COMMERCE AND FINANCE

Otago Daily Times, Issue 23528, 17 June 1938, Page 16

COMMERCE AND FINANCE

LOCAL AND OVERSEAS MARKETS

RESERVE BANK ASSETS AND LIABILITIES (Per United Press Association) WELLINGTON, June 16. 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 June 13. The figures at the close of the previous week are given for purposes of comparison, shillings and pence being omitted:— LIABILITIES

AUSTRALIAN STOCK EXCHANGES SYDNEY, June 16. (Received June 16, at 10 p.m.) _ Investors are still cautious, resulting In continued weakness on the local Stock Exchange. However, the inquiry for metal shares is stronger, THE MORNING SALES

SALE OF PETROL INVERCARGILL PRICES (Per United Press Association) WELLINGTON, June 16. Regulations published in the Gazette this evening authorise petrol sellers just outside Invercargill city to sell petrol at Invercargill prices. The area Is defined in the regulations.

THE SHARE MARKET DUNEDIN STOCK EXCHANGE QUIETER DAY’S TRADING The turnover on the Dunedin Stock Exchange yesterday was considerably below that recorded during the past few days, but there was a fair demand for the most actively traded shares. Australian mining ventures showed no marked alterations, but Mount Lyells and Mount Morgans finished slightly firmer. Taranaki Oil Fields dropped back, and after selling in the morning at 14s sd, they Lad a final market between 14s and 14s 6d. Lloturoa Oils continued to strengthen, but buyers of the ordinary shares at 5s 9d could not attract sellers. Banking shares experienced a poor demand, the only new movements being a slight drop in Bank of New Zealands and an advance of 6d in Nationals of New Zealand. Insurances were dull again, and shipping shares remained stationary at the closing levels of the previous day. Broken Hill- Proprietaries lost further ground, to be dealt it on ’Change at £2 17s 9d, but only fractional losses were recorded among other Commonwealth shares. Dominion shares were not strongly supported, but values were generally steady with recent levels. YESTERDAY'S TRANSACTIONS Sale on ’Change

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

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

DIVIDENDS PAYABLE The following is a list of shc."os on which dividends will shortlv be nayable:— New Zealand Perpetual Forests—Final 4 per cent, and special dividend 2J per cent To-day Kauri Timber—lnterim at 5 per cent, per annum .. .. June 18 Trustees, Executors and Agency, Ltd., Dunedin— Final 4 per cent., making 8 per cent, per annum .. .. June 20 Mount Lyell—lnterim. 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 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.—lnterim at rate of 5 per cent, per annum July 1 Woolworths (South Africa) 5 per cent July 1 Zinc Corporation, Ltd.—Final, participating for 1937, ordinary and preference, 4s 6d sterling per share, less United Kin'„«bm 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 Woolworths (N.Z.)—Ord., 5 per cent July la Mount Morgan—3d per share July 20 NORTHERN EXCHANGES AUCKLAND Sales on ’Change

SHARE QUOTATIONS (United Press Association) (By Electric Telegraph — Copyright) LONDON. June 15. Share quotations: Clutha River — buyers Is 7Jd. sellers Is 10Jd; Molyneux —buyers Is lid. sellers Is 4Jd. DOLLAR AND FRANC (United Press Association) (Bv Electric Telegraph—Copyright) LONDON, June 15. Exchange on New York is quoted at 4.97[i dollars to the £, and on Paris at 178,i francs.

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

DOLLAR RATES The Associated Banks (other than the Bank of New South Wales) quoted the following dollar rates on a New Zealand currency basis. They arc subject to alteration without notice. U.S.A. Canada. (Per £1 (Per £1 N.Z.) N.Z.) Selling' Dols. Dols. TT . 3.98 : [ 4.03 9-16 O.D 3.99 J 4.04 B O.D g: .. •• 4.03 1-16 4.08 LONDON METAL MARKET (United l J ress Association) (By Electric Telegraph—Copyright’ LONDON. Juno 15. The following are the official metal quotations:

