COMMERCE AND FINANCE

Otago Daily Times, Issue 23672, 2 December 1938, Page 14

COMMERCE AND FINANCE

LOCAL AND OVERSEAS MARKETS

RESERVE BANK ASSETS AND LIABILITIES FURTHER DROP IN STERLING EXCHANGE (Peb United Press Association) WELLINGTON, Dec. 1. The Gazette issuea to-nighl contains the following statement of liabilities and assets of the Reserve Bank of New Zealand as at tne close of business on November 28. The figures at the close of the previous week are given for purposes of comparison, shillings and pence being omitted:— LIABILITIES Lait week. This week. £ i 1. General Reserve Fund .. 1,500.000 1,500,001) 2, Bank notes ~ .. .. 14,496,272 14,507,064 3, Demand liabilities—(a) state .. .. .. 2,228,333 2.907,756 (b) Banks ~ .. .. 5,546,481 5.134,087 (c) Other .., •• -• 804,574 863,365 4. Time deposits .. ... ‘ ~ I. Liabilities In .currencies other than New Zealand currency .. .. 21.949 19,680 8. Other ' liabilities ~ .. 164,094 >73.153 Total ", £24.841.704 £24,978.207 ASSETS 7. Reservela) Gold 2,801,791 2,801.791 (b) Sterlino exchange 5.029,137 4,828,301 (o) Gold exchange .... .” t. Subsidiary coin .. .. 209,512 205,739 t. Discounts—(a) Commcrci.il and agrl* cultural bills (b) Treasury and local body bills .... 10. Advances—(a) To State or State undertakings—(Dtprtuwry;;' Products Marketing Departmcnt 4,499.033 5,022.441 (Z) For other purposes 8.500,000 8,500.000 (b) To other gublln authorities .... 11. Inyeitßtsnti .. .. •• 3,500,870 3.509,174 12. Bank buildings .. >. 13. Other assets .... •• 101,359 108.457 Xrtal, £24,841,704 £24,976,207 Proportion of-reserve (Mo. 7 less No. 5) to nofeo and other demand liabilities .. 33.723% 3,.88j,0 Sterling exchange Is expressed In New Zealand currency. AUSTRALIAN STOCK EXCHANGES (United Press Association) ( By Electric Telegraph-Copyright) SYDNEY, Dec. 1. (Received Dec. 1, at 11 p.m.) The Stock Exchange is fairly active, but industrials are weaker, especially shares in retail stores. THE MORNING SALES

MELBOURNE, Dec. 1. Industrial are quiet, with little Variation. Barriers firmed ; on better overseas news. Fijian gold shares are still weak, Taranaki’s were supported to-

NEW YORK STOCK EXCHANGE (United Press Association) (By Electric Telegraph Coovnunti NEW YORK, Nov. 30. The Stock Exchange turnover was 080,000 shares.

THE SHARE MARKET DUNEDIN STOCK EXCHANGE TARANAKI OILS FALL AND RISE ORDINARY BRUCE WOOLLENS FIRMER In most cases price movements on the Dunedin Stock Exchange yesterday afternoon were of a minor nature, but falls registered during the previous day were checked. Commonwealth mining ventures were accorded the strongest support again, but the section did not contribute to the day’s turnover of seven reported transfers. Taranaki Oilfields were conspicuous because of their erratic market. In j the morning a sale was reported at 9s 3d, but at the afternoon call-over buyers at 10s could get no response from holders. Banks and insurances were dull, while meat preserving scrip gained nothing in popularity. Ordinary ! Bruce Woollens'reacted to the favourable pronouncement made at the annual meeting of the company on Wednesday, when the chairman of directors (Mr P. McSkimming) foreshadowed a brighter year for shareholders. Yesterday buyers were fairly keen to purchase the ordinary scrip at os', but holders kept off the market. Miscellaneous industrials were accorded very meagre support, but price falls were checked in all instances. New Zealand Breweries held the previous day’s levels on purchasers’ quotations. A fair inquiry was received for all lines in the Australian mining section, but the prices offered were not of sufficient inducement for sellers to liquidate their holdings. Mount Lyells and North Broken Hills disclosd a frming tendency. ‘ YESTERDAY'S TRANSACTIONS Sales Reported £ s. d. 4 p.c. Stock, 1946-49 (3) .. 98 5 0 Huddart, Parker (pref.) .. .. 210 10J MacdulTs (ord.) 0 4 7 Taranaki Oil .. 0 9 3 Dominion Fertiliser .. .... 13 5 CATES’) QUOTATIONS The following are yesterday afternoon's ouylng and selling quotations, which are subject to the usual brokerage:— GOVERNMENT LOANS Buyer Seller

