COMMERCE AND FINANCE

Otago Daily Times, Issue 23333, 27 October 1937, Page 14

COMMERCE AND FINANCE

—•»+« LOCAL AND OVERSEAS MARKETS

THE SHARE MARKET DUNEDIN STOCK EXCHANGE MOUNT MORGANS MOVING UP After being marked down sharply on the Dunedin Stock Exchange yesterday morning, prices for Australian industrials and Australian mining stocks took an upward turn at the afternoon call-over, and though values were a little lower than those ruling at the close of the market on Saturday, vendors seldom reduced their limits. Mount Morgans, the only scrip that did not share in the general decline, finished much firmer, buyers being on at lis 6d, an increase of 6d on Saturday's quotations, but holders were firm at 12s. After being dealt in during the morning kt £1 19s, Broken Hill Souths made up some of their lost ground'to finish with buyers at £2 Os 3d and sellers 9d away. The banking section revealed small change from Saturday's prices, but Bank of New South Wales were inquired for -at 2s (Id cheaper than the previous buying quotation. Insurance, stocks were dull, and values for ordinary Huddart Parkers and P. and O. Deferred Stock were easier. Otago Farmers' stock improved to a buyer at 3s 6d, but the price did not attract a seller. Sellers easily outnumbered buyers in the miscellaneous section, and Australian industrials were marked down slightly when the market closed. Among unlisted stocks Sydney Woolworths had business at £1 9s 6cl and £1 9s 7d, the market closing with buyers at the former figure and holders wanting 3d more. YESTERDAY'S TRANSACTIONS

Sale Reported After Last Call £sop Dunedln City Debentures, 41 per cent., April 1, 1949 .. 104 0 0 The following are yesterday afternoon's buying and selling quotations, which are subject to the usual brokerage:— GOVERNMENT LOANS Buyer. Seller.

NORTHERN EXCHANGES AUCKLAND

WELLINGTON Sales on 'Change

•*Ex dividend DIVIDENDS PAYABLE The following is a list of shares on which dividends will shortly be payable:—

CHRISTCHURCH Sales on 'Change £ s. d.

Unlisted Stocks Woolworths (Syd.; 5s paid) 19 8

PACIFIC STARR-BOWKETT SOCIETY ANNUAL MEETING The thirty-second annual meeting of the Pacific Starr-Bowkett Building Society was held last evening, in the board room of the secretary (Mr W. B. Taverner), Mr A. McHutchoh, chairman of directors, presiding over a good attendance of members. ANNUAL REPORT Moving the adoption of the annual report and balance sheet, the chairman said that the activities for the year showed steady progress, and that the society was achieving its original aim of providing homes by reasonable payments on the capital monies advanced. During the year appropriations amounting to £28,000 had been held, and it was interesting to note that the total receipts from subscriptions, levies, and repayments had been £22,085. The total amount advanced now stood at £133,581 —an increase of £13,462 for the year. The year had been one of satisfactory progress, 919 new shares having been allotted. In the new No. 9 group it was expected that the full issue of 4000 shares would be taken up during the ensuing year, and the assistance of members in this connection would be appreciated by the directors. The year closed with a cash balance of £SOOO, against which appropriations amounting to a similar sum were not taken up,, a factor in delaying the utilisation of portion of this money probably being increased building costs. It was gratifying to be able to state that securities submitted by members during the year had, as a rule been quite satisfactory, and there had been a fair proportion of new houses. The sustained interest in the society's new issue of shares, the chairman concluded, was further evidence of the value of co-operation as operated through the society, and that the opportunities offered were appreciated by the community. The directors felt that they could congratulate members on the healthy condition of the society's affairs, and appealed to them to use' every endeavour in assisting to complete the allotment of the new issue.

