COMMERCE AND FINANCE

Otago Daily Times, Issue 23107, 5 February 1937, Page 6

COMMERCE AND FINANCE

LOCAL AND OVERSEAS MARKETS

THE RESERVE BANK i ASSETS AND LIABILITIES (Per United Press Association) WELLINGTON, Feb. 4. The Gazette issued to-night contains the foTowing statement of the liabilities and assets of the Reserve Bank of New Zealand as at the close of business on February 1. The figures at the close of the previous week are given for purposes of comparison, shillings and pence being omitted:— LIABILITIES Last week. This we ek. £ £ 1. General Reserve Fund .. 1.500.000 1,500.000 2. Bank notes 13,008.302 13,018,302 3. Demand liabilities—(a) State 5.030,524 4.840,102 (b) Banks .. 11,887.285 12,202,327 (c) Other 385,098 370.512 4. Time deposits ...... 8. Liabilities In currencies other than New Zealand currency .... 8. Other liabilities 133,141 144,371 Total £32.011,015 £32,080.174 ASSETS 1 (a) Gold 2,801,700 2.801.700 (b) Sterling exchange .. 17,001.003 18.708.037 (c) Gold exchange .... ~ 8. Subsidiary coin 154,474 161,181 9. Discounts—(a) Commercial and agricultural bills .. (b) Treasury and local body bills .... 10. Advances—(a) To State or Stats undertakings—(l) Dairy Industry account 0,109.088 5,973.070 (3) For other purposes 1,800.000 1.800.000 (b) To other public authorltlea ...... - _ 11. Divestments'". “ \V. ” 3.15M50 2,453,050 12. Bank building - 13. Other assets B°.MO lao - 535 Total £32,014,045 £32,089,174 Proportion of reserve (No. 1 less No. 5) to notes and otlier demand liabilities .. 68.147% 70.855% PRICE OF FINE GOLD (United Press Association) (By Electric Telegraph—Copyright)

NEW GUINEA GOLD SHARES (United Press Association) (By Electric Telegraph—Copyright) LONDON, Feb. 3. New Guinea Gold shares are quoted at 3s lid. DOLLAR AND FRANC (United Press Association) (By Electric Telegraph—Copyright) LONDON, Feb. 3. Exchange on New York is quoted at 4.90 dollars to the £ and on Paris at 105 5-32 francs to the £. MOUNT LYELL SHARES (United Press dissociation) (By Electric Telegraph—Copyright) LONDON, Feb. 3. Mount Lyell shares are quoted at 33s lid. LONDON METAL MARKET (United Press Association) (By. Electric Telegraph—Copyright) , X.ONDON. Feb. 3. The following are the official metal Quotations:-”

AUSTRALIAN MARKETS (United Press Association) (By Electric Telegraph—Copyright) SYDNEY, Feb. 4. (Received Feb. 4, at 11 p.m.) The wheat market was firm. Bagged grain was quoted at 5s Id, and bulk grain in the country about 4s 4Jd, equal to 4s Hid ex trucks Sydney. Flour: £l2 15s. Bran: £6 ss. Pollard: £6 10s. Potatoes: Tasmanian, £7; Victorian £5 Onions: Victorian Globes, £ll. Maize; Yellow, 5s Bd.

THE SHARE MARKET DUNEDIN STOCK EXCHANGE There was a firmer inquiry for Bank of New South Wales shares on the Dunedin Stock Exchange yesterday, buyers offering £35 15s, while sellers asked £1 above that figure. National Mortgages were in stronger demand at £2 18s, but sellers did not come forward. Buyers of Westp9rt Coals were prepared to give the improved price of £1 3s lOd, but sellers showed no interest. The market for Australian Glass shares advanced noticeably, buyers offering £4 12s 6d. Sellers, however, did not respond. Contributing Broken Hill Proprietaries were reported to have been dealt in at £3 8s 3d and £3 8s 6d, the closing buying and selling quotations being £3 8s 3d and £3 10s. There was a sharp rise in the market for G. J. Coles shares, sales being reported at from £5 Os 9d to £5 Is 6d. The market closed with a buyer at £5 Is 3d and a seller at £5 2s 6d. A transaction in New Zealand Drugs at £3 16s 6d was reported, a final buyer at £3 16s being unsupplied. The demand for Broken Hill Souths advanced to £2 7s, sellers asking Is 6d above that figure. Ordinary Electrolytic Zinc shares were reported to have changed hands at £2 15s, the final buying and selling quotations being £2 14s .9d and £2 15s 6d. SALES REPORTED £ s. d.

