COMMERCE AND FINANCE

Otago Daily Times, Issue 23001, 2 October 1936, Page 12

COMMERCE AND FINANCE

LOCAL AND OVERSEAS MARKETS

THE RESERVE BANK ASSETS AND LIABILITIES (Per United Press Association) WELLINGTON, Oct. 1. 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 September 28. The figures at the close of last week are given for the purposes of comparison, shillings and pence being omitted:— LIABILITIES

SALE OF JERSEYS BULLS AND HEIFERS (Per United Press Association) * PALMERSTON N., Oct. 1. At the fourteenth annual Manawatu Jersey bull and heifer sale the top price was secured by Mr P. A. Anderson, of Levin, for a yearling bull, 46 guineas. There was a representative attendance of buyers, and a. very good sale resulted. PRICE OF FINE GOLD (United Press Association) (By Electric Telegraph—Copyright)

THE MONEY MARKET (United Press Association) (By Electric Telegra; h—Copyright) LONDON, Sept. 30. Discount and short loan interest rates, -day to day loans, 3 per cent.: fine trade bills, three months, 2 to 2| per cent.; bank bills, three months, 9-16 per cent.; bank bills, six months, 8 per cent.; Treasury bills, two months, A per cent.; Treasury - bills, three months, i per cent. NEW GUINEA GOLD SHARES (United Press Association) (By Electric Telegraph—Copyright) LONDON, Sept. 30. New Guinea Gold shares are quoted at 4s 3d. CORPORATION LEASES SOLD Messrs N. and E. S. Paterson, Ltd., report having sold by auction at their rooms yesterday, on behalf of the Dunedin City Council, the following corporation building leases:— Part section 38, 39, and 263 R, block V, Lower Kaikorai district (Kaikorai Valley road), to Messrs M'Leod Bros., Ltd., for a term of 21 years at the upset rental of £SO. , , Allotments 1 and 2. subdivision of sections 30 and 34, block VI, Dunedin (Manse street), to Mr George J, Barton. for a term of 21 years at the upset rental of £262 10s. , t Lot 1 of allotment 4, subdivision of sections 30 and 34. block VI, Dunedin (Manse street), to Linwood Investment Company, Ltd., for a term of 21 years at the upset rental of £125 10s. Lot 2 of allotment 4, subdivision of sections 30 and 34, block VI, Dunedin (Manse street), to Linwood Investment Company, Ltd., for a term of 21 years at the upset rental of £lO6 10s. Part section 26, block XVI, Dunedin (Moray place and King street), to Messrs W. F. and J. H. Meek, for a term of 21 years at the upset rental of £IBO.

THE SHARE MARKET DUNEDIN STOCK EXCHANGE having reported business at 14s lOd on the Dunedin Stock Exchange yesterday, Mount Morgan shares fell fivepence on the afternoon market, with further sellers at 14s sd, and buyers easier at 14s. The banking section attracted little attention, the only issues in demand being New Zealands and Commercials, which were quoted at late rates. Dunlop Perdriau Rubbers, ex dividend, were weak, with buyers at 17s 4d and sellei's asking 17s Bd. G. J. Coles were quoted ex rights with buyers at £3 16s 6d, and sellers sixpence away. After the call a sale was recorded at the latter price. Gillespie’s Beach had a close market, buyers being firm at Is sd, and sellers only a halfpenny away. Government Loans were in firm demand. There was a reported sale late on Wednesday of the 4 per cent. 1946-49 Stock at £ 103 10s, a further buyer yesterday afternoon being unsupplied at £lO5 ss. The 4 per cent. 1952-55 Stock also changed hands at £lO5 12s '6d, further buyers being forward at £lO5 ss, with no response from sellers. SALES ON ’CHANGE £ s. d. Mount Morgan (2) 0 14 5 SALES REPORTED Mount Morgan (late Wed.).. 0 14 8 0 14 10 4 per cent. Stock, 1946-49 .. 105 10 0 4 per cent. Stock, 1952-55,. 105 12 6 SALE REPORTED AFTER LAST CALL G. J. Coles (ex rights) ~ 3 17 0 The following are yesterday afternoon’s buying and selling quotations, which are subject to the usual broker-

