COMMERCE AND FINANCE

Otago Daily Times, Issue 22964, 20 August 1936, Page 8

COMMERCE AND FINANCE

LOCAL AND OVERSEAS MARKETS

THE SHARE MARKET DUNEDIN STOCK EXCHANGE Bank of New Zealand shares were offered at the lower figure of ?-l 19s 6d on the Dunedin Stock Exchange yesterday, buyers also receding to £.l ]9s. Commercial Banks continued firm with buyers at 18s 3d and sellers at 18s sd, and National Insurance shares showed signs of improvement, with buyers at 18s 3d, the selling figure being 18s Bd. P. and O. Deferred Stock was Is easier, with buyers at the high price of £1 lis, but no sellers were forward. Preferred Associated Newspapers again changed hands at £1 3s IOJd, with an unsupplied buyer on the last call-over at £1 3s 9d. Ordinary Brown, Ewings were firmer, with a buyer at 16s 6d, but sellers were reticent. Crystal Ices were inquired for at £2 3s 6d, with sellers Is 6d away. Wilsons Cements have eased, sellers being willing to accept £1 18s 6d, but buyers were not interested. G. J. Coles had reported business at £4 4s 3d. a parcel offered at 3d above this figure not attracting investors, who would not advance above £4 3s 6d. A newcomer to the local market, R. Fowler, Ltd., changed hands at 14s lOd. There was an improvement in value in Gillespie's Beach shares, which, cum dividend, changed hands at Is 4Jd, with further buyers at Is 4d and sellers at Is sd. Nokomais were transacted at 2s Id, with a closing unsupplied buyer at 2s. Okaritos are firm with the big margin of Is 6d between the buying and selling quotations of 3s and 4s bd. All Government Loans issues were in firm demand, a sale of 4 per cent 193446 Stock being reported at £lO3 6d. SALES ON 'CHANGE

tt Cum dividend. DIVIDENDS PAYABLE The following is a list of shares on which dividends will shortly be payable:— Bank of N.S.W.—lnterim and quarterly, '• 5s share, Australian currency Aug. 28 Kuala Lumpur Tin share Aug. 28 Christchurch Gas—lnterim, 3 . per cent 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, 2s 6d a share .. .. Sept. 18 NORTHERN EXCHANGES AUCKLAND Sales on 'Change

LONDON STOCK EXCHANGE (United Press Association) (By Electric Telegraph—Copyright) LONDON, August 18. Mount Lyell, £1 3s: Dalgety 4 per cent. Debentures, £101; British Tobacco, £1 12s 6d; Goldsbrough, Mort, £1 4s 4Jd; Dalgety, £140; P. and O. Deferred, £1 6s. Frascr and Co., selling agents for Otago and Oamaru Egg Circles, reports as under: — Eggs: Market rates. Butler: 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. ChafT, £4 10s per ton, sacks extra, ex store. Whole fowl wheat, 5s per bushel. Bulk honey, 4d to 4£d 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 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 tor 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 the " Bet-tei-idge" egg-cleaning table; 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.

