COMMERCE AND FINANCE

Otago Daily Times, Issue 22810, 20 February 1936, Page 6

COMMERCE AND FINANCE

LOCAL AND OVERSEAS MARKETS

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

w SSKIo si - 26 - 25 26 - 25 ON NEW ZEALAND CURRENCY BASIS The Back of New South Wales, _ Dunedin, quoted the following rates for purchases and sales of foreign exchange yesterday:— London- Buying. SelUnß -

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— dols. dols. T.T 3.99| 3.99 J O.D. 4.00 i 3.99| Buying— O.D 4.04| iMi

THE SHARE MARKET DUNEDIN STOCK EXCHANGE Bank of New Zealands were disposed of at the easier price of £2 8s 3d on the Dunedin. Stock Exchange yesterday, the market continuing to weaken at the close when buyers offered £2 8s and sellers asked £2 8s 3d. Commercial Banks firmed to £l, sellers asking £1 Os 6d. There was also an improvement in the market for National Bank of New Zealands, buyers’ closing offer being £3 18s. Sellers, however, would not do business under £4 Os 6d. Westport Coals met with a slightly easier inquiry- at £1 3s 3d, but sellers remained firm at £1 3s 9d. Dominion Fertilisers were inquired for at £1 4s 3d, but sellers were not interested. Sellers of New Zealand Breweries were prepared to accept the easier price of £2 12s lOd, buy buyers would not give more than £2 12s Cd. Electrolytic Zinc preference shares were in demand at £1 19s, cum dividend, but sellers did not respond. The ordinary shares also met with a stronger inquiry at £1 17s 3d, cum dividend, but sellers would not accept less than £1 18s 3d. Mount Lyells continued to firm, buyers’ closing offer being £1 5s 3d. Sellers would not do business under £1

oo . ft Cum dividend. UNLISTED STOCKS. Buyer. Seller. £ s. d. £ sd. Mackintosh, Caley n nll 6 Phcenix .. •• 010 0 OXI o W 7 oolworths (Sydney) ... •• 6 4 0 Jones Nevis .. . __ Otago Farmers o o u (Otago Farmers (A __ i o 0 pref.) • • • • DIVIDENDS PAYABLE. The following is a list of shares on ■which dividends will shortly be payable: — National Mortgage (A)—s per cent.. Is per share, half-yearly I cb. 2b National Mortgage (B) o per cent 6d per share, half-yearly Feb. 20 Bank of N.S.W.—S per cent., 5s per share, interim .. .. Deb. Southland Frozen Meat (pd.) 16 per cent., Is 7 1-od per share, half-yearly .. •• -- Mar. - Southland Frozen Meat (eont.) —l6 per cent.. 9 3-5 d per share, half-yearly .. - • • • Mar. 2 Southland Frozen Meat (pref.) —l6 per cent.. Is I l-5d per share, half-yearly .. • • ■ • Mar. _ Electrolytic Zinc—B per cent., 9 3-5 d per share, half-yearly Mar. 19 Hume Pipe—s per cent., 6d per share, half-yearly Mar. 30

NORTHERN EXCHANGES AUCKLAND

LONDON MARKETS (United Press Association) (By Electric Telegraph—Copyright) LONDON, February 18. Traders expect good prices for cany arrivals of Australian pears, as the market is likely to continue farm. Liverpool options for March touched the lowest level since December, ascribed partly to American weather reports. DAIRY PRODUCE The South Island Dairy . Association Ltd., has received the following market report from London:— Butter: Dull; 945. Danish, 1265; Cheese: Quiet. White 525, coloured 56s 6d to 575.

LONDON METAL MARKET (United Press Association) (By Electric Telegraph—Copyright) LONDON, February IS. (Received Feb. 19. at 10 p.m.) The followino are the official metal quotations:—

AUSTRALIAN STOCK EXCHANGES (United Press Association) (By Electric Telegraph—Copyright) SYDNEY, February 19. (Received Feb. 19, at 10 p.m.) On the Stock Exchange bank shares again commanded firm support, and industrial shares mostly made full late rates or better. Mount Lyell shares rose strongly in view of the company’s extension of operations at Rosebery, Tasmania. THE MORNING SALES.

ANTWERP FUTURES (United Press Association) (By Electric Telegraph—Copyright) LONDON, February 18. Antwerp futures: Steady, with few sellers. Australian tops, March, 29id; May, 291 H: Jtdy. 29*d. DOLLAR AND FRANC (United Press Association) (By Electric Telegraph—Copyright) LONDON, February 18. Exhangc on New York is quoted at 4.98 11-16 dollars to the £ and on Pans at 74J francs to the £. BULOLO SHARES (United Press Association) (By Electric Telegraph—Copyright) LONDON, February 18. Bulolo shares are quoted at £6 10s 3d. NEW GUINEA GOLD SHARES (United Press Association) (By Electric Telegraph—Copyright) LONDON, February 18. New Guinea Gold shares, 3s 7Jd.

