COMMERCE AND FINANCE

Otago Daily Times, Issue 22911, 19 June 1936, Page 22

COMMERCE AND FINANCE

LOCAL AND OVERSEAS MARKETS

THE RESERVE BANK ASSETS AND LIABILITIES (Peb United Press Association) WELLINGTON, June 18. The Gazette issued to-night contains the following statement of the liabilities and assets of the Reserve Bank of New Zealand as at the close of business on June 15. The figures at the close of last week are given for the purposes of comparison, shillings and pence being omitted;— LIABILITIES Last week. This week. £ £ 1. General Reserve Fund .. 1.500.000 1.500,000 1. Bank Notes 10.018.770 10.040.550 3. Demand liabilities—(a) Slats ..' 0.745.501 0,708,407 (b) Banks 7.324,020 7,005,342 fo) Other 03,830 440,030 4. Time deimslta 5. Liabilities in currencies ■ other, than New Zealand currency .... «. Other liabilities .. .. 82.083 88,000 Total £28,704,530 £28,000,007 ASSETS T. Reserve—(a) Gold .. ' 2.801,733 2,801,733 (b) Sterling exchange .. 23,487,810 23,888,007 (c) Gold exchanga .. —.— I. Si%fdliry coin .... 200,047 198.213 8. Discounts — (a) Commercial and agricultural bllla .. <b) Treasury and local body bUli .... 10. Advances—(a) To State or State undertakings .... (b) Id other public authorities .... ~ (c) Other 11. Investment* 2.014,007 2.014.850 12. Bank buildings .... 13. Other assets 259.370 204.187 Totsl .. .. .. ..£28.704,536 £28,000,097 Proportion of reserve to notes and other liabilities .. 90,715?. 90,710?. AUSTRALIAN STOCK EXCHANGES (United Press Association) (By Electric Telegraph—Copyright) SYDNEY, June 18. (Received June 18, at 9.10 p.m.) The investment market to-day is in a hesitant mood, for which the under-sub-scription of the new .Federal loan and influences associated with the financial end of the year are mainly responsible, resulting in a mild reaction from the recent advances in prices. MORNING SALES.

THE SHARE MARKET DUNEDIN STOCK EXCHANGE Bank of New Zealands were disposed of nt £2 2s 9d on the Dunedin Slock Exchange yesterday, a closing buyer at the easier price of £2 Is being Is 6d below sellers’ requirements. Commercial Banks showed a slight improvement, buyers offering 19s 2d, but sellers did not come forward. E.S. and A. Banks were on offer at £6 5s Cd. a price which, apparently, did not appeal to prospective buyers. South British Insurances met with a firmer inquiry at £4 lls (id, but sellers did not respond. Contributing New Zealand Refrigerations changed hands at 9s 6d, a closing seller at 9s 8d failing to attract buyers. There was a slightly easier demand for Westport Coals, buyers’ best offer being £1 Is 4d. Sellers, however, would not accept less than £1 2s, Broken Hill Proprietaries were on offer at the lower price of £3 1 Is (Id, but buyers were not interested. Two sales of J)o----ininion Fertilisers at. £1 5s 3d and £1 5s 4d were reported, the market closing with a buyer at £1 5s and no sellers forward. A parcel of Milburn Limes was also reported to have been disposed of at £2 2s, the closing buying and selling quotations being £2 Is Cd and £2 2s fid. Ordinary Electrolytic Zincs were in slightly easier inquiry nt £1 18s fid, but sellers remained firm at. £2. Buyers °f Mount Lyells were prepared to give £1 4s 4d, cum dividend, but sellers asked 5d above that figure, SALES ON ’CHANGE.

