COMMERCE AND FINANCE

Otago Daily Times, Issue 23517, 4 June 1938, Page 12

COMMERCE AND FINANCE

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

THE WEEK REVIEWED CAUTIOUS ATTITUDE OF INVESTORS

LIGHT PERIOD OF TRADING At no stage of the week ended yesterday was there any real buying strength on the Dunedin Stock Exchange, the weakness of the overseas/ markets and the low values ruling for metals causing investors to adopt a pessimistic attitude. Generally speaking, it was a period of dullness, relieved very occasionally with slight upward movenlents which, however, were not maintained. In keeping with the cautious outlook, sharebrokers appeared reluctant to undertake more \ than modest commitments at the prevailing scale of values, and for the week the sales list was a small one, the actual number of recorded transactions being about 20 fewer than that for the previous period. The present unsettled outlook overseas does not indicate anything in the nature of a rapid return to something like normal trading conditions, and theorists have even expressed the opinion that further downward movements are likely to be recorded before the market develops a brighter trend. Without desiring to be unduly pessimistic, authorities consider that the attitude of investors towards Dominion industrial shares may be regarded as substantiating the ▼lews of those who anticipate a further downward trend. " The pending general election Is already giving cause for a fair amount of speculation in investment circles, and the marked slackening of 'interest among buyers furnishes ample evidence of the lack of confidence in New Zealand shares. To turn to Australia, it Is Interesting to note that since the new loan ■campaign has been under way Commonwealth consolidated securities have turned from previous irregularity to definite slackness. Front-rank industrials have been erratic, daily fluctuations being common, but, generally ■peaking, the trend has been mostly downward. The metal markets have been labouring under a series of setbacks, and, as a consequence, values for shares remain at low levels. Prices for copper have had an almost uninterrupted fall throughout the past week; and as a result buyers of Mount Lyells have been more than usually subdued. The brightest feature of the trading on the local market during the period ,under review was the.consistent demand for the rights Issue of Woolworths Properties, and, altogether. 10 parcels were disposed of at from 3s lid to 4s. GILT-EDGED SECURITIES Signs of a slackening- of interest spread to the section devoted to Government Loans, but although certain Issues were wanted at between 2s 6d and 5s lower than last week’s prices, sellers were not induced to come forward on many occasions. The business in this section was confined to a sale of the 3J per cent. Stock, March, 193943, at £IOO ss, the same price as that obtained last week. BANKS AND INSURANCES DULL The demand for banking shares, if such there was. was almost solely confined to Bank of New Zealands, the year’s trading figures of which ivere released during the period. Good support for the paids resulted in an advance of 3d. but buyers at £2 4s 6d could get no response from sellers. The Long D shares were also marked up, but buyers at £1 9s 6d were'not answered. National Banks of New Zealand remained at low levels, and Commonwealth houses, which dropped in favour, lost ground, Union Banks declining to final unsupplied buyers at £8 2s. National Insurances attracted chief attention among the insurance section, and three parcels changed hands at last week's steady price of 17s Bd. There were a few bids for New Zealand and South British shares, but there was no zest in the demand.

MINING

BANKING

LOCAL AND OVERSEAS MARKETS

SHIPPING AND MEAT SHARES Shipping shares experienced a spasmodic inquiry, and values were not improved. The contributing shares of Now Zealand Refrigerating captured a fair amount of intprest and reached the sales list on three occasions with dealings at 8s 4d, whi,ch is their approximate market value. Paid Southland Frozen Meats were fairly popular also, and were dealt in at up to £1 9s 2d — the highest price secured on the local market for some time. When the market closed, buyers were prepared to do business at £ 1 9s 4d, but there were no sellers in evidence. i POOR DEMAND FOR INDUSTRIALS Sellers held the upper hand in the miscelleaneous section, and generally outnumbered buyers by a margin of two to one. The daily call sheets showed big gaps in between the various quotations, indicating the lack of buying interest. Bidding was desultory and competition entirely lacking. Retail stores dropped in favour, but towards the close they were a little better supported. G. J. Coles, after selling at up to £4 Is 9d, finished with a final market between £4 Is 3d and £4 2s 6d. Sydney Wool worths also finished a shade firmer, and after selling at £1 Os 9d—id below last week’s lowest selling price—they moved up to unanswered buyers at £1 fts 10d. Broken Hill Proprietaries were slightly improved on the closing values of the previous period, but here again there was no real buying strength, a sale of the paid shares at £3 being the only recorded transaction. ' TARANAKI OILS MOVE UP The only bright movement among Dominion shares was the sharp advance yesterday in Taranaki Oilfields, which were sold at 9s, which was 5d above last week’s highest selling price. Final buyers were offering 8s Bd, but sellers would not reduce their limits of 9s. , . New Zealand Breweries continued to fall, sales being put through at the low price of £2 2s. METAL SHARES WEAK Although shares in the Australian mining section finished slightly above the levels at the close of the previous week’s market,' it was only yesterday that the improvement took place. Mount Lyells and Mount Morgans were given chief attention, the former moving up to a sale at £1 3s, but final sellers at that figure were 3d above buyers’ limits. Mount Morgans were definitely firmer on the improved values for gold, but advances were no more than a few pence during the week. North Broken Hills slipped below the £2 mark and finished uncertain, and after fluctuating a fair amount. Broken Hill Souths closed a shade firmer, with a final market between £1 7s 6d and £1 8s 3d.

