COMMERCE AND FINANCE

Otago Daily Times, Issue 23687, 20 December 1938, Page 6

COMMERCE AND FINANCE

LOCAL AND OVERSEAS MARKETS

THE SHARE MARKET DUNEDIN STOCK EXCHANGE AUSTRALIAN INDUSTRIALS FIRM MODEST BUYING REQUIREMENTS Modest buying orders for a limited number of Australian shares represented the chief interest on the punedin Stock Exchange yesterday afternoon... Despite increased offers for leading industrials, however, sellers seldom entered the market. Business for the day was confined to four reported transfers. One bright feature was provided by a slightly better in-quiry-lor selected New Zealand scrip. The., banking section was dull, but E.S. and A.'s sold at the steady price of £5 10s, and Bank of New Zealands changed hands at £1 19s lid. Bond's Hosiery and ordinary Bruce Woollens were Wanted at recent steady prices, but the market was clear of sellers. Australian Glass, G. J, Coles, and Sydney Woolworths attracted chief attention in the miscellaneous group, but buyers' Avere seldom within reach of vendors' limits. Milburn Limes and New Zealand Drugs were slightly easier •on buyers' quotations. After two reported sales at £1 18s, New Zealand Breweries closed with unanswered buyers at £1 17s 9d. Commonwealth mining scrip declined in popularity, but values for the lines quoted held late rates. YESTERDAY'S TRANSACTIONS Sales Reported £ s. d. Bank of N.Z. (late Saturday) 119 11 E.S. and A. Bank 5 10 0 New Zealand Breweries (2) .. 118 0 LATEST QUOTATIONS The following are yesterday afternoon's buying and selling quotations, which are subject to the usual brokerage:— GOVERNMENI LOANS

WELLINGTON

CHRISTCHURCH

UNLISTED STOCKS All stocks in this section are not quoted on the official list, and transactions' are subject to a different rate ol brokerage:— Buyer. Seller. Woolworths Properties (JEI) 1. 1 S 9 DIVIDENDS PAYABLE The following is a list of shares on which diyidends will shortly be payable:— McKenzies Dept. Stores—int., 7 p.c To-day Consolidated Goldflelds —final 3d a share (Stg.) .. .. To-day Blackwater Mines—int., 6d a share To-day Mataki Gold—ld a share .. Dec. 21 Goldsbrough, Mort—int., 2 p.c. Dec. 21 Sulphide Corporation—Pref., Is (sterling) per share .. Dec. 22 Morris, Hedstrom, Fiji—lnr terim, 3 p.c Dec 31 R. and E. Tingey, Ltd.—lnterim, half-year 3 p.c. .. Dec. 31 British Tobacco—Final, ord. at 10 p.c. per annum, and interim 2 p.c Dec. 31 Zinc Corporation second fixed pref., 2s a share; int. participating pref. and ord., Is 6d a share; both less tax Jan. 2 National Bank of New Zealand, Ltd. —Interim 2J p.c, less , U.K. income tax .. Jan. 4 Wellington Woollen Company—lnterim 2i p.c, ord. ..- and preference shares .. Jan. 5 Woolworths Properties, Ltd.— Interim half-yearly at 6 p.c. per annum Jan. 15 National Tobacco—ord., 10 p.c; pref., 8 p.c Jan. 31 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 NORTHERN EXCHANGES AUCKLAND Sales on'Change

AUSTRALIAN STOCK EXCHANGES '"*United Press Association) (By Electric Telegraph—Copyright* SYDNEY. Dec. 19. (Received Dec. 19, at 10 p.m.) A feature of the investment market to-day was "a good demand for higherpriced industrial i securities,, which showed a firmer trend.

MELBOURNE, Dec. 19. The market opened rather quietly, but prices were steady, although the volume of business was restricted. Commonwealth Loans are holding fairly well. Mount Morgans were in demand. £ s. d. Commercial Bank of Australia 0 15 8

Advertising Days its way often many times over. It will permit lower prices through increased volume. It can reduce costs. It can lessen the time in a product moves from factory to consumer.

