COMMERCE AND FINANCE

Otago Daily Times, Issue 23204, 31 May 1937, Page 14

COMMERCE AND FINANCE

LOCAL AND OVERSEAS MARKETS

THE SHARE MARKET DUNEDIN STOCK EXCHANGE A brighter market in most sections was revealed on the local Stock Exchange on Saturday morning, when a total of six sales were recorded. In the banking section Bank of New Zealands were steady, with buyers at Sjl 4s 6d and sellers 6d away. With a seller at £37 10s, Bank of New South Wales were a little easier, and Commercials with buyers at 19s and sellers wanting 19s 2d were also slightly easier. Quotations for insurance shares showed little change from those of the previous day. More interest was displayed in shipping shares, for which there was a good inquiry at steady prices. National Mortgage As were asked for at £2 12s..sellers being Is away.and New Zealand Loan and Mercantiles (ord.), with a seller at £49,were easier. An unsupplied buyer was forward for the ordinary issue of Wright Stephenson's at the slightly increased price of £1 Os JOd.andthe preferential shares were the subject of business at £1 Is, the market closing with buyers at this figure and sellers 3d away. Broken Hill Proprietaries (paid) were wanted at the easier price of £4 Os 6ci. but sellers remained firm at £4 is. The contributing issue, with buyers offering £3 14s and sellers Is 6d away were also slightly easier. Dunlop Bubbers. which had reported business at £1 Is 4d, continued their upward trend, the market closing with buyers at this figure and sellers 8d away. There was an improvement m Q. J. Coles, for which buyers offered £5 »s 3d, an advance of 9d on Friday's offer. Sellers, however, remained firm at £n lis. New Zealand Breweries had a seller at £3 6s 3d but no buyer, and Staples were asked for at the easier price of £2 lis 3d. which was 3s 9d below sellers' requirements. Only slight differences were recorded in the quotations for shares in the Australian mining section. The increased interest displayed in New Zealand mining shares was well maintained, though quotations shov/ed small change from those of Friday. Nokomais were inquired for at 2s 3d, a rise of Id on the previous day.-but sellers were bd away. A consistent demand for all issues of Government Loans was again apparent, but no business was re-

DOLLAR RATES The Associated Banks (other than the Bank of New South Wales) quoted the following dollar rates on Saturday on a New Zealand currency basis. They are subject to alteration without notice:—

BRITISH TOBACCO DIVIDEND The Stock Exchange Association has been advised that the directors of the British Tobacco Company have declared a quarterly dividend of 2 per cent.

LONDON MEAT MARKET LATEST SMITHFIELD QUOTATIONS (Per United Press Association) V/ELLINGTON, May 30. The New Zealand Meat Producers' Board advises that the following are the approximate average price? realised for the week, based on actual transactions ol wholesale quantities of the descriptions of meat mentioned and are for representative parcels of the goods offering during the week, being for business done on the basis of delivered to Smithfield Market and/or ex London stores (prices for the two previous weeks are also shown):—

Lamb Market.—Very firm, with improved prices. Consumption excellent. Mutton Market.—Wethers: Better demand at higher prices. Ewes: Market quiet and unchanged. Beef Market.—Chilled beef: Demand continues very good, but prices shade easier. N.Z. Porker Pigs.—Market quiet and unchanged. N.Z. Baconer Pigs.—Trade slow at the unchanged prices. The Bank of New Zealand has received the following advice from its London office as at close of business yesterday:—The market for wethers is becoming firmer owing to small supplies available. For ewes the market is dull. Owing co shorter supplies of lambs, the market has improved. Quotations:—Wethers: Light, 43d to 5.1 d per lb; heavy, 4d to 4id. Ewes: 3]d to 4gd. Lambs: Twos, 7£d to 7Jd; eights, 62d to 7d; fours, 6Jd to 62d; seconds, 6ld to 7id. THE APPLE MARKET (United Press Association) (By Electric Telegraph—Copyright) LONDON, May 29. (Received May 30, at 5.5. p.m.) Apples: Arrivals are heavy and prices weaker. New Zealand from Rangitata—Jonathans. 7s to 10s 3d; Granny Smiths, lis 3d to 13s 3d; Sturmers, 7s to 10s. SALMON PACK THE ESTIMATED RETURNS The following information regarding the salmon packs from British Columbia for the past five years and the estimates for the new season have been compiled by British Columbia Packers, Ltd.: Sockeye—

LONDON METAL MARKET (United Press Association) (By Electric Telegraph—Copyright) LONDON. May 28.