YESTERDAY’S TRANSACTIONS Sale on ’Change

LATEST QUOTATIONS The following are yesterday afternoon’s buying and selling quotations, which are subject to the usual brokerage:— GOVERNMENT LOANS Buyer. Seller. e, s. d. & a. d

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

DIVIDENDS PAYABLE The following is a list of shares on which dividends will shortly be payable:—

BANK OF ENGLAND RETURN (United Press Association) (By Electric Telegraph—Copyright) LONDON, June 2. The following is the Bank of England return:— ISSUE DEPARTMENT Note issue in circulation £484,900,000 Bank department .. .. 41,500,000 Government securities .. 188,400,000 Other securities .. .. 600,000 Silver coin .. .. :. BANKING DEPARTMENT Rest 3,200,000 Public deposits .. .. 24,900,000 Bankers’ deposits .. .. 102,800,000 Other amounts 35,500,000 Government securities .. 109,700,000 Discounts and advances 8,900,000 Other securities .. .. ‘ 20,000,000 Notes and coin 42,300,000 Ratio of reserve to liabilities is 25.94 per cent. The Bank of England discount rate remains unchanged at 2 per cent. RUBBER STOCKS (United Press Association) (By Electric Telegraph—Copyright) LONDON, June 2. Rubber stocks; London, 57,303 tons; Liverpool, 29,220 tons. SHARE QUOTATIONS (United Press Association) (By Electric Telegraph—Copyright) LONDON. June 2. Share quotations: Clutha Riverbuyers is 7£d, sellers Is 10£d; Molyneux—buyers Is, sellers Is 3d. Bulolo shares are quoted at £5. TIN SUPPLIES (United Press Association) (By Electric Telegraph—Copyright) LONDON, June 2. World visible supplies, 18,059 tons; Straits carryover, 5600; supplies, 7997; deliveries, 8979.

WELLINGTON

NORTHERN EXCHANGES AUCKLAND Sales on ’Change £ r A

Unlisted Stocks Frozen Products 0 9 6 Woolworths Holdings .. .. 015 Hi CHRISTCHURCH

LONDON STOCK EXCHANGE (United Press Association) (By Electric Telegraph—Copyright) LONDON, Juno 2.

DOLLAR AND FRANC (United Press Association) (By Electric Telegraph—Copyright) LONDON, June 2. The dollar is quoted at 4.94|. The franc is quoted at 1781. PRICE OF FINE GOLD (United Press Association) (By Electric Telegraph—Copyright)

BRADFORD MARKET (United Press Association) (By Electric Telegraoh—Copyright) LONDON, June 2. The Bradford market is easier, and business is very unsatisfactory, buyers being reluctant to purchase more than is absolutely necessary. Merino; 70’s, 27d; 64’s, 25Jd; 60’s, 24£d. Crossbred: 58’s, 21Jd; 56's, 19£d; sC’s, 17d; 46’s, 16Jd (nominal); 44’s, 16id (nominal). BEET SUGAR (United Press Association) (By Electric Telegraph—Copyright) LONDON, June 2. Beet sugar is quoted at 5s Id. DAIRY PRODUCE BUTTER AND CHEESE QUOTATIONS • United Press Association) (By Electric Telegranh—Copyright) LONDON. June 2. The butter market is quiet. Danish, 1245. Choicest salted New Zealand, 1225: Australian, 119 s to 120 s. Unsalted. New Zealand, 1245: Australian, 1225. Cheese: New Zealand, while and coloured, 70s: Australian, 68s 6d. WHEAT AND FLOUR (United Press Association) (By Electric Telegraph—Copyright) LONDON. June 2. Wheat cargoes are firm. Parcels are firmer. Futures: London—May, 26s 9d per quarter; November, 27s lljd. Liverpool—July, 5s Idid per cental; October, 5s Sid; December, 5s sid. The spot trade is quiet. Australian, ex ship, 34s 6d to 355. Flour is quiet. Australian, ex store, 24s to 255. Chicago futures: July, 693 cents per bushel; September, 70J; December, 723. PROPERTY SALES Alex. Macdonald reports having completed the following sales this week:— On acount Jim Brown, his beautiful home. No. 212 Cargill street, to Mrs V. L. Tucker: on account James Taylor, No. 513 George street, to Dr J. R. Ritchie: on account W. Blackwood, section in Caversham, to Mr F. Wilkinson; on account Perpetual Trustees, section in York place, to Mary Souness; on account Miss Raffills. hairdressing business, to Miss M. Jolly. The total amounts to £7280.

