COMMERCE AND FINANCE

Otago Daily Times, Issue 23225, 24 June 1937, Page 8

COMMERCE AND FINANCE

THE SHARE MARKET DUNEDIN STOCK EXCHANGE The rights issue of New Zealand Breweries and a number of shares in the Australian mining section were easier on the Dunedin Stock, Exchange yesterday, but, generally speaking, buying interest was well maintained. Clutha River gold shares advanced Id to buyers at 2s 4d, but no seHers \vere forward, and Consolidated Goldfields, which were on offer at themasierprlcc of 14s 9d. did not attract a buyer. Bank of New Zealands remained firm with the previous .day’s quotations, ana a parcel changed hands at £2 os Jd. Holders of Commercial Banks were prepared to do business at 18s 6d, but no buyers were forward, and National, Banks were wanted at £3 2s, sellers being 2s 9d away. Buyers of National Insurance advanced then: previous offer by, 2d to 17s 2d, but there was no response from holders, me paid issue of Southland Frozen Meat was wanted at £3 14s 6d, and the preferential shares firmed to. buyers at £3 15s, but no sellers came forward in either case. A buyer entered the market for the ordinary shares of New Zealand Loan and Mercantile at £45, but sellers would not reduce then • price below £46 10s. Both issues of Broken Hill Proprietary were slightly weaker, but Dominion Fertiliser, with buyers at £1 3s 3d and sellers Is away, showed an upward trend. There was a good inquiry for Stock Exchange Proprietary shares at £2. but holders remained firm at £2 ss. Sellers of G. J. Coles dropped to £5 4s 6d. • but buyers were not attracted, and Morts Dock rose 6d to unsupphed buyers at 14s. > After reported business at £1 2s 6d, the rights issue of New Zealand Breweries eased to buyex’s at “ and sellers 6d away. At the morning call-over Broken Hill Souths were dealt in at £2 7s 3d. but when the market closed for the day buyers would not go beyond £2 6s 6d. sellers being Is 6d away. There was an easing in the price for Electrolytic Zinc shares, and Mount Morgans dropped to buyers at 11s 9d and sellers at 12s / 3d. After business in the morning at £3 11s 3d. North Broken Hills dropped to buyers at £3 10s 6d and sellers Is

LOCAL AND OVERSEAS MARKETS

NORTHERN EXCHANGES AUCKLAND

Sales Reported

Bank of New Zealand (odd

lot) 2 3 8 Union Bank of Australia (2) 10 17 6

N.Z. Newspapers 1 13 11 Radio (1936) Ltd 12 5 Mount Lyell (late Tues.) .. 2 011 Mount Lyell .. 012 3

Unlisted Stocks M’Kcnzies Dept. Stores .. 319 6

Sales Reported

Grey River (5s paid) .. .. 0 5 0 M’Kcnzios Dept. Stores .. 4 0 0

WILSONS CEMENT COMPANY

REVALUATION OE FIXED ASSETS

DISTRIBUTION IN FORM OF SHARES

(Special to Daily Times)

AUCKLAND. June 23

The proposal of the directors of Wilsons (N.Z.) Portland Cement, Ltd., to increase the capital to £600,000 by the creation of 600,000 10s shares was unanimously approved by an extraordinary meeting of shareholders held immediately after the annual meeting. The special resolutions submitted to Ihe meeting provided that the value of the company’s fixed assets should be written up from £152,059 to £452,059 and that the difference of £300,000 should be placed to the credit of the fixed assets revaluation account. It was further provided that this sum should be distributed among members of the company in payment in full for 600,000 shares of 10s each, to be allotted on the basis of one for every one share held on June 23, the new shares to be treated for all purposes as an increase in the nominal amount of capital held by each shareholder and not as income. Moving the resolutions, the chairman of the company (Mr George Winstone) said the board of directors, after full consideration, had decided to call for a revaluation of the fixed assets so that the latter might stand in the balance sheet at a value more nearly approaching their present worth. The valuation had disclosed that the value was substantially greater than that appearing in the balance sheet. While £300,000 might seem a comparatively large sum to write up, the directors were confident that the revalued assets were most conservative and well within their actual value. The book reserves of the company were not affected.

