COMMERCE AND FINANCE

Otago Daily Times, Issue 23206, 2 June 1937, Page 14

COMMERCE AND FINANCE

LOCAL AND OVERSEAS MARKETS

THE SHARE MARKET DUNEDIN STOCK EXCHANGE With the exception of Government loans, which met; with a steady inquiry, buyers showed a lack of interest in the other sections on the Dunedin Stock Exchange yesterday The three buying quotations received for shares in the New Zealand mining section revealed no alteration from those of the previous day. Bank of New Zealands, the only shares for which buyers inquired in this section, were wanted at £2 4s 6d. but no sellers came forward. There was an easier inquiry for P. and O, Deferred Stock, a buyer offering £1 18s, but this price did not attract a seller. Westport Coals were wanted at £1 3s 3d. but sellers were 9d away. In the miscellaneous section the paid issue of Broken Hill Proprietaries showed an easing tendency, buyers being forward at £4 Os 6d. with sellers 9d away. There was a further rise in Dunlop Rubbers, for which buyers offered £1 2s. Sellers, however, were Is away. At the morning call-over New Zealand Breweries were the subject of business at £3 5s 3d, but in the afternoon, when sellers were prepared to accept £3 6s 3d. no buyer was forward. The Australian mining section was noticeably weaker. Broken Hill Souths were inquired for at £2 10s. sellers being Is away, and Mount Lyells dropped to buyers at £2 4s 3d with sellers Is away. With buyers offering 13s 2d and sellers wanting 13s Bd, Mount Morgans also registered a further decline.

LONDON STOCK EXCHANGE A LISTLESS DAY (United Press Association) (By Electric Telegraph—Copyright) LONDON, May 31. A long list of falls marked the close of a listless day on the Stock Exchange, which is perturbed by the Spanish situation, and is even more upset by the gold uncertainties. Vigorous intervention by the authorities alone averted a heavy break in the gold price, as £1,700,000 worth from Russia was flung on the market on May 29. and a further large quantity was offered to-day. AUSTRALIAN STOCK EXCHANGES (United Press Association) (By Electric Telegraph—Copyright) . SYDNEY, June 1. (Received June 1, at 10.30 p.m.) A slight increase was noted in the volume of investment business on the Stock Exchange to-day. The market was steady, and generally firm. There was little trading in the mining section. THE MORNING SALES

RUBBER STOCKS I United Press Association) (By Electric Telegraph—Copyright) LONDON. May 31 Rubber Stocks. —London, 21,467 tons: Liverpool, 25,220. BRADFORD TOPS MARKET (United Press Association) (By Electric Telegraph—Copyright) LONDON, May 31. The Bradford market is firm. There is practically no speculative forward business. Yarns are unchanged Machinery is being well employed. LONDON WHEAT MARKET LONDON, May 31. Wheat cargoes are lower. Parcels arc easier. Futures: London—July 44s Id; November, 41s Id. Liverpool—July. 9s 2d; October, 8s 43d.

PERPETUAL TRUSTEES FIFTY-THIRD ANNUAL REPORT SHILLING DIVIDEND RECOMMENDED In their fifty-third annual report, which will be presented at the annual general meeting of shareholders on June 11. the directors of the Perpetual Trustees Estate and Agency Company. Ltd., state that the amount brought forward from the previous year was £3387 4s 3d, from which had since been paid income lax for that year, mterim dividend of £1230 for the halfyear ended October 31. 1936. and the company's contributir- to the staff benefit fund, leaving a balance of £562 16s Bd. The profit for the year just ended amounted to £5863 16_s 9d, and the available balance was £6426 13s sd. The directors recommended that the balance be dealt with as follows: — To payment of a dividend of Is per share for the half-year ended. April 30, 1937, £1250: to writing off premises, £2OB 8s lOd: to writing off office furniture and fittings, £2lO 10s 2d; to staff benefit fund contribution £730: investments fluctuation account, £750: to carry forward to next year (subject to income tax for the year iust ended) £3257 14s sd. „ r , , . . Messrs W. E. Reynolds. R. K. Ireland, and C. Stanley Smith were the retiring directors, and offered themselves for re-election. FOREIGN EXCHANGES (Britisn Official Wireless) (United Press Association) (By Electric Telegraph—Copyright)

