COMMERCE AND FINANCE

Otago Daily Times, Issue 23599, 8 September 1938, Page 8

COMMERCE AND FINANCE

LOCAL AND OVERSEAS MARKETS

THE SHARE MARKET DUNEDIN STOCK EXCHANGE FURTHER SLIGHT LOSSES IN VALUE Slight losses were shown on the Dunedin Stock Exchange yesterday afternoon when buying support was poorly distributed throughout all sections Business was very poor again and sellers held the upper hand. Two sales of Bank of New Zealands were reported at £2 2s, after which buyers offered £2 Is 9d, sellers being 9d away. Insurance, shipping and meat preserving scrip was lifeless. After being dealt in on 'Change at £2 17s, Broken Hill Proprietaries slipped back to a final market between £2 16s 9d and £2 17s. G. J. Coles held the previous day’s level, but Taranaki Oilfields lost a further 3d to close with unanswered buyers at 12s. Commonwealth mining shares attracted little attention from buyers only three buying quotations being registered. Mount Lyells and North Broken Hills were slightly weaker but Mount Morgans gained Id. YESTERDAY'S -TRANSACTIONS Sales on- 'Change Afternoon Call

LATEST QUOTATIONS The following are yesterday afternoon's buying and selling quotations, which arc subject to the usual brokerage;— GOVERNMENT LOANS

UNLISTED STOCK Stock in this section is not quoted on the official list, and transactions are subject to a different rate of brokerage:-

DIVIDENDS PAYABLE The following is a list of shares on which dividend? will shortly be payable:— Waitahu Gold Mining Coy.— 2d per share (3 1-3 oer cent.) Sept. 9 Nemona Dredge—ld per share (No. 13) Sept. 12 Adelaide Steamship Co.—Final 4 per cent., making 7 per cent, per annum .. .. .. Sept. 13 Apex Investment. Masterton— Half-yearly at 5 per cent per annum .. . Sept 15 Broken Hill South-Quarterly. fid per ?hare Sept. 15 Huddart, Parker - Interim, pref. 3 ner cent., ord 6 per cent ... •- .■ ■ • ■ Sept. 15 Electrolytic Zinc - Halfyearly 9 pei 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. 3J per cent. .. ■.. • • Sept. 20 Howard Smith—lnterim, 2 per cent Sept. 22 North Broken Hill—Quarterly fid per share Sept. 28 Bank of Australasia—lnterim 3s fid sterling per share, at the rate of 7 per cent, per annum . .. Sept. 30 British Tobacco—lnterim, 2 per cent. .. .. ■.. .. Sept. 30 United Provisions—Ord. 3 per cent., pref.. final half-year. 4 per cent Sept. 30 Joseph Nathan and Co., Ltd. —Half-yearly at 8 per cent, per annum, on preferred ord Oct. 1 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 I 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 on ’Change

PRICE OF FINE GOLD (United Press Association! (By Electric Telegraph—Copyright!

T. J. RICHARDS AND SON, LTD. DIVIDENDS AT 10 PER CENT. (Per United Press Association) WELLINGTON, Sept. 7. The Stock Exchange has received the following cabled advice;—The directors of T. J. Richards and Son, Ltd., recommend. subject to audit, a dividend for the half-year ended June 30, 1938, on both preference and ordinary shares at the rate of 10 per cent, per annum, making, with the interim dividends already paid, a total distribution of 10 per cent, per annum for the year. T. J. Richards and Sons, Ltd., is a South Australian company of motorbody builders.

FOREIGN EXCHANGES (British Official Wireless) (United Press Association) (By Electric Telegraph—Copyright! UUGBY, Sept. 6.

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

DOLLAR RATES The Associated Banks tothei than the Bank of New South Wales) quoted the following dollar rates yesterday on a New Zealand currency basis fhcv are subject to alteration without notice

LONDON STOCK EXCHANGE (United Press Association) ißy Electric Telegrann— Copyright) LONDON. Sept. 6.

