COMMERCE AND FINANCE

Otago Daily Times, Issue 23111, 10 February 1937, Page 14

COMMERCE AND FINANCE

AUSTRALIAN STOCK EXCHANGES (United Press Association) (By Electric Telegraph—Copyright) SYDNEY. Feb. 9. (Received Feb. 9, at 10.30 p.rn.) On the Stock Exchange there was a marked increase in the investment turnover. Industrials displayed a much stronger front, and the rises in base metal prices were reflected in greater strength in Mount Lyell and Barr iers. THE MORNING SALES

K„ala Kampar^y^ The market was fairly quiet, with industrials steady and good support for Coles. Mount Lyells were firm on

PRICE OF FINE GOLD (United Press Association) (By Electric Telegraph—Copyright) LONDON, Feb. 8. £ s. d. February 8 7 2 1 February 6 7 2 . U February 4 7 2 u February 3.. .. .. 7 111 February 2 7 2 0 February 1 7 l 04 January 30 7 2 0 January 29 7 1 [la January 28 .. .. ;. 7 111 LONDON WHEAT MARKET (United Press Association) (B' Electric Telegraph- -Copyright) LONDON, Feb. 8. Wheat cargoes are firmer owing to strong week-end oversea advices. Parcels are firm at about 6d to 9d dearer, but closing barley steady on 'disappointing early American cables. Futures: London—March, 45s lOd, May, 45s lid: Liverpool—March, 8s 83d; May, 8s 9|d; July, 8s 10}d. Chicago quotations: May, 135 A cents per bushel; July, 117 J cents: September, 1131 cents. SYDNEY WOOL SALES (United Press Association) (By Electric Telegraph—Copyright) SYDNEY, Feb. 9. (Received Feb. 9, at 11 p.m.) At the wool sales 12,896 bales were offered and 11,153 sold, while 1114 were disposed of privately. Japan, Yorkshire and the Continent provided good competition in a very firm market. Greasy merino made 35id.

LOCAL AND OVERSEAS MARKETS

THE SHARE MARKET DUNEDIN STOCK EXCHANGE Considerable interest was shown in G. J. Coles on the Dunedin Stock Exchange yesterday, sales taking place at £5 Os 3d and later at £5 Os Od. at which figure four parcels changed hands. The shares were still available at £5 Os 9d when the market closed but buyers were not prepared then to give more than £5 Os 6d. j Bank of New Zealands were turned over at £2 Os 6d and continued on the market at that price. Buyeis final quotation was £2 Os 4d. The contr buting issue of New Zeialaind Refriigei atings had business at 9s 3d and tnc market remained firm, despite offers * a penny less. Following a sale of preferred Bruce Woollens there were no inquiries for these shares though they were on offer at £1 2s 9d. A na g of 5s separated buyers and sellers oi Dominion Rubbers, the offer being £1 11s There was an unsupphed buyei of Donaghy’s at £2 11s. New Zealand Breweries continued to have hrquiry at £2 16s 6d but sellers were firm at £2 17s 3d. There was a buyer of Toohey’s at £2 15s, sellers doHprefeed“lleclrolytic Zincs were, wanted at £2 16s and £2 14s wa offered for the. ordinary ssue, which had been dealt in previously at Id less. Sellers’ quotation wa s £ Mnmrt to £2 3s lOd was offered for Mount Lvells, but the best selling offer £2 4s 3d. Gillespie’s were turned over at Is 6d and two parcels of Okantos realised 4s 3d. The latter shares are now wanted at 4s Id with a seller in the market at 4s sd. SALES ON ’CHANGE £ s. d.

DIVIDENDS PAYABLE The following is a list of shares on which dividends will shortly be payable:— N.Z. Insurance, 10 p.c.. Is per share, half-yearly .. .. Feb. 10 Staples Brewery. 5 p.c.. 4s per share, half-yearly .. •• Fob. 11 N.Z. Refrigerating (paid), 5J p.c., Is 1 l-5d per share, final .. t 1 cb. 12 N.Z. Refrigerating (cont.), 5 \ p.c., 6 3-5 d per share, final Feb. 12 Gillespie’s Beach, Id per share Feb. 24 National Mortgage (£2). 61 p.c. Is 6d per share, halfyearly Feb. 2o National Mortgage (£1), 6 ( p.c., 9d per share Feb. -o Electrolytic Zinc (ord. and pref.), 12 p.c. Is 22-5 d per share, half-yearly .. •. Mar. lo

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

Unlisted Stocks Woolworths (Syd.) .. . ■ §l4 0 Woolworths (West Aust.) .. 7 8 6 WELLINGTON

DOLLAR AND FRANC (United Press Association) (By Electric Telegraph—Copyright) LONDON, Feb. 8. Exchange on New York is quoted at 4.898 dollars to the £, and on Paris at 105£ francs to the £. BRADFORD MARKET (United Press Association) (By Electric Telegraph—Copyright) LONDON, Feb. 8. Bradford is firm, with ofily moderate business passing.