MINING NEWS GOLDEN DAWN REPORT A total of 42 tons of ore was treated at the Golden Dawn battery for an approximate realisation of £335. ARGO RETURN (Per United Press Association) GREYMOUTH, May 29. The Argo return was 87oz for 129 hours' work during which 12,500 yards were treated. NEVIS SLUICING WASH-UP The secretary of the Nevis Sluicing Claim, Ltd., has received advice that the result of the wash-up for four months' work was 950 z lldwt. CLUTHA RIVER DREDGE The Clutha River Gold Dredging Company, Ltd., reports that during the fortnight ended May 22 the dredge worked 215 hours and recovered 240 z of gold. GILLESPIE'S BEACH RETURN The secretaries of Gillespie's Beach Gold Dredging Company, Ltd. (Messrs T. H. Thompson and Sons), advise that the wash-un for the week was 58oz for 128 hours' work. The dredge was operating on the full length of the cut. LONDON MARKETS (United Press Association) (By Electric Telegraph— Copyrlgnt) LONDON, May 29. (Received May 30, at 5.5 p.m.) Friday's closing prices were as follows: Cotton: Spot, 7.36 d per lb; June, 745 d. Rubber: Para, lid; plantation smoked, lOd. Jute: June-July, £2l 18s 9d. Copra: June-July South Sea, £ls 15s; smoked, £ls 2s 6d; plantation Rabaul, £l6 15s. Linseed oil, £32 ss. Turpentine, 38s 6d. NATIONAL BANK OF NEW ZEALAND FINAL DIVIDEND DECLARED (Per United Press Association) WELLINGTON, May 29. The general manager of the National Bank of New Zealand announces that the board of directors of the National Bank of New Zealand have recommended a final dividend at the rate of 4 per cent, per annum for the halfyear ended March 31, making 4 per cent, for the year free of tax. This is equivalent to £4 18s lOd per cent, in New Zealand currency. NATIONAL RELIANCE INVESTMENT TRUST

The directors of the National Reliance Investment Trust, Ltd., of which Melbourne is the headquarters, have issued their seventh annual report. It shows a net profit for the year of £6718 on a capital increased from £50,082 to £200,000 by three issues of fresh capital, all fully subscribed by shareholders. The dividends have increased from 2J per cent, in 1931 to 6 per cent, this year, and the reserves and undivided profits are now shown at £52,244. It is stated in the annual report that the underlying economic conditions have remained strong, with a definitely improving tendency. Increasing numbers of companies have been able to pay higher dividends, but at the same time the reduced yields from many stocks resulting from further advances in market prices has rendered it difficult to maintain the average earning rate on new purchases. In accordance with the principles followed by English and Scottish investment trusts, the directors have made changes in the portfolio in order to safeguard the shareholders' capital, and these changes have resulted in a net surplus of £24,358, which amount has been added to the investment fluctuation reserve, increasing it from £24,029 to £48,388, equal to 24.19 per cent, of shareholders' capital. This surplus is realised capital appreciation, and is not available for distribution to shareholders in the form of dividend, but properly goes to strengthen the capital structure of the company.

