COMMERCE AND FINANCE

Otago Daily Times, Issue 23002, 3 October 1936, Page 8

COMMERCE AND FINANCE

LOCAL AND OVERSEAS MARKETS

THE SHARE MARKET DUNEDIN STOCK EXCHANGE The following is a list of the business transacted on the Dunedin Stock Exchange during the past week:—

PAST WEEK REVIEWED Although the Dunedin Stock Exchange was closed all day Monday for the Dominion Day holiday, the turnover for the period yesterday showed a marked increase over that for the preceding week. The market generally however, remained quiet, especially m New Zealand issues, although Australian industrial and mining shares came in for a good deal of attention. In fact, Commonwealth issues accounted for over half the business oT_ the week, which demonstrates the disinclination of investors to place any capital in Dominion industrial issues until the Government’s policy is fully revealed and the results of its legislation are known. Another factor which affected the local market was the recent international monetary agreement which resulted in a rise in the price of gold. This naturally caused gold mining shares to harden, although the rise was not as great as might have been expected in some cases. 'Although in most cases there was little change in the values of banking shares, Bank of New Zealands, after falling to sellers at £1 18s 9d and buyers at £1 18s 3d, showed definite signs of improvement yesterday afternoon, when a parcel changed hands after the last call at £1 18s 9d, the best sale recorded for several weeks. A feature of the banking section was a sale of Commercial Banks of Sydney at £l9 15s, the first sale locally for well over a year. E.S. and A. Banks were fairly weak, with a salei at £5 16s, and Nationals of New Zealand •were sold at the low price of £3. There was not a great deal of inquiry for other issues, which were quoted at late rates. ... Insurance and shipping Issues again attracted little interest, a parcel of Standards at the weaker price of £3 Os 6d being the only business recorded. Increased interest was displayed yesterday in' contributing New Zealand Refrigeratings, which have experienced a rather erratic market in recent weeks. Two sales were recorded at 9s 3d. With the exception of a sale of Wilson’s Cements at the unchanged price of £1 16s 6d, all the business recorded in the miscellaneous section was done in Australian issues. Dunlop Perdriau Rubbers, cum dividend, had business at 18s 7d, but thereafter there was a falling tendency and, ex dividend, the shares were quoted at 17s3d for sellers, with buyers at 17s Id. General Industries once more returned to favour. and changed hands _ at 19s fid, sellers being forward later m the wcek at 19s 4d ex dividend. Quoted ex rights. G. J. Coles maintained their position on the market, haying business at £3 17s, at which figure they were firm yesterday. A newcomer to the local market in Mark ioys, a big Australian concern, changed hands at £1 12s. With the announcement of a much-improved year’s trading, Brown, Ewings did not gain the support that might have been expected. The ordinaries. however, rose a lew

pence to buyers at 17s. National Electrics continued fii’m and rose another 3d to buyers at 14s, but sellers did not respond. Ordinary New Zealand Woolworths, cum dividend, improved during the week to buyers at £s'2s 6d and sellers at £5 5s 6d. The Sydney Woolworths had business at £5 7s 6d, which is several shillings lower than the prices obtained a few weeks ago. Were’s Trust rights were sold at Is. , New Zealand Breweries have been quoted at lower rates during the week, a sale being recorded at the weaker price of £2 12s. Yesterday buyers would not advance beyond £2 11s. Dominions on the other hand, remained in good demand at £ 1 11s 6d, with no response from sellers. Tooth s changed hands at £2 16s, but yesterday were offered at 3d under this figure, with no response from buyers. Carltons continued to rise, the buyers price increasing from £2 19s to £3 2s yesterday. , . , „ . Perhaps the outstanding point of interest in the week’s trading was the sharp rise in price of Mount Morgans. Last week this issue was sold at 13s 2d, but the price fell a further few pence at the beginning of the period under review. They soared again, however, and reached the high price of 14s lOd on Thursday. The reason for the rise was probably due to the advance in the price of gold following the international monetary agreement and to the intention of the directors to increase substantially the returns from the mine in the near future. Yesterday, however, a reaction set in-follow-ing a rather disappointing return from the mine, and business was done at the considerably lower price of 13s lOd, around which figure the closing quotations were firm. Preferred Electrolytic Zincs rose Is to business at £2 5s 6d, and Mount Lyells were, unchanged, with a fair volume of business at £1 9S There was an increased volume of business recorded in the New Zealand mining section. Argos fell a penny to a sale at Is BJd, but Gillespie’s Beach retained its sound position with business at Is 5Jd. Following on improved returns, Central Shotovers changed hands at 4d, which shows a rise on the price when business was last_ recorded in the issue. Marthas remained in good demand with sales up to £l, and Mossy Creeks were sold at Is 4d. Okaritos fell substantially yesterday with business at 4s, a fall of Is in a week. Worksop Extended shares came on the market again and changed hands at Is 9d, a slight fall on recent quotations. _ Practically all Government Loans issues were in good demand, and business was recorded in several 4 per cent Stocks at late rates.