GOVERNMENT LOANS

NORTHERN EXCHANGES AUCKLAND Sales on ’Change

CHRISTCHURCH

RABBIT SKIN SALE The Dunedin Stock Agents and Wool Brokers’ Association (Messrs Dalgety and Co., Ltd., Donald Reid and Co.. Ltd., Stronach, Morris and Co., Ltd., the New Zealand Loan and Mercantile Agency Company, Ltd., Wright, Stephenson and Co., Ltd., the Otago Farmers’ Co-operative Association, Ltd., and the National Mortgage and Agency Company, Ltd.) reports as follows: Small offerings were forward for yesterday’s sale. There was a good attendance of buyers, and prices were very firm on last sale’s rates with an advance of 3d to 6d per lb for runners and racks. The following is the range of prices:—Summer broken, 30Jd to Slid: runners, 38d to 41d; summers. 31a to 34.',d; small, 24d to 25id; light racks. 473 d to 50d; milky, 30id to 35d: fawn, 33d to 36d; summer black, 24d to 26d. hareskins, 23d to 25d: horsehair, to 18d.

The Associated Banks (other than the Bank of New South Wales) quoted the following dollar rates yesterday on a New Zealand currency basis. They are subject to alteration witnout nct!ce ’ U.S.A. Canada, (Per £1 (Per £1

LONDON MONEY MARKET (United Press Association) (By Electric Telegraph—Copyright; LONDON, Feb. 3. Discount and short loan interest rates:—Day to day loans, i per cent.; fine trade bills, three months, 2 to 2J per cent.; bank bills, three months, 9-16 d per cent.; bank bills, six months, I per cent.; Treasury bills, two months, i per cent.; Treasury bills, three months, J per cent.; New York call money, 1 per cent.

CANNED FRUIT EXPORTS CONCERN IN AUSTRALIA Reports which have reached the Australian Government indicate that the approaching export season will be the most unsatisfactory which canned fruit exporters have faced for several years, owing largely to American competition. . It is feared that there will be great difficulty in disposing of the exportable surplus of canned peaches and pears. The peach crop this year is slightly heavier than it was last year, and the crop of pears is considerably above last year's level. There is a heavy carryover of canned pears not exported last season, and competition from Californian growers on the London market — the only important outlet for the Australian pack—is unusually severe. Because of this, it will be extremely difficult for the whole of this season's pack to be exported. The position is viewed seriously because of the fact that good markets and high prices for peaches and pears, which have prevailed for-several years, have encouraged greater production. Increased areas planted in peaches will be in heavy bearing next year. The Commonwealth Government, accordingly, has renewed the representations which were made at the Ottawa Conference for a specific preference of Is 6d a dozen cans for Dominioncanned fruits. At Ottawa, the request for a specific rate of protection was rejected, and an ad valorem rate substituted. The heavy price-cutting practised by American exporters in the last few months to capture the London market has rendered the ad valorem rate ineffective. and the situation of Australian growers next season is likely to be serious, unless additional protection is provided in London.

