COMMERCE AND FINANCE

Otago Daily Times, Issue 23044, 21 November 1936, Page 10

COMMERCE AND FINANCE

LOCAL AND OVERSEAS MARKETS

THE SHARE MARKET DUNEDIN STOCK EXCHANGE AUSTRALIAN STOCKS LESS PROMINENT The following is a list of the business transacted on the Dunedin Stock Exchange during the past wgek:— £ s. d;

PAST WEEK REVIEWED WOODWORTH GROUP AGAIN PROMINENT Although the total number of sales on the Dunedin Stock Exchange during the six days ended yesterday fell considerably short of last week’s record tally, the turnover for the period was a fairly substantial one, nearly 90 parcels of shares changing hands. It was inevitable that the record prices ruling last week would fall away somewhat, as the rise was rather abnormal and too sharp to be sustained. Consequently, there was not a great deal of surprise last Friday when the popular Australian stocks fell away several shillings. These new prices ruled during the past week, and generally Commonwealth industrial and mining shares were not well supported. The result was that investors paid more attention to the banking and insurance sections, and New Zealand industrials also benefited from the reaction in the market. The outstanding feature of the week’s trading was, however, the sensational rise in value of the Woolworth group. The parent company, Sydney Woolworths, had a substantial rise, gaining £1 4s in the week’s trading. The improvement in New Zealand ordinaries was not so marked, but they were several shillings above recent quotations. Taken on the whole, the tone of the market was very sound indeed, the confidence of investors in the stability of the financial, and economic world being demonstrated in the support accorded the better class of shares throughout the week. BANKING SECTION STRONG Although there was little change in the quotations for banking shares, the tone of the market was excellent. New Zealands, which remained unchanged

with nine sales at £2 Is 3d, were deservedly popular during the week, as, on their present dividend, they represent a sound investment. Commercials improved as the week advanced, and when the market closed they had recovered practically all their recent loss with a sale at 19s 3d and closing buyers at IQs 4d. Unions, which last Friday attracted buyers at £9 15s, rose nearly 10s during the week to business at up to £lO 4s 9d. The improvement is probably due to rumours of an increased dividend this year. Other banking stocks were practically unchanged, NATIONAL INSURANCE POPULAR With a satisfactory dividend announcement and increased profits ior the past year, National Insurances were in popular demand throughout the week, this stock overshadowing all else in the insurance section. There were no fewer than sevten sales of these shares at the firm price of 18s lOd. FURTHER IMPROVEMENT SHOWN Following the company’s announcement of a 4 per cent, dividend, on the deferred stock, P. and O. Deferreds rose to business at £1 15s 6d (an odd parcel), with further buyers at this figure. Last Friday they were sought at £1 15s, but thereafter they fell away to buyers at £1 12s and sellers at £1 15s 6d. Howard Smiths were fractionally easier with a sale at £1 Is. Union Steams were in continual demand at £i 6s -6d, but sellers were reticent. As in past weeks, contributing New Zealand Refrigeratings were outstanding in the meat preserving section. This stock improved its position after its recent fall and several sales were recorded at 9s 3d. The rising prices for wool Lad a stimulating effect on the loan and agency section. Goldsbrough, Morts, which fell away after selling at up to £1 17s lOd a fortnight ago, had a fairly quiet, week up till yesterday afternoon, sales being recorded earlier in the week at down to £1 16s 6d. After the last call yesterday the shares rose sharply to a sale at up to 17s 6d. Dalgety and Co. shares remained in good demand throughout the week, a parcel changing hands at £lO os Guarantee Corporations fell a penny or two after the payment of the dividend, a parcel changing hands at 5s 3d. Westports dominated the coal section during the week, although a sale ol Kaitangatas was recorded at the unchanged price of £1 2s. Westports sold at the improved nrice of £1 6s 6d. the dividend and bonus announcement causing a rise of nearly 4s. NEW ZEALAND INDUSTRIALS IMPROVE Whereas Commonwealth industrials were in decreased demand. Dominion stocks improved slightly. Dominion Fertilisers changed hands at £1 4s 9d, a rise of threepence, and the debentures improved £1 to unsupplied buyers at £lO6. Milburn Limes changed hands at £2 Is lOd, and were sought fairly consistently during the week. Drugs rose sixpence to unsupplied buyers at £3 14s. and Regent Theatres had business at £1 0s 9d. National Electrics were in good demand, three sales being recorded at 15s 3d. Wilsons Cements changed hands at £1 15s 6d, and there were unsupplied buyers yesterday at £1 15s 9d. Preferred D.I.C. shares were in demand at the good price of £1 3s 9cl, but sellers did not respond. New Zealand Breweries were ninepence easier with a sale at £2 12s 6d. Christchurch Gas shares were sought at up to £1 7s 6d, and preferred Moturoa Oils attracted buyers 'at 3s 6d. with sellers at ss. CHAIN STORE ISSUES Several months ago Woolworths (Sydney), Ltd., caused a sensation in the financial world by issuing a share" for share bonus, and, ever since, the company's shares have been in keen demand. After the bonus issue, the shares fell in value to a little over £5, but lately they have' been rising steadily to above £6. On Wednesday last they advanced to near £7, but on Thursday they caused a mild sensation by selling at £7 15s, and yesterday they reached £8 Is locally before a reaction set in. profit-takers no doubt being responsible for the fall. They closed yesterday with sales at £7 16s 6d and £7 16s 3d. The rise was probably due to rumours that a favourable report had been made by the commission inquiring into the chain stores in Australia. New Zealand Woolworths also rose considerably, a sale being recorded at £7 3s, compared with £6 15s 6d last week. Westralias were likewise firmer. Apart from Woolworths, G. J. Coles also improved locally, buyers being forward yesterday at £3 19s 6d, a rise of over 2s during the week. Shillings however, were weak, sellers being forward at 17s 9d, compared with buyers at 18s last Friday. THE COMMONWEALTH STOCKS *The higher-priced Australian industrials declined during the week, an exception being Broken Hills whicn showed signs of recovery from last Friday’s fall, with sales at up to £4 4s 6d. Mort’s Docks were also in good demand, with sales at up to 13s lid, and Dunlop Rubbers were unchanged on last week’s closing price, with a sale at 17s lOd. There were several newcomers to the local market, among these being David Jones, which were sold at £2 9s 3d, Malleys, Ltd., which brought £1 3s 6d, and Sulphide Corporations. which changed hands at 19s 6d. Such stocks as Australian Glass, British Tobaccos. General Industries, and Hume Pipes, were, nowever, much weaker on last week’s high rates. THE MINING MARKET Considerably less interest was displayed in the Australian mining market, and, with the exception of Lyells and Morgans, most lines were easier. Lyells. which fell away last Friday, improved during the period under review. sales being recorded at £1 16s Id. compared with the low price of £1 14s 9d obtained last Saturday. Morgans also rose notably, sales being recorded at 15s 3d compared with 14s lid last week, and there were further buyers yesterday at 15s sd. Rawang Tins were practically neglected, but were quoted yesterday at 10s 8d and 11s. The New Zealand section was also quiet, prices being unchanged on the previous week’s quotations. GOVERNMENT LOANS Government Loans were quoted at lower figures during the greater part of the period just ended, but they showed an improvement yesterday, when buyers of the 3£ per cent, issues increased their offers 10s to £lO2, no sellers being forward.

