COMMERCE AND FINANCE

Otago Daily Times, Issue 23505, 20 May 1938, Page 14

COMMERCE AND FINANCE

LOCAL AND OVERSEAS- MARKETS

THE RESERVE BANK ASSETS AND LIABILITIES (Per United Press Association) WELLINGTON, May 19. The Gazette issued to-night contains the following statement of liabilities and assets of the Reserve Bank of New Zealand as at the close of business on May 16. The figures at the close of the previous week are given for purposes of comparison, shillings and pence being omitted:— LIABILITIES Last week. This week. £ £ 1. General Reserve Fund .. 1,500.000 1, 500,000 2. Bank notes 14,000,006 13,941,328 3. Demand liabilities—(a) State 4,391.822 4,428.314 (b) Banks 0,204,716 8,700,995 Other 321,195 3715,751 4. Time deposits 5. Liabilities In currencies other than New Zealand currency .... 8. Other liabilities .. 294,127 29W25 Total £26,840.808 £27,241,914 ASSETS 7. Reserve — _ ... (a) Gold 2.801,791 2.801,79 (b) Sterling exchang) .. 17.461,182 17.828,604 (o) Gold exchange .. .. 8. Subsidiary coin .. .. 227,205 227.793 9. Discounts—(a) Commercial and agricultural bills .. - '~ (b) Treasury and local body bills ~ ~ 18. Advances—(a) To State oi iltate undertakings—(l) Primary Products Marketing Departmß„t 3,632.804 3.584.363 (2) For other purposes (b) To other public authorities .. -- “ ~ ;;" wmm lints*..:: :: £» Total £26,840.808 £27,241,014 Proportion ot reserve (No. 7 loss No. 5) to notes and other demand liabilities .. 60.9,0 31,073 SHARE QUOTATIONS (United Press Association) (By Electric Telegraph—Copyright) LONDON, May 18. Share quotations.—Clutha River, buyers Is 7id, sellers Is 10£d; Molyneux River, buyers Is. sellers Is 3d. New Guinea Gold shares are quoted at IOJd. New Zealand Loan and Mercantile ordinary shares, £2B; preference shares. £75 CANADIAN LOAN OVERSUBSCRIBED IN FIRST HALF-HOUR (United Press Association) (By Electric Telegraph—Copyright) OTTAWA, May 18. The Dominion’s six-year loan of 140,000,000 dollars, at 2 per cent., was oversubscribed in the first half-hour. LONDON WOOL SALES RATES FIRMLY MAINTAINED (United Press Association) (By Electric Telegraph—Cooyrlghti LONDON. May 18. At the wool sales 7613 bales were offered, including 3825 from New Zealand and 6806 were sold. The demand was ’fully sustained for the good selection offered, and rates were firmly maintained. ■> New Zealand greasy crossbred “ Merchiston,” 9£d and lOld. Scoured merino combing, “Aviemore,” 16),d and 23id. NEW ZEALAND NEWSPAPERS HEAVY TAXATION BURDEN Speaking at the annual meeting of shareholders in New Zealand Newspapers. Ltd., in Auckland on Wednesday, the chairman of directors, Sir Cecil Leys, drew attention to the heavy burden of taxation. The past year had seen no relief, he said, and £40,500 had been set aside for land and income ta2{ “ The company also paid to the Treasury £5042 collected as wages tax from employees,” the chairman added. “The company’s contribution to the Pensions and Provident Fund for the year was £6085, which, I hold, can reasonably be classed with taxation as it must to that extent relieve the public funds. The total of these items is £51,677. while for local body rates £2344 has had to be found.’’ The amount available for the 1063 shareholders whose capital was used to produce the money to meet these charges was £39,833, Sir Cecil added. Expenses had increased in all directions, and the wages bill alone absorbed £156,652, which was £14,571 more than in the previous year. Taking the difficulties of the period into consideiation. however, the chairman staled, it could be accepted as satisfactory that the net profit at £49,000 was approximately £IOOO greater.

