COMMERCE AND FINANCE

Otago Daily Times, Issue 23527, 16 June 1938, Page 16

COMMERCE AND FINANCE

LOCAL AND OVERSEAS MARKETS

NORTHERN EXCHANGES AUCKLAND Sales on 'Change £ s. d.

WELLINGTON Sales on ’Change

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

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

THE SHARE MARKET DUNEDIN STOCK EXCHANGE CHEAP PRICES FOR METALS Oil shares and Australian mining ventures attracted principal attention at the call-over on the Dunedin Stock Exchange yesterday afternoon, vvhen there was a fair display of activity among buyers. Metal shares were active again and some cheap buying was recorded. After reported business at 14s 9d, Taranaki Oilfields eased slightly to finish with a final market between 14s 7d and 15s. Ordinary Moturoa Oils maintained their new-found, popularity and improved to business at 5s lid. final buyers at 4d below that figure being unanswered. There, was no display of enthusiasm for Commonwealth industrials, which, generally speaking, disclosed an easing tendency. Broken Hill Proprietaries, in common with all metal shares, were decidedly easier, and dropped to sales at £2 18s Id. British Tobaccos also lost a little ground, to be dealt in at £2 7s 3d. . . .. Values for shares in the Australian mining section slipped back again, but interest was well maintained. Mount Morgans were fairly active, and sold at from 8s 2d to 8s 3d, while North Broken Hills declined to business at £1 15s. Broken Hill Souths (ex div.) also suffered a setback, a buyer securing a parcel at £1 ss. Among banking shares, New Zealands stood out for an advance of od. Other sections of the market were quiet, but generally steady with recent ra tes. YESTERDAY'S TRANSACTIONS Sales .on 'Change

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

LONDON STOCK EXCHANGE (United Press Association) (By Electric Telegrann—Copyright) LONDON. June 14. Bank of Australasia, 150 s: E.S. and A. Bank. 75s 6d; Union Bank of Australia. 118 s 9d; National Bank of New Zealand. 41s 6d; Bank of New Zealand, 33s 6d; British Tobacco, 36s 9d; Goldsbrough, Mort, 23s 9d; Dalgety, 1255; P. and O. Deferred, 21s; New Zealand Loan and Mercantile, 4 per cent, debentures. £9O; ordinary, £25. SHARE QUOTATIONS (United Press Association) (By Electric Telegraph—Copyright) LONDON, June 14, Share quotations: Clutha Riverbuyers Is 71d. sellers Is 10Jd; Molyneux—buyers Is IJd. sellers Is 4Jd. PRICE OF FINE GOLD (United Press Association) (By Electric Telegraph—Copyright)

SOUTHLAND BUILDING SOCIETY EXTENSIVE OPERATIONS LARGE INCREASE IN SHARES “ There has been more than a normal demand for loans, and the amount actually advanced for the year was £587,512, including the amount on debentures and shares. This is £155,217 more than the previous best year, more than was advanced by the society during its first 37 years, and more than the total advances of any other New Zealand building society,” said the president of the Southland Building and Investment Society. Mr A. S. Froggatt, moving the adoption of the annual report and balance sheet at the annual meeting of the society in Invercargill on Tuesday night. “ No doubt you noticed the prosperity graphs shown on the balance sheet.” the president said. “ These clearly visualise and bear witness to the magnitude of the society's financial resources and the extent to which it has increased its services at quinquennial periods during the last 40 years. Some might be inclined to think that the operations on the present day large scale might entail greater risks than at the earlier periods, but to any such persons I would like to say that in proportion to the business transacted, the reduction in the mortgage debts is quite as steady and as substantial as in former years, and these repayments ensure a valuable safeguard easily appreciated: for there is a continuing and widening margin in each security. It is significant that most of the increased business during the past 12 months was ax-ranged early in the year and before the recent rising costs, thus making the society's securities all the moi-e safe. Partly because of these rising costs the directors recently decided to lend up to 70 per cent., and if these continue to soar, it might be a wise policy to ease off in the lending. The increase in the number of shares for the year, Mr Froggatt said, was which was a greater number than the total when the society had been in operation for 50 years. The number then was 22,263. The number now was 158,401, thei’e being 102,002 borrowing shares and 56,399 investing, which was a ratio most desirable. There were 759 moi'e shareholders than last year. The shareholders and depositors of the society had benefited to a greater extent than in any former year, having been credited with or paid no less than £105,348 6s 6d, made up as follows:By crediting members with 6,1 per cent profits, £64,663 10s 7d; by creditinc members with discount for advanced payments, £2670 10s sd; by paying interest to depositors. £38,014 5s 6d. In addition there had been reserved for depositors, being accrued interest to the balance, £17.454 9s 6d. In 69 years the sum of £931,288 had been credited to shareholders as profits alone. The increased business had resulted in the payment of .1 per cent, more than the two previous years, COLOMBO TEA SALE Mr L. M. Wright has received the following cabled report on the Colombo tea auction of June 14:— Good demand for all gi'adcs was shown at yesterday’s auction of 3.250.0001 b. Buyers followed quality closely, and fine leas were slightly dearer at close of sale. Two and three-quarter million pounds will bo offered for sale next week.