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

ON NEW ZEALAND CURRENCY BASIS The Bank ot New South Wales, Dunedin, quoted (lie following rates for purchases nmi sales of foreign exchance yesterday:—

DOLLAR RATES The Associated Banks (other than the Bank of New South Wales) quoted the following dollar rates yesterday on a New Zealand currency basis. They nre subject to alteration without notice. U.S.A. Canada. (Her £1 (Per £1 N.Z.) N.Z.) Selling- Dols. Dols T.T 3.921 3.92 J O.D 3.921? 3.93 Buying— T.T 3.953 3.953 O.D 3.973 3.973 LONDON METAL MARKET (United Press Association) (By Electric Telegraph -Coovrieht) LONDON. Feb. 0. The followinp are the oltlclul metal ntmttiMonj-:-

NEW LEVELS FOR COPPER ELECTROLYTIC OVER £CO INCREASE IN CONSUMPTION Following the recent reaction, the price of copper has again advanced, and quotations for electrolytic have moved over £6O a ton in London This is the highest level since 1930. when the peak price of the metal was £B4 5s a ton for electrolytic. Other metals have not recovered to the same extent from the recent setback, prices for lead and zinc remaining below the highest levels registered in January, although they are substantially better than the lowest touched in that month. Tin has weakened, and the latest spot quotation of £226 7s 6d is equal to the lowest price quoted in January, when the highest quotation was £232 7s 6d a ton Reference to the increasing world consumption of copper and to the reduction in stocks was made by Sir Edmund Davis, deputy chairman of Rhodesian Anglo-American, Ltd. at the annual meeting in London recently. Consumption of copper, which was only 804,974 short tons in 1932 was at present apparently at the rate of about 1,750,000 short tons per annum, he said. That estimate was based on world consumption, which for the first 10 months of 1936 was a little over 1,460,000 tons. With the gradual reduction in stocks and the rise in price the output of the Northern Rhodesia copper mines was increasing, and the estimated total output of the three mines at present producing should be over 200,000 short tons per annum.