TRADING BANKS LEGISLATION IN DOMINION EXCHANGE MARKET AFFECTED PURCHASES OF STERLING Reference to certain points in the Labour Government's recent legislation which affected the private banks in New Zealand was made at the annual meeting in London of the National Bank of New Zealand, Ltd.. by Sir Austin E. Harris, chairman of directors. Sir Austin said that by amendments to the Reserve Bank of New Zealand Act the Reserve Bank had been converted into a State bank, with powers to "regulate and control credit and currency in New Zealand, the' transfer of moneys to or from New Zealand and the disposal of moneys that are derived from the sale of any New Zealand products and for the time being are held overseas." This implied very wide powers, which would enable the Reserve Bank at any lime to enforce the Government's policy. The Primary Products Marketing Act, for instance, provided for the creation of a department of State, to be known as the Primary Products Marketing Department, charged with the special duty of marketing all primary products in which the Government had acquired control, and under the Act it had already been decided (hat the butter industry should be taken over. It was in contemplation that wool and meat should be similarly controlled at a later date, but it was to be hoped that the Government would be content to proceed slowly in this direction. " This control must seriously affect our activities in the exchange market," continued Sir Austin. "The trading banks feel further cause for uneasiness in the fact that no agreement has yet been reached as to the rate at which they will be able to buy sterling from the Reserve Bank, but we hope and expect that this will be dealt with equitably. "The power of the Reserve Bank to regulate and control credit has been fortified by an amendment providing that the governor of the bank, acting with the authority of the Minister of Finance, may require the trading banks to' increase to any extent the balances which they have to maintain with the Reserve Bank. At present these balances are fixed on a percentage basis of 7 per cent, of demand liabilities and 3 per cent, of fixed. Should the trading banks accumulate very large deposits, they would hold a considerable control of credit, and it is this control which the Government desires to keep in its own hands. It is a significant provision, but I do not imagine the Government would exercise such powers except for emergency purposes; nevertheless, this clause must have an unsettling effect on the banks' conduct of their business, and if put into force might inflict a considerable tax on their resources and activities." MOTOR CAR PRODUCTION AN INTERESTING FILM "The best car I ever built," says Henry Ford of his Ford V 8 in a series of interesting and entertaining talkie films to be shown free in the Concert Chamber of the Town Hall to-night at 8 o'clock. The first film, entitled "Safety," shows Ford's transverse spring design and torque tube drive to produce a car to give the maximum of safety, comfort, and economy. This type of springing has been used by Ford's since 1908. Every detail of the safety measures made possible by this springing and torque tube system is carefully explained. Next follows a " Rhapsody in Steel, showing the immense factories in Canada with the wonderful machinery of this mechanical age. To see giant machines stamping out steel parts_ is really an eye-opener of the amazing advances in motor production. A lighter side of the film gives an idea of the enormous number of parts which are embodied in a complete car. " Ups and Downs " is the title of the tests carried out with four Ford models in the North of England over a wild moor track by stock models. Interesting parts of the English countryside and some terrific hill-climbing is shown with cars and loaded four and six-wheeled trucks. To tell why Henry Ford selected the V 8 type of engine as the ideal type, a film entitled "Why a V 8?" will be next on the programme. In this will be seen Gar Wood's speed boat. Sir Malcolm Campbell on Daytona Beach, the Schneider Cud winner, and the Graf Zeppelin—all with V-type engines. Two other films in the series are a trip through the Dagenham factory, England, and interesting particulars of Ford's 12-cylinder car. the Lincoln Zephyr. . The films are all sound synchronised with music, and, as admission is free, a large attendance is expected. PROPERTY SALE Messrs N. and E. S. Paterson, Ltd.. report having offered by auction at their rooms yesterday, in the estate of Joseph Shuttleworth, a four-roomed dwelling and large freehold section known as No. 184 Kaikorai Valley road. Tho property was sold to a client at a satisfactory price. COLOMBO TEA SALE Mr L. M. Wright has received the following cabled report on the Colombo tea auction of August 18: At yesterday's auction of 1.500,0001 b competition was keen for all grades, common teas advanced ,td. better types being about Ad dearer at close of sale. At next week's auction 1,500,0001 b will be offered for sale. 0

PRICE OF FINE GOLD (United Press Association) (By Electric Telegraph—Copyright) LONDON, August 18.

