COMMERCE AND FINANCE

Otago Daily Times, Issue 23594, 2 September 1938, Page 16

COMMERCE AND FINANCE

LOCAL AMD OVERSEAS MARKETS

RESERVE BANK ASSETS AND LIABILITIES (Pee United Press Association) WELLINGTON, Sept. 1. 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 August 29. The figures at the close of the previous week are given for purposes of comparison, shillings ahd pence, being omitled:— LIABILITIES

Sterling exchange la expressed In New Zealand •urrcncy. L. INNES AND CO., LTD. NET PROFIT OF £4298 (Special to Dail? Times) AUCKLAND, Sept. 1. A net profit of £4298. against £4903 in the previous year, is shown in the accounts of C. L. Innes and Co., Ltd., brewers, for the year ended June 30, This profit was struck after providing £3478 for depreciation, against £1791 a year ago, the increase, being principally on account of buildings being demolished and obsolete machinery lacing replaced by new plant. During , the year £19,500 paid in duty and taxation. Goodwill bonus shares numbering 11,364 were issued to shareholders during the year, and these are now available! for dividend. _ , The directors again, propose a distribution of 8 per cent, on preference and ordinary shares. The preference dividend was previously declared, less the statutory reduction of 20 per cent. The dividends require £ 3400, against £2330, owing ta the higher capital. The balance of £2446 is carried forward, against £1548 brought in. EUROPEAN BOURSES A MORE .CONFIDENT. TONE (By Electric Telegraph—Copyright) (United Press Association) LONDON, Aug. 31. The fact that there are few pressing shares for sale indicates that city business men and investors in Britain arehopeful that the international situation will clear up , without a conflict. The chief sufferers from the Czech crisis have been the brokers whose turnover, which has for a long time been small, has become almost negligible. British funds are. steady. A more confident tone is also noted on most European Bourses, including Berlin, where there is a slight recovery. Paris is firm, .with Government stocks closing at the best levels. In the absence of efforts by the authorities to peg exchange, sterling has depreciated further in terms of the dollar. The Australian Associated Press learns that the decline below traditional parity was the signal for heavy speculative sales. The Exchange Fund's losses must have been considerable in the past 24 hours. THE MONEY MARKET (United Press Association) (By Electric Telegraph—Copyright) LONDON, Aug. 31. Discount and short loan interest rates, day to day loan, i per cent.; fine trade bills, three months, 2 to 24 per cent.; bank bills, three months, 9-16 per cent.; bank bills, six months. 9-16 per cent.; Treasury bills, two months, I per cent.; Treasury bills, three months, i per cent.; New York call money, 1 per cent. SHARE QUOTATIONS (United Press Association) (By Electric Telegraph—Copyright) LONDON Aug. 31, Share quotations: Clutha Riverbuyers Is Ud. sellers Is lOld; Molyneux —buyers 7£d. sellers lOld.

THE SHARE MARKET _ DUNEDIN STOCK EXCHANGE GEAR MEATS MARKED UP Buying strength was not pronounced in any section.on the Dunedin Stock Exchange yesterday afternoon and values showed only fractional alterations from those of the previous day. One bright feature was provided by a further advance, in Gear Meats which had a transfer at 14s 4d. , Sellers predominated in all sections of the market and competition was lacking. In the- Australian mining group Mount Lyells experienced another slight drop to be sold after the last call-over at £1 7s. while Mount Morgans had a wide margin between the. closing quotations. North Broken Hills were a shade stronger at the close. Commonwealth industrials were out of favour again and though sellers made slight concessions, buyers stuck rigidly ,to their limits Taranaki Oilfields closed showing an advance on the previous day of 4d. YESTERDAY’S TRANSACTIONS Sale on Change Afternoon Call

LATEST QUOTATIONS The following are yesterday afternoon s buying and selling quotations, which are subject to the usual brokerage:— GOVEIINMENT LOANS

DIVIDENDS PAYABLE The following Is n list of shares on which dividend? will shortly be oblerStandard Insurance - Final Is 3d per share Sept. 5 Waitahu Gold Mining Coy.2d per share (3 1-3 pci cent.) Sepi 9 Apex Investment. Masterton— Half-yearly at 5 per cent per annum Sept 15 Broken Hill South—Quarterly. 6d per share . ■ ■ Sept. 15 Huddart, Parker pref, 3 per cent., ord. 6 per cent Sept. 15 Electrolytic Zinc Halfyearly. 9 pel cent, or 15 per cent per annum on both ord and pref Sept. 16 Australian Foundation Investment Trust. Ltd.—6 per cent, on old shares: pro rata payment on new shares .. .. Sept. 19