Mr F. C. Martin seconded the motion, and the report was adopted. ELECTION OF OFFICERS The retiring directors, Messrs A. McHutchon and R. Levland, were reelected unopposed, as were the auditors, Messrs G. Blyth and Co. and J. S. Mclnnes and Sons. APPROPRIATIONS In groups five and six, appropriations of £IOOO were disposed of by sale at satisfactory premiums. In group 7, an appropriation of £IOOO was disposed of by sale to two purchasers. One took £7OO and the other £3OO, the premium in both cases being satisfactory. In group 6 an appropriation of £ 1000 by ballot was drawn by cluster 236, held by one shareholder. LORNEVILLE STOCK SALE DECLINE IN ALL, YARDINGS (Per United Press Association) INVERCARGtLL, Oct. 26. Values for fat ewes, particularly any of poor quality, declined 3s to 4s a head at the Lorneville stock sale today. There were only a few pens of wethers forward, and they sold on a firm market. All yardings except fat cattle showed a considerable falling off in numbers compared with last week. The fat cattle sale was very good, but values declined from 20s to 25s on last week's, high rates. Fat. Sheep.—Prime heavy wethers made up to 48s; good quality wethers, 43s 6d to 465; lighter weights, 36s to 395; prime heavy shorn wethers, up to 37s 9d; and medium and unfinished, 25s 6d to 27s 6d. Prime heavy young woolly ewes made up to 38s 6d; prime heavy-weights, 35s 6d to 375; good quality, 33s to 34s 6d; medium, 30s to 325; and light and unfinished, 24s to 275. Prime heavy shorn ewes sold to 295; good quality, 26s 6d to 27s 6d; and lighter weights, down to 225. Fat Cattle.—Extra prime bullocks sold up to £l6 18s; prime, £l4 15s to £ls 10s; good quality, £l3 to £l4: medium. £l2 to £l2 15s; lighter weights. £lO 10s to £ll 18s; prim? heavy heifers, up to £ll 15s; good quality, £9 15s to £lO 10s; handyweights, £8 10s to £9 ss; light-weights, £7 10s to £8; good quality cows, up to £lO 15s; medium quality, £9 to £9 15s; and unfinished sorts. £7 10s to £8 10s. PRICE OF FINE GOLD

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

ON NEW ZEALAND CURRENCY BASIS The Bank of New South Wales, Dunedln. quoted the following rates for purchases and sales of foreign exchange yesterday : London— Buying Selling

DOLLAR RATES The Associated Banks iother 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 noUce: ~ U.S.A. Canada. (Per£l (Per£l N.Z.) N.Z.) Selling- n Dols Dnls TT .. .. 3.97 3.961 O.D 3.978 3.97 5-16 BU J.D B ~" .... 4.018 4.0 U MINING NEWS CLUTHA RIVER DREDGE RETURN OF 3530 z. For the week ended on Friday last the Clutha River Company's dredge worked 130 hours and recovered 3530 z of gold. Since the dredge commenced operations on May 22, the total gold won to date amounts to 49210 z. VVAIPAPA BEACH RETURN Messrs VV. A. Mitson and Co., secretaries of the Waipapa Beach Gold Dredging Company, Ltd., report a wash-up of lOoz lOdwt for 114 hours dredging. GREY RIVER_ DREDGING FOURTH CALL The directors of the Grey River Dredging Company, Ltd., announce that a call (the fourth) of Is 3d per share (making the shares of the company 7s 6d called) will be made payable before November 19. "PUKET TIN DREDGING, LTD. 'From Our Own Correspondent) LONDON, Oct. 6. For the three months ended September 30, the output of the Puket Tin Dredging Company's dredge was 111 tons of tin ore and the estimated mine profit £9099 subject to amortisation and London office expenses. THE MATAKI RETURN (Special to Daily Times) AUCKLAND. Oct. 26. The Mataki return for the week ended October 24 was 290 z for 134 hours' work from 10,000 yards. SYDNEY WOOL SALES (United Press Association) (By Electric Telegraph—Copyright) SYDNEY, Oct. 26 (Received Oct. 26 at 11.55 p.m.) At the wool sales the market was unchanged and values were fully firm. There was good competition from the Continent and Yorkshire, with moderate support from Japan and local mills. Greasy merino realised to 22d. The number of bales offered was 11.034, of which 10,064 wore sold, while 679 were disposed of privately.

CO-OPERATIVE DAIRY COMPANY ANNUAL MEETING There was a fair attendance of suppliers and shareholders of the Cooperative Dairy Company of Otago. Ltd., at the annual meeting of the company yesterday. The chairman (Mr Neil Stewart) referred to the death of Mr William Allan, who had been the solicitor of the company from its inception. Those present stood in silence as a token of respect. Moving the adoption of the annual report, the chairman said that all dairy companies were now required to give full details of their operations under the Dairy Industry Accounts Regulations, 1936. In the interests of cooperation the directors thought this a very good idea. The average payout per lb of butter-fat, over all grades, was 12.904 d, as against 11.739 d the year before, and represented a total increase in payout for the year of £B9OI. The turnover for last year was £125,055, against £115,239 the year before, an increase of £9716. The cqsts for last year were up by id per lb of fat, and represented a total of £1921. This was on account of the restriction in the factory working hours and a reversion to the 1931 rates of pay, as well as increased costs of requisites. In view of the rising market, the company had purchased as far ahead as possible on boxes and requisites, and this had had a good effect on overhead expenses. Bonus Payment

