COMMERCE AND FINANCE

Otago Daily Times, Issue 23704, 11 January 1939, Page 16

COMMERCE AND FINANCE

LOCAL AND OVERSEAS MARKETS

THE SHARE MARKET DUNEDIN STOCK EXCHANGE: FRESH YEAR UNDER WAY FAIR DISPLAY OF INTEREST Opening day for the new year on the Dunedin Stock Exchange yesterday was not productive of a good turnover, but from the outset it was obvious that there has been no decline in interest during the holiday period. A firm undertone was in evidence at both the morning and afternoon call-overs, and although bidding wais left to a scattered group of sharebrokers they showed by their offerings that they were keen to do business. As was to be expected, there was no haste to “make” the market, but price levels, which may be expected to take a day or two to adjust themselves, were well up to the closing rates of 1938. Stocks and bonds were not wanted in large parcels, nor was banking scrip, but in both sections buyers almost held their own with sellers. Insurances were not greatly altered, but on the day’s quotations Nationals displayed a slight strengthening. One noticeable feature among Dominion scrip was the reduced offering for Taranaki Oilfields, but buyers at 9s 3d failed to attract holders to enter the market. Something of an aftermath to the holidays was provided by a marked improvement for New Zealand Breweries scrip, but buyers at £ 1 18s 3d remained unanswered. High-priced Commonwealth industrials showed that they have lost none of their popularity and also that they are as scarce as previously. Holders of leading scrip still appear to prefer to keep their holdings intact. Australian Glass and Broken Hill Proprietaries were two lines to show improvement since closing day last year. Metal shares were in no great demand. but slight gains were the general rule in the Australian mining section. Buyers held the upper hand by a two to one majority. Despite the improved returns shown by the Clutha River Dredge, there was no reaction on the local market yesterday. but there was a wide margin between the closing quotations. YESTERDAY’S TRANSACTIONS Sales Reported £ s d. Mort's Dock .. . 015 10 0 15 9 LATEST QUOTATIONS The following are yesterday afternoon’s buying and selling quotations, which are subject to the usual brokerage:—

NORTHERN EXCHANGES AUCKLAND Sales on ’Change Bank of N.Z. (2) .... 2 0 o.' South British (2) .... 22 0. Auckland Gas .... .. 0 19 3 Imperial Chemicals (pref.) 14 0 Mort’s Dock 0 15 10J Reid Rubber (odd lot) .. 10 4 G. J. Coles .. 4 2 0 Unlisted Stocks Modern Shoes 0 4 9 WELLINGTON Sales on ’Change Bank of N.Z. (4) 1 0 0 South British Insurance .. 22 0 Woolworths (N.Z.) .. .. 0 19 0 Unlisted Stocks Woolworths ... 4 7 6 CHRISTCHURCH Sales on 'Change G. J. Coles (cum div.) .. 4 2 3 (cum div.) 4 16 Broken Hill South .... 180 Mount Morgan .', 0 10 4 Grey River (3) 0 18 0 (3) 0 18 6 0 18 4 (2) 0 18 0 Sales Reported Union Bank of Australia .. 8 12 6 Westport-Stockton Coal <ord.; ,3) ....... .. 0 3 10 N.Z. Farmers’ Co-op. H p.c. Stock, 1950 88 0 0 Unlisted Stocks, Blackball Creek 0 1 1J SHEEPSKIN SALE ADVANCE IN PRICES The Dunedin Stock Agents and Woolbrokers’ Association (the Otago Farmers’ Co-operative Association of New Zealand, Ltd.; Dalgety and Co., Ltd.; Donald Reid and Co., Ltd,;.Wright Stephenson and Co., Ltd.; National Mortgage and Agency Company, Ltd.; Stronach, Morris and Co., Ltd.; New Zealand Loan and Mercantile Agency Company, Ltd.) reports as follows: — The fortnightly sheepskin sale was held yesterday, when largo catalogues were submitted to a full bench of buyers. Competition was very keen from all buyers, and values for good quality grades advanced up to id per lb as compared with the sale held in December. Dead and damaged sorts were also in good demand at prices from Id to 3d per lb better. The following is the range of prices: —Second pelts, to 3d; first pelts, to 4,',d; crossbred quarter-wool, to 5Jd; crossbred half-wool. 53d: crossbred three-quarter-wool, to 71d; crossbred full-wool, to 71d; fine crossbred quarter wool, to sd; fine crossbred half-wool, to 6|d; fine crossbred three-quarter-wool, to 7id; fine crossbred full-wool, to 7id: halfbred quarterwool, to 53d; halfbred half-wool, to 7Jd; halfbred quarter-wool, to 5,3 d; halfbred half-wool, to 7Jd: halfbred three-quarter-wool, to 73d; halfbred full-wool, to 73d; fine halfbred. to 8d: crossbred lambs, to 7d; fine crossbred lambs, to 71d; crossbred hoggets, to 63d: fine crossbred hoggets, to 7cl; halfbred hoggets, to 7td; crossbred dead, to 6.’,d; fine crossbred dead, to 6'd; halfbred dead, tn 63d; crossbred hoggets dead, to 53d: fine crossbred hoggets dead, to Gel: halfbred hoggets dead, to 63d: merino quarter-wool, to 4d; merino half-wool, to 53d; merino three-quarter-wool, to 7 A cl; merino full wool, to 71 d, FRENCH FRANC (United Press Association) (By Electric Telegraph—Copyright) LONDON, Jan. 9. Sterling exchange on Paris. 177 5-16 francs to £l. January 5 176 11-16 August 31 178 a May 7 179; May 4 188.3 April 25 165 1 March 26 163 15-16 March 8 155 15-16 1 Par with sterling, 123.31 francs to £l. PRICE OF FINE GOLD (United Press Association) (By Electric Telegraph—Copyright) LONDON. Jan. 9.

