COMMERCE AND FINANCE

Otago Daily Times, Issue 23500, 14 May 1938, Page 8

COMMERCE AND FINANCE

LOCAL AND OVERSEAS MARKETS

THE SHARE MARKET

DUNEDIN STOCK EXCHANGE The following Is a list of the business transacted on the Dunedin Stock Exahange during the past week:—

THE WEEK REVIEWED

AUSTRALIAN INDUSTRIALS MARKED UP TURNOVER ONLY MODERATE It was not a particularly active week on the Dunedin Stock Exchange lor the period under review, and the number of recorded transactions was only slightly in excess of the total for the previous period. Price movements throughout the week were mostly irregular, but at the close the undertone of the market was Arm, This was particularly pronounced among front rank Commonwealth industries shares, which picked up a fair amount of lost ground and were the subject of increased attention. Base metal shares experienced a fluctuating market, and losses and gains recorded during the same day were not uncommon. At the close, however, an upward trend was In evidence, but buying support was not particularly strong. Speculative interest dwindled, and this was responsible for a quietening effect on trading. Of interest to local investors during the period was the fair inquiry received after Wednesday for DunedinKaikorai Tram shares, which have not been quoted on the Dunedin Exchange for a considerable time. When the first buyer appeared his offer was raised, but sharebrokers who were willing to pay a premium of 5s for these shares could not attract any response from holders. More than 12 months ago the market value for these shares was between £1 18s and £2, and there is every reason to believe that they will regain some of their lost popularity in the future. As was the case last week, Australian shares claimed the most attention and figured prominently on the sales list. Dominion Issues caused small animation among investors, but no sharp losses were recorded. GOVERNMENT LOANS FIRM Although Government loans were not dealt in to the same extent as they were last week, it was not because there was a slackening in the demand. If anything, buyers were more numerous, and, though slight increases were offered for certain longdated issues, sellers were few and far between. Business was confined to a sale of the 3£ per cent. Stock, 1938-52, a parcel changing hands at the firm price of £lO3 7s 6d. BANK OF NEW ZEALANDS FIRMER The banking section was noticeable for a spasmodic inquiry during the period, and the number of buyers forward at each call-over was on a par with the number of vendors. Bank of New Zealands stood out for a fairly consistent inquiry at around £2 4s 3d, but sellers’ lowest, offer was 6d .beyond that figure. Late on Monday a sale was reported at £2 4s 6d. This was the only transaction in banking shares throughout the period. Commonwealth houses were not well supported, but price movements were mostly forward ones. Bank of New South Wales, however, provided one exception, for at the close they were a shade easier. INSURANCE SHIPPING, AND MEAT A firming tendency was in evidence throughout the period for National and South British Insurance shares, but no sales were effected. The former shares finished with a final market between 17s 9d and 18s, while the latter improved to final buyers offering £2

6s. Shipping shares received more attention, but although buyers increased their previous quotations, sellers were seldom induced to make an appearance. Both issues of New Zealand Refri-

geratings had a consistent inquiry at recent steady values, but the contributings were the only ones to be dealt in. a buyer securing two parcels at Us 4d. The Southland Frozen Meat (paid) issue advanced 6d in value without attracting any response from sellers. G. J. COLES MARKED UP One of the principal gains of the period was that recorded in G. J. Coles shares, which picked up in value to the extent of 2s 9d. Final buyers at £4 2s, however, were Is away from vendors’ limits. Broken Hill Proprietaries also registered a noticeable improvement, and the contributing issue was included in the sales list, with two transactions at £1 17s. British Tobaccos, Colonial Sugars, and Sydney Woolworths all had a fair inquiry, and values were firm with recent levels. South African Woolworths were conspicuous for a rise of 9d, but final buyers at 16s 2d were 7d away from sellers’ requirements. NEW ZEALAND DRUGS POPULAR Among Dominion industrials, New Zealand Drugs were accorded the best support, and after three sales at £3 7s 6d they had several more buyers anxious to do business at £3 7s and £3 7s 3d. but holders, when they did appear, fixed their limits at £3 Bs. After sales at from 7s 7d to 7s sd, Taranaki Oilfields declined to a final market between 7s and 7s sd. During the early part of the period the rights issue of New Zealand Paper Mills came in for a fair amount of attention, and business was done at up to 2s 6d. Later, however, they were dealt in at Is 9d, and by the time the market had closed they had slumped to buyers at 9d and sellers wanting 3d more. NEW ZEALAND BREWERIES STEADY Little competition was displayed for shares in the brewery section, which was quiet and featureless. New Zealand Breweries were dealt in at £2 4s 6d and £2 ss, but apart from these sales, interest in the section could best be described as mediocre. POOR SUPPORT FOR AUSTRALIAN MINING In contrast with the general procedure, Australian mining shares were poorly supported, and, as a consequence, small competition was shown. At the close of the market, values were slightly improved compared with the closing rates of the previous period, but there was no zest in the demand. Mount Lyells were dealt in at prices which reflected their erratic movements, while Mount Morgans were slow to move after a sale at 8s 9d. Broken Hill Souths, North Broken Hills, and Preferred Electrolytic Zincs were included in the sales list at prices which were practically on a par with those obtained during the previous week. WOOLWORTHS PROPERTIES (RIGHTS) ACTIVE Chief Interest among unlisted stocks was bestowed upon the rights issue of Woolworths Properties, which had nine sales at from 3s to 3s 7d. Final buyers at 3s 6d were 3d below sellers’ limits. YESTERDAY’S BUSINESS Sale Reported C I. d. Consolidated Brick (late Thurs.) 0 810 LATEST QUOTATIONS The following are yesterday afternoon’s buying and selling quotations, which are subject to the usual brokerage:— GOVERNMENT LOANS Buyer. Seller. £ s. d. £ B. d.