MINING NEWS BLACKBALL RETURN (Per United Press Association) GREYMOUTH, Dec. 19. Blackball Creek dredge return: 77 ounces for 123 hours (12,500 yards). CLUTHA RIVER RETURN For the week ended on Friday last the dredge of Clutha River, Ltd., operating at Alexandra, worked 138 hours and recovered 1730 z of gold. GILLESPIE'S BEACH REPORT The secretary of the Gillespie's Beach Gold Dredging Company advises that operations will be ceased on Friday for a fortnight. The latest return will be furnished on Friday. OKARITO RETURN The Okarito Five Mile Beach Gold Dredging Company, Ltd., reports a wash-up of 260 z 15dwt for 123 hours' dredging. MATAKIDREDGE RETURN (Per United Press Association) AUCKLAND, Dec. 19. The Mataki return for the week ended December 18 was 20oz for 122 hours' work and 7900 yards. COMPANY BALANCE SHEETS THE CANTERBURY FROZEN MEAT & DAIRY PRODUCE EXPORT COMPANY, LIMITED Paid-up Capital, £212,500.

It is necessary to go back six years to find an annual net profit lower than that for the year just closed. A fall of £20,000 has brought the net profit to £30,394, which, however, is ample to provide the conservative distribution which characterises this company. A preference dividend of 6 per cent, and an ordinary dividend of 7 per cent, absorb £6OOO and £7875 respectively. After £ 10,000 is added to insurance reserve and £7OOO to renewal and replacements fund the net surplus is overdrawn by £4Bl, and a balance of £10,474 of accumulated profits left to bring to the current season. The "balance of accounts," as what is presumably the net profit from trading before transfer fees (£7) are taken into account is styled, comes out at £30,387. The one informative point in figures regarding how this sum is arrived at is that directors' fees remain at £ 1350. Other charges are mentioned, but their amounts are' not given. With this cursory statement the shareholder is expected to be content. Reserves have gone far towards reoccupying the place they held formerly. Careful attention has been devoted to building them up in recent years, as a growth of £90,000 in eight years can testify. During that period the general reserve has risen from £30,000 to £IOO,OOO, while insurance reserve remained at £BO,OOO, until now that it has been outstripped by general reserve a transfer of £IO,OOO was made from the past year's surplus by which it is brought to £90,000. Renewals and replacements account has been raised to £8231 by a transfer of £7OOO from the net profit, but this addition is practically entirely counteracted by the year's expenditure, which, when deducted, leaves the account at £1294. When the floating balance of £10,474 is added, visible reserves aggregate £201,768, • which approaches more closely their figure prior to the slump period of 1929-32. Obviously, to attain this position dividends have been sacrificed.

< The tendency in recent years has been for liabilities to diminish. At £318,752 they are over £IO,OOO less than a year ago. Entered as a unit, there are no means of ascertaining where the reduction has taken place. Drafts against shipments, creditors, and contingencies are included so that indebtedness may not be affected identically. " Small change is recorded in the fixed assets', which are grouped at £198,671. Depreciation of unstated amount has been provided, but apparently, capital expenditure has exceeded the provision by some £2OOO. Land, buildings, plant, machinery, etc., with their varying rates of depreciation, all form a part. In recent years the tendency has been for the fixed assets to' diminish, so that their slight increase on this occasion is only a natural sequence. Among the liquid assets, except in the cash and investment group, which has dropped to £ 101,18 a, there has been a tendency to increase. The value of interest in consignments unrealised, advances, and stock have risen to £399,026, and sundry debtors to £48,014. The case of stock, when the balance sheet is issued so shortly after the: closing of the books, must cause some concern, and it is seen that the auditors' report makes no direct reference to it. Considering the volume of the amounts involved, the assets have in groups and in total altered remarkably little. Their aggregate of £746,895 is less than £IOOO different from that at November, 1937, but the difference is more than offset by the reduction in liabilities. A comparison table for the past ten years gives the respective totals as follows:

The margin between the two has grown steadily during the last eight years. Scott Bros., produce merchants and commission agents, agents for "The Dunedin Egg Suppliers' Association," report.:— Eggs: The associated agents quote poultry farmers' eggs to Is 4d per dozen; seconds to Is 2d per dozen; storekeepers' Is 2d per dozen. Separator butter: Wanted; lid to Is per lb. Honey: Slow; bulk 6d to 6Jd per lb: 101 b tins 5s 9d each; 51b tins 2s 6d each. Beeswax: Is to Is 4d per lb. Poultry: Hens Is 2d to Is 4d each; breeds 2s 3d to 2s 6d each; roosters Is to Is 3d each; cockerels 2s to 3s 6d each; ducks 2s to 2s 6d each; ducklings up to 3s each; geese 3s to 3s 6d each'; goslings 3s 6d to 5s each: turkeys, gobblers, lOd to IOJd per lb; hens 9d to lOd per lb. Pigs: Prime baconers 6-ld to 7d per lb; porkers 7d to 7Jd per lb. Fat: Nominally 10s per cvvt. Potatoes: Whites in soft condition £2 10s; sound £4 per ton; locals id to lid per lb. Green peas: 4d to 5d per lb. Onions: Canadians 18s per 1001 b. Partridge peas: 6s 6d per bushel, to 7s 6d per bushel, sacks extra. Whole fowl wheat: 6s 9d to 7s per bushel, sacks extra; softer grades to 6s per bushel, sacks extra. Whole maize: 7s per bushel. Oats: Garlons 3s 3d to 3s 9d per bushel, sacks extra. Chaff: Prime oaten sheaf to £0 10s per ton, bags extra ex store. Oyster grit: 6s 6d per 1001 b. Straw: Oaten 3s 6d per bale; wheaten 3s petbale, ex store. Free use of fowl crates on application. Green food cutters, Doran brooders, grit mills, chick-raising supplies. Prices on application. December 19, 1938.

MACDUFF'S, LTD. RECONSTRUCTION PROPOSAL NEW DIRECTORATE CONFIDENT (Special to Daily Times) WELLINGTON, Dec. 19. " The board is fully satisfied that there is room for MacdufTs," states the report of the new directors of Macduffs, Ltd., in outlining the future policy of the company under the new board of directors consisting of Messrs Charles Todd (chairman), J. S. Land, W. J. Candy, Will Appleton and T. N. Gibbs. The Stock Exchange has been advised of a circular issued to the shareholders of Macduffs in which the directors report that, at a meeting of creditors held on November 22 there was a unanimous desire to see Macduff's continue as a trading unit and a moratorium for six months, to May 22. 1939, was granted. The creditors appointed a committee to collaborate with the directors and with power to call the creditors together and revise the situation in case of any major change since the date of such meetings. The new board has been very fully occupied in an examination of the company's affairs and in a careful investigation and negotiation for ways and means of discharging its obligations and placing the business on a profit-earning basis. The board is fully satisfied that there is room for Macduff's and that, with proper management and a reduction for the time being in the number of branches, profits can be earned. "As to discharging the present obligations," the report continues, "the only course that appears to be available is to form a separate property company—say Macduff's Properties, Ltd.—and transfer the properties owned by Macduff's to such new concern. The properties would, of course, be leased back to Macduff's upon equitable terms and conditions. The new company would pay to Macduff's for properties the sum of £90,000. This new money, with modified overdraft arrangements with the bank for future operations, should pay out the receiver and also the creditors over the period. An offer has been received for the Cuba street property in Wellington, carrying with it a subsidiary offer to take over other assets to facilitate the winding-up. Such an offer would, pay out the bank and the creditors but would leave practically nothing for the shareholders. We judge tl at such an offer would not be entertained by the shareholders, but it makes all the more imperative the only alternative —namely, the introduction of new money, as indicated. " It is proposed, therefore, that Macduff's Properties, Ltd., should be formed with a capital of, say, £50,000. Approximately £37,000 to £40,000 will need to be subscribed by the shareholders or others. The balance to make up the price for the properties —namely, £9o,ooo—is to be found on first mortgage. The properties now stand in the books of Macduffs at £125,477, and the sale at £90.000 will represent a loss to the present company on book values of £35,477. 11 fill the shareholders will subscribe, pro rata, to their present holdings in Macduff's the apparent loss would be offset by the value in the shares in Macduff's Properties, Ltd. "We wish every shareholder to have not only the opportunity, but to make a point of subscribing for as many shares as possible in Macduff's Properties, Ltd. This property company will be a first-class investment, holding, as it will, excellent retail shopping sites. It is very evident that the Wellington property is keenly sought by others, and will always be readily saleable or let on lease. Other properties are in the same category. The return to shareholders will be, say, 6 per cent., while the rent charged to Macduff's will be reasonable tmd well within its capacity to pay." The directors state that they are negotiating for the necessary first mortgage moneys on properties, and, as soon as this is arranged, a definite communication to shareholders offering shares in Macduff's Properties, Ltd., will be issued. In view of the pressure towards acceptance of the offer, involving the winding-up now before the directors, they consider it imperative to secure the support of the shareholders to the new company without delay, for only with adequate support in this direction, will it be possible to protect the major assets of the company and prevent a loss of shareholders' capital. PUBLIC TRUST OFFICE STATEMENT FOR NOVEMBER Estates of a value of £422,167 were reported and accepted for administration by the Public Trustee during the month of November. The total value of the estates and funds under aaministration by the Public Trustee on March 31, 1938, was £60,815,306, and the new Business for the eight months ended November 30, 1938, wa: £4,367,663. Grants of administration made by the court in favour of the Public Trustee numbered 180 for the month. During the month 416 new wills appointing the Public Trustee executor were prepared on behalf of testators and lodged for safe custody, and 309 existing wills were revised to provide for changes desired by testators. The total number of wills now held in the Public Trust Office on behalf of living persons is 92,034. AUSTRALIAN MINING YIELD OVER £15,000,000 Assisted by the increased price of gold, the Australian gold yield this year is expected to reach a total value of £15,000,000. Dividends from goldmining companies employing Australian capital, in Australia and elsewhere, for the first 10 months of this year already have exceeded the totals of previous years. Distributions to the end of October amounted to £2,780,280, or about £70,000 more than the total for 1937. The number of dividend-paying mines is the largest for many years. Progress m recent years is shown in the following table of total dividends:—