MINING NEWS WHITE'S ELECTRIC DREDGE The return of gold won by White’s Electric Gold Dredging Company's dredge during the week ended on December 24 was 40oz. ELECTROLYTIC ZINC , DIVIDEND DECLARED (Per United Press Association) WELLINGTON, Jan. 10. The Electrolytic Zinc Company advised the Stock Exchange of a dividend declared to-day of 6 per cent, for the half-year ended on December 31. payable on March 17. on both preference and ordinary shares to shareholders registered on January 25. LONDON MARKETS HIGH COMMISSIONER’S CABLEGRAM The Department of Agriculture has received the following cablegram from the High Commissioner for New Zealand, London, dated January 6, 1939: — Tallow.—Market quiet. Present spot quotations are:—Mutton: Fine, 24s 6d to 255; good, 21s to 21s 6d; fair, 17s. Beef: Fine. 21s to 225; good. 18s; fair, 16s 6d. Mixed: Good, 18s; fair, 16s 6d; gut, 14s 6d to 15s 6d. Mutton: Dark to dull, 15s 6d to 16s 6d. Beef; Dark to dull. 14s 6d to 15s 6d. Hemp.—Manila: Market quiet but firm. Sellers quote “K r ’ grade, Jdnuary-March shipment, £l9 15s. Sisal: Market quiet but steady. Sellers quote January-March shipment, £l6 17s 6d. New Zealand: Nothing to report. „ . Apples and Pears. —Fair demand. Californian Newtown, 9s 6d to 10s; British Columbian Newtowns. 9s to 10s; Californian Doyenne du Comice, 14s; Californian Winter Nelis, Us to 11s 6d. , . Peas.—Maples; Market quiet. Shippers and buyers reserved, waiting definite advice regarding new crop. Values about unchanged. LORNEVILLE STOCK SALE BIG ENTRIES FORWARD (Per United Press Association) INVERCARGILL, Jan. 10. Big entries were forward in every section at the first Lorneville stock sale of the year. A big yarding of fat lambs sold at full schedule rates. Fat sheep were in over-supply, wethers were easier by about 2s a head and ewes by more. The fat cattle were mostly cows of medium to inferior quality, and prices for good quality were well maintained, but the poor quality were cheaper throughout. Prime heavy-weight bullocks made up to £l6 12s 6d; prime, £l3 to £l4 ss; medium quality, £ll 10s to £l2 ss; lighter weights. £9 10s to £lO 10s; prime heifers, up to £ll 10s; good, £lO to £lO 15s; medium, £8 5s to £9; lighter weights, £6 to £7 10s; prime cows, up to £lO 10s; good, £8 to £8 15s; medium, £6 15s to £7 10s; aged and inferior, £5 to £5 15s; good quality runners, £3 17s 6d; good vealers, £2 5s to £2 15s; medium, £1 10s to £1 17s 6d. Fat Sheep.—Prime wethers made 24s 6d to 265; medium, 22s 6d to 23s 6d; light-weights, 20s 6d to 21s 6d; unfinished, down to 18s; prime heavy butchers’ ewes, 16s to 18s 3d; good, 14s to 15s; medium, 11s 6d to 13s 6d; light and unfinished. 8s to 10s. SHARE QUOTATIONS (United Press Association) (By Electric Telegraph—Copyright) LONDON. Jan. 9. Share quotations: Clutha River — buyers Is 3d, sellers Is 6d; Molyneux —buyers 6d. sellers 9d. STERLING AND DOLLAR (United Press : Association) (By Electric Telegraph—Copyright) LONDON, Jan. 9. Sterling exchange, London on New York 4,67}. January 6 .. .. .. 4.65 January 5 4.64,} January 4 .. ... .. 4.62} January 3 4.635 January 2 ~ .. .. 4.635 November 1 4.75 5-16 October 1 .. .. .. 4.82} September 1 .... 4.85 13-16 August 2 4.90} July 1 4,958 June 1 .. 4,945 • May 2 ... .. .. .. 4.98 11-16 April 1 ~ .. .. .. 4,94jj March 1 5.02 London on New. York, during 1937, averaged 4.95 dollars to £1 sterling; on August 2, 1938. 4,903; on September 28, 4.63; and during October varied between 4.78} and 4.753. During November, 1938, the variation was between 4.76} dollars (November 8) and 4.63} (November 26). During December, 4.69} (December 6) and 4.64 g (December 31). The.year 1939 began at a rate of 4.63|, which dropped to 4.62} On January 4. HIDE SALE Messrs Waters, Ritchie and Co., Ltd., held their monthly sale on Monday. The catalogue of 2379 hides and yearlings and also 1302 calfskins was carefully inspected by a full attendance of tanners and exporters. Keen competition prevailed, more especially for weights up to 501 b. All grades of cows and light ox showed advances from id to id per lb. Medium weight ox were generally id to 3d higher. Heavy ox remained firm, and substance grades were inclined to be slightly lower. Yearlings can be quoted firm to a shade better. Faulty calfskins were slightly lower, but best grades firm. BRADFORD TOPS MARKET (United Press Association) (By Electric Telegraph—Copyright) LONDON. Jan. 9. The Bradford market is unchanged. NEW YORK STOCK EXCHANGE (United Press Association) (By Electric Telegraph—Copyright) NEW YORK, Jan. 9. The Stock Exchange turnover was 110,000 shares. STERLING FIRM (United Press Association) (By Electric Telegraph—Copyright) LONDON, Jan. 9. Sterling is firm in all the principal centres. The Stock Exchange generally opened the new account quietly. There is a disposition to await events, but gilt-edged securities arc active. British are well supported.