NORTHERN EXCHANGES

AUCKLAND

DIVIDENDS PAYABLE The following is a list of shares on which dividends will shortly be payable:— E.S. and A. Bank—lnterim 3J per cent, (less English income tax) May 16 Nemona Dredge—2d (free of income tax) May 16 Dental and Medical —5 per cent, per annum May 16 National Insurance Company —lnterim, 4d per share .. May 17 Younghusband and Co.—Final 5 per cent., making 10 per cent, per annum May 17 Donaghy’s Rope and Twine Company, Ltd.—Final Is per share May 18 N.Z. Paper Mills—Final 4 per cent., making 7 per cent. for year .. .. May 19 Dalgety and Co—lnterim, 3s per share at rate of 6 per cent, per annum May 20 Tui Brewery—lnterim, 5 per cent May 21 Argo Gold (No, 13)—Id per share May 23 Bank of New South WalesQuarterly at 6 per cent, per annum May 26 Dunedin Brewery and Wilson’s Malt Extract Company —Final, 4 per cent, (maxing 7J per cent, for the year) .. May 26 Westport Coal Company— Interim. 6d per share .. May 27 Loloma (Fiji) Cold Mines —Is per share May 27 Union Steam—Pref., Interim, 2J per cent May 31 Farmers’ Trading Company, Auckland —Finals A and B pref., 5 3-5 per cent, per annum, C pref., 5 per cent. per annum May 31 Taringamutu Timber—2J per cent June 1 Broken Hill Proprietary-Half-yearly, Is 3d, and on new shares 2Jd per share, Australian currency .. .. June 1 Swan Brewery, Western Australia—Ord., 6d and bonus 3d per share; and pref. .. June 1 Imperial Chemicals. Ltd.Final 5J per cent., making 8J per cent, per annum .. June 1 Henry Jones Co-operative, Ltd. —Interim, 6d per share June 1 Dominion Fertiliser Company —6 per cent, per annum (about) June 8 Bank of N.Z.—Final, Is per share, or 10 per cent, per annum June 10 Broken Hill South—lnterim,

9d per share, in Melbourne June 15 Wilsons Cement, Ltd.—Final, 4Jd per share (making 9d for the year) June 15 Mount Lyell—lnterim, 6d per share June 20 LONDON METAL MARKET

(United Press Association) (By Electric Telegraph—Copyright 1 LONDON, May 12. The fallowing are the official metal quotatloni:—

FOREIGN EXCHANGES

BRADFORD MARKET (United Press Association) (By Electric Telegraph—Copyright) LONDON, May 12. The Bradford market is firmer in tone, but quiet. Users are well covered. Merinos: 70’s. 27£d; 64’s, 26d; 60’s, 25d. Crossbreds: 58’s 22d; 56’s, 20d; 50’s, 17§d; 46’s, 17d (nominal); 44’s, 17d (nominal).

SHARE QUOTATIONS (United Press Association) (By Electric Telegraph—Copyright) LONDON, May 12. Share quotations:—Clutha River—buyers Is 7£d; sellers Is lOJd; Molyneux River—buyers Is, sellers Is 3d. PRICE OF FINE GOLD (United Press- Association) (By Electric Telegraph—Copyright) LONDON. May 12. £ s. d.

BALCLUTHA STOCK SALE ~ (Special to Daily Times; BALCLUTHA, May 13. There was a good entry of fat sheep at the weekly sale to-day, and the sale was a good one. Fat wethers sold at 265, fat ewes (prime) 18s and 21s 6d, freezing ewes 10s and 13s, extra prime lambs sold at 28s to 31s 9d, gdod quality lambs 245, light lambs 15s to 18s.

Store Sheep.—Ewe lambs 15s to 18s 9d, wether lambs 9s to 14s 6d, small lambs 4s to 7s. cull ewes 4s to 6s, store wethers 23s 2d. No sound or fullmouth ewes were penned. Cattle. —Fat cows made £5 to £ll, bullocks £8 to £'9 10, : . Store bullocks, four-year-old Hereford-Shorthorn cross to £ll 7s 6d, store cows £3 6s to £4, 15-month steers to £5 12s, heifer calves £2 to £4, steer calves £3 6s to £4. Pigs.—A small yarding met with a slack demand. Suckers sold at 8s to 11s. RABBIT SKIN MARKET LACK OF AMERICAN COMPETITION Messrs J. K. Mooney and Co., Ltd., have received official cable advice from Messrs Anning and Cobb, of London, that the rabbitskin sale which was scheduled to take place on May 25 has now been cancelled, the main reason being the lack of American competition. This has come about through the United States of America buyers being unable to dress and' dye their last year’s purchases, owing to a general strike in New York. At the same time. Messrs Mooney and Co. expect that payable prices will be obtained by trappers throughout the coming winter season, as the Australian crop is fully 30 per cent, lower this year than last. AUSTRALIAN GLASS DIVIDEND OF 15 PER CENT. Australian Glass Manufacturers, Ltd., recommend payment of a final dividend on ordinary shares of 4 per cent., plus a 5 per cent, distribution from investments, for the year ended on March 31. 1938, This makes 15 per cent, per annum, including the interim dividend last December, and is unchanged from last year. Preference dividend, at the rate of 9 per cent, per annum, is also unaltered.