RECOVERY FACTORS STANDARDS OF LIVING IMPROVEMENT IN BRITAIN The continuous improvement in the standard of living of a large proportion of the population of Britain is considered by a writer in the latest issue of the Westminster Bank Review to be one of the most powerful causes of recovery. “ Estimates in the changes in real income—that is, money income allowing for alterations in prices—over the past 11 years have recently been published.” he states. “Expressed as a percentage of the 1924 figure the aggregate real income rose to 116.2 in 1929, fell to 110.3 in 1932, rose again to 123.8 in 1934, and is provisionally estimated to have risen further to 129.5 last year. Real income per head of population, after rising to 114 in 1929, fell to 106.8 in 1932, and then rose to 118.8 in 1934 and to 124.3 (provisional figure) in 1935. It is stated that these figures must be used with some reserve, but the trend of real income has clearly been upward. “This is even more strikingly seen in estimates, prepared by Mr Ramsbottom, of the Ministry of Labour, of changes in the average of real wages of manual workers up to the end of 1934. These figures refer to real wages assuming full employment, and they cannot be regarded as an exact measure of wages actually received, but they suggest that for workers in this class the standard of living rose almost consistently from 1928 to 1934. The following table shows the index of real wages (with the 1924 average as 100) at the end of recent years:—

There is reason to believe, on the basis of Mr Ramsbottom’s figures, that the real income of manual workers — who form the bulk of Britain’s population —was at least maintained during the depression.” The article explains that the Improvement in real wages was due not to a rise in money wages, but to a fall in prices. Wages were actually lower, but the fall in prices of foodstuffs was much sharper. The writer proceeds to point out that the Ministry of Labour’s cost-of-living index fell from a monthly average figure of 164 in 1929 to 140 in 1933. and rose only to 143 last year. In the same period the retail cost of foodstuffs declined from 154 to 120, rising to 125 in 1935. At the same time Professor Bowley’s index of average weekly wages declined slightly from 1929 until the early part of 1933, and was then stable until a slow advance began toward the close of 1934. At the lowest point the fall in wages was no more than 6 per cent, of the 1929 average. But the period of cheap food, says the writer, appears to be passing, and real wages now definitely appear to be falling, since the rise in prices has exceeded the rise in money wages. The result to industry is higher costs of production. The writer, indeed, suggests that the possibility of a serious increase in the cost of living cannot be ignored. CANTERBURY MARKETS (Per United Press Association) CHRISTCHURCH, Oct. 2. The grain and produce markets have remained quiet throughout the week, with little change in any section. Potatoes are very weak as there has been practically no interest at all by the North Island. Occasional orders have come from outports, blit deliveries to Auckland and Wellington have recently been heavy and the markets there appear to be satisfied in the meantime. No definite decision has yet been come to about another shipment to South America, and until something is known about this the market will probably remain dull. It is probable that there will be a further shipment, but arrangements are not completed and may not be. The small seeds’ trade remains steady, though there is no great volume of business passing. Undergrade wheat has been In fair demand and the trade has been reasonably brisk at unchanged prices. Graded wheat is quiet, but maintains the lower price of the beginning of the week. Chaff is still weaker, with practically no demand.

