COMMERCE AND FINANCE

Otago Daily Times, Issue 23203, 29 May 1937, Page 10

COMMERCE AND FINANCE

THE SHARE MARKET DUNEDIN STOCK EXCHANGE The following is a list of the business recorded on the Dunedin Stock Exchange during the past week:—

Business on the Dunedin Stock Exchange during the early part of the week was particularly quiet, but towards the/end of the period a marked improvement was shown, the- sales recorded during the past two days coinprising approximately,half the weeks total. The total number of sales recorded was the same as the previous week. With the exception 1 of,.Australian mining shares, which fluctuated a good deal and showed a weakening tendency at the close of the market, other sections remained firm, a rising tendency being noticed in some instances. Interest ..in New Zealand Breweries was well maintained, and. though no sales were fe*pcrtted. of Staples they continued their upward trend. BANKING SHARES in the banking section New Zefclands, which were dealt in at £2 4s 9d, attracted the,most attention. At .the beginning of trie period, buyers were offering £2 4s 2d, and at the close of the market they had increased their offer; by 4df. Sellers, however, were not forward A parcel of Commercial Banks changed hands at 19s 2d, the market closing with buyers at 19s and sellers 3d away. No sellers came forward when £3 3s was offered for National Banks, and at the end of the Week they showed an easing tendency a buyer at £3 2s being unsupplied. Union Banks were asked for at £ll 3s,* but this was 2s beloW sellers'; requirements'. Bank of New South Wales eased from £315 to £37 12s 6d. buf buyers were not interested i INSURANCE* SHIPPING, AND MEAT Business in the insurance, shipping, arid meat preserving sections was dull, but, generally speaking, quotation's received remained steady with thdse of the 1 previous week. National Irisurartcea, however,' were one exceptidh, a biiyer being forward at the easier price of 16s Bd. Sellers, however, Were 6d aWay. The preferential issue of Union Stearn shares was inquired for at £! 6s:, 9d, which was the same as the offer received for the past tw6 weeks, biit sellers were riot interested. The contributing issue of New Zealand Refrigeratings had business at 8s 10£d, the market closing With a buyer at Id below this figure, and a seller at 8s . lid. Both the paid and preferential issues of Southland Frozen Meat met with a consistent inquiry at £3 13s 6d. but sellers were!, hot forward, WOOL, LOAN, AND COAL SHARES The only sale recorded in the woollert section was a parcel of Mosgiel Wo"ollens which changed hands at £lO 2s, At the close of the market buyers Would not go beyond £lO. but sellers displayed no interest. The ordinary issue of Bruce Woollens had a slightly easier inquiry at 10s, but sellers wanted Is 6d in advance of this fieure. Kaiapof contributings were aiso slightly easier, with unsupplied sellers at ss. Following the announcement during the week that a dividend would be payable early next month, Trustees Executors shares experienced a sharp rise, buyers offering £3 15s, an advance of 3s on their previous offer. The market closed with a buyer at this £»ure and no seller forward. Both the ordinary and, preferential issues 4 of Wright, Stephenson met with a steady inquiry, the former being wanted at £1 0s 9d. and the latter at the slightly firmer price of £1 Is. No business was recorded in either case, however. A slight easing was discernible in Koitansata Coals, the closing buying and selling ouotatlons being £1 Is 6d ar,d £1 2s 6d. / ■

LOCAL AND OVERSEAS MARKETS

MISCELLANEOUS INDUSTRIALS Both issues of Broken Hill Proprietaries dropped during the week, sales of the contributings being recorded at from £3 16s down to £3 14s 6d. At the close of the market sellers were prepared to do business at £3 15s 9d, but at this figure buyers evinced no interest. Early in the week buyers were offering £4 2s. for the paids, but at the end of the period they Would not go beyond £4 0s 9d, Sellers being Is away. The announcement of a higher dividend to be paid by the Colonial Sugar Company was reflected on the market when, buyers advanced their quotation of £45 of last week to £46 10s. No seller's quotation vas received. A slight firming was noticeable in Dunlop Rubbers, buyers offering: £1 Is 2d, which was 4d belpw sellers',, requirements. G. J. Coles fluctuated a tfood deal, the best buying offer of the week being £5,10s Mi At the close of the. market buyers had reduced their offers to £$ 7s 6d ; but sellers were 2s 6d aWay. Malay Rubbsr ford.) met with a firmer inquiry at 18s, but no seller was attracted bv thi« offer. BREWERS SHARES ACTIVE Interest in Brewery shares was con; fined principally to New Zealarids and Staples, sales of the former being reported at from £3 3s 6d to £3 63 3d; At the end of the period buyers were offering £3 5s 6d, but sellers were Is away. At the close of the previous week buyers were offering £2 8s for Staples Breweries, but this week buyers' final offer had btfeft increased to £2 12s 6d, seller* being 3s away. Dunedin Breweries were the subject of business at £1 9s 6d, and at £1 8s 6d these shares had a consistent inquiry but sellers did riot respond. At £2 3s 6d Dominion' Breweries revealed an Increase of ls.6d oh the previous offer, but this price failed to attract a seller. • AUSTRALiA# MINING WEAKER Th 6 disturbed condition in the London market Was reflected in the weaker price offered for metal shares ifl the Australian mining, section. Broker! Hill Souths, Which at the beginning of the period changed hands at £2 lis 3d, later sold at £2 10s 9d. The market cl6sed with a buyer at £2 10s 6d and a Seller at £2 -lis 3d. Ordinary Electrolytic Zincs we're traded.at £2 the closing buying and selling quotations Being £2 16s 6d arid £2 17s ,6d. The preferential were also slightly easier, a filial buyer at £2 17s receiving rio response from sellers. Mount Lyells, . Which were dealt in at from £2 5s 9d down to £2 5s 3d, showed an easing tendency at the close of the period when buyers offered £2 ss, sellers being' 9d away. The increased interest which had been shown in Mount Morgans at the end of last week, was not maintained, the shares falling from 14s 3d to 13s 6d Sales were reported at 14s 3d on Monday and yesterday they were dealt in at 13s 6Jd. North Broken Hills, which early in. the week were wanted at £3 14s. dropped to buyers at £3 12s 3d With sellers 2s away. NEW ZEALAND MINING There Was slightly more, attention given to New Zealand mining shares at the end of the week arid business was recorded in Okaritds at 2s lid and Gillespie's Beach at W sd. GOVERNMENT LOANS All issues of Government loans met with a steady demand, increased prices being offered in many instances. A parcel of 3$ per cent. Stock, March, 1939-43. was disposed of at £lOl SS. SALES REPORTED

