COMMERCE AND FINANCE

Otago Daily Times, Issue 23224, 23 June 1937, Page 14

COMMERCE AND FINANCE

LOCAL AND OVERSEAS MARKETS

THE SHARE MARKET

DUNEDIN STOCK EXCHANGE.

P'rices were well maintained on the Dunedin Stock Exchange yesterday and there was more activity among buyers. All issues of Government loans had _ a steady inquiry, increased prices being offered in some cases. In the New Zealand mining section Clutha Kiver shares maintained their rise of the previous day, several buyers being forward at 2s 3d, but sellers were not interested. The return of 150 oz for the week ended June 18 no doubt was responsible for the stronger buying quotations. Banking shares were fairly quiet, chief' interest being centred in New Zealands which had reported business at £2 4s, but at the call-over when sellers wsre forward at this figure, buyers remained firm at £2 3s 9d. After a reported sale at £l~6s 3d the long D issue had an unsupplied buyer at £1 6s. National Insurances rose Id to buyers at 17s, holders showing no interest and South British Insurance shares were firmer with a buyer at £4 15s, but no sellers came forward. The ordinary issue of New Zealand Loan and Mercantile was easier with a buyer at £ls but sellers were £2 10s away. After a sale on 'Change at £3 13s the contributing shares of Broken Hill Proprietary had buyers at £3 12s 9d and sellers wanting Is 3d more. A buyer entered the market for Wilsons Cement at £llßs 6d but sellers remained firm at £2. The rights issue of New Zealand Breweries, which had reported sales at £1 2s 9d and £1 2s 6d, were slightly easier when the market.closed, the final buying and selling quotations being £1 2s 3d and £1 2s 7d. Staples Brewery eased to an unsupplied seller at £2 Us 6d and Dunedin Breweries were inquired for at £ 1 8s 6d, no seller coming forward. Most shares in the Australian mining section were firmer but Mount Morgans, after a reported sale at 12s 7d, eased to buyers at 12s 4d, with sellers 2d away. Broken Hill Souths were inquired for at £2 Bs, holders wanting Is more, but after the last call a parcel changed hands at buyers' quotation. Sellers of Mount Lyells dropped to £2 0s 9d, buyers being forward at £2 0s 7d, and Austral New Zealand mining shares rose 9d, a buyer at 12s meeting with no response from sellers.

NORTHERN EXCHANGES

AUCKLAND

WELLINGTON Sales on 'Change

CHRISTCHURCH Sales on 'Change

PRICE OF FINE GOLD

FOREIGN EXCHANGES (British Official Wireless) (United Press Association)

ON NEW ZEALAND CURRENCY BASIS The Bank ot New South Wale 3, Dunedin, iiuotcd the following rates for purchases snrt sales or forelsn exchange yesterday:— I,ondon~ Buylna Selllnu

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. .Tuna 21. Tbo following are the official metal quotatlons:Ton.

LORNEVILLE STOCK SALE A BUOYANT MARKET (Per United Press Association) INVERCARGILL, June 22. Fat sheep sold on a buoyant market at the Lornevillc stock sale to-day, good ewes and wethers bringing 2s 6d more than similar lots last week, while values for light-weight ewes also showed an improvement, though not to the same extent. There were considerably fewer sheep yarded than last week, and the short supply was no doubt responsible for the rise. Good quality fat cattle were 15s a head dearer than last week. Fat Sheep.—Prime heavy wethers realised up to 38s 9d; prime quality, 36s fid to 37s 6d; good quality, 33s 6d to 34s 6d; light and medium, 29s to 31s; extra prime heavy young ewes up to 345; prime heavy ewes, 28s 6d to 29s 6d; prime quality, 26s to 275; good quality, 25s 6d to 29s 6d; medium, 22s to 235; light and unfinished, 18s 6d to 20s.

Fat Cattle.—Prime heavy bullocks realised up to £l2 ss; prime quality, £lO 5s to £11; good quality, £9 5s to £9 15s; medium quality, £8 to £8 10s; lighter weights, £7 to £7 10s; extra prime heavy cows sold up to £ll ss; prime heavy cows, £9 5s to £10; good quality, £8 to £8 15s; medium quality. £6 10s to £7 ss; unfinished sorts, £4 to £5 ss; prime heavy heifers sold up to £lO 12s 6d; prime quality, £8 5s to £9; good quality handy-weights, £7 5s to £7 15s; lighter weights, £5 15s to £6 10s; and small and unfinished sorts from £4 to £4 10s.

