COMMERCE AND FINANCE

Otago Daily Times, Issue 23631, 15 October 1938, Page 8

COMMERCE AND FINANCE

s S SHARE MARKET REVIEWED 8 INCREASED VOLUME OF TRADING I —- fc SPECULATIVE INTEREST J PARAMOUNT I SHARP ADVANCES IN LEADING * DOMINION SCRIP I - S Spurred on by the growing excitement of the general election, trading Son the Dunedin Stock Exchange for \ the period ended yesterday afternoon > was markedly improved in comparison ** with the turnovers recorded for the S past six or seven weeks. Speculative % interest made itself manifest early in Jj the period, and the demand for two of S the Dominion’s leading shares —Bank Sof New Zealands and New Zealand S Breweries —far exceeded the supply. S Transfers were fairly numerous for ■S both these investments, and values rose almost without interruption S throughout the week. Other sections *Vof the market were not so keenly S supported, but some good trading S resulted. A noticeable feature was the pronounced slackening in the $ demand for leading Commonwealth which, although generally f firm, failed to make headway to the f extent that Dominion scrip did. Even mining ventures, which lusually take a prominent part in the A week’s turnover, were not wanted in such large parcels as formerly, but t almost without exception price levels Swere noticeably improved from la?t vweek when the market closed yester- . £day. %; What of the Future? N To forecast the result of to-day's Selection and the consequent reaction %on share markets cannot be done with any degree of accuracy. Speculation Twill be rife to-day, when Stock Exchanges throughout the Dominion will sbe closed. There is no doubt that the trend of the market will depend |on the result of the general election. 1 The Week's Sales The following Is a list of the business (•"transacted on the Dunedin Stock ExChange for the period ended yesterday £ s .

j 1 2 10 3 Heavy Trading Yesterday S Both during the morning and afterIjnoon call-overs yesterday there was a *keen demand for all classes of shares, Iwith a consequent appreciation in lvalues. One exception was provided Iby New Zealand Breweries, which |after their somewhat phenomenal rise, back to be dealt in on ’Change fat £2 3s—sd above their highest sellling price of the week. Bank of New 'Zealands again proved a strong source |bf attraction to investors, while insurances, leading Dominion industrials and Australian mining shares were wanted Jjby almost a full quota of buyers. every section of the market |was represented in yesterday’s list of |2O transactions—the highest number recorded on any One day for a considerable period. ft Bank of New Zealands Advance | From business at the beginning of Jthe week at £2 2s Bd, Bank of New rose steadily to sell at up |t o £2 3s 9d, while final buyers at £2 Ms 6d were Is away from vendors’ llimits. National Banks of New Zealand firmed in a similar manner, gaining 3s 6d during the; period. Common*wealth houses shared in the upward -(trend but E.S. and A.’s were the only (other shares to reach the sales list, a ’“parcel changing hands at the improved of £5 3s 6d. \ New Zealand Breweries Popular The most popular scrip on the local market during the week was New Zealand Breweries, which had a total of 12 transfers at prices ranging from £2 3s to £2 3s sd. Yesterday afternoon, however, a slackening of interest was heightened by an easing in values,

LOCAL AND OVERSEAS MARKETS

business being done at £2 3s, with more on offer at that price and sellers firm at £2 2s 9d. Insurance scrip contributed to the brighter market, Nationals advancing to sales from 16s 6d to 17s, while both Standards and South British were dealt in at slightly better prices. Meat preserving was represented in the turnover by three sales of New Zealand Refrigeratings at recent steady values and Goldsbrough. Morts rose to a transfer of £1 8s 3d. Taranaki Oilfields reacted to the announcement that boring operations had commenced, and a fresh wave of interest sent values up as high as 14s, with more wanted at the same figure and sellers holding out for 6d more. Farmers’ Trading Fertilisers and McKenzies Departmental Stores were other shares which were fairly well supported. each being included in the turnover. G. J. Coles Marked Up G. J. Coles were in regular demand at each of the daily call-overs, but only two sales were effected, buyers being supplied at £3 18s. More were wanted at the same figure, but holders kept off the market. Broken Hill Proprietaries, after a sale at £2 18s 6d, closed with a wide margin, while Sydney Woolworths closed a shade easier. Improvement in Metals Some sharp advances were recorded for Australian mining scrip, but the tournover was not as great as in former weeks. The best price for Broken Hill Souths was £ 1 12s 9d, and the best for North Brokens £2 10s. After selling at £1 8s 3d, Mount Lyells were keenly sought at £ 1 9s, without attracting sellers. Mount Morgans improved to business at 11s 3d, and both issues of Electrolytic Zinc made noticeable headway. YESTERDAY'S TRANSACTIONS Sales on 'Change Afternoon Calf £ s. d. New Zealand Breweries .... 2 3 0 North Broken Hill 2 10 0 Sales Reported National Insurance (late Thurs.) 016 9 Dominion Fertiliser (late Thurs.) 14 0 E.S. and A. Bank 5 3 6 National Insurance 0 17 0 South British Insurance .... 2 7 0 4 p.c. Stock, 1943-46 100 10 0 Big River Gold 0 10 Martha Gold (2) i. .. 012 3 Dominion Fertiliser (2) .. .. 14 0 Woolworths (Syd.; 2nd pref.) 18 2 North Broken Hill 2 9 3 Sales Reported After Last Call N.Z. Refrigerating (cont.; 2) .. 0 8 4 Broken Hill Pty .. 218 6 Mount Morgan (2) 0 11 3 North Broken HIU 2 10 3 LATESI 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. 3i p.c. Stock, Nov., 1938- 100 0 0 3J p.c Stock. Mar., 19393| p.c. Stock May, 1941-52 ...... 101 5 0 - <4 p.c Stock Nov,, 1941-52 101 S 0 4 p.c. Bonds, 1943-46 ..100 5 0 100 10 0 4 p.c. Stock, 1943-46 .. 100 5 0 100 10 0 4 p.c. Bonds, 1946-49 .. 101 10 0 4 p.c. Stock, 1946-49 .. 101 10 0 - 4 p.c. Bonds, 1952-55 ... 100. 0 0 4 p.c. Stock. 1952-55 .. 100 0 0 3J p.c. Stock. 1953-57 93 0 0

