COMMERCE AND FINANCE

Otago Daily Times, Issue 23688, 21 December 1938, Page 18

COMMERCE AND FINANCE

LOCAL AND OVERSEAS MARKETS

' THE SHARE MARKET DUNEDIN STOCK EXCHANGE IMPROVEMENT IN TURNOVER HIGH PREMIUMS FOR AUSTRALIAN SCRIP A full attendance of sharebrokers for the annual meeting of the Dunedin Stock Exchange yesterday afternoon resulted in a more active market and during the callover which ■ preceded the meeting, buying interest was well spread throughout all sections. Although the clay's turnover was confined to reported transfers-call-room activity was decidedly brighter and several advances were recorded. Commonwealth banking institutions again reflected investors interest in transtasman scrip, but holders were difficult to draw. Of the two sales from the section both were in New Zealand shares, New Zealands and National Banks selling at slightly ilower levels. Insurances, shipping, end meat preserving shares were the dull sections again. Holders of the most actively traded Commonwealth industrials were conspicuous by their absence and though good prices were offered they evinced small interest. G. J. Coles and Sydney Woolworths, the big chain store enterprises, both reached the sales list at prices much higher than those obtained on the Sydney and Melbourne Exchanges. New Zealand Breweries provided the bright feature among Dominion scrip, buyers moving up to £1 18s, but there was no response from sellers. A firm trend characterised movements in the Australian mining section, which was dominated by buyers. Ordinary Electrolytic Zincs and Mount Morgans were dealt in at improved prices. YESTERDAY’S TRANSACTIONS

UNLISTED STOCKS All stocKs in this section are not quoted on the official list, and transactions are subject to a diff'erer’ rate of brokerage Buyer Seller £ s. d. £ s. d. A. and T. Burt (pref.; £1) 011 0 012 6 Dunedin Ice Cream .. 10 0 110 0 Woolworths Properties (£1) .. 15 6 DIVIDENDS PAYABLE The following is a list of shares on which dividends will shortly be payable; — Mataki Gold—ld a share .. To-day Goldsbrough, Mort—lnt, 2 p.c. To-day Sulphide Corporation—Pref., Is (sterling) per share .. Dec. 22 Morris, Hedstrom. Fiji—lnterim, 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.—lnterim 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

LONDON METAL MARKET (United Hrest Association) (Bv Electric Telemann > nnvnsni' LONDON, Dec. 19. The following are the official metal

LORNEVILLE STOCK SALE DOUBLE MARKET (Per United Press Association) INVERCARGILL, Dec. 20. Big entries were forward In all sections at the Lorneville stock sale today, the fat sections being particularly heavy because of the double Christmas market. Fat stock met a very keen demand, and prices showed an improvement compared with a fortnight ago. Fat cattle were dearer by about £1 a head in all classes, and the sale remained firm until the end. Fat sheep also sold well, good quality wethers being about Is a head dearer than last sale, with ewes selling at about the same rates as previously.

