COMMERCE AND FINANCE

Otago Daily Times, Issue 23202, 28 May 1937, Page 14

COMMERCE AND FINANCE

LOCAL AND OVERSEAS MARKETS

THE SHARE MARKET DUNEDIN STOCK EXCHANGE Bank of New South Wales shares were available at the easier price of £37 12s! 6d on the Dunedin Stock Exchange yesterday, but buyers did not show any interest. Buyers of National Bank of New Zealands were prepared to give £3 2s without any response being received from sellers. Union Banks met with a slightly firmer inquiry at £ll 3s 6d, but no sellers came forward. Anthony Horderns were inquired for at 18s 6d, ex dividend, no sellers responding. Contributing Broken Hill Proprietaries were disposed of at £3 14s 6d and £3 14s 7a, the closing buying and selling quotations being £3 14s 6d and £3 14s 9d respectively. Buyers of G. J. Coles shares offered £5 6s» 6d, but sellers would not accept less than £5 lis. Wilsons Cements were on offer at £1 13s, buyers' best quotation being £1 12s 3d. Shillings shares were in slightly firmer demand at 19s. sellers refusing to do, business at less than 19s 9d. The market for New Zealand Breweries continued to firm, the closing buying offer being £3 4s 9d. Sellers, however, asked £3 6s. Staples Breweries also improved, buyers being prepared to give £2 12s. while sellers asked £2 14s. Two parcels of Broken Hill Souths changed hands at £2 10s 9d, the closing buying and selling quotations being. £2 10s 7d and £2 lis. Electrolytic Zinc preference shares were available at £2 18s 6d. buyers' best offer being £2 16s 6d. The ordinary issue was also on offer at,a slightly easier price, sellers being prepared to accept £2 17s 3d. Buyers, however, would not give more than £2 16s 3d. There was a fairly sharp drop in the market for Mount Morgans, a parcel being on offer at 13s 6d. Buyers would not give more than 13s Id. SALES ON 'CHANGE

NORTHERN EXCHANGES AUCKLAND

WELLINGTON

DIVIDENDS PAYABLE The following is a list of shares on which dividends will shortly be payable:—

Unlisted Stock Grey River (3s 9d paid) .. 0 4 6 CHRISTCHURCH Sales on 'Change

THE RESERVE BANK ASSETS AND LIABILITIES (Per United Press Association* WELLINGTON, May 27. The Gazette issued to-night contains the following statement of liabilities and assets of the Reserve Bank of New Zealand as at the close of business on May 24. The figures at the close of the previous week are given for purposes of comparison, shillings and pence being omitted:— LIABILITIES Last week. This week.

MOUNT LYELL SHARES (United Press Association) (By Electric Telegraph—Copyright) LONDON. May 26. Mount Lyell shares are quoted at 355. AUSTRALIAN STOCK EXCHANGES (United Press Association) (By Electric Telegraph -Copyright > SYDNEY, May 27. (Received May 27, at 9 p.m.). The Stock Exchange was fairly active, with irregularity in the prices of investment shares. The disturbed condition in the London market was reflected in a weaker tendency in metal shares. ' THE MORNING SALES £ s. d.

MELBOURNE, May 27. Bonds continue firm, while other

DOLLAR AND FRANC (United Press Association > (By Electric Telegraph—Copyright 1 LONDON, May 26. Exchange on New York is quoted at 4.94 3-16 dollars to the £ and on Paris at 110 9-16 francs. DOMINION PRODUCE HIGH COMMISSIONER'S REPORT The Department of Agriculture has received the following cablegram, dated May 22, from the High Commissioner for New Zealand, London: — Tallow.—Poor demand continues: prices lower. Hemp.—Manila: Market quiet. Closing values, "K" grade, May-July shipments, £33. Sisal: Market quiet. June-August shipments sold £2B 12s 6d; October-December shipments £2B 17s 6d. New Zealand: Nothing to report. Apples.—Surrey and Port Gisbornc discharged in good condition; Rangitata Jonathans slightly forward. Current prices are: Cox's Orange 12s to 16s, Granny Smith 13s to 15s, Delicious, Jonathans, Cleopatra, Statesman 9s to lis 6d. Sturmer 9s to lis, Dunne's Favourite 8s to 10s. London Pippins 8s to 9s 6d Lord Wolselev 3s to 8s 6d. Pears.—Heavy quantities Australian fruits affect the market. Prices are: Winter Nelis 10s to 12s, Winter Cole, P. Barry 9s to lis, Keiffer 9s to 10s, Beurre Easter 9s. Beurre Bosc 8s to 10s.