GEAR MEAT COMPANY . INTERIM DIVIDEND OF 3d The Dunedin Stock Exchange has received advice that an interim dividend of 3d a share has been declared by the Gear Meat Company. This represents a distribution to shareholders at the rate of 5 per cent, per annum. NEW ZEALAND LOAN AND MERCANTILE SHARES (United Press Association) (By Electric Telegraph—Copyright) LONDON. June 15. New Zealand Loan and Mercantile ordinary shares, £2B; preference shares, £75. SOUTHLAND FREEZING SEASON The final killing returns from the Southland freezing works confirm the estimates of the season’s killings printed last week, when the works were about to close. The total killings for Southland were 1,399,322 sheep and lambs, of which 150,881 were sheep. For the previous season the killings totalled 1,130,612. including 111,659 sheep. The percentage of the increase is 23.5 per cent.

MINING NEWS MOSSY CREEK RETURN (Per United Press Association) GREYMOUTH, June 16. The Mossy Creek dredge reports a return of 31oz sdwt for 132 J hours’ dredging, during which 10,560 yards were excavated. COMPANY BALANCE SHEETS NEW ZEALAND BREWERIES, LTD. Paid-up capital; 1931-37, £1,092,271; 1938, £1,635,379.

The net profit has taken a decided lift this year, , the increase being £38,139, and the profits the highest since 1931. The dividend has not, however, been increased this year. The surplus, before deduction of beer duty, shows an increase of £120,258. The relative positions are as follows;

No details are given of the working expenses, but it is evident that the larger turnover is being obtained without a corresponding rise in expenses. The total is £506,726 this year; last year’s is not available. The assets now amount to £2,501,529. Land and buildings at £1,213,540 have increased by £660,456. Machinery and plant at £148,166 are up £44,677, and furniture and fittings at £59.013 increase £41,834. These increments to the value of fixed assets are no doubt principally brought about by the acquisition of the hotel interests of J. Staples and Co, brewery. Mortgages of freeholds £59,785 show a rise of £20,312, no doubt in connection with the item land and buildings increase. The fixed assets now total £1,420,719. and represent 56.79 per rent, of the whole total assets. In keeping with increasing turnover, stocks at £243,078 have risen £32,861, and sundry debtors £237,596 increased £45,792. Investments and trade advances £556,516 have risen by £14,807, but the cash position, as an asset last year, has changed, and the indebtedness to the bank is a liability of £lOO,lll In this, balance sheet. Advances against barley and hops show a small rise of £5318. and shares in subsidiaries one of £4OO only. Liquid assets represent £43,21 per cent, of the total assets. On the liabilities side sundry creditors have risen £40,618 to £190.010. Liability to subsidiary companies has dropped a few pounds. Reserve fund is unchanged, but taxation reserve is increased £IO,OOO, making it £90,000, and insurance reserve is £SOOO greater than a year ago During the year an issue of 546,135 £1 shares, one for two, was made at a premium of ss, and the directors propose to apply the £135,777 standing to credit of share premium account to write down land and buildings account by that amount. The figures exhibit a steady expansion in the business, and the trade has been helped by t.,e increased spending power of the community, following on labour legislation and freer Government spending in public works.