FOREIGN EXCHANGES

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 £1 (Per £3 N.Z.) N.Z.) Dols, Dols. Selling—•T.T 8.718 3.74 9-16 O.D 3.711 3,74 13-16 Buying— O.D. .. .. 3.77* 3.80 9-16 LONDON METAL MARKET (United fress Association) (By Electric Telegraph—Copyright) LONDON. Jan. 9. The following are the official metal quotations:— Ton £so £ s d

Copper, spot 44 3 li Fall 0 5 7i Copper, forward 44 8 l| Fall 0 5 74 ilectrolytic, spot 49 10 0 Fall 0 10 0 Electrolytic forward 50 10 0 Fall 0 5 0 Wire bars 50 10 0 Fall 0 5 0 Lead spot .. .. 14 11 10J Fall 0 3 9 Lead, forward . 14 IB 10i Fall 0 3 .0 Spelter spot . 13 11 10i Fall 0 1 10J Spelter, forward 13 16 10i Fall 0 13 Tin. spot .. •• 217 7 6 Rise 0 5 0 Tin forward 218 7 6 Rise 0 10 0 , 02 Silver, standard 20 5-16 d Fall 3-16 d Silver, fine . 21 15-16 d Fall 3-16 d THE WHEAT MARKET (United Press Association) (By Electric Telegraph—Copyright) LONDON, Jan. 9. Wheat cargoes are lower. Parcels are easier. Futures: London—March, 23s Bid; May, 23s 7d._ Liverpool—Old contract, March. 4s 7gd; May, 4s 7Jd; new contract, March. 4s 4i;d; May, 4s 5Jd; July, 4 S 6id. Chicago wheat quotations; May. 69£ cents per bushel: July. 69.1: September, 704. NEW ZEALAND INSURANCE COMPANY INTERIM DIVIDEND DECLARED (Per United Press Association) AUCKLAND. Jan. 10. The directors of the New Zealand Insurance Company. Ltd., have declared the usual interim dividend of Is 'a share, payable on February 8. MAXIMUM circulation, minimum It! cost—Use the Times Classified Columns to get results. 16 words Is,

