COMMERCE AND FINANCE

Otago Daily Times, Issue 23529, 18 June 1938, Page 10

COMMERCE AND FINANCE

LOCAL AND OVERSEAS MARKETS

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 SPECULATIVE INTEREST BRIGHTENS TRADING TARANAKI OILFIELDS FINISH EASIER Although there has been increased activity on the Dunedin Stock Exchange during the period under review, it has not been because of an improvement in the general trend of the market. Trading has certainly been more brisk, but this is accounted for by a return of speculative interest, which has resulted in some keen competition for metal and oil shares. Metals have experienced an almost consistent downward trend again, and trading was done at fairly cheap prices. It has been stated by investment authorities that there is no evidence at the present time to indicate a revival of brighter conditions than those at present being experienced by stock markets throughout the world. To say the least, this cannot be regarded as an optimistic forecast, but an American financier goes one better by saying that markets are swinging back to the days of 1932, when activity was practically at a standstill. In common with other exchanges throughout New Zealand and Australia, the past week has been an outstanding one for the interest displayed in oil shares, the speculative investor making a reappearance to do some keen buying. Despite the drop in values for metals, Australian mining shares continued to receive good attention. but all transactions—and they represented a fair percentage of the sales list—were at a sliding scale of prices. Front-rank Commonwealth industrials experienced a spasmodic demand, but here again the trend was easier when the market closed. Of the 70 odd sales put through for the period, Australian mining ventures accounted for 30. while Moturoa and Taranaki Oilfields had 13 transactions altogether. It was pointed out last week that price levels for Taranaki Oils might go higher, but It was also mentioned that investors were more or less groping in the dark until some results of boring operations came to hand. On Thursday the shares commenced to lose ground, and when the market closed they had dropped to a final market between 13s and 13s lid. FIXED-TERM SECURITIES A pronounced slackening in the demand for Government Loans was evidenced throughout the period, and business was confined to two' transactions, a sale of 4 per cent. Stock, 1943-46, at £lO3 and one of 4 per cent. Stock, 1952-55, at £lO4 2s 6d. Sellers made slight concessions in an endeavour to meet the market, but buyers refused to be drawn.

SUBDUED INQUIRY FOR BANKS It was a poor week for banks, but one bright spot was provided by the advance in National Banks of New Zealand, which were marked up by Is Cd when the market closed. There was no response to buyers’ oflers of £2 14s, however. After payment of a final dividend of Is per share, Bank of New Zealands settled down to a steady market between £2 3s 3d and £2 3s 9d. Scant interest was shown in Commonwealth houses, but Commercials (10s paid) improved slightly to have dealings at 15s lid and 16s. QUIET TREND IN INDUSTRIALS The most actively traded Commonwealth industrial shares were fairly well supported at most of the callovers, but actual losses were more numerous than slight gains. Broken Hill Proprietaries reflected the weakness of the metals market to a marked degree, and their seven dealings were recorded at prices ranging from £2 18s 6d down to £2 17s, a further easing being apparent at the close. G. J. Coles were somewhat erratic, and, after sales at from £4 Is 9d to 6d below that figure, they finished with unsatisfied sellers at £4 2s. Sydney Woolworths were fairly steady at around £1 Os 6d, but Anthony Horderns, British Tobaccos, Australian Glass, and Felt and Textiles shares all recorded losses. TARANAKI OILS LOSE GROUND After selling at up to 14s 9d on the local market, Taranaki Oilfields started to lose ground on Thursday, and when the market closed interest among buyers was poor. In contrast to the drop in Taranaki Oils. Moturoas (ordinary) revealed a steady improvement. Sales were made at from 5s 3d to 5s lid, with final buyers offering 6s and sellers wanting 4d more. Mort’s Dock, another share in the low-priced division, reached the sales list after a long absence, a buyer being supplied at 10s lOd. The operations of this company have been more pronounced of recent weeks. Apart from an odd sale of New Zealand Paper Mills and one of Wilsons Cement, the latter being at an easier price. Dominion shares did not result in any display of enthusiasm. McKenzies Department Stores were definitely easier on vendors’ quotations. FALL IN METAL SHARES Until the week was well under way the attitude of buyers towards leading base metal shares was one of caution. Later, however, investors appeared to welcome the cheap prices ruling, and some good trading resulted. Mount Morgans led the way in trading, nine parcels being, disposed of at from 8s 4d down to 8s 2d, but when the market closed buyers were prepared to do business at 8s sd, sellers wanting 7d more. Broken Hill Souths were fairly active also, but after selling at up to £1 6s lOd (cum div.), they fell a\vay to sales at £1 4s 6d (ex div.). North Brokens developed fresh weakness and fell to business at the extremely low level of £1 15s, and Mount Lyells, after dealings at £1 2s 6d and £1 2s 7d, finished with a margin of Is separating the closing quotations. Ordinary Electrolytic Zincs fell to a sale at £1 15s 6d. YESTERDAY’S TRANSACTIONS Sales on ’Change Morning Call £ s. d. Commercial Bank 0 15 11