DUNEDIN MARKETS WHEAT. OATS,. ETC. Business in milling wheat is restricted, and only an odd lot is now being taken up by those millers who have yet to secure their quota for the season. The wet weather is preventing wheat being sown on the Taieri, and some farmers there have cancelled their orders for seed of the red chaff and Hunter’s variety. It is expected, however, that they will purchase a fair quantity of Jumbuck, which is a later sowing wheat. In the fowl wheat market there is not much inquiry, and there is not a great deal of good quality on offer. A considerable quantity of the wheat now coming forward is badly sprouted. Small lots ex the store are worth ,5s per bushel. Millers’ prices are as follows: — Flour: 200’s, £l3 12s; 100’s, £l4 12s 6d: 50’s, £l4 17s 6d; 25’s, £ls 7s 6d. Bran, £5 5s per ton. Pollard, £6 5s per ton. Oatmeal: 2001 b. sacks, £l9; 25’s, £2l. Millers are still buying heavy, bright lines of oats at about 2s lid per bushel, sacks extra, on trucks, in the country. Apart from this demand there is a good inquiry for seed oats, and a considerable quantity is going to the country. So far as shipping business to the North Island is concerned it may be described as negligible. The chaff market is not brisk, the demand now being of a hand-to-mouth nature. No lots of any volume are being placed. It is, indeed, unusual for a sale of a truck load to be made in the retail trade, and most of the chaff coming in has to be taken into store and sold in small lots. Supplies are being secured, for Canterbury and the local surrounding districts. Up to £5, ex the store, is the quotation for the best quality. The local stores are not now carrying any large stocks of potatoes for domestic consumption, but there is a considerable quantity of seed lines awaiting buyers. Once the weather conditions improve in the potato growing districts it is expected that these will be required. It is difficult to name a standard price for potatoes, but for freshly-picked-over lines values may be given as from £5 to £5 10s per ton, ex the stores. The market for all seeds remains fairly quiet A demand still continues from overseas for Chewing’s fescue, but supplies of this variety are now fetting into small compass. The maret for ryegrass remains unchanged, and the same position applies to cowgrass. There was an inquiry from overseas for cowgrass, but this has now ceased. The prospects of the crops of cowgrass in Europe are as yet indefinite. The dogstail market is steady, with a firmer tendency, and a few sales of brown top have been made at low money. The cocksfoot market remains firm at recent values. White clover of good quality has some demand, but inferior grade is difficult to place. With an improvement in the weather conditions, there should be a better tone in all the seed markets. Wholesale prices are as follows: — Chaff.—Good bright oaten sheaf, to £5 per ton ex store. Potatoes, £5 to £5 10s, ex truck. Dairy Butter. —Milled bulk, to lid per lb; separator, lid. Supplies wanted. Bacon, Is OJd per lb. Ham. —Ordinary. Is 3d per lb; boneless. Is sd. . Japanese Onions.—Prices irregular. Eggs.—Stamped, Is Id; case, Is. FRUIT REPORT Apples are not so plentiful, and the market is now bare of supplies. Some prime lines of Sturmers are coming to hand from Nelson. These are of export grade ex the cool stores. A line of anadian Delicious and Jonathans will arrive towards the end of this month. A shipment of bananas ex the Maui Pomare arrived during the week. The fruit was in splendid order and was immediately taken up by retailers at a sharp increase in prices. Californian grapes have been in good supply. A shipment of Red Emperors is due to arrive on Wednesday next, transhipped at Auckland. Hothouse tomatoes are increasing in Quantity from both Auckland and Canterbury. . „ .. The Waitaki arrived from Melbourne during the week with a shipment of South Australian oranges. The fruit opened up in excellent condition, and stocks were quickly sold out of the wholesale marts. The last shipment for the season will come to hand ex the Waitaki next Tuesday fortnight. After that the market will be dependent on Jamaican and Californian oranges. , , _ Both New Zealand and Califormangrown lemons are in good supply. The Waitaki brought a small shipment of Queensland pines. Dessert and cooking pears are offering ex Canterbury cool stores. Cauliflowers are not over-plentiful, but the supplies of spring cabbages are increasing. Rhubarb is in good supply. A few lots of Peninsula-grown potatoes are still reaching the market. Carrots are wanted. Parsnips are in over-supply. Good swedes have a better inquiry. Wholesale prices are as follows: Apples.—Jonathans, 6s to 8s per case; Delicious, 4s to 6s per case; choice quality, 7s to 8s 6d; Sturmers, 4s 6d to 6s 6d; choice qual|ty, 7s to 9s; cookers, 4s to 7s; Wolseleys, 6s to 8s; inferior dessert and cookers, 3s 6d to 4s per case. Bananas.—Ripe, 26s per case. Californian Grapes—Blacks, 20s to 22s 6d; red superiors, to arrive, 24s to 26s per case. Tomatoes.—Christchurch hothouse, 2s 2d to 2s 6d; Auckland, Is lOd to 2s 3d per lb. Pears, to 5s per half-case. Oranges, 16s to 22s per case; Poorman, to 7s 6d per case. Lemons.—New Zealand-grown, 10s to 12s per case; Californian, to 62s 6d per case. Queensland pineapples, 14s to 18s per case. Cauliflowers.—Choice, 5s 6d to 10s per sack; others, 2s 6d to 4s 6d. Rhubarb, Is 6d to 2s per dozen bunches; loose, lid to 13d per lb. Carrots, to 3s per sugar bag. Potatoes, 5s to 6s per cwt; new Peninsula-grown, lOd to Is per lb. Leeks, 2d to 4d per bunch. Swedes, to Is 3d per sugar bag. . Beetroot, Is ner dozen bunches. Lettuce.—Choice, to 2s 6d per dozen; other quality, Is. Parsnips. Is 6d per sugar bag.

BANK OF ENGLAND RETURN (United Press Association) (By Electric Telegraph—Copyright) LONDON, Oct. 1. The following is the Bank of England return: ISSUE DEPARTMENT

Rate of reserve to liabilities is 39.87 per cent. Bank of England discount rate remains unchanged at 2 per cent. PRICE OF FINE GOLD (United Press Association) (By Electric Telegraph—Copyright) LONDON, Oct. 1.

EXCHANGE ON NEW YORK (United Press Association) (By Electric Telegraph—Copyright) LONDON, Oct. 1. Exchange on New York is quoted at 4.9 J dollars to the £.

