COMMERCE AND FINANCE

Otago Daily Times, Issue 23335, 29 October 1937, Page 6

COMMERCE AND FINANCE

THE RESERVE BANK ASSETS AND LIABILITIES (Peb United Press Association) WELLINGTON, Oct. 28. The Gazette issued to-night contains the following statement of liabilities and assets of the Reserve Bank of New Zealand as at the close of business on October 25. The figures at the close of the previous week are given for purposes of comparison, shillings and pence being omitted:— LIABILITIES

NEW YORK STOCK EXCHANGE RESERVE BOARD'S MOVE (United Press Association) (By Electric Telegraph—Copyright) NEW YORK, Oct. 28. (Received Oct. 28, at 11 p.m.) Apparently prompted by the recent instability of the stock market, the 1 Federal Reserve Board reduced the margin of requirements for purchases from 55 to 40 per cent, and imposed a margin of 50 per cent, on short sales. The move is evidently designed to encourage buying and discourage excessive bear speculation. NATIONAL INSURANCE COMPANY ANNUAL REPORT The annual report of the National Insurance Company of New Zealand, Ltd., shows that the net income for the year ended September 30, 1937, amounts to £289,678 17s 3d. After making full provision for losses outstanding, there is an underwriting surplus of £20,169 3s lOd. Interest arid rent, less, income tax, amounts to £28,459 ids 7d, and the balance brought forward from last year, £37,536 8s Bd, amounting in all to £86,160 3s Id. An interim dividend was paid m May, 1937, which absorbed £16,666 13a; 4d, leaving an available balance of £69,498 9s 9d. The directors have added £6500 to the reserve fund, and have • written £4537 off the company s premises, and now recommend the payment of a further dividend of 5d per share (making the total distribution for the year 9d per share, equalling £37,500), and to carry forward £37.628 3s Id. JAPAN'S IRON INDUSTRY PHENOMENAL GROWTH The Japanese iron industry has more than doubled since 1929, and is Planning to enlarge its capacity to 8,000,000 tons in the next few years. Japan has not only become practically self-sum-cient, except for snecial alloy steels, machinery, and tools, but has become a formidable competitor in the world steel trade. Her steel exports rose from 71,000 tons in 1931 to 528,000 tons in 1935, and, according to a report last year, she is the third largest exporter to the Pacific area, outstripping Germany, France, and Belgium. Perhaps the most important of Japanese acquisitions is a deposit of iron on an island in Yampi Sound, Western Australia, the monthly review of the National 1 City Bank of New York considers An American' engineer has planned the development, with the latest equipment for docks, mining, and handling As long ago as 1921 a Japanese company obtained an iron mining concession in India and its shipments to Japan in 1935 were reported at 595,000 tons. Large shipments of iron ore are also made from Malaya and the Philippine Islands. From Samar Island, 1,000,000 tons of ore is to be shipped annually to Japan, after 1938. and iron deposits in the Netherlands East Indies. Manchukuo. >and China -the being worked. Thus, the,review.of the National City Bank of .New- York concludes.. Japan has not only reached the front rank as a producer of textiles, but will soon reach a similar position in steel and its manufactures. She is acquiring the basis for a great manufacturing nation. and will soon be introducing and selling all kinds of machine tools and equipment throughout Asia and where, as now with textile machinery.

LOCAL AND OVERSEAS MARKETS

THE SHARE MARKET DUNEDIN STOCK EXCHANGE Bank of Australasias were on offer at £ll lis on the Dunedin Stock Exchange yesterday, Hit buyers remained unchanged at £ll 3s.' Bank of New Zealands were reported to have been dealt in at £2 4s, but the market closed without alteration in buyers' offer. £2 3s 9d. Commercials were also reported to have changed hands at 17s 7d the closing quotations being 17s 3d and 17s 9d. Contributing. National of tralasias.met with a slightly firmer inquiry at £7 Bs, but sellers did not show any interest. National Insurances were offered for sale at 18s Id without buyers coming forward. Paid up New Zealand Refrigeratings' were easier, the best buying offer being 19s 6d, while fellers asked £1 Os 6d. Buyers of Goldsbrough. Morts, were prepared to give £1 14s, but sellers would not do business below £1 14s 9d. British Tobaccos were in slightly easier demana at £2 7s 9d, sellers remaining firm at £2 9s. Dbnaghy's Ropes were on offer at £2 9s 6d. ex! dividend, but buyers did not'respond. There was an improvement m the market for General Industries, buyers offering 19s, but this price did not attract sellers. G. J. Coles firmed considerably, the closing buying offer being £4 12s 3d. Sellers, however, remained unchanged at £4 12s 9d. Broken Hill Souths were in easier demand at £1 19s 3d, sellers asking £2 Os 6d. North Broken Hills were inquired for at £2 16s, which was Is 3d below sellers' requirements. A sale of a parcel of these shares at £2 17s was reported after the last call. YESTERDAY'S TRANSACTIONS

