COMMERCE AND FINANCE

Otago Daily Times, Issue 23084, 9 January 1937, Page 8

COMMERCE AND FINANCE

LOCAL AND OVERSEAS MARKETS

THE SHARE MARKET DUNEDIN STOCK EXCHANGE Compared with the values ruling at the end of last lear, there have been few changes in the prices offered lor various stocks during the first few call-overs of this year on the Dunedin Stock Exchange. Bank of New lands have shown a slight tendency, buyers’ closing offer being £2 Is sd, but sellers have not been interested. Commercial Banks, for which dividends of 2 per cent, on the preference issue and 3 1-3 per cent, on the ordinary issue have been announced, were in demand at las ad, but sellers’ final offer was 19s 7d. A sale at 19s 6d was recorded earlier. E.S. and A. Banks eased slightly, buyers offering £5 16s 6d, and National Bank of New Zealands also weakened somewhat, the final buying offer being £3 Is. There was practically no change in insurances or shipping and meat preserving shares. Dalgety and Company’s shares, however, rose fairly sharply, intending purchasers being prepared to give £ll. Sellers, however, did not come forward. Westport Coals improved slightly, the “closing buying offer being £1 2s. Buyers of British Tobaccos offered the, higher price of £2 8s 3d, without sellers showing any interest. There was some activity in G. J. Cole s shares, several, parcels changing hands at £4 9s 6d, The market closed with a buyer at £4 9s and a seller at £4 11s. New Zealand Breweries rose .I s "2 yesterday, buyers’ final offer being £2 15s. Sellers, however, were reticent.. Electrolytic Zinc preference shares advanced during the holiday period, buyers offering £2 14s, but sellers did not respond. The ordinary issue also improved, the closing buying offer being £2 12s, while sellers asked £2 14s, There was also an improvement in the inquiry for Mount Lyells. buyers offering £1 19s 9d. Sellers, however, asked £2 Os 6d. Buyers of Mount Morgans were prepared to give 16s 4d, but sellers would , not accept less than 16s 9d. There were few changes of note in the New Zealand mining section, with the exception of Okaritos, which were in demand at the firmer price of 4s 3d. Sellers closing requirement was os. -Lnere was a steady demand for the 4 pei cent, issues of Government Loans, but sellers did not respond.

Wool worths (Sydney) .. 80 0 ■ The following are yesterday aiternoon’s buying and selling quotations, which are subject to the usual brokerage:“ BANKING

NORTHERN EXCHANGES AUCKLAND Sales on ’Change

DAIRY PRODUCE (United Press Association) (By Electric Telegraph—Copyright) LONDON, Jan. 7. Butter is firm. Danish, 106 d; choicest salted New Zealand, 98s; Australian, 98s; unsalted New Zealand, 995; Australian, 98s. Cheese is easier. New Zealand white and coloured, 57s 6d; Australian, 55s and 565. Eggs are depressed. Seventeens, 9s; sixteens, 8s to 8s 6d; fifteens, 7s 6d; fourteens, 7s 3d to 7s 6d; thirteen and a-half, 7s to 7s 3d. LONDON WOOL SALES Messrs Wright, Stephenson, and Co., Ltd., have received the following cablegram from London:—One hundred and six thousand seven hundred and fifty bales have been catalogued for the next series of wool sales commencing on January 12 and ending on January 27. Further cabled advice states that merino tops are 2d up and coarse crossbred tops are id up. Other crossbred tops are from Id to IJd up. Topmakers are protecting themselves in view of' developments in the raw material market, and have withdrawn quotations. Users are not disposed to follow the rise.

LONDON STOCK EXCHANGE (United Press Association) (By Electric Telegraph—Copyright) LONDON, Jan. 7. The following are the latest quotations for Government securities compared with the prices ruling last week:—

AUSTRALIAN STOCK EXCHANGES (United Press Association) (By Electric Telegraph—Copyright) SYDNEY. Jan. 8. (Received Jan. 8, at 9.25 p.m.) The Stock Exchange was busy, but prices generally underwent little change. Broken Hill shares improved as a result of the general rise in metal prices overseas.

MELBOURNE, Jan, 8. Bonds and investments were steady. Dalgety shares were in demand. Bar- • * J •>» n «V%l It

SECOND-HAND SACKS IMPORTATION PROHIBITED (Per United Press Association > WELLINGTON, Jan. 8. Regulations issued under the Customs Act prohibit the importation, save with the consent of the Minister of Customs, of used or second-hand empty sacks.

