COMMERCE AND FINANCE

Otago Daily Times, Issue 22907, 15 June 1936, Page 14

COMMERCE AND FINANCE

LOCAL AND OVERSEAS MARKETS

FOREIGN EXCHANGES (British Official Wireless.) (United Press Association) (By Electric Telegraph—Copyright) BUGBY, June 12.

THE SHARE MARKET DUNEDIN STOCK EXCHANGE Bank of New Zealands were ottered ex dividend at £2 4s Gd on the Dunedin Stock Exchange on Saturday morning, but no buyers were forward. National Insurances were sought at 18s 2d, a further ris* on late rates, and sellers held out for 18a sd. A eale was reported after the call-over at 18s 4d. Both Broken Hill Proprietary issues were again in good demand, and following the call business was reported in each issue. Dunlop Perdriau Rubbers were the subject of reported business at 17e 10cl, a closing buyer at 17s 9d being unsupplied. A sale was reported late on Friday of Wilsons Cements at £2 ss, a parcel offered at Cd above that figure on Saturday morning failing to interest investors. The only other sale to be reported on 'Change was one of Tooths Breweries at £2 12s 3d, a parcel being offered on call at Gd above that figure. New Zealand Breweries were fractionally easier, with a seller at £2 13s 3d, but buyers displayed no interest in the issue. There was a good inquiry for Government securities, but no business was transacted.

NORTHERN EXCHANGES

RECIPROCAL TRADE

BRITAIN AND AMERICA

Placer —interim, 50 cents .. .. July 2 National Bauk N.Z. —final, 2 per cent., in sterling, free of tax July

DOLLAR AND FRANC (United Press Association) (By Electric Telegraph—Copyright) LONDON, June 12. Exchange on New York ia quoted nt 5.03 dollars to the £, and on Paris at 76 13-32 francs to the t.

DAIRY PRODUCE (Pea United I'skbs Associatioh) WELLINGTON, June 13. The Dairy Board has fixed prices on the basis of butter 13'Jd and cheese 6]d. equivalent to 100 s lid and 55s 4d, c.i.i'.c.

The New Zealand Loan and Mercantile Agency Company, Ltd., Dunedin., has received the following advice from London: —New Zealand choicest salted butter, Ills per cwt; market steady. Cheese: White, 61s to 62a per cwt; coloured. Cls to 62s per cwt; market steady. The South Island Dairy Association, Ltd., has received the following market report from London:—Butter: Quiet; Ills; Daniuh, 118 s. Cheese: Quiet; White, 60s to 61s; coloured, Gis.

With a view to negotiating a reciprocal trade treaty between the United States and Great Britain, the State Department in America has been engaged in preliminary djscussions with. Sir Ronald Lindsay, the British Ambassador at Washington, and experts of the British Embassy, according to the Daily Mail. The Trade Agreements Division of the State Department has already concluded an exhaustive study of all commodities and .tariffs involved in Anglo-American commerce, and it is stated that a similar purvey is now being conducted on the British side. It is understood that ns soon ns this is completed Mr Cordell Hull, the Secretary of State, in accordance with the terms of the Trade Agreements Act, will make a public announcement of his intention to open formal negotiations, so that interested parties in the United States may have ample time to submit compwhensive data to the department. A basic question from the American point of view is declared to be the acceptance by both sides cjf the principle of equalitv of treatment. Besides being the largest purchaser of United States goods. Britain, it is observed, has Emnirn preferential agreements with her dominions and colonies, which are of great importance to American trade.

LONDON MEAT MARKET

(United Press Association) (By Electric Telegraph—Copyright) LONDON, June 13. (Received June 14, at 7 p.m.)

MINING NEWS

LONDON METAL MARKET

(United Press Association) (By Electric Telegraph—Copyright;

LONDON. June IX (Ilecelred June 11, at 11 p.m.)

The Bank of New Zealand has received the following advice from its London office under date the 12th inst:—There is a better inquiry for wethers, and for ewes there is a little better demand. There is a fair demand for lambs, and it is thought prices will remain steady at present quotations. Wethers, light, 4jd to 5d per lb; heavy, 3|d to 4d. Ewes, 3Jd to 4id. Lambs, twos, 7id to 7|d; eights, Ggd to 6Jd; fours. 6jjd to 6Jd; seconds, Cfd to 7d.

MORRIS HEDSTROM, LTD. Xet profits over £BOOO higher at £53.512 are shown in the accounts of Morris Hedstrom, Ltd., Fiji, for the year ended March 31. The amount written off for depreciation has been increased by £3OOO to £20,922, this sum being used largely in writing down the value of assets in copra districts. The year's ordinary dividend is unchanged at 5 per cent. This absorbs £20.021, and the preference dividend requires £13,152, leaving £54,764 to be carried forward, against £40,425 brought into the accounts. Sir Maynard Hedstrom. ehairnian of directors, states: "Notwithstanding the increased profits the directors considered it wiser to strengthen the financial position of the company rather than increase the dividend. The prospects for the current year are satisfactory—good crops of sugar and copra are assured, and substantial amounts are being expendc/1 in the development of the gold mining areas."