NORTHERN EXCHANGES * AUCKLAND Sales on ’Change

WELLINGTON Sales on ’Change

CHRISTCHURCH

LONDON METAL MARKET (United Press Association) (By Electric Telegraph —Copyright) LONDON. Nov. in. The following are the oillrt.il mm) quotations;—

NATIONAL INSURANCE COMPANY ANNUAL MEETING The sixty-third annual meeting of shareholders in the National Insurance Company of New Zealand was held in the board room of the company yesterday afternoon. Mr John Moloney, chairman of directors, presided. CHAIRMAN’S ADDRESS The chairman, moving the adoption of the annual report and balance “ The death in April last of Mr A. C. Saltmarsh, the company’s controlling officer in Australia, is a regrettable loss to the company in whose service he was over a period of 57 years. He joined the Christchurch branch in 1379, and was transferred to the head office, Dunedin, in 1881. He was appointed manager for Queensland in 1884, and occupied that position until 1917, when he was transferred to the management of the New South Wales branch. He was a loyal officer of the company, and over his long period of service did valuable work for it. “The general manager has just returned from a visit to the London branch of the company. It is many years since a head office official has been there, and your directors felt that it was desirable in the company’s interests that the general manager should go to London and gain first-hand information regarding modern developments in the great centre. The London representatives of the company were particularly glad to see him, as it gave them the opportunity of discussing many matters arising out of the company’s business. His visit brought him into contact with insurance brokers and the general managers'and executivet of the several leading British companies with which we do business. This personal contact should result in benefit to the company’s operations. “The company’s accounts for the past year show an increase of £9,806 in the net premium income of £233,203. After making the customary transfer to the reserve for unexpired risks, adding £SOOO to the general reserve, and writing £4900 off the company’s premises, £20,458 is carried to profit and loss account from underwriting and £26,956 from rents and interest. Net interest and rents are less by £753. Interest income is slightly in excess of that of the preceding year, but this is more than negatived by the comparatively heavy expenditure on repairs and renovations to the company’s buildings. Government taxation amounts to £14,208. The taxation microbe, which is eating the hearts out of the people of this country, is an evil that was introduced into the body politic by past Governments. and its effects are intensified in its application by the present governing body. This is history repeating itself, as in the case of Rehoboam and Jeroboam—one punishing the people with rods, and followed by the other with scorpions. The evil that men in power in the present days do will live after them, so that the taxation evil may be regarded as a stayer. “The company purchased during the year a site opposite its present building in Brougham street. New Plymouth. It is an excellent position, and your directors will consider, early in the new year, the erection of a building on this site. “After payment of the final dividend of 5d per share, amounting to £20,833 6s Bd, the balance, £37,536 8s Bd. is carried forward.” —(Applause.) Mr J. Sutherland Ross seconded the motion. He said that he thought the visit to England of the general manager would be productive of a great deal of good, as he would thus be able to gel the atmosphere of the insurance business in London. The statement had been made that the premium Income was up by several thousand pounds. That was a gratifying thing to note, and what was even more gratifying was that the percentage of expense had gone down slightly In securing the extra premium income. The speaker said that the ideal was to provide dividends from rents and interest on outside investments, but this year they had had to fall back on the premium profits to an extent of something like £IO,OOO to pay the dividends called for. This, of course,

