COMMERCE AND FINANCE

Otago Daily Times, Issue 23370, 9 December 1937, Page 16

COMMERCE AND FINANCE

LOCAL AND OVERSEAS MARKETS

THE SHARE MARKET DUNEDIN STOCK EXCHANGE AUSTRALIAN MINING EASIER With the exception of Mount Lyells, ■which held the previous day’s levels shares in the Australian mining section finished easier on the Dunedin Stock Exchange yesterday afternoon. Sellers however, showed no disposition to reduce their limits, and the market closed without any business being recorded. Following the firmer prices for Australian Glass shares in Australia, a sharp rise was recorded here, buyers coming on the market at £4 9s 3d. an improvement of Is 3d compared with the previous day, but holders did nol respond. Broken Hill Proprietaries were a little easier, but other Australian industrials generally held recent levels. Among Dominion securities Taranaki Oils lost ground to finish with unanswered buyers at 6s lid, sales being reported at that figure and at 7s Banks were firm; with a good inquiry for New Zealands, and insurances were dull. Shipping shares revealed a slight easing tendency’, but renewed interest was shown in New Zealand KeIrigeratings (cont.), which were a shade firmer when the market closed. Westport Coals had a reported transaction at the easier price of £1 3s bd final sellers at 6d above that figure re- ‘ ceiving no response from buyers. Utnei listed issues in this section were firm Westport-Stock to ns (pref.) moving up 3d. New Zealand Breweries were steady and were dealt in at’£2 7s od. with more wanted at the same price Holders, however, would not accept less than £2 7s 8d YESTERDAY’S TRANSACTIONS Sales on 'Change x £ s. d. i Union Bank ® ® ’ N.Z. Breweries 7 b Sales Reported I N.Z. Refrigerating (cont.; 2) .. 0 9 0 Westport Coal .. •• , J ® ’ Associated News (pref.)... .. 1 * ° v Australian Foundation Trust •• 0 5 5 Taranaki Oil (2) ® J 1 () 6 11 The following are yesterday afternoon's . buying and selling quotations, which are subject to the usual brokerage:— ‘ GOVERNMENT LOANS )’ Buyer. Seller.

tt Cum dividend, *• Ex dividend. DIVIDENDS PAYABLE The following is a list of shares on which dividends will shortly be payable:— Kuala Lumpur Tin —bonus, Is per share To-day N.Z. Breweries—interim 4 per cent, .. . ■ Dec. 10 Golden Sands—ld per share Dec. 10 8u1010—1.50 dollars (Canadian) less tax Dec 10 Placer Development—6o cents (Canadian) less tax . .. Dec. 10 Bank ol New Zealand—s per cent., Is per share halfyearly Dec. U Bank of New Zealand (long D) 33 per cent.. 9d per share . . Dec. 11 Mataki Junction—l£d 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, oer annum Dec. 15 Nemona Dredge—ld per share Dec. 15 Melbourne Co-op. Brewery—8d per share Dec. 15 Otago Farmers Co-op.—(ord., 3s 4d paid) 5 per cent. (about) . Dec. 16 Otago Farmers’ Co-op.— (A pref £D 5 3-5 per cent. (about) i Dec. 16 Otago Farmers' Co-op.— (Investment shares, 16s 8d) 5 per cent, (about) Dec 16 National Trustees halfyearly at 8 per cent, per annum Dec. 16 Broken Hill South Is 3d per share . Dec 17 Devonport Ferry—interim at 5 per cent, per annum .. Dec. 17 Moonlight Gold —5 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 cent. 3d per share Dec. 20 Mount L.vell - final 2s per share Dec. 20 Sulphide Corporation—2s per share (pref.) and Is fid per share ford.) Dec. 21 Lamson Paragon—at 8 per cent. pe. annum and bonus 2. per cent Dec. 21 Hurm Pipe (Far East) —interim at 10 per cent, per annum Dec. 23 Hume Steel—pref. at 7| per cent, per annum Dec. 23 Fongkah Compound fin—ls per share and bonus Is per share . Dec. 23 Morris Helslrom (Fiji) - interin. 3 per cent. Dec 31 British Tobacco—final 2 per cent., making 8 per cent. p» annum: interim quarterly 2 per cent Dec. 31 Zinc Corporation—second halt fixed pref 2s; interim par- , ticipatinp pref and ord 4s (sterling, less tax) . Jan. 1 National Bank of New Zealand —half-vearly at 4 per cent per anunm. free of tax, equal to £4 18s lOd (N.Z.) Jan 4 Victoria Nvanza Sugar—6 pet cent Jan 2fi

LONDON SHARE MARKET (United Press Association) (By Electric Telegraph—Copyright) LONDON. Dec. 7.