MINING NEWS OKARITO RETURN The secretaries of the Okarito Five Mile Beach Gold Dredging Company, Ltd., report a wash-up of 320 z IGdwt for 112 hours' dredging. ' KILDARE MINE A return of 720 z 12dwt has been obtained by the Kildare Consolidated Mining Company. Ltd., for a working period of 12 weeks 4 days. ADDINGTON MARKET CATTLE VALUES EASIER (Per United Press Association) CHRISTCHURCH, June 15. Entries were slightly larger at today’s Addington market. Fat lambs and fat sheep sold well for export sorts. Fat cattle were a shade easier, and store wethers were slightly firmer. Store Sheep.—Mostly wethers were forward, and these sold at a slight recovery in values, the best making to 225, Ewes forward were culls and sold at very low prices. Fat Lambs. —More than 1000 head were penned, and there was a keen sale at the best of schedule rates, exporters operating briskly in view of the near approach of the end of the freezing season. Fat Sheep.—A heavy entry of 6500 head was mostly indifferent in quality. Good wethers maintained their prices, and freezing ewes were also in demand, but other classes were inclined to be easier. Best wethers made from 29s to 325, tops to 34s 4d. good 26s to 28s. light down to 19s, best ewes 21s to 23s 6d, tops to 27s 4d, good 17s 6d to 20s, freezing sorts 15s to 17s, light down to 13s. Fat Cattle.—Five hundred and twenty were penned, mostly of inferior quality. There was an easier sale, but with an improvement towards the finish. Best steers made from £l2 10,5 to £l4 10s, tops £l7 12s 6d, medium £ll 5s to £l2 10s. light down to £8 10s, best heifers £8 to £9 ss. medium £5 15s to £7 10s, best cows £8 to £9, tops to £ll 10s, light down to £4. _ Fat Pigs.—There was little change in values. Porkers made from 48,s 6dl to 53s 6d (average price per lb 6.)d to 6.5 d), and baconers 59s 6d to £5 3s 6d (average price per lb 6.1 d to 7d). AUSTRALIAN STOCK EXCHANGES (United Press Association) (By Electric Telegraph—Copyright) SYDNEY, June 15. (Received June 15, at 10 p.m.) The recent weakness in industrials was not checked on the Stock Exchange to-day, and practically all sales were lower. Taranaki Oil were again active but, with profit-taking shares, receded from 15s at which they opened to 14s 2d. THE MORNING SALES £ s. d.

DOLLAR AND FRANC (United Press Association) (By Electric Telegraph—Copyright) LONDON, June 14. Exchange on New York is quoted at 4.96 g dollars to the £. and on Paris at 178 g francs. PAISLEY THREAD INDUSTRY J. AND P. COATS HIGHER PROFIT Net profits of the cotton thread manufacturers, J. and P. Coats, Ltd., Paisley, increased last year by £282.715 to £2,077,459 sterling. This figure covers the usual dividend of 10 per cent, (the resumption of bonuses again being deferred), with a surplus of £272,459 Of this £50,000 is placed to exchange reserve fund and £222,459 is used to raise the “carry-forward” to £551,568. In the previous year the dividend was barely covered by the disclosed profit, and the amount carried forward was •reduced by £10,256. While the company no doubt experienced seven or eight months of fair trade, conditions in the later months of the year, particularly in the United Slates, were unfavourable, states The Times. I The results suggest that the directors’ cotton buying policy must have been very cautious, otherwise the depreciation at the end of the year would have been much more severe than has apparently been the case. Exchange restrictions, too, must again have been a big handicap. The company had clone better than might have been expected.

FOREIGN EXCHANGES (British Official Wireless) (United Bress Association) (By Electric Telegraph -Copyright) RUGBY. June 14.

