COMMERCE AND FINANCE

Otago Daily Times, Issue 22958, 13 August 1936, Page 7

COMMERCE AND FINANCE

LOCAL AND OVERSEAS MARKETS

THE SHARE MARKET DUNEDIN STOCK EXCHANGE Sydney Woolworths have come into favour again with local investors, and on the Dunedin Stock Exchange yesterday three sales were recorded at from £5 18s to £5 18s 6d. an improvement of sixpence on Tuesday s highest selling figure, and a rise of 7s 6d within a week. The market closed .firm with further buyers at £5 17s 6d and sellers 2s away. Preferred Associated News had reported business at £1 3s 6d. but were not quoted on ’Change. Broken Hill Proprietaries attracted buyers at the firmer price of £3 13s 6d, and the contributings were sought at £2 13s 6d, neither issue attracting sellers. Mount Lyells remained firm with buyers at £1 9s 6d and sellers at £1 10s, but buyers would not advance beyond 13s lOd for Mount Morgans, sellers being reticent. Gillespie's Beach shares had reported business at Is 3d, at which figure they were sought on the afternoon callover. Sellers were firm, however, at Is 4d. All Government Loans issues were in keen demand at unchanged values, with no seller forward. SALES REPORTED

UNLISTED STOCKS Mackintosh Caley Phoenix .... wool worths (Syd.) .... 517 6 519 ft Cum dividend. DIVIDENDS PAYABLE The following is a list of shares on which dividends will shortly be payable:— Farmers’ Fertiliser—sJ per v cent Aug. 15 North Kalgurli (1912), Ltd.Final, 6d (in sterling, less British income tax) .. ~ Aug. 18 Pitt, Son, and Badgery— Final at 10 per cent, per annum Aug. 19 Bank of N.S.W.—lnterim and quarterly, 5s share, Australian currency .. .. Aug. 28 Kuala Lumpur Tin „ share Aug. 28 Christchurch Gas—lnterim, 3 percent... ... ~ .. .. Aug.— Associated Newspapers—lnterim, pref. and ord., 2 per cent Aug. 29 Elder Smith Final. 3 per cent. .. ' Sept. 1 Electrolytic Zinc—Ord. and pref., 6 per cent., making 10 per cent, for year .. .. Sept. 10 Broken Hill South—Quarterly, 2s6d a share .. .. Sept. 18 NORTHERN EXCHANGES AUCKLAND

Fraser and Co., selling agents for the Otago and Oamaru Egg Circles, report as under:— Eggs: Market rates. Butter. Separator pats, lOd per lb; bulk, lid per lb. Tallow: 17s to 18s per cwt. Pigs: Good bacon weights. 5Jd to 6d per lb; overweights. 2d to 3d; porkers, 6d per lb. Potatoes: £4 10s to £5 per ton Chaff£4 10s per ton, sacks extra, ex store. Whole fowl wheat: 5s per bushel Bulk honey: 4d to 4id per lb; 21b pottles. 10s per dozen: 101 b tins, 4s 6d to ss. Poultry White Leghorn hens. 4s to ss: heavy breeds. 6s to 7s: cockerels, light 3s 6d to 4s. heavy 7s to 9s: roosters. Is 6d to 2s: ducks. 4s to ss: ducklings. 5s to 6s. all per pair. Turkey gobblers. 8d to 9d ner 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 Otago agents for: Gamble electric incubators, and the Betteridge cgg-cleaning table. Particulars on application. Consignors, please note that ail pigs and poultry must arrive not later than Wednesday morning of each week. Wo have a stock of poultry crates on hand for the use of oux’ clients.

AUSTRALIAN STOCK EXCHANGES (United Press Association) (By Electric Telegraph—Copyright) SYDNEY, August 12. (Received August 12, at 11 p.m.) To-day's share market, although quieter, afforded evidence of the confidence of investors in good-class industrial stocks. The tone of the market was strong, except for a little easing here and there.