BANK OF NEW ZEALAND DIRECTORS’ ANNUAL REPORT PROFIT FOR YEAR OF £600,000 (Per United Press Association) WELLINGTON. June 1. The report and balance sheet of the directors of the Bank of New Zealand, to be presented at the ordinary general meeting to be held in Wellington on June 11. shows that the — Profits, after providing for the expenses of management and for all bad and doubtful debts and other contingencies, and after making provision for the annual donation to the provident

MINING NEWS RIMU DREDGE RETURN The return of the Rimu dredge to May 31 for 134 hours, during which 57,212 yards were excavated, was 260.75 crude ounces of gold. MATAKI JUNCTION RETURN (Per United Press Association) WELLINGTON, June 1. The Murchison Mataki Junction return for the week ended May 27 was 78oz IGdwt 3gr for 119 hours and 20,000 yards dredged. LORNEVILLE STOCK SALE RISE IN PRICES OF FAT EWES AND WETHERS (Per United Press Association) INVERCARGILL, June 1. Rises of 4s to 5s for fat ewes and 2s 6d for wethers were features of today’s market at Lorneville. These marked increases were chiefly due to the jperations of northern buyers. The market, however, was erratic, and from about the middle of the sale to the finish prices in some cases were little better than last week. The fat lamb market was also a bright one, and export buyers were operating for the most part above schedule rates. Fat cattle values were about the same as those f«r last week.

Fat Sheep.—Prime quality wethers sold from 34;, 6d to 365; good quality, 32s 6d to 33s 6d: medium, 28s 6d to 30s; light and unfinished. 24s 6d to 25s 6d; extra prime heavy ewes, up to 32s Gel; prime heavy ewes, 28s to 30s; good quality. 25s 6d to 275; medium, 21s to 22s Gd: and freezing ewes, 19s 6d downward according to weight and quality. Fat Lambs.—Extra prime quality sorts made from 29s to 30s 6d; prime quality, 27s 6d to 28s 6d; medium, 25s 6d to 26s 6d; unfinished, 21s to 235. Fat Cattle.—Good quality handyweight bullocks realised up to £10; medium, £8 to £8 10s; good quality medium-weight heifers, £6 5s to £7; light-weight, £5 to £5 15s; small and unfinished, £3 15s to £4 ss; good quality cows, to £7 7s 6d; medium quality. £5 10s to £6 ss; average, £4 10s to £5; inferior. £2 10s to £3 ss. PRICE OF FINE GOLD (United uress Association I <By Electric Telegraph—Copyright)

NEW ZEALAND BREWERIES NEW ISSUE OF ORDINARY SHARES (Special to Daily Times)i WELLINGTON, June 1. The directors of New Zealand Breweries, Ltd., have decided on a new issue of 546,135 ordinary shares of £1 each. These shares have been offered to existing- shareholders at a premium of 5s each in the proportion of one new share for every two shares Held on May 29, 1937. The terms of the new issue are 10s per share on acceptance of offer (of which 5s per share shall be in • payment of premium), and the balance of 15s per share on or before October 1, 1937. Acceptance'of the offer of shares must reach the company’s office not later than June 30, 1937. SHEEPSKIN SALE The Dunedin Stock agents (Donald Reid and Co., Ltd.; Dalgely and Co., Ltd.; National Mortgage and Agency Co., Ltd.; Stronach, Morris, and Co.. Ltd.; Otago Farmers’ Co-op. Association; New Zealand Loan and Mercantile Agency Company, Ltd.; and Wright, Stephenson, and Co.. Ltd.) report as follows: There was a full bench of buyers at yesterday’s sheepskin sale, when prices obtained were from par to Jd easier. The following is the range of prices:—Halfbrcd full wool, 16d to 1 fil’d; threo-quarlcrbred wool,, 15Jd to 16Jcl; halfbrcd wool, 14Jd to 15d; quarterbred wool, ll : id to 12d; fine crossbred full wool. 15Id lo lUld; three-quarter-bred wool, laid to 15.3 d; halfbrcd wool, KtJkl lo 14d; quarterbred wool, 12d to 13d: crossbred full wool. 14;|d to lin'd: threo-quarlcrbred wool, 14icl lo 15|d; halfbrcd wool. 12d to 13,3 d; quarterbred wool, lid lo 12s; halfbrcd hogget. 143 d to 15d; fine crossbred hogget, 133 d (o ]4',d; crossbred hogget, 13d; halfbred dead, 14{d to 151 cl; line crossbred dead, 13.1 d to bid: crossbred, dead, 12id to 133 d: halfbrcd lambs, to 10’,cl; line crossbred lambs. H|d lo Hid; crossbred lambs, 13'-d to ISJcI; first pelts. Del to 10d; second pelts, 7Jd to 9d. On the basis of these prices, the following is the approximate price per skin:— Halfbrcd full wool, 13s 7d to 14s 10d; full wool fine crossbred. 13s: full wool crossbred, 13s 2d lo 14s.

