COMMERCE AND FINANCE

Otago Daily Times, Issue 23369, 8 December 1937, Page 16

COMMERCE AND FINANCE

LOCAL AND OVERSEAS MARKETS

THE SHARE MARKET;; DUNEDIN STOCK EXCHANcfe VALUES FAIRLY STEADY Except for' a very slight easing ih the values for certain ? stocks :m we Australian mining section other shares were generally steady on the Dunedin Stock Exchange yesterday .afternoon, and slight gains were made'in a number of cases. Buying support was well maintained, but the attitude of buyers towards Australian mining stocks was, one of'caution. ■ . Mount Morgans, Mount Lyells and Electrolytic Zincs were all dealt in at firmer but after the last callover, values were .inclined, to be a little easier. Broken Hill Souths had a reported transaction at £1 IBs la,; but buyers' final offer was lOd below An improvement was recorded among banking issues.'Bank-of New. South Wales and :Ne,w Zealands moving up. in values without attracting holders. Commercials were .also a shade firmer.. Insurances received a, little better sup, port and preferential Union Steam Ship shares moved up 3d. Coal shares were firm, with slight advances recorded for both issues of Westport-. Stocktons. ... , ... i^-,i*« Leading Australian industrials, par-r ; ticularly Australian Glass. British tobaccos, and G. J. Coles, were all marked up in value, and experienced a good inquiry. Broken Hill -Proprietaries were generally steady with-the final quotations otilde previous day. Further lost ground was made up oy New Zealand Breweries, \which came in for more attention, arid were dealt in after the last call-over at £2/7i 6d. The first sale for a very long time ol Wellington Woollen (pref.) was reported yesterday morning at the steady market price of £5 10s: ' *■ YESTERDAY'S TRANS ACTONS r

DIVIDENDS PAYABLE .The following Is a list of shares on which dividends will shortly be payable:— North .Broken. Hill—quarterly Is 3d per share To-day Wilsons Cement interim, -..- '-'"4J'd per ShaVe To-day * Kuala Lumpur Tin—bonus, Is per :nO O&Beftj^tf per cent. SM «5 WBWB Golden SanWUffiAfrw. &MBBt Bulolo-I.sai^bllaW'iiat||:;:^ f . %M dian) fetax IjPfi ~. ,Qec.;<«; Placer ~,. (CanadiaiaJessS tex^;!,,■:>■ OeaUQ' Bank ot Ne#?Zeaianti-i5 per ;•:. a cent.. Is per share halfyearly • •....;#;.'•.. ..Dec. 11 Bank,of New,iZpaland (long.. D), 33 per' cent., 9d per 'share .. .. .. .. Dec. 11 Mataki Junction—ljd per share Dec. 14 Gordon and Gotch (Aust.)— Half-yearly pref. at 8 per cent, per annum; ord. at ~12 per cent, per anum .. Dec. 14 Golden Bay* "Cement—s 'per ' cent, per annum Dec. 15 Nemona Dredge—ld per share Dec. 15 Melbourne Co-op. Brewery—- . Bd.per share .... .... Dec. 15 Otago Farmers' Co-op.— (ord., 3s 4d paid) 5 per cent, (about) . . .. Dec. 16 ©tago ■'Farmets'» Cb-opj—(A v . • pref. £1) 5 3-5 per cent, (about) .... .. Deo. IB Otago Farmers' Co-op,—(ln-vestment shares. 1.6 s 8d). 5 per cent, (about) . . . Dec. 16 National Trustees half- • yearly at 8 per cent, per -, annum Dec. 16 Broken Hill South—ls 3d per shape . • ■ Dec. 17 Devonport Ferry—interim at 5 per cent, per annum .. Dec. 17 Moonlight Gold—s per cent. Dec. 17 Cocks Eldorado Gold Dredge . —ls per share .. .... Dec. 17 Dominion Breweries—interim at 10 per cent, per annum Dec. 18 Consolidated Brick —halfyearly 2J per ce'nC 3d per share .. .. .. .. .. Dec. 20 Mount Lyell - final 2s pen share ...... .. Dec. 20 Sulphide Corporation—-2s per . share (pre!) and Is 6d per share (ord.) .. .... .. Dec. 21 Lamson Paragon—at 8 per cent, pe*' annum and bonus 2 per cent Dec. 21 Hume'Pipe (Far East)—interim at 10 per cent, per annum .... ... .... Dec. 23 Hume- Steel—pref. at 7J per cent, per annum Dec. 23 Tongkah Compound Tin—ls per share and bonus Is per • share ; .... Dec, 23 Morris Hedstrom (Fiji) - interim, 3 per cent. . Dec. 31 British Tobacco—'filial 2 per cent., making -8 per cent. pp annum; interim, quarterly 2 per cent Dec. 31 Zinc Corporation—second halt fixed pref. 2s; interim participating pref. and ord. 4s (sterling, less tax) .. .. Jan. 1 National Bank of New Zea-land—half-yearly at 4 per , cent, per anunm, free of , tax, equal to £4 18s lOd (N.Z.) Jan. 4 Victoria Nyanza Sugar—6 oei cent. Jan <26