MINING NEWS GOLDFIELDS DREDGING COMPANY, LTD. DIRECTORS' REPORT The directors of the Goldfields Dredging Company, Ltd., will submit the following report for the six months ended on June 30 at the annual meeting of shareholders to be held on September 3: — At the present time the company's dredge is returning from the gorge above the Big Beach, where it has been working for the past four months. This gorge was known to be virgin dredging ground, and was always considered to contain rich values, but it is to be regretted that, despite the strenuous work of the dredgemaster (Mr J. S. Ritchie), payable ground has not been located—hence the poor returns for the last four months. The directors considered the company exceptionally fortunate in being able to work this ground because of the expected dangers arising out of the reputation of the Shotover River for rapid rises in the river level caused by rain or melting snow in the back country. The accounts for the year show that the expenses have been kept below the realised value of gold won—s96oz 14dwt Of this, 408 oz were won to February 9, 1936 and from then to June 30 only 188 oz were obtained because of the absence of gold-bearing g?ound in the gorge. The expenses have been kept down to the minimum, consistent with efficiency of working. Most of the repair work has been carried out by the company's own staff, hence the reduction in maintenance costs, which are £547 17s lower than the previous year. The expenses for the current year show at £4136 17s sd, compared with £5553 19s Id for the year ended on June 30, 1935. But for this reduction in working expenses the accounts would have shown a substantial loss. NORTH BROKEN HILL Thirty miners began underground work at the British mine of North Broken Hill, Ltd., last week. This marked the resumption of productive operations at this mine, which had been idle since June 30, 1930. There will be a gradual increase in employment until about 130 men are working two shifts. Weekly output will be approximately 1500 tons. Ore will be broken at the British mine and transported by lorries to the North mine for milling. The ore reserves of the British section, as shown in the last balance sheet of the company, are 800,000 tons. In 1930 it became unprofitable to work the British section, which contains ore of lower grade than that in the North mine. LONDON METAL MARKET (United Press Association) (By Electric Telegraph—Copyright) LONDON. August 18. (Received August 10. at 10 p.m.) The following are the official metal quotations:—

PUKEKOHE ONIONS A MARKET IN AUSTRALIA (Special to Daily Times) AUCKLAND, August 19. The export of about 100 tons of Pukekohe onions to Australia has been followed by a further inquiry, and at least another 50 tons will be shipped to the Commonwealth on Monday. Prices in Melbourne recently reached the record high level of £24 a ton, and merchants turned to New Zealand. It was estimated last month that there were about 500 tons of onions at Pukekohe, but it is thought that only about half that amount now remains. DOLLAR AND FRANC (United Press Association) (By Electric Telegraph—Copyright) LONDON, August 18. Exchange on New York is quoted at 5.02 J dollars to the £ and on Paris at 76 5-16 francs to the £. ANTWERP FUTURES (United Press Association) (By Electric Telegraph—Copyright) LONDON, August 13. Antwerp futures are steady. Dry combed Australian tops:—October, December, 27|d: March, 27£d.

FOREIGN EXCHANGES

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

ON NEW ZEALAND CURRENCY BASIS

The BanU of New South Wales, Uunedln, nuotcu the following rates for purchases arid sale* of foreiEn exchange yesterday:—

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

CANADIAN WHEAT PRICE (United Press Association) (By Electric Telegraph—Copyright) REGINA, August 18. Mr C. Brouillette, president of the Saskatchewan Wheat Pool, suggests 1 dollar 15 cents as the minimum for new wheat when the Dominion Wheat Board sets the fixed price. Ho told the pool executive that lie was convinced that that figure was the absolute minimum.

WANGANUI WOOL SALE DEMAND FOR CRUTCHINGS ADVANCE OF l£d (Per United Press Association) WANGANUI, August 19. There was an offering of 1700 bales, mostly crutchings, at the midwinter wool sale held at Wanganui this afternoon. The market was in keeping with that in other selling centres recently, and all lines were keenly sought after by a full representation of buy-, ers. There was not a sufficient quantity of fleece wool to test the market, but crutchings were fully Ud up on prices ruling at Wanganui last April. The best lines of crutchings realised up to 9Ad; good, BJd to 9jd; average, 72d to "81d; inferior and seedy, 6d to 7Jd. The United Kingdom, Japan, America, and the Continent secured the bulk of the crutchings, while local scourers also were in the market for lots that suited their requirements. Passings were negligible. AUSTRALIAN STOCK EXCHANGES (United Press Association) (By Electric Telegraph—Copyright) SYDNEY, August 19. (Received August 19, at 10 p.m.) Leading industrial shares were quoted firmly on the Stock Exchange to-day. Cement shares weakened on the prospect of the lifting of the duty on British cement. THE MORNING SALES