The following is a list of shares on which dividends will shortly be payable: Hume Steel prof., at 7J per cent, per annum .. June 20 Claude Noon Lights Halfyearly, 8 per cent, per annum, 9 3-5 d a share June 21 Mount Lyell Half-yearly, 5 per cent., 0d a share .. ~ June 22 Dlackwater Mines—Final, 2s a share June 23 Consolidated Goldfields Interim, Is a share .... .. June 23 Wilsons Cement —Final, 9d a share, and jubilee bonus, os a share June 24 Gear Meat share June 25 Robinson lee—o per cent. .. June 25 Farmers' Trialing Company. Auckland —Final, ord., 5 per rent June 25 Goldsbrougb, Mort —Final, 5 per cent., making 7 per cent. per annum June 20 North Broken Hill —2s (id per share and bonus of Is per share June 20

NORTHERN EXCHANGES

Australian Glass—B’inal, 4i per cent., pref,, 10 per cent., ord. June 27 Waipapa Beach—ld per share June 29 Morris, Hodstrom Final, 2J per cent., making 5 per cent., per annum .. .. .. .. June 30 British Tobacco—Quarterly, • per cent June 30 Tooths Brewery—lo per cent., Is a share .. Woolworths (N.Z.) ord.. 5 per cent. .. ... •• 'Toly 1 Goodyear Tyre Half-yearly, pref,, at 8 per cent, per annum .. July 1 Nestle and Anglo-Swiss Milk (Australasia), Ltd. - Ord., quarterly, at 7 per cent, per annum July 1 Zinc Corporation 2s Cd on pref. and ord., making 4s fid for the year, and first half fixed cum dividend of 2s on pref., all dividends English currency, less income tax . . July 1 National Mortgage—s per cent per annum July 1 Bnlolo cents Julv 2 Placer —Interim, 50 cents .. July 2 Guinea Gold - 9Jd per share (subject to exchange variation) . • July 10 National Bank N.Z. —Final, 2 per cent., in sterling, free of tax July 11

FOREIGN EXCHANGES

BERLEI (N.Z.), LTD.

NEW GUINEA GOLD SHARES (United Press Association) (By Electric Telegraph—Copyright) LONDON, June 17. New Guinea gold shares arc quoted at 3s 3d. AUSTRALIAN LOAN (United Press Association! (By Electric Telegraph—Copyright) LONDON. June 17. (Received June 18, at 5.5 p.m.) The city editor of The Times says that the Australian loan ha« recovered nearly to par.

AUSTRALIAN MARKETS (United Press Association) (By Electric Telegraph—Copyright) SYDNEY, June 18. (Received June 18, at 9.10 pan.) Wheat: Country sidings. 3s per bushel, equal to about 3s 6Jd, ex trucks, Sydney. Flour, £9 10e per ton. Bran, £6 10s. Pollard, £6 15s, Potatoes: Taonianian, £8 10,s; others, £7 10s. * Onions: Victorian brown, £ll 10s. Maize: Yellow and white, 4s lOd. ADELAIDE. June 18. Wheat: Growers’ lots, 3s 4d. Flour: Bakers’ lots, £9 2s Cd. Bran and pollard, £<s 10s. Oats: Algerian, 2s Id. Barley, 2s.

DUNLOP RUBBER COMPANY

Slngapore— N.Z. I’ence to 1 Dollar .. f.'l ,14 7-16 35J v O.D. 34i 35 31-64 All rates subject to alteration without notice.

DOLLAR RATES The Associated Bauks (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 (Pei £1 N.Z.) N.Z.) Selling— Dolb. Dola T.T 4,02| 4.03-5 O.D 4.03| 4.04§ Buying— O.D. , 4.07| 4.085

PROPOSAL TO CAPITALISE £14,000

(Special to Daily Times) AUCKLAND, June 18. Ucrlei (N.Z.), Ltd., is calling an extraordinary general meeting of shareholders to consider a proposal to capitalise £14,000 and to distribute two fully-paid shares of £1 each for every five shares held. This will bo done by valuing the goodwill, including patent rights, etc., at £14,000, and establishing a goodwill reserve account from which a transfer to capital account will be made. The company ha* an authorised capital of £50,000, of which £35,000 in paid up.

WORLD TRADE IMPROVEMENT MA INI AT NED. The improvement in world trade registered by the League of Nations Bulletin of Statistics during the last quarter of 1035 ha.s been continued into the present year. The gold value of world trade for February, 1036, is stated to have been 8.4 per cent, higher than in February. 1935.

In the 12 leading countries, Great Britain was first with 14.2 per cent, of the total world trade, followed by the United States with 11 per cent. In 1920 fas the last pre-crisis year! the United States led by 14.2 per cent., followed by Great Britain with 13.4 per cent. Since Jlien. with the exception of 1031 (when the United Stales also led). Great Britain has always had the largest share in world trade.

