COMMERCE AND FINANCE

Otago Daily Times, Issue 23436, 26 February 1938, Page 10

COMMERCE AND FINANCE

LOCAL AND OVERSEAS MARKETS

THE SHARE MARKET DUNEDIN STOCK EXCHANGE ——— J ■ The following is a list of the business transacted on the Dunedin Stock Exchange during the past week:—

THE WEEK REVIEWED STRONG DEMAND FOR METAL SHARES , SYDNEY WOOLWORTHS ACTIVE The Stock Exchanges througout the Dominion have this week experienced their busiest period since the commencement of the New ¥ear. The main reason for the increased activity can be attributed, directly to the unprecedented sharp rise on the English markets for base metal stocks, this resulting on the local Exchange in one of the most competitive displays of bidding seen for a considerable time It was not until Wednesday that the market “awoke”, and investors, anxious to secure holdings in many of the better-class metal stocks dropped their cautious attitude and entered the market with real enthusiasm. Speculative interest was rife bn Wednesday and Thursday, but thereafter' a slackening tendency developed and price levels began to recede. The sales list, which included shares from practically every section on the market, was the largest this year, Australian mining stocks and Commonwealth chain store enterprises providing the bulk of the transactions, however. Although a reaction set in towards the close, it was altogether unexpected, for values improved with something like startling rapidity. Referring to,. the mining industry and. in particular, to Broken Hill Proprietary, the huge Australian industrial concern, a Sydney financial journal states that the companies' are passing through an unprecedented era of prosperity, hi which both shareholders and employees are sharing. On present indications, the companies, by their progressive plant extension programme, have unbounded faith in the future of the industry. The Broken Hill mining field is remarkable /for the long operating life of its mines, which has been far longer than the average life of base metal mines of the world. The most pessimistic forecast is another 50 years of activity at present rates of produc--1 SYDNEY WOOLWORTHS ACTIVE As was the case during the previous period Sydney Woolworths experienced heavy trading, a total of 17 sales being recorded at prices ranging from LI as 10d to £ 1 'Bs. The reason for the renewed interest being displayed in these shares during the past fortnight became apparent during the week, when a final dividend of 9 per cent, and a bonus issue of one in five was announced. Interest and price levels had slipped back a little when the market closed, however. . . Other Commonwealth industrials to claim attention were Colonial Sugars two parcels of which were dealt in at £46 ss. Cox Brothers (both issues), and G. J. Coles. Broken Hill Proprietaries reacted to the brighter conditions of the metals market but vendor* limits were more than buyers were prepared to go, and no business was recorded. AUSTRALIAN MINING BUSY With 12 sales on the board at prices ranging from £1 9s lid to £1 11 s Mount Lyells led the way in tradling in a particularly active section. The amount'of specufaUve buyers and this re ffln ln kTS.hrfS| S c qSa of buyers, and were all dealt

in at the rising scale of prices. Buying interest was not so pronounced yesterday, however and, in the majority of cases, values finished easier. DOMINION INDUSTRIALS NEGLECTED Investors continue to give Dominion industrials scant attention, and for the period under review interest was at a particularly low ebb. Day after day the . quotation sheet showed big gaps, many of the Dominion’s leading companies being passed over without receiving a bid. The reason for this lack of interest is attributed to the fear of investors regarding certain legislation to be passed at the next session of Parliament, which wifi open on Tuesday. * Dominion Fertilisers and Taranaki Oils were the only stocks dealt in on the local Exchange, the latter shares dropping sharply from sales at 6s UO to business at 6s 6d, with a further fall iff values at the close. BANKING SHARES QUIET Business In the banking section, which was quiet again, was confined to two sales of New Zealands at £ 2 3s, a sale of New South Wales at £32 2s 6d, and a transaction in Commercials at 16s 7d. Apart from the . interest in these houses, there was little enthusiasm, buyers invariably being outnumbered by sellers. HUDDART, PARKERS MOVE UP Ordinary Huddart, Parkers continued their upward tendency of the previous week but, although a persistent buyer offered up to £2 4s 3d, he could elicit no response from holders. With this exception, shipping shares revealed only minor movements and, the only business recorded was in Northern Steams (lls paid) which changed hands at 4s. , Insurances were subdued, Nationals being the only shares to be dealt in at recent steady prices. Meat preserving stocks were poorly supported and Refrigerating paids had a sikle at the slightly easier price of 18s 6d. WESTPORT COALS STEADY Westport Coals were' more active than they have been for a considerable time, and they figured on the week’s sales list on no fewer than six occasions, a margin of 4d separating the highest buying price from the lowest. The only ether issue in this section to be dealt in was ordinary Westport-Stockton, a parcel changing hands at the previous week’s price of 3s. New Zealand Guarantee Corporations, which had a sale at 4s 6d, represented the only sale among loan and agency stocks, and brewery shares were included among the week’s business with a sale of New Zealands at £2 5s 7id. GOVERNMENT LOANS IN DEMAND All issues of Government Loans were inquired for regularly, but it was not until the end of the period that there were many sellers in evidence. The 3J per cent. Stock, 1938-52, had three dealings at £lO3, the 4 per cent. 194346 had the same number of transactions at £lO2 10s, and a parcel of 4 per cent. Bonds. 1943-46, was dealt in at £lO2 10s. YESTERDAY’S TRANSACTIONS Sales Reported £ s. d. Westport Coal (2) 13 3 Taranaki Oil 0 0 6 Wool Worths (Sydney; 2) .. 16 9 The following are yesterday afternoon’s buying and selling quotations, which are subject to the usual brokerage:— GOVERNMENT LOANS

