COMMERCE AND FINANCE

Otago Daily Times, Issue 23114, 13 February 1937, Page 10

COMMERCE AND FINANCE

LOCAL AND OVERSEAS MARKETS

THE SHARE MARKET DUNEDIN STOCK EXCHANGE '■"The folbwing is a list of the business recorded on the Dunedin Stock Exchange during the past week:-

the week reviewed ; australianlndustrials ACTIVE ;: There was a fair volume of business transacted on the: Dunedih 'Stock Exchange during the past week, Australian industrial shares bemg especially active. In all, about 70 transactions took place, making the volume in a par with that of the previous 7 e6k ' BANKING SHARES ■ Bank of New Zealands eased slightly. There was business last week at £2 0s 6d, and this week sales were effected at as £2 They are now on offer, at £2 Os oa With no buyer forward. j All Australian banking shares nave been firm, and there has been a particularly strong demand for E.S. and A. Banks at up to £6 6s, at wh ch figure a sale took place. Unions have also remained Arm. and are now on offe* at £JO 12s- ~• ~; , .,j, .■ ,-. .. ..>, ; . ; .. INSURANCE AND SHIPPING In the insurance section, Nationals eased slightly, and with a buyer at 18s and a seller at 18s 6d they are a shade lower than last week Two parcels of New Zealands changed hands at £3 Is 9d. They are now quoted ex dividend, and there is an unsupplled buyer forward at £3 Is. The demand for Standards improved somewhat. There was business a week ago at £2 19s, and they are now wanted at £2 18s, with a seller asking £3 P. and O. Deferred. Stock has been steadily in demand at £1 17s, with no seller in the market. MEAT AND LOAN COMPANIES There has been practically no variation in values for New Zealand Keingeratings. The paid-up issue has had sales at up to £1 0s sd, and is now on offer at £1 0s 6d. while the contributing shares have been dealt in at 9s 2d and 9s 3d. Sellers are now asking 9s 4d. „ i 4 Goldsbrough, Marts had a sale at £1 18s. and Loan and Mercantile* continue on offer at £44. The high wool prices have caused a further firming in stock and station shares, both issues of Wright, Stephenson's improving and Otago Farmers' rising from 3s 4d to is 9d with no seller forward.

COAL AND WOOL Kaitangata Coals have remained steady with an unsupplied buyer at £1 Is 6d. Westports have had a better inquiry, and business has been done at £1 4s 3d. The closing quotations were 6d on either side oi that figure. There has been a persistent inquiry for Mosgiel Woollens at £9 16s, with none available. Oamarus were offered at £1 Is 6d, but no demand was in evidence. INDUSTRIALS ACTIVE Anthony Horderns are firm, sales having taken place at £1 Is. There was business in Australian Glass shares at £4 13s 3d, subsequent offers of 3d less finding sellers firm at £4 14s Both issues of Broken Hill Proprietary shares have been active, the r/ud-up shares selling at £4 0s (Jd, and the contributing issue at £3 8s 6d and £3 8s 3d. .Prices are on a par with last week's. Colonial Sugars have been "asked for at £42 10s, and there was a sale in the north at 5s more. There is a wide market for Dominion Rubbers, offers of £1 lis finding sellers firm at £1 15s. G. J. Coles were again very active, no fewer than 10 parcels changing hands. They were sold at £4 19s 9d at the beginning of the" period, but improved to £5 and later to £5 0s 3d, £5 0s 9d, £5 Is 3d, and £5 Is 9d. Buyers have not been prepared to go beyond the last figure, and offers made yesterday found sellers firm at £5 3s. Hume Pipes have had sales at £1 Is 9d current quotations showing little variation on last, week's values. Regent Theatres were asked for at £l, with no seller forward. There was business in ordinary Woolworths at £7, and they are now wanted at £6 19s, with a seller in the market at £7 ss. The Sydney issue has shown little fluctuation, sales taking place at £8 14s and £8 12s. . BREWERIES IMPROVE New Zealand Breweries were quoted at £2 16s 6d and £2 17s 6d at the end of last week, but they improved to £2 17s Bd, at which figure business was done. The close of the market found a buyer offering £2 17s, with no seller forwsrd During the week Staples paid a dividend of 6d and a bonus of 4s. The shares are now on offer at £i tos. MINING SHARES Preferred Electrolytic Zincs were sold at up to £2 16s, and are.now wanted at £2 15s 9d. The ordinary issue was dealt in at £2 14s Bd, current quotations revealing a firm deWith the improvement in Jnetal prices during the week Mount Lyells rose sharply from £2 3s Id a week ago to £2 4s lid. Further sales took place yesterday at £2 3s 7d and £2 3s 9d, and the market closed with a buyer at £2 3s 7d and a seller at £2 3s lOd. ~ , A . Mount Morgans were sold last week at 16s 6d and 16s 9d.. They, eased considerably later, and business took place at 15s lOd. There was an improvement yesterday, however, a buyer offering 16s Id. There was little activity.in New Zealand mining. Okaritos had an improved inquiry, and business was done at 4s 3d. The closing quotations were 3d on either side of that figure. GOVERNMENT LOANS ACTIVE Steady business was done in the 1943-46 and 1946-49 issues of Government loans, the former selling at up to £lO4 and the latter at £lO3 15s. Both the 1938-52 and 1939-43 issues were sold at £lOl 15s.

