COMMERCE AND FINANCE

Otago Daily Times, Issue 23690, 23 December 1938, Page 14

COMMERCE AND FINANCE

LOCAL AND OVERSEAS MARKETS

RESERVE BANK ASSETS AND LIABILITIES SLIGHT FALL IN STERLING FUNDS RATIO LEVEL DECLINES * (Per United I’kehs Association! WELLINGTON, Dec. 22. The following is a statement of th 6 assets and liabilities of the Reserve Bank of New Zealand as at the close of business on Monday, December 19:— LIABILITIES Last week. This vvscK. £ 2 1. General Reserve Fund .. 1,900.000 1.900.1H1U 2. Bank notes 15,199,782 16,293,740 3. Demand liabilities—(a) State 3.033,624 2.942,987 (b) Bank 5,715.628 6.428,619 (c) Other 330.751 180.803 4. Tima deposits I. Liabilities in currencies other than New Zealand currency .. .. 10,098 10,284 1 Other liabilities .. ... 179.788 • 193.233 Total .. .. .. ..£25.965.664 £27,151.663 ASSETS 7. Reserve—(a) Gold 2,801.791 2,801,791 (b) Sterling exchange .. 4,572.031 4,356,095 (c) Gold exchange .... I. Subsidiary coin .. .. 200,315 193.667 I. Discounts — (a) Commercial and agricultural bills .. —. (b) Treasury and local body bills .. .. 300.000 500,000 M. Advances—(a) To State or State undertakings—<l) Primary Products Marketing Department 5,012.587 5,184,583 (2) For other purposes 9,360.000 19,400.000 (b) To other public authorities i (c) Other ' -* I). Investments 3,603,022 3,605,022 12. Bank buildings .... 13. Other assets 113,916 108.505 Total £25,965.864 £27.161,668 Proportion ot reserve (No. 7 lest No. 5) to notes and other demand liabilities .. 30.333% 28.109% Sterling exchange It expressed In New Zealand currency. The movement of the sterling exchange held by the Reserve Bank of New Zealand during the last few months and of the ratio percentage of reserve to notes and other demand liabilities are shown in the follow-

The Final Few Days

AUSTRALIAN STOCK EXCHANGES (United Press, Association) (By Electric Telegraph—Copyright) ■SYDNEY, Dec. 22. (Received Dec. 22, at 6.30 p.m.) £ s. d.

DOLLAR AND STERLING (United Press Association) (By Electric Telegraph Copvngnt) LONDON, Dec. 21. (Received Dec. 22, at 6.30. p.m.) Sterling exchange, London on New York, 4.66 J.

OOVKItNMENI MmNS

London on New York, during 1937 averaged 4.95 dollars to £1 sterling; on August 2, 1938, 4.90 i; 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 (October 4) and 4.753 (October 21).

SHARE MARKET REVIEW THE YEAR CLOSES INTEREST FAIRLY WELL MAINTAINED VALUES FINISH GENERALLY. STEADY Activities on the Stock Exchanges throughout the Dominion for the year were brought to a close yesterday afternoon when the final caD-overs tor 1938 were held. During the past 12 months investment circles have undergone numerous upsetting influences and stockbrokers have experienced an unusually difficult and tiring time. At the annual meeting of the Dunedin Stock Exchange on Tuesday afternoon the chairman (Mr Harman Reeves) gave a comprehensive survey of the past year’s operations so that it is unnecessary to make further comment on the ups and downs of a very sensitive market. Even when stock exchanges were virtually at a standstill during the European crisis, however, one reassuring aspect was provided in that there always appeared to be a certain amount of money available for investment.

One other dominating feature of the trading year was the definite switchover following the general election to all classes of Australian scrip. Trading in trans-Tasman issues was greatly accelerated since October, and not only in Dunedin, but in the other centres as well, some very good business resulted. During the last few weeks Government legislation has resulted in enhanced values for leading Commonwealth shares, and to obtain them buyers have been compelled to pay good premiums.