NORTHERN EXCHANGES

AUCKLAND

WELLINGTON

CHRISTCHURCH Sales on ’Change

DIVIDENDS PAYABLE The following is a list of shares on which dividends will shortly be Dayable:— Kauri Timber—lnterim at 5 per cent, per annum .. .. To-day Trustees, Executors and Agency, Ltd., DunedinFinal 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 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 Woolworths (N.Z.)—Ord., 5 per cent July 15 Mount Morgan—3d per share July 20 BRADFORD MARKET * (By Electric Telegraph—Copyright) (United Press Association) LONDON. June 16. The Bradford market is very quiet, users adopting a waiting policy. Merinos: 70’s. 26Jd; 64’s, 25d; 60’s, 24d. Crossbreds: 58’s, 21£d; 56’s, 19£d; 50’s. 17d; 46’s. 16£d (nominal); 44’s, 16Jd (nominal).

DUNEDIN MARKETS

LONDON STOCK EXCHANGE (United Press Association)

BANK OF ENGLAND RETURN (By Electric Telegraph—Copyright) (United Press Association) LONDON, June 16. The following is the Bank of England return: — ISSUE DEPARTMENT Note issue in circulation £485,700,000 Bank department .. .. 40,700,000 Government securities .. 189,000,000 Other securities .... Silver coin BANKING DEPARTMENT Rest 3,300,000 Public deposits .. .. 11,600,000 Bankers’ deposits .. .. 109,100,000 Other amounts 43,200.000 Government securities .. 114,400,000 Discounts and advances 5,600,000 Other securities .. .. 20,100,000 Notes and coin 41,600,000 Aatio of reserve to liabilities is 25.34 per cent. The Bank of England discount rate remains unchanged at 2 per cent. BRITISH DEFENCE LOAN ALREADY AT A PREMIUM (By Electric Telegraph—Copyright) (United Press Association) LONDON. June 16. The national defence loan opened at 2s 6d to 5s premium. Applicants for £SOOO and under were given their full allotment, but those over £SOOO were given 66 per cent, of their reauirements. BEET SUGAR * (United Press Association) (By Electric Telegraph—Copyright) LONDON, June 16, Beet sugar, 5s 2{d. WHEAT AND FLOUR (United Press Association) (By Electric Telegraph—Copyright) LONDON, June 16. Wheat cargoes are barely steady. Parcels are quiet. Futures: London— August, 365; November, 30s 4id. Liverpool—July, 6s 6id; October, 5s Hid; December, 5s lOgd. The spot trade is steady. Australian, ex ship, 34s to 365. Flour is Arm. Australian, ex store, 24s 6d to 255. Chicago futures: July, 79i cents per bushel; September, 80i; December, Bit. MOUNT LYELL SHARES (United Press Association) (Bv Electric Telegraph—Copyright) LONDON, June 16. Mount Lyell shares are quoted at 16s IOJd. PRICE OF FINE GOLD (United Press Association) (By Electric Telegraph—Copyright) LONDON. June 16. £ s. d.

