COMMERCE AND FINANCE

Otago Daily Times, Issue 23082, 7 January 1937, Page 7

COMMERCE AND FINANCE

LOCAL AND OVERSEAS MARKETS

MINING NEWS ALEXANDER MINES, LTD. The gold returns for the month of November in the Alexander Mines were as follows: — Batterjt Department—Crushed 434 tons of ore for 2390 z 3dwt of melted gold. Cyanide Department.—3o3 tons of sands were treated for 590 z of bullion. Total estimated value, £1946. In addition, 10.65 tons of concentrates were saved for 44.970 z of gold, valued at £315. In estimating the above values, gold has been taken at 140 s per fine ounce. MATAKI DREDGE RETURN <Per United Press Association* WELLINGTON, Jan. 6. The Mataki Junction gold dredging return for the two weeks ended on December 31 was 730 z 7dwt 18gr for 94 hours’ work and 18,500 yards dredged. AUSTRALIAN STOCK EXCHANGES (United Press Association) (By Electric Telegraph—Copyright) SYDNEY, Jan. 6. (Received Jan. 6, at 10 p.m.) With falls all round in the overseas prices, of base metals, Barrier and silver lead shares on ’Change to-day tended to case, but, in keeping with the firmness of the wool market, industrial shares were strong. THE MORNING SALES

FOREIGN EXCHANGES (British Official Wireless) (United Press Association) (By Electric Telegraph—Copyright) UUOBY, Jan. 5.

LONDON STOCK EXCHANGE V (United Press Association) (By Electric Telegraph—Copyright) LONDON, Jan. 5. - • Dalgety 4 per cent, debentures, £101; British Tobacco. 37s 6d; Goldsbrough, Mort. 30s; Dalgety. 182 s 6d; P. and O. deferred, 295. NEW ZEALAND AND RIVER PLATE PROFIT AGAIN HIGHER A net profit of £28,621 is shown in the accounts of the New Zealand and River Plate Land Mortgage Company. Ltd., for the year ended October Jl. This compares with £23,835 in the previous year and £16.093 m 1934. An unchanged dividend of 3 per cent, for the year, less British income tax at 4s 9d in the £. will be recommended by the directors at the annual meeting in London on January 12 This will absorb £21,000 and a transfer of £SOOO is made to reserve, leaving £22,800 to be carried forward, against £20,1(9 brought into the accounts.

ON NEW ZEALAND CURRENCY BASIS The Bank of New South Wales, Dunedin, quoted the following rales for purchases and sales of foreign exchanges yesterday:—

DOLLAR RATES The Associated Banks (other than the Bank of New South Wales) quoted the following rates yesterday on a New Zealand currency basis. They are subject to alteration without notice. U.S.A. Canada. (Per £1 (Per £1 N.Z.) N.Z.) Selling— Dols. Dol ®- TT 3.93J5 3.93 J BU 4 ng “ 3.97). 3.975 O.D 3.98 : J 3.98 J ADDINGTON STOCK MARKET (Peb United Press Association) CHRISTCHURCH. Jan. 6. The resumption of the Addington stock market after the holiday break was marked by a buoyant sale in all classes of stock, and appreciable advances in price owing to‘Short entries. Store Sheep.—There was a very small entry, mostly of wethers, which were up by Is 6d a head. A line of store lambs sold at 23s 3d. Fat Lambs—ln this section there was a small entry of less than 1000, but there was a keen sale at up to schedule' rates of Bijd per lb for up to 36’s. Although one of the leading export firms was not operating on account of labour troubles, butchers had to exceed the schedule on occasions. Fat, Sheep—There was a small entry and a keen sale at above export values, the penning being entirely taken by butchers. Values were up about 2s a head, and to 3s in the final stages. Best wethers made to 345; good, 29s to 325; others, from 28s down to 23s 6d. Ewes made to 275; good, 22s 6d to 2Gs; ordinary, down to 19s. Fat Cattle.—There was a small entry of 300 head,, and an advance of 20s to 23s for steers, and 15s for cows and heifers. Best beef made from 32s to 36s■ heavy, 29s to 31s; ordinary, 27s to 28s' 6d; and inferior down to 25s per 1001 b. Fat Pigs.—There was a heavy entry and a good sale, except for overweight baconers. A fair number were bought for export. Porkers made from 34s 6d to 51s 6d, an average price per lb of 6d to 6Jd. Baconers made from 49s 6d to £3 14s 6d, an average price per lb of sid to 6d. ANTWERP FUTURES LONDON. Jan. 5. Antwerp futures are steady. March, 36J; May, 3Gi; July, 36i.