MOUNT MORGAN, LTD. DIVIDEND OF 3d PROPOSED The Dunedin Stock Exchange has been advised that the directors of Mount Morgan, Ltd,, are issuing a circular to shareholders regarding increased production. The company is also proposing to pay a dividend of 3d a share on July 20. Earlier this year the chairman of directors (Mr Eric Campbell) announced that dividends would be resumed soon after the shipment of accumulated concentrates had begun. Difficulty in securing freight accommodation for concentrates to America caused the company to seek fresh capital for the installation of a new smelting plant at the mine, but it is not expected that the plant will be in operation for some months yet. Early last month. tiOOO tons of copper and gold concentrates, valued at approximately £190,000, and comprising the largest single shipment in the history of the company (and believed to be an Australian record), were sent to the United States for treatment.

(United Press Association) (By Electric Telegraph—Copyright)

DUNEDIN MARKETS

(British Official Wireless) (United Press Association) (By Electric Telegraph Copyright) RUGBY, May 12.

ON NEW ZEALAND CURRENCY BASIS Thu Bank ol New South Wales, Dunedin, quoted the following rales for purchases and sales nl foreign exchange yesterday:— Buying Selling

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.) Dob Dols TT .. .. 3.98 11-16 4.01 7-16 O.D. .. .. 3.99 J 4.01 13-16 81 0.D. g: .. •• 4 - 03 4 ' 05 13-16 BANK of ENGLAND RETURN iUnited Press Association) (Bv Electric Telegraph Copyright' LONDON, May 12. The following is the Bank of England return:— ISSUE DEPARTMENT Note issue in circulation £ WOO,OOO Bank department ... 000 Government securities .. ’oOpOU.uuu Other securities ■ • ■ • juu.uuu Silver coin BANKING DEPARTMENT Rg< .. .. .. 3.200,000 Public deposits 36.600,000 Bankers’ deposits .. • ■ nnn Other amounts .... •• 33,500,000 Government securities .. *05,700,000 Discounts and advances 7,600,000 Other securities .. .. 19,400,0u0 Notes and coin 40,000,000 Ratio of reserve to liabilities is 28.11 per cent. The Bank of England discount rate remains unchanged at 2 per cent.

LONDON STOCK EXCHANGE

WHEAT. OATS, ETC. No milling wheat is now available, so far as the Otago district is concerned, practically all the crops having passed out of first hands. A number of millers are short of supplies, but a cargo of Australian wheat, ex the Waiana, will be landed towards the end of the month, and it is expected that this should meet millers’ requirements for the season. There is still a fair quantity of wheat grown in the South Canterbury district to be marketed, but a large proportion has been affected by weather conditions and will not be suitable for milling. A fair quantity of wheat has yet to be threshed from the stack in South Canterbury. This wheat was put into stack in the hope that the quality would be improved, and it remains to be seen how it will turn out.

