COMMERCE AND FINANCE

Otago Daily Times, Issue 23205, 1 June 1937, Page 6

COMMERCE AND FINANCE

LOCAL and overseas markets

THE SHARE MARKET DUNEDIN STOCK EXCHANGE The brighter tone which was experienced on the Dunedin Stock Exchange at the end of last week was well maintained yesterday, when, for a Monday, a particularly good number of sales was recorded. All issues of Government Loans, met with a good inquiry, a sale of 4 per cent. Stock, 1952-sa. bein'* reported at £lO4 10s. The banking section was not so active as usual, only two buying quotations being received. Bank of New Zealands, with a buyer at £2 4s 6d, were firm, and National Banks, which were askeid for at £3 3s, revealed a rising tendency. Only slight changes were discernible in the insurance, shipping, and meat nreserving sections buyers showing a lack of Interest. A buyer offered the better price of £lO Is for Mosgtel Woollens, but there was no response from sellers. The same buyer was forward for Trustees Executors at £3 15s, but this figure did not attract a seller. There was a slightly improved inquiry for Broken Hill Proprietaries (.paid) at £4 Os 9d, but sellers remained at £4 2s. An increase of fid. to £1 4s, was offered for the paid shares of Dominion Fertilisers, but sellers were not interested. With buyers at £1 Is lOd, Dunlop Rubbers showed a further sharp increase, but there were no sellers forward. G. J. Coles had a slightly better inquiry with buyers at £5 9s, but sellers wanted 3s in advance of this figure. New Zealand Breweries, which had reported business at £3 5s fid. were on offer at £3 6s at the callover. but .no buvers wer* Mount .Lyells were dealt in at £2 5s 3d the market closing with buvers at £2 5s and sellers 6d away There was a very slight improvement in Mount Morgans, which were the subject of business at X3s Set l he rT < : al *'? 1 ver buyers were forward at 13s 7d. sellers being 3d away. Interest in the New Zealand mining section was maintained. but the. only business reported was a sale of Nokomais at ,2s Bd. SALES REPORTED

CUSTOMS RETURNS

FIGURES FOR DUNEDIN ALL-ROUND INCREASE SHOWN Although the Customs duty paid on Imports into the Port of Dunedin for the month of May is nearly £SOOO less than the total for March, it shows a considerable increase over the amount collected during May of last year, the figures being £60,809 and £56,607 respectively. The increase is thus £4202. The total for the five months of the present calendar year is £323,185, an increase of £42,586 over the total for the corresponding period of last year. The amount of beer duly paid last month was £29,912, compared with £19,048 for May, 1936, the large increase of £10,864 being partly accounted for by the fact that there were five days last month on which duty was paid as against four for the same month last year. The increase over the April total is £7230. while for the five months the figures arc £126.759. compared with £99.147 for the same period of 1936. Sales lax continues to rise steadily last month's total of £26,080 being £1229 greater than for [he same month last year, but it is a slight decrease on the, amount collected in April of this year. A substantial increase is noticed when the two five-monthly periods are compared, the figures ■' being £129.879 and £110,034. respectively Petrol tax at 6d a gallon also shows a rise, the figures for last month being £15,371, compared with £14.750 for May last year—an increase of £621. The total for the January-May period is £76.126. compared with £80.486 for the same period last year, but the decrease is accounted for by the fact that a certain amount last financial year was paid into a special suspense account. Tyre tax at £BIB shows a large increase over the total of £490 paid in May, 1036, but heavy importations of Canadian tyres during the month was responsible for the unusual rise. The total for the five-monthly period (£3781) is correspondingly greater than the amount of £2683 collected during the same period last year. Gold export duty last month was lower bv £l2O compared with May, 1936, but there is a slight rise shown when the two five-monthly periods are compared. FIGURES FOR MAY The following are the returns for the month (shillings and pence omitted), the figures for May, 1936, being also given for the purpose of comparison:— May, 1937. May, 1936. £ £