N.Z. Drug—lnterim, half-year, 3i per cent Sept. 20 North Broken Hill—Quarterly. 6d per share • Sept. 28 Bank of Australasia—lnterim 3s 6d sterling per share, at the rate of 7 per cent, per annum Sept. 30 CALLS PAYABLE The following is a list of shares on which calls will shortly be payable:— N.Z Paper Mills- Con., 5s a share, making 15s paid Sept 30 Burns. Philp— New 5s a share. making 15s paid .. Oct. 1 Wool worths, -Properties Ltd.— 10s a share, making £1 paid Oct. 31 Broken Hill Pty.—Con., 5s a share, making 13s 4d paid Nov. 30 NORTHERN EXCHANGES AUCKLAND Sales oij ’Change

AUSTRALIAN STOCK EXCHANGES (By Electric Telegraph—Copyright) (United Press Association) SYDNEY, Sept. 1. (Received Sept. 1, at 10.30 p.m.) The Stock Exchange was quiet, but very steady. Oil search shares moved up again. THE MORNING SALES Commonwealth bonds—

MELBOURNE, Sept. 1. Commonwealth Loans were steady, as were industrials. Dunlops firmed, but interest in oil prospecting companies was not maintained.

LONDON METAL MARKET iUnited ress Association) (By Electric Telegraph—Copyright) LONDON. Aug. 31. The following are the official metal quotations;— Ton

PRICE OF FINE GOLD (United Press Association) 'By Electric Telegraph-Copyrighti LONDON, Aug. 31.

THE SUGAR AGREEMENT (United Press Association) (By Electric Telegraph—Copyright) LONDON, Aug. 31. The Colonial Empire’s quota under the international sugar agreement of 1937 for the year beginning September 1 is 978,401 metric tons.

EXTERNAL TRADE ADVERSE BALANCE FOR JULY (Per United Press Association) WELLINGTON, Sept. 1. The following are the overseas trade returns of the Dominion in New Zealand currency for the month of July, and for the seven months ended July:—

The value of the specie excluded from the above return was as follows: — July 1038 Export,* Imports .. 1.478 Scrcn months Exports 750 Imports 23.001 FOREIGN EXCHANGES (British Official Wireless) (United Press Association) (By Electric Telegraph— Copyright) RUGBY. Aug. SI.

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

DOLLAR RATES The Associated Banks (other than ihe 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 £) (Per £1 N.Z.) NZ.) Selling: Dols Dols T.T .. .. 3.892 3.90 3-16 O.D 3.89 J 3.90 J Buvlng; O.D 3.93 J 3.94* AUSTRALIAN MARKETS (By Electric Telegraph—Copyright) (United Press Association) SYDNEY, Sept. 1. (Received Sept. 1, at 10.30 p.m.) The wheat market is again weaker, in sympathy with overseas grain exchanges. Silo grain is quoted at 2s 7Jd. and bagged about 3s Id. Buyers are nervous, and holding off. Flour, £B. Bran and pollard £5 10s. Potatoes: Tasmanian, to £ls: others. £ 13. Maize: Yellow. 4s 7d: white, 4s Bd. DOLLAR AND FRANC (United Press Association) (By Electric Telegraph—Copyright) LONDON, Aug. 31. Exchange on New York is quoted at 4.851 dollars to the £, and on Paris at 178 J francs.

MINING NEWS CENTRAL SHOTOVER RETURN The secretaries of the Central Shotover Gold Mining Company, Ltd., report a return of-340z from a paddock just completed. DIRECTION OF TRADE SIX MONTHS’ RETURNS EFFECT OF WOOL PRICES Substantially lower prices for exports of wool, together with an allround increase in imports of all merchandise, affected overseas trade figures in the first half of this year. Shipments of wool for the six months aggregated only £9,585,302, compared with £16,329.787 in the same period of last year. This sharp decline was reflected in the total value of exports, which, at £37,306,891. was £4.793,466 lower than last year. On the other hand, imports during the period rose by £1.381.911 to £27,109,312, leaving the favourable balance of trade at £10,197.579. a_ decrease of over £6,000,000. The rising trend of imports appears to have been checked, for the value in June was the lowest for any month since July, 1936. Movements in the apparent balance of trade with overseas countries in the first six months of the past three years are as follows, expressed in £OOO. New Zealand currency:—

