COMMERCE AND FINANCE

Otago Daily Times, Issue 23691, 24 December 1938, Page 8

COMMERCE AND FINANCE

LOCAL AND OVERSEAS MARKETS

DUNEDIN MARKETS WHEAT. OATS. ETC. UNSEASONABLE WEATHER CONDITIONS The markets are now going through a quiet period, and there will be little to record until after the holiday season. So far as the weather is concerned, it continues most unseasonable. During the week heavy rains and cold weather have been experienced in both Otago and Southland, and also in other parts of the Dominion. Warmth and sunshine are now badlv needed for all phases of farming. Sowing, and also shearing, have been held up. The crops generally are looking well, but fine, sunny weather is now needed to fill the seed and grain In the case of ryegrass, reports from' Southland state that a continuation of present conditions will lead to light seed of poor quality and germination. Home Grain Markets Weak Reports from London state that the foreign grain position seems to be in a parlous condition. England is flooded with Canadian oats, and Australian, Continental, and American wheat and barley are all at such low prices that the English farmers are in a sorry plight. Flour, Oatmeal, etc. Wholesale prices are as follows: Flour.—2oo's. £l3 15s 6d; 100's. £l4 12 s 6d; 50's, £l4 17s 6d; 25's. £ls 7s 6d. Bran, £5 5s per ton. Pollard, £6 15s per ton. Oatmeal.—2oolb sacks, £l9 per ton; 25's, £2O per ton. Produce Lines Wholesale prices are as follows: Chaff.—Good, bright oaten sheaf, £5 17s 6d per ton, ex truck, to £6 10s, ex store. Potatoes.—Old tubers finished for the season. Dairy Butter.—Milled bulk, Is per lb; separator, Is per lb; supplies wanted. Bacon, Is 3d per lb. Hams, Is 2d per lb; boneless, Is 4d. Eggs, Is 3d, Is 2d per dozen. Onions. —Canadian, 17s to 18s per cental bag. Lard.—Bulk, 8d per lb. Bulk honey, 6JSd per lb. FRUIT AND VEGETABLES . HIGH PRICES RULING On account of the wet weather, and a consequent shortage of supplies of both fruit and vegetables, a quiet week has been experienced by wholesale and retail businesses. From a business point of view the trade has been no greater than that experienced in a mid-winter week. Yesterday, however, business livened up, and there was a pronounced activity in both the wholesale and retail turnovers. Fairly heavy supplies of peaches arrived towards the week-end. Immature sorts had little inquiry, but anything showing ripe brought high values. Only small lots of apricots have so far been reaching the marts. Cherries advanced in price day by day, and up to 2a ljd per lb was obtained yesterday for a small lot of extra choice quality grown at Alexandra. Choice quality Florence are also selling well. Small and poorquality cherries are offering at fairly low prices. The tomato market remains firm. Supplies from Canterbury towards the week-end were on the green side. The cold weather is affecting the ripening of unheated glassihouse tomatoes, and these are not coming forward in the quantities expected. The supplies of hothouse tomatoes are practically finished. Reports from Canterbury state that the cold, wet weather had adversely affected outside-grown tomatoes, and that these will not be on the market until towards the end of January. Gooseberries and black and red currants have been hard to place during the week and low prices are ruling. Fair supplies of these fruits are reaching the marts. Strawberries are realising famine prices and up to 2s 9d per pottle was obtained at the marts yesterday. Small supplies only are coming from Roxburgh, the Taieri and Outram. Apples from cool stores have been on the short side, but the demand is now slackening following increased supplies of stone fruit. Australian oranges are now sold out of the wholesale houses. Jamaicans, however, are available. Supplies of bananas are on the short side, and the repairs which have to be carried out on the Island steamer, Maui Pomare, will have the effect of keeping supplies short for the next four or five weeks. Supplies of green peas have not been nearly equal to the demand, and at the week-end prices soared. The wet weather in North Otago and locally has prevented growers from getting their crops picked. Some lines arriving have been picked in the wet, and have been heated, necessitating a sale at low rates. New potatoes were short of requirements at the week-end and the market advanced slightly. Choice quality lettuce have a good demand. Poor quality are hard to place. Small lots of broad beans are now reaching the marts. Supplies of cauliflowers and cabbages have been fairly heavy and are meeting a normal demand. The fruit marts will be opened tonight from 6 o'clock to handle any supplies which may arrive by the evening train from Central Otago. Wholesale prices are as follows: Apples.—Delicious and Sturmers. extra fancy, 12s to 16s: Canadian Delicious and Jonathans, 24s 6d. Oranges.—Australian, 16s 6d to 21s 6d per case, according to count; Jamaican, 24s to 275.