UNLISTED STOCKS All stocks in this section are not quoted on the ottlcial list, and transactions are subject to a different rate ot brokerage:— Buyer. Seller. ! £ s. d. £ s. d. ! A. and T. Burt (pref.; , £D 011 0 012 8 Dunedin Ice Cream .. 1 10 0 Woolworths Properties (£1) ••

Sales on ’Change

CHRISTCHURCH

DIVIDENDS PAYABLE The following Is a list of shares on which dividend? will shortly be payable:— Clutha River Dredge—interim id (sterling, less British income tax) Dec. 3 Associated Newspapers, Sydney—ord., 3 p.c., pref. 3 p.c. Dec. 6 Consolidated Brick and Pipe Investments, Auckland—lnterim at 4 p.c,, cum Dec. 7 Victoria Nyan/a—b p.c. p.a Dec 1 North Broken Hill—Quarterly 6d per share Dec. 8 Loloma (Fiji) Gold Mines—ls per share (No. 3) .. .. Dec. 8 Noyes Bros. (Melbourne) Ltd. —Half-yearly interim 6i p.c. Dec. 9 Moonlight Goldfields—7J p.c. Dec. 9 Bank N.Z —lm ord. Is 9 share, D mort.. 33 p.c Dec in New Zealand Breweries Ltd. —lnterim 4 per cent. Dec- H) Woolworths (N.Z.) Ltd.Final, orfl at 11 p.c per annum Dec. 13 Gordon and Gotch (Australasia) —Final half-yearly, ord., 6 p.c. and bonus 1 p.c.; pref. 4 p.c Dec. 13 Broken Hill South—od a snare Dec IS P and O. deferred—Final, 2J per cent,, bonus 3 per cent Dec lb Dominion Breweries, .Auckland—lnterim at 11 p.c. per annum Dec. i 6 Mount Lvell—Final Is a share Dec 19 Sulphide Corporation—Pref., Is (sterling) per share .. Dec. 22 Morris Hedstrom Fiji—lnterim, 3 per cent . Dec. 31 Kauri Timber—Firiai 3J p.c Dec - CALLS PAYABLE The following is a list of shares on which calls will shortly be payable:— N.Z. Paper Mills—New, 5s a share, making £1 paid Dec. 31 GOLDSBROUGH, MORT, LTD. AN INTERIM DIVIDEND 'Per Unued Press Association) WELLINGTON. Dec. 1.

The Stock Exchange Association has received advice that the directors of Goldsbrough. Mort, Ltd., propose to recommend an interim dividend of 2 per cent., being at the rate of 4 per cent, per annum, for the six months ended September 30. ZINC CORPORATION DIVIDENDS DECLARED (Per United Pricks Association I WELLINGTON. Dec. 1. The directors of the Zinc Corporation have declared the second half of the fixed preferential dividend of 2s on preference shares for the year ending December 31, 1938, less English income tax of 3s 2d in the £1; also an interim participating dividend of Is 6d per share on both preference and ordinary shares in respect of the year 1938, less English income tax of 3s 2d in the £l. Both dividends will be paid on January 2. 1939, in English currency. NORTHERN EXCHANGES AUCKLAND

Unlisted Stocks Waikato Carbonisation, 1940, 5 p.c 95 0 0 Woolworths Properties (pref.) •, • • 1 5 4i WELLINGTON Sales on ’Change

THE MONEY MARKET (United Press Association) (By ulectrle TeleKraoli— Copyncht) LONDON, Nov. 30. London discount and short loan interest rates, day to day loans, i per cent.; fine trade bills, three months, 2J to 3 per cent.; bank bills, three months. 13-16 per cent.; bank bills, six months. « per cent.; Treasury bills, two months, 13-16 per cent.; Treasury bills, three months, 13-16 per cent.; New York call money. 1 per cent. PRICE OF FINE GOLD (United Press Association) (By Electric Tclecranh- Convrieht) LONDON, Nov. 30.