Since the beginning of the gold mining revival in 1931, dividends of more than £13,500,000 have been paid. In the past eight years Western Australia has paid oyer £6,000,000 in gold mining dividends. WESTLAND BREWERIES SHARE ISSUE ANNOUNCED Westland Breweries, Ltd., is offering its unissued shares to shareholders at a premium of 5s a share, the proportion in the first instance to be one new share for every four now held. In a circular to shareholders the directors state that the 11,377 unissued £1 shares will be offered at 25s each to strengthen the finance of the company and to enable the directors to continue thf policy or ensuring trade by the purchase or otherwise securing the control of hotel properties. Calls of 5s each will be made at monthly intervals after allotment, 5s a share to be paid on application and 5s on allotment. Nominal capital of the company is £55,000 in 55,000 shares of £1 each. Of this capital, 43,623 have been issued, leaving a balance of 11,377. After the allocation of shares in the proportion of one to four, any surplus will be allotted as the directors see fit, but the shares will be issued as far as possible rateably among the shareholders making application.

FOREIGN EXCHANGES ON NEW ZEALAND CURRENCY BASIS Tha Bank of New South Wales, Dunedln. quoted the following rates for purchases and sales of foreign exchange yesterday:—

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 without notice:— U.S.A. Canada (Per£l (Per£l N.Z.) N.Z.)

WIDE RANGE ANGLO-AMERICAN PACT MANY CONCESSIONS MADE : Full details of the Anglo-American trade agreement, which was signed in Washington on November 17, are contained in files received by air mail. It is pointed out that the chief feature of the pact is that a large part of the British concessions consists of agreement not to raise duties rather than reduce them. The United States concessions, covering more than 600 British products, are much more a reduction of duties than a stabilisation. The Financial News points out that the United States is Britain's largest foreign customer. Exports from the United States to Britain are chiefly raw materials, while British exports to America are mainly manufactured goods. Total British imports into the United States in 1936 were £40,000,000, of which £17,000,000 was free of duty and £23,000,000 dutiable. Under the new trade agreement the United States stabilises free entry of £9,500,000 of trade on this basis, while reductions will be granted on £11,000,000; existing duties are stabilised on £6,000,000. Important reductions in duties have been allowed covering the bulk of the United Kingdom trade in textiles, cotton, wool and linen—while of stabilised existing duties, the most important item is whisky. As a result of reductions in preferences in Canada and the colonies, Britain's concessions are much larger than would appear. The agreement, in fact. Is a Britain and colonies pact, and not merely a United Kingdom one. The agreement includes an exchange "escape" clause, but no reference is made to the rumoured scheme for agreed joint devaluation. Reductions in duties granted by the United States cover a very wide range of British goods. In the case of linens and high-class woollens the United States is Britain's largest market. Reductions obtained cover the bulk of Britain's trade in textiles with the United States. In the case of the higher-grade woollen piecegoods the ad valorem duties on the highest grade have been reduced from 60 per cent, ad valorem to 35 per cent. Reductions have also been obtained for such important trades as wool hosiery and wool clothing. Abolition by Britain of the duty of 2s a quarter on wheat, which was made with the consent of CanadaAustralia and India, is stated to be a concession of great value to the American farmer, but, it is pointed out, it can have no effect, on the home wheat farmer, who is protected by the Wheat Act. In the case of pig products, to which the United States Government attached particular importance, Britain has agreed to maintain duty free entry for hams and increased the quota. The 10 per cent, duty on lard has been abolished.