It was not generally anticipated that there would be a great deal of activity on the local market during Christmas Week, but although turnover was small, buying interest for popular lines was well maintained until yesterday’s final call-over for the year. Dominion shares gained nothing of their lost popularity but price /levels did not suffer any further declines. On the sales list Commonwealth scrip again took pride of place, but Stocks and Bonds were a close second. Many sections were not represented in the trading, but this was because sellers were not always inclined to enter the market. * Sales for the Period Since Saturday morning last the following list of sales represents the trading reported for the period ended yesterday afternoon:—

Trend of Business The best-supported scrip in the banking section was Bank of New Zealands. which had three transfers at from £1 19s 9d to £2. Nationals ox New Zealand (cum div.) sold at £2 10s, and E.S. and A.’s maintained their new selling price of £5 10s. Front-rank Commonwealth industrials to receive regular support were Broken Hill Proprietaries, G. J. Coles, and Sydney Woolworths, all of which had dealings at recent improved values. New Zealand Breweries presented a stern front throughout the period to sell at £1 18s on three occasions. More were wanted at that figure when the market closed, but buyers were not prepared to liquidate their holdings. Australian mining ventures met with a spasmodic demand again, but ordinary Electrolytic Zincs. Mount Lyells and Mount Morgans were dealt in at recent values. Mount Morgans made appreciable headway to close with buyers at 10s 3d after selling at 10s. YESTERDAY’S TRANSACTIONS Sales Reported

LATEST QUOTATIONS The following are yesterday afternoon’s ouying and selling quotations, which are subject to the usual brokerage:—

WELLINGTON

CHRISTCHURCH Sales on ’Change

DIVIDENDS PAYABLE The following is a list of shares on which dividends will shortly be payable:— Morris, Hedstrom, Fiji—ln- • 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 National Bank of New Zealand,. Ltd.—lnterim p.c., less U.K. income tax .. Jan. 4 Wellington Woollen Com-pany-Interim 2i p.c., ord. and preference shares .. Jan. 5 Woolworths Properties, Ltd.— Interim half-yearly at 6 p.c. per annum Jan. 15 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

DUNEDIN STOCK EXCHANGE REOPEN JANUARY 10 For the Christmas and New Year holidays the Dunedin Stock Exchange was closed from last night. The first call-over for 1939 will be held on Tuesday morning. January 10. PRICE OF FINE GOLD (United Press Association) (By Electric Telegraph -Copyright) LONDON, Dec. 21.

SHARE QUOTATIONS (United Press Association) (By Electric Telegraph Copyright) LONDON. Dec. 21. Share quotations: Clutha Riverbuyers Is 4Jd, sellers Is 7id; Molyneux —buyers 6d, sellers 9d. BRITISH TOBACCO LARGER SALES MADE EXCISE DUTY INCREASED Increased consumption of tobacco last year was reported by Mr R. J. A. Massie, chairman of British Tobacco Company (Australia'. Ltd., at the annual meeting in Sydney recently. Sales of the subsidiary companies were higher, and another large warehouse had been erected at Kensington to meet the increasing need for the storage of leaf. “ Last September the excise duty on manufactured tobacco was increased by 8d per lb, and the subsidiary companies found it necessary to increase their prices by this amount” he said. ” There has been no other increase in prices by these companies, however, despite increases in various costs during the past few years,” Mr Massie said. “The directors hoped that the prices of raw materials would gradually return to normal, and, from advices received. it would appear that leaf prices in America have receded from the peak reached last year. “ Freight increases and the appreciation of the dollar against sterling, however, have to some extent offset the fall in leaf prices on the warehouse floor, as compared with last year.” The Victorian Companies Act, which had been passed, but which had not yet come into operation, gave the Re-gistrar-general power to consent to a company postponing its first annual general' meeting after the Act came into operation. Mr Massie added. No doubt was felt that the company would be able to hold its next general meeting in February. 1940, and to post copies of the consolidated statement to shareholders before the meeting. Mr Massie said that the company was continuing its policy of encouraging local production of good quality leaf-

FOREIGN EXCHANGES (British Official Wireless) (United Press Association) (By Electric Telearaoh Copyright)

ON NEW ZEALAND CURRENCY BASIS The Bans or New South Wales PUnedln quoted the following rates for purchases and sales of foreign exchange yesterday Condon— Bovine ’twora £1 NZ to £IOO

