COMMERCE AND FINANCE

Otago Daily Times, Issue 23517, 3 June 1938, Page 17

COMMERCE AND FINANCE

LOCAL AND OVERSEAS MARKETS

THE RESERVE BANK ASSETS AND LIABILITIES (Per United Press Association) WELLINGTON, June 2. 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 30. The figures at the close of the previous week are given for purposes of comparison, shillings and pence being omitted:— LIABILITIES La«t week. Thli week. 15 £ I, General Heierve Fund .. . 1,500,000 1,500.000 s. Bank notei 14,001.121 13,810.733 A. Demand liabilities—(a) State 4.0119,657 4,666,372 (b) Bank* .. * 7,128,463 7,343,018 (0) Other 224,965 264,163 4. Time depoelt* I. Llabllltlei In ourrenolei other than New Z«aland currency ~ .. ft Other liabilities .. .. 21)7,232 297.271 Total .. £27,241,440 £27,887,658 ASSETS ft R***m—(a) Gold 2.3111,791 2.801.791 (b) Sterling exchange .. 18,121,614 18,278,993 (o) Gold exchange .... ft Subsidiary coin 227,009 227,184 9. Dlecountu—(a) Commercial and agricultural bill* .. W Treasury and local body bill* .... ■“ W. Advance*— (a) To State ot State undertaking*— (1) Primary Prgduot* Marketing Department 3.2113,928 8,775,712 (2) Far other purpose* —•— (b) To other public authoritlee .... (o) Other - 11. Investments .. .. . 2,735,564 2,735,584 12. Bank building 13. Other a**et* .. . 101.534 68,412 Total £27,241,440 £27,887,658 Proportion ot reiervc (No. 7 leu No. 8) to note* and other demand liabllltie* .. 82.232% 80.789% SYDNEY STOCK EXCHANGES BETTER TONE OF SYDNEY MARKET (United Press Association) (By Electric Telegraph—Copyright) SYDNEY, June 2. ! (Received June 2, at 8.25 p.m.) The good recovery of New York share prices imparted a tetter tone to industrials on the local Stock Exchange to-day. Most of the price movements were toward higher levels. £ s. d.

Melbourne Exchange MELBOURNE, June 2. Industrials and Barriers were firmer to-day, but trading is still quiet. There is a better undertone in selected gold stocks. Sales: £ s. d.

THE SHARE MARKET DUNEDIN STOCK EXCHANGE UNCERTAIN TREND CONTINUES There were no special features of the call-over on the Dunedin Stock Exchange yesterday afternoon, when competition was again rather slack. With few exceptions, wide margins separated the closing buying and selling quotations, and only minor advances were recorded. Bank of New Zealands remained firm, but scant attention was paid to other shares in the section. Insurances were dull, and shipping shares were unchanged in values. Among, woollen shares, Bruce (ord.) moved forward 3d, but buyers at 5s 3d could attract no response from holders. There was no zest in the demand for Commonwealth industrials, and values showed no marked improvement. After a reported sale at £4 Is 6d, G. J. Coles disclosed an easing tendency, and when the market closed sellers at £4 2s could get no response from buyers. Sellers were again in a majority by two to one. New Zealand Breweries were sold at the low price of £2 2s, with more wanted at the same price, but vendors fixed their limits 6d away. . Australian mining shares provided no bright features to a dull market, the sales of Mount Lyells and Mount Morgans being at the same prices as those obtained during the week. Bidding throughout the section was more subdued than usual, and wide margins separated the closing quotations. YESTERDAY’S TRANSACTIONS Sales on ’Change *"

LATEST QUOTATIONS (Che following are yesterday afternoon’s buying and selling quotations, which are subject to the usual brokerage:— GOVERNMENT LOANS Buyer. Seller. £ s. d. £ s. d.

WELLINGTON

UNLISTED STOCKS AU stocks in this section are not quoted on the official list, and transactions are subject to a different rate of brokerage:— Buyer. Seller.

