COMMERCE AND FINANCE

Otago Daily Times, Issue 23083, 8 January 1937, Page 12

COMMERCE AND FINANCE

LOCAL AND OVERSEAS. MARKETS

THE SHARE MARKET DUNEDIN STOCK EXCHANGE The Dunedin Stock Exchange reopened vesterday at the conclusion of the Christmas vacation. Broken Hill Proprietaries were disposed of at £4 Os 6d, a closing buyer at £3 19s failing to attract further sellers. Two sales of G. J. Coles at £4 9s 6d were recorded, a further transaction at the same figure being reported. The market closed with a buyer at £4 9s, but there were -no sellers forward. Bank of New Zealands showed a fractional improvement on the final buying quotation last year, prospective purchasers offering £2 Is 3d. E.S. and A. Banks, however, eased somewhat, buyers' best offer being £5 15s. Dalgety and Co. shares firmed considerably, buyers offering £lff 19s. Sellers, however, did not come forward. Mount Lyells were on offer at £2 Os 6d, but buyers were reticent. Okaritos were inquired for at the slightly-improved price of 3s Bd, sellers failing to show any interest. SALES ON 'CHANGE £ s. d. Broken Hill Pty 4 0 6 G. J. Coles (2) 4 9 6 SALE REPORTED G. J. Cole* .. 4 9 6 The following are yesterday afternoon's buying and selling quotations, which are subject to the usual broker-

LONDON METAL MARKET < (United Press Association) (By Electric Telegraph—Copyright) LONDON. Jan. 0.

LONDON MONEY MARKET (United Press Association) ' (By Electric Telegraph—Copyright) LONDON January 6. Discount and short loan interest rates:—Day to day loans, i per cent.; fine trade bills, three months, 2 to 2i per cent.; bank bills, three months, 11-16 per cent.; bank bills, six months. 11-16 per cent.; Treasury bills, two months, £ per cent.; Treasury bills, three months, I per cent.; New fork call money, 1 per cent.

NORTHERN EXCHANGES AUCKLAND Sales on 'Change £ s. d.

CAPITAL ISSUES FURTHER INCREASE IN BRITAIN (British Official Wireless) (United Press Association) (By Electric Telegraph—Copyright) RUGBY, Jan. 6. (Received Jan. 7, at 5.5 p.m.) New capital issues in the United Kingdom totalled £217,221,000 last year. This was close on £19,000,000 less than in. 1930, the last year before the world depression/and compares with £88,666,000 in 1931, from which date a consistent annual recovery has been maintained. Of last year's issues the municipalities and public boards group accounted for £481,000,000, the railway group for £31,250,000, and coal, iron, steel, and engineering, including motors and aviation, for over £22,250,000, while the investment and finance groups approached £22,000,000. HIGH PRICES PAID CLYDESDALE DISPERSAL SALE (Per United Press Association) ASHBURTON, Jan. 7. The dispersal sale of Mr J. F. Langley's Somertor* Clydesdale stud at Rakaia, interested breeders from many parts of the Dominion. The top price was paid for the nine-year-old mare Bell Smart, with foal at foot, by Dunlop's Renown, which was sold-at 150 guineas. The next highest price was 100 guineas, which was paid for the nine-year-old Dorothy Footprint, in foal to Strathmore Streamline. A set of six-horse ploughing harness of stainless steel realised £77 10s. RYEGRASS CROPS DAMAGED RAIN IN SOUTH CANTERBURY Damage to ryegrass crops in South Canterbury involving losses estimated at thousands of pounds is considered to be an almost certain result of the heavy rains. Opinions expressed by Mr A. E. Dobson, president of the Temuka branch of the New Zealand Farmers' Union, and by Mr W. Buchan, a prominent member of the union, at the last meeting, indicate that ryegrass crops near Temuka and in South Canterbury generally have been almost wholly ruined, and since little ryegrass is grown except for seed exporting, the losses will be heavy. His own grass crop, Mr Dobson said, and crops about the neighbouring district were useless, and he had heard that the position was similar throughout South Canterbury. Most farmers grew the grass solely for seed exports, using paddocks which they were able to spare for this purpose. There was little doubt that the losses would be considerable. This statement was confirmed by Mr Buchan. Grass crops had suffered severely, he said. There was usually a good market for the seeds, last year's prices being very good. This year. t growers in the southern districts would be disappointed, and it was his opinion that losses in South Canterbury would run into thousands of pounds. The seeds had been washed out of the grass, and the grass itself beaten down. GERMANY'S PLANS SYNTHETIC COMMODITIES According to an announcement at Niu'cmburg, the German Government honed that in four years' time Germany will be able to cover the bulk of her requirements of textiles, oils, rubber, and other materials from domestic sources. In spite of the rapid progress in recent years. Germany is at present still dependent on the importation of large quantities of foreign raw materials. Rayon and staple fibre are estimated to meet 2l> to 30 per cent of the textile demand, and the different sources of fuels and fuel substitutes from home production (German crude oil, benzol, alcohol, methanol, synthetic gasolene, and regenerated lubricants) are contributing approximately 50 per cent, to the supply of liquid fuels, but it is already difficult to obtain enough alcohol for mixture with petrol, so that the chemiral industries will have to supply the bulk of the additional requirements. The producing costs of synthetic oils and rubber have been, it is understood. sUDSiaulisily reduced, but they are still far above the price of the imported goods' which they are to replace.