NATIONAL ELECTRICAL COMPANY BUOYANT TRADING RECORDED Business during the year has been buoyant, and sales have increased considerably, reports the National Electrical and Engineering Company Ltd., for the year ended on October 31. Net profit of £17,340 is recorded in the accounts, and the directors recommend a dividend of 5 per cent, The report states:—After providing for income tax, estimated at £7900, and writing down of shares held In New Zealand- Insulators, Ltd., by £SOO, there would be a credit balance of £3026 19s 7d. This amount, added to the credit balance carried forv/ard from last year of £167 .11 7d, would increase the credit balance to carry forward to £3194 lis 2d. In ascertaining the profits for the year no credit has been taken for the amount of orders .in hand. The company's assets have, as in the past, been conservatively valued, suitable provision having been made for the depreciation of plant, buildings, stock, and furniture. Business during the year has been buoyant, and sales have increased considerably.

NORTHERN EXCHANGES AUCKLAND

LORNEVILLE STOCK SALE ■ ■';; SHEEP VALUESJRISE

MINING NEWS

"(Per United Press. Association) . INVERCARGILL, Dec. 7. A ghkrpe rise of 4s to 5s a head for ewes and 8s for wethers was a feature of the Lorneville stock, .sale to-day. Although the market; was n, double one fiffi account 1 of the show xiiffi week, the fat sheep half as >mk al-fast week's;: . -;•';: '''- ''"•'* !W«t Rattle.—The marketftwas firm to '#rdeTif "Prime quality Bullocks made frorri>£l4 10s>.to £ls :iOs: medium quality, £l2 to :£:l& handy-weights, £lO 15s to fill 15s; andilight-weights, £8 10s to £9 15s; extra prime cows, to £11,2s 6d: prime. £9 15s to £lO ss; good qualify. £8 lbsto £9 ss; medium, £7 5s to &i 15s; and unfinished sorts, £5 5s to £6; prime quality heifers, £9 5s to £10; good quality, £8 5s to £9; and lighter weights. £6 10s to £7 10s. , .■-,' Fat * Sheep.—Good quality shorn wethers realised from 33s 6d to 35s 6d; medium quality, 31s to 32s 6d; and lighter weights, 27s 6d to 29s 6d; prime shorn young ewes, up to 295; prime quality, 27s 6d to 28s 6d; good, quality, 26s to 275; and medium, 24s 6d to 25s 6d. m , Fat Lambs.—There was only a medium entry of fat lambs, and these met with a good demand. Values for sorts ranged from 275. 6a to 31s, and for medium-weights from 24s 6d to 265. . PRICE OF FINE GOLD (United Press Association) (Bv Electric Telegraph—Copyright) LONDON, Dec. 6.

FOREIGN EXCHANGES

RIMU DREDGE RETURN (Per United Press Association) HOKITIKA, Dec. 7. The Rimu dredge return was 211.450 z for 1302 hours, during which 56.106 yards were excavated. MOSSY CREEK DIVIDEND (Per United Press Association) WELLINGTON, Dec. 7. The Mossy Creek Company has declared its eleventh dividend of Id per share, payable on December 17. AUSTRALIAN STOCK EXCHANGES (United Press Association) ( By Electric Telegraph—Copyright) SYDNEY, Dec. 7. (Received Dec. 7, at 10.30 p.m.) Barriers were irregular on 'Change to-day, and Mount Lyells were weaker, probably due to the fall in the price of silver owing to fears that the silver agreement may not be extended. Industrials were firmer. THE MORNING SALES

MELBOURNE, Dec. 7. The market continues quiet. Barriers are easier, but there was a good rise in Australian Glass. Gold was