DOLLAR AND FRANC (United Press Association) (By Electric Telegraph—Copyright) LONDON, August 11. Exchange on New York is quoted at 5.023 dollars to the £, and on Paris at 76 9-32 francs to thev£■ / PROPERTY SALES Messrs John Reid' and Sons report having sold yesterday part sections 35 and 37, Port' Chalmers, together with house in George street, to a local resident. The house and property in the estate v. the late Rev. W. Saunders, situated in Kilgour street, Roslyn, were also offered for sale yesterday, but the bidding did not reach the reserve. Private negotiations are now: proceeding. The furniture was sold at satisfactory prices. Messrs Ireland’s report having offered at auction yesterday lot'l. subdivision of part of lots 21 and 23, 5 townr ship of Melrose, area 15.95 poles, together with 7-roomed dwelling thereon, known as No. 53 Tweed street. Littlebourne. After spirited bidding the property was knocked down to a buyer at a satisfactory figure. COLOMBO TEA SALE Mr L. M. Wright has received the following cabled report on the Colombo Tea Auction of August 11; At yesterday’s auction of 1,500,0001 b all grades were in firm demand. Common grades showed an advance of 2 cents, while other teas remained steady at last week’s rate. n ■ Next week’s auction is for 1,625,0001 b.

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

HARDWARE PRICES OVERSEAS QUOTATIONS RISE ■ EFFECT IN NEW ZEALAND Not only English munition orders, but increased labour costs in Belgian and French , factories, caused by higher wages that followed recent/ strikes, have caused sharp advances in hardware in overseas markets, which' will, soon' be reflected in the Dominion. The last overseas mail contained notification of many advances. One large British firm advanced its prices for. general domestic and builders’ ironmongery all roundi A 10 per cent, advance was notified by the British Cabinet Brassfounders’ Association. A group of alluminium ware manu r faclurers advanced prices by 5 per cent. The same advance was made on all enamelware by a leading British firm. It was notified that safes, strongroom doors, etc., were up by 5 to 10 per cent. General hand and machine tools were quoted from 5 to 10 per cent, higher. Mild steel rivets were advanced by £1 ton. French-made goods were advanced by 10 per cent, to 25 per cent., and Belgian quotations were withdrawn preparatory to advanced prices. The prices of German nuts and bolts showed rises of 1 0 H er cent., compared with rates of a few months ago. A big United' Slates firm announced a 10' per cent, advance on the tools it manufactures, in view of the rising cost of materials. It was stated that British works had heavy orders, and there were price advances for pig iron, billets, plates Joists and sections, and also medium plates. The price of copper was verv steady. In June, 1935, it was £3O. but the price now was £37 10s. On the fiber hand, the tin market was weak owing to international restrictions The price was £206 a ton in April last, but the mail advice placed the latest figure at £176, this being the lowest for some time.

COMPANY BALANCE SHEETS

THE COMMERCIAL BANK OF AUS- « THALIA, LIMITED. Paid-up General DMdcnd

A slightly upward tendency is seen in the net profit of £234,481, which represents a return of 5.69 per cent., as as , against 5.55 per cent, arid 5.08 per cent, respectively for the preceding two years After preference shareholders have been allotted their customary 4 per cent., ordinary shareholders receive 5 5-6 per cent.—the same as for the previous year—which, after increasing the allowance for writing down bank premises to £25,000, allows of a sum of £BI2O being added to general reserves. A rise of £27.915 brings the gross profit figure to £944.447, which is brought out after certain charges and provisions have been met. As there has been a proportional rise in expenditure, the relations between the two have altered little. In recent years they have stood as under: —

Salaries and allowances comprise £578,030 of the expenditure, rent and other charges making up the balance of £131,957. As . taxes are-provided for before the' gross profit figure is shown, expenditure is greater than is given above,’ Among the assets the fixed section continues to - move upwards. While the amount written off has been increased from £20,000 to £25’,000, the book value of the premises has risen to £1,178,436, indicating a capital expenditure of nearly £40,000. During the past five years a total of £95,000 has been written off bank premises, this method of adding to reserves haying been consistently maintained in spite of lower‘profit figures. The return, direct and’indirect, from bank premises is doubtless gradually becoming larger. ■ ” . • The chief asset—the bills discounted group—has risen annually since 1931, but on this occasion the £111)148 is smaller than usual. Deposits,, on, the other,hand, are up by over £l-,000,000, so that as far as these two items are-concerned, there is an Secession ofsotne £900,000 to the funds in the bank’s hands. Like advances, deposits since 1931 have risen steadily, but to a greater -degree, and while the margin between the two has been widening, the volume has been steadily growing; An excess of deposits of over £3,500,000 as against one of £1.600,000 approximately five years agr would appear to indicate that the bank’s assistance is not being utilised to the extent that might be expected from the larger business. Advances group has stood to deposits group as follows: — ■