BRITISH CREDIT IN FRANCE (British Official Wireless) (By Electric Telegraph—Copyright) (United Press Association) RUGBY, February 18. (Received Feb. 19, at 5.5 p.m.) The arrangement made by the French Government with a group of British banks for a credit of £40,000,000 has been received with approval in financial circles. The Daily Telegraph’s city editor says: “ The desire of the monetary authorities here and- in Paris is to prevent chaotic conditions arising and their efforts would be defeated were any such loan to be carried out without mutual understanding.” The Times city editor says; “Although news of the credit naturally bad a strengthening effect on the franc exchange yesterday, the movement was sentimental, since the credit is not to be transferred by means of operations in the open market. We understand on high authority that the exchange equalisation fund is not involved in the operation. The technical position of the French franc is very strong, the gold cover being able to provide for all likely contingencies, and it may be assumed that adequate assurances have been obtained with regard to the repayment of the credit at maturity.” PRICE OF FINE GOLD

COLOMBO TEA SALE Mr L. M. .Wright has received the following cabled report on the Colombo tea auction of February 18: At yesterday’s auction 2,125,0001 b were offered. Common teas were irregular, while all other grades were slightly easier owing to quality of offerings being •'inferior. At next week’s sale 2,000,0001 b have been catalogued for auction. MOUNT BENGER STOCK SALE The Mount Bcugcr stock sale was held on February 12, and attracted a representative gathering of buyers. Canterbury competition, together with the local demand, helped to make the sale a satisfactory one to vendors, practically the whole of the offering being cleared at auction. The following quotations give un indication of prices realised: —Twotooth ewes, 28s 6d to 325; g.s.m. ewes, 22s to 23s 3d; full-mouth ewes, 15s to 18s; two-tooth wethers, 16s to 17s; fat wethers, 21s fid; forward wether lambs, to 16s 7d; medium wether lambs, 13s to 15s; m.s, lambs, 14s to 16s; small lambs, 8s to lls.

MR N. S. FALLA. Managing director of the Union Steam Ship Company of New Zealand, who, it is announced from Wellington, has been elected chairman of directors of the company in succession to Sir James Mills. Mr Falla is well known in Dunedin, where he occupied a high position in the head office of the company prior to its removal to Wellington.

ADDINGTON STOCK SALE (Per United Press Association) CHRISTCHURCH, February 19. Values at Addington to-day were generally firm. The fat lamb entry totalled 2860 head. Export buyers operated to the higher schedule brought into force at the beginning of the week, and were paying up to BJd for 361 b, with a rise of Jd over other weights. The greater selection of better lambs weakened the butchers’ buying to some extent. Values were: Extra prime heavy lambs, to 31s 7d; prime heavy, 26s 9d to 29s 3d; prime medium-weight, 24s 9d to 26s 6d; ordinary, 21s 6d to 24s 6d; light, 19s 6d to 21s.

The entry of fat sheep was 3500 head, and the quality of the yarding was distinctly better, though the offering consisted mainly of ewes. The sale was steady at the outset, and was keener later, freezing buyers competing very keenly for ewes of suitable weights. The price of freezing ewes w rM fully Is a head higher than it was last week, and wethers of all sorts and heavy ewes were dearer by the same amount. Values were: Extra prime heavy wethers, to 31s 7d; prime heavy, 25s 9d to 27s 3d; prime medium weight, 23s 3d to 25s 3d; ordinary, 21s to 22s 9d; light, to 20s 6d; extra prime heavy ewes, to 26s Id; prime heavy, 20s 6d to 23s 6d; prime medium-weight, 17s to 20s; ordinary, 13s to IGs 6d; light, to 12s 6d. The improvement in the feed situation and the higher export schedule stimulated the demand for store lambs, of which there was a heavy yarding. The effects of better feed were plainly seen in the quality of the offering, which was much improved, and contained a bigger proportion of lambs which looked well forward. Prices were erratic, but were firmer than they were last week. Values were: Good halfbred ewes, to 20s 6d; good three-quarterbred ewes, to 20s 4d; good halfbred rape, 17s 6d to 19s; ordinary, 15s to 17s; small, 10a 6d: good Uireequarterbred rape, to 18s 6d; ordinary, 14s to 18s. There was a heavier yarding of store sheep, with consignments drawn from practically every part of the South Island and also from the Chatham Islands. The offering was more attractive than that forward last week, and the sale was distinctly firmer. Values were: —Good twotooth Corriedales, to 36s 6d; good twotooth halfbred, 30s to 32 s 6d; ordinary, 25s to 29s 6d; good two-tooth crossbred, to 32s 6d; ordinary. 24s to 28s; ordinary four-year halfbred, 23s to 265; inferior, 19s to 22s 6d; good aged, 18 s to 21s; ordinary, 15s to 17 s 6d; inferior and shabby, from 8s 6d. The fat cattle entry numbered 4:0 head. The sale was a little better at the beginning, but later became very patchy, and over all there was not a great deal of alteration from last week. Best beef made from 25s 6d to 27s 6cl. with odd pens to 29s per 1001 b; good, 23s to 255; good heifer, to 255; ordinary beef 18s to 21s 6d; rough, down to 15s 6d Values: Extra prime heavy steers, to'£l2 17s 6d; prime heavy, £9 5s to £11; prime medium-weight. £7 10s to £9 ss; ordinary, £5 15s to £6 12s 6d; light, to £5; extra prime heifers, to £8 is uu: prime, £6 to £7; medium, £4 10s to £5 15s; light, to £4; extra prime cows, to £8 7s 6d; prime. £4 10g to £6; medium £3 5s to £4 3s; light, to £3. . There was a smaller entry or fat pigs, with a good offering of choppers. The demand for handy-weight baconers was good, but heavy-weights were not so keenly sought. Values: Choppers, 30s to £4; baconers, 46s 6d to 52s 6d; heavy, 57s 6d to £3 4s 6d; average price per lb. 4d to s^d; porkers, 30s to 34 s 6d; heavy porkers, 37s 6d to 43s 6d; average, 5Jd to 6Jd.