DUNEDIN MARKETS WHEAT. OATS. ETC. The grain and seed markets have not yet opened up after the holidays. The chief concern at present among farmers is the wet weather being experienced throughout the South Island. The rainfall in all districts is well above the average, and this is now commencing to have its effect on the crops, especially where they are nearing the harvesting stage. Canterbury and North Otago are more particularly affected at present, and reports state that most 'of the ryegrass crops have been damaged. It is stated that it will be difficult to save this seed, and in addition to the damage to the crops there is an excessive undergrowth. So far as wheat and oats are concerned, a good many of the crops in the northern districts are starting to lodge, and a spell of line, hot weather is badly needed. In the Otago district and further south the wheat and oat crops are harvested later, but here again a spell of fine weather is needed, if the crops are to be saved in anything like good condition. It is apparent that the wheat and oat harvest will be later than usual in the South Island. As regards transactions in milling wheat there is little, if any, business going through, consequent on ho lines being available. The fowl wheat market is firm, the current quotation being 5s 6d per bushel, sacks extra, ex truck, Dunedin. It is expected that higher prices will be ruling before the new season’s wheat is available. There has been no announcement so far in regard to the prices to be paid this season for milling wtyeat, but it is expected that there will be an increase on last season’s rates. It is the Government’s intention also to fix the prices for fowl wheat. Flour.—2oo’s, £l3 15s 6d; 100’s, £l4 12s 6d; 50’s £l4 17s 6d; 25’s, £ls 7s '6d. Bran, £5 5s per ton. Pollard, £6 15s per ton. Oatmeal. —2001 b sacks, £22; 25’s, £24. Pollard has been advanced 10s per ton as from January 1. Little interest is being shown in the oat market, and the stores are now depleted of stocks. There are buyers still prepared to operate for delivery spread through next season. The present value for A Cartons is round about 3s per bushel, sacks extra, on trucks, country sidings, with shipping values at 3s 9d f.0.b., s.i., for A’s, and B’s 2d per bushel less. The chaff market shows no alteration. The demand is limited. Best quality is worth £5, ex the store, and medium £4 10s. The seeds markets are quiet. Merchants are inclined to hold their stocks and await the results of the season’s harvest. Reports from Canterbury state that the market for ordinary ryegrass is firm and that certified ryegrass is in keen demand at higher prices. There is little business going through in small seeds, such as clovers, Chewings’s fescue, browntop, and dogstail, but the markets remain steady. Reports from Akaroa indicate that there will be good yelds of cocksfoot, but that the extent of the crop is as yet unknown. It is thought that the heavy undergrowth will result in a larger percentage of weeds than usual being in evidence in the seed crops. This, of course, will increase the cost of dressing. Wholesale prices are as follows: Chaff.—Good bright oaten sheaf, £5 per ton, ex store. Dairy Butter. —Milled bulk, 9d per lb; separator, 9d per lb. Bacon, Is Id per lb. Ham.—Ordinary, Is 2d per lb; boneless, Is 4d. Eggs.—Stamped, Is 2d; case, Is Id. Canterbury Onions. —Up to 12s per sugar bag. FRUIT REPORT A shipment of Australian oranges arrived yesterday ex Waipahi, transhipped at Wellington. Owing to a shortage of labour on the waterfront, the cargo was not unloaded, and supplies will not be available, until to-day. The market is bare of, supplies, and the fruit was badly wanted yesterday. A shipment of Jamaican oranges will arrive early next week ex the Port Bowen. The Limerick will arrive in Auckland to-morrow with 1 supplies of Californian navels, lemons, and grape fruit. The Californian shipment is the first to arrive in New Zealand since the labour troubles on the Pacific waterfront. The local portion of this fruit is likely to arrive in about a week's time. A shipment of Samoan and Fiji bananas arrived yesterday ex the Port Whangarei, transhipped from the Matua at Wellington. A further shipment of Samoan bananas will arrive by the Maui Pomare, due at Lyttelton on Monday next. No Niue bananas are on board the Maui Pomare on this voyage. New season’s apples are now arriving from Central Otago and Nelson. Cherries are in heavy supply, but the demand is easier, and prices are lower than those ruling at Christmas time. Strawberries are in short supply, and high prices are ruling. The tomato market has been erratic, with prices varying from day to day, according to the quantities on offer. The cold weather conditions have affected the sale of stone fruit. Peaches have been offering at prices which cannot show growers a margin of profit. T The quality of the apricots is improving, ami the fruit is having a better demand. Plums have been in heavy supply, with low prices ruling. Supplies were easier towards the end of the week. Lemons are in short supply, with only inferior New Zealand-grown available. A shipment of Californian lemons is on board the Limerick, and these will be welcomed in the marts. The New Zealand lemons which arrived from Auckland under Government subsidy were delayed in transit, and the fruit opened up in bad condition. The Government is guaranteeing the shippers of the lemons 21s per case, and they were sold under the hammer in Dunedin at prices varying from 10s to 18s per case. Not only was some of the fruit bad in condition on arrival, but retailers have been complaining that the sound fruit has since deteriorated in the shops. Vegetables have been in heavy supply, with high prices ruling. Potatoes are in heavy supply. Green peas have a sound demand. Supplies have been irregular. Wholesale prices are as follows; Apples.—New season’s Beauty of Bath, 2£d to 4d per lb; cookers, 2£d to 3d. Bananas.—Ripe, 25s per case. Plums.—Dessert, 2d to 3d per lb; cooking, IJd. Cherries.—Choice, 8d to 10d; others, 5d to 7d. Apricots.—Choice, 3d to 4d per lb; jam, 3s to 4s per case. Peaches.—Choice, 2d to 3d per lb; others, to IJd. Strawberries. —Choice, Is to Is 4d per pottle; jam, 6d to 7d. Tomatoes.—Christchurch hothouse, 9d to lOd per lb; seconds, 7d to 8d per lb; local hothouse, to IOJd. Jamaican oranges, 32s 6d per case; Australian, 245. Lemons.—New Zealand grown, 21s per case for extra fancy. Raspberries, 5s to 6s 6d per bucket. Jamaican grapefruit, 27s 6d to 30s per case, , Black currants, to 4d per lb. 1 Red currants, to 3id per lb. Gooseberries, to Ijd per lb. Cauliflowers, 7s to 10s per sack. Cabbages.—Choice, to 5s 6d per bag: other quality, 2s to 3s. Rhubarb, to Is 6d per dozen bunches; loose, to lid per lb. New season’s parsnips, Is 6d per dozen. Carrots. —New season’s, to Is 6d per dozen bunches. New potatoes.—Prime, Id per lb, others, 3s to 3s 6d per case. Lettuce. —Choice, Is 6d per dozen; other 'quality, to Is. Green peas, 3d to 4Jd per lb. BATTERIES AND DRY CELLS _ INDUSTRY BROUGHT UNDER LICENCE (Per United Press Association) WELLINGTON, January 8. According to the Gazette, the industry covering the manufacture of batteries or cells, commonly known as dry cells, is brought under the Industrial Efficiency Act and such industry can be carried on only under a licence issued under that Act. 1