AUSTRALIAN STOCK EXCHANGES (United Press Association) (By Electric Telegraph—Copyright) SYDNEY, Feb. 4. (Received Feb. 4, at 11 p.m.) On the Stock Exchange the market was bright but not over active in the forenoon. Industrials, banks and pastorals were steady and silver and lead concerns firmer. THE MORNING SALES

SHIPPING REVIVAL FREIGHT RATES INCREASING The world's mercantile shipping tpnnage was reduced considerably during the depression, and as a consequence last year’s increased demand for carrying space was reflected in a sharp upward movement in freight rates. According to the Economist the index for November showed a rise of 17 h per cent, over the corresponding figure for the previous year. . The improvement during 1936 was so rapid that the index had recovered toward the end of the year practically to the 1929 level. The Economist states that the current position indicates that the rise in freight rates may continue. The movement in the index for various routes is shown in the following table (1898-1913 equalls 100): Nov., Nov.,

One result of the increase in traffic is the decision of the Suez Canal Company to reduce its dues as from April 1 next. There will be a reduction from 7s a ton to 6s a ton in the case of loaded vessels. The dues on vessels in ballast will be reduced from 3s 6d to 3s a ton, and the tariff on passengers from 12s 4d to 6s. The magnitude of the toll taken by the canal was indicated by Mr I. C. Geddes, chairman of the managers of the Orient Line, when he said that the dues on each round voyage amounted to £14.000. Moreover, on the assumption that the liner was employed continuously in the Australian trade, the dues paid to the Suez Canal Company during the ship's life would exceed her cost of construction. At the annual meeting of the Peninsular and Oriental Steam Navigation Company, the chairman, Mr Alexander Shaw, said the reduction of the canal dues would mean a saving of about £BO,OOO a year to that company.

WEALTH FROM LAND SOUTH AFRICAN RICHES A comprehensive survey of conditions in South Africa, in which he discussed the problems both of primary and secondary industries, was given by Mr A. Foster du Plessis, one of the South African delegates to the Wool Conference which was held in Melbourne. Mr du Plessis is secretary of the South Afrifcan Wool Council, a member of the National Wool Association, and economist to the Department of Agriculture at Pretoria.

There were 1,200,000 acres in South Africa sown with wheat and 4,000,000 acres with oats, said Mr du Plessis. The production of maize and other cereals, sugar cane, vine and fresh fruits, although smaller than in Australia, was increasing annually. There were 11,000,000 head of cattle, principally of the hardy Afrikander type. These had been developed for breeding and beef purposes, and an export market was being sought. There were also 2,000,000 dairy cows. More than 80 per cent, of the sheep which were being bred in South Africa were pure merinos, which were expected to produce 260,000,0001 bof wool this year. The importance of wool, as far as primary products were concerned, completely overshadowed everything. Gold production had been assisted greatly by the recent invention of apparatus which enabled mining at greater depths than 8000 ft, said Mr du Plessis. Since South Africa left the gold standard in 1932 the increase in the price of gold and low-grade ore-; had brought great prosperity to the industry. The annual production was now worth about £80,000,000. In the years 1929-34 the value of diamonds produced had decreased from £11,000.000 to £1,250.000, and conditions at Kimberley had become critical The industry was being assisted, and was improving.

LONDON, Feb. 3. £ s. d. February 3 . .. 7 1 11 February 2 . «« 7 2 0 February 1 . .. 7 2 0J January 30 . ..720 January 29 . .. 7 1 11J January 28 . .. 7 1 11 January 26 . .. 7 1 8i January 25 . .. 7 1 9i January 23 . .. 7 1 10

Tod. Copper, spot .. .. .. £54 5 744 Else 1 0 Vh Copper, forward .. .. 54 9 1044 Hlae 1 1 1344 Electrolytic, spot 58 15 0 Else 0 15 0 Electrolytic, forward.. 50 15 0 Else 0 15 0 Wire bars 59 1.5 0 Else 0 IB 0 Lead, spot - 27 7 0 Else 0 18 9 Lead forward .. .. 27 i) 3 Else 0 18 9 Spelter, spot >. .. 21 IS 3 Else 0 13 9 Spelter, forward .. .. 22 3 9 Else 0 5 9 Tin. spot 228 17 0 Else 1 ID 9 Tin. forward .. .. 229 12 (! Else 1 15 0