Mr J. B. Henry, seconding the resolutions, said that other companies had taken a similar course. The proposals had no bearing on the earning capacity of the company, and did not vary the interest of the shareholders in the assets. In reply to a shareholder who asked how long the increase was likely to endure, the chairman said it was a permanent increase in the capital. The value was there and more. The resolutions were carried unanimously. LONDON METAL MARKET (United Press Association) (By Electric Telegraph-Copyright) LONDON. June 22, The followln* are the official metal quotations:—

ADDINGTON MARKET LITTLE CHANGE IN PRICES (Per United Press Association! CHRISTCHURCH, June 23. There was little change at to-day’s Addington stock market. Exporters were in the market for both fat. lambs and fat sheep, and as far as lambs are concerned it will be practically the final market of the year. Store Sheep.—Only 10 or 12 pens were forward, mostly wethers. The best of these made to 265; ewe lambs to 28s Bd, and mixed aged ewes to 23s sd. The market showed little change. Fat Lambs.—Eight hundred were penned, mostly unfinished. For quality sorts there was a good export demand. , . „„„ Fat Sheep—A total of saoo was penned against 7000 last week. Ewes sold a shade firmer. Exporters were operating freely, but wethers were a little easier. Best wethers made from 36s to 40s; good heavy, 31s to Jos; prime medium-weight, 27s to 30s; and light down to 245; best ewes, to 31s; good, 25s to 28s; medium. 22s to 2os; and light and aged from 15s to 18s. Fat Cattle. —The yarding consisted of 535, against 385 last week. There was a sound sale for good steers and heifers, but medium sorts were more difficult to quit. Best steers made from £l4 10s to £l6 17s 6d; good prime heavy, £l2 10s to £l4; prime medium-weights, £ll to £l2 ss; exceptionally good heifers, to £l2 12s 6d good heifers, £7 10s to £10; medium down to £6; best cows to £lO 15s. good cowsi £7 to £9; medium £5 5s to £6 ss; rough, down to £4 ss. Fat Pigs.—A good demand and improved prices for porkers. Best made from 47s 6d to 56s 6d; others, from 25s 6d to 465; average price pei'lb, Gd to 6Jd; baconers, 53s 6d to £5 9s 6d. average price per lb, 6d to b.,d.

FOREIGN EXCHANGES (British Official Wireiessi (United Press Association) (By Electric Telegraph—Copyright)

ON NEW ZEALAND CURRENCY BASIS The Bank nf New .South Wales, Dunedin, Hinted the following rates for purchases and sales nf foreign exchange yesterday:—

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:— U.S.A,, Canada (Per £1 (Per £1 N.Z.) N.Z.) Selling— Dols. Dols T.T 3.963 3.96 9-16 O.D 3.96 13-16 3.97 Buying— O.D 4.01 4.01.1 LONDON FRUIT MARKET The Otago Provincial Fruitgrowers’ Council reports cable advice under date. June 19 from the High Commissioner (per Department of Agriculture) as follows: — Fruit. —Port Brisbane discharged in sound condition. Apples: Steady demand but no improvement In prices. Current prices are—Granny Smith. 9s to 13s; Dougherty. 9s to 10s; Jonathans. Delicious. Cleopatra, Statesman, Sturrner, Rome Beauty, .Scarlet Nonpareil. Spitzenberg, and Yates, 6s to 8s; Dunn’s Favourite, Cs to 7s 6d. Pears: Winter Nelis, 10s to 12s; Winter Cole. Ifls to Us; Beurre Bose. 8s to 9s; KeilTer, Beurre Diel. and I’lnconnue. 6s to Bs.

PRICE OF FINE GOLD

(United Press Association) (Bv Electric Telegraph—Copyright) LONDON, June 22,

AUSTRALIAN STOCK EXCHANGES lUnited Press Association) (By Electric Telegraph— Copvnght) SYDNEY, June 23. (Received June 23, at 9.5 p.m.) The Stock Exchanges lacks buoyancy. The market nevertheless was steady today, with no definite trend in price movements. Tin shares were more