A SUBSTANTIAL INCREASE (Per United Press Association) AUCKLAND, May 31. The Customs revenue collected in Auckland during May shows an allround decrease from the April figures, but this is merely a seasonal tendency. The receipts under all headings arc very substantially higher than those for the same montla last year and conform to the new levels of import trade and industrial production in the Dominion. The Customs receipts amounted to £244.413, compared with £232,260 for May, 1936, and the respective totals, including motor spirit and tyre duties, were £305,380 and £289,012. The excise on beer produced £14,324, and the sales tax receipts were £85,856, compared with £68,921 a year ago. For the first five months of 1937 the ordinary Customs revenue totalled £1,715,352, compared with £1.607,622 for the saihe period last year The figures, including motor spirit and tyre duties, were £1,715,352 and £1,607,622 respectively. The excise on beer produced £74,251. compared with £63,717 for last year’s period, and the sales tax receipts were £407,820 and £322.160 respectively. CHRISTCHURCH REVENUE A MARKED INCREASE

(Per United Press Association) CHRISTCHURCH, May 31. The revenue collected by the Customs Department in Christchurch continues to show a marked increase on the figures for the last year. From all sources of revenue last month £35,763 more was received than in May. 1936. Customs duties account form the largest part of the increase, £94,923. compared with £78.124. but the receipts from the sales lax also have risen from £30,072 to £40.730 The following are the figures for May 1936 and 1937. respectively:—

FOREIGN EXCHANGES

DOLLAR RATES The Associated Banks (other than the Bank of New South WaJes) quoted the following dollar rates yesterday on a New Zealand currency basis They are subject to alteration without notice;— U.S.A Canada (Per £ 1 (Per £1 N.Z.) N.Z.i Selling— Dols. Dols T.T 3.95 11-16 3.95 7-16 O.D 3.96 3-16 3.95 15-16 Buying— O.D 4.00 J 4.00 s

COST OF HEAVY STEEL EXPORT PRICES RISE Advices from England are to the effect that British export prices foxheavy steel material have been advanced, but owing to the heavy pi’essure of work, and the difficulties of manufacturers in obtaining raw supplies, it was extremely difficult to place any ordei's with makers. Because of the lack of supplies of oig iron, one largo Larnarkshire rolling mill has been compelled to close down. Price advances for heavy steel material were as follows: —Ship plates, from £8 17s 6d to £lO a ton; medium plates, from £lO 2s r d to £ll 10s; boiler, from £lO to £ll 2s Cd: chequer plates, from £ll 2s Gd to £l3; and joist sections and large bars, from £8 12s 6d to £9 12s 6d. While in copper, tin. spelter, and lead thex-e had been a downward tendency in prices since March 11. the peak of the boom, a substantial drop in figures approaching those of last year was not anticipated, although the decline (hat had set in might go a little further. Scott Bros., produce merchants and commission agents, agents for the Dunedin Egg Suppliers’ Association, report: Butter: Hid to Is. Honey; Bulk, to 8d per lb. Poultry: Hens. Is Od to 2s 3d each. Roosters, Is to Is Gd: cockerels. 2s to 3s each; ducks, 2s to 3s each; geese, 3s to 4s each: turkeys gobblers 8d to 9d per lb. liens 7d to 8d per lb. Pigs: Prime baconers. Gd to G'.d per lb: porkers. Gid to 7d per lb. Fat: Nominally. 14s to 16s per ewt Potatoes: Whites. £6 ss; K.E.. £7 per ton. Poisoning carrots: £6, sacks in. ■\ store Dunedin. Onions: Canterbury first grade. 8s Gd per ewt. Partridge peas: (is per bushel, sacks extra, Whole fowl wheat; (is to Gs 3d per bushel, sacks extra. Whole maize; To arrive. Oats: Cartons. 3s 9cl to 4s per bushel, sacks extra. C afT: Prime oaten sheaf, £5 15s to £G per ton bags extra, ex store. Oyster grit: Gs per 1001 b. Straw; Oaten. £4; whcalen, £3 10s per ton. ex store. Oat dust: 5s per bag. Culmings: 8 sacks for 20s, f.o.r. Table swedes: 2s per sugar bag. Wanted also: Carrots and parsnips. Stocks held of lucerne meal, chickfoods. Belfast meal and Crosskeys meatmeal. Victory meal and Champion egg crates. Free use of fowl crates on application, Mav 31 1937