»♦ Ex dividend DIVIDENDS PAYABLE The following is a list of shares on which dividends will shortly be-pay-able:— .'•■.' Drug houses of AustraliaFinal, 3£ per cent., making 6J per cent, per annum .. Oct. 30 Imperial Chemical Industries r _ —lnterim, half-yearly ord. ■'■•,. 3 ner cent Nov. 1 Macky . Logan Caldwell--Interim at 5 per cent, per annum .. Nov. 1, Martha Mine —Is per share, free of tax .'.-. Nov. 2 Bank of Adelaide—lhtefim at 5 per cent, per annum Nov. 3 South Otago Freezing—s per cent (about) Nov. 9 N.Z. Paper Mills—lnterim. 3 per cent .. .... 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. per annum Nov. 24 Dunedin Brewery and Wilson Malt Extract Company —lnterim at 7 per cent, per annum Dec. 1 Bank of New Zealand—Halfyearly, Is per share, ord., 3| per cent. D long-term mortgage issue Dec. 11 Broken Hill South—ls 3d per share Dec. 17 NORTHERN EXCHANGES AUCKLAND

NEW ZEALAND LOAN AND MERCANTILE SHARES (United Press Association) (By Electric Telegraph—Copyright) LONDON, Oct. 27. New Zealand Loan and Mercantile ordinary shares are quoted at £25, and the preferences at £lO2 and £BB 10s. NEW GUINEA GOLD SHARES (United Press Association) (By Electric Telegraph—Copyright) LONDON, Oct. 27. New Guinea Gold shares are quoted at Is si±

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 purchased and sales of forelgD exchange yesterday:— London— Buying Selling

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. 1 hey are subject to alteration without

THE AMERICAN SLUMP A SEARCH FOR CAUSES Various explanations are given to ac-: count for the continued weakness of the New York stock market. One of the latest is that of the chairman of the Chase National Bank of New York Mr Winthrop Aldrich, who blames the stringent regulation by Government of the market, and the uncertainty among investors as to the rjolitical future of the country. Another reason, however, may be the burden which the Government speaks of placing oh investment of foreign money in the United States with the object of preventing both an invasion by "hot money" and a possible flight from the dollar by the same kind of money. The anxiety which the presence of foreign balances held on deposit or invested in securities is causing the United States authorities was made evident some weeks ago in a forecast from Washington that legislation to discourage the importation of 'hot money" is to be submitted to Congress during the January session. It is expected that the programme may be twofold, and will be designed to replace the existing gold sterilisation machinery. According to messages received in London from New York, it is proposed to empower the Federal Reserve Board to require the banks to hold a special high reserve against foreign deposits, and at the same time to collect a capital gains tax through American transfer agents on profits realised by foreigners on American securities, although an alternative may be found to the latter proposal. It is added that Washington hopes • ultimately to broaden this plan into a general international movement for the prevention of the flight of capital from one centre to another. Efforts in the same direction, though with perhaps less stir than in the United States, have, of course, already been made in Great Britain, writes the Bankers' Magazine (London), and the problem in America, i* not pressing at the moment may become so at -.ome time in the future. It may thus be said to justify action by the authorities, but the difficulty which* presents itself in devising legislation, the Bankers Magazine points out, seems to be to attain the desired effect without imposing undue impediments on individual liberty, and restrictions on trade and commerce.

RABBIT SKIN SALE LAST OF SEASON The Duncdin Stock Agents* and Wool Brokers' Association (Messrs Dalgety and Co., Ltd.; Donald Keid and Co., Ltd., Stronach, Morris, and Co., Ltd.; New Zealand Loan and Mercantile Agency Company, Ltd.; Wright, Stephenson, and Co.. Ltd.; Otago Farmers' Co-operative Association, Ltd.; and National Mortgage and Agency Company, Ltd.) reports as follows: The last of the fortnightly rabbit skin sales for 1937 was held yesterday, when very light catalogues, comprising mostly inferior quality skins, were offered. The small'parcels of winter grades met with very poor competition, and may be quoted 12d to 24d lower. Late bucks and does declined 8d to 12d, while spring bucks and does were 2d to 8d lower. Hatters' grades were firm at last sale's rates in most cases. The following is the official range of prices:— Summer broken, 19d to 21Jd; third broken, 23|d to 25£d; winter broken, 26£d to 28Jd; runners, 12d to 14£d; summers, 19d to 21id; small, ll£d to 12|d, racks, 19d to 20d; first spotted winters, bucks, 42d to 45d; first spotted winters, does, 373 d; second winter bucks, 44§d to 60d; second winter does, 40d; first winter bucks. 62£d to 64d; first winter does, 40d to 46d; outgoing bucks, 40d to 44Jd; outgoing does, 36d to 39d; springs, bucks, 30d to 37|d; springs, does, 30d to 35id; milky, first, 23Jd to 32£d; milky, second, 19£d to 23d; fawn, 14d to 18d; winter fawn. 20d to 24d; summer black, 143 d to 19d; third black, 20jd to 25d; first winter black, 34d to 40d; second winter black, 21d to 28£d; hareskins, 8d to 12d; horsehair, 18d to 23d. PRICE OF FINE GOLD

(United Press Association) (By Electric Telegraph—Copyright)

LONDON METAL MARKET (United Press Association) (By Electric Telegraph—Copyright) LONDON,. Oct. 27. The following are the official metal quotation!:—