ANTWERP FUTURES (United Press Association) (By' Electric Telegraph—Copyright! LONDON, Sept. 6. Antwerp futures:—October. 22Jd: December. 22gd; March, 23d,

OTAGO BUILDING SOCIETY SEVENTEENTH ANNUAL MEETING PROFIT OF £3lOl 12s lOd The annual meeting of the Otago Building and Investment Society and Bank of Deposit was held last night, the president (Mr H. F. Sincock) occupying the chair. Annual Report The annual report stated that, after providing for accrued interest, the profit, including the balance of £llO 19s 6d carried forward from last year amounted to £3lOl 12s lOd. This had been dealt with as follows: —To mortgage reserve account, £331 18s 7d; to shareholders’ pass-books, £2640 15s Id; to carry forward to next year, £l2B 19s 2d. The £2640 15s Id credited to shareholders in their pass-books represented a dividend at the rate of 5 per cent, per annum. The number of shares on the books at the close of the financial year was 10.014 J held by 770 shareholders, compared with 8492 and 664 respectively last year. Debentures stood at £130,825. an increase of £30,507 14s 8d on those current at the end of last financial year. Debentures for £25,192 5s 4d matured during the year and were paid off. Profits surrendered on shares withdrawn—£l43 Is sd—had been placed direct to the mortgage reserve account. During the year the society was compelled to realise on a property upon which the mortgagor had fallen heavily into arrears The loss had been met. and the mortfage reserve account had Increased uring the year from £4200 to £4400 The loss on this property was the only one so far incurred since the inception of the society. Chairman’s Review

Moving the adoption of the report and balance sheet, the chairman said that advances on mortgages, shares, debentures and securities taken over in the winding-up of the No. 1 Group of the Oamaru Starr Bowkett Society showed a total of £165,786, an increase on those current in the previous year of £36,506. This was a very satisfactory growth, and about a record for the society. Members’ shares totalled £63,436, and these were the accumulated savings of members. The holdings of those with mortgages totalled £36.648, and of those who were purely investors totalled £26,788, On properties valued at £290,707 the society had advanced £192,783, he continued. This showed that the advances were iust over 66 per cent, of values. But the position was still stronger, as the £36.648 at credit of mortgagors represented sinking fund repayments, in liquidation of the mortgages If from this were deducted the sum of £192,783 shown as advances on mortgages, it would be found that the net advances totalled £156,135, and that was just over 50 per cent, of the total properties valued at £290,707. Debentures amounted to £130,825. This total was money lodged with the society at rates" varying from 2 per cent, to 4 per cent, by those of the general public with money for investment. The mortgage reserve was £4400. against £4200 at the end of the previous year, he stated. This reserve represented undivided profits and was created to give stability to the society, and meet losses should they arise. This last year the society faced and met its only loss since its inception 17 years ago. The profit and loss account showed the transfer to mortgage reserve of £331 18s 7d, and the dividend credited to members was £2640 15s Id The corresponding flgui'es for the previous year were £235 10s lid and £2432 13s sd. For the period under review, there was also a transfer to the mortgage reserve account of £143 Is 5d direct from the profit forfeitures account. It was encouraging to observe that the net income from interest --really the society’s only source of income—had increased by approximately £7OO compared with last year. “In conclusion, I should like to thank my colleagues on the directorate for their assistance throughout the year, and Mr Russell and his staff for their indefatigable efforts to further the interests of our society. I am. and I feel shre you all are, proud of our progress, and with care and caution, I can visualise a steady growth, I trust this growth will continue to be steady —and not rapid—so that we may build our society, as all good buildings should be built, on solid foundations.’’ The motion was seconded by Mr A. S. Cookson, who paid a tribute to the work of the president and directors since the inception of the society. He said that its record was a remarkable one. in that it had been called upon to face its only loss since its inception 17 years ago. The motion was carried without discussion. Directors Re-elected The retiring directors—Messrs Sincock. S. Bowman, R. W. McCreath. and W. R. Hayward—were re-elected unopposed. Mr H. H. Sykes was reappointed the shareholders’ auditor. Vote of Thanks On the motion of Mr C. B. Barrowclough, a vote of thanks to the direo tors and staff was carried by acclamation. LONDON STOCK MARKETS A FIRMER TONE LONDON, Sept. 6. The more hopeful feeling in the international situation has imparted a firmer tone to the stock markets. German and Czech bonds are higher. As the result of the firm lead from the Paris Bourse, sentiment in the City is more cheerful than for some time. A long list of rises is recorded on the Stock Exchange. IMPERIAL SMELTING COMPANY (United Press Association) (By Electric Telegraph—Copyright) LONDON. Sept. 6. The Imperial Smelting preference dividend is U per cent., making 45 per cent, for the year. It was announced that the depression in industry and the fall in zinc prices did not enable a full dividend. LONDON METAL MARKET (United Press Association) (By Electric Telegraph—Copyright) LONDON, Sept. 7. The following are the official metal quotations;— Ton