Buyer. SeUes £ s. d £ 8 d 4 p.c. Stock, Nov., 96 15 0 97 5 0 31 p.c. Stock, March, — 97 12 6 3J p.c Stock. Sept., 1939-43 — 97 12 6 3 p.c. Stock, 1939-41 .. 94 10 0 — * 4 p.c. Stock, 1952-55 .. 96 0 0 — MINING Austral New Zealand (£1) 1 1 0 — — 0 2 0 Big River (Is) ., .. 0 0 11 — Sandhills (Is) .. .. 0 0 11 0 0 24 BANKING N.S.W. (£20) .. .. 30 0 0 32 0 0 E.S. arid A. (£3) .. 3 9 0 — Natl, of N.Z. (£2 10s) — a n 0 INSURANCE National (7s) .. .. _ 0 15 6 South British (10s) .. — 2 2 0 Standard (£1) .. .. 2 10 0 — SHIPPING U.S.S. Co. (pref.; £1) — 1 6 0 MEA1 PRESERVING N.Z. Refrig. (cont.; 10s) 0 7 10 0 8 2 South. Froz. Meat (paid) £1) .. :. — 1 10 0 WOOLLEN COMPANIES Bond's Hosiery (£1) 0 15 0 — Bruce (ord.; £1) 0 6 3 _ Oamaru (£1) .. .. 0 10 0 "* LOAN AND AGENCY Goldsbfough, Mort (£1) — 1 10 0 Otago Farmers (3s €d) — 0 3 3 Wright, Stephenson 1 (ord.; £1) .. .. — 1 2 9 Wright, Stephenson (pref.; £1) .... — .0 19 9 COAL AND OIL Westport (10s) .. .. — 1 2 0 Westport - Stockton (pref.; 10s) .. .. — 0 7 0 Moturoa Oil (pref.; — 0 6 0 Taranaki Oil (£1 4s 0 10 3 — MISCELLANEOUS ;; ■• Associated News (£1) 1 1 6 ... Associated News (pref.; £1) .... 1 3 6 — Australian Glass (£1) 5 5 0 — Aust. Iron and Steel (pref.; £1) .. .. 1 8 0 — Broken Hill Pty. (£1) .,. — 2 18 6 Brown, Ewlng (ord.; £1) — 0 18 6 Brown, Ewing (pref.; £1) — 11 6 Crystal Ice (£1) 1 15 9 '— D.I.C. (pref.: £1) .. — 1 3 3 Donaghy's Rope (£1) — 2 3 0 Stock Exchange Prop. (£1) .. — 2 3 0 Dunlop Perdriajut Rubber (£1) 1 0 9 — G. J. Coles (£1) .. 4 1 9 4 2 6 Milburn Lime (£1) 1 12 0 1 13 6 N.Z. Drug Co. (£2) .. 3 3 0 3 5 0 Farmers' Fertiliser (£1) — 0 16 0 N.Z. Paper Mills (£1) _- 1 2 0. Otago Daily Times — 2 2 6 Wool worths (Sydney; 1 1 7 1 1 10 Woolworths (S.A.; 5s) 0 14 6 — BREWERIES N.Z. Breweries (£1) 1 17 S _ Dunedin (£1) .. .. — 15 0 AUSTRALIAN MINING I Broken Hill South (5s) .. 1 8 0 — Electrolytic Zinc (ord.; £1) 2 5 0 2 (! 6 Mount Lyell (£1) .. —, **1 9 9 North Broken Hill (5s) 2 7 0 2 9 6 **Ex dividend.