THE SHARE MARKET DUNEDIN STOCK EXCHANGE G. J. COLES SELL AT £4 4s 9d Trading was not so brisk on the Dunedin Slock Exchange yesterday, but buying interest in most sections was fairly well maintained. G. J. Coles sold at £4 4s 9d, which is the best price recorded on the local market for some time. _ , . A slight strengthening in Bank or New was the only movement in this section, which was dominated by sellers. Insurances were neglected, while little interest was displayed m shipping shares. , , Broken Hill Proprietaries dropped back 4d on buyers’ previous quotations, but sellers showed no disposition to reduce their limits. The contributing shares were firm, with unsuppned buyers at £1 17s 9d. Sydney Woolworths firmed Id to finish with a final market between £1 2s 2d and £1 2s 4d. Taranaki Oilfields moved forward Id, and buyers at 8s 4d were 3d away from sellers’ requirements when the market closed. After the last call two sales were reported at 8s 6d each. There ■was a slight firming in Mount Lyell.s, which finished with a margin of 3d separating the closing quotations, but after the call two parcels were transferred at £1 5s 9d each. Those were the only shares which attracted attention in the Australian mining section. YESTERDAY’S TRANSACTIONS Sales Reported

LATEST QUOTATIONS The following are yesterday afternoon’s buying and selling quotations, which are subject to the usual brokerage:—

DIVIDENDS PAYABLE The following is a list of shares on which dividends will shortly be payable;— Dalgely and Co.—lnterim, 3s per share at rate of G per cent, per annum To-day Tui Brewery—lnterim, 5 per cent May 21 Argo Gold (No. 13)—Id per share May 23 Bank of Now South WalesQuarterly at 6 per cent, per annum - May 26 Dunedin Brewery and Wilson’s Malt Extract Company —Final. 4 per cent, (making 7J per cent, for the year) .. May 26 Westport Coal CompanyInterim, 6d per share .. May 27 Loloma (Fiji) Gold Mines—ls per share May 27 Union Steam—Prof., interim, 2:J 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 Taringamulu Timber—2£ per cent June 1 Broken Hill Proprietary-Half-yearly, Is 3d, and on new shares 2id 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.—lnterim, 6d per share June 1 McKenzies Dept. Stores Final, 9 per cent June 7 Dominion Fertiliser Company —6 per cent, per annum (about) June 8 Placer —No. 10, CO cents Canadian) a share June 10 Bulolo—No. 10, 1.50 dollars (Canadian) a share .. .. June 10 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, per share (making 9d for the year) June 15 Mount Lyell—lnterim, 6d per share June 20

Calls Burns, Philp—New, 5s a share Oct. 1 NORTHERN EXCHANGES AUCKLAND

DOLLAR AND FRANC (United Press Association) (Bv Electric Telegraph—Copyright) LONDON, May 18. The dollar is quoted at 4.97.1. The franc Is quoted at 177:,*. PRICE OF FINE GOLD (United Press Association) (By Electric Telegraph—Copyright)

PUBLIC TRUST OFFICE MONTH’S TRANSACTIONS Estates of a value of £316.077 were reported and accepted for administration by the Public Trustee during the month' of April; 132 grants of administration were made by the court in favour of the Public Trustee; 372 new wills appointing the Public Trustee executor were prepared on behalf of testators and lodged for safe custody; and 295 existing wills revised to provide for changes desired by testators.

FOREiGN EXCHANGES (British Official Wireless) (United Dress Association) (By Electric Telegraph—Copyright)

DOLLAR RATES The Associated Banks (other than the Bank of Now 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 3.98 5-16 4.02 1-16 O.D 3.98 11-16 4,02 7-16 Buying: O.D 4.02 9-16 4.06 J LONDON METAL MARKET (United Press Association ) (By Electric Telegraph—Copyright LONDON, May 18. Tho followlno are the official metal quotations:—

FARMERS’ TRADING COMPANY NET PROFIT OF £115,319 An expansion of £11,0113 in net profit to £115,319 is shown in the accounts of the Farmers’ Trading Company, Ltd., for the year ended March 31. This profit is obtained after allowing for depreciation and other contingencies, and is the highest ever earned by the company. Another record established is the rise in turnover to beyond £2,000,000. As was previously announced, the directors recommend a dividend at the rate of 7 per cent, per annum on ordinary shares, an unchanged rate. In addition, the usual preference dividend on A, B and C preference shares will be paid. The total dividend requirements absorb £49,927, against £38,900 in the previous year. The increase in the amount is due to the payment on new capital raised during the year.

