COMMERCE AND FINANCE

Otago Daily Times, Issue 22894, 30 May 1936, Page 10

COMMERCE AND FINANCE

LOCAL AND OVERSEAS MARKETS

THE SHARE MARKET DUNEDIN STOCK EXCHANGE The following is a list of the husiuess transacted on the Durtcdm Stock Lx change during the past week; g

P4.ST WEEK REVIEWED. The markets generally have been quiet on the Dunedin Stock Exchange during the past «fiek, and very few sales nave been recorded on 'Change. Investors still appear to be awaiting the Governments legislation before placing their capital in shares. There was little variation. in values during the period under review, and most issues were fairly firm on recent quotations. BANKING. Thera was exceptionally little interest dtaplayed in banking issues, and few buyers were forward on the week 9 markets. Off ’Change, however, four sales were recorded. New South Wales changed hands at £32 17s 6d, the closing selling quotation of £33 5s being practically on a par with last 'week’s figures. Three sales of Bank of New Zealands were reported ’at prices varying from £2 Sa 6d to £2 Os. These prices show an improvement of about 6(1 over last week’s values, when a qale was recorded at £2 Bg 3d. Other issues were almost completely neglected by buyers. INSURANCE. National Insurances showed a fall during the week, as, after being sold at 18s early in the period,, they changed hands yesterday at 17s 9Jd: New Zealands improved from £3 to £3 2s during the week, compared with a sale at £3 Is last week. • > SHIPPING. ‘ waa a slight improvement In Howard Smiths during the period under review,.. .East week those shares changed hands at 17s 3d and 17s sd, but business was reported during the past few days at 17* 6d, buyer* being forward on Thursday at 17a lOd, with sellers 8d away. P. and O. Deferred Stock had business at £1 3s Bd, which is ’practically on a par with recent figure*. Union Steams were the ■ubject of business at £1 6a 9d. the market closing with-Buyers at £1 6s 6d and sellers at. £1 7s, which is a slight fall on the pHcea ruling a fortnight ago. ** ’V MEAT PRESERVING. A fair volume of business was recorded In the meat preserving section. Gear Meats, after being sought at £1 for some time past, changed hands at this figure yesterday. .Contributing New Zealand Rcfriaeratingg, which early in the week were Sold at 9s, improved again yesterday, when business was reported at 0s 2d. Two parcels of, contributing Southland Frozen Meats changed hands'at £1 18s Od, Which shows little change bn recent quotations. r : loan and agency. t • • With the exception of Mortgage Corporations, no business.was recorded in the loan and agency section.. Mortgage Corporations improved during the ‘■week, a Sale being reported late on Wednesday at 10s 6d. The issue, however, has been removed from the list as no transfers bearing a date after May 27 will be regisInterest in coal mining shares has waned considerably. . Westports, ex dividend,' fell slightly to a selling quotation of £l2s yesterday, a sale being reported at £1 2s Bd, cum dividend, on Monday last.

No buyers were forward for Kaitangatas, which were in good demand a few weeks ago. WOOLLENS.

Only one sale was reported in woollen company shares, that of a parcel of Mosgiels at £9 15s, although buyers were forward for most issues at late rates. MISCELLANEOUS.

Considerable interest was again displayed in the miscellaneous issues, Australian shares being particularly sought after, Dunlop Perdriau Rubbers changed hands at 17s 6d, which is a. slight improvement on the prices ruling a week ago. G. J. Coles again proved popular with investors, two sales being recorded at. £3 18s fid and one at £3 18s 9d, compared with a sale at £3 17s 6d in the previous week. With an improved halfyearly dividend of 5 per cent, compared with the preceding one of 2i per cent., Dunedin Stock Exchange Proprietaries showed a slight advance, a sale Doing recorded at £2. Last wfeek these shares were sought at £1 18s fid. Hume Pipes appreciated noticeably- in value, sales being reported at 19s lOd and 19s. Two sales were also recorded of Placer Developments at £5 16s 6d and £5 18s fid, but the issue was not quoted on the callsover. Otago Daily Times changed hands at the steady figure of £2 10s. New Zealand Drugs improved in value by about Is during the week, sales being recorded at £4. New Zealand Newspapers, for the first time for a considerable, period, had business at £2 3s Cd, cum dividend. Smith and Smiths, after an absence irom the market for a while, changed hands at £1 Is 3d. a buyer being forward yesterday at £l. Wilsons Cement showed a rise in value, a sale being reported at £2 7s ijd. Yesterday, however, they receded again, and could be bought at £2 6s fid, no buyers being forward. BREWERIES. New Zealands were the only-brewery shares to interest investors. This issue, which showed a steady improvement, had considerable business, five parcels changing hands at prices varying from £2 13s to £2 13s 9d. Last week these shares were dealt in at £2 13s 3d. AUSTRALIAN MINING. Mount Lyell shares were in keen demand on the w'eek’s call-ovhrs, the best price obtained being £1 4s Bd, but yesterday a parcel changed hands at £1 4s 6d, which is practically on a par with last week’s values. Mount Morgans, which last Friday were sought at 15s 3d, had fallen away to 14s yesterday. Early in the week sales were recorded at 16s 4d, but business was reported on Thursday at 14s 6d. MINING. - There was little change in values in New Zealand mining shares. Business, was reported in Brian Borua at 3Jd, in Gillespie’s Beach at Is 2Jd, and in Paddy’s Point at 3s 6d. The interest in Nokomais subsided during tjip iyeek, and. whereas considerable business was recorded in this issue last week at 2s fid. the best buying offer during the past few (lays was 2a. GOVERNMENT LOANS. Values were firm on late rates in all Government loans, buyers being forward for practically all issues. UNLISTED STOCKS. Sydney Woolworths again came into prominence during the week. On Tuesday they were sought at £9 15s, but yesterday (ex rights) they were sold from £5 5s to £5 10s, which constitutes a rise about £1 a share. Shillings were ‘slightly easier, being offered yesterday at 9s lid. SALES REPORTED.