CANTERBURY WHEAT YIELD RECORD THRESHING RETURNS. Commenting on the wheat threshing returns for the period January-April, a Christchurch merchant said that, to the best of his recollection, the Canterbury average of 40.15 bushels an acre was a provincial record, and that the Dominion average of 38.86 bushels an acre was certainly a record. Progress returns for the season's threshing were published by the Government Statistician recently. These showed the Dominion total to be 5,914,005 bushels of wheat from 152,192 acres. "These figures leave about 88,000 acres to be threshed." the merchant added. "Even allowing-for a portion of this area being damaged and some of it lost, there will be a surplus of wheat this year. As far as the averages go they may be brought down by the final figures. But it certainly seems that the yield for the Dominion will equal 9,000.000 bushels." This year's figures are greatly in advance of those for the corresponding period last year. In 1935 the total for the threshing was almost 1,000.000 bushels fewer, and the average of 27.09 bushels an acre was over 11 bushels under the average for 1936.

LONDON MARKETS

(United Press Association)

GILLESPIE'S BEACH DREDGE The secretaries of the Gillespie's Beach Gold Dredging Company, Ltd.. report that the dredge is still eloped down for its annual overhaul. MAORI GULLY RETURN The return of the Maori Gully dredge was 14oz 3dwt for 134 hours' work. ARGO DREDGE RETURN The master of the Argo dredge reports a return of 520 z from 9000 yards for 90 hours' work. BRITISH TREASURY BILLS (British Official Wireless ) United Press Association) (By Electric Telegraph—Copyright) RUGBY, June 12. (Received June 14, at 5.5 p.m.) The'total amount applied for in tenders for £50,000,000 Treasury bills was £72,755,000. The average rate per cent, for bills for three months was 18a 1.04 d, against 14s 7d a week ago.

(By Electric Telegraph—Copyright) LONDON, June 13. (Received June 14, at 9 p.m.) Friday's closing prices were as fol- ° Cotton: Spot, 6.82 d; July, 6.32 d. Rubber: Para, 9Jd; plantation smoked, 7gd. Jute: May-June, £l7 ss. Copra: June-July South Sea, £l2; smoked, £ll 10s; plantation Rabaul, iU. Linseed oil, £27 ss. Turpentine, 39s 3d.

BROKEN HILL SHARES .MARKED RISE SHOWN. END OF FINANCIAL YEAR. A marked rise in the value of Broken Hill Proprietary shares has been a feature of Stock Exchange business in the past few days, although (the New Zealand Herald says) values have shown an upward tendency for some weeks. The company has expanded rapidly in recent years, and the plant is now one of the most comprehensive in the British Empire. Particularly in the past year there has been intensive development of allied activities. The acquiring recently of the ordinary shares in Australian Iron and Steel. Ltd., gave the Broken Hill Company practical control of the Australian iron and steel industry, either directly or through its subsidiaries. The company's year ended on May 31, and preliminary profit figures will be announced early in August. The output of both pig iron and steel at the Newcastle works of the company exceeded 600.000 tons in the 52 weeks ended May 10. The -following table shows the remarkable increase in production since 1932, and sets out the accompanying growth of profite:— Pig iron. Steel ingots. Profits. 52 Weeks. Tons. Tons. £ 1932 .. 149,000 171,000 103,700 1933 .. 259,000 292.000 313,000 1934 .. 341,000 370,000 427,600 1935 ~ 507.000 517.000 670.400 1930 .. 003,000 622,000

Selling prices have been lowered from time to time, and it ie impossible to estimate the profit for the past year.

TAX LIABILITY RECENT BONUS ISSUES. The public revenue and the Unemployment Fund will benefit from bonuses declared by two Auckland companies recently to an extent which would not have been possible before the passing of the Land and Income Tax Amendment Act, 1935. This amendment (the New Zealand Herald says) provided that, dividends from companies should includo the paid-up value of any shares allotted to the extent that the paid-up value represented capitalisation of profits, also credit given in the direction of increasing the amount paid up on shares. Oue of the companies, Wilson Cement, has declared a bonus dividend of 50 per cent. As this is a dividend pure and simple there is no question that it has to be returned for the purpose of assessing the rate of income tax, and unemployment tax of 8d in the pound will have to be paid on it. However, the bonus shares of £25,000 being distributed by Bycrofts. Ltd.. would probably have been exempt for both purposes, but for the 1935 legislation. As it is, its treatment for income tax and unemployment tax purposes will be the same 38 in the cement bonus dividend.