FOREIGN EXCHANGES

WHEAT, OATS, ETC Few, if any, transactions are taking place in the milling wheat market, as there is now not much wheat of this quality held by farmers. The heavy rains experienced at the end of last week will seriously interfere with sowing operations in the South Island, but the weather has now taken up again, and farmers should be able to continue sowing. Farmers are anxious to sow wheat, and the position from now on will be governed by the weather conditions. The fowl wheat market is unchanged. Ample stocks are available in South Canterbury, and lines are also corning on the market from Southland. Merchants are not prepared to stock up to any extent, preferring to await developments. Wholesale values remain unchanged at 6s 3d to 6s 6d per bushel, sacks extra, ex store. Wholesale prices are as follows: — Flour. —200’s. £l3 15s 6d; 100’s, £l4 12 s 6d; 50s. £l4 17 s 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 is very dull, practically no business going through. Millers are still keeping off the market, and there is an absence of orders from the North Island for feed purposes. The stocks in the stores are, however, not heavy, and merchants are content to hold their supplies in the hope that the market will improve. There is no change in the quotations, which are on a basis of 3s sd. f.0.b., s.i., for A Cartons, and 3s 2d. f.0.b., s.i.. for B’s. These prices are equivalent to 2s 9d, sacks extra, on trucks, country sidings, and 2s 5d respectively. CHAFF AND POTATOES The demand for chaff is on the small side, and it is confined to good lines, ex the stores. It is the exception for a line of any dimensions to change hands. Good bright chaff is difficult to obtain, and supplies of this quality in Canterbury are limited. Values are unchanged at £6 5s per ton, sacks extra, ex the store. The future of the potato market remains uncertain. The Government has announced that it is prepared to look into the position, but what, if any action it may be able to take, is difficult to indicate. The only outside market which New Zealand apparently can look to is South America, but the values ruling there at the present time quite preclude any chance of potatoes being exported to that country. The yields of potatoes in the Dominion are quite good, and there are more potatoes available than the markets can absorb. Values are now so low in the country that growers are not inclined to sell. The announcement that the Government was prepared to assist in an endeavour to clear some of the surplifs slocks caused a better tone in the market, but this firming has since disappeared. The nominal quotation for best quality whites is £4 per ton, ex store, with King Edwards, which are not plentiful, selling at a higher price. SEED MARKETS UNCHANGED The seed markets are experiencing a quiet period. Stocks of all lines are in small compass, and it is not expected that there will be much demand until spring sowing commences. The certified and ordinary ryegrass market is unchanged, and the same position applies to cocksfoot. White clover is scarce, with the market steady at the recent advance in price. Little business is going through in cowgrass, and the quantity of Chewing’s fesque nowavailable in the country is limited. The crested dogstail market has been inclined to weaken, as the demand has fallen off. The brown-top market is also quiet, and the prices to growers have been reduced during the past fortnight. Wholesale prices are as follows: — Chaff. —Good bright oaten sheaf, £6 per ton, ex truck; £6 5s ex store. Potatoes-Whites. £4 per ton. ex store; King Edwards, to £5. Dairy Butter.—Milled bulk, lOd per lb; separator. lOd per lb. Supplies wanted. Bacon, Is 2d per lb. Hams, Is 2d per lb; boneless, Is 4d. Eggs.—Stamped, 2s; pullets, Is 9d; case, Is lid. Canterbury onions, to 16s per cwt. Market firm, with supplies getting into short compasss. Lard.—Bulk, 8d per lb. Honey.—Bulk, 6|d to 7d per lb. FRUIT AND VEGETABLES The shipment of South Australian navel oranges which was landed ex the Waitaki during the week has now been practically all sold out at th? marts. There were about 3000 cases in the shipment, and it was distributed between Dunedin, Oamaru, and Timaru. The steamer was delayed on the New Zealand coast by bad weather, and she is not due here on her next trip from Melbourne until July 5. Another shipment of Island oranges is due here also on or about July 5. A small shipment of bananas will ax-rive here towards the end of next week. The bananas will be transhipped at Auckland ex the Matua. A fairly good clearance of apples has been effected at the marts during the week. Low prices have had to be accepted to make sales. The arrivals from Nelson and Central Otago have cased off a little during the week Extra fancy Jonathans are realising higher prices, but Delicious and Stunners are slow of sale. Cookers are in good SU Dessert pears, mainly Winter Nelis, are offering at low prices. The keeping quality of most lines is not good. New Zealand-grown lemons are in fair supply and Californian still realise high prices. All future shipments of Californian lemons and grapefruit are to be controlled by the Internal Marketing Department. Local importers will not be sorry to have the control of these fruits taken out of their hands, as in the past this business has not proved very satisfactory. Cauliflowers are stil realising high quality cabbages have a better demand. , , Lettuce have been In good supply. The cold weather is affecting the demand. Choice quality spinach firmed in price during the week. Small bunches are, however, offering at low prices. Leeks, celery, carrots, parsnips, and swedes are all in fair supply. Wholesale prices are as follows: Apples.—Delicious, 4s to 6s per case; Jonathans, to 8s 6d; Sturmers. 4s to 6s; cookers, 4s to ss; inferior dessen and cooking, 2s to 3s. 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 Oranges. —South Australian, 14s to 20s per case, according to count. Poorman oranges, 8s to 10s per case. Lemons. —Californian, to 55s per case. Bananas.— Ripe, 16s to 17s Od per Choice, 10s to 10s 6d per sack: others. 2s 6d to 4s. Cabbage.—Choice Savoys, 2s bd to 5s per sack. Swedes, to Is 6d per sugar bag. Celery, to 8d per bunch. Marrows. 5s to 7s per cwt. Pumpkins. 7s to 9s per cwt. Carrots, to 2s 6d per sugar bag. Parsnips, to 3s 6d per sugar bag. Lettuce. Is to 2s per dozen; extra choice. 4s per dozen. Spinach, Is to Is 3d per dozen bunches: extra choice, to 2s 3d. Leeks, 4d per bunch.