FOREIGN EXCHANGES

ON NEW ZEALAND CURRENCY BASIS The Bank of New South VValcs, Dunedin, quoted the following rates for purchases ant) of foreign exchange yesterday : London— Buying. Selling £1 N.Z. to £IOO stg T.T. 124 121/10/ O.D. 123/10/- 124/8/9 Australia—

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 notice:— U.S.A. Canada (Per£l (Per£l N.Z.) N.Z.) Selling— Dols. Dols TT 3.96 J 3.95 13-16 O.D 3.962 3.96 5-16 Buying— O.D .. .. 4.00 15-16 4.00 9-16 LONDON METAL MARKET (United Press Association) (By Electric TeleKraph—Copyright) LONDON. May 2'l. The following are (he official metal quotations:—

LONDON MONEY MARKET (United Press Association; (By Electric Telegraph—Copyngtiti LONDON. May 26. Discount and short loan interest rates: Day-to-day loan, J per cent.; fine trade bilis, three months. 2 to 1\ per cent.; bank bills, three months. 9-16 per cent.; bank bills, six months. % per cent.; Treasury bills, two months, I per cent.; Treasury bills, three months, 9-16 per cent.: New York call money, 1 per cent. BYCROFTS, LIMITED SATISFACTORY TRADING YEAR (Special ro Daily Times) AUCKLAND. May 27. A net profit of £10,316. a reduction of £483. is shown in the accounts of Bycroft, Ltd., for the year ended March 31, The directors recommend a final dividend of 4 per cent., making 8 per cent, for the year. The rate is unchanged, but the dividend is paid on a paid capital of £ 125.000 compared with £IOO,OOO last year, and requires £IO,OOO against £BOOO. The profit was struck after making the usual provision for depreciation, income tax. bad debts, etc. The report states that the period of the accounts covers a complete vear of trading as flourmillers under the Wheat and Flour Regulations. 1936. and owing to the altered conditions many readjustments have been necessary' Trading conditions showed evidence of an increasing demand for the company's products and in some respects offset the difficulties of the restriction of hours and other changes affecting the conduct of a manufacturing business.