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. T.T 3.98:} 4.03 9-16 O.D 3.99* 4.04 Buying: O.D 4.03 1-16 4.08 LONDON METAL MARKET (United Press Association! (By Electric Telegraph—Cony right l LONDON, Jung 14. The following arc the ofllclal metal quotation*

Fraser and Co., selling agents for Otago and Oamaru Egg Circles, report as under; — Eggs: Poultry farm eggs, 2s per dozen; pullets’ eggs, Is 9d per dozen. Tallow, 11s per cwt. Pigs: Good bacon weights, to 71d per lb; overweights, 3d to 4d per lb; porkers. to 7id per lb. Potatoes, £4 10s to £5 per ton. Chaff, £5 15s to £6 per ton, sacks extra. Whole fowl wheat, 6s 6d to 6s 9d per bushel. Canterbury onions, to 13s per cwt. Honey: Bulk, 6d to 6id per lb; 101 b tins. 7s 6d; 21b pottles. Is 6d. Poultry: White Leghorn hens, 3s to 3s 6d; heavy breeds. 4s to ss; cockerels light 2s 3d to 4s, heavy 7s to 8s 6d; roosters, 2s; ducks, 3s to 4s; ducklings. 5s to 6s; all per pair. Turkey gobblers, 9d to lOd per lb, live weight; hens, 7d to 8d per lb. We stock Palmer’s chick food, South Otago meatmeal, leg rings Is per dozen (special quotes for quantities). We are agents for Champion egg crates, Isco cod liver oil for poultry, prices on application. We are Otago agents for Gamble electric incubators; particulars on application. Consignors please note that all pigs and poultry must arrive not later than Wednesday morning of each week. We have a stock of poultry crates on hand for the use of our clients.

ANTWERP FUTURES (United Press Association) (By Electric Telegraph—Copyright) LONDON, June 14. Antwerp Futures are quiet. July, 22d; October, 22.1 d; December, 22gd. BUTTER MARKET (United Press Association) (By Electric Telegraph—Copyright) LONDON, June 14. Butter is slow. Choicest salted New Zealand. 119 s; Australian, 116 s. Unsalted New Zealand, 1235. J, C. WILLIAMSON, LTD. APPROVAL OF TRANSFER DETAILS OF THE CONTRACT Shareholders of J. C. Williamson, Ltd., at an extraordinary meeting in Sydney last week, unanimously supported a resolution to transfer the theatrical side of the company’s business to a new company, with a nominal capital of £105,000, now known as Australian and New Zealand Theatres, Ltd. Mr John H. Tail, chairman of J. C. Williamson, Ltd., said that, provided the new company could live up to its obligations, J. C. Williamson, Ltd, would have a surplus of about £52,000 a year from all sources, after providing for income tax. As it would only take £32,700 a year to pay 6 per cent, on all shares, it could be seen that, if the new company could observe its obligations, the shareholders could expect" such dividends from this date. Of the new company's nominal capital, £75,000 had been underwritten by approved shareholders, Mr Tail said, and the new company would call up 7s 6d a share and the balance as required. „ , “J. C. Williamson, Ltd.,” Mr Tait continued, “has agreed to lease its freehold theatres, stores, and workshop for 21 years, and to sub-lease the theatres and stores held under lease. In addition, a licence will be granted by this company to the new company to use our copyrights for a period of 21 years. The new company will acquire the scenery, wardrobe, and theatrical properties. “The new company will contribute toward the salaries of present managing directors, and will pay the salary of the London representative, Mr J. Nevin Tait. Mr Frank Tait will act as one of the managing directors of the new company, and will be there to represent the interests of J. C. Williamson, Ltd. Messrs E. J. Tait and John H, Tait will act in a consultative and advisory capacity, and they will also look after the interests of J. C. Williamson, Ltd. “The total annual payment to be made to our company by the new company for the whole of the above will be approximately £56,000, payable by weekly instalments. Out of this sum our company will have to meet its outgoings to its landlords, rates, taxes, interest, and insurance. “For scenery, wardrobe, and properties, the new company will give a debenture to cover the purchase price. As security for due performance of the agreement, and payment of the rent, the new company will deposit £12,792 cash. Should the new company within 12 years go into liquidation, except for the purpose of amalgamation or reconstruction, provision is made whereby this company can prove as a creditor for £25,000 as agreed liquidated damages.” P. AND 0. COMPANY RIGHTS OF STOCKHOLDERS The directors of the P. and O. Steam Navigation Company have obtained further legal advise as to the respective rights of the preferred and deferred stockholders to participate in the assets of the company in the event of a winding-up. This step has been taken in view of questions which were raised at the annual meeting held last December, This question, it is pointed out in a circular to stockholders, can only arise if the company were ever to be wound up and could only be settled finally in the event of a liquidation. . . . , Counsel whose opinion was asked are of the opinion that so long as the company is a going concern, the respective rights of the preferred and deferred stockholders in the profits of the company are as follows: —Neither class of stockholders has any right to the profits as such. Their rights are limited to having distributed among them by way of dividend such part, if any, of the profits as the directors in their discretion deem available for dividends and recommend for distribution. As regards that part of the profits, the right of the preference stockholders is to be paid thereout, in priority to the deferred stockholders, a fixed cumulative dividend on their stock at the rale of 5 per cent, per annum, and the right of the deferred stockholders is to have the balance applied in paying a dividend on the deferred stock. Counsel agree with Sir John Simon and others that, as the company’s charters and regulations are silent as to how the assets available for distribution among the members in a wind-ing-up are to be distributed as between the preferred and deferred stockholders, the ordinary rule applies. and the assets are prima facie distributable rateably between all the stockholders, preferred and deferred alike, the preferred stockholders neither being entitled to preferential repayment of the capital paid up on the stock nor being precluded from participating in any surplus remaining after the capital of both classes of stock has been repaid. Counsel were also asked to advise whether the principle of pari passu distribution would apply as regards any surplus of assets in a winding-up over the total paid-up capital which could be shown +o result from and to represent sums written off for depreciation or set aside to reserve while the company was a going concern, and which, had they not been written off or set aside, would or might have been applied in paying additional dividends on the deferred stock. Counsel are of opinion that the principle of pari passu distribution would apply as regards any part of the surplus resulting from sums written off for depreciation, all persons interested being, in their opinion, bound by the method adopted by the company, while a going concern, in making out its accounts and arriving at its profits, those sums never therefore becoming profits which could be applied in paying dividends to the deferred stockholders. But as regards any part of the surplus which could be shown to represent undivided profits properly available for dividend carried to reserve or suspense account pursuant to Article 95, and not required for meeting contingencies, making good any depreciation of assets, or any other of the purposes mentioned in that article, the application of the principle of pari passu distribution is, in their opinion, much more doubtful. On the whole, they believe that there is sufficient indication, in the wording of the company’s articles, of an intention that profits carried and remaining standing to reserve or suspense or reserve account and not required for any of the purposes referred to are, as between the preferred and deferred stockholders, to remain uncapitaliscd profits and to be distributed exclusively among the deferred holders and entitle them to have any such surplus distributed exclusively among themselves in a winding-up.