The directors report that in the Hobson street store, which now has seven acres of floor space, and in the company’s 61 branches and five factories, a staff of 1421 is employed. Shareholders number 14,300.

AUSTRALIAN STOCK EXCHANGES (United Press Association) (By Electric Telegraph—Copyright) SYDNEY, May 19. (Received May 19. at 8.35 p.m.) Dull conditions prevail on the Stock Exchange, with only minor price movements. Commercial Banking shares fell sharply. Barriers are selling steadily. The Morning Sales

THE MONEY MARKET (United Press Association) (By Electric Telegraph—Copyright) LONDON. May 18. Discount and short loan interest rates, day to day loan, i per cent.; fine trade bills, three months, 2 to 2A per cent.; bank bills, three months, 9-16 per cent.; bank bills, six months, g per cent.; Treasury bills, two months., A per cent.; Treasury bills, three months, 9-16 per cent.; New York call money, 1 per cent. NATIONAL TIMBER COMPANY NET PROFIT OF £2623 (Special to Daily I'imes) AUCKLAND, May 19. A net profit of £2623 —a reduction of £s4B—is shown in the accounts of the National Timber Company, Ltd., for the year ended March 31. The directors recommend a dividend of 2| per cent, for the year against 5 per cent., which was maintained from 1935 until 1937. In their report the directors state that timber sales over the period were maintained at the average of recent years. The decrease in the net profit was due primarily to the heavy loss incurred through damage by fire to the company's locomotives. PARKER LAMB TIMBER COMPANY AN UNPROFITABLE YEAR (Special to Daily Times) AUCKLAND. May 19. A further loss of £2298 is shown in the accounts of the Parker Lamb Timber Company. Ltd., for the year ended March 31. This compares with losses of £920 in the previous year and £4123 in 1936. The debit balance in appropriation account is now £43,020. The directors state they have finally disposed of the Harbour Board leases, mill and office and yard sites, and also portion of the machinery not required. Further efforts are being made to dispose of the balance not in use. The loss on the year was principally duo to liabilities of the leases and the realisation of the assets mentioned.

£ S. d. Mount Lyell (late Wed.) 1 5 6 G. J. Coles 4 4 9 N.Z. Paper Mills (rights: 2) 0 0 9 Sales Reported After Last Call Taranaki Oil (2) 0 8 6 Mount Lyell (2) 1 5 9