DOLLAR AND FRANC (United Press Association) (By Electric Telegraph—Copyright) LONDON, June 22. The dollar is quoted at 94 9-16. The franc is quoted at 110«. DUNEDIN STARR-BOWKETT ANNUAL MEETING OF SOCIETY The annual meeting of the Dunedin Starr-Bowkett Society was held in the Manchester Unity Chambers last evening, Mr J. T. D. Dempster in the chair. Moving the adoption of the annual report and balance sheet, the chairman said that the progress of the various groups had been slow. No. 4 group had reached the happy position of being in the process of liquidation. It would probably take some little time to complete the liquidation of this group, but up to date 12s 6d in the £1 had been refunded to shareholders in credit by reason of subscriptions having been placed to credit of loan accounts. The profit and loss account in this group stood at £5877 10s 6d, which, of course, would be reduced by expenses for winding up before liquidation was finally achieved. Shareholders in this group were to be congratulated. Progress in No. 5 group had been very slow indeed. This was a small group, and repayments and subscriptions were naturally very small. The directors would have to consider the position of this group, with a view to expediting matters. Only four appropriations were made during the year, all by ballot, and the profit and loss account had been reduced by some £143. If the position was not improved by purchase sale in the future the profit and loss account would naturally be reduced each year. There were shareholders still to obtain loans at last year’s rate, and it would take the group a long time to fulfil its functions. No. 6 group went along slowly and steadily, and showed a fair progress. Speaking generally, there appeared to be no great demand for loans. There was no animation among members to bid at sale. This was all light for members individually, but the society required premiums, to keep it going successfully. The fact that money could be had at low rates of interest outside with long terms of repayment doubtless accounted for this position, and was certainly against the success of societies such as theirs. Mr J. A. Hopcrait, seconding the motion, said that various factors had militated against profit-making, but, despite (the very hard times they had been through, the affairs of the society were in a very healthy position. Their valuers were to be congratulated on the- manner in which their work had been carried out. The speaker said that the development of the society had been under discussion by the board and some proposals would shortly be submitted with a view to the formation of a permanent society from which their members could draw loans. The matter still had to be properly investigated, and before anything was decided members’ approval would be sought. Mr P. W. Stabb said that the directors were anxious to wind up No. 4 group as early as possible, and to this end the transfer of mortgages to No. 5 group had been considered. The approval of members in each group would have to be secured.

Mr J. G. Patterson congratulated the directors on the >iosition of the society’s affairs, and said that shareholders had every reason to be satisfied with the value and condition of their securities. He commended the idea of a speedy winding-up of No. 4 group. Remuneration of directors was fixed at the same figure as last year—£lso The auditors’ foes were fixed at £ls 15s for groups 5 and 6, and £lO 10s for No. 4 group. Messrs J. A. Hopcraft and S. Smith were re-elected as directors. , Messrs Burton and Patterson were reelected auditors.

There being no bids for the two appropriations offered for sale, a ballot was held for £SOO in No. 5 group, cluster 159, held by two shareholders, being drawn. The ballot in No. 6 group for £SOO resulted in cluster 157. held by three shareholders, being drawn.

Fraser and Co., selling agents for Otago and Oaniaru Egg Circles, report as under: —

Eggs: Poultry farm eggs. Is lOd per dozen: others. Is 9d per dozen. Butter; Separator pats, 9d to 9td per lb. Tallow. 15s to 17s per cwt. Pigs: Good bacon-weights, 6td to 7d per lb; overweights. 2d to 3d per lb; porkers. 6Jd per lb. Potatoes. 6s 6d to 7s per cwt. Chaff. £5 15s to £6 per ton. sacks extra. Whole fowl wheat. 6s to 6s 3d per bushel. Canterbury onions, 8s to 9s per cwt. Honey: Bulk. 7d per lb: 101 b tins. 66s 6d: 21b pottles. Is 3d Poultry; White Leghorn hens, 4s to ss: heavy breeds. 5s to 6s 6d: cockerels, light 2s 3d to 4s. heavy 7s to 8s 6d; roosters. Is 4d to 2s. Ducks. 3s to 4s: ducklings. 5s to 6s (all per pair). Turkey gobblers. 8d to 9d per lb, live weight; hens, 7d to 8d per lb. We stock “Palmer's” chickfood, “National” meatmeal: leg rings. Is per dozen (special quotes for quantities). We are Otago agents for “Gamble” electric incubators and the “ Betteridge” egg-cleaning table. Particulars on application. We are agents for “ Champion ” egg crates. “ Isco ” cod liver oil for poultry. Prices on application. Consignors, please note that all pigs and poultry must arrive not later than Wednesday morning of each, week. We have a slock of poultry crates on hand for the use of our clients.