Tomatoes.—Christchurch hothouse, lOd to Is per lb; local, Is to Is 2d per lb. Cherries.—Choice, Is to Is 6d; inferior, 5d to Bd. Apricots, 3id to 5d per lb. Peaches, 4d to 7d per lb; cases, 3s to 4s 6d. Plums.—Cooking, to 4s per case. Gooseberries, ljd to 2d per lb. Black currants, 3Jd to 4d per lb. Red currants, 3d to 4d per lb. Grapes.—Californian, 25s to 27s 6d per case. Lemons.—New Zealand, best quality, 18s to 22s 6d per case. . Strawberries. —Choice, 2s to 2s 6d per pottle; others, to Is 6d. Cauliflowers.—Choice, to 5s per dozen. Green peas, 4d to 7d per lb. Turnips, to Is 3d per dozen. Beet, to Is 6d per dozen. Bananas.—Ripe, to 25s 6d per case. New Potatoes—Local, ljd to 2d per lb - Rhubarb.—Loose, to li per lb. Lettuce, 6d to Is per dozen. Spinach, Is to Is 6d per dozen bunches. Broad beans, lid to 2d per lb. BANK OF ENGLAND RETURN (United Press Association) (By Electric Telegraph—Copyright) LONDON, Dec. 22. The following is the Bank of England return: — ISSUE DEPARTMENT

Ratio of reserve to liabilities is 36.62 per cent. The Bank of England discount rate remains unchanged at 2 per cent. DOLLAR AND STERLING (United Press Association) (By Electric Telegraph Copyright) LONDON. Dec. 22. Sterling exchange, London on New York, 4.66*.

London on New York, during 1937, averaged 4.95 dollars to £ sterling; on August 2, 1938, 4.90|; 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 4.75* (October 21). LONDON STOCK EXCHANGE (United Press Association) (By Electric Telegraph—Copyright) LONDON, Dec. 22. Dec. 15. Dec. 22. British— £ s. d. £ s. d.

BRADFORD MARKET (United Press Association) (By Electric Telegraph -Copyright) LONDON, Dec. 22. The Bradford market is relatively steady considering the small business as a result of the holiday atmosphere. Merinos: 70's, 26id; 64's, 25d; 60's. 24d. Crossbreds: 58's, 21d; 56's, 19d; 50's, 17d; 46's. 16d (nominal); 44's. 16d (nominal). - ; IMPERIAL CHEMICALS EXPLANATION OF DIVIDEND . POSITION Replying to inquiries from New Zealand shareholders about the dividend payable on shares allotted as 10s paid and which have since allotment been paid up in full, Imperial Chemical Industries of Australia and New Zealand, Ltd., has written to the Stock Exchange drawing attention to its memorandum to shareholders of July 31. 1938, setting out the terms of payment for the issue of 1,000,000 5 per cent, cumulative preference shares of £1 each. The shares, the memorandum said, were payable as follows:—ss a share on application, 5s a share on allotment. 5s a share on January 31. 1939, and 5s a share on July 31, 1939". "But," the memorandum went on, " shares, may be paid up in full on application or allotment or at any time after that before July 31, 1939, subject to adjustment of any accrued dividend, so that shares so paid up may rank equally in all respects with those issued as fully paid up on allotment. " Concerning the adjustment of any accrued dividend, this means that where shares are paid up in full after allotment the holder of such shares must pay to the company, in addition to the balance owing on the shares, an amount equivalent to any additional dividend which would have accrued on the shares if they had been paid up in full on allotment; or where shares are paid up in full subsequent to the date of the first dividend payment, would have accrued since that date. " The object of this adjustment is to ensure that all shares in the issue which have been fully paid up will rank equally for dividend, and so avoid any difficulty in dealing with the shares on the Stock Exchange. "Preference shareholders desiring to pay up their shares in full after allotment and before July 31, 1939, when the final instalment becomes due, may ascertain on application to the comnany the additional amount by way of adjustment which will require to be paid."