For the first sale since the opening of the freezing works in Southland, there was a big entry of fat lambs, for which there was a keen demand from all freezing operators and from butchers, prices being fully firm or slightly above the schedule rates. The store markets remained firm and showed little variation from previous sales. There was a fairly big yarding of good quality fat sheep.„ with ‘about an equal proportion of wethers and ewes. From the beginning of the sale to the end, the market was sound, with wethers showing an increase of about Is a head, and. in the case of medium-weight good quality wethers, the increase was slightly better. Ewes remained very much the' same as last week. Prime heavy wethers realised up to 28s; prime, quality 25s 6d to 26s 6d; good quality mediumweights, 23s 6d to 24s 6d; light and unfinished, down to 20s; extra prime heavy woolly ewes, up to 30s 6d; prime quality, 23s to 255: medium-weights. 18s 6d to 20s; aged and unfinished; from 13s to 15s; extra prime heavy shorn ewes, up to 20s 9d; prime quality ewes. IBs to 19s 6d; good quality, 16s 6d to 17s 6d: light and unfinished, 10s to 13s. The entry of fat lambs was a fairly large one, and included some really nice quality lambs. All export buyers were fully represented, and operated fully up to, and in some cases a little in excess of. the schedule rates. Besides this competition, butchers were keen to secure their Christmas and New Year requirements, with the result that values throughout must, be considered very satisfactory. Prime heavy butchers’, lambs realised from 29s to 30s 6d; prime heavy freezing lambs, 26s to 275; good quality, 24s 6d to 25s 6d; medium, 22s to 235; and light and unfinished, down to 18s. In the fat cattle section there was a big yarding, only a small percentage being composed of good quality bullocks and heifers. Fully ’ two-thirds of the entry consisted of cows, many of which were aged and unfinished. Compared with the last sale values they were probably better all round by about £1 per head. Prime heavyweight bullocks realised up to £11; good quality medium-weights. £l4 to £ls 10s; heavy-weights, £l2 10s to £l3 10s; and light-weights, down to £ll. Prime quality heifers mare up to £l3: handy-weights, £lO 5s to £ll ss; and light-weights, £8 10s to £9 £ll. Prime heavy cows realised up to £l3; good quality, £lO 10s to £ll 10s: medium-weights £9 5s to £10; and aged, £6 10s to £7 10s. AUSTRALIAN STOCK EXCHANGES I United Press Association) IBy Electric Telecraob— Copyright! SYDNEY. Dec. 20. (Received Dec. 20, at 11 p.m.) Business on the Stock Exchange continues along quiet lines, due mainly to the approach of the Christmas vacation. A firm tone is likely to prevail in the meantime.

RECORD SEASON AUSTRALIAN CANNED FRUITS In a record season. Australia produced 3,030,928 cases of canned fruits last year. The production comprised 380,082 cases of apricots, 1,790,742 cases of peaches, and 860,104 cases of pears. Of this production 2,000,000 cases were available for export, and the burden placed on oversea markets was so great that the Canned Fruits Board expects a substantial carry-over into the coming season. Latest figures available indicate that up to date 1,350,000 cases have been exported.

FOREIGN EXCHANGES (SritisL Official Wireless) (United Press Association) (By Electric Telegraoh -Copyright)

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

DOLLAR RATES The Associated Banks tother than the Bank of New South Wales) quoted the following dollar rates yesterday on a New Zealand currency basis They are subject to alteration withnn* notice:—

DOLLAR AND STERLING • United Press Association) (By Electric Telegraph -Copyrighti LONDON, Dec. 19. Sterling exchange, London on New York. 4.672. December 19 .. .. 4.674 December 15 .. .. 4.670 December 14 ~ .. 4.66 December 13 .. .. 4.664 December 12 .. .. 4.674 December 9 .. .. 4.660 December 8 .. .. 4.66 J December 7 .. .. 4.68 J December 1 .. .. 4.68 November 30 .. .. 4.66 f November 21 .. .. 4.70 November 10 .. .. 4.74 J November 1 .. .. 4.75 5-16 October 1 4.82 J September 28 ~ .. 4.63 September 27 .. .. 7.73 September 1 .. .. 4.85 13-16 August 2 4.902 July 1 4.950 June 1 4.94 J May 2 4,98 11-16 April 1 4.94 g March 1 5.02 London on New York, during 1937 averaged 4.95 dollars to £1 sterling: on August 2. 1938, 4.90.2; on September 1, 4.85 13-16; but declined to as low as 4.63 to the £ on September 28. During October*,the rate varied between 4.78 J (OJmober 4) and 4.753 (October 21). W THE WHEAT MARKET (United Press Association) (By Electric Telegraph-Copyright) LONDON, Dec. 19. Wheat cargoes are easier. Parcels are lower. Futures: London—January 23s lid; March, 23s 2d; Liverpool (old contract)—December 4s 8.1 d; March, 4s 5Jd; May, 4s 63d; (new contract) March, 4s 33d; May, 4s 4|d. Chicago wheat quotations: December 34 cents per bushel. May 66|d, July 66id. THE FRANC (United Press Association) (By Electric Telegraph copyright) LONDON. Dec. 19. The franc is quoted at 177 J.

