 15 101 Dunlop Perdriau 0 10 11 Hovts (A pref.) 0 19 1 Herald and Times 3 4 0 Zinc Corporation 3 12 6 North Broken Hill 8 11 0 Mount Lyell 1 1 6 Emperor 1 2 4 J Loloma 2 0 0 Enterprise 4 0 0

RUGBY, November 6. Pans— Par. Nov. 5. Nov. 6. Francis to £1 124.21 Brussels— 74 47-64 74 43-61 Bellas to £1 Oslo— 30 20.14 29.18 Kroner to £1 Stockholm— 18.180 19.904 19.904 Kroner to £1 Copenhagen— 18.130 19.394 19.894 Kroner to £1 Berlin18.150 22 23 Marks to £1 Montreal— 20.34 12.24 12.234 Dollars to £1 New York— 4.86 2-3 4.97 1.97* Dollars to £1 Yokohama— 4.86 2-S 4.921 4.91 15-18 Penes to yen Hongkong— 24.582 14 1-32 14 1-32 Pence to dollar Bombay— 24.58 18i 18 9-32 Pence to rupee Batavia— • — 184 184 Florins to £1 12.10 7.214 7.214 Milan— Lire to £ I Amsterdam— 82.46 60 11-10 608 Guilder to £1 Prague— 12.107 7.25 7.244 Etoner to £1 1044 Geneva— 1184 118 Francs to £1 Vienna— 25.224 15,14 15.13 Schillings to £1 84 86a Helsingfors— 264 264 Marks to £1 Madrid— 193.23 227 227 Pesetas to £1 Belgrade— 25.224 36 1-16 36 1-16 Dinars to £1 Athens— - Drachma to 25.224 215 215 £1 .. .. Lisbon— 375 516 516 Escudos to £1 Bucharest— no nog nog Lei to £1 .. Rio de Janeiro— Pence to 931.6 625 625 mllrels . .. Buenos Aires— 6.800 44 • 44 Fence to pesos Shanghai— 47.22 364 80} i Pence to tael Montevideo— — 14 9-16 14 9-16 Pence to pesos Warsaw— — 398 S9g Zlotys to £ 1 26.06 26.06 ON NEW ZEALAND CURRENCY ' BASIS The Bank of New South Wales, Dunedin, nuotcd the following rates for purchases and sales of foreign exchange yesterday

London— Buying. Selling. £1 N.Z. to £100 9tg 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. 80/7/6 89 O.D. 80/7/6 89 New York— Dollars to £ N.Z. T.T. 3.98 3.94 O.D. 3.99} 3.94} Montreal— Dollars to £ N.Z. T.T. 4.02} 3.9Si O.D. 4.03S 3.98} France— Franca to £ N.Z. T.T. 60.64 59.34 o.d: 60.94 59.39 Noumea— Francs to £ N.Z. T.T. 61.59 58.59 O.D. 61.99 58.64 Papeete— Francs to £ N.Z. T.T. 61.59 58.59 O.D. 61.99 58.04 Belgium— Belgas to £ N.Z. T.T. — 23.099 O.D. — 23.114 Germany— Reichsmarks to £ N.Z T.T. — 9.626 O.D. — 9.631 Italy— Lire to £ N.Z. T.T. — 48.04 O.D. — 48.08 Switzerland— Francs to £ N.Z. T.T. 12.383 11.983 O.D. 12.458 11.993 Holland— Florins to £ N.Z. T.T. 5.956 5.706 Q.D. 6.006 5.710 JavaFlorins to £ N.Z. T.T. 5.907 5.682 O.D. 5.957 5.686 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. 17 9-16 18| O.D. 17 7-16 18 13-16 India and Ceylon— N.Z. Pence to 1 Rupee .. .. T.T. 228 22 23-32 O.D. 22} 22 21-52 Hongkong— N.Z. Pence to 1 Dollar .. .. T.T. 22 11-32 23 13-32 O.D. 22 7-32 23 11-32 Singapore— N.Z. Pence to 1 Dollar .. .. T.T. 34g 35 5-16 / O.D. 34} 35} Sweden— Kroner to £ N.Z. T.T. 15.790 15.460 O.D. 15.830 15.470 Norway— Kroner to £ N.Z. T.T. 16.201 15.871 O.D. 16.241 15.881 Denmark— Kroner to £ N.Z. T.T. 18.208 17.878 O.D. 18.248 17.888 Austria— Schillings to £ N.Z T.T. — 20.68 O.D. — 20.70 Czechoslovakia— Crowns to £ N.Z. T.T. _ 95.17 O.D. — 95.22

U.S.A. Canada. (per £1 (per £1 N.Z.) N.Z.) Selling— dola. dole T.T. .. . 3.94 3.98g O.D. .. . 3.944 3.98J Buying— » 3.99 4.03J O.D. .« ,