Short-dated Commonwealth Treasury bills which have risen to £2*440,000, have chiefly felt the, effect of the influx of funds, but liquid assets on the whole show a tendency to rise.' ■ The general investment group at £ 2,560,277 is larger, while the coin bullion group is. up to £3,437,657. Bills receivable in London, with balance of remittances and drafts in transit, at £1,450,114 are also greater. The holding nr British War Loan stock remains at £201,19-2 presumably its cost —while money at call and short notice in London has falleh to £125,000 When motes and hills of other banks ..(£131,038), balances due from other banks (*-"202) and stamps ,(£ 16,178) are _ included, liquid assets aggregate £10,370,658, and in relation to the liabilities to the public are equivalent to 38.15 per cent, of 7s- 7d in the £ as against 7s 2d at June. 1935. - Apart from deposits, all liabilities may be. said to be contained in the general group under bills payable and other liabilities. At £1,29!,292 this group is up by approximately £ 100,uuu, which may be mainly due to larger allowances for contingencies, and to the necessity of providing a larger sum for taxes. The other items of indebtedness consist of balance? due to other banks, at £15,336'. and notes in circulation which have dwindled down to £14,980, and which, as far as' New Zealand is concerned, will have disappeared since the date of closing the books, ~ , , .. . General reserves are higher by tm. £BI2O unallocated from the net profit, so that while reserve fund at £2,000,000 is unaltered, the floating balance now stands at £98,930. Exchange adjustment reserve >s retained at £250,000. If the year 1931-32 be excepted, when by a book entry £250 000 was transferred to a separate heading for exchange purposes,, general reserves have increased eacn year while at the same time hidden reserves have not been overlooked. CLYDE SHIPBUILDING The Clyde is now the busiest shipbuilding centre in the world No fewer than 150 vessels are on order, and the pressure of work is such that many ■ shipyards are taking steps to restrict summer holidays. During June 10 vessels were launched, representing 29.485 tons. During the halfyear 48 vessels were launched ol a total tonnage of 126.502.