"In accordance with our practice commenced several years ago," the chairman continued, " we released our bonus of over £16,000 on August 31, which is the earliest possible date after July 31, when our year ends. I also desire to say the same as I stated last year—that we greatly appreciate the kind remarks and letters received regarding our bonus. Last year, I stated that the balance sheet was the best ever presented to shareholders and I say the same this year. Our position is growing stronger year by year. New Regulations "The commission ordered that after January 31, 1937, ■no Otago company could pick up cream in and south of Waipahi and Edievale. This had practically no effect on our company because our policy has always been to keep inside the province, but the total effect was to eliminate a considerable amount of overlapping. Likewise, from January 31, no carter or contractor has been allowed to enter farm gates in order to compete for cream. We understand this has been generally applied throughout New Zealand. No company is now permitted to pay any supplier for loading cream on rail. "Our fixed assets show at £17,881. which is £1097 lower than last year. Adequate depreciation is written off each year, and I express the opinion that our factory is the best equipped in the South Island. Local Trade "Stocks of £15,636 are made up »f butter held for the local trade. Regarding our local trade, I am pleased to say we reached a new high level last season, selling 713 tons on the local market. Our present monthly sales have now increased to such an extent that we will have very little left for export out of 1000 tons." "Sundry debtors stand at £8493 as against £6566 last year," the chairman said. "These represent outstanding accounts with grocers and to farmers, and the larger amount over last year is due to increased local butter sales. We are extremely careful with these accounts and have reason to think we have a good system of credit control. We have turned over £160,000 on the local market over the last two years and our bad debts total under £50." Disturbing Year Mr Fred Waite, in seconding the adoption of the report, said that the dairy industry had experienced a disturbing and unusual year. Legislation and higher costs had disturbed the suppliers on the farm and the working of factories. He wished to draw attention to the new form of accounts. Uniformity of detail was now mandatory, but it should now be possible for the industry to learn, quite a lot of valuable information about itself.

Mr Waite referred to the attempts at rationalising of the butter industry in Otago. This company was as nearly as pure a co-operative company as it was possible to get in Otago, and the directors were agreed that with one co-operative butter company—with, one factory at Dunedin, one at Oamaru, and one at Owaka—Otago would be better served than it was now with four companies manufacturing in five factories. However, some companies were not agreeable to ny form of amalgamation, and those three companies that were in favour of rationalisation—the 'Co-op., the Taieri and Peninsula, and the Waitaki—went on to consider what was possible. Eventually the Co-op. and the Taieri and Peninsula purchased the Waitaki Company. The i.et result of all the meetings between the companies and the Executive Commission was the purchase of the Waitaki Company and the limited zoning that had taken place Prospects for "eason The prospects for the coming season were difficult to forecast, Mr Waite said. Owing to the difficulty of getting farm labour and the comparatively high value of wool and lamb, farmers could not be blamed for turning from dairying to other forms of production. That was inevitable. What, effect it would have on production in Otago no one could say. The local market position was interesting. In the past a profit had been made on local sales as against exported butter. From now on that position would not obtain. Factories selling on the local market would get a price closely related to London parity. The pay-out for the coming season would depend on output, ■ rising costs, and the price realised for butter on the local market. Whatever happened the company was in good shape to face the coming season. The report and balance sheet were then adopted. General It was resolved that a dividend of 4 per cent, should be paid out of the balance of £ll9B 0s 9d in the profit and loss appropriation account, and that the balance, less income tax. should be carried forward. Messrs N. Stewart, of Waikouaiti (representing company-shareholders) and James Kirkland, of Middlemarch (representing supplier-shareholders) were elected directors of the company. Messrs Barr, Burgess, and Stewart were reappointed auditors. At a meeting of directors held after the annual meeting Mr William Blackie, of Taieri, was elected chairman. WALL STREET TRANSACTIONS EXTENSIVE LIST OF DECLINES (United Press Association) (By Electric Telegraph—Copyright) LONDON, Oct. 25. A fresh wave of selling swept the markets following the week-end collapse on Wall Street. The markets finished steadier, but with an extensive list of declines. VICTORIA NYANZA DIVIDEND .Per United Press Association) WELLINGTON, Oct. 26. The Stock Exchange Association has received a cablegram from the Victoria Nyanza Sugar Company, Ltd., announcing that the net profit for the year ended June 30 was £25,624. A dividend of 6 per cent, has been declared.

