COMMERCE AND FINANCE

Otago Daily Times, Issue 22742, 30 November 1935, Page 11

COMMERCE AND FINANCE

TRADE OF THE DOMINION IMPORT AND EXPORT RETURNS (Per United Press Association) WELLINGTON, November 29. The following are the export and import returns of the Dominion for the periods mentioned: — 1 ■ Month of October 1935. 1934. 1933. £ £ 2 Exoorts •• 2,849.000 2,057.000 2,379,000 toMrtl " ... 3.603,000 3.397,000 2.245.000 Excess of Imports 757.000 1,340,000 *134.000 • Excess of exports. Ten Months Ended October. 1935. 1934. 1933. £ £ £ snorts 38,739.000 41,934,000 33,922.000 Tmnnrts .. 30,059,000 25.783.000 21,238,000 Sees? of exports 8.980.000 16.151.000 12,684,000 AH the above values are expressed in terms of New Zealand currency. The value of the specie excluded from the above return was as follows: i Exports. Imports. £ £ Ten^monihsfiended October, 1935 621,000 380.855 FOREIGN EXCHANGES (British Official Wireless ) (United Press Association.) , (Sy Electric Telegraph— Cony right.)

ON NEW ZEALAND CURRENCY - BASIS ' Tbe Bank ot New South Wales, Dunedin, quoted the following rates for purchases and sties of foreign exchange yesterday:— London- Buying. Selling

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— . dole dois . T.T 3.953 3.991 O.D. 3.953 4.00£ Buying— O.D. ' .. .. .. .. 4.00 f 4.04 f SHIPPING COMPETITION DISLIKE FOR SUBSIDIES. “ British shipowners are as far as ever from finding a solution of the problem of competing with foreign shipping, which is receiving tremendous Government Subsidies,” said Mr W. A. Mackay, senior partner in Australia of Macdonald, Hamilton, and Co., agents for the P. and 0. Steam Navigation Company, who returned to Sydney recently after a visit to Britain. In England, he added, some advocated subsidisation by the British Government Others thought the shipowner should be left to work out his own salvation as best he could. Shipping owners generally disliked subsidies, and would prefer some other way out of the difficulty, but they could not go on competing with subsidised shipping on the trade routes of the present outlook for British ship pin". Mr Mackay said, was brighter than it had been for some years. It had improve.'! considerably since his previous visit to England three years ago. The percentage of laid-up shipping had been "reatly reduced, and there was much activity in the ship-building industry, but in shipping generally there wag still room for considerable improvement before real stability was attained.

LOCAL AND OVERSEAS MARKETS.

LONDON STOCK EXCHANGE (United Press Association) (By Electric Telegraph—Copyright) LONDON, November 28. The following are the latest quotations of Qor

AUSTRALIAN STOCK EXCHANGES SYDNEY, November 29. (Received Nov. 29, at 11 p.m.) A steadying in the market for Government loans and an easing trend for general industrial shares were the cluer features of to-day’s Stock Exchange, ihe turnover was distributed over a wide range of securities. THE MORNING SALES. £ s. d.

COMPANIES REGISTERED The Mercantile Gazette notifies the registration of the following companies;— Burton (H. B.) and Son, Ltd. Registered as a private company, November 18. Office: 205 Thames street, Oamaru. Capital: £SOOO into 1000 preference shares of £1 each and 4000 ordinary shares of £1 each. Subscribers: Oamaru —F. V. Burton 4000 ordinary and H. B. Burton 1000 preference. Objects: To take over as a going concern the business now carried on at Oamaru as H, B. Burton, ironmonger and fancy goods retailer, to carry on the business of wholesale and retail dealers of and in hardware, paints, and oils, crockery, glassware, fancy goods, and incidental. Parker, Halliday, Ltd. Registered as a private company bn November 19. Office: Fairbairns Buildings, 238 Cumberland street, Dunedin. Capital: £I2OO into 1200 shares of £1 each (400 preference, 800 ordinary). Subscribers: Dunedin—E. R. Mander 800 ordinary, W. Wrather 230 preference, W. F. Tichener 170 preference. Objects: To carry on the business of importers, exporters, indentors, merchants, carriers, general warehousemen, and manufacturers’ representatives and distributors, dealers in pharmaceutical, medicinal, chemical, industrial, and other preparations and articles, and incidental. _ . , Regular Investments, Ltd. Registered November 21. Office; 175 Rattray street, Dunedin. Canital: £30,000 into 30,000 shares of £1 each. Subscribers: Dunedin —T. Fogg 100, G. G. Notman 100, R. M‘A. Thomson 100. G. E. Duff 100, O. S. Adam- 100, G. M. Thomson 100. Warrington—H. Couper 100. Objects: To carry on business as financiers and-incidental. Market Investments, Ltd. Registered as a private company, November 21. Capital: £SOO into 500 shares of £1 each. Subscribers: Dunedin —W. R. Hanning 801 R. S. Frapwell 80, M. ,W. W. Johnson 20, F. R Brebner 50, A. O. Melville 20 C Muir 15, N. W. Allan 75, W. H. York 25, H. W. Tyrrell 75, A. N. Findlay 10, C. K. Melville 10, D. C. Kennedy 10, L. A. Symonds 20, R. J. Calvert 10. Objects: To carry on business as financiers and incidental. THE PORT OF ANTWERP Antwerp, the great seaport of Belgium, registered a substantial increase in vessels and tonnage for the past year. In a report issued bv the Citv of Antwerp and received through the Belgian Consul in New Zealand (M. Nihotte), it is shown that inward sea-going vessels using the port were 10,305 of a tonnage of 20,530,384. The port has made steady recovery since the depression. British vessels were in the great majority, those flying the German flag being second in point of tonnage. Vessels of no less than 35 nationalities used the port. Belgium has the great advantage of inland waterways which are much used for the carriage of heavy cargoes such as coal, and in a description of the new Albert Canal (named after the late King) it is shown that Antwerp is in direct touch by canal with the great manufacturing centre of Liec-e on the Meuse, which flows from France through Belgium and into Holland, where it becomes the it also traverses the great coal and metallurgical regions of Limburg and the Meuse and Sambre Valleys. Eleven shipping dines whose vessels made occasional calls, at Antwerp are engaged in the AustralianNew Zealand trade and included the Federal and Commonwealth and Domin'on lines.