A DISAPPOINTING YEAR

MANY PROBLEMS FOR INVESTORS STOCK EXCHANGE MEETING CHAIRMAN’S ANNUAL SURVEY For stockbrokers and the investing public the past 12 months have been one of the most trying and disappointing periods experienced for a long time, stated Mr Harman Reeves, chairman of the Dunedin Stock Exchange, when moving the adoption of the report and balance sheet at the annual meeting held following the afternoon call-over yesterday. The underlying cause was to be found not only in the uncertainty of the future and the Socialistic tendency of the Government, but also in political and economic developments in other parts of the world. The Opening Stages The year opened comparatively wtell, Mr Reeves continued. Government and local body debentures had a good turnover at premiums varying according to the currency of the issues, and generally returned the investor from 3i per cent, to 3J per cent., while the best of New Zealand and Australian investment shares were also accorded good support. This, however, lasted only for a few months. Then all markets gave way, bringing a considerable drop in values, together with restricted business. The experiences of both Australian and New Zealand Stock Exchange operations had shown how sensitive the share markets in the Commonwealth and the Dominion were to political and financial movements overseas. Local share values improved a few weeks prior to the general election, better support being accorded by investors, who believed that there would be a change of Government.

“A considerable drop in share values followed the election,” Mr Reeves said. “New Zealand Government loan issues came on the market in increasing amounts, with the result that prices fell considerably, so that to-day Government 4 per cent, issues are all selling at discounts which return the investor from 4i per cent, to 4J per cent. The price of public body debentures was naturally affected by the fall in Government loans, and the former issues weakened in sympathy. The fall in the price of Government issues with a corresponding increased return to the investor indicates a hardening tendency in interest rates throughout the Dominion for all purposes, so that it would appear that the day of easy money and low interest rates is over meantime, and that borrowers must be prepared to pay higher rates of interest. Limited Field for Investment "During the last three years,” Mr Reeves said, “many millions of capital have left New Zealand for investment in Australia, London and elsewhere. It is only fair to state, however, that no matter what Government is in office, large sums of money are annually sent overseas for investment, 'and particularly to Australia. The reason is to be found in the fact that there is only a limited field for investment in New Zealand, whereas in the Commonwealth there is a wide and active market which offers very attractive investment. There are available shares in such concerns as the Broken Hill Proprietary, the largest steel works in the southern hemisphere, the British Tobacco Company, chain store companies, brewery companies, the Colonial Sugar Company, and various Australian banks and other financial institutions, and old and wellestablished metal and gold-mining companies. “It must be admitted, however, that the legislation placed on the Statute Books by the present Government has greatly accentuated the desire to send money out of the Dominion for investment purposes. “ State Interference ”

“Money is practically unabtainable at present for any new local enterprise owing to the fear of what fresh legislation may be introduced, and so far as manufacturing is concerned, it is almost hopeless to try to obtain capital for new industries or for the extension of existing industries, owing to the fear of further State interference. Confidence has been badly shaken, and the threat of State interference permeates every class of business enterprise. The existing financial and economic structure has taken hundreds of years to establish, and it is not to be supposed that this can be altered overnight by legislation without causing considerable alarm. “ Competition from the Public Works makes it impossible for farmers to pay wages sufficiently high to attract labour to the farms, so that it appears the sole remedy is for the Government to draft men from public works and subsidise the farmers who may giv e these men employment. Better for the country that men be put to work to help to produce our national wealth than working on many useless and uneconomic public works. Future of Gold Mining

“ Local gold mining shares have been almost neglected throughout the year, but with the commencement of operations by several large and modern gold dredges in the near future, this branch of industry should receive a much-wanted and long-overdue stimulus.

In conclusion, I regret to say that the outlook for the coming year, with so many restrictions surrounding our operations, is not so good as we could hope for.” The motion was seconded by Mr D. J. Calder and carried without discussion. Chairman Rc-cicctcd Mr Harman Reeves was re-clocted chairman. Executive Committee The following members were elected as the executive committee; —Messrs H. K. Poppolwell. E. R. Smith, C. Penman, S. Dawson, and J. R. Laidlaw. Trustees and Auditor Messrs Harman Reeves, E. R. Smith, and W. J. Watson were re-appointed trustees, and Mr J. W. Smcaton was reappointed auditor. Votes of Thanks Votes of thanks were accorded the readers, Messrs Poppelwell and Dawson, and to the secretary (Mr E. J. G. Johnston). Mr Smith proposed a vote of thanks to the chairman for the able manner in which he had carried out his duties during the past year.—The motion was carried by acclamation. SHARE QUOTATIONS (United Press Association) (By Electric Telecranh— Copyright) LONDON. Dec. 19. Share quotations;—Clutha River — Buyers Is 3d, sellers Is 6d; Molyneux —Buyers 6d. sellers 9d.