Electro. Zinc (pref.; £1) 2 7 0 Electro Zinc (ord.; £1) 2 3 3 Mount Lyell (£1) .. 19 0 Mount Morgan (2s 6d) 011 0 Mount Morgan (pref.; 12s) 10 9 North Broken Hill (ss) 210 0 211 0 Rawang Tin (10s) .. 0 8 4 Unlisted Stocks All stocks in this section are not quoted on the official list, and Tansactlons are subject to a different rate of brokerage:— Buyer. Seller. £ s. d. £ s. d. A. and T. Burt (pref.; £1) 0 12 9 Woolworths Properties (10s) ~ 0 14 3 DIVIDENDS PAYABLE The following is a list of shares on which dividends will shortly be Dayable:— Amalgamated Wireless-Final, half-yearly 5 oer cent., and bonus ? per rent making 12 per cent, for the year To-day Burris Philp South Seas), Ltd.- Interim half-yearly 7d per share To-day I J Richards Ltd., Adelaide -Final oref and ord making 10 per cent, per annum To-day Wooiwnrins Lid <>i d int. 6 per cent; To-day Woolworths ' N.Z.i Pref. half-yearly 44 per cent. • • To-day t L lories Bret quo ord. 8 per cent, p.a To-day Worksop Extended—ld per share (No 12), free of tax Oct. 17 Wunderlich Ltd - Interim half-yearly 34 per cent., ord and pref Oct Australian Paper and PulpFinal half-year ord and pref., 4 per cent Oct. 24 N.Z, Guarantee Corporation Ltd.—Final. 2d per share Oct 2b United Provisions Orel 3 pci cent., final pref. 4 per cent. Oct. 28 Drug Houses n Australia —34 per cent, onakine 64 oer cent per annum Oct. 131 South British Insurance Coy —Final 84d per share, makIng 14 1-6 oer cent for year Oct. - imperial Chemical Industries -Ord 3 per cent . Nov 1 Martha Gold Mine—lnt 9d a share . Nov 1 Australian Iron and Steel— Pref.. half-vearly £5 16s 3d per cent Nov 1 Macky Logan—lnt. 2J per cent •• •■ N Bank of Adelaide—lnterim at 5 per cent per annum - ■ Nov. 2 Emperor Gold Mines —Is per share Nov ' 10 CALLS PAYABLE The following is a list of shares on which calls will shortly be payable:— Woolworths Properties Ltd.— 10s a share, making £1 paid O ct Broken Hill Pty.—Con. 5s a share, making 13? 4d oaid Nov o 0 NATIONAL BANK OF AUSTRALASIA UNCHANGED INTERIM DIVIDENDS DISTRIBUTION OF 3 PER CENT. (Per United Press Association) WELLINGTON, Oct. 14. The Stock Exchange Association has received advice that the board of directors of the National Bank of Australasia, Ltd., has decided to pay an interim dividend on both classes of shares for the half-year ended September 30 at 6 per cent, per annum. The distributions are at an unchanged rate. DUNEDIN BREWERY COMPANY NEW ISSUE SUBSCRIBED The Dunedin Stock Exchange has been advised that the new issue of 25,000 ordinary shares of £1 each at a premium of 5s each, in the Dunedin Brewery Company. Ltd., has been fully subscribed. BRADFORD TOPS MARKET (United Press Association) (By Electric Telegraph—Copyright) LONDON. Oct. 13. Bradford tops: Merinos, seventies, 27Jd; sixty-fours, 26d; sixties. 25d; crossbreds, fifty-eights, 22d; fiftysixes. 194 d; fifties. 17d: forty-sixes, 16Jd (nominal): forty-fours. 164 d (nominal). The market is very firm at full late rates, with a tendency against buyers. BUTTER AND CHEESE (United Press Association) (By Electric Telegraph—Copyright) , LONDON. Oct. 13. Butter Us steadier. Choicest salted New Zealand, 114 s; Australian 110 s. Unsalted, New Zealand, 116 s; Australian. Ills. Cheese is steady. New Zealand white and coloured, 725; Australian, 68s 6d. and 70s. SHARE QUOTATIONS (United Press Association) (By Electric Telegraph-Copyright) LONDON. Oct. 13. Share quotations: Clutha Riverbuyers Is 6d, sellers Is 9d; Molyneux—buyers 74d, sellers 104 d. WHEAT AND FLOUR (United Press Association) (By Electric Telegraph—Copyright) LONDON. Oct. 13. Wheat: Cargoes are barely steady. Parcels are quiet. Futures —London; October, 23s 94d; November. 23s OJd. Liverpool: October, 5s lijd; December, 4s 9id; March, 4s 7 7-8 d; May, 4s 7 7-Bd. The spot trade is quiet. Australian, cx ship, 21s to 21s 3d. Flour is quiet. Australian, ex store. 23s 6d to 245. Chicago futures; December. 6,it cents per bushel: May. 661: July. 65 3-8,