THE MONEY MARKET (United Press Association) (By Electric Telegraph—Copyright) LONDON, June 15. Discount and short-loan interest rates, day to day loan, i per cent.; fine trade bills, three months, 2 to 2J per cent.: bank bills, three months, i per cent.; bank bills, six months, I per cent.; Treasury bills, two months, 9-16 per cent.; Treasury bills, three months 9-16 per cent.; New York call money, 1 per cent. PIG LEAD (United Press Association) (By Electric Telegraph— Copyright) LONDON. June 15. Pig lead: Imports 37,501 tons (Australian 21,495). WAIHI GRAND JUNCTION DIVIDEND 4d PER SHARE (From Our Own Correspondent) (By Air Mail) LONDON. May 28. In theli* report for the year ended December 31 last the directors of the Waihi Grand Junction Gold Company state that during the period 18,813 tons of ore were treated by Martha Gold Mining Company (Waihi), Ltd., and the amount received as a result of the treatment of this ore, in accordance with the terms of the company’s agreement, was '£6,504 16s sd. Sundry receipt, including interest, amounted to £3356. The sum of £3259 16s has been paid or reserved for income tax. The development reserve account balance of £4500 being no longer required as a reserve for development operations has been transferred to the credit side of the profit and loss account. After making this provision and deducting administration and general expenses, there remains a balance of £9621. which, added to the amount of £3599 brought forward from last year, makes an available balance of £13,220, which the directors recommend ‘■should be applied as follows;—To dividend of 4d per share, free of income tax. £6906; to be carried forward to next account. £6314. The tonnage crushed during the year shows a decrease of 11,432 tons, as compared with 1936, and the development footage totalled 286 feet, as compared with 1827 feet. In the 1936 report it was indicated that there seemed to be no likelihood of being able to continue mining operations beyond the end of 1937. At the end of the year nearly all the payable ore had been exhausted, and the position at the present time is that mining operations are confined to the extraction of a very small tonnage of ore. BUSINESS IN CANADA RECESSION NOT MARKED The recession in business in the United States was bound to show its influence in Canada, but these efiects have been less marked than might have been anticipated. Canada has emerged from the winter sound and optimistic; trade is good; employment is keeping up, and in the West there is a fine spirit of confidence because the drought area, punished severely for some years, has had sufficient moisture to see the new crop away to a good start. The Dominion’s domestic exports for the fiscal year to the end of March reached a value of 1,079,217,328 dollars (£267,554,332 in New Zealand currency) , an increase of about 1 per cent, over 1936. In exports it was the best year since 1930, when the total was 50.000. dollars more,' but still 300.000. dollars below the record year, 1929. The seven-year peak was attained in spite of a drop of more than 100.000,000 dollars in the value of v/heat exported. At the end of April, a composite of the six major factors from which the Dominion Bureau of Statistics charts the trend of economic conditions showed a decline of only 3.6 per cent, from the corresponding period of last year. This decline was accounted for largely by common stock prices and stock exchange trading. There was a very encouraging movement of railway freight, and the physical volume of business was being well maintained. Gold shipments from Canadian mines in March reache_d the highest point in the Dominion’s history, 406.231 ounces.

Last week. This week. £ £ 1. General Reierve Fund .. 1,500,000 1,500,000 2. Bank notei .. .. •• 13,832.283 13,704,322 8. Demand liabilities— (a) State 4,790,626 4,998,559 (b) Bankt , 7,617,545 0,657,780 (c) Other .. 305,785 383,277 4. Time deposits — Ik Liabilities In currencies other than New lea* land currency .. 87,759 — 1 Other liabilities .. •• 99,179 Total . .. ... .. £28,043,909 £27,348,1 19 ASSETS. H Reserve— (a) Gold 2,801,791 2,801.791 (b) Sterling exchange .. 17,801,588 16.943,465 (c) Gold exchange .. .. — 8. Subsidiary coin .. .. 226,987 228,600 9. Discounts— (a) Commercial and iigrl* cultural bills — *— (b) Treasury and local body bills .• .« M. Advances— (a) To State or State undertakings— (1) Primary Products Marketing Depart3,983*5137 4,269,942 (2) For other purnoses 300,000 300,000 (b) To other public authorltles ... .. — (c) Other •• — II. Investments .. •« •• 2,735,664 8,732,054 12, Bank buildings ... •• — 14k Other assets 214,932 72,255 Total £28,043,999 <27,346,119 Proportion ot reserve (No. 2 less No. 8) to notes and other demand liabilities .. 77.906% 76.083%