United Provisions —Pref. halfyearly, at 8 per cent, per annum, ord. 2 per cent, per annum O c ‘- 30 N.Z. Guarantee CorporationFinal, 2d a share. 9 13-18 per cent, per annum .. • • Od. ou Imperial Chemical Industries, Ltd—lnterim, 2i per cent., on ordinary shares .. •• Nov. z NORTHERN EXCHANGES AUCKLAND

AUSTRALIAN STOCK EXCHANGES (United Press Association) (By Electric Telegraph—Copyright) SYDNEY. Oct. 1. (Received Oct. 1, at 10 p.m.) On the Stock Exchange the market for investments was fairly firm, prices holding well. Gold shares were not quite so strong. THE MORNING SALES

AUSTRALIAN MARKETS (United Press Association) (By Electric Telegraph—Copyright) SYDNEY. Oct. 1. (Received Oct. 1. at 10.30 p.m.) Wheat: At country sidings 4s 2d. equal to about 4s BJd. ex trucks, Sydney. Flour. £l2 ss. Bran and pollard. £6 10s. Potatoes: Tasmanian, £lO 10s; others, £8 10s - -v n IQ Onions: Victorian brown, i-to. Maize, 4s 6d.

FOREIGN EXCHANGES (Brlllab Offlcl"! Wireless) (United Press Association) (By Electric Telegraph—Copyright)

ON NEW ZEALAND CURRENCY BASIS The Bank of New South Wales, Dunedin, quoted the following rates (or purchases and sales of forelcn exclianse 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 notice:— U.S.A. Canada (Per £ (Per £ N.Z.) N.Z.) Selling— Dols Dols T.T 3.96)1 3.961 O.D 3.97 J 3.974 Buying— T.T 4.004 4.00 O.D 4.018 4.014 CHAIN STORES APPROVED Opposition to the present efforts to restrict the operations of chain stores in the Dominion was expressed by members of the Cambridge .branch of the New Zealand Farmers’ Union at the monthly meeting on Monday. The following resolution was passed:—“ In the opinion of this branch, any move to curb the more efficient distribution of products, whether by chain stores or other trading concerns, should be strongly opposed. To attain this object, the Dominion executive shall be requested to produce the necessary evidence before Parliament in support of fair and open trading, and to oppose the efforts that are being made at present to eliminate chain stores.” NORTH BROKEN HILL NET PROFIT EXCEEDS £600,000 (Per United press Association) WELLINGTON. Oct. 1. Cabled advice has been received by the Stock Exchange Association of New Zealand that the audit of the accounts of the North Broken Hill. Ltd., for the year ended June 30 has been completed. It r’.ows that the net profit of the company after providing for depreciation, taxation, and royalties amounted to £636,940. EXCHANGE ON NEW YORK (United Press Association) (By Electric Telegraph—Copyright) LONDON, Sept. 30. Exchange on New York is quoted at 4.96 dollars to the £ NEW YORK CALL MONEY (United Press Association) (By Electric Telegraph— Copyright) LONDON. Sept. 30. New York call money is 1 per cent.