LONDON STOCK EXCHANGE (United Press, Association) (By Electric Telegraph—Copyright) LONDON, Dec. 6. " The Stock Exchange is generally steady. Week-end orders have Armed. Oils and rubbers are cheerful. Share quotations: Clutha River Company, buyers Is 9d, sellers 2s; Molyneux River Company, buyers Is 2Jd, sellers Is 4£d. NEW GUINEA GOLD SHARES (United Press Association) (By Electric Telegraph—Copyright) LONDON, Dec. 6. New Guinea Gold shares are quoted at Is 6d. NATIONAL TOBACCO COMPANY The report of the . directors of the National Tobacco Company, Ltd., for its fourteenth financial year refers in the first place to an event that opens a new chapter in the history of the company, namely, the manufacture of cigarettes, regarding which it says that the enterprise is a success with great prospects for the future. The tobacco business will be pushed on as before, and the cigarette will help to strengthen the position. Sales have further gone ahead, as is shown by the excise and customs duties paid during the year, which amounted to £260,000, compared with £230,000 for the previous year. Notwithstanding this increase in sales, profits have still further declined and sunk to a level that is in strange contrast with the company's successful operations. A bigger staff, a bigger output and continuous efforts have all been of no avail in the face of the higher cost. A net profit of £14,000 as a result of a whole year's ceaseless worki. of this huge machinery represents just a fraction over 2 per cent, on the turnover! Where is the business man, wholesaler or retailer, who would declare himself satisfied with this ratio of profit? Could he make a living at that rate? And what are the earnings of capital invested in this enterprise? Barely 5 per cent.! Surely not too big a margin considering the risk that is run, as is borne out by the fate of the many tobacco-growing and manufacturing concerns that have sprung into existence during the last 10 years, more than a dozen in number All the- have left behind are ruined existences and a host of disappointed shareholders to bemoan their losses. It is only a few months ago that the last of these mushroom concerns had to throw up the sponge with the total loss of their capital. The sums involved in this one failure are said to exceed £160,000. What does the future hold in store for us? the report asks Higher wages, shorter hours and the ever-mounting cost of all and everything required for the manufacture of our product place us at a disadvantage compared with imported lines. And this can only be offset, by a correspondingly higher protection in the Customs tariff Unless we get this protection, the industry is threatened in its existence and offers no encouragement either lo manufacturer or grower. Looking at the f !r uires of the balance sheet it will be seen that the item property, plant and machinery is higher by £16,000 'i..is increase represents part of the cost of the cigarette nlant and extension of factory buildings Stock of raw leaf, manufactured tobacco and material is higher by £23,000. Sundry debtors by £6OOO Corresponding with +'iese increases, the credit balance at the bank has shrunk in proportion, and now stands at slightly over £43,000. After deducting all charges, writing off £5043 2s 9d for depreciation on buildings and plant, and allowing the sum of £13.000 for income tax. there is a balance left of £l4 R 77 Os 6d which represents the net profit for the year To this must be added the balance of £R?c;i o„ oh brought forward frotn last vear. making a total of £21.028 18= 3d available for distribution. Out of d' ,rs recomrnf""l thp distribution of a dividend of 121 per cent, on Ihe ordinary shares, and 8 per cent, on the preference shares, absorbing £16,353 13s Id. and to carry over into next year the balance of £4675 5s 2d.

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

ON NEW ZEALAND CURRENCY BASIS The Rnnn ot New South Wales. Dunedin ouoted the following rates for purchases and sale? of foreign exchange yesterday.Buying. Selling-

All rates subject to alteration without notice. 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 4.01 1-16 4.00 13-16 O.D 4.01 7-16 4.01 3-16 Buying— O.D. .. .. 4.05 J 4.05 J LONDON METAL MARKET (United Press Association) (By Electric Telegraph—Copyright) LONDON, Deo. 6. The following art the official metnl quotation!:—

AUSTRALIAN ORANGES HIGHER PRICE ON HOME MARKET (Special to Dailv Times) AUCKLAND, Dec. 7. A rise in the price of oranges in Australia following the policy of "opening the door" to Australian oranges in New Zealand was commented on by Mr E. C. Turner, who returned to Auckland by the Wanganella. Supplies of oranges had been drawn to the New Zealand market, he said, and the result had been a rise of about 4s a case in the price of the fruit in parts of the Commonwealth. Following a spell of very hot weather in the Griffiths area of New South Wales stone fruit had ripened a fortnight earlier than was expected. As a consequence the fruit, especially plums and apricots, were very cheap, as the factories had not opened.