MINING NEWS RIMU DREDGE RETURN (Per United Press Association) HOKITIKA, June 22. The Rimu dredge return to June 21 was 219.50 z for 132 hours (58,537 yards excavated). ARGO COMPANY DIVIDEND (Per United Press Association) WELLINGTON, June 22. A dividend of Id per share (free of income tax) has been declared on all shares in the Argo Company, and will be payable on July 5. This dividend represents a distribution of £2OOO to shareholders, making a total of £17,200 paid in dividends since operations were commenced. The sum of £2OO has been placed to the general reserve; which now stands at £I6OO. CLUTHA RIVER RETURN For the week ended on June 18 a total of 150 ounces was recovered by the Clutha River Gold dredge, the working time being 134 hours. G. J. COLES DIVIDEND (Per United Press Association* WELLINGTON, June 22. G. J. Coles will pay a half-yearly dividend at the rate of 8 per cent, on cumulative preference shares on July 15. SYDNEY SHEEP SALES JAPAN BUYS CORRIEDALES (United Press Association) (By Electric Telegraph— Copyright) SYDNEY, June 22. (Received June 22, at 10.10 p.m.) At the stud sheep sales to-day Corriedales of quality sold well, three rams from Mr Macfarlane's station, Werriwa. fetching 330, 340 and 350 guineas respectively. Japanese buyers were conspicuous. The best price for merinos was 750 guineas for a Haddon Rigg special ram. Yesterday's sales, chiefly of merino stud rams, totalled 420 sheep aggregating £19,113, an average price of £45 9s a head. Mr Donald Grant (New Zealand) to-day boueht a stud merino ram for 30 guineas. BRADFORD MARKET (United Press Association) (By Electric Telegraph—Copyright) LONDON. June 21. (Received June 22, at 5.5 p.m.) The Bradford wool market is quietly steady. DOLLAR AND FRANC (United Press Association) (By Electric Telegraph—Copyright) LONDON, June 21. The dollar is quoted at 4.93 15-16. The franc is quoted at 1102. PROPERTY SALE Messrs Tamblyn, Rhodes and Jamieson, auctioneers, report having sold the three properties situated in Castle street, on account of the District Public Trustee, at a satisfactory figure. ORDERS FOR STEEL END-OF-YEAR DELIVERIES Quiet conditions have ruled in the iron and steel markets (says the official report of the London Iron and Steel Exchange, issued last month), but in a number of cases negotiations have been opened regarding contracts for delivery in the latter part of the year. The recent advance in stee! prices does not seem to have had any effect upon the volume of busines? offering, but most of the makers are so well provided with work in all departments that they are unable to ac cept new orders except for execution at distant dates.

In the pig-iron department the situation is dominated by the difficulty of obtaining supplies. In some districts more basic iron appears to be available, but the demand for hematite (iron ore) is well in excess of the supplies. Uncertainty still exists with regard to the prices of English foundr> iron, which was not included in the recent movement, although quotations in Scotland were increased by 25s a ton. An announcement of an advance in English districts, however, is expected shortly. Consumers of semifinished steel are experiencing stringent market conditions. The British output of this material is being pressed to the utmost, and there has been some improvement in supplies from the Continent. There are heavy arrears in deliveries, however, to be made up In the finished steel department, pressure to obtain material is unrelaxed.

OPEN-DOOR POLICY FREEZING INDUSTRY Reorganisation of the share capital of the North Canterbury Sheep Farmers' Co-operative Freezing. Export, and Agency Company, Ltd., in which authorised capital will be reduced, 10s a share repaid in cash to shareholders, and 40s paid in shares in the reorganised company, is planned. The proposals are the result of negotiations with Mr Arthur Sims, and will make possible the reorganisation of the company on the following basis:— Policy and management of the company to remain unaltered. Authorised capital to be reduced from £200,000 to £IOO,OOO. Proposals are based on a valuation of 50s for present shares, of which 10s will be repaid in cash to shareholders, and 40s paid in shares in the reorganised company. Subscribed capital at present stands at £141,425, of which uncalled liability of £56.570 will be cancelled; the writing down of capital equivalent to 10s per share to provide a renewals and repairs reserve for works and plant wM account for £14,142 10s, and cash refund to shareholders of 10s per share will take £14,142 10s. Thus will be left paid-up capital of £56,570 in 28,285 fully-paid shares of £2 each. Thebe will be converted (on the basis of t.vo for each one now held) into 56,570 fully-paid £1 redeemable cumulative preference shares. Of present unissued shares (11,715), 3029 will be cancelled and the remaining 8686 will be divided into 43,430 ordinary shares of £ 1 each. Mr Arthur Sims undertakes to subscribe or to find subscribers for the 43,430 ordinary £1 shares, half of them to be paid up in full immediately and the capital on the balance of such shares may be called up by the directors as required. The preference shares will be redeemable on or after October 1, 1941; they carry a fixed dividend of £5 10s per cenl. per annum. Subject to the above scheme being confirmed, the Ocean Beach Freezing Company. Ltd., and Mr Arthur Sims have entered into a contract, satisfactory to the directors, by which that companv will take over the stock purchased by the company for a period of seven years from October 1, 1936. The directors explain that the effect of the reorganisation will ensure the continuance of the open-door policy and utmost facilities for producers shipping on their own account: shareholders will be relieved of their liability for calls on their holdings; and will be ssured of reasonable regular dividends.