GOVERNMENT LOANS Buyer. Seller. £ s. d. £ s. d 3i p.c. Stock. Nov., 1938-52 101 15 0 — 31 p.c. Stock, May, 1939-52 101 0 0 — 31 p.c. Stock, May. 1941-52 101 0 0 — 3J p.c. Stock, Nov.. 1941-52 101 0 0 — 4 p.c. Bonds. 1943-46 .. 102 15 0 —• 4 p.c. Stock. 1943-46 .. 102 15 0 — 4 p.c. Bonds, 1946-49 .. 103 0 0 — 4 p.c. Stock, 1946-49 .. 103 0 0 — 4 p.c. Bonds, 1952-55 .. 104 5 0 — 4 p.c. Stock, 1952-55 .. 104 5 0 — 31 p.c. Bonds, 1953-57 98 0 0 — 31 p.c. Stock. 1953-57 98 0 0 — MINING Blf? River (Is) .. .. 0 1 0 0 1 2 Clutha River (2s) 0 2 3 0 2 9 Gillespie’s Beach (Is) 0 0 9 — Goldfields Dredging Us) 0 0 u 0 0 3 Grey River 0 11 6 — Martha (5s) — 0 13 3 Molyneux River (2s) 0 1 6 0 a 0 Nokomai (5s) .. .. 0 1 7 0 2 0 Paddy's Point (5s) — 0 i 0 Sandhills (Is) .. .. 0 0 12 0 0 3 Waipapa Beach Us) — 0 0 1 BANKING A’asia (£5) 9 14 0 9 19 0 N.S.W. (£20) .. .. — 32 5 0 N.Z. (£1) 2 4 3 2 5 0 N.Z. (long D; £1) .. 1 9 3 — Commercial (10s) — 0 16 4 Commercial of Sydney (£12 10s) .. 20' 0 0 — Natl, of N.Z. (£2 10s) — 2 13 3 Union (£5) .. .. . — a 18 0 INSURANCE National (7s) — 0 17 9 Standard (£1) . ■ — 2 18 6 SHIPPING Huddart, Parker (pref.: £1) 1 6 0 — p, and O. Del Stock (£1) 1 5 0 — U.S.S. Co. (pref.: £1) — 1 7 9 MEAT PRESERVING Gear Meat (10s) — 0 16 4 N.Z, Refrig, (paid; £1) 0 18 6 0 10 3 N.Z. Refrig, (cont; 10s) 0 8 0 0 8 6 South. Frozen Meat (paid; £1) •. 1 8 0 — South Otago Freezing (£5) 5 8 0 Waitaki Farmers (£5) 3 16 0 *“* GAS Auckland (£1) .. .. 1 0 0 — WOOLLEN COMPANIES Bruce (ord.; £1) 0 5 0 — Bond’s Hosiery (£1) 0 17 0 Wellington (ord.; £5) — 5 8 0 LOAN AND AGENCY Goldsbrough, Mort (£1) 1 10 6 1 11 3 National Mortgage (B issue; £1) .. .. 1 12 0 — N.Z. Loan and M. (ord.; £100) .. .. — 39 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 1 2 3 COAL Westport (10s) .. .. 1 4 1 — Westport - Stockton (ord.; 10s) 0 2 9 0 3 3 Westport - Stockton (pref.; 10s) 0 5 10 MISCELLANEOUS Anthony Hordern (£1) _ 0 18 6 Aust, F. Trust .. .. 0 4 7 0 5 ’0 Australian Glass (£1) — 4 13 9 Aust. Iron and Steel (pref.; £1) .. .. 1 6 9 — Broken Hill Pty. (£1) 3 1 6 3 2 6 Broken Hill Pty (cont,; 10s) ,. .. 1 17 9 — Consolidated Brick (£1) 0 3 9 — Crystal Ice (£1) — 2 5 6 D.I.C. (ord.; 10s) 0 14 0 0 14 9 Dominion Fertiliser ( £ 1) 1 5 3 — Dominion Fertiliser (Debs.) 102 0 0 — Stock Exchange Pty ( £ I) 2 2 0 — Dunlop Perd, Rubber 1 £ 1) — 1 2 4 Felt and Textiles — 1 13 9 G, J. Coles (£1) 4 3 0 4 5 0 Hume Pipe (£1). 0 19 3 — Milburn Lime (£1) .. — 1 18 (1 Mort’s Dock (£1) 0 11 0 McKenzies D. Stores (£1) — 3 8 6 N.Z, Drug Co. (£2) ., 3 7 3 — N.Z. Newspapers (16s 8d) 1 18 6 N.Z, Paper Mills (£1) , — til 3 0 N.Z Paper Mills (rights) 0 0 9 — Otago Dally Times (£ 1) — 2 7 0 Regent Theatre (£1) 0 19 0 — Smith and Smith (prof.; £1) 1 0 0 — Taranaki 0:1 (£1 4s 7d) 0 8 4 0 8 7 Woolvvorths (ord.; £1) 1 1 3 — Wool worths (Sydney: ord.; 5s) ) 2 2 1 2 4 Woolvvorths (South Africa: 5s) .. .. 0 16 0 - BREWERIES N.Z. Breweries (£1) — 2 5 6 Dunedin (£1; cum rights) — 1 11 9 AUSTRALIAN MINING Broken Hill South (os) 1 10 0 — Electro. Zinc (pref.; £1) 2 5 0 — Electro. Zinc (ord.; £1) 2 0 3 2 2 0 Mount Lycll (£1) .. 1 5 G 5 9