was due to the low rates of interest which the company was faced with at the present time. The directors had for the past year or two spent a comparatively small amount in the purchase of industrial shares, and this transaction had proved satisfactory. The speaker referred to motor car insurance and the unsatisfactory state of the relation between premiums and losses, and said that every company had found it necessary to raise its voice in this matter. They were all suffering from this kind of insurance, through the amounts awarded by juries in compensation cases, particularly under the third party risk. The position really was that the careful driver was paying for the reckless driver. He trusted that the premiums in such relation would not continue to show the losses experienced to-day.—(Ap-plause.) The motion was carried. OFFICE-BEARERS Messrs John Moloney and A. Burt were re-elected directors. Messrs E R. Smith and W. T. Monkman were re-elected auditors. Returning thanks for his re-election, Mr Moloney said that he had been a director of the company for 37 years and chairman for 21 years. Mr Burt also returned thanks. CONGRATULATORY Mr R. S. Moloney, representing the Public Trustee, which, he said, had a considerable holding in the company, moved a vote of thanks to the directors and the staff, and this was carried by acclamation. Mr G. R. Ritchie returned thanks on behalf of the directors. He congratulated the Government on its efforts to reduce the number of motor accidents on the roads. Mr A. Mumford, general manager, said that the company had a loyal and capable staff, and that its efforts during the year had shown a satisfactory result. He would like to take the opportunity of expressing his thanks to the staff, and particularly the acting general manager and the head office staff, for the manner in which they had carried out their duties during his absence abroad. FOREIGN EXCHANGES (British Official Wireless) (United Press Association) (By Electric Telegraph-Copyright)

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

DOLLAR AND FRANC (United Press Association) (By Electric Telegraph—Copyright) LONDON. Nov. 19. Exchange on New York is quoted at 4.80 dollars to the £. and on Paris at 105 5-32 francs.

LONDON STOCK EXCHANGE (United Press Association) (By Electric Telegraph-Copyright) LONDON, Nov. 19. The following are the latest quotations for Government securities compared with the prices ruling last week:—

BALCLUTHA STOCK SALE (Special ro Daily Times) BALCLUTHA, Nov. 20. At the fortnightly sale to-day the yarding of sheep was much smaller than usual, comprising 323 fats and 464 store sheep. Fat wethers in wool made up to 35s 6d. shorn wethers 27s 6d. ewes in wool to 33s 6d and shorn ewes 25s 6d. Store Sheep.—Ewes and lambs (all counted) 15s 6d. mixed sex hoggets 265. Cattle.—One hundred and forty were yarded, and a good sale resulted. Fat cows and heifers made from £7 to £B. store heifers i2h years) £5 4s to £5 10s, yearlings 30s to £3 10s. and empty cows to £5 10s, One good draught gelding realised £47 Pigs.--A large yarding ol pigs (every pen was occupied) saw a slightly easier market, although the demai.d was still keen for young pigs. Best suckers §old at 25s to 26s 6d, others 18s to 245, and slips 28s 6d to 345. WHEAT, FLOUR, ETC. (United Press Association) (By Electric Telegraph—Copyright) LONDON. Nov. 19. Wheat: Cargoes steady. Parcels quiet. Futures quotations:—London - November. 38s 7jd; March. 39s 6d Liverpool: December. 8s OJd; March. 7s 9Jd: May, 7s 85d. The spot trade is quiet. Australian (ex ship), 425. Flour steadier. Australian (ex store). 325. Chicago futures: December, 1163 cents per bushel: May. 114.3: July. 102 L