DOLLAR RATES The Associated Banks (othei than ihe 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 £1 (Per £1 N.Z.) N.Z.) Dols Dols Se.iing— T.T 3.70 9-16 3.74 5-16 O.D 3.70 13-16 3.74 9-16 Buying— O.D 3.76 3.79 15-16 LONDON METAL MARKET lUnttea Prest Association! (By Electric relesjrnnh ruDvnefui LONDON, Dec. 21. The following are the official metal quotations:—

THE MONEY MARKET (United Press Association) (By Electric Telegraph—Copyright) LONDON, Doc. 21. London discount and short loan interest rates, day to day loans, ' 2 per cent.; fine trade bills, three months, 2\ to 3 per cent.; bank bills, three months, 11-1(5 per cent.; bank bills, six months, 1 per cent.; Treasury bills, three months, 1 per cent.; New York call money, 1 per cent. NEW YORK STOCK EXCHANGE (United Press Association) (By Electric Telegraph--Copyright! NEW YORK, Dec. 21. The Stock Exchange turnover was 1,060,000 shares. THE FRANC (United Press Association) (By Electric Telegraph—Copyright) LONDON. Dec. 21. The franc is quoted at 177 3-16.

OVERSEAS TRADE NOVEMBER EXPORTS INCREASE DECLINE IN IMPORTS Features of the overseas trade returns for November released by the Customs Department are an increase in exports and a decrease in imports as compared with those for November, 1937. For the 11 months ended November 30, however, export values are down by £7,648,000 and imports are higher by £895,000, compared with those for the corresponding period of last year. The visible balance of exports for the latest period is £3,990,917. compared with £10,744,000 a year ago. Exports last month were valued at £4,386,000, compared with £4,109,000 for November, 1937, an increase of £277,000. Imports were valued at £4,783,411. as against £4,947,000 for November. 1937, a decrease of £164,000. the excess of imports for the month being £397,366, as against £838,000 a year ago. Exports and imports for November for the last three years show the following position:— Excess of

Exports for the 11 months ended November 30 were valued at £54,648,000, compared with £62,296.000 for the corresponding period of last year, a decrease of £7.648,000. Imports for the latest 11 months’ period were valued at £50,657,000, as against £51,552,000 for the 11 months of 1937, a decrease of £895.000. The excess of exports for the latest, period is £3,990.917, compared with £10,744,000 for the 11 months of 1937 and £12,589.000 for the corresponding period of 1936. The overseas trade position for the 11 months' period of the last three years is shown in the following comparative table; — Eleven Excess of

The above figures take no account of specie, movements of which have been as follows: — Exports. Imports. £ £ Month of Nov., 1938 .. 11,950 600 Eleven months ended Nov. 30, 1938 .. .. 13,500 29,917 Taking the “ production year ” as starting on July 1, the following table giving the export values for the respective months to November 30 shows a marked decline:—

Totals .. 20,195,012 17,340,722 2.854,890 • Increase.

COMPANY BALANCE SHEETS GORDON AND GOTCH (AUSTRALASIA) LIMITED Paid-up capital, £600,000.

The sum of the net profits for the two six-monthly periods preceding September 30 last is £98,717, as against £97,489 for the previous twelve months. After the preference distribution of 8 per cent, is met, ordinary shareholders receive 14 per cent, per annum—l2 per cent, in dividend and 2 per cent, in bonus. A balance or £20,717 is then left to strengthen reserves.

The trading balance for the two periods amounts to £171,692. Extensive provisions have to be made for taxation (Federal and State), the provision of £18,244 for the latter six months falling little short of the total of the other charges. General expenditure, which is grouped, has been maintained at a moderate level. The alteration, which has taken place in the last few years in the relative positions of general expenditure and taxation, is most marked. The relations between expenditure and trading balance for recent six-monthly periods have been as follows: —

Expenditure Trading General. Taxation. Total. Balance. Ratio.

There is little change in fixed assets. Freehold property, lifts, and sprinklers at £192,885 and leasehold property at £ 16,800 show a slight reduction. Mention is not made of any depreciation provision on the former at this time, while the latter grows smaller as its special reserves increase. The arrangement of the entries in the balance sheet has been altered, and the amount of the leasehold property reserves is not now shown. Plant, fixtures, and fittings, which alone have received the benefit of the unstated depreciation provision, have risen to £30,452, or by some £I2OO. At their aggregate of £240,137, the fixed section represents less than one-quarter of the total assets.