.DIVIDENDS PAYABLE The following is a list of shares on which dividends will shortly be payable;— Edments, Ltd.—lnterim at 10 per cent, per annum . .. Feb. 28 Berlei, Ltd.—lnterim halfyearly. ord. 5 per cent, per annum, pref. 4 per cent. .. Mar. 1 Westport-Stockton (pref.)— First and final 7 l-5d per share (equals 6 per cent.) Mar, 1 Australian Guarantee Cor-poration-Half-yearly ord at 10 per cent, per annum Mar. 1 Elder, Smith—lnterim halfyearly at 7 per cent per annum .. .. Mar. 1 Carlton Brewery—Final 7J per cent Mar, 1 Big River Gold —Id per share Mar. 1 M.K. Millinery—Final 8 per cent Mar. 3 Yellow Cabs of Australia —Interim, 4 per cent, .. .. Mar. 3 Standard Insurance —Interim, Is 3d per share Mar. 7 W. R. Carpenter—lnterim at 10 per cent, per annum .. Mar. 15 Adelaide Steamship—lnterim half-yearly at 6 per cent. per annum Mar. 15 Electrolytic Zinc Company— Ord. and pref. half-yearly 6 per cent Mar. 17 Apex Investment Trust—Final half-yearly at 6 per cent. per annum Mar. 17 Broken Hill South—lnterim. 9d a share • • Mar. 18 Tongah Compound N.L.—ls per share Mar. 19 Huddart, Parker—final, pref., 3 per cent., ord. 6 per cent. .. Mar. 19 Tongah Compound No. 2 N.L. —ls per share and bonus of Is per share Mar. 25 Mackintosh Caley Phoenix, Ltd. —3J per cent, per annum ‘ ■ Mar. 31 NORTHERN EXCHANGES AUCKLAND

WELLINGTON Sales on ’Change Wellington Harbour Board (54 p.c.). 1940 (late Thurs.) .. 103 5 0 Wellington City (41 p.c.), 1956 (late Thurs.) .. .. 105 15 0 Blenheim Borough (4i p.c.), 1955 (late Thurs.) .. .. 105 5 0 Bank of N.Z. (late Thurs.) 2 3 0 Woolworths, Ltd. (ord.; late • Thurs.) • • 1 7 1 Woolworths (N.Z.). Ltd. (ord.; late Thurs.) .. ••116 34 p.c. Stock, 1957-53 .. 98 2 6 4 p.c. Stock, 1946 .... 102 7 6

LONDON STOCK EXCHANGE (United Press Association i (By Electric Telegraph— Copyright , LONDON, Feb. 25.

PRICE OF FINE GOLD ' (United t’ress Association) (By Electric Telegraph—Copyright) LONDON. Feb. 24.

NEW GUINEA GOLD SHARES

(United Press Association; (By Electric Telegraph— Copyright) LONDON, Feb. 24. New Guinea Gold shares are quoted at Is 13d. BANK OF ENGLAND RETURN LONDON, Feb. 25. The following is the Bank of England return:—ISSUE DEPARTMENT Note issue in circulation £474,500.000 Bank department .. ■ • 51,900,000 Government securities .. 188,300,000 Other securities • • • • 700.000 Silver coin .. .... BANKING DEPARTMENT Rest 3,700.000 Public deposits .. .. Bankers’ deposits .. .. 105,600,000 Other amounts • • • • 35,600,000 Government securities .. .^’4p9’999 Discounts and advances 6,500,000 Other securities .. • • i9-999'999 Notes and coin 52,700.000 Ratio of reserve to liabilities is 33.35 per cent. The Bank of England discount rate remains unchanged at 2 per cent. LONDON MARKETS (United Press Association) (By Electric Telegraph—Copyright) LONDON, Feb. 25. (Received Feb. 25. at 5.5 p.m.) Sugar, 5s 4Jd. Butter is steady. Danish 1275; choicest salted New Zealand, 113 s; Australian, 112 s; unsalted New Zealand 116 s; Australian, 115 s. Cheese is quiet. New Zealand white, 675; coloured. 67s 6d; Australian, 65.3 to 65s 6d; coloured. 66s Wheat: Cargoes are steady and parcels irregular. Futures London. March 44s 8d; May, 44s 3d; Liverpool. March, 7s 6*d. May 7s 5Jd, July 7s 4d. Spot trade is steady. Australian exshin 38s 9d to 40s 3d. Flour is quiet. Australian ex -'tore 27s 6d to 28s 6d. Chicago futures: May 93? cents per bushel. July 89?. September 89? SOUTHLAND MEAT COMPANY LARGE INCREASE IN PROFIT An increase in 'the gross profits tor the year by £-20,000, with an increase in expenses of £3OOO, leaving the net amount earned £ 17,000 more than the previou year, was announced by Mr John Gilkison (chaiman of directors) at the annual meeting ot the Southland Frozen Meat Company. “ Since 1881 ” Mr Gilkison said, m moving the adoption of the report and balance sheet, "this company has carried on its business with the usual vicissitudes of a pioneer enterprise and its progress towards prosperity has been a reflection of th-. development of the province of Southland,. The gross profits earned for the year under review are up over £20,000; expenses show an increase of £3000; leaving the net amount earned £17,000 more than last year. At the moment, however, we have the reverse side of the picture, pelts worth 38s 6d a dozen last year are unsaleable at 20s a dozen; siipe wools are down 35 to 40 per cent., and other products are also affected. We market a lot of our goods in the United States, and as that country is suffering a severe setback, we are also affected. Unless we see a recovery in the value of wool, skins, hides, etc.. New Zealand exports of those lines will be down from £8,000,000 to £9,000,000.” When reviewing the annual accounts at the end of the year, Mr Gilkison continued, the directors had made certain adjustments. The item of sundry creditors which included' provision for contingencies showed a reduction £59,000, and the amount of £BO,OOO disappeared from the reserve? account. The paid-up capital now stood at £340,777, and the balance at credit of profit and loss account was £58,847 14s; landed properties, buildings and plant appeared at £272,993 2s, and outside investments at book value £126,954 13s 8d; floating assets comprising stocks and stores £91,823 19s 3d; cash in hand, on deposit and in London amounted to £88.214 12s 4d, and sundry debtors and mortgages £32,144 7s 2d. In accordance with traditional custom, all stocks, stores and properties were valued conand due provision made for marketing and other contingencies The retiring directors (Messrs L. W. Spencer and D, Macpherson) were reelected unopposed.