COMPANY BALANCE SHEETS THE AUSTRALASIAN TEMPERANCE AND GENERAL MUTUAL LIFE ASSURANCE SOCIETY, LTD.

With a mounting revenue and smaller payments to policyholdex-s, the addition to assurance funds comes to £2,094,141, which has broken by some £400,000 the previous year's record accession. The amounts allotted towards writing down freehold properties and swelling contingency funds are £25,000 to each, or onehalf of those allotted for 1933-34, In consequence of this reduction, the effect of the larger expenditure is considerably mitigated. The growth in the premium income, shown a year ago, has been accentuated. At £3,597,784. it has risen over £330,000, which is no small achievement. Industrial department makes the largest contribution, over one-half being derived from that source. For the fourth successive year, a drop is seen in the payments to policyholders, notwithstanding ' the larger sums assured. The assumption is that the risks on the more recent business have not had time to be felt fully. A comparison between premium income and payments to. policyholders in thendifferent forms comes out thus: — Premium Payments to Income. Policy Holders, Ratio.

There has been a striking reduction in the relations since the rise, which culminated in 1930-31, so that the position of 1927-28 has been restored upon a larger figure basis. Another substantial increase of approximately £65,000 has taken place in the revenue from interest and rents, which now stands at £970,149. The cut, which resulted after the statutory deduction came into effect during 1931-32 has been made up, and future years should bring a continuance of tbe steady increase. > Outside liabilities are confined to claims outstanding (£89,717) _ and general (£24,271). The comparatively small total of claims, in proportion to payments to policyholders, is partly accounted for by certain classes of payments being fixed as to date. Although claims in total have fallen, the amount of those outstanding has again risen. Sundry creditors are down to £24,271. Deposits, which presumably refer to those made by policyholders or other interested parties, have fallen to £61,790. Fidelity and contingency funds continue their growth, which has brought them to £562,075, the allotment of £25,000 from the surplus having been augmented from some other source. Among investments, the largest group-y municipa! and other public body securities in Australia and New Zealand at £10,122,806 —exhibits a tendency to slacken in its upward movement. The Government securities placed in Australia and New Zealand, on the contrary, are increasing rapidly, their total of £4,649,489 giving an accession of some £1,800,000. It would be interesting to know on what basis of valuation they are entered. Stock in the State Savings Bank of Victoria, at £335,268, continues to rise, while the State Bank of South Australia stock, at £BBB9, is £l4 up. Except loans on reversionary and life interests, which have fallen to £64,978, loans under their different headings have risen.! Loans on mortgage stand at £3,671,250, or a rise of approximately £260,000, thus coming next to Government securities as a repository for the additional funds. Loans on policies within surrender value have risen to £1,950,740, and in this manner over £120,000 of the available funds has been absorbed. The freehold properties have increased to £1,960,999, although written down by £25,000, indicating a capital expenditure of over £50,000. When spread over the different offices of the society this may be no more than a fair average expenditure for a growing concern, and an expenditure which may be reckoned upon to bring a commensurate return in rent, either directly or indirectly. The balance of purchase money due from the Melbourne City Council has been further reduced to £61,250. A comparison of the three investment groups at the latest closing dates comes out as follows: — 1933. 1934. 1935. £ £ £ Government, municipal and other public body securities .. .. 12.324,179 13.247,821 15,119.452 Loans 4,592,483 5.308.427 5,680.969 Freehold properties 1,907.332 1,005,982 1,960,099 £18,884,294 £20,552,230 £22.764.420 Interest due and accrued has risen to £233,157, keeping step with the growing revenue from that source, but overdue interest has been intentionally omitted. Premiums due, at £27,819, have slightly increased, but the. greatest difference among the more liquid section of the assets is in cash, which, on deposit and current account, has fallen from £244,442 to the more normal figure of £54,090. in their fluctuations, reversionary and life interests stand at £29,624. A surplus of £754,375 is disclosed by the actuary’s report, out of which a distribution of £701,185 is recommended, while £50,000 is reserved for contingencies. For 1933-34 the relative figures were £720,071 and £646,476 respectively without any reserve for contingencies. Further evidence of the progress made is seen in the smaller sum of £3190 for the carry forward. Policy-holders are thus again to participate in a generous allowance from the surplus. LONDON METAL MARKET (United Press Association) (By Electric Teleeranh—Conyrlghtl LONDON, November 28. (Received Nov. 28, at 11 p.m.)