NORTHERN EXCHANGES AUCKLAND Sales on 'Change

FOREIGN EXCHANGES

LONDON STOCK EXCHANGE (United Press Association) (By Electric Telegraph—Copyright* LONDON, Oct. 13.

DOLLAR AND FRANC (United Press Association) (By Electric Telegraph—Copyright) LONDON. Oct. 13. Exchange on New York is quoted at 4.73 J dollars to the £ and on Paris at francs. PRICE OF FINE GOLD (United Press Association) (By Electric Telegrapn—Copyright)

ON NEW ZEALAND CURRENCY BASIS m.ftlpf) lh‘„ DI V n Sout " VVales - Dunedin. S „r rl W|l,B , ratcs for purchases and sales of foreign exchange yesterday:— London- B " ylnß Selllns

DOLLAR RATES The Associated Banks (other than the Bank of New South Wales) quoted the following dollar rates yesterday on a New Zealand currency basis They are subject to alteration withnu' nnt ' Ce ’ U.S.A. Canada (Per £1 (Per £1 N.Z.) N.Z.) Dols Dels Se |’^ g_ 3.77 13-16 3.8 U Op 3.78 1-16 3.81 13-16 BI O.D S ~ .. •• 3.83 5-16 3.87* LONDON METAL MARKET (United Press Association! (By Electric Telegraph Copyright! LONDON. Oct. 13. The following are the official metal quotations:— Ton

BROKEN HILL PROPRIETARY HALF-YEARLY DIVIDEND ip ER United Press Association) WELLINGTON, Oct. 14. The Broken Hill Proprietary has declared a half-yearly dividend of Is 3d a share in Australian currency, of which in terms of the issue registered holders of provisional certificates will be entitled to one-third or 5d per share, payable on November 23.