STOCK MARKETS FURTHER IMPROVE (United Press Association) (By Electric Telegraph—Copyright) LONDON Dec 7, The stock market further improved The papers however point out that the fall of Nanking will not end the fighting Guerilla warfare will follow SUEZ CANAL DIVIDEND LONDON. Dec. 7 The Suez Canal interim dividend is 266.63 francs, making a total dividend of 300 francs.

NORTHERN EXCHANGES

AUCKLAND Sales on ’Change £ s. d.

E.S. AND A. BANK A PERIOD OF PROSPERITY Addressing shareholders of the English. Scottish and Australian Bank. Ltd., in London, the chairman of directors, Mr S. M. Ward, said that Australia was enjoying a period of remarkable prosperity The present set-back 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 thaf care and fore sight were more than ever necessary to avoid the risk of losses occasioned by falling values in a time of depression. ORIENT COMPANY'S INCOME (United Press Association) (By Electric Telegraph—Copyright) LONDON, Dec. 7. The Orient Company’s operating profit and investment income amounted to £351,011. The surplus on the sale of investments amounted to £94du transferred from general reserve £175,000, depreciation £241,921, and special expenditure £163,616 leaving a balance of £129.925, with £40,461 brought forward. The ordinary dividend of 5 per cent, absorbs £134,304, leaving £36.082 to be carried forward.

Fraser and Co., selling ffgenls for Otago and Oamaru Egg Circles, report as under:— _ Eggs, market rates. Butter; Separator oats, lid to Is per lb. Tallow, 15s per cwt. Pigs: Good bacon weights. 7Jd to 8d per lb; overweights. 3d to 4d per lb; porkers, 7d to 8d per lb. Auckland potatoes. 2d to 2ld per lb Chaff, £5 15s to £6 per ton. sacks extra. Whole fowl wheat, 6s bd to 6s 9d per bushel. Canadian onions. 18s to 19s per bag. Honey: Bulk, 7d per lb' 101 b tins 7s fid 1 21b pottles I? White Leghorn hens 3s to 4s: heavy breeds. 5s to 5s fid. Cockerels. Light, 2s 3d to 4s; heavy. 7s to 8s fid Roosters, 2s to 3s fid. Ducks 3s to 4s; ducklings, 6s to 7s—all per pair. Turkev gobblers 9d to 10d per lb live weights 1 hens. 7d to 8d per lb We stock ‘ Palmer’s chick food, " National ” meatmeal. leg rings Is per inzen (special quotes for quantities) We are Otago agents for: Gamble electric incubators, particulars on application • .. „„ We are agents for: “ Champion egg crates, Isco” cod-liver oil for noultr”, prices on application. Consignor- please note that all pigs and poultry must arrive not later than Wednesday morning of each week. We have a stock of poultry crates on hand for the use of our clients

FOREIGN EXCHANGES (British Official Wireless) (United Press Association) (By Electric Telegraph—Copyright) RUGBY. Dec. 7

ON NEW ZEALAND CURRENCY BASIS . smith Wales. Dunedin, Buying belling

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 15-16 4.00 11-16 O.D 4.01 5-16 4.0 U Buying— O.D 4.05 5-16 4.05 J LONDON METAL MARKET (United Press Association) (By Electric Telegraph-—Copyright) LONDON. Deo. 7. The fallowing are the official metal quotation!. -

DOLLAR AND FRANC (United Press Association) (By Electric Telegraph-Copyright) LONDON Dec. 7 Exchange on New York is quoted at 5.00 5-16 dollars to the £l. and on Paris at 147 3-32 francs