DIVIDENDS PAYABLE The following is a list of shares on which dividends will shortly be payable:— McKenzies Dept. Stores— Final, 9 per cent June 7 Dominion Fertiliser Company —6 per cent, per annum (about) June 8 Placer—No. 10, 60 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 Waihi Grand Junction —4d per share, free of tax June 14 N.Z. Breweries—Final, 4J per cent., making 84 per cent. per annum June 15 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. 8d per share June 20 Australian Glass—Pref., 4$ per cent., ord 4 per cent., plus 5 per cent June 22 North Broken Hill—6d per share June 28 Kauri Timber —Interim at 5 per cent, per annum .. .. June Morris, Hedstrom —3 per cent., making 6 per cent, per annum, plus bonus 24 per cent, • • June 30 British Tobacco.—Quarterly 2 per cent June SO National Mortgage and Agency Company.—lnterim at rate of 5 per cent, per annum July l Calls Burns, Philp.—New 5s a share Oct. 1 NORTHERN EXCHANGES AUCKLAND

IMPORTATION OF ONIONS PERMISSIBLE UNDER PERMIT (Per United Press Association) WELLINGTON, June 2. Acting on the recommendation of the Onion Marketing Advisory Committee, which has made a careful analysis of the stock position, the Government has decided to allow the importation of onions from countries in the northern hemisphere on vessels arriving at New Zealand ports between October 5 and November 30. The importations are to be subject to permits by the Minister of Customs, and will be granted to importers who apply to the Department of Agriculture. SYDNEY WOOL SALES NO CHANGE IN MARKET (United Press Association) (By Electric Telegraph—Copyright) SYDNEY, June 2. (Received June 2, at 10 p.m.) Competition was fairly general for well-grown fleece and skirting at the wool sales to-day. Continental, Yorkshire, and Japanese buyers were the principal operators. The market was without change, compared with last week. Greasy merino realised to 18d per lb. The offering consisted of 8756 bales, of which 6480 were sold and also 1130 privately. SHARE QUOTATIONS (United Press Association) (By Electric Telegraph—Copyright) LONDON, June 1. Share quotations: Clutha River— Buyers Is 7£d, sellers Is 10£d; Molyneux —Buyers Is, sellers Is 3d. New Zealand loan and Mercantile ordinary shares £2B, preference shares £75.

MINING NEWS MOSSY CREEK RETURN (Per United Press Association) GREYMOUTH, June 2. The Mossy Creek dredge return for the month is 270 z 13dwt from 9334 yards for 132 hours’ dredging. BARRYTOWN DREDGE RETURN (Per United Press Association) GREYMOUTH, June 2. The Barrytown dredge, for the month of May, secured a return of 4730 z for 466 hours. AUSTRALIAN GOLD OUTPUT The Australian production of gold in March, according to figures issued by the Commonwealth Statistician, was 133,010 fine oz, valued at £1,062,157. Australian currency, or £849,727 sterling. Compared with the corresponding month of last year, this represents an increase of 17,844 fine oz, or 17 per cent. ~, , For the three months ended March 31, the Australian gold production was 362,535 fine oz, valued at £3,127,343, Australian currency, and £2,501,877 sterling. This compares more than favourably with the figures for the three months ended March 31, 1937, Which were 308,7430 z, valued at £2,707,141, Australian currency, and £2,165,713 sterling. TIN BUFFER POOL MALAY VOTES IN FAVOUR OPERATIONS EXPLAINED (United Press Association) (By Electric Telegraph—Copyright) LONDON. June 1. The Colonial Office announces that Malay voted in favour of the tin buffer stock proposal by a two to one majority, as it understood that the Dutch Indies, Bolivia and Nigeria were also in favour of the scheme. The Government decided to accept it in principle, subject to satisfactory negotiations of the detailed scheme. The Australian Associated Press Is Informed that the pool will buy tin when it falls below £2OO, and sell when over £230. It will be started with contributions equivalent to 7J per cent, of the standard tonnage. The operations will be secretly controlled from London Some time ago the Tin Producers’ Association registered its unanimous approval of a draft scheme. It was observed that the scheme embodied a principle which the association had always advocated, RAILWAY WORKING ACCOUNT REVENUE AND EXPENDITURE FOUR-WEEKLY PERIOD (Per United Press Association) WELLINGTON, June 2. The Railway Working Account for the four-weekly period ended April 30, 1938, is as follows: —

