COMMERCE AND FINANCE

Otago Daily Times, Issue 22904, 11 June 1936, Page 15

COMMERCE AND FINANCE

LOCAL AND OVERSEAS MARKETS

THE SHARE MARKET DUNEDIN STOCK EXCHANGE Bank of New Zealand shares continued to be in keen demand on the Dunedin Stock Exchange yesterday, no fewer than three parcels of shares changing hands. The prices obtained, £2 5s 4d and £2 5s 3d, were practically unchanged from Tuesday, but were easier than last week s rates. E.S. and A. Banks came into favour, two sales reported at £6 4s. The closing buying oner was 6d under this figure, with a seller at £6 ss. Nationals of New Zealand were sought at £3 10s, but sellers required 4s above this figure. National Insurances were fractionally firmer at 18s Id, but no sellers were forward. Standards had a margin of 9d, with buyers at £3 2s 3d and seders at £3 3s. An odd parcel of P. and 0. Deferred Stock changed hands at £1 3s 9d, a buyer being forward on the afternoon market at £1 3s, with sellers 3s away. Westport Coals had reported business at £1 Is 6d, but a buying oiler at £1 Is 4d failed to interest sellers, who required £1 2s 3d tor their holdings. Anthony Horderns were reported to have changed hands at 18s 74d, an unsupphed buyer at 18s 4d being forward, on the last call-over. G. J. Cole s continued to find favour with investors, a sale being reported at £3 19s Bd. The market closed with a close margin for these shares, sellers being forward at £4 and buyers at £3 19s Gd. The outstanding shares were the Broken Hill Proprietary issues, which continued their upward movement. The ordinary shares were sought at to 12s yesterday, but, although a sale was reported on Tuesday at nearly 2s below this figure, the offer brought no response from sellers. The contributing shares were sought yesterday at £2 9s, With sellers at £2 10s. On Tuesday two sales were reported after the last call at £2 7s, which shows the substantial rise the issue experienced in 24 hours. New Zealand Drugs had reported business at £4 Us 3ci, a margin of Is being shown on the closing quotations. There was a reported sale of Spencer’s Theatres—a stranger to the local market—at 6s 9d. New Zealand Breweries, which have been rising steadilv during the past few weeks, changed hands at £2 14s 3d, a seller being forward on the last call-over at 12 los, but buyers did not respond. Mount Morgans showed an improvement with buyers at 14s 6d and sellers. at 15s. and in the ordinary mining section Golden Dawns advanced 3d to 3s 3d. There was a margin of 4d between the buying and selling quotations for Nokomais, • the nguics being 2s 3d and 2s 7d. A sale was reported of 4 per cent. 1940-4 b Slock at £lO4 ss.

AUSTRALIAN MINING.

NORTHERN EXCHANGES AUCKLAND i Sales on ’Change

CHRISTCHURCH

t Odd parcel. ** Ex dividend. ++ Cum dividend. DIVIDENDS PAYABLE. The following is a list of shares on which dividends will shortly be payable:— N.Z, Breweries —half-yearly, 73 per cent, per annum, 9 3-5 d a share June 11 Bank of N.Z. —final, Is a share, or 10 per cent, per annum .. June 12 Waihi Junction—4d a share .. June 12 Perpetual Trustees —final, Is a share June 12 Broken Hill South—2s Cd a .share .. June 13 British Tobacco—lJ per cent. June 13 Oamaru Woollen Mills —halfyearly, 2J per cent., Cd a share June 15 Mortgage Corporation—43 per cent, per annum June 15 National Timber —final, 21 per cent June 15 Gisborne Gas —3d per share .. June 17 Hume Steel—half-yearly pref„ at 73 per cent, per annum .. June 20 Claude ■ Neon Lights—halfyearly,‘B per cent, per annum, 9 3-5 d a share June 21 Mount Lyell—half-yearly, 5 per cent., 6d a share June 23 Farmers’ Trading Company, Auckland—final, ord., 5 per cent June 25 Australian Glass final, 43 per cent, pref., 10 per cent. ord June 27 Morris, Hedstrom—final, 23 per cent., making 5 per cent, per annum June 30 Tooths Brewery—lo per cent., Is a share National Mortgage—s per cent. per annum July 1 Zinc Corporation—2s a share.. July 1 Bulolo—interim, 1 dollar 40 cunts •• July 2 Placer —interim, 50 cents .. .. July 2 National Bank N.Z.—final, 2 per cent., in sterling, free of tax July

NEW ZEALAND BREWERIES OUTPUT STILL BELOW NORMAL FUTILITY OF PROHIBITION POLLS (Peb United Press Association) WELLINGTON, June 10. A considerable decline in output in recent years as a result of adverse economic conditions and the burden of direct and indirect taxation were mentioned by the chairman (Mr D. W. Madden) in his address to the annual meeting of New Zealand Breweries today. “Although the improved conditions and a reduction in the excise duty assisted in regaining portion of this loss the position at the end of the year was that the company’s output is still below normal,” said the chairman. In recent years there had been an increase in the public demand for bottled beers, and this feature had been noted in other countries also. To meet this demand and ensure provision of the highest grade article the company had undertaken or had in train extensive additions to the buildings and plant at its several bottling establishments. The chairman confirmed the purchase by the company of the old-established Timaru Brewery Company, Limited. The purchase was completed a few days ago, he said, and the directors intended to continue to operate this plant and develop the business as opportunity offered.