IMPERIAL SMELTING (United Press Association) (By Electric Telegraph—Copyright) LONDON, Oct. 27. Imperial Smelting Company's annual report contains the following information:—Brought forward, £69,314; net profit, £257,092. The preference dividend absorbed £134,538, and the ordinary 5 per cent, dividend £Ul,mo. Carried forward, £70,620. EXPORT TRADE NEW ZEALAND'S POSITION The latest bulletin of the Department of Industries and Commerce deals in large part with the export and import trade of the Dominion for 1936. It shows that the value of the exports of New Zealand produce reached £56 751 940. Great Britain absorbed 80.15 per cent, of the exports, Australia 3.25 per cent., Canada 1.96 per cent., United States 5.07 per cent., France 2.90 per cent., Japan 2.74 per cent. Increases in the percentages of imports over those of 1935 were shown by France and Japan. Empire countries absorbed 86.30 per cent, in 1936, against 89.77 per cent, in 1935. and foreign countries 13.70 per cent., as against 10.23 per cent. Australian business and economic conditions to June 30, 1937 are also reviewed, and, " it is expected that the national income of the Commonwealth will exceed that of 1928-29 (when it amounted to £600,000,000) if present conditions are sustained." Figures for unemployment are described as particularly satisfactory." _ Mr G. W. Clinkard, Trade Commissioner in Europe, draws particular attention to the expansion of German trade in Brazil in the purchases of cotton, wool, and rubber. Mr Clinkard also reports that Russia may become a not unimportant buyer pf New Zealand products, Production of staple fibre (artificial wool) has already begun in'Russia. . _ . . Butter production m Russia has more than doubled during the past four years and reached 118,300 tons in 1936. The steady growth of co-operative marketing in the United States is noted in full and covers all farm products. RHODESIAN MINERALS The value of the Northern Rhodesian mineral output for the first seven months of the year has increased two and a-half times over the correspondine oeriod of 1936. The total value was £8,065,786, as compared with £3,297,053 the previous year. Included in this yield were 103.623 tons of blister copper, valued at £6,244,869; 17,499 .ons of electrolytic copper, worth £1,142.805; 1,149.889 lb of cobalt, valued at £325,575; 30250 z of gold, 268,0031 b of vanadium, 33 tons of lead, and 14661 b of selenium The zinc output was 9970 tons at £250.074. The selenium was received from the refinery slimes of the Nkana copper mine.

SOUTH BRITISH INSURANCE EXPANSION OF OPERATIONS (Special to Daily Times) AUCKLAND, Oct. 2a. At the annual meeting of the Soutth British Insurance Company, Ltd., the chairman of directors, Mr W. R. Wilson, said that as a result of the lincreasing trade activity throughout the world the premium income for the year showed another substantial advance upon the previous figures. While jail their fields had contributed to this increase the highest percentage came from the London branch, where business had greatly improved during the year. The company's operations had been extended to Palestine, a branch having been opened at Haifa in Mairch last. * So far as rents were'concerned, tpe chairman continued, the company wps now reaping the benefit of last yeaf's expenditure. The amount for the year represented 3.65 per cent, on the assets, which was probably as high a return as they could reasonably expect to achieve. The larger interest earnings would practically cover the distribution of 2s 9d a share for the year. TWi increase in premises of £28,726 t() £470,989 was mainly due to the progress payments on the new building in Wellington and to the final payment!! for the Newcastle and Mombasa build'ings. The two last-named were fully tenanted and would give a satisfao> ; tory return upon the outlay. The Wellington premises would not be ready' for occupation until early in the New i Year. " The business of a company such as. this becomes more diversified with, every year that passes," Mr Wilson added. "Thirty years ago our income, was derived almost entirely from fire, and marine . premiums. Since those' days the accident and miscellaneous j section has grown steadily until its revenue now threatens to outstrip that] of the older classes." ( Division of Shares A proposal that the existing £l' shares of the company should be divided into two fully paid-up 10s. shares was adopted at an extraordinary . meeting. An addition to the Articles-j of Association of a new clause dealing j with the payment of any dividend or bonus was also adopted. The chairman said the addition to the Articles was a machinery clause to expedite the procedure in the office. With regard to the division of the shares it was proposed to make this operative from January 1, 1938. The effect would be a wider distribution of the company's shares. . I Mr Wilson reminded shareholders not to expect the same dividend distribution on each of the divided shares as they had been receiving in the past on the £ 1 shares. AUSTRALIAN STOCK EXCHANGES J (United Press Association) (By Electric Telegraph—Copyright) SYDNEY, Oct. 28. (Received Oct. 28, at 10 p.m.) The share market continues steady without a definite trend. Government loans continue to rise. THE MORNING SALES

MELBOURNE, Oct. 28. The exchange market was quiet and inclined to mark time, awaiting more definite indications from overseas.