The following are yesterday afternoon's buying and selling quotations, which are subject to the usual brokerage:— BANKING

NORTHERN EXCHANGES AUCKLAND Sales on 'Change

CHRISTCHURCH Sales on 'Change

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

ON NEW ZEALAND CURRENCY BASIS The Bans of New South Wales, Dunedin. quoted the followinf? rates for (furchases and sales of foreign exchange yesterday:—

All subject to alteration without untirp 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 are subject to alteration • without U.S.A. Canada, (l'er £1 (Per £1 N.Z.) N.Z.) Spiling— Dols Dols TT 3.92 J! 3.928 O'.D 3.923 3.931 Buying— T T 3-96 3.964 s O.D 3.971 3.97 g

LONDON METAL MARKET (United Press Association) (By Electric Telegraph -Copyright* LONDON. Fob. 11. Tlif followlnj are the offli'lnl metal a'l<'">Honn-

LONDON STOCK EXCHANGE (United Press Association) (By Electric TelegraDh -Coovrtehti LONDON, Feb. 11. The following are the latest quotations lor Government securities compared with the prices ruling last week:— Feb. 4. Feb. 11. British- *J?. d. „4 £■ d „- Consols 82 15 0 81 10 0

DUNEDIN MARKETS

WHEAT, OATS. ETC. Offerings of new season's wheat from the country are on the increase, and millers are taking the opportunity oi securing lines to mix with 'old wheat. The samples are of good quality, and it is gratifying to see this after the experience of last year, when nearly all the wheat was of indifferent quality. The recent break in the weather will, no doubt, stop threshing, and as far as Otago is concerned further delay harvesting. Crops on the southern area will not be available for some weeks, and a spell of good weather is badly needed. The fowl wheat market is unchanged, and merchants are at present working from hand to mouth. Up to the present the Government has made no announcement regarding supplies of wheat for poultry farmers, and merchants are awaiting some lead, as the position is uncertain. Present values are 5s 3d to 5s 6d. sacks extra, ex store, Dunedin. Wholesale prices are as follows: Flour: 200'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. The oat market shows no change. Values are firm, with very little business passing owing to the fact that practically no stocks are held in store. New season's oats have appeared in Canterbury and North Otago and in Otago. The quality is good, and indications point to good yields throughout the SouMi Island. In the meantime quotations are 3s Bd, f.0.b., sacks in, for A grade, and 3s 6d for B grade, these prices being equivalent to 3s, sacks extra, on truck at country sidings for the former, and 2s 9d for the latter. The chaff market remains unchanged and the demand is very light. Supplies are. being drawn as required from Canterbury, and present values are from £5 to £5 5s per ton, sacks extra, ex store. Supplies of local grown potatoes are increasing, and there appears to be a general anxiety on the part of growers to lift crops which are ready owing to the presence of blight. The present price is £6 per ton, sacks in, but sales are on the small side, and distributors are buying from hand to mouth. On account of the break in the weather, only a few samples of new season's seeds have, ud to the present, appeared on the local market. Indications are that cocksfoot is light in weight, and also contains a larger quantity than usual of other seed, which will make the cost of dressing fairly heavy. Ryegrass samples are also later than usual, and germination tests have riot been satisfactory. The ouantity of ryegrass offering from Canterbury has been much lighter than was at first anticipated, and it is now expected that the same position will prevail through Otago and Southland. Although no prices were quoted earlier, there is now a firmer feeling in the market. Other seeds remain unchanged. Most of the fescue crop has been cut. but up to the present has not opened. Wholesale prices are' as follows: Chaff.—Good bright oaten sheaf, £5 to £5 5s per ton, ex store. Dairy Butter.—Milled bulk, to 9d per lb; separator, to 9d per lb. Bacon.—ls Id per lb. Ham.—Ordinary. Is 2d per lb; boneless. Is 4d. Eggs.