The total revenue from April 1 to April 30, 1938, was £757,047, the total expenditure was £658,244, and the net revenue was £98,803. The totals for the corresponding period last year were: Revenue £771,977, expenditure £ 638,252, net revenue £133,725. PRICE OF FINE GOLD (United Press Association) (By Electric Telegraph—Copyright) LONDON, June 1.

WAR LOAN (British Official Wireless) (United Press Association) (By Electric Telegraph— Copyright) RUGBY, June 1. War Loan, 3J per cent., is quoted at £lOl 16s 3d. GOLDSBROUGH, MORT DIVIDEND (Peb United Press Association) WELLINGTON, June 2. The directors of Goldsbrough, Mort announce that, subject to the audit of accounts, they propose to recommend a final dividend of 5 per cent., which, with the interim dividend of 2 per cent, paid in December, will make a total distribution of 7 per cent, for the year. LONDON METAL MARKET (United Press Association) (By Electric Telegraph—Copyright' LONDON, Juno I. Tho followlnu are tho official metal quotation!:—

THE MONEY MARKET (United Press Association) (By Electric Telegraph—Copyright) LONDON, June 1. Discount and short loan interest rates, day to day loan, i per cent.; fine trade bills, three months, 2 to 2 h per cent.; bank bills, three months, 9-16 per cent.; bank bills, six months, i per cent.; Treasury bills, two months, i per cent. Treasury bills, three months, 9-16 per cent.; New York call money, 1 per cent. DEVONPORT FERRY COMPANY FINAL DIVIDEND FOR YEAR (Special to Daily Times) AUCKLAND, June 2. A rise In the net trading profit of £917 in shown in the accounts of the Devonport Steam Ferry Company, Ltd., for the year ended April 30. The earnings for the period totalled £19,939. After providing for depreciation and directors’ fees, together with £2OO received upon mortgage written off and £2343 brought in. there is £22,482 available. The directors recommend payment of a final dividend of 2J per cent., making 5 per cent, unchanged for the year. The year’s dividend absorbs £7500 and £12,659 is allocated to income tax, the writing down of shares and to placing an amount to the plant replacement account. This will leave £2313 to be carried forward.

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

ON NEW ZEALAND CURRENCY BASIS The Bank of New South Wales, Dunedin, quoted the following rates for purchases and sales of foreign exchange yesterday;— Buying. Selling.

