COMMERCE AND FINANCE

Otago Daily Times, Issue 23221, 19 June 1937, Page 8

COMMERCE AND FINANCE

LOCAL AND OVERSEAS MARKETS

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

Sellers dominated the market during the early part of the week, but towards the end of the period there was noticeable activity among buyers, the easier prices ruling resulting in a good number of sales. The main feature of the week, however, was the heavy/dealings recorded in the rights issue of New Zealand Brewery shares. Most sections were easier during the first few days, but on Thursday and yesterday an improvement was shown, many shares revealing ar upward trend. Though prices, especially in metals, have been fluctuating a good deal, there is a feeling of confidence amongMocal sharebrokers that the market will be firmer and in a more settled condition within the near future. The total number of sales recorded during the period represented the highest figure for some weeks. GOVERNMENT LOANS Throughout the period all issues of Government Loans met with a good inquiry at steady prices. A parcel of the 3J per cent. Stock expiring in March, 1939-43. changed hands at £lO2, but, generally speaking, holders seldom entered the market. NEW ZEALAND MINING Business in the New Zealand mining section was dull, the only sales recorded being in Big Rivers and Gillespie’s Beach. The former were disposed of at Is 6d and the latter at Is 5d BANKING SHARES EASIER There was a general easing in the prices for banking shares, and for the greater part of the period there .was a distinct lack, of interest among buyers. After reported business at £2 4s 9d on Tuesday, Bank of New Zealands,, dropped to buyers ah £2 4s, at which figure they were dealt in yesterday. Holders were asking £2 4s 6d when the market closed. The long D issue was also easier, the final buying and selling quotations being £1 6s 3d and £1 6s 6cf. E.S. and A. Banks were on offer at the reduced price of £6 5s yesterday, but no buyers came forward. Holders of Union Banks who at one stage of the week were prepared to do business at £ll, improved to £ll 2s at the close of the market, but buyers displayed no interest.

INSURANCE, SHIPPING, AND MEAT

A better demand for insurance shares was apparent throughout the week, and Nationals, which were dealt in at 17s, had several more buyers forward at 16s lid. but sellers remained firm at 17s Id. A consistent inquiry at £4 14s 6d for South British Insurance shares failed to attract a seller. Shipping and Meat Preserving shares met with a fairly good inquiry at recent steady prices. Two parcels of the preferential issue of Huddart, Parker shares changed hands at £1 7s, but buyers’ final offer was 6d below this figure. New Zealand Refriigeratings (paid) were the subject of business at 18s lid, the closing buying and selling quotations being 18s lOd and 19s

2d. Both the paid and preferential issues of Southland Frozen Meat had consistent inquiries at the improved price of £3 14s, but holders wei'e not interested. A buyer at £7 14s for South Otago Freezing shares met with no response from sellers. WOOL, LOAN, AND COAL SHAKES Woollen shares claimed slightly more attention than has been the case for some time. Ordinary Kaiapoi Woollens were dealt in at 13s 6d and the contributing issue changed hands at 4s 6d. At the close of the market the preferential issue had improved to buyers at 16s 8d and sellers 7d away. A consistent inquiry at £lO 2s for Mosgiel Woollens failed to attract a seller. In the Loan and Agency section New Zealand Guarantee Corporation changed hands at the steady price of 5s and National Mortgage (B shares) found a buyer at the easier price of £1 9s 6d. The only business recorded in the coal section was in Westports, which were dealt in at the slightly firmer price of ,£ 1 3s. At the close of the market when there were no sellers forward, buyers remained firm at £1 2s 9d. There was a fractional improvement in Kaitangatas, buyers offering £1 Is 9d, which was 9d below sellers’ requirements.

MISCELLANEOUS INDUSTRIALS Following a similar movement in Australia some of the better-known industrials showed a weakening tendency. The most noticeable, however was G. J. Coles, which on Thursday had buyers at £5 6s and sellers 2s away. Yesterday they experienced a sharp drop, and business was transacted at £5 5s and £5 4s, a final buyer at £5 being unanswered. Both issues of Broken Hill Proprietaries fluctuated somewhat throughout the period, but when the market closed they revealed a firming tendency. Dunlop Rubbers were easier with a final buyer at £1 Is 6d and a seller 6d away, and Dominion Rubbers eased to an unsupplied buyer at £1 11s 6d. At the close of the market for the previous week Milburn Lime shares were asked for at £1 18s 6d, but yesterday’s final offer was £2, no sellers being forward. During the period two parcels changed hands at £2 Os 6d. The announcement of the company regarding a bonus Issue was responsible for buyers of Wilsons Cement shares raising their previous offer by 3s 6d, to £1 18s 6d, but holders wanted £2 4s. By the end of the week, however, there was an easing, sellers being forward at £2, but no buying quotation was received. Ordinary Woolworths, which in the middle of the week were offered at £8 Bs, dropped back to sellers at £8 3s. buyers’ best offer being £B. BREWERY SHARES ACTIVE The main activity of the week’s market was centred in the rights issue of New Zealand Breweries.' which s had several sales at steady prices ranging from £1 Is 2d to £1 Is 4d. The ex rights issue was not so active and did not maintain last week’s prices, the closing buying and selling quotations being £2 6s 9d and £2 Bs. Dunedin Breweries had several inquiries at £1 8s 6d. with no sellers forward, and Dominion Breweries (new issue) had business at £2 2s 6d. Staples Breweries eased to sellers at £2 12s, but this price did not attract a buyer. AUSTRALIAN MINING SHARES After undue weakening during the first four days, the market for Australian mining recovered somewhat, following the gain in metal prices in London and the favourable reception accorded the new taxation proposals in the United Kingdom. Mount Lyells were dealt in at £2 Is sd, £2 Os 3d and £2 Os 2d (cum div.), the final buying and selling quotations being £2 Os 6d and £2 Is 6d. Broken Hill'Souths had several dealings at from £2 7s down to £2 6s (ex div.). Compared with the early week price the final buying and selling quotations of £2 6s and £2 6s 3d showed a drop of practically 2s. Mount Morgans recovered from buyers at 11s 2d to 11s lOd, sellers at the close being 5d away. After dealings at £3 9s 6d and £3 10s, North Broken Hills remained firm with a slight upward trend. Ordinary Electrolytic Zincs also registered an improvement at the end of the period, but the final quotations were slightly below those of the previous wee-k. Three parcels were disposed of at from £2 9s 9d to £2 10s 3d. Rawang Tins finished the week with buyers at the same price as last week and no sellers^forward.