FOREIGN EXCHANGES (British Official Wireless! (United Press Association) (By Electric Telegraph—Copyright)

ON NEW ZEALAND CURRENCY , BASIS The Bauli of .New South Wales, Otmedln quoted the following rate* for purchase* wd sales of foreign exchange yesterday:--Lo " (, , o “r_ Buying Si-iiiiu-ei N.Z. to £IOO

DOLLAR RATES The Associated Banks tothei than the Bank of New South Wales) quoted the following dollar rates yesterdav on a New Zealand currency basis They are subject to alteration withom notice:— U.S.A. Canada (Per £1 (Per £5 N.Z.) N.Z.) , Dols Dols Sailing— T.T 3.724 3.74 J O.D 3.72 7-16 3.743 Buying— O.D 3.77 9-16 3.80| LONDON METAL MARKET (United Press Association) (By Electric Telegraph Copyright LONDON, Nov. 30. The following are the official metal quotations

THE FRANC tUluted Press Association) (By Electric Telemann— Copyright) LONDON, Nov. 30. The franc is quoted at 178|. AUSTRALIAN MARKETS (United Press Association) (By Electric Telegraph—Copyright) SYDNEY, Dec. I. (Received Dec. 1, at 11 p.m.) The wheat market is steady, but growers are displaying little interest. Silo grain is quoted at 2s 6:{d, bagged 2s 7Jd. Flour. £7 10s. Bran and pollard, £5, Potatoes; Tasmanian, £ 13 10s; others, £l2. Onions, £ls; white, £l2 10s. Maize: Yellow, 4s 8d; white, 4s 6d. FIJIAN FINANCE l BUDGETING FOR SURPLUS (United Press Association) (By Electric Telegraph -Copyright) SUVA, Dec. 1. (Received Dec. 1, at 10 p.m.) The Legislative Council budgeted foi an expenditure of £1,090,387 in 1939. The estimated revenue is £854,148, and the estimated expenditure £847,928, leaving a surplus of £6220.

THE TOTANGI BORE DRILL AT 2070 FEET PROGRESS ACCORDING TO SCHEDULE (Per United Press Association) GISBORNE, Dec. 1. The following report was issued this morning by the New Zealand Petroleum Company, Ltd., relative to progress with the Totangi bore:— “Boring has now reached a depth of 2070 ft. The drill at present is in sandstone.”

The officials of the company declined to supplement this bare progress statement, but it is gathered that operations at Totangi are progressing normally and according to schedule. There is apparently nothing to justify rumours which were in circulation in some centres yesterday, and which had the effect of depressing oil shares on the stock market. MINING NEWS MOSSY CREEK RETURN (Per United Press Association) - GREYMOUTH, Dec. 1. The Mossy Creek dredge return was 240 z 7dwt for 125 hours' work and 7128 yards treated. AUSTRALIAN PRICE OF GOLD The price fixed for gold by the Commonwealth Bank for the week ended November 18 was the highesp on record. The price, which applies to gold, including jewellery, lodged at the Melbourne Mint, was approximately £8 8s 9Jd an ounce standard (22 carats), or a premium of 116.77 per cent. The previous highest price was £8 8s 5d an ounce, or a premium of 116.25, fixed for the week ended March 1, 1935. On the week the price is Is 5Jd an ounce higher. Payment is made according to the assay value of the gold. The price for fine gold was £9 4s 2d an ounce, or Is 7Jd an ounce higher on the week. The previous record price was £9 3s BJd an ounce. WOOL PRICES EXPECTED TO REMAIN STEADY The impression that prices for wool during this season will probably remain steady at about their present level was gathered by Mr Herbert Hill, of the wool-buying firm of Walter Hill and Sons, who has returned to Christchurch after a trip to England, the Continent, and America, which lasted seven months. Mr Hill said he could see no reason for expecting a decline in prices, but could also see nothing that would make prices rise very much. When Mr Hill was in America three weeks ago the position looked hopeful for more extensive business with the United States in wool this season, but so far this business had not fully materialised. It was probable, he said, that more business would be done this year than last, but the total would not be great. The tariff was still a great handicap to buyers in the United States. American buying would probably again be mainly of low wools. 1116 British wool textile industry was working generally only about halftime, but there was not a depression in the industry. Recent International readjustments had affected many of Britain’s markets, such as those of China and Czechoslovakia, and the British industry had to look for new outlets. Stocks of wool were not heavy in Britain, and the steadiness of prices had been an encouragement. Those in the industry were not looking for a depression, but were reasonably sure that there would be no large appreciation in prices.