The national licensing poll taken in November resulted in an anti-prohibition majority of 335.575 votes, Mr Madden continued. Following a succession of prohibition defeats in New Zealand and the general world-wide abandonment of prohibition wherever it has been tried this should ho a clear indication to the legislature that the public mind is definitely settled against prohibition and that it is futile and unreasonable to persevere with the triennial licensing polls. Mr E. R. Davis, M.L.C. (Auckland), Mr E. T. Chrisp (Gisborne), and Mr A. S. Duncan (Christchurch) were reelected directors.

ADDINGTON STOCK SALE (Per United Press Association) CHRISTCHURCH, June 10. Prices were well maintained in most classes of stock at the Addington market to-day. Store Sheep.—There were a smaller yarding and improved values for forward wethers and ewes. The former sold to 24s 7d, and sound-mouthed ewes to 24s Cd; f.m. to 19s; ewe lambs to 25s 9d. Fat Lambs. —There was a keen sale, with prices up to 3d above schedule rates. Fat Sheep.—A big entry of 5000 head was forward. Big wethers were slightly easier, but export ewes were firm, with other sorts unchanged. Best wethers sold from 27s to 355; good, 24s 9d to 27s Cd; medium,'22s to 23s Cd; best ewes, 22s Cd to 275; good, 20s to 225; export, 14s to 10s Cd. Fat Cattle. —There were 450 penned. Little change took place in the market. Best steers sold at from £lO to £l3; good medium-weight, £8 10s to £9 15s; ordinary, £0 to £7 10s; best heifers, £7 to £9 ss; good, £5 10s to £G 15s; best cows, £0 10s to £9; good, £5 to £0 ss. Fat Pigs.—There was no change in values. Prices for baconers were 48s 6d to £4, the average price per lb 5d to 5Jd; porkers, 28s to £2 Is Cd, average price per lb 5d to 53d; choppers, 30e to £4.

DAIRY PRODUCE The National Mortgage and Agency Company, Ltd., is in receipt of the following cablegram from London:— Butter. —Market quiet at the advance 112 s. Cheese. —Market firm; 61s 6d, 625. The South Island Dairy Association, Ltd., has received the following market report from London, dated June 10: — Butter. —Quiet, 112 s. Danish, 120 s. Cheese.—Quiet. White and coloured, 61s 6d to 625.

FOREIGN EXCHANGES

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

ANTWERP FUTURES

ON NEW ZEALAND CURRENCY BASIS The Bank of New South Wales, Dunedin, quoted the following rates for purchases and sales 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 (Peril (Peril N.Z.) N.Z.) Selling— Dols. Dols. T.T 4.04.03 O.D 4.023 4.031 Buving— O.D. .. 4.OGS 4.08

LONDON, June 0. Antwerp futures are firm. July, 27d; October, 27id; December, 27Jd.

IMPORTERS AND SHIPPERS

MONTHLY MEETING The monthly meeting of the executive of the Otago Importers' and Shippers Association was held on Tuesday evening, the chairman (Mr J. L. Gardiner) presiding. . , , A lengthy discussion took place on the present position of consignees desiring to land cargo direct into railway trucks ex a vessel discharging at Victoria wharf. It was advised that under certain circumstances the position was still somewhat obscure, and the secretary was instructed to interview the Railways Department on the matter. In regard to membership the secretary mentioned that since the last meeting another firm had decided to affiliate with the association, and he had hones of others also joining as from July 1. In regard to claims the secretary reported a very satisfactory position, three outstanding claims having been settled during the month, leaving only the subject of negotiation.

AUSTRALIAN STOCK EXCHANGES (United Press Association) (By Electric Telegraph—Copyright) SYDNEY, June 10. (Received June 10, at 11 p.m.) On the Stock Exchange leading industrial shares were firm to higher. Australian Glass continues to advance while interest in retail shares is unabated.

THE MORNING SALES.

PRICE OF FINE GOLD

LONDON FRUIT MARKET

The Otago Provincial Fruitgrowers’ Council, Ltd., advises that the High Commissioner’s report, for week ended June 6, on the London fruit market, is as follows:

Port Hunter and Hororata shipments reached London in good condition. Turakina shipment to Manchester in forward condition. Market weaker as a result of heavy Australian supplies, also on account of cool weather.

Apples.—Cos’s Orange, 12s to 16s; Granny Smith, 11s to 14s; Dougherty, 9s to 10s; Ballarat, 8s to 9s; Jonathan, Cleopatra, Dunn’s Favourite, Stumer, and Statesman, 7s to 8s 6d; Delicious, 7s to 8s; London Pippin and Lord Wolseley, 6s 6d to 7s 6d. Pears. —Winter Nclis, 9s to 11s 6d; Kciffer, 7s to Bs.