FOREIGN EXCHANGES (British Official Wireless) (United Press Association) (By Electric Telegraph—Copyright) RUGBY, Feb. 24.

ON NEW ZEALAND CURRENCY BASIS the Bank of New South Wales, Dunedin quoted' the following rates for. purchases and «alp« of foreign exchange yesterday;— Buying Selllmi London—£N.Z to fistg o

DOLLAR RATES The Associated Banks (older than ne Bank of New South Wales) quoted the following dollar rates yesterday on a New Zealand currency basis They are subject in -literalion withoir nnti'ce: U.S A Canada • Per £ 1 (Per £1 NZ.) N.Z.) Dots Dols T.T .. .. 4.02 3-16 4.02 3-16 O.D 4.02 9-16 4.02 9-16 Buvmg— O.D. .. .. 4.06 J 4.06 9-16 LONDON METAL MARKET I United Press Association) (By Electric rpleersnh Copvnant' LONDON, Feb. 24. The (Allowing ihe iftluiH* niptii) juotnMon*' ton

DOLLAR AND FRANC (United Press Association) (By Electric Telegraph—Copyright LONDON, Feb. 24, Exchange on New York is quoted at 5 01 9-16 dollars to the £. and on Pans at 153 5-16 francs. BRADFORD MARKET CONDON, Feb. 24. Bradford Tops—Merinos: 70’s, 27Jd; 64’s 254 d; 60's, 24Jd. Crossbreds: 58’s, 21d : 56’s, 18Jd; 50’s, 17d; 46’s, 16Jcl (nominal): 44’s. 16Jd (nominal), There is a fair amount of business passing, and the opinion is expessed that low levels have been reached