LONDON STOCK EXCHANGE (United Press Association) (By Electric Telegraph—Copyright) LONDON. Oct. 1. The following ere the latest quotations of Gorernment securities compared with the prices ruling last wed::— Last week. This week.

TIN SUPPLIES (United Press Association) (By Electric Telegraph—Copyright) LONDON, Oct. 1. Tin: World’s visible supplies, 12,663 tons; Straits carry over, 2476 tons; supplies 7592; deliveries, 9354. BRADFORD TOPS MARKET (United Press Association) (By Electric Telegraph—Copyright) LONDON, Oct. 1. Bradford Tops.—Merinos: Seventies, 33id; sixty-fours, 32d; sixties, 31d. Crossbreds: Fifty-eights, 25Jd; fiftysixes, 20Jd; fifties. 16d; forty-sixes, 14d; forty-fours, 13id. Business is limited, the majority of firms appearing to avoid important commitments pending the international position becoming more settled. RUBBER MARKET (United Press Association) (By Electric Telegraph—Copyright) LONDON, Oct. 1. Rubber Stocks.—London, 43,993 tons; Liverpool, 59,791.

LONDON METAL MARKET (United Press Association) (By Electric Telegraph—Copyright) LONDON. Oct, iT (Deceived Oct. 2. at 11 p.m.) The following are the official metal quotations!— Ton.

WHEAT, FLOUR, ETC. (United Press Association) (By Electric Telegraph—Copyright) LONDON, Oct, 1. Wheat cargoes are fairly steady. Quotations are lower. Parcels are quiet. Futures: London—October, 37s 3d; January, 37s BJd. Liverpool—October, 8s Oid; December, 7s Hid; March, 7s 53d. The spot trade is quiet. Flour.—Australian, ex ship, 425; ex store, 29s 6d to 30s. Chicago futures: December, 1131 cents per bushel; May, lllg; July, 983. BULOLO SHARES (United Press Association) (By Electric Telegraph—Copyrigh. LONDON, Oct. 1. Bulolo mining shares are quoted at 115 s. NEW GUINEA GOLD SHARES (United Press Association) (Bv Electric Telegraph—Copyright) LONDON, Oct. 1. New Guinea Gold shares are quoted at 4s. MOUNT LYELL SHARES (United Press Association) (By Electric Telegraph—Copyright) LONDON, Oct. 1. Mount Lyell shares are quoted at 23s 3d. BUTTER AND CHEESE (United Press Association) (By Electric Telegraph—Copyrlghtj LONDON. Oct. 1. Butter is quiet. Kangaroo and choicest New Zealand, 104 s. Unsalteds the same. Danish, 120 sto 1225. Cheese: New Zealand while, 71s; coloured, 68s. No Australian is offering.

CURRENCY DEALINGS (British Official Wireless) (United Press Association) (By Electric Telegraph—Copyright) RUGBY. Oct. 1. (Received Oct. 2, at 5.5 p.m.) Sterling on New York is weaker at 4.940. Among Continental currencies Belgian belgas have been supported at 29.27 J, while Swiss francs at 21.48 and German Reichsmarks at 12.42 J are both dearer in terms of the pound sterling. Dutch florins, however, are slightly weaker at 9.04. The stock markets are quiet but British funds continue to receive support. THE AUSTRIAN SCHILLING (United Press Association) (By Electric Telegraph—Copyright) VIENNA, Oct. 1. (Received Oct. 2, at 11,15 p.m.) It has been officially announced that the Austrian schilling will not be devalued. AUSTRALIAN BUTTER OUTPUT In 1935-36, when 406,452,0001 b of butter was turned out of Australian factories, 212,646,0001 b was exported; 193,806,0001 b was used in the Commonwealth. In 1934-35 448,390,0001 b was made. 262.519.0001 b was exported, and 185,871.0001 b was retained. The export surplus brought 10.2 d in Australian currency in the latest year, B,Bd in 1934-35. The Australian wholesale price is 15d. Factory butter production in the Commonwealth for the six months to June 30 was 190,315,0001 b, compared with 213.230,0001 bin the same period of 1935. A dry winter on the New South Wales North Coast was principally to blame. Despite bettor prices overseas, export values for the year 1935-36 were £9,027,000 (Australian) against £9.586.000 in 1934-35.