£ s. d. Commonwealth Bonds — 4 p.c., 1938 •. .. .. • • 100 8 9 4 p.c., 1341 100 3 9 4 p.c., 1947 102 12 6 Commercial Bank, of Sydney 20 12 0 Tooths 2 13 6 (New Zealand delivery) 2 13 6 Associated News . < .. .. 1 l 0 Anthony Hordern .. .. 0 17 0 Australian Glass .. .. •. 4 13 3 British Tobacco 2 7 6 Broken Hill Pty 2 18 6 Dunlop Perdriau .. .. 1 0 0 Coles 4 1 6 Mort’s Dock U 1U 9 ADDITIONAL SALES Bank of New South Wales 31 15 0 Queensland National Bank 5 1 0 Colonial Sugar 47 10 0 South British Insurance .. 2 7 6 Howard Smith 1 1 0 Bums, Philp (cont.) .. . • 2 8 0 Associated ’News (pref.) .. 1 3 1U4 Tooths 2 13 a Tooheys •• •• 1 11 7J G. J. Coles 4 1 6 Standard Cement .. .. 0 19 9 R. Fowler • • 0 19 9 Newbold Brick .. .. . 1 11 3 Gordon and Gotch .. .. 2 11 9 Australian Guarantee Cor•poration 1 1 4J Goldsbrough, Mort i. 1 7 0 Wilcox Mofflin • .. 0 5 5 Mount Morgan .. .. .. 0 8 5 Mount Lyell 1 2 9 Rawang 0 8 2 Larut 0 12 3 Loloma - 1 1 10 Taranaki Oil 0 14 4 MELBOURNE. June 16. £ s. d. National Bank (£5 paid) 6 12 6 Australian Paper Mfrs. (pref.) 1 4 6 British Tobacco 2 7 6 G. J. Coles 4 1 9 Australian Glass 4 13 6 Dunlop Perdriau 0 19 10 Goldsbrough, Mort .. .. 1 7 0 Felt and Textiles * 1 11 0 Herald and Times .. .. 2 15 9 Electrolytic Zinc 1 15 9 Mount Morgan 0 8 4 Mount Lyell 1 2 9 Broken Hill Proprietary .. 2 18, . 3 North Broken Hill .. .. 1 15 7 South Broken Hill .. .. 1 * 7 Emperor 0 12 4 Loloma 1 1 9