MINING NEWS NEMONA RETURN The Neinona dredge obtained a return of 15oz for 108 hours’ work, during which 15,000 yards were treated WORKSOP EXTENDED The Worksop Extended dredge last week secured a return of 18oz from 12.000 yards for 180 hours’ work. GOLDFIELDS RETURN Messrs W. A. Milson and Co., secretaries of the Goldfields Dredging Company, Ltd., advise a wash-up of 17oz Bdwt. NEW RIVER DREDGE RETURN The New River dredge washed up last week for a return of 45 oz from 10.000 yards for 304 hours’ work. BIG RIVER MINES The report of the Big River Gold Mines, Ltd., for the period ended May 25 was as follows; No. 5 North Centre Slope.—Work is now being carried along the second slope, where the stone is not proving so regular as in the previous slope, occurring more in short blocks joined up with small seams. No. 5 South Rise. —This has been limbered through to the bottom of the winze, and an intermediate drive has been started where at seven feel in there is one foot of stone showing in the hanging wall side of the drive. No. 5 South Level.—Have started a slope in the north end of the south block, where six feet of stone is showing in the face. Seventy-two tons and a-half of stone were delivered to the surface bins. OKARITO REPORT The following report from the Okarito Five Mile Beach Gold Dredging Company, Ltd., relates to the four weeks from April 24 to May 15: — Total gold won. 920 z 19dwt: total time worked. 42LJ hours; total nonworking time, 154? hours: total yardage treated. 25,591. an average of 621 cubic yards per hour; average value of ground (on basis of gold worth £4 per ounce i. 2.7 d per cubic yard. OKARITO RETURN Messrs W. A. Mitson and Co., secretaries of the Okarito Five Mile Beach Gold Dredging Company. Ltd., report that the wash-up for the week ended May 29 was 260 z 12dwt for 329 hours' dredging. MATAKI RETURN (Per United Press Association* AUCKLAND, May 31. The Mataki return for the week ended May 30 was 24 ounces for 118 hours’ work (6300 yards). AUSTRALIAN STOCK EXCHANGES (United Press Association! (By Electric Telegraph—CoovrlßM i SYDNEY, May 31. (Received May 31, at 10.30 p.m.) The investment business on the Stock Exchange to-day displayed a weaker tendency. Dunlop Perdriau, however, was an exception. Government Bonds are strong and banks easier. THE MORNING SALES