MERCHANDISE MARKET The shortage of Jordan almonds continues, and there is no information when further supplies will be to hand. A supply of South American canary seed will reach the market ex the Limerick, due from Pacific Coast ports within the next few days. The next sugar steamer is the Waimarino due on June 2. Recent quotations for parchment, kraft, and teo papers show a decided increase, and, according to advice, there will be a difficulty during the next year or two in obtaining supplies. The reason given for the shortage is the shortage of wood pulp obtainable from Russia. Supplies of Calif ornian prunes, seeded raisins, British Columbia salmon, pilchards, etc., are due on the market ex the Limerick. Quotations for new season's canned asparagus show a marked increase on those ruling in previous years. Included in the cargo by the Waikouaiti from Sydney will be a considerable quantity of tea transhipped ex steamers from Colombo. FRUIT AND PRODUCE WORLD Reilly's report selling:— Per Dozen.—Lettuce: Choice, 3s. Spinach, Is 6d. Beetroot, Is 4d Carrots, Is. Eggs: Guaranteed, 2s; pullets', Is 8d to Is lOd; preserved, Is 6d. Cucumbers: Hothouse, large, 6s to 8s: small, 3s to 4s. Section honey, 10s 6d. Mutton birds, 9s 6d. Creme narcissi. 4s to 6s. Sol de or. 9s to 12s. Violets, 4s to 4s Gd per dozen bunches. Each.—Champion egg crates. 24 dozen, 18s. Per Ream.—Apple wrapping paper 3s 6d. „~, , „ . Per Case.—Oranges: Californian Valencias 455; Australian navel oranges to arrive June 7. Californian lemons. 70s. Grapefruit. 455. Bananas: Ripes. 20s. Mandarines, 20s to 245. Pines. 265. Pears: Winter Coles, fis to 8s 6d: Winter Nelis, 6s 6d to 8s 6d: cooking pears (is 6d. Apples: Choice Coxes, 8s to 12s 6d: Delicious. 6s to 8s Gd: Jonathans. 6s to 7s 6d: Granny Smith. 8s to 9s: Cleopatra. 3s to 7s: small and inferior grade dessert apnles, 3s to 4s 6d: cookers. 4s to 6s Gd. New Zealand lemons, to 20s. _ , „ ~, Per Hair Case.—Winter Coles. 3s <>rt to 6s- Winter Nelis. 4s to ss. Passion fruit. 15s. Tree tomatoes. 10s. Per lb—Grapes: Gros Colmars. 2s (>d (o 3s 3d. Local hothouse tomatoes: Firsts, Is 2d to Is 3?.d: dessert, Is 2d. Christohurch hothouse tomatoes: Firsts, 9d to lid: seconds, 4id to Gd. Choice green peas. 4d to sd. Garlic, 4d. Kumems, 3d. Ten: Orange pekoe 2s fid Cheese 7s. Butter: Storekeepers' lid. Bacon: Prime. 1s 2d. Bacon and porker pigs, did: over-weights. 4d. New season's bulk honey. Bd. BeesPcr Rack.—Coconuts. 18s (id. Cabbage 3s. Cauliflowers. 4s to 4s Gd. p c ;. cwl —Morrows. 14s. Pumpkins. 12s. Potatoes. Gs to Bs. Pie melons. 15s Onions: Canterbury. 8s Gd. Ovstcr grit. 6s. Woodwool. 20s. "Viv o Vee" plant food. 18s Gd Olive oil. 16s pnllon. Giraffe lime sulphur Is Gd callon. Somesan: lib. J2s 6d Fed Rose nicotine sulphate: 101 b 455; 21b, 14s Gd: lib. 8s Gd; Jib. 5s Arsenate of lead oasle. 9d to is 3d. Powder. Is to Is Gd. Red oil. 5s Fowl wheat, to Gs Prt. Partridge peas. 6s. Maize 7s Gd. Oats: Gortons. 4s to 4s 6d bushel Crushed oats. 9s Gd. X Kevs meatmeal. 15s bnf Pollard £6 15s Bran. £5 10s. Chaff. b.o.s. £5 15s ton Buttermilk oowder. iln. Per Pair.— Poultry: 472 hens at 3s 2d to lis 6d: 101 cockerels 3s 2d to 10s fid- 28 drakes. 5s Gd <o Gs Gd: 10 geese. 8s Gd to 9s: 36 pullets 5s to 14s oer pair: 14 turkev gobblers. 9d to 10.',d: and 12 turkey hens. 8d to 9d per lb REILLY'S CENTRAL PRODUCE MART. LTD.. Moray place Duncdin C.l.