£ s. d. Bank of New Zealand .. , , 1 18 9 Commercial Bank of Sydney 19 15 0 E.S. and A. Bank 5 16 0 National Bank of N.Z. (2) 3 0 0 Standard Insurance .. 3 0 6 N.Z. Refrigerating (cont. 2) 0 9 3 Dunlop Perdriau Rubber ttO 18 7 General Industries 0 19 9 G. J. Coles (ex rights; 2) •its 17 0 Mark Foy .. .. .. Wilsons Cement .. .. 1 1 12 16 0 6 New Zealand Breweries 2 12 0 Tooth’s Breweries 2 16 0 Electrolytic Zinc (pref.) 2 6 Mount Lyell (3) Mount Morgan .. .. 1 9 6 0 13 7 0 14 3 (2) 0 14 4 (3) 0 14 5 0 14 8 0 14 10 0 13 10 Argo 0 1 Central Shotover 0 0 4 Gillespie’s Beach 0 1 5* Martha ttO 19 6 1 0 0 Mossy Creek .. .. 0 1 4 Okarito 0 4 0 Worksop Extended 4 p.c. Stock, 1937-40 .. 0 1 9 101 17 6 102 0 0 4 p.c. Stock, 1946-49 .. 105 10 0 4 p.c. Stock, 1952-55 .. 105 12 6 Unlisted Stocks Were’s Trust (rights; 2) , , 0 1 0 Woolworth’s (Syd.) .. 5 7 6

SALES ON ’CHANGE £ s. d. N.Z. Refrigerating fcont.) . . 0 9 3 Mount Morgan . . . . 0 13 10 Gillespie’s Beach 0 1 5J 0 4 0 SALES REPORTED National Bank of N.Z, ,. 3 0 0 N.Z. Refrigerating (cont.) 0 9 3 G. J. Coles (ex rights) tf3 17 0 Central Shotover • • , . 0 0 4 1 0 0 Mossy Creek .. . . • • 0 1 4 Worksop Extended • • 0 1 9 4 per cent. Stock, 1940 .. 102 0 0 SALE REPORTED AFTER LAST CALL Bank of N.Z. 1 18 9 UNLISTED STOCK Woolworths (Syd.) .. 5 7 6 The following £ noon’s buying ant ire yesterday afteri selling i quotations, which are subject to the usual brokerage:— BANKING Buyer. Seller. £ s. d. £ s. d. N.Z. .. .. .• 1 18 3 1 19 0 Commercial .. .. 0 18 3 0 18 5 E.S. and A — 5 18 0 Natl, of N.Z. .. — 3 1 0 INSURANCE National .. .. 0 18 6 0 19 0 Standard .. .. — 3 1 9 SHIPPING Howard Smith ,. — »*0 18 6 P. and 0. Del. Stock .. ;. .. 1 11 0 — U.S.S. Co. (pref.) 1 6 0 — MEAT PRESERVING N.Z. Refrig, (paid) — 0 19 5 N.Z. Refrig, (cont.) 0 9 1 0 9 4 South Otago Freezing — 8 0 0 Waitaki Farmers — 4 4 0 LOAN AND AGENCY Goldsbrough, Mort 1 13 3 1 14 0 Mortgage Corp. 3g p.c. Stock .. 97 0 0 — Natl. Mortgage .. — 3 1 0 N.Z. Loan and M. (ord.) .. .. 34 0 0 36 0 0 N.Z. Guarantee Corp — tto 5 9 Perpetual Trustees — 3 4 0 Wright, Stephen0 17 son (ord.) .. .. 0 — COAL Kaitangata .. .. 1 1 0 — Westport .. .. — 1 3 1 WOOLLEN COMPANIES Bruce (ord.) — 0 14 6 Kaiapoi (cont.) — •*o 6 5 Kaiapoi (pref.) — **o 19 6 Mosgiel .. .. 9 10 0 — MISCELLANEOUS Anthony Hordern — 0 19 0 Associated News 1 2 0 — Associated News (pref.) .. .. 1 3 0 — Australian Glass 4 12 0 4 13 0 British Tobacco 2 3 9 Broken Hill Propy. 3 16 3 3 17 7 Broken Hill Propy. (cont.) .. .. 2 16 6 2 17 3 Brown, Ewing tfO 17 (ord.) .. .. 0 — Brown, Ewing ttl 2 (pref) .. .. 3 — Crystal Ice 2 5 6 — D.I.C. (pref.) .. 1 3 3 Donaghy’s Rope 2 11 0 — Dunlop Perd. Rubber .. .. 0 17 1 0 17 3 General Industries — 0 19 4 G. J. Coles +|3 16 6 3 17 6 Kauri Timber — 1 5 3 Milburn Lime .. — 2 3 0 Natl. Electric .. 0 13 9 — N.Z. Drug Co. .. 3 15 0 0 N.Z. Newspapers — 9 2 0 N.Z. Paper Mills 1 6 1 — 6 Regent Theatre .. — 1 Wilsons Cement — 1 17 0 Woolworths (ord.) ff5 2 6 5 5 6 BREWERIES N.Z. Breweries 2 11 0 2 12 6 Dominion 1 11 6 — 0 Dunedin .. .. — 1 10 Tooths — 2 15 9 Carlton .. .. 3 2 0 — AUSTRALIAN MINING Broken Hill South 5 16 0 6 2 0 Electro. Zinc (pref.) .. . ■ 2 5 0 — Electro. Zinc (ord.) .. .. • 2 3 6 Mount Lyell 1 9 6 1 9 9 Mount Morgan .. 0 13 9 0 13 11 North Broken 6 Hill 9 6 — MINING Argo 0 1 7 0 1 9 Big River .. .. 0 1 9 0 2 0 Central Shotover 0 0 3 0 0 6 Clutha River 0 1 9 — Consolidated 0 15 0 16 Goldfields 0 9 Gillespie’s Beach 0 1 5 0 1 6 Kildare .. .. — 0 2 6 King Solomon .. 0 0 6 0 1 0 Molyneux River 0 1 — Martha .. .. 0 19 0 — Mossy Creek 0 1 3 — Nokomai .. .. 0 1 9 0 — Okarito .. .. 0 3 9 4 0 Paddy’s Point .. 0 2 0 0 3 3 Waipapa Beach 0 0 6 0 0 10* Waitahu .. .. — 0 2 3 GOVERNMENT LOANS 3J p.c. Stock, Nov., 103 15 1938-52 .. .. 0 — 3J p.c. Stock, Mar., 101 10 0 1939-43 .. .. — 3i p.c. Stock, Sep., 101 10 1939-43 .. .. 0 —