ADDINGTON STOCK SALE (Per United Press Association) CHRISTCHURCH, August 19. At the weekly Addington market today there were heavy entries in the major fat stock sections, and values showed a decline. . Store Sheep—Good ewes maintained the recent rates, but older sorts and ewe hoggets were a shade easier Ihe best price for the latter was 31s Id. and for sound and f.m. ewes 29s 6d. Ewes and lambs sold at 13s la, all counted. There were 5000 fat sheep penned. Heavy ewes and wethers were easier, whilst light ewes maintained the high rates-of the National market. Extra prime wethers made to 40s Id: good to prime, 31s 6d to 35s 6d; prime medium-weight, 28s brt to 31s- and ordinary down to 255. Best ewes sold at from 27s to 375: prime medium-weight, 24s to 26s 6d; and others down to 18s. Fat Cattle.—There was an entry of 475 head in the fat cattle section, mostly of poor quality. The market was easier by 15s a head. Best beel made from 31s to 35s per 1001 b; good. 28s to 30s. Prime heavy steers sold from £l4 to £l7 7s Cd; good, £l2 to £l3 15s: medium weights down to £lO and others down to £B. Best 1 heifers made from £9 10s to £l4: good. £7 to £8 10s; others down to £5 10s. Good cows made to £l2: medium to good, £6 10s to £9: others down to £5. Fat Pigs.—There was a good sale ot both porkers and baconers. Porkers made from 33s 6d to 47s 6d—an average per lb to 6',d; baconers made from 50s Gd to £5 ss—an average per lb of 5.W.1 to Gd.

RECORD FOR WOOL NEW ZEALAND FIGURES BRITAIN THE BIGGEST BUYER (From Our Own Correspondent) (By Air Mail) LONDON, July 25. A record .quantity of w 001—756,833 bales—was sold in New Zealand between July 1, 1935, and June 30, 1936. It was valued at £10,083,297. These figures are revealed by the latest statistics. While the number of Dales sold constituted a record, their value does not, for the sum of £13,627,918, paid during the 1919-20 season, still stands the highest total valued by the Dominion in any one year. Wool sold in New Zealand during the 1934-35 season totalled only 479,797 bales, and realised only £4,486,479. This is nearly £6,000,000 less than the amount received for the 1935-36 Factors to which this increased tale may be attributed are various. Two of the main, however, are the greater quantities needed for the making of uniforms for defence forces in many countries and the prospective demand for flags and bunting to be used in connection with the King's Coronation celebrations next May. . Better trade in the furnishing and upholstery fabrics section of the industry has provided a greater outlet than usual for crossbred wools. The general improvement of conditions in the country has encouraged more output in the motor car and motor coach industry, and railway companies have been introducing many new passenger carriages. All these vehicles nave needed upholstery and furnishings of the type for which crossbred wool is so eminently suitable. The United Kingdom has again bought many times more New Zealand wool than any other country.

NEW, ZEALAND RECIPROCATES Britain's sales of finished goods to New Zealand are increasing. Latest overseas trade returns show that during the first six months of this year New Zealand took 1,772,000 square yards of woollen tissues from the United Kingdom, and 753,000 square yards of worsted tissues. These totals compare with 1,510,000 square yards and 641,000 square yards respectively for the corresponding period of last year. They are both greater than the totals for the January to June period of at least five previous years. . Total exports of piece goods during the first six months of the year, incidentally, were greater than those in the corresponding period of 1935. Woollen tissues amounted to 38,115,000 square yards this year, compared with 33,117,000 square vards last year, and worsted tissues to 18,185,000 square yards this year, compared with 17,830.000 square yards last year. Canada, Argentine, the U.S.A., Denmark, and the Netherlands are mainly responsible for the increased exports of woollen tissues, and countries wnicn took most worsted tissues in the six months include South Africa, Norway, Germany, and Japan.