FALL IN EARNINGS. Net profits of the Dunlop Rubber Company. England, for 1035 were £1,288,244, compared with £1,087.087 in 1034. The dividend on the ordinary stock is maintained at 8 pep cent., the level to which it was raised for 1933, although allocations arc smaller. There is no countcrpait to lust year’s transfer of £250.000 to dividend equalisation reserve, while the appropriation to reserve for contingencies i« again £IOO.OOO and to taxation reserve £419.761, against £550,000.

It is evident that the higher price of rubber prevailing in 1034 was one of the chief causes of the reduction in earnings, and that so far the company has derived little benefit from the tall in rubbtir which occurred last year. The company’s own plantations provided a very small proportion only of the company’s requirement-', and by far tbe greater proportion of its sheet rubber requirement? have to be purchased in the market.

MINING NEWS

TRANSVAAL GOLD OUTPUT The gold output of the Transvaal in April amounted to 912,639 fine ounces, compared with 933,776 ounces in March and 869,956 ounces in April. 1935. The declaration price was again fixed at £7 Os 6d an ounce, giving a monetary yield of £6,411,289, against £6,559,776 in March. A further increase in the native labour supply is reported, a total of 305,286 being employed in mines in April, compared with 302,975 in March.

COMPANY BALANCE SHEETS GORDON AND GOTCH (AUSTRALASIA), LIMITED. Paid-up Capital, £600,000. Trading Net tDlvidend •Reserves. Balance. Profit. Pref. Ord.

An increase of £4045 brings the halfyear’s net profit to £37,593—its highest level for six years. The recommendation is to raise the distribution for the period to 12 per cent, per annum, which will in itself more than absorb thei additional profit. The transfer of £6OOO to contingencies reserve causes the surplus to be overdrawn by £2407, and the floating balance is diminished accordingly. The expenditure group has been cut down to £19,178. but the difference is outbalanced by the rise in the taxation provision. As the depreciation allowance is included with expenditure, it is not apparent, owing to the grouping, whether the smaller expenditure is entirely the result of smaller outgoings. The trading balance at £66.052 has reached its highest figure since March, 1930, and in consequence the ratio of expenditure to trading balance is at its lowest since that date. The relations between the two have been: — „ ~ Expenditure Trading General Taxation Total Balance Ratio

There is small distinction between the outside liabilities, sundry creditors at £104,921 amt subscriptions paid m advance at £759 comprising the whole. Hie former again shows a decrease, but as the designation may cover a number ol items, each differing in then nature, the general result is not apparent. Reserves continue to grow. General reserve iemains at £215,173, but contingency reserve has been further strengthened by a transfer of £6OOO, which will bring it up to £45.000. It is evidently considered more desirable meanwhile to strengthen contingencies reserve than the general account. a« £14,000 has been added to the former during the latest four half-years. Leasehold property reserve, which is steadily increasing, has reached but the floating balance, by the excess in the proposed allocation, will be reduced to '£20,305. Although the taxation provision has been increased, the corresponding reserve is down to £23.559. In each of their three sections the fixed assets* have fallen. As has happened than once recently, freehold property is less by £750 approximately, which may be due to the wastage provision on mts and sprinklers. There must be other itrms included in the freehold property value of £211,824 which are subject to deterioration, but there is no mention of an allowance on buildings. _ Leasehold property, also, is entered subject to depreciation on lifts, and sprinklers, and the reduction of £290 iu the net figure of £18,139 is doubtless due to that depreciation provision as well as to the gradual growth of the relative reserve, which is now £4319. The greatest difference is seen in plant, fixture, and fittings, which have been subjected to a wastage provision of unstated amount and stand at £29.099. If the depreciation allowance is solely responsible for this reduction, the allowance approximates 4J per cent. Jhe relation of the fixed section to the total assets is 24.58 per cent. A slight reduction has taken place in sundry debtors, which, including bills receivable, stand at £241.069. Concurrently, the total stock lias fallen by over £BOOO to £158,772. Mainly composed of stock on hand, which taken at cost and vahiation comprises £115.205, stocky also consists of what is afloat and in transit. It has shown a marked downward tendency during the past two years, in consequence of which its relation to the trading balance has altered considerably. Goodwill remains at £118,074, and has to be reckoned with in any computation of reserves. Cash assets are adding to their strength. Investments—no details given —have increased to £193.806, or by some £IO,OOO, while the bank balance lias risen to £48,617 or by nearly £BOOO. The reduction in sundry debtors and stocks may be accounted for here. Investments earmarked for reserve fund are unaltered at £19,745. Payments in advance (£7785) and deposits (£1861) arc both less, while a sum of £386, which represents cash, etc., on hand, brings the aggregate of liquid assets to £790,116, exclusive ot the cross entry of consignment «to n ks. Liquid assets thus stand to the fixed section in the proportion roughly of 3 to 1, but in view of the amounts concerned, the respective positions have altered little during the past six months.