NORTHERN EXCHANGES AUCKLAND

DAIRY PRODUCE ( Press Association! (Bv Electric Telegraph—Copyright I LONDON, June 17. Butter is slow. Danish. 114 sto 115 s. Choicest salted: New Zealand. Ills: Australian. 108 s to 100 s. Unsalted: New Zealand. 112 s; Australian. 110 s to Ills. Cheese is quiet. New Zealand: White 74s (id; coloured. 73s (id. Australian: White. 73s to 73s Gd: coloured 72s Gd Messrs A. S. Paterson and Co,. Ltdare in receipt of the following cablegram from London: — Butte l '.—Market steady New Zealand. Ills: Australian. 109 s 110 s. Danish. steady. 955; landed cost. 116 s Cheese. —Market quiet. While 74s (id: coloured. 73s Gd.

DUNEDIN MARKETS MILLING WHEAT WANTED A few lines only of milling wheal are now appearing on the market, as where wheat is in stack growers are inclined to postpone the threshing to the spring, in view of the broken weather. Where the quality of the offerings is sound there is no difficulty in making sales to local millers, some of whom have yet to secure a fair quantity to fill their quota for the season. The fixed price for Tuscan for the month of June is 5s 2d per bushel, f.0.b., grower’s nearest port, with higher values for Hunter’s and Velvet. The fowl wheat market is steady, with good quality readily saleable. On the other hand, the market is inclined to drag for lines soft in condition and showing signs of sprouting. Good hard wheat for poultry purposes is worth 5s 5d per bushel, ex store, sacks extra, with undergrade quality selling at 5s to 5s 3d, according to sample. Reports from the north state that Australian wheat is still being delivered to both Wellington and Auckland, and that the other northern ports are obtaining their requirements from Canterbury. Wholesale prices are as follows: Flour.—2oo's, £l3 15s 6d; 100‘s, £l4 12s 6d: 50’s. £l4 17s 6d; 25’s, £ls 7s 6d. Bran, £5 5s per ton. Pollard, £6 15s per ton. Oatmeal. —2001 b sacks, £25; 25's, £27. OATS POSITION FIRMER The oat market was inclined to case slightly, but it has now firmed again. The firming is in sympathy with the position in Australia, as the markets in Tasmania and Victoria have advanced to the extent of 4d per bushel. In the meantime few lines are on offer from the country, and values are firm at 3s 6d to 3s 8d per bushel, sacks extra, on trucks, country sidings. The last-named price is for bright, wellconditioned oats. There is a marked difference in the price of oats light in weight and out of condition. These are slow of sale at 2s 6d to 3s per bushel in the country. The shipping market is firm at 4s 3d, f.0.b.. s.i., for A Gai’tons and 4s for B’s. The chaff market remains firm, with supplies coming chiefly from Canterbury. The value of the best quality is from £5 10s to £5 15s per ton, sacks extra, ex truck. The demand is confined to good quality chaff, other quality being difficult to sell.

OUTLOOK FOE POTATOES The potato market shows little change, with local prices governed by the quantity of the consignments coming from North Otago and South Canterbury. The demand is on the quiet side, and as far as this port is concerned values seem to be lower than in Canterbury, where the market is controlled to a large extent by the shipments taking place to South America and the North Island. Good quality Arran Chiefs are selling locally at £6 5s per ton, sacks_ included, but this price is only obtainable for lines that are dry and in sound condition. The deliveries from the south are not of the best, the tubers being earthy and showing signs of blight. These potatoes have to be sold at lower money in order to effect sales. King Edwards are not over-plentiful, and there is no difficulty in selling this variety at higher values than those ruling for Arran Chiefs. So far as can be ascertained, there appear to be ample stocks of potatoes in New Zealand. The extra heavy yields in Canterbury have more than offset the poor crops in Otago and Southland, and the future of the market now depends largely on the quantity which may be exported. It is fortunate that an outlet has been found for New Zealand-grown potatoes in South America, otherwise there would be a glut in the Dominion this season. SEED MARKETS FIRM The wholesale seeds markets are firm, with a tendency, with the approach of the sowing season, for more buying. Ryegrass is inclined to advance in price, and several sales have been made during the week at increased values. Merchants are finding it difficult to secure supplies of good quality ryegrass of sound germination. The cocksfoot market is also steady, with prices unchanged. White clover is inquired for, and it is now apparent that offerings from growers will be considerably less than in the previous season. The brown top market is unchanged, with small parcels being sold at from Is to Is 2d per lb for certified machinedressed seed. The only market which is inclined to weaken is fescue, few orders now being received from overseas.