DUNEDIN MARKETS WHEAT. OATS. AND PRODUCE A QUIET PERIOD The milling market season is now practically over. The only feature of interest recently has been the arrival of two shipments of Australian wheal, and local millers have now taken delivery of their Quotas. It is not anticipated that there will be any further shipments of Australian wheat to this port this season. Farmers in all districts in the South Island are now sowing wheat or getting their grounds ready for sowing. Seed wheat is still difficult to secure owing to the shortage of last season s crop. , . The fowl wheat market is unchanged. Supplies locally are on the short side, and merchants are drawing on South Canterbury for their requirements. Values are unchanged at from 6s to 6s 6d per bushel, sacks extra, ex store, according to quality. Wholesale prices are as follows: — Flour. —200'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, £l9 per ton; 25s’, £2O per ton. The oat market remains in a stagnant condition. There is no inquiry from South Island millers or from merchants in the North Island. Quotations show no change, being on a basis of 3 S sd, f.0.b., s.i., for A Cartons, and 3s lid, f.0.b., s.i., for B’s. These prices are equivalent to 2s 9d and 2s 5d respectively, on trucks, country sidings, sacks extra. In some districts there is an inquiry for feed oats, farmers having to purchase lines to feed stock owing to the shortage of the root crops. CHAFF AND POTATOES The demand for chaff continues on the small side. Following on the broken weather in Canterbury at the time of harvesting, supplies of bright quality chaff are not plentiful. In the meantime, however, merchants are drawing their requirements from that quarter. The nominal quotation for truck loads is £6 per ton, with small lots ex the store realising £6 5s per ton, sacks extra. The potato market is weak. The present season shows a distinct difference compared with last season, when there was a strong demand for export to South America. On the present indications there appears little likelihood of any sales to South America this year. Farmers are not showing much inclination to sell their potatoes, as they prefer to await developments to see if the market will improve. Reports from Auckland state that the market there is over-supplied. The shipping value in Canterbury for whites is on a basis of £4, f.0.b., s.i., with little interest being shown. Good quality whites, truckloads, are worth about £4 per ton, sacks in, delivered in Dunedin, with retailers carrying ample stocks. King Edwards command higher prices, but supplies of this variety are now in short compass. SEED MARKETS STEADY Although the seed markets are steady, little business is being transacted. This position, of course, is not unusual at this time of the year, and it is not expected that there will be any revival until the spring demand commences. Certified ryegrass continues in short supply, and stocks of ordinary ryegrass are also not overplentiful. The cocksfoot market is unchanged. and values for white clover have settled down. There is not now the demand for white clover which previously obtained. The cowgrass market is quiet, and so is the market for brown top. The crested dogstail market shows an inclination to ease. Wholesale prices are as follows: Chaff.—Good bright oaten sheaf. £6 per ton, ex truck; £6 5s ex store. Potatoes—Whites, to £4 10s per ton, ex store; King Edwards, to £5 10s. Dairy Butter.—Milled bulk, 10d per lb; separator, lOd per lb. Supplies wantedBacon, Is 2Jd per lb. Hams, Is 2d per lb; boneless, Is 4d. Eggs.—Stamped, 2s; pullets. Is 9d; case. Is Hd; preserved, Is Bd. Canterbury onions, 13s to 14s per cwt. Lard.—Bulk, 8d per lb. Honey.—Bulk, 6Jd per lb. FRUIT AND VEGETABLES AUSTRALIAN ORANGES NEXT WEEK APPLE MARKET LIFELESS The first of the season’s South Australian oranges are due to arrive here on Wednesday next. The price has been fixed by the Internal Marketing Board at from 13s to. 19s per case, according to count. The prices are 3s per case less than those ruling for Australian oranges last year. It is expected that the allotment for the local market will be taken up at once by retailers. A small shipment of Mangaia oranges is due to arrive towards the middle of next week. These oranges were transhipped at Auckland ex the Matua., Poorman oranges are now .offering freely from the Auckland district. Bananas are practically unobtainable in the wholesale marts. A shipment is due on Wednesday next, transhipped ex the Maui Pomare at Lyttelton, and railed to Dunedin. The price has been fixed at 16s per case, green, and, as the market is bare of supplies, there should be no difficulty in placing the bananas. The shipment will not be ripened up until about the following Monday, and ripe bananas will, as a consequence, be scarce until then. Jam melons are in good supply. Both New Zealand and Californiangrown lemons are in good supply. High prices are still ruling for Gros Colmar grapes. Supplies of hothouse tomatoes are easing off, and the market remains firm. The apple market is lifeless. Supplies of inferior grade have accumulated in the wholesale marts, and it is difficult to place these, even at low rates. Small quantities only of choice quality apples are available, and these are readilv saleable at fair prices. Supplies' of dessert pears, mostly Winter Nelis, have been in excess of the demand, and sales arc difficult to effect. . . Choice-quality cauliflowers are firm in price. Inferior grade are slow of sale. Best quality cabbages are short on the market. Choice quality lettuce have a good inquiry. The marrow market is a little firmer. Swedes and carrots are in heavy supply. , , , ~ Pumpkins have been in belter supply. and the market has eased a little. Wholesale prices are as follows: Apples—Jonathans and Delicious, 4s to 6s per case; Stunners, 4s 6d to 6s; cookers, 4s to ss; inferior dessert and cooking' apples, 2s 6d to 3s 6d. Pears.— Dessert, 2s to 3s per halfcase; cookers, 2s to 2s 6d. Jam melons, to Id per lb. Tomatoes.—Hothouse, Is to Is 4d per lb; outside-grown, 4d to Bd. Oranges.—Californian navels, 25s to 27s 6d per case. Poorman oranges, 10s to 12s per case. Lemons. —Californian, to 55s per case. Grapes—Gros Colmars, 2s to 2s 6d P °Bananas. — Ripe, 16s to 17s 6d per case Cauliflowers—Choice, to 10s per sack; others. 2s 6d to 4s. Cabbage.— Choice Savoys, 2s 6d to 4s per sack. Swedes, to Is 6d per sugar bag. Celery, to 8d per bunch. Marrows, 5s to 7s per cwt. Pumpkins, to Id per lb. Cucumbers. — Hothouse, 9s to 12s per dozen. Carrots, to 2s 6d per sugar bag. Parsnips, 3s 6d per sugar bag. Lettuce, Is to 2s per dozen; extra choice, 4 S 6d per dozen. Spinach, Is to Is 3d per dozen bunches. Leeks. 4d per bunch.