Mount Morgan (2s 6d) OHS 0 8 9 North Broken Hill (5s) 2 7 0 2 fi 0 Placer Developments ~ 3 15 0 it Cum dividend. UNMSTKD STOCKS All stocks hi this section are not quoted on the ofliclnl list, and transactions are subject to a different rate of brokerage X s. d. £ s. d. A. and T. Durt (prof.) 0 11 9 Mackintosh Calcy Phoenix — 0 9 (> Snowhite Laundry .. 0 10 0 0 17 C Wool worths Properties (rights) 0 3 9 0 4 0 Blackball Creek 0 1 2

Sales on 'Change £ 8. d. Auckland Harbour Board, 1957, 4i p.c 106 10 0 Mount Hoskill, 1949, 4] p.c. 103 0 0 Commercial Bank of Australia (pref.) .. .. Farmers’ Auctioneering (A pref,) 0 7 6 1 2 3 Farmers’ Auctioneering (B pref.) 1 1 3 Auckland Gas (2) 1 0 6 Auckland Gas 0 14 4 N.Z, Breweries 2 5 0 British Tobacco 2 8 6 Broken Hill Proprietary 3 2 3 Com. Brick 0 9 0 Farmers’ Trading (A pref.; odd loO I 2 3 G. J. Coles 4 4 9 N.Z. Paper Mills (rights) .. 0 0 8 0 0 9 Taranaki Oil 0 8 9 Mataki Dredging 0 0 31 Waihi Junction 0 2 10 WELLINGTON Sales on ’Change Broken Hill Proprietary (late Wed.) 3 2 3 Taranaki Oil (late Wed.; 2) 0 8 8 Stock, 1943, 31 p.c 100 5 0 Bank of Australasia .. .. 9 18 6 Commercial Bank of Australia 0 16 3 National Insurance .. .. 0 17 6 Carlton Brewery 3 6 10i N.Z. Breweries 2 5 0 Broken Hill Proprietary .. 3 2 0 Burns, Philp (ex div.) 14 0 Burns, Philp 2 14 3 G. J. Coles 4 4 10 4 5 0 N.Z. Paper Mills (rights) .. 0 0 9 Hume Pipe 0 19 6 Moturoa Oil (ord.) 0 3 9 Taranaki Oil (5) 0 8 7 0 8 9 Woolworths, Ltd 1 2 3 Woolworths (rights) .. 0 3 10 (5) 0 3 101 Woolworths Holdings (late Wed.) 0 16 1 0 16 2 CHRISTCHURCH Sales on ’Change Commercial Bank of Australia 0 16 2 N.Z. RcCrig. (10s paid) 0 8 5 Broken Hill Proprietary (4) 3 2 0 Dunlop Rubber 1 1 11 Taranaki Oilfields 0 3 5 (4) 0 8 6 Woolworths Properties (rights: 4) 0 3 9 Woolworths. Ltd. (Sydney: ord.) 1 o 2 Mount Lyell (2) 1 5 6 North Broken Hill 2 7 5 Sales Reported Dalgety and Co. (cum div.) 8 10 0 N.Z. Paper Mills (rights; 2;late Wed.) 0 0 9 Grey R.ver (10s paid) 0 12 4 Waihi Grand Junction 0 2 10 Taranaki Oilfields 0 a 8

May 18 .. LONDON. May 18. £ s. d. 7 0 0 May 17 .. 7 0 n May If! .. 7 0 1 May 18 .. C 19 11 May 12 .. G 19 101 May 11 .. G 19 11 May 10 .. 6 19 9A May 9 .. 6 19 10