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

ON NEW ZEALAND CURRENCY ' BASIS The Bank of New South Wales, Duncdtn, quoted the following rates for purchases sales of foreign exchanges yesterday:— London— Buying. Selling.

xi DOLLAR RATES Thp Associated Banks (other than t J Bank of New South Wales) quoted he 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.) c„iljnf» DolS. Dols. Se TT g .. .. 3.93 g 3.938 O.D. V. .'. •• ■• 3 - 94 « 394 J B^T ng ~ • •• 3.971 3.974 O.D. '■'. '■'• '■■ •• 3 - 3Mi TRADE WITH AMERICA The National Chamber of Commerce, Washington, has announced that United States foreign trade, valued at 3 500.000,000 dollars (approximately £700.000.000) in the first nine months of last year, was accompanied by the widest geographical distribution of purchases and sales abroad in the past 10 vear= The chamber cites the increase 'in exports to Australia of 12.3 per cent, and New Zealand, 32.2 per cent, and of imports from Australia, 694 per cent., and from New Zealand, 18.9 per cent. _____

SOUTHERN CROSS ASSURANCE ASSETS NOW EXCEED £1,000,000 LAST YEAR REVIEWED NEW BUSINESS COMPLETED £604,043 In presenting the fifteenth annual report and balance sheet of the Southern Cross Assurance Company, Ltd., at the annual meeting the deputy chairman (Dr Donald M'Lean) said that he would point out that, as previously intimated, the directors had during the last few years continued their policy of writing a limited amount of new business in accordance with actuarial advices received, with the result that a reduced amount of sums assured was obtained. " The third quinquennium having been completed," Dr M'Lean continued, " and the reorganisation of the company established in accordance with directors' plans, it has now been decided to increase the writing of new business in future without incurring additional overhead expenses. It is pleasing to note in this respect that the figures for the current year to date are greater than for the corresponding period last year.

" You will note that the amount of death claims paid was greater than that of the previous year (and this is only to be expected), but the actuary advises that the experience was within the actuarial expectancy of the latest tables of mortality for insured lives that are now being employed in the valuation of the policy liabilities of the company as at June 30, 1936.

" The rate of interest earned on mean funds has been considerably increased during the last few years. "Thus from June 30, 1934, the net rate on mean funds increased from £3 13s Id per cent, to £4 2s 3d per cent, on June 30, 1935, and to £4 lis 4d per cent, net this year. REDUCTION OF EXPENSES "Although the total premium income of the ordinary department, new business, and renewal, decreased by £10,332 during the year, thereby greatly handicapping the reduction of cost percentages, it is pleasing to report that the cost of procuration remained at practically the same figure as previously, owing to the expenses, new business, renewal, medical fees, and managerial, being reduced by £3518. " The directors have again written off certain assets of a non-revenue-producing character, and maintained substantial reserves against freehold properties, debentures and other securities. "For the first time in the history of the company the value of assets has passed the £ 1,000,000 mark. " Last year proxies were received representing more than 400,000 shares, enabling a unanimous vote to be given for the strengthening of the head office board by the appointment of Mr John K. Cannan, solicitor and notary public, Brisbane, and Mr James Vicars, M.E., M.lnst. C.E., M.lnst.E. Aust., F.R.A.1.A., Sydney. The original head office directors are very grateful for the services which both of the new directors have rendered to the company.

"The retirement of the governing director and chairman of directors of the company was mutually arranged between the Board of Directors and Mr Confoy, ana. accordingly he retired from all offices with the company held by mm in accordance with the terms of his agreement, such retirement becoming effective as and from November 14 last.