COMPANY BALANCE SHEETS NEW ZEALAND BREWERIES, LTD.

In its upward course, the net profit has advanced £15.157, as against £7560 for 1935-36. Each excess is apportioned similarly between shareholders and reserves. The result on this occasion is that an addition of 1 per cent, has been made to the dividend rate, while reserves are strengthened by a sum of £7716. The substantial rise of £123,327 is shown in the surplus before beer duty is deducted. Full details are given of the items taken into account before the surplus is arrived at, but with the exception of directors' fees, which remain at £6750, the respective amounts are not disclosed. The larger turnover has incurred a heavier duty, so that the increase in the trading surplus is to a great extent counteracted by the heavier excise duty of £616,850. The relations between profit and beer duty have altered little, the comparison being as under: —

Fixed assets exhibit a marked growth. Land and buildings at £553,084 are higher by £IOO,OOO, while the machinery and plant group at £103,489 and the furniture fittings group at £17,179 have risen proportionately to a greater extent. As the last group covers sundry hotel assets, it may be assumed that its rise of nearly £15,000, as well as the increase in the two others, is chiefly due to further acquisition in that connection. Depreciation provision of unstated amounts has been made in the cases of the land and buildings, and the machinery and plant groups. The capital expenditure has increased the liability on mortgage of freehold, which, a newcomer to the balance sheet a year ago, has risen as high as £39,473. and may be regarded as a deduction from the land and buildings group. In the aggregate of £673,752. the fixed section constitutes 41.52 per cent, of the total assets. ■ Some idea is afforded of the larger turnover, when stocks on hand at £160,217 and sundry debtors at £191,804 have risen some £40,000 and £70,000 respectively. Taken in conjunction with the greater amount tied up in fixed assets, it is not surprising to find that the cash assets have diminished. Investments and advances to the trade at (£541,709 have fallen by nearly £90,000, while the cash balances of £17,142 are reduced by over £40,000. Advances against barley and hops at £20,000 are little altered, and the shares in subsidiary companies remain at £17,901. Liquid assets total £948,772, and their relation to the total assets has dropped from 64.96 per cent, to 58.48 per cent. - Liabilities have followed the general trend, but not to the same degree. Sundry creditors, which continue to be the largest unit, have mounted to £149,392. or by some £55,000, while the mortgage of freehold, which may be taken as a deduction from its relative asset, has swelled to £39,473, or nearly fivefold. A newcomer is the liability of subsidiary companies, which, at £21.525, exceeds the value of the shares held in such concerns. General reserves are increased by the sum of £7716 added to the floating balance from the past season's net profit, but otherwise are unchanged. In other directions, reserves continue to be fostered, those earmarked for taxation and insurance at £BO,OOO and £50,000 respectively, each having risen by £SOOOO. The source of supply is not indicated, but as the profit and loss account states that rates, taxes, and insurance have been allowed, and land and income taxes provided for, it is inferred that the reserves have been strengthened before the net profit was struck. By these two reserve accounts, visible reserves are nearly doubled, and the financial position benefits accordingly. AUSTRALIAN WHEAT QUANTITY SHIPPED TO AUCKLAND (Per United Press Association) AUCKLAND, June 22. On account of the continued shortage of wheat in the South Island a shipment of about 500 tons of fowl wheat arranged by the Government Wheat Committee arrived at Auckland to-day by the Union Company's steamer Kekerangu from Melbourne. A consignment of Australian milling wheat will be sold for poultry food by Auckland merchants. The wheat is expected to meet with a ready sale, as there has been a fairly acute shortage on the local market for some weeks. THE WHEAT MARKET (United Press Association) , (By Electric Telegraph—Copyright) LONDON, June 21. Wheat cargoes are lower. Parcels are easier. Futures.—London: July, 41s lOd oer quarter; November, 40s 3d. Liverpool: July, 8s 6gd per cental; October, 8s 4gd; December, 8s 4id. Chicago wheat quotations: July, 11.2 cents per bushel; September, lllg; December, 113*. CONSUMPTION OF TIN Figures just issued in the April Bulletin of the International Tin Research and Development Council, published by The Hague Statistical Office, give the world production of tin for the first quarter of the current year as 43,800 tons, against 39,065 tons in the corresponding quarter of 1936. World production for the year ended March. 1937, totalled 177,400 tons, against 147,000 tons in the previous 12 months. World consumption statistics are available only up to the end of February, the total for the year ended February, 1937, being, 160,391 tons, which represents an increase of about 7J per cent, over the figure for the previous year. In the following table is shown the tin consumption of the principal countries for the year ended February, 1937, in comparison with the consumption for the previous year. The figures are expressed in tons ol 22401 b:

