COMMERCE AND FINANCE

Otago Daily Times, Issue 23364, 2 December 1937, Page 18

COMMERCE AND FINANCE

LOCAL AND OVERSEAS MARKETS

THE SHARE MARKET DUNEDIN STOCK EXCHANGE MOUNT MORGANS MOVE UP Shares in the Australian mining section finished firmer on the Dunedin Stock Exchange yesterday afternoon, and, in a number of cases, small advances were recorded. Buyers were closer up on sellers’ limits when the market closed, and values appeared to be fairly steady. , , , Mount Morgans finished the day 4d above the levels ruling on Tuesday, and several buyers were on at 11s 7d, but holders kept off the market. Mount Lyells were also firmer, and after business at £1 12s 6d they had buyers on at that figure and sellers 6d away. North Broken Hills moved up Is. and both issues of Electrolytic Zincs were fairly steady. ' e Chief interest among banking stocks was centred on Bank of New Zealands and Bank of New South Wales the latter shares advancing 2s 6d to finish with a margin of 12s 6d separating the closing quotations. Bank of New Zealands lost 3d, and Commercials were a shade easier at the close. The contributing shares of New Zealand Refrigerating dropped back slightly and buying support for woollen shares was practically negligible. Oamaru Woollens lost 6d on vendors quotations compared with the previous day. Leading Australian industrials were generally steady with recent levels, and Broken Hill Proprietaries were marked up in value, the £1 pa issue showing a rise of .is 3d. Rubbers and Taranaki Oils were other stocks in this section to register slight gains. New Zealand Breweries made up a little of their lost ground, and had reported sales at £2 ss. Buyers were on at that figure when the market closed, but sellers showed mo disposition to relinquish their holdings.

The following are s ■buying and selling quotations, which are subject to the usual brokerage:— • GOVERNMENT LOANS

NORTHERN EXCHANGES AUCKLAND

DIVIDENDS PAYABLE The following is a list ol shares on which dividends will shortly be payable:—

CHRISTCHURCH

PRICE OF FINE GOLD (United Press Association) (By Electric Telegraph—Copyright)

PADDY’S POINT MINING COMPANY

NINTH ANNUAL REPORT The ninth annual report of the Paddy’s Point Gold Mining Company. Ltd., states, inter alia: — Since the last general meeting, held in December, 1936, the company has continued sluicing on ground in Waitahuna township. At that time, the company proposed to acquire land on the north-east side of the main road approaching the Waitahuna bridge, the intention being to mine the main road in conjunction with the land to be acquired, and in the course of mining to construct an improved approach to the bridge. Options were secured over all the land necessary to enable this scheme to be carried out, but otving to objections raised by adjoining landowners the whole scheme was dropped. The company, however, informed the Tuapeka County Council and the Highways Board that, if they cared to acquire the necessary land, the company would be willing to build a new approach to the bridge after working the ground, Nothing has eventuated so far and, as the company is no longer mining in the vicinity of the bridge, it is unlikely that the scheme will now be proceeded with. The company completed the mining of the sections in Henry street, Waitahuna. and also a further block of sections acquired from Mr Martin Ryan. Negotiations were then entered into with the committee of the Farmers Club with a view to securing mining rights over part of the show ground, and the company’s operations are at present being conducted here. The Waitahuna School Glebe lies adjacent to the show ground, and the company has arranged for the right to mine the school glebe, an area of about eight acres, after completing the show ground. It will not. therefore, be necessary to acquire further ground for a considerable time to come. The accounts for the year show that the gold production has diminished considerably, and this is due to the patchy nature of the ground in Waitahuna township. The results from Paddocks mined during the year have varied considerably, the best being 950 z in February, and the poorest 30oz in May Despite the reduced output, the company shows a net operating profit for the year of £452 after writing off the cost of freehold purchased during the year. £l5O Expenditure in excess of’this profit was, however incurred on boring the Waitahuna Flat and on the purchase of additional pipes to extend the main line to the school glebe. The directors recommend that the balance standing to the credit of profit and loss appropriation account be carried forward. In May a start was made to investigate the possibilities of the Waitahuna Flat, and a boring plant was hired from Mr J M. Stewart on liberal terms. Two bores were sunk to a depth of 197 and 164 feet respectively in the vicinity of the railway station, and three other bores (120 feet, 56 feet and 25 feet) were bottomed higher up the flat. In all cases the results were completely negative, and it )S evident that no deep lead exists on the Waitahuna Flat, as had been popu'3 TwcPmonths ago Mr Webb, who had been manager of the company since 1931, resigned in order to take up a position in New Guinea. To his pos - tion the directors appointed Mr .1 • Homer, who has been in the company’s employment for some years.