LONDON METAL MARKET (United Press Association) (By Electric Telegraph—Copyright) LONDON, .Inn. 5. The following are the official metal quotation*

PRICE OF FINE GOLD (United Press Association) (By Electric Telegraph—Copyright) LONDON. Jan. 5. £ s. d.

LONDON WOOL SALES (United Press Association) (By Electric Telegraph—Copyright) LONDON, Jan. 5. The first series of wool sales for 1937 commence on January 12 and conclude on January 27. The catalogue totals 106,800 bales, and includes 23,600 from New Zealand and 79,050 from Australia. BUTTER MARKET (United Press Association) (By Electric Telegraph— Copyright) LONDON. Jan. 5. Butter is steady. Danish, 104 s Choicest salted, New Zealand, 97s 98s; Australian, 975. Unsalted; New Zealand, 995; Australian, 98s. Stocks. London, 33,076 boxes; Liverpool, 45,407, HIGHER RUBBER QUOTAS INCREASING CONSUMPTION In view of the steady expansion of. the consumption of crude rubber and the rise of prices to nearly eightpence per lb, the decision of the International Rubber Regulation Committee to increase export quotas from 6a pe cent, to 70 per cent of assessed capacity during the first half of was wise (said the Economist of October 31). The decision was received with satisfaction by the market, w nicn promptly raised the price to eightpence per lb. the highest level since 1930. v World consumption of crude rubber rose from 689,000 tons during Janu-ary-September, 1935, to 745,000 tons during the first nine months of this year. During the same period world exports were reduced from 628,000 tons to 619,000 tons, and stocks at the principal points consequently fell from 644,000 tons at the end of September 1935, to 458,000 tons at the end of last month. . . • The measure of the improvement in the supply-demand position of crude rubber is revealed oy the fact that stocks at the end of September were equivalent to only 5J months consumption, or little more than at the end of 1929. At the end of 1930 stocks were sufficient for more than 10 months’ consumption. Moreover, the difficulty of controlling exports of native rubber from the Dutch East Indies appears to have been practically overcome, for the quantity shipped in excess of the quota during JanuarySeptember, 1936. was only 806 tons, compared with 29,774 tons during the whole of 1935. Supplies are now well under control, for shipments of rubber from countries outside the agreement are almost negligible. Meantime, prospects of a further increase in demand at current prices are favourable. On the assumption of a 70 per cent, quota for the whole of 1937, exports, inclusive of shipments from non-restricting countries, mayreach about 970,000 tons next year. But as world consumption this year may not fall far short of that figure and will probably continue to increase next year, the downward trend of stocks is likely to persist in 1937. The position of the rubber growing industry, therefore, is fairly strong; and as efficient producers have no reason to complain of their profit-margin with increasing sales at about eightpence per lb, it is to be hoped that the International Rubber Committee will take steps, if necessary, to prevent a further rise in prices above that level. Since the above note appeared in the Economist the price of rubber has risen above lOd a lb. BANKING OPERATIONS PROFITS DURING 1936 SLIGHTLY BETTER RESULTS Profits aggregating £2,840.763 were earned during 1936 by the 11 trading banks operating in Australia and New Zealand. This compares with £2,632,900 in the previous year, or an apparent increase of £207,863, but as the previous years figures included only six months’ profit in the case of the Union Bank of Australia, Ltd., ewing to the change in the balancing date, the real increase is approximately £IOO,OOO. The results, which are summarised in the Australasian Insurance and Banking Record, cover balance sheets published between August 31, 1935, and September 30, 1936. The dividends declared during 1936 amount to £2,603.651, against £2.482,841 in 1935. which included a centenary bonus of £09,750 declared by the Bank of Australasia, but only six months’ dividend. £IOO,OOO, in the case of the Union Bank. . Aggregate net profits and dividends and the proportion for the past six years compare as follows: Net profits. Dividends. Ratio £ £ P-c. 1931 .. 4.404,573 4,164,818 94.55 1932 .. 2.572,771 2.937,758 - 1933 .. 2.685,613 2,541.425 94.63 1934 .. 2.653,846 2.487.988 93.75 1935 .. 2.632,900 2,482,841 94.30 1936 .. 2,840,763 2,603,651 91.65 Including paid capital, £45 464,487, the total shareholders’ funds arc £B2 612 588, against £82,564,474 a year ago, and £83,003,665 two years ago. Reserve funds, including exchange and currency reserves, amount to £35 525,000, and undivided profits to £1.623,101.