FRUIT AND PRODUCE WORLD Reilly'a report selling:— Per .Dozen. —Caubuge, lo 3d to 2a. Cauliflowers, 2s to os. Cucumbers, 8s to 14a. -Carrots, Is. Beet, la. Lettuce: Ctioicc, Is to 2s (id. Lggs: Poultry Keepera', Is lUd to 2a; storekeepers, Is Sd to Is 10ci; preserved in Oil. Mutton birds, Ss OU. ejection honey, Si. I'leesias, 12s. Chrysantnemums: Large, 2s to Js. Lueu. —JYuupsacK (sprayer, £4 !««*• Champion egg dales, 24 Uozeu, 17s Gd. Calnorniau lemons, oito. Grapefruit, 38s. Valencias, to arrive. Ripe bananas, 2\)n. Puna, 2is. Apples: (Jieopulra, Us ; to Jonatnau, 5s to 7s; Denaous, 5s to Ss; Stunners, us to Us; Stukoinau, 5s to 7s; Kome JJeauty, Os to 7s; Lord Wolseieys, lis; cooking apples, 4s Od to lis. Pears: V\ inter Cole, In to Us; Nells, to Us; cooking pears, 5b to tis. New Zealand lemons, 14s to 18s. Marmaiaue oranges, lZs to 14s. Pur Halt-ease.—Pears: Winter Cole, 3s to 4s 0d; Nelie, 3s to 4s Od; P. Barry pears, 4s to 4s 6d. Passion fruit, Pifl (wantedJ. Cape gooseberries, 5s Od to 0s od. Per Pound.—Local tomatoes: lursts, le to Is id; seconds, lid; Christchurch hothouse, 7*d to lOd. Kumeras, 2AJ. Artichokes, "id. Eschallute, 2d. Walnuts, Od. Tea: Orange Pekoe, 2s Gd. Butter: Storekeepers', lud. Bacon: Prime, lid. Bacon ami porker pigs, 0d; overweight, 3d. Bulk honey, to 4ju. Beeswax, Is 3d. Per Cwt. —Canterbury onions, la to Bs. Oyster grit, Cs Od. Woodwool, 20s. Potatoes, 0s to 7s. Marrows, 7s. Pumpkins, Bs. Jam melons, 12s to 14s. Seed potatoes: Jersey Bennea, 14h. (Jlive oil, 12s gallon. Giraffe lime sulphur, barrels Is 0d gallon. Semcsan and Grauouau: 2oz, 2s 3d; lib, Bs. Bed Rose nicotine sulphate: 10lb, 42s 6d; 21b, 10s Od; lib, 6s 0d; Jib, 4s. Patent codlin moth tree bands, 200 ft lengths, 17s 6d. \rsenate of lead naste, 9d to Is 3d; powder, Is to Is 6d. Red oil, 5a 6d. French Bordeaux, Is Id. Fowl wheat, 5s Gd. Partridge peas, 6 S Od. Maize, Bs. OaU: A Gartons, 2s 9d- B, 2s- 6d. Crushed oats, 9s 6d. X Keys meatmeal, 15s. Buttermilk powder, 3Jd. Bran, £5 sa. Chaff, b.cs., £4 10s. Pol'ard, £7 ss. Per Pair.— Poultry: 91 cockerels at 2s to 8s 4d, 205 hens at 2s 2d to 5a 4d, 2 bantams at Is, 28 drakes at 3s to 5s Bd, 25 pullets at 3s 6d to 6s per pair; 19 gobblers at 9d to 9Jd per lb. REILLY'S CENTRAL PRODUCE MART, LTD., Moray place, Dunedin, CI.

MERCHANDISE MARKET

THE APPLE MARKET

(United Press Association)

BANKING INQUIRY

STABILITY OF EXCHANGE,

VIEW OF MR A. C. DAVIDSON.

IMPERIAL CHEMICALS

The cheese market continues very firm, and supplier are difficult to obtain. The Waitaki, which arrived last week from Melbourne, brought supplies of Mildura sultanas, currants, and lexias, Australian peaches, vermicelli, and macaroni, and a considerable quantity of tea, transhipped ex steamer frr.m Colombo. The Huntingdon, due on Juno 25, will land supplies of carbonate of soda, caustic soda, Brown and lolson's starch, M'CHnton's and Crossfield's soaps, etc. The Kent and the Norfolk have brought a considerable quantity of merchandise. Included in the former vessel's cargo are Morton's and Crosse and Blackwells goods. Tarragon vinegar, and Egyptian lentils. The lentils show merchants a considerably increased landed cost. A good demand has set in for honey, and it is reported that some packers have alreadv Bold their outputs. A parcel of Siam rice was land»u ex the Karetu from Sydney. An advance is recorded in the price of K and Oak octagon quarts of tomato StUICC. A new packing of Desert Gold fine-cut tobacco has made itR appearance >n flat tins. The price of Desert Gold 2oz tmR has been reduced, and this packing w now to be retailed at 1e Cd. Ham twine recently landed shows merchants an increased cost. The Waipiata is the ntxt vesse. to arrive with a cargo of sugar. Supplies of tinned peas are getting into short compaes in merchants hands, and there appear e a prospect that supplies will have to be drawn from America. Porrort brand eucalyptus shows an ln.rreased cost, and is now quoted at 12s per dozen bottles.

