COMMERCE AND FINANCE

Otago Daily Times, Issue 23109, 8 February 1937, Page 14

COMMERCE AND FINANCE

LOCAL AND OVERSEAS MARKETS

FROZEN MEAT MARKET

SMITHFIELD PRICES (Per United Press Association) WELLINGTON, Feb. 6. The New Zealand Meal Producers Board advises that the following are the approximate average prices realised for the week based on actual transactions of wholesale quantities of the descriptions of meat mentioned and are for representative parcels of the goods offering during the week, being tor business done on the basis of delivered to Smithfield Market and/or ex London stores (prices for the two previous weeks are also shown):— CM O) if) CM frl cj d & N.Z. Sheep— 3 £ ' £ Crossbred wethers and/ (Per lb.) or maiden ewes: d. d. d. Under 48lb 5i 5J 58 49-561 b 5,\ 5J 5 A 57-641 b .43 42 42 65-721 b 4i 4J 41 Ewes: Under 481 b 41 41 41 40-561 b 4 4 31 57-641 b 31 31 32 65-721 b 32 '32 32 N.Z. Lambs— Canterbury: Under 361 b 37-421 b ~ “ 43-501 b Second quality: Average about 311 b .... - Other South Island: Under 361 b 37-42!b 43-501 b North Island Downs: Under 361 b 8 72 73 37-421 b 8 7g 78 43-501 b 71 Second quality: Average about 301 b .... 71 71 78 North Island: First quality: Under 361 b 73 71 78 37-421 b 72 7g 71 Second Quality: Average about 311 b .... 71 71 71 Australian Lambs— Victorian: First quality: 29-361 b 7 61 62 37-421 b 6g 61 6| Argentine Lambs — First quality: Under 361 b 61 61 61 37-421 b 61 61 61 N.Z. Frozen Beef— Ox hinds, 145-2101 b .... 41 41 4 Ox fores, 145-2101 b .... 3 3 22 Cow hinds, 145-21011) .... Cow fores, 145-2101 b .... Australian Frozen Beef — Ox hinds. 145-2101 b .... 41 41 41 Ox crops, weights corresponding 31 31 3 N.Z. Chilled BeefOx hinds, 145-2101 b .... Ox fores. 145-2101 b .... 3l 31 Australian Chilled Beef— Ox hinds, 145-2101 b .... 5? Ox crops, weights corresponding 3? Union of South Africa Chilled Beef— Ox hinds, 145-2101 b .... Ox fores, 145-2101 b .... Southern Rhodesian Chilled BeefOx hinds, 145-2101 b .... 5 51 51 Ox fores. 145-2101 b .... 22 3 22 Argentine Chilled Beef— Ox hinds, 145-2101 b .... 6 G 52 Ox fores, 145-2101 b .... 31 31 3i Uruguayan Chilled Beef— Ox hinds. 145-2101 b .... 51 52 58 Ox fores, 145-2101 b .... 31 31 31 Brazilian Chilled BeefOx hinds, 145-2101 b .... N.Z. Poriser. Pigs— First quality: 61-801 b 71 71 71 81-1001 b 7 7 7 101-1201 b .. 61 68 61 N.Z. Baconer Pigs—--121-1601b i .. 6 61 61 Lamb Market.—Prices show further improvement, with demand satisfactory. All arrivals, going into consumption. Mutton Market-Wethers and ewes: Market steady, with prices firm. Beef Market. —Frozen beef: Market firm with good demand. Chilled beef: New Zealand Porker Pigs—Market quiet and steady, with prices unchanged. New Zealand Baconer Pigs.—Easier owing to lower prices of bacon. SOUTHLAND FROZEN MEAT COMPANY DIVIDEND MAINTAINED The annual report of the directors of the Southland Frozen Meat and Produce Export Company states that the amount brought forward from last June was £32,786 11s 7d, and, after provision has been made for taxation, depreciation, repairs, renewals, etc., the balance available in the profit and loss account amounts to £46,172 12s. The directors recommend the payment of the usual half-yearly dividend of 8 per cent., absorbing £9084, and leaving a balance of £37,088 12s to be carried forward.