MINING NEWS

MOUNT MORGAN REPORT The production report of Mount Morgan, Ltd., for the period of four weeks and two days ended February 3, stales: “ Ore mined —sulphide, 30,496 tons; oxidised, 10,996 tons; total, 41,492. Concentrator treated 29,150 tons, assaying 3.03dwl gold, .80 per cent, copper. Concentrates produced. 1045 tons, containing 2745 ounces of gold. 198 tons copper. “ Oxidised plant treated 7996 tons low grade ore purposes establishing conditions and running plant in. Anticipated plant will reach full capacity within next period.” RIMU DREDGE (Feb United Press Association) HOKITIKA, Feb. 9. The Rimu dredge, for 128 hours, excavated 49,526 cubic yards for 264.80 z of crude gold. AUSTRALIAN PRICE OF GOLD The price fixed by the Commonwealth Bank for gold, including jewellery, lodged at the Melbourne Mint for the week ended January 29, was at the rale of approximately £8 2s per ounce standard (22 carats), equal to a premium of 108 per cent. Payment is made according to the assay value of gold. The price was up 4d on the week. The price per ounce fine was £8 16s 83d, which is 4id higher on the week. CENTRAL SHOTOVER RETURN The secretaries of the Central Shotovei Gold Mining Company, Ltd., report the completion of the third paddock for a return of 18oz 2dwt, making a total of 83oz 9dwt. The paddock was started on January 4, and comprised one-eighth of an acre of bottom (600 square yards). The plant is now being shifted upstream for the working of the next paddock. NEW GUINEA GOLDFIELDS LOWER PROFIT; NO DIVIDEND After providing £15,237 for depreciation, New Guinea Goldfields, Ltd., shows a net profit of £113,303 for the year ended September 30, compared with £152,020 for the previous year. In view of possible capital requirements, no dividend is recommended. The profit increases the credit balance to £324,596. Capital and ore development expenditure amounted to £92,924, the chief item being the Edie Creek mill, which began operations in January, 1936, and to September 14 returned an operating profit of £17,927. This, the directors point out, was insufficient to offset a decrease in revenue from the Golden Ridges mill and from alluvial operations. In order to delimit the ore disclosed by drilling at Upper Ridges, underground work is in progress; on the result of this will depend a decision to incur the expense of rebuilding the Golden Ridges mill for treatment of the Upper Ridges ore. The work of testing the Wau alluvials, which had given promising drilling results, has not been completed. Sales of bullion realised £313,636, and revenue from other sources'raised the total to £328,647. The Edie mill treated 28,468 tons of ore for a recovery of 94390 z fine gold, and 26,3400 z fine silver to September 14. Head values averaged 0.4260 z gold and 19.220 z silver. The Golden Ridges mill treated 35,835 tons ore and re-treated 20,399 tons tailings for a total production of 17,7400 z gold, and 11,5880 z silver. Working profit was £65,358. The average grade was 0.7060 z gold and 3.3610 z silver. Production from the alluvial areas was 80370 z fine gold and 64150 z fine silver, and tributers produced 5181 oz fine gold and 32310 z fine silver, together yielding a working profit to the company of £52,787. The balance sheet shows cash £159,337, payments in advance £6727, and debtors £35,366. Prospecting account stands at £75,631, and ore development redemption account at £20,032. Sundry creditors appear at £32,419. Capital is £1,118,083, and share premiums are £54,009. NEW GUINEA GOLD SHARES (United Press Association) (By Elqctric Telegraph—Copyright) LONDON, Feb. 8. New Guinea Gold shares are quoted at 3s. MOUNT LYELL SHARES (United Press Association) (By Electric Telegraph—Copyright) LONDON, Feb. 8. Mount Lyell shares are quoted at 36s 3d. STANDARD INSORANCE DIVIDEND At a meeting of the directors of the Standard Insurance Company, Ltd., yesterday it was decided to declare a dividend of Is 3d per share for the half-year ended December 31, 1936. payable on March 1 next. LpRNEVILLE STOCK SALE (Per United Press Association) INVERCARGILL, Feb. 9. Increased yardings were forward in all sections but fat cattle at the Lorneville sale to-day. Ewes comprised the major portion of the fat sheep offering, and values for these, especially freezing soils and light-weights, were Is a head better than last week’s rates, and in some instances this increase was exceeded.’ The market for wethers, however, was much the same as at the previous sale. Fat lambs sold right up to export schedule rates, but, although there was keen inquiry for store sheep and the whole of the offering was sold at auction, prices for these were a shade lower. 1 Fat Sheep.—The yarding was fairly large, and consisted practically of ewes. Values for wethers were much the same as last week, but ewes, more especially light-weights and freezing sorts, were firmer by Is a head, and in some case- even more. Prime heavyweight wethers brought up to 335: prime quality, 29s 6d to 30s 6d; good quality, 27s 6d to 28s 6d; light-weights, down to 245; prime quality young ewes, up to 255; prime heavy-weights, 20s to 21s; good quality. 18s to 19s 6d: freezing ewes, up to 17s 9d. There was not a large entry of fat lambs, and values were up to export schedule rates. Fat Cattle.—There was a large entry of fat cattle, including some nice quality beefs of all classes. While the sale was quite a brisk one, values showed little or no improvement compared with last week. Prime quality bullocks made £lO 5s to £ll 10s; good quality. £9 to £9 15s; medium, £8 to £8 10s: lighter and unfinished, down to £7; extra prime quality heifers, £lO 10s; good quality. £7 5s to £8; handyweights. £6 5s to £6 15s: lighter sorts, down to £5. Prime quality cows realised £7 5s to £8; good quality. £6 5s to £6 15s: medium, £5 5s to £5 15s; unfinished. £3 10s to £4 10s. CARLTON BREWERY GROUP Carlton and United Breweries, Ltd.. the big operating company, Melbourne, will pay an interim half-yearly dividend to December 31 of Is and a bonus of 3d a share on March 1. The rate is equivalent to 12J per cent, per annum. The full year's rate for 1935-36 was 10 ncr cent, and for 1934-35 8 per cent. Carlton Brewery, Ltd., and its subsidiary. Victoria Brewery Proprietary, Ltd., which hold 32 per cent, of the capital of the United company, will also pav a dividend of 6 per cent, for the half-year, making 10 per cent per annum for the previous financial year. This dividend will be payable on March 1 Books close February 10. Dividends declared by Carlton Brewery. Ltd., for the year ended December 31 have been for years distributed to shareholders from amounts received from the Carlton and United for the years ended June 30. Thus the higher interim dividend by the Carlton and United will not be received by Carlton Brewery. Ltd., until later in this year.

COMPANY BALANCE SHEETS SOUTHLAND FROZEN MEAT AND PRODUCE EXPORT COMPANY, LIMITED Paid-up capital: 1918, £68,283; 1919, £111,076; 1920-24, £113,529; 1925-35, £113,547; 1936, £113,550. Visible General Net Dividend Dec. 31. Deserves. Expenses. Profit. & Bonus