(British Official Wireless) (United Press Association) (By Electric Telegraph Copyright) RUGBY, June 16. p ftr | g _ par. Juno 15. June 16. Francs to £1 124.21 118 25-64 178 25-32

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 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 .. .. 3.981 4.02 9-16 OD .. .. 3.99 4.02 15-16 Bt SS i: .... 4.02 J 4.07 LONDON METAL MARKET (United Press Association) (By Electric Telegraph—Copyright) LONDON, iuns 18. The followlnp ore the official metal quotation!:— Ton Copper, ipot .. .. £33 15 V/t Fall « * * Copper, forward •• 34 0 0 Fall 0 5 I'/, Electrolytic, ipot .. 35 5 0 Fall 0 5 0 Electrolytic, forward.. 39 0 0 No ehanpe Wj re b sr , 39 0 0 No ehanpe Lead, .pot 13 9 4'/, Rl«» 0 2 0 Load, forward .. .. 13 10 7'/i Riio 0 3 9 Spelter, tpot .... 12 8 I'/a Rl* e 0 I 8 Spelter, forward .. 12 13 11/,I 1 /, Rl*e 02 6 Tin, ipot 173 17 6 Rile 2ID 0 Tin, forward .. .. 174 12 6 Rile 210 0 Oz. Silver, ilandord .. IB 13-16(1 Fall 1-lßd Silver, fine 20 6-IBd Fall I-I6d « HIDE SALE SLACKNESS IN MARKET Messrs Waters, Ritchie and Co.. Ltd., report as follows: — « We held our monthly sale on Thursday. Tanners and exporters were in full attendance when we submitted our catalogue of 2418 hides and yearlings, and also 282 calfskins. Owing to the continuance of slackness in overseas business, exporters’ interests were very limited. Cows of all weights were Id to id lower. Ox showed declines varying from id to 3d per lb. Heavy substance ox, which have been selling at extreme prices, were in most cases Id to lid per lb lower. Calfskin prices remained firm, but yearlings were lower by id to id per lb. BUTTER AND CHEESE (United Press Association) (Bv Electric Telegraph—Copyright) LONDON, June 16. Butter is steady. Danish, 1235. Choicest salted New Zealand, 120 s; Australian, 118 s. Unsalted: New Zealand, 1225; Australian, 120 s. Cheese is quiet. New Zealand, white and coloured, 07s to 67s 6d; Australian, 66s-

SHARE QUOTATIONS (United Press Association) (By Electric Telegraph—Copyright) LONDON, June 16. Share quotations: Clutha River — buyers Is 7Jd, sellers Is 10Jd; Molyneux—buyers Is IJd, sellers Is 4Jd. DOLLAR AND FRANC LONDON. June 10. Exchange on New York is quoted at 4.97 i dollars to the £, and on Paris at 178.1 francs. CITY PROPERTY SALES Alex. Macdonald reports the sale of the following properties during the wee k:—No. 518 Main South road, account J. Deans, brick bungalow, to R. Mathewson; account Perpetual Trustees and Agency, eight-roomed residence, 33 Royal terrace, to Mr Taylor (Oamaru); account Linwood Investment Company, sections 11. 12, 13, 14, 15, 16, Mount Mera. to the Lands Department: account T. H. North, 238 Bay View road, brick bungalow, to M. T. Hughes. The total sales amount to £4675. BALCLUTHA STOCK SALE smallTardings There were small yardings in every section at the stock sale held at Balclutha yesterday, but the sale was a good one. In the fat sheep pens best wethers sold at from 27s to 335; light wethers, 20s to 255; best ewes, 20s to 28s 6d; light ewes, 13s to 16s; best lambs, 17s to 21s; light and unfinished, 11s to 13s. The entry of store sheep was a small one. Ewe lambs sold at 23s 3d; wether lambs, 10s 4d to 13s; failingmouthed ewes, 8s 6d; store wethers, 21s 2d. Fat Cattle.—Fat cows (best) sold at from £6 to £8 12s; light and inferior, £3 10s to £5; best heifers, to £6. Store Cattle.—Eighteen-months to two-year steers, £4 3s; 15-month steers, to £3. Dairy cows sold at from £4 to £8 15s. Pigs.—A small yarding was forward. Best suckers sold at from 15s to 17s Rd; smaller sucker*, 10* to 14a.