DUNEDIN MARKETS WHEAT. OATS. ETC. Little of interest is to be recorded In the milling wheat market. Millers have now taken delivery of their supplies of Australian wheat landed ex the Kauri. It is considered that these supplies, with the quantity of wheat on hand, will be sufficient to meet local millers’ requirements until the next season’s wheat is available. Australian wheat is still arriving in the North Island, and another shipment is due there early next month. The sowing for the new season’s wheat is now practically completed in the Otago district. The total area will be larger than was planted in Otago last season In the Canterbury district, on the other hand, sowing operations in the autumn and the spring were interfered with by weather conditions, and as a consequence the area in the South Island will not be sufficient to supply the requirements of the Dominion. \ The fowl wheat market is firm, with stocks on the short side. Local values range from 6s 6d to 6s 9d per bushel, sacks extra, and a difficulty is being experienced in obtaining good lines of fowl wheat. Local merchants are drawing most of their requirements from the South Canterbury district Wholesale prices are as follows: Flour.—2oo’s, £l3 15s 6d; 100’s, £l4 12s 6d; 50’s, £l4 17s 6d; 25’s, £ls 7s 6d Bran, £5 5s per ton. Pollard, £6 15s per ton. Oatmeal, 2001 b sacks. £l9 per ton: 25’s, £2O per ton. Oat Market Weak The oats market remains unchanged. The demand from millers is poor, and the demand for other purposes is also weak. There are now few oats held at this port, but at, other ports in the South Island there are surplus stocks. The quotations from these ports for shipment to the North Island are on a basis of 3s 3d f.o.b.s.i. for A Cartons and 3s f.o.b.s.i. for B’s. Seed oats continue to be delivered to the country. There is a fair demand for seed oats, and it is expected that sowing will be completed towards the end of this month. The area to be planted will probably be larger than usual. In a number of cases crops will not be sown for sale purposes, but for farmers’ own use, as they require to stock up supplies of oaten sheaf for winter feed. Weak Demand for Chaff The chaff market is quiet. There is not now the same demand for chaff, as the growth of grass is increasing. There is no change in quotations. Merchants are obtaining most of their supplies from Canterbury, and are also able to draw to some extent on their stocks in store. Slack Demand for Potatoes The stores are holding good supplies of potatoes, and the market continues dull. The demand is confined to small lots, with quotations on a basis of £3 per ton, sacks included,, for freshly picked lines. In a number of cases a lower price has been accepted than that named above. Reports from Canterbury state that whites are selling at £2 7s 6d per ton f.0.b.5.i., and reds at £3. Quiet Period in Seeds Business has been fairly quiet in the seed markets' during the week, consequent on an easing off of inquiries from overseas. There have been, however, substantial quantities of white clover and dogstail sold for export, and it is expected that there will be a revival of the export demand later on. In the meantime all the markets show little change. The ryegrass market continues firm, and there appears to be just about sufficient stocks available to meet the spring demand for sowing out. The cocksfoot market is steady, and the white clover market remains firm, following on a shortage supplies of this seed. Both the cowgrass and brown top markets are quiet. Some sales of brown top have been made for export, but a. reduced prices. Wholesale prices are as follows: — Chaff.—Good, bright oaten sheaf, £5 17s 6d per ton, ex truck, to £6 10s, ex store. Potatoes.—White, £3 per ton, ex store; market weak. Dairy Butter—Milled bulk, lOd per lb; separator lOd per lb. Supplies wanted. Bacon, Is 3d per lb. Hams, Is 2d per lb; boneless, Is 4d. Eggs—ls Id, Is 2d, Is 3d per dozen. Victorian onions, 15s per cental. Supplies of Victorian are finished, and Californian will not arrive until November 9. Lard.—Bulk, 8d per lb. Bulk honey, 6d to 6id per lb. FRUIT AND VEGETABLES ORANGES AND BANANAS SCARCE Supplies of imported fruits are in short supply. Oranges are sold out of the wholesale marts, but a further supply of Australian is due by the Waitaki from Melbourne early next week. Bananas are also sold out at the wholesale marts. Supply of bananas have not been sufficient during the past few months for the local demand. The supplies coming to the market are considerably less than In other years. At the present time the local market is dependent almost entirely on the shipments ex Mauri Pomare from Samoa, this vessel arriving at Lyttelton monthly. In other seasons regular supplies have been obtained for the Dunedin market from both Rarotonga and Fiji, but these supplies have now been completely cut out, Endeavours are being made to secure increased supplies for the next few months, and if these are not obtainable there is likely to be a shortage of bananas between each shipment by the Maui Pomare. Further supplies of pineapples are due to arrive next week ex the Waitaki from Melbourne. Hothouse-grown tomatoes have increased in supply, mainly from Canterbury, but satisfactory prices are still being obtained. The hothouse tomato season is about a fortnight later than last year, owing to the cold weather experienced in Christchurch during the month of August. Good supplies should shortly be available. It is thought that the crop of outside grown tomatoes will not be as heavy as in previous years, as growers are finding great difficulty in obtaining labour. In the circumstances they are inclined to confine their planting to crops which they can handle conveniently themselves. A further shipment of Californian grapes arrived from the north. The fruit opened in splendid order, and had a ready sale. New Zealand lemons are in heavy supply, with low prices ruling. Cauliflowers showed a sharp advance in price towards the end of the week. Many growers have now finished their crons for this period, the warm weather of a few weeks ago having brought supplies on all at once. Soring cabbage are increasing in supply. Good quality lettuce are realising satisfactory prices. Poor quality are practically unsaleable. Rhubarb is in full supply, and prices are easier. Asparagus is now arriving from Canterbury. Local values have been ruling lower than those obtainable in Christchurch, and the market is erratic. Wholesale prices arc as follows;

Apples.—Delicious and Sturmers, extra fancy 7s to 9s 6d per case, fancy 5s to 6s, commercial 3s to 4s 6d; cookers, 7s to 8s 6d; small. 3s 6d to 4s. Pears.—Dessert, 10s to 11s per case. Oranges.—Australian, 16s to 21s per case, according to count. Pineapples, to 18s 6d per case. Tomatoes. —Auckland hothouse, 2s to 2s 6d per lb: Christchurch. 2s 6d to 3s. Grapes.—Californian, 27s 6d to 35s per case of 321 b. Lemons. —New Zealand: Best quality, 8s to 10s per case; others,-5s to 6s. Bananas. —Ripe, to 21s 6d per case. Cauliflowers. —Choice. 6s to 10s per sack; others, 2s to 4s. Cabbages.—Spring cabbage, 3s 6d to 5s per case. Rhubarb, Is to Is 6d per dozen bunches; loose, Id to lid per lb. Asparagus, 10s to 12s per dozen bunches. Carrots, 2s to 3s per sugar bag. Parsnips, 3s per sugar bag. Lettuce, 6d to Is 6d per dozen: extra choice, 2s to 3s. Spinach, Is to 2s 6d per dozen bunches. Leeks, 4d per bunch. Kumeras, lid per lb. CANTERBURY MARKETS LITTLE ACTIVITY EVIDENT STILL NO DEMAND FOR POTATOES (Per United Press Association) CHRISTCHURCH. Oct. 14. There has been little change in the Canterbury grain and produce markets since the last report. Practically the only section which has been at all active is that for small seeds, and the trade in that has only been steady. The potato market is still showing no life. Merchants report that Dakotas are unsaleable, and that the quotation of 30s a ton on trucks for Sutton’s is only nominal. The Government has indicated that it will take over a quantity of potatoes, reported to be about 500 tons, which was rejected from the shipment for South America by the Port Melbourne. These potatoes are being rebagged, but what their destination will be has not yet been announced. It is reported that the Government is considering sending them to the North Island, but has not yet made a decision. There has been some demand for good machine-dressed white clover, and the price to farmers has firmed to Is and Is 2d. There has also been steady trade during the week in red clover, ryegrass, and Chewings fescue. BANK OF ENGLAND RETURN (United Press Association) (By Electric Telegraph—Copyright! LONDON. Oct. 13. The following is the Bank of England return:— ISSUE DEPARTMENT Note issue in circulation £496,400,000 Bank department .. .. 30,000.000 Government securities .. 188.700,000 Other securities .. .. 300.000 Silver coin .. ..... .. BANKING DEPARTMENT Rest 3,100,000 Public deposits . • .. 28,300.000 Bankers’ deposits .. .. 94.900,000 Other amounts .. .. 36,600,000 Government securities .. 114,500,000 Discounts and advances 9,600,000 Other securities 21,900,000 Notes and coin .. 31,400,000 Ratio of reserve to liabilities is 19.67 per cent, The 'Bank of England discount rate remains unchanged at 2 per cent.