AUSTRALIAN STOCK EXCHANGES

■ (United Presb Association) (By Electric Telegraph—Copyright) SYDNEY, Oct. 26. (Received Oct. 26, at 11.15 p.m.) The Stock Exchange underwent little change to-day. Industrial values were a trifle weaker, with no selling pressure. Barriers remained steady. THE MORNING SALES

MELBOURNE, Oct. 26. There was a firm bond market, with limited sellers. Leading industrials showed an improved tendency in anticipation of a better London market

LONDON METAL MARKET (United Press Association) (By Electric Telegraph—Copyrteht) LONDON, Oct. 23. The lollowino are tlie official metal quotation!:—

THE WHEAT MARKET (United Press Association) (By Electric Telegraph—Copyright) LONDON, Oct. 25. Wheat cargoes are from 3d to 6d cheaper. Parcels are quiet. FuturesLondon: October. 16s 7d; November 14s lOd. Liverpool: October, 8s m, December, 8s 7|d; March, 8s 3R May, 8s 2ld. , ' Chicago wheat quotations: December, 973 cents per bushel; May, 97jld; July. 92id. AUSTRALIAN GLASS COMPANY DIVIDENDS ANNOUNCED The directors of Australian Glass Company advise that an interim dividend of 6 per cent, has been declared on ordinary shares, and a dividend of 4£ per cent, on preference shares. NEW GUINEA GOLD SHARES (United Press Association) (By Electric Telegraph—Copyright) LONDON, Oct. 25. New Guinea Gold-shares are quoted at Is 6d. THE BRADFORD MARKET (United Press Association) (By Electric Telegraph—Copyright) LONDON, Oct. 25. At Bradford merinos are steady. There is insufficient business to test the values of crossbreds. Yarns are quiet. SUGAR COMPANY'S PROFIT (United Press Association) ' (By Electric Telegraph—Copyright) SYDNEY, Oct. 26. (Received Oct. 27, at 0.30 a.m.) The Victoria Nyanza Sugar Company, Ltd., profit amounted to £25,624, compared with £17,336 for the previous year. The dividend has been raised from 3 to 6 per cent., requiring £IB,OOO. FELT AND TEXTILES (United Press Association) (By Electric Telegraph—Copyright) MELBOURNE, Oct. 26. (Received Oct. 27, at 0.30 a.m.) Felt and Textiles of Australia, Ltd., announced a new issue of 178,uuu ordinary shares. WAIHI INVESTMENTS (United Press Association) (By Electric Telegraph—Copyright) MELBOURNE, Oct. 26. (Received Oct. 27, at 0.30 am.) Advice has been received that Waihi Investments and Exploration Ltd London, showed a net profit of f 12,1™ for the year ended September 30, and declared a dividend of 6 per cent.

Sales on 'Change Broken Hill South (2) .... Woolworths (Sydney) .. .. £ s. 1 1!) 1 9 d 0 6 Sales Reported Woolworths (Sydney; late Rawang Tin (late Saturday) k . U.S.S. Co. (pref.) .. 1 9 0 11 1 6 1 19 1 9 6 0 6 0 7