SYDNEY WOOL SALES

• United Press Association) (By Electric Teleeranh —Cotwrleht > SYDNEY, June 18. (Received Juno 18, at 9.40 p.m.) At the wool sales 6608 bales were offered and 4038 were sold. 4540 changing hands privately. There was a good demand from the Continent and Yorkshire for all well-grown wools, but all other sorts were irregular. The average price realised during The first three dnvs of the week was £l2 10s per bale and 9.7 d pn r lb. The next series of wool sales will begin in August.

LONDON METAL MARKET

fUnlted Press Association! (By Electric Telegraph—Copyright) LONDON. June 17. (Tlcceivcd Juno 18, at 9 p.m.) The following are the official metal Quotations! —

PRICE OF FINE GOLD

BOOTS PURE DRUG Net profits of Boot? Pure Drug Company, of Nottingham, England, to March 31 last amounted to £778.889, against £750.037 for the preceding year. In addition to the four interim dividends alreadv paid, amounting to 24 per cent.. lea-5 'tax. on the 5s ordinary shares, a bonus of 3d a share, or 5 per cent., free of tax. was to be paid to shareholders. This is the same distribution as paid for the last seven years. The 5s ordinary shares were quoted on the London Stock Exchange recently at 56s 9d.

Commonwealth Bonds — £ s. d. 4 p.c., 1938 .. .. } 101 0 0 4 p.c., 1941 101 5 0 4 p.c., 1944 101 7 0 4 p.c., 1950 102 10 0 4 p.c,, 1955 100 7 0 4 p.c., 1959 101 0 0 4 ■ p.c., 1961 101 10 0 Bank of Mew South Wales.. 33 7 c Australian Gan (A) .... 7 11 0 Tooths 2 14 0 Associated News (pref.) .. i 2 0 Australian'-Glass 4 12 0 British Tobacco 2 1 3 Broken Hill Proprietary .... 3 11 3 (new issue) 2 9 0 Colonial Sugar 42 5 0 Dunlop 0 17 7-J (ADDITIONAL SALES. Bank of New South Wales.. 33 6 Commercial Bank of Sydney.. 20 3 0 Union Bank 9 10 0 Automatic Totalisators .. .. 0 19 0 Howard Smith .. .. 0 19 4i Burns, Philn 3 13 7 11 3 Australian (las (A) 6 British Toba'cco 2 1 ■3 (pref.) 1 8 0 Tooths • G. J. Coles 2 13 9 3 19 3 Queensland Brewery (pref.) 1 4 9 Australian tlron and Steel (pref.) 1 5 9 Australian Glass 4 12 0 Dunlop Pcrdriau o 17 5 * n 10i Hcdstroms ’ .. .. 1 Fairy mead Sugar Electrolytic Zinc 2 1 8 19 0 3 0 18 6 Standard Cement 1 0 9 General Industries 0 19 n Mark Foy 1 7 li Hume Pipe 1 0 0 Australian Gypsum 0 19 0 Broomfield .. .. 0 9 5 United Provision 0 14 1 Australian Drug .. .. .. .. 0 14 9 Peters 2 3 0 Hackshalls 0 10 3 W. Carpenter 2 3 0 Woolworths (ord.; buyers) .. 5 13 0 (sellers) 5 15 0 Woolworths (second pref.) .. 1 6 6 Broken Hill Proprietary 3 12 0 South Broken Hill , 5 8 0 Rawang 0 8 9 Placer Development .. .. .. 5 12 C Lady Shenton .. 0 3 li Commonwealth Bonds — 4 p.c., 1938 100 17 6 4 p.c., 1941 101 5 0 4 p.c., 1944 101 15 0 4 p.c., 1947 102 5 0 4 p.c., 1950 102 5 0 4 p.c., 1953 102 5 0 100 11 3 iv.c’> 1957 100 15 0 4 p.c.. 1059 100 17 f) 101 10 0 MELBOURNE. June 18. Electrolytic Zinc 1 19 0 G. J. Coles •• •• •• 4 0 0 Herald and Times 3 8 6 0 15 1 Mount Lyell 1 5 0 0 12 0 0 17 6 Loloma • • • •