AUSTRALIAN STOCK EXCHANGES

(United Press Association) (By Electric Telegraph—Copyright) SYDNEY, June 13. (Received June 14, at 5.5 p.m.) £ 8. d.

(By Electric Telegraph—Copyright) LONDON, June 13, (Received June 14, at 9 p.m.) Apples are easier. Australian Jonathans. Ca to 8s; Cleopatras, 5s Od to 7s 6d; Cox's, 10s to 245; Sturmers, 6s to 9s. Pears are in good demand. New Zealand, ex Rangitata—Nclis, 9s to 12s. Australian Coles, 10s to 12s 6d; Nelis, 10s to 14s.

An interesting discussion on speculation in exchange took place at the banking inquiry in Sydney while evidence was being given bv Mr A. C. Davidson, general manager of the Bank of New South Wales. L .. . Mr Davidson denied a statement that the Bank of New South Wales received directions as to its policy entirely from London. "We direct London," he said. _ A member of the commission: There ia no bankin« organisation in London that directs you at all? Witness: No, there is no one who could direct us. In answer to the chairman, Mr Justice Napier, Mr Davidson said that speculation in exchange could always be detected within limits. In ordinary times there was no speculation at all. The chairman: Do you think speculation in exchange should be permitted? Witness: I do not think it should be forbidden. I think it is a thing you could not police if there was such a regulation. , , ~, ,■. The chairman: I cannot help thinking that speculation in exchange is almost trading with the enemy in time of war, as an act which is inconsistent with the interests of the country in which one livesWitness: In some circumstances it might possibly become so, but in ordinary conditions it cannot possibly arise. The speculator would only be knocking his head against tho wall. We have built up a very excellent exchange system. The speculator cannot possibly get hold of the situation, and must stand the risk of getting his fingers burned if he tries. I am not at all afraid of speculation in exchange.. ..,.,. ~ " Stability, but not rigidity, in the exchange rate is very desirable," said Mr Davidson. "Australia being an exporter mainly of primary products, the proceeds of its exports become available to enter the exchange market in a limited period of the year. Were the exchange rate not managed in order to eliminate the effect of such seasonal influences, there would be violent fluctuations each year. Obviously, not only importers and exporters, but every section of the community would find violent fluctuations within short periods very disturbing. ' " Since the end of 1930 there has been only one change smaller than 4 per cent., and a variation of this magnitude can be rather disturbing. Once v Australia again gets used to thinking of changes as involving 1 per cent, or less, as before the depression, this nervousness will disappear. There is no reason why the authority regulating the exchange should not foresee the necessity for changes euffi-i cientTy far ahead to step the rate up or down'by easy stages, so as to avoid the shocks given by sharper fluctuations.

FAIRYMEAD SUGAR COMPANY BONUS SHARE ISSUE OF ONE FOR TWO. Directors of the Fairymead Sugar Company, Ltd.. propose to capitalise £132.501* of reserves by the issue to shareholders of bonus shares in the proportion of one for everv two now held. It will be necessary to increase the nominal capital, and shareholders will be asked to approve of an increase from £300,000 to £500,000. The bonus issue will increase the issued capital to £397,500, and it is proposed to hold the remaining 102,500 shares available to ejjable an amalgamation with allied interests which the directors consider would work advantageously in conjunction with the company's present operations. For the year ended December 31 last the company made a net profit of £29,857. compared with £29,706 the previous year. A dividend of 10 per cent., an unchanged rate, requires £26,500. and £3500 is transferred to reserve, leaving £313 to be carried forward, against £456 brought forward. The directors state that the growing season was good, and the improvements to the mill plant enabled a record crop to be handled expeditiously. Unfortunately, a greater proportion than usual of the manufactured sugar had to be sold overseas at the very low prices operating. The outlook for tlie present season is above average, but much depends on the over-' seas nrice of raw sugar. Depreciation to the extent of £20.002 has been provided for on mill machinery, railways, rolling stock and other plant. The directors add that increasing the ismied capital to £397,500 will make it more nearlv reflect the real value of the company's working awets. which from its inception have been shown to have been ncnuired at a ficrure below their true value.