UNION STEAM SHIP COMPANY LOWER NET EARNINGS ORDINARY DIVIDEND RAISED The Union Steam Ship Company o£ New Zealand, Ltd., records a profit of £172,262 for the year ended September 30, compared with £175,938 in the preceding year. Dividends on the 51 per cent, preference capital required £IIO,OOO, and an ordinary dividend of 6 per cent, took £60,000. Five per cent, was paid on ordinary capital in 193637. Included in the balance sheet items at September 30 were the following:— Shipping property, etc., £4.827,533; debtors, £353,450; cash on hand and at bank, etc., £97,032; paid capital, £3,000,000; reserves, £150.000; insurance funds, £986,018; bills, payable. £580,445; creditors, £1,207,582; and profit and loss account (credit), £230,300. All the company's ordinary shares are held by the Peninsular and Oriental Steam Navigation Company. DOMINION’S DILEMMA TRADE CONTROL PLAN “ New Zealand’s experience is that of a country which greatly expands its internal activity and expenditure, but cannot, at the same time, enlarge its world trade to the same degree,”, states Jobson’s Investment Digest,' Sydney, commenting upon trade control in the Dominion. “A given inhabited area could be, in ideal theory, absolutely ‘self-con-tained’ if it possessed within itself every item of raw material, manufacture, and invention,” slates the jour-, nal, “ but, in proportion as it depends on external trading for its internal well-being, economic isolation will get it into trouble. No matter what form the ‘ induced ’ inner activity may take, a reaction can be expected. “ Germany undertook military armament and fortification and roads and railways; New Zealand more peaceful public works and housing and social benefit. Each of them feels, in its own way, the loss of equalised world commerce. “The conditions outlined do not lead to an immediate crisis; they begin with buoyant internal confidence; and therefore Mr Savage and Mr Nash, in their first term, had a glad career, with triumphant re-elec-tion. They now attempt rigorous control of their overseas finance and commerce, which consists almost wholly in dealings with Britain—exports, imports, and debt payments. “ Drastic measures, stemming the import trade and checking the exit of money, are anything but welcome in Britain. Certain leaders in British industry have already exhorted the British Government *to denounce Ottawa,’ i.e., to expunge all privilege which New Zealand had been granted in its export to British markets. “ Complete collapse of ‘ Ottawa Is not a consequence to be immediately prophesied. Nevertheless, the economic * earthquake tremors ’ in New Zealand., if they have not cracked a wall, have rattled the crockery.” AUSTRALIAN STOCK EXCHANGES (United Press Association) (By Electric Telegraph—Copyright) SYDNEY, Jan. 10. (Received Jan. 10, at 11.15 p.m.) Main interest on the Stock Exchange to-day centred on loans and leading industrials. The market continues steady. THE MORNING SALES Commonwealth Bonds— £ s. d. 4 p.c., 1941 10! 7 6 4 p.c.j 1947 • • 192 7 6 Bank of New South Wales 30 5 0 Toohey’s o 12 q Tooths i n Australian Glass 5 9 U Broken Hill Proprietary .. 217 i Electrolytic Zinc . • ■ • 2 6 4 ADDITIONAL SALES

MELBOURNE, Jan. 10. Industrials are irregular. Australian Glass is well supported and other investments are still quiet. Barriers eased in sympathy with oversea quotes.

SEARCH FOR OIL The oilfields of Netherlands East Indies, specially from the point of view of strategy and political considerations in the Far East, are receiving increased attention. The facts concerning the Dutch oil reserves published in the quarterly journal of the Department of Economic Affairs Batavia, are commented upon by the Straits Times. The Netherlands East Indies produce only about 3 per cent, of the world;s annual output of crude oil, but, it is pointed out. that gives a wrong impression of the Dutch share unless it is remembered that the United States, which produces three-fifths of the world supply, is also the largest consuming country. Moreover, there is a steadily growing consumption in Russia, the second largest producer. Consequently, the rest of the world is looking more and more to the Netherlands Indies and other minor producers for its oil supplies. , , At the present rate of production, the newspaper says, the known oil reserves of the Netherlands Indies will be exhausted in 20 years, and the British oilfield will have run dry before that. Intensive prospecting is going on, buf it is said to have been disappointing so far, at any rate in Borneo and New Guinea. Naturally, the N.E.I. Department of Economic Affairs says nothing about the results of prospecting, but what it does say is that “it is exceedingly difficult—some may even call it impossible—to estimate the subterranean petroleum reserves of any particular country.” Estimates of such reserves naturally are speculative. Production methods have improved greatly, and are still being improved, and oil can now be obtained from depths as great as two and two and a-hal'f miles, so that it is practically impossible to predict what new strikes mav be made in the fields, the more shallow deposits of which now appear to become exhausted, or in countries, not yet sufficiently surveyed geologically, in which the presence of oil so far has not been discovered or even has been considered unlikely. In respect of the Netherlands Indies, the latter possibility applies particularly to New Guinea.