The following are yesterday afternoon’s buying and selling quotations, which are subject to the usual broker-

#* Ex dividend, ft Cum dividend. DIVIDENDS PAYABLE. The following is a list of shares on which dividends will shortly he payable:— 1 Dunedin Stock Exchange Proprietary—ls a share, final .. May Henry J ones Co-op.—s pgr cent., 9d a share, interim .. June 1 Regent Theatre —4 4-5 d a share, final .. June 2 Trustees, Executors — a share, final Jane 10 Broken Hill. South—2s fid a share, quarterly Juue 13 Oamaru Woollen—fid a share, interim .. .. June 15 Mount Lyell—fid a ehare, interim June 22 N.Z. Breweries—9 3-5 d a share June North Broken Hill Propy.—2» fid a share and is bonus, final June 26 Australian Glass' (pref.), 10 4-5 d a share, final .. .. June Australian Glass (ord.) —2e a share, final .. June National Mortgage and Agency Company—£2 shares. Is a share, interim; £1 shares, Cd a share, interim July 1 National Bank of N.Z. —Is a share, final July NORTHERN EXCHANGES AUCKLAND Sales on ’Change

NORTHERN STEAMSHIP COMPANY NET PROFIT OF £5064 (Per United Press Association) AUCKLAND, May 29. Expressing disappointment at not being able to recommend the payment of a dividend the chairman of directors of the Northern Steamship Company, Mr Ernest Davis, said at the annual meeting to-day that the cheerful outlook apparent at the beginning of the year had not continued so far as the company was concerned. The net profit for the year totalled £5064. The directors considered, with an eye to the future, that the policy should be one of prudence and therefore the profits had been transferred to the depreciation account. WHEAT. FLOUR. ETC. (United Press Association) . (By Electric Telegraph—Copyright) LONDON, May 28. Wheat: Cargoes steadier, parcels dearer. Futures: —London: May, 26s Id; November, 25s lid. Liverpool: May, 5s 6|d; July, 5s 7Jd; October, 5s 6Jd; December, 5s 52d. The spot trade is easier. Australian (ex ship), 30s. Flour: Quiet. Australian (ex store), 22s to 22s 6d. Chicago futures: July, 84J cents per bushel; September, S4i; December, 852. • NATIONAL BANK DIVIDEND (United Press Association) (By Electric Telegraph—Copyright’ LONDON, May 28. The National Bank of New Zealand’s final dividend is at the rate of 4 per cent, per annum. BRADFORD TOPS MARKET (United Press Association f (By Electric Telegraph—Copyright) LONDON, May 28. Bradford Tops.—Merinos: 70’«, 34jd lb; 04’a 32Ad; GO’s, 31Ad, Crossbreds: 58’s. 254(1; 50’s, 21d; ,60’s, 16Jd; 46’s, 14id; 44’s, l3Ad. The market is fairly steady and business small. Topmakers occasionally are accepting a shade less than recent quotations, owing to the prolonged quietness. Yarns are steady. DOLLAR AND FRANC (United Press Association) (By Electric Telegraph—Copyright) LONDON, May 28. Exchange on New York is quoted at 4.982 dollars to the £ and on Paris at 752 francs to the £. BALCLUTHA STOCK SALE (Special to Daily Times) BALCLUTHA, May 29. There was a good yarding of fat sheep numbering 870 at the weekly sale to-day and 703* store sheep. Values were well maintained. Fat wethers sold at 22s to 295; butchers’ eyes (heavy), 17s to 21s; freezing ewes, 11s to 14s 6d; fat lambs (best), 22s 6d to 24s 9d; lighter lambs, 17s 6d to 19s 9d. Store Sheep.—Ewe lambs, 20s to 235; wether lambs, 14s to 16s; full and faii-ing-mouth ewes, 12s to 15s; poor sorts, 6a to 9s; forward wethers, 21s 6d to 24s 4d. Cattle. —Fat heifers, £4 5s to £5; fat cows, £2 10s to £4 15s; fat bullocks, £6 7s 6d to £7 10s; well-bred Hereford calve*; (weaners), heifers, £2; steers, £3; forward bullocks, £3 16s. Pigs.—A good yarding of young pigs met with a keen demand. Small suckers s«ld at from 6s to 12s according to quality; better grown, 14s to 15s; slips, 19s to 20s 6d.

DUNEDIN MARKETS WHEAT, OATS. ETC. Samples of milling wheat have been on offer during the week. Those are from lines threshed out of the stack, and in most cases the quality is of milling standard. Sales have been made for Juno delivery, the advanced prices for that month being 4s 7d for Tuscan, 4s 9d for Hunters, and 4s lid for Velvet, growers’ nearest port. So far as the Otago district la concerned it is not expected that there will be much more wheat available, as most of the lines have now boon placed with millers. The fowl wheat market remains steady. There Is a fair quantity in the stores, the wholesale price for which is 4s Od, sacks extra, ex the stores. North Island merchants are drawing their supplies from Canterbury, where the quotations are unchanged on a basis of 4s sd, f.0.b., sacks extra. Flour.—2oo’s, £l3 12s; 100’s, £l4 12s Od; 50’s, £l4 17« Od; 25’s, £ls 7s Od.