The liquid assets have grown stronger. The largest is sundry debtors, which looks high at £324,748. It would be interesting to know if this item covers a large or small number of accounts, but in a total of such dimensions the individual amounts are likely to vary much in size. Bills receivable at £13,573, which may be included as sundry debtors, have risen. Stock has dropped to £190.980, or by over £20,000. Judged by its relation with sundry debtors, stock apparently gets little chance to accumulate. Investments, particulars regarding which are not given, have increased to £183,193, and evidently cover what were formerly known as reserve fund investments. The bank balance has fallen from £97,831 to £80,192, while payments in advance have risen to £8607. Deposits represent the comparatively small figure of £1733, but cash and stamps on hand comprise as much as £441. With consignment stocks of £6649. liquid assets aggregate £810,115. At last the shadowy asset of goodwill has vanished from the balance shed.

Among the liabilities, taxation reserve has risen to £53.290. As its increase is approximately one-half of the allowance made in respect of the past six months, there has apparently been some expenditure in taxation during the period. It is not clear whether this is a provision only, or partly provision and partly reserve. The remaining liabilities are almost entirely covered by sundry creditors, which have risen to £123.916. Reserves show some alteration. Contingencies reserve remains at £50,000. but general reserve, notwithstanding an addition of £54,001 during the past twelve months, has dropped to £176,100, while the floating balance is reduced to £542. The explanation is found in the writing off of goodwill, which at £118,074 had formerly to be placed against reserves, but has now been effaced by absorbing a like amount in reserves. By this step, the balance sheet has been purged of an asset which it is unusual to retain. The assets are reduced in consequence, and at £1,050,252 are less by some £BB.OOO, a difference which shows that the blank made by the disappearance of goodwill has already been partly made up.

WOOL-SELLING SEASON WELLINGTON’S FIRST AUCTIONAVERAGE OF £ls 7s 2d A BALE (Feb United Press Association) WELLINGTON, Dec. 22. The results of the first Wellington wool sale, held on December 7, compiled by the Wellington Woolbrokers’ Association, are as follows: — Offered. 23,890 bales. Sold. 22,737 bales. Passed, 1133 bales. Net weight of wool sold, 8,283,4241 b. Gross proceeds, £349,523 7s. Average. £ls 7s 2d per bale (10.127 d a lb). INCREASED ASSURANCES NATIONAL MUTUAL LIFE ASSOCIATION As a result of the transactions of the National Mutual Life Association for the year ended September 30 last, the sum of £1,583,603 was added to the assurance fund, which amounted to £44,158,325 at the close of the year. The investment fluctuation reserve fund now amounts to £1.335,000. The total income for the year was £5,801,953. which included £4.034,407 for premiums and £1,767,546 for interest (after deduction of rates and taxes). Policy holders or their representatives received £3,602,888 from, the association during the year. The total assurances (excluding bonus additions) in force at the end of the year ahiounted to £111,027,800. MINING NEWS CENTRAL SHOTOVER RETURN The secretaries of the Central Shotover Gold Mining Company, Ltd., report a wash-up of 230 z. OKARITO RETURN The secretaries of the Okarito Five Mile Beach Gold Dredging Company. Ltd., report a washup of 13oz 3dwt for 634 hours’ dredging. MOLYNEUX GOLD DREDGING The Molyneux Gold Dredging Company’s dredge operated for 245 hours during the two weeks ended December 17, and recovered 490 z of gold.

in a table; — Sterling Reserve exchange ratio £ (N.Z.) per cent. Aug. 29 .. .. .. 13.695.000 67.2 Sept. 5 12.639.000 65.347 12 .. .. .. 12,681.343 66.428 |9 12,247,006 63.853 26 11.449,447 60.785 Oct. 3 10.594.973 57.259 Oct. 10 9,900.233 57.903 Act. |7 9,118,330 52.27 T)ot. 24 .. .. ,. 8,313,575 48.451 Oct. 31 .. .. 7,707.697 46.09 7 6,633,031 39.733 |4 5,662.977 36.325 Nov. 21 ...... 5,029.137 33.723 28 4,828.302 32.685 Dec. 5 4,200.856 29.834 12 .. .. .. 4,572,031 30.333 Dec. 19 4,356,095 28.109 The statutory minimum of the reserve ratio is 25 per cent.