STEELMAKERS' EARNINGS

DAIRY PRODUCE LATEST LONDON QUOTATIONS (Per United Press Association) WELLINGTON, May 29. The following information has been supplied regarding the London markets by the Primary Products Marketing Department, which has received a cablegram from London dated May 28:Butter.—New Zealand, salted, 108 s; unsalted, 109 s to 110 s; deliveries, 2235 tons; in store, 7215 tons. The market is firm. Retail prices are unchanged, with New Zealand at Is Id. The Imperial Economic Committee estimates all stocks of butter in store at 720,316 boxes, compared with 642.123 boxes last year. Cheese.—New Zealand white, 74s to 74s 6d; coloured, 73s Cd to 745; deliveries, 21,504 crates; in store, 94,835 crates. Market irregular. AUSTRALIAN STOCK EXCHANGES The formation of the Australian Associated Stock Exchanges, an association which is limited by guarantee and having no share capital, and to which a licence has been granted by the Governor-in-Council. constitutes an important addition to Stock Exchange administration in Australia. With a rapid growth in the public interest in Stock Exchange transactions in recent years there has come an increase in the problems of Stock Exchange administration. That the need to cater more comprehensively for the interests of a widened circle of investors and for the interests of the Stock Exchanges themselves is recognised by those in control of the exchanges, and is evidenced in the new organisation, which envisages co-ordination of Stock Exchange action on certain lines throughout Australia. ALLOY STEEL (N.Z.), LTD. Mr C. C. Davis, chairman of directors, presided over an attendance of six shareholders at the annual meeting of Alloy Steel (N.Z.), Ltd., while shares represented personally or by proxy totalled 13,632. The chairman explained in detail the financial position of the company as shown by the published accounts, and sketched the history of the company, outlining events during the transition stage when the old plant had been gradually augmented by the new plant. In so doing, he referred to the recondition of the old plant—also a gradual process—all of which work had been completed so recently that the full benefits had not accured during the past year. Turnover had been steadily increasing month by month, and the returns from the works for April were the largest since the incorporation of the company. Mr H. B. Anderson regarded the year's results as extremely satisfactory, the ratio of gross profit being very good. He considered if this ratio continued in the years ahead, the future of the company looked particularly bright, the more so because the works had been reconditioned on modern lines and, provided the company paid strict attention to quality and design, it would be able to solicit and fulfil orders for castings from mining, dredging, cement companies and other organisations throughout the country, especially in the North Island. In this respect the company was fortunate in possessing an efficient technical staff. The report and accounts were adopted, and Messrs C. C. Davis, H, B. Anderson, K. Pallo, P. J. Nathan, and L. G. K. Steven were re-elected directors, along with Mr J. M. Deschamps, who was entitled to a permanent seat on the board until the annual meeting in the year 1938. Messrs Stewart, Beckett, and Co., of Christchurch, were reappointed auditors, and a vote of appreciation of the energy which the chairman of directors, Mr C, C. Davis, had manifested in promoting the company's interests was carried with 'acclamation. WORLD'S LEADING BANKS NEW YORK TOPS LIST BRITAIN'S "BIG FIVE" The largest bank in the Englishspeaking world is the Federal Reserve Bank of New York, with deposits totalling 3,183,684,000 dollars, £636,736,800 at par. Second on the list is the Midland Bank of London, with deposits of £478,341,182. These figures are given in an annual publication, Deposit Liabilities of 150 of the Largest American, British, Colonial, and Dominion Banks, which is issued by the California Bank, Los Angeles. Next in order are the following banks, the approximate deposit totals being given:—Chase National Bank, New York, £457,241,818: Barclay's Bank, Ltd., London, £420,537,781; Lloyds Bank, Ltd., London, £398,883,823; Westminster Bank, Ltd., London, £361,375,271; Guaranty Trust Company, New York, £348,962,002; National City Bank, New York, £342.768,046; National Provincial Bank, Ltd.. London, £315,480,600; Bank of America National Trust and Savings Association, San Francisco, £259,795,352; and Continental Illinois National Bank and Trust Company, Chicago, £221,996,079. The Bank of New South Wales (Sydney) is the thirty-ninth on the list, with deposits of £70,068.103; and other Australian banks included in the 150 are the Commonwealth Bank of Australia (forty-sixth), with £58,848.511: the Commercial Banking Company of Sydnev. Ltd., (sixty-sixth), with £39,125,161: the National Bank of Australasia. Ltd., (ninety-second), with £29,686,921; and the Commercial Bank of Australia, Ltd.. (132nd), with £20,340.896. ■ . The list of the 150 banks is made up of 95 American banks with deposits of £6.676.572.251. and 55 British banks, with deposits of £4.449.974.450.

HADFIELDS' BETTER RESULTS

The report for 1936 of Hadfields, the well-known steelmakers and engineers, of Sheffield, reflects the great change for the better that has taken place in the fortunes of Britain's heavy industries. Net profit amounts to £219,4<w, against £116,694. and is the best result for many years. After raising the dividend on the ordinary shares from 7i per cent, to 13:, per cent., the balance carried forward is increased from £102,697 to £214,333. The report explains the circumstances that have made possible, in addition to the larger dividend, a capital distnbu tion of Is a share. During the year the company disposed of its holding in Beans industries, thereby realising a net capita] profit of £366,900. Out of this there have been set aside as provisions toward works development, reorganisation and contingencies. £86,410 and the establishment of a staff pension scheme £37.500, the balance of £242,989 being transferred to capital reserve. Of this sum the proposed capital payment to the shareholders will absorb £92.989, which the directors are satisfied can safelv and properly be distributed as not 'being required for reserve purposes. In 1935 Hadfields was compelled to undergo a drastic reconstruction, whicli involved cutting down each ordinary share from 20s to 10s. The current dividend is, therefore, equal to onlv 62 per cent, on the old capital. The company now is in a relatively strong position, the balance sheet showing £2.149.000 of floating assets, against current liabilities of £820,000 SWAN BREWERY COMPANY Accounts of the Swan Brewery Company. Ltd., of Perth, for the half-year ended March 31 have been issued, and it is now oossible to compute the company's profit for the full year ended March 31. The profit for the 12 months was £117,140, as against £110,150 in 1935-36 and £96,160 in 1934-35. Last month shareholders authorised the subdivision of the ordinary shares which were originally of 25s face value into 5s shares. The interim distribution on the 25s shares was 2s, plus a bonus of 6d being equivalent to a payment of 6d on the 5s shares. This, together with the final dividend of 6d and bonus of 3d on the 5s shares, made Is 3d for the year, or 25 per cent., compared with 20 per cent, in 1935-36.