£ s. 31 p.c. Stock, Nov., 3 J p.c. Stock, MajO 1939-52 104 0 31 p.c, Stock, March, 31 p.c. Stock, Sept., 1041-43 ..... .. 101 10 4 p.c. BondS, 1943-46 .. — 4 p.c. Bonds, 1946-49 .. — 4 p.c. Bonds, 1952-55 104 15 4 p.c. Stock, 1952-55 104 15 31 p.c. Bonds, 1953-57 98 0 3J p.c. Stock, 1953-57 98 0 d. £ a. d. 0 — 0 — 0 — 0 — 103 5 0 103 5 0 0 — 0 — 0 — 0 — MINING Big River (Is) .. .. 0 ' 1 Clutha River (2s) .. 0 3 Consol. Goldnclds (4s) — Gillespie's Beach (Is) O.'l' Kildare (2s) .. ... - Molyneux River (2s),,. 0 2 Nokomai (5s) .. .. — Okarito (5s) •:•',. . .. 0 2 Paddy's Point (5s) ... — Waipapa Beach (Is) .. — 31 3 2 3 9 0 16 0 3 9 0 13 6 0 15 > 1 .3 0 2 4 0 3 9 0 16 0 0 3 BANKING V N.S.W. (£20) .. .. 32 10 N,Z. (£1) 2 3 N.Z. (long D; £1) .. .1 8 Commercial (10s) ..: Natl, of N.Z. (£2 lCs) ■ 2 17 Union (£5) — 0 0 9 9 0 . 11 10 0 19 6 0 17 9 2 19 0 9 12 6 INSURANCE.: National (7s) .... — Standard (£1) .. .. 2 19 3 0 18 3 .5 0 '6 SHIPPING Huddart, Parker (ord.; Huddart, Parker (pref.; £1) .. .. 1 7 P. and O. B-ci. Stock ' (£1) .. 18 IT.S.S. Co. (pref.;. £1) ■ 1 8 6 0 8 6 2 3 0 1 6 9 MEAT PRESERVING N.Z. Refrig. (paid; N.ZJ Refrig ' (cont. 10a) .. Sovu.i Olago Freezing (£5) 5 5 Waltaki Fanners ( £5) 4 5 9 0 6 10 9 0 10 0 6 U 0 WOOLLEN COMPANIES Bruce lord., £1) .. — Kaiapoi (ord.; 17s) .. — Kaiapoi (pref.-, 17sI i. 1' .' — Timaru ..... — 0 12 6 0 14 '0 0 17 '3 0 17 0 LOAN AND AGENCY Goldsbrough, «Mort N.Z. Loan and' M. (ord.; £100) .... — N.Z Guarantee Corp. (3s) ..•..-.. .. Otr:go Farmers (3s 4d) 0 3 Wr;£ht. Stephenson (pref.; £1) .. ,. 10 6 3 1 14 .9 36 0 0 **0 5 0 1 1 3 COAL Kaitangata (16s) .. .. 13 V/estport (10s) .. — Wrstport-StocKton (ord.; 10s) .. .. 0 2 Westport-Stockton (pref.; 10s) .. .. 0 4 3 0 9 I 5 9 SHAREBROKERS PENWICK & R m I S V E 8. STOCK AND SHARE BROKERS. ■ STANDARD INS. BUILDINGS. DUNEDIN ■ Harmari Reeves, Member Stock Exchange. Telegrams: " Fenreef.' Dunedin QUICK, SMITH & BLACK, (Established 1875.) STOCK AND SHARE BROKERS, STOCK EXCHANGE BUILDINGS E. R. SMITH ) Members Dunedin L. J. BLACK ) Stock Exchange. Telegrams: " Quickly," Dunedin. "W, F. T I T C II E N E R, STOCK AND SHARE BROKER. MEMBER DUNEDIN EXCHANGE. STOCK : QUEEN'S BUILDINGS, •;Vj 109 Princes street, DUNEDIN. C.l. Phone' 12-572. Telegrams: " Contango." PATENT AGENTS A J. PARK & SON. ' ' Reg. Patent Attorney 'S, 40 Dowling street, Dunedin. (Phone 10-737.) i And Thames street, Oamaru. (Henry Hay, Agent.)

MISCELLANEOUS Anthony Hordern (£1) _ 0 19 0 Australian Glass (£1) — 4 12 0 British Tobacco (£1) — 2 9 0 Broken Hill Propy. (ex rights) .. .. 3 5 9 3 7 0 Broken Hill Propy. (rights) — 1 11 6 Brown. Ewing (pref.; £1) 1 1 0 — Colonial Sugar (£20) — 47 7 6 Dominion fertiliser (£1) 1 4 0 1 5 0 Stock Exchange Propy. (£1) .. .. 2 1 0 — Ounlop n erd, Rubber (£1) — \ 3 9 General Industries (12s — P 18 6 G. J. Coles (£1) 4 11 9 4 13 0 Hume Pipe (£1) 0 19 11 — Milburn Lime (£1) .. — 2 3 3 Mort's Dock (£1) .. — 0 11 6 Moturoa Oil (5s) — 0 4 0 Moturoa Oil (pref: 5s) ; .. — 0 5 0 N.Z. Paper Mills (£1) _ 1 7 0 Regent Theatre (£1) 1 0 0 — Shillings, Ltd. (£1) .. — 0 19 0 Smith and Smith (pref.; £1) .... — 1 2 0 rnranaki Oil (£1 4s 7d) 0 6 9 0 7 2 Wilsons Cement (10s) — 1 0 0 Woolworths (old; ord.) — 5 5 0 Woolworths (new) .. 4 18 0 — BREWERIES N.Z. Breweries (£1) _ 2 8 9 Dunedin (£1) .. .. 1 9 9 — Carlton (£1) .. .. 3 1 0 — AUSTRALIAN MINING Austral N.Z. Mining (13s) — 0 15 0 Broken Hill South (5s) 2 0 3 2 1 0 Electro. Zinc (pref.; £1) .. .. .. .. Electro. Zintf (ord.; 2 14 0 2 15 3 £1) 2 12 0 2 13 G Mount Lyell (£1) .. 1 18 0 1 19 6 Mount Morgan (2s 6d) 0 11 6 9 12 0 North Broken Hilt (5s) 2 17 3 2 19 0 Placer Developments.. ■*— 3 11 0 Rawang Tin (10s) 0 10 6 0 11 6 UNLISTED STOCKS Woolworths (Syd.; 5s) 1 9 6 1 9 9 A. and T. Burt (pref.; £1) 0 10 6 — Security Finance (£1) — 0 16 0 Self ridges (£1) .. .. 1 11 0 — Mackintosh Caley Phoenix (£1) — 0 7 0