—Stamped, Is 4d; case, Is 3d. Auckland onions, round about 8s 6d per sugar bag. FRUIT REPORT Apples are not over plentiful at present, the prices on the northern markets keeping Nelson supplies from being forwarded south. This leaves the local market dependent on supplies from* Central Otago. Gravensteins being practically the only variety available. So far this season prices are fully 50 per cent, above those ruling at the same time last year. Bon Chretien pears are now coming forward, but there is an absence on the local market of supplies from Nelson. • , The cold weather at the end of last week had an effect on the prices of stone fruits and tomatoes, and dragging sales have been experienced during the past few days. Apricots have been offering freely at low rates, but too many lines are still arriving in too green a state for the local market. It has been the experience of retailers that this fruit will not ripen in the case. It is this fact that has caused the apricot market to come back almost 50 per cent, during the past week. The season is almost finished, and an advance in price mav be expected early. There is a firm inquiry for choice quality dessert peaches. Nectarines are offering in small lots only. Jam plums are plentiful, and there is a good demand for choice dessert quality. . English greengages are in good demand. Supplies of tomatoes have been erratic, and prices have been fluctuating from day to day. There is a good i demand for choice quality hothouse, grown, but inferior grades of outside grown are going off at low rates. Reports from Canterbury state that outside grown tomatoes are unlikely to be in heavy supply this season, as the inclement weather during the past few months has caused many crops to be a complete failure. Very few Nelson tomatoes are coming forward on account of the better prices ruling in Wellington, and the fact that transport to that town is about half what it is to Dunedin. . Shipments of bananas by the Maui Pomare arrived in fine green condition, and were immediately taken up by retailers. The next shipment will be the first under the new Government system of control. Up to the present merchants have had no particulars as to the quantity likely to be allotted to the local market, but it is expected that large supplies will come forward by the Maui Pomare, while those ex the Matua will be cut down. Should this be the case, dealers will not complain, as the Maui Pomare's shipments open up in prime condition, while the Matua's fruit, through having to be handled so frequently before it reaches the local market, is frequently of poor quality. The market is again bare of oranges, and there appears to be little prospect of further immediate supplies. The position is at present as bad as it was in December last, when oranges were practically unprocurable. American and New Zealand lemons are in good supply. , Potatoes have not been plentiful during the week owing to the wet weather preventing digging. Choice green peas are in good demand, but lines affected by the weather are difficult to place. Lettuce are in over-supply and French and runner beans are also plentiful. „ . Vegetable marrows are offering freely. Cabbages and cauliflowers continue to realise high prices. Other vegetables are in fair supply, with a normal demand ruling. Wholesale prices are as follows: Apples.—Gravensteins, 9s to 12s 6d per case; cookers. 6s to 8s per case. Bananas.—Ripe, 22s 6d per case. Plums.—Dessert. 2d to 3d per lb: cooking, 2s to 3s 6d per case. Greengages. 3d to 5d per lb. Apricots—Choice, 2Jd to 3Jd per lb; jam, 3s to 4s per case. Peaches—Choice 2Jd to 4Jd: jam. 3s to 4s per case. Nectarines.—Choice 3Jd to sd: lam. 3s 6d to 5s per case. Satsuma Dlums.—<ss to 6s 6d per llcllf-CcISG Pears—William Bon Chretien. 3s 1o 4s per half-case: cooking. 2s 6d to 3s fid per half-case. Tomatoes.—Hothouse, 9d to lOd per lb; outside grown choice. 4d to 7d: inferior, 2d to 3d. Jamaican oranges. 32s 6d per case; California!! navels. 455. Lemons.—New Zealand grown, ,20s per case for extra fancy; Californian. 65s per large case. Raspberries. 7s 6d to 8s 6d per bucket. Jamaican grapefruit, 27s 6d per case. Cauliflowers, 7s to 8s per sack. Cabbages.—Choice to 5s per bag; other quality. 2s to 3s. Rhubarb, Is per dozen bunches; loose, to Id per lb. New season's parsnips, Is per dozen bunches. Carrots.—New season, Is per dozen bunches. New Potatoes.—Prime, to 3s 6d per sugar bag; others, Is 6d to 2s 6d.