THE SHARE MARKET DUNEDIN STOCK EXCHANGE Two sales of Bank of New Zealands at £2 0s 6d were recorded on the Dunedin Stock Exchange on Saturday morning, the market closing with a buyer at £2 and a seller at £2 0s 9d. E.S. and A. Banks were inquired for at the firmer price of £6 ss, but sellers did not come forward. Goldsbrough, Morts were on offer at £1 18s 3d, but buyers remained firm at £ 1 17s 9ci. Broken Hill Proprietaries were in easier demand at £4, sellers refusing to accept less than £4 Is 3d. G. J, Coles continued to ease slightly, the closing buying offer being £4 19s 3d. Sellers asked £5 Is. Buyers of Broken Hill Souths were prepared to give £2 8s 3d, but this price did not tempt sellers. Ordinary Electrolytic Zincs met with a slightly easier inquiry at £2 14s 6d, sellers asking Is above that figure. SALES ON ’CHANGE £ S. cl. Bank o£ N.Z. (2) 2 0 6 SALES REPORTED Mount Morgan Developments .. Oil D.C.C. Debs., 31 p.c., 1/9/54 .. 98 10 0 The iollowlng arc Saturday morning’s buying and selling quotations, which are subject to the usual brokerage:— BANKING

NORTHERN EXCHANGES

AUCKLAND

DAIRY PRODUCE BUTTER MARKET FIRMER (Per United Press Association) WELLINGTON, Feb. 6. The following information has been supplied regarding London markets by the Primary Products’ Marketing Department, which has received advice by cable from London;— Butter. —New Zealand salted, 86s to 88s; unsalted, 92s to 945. Deliveries from New Zealand, 3125 tons; in store, 5649 tons. The market was firmer at the end of the week. The New Zealand retail price is lid to Is, and lid is becoming more general. Cheese. —New Zealand white, 51s to 51s 6d; coloured, 50s 6d to sls. Deliveries from New Zealand, 24,359 crates; in store, 55,542 crates. The market is steady. The New Zealand Loan and Mercantile Agency Company, Ltd., has received the following advice from London, under date February 3:— New Zealand choicest salted butter, 86s per cwt. Cheese, 50s 6d to 51s per cwt; market steadier.

MOUNT MORGAN, LTD. NEW SHARE ISSUE BY TENDER Mount Morgan, Ltd., has decided to dispose of a new issue of 120,000 shares of 2s 6d each by inviting shareholders to tender for any number in parcels of not less than 100 shares. The directors, recalling their intimation at the annual meeting last month, explain that the new issue is too small to make a pro rata issue to shareholders. Shares tendered for must be accompanied by a deposit equal to 5s per share.

The directors report that, for the purposes of ascertaining the size and value of the new ore body recently located off the west crosscut, a development programme is in progress, divided into diamond drilling, and driving, crosscutting, and sinking on the 285-foot and lower levels. It is expected that the programme will not be completed for approximately nine months. Work to date has traced to the ore body on the 285-foot level for a distance of 380 feet Without deiimiting it at either end. It has not yet been proved in width, but its greatest width to date is 105 feet. No development for denth has yet taken place beyond 16 feet. High values have been encountered, but the samples taken to date average 6.9dwt. The first reorganised section of the boiler house has been completed, and is using pulverised fuel from the company’s mine at Baralaba, and appears to be operating with high efficiency. The new 3500 kw. turbo-generator was' placed in commission recently in the power house, and is giving satisfaction. Although costs will be considerably lowered, exact figures cannot be ascertained until the new plant has been running for some weeks. The oxidised ore treatment plant has commenced its trial run in all sections, and to date is giving satisfaction.

FOREIGN EXCHANGES

DOLLAR RATES The Associated Banks (other than the Bank of New South Wales* quoted the following dollar rate; on Saturday on a New Zealand currency basis. They are subject to alteration without notice. U.S.A. Canada. (I'cr £1 (Per £1 N.Z.) N.Z.) Selling— Dols. Dols T.T. .. 3.92 - 3.92 i O.D 3.92 g 3.923 Buving— T.T 3.95 g ' 3.95 s O.D 3.96| 3.96 J