PRODUCE MARKETS

WHEAT, OATS. ETC SEEDS EXPERIENCE DULL SPELL New season’s samples of wheat are still coming forward from the surrounding districts and also from northern areas. The quality of local wheat is exceptionally good, and millers are readily accepting what samples are available. Local supplies have had to be supplemented by Australian importations, a cargo of which has just been delivered on the local market. A total of 26,000 bags has now been distributed among millers. The fowl wheat market remains unaltered. Supplies are not plentiful, but there are still some quantities of last yearns wheat to be absorbed. The quality is indifferent, and sales are being made at up to 5s 6d per bushel sacks extra. 1 delivered Dunedin. With respect to fowl wheat, the Wheat Committee recently made an announcement fixing, the price at 5s 6d a bushel, f.o.b. If the present dry weather continues, there will be difficulty in procuring stocks for poultry purposes. This will probably lead to the. release of milling samples ,or increased importations. The oat market shows little change Not many samples of new season’s oats have been offering, and any lines that have appeared on the market have shown exceptional quality, with a good bright colour and plenty of weight. There has been no demand from the North Island for feed purposes but millers have been operating, and present prices on the basis of 2s lOd. sacks extra, ex trucks, at country sidings. for heavy A Cartons. This is equivalent to 3s 6d per bushel, f.0.b.. s.i. Shipping values are nominally as above, with B’s worth 3s 3d. Wholesale prices are as follows: Flour.—2oo’s, £l3 15s 6d; 100’s, £l4 12s 6d: 50's. £l4 17s 6d: 25’s, £ls 7s 6d. Bran, £5 5s per ton. Pollard, £6 15s per ton. Oatmeal.—2oolb sacks. £25: 25 s. £27 CHAFF AND POTATOES There has been no change in the chaff market. The demand is small, and the best samples are worth £5 15s per ton, sacks extra. Supplies of potatoes are still In‘excess of the demand, and sales are hard to effect at £5 per ton, sacks included, ex truck. The dry weather is affecting yields in the Otago district but reports from Canterbury indicate that the crop there will be a good one. The future of the market depends on whether there will be a demand for export to South America. So far there has been no indication of the development of such an inquiry, and the situation in that regard depends on the returns from local growing in South American countries. THE SEEDS MARKET All merchants are complaining of a quiet period in the seed market. Very little business has been done during the week. New season’s ryegrass is m short supply, and it is apparent that limited supplies are available in country - districts. Ordinary ryegrass is firm, and certified is very difficult to procure. The few lines that have already come on to the market show a marked variation in germination, and some lots show very poor growth Cocksfoot is firm, and merchants in Canterbury report good sales to the North Island for autumn sowing. The quality is better than last year, but it is anticipated that the crop will be short this year. Prices should be firm throughout * the season. Chewings fescue remains unaltered, and is firm at the recently-reduced level of prices. Southern growers are receiving Is 6d alb for machine dressed. White clover is now offering in Canterbury, and it is expected that there will be a heavier supply than usual available in southern ' districts. One grower records a record crop of 208 bags from an area on which the clover was saved with the mower. Cowgrass is reported to, be poor, and in many cases the seed has not formed. Instead of saving seed many farmers are turning this crop into hay. There is, however, a substantial carry-over from last season. Wholesale prices are as follows: Chaff; Good bright oaten sheaf. £5 10s, ex truck. Potatoes £5 to £6 10s per ton, ex store. Dairy butter: Milled bulk, to lOd per lb; separator, tb lOd per lb. Bacon. Is lid per lb. Hams, Is 2d per lb; boneless, Is 4d. Eggs; Stamped, Is 7d; case, Is 6d. New season’s Canterbury onions, £ 10 per ton. 1 Lard: Bulk, 8d per lb. Honey: Bulk to 7d per lb. FRUIT REPORT The high prices ruling for apples lately have had the effect of bringing heavy supplies on to the local market and sales have become difficult even at substantially reduced rates. Cox’s Orange are in heavy supply with low prices ruling and Worcester Pearmams and Gravensteins have also been very plentiful. A shipment of Californikn lemons is due ex the Waimarino on Monday. Bon Chretien pears are in short supply and the market is firmer. Grapes are in good supply and are meeting with a heavy demand. Greengages are practically finished, but freestone peaches are in full supply and sales at the close of the week wore slow. Nectarines are in heavy supplv with low prices. I 3 The hot weather experienced in Central Otago resulted in many lines of peaches and nectarines arriving on the market in a wastv condition and they have consequently been difficult to sell. Brown rot has been prevalent during the week and must be presenting a difficult problem to growers Plums are plentiful with nricesfair. A shipment of bananas transhipped ex Matua. arrived yesterday. Cucumbers are in heavv suon'v with nrices low and French bean' and green peas are offering freely Onlv choice lines have anv inouirv Cauliflowers and cabbages arp plentiful with low prices and marrows are still in oversupnlv Other vegetables are in good sunniv with nrices genera llv paev Wholesale nrices are as follows:

Apples.—New season’s Gravensteins, 6? 6d to 9s per case: Cox’s Orange Pippins, 6s to 8s 6d: Worcester Permain’s, 5s to 6s; cookers. 5s to 5s 6d. Oranges.—Australian. 20s to 25s per case (according to count). * Lemons.—New Zea l and-grown. I2t per case; Californian. 50s. Grapefruit - Californian- 35s per case. Pears.—Bon Chretiens 4s 6d to 5S 6d ner half case. Grapes, Is to Is 4d per lb. Greengages. 3d to 5d per lb. Tomatoes—Christchurch, choice out-side-grown Id to 2>jd per lb: hothouse 4d to 6d. Nectarines. —Crates 2Jd to 3Jd oet lb: cases. 3s to 4s. Plums. —Dessert, 3s 6d to 4s 6d per case: jam 2s 6d to 3s. Peaches, 2s 6d to 3s 6d pet; case: crates, 2Jd to 3d per lb. Blackberries.—Cultivated, to 9s 6d per bucket; others, 5s to 6? per bucket. Raspberries, 7s 6d to 9s per bucket Bananas.— Ripe, 22s per case, •

Cucumbers, 2s to 3s per case. French beans. 2d to 3d: runner. l§d to 2£d. Potatoes, to 6s per cwt. Green peas, Id to 2d per lb. Cauliflowers, 2s to 4s per case. Cabbages, IS to Is 6d per case Lettuce, Is to 2s per dozen. Beetroot Is to Is 4d per dozen bunches. Marrows, 6s per cwt. Pumpkin, Id per lb. LONDON STOCK MARKETS (United Press Association) (By Electric Telegraph—Copyright! LONDON. Feb. 24. The markets have turned, but the undertone is firm. SHARE QUOTATIONS (United Presi Association) (Bv Electric Telegraph—Copyright! LONDON, Feb. 24. Clutha River: Last closing, Is 9d (ex div.); to-day’s closing, 2s. (ex div.). Molyneux River: Last closing. Is 4Jd; to-day’s closing, Is 7Jd.