Trade with Empire countries has not suffered as badly as that with foreign countries, but this is mainly due to larger purchases from the United Kingdom. Exports to Britain have grown in value from £26,552,245 in the first half of 1936 to £31,165,955 this year. This is probably a reflection of higher prices for butter, cheese, and most classes of meat. . . . .. The trend of trade with Australia and Canada has been in the opposite direction. Steadily increasing imports of manufactured goods have been responsible for a rapid increase in New Zealand’s adverse balance. It is significant that out of 18 Empire countries which trade with New Zealand, only three —Britain, Tonga, and British West Indies—show favourable balanccs. The importance of Japan as a wool buyer is strongly illustrated by the conversion of a favourable balance of over £2,000,000 in the first .half of 1937 to an adverse one this year Exports during the period have fallen from £2,733,102 to £521,233. Similar factors have operated in trade with the United States.

PROSPECTS FOR WOOL PERIOD OF SETBACKS OUTLOOK NOT REASSURING Of all the wool selling seasons through which the company had passed, none had been more disappointing to its clients than that just coneluded, said Sir Thomas Buckland, chairman of Pitt. Son and Badgery, Ltd. stock and station agents, at the annual meeting in Sydney recently. Opening with conditions and prices which gave justifiable reason for expecting an excellent selling period, the market suffered setback after setback. almost from the opening selling day. The position went from bad to worse, and for months prices steadily receded. Referring to the present outlook. Sir Thomas Buckland said that from a seasonal point of view it could not be more unfavourable, while the prospect for staple products, both in quantity and price, was not very reassuring. That there would be a definite shortage in wool production in New South Wales was beyond dispute, and, in addition, the condition of the clip would be much below normal, which, in turn, would have an influence on Va “'ln S ‘ view of the present unsettled and threatening international situation the tariffs erected against freedom of international trade and the heavy and increasing taxation, largely for military purposes, one can scarcely be very optimistic,” said Sir Thomas. "Japan, hitherto one of our most important customers for wool, is now seriously engaged in a major war and. with consequent financial restrictions, is not likely to buy as freely in the immediate future as in the past. Her operations during the past season ml far short of expectations The new agreement between the Commonwealth and the Japanese Government will it is hoped, result in more competition in Australian markets. “At the moment the United States of America does not appear likely to be an important competitor at next season’s auctions, although the trade arrangements to be entered into may considerably improve the PositionSir Thomas Buckland said that the statistical position of . ture sound but the increasing manufacture and use of artificial fibres which were reaching a high state of perfection, were serious competitors, and wool values would be influenced, in some measure, by the price of substitutes.

THE SHIPPING TRADE EFFECT OF RISING COSTS The chairman of the Melbourne Steamship Company, Ltd. (Mr David York Syme) said, at the recent annual meeting in Melbourne, that if the tendency towards rising costs m the shipping trade continued unchecked it was probable that, in some directions, freight rates would have to be r6 The expenses of running vessels continned to increase, Mr Syme said, and the award rates of pay to labour on the waterfront and at sea were steadily increasing. Rising costs were also reflected in the price of materials and victualling supplies. Stevedoring expenses were mounting, and, after meeting the cost of loading and discharging, the decreasing remainder of the freight collected on each ton oi cargo to meet all other charges was causing the directors concern Cargo and passenger figures showed a slight contraction in the last six months, but probably not greater than was due to seasonal fluctuations, Mr York Sym. continued. “ Our other trading departments enjoyed a period of briskness, and the turnover in coal and coke was particularly encouraging. The Hobsons Bay Dock and Engineering Company Pty.. Ltd., experienced the busiest period for some years, and paid the company a satisfactory dividend. Ihe dividend of 7 per cent, for the year Mr York Syme added, was the highest return to shareholders since 1930, although it still represented a modest return on shareholders’ funds employed

TAX ON SHARES MOVE FOE ABOLITION After several inter-State deputations and written representations to the Federal Government, it decided two years ago to exempt absentee investors from Federal taxation, where the total income from Australian sources was less than £250, It was reported at a recent executive meeting of the Taxpayers’ Association in Melbourne that Victorian taxing authorities were stil’ collecting State taxes from small incomes derived in Vic. toria by persons resident overseas. It was urged that the Commonwealth action in granting an exemption of £250 should be adopted by all of the States requiring new capital to develop Australian enterprises.