Lettuce.—Choice, Is 6d per dozen. Green peas, 2d to 4d per lb. Beans.—French, 2£d to 3|d per lb; runner, 2d to 2Jd per lb; broad, 2d to 2Jd per lb. Swedes, 3s to-3s 6d per case. Marrows, IJd per lb. BALCLUTHA STOCK SALE (Special to Daily Times) BALCLUTHA, Feb. 12. Good prices prevailed for sheep at the fortnightly sale to-day when there was a yarding of 1280 fat sheep and lambs and 3934 stores. Fat lambs sold at 23s to 34s 3d; fat wethers to 30s; fat ewes 16s to 29s 6d, the latter price being for best butchers' ewes. Store Sheep.—Wether lambs, 22s to 24s Id; cull mixed-sex lambs, 14s to 16s; failing-mouth ewes, 10s to 153 6d; sound-mouth ewes, 23s 6d; six and eight-tooth ewes, to 30s. Cattle.—A good yarding, but prices showed a decline. Fat bullocks made up to £10; fat heifers £5 7s to £5 17s 6d; fat cows, £4; store cows, £2 10s. Pigs.—A good yarding of young pigs met with a keen demand at somewhat lower prices than those ruling a fortnight ago. Small suckers sold at 15s to 16s, better grown 17s to 20s; slips 30s to 31s. PRICE OF FINE GOLD (United Press Association) (By Electric Telegraph—Copyright) LONDON, Feb. 11.

DOLLAR AND FRANC (United Press Association) (By Electric Telegraph—Copyright) LONDON, Feb. 11. Exchange on New York is quoted at 4.89 J dollars to the £, and on Paris at 105 francs to the £. BANK OF ENGLAND RETURN (United Press Association) (By Electric Telegraph—Copyright) LONDON, Feb. 11. The following is the Bank of England return:— . ISSUE DEPARTMENT Note issue in circulation £455.000,000 Bank department .. .. 58.700,000 Government securities .. 187.900,000 Other securities .. .. 1,100,000 Silver coin BANKING DEPARTMENT Rest £3,600,000 Public deposits .. .. 11,700,000 Bankers' deposits .. .. 99,200,000 Other accounts .. ~ 37,400,000 Government securities 81,200.000 Discounts and advances 6,500,000 Other securities .. .. 19,500,000 Notes and coin .. .. 59,200,000 Rate of reserve to liabilities is 39.89 per cent. Bank of England discount rate remains unchanged at 2 per cent. WHEAT, FLOUR, ETC. (United Press Association) (By Electric Telegraph—Copyright) LONDON. Feb. 11. Wheat: Cargoes featureless. Parcels quiet. Futures: London, March, 45s ll|d: May, 45s 6d. Liverpool: March, 8s 7?d; May. 8s 9jd; July, 8s 10Jd. The spot trade is quiet. Australian (ex ship), 465. Flour: Steady. Australian (ex store). 32s 6d to 335. Chicago Futures: May; 1354 cents per bushel; July, 1171 cents; September, 113 g cents. BRADFORD MARKET (United Press Association) (By Electrio Telegraph—Copyright) LONDON, Feb. 11. Bradford Tops.—Merinos: Seventies, 39d; sixty-fours, 37d; sixties, 36d. Crossbreds: Fifty-eights, 33d; fiftysixes, 29d; fifties, 24Jd; forty-sixes, 23|d (nominal); forty-fours, 23Jd (nominal). The market is firm, buyers awaiting developments. Business is quiet, and consumption moderate.

RfOUNT LYELL SHARES (United Press Association) (By Electric Telegraph—Copyright) LONDON, Feb. 11. Mount Lyell shares are quoted at 34s 6d. " COLLAPSED " PIG MARKETING SCHEME The three-year-old bacon and pig marketing schemes have now virtually collapsed (writes the Manchester Guardian). Although a new contract year began on January 1, no prescribed contract between pig producers and bacon curers exists; the railways have withdrawn their flat rates for pig transport; the Pigs Marketing Board is without an income and is living on its reserves. Although according to the terms of the Greig award, accepted by both parties, prices for bacon pigs were arranged at a somewhat higher level than last year, the farmers failed to sign enough contracts to satisfy the bacon factories. One reason for their refusal was that the price of feeding stuffs rose from under 9s to 10s a cwt, and no provision was made for such a rise. Again, the farmers had long been dissatisfied with the grading arrangements and with the large numbers of small factories which they had to supply (in Contrast to the centralised system which is at work in Denmark). ,': The Pigs Marketing Board is now trying to prescribe minimum terms for contracts, but that arrangement will fall unfairly on the small man on either side. Among one section of the farmers the reason for breaking the scheme was the hope of forcing an impartial investigation, but many of them believed simply that they would get better prices in an open market. Meanwhile the Board of Trade has arranged a bacon import quota for the first six weeks of the year, but. vaguely though the Act under which it exercises this power is worded, there can scarcely be any justification for continuing a quota when the marketing schemes are dead. The Act at least states that the " Board of Trade shall have regard to the interests of consumers," and if insufficient home-produced bacon is forthcoming to supply the shops at reasonable prices the quota should be heavily increased, if not abolished.