Broken Hill Pty. (cont.) 3 3 8 g 3 6 G. J. Coles .. .. 5 0 9 5 1 0 5 1 3 5 1 6. N.Z. Drug ... .. 3 16 6 Electrolytic Zinc (ord.) 2 15 0 Austral.-N.Z. Mining (9s pd.) 0 10 9 SALES REPORTED AFTER LAST CALL Bank of N.Z. 2 0 6 G. J. Coles (2) . 5 1 6 Broken Hill South 2 7 9 The ; following are yesterday afternoon’s buying and selling quotations, which are subject to the usual brokerage:— BANKING Buyer. Seller. £ s. d. £ s. d. N.S.W. (£20) .. 35 15 0 36 15 0 N.Z. (£1) .. .. — 2 1 0 Commercial (10s) 0 19 7 1 0 0 E.S. and A. (£3) 6 4 0 — Natl, of N.Z. (£2 10s) .. .. — 3 4 0 Union (£5) .. .. — 10 12 6 INSURANCE Standard (£1) .. — 2 19 0 SHIPPING P. and 0. Def. Stock (£1) .. 1 17 0 — U.S.S. Co. (pref.; £1) 1 3 9 — MEAT PRESERVING N.Z. Refrig, (paid; , £1) — 1 0 9 N.Z. Refrig, (cont.; 10s) 0 9 1 0 9 5 LOAN AND AGENCY Goldsbrough, Mort (£1) ... 1 17 10 1 18 6 Natnl. Mortgage (£2) .. .. 2 18 0 — Natnl. Mortgage (B issue; £1) .. 1 13 0 — N.Z. Loan and M. (ord.; £100) .. — 44 0 0 N.Z. Guarantee Corp. (3s) 0 5 0 — Perpetual Trustees (18s) — 3 3 0 Trustees, Executors (£2) 3 12 0 — Wright, Stephenson (ord.; £1) 0 18 0 — Wright, Stephenson. (pref.; £1) 0 19 0 — Otago Farmers (3s 4d) 0 3 9 — COAL Kaitangata (16s) 1 1 6 — Westport (10s) .. 1 3 10 — WOOLLEN COMPANIES Bruce (ord.; £1) '■— 0 13 3 Bruce (pref.; £1) — 1 2 9 Kaiapoi (cont.; 7s) — 0 6 0 Mosgiel (£4) 9 16 0 — MISCELLANEOUS Anthony Hordern (£1) .. .. — 1 1 0 Associated News (pref.; £1) 1 3 9 — Australian Glass (£1) .. .. 4 12 6 — British Tobacco (£1) .. .. 2 10 0 2 11 6 Broken Hill Pty. (£1) .. .. 4 1 0 — Broken Hill Pty. (cont.; 10s) 3 8 3 3 10 0 Brown, Ewing (ord.; £1) 1 0 0 — Brown, Ewing (pref.; £1) 1 2 6 — Consolidated Brick (£1) — 0 10 9 D.I.C. (ord.; 10s) 0 15 9 — D.I.C. (pref.; £1) 1 3 9 — Dominion Fertiliser (£1) 1 4 3 — Donaghy’s Rope ,(£D .. .. 2 11 0 — Dun.-Kaikorai Trdms (£1) .. — 1 15 0 Dunlop Perd. Rubber (£1) .. 0 18 11 — General Industries (12s 6d) .. — 1 0 4 G. J. Coles (£1) 5 1 3 5 2 6 Hume Pipe (£1) — 1 2 0 Milburn Lime (£1) .. .. 2 2 0 — Mort’s Dock (£1) — 0 13 6 National Electric (£1) .. .. — 0 15 3 N.Z. Drug Co. (£2) ,. .. 3 16 0 — Malay Rubber (ord.; £1) 0 16 0 — N.Z. Paper Mills (£1) .. .. 1 7 3 — Wilsons Cement (10s) .. .. — 1 19 3 Woolworths (ord.; (£1) ,, .. — 7 5 0 Shillings, Ltd. (£1) .. .. 0 18 9 — Macky Logan 1 1 0 1 2 0 BREWERIES N.Z. Breweries (£1) ,. .. 2 16 9 2 18 0 Staples (£1) .. 2 0 0 2 0 9 Dominion (£1) .. 2 2 6 — Dunedin (£1) .. 1 8 6 1 10 0 Carlton (£1) — 3 5 6 AUSTRALIAN MINING Broken Hill South (£1) .. .. 2 7 0 2 8 6 Electrolytic Zinc (pref,; £1) 2 16 0 2 17 6 Electrolytic Zinc (ord.; £1) 2 14 9 2 15 6 Mount Lyell (£1) 2 2 6 2 3 3 Mount Morgan (2s 6d) .... 0 16 7 0 17 0 North Broken Hill (£1) .. .. 3 16 6 3 19 6 Rawang Tin (10s) 0 11 0 — Placer Dev. — 5 3 0 Argo (Is) .. .. — 0 2 1 Big River (Is) .. — 0 2 0 Clutha River (2s) 0 2 0 — Consol. Goldfields (4s) 0 15 0 — Gillespie’s Beach (Is) 0 1 5J 0 1 7 King Solomon (Is) — 0 1 0 Molyneux River (2s) 0 2 0 — Maori Gully (Is) 0 0 5 — Nokomai (5s) 0 2 6 0 2 9 Okarito (5s) 0 4 0 0 5 0 Paddy’s Point (5s) — 0 2 9 Skippers (Is) — 0 0 4 Waimumu Sluicing (Is) .. .. 0 0 11 0 1 1 Waipapa Beach (Is) 0 0 8 — Waitahu (5s) — 0 2 6