TEXTILE TRADE BOOM IN UNITED STATES The marked activity of Americans at the wool auctions this season is partly explained in the latest report issued by the National City Bank of New York upon economic conditions in that country. “ The most sensational performance among the industries.” says the report, has been turned in by the textiles. Demand for cotton goods, even after many months of activity, seems insatiable. Although cotton mills are working at an all-time record rate, spot goods and early deliveries are scarce, and buyers willingly pay premiums for them. In some cases buyers have booked through the second quarter of 1937. As a whole, mills are probably sold farther ahead than ever before and at profitable margins over cotton prices, even allowing for the wage increases. The situation is leading to the reopening of mills in New England which have not operated for some time, including four units of the failed Amoskeag Mills, which have been leased to the Pacific Mills and will be put back into operation. “ The rayon mills are equally active. Demand for viscose yarn has absorbed all reserve stocks and keeps factories operating at capacity, while fabric sales and prices have both improved against Ihe usual seasonal trend. Despite the tight market, yarn manufacturers have not raised prices except for the elimination of certain discounts effective January 1, and all the important companies have plant expansion programmes under way. “The woollen situation has turned strong after a period of unsatisfactory margins, and spring goods prices have been raised 15 to 27 cents a yard over the opening. Wage increases, advances in raw wool and taxes under the Social Security Act have raised costs: buyers therefore have accepted the higher prices as inevitable and bought freely, giving the mills a good backlog of orders. This willingness to operate ahead extends to clothing buyers as well, since clothing prices are moving up in turn. Raw silk also has risen, and the business of the hosiery manufacturers, now the chief consumers of silk, is good: buyers of hosiery have been anxious to cover forward needs also, but manufacturers have not been disposed to accept 1937 business at the old prices. “In all merchandise lines willingness to buy ahead is more general than at any time except in the boom of 1933. Prices of rugs and floor coverings have been raised. Furniture business is active with a price advance scheduled. Advance shoe sales are good. On some items of gift, merchandise premiums arc the rule for prompt deliveries.”

MINING NEWS MAORI GULLY RETURN (Pen United Press Association) GREYMOUTH, Feb. 6. The Maori Gully return was 320 z 16dwt lor 135 hours. The Argo dredge will have no return this week or next, as the dredge is under repair. NEVIS SLUICING RETURN Advice has been received from the ■manager of the Nevis Sluicing Claims, Ltd., that as the result of the wash-up of No. 1 tail race G4oz lldwt of gold have been won. GILLESPIE’S RETURN The secretaries of Gillespie's Beach Gold Dredging Company, Ltd., advise that the return for the week ended February 5 amounted to 71oz lldwt for 129 hours’ dredging. This return was obtained from the beach end ol the cut. VVAIPAPA RETURN Messrs W. A. Mitson and Co., secretaries of Waipapa Beach Gold Dredging Company, Ltd., report that they have been advised of a wash-up of 15oz 4d\vt for 133 hours’ dredging. BIG RIVER REPORT The following is the report of the Big River Gold Mines, Ltd., for the week ended February 2:—■ No. 2 Level—A start has been made to open up on reef track 494 feet from the Deep Creek entrance, driving north. No. 4 Level.—Breaking out stone in the so'uth stope. The back of this stope is within seven feet of No. 3 level, and will shortly be connected with No. 3 level. No. 5 Level—Rose up 12 feet in the rise through the broken reef track, and advanced nine feet in the south drive. The distance now in is 66 feet. The face is showing small seams of stone in the reef track, which is turning more to the south-east. WORKSOP EXTENDED RETURN The following is the return for the week ended February 4:— Eighty-three ounces from 11,000 yards for 127 hours’ working ——7 LONDON MARKETS (United Press Association) (By Electric Telegraph—Copyright) LONDON, Jan. 6. (Received Jan. 7, at 8 p.m.) Friday’s closing prices were as follows: — Cotton: Spot, 7.30 d per lb; March, 7.04 d. Rubber: Para, 14d; plantation smoked, IOJd. Copra: February-March South Sea, £l9; smoked, £l9; plantation Rabaul, £l9 15s. Linseed oil, £29 10s. Turpentine, £2 Is 3d.

BRITISH TREASURY BILLS (British Official Wireless) (United Press Association) (By Electric Telegrnnh Crpyrtsht) RUGBY, Feb. 5. The total amount applied for in tenders for £35,000,000 Treasury bills was £78,620,000 The average rate per cent, for bills at three months is 10s 4.31 d. against 10s 5.04 d a week ago. MERCHANDISE MARKET The prices of all grades of raw and refined sugars, including tablets (bulk and cartons), icing sugar, coffee crystals, golden syrup and treacle have been advanced by 10s per ton as from Saturday last. Following on the rise in freight of 3s per ton on- coastal vessels it is announced that there is to be an increase in freights of 10 per .cent from Australia to New Zealand. The increases in freight will mean a higher cost of many merchandise lines. The ending of the strike on the Californian waterfront will relieve in due course the shortage of a number of lines that have been awaiting shipment to New Zealand. The chief lines that have been held up are seeded and seedless raisins and prunes. Pilchards and tinned vegetables are also awaiting shipment. A shipment of Australian salt is due to arrive on February 20 ex the Omana. A parcel of Chinese shelled walnuts arrived by the Manju Maru. The Waitaki and Port Waikato arc due this week with cargoes of sugar, The Waipawa, due at Port Chalmers, will land Morton’s and Crosse and Blackwell’s goods. Peck’s pastes, etc. Local packers of glycerine have advanced their prices in sympathy with the very high price now ruling for bulk glycerine. Cornflour, which was increased in price by £2 per ton last week, has been further advanced by 10s per ton. Rinso, large and small, shows an increase in price. Bulk cocoa has been increased by Id per lb. The canned fruit market is very firm. Information to hand states that the crop of Australian sultanas, currants and' lexias is likely to be on the short side.