ItUdBY, May 19. 1'arls— Par. May 17. May 18. Franrs to £1 124.111 177 21-32 1775 Brussels— Uelcas to £ 1 30 20.52 29.515 Oslo— Kroner to £ I 18.1X0 19,90 19.90 •Stockholm— Kroner to £ 1 18.130 19.405 19.405 Copenhagen— Kroner to £1 18.150 22.40 22.10 Berlin— Murks to £ 1 30.34 12.363 12.37J Montreal— Dollars to £ 1 4.80 2-3 5.008 5.0 U New York — Dollars to £1 4.80 2-3 4.008 4.90 15-10 Yokohama— Pence to yen 31.582 11 11 Honpliont;— Pence to dollar 24.58 14 15-10 145 Bombay— Pence to niitcc — 17 59-01 17 15-10 Batavia— Florins to £1 12.10 8.00 8.90 Milan— 1*1 re to £1 82.40 943 943 Amsterdam — Builder to £ 1 12,107 8.075 8.98 J’rajtno--Kroner to £ 1 1015 1423 1 12 13-10 (ieneva— Francs to £1 25.22J 21.785 21.784 Vienna — Schillings to £ 1 .. 84.8G5 285 205 Helsingfors— Marks to £1 193.23 2203 2202 Madrid— Pesetas to £ 1 25.22 i Belgrade— Dinars to £1 25.225 217 217 Athens — Drachmas to £1 ..375 5475 5475 Lisbon— Escudos to £ i .. no no 3-io no 3-iG Bucharest— Lei to £1 931.6 0775 0775 Itio do Janeiro— Pence to mllrcls .. 5.890 2 13-10 2 13-10 Buenos Aires— Pence to pesos 47.22 18.905 10.05 Shanghai— Pence to tael — 11 103 Montevideo — Pence to pesos — 21 205 Warsaw— Zlotys to £1 — 20.37 20.37

ON NEW ZEALAND CURRENCY BASIS Tlic Hank of New South Wales, Dunedin. quoted Hie following : rates 1 for purchases and Hjilcs of foreign exchange yesterday:— Buying. Selling. London— £ N.Z, to £100 stg. .. .. T.T. 121 124/10/O.D. 123/10/124/8/9 Australia— £ A, to £100 N.Z T.T. 101 100/10/O.D. 101 100/10/Fiji— £ F. to £100 N.Z T.T. 90/7/0 89 O.D. 90/7/0 89 New York— Dollars to £1 N.Z T.T. 4.9170 3.0825 O.D. 4.0270 3.9805 Montreal — Dollars to £ N.Z. T.T. 4.0539 4.0214 O.D, 4.0059 4.0254 Austria — Schillings to £ N.Z T.T. — — O.D, — — Belgium— Belgas to £ N.Z. T.T. 23.939 23.029 O.D. 24.014 2.3.040 Czechoslovakia — Krounas to £ N.Z. T.T. — 113.77 O.D. — 113.82 Denmark — Kroner to £ N.Z. T.T. 18.203 17.893 O.D. 18.203 17.899 Finland— Marks to £ N.Z. T.T. 185.03 179.23 O.D. 185.43 179.33 France — Francs to £ N.Z. T.T. 140.90 O.D. — 141 Germany— lleich.smarks to £ N.Z T.T. — 9.808 O.D. — 9.873 C.rcece— Drachmae to £ N.Z T.T. — 429.54 O.D. — 429.84 Holland— Florins to £ N.Z. T.T. T.310 7.100 O.D. 7.350 7.170 Italy— Dlro to £ N.Z. T.T. — 75.70 O.D. — 75.75 Java— Florins to £ N.Z. T.T. 7.295 7.1 IS O.D. 7.335 7.149 Norway— Kroner to £ N.Z. T.T. 10.182 15.892 O.D. 10.242 15.898 Noumea— Francs to £ N.Z. T.T. — 139.71 O.D. — 139.75 £’a|icctc — Francs to £ N.Z. T.T. — 139.70 O.D. — 139.80 Sweden— Kroner to £ N.Z. T.T. 15.787 15.492 O.D. 15.8 17 15.497 Switzerland — Francs to £ N.Z. T.T. 17.057 17.387 O.D. 17.702 17,392 Chefno— N.Z. Fence to I Dollar T.T. . O.D. — Hongkong— N.Z. Fence to 1 Dollar T.T. IS 19-01 I IS 43-01 O.D. 18 17-01 18 43-01 India and Ceylon— N.Z. Fence to 1 Ilnpco T.T. 22 b 22 13-32 O.D. 22 3-32 22 13-32 Japan— N.Z. Fence to 1 Yen .. .. T.T. — 176 O.D. — 171 Manila— N.Z. Fence to 1 Fcho .. .. T.T. 29 35-04 30 3-01 O.D. 22 7-04 30 3-04 Shanghai— N.Z, Fence to ] Dollar .. .. T.T. — — O.D. — — Singapore— N.Z. Fence to I Dollar T.T. 34} ,34 47-04 O.D 34 5-32 34 47-01 All rates subject to alteration without notice.