£ s. d. Associated News (pref.) 1 3 6 Gillespie’s Beach 0 1 3 UNLISTED STOCKS Woolworths Syd.) 5 18 0 (2) 5 18 6 The following are yesterday afternoons buying and selling quotations, which are subject to the usual brokerage:— BANKING Buyer. Seller. £ s. d. £ s. d. N.S.W. — +t33 0 0 New Zealand 1 19 6 2 0 0 Commercial .. .. 0 17 9 0 18 2 E.S. and A — 6 5 0 Natl, of N.Z. .. 3 2 6 3 5 0 ' INSURANCE National — 0 18 5 Standard — 3 3 0 SHIPPING Howard Smith .. 0 18 6 0 19 0 Huddart, Parker (pref.) 1 7 9 — P. and 0. Def. Stock 1 7 9 U.S.S. Co. (pref.) 1 6 0 — MEAT PRESERVING N.Z. Refrig (pd.) • 1 0 4 N.Z. Refrig, (cent.) 0 9 8 — South Otago Freez. 7 13 0 — LOAN AND AGENCY Dalgety and Co... — 9 2 6 Natnl. Mortgage ' 2 11 6 Perpetual Trustees — 3 4 0 Wright, Stephenson (pref.) 0 18 0 0 19 0 COAL Kaitangata .. .. 1 0 9 , 1 2 3 Westport 1 3 0 WOOLLEN COMPANIES Bruce (ord.) 0 14 6 Kaiapoi Cord.) .. 0 4 10 Kaiapoi (cont.) .. 0 5 11 0 6 6 Kaiapoi (pref.) .. 0 18 3 MISCELLANEOUS Anthony Hordern 0 19 3 Broken Hill „ Propy 3 13 6 Broken Hill Propy. (cont.) 2 13 6 Brown, Ewing (ord.) .. .. 0 16 3 Colonial Sugar .. — 43 5 0 Consolidated Brick .. .. 0 10 0 D.I.C. (pref.) .. 1 3 9 — Dominion Fertiliser : 1 5 9 Dominion Rubber 1-3 0 1 8 0 Stock Exchange Propy. .. .. 2 2 6 . Milburn Lime .. 2 3 3 —, Natnl. Electric .. 0 12 0 — N.Z. Drug Co. .. 3 15 0 — N.Z. Newspapers 2 1 0 Regent Theatre — 1 1 3 Wilsons Cement ■ 2 0 n G. J. Coles 3 19 0 4 0 0 BREWERIES N.Z. Breweries .. 2 12 0 2 13 0 AUSTRALIAN MINING Electrolytic Zinc (pref.) .. .. — tt2 4 0 Electrolytic Zinc (ord.) .. .. t+2 1 0 2 2 0 Mount Lyell 1 9 6 1 10 0 Mount Morgan .. 0 13 10 — MINING Argo 0 1 3 — Big River ,. .. 0 2 0 0 2 2 Central Shotover — 0 0 5 Clutha River 0 2 0 — Gillespie’s Beach 0 1 3 0 1 4 Goldfields Dredging —-• 0 0 4 King Solomon .. — 0 1 1 Lawson’s Flat .. — 0 0 4 Molyneux River 0 1 6 — Mount David .. —• 0 1 0 Nokomai .... 0 1 10 0 2 3 Okarito .. .. 0 2 9 — Paddy’s Point .. — 0 3 3 Skippers .. .. — 0 0 4 Waipapa Beach .. 0 0 9 0 o iu Waitahu .. .. — 0 2 3 Worksop .. .. — tfo 2 1 GOVERNMENT LOANS 3i p.c. Stock Nov., 1938-52 .. ., 102 15 0 — 3J p.c. Stock, March, 1936-43 102 15 0 — 3i p.c. Stock, Sep,, 1939-43 .. .. 102 15 0 — 3J p.c. Stock, May, 1939-52 .. .. 102 15 0 — 3J p.c. Stock, March, 1941-43 102 15 0 — 3J p.c. Stock, Sep., 1941-43 .. .. 102 15 0 — 3J p.c. Stock, May, 1941-52 .. ,. 102 15 0 — 3| p.c. Stock, Nov., 1941-52 .. .. 102 15 0 — 4 p.c. Bonds, 193740 101 0 0 — 4 p.c. Stock. 193740 101 0 0 — 4 p.c. Bonds, 194346 105 0 0 — 4 p.c. Stock, 194346 105 0 0 —— 4 p.c. Bonds. 194649 .. ..i .. 105 0 0 — 4 p.c. Stock, 194649 105 0 0 — 4 p.c. Bonds, 195255 105 0 0 — 4 p.c. Stock, 195255 105 0 0 —