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:—

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 .. •• 3.963 4.00 11-16 OD .. .. 3.96 13-16 4.01 J B o y i£ g: .. .. 4.00 11-16 4.051 WAR LOAN (British Oflicia) Wireless) (United Press Association) (By Electric Telegraph—Copyright) RUGBY, June 3. (Received June 3, at 5.5 p.m.) War Loan, 3J per cent., is quoted at £lO2 Is 3d. ROBINSON ICE CREAM COMPANY DIVIDEND OF 8 PER CENT. (Special to Daily Times) AUCKLAND, June 3. The accounts of the Robinsoij Ice Cream Company. Ltd., for the year ended April 30 show a net profit of £5480. against £3559 a year ago. The profit was struck after providing L.ilJo for depreciation and £3216 to meet mC °The directors recommend a dividend of 8 per cent, for the year, against 6 per cent, in the previous year. Dive thousand pounds has been written off the company's city property. LONDON SHEEPSKIN SALES Messrs Dalgety and Co Ltd., report having received a cablegram from their London office on the sales recently held. .. . - There was a full attendance of buyers, with good competition. The selection was good, and Home trade, America and Continent were principal operators. .... . As compared with closing rates of last series (April): —Halfbred combing (best), unchanged; halfbred (other descriptions), par to 5 per cent, higher; fine crossbred. 5 per_ cent, higher; crossbreds, low to medium, 5 per cent, higher; pelts, sound, 5 per cent, higher; pelts, damaged, 5 per cent, to 10 per cent, higher; short and shorn, 10 per cent, higher; lambs, 5 per cent, to 10 per cent, higher. Quotations are as follows: —Merino, three-quarter to full wool, quarter to half wool, short and shorn, not quoted; crossbred threequarter to full wool fine, 8d to 9id; crossbred three-quarter to full wool medium and coarse, 6£d to B£d; crossbred quarter to half wool fine, 6id to 7Jd; crossbred quarter to half wool medium and coarse, 6d to 7id; crossbred short and shorn, 4sd to 7d; lambs, 7id to 8&d. . . . Two thousand five hundred and eighty bales were offered; practically all sold-

METAL SHARES FALL HEAVY LOSS IN PAST YEAR The persistent falls in base metal prices and the weakness of dependent shares are causing increased anxiety in the investment market. Heavy losses have been made since the boom of March, 1937, passed. For more than a year (the New Zealand Herald says) prices of the shares in the leading Australian metal-producing companies have steadily declined until to-day levels are below those ruling two years ago, when the rise had commenced. Many New Zealand investors are involved in these losses. The stock of Mount Lyell and Electrolytic Zinc are widely held in the Dominion, while the North and South Broken Hill Companies are only little less popular. Based on the latest prices, the aggregate value of the stock of the five largest base metal producers in Australia is about £21,170,000, compared with the record figure of £45,000,000 in March, 1937, and £37,000,000 at the beginning of 1936. The fluctuations in the shares of these companies over the past two years is shown in the following table: — 1930 1937 1938 Current

Zjinu iJUI cinuii O-Z/O Xiu/- - •Adjustment made for comparison; £1 shares were divided into 5s shares at the end of 1936.