The prices of Morton’s and Maconachie’s herrings, all brands, have been advanced, according to advice from London.

FRUIT AND PRODUCE WORLD Reilly’s report selling:— Per Dozen.—Spring cabbage, 4s to ss. Cauliflowers, 4s to ss. Beetroot, Is. Carrots, Is 6d. Lettuce; Choice, Is 6d; small, 6d to Is. Eggs: Guaranteed. Is 4d. Cucumbers: Hothouse, 5s to 8s 6d. Raspberry buckets, 445. Section honey, 10s to 12s. Each. —Champion egg crates: 24 dozen, 17s Cel Fruit crates. 6s 6d. Per Case—Oranges: Californian navels, 42s 6d; Japanese navels, 355. Californian lemons, 70s. Grapefruit, 355. Bananas: Niues, to arrive February 8; ripcs, 255. Pines, 22s 6d. William Bon Cretien pears, 10s to 12s. New season’s Gravensteins, 10s to 14s 9d; Astrakhans, 8s to 9s; cookers, 7s to Bs. New Zealand lemons, 18s to 21s. Per Half-case.—William Bon Cretien pears, 3s 3d to 4s 6d. Peaches, 3s 6d to 5s 6d. Apricots: Reds, 4s to 5s 9d; Moorpark, 4s 6d to 6s 6d. Nectarines, 4s 6d to 6s 6d. Dessert plums, 4s to 6s. Greengages, 5s 6d to 6s 9d. Kirks, 5s to 6s 6d, Satsumas, 5s 6d to 6s 6d. Nelson tomatoes, 7s to 8s 3d. Per Pottle—Strawberries: Ettersburgh, Is 3d. Raspberries, lOd. Per Pound.—Local grapes, 2s 5d to 2s 6d; Kakanui, 2s 6d. Apricots. 31d to sd. Peaches, 31d to sd. Nectarines. 4d to 6d. Dessert plums, 3d to 4id. Local tomatoes: Firsts, 9d to lOJd; seconds and small, 7d to Bd. Kakanui tomatoes: Firsts, 9-Sd to lOid. Christchurch tomatoes: Firsts, 7Jd to BJd: seconds and small, 6Jd to 7d. Green peas, 3d to 4d. Scarlet runners, 3d. French beans, 3'Jcl. Black currants, fid. Red currants, fid. Garlic. 9d. Marrows. Ijd. Rhubarb, Id. Tea: Orange Pekoe 2s fid. Cheese, 7d. Butter: Storekeepers. 81d. Bacon: Prime, Is Id. Bacon and porker pigs. 7d; overweights, 4d. Hams. Is 3d. New season's bulk honey, fid. Beeswax. Is Per Bucket.—Raspberries. 8s fid. Loganberries, Bs. v Potatoes, fis to 7s. Onions: Pukckohe. 15s; Canterbury, 1 fis. Oyster grit, Gs. Woodwool, 265. “Vivus”and “ Viv o Vcg” plant food, 18s 6d. Olive oil, 12s gallon. Giraffe lime sulphur. Is 6d gallon. Scmesan: 2oz, 2s 3d; 11b, Bs. Red Rose nicotine sulphate: 101 b, 455; 21b, 11s 6d; 11b, 7s 6d; ,'lb, 4s 6d. Arsenate of lead paste, 9d to Is 3d. Powder, Is to Is 6d. Red oil. 5s 6d. Fowl wheat, to 6s. Partridge peas, 6s. Maize. 8s 6d. Oats: Cartons. 3s to 3s Gd bushel. Crushed oats, 9s 6d. X Keys meatmeal, 15s bag. Pollard, £6 13s. Bran. £5 10s. Chaff. 8.0.5.. £5 ton. Buttermilk powder, 31d. Per Pair.— Poultry: 375 hens at 2s 2d to 5s 4d. 128 cockerels at Is to 8s 2d, 78 ducks at 2s 6d to 7s lOd, 39 pullets at 2s 9d to 9s 6d, 9 bantams at Is to 2s 8d per pair. REILLY’S CENTRAL PRODUCE MART, LTD., Moray place, Dunedin. C.l.