" The directors intend to amalgamate the positions of governing director and general manager by the appointment of the present general manager, Mr, A. Aubrey, F.A.1.57, F.C.C.S., as managing director of the company. There will therefore be no necessity to make any other executive appointment, and the new arrangement will be both a beneficial and economical one. Mr A. Aubrey had his early insurance experience with one of the old mutual companies, and after passing through all departments, eventually became the general secretary of the Life Insurance Company of Australia. RECONSTRUCTION PROGRAMME. "An extraordinary general meeting will be' held following the annual ordinary general meeting, when resolutions will be proposed as extraordinary resolutions that the articles of association of the company be altered, thus restoring, the articles of association to their original intention, and absolutely cancelling certain powers that had previously been granted by extraordinary general meetings of the company in connection with the governing directorship. "The new board of directors has without any doubt fearlessly carried out the programme of reconstruction that it promised, and will continue to do its utmost in future to develop further the company on sound economical lines. "In conclusion," Dr M'Lean added, " I must thank the Hon. Vincent Ward. MLC, our local director for New Zealand; Professor M. R. Drennan, MA M. 8., Ch.B., F.R.C.S. (Edin.), chairman of directors for South Africa, and all the local directors in South Africa, and also all local directors throughout Australia, for their support and practical, assistance At the same time . 1 wish to convey the board's appreciation of the good work performed by the staff of the company, both inside and outside." The two retiring directors, Messrs H. E. Walduck and J. Vicars, were reelected unopposed The auditors, Messrs Anderson, Hodgson and Lithgow, were reappointed. At an extraordinary general meeting held after the annual ordinary general meeting resolutions amending the articles of association of the company were passed.—P.B.A. OPERATIONS ON THE RAND A VERY BRIGHT OUTLOOK Probably the most remarkable feature of last year's operations of the Witwatersrand gold mines was the steadiness of profits. , With a declining gold price, £7 Os 6d in January to £b 17s in September, monthly profits of producing mines in the Transvaal fluctuated between £2,702,301 in March and £2,599,470 in September, a maximum difference of only £102,831, or not even 4 per cent, of the average monthly profit. It is evident that the steadiness of profits, in spite of the adverse factor of the declining gold price, has been attained partly by an increase in tonnage and partly by varying the grade. With the higher price of gold and the improved outlook for steady currency levels and ratios, it is quite possible that the mines will now embark upon a policy of lower grades with subsequent increases in tonnages and profits. Whatever the future policy of the mines will be, the past has proved that even under adverse conditions the South African gold mining industry is capable of maintaining steady and even rising returns to the " Kaffir " investor. With 16 developing mines expected to gain the rank of producers, the outlook for the South African gold industry looks very bright indeed.

ORIENT STEAM COMPANY DIVIDEND OF FIVE PER CENT. EFFECTS OF ABYSSINIAN WAR (From Our Own Correspondent) (By Air Mail) LONDON, Dec. 19. " The account we have to give of our stewardship for the year under review is one with which neither you nor we can feel satisfied. Compared 'with a year ago earnings are down and expenses up," said Mr I. C. Geddes, chairman of the Orient Steam Navigation Company, Ltd., at the annual meeting, held in London, when a dividend of 5 per cent, free of income tex, was declared on ordinary shares. The shortage in earnings was due to various causes. Passenger earnings were affected by the Italian campaign in Abyssinia. Owing to the uncertainties of the position many clients refrained from voyaging to Mediterranean ports, and this same cause affected holiday traffic even further afield. On the cargo side the demand of additional premia on war risks insurance on ships proceeding through the Mediterranean lost the company cargo. Homewards many of the ships left with vacant space. PROBLEM OF EMPTY SPACE. "Empty space (said the chairman) may be the fault of shipowners collectively putting too many ships on the homeward berth, but very frequently it is not. No one can predict whether during the interval between a ship's sailing from Europe and her loading in Australia good rains or the lack of them will increase or reduce the primary products available for shipment. Exporters in Australia naturally like to retain their freedom to take last-minute advantage of market fluctuations in prices, by deferring as long as possible the decision whether to sell in Australia, Europe or the East. While we rejoice when Australia gets the highest prices for her goods, we hope that whenever exporters or the various Governments concerned, for one reason or another, postpone to the eleventh hour a decision to reduce the forecast shipments to Europe they realise that the change involves wasteful expense which must in the long run be paid by the shipper. "If Australia wishes to have for,her exports a moving platform which provides for considerable fluctuations in volume, shipowners will, of course, Erovide it, but they cannot afterwards e blamed for the wasteful use of space which will sometimes inevitably occur. If, on the other hand, Australia wishes for more economical transport, correct forecasting of her requirements would be a step towards securing it. "A better planned economy is very easy to advocate and very difficult to Eut into practice, and sometimes even eyond human foresight. However, shippers, shipowners and consignees are all partners in Australia's export trade, and I cannot help feeling that, given goodwill, it should be possible without too much limitation to effect improvement. MORE OUTWARD CARGO

" Outwards there is more cargo moving, though there is still plenty of unfilled'space. With an unbalanced trade Homeward cargo has to helD towards the cost of getting ships out to Australia. This and the difficulty of securing reasonably precise cargo forecasts are sometimes forgotten when the rates of freight are under consideration.