DROP IN PRICE OF SILVER (British Official Wireless) (United Press Association) (By Electric Telegraph—Copyright) RUGBY, Dec. 6. (Received Dec. 7, at 5.5 p.m.) A sharp fall of one penny in the spot price of silver to 18 7-16 a an ounce was recorded to-day, the fall being attributed to uncertainty regarding the future price of metal following market reports with regard to the possible termination of the sales agreement. DRAFT ALLOWANCE ABOLISHED BRADFORD BUYERS DISTURBED (From Our Own Correspondent) (By Air Mail) LONDON, Nov 20. Bradford wool importers were disturbed to learn of the Bill which has been introduced into the New Zealand Parliament to abolish the draft allowI ance on wool. According to the Bradford Telegraph and Argus, buyers do not maintain that there is now any doubt of the accuracy of the weight of bales to justify the allowance of lib per cwt. In estimating the yield of wool and judging the probable amount of grease and dirt it is carrying, however, they have got used to taking the allowance into account, and its abolition will upset their methods of calculation. The Bill was passed by the House after very little discussion. BRADFORD TOPS MARKET (United Press Association) ißy Electric Telegraph—Copyright) LONDON, Dec. 6. At Bradford, tops are generally firm, and business is fair. Yarns are firm, with a fair inquiry. LONDON WHEAT MARKET (United Press Association) (By Electric Telegraph—Copyright) LONDON, Dec. 6. Wheat cargoes are easier. Parcels are firmer. Futures: London—January, 44s 3d: March, 43s 9d. LiverpoolDecember, 7s 9Jd; March, 7s BJd; May, 7s BJd. Chicago quotations: December, 96| cents per bushel; May. 94J; July. 87g. FINANCE AND PROSPERITY FORESIGHT IN BANKING Addressing shareholders of the English, Scottish and Australian Bank, Ltd.. In London, the chairman of directors, Mr S. M. Ward, said Australia was enjoying a period of remarkable prosperity. The present setback in commodity prices was due almost entirely to lack of confidence in the European situation, unsettled conditions in the Far East, and the possibility of reactions to the position in America. The exceptionally strong position of the bank was .not altogether profitable, but, particularly in times like these, solidity and strength were desirable features of the balance sheet. Bad debts were made in good times. It was in times of prosperity like the present that care and foresight were more than ever riecessary to avoid the risk of losses occasioned by. falling values in a time of depression. WOOL BUYERS' SAMPLES AVOIDING DELAYS IN DELIVERY MINISTER ACCEDES TO REQUEST Delays in the handling of wool samples which have caused buying firms considerable inconvenience in the past will be largely eliminated. The Minister of Agriculture (Mr W. Lee Martin) has advised the Canterbury Chamber of Commerce that he will accede to its request to expedite the delivery of buyers' samples and will give instructions empowering superintendents of the live stock divisions of the department in each of the four cities (Wellington, Auckland, Christchurch and Dunedin) to grant permits for the release of the samples. The protracted procedure which has given rise to complaints was explained m a, letter sent to the Minister by the secretary of the chamber (Mr J. Roy Smith). The letter, which was shown to a Press reporter on Saturday, sought the local issuing of permits to facilitate the delivery of samples to wool-buying firms.- The system was that postal authorities advised the firms, by a card in the mail, that the samples from overseas had come to hand. The firms then had to make written application to the director of the live stock division of the Department of Agriculture in Wellington, requesting a permit for the delivery of the sample. In due course, the director would advise the firms that permission was granted and that application should be made to the district superintendent of the department in the particular centre. TJie permit could then be obtained, and the firm would get the delivery of the sample. • "In a number of cases, the present arrangement has caused delays of as much as 10 days," the letter added. "Samples are mailed from abroad for the use and information of local woolbuying firms, and in almost all cases they are required quickly and without delay. In many cases buying orders are based on these samples, and the firms are unable to proceed with the orders until the samples are obtained. "It is essential, therefore, that they should be available at the earliest moment. May we ask if some revision of the present system is possible? We suggest that the issue of the permits may be made by the district superintendents in the four centres without (in the case of Auckland, Christchurch and Dunedin) application to Wellington. Such a course would expedite the issue of permits and enable the delivery to be secured with the least possible delay, thus greatly facilitating the business of wool-buying firms." The Minister's reply was that the matter had been investigated, and the position appreciated. In acceding to the request, however, he wished it to be understood that the new arrangement would apply only to buvers' samples. CONSUMPTION OF TIN RECORD PRODUCTION OF MOTOR VEHICLES According to statistics just published in the October issue of the International Tin Research and Development Council's Bulletin, from The Hague Statistical Office, world consumption of tin in the 12 months ended August, 1937. totalled 175,580 tons, while world production in the same period was 192,868 tons. Increases in tin consumption are recorded for the United States, 13 per cent.; the United Kingdom, 181 ' per cent.; U.S.S.R.. 37 per cent.; Germany, 17.3 per cent.; Japan, nearly 22 per cent.; and Canada, 12 per cent. There were also substantial increases in Denmark, Czechoslovakia and Poland. Decreases occurred in France, 2.6 per cent.; British India, 15.7 per cent.: and in Italy and Spain. World production for September. 1937, was more than 19,000 tons, against 17,200 tons in the previous month. This was due to an increase in the output of British Malaya from 5811 tons in August to 8445 tons in September. The consumption of tin in the United Kingdom, which averaged more than 2500 tons a month during June-August, fell to 933 tons in September, while consumption in the Netherlands increased from 82 tons in August to 140 tons in September. During September, 1937. world visible stocks of tin decreased by 3132 tons to 22,032 tons, representing 12.5 per cent, of the current annual rate of consumption. The average cash price • of standard tin in September was £259 2s 3d, compared with £264 15s Id in August and with £263 14s Id in July. The world output ol tinnlate in tho year ended August 1937, totalled 4,113,000 tons, against 3,373,000 tons in the preceding year. The output of the world's motor industry in 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 1929.