WILSONS CEMENT REVALUATION OF ASSETS The meeting of shareholders of Wilsons (N.Z.) Portland Cement, Ltd., to consider the proposals of the directors to increase the capital to £600,000 by the creation of 600,000 10s shares will be held on Wednesday, June 23. The special resolutions to be submitted involve the proposal to write up the value of the company's fixed assets from £152,059 to £452.059 and to place the sum of £300,000 to the credit of a fixed assets revaluation account. It is further proposed that this sum shall be distributed among members of the company in payment in full for 600,000 shares of 10s each allotted to members on the basis of one for every one share held on June 23. The shares distributed are to be treated for all purposes as an increase in the nominal amount of capital held by each shareholder and not as income.

SALE ON '< CHANGE £ s. d. Broken Hill Pty. (cont.) 3 13 0 •.';■! SALES REPORTED Bank of N.Z. (Long D) 1 6 3 Bdnk of N.Z. 2 4 0 Gillespie's Beach (cum div.) 0 1 5 N.Z. Drug .. .. .. .. 3 14 3 N.Z. Breweries (rights) .. 1 2 9 N.Z. Breweries (rights) 1 2 6 Electrolytic Zinc (ord.) .. .2 13 6 Mount Morgan .. .. 0 12 7 SALE REPORTED AFTER LAST CALL Broken' Hill South 2 8 0 UNLISTED STOCK Woolworths (Sydney) 7 0 0 The following are yesterday afternoon's buying and selling quotations , which are subject to the usual brokerage:--GOVERNMENT LOANS Buyer. Sellei £ s. d. £ S. d. 31 p.c. Stock, Nov., 102 0 0 — 31 p.c. Stock, March, 1939-43 101 10 0 — 31 p.c. Stock, 'Sep., 1939-43 101 10 0 — 31 p.c. Stock, May, 1939-52 102 0 0 — 31 p.c. Stock, March, 1941-43 101 10 0 — 31 p.c. Stock. Sep., 1941-43 .. ... .. 101 10 0 — 31 p.c. Stock, May, 1941-52 • ,. .101.10 0 — 31 p.c. Stock, NOV.. 101 10 0 —' 3 p.c Bonds, 1939-41 .. '9P 0 0 — 4 p.c. Bonds,. 19-13-46 .. 103 10 0 _ 4 p.c.Stock, 1943-46 .. 103 10 0 104 5 0 4 p.c. Bonds, 1916-49 .. 103 10 0 — 4 p.c. Stock, 1946-49 .. 103 10 0 — 4 p.c. Bonds, 1952-55 .. 102 15 0 — 4 p.c. Stock, 19:52-55 .. 102 IS 0 — 31 p.c. Bonds, 1:953-57.. 98 10 0 — 31 p.c. Stock, 1953-57.. 98 10 0 — MINING Big River (Is) .. .. — 0 1 8 Clutha River (2s) .. 0 2 3 _ Consol. Goldflelds (4s) — 0 15 0 Gillespie's Beach (Is) 0 1 4 0 1 6 Goldflelds Dredging (Is) — 0 0 4 Molyneux River (2s) 0 ,2 0 — Maori Gully (is) — 0 0 7 Nokomal (5s) .... ■ — 0 2 9 Okarito (5s) .. .. 0 2 0 — Sandhills (Is) ... .. 0 0 1 — Skippers (Is) .. .. — ■ 0 0 4 Waihl Grand . Junctn. — 0 3 0 Waimumu Sluicing (Is) — 0 0 9 Waipapa Beach (Is).. 0 0 TJ —