SYDNEY WOOL SALES (United Press Association) (By Electric Telegraph—Copyright) SYDNEY, Oct. 1. (Received Oct. 2, at 0.30 a.m.) At the wool sales the closing auctions for the week saw keen competition from Yorkshire and the Continent. The market continued firm at full late rates. Greasy merino sold to A total of 12,101 bales was offered and 10,086 sold, while 2251 were privately disposed of. BULOLO SHARES (United Press Association) (By Electric Telegraph—Copyright) LONDON. Sept. 30. Bulolo mining shares are quoted at 112 s 6d. MOUNT LYELL SHARES (United Press Association) (B.v Electric Telegraph—Copyright) LONDON, Sept. 30. Mount Lyell shares are quoted at 23s 3d. . DAIRY PRODUCE AMENDING REGULATIONS GAZETTED (Per United Press Association) WELLINGTON, Oct. 1. Amendments to the Dairy Produce General Regulations, 1933, are contained in to-night’s Gazette. These provide for a number of machinery amendments to the old regulations to bring them in line with the recent legislation. They deal principally with the manufacturing side of produce and its packing for marketing. HOTEL SALE REPORTED It is understood (says the Timaru Herald) that the freehold of the Royal Hotel, Timaru, has been sold by Mr F. Buchanan, of Rolleston, to Mr W. J. A. Clay, who has been lessee of the hotel for some time. The purchase price is believed to be in the vicinity of £IO,OOO. RABBIT SKIN REPORT The Dunedin Stock Agents and Wool Brokers’ Association (Messrs Dalgety and Co., Ltd., Donald Reid and Co., Ltd., Stronach, Morris, and Co., Ltd., New Zealand Loan and Mercantile Agency Company, Ltd., Wright, Stephenson, and Co., Ltd., Otago Farmers’ Co-operative Association, Ltd., National Mortgage and Agency Company, Ltd.) reports as follows: —With the rabbit skin season practically over, quantities offered at yesterday’s sale were small, and the quality generally inferior. There were a few small orders in 4he market, but the somewhat erratic nature of the sale was due to the fact that most of the buying was purely speculative. The following is the range of prices:— Summer broken, 24Jd to 26d; second winter broken, 32d to 34d; first winter broken, 45d to 45Jd; runners, 23d to 25d; summers, bucks 26d to 28d, does 23d to 253 d; small, 16d to 20d; light racks. 34d to 36d: first winter bucks, spotted. 103 d to 112Jd; first winter does, spotted, 64d to 68d; second winter bucks, 116 d to 126 d; second winter does, 75d to 79d; first winter bucks, 130 d to 138 d: first winter does, 85d to 88d; prime winter bucks, 137 d to 139 d; prime winter does, 88d to 90d; outgoing bucks, 83d to 89id; outgoing does, 56d to 62Jd; spring bucks, 52d to 58d; spring does. 35d to 39d; milky, 30d to 38d; fawns. 28d to 36d; winter fawns, 70d to 76d; first winter blacks, 74d to 76d; second winter black, 58d to 60d; hareskins, 20d to 36d; horsehair, 18d. G. J. COLES’S DISPUTE COMPLETE AGREEMENT REACHED Complete agreement has now been reached in the recent difference in the directorate of G. J. Coles, Ltd., Melbourne, and the suggested meeting of shareholders has been cancelled. Following a meeting of directors last week it was announced that Mr G. J. Coles had been reappointed chairman of directors, that it had been decided that in future the remuneration of directors should be disclosed to shareholders, and that two representatives of outside shareholders should be invited to join the board in place of two executive directors. „ , „ , The reappointment of Mr G. J. Coles as chairman and the decision to disclose the directors’ remuneration means that, in these two matters, the other directors have accepted some of the terms of settlement as outlined in the circulars issued to shareholders by Mr G. J. Coles. In regard to the third matter, however, they have made only a partial concession, though they have abandoned their proposal to increase the number of directors from seven to nine. The dispute arose over the refusal of the chairman, Mr A. W. Coles, at the annual meeting on August 26, to disclose the amounts paid to the directors, all but one of whom hold executive positions in the company. Subsequently, Messrs A. W. Coles and F. P. Derham resigned from the board of directors, and a meeting of shareholders was called for September 23 to ask for directions as to the management of the company. Mr G. J. Coles, who had been deposed from his position of chairman and governing director of the company before the annual meeting, strongly supported shareholders who favoured the disclosure of payments to the directors, and advanced the following policy; That two representatives of the outside shareholders should be appointed to the board in place of two executive directors who were to resign; disclosure to shareholders of the remuneration of directors; and his reinstatement in the office of chairman of directors. To make way for the two new directors, Messrs M. B. Moffatt and F. G. Coles resigned. Mr A. W. Coles was reappointed managing director and Mr F. P. Derham was reappointed a director. The directors other than Mr G. J. Coles expressed the opinion toward the end of the controversy that no remuneration should be paid to the managing director or to any other executive director except by way of salary, and that such salary should be subject to the annual approval of the shareholders.

The post office authorities of Travancore State, India, claim a strange distinction—the issue of the world’s smallest money order. This order was for .035 of a penny. It was sent through the State postal service last year and safely delivered, it is now announced in the report of the State Postal Superintendent. Travancore has its own internal currency and postal system. The smallest coin is the equivalent of .035 —roughly a thirtieth of the English penny. It was for this coin that the money order was sent—why, the report does not reveal.