CANTERBURY MARKETS (Bek United Press Association) CHRISTCHURCH, November 29. The grain and produce markets are, if possible, quieter than they were at the beginning of the week, the only interest now being centred in fowl wheat, which renu.is unaltered. Potatoes have apparently finished for the season, as very little business has been done in the last few days. The new season’s are worth, at present, from £3 to £3 5s a ton on trucks, but farmers are not disposed to sell and merchants are not particularly interested. The chief speculation is about the.size of the crop for the next season. Planting has been held up to some extent by the rain, but potatoes already planted have been put in under ideal conditions. A good deal of seed was sold for table use when prices were high, and this would indicate that there will be a shorter crop. , , , . , In fowl wheat, the markets chief interest lies in the possibility of importations to the South Island from Australia. It is thought in some quarters that importation must be made, but the W heat Board has nothing to say on the question. The wheat in the merchants’ hands is very firmly held pending developments. The Kartigi left Melbourne this week with about 1000 tons for Auckland, Wellington and New Plymouth. The shipment for the latter port will be transferred to the Kairanga. Small seeds are quiet, the only business being a certain volume of retail orders from the country.

CHRISTCHURCH STOCK EXCHANGE REVIEW OF THE WEEK (Special to Daily Times) CHRISTCHURCH, November 29. Apart from the general reaction, usual at the time of a general election, the Stock Exchanges have shown remarkably little movement because of Labour’s win, except that the Reserve Bank, the two New Zealand Banks, and the Mortgage Corporation, as was to be expected, have been decidedly weaker. The rest of the market has shown practically no change from the strong tone that has ruled lately, and certainly no more movement than could be expected ordinarily. Overseas the exchanges have continued to show' the strength that has come with the realisation that the war in Abyssinia w'as unlikely to spread beyond the country in which it started. In London there was rather a sharp reaction in New Zealand Government issues following the receipt of the new's of the election, but the movement was caused probably by the lack of knowledge in Great Britain of polities in New Zealand, and a possible misapprehension that the new Government might be contemplating action such as that taken by some of the Labour Governments in Australian States. In Australia there was little change in New Zealand Government shocks. On none or the New Zealand Exchanges was there any smn of panicky selling, except in the four stocks most directly affected, but even there the number of investors prepared to get out at any price wa s very small. Indeed, altogether, trading has continued with the same briskness that it has shown for the past few w r eeks, and the turnover was generally well maintained. The market was very quiet for Government issues both before and after Wed-, nesday. These stocks might have been expected to show quite definite signs ol weakening owing to the change or Government, but, apart from a disinclination tp trade, the market has shown no particular anxiety. Practically the only ofleet has been that the rising tendency noticeable recently has, for the time being, been checked. Only one sale was made after Wednesday, and that was a parcel of the 4 per cent. 1952-sa, which changed hands at £IOB 55., an advance ot Is 3d on the price early in the month. Banks were the subject of active trading throughout the week, Reserves, National of New Zealand and New Zealand naturally being the centre ot attention. These three banks are most likely to be affected by any radical changes m the present system, and all of theni were weaker. Reserve Bank slipped on ihursday from £6 ss, which had become the established price, to £5 11s 9d, at which sales were made. Yesterday, however, the shares had recovered to £5 15s. New Zealand had a number of dealings at up to 3s 3d cheaper than the price last week. National were only slightly weaker at a lowest dealing of £3 12s, though showing a slight hesitation. The Australian banks were little changed. New South Wales had a number of dealings at prices from £33’ to £33 10s, about the same level as that of last week. Union'Bank remained steady at £9 10s. Insurance shares, which were likely to have been considerably weaker if investors had less faith in the new Government, remained practically unchanged, though there was a quieter tone, no doubt because of the amount of money the. companies have invested in Government securities. Transactions were not large. The most interesting development on the loan section was the fluctuation in the Mortgage Corporation shares on Thursday. There was a certain amount of panicky selling, with quotations wide, but later the.shares settled down. It is significant that the number of the shares offered was remarkably small.