- £ £ Last week. This - week. 1. General Deserve Fund .. 1.590.000 1.500,000 S. Hank notes 13,750.704 13.096.210' 3. Demand liabilities— (a) State 4,303.0118 3.991.817 (b) Hunks 0,880.310 0,487.785 (c) Other 311,1178 370,102 4. Time deposits — — 1. Liabilities In currencies other than New Zcaland nirreney .. .. 11.471 7.750 *. Other liabilities .. .. 114.800 112,203 Total £20,877,525 £20,100.032 ASSETS 9. Deserve— (a) Gold 2.801.731 2.891.791 (b) Sterling exchange .. 14.50(1.110 13.(194,01!) (c) Gold exchange .. .. — — i. Subsidiary coin .. .. 220,051 298,817 I, Discounts— (a) Commercial amt sgrlcultural bills — — (b) Treasury and local body bills .. .. “ — M, Advances— (a) To State or State undertakings— (1) Primary ProductsMarketing Departnicnt 3,003.013 3,733.992 (2) For other purposes 2,000,000 2.900,000 (b) To other public auIhoritlee — — — 11. Investments 2,732,004 2.732,004 12. Hank buildings — — 13. Other assets 93.503 74.747 Total .. •• •• £20,877.523 £20,100,032 Proportion of reserve (No. 7 less No. ID to notes and 07.174% other demand liabilities .. 08.197%

Wool worths Properties (Is paid) 0 14 0 Sales Reported 4 p.c. Stock. 1046-49 101 7 6 National Insurance 0 17 0 Gear Meat 0 14 4 Sales Reported After Last Call Mount Lyell 1 7 0 Unlisted Stocks Woolworths Properties .. .. 0 14 0