Sales on ’Change Amalgamated Brick (Auck- £ S. d. land). 74 per cent, 1944 (2) ;• 102 . 0 0, Farmers’ Auct. (£1 paid: 2) 0 14 0 Renown Collieries 0 13 0 Devonport Ferry 1 1 9 Taupo Totara (pref.; 16s paid) 0 13 3 Kaiapoi Woollen 0 14 10 Australian Glass (2) .. ... 4 12 3 Broken Hill Proprietary (2) 3 14 3 Colonial Sugar .. 42 15 0 Dominion Rubber .. .... 1 4 0 Electrolytic Zinc 2 1 3 Electrolytic Zinc (pref.) .. 2 3 71 Henry Jones 2 3 4 h N.Z. Drug 0 N.Z. Newspapers .. .... 2 0 6 Whittome, Stevenson .. ,. 0 18 0 Woolworths (N.Z.) 5 8 0 Golden Crown ., .. .... 0 4 6 Maori Gully 0 0 7 Waihi Junction 0 3 7 Mount Morgan 0 13 11 Unlisted Stocks Waikoromiko 0 0 6 WELLINGTON Sales on ’Change National Bank of N.Z .. 3 3 0 Rotoiti’ Timber, (late Tuesday) 0 6 0 British Tobacco 2 0 0 Broken Hill Proprietary (late Tuesday; 2) 3 14 0 (2) 3 14 0 3 14 6 Waihi Grand Junction .... 0 3 7 Mount Morgan 0 13 11 Unlisted Stocks Woolworths (Sydney) 5 18 6 CHRISTCHURCH Sales on ’Change Bank of New Zealand .. .. 1 19 10 Australian Iron and Steel .. 1 5 6 Beath and Co. .... .. 1 4 2 Broken Hill Propy 3 13 3 (3) 3 14 0 3 14 3 (2) 3 14 4 Broken Hill Propy. (15s pd.) 2 14 9 Colonial Sugar Dunlop Rubber (2) .. .. 42 15 0 0 18 4 Electro. Zinc (pref., cum div.; 2) .. ..... .. 2 3 3 (7) 2 3 6 General Motors (pref.) 1 5 0 G. J. Coles .. .... .. 3 19 3 3 19 6 Hume Pipe (Aust.) .. .. 1 0 8 Woolworths (N.Z., pref,) .. 1 17 0 Maori Gully (3) 0 0 7 Mount LyeR Mount Morgan (3) .. .. 1 9 6 0 13 10 0 13 11 0 13 10 0 13 104 0 13 10 0 13 9 4 1 Sales Reported National Bank of Australasia (£5 paid) 6 19 G National Bank of New Zealand 3 2 9 Consolidated Brick .. .. 0 9 9 Dunlop Rubber 0 18 5 Electro. Zinc (pref., cum div.) 2 3 3 Wilcox Mofflin 0 12 11 Gillespie’s Beach .. .. 0 1 3 Maori Gully (4) Mount Lyell 0 0 1 9 7 8 Mount Morgan .. .. .. 0 14 0 Upper Watut 0 6 3 Upper Watut .... .. 0 6 2 Unlisted Stocks Woolworths (West Australia; 2) .. .. 5 16 0 LONDON STOCK EXCHANGE '(United Press Association) (By Electric Telegraph—Copyright) LONDON. August 11. Bank of Australasia. £9 5s E.S. and A. Bank, 85s; Union Bank of Australia. £6 13s 9d: Bank of New South Wales. £25 17s 6d: National Bank of New Zealand. 48s 6d; Bank of New Zealand, 35s 6d; British Tobacco 32s 6d; Goldsbrough. Mort. 24s 44d; Dalgety, 140s: P. and 0. Deferred. 23s lOJd: New Zealand Loan and Mercantile 4 per cent, debentures. £92: ordinary. £23 10s. LONDON METAL MARKET

(United''Press Association) (By Electric Telegraph—Copyright) LONDON. August 11. (Received August 1.3, at 11 p.ra.) The following ore the official meta Ton. quotations:— Copper, spot .. .. £.18 11 1ft (4 Rise £ft 1 in Vi Copper forward .. 38 1« 1014 Rise 0 2 0 Electrolytic spot 42 10 ft No change Electrolytic, forward 13 0 0 No change Wire bars .. 13 0 0 No change Lead, forward .. 1ft 15 0 Kail 0 2 6 Lead, spot .. .. 1ft 17 ft Fall 0 2 6 Spelter, spot .. 13 7 ft No change Speller, forward .. 13 12 ft Fall 0 I 3 Tin. Spot .. 185 7 6 also 2 17 ft Tin. forward .. 182 7 6 Oz. also 3 t ° Hilrer, standard .. 10 0-lficl No change Silror, tine .. .. 3l’4d, No change