PROTECTING INVESTORS ACTION IN GREAT BRITAIN As a result of the campaign conducted by English banks and financial journals against the activities of “ bucket-shops,” Parliamentary action is to be taken to protect the investing public. The President of the Board of Trade, Mr W. Runciman, replying to recent petitions, said that he intended to set up a departmental committee to consider the operations of fraudulent vendors of shares, and make recommendations as to the action to be taken. Claiming that the profits reaped by sheer share-pushing are in the neighbourhood of £6,000,000 annually, the Financial Times, in a leading article, draws attention to the increasing need for legislation to curb the activities of the bucket-shops. “ When it is considered that these profits represent the takings, not of even the most unjustified speculation, but of bare-faced swindling,” states the writer, “ such a figure is tantamount to a public scandal." Methods employed by bucket-shops in England have widened considerably during the past two years. A correspondent of the Financial Times points out that hitherto directories served their purpose, but to-day there are many agencies that compile lists of persons who hold shares in well-known companies, and own property. Moreover, there are lists obtainable of widows with money, spinsters living on dividends, legatees and others, who have come into money unexpectedly. Their names and addresses are supplied. Lists of visitors from dominions affid colonies, with their London addresses, can be obtained easily. . . Methods of approach vary. The initial approach is through the mail. Telephone calls follow. Then telegrams are sent to rouse the recipient’s imagination as to what is being done m the stocks suggested. Letters may be circulated advocating worthless shares, or a well-known issue may be suggested as being marked for an upward market movement. . , In the latter case, it is frequentlydeclared that, as a result of inside information, a number of stockbrokers are quietly buying the shares for their clients. Thus it would be advisable to come in on the “ground floor,” before the big rise takes place. Circulars follow, press cuttings are enclosed to support, and the firms bulletin, which is “ for clients circulation only.” is forwarded. The outstanding fact that ha„ emerged from the prosecutions made in the past when bucket-shop activities have been brought to light is the lack of knowledge as to where the money can be recovered. In almost all instances absconding share-pushers have left behind no trail. . At the onset the banker is one of the “ Big Five.” Later, when the money begins to roll in. overseas bankers arc utilised; first, for the purpose of concealing the share-pushers’ activity and, secondly, for the purpose of transmitting funds. , ... Bucket-shop owners rarely hold more than £SOO at their banks. Whenever this sum is exceeded steps are taken to send it out of the country. UNION BANK DIVIDEND (United Press Association) (By Electric Telegraph—Copyright) LONDON, Jan. 5. The Union Bank has declared a final dividend of 3s, making 5£ per cent, for the year, tax free. Carried forward, £146,863. COLOMBO TEA SALE Mr L. M. Wright has received the following cabled report on the Colombo tea auction of January s: At yesterday’s auction of 2,700,0Uu10 there was a good general demand, and all grades advanced about id 10. Quality of offerings showed improvement. A total of 2,000.0001 bis catalogued for auction at next week’s sale. SYDNEY WOOL SALES (United Press Association) (By Electric Telegraph—Copyright) SYDNEY. Jan. 6. (Received Jan. 6, at 11.30 p.m.) At the wool sales 13,354 bales were offered, comprising a good selection, 12.594 being sold and 3141 privately disposed of. There was very solid competition from Japan, the Continent, and Yorkshire, with good support on suitable lines from the United States, Deep-stapled shafty spinning wools were very firm, while all other descriptions of merino fleece and skirtings maintained the recently improved levels. Comebacks and fine crossbreds were also very firm. Greasy merino made 29d, crossbreds to 29Jd. comebacks to 281 d, the latter two prices being the season’s records. BULOLO SHARES (United Press Association) (By Electric Telegraph—Copyright) LONDON. Jan. 5. Bulolo mining shares arc quoted at 121 s 10id. BRITISH CAPITAL ABROAD PROPERTY CONFISCATION OIL COMPANY'S CONCERN Reference to the claim made Baku Consolidated Oilfields. Ltd., ai. English concern, against the Soviet Government for the confiscation of its property was made at the annual meeting in London. The chairman, Mr R. R. Tweed, expressed the view (hat they had received a great rebuff, not by the Soviet, but by the British Government. in so far as this Government had granted a loan of £10,000,000 to th»Soviet, without making any provision for settlement of the claims of British creditors in Russia. He contended that Russia had no need for such a loan, as she was the second biggest oil producer and gold producer in the world, and that she had remitted many thousands of pounds to the Spanish Government. His view was that if the Rod Government in Spain succeeded, one of its first steps would be to confiscate British property in Spain. Furthci Mexico had begun to confiscate British property in Mexico, and possibly the Mexican Government might also obtain a loan from Britain. He realised it was usual lo regard with equanimity the troubles of othoi concerns, but it might just bo possible. in view of the confiscations in Mexico, and (he possible confiscations in Spain, that there would be a much stronger body of opinion in this connfry to press for the equitable treatment of British capital invested abroad. He could only say that the directors had done all they could to arrive at a settlement of their claims, but the results, so far as the British Foreign Office was concerned, had been extremely unsatisfactory.