Wholesale prices are as follows: — Chaff. —Good, bright oaten sheaf, £5 10s, ex truck, to £6 per ton, ex store. Potatoes. —White, £6 5s per ton. ex store: King Edwards at higher values. Dairy Butter.—Milled bulk. lOd per lb; separator, lOd per lb. Supplies wanted. Bacon, Is lid per lb. Eggs.—Stamped. Is 9d; case. Is Bd. Canterbury onions. 6s to 8s per cwt, according to quality. Supplies plentiful and market weak. jHoney. bulk, 7sd to 8d per lb. Lard. bulk. 8d per lb. BANK OF ENGLAND RETURN (United Press Association) (By Electric Telegraph—Copyright) LONDON. June 17. The following is the Bank of England return:— ISSUE DEPARTMENT Note issue in circulation £479,800,000 Bank department .. 41,500,000 Government securities .. 184,200,000 Other securities .. . • 4,800,000 BANKING DEPARTMENT Rest £3,300,000 Public deposits 10.000,000 Bankers’ deposits .. .. 102,300,000 Other accounts 37,200,000 Government securities .. 101,300.000 Discounts and advances.. 3.700,000 Other securities 19,900,000 Notes and coins 42,400,000 Rate of reserve to liabilities is 29.36 per cent. Bank of England discount rate remains unchanged at 2 per cent.

WHEAT AND FLOUR (United Press Association) (By Electric Telegraph—Copyright) LONDON, June 17. Wheat.—Cargoes are firmer. Parcels steady. Futures are quoted:—London: July, 42s 6Jd: November. 40s 9d, Liverpool: July. 8s Bjd: October, 8s 4Jd; December. 8s 4:1 d. The spot trade is quiet Australian (ex ship), 465. Flour.—Firm. Australian (ex store). 32s 6d to 33s 6d. Chicago futures: July. 1101 cents per bushel: September. 110: December, 111?. DUNEDIN HIDE SALE Messrs Waters, Ritchie and Co., Ltd., report as follows: We held our monthly sale on Thursday. when we submitted an offering of 2143 hides and yearlings, also 617 calfskins. Exporters were practically out of the market, and tanners’ requirements somewhat restricted, with the result that values in the majority of cases were Ijd to• I'd lower. Light yearlines remained firm, but heavies and calfskins showed declines from Id to lid per lb. Well preserved lines of cows brought from 7d to 8d per lb. and secondary sorts G.Jd to 6?d; ox weighing up to "01b brought from 7d to Bid. over 501 b weights from 7:jd to 9id: heavy substance grades from Aid to lOd: light yearlings 101 d to Hid; heavies 6?d to 8?d: calfskins 13d to 10d for first, faulty Aid to I2d

FOREIGN EXCHANGES

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

LONDON METAL MARKET (United Press Association) (By Electric Telegraph—Copyright) ' LONDON. June 17. Tbc rollnwine are the official metal quotations:—

CANTERBURY MARKETS ACTIVITY IN POTATOES. (Per United Press Association) CHRISTCHURCH, June 18. Interest in the grain and produce markets continues to centre on potatoes, which are virtually the only line to show any life. The local market is weaker, particularly for whites, which have slipped in South Canterbury. The assembling of shipments for South America has kept merchants so busy that although there is signs of a revival of interest from the North Island, they are not able to give much attention to this market. Shipments to South America, either despatched already or booked, amount to more than 13,000 tons, and there is another boat next month and one in August. Shipments have been made already as follows: From Timaru and Lyttelton. Hororata, 1000 tons: Coptic, 1250; Tongariro, 745; Mahia. 1300; Port Caroline. 750: Norfolk, 1512. The shipments which will go within about a week are by the Westmoreland, 1200 tons, Tairoa, 1700; Pakeha, 2300; and Port Chalmers. 1500. The Fordsdale is due to sail next month and the Matakana in August, but the size of the potato shipments to be made on these two boats is not yet known. The known total is 13.267 tons already shipped or booked. • The fowl wheat market is very firm, and it appears certain that more imports will have lo be made from Australia. ♦ Milling oats are steady, though there is not a great deal of inquiry. Feed oats are, if anything, easier. Chaff is fairly firm at up to £4 10s. at near stations. The trade in small seeds is practically at a standstill.

DOLLAR AND FRANC (United Press Association) (By Electric Telegraph— CoDvrlahti LONDON. June 17. i Exchange on New York is quoted at 4.93 11-16 dollars to the £ and on Paris at llOg francs. BEET SUGAR , (United Press Association) (By Electric Telegraph— Copyright) LONDON, June 17. Beet sugar, 6s 9£d. i NEW LEVIATHAN HOTEL COMPANY The prospectus of the New Leviathan Hotel Company, which is to take over the Leviathan Hotel in this city as a going concern, shows that the capital is to be £12,500. The purchase price of the hotel, furniture, and plant is £17,000, of which £7OOO will be payable in cash and the balance by debentures for £IO.OOO, already in existence, and it is proposed that a sum of £1450 should be spent in renovations and improvements. The accountant’s report accompanying the prospectus shows that the profits of the vendor company were £571 in the year ended August 31. 1934, and that it increased to £ll7l in 1935 and £1623 in 1936. FRUIT REPORT SHORTAGE OF VEGETABLES Retailers report that sales Of oranges have been brisk during the week. The Matua consignment of Island oranges arrived in good condition, but the sale of these oranges has been affected oy the large quantities of South Australian fruit held by retailers. The next shipment of South Australian oranges will arrive ex the Waitaki on Tuesday week. . Poorman oranges are now beginning to appear on the market and supplies are increasing weekly. , . Bananas are in good supply, but sales are slow on account of the cold weather. . .. , Tomatoes are offering in small lots only, and the season is now fast-draw-ing to a close. Choice quality dessert pears have a better inquiry. Many lines have been coming to hand in poor condition and these are practically unsaleable. Lemons are in short supply. Cah-fornian-grown are bringing high prices locally and North Island-grown are still realising good values in the markets there.