Stocks of fowl wheat are getting into short compass. The price of best quality is 6s per bushel, sacks extra, ex store. From now onwards supplies will have to be drawn from South Canterbury. Merchants, however, while they require supplies, are diffident in purchasing, as the wheat has a high moisture content, and cannot be held in store for any length of time. 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. —2001 b sacks, £l9 per ton; 25’s. £2O per ton. Owing to the continued wer weather, conditions in Canterbury farmers there are unable to prepare their ground for sowing autumn wheat. The season is advancing, and it would appear as if there will again be a short area sown in wheat in the Canterbury district. Farmers in the Otago district are more fortunate, as favourable conditions for sowing are being experienced, and indications point to a larger area being planted. A number of inquiries are being received for seed wheat, sticks of which ax-e difficult to secure. The oat market shows no alteration There are now few lines on offer from the country, but merchants are holding fair supplies and are experiencing a difficulty in making sales. Millei’s are also not operating, owing to the position of the oatmeal market, and there are few inquiries for oats from North Island merchants. The present quotations are 3s 5d f.0.b., s.i., for A Gartons and 3s IJd for B’s, These prices are equivalent to 2s lOd, sacks extra, ex trucks, country sidings, and 2s 6d respectively. CHAFF AND POTATOES The chaff market remains unchanged. The demand is quiet, and supplies for the local market are being drawn from Canterbury. The price for best quality is £6 per ton, ex truck, and £6 ss, ex the store. Heavy supplies of potatoes ax*e still reaching the market, and sales are difficult to effect. The weather conditions are favourable for digging, and a fair quantity is being lifted. The yields in. the Otago district are very good, and some very heavy returns have been obtained in the Stirling district. Best quality whites are worth £4 5s pea ton, sacks included, with King Edwards commanding higher prices. It is expected that there will be a fair quantity of potatoes on offer from the Southland district. REGRASSING THE HAWKE’S BAY DISTRICT ■ As is usual at this time of the year, the seed markets are experiencing a quiet time. There is, ixowever, an order on the market for a large quantity of certified ryegrass and white clover for sowing in the flooded ai’eas in Hawke’s Bay. This seed is being purchased by the Government. The order, coming on the market on top of an already short crop, has further firmed the value of certified ryegrass. The oi’dinary x’yegrass market is steady at recent prices, and the white clover market is very firm. Stocks of the latter seed are in small compass, especially good bright lines. The cowgrass ci’op is poor in Canterbury. Prices, nevertheless, have not firmed to any extent, as they are being affected by cheap quotations for cowgrass from overseas. The cocksfoot market remains steady, with prices unaltered. The demand for both browntop and crested dogstail has slackened off, and there are few orders from overseas. Wholesale pi’ices are as follows: Chaff: Good bright oaten shea£ £6 per ton, ex truck; £6 5s ex store. Potatoes: Whites, £4 5s per ton, ex truck; King Edwards, to £5 ss. Dairy butter: Milled bulk, 10d per lb; separator. lOd per lb. Bacon, Is 2£d per lb. Hams. Is 2d per lb; boneless. Is 4d. Eggs: Stamped, 2s Gd; pullets, 2s; case, 2s sd; preserved. Is 6d to Is 9d. New season’s Canterbury onions, 12s per cwt. Lard: Bulk, 8d per lb. Honey; Bulk, 6d to 6£d per lb. The egg market weakened during the week, and prices will, no doubt, shortly ease further. Bacon has been advanced 3d per lb.

FRUIT AND VEGETABLES SUPPLIES OF ORANGES A shipment of about 2000 cases of oranges arrived during the week, transhipped ex the Matua at Auckland. The Rarotongan oranges had to be repacked in Auckland, but they reached the local marts in very poor condition and had to be sold at low prices to quit. On the mner hand, the Mangaia and Atiu oranges arrived in almost perfect condition. The shipment, taking it all round, must prove very unprofitable to the Internal Marketing Department, which now has control of the importation of Island fruits. The sale of Californian oranges is being affected by the lower prices at which the Island oranges are available. Fairly heavy stocks of Californian are held in the wholesale Nothing definite is known regarding the arrival of Australian oranges, but it is probable that the first shipment will arrive early next month. Apples are still in heavy supply, with low prices ruling. The demand is confined to choice quality. Other varieties are again commencing lo accumulate in the stores. Sound quality dessert and cooking pears have a better demand. Inferior grade are in'heavy supply and slow of sale. Small lots of outside-grown tomatoes are reaching the market; also hot-house-grown from Christchurch and Dunedin. New Zealand-grown lemons are offering in larger quantities. Cali-fornian-grown are in good supply. Local and North Otago hothouses are still supplying the market with choice quality Gros Colmar grapes. The market is well supplied with bananas, with low prices ruling. Best quality cauliflowers are com-, manding satisfactory values, but inferior grade are practically unsaleable. Second quality cabbages are not over-plentiful. Supplies of pumpkins are more plentiful. Carrots and marrows are in heavy supply, but parsnips are in fair supply only- ... .. , Best quality lettuce are realising high prices. Wholesale prices are as follows: — Apples.—Jonathans and Delicious, 4s (o 6s per case; Stunners. 4s 6d to 5s 6d; cookers, 4s to ss; inferior dessert and cooking apples, 3s to 4s. Pears. —Dessert, 2s 6d to 3s 6d per half-case; cookers, 2s to 2s 6d. Jam melons, to Id per lb. Tomatoes. —Hothouse, 10d to Is per lb; out-grown, 5d to BJd: others, 2d to 3d. Oranges.—Californian navels, to 37s 6d per case; Island, 11s to 18s 6d. according to count.

Lemons. —Californian, to 55s per Ca cfrapes— Gros Colmars, Is lOd to 2s 4d per lb; inferior, Is to Is 4d. Bananas. —Ripe, 17s 6d per case. Cauliflowers. —Choice, to 8s 6d per sack; others, Is 6d to 3s 6d. Cabbage.—Choice Savoys, 2s 6d to 4s per sack. Swedes. Is 6d to Is 9d per sugar bag. Celery, to 8d per bunch. Marrows. 5s to 6s per cwt. Pumpkins, to lid per lb. Cucumbers.—Hothouse. S's to 12s per dozen. Carrots, to 2s 6d per sugar bag. Parsnips. 4s 6d per sugar bag. Lettuce. Is to 2s 6d per dozen; extra choice. 4s 6d per dozen. Spinach. Is to Is 3d per dozen bunches. Leeks, 4d per bunch.