Commonwealth Bonds— 4 net cent., 1950 .. , • % 102 7 6 Commercial Bank pf Sydney 21 4 0 Bank of New South Wales 29 18 0 Australian Glass .. .. . • 5 6 6 Broken Hill Proprietary .. 2 16 6 Dunlop Perdriau 1 0 7£ Farmers 1 iU 0 Henrv Jones .. 2 8 3 The Stock Exchange closed this morning until January 3.

December 21 ./. 4.674 December 20 .. 4.673 December 19 .. 4.67J December 15 .. 4.673 December 14 .. 4.66 December* 13 .. 4.66| December 12 .. 4,67 4 December 9 .. 4.665 December 8 .. 4.66J December 7 .. 4.68J December 1 .. 4.68 November 30 .. .. 4.665 November 21 .. 4.70 November 10 .. 4.743 November I .. 4.75 5-16 October 1 ,. 4.82,1 September 28 .. 4.63 September 27 .. 4.73 September 1 .. .. 4.85 13-16 August 2 . .§ .. 4.90jJ July 1 .. .. 4.955 June 1 .. 4.94J May 2 .. 4.98 11-16 April 1 .. March 1 .. 4.945 .. 5.02

£ S. d. 4 p.c. Stock, 1943-46 98 5 0 4 p.c. Bonds, 1943-46 98 0 0 4 p.c. Stock, 1946-49 98 0 0 4 p.c. Stock, 1949-52 (2) .. .. 97 0 0 4 p.c. Bonds, 1952-55 96 15 0 Bank of New Zealand 1 19 11 1 19 9 2 0 0 E.S. and A. Bank 5 10 0 National Bank of N.Z. (cum div.) 2 10 0 Broken Hill Proprietary .. .. 2 17 6 2 18 0 G. J. Coles (2) 4 2 0 Macduffs (ord.) . 0 2 6 Woolworths (Sydney: 2) .. .. 1 1 10 New Zealand Breweries (3) .. 1 18 0 Electrolytic Zinc (ord.) .. 2 6 3 Mount Lyell \ .. 1 8 6 Mount Morgan .. 0 10 G

Bank of New Zealand £ .. 2 s. 0 0 n Broken Hill Ptv. .. 17 6 New Zealand Breweries .. 2 IB 1 13 0 0 4 p.c. Bonds, 1952-55 .. .. .. 96 15 0 4 p.e. Bonds, 1943-46 .. .. .. 98 0 0

Buyer Seller £ s d £ S a 4 p.c. Stock, Nov., 1949-52 — 97 2 6 3J p.c. Stock, March, 1939-43 97 10 0 4 p.c. Bonds, (943-46 .. 98 0 0 4 p.c. Stock, 1943-46 .. 98 0 0 4 p.c, Stock, 1946-49 .. 98 O' 0 ttural Bonds .. .. - 98 15 0 MINING Austral , New Zealand (£1) — 1 3 0 Big River fls) .. .. 0 1 0 Clutha River (2s) 0 2 6 Gillespie’s Beach (Is) 0 0 10 Goldfields Dredging (Is) — 0 0 3 Grey River (10s) — 0 18 0 Nokomai (5s) .. .. 0 1 4 Okarito (5s) .. .. 0 1 11 0 2 2 Sandhills (Is) .. .. 0 0 35 Waifahu (5s) .. .. 0 O', 7 0 1 0 BANKING N.S.W. (£20) .. .. 30 0 0 32 0 0 New Zealand (£1) .. — 2 0 3 Commercial (10s) _ 0 16 6 E.S. and A. (£3) ,. — 5 10 0 Natl, of N.Z. (£2 10s) 2 9 9 2 11 0 Union (£5) .. .. 8 11 0 — INSURANCE National (7s) .. .. __ 0 15 6 South British (10s) ., — 2 1 0 Standard (£1) .. .. 2 11 0 ~ SHIPPING P. and O Def. Stock (£1) — 1 11 0 U.S.S. Co. (pref.; £1) — 1 6 0 MIAI PRESERVING Gear Meat (10s) — 0 13 6 N.Z. Rcfrig. (cont.; 10s) — 0 8 0 South. Froz. Meat (paid: £1) .. .. — 1 10 0 South Otago Freezing (£5) — 5 0 0 WOOLLEN COMPANIES Bruce (ord.; £1) 0 6 0 — Oamaru (£1) .. .. 0 10 0 — LOAN AND AGENCV Goldsbrough, Mort (£1) — 1 10 0 National Mortgage (£2) — 2 2 0 Trustees, Executors ( £3) 4 0 0 — Wright. Stephenson (ord.; £1) — 1 2 9 Wright, Stephenson (pref,; £1) .. •• — 0 19 9