The general tone of the industrial market was strong, and except on odd stocks the election results appear to have had no effect at. all. There was good business throughout the week in Christchurch Gas, which went slightly higher over the week’s trading. Breweries again had an active market and were generally firm. New Zealand, which dropped at the end of last_ week after a substantial rise, firmed again till the end of the week, when thev receded at £2 15s 2d, 4d higher than the finishing quotation last week. Staples were also erratic over a small range. Tooths remained linn. Australian Stocks generally were strong. Anthony Hordern was firmer on the week at 19s sd, and British Tobacco had a useful rise, finishing at £1 le Id yesterday, the highest point of the week. Broken Hills were not so well liked toward the end of the week, and finished at £2 17s 3d, about Is cheaper than the highest point of the period.: G. J. Coles remained steady. Dunlop Rubber, at 16s Id, were 7d cheaper than they were at the highest point reached a fortnight ago. There was a continued good inquiry for Woolworths (Sydney), the price rising on Thursday a further shilling to £5 18s, Mining stocks did not have an active market apart from Mount Lyell and Mount Morgan, both of which showed a tendency to weaken. TRADERS’ FINANCE ’ CORPORATION (Special to Daily Times) AUCKLAND November 29. A profit of £4988, before making provision for income tax and directors’ fees, is shown in the eleventh annual report of the Traders Finance Corporation, Ltd., Auckland. This compares with £2463 in the previous year and £2643 in 1933. The directors recommend an ordinary dividend of 2J per cent., the first since 1930. TOBACCO INDUSTRY REGULATIONS GAZETTED. Regulations relating to the manufacture of tobacco are consolidated and brought up to date in a schedule published in the Gazette. No vital changes have been made, the amendments being almost entirely of a machinery nature. It will probably be early in the New Year before the board which is to be appointed under the Tobacco Growing Industry Act of last session is announced. The new conditions will not become fully operative until next season. The object of the new measure is to exercise some control with the idea of bringing production into closer relationship with demand and consumption. The new legislation provides for the setting up of a board consisting of four growers’ representatives and four manufacturers’ representatives, together with a Government representative, who will act as a chairman. ■ Those growers who grow tobacco for sale will require to be licensed, but this does not apply to individuals who grow leaf simply for their, own use. Warrants will have to be taken out by commercial growers and manufacturers. and in this way it is hoped to encourage the making of contracts be tween growers and manufacturers. This should do away with indiscriminate production and consequent surpluses at the end of the season. The new board will also be empowered to try to promote the sale of New Zealand-grown tobacco on the local market and overseas. LONDON MARKETS HIGH COMMISSIONER’S REPORT. The' Department of Agriculture has received the following cablegram, dated November 23, from the High Commissioner for New Zealand, London; Tallow. —Auctions will be held on December 4. Market very quiet; values about unchanged. Hemp.—Manila: Market firm. Novem-ber-January shipment sold at £24 10s. Sisal: Market steady, with values unchanged. New Zealand: Nothing to report. Values nominally unchanged. Eggs.—Market firmer, with little more demand. English, national pack 19s 6d to 245, ordinary pack 17s 6d to 21s; Danish, 13s 6d to 18s 6d: Australian, 141 b to 171 b per lb hundred, 10s 6d to 13s; New Zealand. Mataroa. quality and condition satisfactory, 10s 9d to 13s 3d 141 b per long hundred, slow sale. Apples and pears.—Fair demand Prices are: Annies, —Californian Newtown. 9s 6d to 10s 6d; Oregon Newtown, 13s to 14s; Washington Jonathan. 9s to 10s 6d; British Columbian Jonathan, 8s to 10s 6d; British Columbian Cox’s Orange. 13s to 18s. v Pears. —Californian Winter Nebs, 12s to 14s; Californian Comice, 16s 6d to 17s 6d; Washington Winter Nelis, 11s to 12s 6d; Oregon Beurre Bose, 10s 9d to 13s.