M.L.A. ASSURANCE COMPANY The Mutual Life and Citizens Assurance Company, Ltd., reports that new business completed for 1937 was easily a record for the company. The figures are:—Ordinary branch, £8,158,354; industrial branch, £4.401.773; —total. £12,560,127. 5 COMPANIES REGISTERED The Mercantile Gazette notifies the registration of the following companics:— Brown (J R.), Ltd. Registered as a private company, February /14, Office; Corner Cargill road and Surrey street, Dunedin. Capital: £17,500 into 5500 preference shares of £1 each and 12,000 ordinary shares of £1 each Subscribers: Dunedin—J. R. Brown, 5500 preference. 11,999 ordinary; V, M. Dickinson, 1 ordinary. Objects: Bakers, pastrycooks, biscuit manufacturers. and incidental. McKenzies (Gore). Ltd. Registered as a private company, February 11. Office: 222-224 Willis street, Wellington. Capital: £250 into 200 preference shares of £1 each and 50 ordinary shares of £1 each. Subscribers: Gore -E, M. O’Connor 20, M. Staples 20. J. C. Raine 15. M. J. Wytock 15. B O. White 15, C. E. Fitzpatrick 5, M P Bates 10, E. Ward 20, C. H. Tutty 20, E. W Collett 15; Invercargill—C A. McGregor 10, J. M. Pennington 5. M. E. Barnett 5, H, M, Proctor 5. H R, Woollett 5, E. Sandeford 10. G. H, Cameron 5, all preference shares; Wellington— J. R. McKenzie, Ltd., 50 ordinary. Objects: General importers and dealers and incidental.

HIDE SALE Messrs Waters, Ritchie and Co., Ltd., report as follows; We held our monthly sale on Thursday, when we submitted a catalogue of 1715 hides and yearlings, also 1158 calfskins, to a full attendance of tanners and exporters. Although competition was somewhat weak, we were able to clear the offering at prices which must be considered satisfactory. All well-preserved lines of cows ruled practically on a par with last month, but secondary and faulty sorts were generally id to Jd lower. Prices for ox were somewhat erratic, and in some instances declined id to Jd. Heavy substance lots did not attract the' same competition as last sale, and showed declines of from id to id p6r lb. Yearlings and calfskins were also lower by id to Sd per lb. ' ■ * BALCLUTHA STOCK SALE 1 (Special to Daily Times) BALCLUTHA, Feb. 25. There was an exceptionally large entry of store steep at to-day’s sale in the Balclutha Yards, and it was late when the sale finished. Fat aheep met with a good demand at the following rates: Good ewes to 18s; freezing ewes 12s 6d to 15s; wethers to 26s 9d; extra good lambs to 25s 6d; freezing lambs 22s to 245; ordinary 19s to 21s 6d, Cattle.—A full yarding of both fatt and stores. Good fat heifers mad# from £8 10s to £9 12s 6d; lighter sorb £5 10s to £7; fat bullocks' £7, £8 15i to £9 12s 6d. The store sale had no’ started at time of writing. Pigs.—A “ sticky ” sale, sucken making 10s to 14s.

£ a. d. 3i p.c. Stock, 1938-52 (3) .. 103 0 0 4 p.c. Stock. 1943-46 (3) .. 102 10 0 ' 4 p.c. Bonds, 1943-46 102 10 0 Martha Gold .... .. 0 13 4 Bank of New Zealand (2) 2 3 0 Bank of New South Wales 32 2 6 Commercial Bank .. .. M 0 16 7 National Insurance v . .. 0 17 1 Northern 'Steam (Is paid) 0 4 0 New Zealand Refrigerating (paid) 0 IS 6 N.Z. Guarantee Corporation 0 4 6 Westport Coal (2) ■ .. .. 1 1 3 1 6 7 (4) 1 3 3 Westport-Stockton (ord.) 0 3 0 Colonial Sugar (2) 46 5 0 Cox Bros. 0 15 0 (rights) 0 9 2 Dominion ertiliser (2) .. 1 3 6 G. J. Coles .. .. .. 4 1 0 Taranaki Oil (2) • . 0 6 11 0 6 8 0 6 7 , ’ ' (3) 0 6 6 Woolworths (Sydney, 2) .. 1 5 10 1 6 11 :' . S 1 (2) 1 7 0 (3) 1 7 2 (6) 1 7 3 1 8 0 (2; 1 6 9 Woolworths" Holdings 0 14 11 New Zealand Breweries .. 2 5 7,1 Broken Hill South (2) 1 14 0 Electrolytic Zinc (pref.) .. 2 8 0 (ord.» 2 6 6 2 7 0 Mount Lycll (3) 1 10 1 (2) 1 10 2 1 9 11 (2) 1 10 7 1 10 6 (2) 1 11 0 1 11 9 Mount Morgan .. 0 9 4 0 10 3 0 10 4 North Broken Hill .. .. 2 11 0 (2) 2 10 6