GREY VALLEY COLLIERIES FIRST DIVIDEND SINCE 1930 (Special to Daily Times) CHRISTCHURCH, Oct. 28. The first dividend since 1930 is recommended by the directors, of the Grey Valley Collieries, Ltd., in their annual report for the year ended September 30, 1937. The amount recommended is 2J per cent. The report and accounts disclose several improvements in the position of the t com P a^- na JH% net profit had risen from £IO9B to £3744, and the output was 12,473 tons higher at 56,582 tons. The directors state that the increased production costs brought about through the higher wages and shorter hours were offset to some extent by the higher selling price. NORTH BROKEN HILL INCREASED ORE RESERVES From a record net profit of £910,627 earned by North Broken Hill, Ltd., for the year ended June 30, shareholders received £840,000 in dividends. This sum, which represents 6s for each 5s share, or 120 per cent., is £140,000 more than the capital of the company. The previous year's dividend was 77$ per cent Ore reserves increased during the year to 5,021,000 tons. The profit was arrived at after providing £276,000 for taxes and the unchanged amount of £30,000 for depreciation. Compared with the previous year the profit shows an increase of £273,700. Appropriations for new plant amounted to £101,613 General reserve shows an increase of £126,613, and there has been a fall of £27,761 in surplus liquid assets from the figures of June 30, 1936. For the second successive year the company's returns were affected by a fall in the price of silver. The company, however, profited by a rise in the average prices of lead and zinc in the same neriod of £6 18s 2d and £4 18s 2d respectively Development work done at the north section has resulted in an increase in ore reserves. The general manager estimates reserves in the North, British and Junction sections at 5,021,000 tons, exclusive of ore disclosed by diamond drilling only. This is an increase of 271,000 tons for the year.

MINING NEWS OKARITO DREDGE REP AIRS Advice has been received from the Okarito dredgemaster that the repairs necessitated by the recent sinking of the dredge are progressing satisfactorily. The damaged section of the dredge ladder has been removed and replaced, and the ladder repairs will be completed within a few days. The planking in the well has been thoroughly inspected, and all planks showing signs of deterioration have been replaced. The well is now to be sheathed with quarter-inch plates to prevent a repetition of the damage which caused the sinking. It is anticipated that a further two weeks will elapse before dredging commences. TRANSVAAL GOLD YIELD Records for milling tonnage, ounces recovered and lowest average grade were established by the Transvaal gold mining industry in July. The tonnage milled by the 37 producers of the Witwatersrand amounted to 4,320,400 tons, from which 971,5740 z of gold were recovered. With an average gold price of 139 s 6d an ounce the gold realised £6,719,549, or 31s Id a ton. The average working cost was 18s lOd a ton, the lowest this year, while the estimated working profit of £2,650,479 was equal to 12s 3d a ton. Rand producers disbursed dividends for the first six months of the year •amounting to £8,455,454. The total yield for the Transvaal amounted to 996,545 ounces, valued at £6,771,281, which exceeds by 5223 ounces the previous record established in August, 1932. The returns for August," 1937, were slightly below the July record figures. MOSSY CREEK RETURN (Per United Press Association' GREYMOUTH, Oct. 28. The Mossy Creek return was 220 z 16dwt (5867 yards) for 110 hours' work. Short time was worked owing to the Labour Day holiday. UNION OIL COMPANY S DIVIDEND AT UNCHANGED RATE (Special to Daily Times) AUCKLAND, Oct. &. Lower earnings are shown by the Union Oil, Soap, and Candle Company, Ltd., for the year ended September , 30. The net profit declined by £6lB I to £4366, this amount being struck after reserving £2500 for land and I income tax, and £1748 foi• depreciaI tion. A final dividend of 9d a share is recommended, making, with the in- > terim distribution of 6d a share Is &a .a share for the year, unchanged. An amount of £2217 was brought into the accounts, making £6583 available. The year's dividend requires £4687, leaving £1896 to be carried forward. NESTLE'S MILK COMPANY ' Nestle and Anglo-Swiss Condensed .Milk Company (Australasia), Ltd., earned net profit for the year ended June 24 of £176,672, as compared with £107,884 last year and £106,850 in 1935. Dividend on the ordinary shares has been increased from 3 per cent per annum to 10 per cent, per annum. The Nestle and Anglo-Swiss Condensed 'Milk Company of Switzerland owns fall the ordinary capital in the Australian organisation. !. LONDON MONEY MARKET (United Press Association) (By Electric Telegraph—Copyright) LONDON, Oct. 27. Discount and short loan interest raites: Day-to-day loan, i per cent; finie trade bills, three months, 2 to> ,24 per cent.; bank bills, three months, 9-Jl6 per cent; bank bills, six months, § per cent.; Treasury bills, two months, f per cent; Treasury bills, three ninths, 9-16 'per cent.; New York call rnimey, 1 per cent. PERPETUAL FORESTS, LTD. <Peb United Press Association) I AUCKLAND, Oct. 28. The directors of New Zealand Perpetual Forests, Ltd., have declared an unchanged interim dividend of 4 per cetrjt. • -.. ■■ I6JENRY JONES CO-OPERATIVE <Teb United Press Association) WELLINGTON, Oct 28. •Hie Henry Jones Co-operative advise*! the Stock Exchange Association that a dividend had been declared todays of Is 6d a share, payable on Der cemjber 1. ___