THE MORNING SALES £ s. d. Comm. Bank of Sydney 20 8 0 Bank of New South Wales 33 5 0 Australian Gas (A, ex div.) 7 10 0 Tooheys .. 1 13 9 Tooths 2 13 6 Broken Hill Proprietary .. 3 15 0 (new) 2 15 0 Henry Jones • . ■ 2 3 9 James Stcdman .. .. .. 0 19 3 ADDITIONAL SALES Commercial Banking of Sydney .. .. .... 20 7 0 National Bank (£5 paid) .. 6 19 6 Bank of New Zealand .. 1 19 9 Colonial Sugar .. .. .. 43 0 0 Burns, Philp 3 13 0 Australian Gas A (ex div.) 7 10 6 British Tobacco .. .... 2 0 9 Tooths .; .. 2 13 6 G. J. Coles 4 1 ft Wilcox MolTlin 0 12 9 Morris Hedstrom 1 6 3 Greater J. D. Williams .. 0 7 9 Farmers 1 11 9 David Jones 2 7 0 Anthony Hordern .. .. 0 19 0 Henry Jones 2 3 0 W. R. Carpenter 2 .* 9 Mori’s Dock (ex div.) ., .. 0 11 2 Wright Heaton .. V. 8 3 0 Yarra Falls 2 0 3 General Industries .. .. 0 19 11 Broken Hill Proprietary .. 3 15 3 Broken Hill Proprietary (new) 2 15 3 North Broken Hill .. .. 8 19 0 Rawang 0 9 1 Loloma 1 4 0 Koroere .. .. 0 5 9 Tongkah Harbour 0 16 6 MELBOURNE, August 1 2. Bonds were steady. There was conlinued firmness in the industrial market. Mount Lyells were active and Fijians in demand. £ s. d: Commercial Bank of Australia .. .. .. .. .. 18 2 0 National Bank (£5 paid) .. 7 0 0 British Tobacco 2 0 6 Carlton Brewery 2 18 3 G. J. Coles 4 2 0 Drug Houses 1 10 3 Australian Glass 4 13 0 Dunlop Perdriau 0 18 7 Electrolytic Zinc (pref.) .. 2 3 9 Mount Morgan ..■ .. .. 0 13 11 Mount Lyell .. ;, .. .. 1 9 3 North Broken Hill .. 9 0 0 South Broken Hill • .. ... 5 14 0 Emperor 0 15 10 Loloma 1 .4 14 Silverton Trams .. .. •. 1 18 0 General Motors .. .. .. 1 5 7 Hume Pipe .. 1 0 11 Myer 1 15 3 Herald and Times .. .. 3 8 6 PRICE OF FINE GOLD (United Press Association) (By Electric Telegraph— Copyright; LONDON. August 11. £ s. d. August 11 .... .. 6 18 6 August 10 (5 18 54 August 7 ., .... 6 18 6 August 6 .. .... 6 18 6 August 4 .. .. ... 6 18 7 July 31 .. .. 6 18 94 July 30 .. .. . . , ‘6 18 n July 29 ...... 6 18 Hi July 28 ,. .. .. • 6 18 11 July 27 .. ..... 6 18 10

FOREIGN EXCHANGES (British Wireless) (United Preae Association) (By Electric Telegraph—Copyright) RUGBY, August 11. Furls— Far Aug. 10. Aug. 11. Francs to £ 1 124.21 Brussels— 70 10-64 76 17-04 lielgas to £1 SO 29.S04 29.804 Oslo— Kroner to £1 18.180 19.90 19.00 Stockholm— Kroner to £1 IK.ISO 19.304 19;394 Copenhagen— Kroner to £1 18.150 Berlin — 22 Marks to £ 1 20.34 Montreal— 12.484 12.48 Dollars to £1 4,80 2-3 5.022 5.02* ’ New York— Dollars to £1 4.86 2-3 5.02 7-10 5.02^ Yokohama— Fence to yen - 24.532 Hongkong— , 14 ■ 1-S2 14 1-32 Pence to dollar 24.OS 14 29-32 14 29-32 Bombay— IS*184 Fence to rupee — Batavia— Florins to £ 1 12,10 7.oGj 7.364 Milan— hire to £1 32-43 03 13-10 63 13-10 Amsterdam— Guilder to £ ) 12.107 7.392 i .30 2 Prague— Kroner to £ I 1044 1214 1214 Geneva— Francs to £1 25.224 15.41 15.104 Vienna— Schillings to £1 .. .. 84.864 "G* 204 tlclslngl'ors— Marks to £1 193.23 227 227 MadridPesetas to £ 1 25 224 Belgrade— oS2 3SJ Dinars to £1 25,224 220 220 Athens— Drachma to £1 .. -.375 52S 529 Lisbon — Escudos to £1 .. .. 110 110 110 3-10 Bucli a rest — Lei to £1 .. 1)31.0 675 Ul il Klo de Janeiro— Pence to thllrels .. 5.800 Buenos Aires— a Pence to pesos 4T.22 . Shanghai— 88 S8 Pence to tael — 14 13-32 14 13-32 -Montevideo— Pence to pesos — Warsaw— 38 13-10 38 13-10 Zlotys to £ 1 — 20.75 26.75 ON NEW ZEALAND CURRENCY BASIS The Bank ot New South Wales, Dunedin, quoted the following rales for purchases and sales of foreign exchange yesterday Loudon— Buying. Selling £ I N.Z. to £100 stg T.T. 124/10/O.D. Australia — 123/10/124/8/9 £ A to £ too N.Z. r T.T ' 100/10/O D 1 101/-/-100/10/.. Fiji- . : v •V ■ 89 . £F to £100 N.Z, T.T. 90/7/0 O.D 90/7/0 89 New York— r . Dollars to £ N.Z. T.T 4.00'%. 4.02’'a O.D. 4.07JS 4.034 i Montreal— "4.022 < Dollars to £ N.Z. 'T.T. 4.064 O.D. ‘ 4.074 4.034 Austria— Schillings to £ N.Z. .. .. T.T. — 20,93 O.D. Belgium— . 20.95 Beljfas to £ N.Z. T.T. - . 23,804 . ; O.D. Czechoslovakia— . 23.813 Crowns to £-N Z. T.T. — 90.75 ■ O.D. — 90.80 Denmark— Kroliet to £ N.Z- T. T, 18.203 17.893 O.D. 18.263 17.903 France— Francs to £ N.Z I T. — 61.00 O.D — 01.04 Germany— ••Reichsmarks tC £ NZ .. .. T.T. — 9.958 O D. 9.963 Holland— Florins to £ N.Z T.T. — 5.893 O.D. • 5.897 Italy— Lire to £ N.Z T.T. — ■ O.D. — — Java— Florins to fl N.Z T.T. — 5.854 O.D. — 5.858 Norway— Kroner to £ N.Z T.T 16.1S1 15.891 O.D. 16.241 15.901 Sweden — Kroner to £ N.Z. T.T. 15.785 13.490 O D. 15.845 15.500 Switzerland— , f Francs to £ N.Z T.T. 12.278 O.D. Noumea — ; 12.283 Francs to £ N Z T.T. . —.• 59.63 OD. V ■ —i 39.69. Papeete— Francs to £ N Z T.T.. — . 59.78 • O.D. • 59.84 • Hongkong— « N Z pence to 1 * dollar .. ,. T.T. 17 63-64 18 63-64 O.D India and Ceylon — 17 57-01 18 01-64 N Z. pence to 1 rupee .. ,. T.T. 22 9-04 22 57-64 O.D Japan— r.a ; N.Z. pence to 1 22 v,3-64 22% yen .. .. T.T. — 178 O.D Shanghai— — 17 39-64 N.Z pence to 1 . dollar, .. T.T • 17 7-16 IS 7-16 O.D 17,4 18 27-64 Singapore— N.Z. pence to 1 dollar ' .. XT 34 27-04 35 31-64 O.D 34 15-61 35 15-32 All rates subject to alteration without notice

