COMMERCE AND FINANCE

Otago Daily Times, Issue 23351, 17 November 1937, Page 7

COMMERCE AND FINANCE

LOCAL AND OVERSEAS MARKETS

THE SHARE MARKET DUNEDIN STOCK EXCHANGE VALUES GENERALLY STEADY With the exception of a slight easing in values for certain stocks in the Australian mining section, prices were generally firm on the Dunedin Stock Exchange yesterday afternoon. There was little competition among buyers, however, and sellers were in the ascendancy again. Eank of New Zealands were dealt in at the steady price of £2 4s 6d, and buyers were on at 3d below that figure when the market closed, but sellers were not interested. Insurances, shipping, and meat preserving shares were quiet, with quotations showing only fractional changes from those of the previous day. Broken Hill Proprietaries (ex rights) finished 3d easier on sellers' quotations, but the rights issue moved up 6d. G. J. Coles were dealt in at £4 lis, and they were on offer at that price when the market closed, but no Myers were forward. Dominion securities were quiet, but there was no noticeable weakening in values. Mount Lyells were a shade easier, but after the last call-over they had two transactions at £1 15s 3d. Electrolytic Zincs also finished slightly easier, but Broken Hill Souths, Mount Morgans, and North Broker Hills were fairly steady. ' YESTERDAY'S TRANSACTIONS \ Sales on 'Change

NORTHERN EXCHANGES AUCKLAND Sales on 'Change

PRICE OF FINE GOLD (United Press Association) (By Electric Telegraph--Copyrtght) LONDON, Nov. 15.

LONDON STOCK EXCHANGE (United Press Association; (By Electric Telegraph—Copyright) LONDON, Nov. 15. The markets opened more cheerfully, business being active and transactions stronger. British funds are steady and oils firmer.' Mines showed a better tone. Dealings were resumed in Brazilian bonds at nominal rates. BRADFORD MARKET (United Press Association) (By Electric Telegraph—Copyright) LONDON, Nov. 15. At Bradford merino tops are 30d for 64's. Crossbreds are unchanged and barely steady. Yarns are quiet and a shade lower. SOUTH AUSTRALIAN FRUIT (United Press Association) (By Electric Telegraph—Copyright) LONDON, Nov. 15. Mr C. F. S. McCann (Agent-general for South Australia) has arranged forward sales of 120,350 cases of South Australian apples and pears in the United Kingdom and European countries where trade is not restricted. The prices are lower than last year, due to the keen competition and the excessive North American stocks on hand. Negotiations are being continued with all European countries. AUSTRALIAN CONVERSION LOAN (United Press Association) (By Electric Telegraph—Copyright) LONDON, Nov. 15. Mr S. M. Bruce announced that arrangements had been made for underwriting (expected on November 16) for the conversion of Australian £ 11,409.965 3J per cent. Stock, due February 1, 1938, made up as follows:—New South Wales, £5,427,465; South Australia, £2,982*500; Tasmania, £2,000,000 The terms are 3J per cent., the issue price £97, and the currency 13 to 16 years, maturing in 1954, with the option to redeem in 1951 or thereafter on three months' notice. The yield to investors, calculated to the latest date of maturing, will be £3 15s Id. The prospectus will be issued on November 17. and lists for cash subscription open and close on November 18. MOUNT LYELL SHARES (United Press Association) (By Electric Telegraph—Copyright) LONDON. Nov. 15. : Mount Lyell shares are quoted at 26s 3d (ex dividend). COMMODITY PRICES TALLOW, HEMP AND EGGS The Department of Agriculture has received the following cablegram, dated November 12, from the High Commissioner for New Zealand London: — Tallow.—Market very quiet at about 6d below last week's rates. Hemp.—Manila market closes with better tone. "K" grade for JanuaryMarch shipments sold £24 10s. Sisal, after being easier, closes steadier with better demand. Values for November shipments, £24. January-March shipments sold £24. New Zealand: Progress difficult on account of low prices of competing fibres. " Common" offered £23 15s. nominally £23. Eggs.—Market quiet. English, national pack, 20s 6d to 255: ordinary pack, 22s 6d to 235; Danish, 13s 3d to 16s 6d; Australian, 10s 9d to 13s.