Last week. £ 1,500,000 This weekS -<■:: l,500,0B0 1. General Reserve Fund .. 2. Bank notot 13.117.229 13,273,691 3. Demand liabilities— 5,130,604 4,860,763 7,402,237 7,389,123 551,170 340.760 — - 1. Liabilities in currencies other than New Zealand currency .. .. — — M. Other liabilities .. .. 142.555 261,014 £27,843,797 £27,625,353 ASSETS 7. Reserve— (a) Gold 2,801,791 2,801,791 (b) Sterling exchange .. 17,709,271 17.595.334 (c) Gold exchange .. .. — ~" 1 Subsidiary coin .. .. 88,343 86,337 9. Discounts— (a) Commercial and agricultural bills — "* (b) Treasury and local body bill v — mm 1*. Advances— (a) To State or State undertakings— , (1) Dairy Industry account .., •■ •• 3,778,987 3,766,385 (2) For other purposes 500,000 500.D00 <b) To other publio authorities .-. •• — * "" <o> Othor .. .. •-./•• — K.eKO '\0\ II. Investments .. "■»:"'.'•'■ 2,906.450 i,uOo,-J*J 12. Bank buildings -J;r- ~ '■"■..- 13. Other assets .. ■>»,;■»*• 58,953 ' Total >4i ■■ £27,843,797 £27.625,353 Proportion ot reserve (No. 7 less No. 5) to notes and ' other demand liabilities ,. 78.282% 78.861%

Sales Reported £ s. d. Bank of New Zealand .. ,. 2 4 0 Commercial Bank . .. . 0 17 7 Mount Morgan (2) . .. .. 0 11 81 Broken; Hill Prpy. (rights) •• 1 10 7 Sale Reported After Last Call Broken Hill Propy. (rights) 1 10 6 North Broken Hill . 2 17 0 Unlisted Stocks' Woolworths (Sydney; ord) 1 9 1 9 7 6 The following are yesterday afternoon's buying and selling quotations, which are subject to the usual brokerage:- - GOVERNMENT LOANS Buyer. Seller. £ s. d. £ s. d. 31 px. Stock, Nov., i04 0 0 — 3J p.c,. Stock, March, ~ 101 10 0 31' p.a Stock, Sept., — 101 10 0 31 p.c. Stock, May, 1939-52 104 0 0 — 31 p,c. Stock, March, 101 10 0 — 31 p.c. Stock, Sept., 101 10 0 — 31 p.c. Stock, May. 104 0 0 — 31 p.c. Stock, Nov., 1941-52 .... •-. 104 0 0 — 4 p.c. Stock, 1943-46.. — 103 5 0 4 p.c. Stock, 1946-49.. — . 103 0 0 4 p.c. Bonds, 1952-55 104 15 0 — 4 p.c. Stock, 1952-55 104 15 0 — 31 p.c. Bonds, 1953-57 98 5 0 — 31. p.c. Stock, 1953-57 98 5 0 — • ;. MINING Big River (Is) .. .. — 0 1 6 Clutha River (2s) .. 0 3 4 0 4 0 Consol. Goldfields (4s) — 0 13 6 Gillespie's Beach (Is) — 0 1 41 Kildare (2s) .. .. — 0 1 3 Molyneu?. River (2s) — 0 2 6 Nokdmai (5s) .... 0 2 0 0 2 3 Okarito (5s) .. .. 0 2 9 0 3 9 Paddy's Point (5s) .. . — 0 2 0 BANKING 11 3 0 11 11 0 N.S.W. (£20) .. .. 32 10 0 — 2 3 9 — N.Z. (long D; £1) .. — 1 9 6 Commercial (10s) 0 17 3 0 17 9 N'ati. of N.Z. (£2 10s) • — 2 19 0 Natl, of A'asia (cont.; 7 8 0 — — 9 11 0 INSURANCE National (7s) ... .. — 0 18 1 New Zealand (£1) .. 3 4 0 — South British (£1) .. ■ — 4 15 0 Standard (£1) ... .. 2 19 0 3 0 6 SHIPPING Huddart, Parker (ord.; 2 0 6 2 3 0 Huddart, Parker (pref.; £1) .. .. 1 7 0 — P. and O. Def. Stock 1 10 0 1 14 0 TJ.S.S.,Co. (pref.; £1) 1 6 6 — MEAT PRESERVING N.Z. Refrig. (paid; 0 19 6 1 0 6 N.Z. Refrig. (cont. 0 9 0 0 9 10 South. Froz. Meat (paid; £1) .. .. ' — 1 9 0 South Otago Freezing (£5) 5 5 0 6 0 0 Waitaki Farmers (£5) 4 6 0 — WOOLLEN COMPANIES , * Bruce (ord.; £1) .. — 0 12 6 Bruce (pref.; £1) .. 1 1 6 — Kaiapoi (ord.; 17s) .. — 0 13 0 Kaiapoi (cont.; 7s) .. — 0 5 0 Kaiapoi (pref.; 17s) .. — 0 17 3 Timaru . .". — 0 17 0 LOAN AND AGENCY Goldsbrough, Mort 1 14 0 1 14 9 N.Z Loan and M. (ord.; £100) .. .. — 36 0 0 N.Z. Guarantee Corp. (3s) .. — 0 5 0 Otago Farmers (3s 4d) 0 3 6 0 4 3 Perpetual Trustees (18s) — 2 i9 0 Trustees. Executors (£2) 3 15 0 — Wright. Stsphenson .(pref.; £1) .... — 1 1 3 COAL Kaitahgata (16s) .. .. 1 3 6 — Westport (10s) .. .. — 1 5 6 Westport-Stockton (ord.; 10s) .. .. 0 2 0 • — Westport-Stocktoh (pref.: 10s) 0 4 10 0 5 3 MISCELLANEOUS Anthony Hordern (£1) * — 0 19 0 Associated News (pref.; £1) .. .. — 1 4 0 Australian Glass (£1) 4 10 6 4 12 6 British Tobacco (£1) 2 7 9 2 9 0 ESroken Hill Propy 1 10 6 1 11 0 Brown, Ewing (ord.; .£1) . .. .. -v. 3 5 3 3 6 6 Broken Hill PrOpy. (rights) .:.:'.. ... 1 10 6 .1 11 0 Brown, Ewing (pref.; ; £i) : ■.... ;; ... .. — 12 0 D.I.C.. (pref.; £1) ..... — .1 4 .6 .Dominion fertiliser (£1) 1 4 3 1 5 0 Dominion Fertiliser , (debs.) ... .. 102 0. 0 — Dominion Rubber (£1) — 1 11 0 Donaghy's Rope (,£1) — ♦»2 9 G Stock ' Exchange Propy <£l) •• •• 2 1 0 ' - Dunlop °erd. Rubbei • (£1) .. .. .. .. — 1 2 9 Gt-'Rial Industries (12s 0 19 0 — G. J. Coles (£1) 4 12 3 4 12 9 Hume Pipe (£1) .. — 1 0 3 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 M'Leod Bros. (£ 10) .. 26 0 0 — N.Z. Drug Co. (£2) .. — 3 15 0 Farmers' : Fertiliser (£1)' .. .. .. .. 1 0 0 — N.Z. Paper Mills (£1) ■ ■' — 1 6 9 Regent Theatre (£1) 1 0 0 1 1 6 Shillings. Ltd. (£1) .. 0 18 3 0 19 3 Smith and Smith , (pret.; £1) .... — 1 2 0 Taranaki Oil (£1 4s 7d) .. .. .. .. — 0 7 2 Wilsons Cement (10s) . — 1 0 0 Woolworths (old; ord.) 5 0 0 — 3. R. McKenzies .. — « 8 8