IDLE SHIPPING REDUCTION IN TONNAGE Quarterly returns prepared by Die London Chamber of Shipping show that on October 1 there were laid up in the ports of Great Britain and Ireland 175 vessels, of 402,935 tons net. This total is a induction of 99,284 tons net, being 19.8 per cent, on the figures for July 1 and a decrease of 109,351 lons, or 21,3 per cent., compared with the returns for October 1, 1935 (says The Times). The ports at which the largest decreases occurred and the reduction in net tonnages were the following: Liverpool, 53.000; Hull, 13.000; Glasgow, 10,000; and Dartmouth and Middlesbrough, 9000 each. Increases of 16,000 in the River Fal (Truro). 15,000 in the Gareloch, and 11.000 in the River Fal (Falmouth) were reported. The chamber points out that the 402,935 lons net idle in the United Kingdom are equivalent to 679,348 tons gross. The totals included 14 foreign vessels of 29,828 tons net. equal to 49,396 tons gross, so that, as shown above, there were laid up 161 British vessels of 373.107 tons net. equivalent to 629,352 tons gross. Compared with the total three months previously, the decrease in the idle British shipping was 83,572 tons net, or 128,539 tons gross. The figures do not include British shipping laid up in foreign ports. Included in the total are 50 vessels, of 129,943 tons not, which have been laid up for a year or longer. Among the British vessels laid up are 37 tankers, of 130,158 tons net. of which 11, of 44,064 tons net, are motor ships. In addition, one other motor ship of 293 tons net and six sailing vessels of 823 tons net are laid up. The chamber states that the net change in the total tonnage on the United Kingdom register during the last three months was an increase of 115,000 tons gross, and that, as the laid-up tonnage decreased during this period by 129,000 tons gross, there must have been an increase of about 244,000 tons gross in the shipping of the United Kingdom in commission. NEW GUINEA GOLD SHARES (United Press Association) (By Electric Telegraph—Copy right I > LONDON, Jan. 5. New Guinea Gold shares are quoted at 4s. TIN RESTRICTION ABOLITION FORESEEN A prediction that the prosperity of the tin industry would be so great that the restriction scheme would die a natural death in the near future was made by Mr Henry Frisby, chairman of the Pahang Consolidated Company, and a consistent critic of the restriction scheme, at the annual meeting of the company in London recently. “A big boom took place in our trade in 1919. directly after the World War had finished, when there were no reserves of tin left in the country or, in fact, in the world,” he said. “In 1920 tin went to £420 a ton, which was not a good price; it was unhealthy and could not last. The position now is rather similar to what it was in 1919. We have been through the trouble: the world’s trade went to zero almost in 1931, and tin dropped to £IOO a ton. During the last two years things have gradually improved, and the demand for tin is increasing very rapidly, and we have it on the authority of the Chancellor of the Exchequer that we are on the verge of a world trade boom, and if we have a trade boom we must have a tin boom. “ The position now with only six weeks’ supply in hand might become very serious next year when we start building our navy, and we might have fireworks in the tin market. That is not a good thing. I think that the Tin Restriction Committee has been very unwise in allowing only 17,000 tons of tin to bo available for the whole world, and that is why I maintain that, in a very few months, instead of saying to us ‘ You may output so much,’ they -will be saying to us * Get out all the tin you can to help us.’ “ Under those circumstances we need have no fear that tin restriction is going to cripple us as it did before.” COPPER AND TIN Statistics show that the use of both copper and tin in manufacture has continued to expand, but attention has been drawn to the question whether the rate of increase is commensurate with the recent movements in prices and turnover in the metal market. Both metals arc under a form of production control. The Statist declares that the parallel to be drawn between copper and tin as regards recent price movements and the organisation of the industries does not apply to the relation of prices and sales. Leading tin producers have for years taken the attitude of regarding the consumption of the metal as being virtually independent of price policy. In both the main tin-consuming industries —the tin plate works and motor car factories—the price of tin is of very little weight in the total cost of production. As tinned goods and motor vehicles arc becoming more and more popular, the use of tin for purposes where it can be replaced by other material Is losing its previous importance. but the decline in tin consumption in other fields seems to some extent unavoidable even at lower prices. The conclusion is that demand is inelastic. . The position of copper is different. The metal is used for a large variety of purposes; it is meeting with competition of a large number of other materials, principally aluminium and synthetic resins: and under present conditions the danger of substitution would become acute at a price of more than £4O for standard. Ine copper cartel lias granted several largo quota increases with the intention of bringing the quotation down to £4O. for the statistical position does no. necessitate so large an increase in production. and high cost producers outside the cartel might raise their outPU In the tin industry, the expansion in production in other than the ongina. restriction countries has been recognised as unavoidable unless prices are kept on a very low level. The inclusion of “adhering” countries m the cartel through a grant of special concessions lias freed the International Tin Committee of the danger of provoking an expansion of outside production by higher prices. GOLD PRODUCTION IN NEW SOUTH WALES Gold production of New South Wales in 1936 shows an increase of 22 per cent on the quantity produced in TJuo. Estimated at 61,160 ounces fine it is the largest since 1919, when the yield 65,839 ounces fine. The value is £A531,300, having topped the halfmillion mark for the first time for 20 years. TEA EXPORT QUOTA The announcement that the tea export quota for the season April 1, 193.. to March 31, 1938, is to remain the same as for the past two years, namely, 82i per cent, of the standard export, cannot be said to have come as a great surprise to the industry, which (says the Calcutta Capital) was prepared for onlv a small variation cither way. The general feeling was that if there was any change it would be a fractional enhancement of the quota, if only as a gesture to the various Governments concerned and the large consuming public in various countries. The point of view of the three Governments involved is that while they are willing and anxious to assist the tea industry in their several territories, the industry must on its part so endeavour to stimulate consumption that the industry will move back to pre-slump normalcy. -As to whal this condition is no two branches of the tea industry ore agreed. One thing is certainnormalcy as some people knew it before the trade depression will never return. Industries of all kinds that an. now “controlled” will continue lo be controlled.