All rates subject to alteration without notice. DOLLAR RATES The Associated Banks (other than the Bank of New South Wales) quoted the following dollar rates yesterday on a New Zealand currency basis They are subject to alteration without notice:— „ U.S.A. Canada (Per £1 (Per £1 N.Z.) N.Z.) Selling: Dols. Dols TT .. .. 3.96 9-10 4.00 13-16 O.D 3.97 4.01 3-16 Buying: O.D 4.001 4.05 i DOLLAR AND FRANC (United Press Association) (By Electric Telegraph—Copyright) LONDON. June 1. The dollar is quoted at 4.94 J. The franc is quoted at 178 J. ZINC CORPORATION, LTD. COURSE OF METAL PRICES Final ordinary dividend of 4s 6d sterling a share for 1937 announced by the Zinc Corporation, Ltd., makes the year’s total 8s 6d sterling a share, equal to 85 per cent., compared with 6s sterling, or 60 per cent., for 1936. The participating preference shares receive the same rate as the ordinary shares, which, added to the fixed rate of 4s sterling a share, brings the total for the year to 12s 6d sterling a share, or 62J per cent., against 50 per cent, for 1936. Bearing on dividend prospects for the present year, the directors point out that the average London price of lead for 1937 was £23 6s Id a ton, and of zinc £22 6s lid a ton. For the current year to date the averages were £ls 12? Id and £l4 4s respectively. The latest prices are below the latter averages. J. C. WILLIAMSON, LTD. PLANS FOR REORGANISATION The purchase by the New Zealand group of the controlling interest in J. C. Williamson, Ltd., is part of the reorganisation which is taking place in this old-established theatrical firm. The proposals will have the effect of separating the real estate section of the company’s assets from the theatrical side of the business. In future, J. C. Williamson. Ltd., will act essentially as an investment company. A separate company with a capital of £105,000. Australian and New Zealand Theatres, Ltd., has been formed, in Australia, and this company will be responsible for the production aspect. It has made proposals to lease all the J. C. Williamson theatres, stores, and copyrights, and to acquire the scenery, wardrobe, and properties, etc., appertaining to the theatrical side of J. C. Williamson’s business which has accumulated in the last 60 years. All the personnel of the organisation will be taken over by the*new company, so that there will be no doa-

location in the continuance of the business. Messrs E. J. Tait, F. S. Tait, J. H. Tait, and J. Niven Tait have not disposed of their shareholding in J. C. Williamson, Ltd., and they will all be actively associated as before in the management, as well as being shareholders in the new theatrical organisation. The capital of J. C. Williamson, Ltd., is £545,000 (170,000 preference shares and 375,000 ordinary shares), with substantial assets consisting of the valuable property known as Her Majesty’s Block, Sydney; the Regent Theatre, Sydney; a large block of land in Castlereagh street, Sydney; His Majesty’s and Comedy Theatres, Melbourne; and freehold properties in Wellington and Christchurch, as well as various theatrical stores in Melbourne and Sydney.

Commonwealth bonds— 4 p.c., 1947 102 13 9 4 p.c.. 1950 103 5 0 Commercial Bank of Syd. .. 20 ll 0 Bank of N.S.W. 32 0 0 Tooth’s < 2 15 9 Anthony Hordern .. .. 0 17 9 (pref.) I 2 6 British Tobacco 2 8 6 Broken Hill Proprietary .. 3 I 0 Colonial Sugar 47 15 0 Dunlop Perdriau I I 0 Goldsbrough, Mort . . . I 9 6 Huddart, Parker , . 2 6 0 Additional Sales Commercial Banking of Sydney .. .... I 0 ll E.S. and A. Bank 4 17 0 Colonial Sugar - .. 47 15 0 Associated News I 0 7i Associated News (pref.) . I 3 li Howard Smith .. .. .. I I 4 British Tobacco (New Zealand delivery) . 2 8 6 Tooths .. . .. . • Australian Glass «. . .. 2 15 9 4 13 3 Dunlop Perdriau . I I 0 Anthony Hordern .. .. 0 17 9 Anthony Hordern (pref.) . I 2 6 General Industries .. . 0 IS 3 Kandos .. . I 5 li Paul and Gray .♦• . I I 6 J. Fielding 4 5 0 Standard Cement .. . l 0 3 Perpetual Trustees . .. Taubmans (ex div.) 4 14 0 2 17 6 Woolworths I I 4* Newbold Brick I ll 9 Wilcox Mofflin 0 6 ll Millaquin Sugar . .. I 17 9 Broken Hill Pty. .. - .. 3 I 0 North Broken Hill .. ., 2 0 0 Rawang 0 8 4 Emperor .. 0 12 2