Buyer. Seller C 3. d £ «. d. Ji p.c. Stock, Nov., 1938-52 — 101 0 0 3J p.c. Stock. May, 1941-52 101 0 0 — p.c. Stock Nov., 1941-52 .. ., 101 0 0 — 3 p.C. Stock, 1939-41 .. — 98 0 0 1 p.c. Bonos, 1943-46 .. 100 0 0 — 4 p.c. Stock, 1943-46 .. — 100 10 0 4 ,p.c. Stock, 1946-49 .. — 101 10 0 4 p.c. Stock, 1952-55 .. — 101 15 0 3i p.c. Stock, 1953-57 — 96 0 0 Rural Bonds .. .. — 102 0 0 MINING Austral N.Z, Mining — 1 1 3 Big River (Is) .. .. 0 1 2 0 1 3J Clutha River (2s) .. 0 2 0 0 2 7 Gillespie's Beach (Is) 0 1 0 0 1 2 Goldfields Dredging (Is) — 0 0 4 Mossy Creek (Is) .. 0 0 11 — Nokomai (Ss) .. ... 0 1 6 0 2 0 Sandhills (Is) .. .. — 0 0 2 BANKING N.S.W. (£20) .. .. — 31 10 0 N.Z. (£1) 2 2 0 2 3 0 Commercial (10s) — 0 16 6 INSURANCE National (7s) .. .. - 0 17 3 SHIPPING Huddart, Parker (pref.; £1) .. .. — 1 9 3 U.S.S. Co. (pref.; £1) 1 6 0 MEA1 PRESERVING Gear Meat (10s) 0 14 0 — N.Z. Refrig, (paid; £1) — 0 13 4 N.Z Refrig',:; (cent.: 10s) — 0 8 1 South Otago Freezing (£5) .. .. ., •• — 5 6 0 WOOLLEN COMPANIES Bruce (ord.; £1) — 0 7 0 Bruce (pref.; £1) .. — 0 19 0 Mosgiel (£4) .. .. 10 0 0 Oamaru (£1) .. .. 0 17 0 LOAN AND AGENCV Goldsbrough, Mort (£1) 1 8 6 Trustees, Executors (£3) .. .. .. .. 4 5 0 — Wright, Stephenson (pref.; £1) .. .. — •»1 0 4 COAL Westport (10s) .. .. — 1 5 3 Westport - Stockton (pref.; 10s) .. .. — 0 7 6 MISCELLANEOUS Associated News (£ 1) 1 2 0 — Australian foundation Trust — 0 5 5 British Tobacco (£1) — 2 9 0 Broker' Hill Pty (£1) 2 17 0 2 18 3 Brown, Ewing (ord.; £1) — 1 0 0 U.I.C. (pref.; £1) — 1 3 9 Dominion Fertiliser (£1) — 1 5 3 Donaghy’s- Rope (£1) — 2 4 0 G. J. Coles (£1) .. 3 18 6 3 19 0 Moturoa Oil (pref.; 5s) ■■ — 0 5 3 Natnl Electric (£1) 0 13 6 — Farmers Fertiliser (£1) — 0 19 0 Otago Daily Times (£1) — 2 6 0 raranaki Oil (£1 4s 7d) .. 0 12 6 — «,..sjns Cement (10s) — 0 17 9 Woolworths (ord.; 5s) — 1 0 0 v not worth. 1 - (Syd.; ord.; 5s) 1 1 0 1 1 5 woolworths (South Africa; 5s) .. .. — 0 15 7 BREWERIES N.Z. Breweries (£1) 2 1 6 2 2 9 Tooths (£1) 2 14 0 2 15 6 AUSTRALIAN MINING Broken HU) South (5s) 1 9 6 — Zinc (ord.; £1) — 2 2 3 Mount Lyell (£1) 1 7 0 1 8 0 Mount Morgan (2s 6d) 0 10 7 0 11 0 Mount Morgan (pref.; £1) — 1 1 6 North Broken Hill (5s) .. .. ,. . • 2 4 0 2 6 0 Placer Developments — 3 19 0 UNLISTED STOCK All stocks in this section are not Ljuuiea tin the official list, and transactions arf Aibieci to a different rate of brokciage Buyei Selle £ s d £ s d National Tobacco (ord.; £1) .. .. — 2 2 0 Wool worths Properties (10s) 0 14 0 — A. and T. Burt (pref.; £1) “ 0 13 0 Ballin's Brewery (15s) — a 12 6 Ex dividend.

£ S. d. Stock, 1938-52, 31 p.c 100 15 0 Amalgamated Brick (Wellington), 1944, 6 p.c. 99 10 0 E.S. and A. Bank 5 3 6 Bank of New Zealand (D Mort) 1 9 3 1 0 6 National Insurance .. 0 17 0 Standard Insurance .. .. 2 lb 6 Auckland Gas 1 0 6 Huddart, Parker ., .. .. 2 8 3 Domnion Breweries (rights) 0 4 1 0 4 0 (2) 0 3 0 Imperial Chemicals (pref.; con.) 0 11 7 Mort’s Dock 0 11 10?, Taranaki Oil 0 13 0 0 12 11 Unlisted Stocks Winstonc 0 18 0 WELLINGTON Sales on ’Change E.S. and A. Bank (late Wed.) 5 3 9 Bank of New Zealand 2 2 6 Gear Meat 0 14 4 Christchurch Gas 1 8 1 Smith and Smith (pref.) .. 1 1 0 Taranaki Oil 0 12 7 0 13 1 Wilsons Cement 0 17 0 CHRISTCHURCH Sales on ’Change N.Z. Government 4 p.c. Inscribed, 1955 101 0 0 N.Z. Breweries (2) 2 1 11 Taranaki Oilfields .. .. 0 12 10 Broken Hill South (cum div.) 1 10 0 Mount Lyell 1 7 3 1 7 0 1 7 1 Mount Morgan 0 10 9 Sales Reported Christchurch Trams, 4i p.c., 1945 101 17 6 N.Z. Breweries 2 1 11 Hume Pipe (Aust.) .. 1 0 0