Vegetables have been in short supply, particularly cauliflowers. The market has been affected by the fact that locally-grown cauliflowers are being sent to the northern markets, and it is reported that a consignment from the south was sold in Wellington at over 20s per sack. Suppliers cannot be expected to increase in the meantime as growers report that thi unfavourable weather is seriously affecting the growth of the crops. In many cases they are rotting in the ground. The supply of cabbages at the end of the week was not equal to the demand. Parsnips, carrots and swedes -ire realising good values. Supplies of these vegetables are likely to be short in the near future. Wholesale prices are as follows: Apples—Delicious, Jonathans and Sturmers, 5s 6d to 7s 6d; cookers, 4s to 6s; inferior dessert and cooking, 2s 6d to 3s 6d. Bananas. —Ripe, 19s 6d per case. Pears. —Dessert, 3s 6d to 4s 6d per half case; cookers, 3s to 3s 6d. Tomatoes. —Christchurch hothouse, 8d to lOd per lb; local hothouse. 10d to Is 2d. Oranges.—South Australia, 17s to 22s per case, according to count; Island repacked, 16s to 21s 6d; Californian navels, to 355. Australian mandarins, 22s per case. Lemons.—Californian, 70s per large case. Cauliflowers. —Choice, 7s 6d to 11s 6d per sack; others, 2s 6d to 4s. Cabbages.—Choice, 3s to 5s per sack. Winter Rhubarb.—Loose, 2|d to 3d per lb. Parsnips, to 3s 6d per sugar bag. Carrots, 3s to 4s per sugar bag. ' Potatoes: Prime, 6s to 7s 6d per cwt; King Edwards, 8s 6d. Cqjery, 4d to 8d per bundle: small, 2d to 3d. Lettuce.—Choice, 2s to 2s 6d per dozen; others, to Is. Swedes, Is 9d per sugar bag, Marrows, to 2d per lb. Pumpkins, to IJd per lb.

WHAKATANE PAPER MILLS SATISFACTORY PROGRESS ; WITH ERECTION (Per United Press Association) WHAKATANE, June 18. The construction of the Whakatane paper mills is proceeding according to. the plan to have the Works in operation early next year. The foundations and the ground floor for cardboard making, and the finishing rooms are taking shape, while the foundations are being prepared for the beater block, the boiler and power generating house, the timber . mill, the grinding and pulp section. A railway line is being laid right into the works, ready to receive the first shipment of equipment in four weeks’ time. Thousands of tons of equipment are due at Auckland by the Waimana on July 16, and 2000 tons on the Rangitata on July 27. The mill superintendent and the power engineer, as well as the machinery erecting crew, all qf Sweden, are expected to arrive in August, and will immediately commence to place the machinery in position. • V ; •... The balance of the equipment will arrive later, as the buildings are prepared to receive it. . Mr Horrocks, managing director, in an interview to-day, said the progress of the construction was very satisfactory. Although the machine to be installed was primarily designed to make cardboard, it would be capable of manufacturing newsprint, and in the event of a shortage of newsprint in the country his company would be able to ease the position. EXPORT OF POTATOES SHIPMENTS TO MONTEVIDEO

Authorities in Timaru smiled broadly at the contents of a message from Dunedin yesterday regarding a shipment of potatoes per the Tairoa for Montevideo. since they allege that the statement was misleading, inasmuch as the earliest shipments to that port were made from Timaru at least four years ago. It was stated further that the bulk of the line loaded at Dunedin yesterday came from South Canterbury and North Otago, being railed south. Last year 6000 tons of potatoes were shipped from Timaru and Lyttelton to Montevideo. The Tairoa 'carried (on the present occasion) 1400 tons, while the Norfolk and the Westmoreland are expected to take 1200 and 1400 tons respectively. The shipments from Canterbury this season have aggregated approximately 9550 tons. The South Canterbury crop this season is reported to be prolific, and yields of up to 20 tons per acre have been obtained.

,E s. d 3i p.c. Stock. March, 1939-43 .. 102 0 0 Big River (2) 0 i 6 Gillespie's Beach 0 i 5 Bank of New Zealand .. .. 2 4 9 (2) 2 4 0 National Insurance (2) 0 17 0 Huddart,- Parker (pref.; 2) 1 7 0 N.Z. Refrigerating (paid) .. 0 18 11 Kaiapoi Woollen (ord.) 0 13 6 Kaiapoi Woollen (cont.) .. 0 4 6 N.Z. Guarantee Corporation .(2) 0 5 0 National Mortgage (B) .. 1 9 6 Westport Coal (I!) 1 3 I) Broken Hill Proprietary (cont.) 3 12 0 D.I.C. (ord.) 0 17 0 G J. Coles 5 5 0 5 4 0 2 0 Taranaki Oil (2) 0 4 0 Shillings, Ltd 0 18 7 0 18 4 Dominion Breweries uiew issue) 2 2 6 N.Z. Breweries (rights: 4) 1 1 4 (45 1 1 2 > • :• (10) 1 X 3 Mount Lyeli 2 1 5 Mount Lyeli (cum div.; 3) .. 2 0 3 Mount Lyeli (cum div.) 2 0 2 North Broken Hill (2) 3 9 6 3 10 0 Broken Hill South .. .. 2 7 0 Broken Hill South (ex div.) 2 6 0 2 6 3 Electrolytic Zinc (ord.; 2) 2 9 9 Electrolytic Zinc (ord.) 2 10 3 Christchurch Press .. .. 8 9 6 M'Kenzies Departmental Stores 4 0 9