Commercial Bank Australian Paper facturers (pref.) British Tobacco G. J. Coles .. . of Manu0 15 1 4 2 8 4 2 4 13 9 9 6 3 0 Dunlop Perdriau Goldsbrough .. . Ttfarra Falls .. . 1 1 1 0 1 9 18 8 0 6 6 11 Mount LyeU . Broken Hill Pty. . 1 3 3 0 0 9 North Broken Hill South Broken Hill 2 0 1 8 3 16 5 3 0 Emperor Loloma 0 12 1 1 3 6

Morning Call & d. Woolworths (Sydney) .. .. 1 0 S Woolworths Properties (rights; £1) 0 3 11 Sales Reported N.Z. Refrigerating (cont.; late Wed.) 0 8 4 G. J. Coles 4 1 6 N.Z. Breweries (2) 2 2 0 Mount Lyell (2) 1 2 6 Mount Morgan 0 8 8

34 p.c. Stock, Nov., 1938-52 101 17 S — 3i p.c. Stock, May, 1939-52 101 0 0 — 34 p.c. Stock, May. 1941-52 101 0 0 *— 34 p.c. Stock, Nov., 1941-52 101 0 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 .. 102 10 0 — 4 p.c. Stock, 1948-49 .. 102 10 0 — 4 p.c. Bonds, 1952-55 •. 104 0 0 — 4 p.c. Stock, 1952-55 .. 104 0 0 — 3J p.c. Bonds, 1953-57 93 5 0 — 34 p.c. Stock, 1953-^7 93 5 0 — MINING Big River (Is) .. .. 0 1 0 0 1 1 Clutha River (2s) .. 0 1 10 0 2 6 Gillespie’s Beach (Is) — 0 0 11 Goldfields Dredging (Is) - ■ 0 0 24 0 0 4 Grey River . .. .. 0 11 9 — 3 Martha (5s) — 0 12 Molyneux River (2s) 0 1 6 0 2 6 Nokomai (5s) .. .. 0 1 9 0 2 1 Paddy’s Point (5s) .. 0 0 1 0 0 4 Sandhills (Is) .. .. 0 0 2 0 0 3 Walpapa Beach (Is) — 0 0 1 Waitahu (5s) .. .. 0 0 8 BANKING A’asla. (£5) .. .. — 9 16 0 N.S.W. (£20) .. .. — • 32 0 0 N.Z. (£1) 2 4 4 — N.Z. (long D; £1) . Commercial (10s) 1 9 6 — — 0 16 0 E.S. and A. (£3) .. — 4 17 0 Natl, of N.Z. (£2 10s) — 2 13 0 Union (£5) ., .. 8 0 0 — INSURANCE National (7s) .. .. 0 17 6 — New Zealand (£1) .. 