BANK OF ENGLAND RETURN (United Press Association) (By Electric Telegraph—Copyright) LONDON, Nov. 19. The following is the Bank of England return: — ISSUE DEPARTMENT

Rate of reserve to liabilities is 41.71 peg cent. Bank of England discount rate remains unchanged at 2 per cent. BEET SUGAR (United Press Association) (By Electric Telegraph—Copyright) LONDON, Nov. 19. Beet sugar, 5s Id. THE NATIONAL MUTUAL LIFE Mr W. A. Martin, manager for New Zealand of the National Mutual Life Association of Australasia, Ltd., has received a cablegram from the head office of the association in Melbourne advising that for the year ended September 30, 1936. the number of new ordinary life assurance policies issued totalled £31,263 for an amount assured of £ 11,348,578, with annual premiums of £419,544, This constitutes a record new business year for the National Mutual which confines its activities to ordinary life assurance and does not transact industrial life assurance.

Bank of NiZ. (9) , , +12 1 3 Commercial Bank • • 0 n 19 19 0 3 Union Bank .. • • 10 3 3 10 4 9 National Insurance (7) +to 18 10 Howard Smith .. .. I i u P. and 0. Stock (odd lot) tn 15 6 N.Z. Refrigerating (com.; 2) 0 9 2 (2) 0 9 3 Dalgety and Co. ..tno 5 0 Goldsbrough, Mort l 1 16 16 6 10 1 17 1 1 17 6 N.Z. Guarantee Corp. 0 0 5 3 5 3 Kaitangata Coal 1 2 0 Westport Coal .. .. n 6 6 0 3 n 6 6 Broken Hill Propy. A 2 6 t 4 2 9 4 4 6 A 3 6 David Jones 2 9 3 Dominion Fertiliser 1 4 6 Dunlop Perdriau Rubber 0 17 10 General Industries 0 18 "7i Malleys, Ltd 1 3 6 Milburn Lime .. .. 2 1 10 Mort’s Dock .. .. 0 13 11 0 13 10 National Electric (3) 0 15 3 Regent Theatre .. .. Sulphide Corporation 1 0 0 19 9 6 Wilcox Mofllin .. .. 0 11 10 Wilsons Cement (2) ++1 15 6 Woolworths (N.Z.) 7 3 0 N.Z. Breweries .. .. 2 12 6 Mount Lyell i .. .. 1 14 9 1 16 1 + 1 16 0 Mount Morgan (3) .. 0 15 2 (2) n 15 3 0 15 U Gillespie's Beach +10 1 7 Nokomai 0 2 6 Paddv’s Point .. .. 0 2 6 Waipapa Beach (2) 0 0 84 UNLISTED STOCKS Woolworths (Syd.) 6 15 0 6 18 6 6 16 6 7 0 0 (2) 7 5 0 7 14 6 7 14 0 7 15 0 8 1 0 7 16 6 7 16 3

Sales on ’Change £ s. d. Woolworths (N.Z.) .. .. 7 3 0 Sales Reported Bank of New Zealand (3) .. tt2 1 3 National Insurance .. .. ttO 18 10 Goldsbrough, Mort .. .. 1 16 10 Milburn Lime 2 I 10 Wilcox Mofflin 0 11 10 Mount Morgan (late sale Thursday) 0 0 15 15 3 n Sales Reported After Last Call Goldsbrough, Mort .. .. 1 1 17 17 i 6 Unlisted Stocks Woolworths (Syd.) .. .. 8 1 0 7 16 3 The following are yesterday afternoon’s buying and selling quotations, which are subject to the usual brokerage:— BANKING Buyer Seller £ s. d. £ s. d. New South Wales — +33 0 0 Commercial .. 0 19 4 — 6 New Zealand .. t+2 1 0 2 i National of N.Z... 3 0 0 ITS — 0 National of A'asia — 15 Union 10 0 0 — INSURANCE National . ■ • • +f0 18 9 0 19 0 South British .. 4 12 0 — 0 Standard .... — 3 2