YESTERDAY’S TRANSACTIONS , Sales on ’Change £ s. d. G. J. Coles 5 5 5 4 0 0 Broken Hill South (ex div.) 2 6 0 * Sales Reported North Broken Hill (late Thurs ) 3 10 0 Milburn Lime (late Thurs., 2) 2 0 6 Big River (2) .. .. 0 1 6 National Insurance 0 17 0 Shillings, Ltd. .. 0 18 4 N.Z. Breweries (rights) 1 1 3 Dominion Brewery (new issue) 2 2 6 Sales Reported After Last Call Bank of New Zealand 2 4 0 Bank of New Zealand (Long D) 1 6 3 Broken Hill South (ex div.) 2 6 3 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, 3i p.c. Stock, Nov., 1938-52 102 0 0 — 3{ p.c. Stock, March, 1939-43 101 10 0 — 3J p.c. Stock, Sep,. 1939-43 101 10 0 3J p.c. Stock, May. 1939-52 102 0 0 — 3J p.c. Stock, March, 1941-43 101 10 0 — 3i p.c. Stock. Sep., l 1941-43 101 10 0 — 3J o.c. Stock. May, 1941-52 101 10 0 — 3i 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 10 0 — 4 p.c. Stock, 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 .. 102 10 0 — 4 p.c. Stock, 1952-55 .. 102 10 0 — 3i p.c, Bonds, 1953-57 .. 99 5 0 — 3i p.c. Stock. 1953-57 .. 99 5 0 — Mining Big River (Is) .. .. 0 1 4 0 1 9 Clutha River (2s) 0 2 0 — Consol, Goldfields (4s) — 0 15 0 Gillespie’s Beach (Is) P i 5J Goldfields Dredging (Is) — 0 0 3 Molyneux River (2s) 0 1 9 0 — Maori Gully (Is) — 0 7 Nokoinai (5s) .. .. 0 2 3 0 2 9 Okarito (5s) .. .. 0 2 0 0 2 9 Sandhills (Is) .. .. 0 0 1 0 Skippers (Is) .. •• 0 4 Waimumu Sluicing (Is) • 0 0 9 Waipapa Beach (Is) .. — 0 0 8J Banking N.S.W. (£20) .. ■■ — 37 0 0 N.Z. (£1) •• 2 4 0 2 4 6 N.Z. (long D; £1) .. 1 6 3 j 6 6 6 E.S. and A. (£3) .. — 5 0 Natl, of N.Z. (£2 10s) 3 2 0 3 6 n Natl, of A’asia (coni.: £5) — 7 I) 0 Union (£5) — 11 0 Insurance National (7s) .. .. 0 16 11 — South British (£1) .. 4 14 6 — 6 Standard (£1) .. ■■ — 2 19 Shipping Howard Smith (£1) .. — 1 1 0 Huddart. Parker (ord.; £1) — 2 0 0 Huddart, Parker (pref.: £1) .. •• 1 « 6 — P, and 0, Dot. Slock (£1) I 17 0 — U.S.S. Co. (pref.: £1) 1 6 6 —