2 17 6 2 18 3 SHIPPING Huddart, Parker (ord.; £1) 3 4 9 3 5 9 Huddart, Parker (pref.; £1) 1 8 0 — P. and O. Def. Stock (£1) 1 4 0 — U.S.S. Co. (pref.; £1) 1 e 0 *— MEAT PRESERVING N.Z. Refrig. (paid; £1) — 0 19 0 N.Z. Refrig, (cont.; 10s) 0 8 3 — South Otago Freezing (£5) — 5 12 0 WOOLLEN COMPANIES Bond’s Hosiery (£1) — 0 17 0 Bruce (ord.; £1) 0 6 3 — Wellington (ord.; £5) — 5 8 0 LOAN AND AGENCY Goldsbrough, Mort (£1) — 1 10 0 Otago Farmers (3s 4d) — 0 3 6 Wright, Stephenson (pref.; £1) .. .. 1 0 0 1 1 3 COAL Westport (10s) .. .. 1 4 0 — Westport - Stockton (ord.; 10s) .. .. 0 3 9 — Westport - Stockton (pref.; 10s) .. .. 0 6 0 — MISCELLANEOUS Anthony Hordern (£1) 0 17 0 — Aust. Foundation Trust 0 4 3 0 4 11 Australian Glass (£1) — 4 13 0 British Tobacco (£1) 2 7 0 2 8 6 Broken Hill Propy. (£1) 2 19 6 3 1 0 Broken Hill Propy. (cont.; 10s) .. .. 1 16 0 1 17 3 Colonial Sugar (£20) — 47 10 0 Consolidated Brick (£1) — 0 9 0 Crystal Ice (£1) — 2 2 0 D.I.C. (pref.; £1) - ., 1 3 3 — Dominion Fertiliser (debs.) 102 0 0 — Stock Exchange Pty (£1) — 2 8 0 Dunlop Perd. Rubber (£1) 1 0 6 — Felt and Textiles (£1) — 1 11 6 G. J. Coles (£1) .. — 4 2 0 Hume Pipe (£1) — 0 19 9 Milburn Lime (£1) .. — 1 17 6 McKenzies Dep. Stores (£1) .. .. — 3 6 6 Mort’s Dock (£1) — 0 10 6 Natnl. Electric (£1) .. — 0 14 3 Farmers’ Fertiliser (£1) •• 0 18 6 0 19 6 N.Z. Paper Mills (£1) “ 1 1 9 Otago Daily Times (£1) — 2 7 0 Regent Theatre (£1) 1 0 0 — Taranaki Oil (£1 4s 7d) — 0 9 0 Woolworths (ord.; 5s) — 1 1 0 Wool worths (Sydney; ord.; 5s) 1 0 6 — Woolworths (South Africa: 5s) .. .. 0 15 10 — BREWERIES N.Z. Breweries (£1) 2 2 0 2 2 6 Dunedin (rights) — 0 3 6 AUSTRALIAN MINING Broken Hill South (5s) 1 7 0 1 7 9 Electro. Zinc (pref.; £1) 2 0 0 2 1 6 Electro, Zinc (ord.: £1) 1 16 0 1 16 9 Mount Lyell (£1) .. 1 2 5 1 3 0 Mount Morgan (2s 6d) 0 8 8 0 8 9 North Broken Hill (5s) 1 19 0 2 0 0 Placer Developments 3 12 0 — Rawang Tin (10s) . 0 8 0 —