SALES ON ’ CHANGE £ s. d. N.Z. Breweries .. . 3 3 3 SALES REPORTED • Goldsbrough, Mort 1 17 9 Staples (2) 2 14 6 SALES REPORTED AFTER LAST CALL Westport Coal .. . 11 3 6 Dominion Fertiliser I 4 0 UNLISTED STOCKS Woolworths (Sydney) T 2 0 The following are yesterday afternoon’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., 1938-52 .. 100 10 0 — 31 p.c. Stock. March. 1939-43 101 0 0 — 31 p.c. Stock, Sept., 1939-43 101. 0 0 — 31 p.c. Stock. May, 1939-52 100 10 0 — 31 p.c. Stock, March, 1941-43 101 0 0 — 31 p.c. Stock, Sept., 1941-43 101 0 0 — 3J p.c. Stock, May. 1941-52 101 10 0 — 31 p.c. Stock, Nov., 1941-52 101 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 10 0 — 4 p.c. Stock, 1946-49.. 103 10 0 — 4 p.c. Bonds, 1952-55.. 104 0 0 — 4 p.c. Stock, 1952-55.. 104 0 0 — 31 p.c. Bonds, 1953-57.. 99 0 0 — 31 p.c Stock, 1953-57.. 99 0 0 — MINING Big River (Is) .. .. — 0 1 9 * Gillespie’s Beach (Is) 0 1 41 0 1 6 Goldlields Dredging (Is) — 0 0 3 Maori Gully (Is) — 0 0 7 Nokomai (5s) .. .. — 0 3 0 Okarito <5s) .. .. — 0 3 3 Sandhills (Is) ... .. 0 0 1 0 0 2 Skippers (IS) .. .. 0 0 4 Waimumu Sluicing (is) .. — 0 0 11 Waltahu (5s) .. .. 0 1 0 0 1 7 HANKING N.Z. (£1) .. 2 4 6 — Commercial (10s) — 0 19 3 E.S. and A. (£3) .. — 6 10 0 INSURANCE National (7s) .. ’.. 0 16 10 _ Standard (£1) .. .. 2 17 6 2 19 6 SHIPPING Huddart, Parker (ord,; £1) .. .. ;. .. — 2 0 0 P. and O, Def. Stock (£1) 1 18 0 — U.S.S. Co (pref.: £1) 1 6 9 - — MEAT PRESERVING N.Z. Refrig, (paid; £1) 0 18 11 — South. Frozen Meat (paid: £1) -• •• 3 13 6 — South. Frozen Meat - (pref.; £D .. .. 3 13 6 — South Otago Freezing * (£5) — 8 0 0 WOOLLEN COMPANIES Bruce (ord.; £1) .. — 0 11 6 Bruce (pref.; £1) .. — 1 3 6 Mesglel (£4) .. .. 10 1 0