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£l (Per£l N.Z.) N.Z.) Selling— Dols. Dols. T.T 4.00 i 3.991 O.D 4.00 11-16 4.00 5-16 Buying— O.D .. .. 4.04 11-16 4.04 5-16

LONDON METAL MARKET (United Press Association) (By Electric Telegraph - -Copyright) LONDON. Nov. 18. The following are tne otllciai met;.' ouotationi:Ton copper tpot .. .. £4l 8 9 Rite £0 7 li Copper, forward .. 41 15 7'/ 2 rfrse 09 Vh Electrolytlo, ipol .. 46 10 0 Rile 010 0 Electrolytic, lorward.. 47 10 0 No change Win ban .. .. 47 10 0 No change Lean. ipot .. .. 17 14 4'/i Rl«e 0 I 3 Lead. torwarO .. .. 17 15 7'/ a No change Spelter ipot .. .. 16 13 9 Rlio 0 0 Ph Spelter, forward .. 16 18 9 Rite 0 0 Vh Tin. ipot 197 5 0 Fall I 10 0 Tin. forward .. .. 196 12 6 fall I 1 6 1)2. Silver, itandard .. 19%d Fall 3-l6d Silver, fine .. 21 3-l6d Fall 3-l6d DOLLAR AND FRANC (United Press Association) (By Electric Telegraph—Copyright) LONDON, Nov. 15. Exchange on New York is quoted at 99R dollars to the £ and on Paris at 147 i francs. IMPERIAL ECONOMIC COMMITTEE A report, just issued, of the Imperial Economic Committee, of which the High Commissioner for New Zealand, Mr W. J. Jordan, is chairman, indicates that the increased activities of the committee in the issue and dissemination of food and other economic reports have been justified. An interesting development in the past year in the collection and dissemination of economic intelligence of Empire interest, was an arrangement with the 8.8. C. whereby the committee supplies weekly bulletins and information on fruit, dairy produce, oilseeds, sisal, cocoa, and coffee, for use in the appropriate Empire programmes. The total normal contribution from all Governments is given as £20,200 a year. PROPERTY SALE Messrs N. and E. S. Paterson, Ltd., report having offered by auction, at their rooms yesterday, the freehold property known as No. 207 York place. City, together with a seven-roomed residence and all improvements thereon. After spirited competition, the property was sold to Mr Wilson at a satisfactory price.

MINING NEWS WHITE'S ELECTRIC DREDGE For 122 hours' work, the White's Electric Dredge recovered 360 z of gold during the week ended on Friday last. NEW RIVER RETURN The return from the New River Dredging Company for the week ended on Thursday last was 15oz of gold from 9000 yards treated in 109 hours' dredging time. RIMU DREDGE RETURN (Per United Press Association) HOKITIKA, Nov. 16. The return of the Rimu dredge was 222.750 z for 1263 hours' work, 48,303 yards being excavated. AUSTRALIAN STOCK EXCHANGES (United Press Association) (By Electric Telegraph—Copyright) SYDNEY, Nov. 16. (Received Nov. 16, at 11 p.m.) The share market is dormant, and industrial price movements negligible, nor is there a marked trend either way in base metal prices. The volume of business is below norma' for this time of the year. THE MORNING SALES