CHRISTCHURCH STOCK EXCHANGE THE WEEK’S ACTIVITIES (Special to Daily Times) CHRISTCHURCH, Oct. 14. A much keener interest has been taken in most sections of the share market this week, although the bulk of the turnover was confined to the recognised leaders. Shares in New Zealand companies were more popular and prices generally moved to higher levels. The market for Australian stocks brightened by the settlement of the coal strike, and several substantial rises were scored. Metals company shares all gained because of the confident reports from London, Government issues were firmer, but there was little business in -local body debentures. The turnover for the week was £38,265, against £30,040 for last week. In banking, New Zealands were most active at prices rising sharply from 42s 7d to 44s lOd. National of New Zealand, which sold at 53s last week, rose to 575. and Commercial of Australia advanced from 16s 7d to 17s. In insurance, New Zealand staged a notable recovery, rising from 54s 6d to 58s. Nationals, which had fallen to 16s 3d. rose sharply to 17s, and closed firmer. South British advanced to 47s 6d, and Standards to 565. Dalgetys were fractionally weaker at £7 19s. Goldsbroughs gained Is 3d, with business at 295. New Zealand Guarantee Corporation (cum dividend) were firm at 4s 2d and 4s 3d.

Frozen meat stocks were in stronger demand. Gears moved up to 14s 3d and closed with buyers at 15s Id. New Zealand Refrigerating were firmer with buyers of the £ 1 paids at 18s and of the 10s paids at 8s 4d. The chief interest in breweries was in New Zealands, which rose from 42a to 43s 6d.

In the miscellaneous sections prices moved irregularly, but in most cases closed above opening rates. British Tobacco went from 47s 3d to 48s 4d, to 47s 9d. Broken Hill Proprietary opened at 58s 6d and fluctuated between that price and 57s Bd. Dominion Fertiliser had business at 24s and 24s Id. Dunlop Rubber were fractionally firmer at 20s 5d and 20s 4d. Electrolytic Zinc ordinary advanced from 42s 6d to 44s and preference to 48s. relapsing to 47s 3d. G. J. Cples were stronger at 77s 6d to 795. Hume Pipe firmed to 19s 2d. 1.C.1. (Australia and New Zealand) (pref.) were fractionally firmer at 21s lid. Taranaki Oilfields. which towards the close of last week had fallen to 11s improved rapidly from 13s to 14s 2d. New Zealand Farmers’ Fertiliser rose to 17s 4Jd. Wilsons Cement gained Is 7d at 13s 3d and closed firmer. Wool worths relapsed from 21s to 20s 9d, and the New Zealand Company (850) ranged from 19s 6d to 20s. Woolworths, South Africa (100), were firm at 15s. Broken Hill South went from 31s 4d to 33s 6d, and Mount Lyells from 28s 8d to 29s Id. North Broken Hill rose from 46s to 50s 9d. Wellington Alluvials were firm at ss. Mount Morgans were fractionally firmer at 11s id and dosed stronger.

1*4 per cent. Stock, 1943-46 \Blg River Gold .. .. 100 10 0 1 0 12 0 0 3 Gold (2) .. .. SfcBank of New Zealand.. L.„ /. - (2) (2) (2) (2) 0 12 2 2 2 2 2 3 2 3 2 3 2 3 5 3 3 8 9 0 3 6 9 6 Insurance (2) L . , • • • • 0 16 0 IS 0 17 2 16 6 9 0 0 HSouth British Insurance JJjN.Z. Refrigerating (cont.) Trading (old ” (2) 2 0 0 7 8 8 0 3 4 issue) 0 19 1 8 9 3 0 13 4 s (2) 0 14 0 0 13 10 Fertiliser (3) .. .. 1 4 3 IS 0 0 2 18 6 MMcKenzles Departmental Stores >Otago Daily Times sWoolworths (Sydney: second 3 2 1 0 5 8 6 0 2 5?New Zealand Breweries V N S (9) .. 2 , 2 2 2 3 3 3 3 0 n S 3 1 12 9 1 12 0 Zinc (ord.) .. .. 2 1 3 8 0 3 0 11 3 2 9 3 2 10 0