INVERCARGILL MARKETS GRAIN AND PRODUCE LITTLE DEMAND FOR OATS OR WHEAT (Special to Daily Times) INVERCARGILL, Sept. 7. The Invercargill produce markets remained quiet during the week, there being little demand for oats or wheat. Oats.—There has been no improvement in the market. The shipping demand is very small, and millers are showing little interest. As a consequence the lines offering by growers are not meeting with much competition, and the value to-day for good heavy A Gartons does not exceed 2s 6d a bushel on trucks, country stations. Wheat. —Business is over for the season with the exception of the supply of the local fowl feed market. For this purpose stocks are being drawn from further north. A certain amount of wheat held over from last season is also being used. Chaff.—Supplies are not plentiful, and the value for good bright quality ranges up to £4 15s a ton, on trucks, country stations. Ryegrass.—Practically all growers' lines are being sold, and business is now more or less restricted to the supply of the local seed trade. The demand for shipment is not active, but merchants are not concerned about this as stocks are only sufficient for spring requirements. Values to farmers are nominally from 4s 6d to 4s 9d a bushel for Southland seed off the mill.

Other Seeds. —There has been no Improvement in the brown top market because of the absence of overseas inquiry. Values to growers for seed of export quality are about Is Id per lb for certified and Is a pound for uncertified. White clover remains firm at up to Is 3d a pound for super lines of machine-dressed seed, less attractive lines being about Is a pound. Potatoes.—Because of the absence of demand, shipping merchants are showing no interest whatever in this market, and it seems unlikely that any shipping demand will spring up at this late stage of the season. Practically the only demand is for the local trade, and many of the growers who are holding stocks will willingly sell at £2 10s a ton. and even less.

MILBURN LIME COMPANY NET PROFIT OF £23.670 DIVIDEND OF 8f PER CENT. A net profit of £23,670 is recorded in the fiftieth annual report and balance sheet of the Milburn Lime and Cement Company, Ltd. This amount represents the highest profit since 1934, last year’s figures being £16,260, and in 1936, £20,059. The dividend is unchanged at 83 per cent. The directors’ report states that the profit and loss account, after writing off depreciation and making provision for income tax for the current year, shows a credit balance of £31,170, including the sum of £7420 carried forward from last year. An interim dividend of 33 per cent, was paid on March 15, 1938, amounting to £7500, leaving a balance of £23,670 to be dealt with. The directors recommend that this balance should be appropriated as follows: —To payment of dividend of 5 per cent, for the six months ended on July 31, making 8| per cent, for the year. £10,000; to provision for new plant, £6000; to balance to be carried forward to next year, £7670. The retiring directors, Mr E. C. Hazlett and Mr C. Morris, who retire bv rotation, are eligible and offer themselves for re-election.

Fraser and Co., selling agents for Otago and Oamaru Egg Circles, report as under:— Eggs.—Arrivals are still heavy, and already 900 crates have been packed for export. Rejects from export are difficult to sell, and it appears that these must influence the price of good eggs. The local price is still Is 4d. but the market is weak. Tallow, 9s per cwt. Pigs: Good bacon weights, 6Jd to 7d per lb; overweights, 3d to 4d per lb; porkers 6Jd to 7d per lb. Potatoes, £4 to £4 10s per ton. Chaff. £5 15s to £6 per ton, sacks extra. Whole fowl wheat. 6s 6d to 7s per bushel. Melbourne onions, 12s 6d per bag. Honey: Bulk. 6d to 6Jd per lb: 101 b tins. 7s; 21b pottles, Is 6d. Poultry: White Leghorn hens. 5s to 6s; heavy breeds, 6s 6d to 7s; cockerels, light 2s 3d to 4s, heavy 8s to 8s 6d; roosters, 2s to 3s; 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 oh 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 ues of our clients.