Copper, spot Ton £37 li I0' 2 Fall £0 8 1' Copper, forward 37 IG 10'/ 2 Fall 0 8 9 Electrolytic, ipol 42 0 0 Rise 0 5 G Electrolytic, forward.. 42 10 0 Fall 0 5 Wire ban 42 10 0 Fall 0 5 0 Lend, spot .. .. .. 14 3 I'/a Fall 0 0 7 Lead, forward .. .. 14 5 7/2 Fall 0 1 3 Sadler, spot .. .. 12 13 9 Fall 0 1 3 Spelter, forward ,, 12 17 0 Fall 0 1 0 Tin, spot 101 17 6 Fall 0 10 0 Tin, forward •• 102 7 G Fall 0 10 0 Sliver, standard 0 z. 18 IIlid Fall 1IGd Silver, ttnc .. .. 20 S -1 Gel Fall 1 Kill

£ s. d. Commonwealth Bonds — 4 per cent.. 1938 100 17 C 4 oer cent., 1958 .. .. 104 0 0 4 per cent,. 1959 .. .. 103 10 0 Commercial Bank of Sydney 20 10 0 Australian Gas < A) 7 8 G Broken Hill Proprietary .. 3 49 2 G Colonial Sugar 0 0 Peters 2 12 0 Additional Sales £ s. d. National Bank (£5 paid) .. 7 0 6 Comm. Banking of Sydney 20 10 0 Colonial Sugar 48 17 6 South British Insurance .. 2 7 6 Associated News 1 0 9 (pref.) 1 3 6 British Tobacco 2 9 0 Tooths (ex div.) 2 10 0 Dunlop Perdriau 1 2 3 Hume Pipe (New Zealand delivery) 0 19 9 Felt and Textiles .. .. 1 13 9 Newbold Brick 1 12 0 Victoria Nyanza 0 10 0 Goldsbrough, Mort .. .. 1 11 44 W. Adams 0 15 9 W. Atkins 1 3 0 Wool worths 1 2 6 Mount Lvell 1 5 6 Broken Hill Ply 3 2 3 Placer Development .. 3 12 6 Melbourne Exchange The market is unchanged. Sales £ s. d. National Bank (£5 paid) .. 7 0 0 National Bank (£10 paid) 14 0 0 Australian Paper Manufacfacturers (pref.) 1 5 0 British Tobacco 2 9 3 G. J. Coles 4 5 0 Dunlop Perdriau 1 2 2 (pref.) 1 18 0 Yarra Falls 1 18 e Victoria Nyanza 0 16 3 Felt and Textiles 1 13 6 Mount Lyel! 1 5 6 Broken Hill Pty 3 2 6 North Broken Hill .. 2 8 0 South Broken Hill .. .. 1 10 6 Zinc Corporation .. .. 4 3 G Boloma 1 2 44