MINING NEWS

BULOLO GOLD DREDGING, LTD. Mr Fred. G. Dunn, attorney for Clutha Development, Ltd., has received the following production report for April:— For the month of April the total gross production amounted to 12,101 ounces of bullion containing 8390 ounces of fine gold from 977,000 cubic yards, including approximately 100,000 cubic yards' tailings. Estimated working profit 6067 ounces of fine gold. The above production is equivalent to £73,412 10s and working profit to £53.086 5s on the basis of £8 15s (Australian) per fine ounce of gold. WEST COAST DREDGES (Per United Press Association) GREYMOUTH, May 27. The Mossy Creek dredge reports a return of 20oz 18dwt for 132 hours (7960 yards). The Worksop dredge return totalled 18oz for 130 hours (9000 yards)., MOUNT MORGAN COMPANY LATEST PRODUCTION REPORT (Per United Press Association) WELLINGTON, May 27. The Mount Morgan Company has cabled to the Stock Exchange Association, stating that the production report for the four weeks ended May 26 is as follows: —Ore mined, 45,304 tons; ore treated, sulphide, 24,900 tons; oxidised. 18.618 tons; estimated production of gold, 41730 z; silver, 9440 z; copper, 151 tons. 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.; New Zealand Loan and Mercantile Agency Company, Ltd.; Wright, Stephenson, and Co., Ltd.; Olago Farmers' Co-operative Association. Ltd.: and National' Mortgage and Agency Co., Ltd.) reports as follows: Comparatively small catalogues were offered at yesterday's sale. There was a good demand from exporters for all winter grades, which were fully firm on last sales' high rates, best bucks selling to 179 d. Good autumn grades were barely firm, with badlyspotted sorts of autumns and incomings on an average 6d lower. Low grades, such as summers, etc., were Id to 2d lower. The following is the range of prices:— Summer broken, 27.|d to 28d; autumn broken, 39Jd to 44d; second winter broken, 45d to 48$ d; first winter broken, 48Jd to 53£d; runners, 333 d to 35;]d; summers—does, 29|d to 29Jd; bucks, 34Jd to 373 d; small, 20£d to 22Jd; light racks. 45Jd to 46d; prime racks, 45Jd to 47Jd; dawny autumn, 54d to 58Jd; early autumns, 70d to 76d; late autumn, 98d to lOld; second incoming, 95d to 98d; incoming winter, 115 d to 120 d; first early winter bucks, 146 d to 154 d; second winter bucks, 126 d to 129 d; first early winter does, IOOd to 106 d; second winter does, 87Jd to 89gd; first spotted winters —bucks 125 d to 129 d, does 74d to 81d; second winter bucks, 146 d to 160 d; second winter does, 88Jd to 98d; first winter bucks, 173 d to 178 d: first winter does, 105 d to 107 d; Prime bucks, 174 d to 179 d; prime does, to 108 d; outgoing bucks, 88£d to 94d; outgoing does, 60d to 62£d: springs—bucks 63d to 70|d, does 43d to 48£d; milky, to 37Jd; winter fawn, 90d to 98Jd; summer black, 41d to 43,[d; autumn black, 60d to 62d: first winter black, 90d to 97d: hare skins. 28d to 40Jd; horse hair. 16d to 19d. COMPANY PROFITS RISE IN AUSTRALIA STILL BELOW 1928 LEVELS . Although Australia has gone a long way towards achieving complete economic equilibrium, company profits are still appreciably below those earned in pre-depression days. Shareholders are just again beginning to receive some reasonable return on their investments having regard to the risk involved of Government taxation. In its latest monthly summary of business conditions the National Bank of Australasia presents an interesting comparison of the profits of 262 Australian companies in 1928 with those in the last three years. The profits of this group of companies, which embraces a wide range of industrial activity, amounted in 1928 to £21,108,000. In 1934 they were £13,437,000, in 1935 £14,285,000, and in 1936 £17,108,000. In 1928 the percentage of profits to shareholders' funds was 8.4 per cent., and in 1936 6.1 per cent. Between 1929 and 1933 most companies in Australia operated only with the greatest difficulty, states the summary. Sales fell away, and with a heavy burden of inelastic overhead costs profits declined precipitously. In those years many shareholders were compelled to forgo any return on thencapital. Mounting company profits are often apt to be regarded as fair game by Governments when seeking new avenues from which to extract further taxation, but too often the all-im-portant fact is forgotten that in times of economic stress company shareholders shoulder heavy risks with no remuneration. This should in all fairness exempt them from discriminatory taxation when conditions improve. Furthermore, it should not be forgotten that upon the fortunes of private enterprise the livelihood of many thousands of Australian workers depends. Anything which tends to hamper the progress of business and industry necessarily tends to reduce the ability of private enterprise to employ labour.

KING SOLOMON TO LIQUIDATE King Solomon Deep Lead has called a special meeting of shareholders to consider liquidating the company the reasons being:—(l) That the funds of the company are practically exhausted; (2) that the recent intensive prospecting had failed to locate any further areas of payable wash; and (3) that other difficulties were accentuated by rising costs. The board has reluctantly decided to recommend that the mine be abandoned, and this recommendation was adopted by a meeting of shareholders.

COMPANY BALANCE SHEETS THE BANK OF ADELAIDE Paid-up capital: 1920, £500,000; 192122, £625,000; 1923-26, £875,000; 1927, £1,000,000; 1928-37, £1.250,000. Reserves. Net I'roflt. Dividend.

The slow but steady growth of the net profit has reached a point at which the management considers an increase of i per cent, to the annual distribution is justified. Accordingly, in respect of the latest year's net surplus shareholders have received a dividend of 41 per cent., which absorbed £56,250, and a balance of £5087 is left to swell reserves. The return is equivalent to 4.91 per cent., as against 4.64 per cent, for 1935-36. Except the charge for directors' fees (£2500), the amounts of the disbursements are not stated in the profit and loss account. The customary items appear as taken into account before the net profit for the year was struck. No profit and loss appropriation statement, showing how the balance at the close of the year has been allocated, is given with the printed accounts. At £325,382, the fixed assets are less than £I2OO down. They continue to avoid any great fluctuation, the provision for their depreciation in any year being apparently closely on a par with the capital expenditure. How the depreciation is dealt with does not appear, the matter not being referred to in the published statement. The words " book value" opposite the amount seem superfluous, and it would appear more desirable to indicate the method by which the book value is arrived at. As an investment, bank premises probably play a useful part. Liquid assets, generally, have risen, the greatest increase being in the bills receivable in London group, which at £1,286,256 has nearly doubled. In investments, the tendency has been for the short-time section to increase and those of a more permanent nature to decrease. Money at short call and Commonwealth Government Treasury bills have swelled to £1,000,000, while Government securities are reduced to £693,622 or by over £150,000. The domicile of the Governments concerned is not mentioned, but although Australian Governments may predominate, a part may be expected to be placed with the British Government. Other securities comprise £Bl6l, but the nature of the investments is not stated. Australian notes and'cash with the Commonwealth Bank account for £593,308, the marked reduction which took place during 1935-36 still showing its effect. Specie, bullion and cash balances at £32,527 occupy a small place, while balances due from other banks, and notes of other banks in their customary fluctuations stand at £102,907 and £3813 respectively. Liquid assets aggregate £3,720,595, or equivalent to 10s Id in the £ of the outside liabilities.