LONDON WHEAT MARKET (United Press Association) (By Electric Telegraph—Copyright) LONDON, Nov. 15. Wheat cargoes are easier. Parcels are lower. Futures:—London: November, 43s 9d; March, 43s 3d. Liverpool: December, 8s 03d; March, 7s 103 d; May, 4s IOJd. , Chicago wheat quotations:—December, 89J cents per bushel; May. 89 I: July. 84*. LORNEVILLE STOCK SALE FAT SHEEP EXCEED DEMAND (Per United Press Association) INVERCARGILL, Nov. 16. The offering in the fat sheep and lamb section was much in excess of demand at the Lorneville stock sale today, and this position was reflected in values, fat ewes and wethers being 3s to 4s less than last week. Lambs also were considerably lower. The fat cattle market was firm. Fat Sheep.—Prime heavy woolly wethers realised up to 44s 6d; medium quality, 33s to 365; prime heavy shorn wethers, up to 38s; prime quality, 3ns to 37s 6d; good quality, 32s to 345; medium, 27s to 295; and unfinished, down to 245. Prime heavy woolly ewes sold- up to 36s 6d; good quality, 31s 6d to 335; medium, 27s 6d to 295; poorer quality, 23s to 255. Prime young shorn ewes sold up to 255; good quality, 23s Id to 24s 6d; medium, 20s to 21s 6d; with light and unfinished, down to 15s. Extra prime heavy lambs sold up to 335; good quality. 25s to 275: and medium from 22s to 23s 6d. Fat Cattle.—Prime heavy-weight bullocks realised up to £l6 2s 6d; prime quality, £l4 5s to £ls; good quality handy-weights. £l3 to £l3 10s; lightweights, £lO 10s to £l2; prime quality cows up to £ll 7s 6d; good quality, £9 10s to £lO 10s; medium, £8 to £8 15s; unfinished, £5 10s to £6 10s; good quality handy-weight heifers MOato £10; lighter weights, £8 5s to £8 15s, smaller sorts, down to £6 10s. FREEZING INDUSTRY COSTS SHOW INCREASE PRODUCTS ALSO HIGHER Record high levels for the cost of materials used and the value of products in the meat freezing industry for the year 1936-37 are the outstanding features disclosed by the monthly Abstract of Statistics. The statistics cover the 38 works operating in the industry, this being the same number as in tne previous two years. . The cost of .materials used[in: the year under review totalled £17,21 compared with £14,455,483 for the previous year. The total value of the nroducts for the year was £20,769.809, against £17,514,049. Both the cost of materials used and the value of the products were 19 Percent, more than in the year 1935-36. The total salaries and wages paid for the year revealed an increase of 14 per cent, over the previous year, the figures being £1,865.282 and £1,634,185 respectively. The monthly average number of persons engaged in the industry during the year was 7665. a decrease of Zl compared with the previous year when the total was 7692. The value of land, buildings, plant and machinery increased by £106.977 during the year to a total of' £4.974,985. The cost of animals purchased .or freezing or preserving during the year was 10 per cent, higher than for the previous year, and the value of animals frozen on account of owners showed an increase of 22 per cent.

COMPANY BALANCE SHEETS SHARLAND & CO., LTD. Paid-up capital: 1918-19, £75,000; 1920, £106,250; 1921-37, £125,000.

•Subject to provision tor land and Income tax. Although the gross profit earned is £3354 greater than last year, and is the highest since 1931, the net profit of £6352 is £2568 down. The dividend proposal is to retain the rate on both preference ai.d ordinary shares at 5 per cent. This will absorb the sum of £6250, and leaves only the small margin of £ 102 to add to the unappropriated balance carried forward. The reason for the smaller net result in the face of considerably increased gross»profits lies in the substantial rise in expenditure. Exclusive of taxation provision, the charges under all headings reach the total of £36,447, showing an increase of £6432 over last year. The ratio of expenses to gross profits is the highest since 1931, the com-

The general group, covering salaries, interest, and working charges, is up £6057, and stands at £33,547. Bad debts show, at £492, an increase of £366 over the small amount of £126 written off last year. Director' fees, at £654, are down £96, while the depreciation allowance of £1754 is £95 greater than in 1936. Apparently the company has been materially affected in its salaries account by the industrial legislation and by increases in award rates. The taxation provision is £4500, against £SOOO last year, no £4500, against £SOOO last year. The doubt reflecting a smaller liability for income tax on the reduced net earnings. The general reserve account remains at £12,000, and with the addition of £B9OO of undistributed profits remaining after payment of the proposed dividends the total reserves reach £20,900, compared with £20,798 a year ago. Liabilities are shown in one total in the balance sheet, the bank overdraft being grouped with all open liabilities. The total has grown from £8519 to £18,457—an increase of £9938. Total assets show a compensating increase of £9540, made up as follows: — Aug. 31. 1937. £ t Floating Assets— Stock 71.437 *9,U82 Book debti 48,700 *2,27e Bills receivable 175 MS 11,383 Cash on deposit 6,000 t^.UUU Fixed Assets— Plant and fixture 7,972 *B4U 10.231 Freehold properties 39,297 tWI Net Increase in assets ..' £9,540 •Increase, t Decrease. As the growth in assets goes side by side with the increase of £9938 in outside indebtedness, it appears that the company has utilised bank and trade credit more extensively than usual. SALES TAX YIELD INCREASE FOR THE YEAR A continuance of a high level of wholesale and retail sales during September is indicated in the collection of £300,714 in sales tax for that month. This represents an increase of £46,045 on the yield for September, 1936, and a decline of only £2BB below the total for August, which was the second highest figure on record. The record yield was established in May this year at £309,796. The tax collection in each of the nine months of the past two calendar years compares as follows: —

For the nine months to September 30, sales tax collections totalled £2,554,348, an increase of 23 per cent, above the total for the same period of 1936. This increase is indicative of a substantial upward trend in commodity sales in the Dominion. In this connection it must be noted that many commodities, mostly prime necessities, are exempted from the tax.