I SYDNEY STOCK EXCHANGE

YOUNGHUSBAND, LTD.

(United Press Association) (By Electric Telegraph—Copyright) SYDNEY, Feb. 6. (Received Feb. 7, at 5.5 p.m.) £ s. d.

NEW GUINEA GOLD SHARES (United Press Association) (By Electric Telegraph—Copyright; LONDON. Feb. 5. New Guinea Gold shares are quoted at 3s 4Jd. MOUNT LYELL SHARES (United Press Association) (By Electric Telegraph Copyrient) LONDON, Feb.’ 5. Mount Lyell shares are quoted at 33s 9d. DOLLAR AND FRANC (United Press Association) (By Electric Telegraph—Copyright) LONDON, Feb. 5. Exchange on New York is quoted at 4.89 i dollars to the £. and on Paris at 105 5-32 francs. PRICE OF FINE GOLD LONDON, Fob. 6. £ s. d. February 6 7 2 \\ February 4 7 2 0 February 3 .. .. .. 7 111 February 2 7 2 0 February 1 7 2 0J January 30 7 2 0 January 29 7 1 Hi January 28 7 1 11

NEW SHARE ISSUE

(Per United Press Association) WELLINGTON, Feb. 7. Messrs Younghusband, Ltd., Melbourne, have advised the Stock Exchange Association that the transfer books will be closed from noon on February 15 in connection with the proposed new share issue. SOUTHLAND MARKETS (Special to Daily Times) INVERCAGILL, Feb. 6, GRAIN REPORT The local market is still in an indefinite state, more so than is usual at this period of the year, owing to the late harvest. There is certainly some movement, of a speculative nature, in oats and grasses, and in respect to the former, with a growing tendency for increased rates. Prompt shipment oats, owing to their scarcity, command 3s 9d per bushel, f.0.b., s.i., while growers are of the opinion that prices will rule high. Millers seem anxious to secure stocks of old oats and are somewhat exceeding f.o.b. values. This is probably due to the doubts in respect to weather during harvest, which up to the present has been of a distinctly unfavourable nature. Should it continue wholes and seeds are bound to be detrimentally affected, although at (he moment the weather is all that one could desire. Ryegrass crops are much of the same area as last season, and a number of farmers are taking well-intended advice and turning their grass areas into hay. Chewings fescue is now under the binder, and, as there is a normal crop, it is not expected that there will be any advance on last year’s figures to growers. The same remarks apply to crested dogstail. In the absence of any business, even nominal values cannot be quoted.

HEAVY TAXATION WELLINGTON TRUST 30 PER CENT. INCREASE In moving the adoption of the directors’ report and balance sheet, Mr J. J. Reich, chairman of directors of the Wellington Trust, Loan and Investment Company, at the annual meeting in Wellington, stated that although compared with last year there was a reduction in net profit of £IO2O, this was due almost entirely to the heavy increase of nearly 30 per cent, in the rate of income tax, the extra taxation thus borne by the company being £BBO. Increased land tax and the sum written off the business premises accounted for the remainder.

It was satisfactory to learn that the Special Committee set up to revise the land and income tax legislation, was making good progress, said Mr Reich. The invitation to persons and companies interested to come forward with proposals to help the committee should be readily accepted, and he hoped that the representatives of local companies doing the same class of business would get together to arrange a joint report to be sent in. This might lead the committee to recommend a more equitable adjustment of the income tax which had now become a serious handicap to all who had to compete for business with the Govei’nment lending or trading departments. ... The Mortgagors Rehabilitation Act had led to many clients voluntarily renewing their mortgages at currem rates, very few, so far, having applied to the Adjustment Commissions. The whole of the deposits were now bearing interest at the rates fixed by.the .Government in 1934, and the ruling interest rates for mortgages should leave a reasonable margin for administration charges and profits. The dividends for the past five years had averaged 5 3-a per cent., which for such a difncuh neriod might be considered comparatively good, but the rate was moderale when calculated on the paid-un capital plus the reserves.