34 p.c. Stock, Nov.. 1938-52 .. 101 0 0 102 0 0 34 p.c. Stock, Mar., 1939-43 .. — 102 0 0 34 P.c. Stock, Sep., 1939-43 .. — 102 0 0 4 p.c. Bonds, 194346 103 0 0 — 4 p.c. Stock, 194346 103 0 0 — 4 p.c. Bonds, 194649 103 0 0 — 4 p.c. Stock, 194649 103 0 0 — 4 p.c. Bonds, 195255 103 0 0 — 4 p.c. Stock, 195255 103 0 0 104 0 0 DIVIDENDS PAYABLE The following is a list of shares on which dividends will shortly be payable:— Commercial Bank (ord.), 6 2-3 p.c., 4d per share, halfyearly Feb. 5 Commercial Bank, 4 p.c., 4s per share, half-yearly Feb. 5 Auckland Gas, 2;J p.c., final .. Feb. 9 N.Z. Insurance, 10 p.c., Is per share, half-yearly .. .. Feb. 10 Staples Brewery, 5 p.c., 4s per share, half-yearly .. .. Feb. 11 N.Z. Refrigerating (paid), 5J p.c., Is 1 l-5d per share, final Feb. 12 N.Z. Refrigerating (cont.l, 5| p.c., 6 3-5d per share, final Feb. 12 National t Mortgage (£2), 6] p.c., Is 6d per share, halfyearly Feb. 25 National Mortgage (£1), 64 p.c., 9d per share Feb. 25 Christchurch Gas, 4 p.c., halfyearly Feb. — Wellington Gas, 5 per cent., pref., 8 per cent, ord Feb, — Electrolytic Zinc (ord. and pref.), 12 p.c., Is 2 2-5d per share, half-yearly .. .. Mar. 18