After their decided rise during 193536, advances at £5,631,010 are nearly £30.000 down, owing to higher prices and a good season in some of the rural districts. Deposits on the other hand have continued to grow, and by an increase of over £350,000 have reached what must surely be the record figure of £7,066.114 for a closing date. The resultant increase of £380,000 approximately to the bank's funds -is reflected in the larger liquid assets held. The advances group has stood to deposits as follows:

Although among the general liabilities, balances due to other banks at £194,119 has more than trebled, the items are small. The miscellaneous group which covers bills in circulation, at £83,536 has also risen, but this may be due to more provision for contingencies. Notes in circulation at £6574 are again practically unaltered, while with the larger amount outstanding on deposit, interest accrued and rebate on bills have increased to £30.337. Reserve fund is intact at £1,000,000, and with the £5089 from the net surplus to swell the undivided ni-ofits carried forward, visible reKs aggregate £1,042,057 As the general fund is equivalent to 80 per cent, of the paid-up capital, the matter of strengthening it further does not seem to be urgent. AUSTRALIAN MARKETS 'United Press Association) ißv Electric Telegraph-Copyright) SYDNEY, May 27. (Received May 27 at 9 PJg.) Wheat is steady but dull. Bagged grain is nominally quoted at 5s sdl and country wheat about 4s Bd, equal to 5s 3d ex trucks Sydney. Flour—£l3. Bran—£6 10s. Onions—Brown, £H: white. £ 16. Maize—Yellow, 6s; white, 5s 10d.

£ s. d. Broken Hill Pty. (cont.; 2) 3 14 6 Broken Hill South (2) .. 2 10 9 SALES REPORTED 10 2 0 Broken Hill Pty. (cont.) .. 3 14 7 3 4 9 2 5 9 Gillespie's Beach .. 0 1 5 0 0 1 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) .... — 37 12 6 4 2 4 9 Commercial (10s) .. — 0 19 3 E.S. and A. (£3) .. — 6 10 0 Natl, of N.Z. (£2 10s) 3, 2 0 — Union (£5) 11 3 6 — INSURANCE National (7s) .... — 0 17 2 Standard (£1) .. .. 2 17 6 3 0 0 SHIPPING Huddart, Parker (ord.; £1) .. .. :.' .. — 2 0 0 P. and 0. Def. Stock 6 — U.S.S. C6. (pref.; £1) 1 6 9 — MEAT PRESERVING N. Ctby. Co-op. (£2)'•' 1 16 0 — N.Z. Refrig. (paid; £1) — 0 19 4 N.Z. Refrig. (cont.; 10s) 0 8 & 0 9 0 South Otago Freezing (£5) — 8 0 0 Waitaki Farmers. (£5) — 4 6 6 LOAN AND AGENCY Goldsbrough, Mort • (£1) .. .. .... 1 17 6; 1 18 0 Natl. Mortgage (£2) 2 12 0 — Natl.,. Mortgage (B 1 13 0 N.Z. : ' Loan and M. (ord.; £100) .. ..■ 42 0. 0 49 0 0 N.Z. Guarantee Corp. 9 0 4 11 Trustees. Executors (£?) • 3 15 0 —> Wright, Stephenson (ord.; £1) .... 10 £1 — Wright, Stephenson . (pref., £1) .. .... 1 1 0 — % COAL - Kaitangata (16s) .. — 1 2 6 Westport (10s) .... 14 0 — Westpbrt-Stockton (ord.; lOsjri- 0 2 6 — y WOOLLEN COMPANIES Bruce! (ord,; XI) .. 0 10 € 0 11 6 Bruce (pref.; £1) .. — 1 3 6 Kaiapoi (cont.; 7s) .. — 0 5 0 Kaiapoi (pref.; 17s) — 0 17 3 Mosgiel (£4) .. .. 10 0 0 10 3 0 1 0 0 ,.'"•':'■ MISCELUANEOUS Anthony Hordern 6 — Auat. Iron and Steel (pre£.; £1) .. .. 16 0 — Eroken Hill Pty. 0 4 3 0 Broken Hill Pty (cont.; 15s) 3 14 6 3 14 9 Brown, Ewing (ord.; 1 1 0 Brown, Ewing (pref.: £1) 12 6 — Colonial Sugar (£20) 46 10 0' — Consolidated Brick (£1) - 0 8 6 D.I.C (ord.; 10s) ... 0 16 9 — D.I.C.;., (pref.; £1) ...13 £i — Dominion Fertiliser (debs.) .. ... .. 104. 0 0 — Dominion Rubber 8 — Dunlop Perd Rub1 1 1 General Industries 3 — G. J. Coles (ill) .. 5 6 6 S 11 0