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

DIVIDEND'S PAYABLE The following is a list of shares on which dividends will shortly be payable:— > Brokeh Hill'Prqpy— Ord., Is 3d per share. Coht., lOd per share, final ....'.. .. .. June i Waihi Grand Junction—4d per share June 4 Oamartt Woollen—s per cent., half-yearlV .. June 7 Dunediri Stock Exchange Proprietary—7J per cent., Is per share ..- June 7 Trustees, Executors, and Agency Co., 4 per cent., final ;. .. .. •• .. June 8 J. R, M'Kenzies Dept. Stores —Hi per cent. June 8 Dominion Fertiliser. 5 per , , cent. .. , June tf Bulolo Gold-No. 8, 1 d6llaf' 60 cents' i,. -ii.it, JUne W Placer Development—N6. 8, 60 , cents w •• •• June,lo Bank of N.Z. ("D")-7i per .A cent., 9d,per share .. .. June 11 Bank k N.Z.. 10 per cent., Is per share; final dun*.ll N.Z, Breweries*—B£ per cent, , ■ . 10 4-5 d per share, half-yearly June 16 Broken Hill South. Is 3d per share June 18 MdUtit Lyell—ls 6d per share. , interim .. June Wilsons Cement. 9d per share , final June 24 Woolwbrths (W.A.)—2s per share „ ••• June - Australian Glass (ord.)—9 per cent., final <-.... June 23 Australian Glass (pref.)—final 4i per cent June 23 National Mortgage (A issue) —ls per share, half-yearly July l National Mortgage (B issue) —fld per share, half-yearly July 1 NORTHERN EXCHANGES AUCKLAND

LONDON METAL MARKET (United Pres 3 Associatidn) (By Electric Telegraph—Copyright) LONDON, May 27. Th« following ire (lid officii! metal quotations:—

CANTERBURY MARKETS POTATO PRICES (Per United Press Association* CHRISTCHURCH, May 28. The' potato market. is very firm, mainly oecause four steamers are due to clear with New Zealand potatoes for South America within, the next three weSeks. The demand from within' this country is hot big. It is reported that part of the space booked oh earlier overseas boats has had to be cancelled because the wet weather has held up digging and the deliveries of export potatoes are consequently slow. Farmers are also disposed to hold for" higher prices, and many 1 have refused £6 oh trucks. Reports from South Canterbury indicate that the crops are turning out very much better than was expected. The yields in many districts have been phenomenal, in some better than can be remembered. North Canterbury crops are not heavy, but are fairly good. Therfe is ah excellent demand for fowl wheat, but supplies are very short. The onion market continues completely lifeless.