A further shrinkage has reduced the net profit to £13,386. The recommendation is to retain the dividend rate at 16 per cent, per annum, which will overdraw the net surplus by £4782, and reduce reserves correspondingly. There is little difference shown in the general charges, which, inclusive of directors' fees of £IOOO, come to £14,371 as against £14,086 for 1935. Other expenditure, which covers repairs, renewals, and taxation, the last of which may have been increased appreciably, as well as the more arbitrary items of depreciation and sundry contingencies, forms a deduction before the trading profit is brought out, so that a comparison with the previous year is not possible. Including transfer fees, the gross profits, as shown, amount to £27,757, a decrease of £4446, but as the deductions by themselves might be not less than the gross profits figure, the difference proportionally may not be so great. After the considerable capital expenditure during 1935, the fixed assets group at £244,412 has risen only slightly. The steady increase of the past six years, which has resulted practically in doubling the book value, has slackened, and an addition of some £2IOO, after applying depreciation, indicates that the special work in progress is near completion. Land, buildings, machinery, and plant are grouped at cost, subject to a reserve of unstated amount as well as to depreciation. Apparently this reserve has a separate existence, and does not take the usual form of writing down the fixed assets so that the book value represents something under the market value. In relation to the total assets, the land, buildings, etc., group has stood as under; — Band, Total Dec. SI. Buildings, etc. A wets. Hallo. £ £ iv.

Some redistribution has taken place among the liquid assets. Stocks and stores in works at £82,053 have more than doubled, while sundry debtors and mortgages have risen to £35,292, and London agents’ balances—a newcomer to the balance sheet —add £13,314. The effect of the increase of £75,000 approximately which is spread over these three headings is seen in the smaller sum in bank and on deposit, which nevertheless is as high as £33,168. A greater effect is shown in the investments, which are down to £101,565, or by nearly £70,000. Entered at cost, they are subject to a reserve of unstated amount for realisation. When the demand upon the cash resources was heavy, it might have been expected that the money in bank and on deposit would be utilised first, but it has been preferred to leave the money in .bank and on deposit at a fairly high figure, and draw mainly upon investments. Cash in hand at £287 brings the aggregate of liquid assets to £265,679, making the distribution between the fixed and liquid sections fairly even. . The reduction of nearly £15,000 in the total assets is partly compensated by a £IO,OOO reduction in the liabilities. The liabilities, which are designated as sundry creditors, advances against consignments, and provision for contingencies, are grouped at £200,368, but as the last-named can scarcely be classed as an item of indebtedness, the resultant effect of the decrease is not fully apparent. Reserves will be reduced by the £4782 required, to complete the 16 per cent, dividend, but otherwise they are unchanged. General, fire insurance, and building fund reserves remain at £BO,OOO, £25,000, and £45,000 respectively, while the floating balance is reduced to £37,089. The strength of the visible reserves and their solid position in relation to the paid-up capital justify the recommendation of the directors to draw upon them to furnish the balance required to meet the 16 per cent, dividend. TARANAKI OILFIELDS OVERSEA NEGOTIATIONS The board of directors of Taranaki (N.Z.) Oil Fields, N.L., Melbourne, announces that the negotiations with important oversea oil interests for the drilling of the company’s concessions on the east coast of the North Island, as referred to in the last annual _ report, and by the chairman, the Right Hon. W. A. Watt, in his address to shareholders, are satisfactorily. The company’s managing director, Sir Colin Fraser, is leaving for New Zealand by the Awatea on Friday, . February 12. in connection with the negotiations, and it is hoped that a statement to shareholders can be made in the near future. At the annual meeting in November Mr Watt said particulars of the company’s concessions and all available geological and drilling data had been submitted to the oversea concerns interested. The negotiations, he said, promised to result in a satisfactory arrangement being made which would be directed toward the testing and drilling of the company’s most promising structural areas in the Hawke’s Bav-Gisborne district. Since drilling near Gisborne was suspended toward the end of 1931 Taranaki Oil Fields has undertaken no active field work, activities being limited to the care of plant for the preservation of oil rights over proper-: ties regarded as of prospective interest. HEMP AND TOW GRADINGS IN JANUARY Gradings of hemp for export at New Zealand ports during January amounted to 3036 bales, an increase of 357 bales compared with January, 1936. The quantities graded at the respective ports were:—Auckland, 598 bales; Wellington, 1671 bales; Picton, 67 bales; Blenheim, 67 bales; Bluff, 633 bales. , The grading classes compare as follows; —Good fair, 193 (28); high fair, 966 (835); low fair, 570 (1047); common, 683 (427); reject, 608 (325); condemned, 16 (7). Tow gradings for the month were 267 bales, a decrease of 221 bales compared with January, 1936. The grading classes compare as follows:—First grade, 5 (6); second grade, 98 (108); third grade, 133 (371); condemned, 31 (3). No bales of stripper tow or stripper slips were graded. VICTORIA NYANZA SUGAR SOUTH AFRICAN MARKET The acting chairman, Mr G. Lucas, informed shareholders of the Victoria Nyanza Sugar Company, Ltd., in Melbourne that the South African market showed no improvement. Each mill was still marketing its own sugar, with the result that only export parity was being received on local sales. “ There is at present,” he added, “ no sign of an agreement being reached between the managemnt of the various mills, and how long it will take to fix a mutual agreement regarding a nrofit-f able price for sugar sold locally it is difficult to forecast. According to latest advices from Kenya, our plantations are in excellent condition, and, although at present it is a little early to make a forecast, it is expected that last year’.: production will at least be equalled.”