MINING NEWS KING SOLOMON RETURN (Per United Press Association) INVERCARGILL, November 29. The return at the King Solomon mine this, week was 115 oz 3dwt. PUKET TIN DREDGING, LTD. (From Our Own Correspondent) (By Air Mail) LONDON, November 9. It is officially announced that the total output of Puket Tin Dredging, Limited, for the nine mouths ended September 30, 1935, was 297 tons of tin ore. The estimated mine profit, subject to amortization and overhead charges, was £24,242. NEW GUINEA GOLD SHARES (United Press Association) (By Electric Telegraph—Copyright) LONDON, November 28. New Guinea Gold shares are quoted at 4s lid. IMPERIAL ECONOMIC COMMITTEE SCOPE OF ITS WORK. The Imperial Economic Committee was established 10 years ago as a result ot decisions reached by Governments following discussions at the Imperial Conference of 1923. Early in 1933 its constitution and functions were again surveyed by the Imperial Committee on Economic Consultation and Co-operation, which met in London in accordance with a resolution adopted at the Ottawa Conference. „ . _ The Committee on Economic Co-opera-tion, as a result of its survey, recommended that the Imperial Economic Committee, while continuing to discharge its former functions, should take over from the Empire Marketing Board the preparation and issue of periodical market intelligence notes and world surveys ot production and trade, and that it should be within the competence of the Imperial Economic Committee to make proposals to Governments in regard to other economic services and inquiries which, in its view, should be conducted on a coonerative basis. The recommendations were accepted by all Governments, and the Imperial Economic Committee was reconstructed with effect from October 1, 1933. The committee then ceased to be the responsibility of the Government of the United Kingdom and became the responsibility of the British Commonwealth of Nations. The composition of the committee and the number of representatives of each part of the Empire are determined by agreement among the several Governments on a basis of constitutional equality. The several members of the committee are each appointed by their own Governments. Reports are addressed to all the Governments of the Empire. Finance is provided by all Governments in agreed proportions, and the resulting fund is controlled, not by any one Government, but by all the Governments, acting through their representatives on the committee. Functions of the committee include completion of the series of investigations into the possibility of improving the methods of preparing for market and marketing within the United Kingdom the food products of the overseas part of the Empire, with a view to increasing the consumption of such products in the United Kingdom in preference to imports from foreign countries; undertaking inquiries into the production for export and the marketing in various parts of the world of the raW materials of the Empire; preparing, on obtaining the approval of the Governments of the British Commonwealth of Nations, preliraiilary surveys of any branch of Empire trade and marketing such as were contemplated in the recommendation of the Imperial Conference of 1926; undertaking world surveys of production and trade. The committee consists of 19 members, namely, two members nominated by the Governments of each of the following countries, the United Kingdom, Canada, Australia, New .Zealand, the Union of South Africa, the Irish Free State, and Newfoundland; two members nominated by the Secretary of State for India; one by the Government of Southern Rhodesia, and two by the Secretary of State for the Colonies. The cost is defrayed from a fund of £20,200 a year, of which 35 per cent, is contributed by the United Kingdom, 18 per cent, by Canada, 14 per cent, by Australia, and ■l2 per cent, by India. Australian representatives on the committee are Mr F. L. M'Dougall, who is chairman this year, and Mr C. L. Baillieu. The report of the committee covering 18 months’ work states that two trade surveys (on the motor car and electrical industries) were commenced during the year. Intelligence services published regularly are weekly fruit intelligence notes, weekly dairy produce notes, monthly canned and dried fruit notes, monthly wool intelligence notes. Two surveys from which material was collected in the days of the Empire Marketing Board were published—namely, the cattle and beef survey and the ground nut survey. The draft of a survey on sheep, mutton, and lamb was complete at the date of the. report. MAUI POMARE BANANAS CHRISTCHURCH FIRM SECURES CONTRACT. The contract for the Maui Poniare shipments of bananas to the South Island and to Wellington for the calendar year 1936 has again been secured by the Christchurch firm of Radley Bros., which will distribute the fruit through the markets in the same way as has been done this year.

It is expected that more bananas will be available in New Zealand next year than has been the case this year. Rarotonga had a bad hurricane at the beginning of the year, and has not yet fully recovered. Cook Islands bananas are expected to be available in February, and larger supplies are looked for from Fiji, Tonga, and Samoa, where natives, tempted by the higher prices ruling this year, have planted more bananas than usual. From January till the end of October this year, supplies by the Maui Pomarc were 40,000 cases fewer than the quota limit. A strike on the Pacific coast held up shipping from Samoa to Auckland, and this again accentuated the shortage in New Zealand and stimulated high prices. Pacific coast shipping disputes are not again likely to affect the fruit trade to New Zealand, because next spring the union Company’s new fruit and passenger vessel, the Matua, will be available to load at Samoa, Tonga, and Fiji, from August onward. MOUNT LYELL COMPANY During the year ended September 30, the Mount Lyell Mining and Railway Company, Ltd., mined 580.898 tons of ore, the largest quantity on record. Copper production, at 13,960 tons, was also a record. Details of the profits of the company and of the distribution to shareholders have already been published. The balance sheet and directors’ report show that gros e income was £752.323, of which £57,879 was derived from divi dends. Mining and realisation charges ■were £602,107. Net profit amounted to £65,912, and a dividend of 2J per cent, absorbs £38.750.