Bran, £5 5s per ton. Pollard, £7 5s per ton. Oatmeal. —2001 b sacks, £l9; 25 s, £2l. Few samples of oats are offering from the country. None are on offer from the districts surrounding Dunedin, but occasional lines are coming forward from the Tapanui district. Higher prices are being paid for these, as they are required for seed purposes. An occasional inquiry for oats is being received from the North Island, but the prices submitted nro too low to interest local merchants, as they are unable to purchase in the country to sell at below 3s Id, f.0.b., s.i., for A Cartons, and 2s lOd for B’s. These prices are now being asked for June delivery. Millers have purchased their requirements in the meantime, and are not showing much interest in the market. No change has taken place in the chaff market during the week. Supplies are still arriving from Canterbury. The best quality is worth £4 10s per ton wholesale, ex truck, sacks extra. Only an occasional line is being placed, most of the business being in email lots, ex the stores. Business in potatoes is quiet. The North Island is still over-supplied, and until the stocks in Auckland have been worked off it is expected that the market will remain quiet. Shipping values have eased in Canterbury, where it is difficult now to obtain £6, f.0.b., s.i., for fair average quality whites. So far as local conditions are concerned, most of the supplies from the country have been absorbed, but there are fair supplies in the stores. Sales of Arran Chiefs are hard to effect at £5 10s per ton, sacks included, ex the truck. King Edwards, where not seriously affected by blight, arc worth higher prices. All the seed markets remain quiet, with little business passing. Ordinary ryegrass is neglected, the demand being confined to certified lines, stocks of which appear to be on the short side. There is also a tendency on the part of farmers, when serving, to use the certified ryegrass seed. This reacts on the price of ordinary ryegrass. The cocksfoot market is unchanged, and it is not anticipated that there will be business in this variety until the spring. The white clover market is steady, but values have not altered. There is not nearly the same quantity of this seed available, as compared with last season, but the carry-over, with this season’s crop, should prove sufficient to meet requirements. Cowgrass is neglected. Here again there wms a substantial carry-over, and merchants are not showing much interest in the new season’s crop. Brown top is also neglected, but sales have been made at reduced prices. Merchants, however, are not prepared to operate in this seed until they receive orders from overseas. The dogstail market remains quiet, with values unchanged. Wholesale prices are as follower— Chaff.—Good, bright oaten sheaf, £5 per ton, ex store. Potatoes, £ls 10s per ton, ex truck, for Arran Chiefs; King Edwards, to £6. Dairy Butter.—Milled bulk, to 9d per. lb: separator, to Od. Supplies wanted. Bacon, Hid per lb. Ham.—Ordinary, Is 2d per lb; boneless. Is 4d. Eggs.—Stamped. 2s per dozen; case, Is lid. Onions.—Canterbury, 8s per cwt. FRUIT REPORT. The first shipment of Island oranges for the season arrived during the week, transhipped at Wellington. The condition of the fruit was poor, and the oranges had to be repacked before selling. It is estimated that the losses would easily be up to 50 per cent. The first shipment of South Australian oranges will not arrive until the end of next month, and in the meantime the market will have to depend on Island oranges, as only a small quantity of Californian Valencias came forward by the mail steamer. The first shipment of Poonhan oranges for the season has arrived from the North Island. A small lot of Rarotongan bananas has reached the market. New Zealand lemons have a better demand. Ihe crop of hothouse tomatoes is arriving in small lots from Christchurch and local hothouses. Choice quality dessert pears meet a fairly good sale. There,is a better demand for choice quality dessert apples. Inferior grade are still in fairly good supply, with low prices ruling. The keeping quality of the apples is not so good as in other years, and there is a likelihood that supplies may be short before long. Small quantities of grapes, mostly Gros Colraars, are still on offer. Cabbages are in over supply. Carrots are scarce and the market could do with larger supplies. Parsnips, leeks, and celery arc in good supply. Other vegetables are in full supply. Wholesale prices are as follows: Apples.—Jonathans, 5s to 7a per case; Delicious, 5s to 6s fid per case; Sturmera, 5s fid to 8s; cookers, 4s to 6s. Tomatoes. —Local hothouse, la to Is 2d; Christchurch hothouse, 8d to Is. Lemons.—New Zealand-grown. 15s to 18s per case; Californian, to 52s per case. Pears. —Dessert, 3s to 4s per case; cookers, 2s fid. Grapes, Is to Is 6d per lb; Gros Colmar, 2s Od per lb. Bananas. —Ripe, to 22s fid per case. Oranges.—Californian Valencias, 42s fid per case; Island repacked, to 20s. Queensland pipeapples, to 21s per case. Cauliflowers.—Choice, 4s to 5s per sack; others. Is to 2s. Cabbages, Is fid to 2s per sack. Carrots, 2s fid per sugar bag. Peas, lid to 3d per lb. Rhubarb, to 2Jd per lb. Potatoes, 6s to 7s per cwt. Leeks, to 4d per bunch. Celery, fid to 8d per bunch. Kumeras. —Island, to 2Jd per lb. Swedes, to la 3d per sugar bag. Pumpkins, to 8s per cwt. Beetroot, Is per dozen bunches. Jam melons, 8s to 10s per cwt. Lettuce, Is to Is 6d per dozen. Marrows, 6s to 8s per cwt. DAIRY PRODUCE (United Press Association) (By Electric Telegraph—Copyright) LONDON, May 28. Blitter is firm. Danish, 108 s; choicest salted New Zealand, 102 s; Australian, 100 s and 101 s; unsalted, little available, nominally the same. Cheese is steady. New Zealand white, 58s; coloured, 50s; Australian white, 565; coloured, 54s fid. The National Mortgage and Agency Company, Ltd., is in receipt of the following cablegram from London; — Butter. —Market firm; New Zealand first, 101 s, 102 s; New Zealand finest, 100 s, 101 s; Danish. 108 s; Danish, f.0.b., 88s; Australian, 100 s, 101 s. Cheese. —Market steady; New Zealand wnite, 57s fid, 58s; New Zealand coloured, ofis 56s fid. , _ _, , Messrs A. S. Paterson and Co., Ltd., are in receipt of the following cabled advice from London:— _ , . Butter.—Market firm; New Zealand. I03s; Australian, 101 s; Danish, 90s; landed cost, Ills- ... Cheese. —Market firm; white cheese, oßs 0d; coloured, 56s fid. MELBOURNE MARKETS (United Press Association) (By Electric Telegraph—Copyright) MELBOURNE, May 29. Wheat, 3s BJd. Flour, £9 2s fid. Bran, £6 10s. Pollard, £0 15s. Oats, 2s 5d to 2s fid. Barley, 2« 9d to 2s 10d. Maize, 5b 3d to 5s 4d. Potatoes, £7 to £7 10s. Onions, £9 7s Od to £0 10s^