Morning Call £ S. d. Taranaki Oil 0 14 5 Afternoon Call Broken Hill Proprietary .. 3 17 9 Mount Morgan (2) 0 8 4 Sale Reported G. J. Coles 4 I 3 LATEST QUOTATIONS The following are yesterday afternoon's buying and selling quotations, which are subject to the usual brokerage:GOVERNMENT LOANS Buyer, Seller. £ s. d. £ s. d 33 p.c. Stock, Nov., 1938-52 .. .. .. 102 0 0 33 p.c. Stock, May, 1939-52 — 102 0 0 34 p.c. Stock, May, 1941-52 101 0 0 — 33 p.c. Stock, Nov., 1941-52 101 0 0 — 4 p.c. Bonds, 1943-46 .. 102 10 0 — 4 p.c. Stock, 1943-.46.. — 103 0 0 4 p.c. Bonds, 194C-49 .. 102 10 0 — 4 p.c. Stock, 1946-49.. — 103 0 0 4 p.c. Bonds, 1952-55.. 102 0 0 — 33 p.c. Bonds. 1953-57.. 97 10 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 6 Gillespie’s Beach (Is) ■— 0 0 10 Goldfields Dredging (Is) 0 0 2 — Martha (5s) — 0 12 3 Molyneux River (2s) — 0 2 6 Nokomal (5s) .. .. 0 1 6 0 2 0 Okarito (5s) .. .. — 0 3 0 Sandhills (Is) .. .. 0 0 1 0 0 23 Waipapa Beach (Is) .. — 0 0 1 BANKING N.S.W.M£20) .. .. — 32 0 0 N.Z. (£1) 2 3 0 2 4 0 N.Z. (Long D; £1) .. 1 9 3 1 10 0 Commercial (10s) 0 15 9 0 16 i Natl, of N.Z. (£2 10s) 2 13 6 — INSURANCE National (7s) .. .. 0 17 6 0 17 10 SHIPPING Huddart. Parker (ord.; £1) 2 5 0 — Huddart, Parker (pref.; £1) 1 8 6 — P. and O. Def. Stock (£1) .. ..... •• •• 1 4 0 — U.S.S. Co. (pref.;-. £1) 1 6 0 1 7 0 MEAT PRESERVING N.Z. Refrig. (paid; £1) — 0 19 0 N.Z. Refrig, (cont.; 10s) 0 8 S — GAS Christchurch (£1) .. 1 7 0 — WOOLLEN COMPANIES Bonds Hosiery (£1) — 0 17 0 Bruce (ord.; £1) 0 5 0 — Bruce (pref.; £1) .. — 1 1 3 LOAN AND AGENCY Dalgety and Co. (£5) — 8 0 0 Goldsbrough, Mort (£1) — 1 17 0 Natl. Mortgage (£2) 2 2 9 — N.Z. Loan and M. (ord.; £100) .. .. — 38 0 0 N.Z. Guarantee Corp, (3s) 0 4 4 — Otago Farmers (3s 4d) 0 2 9 0 3 6 Wright, Stephenson (pref.; £1) 1 1 0 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 13 0 British Tobacco (£1) — 2 7 6 Broken Hill Propy, (£1) 2 17 6 2 18 0 Brown. Ewing (ord.; £1) _ 1 0 0 Colonial Sugar (£20) — 47 15 0 Consolidated Brick (£1) — 0 8 10 D.l.C. (ord.; 10s) 0 14 3 — D.I.C. (pref.; £1) .. 1 3 3 — Dominion Fertiliser (£1) 1 4 0 — Dominion Fertiliser (debs.) 102 0 0 — Dominion Rubber (£1) — 1 5 0 Donaghy’s Rope (£1) — 2 0 0 Stock Exchange Pty. (£1) — 2 6 oDunlop Perd. Rubber (£1) — 1 0 6 Felt and Textiles (£1) — 1 12 0 General Industries (12s 6d) — 0 18 8 G. J. Coles (£1) 4 1 0 4 2 0 Hume Pipe (£1) — 0 19 0 Milburn Llrne (£1) .. — 1 17 3 McKenzies Dept. Stores (£1) .. .. — 3 3 9 Moturoa Oil (5s) 0 5 .0 — Natl. Electric (£1) .. — 0 14 0 N.Z. Drug Co. (£2) .. a 7 3 — Farmers' Fertiliser (£1) 0 18 7 0 19 0 N.Z Paper Mills (£1) 1 0 0 — Regent Theatre (£1) 1 0 0 — Taranaki Oil (£1 4s 7d) 0 14 0 0 14 6 Wilsons Cement (10s) — n 16 9 Woolworths (ord.; 5s) — i 1 0 Woolworths (Syd,; ord.; 5s) — l 0 9 Woolworths (South Africa; 5s) .. .. 0 15 11 — Hays, Ltd 0 16 6 — BREWERIES N.Z. Breweries (£1) — ••2 2 3 Dominion (£1) — 1 17 3 Dunedin (rights) — 0 1 0 AUSTRALIAN MINING Broken Hill South (5s) 1 4 9 1 5 0 Electro. Zinc (pref.: £1) 1 19 0 2 1 0 Electro. Zinc (ord.: £1) — 1 16 0 Mount Lyell (£1) 1 2 6 1 2 9 Mount Morgan (2s 6d) 0 8 3 0 8 5 North Broken Hill (5s) — 1 16 0 Placer Developments 3 10 0 — Rawang Tin (10s) — 0 8 9 »♦ Ex dividend.

Buyer. Seller. £ s. d. £ s. d. A, and T. Burt (pref.; £1) 0 11 6 0 13 0 Blackball Creek (Is) 0 1 2 * — F.A.M.E. Ins. (prof.) .. — 1 0 G Reliable Loan ( £1) .. — 1 0 0 Reliable Loan (cont.; 10s) 0 10 0