LOAN AND AGENCY, N.Z. Loan and M. (ord.; £100) .... 50 0 0 N.Z Guarantee Corp. (3s) 0 4 8 — Perpetual Trustees (18s) — 3 4 0 Wright, Stephenson (ord.; £1) .... 10 9 — Wright, Stephenson (pref.; £1) •••• 110 — COAL Kaltangata (16s) .. 116 — Westport (10s) .. 13 3 1 4 0 MISCELLANEOUS Anthony Hordern 0 19 9 (£1) - Broken Hill Pty. (£1) 4 0 8 4 1 3 Broken Hill Pty (cont.; 15s) — 3 15 0 Brown Ewing (pref.; £1) 12 6 — D.I.C. (ord. 10s) .. 0 16 6 0 17 6 D.I.C. (pref.) .... 13 9 — Dominion Fertiliser (£1) 1 3 9 — Dominion Rubber (£1) 1 12 6 — Dunlop Perd Rubber (£1) 12 0 1 3 0 G, J. Coles (£1) .. — 5 10 3 Mllburn Lime (£1).. 1 18 0 Natl. Electric (£1) .. — 0 14 3 N.Z. Drug Co. (£2) ,, 3 13 6 , Malay Rubber (ord.; £1) 0 18 0 J— N.Z Newspapers (16s 1 17 0 8d) - Taranaki Oil (£1 4s 7d) — 0 4 3 BREWERIES N.Z. Breweries (£1) — 3 6 3 Dunedin (£1) .. .. 18 6 — AUSTRALIAN MINING Austral N.Z. Mining (9s) 0 11 6 — Broken Hill South (5s) 2 10 0 2 11 0 Mount Lyell (£1) .. 2 4 3 2 5 3 Mount Morgan (2s 6d) 0 13 2 0 13 8 North Broken Hill (5s) — 3 14 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 June share, final 2 Waihi Grand Junction —4d June 4 Oamaru Woollen—21 per cent., for half year June 7 Dunedin Stock Exchange Proprietary—7J per cent.. Is June per share 7 Trustees, Executors and Agency Company, 4 per June 8 cent., final J. R. M’Kenzies Dept. Stores June 8 —174 per cent Dominion Fertiliser, 5 per cent. .... June 9 Bulolo Gold—No. 8, 1 dollar 50 cents June 10 Placer Development—No. 8, 60 10 cents June Bank of N.Z. (“D")—'74 per cent., 9d per share .. .. June 11 Bank of N.Z., 10 per cent., Is per share, final June 11 Perpetual Trustees—Is per share, half-yearly .. .. June 11 N.Z. Breweries —8i 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, 9d 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 Ah per cent. .. June 23 North Broken Hill—No. 106 of Is 6d per share, quarterly National Mortgage (A issue) June 25 —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. 4 p.c. Bonds, 1946-49 .. .. 103 17 6 4 p.c. Stock. 1943-46 .. .. 103 17 6 4 p.c., 1946-49 103 15 0 Com. Bank of Australia .. 0 19 .1 National Bank of N.Z. 3 4 3 South British 4 14 6 Renown Coll. (2) .... 0 11 0 Broken Hill Prop 4 0 3 Colonial Sugar 46 0 0 Dunlop Perdriau 1 2 0 Farmers’ Trading (new; 20s paid; 2) 1 1 0 N.Z. Refrig. (£1 paid) .. 0 19 0 Taranaki Oil 0 3 0 Union Oil ' .. 1 6 0 Martha (2) 0 15 0 Waihi Junction 0 3 0 (2) 0 2 1 Mount Lyell 2 4 6 Unlisted Stocks Woolworths (Syd; 2) .. .. 7 0 6 7 0 0 WELLINGTON Sales on ’Change Christchurch Gas (late Mon.) 1 7 0 Gear Meat (late Mon.) 0 16 0 N.Z. Refrig, (late Mon.) .. 0 19 0 Dominion Breweries (late Mon.) 2 4 (late Mon.) 2 4 9 N.Z. Breweries (cum div.; cum rights; late Mon.) .. Farmers’ Trading (new 3 5 6 issue; late Mon.) .. .. 1 1 14 Woolworths. N.Z. (ord.; late Mon.) 8 0 0 Gillespie’s Beach date Mon.) 0 1 5} 0 4 p.c. Stock, 1955 104 10 Auckland Gas (2) 1 2 0 National Insurance 0 16 91 Gear Meat (2) 0 16 0 Staples and Co 2 15 6 (2) 2 14 3 (3) 2 14 0 Broken Hill Prop. (2) ,. .. 4 1 6 4 0 101 British Tobacco 2 9 6 Dunlop Perdriau (2) .. .. 1 2 1 Farmers’ Trading .. Farmers’ Trading (new 1 2 9 issue) 1 1 1 (2) 1 1 11 Broken Hill South .. .. 2 10 6 Unlisted Stock Woolworths Ltd. (late Mon.) 7 2 0 7 2 6 7 2 3 CHRISTCHURCH Sales on ’Change Commercial Bank of Aus0 19 0 tralia (2) Goldsbrough, Mort .. .. 1 17 10 I 17 9 (odd lot) 1 17 8 Kaiapoi Woollens (pref.) .. 0 17 0 Westport-Stocklon Coal .. 0 2 9 Christchurch Gas .. .. 1 6 9 N.Z. Breweries (cum div.) 3 8 0 3 7 0 (2) 3 6 0 (2) 3 4 9 (2) 3 4 10 (3) 3 4 9 Staples Brewery .. .. •• 2 15 6 Broken Hill Pty. (cum 4 0 9 div.) • Broken Hill Pty. (cum div.; contr.) 3 14 iU Dunlop Rubber (5) .. . . 1 2 o Electrolytic Zinc (ord.; 2) 2 16 2 16 9 6 Electrolytic Zinc (pref.; 2) .. 2 17 2 17 0 3 G. J. Coles (2) 5 9 5 10 9 0 (2) 5 9 9 (3) 5 9 6