BANKING A'asia (£5) .. .. — 1212 0 N.S.W. (£20) .. .. — 30 15 0 N.Z. (£1) 2 :s 9 2 4 0 N.Z. (Long D; £1) .. 1 6 0 — Natl, of N.Z. (£2 10s) 3 2 0 3 6 0 Natl, of A'asia (cont.; £5) — 7 B 0 INSURANCE National (7s) .. .. 0 17 0 — South British (£1) .. 4 15 0 — Standard (£1) .. .. — 3 0 0 SHIPPING Howard Smith (£1).. — 1 0 6 Huddart. Parker (ord.: — 2 0 0 Huddart, Parker (pref.; £1) 1 6. 9 — P. and 0. Def. Stock (£1) — 1 17 6 U.S.S. Co. (pref.: £1) 1 6 0 1 7 0 MEAT PRESERVING Gear Meat (10s) 0 1G 0 — N.Z/ Refrig. (paid; £1) .. 0 18 8 — N.Z. Refrig. (cont.; ', — 0 8 9 South. Froz. Meat (paid; £1) .... 3 14 6 — South. Froz. Meat (pref.; £1) .. .'. 3 14 6 — WOOLLEN COMPANIES Bruce (ord.; £1) . .. 0 10 0 0 11 6 Bruce (pref.; £1) .. — 1 3 6 Kalapoi (pref.; 17s).. 0 16 c — Mosgiel (£4) .. .. 10 2 0 — — 0 19 0 LOAN AND AGENCY Natnl. Mortgage (£2) - 2 13 0 Natl. Mortgage (B 1 9 0 — N.Z. Loan and M. (ord.; £100) .. .. 45 0 0 47 10 0 N.Z. Guarantee Corp. (3s). 0 4 10 _ Otago Farmers (3s 4d) 0 3 9 — Otago Farmers (A pref.) 0 19 0 — Trustees, Executors (£2) 3 14 0 — Wright, Stephenson (ord.; i £1) .. .. 1 0 9 — Wright. Stephenson (pref.; £1) .... 1 1 0 — COAL Westport (10s) .. .. 1 3 0 — * MISCELLANEOUS Anthony Hordern (£1) 0 18 6 0 19 3 Associated News (pref.; £1) .... . 1 3 3 British Tobacco (£1) 2 9 3 • Broken Hill Pty. (£1) — 3 19 6 Broken Hill Pty. (cont.; 15s) .. .. 3 12 9 3 14 0 brown Ewing (pref.; £1) 1 2 6 _ Consol. Brick (£1).. — 0 8 3 D.I.C. (ord.; 10s) .. 0 16 9 0 17 3 D.I.C (pref.; £1) .. 1 3 9 — Dominion Fertiliser (£1) 1 3 0 Dominion Fertiliser (debs.) .. .n .. 104 0 0 — Donaghy's Rope (£1)' 2 13 0 — Stock Exchange Pty. (£1) .-. 2 0 0 — Dunlop Perd. Rubber (£1) .. .. .. .. 1 2 0 12 9 MISCELLANEOUS General Industries (12s-6d) — 10 2 G. J. Coles (£1) .. — 5 6 0 Milburn Lime (£1) .. 2 0 0 — Mort's Dock (£1) .. 0 13 6 0 14 4 Mioturoa Oil (pref.; 0 2 6 — Natnl. Electric (£1) .. — 0 14 0 N.Z.Drug Co. (£2) .. 3 14 0 3 14 9 Farmers' Fertiliser (£1) — 1 0 6 N.Z. Paper Mills (£1) 1 6 9 — Otago Daily Times (£1) 2 5 0 2 7 0 Regent Theatre (£1) 1 0 0 — Smith and , Smith (pref.; £1) .. .. 1 1 6 — Wilsons Cement (10s) 1 18 6 2 0 0 Woolworths (ord.; £1) 7 17 0 8 3 0 BREWERIES N.Z. Breweries (£1; 2 7 3 2 9 0 N.Z. Breweries 1 2 3 12 7 Staples (£1) .. .. — ■ 2 11 6 Dunedin (£1) .. .. 1 8 6 — AUSTRALIAN MINING Austral N.Z. Mining (9s) 0 12 0 — BroKen Hill South (5s) 2 8 0 2 9 0 .Electro. Zinc (ord.; £1) — 2 14 6 Mount Lyell (£1) .. 2 0 7 2 0 9 Mount-Morgan (2s 6d) 0 12 4 0 12 6 North Broken Hill (5s) 3 11 3 3 12 6 Rawang Tin (10s) .. 0 11 0 — DIVIDENDS PAYABLE . The following is a list of shares on which dividends will shortly be payable:— Gear Meat—5 per cent., ; 3d per share, half-yearly June 25 Gillespie's Beach — Id per June 25 Goldsbrough, Mort - - 8 per cent. Is 2 2-5d per share, June 25 Kauri Timber — 5 per cent., 7&d per share, half-yearly June 25 North Broken Hill— No 106, of Is 6d per share quarterly June zb British Tobacco-r-Quarterly, 2 per cent.. 8 per cent, per . annum June 3U Blackwater—10 per < cent.. i's per share, half-yearly June 30 Consolidated Goldfields — '5 per cent. 6d per • share. half-yearly .. June 30 Woolworths (W.A.)--2s per June — Nationa) Mortgage (A issue) —Is per share, half-yearly July 1 National Mortgage (B issue) —6d per share, half-yearly July 1 Dominion Breweries--8£ per cent., 10 4-5d per share half-yearly, about July 3 National Bank—4 per centIs per share half-yearly July 3 Mount Morgan — 4Jd per share half-yearly July 10 Woolworths (NZ.) - - 5 per cent., Is per share, halfyearly July 15