WAIMUMU SLUICING COMPANY VOLUNTARY LIQUIDATION PROPOSED (Peb United Press Association) WELLINGTON, Sept. 7. The Stock Exchange Association has been advised that the directors of the Waimumu Sluicing Company, Ltd., have decided to call an extraordinary meeting to consider voluntary liquidation. STUD BULLS ANNUAL SALE AT GISBORNE (Per United Press Association) GISBORNE, Sept. 7. At the annual bull sales, which were concluded at Gisborne yesterday. 150 two-year-old bulls from well-known Gisborne studs changed hands at an average price of 50 guineas. THE BUTTER MARKET (United Press Association) (By Electric Telegraph—Copyright) LONDON, Sept. 6. Butter is firm. Choicest salted; New Zealand. 124 s to 1255; Australian, 121 s. Unsalted: New Zealand. 125 s to 12bs, Australian. 1235. SHARE QUOTATIONS (United Press Association! (By Electric Telegraph—Copyright) LONDON, Sept. 6. Share quotations: Clutha Riverbuyers Is 7id, sellers Is 10Jd; Molyneux —buyers 7id, sellers IOJd. BERLIN BOURSE UNSTEADY CZECH SITUATION DEEMED UNEASIER (United Press Association) (By Electric Telegraph—Copyright) BERLIN, Sept. 6. The Bourse was again unsteady, disturbed by the news of French precautions and the feeling that the Czech situation was uneasier. SYDNEY WOOL SALES (United Press Association) (By Electric Telegraph ■Copyright) SYDNEY, Sept. 7. (Received Sept. 7, at 10.30 p.m.) At the wool sales to-day 12,582 bales were offered and 11,613 sold, and 863 disposed of privately. There was general competition from the Continent and Yorkshire, and good support from Japan. Greasy merino realised to 16Jd.

ADDINGTON STOCK MARKET SMALL YARDINGS FORWARD (Pee United Press Association) CHRISTCHURCH, Sept. 7. Entries of fat sheep at the weekly stock market at Addington to-day were considerably smaller than last week. The prices for the best lines were a shade better, and the others were unaltered. , - „ Store Sheep.—Little change in values A line of wether hoggets sold from 14s 3d to 14s 7d, a pen of ewe hoggets at 13s 7d, older sorts 18s. Ewes and lambs sold relatively well, one pen at Us Id to 11s 6d, all counted. There was little demand for any class of sheep, particularly forward wethers. Fat Sheep.—There was an entry of slightly more than 4000 fat sheep, but quality was lacking, a big proportion being rough, unfinished sheep. Values settled down at very little change from last week as the sale proceeded. A few outstanding pens of ewes ana wethers were up Is, but there was no quotable change in the other classes. Extra prime wethers sold to oos 4d, prime, 29s 6d to 325; primary medium, 25s to 28s 6d; others, down _ to 20s. Extra prime ewes, 28s Id; prime, 20s to 245; prime medium, 16s 6d to IDs; others, down to 11s. Fat Cattle.—An entry of 542 met with quite a sound demand for good ana medium quality, although at distinctly lower values than last weex. Good beef made to 41s a 1001 b, tops to 435, heavy 35s to 395, secondary 34s to 365, rough down to 275. Extra prime steers to £l9 12s 6d: prime, £ls 15s to £l7 ss; prime medium, £l4 to £l6; light, to £lO 10s; extra prime heifers, to £l4 2s 6d; prime, £ll to £l2; medmm,_£9 5s to £lO 15s; light, to £9; extra prime cows, to £l4 12s 6d; prime, £9 10s to £lO ss; medium, £7 5s to £9; light, to £6 15s. The entry of fat pigs was scarcely sufficient for butchers’ requirements. Choppers were in medium supply again and met with good competition. Baconers were forward in heavier numbers, values receding 2s to 3s a head except for first quality. Choppers made £3 Is to £7 Is; porkers. 39s 6d to £3 12s 6d. Average price per lb, 7Jd to Bid. Baconers. £3 14s 6d to £5 9s 6d. Average price per lb, 7d to 7ia.

AUSTRALIAN STOCK EXCHANGES (United Press Association) (By Electric Telegraph-Copyright) SYDNEY, Sept. 7. (Received Sept. 7, at 10 p.m.) The share market is unsettled, Buyers are operating with caution, but prices are reasonably steady. .The turnover continues below normal.