IMPROVED EXPORT TRADE. Owing to the widespread activities of Imp*rial Chemical Industries, Ltd., the references made by the chairman (Sir Harry M'Gowan) to the position of the overseas markets are generally of interest. Speaking at the annual meeting m London recently. Sir Harry said that, compared with the previous year, the volume of British export trade to overseas markets had shown a general and steady expansion, and reflected the slow but widespread improvement in world economic conditions. Innumerable currency and exchange regulations were etui a deterrent to full recovery, but their effect had been to some extent mitigated bv various clearing and payment agreements which, though still hampering free commercial intercourse, did in most cases

afford a prospect of shippers of goods being paid for them without indefinite delay. . . " Economical nationalism is still persistent throughout the world, for not only has it sprung from political conditions, but it will remain so as long as political conditions continue to be unsatisfactory, said Sir Harry. "There seems little likelihood of any disappearance of this feature. The company is regrettably * forced to follow its tendencies by adopting a policy of entering upon the establishment of local factories wherever the demand in a country is sufficiently large to make the establishment of an enterprise there economically sound. By this policy we combine manufacture on the spot with some share in the remaining import trade. . "As the local market grows imports tend to decrease. In consequence we gradually face a reduction of manufacture at home. While this is to be regretted, no alternative presents itself. . Sir Harry said that in Australia there had been a marked improvement during 1935. This had been general throughout the Commonwealth, and it was still continuing. In New Zealand the rate of improvement had been rather less marked, but the Dominion had also benefited irom enhanced prices of primary products, ana sales of the company's goods had been well maintained.

Paris— Par June 11. June 12. Francs to £1 134.21 76 17-64 76 27-32 Brussels— Belgas to £1 30 29.71 29.73) OsloKroner to £1 18.180 19.90 19.90 StockholmKroner to £1 18.130 19.191 10.39) CopenhagenKroner to £1 18.150 1! 22 BerlinMarks to £1 20.34 12.47 12.50 Montreal — Dollars to £1 4.86 2-3 5.03 5.04 New YorkDollars to £1 4.86 2-3 5.02 5.03 1-16 Yokohama— Pence to yen 24.082 14 5-64 14 1-16 Hongkong— Pence to dollar 24, .58 138 131 BombayPence to rupee — 18) 18) Batavla — Florins to £1 12. 10 7.36) 7.36) MilanLire to £1 82. 46 63! 63% AmsterdamGuilder to £1 12. 107 7.43 7.44) PragueKroner to £1 104} 1218 121) GenevaFrancs to £1 23. 22) 15.53 13.C8 Vienna— Schillings to £1 .. .. 81.86) 26} 261 Helslngfors— Marks to £1 193.23 227 227 MadridPesetas to £ 1 25. 22) 36 13-16 36% BelgradeDinars to £1 25. 22) 222 222 Athens— Drachma to £1 .. .. 375 533 533 Lisbon— Escmlos to £1 >., .. 110 110 110 Bucharest— Lei to £1 .. 031. • 677 677 Kio de Janierc— Pence to mllrels. .. 5.890 4i 4) Buenos Aires— Pence to pesos 47.22 36 36 ShanghaiPence to tael — 14 13-32 14 13-32 Montevideo— ' Pence to pesos — 37% S3} Warsaw— Zlotys to £1 — 26.23 26.25 ON NEW ZEALAND CURRENCY BASIS The Bank of New South Wales, Dunedln, quoted the following rates for nurcli iases and sales of foreign exchange on Saturday '• — 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. 101 109/10/FJjl- £ Fto £100 N.Z. T.T. 90/7/6 89 O.D. 90/7/6 89 New YorkDollars to £ N.Z. T.T. 4.0G% 4.03 O.D. 4.071 4.03) MontrealDollars to £ N.Z. T.T. 4.07) 4.01 O.D. 4.082 4.01) AustriaSchillings to £ N.Z, .. .. T.T. — 20.38 O.D. — 20.90 Belgium— Belgas to £ N.Z. T.T. — 23.768 0.0. — 23.779 Cieehoalovakla— Crowns to £ N.Z. T.T. — 96.51 O.D. — 90.56 DenmarkKroner to £ N.Z. T.T. 18.203 17.893 O.D. 18.263 17.903 France— Francs to £ N.Z. T.T. — 61.12 O.D. — 61.16 Germany— Kelchsmarks to £ N.Z T.T. — 9.966 O.D. — 9.971 Holland— s Florins to £ N.Z. T.T. — 5.9.12 O.D. —- 3.936 Italy— tiro to £ N.Z. T.T. O.D. — — JavaFlorins to £ N.Z. T.T. — 5.890 O.D. — 3.894 NorwayKroner to £ N.Z. T.T. 16.183 15.893 O.D. 16.243 15.903 Sweden— Kroner to £ N.Z. T.T. 15.T85 15.490 O.D. 15.845 15.500 SwitzerlandFrancs to £ N.Z. T.T. O.D. — 12.419 12.424 Noumea— Franca to & N.Z. l'.T. O.D. — 59.75 59.81 PapeeteFrancs to £ N.Z. T.T. 59.90 O.D. 59.9G Hongkong— N.Z. Pence to 1 Dollar .. T.T. 18 7-K ! 19 15-16 O.D. 18 11-82 i 19 29-32 India and Ceylon— N.Z. Pence to 1 Rupee .. ,. T.T. 22 9-64 22 57-64 O.D 22 8-64 1 22 % Japan— m N.Z. Pence to 1 V Yen .... T.T. — 17 21-32 O.D — 17 41-64 Shanghai— N.Z. Pence to 1 Dollar .. .. 1.1. 17 5-32 ! 18 17-32 O.D J8 31-32 : 18 33-64 Singapore— NZ. Pence to 1 Dollar .. .. r.'t 31 7-16 i 33) O.D 34J 35 31-64 All rales subject to alteration without notice. DOLLAR RATES ! The Associated Banks (other than the Bank of New South Wales) quoted the ! following dollar l •ates on Saturday on a' New Zealand currency basis. They uie subject to altera! .:<>n without notice. U.S.A. Canada. ! (Per£l (Pei £1 N.Z.) N.Z.) Selling— Dols. Dols. T.T .. 4.03 4.o;i5 O.D .. 4.03i 4.04i Buying"** O.D —— .. 4.08 4.08J