£ s. d. Broken Hill South . . .. 1 18 6 Electrolytic Zinc (ord. ; 2) 2 8 6 2 8 0 Sales Reported Broken Hill Pty. (rights; late Monday; 2) 18 9 G*l J. Coles (late Monday) .. 4 10 10 Bank of New ZeaTand 2 4 6 G;J. Coles . .. •• 4 11 0 Sale Reported After Last Call Mount Lyell (2) ... 1 15 3 The following are yestejday afternoon's buying and selling quotations i, which are subject to the usual brokerage:- - i GOVERNMENT LOANS Buyei Seller. £ s. d L ' £* a. d. 3J p.c. Stock., Nov., — 102 10 0 3j p.c. Stock., Mar., 193S-43 .. ... •• ? - — _ 101 10 0 3} p.c. Stock, Sept., — 101 10 0 « p.c. Stock, 1943-46 .. — 103 5 0 4 p.c. Bonds, 1946-49 .. 103 0 0 — 4 p.c. Stock, 1946-49 .. 103 0 0 — 4 p.c. Bonds, 1952-55 .. 105 0 0 — 4 p.c. Stock, 1952-55 .. 105 0 0 — 3}-. p.c. Bonds, 1953-57 98 5 0 • - _ •v ■'" MINING • 0 1 9 — Big River (Is) .. ..' 0 1 3 — ClUtha River (2s) .. — 0 3 9 Gillespie's Beach (Is) — 0 14 Goldflelds Dredging (Is) 0 0 1 0 0 3 Kildare (2s) .. .. — 0 10 Mossy Creek (Is) 0 0 10 — Maori Gully (Is) .. — 0 0 6 Nokomal (5s) .. — 0 2 5 Okarito (5s) .. .. 0 2 9 0 3 6 Sandhills (Is) .. .. 0 0 1 0 0 2 BANKING N.S.W. (£20) .. '.. 32 10 0 33 0 0 N.Z. (£1) .. •• •• 2 4 3 — Commercial (10s) — 0 17 4 Natl, a' N.Z. (£2 10s) . — 2 19 0 INSURANCE National (7s) ..V .. » ■ , — 0 18 1 New Zealand (£1) ;•:*,' ■■' ■ — 3 5 3 Standard (£1) .'. .... 2 19 3 '•"?,, SHIPPING Howard Smith (£1).. _. i 19 Huddart, Parker (ord.; . 2 1 6 — Huddart, Parker (pref.; 1 7 3 — U.S.S. Co. (pref.: £1) 1 6 6 . — MEAT PRESERVING K.Z. Refrig. (cont.; 0 8. 9 0 9 11 South Froz. Meat (pd.; £1) .. fiijr' 0 1 8 0 South Otago Freezing 5 !i 0 "t — Waitaki Farmers (£5) 4 (! 0 '■ — WOOLLEN COMPANIES Bruce (ord.; £1) .. — 0 11 0 Bruce (pref.; £1) .. 1 1 0 —' Kaiapoi (pref.; 17s).. — 0 17 3 Mosgiel (£4) .. .. — 10 6 0 Oamaru (£1) .. .. 0 10 3 0 19 0 Wellington (pref.; £5) — 6 0 0 1 14 0 1 15 6 LOAN AND AGENCY N.Z. Guarantee Corp. (3s) .. — 0 4 11 Otago Farmers (3s 4d) 0 3 6 — Trustees, Executors (£2) , .. 3 13 0 — Wright, Stephenson (ord.; £1) 1 2 0 .-" ' Wright, Stephenson (pref.: £1) .... 10 6 "~ COAL Kaitangata (16s) 1 4 6 — Westport (10s) .. .. — 19 3 Westport-Stockton (ord.; 10s) .. .. — 0 2 6 Westport-Stockton (pref.; 10s) .. .. 0 4 11 0 5 2 MISCELLANEOUS Anthony Hordern (£1) — 0 18 10 Associated -News (pref.; £1) .. .. — 14 0 Australian Glass (£1) 4 10 0 —