Last week. This week £ £ 1. General Reserve Fund 1,600,000 1,500.000 J. Bank notes 11,191.430 11,174.757 3. 3.898,002 3,030,19(1 0,053,009 0.873,521 (e) Other 190,987 241,031 4. Time deposits — ““ 6. Liabilities In currencies other than New Zealand currency .. .. — ** fl. Other liabilities .. •• 104,517 105,480 Total .. £33,593,357 £33,703,405 ASSETS 7. 2.801,733 (a) Gold 2,801.733 (b) Sterling exchange .. li5.921.502 10,835.504 (e) Gold exchange .. — ““ *. Subsidiary cola .. .. 173.295 170.524 0. Discounts— (a) Commercial and agrlcultural bills — (b) Treasury and local body bills .. .. — 10. Advances— (a) To State or State undertakings— (1) Dairy Industry ac- — 1,095.330 (2) For other purposes 804,230 (b) To other public authorlllea 11. Investments 2,035.850 2,123.576 12. Dank buildings .• •• 13. Other assets 08,24(1 Total £23,593.857 £23,703.400 Proportion of reserve (No. 7 less No. 5) to notes ant) 88.504ft r other demand liabilities .. 88.694 ft

LONDON, Sept. 30. £ s. d. September 30 .702 September 29 ,707 September 25 . 6 17 9J September 24 . 6 17 3 September 23 , 6 17 2J September 22 . 6 17 4J September 21 . 6 17 4 September 19 . 6 17 4J September 16 . 6 17 6

age:— BANKING Buyer. Seller. £ s. d. S. d. New Zealand .. 118 3 i 19 0 Commercial .. .. 0 18 2 0 18 5 E.S. and A — 6 0 0 Natl, of N.Z — 3 1 0 INSURANCE National 0 18 6 0 19 0 South British .... 4 9 6 — Standard — 3 2 0 SHIPPING Howard Smith .. — ftO 19 0 P. and O. Def. Stock 1 11 6 — U.S.S. Co. (pref.) 1 6 0 — MEAT PRESERVING N.Z. Refrig, (pd.) — 0 19 5 N.Z. Refrig, (cont.) 0 9 2 0 9 6 South Otago Freez. — 8 0 0 Waitaki Farmers — 4 4 0 LOAN AND AGENCY Goldsbrough, Mort — 1 14 0 Natnl. Mortgage — 2 11 0 N.Z. Guar. Corp. — tto 5 9 Perpetual Trustees — 3 4 0 Wright, Stephenson (ord.) 0 17 0 — COAL Kaitangata .... 1 1 0 — Westport — 1 3 1 WOOLLEN COMPANIES Bruce (ord.) .. — 0 14 3 Kaiapoi (pref.) .. — 0 19 6 MISCELLANEOUS Anthony Hordern — 0 19 0 Associated News (pref.) .. .. 13 0 — Australian Glass .. 4 12 0 4 13 0 British Tobacco .. — 2 3 9 Broken Hill Pty. 3 16 0 3 17 0 Broken Hill Pty, (cont.) .. . . 2 16 9 — Brown, Ewing (ord.) .. ..-J10 17 0 — Brown. Ewing (pref.) .. .. Ifl 2 ,3 — Crystal Ice .. 2 5 6 — D.I.C. (pref.) .. 13 3 — Dominion Fertiliser 1 4 0 1 4 9 Donaghy’s Rope 2 11 0 — Dunlop Perdriau Rubber .. .. **0 17 4 0 17 8 G. J. Coles (ex rights) .. .. tf3 16 6 3 17 0 Milburn Lime .. — 2 3 0 M’Leod Bros. .. 30 0 0 35 0 0 Natnl. Electric .. 0 13 9 — Farmers' Fertiliser — 1 2 0 N.Z. Newspapers — 2 0 6 N.Z. Paper Mills 1 6 6 — Regent Theatre .. — 1 1 6 Woolworths (ord.) — tf5 6 0 BREWERIES N.Z, Breweries ./ 2 11 6 2 12 6 Tooths — 2 18 0 Carlton .. .. 3 0 0 — AUSTRALIAN MINING Broken Hill South 5 16 0 — Electrolytic Zinc 9 (pref.) .. .. 2 5 — Electrolytic Zinc 9 (ord.) .. .. 2 3 3 2 3 Mount Lyell .. 19 Mount Morgan .. 0 14 5 1 9 9 0 0 14 5 Upper Watut .. — 0 3 2 MINING Argo 0 1 7 0 1 9 Big River .. .. 0 1 9 0 2 0 Central Shotover — 0 0 5 Clutha River .. 0 1 9 — 51 Gillespie’s Beach 0 1 5 0 1 Kildare .... — 0 2 6 King Solomon .. 0 0 6 0 1 0 Molyneux River 0 1 8 — Martha 0 19 6 — Mount David .. — 0 1 0 Nokomai .. . . 0 1 9 — 0 Okarito .. .. 0 4 0 0 5 Paddy’s Point .. 0 2 0 0 3 3 Waipapa Beach . . 0 0 6 0 0 105 Waitahu .. .. — 0 3 GOVERNMENT LOANS 3 h P.c. Stock, Nov., 1938-52 .. . 103 15 0 — 3} p.c. Stock, March. 1939-43 101 10 0 — 3-1 p.c. Stock, Sep., 1939-43 .. .. 101 10 0 — 35 p.c. Stock. May, 0 1939-52 .. .. 103 15 — 31 p.c. Stock, 0 March, 1941-43 101 10 — 34 p.c. Stock, Sep.. 1941-43 .. .. 101 10 0 — 31 p.c. Stock, May, 0 1941-52 .. . . 103 10 — 3} p.c. Stock, Nov., 0 1941-52 .. .. 103 10 — 4 p.c. Bonds. 19370 40 101 0 — i p.c. Stock. 193740 101 5 0 102 0 0 4 p.c. Bonds. 194346 103 15 0 — 4 p.c. Stock. 194345 103 15 0 — 4 p.c. Bonds. 194649 105 0 0 — 4 p.c. Stock, 194649 105 5 0 — 4 p.c. Bonds. 195255 105 5 0 — 4 p.c. Stock. 195255 105 5 0 — ** Ex dividend, ft Cum dividend. DIVIDENDS PAYABLE The following is a list of shares on which dividends will shortly be payable: — Australian Knitting Mills— Final, half-yearly, pref , O4 per cent., making 4 per cent. Oct. 2 Lincoln Mills—Final, pref., 5 per cent., and ord.. 8 1-3 per cent Oct. 2 Bank of Australasia—Interim. 3s 6d per share .. .. Oct. 2 Howard Smith —Ord.. 24 per cent, per annum: pref. 14 6 per cent (De Oct. Amalgamated Zinc ■ Bavay’s)—Half-yearly 5 per 9 cent Oct. Amalgamated Wireless —Final, 6 per cent., and bonus 1 per cent., making 11 per cent. 12 per annum Oct. Woolworths, Ltd.—Quarterly, 15 ord.. 2 per cent -InOct. Woolworths (N.Z.). Ltdterim. pref.. £2 14s per 15 cent Oct. Burns, Philp (South Sea) — Half-yearly. 5 per cent. per 15 annum UCl. G. J. Coles—Interim, quar15 terlv. 24 per cent. Oct. Wunderlich. Ltd. — Interim half-vearlv. ord., 6 per cent. per annum; 1st and 2nd pref,. 6 per cent, per annum; 3rd pref.. 7 per cent, annum per Oct. 15