THE RESERVE BANK ASSETS AND LIABILITIES (Per United Press Association) WELLINGTON, Jan. 8. The Gazette issued to-night contains the fo’lowing statement of the liabilities and assets of the Reserve Bank of New Zealand as at the close of business on January 4. The figures at the close of the week ended December 21 are given for the purposes of comparison, shillings and pence being omitted:— LIABILITIES Week ended Week ended Dec 21. Jan. 4. t £ 1. General Reserve Fund .. 1,500.000 1.500.000 2. Bank notes 13.405,522 13.501.250 3. Demand liabilities ■ (a) State 3.404.733 3,423.1120 (b) Bonds 10.001.801 10,3(11,020 (c) Other 170.704 201.050 4. Tlnn deposit! .. .... 6. Liabilities in currencies, other than New Zealand currency .... - 0. Other liabilities .. .. 127,280 128,263 Total £20.000.202 £20.375,135 ASSETS 7. Reserve(a) Gold 2.801.700 2.501.7110 ’ (hi .Sterling exchange .. 10.685.928 16,214.177 (cl Gold exchange .... 8. Subsidiary coin 112,880 113,242 9. Discount* - la) Commercial and agrleuliural bills .. (hi Treasury and local body hilly .... —■ 10. Atlvances(a) To Slab oi Stale undertakings— ID Dairy Inr.uslrj account 5,098.758 5,677,133 (2) For other purposes 1,300,000 1.800.000 Ihi To other public authorities ic) Giber - 11. Investments 2,700,507 2.700,315 12. Bank .inldlnge .. .. ~ 13. Other assets 90,241 78.476 Total £20.009.202 £20.375.135 I’roporUon ul reserve (No. 7 less No. 5) to notes and other demand liabilities •• 69.4269 68.53349 BRADFORD MARKET (United Press Association) (By Electric Telegraph—Copyright) LONDON, Jan. 7. Bradfoifl Tops—Merinos: Seventies. 42d sixty-fours, 40d; sixties, 39d. Crossbreds: Fifty-eights, 34d; fiftysixes, 30d; fifties, forty-sixes, and fortyfours are all unquoted. The market is very firm. Yarns are dearer. WHEAT AND.FLOUR (United Press Association) (By Electric Telegraph—Copyright) LONDON. Jan. 7. Wheat cargoes are steady. Parcels are firmer. Futures: London—January, 47s Ud; May, 45s 10id. Liverpool —March, 9s o|d; May, 8s llgd; July, 8s lOgd. The spot trade is quiet. Australian, ex ship, 48s, Flpur is firm. Australian, ex store, 34s 3d to 34s 9d. Chicago wheat futures: May, 133 g cents per bushel; July, 117 j: September, 114 i COMMERCIAL BANK DIVIDEND The Dunedin Stock Exchange has received advice that the directors of the Commercial Bank have declared a dividend of 2 per cent, on the preference shares and 3 1-3 per cent, on the ordinary shares. DAIRY PRODUCE Messrs A. S. Paterson and Co., Ltd., are in receipt of the following cabled advice from London;— Butter—Market firm; New Zealand, Australian, 98s 6d; Danish, market quieter, 88s; landed cost, 109 s. Cheese.—Market steady: New Zealand, 57s 6d; Australian, 54s 6d to 55s od.