Hume Pipe (£1) 0 19 0 , '.'""" Milburn Lime (£1).. 1 18 0 "■*■ Natl. Electric (£1) .. — 0 14 3 Farmers' Fertiliser 1 0 0 — Malay Rubber (ord.; 0 17 6 — iN .Z. Newspapers (16s — 1 17 0 N.Z. Paper Mills (£1) **1 6 6 — Regent Theatre (£1) **1 0 0 1 3 0 Wilsons Cement (10s) 1 12 3 1 13 0 Woolworths (ord.; £1) — 8 0 0 Shillings Ltd. (£1) .. 0 19 0 0 19 " y BREWERIES N.Z. Breweries (£1) 3 4 9 3 6 0 Staples (£1) •• •• 2 12 0 2 14 0 Dominion (£1) .. ■• 2 2 0 — Dunedin (£1) .. •• 1 8 6 ~~ AUSTRALIAN MINING Broken Hill South 2 10 7 2 11 0 Electro. Zinc (pref.; 2 16 6 2 18 6 Electro, Zinc (ord.; 2 16 3 2 17 3 Mount Lyell (£1) •■ 2 5 5 2 5 9 Mount Morgan (2s 6d) 0 13 1 0 13 6 North Broken Hill — 3 15 0 Rawang Tin (10s) .. 0 11 3 0 12 0 Austral N.Z. Mining .. 0 12 0 0 13 6 Placer Development .. — 4 15 0 MINING — 0 2 1 Big River (Is) .. .. — 0 1 9 Consol. Goldfields (4s) — 0 15 0 Gillespie's Beach (Is) 0 1 41 0 1 6 Goldfields Dredging — 0 0 3 King Solomon (Is) .. — 0 0 7 7 Maori Gully (Is) .. — 0 0 Nokomal (5s) .. .. 0 2 3 0 2 8 — 0 3 o Paddy's Point (5s) .. — 0 2" 0 0 6 2 Sandhills (Is) .. .. 0 0 1 Skippers (Is) .. • • 0 0 1% 0 0 4 Waimumu Sluicing 0 9 Waipapa Beach (Is) .. 0 0 6 0 1 0 0 Waitahu (5s) .. .. 0 1 0 GOVERNMENT LOANS 3J p.c. Stock., Nov., 100 10 0 — 3J p.c. Stock, March, 101 0 0 — 3} p.c. Stock, Sept., 101 0 0 — 31 p.c. Stock, May, 100 10 0 — 31 p.c. Stock, March, 101 0 0 — 31 p.c. Stock, Sept., 101 0 0 — 31 p.c. Stock, May, 100 10 0 — 31 p.c. Stock, Nov., 1941-52 100 10 0 . — 3 p.c. Bonds, 1939-41.. 96 0 0 — 4 p.c Bonds, 1943-46.. 103 5 0 — 4 p.c. Stock, 1943-46.. 103 5 0 — 4 p.c. Bonds, 1946-49.. 103 5 0 — 4-p.c. Stock, 1946-49.. 103 5 0 — 4 p.c. Bonds, 1952-55.. 104 5 0 — 4 p.c. Stock, 1952-55.. 104 5 0 —, 31 p.c. Bonds, 1953-57.. 99 0 0 — 31 p.c. Stock, 1953-57.. 99 0 0 — ** Ex dividend.