RAILWAYS DEPARTMENT

RETIREMENTS ANNOUNCED NEW DISTRICT APPOINTMENTS (Peb United Pbess Association) WELLINGTON, Dec, 20. The Minister of Railways (Mr D. G. Sullivan) announced to-day a number of district appointments as from January 2, 1939, following on the retirement on superannuation, after 40 years’ service, of Mr E. S. Brittenden, District Traffic Manager, Christchurch. Mr H. C. Couch, District Traffic Manager, Auckland, Mr W. Woodger, District Traffic Manager, Wellington, and Mr D. St. George, District Traffic Manager, Wanganui. Mr W. M. Cole, Assistant District Traffic Manager, Dunedin, is appointed District Traffic Manager at Wanganui; Mr A. L. Smith, Assistant District Traffic Manager, Wanganui, is appointed District Traffic Manager at Wellington: Mr W. Rodgers. District Traffic Manager, Invercargill, is appointed District Traffic Manager at Christchurch; Mr J. Sawers, Assistant District Traffic Manager, Auckland, is appointed District Traffic Manager at Auckland; and Mr A. E. Hargreaves, Assistant District Traffic Manager, Wellington, is appointed District Traffic Manager at Invercargill. Referring to the new appointments. Mr Sullivan said that when, in 1936. some important changes were made in staff organisation of the railways, he spoke of the prospective retirement of many senior officers and expressed his natural anxiety that those who were to fill the senior positions would have a proper opportunity to obtain the training and experience necessarv to fit them for those positions. That course had been pursued, and the officers now appointed to the control of the principal railway traffic districts of the Dominion were fully qualified in every respect for the work upon which they are to be engaged. Sneaking of the four district traffic managers who are retiring, Mr Sullivan said: “My official association with these district managers has impressed me with the high sense of duty which actuated them, their great experience, wealth of knowledge, and marked ability. I thank them for the service they rendered to the department, to the country, and to me personally, and I wish them all happiness and prosperity in the future.

MINING NEWS EIMU RETURN (Peb United Press Association) HOKITIKA, Dec. 20. The Rimu dredge return was 242 1 ounces for 131 J hours (59,809 yards treated). WAITAHU RETURN The Waitahu Gold Mining Company, Ltd., reports that a further partial wash-up in No, 17 paddock took place on Saturday resulting in a return of 320 z 13dwt for 19 shifts of eight hours each. This makes a total of 560 z 16dwt so far won from this paddock. BRADFORD TOPS MARKET (United Press Association) (By Electric Telegraph—Copyright) LONDON, Dec. 19. Bradford tops are quietly, steady and are expected to be likewise the holidays. NEW YORK STOCK EXCHANGE (United Press Association) (By Electric Telegraph—Copyright) NEW YORK, Dec. 19. The Stock Exchange turnover totalled 1,100,000 shares. NEW GUINEA GOLD SHARES (United Press Association) (By Electric Telegraph—Copyright) LONDON. Dec. 19. New Guinea Gold shares are quoted at Is IJd (ex dividend). COMPANIES REGISTERED The Mercantile Gazette notifies the registration of the following companies:— Newbold’s Bookshop, Ltd. Registered as a private company November 29. Office: 289 George street, Dunedin. Capital: £3500 into 3500 shares of £1 each. Subscribers; Dunedin, E. Newbold 3490, R. White 10. Objects: To take over the business of bookseller and stationer now carried on by E. Newbold at Dunedin, to do business as wholesale or retail first or second hand booksellers, stationers, printers, and incidental. Crystal Foodstuffs. Ltd. Registered November 13. Office: 202 Vogel street. Dunedin. Capital: £SOOO into 5000 shares of £1 each (2000 preference and 3000 ordinary). Subscribers: Dunedin —C. J. Lane, H. L. Sprosen, A. E. Ansell, K. A. Lane, R. W. Kirkby. E. J. Mee. I. B. Munro, 1 share each. Objects: To carry on the business of manufacturers and vendors of pure malt, vinegar pickles, sauces, soups, marmalade, jelly crystals, cordials, and all kinds of groceries.