COMPANY BALANCE SHEETS

When the difference in length of time is considered, the net profit of £214,985 for the past financial year is practically the same as that for the preceding period. The payment of a 5 per cent, dividend has left a sum of £14,985 to strengthen reserves. The allocation of the net surplus in recent years has been as fol-

A rise of some £12,000 has taken place in the expenditure as compared with that of the preceding annual period. This is due mainly to sa’aries and allowances to the staff in Australia and New Zealand. The other divisions of expenditure remain remarkably steady when their amounts are considered. Taxation nt £155,483 is barely £I6OO down, while London expenses and general expenses in Australia and New Zealand are little changed. The gross profit is brought out at £1,034,618, after being subjected to various deductions as usual. The corresponding figure for 1933-34 was £1,011,192, but it does not necessarily follow that the relative positions, prior to making the reductions, were similar.

Except for the balance of £14,985 of the net surplus, which has swelled the undivided profits to £126,016, reserves are unaltered. The general fund at £3,250,000 and the currency reserve at £1,600,000 in their aggregate have remained the same since 1928, although the definition has been changed. If there is a special function which the currency reserve can perform which could not be equally we’l fulfilled by the general fund, it is neverthelcss the latter that has to meet it, as there has been so far no direct transfer from the net profits to strengthen the currency reserve. Although circulation is gradually diminishing owing to the right of note issue having been taken over by the Governments concerned, there was still a sum of £52,456 outstanding at February last. The bills payable group, which includes the general liabilities, has moved up to £1,116,666. There is no mention now of reserves held against contingencies forming a part of this sum, as w’as stated formerly, but it may be assumed that the provisions referred to in the profit and loss account, as made in respect of contingencies, have partly, at any rate, found their way here and assisted to raise the figure. There is a drop of over £3,00,000 in deposits, which are brought down to £33,429,249. This continues the movement of the previous six months, and points to an increasing demand for money for general purposes. The chief asset —bills discounted, loans, and other securities —at £31,472,830 has also fallen, the decrease in this case being possibly partly a reflection of the decrease in deposits. As the result of the two movements the bank would require to disburse £2,000,000 approximately. Deposits have compared with the advances group as under: —

As specie and cash balances have been drawn upon largely, not only to balance the difference between deposits and advances, but also to place money in other directions, they have fallen to £4,599,246. The consequence of this transfer of some £4,000,000 from a non-earning to an earning capacity should be reflected in the trading result for the current year. A sum of £1,650,000 appears in Commonwealth Treasury bills, while the investments group, distributed among British and Commonwealth Government and New Zealand municipal securities, has been increased by nearly £300,000 to £3,101,251. The quickly realisable funds in London remain at £330,000, and bullion and advances thereon at £81,329 show little difference. The bills receivable group, which is more restricted in volume now that the closing date is after the exporting season is over, has risen to £2,030,246. In relation to the liabilities to outsiders, liquid assets stand at about 6s lOd in the £. , , , London leasehold premises, by the operation of interest on_ their relative reserves, are gradually diminishing. At £87,886 a further reduction of nearly £2OOO is recorded. Bank premises in Australia and New Zealand at £286,600 remain at the book figure of which they have stood for several years. During that period there must have been considerable difference in the market value represented, the general tendency being upward. The secret reserve which these premises- contain must consequently have increased, and now provide strong support to the visible reserves. s SYDNEY WOOL SALES (United Press Association) IBy Electric Telegraph—Copyright) SYDNEY, February 19. (Received Feb. 19, at 11.30 p.m.) At the wool sales 10,580 bales were offered and 10.1C2 sold, while 899 were disposed of privately. Competition was very strong, particularly from Yorkshire, Japan, and the Continent. The market was fully firm and greasy merino made to 2CJd. LONDON STOCK EXCHANGE (United Press Association) (By Electric Telegraph—Copyright) LONDON, February 18. Dalgetv 4 per cent, debentures, £101; British Tobacco, 33s lid; Goldsbrougb, Mort, 26s 3d; Dalgety, £7 10s; P. and O. deferred, 20s 10jd.