COAI AND OIL Westport (10s) .. .. — 1 2 0 Westport - Stockton 9 (ord.; 10s) — 0 S Westport - Stockton (pref.; 10s) .. .. 0 0 0 0 7 0 Moturoa OH (pref.; 5s) — 0 5 0 Taranaki Oil (£1 4s 7d) 0 9 9 0 10 3 MISCELLANEOUS Associated News (£1) 1 1 0 — Associated News (pref.; £1) 1 3 0 — Australian Glass (£1) 5 6 0 5 10 0 British Tobacco (£1) 2 8 0 — Broken Hill Pty. (£1) 2 17 3 — Brown. Ewing (ord.: 6 £1) — 0 13 Brown. Ewing (pref.; 6 £1) 16 1 X Crystal Ice (£1) 1 0 — D.I.C. (ord.: 10s) 0 13 6 — D.I.C. (pref.; £1) • • 1 2 0 1 3 3 Dominion Fertiliser (£1) — 1 3 3 Dominion Fertiliser (debs.) 101 0 0 — Stock Exchange Prop. (£1) — 2 3 0 Dunlop Perdriau Rubber (£1) 1 1 0 — X.C.I. (pref.) 1 3 9 — MacDuffs (ord.) .. .. — 0 2 Milburn Lime (£1) — i 14 0 Otago Daily Times 6 (£1) — 2 2 Smith and Smith (pref.; £1) — i 2 0 Woolworths (Sydney: (ord.; 5s) 1 1 0 BREWERIES N.Z. Breweries (£1) 1 18 0 — AUSI KALIAN MINING Broken Hill South (5s) .. 1 8 0 — Electrolytic Zinc (ord.; 9 £1) 2 5 — Emperor (10s) .. .. 0 10 0 — Mount Lyell (£1) 1 8 0 — 6 Mount Morgan (2s 6d) 0 10 3 0 10 North Broken Hill 9 (5s) — 2 3 Zinc Corporation 4 15 0 —

Sales on ’Change £ s. d. Commercial Bank of Aust. 0 16 5 Natl. Bank of N.Z 2 9 9 Grey Valley Coal .. .. 0 6 5 Auckland Gas 0 18 9 Auckland Gas (cont.) 0 12 9 Leyland O’Brien .. .. 0 14 9 Australian Glass 5 7 0 Broken Hill Propy 2 17 6 2 17 9 Imperial Chemicals (pref.) 1 4 0 Woolworths (SydJ .. .. 1 1 11 Mount Morgan 0 10 2

Sales on ’Change Bank of N.Z. (late Wed.) 1 19 9 I.C.I. (pref.; late Wed.) 1 4 0 National Bank of N.Z. 2 9 9 National Insurance .. .. 0 15 3 Wellington Gas 1 10 0 Macduffs, Ltd 0 2 6 Woolworths, Ltd. (2) 1 2 0

British Tobacco (cum div.; 2) 2 10 3 Taranaki Oilfields .. .. 0 9 9 Woolworths (N.Z.; 2) .. .. 0 19 0 Sales Reported British Tobacco (cum div.) 2 10 3 Woolworths (Sydney) 1 2 0 Big River 0 0 9i