Fraser and Co., selling agents for Otago and Oamaru Egg Circles, report as under:—

Eggs; Market rates. Butter: Separator pats, 8d per lb; bulk, 9d per lb. Tallow, 17s to 18s per cwt. Pigs: Good baconweights, sld to Cd per lb; overweights, 2d to 3d; porkers, 6d per lb. Potatoes, 6s to 6s 6d per cwt. Chaff, £4 10s per ton, sacks extra, ex store. Whole fowl wheat, 5s 3d per bushel. Bulk honey, 4d to 44d per lb; 21b pottles, 10s per dozen; 101 b tins, 4s 6d to ss.

Poultry: White Leghorn hens, 3s to 4s; heavy breeds, 5s to 6s; cockerels —light 3s Od to 4s 6d, heavy 6s to 8s; roosters, Is Od to 2s; ducks, 4s to ss; ducklings, 5s to 6s; all per pair. Turkey gobblers, 8d to 9d per lb, live weight; hens, 7d to 8d per lb. We stock “ Palmer’s ” chick food, “ National ” meat meal, leg rings, Is per dozen (special quotes for quantities). We are agents for: “Champion” egg crates, “ Isco ” cod liver oil for poultry (prices on application). We are Otago agents for; “Gamble” electric incubators and “ Betteridge ” eggcleaning tables (particulars on application). Consignors, please note that all pigs and poultry must arrive not later than Wednesday morning of each week. We have a stock of poultry crates on hand for the use of our clients.

MINING NEWS

ALEXANDER MINES. LTD. The following is the report of Alexander Mines, Ltd., for the month ot "S- the battery department 370 tons of ore were crushed for 17‘20i! lOdvvt ot melted gold, and in the cyanide department 220 tons of sands were treated for 440 z 18dwt of bullion. In the concentrates roaster the zinc box was cleaned up for 440 z Bdwt of bullion. The total estimated value of the gold won is £1684. In addition, 10.2 tons of concentrates were saved, valued at £3OO. In estimating the values, gold has been taken at £7 per fine ounce.

NEVIS SLUICING CLAIMS, LTD. The following is the claim manager’s report:— . . . ~ , T « The result of the wash-up in the No. > tail race was 16J ounces. The wash seams which were shallow at the commencement of the work on this paddock have now opened out, and they are getting into deeper ground. The claim is well opened up for a favourable season. COLOMBO TEA SALE Mr L. M. Wright has received the following cabled report on the Colombo tea sale of June 9: — . , , , The market for common kinds advanced, and at close of sale prices were slightly dearer; medium and fine teas were irregular and declined about 1 per cent. Smaller sales are anticipated, next week’s quantity being 2,000,0001 b.

LONDON STOCK EXCHANGE (United Press Association) (By Electric Telegraph—Copyright) LONDON, June 9. Bulolo, 127 s Cd; Mount Lyell, 18s 44d; Dalgety 4 per cent. Debentures, £IOO 10s; British Tobacco, 32a 6d; Goldebrough, Mort, 25s 7id; Dalgety, 1455; P. and O. Deferred, 19s 6d.

FOREIGN EXCHANGE MARKET (British Official Wireless.) (United Press Association) (By Electric Telegraph—Copyright) RUGBY, June 9. On the foreign exchange market to-day there was a relapse of the French franc and renewed pressure on gold currencies generally. The nominal three months forward rate for the franc at the close was 7 per cent, discount.

DOLLAR AND FRANC

(United Press Association)

(By Electric Telegraph—Copyright) LONDON, June 9. Exchange on New York is quoted at 5.01 dollars to the £ and on Paris at 76 1-16 francs to the £.

HUME PIPE COMPANY The directors of Hume Pipe (Far East) Ltd. announce a net profit for the year ended March 31 of £14,345, and recommend the payment of a dividend at the rate of 5 per cent., payable on July 13.

DEVONPORT STEAM FERRY COMPANY (Peb United Pbess Association) AUCKLAND, June 10. Net profits £1931 higher at £19,618 are shown in the accounts of the Devouport Steam Ferry Company, Ltd., for the year ended April 30. The dividend for the year is unchanged at 5 per cent.

QUEENSLAND BREWERY To provide funds for the purchase of freehold hotels and other trading channels, the Queensland Brewery Company is offering 249,043 £1 ordinary shares on a onc-.for-two basis to existing shareholders, both ordinary and preference. Paid capital, which now comprises 199,234 5J per cent. £1 preference shares and 298,851 ordinary shares will be increased to £747. Last year the company earned 7.2 per cent, on its ordinary shares. Nominal capital will be increased to £1,000,000.