£ S. d. £ s. d. A. and T. Burt (prel.; £1) •• 0 12 0 0 12 0 Blackball Creek (Is) 0 i 3 — Wool worths Properties (rights) 0 8 10 0 S 11 Security Finance (£1) — 0 11 0 FA.M.E. Insurance (pref.) — 1 0 6

Sales on ‘Change £ s. d. National Bank of N.Z. 2 12 0 N.Z. Insurance 2 18 1 National 0 17 8 South British (2) 2 0 9 Farmers’ Auct. (B pref.) .. Renown Collieries (pref.; 2) 1 1 3 0 2 8 National Timber 0 8 0 Auckland Gas (cont.) 0 14 4 Tooheys Brewery .. .. 1 10 9 Broken Hill/Pty. .. .. 3 0 0 Colonial Sugar 47 0 0 Dunlop Perdriau Northern Roller Milling 1 0 10 19 6 (ord.) 0 Mort’s Dock 0 10 9 Woolworths (Syd.; 2) .. ., 1 0 9 Woolworths Properties (rights; 3) .. 0 3 10 Waihi Junction 0 2 11 Mount Lyell 1 2 7 1 2 10 Mount Morgan 0 8 8 0 8 9 Woolworths Holdings (South Africa) 0 10 0

Sales on ’Change Bank of N.Z. (late Wed.) 2 4 8 Goldsbrough, Mort (late 9 4J Wed.) .. .. 1 Huddart, Parker (ord.; late 6 Wed.) 2 5 N.Z. Breweries date Wed.) 2 2 0 Woolworths, Ltd. (ord.; late 8 Wed.) 1 0 Woolworths (rights; late Wed.) 0 3 10J Goldsbrough, Mort .. .. 1 9 4i National Insurance .. .. 0 17 8 South British Insurance .. 2 7 0 British Tobacco (2) ., .. 2 7 6 Broken Hill Pty. (2) .. 2 19 6 2 19 11 Farmers’ Fertiliser .. .. 0 18 9 General Industries .. .. 0 18 2 G. J. Coles 4 1 4i Taranaki Oil (2) .... 0 9 0 Woolworths. Ltd. (ord.) .. 1 0 9 Woolworths (rights) 0 3 10* (rights; 6) 0 3 10 Mount Lyell 1 1 2 2 6 7 1 2 8 CHRISTCHURCH Sales on ’Change N.Z. Breweries (cum div.; 2) 2 2 0 Anthony Hordern .. .. 0 17 0 British Tobacco (cum div.; 2) 2 7 6 Broken Hill Pty. (ex div.) 3 0 5 Broken Hill Pty. (cont.; ex 1 10 div.) 5 Consolidated Brick .. .. 0 8 11 Dunlop Rubber 1 0 7 Electrolytic Zinc (2) 1 16 9 1 16 10 Taranaki Oilfields' (3) 1 16 11 0 8 10 Woolworths Properties 0 (rights; 2) 0 4 Broken Hill South (cum 8 div.) 1 7 Mount Lyell (cum div.) .. 1 2 6 (cum div.) 1 2 7 (cum div.) 1 2 8 North Broken Hill (cum 19 div.) 1 3 Rawang Tin 0 8 4 (2) 0 8 3 Blackball Creek 0 1 6 0 1 3J Sales Reported N.Z. Govt., 1949. 3 p.c. 15 0 (Inscr.) 103 Westport-Stockton .. .. 0 3 0 N.Z. Breweries (cum div.; 2) 2 1 11

Section. Rev. Expand. Nat Rev. £ * S Kalhu . 350 732 •382 Gisborne 2,517 •181 North Island main Una and branches .. . 49,246 South Island main line and branches .. . 229,722 17,402 Westport 8,181 8,280 1,901 Nelson . .. 1,266 1,817 •551 Pleton .. 2,834 3,493 •659 Total railway operation £660,580 £593,804 £68,776 Miscellaneous services .. 96.478 64,440 32,027 Total .. .. . .. £757.047 £658,244 £98,803 • Loss.

£ s. d. June 1 ..7 0 7i May 31 .. .. 7 0 5i May 30 .. ..7 0 5J May 27 0 9 May 26 0 9 May 25 .. .. 7 0 7i May 24 ,, .. 7 0 4i May 23 ..7 0 4i

Copper tpot Ton . £32 19 4'/a Fall £0 16 IO'/a Copper, forward 33 4 4'/a FaH 0 16 IO'/a Electrolytic, spot 37 S 0 Fall 0 IS 0 Electrolytic, forward 38 0 0 Fall 1 a 0 Wire ban,.. .. 0 0 Fall 1 0 0 Lead, ipot .. .. 6 lO'/a Fall 0 7 6 Lead, forward . 13 9 4'/a Fall 0 7 6 Spelter, ipot . II 18 0 Fall 0 8 9 Spelter, forward . <2 3 I'/a Fall 0 5 0 Tin, ipot .. .. 2 8 Fall 1 5 0 Tin, forward . 163 17 6 Fall 0 10 0 Silver, gtandard Oz. . 18 I5-I6d No change Silver, flno .. .. • I6d No change