Fraser and Co., selling agents for Otago and Oamaru Egg Circles report aS £ggsf Market rates. Butter: Separator patsTlld to Is per lb. Tallow, las per cwt. Pigs: Good bacon weights 7idl to 8d per lb; overweights, 3d to 4d per lb; porkers, 7d to 8d per lb potatoes: 2Jd to 3d per lb. Chaff. 15s to £6 per ton, sacks extra Whole fowl wheatf6s 6d to 6s Sd per bushel Canadian onions: 20s to 21s per bag_ Honey: Bulk, 7d per lb. 101 b tins is “ofe'whiS Leghorn hens. 4s to breeds 5s * to 6s; cockerels light 2s 3d to 4s. heavy 7s to 8s bd, roosters, 2s to 3s 6d; ducks 3s to 4 S ducklings. 6s to 7s, all per pair Turkey gobblers; 9d to lOd per lb live weight Hens; 7d to 8d per lb. „ We stock Palmer s chick f°°d. National meatmeal. leg rings Is per dozen (Special quotes for quantities.) .. We are Otago agents for Gamble electric incubators. Particulars on ap°are agents fox Champion egg crates, Isco cod liver oil for noultrv Prices on application. Consignors, please note that all pigs and poultry must arrive not later than Wednesday morning of each week. We havea stock of poultry crates nr, hand f nr the use of our clients.

FOREIGN EXCHANGES

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

ON NEW ZEALAND CURRENCY BASIS The Bank of New South Wales Dunedin Quoted the following rates for purchases and sales of 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 4.00 7-16 4,00 i O.D 4.00 13-16 4.00 i Buying— O.D. •. .. 4.04 13-16 4.04 J LONDON METAL MARKET (United Press Association) (By Electric Telegraph -Copyright) LONDON, Nov. 30.

Silver flop 21 3-l6d Fall ‘/ad COLOMBO TEA SALE Mr L. M. Wright has received the following cabled report on the Colombo tea auction of November 30:— At yesterdav's sale of 2,250,0001 b, fine teas remained firm, but other grades declined —mediums id, and common teas about id. A total of 2.125.0001 b has been catalogued for sale next week.

ADDINGTON MARKET

VALUES MAINTAINED (Special ro Daily Times) CHRISTCHURCH, Dec. 1. Values for good quality stock were maintained at Addington to-day, but inferior sorts were cheaper particularly ewes and cows. Store Sheep.—The yarding was again small and of mediocre quality. There were few lines of good quality, and most of the sheep offered were shorn and a large proportion of wethers included. Considering there has been a heavy reduction in the price of wool and that a great many districts are now by no means well provided wi'h feed, the sale was surprisingly good. Tjiere was a medium yarding of fat lambs, with some good quality sorts in heavy and medium weights, and an absence of prime quality under 36’s Competition was keen, and prime light-weights sold to 93d. and in some cases even higher. There was a fair yarding of fai sheep, the total being 4300. The bulk of the offering consisted of wethers but there was a much larger proportion of ewes than appeared last week, when ewes were short. The quality was very mixed, particularly among the ewes, many of which had just had the lambs taken from them, and were not really lit for sale as fats. Wethers were fairly good, though many lines penned were in a hard, unattractive condition. Wethers met with a firm, steady sale. The best ewes were prime, but others came back sharply, the fall in some instances being up to 3s, exporters operating only to a limited degree. Values were: Extra prime heavy wethers to 33s 7d; prime heavy, 28s to 325; prime mediumweight, ?6s to 28s; ordinary, 22s 6d to 25s 6d; light, to 225; extra prime heavy ewes to 27s Id; prime heavy, 21s 6d to 24s 6d; prime medium-weight, 18s to 21s; ordinary. 15s to 17s 6d; light, to 14s 6d.