£ s. d. Bonds. 1952-55, 4 p.c 103 15 0 Stock, 1939-43, 3£ p.c 101 7 6 Stock, 1943-46, 4 p.c 103 17 6 Stock. 1952-55, 4 p.c. (2) .. 103 15 0 E.S. and A. Bank .. .. 6 5 0 Bank of N.S.W 35 12 6 Bank of N.Z. (3) 2 0 6 Union Bank 10 11 0 National Insurance .. .. 0 18 3 Auckland Gas 1 3 8 Howard Smith 1 3 0 1 2 9 Kauri Timber 1 3 0 Dominion Breweries ,. .. 2 3 0 2 3 6 N.Z. Breweries 2 17 3 Australian Glass 4 13 0 Broken Hill Pty 4 1 3 (cont.) 3 7 6 3 8 0 Bycroft 2 0 6 Colonial Sugar 43 1 3 Dunlop Perdriau (2) .. .. 0 18 11 Electrolytic Zinc (pref., 2) 2 16 6 G. J. Coles 5 0 9 (2) 5 1 0 H.M. Arcade (pref.) .. .. 0 19 3 Mort’s Dock 0 13 4 North Roller Mills .. .. 1 2 0 Wilsons Cement 1 18 6 1 18 3 Maori Gully 0 0 5i Waihi Junction 0 3 8 Placer Development .. .. 5 1 0 Unlisted Stocks Selfridges (Aust, new) .. 2 1 9 Woolworths (Syd.) .. .. 8 13 6 Woolworths (W.A.) .. .. 7 5 0 7 6 0 WELLINGTON Sales on ’Change 3i p.c. Stock (3), 1939-43 (late Wednesday) .. .. 101 5 0 Si p.c. Stock (3), 1939-43 (late Wednesday) .. .. 101 15 0 3\ p.c. Stock, 1938-52 (late Wednesday) 101 10 0 3J p.c. Stock, 1939-52 (late Wednesday) 101 10 0 N.Z. River Plate (late Wednesday) 0 18 3 Anthony Hordern (late Wednesday) 1 0 1UJ Dunlop Perdriau (late Wednesday, 2) 0 19 0 Bank of N.Z 2 0 6 N.Z. Guarantee Corp. 0 5 6 N.Z. River Plate 0 18 3 Sharland 0 19 3 Electrolytic Zinc (ord.) 2 14 9 Electrolytic Zinc (pref.) .. 2 16 Vi G. J. Coles 0 I 0 (8) 5 0 9 5 0 6 Broken Hill Pty 4 1 6 Mount Lyell 2 2 2 2 7 8 (2) 2 2 9 National Tobacco (late Wed.) 2 17 6

Sales on Change N.Z. Govt. 4 p.c. Inscr., 1943-46 103 15 , 0 N.Z. Govt. 4 p.c. Inscr., 1952-55 103 0 0 Comm. Bank of Aust. (4) 0 19 9 N.Z. Breweries 2 17 3 Broken Hill Pty. (coni; 13s 4d paid; 4) 3 8 3 Colonial Sugar (2) 43 0 0 Dominion Fertiliser .. .. 1 4 6 Electrolytic Zinc (ord.; cum div.; 2) 2 14 9 (pref.; cum div.; 2) 2 16 5 G. J. Coles (5) 5 1 6 Kauri Timber i 3 1 N.Z. Newspapers (2) .. .. 2 0 6 Waldas Shoes 1 12 0 Skippers 0 0 3i Mount Lyell (2) 2 2 6 2 2 6J (5) 2 2 11 Mount Morgan 0 16 9 (3) 0 16 81 Sales Reported Comm. Bank of Aust. 0 19 10 Auckland Gas (cum div.) .. 1 3 7 Beath and Co 1 2 6 Electrolytic Zinc (ord.; cum div.) 2 14 10 (2) 2 15 0 G. J. Coles 5 1 0 5 1 6 Unlisted Stocks Selfridges (Australasia; old; 4) 2 2 6 Sales Reported Selfridges Australasia; old; 2) 2 2 6 (N.Z.; new; 4s paid) 0 7 0