AUSTRALIAN IRON AMD STEEL, LTD. The directors of Australian Iron and Steel. Ltd., announce that negotiations with the Broken Hill Proprietary Company. Ltd., have been completed, as a result of which that company has been allotted 2,000.000 ordinary shares of £1 each at par in Australian Iron and Steel in liquidation of the major portion of the advances made by it to Australian Iron and Steel. Ltd. AMALGAMATED WIRELESS The directors of Amalgamated Wireless (Australasia), Ltd., have decided to call up 4s a share on the contributing capital, making the shares 18s paid.. The call will bo payable in four instalments, each of Is a share, on June IS July 15, August 15 and September 15.’ The company has a paid-up capital of £744,283 in 181,400 shares of 20s each fully-paid, and 804,118 shares paid to 14s each. The distribution last year was 12 per cent., as against 11 per cent, in 1936, and 10 per cent, for 1935 and 1934. Net profit shown last year was £125,794, equivalent to 16.9 per cent, on capital. Reserves and undivided profits amounted to £281,269. At the approximate market price of 50s, the 14s paid shares return £3 7s 2d per cent.

LOSS ON TRADING

SELFRIDGES (AUSTRALIA). LTD. The balance sheet of Selfridges (Australia). Ltd., will show that the Sydney business, with its branch stores, has made a substantial loss. This information is contained in a circular issued by the chairman, Mr E. C. B. Midlane, and three other members of the board. Statements have also been published by the fifth member of the board, Mr F. W. Harper. “For some time past,” the circular of the four directors states, “it has been clearly demonstrated to your board that joint management of a company of this description is not satisfactory, for a number of reasons. This dual management was broken for the financial period under review, when, in December, 1936, Mr Lambell was delegated by the board to proceed to New Zealand, where he took over the establishment and management of the New Zealand company, until his return to Sydney on December 16 last. " The New Zealand company opened its Wellington store on October 28, 1937, and the Auckland store on November 25. 1937, and the company is trading profitably.” Reference having been made to directors’ movements and salaries, the circular proceeds: “The Sydney business, with its branch stores, has made a substantial loss for the year, as will be shown by the balance sheet. When this was apparent, your chairman, to bring matters to a head, sent in his resignation, but Mr Harper, in company with the other directors, refused to accept it.” The circular states that the reason why the Sydney business and its branches made such a loss was investigated by the board. The result of the investigation will be announced at the annual meeting. “ The listing of the company’s shares on the various Stock Exchanges has been before the directors for some time, and articles have been amended so that application can be made for the shares to be listed. The reason given in the circular for not applying to have them listed has been the depressed state of the financial market reports and the general uncertain world conditions. The directors were unanimous as to the listing of the shares being deferred.”

£ 8. d. Si p.c. Stock, 1938-52 103 7 6 Nokomai Gold .. .. 0 1 7 Bank of New Zealand 2 4 6 N.Z. Refrigerating (cont. 2) .. 0 8 4 N.Z. Loan and Mercantile (ord.) 37 10 0 Westport Coal .. .. 1 4 3 Australian Foundation Trust .. 0 4 5 Associated News (pref.) 1 4 0 Broken Hill Prop, (cont.; 2) .. 1 17 0 Consolidated Brick 0 8 10 New Zealand Drug (3) 3 7 6 N.Z. Paper Mills (rights; 3) .. 0 2 0 0 2 6 0 1 9 KT.Z. Paper Mills (cum rights and div.) 1 5 0 Taranaki Oilfields 0 7 5 0 7 6 0 7 6 0 7 7 Woolworths (Sydney) . . . . 1 2 4 N.Z. Breweries (odd lot) 2 4 6 2 5 0 Broken Hill South . . 1 10 6 ■Electrolytic Zinc (pref.) ,, ,, 2 0 6 Mount Lyell 1 6 10 1 6 7 1 e 4 Mount Morgan .. .. 0 8 9 North Broken Hill 2 8 5 (3) 2 8 0 Woolworths Properties (rights; 4) 0 3 C 0 3 7 0 3 0 (S) 0 3 6