Paris— Tar. RUGBY, May 31. June X. June 1. Francs to £1 124.21 178 7-32 178 11-82 Brussels— Belgas to £1 30 29.28 £9.28} Oslo— Kroner to £1 18.180 19.90 19.90 Stockholm— Kronor to £1 18.130 19.39} 19.39} . Copenhagen— Kroner to £1 18.150 22.40 22.40 Berlin— Marks to £1 20.84 12.83 11.82} Montreal — Dollars to £1 4.80 2-3 5.009 4.991 New York— Dollars to £ 1 4.86 2-3 4.95 4.94 7-10 Yokohama — Pence to yen 34.582 14 14 Hongkong— Pence to dollar 24.58 14 1 14} Bombay— Pence to rupee — IT 13-16 17 13-16 Batavia— Florins to £1 12.10 8.95 8.95 Milan— Lire to £1 82.46 94 1-16 94 Amsterdam— Guilder to £1 12.10T 8.87} 8.961 Prague— Kroner to £1 104} 142| 142} Geneva — Francs to £1 26.22} 21.72} 81.12 Vienna— Schillings to £1 84.861 26} 26} Helsingfors— Marks to £1 193.23 2261 226| Madrid— Pesetas to £1 25.22} — Belgrade— Dinars to £1 25.22} 218 218 Athens— Drachmas to £1 875 547} 847} Lisbon— Escudos to £1 110 110} 110} Bucharest— Lei to £1 931.6 877} 677} Bio de Janeiro— Pence to mllrcls .. 6.890 8 18-16 8 18-16 Buenos Aires— Pence to pesos 4T.2S 18.04} 19.01} Shanghai— Pence to tael 10} 101 Montevideo— Pence to pesos ■ ■ SO 20} Warsaw— Zlotys to £ 1 - 20.48 36.48

London— £ N.Z. to £100 Btg. .. .. T.T. 124 124/10/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. 90/7/8 89 O.D. 90/7/6 89 New York— Dollars to £1 N.Z T.T. 8.9999 8.9854 O.D. 4.0099 8.8684 Montreal— Dollars to £ N.Z. T.T. 4.0420 4.0095 O.D. 4.0540 4.0135 Belgium— Belgas to £ N.Z. T.T. 23.689 23.379 O.D. 28.764 23.390 Czechoslovakia — ' Korunas to £ N.Z. T.T. — 113.57 O.D. — 113.62 Denmark— Kroner to £ N.Z. T.T. • 18.203 17.893 O.D. 18.263 17.899 Finland— Marks to £ N.Z. T.T. 185,15 179.85 O.D. 185.55 179.45 France — Francs to £ N.Z. T.T. — 141.53 O.D. — 141.57 Germany— Reichsmarks to £ N.Z T.T, _ 9.828 O.D. — 9.833 Greece— Drachmae to £ N.Z T.T. — 429.54 O.D. — 429.84 Holland— Florins to fi N.Z. T.T. 7.307 7.157 O.D. 7.347 7.101 Italy— Lire to £ N.Z. T.T. — 75.35 O.D. — 75.40 Florins to £ N.Z. T.T. 7.287 7.137 O.D. 7.327 7.141 Norway — Kroner to £ N.Z. T.T. 16.182 15.892 O.D. 16.242 15.898 Noumea — Francs to £ N.Z. T.T. — 140.28 O.D. — 140.32 Papeete — Francs to £ N.Z. T.T. — 140.33 O.D. — 140.37 Sweden— Kroner to £ N.Z. T.T. 15.785 15.490 O.D. 15.845 15.496 Switzerland — Franca to S N.Z. T.T. 17.681 17.361 O.D. 17.786 17.366 Hongkong — N.Z. Pence to 1 Dollar .. .. T.T. 188 181 O.D. 18 11-32 182 India and Ceylon— N.Z. Pence to 1 Rupee .. .. T.T. 21 81-32 221 O.D. 21 15-18 22* Japan — N.Z. Pence to 1 Ten 4 . 4 . T.T, - i7& O.D. - • ni Manila— N.Z. Pence to 1 29 11-16 30 3-16 PeSO 4 4 4 4 T.T. O.D. 29 19-32 30 3-16 Singapore— N.Z. Pence to 1 Dollar .. .4 T.T. 84* 34 47-64 O.D. 34 5-32 34 47-64