SHIPPING Howard Smith .. — 1 i 9 P. & O. Def. Stk. ffl 15 6 — U.S.S. Co. (pref.) 1 6 6 — MEAT PRESERVING N.Z. Refrigerating (cont.) .. .. 0 9 2 0 9 6 LOAN AND AGENCY Dalgety and Co.. .fflO 0 0 — Goldsbrough,Mort 1 16 8 1 17 6 Mortgage Corp., 38 Bond .. .. — 98 10 0 Natnl. Mortgage 2 7 0 — N.Z. Guarantee Corp — 0 5 6 Perpetual Trustees — t|3 4 0 Trustees, Executors 3 12 0 — Wright, Stephenson (ord.) 0 18 0 COAL Westport .. • ■ ttl 6 3 1 6 10 WOOLLEN COMPANIES Bruce (ord.) — 0 13 6 Bruce (pref.) .. — 1 3 0 Kaiapoi (ord.) .. — 0 14 9 MISCELLANEOUS Australian Glass 4 11 0 4 12 6 British Tobacco 2 5 6 — Broken Hill Pty. t+4 1 0 — Broken Hill Pty. (cont.) .. .. tt3 11 0 — D.I.C, (pref.) .. 1 3 9 — Dominio'n Pertiliser .. .. — 1 4 9 Dominion Fertiliser (debs.).. 106 0 0 — Dominion Rubber 1 6 0 — Dun.-Kaikorai Trams .. .. — 1 17 0 G. J. Coles .. .. 3 19 6 — Hume Pipe 1 1 9 1 2 4 Kauri Timber .. — ttl D 0 Milburn Lime .. 2 1 0 2 2 0 Mort’s Dock 0 13 6 — Natnl. Electric .. — 0 15 6 N.Z. Drug Co... 3 14 0 — Farmer’s Fertiliser .. .. — 1 0 6 N.Z. Paper Mills — 1 6 3 Otago Daily Times .. ■. 2 3 9 2 5 0 Regent Theatre.. 1 0 0 — Wilson’s Cement tfl 15 9 — Woolworths (ord.) 7 2 0 —* BREWERIES N.Z. Breweries .. tf2 12 0 — Carlton 3 3 0 — GAS Christchurch 1 7 6 — OIL Moturoa (pref.).. 0 3 6 0 5 0 AUSTRALIAN MINING Broken Hill South ft? 13 0 — Electrolytic Zinc (pref.) ... .. 2 9 0 2 10 6 Electrolytic Zinc (ord.) .. .. 2 6 6 — Mount Lyell ttl 16 0 1 16 6 Mount Morgan .. 0 15 5 0 15 7 Rawang Tin 0 10 8 0 11 0 MINING Argo 0 1 8 — Big River .. .. 0 1 11 0 2 1 Central Shotover — 0 0 5 Clutha River 0 2 5 — Consol. Goldfields 0 15 6 — Gillespie’s Beach — tto 1 8 Molyneux River 0 2 0 — Mossy Creek 0 1 3 — Nemona .. •. 0 1 6 — Nokomai .. .. 0 2 5 0 3 0 Okarito .. .. 0 3 0 — Paddy’s Point .. — 0 3 0 Waihi 0 11 9 — GOVERNMENT LOANS p.c. Stock, Nov., 1938-52 .. .. 102 0 0 — 3J p.c. Stock, March, 1939-43 102 0 0 — 3J p.c. Stock, Sep., 1939-43 .. .. 102 0 0 — 3£ p.c. Stock, May, 1939-52 .. .. 102 0 0 — 31 p.c. Stock, March, 1941-43 102 0 0 — 3i p.c. Stock, Sep., 1941-43 .. .. 102 0 0 — 3J p.c. Stock, May, 1941-52 .. .. 102 0 0 — 3i p.c. Stock, Nov., 1941-52 .. .. 102 0 0 — 4 p.c. Bonds, 193740 100 15 0 — 4 p.c. Stock. 193740 100 15 0 — 4 p.c. Stock, 194346 — 103 10 0 4 p.c. Bonds, 194649 102 5 0 — 4 p.c. Stock, 194649 102 5 0 103 0 0 4 p.c. Stock, 105255 — 105 0 0 ft Cum dividend. DIVIDENDS PAYABLE The following is a list of shares on which dividends will shortly be payable: — National Insurance —Final, 5d per share, making 9d for year Nov. 21 National Bank of Australasia -—Interim at the rate of 5i per cent, per annum . Nov. 25 Westport Coal — Final, 6d, ' making Is for the year and 5s per share from reserve Nov. 25 Perpetual Trustees Estate and Agency—Interim Is .. NOV. 25 Broken Hill Proprietary— Half-yearly Is 3d a share. or at the rate of 124 per cent, per annum Nov. 25 Tattersfield, Ltd., Auckland— 8 per cent, per annum .. Nov. 25