BankofN.S.W.—6s per share, May -2U Westpqrt Coal—6d per share, May 28 Broken Hill Propy.—Ord., Is 3d per share. Cont., lOd per June 2 N.Z. Breweries—8J per cent., 10 4-5d per share, half-yearly June — Mount Lyell—Is 6d per share, June 21 Dunedin Stock Exchange Propriejary—7i-per cent., Is per share JUne 7 Dominion Fertiliser, 5 per June 9 Bulolo Gold—No. 8, 1 dollar June 10 Placer Development—No. 8, 60 June 10 Bank of N.Z. ("D">—7£ per cent., 9d per share .. .. June 11 Bank of N.Z., 10 per cent.. Is Broken Hill South, Is 3d per June 11 June 18 Wilsons Cement, 9d per share. June 23 Woolworths (W.A.)—2s per June — Australian Glass (ord.) —9 per June — Australian Glass (pref.)—final 4| per cent. June — Waihi Grand Junction—4d June — National Mortgage (A issue) —Is per share, half-yearly July 1 National Mortgage (B issue) —6d per share, half-yearly June 24

Sales on Change £ s d Bonds, 1946-49, 4 p.c 103 10 6 Comm. Bank of Aust. (odd lot) 9 8 6 Bank of N.Z. (2) .. .. 2 4 9 Renown Collieries .. 0 11 0 Dominion Breweries 2 4 3 Staples 2 11 9 Consolidated Brick (2) 0 8 3 1 1 0 0 12 9 1 9 0 0 4 5 0 0 3 Waihi Investments .. 0 12 8 2 5 10 2 5 8 Mount Morgan .. .. .. 0 13 10 (2) 0 13 6 Unlisted Stock Woolworths (Syd.; rights) .. 4 15 0

Sales on Change Broken Hill Pty. (late Wed.) 4 3 6 Henry Jones Co-op. (late 2 6 9 Martha Mine (late Wed.) .. 0 17 0 (late Wed.) 0 16 11 Skippers (late Wed.) 0 0 3 N.Z. Insurance (odd lot) .. 3 2 3 3 4 9 2 12 41 2 12 3 2 12 14 General Industries .. 1 0 7j 1 15 10 2 5 6 (5) 2 5 7

N.Z. Government 4 p.c. Inscr. Stock, 1943-46 .. 103 12 6 N.Z. Government, 4 p.c. Bonds, 1955 104 17 6 Christchurch Drainage Board, 4| p.c., 1938-51 .. 103 0 0 Com. Bank of Aust. (pref.) 9 9 0 N.Z. Refrig. (10s paid) .. 0 8 10 North Canterbury Freezing 1 17 " 6 1 J8'. 9 Staples Brewery .. 2 12 6 Tooths Brewery .. 2 15 7 Anthony Hordern (ex div.; 3) .'. 0 19 0 Australian Glass .. 4 13 6 4 13 0 British Tobacco .. 2 9 6 Broken Hill Prop. (cont.; cum div.) .. 3 14 6 Dunlop Rubber 1 1 1 Electro. Zinc (ord.) . • .. 2 16 6 2 16 3 Electro. Zinc (pref.) .. ■. 2 17 5 G. J. Coles .. ,, .. 5 7 0 General Industi'ies .. .. 1 0 6 Shillings, Ltd .. .. 0 19 3 Taranaki Oilfields .. .. 0 4 8 Maori Gully .. ... .• 0 0 5' 0 0 53 Nemona 0 1 7 Broken Hill South (cum div.) 2 10 6 Mount Lyell (6) .. 2 5 6 (2) 2 5 7 (7) 2 5 6

0 13 0 13 5 4 0 11 8 Sales Reported N.Z. Breweries (3) .. .. N.Z. Drug (late Wed.) .. Shillings, Ltd. (late Wed.) Mount Lyell (4) 3 4 10 3 5 n 3 6 0 0 12 5 3 14 0 0 19 3 2 5 9 Unlisted Stocks Grey River (3s 9d paid; 2) Woolworths (Syd.; ord.; 2) (2) 0 4 7 3 7 3 6 3 0

£ S 1. General Itescrve Fund .. 1,500,000 1,500,000 12.003,13(1 13.022,593 3. Demand liabilities- 1 - 0,797.324 0,920,838 10,000.511 10.177.710 1,103,508 831,300 —, — 5. Liabilities In currencies other than New Zealand currency .. .. — — 6. Other liabilities .. .. 128.705 128.S91 £32.403,335 £32.081,424 ASSETS 7. Reserve— 2.P01.701 2.S01.791 (b Sterling exchange .. 20,835,800 21,717.255 (c) Gold exchange .. .. — — 8. Subsidiary coin .. 12'U41 112,430 9. Discountsfa) Commercial and agricultural bills — — (b) Treasury and local body bills .. .. — — 10. Advances— . (a) To State or Stats undertakingsID Dairy Industry ac5.336,550 4,873.572 (2) For other purpofes 200.000 200,000 (b) To other public au- — — — — 2,000,450 2,900,450 12. Bank buildings .. .. — — 80.513 09.924 £32,403,335 C32.GSU24 Proportion of reserre (No. 1 "less No. 5) to notes and other demand liabilities .. 76.585% 78.959%