VALUES OF BANK SHARES FEAR OF AUSTRALIAN ‘LEGISLATION The unpopularity into which bank shares have drifted is one of the outstanding investment trends of recent years. Once bank shares were regarded as the foundation of every sound investment portfolio, because of the freedom from worry a holding entailed, the assured income they offered, and, lastly, almost certain capital appreciation in the future. Benefits were fairly numerous in the past, but investors as a body today appear to take a less optimistic view, in spite of the fact that a very large percentage of the heavy provisions made during the depression years has been written back. After a spurt in 1936-37 bank share values have been gradually slipping away until levels, in some instances, are back to 1035 rstcs. Fluctuations in prices since June, 1936, are compared in the following table:—

The chief factor with Australian banks is that the market does not view with approval the possibility of Federal banking legislation, and > is prepared to mark time until something definite is known. In the meantime the deterioration of international relations in Europe has assisted the “ bear position, which has been further aggravated by a decline In export values of Australian and New Zealand commodities, and concern in the Commonwealth with drought and Its possible effect on next season’s productl0 The steep fall in Nationals of New Zealand is the real enigma of the market. Bank of New Zealand shares have maintained a reasonably strong front on account of their pre-eminent position, but the extent of the loss in National Banks is considered unwarranted in many quarters. Even ut the current price the shares are yielding round £4 13s 3d per cent., which is substantially higher than the return on any other issue in the section.

Morning Call £ s. d. Moturoa Oil (ord.) 0 5 11 Afternoon Call / British Tobacco 2 7 3 Mount Morgan 0 8 3 0 8 2 Woolworths Properties (rights) 0 3 8 Sales Reported Moturoa Oil (ord.; late Tues.) 0 5 6 0 5 7 British Tobacco .. 2 7 :6 Broken Hill Pty. (2) .. .. 2 18 6 Moturoa Oil (ord.) .. ... .. 0 5 9 0 5 11 Taranaki Oil 0 14 9 Mount Morgan 0 8 3 Sales Reported After Last Call Broken Hill Proprie tary .. . 2 18 3 (2) 2 18 1 Broken Hill South (ex dlv.) .. 1 5 0 Mount Morgan 0 8 2 North Broken Hill 1 15 0