CEMENT INDUSTRY THE GOVERNMENT’S LEGISLATION NO REASON FOR FEAR (Special ro Daily Times) AUCKLAND, June 2.3, Fears that the Government would single out the cement industry for drastic treatment were deprecated by the chairman of directors of Wilsons (New Zealand) Portland Cement Company, Ltd. (Mr G. Winstone), in his address to the annual meeting of shareholders. “At the last annual meeting,” said Mr Winstone, “you were informed that on the suggestion of the Minister of Industries and Commerce (Mr D. G. Sullivan) and with the assistance of his department the distribution of cement in New Zealand was co-ordinated. Specific ’territories and quotas were agreed upon by the respective companies, and at the same time the price of cement was reduced throughout New Zealand. On December 4, 1936, the cement industry, along with nine other industries, was gazetted under the Industrial Efficiency Act, 1936 as a licensed industry. Others have been added since, and 15 industries arc now gazetted. Some people are perturbed over what the Government may do to the cement industry, but there is no reason to expect that it will put more drastic restrictions on this than on any other licensed industries. We believe that it will give equal treatment to all.” MINING NEWS MOUNT LYELL COMPANY PROGRESS REPORT The following is the progress report for the fortnight ended June 9 submitted by the Mount Lyell Mining and Railway Company, Ltd.:— North Mount Lyell: Tons extracted, 3942. Crown Lyell: Tons extracted, 664. West Lyell: Tons extracted. 25,682. Prince Lyell; Tons extracted. 640. Lyell Tharsis: Tons extracted, 89. Lyell Comstock: Tons extracted, 3218; No. 8 level, north drive, to 133 ft through ore; No. 9 level, pump sump comK’ ' d. Reduction works: Furnace in for 1 2-3 days of the period; 8374 tons of refinery anodes made for the current year. Concentrator: Mill operated for 336 hours and treated 33,985 tons of ore, producing 1883 tons of concentrates. Copper refinery: Tank house in operation throughout fortnight, 536 tons cathode copper being produced. Total for current year, 8411 tons. ELECTROLYTIC ZINC The following is the production statement of the Electrolytic Zinc Company for the four weeks ended June 2, 1937:—Zinc. 5373 tons; used at works, 90 tons; silver lead product for shipment to Port Pirie for realisation —lead 185 tons, silver 32,6000 z. West Coast Department. Ore treated. 12,107 tons; lead concentrates produced, 962 tons; zinc concentrates nroduced, 4067 tons. Assay values; Ore treated —Lead 6.1 per cent., zinc 20.6 per cent., silver 6.60 z, gold 2.ldwt; lead concentrates —lead 53.9 per cent,, zinc 14.9 per cent., silver 49.10 z, gold 10dwt;, zinc concentrates—lead 3.5 per cent.,, zinc 54.4 per cent., silver soz, gold 2.2dwt. OKARITO RETURN (Per United Press Association) WELLINGTON, June 23. The Okarito wash-up for the week ended June 19 was 290 z 6dwt for 128 hours’ dredging. WAR,LOAN (British Official Wireless) (United Press Association) (By Electric Telegraph—Copi/right) RUGBY, June 22, (Received June 23, at 5.5 p.m.) War loan, 3J per cent., is quoted at £IOO 8s 9d. LONDON STOCK EXCHANGE (United Press Association) (By Electric Telegraph—Copyright) LONDON, June 22. Dalgetys debentures, £99 10s; Dalgety ordinary stock, £8 7s 6d; British Tobacco, 38s 9d; Goldsbrough, Mort, 30s (nominal); P. and O. Deferred, 31s. New Guinea Gold shares are quoted at Is 6d. ANTWERP FUTURES (United Press Association) (By Electric Telegraph—Copyright) LONDON,' June 22. Antwerp futures are. quiet. July, 32|d; October and December, 32Jd.