£ s d. December 21 .. .. 7 9 3 December 20 .... 7 8 10 December 19 .. ..7 8 8 December 17 .. ..7 8 11 December 15 .. .. 7 8 8 December 14 .. .. 7 9 0 December 13 .. ..7 9 n December 12 .. .. 7 8 101 December 9 .. ..7 9 0 December 8 .. .. 7 8 11 December 7 .. ..7 8 5 December 5 .. ..7 8 0 December 2 .. .. 7 8 n December 1 .. .. 7 8 61

Paris— Par. KCGBY. Dec. 20. Dec. 21. Deo. 21. Francs to £) 124.21 177 19-64 177 7-6 1 Brussels— , Bclea.o lt> £) 80 27.6S 27.05} nslo Kroner to £ 1 ts.uc 19.90} 19.90} Stockholm - Kroner to £1 18 ISO 19,43 19.42 ' openhagen— Kroner to £1 IS. 150 22.40 22.40 Berlin - Marks tc £J 30.34 11.63} 11.62 Montreal - Hollars to £1 4.86 2-3 4.71 4.705 vew Vork— . Dollars to £1 4.86 2-3 4.66} 4.06} vnkohama — Pence to ven 84.582 14 14 tlongkongPence to dollar 24.5S 15 15 Bombay - Penoe to rupee 17 59-64 17 59-64 Ha fa via Florins t* £) 12 10 S.58 8.58 'Ilian Dire it £ I 82.46 881 SS| Amsterdam - Guilder to £1 12 107 8.58} 8.57g Prague Kroner to £ l 1044 136} 135} Geneva - Franes ip £1 35 22} 20.64} 20.64} '’lenna - Schillings to ei 84.86} 26} 26} Helsingfors— Marks to £1 193.23 2263 2263 Madrid— Peseta* f-0 £1 35.22} Beigra deDinars to £1 35.22} 209 209 AthensHrachmas to £ I *75 647} 547} l.tstmnEscudoj to £ I no 110} 110 8-10 Bucharest Let t 0 £ J 931.6 660 660 Rio de laneirn— Pence to mllrels 5.890 8 1-16 8 1-10 Buenos Aires— Penoe tn pesos 47.22 20.57} 20.51 ■Gtanghaf* — Penoe to tad 8} 8} Montevideo— • Pence to pesos 18} 18 Warsaw— Slotvs to £1 24.75 24.79 •Nominal

Itc . ., , r.T 1114/10/ 125/ O.D 124/1/3 i 124/19/6 Australia— ■Si £ A tn filOO N.Z r.T 100/10/ lOO-/ O.D 100/10/ 100/ ' FIJIe r to sioo n.z r.T 90/-/. 88/12/1) on 90/-/ 88/12/s New fork— Dollars tn £ N.Z r.r 3.7070 3.7180 O.D 3.7720 3.7190 Montreal— Dollars to fi N.Z r.T 3.8080 3.7478 O.D 3.8167 3.7488 Helstlum— Reliras to £ N.Z r.T. ■ 22.416 21.876 O.D 22.491 21.881 < 'ziT'tiosioraftlaKorunas to £ N.Z T.T. 107.07 O.D — 107.09 Denmark— Kroner to £ N.Z r.T 18.218 17.686 O.D 18.278 17.688 Finland— Marks to £ N.Z T.T 186.13 176 O.D 186.55 176.10 France— Franes to 6 N Z T T 111.46 139.46 (iernmny— O.D — 139.48 Reichsmarks to £ vz r.T. — 9.139 O.D — 9.141 Greece— Drnehma to £ r.T. 418.68 N.Z O.D _ 418.83 Holland— Florins to £ N Z T.T, 7.010 6.755 O.D 7.030 6.757 Italy— Lire to £ N.Z T.T. — 70.32 O.D — 70.34 lara— Florins to £ N.Z r.r 6,984 6.724 Norway— O.D 7.0201 0.726 Kroner tn £ N.Z r.T 16.201 15.704 O.D 16.201 15.707 Noumea - Franes to £ N.Z r.T 149.46 135.96 O.D — 136 'Mpeete— Franes to £ N.Z rr 148.26 136,26 o n 136.30 Sweden — Kroner to £ N.Z r.r 15.833 15.331 Switzerland - on 15.893 15.334 Franes to £ N.Z r.r 10.774 16.309 on 16.879 16.311 ' tiefoo— N Z pence to 1 r.T dollar on _ HonukongN Z pence it l r.r 18 7-16 19 3-32 dollar O D 18 13-32 19 3-32 jfima 'inn CeylonN'/. pence le 1 r.r 22 9-64 22 41-01 rupee O.D 22 7-64 22 41-01 lapans '/ nenee 10 1 r.r — 17 23-32 yen on 17 23-3? Manlla- ‘ Z pence to 1 r.r _ oeso ,. O.D „ _ siianphaln / pence 10 1 r.r _ _ dollar •. on _ sinpapore— V Z pence to 1 r.T 34 29-64 35 19-64 dollar o n 34 25-64 35 19-64 dll rales subject to alteration without notice