f s. d. Bank of New Zealand .. 2 0 9 N.Z. Refrigerating (cont.) 0 9 G SALES REPORTED. Dominion Fertiliser 1 6 3 5 4 Milbilrn Lime .. 2 2 0 SALES REPORTED AFTER LAST TALL, Rational Insurance (4) 0 18 G Mount Lyell ,. . ttl 4 8 UNLISTED STOCKS. Selfridge’s (old issue) 1 8 14 The following are yesterday afternoon's buying and selling quotations. winch are subject to the usual brokerage:— BANKING. Buyer. Seller) f s. d. £ d. New Zealand 2 1 0 2 O 6 Commercial .. 0 19 2 — E.S. and A. — G 5 G National of N.Z. .. — 3 12 0 National of Aus- • tralasia (cont.) — 7 C 0 Union — 9 14 0 INSURANCE. National' 0 18 3 0 18 9 South British 4 11 0 — SHIPPING. P. and 0. Dcf. Stk. 1 6 n — U.S.S. Co. (prof.) 1 6 0 — MEAT PRESERVING. N.Z. Refrig, (paid) 0 19 8 — N.Z. Refrig, (cont.) — 0 9 8 South. Froz. Meat ‘(paid) .. .. ' 3 18 0 Waitaki Farmers 4 0 (I — LOAN AND AGENCY. Dalgety and Co. .. — 0 2 0 N.Z. Loan and M. (ord.) .. .. 30 0 0 3G 0 0 Wright, Stephenson (pref.) .. — 1 0 0 COAL. Kaitangata .. .. — 1 4 G Westport .. ,. 1 1 4 1 2 0 WOOLLEN COMPANIES. Bruce ) ord.) — 0 14 0 MISCELLANEOUS. Anthony Hordern 0 18 3 — Associated News .. 1 2 0 — Broken Hill Pty. — 3 11 0 Broken Hill Pty. (cont.) .. .. — 2 10 0 Brown, Ewing (ord.) .. .. 0 13 0 — Brown, Ewing (prof.) .. 1 2 3 — D.I.C. (ord.) 0 16 0 — D.I.C. (pref.) .. 1 3 4 — Dominion Fertiliser 1 5 0 Dominion Fertiliser (Debs.) .. .. 105 10 0 — Dun.-Kaik. Trams — 2 2 G Stock Exchange Proprietary 2 2 0 — Dunlop Perdrian Rubber .. .. — 0 17 8 G. J. Coles .. 3 18 6 3 19 G Kauri Timber 1 3 0 — Milburn Lime .. 2 1 6 2 2 6 National Electric — 0 12 G N.Z. Drug Co. — 4 0 3 N.Z. Newspapers .. — 2 2 3 N.Z. Paper Mills — 1 9 0 Otago Daily Times — 2 10 0 Recent Theatre .. — I 1 0 Wilsons Cement .. 2 3 0 — Hume Pipe .. — i 0 3 BREWERIES. N.Z. Breweries .. 2 11 9 Dominion 1 6 0 -— AUSTRALIAN MINING. Electro. Zinc (ord.) 1 18 C 2 0 0 Mount Lyell ffl 4 4 I 4 9 Mount Morgan .. 0 15 3 Upper Watut — 0 7 3 MINING. Big River 0 2 0 0 2 2 Central Shotover .. 0 0 1 — Clutha River 0 1 in — Gillespie’s Beach 0 1 0 0 1 3 King .Solomon 0 1 10 0 2 3 Martha — 1 0 0 Molyneux River .. — 0 2 0 Mount*- David — 0 i 0 Nokomai — 0 2 4 Oknrito 0 3 0 0 3 9 Paddy’s Point — 0 3 9 Sandhills .. .. 0 0 0 Skippers .. .. o !o 3 0 0 4 Waimmnu Sluicing 0 0 0 — Waipapa Beach .. — 0 1 ,4 Waitahu 0 2 1 - GOVERNMENT LOANS 3J p.e. Stock, Nov.. 1938-52 .. .. 102 10 0 — 3J p.e. Stock, Mar., 1939-43 .. .. 102 5 0 103 5 0 3J p.e. Stock, Sep.. 1939-43 .. .. 102 5 0 — 3i p.e. Stock, May, 1939-52 .. .. 102 10 0 — 34 p.e. Stock, May, 1941-52 .. .. 102 10 0 —w 3J p.e. Stock, Nov., 1941-52 .. .. 102 10 0 — 4 p.e. Bonds, 193740 102 10 0 — 4 p.e. Stock, 193740 102 10 0 — 4 p.e. Bonds, 194340 104 0 0 — 4 p.e. Stock, 194340 104 5 0 — 4 p.c. Stock, 19.3255 103 15 0 104 10 0 UNLISTED STOCKS. Mackintosh Caley Phcenix .. .. 0 9 0 0 11 0 Wool worths (Syd.) — 5 14 0 Shillings (10s pd.) 0 14 0 0 15 0 Selfridge’s (old issue) .. .. 1 7 G — Otago Farmers’ .. 0 2 9 0 3 0 National Tobacco — 3 7 0 +f Cum dividend. DIVIDENDS PAYABLE.