FOREIGN EXCHANGES (British Official Wireless) (United Press Association) (By Electric Telegraph Copyright) RUGBY, Dec. 22.

ON NEW ZEALAND CURRENCY BASIS The Banh of New Soulh Wales, Dunedln quoted the following rates for purchases and sales of foreign exchange yesterday:—

DOLLAR RATES The Associated Banks (othej than the Bank of New South Wales) quoted the following dollar rates yesterday on a New Zealand currency basis They are subject to alteration withnw

LONDON METAL MARKET (United fres» Association) (B.v Electric Telegraph Copyright i LONDON, Dec. 22. The following are the official metal

CHRISTCHURCH STOCK EXCHANGE RISE IN GREY RIVERS (Special to Daily Times; CHRISTCHURCH, Dec. 23. The ChrLstchurch Stock Exchange held the last call for the year on Thursday. For the last few days the markets were unusually dull, with sellers more in evidence than buyers, and there was little inclination to enter into fresh obligations. In the closing stages, however. Grey River dredging shares provided a sensation by rising sharply. On a moderate turnover the downward trend of Government loans appeared to have reached the lowest point, and in one or two instances a firming tendency was evident. There was a steady demand for bank shares, in which price movements were irregular. Commercial Bank of Australia declined to 16s 3d, Commercial Bank of Sydney rose to £2l 10s, National of New Zealands were fractionally weaker at 50s, and New Zealands fluctuated between 39s 9d and 40s. E.S. and A. Bank were firm at £5 lis and £5 10s. Dalgety and Co. advanced to £7 16s 6d, New Zealand Refrigerating shares relapsed to 7s lOd. Grey Valley Collieries had business at 6s 6d—a rise of Is on the recorded turnover at the begininng of November. Westport-Stockton ordinary shares were firmer at 3s 8d and 3s lOd. Preference shares were steady at 7S. Christchurch Gas continued its downward movement, and the turnover at 24s was 9d below last week's prices. Auckland Gas recovered some of the recent loss, and at 18s 9d showed a rise of 9d since last week. New Zealand Breweries, on a small turnover, moved up a point to 38s Id, and closed firmer. Attention was chiefly focused on the leading Australian industrials and chain stores. Australian Glass moved up to £5 7s 6d, and British Tobacco to 50s 9d. Beaths dropped Is to 17s 03d, Broken Hill Proprietary declined from 58s 3d to 57s 6d, and Taranaki Oil to 9s Bd. G. J. Coles were firm at 28s, Electrolytic. Zinc (pref.) at 50s, and Donaghy's Rope and Twine at 425. Colonial Sugars were weaker at £4B and £4B ss, but closed with buyers at £49 and sellers asking 15s n ore. Woolworths recovered to 225, and Woolworths (New Zealand) to 19s. The outstanding feature in the mining section was the rise in Grey Rivers on the announcement of the first return from 15s to 18s, closing around 17s 3d. New Rivers were firm at 9d, Mount Lyells declined to 28s 6d, and Mount Morgans advanced to 10s 3£d. DAIRY PRODUCE INCREASE IN BRITAIN'S IMPORTS ELEVEN MONTHS' SUPPLIES Imports of butter into Great Britain from all sources during November totalled 35,482 tons, as against 31,881 tons for the corresponding month of last year, an increase of 3601 tons. Empire supplies increased by 5145 tons, and those from foreign sources decreased by 1544 tons. Imports from New Zealand at 11,368 tons were higher by 3923 tons, and those from Australia were up by 1395 tons. Imports of butter into Great Britain for the eleven months ended November 30 totalled 440,268 tons, as against 426,118 tons for the corresponding period of last year, an increase of 14,150 tons, but they were 6633 tons below the total of 446,901 tons for the eleven months of 1936. The imports for the eleven months of each of the last three years are compared in the following table:— 11 months to Nov. 30, 1938, 1937, 1956,