National Timber Company, Ltd.—Interim, 2\ per cent. Nov. 25 Dalgety and Co. —Final, 3i per cent, making 6 per cent, for the year Nov. 26 North Wairarapa Building Society—Interim at 5 per cent, per annum Nov. 26 E.S. and A. Bank—Final, 2J per cent., or 5 per cent, per annum Nov. 26 Gillespie’s Beach DredgingId per share Nov. 26 Wilsons Cement—Interim, 9d per share Nov. 27 Wellington Publishing Company, 4J per cent, per annum Bank of N.S.W.—Final, 6s a share, making 21s for year Nov. 27 Dunedin Brewery—Interim, 24 per cent Nov. 30 Henry Jones Co-op.—Is 6d a share Dec. 1 Claude Neon Lights—Final. 4 per cent., making 8 per cent, per annum Dec. 3 Swan Brewery, Perth—Halfyearly, ord.. 2s and bonus 6d 8 North Broken Hill—4s a share Dec. N.Z. Breweries —Interim, 4 per cent Dec. 9 National Insurance —Final, 5d per share — Placer Development—Interim, 50 cents (Canadian) .. .. Dec. 10 Bulolo Gold—Interim, 1 dol. 40 cents (Canadian) .. .. Dec. 10 Broken Hill South—Quarterly, 2s 6d per share .. .. Dec. 11 Kauri Timber—5 per cent. .. Dec. 12 Bank of New Zealand —Interim at rate of 10 per cent, per annum ord. shares and at 7 per cent, per annum long-term D mortgage shares Dec. 12 P. and 0. Company—Deferred stock at 4 per cent, and preferred at 5 per cent.

£ s. d. Bonds, 1937-40, 4 per cent. 103 15 0 Bonds, 1943-46, 4 per cent. 102 10 0 Stock. 1946-49, 4 per cent. 102 0 c Auckland Harbour Board, 1949, 41 per cent 105 0 0 Amalgamated Brick (Wellington), 1944, 7J per cent. (2) 100 10 0 Bank of Australasia .. .. 12 5 0 Bank of New Zealand (2) .. 2 1 3 (D. Mort.; 3) .. .. 1 8 6 Union Bank 10 5 0 N.Z. Insurance 3 1 9 Farmers’ Auct. (B pref.) .. 1 1 9 Taupiri Coal 0 16 3 Auckland Gas 1 1 9 British Tobacco 2 6 6 Colonial Sugar 43 10 0 Dunlop Perdriau .. .. ,. 0 18 0 Electrolytic Zinc (3) .. Farmers' Trading (B pref.) 2 7 0 1 0 3 G. J. Coles 3 19 3 4 0 3 N.Z. Newspapers 1 1 1 17 17 0 3 Northern Roller (2) 0 Sanford 0 4 6 Woolworths (N.Z.) 7 2 6 7 7 6 7 4 0 Golden Crown 0 4 0 0 4 3 (2) 0 4 6 Martha 0 19 3 Mount Lyell (2) 1 16 3 1 16 5 Mount Morgan (2) 0 15 3 Rawang Tin (2) 0 11 0 Unlisted Stocks Selfridges (A’asia.) 2 0 0 Woolworths (Syd.) 8 0 0 8 15 0 7 19 0 7 17 6 7 16 0 (3) 7 15 0 7 14 0

N.Z. Breweries (late Thurs.; 2) 2 12 6 N.Z. Newspapers (late Thurs.) 1 17 3 G. J. Coles (late Thurs.) .. 3 19 U Mount Lyell (late Thurs.).. P. and O. Def. Stock .. .. 1 16 ') 1 16 3 N.Z. Breweries 2 12 6 Broken Hill Pty 4 2 9 Goldsbrough, Mort 1 16 9 G. J. Coles (2) 3 19 6 4 2 3 Woolworths (N.Z.), Ltd. (2) 7 5 0 Edments, Ltd 2 14 6 Waihi Investments . X,.. Mount Morgan (2) . . ., 0 12 0 0 15 4 Unlisted Stocks Woolworths, Ltd. (late Thurs.; 3) 7 18 6 7 17 6 (3) 7 17 0 7 18 6