The directors state that although mining operations were carried out at a loss during the greater part of the year, over the full year they showed a profit. This was due to the fact that the price of copper improved late in the year, and that increasing benefit was derived from the expenditure made in recent years to lower productior costs. The grade of ore treated showed a decline, but th e cost of producing copper was lower than at any time during the last 25 years, and copper-bearing material which hitherto it was not profitable to treat can now be included in the ore reserves. The net cost of producing and realising conper for the year was £46,340 per ton, while the actual mining cost was £24.777. The West Lyell deposits were opened up and fur then explored during the srear.5 r ear. A substantial tonnage of ore was extracted, and it is expected that before long half the total ore output will be obtained from this source. As this ore is won by open cutting, the lower cost of extraction will further reduce mining costs. O™ reserves are now estimated at 7.593.000 tons of average assav 2.05 per cent, copper. 0.170 z silver, and 0.020 z cold per ton. The concentrating plant treated 564.241 tons of ore, and the production of concentrates was 48.678 tons, of an average grade of 24.19 per cent. The average price of copper during the year was £43 9s lid (Australian).

NEW ZEALAND TRADE WITH SWEDEN The monthly returns of New Zealand trade with Sweden, which are published each month in this journal, reveal that New Zealand trade with Sweden is steadily expanding (says the SwedishAustralian and Swedish-New Zealand Trade Journal), particularly as regards goods imported into New Zealand from Sweden. During last year the direct exports to Sweden reached a record figure owing to the exceptionally large shipments of wool which that year were scut direct from New Zealand to Sweden, viz., 6826 bales valued at £113,310, by far the most important item in the trade between New Zealand and Sweden. So far this year the direct wool shipments to-Sweden have only reached a very small proportion of 'the shipments of last year In all other respects, however. New Zealand direct exports this year show a con-

siderable advance as compared with last year, and what is particularly gratifying is that a, number of new articles have made their appearance as direct exports to Sweden. The figures, giving the direct exports to Sweden only, show but a small fraction of the total exports to Sweden, as by far the largest quantities of New Zealand goods imported into Sweden come from the United Kingdom or the Continent of Europe. The direct exports to Sweden are of a very recent growth indeed, and may be said first to have begum to any large extent at all in 1931, when the total value of direct exports to Sweden was valued at £13,996, after which this direct export trade has progressed by leaps and bounds, until a few years later its value was nearly 10 times as much. Evidently there is much room for expansion in the direct exports to Sweden. With regard to New Zealand imports of Swedish goods, these have for a great many years been all, or nearly all, direct. New Zealand official trade statistics, more-

over, always give the country of origin, so that, whether direct or indirect, all goods imported from Sweden are shown in New Zealand trade statistics, whereas the exports to Sweden only comprise the comparatively small percentage that is shipped direct to Sweden Remarkable increases since 1933 have been recorded in the values of i.a. the following imports: —Electrical machinery, oil engines^ vacuum cleaners,'' ball bearings, tools, hardware, screws, stone and paper and boards of all kinds, such as cardboard, vegetable parchment, printing, fruit wrapping and writing paper.

RUGBY, November 28. Paris— Francs to £1 Par. 124.21 Nov. 27. 75 1-32 Nov. 28. 74 57-64 Brussels— . Belgas to £1 SO 29.21 29.17} Oslo— Kroner to £1 18.180 19.90} 19.90} Stockholm— Kroner to £1 18.130 10.39} 19.39} Copenhagen— Kroner to £1 18.150 22 22 Berlin— Marks to £1 20.34 12.27} 12.27 Montreal— Dollars to £1 4.86 2-S 4.983 4.98} Net* York— Dollars to £1 4.86 2-3 4.93 15-18 4.93 7-16 Yokohama— 14 14 Pence to yen 24.582 Hongkong— Fence to dollar 24.58 17 11-16 173 Bombay— Pence to rupee _ 18} , 18} Batavia— 7.27 7.27 Florins to £1 12.10 Milan— Biro to £1 82.46 eoB 60S Amsterdam — 7.293 7.283 Guilder to £1 12.107 Prague— Ki oner to £1 104} 1191 119} Geneva— v Franca to £1 25.22^ 15.29 15.26 Vienna— 263 263 Schillings to £1 84 80s Helsingfors— Marks to £ 1 193.23 2269 , 2262 Madrid— Pesetas to £1 25.22} S3 S-16 36 3-16 Belgrade— 217 217 Dinars to £1 25.22} Athens— , Drachma to 518 618 £1 .. .. 376 Lisbon— Escudos to £ 1 no nos 110S Bucharest — 629 630 Lei to £1 .. 931.6 Rio de Janeiro— Pence to 4} 4} milrcls 5.890 ' Buenos Aires— 36} Pence to pesos 47.22 , 36} Shanghai— .■ Pence to tael 14 9-16 14 9-16 Montevideo — 39} 39} Pence to pesos — Warsatv-r Zlotys ■ to £1 - 26.00 26.06