£ s. d. U Z 1 SALES REPORTED Associated News (pref.) .. 1 3 10J 4 4 3 0 14 10 4 per cent. Stock, 1943-46 .. 103 12 6 The following are yesterday afternoon's buying and selling quotations, which are subject to the usual brokerBANKING Buyer. Seller. £ s. d. £ s. d. N.S.W - +f32 17 6 | New Zealand '.'. 1 17 0 1 19 6 Commercial .... 0183 0 18 5 Natl, of N.Z. .. — 3 4 0 INSURANCE National 0 18 3 0 18 8 3 3 0 SHIPPING Howard Smith .. — 0 19 0 P. and 0. Def. Stock 1 11 0 — U.S.S. Co. (pref.) 1 6 0 — MEAT PRESERVING | N.Z. Refrig. (pd.) — 1 0 3 N.Z. Refrig. (cont.) 0 9 6 0 9 8 South Otago Freez. 7 13 0 — LOAN AND AGENCY j Dalgety and Co. — 9 2 6 Goldsbrough, Mort 1 11 0 — Natnl. Mortgage — 2 11 6 N.Z. Guarantee Corp 0 5 7 0 5 9 Perpetual Trustees — 3 4 0 COAL Kaitangata .... — 1 2 3 1 4 0 WOOLLEN COMPANIES | Bruce (ord.) .. — 0 14 6 Kaiapoi (ord.) .. 0 15 0 0 16 0 Kaiapoi (cont.) .. — 0 6 8 MISCELLANEOUS Anthony Hordern 0 18 9 0 19 0 Associated News (pref.) .... 13 9 — Australian Glass — 4 12 0 British Tobacco 2 0 0 2 1 6 Broken Hill Propy. ':, .. — 3 15 0 Broken Hill Propy. (cont.) 2 14 0 2 15 6 Brown. Ewing (ord.) .... 0 16 6 — Brown, Ewing (pref.) .... 12 3 — Colonial Sugar .. — 43 5 0 Consolidated Brick .... 0 9 9 — Crystal Ice .. 2 3 (i 2 5 0 D.I.C. (pref.) .. 13 9 — Dominion Fertiliser .... — 1 5 6 Dunlop Perd. Rubber .. .. 0 17 10 0 18 2 Milburn Lime .. 2 3 3 2 4 0 Natnl. Electric .. 0 12 4 — N.Z. Newspapers — 2 l e Wilsons Cement — 1 18 6 G. J. Coles 4 3 6 4 4 6 Hume Pipe .. 10 0 1 0 10 BREWERIES N.Z. Breweries .. ' 2 11 9 — Dunedin .... 19 0 — Dominion .... 190 — GAS Christchurch .. 19 0 1 10 0 AUSTRALIAN MINING Electrolytic Zinc (pref.) .... — m 4 o Electrolytic Zinc (ord.) .. .. 112 1 3 2 2 0 Mount Lyell .. — 1 9 8 Mount Morgan .. 0 13 10 — Upper Watut .. — 0 5 9 MINING Big River .... 0 2 0 — Clutha River .. 0 2 0 — Gillespie's Beach t|0 1 4 King Solomon .. 0 10 0 1 5 — Lawson's Flat .. — 0 0 4 Nokomai .. .. 0 2 0 Okarito .. .. 0 3 0 0 4 6 Paddy's Point .. — 0 3 2 Skippers .... 0 0 31 0 0 4 Waihi Grand Junction .... — 0 3 8 Waimumu Sluicing .... — 0 0 11 Waipapa Beach .. 0 0 9 0 0 10i