Meat Preserving N.Z. Refrig, (paid; £1) 0 18 10 0 19 2 N.Z. Kefrig. (cont.; XOs) 0 8 y 0 9 0 South. Froz. Meat (paid; £1) .. .. 3 14 0 — South. Froz. Meat (pref.; £1) .. .. 3 14 0 — South Otago Freezing (£3) 7 14 0 — Woollen Companies Bruce (pref.; £1) — 1 3 6 Kaiapoi (pref.; 17s) .. 0 16 8 0 17 3 Mosgiel (£4) 10 2 0 — Timaru - 0 19 6 Loan and Agency Natnl. Mortgage (£2) — 2 13 0 N.Z. Loan and M. (orci.; £100) 40 0 0 — N.Z. Guarantee Corp. (3s) . 0 4 ii 0 5 3 Farmers (3s 4d) 0 3 9 — Otago Farmers (pref.) 0 19 0 — Perpetual Trustees (18s) — 3 2 5 Wright. Stephenson (ord.. £1) .. .. 1 0 9 — Wright. Stephenson (pref.; £1) ,1 1 0 1 2 6 Coal Kaitangata (16s) 1 1 9 1 2 6 Westport (10s) 1 2 9 — Miscellaneous Anthony Hordern (£1) 0 18 6 0 19 3 Associated News (pref ; £1) 1 3 3 — Broken Hill Pty. (£1) 3 17 6 3 18 9 Broken Hill Pty. (cent.; 15s) .. .. 3 12 0 3 12 y brown, Ewing (pref.; £1) 1 2 6 — Consolidated Brick (£1) — 0 7 y D.I.C. (ord.; 10s) 0 16 9 0 17 3 D.I.C. (pref.; £1) .. 1 3 9 — Dominion Fertiliser (£1) J 3 0 1 4 0 Dominion Fertiliser (Debs.) 104 0 0 — Dominion Rubber (£1) 1 11 6 — Donaghy’s Rope (£1) 2 13 0 . Stock Exchange Pty. (£1) 2 0 0 — uunloo Perd. Rubber (£1) 1 1 6 1 2 0 General Industries (12s 6d) — 1 0 3 G. J. Coles (£1) .. 5 0 0 — Hume Pipe (£1) — 0 19 3 Milburn Lime (£1) .. 2 0 0 — Mort’s Dock (£1) .. 0 13 9 — Moturoa Oil (pref.; 5s) 0 2 6 — Natnl. Electric (£1) 0 14 0 N.Z. Drug Co. (£2) .. — 3 15 0 Farmers’ Fertiliser (£1) ’ 1 0 3 — N.Z. Newspapers (16s 8d) — 1 15 0 N.Z. Paper Mills (£1) 1 7 0 — Regent Theatre (£1) — 0 19 0 Shillings. Ltd. (£1) .. — 0 18 6 Smith and Smith (pref.; £1) .. .. 1 1 6 Taranaki Oil (£ 1 4s 7d) — 0 4 3 Wilsons Cement (10s) — 2 0 0 Woolworths (ord.; £1) — 8 3 0 Breweries N.Z. Breweries (£1, ex rights) 2 >6 9 2 3 0 N.Z. Breweries (rights) .. .. ... 1 1 6 1 1 8 Staples (£1) .. — 2 12 0 Dunedin (£1) .. .. 1 8 6 — Australian Mining Austral N.Z. Mining (9s) 0 11 3 0 14 0 Broken Hill South (5s) 2 6 0 2 6 3 Electro. Zinc (pref.: £1) 2 12 0 2 15 0 Electro. Zinc (ord.; . £1) 2 10 6 2 11 b Mount Lyell (£1) 2 0 6 2 1 6 Mount Morgan (2s 6d) 0 11 10 0 12 3 North Broken Hill (5s) 3 10 0 3 11 6 Rawang Tin (10s) 0 11 0 — ** Ex dividend. DIVIDENDS PAYABLE The following is a list of shares on which dividends will shortly be payable: — Mount Lyell — Is 6d per share, Interim June 21 Wilson Cement — 9d per share, final .. . June 23 Australian Glass (ord.)--9 per cent., final . June 23 Australian Glass (pref.) — Final per cent June 23 Gear Meat—5 per cent.. 3d ■ per share, half-yearly June 25 Gillespie’s Beach — Id per share June 25 Goldsbrough, Mort - 8 per cent.. Is 2 2-5d per share, yearly .. .. , June 25 Kauri Timber — 5 per cent., 7{d per share, half-yearly June 23 North Broken Hill— -No 106, of Is 6d per share .quarterly June 2o British Tobacco—Quarterly, 2 per cent., 8 per cent, per annum June 30 Blackwater—10 per cent.. Is per share, half-yearly June 30 Consolidated Goldfields — 5 per cent. 6d per share, half-yearly .. . June 30 Woolworths (W.A.)—2s per share June — National Mortgage (A issue) —Is per share, half-yearly July 1 National Mortgage (B issue) —6d per share, half-yearly July 1 National Bank—4 per cent., Is per share, half-yearly July 3 Mount Morgan — 4Jd per share, half-yearly July 10 Woolworths (N Z.) — 3 per cent.. Is per share, halfyearly July 15