£1 N.Z.- to-filOO 1 T.T. 124 124/10/-' O.D. 123/10/124/8/9 Australia— & A to £100 N.Z. T.X. 101 IDU/ltl/O.D. 101 100/10/Fill— ‘ E r to s ioo n.z T.T. 90/7/8 B9 O.D. 90/7/6 89 New York— Dollars to £ N.Z. T.T. 3.99s 3.9S| O.D. 4.00% 3.95| Montreal — ' Dollars to £ N.Z. T.T. 4.034 3.991 O.D. 4.04J 4.00% France —• < Franco to £ N.Z. T.T. 60.82 59.52 O.D. 61.12 59.57 Noumea— 58.77 Francs to £ N.Z. T.T. 61J7 O.D. 62.17 58.82 Papeete^Francs to £ N.Z. T.T. 61.77 58.77 O.D. 62.17 58.82 Belgium— Belgas to fl N.Z. T.T. 23.127 O.D. — 23.142 Germany— Reichsmarks to £ N.Z. .. .. T.T. 9.642 O.D. -— 9.647 Italy— T.T. Lire to £ N.Z. ■—' — ■ ■ i O.D. — ■ — •,j ; Switzerland — Francs to fi N.Z. T.T. 12.482 12.082 Uolland— Florins to £ N.Z. O.D 12.557 ■ 12.092 T.T, 5.992 5.742 i O.D. 6.042 5.746 Java — 5.714 Florins to fi N.Z. T.T. 5.939 O.D. 5.989 5.718 Japan— N.Z. Pence to I Yen .. .. T.T. ■ 17| O.D — 17 39 64 Shanghai— N.Z. Pence to 1 Dollar .. .. T.T. 17 11-32 18 21-32 O.D. 17 7-32 18 41-64 India and Ceylon— N.Z. Pence to 1 Rupee .. .. T.T. 228 22 23-32 O.D. . 224 22 21-32 Hongkong— N.Z. Pence to 1 Dollar .. .. T.T. 21 9-16 22 13-16 O.D. 21 7-16 22 25-32 Singapore— N.Z. Pence, to 1 Dollar .. .. T.T. 34g 35 5-16 O.D 344 354 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 15.870 O.D. 16.240 15.880 Denmark— Kroner to £ N.Z. T.T. 18.208 17.878 O.D. 18.248 17.888 Austria— s Schillings to £ N.Z T.T. — 20.77 O.D. — 20.79 Czechoslovakia— Crowns to £ N.Z. T.T. 95.58 O.D. ' ' 95.63 All rates subject to alteration without notice

eminent securities compared with the prices rullne last week:— Last week. This week. £ s. d. £ 8. d. Consols 85 10 0 85 10 0 Funding Loan. 4 p.o.. 1969^90 117 0 0 117 10 0 Assented War Loan •• •• 105 10 0 105 10 0 Conversion Loan. 3H D*c. . • 107 5 0 107 10 0 Victory Bonds, 4 p.e. (ei dlv.) 115 5 ■0 115 10 0 C’wealth 5 P.c., 1945-75 .. 112 12 0 112 17 G C'wealth, 3Vi P.o., 1936*37 .. 104 7 6 . 104 7 G C'wcalth, 4 p.o.. 1943-48 .. 101 5 0 101 12 0 C’wealth, 3% p.c.. 1948-53 .. 103 0 0 103 5 0 C'weallh. 314 p.c.. 1956-61 .. 98 3 9 98 12 G N.S.W.. 314 P.O., 1930-50 .. 101 7 6 101 15 0 N.S.W.. 414 p.e.. 1935-45 .. 102 5 0 102 B 0 N.S.W., 6 p.c.. 1935-56 101 7 6 101 10 0 Victoria. 3 p.c., 1939-49 .. OS 17 6 99 G 3 Victoria. 494 p.e.. 1940-00 .. 100 15 0 107 0 0 victoria. 5 P.O.. 1945-75 .. 111 15 . 0 112 10 0 Queensland. 3 p.c., 1922-47 .. 98 17 6 09 7 6 Queensland. 5 P.c.. 1940-60 .. 107 0 0 107 6 * S.A., 3 p.e.. 1916 (opt.) .. S8 0 0 88 B 3 112 2 6 112 7 G W.A., 4 p.o • 1942-02 .. .. 103 10 0 104 0 0 Tasmania. 3% p.c.# 1920-40 .. 103 6 0 103 0 0 Tasmania. 4 p.o.. 1940-50 .. 103 12 6 103 '-5 0 New Zealand. 4% p.c.. 1948*55 109 10 0 106 5 0 New Zealand. SVj p.c.. 1940 104 I 3 102 10 0 New Zealand. 3 P.C.. 1045 . . 102 0 0 99 10 0 New ‘Zealand. 6 p.c,. 1936-51 101 0 0 104 0