WOOLWORTHS (SYDNEY) LTD. (Per United Press Association; WELLINGTON, Dec. 8, Woolworth’s (Sydney). Ltd., advised the Stock Exchange Association to-day that the directors had declared an interim dividend of 2 ner cent., payable on January 15, SYDNEY WOOL SALES (United Press Association; (By Electric Telegraph—Copyright) SYDNEY, Dec 8 (Received Dec. 8. at 11.55 p.m.) At the wool sales 10,870 bales were offered and 10,170 sold, 2207 privately There was very good competition from all Continental sections and Yorkshire The market was very firm at the previous day’s rates. Good wools showed a further hardening tendency and greasy merino m?.' 1 e 27|d. The Japanese bought a few hich-class clips. LONDON BUTTER MARKET (United Press Association) (By Electric Telegraph—Copyright) LONDON, Dec. 7. Butter is quiet. Choicest salted. New Zealand, 112 s: Australian, 110 s. Unsalted. New Zealand. 116 s: Australian. 112 s. ANTWERP FUTURES (United Press Association) (By Electric Telegraph—Copyright) LONDON, Dec. 7. Antwerp futures are steady. December, 26Jd; March. 26d; May. 253 d. COLOMBO TEA SALE Mr L. M. Wright has received the following cabled report on the Colombo tea auction of December 7:— Fine quality teas showed a slight advance. Medium grades remained firm, while quotations for common kinds showed a decline of £d to 3d compared with last week’s rates. At next week’s auction 2.250.0001 b will be offered for sale. LOAN FOR SOUTHERN RHODESIA (British Official Wireless) (United Press Association) (By Electric Telegraph—Copyright) RUGBY, Dec. 7. (Received Dec. 8, at 5.5 p.m.) It is stated that an arrangement is in progress for a Southern Rhodesia 3J per cent, loan, amounting to £2,250,000, to be issued at 101 and redeemable from 1961 to 1966. AUSTRALIAN STOCK EXCHANGES (United Press Association) (By Electric Telegraph—Copyright) SYDNEY, Dec. 8. (Received Dec. 8. at 11 p.m.) Conditions on the Stock Exchange to-day differed little from those of yesterday. There was evidence of steadiness all round, despite the uncertainty of the overseas position. Greater interest was displayed in tin stocks.

MELBOURNE Dec 8 Dip re was a steadier tone in the market to-day but trading was light Barriers were inclined to be better banking stock? attracting attention T recent levels

MINING NEWS

WAIMUMU RETURN (Per United Press Association) GORE, Dec. 8. The Waimumu return was lOoz for six days’ sluicing. ADDINGTON MARKET SHEEP FROM NORTH OTAGO (Special to Daily Times) CHRISTCHURCH, Dec. 8. A fall of 3s on lambs occurred at the Addington stock sale to-day following the reduction of the export schedule to BJd- Fat sheep were steady, but all cattle were cheaper. Store ewes and lambs improved by Is to Is 6d a head. A moderate entry of store sheep came forward, with nothing outstanding in the way of quality Ewes and lambs met a distinctly bettei market and rose in price by about Is 6d a head. The feed situation has improved over a great deal of Canterbury, and buyers were cheered to learn of the improvement in wool at (he Wellington sale. The most interesting entry was a line of about 1000 ewes and lambs sent up from one of the parched districts of North Otago. They were well-bred Corriedales with sound 'mouths, but were showing the effects of the drought. They were sold out of the wool, and averaged about 16s 6d. The lambs in particular showed signs of the scarcity of feed Wethers were steady but there was a slightiv better inquiry. Fat Sheep.—About 5100 were yarded, compared with 4300 last week. Thev were generally of indifferent quality, but the scarcity of first-class butchers’ ewes and wethers kept this type dear, the wethers showing if anything, a slight appreciation. Best ewes. too. were fully firm. • Values; Extra prime heavy wethers, to 32s Id; prime heavy, 28s to 31s; prime medium weight. 26s to 28s; ordinary. 22s 6d to 25s 6d: light, to 225; extra prime heavy ewes, to 28s Id: prime heavy. 21s 6d to 24s 6d: prime medium weight, 18s to 21s; ordinary, 15s to 17s 6d: light. 14s 6d. The decrease in the freezing schedule of a halfpenny to for under 36 s had an immediate effect on the fa. lamb sale, where values were down by 2s 6d to 3s a head. The yarding was rather heavier than that forward last week, and, though there were a number of good lines forward, the quality was generally ordinary, a large number of light hard-looking lambs being included. The sale was definitely weaker from the outset, and values ranged from 73d to 9d per lb as against as high as lOd last week. Fat Cattle.—The entry was 560 head, compared with 520 last week, and was, as usual, of mixed quality. The hoi weather and the decline in the price of lamb has checked the demand for beef, and prices all round were easier Heavy bullocks were fully £1 a head lower than they were last week, and medium steers were also easier, though' not to the same extent. Best beef made to 40s per 1001 b, and in cases slightly more; average beef made from 35s to 395; secondary and inferior 25s to 30s. and some down to below 20s, extra prime heavy steers, to £l7 2s 6d; prime heavy, £l3 10s to £ls 10s; prime medium weight, £l3 to £ls; ordinary, £9 10s to £l2 10s; light to £9 ss; extra prime heavy heifers, to £l3 7s 6d; prime, £9 10s to £ll, medium, £8 5s to £9 ss; light, to £8; extra prime heavy cows, to £l2 7s 6d; prime, £7 to £8 10s; medium, £5 to £6 10s; light, to £5. The entry in the veal section was slightly less than that of last week, about 240 head being yarded. Good calves were scarce, and sold, if anything. at a slight increase on last week s rates. Extra heavy runners, to £6 13s 6d; heavy, £4 15s to £5 8s; medium. £3 to £3 6s; prime vealers, £3 11s to £4 18s; medium. 34s to £2 18s; calves. 12s to 325. There was a moderate yarding of store cattle, the quality being very mixed. The only outstanding offering was a line of 81 steers from Banks Peninsula, which made from £p 7s to £8 12s 6d. Of this line 43 were a polled Angus-Hereford cross of high quality, the prices ranging from £6 15s to £8 12s 6d. The rest were Herefords and Shorthorn cross. Apart from these steers, the offering was composed of the usual miscellaneous collection, most of which, however, found purchasers. Cows made from £3 to £5. There was a short entry in the dairy cattle section, with a limited number of good cows on offer. Fairly strong competition came from the West Coast, and as a result good quality cows wqre from £1 to 30s a head dearer. Inferior and rough sorts sold at about last week’s rates. The best cows made to £lO 15s; good cows, from £7 to £8 10s; medium, from £5 to £6; and aged and inferior, from £3 to £4 15s. Good heifers made to £8 ss; medium, from £5 10s to £6 10s: and others, from £3 to £5.