Sales on Change Stock. 1943-46, 4 p.c. .. 104 0 0 104 2 (5 2 3 9 (2) 2 4 0 Taupiri Coal ..' .. 0 15 9 Dominion Breweries .. 2 4 0 N.Z. Breweries (rights) 1 2 1 Berlei (N.Z.) .. .. 3 5 0 Broken Hill Pty 3 19 0 Electrolytic Zinc (prcf.) 2 15 0 N.Z. Newspapers <2j 1 15 0 Woolworths (N.Z.) 8 0 0 0 1 61 Mount Lyell (2) 2 1 2 1,. (3 n Mount Morgan (2) 0 12 10 Unlisted Stock Hellabys (7 p.c. prcf.) 1 3 6

N.Z. Breweries (late Mon.; 2 7 7 Dunlop Perdriau (late Mon.) 1 2 3 Mount Lyell (late Mon.) .. 2 1 0 2 3 9 N.Z. Guarantee Corp. 0 5 0 2 2 7 7 7 8 N.Z. Breweries (rights) .. 1 2 6 Electrolytic Zinc (pref.) .. 2 15 6 1 " z 3 5 4 6 Woolworths, Ltd. (2nd pref.) 1 8 0 Gillespie's Beach .. 0 1 5 2 1 3 Placer Development .. .. 4 0 6

Comm. Bank of Aust, (6) .. 0 18 4 Bank of N.Z. (2) 2 3 9 N.Z. Refrig. (10s paid) .. 0 8 10 N.Z. Breweries (2) .. .. 2 7 9 (3) 2 7 10 2 7 11 N.Z. Breweries (rights; 5) .. 12 6 12 3 Staples Brewery (2) .. 2 10 9 2 14 3 Anthony Hordern .. 0 18 8 Broken Hill Pty 3 18 6 Broken Hill Pty. (cont.) .. 3 12 9 1 2 4 G. J. Coles 5 4 9 (2) 5 3 0 Mort's Dock (3) .. .. 0 14 3 Wilcox MolTlin (2) .... 0 13 3 0 1 7 Waimumu Sluicing .. 0 0 6 Mount Lyell (ex div.) 2 1 2 2 1 3 (2) 2 1 4 2 1 6 Mount Morgan (4) ., 0 12 10 (3) 0 12 3 (2) 0 12 4 0 12 3J (2) 0 12 4 0 12 3i Sales Reported N.Z. Govt. 4 p.c. Inscr, 1943-46 104 2 6 104 0 0 Comm. Bank of Aust. 0 18 3 Bank of N.Z 2 4 0 N.Z. Refrig. (10s paid; 2) .. 0 8 11 N.Z. Breweries (2) .. 2 7 8 N.Z. Breweries (rights) 1 2 6 2 10 6 Broken Hill Pty 3 18 6 5 4 9 5 5 0 N.Z. Drug Wool worths (Sydney; 2nd 5 5 3 3 14 3 1 8 0 2 1 5 2 1 3 Unlisted Stocks Grey River (5s paid) .. 0 5 0 E. Reece, Ltd-, (pref.; odd lot) 0 3 0 Woolworths (Sydney; ord.) 7 0 0 AUSTRALIAN STOCK EXCHANGES (United Prtss Association) (By Electric Telegraph—Copyright) SYDNEY, . June 22. (Received June 22, at 8.10 p.m.) Good class industrials were generally steady on the Stock Exchange to-day, but the turnover was limited. Metal shares'were weaker.