LONDON MARKETS HIGH COMMISSIONER’S REPORT. The Department of Agriculture has received the following cablegram, dated June j (1, from the High Commissioner for New j Zealand, London:— Tallow. —Market very quiet. Nominal , quotations slightly lower. Hemp.—Manila: Market quiet, but steady, with values unchanged. Sisal: j Market firm; little more active. JuneJuly shipment sold up to £27 7s fid. New Zealand: Nothing to report. Fruit.—Port Hunter and Hororata shipments reached Loudon in good condition. Turakina shipment to Manchester in forward condition. Market weaker as a result of heavy arrivals of Australian supplies and also on account of cool weather. Apples; Cox’s Orange, 12s to 10s; Granny Smith, 11s to 14s; Dougherty, 9s to 10s; Ballarat, 8s to 9s; Jonathan, Cleopatra, Dunn’s Favourite, Sturmer, and Statesman, 7« to 8s fid; Delicious, 7s to 8s; London Pippin and Lord Woleeley, 6a fid to 7s fid. Pears: Winter Nellis, 9s to 11s fid; Keiffer, 7s j to Bs. |

GOVERNMENT LIFE INSURANCE DEPARTMENT

Investment Fluctua- Adminlstiou tratlon Funds. Reserve. ’Revenue. Expenses. Doe. 31: £ £ ■ £ £ 1020 .. 5.5)2,552 288.050 730,008 03.210 1022 .. 5,022,825 288,733 778.048 88,483 1021 .. 0,448 058 202.247 854,501 05,200 1020 .. 7,020!584 200,000 051.897 00.545 1928 .. 7.582,070 209,007 1.023,757 95.745 1080 .. 8,248,847 238.881 1.114,322 03.704 1031 .. 8,508.027 270.605 1.143.730 87,002 1032 .. 8.744,549 329.274 ' 1.040,421 77,570 1033 .. 8 905.001 301.121 1.002.703 70.949 1934 .. 9,*241,704 453,843 1,100.508 83,047 1035 .. 0,578.073 401,712 1,120,549 00,583

• After deduction of land and Income tax, property expenses, and stamp duty.

The total funds have benefited by £336,009 from the 1935 business, this comparing favourably with £276,703 and £220,512 for 1934 and 1933 respectively. The upward movement of the revenue steadily continues, the increase on this occasion being £14,041. As smaller claims have been accompanied by a rise both in premium and unearned income, and the transfer to investment fluctuation reserve has been reduced by £20,000, the hißa* 2 ’- administration expenses are insufficient to bring the accession to the total tunas down to the amount of that or tne Pr prnnium a incorae, including £52,266 for annuities purchased, has risen to t On the other hand, claims (which during the previous three years had maintained a high level) have definitely fallen. Further reductions have taken place in loans released by surrender (£9j,304), surrenders (£49,645). andl bonuses, surrendered for cash (£l°,/38). Death and maturity accounted for £491,474, whi annuities absorbed £28,516. The claim group stands to premium income as

Interest, rent, and other income. have brought in a net sum of £39J,35»,0r some £SOOO above that of the previous year. Tire bulk of this .money comes from interest, the collection of which must involve a considerable expenditu of time and labour, apart altogether from the insurance business. In comparison with the other figures, liabilities are not large. . Their chief item is claims, which are being dealt with amounting to £33,214. This is a greater reduction in proportion to the total claims for the year than the difference in the aggregates would suggest. As sufficient time appears to dapse between the closing of the books and the issue of the commissioners’ report for outstanding claims to be settled, the amount may be taken to be the sum actually paid. Both premium and other deposits (£14,771) and sundry creditors I have risen, the former considerably. Disbursements outstanding in annuities and medical fees, which come to £341 and £202 respectively, bring the total 1 abilities to £52,529. The margins between assets and liabilities have been: Gross

Reserves are represented by the investment fluctuation reserve, which is up to £461,712, the amount allotted to it °u this occasion being reduced to £IO,OOO. Although the fixed section comprises a relatively small portion of the total assets, it shows a decided increase. Leasehold property is down to £104.i, but landed and house property otherwise has risen to £174,899, or by oyer £50,000. This appears a large expenditure to be incurred during 12 months for buildings alone, and may be attributed chiefly to land. This assumption is strengthened bv- the depreciation allowance of £lda-, which on the total comes approximately to 5 per cent. Properties acquired by foreclosure after their reduction at December, 1934, have increased to £43.194. Mortgages on property at £J,bib.ouo continue to represent the largest division of invested funds. Higher .by nearly £17,000, they alone show an increase as New Zealand Government securities; loans to local bodies, and loans on policies at £2,517,200, £1,249.7/8, ami £1.2.77,092 respectively are all smaller. With decreased total investments, excluding the fixed assets, the cash balance which has risen to £816,925, holds all the surplus for the past year. It may be assumed that it was not all allowed to lie there long. , ~ Premiums overdue at £OIB7 and those due at £55,123 are both slight y down. The same course has to be followed by interest, which (overdue, due, and accrued) is reduced to £39,742, £10,048, and £95 972 respectively. For the second successive year interest accrued has fallen. Sundry debtors at £1305 arc small, while £20.000 represents income tax paid in advance, which is doubtless earning interest. , , , , The actuarial investigation has revealed a surplus of accumulated funds over liabilities of £239,985, as against £220,780 a year ago. The recommendation is to distribute bonuses ranging from 40s to 25s per cent., which will absorb £217,790 and leave £22.195 to *be .carried forward.