Fat Cattle.—An entry of 520 steer beef was inclined to be heavier, and a relatively few first quality medium weights were freely competed for at prices fully up to those paid last week. Heavier cattle met with a fair sale, but the demand was not as keen. The very large proportion of inferior cow beef offered met with a dull sale, with prices down fully £1 all round, and the quality was not good. Bdst beef made to £2 per 1001 b, and a shade more averaged from 35s to 395. Cow beef in a good many cases went below 20s. Values were: Extra prime heavy steers, to £l7 12s 6d; prime heavy, £l4 10s to £l6 10s; prime medium-weight, £l3 to £l4 ss; ordinary, £lO to £l2 15s; light, to £9 15s; extra prime heavy heifers, to £ll 17s 6d; prime, £lO to £11; medium, £7 10s to £9 10s; light, to £7; extra prime cows, to £lO 2s 6d; prime, £7 10s to £9; medium, £5 10s to £7 ss; and light, to £5. There was a medium entry of 260 veal. Many were plain, light, to £5. There was a medium entry of 260 vealers. Many were plain, unattractive sorts, a number being nearly stores. These proved very hard to quit, and many were finally sold in the store section. Values were: Extra heavy runners, to £7 Is; heavy, £4 15s to £5 11s; medium, £3 to £5 8s; prime vealers, £3 11s to £4 16s; medium, 34s to £2 8s; calves, 12s to 325. A mixed collection of store cattle was entered, and the quality, except for one outstanding line, was ordinary. An excellent sale was obtained for a line of 42 Polled Angus-Hereford cross steers, which made from £7 11s to £lO 10s. u . There was an entry of 90 head in the dairy cattle section. The quality of the yarding was poor, and in an exceedingly slow market sales were hard to make. An outstanding cow made £10; good cows, from £5 to £6 10s; medium, £3 10s to £4 15s; inferior, £2 to £3; good heifers, to £8; medium heifers. £4 10s to £5 15s; others, £3 to £4.

The yarding of porkers was once more heavy, and prices showed a gene, ral easing, the only class to attract competition being first-class export quality nigs, which uld at recent rates. Values for others eased from 2s to 3s. Baconers were in fairly heavy supply, and the market showed little alteration. Heavy-weights showed little alteration, and heavy-weights showed a slight recovery of the drop of last week. Choppers were yarded in fair numbers, and again sales were hard to make at satisfactory rates. Values were: —Light porkers, 29s 6d to 36s 6d; medium, 38s 6d to 43s 6d; heavy, 46s 6d to 55s 6d; average, 6£d to 7Jd; baconers. 59s 6d to £3 9s 6d; heavy. £3 10s 6d to £3 15s 6d; extra heavy. £3 19s 6d to £5 2s 6d; average price per pound. 6d to 7d. The entry of store pigs was again heavy, no doubt in sympathy with the pork market, and all classes showed a decided easing. Values were:— Weaners, 12s to 16s; best, 17s to 20s; slips, 19s to 255; small stores. 26s to 28s; large. 29s to 31s. THE RUBBER QUOTA A CUT ANNOUNCED (United Press Association) (By Electric Telegraph—Copyright) LONDON, Nov. 30. The International Rubber Committee decided to cut the quota in the first quarter of 1938 to 70 per cent. This decision was received with lively satisfaction on the market, and insulted in an outburst of activity in rubber shares. Prices for the commodity jumped to 7j!d LONDON STOCK MARKETS AN EASIER TONE (United Press Association) (By Electric Telegraph—Copyright) LONDON, Nov. 30, The stock markets are easier, and business is on a smaller scale. The irregularity in Wall street restricted the activity in industrial shares, but giltedged are firm THE TEA QUOTA (United Press Association) (By Electric Telegraph—Copyright) LONDON. Nov. 30. The tea quota has been fixed at 92 \ per cent, as the standard for export. This represents an increase of 5 per cent. The market is surprised at the decision, as it was expected the increase would be only per cent.

MINING NEWS BLACK WATER MINES, LTD. (Per United Press Association) WELLINGTON, Dec. 1. The Black water Mines, Ltd., have advised the Stock Exchange Association that in view of the large expenditure necessary on the new mill, including the modern flotation plant now under construction, the dividend usually paid by Blackwater Mines. Ltd., in December has been deferred until the annual accounts have been submitted to the shareholders in June next. Consequent upon the foregoing the Consolidated Goldfields (New Zealand), Ltd., dividend ordinarily distributed in December will not be paid. WOOLWORTHS AND G. J. COLES QUESTION OF A MERGER NEGOTIATIONS DISCONTINUED (Per United Press Association! WELLINGTON, Dec. 1. Woolworths (N.Z.), Ltd., has advised the Stock Exchange Association that the boards of directors of Woolworths and G. J. Coles were unable to agree to any scheme to merge their interests that would give satisfaction to the shareholders of both companies, and the negotiations therefore had been discontinued. SYDNEY, Dec. 1. (Received Dec. 1, at 11 p.m.) Following the announcement of a discontinuance of negotiations for merging Coles 'and Woolworths interests, the shares of the former declined on the Stock Exchange, but Woolworths ordinaries were firmer AUSTRALIAN STOCK EXCHANGES (United Press Association i (By Electric Telecranli Copyright) SYDNEY. Dec. I. (Received Dec. 1. at 10.15 p.m.) The share market is still marking time, and trading is light, with some further weakness in leading industrials.