- £ s. d. Commonwealth Bonds— 4 p.c., 1938 101 3 9 4 p.c., 1941 101 16 3 4 p.c., 1944 101 17 6 4 p.c.. 1947 101 5 0 Union Bank 10 6 0 Tooths 2 17 3 Anthony Hordern (pref.) . 1 3 3 Associated News 1 4 u Australian Iron and Steel (pref.) 1 6 6 Colonial Sugar 43 15 0 Dalgety 10 17 0 Electrolytic Zinc 2 14 5 Fairymead Sugar 2 0 0 Henry Jones 2 8 0 Mauri Bros 3 13 3 Morris Hedstrom 1 9 0 ADDITIONAL SALES Bank of New South Wales 36 5 0 Comm. Bank of Sydney . 21 11 0 Comm. Bank of Australia 0 19 9 Union Bank 10 '6 0 Queensland National Bank 5 9 0 Associated News 1 4 n Associated News (pref.) . 1 4 0 Adelaide Steam 1 12 0 Australian Gas (B) .. . 7 11 0 Tooths 2 17 0 Carlton Brewery 3 7 0 Queensland Brewery .. . 1 5 6 Australian Glass' 4 12 9 Dunlops 0 18 3 Winchcombe. Carson .. . I 16 9 Wilcox Mofflin 0 12 6 Morris Hedstrom 1 9 0 Electrolytic Zinc 2 13 9 Electrolytic Zinc (prof.) . 2 16 6 Anthony Hordern .. . 0 19 71 Australian Guarantee Cor poration 1 8 0 Sargents 1 12 0 Goodyear (pref.) 1 11 6 Mount Morgan U 17 3 Mount Lyell 2 0 6 Bulolo Gold 7 14 0 Kuala Kampar 0 19 71 Rawang 0 11 4 Larut 0 17 10i MELBOURNE, Jan. 6. Bonds and investments are steady, and Barriers practically unchanged in spite of the further fall in metal prices. Gold is quiet. _ , i. S. a. Comm. Bank of Australia 0 19 9 E.S. and A. Bank 5 19 0 National Bank (£10 paid). 15 7 0 Howard Smith 1 3 9 G. J. Coles 4 10 0 Australian Glass 4 13 0 Electrolytic Zinc .. ... • 2 13 6 Electrolytic Zinc (pref.) . 2 10 3 Mount Morgan .. ». * 0 17 2 Mount Lyell z u 0 Broken Hill Pty * 4 1 0 North Broken Hill .. • 3 18 0 South Broken Hill .. • 2 7 9 Zinc Corporation 7 ID 0 Emperor General Motors 1 3 7 United Provisions .. . U 1U Sulphide Corporation 0 15 6