corded. SALES ON ' CHANGE £ s. d. Wright, Stephenson (pref.; 3) 1 1 0 SALES REPORTED Bunlop Perdriau Rubber 1 1 4 0 16 8 SALE REPORTED AFTEH ; LAST CALL National Mortgage (A) . 2 13 0 The following are Saturday r morning's buying and selling quotations. which are subject to the usual brokerage:— GOVERNMENT LOANS Buyer. Seller. £ s. d. £ s. d. 31 p.c. Stock.. Nov.. 100 10 0 — 31 p.c Stock, March. 1939-43 101 0 0 — 3i *p.c Stock, Sept., 101 0 0 — 3} p.c Stock, May, 1939-52 100 10 0 — 3} p.c Stock, March, 101 0 0 — 3i ox Stock. Sept101 0 0 — SJ p.c Stock. May, 1941-52 101 0 0 — 3 p.c. Bonds, 1939-41.. 9G 0 0 — 4 p.c Bonds. 1943-46. . 103 5 0 — 4 p.c Stock. 1943-46. 103 5 0 — 4 p.c. Bonds. 19413-49.. 104 0 0 — 4 p.c. Stock, 1946-49.. •104 0 0 — 4 p.c. Bonds, 1952-55.. 104 0 0 — 4 p.c. Stock, 1952-53.. 104 0 0 — 3] p.c. Bonds, 1953-57.. 99 0 0 — 31 P.c. Stock, 1953-57.. 99 0 0 — MINING Big fiiver (Is) .. .. — 0 1 9 Consol. Goldflelds (4s) — 0 15 0 Gillespie's Beach (Is) 0 1 41 0 16 Goldfields Dredging (1st .. .. — 0 0 3 Maori Gully (Is) — 0 0 7 Nokomai (5s) :. .. 0 2 3 0 2 9 Okarito (5s) .. .. 0 2 6 — Paddy's Point (5s) .. — 0 2 3 Sandhills (Is) .. .. 0 0 1 0 0 2 Skippers (Is) .. .. 0 0 2 0 0 4 Wainiumu Sluicing (Is) — 0 0 in Waipapa Beach (Is).. — 0 0 9 Waitahu (5s) .. .. 0 1 0 — BANKING A'asia (£5) .. .. — 12 15 0 N.S.W. (£20) .. .. — 37 10 0 N.Z. (£1) 2 4 6 2 5 0 Commercial (10s) 0 19 0 0 19 2 E.S. and A. (£3) .. — 6 10 0 Natl, of N.Z. (£2 10s) 3 2 0 — — 11 5 0 INSURANCE National (7s) .. .. 0 16 9 0 17 2 Standard (£1) .. .. 2 17 6 2 19 6 SHIPPING Howard Smith (£1) — 13 0 Huddart. Parker (ord.; £1) • •• — 2 0 0 Huddart, Parker (pref.; £1) 1 6 6 — P. and O. .Def. Stock 1 19 0 — U.S.S. Co (pref.; £1) 1 6 9 —