MINING NEWS WAIPAPA BEACH WASH-UP Messrs W. A. Mitson and Co., secretaries of the Waipapa Beach Gold Dredging Company, Ltd., report that advice has been received from the dredgemaster statins that a return of 4|oz has been won for 120 hours’ dredging. For some time past, while conditions have been favourable, the dredge has been trying out a piece of ground outside of the claim, but this ground has not proved satisfactory, and the dredge has now been turned back towards the proved ground. BULOLO GOLD DREDGING, LTD. Mr Fred. G. Dunn, attorney for Clutha Development, Ltd.,. has received the following Bulolo production report for January;—"For the month of January the total gross production amounted to 13,2250 z of bullion, containing 90940 z of fine gold, from 899,250 cubic yards. The estimated working profit ia 64040 z of fine gold. The above production is equivalent to £79,572 10s, and the working profit to £56,035, on the basis of £8 15a (Aust.) per fine oz of gold.” MARTHA OPERATIONS The following information has been cabled to the London office of the Martha Gold Mining Company (Waihi), Ltd.:— No. 2 Level.—North-west prospecting crosscut: At 227 ft in there is a leader Sin wide of little or no value. Its course is 238 decrees and the dip, one in three south. The crosscut is now in 240 ft in white country rock. No. 7 Level. —The Payne north-west crosscut has been advanced 35ft, making a total length of 115 ft. CROMWELL MINING It was stated in Tuesday’s issue of the Daily Times that Mr W. Mitchell had secured 240 z of gold from his claim on the Cairmnuir Flat for the past fortnight. Mr Mitchell informs us that the washup was 6oz. LONDON MARKETS HIGH COMMISSIONER’S REPORT. The Department of Agriculture has received the following cablegram, dated February 15, from the High Commissioner for New Zealand, London: Tallow.—Auctions will be held on February 26. Market continues quiet, with prices nominally unchanged. Hemp.—Manila: Market inclined easier with fair inquiry at slightly easier prices. “K” grade for February-April shipment, closing values £22 15s. Stocks in the United Kingdom at February 1, 8450 bales, against 23,981 bales at the same time last year. Sisal: Market steady, with fair demand. Closing values for February-April shipment £2B 15s, and for April-June shipment £29. New Zealand: Market nominal. Stocks in London at February 1, 58 tons, against nil at the same time last <year. OTAGO MUTUAL STARRBOWKETT SOCIETY In submitting their thirty-second annual report the directors of the Otago Mutual Starr-Bowkett Society state that while the society, in common with other societies, has felt the depression, it is hoped that in the coming year there will be a marked improvement. No. 2 Group.—As agreed at a special meeting held on August 18, 1931, steps are now being taken to wind up this group, and the directors have now repaid those shareholders who have not received a loan, together with 75 per cent, refunded to those who have overpaid their loans. The total loans advanced in this group amount to £40,100, while the profit and loss account shows a profit of £3714 11s Bd. It will thus be seen that the No. 2 group has been most successful, and should be an inducement to members to take up shares in the No. 4 group. No. 3 Group—The total loans advanced in this group amount to £19,700, while the profit and loss account shows a profit of £1294 10s lOd. No. 4 Group—This group has now been formed seven years, but the depression has affected the securing of members, and at a special meeting of shareholders it was decided to extend the time of accepting members for a further two years. At a special meeting held _ on September 12, 1933, it was also decided to allow members to take up shares from that date at the rate of 6d per share per week, and permitting members to repay their back subscriptions when they received a loan. This, the directors feel, should be an added attraction to many, and should prove a means of inducing new members to take up shares in this group. Your directors are making special efforts in this direction, and earnestly solicit the co-opera-tion of members. So far £BIOO has been advanced by loan in this group. Messrs T. Scott and A. J. Allen are the retiring directors, and offer themselves for re-election. EXCHANGE PREMIUM INTENDED LOWER RATE. NOT FAVOURED IN BUSINESS. Business men in New Zealand have been seeking an answer to the question whether the exchange rate on London will be reduced. In spite of repeated statements from the Prime Minster, Mr Savage, that this' part of the Government’s policy will be carried out, many firms (the New Zealand Herald says) are proceeding on the assumption that, there will be no reduction, or that the amount of the reduction will be very small. , When the exchange rate was pegged at 125 per cent, in January, 1933, the Government’s action was bitterly resented by importers. For a time there was fierce controversy, but the opposition appears now to have subsided, or at least to have lost a good deal of force. Recent inquiries indicate that a majority of business interests now favours maintaining the present rate. The community takes time to adjust itself to depreciation or appreciation of currency. Apparently it has now adjusted itself largely to the increase in the exchange rate. It is pointed out that to begin a reverse movement would only mean a further upset of business at a time when business shows a marked revival. Mr Downie Stewart, former Minister of Finance, who resigned at the time the rate ivas increased, stated recently that “ we are up a tree, and it is going to be difficult to get down.” Speaking at the last annual meeting of the Reserve Bank, the Governor, Mr L, Lefeaux, said the rates announced by the bank had remained unchanged, without any noticeable pressure in either direction. Mr Lefeaux considered this an indication that, in the circumstances, approximately the correct level was selected. Many business people would prefer to let

the exchange question remain with the Reserve Bank, rather than have Government interference.

An aspect of the position which has to be considered is whether prices for primary products are sufficiently high to justify a reduction in the rate. What ioss the dairy farmer suffers can be made up by guaranteed prices, but it is questionable whether the benefits of guaranteed prices will be extended to woolgrowers and meat producers. At present they cannot face the loss of the exchange premium and produce at a profit.

ADVERTISING AND SHOWMANSHIP MODERN TREND MR FRANK GOLDBERG’S VIEWS “To the multifarious duties of the advertising man, of the future will be added those of stage director and teacher, if the present-day trends of advertising continue,” says Mr Frank Goldberg, - governing director of the Goldberg Advertising Agency, Ltd. ; “Advertisers," Mr Goldberg pointed out, “in increasing numbers are turning all sorts of ' entertainment and education facilities to the use' of advertising. Of particular note, is the manner in which certain advertisers have adopted the comic supplement technique to suit the modern advertisement lay-out. Others have turned to. the scientist, the doctor and the dentist for educational stories which attempt to tell the public littleknown facts about themselves and the human machine.