LONDON PRODUCE MARKET The Bank of New Zealand has received the following advice from its London office as at the close of business on Friday:— , . Frozen Meat. —The market for wethers is quiet but firm, while smaller supplies of ewes have caused r rices to harden. The market for lambs is firm, but trade generally is slow. Wethers, light 5d to sjd pe. lb, heavy 4d to 4gd; ewes, 3»d to 4;;d, lambs, twos 7;,'d to 7 a d, eights. 7jd to Bd. fours 7d to 7Jd, .seconds 7gd to

Buyer. Seller. £ s. d. £ s. d. N.S.W. (£20) .. .. 35 0 0 — N.Z. (£1) 2 0 0 2 0 9 Commercial (10s) — •*0 19 8 Comm, (pref.; £10) ••9 0 0 — E.S. and A. (£3) .. 6 5 0 — Natl, of N.Z. (£2 10s) — 3 4 0 Union (£5) .. •• 10 8 0 10 12 6 INSURANCE National (7s) .. .. 0 18 2 0 18 6 New Zealand (£1) .. 3 1 0 — Standard (£1) .. .• 2 17 0 2 19 0 SHIPPING Howard Smith (£1) — 1 3 3 P, and 0. Def. Stock (£1) 1 17 0 — U.S.S. Co. (pref.; £1) 1 5 10 — MEAT PRESERVING N.Z. Refrig. (paid; £1) — 1 0 6 N.Z. Refrlg. (cont.; 10s) 0 9 1 0 9 3 South Otago Freezing (£5) — 8 0 0 'LOAN AND AGENCY Goldsbrough. Mort (£1) 1 17 9 1 18 3 Natnl. Mortgage (£2) 2 16 0 3 5 0 Natnl. Mortgage (B Issue; £1) .. •• 1 13 0 2 0 0 N.Z. Loan and M. (ord.; £100) .. .. — 44 0 0 N.Z. Guarantee Corp. (3s) 0 5 2 — Perpetual Trustees ■ (18s) — 3 4 0 Trustees, Executors (£2) 3 12 0 — Wright, Stephenson (ord.; £1) .. •• 0 18 3 — Wright, Stephenson, (pref.; £1) •• •• 0 19 0 1 0 0 Otago Farmers (3s 4d) 0 3 9 — COAL Kaltangata (16s) 1 1 6 — Westport (10s) 1 3 9 — WOOLLEN COMPANIES Bruce (ord.; £1) .. — 0 13 3 Bruce (pref.; £1) .. — 1 2 9 Kaiapol (cont.; 7s) .. 0 6 0 Mosgiel (£4) .. .. 9 16 0 — MISCELLANEOUS Anthony Hordern (£1) 1 0 8 1 1 1 Associated News (pref.; £1) 1 3 9 — Australian Glass (£1) 4 13 6 4 14 9 British Tobacco (£1) 2 10 3 — Broken Hill Pty. (£1) 4 0 0 4 1 3 Broken Hill Pty. (cont.; 10s) .. .. 3 7 0 3 9 0 Brown, Ewing (ord.; £1) 1 0 0 — Consolidated Brick (£1) — 0 10 9 D.I.C. (ord.; 10s) .. 0 16 0 — D.I.C. (pref.; £1) .. 1 3 9 1 5 0 Dominion Fertiliser (£1) •• 1 4 0 1 4 9 Donaghy’s Rope (£1) 2 11 0 — Dunlop Perd. Rubber (£1) — 0 19 1 General Industries (12s 6d) — 1 0 4 G.. J. Coles (£1) .. 4 19 3 5 1 0 Hume Pipe (£1) 1 1 8 1 1 11 Miltaurn Lime (£1).. 2 2 0 — Mort's Dock (£1) .. — 0 13 6 M’Leod Bros. (£10) 31 0 0 — Natnl, Electric (£1) .. — 0 15 3 N.Z. Drug Co. (£2).. — 3 17 0 N.Z. Paper Mills (£1) 1 7 0 — Wilsons Cement (10s) — 2 0 0 Woolworths (ord.; £1) 7 0 0 7 5 0 Shillings, Ltd (£1) .. 0 18 9 — BREWERIES N.Z. Breweries (£1) 2 16 6 2 17 6 Staples (£1)/ .. .. 2 0 0 2 1 0 Dominion (£1) .. .. 2 4 0 — Dunedin (£1) .. .. 1 8 0 1 9 6 Tooth’s (£1) .. .. — 2 17 0 Carlton (£1) .. .. — 3 5 0 Tooheys 1 14 6 — AUSTRALIAN MINING Broken Hill South (£1) 2 8 3 — Electrolytic Zinc. (pref.; £1) — 2 17 3 Electrolytic Zinc (ord.; £1) 2 14 6 2 15 6 Mount Lyell (£1) 2 2 9 2 3 3 Mount Morgan (2s Gd) — 0 16 9 Rawang Tin (10s) .. 0 11 0 — Placer Dev. 4 19 0 5 2 0 MINING Big River (Is) .. .. — 0 2 0 Central Sholover (Is) — 0 0 6 Clutha River (2s) 0 2 6 — Consol. Goldfields (4s) 0 15 0 — Gillespie’s Beach (Is) 0 1 51 0 1 61 Goldfields Dredging (Is) — 0 0 4 King Solomon (Is) .. — 0 0 9 Molyneux River (2s) 0 2 3 ~ Maori Gully (Is) 0 0 5 0 0 7 Nokomai (5s) 0 2 5 0 2 8 Okarito (5s) .. .. 0 4 0 0 5 0 Paddy's Point (5s) .. 0 1 6 0 2 6 Skippers (Is) .. .. — 0 0 4 Wnimumu Sluicing (Is) 0 0 11 0 1 1 Waitahu (5s) ., .. — 0 2 0 GOVERNMENT LOANS 3J p.c. Stock. Nov., 1938-52 101 0 0 101 17 6 31 p.c. Stock. Mar., 1939-43 — 102 0 0 3J p.c. Stock, Sept., - 1939-43 — 102 0 0 4 p.c. Bonds, 1943-46 103 15 0 — 4 p.c. Bonds. 194G-49 103 10 0 — 4 p.c. Stock. 1946-49 103 10 0 104 0 0 4 p.c. Bonds, 1952-55 103 0 0 — 4 p.c. Stock, 1952-55 103 0 0 103 10 0 •* Ex dividend. DIVIDENDS PAYABLE The following is a list of shares on which dividends will shortly be payable;— Auckland Gas, 2 : j p.c.. final Feb. 9 N.Z. Insurance, 10 p.c.. Is )CV share, half-yearly Feb. 10 Staples Brewery, 5 p.c.. 4s per share, half-yearly Feb. 11 N.Z. Refrigerating paid), hi p.c.. Is I l-5d per share, final Feb. 12 N.Z. Refrigerating (cont.). '■A p.c., 6 3-5d per share, final Fob, 12 Gillespie’s Beach, Id per share Feb. 24 National Mortgage (£2), 6 p.c.. Is 6d per share, halfyearly Feb. 25 National Mortgage (£1), p.c,, 9d per share . Feb. 25 Christchurch Gas, 4 p.c., halfyearly Feb. — Wellington Gas, 5 per cent., pref M 8 per cent. ord. .. Fob. • Electrolytic Zinc (ord. and pref.), 12 p.c., Is 2 2-5d per share, half-yearly Mar. 18