Since the beginning of the year electrolytic copper has fallen £6 10s a ton, lead by £ 1 16s 3d a ton, and zinc by £2 15s a ton. Electrolytic copper to-day is quoted as £37 5s a ton, the lowest price since 1935, and £43 15s a ton below the highest point of 1937, The recent reductions of dividend by the directors of the Mount Lyell Com-

9 and North Broken Hill accentuthe weakness in the market caused by the obscure outlook for metals. Shares in North Broken Hill were marked down to_ their lowest point since the sub-division made at the end of 1936 and Mount Lyells receded to the levels ruling at the close of 1935. It is considered that the directors of the companies are following a conservative dividend policy, but the word? of Sir Colin Fraser, chairman of Broken Hill South, Ltd., have to be remembered. At the last annual meeting in October he said the metal prices then ruling could still be regarded as remunerative, but owing to increased costs, a still lower range of prices would be unfortunate. GORDON AND GOTCH v INCREASE IN EARNINGS The accounts of Gordon and Gotch Australasia, Ltd., for the half-year ended March 31, disclose a profit of £47,730, compared with £52,250 for the preceding half-year and £45,230 forma corresponding period of the previous year The profit for the full year to March 31 is thus £99,980, against £87,200 for the previous year. After paying the 8 per cent, preference charge of £BOOO. the remaining profit is equivalent to 18.4 per cent, on the ordinary capital. The ordinary distribution for the year is, 13 per cent (two dividends of 6 per cent, each and a bonus of 1 per cent.), absorbing £65,000. The directors propose to transfer £IO,OOO to reserve out of the half-year’s profits.

£ s. d. S3 p.c. Stock, March, 1939-43 .. 100 5 0 Big River Gold 0 1 1 Gillespie’s Beach .. .. .. •. • 0 0 9 National Insurance (3) .. .. 0 17 8 N.Z. Refrigerating (cont; 4) .. 0 8 4 Southland Frozen Meat ..< .. 1 9 2 / •' '■ 1 9 0 Bruce Woollen (ord.) .. .. 0 5 0 Westport Coal ..' 1 4 0 Broken Hill Proprietary (paid) 3 0 0 O, J. Coles 4 1 9 4 1 6 N.Z. Paper Mills (rights) 0 0 9 New Zealand Paper Mills 1 1 0 Taranaki Oilfields 0 9 0 Woolworths (Sydney; ord.; 3) 1 0 9 New Zealand Breweries 2 2 3 (3) 2 2 0 Broken Hill South 1 7 6 1 7 0 Mount Lyell 1 2 5 (3) 1 2 6 1 3 0 Mount Morgan (3) 0 8 8 (3) 0 8 9North Broken Hill (2) .. .. 1 19 9 Woolworths Properties (rights; ») 0 3 11 0 4 0

Morning Call £ S. d. Mount Morgan 0 8 9 Sales Reported National Insurance 0 17 8 N.Z. Paper Mills .. .. .. 1 1 0 N.Z. Breweries .. .. .. •• 2 2 0 Mount Lyell 1 3 0 Sale Reported After Last Call Taranaki Oilfields •• .. .. 0 9 0

31 p.c. Stock, Nov.. 1938-52 101 17 6 1 31 p.c. Stock, May, 1939-52 .. .. ;. 101 0 0 31 p.c. Stock. May, 1941-52 101 0 0 . 31 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 15 0 — 4 p.c. Bonds, 1952-55 .. 104 0 0 — 4 p.c. Stock, 1952-55 .. 104 2 6 104 10 0 31 p.c. Bonds, 1953-57 98 0 0 — 31 p.c. Stock, 1953-57 98 0 0 —

Big River (Is) — 0 1 11 Clutha River (2s) .. 0 1 9 0 2 6 Gillespie’s Beach (Is) — 0 0 11 Goldfields Dredging (Is) 0 0 21 0 0 4 Grey River 0 11 9 — Martha (5s) — 0 12 3 Molyneux River (2s) 0 1 6 0 2 6 Nokomai (5s) 0 1 9 — Paddy's Point (5s) .. 0 0 4 0 1 0 Sandhills (Is) .. .. 0 0 2 0 0 3 Waipapa Beach (Is) — 0 0 1 Waltahu (5s) .... 0 0 a —

N.S.W. (£20) .. .. 31 7 6 32 3 0 N.Z. (£1) 2 4 6 — N.Z. (long D; £1) .. 1 9 6 __ Commercial (10s) — 0 15 10 Commercial of, Sydney (£12 10s) .. .. — 20 10 0 Natl, of N.Z. (£2 10s) 2 11 9 2 13 0 Union (£5) 8 2 0 —