£ s. d. 4 p.c., 1941 .. .. 102 0 0 4 p.c.. 1944 ,. .. 102 18 9 Commercial Bank of Syd. .. 20 5 0 Bank of New South Wales 30 15 0 Australian Gas (A) 7 3 6 British Tobacco 2 8 3 Broken Hill Proprietary .. 2 18 0 Colonial Sugar 47 17 6 Farmers .. .. 1 12 6 Huddart. Parker .. 2 9 6 ADDITIONAL SALES Bank of New South Wales 30 15 0 Queensland National 5 0 0 Colonial Sugar 47 17 6 Associated News 1 1 6 Huddart, Parker ,. 2 9 6 British Tobacco .•. 2 8 0 Tooheys 1 12 5 Coles 3 19 0 David Jones .. .. 1 19 0 Horderns .. .. 0 16 10J Claude Neon .. .. 2 13 6 W. Atkins .. .. 1 3 6 Gibson Howes 1 10 0 Waldas 0 6 6 Woolworths . .. 1 1 3 Dalgetys .. .. 8 2 0 Millaquin Sugar .. 1 17 0 Fairymead Sugar ... 1 12 0 Electrolytic Zinc .. 2 2 3 Mount Morgan 0 11 0 Mount Morgan (N.Z. dclivery) 0 11 0 Broken Hill Pty. .. • • , , 2 17 9 Oil Search .. .. 0 9 5

Commercial Bank of Aus- £ s. d. tralia 0 16 3 National Bank (£5 paid) .. 6 12 0 British Tobacco 2 8 3 Dunlop Perdriau 1 1 G Goldsbrough, Mort .. ., 1 7 9 Imperial Chemicals (pref.) 0 10 0 Imperial Chemicals (paid) Australian Paper Mfrs. 0 11 7 (pref.; bid issue) .. .. 1 5 6 Electrolytic Zinc 2 2 0 Electrolytic Zinc (pref.) .. 2 5 3 Mount Morgan .. .. .. 0 10 11 Mount Lyell 1 7 0 Broken Hill Pty. .. 2 17 9 North Broken Hill .. 2 5 0

£ s. d Copper, spot 40 6 m Rise 0 4 4J Copper, forward 40 10 u Rise 0 2 6 Electrolytic, spot 45 10 0 No change Electrolytic, forward 46 10 0 No change Wire bars . 46 10 0 No change Lead spot 14 6 3 Rise 0 5 0 Lead, forward 14 6 101 Rise 0 2 6 Spelter, spot .. 13 10 0 Rise 063 Spelter, forward 13 11 3 Rise 0 4 41 Tin. spot 192 17 6 Rise 0 15 0 Tin forward .. 193 17 6 Rise 0 15 0 Oz Silver, standard 19,',d Fall Ad Silver, fine 203 d Fall Ad

August 31 .. . £ . 7 s. 3 d. 34 August 30 .. . ... 'I 2 8* August 29 .. . 2 V August 27 .. . . .. 7 2 8 August 26 . . .. 7 2 7 August 25 . 2 6 August 24 .. . . ..7 2 64 August 23 .. . 2 64 August 22 .. . 2 «i August 19 . . .. 7 2 b* August 18 .. . . .. 7 2 4i August 17 .. . . ..7 2

Month of July 1DS8 1037 1930 £ £ £ Exports .. .. 3.783,000 4,824.000 4.030,000 Imports .. .. 4,011,000 4.843.000 3,530.000 Excess of exports *828.000 •19,000 1.150,000 •Excess of Imports. aeren months ended Juts 1038 1037 1930 £ £ C Exports .. .. 41.000,000 40,025,000 38,011.000 Imports .. .. 31.720.000 30,571.000 23,440,000 Excess of export? 0.370,000 10,354.000 15.471.0110

I’arls— Far. Aug. 30. Aug. 31. Franca to £1 124.2) 173 5-16 178 19-64 Brussels— Belgas to £3 30 23.763 28.784 Oslo— Kroner to £1 13.130 19.90 19.90 Stockholm— Kroner to £1 13.130 19.304 19.394 Copenhagen— Kroner to £] 18.150 22.40 22.40 BerllnMarks to £1 20.84 12.134 12.12} Montreal— Dollars to £1 4.36 2-S 4.8GJ 1.861 New York— Dollars to £1 4.86 2-3 4.87 la16 4.852 Yokohama— Pence to yen 34.532 14 14 Hongkong— Pence to dollar 24.S3 15 15 Bombay— Pence to rupee _ IT 27-32 17 27-32 Batavia— Florins to £1 12.10 8.904 8.90} Milan— Lire to £ 1 32.46 92 5-16 921 Amsterdam— Guilder to £1 12.101 8.92S 8.92 1-1C Prague— Kroner to £1 104i 1402 140} GenevaFrancs to £ 1 25.22} SI.32 21.29} Vienna*— Schillings to £1 84.864 364 26} Helsingfors— Marks to £1 193.23 2262 226J Madrid— Pesetas to £ 1 25.224 _ Belgrade— Dinars to £1 25.22J 214 314 Athens— Drachmas to £] 375 5471 547} Lisbon— Escudos to £1 no 110 3-16 110 3-16 Bucharest— Lei to £1 931.8 670 670 UIo de Janeiro— Pence to mllrels ., 5.890 n 2} Buenos Aires— Pence to pesos 47.22 18.95} 18.90} Shanghai*— Pence to tael _ 84 84 Montevideo— Pence to pesos _ 201 20} . Warsaw— Zlotys to £1 26.23 26.28 • Nominal.