Sales on 'Change Com. Bank of Aust. (2) .. 0 19 5 National Bank of N.Z 3 3 0 Goldsbrough, Mort 1 16 8 N.Z. Guarantee Corp (3) .. 0 5 O N.Z. Refrig. (£1 paid)’.. .. 0 19 \ Kaiapoi Woollen (17s paid) 0 14 6 N.Z. Breweries (cum div.) 2 12 7 British Tobacco 2 6 G 2 6 4 Broken Hill Pty. (cum div.; 3) 4 2 6 Broken Hill Pty. (cont.; cum div.) 3 11 9 (2) 3 11 11 Dunlop Rubber (2) 0 17 10 Electrolytic Zinc (prof.) .. 2 9 6 (2) 2 9 7 G. J. Coles (2) 3 19 6 (2) 4 1 0 Havs, Ltd. (15s paid) .. .. 0 15 6 N.Z. Farmers’ Co-op. (4J per cent. Stock, 1939) .. 94 0 0 Woolworths (N.Z.; ord.; 2) 7 0 0 (2) 7 0 6 Shillings. Ltd 0 17 7 0 17 8 Skippers 0 0 3). Mount Lyell 1 16 3 1 16 6 Mount Morgan (2) 0 15 4 A 0 15 6 0 15 7 Rawang Tin (2) 0 10 10 Sales Reported Goldsbrough, Mort 1 16 9 N.Z. Refrig. (£1 paid) .. 0 19 2 0 19 1 0 19 2 Colonial Sugar 43 5 0 Electrolytic Zinc <pref.; late Thurs.) 2 9 3 Northern Roller Milling .. 1 0 0 Woolworths (N.Z.; ord.: late Thurs.) 7 0 0 7 0 0 Mount Lyell (late Thurs.; cum div.) 1 16 0 Rawang Tin 0 10 9 Unlisted Stocks Associated Motorists Petrol (pref.) 1 10 0 Selfridges (A'asia.: old) .. 1 16 9 1 19 3 Woolworths (Syd.; ord.).. 7 16 9 7 15 0 7 14 6 7 14 0 7 13 6 Woolworths (W.A.; 4) .. .. 6 15 0 Sales Reported Woolworths (Syd.; ord.; late Thurs.) 8 0 6 Woolworths (Syd.: ord.; 2) 7 14 0 7 15 ') 7 16 0 Woolworths (W.A.) 6 15 6

Copper, spot .. .. £44 Ton 11 3 Iti-e £0 8 V& Copper, forward .. 41 18 1M Ulse 0 7 c Electrolytic, spot 48 17 G Rise 0 7 6 Flcetrolvtlc, forward 49 5 0 Rise 0 5 0 Wire bars 5 n Rise 0 5 0 1-rad. forward 22 HI 0 Rise 0 12 a Read, spot .. .. 8 9 Rise I) i:i 0 Spelter, spot Hi 1 (» Rise 0 5 0 Spelter, forward 10 13 9 Rise 0 G 3 Tin. spot .. .. i>.n 12 G Fall 0 15 0 Tin. forward .. 232 17 0 Fall 0 10 0 Silver, fine .. .. Sllrer. standard .. Uz. 21d 22 ll-10d Fall Fall »4d l*d

HUBBY, Nov. 19. Paris— Par Nov. 18. Nov. 19. Francs to £ 1 124.21 103 9-61 : 103 9-64 Brussels— Belgas to £ I 3(1 28.91 28.91 Oslo — Kroner to £ 1 IK 1KU 19.1)0 19 90 Stockholm— Kroner to £1 IS,131) 19.394 19.394 Copenhagen— Kroner to £ 1 18.150 22.40 22 40 Berlin — Marks to £1 30.34 12.15 12.154 Montreal— Dollars to £ 1 4.SO 7-3 1.8844 4.881 New York— Dollars to £ 1 4.80 2-3 4.881 4.89 3-10 Yokohama— Pence to yen 31.082 14 1-32 11 1-32 Hongkong— Pence to ilolla I 21.58 15 14 15-10 Bombay— Pence to rupee — 184 184 Bataria— Florins to £ 1 12.10 S.01 9.01 MilanLire to £1 82.46 92 27-32 92 15-16 Amsterdam— Builder to £ 1 12.107 9.04 9.041 Prague— Kroner to £ 1 1044 138| 1381 Beneva— Francs to £1 25. 224 21.264 21.264 Vienna— Schillings to £ I .. .. 84.864 204 264 Helsingfors— Marks to £ 1 193.23 2205 2261 Madrid— Pesetas to £1 25.224 55 55 Belgrade— Dinars to £ 1 25.22J 213 213 Athens— Drachma to £1 375 530 5174 Lisbon— Escudos to £1 110 110 3-10 IIU 3-lb Bucharest— 9 6671 Lei to £ 1 931.6 6074 Hlo de JaneiroPence to milreis .. 5.890 H 45 Buenos Aires— Pence to pesos 47, ,22 36 39 Shanghai— 14 17-32 Pence to tael — 14 17-32 Montevideo— Pence to pesos 1 — 39 % 39% Warsaw— 26.05 Zlotys to £ 1 — 20.05 ON NEW ZEALAND CURRENCY BASIS The Bank of New South Wales, Dunedin. quoted the following rates for purchases and sales of foreign exchange yesterday:London— Buying. Selling £1 N.Z. to £ 100 stg T.T. 124 124/10/ O.O. 123/10/124/8/9 Australia — £ A to £100 N.Z 1,1. 101 100/10/O.D 101 100/10/ Fill— £ V to £100 N.Z. I'.T. 90/7/0 89 O.D. 90/7/0 89 New York— Dollars to £ N.Z. T.r 3.954 3.91J O.D. 3.903 3.923 Montreal— Dollars to £ N.Z T.T. 3.94 S 3.91% on. 3.95% 3.91% Austria— Schillings to £ N.Z. T.T. — 20.48 O.D. — 20.50 Belgium— Belgas to £ N.Z T.T. — 23.108 O.D. — 23.119 CzechoslovakiaCrowns to £ N.Z T.T. — 110.03 OU, — 110.08 Denmark— Kroner to £ N Z T. r. 18.203 17.893 o D. 18.203 17.903 France— Francs to £ N.Z. r t. — 84.23 0 9 — 84.27 Germany— Reichsmarks to £ N.Z. T.r. — 9.093 O.D. — Holland— Florins to £ N.Z r.r. — 7.220 O.D. — 7,224 Italy— Lire to £ N.Z r t. — 74.43 0 D — 71.48 Java— Florins to £ N.Z r. r ■ 7.182 O.D. — 7.180 Norway— Kroner to £ N.Z T.T 10 181 15.89) O.D 16.211 15.901 Sweden— Kroner to £ N.Z T.T - . 15.785 15.490 0 D 15 845 15.500 Switzerland— Francs to £ N.Z r t • 17.004 O.D. — 17.009 .Noumea— Francs to £ N.Z r.T. — 82.80 O.D. — 82.92 Papeele— Francs to £ N.Z. r.f. — 83.01 OU. — 83.07 Hongkong— N.Z. pence to 1 dollar T.r. IS 9-32 IS 25-32 O.D 181 IS 49-04 India and Ceylon— N.Z. pence to 1 rupee r.r. 22 g. 22 21-32 O D 22 11-32 22 41-04 la pan— N.Z. pence to 1 yen T.T — 47 17-32 O 0. — 17 33-64 Shanghai— N.Z. pence to 1 dollar T.r. 17 13-16 18 5-K. O.D 17 25-32 18 19-454 Singapore— N.Z. pence to 1 * dollar T.T. 31 23-32 35 13-01 O D 34% 35 3-10 Chofoo— N.Z pence to 1 dollar T.T 17 53-64 18 29-o4 O.D 17 25-32 18 7-10 All rates subject tc i alteration without notice