FOREIGN EXCHANGES

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

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 arc subject to alteration! without notice. U.S.A. Canada (Per £1 (Per £1 _ N.Z.) N.Z.) Selling— Dole. Dole. T.T. .. .. .. 4.00 f 4.00 J O.D. .. .. .. 4.00 J. 4.012 Buying— O.D 4.05 g 4.05 J LONDON STOCK EXCHANGE 'United Press Association! (By Electric Telegraph—Copyright) LONDON. May 28. . The following are the latest quotations of Government securities compared with the prices ruling last wetk:—

BANK OF ENGLAND RETURN (United Press Association) (By Electric Telegraph—Copyright) LONDON, May 28. The following is the Bank of England return: ISSUE DEPARTMENT. Note issue in circulation .. £420.100,000 Bank department .. .. .. 40,300,000 Government securities •• 247,000,000 Other securities 300,000 Silver coin 800,000,000 BANKING DEPARTMENT. Best. 3,300,000 Public deposits 10.800,000 Bankers’ deposits 78,300.000 Other accounts 30,700.000 Government securities .. 91,800,000 Discount and advances .. 0,700,000 Other securities 12,000,000 Notes in reserve 41,200,000 Rate of reserve to liabilities is 30.57 per cent. Bank of England discount rate remains unchanged at 2 per cent, BEET SUGAR (United Press Association) (By Electric Telegraph—Copyright) LONDON, May 28. Boot sugar, 4s 91d.

LONDON METAL MARKET (United Press Association) (By Electric Telegraph—Copyright) LONDON. May 28. (Received May 29. at 11.S0 p.m.) The (allowing are the official metal quotations:—

CUNARD-WHITE STAR LINE OPERATING LOSS REDUCED. The report of the Cunard Steam Ship Company for 1935 is of particular interest, since it is accompanied by the results of the first full year’s working of the Cunarcl-White Star Company operating the Atlantic services. For the full year gross revenue amounted to £5,956,929, eopi pared with £3,306,756 .for the period from June 20 to December 31, 1934. Expenditure under all headings was on a considerably lower scale, amounting to £5.984.595, against a total of £3,706,753 for the previous six months. The operating loss has therefore been reduced from £399,997 for the second half of 1934 to £27.666. The report refers to a definite improvement in passenger movements in the Atlantic services, and that increased traffic contributed to the improved results. It may be assumed, therefore, that seasonal factors in the first half of last year were responsible for the lack of comparative gross revenue expansion. After provision for depreciation of plant, fees and interest o n £750,000 first debenture stock (issue to provide for part of the working capital) the debit balance for 1935 amounts to £61,769, compared with £408,090 at the end of 1934. This small operating loss is a favourable portent, but at present it is no bigger than a man’s hand. No depreciation has been charged on the fleet, shown in the books as £18,114,783. This figure includes the cost of the Queen Mary. The net loss on sales of ships of £1,416,940 has been provided from share premiums account, which from the first has been a purely pro forma reserve. The Cunard Steam Ship Company, which owns 62 per cent, of the share capital of Cunard-White Star, and controlling interests in Thomas and John Brocklebank and Anchor Line (Henderson Brothers), reports a net revenue of £25,535, slightly higher than the 1934 figure before crediting reclaimed income tax. The results make no provision for (he losses experienced by Cunard-White Star. Slight improvement is reported from the Mediterranean cargo service, despite the effect of sanctions, and in the LivorpoolHavre trade. Lack of balanced cargoes, despite the increased outward trade on the Commonwealth and Dominion Line services, has left the position of the company broadly unchanged. Investors will conclude that 1935 was a year of very modest improvement, which gives little promise, at this stage, of satisfactory earnings. The entrance of the Queen Mary into regular service is not, in itself, a clear investment pointer, and at 99A the 5 per cent, debenture stock of Cunard Steam Ship is at least fairly valued.