away. SALES ON ’( CHANGE £ s.. d. N.Z. Breweries (rights) .. . .. I; 2 6 Broken Hill South 7 3 Broken Hill North 3 11 3 J, SALES REPORTED Bank of New Zealand . 2 3 9 N.Z; Drug N.Z. Breweries (rights) .. . - * Ji 2 6 The following are yesterday afternoon’s buying and selling quotations. , which are subject to the usual brokerage:— i government loans Buyer. Seller. £ s. d. £ S. d. 31 p.c. ! Stock, Mov., 1938-52 102 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, 1941-53 101 10 0 — 31 p.c. Stock. Nov., 1941-52 .. .. 101 10 0 — 3 p.C Bonds, 1939-41 .. 9P 0 0 — 4 p.ci Bonds, 1943-46 .. 103 10 0 *— 4 p.c. Stock, 1943-46 .. 103 10 0 104 5 0 4 p.c. Bonds, 1952-55 .. 102 15 0 — 4 p.c. Stock, 1952-55.. 102 10 0 31 p'.c. Bonds, 1953 -57.. 98 10 0 — 31 p.c. Stock, 1953-67., 98 10 0 — MINING Big River (Is) .. .. 0 1 4 0 i 6i Clutha River (2s) .. 0 2 4 — Consol. Goldfields (4s) — 0 14 9 Gillespie’s Beach (Is) 0 1 4 0 1 0 Goldfields Dredging (Is) — 1) 0 4 Molyneux River (2s) 0 2 0 — Maori Gully (Is) — 0 0 6 Nokomai (5s) .. .. 0 2 8 Okarito (5s) .. .. 0 2 0 —* Sandhills (is) .. ., 0 0 1 — Skippers (Is) .. .. — 0 0 4 Waihi Grand Junctn. (2s) .. ., .. 0 3 0 Waimumu Sluicing (Is) — 0 0 7 BANKING A’asia (£5) •• •• — 12 12 0 N.S.W. (£20) .. .. — 36 10 0 N.Z. (£1) 2 3 9 2 4 0 N.Z. (Long 6; £1) .. 1 6 0 — Commercial (10s) — 0 18 6 E.S and A. (£3) .. 6 7 0 Natl, of N.Z. (£2 10s) 3 2 0 3 4 9 Natl, of A’asia (cont: £5) — 7 8 0 Union (£5) .. .. 10 12 0 INSURANCE National (7s) .. .. 0 17 2 — South British (£1) .. 4 15 0 * Standard (£1) .. .. — 3 0 0 SHIPPING Huddart. Parker lord.; £1) ... •■. • • — 2 0 0 Huddart, Parker (pref.; £1) .. v 1 6 9 — P. and O. Def, Stock ' (£D ; ■ -• •• 1 17 0 —* U.S.S. Co. (pref.; £1) I- 6 3 — MEAT PRESERVING N.Z. Refrig. (paid;. £1) .. .. .. •• 0 18 10 0 19 0 N.Z. Refrig (cont.; 10s) .. .... .. — 0 0 0 South Proz. Meat (paid; £1) .. .. 3 14 6 — South. Proz. Meat (pref.; £1) . * •• 3 15 0

WOOLLEN COMPANIES Bruce (ord:; £1) — o 11 0 Bruce (pref.; £1) . — 1 3 6 Kaiapoi (cent.; 7s) .. — 0; 5 0 Kaiapoi (pref.; 17s) — 0 17 3 Mosgiel (£4) .. .. 10 2 0 — Timaru — 0 19 0 LOAN AND AGENCY Goldsbrough Mort (£1) — 1 17 0 Natl. Mortgage (£2) 2 12 3 2 13 0 Natl. Mortgage (B Issue; £1) 1 9 0 1 11 0 N.zr Loan and M. (ord.; £100) .. .. 45 0 0 40 10 0 N.Z. Guarantee Corp. (3s) 0 4 10 — Trustees, Executors (£2) 3 14 0 — Wright, Stephenson (ord.; £1) .. .. 10 9 — Wright. Stephenson . (pref.; £1) .. .. 1 1 0 1 2 6 COAL Kaltangata (16s) .. .. 1 1 6 — Westport (10s) .. . . 13 0 MISCELLANEOUS Anthony Hordern (£1) 0 18 6 0 19 3 Broken Hill Propy. (£1) ~ ' 3 18 9 Broken Hill Propy. (cont.; 15s) .. .. 3 12 6 3 13 0 brown, Ewing (pref.; £1) 1 2 6 Consol. Brick. (£1) .. 0 7 3 — D.I.C (pref.; £1) ... 1 3 9 — Dominion Fertiliser (£1) 13 3 1 4 3 Dominion Rubber (£1) • 1 15 0 Donaghy’s Hope (£1) 2 13 0 — Stock Exchange Pty. (£1) ... .. .. .. 2 0 0 2 5 0 Dunloo Perd. Rubber (£1) 12 0 1 2 6 General Industries (12s 6d) — 1 0 2 G. J. Coles (£1) .. • — 3 4 6 Hume Pipe (£1) — 0 19 6 Mllburn Lime (£1) .. 2 0 0 — Mori’s Dock (£1) 0 14 0 — Moturoa Oil (pref.; 5s) 0 2 6 — Natnl, Electric (£1) .. — 0 14 0 N.Z. Drug Co. (£2) .. — 3 14 9 Farmers’ Fertiliser (£1) .. .. '.. .. —• 1 0 6 Otago Dally Times, (£1) 2 5 0 2 7 0 Regent Theatre (£1) 10 0 1 1 6 Smith and Smith (pref.; £1) .. .. 115 — Wilsons Cement (10s) — 2 0 0 Woolworths (ord.; £1) — 8 0 0 BREWERIES N.Z. Breweries (£1; ■5 ex rights) — 2 9 0 N.Z. Breweries (rights) 1 1 9 1 2 3 Staples (£1) .. .. — 2 10 9 Dunedin (£1) .. .. 18 6 — AUSTRALIAN MINING Austral N.Z. Mining (Os) 0 12 0 0 14 0 Broken Hill South (5s) 2 6 6 3 8 0 Electro. Zinc (ord.; £1) 2 12 9 2 13 6 Mount Lyell (£1) .. 2 0 7 2 0 9 Mount Morgan (2s 6d) 0 11 9 0 12 3 North Broken Hill ’ (5s) .. •. .. 3 10 6 S 11 6 Rawang Tin (10s) .. 0 11 3 0 11 9 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 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 25 North Broken Hill — No 100, pf 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 National Mortgage (B issue) July 1 —6d per share, half-yearly July 1 Dominion Breweries — 8J per cent., 10 4-5d per share, half-yearly; about July 3 National Bank—4 per cent., Is per share, half-yearly .. July 3 Mount Morgan — 4id per share half-yearly July 10 Woolworths (N Z.) — 5 per cent.. Is per share, halfyearly July 15