LONDON METAL MARKET

(United Press Association) (By Electric Telegraph—Copyright) LONDON, June 5. (Received June 10, at 11.30 p.m.) The following aro the official metal quotations:— Ton.

RUGBY FOOTBALL

NAPIER-HASTINGS BEATS WAIROA (Pee United Press Association) WAIROA. June 10. The combined Napier agid Hastings team beat Wairoa by sjx points to three in a hard- game played in pouring rain.

WAIRARAPA BEATS BUSH (Peb United Pbess Association) MASTERTON, June 10. After being five points down at tha interval, the Wairarapa Rugby representatives came to light iwth a great recovery in the second spell to put on 18 points and defeat Bush by 18 points to 13 in a match this afternoon. The Bush forwards had all the better of the first spell, but Wairarapa gradually assumed control, and dominated the play for the greater part of the second session.

SALE ON ’CHANGE. d. £ s. Bank of New Zealand .. 2 5 3 SALES REPORTED, Bank o! New Zealand .. 2 2 5 5 4 3 E.S. and A. Bank (2) ... , , 6 4 0 P. and 0. Deferred Stock .. J1 3 9 6 1 1 0 18 7} G. J. Coles .. New Zealand Drug Spencer’s Theatres • N.Z. Breweries .. • *. V • 3, 19 8 4 0 6 u 0 2 14 3 4 ppr cent. Stock. 1943-46 .. 104 0 0 The following are yesterday afternoon’s buying and selling quotations, which are subject to the usual brokerage: ’ — • BANKING. Buyer. Seller, . .ya-to 1 .i'*;-;■ £ s. d. £ s. cl. N.S.W. Vi'V. 33 0 0 N 7. ,. 2 5 0 2 5 6 N.Z, (long D) 6 1 10 6 0 E.S. and A 6 3 6 £> Natl, of N.Z. 3 10 0 3 14 0 Union .. ...... — 9 15 0 ‘‘• J INSURANCE. National 0 18 1 — Standard3 2 3 3 3 0 SHIPPING. Howard Smith .. — 0 19 9 P. and 0. Def. Stk. 1 3 0 1 6 0 U.S.S. Co. (pref.) 1 5 9 — MEAT PRESERVING. N.Z. Refrig, (paid) N.Z. Rcfrig. (cont.) 0 19 0 9 0 6 South. Froz. Meat 6 (pref.) — 3 17 LOAN AND AGENCY. N.Z, Loan and M. (ord.) 30 0 0 40 0 0 N.Z. Guarantee Corporation 0 5 5 — W light, Stephenson (ord.) 0 17 0 — Wright, Stephenson 0 (pref.) — 1 0 COAL. Kaitangata .. .. — 1 4 0 Westport .. .... 1 1 4 1 2 3 Wchtport-Stockton (pref.) — 0 0 2 5 Pukemiro 1 3 — WOOLLEN COMPANIES. Kaiapoi (cont.) .. 0 6 0 — 0 Mosgiel — 9 17 MISCELLANEOUS. Anthony Hordern.. 0 18 4 — Associated News .. 1 2 3 — Broken Hill Propy. 3 12 0 — Broken Hill Propy. 0 10 (cont.) 2 9 0 Efown, Ewing (pref.) 1 2 3 42 0 Colonial Sugar — 0 D.I.C. (ord.) 0 16 0 — D.I.C. (pref. 1 3 4 — Dominion Fertiliser 1 4 6 — Dominion Fertiliser (debs.) .. .. .. 105 10 0 — 0 Dominion Rubber . 1 10 Donaghy’s Rope .. 2 11 0 — Dunedin-Kaikorai 2 1 0 2 5 0 Stock Exchange Proprietary **2 0 0 — Kauri Timber 1 3 2 — c Milburn Lime — 2 2 National Electric — 0 12 6 N.Z. Drug Co. 3 19 6 4 0 C N.Z. Newspapers.. — 2 3 0 N.Z. Paper Mills Regent Theatre .. 1 7 6 i 8 9 — i 1 0 Hume Pipe .. .. 0 19 0 0 19 10 G.. J. Coles .. . . 3 19 6 4 0 0 BREWERIES. N.Z. Breweries .. — 2 15 0