3J p.c. Stock, Nov., 1938-52 103 9 0 — 3J p.c. Stock. May, 1941-52 102 10 0 3J p.c. Stock, Nov., 1941-52 102 10 0 — 3 p.c. Bonds, 1939-41 .. 97 0 0 — 3 p.c. Stock, 1939-41 .. 97 0 0 — 4 p.c. Bonds, 1943-46 .. 102 5 0 — 4 p.c. Stock, 1943-46 ., 102 5 0 — 4 p.c. Bonds, 1946-49 .. 102 10 0 — 4 p.c. Stock, 1946-49 .. 102 10 0 — 4 p.c. Bonds, 1952-55 .. 104 5 0 — 4 p.c. Stock, 1952-55 .. 104 5 0 — 3i p.c. Bonds. 1953-57 98 0 0 — 3i p.c. Stock, 1953-57 98 0 0 MINING Big River (Is) .. .. 0 1 0 0 1 3 Clutha River (2s) 0 2 6 0 2 9 Gillespie’s Beach (Is) 0 0 9 — Grey River 0 12 6 Martha (5s) — 0 13 3 Molyneux River (2s).. 0 X 6 Nokomal (5s) .. .. 0 1 6 0 2 0 Okarlto (5s) .. .. — 0 2 6 Paddy’s Point (5s) .. — 0 1 0 Sandhills (Is) .. .. 0 0 U 0 0 3 Waipapa Beach (Is) .. — 0 0 I Waitahu (5s) .. .. — 0 1 0 BANKING N.S.W. (£20) .. .. 31 5 0 32 10 0 N.Z. (£1) 2 4 3 2 4 9 N.Z. (long D; £1) .. — 1 10 0 Commercial (10s) — 0 16 5 Comm. of Sydney (£12 10s) 20 5 0 — E.S. and A. (£3) .. — 5 0 0 INSURANCE National (7s) .. .. 0-17 9 0 18 0 South British (10s) .. 2 6 0 — Standard (£1) .. — 2 18 6 SHIPPING Huddart, Parker (ord.; £1) 2 4 0 — Huddart, Parker (pref.: £1) 1 8 0 — P and O. Del Stock (£1) 1 7 6 1 10 0 U.S.S. Co. (pref.; £1) 1 7 3 — MEAT PRESERVING N.Z. Refrig. (pd.; £1) 0 18 9 0 19 6 N.Z, Refrig. (cont.; 10s) 0 8 2 0 8 7 South. Frozen Meat (paid; £1) 1 8 0 South Otago Freezing (£5) 5 7 0 WOOLLEN COMPANIES Bruce (ord.; £ 1).. 0 5 0 — Wellington (ord.; £5) - 5 8 0 LOAN AND AGENCY Goldsbrough, Mort (£1) 1 10 0 1 11 0 National Mortgage (B issue; £1) ■■ •• 1 12 0 *— N.Z. Loan and M. (ord.; £100) .. .. 35 0 0 — N.Z. Guarantee Corp. (3s) 0 4 4 0 4 7 Trustees, Executors (£2) 3 15 0 Wright, Stephenson (pref.; £1) •• 1 1 0 COAL Westport (10s) 1 4 0 — Westport - Stockton (ord.; 10s) .. .. 0 2 8 0 3 3 Westport - Stockton (pref.; 10s) 0 5 9 — MISCELLANEOUS Anthony Hordern (£1) 0 18 0 0 18 U Aust. F. Trust .. .. 0 4 9 0 5 3 Australian Glass (£1) 4 14 6 British Tobacco (£1) 2 8 0 — Broken Hill Pty. (£1) 3 1 0 3 2 0 Broken Hill Pty. cont.; 10s) .. .. 1 16 6 — Brown, Ewing (pref.; £1) 1 0 9 “ Colonial Sugar (£20) 49 0 0 50 0 0 D.I.C. (ord.; 10s) — 0 14 9 D.X.C. (pref.; £1) •• 1 3 3 — Dominion Fertiliser (£1) 1 5 0 Dominion Fertiliser (Debs.) 102 0 0 — Donaghy's Rope (£1) __ 2 7 0 Dunedin - Kaikorai Trams (£1) .. •• 1 5 0 — Stock Exchange Pty. (£1) a 2 0 — Felt and Textile* (£1) i 12 9 —

G. J. Coles (£1) 4 2 0 4 3 0 Mort’s Dock (£1) .. — 0 10 0 McKenzies D. Stores (£1) — s e 8 Moturoa Oil (5s) — 0 s 0 Moturoa Oil (prcf.; 5s) — 0 5 0 N.Z. Drug Co. ( £2) .. 3 7 0 — N.Z, Newspapers (16s aci) — 1 19 0 N.Z. Paper Mills (£1) — 1 5 0 N.Z. Paper Mills (rights) 0 0 9 0 1 0 Otago Daily Times (£1) — 2 7 6 Regent Theatre (£1) 0 19 0 — Smith and Smith (pref.; £1) .. .. 1 0 0 — Taranaki Oil (£1 4s 7d) 0 7 0 0 7 5 Woolworths (ord.; £1) 1 1 0 1 2 0 Wooiworths (Sydney; ord.; 5s) 1 2 2 1 2 S Woolworths (S.A.; 5s) 0 16 2 0 16 9 BREWERIES N.Z. Breweries (£1) .. 2 4 6 2 5 3 Dominion (£1) .. .. — 1 17 9 AUSTRALIAN MINING Broken Hill South (5s) 1 10 0 — Electro Zinc, (ord. - £1) 2 1 6 2 2 3 Mount Lyell (£1) 1 6 1 1 6 3 Mt. Morgan (pref.; 8s) 0 8 6 0 0 0 North Broken Hill (5s) — 2 8 9 Placer Developments 3 11 6 — UNLISTED STOCKS All stocks in this section are not quoted on the official list, and transactions are subject to a different rate of brokerage — £ s. d. £ s. d. Seltridgcs (Aust.) 0 14 6 — Blackball Creek (Is) 0 1 2 — Woolworths Properties (rights) 0 3 6 0 3 9