Sales on ’Change £ s. d. Stock, 1943-46, 4 p.c 104 2 6 Commercial Bank of Australia (2) 0 18 4 Bank of Australasia .. .. 12 7 0 Bank of New Zealand 2 3 10 Kaiapoi Wool ■ (pref.; odd lot) ...... .. .. 0 17 0 C. L. Innes .. .... .. 1 11 0 Dominion Breweries .. . .. 2 3 9 N.Z. Breweries (rights; 2) 1 2 0 1 1 li 1 1 9 Australian Glass (cum div.) 4 12 6 Berlei (N.Z.) .. .. .. .. 3 5 6 Broken Hill Proprietary .. 3 18 0 Dunlop Perdriau 1 2 3 Electro. Zinc 2 13 0 New Zealand Newspapers 1 15 9 Woolworlhs (N.Z.) .. .. 7 19 6 Big River .. 0 1 6i Gillespie’s Beach ., .. 0 1 5 Mount Lyell (2) .. .... 2 1. 0 Rawang .. " • • 0 11 3 0 11 4J Unlisted Stocks Woolworths (Syd.) .. .. 7 0 0 Auckland Farmers’ Freezing (£1 paid) 1 2 6 WELLINGTON Sales on ’Change Bank of New Zealand (late Tuesday) 2 3 9 New Zealand Breweries (late Tuesday) 2 7 8 New Zealand Breweries (late Tuesday) 2 7 9 Broken Hill (late Tuesday) 3 18 3 Mount Morgan (late Tuesday) 0 12 6 Mount Morgan date Tuesday) 0 12 5 4 p.c. Stock, 1946 104 2 6 Commercial Bank of Australia (ord.) 0 18 5 New Zealand Guarantee Corporation 0 5 0 Kauri 1 3 3 New Zealand Breweries (rights: 2) 1 1 2 2 3 0 Electrolytic Zinc (ord.) .. 2 13 2 G. J. Coles 5 3 0 Gillespie’s Beach 0 I 0 5 Mount Lyell 2 10 Rawang Tin (after call) .. 0 11 2 Unlisted Stock Woolworths, Ltd. (late Tuesday) .. .. .. 6 19 9 Woolworths, Ltd. .... 7 0 0 CHRISTCHURCH Sales on 'Change New Zealand Government 4 p.c. Inscribed, 1943-46 . . 104 0 0 Commercial Bank of Australia (2) 0 18 3 Commercial Bank of Australia (pref.; 2) 9 1 0