MEAT PRESERVING N.Z. Refriff, (paid; £1) — 0 19 3 N.Z. Refrig. (cont. 10s) 0 8 9 0 8 11 South. E'roz. Meat (paid; £1) .... 3 13 6 — South. Froz. Meat (pref.; £1) .... 3 13 6 — South Otago Freezing (£5) - 8 0 0 WOOLLEN COMPANIES > Bruce (ord. £1) .. — 0 11 6 Kaiapoi (cont.; 7s) .. — 0 5 0 Kaiapoi (pref.: 17s) .. — 0 17 0 Mosgiel (£4) .... 10 0 0 — LOAN AND AGENCY Goldsbrough. Mort 1 18 0 Natl. Mortgage (£2) .. 2 12 0 2 13 0 N.Z Loan and M. (ord.; £100) .... — 49 0 0 N.Z Guarantee Corp. (3s) 0 4 9 — Otago Farmers (3s 4d) — 0 4 1 Perpetual Trustees 3 4 0 Trustees Executors — Wright. Stephenson (ord.; £1) 1 0 10 — Wright, Stephenson (pref.; £1) .... 110 113 COAL Kaitangata (16s) .. 116 12 6 Westport (10s) .... — 14 0 MISCELLANEOUS Associated News (pref.; £D .... 13 3 — Aust. Iron and Steel (pref.; £1) .... 16 6 — Broken Hill Pty. 4 2 0 Broken Hill Pty. (cont.; 15s) 3 14 0 3 15 6 Brown Ewing (pref.; £1) 12 6 — D.I.C (pref.; £1) .. 13 9 — Dominion Fertiliser (£1) 13 6 14 3 Dominion Fertiliser (debs.) 104 0 0 — Donaghy's Rope (£1) 2 13 0 — Dunlop Perd Rubber (£1) 114 12 0 G. J. Coles (£1) .. 5 8 3 5U0 Milburn Lime (£1).. 1 18 0 — N.Z. Drug Co. (£2) .. 3 13 6 3 15 0 Malay tiubber tord.; — N.Z. Newspapers (16s 1 17 0 N.Z. Paper Mills (£1) 16 9 — Smith and Smith (pref.; £1) .... 116 — Taranaki Oil (£1 4s 0 4 6 Wilsons Cement (10s) 1 12 0 — BREWERIES N.Z. Breweries (£1).. — 3 6 3 Staples (£1) .. .. 2 11 3 2 15 0 Dunedin (£1) .... 18 6 — AUSTRALIAN MINING Austral N.Z. Mining — Broken Hill South (5s) 2 10 6 2 11 6 Electro Zinc (pref.; £1) .. 2 17 0 2 18 6 Electro. Zinc (ord.; 2 17 6 Mount Lyell (£1) .. 2 5 0 2 5 9 Mount Morgan (2s 6d) 0 13 6 0 13 8 Rawang Tin (10s) .. — 0 11 10 DIVIDENDS PAYABLE The following is a list of shares on which dividends will shortly be payable:— Broken Hill Propy.—Ord., Is 3d per share. Cont.. lOd per June 2 Waihi Grand Junction —4d June 4 Oamaru Woollen—5 per cent., June 7 Dunedin Stock Exchange Proprietary— 1\ per cent., Is June 7 Trustees, Executors, and Agency Co., 4 per cent., June 8 J. R. M'Kenzies Dept. Stores June 8 Dominion Fertiliser. 5 per June 9 Bulolo Gold—No. 8, 1 dollar June 10 Placer Development—No. 8, 60 June 10 Bank ol N.Z. ("D")— 7J per cent., 9d per share .. June 11 Bank of N.Z., 10 per cent.. Is per share, final June 11 N.Z. Breweries—8£ per cent., 10 4-5d per share, half-yearly June 16 Broken Hill South. Is 3d per June 18 Mount Lyell—Is 6d per share. June 21 Wilsons Cement. 9d per share, June 23 Wool worths (W.A.)—2s per June ■— Australian Glass (ord.)—9 per June 23 Australian Glass (pref.)—final June 23 National Mortgage (A issue) —Is per share, half-yearly July 1 National Mortgage (B issue) —6d per share, half-yearly July 1 NORTHERN EXCHANGES AUCKLAND Sales on 'Change £ s. d. Commercial Bank of Aus0 19 2 1 1 9 Christchurch Gas .. 1 6 9 Dominion Breweries .. .. 2 4 6 0 3 7 0 13 9 WELLINGTON Sales on 'Change Staples and Co. (late Fri.) 2 14 0 Consolidated Brick (late Fri.) 0 8 3 (2) 0 8 3 CHRISTCHURCH Sales on 'Change Government 4 p.c. Stock, 1953-55 104 7 6 Commercial Bank of Australia 0 18 11 (pref.) 9 8 6 N.Z. Refrig. (10s paid) .. 0 8 11 Westport-Stockton (ord.) .. 0 2 9 Christchurch Gas (2) .. 1 7 0 N.Z. Breweries (3, cum div.) 3 5 6 Australian Glass (cum div.) 4 11 6 British Tobacco (cum div.) 2 9 5 Broken Hill Pty, (cum div.) 4 1 3 Electrolytic Zinc (ord.) .. 2 16 6 G. J. Coles (4) 5 10 0 Hume Pipe (Aust.) .. .. 0 19 4 Taranaki Oil (3) .... 0 4 0 (5) 0 3 9 Woolworths (N.Z.. ord.) .. 7 17 0 0 0 3 Broken Hill South (cum div.) 2 10 10 Mount Lyell (cum div,) .. 2 5 2 2 5 1 0 13 7 Mount Morgan (5) ..' Sales Reported Broken Hill Pty. (cum div.) 4 1 4 Felt and Textiles (Aust.) .. 1 15 11 N.Z. Breweries (cum div.) 3 5 6 Mosgiel Woollen 10 2 6 SYDNEY STOCK EXCHANGE (United Press Association) (By Electric Telegraph—Copyright) SYDNEY, May 29. £ s. d. Commonwealth Bonds— 3 3-8 p.c, 1949 .. 95 12 6 Wilcox, Mofflin 0 14 0 2 16 3 General Industries .. 1 0 9 (pref.) 1 3 3 National Bank (£5 paid) 7 9 0 Electrolytic Zinc (pref.) .. 2 18 6 Morris Hedstrom 1 8 9 1 2 0