BALCLUTHA STOCK SALE (Speciai ro Uailv Times) BALCLUTHA,, May 28. Yardings at the weekly sale to-day were small, but the sale was a good one, particularly for fat sheep, which sold better than for some weeks. Fat lambs (heavy) made 29s 6d to 31s 3d; others, 22s to' 265; butchers' ewes, 18s to 25s 6d; freezing ewes, lis to 15s: fat wethers, 25s to 33s 3d. Store Sheep.—Ewe lambs, 16s to 24s 4d; ciill Wether lambs, 8s to lis: fail-ing-mouth ewes, 18s ,to 21s. Cattle.—Fait bullbcks, to £6 12s; tat £ows, £5 12s 6d; fat heifers, £3j Store Cattle.—Very few yarded. BuU locks, to £5 19s; old cows, £1 to £2 10s. Pigs'.—Only a few penned, which sold at, for well-grown suckers, 14s 6d to 17s. REGISTRATION OF POULTRY RUNS In an advertisement iri this issue the New Zealand Poultry Board hotifies poultry keepers regarding the registration of their poultry runs for the year commencing on June I, 1937 In this connection persons liable tor registration should note that the Minister 6f Agriculture made a public announcement recently to the effect that the board wduld be required to continue to administer the Act. and he hoped poultry keepers would comply with its provisions by registering as required without it being necessary for the board to prosecute defaulters. NEW ZEALAND THEATRES, LTD. The attention ol .debenture stockholders in New Zealand Theatres. Ltd., formerly Kemball Theatres, Ltd., is directed to a meeting of debenture holders to be held at the Dominion Farmers' Institute Building Featherston street, Wellington, on June 10. at 11 a.m. KAURI TIMBER DIVIDEND ANNOUNCED The Dunedin Stock Exchange Association has been advised that the directors of the Kauri Timber Company, Ltd.; have declared an interim dividend of 5 per cent, per annum for the haif-vear ended on February 28. PRICE OF FINE GOLD (United Press Association) (By Electric Telegraph—Copyright)

DOLLAR AND FRANC I United Prest Association) (Bv Electric Teleeraph Cobyiehti LONDON. May 27 Exchange on New York is quoted at 4.94 3-16 dollars to the £. and on Paris at 110 19-32 francs.

FOREIGN EXCHANGES t British Official 1 Wi'rtiessi (United Press Association) (By Electric Telegraph— Copyright*

ON NEW ZEALAND CURRENCY BASIS iUt Bahlt of New South Wates, tiunedln, juoted the following rated for purchases and sales of foreign exchange yesterday:—

DOLLAR RATES The Associated Banks i other than the Bank of New South Wales) quoted the following dollar rates yesterday on a New Zealand currency basis I'hey are subject to alteration without notice:— U.S.A Canada (Per£l (Per£l N.Z.) N.Z.) Selling— Dols Dols T.T 3.96 3-16 3.95 13-16 O.D 3.96 11-16 3.96 5-16 Buying— O.D 4.01 4.00 9-16 STAPLES BREWERY RATIFICATION OF OPTION (Per United Press Association) WELLINGTON. May 28. An extraordinary general meeting of the shareholders of Messrs J. Staples and Co., Ltd., Wellington was held to-day to consider the action of the directors in giving to New Zealand Breweries. Ltd. an option to ourchase the company's interests in licensed properties. The meeting passed a resolution ratifying the action of the directors in giving the option.

DUNEDIN MARKETS WHEAT, OATS, ETC. MILLERS FILLING THEIR REQUIREMENTS The milling wheat market is unchanged, with millers still purchasing odd lines from Canterbury and the surrounding districts. The offerings are not large, but millers are gradually filling their requirements^ The quality of the wheat in this district varies. Some of the lines are suitable for milling, and others are being accepted, although the quality is not of the best. The price for Tuscan for June is 5s 2d. f.0.b., grower's nearest port, and 5s 4d arid 5s 8d for Hunters and Velvet respectively. The fowl wheat market is steady. The rnain ports in the North Island are securing their supplies from Australia, and Canterbury supplies are also being drawn on. The local Wheat market is obtaining its requirements from the surrounding districts. Values are steady at round about 5s Id, ex trucks, sacks extra, country sidings. Small lots ex Dunediri stores are selling at up to 5s 9d. Wholesale prices are as | Flour: 200's £l3 15s 6d; 100's £l4 12s 6d: 50's £l4 17s 6d; 25's £ls 7s 6d. Bran, £5 6s per tori. Pollard, £6 15s per ton. Oatmeal: 2001 b sacks, £25; 25'S, £27. POSITION CONTINUES FIRM The oat market remains flrfn with lines on offer from Canterbury. The' quality varies.- but where it is sound, although the oats may' be discoloured, millers are prepared to buy. So far as the Otago district is concerned, most of thd Oats are discoloured and a good many of these ate out of condition. The prices being paid vary, and are from 3s 2d to 3s 6d, sacks extra, according to quality, on trucks, country sidings. There are! no A Cartons in this district, arid lines of this quality have to be secured from Canterbury. The present value of A Gartons is 4s 2d to 4s 3d, f.0.b.5.i., with B's selling at 3d per bushel less. The chaff market, continues firm, with only small supplies on Offer. On the other hand, there is not a great demand, and sufficient supplies jare available to meet requirements. The current value is £5 10s per ton, sacks extra, ex truck, for the best quality. The demand is practically confined to the best quality, undergrade lines being difficult to sell. POTATOES FOE SOUTH AMERICA The potato market is being well sup plied with potatoes from Canterbury and the surrounding districts. Value are unchanged, with best quality wort) up to £6 5s per ton, sacks included ex truck. Sales are now more, difficult to effect, as most of th" distributor; are carrying fair stocks. The marke has Men steadied t 6 sortie Extent b> the shipments of potatoes to South Up to the present abdul 3000 tons have been exported to South America, and there should be no difficulty in securing further supplies, a£ the crops in Canterbury have been ex ceptiorially good. AWAITING THE SPRING DEMANI' The seed markets show little changt in values. There are now" practically no lines on offer from growers, and it is not expected that there will bp much movement until the spring de mand sets in. Seeds required for sow ing, especially" ryegrass, will have to be secured from the carry-over from last season, as there is a shortage in this, season's crops. The cocksfoot niarket rerriairis firrti, and it is becortiing difficult to secure good samples. Akaroa-grown seed is very light, and merchants find it costly to dress arid difficult to obtain standard weight. The cowgrass market is steady, with offerings from Canterbury and Blenheim growers. Other lines are quiet, with a small dertiand from overseas. Wholesale prices are as follows: Chaff—Good bright oaten shestf, £5 10s, ex truck, to £6 per ton, ex store. Potatoes—Whites, to £6 5s per ton, ex, store; King Edwards at higher values. Dairy Butter.—Milled bulk, lOd per lb; separator, 10d per lb. Supplies Wanted.