£ s.-d. Rural Bonds, 1947, 4 p.c. .. 98 0 0 Stock, 1943-46, 4 p.c. 98 5 0 Commonwealth Bonds, 1944, 4 p.c 105 0 0 National Bank of N.Z. .. 2 9 9 Tooth's Breweries .. .. 2 16 0 1 2 7 Australian Steel (pref.) .. 1 9 0 0 18 1 Broken Hill Pty 2 18 3 48 0 0 Farmers' Trading .. .. 0 18 6 0 10 3 0 10 0 Woolworths (Syd.) .. 1 2 0 Mount Lyell (cum div.) .. 1 9 9 0 10 0 Unlisted Stock Whakatane Paper Mills (ord.) 0 3 4

Sales on 'Change Wellington Gas (late Sat.) 1 10 0 Mount Lyell (late Sat.) .. 1 9 9 Stock, 1953-57, 3* p.c. 91 0 0 Stock, 1949-53, 3£ p.c. .. 97 0 0 E.S. and A. Bank .. .. 5 10 0 Dominion Breweries .. .. 1 10 7J New Zealand Breweries .. 1 18 0 0 15 9 Woolworths, Ltd. (5) .... 1 1 11 Woolworths (N.Z.) .«. _i ,: 0 18 11 0 0 11J South British Insurance .. 2 16

Sales on 'Change E.S. ,and A.,Bank .'. .. 5 11 0 National Bank,of N.Z. .. 2 10 0 Bank of N.Z. .. .:. -;. 1-19 11 N.Z. Refrig. (10s paid; 2) .. 0 7 10 Christchurch Gas .. .. 14 0 Broken Hill Pty. ... 2 18 0 2 18 2 2 18 3 Sales Reported N.Z. Govt., 1949-52, 4 p.c. 96 15 0 .200 0 15 9 Christchurch Gas .. 14 0 Unlisted-Stock 012

THE MORNING SALES Commohthwealth Bonds— fc s. d. 4 per cent., 1941 .. 100 18 9 4 per cent, 1944 .. .. 101 12 6 4 per cent, 1956 .. .. 102 10 0 4 per cent, 1953... .. .. 102 11 3 4 per cent* 1955 .. .. 101 1 3 .4 per cent, 1957 .. .. 100 18 9 Toohey's 1 10 6 Austral Glass . 5 4 0 Dunlop Perdriau .. 1 0 6 Mark Foy 0 19 0 ADDITIONAL SALES Bank of New South Wales 30 0 0 Commercial Banking of 20 19 0 46 0 0 Australian Gas (A; old) .. 7 10 0 Associated News (pref.) .. 1 3 6 2 7 9 : 2 14 0 '.. 5 4 0 1 9 6 Anthony Hordern .. 0 15 1 General Industries .. 0 18 9 0 13 6 Standard Cement .. 1 1 6 1 9 6 Sydney Ferries 0 6 6 Menzie's Hotel (pref.) 1 0 9 Warburton Frankl .. 1 0 3 0 16 n 2 12 0 Morris Hedstrom (pref.) .. 1 4 6 2 8 0 0 9 9 North Broken Hill .. .. 2 7 6 Broken Hill South .. .. I 7 9 4 16 0 Larut .. i. .. .. .. 0 11 3 Placer Development .. .. 3 12 6 1 0 4

National Bank (£5 paid) .. 6 10 0 (£10 paid) 13 8 0 Australian Paper Mfrs. 1 5 3 3 18 9 British Tobacco 2 8 3 Melbourne Investment 0 10 3 5 4 6 1 0 7 (pref.) 1 19 0 Goldsbrough, Mort .. .. 1 7 9 Herald and Times .. .. 2 17 0 Electrolytic Zinc .. .. 2 5 0 0 9 10 Broken Hill Pty • 2 16 0 North Broken Hill .. .. 2 8 0 0 9 11 10 6

tDivIdend Nov. 30. Reserves. £ . 196,744 ProQt. Pref. Ord. 1919 . 80,815 p.c. 6 1).C. 14 1924 . 225,569 27,701 6 12 1027 . . 223,777 21,362 6 8 1930 . . 111,851 •47,393 6 6 1933 . 134,605 39,987 5 7 1934 . . 152,083 47,714 5 7 1935 . . 159,345 42,161 5 7 1936 . 170,558 41,119 6 7 1937 . . 102,135 50,397 6 7 1938 . . 201,768 30,394 6 7 * Iioss. t Including bonus.