£ s. d. Commonwealth Bonds — 102 0 4 per cent., 1947 .. .. 5 1957 100 3 9 Tooheys • • 1 17 0 Tooths 2 .17 Associated News (pref.) 1 3 6 Australian Glass .. .. 4 14 1 9 0 9 0 14 44 Broken Hill Pty 4 Broken Hill Pty. (new) 3 8 Colonial Sugar .'. .. 43 5 Dunlop Perdriau .. .. 0 .19 0 General Industries 1 Standard Cement .. .. 0 .17 3 Hume Pipe .. ... .. 1 1 9 Morris Hedstrom .. .. 1 10 3 ADDITIONAL SALES £ s. d. Bank of New South Wales 36 5 0 Commercial Banking of 22 Sydney .. .. • 3 0 Commercial Bank of Aus74 tralia U J« National Bank (£5 paid) 7 .14 0 0 0 • Colonial Sugar .. .. 43 5 Australian Gas (A) .'. 7 ii 6 Berlei 2 3 British Tobacco .. . • 2 12 17 0 2 3 Tooheys 1 17 2 6 9 6 Coles 5 Goldsbrough, Mort i 18 Winchcombe Carson .. i i 19 Morris Hedstrom .. .. 10 6 9 3 14 9 0 0 44 Millaquin Sugar Anthony Hordern .. (pref,) 2 1 1 3 i 3 1 Hume Pipe 1 • J. M'Grath 2 1 3 Kandos 5 Gibson and Howes i i 10 W aldas 5 0 0 Edwards and Dunlop 2 10 Woolworths (oi’d.) o Selfridges (N.Z.) .. .. u 0 O 16 Mount Morgan .. • • 0 n Mount Lyell 2 4

higher copper prices. _ . Commercial Bank of Australia 0 19 National Bank (£5 paid) .. 7 14 6 British Tobacco 2 11 Carlton Brewery .. 6 4 6 Coles •: 5 1 6 Australian Iron and Steel (pref.) Australian Glass 1 7 4 14 6 9 Goldsbrough, Mort .. .. 1 18 9 Electrolytic Zinc .. .. •• (pref.) 2 15 2 17 0 Mount Morgan 0 16 5 Mount Lyell 2 4 0 Emperor 1 1 Loloraa • 1 4 Melbourne Electric Stock 0 18 0 Silverton Trams 1 18 3 Younghusband 2 4 9