Bacon, Is lid per lb. Egg's.—Stamped, 2s; case, Is lid. Canterbury onions, to 8s 6d per cwt. Honey, bulk, 8d per lb.' Lardj bulk, 8d per lb. Eggs show a decrease of 4d per dozen during the Week. FRUIT REPORT (SLUT OF INFERIOR GRADE APPLES Heavy supplies of apples are still reaching the market, Which is a little easier, Only really good quality apples have a demand. Inferior grade sorts are accumulating in the marts; and these are on offer at low rates. Dessert pears nave been in heavy supply, and prices have eased. Many lines are arriving in an over-ripe condition. Hothouse tomatoes are still coming forward from Christchurch. Small lots of locally-grown hothouse tomatoes aire also on offer. . Gros Colrnar grapes are practically finished for. the season. A lihe from a Maori Hill hothouse brought 3s 3d a lb during the week. Californian oranges are now in godd supply, and are offering at prices which cannot show importers any margin of profit. A further shipment of South Australian oranges is due to arrive by the Waitaki on Tuesday next. The price for ripe bananas is unchanged. Californian lemons are in.short supply, only'a small line arriving by the Mariposa. The Californian oranges and lemons which were overcarried from AUcklarid to Sydney by the Mariposa should arrive here towards the end of next week. Cauliflowers are in good supply, and cabbages in heavy supply. Inferior grade celery is hard to Parsnips, carrots, and swedes have a sound demand. Small lots of green peas are arriving from North Otago and Canterbury. Marrows are in short supply. Many of the crops have been affected by frost. Wholesale prices are as follows: Apples.—Cookers, 4s to 6s 6d per case; Cox's Orange Pippin, 6s 6d to 10s; Delicious, Jonathans and Sturmers 5s to 7s; inferior grade dessert and cookers, 3s to 4s 6d. Bananas.—Ripe, 20s per case. Pears.—Dessert, 3s to, 4s per halfcase; cookers, 3s to 3s 6d. Tomatoes —Christchurch hothouse, 9d to Is per lb; 4d to 8d per lb; local hothouse. Is to Is 3d per lb. Grapes.—Gros Colrnar, up to 3s per lb. Californian navels, 40s per case. Lemons.—Californian, 65s per large case. Cauliflowers.—Choice, 3s 6d to 6s: others, Is 6d to 2s 6d. Cabbages—Choice, 2s to 3s 6d per Winter Rhubarb.—Loose. 2.Jd to 3d per lb. Parsnips. 2s 6d to 3s per sugar bag. Carrots, 3s to 3s 6d per sugar bag. Potatoes—Prime ; 7s to 8s per cwt. Celery, 5d to 8d per bundle. Lettuce—Choice 2s to 2s 6d per lozen. Green peas, 4d to 6d per lb. Swedes, Is 9d per sugar bag. Marrows, to ljd per lb. Pumpkins, to lid per lb. Jam melons, 15s per cwt.

LONDON STOCK EXCHANGE (United Press Association) ißv Electric Telegraph—Copyright) LONDON, May 27. The following are the latest quotations for Government securities compared with the prices ruling last week:—

BANK OF ENGLAND RETURN (United Press Association) (By Electric LONDON, May 27. The following is the Bank of England return:— ISSUE DEPARTMENT Note issue in circulation £475,200,000 Bank department .. .. 46,000,000 Government securities .. 183,700.000 Other securities .. •• 5,300.000 BANKING DEPARTMENT Rest £3,200,000 Public deposits 24.900,000 Bankers' deposits .. ■.. 91.400,000 Other accounts 37,50Q,00U Government securities .. 99,500(000 Discounts and advances .. 4.900,000 Other securities .. .. 20,200.000 Notes and coins 46.900.000 Rate of reserve to liabilities is 30.51 per cent. Bank of England discount rate remains unchanged at 2 per cent.