AUCKLAND Sale* on ’Change £ F. d. Stock, 15/1/40, 4 p.c 102 15 0 Stock, 15/2/40, 4 p.c. (2) .. 104 2 6 Stock, 15/4/40, 4 p.c 104 0 0 Bank of New Zealand .. .. 2 2 0 Bank of New Zealand (D Mort.) 1 8 0 N.Z. Insurance 3 5 0 South British Insurance .. 4 12 0 4 12 9 Goldsbrougl). Mort 1 11 9 llenown Collieries 0 10 11 Auckland Gas 1 5 10 Kauri Timber 1 3 7 Australian Glass 4 11 0 Broken Hill (2) 3 10 0 Elec. Zinc (prcf.) 2 2 3 M’Kendrick Bros 1 0 3 Morris Hedstrom 1 5 10 Golconda Holdings 0 0 10 Unlisted Stocks N.Z. Perpetual Forests .... 3 0 0 o 19 6 Selfridges (A’aeia) i 8 0 Selfridges (A’aeia; new issue) i 7 3 WELLINGTON Sales on ’Change Government Stock, 4 p.c., 1037-40 (late Wed.) .. .. 102 12 6 Union Steam (prcf.; laic Wed.) 1 6 2 34 p.c. Government Stock, 1938-52 102 15 0 3J p.c. Government Stock, 1039-52 102 15 0 Bank of New Zealand (I) long term) 1 8 6 South British lasurance .... 4 12 9 Leyland O’Brien 1 2 6 Staples and Co. 1 14 6 Broken Hill Pty 3 10 0 3 10 3 3 10 6 Argo Gold 0 1 9 Mossy Creek . 0 1 5 Mount Morgan 0 15 2 Unlisted Stocks Shillings, Ltd. (10s paid; 2) 0 14 6 CHRISTCHURCH Sales on ’Change Big Kivcr 0 2 3 King Solomon 0 1 104 Commercial Bank of Aust. (2) 0 19 3 Goldsbrongh, Mort (cum div.) (4) 1 11 8 Broken Hill Pty. 3 10 3 3 10 1 Broken Hill Pty. (cont.) .. 2 8 4 Consolidated Brick (cum div.) 0 9 6 (2) 0 9 5 Dominion Builders’ Supplies (3) 0 6 0 Hume Pipe (Aust.; 2) .. .. 1 0 0 (2) 0 19 11 Mount Lyell 1 4 6 1 4 7 Mount Morgan (odd) .. .. 0 15 0 Sales Reported N.Z. Newspapers 2 1 0 Alexander Mines (late sale 17th; 15g paid) .. .. 0 14 4 Big River 0 2 3 King Solomon 0 1 10J Kauri Timber 1 3 6 N.Z. Govt. 4 p'.c, Inscr., 193740 (late sale 17th) 102 12 6 N.Z. Govt. 4 p.c. Inscr., 1952* 66 104 0 0 Quill Morris 4 p.c. (2nd mortgage), 1946 (late sale 17th) 80 0 0 Commercial Bank of Australia 0 19 3 Goldsbrough. Mort (4) 1 11 9 Westport Stockton Coal (2) 0 2 0 Broken Hill Pty. .. .. 3 10 3 Broken Hill Pty. (cont.) .. 2 8 9 (2) 2 8 3 Electrolytic Zinc (pref.) o 2 3 General Industries .. .. 0 19 4 Lyttelton Harbour Board 4J p.c,, 31/3/51 106 0 0 Unlisted Stocks Shillings, Ltd. (10s paid) 0 14 9 (2) 0 14 10 Woolworths (Sydney; ord.) 5 14 0 Sales Reported Selfridges (A’asia; old: 3)) 1 8 0 Shillings, Ltd. (10s naid) 0 15 0 0 14 6