NATIONAL MUTUAL LIFE ASSOCIATION LARGE VOLUME OF NEW BUSINESS The association’s annual general meeting was held in Melbourne recently, and in moving the adoption of the report and balance sheet, the chairman of directors (Sir Harold Luxtonl said:— “ The amount of new assurances and endowments granted during the year was £11,518,813, which was in respect of 31,140 new policies; 123 annuity policies were also issued, providing annuities amounting to £11,340 per annum. “In the year ended September 30, 1937, the association wrote its largest new business for any single year in its history. Nevertheless, the amount of new business for the year under review was "greater than that of any previous year, except 1937, and it is therefore the second largest written in any year in the history of the Association. In the circumstances, I think the result can justly be regarded with satisfaction, especially when it is remembered that as the association does not transact ‘ industrial ’ business, the whole of its figures relates entirely to what is known as ‘ ordinary ’ business. Income for Year “The association’s premium income for the year, including consideration for annuities, was £4,034,407, and after paying £61,712 to other companies as premiums on reassurances, there remained £3,972,695, which is the net amount of premium income appearing in the revenue account. “The income from interest and rents was £1,910,390. This income was charged with rates and taxes amounting to £142,844, which was practically all income tax; so that the net revenue from interest and rents was £1,767,546. This represented a net return on the mean funds of the year at the rate of £4 3s 3d per cent. The gross interest revenue before deduction of taxes was equal to £4 9s lid per cent, of the mean funds. The total income for the year was £5,944,931. Claims by Death and Maturity “ During the year we met claims by death under 2003 policies: the total payments involved, including bonus additions, amounted to £1,196,638. Our mortality experience has continued favourable, as the amount of death claims was only 56 per cent, of the expectation, according to the rates of mortality assumed in valuing the association’s liabilities. “Four thousand five hundred and six policies that matured during the year brought to their holders out of the funds of the association a total amount, including bonus additions, of £1,731,956. Expenses “The total expenses incurred in cpnducting the business of the association during the year amounted to 9.88 per cent, of the total net income. This is lower than the corresponding ratio of the previous year, which was 10.14 per cent. Assurance Fund Higher

“In accordance with the decision of the members of the triennial investigation meeting held in March last, amounts of £204,412 and £15,000 were transferred out of the surplus in the assurance fund to the investment fluctuation reserve and staff superannuation fund respectively. After making these transfers the assurance fund stood at £42,574,722 at the beginning of the financial year. As the result of the year’s transactions, £1,583,603 has been added to the assurance fund, bringing it to £44,158,325 at the close of the financial year. The investment fluctuation reserve was increased to £1,335,000 by the transfer mentioned. This reserve is, of course, held in addition to the assurance fund, and, as I have stated on previous similar occasions, constitutes a very substantial and desirable protection to that fund against the vicissitudes of fortune that even with the exercise of the greatest possible care may attend the investment of large funds. "We are living in very troubled times, and it is difficult to foresee what will emerge out of the present state of unrest. It seems certain that we must at least look forward to increased taxation, part of the burden of which, through the medium of their policies, will fall on our members. It also seems probable that if the period of unrest is prolonged we shall see depreciation in values of property of various kinds. “Of all forms of property, least likely to be so affected, a policy of life assurance with a well-established and soundly-managed company is supreme. Experience has shown that when values on all other forms of property have been falling, the value of such a life policy has not only been malntained, but has increased. From that standpoint, therefore, as regards the association we look forward to the future with confidence, whatever that future may have in store generally. AUSTRALIAN SHARE MARKET FLUCTUATIONS LAST YEAR The index of ordinary share prices, compiled by the Research and Statistical Bureau of the Sydney Stock Exchange. has been supplemented by a further index of preference share prices in the latest circular of the Bank of New South Wales. Comparisons of the movements in these two sets of figures emphasise the greater steadiness of preference shares because of the extra security but limited in-come-earning capacity. Up to 19)4 prices of preference shares followed the general trend of ordinary share prices, but since then they have been comparatively steady at figures below those of ordinary shares. The prices of ordinary shares, which are more susceptible to economic influences, continued to rise till early 1937, when the trend, except for minor fluctuations, was reversed. During the past 12 months the market has not fulfilled the promise of recovery shown in January of this yeai', and the downward trend of ordinary share values of late 1937 continued with small turnovers on the exchanges. Prices recovered temporarily in June, but, by the end of the month, industrials had slumped so heavily that the index reached the then low level for the year. Encouraged by the apparent revival on Wall street, investors resumed buying and the market firmed, only to receive a further setback as international tension grew. Aggravated by coal strike threats, the weakening tendency continued, till, when war seemed inevitable in late September, both ordinary and preference share prices touched the low for the year. After the Munich Agreement the market during October and November improved, but has since declined again in December as international apprehension increased. Associated with the fall in ordinary share prices during late 1937 was an increased demand for Government bonds, causing prices to rise and redemption yields to fall. The market showed no weakness till February, 1938, when buying declined and the yields increased. There were indications that the Government entered the market in July, and, by taking up large quantities of securities, forced the yield down to assist in ensuring a favourable reception for the approaching conversion loan. In mid-September the Czechoslovakian crisis caused bond prices to decline so much that the Government was forced to postpone the announcement of the terms of the loan. During October the market returned to more normal conditions, and it became evident that the Treasury was again giving support to keep yields at a reasonably low level.