AUCKLAND PROPERTY DEAL BIG CITY TRANSACTION Ahblher ldtge pfbpei'ty.deai ih Auckland has been Completed by the purchase by SilkniUN.Z.), Ltd.. of abjpck of lahd fit the cornet 6f Cobk and Virtcent streets, the section is 159 feet to Vincent street find 106 feet td Gbok street, and was formerly Jhe property of J. M. Menhie, Ltd. The purchase price has riot been disclosed, but it is kiibwn that a substahtial sum is involved. It is pfbfrbsed to erect a modern factory find dfflce blbck tb house'4so employees of the company. The present factory is divided into three sections, bperating ih different parts of the city. The building scheme will be put into operation as soon as possible* * ELECTROLYTIC 21NC COMPANY DECLARATION OF DIVIDENDS (Per United Press AssddiAiibw) WELLINGTON, May 28. The New Zealand Stock Ertchaiige Association has received cabled advice that the directors of the Electrolytic Zinc Corporation have declared a participating dividend of 3s 6d a share 6ri both preference, and ordinary shares, making a total participating dividend of 6s a share for the year ended De-» eefriber 31, 1936. The company is filsa paying the first half bf the fixed diufiulative dividend of 2s a Share bfl the preference shares for the year eftdhig December 31, 1937. Both dividends wiii be paid in English currency or July 1. HUME STEEL COMPANY DIVIDEND ON PREFERENCE SHARES (Per United Press Association) WELLINGTON. May Si Cabled advice has been received by the New Zealand Stock. Exchange that the Hume Pipe and Steel Company is paying oh June zl a half-yearly dividend of 7J per cent, on the preference shares.

£. s. a Bank of New Zealand (2) .. 2 4 9 0 19 2 N.Z. Kefrigewiting (corit.) 0 8 10i 10 2 0 Dominion Fertiliser .. ..' ... 14 3 Broken Hill Pty. (cont.) 3 19 0 (2) 3 14 6 3 14 7 Dunedin Breweriea .. .. . 1 0 6 3 3 6 3 4 0 (3> 3 0 3 2 11 3 2 li 6 (2) 2 10 9 Electrolytic Zinc (of'd., 3) .. 2 18 0 2 5 9 ,2 6 3 0 14 3 Mount' Morgari (») , ... .. •• 0 13 ■ 61 d 1 5 0 2 11' 0 01 31 p.c. Stock, March, 1939-43 .. 101 5 6

') £ s. d. N.Z. Breweries (2) .. .'„• . .363 N.Z. Refrigerating (cont.) ,.0 8 10J ,. 0 13 6] .. * 8 3 .. 0 2 11

GOVERNMENT LOANS .'* Buyer. Seller. £ i. d. £ i. 6. 31 p.c. Stock., Nov., 1038-52 .. .. .. 100 10 0 — 3j p.c. Stock, March, 1939-43 f .... .. 101 1$ 0 — 3J p.c. Stock, Sept., ioi a 6 +m 3| p.c. Stock; May/ 1939-52' .. r. i. lodio 0 _■ 31 p.c. Stock; Match, • 101 6 0 mm 31 p.c Stock, Sept., 1941-43 101 S 6 im 31 p.c. Stock, May, , 1941-52 . :. .. 100 10 0 — 31 p.c. Stock, Nov.. 1941-52 .. 100 10 0 _ 3 p.t. Bonds, 1939-41.. ae ■«• 0 i_ 4 p.c Bonds, 1943-46.. 103" 5 0 — 4 p.c Stock, 1943-46 103 5 0 _ 4 p.c. Bbnds, 1940-49.. 104 0 0 _ 4 p.c, Stock, 1946-49.. io4 0' 0 __ 4 p.c. Bonds, 1952-55.. 104 i 0 _ 4 p.c. Stock, 19S2-55".. 104 5 0 — 31 p.c. Bdrids, 1953-57.. 99 0 0 — 31 p.c. Stock. 1953-57.. ty 0 o- — (Mining • u 0 2 1 Big River (Is) .-. .. 0 19 Consol. Goldfields (4s) ii. 0 15 0 Gillespie's Beach (IS) 0 1 41 0 1 6 Goldfields Dredging (Is)' , ;. .. . — 0 0 3 King Solomon (Is) ..- — 0 0 7 Nokomai (5s) .... 0 2 2 0 2 3 Okarito (5S) .'; .. .. 0 2 6 0 3 0 Paddy's Point (5s) .. — 0 2 3 Sandhills (is), .... 0 0 1 0 0 2 Skippers (Is) ' '..• .... 0 0 2 0 0 4 Waimumu Sluicing • (Is) — 0 0 101 Waitahu (5s) .. .. 0 1 0 0 1 5 BANKING A'asia (£5) .. .. — 12 15 0 N.S.W. (£20) .. .. — #|J '37 12 fi N.Z. (£1) 2 4 6 _ Commercial (10s) 0 19 0 0 19 3 E.S. and A. (£3) .. — 6 10 0 Natl, of N.Z. (£2 10s) 3 2 0 — Union (£5) — 11 5 0 INSURANCE National (7s) .. .. 0 18 8 0 17 2 Standard (£1) .. .. 2 17. 6 2 19 0 SHIPPING Howard Smith (£1) _i_ 1 3 0 Huddart, Parker (ord.; £1) — 2 0 0 Huddart, Parker (pref.; £1) .. ' 1 6 6 — U.S.S. Co (pref.: £1) 1 6 9 - MEAT PRESERVING N.Z. Refrig. (cont.; 10s) 0 8 91 0 8 11 South. Froz. Meat (paid; £1) .... 3 13 6 _ South. Froz. Meat (pref.; £1) .... 3 13 6 — South Otago Freezing (£5) — 8 0 0 Waitaki Farmers (£5) — 4 6 0 WOOLLEN COMPANIES Kaiapoi (cont.; 7s) .. ,_ 0 5 0 Kaiapoi (pref.; 17s) — 0 17 3 Mosgiel (£4) .. .. 10 0 0 — Oamaru (£1) .. .. — 1 0 0 — 1 0 0 LOAN AND AGENCY Goldsbrough. Mort (£1) — 1 18 0 NaU Mortgage (£2) 2 12 0 — N.Z. Loan and M. (ord.; £100) .. .. — 50 0 6 N.Z. Guarantee Corp. (4s) 0 4 8 — Otago Farmers (3s 4d) — 0 4 1 Perpetual Trustees (IBs) — 3 4 0 Trustees. Executors (£2) 3 15 0 — Wright, Stephenson (ord.; £1) .... 1 0 9 — Wright, Stephenson (pref., £1) .. .. ,. 1 1 0 — COAL Kaitaiigata (16s); .... 1 1 6 1 2 fi Westport (10s) .•/. .. *«1 3 6 1 4 0