INSURANCE National (7s) .. .. 0 17 6 0 17 10 New Zealand (£1) .. — 2 18 6 South British (10s) 2 6 6 — SHIPPING Huddart, Parker lord.; £1) — 2 6 0 Huddart. Parker (pref.; £1) X 3 0 — P. and O. Det Stock (£1) — 1 3 6 U.S.S. Co. (pref,; £1) 1 6 3 X 7 0 MEAT PRESERVING N.Z. Refrig. (paid; £1) — 0 19 0 N.Z. Refrig (cont.; 10s) 0 8 3 — South, Frozen Meat (paid; £1) 1 9 4 — South Otago Freezing (£5) — 5 12 0 WOOLLEN COMPANIES Bond's Hosiery (£1) — 0 17 0 Bruce lord.; £1) 0 5 0 — Bruce (pref.; £1) .. — 1 1 6 Wellington (ord.; £5) — 5 R 0 LOAN AND AGENCY Goldsbrough, Mort (£1) — i 9 6 N.Z. Loan and M. (ord.; £100) — 39 0 0 Otago Farmers (3s 4d) 0 2 9 — Wright, Stephenson (ord.; £1) .. .. — 1 3 6 Wright, Stephenson (pref.; £1) .. .. 1 0 0 1 1 3 COAL Kaitangata (IGs) — X 9 0 Westport (10s) .. .. 1 4 0 — Westport - Stockton (ord.; 10s) .. .. 0 2 9 0 3 3 Westport - Stockton (pref.; 10s) .. .. 0 S 0 — MISCELLANEOUS Anthony Hordern (£1) — 0 17 9 Aust. Foundation Trust 0 4 0 0 4 10 Australian Glass (£1) — 4 13 0 Broken Hill Propy. (£1) — 3 1 0 Broken Hill Propy. (cont.; 10s) 1 16 6 — Colonial Sugar (£20) — 47 10 0 Consolidated Brick (£1) 0 8 6 0 9 0 D.l.C. (pref.; £1) .. 1 3 3 — Dominion Fertiliser (£1) 1 9 0 1 5 9 Dominion Fertiliser (debs.) 102 0 0 Stock Exchange Pty (£1) — 2 6 0 Dunlop Perd. Rubber

(£1) 10 8 — Felt and Textiles (£1) — 1 11 6

G. J. Coles (£1) .. « 1 3 4 2 G Hume Pipe (£1) — 0 19 9 Milburn Lime (£1) .. — 1 17 6 McKenzies Dep. Stores (£1) .. .. — 3 7 0 Mort’s Dock (£1) .. — 0 10 6 Natnl. Electric (£1) .. — 0 14 6 N.Z. Drug Co. (£2) .. 3 7 0 — Farmers' Fertiliser (£1) 0 18 6 0 19 6 N.Z. Paper Mills (£1) — 1 1 6 Otago Daily Times f (£1) — 2 7 0 Regent Theatre (£1) 1 0 0 — Smith and Smith (pref.; £1) .. .. 1 0 0 — Taranaki Oil (£1 4s 7d) .. .. ... .. 0 8 8 0 9 0 Woolworths (ord.; 5s) — 1 1 0 Woolworths (Sydney; ord.; 5s) 1 0 10 — Woolworths (South Africa: 5s) .. .. 0 16 0 — Hays, Ltd 0 16 6 — BREWERIES N.Z. Breweries (£1) 2 2 6 2 3 6 Dunedin (ex rights) .. — 1 10 0 Dunedin (rights) — 0 3 0 AUSTRALIAN MINING Broken Hill South (5s) 1 T 6 X a 3 Electro. Zinc (pref.; £1) — 2 2 0 Electro. Zinc (ord.; £1) 1 18 0 1 17 0 Mount Lyell (£ 1) 1 2 0 1 3 0 Mount Morgan (2s 6d) 0 8 9 0 9 0 Norw Broken Hill (5S) 1 19 0 — Placer Developments 3 12 0 — Rawang Tin (10s) .. 0 8 3 —

£ S. d. £ S. d A, and T. Burt (pref.; £1) 0 12 0 0 13 0 Blackball Creek 0 i 2 — Security Finance (£1) — 0 11 0 Hogg and Co. (ord.) .. 0 2 6 0 4 6 Hogg and Co. (pref.) — 0 15 6 F.A.M.E. Insurance (pref.) — 1 0 e Woolworths Properties (rights) 0 3 10 0 3 11