Donaghy's Rope and Twine —Half-yearly, 9d per share To-day United Provisions — Final pref. at 8 per cent, per Oct. 28 South British InsuranceFinal of Is 5d per share .. Oct. 28 Drug Houses of AustraliaFinal, 3i per cent., making 6J per cent, per annum .. Oct. 30 Imperial Chemical Industries —Interim, half-yearly ord. Nov. 1 Macky Logan Caldwell— Interim at 5 per cent, per Nov. 1 Martha Mine—Is per share, Nov. 2 Bank of Adelaide—Interim at 5 per cent, per annum Nov. 3 South Otago Freezing—5 per Nov. 9 N.Z. Paper Mills—Interim, 3 Nov. 15 Broken Hill Proprietary-Half-yearly, Is 3d per share (Australian currency) Nov. 17 National Bank of Australasia —Half-yearly at 6 per cent. Nov. 24 Dunedirt Brewery and Wilson Malt Extract Company —Interim at 7 per cent, per Dec. 1 Bank of New Zealand—Halfyearly, Is per share, ord.,3jf . per cent. D long-term mortgage issue .'.-.. .. Dec. 11 Broken Hill South—Is 3d per Dec. 17

Sales on 'Change £ s. d. Commercial Bank of Aus0 17 4J 0 17 5 Bank ol New Zealand .. 2 4 0 Standard Insurance .. 3 0 0 1 2 1 Broken Hijl Pty 3 5 9 3 5 6 Broken Hill Pty. (rights) .. 1 12 3 1 10 6 1 10 9 12 3 2 12 3 4 7 6 1 8 9 Farmers' Fertiliser .. .. 1 0 2 N.Z. Refrigerating (£1 pd.) 1 0 6 0 7 1 0 1 101 Broken Hill South (2) .. 1 19 0 1 18 0 1 17 9 0 11 5 0 11 11

Broken Hill Pty. (late Sat.) 3 7 3 Dunlop (late Sat.) .. 1 2 5 Electrolytic Zinc (pref.; late Sat.) 2 15 n Electrolytic Zinc (ord.; late Sat.) 2 13 14 G. J Coles (late Sat.) .. 4 12 9 4 13 0 Wilsons Cement (late Sat.) 0 19 6 RlcKenzies (late Sat.) .. .. 4 8 6 Macduffs (pref.: late Sat.; 2) 1 8 0 Mount Lyel] (late Sat.) .. 1 19 1 19 2 4 3 1 Bank of New Zealand 1 2 4 0 Oamaru Woollen 0 19 3 2 8 6 3 6 3 Shillings. Ltd. (3) 0 18 6 Felt and Textiles .. .. 1 17 2 4 7 9 4 7 3 0 11 6A Unlisted Stocks Woolworlhs Ltd. (2) .. 1 9 7 (2) 1 9 8

Commercial Bank of Aus0 17 6 (3) 0 17 7 N.Z. fief rig. (£ 1 paid) 1 0 0 British Tobacco 2 8 4 2 8 5 Broken Hill Propy. (cum 3 5 9 (3; 3 6 7 3 6 6 (2) 3 6 8 Broken Hill Propy. (rights; 1 10 0 1 2 5 Electro. Zinc (ord.; 3) .. 2 12 0 Electro. Zinc (pref.) 2 14 1 (2) 2 14 0 G. J. Coles (2) 4 11 6 4 12 6 4 12 8 Shillings, Ltd. (cum rights) 0 18 9 Broken Hill South (cum div.; 2) 1 19 0 1 17 7 1 17 6 1 17 5 (2) 1 17 6 (2) 1 18 9 J 18 11 1 18 10