£ s. d Bank of New Zealand (4) 2 0 6 2 0 5 (2) 2 0 4 Commercial Bank .. •-• (3) 0 IS 6 E.S. and A. Bank :\ .'. 6 6 0 (2) 3 19 14 3 N.Z. Refrig. (cont.) .. .. (2) 0 9 2 (2) 0 9 3 Goldsbrough, Mort .. .. 1 18 0 Bruce Woollen (pref.) .. 12 0 Australian Glass .. .. 4 14 0 Broken Hill Prop. 4 0 6 Broken Hill Prop, (cont.) 3 8 6 3 8 3 4 19 9 5 0 0 (2) 5 0 3 (4) 5 0 9 5 1 3 5 1 9 119 1 1 8 (2) 3 16 6 2 9 0 8 13 0 2 17 3 2 17 4 Otago Daily Times .. .. Woolworths (Sydney) (2) (3) 2 17 6 Dominion Brewery .. .. 2 4 6 2 0 6 2 14 8 2 3 1 2 4 0 Staples Brewery •• •• Electrolytic Zinc (ord.) .. (2) 2 3 11 2 4 1 (2) 2 3 7 (4) 2 3 9 0 15 10 Mount Morgan Developments 0; 1 1 0 2 0 0 16 0 4 3 0 3 103 17 6 "Quartz Mountain .. •• Gillespie's Beach .. •• (2) Skippers •• 4 p.c. Bonds, 1943-46 ,, 4 p.c. Stock, 1943-46 104 0 0 '4 p.c. Stock, 1946*49 103 15 0 S\ p.c. DX.C. Debs., 1/9/54 98 10 0 2 16 1 10 0 Self ridges (old) .. •• Associated Motorists

SALES ON 'CHANGE £ 8. d. 2 3 9 SALES REPORTED (2) 1 10 2 3 2 3 103 17 6 7 9 6

Buyer Seller £ s. « i £ s. d. N.S.W. (£20) .. .. 35 10 0 — — 2 0 6 N.Z. (Long D; £1) .. — 1 8 0 Comm. (pre*.; £10) .. 9 0 0 — E.S. and A. (£3) .. 6 5 0 — Natl, of N.Z. (£2 10s) — 3 3 6 Union (£5) .. .. — 10 12 0 INSURANCE National (7s) .. .. 0 18 0 0 18 6 New Zealand (£1) .. 3 1 0 — South British (£1) .. 4 16 0 — Standard (£1) .. .. 2 18 0 3 0 0 SHIPPING P. and 0. Def. Stock (£1) 1 17 0 — U.S.S. Co. (pref.; £1) 1 6 0 — MEAT PRESERVING N.Z. Refrig (paid; £1) — 1 0 6 N.Z. Refrig. (cont.; 0 9 2 0 9 4 South. Frozen Meat (paid; £1) .. .. 3 16 0 4 0 0 South Otago Freezing (£5) — 8 0 0 LOAN AND AGENCY Goldsbrough, Mort (£1) . 1 17 9 1 18 3 Mortgage Corp. 32 — 98 10 0 N.Z. Loan and M. (ord.; £100) .. .. — 44 0 0 N.Z. Guarantee Corp. (3s) 0 5 3 — Perpetual Trustees (18s) .'. — 3 4 0 Trustees, Executors . (£2) 3 12 0 — Wright, Stephenson (ord.; £1) .. .. 0 18 0 — Wright, Stephenson (pref.; £1) .... 0 19 3 1 0 0 Otago Farmers (3s 4d) 0 3 9 — • COAI Kaitangata (16s) 1 1 6 — Westport (10s) .. .. 1 3 9 1 4 9 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 3 Associated News (pref., £1) .... 1 3 9 — Australian Glass (£1) 4 13 0 4 14 0 British Tobacco (£1) 2 11 0 2 12 0 Broken Hill Prpy. (£1) 4 0 3 4 1 0 Broken Hill Prpy cont.; 10s) 3 7 6 3 li a Brown. Ewing (ord.; £1) 1 0 3 1 1 3 Consolidated Brick (£1) 0 10 2 0 10 9 Crystal Ice (£1) — 2 6 0 D.I.C. (ord; 10s) .. 0 15 n — D.I.C. (pref.; £1) 1 3 0 — Dominion Fertiliser 1 4 0 1 4 9 Donaghy's Rope (£1) 2 11 0 — Dunlop Perdrlau Rub- — 0 1!) 3 G. J. Coles (£1) .- 5 1 6 5 3 0 Hume Pipe (£1) .. 1 1 0 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 — Farmers' Fertiliser (£1) — 1 0 9 Regent Theatre (£1) 1 0 0 — Wilsons Cement (10s) — 1 19 j Woolworths (ord.; £1) 6 in 0 7 5 0 Shillings Ltd. (£1) 0 18 9 — BREWERIES N.Z. Breweries (£1) 2 17 0 — Staples (£1) .. .. — • n is 0 Dominion (£1) .. .. — 2 5 0 Dunedin (£1) .. •• 1 8 0 1 10 0 Carlton (£1) .. .. — 3 5 0