BREWERIES N.Z. Breweries (£1) 2 8 0 Dominion (£1) — 2 0 9 Dunedin (£1) .. .. 1 9 6 1 12 0 Carlton (£1) .. .. 3 1 3 — AUSTRALIAN MINING Austral N.Z. Mining (9s) — 0 15 0 Broken Hill South (5s) 1 19 3 2 0 6 Electro Zinc (pref.; £1) .. .... —, 2 14 9 Electro. -Zinc (ord.; £1) .. .. 2 10 6 2 12 0 Mount Lyell (£1V .. 1 18 3 1 18 6 Mount Morgan (2s 6d) 0 11 8 0 11 10 North Broken Hill 2 16 0 2'17 3 Placer Developments — 3 12 0 UNLISTED STOCKS Woolworths (Sydney; — 1 10 0 A. arid T. Burts 0 10 6 — Security Finance (£1) — 0 17 0

Sales on 'Change £ s. 102 5 A Stock. 1943-46, 4 p.c. .. ... U. 0 102 10 0 Stock, 1946-49, 4 p.c. .... 102 10 0 Bank of Australasia .. 11 7 6 Comm. Bank of Australia .. 0 17 7 0 17 6 (pref.) 9 10 0 (pref.) 9 11 0 Bank of New Zealand 2 3 11 N.Z. Insurance 3 4 4 North Auckland Farmers (B 0 11 6 1 1 11 1 2 0 1 1 11 Dominion Breweries (pref.) 2 0 3 2 8 6 Australian Glass .. .. 4 11 9 Broken Hill Pty. (2) .. .. 3 6 0 (rights) 1 10 9 „ . (rights) 1 10 6 G. J. Coles 4 13 0 1 5 0 M; K. Millinery 0 12 6 0 11 0 Northern Roller Mills .. .. 1 17 0 1 1 0 0 5 10 0 7 U Wo61worths (N.Z.) .. .. 5 2 6 1 18 3 Mount Morgan (2) .. .. 0 11 9 0 11 10 Unlisted Stocks Australian Alloy Steel (old) 1 1 0 Woolworths (Sydney) 1 9 6 WELLINGTON Sales on 'Change Stock, 1946, 4 p.c. (late Wed.) 102 15 0 Bank of N.Z. (late Wed.) .. 2 4 0 Bank of N.Z. ("D," long term; late Wed.) .. .. 1 9 4 Broken Hill (rights; late Wed.) .. .. 1 10 9 G. J. Coles (late Wed.; 2) .. 4 12 101 McKenzies Depart. Stores (odd lot; late Wed.) .. 4 7 0 Broken Hill South (late Wed.) .. .... ..... 2 1 3 Woolworths (N.Z.J late Wed.) .. .. 5 1 0 North Broken. Hill (late Wed.) 2 17 3 Mount Morgan (late Wed.; 2) 0 11 10J 9 10 0 Goldsbrough. Mort .. 1 14 7 1 14 6 Dominion Breweries (ord.) 2 0 3 (pref.) 2 0 3 Australian Glass .. 4 11 9 Broken Hill Pty 3 6 0 3 5 10 (rights; 2) 1 10 6 Electrolytic Zinc (pref.) .. 2 14 6 Hume Pipe 1 0 1 McKenzies (2) 4 7 9 Taranaki Oil (2) 0 7 1 New Zealand Breweries .. 2 8 6 Woolworths (N.Z.) .. .. 5 2 0 Broken Hill South .. .. 2 0 9 Felt and Textiles .. .. 1 16 6 Unlisted Stocks Selfridges (N.Z.. late Wed.; £1 paid) 1 0 0 Woolworths, Ltd. (5) .. 1 9 8 Selfridges (A'asia). Ltd. .. 1 13 1 CHRISTCHURCH Sales on 'Change Commercial Bank of Aus0 17 7 Goldsbrough, Mort (3) 1 14 4 Westport-Stockton Coal .. 0 2 2 N.Z. Breweries (2) .. 2 8 6 2 8 9 Broken Hill Pty. (cum div.) 3 5 5 3 5 6 3 5 7 Broken Hill Pty. (rights; 5) 1 10 6 (rights; 6) 1 10 7 (rights; 6) 1 10 5 (rights; 2) 1 10 4 Consolidated Brick .. 0 .7 7 G. J. Coles 4 12 7 4 12 11 4 13 0 Woolworths (South Africa; 2) 0 15 5 0 1 10 Grey River (7s 6d paid) .. Broken Hill South (cum 0 9 0 div.; 2) 2 0 0 Mount Lyell .. .... 1 18 5 1 18 4 1 18 2 Mount Morgan (2) .. .. 0 11 9 (3) 0 11 9J (2) 0 11 9 0 10 10 Sales Reported Broken Hill Pty. (rights) 1 10 6 N.Z. Breweries .. .. 2 8 5 N.Z. Refrigerating (10s paid) 0 9 5 Unlisted Stocks N.Z. Perpetual Forests 2 3 0 Woolworths (Sydney;. 5s paid; 3) 1 9 6