SALES REPORTED. Dunlop Pcrdriau Rubber £ fi. d. 0 17 10 Wilsons Cement (late Fri.) 2 5 0 Tooths Brewery 2 12 3 SALES REPORTED AFTER : LAST CALL. Broken Hill Proprietary 3 12 G Broken Hill Proprietary (cont.) 2 10 0 National Insurance 0 18 4 The following are Saturday morning's buying and selling quotations, vhich are subject to the usual brokerage:- - BANKING. Buyer. Seller. £ a. d. t 8. d. N.S.W — 33 0 0 New Zealand — « *2 4 6 E.S. and A 6 3 6 6 5 0 Natl, of N.Z. 3 10 0 3 13 6 — 9 15 0 INSURANCE, National 0 18 2 0 18 5 South British 4 9 0 Standard 3 2 6 — SHIPPING. Howard Smith ... 0 19 0 0 19 9 P. and 0. Def. Stock .. 1 5 0 1 6 6 U.S.S. Co. (pref.) .. .. 1 6 0 — MEAT PRESERVING N.Z. Refrig. (paid) 0 19 6 — South. Froz. Meat (paid) .. .. — 3 17 6 South. Froz. Meat (pref.) .. — 3 17 6 South Otago Freezing 7 14 6 7 16 0 Waitaki Farmers — 4 2 6 LOAN AND AGENCY Natnl. Mortgage .. — tf2 12 0 N.Z. Loan and M. (ord.) .. .. 30 0 0 — Trustees, Executors 3 10 0 — Wright. Stephenson (pref.) .. .. — 1 0 0 COAL. Kaitangata 1 3 0 I 4 6 Wcstport 1 1 4 1 2 0 Westpoi't-Stockton (pref.) ... .. — 0 2 5 WOOLLEN COMPANIES. Bruce (ord.) 0 13 0 0 14 6 MISCELLANEOUS. Associated News .. 13 0 Australian Glass .. tt4 12 6 Broken Hill Propy. 3 11 6' 3 13 0 Broken Hill Propy. (cont.) .. 2 9 0 2 10 0 Brown, Ewing (ord.) .. .. 0 15 0 — Brown, Ewing (pref.) .. .. D.I.C. (pref.) .. 1 2 3 1 3 4 Dominion Fertiliser 1 5 0 Dominion Fertiliser (debs.) .. .. 105 10 0 — Dunedin-Kaikorai Trams .. 2 3 3 Stock Exchange Propy 2 0 0 — Dunlop Perdriau Rubber _ 0 17 9 — Milburn Lime .. — 2 2 6 M'Leod Bros. (rights) .. .. 14 0 0 — Natnl. Electric .. —' 0 12 3 N.Z. Dru« Co. .. — 4 1 0 N.Z. Paper Mills — 1 9 0 Regent Theatre .. — 1 1 0 Wilsons Cement .. — 2 5 6 G. J. Coles .. 3 19 0 4 0 0 BREWERIES, N.Z. Breweries .. — 2 13 3 — 2 12 9 AUSTRALIAN MINING. Electrolytic Zinc (ord.) .. .. 1 17 0 1 18 0 Mount Lyell I 4 0 1 4 6 Mount Morgan 0 15 3 0 15 7 Upper Watut — 0 7 6 MINING. Big River .. 0 1 11 0 2 2 Clutha River 0 1 10 — Gillespie's Beach .. 0 1 0 o i n Golden Dawn 0 3 3 — King Solomon — 0 2 3 Lawson's Flat — 0 0 4 Molyneux River .. — 0 2 2 Martha .. — 1 0 0 Mount David — 0 1 0 Nokomai — 0 2 6 Okarito — 0 3 9 Paddy's Point — 0 3 9 Sandhills .. — 0 0 6 Skippers 0 0 S 0 0 4 Waipapa Beach .. — 0 1 4 Waitahu .. — 0 2 6 GOVERNMENT LOANS. 34 p.c. Stock, Nov., " 1938-52 .. .. 102 5 0 — 3 J p.c. Stock, March, 1939-43 .. 102 15 0 103 10 0 31 p.c. Stock, Sep., 193943 .. .. 102 15 0 — 3J p.c. Stock, May, 1939-52 .. .. 102 5 0 — 3J p.c. Stock, March, 194143 .. 102 15 0 — 3J -p.c. Stock, Sep., 194143 .. .. 102 15 0 — 3£ p.e. Stock, May, 1941-52 .. .. 102 10 0 — 31 p.e. Stock, Nov., "1941-52 .. .. 102 10 0 — 4 p.c Bonds, 1937102 5 0 — 4 p.c. Stock, 1937102 0 0 102 15 0 4 p.p. Bowls, 1943104 0 0 — 4 p.c. Stock, 1943104 0 0 104 10 0 4 p.c. Stock, 1946-49 — 104 15 0 4 p.c. Stock, 1952-55 — 100 10 0 UNLISTED STOCKS, Mackintosh Caley Phcenix 0 9 0 0 11 0 Wool worths (Sy.d.) 5 12 (i — Shillings, Ltd. 0 11 5 — ** Ex dividend. ft Cum dividend. DIVIDENDS PAYABLE. The following is a list Of ! shares on which dividends will shortly be payable: — Oamaru Woollen halfyearly, 2£ per cent., 6d a share .. June 15 Mortgage Corporation—4 J pcr cent, per annum June 15 National Timber—! Sn'a'l. 2J per June 15 Gisborne Gas —3d j >cr shari 8 . . June 17 Hume Steel--half-yearly pref., at 7J per cent, annum June 20 Claude Neon Lights — half yearly, 8 per cent 9 3-5d a share .. . per annum, Juno 21 Mount Lyell—half-yearly, 5 per cent., 6d a share June 23 Farmers' Trading Comp any, Auckland—final, ord., 5 per June 25 Australian Glass - — final, a per cent., pref.; 10 per cent. June 27 Morris, Hedstrom — final, 2J per cent., making 5 per cent. per annum June 30 Tooths Brewery—10 per cent., Is a share — National Mortgage--5 per cent., per annum July 1 Zinc Corporation—! 2s a share .. July 1 Bulolo—interim, 1 dollar 4C I July 2