MELBOURNE, Sept. 7. The bond market continues firmer, with comparatively little offering. The industrial market is quiet, Barriers are dull and easier, while gold is firmer. Oimmercial Bank of Aus-

MINING NEWS ALEXANDER MINES REPORT The Alexander Mines, Ltd., has submitted the following report for the month of August:— , , , No. 6 Rise.—This was extended _ a further 34 feet, making the total distance 74 feet above No. 6 level caps. At the above height a connection was made to the bottom of the winze sunk from No. 5 level. At the junction of the rise and the winze preparations have been made for driving an intermediate level north and south on reef. In the south end of the drive the reef has an average width of 2 feet 6 inches, and looks like widening. On the north end the reef is 2 feet 6 inches in the top of the drive and about six inches in the bottom. Assay values are not yet to hand. No. 5 Winze.—This was extended a further seven feet, when it broke through into the rise from No. 6 level. No. 6 Drive—Driving north was resumed with three shifts after the winze and rise were connected, this face being extended 24 feet for the week making 66 feet from the main crosscut. At a point about 50 feet north from the main level a large boulder of quartz was met with in the reef track. The country has been fairly dry, but now there is a fair amount of water coming out of the Aerial Tramline.—An extra trestle has been erected, and the working of this line is improved. Mullocky Creek Section.—The slip at the mouth of this drive has been cleared and the entrance retimbered. There is a little quartz showing in places along the level. Apparently the widest stone has been stoped.out. leaving reef track in several places. Air Compressor Plant. —At the end of the month an accident happened through the electric motor driving the compressor apparently short-circuiting, which caused a fire and destroyed the motor, rendering the compressor out of action. The latter equipment _is undamaged. A new motor. is being procured and will be installed in approximately a fortnight’s time. In the meantime some work is being done in the mine on hand steel until the rock drilling machines are again in operation. DOLLAR AND FRANC (United Press Association) (By Electric Telegraph—Copyright) LONDON, Sept. 6. Exchange on New York is quoted at 4.82 i dollars to the £, and on Paris at 178 i francs.

£ s. d. Broken Hjll Pty. (2) 2 17 0 Sales Reported Bank of, New Zealand (2) 2 2 0 Hume Pipe .. 1 0 0

Buyer. seller 3 .'. 1' • £ 8 d £ «. d 3| p.c. Stock, Nov., 1938-52 — 101 0 0 3} p.c. Stock, Mar., 1939-43 — 100 5 0 3J p.C. Stock,' May, 1939-52 .. .. .. — 101 0„ .0 3i p.c Stock May, 1941-52 .. ., .. 101 0 0 — 34 p.c. Stock Nov,, 1941-52 10) 0 0 4 p.c. Bonds, 1943-46 .. 100 0 0 — 4 p.c. Bonds, 1946-49 .. 101 0 0 — 4 p.c. Stock, 1946-49 .. —. 101 10 0 4 p.e. Bonds, 1952-55 .. 101 0 0 — 4 p.c. Stock, 1952-55 .. — 101 5 0 3J p.c. Bonds, 1953-57 94 10 0 — 3J ,p.c. Stock. 1953-57 — 85 0 0 ./ •, MINING Austral" NJZ. Mining — 1 X 3 Big River (Is) ., .. 0 1 0 0 1 3 Clutha River, (2s) 0 2 1 0 2 7 Gillespie’s Beach (Is) 0 1 - 0 0 1 2 Goidtields Dredging (Is) — 0 0 3i Grey River 0 13 0 — Mossy Creek (Is) ,, 0 0 11 — Nokomai (5s) .. .. — 0 1 6 Sandhills (Is) .. — 0 0 i Waitahu (5s) .. .. 0 0 9 0 1 0 BANKING N.S.W; -(£20)' .. _ 31 10 0 N.Z. (£1) 3 1 9 2 2 6 N.Z. (Long D; £1) .. 1 9 3 — Commercial (10s) — 0 10 4 Natl, of N.Z. (£2 10s) — 2 13 6 INSURANCE National (7s) .. . , 0 16 9 0 17 0 SHIPPING U.S.S. Co. (pref.; £1) - 1 6 e MEA1 PRESERVING N.Z. Refng. (paid; £1) — 0 18 4 N.Z Retrig (cont.; 10«) .. — 0 8 1 South Otago Freezing (£5) .. .. ... .. — 5 6 0 WOOLLEN COMPANIES Bruce (ord.; £1) .. — 0 5 9 Oamaru (£1) .. .. — 0 17 0 LOAN AND AGENCY Coldsbrough, Mort (£1) — 1 8 6 Natl. Mortgage (£2) ■ 2 5 0 N.Z. Loan and M. (ord.; £100) .. .. —• 35 0 0 N.Z. Guarantee Corp. (3s) 0 4 4 0 4 6 Otago Farmers (A pref.) — 1 1 0 Wright, Stephenson (pref.; £1) .. .. — 1 0 6 COAL Kaitangata (16s) 1 6 0 — Westport t10s) .. — 1 5 3 Westport - Stockton (pref.; 10s) .. .. 0 6 0 0 7 6 MISCELLANEOUS Australian Foundation Trust — 0 5 6 Australian Glass (£i) — 4 13 6 Broker Hill Pty (£1) 2 16 9 2 17 0 Brown Ewing (ord.; £1) ' — 1 0 0 Cox Bros 0 16 6 — D.I.C. (pref.; £1) .. — 1 3 8 Dominion Fertiliser (£1) •— 1 5 0 Dominion Fertiliser (Debs.) 101 0 0 — Donaghy’s Rope (£1) 1 19 6 —* G. J. Coles (£1) -. 3 18 6 — Hume Pipe (£1) — 1 0 3 Moturoa Oil (pref.; 5s) — 0 5 0 McLeod Bros. (£10) .. — 28 15 0 N.Z. Drug Co. (£2) — 3 10 6 Farmers Fertiliser (£1) .. — 0 18 6 N.Z. Paper Mills (£1) — 1 3 0 laranaki Oil t£J 4s 7d) ... ,. .. .. 0 12 0 Wilsons Cement (10s) — 0 17 s) Woolworths (ord.; 5s) — 1 0 3 Woolwm(hs (Syd . ord.; 5s) — 1 1 2 BREWERIES N.Z. Breweries (£1) — 2 2 U Dominion (£1) .. .. — 1 11 9