(British Official Wireless.) (United Press Association) (By Electric Telegraph—Copyright) Paris— Pat RUGBY. June 17. June 16. June 17. Francs to £1 124.21 76 35-64 76 23-64 Brussels— Belgas to £1 30 29.82 29.74J Oslo— Kroner to £1 18.ISO 19.90 19.90 Stockholm— Kroner to £1 18.130 19.30 J 19.394 Copenhagen— Kroner to £1 18.150 22 22 Berlin— Marks to £1 20.34 12,514 12.49 Montreal— Dollars to £1 4.SG 2-3 5.04? 5.034 New York— Dollars to £1 4.86 2-3 5.04 3-16 5.021 Yokohama— Pence to yen 24.582 14 5-64 14 5-04 Hongkong— Pence to dollar 24.58 i 13g 13g Bombay— Pence to rupee — 184 184 Batavia— Florins to £1 12.10 7.364 7.414 Milan— I.ire to £1 82.46 64 61 Amsterdam— Guilder to £1 12.107 7.46 7.44 PragueKroner to £1 104 J 1211 121% Geneva— Francs to £1 25.221 15.60 15.55 Vienna — Schillings to £1 .. .. 84.864 263 26? Helsingfors— Marks to £1 193.23 227 227 Madrid— Pesetas to £1 23.22J 36 15-16 36 53-64 Belgrade— Dinars to £1 25.224 223 222 Athens— Drachma to £1 .. ..375 ro536 Lisbon— Escudos to £1 .. .. 110 no 110 Bucharest— Lei to £1 .. 931.6 679 680 Rio dc Janlcro— Pence to mllrcls .. 5.S90 44 Buenos Aires — Ponce to pesos 47.22 30 30 Shanghai— Pence to tael — 11 13-32 14 13-32 Montevideo— Pence to pesos — 384 384 Warsaw— Zlotys to £1 — 20.25 20.25 ON NEW ZEALAND CURRENCY BASIS The Bank of New South Wales, Ouuedlu quoted the following rates for purchases and sales of foreign exchange yesterday London— Buying. Selling £1 N.Z. to £100 stg T.T. 124 124/10/o.u. 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. 90/7/6 89 Now York— Dollars to £ N.Z. T.T. 4.06J 4.02? O.D. 4.07 8 4.034 Montreal— Dollars to £ N.Z. T.T. 4.07J 4,03? O.D. 4.084 4.044 Austria— Schillings to £ N.Z T.T. 21.02 O.D. — 21.04 Belgium — Bclgas to £ N.Z. T.T. 23.756 O.D. — 23.767 Czechoslovakia — Crowns to £ N.Z. T.T. _ 96.75 O.D. — 96.80 Denmark— Kroner to £ N.Z. T.T. 18.203 17.893 O.D. 18.263 17.903 France— Francs to £ N.Z. T.T. . 61.07 O.D. — 61.11 Germany— Reichsmarks to fi N.Z T.T. 9.962 O.D. — 9.967 Holland— Florins to £ N.Z. T.T. 5.926 O.D. —• 5.930 Italy— Lire to £ N.Z. T.T. . _ O.D. — — Java— Florins to £ N.Z. T.T. 5.890 O.D, — 5.894 Norway— Kronor to £ N.Z. T.T. 16.183 15.893 0 D. 16.243 15.903 Sweden— Kroner to fi N.Z. T.T. 15.783 15.490 O.D. 15.845 15.500 Switzerland— Francs to £ N.Z. T.T. 12.395 O.D. — 12.400 Noumea — Francs to £ N.Z. T.T. _ 39.70 O.D. 59.76 Papeete — Fraucs to fi N.Z. T.T. 59.85 O.U, — 59.91 Hongkong— N.Z. Ponce to 1 Dollar , . ., T.T. 18 7-16 19 15-16 O.D. IS 11-32 19 29-32 India and Ceylon— N.Z. Pence to 1 Rupee .. .. T.T. 22 9-04 22 57-64 O.D. 22 3-04 2274 Japan— N.Z. Pence to 1 Ten .... T.T. 17 21-32 O.U — 17 41-64 Shanghai— N.Z, Pence to 1 Dollar .. .. T.T. IT 7-64 18 31-64 O.D. 16 59-64 18 15-32