Paris— Par Jan, 4. Jan. 5. Franca to £1 124.21 105 9-64 105 3-32 Brussels— Belgas to £1 30 29,035 29.10 Oa Id— Kroner to £1 18.180 19.90 19.90 Stockholm— Kroner to £1 18.130 19.39ft 19.39ft Copenhagen— Kroner to £1 18.150 22.40 22.40 Berlin— Marks to £1 20.34 12.20 12.21ft Montreal— Dollars to £ 1 4.86 2-3 4.90% 4.90% New Fork — Dollars to £ 1 4.80 2-3 4.90 1516 4.01ft Yokohama— Pence to yen 34.582 14 27-32 )4 53-04 Hongkong— Ponce to dollar 24.58 14 15-16 14 15-16 Bombay— Pence to rupee 18 5-32 18 5-32 Batavia— Florins to £ 1 12.10 8.923 8.02! Milan— Lire to £1 82.40 935 93 6-16 Amsterdam — Guilder to £ I 12.107 8.96ft 8.97J Prague— Kroner to £ 1 104ft 140 3-16 1405 GenevaFrancs to £ 1 23.22J 21.36ft 21.3S5 Vienna— Schillings to £1 .. .. 84.86ft 26) 26ft Helsingfors— Marks to £ 1 193.23 2263 2263 Madrid— Pesetas to £ 1 25.22ft 93 11-32 93 11-32 Belgrade— Dinars to £ J 23.22ft 213 213 Athens— Drachma to £1 375 547ft 547ft Lisbon— Escudos to £1 110 110 3-16 110 3-16 Bucharest — Lei to £1 031.6 620 620 Rio de Janeiro — Pence to mllrels .. 5.890 4ft 45 Buenos Aires— Pence to pesos 47.22 _ Shanghai— Pence to tael 141 14i Montevideo— Pence to pesos 39% 39% Warsaw— Zlotys to £ 1 — 26.06 26.00