Sales Reported £ s. a. 4 p.c. Stock, 1943-46 (late Mon.) 98 5 0 4 p.c. Bonds. 1946-49 (late Mon.) 98 0 0 4 p.c. Stock, 1949-52 (2) 97 0 0 Bank of New Zealand 1 19 9 Natnl. Bank of N.Z. (cum div.) 2 10 0 G. J. Coles 4 2 0 Woolworths (Sydney) 1 1 10 Electrolytic Zinc (ord.) 2 6 3 Mount Morgan .. . 0 10 0 LATEST QUOTATIONS The following are yesterday afternoon's buying and selling quotations. which i are subject to the usual' brokerage;— GOVERNMENT LOANS ■ „ ■ . Buyer. Seller £ 3 d £ s d 4 p.c. Stock, Nov,, 1949-52 — 97 2 6 3J p.c. Stock, March, 1939-43 — 07 12 6 31 p.c Stock Sept., 1939-43 — 97 12 6 3 p.c. Stock, 1939-41 .. 94 10 0 — 4 p.c. Bonds, 1943-45 .. 98 0 0 — 4 p.c. Stock, 1943-46 .. 98 0 0 — 4 ").c. Bonds, 1946-49 .. 98 0 0 — 4 p.c. Stock. 1946-49 .. — 98 0 4 p.c. Bonds, 1952-55 .. 96 10 0 ’ Rural Bonds .. .. — 98 15 0 MINING Austral New Zealand (£1) 1 2 0 — Argo (Is) — 0 2 0 Big River (Is) .. .. 0 0 11 — Goldfields Dredging (Is) — 0 0 3 New River .. .. .. — 0 1 0 Nokomal (5s) 0 1 4 0 1 6 Sandhills (Is) .. .. — 0 0 2i BANKING N.S.W. (£20) .. .. 30 0 0 32 0 0 N.Z. (£1) — 2 0 0 Commercial (10s) 0 16 4 — Natl, of N.Z. (£2 10s) — 2 11 0 Union (£5; .. .. 8 11 0 — INSURANCE National (7s) .. .. — 0 15 6 South British (10s) .. — 2 1 9 Standard (£1) .. .. 2 10 0 2 12 0 SKIPPING Huddart, Parker (pref.; £1) .... 1 9 6 — MEA1 ’RESERVING N.Z. Refrlg. (cont.; 10s) — 0 7 11 South. Froz. Meat (paid; £1) .. .. — 1 10 0 South Otago Freezing (£5) ■ % 5 0 0 Waitaki Farmers (£5) . —' 4 8 0 WOOLLEN COMPANIES Bond's Hosiery (£1) 0 15 0 — Bruce (ord.; £1) 0 6 3 —r Oamaru (£1) •.. . 0 10 0 ■- LOAN AND AGENCV Goldsbrough, Mort (£1) — 1 10 0 N.Z. Guarantee Corp. (3s) .. 0 3 3 Wright, Stephenson (ord.; £1) .. .. 1 2 9 COAL AND OIL Westport (10s) .. ' —• 1 2 0 Moturoa Oil (pref.; 5s) — 0 5 0 Taranaki OH (£1 4s 7d) .. .. .. 0 10 0 — MISCELLANEOUS Associated News (£1) 1 1 6 —i Associated News (pref.: £1) •• 1 3 0 — Australian Glass (£1) 5 5 0 — Aust. Iron and Steel (pref.; £1) ... .. . 1 8 0 — Broken HiU Pty. (£1) — 2 18 6 Brown, Ewing (ord.; £1) — 0 18 6 Brown. Ewing (pref,; £1) .. .. .. .. — 1 1 0 Crystal Ice (£1) 1 15 9 — D.I.C. (pref,; £1) .. 1 2 3 1 3 3 Stock Exchange Prop. (£1) — 2 3 0 Dunlop Perdrlau Rubber (£1) 1 0 9 — I.C.X. (pref.) .. .. 1 3 6 — Milburn Lime (£1) , 1 14 0 Morts .Dock (£1) 0 14 0 — N.Z. Drug Co. (£2) .. — 3 1 0