", ' £ s. d. Stock, 1952-55, 4 p.c. (2) .. 102 0 0 Bay of Plenty Power Board, 0 1965. 44 p.c 10o 0 Mount Eden Borough, 19560 61, 44 p.c 104 10 Mount Eden Borough, 19535 58, 4} p.c 104 0 Bank of New Zealand 2 3 6 N.Z. Insurance 2 17 3’ Newton King (pref.) .. .. 0 8 11 Auckland Gas 1 0 6 Devonport Ferry .. .... 1 0 3 Anthony Hordern .. .. t) 1/ 2 Broken Hill Pty 2 18 3 Colonial Sugar 47 8 9 Electrolytic Zinc (pref.) .. Farmers’ Trading .. .. 2 0 6 1 1 0 Hill and Plummer .. .. 0 19 0 Moturoa Oil (2) .... 0 6 0 N.Z. Newspapers .. .. N.Z. Paper Mills .. .. 1 1 15 0 3 4J Taranaki Oil (2) .. .. .. 0 14 3 0 14 2 Woolworths (Syd.) .. .. 1 0 6 Woolworths Properties 0 (rights; 2), .. 3 8J (rights) 0 3 9 Unlisted Stocks Farmers’ Co-operative 8 0 Organisation (Hawera) .. 0 Coromandel Gold 0 1 2 WELLINGTON Sales on ’Change Taranaki Oil (late Wed.) .. 0 14 9 Moturoa Oil Cate Wed.) .. 0 5 8 Wellington Alluvials (late 0 10 Wed.) 5 Bond’s Hosiery Mills 0 15 0 New Zealand Breweries .. 2 13 0 Colonial Sugar 47 9 0 Moturoa Oil .. ■ 0 6 0 0 6 1 0 6 3 0 6 1 (2) 0 6 2 Taranaki Oil 0 14 5 0 14 4 (7) 0 14 3 Woolworths Rights (4) .. 0 3 10 Big River 0 1 0 Mount Lyell .. .. 1 2 6 1 2 8 CHRISTCHURCH Sales on ’Change Dalgety and Co. (2) .. .. 7 17 1 Goldsbrough, Mort (cum 6 div.) 1 9 (cum div.; 2) 1 6 8 N.Z. Refrigerating (10s pd.) 0 8 5 New Zealand Breweries (ex div.; 2) 2 1 3 British Tobacco (cum div.) 2 7 0 Dominion Builders (cum div.) 0 5 3 G. J. Coles 4 1 1 Taranaki Oilfields .. .. 0 14 4 (6) 0 14 3 (2) 0 14 2 Woolworths (Syd.; ord.; 3) Woolworths Properties 1 0 6 0 9 (rights; 2) 3 Broken Hijl South (ex div.) 1 4 9 Mount Lyell (cum div.) .. 1 2 4 (cum div.) 1 2 5 Mount Morgan (cum div.; 8 i 2) 0 (cum div.; 3) 0 8 21 Mount Morgan (pref.; 12s 13 pd.; 2) 0 4 Sales Reported Moturoa Oil .. .. 0 6 3 Wilcox Mofflin 0 5 6 Woolworths Properties 10 (rights) 0 3 PRICE OF FINE GOLD (United Press Association.) (By Electric Telegraph—Copyright) LONDON. June 15. £ s. d. June 15 7 0 8 June 14 7 0 8 June 13 7 0 61 June 10 7 0 7 June 9 .. 7 0 61 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

Paris— Far. BUG BY, Juno 15. June 14. Juno 15. Francs to £ 1 124.21 178 25-04 178 25-01 Brussels — Bellas to £1 30 20.245 29.215 Oslo— Kroner to £ 1 18.180 19.90 19.90 Stockholm— Kroner to £ 1 18.130 19.395 19.395 Copenhagen— Kroner to £1 18.150 22.40 22.40 Berlin— Marks to £ 1 20.31 12.815 12.305 Montreal — Dollars to £ I 4.80 2-3 6.028 6.023 New York — Dollars to £1 4.86 2-3 4.90S 4.97 9-16 Yokohama— Fence to yen 34,582 14 14 Hongkong— Fence to dollar ■ 24.58 14 15-16 14 1 5-10 Bombay— Fence to rupee 17 13-18 17 25-32 Batavia — Florins to £ 1 12.10 8.945 8.945 Milan— Lire to £ 1 82.46 013 945 Amsterdam— Guilder to £1 12.10? 8.96 8.955 Prague— Kroner to £ 1 10 4 i 142 13-10 1122 GenevaFrancs to £ 1 25.225 21.00 £1.645 Vienna — Schillings to £1 84.865 2C| 265 Helsingfors— Marks to £ 1 193.23 2203 2263 Madrid— Pesetas to £1 25.225 Belgrade— Dinars to £ 1 25.225 218 218 Athens— Drachmas to £1 375 5474 5475 Lisbon— Escudos to £1 110 1105 1103 Bucharest — Lcl to £1 931.6 6725 0725 Ulo.de Janeiro — Fence to m’lrcis .. 6.890 2 13-16 2 13-16 Buenos Aires— Pence to pesos 47.22 19.02 18.99 Shanghai— Fence to tael 8S 81 Montevideo— Fence to pesos — 20 20 Warsaw — Zlotys to £1 - 26,23 26.23