FOREIGN EXCHANGES (Sritisn Official Wireless) (United Press Association) (By Electric Telegraph—Copyright) RUGBY, M ay 28. Paris— P ar May 27. May 28. Francs to £1 124. 21 110 37-01 110 43-61 Brussels — Belgasto £) 30 29.271 29.273 OsloKroner to £] 18.ISO 19.90 19.90 Stockholm— Kroner to £1 18.130 19.391 19.391 Copenhagen— Kroner to £1 IS.130 22.40 22.40 BerlinMarks to £] 20.31 12.30i 12.30 Montreal— Uollars to £1 4.86 2-3 4.93| 4.931 >ew YorkDollars to £1 4.86 2-3 4.94 5.32 1.93 31-32 Pence to yen 31. 382 14 11 Hongkong— Pence to dollar 24. 58 It 27-32 11 27-32 liiiiiibay— Pence to rupee — 18i 18J Batavia— Florins to £1 12. 10 S.OOi 8.961 Lire to £1 82. 40 933 932 Amsterdam— Guilder to £1 12. 107 S.PSJ 8.988 PragueKroner to £1 10 lj 111 13-10 1UIJ Geneva— Francs to £1 23. 221 21.01J 21.63 Vienna— Schillings to £1 .. 81. 801 204 201 ilelslugfors— Marks to £1 193. 23 22(ii 22G; MadridPesetas to £1 23. 22* 92 11-32 92 11-32 Belgrade— Dinars to £1 25. 224 215 215 AthensDrachma to £1 .. 373 D17J 517J Lisbon— Escudos to £1 .. 110 110 3-1G 110 3-10 Bucharest— Lei to £1 931.6 072J 6724 Ulo de JaneiroPence to milrels .. 5. 890 4J 4i Buenos AiresPence to pesos 47.22 — — Shanghai— Pence to tael — It 15-32 14 13-32 Montevideo— Pence to pesos — 392 39J Warsaw— Zlotysto£] — 26.00 20.06 ON NEW ZEALAND CURRENCY 1 BASIS The Bank ot New South Wales, Duncdln, tiuoted the following rates for purchases and sales of foreign exchange oi i Saturday: — London— Buying. Selling £1 N.Z. to £100 T.T. 124 121/10/O.D 123/10/124/8/9 Australia— £ A to £100 N.Z. T.T. 101 100/10/O.D 101 100/10/Fiji— £ Fto £100 N.Z. T.T. 90/7/6 89 O.I). 90/7/6 89 New YorkDollars to £ N.Z. T.T. 3.9945 3.9570 O.D. 4.0070 3.9620 MontrealDollars to £ N.Z. T.T. 3.9911 3.9502 O.D., 4.0030 3.9612 Austria — Schillings to £ N.Z T.T. — 20.73 O.D. — 20.73 Belgium— Belgas to £ N.Z. T.T. — 23.382 O.D. — 23.393 Czechoslovakia— Crowns to £ N.Z. T.T. — 112.96 O.I). — 113.01 DenmarkKroner to £ N.Z. T.T 1S.203 17.893 O.D. 18.203 17.903 FranceFrancs to £ N.Z. T.T. — 88.68 O.D. — 88.72 Germany— Relchsraarks to £ N.Z T.T. — 9.809 O.D. — 9.814 HollandFlorins to £ N.Z T.T. 7.320 7.170 O.D. 7.380 7.171 ItalyLire to £ N.Z. T.T. — 75.25 O.D. — 75.30 Java— Florins to £ N.Z. T.T. 7.305 7.145 O.D. 7.365 7.149 Norway— Kroner to £ N.Z. T.T. 16.182 15.892 O.D. 10.242 13.902 SwedenKroner to £ N.Z. T.T. 13.7S5 15.490 O.D. 15.845 13.300 SwitzerlandFrancs to £ N.Z. T.T. 17.558 17.288 O.D. 17.663 17.293 NoumeaFrancs to £ N.Z. T.T. _ 87.31 o.n. — 87.37 PapeeteFrancs to £ N.Z. T.T. — 87.46 O.D, — 87.52 Hongkong— N.Z. pence to 1 dollar .. #. T.T. 18 3-1C I 18 11-16 O.D. IS 5-32 18 43-04 India and Ceylon— N.Z. pence to 1 rupee .. .. T.T. ■>.>3 --ft 22 21-32 O.D. 22 11-32 22 41-64 JapanNX pence to 1 ven .. .. T.T. — 17 15-32 O.D. — 17 29-04 Shanghai— N.Z. pence to 1 dollar .. T.T. 171 18} O.D. 17 23-32 18 13-G4 Singapore— N.Z. pence to 1 dollar • • •• T.T. 34 23-32 35 13-64 O.D. 318 35 3-16 Chefoo — NZ. pence to 1 dollar .. T.T. 17? 18, O.D. 17 43-64 18 23-01 Manila— N.Z. pence to 1 peso .. ,. T.T. 29 55-64 30 27-64 O.D 29 49-64 30 13-32 All rates subject to alteration without notice