AUSTRALIAN MINING Broken fctllJ South (5s) — 1 10 0 Electro Zinc (orcl.; £1) — 2 2 0 Emperor (10s) .. .. — 0 13 0 Mount Lyell (£1) 1 6 0 1 7 3 Mount Morgan (2s 6d) 0 10 10 0 11 0 Mount Morgan (pref.; £1) — 1 1 3 North Broken Hill (5s) 3 3 8 — Placer Developments — 3 19 0

Buyer Seller £ s. d £ s d Woohvorths Properties 0 14 0 0 14 3

V £ s. d. Stock, 1946-49, 4 p.c 101 0 0 Stock, 1938-52, 3J p.c. 100 10 0 National Insurance .. .. 0 16 10 N.Z. Breweries 2 0 3 Broken Hill Pty. (2) .. .. 2 17 2 2 16 6 (con.) 1 18 8 Colonial Sugar (2) .. ,. 47 5 0 47 2 6 Imperial Chemicals (pref.) 1 1 8 G. J. Coles 3 18 3 Hume Pipe (Aust.) .. .. 0 19 10 N.Z, Newspapers 1 14 0 N.Z. Paper Mills 1 2 6 Woolworths (Syd.) .. . . 1 0 9 (2) 1 0 11 Unlisted Stock Fiji Kauri .. .... .. 0 9 0 WELLINGTON Sales on 'Change 4 p.c. Stock, 1949 (late Tues.) 101 5 0 Goldsbrough, Mort (late Tues.) .. 1 7 6 N.Z. Breweries (late Tues.; 3) .. 2 0 0 1 19 9 Broken Hill Pty. (late Tues.; 3) 2 17 3 (late Tues.) 3 18 9 Bank of New Zealand (2) .. 2 2 1 4 p.c. Stock, 1946 (2) .. 100 2 6 4 p.c. Stock, 1949 101 5 6 Broken Hill Pty. .. ,. ,. 2 16 3 Consolidated Brick .. .. 0 7 9 G. J. Coles .. 3 18 10 3 18 3 3 18 6 Woolworths, Ltd. (ord.) 1 0 10 Unlisted Stock Woolworths (W.A.) .. .. 4 5 0 CHRISTCHURCH Sales on 'Change N.Z. Breweries 2 0 3 Broken Hill Pty 2 17 0 (2) 2 16 7 Broken Hill Pty. (cont.) .. 1 18 6 1 18 5 G. J. Coles 3 18 10 3 18 3 3 18 0 Taranaki Oilfields .. .. 0 12 6 0 12 5 Wilcox Molllin 0 6 4 Woolworths (Syd.; ord.) .. 1 0 10 Broken Hill South (cum div.) 1 9 6 North Broken Hill (cum div.) 2 4 0 Sales Reported N.Z. Farmers’ Co-op., 4-J p.c. Stock. 1950 90 10 0 Argo .. 0 1 9 Woolworths (South Africa; 2) 0 15 3 Mount Morgan 0 10 11 Woolworths Ltd ,, .. 1 0 10 G. J. Coles 3 18 0