Buyer. Seller. £ s. d. £ -6. d 3i p.c. Stock. Nov., 1938-52 102 10 0 — 34 p.c. Stock, Mar., 1939-43 — 102 6 0 3J p.c. Stock, . Sept., 1939-43 — 102 0 0 34 p.c., Stock, May, 1939-52 1(52 0 0 — 3i p.c. Stock, Mar., 1941-43 101 10 0 — 3J p.c. Stock, Sep,. 1941-43 101 10 0 — 31 p.c. Stock, May. 1941-52 101 10 0 — 31 p.c. Stock, Nov., 1941-52 101 10 0 — 4 p.c. Bonds, 1943-46 102 10 0 — 4 p.c. Stock. 1943-46.. — 102 10 0 4 p.c. Bonds. 1946-49.. 104 5 0 4\'p.c. Stock, 1946-49.. — 104 10 0 4 p.c. Ponds 1952-55.. 103 15 0 — 4 p.c. Stock, 1952-55.. — 104 10 0 31 p.c. Bonds, 1953-57 97 10 0 — MINING Big River (Is) ., .. 0 1 1 _ Clutha River (2s) .. 0 2 3 0 3 3 Gillespie’s Beach (Is) 0 0 9 0 1 0 Goldfields Dredging (Is) Molyneux River (2s) 0 0 0 1 2 2 Mossy Creek (Is) 0 1 0 — Nokomai (5s) .. .. 0 1 11 0 2 4 Okarlto (5s) .. .. — 0 3 0 Paddy’s Point (5s) .. 0 1 6 Sandhills (Is) .. .. 0 0 1 0 0 3 Waipapa Beach (Is).. ~ 0 0 3 BANKING N.S.W. (£20) .. .. 31 0 0 — N.Z, (£1) 2 2 9 — Commercial (10s) — 0 16 9 Comm. of Sydney - (£12 10s) — 20 3 0 Natl, of A'asla (£10) 14 9 0 — Natl, of A’asla (cont: . £5) ., .. — 7 5 0 Union (£5) — 9 4 0 INSURANCE National (7s) .. .. 0 17 0 0 17 4 New Zealand (£1) .. * — 3 0 6 Standard (£1) .. . 2 19 6 — SHIPPING Huddart. Parker (ord.; £1) .’ 2 4 3 Huddart, Parker (pref.; £1) 1 7 3 —■ U.S.S. Co. (pref.; £1) 1 6 9 1 7 3 MEAT PRESERVING N.Z. Refrig, (cont.; 10s) 0 8 0 0 8 6 Waitaki Farmers (£5) — 4 7 0 WOOLLEN COMPANIES Bruce (ord.; £1) 0 7 0 — Mosgiel (£4) .. .. 9 10 0 — LOAN AND AGENCY Natnl, Mortgage (£2) — 2 9 0 Natnl. Mortgage (B issue; £1) 1 11 0 — N.Z. Loan and M. (ord.; £100) .. .. — 49 0 0 N.Z. Guarantee- Corp. (3s) 0 4 3 0 4 8 Otago Farmers (3s 4d) 0 2 9 — Otago Farmers (A pref.; £1) 0 19 0 — Trustees, Executors (£2) 3 15 0 — Wright, Stephenson (ord.; £1)' 1 1 9 1 3 6 Wright. Stephenson, (pref.: £1) .. .■ 1 0 9 — COAL Westport (10s) — 1 3 9 Westport - Stockton (ord.; 10s) 0 2 10 0 3 0 Westport - Stockton (pref.: 10s) .. .. 0 5 10 — MISCELLANEOUS Associated News (£1) — 1 2 9 Associated News (pref.; £1) • •• 1 5 0 — Aust. F. Trust .. .. — ■o 6 0 Australian Glass (£1) — 4 14 0 Broken Hill Propy. (£1) — 3 2 9 Broken Hill Propy. (cont.; 5s) .. f. 1 12 3 1 13 3 Brown. Ewing (ord.; £D — 1 0 6 Consol Brick (£1).. 0 7 0 — D.I.C. (ord.; 10s) — 0 15 3 D.I.C. (pref.: £1) .. 1 3 9 — Dominion Fertiliser (£1) 1 3 3 1 4 3 Dominion Fertiliser (deb«.) 102 0 0

Dominion Rubber (£1) — 1 5 Q Stock Exchange Propy. (£1) .. .. 8 8 0 — Dunlop Perd. Rubber B . («lj 1 2 — G. J. Coles (£1) 4 1 0 — Hume Pipe (£1) — 1 1 3 Kauri Timber (£1 5s) — 1 2 6 Mllburn Lime (£1) .. — 2 0 0 Mort’s Dock (£1) — ! 0 11 0 McLeod Bros. (£10) — 20 10 0 Regent Theatre (£1) 0 10 0 — Smith and Smith 6 (pref.; £1) .. •• — X 1 Taranaki Oil (£1 4s 6 6 7d) 0 s 0 0 Wool worths (pref.; £1) 1 17 3 — Woolworths (ord.; £1) — 1 1 6 Woolworths (Sydney) 1 6 6 1 7 2 Woolworths Holdings 0 14 9 0 15 3 BREWERIES N.Z. Breweries (£1) 2 5 8 3 5 0 AUSTRALIAN MINING Austral N.Z. Mining 0 (15s) ~T 0 18 Broken Hill South (5s) 1 12 0 1 14 0 Electro. Zinc (pref.; 9 £1) ' — 2 8 Electro. Zinc (ord.; £1) — 2 7 3 Mount Lyell (£1) 1 10 3 1 11 3 Mount Morgan (2s 6d) 0 9 11 0 10 1 North Broken Hill (58) 2 10 0 2 11 0 UNLISTED STOCKS A. and T. Burt (pref.; £!)• .. .. 0 11 0 0 14 0 Mackintosh Caley Phosnix (£1) .. 0 7 0 — Dunedin Ice Cream (£1) ~ 1 7 0