NEW ZEALAND MEAT RETAIL PRICES IN LONDON The New Zealand Meat Producers’ Board has been advised by its London office that the following retail pnces were being quoted for New Zealand lamb and mutton retailed In London during May, 1938. These prices represent a fair average of the prices quoted by the better class shops m London for the best quality of New Zealand lamb and mutton. New Zealand Lamb Per lb.

£ s. d 4 per cent. Stock, 1943-46 .. .. 103 0 0 4 per cent. Stock, 1952-55 .. .. 104 2 6 Nokomai Gold 0 1 8 Sandhills (cum div.) 0 0 3 Bank of New Zealand (cum dlv.) .. .. 2 4 10 Commercial Bank .. 0 15 11 4 . 0 16 0 Brltlih Tobacco 2 7 3 2 7 6 New Zealand Refrigerating (cont.) 0 8 5 (paid) 0 18 6 Broken Hill Proprietary (2) .. 2 18 6 (2) 2 18 3 2 18 1 2 17 9 2 17 0 O. 3. Colei 4 I 9 4 1 8 4 1 3 Mort Dock 0 10 10 Moturoa Oil (ord.) .. •• .. 0 5 3 0 8 5 0 5 5] (2) 0 5 6 (2) 0 5 7 0 6 9 (2) 0 5 11 N.Z. Paper Mills 1 0 6 Taranaki Oil Fields 0 14 » 0 14 8 0 14 6 Wilsons Cement 0 16 2 Wool worths (Sydney: ord.) .. 1 0 8 Dunedin Breweries (rights: 2) 0 0 6 New Zealand Breweries .. .. 2 2 11 Broken Hill South (cum dlv.) 1 6 0 1 6 10 (2) 1 6 5 Broken Hill South (e;r dlv.) .. 1 S 0 (2) 1 4 fi Electrolytic Zinc (ord.) .. .. 1 15 6 Mount Morgan (5) 0 8 4 (2) 0 8 3 (2) 0 8 2 Mount Lyell 1 2 7 (2) 1 2 6; North Broken Hill (2) .. .. 1 18 0 1 19 0 Woolworths Properties (rights; 5) 0 3 9 0 3 fl

" Afternoon Call N.Z. Refrigerating (cont.) 0 8 8 Broken Hill Proprietary .. 2 17 0 Sales Reported Nokomal Gold 0 1 8 Commercial Bank 0 16 0 N.Z. Paper Mills ■ 1 0 6 N.Z. Refrigerating (paid) .. 0 18 6 Wlisona Cement 0 10 2 Dunedin Breweries (rights) 0 0 6 Mount Lyell .. .... .. 1 2 6 Woolworths Properties (rights) 0 3 9 Sales Reported After Last Call Broken Hill South (2) 1 4 6 Mount Lyell 1 2 6 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. £ *. d. 31 p.c. Stock, Nov.. 1930-52 — 102 0 0 3i p.c. Stock, Sept., 1939-43 — 100 S 6 31 p.c. Stock, May, 1939-52 — 102 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. Stock, 1943-46.. — 103 0 0 4 p.c. Stock. 1946-49.. — 103 0 0 4 p.c. Bonds, 1952-55.. — 102 10 0 4 p.c. Stock, x952-55.. 101 10 0 102 10 0 31 p.c. Bonds. 1953-37.. 97 10 0 — MINING Big River (1) ..... — 0 1 1 Clutha River (2s) .. 0 2 0 0 2 6 Gillespie’s Beach (Is) — 0 0 10J Molyneux River (2s).. 0 1 3 0 2 6 Nokomai (5s) .. .. 0 1 0 0 1 8 Sandhills (Is) .. .. 0 0 1 — Walpapa Beach (Is) .. — 0 0 1 Waitahu (5s) .... 0 0 8 — BANKING A’asia (£5) — 9 16 0 N.S.W. (£20) .... — 31 15 0 N.Z. (£1) 2 3 3 2 3 9 • N.Z. Long D; £1) .. 19 3 — Commercial (10s) .. — 0 16 0 Commercial of Sydney (£12 10s) .. .. — 20 15 0 E.S. and A. (£3) .. — 4 17 6 Natl, of N.Z. (£2 10s) 2 14 0 — Union (£5) 8 3 0 8 10 0 INSURANCE National (7s) .... — 0 17 10 Standard (£1) .... — 2 17 6 SHIPPING Huddart, Parker (ord.; £1) 2 4 6 — Huddart, Parker (pref.: £1) 18 3 P. and O. Def. Stock (£1) 14 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 4 0 8 6 South Otago Freezing (£5) - 5 11 0 GAS Christchurch (£1) .. 17 0 — WOOLLEN COMPANIES Bond's Hosiery (£1) — 0 16 8 Bruce (ord.; £1) .. 0 5 0 — Bruce (pref,; £1) .. — 1 1 3 LOAN AND AGENCV Dalgety and Co. (£5) — 8 0 0 Goldsbrough. Mort (£1) 16 0 1 7 0 Natl. Mortgage (£2) 2 3 0 2 6 6 N.Z. Loan and M. (ord.; £100) .... — 38 0 0 N.Z Guarantee Corp. <3s) 0 4 7 Otago Farmers (3s 4d) 0 2 9 0 3 6 Perpetual Trustees (10s) — 3 0 0 Wright, Stephenson (pref.: £1) .... — 1 1 0 COAL Westport (10s) .. .. 14 0 — Westport - Stockton (ord.; 10s) .. .. 0 3 3 0 3 6 Westport - Stockton (pref.; 10s) .. 0 6 5 “