Sales on ’Change £ S. d. Bonds, 1955. 4 p.c 105 15 0 Stock, 1938-52, 3£ p.c 104 0 0 Stock. 1946, 4 p.c 103 15 0 Bank of N.S.W 32 12 6 Bank of N.Z 1 18 6 Auckland Gas (2) 1 2 9 Kauri Timber 1 1 4 4 6 8 Kaiapoi Wool 0 14 6 Broken Hill 3 16 Broken Hill (rights) .. 0 2 10 Consol. Brick •• 0 9 6 Farmers’ Trading (B pref.) 1 1 1 Macky Logan 1 1 Wilsons Cement 1 16 Waihi Junction 0 3 9 Mount Lyell 1 9 9 Mount Morgan (2) .. .. 0 14 6 Unlisted Stocks Napier Woollen .. . • 0 17 9 Alluvial Holdings .. .. 0 1 zi WELLINGTON Sales on ’Change 3i p.c. Inscribed Stock, 1938- * 52 (late Wed., 2) .... 103 .15 0 Broken Hill Pty. (late Wed.) 3 16 6 (Late Wed.) 3 16 7 Burns, Philp 3 12 0 4 p.c. Inscribed Stock, 1940 101 17 6 4 p.c. Stock, 1946 104 0 0 Staples and Co 1 14 9 Woolvvorths (N.Z.), Ltd. .. 5 3 0 Taranaki Oil 0 1 6 Mount Morgan 0 0 14 14 7 6 Broken Hill (rights to Weilington Alluvials) .. .. 0 3 0 Dunlop Perdriau 0 17 41 General Industries .. .. 0 19 3