Ton £ s. d. £ s. d. Copper, spot 44 0 74 Rise 0 6 3 Copper, forward 44 4 44 Rise 0 6 3 Electrolytic, spot 49 10 0 No change Electrolytic, forward 50 0 0 No change Wire bars .. .. 50 0 0 No change Lead, spot .. .. 15 3 9 Rise 039 Lead, forward .. 15 6 104 Rise 0 3 9 Spelter, spot 13 18 14 Rise 0 5 0 Spelter, forward 14 0 0 Rise 0 4 4J Tin, spot .. .. 214 2 6 Rise 050 Tin, forward 215 3 9 Rise 0 1 3 Oz Silver, standard 20 1 -IGd Fall l-16d Silver, fine .. .. 21iid Fall l-16d

Exports. Imports. imports. Month of— £ (N.Z.) £ (N.Z.) £ (N.Z.) Nov., 1938 . . 4,386,045 4,703,411 397,360 Nov., 1937 . . 4,109,000 4,947,000 838,000 Nov., 1936 . . 3,021,000 4,083,000 262,000

months Exports. Imports. exports. ended— £(N.Z.) £ (N.Z.) £ (N.Z.) Nov., 1938 54,648,012 50,657,095 3,990,917 Nov., 1937 62,296,000 51,552,000 10,744,000 Nov., 1936 52,431,000 39,842,000 12,589,000

Exports 1937 1938 Decrease £ (N.Z.) £ (N.Z.) £ (N.Z.) July .. 4,824,327 3,783,337 1,040,990 Aug 4,457,011 3,822,885 634,726 Sep 3,901,674 3,183,500 718,174 Oct 2,903,000 2,165,000 738,000 Nov 4,109,000 4,380,000 ♦277,000

Trading Net tDividend •Reserves. Balance, Profit. Prcf. Ord, £ £ £ p.c. p.c. Mar. 31, ’28 187.535 80,872 47,973 8 10 Sop. 30, ’28 200,283 78,167 46,889 8 12 Mar, 31, '31 261,445 53,058 27,892 8 8 Sep, 30, '31 261,413 47,377 23,751 8 8 Mar. 31, ’34 275.201 56,166 30,824 8 10 Sep, 30, ’34 279,406 61,520 33.028 8 10 Mar. 31. '36 290,857 66.052 37.593 8 12 Sep. 30, ’36 290,044 74.631 41,970 8 12 Mar. 3t, ’37 310,496 73,850 45.235 8 12 Sop. 30. '37 323,998 91,857 52.254 8 12 Mar. 31, ’38 339,918 83,410 47,734 8 14 Sep. 30, ’38 226,642 88,282 50.983 8 14 • Excluding taxation reserve. t Rate per annum.

£ f £ £ p.o. Mar. 31. ■34 18.317 7,020 25.337 56.166 45.11 Sen. 30. '34 18,282 10.210 28.492 61.520 46.31 Mar, 31. ■35 10,073 7,962 27.035 58.095 46.06 Sep. 30, ■35 19.636 8,795 28,431 81.980 45.87 Mar. 31, ’36 19,178 8.282 28,460 66,052 43.09 Sop. 30, ’36 18,953 13,708 32,661 74,631 43.76 Mar. 31, ■37 20,273 13,341 33,614 78.850 42.63 Sop. 30. '37 20.187 19,416 39,603 91,857 43.11 Mar. 31. '38 19.312 16,363 35,675 83,410 42.77 Sop. 30, ’38 19,035 18,244 37,299 88.282 42.25