MORNING SALES £ s. d. Commonwealth Bonds— 32 p.c, 1951 100 10 0 4 p.c, 1938 101 12 6 4 p.c, 1944 103 18 9 4 p.c, 1961 103 16 3 Bank of New South Wales 36 0 0 Australian Gas ("A") .. 7 9 6 2 15 3 Anthony. Hordern (pref.) .. 1 2 9 Broken Hill Propy 3 18 9 Broken Hill Propy. (new) .. 3 13 9 Electrolytic Zinc .. 2 14 0 General Industries .. 1,0 0 2' 7 6 ADDITIONAL SALES Bank of New South Wales 36 0 0 Commercial Banking of Sydney 21 18 0 National Bank (£5 paid) .. 7 5 0 Bank of New Zealand .. 2 3 9 47 15 0 Associated News (pref.) .. 1 3 1\ Australian Gas ("A") ., 7 10 0 2 15 3 5 3 0 1 2 6 Dunlop Perdriau (pref.) .. 1 16 6 1 10 0 Pitt, Son and Badgery 2 8 9 15 0 Felt and Textiles .. .. 1 15 3 1 5 9 7 0 0 Woolworths (rights) 4 6 6 General Industries .. 1 0 0 2 1 9 Anthony Hordern .. 0 19 3 MELBOURNE EXCHANGE MELBOURNE, June 22. Bonds were steady. Leading industrials, Barriers and gold shares were easier. Coles' shares were down to £5 4s, with some discussion as to the probable next dividend. Commercial Bank of Aus- £ s. d. 0 18* 7 National Bank (£5 paid) .. 7 4 6 National Bank (£10 paid) 14 9 0 1 0 11 Carlton Brewery .. 3 4 3 5 4 0 1 6 6 Dunlop Perdriau .. 1 2 8 Dunlop Perdriau (pref.) .. 1 16 6 General Motors 1 4 0 Kauri Timber 1 3 9 1 15 0 Melbourne Electric Stock 0 17 5 Cox Bros 3 15 0 Yarra Falls (rights) .. 0 7 3 0 12 5 Mount Lyell 2 1 1J 3 18 9 North Broken Hill ' .. 3 11 6 South Broken Hill ,. .. 2 7 9 0 19 0 Emperor 0 15 9

(United Press Association) (By Electric Telegraph—i Copyright) LONDON , June 21 £ s. d. June 21 .. 7 0 6J June 19 .. 7 0 6 June 18 .. 7 0 6$ June 17 .. 7 0 61 June 16 .. 7 0 54 June 15 .. 7 0 5J June 14 .. 7 0 6j June 10 .. 7 0 7 June 9 .. 7 0 6J June 5 .. 7 0 3J June 4 .. 7 0 5 June 3 .. •7 0 9

(By ElecAric Telegraph— Copyright) RUGBY. , Mine 21. ParisPar June lit. June 21. b'rancs to £1 124.21 110 20-32 110J Brussels— Bellas to £1 30 29.24| 29.21J O3I0Kront'i io £ J 18.180 19.90 19.90 Stockholm— Kroner to £1 18.130 19.39} 19.39} Copenhagen— Kroner to £1 18.130 22.40 22.40 BerlinMarks to £] 20.31 12.32} 12.333 MontrealDollars to £) 4.86 2-3 4.935 4.94g ?»ew York— Uollars to £1 4.86 2-3 4.93 2932 4.9 U Yokohama— Pence to yen 34.382 13 31-32 13 31-32 Hongkong— Pence to dollar 24.58 14 13-16 11 13-18 BombayPence to rupee — 13) 18} Batavla— Florins to £1 12.10 S.96 8.90 MilanLire to £1 82.4G 93 27-32 !>3 29-32 Amsterdam— Guilder to £1 12.107 8.98* 8.983 PragueKroner to £) 101* 1113 141S Geneva— Francs to £1 25.223 21.51 21.513 Vienna— SchllllDBS to £1 84.86) 26} 264 Uelslnsfors— Marks to £ 1 193.23 226A 22GJ MadridPesetas to £1 25.221 92 11-32 92 U-32 Belgrade— Dinars to £1 25.22} 21G 216 AthenaDrachma to £1 375 547} 547} Lisbon— Gsrudos to £1 no 110 13-16 no i; i>; Bucharest— Lei to £1 931.8 670 670 lilo de Janeiro— Pence to mllreis .. 5.890 4t *i Buenos AiresPence to pesos 47.22 — — Shanghai— Pence to tae) — 14 7-16 141 Montevideo— Pence to pesos _ 39j 39} Warsaw— Zlotys to £1 — 26.06 26.08