Electrolytic Zinc (ord.) 1 17 6 — Mount Lvcll .. .. ffl 4 0 1 4 6 Mount Morgan .. 0 14 0 0 15 0 Upper Watut — 0 7 6 MINING. Big River 0 1 10 0 2 1 Brian Born .. — 0 0 4 Clutha River .. 0 1 10 — Gillespie’s Beach .. 0 1 0 0 1 li Golden Dawn 0 3 3 — King Solomon .. — 0 2 6 Lawson’s Flat .... * 0 0 5 Molyneux ' River .. 0 1 8 0 2 2 Martha — 1 0 0 Mount David .. .. — 0 1 0 Nokomai 0 2 3 0 2 7 Okarito 0 3 0 0 3 9 Paddy’s Point — 0 4 0 Skippers 0 0 3 0 0 4 VVaipapa Beach .. — 0 1 2 GOVERNMENT LOANS. 34 Stock, Nov., 1938-52 102 5 0 — 3J Stock, March, , 1939-43 102 5 0 — 3i Stock, Sept., 1939-43 102 5 0 — 3J Stock, May, 1939-52 .. .. .. 102 5 0 — — 34 Stock, March, 1941-43 102 5 0 — 3J Stock, Sept., 1941-43 102 5 0 — 34 Stock, May, 1941-52 102 .5 0 — 34 Stock, Nov., $ 1941-52 102 5 0 — 4 Bonds, 1937-40 .. 102 5 0 — 4 Stock, 1937-40 .. 102 5 0 102 15 0 ,4 Bonds, 1943-46 .. 104 2 6 — 4 Stock, 1943-46 .. 104 2 6 — 4 Bonds, 1940-49 ., 104 2 6 — 4 Stock, 1952-55 ., — 106 15 0 UNLISTED STOCKS. Mackintosh Caley Phoenix .» .. .. 0 9 0 — Woolworths (Syd.) 5 5 0 5 11 0 Selfridges 1 5 0 — Shillings, Ltd. 0 11 4 0 11 8 Quartz Mountain .. 0 4 0 0 7 0

£ S. d. Stock. 15/11/38-52, 3J p.c. .. 103 0 0 Hank of New South Wales .. 32 7 G Bank of New Zealand .. .. 2 5 3 Pukemiro Collieries . • • • 1 4 10 Auckland Gas 1 5 10 P. and 0. (def. stock) .. .. 1 4 3 Dominion Breweries 1 3 9 Australian Iron and Steel 1 0 (pref.) 5 Broken Hill Pty .. .. . • S' 12 6 (2) 3 13 0 Broken Hill Pty. (cont.) .. 2 2 8 9 3 0 5 Consolidated Brick (2) ,. . • 0 10 Electrolytic Zinc 1 17 3 1 0 3 G. J. Coles 3 19 9 4 0 0 Holdens Motors (pref.) 1 3 3 Hume Pipe (Aust.) .. .. 0 19 7 Henry Jones 2 1 0 Morris, Hedstrom 1 5 6 Morts Dock 0 10 0 N.Z. Refrigerating (10s paid) 0 9 7 Northern Roller 1 5 0 Peters Ice Cream 1 5 0 Wilsons Cement .. .. •. 2 5 3 Woolworths (N.Z., pref.) .. 1 16 6 Golden Crown 0 9 6 Mount Morgan 0 14 5 Unlisted Stocks Dominion Breweries (pref.) 1 5 3 N.Z. Perpetual Forests 3 1 0 Selfridges (Aust., new issue) 1 4 0 6 0 1 5 1 5 3 Woolworths (Syd.) .. 5 9 0 5 7 6 Alluvial Holdings ..... .. 0 1 6 WELLINGTON Sales on ’Change Union Steam (pref., late 6 Tues.) vP. and 0. Deferred Stock 1 2 (late Tues.) 1 2 6 Consolidated Brick (late 10 6 Tues., 2 ) 0 Cash Orders Amalg. (late 8 Tues.) 1 0 1 8 14 Inscribed Stock, 1938-52, 3J p.c. 102 15 0 Inscribed Stock, 1937-40, 4 p.c 102 12 6 N.Z. Guarantee Corp 0 5 6 Auckland Gas 1 5 11 P. and 0. Deferred 1 3 0 Standard Insurance 3 2 6 Kaiapoi Woollen (ord.) 0 15 6 Australian Glass 4 13 0 4 12 9 Iluddart, Parker (ord., odd lot) 1 15 6 Broken Hill Pty S' 13 0 (2) 3 13 3 Broken Hill Pty. (cont.) .. 2 9 0 G. J. Coles (2) 3 19 10 Hume Pipe 0 19 6 Big River 0 1 11 Tooth and Co 2 12 0

Unlisted Stocks Woohvorths, Ltd. (2) .... 5 8 0 Selfnidge’s, Ltd. (new issue; laie Tues.) 1 3 4 Shillings Limited (2) 0 11 4

Sales on ’Change Bank of Australasia .. . . 11 14 0 National Bank of Australasia (£5 paid; 2) 7 5 0 Bank of New Zealand (cum div.; 2) o 5 3 N.Z. Refrigerating (10s paid; 3) 0 9 8 N.Z. Breweries (cum div.) . . 2 14 1 (4) O 14 0 Tooths Brewery 2 12 0 Broken Hill Pty. (3) .. .. 3 13 3 (2) 3 13 2 (5) 3 13 0 3 12 11 Broken Hill Pty. (cont.; 2) 2 10 4 2 10 5 Hume Pipe (Aust.) 0 19 7 (2) 0 19 9