Sales ob 'Change £ s. d. 0 7 4 1 13 0 > Sales Reported 103 Q 0 Wellington Woollen (pref.) .. 5 10 0 2 7 9 118 0" 1 1.8 1 : Electrolytic Zinc (ord.) .. .. Broken Hill South .. ;. 113 3 0 12 51 Sales Reported After Last Call 0.16 11 .2 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 p.c. Stock, Nov., 1838-52 101 0 0 ,_ 31 p.c. Stock, March, 101 0. o 31 p.c. Stock, May, ■r 1 3i p.c. Stock, Nov., < • :■— 4 p.O. Bonds, 1943*46 .. 102 15 0 ; — 4 p.c. Stock, 1943-48 .. 102 15 0 •— 4 p.c. Bonds, 1948-49 .. 102 15 0. •— 4 p.c. Stock, 1946-49 .. 102 15 '0103 » 0 4 p.c. Stock, 1952-55 , .* „•*■• '" 105 0 0., 31 p.c. Bonds, 1953-57 > .*-? ■• 98.10 >6. MINING'., ''..,. Big River (Is) .. ".., 0 i ,0 ■• o. 1 :4! Clutha River (2s) .. v 0 1 ,9x 0' 2 9 Consol. Goldflelds (4s) — 0 13 0 Gillespie's Beach (Is) <-•' 0 14 Goldflelds Dredging. >, • (Is) .. .. ,y. Hi 0 0, I:, 0*0 3 Kildare (2s) X$i '% — 0 10 Mossy Creek (Is) .. Oil — Nokomai (5s)£%,;...... 0 2 }-■. 0 2 6 Okarito ■. (5s)' 1;^: '". > -■•■.,.. .rr ';,;,■;-, 0 3 6 Sandhills (Is) ":>/■**#, y"^ ■:■ o 0 2 Waipapa:Beach (Is)".". ".'v^.— : ' 0 .0 3 '.! \ BANKING';. '•! A'asia (£5) .,. .. ..£>■?(?■■-&.:»,. 1J 0 0. N.S.W. (£20) '.i'-W;3^"'-2^"- ■ ; -' ITf ■ ' it ' N.Z. (£*) .... - 3 4 6 , .■ ?.-'l-i . > V-. Commercial (10s) '.. 0 16 H E.S. and A. (£3) .. 5 3 :'&V rdVi 3 ""■ Natl, of A'asia. (cont.; 7 3 6 Union (£5) ..*.,,.. • — ;, 9 6 0 INSURANCE National (7s) •'.; '.. ;.0"l7 * : 1' 6 17 6 New Zealand (£1) .. ' ~- ■' "i 4 6 South British (£1) .'. 4 15 0 — Standard (£1) ..... ■. — 3 0 3 SHIPPING Huddart, Parker (ord.; £1) .... — 2 2 6 Huddart,,- •Parker .• .•• (pref.; £1) .... 17 3 — P. and O. Def. Stock (£1) .. ..,,,.1 .5. .0 ... ■. -p. .■■■ U.S.S. Co.'(pref.; £f) 1 ] 0 1 7 4 'MEAT PRESERVING N.Z. Refrig. (conk; ..'....„ ' 10s) '.'.. ,,.,'.. .':..,,: 0.8 XI i 0" 8 2 South. Frozen Meat (paid; £1) .... .. A-. 1 8 3. South Oiago ; Freezing ' (£5). .'.. ,. .. 5 12 .6 . .—'..■. WOOLLEN COMPANIES ! Bruce (ord.; £1) .. '■— ■ 0.10-0 Kaiapoi (pref.; 17s) .. — 0 17 3 Oamaru (£1) .. .. :t*; 0 18 0 Timaru -,.. .. .. .,,. — , 0 17 0 "'V LOAN! AND AGENCY. DaJgety.and. Co. (£5)->. . ■.-? 10 0 0 Goldsbrough, Mort (£1). i 11 9 .112 C Natnl. Mortgage (.£2): — 2 7 0 N.Z. Guarantee Corp. (3s) — 0 4 10 Otago Farmers (A — Trustees, Executors, . (£2) 3 15 0 — Wright, Stephenson (ord.; £1) .... 1 2 0 •' — Wright, Stephenson (pref.; £1) .. .. 1 0 6 _.