PRICE OF FINE GOLD (United Press Association) (By Electric Telegraph—Copyright) LONDON, May 28.

NEW ZEALAND WOOL CHEQUE LARGER QUANTITY SOLD. The fact that the New Zealand wool cheque for the past season was approximately £9,750,000, a» compared with £4,500,001) in the previous season, was liable to convey a wrong impression to the public, said Mr W. H. Nicholson, secretary of the Canterbury Sheepowners* Union. It was not generally realised, he said, that the price for wool this season worked out on the average per lb at 9.1 d, whereas for the previous season it was 6.49 d. Although the wool cheque had apparently doubled, it did not mean that the price of wool had doubled, as the figures per pound would show. A great deal of the previous season’s wool had been held over. Taking an average over the seven years from the 1921-22 to 1928-29 seasons, fhe price per lb was 14.76 d, while for the next seven-year period it was 7.4 d. That included the year 1935-36. This season, in comparison with the previous one, 30 per cent, more wool had been sold, whicn accounted for the substantial rise in the wool cheque. The number of bales sold would give the true position. They were: Year. Bales. 1935-36 737,454 1934-35 471,000 1933-34 .. .. .. .. 633,653 More wool had been sold in the past season than for 15 years previously. The 1933-34 sales came nearest to the 1935-30 figures in that period. It was interesting to note that the price per bale this year was £l3 6s lOd, whereas last year it was £9 6s Bd.

Bank of New Zealand •• f }g 2 2 17 5 6 5 0 0 0 9 Notional Insurance •• 0 18 0 17 0 9i Howard Smith . . 0 17 6 8 9 0 0 2 P. and 0. Deferred StocK i 6 0 9 9 U,8.S. Co. (pre|.; 3) tfl Gear Meat •• •• N.Z. Refrigerating (cont.) 0 0 Southland Froren Meat 18 10, 6 6 8 0 6 6 9 (cont.; 2) ;• Mortgage Corporation 0 Westport Coal ■ Moeaiel Woollens . ■' •• 9 15 0 17 3 18 3 18 Dunlop Perdriau Rubber •• G. J, Coles (2) - '•* * Dunedin Stock Exchange Propy. •• *• Hume pipe • • *• •* •* t+2 0 0 19 O’19 0 10 0 Piacdr Development ;■ •• 5 10 5 18 6 6 Otago ‘ Daily Times if- .. 2 10 0 0 6 N.Z. Drug (2) .. N.Z, Newspapers ... * * t+2 ,3 Smith and Smith : • • •• • • Wilsons Cement • • • • +t2 13 t+2 13 N.Z. Breweries 5 v-.-, ■■ ■ (3) ++2 13 9 Mount Dyell. • • ' 1 1 1 4 4 4 8 6 6 Mount Mors an } * # 0 0 16 15 4 2 (2) 0 15 0 0 14 6 Brian Born 0 ■0 2i w Beach. • • 0 6 0 Paddsjs Point * * 102 10 s| vl Stock:' 1030-43 . • 102 17 6 4 p.C. Stock, 1952-55 100 1U 0 UNLISTED STOCKS. Shillings. Ltd 0 10 0 0 9 10 Woolworths (8yd.; ex rights) 5 fi 5 R 0 0 5 10 0

£ fl. d. Bank of New Zealand .. .. 2 5 9 National Insurance .. .. 0 A7 Si Gear Meat 1 0 0 U.S.S. Co. (pref.) ttl 6 9 N.Z. Refrigerating (cont.) .. 0 0 2 G. J. Coles 3 18 9 Hume Pipe 0 10 0 Smith and Smith .. .. .. 1 1 3 Mount Lyell . , •. .. . i I 4 6 Brian Boru .. ... 0 0 3i SALES REPORTED AFTER LAST CALL. U.S.8. Co. (pref.) ttl 6 0 Mount Lyell .. .... .. ttl 4 5 N.Z, Breweries .. .. t+2 13 9 ENLISTEE STOCKS. Woolwortha (Syd.; eX i'ipthte) B S 5 8 6 10 0 0