"Our expenses have increased by the restoration of cuts in the pay of our crews and of transport workers on shore. These cuts were suffered without complaint when conditions were at their worst, and I feel sure you will approve of their reinstatement now that the industry generally is in, a healthier state, even though the fortunes of our own company do not this year reflect this improvement." Speaking of the company's decision regarding the payment of a dividend, Mr Geddes said:

" If we regard the operations of the last 12 months by themselves we should certainly not recommend a dividend on ordinary shares, but it would be somewhat artificial to consider this one period in complete detachment from the immediate past and the immediate future. In past years we have accumulated reserves out of profits available •for ordinary dividends; we can afford the cash and we have therefore decided that the practical alternatives are whether we should anticipate a series of Jean years or whether we should hope that earnings in the current year will again suffice to pay a modest dividend. "Under the former hypothesis the sooner we shorten sail the better, but, if we believe that this is an exceptionally bad year, as we do, then we think it would be proper to pay a dividend on our ordinary shares. We should use part of our reserves to average results between the present bad and past better years. It is too early to say what next year's results will be, but the indications are certainly better than they were 12 months ago." INDIAN MARKET NO SCOPE FOR AUSTRALIAN GOODS " The mass of the Indian people offer* no market for Australian goods " is one of the striking sentences contained In the report of the Australian trade delegation to India, Burma, and Ceylon. A section of the report was made available in Canberra last week. The real market in India, states the report, is a limited section of the people comprising Europeans, Anglo-Indians, and wealthy Indians, totalling about 700,000. The real market in India appears to be that which is at present being served by Australia, and by other overseas countries which are sending their goods to India. According to the Indian census figures of 1931, there were 166,000 Europeans and 165,000 AngloIndians. The European population js dwindling, and is likely to fall still lower. It is being replaced by Indians who have been educated with Western people and who have adopted their habits and customs. The delegation is of opinion that conditions in Ceylon are somewhat similar to those in India. They consider that the scope for expansion in Burma 'S not great.

RECORD WOOL PRICES JAPAN BUYING FREELY (United Press Association) (By Electric Telegraph—Copyright) MELBOURNE, January 7. Three Australian records for the present season were established at the Geelong wool sales when in a very buoyant market Japan bought freely. Records were 33Jd for merino fleece, 3Vd for merino lambs, and 31id for comeback fleece. THE SYDNEY SALES (United Press Association) (By Electric Telegraph—Copyright) SYDNEY, Jan. 7. (Received Jan. 7, at 10.25 p.m.) At the wool sales 11,631 bales were offered and 11,160 were sold,. 805 changing hands privately. There was spirited competition, and the market closed at the highest point of the series. Buying on Japanese account was an outstanding feature. A new Australian record for merino of 35Jd was established. The average price for three days this week was £24 2s 2d per bale, or 19.6 d per lb. PUBLICITY FOR WOOL MELBOURNE CONFERENCE DEFENCE AGAINST FIBRES Delegates from New Zealand and South Africa will meet the Australian Wool Board in Melbourne next week to discuss subjects of importance to the wool trade of the Empire. The principal purpose of the conference will be to discuss wool publicity. Not long ago arguments were advanced to show that wool was losing its traditional place as a raw material for the manufacture of textiles, said a Melbourne wool-selling company in its last report. There was a danger that substitutes would soon replace woollen goods. As time went on, unless publicity campaigns in support of wool were launched, declining markets would be inevitable.

At present, however, there is a widespread demand for wool. Current prices are satisfactory. The raw material is going rapidly into use, and it would seem that the supplies are not keeping pace with the wool requirements of the world. Nevertheless, judicious advertising of the qualities of wool should still be advocated to ensure that the popularity of woollens be maintained and the best markets for the commodity strengthened and expanded. Australia, New Zealand, and South Africa have agreed to provide funds for wool publicity overseas. It is expected that the woollen manufacturers of the United Kingdom will co-operate also, and very soon a well-planned publicity campaign emanating from the combined resources of the wool trade of the Empire should be inaugurated. The first steps to launch a campaign of this nature will, no doubt, be taken at the forthcoming conference in Melbourne.