£1 N.Z. to £100 T.T. 124 124/10/ O.D. 123/10/. 124/8/9 Australia— £ A to £100 N.Z. T.T. 101 100/10/O.D. 101 100/10/Fljl- £ Fto £100 N.Z, T.T. 00/7/6 89 O.D. 00/7/6 89 New York— Dollars to £ N.Z. T.T. 3.9906 3.9626 O.D. 10096 3.9660 MontrealDollars to £ N.Z. T.T. 4.0001 3.9652 O.D. 4.0128 3.9692 Austria— Schillings to £ N.Z T.T. — 21.00 O.D. _ 21.01 BclRlum— Belsna to £ N.Z. T.T. — 23.36d O.D. — 23.376 Czechoslovakia— Crowns to £ N.Z T.T. —• 112.91 O.D. — 112.96 Denmark— Kroner to £ N.Z. T.T 18.203 17.893 O.D. 18.263 17.899 Prance— Francs to £ N.Z. T.T. — 88.86 O.D. — 88.90 liermany— Helehsmarks to £ N.Z T.T. — 9.830 O.D. — 9.835 HollandFlorins to £ N.Z. T.T. 7.323 7.173 O.D. 7.363 7.177 ItalyLire to £ N.Z. T.T. — 75.27 O.D. — 73.32 Jara— Florins to £ N.Z. T.T. T.295 7.145 O.D. 7.335 7.149 NorwayKroner to £ N.Z. T.T 16.183 15.893 O.D. 16.243 13.899 SwedenKroner to £ N.Z. T.T. 15.785 13.490 O.D. 15.845 13.496 SwitzerlandFrancs to £ N.Z. T.T. 17.500 17.230 O.D. 17.605 17.235 Mniimca— Francs to £ N.Z T.T. — 87.49 O.D. — 87.55 Papeete— 1 Francs to £ N.Z. T.T. — 87.44 O.D. — 87.50 Honckoni?— N.Z. pence to 1 dollar .. T.T. 18 11-64 18 39-64 O.D. 18 9-61 18 39-64 India nnn Ceylon— N.Z. pence to 1 rupee .. .. T.T. 22? 22 21-:* O.D. 22 11-32 22 21-32 lapanN.Z pence to 1 — 17 15-32 Ten .... T.T. O.D. — 17 15-32 Shanehal— N.Z. pence to 1 dollar .. .. T.T. 17 47-64 18 11-64 O.D. 17 45-64 18 11-64 Singapore— N.Z pence to 1 dollar .. .. T.T. 34 23-32 : 35 13-61 O.D. 34J 33 13-64 t'hefoo— N Z. pence to 1 dollar .. T.T. 17 43-64 18 19-61 O.D. 17| 18 9-32 Manilas'.Z. pence to 1 peso .. .. T.T. 29 39-04 30 27-64 O.D 29 53-64 30 27-64 All rates subject to alteration without notice

U.S. A. Canada (Per£l (Per £1 N.Z.) N.Z.) Selling— Dols. Dols T.T. .. 3.96 5-16 3.96J O.D. .. 3.96J 3.96| Buying— 6.D. .. 4.00 15-16 4.01 3-16

uopper. tiioi .. .. £52 11 3 Fall £0 2 6 Copper, forward 52 8 9 Fall 0 15 0 Electrolytic, spot 59 10 0 Tall 0 10 0 Electrolytic, forward.. En in a Fall 2 10 0 Wlro bars .. .. fil 10 0 Fall 0 10 0 Load spot .. ,, 21 12 G Illse n 3 9 Lead, f or.rard .. 21 12 n lllsc 0 5 3 Spelter, spot .. .. 20 8 0 Ms« 0 S 3 Spelter, forward .. 20 8 9 Ri.-o O S 0 Tin, spot 2t.> 10 0 Fall 0 12 0 Tin. forward .. .. 2H 12 (J/. 6 Kail 1 0 0 Silver. One .. ,. 10 13-1 Od Fall Vi* Silier. standard ., 2i m Kail Hd

Paidup capital: 1930, £750,000; 1931-37. £1,092,271. Ma rrh 31. !)."0 .. Gel Rcloral .'IV I'.-. :.ri07 Net 1 1'rollt. i) £ i23.n:;s .end. 15 1J 1 a 'X'-\ 12! •,009 Sii.739 77 2"| S :i::i .. . 12! IK U3S 1.512 !,301 1.710 7g!s21 77.s:w 85.402 100,559 7 714 S'.i

Vroflt. Ifcer duly. Hatlo. £ £ I'.c. IHL'9-no .. 559.720 4"ii,fi!»l 78.48 1930-31 .. 591,199 425,321 71.91 1931 S3 .. 555,001 408.322 St.37 lM2-::3 .. 550,080 472,850 S5.M 1933-34 .. 551,033 474.214 80.01 1034-35 .. 504.857 487.021 80.22 1935-30 .. 594,082 508,6*0 85.02 1036-37 .. 717,400 1110,550 85.08

Year ended Feb., Per cent. 1937. 1936. inc. or dec U.S.A. 78.287 67.341 -1 16.3 U. Kingdom 21.fi27 22.113 — 2.2 U.S.S.R. .. 10.453 7.5G4 4 38.2 France 10.2G9 8.339 ■j 23.1 Germany .. 9,131 9,902 — 7.8 Other countries* 30.(524 34,082 — 10.1 Tl. apparent consumption 100,891 149,341 + M * Inch idintf Italy and Spain.