London— Buying Selling £ N.Z, to £100 stg. r.T. 124 124/10/ O.D 123/11/3 124/9/6 Australia— £ A. to £100 N.Z T.T 10(1/17/0 100/5/O.D 100/17/6 100/5A FIJI— £ F. to £100 N.Z t.t. 00/7/8 89 O.D 90/7/6 89 New York— Dollars to £ N.Z. T.T 3 9298 3.8956 O.D 3.0348 3.8966 Montreal— 3.0027 Dollars to £ N.Z. T.T. 3.9352 O.D. 3.0439 3.9037 Belgium— 23.017 Belcas to £ N.Z t.t. 23.327 O.D. 23.402 23.022 Czechoslovakia— 112.30 Korunas to £ N.Z x.'l — O.D. — 112.32 Denmark— 17.893 Kroner to £ N.Z. r.T. 18:203 O.D 18.203 17.895 Finland— » 179.59 Marks to £ N.Z T.'i. 185.39 O.D 185.79 179.69 France— Francs to fi N.Z. T.T. 144.76 142.26 O.D — 142.28 Germany— Reichsmarks to £ N.Z. .. .. r.T. — 9.660 O.D. — 9.671 Greece— Drachmae to £ N.Z r.T. • 429.54 O.D. 429.69 Holland— Florins to £ N.Z r.T. 7.270 7.120 O.D 7.310 7.122 Italy— Mre to £ NZ. r.T, — 73.962 O.D — 73.987 Java— 7.097 Florins to £ N.Z T.T 7.247 O.D 7.287 7.099 Norway— 15.892 Kroner to £ N.Z T.T 10.182 O.D 16.242 15 895 Noumea— Francs to £ N.Z t.T 1.47.26 140.51 O.D — 140.55 Papeete— Francs to fi N.Z r.T 146.66 140.66 O.D — 140.70 Sweden— Kroner to £ N.Z r.T 15.786 15.491 O.D 15.846 15.494 Switzerland— Francs to £ N.Z. t.t 17.200 17.020 O.D 17.395 17.022 Chcfoo— N.Z. pence to 1 dollar .. .. T.T. — — O.D — — Hongkong— N.Z. pence to 1 dollar .. .. t.t 18 7-16 18 13-16 on 18 13-32 18 13-16 India aim Ceylon— N.Z pence to 1 rupee IT 22 1-32 22 5-10 O.D 22 22 5-16 lapnn - N.Z pence to 1 TGD .. . . r.T — 17 33-bl O.D — 17 33-64 Manila — N.Z. pence to 1 peso T.T 20 50-64 30 37-04 O D 29 53-64 30 37-64 Shanghai— N.Z. pence to 1 dollar .. .. r.T — — on — SingaporeN.Z pence to 1 dollar r.T 34 31 -84 31 31-32 O D 34 25-64 34 31-32 all rates subject to alteration without notice

1938. 1937. 1936 £000 £000 £000 U.K + 18,016 + 16,905 + 16,808 Canada -1,590 -652 -910 Australia .. -2,367 -2,090 -1,264 Empire .. + 13,162 + 13,227 + 13,809 Belgium -32 +304 + 340 France + 712 + 751 4-4*6 Germany .. + 314 + 228 -76 Japan -44 + 2,002 + 676 East Indies -946 -1,064 -601 U.S.A. -2,586 + 831 -905 Foreign .. -3,120 + 3,006 + 502 Total .. .. + 10,198 + 16,374 + 14,370