0 11 7 0 11 61 0 11 7 (5) 0 11 8 0 11 8* 0 11 8 0 11 9 North Broken Hill (3) 2 16 5 North Kalgoorlie (1912; cum div.) 1 0 3

Sales Reported ■ : N.Z. Govt. 4 p.c. loser,, 1946-49 102 10 0 Broken Hill Propy. (cum div.) 3 6 0 3 6 8 Broken Hill Propy. (rights) 1 10 9 1 2 4J Electro. Zinc (ord.) .. 2 12 4J Gillespie's Beach .. 0 1 4 Mount Morgan (2) .. 0 11 8J (2) 0 11 8

LONDON, Oct. 25. £ s. d. October 25 . 7 0 n October 23 . 7 0 8 October 22 . 7 0 6 October 21 . 7 0 71 October 20 . 7 0 64 October 19 . 7 0 5l October 18 . 7 0 4J October 14 . 7 0 4

RUGBY, Oct. 25. Paris— Par Oct. 23. Oct. 25. Francs to £3 124.23 ] 10 35-6-1 317 1-64 Brussels— Belgas to £3 OsloKroner to £1 30 29.36 29.341 IS.ISO 39.90 19.90 Stockholm— Kroner to £1 18.330 19.391 19.39J Copenhagen— Kroner to £3 18.150 22.40 22.40 BerlinMarks to £3 20.34 12.321 12.321 MontrealDollars to £3 4.86 2-3 4.95 1-11 i 4.95 New YorkDollars to £ 3 4.86 2-3 4.954 4.95 -10 YokohamaFence to yeD 34.582 34 14 Hongkong— Pence to dollar 24.58 15 15 BombayPence to rupee — LSI 18* Batavia— florins to £ 1 12.10 8.03) 8.931 MilanLire to £3 82.46 94* 91* . AmsterdamGuilder to £3 12.107 8.93J 8.951 Prugue— Kroner to £ 3 1041 Ml 9-16 111 9-16 GenevaFrancs to £ 1 25.224 21.19 21.17 1-16 ViennaSchillings to £3 84.86J 2 6} 26* uelslngfors— Marks to £ 3 193.23 22«4 2261 MadridPesetas to £ l 25.221 92 11-32 92 11-32 BelgradeDinars to £1 25.221 236 21C AthensDrachmas to 375 5 17 i 517 J Lisbon— Escildos to £3 110 110 3-10 111) 3-16 BucharestLei to £ 3 931.6 675 675 Rio de JaneiroPence to tnlirels 5.890 41 41 Buenos AiresPence to pesos 47.22 — — ShanghaiPence to tacl — 141 Ill Montevideo— Pence to pesos — 39 13-10 39 13-16 Warsaw— Zlotysto £3 — 26.21 26.21

£1 N.Z. to £100 171 O.I) 123/10/124/10/ 124/8/fl Australia— £ A to £100 N.Z. T.T. O.D 101/-/-101/-A 100/10/ 100/10/ FIJI— £ F. to £100 N.Z. T.T. O.D 90/7/6 90/7/0 »9/V S»/-/-New YorkDollars to £ N.Z. T.T O.D 4.oo:i4 4.0134 s.neso 3.9729 Montreal— \ Dollars to £ N.Z. T.T O.D. 4.0024 4.0111 3.969!) 3.9739 Austrtn— Schillings to £ N.Z .. .. r.T. O.D. - 20.83 20.81 Belclum— BelRas to £ N.Z T.T O.D 23.784 23.850 23.474 23.485 CzechoslovakiaCrowns to fl N.Z. T.T. O.D. - 112.76 112.81 DenmarkKroner to £ N.Z. T.T. O.D. 18.203 18.263 17.893 17.899 France— Francs to £ N.Z. T.T. O.D. z 117.07 117.11 Germany— Helchsmarks to £ N.Z .. .. T.T. O.D. - 9.s:a 9.837 Uolland— Florins to £ N.Z. T.T. O.D 7.207 7.337 7.147 7.151 Italy— Ute to £ N.Z. T.T. O.D. - 75.15 75.50 JavaFlorins to £ N.Z. T.T. O.D. 7.271 7.311 7.121 7.125 Norway— Kroner to £ N.Z T.T. O.D 1(5.185 10.245 15.895 15.901 SwedenKroner to £ N.Z. T.T. O.D. 15.780 15.846 15.491 15.497 SwitzerlandFrancs to £ N.Z. T.T. O.D. 17.43G 17.54117.166 17.171 NoumeaFrancs to £ N.Z. l.T. O.D. - 115.82 115.86 Papeete— Francs to £ N.Z. T.T. O.D. - 115.87 115.91