MISCELLANEOUS Anthony Hordern (£1) 0 16 6 0 17 8 Aust. Foundation Trust 0 4 0 0 4 8 Australian Glass (£1) — 4 13 0 British Tobacco (£1) — 2 7 6 Broken Hill Propy. (£1) 2 16 9 3 17 3 Broken Hill Propy. (cont.; 10s) .. .. — 1 15 6 Brown, Ewing lord.; £1) — 1 0 0 ’Colonial Sugar (£20) — 47 5 0 Consolidated Brick (£1) — 0 8 9 D.I.C. (ord.; 10s) 0 14 3 — D.I.C. (pref.; £1) .. 1 3 3 Dominion Fertiliser (£1) 1 4 4 — Dominion Fertiliser (debs.) 102 0 0 — Dominion Rubber (£ 1) — 1 5 0 Donaghy’s Hope (£1) — 2 5 6 Stock Exchange Pty. (£1) — 2 5 6 Dunlop Perd. Rubber (£1) — I 0 6 Felt and Textiles (£1) — 1 10 9 General Industries (12s 6d) — 0 18 6 G, J. Coles (£1) — 4 2 0 Hume Pipe (£1) — 0 19 3 Milburn Lime (£1) .. 1 16 8 1 17 3 McKenzies Dept. Stores (£1) .. .. 2 19 0 3 3 9 Moturoa Oil (5s) 0 6 0 0 6 4 Natl. Electric (£1) .. — 0 13 9 N.Z. Drug Co. (£2) .. 3 7 6 — Farmers’ Fertiliser (£1) 0 18 8 0 19 0 N.Z. Paper Mills (£D 1 0 3 — Otago Daily Times (£1) — 2 7 0 Regent Theatre (£1) 1 0 0 — Taranaki Oil (£1 4s 7d) 0 13 0 0 13 11 Wilsons Cement (10s) — 0 16 6 Woolworths (ord,; 5s) — 1 1 0 Woolworths (Syd.; ord.; 5s) 1 0 6 1 0 9 Woolworths (South Africa; 5s) .. .. 0 15 11 — Hays, Ltd 0 16 9 — BREWERIES N.Z. Breweries (£1) *•2 0 9 2 2 0 Dominion (£1) — 1 17 3 Dunedin (£1) .. .. — 1 9 0 Dunedin (rights) — 0 1 0 AUSTRALIAN MINING Austral. N.Z. Mining ., — 1 3 0 Broken Hill South (5s) 1 4 4 1 4 7 Electro Zinc (pref.; £1) — 2 1 0 Electro. Zinc (ord.; £1) — 1 16 0 Mount Lyell (£1) X 2 0 1 3 0 Mount Morgan (2s 6d) 0 8 5 0 9 0 North Broken Hill (5s) 1 15 0 1 16 3 Placer Developments 3 11 0 — Rawing Tin (10s) — 0 8 S •• Ex dividend. UNLISTED STOCKS All stocks in this section are not quoted on the official list, and transactions are subject to a different rate of brokerage.'— Buyer, Seller. £ s. d. £ 8. d. A. and T. Burt (pref.; £1) 0 11 6 0 13 0 Blackball Creek 0 1 2 0 i 6 Security Finance (£1) 0 8 0 0 10 9 F.A.M.E. Ins. (pref.) .. 1 0 6 Reliable Loan (£1) .. 1 0 0 Reliable Loan (cont; 10s) — 0 10 0