AUSTRALIAN MINING Broken Hill South (£1) 2 s 0 Electrolytic Zinc (pref.; £1) .. .. 2 15 9 — Electrolytic Zinc (ord.; £1) 2 14 6 2 16 0 Mount Lyell (£1) .. 2 3 7 2 3 10 Mount Morgan (2s 6d) • 0 16 1 — Rawang Tin (10s) .. 0 11 1 0 11 4 Placer Developments — 5 3 0 Sulphide Corporation — 0 15 0 MINING Argo (Is) — 0 2 1 Big River (Is) .. .. — 0 1 10 Gillespie's Beach (Is) 0 1 55 0 1 (ii King Solomon (Is) .. — 0 0 6 1 1 0 Molyneux River (2s) 0 2 0 — Maori Gully (Is) .. — 0 0 6 Nokomai (5s) .... — 0 2 9 0 0 4 6 Paddy's Point (5s) .. — 0 2 9 Skippers (Is) .... — 0 0 4 Waimumu Sluicing (Is) 0 0 11 0 1 1 GOVERNMENT LOANS 3i p.c) Stock, Nov., 1938-52 101 0 0 102 0 0 31 p.c. Stock, March, 1941-43 101 0 0 — 3J p.c. Stock, Sept., 1941-43 101 0 0 — 3J p.c. Stock, May, 1941-52 101 0 0 — 3J p.c. Stock, Nov.. 1941-52 101 0 0 — 4 p.c. Bonds, 1943-46 103 17 6 104 5 0 4 p.c. Stock, 1946-49 103 10 0 104 0 0 4 p.C. Stock, 1952-55 — 103 10 0 ••Ex Bonus. DIVIDENDS PAYABLE The following is a. list of shares on which dividends will shortly be payable: Gillespie's Beach—Id per Feb. 24 National Mortgage (£2)--84 p.c, Is 6d per share, halfFeb. 25 National Mortgage (£1)•ei p.c, 9d per share Feb. 25 Electrolytic Zinc—Ord. and pref.; 12 p.c, Is 2 2-5d per share, half-yearly Mar. 18

Stock, 1939-42. 3i p.c. ... .. 101 12 6 Commercial Bank of Aus0 19 3 Bank of N.S.W 36 0 0 Bank of N.Z 2 0 0 Dominion Investment 0 15 6 Goldsbrough, Mort .. 1 18 0 Dominion Breweries (2) .. 2 4 0 2 4 3 Consolidated Brick (3) .. 0 10 6 Dominion Fertiliser .. 1 4 1 Farmers' Trading .. .. 1 3 8 G. J. Coles (4) 5 3 6 5 3 9 Morris Hedstrom .. 1 10 3 0 19 2 0 4 6 0 2 9 1 9 0 0 0 6 Mount Morgan (2) .. 0 16 6 . 0 16 5i • 0 16 6 0 16 8 0 16 9 Placer Development .. 5 0 0 Unlisted Stocks National Tobacco .. 2 17 3 Selfridges (A'asia. old) 2 0 2 0 0 5 6 0 0 (N.Z., 4s paid) Woolworths (West Australia) 7 7 0 WELLINGTON Sales on 'Change 21 p.c. Stock, 1939-43 (London delivery, late Thurs.) 101 15 0 Bank of New Zealand (late 2 0 3 (late Thursday) 2 0 2 National Bank of A'asia 15 12 6 Queensland Insurance (late 2 19 71 Gear Meat (late Thurs.) ... 0 17 3 Consolidated Brick (late 0 10 6 G. J. Coles (late Thurs.) .. 5 2 9 (late Thursday) 5 2 0 Sharland (late Thursday) .. 0 19 3 Kandos Cement (late Thurs.) 1 5 0 103 12 6 3J p.c. Stock. 1938-52 .. 101 15 0 10 12 10 12 0 6 2 0 3 36 0 0 N.Z. Guarantee Corp. 0 5 6 0 17 3 Dominion Breweries .. 2 4 0 Broken Hill (2) 4 0 11 4 i n 5 3 9 ' ' (2) 5 4 0 5 5 0 Woolworths (N.Z.) .. .'. 7 1 0 Morris Hedstrom .. 1 10 3 0 16 3 0 16 31 0 16 4 Unlisted Stocks National Tobacco .. .. 2 17 6 Wellington Publishing 4 10 0 Woolworths, Ltd. (2) 8 12 6 ■ ■ ——— —' ■= — —