FOREIGN EXCHANGES (British Official Wireless) (United Press Association) (By Electric Telegraph—Copyright)

ON NEW ZEALAND CURRENCY BASIS Tlie Hank of New South Wales, Dunedin, quoted the following rates for purchases and sales of foreign exchanges yesterday

All rates subject to alteration without notice. 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.

LONDON METAL MARKET (United Press Association) (By Electric Teleeraph Copyright) LONDON. Jtn. T.

BANK OF ENGLAND RETURN tUnited Press Association) (By Electric Telegraph—Copyright) LONDON. Jan. 7. The following is the Bank of England return:— ISSUE DEPARTMENT Note issue in circulation £462,700,000 Bank department .. .. 51,000,000 Government securities .. 188,900,000 Other securities .. .. 100,000 Silver coin BANKING DEPARTMENT Rest £3,500,000 Public deposits .. .. 13,500,000 Bankers’deposits .. .. 110,300,000 Other accounts .. .. 38,400,000 Government securities .. 93,300,000 Discounts and advances 14,400,000 1 Other Securities .. .. 21,100,000 Notes and coin .. .. 51,400,000 Rate of reserve to liabilities is 31.71 per cent. Bank of England discount rate remains unchanged at 2 per cent. PRICE OF FINE GOLD (United Press Association) (By Electric Telegraph—Copyright) LONDON, Jan. 7. £ s. d.

AUSTRALIAN GOLD INCREASED OUTPUT On present indications Australia’s gold yield for 1936 should reach 1,150,0000 z, valued at £10,000,000. This will be the best return from the gold mining industry since 1919, and it will represent an improvement of 235,0000 z, valued at £2,000,000, compared with production in 1935. The Australian gold production fell from its highest level of 3,836,0000 z in 1903 to its lowest point of 427,0000 z in 1929, and has since made a steady recovery. For 1935 it was 915,0000 z. The decline in the gold industry in the period preceding 1929 was due to increasing costs of production for a commodity which could be sold only at a fixed price in the world market. The recovery since 1929 has been due partly to lower costs and principally to increasing prices for the metal resulting from the smaller quantity of gold which is now represented by the coinage. "Although the yield of 1,150,0000z' for 1936 will be only a little more than the yield of 1,068,0000 z for 1919, the value will be nearly double at £10,000,000. The reason is that gold was worth about £5 an ounce in 1919, compared with the present figure of £8 15s an ounce in Australia. The contribution which gold has made to the national income of Australia has been an important factor in the recovery made since the years of depression. Direct employment provided has been very considerable, and the indirect work given to the machinery, fuel, and other industries has helped greatly to relieve the unemployment problem.