The figures show that imports were fairly evenly divided between Empire supplies and those from foreign countries. New Zealand with 120,914 tons was easily first as a source of supply, Denmark ranking second with 109,959 tons, Australia third with 77,449 tons, the Netherlands fourth with 33,668 tons, followed by the Irish Free State | with 16,279 tons, and Latvia with 16,116 tons. Imports of cheese into Great Britain, during November totalled 15,425 tons, as against 11,862 tons in November, 1937, an increase of 3563 tons. Empire supplies were 14,204 tons of the total, 6074 tons coming from New Zealand, and 6672 tons from Canada. For the eleven months ended November 30 imports of cheese into Great Britain from all sources totalled 136,770 tons, as against 133,473 tons for the corresponding period of 1937, an increase of 3297 tons. The figures for the eleven months of each of the last three years are compared in the fol-

Grand total .. .. 130,770 133,473 120,607 New Zealand is the chief source of supply of the cheese imported into Britain, with 77,631 tons for the eleven months, or 56.76 per cent. Of the total of 136,770 tons, Canada ranks second with 31,461 tons. Australia third with 10,317 tons, and the Netherlands fourth with 9676 tons. SHARE QUOTATIONS (United Press Association) (By Electric Telegraph-Copyright) LONDON, Dec. 22. Share Quotations.—Clutha River: Buyers, Is 4id; sellers, Is 7|d; Molyneux: Buyers. 6d; sellers. 9d. PRICE OF FINE GOLD (United Press Association) (By Electric Teleeraoh -Copyright!

NIPPON YUSEN KAISYA SHIPPING LINE'S PROFITS A net profit of 9,721,992 yen (approximately £567,016 sterling) is reported by the directors of the Nippon Yusen Kaisya for the half-year ended September 30. Out of this, 4,132,172 yen is provided for depreciation of the fleet, 215,379 yen for insurance fund, and 1,087,932 yen for repair fund. The directors propose that a dividend at the rate of 6 per cent, per annum be paid, requiring 2,695,820 yen, and the remainder be added to reserves.

GRADING FIGURES DECREASE FOR SEASON DEPARTMENT'S ANNUAL REPORT Figures showing the total gradings of butter and cheese for the 12 months ended July 31, 1938, are given in the annual report of the Primary Products Marketing Department. Comparative figures for 1936-37 and 1935-36 are also given. The figures are as follows:

Butter gradings for the 1937-38 season show a decrease of 7.59 per cent., and cheese gradings a decrease of 3.12 per cent. Expressed in terms of butter-fat, the total decrease in gradings is 6.656 per cent. The quantities of butter and cheese exported from the various grading ports of the Dominion between August 1, 1937, and July 31, 1938, were as

MINING NEWS ALEXANDER MINES WEEKLY~REPORT The secretary of the Alexander Mines, Ltd., reports as follows for the week ended on December 15:— No. 6 drive.—This was advanced 30 feet, making a total of 277 feet from the main crosscut. The country being penetrated is greatly disturbed' and dry. Stoping was carried on above the No. 5 intermediate drives and north and south of the rise. In the north stope the reef is seven feet wide, and in the south stope three feet wide. Intermediate Level.—Reef maintained a width of 18in for 31 feet, the bottom of the reef being 15in above the intermediate level timbers. Reef has now faulted and another lens of quartz was discovered, which has been displaced six feet into the eastern wall. The width of reef here is unknown until further work has been done. Battery.—A total of '7O tons of ore was sent to the mill for the week. GILLESPIE'S BEACH Gillespie's Beach Gold Dredging Company, Ltd., reports that the washup for the week ended yesterday was 450 z lOdwt for 193 hours' dredging and 28,580 yards treated. BIG RIVER GOLD MINES The following is the report for the week ended on December 20 received from Big River Gold Mines, Ltd.:— No. 5 Level.—North stope: stoping continued, stone 6ft 6in wide. North stope, south end: Stoping stone 4ft 6m wide. Winze: Sunk 6ft; total. 10ft; full face of stone. No. 6 Level.—lndications good. More stone in track. Battery.—Ninety tons of stone sent to the battery. STAFFORD DREDGING The directors of Stafford Gold Dredging, N.L., in their annual report recommend that the company be wound up, and that available assets be distributed among shareholders. After the capsize of the dredge at the property in New Zealand, a claim was made under the company's policy with Lloyd's, of London, and a settlement of £10,500 New Zealand currency has been completed- The dredge, together with all its fixtures, has been sold by the underwriters as salvage. There are two alternatives to winding up, the directors state. A new dredge could be procured, but this would entail raising additional funds, and a close boring campaign to ensure that the undredged area warranted such expenditure; or the company's areas and plant could be disposed of and funds conserved, with a view to obtaining other areas suicable either for dredging or reef mining. BUTTER AND CHEESE (United Press Association) (By Electric Telegraph—Copyright) LONDON, Dec. 22. Butter is firm. New Zealand choicest salted. Ills; unsalted, none offering. Australian salted, 108 s; unsalted. Ills to 112 s. Cheese.—New Zealand (nominal); White, 69s 6d to 70s; coloured, 69s 6d. Australian cheese is steady. White, 65s to 65s 6d; coloured, 65s 6d to 66s 6d. THE FRANC (United Press Association) (By Electric Telegraph—Copyright) LONDON. Dec. 22. The franc is quoted at 177 1-16. TIN STATISTICS FALL IN PRODUCTION CONSUMPTION ALSO LOWER World consumption and production of tin have both declined considerably in 1938 from the levels ruling in 1937. The November issue of the Statistical Bulletin of the International Tin Research and Development Council shows that in 1937 there was an average quarterly production of 52,100 tons. In the first quarter of 193tl production fell to 43400 tons, in the second quarter to 39,200 tons, and in the third quarter to 32,300 tons. World production in September, 1938, amounted to 10,200 tons, against 19.400 tons m September, 1937. Apparent tin consumption shows the same trend. The quarterly average for 1937 was 49,700 tons. In the first quarter of 1938 consumption declined to 41,000 tons, in the second quarter to 40,000 tons, and in the third quarter to 34.300 tons. World apparent consumption in September amounted to 13,000 tons. The most marked decreases in consumption occurred in the three largest tin consuming countries, the United States, the United Kingdom, and Russia. In most of the other countries, apparent consumption shows an increase. In Japan, there was an increase of 22 per cent, to a monthly average of over 800 tons in the first nine months of 1938.