MISCELLANEOUS Associated News (pref.; £1) .... 1 S 1 — Broken Hill Pty. 4 0 0 4 1 9 Broken Hill Pty. (cont.; — 3 15 9 Brown, fiwlng (brd.; £1) — 1 1 3 BroWn. Ewing (pre*.; £i> 1 2 6 ' — Crystal Ice (£1) — i 6 O D.I.C. (pref.; £1) .. 1 3 9 — Dominion Fertiliser (£1) 1 S 9 — Dominion Fertiliser (debs.) 104 0 0 — Donaghy** Rope (£1) 2 13 0 — Durifop Perd Rubber (£1) 1 1 2 1 1 6 G. J. Coles (£1) .. 5 7 6 5 10 0 Milburn Lime (£1).. I 1& 0 — Natl. Electric (£1) .. 0 13 3 0 14 3 N.Z. Drug Co. (£2) 3 13 6 — Malay Rubber ford.; £1) 0 18 0 — N.Z. Newspapers (16s fid) .. — i n 0 N.Z. Paper Mills (£1) 1 7 0 — Regent Theatre (£1) 1 0 0 — Smith and Smith (pre*.; £l) 1 1 Ct — Taranaki Oil (£1 4s — 0 4 10 Wilsbns Cement (lOS) — 1 13 0 BREWERIES N.Z. Breweries (£1) 3 5 6 3 6 6 Staple* (£1) .. •• 2 12 6 2 15 6 Dominion (£1) ./ .. 2 3 6 — AUSTRALIAN MINING Austral N.Z. Mining 0 11 6 — Broken Hill South (3s) ... 2 10 6 2 11 3 Electro. Zinc (pref.: £1) •• 2 17 0 — Electro. Zinc (ord.; £1) 2 16 6 2 17 6 Mount Lyell.(£lJ ... 2 5 0 2 5 9 i Mount Morgan (2s 6d) 0 13 6 0 13 North Broken Hill (5s) •• 3 12 3 3 14 3 Ratwang *i« (16s) •. — 0 12 0 ** Ex dividend.

Sales on 'Change £ s. d. Waitorho Electric Power, 1949-51, 4i p.c :.. Commercial Bank of Aus162 16 0 0 19 2 Bank of New Zealand 2 4 2 4 8 Q National Insurance .. a 17 0 Newton King (pref.) 0 8 6 Dominion Breweries (2) .. i i 6 Dominion Breweries (new) New Zealand Breweries .. 2 3 3 3 5 3 3 5 6 Broken Hill (cont.) .. .. 2 12 3 3 15 0 5 8 6 Taranaki Oil .... .. 0 4 0 Wilsons' Cement (2) .. .. 1 12 6 0 0 6 0 10 6 Mount Morgan 0 13 8 Unlisted Stocks Woofworths (Syd.; 2) .. 7 >1 0 Grey River (3s 9d paid) .. a 4 6 WELLINGTON Sales on 'Change 4 p.c. Stock, 1946-49 (late 104 10 0 Bank of New South Wales (cum div.; late Thurs.) .. 37 5 0 Staples and Co. (late Thurs.; 3) .... 2 12 11 2 12 3 2 12 5 Dunlop Pcrdriau (late Thurs.; 4) .. .. .. 1 1 0 Mount Morgan dale Thurs.) 0 13 6 Dominion Breweries .. 2 4 6 Staples and Co 2 12 10 2 12 R 2 15 9 Consolidated Brick .. .. 0 8 3 Dunlop Perdriau .. .. 1 1 3 G. J. Coles .. 5 8 0 0 0 31 Placer Development (odd lot) 4 11 0 Unlisted Stocks Grey River (3s 9d paid) .. 0 4 6