Hongkong— N.Z. pence to 1 dollar . T.T. 18 20-64 IS 53-64 O.D IS 27-61 18 53-64 India and Ceylon— N.Z. pence to 1 rupoe T.T 223 22 21-32 O.D, 22 11-32 22 21-32 Japan— N.Z. pence ven to 1 T.T. O.D. — 17 33-S4 — 17 33-64 Shanghai— N.Z. pence to 1 T.T. — 18 13-64 O.D. — 18 13-G4 Singapore— N.Z. pence dollar » to 1 T.T. 34 23-32 35 13-64 O.D 34| 35 13-64 Cliefoo— N.Z. pence dollar to 1 T.T. O.D — 18 15-B4 — 18 T-S2 Manila— N.Z. pence to 1 T.T. 2!) 47-64 30 15-64 peso n.» 29 41-64 30 15-64 AH rates subject to'aiteratlon without notice

Commonwealth Bonds— X. s. u. 3J per cent, 1951 .. .. 101 0 0 3J per cent, 1948 .. .. 100 18 9 4 per cent, 1941 .. .. 103 2 6 4 per cent, 1955 .. .. 103 6 3 4 per cent., 1959 .. 102 6 3 4 per cent, 1961 .. 103 0 0 Commercial Bank of Aus0 17 10 : '. 1 11 6 Anthony Hordern .. .. 0 19 0 0 19 0 Broken Hill Proprietary .. 3 6 3 Electrolytic Zinc • • 2 12 6 Electrolytic Zinc (pref.) .. 2 15 0 General Industries .. 0 19 9 2 10 0 ADDITIONAL SALES Bank of New South Wales 34 2 6 Commercial of Sydney 21 13 0 Commercial of Australia .. 0 17 9 National Banlc (£5 paid) .. 7 10 6 Queensland National Bank 5 10 0 47 5 6 Australian Gas Cold) .. 7 10 6 Berlei 2 0 0 2 8 9 2 14 9 1 11 41 4 12 0 1 2 9 1 17 0 2 0 6 2 7 0 0 18 0 United Provisions •'• •• 0 7 7 2 10 0 Standard Waygood .. 0 5 9 2 13 0 Electrolytic Zinc (pref.) .. 2 15 3 0 11 9 Mount Morgan (New Zea0 11 9 1 18 3 Mount Lyell (New Zealand 1 18 3 North Broken Hill .. .. 2 17 6 South Broken Hill .. .. 2 1 6 0 12 2\

to-morrow. £ s. d. Comm. Bank oi Australia .. 0 17 8 5 13 0 National Bank (£5 paid) .. 7 12 0 National Bank (.£10 paid).. 14 16 0 4 13 6 1 6 4* 4 13 6 1 2 8 Melbourne Electric (stock) 0 19 6 1 17 6 2 12 6 Electrolytic Zinc (pref.) .. 2 15 0 0 18 0 0 12 0 1 19 0 3 6 9 North Broken Hill .. .. 2 18 0 South Broken Hill .. .. 2 1 9 5 9 0 0 12 3 0 17 4

ion Copper, ipot .. .. £42 8 9 Fall £2 12 8 Copper, forward 42 IS m Fall 2 II 3 Electrolytic, ipot .. 48 0 0 Fall 1 0 0 Electrolytic, forward.. 49 0 0 Fall 2 0 0 Wire dart .. .. 49 0 0 Fall 2 0 0 Load, ipot .. .. 17 9 4'/i Fall 1 2 6 Lead, forward .. >. 17 18 I'/u Fall 1 3 9 Spelter.' toot .. .. 10 8 lOi/j Fall 1 s 9 Spelter, forward 16 II Id'/i Fall 1 3 9 Tin, ipot 204 IS 0 Fall 14 2 6 Tin, torward ,. .. 204 12 01. t Fall' 14 2 G Silver, itandard 19 IS-IOd Rise l-IGd Silver, One 2l'/ 8 d Rise 1.1 fill