Ton Copper, mot .. •• £38 19 0 Fall £0 3 I'/a Copper, forward 38 19 4'/j Fall 0 3 9 Electrolytic, ipot 42 19 0 No change Electrolytic, forward,. 43 19 0 No change Wire ban 43 19 0 No change Lead, ipot .. ,, 14 10 7'/a Fall 0 2 6 Lead, forward .. .. 14 14 4'/a Fall 0 1 3 Spelter, ipot .. .. 12 19 4'/a Fall 0 1 3 Spelter, forward 13 3 I'/a Fait 0 1 3 Tin, ipot 163 7 G Flse 1 IS 0 Tin, forward .. .. 169 12 6 Rise 1 10 0 Oz. Silver, standard 18 MGd No change Silver, fine .. .. 20 3-l6d No change

Sales on ’Change £ S. d Stock, 1939-43, 3J p.c. 100 0 0 Stock, 3J p.c., 1938-52 .. .. 103 10 0 Slock, 4 p.c., 1943-46 .. .. 102 15 0 Waitemata Electric Power, 4J p.c., 1964 109 0 0 Bank of New Zealand 2 4 6 United Building (Auckland) 1 0 0 Westport-Stockton (pref.) 0 5 10 Auckland Gas 1 0 3 Auckland Gas (con.) 0 14 3 Northern Steam (paid) .. 0 4 4 British Tobacco 2 8 6 Consolidated Brick .. .. 0 8 11 G. J. Coles . 4 2 6 Wooiworths (Syd.; 2) 1 2 3 Woolworths Properties 0 (rights) 3 7 Woolworths Properties 8 (rights: 2) 0 3 Martha 0 12 6 Mount Morgan 0 8 10 0 8 9 0 8 8 Unlisted Slock Wilton Collieries (1934) 0 12 6 WELLINGTON Sales on ’Change Farmers’ Trading (late 1 Thurs.) 0 3 Huddart Parker (pref.; late 8 9 Thurs.) 1 G. J. Coles (late Thurs.) .. 4 2 0 Woolworths, Ltd. (late Thurs.) 1 2 3 Stock, 1943, 3J p.c 100 5 0 Stock, 1943, 3 2 l p.c. (2) .. .. 100 0 0 Bank of New Zealand 2 4 0 E.S. and A. Bank .. .. 4 19 6 National Insurance .. .. 0 17 10 British Tobacco 2 8 0 Broken Hill Propy. (2) 3 1 3 Colonial Sugar 49 0 0 Taranaki Oil 0 7 5 0 7 4 Woolworths (rights) .. .. 0 3 7 Woolworths (rights) .. .. 0 3 8 Mount Lyell 1 6 1 CHRISTCHURCH Sales on ’Change Commercial Bank of Australia 0 16 3 Broken Hill Propy. (cont.; 17 0 cum div.) 1 G. J. Coles (2) 4 3 3 Hume Pipe (Aust.) .. Farmers’ Fertiliser .. .. 0 19 3 0 19 3 Woolworths Properties (rights: 3) 0 3 6 Woolworths Properties 0 (rights) 3 7 Woolworths, Ltd. (ord.) 1 2 3 Mount Lyell (cum div.) .. 1 6 3 (cum div.) 1 6 1 (cum div.; 2) 1 6 2 (cum div.) 1 6 1 Mount Morgan (2) .. .. 0 8 7 Sales Reported N.Z. Govt. (Inscr.) 33 p.c., ■' 1938-41 102 0 0 Consolidated Brick .. .. 0 8 13 Woolworths (South Africa; 4) 0 16 2 Rawang Tin (late Thurs.) .. 0 9 0

May 12 .. .. .. .. 6 19 10i May 11 .. .. May 10 .. .. .. 6 19 9J May 9 .. .. May 7 .. .. 6 19 8J May 6 ,. ,. May 5 .. .. 6 19 7 May 4 .. .. .. 6 19 6 May 3 .. .. .. .. 6 19 6 May 2 .. .. .. .. 6 19 6

Pari*— Par. May 11. May 12. Franca to £1 124.21 177 27-32 177 45-04 Brussels — Belgas to £1 SO 29.55 29.40 Oslo— Kroner to £1 18.180 19.90 19.90 Stockholm— Kroner to £1 18.130 19.404 19.40 Copenhagen— Kroner to £1 18.ISO 22.40 22.40 Berlin— Marks to £1 20.31 12.374 12.373 Montreal— Dollars to £ 1 4.8(5 2-3 5.003 5.008 New York — Dollars to £1 I.Sti 2-3 4.97 11-10 4.97 7-10 Yokohama— Pence to yen 34.582 14 14 Hongkong— Pence to hollar 24.58 14 15-16 14 15-10 Bombay— Pence to rupee 17 29-32 17 29-32 Batavia— Florins to £ 1 12.10 8.97 8.97 MilanDire to £1 82.46 94 9-16 94 9-10 Amsterdam— Guilder to £1 12.107 8.984 8.973 Prague— Kroner to £ 1 1044 112 13-10 1423 GenevaFrancs to £1 25.224 21.794 21.783 Vienna — Schillings to £1 84.86J 264' 204 Helsingfors— Marks to £ 1 193.23 2204 2201 Madrid— Pesetas to £) 20.224 _ - Belgrade— Dinars to £ 1 23.224 217 217 Athens— Drachmas to £1 375 5474 5474 Lisbon— Escudos to £1 110 102 3-16 102 3-Hi Bucharest — Lei to £1 931.6 0734 6734 Rio tie Janeiro— Pence to milrcls .. 5.800 2 13-10 2 13-Di Buenos Aires— Pence to pesos 47.22 19.014 18.99 Shanghai — Pence to tael _ 124 12 Montevideo— Pence to pesos _ 20 20 Warsaw— Zlotys to £ 1 - 26.43 26 48