GOVERNMENT LOANS 3h P.c Stock, Nov., 1938-52 .. .. 103 2 6 — 3J p.c. Stock, March, 1939-43 103 0 0 — 3J p.c. Stock, Sep., 1939-43 .. .. 103 0 0 — 3J p.c. Stock, May, 1939-52 .. .. 103 0 0 — 3J p.c. Stock March, 1941-43 103 0 0 — 3J p.c. Stock, Sep., 1941-43 .. .. 103 0 0 — 3J p.c. Stock, May, 1941-52 .. .. 103 0 0 — 3J p.c. Stock, Nov., 1941-52 .. .. 103 0 0 — 4 p.c. Bonds. 193740 101 0 0 — 4 p.c. Stock, 193740 ... .. .. 101 0 0 101 10 0 4 p.c. Bonds, 194346 103 5 0 — 4 p.c. Stock, 194346 103 5 0 — 4 p.c. Bonds, 194649 105 2 6 — 4 p.c. Stock, 194649 105 2 6 — 4 p.c. Bonds, 195255 105 0 0 — 4 p.c. Stock, 195255 105 0 0 — UNLISTED STOCKS Mackintosh Caley Phcenix .. — 0 11 0 Woolworths (Syd.) .. 5 14 0 5 10 0 Shillings, Ltd. (12s 6d paid) .. — 0 14 6

£ s. d. Bonds, 1946, 4 p.c 103 15 0 Stock, 1940, 4 p.c 101 7 6 Stock, 1946, 4 p.c. (2) .. 103 15 0 Stock, 1955, 4 p.c 105 15 0 Amalgamated Brick (Auckland), 1944, 7J p.c 102 0 0 National Insurance .. 0 18 4 Farmers' Auctioneering (£5 paid) .. .. 4 2 6 1 5 0 0 13 9 1 3 8 2 12 0 1 13 0 2 13 6 4 12 0 4 11 9 3 14 6 3 13 6 43 0 0 2 1 9 Electrolytic Zinc (pref.) .. 2 3 9 G. J. Coles 4 4 3 0 10 3 Martha (2) 0 17 9 Waihi Investment .. 0 10 1 Unlisted Stocks 3 5 6 Woolworths (Syd.) .. .. 5 14 6 WELLINGTON Sales on 'Change Union Bank of Aust. (late Tues.) 9 8 0 Christchurch Gas (late 1 10 2 British Tobacco (late Tues.) 2 1 0 G. J. Coles (late Tues.) .. 4 4 6 'Bank of N.Z 1 19 1 National Bank of Austral14 0 0 2 12 0 2 I 3 Electrolytic Zinc (ord.) 2 1 9 Farmers' Fertiliser .. 1 0 0 New Zealand Paper Mills .. 1 16 3 Beath and Co 1 4 3 CHRISTCHURCH Sales on 'Change Commercial Bank of Australia (2) 0 18 4 Goldsbrough, Mort .. 1 11 6 Amalgamated Wireless 2 0 0 Broken Hill Propy 3 14 10 3 14 9 3 14 10 (2) 3 14 6 Broken Hill Propy. (15s 2 15 0 Electro. Zinc (pref., cum div.) 2 3 7 1 4 3 Wilcox Moulin 0 12 6 Woolworths (N.Z., pref.) .. 1 17 0 Maori Gully (3) .. .. 0 0 8 Mount Morgan (5) .. o is in Rawang Tin (3) 0 9 0 Unlisted Stocks Macetown 0 0 3 New River 0 0 7 Sales Reported Oamaru Woollen .. 1 0 6 Broken Hill Propy 3 14 7 3 14 8 3 14 10 1 4 6 N.Z. Nev/spapers .. 2 0 6. 0 14 0 Rawang Tin (3) 0 9 1 Sulphide Corporation (late 0 16 0 Quill Mprris (cum div.) 0 19 0 Unlisted Stocks Macetown 0 0 3'