Buyer Seller £ s. d. £ s. d. 3i p.c. Stock, May, 1939-52 .. .. 103 15 0 — 3i p.c. Stock, Mar., 1941-43 .. .. 101 10 0 — 3i p.c. Stock, Sep., 1941-43 .. .. 101 10 0 — 3i p.c. Stock. May, 1941-52 .. .. 103 10 0 — 3$ p.c. Stock, Nov., 1941-52 .. .. 103 10 0 4 p.c. Stock. 19376 40 .... — 102 2 4 p.c. Bonds, 194346 103 15 0 — 4 p.c. Stock, 194346 103 15 0 — 4 p:c. Bonds, 194649 105 5 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:— Amalgamated Zinc (De Bavay’s)—Half-yearly, 5 per Oct. 9 cent. Amalgamated Wireless —Final, 6 per cent., and bonus 1 per cent, making 11 per cent. Oct. 12 Woolworths, Ltd.—Quarterly, Oct. 15 Wool worths (N.Z.), Ltd. —Interim, pref.. £2 14s per Oct. 15 cent. • • Burns, Philp (South Sea) — Half-yearly, 5 per cent, per annum Oct. 15 G. J. Coles —Interim, quarOct. 15 terly, 2J per cent. .. ... Wunderlich, Ltd. — Interim half-yearly, ord., 6 per cent. per annum; 1st and 2nd pref., 6 per cent, per annum; 3rd pref.. 7 per cent, per Oct. 15 United Provisions—Pref. halfyearly, at 8 per cent, per annum, ord. 2 per cent, per annum •• •• Oct. 30 N.Z. Guarantee Corporation— Final, 2d a share, 9 13-18 per cent, per annum • • . • • Imperial Chemical Industries. OCl. Ltd—Interim, 2| per cent., Nov. on ordinary shares .. . • NORTHERN EXCHANGES AUCKLAND Sales on ’Change £ s. d. Stock, 1938-52 3i p.c .. .. 104 0 Bank of New Zealand .. .. 11? 0 6 National Insurance .. . . Farmers’ Co-op. (B pref; 2) U IB 10 1 1 6 Newton King (pref.) . . .. Traders’ Finance (cont.) .. 0 7 0 0 5 0 Broken Hill (rights) .. 0 2 10 G. J. Coles (rights) .. .. 1 14 0 6 Wilsons Cement .. • • 1 16 Woolworths (N.Z.) .. . • i) 3 1 0 1 0 6 0 1 Martha • • Molyneux (2) 0 2 0 0 1 Mount Morgan 0 14 0 14 i Unlisted Stocks Alluvial Holdings .... 0 1 3 Waikoromiko 0 0 6 WELLINGTON Sales on ’Change Kauri Timber (late Thurs.) 1 4 9 Taranaki Oil (late Thurs.) 0 1 7 Mount Morgan (late Thurs.) 0 14 5 0 Natl. Bank of N.Z 3 0 Wellington Gas 1 18 0 9 Kauri Timber 1 4 Taupo Totara Timber 0 9 1 14 5 a 0 1 10 9 0 6 Staples .•••••■; •• Woolworths (N.Z.), Ltd. .. Taranaki Oil Mount Morgan (4) .... 0 14 0 14 1 0 Unlisted Stocks 9 Shillings, Ltd 0 17 CHRISTCHURCH Sales on ’Change National Bank of A’asia 0 (£5 paid) •• 7 1 Union Bank of Australia .. 9 9 6 Goldsbrough, Mort .. .... 1 13 6 Huddart, Parker (odd parCanterbury Frozen Meat .. 1 14 9 11 6 6 1 British Tobacco (ex div.).. 2 3 Broken Hill Pty. (rights to Wellington Alluvials) .. 8 0 2 G. J. Coles (cum div. and 3 17 1 15 0 6 ex rights) ..... (rights) Wilcox Mofflin 0 11 0 Maerewhenua 0 0 2 Mossy Creek (2) 0 1 3J Worksop Extended Mount Lyell 0 1 1 9 9 6 Mount Morgan (3) .. .. .. 0 14 1 (3) 0 13 (5) 0 13 9 0 13 9* 0 13 9 Sales Reported N.Z. Govt. 4 per cent. Insc., 1937-40 102 0 0 N.Z. Govt. 4 per cent. Inscr, 0 1943-46 104 5 Heathcote County 4.1 per 0 cent.. 1942 104 0 National Bank of N.Z. .. 3 0 0 Electrolytic Zinc (ord.) .. 2 3 4 Kauri Timber 1 4 8 N.Z. Drug (odd parcel) .. 3 16 0 Mount Morgan 0 14 0 14 0 14 oj 2 i Mossy Creek 0 1 Sh Unlisted Stocks Shillings, Ltd. (17s 6d pd) 0 17 8 N.Z. Perpetual Forests .... 2 12 3