Kaiapoi Woollens (17s paid; 3) 0 13 6 N.Z. Breweries (rights) .. 1 2 3 (3) 1 2 0 1 I 9 (2) 1 i 7 1 i 0 Anthony Hordern .. .. 0 18 9 Broken Hill Ply. (cont.; 4) 3 ii 8 Dunlop Rubber 1 2 4 Electrolytic Zinc (pref.; 2) 2 14 9 G. J. Coles 5 3 0 (2) 5 3 3 5 2 9 5 2 6 Howard Smith i 0 G Mort's Dock 0 14 3 (2) 0 14 1 Big River 0 1 GJ Skippers 0 0 2i Mount Lyell (6) 0 9 2 0 8 (5) 2 0 9 Mount Morgan (2) .... 0 12 2 (2) 0 12 1 0 12 1.'. (2) 0 12 2

Copper, spot .. Ton. , £53 1 3 Fall £0 10 0 Copper, forward . 52 15 0 Til so 0 6 O Electrolytic, spot . 6!) 10 0 No change Electrolytic, forward . (il 10 0 Ills* 2 0 0 Wire bars . 01 10 0 No ( hnngo Lead, «pol it . 21 18 9 Rise 0 0 3 bead. forward . 21 15 0 Rise 0 2 6 Spelter, spot •• . 20 12 8 Rise 0 3 0 Spelter, forward . 20 12 G Rise 0 3 9 Tlu, apot .. •• . 215 17 6 Itlso 0 7 c Tin. forward .. . 215 5 0 Rise 0 12 6 Silver. One Or. . 1981(1 Fall 1-10(1 Silver, standard . 21 5-10d Fall 1-10(1

Paris— Far niIGBY. , Juno 21. lime 22. June 22. Franes to £ 1 124.21 uo4 U04 Brussels— Uelgas to £1 30 29.24:; 29.29 Oslo— Kronur 10 £ 1 IS.180 19.90 19.90 Stockholm— Kroner (o £1 IS.130 19.394 10.304 Copenhagen— Kroner to £ 1 IS.100 22.40 22.40 Berlin— .Marks to £) 20.31 12.32 12.33 Monireal— Dollars (o £ 1 4.80 2-3 •1.943 •1.914 Aew York— Dollars to £ I ■t.Sli 2-3 4.914 4.91 13-10 Yokohama— Fence to yen 34.5S2 13 31-32 13 31-32 Hongkong— Fence to dollar 24.OS >4 13-10 14 13-10 Bombay— Fence to rupee _ 1S4 1S4 Batavia— Florins to £1 12.10 8.974 S.9G MilanLlrc to £1 82.40 93 29-32 fll Amsterdam— Guilder to £) 12.107 S.OS? S.983 FragileKroner to £ 1 10)4 1113 111 13-10 GenevaFrancs to £ 1 25.22a 21.013 21.38 Vienna— Schillings to £1 S4.S6J 204 20 J Helsingfors— Marks to £ J 1113.23 2204 2204 Madrid— Pesetas to £) 25.224 92 11-32 92 11-32 Belgrade— Dinars to £) 20.224 21G 210 Athens— Drachma to £1 375 5474 0474 Lisbon— Escudos to £1 110 110 13-10 no ii-ic Bucharest— Gel to £ 1 931.0 CTO 070 Itlo. de Janeiro— Pence to mllreis .. 5.S90 ■u Buenos Aires— Fence to pesos 47.22 _ Shanghai— Fence to lac) _ 113 Hi Montevideo— Pence to pesos _ 393 394 Warsaw— Zlotys to £1 _ 26.00 20.00