notice;— U.S.A. Canada (Per £ (Per £ N.Z.) N.Z.) Selling— Dols. Dols T.T .. .. 3.91* 3,91:1 O.D .. .. 3.92g 3.91i‘ Buying— T.T .. .. 3.95J 3.94g O.D .. .. 3.96if 3.951

British— Last week. £ s. d. This week. £ s. d. Consols 85 10 0 85 B 9 Funding Loan, 4 cent per 118 0 0 118 16 3 War Loan, 3J p.c 106 12 6 106 13 9 Con. Loan, 34 p.c 108 0 0 107 15 0 Victory Bonds, 4 per cent 116 0 0 115 15 0 Commonwealth— 5 p.c.. 1945-75 113 0 0 112 16 3 3 ij.C., 1955-58 101 2 6 101 3 9 4 p.c., 1943-48 105 V 6 105 7 6 33 p.c., 1948-53 105 11 3 103 18 9 3J p.c., 1936-37 100 3 9 99 18 9 31 p.c., 1958-60 9b lb 0 95 15 0 New South Wales44 p.c.. 1935-43 101 15 0 101 15 0 Victoria— 3 p.c., 1929-40 99 17 6 99 17 6 43 p.c., 1940-60 107 2 6 107 0 0 5 p.c., 1945-75 112 15 0 112 12 6 Queensland — 3 p.c., 1932-47 99 12 6 100 0 0 5 p.c., 1940-60 107 8 9 107 7 6 South Australia— 4 p.c., 1942-62 112 12 6 112 10 0 3 p.c., 1945-75 91 5 0 92 0 0 Western Australia— 4 p.c., 1942-64 104 2 6 103 18 9 Tasmania— 3J p.c., 1929-40 102 16 3 103 0 0 4 p.c., 1940-50 103 12 6 103 12 6 New Zealand— 44 p.c., 1948-50 108 2 6 108 2 6 34 p.c., 1940 103 3 9 103 1 3 4 p.c., 1945 100 0 0 100 5 0

Note issue in circulation £444,900,000 Bank department 63,700,000 Government securities 247,100,000 Other securities 1,800,000 Silver coin — BANKING DEPARTMENT Rest £3,200,000 Public deposits Bankers’ deposits .. .. 14,100,000 96,100,000 Other accounts 44,700,000 Government securities .. 79,000,000 Discounts and advances 7,400,000 Other securities 21,700,000 Notes and coin 64,500,000