Among other items that will be discussed at the conference will be pastoral research and the need for uniform legislation to prevent the sale of mixed fabrics in the name of pure wool. Adequate scientific research into stock diseases and other problems affecting the woolgrowing industry is essential. Portion of the wool levy funds will be devoted to pastoral research, and it is expected that arrangements will be made to keep the authorities in South Africa, New Zealand, arid Australia informed of the work of the scientists in the respective countries. The forthcoming conference might well mark a new and promising era for the wool trade in general (comments the Argus). Whether wool prices are high or low, an organisation to conduct publicity work in the interests of wool might be regarded as an essential adjunct to the great wool industry of the Empire. Pastoral research work is necessary also, and the public should be protected against inferior materials that are being sold in the retail field as wool. f LOSS OF WOOL FREIGHT Heavy buying of wool by Japan, while being responsible for a higher price for' 1 the raw material being returned to local sellers, is having a marked effect on British ship-owners in the loss of freight. Of 17,000 bales recently sold at the first Christchurch sale to .foreign buyers 10,000 bales are being shipped by Japanese vessels to Japan. This quantity (says the Christchurch Star-Sun) represents a sum of approximately £50,000 in freight. LONDON WOOL SALES STRONG DEMAND EXPECTED Messrs Dalgety and Cov Ltd., have received the following cablegram from London, dated January 6:—For the January sales we expect a strong demand, with an advance of about 10 per cent, all round. RABBIT SKIN SALE The Dunedin Stock Agents' and Woolbrokers' 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.; and National Mortgage and Agency Company, Ltd.) report as follows: Small catalogues were offered at yesterday's sale of rabbit skins to a fair attendance of buyers. There was an excellent demand for all grades, especially racks and summers, which comprised the bulk of the offerings. Prices for these grades showed a very substantial advance on last sale's rates. The following is the range of prices:— Summer broken, 31d to 3Ud; second winter broken, 42d to 44£d; runners, 34d to 36d; summers, 31d to 33d; small, 24d to 25d; light racks, 42d to 45d; winter bucks, 96d to 98d; winter does, 84d to 86d; spring does, 43d to 45d; bucks, 64d to 66d; milky, 32d to 34d; summer black, 21 d to 23d; hareskins, 22d to 24d; horsehair, to 18d. BULOLO GOLD DREDGING INCREASED RECOVERIES The results of the four dredges of the Bulolo Gold Dredging, Ltd., for the first five months of the current financial year exceeded the recoveries for the corresponding period of 1935-36. * From June 1 to October 31 the dredges handled 4,910,200 cubic yards for a recovery of 61,8530 z fine gold valued at 2,164,855 dollars (Canadian). After giving these particulars, Mr C. A. Banks, in his address at the annual meeting in Vancouver last month, said that as dredges Nos. 5,6, and 7 came into production there would be a gradual increase in the yardage handled, and when all were operating an annual profit of between 4,500,000 and 5,000,000 dollars and some increase in dividend might be expected, though the increase in profit was not expected to be proportional to the increased yardage, as with more dredges in operation ground of lower average value would be treated. Mr Banks said that the original object of the amortisation fund, shown in the balance sheet at 745,109 dollars, was to establish a fund in order that the par value of the issued shares (five dollars) could be repaid from time to time as a return of capital. The direc-tors-were now considering whether the company could more advantageously invest these funds, as opportunity offered, in other suitable-mining business.

AUSTRALIAN STOCK EXCHANGES (United Press Association) (By Electric Telegraph—Copyright) SYDNEY, Jan. 7. (Received Jan. 7, at 10 p.m.) On the Stock Exchange many industrials suffered from profit-taking. Pastorals were also inclined to ease. Tin shares were active and firm. THE MORNING SALES

AUSTRALIAN MARKETS (United Press Association) • x (By Electric Telegraph—Copyright) SYDNEY, Jan. 7. (Received Jan. 7, at 10 p.m.) Wheat is easier'owing to the continued pressure to sell in overseas markets. Bagged grain is steady at 5s 6d, and sjJo lots are quoted at 5s sd. Wheat -at country sidings is at 4s 9Jd, which is equal to about 5s 4£d ex trucks, Sydney. Flour, £l2 15s per ton. Bran and pollard, £6 10s. Potatoes: Tasmanian, £ls to £l6; Victorian, £l4. Onions: Victorian Globes, £2l; white, £lB. „ Maize: Yellow, 5s 9d. PRICE OF FINE GOLD (United Press Association) (By Electric Telegraph—Copyright) LONDON; Jan. 6. £ s. d.