' Pigs.—The yarding of porkers was again heavy, and was of a very mixed quality. Prices showed very little variation except for poor quality and unfinished sorts, which were easier by 2s :o 3s a head. Baconers were a shade easier except for heavy-weights, which maintained last week’s values. Values were: Light porkers, 29s 6d to 34s 6d; medium, 37s 6d to 43s 6d; heavy. 46s 6d to 55s 6d: average. 6jd to 7d; baconers, 57s 6d to £3 7s 6d: heavy, £3 9s 6d to £3 15s 6d; extra heavy, £5 4s 6d: average. 6d to fi^d. The entry in the store pig section was heavy. Weaners and good quality slips met with a very keen demand. Medium and large stores showed an easing of 3s to 4s a head. Weaners. 15s to 17s; best weaners, 18s to 21s; slips. 22s to 255; small stores. 26s to 275: large stores, 29s to 30s WOOLWORTHS (N.Z.) LIMITED (United Press Association) (By Electric Telegraph—Copyright) SYDNEY, Dec. 8. The shareholders of Woolworths (N.Z.), Ltd., approved of a recommendation to make a bonus issue of ordinary shares in the proportion of one to ten. A proposal that £ 1 shares be divided into 5s shares was adopted.

£ s. d. £ S. d. 3i p.c. Stock, Nov., 1938-52 101 0 0 3i p.c. Stock, March. 1939-43 .. — 101 0 0 3J p.c. Stock; Mar., 0 1941-43 101 0 — 35 p.c. Stock. Sept., 1941-43 101 0 0 — 31 p.c. Stock. May. 1941-52 101 10 0 — 35 p.c. Stock. Nov., 1941-52 101 10 0 — 8 p.c. Bonds, 1939-41 .. — 99 10 0 4 p.c. Bonds, 1946-49 .. 102 15 0 “ 4 p.C. Stock, 1940-49 . 102 15 0 — 4 p.c. Stock, 1952-55 .. 104 10 0 — MINING Argo 1 '(Is) — 1) i 11 Big River (Is) .. .. — 9 0 1 4, Clutha River (2s) . 0 1 0 3 0 Consol. Goldfields (4s) — 0 13 0 Gillespie’s Beach (Is) — 0 1 4 Goldfields Dredging (Is)' 0 0 1 0 0 3 Kildare (2s) .. .. — 0 1 0 Mossy Creek (Is) .. 0 1 1 — 6 Nokomai (5s) .. ... '0 2 2 0 2 Okarito (5s) 0 2 9 0 3 6 Paddy’s Point (5s) .. *— 0 1 6 Sandhills (Is) .. .. — 0 0 2 Skippers (Is) .- .. 0 0 1 — Waipapa Beach (Is) .. — 0 0 3 Wait&iu (5s) .. . — 0 1 0 Lawson's Flat .. .. — 0 0 4 BANKING A’asia (£5) .. .. — 6 n 0 0 N.S.W. (£20) .. .. 32 2 — N.Z. '(£1) ...... 2 4 6 — N.Z; (long D; £1) .. 1 9 0 1 10 3 Commercial (10s) — 0 17 3 E.S. ,and A. (£3) .. 5 3 0 T' INSURANCE National (7s) .. .. 0 17 0 0 17 9 New Zealand (£1) .. — 3 4 6 £ SHIPPING Huddart, Parker (ord.; £1). ... .. 2 0 9 2 2 6 P. and O, Def. Stock <£1) 1 4 6 U.S.S. Co. (pref.; £1) +fl 6 10 — MEAT PRESERVING N.Z. Refrig (cont.; 10S) 0 9 0 0 9 2 South. Frozen Meat (paid; £1) .. .. 