“ The leading retail store offers another example, with its lectures hy prominent visitor.?, mechanical and art exhibitions, and so on. After viewing these one can readily picture, the advertising man of the future busily engaged, not with the preparation of advertisements, but with the problem of hiring novelties such as canaries and parrots to hang round the store, for tropical festivals, etc. Or locating corsets that the belles of 1880 wore to set off foundation garments. “We need not even go so far ahead—the publicity man of to-day may buy synthetic snow for fur sales, and palm trees ffir a mid-winter “Visit the Tropics” feature, as part of his regular job. “ Other retailers are dramatically alert, too. Get a free shave with an electric shaver, says an appliance shop. Thousands review a corset show of girls. If you can’t sleep you can drop in to a certain furniture store and consult the sleep authority. A dealer digs up some group photographs of 1910, runs them in his ads. with “Are you here?” and draws on a whole reservoir of reminiscences.

“A furniture retailer noticed the curious throng who gathered each time the caretaker removed a piece from the show window. Attracted by motion. So ft popular local girl was invited to live in the show window apartment for 12 hours, keep house, use the electrical appliances,' cook, sew, play the piano, set the table with smart new dining accessories, serve tea to guests. Letters poured in,” Continuing, Mr Goldberg pointed out that Mickey Mouse last year stimulated over £10,000,000 worth of sales in children’s lines. A billion Mickey movie fans bought Mickey merchandise chiefly because of the increasing meaning the goods had for them. A*’

“ To-day’s customers not only want to be amused and mildly educated,” added Mr Goldberg, “ but they like service. A fancy goods department serves tea. You can get a free pre-theatre facial in a Los Angeles store. Hardware dealers install soda fountains. Paint shops carry tobacco, smart overalls, quick-shave departments. and a line of hand lotions.

" Conscientious service, too, like that of a certain English infants’ laundry where garments are kept in green lacquered containers. They get 10 washings —antiseptic purging, germicidal bath, detergent rinse, high-temperature chemical sterilisation, boric acid rinse, pathological tests. Operators wear gloves. . Garments are not touched by human hands. “ Words as well as action glorify the humdrum. To-day the advertising department looks like a bit of a newspaper city room and back stage at the five-minute call, with the, newspaper essence predominating, though the personnel director would object to hats being kept on the back of the head during business hours. “A recent survey made during peak shopping hours arid peak theatrical hours showed that it took 10 times as much lineage to get one-half as many people down to the stores as to the theatre. “ But with this new type of dramatic merchandising, it won’t: be long before tourists will visit the stores first, and the monuments afterwards. If there aren’t rolling chairs for customers, qther comfortable shopping devices will be on hand —air-conditioning, sound-proofing, soothing illumination, appropriate perfume and music, facilities for intelligent buying, consultation services.

"It will be a common occurrence for a store to be obliged to hang out a ‘ standing room only ’ sign. _ It may even be necessary to charge admission.”

RUGBY, February 18. Paris— Francs to £1 Par. 124.21 Feb. 17. 74 41-64 Feb. 18. 74 49-64 Brussels — Belgas to £1 30 29.28 29.28} Oslo — Kroner to £1 18.180 19.90} # 19.90} Stockholm— Kroner to £1 18.130 19.39} 19.39} Copenhagen— 18.150 22 22 Kroner to £1 Berlin— Marks to £1 20.34 12.28 12.28 Montreal — Dollars to £1 4.86 2-3 4.981 4.98| New York— Dollars to £1 4.88 2-3 4.99 4.98 n-'ie Yokohama — Pence to yen 24.582 14 1-32 14 1-32 Hongkong— Pence to dollar 24.58 15 3-32 15 3-32 Bombay— Pence to rupee 18} 18} Batavia— Florins to £1 12.10 7.26} 7.23} Milan— Lire to £1 82.46 02% 62} Amsterdam — Guilder to £1 12.107 7.26} 7.261 Prague— Kroner to £1 1045 118% 119 13-16 Geneva — Francs to £1 25.22} 15.09} 15.10} Vienna— Schillings to £1 84.86} 26} 26} Helsingfors— Marks to £1 193.23 227 227 Madrid— Pesetas to £ 1 25.22} 86 11-64 36 11-64 Belgrade— Dinars to £1 25.22} 217 216 Athens — Drachma to £1 375 517 515 Lisbon — Escudos to £1 110 110% 110% Bucharest — Lei to £1 931.6 668 668 Rio de Janeiro — Pence to milrels 5.890 4J 4} Buenos Aires— Pence to pesos 47.22 36 36 Shanghai— Pence to tael _ 14} , 14} Montevideo — Pence to pesos — 39 9-16 39%