London— Buying. Selling. £1 N.Z. to £100 * Stg T.T, 124 124/10/O.D 123/10/ - 124/8/9 100/10/- £ A tO,£100 N.Z. T.T 101 O.D. 101 100/10/FIJI — £ F to £100 N.Z. T.T. 90/7/B 89 O.D. 90/T/0 89 Now York— 3.97 i 3.933 Dollars to £ N.Z. T.T, O.D. 3.983 3.94} Montreal— 3.933 Dollars to £ N.Z. T.T. 3.97} O.D. 3.98} 3.94} Austria— Schillings to £ 20.68 N.Z T.T. — O.D. — 20.70 Belgium— 23.245 Belgas to £ N.Z. T.T. — O.D. — 23.250 Czechoslovakia — 111.64 Crowns to £ N.Z. T.T. — O.D. — 111.69 17.893 Kroner to £ N.Z. T.T. 18.203 O.D. 13.263 17.903 France— 84.23 Francs to fi N.Z. T.T, — O.D. — 84.27 Germany— Reichsmarks to £ 9.741 N.Z T.T. — O.D. — 9.746 Holland— 7.163 Florins to £ N.Z. T.T. — O.D. — 7.167 Italy— Lira to £ N.Z. T.T. — 74.76 O.D — 74.81 Java— Florins to £ N.Z. T.T. O.D. - 7.137 7.141 Norway— Kroner to £ N.Z. T.T. id.m 15.891 O.D. 16.241 15.90) Sweden— Kroner to £ N.Z. T.T. 15.785 15.490 O.D. 15.845 15.500 Switzerland — T.T. O.D. 17.089 17.094 Francs to £ N.Z. — Noumea — T.T. O.D. 82.86 82.92 Francs to £ N.Z. — Papeete— Francs to £ N.Z. T.T. O.D. - 83.01 83.07 Hongkong— N.Z. pence to 1 dollar .. •• T.T. O.D. 18 Ills 532 18 27-32 10 18 53-61 India and Ceylon— N.Z. pence to 1 rupee .. •• T.T. O.D. 22 27-64 22 45-64 22 25-64 22 11-10 Japan— N.Z. pence to 1 T.T 17 23-01 O.D. — 17% Shanghai— N.Z. pence to 1 dollar .. •• T.T. O.D 17 51-64 18 19-61 17 49-64 18 5-32 Singapore— N.Z. pence to 1 dollar .. •• T.T. O.D 34 23-32 35 13-64 34% 35 3-16 Chcfoo— N.Z. pence to 1 dollar .. •• T.T. O.D. 17 2517 4732 18 13-32 04 18 25-64 All rates subject to alteration without notice.

Ton. Copper, spot £49 8 8 Fall 1 2 R Copper, forward 49 14 414 Fall i 1 1014 Klectrolytlc. spot •• 53 10 0 Fall 1 0 0 Electrolytic, forward.. 54 0 0 Fall i 0 0 Wire burs 54 0 0 Fall i 0 0 Lear! forward .. .. 26 12 6 Fall 0 10 0 Lead, spot 26 11 3 Fall 0 11 3 Spelter. «rot .. 18 1 3 Fall 0 17 6 Speller, forward .. .. 19 17 fi Fall 0 8 0 Tin. spot 228 10 0 Fall 2 12 6 Tin. forward .. 229 Oz. 6 Fall 2 10 0 Silver, fine :i 5-Kid Klsfl 1 16d Silver, standard .. .. 23 d Rise I XOd

January 5 7 1 54 January 4 7 1 8 December 28 . . 7 1 6J December 22 7 1 7 December 21 7 1 December 17 7 1 54 December 16 . . 7 1 7 December 15 . . 7 1 9 December 14 . . 7 1 9 December 11 7 1 9 December 10 7 2 Ui