GOVERNMENT LOANS Buyer. Seller. £ s. d. £. S. d. 4 p.c. Stock, Nov., 1949-52 97 0 0 — 3a p.c. Stock, March, 1939-43 — 97 8 0 3J p.c. Stock, Sept, 1939-43 — ■ 97 9 0 3J p.c. Stock, May. 1939-52 — 97 10 0 4 p.c. Bonds, 1943-46 .. 98 0 0 — 4 p.c. Stock, 1943-46 .. 98 0 0 — 4 p.c. Stock. 1946-49 .. — 98 10 0 Rural Bonds — 98 0 0 MINING Austral New Zealand (£1) .. •. 1 1 0 — . Big River (Is) . - .. £)• 0 11 — . Clutha River (2s) .. 0 S 0 0 3 . 0 Goldfields Dredging (Is) .. .... ..... ... — 0 0 3 Nokomai (5s) ... .. 0 1 4 — Sandhills (Is) .. .. 0 0 U 0 0 21 Waitahu (5s) , ... 0 0 7 0 1 0 BANKING. New South Wales (£20) 30 0 0 32 0 0 New Zealand (£1) .. , 2 0 3 Commercial (10s) 0 13 s 0 16 7 National of N.Z. (£2 10s) **2 9 0 2 11 0 Union (£5) 8 11 0 8 14 0 INSURANCE National (7s) ' .. .. 0 15 3 0 15 ■9 South British (10s) .. — 2 2 0 Standard (£1) , . ,. 2 10 0 -r. ’ SHIPPING P. and O. Def. Stock ► (£1) .. — I'll. 0 U.S.S. Co. pref.; £1) — 1 5 4 MEAT PRESERVING Gear Meat (10s) _ 0 13 6 N.Z. Refrig.' (coni: 10s) .. .V .. 0 8 1 Southland Frozen Meat (paid; £1) ... .. .. — 1 10 0 WOOLLEN COMPANIES Bruce (ord.; £1) 0 6 3 — Bruce (pref.; ,£l) .. — 1 1 0 Oamaru (£1) .. .. 0 10 0 — LOAN AND AGENCY Goldsbrough, Mort (£1). — 1 9 0 Otago Farmers (3s 4d) — 0 3 6 Trustees, Executors (£3) .. 4 0 0 - — Wright. Stephenson (pref.; £1) .. .. 0 19 4 — COAL AND Oil. Kaitangata (16s) — 1 7 6 Westport (10s) .. .. — 1 2 0 Moturoa Oil (pref.; 5s) — 0 3 0 Taranaki Oil (£1 4s 7d) 0 9 3 — MISCELLANEOUS Associated News (£1) 1 1 0 — Associated News (prof.; £1) .. .. 1 3 6 — Australian Glass (£1) 5 8 0 Aust. Iron and Steel (pref.; £1) .. .. 1 8 0 — Broken Hill Pty. (£.1) 2 17 9 — D.I.C, (pref.; £1) .. — 1 3 3