British Tobacco (£1) 2 8 0 2 10 0 Broken Hill Pty (ex 3 3 9 Broken Hill Pty. (lights) '1 6 1 9 3 Brown, Ewing (ord.; £1) — 1 2 0 Brown, Ewing (pref.; £1) — 1 2 0 Colonial Sugar (£20) 46 15 0 47 2 6 Consolidated Brick (£1) ..076 — D.I.C. (pref.; £1) .. 13 6 — Dominion Fertiliser (£1) ,.'...' 140 — Dominion Fertiliser (Debs.) '•■':. . .. 103 0 0 — Dominion Rubber (£1) — 1 10 0 Donaghy's Rope (£1) 2 4 0 — Stock Exchange • Pty. (£1) 2 2 0 — Ounlop Perd Rubber <.-"l) .. .. ,,- ... - 1 3 0 General Industries (12s 6d) ...... — • 0 19 0 G. J. Coles (£1) .. — 4 11 0 Milburn Lime (£1) .. — 2 0 6 Mort's Dock (£1) .. — 0 11 0 Moturoa Oil (5s) .. — 0 4 6 Moturoa OH (pref.; 5s) — 0 5 0 McLeod Bros. (£10) .. 26 10 0 — Watnl. Electric (£1) .. — 0 13 6 N.Z Drug Co (£2).. - 3 15 0 N.Z. Paper Mills (£1) 16 0 1 7 0 Otago Daily Times (£ 1) , 2 5 9 2 7 0 Regent Theatre (£1) 0 19 6 ' — Shillingb Ltd. (£1).. — 0 19 3 Smith and Smith (pref., £1) .... — 1 2 0 Paranaki Oil (£1 4s 7d) — 0 6 6 Wilsons Cement (10s) — 0 19 9 Woolworths (ord.; £1) — 5 6 0 Woolworths (Sydney; 5s) 18 6 — BREWERIES N.Z. Breweries (£1) 2 8 0 2 8 9 Dominion (£1) .... 2 0 3 2 1 0 Tooths (£1) .... — 2 14 9 AUSTRALIAN MINING Austral N.Z. Mining (13s) - 0 15 0 Broken Hill South 5s) — 1 19 0 Electrolytic Zinc (pref.; £1) - 2 10 0 Ellectrolytic Zinc (ord.; £1) — 2 8 6 Mount Lyell (£1) .. 1 15 0 1 16 0 Mount Morgan (2s 6d) — 0 11 8 North Broken Hill (5s) 2 11 0 2 14 0 Placer Developments 3 11 0 — Rawang Tin (10s) .. 0 10 0 0 10 9 UNLISTED STOCKS A. and T. Burt (pref.; 0 17 6 Security Finance (£1) — 0 17 0 Self ridges (Aust.; £1) '— 1 9 0 Selfridges (N.Z.) .. — 0 11 9 Woolworths (South Africa) .. .. .. **0 13 3 — **Ex dividend. DIVIDENDS PAYABLE The following is a list of shares on which dividends will shortly be payable:— ';., Broken HjU Proprietary-half-yearly. Is 3d per share (Australian currency) To-day Anthony Hordern - halfyearly pref. at 7J per cent. per annum; ord. at 5 per cent, per annum .. .. To-day Australian Glass - interim, ord., 6 per cent.: pref.. 4J per cent. To-day Trustees Executors. - interim. 4 per Cent. To-day Bruce Woollen (pref.)—5 3-5 per cent. Is 1 ll-25d yearly (about) Nov. 18 Younghusband and Co.—interim, half-yearly at 10 per cent, per annum .. National Insurance Company Nov. 19 —final of 5d per share. making 10 5-7 p.c. for year Nov. 19 North Kalgurli—second ini terim, 9d per share ster- • ling (equal to 37$ per cent.) less 2s 9d in £ English income tax ''-.-.. Nov. 19 Westport Coal—final, 6d per share, making Is for year National Bank of Australasia Nov. 22 —half-vearlv at 6 per cent. per annum . Nov. 24 Tui Brewery—final. 5 per Nov. 24 North Wairarapa Permanent Building Society—interim. 2| per cent. .. Nov. 25 E.S. and A Bank—final, 3J per cent., making 7 per cent. Nov. 25 Perpetual Trustees Estate and Agency Company—interim Is per share Nov 25 Bank of New South Walesquarterly, 6s per share Nov. 29 Farmers' Trading Con-party-half-yearly. A and B pref, 5 3-5 per cent, per ar.num; and C pref 5 per cent, per annum Nov. 30 N.Z. Malay Rubber Co. Ltd., " —5 per cent., making 8 per cent, for the year (about) Nov. 30 Dunedin Brewery and Wilson Malt Extract Company —interim at 7 per cent, per annum Dec. 1 Henry Jones Co-op.—1? 6d per share Dec I Swan Brewery—6d per share Dec. 1 North Broken Hill- quarterly Is 3d per share Dec 8 Kuala Lumpur Tin—bonus. Is per share ... Dec. 9 Bank of New Zealand—5 per cent., Is per share halfyearly ... Dec. 11 Bank of New Zealand (long D) 31 per cent.. 9d per share Dec. 11 Broken Hill South—Is 3d per share ... Dec. 17 Tongkah Compound Tin—Is per share and bonus Is per Dec. 23 Morris Hedstrom (Fiji) — interim, 3 per cent Dec. 31 Victoria Nyanza Sugar—6 per cent. Jan. zo