1927 .. 104 1931 .. 114 1928 .. 103} 1932 .. 116} 1929 .. 104 1933 .. 116 1930 .. 112 1934 .. 115}

Note issue in circulation £449,400,000 Bank department .. .. 59,200,000 Government securities .. 248,400.000 Other securities .. .. 300,000 Silver coin 300,000 BANKING DEPARTMENT Rest £ 3,700,000 Public deposits .. Bankers’ deposits .. .. 49,700,000 60,700,000 Other accounts 41,000,000 Government securities .. 80,300,000 Discounts and advances 8,500,000 Other securities .. .. 20,400,000 Notes and coin .. ., 60,400,000

£ s. d. October 1 ....70 5* September 30 .,..70 2 September 29 ....70 7 September 25 .. .. 6 17 September 24 .. .. 6 17 3 September 23 .. .. 6 17 2 i September 22 .. .. 6 17 4 1 September 21 .. .. 6 17 4 September 19 .. .. 6 17 4i

FOREIGN EXCHANGES (British Official Wireless) (United Press Association) (By Electric Telegraph—Copyright) RUGBY, Oct. 1. Paris— Par Sept. SO. Oct. 1. Francs to £1 124.21 — — Brussels — Belgas to £1 so 29.30 29.25 Oslo— Kroner to £1 18.180 19.90 19.90 Stockholm— Kroner to £1 18.130 19.39ft 19.39ft Copenhagen— 22.40 Kroner to £1 18.150 22.40 Berlin — - Marks to £1 20.34 12.57ft 12.274 Montreal— 4.93ft Dollars to £1 4.86 2-3 4,94ft New York— 4.93ft Dollars to £1 4.86 2-8 4.94ft Yokohama— 14 Pence to yen 24.582 14 Hongkong— 14% Pence to dollar 24.58 14% Bombay— ' 18ft Pence to rupee — 18ft Batavia— 8.97J Florins to £ I 12.10 8.97ft Milan648 Lire to £ 1 52.46 64% Amsterdam— 9.10 Guilder to £1 12.107 8.98 Prague— 120 Kroner to £1 104ft 122 Geneva— 21.45 Franca to £1 25.22ft 21.51ft Vienna— Schillings to 26ft £ I .. .. 84.86ft 26i Helsingfors— 227 227 Marks to £1 193.23 Madrid— 65 Pesetas to £1 25.22ft 55 Belgrade— 222 Dinars to £1 25.22} 222 Athens— Drachma to £1 .. .. STS 547ft 547ft Lisbon— Escudos to 110 3-16 £1 .. .. no 110 1-16 Bucharest— 676 Lei to’ £1 .. 831.0 675 ttlo de Janeiro — Pence to mllreis .. 5.890 41 4} Buenos Altes— 86 Pence to pesos 47.23 36 Shanghai— 14 11-32 14 6-16 Pence to tael — Montevideo — S3 9-16 Pence to pesos — 38 9-16 Warsaw— Zlotys to £1 — 26.75 26.76 ON NEW ZEALAND CURRENCY BASIS The Bank of New South Wales, Dunedin, quoted the following rates tor purchases and sales of foreign exchange yesterday:— London— Buying. Selling £ I N.Z. to £100 stg. r.T. 124/-/-124/10/ O.D, 123/10/124/8/9 Australia— £ a to £100 N.Z. T.T 101/-/-100/10/ 0 D. 101/-/-100/10/ Fill— £ F to £109 N.Z. T.T. 90/7/6 89 O.D 90/7/6 89 New York— Dollars to £ N.Z. T.l 3.99 3.93ft O.D. 4.00ft 3.95ft Montreal— Dollars to £ N.Z. T.T. 3.98% 3.958 O.D. 4.00% 3.95% Austria— Schillings to fi N.Z. t. r. — — O.D. — Belgium— Belgas to £ N.Z. T.T. — 23.361 O.D. — 23.372 Czechoslovakia— Crowns to £ N.Z. T.T. — 96.67 O.D. — 96.72 Denmark— Kroner to £ N.Z. T.T. 18.203 17.893 « O.D. 18.263 17.903 Franco— Francs to £ N.Z. I T — — 0.0. — — Germany— Reichsmarks to fi N.Z. , , T.T. — 9.797 O.D. — 9.802 Holland— Florins to fi N.Z r.r. — 7.268 O.D. — 7.272 Italy— Lire to £ N.Z. r.T. — — O.D. — Java— Florins to £ N.Z r.T, — 7.177 O.D. 7.181 Norway— Krouer to £ N.Z r.r. 16.181 15.891 O.D. 16.241 15.001 Sweden— Kroner to fi N.Z. T.T. 15.785 15.490 O.D. 15.845 15.500 Switzerland— Francs to £ N.Z. r.T. 17.145 O.D. — 17.150 Noumea— Francs to fi N.Z. T.T. - O.D. Papeete— Francs to £ N.Z r.r. _ O.D. Hongkong— N Z. pence to 1 dollar .. T.T. 18 13-64 18 43-64 India and Ceylon O.D. 18 11-64 18 11-16 N Z pence to I rupee • • T.T. 22g 22 21-32 O.D 22 11-32 22 41-64 Japan— N.Z. pence to 1 yen ., , ( T.T. — 17 31-64 O.D —- 17 15-32 Shanghai— N Z pence to 1 dollar • o T.T 17ft 18 O.D 17 15-32 17 63-64 Singapore— N.Z. pence to 1 dollar 0 • r.T. 34 23-32 35 13-64 O.D 34% 33 3-16 All rates subject to alteration without notice 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. 3.953 O.D. 3.96,1 Buving— T.T. 3.991 O.D. . 4.008 4.001