Sales, on 'Change £ s. d. Bonds, 1943-46, 4 p.c. (2) . . 104 5 0 Bonds. 1946-49, 4 p.c 104 0 0 Bonds. 1952-55, 4 p.c 03 2 6 03 5 0 103 7 6 Stock, 1943-46, 4 p.c 103 17 6 Bank of New South Wales 36 0 0 Bank of New Zealand 2 4 0 2 3 9 National Insurance .. .. 0 17 0 New Zealand 3 6 0 South British (2) 4 16 0 Traders Finance (cent.) 0 4 7 Renown 0 11 0 Taupiri .. 0 15 9 Auckland Gas 1 1 6 Devonporl Ferry .. .. 1 0 0 Dominion Brew (odd lot) 2 3 7 (2) 2 3 9 N.Z. Breweries (rights) .. 1 1 3 (2) 1 1 2 1 1 4 1 1 5 Staples 2 11 0 Broken Hill Propy 3 18 0 (2) 3 17 9 Farmers Trading 1 2 6 New Zealand Newspapers .. 1 14 9 Taranaki Oil (2) .... 0 4 0 Wilsons Cement 1 19 6 Waihi Investment 0 12 4 Broken Hill South (ex div.) 2 7 0 Mount 'Lyell 2 1 0 2 1 3 2 0 9 Mount Morgan 0 12 0 Placer Development .. .. 4 1 0 Unlisted Stocks Radio (1936), Ltd 1 2 6 Southern Cross Investment and Rural Development 0 0 Society 3 CHRISTCHURCH Sales on ’Change Commercial Bank of Australia (pref.) 9 4 u Bank of l\ew South Wales 35 15 0 Kaiapoi Woollens (Vs paid) 0 0 0 4 8 4 10 0 4 9 Carlton Brewery .. .. 3 2 0 N.Z. Breweries (3) .. .. 2 7 6 N.Z. Breweries (rights; 3) 1 1 6 1 1 11 Staples Brewery .. .. 2 11 0 Tooheys Brewery .. .. 1 13 3 Tooths Brewery (3) .. 2 14 6 British Tobacco (cum div.; 2) 2 9 6 Broken Hill Propy 3 18 0 3 17 7 3 17 6 3 17 8 3 17 7 Broken Hill Propy. (cont.; 11 2) .. 3 9 Dunlop Rubber 1 1 0 Electrolytic Zinc (pref.) .. 2 13 0 2 4 2 13 G. J. Coles (2) 5 6 0 (2) 5 3 0 Hume Pipe (Aust.) .. 0 18 11 0 19 0 Mort’s Dock (3) 0 14 2 N.Z. Farmers’ Co-op. 4). p.c. 0 0 Stock, 1945 91 Wilcox Mofflin 0 13 0 Big River (4) 0 1 64 Mount 2 0 5 (2) 2 0 9 (3) 2 0 9 Mount Morgan (6) .. .. 0 11 11 0 11 104 0 11 11 (6) 0 12 0 Rawang Tin (2) .... 0 11 4 Sales Reported Bank of N.Z. (2) .... 2 3 6 Goldsbrough Mort (cum 16 div.) 1 3 N.Z. Reffig. (£1 paid; late 19 0 Thurs.) 0 North Canterbury Freez0 6 ing N.Z. Breweries (rights; 4) 2 1 3 1 Staples Brewery (late Thurs.) 2 11 0 Broken Hill Propy. (late 18 Thurs.) 3 3 Electrolytic Zinc (pref.; 2) 2 13 3 Bank of New South Wales 35 17 6 ’ Unlisted Stocks M'Kenzies Department 0 0 Stores 4 Sales Reported Pvne. Gould, Guinness (A 0 debentures: 2) .... 103 0 WELLINGTON Sales on ’Change Stock. 4 p.c., 1940-43 (late 17 Thurs.) 101 6 Dominion Brewery (late 8 Thurs.) 2 3 New Zealand Breweries (late Thurs.) 2 7 6 Broken Hill Propy. (late 18 0 Thurs.) 3 Aust. Paper Manufacturers 1 0 (pref.; late Thurs.) .. .. 3 Mount Lyell (late Thurs.) 2 10 0 Stock. 4 p.c., 1955 .. .. .. 1 N.Z. Refrig. (10s paid) 03 5 0 0 8 10 Tooth and Co 2 15 0 N.Z. Breweries 2 7 6 N.Z. Breweries (rights; 2) .. 1 1 3 Broken Hill Propy 3 3 17 18 9 l\ Big River 0 i 6" Waihi Investments .. .. 0 12 6 Mount Lyell 2 0 4 Mount Morgan (3) .. .. 0 11 9 Unlisted Stocks M'Kenzies Stores (odd 101) 4 1 0 Radio (1936). Ltd 1 2 3 LONDON STOCK EXCHANGE (United Press Association) (By Electric Telegraph—Copyright) LONDON. June 17. The following are the latest quotations for Government securities compared with the prices ruling last week:— June 10. June 17. British— £ s. d. £ s. d. 75 0 0 Funding Loan, 4 p.c. 109 15 0 109 10 0 War Loan, 3* p.c. .. 101 0 0 101 0 0 Con. Loan, 3] p.c. .. 101 0 0 101 0 0 Victory Bonds, 4 p.c. 108 10 0 103 10 0 Commonwealth — 5 p.c., 1945-75 .. .. 106 2 0 106 0 0 3J p.c., 1936-37 .. .. 88 17 6 89 7 6 4 p.c.. 1943-48 .. .. 102 3 9 101 15 0 33 p.c. 1948-53 .. .. 100 17 6 100 17 G 3i p.c., 1956-61 .. .. 93 15 0 91 10 0 Now South Wales— 44 p.c., 1935-43 .. .. 96 12 6 96 7 6 Victoria— 3 p.c., 1929-40 .. .. 94 10 0 94 5 0 43 p.c.. 1940-60 .. .. 101 15 0 102 2 6 5 p.c., 1945-75 .. .. 105 15 0 105 12 0 Queensland— 3 p.c.. 1932-47 .. .. 94 13 9 94 2 6 5 p.c.. 1940-60 .. .. 104 3 9 104 7 6 South Australia— 4 p.c., 1942-62 .. .. 105 17 6 105 12 6 3 p.c., 1916 or after 80 0 0 79 0 O' Western Australia— 4 p.e„ 1942-64 .. ., 100 5 0 99 17 6 Tasmania— 3i p.c., 1929-40 .. .. 100 5 0 100 2 6 4 p.c. 1940-50 .. .. 100 10 0 100 10 0 New Zealand— 4-'. p.c., 1948-58 .. ..102 15 0 102 15 0 3J p.c., 1940 .. .. 100 0 0 100 2 6 3 p.c., 1945 .. .. 94 12 6 94 7 6 PRICE OF FINE GOLD (United Press Association) (B.v Electric Telegraph Cnrvrtghti LONDON. Juno 17. £ s. d. June 17 7 0 64 June 16 7 0 54 June 15 7 0 54 June 14 7 0 Gl June 10 7 0 V June 9 7 0 64 June 5 7 0 34 June 4 7 0 b June 3 7 0 9 June 2 7 (1 8 June I 7 0 0