£ s. a. N.Z. Breweries Hate Sat.) 3 5 6 4 p.c. Stock, 1952-53 .. .. .. 104 10 0 12 12 0 N.Z. Breweries 3 5 § 0 2 Mount Lyell 2 5 3 Mount Morgan (2) .. .. 0 IS 8 UNLISTED STOCKS Woolworths (Sydney; rights) 4 12 0 Woolworths (Sydney) .. .. 7 2 3 The following are yesterday afternoon’s buving and selling quotations, which arc subject to the usual brokerage — GOVERNMENT LOANS Buyer. Seller. - . £ s. d, £ s. d. 3i p.c. Stock.. Nov.. 1938-52 100 10 0 —■ 31 p.c. Stock, March, 1939-43 101 5 0 — 31 p.c. Stock, Sept.. 1939-43 101 5 0 — 31 p.c. Stock, May, 1939-52 100 10 0 — 31 p.c. Stock. March, 1941-43 .. .. ..10110 0 — 31 p.c Stock, Sept., 1941-43 ., .. .. 101 10 0 — 31 p.c. Stock. May. 1941-52 100 10 0 — 31 p.c. Stock, Nov.. 1941-52 100 10 0 — 3 p.c. Bonds, 1939-<11.. 96 0 0 — 4 p.c. Bonds, 1943-46.. 103 10 0 — 4 p.c. Bonds, 1946-49.. 103 10 0 — 4 p.c. Stock. 1946-49.. 103 10 0 — 4 p.c. Bonds, 1952-55.. 104 0 0 — 4 p.c. Stock. 1952-53,. 104 , 0 0 — 31 p.c. Bonds, 1953-57.. 99 0 0 — 31 p.C. Stock. 1953-87.. 99 0 0 — MINING Argo (Is) 0 1 9 — Big River (Is) .... — 0 1 9 Consol. Goldfields (4s) — 0 15 0 Gillespie’s Beach (Is) 0 1 4J 0 1 6 Goldfield? Dredging (Is) - o u 3 Maori Gully (Is) .. — 0 0 7 Nokomal (5s) .. .. 0 2 4 0 3 0 Okarlto (5s) .... — 0 3 4 Paddy’s Point (5s) .. — 0 2 3 Sandhills (Is) .. .. 0 0 1 (I 0 2 Skippers (is) .... — 0 0 4 Walmumu Sluicing (Is) — Waitahu (5s) .... 0 1 0 0 0 11 1 BANKING N.S.W. (£20) — 37 IP 0 N.Z. (£1) 2 4 6 — Commercial (10s) .. — 0 19 4 E.S. and A. (£3) .. — B 10 0 Natl. o£ N.Z. (£2 10s) 3 3 0 — INSURANCE National (7s) .. .. 0 16 10 1) 17 4 Standard (£1) .. • • — 2 19 6 SHIPPING Huddart. Parker (ord.; £1) - 2 0 0 Huddart, Parker (pref.; £1) 18 6 — P. and O. Def. Stock (£1) 1 19 U.S.S. Co (pref.: £1) 16 0 9, -- (MEAT PRESERVING N.Z. Refrig, (paid; £1) — 0 19 4 N.Z. Refrig. (cont. 10s) 0 8 10 WOOLLEN COMPANIES Bruce (pref.; £1) .. — 1 3 6 Kaiapoi (ord.; 17s) .. — 0 14 6 Kaiapoi (cont.; 7s) .. — 0 5 2 Kaiapoi (pref.: 17s) .. — 0 17 0 Mosglel (£4) .... 10 1 0 SHAREBROKERS QUICK. SMITH & BLACK, (Established 1875.) STOCK AND SHARE BROKERS. STOCK EXCHANGE GUILDINGS E R. SMITH > Members Dunedin 'L. J, BLACK > Stock Exchange Telegrams: ” Quickly," Dunedin \Y P. T 1 T C H 13 N E R, STOCK AND SHAKE BROKER. MEMBER DUNEDIN STOCK EXCHANGE QUEEN’S BUILDINGS. 109 Princes street Dunedin. C.l Phono 12-572 Telegrams: ’’ Contango.” Y E N W I C K & R E E V B S, STOCK AND SHARE BROKERS. STANDARD INS. BUILDINGS, DUNEDIN Hannan Reeves, Member Stock Exchange Telegrams: “ Fenreef." Dunedin. HAVID J C JL/ Sharebroker A I D E R Member Dunedin Stock Exchange. Telegraphic' Address: " Caldshare.” Phone 10-06) Private 11-068, N.£ Express Co. s Building Bond street. Dunedin