age:— ■ RANKING. Buyef. Seller. ■;.! 1 ■' * a :'y £ 8,d. £ B. d. N.S.W. ' I —V 33 6 0 N.Z. ... - —3* 2 6 0 Commercial :~r* 0 10 2 Natl, of N.Z. — t+s 14 0 Union .... — 9 16 0 INSURANCE. National .. 0 17 8 New Zealand 3 2 0 Standard — 3 3 3 SHIPPING. Howard Smith .. — 0 19 3 U.S.8. Co. (pref.) 1 6 6 1 7 0 MEAT PRESERVING. N.Z. Refi-ig. (paid) .. .. 0 19 3 — N.Z-Refrig. (cont.) .. .. 0 9 1 0 9 3 South, Froz. Meat ’ (cont.) .. — 1 18 9 South Otago Freezing — '8 0 0 Waitaki Farmers 3 10 0 4 6 0 LOAN AND AGENCY. N.Z. Loan and M. (ord.) .. .. 30 0 0 40 fll 0 N.Z. Guarantee Corp. .. .. ° 0 5 3 0 5 7 Trustees, Executors 3 12 0 — Wright. Stephenson (pref.) .. .. — 1 0 0 COAL. Kaitangata — 1 4 6 Westport — **! 2 0 . WOOLLEN COMPANIES. Bruce (ord.) — 0 14 0 Bruce (pref.) — 1 4 0 Kaiapoi (pref.) .. ■HO 18 0 — Oamaru tfl 0 0 — Wellington (ord.) 6 4 0 — MISCELLANEOUS. Anthony Hordern 0 18 4 0 19 0 Associated News 1 2 0 — Australian Glass .. — tf4 10 6 Broken Hill Propy. — 3 5 0 Brokejj Hill Propy. (cont.) .. .- 2 0 0 — Brown, Ewing (pref.) .. .. 1 2 0 — Colonial Sugar .. 40 10 0 42 0 0 D.I.C. (ord.) 0 16 0 — D.I.C. (pref.) 1 3 3 1 3 9 Dominion Fertiliser **1 4 6 1 5 6 Dominion Fertiliser (debs.; 105 10 0 -— 0 Dominion Rubber — 1 8 Do.naghy’s Rope 2 11 0 — Stock Exchange ff 2 0 0 $ Propy — Milburn Lime — 2 2 6 M‘Leod Bros.. (rights) .. .. 15 0 0 0 — 6 Natl. Electric — 12 N.Z. Drug Co. .. 3 19 6 4 0 9 N.Z. Paper Mills — 1 10 • 0 Regent Theatre .. — tfl 1 0 Smith and Smith 1 0 0 — 6 Wilsons Cement .. — 0 o 6 Woolworths (ord.) a o — Hume Pipe 0 18 10 — BREAVERIES. N.Z. Breweries •• H2 13 0 2 14 0 AUSTRALIAN MINING. Electro. Zinc (ord.) .. •• 1 17 0 — 8 Mount Lyell tfl 4 5 1 4 Mount Morgan . 0 14 0 0 14 9 MINING. Big River 0 1 9 0 2 2 Brian Bo.ru 0 0 21 0 0 4 Clutha River 0 2 0 — Gillespie’s Beach 0 1 1 0 1 3 Kildare — 0 2 9 King Solomon 0 2 3 — Lawson’s Flat 0 0 14 — Molyneux River .. 0 2 0 — 0 Mount David — 0 1 Nokomai 0 2 0 0 2 8 Okarito . • . • 0 3 0 0 4 0 Paddy’s Point — 0 4 0 Sandhills — 0 0 7 Skippers 0 0 21 0 0 3 Wainapa Beach 0 0 11 0 1 3 Waitabu •• •• 0 2 3 0 2 8

GOYEENMENT LOANS, 34 p.c. Stock, Nov., 1933-52 . .. 102 0 0 — 3i p.c. Stock, Mar, 1939-43 . ..102 0 0 — 3i p.c. Stock, Sep., 1939-43 . ..102 0 0 — 3i p.c. Stock, May, 1939-52 . ..102 0 0 — 3J p.c. Stock, Mar, 1941-43 . ..102 0 0 • 3J p.c. Stock, Sep., 1941-43 . ..102 0 \) — 3J p.c. Stock. May, 1941-52 . .. 102 0 0 — 3§ p.c. Stock, Nov., 1941-52 . ..102 0 0 — 4 p.c. Bomls, 103740 .. . . ..102 10 0 — 4 p.o. Stock, 103740 ... 102 5 0 — 4 p.c. Bonds, 104346 . ..104 0 0 — 4 p.c. Stock, 104346 . ..104 0 0 — 4 p.c. Bonds, 194649 .. . . ..104 10 0 — 4 p.c. Stock, 194649 . ..104 10 0 105 0 0 4 p.c. Bonds, 195255 . ..106 5 0 — - 4 p.c. Stock, 195255 .. . .. 106 5 0 — UNLISTED STOCKS. Wool worths (Syd., ex rights) .. 5 8 0 5 11 0 Shillings, Ltd. .. 0 9 7 0 9 11 Associated Motorists Petrol (pref.) .. 1 7 0 — Were’s Trust .. 0 5 6 —

1 s. d. Stock. 1949, 4 p.c Auckland Harbour Board, 104 7 6 1963, 4i p.c Amalgamated Brick (Auck.), 1944, 1\ p.c 1,07 10 0 100 10 0 Commercial Bank of Australia 0 19 0 Bank of New South Wales .. 32 10 0 National Insurance 0 17 9 Queensland Insurance .. .. 3 3 0 South British 4 10 0 Dominion Investments .. .. 2 0 0 Goldsbrough, Mort Henown Coal (pref.) .. .. 1 12 0 0 2 10