NEW CAPITAL ISSUES LAST YEAR INCREASE IN NUMBER One of the indications of the expansion of trade resulting from the progress in economic conditions is the number and volume of new capital issues by existing companies. During 19J36 there were 36 such issues by companies listed on the stock exchanges of Australia and New, Zealand, compared with 27 in 1935, according to a review in Jobson's Investment Digest./ The total amount of new capital, in* eluding share premiums obtained, was substantially lower at £3,478,252, compared with £4,918,352 in the previous period. Other new issues in that year, however, were completely overshadowed by the large issue of £1,493,854 new capital by the Broken Hill Proprietary Company, Ltd., which, together with premiums of £746,927, accounted for over 45 per cent, of the total new capital for that year. RETURNS OF CAPITAL The new issues for 1936 were offset to some extent by the fairly substantial return of capital made by six companies, aggregating £707,916, and reducing the net increase for new capital and premiums to £2,770,336. Only four of the new issues were by New Zealand companies, the balance being by those with head offices in Australia, although their operations in certain cases extended outside the Commonwealth. It is interesting to note that apart from the very large Broken Hill issue, the largest amount of additional capital in 1935 and 1936 was required by the brewery trade. Two brewery companies in 1935 obtained new capital of just under £1,000,000, while last year issues made by Castlemaine Perkins, Dominion Breweries, Queensland Brewery, and Tooth's totalled £1,117,059. The next most active avenue for the absorption of new capital appears to have been in the finance business, including cash order and hire finance companies and investment trusts. The rapid growth of chain stores is reflected in additional capital of nearly £400,000 obtained for this class of business during 1936. ORDINARY SHARES All but two of the 36 issues were in the form of ordinary shares, states the review. In view of improving conditions investors are evidently prepared to take the greater risks associated with ordinary shares in the expectation of greater gains, rather than seek the additional security of preference issues. Reviewed generally, the widespread call for additional capital in existing businesses, apart from the many prospectuses of new companies placed before the public, gives a definite indication of the continuance of the process of recovery and exDansion in trade. Although the total of new issues did not reach that of .the previous 12 months, the spread of the demand for capital over a wider number of companies engaged in a greater diversity of industries is a favourable reflex of the balance of recovery in all spheres of trade.

age:— Buyer Seller. £ s. d. £ s. d. New South Wales 34 0 0 — New Zealand .. 2 1 3 — Commercial .. 0 19 3 — E. S. and A. .. 5 15 0 —• Natl, of N.Z. ..-31 0 — INSURANCE National .... — 0 186 New Zealand .. 2 19 6 • — Standard .. .. — 3 0 0 SHIPPING Howard Smith .. 12 0 -—• P. and O. Def. 1 16 0 MEAT PRESERVING ' N.Z. Refrig. (paid) .. .. 0 19 N.Z. Refrig. 6 — (cont.) .... 0 9 % 0 10 0 LOAN AND AGENCY Dalgety and Co. .. 10 19 0 — Natnl. Mortgage .. 2 10 0 i —; N.Z. Guarantee 2 —. Perpetual Trustees — 3 4 0 Trustees, Executors 3 12 0 — Wright. Stephenson (ord.) .. .. 0 19 0 — COAL Westport .. .. 11 9 — WOOLLEN COMPANIES Bruce (ord.) .. — 0 13 3 Bruce (pref.) .. — 1 2 9 0 — MISCELLANEOUS Associated News 1 4 0 — Australian Glass 4 10 0 — Broken Hill Pty. 3 19 0 — Brown, Ewing (ord.) 0 18 0 — Brown, Ewing (pref.) 12 0 — Colonial Sugar .. 42 15 0 — Consolidated Brick ...... 0 10 0 0 11 1 Crystal Ice .. .. — 2 6 0 Dominion Fertiliser .... — 1 4 6 Donaghy's Rope 2 1 0 — Dunlop Perdriau Rubber .... 0 17 6 ■— G. J. Coles .... 4 9 0 — Hume Pipe .... 11 0 1 1 6 Milburn Lime .. 2 2 0 2 2 6 Mort's Dock .... — 0 14 0 N.Z. Drug Co. .or.^,l$6 .- — Farmer's ; iv>--V i 1 0 6 N.Z. Newspapers »,1 19 : 0 2 1 0 N.Z. Paper Mills 1 5 0 . . : Shillings w .. .. ; 1 0 3 1 1 0 BREWERIES J N.Z. Breweries .. 2 13 9 2 15 0 2 0. 0 Dominion ... .. 119 0 2 1 0 AUSTRALIAN MINING Electro.. Zinc (ord.)£» — 2 14 0 Mount Lyell .. — 2 0 6 Rawang Tin .. 0 10 6 0 11 6 MINING Big River .... 0 1 9 0 2 2 Clutha River .. 0 2 5 —T Gillespie's Beach 0 1 4 King Solomon .. 0 0 5 Maori Gully .... — 0 1 0 0 2 9 Okarito .. .... 03 8 — Paddy's Point .. • — 0 2 6 0 2 3 GOVERNMENT LOANS _ 4 Bonds, 1937-40 101 0 0 — 4 Stock, 1937-40 101 0 8 — 4 Bonds, 1943-46 102 5 — 4 J Stock, 1943-46 102 5 0 — 4 Bonds, 1946-49 102 0 0 — 4 Stock, 1946-49 102 0 0 102 10 0 4 Bonds, 1952-55 102 0 0 102 15 0 4 Stock, 1952-55 102 0 0 —