Dominion Fertiliser (£1) 12 6 1 3 9 Stock Exchange Pty. (£1) .. .. .. — 2 3 0 Dunlop Perd. Rubber • (£1) .. .. .. 1 1 0 • ' G. J. Coles (£1) .. .. — 4 , 2 ,6 I.C.I. (pref.) 1 3 3 — McKenzies Department Stores (£1) .. .. 2 12 6 ■ • -tMort's Dock (£1) 0 15 6 0 16 0 McLeod Bros. (£10) — 29 10 0 N.Z. Drug Co. (£2) 3 2 0 — Farmers' Fertiliser (£1) — 0 17 0 Otago Daily Times (£1) — 2 2 6 Smith and Smith (pref.; £1) .. .. 1 2 0 Woolworths (Sydney: ord.; 5s) 1 1 0 — BREWERIES N.Z. Breweries (£1) 1 18 3 _ Dominion (£1) .. .. I 9 6 — AUSTRALIAN MINING Electro. Zinc (ord.; £1) 2 6 0 — Emperor (10s) .. .. 0 10 0 — Mount Lyell (£1) — 1 9 0 Mount Morgan (2s 6d) 0 10 3 — North Broken Hill (5s) — 2 10 9 Zinc Corporation 4 17 0 »*Ex dividend. UNLISTED STOCKS All'stocks In this section are not quoted on the official list, and , transactions are subject to a different rate of brokerage Buyer. Seller. £ s. d £ s. d. Mackintosh, Caley, Phosnlx (£1) .. .. 0 5 3 0 8 0 A, and T. Burt (pref.; , £D . 0 12 6 Dunedin Ice Cream .. — 1 10 0 Woolworths Properties (£1) 1 5 0 — DIVIDENDS PAYABLE The following is a list of shares on which dividends will shortly be payable: — Myers Emporium, Melbourne —Interim pref., 4* per cent Jan. 14 Woolworths Properties Ltd.— Interim half-yearly at 6 per cent, per annum .. Jan. 15 G. J. Coles —Half-yearly A pref,, at 8 per cent per annum Jan. 16 Imperial Chemical Industries of Australia and New Zealand—Pref,, first halfyearly, 5 per cent, per annum Jan. 31