LONDON STOCK EXCHANGE SLIGHT UPWARD* TREND (United Press Association) (By Electric Telegraph—Copyright) LONDON, Nov. 30. The London Stock Exchange is brighter, with a general slight upward trend, which developed following Sir John Simon’s defence loan statement. LONDON WOOL SALES (United Press Association) • (By Electric Telegraph—Copyright) LONDON, Nov. 30. At the wool sales 9715 bales were offered, including 4361 from New Zealand, and 7656 were sold. There was a moderate selection, and competition was less keen. Withdrawals were more frequent. The sales generally were in buyers’ favour. Best wools were readily cleared at steady rates, chiefly to the home trade. Greasy halfbred New Zealand “ Craigmore Downs,” 10Jd. DOLLAR AND STERLING (United Press Association) (By Electric Telegraph—Copyright) LONDON, Nov. 30. Sterling exchange, London on New York, 4.668.

London on New York, during 1937 averaged 4,95 dollars to £1 sterling; on August 2, 1938, 4.903; on September 1, 4.85 13-16; but declined to as low at 4.63 to the £ on September 28. During October the rate varied between 4.78£ (October 4) and 4.75 g (October 21),

£ S. d. Commonwealth Bonds— 99 6 33 per cent., 1949 .. .. 3 3i per cent.. 1951 .. .. 99 2 1 6 4 per cent., 1953 .. .. 103 3 4 per cent., 1951-59 .. .. 102 8 9 4 per cent'., .. .. 102 15 0 Comm. Bank of Sydney .. Bank of New South Wales 20 5 29 13 0 0 Tooheys 1 10 0 Tooths .. .., 2 13 3 Anthony Hordern .. .. 0 14 8 Australian Glass a 1 6 Broken Hill Pty 2 19 0 Colonial Sugar 46 10 0 Electrolytic Zinc .. .. Henry Jones, (ex div.) .. 2 0 0 2 3 6 ADDITIONAL SALES Bank of New South Wales,. 29 13 0 Comm. Bank of Sydney .. 20 5 0 Bank of New Zealand 2 0 9 Colonial Sugar - 47 0 0 New Zealand Insurance .. 2 12 3 Howard Smith .... .. 0.18 9 Burns Philp .. . .- i: i. 2 11 3 Associated News- .V 1 I 3 British Tobacco .. . • 2 7 6 Tooth’s .. 2 13 6 Toohey’s .. -• •• 1 10 0 Carlton Brewery .. .. 3 7 0 Australian Glass ’ .. .. 5 1 0 Farmers .. .... . ■ • • 1 9 9 Tnthony Hordern .. .. 0 14 9 General Industries .. 0 18 0 Cash Orders Arnal. .. .. 0 15 0 (pref.) 1 4 0 (New Zealand delivery) 1 4 0 Newbold Brick 1 9 3 Gordon and Gotch . -. .. 2 16 9 Amal. Wireless (paid) 3 3 0 W. Adams •• 0 15 3 Traders’ Finance ... 1 1 9 Malleys 1 0 6 Henry Jones (ex div.) .. 2 8 0 0 9 6 9 16 0 0 Mount Lyell .. Broken Hill Pty. 1 2 Larut Tin .. .. ■ • • > 0 11 9 Placer Development 3 13 0 6 Loloma .• .. ..... 1 2 0 11 1U Austral-New Zealand 1 2 3

day. £ s. d. Comm. Bank of Australia;. 0 15 11 National Bank (£5 paid) .. 6 10 0 Australian Paper Mfrs. 1 9 (pref.) .. .... . . rV, 5 British Tobacco .. 2 7 6 r T ;r .. .. 3 10 0 ID rug Houses 15 3 0 0 0 Dunlop Perdriau Imnenal Chemicals (pref.) 1 0 6 1 3 0 Capel Court Investment 0 3 6 Australian Foundation In4 8 vestment Trust . . 0 0 9 7 Mount Lyell .. Brok'en Hill Pty. .. .. 1 9 2 16 0 0 Emperor . . • • 0 1 9 9 0 2 Taranaki Oil 0 11 3