Note issue in circulation £503,000,000 Bank department .. .. 53,400,000 Government securities .. 218,600,000 Other securities .. 100,000 300,000 BANKING DEPARTMENT 3,400,000 Public deposits .. Bankers' deposits .. 12,500,000 98,400,000 Other amounts .. 37,300,000 Government securities .. 72,100,000 Discounts and advances 14,900,000 Other securities .. 24,800,000 Notes and coins .. 54,800,000

December 22 .. .. 4.664 December 21 .. .. .. 4.674 December?20 .. .. .. 4.673 December 19 .. .. .. 4.674 .. 4.671 December 15 .. December 14 .. .. .. 4.66 December 13 .. .. .. 4.664 December 12 .. .. .. 4.674 " December 9 .. .. .. 4.66f December 8 .. .. .. 4.665 December 7 .. .. .. 4.68? November 30 .. ... .. 4.661 November 21 .. .. 4.70 November 10 .. .. 4.74? November 1 .. .. ,-. 4.75 5-18. October 1 .. .... 4.824 September 28 .. 4.63 September 27 .. 4.73 September 1 .. 4.85 13-16 .. 4.903 .... 4.951 .. 4.944 .. 4.98 11-16 April 1 .. 4.94| .. 5.02

Consols, 2J p.c. 70 5 0 70 16 3 Funding Loan, 4 p.c 107 17 6 107 5 0 War Loan, 31 p.c. .. 98 1 3 97 10 0 Con. Loan, 31 p.c. .. 98 6 3 97 16 3 Victory Bonds, 4 p.c. 107 0 0 106 16 3 Commonwealth's p.c, 1945-75 101 0 0 101 18 9 4 p.c, 1943-48 99 5 0 99 1 3 32 p.c, 1948-53 94 7 6 94 1 3 3J p.c, 1956-61 84 16 3 83 16 3 3 p.c, 1955-58 82 11 3 82 2 6 New South Wales— 31 p.c, 1930-50 92 7 6 92 2 6 Victoria's p.c, 1929-40 90 7 6 89 18 9 •4J'p.c., 1946-60 100 0 0 100 0 0 5 p.c, 1945-75 102 0 0 101 16 3 Queensland's p.c, 1932-47 91 10 0 91 17 6 5 p.c, 1940-60 101 8 9 101 8 9 South Australia's p.c, 1916 or after 73 5 0 72 12 6 5 p.c, 1945-75 102 0 0 101 17 6 Western Australia— •4 p.c, 1942-64 97 11 3 97 11 3 Tasmania's! p.c, 1929-40 100 2 6 100 5 0 •4 p.c, 1940-50 97 16 3 98 2 8 New Zealand— 41 p.c. 1948-58 92 5 0 91 15 0 31 p.c, 1940 .. .. 98 5 0 98 0 0 3 p.c, 1945 .. 87 12 6 87 12 6