(British Official Wireless) . i (United Press Association) (By Electric Telegraph Copyright) RUGBY, Jan. 9. Paris— Par. Jan. 6. Jan. 9. Francs to Cl 124.21 177 9-32 177 1-10 Brussels — Belgas to £ 1 30 27.67 27.67 Oslo— Kronur to £1 18.130 19.90} 19.90} Stockholm— Kroner to £1 18.130 19.42 19.42 Copenhagen— Kroner to £ 1 18.150 22.40 , 32.40 Berlin — Marks to £1 20.84 11.65 11.65 Montreal— Dollars to £ 1 4,38 2-3 4.71} 4.71} New York— Dollars to £1 4.8G 2-3 4.678 4.67} Yokohama— Pence to yen 84.582 11 14 Hongkong— Pence to dollar 24.58 15 IS Bombay— Pence to rupee — 17 59-64 17 59-61 Batavia— Florins to £) 12.10 8.531 8.533 Milan— Lire to £1 82.46 882 883 Amsterdam— Guilder to £1 12.107 8.59} 8.58} Prague— Kroner to £1 104} ' 136} 130} Geneva— Francs to £1 22.22} 20.70 20.67} Vienna — Schillings to £1 .. 84.36} 26} 26} Helsingfors— Marks to £1 193.23 2263 2263 Madrid— Pesetas to £1 25.22} 200 200 Belgrade— Dinars to £1 25.23} 209 209 Athens— Drachmas to £1 .. 375 517} 547} Lisbon— Escudos to £1 .. no 110} 110} Bucharest— Lol to £1 931.6 660 680 Rio de Janeiro— Pence to mllrels .. 5.890 8 1-1« 3 1-16 Buenos Aires— Pence to pesos 47.22 20.21} 20.39} Shanghai*— Pence to tael — 8} 8} Montevideo— 19 Pence to pesos — 19 Warsaw— Zlotys to £1 — 24.48 24.46 • Nominal. ON NEW ZEALAND CURRENCY BASIS The Bank of New South Wales, Dunedin, quoted the following rates for purchases and sales of foreign exchange yesterday London— Buying Selling £1 N.Z. to £100 stg T.T 124/7/8 125 O.D. 123/18/9 124/19/6 Australia— £ A, to £100 N.Z. T.T. 100/10/100 O.D. 100/10/100 Fiji- £ F. to £100 N.Z. T.T. 90 88/12/6 O.D. 90 88/12/6 New York— Dollars to £ N.Z. T.T. 3.7703 3.7174 O.D. 3.7753 3.7181 Montreal— Dollars to £ N.Z. T.T. 8.3048 3.7446 O.D. 3.8135 3.7450 Belgium— 21.887 Belgas to £ N.Z T.T. 22.427 O.D. 22.502 21.892Czechoslovakia — Crowns to £ N.Z. T.T. — 106.48 O.D. — 100.50 Denmark— , Kroner to £ N.Z. T.T. 18.227 17.695 O.D. 18.287 17.697 Finland— Marks to £ N.Z T.T. 186.14 176.99 O.D. 186.54 177.09 France— Francs to £ N.Z. T.T. 114.48 139.48 O.D. — 139.50 Germany— Reichsmarks to £ N.Z T.T. — 9.167 O.D. — 9.109 Greece— Drachmae to £ N.Z T.T. — 418.90 O.D. — 419.05 Holland— Florins to £ N.Z. T.T. 7.021 0.706 O.D. 7.061 6.768 Italy— Lire to £ N.Z. T.T. 70.53 O.D. — 70.55 Java— Florins to fi N.Z. T.T. 7.001 6.741 O.D. 7.041 G.743 Norway— Kronor to £ N.Z. T.T. 16.208 13.711 O.D. 16.268 15.714 Noumea— Francs to £ N.Z. T.T, 140.48 135.98 O.D, — 130.02 Papeete— Francs to fi N.Z. T.T. 148.28 130.28 O.D. — 136.32 Sweden— Kroner to £ N.Z. T.T. 15.837 15.335 O.D 15.897 15.338 Switzerland— Francs to £ N.Z. T.T. 16.798 16.333 O.D. 16.903 16.335 Chef oo— N.Z. pence to 1 dollar .. .. T.T. — — O.D — — Hongkong— N.Z, pence to 1 dollar .. T.T. IS 27-04 19 5-64 O.D. 18 23-64 19 5-04 India and Ceylon— K'.Z. pence to 1 rupee . . .. T.T. 22 9-04 22 41-04 O.D. 22 7-04 22 41-64 Japan— N.Z. pence to 1 yen .. . . T.T. — 17 45-64 O.D. IT 45-04 Manila— N.Z. pence to 1 peso .. ' .. T.T. ■— <M» O.D. MB MM Shanghai— N.Z. ponce to 1 dollar .. .. T.T. — O.D. — — Singapore— N.Z. pence to 1 dollar .. .. T.T. 84 27-64 35 17-04 O.D 34 23-64 33 17-64 All rates subject to alteration without notice

Commercial Banking of Sydney 21 3 0 E.S. and A. Bank .. 5 2 6 National Bank (£5 paid) 6 12 0 National Bank (£10 paid) 13 3 0 United Insurance 10 8 0 Associated News 1 1 1 i Howard Smith 0 19 0 Burns Philp .. .. 2 12 6 British Tobacco .. 2 9 0 Tooths 2 14 9 Carlton Brewery .. 3 6 9 G. J. Coles .. . • Steel 4 0 0 Australian Iron and (pref.) 1 7 7 Australian Glass .. 5 10 0 Stedmans .. .. 0 13 5 Mandos 0 13 b Morts Dock .. .. 0 15 0 Australian Gypsum Insur1 1 6 Australian General ance 0 17 6 Hackshalls .. .. 0 13 0 Woolworth .. .. 1 0 10i Electrolytic Zinc .. 2 6 3 Electrolytic. Zinc (pref.) .. 2 10 3 Mount Morgan 0 10 3 Mount Lyell .. .. 1 7 6 Broken Hill Pty. .. 2 17 1 North Broken Hill 2 8 6 Placer Development 3 15 0 Loloma .. .. • • 1 0 9

£ s. d. National Bank (£5 paid) .. 6 12 0 Carlton Brewery .. 3 7 0 G. J, Coles .. .. 3 la 6 Australian Glass .. 5 10 6 Dunlop Perdriau .. 1 0 3 Henry Jones 2 8 0 Herald and Times 2 8 6 Imperial Chemicals (pref.) 1 2 11 Felt and Textiles 1 11 U Hume Pipe ■. • ■ 0 19 2 Electrolytic Zinc .. 3 6 0 (pref.)) 2 10 0 Mount Morgan 0 10 5 Mount Lycll . - .. 1 7 1 Broken Hill Pty. . . 2 16 0 Noi’th Broken Hill 2 8 3 Broken Hill South 1 7 6 Sulphide (ord.) .. .. 0 7 0 Emperor 0 a ru