(isniisn Official Wireiessi (United Press Association) (By Electric Telegraph -Copyright) RUGBY', June 17. fans— far June 16. June 17. Francs lo ill 124 21 110 29-32 110 29-32 Urusscls— 29.25 Belgasto£l 30 29.25 OsloKrouei to I 18.ISO 19.90 ly.yu ■Unckholm— 19.394 Kroner to £1 13.130 19.394 i openhageu— 22.40 Kroner to £ I 18.150 22.40 Hcrlln— Marks to £1 20.34 12.314 12.31J Montreal— Dollars to £ I 4.80 2-3 4.93J 4.93J sew York— Dollars to £) 4.86 2-3 4.93 13-16 4.93 13-16 > okohama— fence to yen 34.082 13 31-32 13 31-32 Mdiigkong— 14 25-32 fence to dollar 24.08 14 25-32 Uomhay— 18J fence to rupee — 184 liatavia— Florins to £1 12.10 8.91 8.94 MilanDire to £1 82.46 93 13-16 93 13-16 unsterdam — Guilder to £1 12.107 8.98 8.98 Prague— i 1413 Kroner to £1 1044 141 1,3-16 '.eiievu— Francs to £ 1 25 .224 21.55J 21.543 Vienna— Schillings to £1 .. 84.S6J 264 204 .leisingtors— Marks to £ 1 103. 23 2264 22Gi Madridfesetastofil 25.22 J 92 11-32 92 11-32 tielitrade— Dinars to £) 25. .22 J 216 216 Ulicns— Drachma to £1 .. 375 5474 5474 MSUUU— Escudos to £ 1 .. 110 110 3-16 110 3-10 'Jucnarest— Del to £1 931.6 6724 6724 itio de Janeiro— fence to mllrels .. 5.890 41 44 duenos Aires— Pence,to pesos 47.22 . — ■hanghal— 14i Pence to tael — 14! Montevideo— Pence to pesos — 392 392 Warsaw— Zlotys to £1 — 26.06 26.06 ON NEW ZEALAND CURRENCY BASIS Hie Bank ot New South Wales, Dunedin, tuoted the following rates for purchases and sales of foreign exchange yesterday hondon— Buying Selling £1 N.Z. to £100 124/10/ stg f.T. 124 O.D. 123/10/124/8/9 100/10/- £ A to £100 N.Z. T.T. 101 0.1). 101 FIJI90/7/6 89 £ P to £ 100 N.Z T.T. ,O.D. 90/7/6 89 3.9940 3.9572 Dollars to £ N.Z. T.T. O.D. 4.0040 3.9612 3.9930 3.9581 Dollars to £ N.Z. T.T. O.D 4.0055 3.9621 Austria— Schillings to £ N.Z T.T. — O.D. — 20.96 Belgium — T.T. 23.359 Belgas Mo £ N.Z. — O.D. — 23.370 Czechoslovakia— T.T. 113.01 Crowns to £ N.Z — O.D. — 113.06 17.893 Kroner to £ N.Z f.T 18.203 O.D. 18.263 17.899 {♦’ranee— 88.88 Francs to £ N.Z T.T. — O.D. — 88.92 Germany— Reichsmarks to £ 9.821 N.Z T.T. — O.D. — 9.826 7.167 Florins to £ N.Z T.T. 7.317 t O.D. 7.357 7.171 Italy— 75.19 Lire to £ N.Z. T.T. — O.D. — 75.24 lava— 7.137 Florins to £ N.Z. T.T. 7.287 O.D. 7.327 7.141 Norway— 16.183 15.893 Kroner to £ N.Z T.T. O.D. 10.243 15.899 15.785 15.490 Kroner to £ N.Z. T.T O.D. 15.845 15.496 Switzerland— 17.492 17.222 Francs to £ N.Z T.T. O.D. 17.597 17.227 Noumea— 87.51 Francs to £ N.Z. T.T. — O.D. — 87.57 Papeete— 87.40 Francs to £ N.Z T.T. — O.D. — 87.52 Hongkong— N.Z. pence to 1 dollar .. .. T.T. 18 9-64 IS 37-64 O.D. 18 7-64 18 37-64 Midla ami Ceylon— N.Z. pence to 1 rupee T.T. 22g 22 21-32 O.D. 22 11-32 22 21-32 lapiinN.Z. pence to 1 fen .. .. f.T. — 17 29-64 O.D. — 17 29-64 Shanghai— N.Z. pence to 1 dollar T.T. 173 18 3-16 O.D 17 23-32 18 3-16 Singapore— N Z pence to 1 dollar .. .. T.T. 34 23-32 35 13-64 O.D 343 35 13-64 fhefoo— N Z. pence to I dollar f.T 17 23-32 IS 11-32 O.D 17 43-64 18 21-04 Manila— N.Z. pence to I peso .. .. T.T. 29 59-64 30 27-04 O.D 29 53-64 ; 30 27-64 All rates subject to i alteration without notice

U.S.A. Canada (Per £1 (Per £1 N.Z.) N.Z.) Selling— Dels Dels T.T. 3.93 13-16 3.95 13-16 ■O.D. .. 3.96 3-16 3.96} Buying— O.D. .. 4.00 5-16 4.00i

Ton. Copper, spot .. .. £53 8 9 Fall £0 3 9 Copper, forward 52 19 4% Fall 0 0 10% Electrolytic, spot til) 0 0 No change Electrolytic. forward.. 02 0 0 No change Wire bar? .. .. (12 0 0 No change Lead, spot .. .. 22 1 3 Itlso 0 2 6 Lead, forward .. 21 18 0 also o i 3 Spelter, spot .. 20 13 0 Hire 0 8 0 Spelter, forward 20 15 0 Itlto 0 7 6 Tin. spot 24G 17 6 ( Fall 1 0 0 Tin. forward .. .. 246 6 0 z. n Fall 0 17 fi Silver, fine .. Silver, standard 10 132l%d fid No change No change