Sales on ’Change 4 d.c. Stock, 1946-49 .. .. 104 5 0 4 b.c. Stock, 1952-55 .. .. 104 2 6 4i d.c. Franklin Electric Power Board, 1959 .. 105 0 0 54 d.c. Wellington Harbour Board, 1940 (less 20 p.c.) 103 0 O National Bank of N.Z. 2 13 6 Bank of N.S.W 32 2 6 Bank of New Zealand 2 2 11 , (2) 2 2 10 Union Bank 8 19 0 South British 2 6 0 Taupiri Coal 0 17 0 Auckland Gas (3) .. .. 1 0 3 Northern Steam (2) .. .. 0 4 0 Dominion Breweries 1 17 3 New Zealand Breweries .. 2 5 6 Broken Hill Proprietary .. 3 2 0 Dunlop Perdriau 1 3 1 3 0 5 Farmers’ Trading .. .. 1 0 0 K.D.V. Boxes (cont.) .. . - 0 4 9 N.Z. Refrigerating (£1; pd.) 0 18 9 Reid Rubber 1 6 0 Woolworths (N.Z.) .. .. 1 1 0 i Woolworths (Sydney) 1 6 1 6 1 6 9 7 9 Martha 0 15 3 9 Waihi Investments .. •• 0 9 Mount Lyell 1 1 1 1 6 2 Mount Morgan 0 9 11 6 RawangTin •• 0 9 Woolworths Holdings (S.A.) 0 15 0 Unlisted Stocks Wool worth; (W.A.) .. 4 10 0 Coromandel Gold .. .. 0 1 1

4 p.c. Stock, 1949 104 5 0 3J p.c. Stock, 1938-52 .. .. 103 0 0 N.Z. Breweries (2) .. .. 2 5 9 Henry Jones 2 9 0 Dunlop Perdriau 1 3 0 G. J. Coles 4 2 0 4 2 3 Woolworths, Ltd. (ord.) 1 7 0 (4) 1 6 9 1 6 10 Mount Lyell 1 11 0 1 10 11 CHRISTCHURCH Sales on ’Change 3J p.c. Inscr. N.Z. Govt. 1953-57 (2) 97 15 0 Comm, of Australia .. . 0 16 6 N.Z. Guarantee Corp. 0 4 4 British Tobacco 2 9 3 (2) 2 9 4 Broken Hill Pty. (2) .. .. 3 2 4 Electrolytic Zinc (ord.) 2 2 7 7 b 1 3 (pref.) 2 8G. J. Coles 4 2 0 United Provisions 0 6 3 Woolworths (N.Z.) 1 1 6 1 1 3 (2) 1 1 0 Woolworths (Syd.; cum div. and bonus; 3) 1 6 8 Woolworths (South Africa) 0 15 0 Grey River (2) 0 11 6 New River 0 0 6 Broken Hill South .. .. 1 14 6 Mount Lyell 1 11 3 Mount Morgan Wellington Alluvlals .. -. 0 9 11 0 5 3 Sales Reported N.Z. Refrig. (£ 1 paid) 0 18 9 Dunlop Rubber (2) 1 3 0 Woolworths (Sydney) 1 6 11 Woolworths (South Africa; 2) 0 15 0 Mount Morgan 0 9 11

Feb. 18. Feb. 25. British— £ s. d. £ s. d. Consols 77 15 0 78 0 0 Funding Loan, 4 p.c. 114 0 0 ill 0 0 War Loan, 3i p.c. .. 103 0 0 103 10 0 Con. Loan, 3j p.c. .. 103 15 0 102 10 0 Vlctbry Bonds, 4 p.c. 112 10 0 111 0 0 Commonwealth— 5 p.c., 1945-75 .. 108 7 6 108 12 6 4 p.c., 1943-48 .. .. 103 12 6 103 15 0 32 p.c., 1948-53 .. .. 101 0 0 101 2 6 3J p.c., 1956-61 .. 93 5 0 93 7 6 3 P.C., 1955-58 .. .. 90 0 0 90 10 0 New South Wales— 41 p.c., 1935-43 . .. 98 7 6 98 10 0 Victoria— 3 p.c., 1929-40 .. .. 95 1 3 95 8 8 4| p.c., 1940-60 .. .. 104 7 6 104 7 6 5 p.c.. 1945-75 .. .. 108 2 6 108 5 0 Queensland— 3 p.c., 1932-47 .. .. 96 2 6 96 8 9 5 p.c.. ,1940-60 .. .. 107 0 0 ,106 17 6 South Australia— 4 p.c., 1942-62 .. .. 103 7 6 108 10 0 3 p.c.. 1916 or after 79 5 0 79 7 6 Western Australia — 4 p.c.. 1942-64 .. .. 101 3 9 101 2 6 Tasmania— j 3} p.C„ 1929-40 .. .. 102 0 0 102 3 9 4 p.c.. 1940-50 .. .. 101 7 6 101 15 0 New Zealand — 4J p.c., 1948-58 .. .. 103 8 9 103 13 9 3i p.C., 1940 .. .. 101 7 6 101 6 3 3 p.c.. 1945 .. .. 97 15 0 9V 12 6

£ s. d. February 24 .. .. 6 19 9J February 23 .. .. 6 19 10i February 22 .. .. 6 19 9J February 21 .. .. 6 19 10 February 18 .. .. 6 19 10 February 17 .. .. 6 19 10 February 16 .. .. 6 19 9 February 15 .. .. 6 19 9 February 14 .. .. 6 19 9 February 12 .. .. 6 19 9 February 11 .. .. 6 19 9