• if „'#•• ■>J-> :COAI <l6sX'-. •• 1-5 3 ■■ — Wes'pcpt flOs): V. ■■ 1 , ~ ,d 4 6 ■ Weslport* - Stockton (ord.; 10s) .. .. 0 2 6 — Westport - Stockton ' \ ' (pref.; 10s) .. vy' 0 : 5 6 : •?""* \, , MISCELLANEOUS i Anthony HQirdern f£l). ■*t 0 19 0' {Associated News (£1)' — 1 3 a Associated News ! ''.,, '"■ (pref.; £1) •• •• 1 4 0 -#; Australian Glass (£1) 4 8 0 .-.—" British Tobacco (£1) 2 9 3 :'■'■—- , Broken Hill Propy. s (£1) 3 2 3 3 3 6 .Broken Hill Propy. r '(cont,;. 5s) .. .. i is' '0/' 1; 16 3 Brown, Ewing (ord.; 4''**" i a 0 Brown, Ewing (pref.; : : yJ' ; y £1) ,. *.':'.. .. ■SrSf.1; ; .;2 0 Colonial Sugar (£20) ;^5'i5 0 *£•'< Consolidated. Brick 0 6 9 y"~$[ , ; .y Dominion > Fertiliser; ">*■• '"•''.' .'•'"■•• '"■''.'•; ~ iL ' ■£l.''V*- : :0' : ' : Dominion s Fertiliser .'"'■'-''.>'. 103 0 0 '•/T : Dominion Rubber (£1)... • ',',--rrr, i lilrt "OV, Donaghy,s Rope (£1) ' '" 'J? 1 '. fytf-' 0" Stock Exchange Propy, 2 'V .•/•?■ ji'j : 6 • ■r? Dunlop Perd. Rubber •~ '■,'■■' (£1) 1 1 9 /.'r^" 1 Aust. F. Trust .. ..... • ■'■■ '— > ■. iQji$ 0 . General Industrie's' , £'"*""': '•'."' '•Jv'v- ' " —' 70*9 6,: G, J. Coles (£1) .. 4 * 6 i f'i A0 . Hume Pipe (£1) .,.<«■•■£" % <$?,w> Milburn Lime (£1) .. ..;. "*•*? ri*"' 3 Mort'S'Dock (£1) ... . ■'"*•' 0 10 9. J Moturoa Oil (pref.; 5s) .— .0 5 .0 Natnl. Electric (£1) .. 6 13 0 ■i ■ : .~7~. N.Z. Newspapers (16s 1 1-7 o- ■' •' ••' ~ N.Z. Paper Mtljs (£1) 1 5 9' Q.% ' ■.' Otago .Daily • Times 2 6 0 — Regent Theatre (£1) 0 19 6 — Shillings; Ltd. (£1) .. — 0 19 0 Smiths . and . Smith ' (prefi; £}) .. .. ' — 1 2 0 Taranaki Oil (£1 4s 07 3 0 7 7 Woolworths (pref.; £1) ' .. .. .. .. —' 1 18 0 Woolworths (ord.; £1) ,. —■ 5 0 0 Woolworths (Syd.) .. 1 « 5 1 6 8. Woolworths (South •: Africa) "■, . .• .. . 'w 0 14 3 — BREWERIES N.Z. Breweries (£1) 2 7 e 2 7 9 Dominion (£1) .. .. — 2 0 0 Tooths (£1) .. .. 2 11 6 — ■ AUSTRALIAN MINING Austral N.Z. Mining — 0 15 0 Broken Hill South (5s) 1 17 3 1 18 6 Electro. Zinc (pref.; ... — 2 11 0 Electro. Zin.. (ord..; ■■. .• . 2 7 3 2 7 11 Mount Lyell (£1) .. 1,12. 9 113 3 Mount Morgan (2s 6d) — 0 12 8 .:North Broken Hill (5s) — 2 16 0 Placer' 1 Developments — 3 15 0 Rawang Tin (10s) ... •— 0 10 9 UNLISTED STOCKS A. andIT. Burt (pref.; £1) .4 •• 0 12 6 0 17 0 Mackintosh Caley Phoenix (£1) .. .. — 0 6 3 Self ridges ,.(Aust.) ' .. 1 3 0 — Security 1 Finance (£1) — 0 15 0 Selfridges (N.Z.) .. 0 10 3 —.. 1 10 0 —'