DOLLAR AND FRANC (United Press Association) (By Electric Telegraph—Copyright) LONDON. Nov. 30. Exchange on New York is quoted at 4.99 \ dollars to the £. and on Pans at 147 3-32 francs. ANTWERP FUTURES LONDON, Nov. 30. Antwerp futures are steady. December. 25Jd; March. 24gd; May. 24gd. THE AUSTRALIAN LOAN LONDON. Dec. 1. (Received Dec. 1, at 9 p.m.) The underwriters were left with 67 per cent, of the new Commonwealth loan. The issue opened at 15s discount. but later improved. TRADERS’ FINANCE CORPORATION STEADY IMPROVEMENT IN EARNINGS (Per United Press Association) AUCKLAND, Dev. 1. A steady improvement in the earnings of Traders’ Finance Corporation, Ltd., has been continued during the year ended September 30. It is stated in the accounts that business has been well maintained. Before providing for income tax and director’s fees, the net profit is £10,539, compared with £7796 in the previous year and £4988 in 1935. Provision for income lax absorbs £3859, against £3477, and the directors’ fees again require £SOO. With £1196 brought forward there is £7376 available for distribution The directors recommend payment of the u-mal preference dividend and a dividend at the rate of 5 per cent., compared with 4 per cent, last year on ordinary shares on the amounts paid up. HIGHEST ON RECORD MOTOR VEHICLE PRODUCTION The Hague Statistical Office reports that the output of the world’s motor industry ih the year ended August, 1937, was the highest on record, at 6.378.000 vehicles, the previous record being 6,283,000 vehicles in the year im.

YESTERDAY'S TRANSACTIONS j Sale* Reported £ s. a Bank of New Zealand (late Tues.) 3J p.c. Stock, 1938-52 .. 2 101 4 7 9 0 G, N.Z. Refrigerating (cont.) 0 1 0 D.I.C. (pref.) 5 0 0 12 1 12 Emperor . • • 13 6 Mount Lyell ■. <• North Broken Hill

Buyer Seller. £ s. d. £ s. a 3J p.c. Stock., Nov,,, 1938-52 .. .... • ■ 101 0 0 —■ 3i p.c. Stock, Sept., 1939 -43 — 101 10 0 3J p.c. Stock. May, 1941-52 .. .. 101 10 0 — 3i p.c. Stock. Nov., 1941-52 101 10 0 — 4 p.c. Bonds, 1952-55 .. 105 0 0 — 4 p.c. Stock, 1952-55 105 0 0 — 3J p.c. Bonds, 1953-57 98 5 0 MINING Argo (Is) 0 1 9 Big River (Is) .. . 0 1 2 — Central Shotover (Is) 0 0 1 — Clutha River (2s) 0 1 9 0 3 3 Consol. Goldfields (4s) — 0 13 6 Gillespie’s Beach (Is) — 0 11 4 Goldfields Dredging (Is) • . —. ,0 0 3 Kildare (2s) — 0 i 0 Mossy Creek (Is) .. 0 1 0 — Nokomai (5s) .. 0 2 0 0 3 Okarito (5s) 0 2 9 0 3 6 Paddy’s Point (5s) . — 0 ;i 6 Sandhills (Is) .. .. — 0 0 2 Waipapa Beach (Is). — 6 0 3 Waitahu (5s) .. •• — • 31 0 BANKING A'asia (£5) ... .. — li 0 0 N.S.W. (£20) .. 31 17 6 32 19 0 N.Z. (£1) 2 4 0 2 4 6 N.Z. (long D; £1) .. i 9 0 — Commercial (10s) — 0 17 1 Natl, of N.Z. (£2 10s) — 2 17 6 INSURANCE National (7s) . — 0 17 7 Standard (£1) .. 3 0 3 SHIPPING Huddart,' Parker (ord.; £1) .. —• 2 2 6 Huddart Parker (pref.; £1) .. .. .. .. i 7 3 — P. and O. Def Stock (£1) .. ' i 5 0 — U.S.S. Co. (pref.: £1) i 6 9 MEAT PRESERVING N.Z, Refrig (cont: 10s) 0 8 11 0 9 3 South. Froz. Meat (paid: £1) — 1 1 3 South. Frozen . Meat (pref.; £1) 3 12 6 — South Otago Freezing (£5) .. .. .. •• 5 0 0 WOOLLEN COMPANIES Bruce (ord.; £1) — 0 10 0 'Kaiapoi (prel.. 17s).. — 0 17 3 Oamaru (£1) .. ... — 0 18 0 Timaru .. .. .. .. — 0 17 0 Wellington (pref.: £5) — 6 0 0 LOAN AND AGENCY Goldsbrough, Mort (£1) .. . -. .. — i 12 6 Natnl. Mortgage (£2) — 2 8 0 N.Z. Guarantee Corp. (3s) — 0 4 10 Otago Farmers (3s 4d) 0 3 3 0 4 3 Otago Farmers (A pref.) v . 1 0 0 — Trustees. Executors (£2) 3 15 0 — Wright, Stephenson (ord.; £1) . 1 2 0 — Wright, Stephenson (pref.; £1) 1 0 6