SALE ON ’CHANGE £ s. d. Commercial Bank .. 0 19 6 .SALES REPORTED General'Industries (late Thurs.) ...... 0 19 0 Dunlon Rubber (2) .. .. 0 Yl 4 p.c. Bonds, 1946-49 .,. iw }« u 4 p!c. Stock, 1952-55 .. .. 101 10 0 UNLISTED STOCKS

Buyer. Seller. £ s. d. £ s., d. New /Zealand .. Commercial .... 2 1 0 19 5 3 0 19 7 E.S. and A 5 16 6 —* Natl, of N.Z. 3 1 0 — INSURANCE National 0 18 0 0 18 6 Standard \ 3 0 0 i SHIPPING Howard Smith .. P. and 0. Def. Stock 1 2 6 1 18 0 — 6 U.SiS. Co. (pref.) 1 5 — 1 MEAT PRESERVING N.Z. Refrig, (pd.) 0 19 6 0.10 N.Z. Refrig, (cont.) 0 9 6 0 South. Frozen Meat 3 15 (paid) -*• 0 LOAN AND AGENCY Dalgety and Co.., Goldsbrough, Mort Natnl. Mortgage N.Z. Loan and M. 11 0 1 17 0 0 1 18 0 2 10 0 0 (ord.) .. .. .. 34 0 — N.Z. Guarantee 0 5 Corp 3 — , o Perpetual Trustees — 3 4 Trustees, Executors 3 12 0 Wright, Stephenson 0 19 0 (ord.) —• Otago Farmers .. ' **0 3 0 — COAL - Westport 1 2 0 WOOLLEN COMPANIES Bruce (ord.) .... — 0 13 3 Bruce (pref.) ■9 13 0 1,3 0 Mosgiel .. .. ■; r^J

MISCELLANEOUS Associated News.. 1 4 0 — British Tobacco .. 2 8 3 —■ Broken Hill Pty. 4 1 0 — Broken Hill Pty. (cont.) 3 9 0 — Brown Ewing 6 18 0 Colonial Sugar .. 42 10 0 — D.I.C. (pref.) .. 1 3 6 — Dominion Fertilise] r 1 4 0 1 4 6 Dominion Rubber 1 10 0 — Dunedin-Kaikorai Trams — 1 17 0 Dunlop Perdriau Rubber .. .. .. 0 17 9 — 0 G. J. Coles .. .. 4 9 0 4 11 Hume Pipe .. .. — 1 1 3 Kauri Timber .. — 1 4 0 Mort’s Dock .. .. — 0 14 0 Natnl. Electric .. — 0 15 3 N.Z. Drug Co. .. 3 14 6 — N.Z. Newspapers N.Z. Paper Mills Regent Theatre .. 2 0 0 1 1 7 1 0 6 Wilsons Cement.. 1 17 0 — Woolworths (ord.) 6 5 0 — 9 Shillings — 1 0 BREWERIES N.Z. Breweries .. 2 15 0 — Staples — 2 0 0 Dominion 1 19 0 — Carlton .'. .. .. 3 4 0 3 6 6 AUSTRALIAN MINING Electrolytic Zinc 0 (pref.) 2 14 — Electrolytic Zinc 12 0 0 " 2 2 14 Emperor 0 19 6 Mount Lyell .. Mount Morgan .. 1 19 9 2 0 6 0 16 4 0 16 9 Rawang Tin .. .. 0 10 6 0 11 11 MINING Argo 0 1 10 — Big River .. ... 0 1 9 0 2 2 Blackwater .... — 1 12 9 Clutha River 0 2 6 — Consol. Goldfields 0 15 0 — Gillespie’s Beach 0 1 4 0 1 6 King Solomon .. 0 0 5i — Molyneux River 0 2 0 — Nokomai 0 2 9 • - ■ Okarito 0 4 3 0 5 0 Paddy’s Point .. 0 1 0 0 2 9 Sandhills 0 0 1 — Waimumu Sluicing 0 0 7J — Waltahu — 0 2 0 GOVERNMENT LOANS 3J p.c. Stock, Nov., 1938-52 101 0 0 102 0 0 3i p.c. Stock, Mar., 1939-43 .. .. .. — 102 10 0 3J p.c. Stock, Sept., 1939-43 102 10 0 3i p.c. Stock, May, 1939-52 .... .. _ 102 10 0 4 p.c. Bonds, 193740 101 0 0 — 4 p.c. Stock, 193740 101 0 0 — 4 p.c. Bonds, 194346 102 5 0 — 4 p.c. Stock, 194346 .. 102 5 0 — 4 p.c. Bonds, 19460 49 102 0 — 4 p.c. Stock, 19460 49 102 0 4 p.c. Bonds, 195255 101 0 0 — * 4 p.c. Stock, 195255 101 0 0 — ** Ex dividend.