Buyer. Seller. £ S. d. £ s. d. 3} p.c. Stock, Nov.. 1938-52 . — 102 0 0 3i p.c. Stock, May, 1939-52 — 102 0 0 SJ p.c. Stock, May, 1941-52 101 0 0 — >1 p.c. Stock, Nov., 1941-52 101 0 0 — 4 p.c. Bonds, 1943-46 .. 102 10 0 — 4 p.c. Stock, 1943-45.. — 103 0 0 4 p.c. Bonds, 1946-49 .. 102 10 0 — 4 p.c. Stock, 1946-49.. — 103 0 0 4 p.c. Bonds, 1952-55 (ex Int.) 102 0 0 — 4 p.c. Stock, 1952-55 (ex Int.’) .. .. .. —■ 102 10 0 3J p.c. Bonds, 1953-57 98 0 0 — 3} p.c. Stock, 1953-57 98 o. 0 — MINING Big River (Is) .. .. 0 1 0 0 1 1 Central Shotover (Is) — 0 0 6 Clutha River (2s) 0 2 3 0 2 8 Gillespie’s Beach (Is) — 0 0 10J Goldfields Dredging (Is) 0 0 2 — Grey River 0 11 6 — Molyneux River (2s) 0 1 6 0 2 0 Nokomal (5s) .. .. — 0 2 0 Okarito (5s) ,. .. — 0 3 3 Paddy’s Point (5s) .. 0 0 6 — Sandhills (Is) .. .. *•0 0 1 0 0 2) Skippers (Is) .. .. — 0 0 2 Walpapa Beach (Is) .. — 0 0 1 BANKING A’asia (£5) .. .. — 9 17 6 N.S.W. (£20) .. .. — 32 0 0 N.Z. (£1) 2 3 6 2 4 0 N.Z. (Long D; £1) .. — 1 10 0 Commercial (10s) — 0 16 0 Commercial of Sydney (£12 10s) — 20 15 0 Natl, of N.Z. (£2 10s) . 2 13 0 — INSURANCE National (7s) .. .. — 0 17 10 South British (10s) .. 2 6 6 — SHIPPING Huddart, Parker (oi?d.; £1) .. — 2 6 6 Huddart, Parker (pref.; £1) 1 8 0 — P. and O. Def. Stock (£1) 1 4 6 — U.S.S. Co. (pref.; £1) 1 6 0 — MEAT PRESERVING N.Z. Refrig (paid; £1) .. .. .. .. — 0 19 0 N.Z. Refrig, (cont; 10s) 0 8 4 — South Otago Freezing (£5) — 5 11 0

WOOLLEN COMPANIES Bonds Hosiery (£1) — 0 17 0 Bruce (ord.; £1) 0 5 3 — Bruce (pref.; £1) — 1 1 6 LOAN AND AGENCY Daigety and Co. (£5) — 7 19 0 Goldsbrough, Mort (£1) — 1 8 3 Natl. Mortgage (£2) 2 2 6 — N.Z. Loan and M. (ord.; £100) .. .. — 38 0 0 N.Z. Guarantee Corp. (3s) 0 4 4 0 4 6 Otago Farmers (3s 4d) 0 2 9 — Trustees Exctrs (£2) 4 0 0 — Wright. Stephenson 1 0 (pref.; £1) .. .. — 1 COAL Westport (10s) .. .. 1 4 0 — Westport - Stockton (pref.; 10s) .. .. 0 6 4 MISCELLANEOUS Anthony Hordern (£1) — 0 17 6 Aust.' Foundation Trust 0 4 0 0 4 6 Australian Glass (£1) 4 14 0 British Tobacco (£1) 2 7 0 2 7 3 Broken Hill Propy. (£1) 2 10 0 2 19 0 Broken Hill Propy. 18 (cont.; 10s) .. .. 1 3 Brown, Ewing (ord.; £1) — 1 0 0 Colonial Sugar (£20) — 48 0 0 Consolidated Brick (£1) — 0 8 10 D.l.C. (ord.; 10s) 0 14 3 — Dominion Fertiliser (£1) 1 3 9 1 4 6 Dominion Fertiliser (debs.) 102 0 0 — Donaghy's Rope (£1) 2 4 8 2 6 0 Stock Exchange Pty. (£1) — 2 6 0 Dunlop Perd. Rubber 8 (£1) — 1 0 Felt and Textiles (£1) — 1 12 0 G, J. Coles (£1) 4 ' 1 0 4 1 9 Hume Pipe (£1) — 0 19 6 Milburn Lime (£1) .. — 1 17 3 McKenzies Dept. Stores (£ 1 ) . . . . 3 3 9 Moturoa Oil (5s) 0 5 7 — Moturoa Oil (pref.; 5s) — 0 5 9 Natl. Electric (£1) .. — 0 14 3 N.Z. Drug Co. (£2).. 3 7 0 — Farmers’ , Fertiliser (£1) — 0 ID 3 N.Z Paper Mills (£1) .. 1 0 0 1 1 6 Otago Daily Times (£1) 2 7 0 Regent Theatre (£1) 1 0 0 — Taranaki Oil (£1 4s 7d) 0 14 7 1 o 15 0 Sharland and Co. (pref.) 0 16 0 — Wilsons Cement (10s) — 0 17 0 Woolworths (ord.; 5s) — 1 0 9 Wooiworths (Syd.; ord.; 5s) — 1 0 9 Woolworths (South Africa: 5s) .. .. 0 15 11 — Hays, Ltd 0 16 6 — BREWERIES N.Z. Breweries (£1) tf2 2 3 2 3 3 Dominion (£1) — 1 17 6 Dunedin (rights) — 0 1 6 AUSTRALIAN MINING Austral. N.Z. Mining _ 1 3 0 Broken Hill South (5s) ••1 5 0 I 5 3 Electro. Zinc (pref.; £1) — 2 1 0 Electro. Zinc (ord.; £1) — 1 16 0 Mount Lyell (£1) 1 2 4 1 2 7 Mount Morgan (2s 6d) 0 8 2 0 8 3 North Broken Hill (5s) 1 15 0 1 15 9 Placer Developments 3 10 0 — ♦•Ex dividend, ft Cum dividend.