COAL Kaitangata (16s) 1 5 0 — Westport (10s) .. .. — 1 4 3 W estport-Stockton (ord.; 10s) . .. 0 2 4 — Westport-Stockton 1 (pref.; 10s) .. .. 0 5 3 MISCELLANEOUS Anthony Hordern (£1) - 0 lb 9 Associated News (£1) — 1 3 6 Australian Glass (£1) 4 3 3 — British Tobacco (£1) 2 8 3 — Broken Hill Pty. (£1) 3 1 9 3 2 3 Broken Hill Pty (con.; 5s) ... 1 12 0 — Brown Ewing (ord.; £1) •• — 1 2 0 Brown, Ewing (pref.; 2 £1) ... — 1 0 Consolidated Brick (£1) 0 6 9 0 7 6 D.I.C (pref.; £1) 1 3 6 — Dominion Fertiliser (£1) , .. 1 4 6 Dominion Fertiliser (Debs.) 103 0 0 — Dominion Rubber (£1) — 1 10 u Donaghy's Rope (£1) — 2 1 0 Stock Exchange Propy (£1) 2 2 6 — uunlof. Perd Rubber (£1) 1 1 9 1 2 3 General Industries (12s 6d) — 0 19 0 G. T Coles (£1) .. — 4 3 0 Hume Pipe (£1) — 1 0 0 Milburn Lime (£1) .. — 2 1 0 Mort’s Dock (£1) .. — 0 10 9 Moturoa Oil (pref.; 5s) . — 0 5 0 Natnl Electric (£1) 0 12 3 0 14 0 N.Z. Drug Co. (£2) — 3 14 6 N.Z. Newspapers (16s 8d) 1 17 3 1 lb 6 N.Z. Paper Mills (£1) 1 5 9 — Regent Theatre (£1) 0 19 0 — Shillings. Ltd (£1) . — 0.19 V Smith and Smith (pref.; £1) .. .. — 1 2 0 Taranaki Oil (£1 4s 7d) 0 6 4 0 6 6 Woolworths (pref.; £1) — 1 18 6 Wool worth (ord; £1; ex bonuses) .. .. ’ — 9 0 0 Woolworths (Sydney: 5s) 1 5 6 1 6 3 BREWERIES N.Z. Breweries (£1) 2 5 0 — Dunedin (£1) .. .. — 1 11 0 AUSTRALIAN MINING Austral N.Z. Mining (13s) — 0 15 0 Broken Hill South (5s) .. 1 16 9 1 17 9 Electrolytic Zinc (pref.: £1). 2 8 6 — Electrolytic Zinc (ord.; £1) 2 5 9 2 6 9 Emperor (10s) .. .. 0 11 9 — Mount Lyell (£1) .. 1 12 6 1 13 0 Mount Morgan (2s 6d) 0 11 7 — North Broken Hill (5s) 2 11 0 2 12 6 Placer Developments — 3 15 0 Rawang Tin (10s) - 0 10 6 UNLISTED STOCKS A. and T Burt (pref.: £1) 0 12 6 0 17 0 Selfridges (Aust.; £1) — 1 6 0 Woolworths Holdings (S.A.; 5s) .... 0 14 0 — Security Finance (£1) — 0 15 0