£ s. d. Bonds, 1952-55, 4 p.c 101 15 0 Bank of New Zealand 2 1 6 2 1 V South British > 4 14 3 1 3 6 Aust. Iron and Steel (pref.) 1 6 2 1 6 0 Berlel (N.Z.) 3 4 ■0 Broken Hill Proprietary ., 3 5 0 4 0 6 Woolworths (N.Z.) .. .. 6 10 6 6 11 0 Waihi Investments .. .. 0 12 9 Mount Lyell .. .. .. 1 19 9 0 11 6 / Unlisted Stocks Wool worth? (Sydney) 7 19 R ft 6 , o 8 1 0 8 1 9 Selfridges (old) .. .'. . . 1 18 0 WELLINGTON \ Sales on Change G. ‘ J. Coles (late sale 9 6 Thursday) .. .... .. 4 Dunlpp Perdriau (late sale 0 Thursday) ..V. 0 18 101 0 , 0 4 p.c. Stock, 1949 . . . . .. 102 0 0 Bank of N.Z. (2) .. .. .. 2 1 6 Auckland Gas .. . . .. 1 3 6 N.Z. Guarantee Corp. 0 5 4 New Zealand Breweries .. 2 15 6 ■4 1 7i 0 18 1 ft 17 11 G ,T nn1p<! 4 9 6 4 10 0 4 10 0 G. J. Coles (odd lot) .. ... 4 9 9 Unlisted Stocks Woolworths (Sydney. 2);. 8 0 0 8 1 .9 CHRISTCHURCH ' Sales on ’Change E.S. and A. Bank (2) .. .. 5 17 6 2 1 7 (2) 2 1 6 Kaiapoi Woollens (7s paid) 0 5 2 2 17 0 Broken Hill Propy 4 1 3 Dunlop Rubber 0 17 10 Electrolytic Zinc (pref.) .. 2 14 9 G. J. Coles (cum div.) 4 9 5 4 9 4 Wilcox Mofflin 0 12 2 0 12 3 Woolworths (N.Z., ord.: 2) 6 10 0 Mount Lyell (7) 2 0 0 0 16 7 Sales Reported Australian Iron and Steel 5 10 1 Dunloo Rubber 0 17 11 Unlisted Stocks Woolworths (Sydney; ord.) (3) Woolworths (W.A.) .. .. 8 Q 0 n 0 6 6 17 0 Sales Reported Woolworths (Sydney; ord.; 8 0 0 Woolworths (Sydney; ord.) 8 0 0 Selfridges (A’asia, new) .. 1 17 6

Dec. 11. Jan. 7. British— £ S. d. £ S. d. Consols Funding Loan. 4 per 84 0 0 84 0 0 cent 116 5 0 116 0 0 War Loan. 34 p.c. 105 10 0 105 12 6 Con. Loan, 3] p.c. .. Victory Bonds, 4 per 106 7 6 105 12 6 cent 114 10 0 106 10 0 Commonwealth — 3 p.c., 1945-75 109 10 0 114 15 0 3 p.c., 1955-58 100 17 6 103 7 6 4 p.c., 1943-48 104 12 6 109 5 0 33 p.c., 1948-53 103 10 0 104 2 6 34 p.c.. 1936-37 99 18 9 101 0 0 31 p.c.. 1958-60 95 17 6 99 17 6 New South Wales— 44 p.c., 1935-43 Victoria — 100 0 0 96 15 0 3 p.c.. 1929-40 98 15 0 98 15 0 43 P.C., 1940-60 105 0 0 100 5 0 5 p.c., 1945-75 109 5 0 104 5 0 Queensland — 3 p.c., 1932-47 98 17 6 98 16 3 5 p.c., 1940-60 South Australia— 106 18 9 108 17 6 4 p.c.. 1942-62 109 1 5 0 109 1 3 3 p.c., 1945-75 91 0 0 90 15 0 Western Australia — 4 p.c.. 1942-64 101 10 0 101 12 6 Tasmania— 34 p.c./1929-40 101 10 0 102 0 0 4 p.c.. 1940-50 101 5 0 101 7 6 New Zealand — 44 p.c., 1948-50 107 7 6 107 2 6 34 p.c., 1940 101 3 9 101 6 3 4 p.c., 1945 100 2 6 100 0 0