Tod Copper, spot £.18 8 VA Fall £0 5 0 Copper forward .. .. . S8 8 0 Fall 0 5 VA Electrolytic spot 42 0 0 Fall 0 15 0 Electrolytic, forward .. 43 0 0 Fall 0 5 0 43 0 0 Fall 0 5 0 Lead, forward .. .. 10 U 3 Fall 0 2 6 in 13 0 Fall 0 1 3 Spelter, spot .. .. 13 8 0 Fall 0 1 3 Spelter, forward .. .. 13 15 0 No change , 181 5 0 N'o cliaiiKe Tin. forward .. .. , ITS 2 0-!. G Itlse 0 5 0 Silver, standard .. .. 1!) 7-10d Fall 1-lCd Silver, fine- . 21d Fall 1-lGd

£ s. d. August 18 .. .. .. .. 6 18 4 August 17 .. .. .. .. 6 18 5 August 13 .. .. .. .. 6 18 4 August 12 .. .. .. .. 6 18 5 August 11 .. .. .. .. 6 18 6 August 10 .. .. .. .. 6 18 5J August 7 .. .. .. .. 6 18 6 August 6 .. .. .. .. 6 18 6

KUGBY, At! gust 18. Farls— Par Aug. 1 i. Aug. 18. Francs to £1 124.21 70 2101 70% Brussels— Delias to £ 1 30 29.S2J 29.S1\ Oslo — Kroner to £1 18. ISO l'J.OO 19.00 Stockholm— Kroner to £1 18.130 19 395 19.39J Copenhagen— Kroner to £1 18.150 22 22 Berlin- » Marks to £1 20.34 12.49 12.50 Montreal— Dollars to £1 4.80 2-3 5.023 5.023 New York— Dollars to £1 4.X6 2-3 5.02 r 'a 5.027s YokohamaPence to yeD 24.582 14 1•10 14 1-10 HongkongPence to dollar 24.58 • 14 20-32 14 20-32 BombayPence to rupee — ISJ 184 Batavia— Florins to £ 1 12.10 7.38} 7.3GJ .MilanLire to £ 1 82.46 02% GST's Amsterdam— Guilder to £1 12 107 7.10 7.10} Prague— Kroner to £1 104* 121J 121 i Geneva— Francs to £ 1 25.221 13.12 15.12i Viennai Schillings to £1 .. .. 84.8BJ 2G1 204 Uelslngfors— 22! Marks to £1 193 23 227 i> MadrldPeseias to £1 23.224 391 3 Hi Be! "rode— Dinars to £1 25.22J 220 220 4thens— Drachma to £1 .. .. 375 529 5 2 'J Msbou — Escudos to £1 .. .. 110 110 3 ■10 110 3-10 Bucharest — Lei to £1 .. 931.6 071 071 Klo de JaneiroPence to milrcls 5.800 <U 11 Buenos Aires — Pence to pesos 47.22 30 36 Shanghai— Pence to tael _ 14 7-10 14 13-32 .Montevideo — Pence to pesos — S8 11-10 38 13-10 Warsaw— Zlotys to £1 — 20.75 26.75