MINING Austral (N.Z:-: 9s) .. — 1 1 3 Big River (Is) .. 0 0 11 0 1 0J Clutha River (2s) .. 0 2 1 0 2 6 Gillespie’s Beach (Is) 0 1 1 Goldfields Dredging (Is) - 0 0 34 Martha (5s) .. .. 0 12 0 Molyneux River (2s) 0 0 5 Nokomal (5s) .. .. 0 1 9 Okarito (5s) 0 2 0 — Sandhills (Is) .. 0 0 1 0 0 2 Waltahu (5s) .. 0 0 8 0 0 10 BANKING N.S.W. (£20) .. .. 31 10 0 — N.Z. (£1) .. .. .. 2 4 6 2 5 6 N.Z. (Long D: £1) .. 1 9 0 1 10 0 Commercial (10s) — 0 17 2 Comm, (pref.;- £10) 9 6 0 — E.S. and A. (£3) .. 5 2 0 — National of N.Z (£2 10s) 2 16 0 — Union (£5) 8 8 0 — INSURANCE National (7s) .. .. 0 16 9 — South British (10s) .. — 2 7 9 Standard (£1) .. .. 2 15 6 — SHIPPING P. and O Det Stock (£1) 4. . 1 3 0 — U.S.S. Co. (pref.; £1) 1 6 0 1 7 0 A1EAI PRESERVING Gear Meat (10s) 0 15 0 _ N.Z. Kef rig (paid; £1) — 0 18 3 N.Z. Refrlg, (cont.: 10s) .. 0 8 4 0 8 6 South Otago Freezing (£5) - 5 3 0 WOOLLEN COMPANIES Bruce (ord.; £1) 0 4 6 — Bruce (pref.; £1) — 1 0 0 Oamaru (£1) ., .. — 0 17 0 LOAN AND AGENCY Natnl. Mortgage (£2) 2 3 0 — N.Z. Guarantee Corp. (3s) 0 4 3 — Trustees. Executors (£3) 4 0 0 — Wright Stephenson (pref.: £1) 1 0 3 C'bAL AND OIL Westport (10s) .. ., — 1 4 6 Westport - Stockton (pref.: 10s) ., .. 0 6 6 — Taranaki Oil i£l 4s 7d) 0 13 11 0 14 6 MISCELLANEOUS Associated News (£1) 1 1 0 — Australian Glass (£1) 4 12 6 — Broken tlill Propv (£1) 2 17 6 2 19 0 Broken Hill Propy. (cont.; 10s) 1 19 6 2 0 3 Brown Ewing lord.; £1) — 1 0 u Brown Ewing .pref.; £1) 1 0 6 — D.I.C (pref.: £1) .. — I 3 3 Dominion Fertiliser (£1) 1 3 6 1 4 6 Dominion Fertiliser (debs.) 101 (J 0 — Dunlop Perd Rubber (£1) 1 0 3 — G. J. Coles (£1) 3 18 0 — Hume Pipe (£1) — 1 0 0 I.C.I. (pref.) .. .. 1 1 9 1 2 2 Mjlburn Lime (£1) .. 1 15 — McKenzies Dpt. Stores (£1) 3 0 0 — McLeod Bros. (£10) 27 10 0 * N.Z. Drug Co. ( £2) 3 9 0 3 11 0 N.Z. Paper Mills (£1) 1 1 9 — Otago Dally Times (£1) •• — 2 6 0 Smith and Smith (pref., £1) — ) I 0 Woolworths (ord.; 5s) 1 0 0 Wool worth? (Sydney; ord.; 5s) 1 0 6 1 1 3 Woolworths (S.A.; 5s) 0 14 9 0 15 3 BREWERIES N.Z. Breweries (£1) 2 2 9 2 3 0 AUSTRALIAN MINING Broken HID South (5s) .. 1 13 6 1 U 0