Hume Pipe (Aust.; 2) , , 0 19 3 Shillings Ltd . . 0 18 9 Mount Lycll 2 5 0 2 4 9 2 4 7 2 4 0 2 4 5 Mount Morgan (2) 0 13 74 2) 0 13 4 Sales Reported National Bank of N.Z. (cum div.) 3 4 3 Bank of N.Z. (cum div.: odd parcel) 2 4 6 Union Bank of Australia 11 1 6 Auckland Gas 1 2 0 N.Z. Breweries 3 5 0 3 6 0 Staples Brewery .. .. 2 13 6 Electrolytic Zinc (ord.) 2 10 3 G. J. Coles 5 9 6 N.Z. Drug (odd parcel) 3 14 0 Taranaki Oilfields 0 4 1 Martha 0 15 1 Mount Lycll 2 4 6 2 4 5 Unlisted Stocks Grey River (3s 9d pd.) 0 4 5 Woolworths (Syd.; ord.) 7 2 0

£ s. d. Commonwealth Bonds— 4'p.c., 1938 103 6 3 4 p.c., 1941 102 10 0 4 p.c., 1950 103 6 3 Australian Gas (A) .. .. 7 3 6 Anthony Hordern .. .. 0 19 3 Australian Iron and Steel (pref.) 1 7 3 Broken Hill Ply 4 2 0 Electrolytic Zinc 2 17 6 Mort’s Dock 0 12 11 ADDITIONAL SALES Commercial Banking of Sydney 21 16 0 Bank of Australasia .. .. 12 19 0 Colonial Sugar 47 15 0 (New Zealand delivery) 47 15 0 Associated News 1 2 9 (pref.) 1 6 Huddart, Parker .. .. 1 19 3 Burns Philp 3 12 0 Coles 5 10 0 Dunlop Perdriau i 2 10J Goldsbrough, Moft (New Zealand delivery) .. .. i 18 6 Wilcox Mofflin 0 13 11 Greater Williams 0 7 4 Henry Jones (ex div.) 2 6 9 Farmers 1 13 3 David Jones .. .. .. .. 2 2 0 Anthony Hordern .. .. 0 19 3 Peters 1 0 3 Australasian Paper (New Zealand delivery) .. ,. 1 13 6 Amalgamated Wireless 2 18 0 Newbold Brick 1 16 3 Warburton Franki .. .. 1 2 4£ Mort’s Dock 0 12 ii Hume Pipe 0 19 6 Meggitts 1 12 6 Wunderlich .. .. .. .. 1 2 3 Woolworths (New Zealand) 8 2 0 Mount Morgan 0 13 1 Mount Lyell 4 9 Bulolo Gold 6 5 0 Rawang 0 11 6 Larut 0 19 li Taranaki Oil .. .. .. .. 0 3 10 MELBOURNE, June 1. Bonds were the strongest sectioi of the market. Investments were steady. and base metals and gold easier. National Bank (£5 paid) .. 7 9 0 National (£10 paid) .. .. 15 3 0 Bank of Australasia .. .. 12 17 0 Howard Smith 1 1 9 British Tobacco 2 10 0 Coles 5 9 6 Australian Glass 4 11 6 Dunlop Perdriau 1 2 10 (pref.) 1 16 6 Electrolytic Zinc .. .. 2 17 0 General Motors 1 4 4 Cox Bros 3 17 6 Mount Morgan 0 13 3 Mount Lyell 2 4 4 h Emperor 0 16 7 Loloma 1 0 0