AUCKLAND Sales on 'Change Auckland City, 1944-67, 4'J p.c. £ 8. 105 15 d. 0 105 0 0 Bank of New Zealand (D Mort.) 1 8 9 Loan and Mercantile (odd lot) 31 0 0 1 1 9 0 5 0 2 13 0 3 12 C 2 10 3 3 12 3 12 0 3 41 17 6 2 2 0 1 4 6 9 5 0 0 4 0 0 0 in 0 0 3i 0 15 5 Unlisted Stocks 5 15 0 0 1 7 WELLINGTON Sales on 'Change National Insurance (late Fri.) 0 18 0 18 1 1 2 3 G Oamaru (late Friday) .. .. Taupo Totara Timber (late 0 10 0 Dominion Breweries (late 1 5 H Consolidated Brick (late 0 10 6 C. J. Cole* (late Friday) .. 4 0 0 Mossy Creek (late Friday; 2) 0 1 5 Mount Morgan (late Friday) 0 15 0 15 5 7 2 1 2 G. J. Coles (4) 4 0 0 9 0 0 Unlisted Stocks Woolworths. Ltd. (late Fri5 15 3 (4) 5 15 0 CHRISTCHURCH Sales on 'Change N.Z. Govt. 4 p.c. Inscribed, 102 12 0 N.Z. Govt. 4 p.c. Inscribed. 104 0 0 N.Z. Govt. 4 p.c. Inscribed, 104 0 0 Commercial Bank of Australia 0 19 o Goldsbrounh, Mort (cum 1 11 10 N.Z. Rcfrifr. (£1 paid) .. 0 19 10 (4) 0 19 11 British Tobacco (cum div.) 2 1 0 3 12 2 0 17 s Hume T'ipe (Aust.; 2) .. .. 1 0 7 N.Z. Fanners' Co-op. (10a 0 1 2 Worksop Extended (cuin (f 2 0 0 15 6 Sales Reported 0 18 3 N.Z. RefriR. (£1 paid) .. 0 19 10 N.Z. RefriR. (10s paid) 0 9" !l Wellington Woollen (ord.).. 6 4 6 Broken Hill Pty. (cont.) .. 2 10 2 1 0 1 0 9 8 Unlisted Stocks 1 0 6 Shillings, Ltd. (7s Gd paid) 0 11 6 Sales Reported Selfridzcs (A'asia; new) 1 4 9