£ s d £ 8 d 4 p.c. Stock. Nov,, 1949-52 — 97 10 0 ■11 p.c. Stock, March, 1939-43 — 98 0 0 11 p.c Stock Sept., 1939-43 — 98 0 0 3 p.c. Bonds, 1939-41 .. 95 0 0 — 3 p.c. Stock. 1939-41 .. 95 0 0 — 4 p.c. Stock, 1946-49 .. 98 0 0 98 10 u 4 p.c. Stock, 1952-55 .. 98 10 0 99 15 0 Rural Bonds .. .. — 99 .0 0 MINING Austral New Zealand — 1 2 3 Big River (Is) .. .. 0 0 11 0 1 1 Clutha River (2s) ... — 0 2 6 Gillespie’s Beach Us) — 0 1 0 Goldfields Dredging (Is) — 0 0 3i Molyneux River (2s) 0 0 6 — Nokomai (5s) .. .. 0 1 3 0 1 5 Okarito (5s) .. .. 0 2 0 — Sandhills (Is) .. .. 0 0 11 0 0 2i Waltahu (5s) . .. ... ~ 0 0 11 BANKING N.S.W. (£20) .. .. 29 0 0 — N.Z. (£1) 2 0 6 2 1 0 Commercial (10s) — 0 15 3 E.S. and A. (£3) .. — 5 10 0 Natl, of N.Z. (£2 10s) — 2 8 0 Union. (£5) .. .i- .. 8 8 0 INSURANCE National (7s) .. .. — 0 16 9 Standard (£1) .. .. 2 10 0 2 12 3 SHIPPING Huddart, Parker (pref.; £1) .. .. 1 9 6 — U.S.S. Co. tpref.: £1) - 1 8 0 MEA'I PRESERVING South Froz Meal (paid: £D .. 1 e 0 1 10 .) South Otago Freezing (£5) — 5 0 0 Waltaki Farmers (£5) — 4 8 0 WOOLLEN COMPANIES Bruce (ord.; £1) 0 6 0 Oamaru (£1) .. .. 0 10 0 — LOAN ANO AGENCV Otago Farmers (3s 4d) — 0 3 3 Otago Farmers (A £ ’ pref.; £1) ,. .. — 1 i 0 Wright, Stephenson (ord.: £1) .. .. — 1 2 9 Wright, Stephenson (pref.; £1) .. .. 0 18 9 0 10 6 tOAl ANO OIL Kaltangata (16s) — 1 8 0 Westport (10s) .. .. -r 1 2 6 Westport • Stockton (ord.; 10s) .. .. — 0 4 6 Westport • Stocktor (pref.; 10s) .. ., 0 G 6 0 7 0 Moturoa Oil (pref,; 5s) — 0 5 0 Taranaki Oil (£1 4s 7d) .. .... .. 0 10 0 — MISCELLANEOUS Associated News (£1) ., ■• 1 1 6 Broken Hill Propy (£1) — - 2 16 9 Broken Hill Ply. (cont.; 10s) .. .. — 2 3 6 .Brown, Ewing (ord.; £1) — 0 19 0 Brown, Ewing (prof.; £1) — 1 1 0 Crystal Icc (£1) 1 17 0 1 19 0 D.I.C. (pref.; £1) .. 1 3 6 Donaghy’s Rope (£1) 2 3 0 G. J, Coles (£1) .. 3 19 9 I.C.I. (pref.) .. .. — 1 3 0 Mil burn Lime (£1) .. — 1 15 u N.Z. Drug Co. (£2) 3 4 0 — Otago Dally rimes (£1) 2 0 0 2 2 0 Smith and Smith (pref.; £1) .. ., — 1 2 0 Wool worths iSyd.. ord.; 5s) 1 0 6 1 1 3 Woolworth'- (South Africa; 5s) .. .. - 0 14 10 BREWERIES - N.Z. Breweries (£1) 1 13 0 1 19 0 AUSTRALIAN MINING .Broken Hill South (5s) 1 8 0 — Electro. Zinc (pret.; £1) 2 7 9 — Electro Zinc lord.; £1) 2 5 ) — Mount Lyell (£1) .. 1 a 6 1 9 f) Mount Morgan (2s (idi — 0 9 8 Mount Morgan (pref.; 12s) 1 1 0 — North Broken Hill [ (5s) 2 8 0 2 10 0 Rawang Tin (10s) .. 0 a 0 — Zinc Corporation 5 0 0 —