CHRISTCHURCH Sales on 'Change N.Z. Govt. 3J p.c. Inscribed, 100 15 0 N.Z. Govt, 4 p.c. Inscribed, 1946-49 (2) .. .. 104 2 6 Commercial Bank of Aus0 19 0 National Bank of Australasia (£5 paid; 3) 7 8 0 Bank of N.Z. (2) . 2 4 7 Union Bank . .• 11 2 6 N.Z. Insurance 3 2 6 N.Z. Refrigerating (£1 paid) 0 19 0 North Canterbury Freezing 2 0 0 N.Z. Breweries 3 6 0 3 6 3 (2) 3 6 0 (4) 3 5 9 Staples Brewery (2), 2 13 0 2 12 11 (5) 2 14 0 Tooths Brewery .. 2 15 9 Broken Hill Propy. (2) .'.' 4 1 4 1 0 19 4 0 0 Anthony Hordern .. British Tobacco .. 2 9 9 2 9 6 Broken Hill Propy. (cont.) 3 14 9 Dunlop Rubber 1 1 7 Dominion Fertiliser (cum div.) ., .. .. 1 3 9 Electro. Zinc (ord.) 2 16 6 G. J. Coles .. .. 5 7 9 5 8 0 Hume Pipe (Aust.) • • ■. 0 19 4 Shillings, Ltd. .. .. 0 19 1 Taranaki Oilfields 0 4 1 0 4 0 Maori Gully .. 0 0 53 Skippers (5) <. .. 0 0 3 Broker, Hill South (cum div.) 2 10 6 Mount Lyell (cum div.; 4) 2 5 2 5 4 3 (3) 2 5 2 (3) 2 5 3 Mount Morgan (2) 0 13 6 0 13 7 0 13 65 Sales Reported N.2. insurance 3 2 6 North Canterbury Freezing Gate' Thurs.) . .. 1 18 9 N.Z. Breweries (ciim :"div.) 3 6 0 (3; late Thilrs\) 3 6 9 N.Z. Breweries .. 3 5 3 3 5 9 tooths Brewery .. •. 2 15 9 G. J. Coles .. .. 5 7 9 " (2) 5 9 0 Skippers (2) .. 0 0 3 Mount Lyell • • Mount Morgan 2 5 4 0 13 9 Unlisted Stocks Grey River (3s 9d naid) ., 0 4 6 Woolworths (Sydney; ord.) 7 1 7 1 6 9 Woolworths (Sydney; rights: 4 11 0 Sales Reported National Tobacco .. 2 10 0

• Toa Copper, spot .. .. 6ii i 6 Fall to 8 S Copper; forward .. 58 18 9 Kail 0 18 W> Electrolytic, (pot .. «4. « 0 Fall 0 10 0 Electrolytic, forward.. off 6 0 Fall 0 10 0 Wire, barf , .. .. 16 0 0 Fall 0 10 0 Leid. spot .. .. 23 15 o - Fall 0 12 K faad'. forWard* • '.. 23 13 0 Full o n 3 Spelter', .pot ;. .. 22 17 6 Fall 0 10 0 Spelter, forwa'fd' 23 2 6 Fall 0 10 0 24? 17 « Fall 2 5 0 tin. forward .i .. 218 17 02. c Fall 2 0 0 Silver, fine .. .. 20 5-lGd Rise 1-lfid Silver, t'timdara 31 15V («d Rise 1-Hid

LONDON. May 27 May 27 .. 7 0 7 May 25 .. 7 0 51 May 24 .. 7 0 6 May 22 .. May 20 .. May 19 .. 7 0 54 Mav 18 .. 7 0 in

RUGBY, May 27. PartsPA. Miy 26. Stay 27. Francs to £1 121.21 110 Sl-64 110 37-04 Brussels— Bc-Is&sto £1 36 29.29} 29.27} ' OSlC*i., Krouer to £) 18.ISO 19.90 19.90 Stockholm— * Kroner to £ r 18.130 19\3'9J 19.39} Copenhagen— Kroner to £ 1 18.150 22.40 22.40 BerlinMarks to £ 1 20.34 12.SO} 12.30} vtontreal— . Hollars to £ 1 4.86 2-3 4.93 11-16 4.m New YorkDollars to £ I 1.86 2-3 4. 94 J 4.94 5-32 Vokohama— Pence to yen 34.582 14 14 HongkongPence to dollar 24.58 142 14 27-32 BbmtiafPehce to rupee — IS} 18} Batavla— Florins to £1 12.10 s.ni 8.9*6} MilanLlre to £] 82.46 333 ' 932 AmsterdamGuilder to £) 12.107 8.9Sij 8Ml PragueKroner to £ I 104} 1412 141 13-10 Geneva— Franc's to £ 1 25.221 2i.t-.02 21.61} Vienna— Schilling* to £1 j. 84.86} 26} 26} •leisfuafors— Marks to £) 193.23 2264 226} MadridPesetas to £) 25.22} 92 11-32 92 11-32 Belgrade— . Dinars to £1 25.22} 215 2lS I then s— Drachma to , £1 375 547} 547} Lisbon— Escudos to £1 110 110 3-16 110 3-16 Bucharest— Lei to £1 931.6 672} 672} Rio de JaneiroPence to mllrcls .. 5.890 <V 4} Buenos AiresPence tO P630S 47.22 - — — ShanRhal— Pence (6 tael mm .14 15-32 14 15-S2 MontevideoPence to' pesos m 392 Warsaw— ZIotys to £1 ~ 26.06 26.06