Kauri Timber 1 3 6 1 3 7 Wilcox Mofflin 0 11 1 Brian Boru 0 0 3* Mount Lyell (emu div.; 2) 1 4 3 Blount Morgan 0 14 6 0 14 7 0 14 74 (4) 0 14 7 0 14 7i (2) 0 14 S Sales Reported National Insurance 0 18 o N.Z. Guarantee Corporation 0 5 G N.Z. Refrigerating (10s paid) 0 9 8 (2) 0 9 9 0 9 8 Bank of Australasia .. .. 11 13 0 Wellington Woollens (ord.; 2) G 5 0 Australian Glass (cum div.) 4 12 C Broken Hill Pty. (cont.) .. o 10 6 Electro. Zinc (ord.) i 17 4 G. J. Coles (2) 3 19 9 Unlisted Stocks Sclfridge’s (A’asia; new; 4) i 5 3 i 5 6 i 5 3 Shillings Ltd. (7e Gd paid; 2) 0 11 5 Woohvorths (Syd.; ord.; ex rights; 2) _ 5 7 6 Sales Reported N.Z. Perpetual Forests .. .. 3 0 0 Selfridge’e (A’asia; old) 1 5 6 Woohvorths (Syd.; ord.; ex rights; 2) 5 7 6 5 9 0

Paris— Par RUGBY, June 8. June 9. Juno 9. Francs to £1 124.21 ,75 51-64 76 11-64 Brussels— Belgas to £1 30 29.54 29.671 Oslo — Kroner to £1 18.180 io.ooa 19.90 Stockholm— Kroner to £1 18.130 10.39a 19.39} Copenhagen— Kroner to £1 18.150 22 22 Berlin— Marks to £1 20.34 12.40} 12.43} Montreal— Dollars to £1 4.86 2-3 5.01a 5.02J New York— Dollars to £1 4.86 2-3 4.99 13-15 5.0,1 7-16 Yokohama— Pence to yen 24.582 14 5-32 14 5-64 Hongkong— Pence to dollar ■ 24.58 13% 13% Bombay— Pence to rupee _ isa 18} Batavia— Florins to £1 12.10 7.30} 7.36} Milan— Lire to £X 82.48 63 15-10 032 Amsterdam— Guilder to £1 12.107 7.39 7.42 Prague— Kroner to £1 104} 1203 121% GenevaFrancs to £1 25.225 13.43 13.50 Vienna — Schillings to £1 .. 84.80} 262 202 Helsingfors— Marks to £1 103.23 227 227 Madrid— Pesetas to £1 25.22} 30 17-32 302 Belgrade— Dinars to £1 25,22a 220 221 Athens— Drachma to £1 .. .. 375 535 533 Lisbon— Escudos to £1 .. .. 110 110 110 Bucharest— Lei to £1 .. 931.6 077 073 Rio do Janlcro— Pence to mllrcls .. 5.890 4i a Buenos Aires— Pence to pesos 47.22 36 36 Shanghai— Pence to tael , . 14 13-32 14 13-32 Montevideo— Pence to pesos 39} 37% Warsaw— Zlotys to £1 — 26.25 20.25

£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. 90/7/0 80 O.D. 90/7/6 89 New York— Dollars to £ N.Z. T.T. 4.05J 4.013 O.D. 4.003 4.023 Montreal— Dollars to £ N.Z. T.T. 4.00% 4.02% O.D. 4.07% 1.033 Austria— Schillings to £ N.Z T.T. 20.07 O.D, — 20.99 Belgium— Belgas to £ N.Z. T.T. 23.703 O.D. — 12.714 Czechoslovakia — Crowus to £ N.Z. T.T. 90.07 O.D. — 90.72 Denmark— Kroner to £ N.Z. T.T. 18.203 17.893 O.D. 18.203 17.903 FrancoFrancs to £ N.Z. T.T. 60.92 O.D. — 00.90 Germany— Itcichsmarks to £ N.Z T.T. 9.934 O.D. — 9.939 Holland— Florins to £ N.Z. T.T. 5.913 O.D. — 5.917 Italy— Lire to £ N.Z. T.T. _ O.D. — — Java— Florins to £ N.Z. T.T. _ 5.874 O.D. — 5.878 Norway— Kronor to £ N.Z. T.T. 10.183 15.893 O.D. 10,243 15.903 Sweden— Kronor to £ N.Z. T.T. 10.785 15.490 O.D. 15.845 15.500 Switzerland— Francs to £ N.Z. T.T. 12.355 O.D. — 12.300 Noumea— Francs to £ N.Z. T.T. 59.55 O.D. 59.01 Papeete— Francs to £ N.Z. T.T. _ 59.70 O.D. — 59,76 UongkongrN.Z. Pence to 1 Dollar .. .. T.T. 18 15-32 19 31-32 O.D. 18% 19 15-10 India and Ceylon— N.Z. Ponco to 1 Rupee .. .. T.T. 22 9-64 22 57-64 O.D. 22 3-04 22% Japan— N.Z. Pence to 1 Yen .... T.T. 17 21-32 O.D. — 17 41-04 Shanghai— N.Z. Pence to 1 Dollar .. .. T.T. 17 5-32 18 17-32 O.D. 10 31-32 18 33-04 Singapore— N.Z. Pence to 1 Dollar .. .. T.T 34 27-64 35 31-64 O.D. 34 15-64 35 15-32 All rates subject to alteration without notice.