£ s. d. Stock, 1943-46, 4 p.c, .. 98 10 0 Stock, 1952-55, 4 p.c. .. 98 10 0 N.Z. Insurance (2) 2 12 3 Leyland O'Brien 0 14 3 Dominion Breweries .. 1 12 6 British Tobacco .. .. 2 7 6 McKenzies 2 15 6 Taranaki Oil .. .. 0 10 0 0 10 1 0 10 2 0 10 6 0 10 9 Wilsons Cement 0 16 0 N.Z. Newspapers .. .. 1 11 0 Woolworths (Syd.) 1 0 10 Mount Morgan (2) 0 9 6 Triton (3) 0 10 7

Australian Cement (late Wed.) 1 13 6 Taranaki Oil (late Wed.) 0 9 0 4 p.c. Stock, 1049 .. . 93 5 0 4 n.c. Stock, 1946’,, .. 99 0 0 Bank of N.Z. (4) 2 0 6 N.Z. Guarantee Corp. 0 4 2 N.Z. Breweries • • • • 1 18 9 Electrolytic Zinc (pref.) 2 2 8 a 1 0 Broken Hill Pty. 2 16 0 G. J. Coles .. .. •• 3 19 0 Taranaki Oil 0 9 0 (2) 0 9 6 0 9 9 0 10 3 Wolworths. Ltd (2) .. 1 0 10 (2nd pref.) 1 9 6 Woolworths Properties 1 5 4

Sales on ’Change Andersons (pref.) 0 18 6 Anthony Hordern (ex div.) 0 15 0 Electrolytic Zinc (pref.) .. 2 8 0 Taranaki Oilfields .. .. 0 9 3 0 1.0 6 0 10 9 Rawang Tin 0 8 0 New Rivers (2) 0 0 9i Sales Reported N.Z. Breweries (cum div.; 4) 1 18 9 Australian Glass •. '.. 5 2 3 G. J. Coles 3 19 3 Taranaki Oilfields .. .. 0 9 3 Woolworths (Syd.; ord.) .. 1 0 10 Woolworths (South Africa; cum div.) 0 14 6 Unlisted Stocks Sales Reported Woolworths Properties (late Wed.: cum div.) .. .. 1 3 6 (pref.; cum div.) 1 5 6

£ s. d. November 30 .. .. 7 9 1 November 29 .. .. 7 9 3 November 28 .. .. 7 9 9i November 25 .. .. 7 9 104 November 24 .. .. 7 8 9 November 22 .. .. 7 8 9 November 21 .. .. 7 7 Hi November 19 .. .. 7 7 11 November 18 .. 7 7 10 November 17 .. ,, 7 7 10 November IB .. .. 7 8 1 3 November 15 .. .. 7 8 November 14 .. .. 7 6 8 November 11 .. .. 7 6 9

RUGBY, Nov. 30. ParlaPar. Nov. 29. Nov. 30. Franca to 4! 1 178 15-32 178 15-32 Brussels— * Beigas to £1 30 27.521 27.71 Oslo— Kroner to £) 18.U6 19.90 19.90 Stockholm— Kroner to £1 18.130 19.41 19,41 Copenhagen— Kroner to £1 18.150 22.40 22.40 uerllnMarka to £) HO.34 11.62 11.68 Montreal— Dollars to £1 4.80 8-3 4.681 4.711 \ew York— Dollars to £1 4.86 2-3 4,85 7-16 4.68 roituhama— Pence to yen 44.582 14 14 Hongkong— Pence to dollar 24.58 15 15 Bombay— Pence to rupee — 17 59-61 IT 15-1C Batavia— Florins fr £) 12,10 8.641 8.641 MilanLire to £1 82.48 88 7-16 88 15-10 vmsiordam— Guilder to £ J 12.107 8.55 8.61 I'rague— Kroner to £) 1044 1351 1305 Geneva— Franca to £) 25.221 20.481 20.61 Vienna— Schillings to fij 84.861 261 26} Helsingfors— Marks to £] 193.23 22BJ 226J Madrid— Peseta.- to £1 25.221 — — BelgrudoDlnars to £1 25.22J 211 211 Athens— Drachmas to fi] 375 5471 547} GisbonGscudo* to £1 110 1101 110} Bucharest— Le) to £ 1 931.6 655 655 Klo de lanelro— Pence to mllrel* . 5.890 3 1-16 3 1-16 Bueno# Aires— Pence to pesos 47.22 20.60 20.67 ■‘rianghal*— Pence to tael _ 81 Montevideo— Pence to pesos Warsaw— - I8| 181 Zlotys to £1 _ 25.02 25,02 •Nominal