... (2) 5 0 3 (4) 5 0 9 Mount Lyell 2 0 3 15 1 10 Mount Morgan . - ■ SALES REPORTED Bank of New Zealand . 2 0 6 New Zealand Refrig, (com.) 0 1 9 0 8 Bruce Woollen (prof.) . “ Electro. Zinc (ord.) . 0 0 0 Gillespie's Beach .. . Okarito .. (2) 4 3 Skippers SALE REPORTED AFTER LAST CALL E.S. and A. Bank 6 6 0 The following are yesterday afternoon’s buying and selling quotations which are subject to the usual brokerage:BANKING Buyer Seller £ s. 1. £ s. d. N.S.W. (£20) .. .. 35 0 0 N.Z. (£D - 2 0 4 2 0 6 Commercial (10s) 0 19 5 u 7 Comm, (pref.; £10) .. 9 0 0 E.S, and A. (£3) .. 6 6 0 National of N.Z. 0 (£2 10s) 3 0 0 3 3 Union (£5) .. •• — 10 12 INSURANCE National (7s) .. •• 0 18 2 0 18 5 New Zealand (£1) .. 3 1 3 3 3 0 Standard (£1) .. ■ • 2 17 6 2 19, 0 SHIPPING Howard Smith (£1) — 1 3 6 P, and 0. Def. Stock (£1) 1 17 0 U.S.S. Co, (pref.; £1) 1 6 0 Burns Philp .. 3 13 0 MEAT PRESERVING N.Z. Refrig, (paid: £1) — 1 0 6 N.Z. Refrig, (cont.; 9 (10s) 0 9 2 0 3 South. Frozen Meat 3 14 (paid: £1) 0 — South Otago Freezing 0 (£5) v — 7 18 LOAN AND AGENCY Goldsbrough. Mort. 18 (£1) 1 17 9 1 3 Mortgage Corp. 38 98 10 Stock — 0 National Mortgage (B issue; £1) 1 12 6 — N.Z. Loan and M. 0 (ord.; £100) v .. — 44 0 N.Z. Guarantee Corp. (3s) 0 5 4 0 5 7 Perpetual Trustees 0 (18s) — 3 4 Trustees, Executors (£2) 3 12 0 — Wright, Stephenson 0 (ord.; £1) .... 0 18 — Wright, Stephenson 0 19 (pref.; £1) .. .. 0 1 0 3 COAL Westport (10s) .. .. 1 3 9 1 4 6 WOOLLEN COMPANIES Bruce (ord.; £1) — 0 13 3 Bruce (pref.; £1) .. ' 1 2 9 Kalapoi (ord.; 17s) .. — 0 14 9 Kaiapol (cont.; 7s) .. — 0 6 0 Mosgiel (£4) 9 16 0 — MISCELLANEOUS Anthony Hordern (£1) 1 0 10 1 1 0 Associated News (pref. £1) — 1 4 0 Australian Glass (£1) 4 13 6 4 14 6 British Tobacco (£1) 2 11 0 — Broken Hill Prop. (£1) 4 0 3 4 1 6 Broken Hill Prop. (cont.; 10s) .. .. 3 8 3 3 9 0 Brown, Ewing (ord.; £1) ■ 1 3 0 — Colonial Sugar (£20) 42 10 0 — Consolidated Brick (£1) ■■ — 0 10 9 Crystal Ice (£1) .. — 2 6 0 D.I.C (ord.; 10s) 0 15 9 — Dominion Fertiliser (£1) 1 4 0 — Dominion Rubber (£1) 1 11 0 1 16 0 Donaghy’s Rope (£1) 2 11 0 Dunlop Perd Rubber (£1) 0 18 11 0 19 1 General Industries (12s 6d) .. . . • 1 0 0 1 0 6 G, J Coles (£1) 5 0 6 5 0 9 Hume Pipe (£1) 1 1 7 1 1 8 Milburn Lime (£1) 2 2 0 — Mort’s Dock (£1) — 0 13 6 M'Leod Bros (£10) .. 31 10 0 Natnl Electric (£1) 0 15 3 — N.Z Drug Co. (£2) 3 16 0 Malay Rubber (ord.: £1) 0 16 0 — N.Z. Paper Mills (£P 1 7 0 — Otago Daily Times (£1) 2 6 6 2 11 0 Wilsons Cement (10s) — 2 0 0 Woolworths (ord.; £1) 7 0 0 7 5 0 Shillings. Ltd (£1) .. 0 18 6 BREWERIES N.Z. Breweries (£1) 2 16 6 2 17 3 Staples (£1) .... — 2 0 6 Dominion (£1) .. .. 2 4 6 — Dunedin (£1) .. .. 1 8 9 1 10 0 Carlton (£1) .. .. — 3 5 0 Toohey’s 2 15 0 2 18 0 AUSTRALIAN MINING Broken Hill South (£1) 2 8 0 Electro Zinc (pref.; £1) 2 16 0 Electro. Zinc (ord.; £1) 2 14 9 2 15 9 Emperor (10s .. .. 1 0 6 Mount Lyell (£1) 2 3 10 2 4 3 Mount Morgan (2s 6d) 0 15 9 0 16 2 North Broken Hill (£1) — 3 18 8 Rawang Tin (10s) .. 0 11 0 Placer Development .. 5 3 0 MINING Argo (Is) 0 1 10 0 2 i Big River (Is) .. .. — 0 2 0 Central Shotover (Is) — 0 0 0 Clutha River (2s) .. 0 2 3 — Gillespie's Beach (Is) 0 1 5. 0 1 61 Goldfields Dredging (Is) — 0 0 4 Molyneux River (2s) .. 0 2 0 0 — Maori Gully (Is) — 0 6 Nokomai (5s) .. .. — 0 2 7 Okarito (5s) .. .. 0 4 1 0 4 5 Paddy’s Point (5s) .. 0 1 6 0 2 9 Skippers (Is) .. .. — 11 0 0 4 Waimumu Sluicing (Is) 0 0 0 1 1 n Waipapa Beach (Is) . — 0 0 GOVERNMENT LOANS 3J p.c. Stock, Nov.. 1938-52 101 0 0 101 17 6 3J p.c. Stock, March, 1939-43 — 102 0 0 3i p.c. Stock, Sep., 0 1939-43 •— 102 0 31 p.c. Stock, May, 1939-52 — 102 10 0 3J p.c. Stock, Nov., 1941-52 — 101 0 0

4 p.c. Bonds, 1943-46 . . 103 17 6 — 4 p.c. Stock, 1943-46 . 103 17 G — 4 p.c. Bonds, 1946-49 . . 103 10 0 — 4 p c. Stock, 1946-49 . 103 10 0 104 5 0 4 p.c. Bonds, 1952-55 . . 103 0 0 — ✓ 4 p.c. Stock, 1952-55 . . 103 0 0