£ 1. d. £ 8. d. Consols 84 17 0 85 19 0 Fundlns Loan. 4 p.o.. 1909-90 110 7 0 117 i 3 Assented War Loan .. .. 107 17 0 107 12 G Conversion Loan. Vi p.o. .. 107 18 9 107 16 3 Victor* Bonds. 4 p.c. (ex dlf.) 115 11 3 115 8 9 O'wealth 6 p.c.. 1945-7S .. 112 0 S 112 10 0 C’weallh 314 p.c.. 1930-37 .. 104 10 0 104 12 6 O'wealth 4 p.o.. 1943-48 .. 103 5 0 102 5 0 O'wealth. 341 p.c.. 1948-53 .. 105 8 9 105 3 9 O’wealth 314 p.c., 1950-01 ., — — N.S.W. 314 P.c*. 1930-50 .. 101 13 9 101 16 3 N.S.W. 414 P.C., 1935-45 .. 100 0 0 100 0 0 Victoria. 3 p.c., 1929-49 .. 99 8 9 09 10 0 Victoria, 4% p.c.. 1040-00 .. 100 10 0 100 18 9 Victoria. 6 p.c., 1045-75 .. 111 18 9 111 17 6 Queensland. 3 p.c., 1922-47 .. 100 0 0 09 15 0 Queensland, 5 p.c., 1940-00 .. 107 11 3 107 8 9 S.A.. 3 p.c,, 1916 (opt.) .. 89 8 9 89 17 0 S.A., 6 p.o., 1945-75 .. .. 111 17 0 112 3 9 W.A.. 4 p.c., 1042-G2 .. .. 103 17 6 103 15 0 Tasmania, 314 P-C-. 1920-40 .. 102 15 0 102 12 0 Tasmania, 4 p.c., 1940-50 .. 103 3 9 ■ 103 2 6 New Zealand, 414 P.c., 1948-55 107 13 9 107 10 0 New Zealand. 314 P.c., 1040 103 1 3 103 1 s New Zealand. 0 p.o., 1930-51 100 7 G 100 12 0

Copper, spot £30 14 414 Rise £0 e 3 Copper forward .. 30 15 7 >4 Rise 0 s 9 Electrolytic spot 43 15 0 Fall 0 5 0 Electrolytic, forward 44 10 0 No change Wire bars .. .. 44 5 0 Fall 0 5 0 Lead, forward .. 18 S 9 Rise 0 3 9 Lead, spot .. .. 18 2 0 Rise 0 3 9 Spelter, spot .. 13 17 5 Fall 0 2 6 Spelter, forward .. 14 3 9 Fall 0 1 3 Tin, spot .. .. 202 -7 0 Rise 2 2 tt Tin, forward .. 199 2 Oz. 8, Rise 1 3 0 Sllrer. standard .. Silver, tine .. .. 19 15-16d 21%d Fall Fall w w