Sales on ’Change £ a. d. Bonds, 1946-49, 4 p.c 102 10 0 Auckland City Council, 1944-67, 4.1 p.c 103 10 0 National Bank of N.Z. 2 15 0 Bank of New South Wales 31 10 0 New Zealand Insurance .. 2 17 3 Auckland Gas 1 0 6 Northern Steam (paid) 0 4 4 Colonial Sugar 47 7 6 47 5 0 47 2 6 Electrolytic Zinc (pref.) 2 2 0 o 2 o Hill and Plummer .. .. 0 19 0 Moturoa Oil 0 6 2 0 6 1 0 6 0 0 6 1 Taranaki Oil 0 14 3 0 14 4 (2) 0 14 0 Wilsons Cement 0 16 4.V 0 16 4 Woolworths Properties (rights) 0 3 8 0 3 9 0 3 7 0 3 8 Mount Morgan 0 8 4 0 8 5 (2) 0 8 6 Mount Morgan (pref.) 0 13 4 Mount Lyell 1 2 7

Sales on ’Change Dalgety and Co. (late Thursday) 7 17 6 Goldsbrough, Mort (late Thursday) 1 6 10J Taranaki Oil (late Thursday) .. .. 0 14 3 Woohvorths (rights; late Thursday; 2) 0 3 8 Maori Gully (late Thursday) 0 0 5 Dalgetv and Co 7 17 6 Kauri Timber (2) 1 1 3 Bankers and Traders’ Insurance 1 11 10i New Zealand Breweries .. 2 1 3 Broken Hill Pty N.Z, Farmers’ Fertiliser .. 2 17 n 0 18 6 Motoroa Oil 0 6 3 Taranaki Oil 0 14 0 Wilsons Cement 0 16 3 Mount Lyell 1 2 4

Westport-Stockton Coal .. 0 o 3 3 5 0 New Zealand Breweries .. 2 1 3 Broken Hill Pty. (3) .. .. 2 17 3 2 16 9 Colonial Sugar 47 0 0 G. J. Coles 4 0 10 Taranaki Oilfields .. • • 0 13 11 (2) 0 13 10 Wilcox Mofflin 0 5 5 Woolworths Properties (rights) 0 3 9 (2) 0 3 8 Skippers, Ltd 0 0 0:! Broken Hill South .. .. 1 4 0 Mount Lyell (cum div.; 2) 1 2 3 (2) 1 2 6 Mount Morgan (cum div.) 0 8 3i 0 8 4 North Broken Hill (cum div.; 2) 1 15 8 Sales Reported Taranaki Oilfields .. .. 0 14 0

(By Electric Telegraph —Copyright) LONDON. June 16 June 9. June 16. British— £ s. d. £ s. d. Consols 75 0 0 74 10 0 Funding Loan, 4 p.c. 113 10 0 113 5 0 War Loan, 3J p.c. .. 102 0 0 101 15 0 Con. Loan, 31 p.c. .. 102 15 0 102 10 0 Victory Bonds, 4 p.c. 111 10 0 111 10 0 Commonweal ih — *5 p.c., 1945-75 .. .. 105 11 3 105 0 0 4 p.c., 1943-43 .. .. 101 18 9 101 11 3 33 p.c., 1948-53 .. .. 98 18 9 93 5 0 3j p.c., 1956-61 .. .. 90 18 9 90 7 6 3 p.c., 1955-58 .. .. 88 7 6 88 1 3 New South Wales— *4J p.c.. 1935-43 .. .. 96 15 0 96 1 6 Victoria — *3 p.c., 1929-40 .. .. 93 12 6 93 11 3 •43 p.c., 1940-60 .. .. 102 0 0 101 17 6 5 p.c., 1945-75 .. .. 105 5 0 104 16 3 Queensland— •3 p.c., 1932-47 .. .. 95 12 6 95 5 0 5 p.c., 1940-60 .. .. 103 13 9 103 13 9 South Australia— •4 p.c., 1942-62 .. .. 105 5 0 104 15 0 •3 p.c,, 1918 or after 75 5 0 75 3 9 Western Australia— •4 p.c., 1942-64 .. .. 100 3 9 99 15 0 Tasmania— •3J p.c., 1929-40 .. .. 101 11 3 100 18 9 ♦4 p.c., 1940-50 .. .. 100 10 0 100 7 6 New Zealand — 4i p.c., 1948-58 .. .. 100 5 0 99 12 6 3j p.c., 1940 .. .. 98 13 9 98 0 3 3 p.c., 1945 .. .. 93 •Ex div. 2 6 91 15 0

June 16 .. .. 7 0 10 June 15 .. .. 7 0 8 June 14 .. .. 7 0 8 June 13 0 (H June 10 .. .. 7 0 V June 9 .. .. 7 0 8J 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