£ s. d. Bonds, 1953-57, 3J p.c. 94 7 6 Stock, 1943-46, 4 p.c. .. 100 10 0 Stock. 1939-52, 3* p.c. (2) 100 10 0 Auckland Harbour Board, 1955, 4i p.c 102 10 0 Bank of New Zealand (3) 2 5 0 O 4 3 National Insurance .. .. 0 16 10 (2) 0 17 0 South British (3) .. .. 2 7 0 Dominion Invest. Banking 0 17 6 Auckland Gas I 0 3 Auckland Gas (cont.) .. 0 14 3 0 14 1 Dominion Breweries .. .. 1 14 10 1 14 3 Australian Glass (2) .. .. 4 12 9 Broken Hill Pty 2 17 10 O 18 3 2 18 0 Broken Hill Pty. (cont.) .. 2 0 0 Claude Neon (N.Z.) .. .. 1 2 6 Farmers’ Trading 0 19 9 G. J. Coles (2) 3 18 6 Imperial Chemicals <prcf.) 1 2 0 Milne and Choyce (def.).. 0 17 6 Macduffs 0 14 6 N.Z. Newspapers (odd lot) 1 15 0 Peters Ice (N.Z.) 1 3 0 Taranaki Oil 0 14 2 0 14 1 Wilsons Cement 0 18 3 Woolworths (N.Z.) .. .. 1 0 0 Woolworths (Sydney) 1 0 9 (3) 1 0 10 Capel Court Trust .. .. 0 3 6 Martha 0 12 3 Broken Hill South 1 12 9 1 13 5 1 13 6 Mount Lyell 1 1 0 9 9 11 2 6 Mount Morgan 2 North Broken Hill .. .. 2 10 3 Unlisted Stock Pacific Forests 0 8 0 Woolworths Properties 0 14 (pref.) 2 WELLINGTON Sales on ’Change Silverton Tram (late Thursday) 1 14 10* New Zealand Breweries 6 (late Thursday) .. .. 2 3 Broken Hill Pty. (late 17 9 Thursday) 2 N.Z. Drug (late Thursday) 3 10 0 Colonial Sugar (late Thurs48 10 0 day) Martha Gold (late Thursday) 0 0 12 12 4 6 Aust. Consol Stock. 4 p.c., 0 19S8 101 5 Bank of Australasia .. . • 10 8 0 Commercial Bank (ord.) .. 0 17 0 Bank of New Zealand 2 4 10 (3) 2 5 0 (long term) 1 9 6 Goldsbrough, Mort .. .. 1 8 104 South British Insurance (3) 2 7 0 Gear Meat 0 15 6 Carlton Brewery .. .. 3 5 9 British Tobacco (2) .. .. 2 7 10* 2 7 8 I.C.I. (pref.; 2) 1 1 11 G. J. Coles (3) 3 18 8 3 19 0 Wilsons Cement (2) .. .. 0 18 4 0 18 3 Woolworths, Ltd. (4) 1 0 9 Woolworths (N.Z.) .. .. 0 19 11 0 19 10 1 0 0 Broken Hill South 1 13 9 Mount Lyell 1 9 3 1 9 6 Taranaki Oil 0 14 0 Broken Hill Proprietary (2) 2 18 5 CHRISTCHURCH Sales on’ Change Bank of New Zealand 2 4 10 2 4 9 Goldsbrough, Mort .. .. 1 8 7 (2) 1 8 10 New Zealand Breweries (2) 2 3 0 2 3 3 2 3 2 100 Anthony Hordern .. .. 0 16 6 British Tobacco .. .. 2 7 9 Dominion Fertiliser .. .. 1 4 0 1 4 1 Dunlop Rubber 1 0 4 Electro. Zinc (pref.) .. Taranaki Oilfields (2) 2 7 3 0 14 1 Woolworths (Sydney, ord.) 1 0 9 Mount Lyell 1 9 1 Broken Hill South 1 13 3 1 13 4 North Broken Hill 2 9 0 2 9 2 2 10 3 2 10 6 (21 2 10 9 (2) 2 10 8 2 10 9 Sales Reported Bank of New Zealand (late Thursday) 2 4 10 Bank of New Zealand (London delivery) 2 5 0 National Insurance (late 17 Thursday) 0 0 National Insurance .. .. 0 17 1 New Zealand Breweries (2) 2 3 3 (2) 2 3 6‘ British Tobacco 2 7 9 Broken Hill Proprietary 1 19 6 (contr.) Dominion Fertiliser 1 4 0 G. J. Coles 3 19 0 New Zealand Newspapers 15 (odd parcel) 1 0 Taranaki Oilfields .. .. 0 14 2 0 14 0 Wilsons Cement (late Thursday) 0 18 3 Woolworths (New Zealand; 3) 1 0 0 Woolworths (South Africa; 0 late Thursday; 2) .. .. 0 15 Broken Hill South (2) 1 13 6 North Broken Hill 2 10 8 Standard Insurance .. .. 2 16 0 National Bank of New Zea17 0 land 2 Tooths Brewery 2 14 9

Oct. 6. Oct. 13. British— £ s. d. £ s. d. Consols. 21 p.c. 73 10 0 72 0 0 Funding Loan, 4 p.c. 109 10 0 108 0 0 War Loan, 3J p.c. .. 101 5 0 100 0 0 Con. Loan, 3J p.c. .. 100 0 0 99 0 0 Victory Bonds. 4 p.c. 109 0 0 107 0 0 Commonwealth— •5 p.c., 1945-75 105 12 6 105 12 6 4 p.c., 1943-48 97 7 6 99 17 6 33 p.C.. 1948-53 98 15 0 98 5 0 3i p.C., 1956-61 89 5 0 89 2 6 3 p.c.. 1955-58 86 10 0 86 5 0 New South Wales— 3J p.c., 1930-50 95 7 6 94 10 0 Victoria— •3 p.c., 1929-40 90 0 0 00 17 6 •43 p.c., 1940-60 102 0 0 101 0 0 5 p.c.. 1945-75 105 2 6 104 15 0 Queensland— •3 p.c., 1932-47 5 p.c., 1940-60 South Australia— 91 5 0 93 101 7 5 6 0 •3 p.c., 1916 or after 74 0 0 74 10 0 5 p.c.. 1945-75 105 7 6 105 5 0 Western Australia— •4 p.c., 1942-64 99 15 0 99 15 0 Tasmania— *3i p.c., 1929-40 99 5 0 101 0 0 *4 p.c., 1940-50 100 0 0 100 5 0 New Zealand— 44 p.c., 1948-58 99 7 6 99 12 6 3J p.c., 1940 99 2 6 99 0 0 3 p.c., 1945 . . . . 02 10 0 92 0 0

LONDON. Oct. 13 £. s. d. October 13 7 fi 9J October 12 7 6 5 October 11 7 6 11 October 10 7 5 8 October 8 7 5 41 October 7 7 5 0 October 6 7 4 5 October 5 7 4 10 October 4 7 5 3J October 3 7 4 81 October 1 7 4 li