RUGBY, Oct. 27. ParisPar Oct. 26. Oct. 27. Francs to £1 124.21 148 15-32 1473 Brussels— Belgasto £1 30 29.351 29.34 OsloKroner to £ ] 18.180 19.90 19.90 StockholmKroner to £] 18.130 19.391 19.391 i openhagen— Kroner to £3 18.150 22.40 22.40 BerlinMarks to £1 20.34 12.33 12.331 MontrealDollars to £] 4.86 2-3 4.9f>4 4.951 •New YorkDollars to £) 4.86 2-3 4.95J 4.95 5-16 Yokohama— Pence to.yen 34.582 14 14 . Hongkong— Pence to dollar 24.58 15 1.5 BombayPence to rupee — 184 , 184 BatavlaVlorlns to £ 1 12.10 8.931 8.931 MilanLire to £1 82.46 944 944 Amsterdam— . Guilder to £1 12.107 8.951 8.96 PragueKroner to £ ] I04J 141 9-16 1411 Geneva—' Francs to £] 25.221 21.481 21.48 ViennaSchillings to ' ,£,1 84.864 26J 26* Helslrigfors— Marks to'£1. 193.23 2264 226* Madrid- ' Pesetas to £l 25.22J 92 11-32 92 11-32 . Dinars to £ I 25.221 216 zie AthensDrachmas to £1 375 5471 5474 ijlshon— Escudos to £1 no 110 3-16 110 3-16 BucharestLei to £l 931.6 675 675 Rio de JaneiroPence to * milrels ..' 5.890 . 44 4i Buenos AiresPence to pesos 47.22 — — ShanghaiPence to tae] — 141 141 Montevideo— Pence to pesos — 39 13-16 39 13-16 Warsaw— Zlotysto £J _ 26.21 26.21