City of Dunedin, 4* per 105 0 0 Mount Eden. 4J per cent., 102 0 0 Bank of New Zealand 2 4 6 9 7 9 Australian Gypsum • • 1 0 6 Broken Hill Proprietary .. (rights) Farmers' Fertiliser .. 3 1 <■ „ 3 0 0 n 0 19 11 Taranaki Oil , • • 0 • " " 6 3 0 o 4 4 2 3 Broken Hill South . • ' 1 1 19 19 0 3 Unlisted Stocks 0 4 0 WELLINGTON Sales on 'Change N.Z. Guarantee Corp. (late 0 4 8 Stock, 4 per cent.. 1946 103 0 0 0 17 3 Goldsbrough. Mort .. 1 13 4 N.Z. Guarantee Corp 0 4 7 Broken Hill (2) 3 3 11 (rights; 2) 1 8 9 (rights; 2) 1 8 7 46 17 6 Electrolytic Zinc (pref.) .. 2 10 1 4 10 6 3 17 6 0 6 4 Broken Hill South . (2) 1 18 0 Mount Lyell (2) .. .. 1 15 9 1 15 8 North Broken Hill (2) 2 12 9 Unlisted Stocks National Tobacco (late 3 4 0 National Tobacco •» .*• 3 4 0

CHRISTCHURCH Sales on 'Change Commercial Bank of Aus0 17 1 Goldsbrough, Mort .. 1 13 0 N.Z. Guarantee Corp. (4) .. 0 4 6 N.Z. Refrigerating (£1 pd.) 0 19 9 (£1 pd.) 0 19 10 Christchurch Gas 1 6 9 New Zealand Breweries 2 8 6 Australian Foundation In0 5 9 Broken Hill Proprietary .. 3 2 6 Broken Hill Propy (rights 5) .. 1 8 11 (rights; 2) 1 8 7 Colonial Sugar (3) .. .. 46 17 6 Electrolytic Zinc (ord.; 3).. 2 8 6 (pref.) 2 10 3 (pref.) 2 10 0 (pref.) 2 9 9 (pref.; 3) 2 9 8 G. J. Coles 4 11 0 4 10 3 Woolworths (Sydney; ord.) 1 8 3 Broken Hill South .. .. 1 18 9 (4) 1 17 6 (3) 1 17 5 Mount Lyell (cum div.; 7) 1 16 0 (cum div.; 2) 1 15 8 (cum div.; 2) 1 15 6 (cum div.; 3) 1 15 5 (cum div.; 2) 1 15 4 Mount Morgan (2) .. 0 11 6 (2) 0 11 5 Sales Reported Broken Hill Propy. (2) .. 3 2 6 (rights) 1 9 0 (rights) 1 8 7 Colonial Sugar 46 17 6 G.J.Coles 4 10 3 Unlisted Stocks National Tobacco .. 3 3 6