Oamaru Woollen Mills—3} per cent, making 6 per cent. for year Dec. 7 North Broken Hill—quarterly Is 3d per share .. Dec 8 Wilsons Cement —' interim, 4Jd per share Dec. 8 Kuala Lumpur Tin—bonus Is per share Dec !) N.Z, Breweries—interim, 4 per cent Dec. 10 Golden Sands—Id per share Dec. 10 Bulolo—1.50 dollars (Canadian) less tax ... Dec. 10 Placer Development—60 cents 10 (Canadian) less tax .. .. Dec. Bank of New Zealand—5 per : cent.. Is per share halfyearly Dec. 11 Bank of New Zealand (long D). 33 oer cent., 9d per share . Dec. u Mataki Junction—IJd per 14 share Dec. Otago Farmers' Co-op.— (ord. : 3s 4d paid) 5 per cent. 16 (about) ■ Dec. Otago Farmers’ Co-op.— (A prel. £1) 5 3-5 per cent. X6 (about) Dec. Otago Farmers’ Co-op.— (Investment shares, 16s 8d). 5 16 per cent, (about) .. .. Dec. Broken Bill South Is 3d per 17 share Dec Consolidated Brick — halfyearly per cent., 3d per share Dec. 20 Mount Lyell - final 2s per 20 share ... Dec. Sulphide Corporation—2s per share (pref.) and Is 6d per share (ord.) , Dec. n Tongkah Compound Tin—Is per share and bonus Is per Dec. 23 share Morris Heistrom (Fiji) - interim, 3 per cent. Dec. 3J Zinc Corporation—second halt fixed pref. 2s; interim participating pref. and ord. 4s Jan. (sterling, less tax) .. .. 1 Victoria Nvanza Sugar—6 per Jan. 26 cent.

Sales on ’Change £ s. d City of Auckland. - 1944, 4} per cent. 104 0 0 National Bank of New Zea~ 16 0 land .. 2 Bank ot New South Wales 32 2 6 Bank of New Zealand .. .. 2 4 8 Bank of N.Z (D mortgage; 10 0 2) 1 Union Bank :. • • 9 5 0 Goldsbrough, Mort .. ■ ■ 1 11 6 Pukemiro Collieries 0 18 1 6 0 Auckland Gas • • • • •.• 1 Devonport Ferry (odd lot) 0 19 6 Colonial Sugar (3) 45 10 0 Electrolytic Zinc 2 1 6 0 Farmers’ Trading 0 1 0 New Auckland Laundry . i 0 N.Z Paper Mills . • i 6 6 Woolworths (Syd.) .. 1 1 5 S 4 10 i 6 3 Golden Crown 0 5 0 Waihi Investments 0 9 5 Mount Lyell 1 13 0 Mount Morgan U 11 0 11 7 9 North Broken Hill .. .. 2 12 6 Martha 0 13 3 .WELLINGTON Sales on 'Change Stock. 1939-52 31 p.c Hate 101 0 Tues.) 5 Christchurch Gas (cont.: 0 13 0 late Tues.) (late Tues.) 0 13 2 Mve-r Emporium date Tues.) Stock, 31 p.c.. 1938-52 (2) 1 101 13 9 5 0 Bank of New Zealand . .. 2 4 4 6 8 2 4 4 Bank of N.Z. (D. long term) 1 10 0 Wellington Woollen (ord.; odd lot) 5 7 6 N.Z, Breweries 2 5 0 British Tobacco 2 9 4J 6 (pref.) 1 11 Colonial Sugar (2) .. ... 45 10 0 Consolidated Brick (2) 0 7 6 G J Coles 4 3 0 4 2 9 4 2 6 N.Z Newspapers 1 1 17 9 N.Z, Paper Mills 6 6 Woolworths, Ltd. .. 1 1 6 6 6 6 6 1 9 (3) 1 1 1 3 U 3 (2) 1 6 4 North Broken Hill •• .. 2 12 6 Wool worth Holdings . < •• 0 13 9

Sales on ’Change Commercial Bank of Australia 0 16 10 N.Z Breweries 2 5 6 (2) 2 5 4 2 5 3 British Tobacco (2) .. .. 2 9 6 Broken Hill Pty. (2) . .. 3 1 8 (3-) 3 1 9 3 1 10 Broken Hill Ply. (new; 2) 1 13 10 1 12 11 Electrolytic Zinc (ord.; 3) .. 2 7 3 Electrolytic Zinc (pref.; 2 2 9 9 6 9 G. J. Coles (2) 4 2 9 (2) 4 2 0 Hume Pipe (Aust.) .. .. 0 19 7 Woolworths (Syd.; ord.; 2) 1 5 8 2) .. .. • • 1 5 8 (5) 1 5 10 1 5 11 (3) 1 5 10 Broken Hill South 1 17 0 1 17 3 (4) 1 18 0 Mount Lyell (2) 1 12 8 (2) 1 12 7 1 12 10 1 12 11 (5) 1 13 0 Mount Morgan 0 11 9 (6) 0 11 10