Farmers’ Fertiliser (£1) — 0 16 0 N.Z. Paper Mills (£1) — 1 2 0 Otago Daily Times (£1) — 2 2 6 Smith and Smith (pref.; £1) .. .. 1 2 0 Woolworths (Sydney: ord.; 5s) 1 1 6 1 1 10 BREWERIES N.Z. Breweries (£1) ' 1 18 0 — AUSTRALIAN MINING Broken Hill South (5s) 1 8 0 — Electrolytic Zinc (ord.; £1) •• 2 5 6 — Mount Lyell (£1) .. ** 1 8 0 1 9 3 Mount Morgan (2s 6d) 0 9 10 0 10 1 North Broken Hill (5s) 2 7 6 2 0 6 Zinc Corporation 4 14 0 — '•* Ex dividend.

AUCKLAND Sales on ’Change £ s. d. Bonds, 1938-41, 33 p.c 97 0 0 Stock, 1949-52, 4 p.c 97 0 0 E.S. and A. Bank 5 10 0 Bank of New Zealand .. .. 2 0 0 N.Z. Insurance 2 11 0 Farmers’ Auct. (£1) .. .. 0 11 0 Auckland Gas (cont.) 0 12 6 Dominion Breweries .. .. 1 10 3 Tooths Breweries 2 16 9 British Tobacco (2) .. ,. 2 10 9 Broken Hill Proprietary .. 2 18 0 Colonial Sugar 48 5 0 Electro. Zinc (pref.) .. .. 2 10 0 G. J. Coles (2) .. .. 4 2 0 Woolworths (Syd.) .. .. 1 2 0 Broken Hill South .. .. 1 9 0 Mount Lyell 1 9 3 Mount Morgan ., .. .. 0 10 0 0 10 1 Woolworths Holdings (South Africa) 0 15 2i

WELLINGTON Sales on ’Change N.Z. Refrigerating (10s paid; late Mon.) .. .. 0 7 10 N.Z. Breweries (late Mon.) 1 18 0 Electrolytic Zinc (pref.; late Mon.) 2 10 0 Woolworths, Ltd. (ord.; late Mon.) 1 1 11 Mount Lyell (late Mon.) .. 1 9 3 Stock, 1939-52, 3£ p.c 96 17 6 Stock, 1953-57, 3* p.c. (2) .. 91 0 0 Stock. 1949-52, 4 p.c. (2) .. 97 0 0 Aust. Consol. Stock, 1952-55, 4 p.c 104 0 0 Aust. Consol. Stock, 1957, 4 P-c 104 0 0 N.Z, Insurance 2 11 0 South British Insurance .. 2 1 6 Broken Hill Propy. (2) 2 18 1 MacdufTs, Ltd. (ord.) .. .. 0 2 6 Reid (N.Z.) Rubber .. .. 1 2 0 Woolworths, Ltd. (ord.) .. 1 2 0 / 1 2 1 Grey River 0 15 9 Mount Lyell 1 9 3 Unlisted Stock Blackball Creek (late Mon.) 0 1 2

CHRISTCHURCH Sales on ’Change Commercial Bank of Australia 0 16 8 E.S. and A. Bank 5 10 0 Westport - Stockton Coal (ord.; 2) 0 3 10 Auckland Gas 0 18 6 Beath and Co 0 17 0 Broken Hill Propy 2 17 9 Taranaki Oilfields .. .. 0 10 0 Mount Lyell 1 8 9 Grey River (2) 0 16 0 New River 0 0 9 Sales Reported Westport-Stockton Coal 0 3 10 Mount Lyell 1 9 0 Dalgetys 7 16 6 Unlisted Stock Ballins Breweries (cum div.) 0 9 9

quotations:— Ton £ s. d. £ d. Copper, spot 43 9 44 Fall 0 5 0 Copper, forward 43 14 44 Fall 0 5 0 Slectrolytic, spot 49 5 0 Fall 0 5 0 Electrolytic, forward 50 0 0 No change Wire bars .. .. 30 0 0 No change Lead, spot .. .. 15 0 74 Fall 0 2 6 Lead, forward .. 15 3 U Fall 0 3 9 Spelter, spot 13 11 104 Fall 0 3 9 Spelter, forward 13 14 44 Fall 0 5 0 Tin, spot .. .. 213 12 <i Fall 1 15 0 Tin, forward 214 13 9 Fall 1 12 6 Oz Silver, standard 20/,d Rise l-16d Silver, fine .. .. 21 ll-16d Rise l-16d