N.Z. Govt. 4 p.c. Bonds, 1949 104 0 0 Comm. Bank of Aust. . 0 19 4 0 19 3 Bank ol N.S.W. (cum div.) 36 0 0 Union Banks .. . 10 12 6 Goldsbrough. Mort (2) 1 18 1 Christchurch Gas (10s paid) 0 13 6 British Tobacco (3) . 2 11 7 Broken Hill Propy. (5) .. 4 0 9 Broken Hill Propy. (cont.) 3 8 0 Colonial Sugar .. . 42 15 0 Dominion Fertiliser 1 4 6 Dunlop Rubber (4) 0 19 0 (4) 0 18 11 0 19 1 Electro. Zinc (pref.; cum div.) 2 15 11 (2) 2 16 1 G. J. Coles 5 2 9 (2) 5 3 0 5 3 3 (2) 5 3 6 (2) 5 5 3 Hume Pipe (Aust.; 2) 1 1 6 Taranaki Oilfields 0 2 10 Woolwortbs (N.Z.: ord.) 7 0 0 Mount Lyell (2) .. . 2 3 2 3 8 q 2 4 b (2) 2 4 5 (6) 2 4 6 2 4 5 Mount Morgan 0 16 5 (2) 0 16 8 Rawang Tin (2) .. . 0 11 31 Sales Reported Bank of New South Wales 36 0 U Bank of New Zealand 2 0 0 Union Bank of Aust. . 10 12 6 Dominion Brewery 2 4 0 Consolidated Brick 0 10 7 Electro. Zinc (pref.; cum div.) 2 16 0 Mount Lyell .. 2 4 4 G. J. Coles 5 6 0 Unlisted Stocks Associated Motorists Petrol (pref.) 1 10 0 Selfridges (A'asia; old; cum rights) 2 0 9

RUGBY, Feb. 11. ParisPat Feb. 10. Feb. 11. Francs to £] I'M.21 105 5-64 105 3-64 BrusselP — Iielgas to £1 30 29.04) 29.04) OsloKroner to £1 18.180 10.90 19.90 StockholmKroner to £ 1 18.130 19.39) 19 39J Copenhagen— Kroner to £1 18.150 22.40 23.40 Berlin— Marks to £ 1 20.34 12.17 12.17) Montreal— Dollars to £J 4 86 i-« 4.89% 4.89% New YorkDollars to £1 4.86 2-3 4.893 4.89 11-16 YokohamaPence to yen 34.582 13 31-32 13 31-32 Hongkong— Pence to dollar 24.58 14 15-64 14 15-64 BombayPence to rupee — 18 9-64 18 9-64 Batavia— Florins to £1 12.10 8.90) 8.90) MilanLire to £1 8246 93 93 1-32 Amsterdam- • Guilder to £] 12.107 8.96) 8.981 PragueKroner to £1 104) 140 7-16 140% GenevaFrancs to £1 25.22) 21.46) 21.45) ViennaSchillings to £1 .. .. 84.8b) 26) 26) Uelslngfors— Marks to £1 193.23 220) 226) MadridPesetas to £] 25.22) 93 11-32 93 11-82 Belgrade— Dinars to £1 25.22) 213 213 AthensDrachma to £1 375 547) 547) Lisbon— Escudoa to £1 110 110 3-16 110 3-16 Bucharest— Lei to £1 931.6 070 670 Rio de JaneiroPence to mllrels .. 5.890 4J 4) Buenos AiresPence to pesos 47.22 — — Shanghai— - Pence to tael — 14) US MontevideoPence to pesos — 89% 89% Warsaw— Zlotys to £1 — 26.06 26.08