London— Buying. Selling ' £1 N.Z. to £100 Sti». .. .. i'.T. 124/10/OD 123/10/124/8/9 Australia— £ A to £100 N.Z. T.l 101/-/-100/10/ OI> 101/-/-100/10/ Fljl- £ Fto £100 N.Z. T T. 90/7/0 89 O.D 90/7/6 89 New YorkDollars to £ N.Z. T.l 4.002 4.03J O.D. ■1.08 4.038 .Montreal— Dollars to £ N.Z. I'.T. 4.00% 4.03</a O.D. 4.073 4.035 AustriaSchillings to £ N.Z r.r. — 20.93 O.D. — 20.95 Belgium— Belgas to £ N.Z. r/r. ■— 23.816 O.D. — 23.827 Czechoslovakia — Crowns to £ N.Z T.T. — 96.75 O.D. — 96.80 DenmarkKroner to £ N.Z. T.T. 18.203 17.893 O.D. 18.203 17.903 France— Cranes to £ N.Z. T.T. — 61.08 O.D. — 61.12 liermany— Reichsmarks to £ N.Z T.T. — 9.970 OD. — 9.975 tlolland— Florins to £ N.Z r.r. — 5.900 O.D. — 5.904 ItalyLire to & N.Z. r.r. OD. _ JavaFlorins to £ N.Z IT. — 5.S62 O.D. — 5.860 NorwayKroner to £ N.Z r.r. 10.183 15.893 O.D. * 10.243 15.903 SwedenKroner to £ N.Z. r.r. 15.785 15.490 OD. 15.845 15.500 Switzerland— Francs to £ N.Z. r.r. — 12.290 O.D. — 12.301 NoumeaFrancs to £ N.Z. T.T. — 59.71 O.D. — 59.77 Papeete— Francs to £ N.Z r.r. — 59.86 O.D. — 59.92 Hongkong— N Z. pence to 1 dollar .. .. T.T. 17 63-04 18 63-04 O.D. 17 57-64 18 61-64 India and Ceylon— N.Z. pence to 1 rupee .. ., T.T. 22 9-64 22 57-64 O.D 22 3-04 227s Japan— N.Z. pence to 1 von .. .. T.T. — 17 41-04 O.D. — 178 Shanghai— N.Z pence to 1 dollar .. .. T.T 17 7-10 18 7-10 O.D 171 18 27-64 Singapore— N.Z. pence to 1 dollar .. •■ T.T 34 27-64 3."> 31-61 O.D 34 15-61 35 15-32 All rates subject to alterntlou without notice

notice:— U.S.A. Canada (Per £ (Per £ N.Z.) N.Z.> Selling— Dols Dols. T.T .. .. 4.03J 4.033 O.D .. .. • 4.038 4.03:{ Liu virit; — O.D. .. .. .. 4.084 4.08

Commonwealth Bonds— x- s. u. 102 2 102 12 6 6 4 p.c, 1950 100 12 6 Commercial Bank of Australia 0 18 6 Anthony Hordern (pref.) .. 1 3 4 12 0 3 2 1 9 Broken Hill Proprietary .. 3 15 6 (new) 2 15 9 1 14 6 6 General Industries .. 0 19 Goldsbrough, Mort .. . • 1 12 0 9 0 14 1 9 11 ADDITIONAL SALES Bank of New South Wales 33 10 0 Commercial Banking of 20 5 0 Commercial Bank of Aus0 18 7s 43 5 0 New Zealand Insurance .. 3 3 0 0 18 9 3 3 6 Australian Gas A .... 7 10 0 2 14 0 1 13 3 0 4 5 1 10 4J Australian Glass .. 4 12 (5 Goldsbrough, Mort .. .. 1 12 0 Electrolytic Zinc .. •• , 2 2 0 n 3 9 Anthony Hordern .. •• 0 19 1 9 2 6 Gibson and Howes .. 1 12 6" W. R. Carpenter .. •■ 2 3 0 0 14 1 Sulphide Corporation 0 15 9 MELBOURNE, August 19. , Short-dated loans were firm ana long-dated steady. Banks pood demand and other were in industrials firm. £ s. d. Commercial Bank of Aus0 18 8 National Bank (£10 paid) 14 2 0 6 6 9 2 1 2 18 4 4 Carlton Brewery Australian Glass • • 4 12 (i Dunlop Perdnau •• •• Dunlop Perdriau (pref.) .. 0 18 iu 1 14 9 Electrolytic Zinc .. •• 2 2° u Electrolytic Zinc (pref.) .. 2 4 0 10 0 14 0 0 0 41 Victoria Nyanza •• •• 1 9 Broken Hill Proprietary .. 3 15 3 South Broken Hill -»• •• 5 17 0 0 3 4 o North Broken Hill .. '9 3 Zinc Corporatisn .. •• 4 1 0 16 1 5 Herald and Times .. •• 3 9 (> Melbourne Electric .. •• 1 0 1 1K 1 G 9 6 United Provisions .. 1 10 0 13 ] 19 Silvcrton Trams 1 17 9