LOAN AND AGENCY Golcisbrough. Mori (£1) 1 18 0 Natl. Mortgage (£2) .. 2 12 6 2 13 6 N.Z Loan and M. lord.; £100) .... — 49 0 0 N.Z Guarantee Corp. (3s) 0 4 8 Trustees Executors (£2) .. .. .. .. 3 15. 0 - COAL Kaitangata (16s) .. 11 6 1 2 6 Westport (10s) .. .. — 1 4 0 MISCELLANEOUS Anthony Hordern (£ I) — 1 0 0 Broken Hill Pty. (£1) 4 0 9 4 2 0 Broken Hill Pty (cont.; 15s) 3 14 0 — Brown, Ewing (ord.; £1) - 1 1 3 Brown Ewing tprel.; £1) 12 6 — Consol. Brick (£1) .. 0 7 11 — D.I.C tprel.: £1) .. 13 9 — Dominion Fertiliser (£1) 14 0 Dominion Fertiliser (debs.) 104 0 0 Dominion Rubber (£1) 1 12 6 1 16 0 Uonaghy's Rope (£1) 2 13 0 — Dunlop Perd Rubber (£1) ., .. .. 1 1 10 — G. J. Coles (£1) .. 5 9 0 5 12 0 Milburn Lime (£1).. 1 18 0 — Natl. Electric (£1) .. — 0 14 3 N.Z. Drug Co. (£2) .. 3 13 6 — Malay Rubber lord.: £1) 0 18 0 — N.Z Newspapers (16s 8d) 1 17 0 N.Z. Paper Mills (£1) I 6 9 — 0 Regent Theatre (£1) 1 0 0 1 3 Shillings. Ltd. (£1) .. — 0 19 9 Smith and Smith (pref.; £1) .. •• 115 1 13 Wilsons Cement (10s) — 3 breweries N.Z. Breweries (£1) .. — 3 6 0 Dunedin (£1) .. .. 18 6 — AUSTRALIAN MINING Austral N.Z. Mining (9s) 0 11 9 — Broken Hill South (5s) 2 10 8 2 11 6 Electro. Zinc (pref.: £1) 2 17 0 — Electro. Zinc (ord.; £1) 2 16 3 2 17 3 Mount Lyell (£1) .. 2 5 0 2 5 G Mount Morgan (2s 6d) 0 13 7 0 13 10 North Broken Hill (5s) 3 13 0 3 15 0 Rawang Tin (10s) .. — 0 12 0 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 share, final June i Waihi Grand Junction —4d per share June 4 Oamaru Woollen —5 per cent., half-yearly .. .. .. . • June 7 Dunedin Stock Exchange Proprietary—7$ per cent., Is per share ..... •. June 7 Trustees, Executors, and Agency Co.. 4 per cent., final June 8 J. R. M’Kenzies Dept. Stores —174 per cent June 8 Dominion Fertiliser, 5 per June 9 cent, • • Bulolo Gold—No. 8. 1 dollar 50 cents •. June 10 Placer Development—No. 8. 60 cents . ... - •• June 10 Bank ol N.Z. (“D”)~ 1 7J per cent., 9d per share .. .. June 11 Bank of N.Z., 10 per cent. Is per share, final June 11 N.Z. Breweries—8J per cent., 10 4-5d per share, half-yearly June 16 Broken Hill South. Is 3d per share .. .. June 18 Mount Lyell—Is 6d per share, interim June 21 Wilsons Cement, 6d per share, final June 23 Woolworths (W.A.)—2s per share June — Australian Glass (ord.)—9 per cent, final June 23 Australian Glass (pref.)—final 4J per cent June 23 National Mortgage (A issue) —Is per share, half-yearly National Mortgage (B issue) —6d per share, half-yearly July 1 July 1 NORTHERN EXCHANGES AUCKLAND Sales on ’Change £ s d. Commercial Bankers .. .. 0 19 2 North Auckland Farmers Co-op 0 3 0 Times Brewery 1 10 0 Dominion Breweries .. .. 2 4 6 2 4 7? (pref.) 2 4 6 Consolidated Brick .. .. 0 8 5 Dunlop Perdriau .. .. 1 1 10 G. J, Coles 5 10 3 5 10 9 Broken Hill South .. .. 2 11 0 Unlisted Stock Woolworths (Syd.) .. .. 7 3 0 WELLINGTON Sales on 'Change Auckland Gas (late Sat.) .. 1 2 0 Staples and Co. (late Sat, 2) 2 13 11 Staples and Co. (late Sat.) 2 14 0 Broken Hill Pty. (late Sat.) 4 1 6 G. J. Coles (late Sat.) 5 10 3 Staples and Co 2 13 6 Broken Hill Pty 4 2 0 Consolidated Brick .. .. 0 8 3 Electrolytic Zinc (pref.) .. 2 18 0 Electrolytic Zinc (ord.) 2 16 9 Mount Lyell (3) 2 5 3 Unlisted Stock Grey River (3s Od paid, 3) 0 4 6 Woolworths, Ltd. (rights) .. 4 11 0 CHRISTCHURCH Sales on 'Change N.Z. Govt 4 p.c. Inscr., 1952-55 104 7 6 Bank of N.Z. (cum div.) 2 4 9 Goldsbrough, Mort (2) 1 17 9 N.Z. Refrig. (10s paid; 2) 0 8 11 N.Z. Breweries (cum div.; 2) 3 5 6 Dominion Fertiliser (cum div.) 1 4 0 Dunlop Rubber 1 1 1 1 1 2 10 11 0 (2) Electrolytic Zinc (ord.) (2) 2 16 6 Electrolytic Zinc (pref.) .. 2 17 Hume Pipe (Aust.) .. .. 0 19 4 Taranaki Oilfields .. .. 0 3 6 0 3 10 Broken Hill South (cum div.; 2) 2 11 3 Mount Lyell (2) 2 5 2 (3) 2 5 1 ■' (2) 2 5 2 Mount Morgan 0 13 10 0 13 11 Sales Reported National Mortgage “A" (cum div.: odd lots: 2) 2 13 0 N.Z. Refrig. MOs paid) 0 8 11 Felt and Textiles 1 15 8 Dominion Fertiliser (cum div.) 1 4 0 Mount Lyell 2 5 1 (2) 2 5 2 Unlisted Stocks Woolworths (Syd.; ord.: 2) 7 2 0 (4) 7 2 3 Woolworths (Syd.; rights) 4 11 0 4 10 0 Alloy Steel (Aust: new) .. 0 18 9