Sales on ’Change Bonds, 15/6/52-55, 4 p.c. .. £ 103 S. 15 d. 0 Stock, 15/3/39-43. 3i p.c. .. 101 10 0 Bank of New Zealand .. .. 2 0 7 National Insurance .. .. 0 13 J South British 4 16 0 Devonport Ferry 1 0 b 0 Dominion Breweries .. .. 2 5 Australian Glass 4 13 6 Burns Philp South Seas .. 1 13 5 Dunlop Perdriau 0 18 10 Morris Hedstrom .. .. 1 9 3 Woolworths (N.Z.) .. .. 7 3 0 WELLINGTON Sales on ’Change Bank of N.Z. (2. late Friday) 2 0 7 Kauri (2, late Friday) 1 3 4 (late Friday) 1 1 3 3 5 6 Tooths <2. late Friday) 2 17 i 9 J. G. Coles (late Friday) .. 4 19 N.Z. Guarantee Corp 0 0 6 CHRISTCHURCH Sales on ’Change Oamaru Woollens .. .. 1 1. 17 0 New Zealand Breweries .. 2 British Tobacco 2 10 6 Broken Hill Pty. (3) .. .. 4 0 9 Electrolytic Zinc (ord., cum div.) 2 14 9 Electrolytic Zinc (pref., cum div.) 2 16 0 G. J. Coles 4 19 6 Mount Lyell (5) 2 2 9 Mount Morgan 0 16 6 Upper Watut (2) 0 1 9 Sales Reported Union Bank of Aust. (late sale yesterday) 10 10 0 Electrolytic Zinc (ord., cum div.) 2 15 0 Procera Bread 1 7 G Unlisted Stocks Woolworths (Sydney, ord.) 8 11 0