Parlifar. Dec. 21. Dec. 22. Francsto £1 124.21 177 7-64 177 5-32 Brussels— • Belgasto £) 80 27.651 27.69 Oslo Krouet to £ 1 18.ISC 19.90J 19.90) stnrltholtnKrnncr to £1 18 130 19.42 19.42 ' "iienhasen— Kroner to £1 18.150 22.40 22.40 KcrllnMarka to £) 20.34 11.62 11.65 MontrealDollars to £) 4.88 3-3 4.705 4.701 mcw YorkDollars to £1 4.S8 2-3 4.661 4.663 > nknhama— Pence to ver 14.582 14 14 Hnnitkonff— Pence to dollar 24.5k 15 15 Komhay— Pence to rupee - IT 59-64 17 59-64 HnfavtaFlnrlnstr £1 12.10 8.58 8.58 Milan tire tt £1 42.48 888 883 AmeterrfamOullderto £) 13.107 8.573 8.59 •'rastie Kroner to £1 104) 1351 136 Nene»a— Francs to £) 25.22} 20.641 20.67 Vienna'Snhllllnttf to £1 K4.861 26) 26) MHslttEforS— Marks to £) 193.23 2261 2262 MadrldPa»p)s» ro £1 25.22) — — Belgrade— Dinars to £1 23.22J 209 209 4thensDrarhmas to £1 S75 547) 547) MshnnH*cudo» to £1 110 110 3-16 1101 HiicharestLel to £ ] 931.6 660 660 Rio dp fanelro— Pence to mllrels 9.880 3 1-16 8 1-1H Htiennii Arres— Pence to peso 41.22 20.51 20.45 "hanchal*— Pence to tae) — 8) 8) Montevideo— Pence to pesos _ 18 18) Warsaw— Slot™ to £1 _ 24.75 24.75 •Nominal

London— Buying 4W|Hit £1 N.Z (o £100 ItE r.T 1X4/10/ 126/-, O.D 124/1/3 124/19/6 Australia— £ A to £100 N.Z T.T 100/10/ 100/-/ O.D 100/10/ 100/-/ rijie p to e ioo n.z r/i m/-/. 88/12/0 O.D 90/-/ 88/12/6 New Torfc— Hollars to £ N.Z T.T 3.T645 3.7154 O.D 3.T695 3.7164 MontrealDollars to £ N.Z. r.T 3.8043 3.7441 O.D 3.S130 3.7451 Belgium— Beleas to £ N.Z t.t 22.432 21.892 O.D 22.507 21.897 Czechoslovakia— Korunas to £ N.Z T.T. — 106.83 O.D — 106.85 DenmarkKroner to £ N.Z r.T 18.218 17.686 O.D 18.278 17.688 (inland— Marks to £ N.Z r.T 186.15 176 O.D 186.55 176.10 France— Francs to £ N Z. TT 144.50 139.50 O.D — 139.52 (lermanyRelchsmarks to £ NZ .. .. T.T. — 9.167 O.D — 9.169 Greece— Drachma to £ ivr. — 418.68 N.Z .. .. O.D — 418.83 Holland— Florins to £ N.Z T.T. 7.020 6.765 - O.D 7.060 6.767 Italy— Llr» to £ N.Z r.T. — 70.40 O.D — 70.42 lava— Florins to £ N.Z r.T 6.993 0.733 O.D 7.033 6.735 NorwayKroner to £ N.Z t.T 16.201 15.704 O.D 16.261 15.707 NoumeaCranes to £ N.Z. r.T 149.50 136 O.D — 136.04 t'aPMte— Prancs to £ N.Z T.T 148.30 136.30 O.D 136.34 SwedenKroner to £ N.Z. T.T. 15.832 15.330 O.D 15.892 15.333 Switzerland— Francs to £ N.Z r.T 16.702 16.327 O.D 16.897 16.329 i hetuo— VZ pence to 1 r.T _ _ dollar .. .. O.D _ _ Hongkong— VZ pence tc I r.T 18 7-16 19 3-32 dollar .. O.D 18 13-32 19 3-82 nulla ind Ceylon— V'/, pence Ir 1 i\r 22 9-64 22 41-64 rupee ,. ,, O.D 22 7-64 22 41-04 iiipanv '/. pence to I r.T _ 17 23-32 yen ,. .. O.D _ 17 23-32 Manila- % Z pence to l r.i — _ peso ., ,, O.D —. mm •■ihnnjrhal— v I pence to 1 r.T _ _ dollar ,. ,. O.D „ _ sinsjapore- \ % pence to 1 r.T 34 29-64 35 19-64 dollar .. .. O.D 34 25-64 35 19-64 All rates subject to alteration without notice