N.Z SHEEP- © t". n Canterbury and North c c Island selected cross3 ►^ i~i bred wetbers and Per'lb. maiden ewes: d. d. d. Under 481b 4? 45 43 44 41 41 4i 4A 41 G5-721b .. 35 35 35 Ewes: 35 4 ■:i 3 1 31 33 31 3i 31 North Island: 41 41 41 41 41 41 3A 35 4 AUSTRALIAN SHEEPFirst qualify crossbred and/or merino wethers: 4J 41 41 Second quality: 30-3olb 41 41 41 41 41 41 ARGENTINE SHEEP— First quality crossbred wetbers: 48-6411) 41 41 41 C5-721b .. .. .. .. 31 3S 31 PATAG0N1AN SHEEP- _ Wethers and/or maiden ewes: 41 41 4 ! 50-601b 34 35 35 30-5511) — — Ewes: — — — AUSTRALIAN LAMBS- . Victorian: First quality: 361b and under 61 01 01 37-42lb 61 61 61 Second quality: 361b and under .. _0i 61 61 Other States: ' First quality: 61 01 63 6 6 61 Second quality: 36lb and under 61 03 63 All States: Third quality: 361b and under 6J 01 65 N.Z. FROZEN BEEFOx fores (145-SlOlb) .. 3 4 4 Ox binds (1452101b) .. 31 3J 31 AUSTRALIAN FROZEN BEEFOx crops (1001b and 31 31 3 J Ox crops (145-21011)) .. 3 3 3 Ox hinds (145-2101b) .. 3J 4 4 Ox hinds (over 1001b) .. 4 4 4 N.Z. CHILLED35 43 5 2J, 25 3 AUSTRALIAN CHILLEDHinds (145-21011)) 3! 41 51 Crops (145-210U>) 21 3 31 UNION OF SOUTH AFRICA CHILLED— Hinds 41 41 51 21 23 25 ARGENTINE LAMBS— First quality: 361b and under 0} 6} 63 37-42Ib 5* 6 6 Second quality: Average about 281b 61 0? 68 PATAGONIAN LAMBS- _ First quality: 361b and under 61 61 63 37-4211) Si 52 5i Second quality: Average about 301b 61 61 61 N.Z. LAMBSCanterhury: First quality: 301b and under 71 71 71 37-4211) 05 02 62 61 61 62 Second quality: Average about 311b H 65 7 Other South Island: 361b and under 71 71 71 37-42lb OS 6if 6| 43-5011) 01 03 Second quality: Average about 321b 7 7 7 Selected North Island, including Downs: 301b and under .. 71 73 71 oa o:; o! 61 61 03 Second quality: Average about 301b 71 71 71 Other North Island: First quality: 301b and under .. 7 7 71 61 6S 03 Second quality': Average about 311b 02 63 6g SOUTHERN RHODESIA CHILLED35 41 41 28 22 n:; - 1 ARGENTINE CHILLEL BEEFOx hinds (145-21011)) .. ,"> 53 04 Ox fores (145.2101b) .. 3 31 31 URUGUAYAN CHILLED41 42 51 23 3 SI BRAZILIAN CHILLED- - 4 41 51 — — _. N.Z. PIGSFirst quality: 51 5 1 51 51 51 51 51 51 51 AUSTRALIAN PIGS— First quality: 53 51 51 81-lOOlb 51 5g 51 101-1201b 58 54 :>i

Ihe following arc 1 bo official me tal qui itat Ions:— . £36 5 m niss £0 3 9 Copper, forward .. .. 3<i 13 0 Rise 0 B VA electrolytic, spot .. .. 40 5 0 Itlse 0 5 0 Electrolytic, forward .. 40 12 6 lllse 0 2 e 40 12 e Iltse 0 2 0 15 S 0 Fall 0 2 6 Lead, forward .. .. is r 6 Itlse 0 1 3 Spelter, tpot .. .. 14 0 0 Fall 0 2 6 Spelter, forward .. .. 14 5 0 Fall 0 2 6 185 12 6 Kite 1 5 0 1'in, forward .. .. 183 7 0 Itise 0 10 0 Oi. SUrer. ttandatd .. •• i9%a Itlse l-16d Silver, fine 21 7-10d Ills* nod

Commonwealth Bonds — 91 10 0 101 0 0 4 per cent., 1957 100 17 6 101 11 3 Australian Gas (A) .. •• 7 12 0 0 18 0 Associated Neva (pref.) .. 1 2 6 Broken Hill Proprietary .. 3 13 0 (new) 2 10 9 42 2 6 2 5 0 0 19 6 0 19 a