Buyer. Seller. A. and T. Burt (pref.; £ s. d. £ s. d £1) 0 11 6 — Blackball Creek 0 1 2 Security Finance (£1) 0 8 6 0 10 9 Hogg and Co, (ord.) .. 0 2 9 — Hogg and Co. (pref.) 0 10 9 — Reliable Loan (£1) Reliable Loan (cont.; 1 0 0 10s) — 0 10 0 F.A.M.E. Ins. (pref.) .. — 1 0 6

New Zealand Perpetual Forests—Final 4 per cent. and special dividend 2J per cent June 17 Trustees, Executors and Agency, Ltd.', Dunedin— Final 4 per cent., making 8 per cent, per annum .. ,. June 20 Mount Lyelf— Interim, 6d per share June 20 Australian Glass—Pref., 4i 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 — Goldsbrough, Mort —Final, 5 per cent, per annum .. June 29 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 30 National Mortgage and Agency Company.—Interim at rate of 5 per cent, per annum July 1 Wool worths (South Africa) — 5 per cent July 1 Zinc Corporation, Ltd. —Final, participating for 1937, ordinary and preference, 4s 6d sterling per share, loss United Kingdom income tax of 3s 6d in the £; preference. fixed rate for first half of 1938, 2s sterling per share less United Kingdom income tax of 3s 2d in the £ July 1

Bonds, 1943-46, 4 uer cent... 103 0 0 Mount Eden. 1958-63, 41 p.c. 104 15 0 Australian Glass 4 12 6 Broken Hill Pty 2 18 3 Bycroft 2 1 0 Dunlop Perdriau 1 0 2 Farmers’ Trading .. .. 1 1 3 G. J. Coles 4 1 9 Electrolytic Zinc (ord.) 1 15 3 Moturoa Oil 0 0 7 0 5 6 0 5 7 0 5 8 0 5 9 Taranaki Oil (I 15 0 (2) 0 14 10 0 15 0 Woolv/orths (Syd.) .. .. 1 0 6 VVoolwortlis Properties (rights: 3; 0 3 81 Golden Crown 0 2 6 Woolworths Holdings (South Africa) 0 16 0

Henry Jones Co-op. (late Tues.) 2 7 6Moturoa Oil (late Tues.) .. 0 5 7 Taranaki Oil (late Tues.) .. 0 14 91 date Tues.; 2) 0 15 0 (late Tues.) 0 15 Stock, 1943. H per cent. .. 100 0 0 Stock. 1953-57. 3A per cent.., 98 0 0 Stock 1938-53, 3A per cent... 101 10 0 Bank of New Zealand 2 3 8 Australian Glass 4 12 6 British Tobacco 2 7 6 Consolidated Brick (3) 0 8 9 G. J, Coles 4 1 6 (2) 4 1 4 Moturoa Oil (3) 0 5 3

Taranaki Oil 0 13 0 0 14 9i 0 14 11 0 14 10 0 14 iii (3) 0 14 10 Woohvorths (Syd.) .. .. 1 0 6 0 19 9 Woolworths (rights; 2) 0 3 9 (rights; 3) 0 3 10 (rights) 0 3 11 (rights) 0 3 9 Wilsons Cement 0 16 4i Big River 0 1 0 CHRISTCHURCH Sales on 'Change Bank of New Zealand (2) 2 3 3 N.Z. Breweries (ex div.) .. 2 1 0 British Tobacco (cum div.; 4) 2 7 3 (cum div.) 2 7 1 Broken Hill Ply 2 17 11 (5) 2 18 0 Dunlop Rubber (2) ] 0 5 Electrolytic Zinc (pref.) .. 2 0 3 G. J. Coles 4 0 11 Moturoa Oil (2) 0 5 10 0 6 0 Taranaki Oilfields (4) 0 14 11 0 14 10 (2) 0 14 9 0 14 8 0 14 11 Wilcox MoiTlin 0 5 8 Woolworths Properties (rights) 0 3 9 (rights) 0 3 8 Broken Hill South (ex div.) 1 5 6 Mount Lyell (cum div.; 3) 1 2 6 (cum div.) 1 2 5 (cum div.; 3) 1 2 •3 Mount. Morgan (3) .. .. 0 8 2 (3) 0 8 1 Sales Reported Broken Hill Pty 2 18 6 Taranaki Oilfields (2) 0 14 9 0 14 10 Wilcox Mofllin (late Tues.) 0 6 0 Woolworths (Syd.; ord.) .. 1 0 6 Goldfields Dredging .. .. 0 0 21 Wilcox MoiTlin 0 5 8 Unlisted Stock Blackball Creek 0 1 3J