£1 N.Z. to Stg. £100 t.t. 124 124/10/- • • O.D. 123/10/ - 124/8/9 Australia— £ A to £100 N.Z. T.T. O.D. 101 101 100/10/Fiji— £ F to £100 N.Z. T.T. O.D. 90/7/6 90/7/6 89 89 New Tork— Dollars to S N.Z. T.T. O.D. 4.031 4.04S 3.99} 4.00 Montreal— Dollars to S K.Z. T.T. O.D. 4.03 4.041 3.99} 4.00 France— Francs to ft Hi." T.T. O.D. 60.59 61.04 59.76 59.80 Noumea— Francs to fi N.Z. T.T. O.D. 62.39 62.84 58.39 58.45 ' Papeete— Francs to fi N.Z. T.T. 62.39 58.54 O.D. 62.84 58.60 Belgium— Belgas to £ N.Z. T.T. O.D. ■ , - 23.389 23.400 Germany— Beichsmarks to £ 9.797 N.Z. T.T. — O.D. 9.802 Italy— N.Z. T.T. Lire to £ — — O.D. '; — — i Switzerland — J 12.307 12.037 Francs to £ N.Z. T.T. O.D. 12.412 12.042 Holland— 5.935 5.785 Florins to £ N.Z. T.T. O.D. 5.995 5.789 Java— ■ -■ ~ •. 5.745 Florins to £ N.Z. T.T. 5.905 O.D. 5.965 5.749 Japan— N Z. Pence to 1 17 39-64 7*c . 9 9 T.T. O.D. — 17 19-32 Shanghai— j \ N.Z Penes to 1 Dollar T.T. 17 27-64 18 51-64 O.D. 17 15-64 18 25-32 India and Ceylon— N.Z. Pence to 1 y Bupee T.T. 22 9-64 22 57-04 O.D. 22 3-64 223 Hongkong— N.Z. Fence to I Dollar T.T. 18 55-64 20 39-64 O.D. 18 49-64 20 37-64 Singapore— N.Z. Pence to 1 Dollar . • • T.T. 34 25-64 35 29-64 O.D. 34 13-64 35 7-16 Sweden— Kroner to £ N.Z. T.T. 15.785 15.490 O.D. 15.845 15.500 Norway— 15.895 Kroner to £ N.Z. T.T. 16.185 O.D. 16.245 15.905 Denmark— Kroner to fl N.Z. T.T. 18.203 17.893 . O.D. 18.263 17.903 Austria— Schillings to £ N.Z. • • T.T. — 20.73 O.D. — 20.75 Czechoslovakia Crowns to £ N.Z. T.T. — 94.82 O.D. — 94.87 All rates subject to alteration without notice.

6s. SALES ON ’CHANGE. £ 9. d. Bank of New Zealand .. 2 8 3 N.Z. Breweries 2 12 9 SALES REPORTED. National Insurance #l 0 19 7 Anthony Hordern 1 1 1 Nokomai (2) .. 0 2 6 Okarito .. .. 0 4 9 4 p.c. Stock, 1943-46 .. 102 10 0 UNLISTED STOCK. Woolworths (Sydney) 6 5 0 The following are yesterday afternoon’s buying and selling quotations, which are subject to the usual brokerages BANKING. Buyer. Seller. £ s. d. £ s, d. A’asia .... .. 12 0 0 — N.S.W. .. .. — 35 0 0 N.Z 2 8 0 2 8 3 Commercial 1 0 0 1 0 6 Natl, of N.Z. .. 3 18 0 4 0 6 Natl, of A’asia (cont.) .. .. — 7 13 0 Reserve .. .. 5 15 0 — INSURANCE. National 0 19 4 0 19 8 Standard .. .. 3 4 6 3 6 0 SHIPPING. Huddart, Parker (ord.) .. .. — 2 0 6 P. and 0. Def. Stock .. .. 1 5 6 1 7 6 U.S.S. Co, (pref.) 1 6 0 — MEAT PRESERVING. N.Z. Refrig. (cont.) .. .. 0 9 10 — South. Froz. Meat (paid) .. .. 3 18 0 — South Otago Freezing 7 10 0 — Waitaki Farmers 3 12 0 — LOAN AND AGENCY. Dalgety and Co. 9 0 0 — Goldsbrough, Mort 1 12 6 1 13 3 Mortgage Corpora0 4 tion •. .. 7 — Natl. Mortgage .. . 2 10 0 Natl. Mortgage , .1 12 0 (B Issue) — N.Z. Guarantee 0 Corp. .. ... 0 5 8 0 6 Wright, Stephenson 0 17 6 (ord.) .. .. — Wright, Stephenson 0 (pref.) .. .. — / 1 0 COAL. Kaitangata 1 2 0 — Westport .. • • 1 3 3 1 3 9 Westport-Stockton 6 (pref.) .. . — 2 WOOLLEN COMPANIES, Bruce (ord.) 0 12 0 — Bruce (pref.) 11 6 — Kaiapoi (ord.) .. 0 14 3 0 15 0 Kaiapoi (pref.) . 0 18 O' Mosgiel •. . • 10 5 0 1 — Oamaru .. • • 2 0 MISCELLANEOUS. Anthony Hordern — 1 1 3 Associated News ; 1 2 6 .2 — 6 British Tobacco 2 1 6 2 Broken Hill Propy. 2 19 6 — Broken Hill Propy. 10 6 (5s paid) .. •• 1 9 9 1 Crystal Ice . • • • 1 15 6 — Dominion Fertiliser 1 4 3 12 Dominion Rubber — 1 0 Donaghy’s Rope 2 13 0 — Dun.-Kaikorai 0 Trams 2 0 — Stock Exchange 1 19 0 Propy 2 0 0 Dunlop Perd. 0 15 Rubber .. .. 3 — G. J. Coles .. .. 3 13 0 3 14 0 Milburn Lime 2' 4 6 0 12 9 Natl. Electric — 0 Regent Theatre • • 0 19 1 1 0 Wilsons Cement 2 1 0 2 1 6 Hume Pipe 0 18 2 0 18 6 BREWERIES. N.Z. Breweries 2 12 6 2 12 10 Staples .. • • — 1 16 3 AUSTRALIAN MINING. Broken Hill South 5 15 0 — Electro. Zinc ffl 19 0 (pref.) .. .. — Electro. Zinc tfl 17 18 (ord.) 3 1 3 Mount Lyell .. 1 5 3 1 6 0 North Broken Hill 7 18 6 0 — Upper Watut 0 7 9 8 3 6 Irowat *0 3 MINING. 0 Big River — 0 2 Brian Boru .. — 11 0 0 4 Gillespie’s Beach 0 0 0 1 i Goldfields Dredg0 0 0 0 ing •• •• Lawson s Flat 3 0 0 5 5 Molyneux River 0 1 9 ’— 6 Mount David — 0 1 Nokomai 0 2 2 0 2 6 Okarito ( Skippers • • • • Waipapa Beach 0 4 0 0 6 U 2J 0 0 5 0 1 V 3 6 Waitahu — GOVERNMENT LOANS. 3J p.c. Stock, Nov., 102 10 1938-52 .. - - 0 3£ p.c. Stock, Mar., 102 10 0 1939-43 .. - - — 3i p.c. Stock. Sep., 102 10 1939-43 .. • - 0 — 3J'p.c. Stock. May, 102 10 1939-52 .. - • 0 4 p.c. Bonds, 1937101 0 0 40 — 4 p.c. Stock, 1937101 0 40 .. .i •• 0 — 4 p.c. Bonds, 1943102 0 46 .. .'s • - 0 4 p.c. Stock, 1943102 0 0 46 — 4 p.c. Bonds, 194649 ...... — 104 10 0 4 p.c. Stock, 194649 — 104 10 0 4 p.c. Stock, 1952104 10 0