Customs duly .. 60,809 * 56,607 Beer duty .. 29,912 19,048 Sales tax .. .. .. 26,030 24.857 Petrol tax .. 15,371 14,750 Tyre tax .. .. 818 490 Gold duty .. 1.982 2,202 JANUARY-MAY PERIOD The figures for the first five months of the calendar year (shillings and pence omitted). together with those for the corresponding period last year. are as follows: — Jan.-May. Jan.-May. 1937. 1936. £ £ Customs duty .. .. 323,185 280,5991 Beer duty 126,759 99,147 Sales tax .. 129,879 110,634 Petrol tax .. 76,126 80,486 Tyre tax .. .. .. 3,781 2,683 Gold duty .. 9.988 9,316 FIGURES FOR WELLINGTON SUBSTANTIAL INCREASES (Per United Press Association) WELLINGTON, May 31. The Customs revenue collected in Wellington continues very buoyant, with substantial increases in all the major items. The sales tax, especially, continues to expand. The returns for May, with the May, 1936, figures following are:— May, 1937. May, 1936. £ £ Customs .. .. . 324,887 - 262,191 Motor spirit .. . 67,232 56,805 Tyre tax 1.103 1,789 Sales tax . 129,965 87,354 Beer excise .. 5,377 4,910 The figures for five months are:— 1937. 1938. Customs .. .. 1,431,221 1,278.754 Motor spirit .. 352,672 365,525 Tyre tax .. .. 8,303 8,590 Sales tax .. .. 524.834 409,783 Beer excise 29,819 24,932 AUCKLAND REVENUE

May, May, 193(1. 1937. £ £ Customs fuel) .. .. 73,124 94,923 Excise on beer .. .. 0,558 8,208 Sales tax 30,072 40,730 Petrol tax 17.840 19,400 Tyre duties . • • ■ 1,042 1,061 Light dues on shipping 825 402 Export levy (wool! .. — 009 Export levy (meat) .. 1,074 9‘21 Miscellaneous 175 45 Total 130.713 100.479 MarchApril. 1930. April. 1937 £ £ Customs (neO .. .. 101.040 203.020 Excise on beer Sales tux 13,121 59,104 17,028 80,001 Petrol tax 38.321 40,510 Tyre duties •• 1.873 1.749 Light duos on shipping •• Export levy (wool) .. 1,104 1,171 1,101 Export levy (meal) .. 1.079 1.078 113 Miscellaneous .. .. 104 Total 276,469 353.09"