FOREIGN 1 EXCHANGES (British Official Wireless) (United Press Association) (By Electric Telegraph—Copyright) RUGBY, Feb. 3. Paris— Par Feb. 2. Feb. 3. Francs to £1 1 124.21 105 5-64 105% Brussel?— Belgas to £1 30 29.06 29.06 Oslo— Kroner to £ 1 18.180 19.90 19.90 Stockholm— 19.394 Kroner to £1 18.130 19.394 Copenhagen— 22.40 Kroner to £ 1 18.150 22.40 Berlin— 12.18 Marks to £ 1 20.34 12.18 Montreal— 4.89% Dollars to £1 4.86 2-8 4.90 New York— 4.89% Dollars to £1 4.86 2-3 4.90 1-16 Yokohama— 13 31-32 Pence to yen 34.582 13 31-32 Uongkong— 14 15-16 Pence to dollar 24.58 14 9-16 Bombay— IS 3-04 Pence to rupee — 18 3-64 Batavia— 8.894 Florins to £ 1 12.10 8.894 Milan— 93 1-16 Lire to £1 82.46 93 1-16 Amsterdam — 8,943 Guilder to £1 12.107 8.943 Prague— 140 7-16 Kroner to £ 1 1045 140% Geneva21.414 Francs to £1 25.224 21.401 Vienna— Schillings to 264 £1 .. . 84.864 264 Helsingfors— 2264 Marks to £) 193.23 2264 Madrid— 93 11-32 Pesetas to £1 1 25.224 93 11-32 Belgrade— Dinars to £ 1 25.224 213 213 Athens— Drachma to 5474 £1 375 5474 Lisbon— Escudos to 110 3-16 £1 no 110 3-10 Bucharest— 670 Lei to £1 931.6 670 Rio de Janeiro — Pence to a tnilrcls .. 5.890 44 Buenos Aires— Pence to pesos 47.22 — — Shanghai— 14 17-32 Pence to tael — 14 17-32 Montevideo— 89% 39% Pence to pesos — Warsaw— 26.00 Zlotys to £1 — 26.05 ON NEW ZEALAND CURRENCY BASIS The Bank of New South Wales, Dunedin, quoted the following rates for purchases and sales of foreign exchange yesterday London— Buying. Selling £1 N.Z. to £100 stg # , T.T. 124 124/10/O.D 123/10/124/8/0 Australia— £ A to £100 N.Z. T.T. 101 i 100/10/O.D. 101 1 100/10/FIJI— 89 £ F to £100 N.Z. T.T. 90/7/6 O.D. 00/7/6 89 New Vork— 3.92% Dollars to £ N.Z. T.T. 3.96 J O.D. 3.974 3.93% Montreal — 3.923 Dollars to £ N.Z. T.T. 3.961 O.D. 3.974 3.934 Austria— Schillings to £ 20.58 N.Z. , , T.T. — O.D — 20.60 Belgium— 23.206 Belgas to £ N.Z T.T, — O.D. — 23.217 Czechoslovakia — 111.88 Crowns to £ N.Z. T.T. — O.D. — 111.93 Denmark—' 17.893 Kroner to £ N.Z. T.T. 18.203 O.D. 18.263 17.903 France— 84.21 Francs to £ N.Z, T.T. — 0.0. — 84.25 Germany— Reichsmarks to £ 9.709 N.Z. T.T. — 0.3. — 9.714 Holland— T.T. 7.141 Florins to £ N.Z, — O.D. — 7.145 Italy— Lire to' £ N.Z If.T. 74.56 09 — 74.61 Java — 7.089 Florins to £ N.Z. T.T. — “ O.D. — 7.093 Norway— Kroner to £ N.Z, T.T. 16.181 15.891 O.D. 16.241 . 15 901 Sweden— 15.785 15.490 Kroner to £ N.Z T.T. on, 15.845 15.500 Switzerland— T.T. O.D. 17.117 17.122 Francs to £ N.Z. — Noumea— T.T. O.D. 82.84 82.90 Francs to £ N.Z. — Papeete— T.T. O.D. 82.99 83.05 Francs to £ N.Z. — Hongkong— 10 1 N.Z. pence I dollar T.T. O.D. 18 5-16 18 9-32 18 13-10 18 51-04 India and Ceylon— N.Z. pence 1 to I T.T. 22 13-32 22 11-16 rupee • • O.D. 22% 22 43-64 Japan— to 1 N.Z. pence I T.T. _ 17 29-64 yen •• O.ffi 17 7-16 Shanghai— to 1 N.Z. pence 1 dollar .• T.T. O.D. 17 57-64 17 55-64 18 25-64 18% Singapore— to 1 N.Z. pence 1 dollar x.r. O.D 34 47-64 34 41-64 33 7-32 35 13-64 Chefoo— N.Z. pence to I dollar • • • • T.T. O.D. IT 29-32 17 55-64 18 17-32 18 33-64 All rates subject tc p alteration withnui l notice DOLLAR RATES