Sales on ’Change Bonds —4 per cent., 194(5 .. Stock —31 per cent., 1939-43 Rural Bonds—5 per cent., 1947 Commercial Bank of Australia Commercial Bank of Australia (pref.) National Bank of New Zealand Bank of New Zealand .. .. Queensland Insurance .. .. .. South British Goldsbrough, Mort Mortgage Corporation Traders’ Finance (cout.) .. Auckland Gas (15s paid) .. Kauri Timber 102 12 6 101 10 0 103 0 0 1 0 1 9 9 0 3 18 9 2 8 3 2 7 10* 2 17 3 4 14 0 1 12 10 1 12 11 0 4 7 0 4 0 0 18 9 14 9 1 1 1 Broken Hill Proprietary .. 3 3 3 2 0 0 0 8 3 6 9 0 Claude Neon (N.Z.) Colonial Sugar (3) 2 42 1 2 15 16 fl 0 6 Farmers’ Trading (2) .. .. NZ Pniir 0 4 8 1 6 0 3 13 6 1 14 6 Wilsons Cement (2) Consolidated Brick Woolworths (N.Z.) 2 0 5 5 1 1 10 9 10 5 0 9 6 0 1 Mount Morgan (rights) .. Mount Morgan Developments Unlisted Stocks John Fuller. 6J per cent., 0 0 90 £ 4 0 9 6 0 Woolworths (Sydney) .. •• 6 , 6 5 7 0 0 WELLINGTON Sales on ’Change Inscribed Stock —4 per cent., 103 10 0 Bank of Australasia (2; late Tuesday) • • National Bank of Australasia (£5 paid) .. . . .. •• Bank of New Zealand .. .. Goldsbrough, Mort (2; late N.Z. Guarantee Corporation.. Kauri Timber ..' ... 12 10 12 10 7 12 2 8 2 7 1 13 1 13 0 5 1 4 2 2 0 0 0 0 9 0 0 10 9 0 Burns, Philp (late Tuesday) Dunlop-Perdriau (late Tues3 0 9 15 6i 91 Hume* Pipe (late Tuesday) .. 0 2 19 8 3 0 CHRISTCHURCH Sales on ’Change Commercial Bank of AustraU„ (95 . .. 1 0 2 lla v«/ • • • • • * E.S. and A. Bank .. .. .. • • National Bank of Austral1 0 6 7 0 19 4 11 1 11 9 0 Bank 1 of New South Wales 34 12 6 Bank of New Zealand (2) .. New Zealand Refrigerating (10s paid; 2) .. ; New Zealand Breweries .... 2 2 2 2 1 7 2 12 12 1 8 0 7 6 0 2 2 0 Broken Hill Proprietary .. 3 0 3 0 10 10 uonsoiiciaiea •• •• Dunlop-Perdriau Rubber (2) Electrolytic Zinc (ord., cum 0 15 1 17 5 4 Electrolytic Zinc (pref., cum 2 0 3 . 3 13 6 Hume Pipe (Auet., cum div.) 0 1 0 18 4 1 4 9 9 0 1C 4 Mount Morgan (rights) .. .. Rawang Tin (2) Sales Reported N.Z. Government 4 per cent. 0 0 0 104 10 5 9 0 2 7 1 0 Commercial Bank of Australia (pref., late sale Tues9 9 0 1 12 11 New Zealand Refrigerating i 1 0 6 Hume Pipe (Aust., cum dun) 0 18 0 18 1 5 4 5 1 Unlisted Stocks Woolworths (Sydney, ord.) . . i 1 0 6 6 6 5 4 5 5 C 5i 0 6 9 0