Commeomvealth Bonds— 4 per cent., 1938 .. * • • • • 4 per cent., 1955 .. .. . • • • Bank of New South Wales.. 103 103 33 1 2 5 17 7 10 15 0 6 6 9 9 Anthony Hordern (pref.) 1 3 0 4 4 3 British Tobacco • 2 1 Broken Hill Proprietary 2 18 0 (first instalment paid} X 9 0 Colonial Sugar 42 10 0 Morris Hedstrom 1 Wilcox Mofflin 0 1U ft ADDITIONAL SALES. Bank of New South Wales 33 7 6 Commercial Bank of Sydney is 2 0 Queensland National Bank 5 5 0 Bank of Adelaide .. .. 6 5 Colonial .. . • 42 2 6 Associated News 1 4 0 Australian Gas (A) 7 17 6 British Tobacco z 1 6 Tooths .. 2 15 3 Tooheys 1 10 9 Howard Smith .. .. 0 18 6 Australian Glass 4 4 6 Dunlop Perdriau (pref.) 1 17 3 Goldsbrough. Mort ...... 1 12 3 Wilcox Mofflin 0 10 3 Standard Cement .. 1 0 6 Morris Hedstrom .. .. 1 4 1UA Electrolytic Zinc 1 15 3 Hume Pipe 0 15 3 Stedman 0 17 9 Standard Waygood .. . 5 0 Claude Neon .. .. .. 2 14 0 Permanent Trustee .. 4 15 0 W. R. Carpenter (cont.) 1 12 6 Clifford Love ' .. 2 12 0 General Industries .. •. 0 19 lOo Mount Morgan .. • • 1 16 3 Broken Hill Proprietary 2 18 0 North Broken Hill .. 8 17 6 Zinc Corporation ,. 3 17 6 Peninsula Tin 1 8 9 Emperor 0 19 9 Tavua 0 3 11 New Occidental .. .. 0 14 4 Mount Paris 0 4' 2 Tanah Biji 0 14 9 Commonwealth Bonds — 4 p.c., 1938 1 103 10 0 4 p.c., 1941 101 15 0 4 p.c., 1944 101 17 6 4 p.c., 1947 ..' .. 102 10 0 4 p.c., 1950 102 12 6 4 p.c., 1953 .... 103' 2 6 4 p.c., 1957 .. .. 102 2 6 4 p.c., 1959 .. 102 10 0 4 p.c.. 1981 103 2 6 MELBOURNE, November 29. E.S. and A. Bank .. 5 10 0 National Bank (£5 paid) 6 17 6 Mount Lyell . 1 1 3 Koroere 0 12 0 Loloma .. .... 1 18 104 Emperor '. 0 19 9 Enterprise .. .... 3 15 0

Assurance Sep. 30. Funds. Reremie. Expenses. £ S £ 1922 5,488,629 1,642,681 402,212 1924 7.516,749 2.144,139 685,600 1920 9.902,987 2.701,150 000,045 1928 12.717,601 3,312,151 S11.4S4 1930 15.495,985 3,850,036 902,808 1931 16,505.094 3,008,292 951.287 1932 17,412,013 3,785,002 092,472 1933 18.680,965 3.893,240 1,000.415 1934 20,338.306 4,172,734 983,679 1933 22,432.507 4,567,033 1,047,370

£ £ p.o. 1921-22 . 1,371,040 355,585 24.47 1923-24 . 1,767.307 485,010 27.48 1925-2G . 2,185.313 778,525 35.03 1927-28 . 2,028,570 1,050,772 30.98 1929-30 . 2,087,893 1.607,239 50.44 1930-31 . 2,972,802 1,007.297 57.09 1031-32 . 2.659.813 1,085.401 50.90 1932-33 . 3,052,254 1,515,772 49.60 1933-34 . 3,207,381 1,440.054 44.09 1934-35 . 3,507.784 1,370,413 83.20

The following are the official metal quotations — Copper, spot Ton £35 3 i% No change Copper, forward .. 35 iO Vk No change Electrolytic, spot •. 3D 0 0 No change Electrolytic, forward 30 10 0 No change Wire bars .. 39.10 0 No change Lead, spot .. .. IT XT 6 Fall 0 3 0 Lead, forward IT IT 0 Fall 0 3 9 Spelter, spot 10 0 0 Fall 0 2 0 Spelter, forward .. 10 1 3 Fall 0 2 0 Tin, spot ., .. 220 15 0 Fall 0 IT 0 Tin. forward 211 15 0 Fall 0 7 6 Pig Iron, home trade 3 10 0 No change Pig Iron, export 1 6 No change Antimony. British 79 10 0 No change Antimony, foreign 54 15 0 No change Molybdenite .. .. Unit. 1 li b No change Wolfram .. •• i ii 6 No change Silver, standard .. Oz. 29 3-16d No change Silver, fine .. .. si&a No change