Sales on 'Change 4 p.c. Bonds, 1952-55 104 15 0 4 p.c. Stock, 1943-46 .. 102 15 0 Auckland Harbour Board, 1939 (4.1 percent.) ... ■■ 101 10 0 Auckland City, 1944-51 (4J 104 0 0 Bank of New Zealand 2 4 8 Traders' Finance (cont.) .. 0 4 10 Auckland Gas (2) . . . 10 6 Broken Hill Pty. (new) .. 1 15 11 .Consolidated Brick .. ., 0 7 3 Electro. iZnc (ordv) •• ■ '•' 2 7 6 G. J. Coles -• 4 3 6 M.K. Millinery .. ■ • • • 0 12 10 N.Z. Newspapers (odd lot) Radio (1936) - •■ 1 17 9 10 0 W. R. Carpenter .. .. .. Woolworths (Sydney) ■:*. 2 6 6 16 6 Waihi.;Investments ... ••.•• 0 9 10 Mount' Lyell ■ ' ■ .'-.. • • •■ 1 13 6 1.-13 3 North Broken Hill . • •• 2 15 0 2 15 4 Unlisted Stock Self ridges (Aust.) ... ,•• 1 8 0 Whakatanc Paper Mills •• 0 7 6 WELLINGTON Sales on 'Change 4 p.c. Stock,1946 (late M'on.; 2) ';, .■•■.. ....... 103 0 0 .N.Z. Breweries (late, Monr) 2 7 9 McKenzies (late Mon.) 3 13 6 .TVlb'ssy Creek (late Mbn.) .. 0 12 103 0 0 •fp.c. Stock, 1946■-... •• ■• /Wellington • Harbour Board • v .-.(5J-per'ceftt.mfl40 .. v-i New-Zealand >.. 101 10 0 2 8 0 2 7 10 ' .'y y ,.,-'* '' (2),-, '8 0 Broken Hilt'(2)f; .'. ,..■/..' • 3 2 6 G. J. Cojes..-";'.■■ 4 3 0 Amalgamated Wireless (pd.) 3 19 0 7 5 0 7 0 ; W&olwortrjs, Ltd. •• •• 1 6 6 > t Unlisted Stocks iW.; : E. Woods ttd 0 Jfs] 6i iDHRISTCHURCp SISSk Sales on 'Change Com. Bank of Aust. (2) .. 6 17 0 E.S: and A. Bank .. •• 5 5 0 Bank of N.Z. (D mort. 19 6 N.Z. Refrig. (10s paid; 2) .. 0 9- C 4 8 3 Broken Hill Pty. (4) .. .. 3 2 8 3 2 7 46 5 0 Electro. Zinc (ord.) ... •• 2 7 8 2 7 4 G. J. Coles (2) •••••■ ■ . . (4) 4 3 4 4 3 6 4 3 5 N.Z. Farmers' Co-op (4J p.c, 4 12 0 Taranaki Oilfields (5) .. 0 7 5 0 7 2 Woolworths (Syd.; ord.; 2) 1 6 7 Grey River (7s 6d paid) .. Broken Hill South .. •• 0 9 3 1 18 1 1 17 3 Mount Lyell (3) .... •• 1 13 3 Mount Morgan (2) .. •■ 0 12 1 0 12 \\ Sales Reported N.Z. Govt.,, 4 p.c. inscr., 10S 0 0 110 1 16 1 2 7 9 4 8 6 Broken Hill Proprietary .. 3 2 10 3 2 11 Broken Hill Pty. (new) .. 1 15 10 0 16 3 Woolworths (Syd.; ord.) .. 16 7 Broken Hill South (cum 1 18 1 1 18 0 Mount Lyell 1 13 2 0 10 11 0 11 0 Blenheim Borough, 5J p.c, 104 0 0

£ s. d. December 6 .. 6 19 11 December 4 .. 6 19 US December 3 ,. 6 19 11J December 2 ..700 December 1 ..7 0 01 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

£ &. d. Comm. Bank of Australia .. 0 17 3 Bank of New Zealand 2 4 9 Bank of New South Wales 1 13 5 1 11 3 2 14 0 Anthony Hordcrn's .. 0 19 0 2 8 6 0 iO 4 ADDITIONAL SALES Bank of New South Wales .. ■fc. s. 33 0 d. 0 Commercial of Sydney .. 20 13 0 Queensland National .. 5 4 6 Associated News (New Zealand delivery) 1 3 6 (pret) . 1. 4 6 Colonial Sugar ...... 47 0 0 2 15 0 British Tobacco .■.;- „i "... 2 10 0 Tooths •.... ■.. .. ■■• .. '.„>■" 2 14 0 •Coles ,. '..-.' ...- ■■.■;%■...■■ .-.v. 4 4 6 ODunlop PerdHau • ...;" ..'. • 1 2 u General Industries' '.s' .. 0 19 0 1 4 3 0 19 10J 1 2 " 6 Felt Textiles (new; paid) .. 1 14 9 (old) 1 16 9 Newbold .. 1 13 0 1 18 0 2 6 6 Gordon and Gotch .. .. 2 13 3 Standard Cement .. ... 0 17 3 4 11 0 Producers General .. 0 10 6 Perpetual Trustee .. .. 4 17 6 United Provisions .. .. 0 6 6 Winchcombe Carson .. .. 1 11 6 0 10 9 1 15 6 2 8 0 1 13 3 3 3 0 2 13 9 1 17 9 New Broken Hill Consoli0 13 10 Zinc Corporation 5 5 " 0 0 7 0

dull. Commercial of Australia .. 0 17 3 National Bank (£5 paid) .. 7 1 0 (£10 paid) 14 1 0 1 11 3 2 9 9 4 4 6 1 5 6 4 10 0 1 2 9 Goldsbrough, Mort .. • • 1 12 % Woolworths (New South Wales) 1 6 10* Australian Paper Manufac1 5 3 Electrolytic Zinc .. •• 2 7 9 (pref.) 2 11 0 0 12 5 1 13 0 3 3 0 2 13 6 1 17 H 5 5 0 1 0 0 0 12 7 0 17 4 0 7 2