I.tmdoh—■ Buying Selllnw £1 N.Z. to eioo tf.T. J 2 * 124/ioVO.D. 123/10/124/8/9 Australia— £ A t6 £100 N.Z. T.T. 101 100/10/O.D. 101 100/10/t'tjf- £ F to £100 N.Z T.T. Sf0/7/6 89 O.D. 90/7/6 89 Nev Tork— Dollars to £ N.Z. T.T. S.9976 3.9606 O.D. 4.010J 3.9656 Montreal— Dollars to £ N.Z. T.T. 3.9926 3.9580 O.D. 4.0054 3.9630 AustriaSchillings to £ N.Z. .. .. T.T. — 2U.7.-i O.D. — 20.75 Belgium— Belgas to £ N.Z T.T. — 23.382 O.D. — 23.393 Czechoslovakia— Crowns to £ N.Z t.t. — 113.06 O.D. — 113.11 tlcnfnark— Kroner to £ N.Z I'.T 18.203 17.SHX O.D. 18.203 17.903 France— . Francs to £ N.Z T.T. — 88.63 O.D. — 88.67 llcniianyRelcnsmarks to £ N.Z r.T. — 9.8H O.D. — 9.819 Holland--* Florins to £ N.Z T.T. 7.323 7.173 O.D 7.383 7.177 Italy— Lire to £ N.Z. T.T. ... 7.".2i O.D. — 75.32 lava— Florins to £ N.Z T.T. 7.30'. 7.145 o.D. 7.365 7.149 NorwayKroner to £ N.Z r.T 16.182 15.892 O.D. 16.242 15.902 SwedenKroner to £ N.Z. T.T. 15,785 15.400 0.1). 15.845 15.500 SwitzerlandFranc* Id £ N.Z. T.T. 17.544 17.274 O.D. 17.619 17.279 Noumea— Fntrics to £ N.Z T.T'. — 87.26 , O.D. — 87.32 Papeete— Francs to £ N.Z. T.T. — 87.41 O.D. — 8717 Hongkong— N.Z. .pence to 1 dollar .. .. r.T. 18 5-32 18 21-32 O.D. 184 18 41-61 India a tin Ceylon— N.Z. pence to 1 rupee .. .. T.T. 223 22 21-3:! O.I). 22 11-32 ' 22 41-64 N'.Z. pence to 1 ven ., I'.T. — 17-15-32 Oil — 17 29-64 Shanghai— K.Z. pence, to 1 dollar .. .. T.t. ' 17 4761 IS 15-lii O.D 17 45-64 18 7-32 Singapore— N.Z pence to 1 drtllar .. .. r.T .11 23-32 35 13-6-1 O.D 31J 85 3-1fi Chufoo— N Z. pence to 1 dollar .. .. r.T 17 23-32 18 11-.32 O.I) 17 43-16 18 21-61 Manila— N.Z. pence to I peso T.T. 29 55.04 ! 30 27-64 O.D 29 49-C4 30 13-32 Mi rates subject to alteration without tiotlee

May 20. May 2 7. British- £ s. d. £ s. d. Consols 76 10 0 76 10 110 15 0 Funding Loan, 4 p.c. 110 10 0 0 War Loan, 31 p.c. .. 101 17 6 102 0 0 Con Loan, 31 p.c. .. 102 0 0 102 0 0 Victory Bonds* 4 p.c. 109 10 0 110 0 0 Commonwealth— 5 p.c., 1945-75 .. 108 10 0 108 13 9 3} p.c, 1936-37 .. .. 90 2 6 89 IV 6 4 pc, 1943-48 .. .. 102 15 0 10i 17 6 3i p.c, .. .. 101 2 6 100 10 0 31 p.c, 1956<-61 .. 93 17 8 93 15 0 New South Wales41 p.c, 1935-43 .. 100 2 6 99 17 6 Victoria— 3 p.c, 1929-40 .. .. 96 7 6 96 10 0 43 p.c, 1940-60 .. 163 17 6 104 7 6 5 p.c, 1945-75 .. 108 5 0 108 5 0 Queensland— 3 p.c. 1932-47 .. .. 96 15 0 96 17 6 5 p.c, 1940-60 .. .. 104 10 0 104 8 9 South Australia— 4 p.c, 1942-62 .. .. 108 5 0 108 5 0 3 p.c. 1916 or after 81 5 0 81 7 6 Western Australia— 4 p.c, 1942-64 .. 102 6 0 102 0 0 Tasmania— 31 p.c, 1929-40 .. .. 101 15 0 102 0 0 4 p.c, 1940-50 .. 102 17 6 102 1 3 New Zealand— 41 p.c. 1948-58 .. 103 7 6 103 7 6 31 p.c, 1940 .. .. 100 10 0 100 17 6 3 p.c. 1945 .. .. 94 10 0 94 10 0