Commonwealth 'Bonds — £ 6. d. 3 p.c., 1948 .. .. .. .. 91 15 0 4 p.c., 1038 102 15 0 4 p.c., 1941 101 2 6 4 p.c., 1944 101 12 0 4 p.c., 1947 101 15 0 4 p.c., 1953 102 6 3 4 p.c., 1957 100 17 G Bank of New South Wales 32 12 G Tooths 2 12 3 Anthony Iloi'dcru 0 18 104 Australian Glass 4 13 G Broken Hill Proprietary 3 14 0 Broken Hill Proprietary (new) 2 12 0 Colonial Sugar 41 17 6 Dunlops 0 17 G Howard Smith 0 19 14 Lustre 1 5 104 Meggitt’s 1 7 0 ADDITIONAL SALES. Bank of New South Wales .. 32 12 0 Commercial Bank of Australia 0 19 7 Bank of Australasia 12 0 0 Associated News 1 2 3 Associated News (pref.) 1 2 9 British Tobacco 2 i 0 Tooths Toohevs 2 12 3 i 11 0 G. J. Coles 4 0 0 Australian Iron and Steel (pref.) 1 5 G Australian Glass 4 13 3 Dunlop Perdriau 0 17 9 Goldsbrough, Mort 1 12 G Henry Jones 2 1 0 David Jones 2 7 0 Anthony Hordern 0 18 9 Anthony Hordern (pref.) 1 3 3 General Industries 0 19 G General Industries (pref.) .. 1 4 0 Australasian Paper 1 15 0 Beard, Watson 0 18 0 Hume Pipe 1 0 3 Cash Orders 1 7 0 Sargents 1 G 3 Mcpgitts 1 7 0 Gordon and Gotch .. .. 2 10 G Claude Neon . o 10 9 Kicbardson and Wrench i 10 0 W. R. Carpenter 2 3 0 Lustre 1 5 10J Mount Morgan .. .• ... 0 14 11 Broken Hill Proprietary 3 13 3 Broken Hill Ptv. (new issue) 2 10 9 South Broken Hill 5 12 G North Broken Hill 8 4 6 Rawang 0 8 9 Korocre 0 5 MELBOURNE, June 10. National Bank (£5 paid) 7 C 0 E.S. and A. Bank .. .. fi 5 0 Australian Glass 4 13 0 British Tobacco o 1 3 Amalgamated Zinc .. •• 0 8 10 Howard Smith 0 19 3 Electrolytic Zinc 1 18 0 Mount Lydl 1 4 44 Emperor 0 13 3 Loloma 0 18 3

(United Press Association) (Bv Electric Telegraph—Copyright) LONDON. June 9. £ 8. d. Juno 9 .. *. 0 19 0 June S .. C 19 4 •Tune 6 .. 0 18 9 June 4 .. .. .. C 18 3J June 3 C 18 10 June 2 .. 6 19 21 May 20 .. 6 19 35 May 28 .. G 19 0 May 27 .. 6 19 7 May 20 .. 6 19 8

follows: — Claims, Premium Ratio etc. Income. £ £ p.c. 1920 .. 450,011 ■ 400,706 97.67 1022 .. .. 403.904 . 483,734 102.11 1924 .. .. 531,021 522,741 101.70 1026 •• .. 543,172 580.123 03.63 1928 • • .. 039.258 020,350 102.00 1930 •• 073.235 075,350 09.09 1931 .. .. 070,540 080,440 99.87 1932 .. 1933 .. .. 720,080 .. 703.004 650,009 079*224 100.85 103.05 1934 •. .. 715,500 710,954 100.64 1935 .. .. 075,070 721,211 03.09

Assets. Liabilities. Surplus. Doc. 31; 1928 £ .. 7,850,231 £ 40 471 £ 7,803.700 1930 .. 8.558.503 51.062 8.500,001 1931 .. 8.012,858 50.004 8,802,704 1932 .. 0.152,271 50 800 0.101,381 1933 .. 0.442.343 55>0T 9.380.030 1934 .. 0,708,750 53,737 9.715,022 1935 .. 10,107.731 52.250 10,055,472

Copper, spot.. .. .. £3G 5 746 No change Copper, forward.. .. 30 11 10 Mi No change Electrolytic, spot .. .. 40 10 0 Rise £0 7 « Electrolytic, forward .. 40 12 6 No change 40 12 6 No change Lead, spot .. 15 10 0 Rise 0 3 S Lead, forward »• •• 15 10 0 Rise 0 1 3 Spoiler, spot ,>. >• 14 2 C Fall 0 2 G Spelter, forward .< >• 14 7 6 Fall 0 1 3 Tin, spot .. ... •• 184 15 0 FaU 3 2 0 Tin, forward »• •• 182 10 0 FaU 3 3 9 BUrer. standard ... •• SUrcr, fine Oz. 19%d 21 7-16d FaU S-16d FaU S-lOd