PRICE OF FINE GOLD (United Pres s Association) (By Electric Telegraph—Copyright) LONDON, Dec. 17. £ s. d. December 19 ....788 December 17 .. .. 7 8 11 December 15 ....788 December 14 .... 7 9 0 December 13 .. .. 7 9 U December 12 .. .. 7 8 10J December 9 .... 7 9 0 December 8 .... 7 8 11 December 7 .... 7 8 5 December 5 .... 7 8 0 December 2 .... 7 8 7J December 1 .... 7 8 6J November 30 .. ..791 November 29 .... 7 9 3 November 28 .. .. 7 9 8} November 25 .. .. 7 9 10* November 24 .... 7 8 9 November 22 .. ..789

THE MORNING SALES & s. d. Commonwealth Bonds— 4 per cent., 1944 .. .. 101 7 6 4 per cent., 1950 .. .. 102 8 9 4 per cent, 1955 .. .. 101 1 3 Commercial Bank of Sydney 20 19 0 Austral Glass 5 4 0 British Tobacco 2 7 9 Broken Hill Proprietary .. Cash Orders (New Zealand 2 16 0 delivery) 0 16 U Colonial Sugar 46 5 0 Dunlop Perdriau 1 0 6 Henry Jones 2 8 0 ADDITIONAL SALES Bank of New South Wales 30 0 0 Colonial Sugar 46 2 6 Huddart, Parker 2 10 6 Berlei (pref.) 1 11 0 Berlei (cont.) 0 19 0 British Tobacco 2 7 9 Tooths 2 14 0 Australian Glass 5 4 6 Dunlop Perdriau 1 0 6 David Jones 1 14 •3 Anthony Hordern .. .. 0 15 1 Bradford Cotton (pref.) .. 1 3 3 Pitt, Son and Badgery (New Zealand delivery) .. .. 2 1 0 Cash Orders Amalgamated (New Zealand delivery) 0 16 U War bur ton Frank i .. .. 1 0 6 United Provisions 0 6 8 Woolworth 1 1 0 Wilcox Mofflin 0 6 1 Henry Jones 2 8 0 Broken Hill Pty 2 16 0 Broken Hill South 1 8 0 MELBOURNE, Dec. 20, Industrials are quiet, but there is continued inquiry for Mount Morgans, while Commonwealth loans are active. £ s. d. Commercial Bank of Australia 0 15 7 E.S. and A. Bank 5 0 6 National Bank (£5 paid) 6 9 0 National Bank (£10 paid) 13 7 0 Australian Paper Mfrs. (pref.) 1 5 0 Howard Smith 0 18 3 British Tobacco 2 8 0 Cox Bros 0 11 9 Australian Iron and Steel (pref,) 1 7 6 Dunlop Perdriau 1 0 9 Herald and Times .. .. 2 17 6 Hume Pipe 0 18 9 Imperial Chemicals (pref.) 1 2 11 Yarra Falls 1 17 0 Mount Morgan 0 10 0 Mount Lyell 1 7 10 Broken Hill Pty 2 15 6 Broken Kill Pty. (new) 2 3 1 Emperor 0 10 1 Loloma 1 0 10