November 15 .. 50 .. 7 s. 0 u. 1 November 13 .. .. 7 0 4 November 11 .. 7 0 U November 10 .. .. 7 0 2 November 9 .. .. 7 0 0 November 8 .. .. 7 0 0J November 6 .. .. 7 0 4 November 5 .. .. 7 0 6 November 4 .. .. 7 0 61 November 3 .. .. 7 0 7

FOREIGN 1 EXCHANGES (British Official Wireless) (United Press Association) (By Electric Telegraph—Copyright) RUGBY, Nov. 15. Paris— Par. Nov. 13. Nov. 15. Francs to £1 124.21 147 7-32 147 7-16 Brussels — Belgastofil SO 20.38 39.361 OsloKroner to £1 18.180 10.90 19.90 StockholmKroner to £1 18.130 19.391 19.39 Copenhagen— Kroner to £1 18.150 22.40 22.40 BerlinMarks to £1 20.34 12.43! 12.37 MontrealDollars to £1 4.86 2-3 4.981 4.981 New YorkDollars to £1 4.86 2-3 4.98J 4.991 YokohamaPence to yen 34. 582 14 14 Hongkong— Pence to dollar 24.58 15 15 BombayPence to rupee - m 181 Batavia— Florins to £1 12.10 9.00 9.00 Milan— Lire to £1 82.46 94 13-16 943 AmsterdamGuilder to £1 12. 107 9.011 9.013 PragueKroner to £1 104} 112} 147 Geneva— Francs to £1 25. 22} 21.59 21.591 ViennaSchillings to £1 .. 84.86} 201 20} Helsingfors— Marks to £1 103. 23 220J 2261 MadridPesetas to £ 1 25. 22* 92 11-32 92 11-32 BelgradeDinars to £] 25. 221 215 215 Athens— Drachmas to £1 ..375 547} 517} Lisbon— Escudos to £1 ,. 110 110 3-1G 110 3-16 Bucharest— Lei to £1 931.6 6721 672J Rio de JaneiroPence to milrcis .. 5. 890 41 2 29-32 Buenos AiresPence to pesos 47.22 — - ShanghaiPence to tael - 14 3-16 14 1-16 Montevideo— Pence to pesos - 39 13-16 39 13-16 Warsaw— Zlotystofil - 26.21 26.21 ON NEW ZEALAND CURRENCY BASIS The Bank of Ne w South Wales, Duuedln, quoted the following rates for purchases and sales ot foreign exchange yesterday- ~" Buying. Selling LondonEl N.Z. to £100 T.T 124/10/O.D 123/10/124/8/9 Australia— £ A. to £100 N.Z . T.T 100/10/O.D 101/-/-100/10/ Fiji— £ F. to £100 N.Z. T.T. 90/7/6 89/-/-O.D 90/7/6 89/-/-New York — Dollars to £ N.Z T.T. 4.0402 4.0055 O.D. 4.0502 4.0095 Montreal — Dollars to £ N.Z. T.T. 4.0307 4.0042 O.D. 4.0487 4.0082 Austria — Schillings to £ N.Z T.T. — 20.78 O.D — 20.79 Belgium— Belgas to £ N.Z. T.T. 23.794 23.484 O.D. 23.869 23.495 Czechoslovakia — Crowns to £ N.Z T.T. — 113.06 O.D — 113.11 DenmarkKroner to £ N.Z T.t 18.203 17.89B O.D 18.263 17.899 France — Francs to £ N.Z T.T. — 117.41 O.D. — 117.45 Germany— Relchsraarks to £ N.Z T.T. — 9.868 O.D — 9.873 HollandFlorins to £ N.Z T.T 7.350 7.200 O.D 7.390 7.204 ItalyLire to e N.Z. T.T. — 76.02 ID -i76.07 JavaFlorins to £ N.Z. r.r , 7.332 7.182 O.D 7.372 7.186 Norway— Kroner to £ N.Z. T.I. 16.183 15.893 O.D. 16.243 15.899 Sweden— Kroner to £ N.Z T.T. 15.787 15.492 O.D 15.847 15.498 Switzerland— Francs to £ N.Z. T.T. 17.530 17260 O.D. 17.635 17.265 Noumea — Francs to £ N.Z. T.T. .— 116.16 O.D — 116.20 PapeeteFrancs to £ N.Z. T.T •—■ 116.21 O.D. — 116.25 Hongkong— N.Z. pence to 1 dollar .. l.t. 18 13-31 I 18 25-32 O.D 18g 18 25-32 India and Ceylon— N.Z. pence to 1 rupee T.T. 22g 22 21-32 O.D. 22 11-32 22 21-32 Japan— N.Z. pence to 1 T.T. — 17 33-64 O.D. — 17 33-34 Shanghai— N.Z. pence to 1 dollar .. T.T. — 18 T-64 O.D — 18 7-64 Singapore — N.Z. pence to 1 dollar .. T.T. 34 23-32 35 13-61 O.D. 34g 35 13-64 Chefoo— N.Z. pence to 1 dollar T.T. — 181 O.D. — 18 7-64 Manila— N.Z. pence to 1 T.r. 29 39-64 30 7-64 O.D 29 33-64 30 7-64 All rates subject to alteration without notice.