Brussels— Bellas to £ 1 30 29.214 29.201 Oslo — Kroner to £1 18.180 10.90 19.90 Stockholm — Kroner to £ 1 18.130 19.30} 19.391 Copenhagen— Kroner to £ I 18.150 22.40 22.40 Berlin— Marks to £1 20.34 12.304 12.301 Montreal— Dollars to £ 1 4.80 2-3 5.02J 5.02 B New York — Dollars to £1 4.86 2-3 4.97 9-16 4.971 Yokohama— J’ence to yen 34.582 14 14 Hongkong— Pence lo dollar 21.58 11 15-16 11 ’516 Bombay— Pence to rupee 17 25-32 17 25-: 32 Batavia — Florins to £ 1 12.10 8.9 4 J 8.94J Milan— Lire to £ 1 82.46 94} 94 716 Amsterdam— Guilder to £ 1 12.107 8.951 8.96 Prague— Kroner to £ 1 104 J 1425 142 1116 GenevaFrancs to £ 1 25.224 21.641 21.645 Vienna— Schillings to £1 84.864 261 261 Helsingfors— Marks lo £ 1 193.28 226J 2X61 Madrid— Pesetas to £ 1 25.224 _ Belgrade— Dinars to £1 25.224 218 218 Athens — Drachmas to £1 875 5471 5471 Lisbon— Escudos to £1 110 1101 1101 Bucharest— Lei to £1 031.6 672} 67X1 Rio de Janeiro — Pence to milrels .. 5.890 X 13-19 2 1316 Buenos Aires — Pence to pesos 47.22 18.09 18.981 Shanghai— Pence to tael 89 «i Montevideo— Pence to pesos _ SO 20 Warsaw— Zlotys to £1 — 16,28 20.28

Buying. Selling. London— £1 N.Z. to £100 ste T.T. 124 124/10/O.D. 123/10/124/8/9 Australia— £ A. to £100 N.Z. T.T. O.l). 101 101 100/10/Fiji- £ F. to £100 N.Z. T.T. 90/7/6 80 O.l). 90/T/6 8i> Now York— Dollars to £ N.Z. T.T. O.l). 4.0200 4.0300 3.9854 3.9894 Montreal— Dollars to £ N.Z. T.T. O.D. 4.0594 4.0714 4.0269 4.0309 Belgium— Belgas to £ N.Z T.T. 23.605 23.355 O.D. 23.740 23.306 Czechoslovakia — T.T 118.77 Crowns to £ N.Z. — O.D. — 118.82 Denmark— 17.893 Kroner to £ N.Z. T.T. 18.203 O.D. 18.263 17.899 Finland— 179.69 Marks to £ N.Z. T.T. 185.49 O.D. 185.89 179.79 France— 141.ST Francs to £ N.Z. T.T. — O.D. — 141.61 Germany— Reichsmarks to £ 9.811 N.Z T.T. — O.D. — 9.81J Greece — Drachmae to £ N.Z T.T. — 129.54 O.D. — 429.84 Holland— 7.151 Florins to £ N.Z. 1 .T. 7.301 O.D. 7.311 7.155 Italy— Lire to £ N.Z. T.T. — 75.64 , O.D. — 75.09 .lava— ’ Florins to £ N.Z> T.T. 7.279 7 129 O.D. 7.319 7.133 Norway— 13.892 Kroner to £ N.Z. T.T. 16.182 O.D. 10.242 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 15.496 Switzerland— 17.303 Francs to £ N.Z. T.T. 17.573 O.D. 17.078 17.308 Chef oo— N.Z. pence to 1 dollar .. .. T.T, — — O.D. — — Hongkong— N.Z. rlcnce to 1 188 183 dollar T.T. O.D. 18 11-32 185 India and Ceylon— N.Z. pence to 1 22 17-0! rupee .. .. T.T. 21 03-64 O.D. 21 01-64 22 17-01 Japan — N.Z. pence to 1 17 9-10 yen .. .. T.T. — O.D. — 17 9-10 Manila— N.Z. pence to 1 30 3-16 peso T.T 20 11-16 O.D. 29 19-32 30 3-lfl Shanghai— N.Z. pence to 1 T.T. O.D. dollar .. z z Singapore— N.Z. pence to 1 31 19-64 34 25-32 dollar .. • ■ T.T. O.D 34 13-64 34 25-32

d. Legs .. .. 12 Shoulders .. .. Breasts . • • • • • 1 •« • * 3 Forequarters Hindquarters k 4 • • XX New Zealand Mutton (Wethers) Legs Shoulders .. •• Necks ■ Breasts