1 « 3 South Otago Freezing (£5) 5 12 6 — WOOLLEN COMPANIES Bruce (ord.; £1) .. - 0 10 0 Kaiapol (pref.; 17s) .. — 0 17 3 Oamaru (£1) •• — 0 18 0 Timaru — 0 17 0 LOAN AND AGENCY Dalgety and Co. (£5) - 9 18 0 Goldsbrough, Mori (£1) — 1 12 9 Natnl. Mortgage (£2) — 2 7 0 N.Z. Guarantee Corp. (3s). ~ 0 4 11 Otago Farmers (A pref.) 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 3 — Westport (10s) , . .. — 1 4 0 Westport - Stockton (ord.; 10s) .. . 0 2 6 0 3 0 Westport - Stockton (pref.; 10s) .. .. 0 5 9 0 6 9

MISCELLANEOUS Anthony Hordern (£1) 0 18 5 0 19 0 '•Associated News (£1) — 1 3 6 Associated News (pref.; £1) .. . 1 4 3 — Australan Glass (£1) 4 9 3 — British Tobacco (£1) — 2 10 6 Broken Hill Propy. (£1) 3 2 0 — Broken Hill Propy. (cont.; 5s) .. .. 1 14 6 1 15 6 Brown Ewing (ord. £1) — 1 2 0 Brown Ewing (pref.: £1' — 1 2 0 Colonial Sugar (£20) 46 0 0 — Consolidated Brick (£1) 0 7 3 — D.I.C (pref.; £1) .. 1 3 6 — Dominion Fertiliser (£1) 1 4 0 Dominion Fertiliser (debs.) .. . •• 103 0 0 — Dominion Rubber (£1) — 1 10 0 Donaghy's Rope (£1) — 2 7 0 Stock Exchange Propy. (£1) 2 2 0 — Dunlop Perd Rubber (£1) — 1 2 8 Aust. F. Trust .. .. — 0 5 9 General Industries (12s 6d; 0 18 0 — G J. Coles (£1) .. — 4 4 6 Hume Pipe (£1) — 1 0 0 Milburn Lime (£1) .. — 2 1 0 Mort’s Dock (£1) .. — 0 10 6 Moturoa Oil (pref.; 5s) 0 5 0 Natnl Electric (£1) 0 13 0 — N.Z, Drug Co. (£2) — 3 14 0 N.Z Newspapers (ICs 8d) 1 17 0 — N.Z Paper Mills (£1) 1 5 9 — Regent Theatre (£1) 0 19 6 — Shillings. Ltd. (£1) .. — 0 19 0 Smith and Smith (pref.; £1) .. .. — 1 2 0 iatanaki Oil (£1 4s 7d) 0 6 11 — Wilsons Cement (10s) •*0 17 3 0 18 0 Woolworths (pref.; £1) — 1 18 0 Woolworths (ord.; 5s) tto 18 0 1 3 0 Woolworths (Syd.) 1 6 5 1 6 7 Woolworths (South Africa; 5s) .. .. 0 14 2 — BREWERIES N.Z. Breweries (£1) 2 7 6 2 7 8 Dominion (£1) . — 2 0 0 Tooths (£1) .. .. 2 11 9 — AUSTRALIAN MINING Austral N.Z Mining f 13s) 0 15 0 Broken Hill South (5s) 1 16 9 1 17 9 Electro. Zinc (pref. £1) 2 9 0 — Electro, Zlm (ord.; £1) 2 8 9 — Mount Lyell (£1) .. 1 12 10 1 13 3 Mount Morgan (2s 6d) 0 12 0 0 12 6 North Broken Hill (5s) **2 11 6 2 12 3 Placer Developments — 3 15 0 Rawang Tin (10s) .. — 0 11 0 UNLISTED STOCKS A. and T. Burt (pref.; £1) ttO 13 6 0 18 0 Selfrldges (N.Z.; 12s) 0 10 0 — Selfridges (Aust.; £1) — I 9 0 Mackintosh Caley Phoenix (£1) .. .. — 0 6 3