£1 N.Z. to £100 r.T 124/-/-124/10/ O.D. 123/10/124/8/9 Australia— £ A. to £100 N.Z. T.T. 101/V 100/10/O.D. 101/-/-100/10/ Fiji— £ F. to £100 N.Z. T.T. 90/7/0 89/-/-O.D. 90/7/6 89/-/-New Jork— Dollars to £ N.Z. T.T. 4.0044 3.9698 O.D; 4.0144 3.9738 MontrealDollars to £ N.Z. T.T. 4.0034 3.9709 O.D. 4.0154 3.9749 AustriaSchillings to £ N.Z T.T. — 20.78 O.D. — 20.79 Belgium— Bcleas to £ N.Z T.T 23.776 23.466 O.D 23.851 23.477 Czechoslovakia— Crowns to £ N.Z. T.T. — 112.71 O.D — 112.76 Denmark— Kroner to £ N.Z. T.T. 18.203 17.893 O.D. 18.263 17.899 FrancoFrancs to £ N.Z T.T. — 117.76 O.D. — 117.80 Germany— Relchsmarks to £ N.Z .. ... T.T. — 9.838 O.D. — 9.843 HollandFlorins to £ N.Z. T.T. 7.300 7.150 O.D 7.340 7.154 ItalyLire to £ N.Z. T.T. — 75.43 O.D. — 75.48 .lavaFlorins to £ N.Z. r.T. 7.275 7.125 O.D. 7.315 7.129 NorwayKroner to £ N.Z. T.T. 16.182 15.892 O.D 16.242 15.898 Sweden — Kroner to £ N.Z. T.T. 15.785 15.490 O.D 15,845 15.496 SwitzerlandFrancs to £ N.Z. T.T 17.438 17.168 O.D. 17.443 17.173 Noumea— Francs to £ N.Z. l'.T. — 116.51 O.D. — 116.55 Papeete— Francs to £ N.Z. T.T. — 116.56 O.D. — 116.60 Hongkong— N.Z: pence to 1 dollar .. T.T. 18 29-64 18 53-64 O.D. 18 27-64 18 r-64 India and Ceylon— N.Z. pence to 1 rupee .." •• T.T. 221 22 21-32 O.D. 22 11-32 22 21-32 lapan— N.Z. pence to 1 yen. .. T.T. — 17 33-64 O.D. — 17 33-64 Shanghai— N.Z. pence to 1 dollar .. .. T.T. 18 11-64 O.D. — 18 11-64 Singapore— N.Z. pence to 1 dollar .. •. T.T. 34 23-32 35 13-04 O.D 348 35 13-64 niefoo— N.Z. pence to 1 dollar .. T.T. O.D z 18 15-64 18 7-3* ManllaN.Z. pence to 1 peso T.T 29 47-64 30 15-64 O.D 29 41-64 30 15-64 All rates -subject to alteration without notice

notice: — U.S.A. Canada (Per £1 (Per £1 N.Z.) N.Z.) Selling— Dols Dols T.T. .. 3.97 1-16 3.97 1-16 O.D. .. 3.97J 3.97 7-16 Buying— O.D. .. 4.014 4.01 7-16

LONDON, Oct. 27 £ s. d. October 27 . . .. .. 7 0 8 October 26 . 7 0 7 October 25 . . .. .. 7 0 7J October 23 . 7 0 8 October 21 . 7 0 74 October 20 . 7 0 6J October 19 . 7 0 54 October 18 . 7 0 4J October 14 . 7 0 4

ion Copper, spot .. .. £42 10 0 Fall £0 17 G Copper, forward- .. 42 16 10'/* Fall 0 17 6 Electrolytic, spot 47 10 0 Fall 1 10 0 Electrolytic, forward.. 49 0 0 Fall 1 0 0 Wirt ban .. .. 49 0 0 Fall 1 0 0 Lead, ipot .. ,. 17 16 lO'/a Fall 0 5 0 Lead, forward .. .. 17 15 7'/x Fall 0 5 0 Spelter, ipol .. .. 16 IS lO'/a Fall 0 5 7'/a Spelter, forward .. 16 19 Vh Fall 0 6 3 206 5 0 Fall 2 7 6 Tin. forward .. .. 206 2 6 Fall 2 10 0 Silver, standard 02. 19 15-ISd No c hange Silver, fine .. .. 21 '/id No c hannn

£ s. d. Bank of New South Wales 34 2 6 7 9 6 Broken Hill Propy.. (rights) 1 10 6 2 10 6 ADDITIONAL SALES Bank of New South Wales 34 2 6 Commercial of Sydney (for New Zealand delivery) .. 21 14 0 E.S. and A. Bank .. .. 5 15 0 Queensland National Bank 5 10 0 Bank of Adelaide .. ;. 6 14 3 47 5 0. New Zealand Insurance :A (New Zealand delivery) 3 6 0 Associated News (pref.) .. 1 3 1\ 2 14 9 1 11 3 4 13 9 Australian Glass .■'. .. .•• 1 9 3 Dunlop Perdriau (pref.) ... 1 2 1 17 9 6 Lustre (ordi; New Zealand 1 3 0 0 15 9 General Industries .. .. 0 19 1UJ | Cash Orders Amalgamated 1 3 0 1 16 3 Felt' and Textiles (rights) .. 0 14 3 2 0 0 2 14 3 4 8 0 Goldsbrough, Mort .. •» 1 14 6 Winchcombe Carson .. .. 1 13 6 0 12 3 2 10 3 1 1 9 4 10 0 Australian General Insur0 16 6 Electrolytic Zinc .. •■ 2 12 3 0 11 9 North Broken Hill .- ... 2 17 3 New Broken Hill Consoh0 14 9 1 0 3 0 10 iu 1 0 7" "

Barriers improved. £ s. d. British Tobacco .. . • . • 2 8 9 Carlton Brewery .. a • • . 3 5 0 .. 4 13 9 Drug Houses .. .» .. 1 6 4$ Australian Glass .. .. •• 4 12 6 Dunlop Perdriau .. .. • • 1 2 9 Goldsbrough, Mort . . • ■ 1 14 6 Henry Jones .. ... 2 10 6 0 17 0 Felt and Textiles .. (rights) Stock .. 1 16 0 14 3 3 Melbourne Electric 0 19 4 Mount Morgan 0 11 9 Mount Lyell .. 1 18 1U4 | Broken Hill Proprietary ... 3 6" d (rights) 1 10 6 North Broken Hill 2 17 0 South Broken Hill 2 1 3 0 12 0 17 4 6 Australian Foundation Trust 05 6