London— £1 N.Z. to £101) [24/10/ stg r.T 124/-/-o.u 123/10/124/8/9 Australia — 100/10/- £ A. to £100 N.Z T.T. 101/-/-O.U 101/-/-100/10/ FIJI— 90/7/6 £ P. to fi 100 N.Z T.T. 89/-/-O D 90/7/6 811/-/-New York— 3.9865 Dollars to £ N.Z T.T 4.0210 O.D 4.0310 3.9905 Montreal— 4,0153 Dollars to £ N.Z r.T 4.0478 O.D 4.059S 4.0193 Austria— Schillings to £ N.Z T.T — — O.D — — Belgium— 23.S22 23.512 Belgas to £ N.Z T.T. O.D. 23.897 23.523 Czechoslovakia — 113.91 Korunas to £ N.Z. T.T — O.D — 113.96 Denmark— 17.893 Kroner to £ N.Z. r.T. . 18.203 O.D 18.203 17.899 Finland — 179.15 Marks to £ N.Z. T.T, 184.95 O.D. 185.35 179.25 Prance — 141.01 Francs to £ N.Z. T.T. — O.D. — 141.05 Germany— Reichsmarks to £ 9.872 N.Z .. .. T.T. — O.D. — 9.877 Greece— Drachmae to 429.54 £ N Z. .. T.T. — O.D. — 429.84 Holland— 7.168 Florins to fi N.Z. T.T. 7.316 O.D. 7.856 7.170 Italy— 75.80 Lire to fi N.Z. T.T. — O.D, — 75.85 Java— Florins to £ N.Z T.T. 7.295 7.145 O.D 7.335 7.149 Norway— 16.182 15.892 Kroner to £ N.Z r.T. O.D 16.242 15.898 Noumea— 139.70 139.80 Francs to £ N.Z. T.T. O.D. _ Papeete— 139.81 Francs to £ N.Z. T.T. — O.D. — 139.85 Sweden— Kroner to £ N.Z. T.T. 15.789 15.494 O.D 15.849 15.500 Switzerland— Francs to £ N.Z. T.T. 17.689 17.419 O.D. 17.794 17.424 Clicfoo— N.Z. pence to 1 dollar .. .. T.T. — — O.D — — Hongkong— N.Z. pence to 1 dollar .. .. T.T 18 21-64 18 45-64 O.D. 18 19-64 18 45-04 India and Ceylo"— N.Z. pence to 1 22 7-04 22 25-64 rupee T.T. O.D. 22 5-64 22 25-01 Japan— N.Z. pence to 1 yen .. • • T.T. O.D - 174 174 Manila — N.Z. pence to 1 peso •• •• T.T. 0.1). 29 35-64 30 3-64 29 29-64 30 3-64 Shanghai— N.Z. pence to 1 T.T. O.D dollar .. •• - - Singapore— N.Z. pence to 1 dollar . . ■ • T.T 34 19-64 34 25-32 O.D 34 13-04 34 25-32 All rates subject to alteration without notice.

LONDON, May 12. May 5. May 12. £ S. d. £ s. d. Consols 75 0 0 74 10 0 Funding Loan, 4 p.c. 113 0 0 113 0 0 War Loan, 3J p.c. .. 101 15 0 101 5 0 Con. Loan, 3J p.c. .. 102 10 0 101 15 0 Victory Bonds, 4 p.c. 111 5 0 111 0 0 Commonwealth— 5 p.c., 1945-75 .. 107 15 0 107 7 6 4 p.c., 1943-4(1 .. .. 102 0 0 102 2 6 33 p.c., 1948-53 .. .. 100 7 6 100 7 6 3J p.c., 1956-131 .. 91 16 3 91 7 6 3 p.c., 1955-58 .. .. 88 11 3 88 12 5 New South Wales— 41 p.c.. 1935-43 .. .. 98 0 0 97 15 0 Victoria — 3 p.c., 1929-40 .. .. 95 3 9 95 6 3 43 p.c., 1940-00 .. .. 103 15 0 103 17 6 5 P.c., 1945-75 .. .. 107 10 0 107 7 0 Queensland — 3 p.c.. 1932-47 .. .. 97 2 6 96 10 0 5 p.c., 1940-00 . . 103 12 6 103 10 0 South Australia — 4 p.c., 1942-02 . . 107 10 0 107 5 0 3 p.c., 1910 or after 76 0 0 75 15 0 Western Australia — 4 p.c.. 1942-64 . . 100 10 0 101 8 9 Tasmania— 3i p.c., 1929-40 .. .. 101 17 6 102 2 6 4 p.c., 1940-50 .. 101 5 0 101 17 0 New Zealand— 4J p.c., 1948-58 .. .. 100 5 0 99 15 0 3J p.c., 1940 .. .. )00 8 9 100 0 0 3 p.c., 1943 .. .. 02 13 9 91 13 0