London— Buying. Selling £1 N.Z. to £100 stg. T.T. 124 124/10/ O.D. 123/10/124/8/9 Australia— £ A to £100 N.Z. T.T. 101 100/10/0.1). 101 100/10/Fiji- £ F to £100 N.Z, T.T. 90/7/0 89 O.D. 90/7/0 89 New YorhDollars to £ N.Z. T.T. 4.0001 3.9032 O.D. 4.0101 3.9072 Montreal— Dollars to £ N.Z. T.T. 4.0007 3.9058 O.D. 4.0132 3.9698 Austria— Schillings to £ N.Z T.T. — 20.83 O.D. — 20.84 Belgium— Belgas to £ N.Z. T.T. — 23.391 O.D. — 23.402. Czechoslovakia— Crowns to £ N.Z T.T. — 112.96 O.D. — 113.01 Denmark— Kronor to fl N.Z T.T 18.203 17.893 O.D. 18.263 17.899 France— Francs to £ N.Z T.T. — 88.87 O.D. — 88.91 Hermany— Reichsmarks to £ N.Z T.T. —• 9.830 O.D. — 9.841 Holland— Fiorina to £ N.Z T.T. 7,832 7.182 O.D. 7,372 7.186 HnlyLlre to fi N.Z. T.T. — 75.35 O.D. — 73.40 Java— Florins to £ N.Z. T.T. 7.301 7.151 O.D. 7.341 7.155 Norway— Kroner to £ N.Z. T.T. 16.183 15.893 O.D. 16.213 15.899 Sweden— Kroner to £ N.Z. T.T, 15.785 15.49U O.D. 15.843 15.490 Switzerland— Francs to £ N.Z. T.T. 17.518 17.248 O.D. 17.623 17.253 Noumea— Francs to £ N.Z T.T. — 87.50 O.D. — 87.50 Papeete— Francs to £ N.Z. T.T. — 87.45 O.D. — 87.51 Hongkong— N.Z pence to 1 dollar •• •• T.T. 18 3-10 183 O.D. 18 5-32 18S India am) Ceylon— N.Z. pence to 1 rupee .. .. T.T. 22g 22 21-32 O.D. 22 11-32 22 21-32 lapanN.Z pence to 1 — 17 15-32 yen .. •. T.T. — 17 15-32 O.D. Shanghai— N.Z pence to 1 dollar .• •• T.T. 17 47-04 18 11-01 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. 343 33 13-61 Chef no— N Z. pence to 1 dollar .. .. T.T. 17 43-04 18 19-01 O.D, 171 18 9-32 Manila— N.Z pence to 1 peso .. .. T.T. 20 59-64 30 27-64 O.D 29 53-64 30 27-64 All rates subject to alteration without notice

£ s. d. June 22 .. 7 0 4 June 21 .. 7 0 64 June 19 .. 7 0 6 June 18 .. 7 0 64 June 17 .. 7 0 64 June 16 .. 7 0 5 4 June 15 .. 7 0 51 June 14 .. 7 0 64 June 10 .. 7 0 7 June 9 .. 7 0 61 June 5 .. 7 0 34 June 4 .. 7 0 5

active. MORNING SALES Commonwealth Bonds — £ S. d. 4 p.c., 1941 102 12 6 4 p.c., 1953 104 0 0 4 p.c., 1937 102 17 6 4 p.c., 1959 103 6 3 4 p.c.. 1961 103 10 0 Tooths 2 13 2 3 9 Associated News 1 Associated News (prof.) .. 1 3 2 9 Broken Hill Proprietary .. 18 9 Electrolytic Zinc .. .. 2 14 0 ADDITIONAL SALES Commercial Bank of Australia o 18 7 Bank of New Zealand 2 3 9 Colonial Sugar 47 10 0 Burns. Philp 13 15 0 Tooths 3 Coles 5 3 t) Dunlop Perdriau .. .. ) 0 2 G Wilcox Mofflin 13 C Henry Jones 2 7 6 Mercantile Mutual Insurance 1 11 3 J. Fielding 4 I 0 Amalgamated Zinc .. .. 0 9 11 Mori’s Dock 0 14 6 Sargents 1 0 12 6 Victoria Nyanza .. .. 18 0 Wunderlich 1 2 0 Hume Pipe 0 19 2 Mount Morgan .. .. .. 0 12 2 Mount Lyell 2 1 0 0 Bulolo Gold 6 0 Kuala Kampar 1 0 0 Kuala Kampar (N.Z. delivery) .. . ■. 1 0 0 Rawang 0 11 9 MELBOURNE, June 23. The market was quiet, with prices fairly steady. Sales:— £ s. d. Commercial Bank of Australia 0 18 6 National Bank (£5 paid) 7 4 6 National Bank (£10 paid) 14 8 0 Howard Smith 1 1 4 British Tobacco 2 10 3 Coles 5 2 6 Drug Houses 1 6 3 Dunlop Perdriau .. .. 1 2 4 Goldsbrough, Mort .. .. 1 17 0 Felt and Textiles .. .. 1 15 0 Sulphide Corporation .. .. 0 14 0 Mount Morgan 0 12 2 Mount Lyell 2 1 3 Broken Hill Propy 3 17 9 North Broken Hill .. .. 3 11 0 South Broken Hill .. .. 2 7 3 New Broken Hill .. .. 0 15 2 Emperor 0 15 2