LONDON, Sept. 7 £ s. d. September 7 .. 7 4 2i September 5 .. 7 4 1 September 3 .. .. 7 3 5 September 1 .. .. 7 3 0* August 31 .. 7 3 34 August 30 .. 7 2 84 August 29 .. 7 2 1 August 27 .. 7 2 3 August 23 .. 7 2 7 August 25 .. 7 2 6 August 24 .. 7 2 64 August 23 .. 7 2 64 August 22 .. 7 2 64

Paris— Par. Sept. 5. Sept. 6. Franca to Cl Brussels— 124.21 ITS 19-64 178 5-16 Belgns to £1 Oslo— 30 28.51) 28.53) Kroner to £ 1 Stockholm— 18.180 19.90 19.90 Kroner to £l Copenhagen— 18.130 19.39) 19.39) Kroner to £ I Berlin— 18.150 22.40 22.40 Marks to £1 Montreal— 20.34 12.03J 12.03 Dollars to £1 New York— 4.86 2-3 4.83) 4.83B Dollars to £1 Yokohama— 4.80 2-3 4.82 7-10 4.82 5-16 Pence to yen Hongkong— 34.582 14 14 Pence to dollar Bombay— 24.58 15 15 Pence to rupee Batavia— 17 27-32 IT 29-32 Florins to £1 Milan12.10 8.91 8.91 Lire to £1 Amsterdam— 82.46 91 11-10 91 11-16 Guilder to £ J Prague— 12.107 8.92) 8.92 Kroner to £ J Geneva— 104 J 1391 139| Francs to £ I Vienna* — Schillings 25.32) 21.28) 21.31 to £1 .. Helsingfors— 84.86) 26) 26) Marks to £ 1 Madrid— 193.23 2261 .226! Pesetas to £ 1 Belgrade— 25,22) 214 Dinara to £1 Athens— Drachmas to 25.22) 214 £1 Lisbon— Escudos to 375 547) 547) £1 Bucharest— 110 110 8-16 110 3-16 Lei to £ 1 Rio de Janeiro— Pence to 931.6 670 670 mllreis .. Buenos Aires— 5.800 2 29-32 2 29-32 Pence to pesos Shanghai*— 4T.22 19.02) 19.05) Pence to tael Montevideo — — 8) 84 Pence to peso* Warsaw— — 30) to Zlotys to £1 — 25.04 • Nominal 25.94

London— Buying Selling £ N.Z to £100 8tg IT 124 124/10/ O.l) 123/11/3 124/9/6 Australia — £ A. to £100 N.Z T.T 100/17/tj 1U0/6/' O.D 100/17/6 100/5/fin— £ r. to £100 N.Z r.T 90/7 /e «» O.D 90/7/6 St New York— Dollars to £ N.Z r.T 3.9011 3.8670 O.D 3.90G1 3.8680 Montreal— Dollars to £ N.Z r.T 3.9116 3.8791 0 1) 3.9203 3.8801 Belgium— Bolgas to £ N.Z IT 23.124 22.814 O.D 23.199 22.819 Czechoslovakia— Korunas to £ N.Z 1.1 — 111.85 O.D — 111.87 Denmark— Kroner to £ N.Z. T.T 18.203 17.893 O.D 18.263 17.803 Finland— Marks to £ N.Z r.i 185.39 179.59 O.D 185.79 179.69 France— Francs to fi N.Z r.T 144.77 142.27 O.D — 142.29 (’■ermany— Reichsmarks to £ N.Z ,, r.T. — 9.592 O.D — 9.594 (Irecce— Drachmae to £ N.Z .. .. r.r. — 429.54 O.D. — 429.09 HollandFlorins to £ N.Z t.T 7.270 7.120 O.D 7.310 7.122 Italy— Lite to £ NZ r.T — 73.503 O.D — 73,528 lava— Florins lo £ N.Z r.T 7.251 7.101 0 D 7,291 7.103 Norway — Kroner to £ N.Z r.T 16.182 15.892 on 16.242 15 895 Noumea— Francs to fi N.Z IT 117.27 1-10.52 on — 140.56 1‘apeete— Francs to £ N.Z r/r 146.67 140.67 O.D — 110.71 Sweden— Kroner to £ N.Z r.T 15.786 15.49) O.D 15.846 15.494 Switzerland— Francs to £ N.Z. r.i 17.301 17.031 0 n 17.406 17.033 Chefoo— N.Z. pence to 1 dollar .. r.T O D — — Hongkong— N.Z pence to 1 dollar .. .. r.i IS 7-16 18 13-16 on 18 13-32 18 13-16 India and Ceylon— N.Z pence to 1 rupee .. .. t.T 22 3-32 Tl'i O.D 22 1-16 22ii Lilian - N.Z. pence to 1 ren .... r.i - 17 33-84 O I) — 17 3.1-94 •Manila — N.Z pence lo 1 peso .. .. r/r 30 5-32 30 13-16 on 30 MG 30 13-16 Shanghai— N.Z. pence to 1 dollar .. .. r.i O I) — SirtjrnporeN.Z pence to 1 dollar IT 34 31-64 34 31-32 o n 34 25-04 34 31-32 All rates subieci i ro alteration wlilinul notice