Paris— Par. Feb. 23. Feb. 24. Franca to £ 1 124.21 153 27-32 154* Brussels— Belgas to £1 80 29.56 29.55* Oslo— Kroner to £1 18.180 I9.90j 19.90 Stockholm— Kroner to fi) 18.180 19.41 19.40* Copenhagen— Kroner to £1 18. ISO 22.40 82.40 Berlin— Marks to fi) 80.34 12.40 12.39* Montreal— Dollars to £) 4.86 2-3 5.01 13-16 5.01 9-16 New York— Dollars to £ 1 4.86 2-3 5.01S 5.01 9-16 Yokohama— Pence to yen ' 84.582 14 13 63-64 Hongkong— Pence to dollat 84 58 (5 15 Bombay— Pence to rupet _ 18* 18* Batavia * Florins to £) 12.10 8.94* 8.94* MllauLlre to £1 42.40 95? 958 Amsterdam— Guilder to E) 12.105 8.908 8.96 Prague— Kroner to £) I04J 1428 142 9-16 Geneva - Franca to £ 1 85.22* 21.598 21.59* Vienna— Schillings to £1 44.8H* 26* 86* Helsingfors— Marks to £ 1 193.23 226* 226* Madrid— Pesetas to £ I 85.22* _ . Belgrade— Dinars lr £ 1 85 22* 816 216 AthensDrachmas to £1 375 547* 547* MshonBscndof to £1 110 110 3-16 110 3-16 Bucharest— Lei to £ 1 931.6 677* 677* Kin de Janeiro— Pence to mllrcls 5.890 1 13-16 1 13-16 Buenos AlresPencc to peso* 47.22 _ _ Shanghai— Pence to tael _ H 3-18 14 t-16 Montevideo— Pence to pesos _ 21* si* Warsa tv— Zlotys to £1 — 26.56 26.58

100 ... r.T 124,-/-124/JO, 0 D 123/10/124/8/9 Australia— £ a to eion n.z T.1 100/10/O.D Wifi IT 10 £100 N 14 r.i »o/?/e 89,-/ on 90/7/6 89/-/ New fork— Dollars to £ N it r.i 4.0558 4.0211 O.D >4.0658 1.0251 Montreal— Dollars to £ N Z r t 4.0547 4.0222 O.D 4.0667 4.0262 Austria— * Schillings to £ N Z .. .. r.i. 20.99 O D — 21.00 Belgium— Bcleas to fi N.Z r.r 28.945 23.635 O.D 24.020 23.646 ('zecfooslovakla— Crown? to £ N.Z r.i 113.77 o n — 113.82 Denmark— Kroner to fi N.Z r.i 18.203 17.898 i n 18.268 17 899 Finland— Marks to £ N.Z T.l 184.95 179.15 O.D 185.35 179.25 France— Francs to £ N.Z r.i 125.31 122.81 on — 122.85 Oermany— Reichsmarks to £ vz .. . r/r 9.892 o n — 9.897 Oreocc— Drachmae to £ N.Z T.T. 429.54 O.D — 429.84 • Holland— Florins to £ N.Z I 1 7.307 7.157 O.D • 7.347 7.16) Italy— Ure to £ N.Z II 76.44 on — 76.49 fava— Florin* to £ N.Z r.i 7.279 7.129 i it i 7.319 7.133 \orwa.v — Kroner to £ N.Z I 1 16.182 13.892 O D 16 24? 15 898 Noumea— Francs to £ N.Z II 126.56 121.56 O D — 121.60 Papeete— Francs to £ N.Z II 126.41 121.81 O D — 121.65 Sweden— Kroner in £ N.Z 1 1 15.796 15.501 I) D 15.856 15.507 Switzerland— Francs to £ N.Z 1.1 17.528 17.258 0,1) 17,633 17.263. I’hefnu— N.Z pence to 1 dollar 1 1 184 o n — 18 <-rts Hongkong— V Z Pence to 1 dollar r.i 18 29-64 18 53-61 O D 18 27-64 18 53-6' India ana Ceylon— N.Z Pence to 1 rupee .. .. r.i 228 22 21-32 on 22 11-32 22 21-32 (aliens' Z pence to 1 ven i r 17 31-64 O II — 17 31-64 Manilas' Z pence to 1 near ri 29 25-64 29 57-64 O.D 29 19-61 29 57-61 Shanghai— , v Z pence to 1 dollar r i 18 9-64 on - IS 9-64 singaporeV Z pence to 1 dollar i.i 34 11-16 34 11-16 0 D 34 '9-32 35 11-64 At. rates subject tr nitfnitlnn without untire

(jUQDOt «P01 £41 4 4'/r Fail £1 u 0 Copper lorwaro 41 8 0 Fall 0 18 l'/r electrolytic ipol 45 0 0 Fall 0 10 0 electrolytic forward. 46 0 0 Fall 0 10 0 Wire Ban .• •• 46 0 0 Fall 0 10 0 c,eao ipol •• 15 IS 7 V, Fall 0 7 6 (.aail lorwaro .. .■ 15 IS V/, Fall 0 8 9 Spe'ter tool .• • IS 3 9 Fall 0 4 4'/r Spelter forward IS 3 1 '/» Fall 0 6 3 fin, ipol 189 7 6 Fall 1 0 0 rin forward .. 189 2 6 Fall 1 0 0 Or Oliver, itandard 20'/ s d Fall '/ad Silver, flnr 21 M6d Fall 3-IGd