Copper, spot .. .. Ton. £35 10 1014 Fall £0 1 3 Copper, forward .. 30 4 414 Fall 0 1 3 Electrolytic, spot.. 40 0 0 No change Electrolytic, forward 40 10 0 No change Wire bars .. .. 40 10 0 No change Lead, spot .. .. 10 7 0 Ilisa 0 2 0 Lead, forward .. 10 10 0 Else 0 2 0 Spelter, spot .. 15 5 0 No change Spelter, forward .. 15 10 0 No change Tin. spot .. .. 208 2 6 Pall 0 17 6 Tin, forward 200 12 6 Fall 1 7 6 PlB Iron, homo trade 3 10 0 No change Pig iron, foreign 3 10 0 No change Antimony, British 72 10 0 No change Antimony, foreign 60 10 0 No change Molybdenite .. .. Unit. X 14 0 No change Wolfram .. .. 1 15 0 No change Silrer, standard .. Oz. 10 5-lGcl Fall 14 d Sllrer, fine .. .. 2114 d Rise 5 /ad

£ S. d. Commonwealth Bonds— 4 per cent., 1938 102 0 0 4 per cent., 1941 102 15 0 Commercial Bank of Australia • 1 0 6 Bank jof New South Wales.. 35 5 0 Anthony Hordern 1 1 3 (pi’cf.) 1 6 0 Associated News (pref.) .. 1 4 c British Tobacco 2 2 9 Broken Hill Proprietary .. 3 1 0 Dunlop-Perdriau 0 15 (i Goldsbrough, Mort 1 13 3 James Stedman ... 0 17 104 ADDITIONAL SALES. £ s. d. Colonial Sugar ■ 43 10 0 Commercial Banking of Kyd20 19 0 ncy E.S. and A. Bank 6 7 0 Associated News 1 3 4J (pref.) 1 4 C Automatic Totalisators 1 1 3 British Tobacco 3 0 2 15 3 Tooheys , •• 1 13 3 Drug Houses • • • • • • • • • • 1 11 Vi Dunlop Perdriau .. ...... (pref.) 0 1 15 15 0 4i Electrolytic Zinc .. . •, • • ■ ■ 1 1 18 9 0 14 Horderns • • • ■ 1 1 3 (pref.) 1 6 0 Standard Cement 1 4 0 Mount Morgan ...... •••••• 1 6 0 . (rights) 0 5 7 Mount Lyell Broken Hill Proprietary .... 1 3 6 1 14 0 (first instalment paid) i 10 Th Broken Hill South 5 18 G North Broken Hill 18 u 0 Rawang 0 9 Placer Development 5 0 0 Mineral Development 0 1 4 Tavua Development 0 3 0 MELBOURNE, February 19. Commercial Bank of Australia (pref.) 1 9 0 14 5 0 National Bank (£5 paid) .. 7 14 0 British Tobacco 2 3 0 Broken Hill Proprietary .. 3 0 1 (first instalment paid) 1 10 c Broken Hill South 5 18. 0 North Broken Hill 8 1 0 3 13 3 Zinc Corporation .. .. • • •» 3 15 9 Mount Lyell 1 1 4 0 Goldsbrough, Mort I 13 3 Dunlop Perdriau 0 15 , 6

LONDON, February 18. £ s. d. February 18 .. .. February 17 .. .. February 14 .. .. February 13 .. .. February 12 .. .. February 11 .. .. February 10 .. ..706 February 8 .. .. February 6 .. February 5 .. ..

UNION BANK OF AUSTRALIA. LIMITED. Paid-up General Net DiviCapital. Reserves. Profit. dend. February- £ £ £ p.c. 1918 .. 2.999,000 2,288.014 •180,340 14 1921 .. 2,500,000 3,020,657 616,340 15 1923 .. 8,000,000 3,439,712 552,804 15 1025 3.500,000 4.242,902 690.398 15 1927 3.600,000 4,347,039 627,420 15 1929 4,000,000 4,930.336 011,932 15 1931 .. 4,000.000 3,440,010 283,019 7 1932 4,000,000 8,440,904 100,953 4 1933 4,000,000 3.450,623 209,559 B 1934 .. 4,000,000 3,354,032 203,500 S August 311934* .. 4,000,000 3.301,031 106.999 215 1935 .. 4.000,000 3,370,010 214,986 5 * Six months’ period.

lows: — . Net Profit. Dividend. Hallo. Reserves. Hallo. £ £ U.c. £ p.c. 1028-29 .. 011,932 000.000 08.05 11,032 1.95 1920-30 .. 525,055 500,000 05.12 25,655 4.88 1930-31 .. 283,010 280.000 98.93 3,010 1.07 1031-32 .. 100,053 160,000 00.41 953 .50 1032-33 .. 209,550 200,000 05,44 0,550 4.56 1033-34 .. 203,609 200.000 08.28 3,609 1.72 1034-34* .. 100,099 100,000 03.40 0,099 0.54 1034-85 .. 214,085 200,000 03.03 14,085 0.07 "Six months’ period.

Bills Discounted, 1.0, ms, etc. Deposits. Ratio. February— £ £ P.c. 1927 29,088,979 32,545,478 80.38 1928 27,000.097 33,978,582 81.23 1029 30,454.431 35,044,350 85.44 1930 32.894.851 34.584,517 95.11 1031 30,930,304 33.184.413 93.21 1932 30.341.397 35,844.950 84.05 1033 31.942,034 35,215,930 89.83 1931 32.562.424 38,418.449 84.07 August— 1934 32.417,959 30.400.479 88.91 1933 31,472.830 33.429,240 94.15