Union Bank .. Newton King (pref.) .. G. J. Coles 10 5 0 0 8 9 4 9 6 0 19 0 0 16 10 Unlisted Stocks Woolworths (Svd.) .. Selfridges (old) 7 19 1 18 0 6 WELLINGTON Sales on 'Change Commercial Bank of Aust. National of N.Z. .., .. .. N.Z. Guarantee Corp. 0 19 3 3 10 4 0 5 4 1 4 9 6 0 0 4 0 6 CHRISTCHURCH Sales on 'Change Comm, Bank of Aust. Union Bank of Aust. (cum div.) Goldsbrough, Mort .. Electro. Zinc (pref., 4) Mount Lyell (4) 0 19 5 10 6 6 1 18 0 0 17 10 2 15 3 1 19 9 1 19 R 0 16 8 Sales Reported Aust. Iron and Steel (pref.) Electro. Zinc (pref.) .. G. J. Coles (cum div.) Mount Morgan (2) .. .. (2) 1 6 0 2 15 3 4 9 0 0 16 10 0 16 8 Mount Lyell (2) 1 19 2 15 10 7 3 0 3 Unlisted Stocks Selfridges (A'asia., old, 3) Woolworths (Sydney, ord.) 1 18 7 18 0 0

The following ire the official metal quotations:- — Ton. £48 18 «4 Ttise 0 9 4 <A Copper, forward 49 3 9Rise 0 D VA Electrolytic, spot 53 15 0 Ttise 0 5 0 Electrolytic forward.. 51 10 0 Kise 0 10 0 54 JO 0 Ttise. 0 10 0 J.cad forward .. .. 28 11 3 No (■: liange 28 8 0 Fnll 0 3 9 Spelter, spot .. ., IS 8 0 Kail 0 12 8 Speller, forward ., .. . 18 15 0 Fall 1 2 0 229 0 n Rise 0.10 0 Tin. forward .. .. 230 0 Oz. 0 Rise 0 17 a 21 3-1 firl Fall 1-SiI Silver, standard .. .. 22 7-Sd Fall l-8d

(Receive 1 Jan. 7, at 5.5 p.m.) Paris— Par Jan. 5. Jan. 6. Francs to £1 124.S1 105 5-32 105 9-64 Brussels— llelgns to £1 30 29.10 29.13} Kroner to £1 18.180 19.90 19.90 StockholmKroner to £1 18.130 19.39} 19.39} Copenhagen— Kroner to £1 1S.150 22.40 22.40 BerlinMarks to £ 1 20.34 12.21} 12.21 Montreal— Dollars to £ 1 4.86 2-3 4.90% 4.91 New York— Dollars to £1 4.86 2-3 4.91} 4.91 3.-10 Yokohama— Pence to yen 34.582 14 55-64 13 59-61 Hongkong— Pence to dollar ■ 24.08 14 15-10 14 15-16 Bombay— Pence to rupee — 18 5-32 18 5-32 Batavia— Florins to £1 12.10 8.923 8.931 MilanLire to £1 82.46 93 5-10 93 9-32 Amsterdam — Guilder to £1 12.107 8.97} 8.97} Prague— Kroner to £ 1 104} 1401 130% Geneva— Francs to £ 1 25.22} 21.381 21.27! Vienna — Schillings to £1 .. .. 81.864 26} 26} Hclslngfors— Marks to £1 193.23 226? 226! MadridPesetas to £ 1 25.22} 93 11-32 93 11-32 Belgrade— Dinars to £1 25.22} 213 213 Athens — Drachma to £1 375 547} 547} Lisbon— Escudos to £1 110 110 3-16 110 3-16 Bucharest — Lei to £ 1 931.6 620 620 Rio de JaneiroFence to milreis .. 5.890 41 41 Buenos Aires— Fence to pesos 47.22 — — Shanghai— Pence to tael — 14} Hi Montevideo— Pence to pesos — 39% 39% Warsaw^— Zlotys to £ 1 ' — 26.08 26.06