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, 4i per cent., making 8J per cent. per annum June 15 Broken Hill South—Interim, 9d per share, in Melbourne June 15 Wilsons Cement, Ltd.—Final. 4id per share (making 9d for the year) June 15 Mount Lyell—Interim, 6d per share June 20 Australian Glass—Pref., 4J 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 2J per cent. June 30 British Tobacco.—Quarterly 2 per cent June SO National Mortgage and Agency Company.—Interim at rate of 5 per cent, per annum .. .. i . .. .. July 1 Calls Burns, Philp.—New 5s a share Oct. 1

Commercial Bank of Aust, £ 0 s. 15 d. 9 Bank of New Zealand 2 4 7 N.Z. Insurance 2 18 0 Dominion Invest. Banking 0 18 6 Farmers’ Auct. (B; pref.) .. 1 1 3 Westnort-Stockton . ■ • • 0 3 1 National Timber 0 8 0 Taringamutu Timber .. Farmers' Trading (2) 0 12 6 1 1 0 Northern Roller Milling 19 (ord.) 0 6 Peters Ice (N.Z.) 1 5 0 Waihi Investments .. 0 8 6 Mount Lyell 1 3 0 Mount Morgan 0 8 9 Unlisted Stocks Whakatane Paper Mills 9 6 (pref.) 0 Selfridges (Aust.) .. .. 0 17 0

Sales on ’Change 3 p.c. Stock, 1943 .. .. 100 s 0 3 p.c. Stock, 1943 (late Thurs.; 2) 100 6 0 N.Z. Breweries (late Thurs.) 2 7 6 Broken Hill Prop, (late Thurs.) 3 6 0 Taranaki Oil (late Thurs.) 0 9 0 Woolworths, Ltd. (ord.; late Thurs.; 2) 1 0 9 4 p.c. Stock, 1949 . .. 103 7 6 Bank of New Zealand .. 2 4 8 N.Z. Investment Mortgage 0 9 7 Huddart, Parker (ord.) ... 2 5 6 Union Steam (pref.) .. .. 1 6 6 N.Z. Breweries 2 2 1 2 2 li Broken Hill Proprietary .. 3 0 0 British Tobacco 2 7 6 Taringamutu Timber .. .. 0 12 6 Taranaki Oil 0 9 0 0 8 11 Wool worths. Ltd. (ord.; 2) 1 0 9 1 0 10J Woolworths, Ltd. (rights) 0 0 0 3 10J 3 11J S 10 (5)

Sales on ’Change Bank of N.Z. (cum div.) .v 2 4 9 N.Z. Breweries (7) ■. .. 2 2 0 Booth Macdonald (pref.) .. 0 2 0 Dunlop Rubber 1 0 9 Electro. Zinc (ord.) .. .. 1 11 11 G. J. Coles 4 1 9 Taranaki Oilfields .. .. 0 8 11 Woolworths Properties (rights: 3) 0 3 11 0 4 0 Grey River Broken Hill South .. .. 0 1 12 7 0 11 Mount Lyell (2) 1 3 0 (2) 1 3 1 Rawang Tin 0 8 6 Sales Reported Comm. Bank of Australia 0 15 9 N.Z. Breweries 2 1 9 2 2 0 Westport-Stockton Coal .. 0 3 0 Westport-Stockton Coal (2) 0 3 0 Taranaki Oilfields (4) .. .. 0 8 11 N.Z. Insurance 2 18 0 Woolworths Properties 0 0 (rights; 3) 4 Broken Hill South 1 8 1

May 26. June 2. British — £ s. d. £ B. d. Consols 74 10 0 74 10 0 Funding Loan, 4 p.c. 113 15 0 113 10 0 War Loan, 3i p.c. .. 101 15 0 102 0 0 Con. Loan, 3J p.c. .. 101 10 0 102 10 0 Victory Bonds, 4 p.c. 111 0 0 111 5 0 Commonwealth— •5 p.c., 1945-75 .. . • 107 7 6 105 15 0 4 p.c., 1943-48 .. .. 102 0 0 102 0 0 33 p.c., 1948-53 .. ., 98 17 6 98 17 6 3i p.c.. 1956-61 .. .. 90 17 6 91 0 0 3 b.c.. 1955-58 .. .. 88 3 9 88 5 0 New South Wales — •41 p.c., 1935-43 .. .. 97 15 0 96 12 6 *3 p.c., 1929-40 .. .. 07 17 6 93 15 0 •43 p.c., 1940-60 .. .. 103 12 6 102 0 0 5 p.c.. 1945-75 .. ., 107 7 6 105 10 0 Queensland — .... . •3 p.c., 1932-47 .. .. 97 2 6 95 12 5 P.c.. 1940-60 .. 103 10 0 103 13 9 South Australia— •4 p.c., 1942-62 .. .. 107 7 6 105 12 6 •3 b.c., 1916 or after 76 7 6 75 12 6 Western Australia — •4 p.c., 1942-64 .. 101 6 0 100 7 6 Tasmania— •3J p.c.. 1929-40 .. .. 102 0 0 100 11 3 •4 b.c.. 1940-50 .. .. 101 5 0 100 2 6 New Zealand— 4J p.c., 1948-58 .. .. 99 17 6 100 15 0 3i p.c., 1940 .. .. 93 10 0 98 15 0 3 p.c., 1945 92 2 6 93 5 0