.Tune 14 ,. LONDON. June 14. £ s. d. 7 0 8 June 13 ., 7 0 6i June 10 .. 7 0 7 June 9 .. 7 0 6J June 8 .. 7 0 5 June 7 .. 7 0 7 June 4 .. 7 0 8 June 3 .. 7 0 9 June 2 .. 7 0 8

Commonwealth Bonds— 3 per cent., 1948 .. .. 93 15 0 4 per cent., 1938, ex Interest 100 11 3 Commercial Bank of Australia .. 0 16 n Tooths 2 14 y Australian Gas (A) .. .. 7 10 0 Associated News (pref.) .. 1 3 9 Anthony Hordern .. .. 0 17 3 Australian Iron and Steel (pref.) 1 7 9 Henry Jones 2 7 9 ADDITIONAL SALES Bank of New South Wales 31 17 6 Commercial Banking of Sydney 20 13 0 Bank of New Zealand .. 2 3 6 Colonial Sugar 47 15 0 Huddart, Parker 2 6 3 Australian Gas A ,. .. 0 7 10 British Tobacco 2 7 6 Tooths 2 14 0 Tooheys 1 11 71 G. J. Coles 4 1 6 Australian Glass .. .. 4 13 6 Dunlop Perdriau .. .. 1 0 3 Woolworths 1 0 7 i Gordon and Gotch .. .. 2 12 6 Wilcox Mofflin 0 5 6 Electrolytic Zinc .. .. 1 15 6 Electrolytic Zinc (pref.) .. 2 0 6 Mount Morgan 0 8 2 Mount Lyell 1 3 7$ Zinc Corporation .. .. 3 4 3 Loloma 1 1 9 Taranaki Oil 0 14 2 MELBOURNE. June 15. The Exchange market is steady without being over active. £ s. d. Commercial Bank of Australia 0 16 4 National Bank (£5 paid) 6 12 6 National Bank (£10 paid) 13 6 0 Australian Manufacturers (pref.) 1 4 6 Huddart, Parker 2 6 0 G. J. Coles 4 1 6 Drug Houses 1 5 0 Dunlop Perdriau .. .. 1 0 3 Goldsbrough, Mort .. .. 1 7 3 Yarra Falls 1 17 10 Herald and Times .. .. 2 17 0 Mount Morgan 0 8 3 Mount Lyell .. ..' .. .. 1 2 9 Broken Hill Propy 2 18 6 Broken Hill Propy. (new issue) 1 15 6 North Broken Hill .. .. 1 15 6 South Broken Hill .. .. 1 5 0 Emperor 0 12 3 Loloma 1 1 6