Stock, 1938-52, 3i p.c.... ..'•101 12 6 Auckland City, 1944, p.c. 103 0 0 National Bank of N.Z, .. 3 2 3 Bank of New South Wales 35 15 0 Bank of New Zealand .. 2 0 7 Bank of N.Z. (D Mort.) 1 7 0 National Insurance 0 18 3 New Zealand Insurance 3 2 9 Traders’ Finance (con.) 0 4 3 Tooths 2 17 0 British Tobacco .. .. 2 11 6 G. J. Coles 4 19 9 5 0 0 Morris Hedstrom , . 1 9 6 Mort’s Dock 0 13 Woolworths (N.Z.) 7 3 0 Golden Crown .. .. 0 5 1

Sales on ’Change 3J p.c. Stock, 1938-52 .. .. 101 15 0 4 p.c. Stock, 1949 103 12 6 Commercial Bank of Aust. 0 19 6 Yarra Falls 2 - U 0 Dominion Breweries .. .. 2 4 6 British Tobacco 2 9 12 ] 1 0 6 Broken Hill Propy 4 0 9 Elebtro. Zinc (prof.; 2) 2 16 5 G. J. Coles 5 0 0 (2) 5 0 3 5 0 u Hume Pipe 1 1 9 Consolidated Goldfields 0 15 '0 Maori Gully 0 0 5i Unlisted Stocks Woolworths, Ltd. ■ • • • 8 12 6 (5) 8 13 0 8 12 6 CHRISTCHURCH Sales on ’Change E.S. and A. Bank 6 6 0 Bank of N.Z 2 0 4 National Insurance .. .. 0 18 2 Goldsbrough. Mort (3) 1 18 2 N.Z. Refrig. (10s pd) .. 0 9 4 N.Z. Breweries 2 17 4 Tooths Brewery (2) .. .. 2 16 9 Anthony Hordern .. .. G. J. Coles .. 1 5 1 0 0 6 Hume Pipe (Aust.) .. .. 1 1 1 1 8 7 Woolworths (N.Z.; ord.) .. 7 0 0 Mount Lyell 2 9 3 3 11 9 (2) 2 3 10 2 3 9 Mount Morgan (2) ,. .. 0 15 in (5) 0 16 0 Sales Reported Bank of N.Z 2 0 8 Comm. Bank of Aust. (pref.) 9 4 6 Union Bank of Aust 10 9 6 National Insurance .. .. 0 18 3 Permanent Investments (late Mon.) 9 15 0 Broken Hill Pty 4 0 9 Electrolytic Zinc (pref.) .. 2 16 3 Gillespie’s Beach (cum div.) 0 1 6 Hume Pipe (Aust.; 3) .. .. 1 1 9 Morris Hedstrom 1 9 6 Maori Gully 0 0 5 'i Waimumu Sluicing .. .. 0 0 11 Mount Morgan (late Mon.) 0 16 3 British Tobacco 2 11 8 Broken Hill Pty 4 4 0 o 7 6 Colonial Sugar 42 15 0 Dunlop Rubber 0 18 11 Electrolytic Zinc (ord.; cum div.; 2) 2 14 6 (pref.; cum div.) 2 16 3 2 16 2 2 16 3 Kauri Timber 1 3 8 Unlisted Stocks Ballins Breweries (10s pd.; 2) 0 8 0 Selfridges (Australasia; old; cum rights) 2 1 9 Woolworths (Sydney; ord. 4) 8 12 0 8 12 3 Sales Reported Woolworths (Sydney; ord.) 8 11 6 Woolworths (W.A.) 7 8 0 N.Z. Perpetual Forests 2 16 6

Paris — Pat RUGBY. Feb. (!. Fell. 8. Feb. S, Francs to £ 1 p.M.:!i 105 7(11 105 7-61 Brussel?— Helgas to £1 30 28.00 29.01 Oslo— Kroner to £ 1 IS. IS!) 19.90 10.90 Stockholm— Kroner to £ 1 IS.ISO 10.304 10.304 Copenhagen— Kroner to £ 1 is.ir.o 22.40 22.40 Berlin— Marita to £ 1 ’JO. 34 12.10 12.17 Montreal — Dollars to £ 1 4.S(i Mi ■1.80% 4.80% New Vorlt— Dollars to £ 1 4.SO 2-3 4.80 5 1(1 4.89 7-16 Yokohama— Fence to yen 34.582 13 31-32 13 31-32 Hongkong— Ponce to dollar 24.58 II 15-01 It 15-61 Bombay— Pence to rupee 18 0-111 IS 9-01 Batavia— Florins to £ 1 12.10 8.so; 8.894 Milan — Lire to £ 1 82.46 03 93 Amsterdam— Guilder to £ 1 12.107 8.034 8.91 Prague— Kroner to £ 1 1044 110 5-10 110% GenevaFrancs to £ 1 25.22J 21.12 21.12 Vienna— Schillings to £1 .. .. 61.864 204 264 Helsingfors— Marks to £ 1 193.23 2201 2264 Madrid— Pesetas to £ 1 25.224 03 11-32 03 11-32 Belgrade— Dinars to £1 25.224 213 213 Athens— Drachma to £1 375 5174 5474 Lisbon— Escudos to £1 no 111) 3-16 110 3-1(1 Bucharest— Lei to £1 031.0 670 670 Rio de Janeiro— Pence to milrels .. 5.890 41 4} Buenos Aires— Pence to pesos 47.22 _ Shanghai— Pence to tael M 17-32 14 17-32 Montevideo— Pence to pesos 30% 39% Warsaw— Zlotys to £1 - 26.06 20.06