Sales Reported N.Z. Govt. 1949 4 p.c. (Inscr.) 103 0 0 Commercial Bank of Australia 0 16 9 Bank of New Zealand (2) 2 4 4 Broken Hill Pty (2) ., . , 3 1 9 G. J. Coles 4 2 9 N.Z. Farmers’ Co-op. Stock, 1945, 4i p.c .. 91 10 0 Broken Hill South (3) 1 18 0 Mount Lyell 1 12 9

LONDON. Nov. 30. £ s. d. November 30 .... 6 19 11 November 28 ., .. 6 19 Hi November 25 .. .. 7 0 0 November 24 .. .. 7 0 1 November 23 .. .. 7 0 0 November 22 .. 7 0 1 November 20 .. .. 7 0 0 November 19 .. .. 7 0 1 November 18 .. .. 7 0 0

KUGBY, Nov. 30. Paris— Par. Nov. 29. Nov. 30. Francs to £ 1 124.21 147 7-04 147 5-64 Brussels— Bellas to £1 30 29.37 29.381 Oslo— Kroner to £1 18.180 19.90 19.90 Stockholm — Kroner to £1 18,130 19.40 19.40 Copenhagen— Kroner to £ 1 18.150 22.40 22.40 Berlin— Marks to £1 20.34 12.38ft 12.38:, Montreal— Dollars to £1 4.86 2-3 4.98J 4.99 New York— Dollars to £1 4.80 2-3 4.99 5-10 4.99g Yokohama— Pence to yen 34.582 14 14 Hongkong— Pence to dollar 24.58 15 15 Bombay— 183 183 Pence to rupee — Batgvla— 9.00} 9.00ft Florins to £1 12.10 Milan— 94 29-32 Lire to £1 82.46 94J Amsterdam— 8.98ft Guilder to £1 12.107 8.98} Prague— 142 Kroner to £ 1 104ft 142 Geneva21.603 Francs to £1 25.22ft 21.00 Vienna— Schillings to 26ft £1 84.86ft 26ft Helsingfors— 2203 2263 Marks to £3 193.23 Madrid— 92 11-32 Pesetas to £ 1 25.22} 92 11-32 Belgrade— 216 216 Dinars to £1 25.22ft Athens— Drachmas to 545ft 545ft £1 375 hlsbon— Escudos to £1 no 110 3-16 110 3-16 Bucharest— Bel to £ 1 931.6 672ft 672ft Klo de Janeiro— Pence to mlirels .. 5..890 2 45-64 2 21-32 Buenos Aires — Pence to pesos 47.22 Shanghai— Pence to tael — 14 3-16 14ft Montevideo — Pence to pesos — 39 13-16 39 13-16 Warsaw— Zlotys to £ 1 - 26.21 26.21