£ £ £ p.c. p.c. Mar. 51, IMS 187.535 80.872 47.973 S 10 Sept. 50, 1923 200,283 78.107 40.889 8 15 Mar. 31. 1930 2)8.3115 70.553 41.078 8 10 Sept. 30. 1930 257.330 02,415 32,702 8 8 Mar. 31, 1932 204,050 41.723 22.342 8 8 Sept. 30. 1932 203,720 45,697 23.453 8 8 Mar. 31. 1933 205.020 50.943 25.078 8 8 Sept. 30. 1933 273.117 57,184 31.280 8 8 Mar. 31. 1931 275,201 50.100 30,824 8 10 Sept. SO, 1034 270.400 01.520 33,028 8 10 Mar. 31, 1935 282.283 58,095 31.000 S 10 Sept30. 1935 287.048 01,080 33,548 s 10 Mar. 31, 1930 200,837 00,052 37,593 s 12 •Exoludlnz taxation re. ,crTC. tltate per annum.

E £ £ £ p.c. Mar. 31, 1930 21,238 7,031) 28.874 70.553 40.93 Sept. SO. 1930 21.331! 8.317 20,083 02.415 47.51 Mar. 31. 3932 14.400 4,072 10,381 41,723 4)5.45 Sep. 30. 1932 13.031 0.488 22,430 45,807 48.89 Mar. 31, 1933 15.50!) 9.750 25.205 50.043 49.59 Sep. 30. 1933 17,322 8.581 25.003 57.194 45.30 Mar. 31. 3934 18,317 7,020 25,337 50,100 45.11 Sep. 30. 1934 18.282 10.210 28,492 61,520 46.31 Mar. 81, 1935 10.073 7.002 27.035 58.095 4(5.06 Sopt. 30. 1935 10.030 8.705 28.431 01,080 45.87 Mar. 31, 1930 10,178 9,282 28,400 00,052 43.00

Ton. Copper. snot .. .. £.1(1 5 VA Rise £0 2 6 Copper, forward .. 3G U 3 Rise 0 C OVj Electrolytic, spot 40 3 0 Rise 0 2 6 Electrolytic, forward 40 12 c No change Wire bars .. .. 1(1 12 c No change Lead, spot . • . • 15 1 3 Rise (1 1 3 Lead, forward 15 2 f. No change Speller, spot 13 8 0 Kail 0 5 0 Spelter, forward .. 13 IS 3 Kail 0 5 0 Tin. spot .. .. ISO 12 C Fall 0 10 0 Tin, forward 178 17 C Fall 1 0 0 Oz. Silver, forward mo Fall 1-lGd Silver, fine 21 5-lCd Fall 1-lCd

June 17 LONDON, June 17 £ s. (1. 6 18 3 June 10 O 18 j June 15 6 IS !) June 11 6 18 !) J une 10 0 18 8 June 0 0 10 0 J ; une 8 6 10 4 June 0 6 18 9 June 4 6 18 3* June 3 0 18 10