(British Official Wireless) (United Press Association) (By Electric Telegraph— Copyright) RUGBY, Feb. 5. Paris — Tar Feb. 4. Feb. 5. Francs to £ 1 121.21 105 7-04 105 9-64 Brussel?— Beiges lo £1 30 29.024 28.99 \ OsloKroner to £ 1 13.130 19.90 19.90 Stockholm— Kroner 10 £) 13.130 19.394 19.394 Copenhagen— Kroner to £ 1 13.150 22.10 22.40 Berlin— Marks lo £ 1 20.34 12.104 12.154 Montreal— Dollars to £ 1 4.86 2-3 4.S94 4.89% New York— Dollars to £ 1 4.36 2-3 4.89% 4.89i Yokohama— Pence to yen 34. 5»2 13 31-32 13 31-32 Hongkong— 11 15-04 Pence to dollar 24.58 14 15-16 ilomlia v — Pence to rupee — 18 3-04 18 9-01 Bala via— Florins In £ 1 12. .10 8.894 8.894 MilanLire lo £1 32. ,46 93 93 A nislerd.im— Builder lo £ 1 12 107 8.934 8.934 Prague— Kroner to £ 1 104} 140% M0J Hencva — Praties to £ 1 25 .224 21.40 21.414 Vienna— Schillings to £1 .. .. , 84.864 204 Helsingfors — Marks lo £ i 193.23 2261 2204 .Madrid— Pesetas to £1 25 .224 93 11-32 93 11-32 Belgrade— Dinars lo £ 1 25 224 213 213 Athens— Drachma to £ I 373 5171 5174 Lisbon— Escudos to £1 no 110 3-16 110 3-16 Bucharest — Eel in £1 931.0 670 070 Rio tie Janeiro— Pence lo mllrels .. 5.890 44 a Buenos Aires— Penee to pesos 47.22 — — Shanghai— 14 17-32 Penee to tael —. II 17-32 Montevideo— Penee to pesos — 39% 39% Warsaw— Zlotys to £1 — 20.00 20.0(1 ON NEW ZEALAND CURRENCY BASIS The Bank of New South Wales, Dunedin, quoted the followin g rates for purchases and sales of foreign exchange on Saturday; — London — Buying. Selling £1 N.Z. to £ 100 fig r.i. 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- £ 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 3.95% 3.92 3 D. 3.96% 3.924 Montreal— ' Dollars to £ N.Z T.T. 3.95% 3.92% O.D. 3.90% 3.92% Austria— Schillings to > £ 20.00 N.Z. T.T. — O.D — 20.62 Belgium— Belgas to £ N.Z. T.T. 23.152 O.D. — 23.163 CzechoslovakiaCrowns lo £ N.Z. T.T. — 111.88 O.D. — 111.93 Denmark— Kroner to £ N.Z. T.T. 18.203 17.893 O.D. 18.263 17 90S France— 84.23 84.27 Francs to £ N.Z. T.T O D. Germany— Kelchsraarks to £ N.Z T.T. — 9.093 O.D. — 9.698 Holland— Florins to £ N.Z. T.T, 7.279 7.129 O.D. 7.339 7.133 Italy— 74.40 Lire to £ N.Z. r.r. — OO — 74 51 Java— 7,081 Florins to £ N.Z. T.T 7.241 O.D. 7.301 7.085 Norway— 15.891 Kroner to £ N.Z. T.T. 16.181 O.D. 10.241 15.901 Sweden— 15.490 Kroner to £ N.Z. T.T. 15.785 O D. 15.845 15.500 Switzerland— 17.113 Francs to £ N.Z. T.T. 17.383 O.D. 17.488 17.118 Noumea — 82.80 Francs to £ N.Z. T.T. — O.D. — 82.92 Papeete — 83.01 Francs to £ N.Z. T.T. — O.D. — . 83.07 Hongkong— to 1 N.Z. pence i dollar T.T. 18 19-01 18 51-61 O.D. 18 17-64 18 25-32 India and Ceylon— N.Z. pence to J rupee T. f. 0 D. 22 13-33 32 ii-io 22% 22 43-61 Japan— N.Z. pence yen to 1 T.T. O.D. - 17 15-32 17 29-04 Shanghai— N.Z. pence dollar to 1 T.T. O.D .17% 17 27-3 18% 2 18 23-04 Singapore— to 1 N.Z. pence dollar T. r. O.D 3t 23-3 31% 2 35 13-04 35 3-10 Chcfoo — N.Z. pence i dollar .. to 1 T.T. O.D. 17% 184 17 53-04 18 31-64 All rates subject to alteration wlthoui notice

Commonwealth bonds— 4 p.c., 1938 101 11 3 4 p.c., 1941 101 13 9 4 p.c., 1947 102 5 0 4 p.c., 1950 102 10 0 4 p.c., 1953 101 0 0 4 p.c., 1955 101 0 0 4 p.c., 1957 101 0 0 4 p.c., 1959 101 8 9 4 p.c., 1961 101 15 0 Comm. Bank of Australia.. 0 19 74 British Tobacco 2 11 9 Dunlop Perdriau 0 19 0 James Stedman 0 17 9 Morris Hedstrom 1 10 0