sfg r.T 124/10/ 125/-, Australia— O.D 124/1/3 124/19/6 e a. to eioo n.b T.T ioo/io/. (00/-/ FijiO.D 100/10/ 100/./ e F. to £100 N.Z r.T 00/-/' 88/12/0 New fork— on 90/-/ 88/12/6 Dollars to £ N.Z T.T 3.7790 3.7300 .Montreal— O.D 3,7840 3.7310 Dollars to £ N.Z T.T 3,8060 3.7458 Belgium— O.D 3.8147 3.7468 Beleas to £ N.a T.T 22.461 11.924 Czechoslovakia— O.D 22.539 21.929 Korunas to £ N.Z T.T. — 106.52 O.D 108.54 Denmark— Kroner to £ N.Z T.T 18.218 17.686 Finland— O.D 18.278 17.688 Marks to £ N.Z T.T 186.15 176 Prance— O.D 186.55 176.10 francs to £ N Z T.T 147.44 140.44 Herman;— O.D — 140.46 Reichsmarks to £ N.Z .. T.T. 9.191 Hreece— O.D. — 9.193 Drachms to £ T.T. 418.68 N.Z O.D 418.83 Holland— florins to S N.Z. T.T. 7.039 6.784 O.D. 7.079 6.788 Italy— Ure to S N.Z T.T. — 70.59 O.D — 70.61 Java— florins to £ N.Z. r.T. 7.101 6.750 O.D 7.050 6.752 Norway— Kroner to £ N.Z r.T 16.201 15.704 O.D 16.261 15.707 Noumea— Francs to £ N.Z. r.T 150.44 136.94 O.D — 136.98 I'apwto— Francs to fl N.Z T.T 149.24 137,24 O.D 137.28 Sweden— Kroner to fi N.Z T.T 15.817 15.215 O.D 15.877 15.318 Switzerland— Francs to £ N.Z T.T 16.742 16.277 O.D 16.847 16.279 i lieloo— V.Z. pence to 1 T.T — — dollar .. .. O.D .imigkong— V.Z pence to 1 f.'T * IS 7-16 39 3-32 dollar ,. ,, O.D IS 13-32 19 3-32 mdla and Ceylon— v Z pence to 1 T.l 22 9-64 22 41-64 rupee •. .. O.D 22 7-64 22 41-64 ia pan— 1 m oence to 1 T.T — 17 23-32 yen .... O.D — IT 23-82 Manila— ' Z pence to J T.T — peso .. O.D — Shanghai— v Z pence to 1 T.T dollar .. .. O.D Singapore— v Z pence to 1 T.T 34 29-64 35 19-61 dollar .. O.D 84 25-64 35 19-64 All rates subject lo alteration without notice

Ton ' £ s Q £ a a Juppei spot 43 14 4J Rise 0 5 0 Copper, forward 43 19 4J Rise 0 6 3 Electrolytic, spot 49 0 0 No change Electrolytic for* ward . 50 0 0 Rise 0 10 0 vVire bars 50 0 0 Rise 0 10 0 Lead spot 16 0 0 Fall 0 0 7J Lead, forward 16 0 7J Rise 0 1 3 Spelter spot . 13 19 4J Rise 0 4 4i Spelter forward 14 0 7J Rise 0 3 9 Tin spot .. * 215 7 6 Rise 0 15 0 Tin forward 216 Or 3 9 Rise, 0 16 3 Sllvei standaro 20 l-16d Fall 3■ICd Silver fine 21gci Fall Id

November 29 .. . . .. 4.66i November 23 .. . . .. 4.64J November 25 .. . . .. 4.64| November 24 .. ., . .. 4.661 November 23 . . .. 4.66* November 22 .. , November 21 .. ., November 10 .. . November 1 .. . . .. 4.75 5-10 October 1 , .. 4.82* September 28 .. . . .. 4.63 September 27 .. . . .. 4,73 September 1 .. . . .. 4.85 13-16 August 2 . .. 4.90i? July 1 . .. 4.956 June 1 ‘ . .. 4.942 May 2 . .. 4.98 11-16 April 1 . .. 4.94| March 1 .. 5.02 .