£ s. d. Commonwealth Bonds— 4 per cent., 1938 .. 102 16 3 4 per cent., 1944 .. .. 104 0 0 4 per cent., 1950 .. 104 5 0 Commercial Bank of Sydney 21 7 0 1 3 4J (pref.) 1 3 6 Anthony Hordern .. 0 18 10£ (pref.) 13 3 Australian Iron and Steel (pref.) 16 9 1 9 U Broken Hill Proprietary .. 3 4 0 (rights) 1 9 1J 13 0 2 9 0 Goldsbrough, Mort .. .. 1 13 7J 1 1 n 12 6 ADDITIONAL SALES Bank of New South Wales 33 5 0 Commercial Bank of Sydney 21 7 0 Commercial Bank of Aus0 17 4.J Bank of Australasia .. 11 5 0 47 5 0 10 6 0 Associated News .. 13 7 Burns Philp (cont.) .. 1 18 0 2 14 9 Queensland Brewery .. 17 0 Australian Iron and Steel 16 9 Cash Orders Amalgamated 0 17 0 Felt and Textiles (rights) 0 13 6 Gordon and Gotch • • 2 14 0 United Provisions .. .. 0 6 11 2 9 6 Australian Gypsum .. .. 0 19 10| 1 15 0 Electrolytic Zinc .. 2 8 9 (pref.) 2 11 0 1 16 0 North Broken Hill .. .. 2 12 4J 6 5 0 0 10 8 0 12 7 0 15 0 ' MELBOURNE, Nov. 16. The market was inclined to ease at the close, particularly Barriers, in expectation of a weaker metal market to-morrow. National Bank (£5 paid) .. 7 6 0 (£10 paid) 14 12 0 4 11 0 15 6 4 11 6 1 2 10 Goldsbrough. Mort .. .. 0 3 0 0 16 9 10 0 2 8 9 (pref.) 2 10 6 0 11 6 1 16 0 3 3 9 (rights) 18a North Broken Hill .. 2 13 3 1 18 6 0 12 7 0 17 4

General Qron Net Diviraierve. profit. profit. dend Aug. 81. £ S £ P.O. 1932 .. .. 15,463 46,739 13,338 1933 .. .. 15,654 43,943 13,441 1934 .. .. 16,472 41,403 •12,069 1935 .. .. 18,129 42,033 "I2.9UB 1936 .. .. 20.798 43,945 8,920 1937 .. .. 20.900 47,299 6,352

panson being:- — Gross Expenditure .. 47,871 . profit. Katio. 1930-31 .. .. 51,722 92.56 1931-32 .. .. .. 33,402 46,73!) 71.46 1932-33 .. .. .. 30,503 43,943 69.41 1933-34 .. .. .. 29,334 41,403 70.85 1934-35 .. .. .. 29,127 42,033 69.29 1935-36 .. .. .. 30.025 43,945 63.32 1936-37 .. .. .. 36,447 47,299 77.06

1937. 1936. January £294,431 £233,104 February .. 194,624 186,875 March .. .. 296,637 206,101 April .. 295,082 234,491 May .. 309,796 233,493 June .. 283,094 241,154 July .. 278,968 232,621 August 301,002 252,621 September .. 300,714 254,669