U.S.A. Canada (Per £1 (Per £ 1 N.Z.) N.Z.) Selling— Dols. Dols T.T. .. 3.952 3.95 11-16 O.D. .. 3.968 3.96 3-16 Buying— O.D. .. 4.00 11-16 4.003

N.Z. Sheep3 > a 3 Crossbred wethers and/ (Per lb.) or maiden ewes: d d. d Under 481b 52 5« 5k 49-5GIb 45 42 43 43 4.1 43 43 4.1 41 Ewes: 43 43 4? 49-561b 3a ''•I :i: 57-G4Ib 3* 33 3 4 65-721b 3£ ■!i 33 N.Z. LambsCanterbury: 7a 7„ 7 37-421b ga 02 i\: 43-501*> G3 6J 63 Second quality: Average about 311b .. . 7 G3 63 Other South Island: Under 361b 73 7J 7 37-421b 63 (ii! 63 43-501b 63 Gi 63 North Island Downs: 7i 7i 7A 37-421b 7 62 63 63 6J 63 Second quality: Average about 301b .. . 74 71 72 North Island: First quality: 7i 7 7 63 GS G3 Second quality: Average about 311b .. .. 7 62 63 Australian LambsVictorian : , First quality: 29-361b 63 63 62 37-421b 63 61 6a Argentine LambsFirst quality: 6J 63 6! 37-421b G 53 5i N.Z. Frozen Beef— Ox hinds. 145-2101b .. . _ _ _ Ox fores, 145-2101b .. . — — — Cow hinds 145-2101b — — — Cow fores. 145-2101b — — — Australian Frozen BeefOx hinds 145-2101b .. .. _ — — Ox crops, weights — — — N.Z Cli'Vd BeefOx hinds, 145-2101b .. . 5J 5 Ox fores, 145-2101b .. . — 4; 4 Australian Chilled BeefOx .inds, 145-2101b .. . 5J 5g 5 Ox crops, weights 4„ 43 4J Union of South Africa Chilled BeetOx hinds, 145-2101b .. . 53 52 51 Ox fores, 145-2101b .. . 4.{ 4.1 4 Southern Rhodesian Chilled Beef— Ox hinds, 145-2101b .. . Si 52 43 Ox fores, 145-2101b .. . 32 4 33 Argentine Chilled BeefOx hinds, 145-2101b .. . 6J 63 61 Ox fores. 145-2101b .. . 4J 43 4J Uruguayan Chilled BeefOx hinds, 145-2101b .. . 5J 6 53 Ox fores, H5-2101b .. . 4.1 4J 4.1 Brazilian Chilled BeefOx hinds, 145-2101b .. . 5$ 53 52 N.Z Porker PigsFirst quality: 61-801b 63 63 61 81-lOOlb fin 63 6.1 101-1201b 63 63 62 N.Z. Baconcr Pigs— 121-1601b 6i 64 Ci

Cases. 1936 . .. 409,321 1935 . .. 350,444 1934 . .. 377,832 1933 . .. 258.107 1932 . .. 284.355 (Estimate for 1937, 275,000 cases.) Cohoc— 1936 . .. 208.754 1935 . .. 216,173 1934 . .. 195,874 1933 . .. 137,289 1932 . .. 160,466 (Estimate for 1937, 180,000 cases.) Pinks— v 1936 . ... 584,705 1935 . .. 514,966 1934 . .. 435:364 1933 . .. 532.558 1932 . .. 223,716 (Estimate for 1937. 525.000 cases.) Chums — 1936 . .. 585,312 1935 . .. 409,604 1934 . .. 513,184 1933 . .. 293.630 1932 . .. 306,761 (Estimate for 1937. 550,000 cases.)

Tho following me (ho official metal quotations :- Ton. Conner. 6l.nl .. .. BiO 7 B Kail £0 ID U Copper, ronvanl .. 58 C 3 Fall 0 12 (i Electrolytic, foot .. 04 0 0 No cliariKO Electrolytic, forward.. (if) 0 0 No clianac Wire, bars .. •• BS 0 I) No clianse ,, e;1 ,l. s „ol .... 31 0 0 Itlro 0 5 0 Lead, forward .. -■■ 17 « Rise 0 3 0 Spelter. .1)01 .... « IS D rail 0 2 0 Spelter, forward .. -'■". 0 0 I'all 0 2 0 Tin. spot «»« I' « '••■"' ' 0 ° Tin. forward .. .. 247 IS » ''all 0 IS !l Silver, line .. .. 30«d Kail l-lficl Silver, standard .. 2«%0 '"a" l-Md