RUGBY, Dec. 19. ParisPar. Doc. 17. Dec. 19. Francs to £1 Brussels— 124.21 177 9-16 177 33-64 Belgar to £1 itslo30 27.754 27.754 Kroner to £1 Stockholm — IS.ISO 19.005 19.904 Kroner to fij ' oi'enhaiten— 18 130 19.42 19.42 Kroner lo £ 1 Berlin 18.150 22.40 22.40 Marks to £1 Montreal — 20.34 11.644 11.654 Hollars to £1 v™ Vork— 4.88 2-3 4.71 J 4.71! Dollars to £1 vokohama— 4.86 2-3 4.67| 4.674 Pence to rer Honeltong— 8.4,582 14 M Pence to dollar (lonihav24.5S 15 15 Pence to rupee Batavia - - 17 59-04 17 59-64 Florins t< £ 1 Milan - 12.10 8.58 8.58 liirr to £1 Amsterdam — 82.46 SS 13-16 88J Builder to £ 1 I’raeue 12 107 8.59! 8.60 ■ Kronor rr fi] iJpnrvn — 1044 1365 1304 Francs to £ 1 '’lenna - 'ichinine? to 25.224 20.06 20.664 £1 Heislnefnra84.H0J 264 264 Marks to £ 1 Madrid— to 193.23 2263 2263 £1 Ueierade— 25.224 Dinars lo £1 Athens — Hrachmas to 25.224 209 209 fil fslshnnRsondoj* to 375 5474 547J £1 Bucharest110 1104 1104 Del to £ 1 Rio de Pineiro— Pence to 931. B 680 060 mllrels Htieitns Atres— 5.890 S 1-1« 3 1-16 Penee to pesos 'Bianchal*— 47.22 20.64 20.654 Penee to tael Montevideo— - 81 81 Pence to pesos Warsaw— - 18| 181 Tllofvs to £1 24.T5 •Nominal 14.78

London — Rnvlne Selllru fit N Z to £100 ntz .. . • •• T.T 124/10/ 125/-, O.D 124/1/3 124/19/8 Australia— C 4 to £100 N.Z T.T 100/10/100/-/ O.D 100/10/inn/-/ Fijie F to £100 N.Z T.T 90/-/. 88/12/0 O.D 90/-/-88/12/6 New Tork— Hollars to £ N.Z. T.T 3.7725 3.7234 O.D 3.7775 3.7244 Montreal— Hollars to fi N.Z T.T 8.8112 3.7510 O.D 3.8199 8.7520 Relelum— Beleras to fi N.Z T.T 22.491 21.951 CzechoslovakiaO.D 22.568 21.956 Korunas to £ N Z. T.T. — 107.68 O.D 107.70 Henmark— Kroner to £ N.Z T.T 18.218 17.686 O.D 18.278 17.688 Finland— Marks to fi N Z T.T 186.15 176 O.D 186.55 176.10 France— Francs to fi N Z T t 144.79 139.79 (lermany— O.D — 139.81 Reichsmarks to £ VZ , .. T.T. — 9,163 O.D. — 9.165 tfreece— Hrachras to fi i'.T. 418.68 N.Z O.D 418.83 Holland— Florins to S NZ T.T. T.029 6.774 O.D. 7.069 6.776 Italy— Lira to fi N.Z T.T. 70.52 O.D — 70.54 ■lava— Florins to £ N.Z T.T 7.002 6.742 OO 7.042 6.744 Norway— Kroner to £ N.Z r.T 16.20] 15.704 O.D 16.261 15,707 Noumea— Francs to G N.Z. r.T 140.79 136.29 O.D — 136.33 ••apeeto— Francs to fi N.Z T.T 148.59 138.59 O.D 136.63 Sweden— Kroner to £ N.Z T.T 15.823 15.321 Switzerland— O.D 15.883 15.324 Francs to £ N.Z r.T 16.790 16.325 i 'before— O.D 10.895 16.327 N Z pence to 1 T.T _ dollar • • O.D Hontrknnp— N Z pence (O I T.T 18 7-16 19 3-32 dollar •. O.D 18 13-32 : 19 3-32 India and Ceylon— N 9. pence tr 1 T.T 22 9-64 22 41-64 rupee O.D 22 7-64 22 41-64 ■ span— n 9. pence to 1 T.T — 17 23-32 yen O.D — 17 23-32 Manila— v Z pence to 1 r.T _ peso OD _ •» stianchal— N 9 pence to 1 r.T dollar o n sinpapnre— V 7. pence tr 1 r.x 34 29-64 35 19-64 dollar n n 34 25-64 35 19-64 All rates subject to alteration without notice

U.S.A. Canada (Per £1 (Per £1 N.Z.) N.Z.) Dols Dols Sp.ling— T.T. .. 3.71* 3.75 1-16 O.D. .. 3.712 3.75 5-16 Buying— O.D. .. 3.77 3.80 11-16