RUGBY, May 31. May 29. May 31. Francs to £1 121 21 110 43-01 110 39-61 Brussels — Uelgaslo£l 30 20.27 2ff.22i OsloKroner to £ 1 18-lbO 19.90 19.90 Stockholm— Kroner to £1 IS.130 19.39i i onenhagcn— Kroner to £1 18.130 22.40 22.40 Marks to £1 20.31 12.30 12.29} Montreal— Dollars to £1 1.86 2-3 4.93} 4.933 New York— Dollars to £ 1 1.80 2-3 1.93 13-32 1.92} Yokohama— Pence to yen 31.582 14 13 63-64 Hongkong— Pence to dollar 21.58 14 27-32 14 27-32 Bombay— Pence to rupee — m 18^ Batavia— Florins to £1 12.10 8.90} 8.9Gi MilanLire to £1 82.46 93i 93 9-16 Amsterdam— Guilder to £1 12.107 8.97| 8.95} Prague— Kroner to £1 104 J 1411 14Ii Geneva— Franca to £ J 25 22J 21.65 21.60 Vienna— Schillings to £1 84.86} 2Gi 264 Helsingfors— Marks to £1 103.23 226 i 226J Madrid— Pesetas to £) 25.22} 92 11-32 92 11-32 Belgrade— Dinars to £1 25 22 J 215 215 Athens— Drachma to £1 .. 315 547} 547} Lisbon— Escudos to £1 .. 110 110 3-16 110 3-16 Bucharest— Lei to £1 031.6 G72i 672} Rio de Janeiro— Pence to mllrcls .. 5.890 4i 4} Buenos Aires— Pence to pesos 47.22 — — Shanghai— Pence to tael — m Hi Montevideo— Pence to pesos — 395 355 Warsaw— Zlotys to £1 — 26,06 26.06 ON NEW ZEALAND CURRENCY BASIS The Bank of New South Wales, Dunedin, quoted the followln g rates fur purchases and sales of foreign exchange yesterday London— Buying. Selling £ I N.Z, to £100 stg 124 121/10/ O.D. 123/10/121/8/9 Australia— £ A to £100 N.Z. T.T, 101 100/10/O.D 101 100/10/Fiji— £ F to £ 100 N.Z. T.T. 90/7/6 S!l O.D. 90/7/6 89 New York— Dollars to £ N.Z. T.T, 3.9813 3.9 135 O.D. 3.9938 3.9505 Montreal— Dollars to £ N.Z. T.T. 3,981 1 3.9465 O.D. 3.9939 3.9513 Austria— Schillings to £ N.Z T.T, — 20.73 O.D. — 20.75 Belgium — Bclgas to £ N.Z. T.T. — 23.3 U O.D. — 23.352 Czechoslovakia— Crowns to £ N.Z T.T. — 112.96 O.D. — 113.01 Denmark— Kroner to £ N.Z. T.T 18.203 17.893 O.D. 18.203 17.903 Franco— Francs to £ N.Z. T.T. — 88.03 O.D. — 88.07 Germany— Reichsmarks to fi N.Z T.T. — 9.803 O.D. — 9.808 Holland— Florins lo £ N.Z T.T. 7.206 7.146 O.D. 7.356 7.150 Italy— Lire to £ N.Z. T.T. — 75.01 O.D. — 73.06 Java— Florins to £ N.Z. T.T. 7.289 7.129 O.D. 7,349 7.133 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 Switzerland — Francs to £ N.Z, T.T. 17,531 17.264 O.D. 17.639 17.26!) Noumea— Francs to £ N.Z T.T. — 87.26 O.D. — 87.32 Papeete— Francs to £ N.Z. T.T. — 87.11 O.D. — 87.17 Hongkong— N.Z. lienee to 1 dollar .. .. T.T. 18} I S3 O.D. IS 3-32 IS 39-01 India ami Ceylon— N.Z. pence to 1 rupee .. .. T.T. 22 21-32 O.D. 22 11-32 22 41-64 lapan— N.Z. pence lo 1 veu T.T. — 17 15-32 O.D. — 17 29-61 Shanghai— N.Z, pence to 1 dollar .. .. T.T. 17 47-fi IS 15-111 O.D. 17 45-6' IS 7-32 Singapore— N.Z, pence lo 1 dollar .. .. T.T 34 23-32 35 13-64 O.D. 35 3-16 Chcfoo— N Z, pence lo 1 dollar .. .. T.T 17 23-32 18 II-32 O.D 17 43-C-: 18 21-01 Manila— N.Z. pence to 1 peso .. .. T.T. 29 55-6' 30 27-61 O.D. 29 49-61 30 13-32 All rates subject to alteration without notice DOLLAR RATES The Associated Banks (other than Ihe Bank of New South Wales) quoted the following dollar rates yesterday on a New Zealand currency basis Fhey are subjec lo alteration without notice:— U.S.A Canada (Per £1 (Per £1 N.Z.) N.Z.) Selling— Dols. Dols T.T 3.94 S 3.94 11-16 O.U 3.95 i 3.95 3-16 Buying— O.D 3.99 7-16 3.99 7-10 LONDON METAl MARKET (United Press Association! (By Electric Telegraph—Copyright) LONDON, May 31. The following are the official metal quotations;— Ton. Copper, bpol .. .. £5S 1 .3 Full £2 (I Copper, forward 57 4 4 (a Fall 1 1 Ill's Electrolytic, epoi 0 2 0 fl Fall 2 0 0 Electrolytic, forward.. in n 0 Fall .2 0 0 Wire bars .. .. ffl 0 n Fall 2 0 0 Lead, spot .. .. 23 8 •I Fall Oil u Lead, forward .. 2:l <» Fall mi :i Speller, sprit .. .. 22 2 6 Fall 0 12 U Spelter, forward •• I'll 2 1) Fall II 17 li Tin. spot 215 17 0 Fall :i 0 0 Tin. forward .. •• 211 17 C Fall 3 1 3 Oz. Silver. Miih .. No r hnngu Silver, Haudard .. 20 Tic No ( li.niga