London— £1 N.Z. to £100 T.T. 124/10/8tg O.D. 123/10/123/8/9 Australia— £ A to £100 N.Z T.T O.D. 100/10/Fiji— £ F to £100 N.Z T.T. O.D. 90/7/6 90/7/6 89/-/-Now York— Dollars to £ N.Z. T.T O.D 4.0377 4.0477 4.0030 4.0070 Montreal — Dollars to £ N.Z T.T O.D. 4.035'! 4.0474 4.0029 4.0069 Austria— Schillings to £ N.Z. • • • • T.T. O.D. 20.90 20.91 Belgium— Belgas to £ N.Z T.T O.D 23.807 23.882 23.497 23.508 Czechoslovakia— T.T. O.D 113.11 113.16 Crowns to £ N.Z - Denmark— Kroner to £ N.Z T.T O.D. 18.203 18.203 17.893 17.899 France— Francs to £ N.Z T.T. O.D. — 117.12 117.16 Germany— Reichsmarks to £ N.Z T.T. 9.880 O.D. — 9.885 Holland— Florins to £ N.Z T.T. O.D. 7.320 7.360 7.170 7.174 Italy— Lire to £ N.Z. T.T. — 76.08 O.D. — 76.13 JavaFlorins to £ N.Z. T.T. 7.299 7.149 O.D. 7.339 7.153 16.183 15.893 Kroner to £ N.Z. T.T. O.D. 16.243 15.899 15.494 Kroner to £ N.Z. T.T. 15.789 O.D 15.849 15.500 Switzerland— 17.266 Francs to £ N.Z. T.T. 17.536 O.D. 17.641 17.271 Noumea— 115.87 Francs to £ N.Z. T.T. — O.D. — 115.91 Papeete— T.T, Francs to £ N.Z. — 115.92 o.y. — 115.96 Hongkong— N.Z. pence to 1 IS 25-32 dollar .. .. T.T. 18 13-32 O.D. 182 18 25-32 India and Ceylon— N.Z. pence to 1 rupee .. .. T.T. 222 22 21-32 O.D. 22 11-32 22 21-32 Japan— N.Z. pence to 1 17 33-64 yen .. .. T.T. — O.D — 17 33-64 Shanghai— N.Z. pence to 1 17 63-64 dollar .. .. T.T. O.D. — 17 63-64 Singapore— N.Z. pence to I dollar 35 13-64 T.T. 34 23-32 O.D. 34g 34 13-64 Chefoo— N.Z. pence to 1 dollar .. .. T.T. — 18J O.D. . 18 7-64 Manila— • Pence to Peso T.T. 29 11-16 30 3-16 O.D. 29 19-32 30 3-18 All rates subject to alteration without notice.

The fo.lowing are (he official out rjuntationi - Copper, epoi Ton £38 13 9 Fall £1 16 3 Cooper, forward 38 19 4'/j Fall 1 IS 0 Electrolytic ipot 43 0 0 Fall 1 10 0 Electrolytic, forward.. 45 0 0 Fall 1 10 0 Wire sari .. .. 45 0 0 Fall 1 10 0 Lead root .. .. IS 18 I'/a Fall 0 8 9 Lead rorward .. .. IS IS Vh Fall 0 II 3 Spelter root .. .. IS 8 9 Fall 0 8 9 Spelter forward .. IS 6 10'/, Fall 0 10 V/2 Tin. rpol .. .. 185 2 6 Fall S.IS 0 Tin. forward . .. 184 17 8 Fall 5 s 0 Sliver, itandard OZ. 19’ad Fall '/ad

Bank of New South Wales 32 12 6 Comm. Bank of Sydney .. Comm. Bank of Sydney 20 0 0 (New Zealand delivery) 20 0 0 Automatic Totalisators 0 19 0 Colonial Sugar 45 10 0 Australian Gas (A) .. .. 7 6 6 British Tobacco 2 10 0 Tooths 2 12 9 Tooheys 1 11 6 G. J. Coles 4 3 0 Australian Glass 4 6 9 Dunlop Perdriau 1 2 U Anthony Hordern 0 18 74 Cash Orders 0 16 9 Felt and Textiles .. .... 1 15 n Clifford Love 2 16 0 Wunderlich 1 0 6 Waldas 0 10 0 Woolworths 1 6 6 Mark Foy 1 2 0 United Provisions .. .. 0 6 8 Henry Jones 2 6 6 Fairymead Sugar .. .. 1 13 6 Mount Morgan 0 11 9 Mount Lyell 1 13 4 1 Broken Hill Pty 3 2 9 South Broken pill 1 17 6 Rawang 0 10 7 Rawang (N.Z. delivery) .. 0 10 7 Tonkah Harbour (ex , div.) 0 17 6 MELBOURNE, Dec. 1. The v. hole market is very quiet, and price movements are narrow, with definite trend. no £ s. d Comm. Bank of Australia .. 0 17 0 National Bank (£5 paid) .. 6 18 0 Carlton Brewery 3 2 0 4 2 6 Aust. Iron and Steel (pref.) 1 7 0 Dunlop Perdriau 1 2 3 Goldsbrough, Mort Australian Paper Manufac1 12 6 turers (naid) 1 5 3 Felt and Textiles 1 15 4£ Hume Pipe 1 0 0 Woolworths (N.S.W.; ord.) 1 6 4£ Electrolytic Zinc .. .. • • 2 7 0 Electrolytic Zinc (pref.) .. 2 10 3 Mount Morgan 0 11 10 Mount Lyell 1 13 3 6 Broken Hill Pty 3 2 North Broken Hill .. .. Z Id 0 South Broken Hill .. •• Emperor Loloma • ■ Taranaki Oil 1 17 0 12 0 17 0 6 6 3 0 6