RUGBY, Dec. 6. ParisPar, Dec. 4. Dec. 6. Francs to £ 1 124,21 ' 147 5-64 147 5-61 Brussels— BolKttS to £ ] ao 29.371 29.401 Oslo— Kroner to £ 1 18.180 19.90 19.90 StockholmKroner to £1 18.130 19.40 10.40} Copenhagen— Kroner to £ 1 18.150 22.40 22.40 Borlln— Marks to £3 20.34 12.30) 12.40} MontrealDollars to £1 4.86 2-3 4.99 4.99J New York— Dollars to £1 4.86 2-3 4.99 3-16 5.00 3-16 Yokohama— Pence to yen 84.382 14 14 HongkongPence to dollar 24.58 15 15 BombayPence to rupee — 1SJ 181 Batavia— Florins to £1 12.10 8.96 8.96} MilanLire to £1 82.46 9*1 94 31-32 AmsterdamGuilder to £1 12.107 8.98} 8i Prague— Kroner to £1 104} 141 1-16 142} GenevaFrancs to £1 25.22* 21.60 21.60} Vienna— Schillings to £1 84.86} 26J 26} Ucislngfors— Marks to £1 103.23 2264226} MadridPesetas to £) 25.221 92 11-32 02 U-32 BelgradeDinars to £ 1 25.22} 216 216 AthensDrachmas to £1 375 547) 547} Lisbon— Escudos to £1 110 110 3-16 110 3-16 Bucharest— Lei to £1 031.6 6T7 677 Bio de Janeiro — Pence to milrols .. 5.800 2 23-32 2 11-16 Buenos Aires— Pence to pews 47.22 . ."" *"■ • ShanghaiPence to tael _ 14 3-16 14 3-16 MontevideoPence to pesos — 39 13-16 S9 13-16 Warsaw— Zlotysto £1 - 26.37 26.37

London— £1 N.Z. to £100 T.X O.D 124/10/123/8/9 Australia— £ A to £100 N.Z T.T O.D. 100/10/Fiji- £ Pto £100 lN.Z. T.T. O.D. 90/T/6 90/7/6 89/-/-89/-A New YorkDollars to £ N.Z. T.T. O.D. . 4.0452 4.0552 4.0106 4.0146 MontrealDollars to £ N.Z. T.T. O.D. 4.0420 4.0549 4.0104 4.0144 Austria— Schillings to £ N'.Z T.T. O.D. - 20.90 20.91 Belgium— Belgas to £ N.Z. T.T. O.D. 23.830 23.905 23.520 23.531 Czechoslovakia— Crowns to £ N.Z. T.T. O.D. - 112.88 112.91 DenmarkKroner to £ N'.Z. T.T. O.D. 18.203 18.263 17.893 17.899 FranceFrancs to £ N.Z. T.T. O.D. - 117.12 117.16 Germany— Reichsraarks to £ N.Z T.T. O.D. - 9.896 9.901 HollandFlorins to £ N.Z. T.T. O.D. 7.317 7.357 7.167 7.171 Italy— Lire to £ N.Z. T.T. O.D. - 76.12 76.17 javft— Florins to £ N.Z. 1 T.T. O.D. 7.287 7.327 7.137 7.141 NorwayKroner to £ N.Z. T.T. O.D. 16.182 16,242 15.892 15.898 SwedenKroner to £ N.Z. T.T. O.D. 15.793 15.853 15.498 15.504 SwitzerlandFrancs to £ N.Z. T.T. O.D. 17.540 17.645 17.270 17.275 Noumea— Francs to £ N.Z. T.T. O.D. - 115.87 115.91 PapeeteFrancs to £ N.Z. T.T. O.D. - 115.92 115.98 Hongkong— N.Z. pence to 1 dollar . • «• T.T. O.D. 18 29-84 18 53-64 18 27-64 18 53-64 India and Ceylon— N.Z. pence to 1 rupee •• ..' T.T. O.D. 2?t 22 21-355 22 11-32 22 21-32 Japan— N.Z. pence to 1 yen .. .. Shanghai— N.Z. pence to 1 dollar . • T.T. O.D. T.T. O.D. -. 17 33-64 17 33-94 18 11-64 18 11-64 Singapore— N.Z. pence to 1 dollar .. Chefoo— N.Z. pence to 1 dollar .. .. ManilaPence to Peso T.T. O.D. T.T. O.D. T.T. O.D. 34 23-32 35 13-64 34g 35 13-64 - 181 - 18 T-64 29 9-16 30 1-16 29 33-64 80 1-18

copper ipoi ton £41 9 V/t Rise SO 18 9 Copper, lorward ,. 41 14 *'/« Riie 0 18 9 Electrolytic ipoi 46 0 0 Rite 1 0 0 Electrolytic, lorward.. 47 0 0 Riie 1 0 0 Wirt nan .. .. 47 0 0 Riie 1 0 0 Lead. ipoi .. .. 16 18 V/t Rise 0 10 0 Lead, lorward .. .. 17 0 V/z Rise 0 8 3 Spelter, ipot .. .. 10 S 7Vt Rise 0 7 6 Spelter, forward .. IS 10 7'/i Rill 0 7 6 Tin, ipoi .. ,. 200 12 8 Bite 5 18 9 Tin. forward .. ., 199 16 3 Rise 8 2 6 Silver, itandard 18 7-IGd Fall I'/.d Silver fliif !9'/,d Fall I'/ed