MORNING SALES £ s. d. Commonwealth bonds101 0 0 4 p.c., 1938 4 p.c., 1947 101 7 6 4 p.c.. 1953 102 0 0 4 p.c., 1935 100 10 0 4 p.c., 1957 .,' . • . 100 11 3 4 p.c., 1961 100 15 0 Associated News .. . 1 4 0 British Tobacco .. . 2 9 6 Broken Hill Pty. ,. . 4 2 0 Colonial Sugar .. . 43 7 6 Electrolytic Zinc .. . 2 13 9 Goldsbrough, Mort 1 18 u Howard Smith .. . 1 3 9 ADDITIONAL SALES Bank of New South Wales 35 15 0 Comm. Bank of Sydney 21 10 0 Comm. Bank of Australia 0 19 6 Associated News .. . 1 3 101 Adelaide Steam .. 1 11 9 Huddart Parker (New Zea17 0 land delivery) .. . 1 Berlei 1 18 6 British Tobacco .. . 2 9 9 Tooheys 1 14 3 Australian Glass .. . 4 14 0 Goldsbrough, Mort 1 18 0 Wilcox lyiofflin .. . 0 12 9 Wilcox Mofflin (New Zea8 land delivery) .. . 0 12 Millaquin Sugar .. . 2 2 3 W. H. Soul .... . 4 2 0 Stedman 0 17 Malleys Mort’s Dock 1 5 3 0 13 6 Commonwealth Wool 1 0 3 Aust. General Insurance 0 18 3 Woolworths (ord.)— 8 0 Buyer 1 Seller 8 2 0 Sales 8 i 6 Woolworths (N.Z.) — 15 10 15 0 0 0 Buyer Sales 6 6 6 Woolworths (W.A.) — 0 9 0 Buyer • • t O 1U Selfridges 1 1 1 1 18 Mount Lyell , . . 2 0 3 0 Bulfclo Gold 7 14 Kuala Kampar .. . . • • 1 0 6 Malim Nawar .. . u 1Z 6 9 Emperor 0 19

riers moved up sharply. £ s. d. National Bank (£5 paid) 7 11 0 8 Howard Smith • • • • British Tobacco .. .. 1 3 2 9 9 6 0 Caplton Brewery n T PnlfiC 3 5 4 11 Australian Glass .. . • 4 I 3 0 1 0 Dunlop Perdriau .. 0 18 Electrolytic Zinc .. 2 14 Electrolytic Zinc (pref.) 2 15 9 8 Mount Morgan .. .. 0 16 Mount Lyell Broken Hill Pty. .. •• North Broken Hill . • 2 0 4 3 3 19 0 3 6 South Broken Hill .. 2 8 Emperor .. .. .. •• 0 19 1 3 2 1 1 3 Loloma .... • • •• ■ Yarra Falls .. . . •• 0 8 Generah Motors .■ ••

Paris— Par RUGBY, Jon. 6. Jan. 7. Jan. 7. Francs to £1 124.21 103 9-64 103 6-32 Brussels— Beiges to £1 SO 29.13} 29.13} Oslo— Kroner to £ I 18.180 1.9,90 19.90 Stockholm— Kroner to £1 18.130 19.39} 19.39} Copenhagen— Kroner to £1 18.150 22.40 22.40 Berlin— Marks to £ 1 20.34 12.21 12.20 Montreal— Dollars to £1 4.86 2-3 4.91 4.91 New York— Dollars to £ J 4.88 2-3 4.91 3-16 4.91% Yokohama — Pence to yen 34.582 13 59-64 13 59-64 Hongkong— Pence 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 S.93J 8.931 Milan— Lire to £1 82.46 93 9-32 93 5-16 Amsterdam— Guilder to £ 1 12.107 8.97} 8.97} Prague— Kroner to £ 1 104} 130% 130% Geneva— Francs to £ 1 25.22} 21.273 21.37} Vienna— Schillings to £1 .. .. 84.8b} 26} 26} Helsingfors— Marks to £ I 193.23 2263 2263 Madrid— Pesetas 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 93L6 620 620 Rio de Janeiro— Pence to mllrels .. 5.890 41 41 % Buenos Aires — Pence to pesos 47.22 Shanghai— Pence to tael . . 141 14} Montevideo— Pence to pesos . 39% 897% Warsaw— Zlotys to £1 — 26.06 26.06