Share quotations:— £ s. d CJutha River CompanyBuyers 0 1 9 Sellers 0 2 0 Molyneux River Company— Buyers 0 1 1 It V. Sellers 0 Mount Lyell 1 0 4 6 New Guinea 1 4\ Dalgetv (4 p.c. debentures) 97 10 0 British Tobacco 1 18 6 Goldsbroueh Mort 1 5 3 Dal set. y ■ ■ • . • 6 17 6 P and 0 Deferred 1 0 9

Bonds, 1953-57, 34 p.c 98 5 0 Stock, 1953-57, 34 p.c 98 5 0 Stock. 1946-49, 4 p.c. .. 103 0 0 Bank of New South Wales 32 10 0 Bank of New Zealand (odd lot) 2 4 9 South British .. .. •• 4 18 0 Abraham and Williams 3 12 6 Union Steam (pref.) .. 1 7 0 British Tobacco 2 9 0 Broken Hill Propy 3 3 2 9 3 6 Henry Jones 2 5 9 Macky Logan 1 3 6 M. K Millinery 0 12 9 Radio (1936) 1 0 0 Golden Crown 0 4 11 Waihi Investment .. .. 0 9 10 Mount Lyell 1 13 0 Golden Dawn 0 2 0 WELLINGTON Sales on ’Change Colonial Sugar-(late Tues.) 46 10 6 4 p.c. Stock, 1946 . . . 103 0 0 4 n.c. Bonds, 1946 103 0 0 Wellington Harbour Board. 54 p.c., 1940 101 10 0 Commercial Bank (pref.) .. 9 14 0 Bank of New Zealand 2 4 8 National Insurance .. .. 0 17 4 N.Z. Breweries (4) .• .. 2 7 9 Broken Hill 3 3 2 104 •) R Colonial Sugar 46 10 6 Consolidated Brick 0 7 5 McKenzies (odd lot) .. . • 3 13 0 G. J, Coles 4 4 6 4 4 9 (2) 4 4 6 Woolworths, Ltd. (2) .. .. 1 6 6 Taranaki Oil 0 6 9 Argo Gold 0 1 Woolworths Holdings. Ltd. 0 14 3 CHRISTCHURCH Sales on 'Change Commercial Bank of Australia 0 17 0 United Building 1 1 0 Anthony Hordern 0 18 8 Broken Hill Propy 3 2 1 Broken Hill Propy. (new; 5) 1 15 0 Electro. Zinc (ord.; 2) 2 7 0 Electro. Zinc (pref.; 2) .. 2 9 9 G. J. Coles 4 3 1 Taranaki Oilfields .. . • 0 7 0 0 10 0 Woolworths (Syd.; ord.; 2) 1 6 10 Argo Gold Dredging .. .. 0 l ',u Broken Hill South .. .. 1 17 0 1 16 10 Mount Lyell (2) 1 12 9 (4) 1 13 0 1 13 1 Mount Morgan (2) .. .. 0 12 3 0 12 2 North Broken Hill (ex div.) 2 12 6 Rawang Tin (2) 0 10 7 N.Z. Farmers’ Co-op. (10s paid) 0 0 3 Sales Reported N.Z. Govt. 4 p.c. Inscribed. 1949 103 0 0 Union Bank of Australia .; 9 10 0 Huddart, Parker 2 1 6 N.Z. Breweries (cum div.) 2 7 9 North Broken Hill (ex div.) 2 12 3 Woolworths (Syd.; ord.) .. 1 6 7 Golden Dawn 0 1 115 Kauri Timber 1 1 6 Taranaki Oilfields .. .. 0 7 0 Mount Lyell 1 13 0 PRICE OF FINE GOLD LONDON, Dec. 7. £ s. d. December 7 .. ... 6 19 9 December 6 .. .. 6 19 11 December 4 .. . • 6 19 llg December 3 .. .. 6 19 Hi December 2 .. .. 7 0 0 December 1 .. .. 7 0 05 November 30 .. .. 6 19 11 November 28 .. .. 6 19 11J November 25 .. .. 7 0 0 November 24 .. .. 7 0 1