notice:— U.S.A. Canada (Per £] i Per £ » N.Z.) N.Z.) Dois Dols SeiJinsT.T. .. .. 3.71 1-18 3.74 11-16 O.D. .. .. 3.71 5-16 3.75 Buying— O.D. .. .. 3.76J 3.80g

quotations:— Ton £ s. d, £ s. d. Copper, spot .. 43 18 11 Fall 0 2 6 Copper, forward 44 3 lj Fall 0 1 3 Electrolytic, spot 49 10 0 No change Electrolytic, for50 0 0 No change Wire bars .. 50 0 0 No change Lead, spot .. ,. 15 1 10J Fall 0 1 101 Lead, forward .. 15 5 71 Fall 0 1 3 Spelter, spot 14 1 101 Rise 0 3 0 Spelter, forward 14 1 101 Rise 0 1 101 Tin, spot .. ,. 214 12 6 Rise 0 10 0 Tin. forward .. 215 12 6 Rise 0 8 9 Oz Silver, standard 20 l-16d No change Silver, fine .. 213d No change

tons. tons. tons. New Zealand .. .. 120,014 120,017, 121,775 77,440 62,000, 78,958 Irish Free State 16,270 15,942 23,182 Other British countries 4,706 7,357 9,032 Total Empire .. .. 219,348 215,276 232,947 100,958 104,355 99.573 9,947 7,538 7.427 Soviet Union (Russia) — 13,568 19,583 13,944 9,200 6,828 Netherlands .. 33,668 34,167 34,892 8,787 7,613 5,500 16,116 10.363 8,949 11,059 9,924 10,226 3,704 5,467 5,701 Other foreign countries 13,737 8,647 15.275 Total foreign .. .. 220,020 210,842 213,054 Grand total .. .. 400,268 426,118 446.901

lowing table:— 11 months to H'ov. 30, 1938, 1937,. 1936, tons. tons. tons. New Zealand .. .. 77,631 78,015 75,923 10,317 5,047 3,758 31,461 83,811 27,513 Other British countries 1,846 1,531 1481 Total Empire .. .. 121,255 118,404 108,675 9, we 9,881 7,998 Italy 3,209 2,766 368 Switzerland .. 855 806 99 Other foreign countries 1,775 1,616 2,767 Total foreign .. .. 15,515 15,060 11,932

LONDON, Dec. 22. £ s. d. December 22 .. .. 7 9 0 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 10$ December 9 .. .. 7 9 0 December 8 .. .. 7 8 11 December 7 .. .. 7 8 5 December 5 .. .. 7 8 0 December 2 .. .. 7 8 74 December 1 .. .. 7 8 6£

Salted . Unsalted BUTTER (in 1937-38 . .. 136,023 6,812 Tons) 1936-37 147,168 7,396 1935-36 139,973 6,714 White . Coloured 142,835 CHEESE (in 1937-38 . .. 56,752 .. 28,718 154,564 Tons) 1936-37 59,337 28,885 146,687 1935-36 58,263 27,292 85.470 88,222 85,555

follows:— Total Exports Butter Cheese Grading Ports Boxes Crates 4,096,586 222,092 New Plymouth 449,560 228,564 87,089 318,533 112,399 32,758 614,172 186,358 90,881 1,314 67,912 681 North Island totals 5,518,599 990,306 92,059 14,034 37,820 10,145 7,902 23,151 13,387 149,326 South Island totals 151,168 196,656 Dominion totals .. 5,669,767 1,186,962