i British Oillciai Wtieiessi (United Press Association) (By Electric Telegraph—Copyright) IIUUIIY, May 23. Paris— Pm .May 28. May 29. Praties to £ 1 PM.21 Ill) 13-til 110 13-01 Urussuls — Hclgas to £ i so 29.273 29.27 : »slo— Kronor lo £ 1 IS.ISO 19.90 19.1)0 'dnckholm— Kroner to £ 1 IS. 1,10 19.39} 19.3ft) • >ix Tihagen— Kronor to K 1 IS.150 22.10 JJ.10 ilorlln— Marks to £ 1 20.34 1 2.110 12.3ft 'loinrcul— Hollars to £ 1 1.80 2-8 1.93} •1.93 i ' i-u York— hollars to £ 1 1.80 2-3 1.9:1 31-32 1.93 13-32 > okolmtna — Ponce to yen 31.582 11 11 Hongkong— Ponce to dollar 21.38 II 27-32 1 1 27-32 Bombay— Pence to rupee — ISJ 18' Hat.avla— Florins to £1 12.10 8.90} 8.90} \l: Ian - hire to £1 82.10 ji;j£ !*•;« uinlerdam — (Jnildcr lo £ 1 12.107 S.OSii s.073 Prague— Kroner to £ 1 ift 141? 1113 ilcnera - Francs to £ i 23 22} L'l.r,;: 21.05 Vienna - Schillings to £1 81.80?. •Jo. 1 . 20} ■ IcPdngfors— Marks to £ 1 103,23 jji;> JJ*>,\ Madrid92 11-32 92 11-32 Dinars to £1 23.22} 213 215 Mliens— Drachma lo £ 1 .. 375 317} 317* Ushon— Escudo? to £ I 110 110 3-1C 11(1 3-19 •tuciijirest— Lei to £1 0310 072 h 0721 till* de Janeiro— Pence to mllreis .. 3.800 1} 11 Hiicnos Aires— Pence to pesos 17.22 — — Shanghai— Pence to tael — 11 13-32 IH Montevideo— Pence to pesos — SO, 7 . 392 U’n r.sa tv — Zlotys to £) — 2(1,09 JO. Of! ON NEW ZEALAND CURRENCY BASIS 'flic Blink of Now Somli Wales. Dunedin. quoted the following rates for purchases and sales of foreign exchange yesterday London— Buying Selling £1 N.Z. to £100 stg IV1 121 121/10/ o.h 123/10/1J 1/8/0 Mistrnlia— £ A to £100 N.Z T.T mi 100/10/. O.D 101 IU0/10A FIJI- £ F to £ 100 N.Z T.T, 90/7/0 SO O.D. 90/7/0 8ft New York— Dollars to £ N.Z. T.T 3.!W2r» 3.0536 O.D 1.0030 .T.ftGOO .Montreal— Dollars to £ N.Z. T.T. 3,9891 3.0512 O.D ■1.0010 9.0592 Austria— Schillings to £ N.Z T.T. — 20.79 o.h. — 29.75 Melplum — Belgas to £ N.Z T.T. — 23.373 O.h. 23.380 Czechoslovakia— Crowns to £ N.Z T.T. — 112.00 O.h. — 113.01 Denmark— Kroner to £ N.Z r.T 18.203 17.803 O.h. 18.203 17.003 France— Francs to £ N.Z T.T. — 88,07 O.D. — 8,8.71 flerman.v— Belehsmarks to C N.Z T.T. — 9.801 O.D. 9.809 Holland— Florins lo £ N.Z T.T. 7.311 7.101 O.D. 7.371 7.168 Italy— Lire lo £ N.Z, T.T. — 73.27 O.D. — 73.32 Java— Florins to £ N.Z. T.T. 7.293 7,133 O.D. 7,353 7 107 Norway— Kroner to £ N.Z, T.T. 10,182 13.802 O.D. 10.242 13.902 Sweden— Kroner to £ N.Z. T.T 15.785 15.490 O.D. 15.815 I -l.riOn Switzerland— Francs to £ N.Z. T.T. 17.579 17,309 O.D. 17.081 17.311 Noumea— Francs to £ N.Z. T.T. — ,87.30 O.D. — 87.36 Papeete— Francs to £ N.Z. T.T. — 87.45 O.D. — 87.31 Hongkong— N.Z. pence to 1 dollar .. .. T.T. IS 5-32 IS 21-32 O.D. ISA 18 41-01 India and Ceylon— N.Z. pence to I rupee .. .. T.T. 223 22 21-32 O.D. 22 11-32 22 41-64 la pan— N.Z. pence to 1 ven ,. .. T.T. 17 15-32 O.D, — 17 29-01 Shanghai — N.Z pence to 1 dollar .. .. T.T. 177 18} O.D. 17 23-32 IS 15-04 Singapore— N.Z. pence (o I dollar .. .. T.T. 31 23-32 33 13-64 O.D. 313 33 3-10 Clictoa— N Z. pence lo 1 dollar .. T.T 177 IS| O.D 17 13-01 1.8 23-01 Manila — N.Z. pence to 1 peso .. .. T.T', 2ft 55-04 30 27-04 O.D 2ft 19-04 30 13-32 AH rates subject to alteration without notice