Assets. Liabilities. Excess. £ £ £ 1920 . . 899,761 518,470 381,294 1930 . . 864,428 538,700 330,728 1031 . . 803.036 469,460 334,476 1932 . . 688,093 351,224 336,869 1933 . . 777,034 417,053 359,981 1934 . . 764,725 387,267 377.458 1935 . . 727,125 342,400 384,719 1936 . . 752,581 355,648 " 396,933 1937 . . 747,735 329,174 418,561 1938 . . 746,895 318,752 428,143

Number of Totals Companies £ 1931 4 65,000 1932 8 260,000 1933 16 875,000 1934 20 1,800,000 1935 29 2,680,000 1936 37 2,400,000 1937 46 2,710,000 1938 (to date) .. 47 2,780,000

London— Buying Selllrui £1 N.2. to £100 T.T. 124/10/ 125/-, O.D. 124/1/3 124/19/6 Australia— £ A. to £100 N.Z. T.T. 100/-/-O.D. 100/10/too/-/ Fiji— £ F. to £100 N.Z. T.T. 90/-/-88/12/6 O.D. 00/-A 88/12/6 New YorkDollars to £ N.Z. T.T. 3.7T15 3.7225 O.D. 3.7705 3.7235 Montreal— Dollars to fl N.Z. T.T. S.8114 3.7512 O.D. 3.8201 3.7522 Belgium— Belftas to £ N.Z T.T. 22.4S8 21.948 O.D. 22.563 21.953 Czechoslovakia— Korunas to £ N.Z T.T. ' — 107.68 O.D. — 107.70 DenmarkKroner to £ N.Z. T.T. 18.218 17.686 O.D. 18.278 17.688 riuland— Marks to £ N.Z. r.T. 186.15 176 O.D 186.55 176.10 france— ! Francs to £ N.Z. T.T. 144.86 139.86 O.D. — 139.88 (Jcrmany— Rcichamarks to £ N.Z .. .. T.T. — 9.159 O.D. — 9.161 ijreece— Drachma to £ r.T. — 418.68 N.Z O.D. — 418.83 HollandFlorins to £ N.Z. T.T. 7.026 6.771 O.D. 7.066 6.773 ItalyLire to £ N.Z T.T. — 70.52 O.D. — 70.54 JavaFlorins to £ N.Z. T.T. 6.998 6.738 O.D. 7.038 6.740 NorwayKroner to £ N.a. r.T. 16.201 15.704 O.D. 16.261 15.707 NoumeaFrancs to £ N.Z. T.T. 149.86 136.36 O.D. — 136.40 >'upe*te~ \ Francs to £ N.Z. T.T. 148.66 136.66 O.D — 136.70 SwedenKroner to £ N.Z. T.T. 15.823 15.321 O.D. 15.883 15.324 SwitzerlandFrancs to £ N.Z r.T 16.784 16.319 O.D 16.889 16.821 i hefoo— V.Z pence to 1 T.T. _ _ dollar .. .. O.D. _ Hongkong— V.Z pence to 1 r.T. 18 7-16 19 3-82 dollar .. .. O.D. 18 13-32 19 3-32 mdla and Ceylon— V.Z pence to 1 T.T. 22 0-64 22 41-64 rupee .. .. O.D. 22 7-64 22 41-64 tapan— N.Z pence to 1 T.T. yen .. ., O.D — 17 23-32 Manila— •- Z pence to I T.T. _ _ peso .. .. O.D. ~ _ Shanghai— v L pence to 1 T.T _ _ dollar .. .,' O.D — _ Singapore— n z pence to 1 r.T 84 29-64 85 19-64 dollar .. .. O.D 84 25-64 35 19-64 AH rates subject to alteration without notice.

Dols Dols SeiJing— T.T. .. .. 3.71 7-16 3.75 O.D. .. .. 3.713 3.751 HayingCD. .. .. 3.76J 3.80 11-16