Commonwealth Bonds — 99 3 9 103 17 6 102 5 0 102 17 6 102 15 0 102 16 3 102 1 3 Winchcombe, Carson .. .. 102 2 1 17 6 9 Australian Gas (A) .. 7 7 0 1 13 3 2 16 0 Associated News 1 2 9 (pref.) 1 3 4* Anthony Hordern .. ./■ 0 19 6 Electrolytic Zinc (pref.) .. 2 18 6 General Industries .. .. 1 0 7J ADDITIONAL SALES Bank of New South Wales 37 5 0 Bank of New Zealand .. 2 4 6 47 12 6 Associated. News .. . • 1 2 7i 3 11 9 Australian Gas A .... 7 7 0 British Tobacco .. .. 2 10 9 5 9 0 Dunlop Perdriau (New Zealand delivery) .. .. 1 1 6 Goldsbrough, Mort .. .. 1-18 9 Winchcombe Carson .. 1 17 9 Fairymead Sugar .. 1 18 0 0 19 6 Amalgamated Wireless 2 8 0 Gordon and Gotch .. .. 2 13 0 1 0 6 7 2 6 Woolworths (New Zealand) 8 0 0 0 13 5 2 6 0 0 11 8 0 4 5

sections are quiet but improving. P. s. d. National Bank (£5 paid) 7 9 0 1 2 0 3 3 6 5 8 6 1 6 0 Australian Glass 4 12 9 Dunlop Perdriau .. 1 1 9 Dunlop Perdriau (prcf.) .. 1 16 42 Yarra Falls (rights) .. 4 13 0 1 0 9 2 17 6 Electrolytic Zinc (pref.) .. 2 18 3 0 13 6 2 5 9 Broken Hill Propy. .... 4 2 0 South Broken Hill .. .. 2 10 3 0 16 10 Sulphide Corporation 0 15 " 0

(British Official Wireless! (United Press Association) (By Electric Telegraph—Copyright) RUGBY, : May 20. Paris— Par May 25. May 20. Francs to £1 124.21 110 15-32 110 31-01 Brussels— Belgasto £] 30 29.31 29.29' OsloKroner to £1 18.180 19.90 19.99 Stockholm— Kroner to £1 18.130 19.39} 19.391 Copenhagen— Kroner to £1 18.150 22.40 22.40 BerlinMarks to £1 20.34 12.301 12.301 .Montreal— Dollars to £1 4.80 2-3 4.933 4.93 11-10 Ivew YorkDollars to £1 4.86 2-3 4.911 4.911 YokohamaPence to yen 31.082 14 14 Hongkong— Pence to dollar • 24.38 14 27-32 14? BombayPence to rupee — 184 18J Batavia— Florins to £1 12.10 S.07 8.90J MilanLire to £ 1 82.46 93 29-32 93a Amsterdam— Guilder to £1 12.107 8.99 8.983 PragueKroner to £1 104J 1U5 141 0 (JeiieTa— Francs to £ 1 25.22J 21.81] 21.002 ViennaSchillings to £1 S4.86i 261 ZOJ delsingforB— Marks to £1 193.23 220J 22«i MadridPesetas to £1 25.221 . 92 11-32 92 11-32 Belgrade— Dinars to £1 25.22J 215 215 Athens— Drachma to £1 375 517J 5i"t Lisbon— liscudos to £1 110 110 3-16 110 3-10 BucharestLei to £1 931.6 672J 072J KIo do JaneiroPence to milreis .. 5.890 41 41 Buenos Aires—. Pence to pesos 47.22 — — ShanghaiPence to tacl — M i5-:u 11 15-32 MontevideoPence to pesos — Ml 39J Warsaw— Zlotys to£l — 20.00 20.00