LONDON, June 2. £ s. d. June 2 .. 7 0 8 June 1 .. 7 0 7i May 31 .. 7 0 5$ May 30 .. .. .. .. 7 0 5! May 27 .. 7 0 9 May 26 .. 7 0 9 May 25 .. 7 0 7J May 24 .. 7 0 4Jr May 23 .. 7 0 44

RUGBY, June 2. Tar. June 1. June 2. Francs to £ 1 114.21 178 11-32 178 11-32 Brussels— 29.24} Belgas to £ 1 30 29.23} Oslo— 19.90 Kroner to £ J 18.180 19.90 Stockholm — 19.39} Kroner to £ 1 18.130 19.39} Copenhagen— 22.40 22.40 Kroner to £ 1 18.150 Berlin— 12.32 Marks to £1 20.34 12.32} Montreal— 4.99 13-16 Dollars to £1 4.80 2-3 4.99o New York— 4.94g Dollars to £1 4.86 2-3 4.94 7-16 Yokohama — Pence to yen 34.582 14 14 Hongkong— Hi Pence to dollar 24.58 S4J 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 94 Amsterdam — Guilder to £1 12.107 S.90J 8.96} Prague— Kroner to £1 104} 142} 142} Geneva— Francs to £1 25.22} 21.72 21.72 Vienna— Schillings to £1 84.86} £6} 26} Helsingfors— Marks to £1 193.28 226| 226} Madrid— Pesetas to £1 25.22} Belgrade— Dinars to £1 23.22} 218 218 Athens— Drachmas to £1 375 547} 547} Lisbon— Escudos to £1 110 110} 110} Bucharest— Lei to £1 931.6 677} 677} Rio de Janeiro— Pence to mllrels .. 5.890 2 13-16 2 13-16 Buenos Aires— Pence to pesos 47.22 19.01} 19.01} Shanghai— Pence to tael — lOg 10} Montevideo— Pence to pesos — 20} 29 Warsaw— Zlotys to £1 26.43 26.28

London— £ N.Z. to £100 Btg T.T. Buying. 124 Selling. 124/10/O.D. 123/10/124/8/9 Australia— £ A. to £100 N.Z. .. T.T. 101 100/10/0,1) 101 100/10/FIJI— £ F. to £100 N.Z T.T. 90/7/6 89 O.D 90/7/6 89 New York— Dollars to £1 N.Z T.T. 3.9979 3.9633 OD. 4.0079' 3.9673 Montreal— Dollars to £ N.Z. T.T. 4.0399 4.0074 O.D 4.0519 4.0114 Belgium— Belgas to £ N.Z. T.T. 23.695 23 385 O.D. 23.770 23.396 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, 185.15 179.35 O.D. 185.55 179.45 France — Francs to £ N.Z. T.T. — 141.58 O.D. — 141.62 Germany— Reichsmarks to £ N.Z T.T. 9.828 O.D. — 9.833 Greece— Drachmae to fl N.Z. .. .. T.T, 429.54 O.D. — 429.84 Holland— Florins to £ N.Z. T.T. 7.305 7.055 O.D 7.345 7.159 Italy— Lire to £ N.Z. T.T. 75.35 O.D — 75.40 Java — Florins to £ N.Z. T.T 7.283 7.133 O.D. 7.323 7.137 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 33 O.D. — 140.37 Papeete— Francs to £ N.Z T.T. 140.38 O.D. — 140.42 Sweden— Kroner to £ N.Z r.T. 15.785 15.490 O.D 15.845 15.496 Switzerland — Francs to £ N.Z. T.T. 17.633 17.363 O.D 17.738 17.368 Hongkong— N.Z. Pence to 1 Dollar .. .. T.T 18! 18! O.D. 18 11-32 189 India and Ceylon— N.Z. Pence to 1 Rupee .. .. T.T. 21 31-32 22} OD 21 15-16 22} Japan— N.Z. Pence to 1 Yen .. T.T. ITi O.D — 174 Manila— N.Z. Pence to 1 Peso .. .. T.T. 29 49-64 30 17-01 O.D. 29 43-64 30 17-64 Singapore — N.Z. Pence to 1 Dollar . • .. T.T 34} 34 47-64 O D 34 5-32 34 47-61

May High Low levels Mount Lyell 24/6 58/30/6 22/7 Electrolytic Zinc 37/6 67/9 44/9 37/(pref.) 39/3 68/6 47/9 41/Broken Hill Sth. 28/3* 59/6 36/27/6 Nth. Broken Hill 42/-* 40/Zinc Corporation 84/3 175/87/6 78/3