U.S.A Canada (Per £) 'Per £1 N.Z.) NZ) . Selling: Do Is Dols T.T. .. 3.865 3.87 15-16 O.D. .. 3.87 3.88i Buying: O.D. .. 3,90 9-16 3.92

£ s. d. Bank of Australasia 8 3 9 E.S. and A. Bank 3 17 6 Union Bank of Australia 6 10 0 Bank of New South Wales 23 17 6 National Bank of New Zealand 2 0 0 Bank of New Zealand 1 13 3 British Tobacco .. .. 1 18 n Goldsbrough Mort (nominal) 1 0 n Dalgety 6 5 0 P. and 0. Deferred .. .. 1 0 0 (New Zealand delivery) 1 0 0 New Zealand Loan and Mercantile. 4 per cent, debentures 84 10 0 (ex div.; ord. 22 10 0

£ s d Coppei. spot 41 5 0 Rise 0 11 101 Copper, forward 41 10 0 Rise 0 11 101 Electrolytic, spot 46 10 0 Rise 0 10 0 Electrolytic, forward 47 10 0 Rise 0 10 0 Wire bars 47 10 0 Rise 0 10 0 Lead spot 14 4 41 Rise 0 3 9 Lead, forward 14 9 41 Rise 0 5 0 Spelter, spot .. 13 3 U Rise 0 0 71 Spelter, forward 13 8 11 Rise 0 0 71 Tin. spot . 192 15 0 Rise 0 12 6 Tin forward 193 12 0 Rise 0 17 6 Oz Silvet standard 19 l-16d Fall 1-: 16d Silver, fine 20 9-16d Fall 1-: 16d

Bank of New South Wales £ s. 30 12 d. 6 Commercial Banking Sydney of 20 1 0 Commercial Bank of Australia (N.Z. delivery) .. 0 16 9 Colonial Sugar .. .. 47 5 0 Associated News .. .. 1 1 0 Associated News (pref.) 1 2 9 Berlei 1 19 0 British Tobacco .. .. 2 7 6 Tooths 2 13 9 Dunlop Perdriau .. .. 1 1 0 Lustre 1 0 0 Stedmans 0 12 9 General Industries 0 19 1 i Sydney Ferries .. .. 0 6 3 Nestles (pref.) .. .. 1 15 9 Sargents 1 5 9 0 United Provisions 0 8 Woolworths I 1 0 Wunderlich 0 19 10 Electrolytic Zinc 2 2 0 1 Mount Morgan .. .. u 11 Broken Hill Pty. 2 16 6 Zinc Corporation .. .. 4 7 0 8 3 1 Rawang Placer Development .. 3 16 3 Oil Search U 8 7 Emperor 0 13 1 4 2 8 Loloma

tralia 0 16 0 National Bank (£10 paid) 33 13 0 G. J. Coles 3 18 3 Australian Glass 4 13 0 Dunlop Perdriau .. • • • • 1 1 Melbourne Investment Trust 0 III 6 Felt and Textiles 1 13 3 Herald and Times .. • • I IV 9 Cox Bros • ■ • • 0 17 0 Yarra Falls .. ... •• •• 1 Id 5 Australian Foundation Investment Trust . • 0 5 i Australian Paper Mfxs. (pref.; new; paid) .. .. 1 5 3 Mount Morgan U 11 Broken Hill Pty 2 16 9 Emperor U 10 t* Loloma 1