CHRISTCHURCH

Sales on ’Change Commercial Bank of Australia (3) 0 18 4 E.S. and A. Bank .. .. 5 15 6 Broken Hill Pty. (3) .. .. 3 16 6 Broken Hill Pty. (rights to Wellington Alluvials, 3) ,, 0 2 9 Colonial Sugar 43 0 0 Dunlop Rubber (ex div.) .. 0 17 5 G. J. Coles (cum div. rights) 3 16 9 3 16 7 3 17 0 Kaux-i Timber (2) 1 4 9 Maori Gully 0 0 5* Mossy Creek 0 1 4iS Skippers (2) 0 0 31 Mount Morgan 0 14 10 (2) 0 14 2 Rawang Tin 0 9 3 Sales Reported N.Z. Govt. 4 p.c. Inscribed, ]952-55 105 2 6 N.Z. Govt. 4 p.c. Bonds, 1946 (late Wed.) 104 5 0 Auckland Gas (odd parcel) 1 2 8 N.Z. Farmers’ Co-op. 4i p.c. Stock, 1940 92 10 0 N.Z. Farcers’ Co-op. 4J p.c. Stock, 1939 92 5 0 Alexander (15s paid) .. '.. 0 12 6 Broken Hill Pty 3 16 6 Colonial Sugar 43 0 0 Unlisted Slocks Woolworths (Sydney, ord.) 5 7 6

£ s. d. Commonwealth Bonds — 3.1 per cent., 1948 .. 96 10 0 .33 per cent., 1951 98 10 0 4 per cent., 1938 .. 102 7 6 4 per cent., 1950 101 0 0 Austral Gas A (new) .. 7 6 0 Tooths 2 15 9 Anthony Hordern 0 18 9 Associated News (pref.) 1 4 0 British Tobacco .. .. 2 4 0 Burns, Philp 3 12 0 General Industries 0 19 3 Millaquin Sugar .. .. 2 2 9 ADDITIONAL SALES Commercial Bank of Australia 0 18 74 E.S. and A. Bank .. ,. 5 16 0 Howard Smith .. .. 0 18 6 Huddart, Parker .. .. 1 16 0 Burns, Philp 3 12 0 Australian Gas (B) 7 7 6 British Tobacco .. .. 2 4 0 Queensland Brewery (pref.) 1 2 0 Australian Glass .. .. 4 13 6 Dunlop Perdriau .. .. 0 17 6 Dunlop Pedriau (pref.) 1 13 6 Goldsbrough, Mort 1 14 0 Electrolytic Zinc .. .. 2 3 9 Anthony Hordern .. 0 18 6 Farmers ■ 1 13 9 General Industries 0 19 0 Commonwealth Wool .. 0 17 0 Permanent Trustee 0 18 6 Mark Foy 2 12 0 W. H. Soul 4 2 0 Wunderlich 1 4 3 Hackshalls 0 15 0 Kandos 1 1 6 Hume Pine 0 19 0 Waldas Shoes (New Zealand delivery) .. •• 1 14 9 John M'Grath .. .. 1 19 0 Mount Morgan .. .. 0 14 3 Mount Lyell 1 10 H Zinc Corporation 4 4 6 Placer Development .. 4 19 0 Tongkah Harbour 0 18 41 Lady Shenton .. .. 0 2 3 Mandated Alluvials .. 0 15 6 Now Guinea Goldfields 0 4 11 MELBOURNE Oct. 1. Bonds were unchanged A firm tone was maintained for industrials, but barriers were easier on the report of

labour troubles. d. £ S. Commercial Bank of Aus18 9 tralia 0 E.S. and A. Bank ... 5 15 0 Carlton Brewery .. ... 3 4 0 3 18 0 4 13 3 9 Electrolytic Zinc .. • 2 3 Electrolytic Zinc (pref.) . 2 6 9 Mount Morgan 0 14 3 Mount Lyell .. : • • 1 10 0 6 Broken Hill Proprietary . 3 17 North Broken Hill •• • 9 14 0 Tongkah Harbour .. . 0 0 1 18 15 3 3 0 Emperor Loloma 0 Silverton Trams .. .. ■ 1 18 Broken Hill Pty. (rights) . 0 1 2 7 6 General Motors 3 Herald and Times .. . 3 9 O CO Oi O C Kauri Timber Myers • • • Yarra Falls 1 1 2 5 1G 0 Sulphide Corporation 0 0 16 19 Hume Pipe