Paris— Par. June 13. June 14. Francs to £1 ; 124.21 178 j 178 25-04 Brussels— 29.24} Bellas to £ 1 SO 29.26} Oslo— Kroner to £ 1 18.180 19.90 19.90 Stockholm — 19.39} Kroner to £ 1 18.130 19,39} Copenhagen— 22.40 22.40 Kroner to £ 1 18.150 Berlin — 12.31} Marks to £1 20.34 12.32} Montreal — 5.02J Dollars to £ 1 4.86 2-3 5.02} New York — Dollars to £1 4.80 2-3 4,96 11-16 4.90S Yokohama — 14 Pence to yen 34.582 14 Hongkong— 14 15-16 14 ’5-13 Pence to dollar 24,58 Bombay— Pence to rupee 17 13-16 17 13-16 Batavia— 8.94} 8.94} Florins to £1 12.10 Milan— 942 Dire to £ 1 82 .46 948 Amsterdam — 8.953 8.96 Guilder to £ 1 12. ,107 142 13-10 Kroner to £ J 1044 142 13-16 Geneva — 21.66 FrancS to £1 25.224 21.69 Vienna — Schillings to 26} £1 84.864 26} Helsingfors— 2265 2265 Marks to £ 1 193.23 Madrid — Pesetas to £ 1 25 ,22} — Belgrade— 218 218 Dinars to £1 25.22} Athens— 547} 54T| £ 1 .. 1 175 Lisbon — Escudos to 110} £ 1 110 110} Bucharest — Lcl to Cl 931.6 672} 672} Bio dc Janeiro— Pence to milrcls .. 5.890 2 13-16 2 13-10 Buenos Aires— Pence to pesos 47.22 19.02 19.02 Shanghai— 81 Pence to tael — Montevideo— 20} 20 Pence to peaot Warsaw — Zlotys to £1 26.28 26.28 ON NEW ; ZEALAND CURRENCY BASIS Tim Rank of New South Wales, Dunedin, n)l I{ed the following rates for purchase, and sales of foreign exchange yesterday •- Buying. Selling London— £1 N.Z. to £100 124 124/10/o.u. 123/10/124/8/9 Australia— £ A. to £100 N.Z, T.T. O.D. 101 101 100/10/Fiji— £ F. to £100 N-Z. T.T. O.D. 90/7/6 90/7/6 89 Sfe New York — T.T. O.D. 4 0215 , 3.9870 Dollars to £ NZ. 4.0315 3.9910 Montreal— Dollars to £ N.Z. T.T. O.D. 4.0687 4.0807 4.0362 4.0102 Belgium— Bclgas to £ N.Z T.T. O.D. 23.695 23.770 23,385 23.396 Czechoslovakia — 118.77 Crowns to £ N.Z. T.T — O.D. — 118.82 Denmark— 17.893 Kroner to £ N.Z. T.T. 18.203 O.D. 18.263 17.899 179.33 T.T. 185.13 O.D. 185.53 179.43 France — 141.57 T.T. — O.D. — 141.61 Germany— Reichsmarks to £ 9.819 9.824 N.Z. T.T. O.D. Greece — Drachmae to £ N.Z. T.T. — 429.54 O.D. — 429.84 Holland— Florins to £ N.Z. T.T. 7.300 7.150 O.D. 7.340 7.154 Italy— 75.64 Lire to fi N.Z. T.T. — O.D. — 75.69 .lava— Florins to £ N.Z. T.T. 7.279 T.129 O.D. 7.319 7.133 Norway— Kroner to £ N.Z. T.T. 16.182 15.892 O.D. 16.242 15.898 Noumea— Francs to £ N.Z, T.T. — 140.32 O.D. — 140.38 Papeete— 140.37 Francs to £ N.Z. T.T. — O.D. — 140.41 Sweden— Kroner to £ N.Z, T.T. 15.785 15.490 O.D. 15.845 15.490 Switzerland— Francs to £ N.Z. T.T. 17.585 17.315 O.D. 17.690 17.320 Chefoo— N.Z. pence to i dollar T.T. O.D. ' _ Hongkong— N.Z. pence to i dollar T.T. 18? 181 O.D. IS 11-32 185 India and Ceylon — N.Z. pence to i rupee T.T. 21 61-64 22 15-64 O.D. 21 59-04 22 15-64 Japan — N.Z. pence to i yon T.T. — 17 9-16 O.D. — 17 9-16 Manila— N.Z. pence to i peso T.T. O.D. 29 49-64 30 17-64 29 43-64 30 17-61 Shanghai— N.Z. pence to i dollar T.T. O.D. — Slnganore— N.Z. pence to i dollar T.T. 34 19-04 34 25-64 O.D. 34 13-64 34 25-64 All rates subject to alteration without notice.

Ton Copper, ipot .. £33 13 I \/ t Rite £0 t IO'/a Copper, forward 33 IB i'/i Rile 0 2 6 Electrolytic, ipot 38 0 0 Fnll 0 10 0 Electrolytic, forward.. 39 0 0 Fall 0 10 0 Wire ban 39 0 0 Foil 0 10 0 Lead, ipot 13 6 3 Fall 0 3 I'/a Lead, forward .. .. 13 6 IO'/a Fall 0 2 6 Speller, ipot .. .. 12 8 I'/a Rise 0 0 7'/a Spelter, forward 12 II IO'/a No change fin, ipot 170 2 6 Fall 2 7 8 Tin, forward .. .. 171 0 0 Fall 2 S 0 Oz. Silver, itandard »8»:>d Fall 3 I6d Silver, fine 20/4 d Fall 316d

ictum. — 1938. 1936. 1937. Cur, Bank. June. High, Low. rent. Australasia 237/6 261/6 227/6 193/6 Com. Aust. 19/2 19/8 16/9 15/9 Nat. N.Z. . 71/6 68/0 55/0 53/6 N.Z 45/0 46/0 40/0 44/9 N.S.W. .. 647/6 757/6 642/6 630/0 Union .. 192/0 226/3 185/0 168/6