London— £1 N.Z. to £ 100 Buying. Selling etc T.'l CM 121/10/O.D 123/10/121/8/9 Australia — £ A to £ 100 N.Z. T.T 101 109/10/OD 101 100/10/FIJI— £ F to £ 100 N.Z T.'l’ 00/7/6 89 O D 90/7/6 89 New York— Dollars to £ N.Z, T.l 3,9.7% 3.92J 3 I) 3.97% 3.92} .Montreal— Dollars to £ N.Z T.'l. 3.97% 3.92% O.D. , 3.97% 3.92% Austria— Schillings to £ N Z T.T. — 20.68 0 1), — 20.70 Belgium— Relgas lo £ N.Z r.T — 23.168 0,0. ■ 23.179 Czechoslovakia— Crowns to £ N.Z T.f. — 111.72 O.D. — 111.77 Denmark— Kroner to £ N.Z T.T. 18.203 17.893 O.D. 18.263 17 903 France— Francs to £ N.Z T.T — 81.21 O.D. • 81.27 Germany— Reichsmarks to £ N.Z. .. .. T.T —- 9.701 0.0. — 9.706 Holland— Florins to £ N.Z. T.T. 7.283 7.133 O.D. 7.313 7.137 Italy— Lire to £ N.Z r.T. — 71.10 O.D — 71 51 Java— Florins to £ N.Z, T.T 7.219 7.089 O.D. 7.309 7.093 N orway— Kroner to £ N.Z T.T. 10.181 15.891 O.D. 10.211 15.901 Sweden— Kroner to £ N.Z. T.T. 17.787 15.190 O.D 1.7 817 15.500 Switzerland — Francs to £ N Z T.r. 17.387 17.117 O.D. 17.192 17.122 Noumea— Franca to £ N.Z. T.T. — 82.81 on. — 82.90 Papeete— Francs to £ N.Z. T.T. — 82.99 0.1). — 83.05 Hongkong— N.Z. pence to I IS 25-32 dollar T.T. IS 9-3 0 D. 18J 18 19-61 India and Ceylon— N.Z. pence to ] 22 13-3 22% 2 22 11-16 22 43-61 rupee .. .. t. r. 0 1). Japan— N.Z. pence to 1 yen •. .• T.T. OD. — 17 29-64 Shanghai— N.Z. pence lo 1 17% 18% dollar .. •• T.r. O.D 17 27-3 2 18 23-61 Singapore— N.Z. pence to 1 dollar .. •. T.r. 0 1) 31 23-3 34% 2 35 13-61 35 3-16 Chefoo — N.Z. pence to I dollar T.T. O.D 17% I8i 17 53-61 18 31-61 All rates subject to alteration without notice

Copper, epot £55 Ton. 2 C Itl.se 0 1G 10% Copper, forward .. .. 55 5 7 Vi Rise 0 18 D Electrolytic, spot 55 15 0 Rise 1 0 0 Electrolytic, forward.. (it) 15 0 Rise 1 0 0 Wire bars .. •• .. r,o 15 0 Rise 1 0 0 Lead, spot .. .. .. 127 8 9 Rise 0 1 3 Lead forward .. .. 27 7 0 lti.se 0 1 3 Spelter, spot .. •• 22 11 3 Rise 0 15 0 Spelter, forward .. .. 22 18 9 Rise 0 15 0 Tin. spot 32 7 7 0 Fall 1 JO 0 Tin. forward .. .. 228 7 <5 Fall 1 5 0

£ £ £ P.n. 1918 104,900 7,100 17,077 10 1920 116,282 7,970 17,824 8 1922 117,803 7,144 14,635 8 1924 124,040 7,348 9,249 10 1926 128,819 7,685 13,769 10 1928 130,107 12,646 14,683 12 1930 129,028 8,520 11,394 11 1932 160,661 9,862 14,521 12 1933 188,031 11,882 51,085 38J 1934 191,921 12,830 22,058 16 1935 191,870 14,086 18,117 10 1930 187,089 14,371 13,386 16

1913 136,865 251,745 54,36 1920 153,915 336,530 45.73 1922170,090 315,638 53.88 1924 121,946 283,844 42.96 1926 120,603 298,243 40.44 1928 120,927 300,516 40.24 1930 124,009 304,686 40.70 1932 145,379 378,280 38.43 1933 177,996 493,634 36.06 1934 198,318 537,537 36.89 1935 242,298 524,931 46.16 1936 244,412 510.091 47.92