(British Official Wireless) (United Press Association) (By Electric Telegraph Copyright! RUGBY. Oct. 18. Paris— Par. Oct. 12. Oct. 13. Francs to £ J 124.21 ITS 27-32 1782 Brussels— Belgas to £1 80 28.07J 28.08 OsloKroner to £J 18.180 19.90 19.90 Stockholm— Kroner to £ J 18.130 19.41 19.41 ■ openhagen— Kroner to £ 1 18.15(1 22.40 22.40 Berlin - Marks tc £ 1 20,34 11.85 11.82 MontrealDollars to £1 4.86 2-3 4.70 4.781 'ew Vork— Dollars to £) 4.86 2-3 4.74J 4.734 Yokohama— Pence to yen 34.582 14 14 •tongkong— Pence (c dollar 24.58 15 15 BombayPence to rupee 17 15-16 17 15-16 BataviaFlorins to E) 12.10 8.77 8.77 MilanLire tc £1 82 49 901 90 AmsterdamGuilder to fi) 12.105 8,741 8.69i »'raeue Kroner to fil mu 138 138 GenovaFrancs to £1 25.22J 20.921 20.91 'Henna* — ‘tchllllnge to £1 44.664 261 264 Helsingfors— Marks to £] 193.23 2265 226? Madrid - Pesetas tc E I 35.22) Belgrade— Dinars to £i "5.22 J 212 212 Athens— Drachmas to £1 Lisbon375 5474 5474 Esoudor to £ J Bucharest— no 1104 DOJ Del to £ 1 931.6 665 665 Kin dt Janeiro— Pence to mllrcls 5.890 s Buenos Aires— Pence to pesos •Hia.ighal* — 47.22 18.971 18.98 Pence to tael 81 Montevideo— Pencpjo pesos 20 Warsaw— Zlotys to £ 1 - 24.62 25.64 * Nominal

£1 N.Z. to £100 8tg t.T. m 124/10/ Australia— £ A. to £100 N.Z O.D 123/11/3 124/9/0 T.T 100/17/6 100/5/FIJI— OO 100/17/0 100/5/- £ F. to £100 N.Z T.T 90/7/0 so 0.0 00/7/f. 09 New York— Dollars to £ N.Z. T.T 3.8270 3.7931 O.D 3.8320 3.7941 Montreal— Dollars to £ N.Z T.T v 3.S773 3.8448 O.D. 3.8860 3.3458 Belgium— Belgas to £ N.Z T.T 22,699 22.389 O.D 22.774 22.394 Czechoslovakia— Korunas to £ N.Z .. .. T. T. — 110.04 OI) — 110.00 Denmark— Kroner to £ N.Z T.T. 18.211 17.901 O.D 18,271 17.903 Finland— Marks to £ N.». ;.T 185.49 179.09 O.D 185.89 179.79 France— Francs to £ N.Z T.T 143.19 142.69 O.D. — 142.71 (Jcrinany— Bclchsmarks to £ N.Z .. .. T.T. — 9.423 O.D. — 9.425 (i recce— Drachmae to £ N.Z T.T. — 430.75 O.D. — 430.90 Holland— Florins to £ N.Z. T.T. T.089 6.939 O.D 7.129 0.941 Italy— tiro to £ N.Z T.T. — 72.135 O.D — 72.160 Java— Florins to fi N.Z T.T 7.070 6.920 O.D 7.110 C.922 Norway— Kroner to £ N.Z T.T. 16.182 15.892 O.D 16.242 15.895 Noumea— Francs to £ N.Z T.T 147.69 140.94 0.0 — 140.98 Papeete— Franca to £ N.Z T.T 147.09 141.09 0.0 — 141.13 Sweden— Kroner to £ N.Z T.T 15.797 15.502 0.0 , 15.857 15.505 Switzerland— Francs to £ N.Z. T.T. 16.979 10.709 0.0 17.084 16,711 Chefoo— N.Z. peuce to 1 dollar .. .. T.T. on Hongkong— N.Z. pence to 1 dollar .. .. T.T. 18 29-64 IS 53-64 0.0 18 27-64 IS 53-64 India and Ceylon— N.Z, pence to 1 rupee T.T 22 9-64 23 27-64 O.D 22 7-64 22 27-6} Japan— N.Z. pence to 1 ven .. .. T.T. — 17 9-10 n.n — IT 9-16 Manila— N.Z. pence to 1 peso .. .. T.T 31 1-64 31 43-64 0.0 30 59-64 31 43-04 Shanghai— N.Z. pence to 1 dollar T.T O.D — — Singapore— N.Z. pence to 1 dollar t.T 34 29-64 34 15-16 0.0 34 23-64 34 15-16 All rates subject to alteration, without notice

£ s. d Coppei, spot 4G 14 41 Rise 0 15 0 Copper, forward 46 19 4i Rise 0 15 0 Electrolytic, spot 52 0 0 Rise 0 15 0 Electrolytic, for53 0 0 Rise 0 15 0 Wire bars . Lead spot Lead, forward 53 16 16 0 7 15 0 6 71 Rise Rise Rise 0 15 0 5 0 8 0 0 9 Spelter, spot .. Spelter, forward Tin. spot .. Tin forward 15 15 207 208 Oz 3 6 7 7 9 101 6 6 Rise Rise Rise Rise 0 3 0 3 2 0 1 15 9 9 0 0 Silver, standard 192d No change Stiver. One 21 5-IGd No change