£ s. d. Devonport Ferry 1 1 9 Australian Glas 4 9 6 British Tobacco 2 1 6 Broken Hill Proprietary 3 3 4 4 6 3 Colonial Sugar 41 7 0 • Consolidated Brick 0 10 1 Dunlop Perdriau 0 17 9 0 17 8 G. J. Colea (2) .. .. .. .. 3 18 9 Milne and Choyce (deb. stock) 0 15 6 N.Z. Newspapers 2 3 0 Sanford 0 3 0 Wilsons Cement 2 5 3 Woodworth’s (N.Z.) 8 ' l i 6 Talisman Dubbo 0 10 9 Mount Morgan (2) 0 14 0 14 3 0 Unlisted Stocks Selfridges (Aust.; old issue) 0 19 6 Woolworth’s (Sydney) .. .. 5 5 4 4 0 3 WELLINGTON Sales on ’Change Bank of New Zealand ■ • • ■ 2 6 6 (D Mort.) 1 9 0 Wellington Gas (2) 2 1 0 N.Z. Breweries 2 13 9 Australian Glass (2) 4 10 0 4 9 9 British Tobacco 2 1 6 Broken Hill Pty. (2) 3 4 6 (new issue; 2) 0 6 Burns, Philp 3 11 0 Consolidated Brick (2) .. .. 0 10 1 D.I.C. (pref.) 1 3 4J G. J. Coles 3 18 9 3 18 6 Howard Smith .. 0 18 9 Taranaki Oil 0 1 3 Wilsons Gement 2 ,5 6 Mount Lyell (2) 1 4 0 Mount Morgan 0 14 5 4 0 14 4* 0 14 7 Unlisted Stocks Woolworth’s (Sydney) .. .. 5 2 6 5 3 6 (late Thursday) 5 3 9 Rotary Ivnitt Weave .. .. 4 10 0 Selfridges A’aaia 1 0 4 Woolworths (West Aust.) .. 4 16 10 0 o Shillings 0 9 11 CHRISTCHURCH Sales on ’Change United Building Society (2) 1 1 6 Kaiapoi Woollen (prof.) 0 18 8 N.Z. Breweries 2 13 6 Australian Glass (cum div.) 4 10 0 British Tobacco 2 1 6 Broken Hill Ppty 3 4 0 Broken Hill Prpty. (cent.) .. 2 0 6 Consolidated Brick 0 10 0 Dominion Builders’ Supplies (2) 0 0 1 Dunlop Rubber 0 17 7 • (2) 0 17 8 (2) 0 17 7 (3) 0 17 8 Electrolytic Zinc (pref.; 3) .. 1 19 19 4 3 6. J. Coles 3 18 10 3 18 9 Woolworths (N.Z.; ord.) .. 8 5 0 Alexander Mines (15s paid).. 0 14 0 0 1 6 Brian Born 0 0 3i Golden Point .. 0 0 1 Lawson’s Flat 0 0 2i Skippers (2) . .. .. 0 0 22 Mount Lyell (cum div.) .... 1 4 8 Mount Morgan (2) .. .... 0 14 3 (3) 0 14 6 Sales Reported N.Z. Insurance (2) 3 3 2 0 3 N.Z. Refrigerating (10s pd.) 0 9 3 N.Z. Breweries (cum div.) .. 2 13 6 Broken Hill Prpty 3 4 6 Broken Hill Prpty. (cont.) .. 2 0 6 G. J. Coles 3 18 6 N.Z. Newspapers (ex div.; 2) 2 3 0 Woolworths (N.Z.; ord.) .. 8 8 2 7 0 Q Woolworths (Sydney; second pref.) i 8 0 Brian Born 0 0 3i Unlisted Stocks Woolworths (Sydney; ord.; ex rights) 5 5 4 5 0 0 (2) 5 7 8 (2) 5 8 0 5 7 6 6 11 0 5 12 0 5 12 3 Sales Reported Woolworths (Sydney; ord.; ex rights) 5 5 9 10 0 0 Woolworths (West Aust.; ex rights; 3) 5 0 0

RUGBY, May 28. Paris— Par May 27. May 28. Francs to £1 124.21 75 43-64 75 53-64 Brussels— Belgas to £1 30 29.47} 29.53 Oslo— Kroner to £1 18.180 19.901 19.901 Stockholm — Kroner to £1 18.130 19.391 19.39} Copenhagen— 22 22 Kroner to £1 18.150 Berlin — 12.41 Marks to £1 20.34 12.38 4.991 Dollars to £1 4.86 2-3 4.99% New York— 4.991 Dollars to £1 4.86 2-3 4.98 J Yokohama— 14 3-32 Pence to yen 24.582 14 3-32 Hongkong— Pence to dollar 24.58 15 9-16 15 9-16 Bombay— 185 IS} Pence to rupee — Batavia— 7.33} Florins to £1 12.10 7.331 Milan— 63% Lire to £1 82.40 633 Amsterdam— 7.371 7,33} Guilder to £1 12.107 Prague— 1201 Kroner to £1 104J 120| Geneva — 15.45} Francs to £1 25.221 15.42} Vienna — Schillings to * 20| £1 .. .. 84.865 20} Helsingfors— 227 227 Marks to £1 193.23 Madrid— 86 19-32 Pesetas to £1 25.225 36 17-32 Belgrade— 217 217 Dinars to £1 25.22} Athens— Drachma to £1 .. .. 375 528 629 Lisbon— Escudos to £1 .. .. 110 110 no Bucharest— Let to £1 .. 031.8 074 074 Uto do Janlcro— Pence to mllrcls .. 5.890 41 4} Buenos Aires— Pence to pesos 47.22 36 36 Shanghai— Ponce to tael — 14 7-16 14 7-16 Montevideo — Pence to pesos — 38% 38} Warsaw— Zlotys to £1 — 26,25 26.25 ON NEW ZEALAND CURRENCY BASIS The Bank of New South Wales, Dunedin, quoted the following rates for purchases and sale of foreign exchange yesterday London— Buying. Selling. £1 N.Z. to £100 stg T.T. 124 124/10/O.D. 123/10/124/8/9 Australia— £ A to £100 N.Z. T.T. 101 100/10/O.D. 101 100/10/FIJI— .£ F to £100 N.Z. T.T. 90/7/6 89 O.D. 00/7/6 89 New York— Dollars to £ N.Z. T.T. 4.04 4.003 ' O.D. 4.051 4.005 Montreal— Dollars to £ N.Z. T.T. 4.043 4.00% O.D. 4.053 4.01% Austria— Schillings to fl N.Z T.T. —- 20.88 O.D, — 20.90 Belgium— Belgas to £ N.Z. T.T, — 23.591 O.D. — 23.602 Czechoslovakia — Crowns to- fi N.Z. T.T. — 95.54 / O.D. — 05.59 Denmark— Kroner to fl N.Z, T.T. 18.203 17.893 O.D. 18.263 17.903 France— Francs to £ N.Z. T.T. 60.64 O.D. _ 60.68 Germany— Reichsmarks to fl N.Z T.T. — 9.902 O.D, — 9.907 Holland— Florins to £ N.Z. T.T. 5.892 O.D. 5.896 Italy— Lire to fi N.Z. T.T. — O.D. — Java— Florins to £ N.Z. T.T. 5.850 O.D. 5.854 Norway— Kroner to £ N.Z. T.T. 16,183 15.893 O.D. 16.243 15.903 Sweden— Kroner to £ N.Z. T.T. 15.782 15.487 O.D. 15.842 15.497 Switzerland— Francs to £ N.Z. T.T. 12.319 O.D. 12.324 Noumea— Francs to £ N.Z. T.T. 69.27 O.D. 59.33 Papeete— Francs to £ N.Z. T.T. 59.42 O.D. 59.48 Hongkong— N.Z. Pence to 1 Dollar .. .. T.T. 18g 20% O.D. IS 17-32 20 3-32 India and Ceylon— N.Z. Pence to 1 Rupee T.T. 22 9-64 22 57-64 O.D. Japan— 22 3-64 22% N.Z. Pence to 1 Yen .... T.T. 17 47-84 O.D. 17 23-32 Shanghai— N.Z. Pence to 1 Dollar ., .. T.T. 17 5-32 18 17-32 O.D. 16 81-32 18 33-64 Singapore— N.Z. Pence to X Dollar ., ,, X.X. 34 27-64 35 31-84 O.D. 84 15-64 35 15-32 All rates subject to alteration without notice.