fund, are To which has to be added the balance brought forward from £000,008 4 6 last June of 339,100 7 9 Making a total of 939,108 12 3 From this total have following dividends: — On the preference A been paid the shares Interim dividend on the C long-term mort£50,000 0 0 gage shares Interim dividend on the D tong-term mort7,031 5 0 gage shares . .• Interim dividend on the 17,578 2 6 preference B shares Interim dividend on the 31,250 0 0 ordinary shares These disbursements of £293,359 7s 6d leave available for dislribu187,500 0 0 tion £645,749 4 9 This the directors propose should be disposed of as follows: — Dividend on C longterm mortgage shares at 6 per cent per annum Dividend on D longterm mortgage shares / ,031 5 0 at 7i per cent. Dividend on preference B shares (making 17,578 2 0 £100,000 for the year) Dividend at the rate of 5 per cent, on the ordinary shares (making £375,000 for the year, equal to 10 per 08,750 0 0 cent.) Leaving a balance to 187,500 0 0 be carried forward of 364,889 17 3

May 31 .. LONDON, May 31. £ s. d. 7 0 May 27 .. 7 0 7 May 25 .. 7 0 5i May 24 .. May 22 .. 7 0 6 May 20 .. 7 0 5 May 19 .. 7 0 5J May 18 .. 7 0 5l