London — £1 N.Z. to £100 stg 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/O.D. 101 100/10/FIJI— £ F. to £100 N.Z. T.T. 90/7/6 89 O.D. 90/7/6 86 Now York — Dollars to £ N.Z. T.T. 4.0190 3.9845 O.D. 4.0290 3.9885 Montreal — Dollars to fi N.Z. T.T. 4.0649 4.0324 O.D. 4.0709 4.0364 Belgium— Belgas to £ N.Z T.T. 23.671 23.301 O.D. 23.716 J.3 < 2 Czechoslovakia — Crowns to £ N.Z. T.T. 118.77 O.D. — 118.82 Denmark— Kroner to £ N.Z. T.T. 18.203 17.893 O.D. 18.263 17.899 Finland— Marks to £ N.Z. T.T. 1SH.49 179.69 O.D. 183.89 179.79 France — Francs to £ N.Z. T.T. 141.59 O.D. — 141.03 Germany— Reichsmarks to £ N.Z T.T. 9.814 O.D. *— 9.819 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 7.354 Italy— Lire to fi N.Z. T.T. 75.81 O.D. — 75.86 Java— Florins to £ N.Z. T.T. 7.279 7.129 O.D. 7.319 7.133 Norway— Kroner to £ N.Z. T.T, 16.182 15.892 O.D. 10.242 15.808 Noumea— Francs to £> N.Z. T.T. 140.31 O.D. — 140.38 Papeete— Francs to £ N.Z. T.T. 140.39 O.D. — 140.43 Sweden — Kroner to £ N.Z. T.T, 15.785 15.490 O.D. 15.845 15.406 Switzerland— Francs to fi N.Z. T.T. 17.669 17.299 O.D. 17.674 17.304 Chefoo— N.Z. pence to 1 dollar T.T. O.D. — — Hongkong— N.Z. pence to 1 dollar .. .. T.T. 183 18* O.D. 18 11-32 183 India and Ceylon— N.Z. pence to 1 rupee t,T, Ot> 22 9-32 O.D. 21 31-32 22 9-32 Japan — N.Z. pence to 1 yen .. • ■ T.T. 17 9-16 O.D. — 17 9-10 Manila— N.Z. pence to 1 peso T.T. 29 49-64 30 17-04 O.D. 29 43-64 30 17-61 Shanghai— N.Z. pence to 1 dollar T.T. ,, , O.D. — — Singapore— N.Z. ponce to 1 dollar T.T. 34 19-64 ; 34 25-32 O.D 34 13-64 34 2o-32 All rates subject to alteration without notice.

Ton Copper, spot .. .. £33 19 4«/ a Rise £0 0 3 Copper, forward 34 3 1 \ 2 Rise 0 5 0 Electrolytic, spot 38 10 0 Rise 0 10 0 Electrolytic, forward.. 39 0 0 No change Wire bar, 39 0 0 No change Lead, spot 13 6 10'/, Rise O 0 I' Load, forward .. .. 13 6 10'/, No change Spelter, spot .. .. 12 6 10'. 2 Fall 0 1 3 Spelter, forward 12 10 7'/, Fall 0 1 3 Tin. spot 171 7 6 Rite 1 5 0 Tin. forward .. .. 172 2 0 Rise 1 2 6 0 z. Silver, itandard I8%d Rise '/«d Silver, lino .. .. .. ■ 2oy d Rise '/ad

General Dividend March 31 Reserves Net Profit £ £ p.e. 1934 .. 128,135 70,821 7 1935 .. 129,512 77,830 7 193(5 .. 132,994 85,402 7J 1937 .. 140,710 100,559 8i 1938 .. 195,401 138,098 8i

Profit Boer Duty Ratio £ £ p.C. 1034 .. 551,035 474,214 80.06 1935 .. 504,857 487,021 86.22 1930 .. 591,082 508,080 85.02 1937 .. 717,409 016,850 85.98 1933 .. 837,007 098,909 83.44