N.Z.) N.Z.) Soiling— TT .. .. Dols. .. .. 3.923 Dols. 3.92? O.D .. .. 3.93 J 3.93} Buying— 3.96} T T O.D .. .. 3.97g 3.97a

Commonwealth Bonds— £ S. d. 3? p.c„ 1942 99 2 6 3J p.c., 1951 .. 97 3 9 4 p.c., 1938 101 10 0 4 p.c., 1941 101 12 6 4 pc., 1944 102 10 0 4 p.c., 1947 102 2 6 4 p.c., 1950 102 13 9 4 p.c., 1953 101 0 0 4 p.c., 1961 101 12 6 Anthony Hordern .. .. 1 1 0 (Pref.) 1 3 3 Australian Glass 4 14 3 Australian Iron and Steel (pref.) 1 7 6 British Tobacco 2 11 0 Broken Hill Ply 4 2 3 Dunlop Perdriau . • .. 0 19 3 Electrolytic Zinc .. .. 2 15 9 G. J. Coles 5 2 6 Howard Smith .. .. .. i 3 3 James Stedman 0 17 9 Morris, Hedstrom .. .. 1 10 0 ADDITIONAL SALES Commercial Banking of Sydney 21 16 0 National Bank (£10 paid) 15 15 0 Associated News .. .. i 4 6 Associated News (pref.) .. i 3 104 Berlei 2 0 0 British Tobacco 2 11 3 Tooths 2 17 9 Tooheys 1 15 9 Coles 5 2 0 Australian Iron and Steel (pref.) i 7 74 Winchcombe, Carson i 19 0 Morris Hedstrom .. .. i 10 0 Millaquin Sugar .. .. 2 2 6 Electrolytic Zinc .. .. 2 15 9 Henry Jones 2 7 0 Australian Gypsum .. .. 1 2 6 W. R. Carpenter 2 6 0 Wunderlich 1 4 6 Victoria Nyanza .. .. 0 17 6 Mount Morgan .. • • 0 16 IU2 Mount Morgan (New Zealand delivery) 0 16 lUg Mount Lyell 2 2 a Kuala Kampar 1 2 0 Larut 0 19 0 Placer Development .. .. 5 1 0 Puchong Tin 1 13 0 Mandated Alluvial .. .. 0 3 2 Emperor 1 0 7| MELBOURNE, Feb. 4. The bond market was easier The firm tone was maintained in industrials, with strong buying of Barriers. £ s. a. Union Bank 10 15 0 Bank of Australasia .. .. 13 0 0 Huddart Parker 1 18 6 British Tobacco v 2 11 3 Coles 5 i 0 Drug Houses i 7 44 Australian Glass .. . • 4 14 9 Dunlop Perdriau 0 19 1 Dunlob Perdriau (pref.) .. 1 15 1£ Electrolytic 2 1 6 Electrolytic (pref.) .. ... 0 16 1U Mount Lyell 2 6 u North Broken Hill .. .. 3 19 T) South Broken Hill .. .. 2 8 74 Broken Hill Proprietary .. 4 i 9 Emperor 1 0 6 Loloma _ 1 3 Koroere 0 5 0 Silver-ton Trams 1 18 6 General Motors 1 4 6 Kauri Timber .. .. • ■ 1 3 6

European waters .. . 1935. . 103.2 1936. 126.1 North America . 87.7 100.1 South America . 86.4 102.9 India . 109.7 123.1 Far East and Pacific . Australia . 94.9 113.5 . . 91.7 108.6