£ A to £100 N.Z. T.T. 101 100/10/O.D. 101 100/10/Fiji— £Fto £100 N.Z. T.T. 90/7/6 89 O.D. 90/7/6 89 New YorkDollars to £ N.Z. T.T. 3.9071 3.9001 O.D. 4.0096 3.9651 MontrealDollars to £ N.Z. T.T. 3.9925 3.9576 O.D. 4.0050 3.9626 Austria— Schillings to £ N.Z T.T. — 20.73 O.D. — 20.75 Belgium— Belgas to £ N.Z. T.T. — 23.399 O.D. — 23.410 CzechoslovakiaCrowns to £ N.Z. T.T. — 112.96 O.D. — 113.01 DenmarkKroner to £ N.Z. T.T. 18.203 17.S93 O.D. 18.263 17.903 FranceFrancs to £ N.Z. T.T. — 88.54 O.D. — 8S.58 Oermany— Reichsmarks to £ N.Z T.T. — 9.819 O.D. — 9.821 HollandFlorins to £ N.Z T.T. 7.324 7.171 O.D. 7.3S4 7.178 ItalyLire to £ N.Z. T.T. _ 75.28 O.D. — 75.33 lava— Florins to £ N.Z. T.T. 7.305 7.145 O.D. 7.363 7.149 Norway— Kroner to £ N.Z. T.T. 16.182 15.892 O.D. 16.242 15.902 Sweden— . Kroner to £ N.Z. T.T. 15.785 15.490 O.D. 15.845 15.500 SwitzerlandFrancs to £ N.Z. T.T. 17.540 17.270 O.D. 17.615 17.275 NoumeaFrancs to £ N.Z. T.T. — 87.17 O.D. — 87.23 Papeete— Francs to £ N.Z.. T.T. — 87.32 O.D. — S7.38 Hongkong— N.Z. pence to 1 dollar .. T.T. 18 3-16 18 11-16 O.D. 18 5-32 18 43-64 India and Ceylon— N.Z. pence to 1 rupee .. T.T. 221 22 21-32 O.D. 22 11-32 22 41-64 Japan— N.Z. pence to 1 yen .. T.T. — 17 15-32 O.D. — 17 29-04 Shanghai— N.Z. pence to 1 dollar .. .. T.T. 173 181 O.D. 17 23-32 IS 15-64 Singapore— N.Z. pence to 1 dollar .. T.T. 34 23-32 35 13-64 O.D. 34g 35 3-16 Chefoo— N.Z. pence to 1 dollar .. T.T. 17J 181 O.D. 17 45-64 18 23-64 Manila— N.Z. pence to 1 peso .. .. T.T. 29 13-10 303 O.D. 29 23-32 30 23-64 All rates subject to alteration without notice.

(Jopper, spot .. . . ff.l 11 3 Fall 1 111 -; Copper, forward . 51) 10 10 vs Kail 1 2 0 Electrolytic. Epot 04 10 0 Fall 0 10 0 Electrolytic, forward. 00 10 0 Fall 0 10 0 Wire, bars .. . 00 10 0 Fall 0 10 0 Lead, spot .. . i!4 7 a Fall 0 11 :; Lead, forward 24 5 0 Kail 0 11 Spelter, .pot .. . 2:s 7 (i Fall 0 11 Spelter, forward Tin. spot •_»:; 12 ■'. Fall Full 0 11 1 0 0 Tin. forward .. . 2M 17 (JZ. ts Fall 1 5 0 Silver, flno .. . . 20 Ud Kail lid Silver, standard . 2n;d Fall lid

-M.livii. t; £ p.c. l!)2n .. 6IC.571 87,004 10 1322 .. (i72,312 02,034 10 J«2i .. 77S.OL'I 115.K2:! 10 l(l2;l .. $24,074 104,734 10 1!>28 .. l,00:i.4«4 128,1137 10 io:;o .. i,oio.4S2 M8.107 8 lfl"2 .. 1.040,571 61.770 4 m::i .. 1.048.7W 51.107 4 ln."5 .. 1,028.007 63,201. 4 i»;;u .. 1,030,070 57,07:! 4 19:17 .. 1,042,057 U1.337 4',4

Advances, etc. Deposits. Katio Harm. £ £ »- c - 1!>20 .. .. 2.S08.030 O.SSO.Ou'i 45.1:! 1!)22 .. .. 3,991,57!) fi.545.112 «0.0!) 11121 .. .. 4.080.109 fi.143.317 70.28 19T. .. .. 4.023,226 0,483,083 71.04 IMS .. .. 5.055,750 (1,081.12!) 82.00 laso .. .. IU80.9S7 0.105.110 102.00 mi" ,. .. S.108.010 0.031,331. si.co 1034 .. .. 5.075.518 G,M7.48S 81.00 1035 .. .. 5.252.802 0,372.507 82.43 1030 .. .. 5.000.001 0,713.008 81.30 1937 .. .. 5.031.010 7.000.111 T0.09