Commonwealth Bonds — £ s. d. 32 p.c., 1949 99 7 6 4 p.c., 1938 103 0 0 4 p.c., 1944 102 15 n 4 p.c., 1947 103 0 0 4 p.c., 1950 103 0 0 Tooheys .. .. 1 13 0 Coles 5 11 6 Anthony Hordern .. .. 0 19 3 Broken Hill Proprietary .. 4 2 0 General Industries (pref.) .. 1 ADDITIONAL SALES 3 3 £ s. d. Bank of New South Wales Commercial Banking of 36 10 0 Sydney Commercial Banking of 21 16 0 Sydney (N.Z. delivery) 21 17 6 Colonial Sugar 47 15 0 Associated News 1 2 7J British Tobacco 2 10 6 Tooths 2 16 3 Tooheys 1 13 0 Coles Australian Iron and Steel 5 11 6 (pref.) 1 7 3 Dunlop Perdriau Dunlop Perdriau (N.Z. de1 2 4J livery) Goldsbrough, Mort (N.Z. 1 2 4} delivery) 1 18 6 Morris Hedstrom 1 8 9 Henry Jones 2 7 3 Anthony Hordern .. .. 0 19 3 Sargents Amalgamated Wireless 1 14 0 (cont.) 2 8 0 Mangrovite Baiting .. .. 0 18 0 Waldas 1 0 6 Victoria Nyanza 0 17 9 W. R. Carpenter 2 4 0 Woolworths 7 1 6 Woolworlhs (N.Z.) ..' .. 8 1 0 Selfridge’s .. £1 10s Cd and 1 12 0 Mount Morgan 0 13 9 Mount Lyell 2 5 3 Kuala Kampar .. f . .. 1 2 3 Zinc Corporation .. .. 6 10 0 MELBOURNE, May 31. The investment market ■ was firm, with Dunlops and Olympic Ty res in demand. Bonds were strong, B; arners slightly easier, and gold irregular. Commercial Bank of Aus- £ s. d. tralia 0 19 3 National Bank (£5 paid) 7 10 0 British Tobacco 2 10 3 Coles 5 11 0 Australian Glass 4 11 8 Dunlop Perdriau 1 2 6 Electrolytic Zinc 2 17 9 Electrolytic Zinc (pref.) .. 2 18 9 General Motors 1 4 6 Mount Lyell 2 5 n Mount Morgan 0 13 9 Broken Hill Pty 4 2 0 North Broken Hill .. .. 3 14 0 South Broken Hill .. .. 2 11 3 Tonkah Harbour i 2 9 Emperor 0 17 3 Loloma 1 1 0