London— Buying Selling • £1 N.Z. to £100 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/Fljl- £ Fto £100 N.Z T.T 00/7/6 89 O.D 90/7/0 89 New tork— Dollars to £ N.Z. T.i 3.98 3.92% Ol) 3.071 3.92% MontrealDollars to £ iV.Z. T.'J 3.90 3.021 O.D 3.97J 3.93 AustriaSchillings to £ N.Z T.'l. — 20.58 O.D — 20.00 Belgium— Belgas to £ N.Z. r.T — 23.196 O.D. — 23.207 CzechoslovakiaCrowns to £ N.Z T.T. _ 111.80 O.D — 111.85 DenmarkKroner to £ N.Z T.T. 18.203 17.893 O.D. 18.283 17 903 FranceFrancs to £ N.Z. T.i — 84.16 OO — 81.20 (iermany— Reichsmarks to £ N.Z T.T — 9.709 O.J — 9.714 HollandFlorins to £ N.Z T.r 7.323 7.173 O.D 7.383 7.177 Italy— Lire to £ N Z r.t — 74.51 on — 74.56 JavaFlorins to £ N Z T.T 7.289 7.129 O.D, 7.349 7.133 NorwayKroner to £«N.Z T.T 16.181 15.891 OD 16.241 15 901 Sweden— Kroner to £ N.Z T.T 15.785 15.490 O.D 15 845 15,500 Switzerland— Francs to £ N.Z r.r 17.423 17.153 O.D 17.528 17.158 Noumea— , Francs to £ N.Z' r.-i — 82.79 o n. — 82.85 Papeete— Francs to £ N.Z r.r — 82.94 on — 83.00 Hongkong— V Z. pence to 1 dollar • •• T. 1 18 17-ti' 1 18 49-04 0 1) 18 15-64 183 India and Ceylon— N.Z. pence to 1 rupee .. r.r. 0 0 22 13-3: 22 "s • 22 11-10 22 43-64 Japan— N.Z. pence to 1 ven .. .. T.r on _ 17 15-32 17 29-64 Shanghai— v N.Z. pence to 1 dollar t r 17 53-04 18 21-09 on 17 51-64 IS 5-10 Singapore— N Z. pence to 1 dollar .. •• r.r O.D 31 23-32 35 13-64 34% 35 3-10 Chefoo— N.Z. pence to 1 dollar .. •• r/r OD 17 53-6' 17 25-31 1 18 29-61 ! 18 7-16

Copper, spot .. .. . Tor . «5 8 14 Fall OSS Copper, forward .. . 5l> 11 104 Itlso 0 12 6 Electrolytic, epot 61 5 0 m 3 e 0 15 0 Electrolytic, forward. 62 5 0 Rise 0 15 0 Wire ban 02 B 0 Rise 0 15 0 Lead, spot 27 T 6 Rise 0 T « Lead forward .. . 27 7 6 Rise 0 5 0 Spelter, trot •• • 23 IT 6 Rise 0 12 6 Rnelier. forward .. . 24 2 6 Rise 0 12 6 Tin spot .. .. . . 230 IT 6 Rise 1 10 0 Tin. forward .. . . 231 IT 6 Rise 4 10 0

Funding Loan, 4 per 115 0 0 113 5 0 War Loan, 31 p.c. .. 104 12 6 103 10 0 Con. Loan, 31 p.c. .. Victory Bonds, 4 per 104 12 6 104 10 0 113 10 0 112 10 0 Commonwealth— 5 p.q., 1945-75 108 12 6 108 7 6 3 p.c, 1955-58 101 6 3 101 7 6 4 p.c, 1943-48 103 3 9 102 0 0 33 p.c, 1948-53 102 2 6 101 16 3 31 p.c, 1936-37 99 3 9 98 15 0 33 p.c, 1958-60 95 17 6 95 5 0 New South Wales— 45 p.c, 1935-43 100 0 0 100 0 0 Victoria— 3 p.c, 1929-40 98 5 0 98 5 0 43 p.c, 1940-60 103 5 0 103 5 0 5 p.c, 1945-75 108 5 0 108 0 0 Queensland— 3 p.c, 1932-47 98 0 0 98 2 6 5 p.c, 1940-60 107 0 0 106 13 9 South Australia — 4 p.c, 1942-62 108 6 3 108 5 0 3 p.c, 1945-75 88 10 0 88 2 6 Western Australia— 4 p.c, 1942-64 101 10 0 101 6 3 Tasmania — 3J p.c, 1929-40 100 12 6 101 5 0 4 p.c, 1940-50 101 15 0 101 5 0 New Zealand— 41 p.c, 1948-50 104 5 0 104 5 0 31 p.c, 1940 .. 4 p.c, 1945 .. 101 7 6 101 7 6 99 15 0 99 7 6

£ s. d. February 11 .. 7 1 11 February 10 .. 7 2 0J February 9 .. 7 2 1 February 8 .. 7 2 1 February 6 .. 7 2 1J February 4 .. 7 2 0 February 3 .. 7 1 11 February 2 .. 7 2 0