Paris— Par HUBBY. Sept. 30. Sept. 29. Sept. 30. Francs to £1 124.21 — — Brussels— Belgas to £1 80 29.27 29.30 Oslo — Kroner to £ 1 18.180 19.90 19.90 Stockholm— Kroner to £1 18.130 19.391 19.391 Copenhagen— Kroner to £1 18.150 22.40 22.40 Berlin— Marks to £1 20.34 12.60 12.57} Montreal— Dollars to £1 4.80 2-3 4.951 4.94J New York— Dollars to £ 1 4.«6 2-8 4.93% 4.945 Yokohama — Pence to yen 24.982 14 14 Hongkong— Pence to dollar 24.58 14% 14% Bombay— Pence to rupee 181 18} Batavia— Florins to £ 1 12,10 7.45J 8.971 Milan — Lire to £1 82.46 cm 64% Amsterdam— Guilder to £1 12.10? 8.86 8.93 Prague— Kroner to £ 1 1041 1191 122 GenevaFrancs to £ 1 25.221 21.46 21.511 Vienna— Schillings to £ I .. .. 84.861 261 26| Helsingfors— Marks to £1 193.23 227 227 Madrid — Pesetas to £1 25.221 55 55 Belgrade— Dinars to £1 25.221 222 222 Athens— Drachma to £1 .. .. 375 543 517} Lisbon — Escudos to £1 .. .. 110 1101 110 1-16 BucharestLet to £1 .. 931.8 675 073 KIo de Janeiro— Pence to mllrels .. 5.891) 41 4} Buenos Aires— Pence to pesos 47.22 36 38 Shanghai— Pence to tael 14 11-32 14 11-32 Montevideo— Pence to pesos _ 38 9-16 38 9-16 Warsaw— Zlotys to £ 1 — 20.75 26.75

London— Buying. Soiling £l N.Z. Co £100 stg. .. • • r.T. 124/10/O.D. 123/10/124/8/9 Australia— £ A to £100 N.Z. r.T, 100/10/O.D. 100/10/fill— £ P to £100 N.Z. T/r. 90/7/6 89 O.D 90/7/8 89 New York— Dollars to £ N.Z. T.T. 4.001 3.96i O.D. 4.01 J 3.97 Montreal— Dollars to fi N.Z. T.T. 4.00% 3.96| O.D. 4.011 3.97% Austria— Schllllnca to fi N.Z T.r. O.D. — — Belgium— Belgas to £ N.Z. r.T. 23.401 O.D. — 23.412 Czechoslovakia— Crowns to £ N.Z, T.T. 0.1). — — Denmark — Kroner to fi N.Z. T.T. O.D. — — franco— Krancs to £ N.Z r.T. O.D. — — Germany— nolrhsmarks to 6 NZ. .. .. T.T. 10.063 O.D. — 10.068 Uolland— florins to £ N.Z r.r. 7.179 O.D. — 7.183 Italy— Lire to £ N.Z. r.x. O.D. — — lava— florins to £ N.Z r.r. 7.145 O.D. — 7.149 Norway— Kroner to C N.Z r.r. _ _ O.D. — — Sweden— Kroner to fi N.Z. r.r. _ O.D. — — Switzerland— francs to S N.Z. r.r. 17.192 O.D. 17.197 Noumea— francs to £ N.Z. r.r. O.D. Papeete— francs to fi N.Z. r.r. O.D. Uongkong— N Z. pence to 1 dollar .. ,. T.T. 18 7-32 18 23-32 O.D. 18 3-16 18 45-64 India and Ceylon— N Z. pence to 1 rupee .. T.T. 221 22 21-32 O.D, 22 11-32 22 41-64 Japan— N.Z. ponce to 1 Yen .... T.T. 17 31-64 O.D. — 17 15-32 Shanghai— N.Z pence to 1 dollar .. T.T. 17 9-16 18 1-16 O.D. 17 17-32 18 3-64 Singapore— N.Z. pence to 1 dollar .. .. r.r. 34 23-32 35 13-64 O.D 34% 35 3-16 All rates subject to alteration without notice