£1 N.Z. to £100 T.T. 124 124/10/O.D 123/10/124/8/9 Australia— £ A to £ 100 N.Z. T.T. 101 100/10/O.D. 101 100/10/Fiji— £ Fto £100 N.Z. T.T. 90/7/6 89 O.D. 00/7/6 89 New YorkDollars to £ N.Z. T.T 3.97% 3.932 O.D. 3.98% 3.94J MontrealDollars fo £ N.Z. T.T. 3.97% 3.93% O.D 3.98% 3.94% AustriaSchillings to £ N.Z T.T. O.D. ™~ 20.68 29.70 Belgium— Belgas to £ N.Z. ' T.T. — 23.266 O.D. — 23.277 Czechoslovakia — Crowns to £ N.Z. T.T. ■— 111.64 O.D. — 111.69 Denmark — Kroner to £ N.Z. T.T. 18.203 17.893 O.D. 18.263 17.903 France — Francs to £ N.Z. T.T — 84.26 o.o. — 84.30 Oermnny— Relchsmarks to £ N.Z T.T. — 9.733 O.D. — 9.738 HollandFiorina to £' N.Z. T.T. — 7.161 O.D. — 7.165 Italy— Lire to £ N.Z. T.T. — 74.76 O.D — 74.81 Java— Florins to £ N.Z. T.T. — . 7.121 O.D. — 7.125 Norway— Kroner to £ N.Z. T.T. 16.181 15.891 O.D. 10.241 15.901 Sweden — Kroner to £ N.Z. T.T. lfi.785 15.490 O.D. 15.845 15.500 SwitzerlandFrancs to £ N.Z. T.T. — 17.085 O.D. — 17.090 Noumea — Francs to £ N.Z. T.T. — 82.89 O.D. —" 82.95 Papeete — Francs to £ N.Z. T.T. " 83.04 O.D. — 83.10 Hongkong— N.Z. pence to 1 dollar ■ • • • T.T. 18 5-K ! 18 13-16 O.D. 18 9-3! ! 18 51-64 India and Ceylon— N.Z. penco to 1 rupee .. .. T.T. O.D. 22 27-6< 22 25-6* 1 22 45-64 I 22 11-10 Japan— N.Z. pence to 1 T.T. „. 17 25-C4 yen • • • • O.D. — 17% Shanghai— N.Z. pence to 1 dollar . • T.T. 17 13-16 18 5-16 O.D 17 25-31 ! 18 19-64 Singapore— N.Z. pence to 1 dollar . • • < T.T. O.D 34 23-31 34% ! 35 13-64 35 3-16 Chefoo-i N.Z. pence to 1 dollar .. • • T.T. fin 17 53-64 18 29-64 17 25-32 18 7-16 All rates subject to alteration without notice.

Commonwealth Bonds — ;c s>. u. 3i per cfnt., 1951 .... 97 5 0. 101 6 3 101 15 0 0 19 9 Broken Hill Pty 4 10 Broken Hill Pty. (new) .. 3 10 0\ 0 18 3 Electrolytic Zinc 2 13 3 1 3 10J James Stedman 0 17 6 Wilcox Mofflin 0 12 5 (New Zealand delivery) 0 12 4 ADDITIONAL SALES Bank of New South Wales 36 2 6 Commercial Banking, Syd21 11 0 10 6 0 Bank of Australasia .. .. 12 5 0 Colonial Sugar 43 10 0 1 4 3 Australian Gas (A) .... 3 16 6 7 12 0 Tooths 2 16 6 1 14 0 3 6 6 4 13 3 Goldsbrough, Mort 1 18 0 0 12 7 Wilcox Mofflin (New Zea0 12 4 0 12 7 19 0 Henrv Jones ... 2 8 0 2 4 0 2 13 6 Electrolytic Zinc (pref.) .. 2 15 0 1 3 9 110 0 15 9 2 5 3 Standard Waygood .. .. 0 7 3 0 1 6 Mount Morgan 0 16 10J Mount Lyell (New Zealand 2 0 41 Kuala Kampar .. .. 1 0 4J Kuala Kampar (New Zea1 0 0 Placer Development .. 4 19 0 0 19 9 MELBOURNE, Jan. 7. Bpnds and investments were about steady. Bank stock and Goldsbrough, Mofts were a little easier. Barriers were active, but easier, and gold shares are still quiet. £ s. d. Commercial Bank of Aus0 19 8 E.S. and A. Bank .. .. 5 18 0 National Bank (£5 paid) .. 7 10 0 National Bank (£10 paid) 15 9 0 3 7 0 G. J. Coles .. 4 10 0 4 13 0 Goldsbrough. Mort .. 1 18 0 2 13 3 Electrolytic Zinc (pref.) .. 2 15 3 2 0 0 0 16 11 Broken Hill Proprietary .. 4 r 1 .3 North Broken Hill .'. .. 3 15 6 0 19 4 1 0 10

January 6 .. .. 7 5* 5 J January 5 .. .. 7 January 4 .. .. 7 8 December 28 .'. 7 61 December 22 .. 7 7 December 21 .'. 7 Bi December 17 ,. .. 7 5 J December 16 .. 7 7 December 15 .. .., 7 9