notice:— U.S.A. Canada (Per £ (Per £• N.Z.) N.Z.) Selling— Dols. Dols T.T. .. .. .. .. 4.023 4.023 O.D. ' .. ..... 4.03| 4,03^ Buying—' O.D. .. .. -3N P o

Capital June SO £ £ £ p.c. p.c. 1022 2.453.013 42,200 228,081 4 15 1921 2.628.928 411.051 204,542 4 15 1928 3.085.722 1,080.141 317.707 4 15 1928 3.553,388 1.890.488 255.020 4 15 1 ran 4,040.749 ■2.255.549 389.84). 4 15 ids: 4.117.350 5.070,812 199.870 4 5 193:: 4.117.350 2.079.252 213.034 4 5 1531 4.117,330 , 2.083.712 . 209,155 4 b 1935 1CS8 4.117.330 .4,117.330 2*090,810 2,0.08.930 . 228.438 234.48) 4 4 5, r ; r>a

Expenditure Grof-S 1’roflt Ualio £ £ D.c. i -:;n COT. 443 881.077 75.75 070.844 879,008 70.28 1034>J>5 (188.074 910.582 75.07 1935-SIS 709,007 914.4*7 75.17

Advances Deposits Hallo June-30 ' £ £ p.c. 1922 ' 1n.539.n92 10.187.721 05.23 1924 • 13,015,378 17.450,054 79.71 11)20 ' 15,200,754 20,015.501 78.61 1D2«18.331,201 22,307.883 82.17 1030 20,077,515 22.105,235 93.28 ■1031 19.200,841, • 20,833,785 s 92:30 1932 10,412.158 21.701.COS 89:45; 1033 ia:m.Tr,3 22.347,234 90.84 1031 ••21.725,548 24,340.005 88.50 ' lOSp ; 22,100.320 24.850,531 88.0.3 1030 22,211,174 25,863.000 85.88