London— Buying. Selling. SI N.Z. to £100 sts T.T. 124 124/10/O.D 123/10/[24/8/9 Australia— £ A to £100 N.Z. T.T 101 100/10/O.D. 101 100/10/FIJI— £ F to £100 N.Z. T.T. 90/7/6 89 O.D. 90/7/6 89 New York— Dollars to £ N.Z. T.T 3.971 3.93% O.D. 3.98 i 3.94% Montreal— Dollars to £ N.Z. T.T. 3i97% 3.93% O.D 3.98% 3.94% Austria— Schillings to £ N.Z T.T. 20.68 O.D. — 20.70 Belgium— Bclgas to £ N.Z. T.T _ 23.266 O.D. — 23.277 Czechoslovakia — Crowns to £ N.Z. T.T. — 111.80 O.D. 11.85 Denmark— Kroner to £ N.Z. T.T. 18:203 - 17.893 O.D. 18.263 17.903 PranceFrancs to £ N.Z. T.T _ 84.23 O.D. ' 84.27 Germany— Reichsmarks to £ N.Z T.T. — 9.737 O.D. — 9.742 Holland— 7.161 Florins to £ N.Z. T.T. O.D. — 7.165 Italy— Lire to £ N.Z. T.T. 74.74 O.D — 74.79 Java— Florins to £ N.Z. T.T, _ 7.121 O.D. — 7.125 Norway— Kroner to £ N.Z. T.T. 16.181 15.89) O.D. 16.241 15.001 Sweden— Kroner to £ N.Z. T.T. 15.785 15.490 O.D. 15.845 15.500 Switzerland— Francs to £ N.Z. T.T. 17.085 O.D. — 17 090 Noumea— Francs to £ N.Z. T.T. 82.86 O.D. — r ( 82.02 Papeete— Francs to £ N.Z. T.T. , 88.01 O.D. — 83.07 Hongkong— ’ N.Z. pence to 1 dollar .. .. T.T. 18 5-16 18 13-16 O.D. 18 9-32 18 51-04 India and Ceylon— N.Z. ponce to 1 rupee .. T.T, 22 27-64 22 45-64 O.D. 22 25-04 22 11-16 Japan— N.Z. pence to 1 yen .... T.T. 17% O.D. — 17 23-64 Shanghai— N.Z. pence to 1 dollar .. .. T.T. 17 13-16 18 5-16 O.D 17 25-32 18 19-04 Singapore— N.Z. pence to 1 dollar .. .. t. r. 34; 23-32 35 13-64 O.D 34% 35 3-16 Chcfoo— . N.Z. pence to 1 dollar .. •• T.T. 17 53-64 18 29-64 O.D. 17 25-32 IS t-16

Selling— U.S.A. Canada. (Per £1 (Per £1 N.Z.) N.Z.) Dels. Dels. T.T. 3.93 g 3.93 J O.D. 3.94J 3.94 Buying— T.T. 3.97J 3.961 O.D. 3.98j 3.98J

The following arc the official metal quotations - Ton. Copper, spot £10 10 Vh Rise 0 12 r. Copper, forward 40 14 4V4 Rise 0 10 7 Mi Electrolytic* spot .. 51 5 0 nisc 0 10 0 Electrolytic, forward.. 51 17 6 Rise 0 7 0 Wire bars 54 17 0 Rise 0 7 0 head forward .. .. 27 7 G Rise 0 10 s Lead, spot 27 5 0 Rise 0 1G 3 Spelter, spot .. .. 19 0 3 Rise 0 17 6 Spelter, forward .. .. 19 12 0 Rise 0 17 G Tin. spot 230 17 0 Rise 1 17 G Tin. forward .. .. 231 12 G Rise 1 12 6 0 1. Sllrcr, fine 21 5-10d Rise l-8d Silver, standard .. .. 23d Rise 1-Sd

January 7 .. .. 7 1 7 January 6 1 5i January 5 1 5i January 4 .. .. 7 1 8 December 28 .. .. 7 1 61 December 22 .. .. 7 1 7 December 21 .. .. 7 1 81 December 17 .. .. 7 1 54 December 16 .. .. 7 1 7 December 15 .. .. 7 1 9