Paris— Par. Dec. 6. Dec. 7. Francs to £1 124.23 147 5-64 147 5-64 Brussels— Belgas to £1 30 29.404 20.404 Oslo— Kroner to £1 18.180 19.90 10.90 Stockholm — 19.404 Kroner to £3 18.130 19.404 Copenhagen— 22.40 Kroner to £1 18.150 22.40 Berlin— 12.401 Marks to £1 20.34 12.404 Montreal — 4.99J Dollars to £3 4.86 2-3 4.99! New York— Dollars to £ 1 4.86 2-3 5.00 3-16 5.00 Yokohama— 14 Pence to yen 84.582 14 Hongkong— 15 15 Pence to dollar 24.58 Bombay— ISA ISA Pence to rupee — Batavia— 8.964 8.964 Florins to £1 12.10 Milan94 31-32 95 Lire to £3 82.46 Amsterdam— 84 Guilder to £1 12.107 Prague— 142 3-16 Kroner to £3 104 i 1421 Geneva— * 21.604 Francs to £3 20.22J 21.604 Vienna— Schillings to 264 S3 84.864 264 Helsingfors— 2261 2264 Marks to fi 1 183.23 92 11-32 92 11-32 Pesetas to £ i 25.224 Belgrade— 216 216 Dinars to £3 25.224 Athens— Drachmas to £3 375 5474 5474 LisbonEscudos to £1 UO 110 3-16 UO 3-16 Bucharest— 931.6 677 677 Lei to £1 Ulo de Janeiro— Pence to mllrels .. 6.890 2 11-16 2 11-16 Buenos Aires— 47.22 Pence to pesos Shanghai— 14 3-16 14 3-16 Pence to tael Montevideo — 39 13-16 39 13-16 Pence to pesos *— Warsaw— 26.37 Zlotys to £ 1

London— • £1 N.Z. to S100 stg T.T O.D 123/10/124/10/ 123/8/9 Australia— , £ A to £100 N.Z T.T O.D. 101/-A 101/-A 10(1/10/• 100/10/ F1 fi F to £100 N.Z T.T. O.D 90/T/6 90/7/6 89/-/-New lornDollars to S N.Z T.T O.D 4.0412 4.0512 4.0006 4.0100 Montreal— Dollars to £ N.Z. T.T O.D 4.0389 4.0509 4.0064 4.0104 AustriaSchllllBEs to £ N.Z • • • • T.T. O.D - 20.90 20.01 Belgium— Bclgas to £ N.Z T.T O.D 23.824 23.899 23.514 23.525 Czechoslovakia—_ Crowns to £ N-Z r.T. O.D _ 113.21 113.26 Denmark— Kroner to £ N.Z T.T O.D. 18.203 18.263 17.893 17.899 France— Franca to £ N.Z T.T. O.D. „ 117.12 117.16 Germany— Reichsmarks to £ N.Z. •• • r.T. O.D. - »:S92 9.897 HollandFlorins to £ N.Z T.T. O.D. 7.319 7.359 7.169 7.173 Italy— Lire to fi N.Z T.T. O.D. - 76.17 76.22 lava— Florins to £ N.Z T.T. O.D. 7.287 7.327 7.137 7.141 Norway— Kroner to £ N.Z. T.T O.D 16.182 16,242 15,892 15.898 Sweden— Kroner to £ N.Z T.T O.D 15.792 15.852 15.497 15.503 Switzerland— Francs to £ N.Z. T.T. O.D. 17.538 17.643 17.268 17.273 Noumea— Francs to £ N.Z. T.T. O.D. - 115.87 115.91 Papeete— Francs to £ N.Z. T.T. O.D. - 115.92 115.96 Hongkong— N.Z. pence to 1 dollar •• •• T.T. O.D IS 29-64 18 53-64 18 27-64 18 53-64 India and Ceylon— N.Z. pence to 1 rupee .. • • T.T. O.D. 22 B ll-32 22 21-32 ; 22 21-3? Japan— N.Z. pence to 1 yen .. •• 1 T.T. O.D - 17 33-64 17 33-84 Shanghai— N.Z. pence to 1 dollar .. •• r.T. O.D. - 18 9-64 18 9-64 Singapore— N.Z. pence to 1 dollar , . .. Chefno— N.Z. pence to 1 dollar .. .. Manila— Pence to Peso T.T. O.D. r.T. O.D. T.T O.D 34 23-32 34g 29 9-16 29 33-64 35 13-64 35 13-64 18J 18 7-64 30 1-1H 30 1-16 All rates subject to alteration without notice.