Last week. This week. £ s. d. £ 8. d. Consols 85 5 0 84 10 0 Fundlns Loan. 4 p.c„ 1960-00 117 5 0 116 15 0 Assented War Loan .. .. 105 15 0 105 10 0 Conversion Loan. 3’,i p.c. .. 107 10 0 100 15 0 Victory Bonds. 4 p.c, (eidlv.) 115 15 0 114 15 0 C’wcaltll, B P.C.. 1045-75 .. 112 5 0 111 18 9 C’wealth. 3 Vi P.C., 1036-37 .. 104 2 0 101 8 9 C'wcalth. 4 p.o., 1043-48 .. 102 1 3 — C’weallh. 3% P.c., 1948-53 .. 102 15 0 102 12 0 C'wealth, 3% P.c.. 105C-C1 .. 09 2 0 08 10 3 N.S.W., 3% p.o.. 1030-50 .. 101 7 6 101 0 3' N.3.W., 4 Vi p.c.. 1035-45 .. 102 5 0 102 6 3 Victoria. 3 p.c.. 1029-40 .. 90 5 0 09 5 0 Victoria, 4% p.c.. 1940-60 .. 107 2 6 106 18 9 Victoria, 5 p.c.. 1045-73 .. 111 IS 0 111 10 0 Queensland, 3 p.c., 1022-47 .. 90 3 0 90 0 0 Queensland. 5 p.c., 1940-G0 ,, 103 fi 3 108 5 0 S.A., 3 p.c., 1916 (opt.) 89 10 0 80 10 0 S.A.. 5 P.O., 1945-76 .. .. 112 0 0 111 13 0 W.A., 4 P.c., 1042-62 .. .. 103 15 0 103 7 6 Tasmania, 3 p.c., 1920-40 .. 103 17 6 104 .0 0 Tasmania, 4 p.c., 1940-50 .. 103 0 0 103 10 0 New Zealand. 416 p.c., 1948-55 109 5 0 109 0 0 New Zealand. 3% p.o., 1940 104 3 9 104 7 0 New Zealand, 6 p.c., 1036-51 101 1 3 101 2 G New Zealand, 3 p.c., 1945 .. 102 15 0 102 13 1)

Ton. Copper, spot .. .. £3(1 10 7% Fall £0 2 0 Copper, forward .. •• 30 15 7W Fall 0 2 8 Electrolytic, spot .. .. 40 10 0 Fall 0 6 0 Electrolytic, forward .. 41 0 0 Fall 0 6 0 Wire bars •• •• *. 41 0 0 Fall 0 5 0 Lead, spot .. .. •• 15 8 9 Fall 0 2 6 Lead, forward .. .. 15 10 0 Fall 0 2 0 Spelter, spot .. .. 14 7 0 Fall 0 i 3 Spelter, forward .. .. 14 11 3 Fall 0 i 3 Tin. apot 108 7 0 Fall 2 17 6 Tin. forward .. 193 18 Oz. 9 FaU 2 8 9 Sllrer, standard .. .. Silver, tine 19 15-10d 21Hd 1 1 3-10d 3-10d

£ s. d. May 28 . .. 6 19 6 May. 27 May 26 May 25 . .. 6 19 7 May 21 . .. 6 19 114 May 20 . .. . May 19 May 18 May 16 May 14 ...703