copper, epot fon £40 9 4'/a Fall tl u I Copper, forward 40 14 4'/j Fall 1 0 0 Electrolytic, ipol 44 10 0 Fall 1 10 0 Electrolytic, forward 46 10 0 Fall 0 10 0 Wire bare 46 10 0 Fall 0 10 0 Lead epot .. 16 4 4'/s Fall 0 13 9 Lead, forward .. 18 5 l'h Fall 0 It 0 Spelter epot IS 14 4'A Fall 0 II 3 Spelter forward IB 19 4'/, Fall 0 II 3 Tin. tool .. 197 2 6 Fall 3 10 0 Tin forward 195 17 6 Fall 3 16 9 Silver, etandard Silver fine Ui IS'/id 19 IS-I6d Rite Rise Iled I6d

THE MORNING SALES £ S. d. Commonwealth bonds— 3} p.c., 1942 102 17 6 31 p.c., 1941 102 2 6 3? p.c.. 1944 103 7 6 35 p.c.. 1947 103 10 0 3? p.c.. 1953 104 12 6 35 p.c., 1961 104 12 6 Bank of New South Wales 33 5 0 Tooths 2 14 0 Associated News 1 3 6 Associated News' (pref.) .. 1 4 6 Broken Hill Pty. (first 1 15 3 instalment paid) .. .. Burns. Philp 2 14 6 Lustre 1 1 9 Peters 2 14 3 ADDITIONAL SALES Bank of New South Wales 33 17 .6 Comm. Bank of Sydney .. 21 3 0 Comm. Bank of Australia .. 0 17 41 Associated News 1 3 6 Associated News (Pref.) .. 1 4 4i Adelaide Steam .. .. 1 11 Huddart. Parker 2 2 6 Burns, Philp (cont.) .. .. 1 14 6 Australian Gas (B) .. .. 7 10 6 Berlei 1 19 0 British Tobacco 2 10 0 Tooths 2 14 0 Tooheys l 11 6 Dunlop Perdriau 1 2 1 9 David Jones 2 6 Anthonv Hordern .. .. • 0 19 6 Lustre i i 9 6 General Industries .. .. 0 19 1 Australian Gypsum .. . • 1 0 Manly Gas 1 4 1 71 0 0 9 0 Associated Pulp •• • • • '■ 1 Felt and Textiles (5s paid) 1 0 Sargents Newbold Brick X 9 1 13 Gordon and Gotch .. . • 2 13 3 Victoria Nyanza United Provisions .. •• u 0 I i 6 0 9 3 0 0 0 0 0 Henry Jones 2 1 1 1 1 1 1 7 19 16 Millaquin Sugar Fairymead Sugar Woolworths •• Woolworths (second pref.) 9 Wunderlich 13 Younghusband 0 Electrolytic Zinc .. .. •• o Electrolytic Zinc (prof.) .. 2 0 1 10 12 13 3 Mount Morgan •• •• 6 0 3 Mount Lyell Broken Hill Ply. North Broken Hill lex div.) 2 1 0 0 13 17 10 15 South Broken Hill 9 8 9 Rawanc Land

£ s. d Comm Bank of Australia .. 0 17 2 National Bank (£10 naid).. 14 1 0 British Tobacco 2 10 0 Carlton Brewery 3 3 6 G, J Coles 4 5 0 Drue Houses 1 5 9 Australian Glass 4 11 0 Dunlop Perdriau 1 2 3 Dunlop Perdriau (pref.) .. 1 17 3 Goldsbroueh Mori 1 12 n Felt and Textiles 1 16 6 Electrolytic Zinc 2 7 9 Electrolvfk Zinc (pref.) 2 10 3 Mount Morgan 0 12 5 Broken Hill Ply 3 3 9 North Broken Hill 2 12 6 South Broken Hill . • ■ • 1 17 4i Loloma 0 17 4