COMMERCE AND FINANCE

Otago Daily Times, Issue 23705, 12 January 1939, Page 14

COMMERCE AND FINANCE

LOCAL AND OVERSEAS MARKETS

THE SHARE MARKET DUNEDIN STOCK EXCHANGE UPWARD SWING IN VALUES HIGH PREMIUM FOR AUSTRALIAN GLASS Compared with the opening day for the new year, buying interest was not so marked on the Dunedin Stock Exchange yesterday, but the swing of price levels was upwards. In fact, there were a number of gains registered for popular lines. The most impressive was a 2s rise in offerings for Australian Glass scrip, but buyers at £5 10s still failed to attract holders to enter the market. Business for the day was confined to four transfers, three of them being in National Insurances, all at the slightly improved price of 15s 6d. Banks had a limited demand only, and Bank of New Zealands were easy, with a final market between £1 19s 6d and £2. Bank of New South Wales scrip was wanted at a premium of £lO ss, but sellers were firm at £32. Apart from a slight improvement in Nationals, the insurance section contributed no alterations to the market.

There was a falling away of interest in the miscellaneous section, but values generally held the opening rates, some lines making headway. New Zealand Drugs were conspicuous for an advance of 9d, but there was no response from sellers. New Zealand Breweries were firm with the opening offers for the new year. Poor support was accorded Australian mining ventures, but there was a fair demand for Mount Morgans, which moved up to buyers at 10s 6d and sellers asking (id more. Mount Lyells had their first inquiry for 1939 yesterday, when buyers' low offer of £1 7s 3d remained unanswered.

NORTHERN EXCHANGES AUCKLAND Sales on 'Change £ s. d.

THE BUTTER MARKET (United Press Association) (By Elc.tric Telegraph—Copyright) LONDON, Jan. 10. Butter is firm. Reports that the weather is lessening production in Australia is leading to an accumulation of stocks. New Zealand choicest salted. 1225; unsalted. 124 sto 1255. Australian salted, 121 s; unsalted, 1235. Danish, 1435. NEW YORK STOCK EXCHANGE (United Press Association) (By Electric Telegraph—Copyright) LONDON, Jan. 10. The Stock Exchange turnover was 710,000 shares. STERLING AND DOLLAR SLIGHT CHECK TO MOVEMENT • United Press Association) (By Electric Telegraph—Copyright) LONDON. Jan. 10. Sterling exchange, London on New York, 4.67. January 9 4.671 January 6 4.65 January 5 4.64] January 4 4.624 January 3 , 4.63 J January 24.63 J November 1 .. ..- .. 4.75 5-16 October 1 H?* ,„ September 1 .... 4.8 a 13-lb August 2 4.90:1 July 1 4.903 June 1 4.941 May 2 fj??, ll " lfl April 1 4.94^ March 1 5.02

London on New York during 1937. averaged 4.95 dollars to £1 sterling; on Aueust 2 1938 4.90:!: on September 28 4.63; and during October varied between 4.78 J and 4.751. During November. 1938, the variation was between 4.76 i dollars (November 8) and 4.63 i (November 26). During December 4.691 (December 6) and 4.64j} (December 3D. The year 1939 began at a rate of 4.63 J, which dropped to 4.624 on Januarv 4. Fraser and Co., selling agents for Otago and Oamaru Egg Circles, report as under:— Eggs: Poultry farm eggs, Is 2d per dozen; storekeepers and seconds. Is per aozen. _, ~ , Tallow. 9s per cwt. Pigs: Good bacon-weights, 6Jd to 7d per lb: overweights, 3d to 4d per lb; porkers. 6£d to 7d per lb. Oamaru potatoes, Id per Ilb Chaff, to £6 per ton, sacks extra. Whole fowl wheat, 7s to 7s 3d per bushel. Canadian onions, 18s per bag. Honey: Bulk, 6d to 7Jd per lb; 101 b tins 7s; 21b pottles. Is 6d. Poultry: White Leghorn hens, 2s to 2s 6d; heavy breeds. 4s 6d to ss; cockerels—light, 2s 3d to 4s; heavy, 8s to 8s 6d; roosters, 2s to 3s; ducks, i 3s to 4s; ducklings. 5s to 6s, all per I pair. Turkey gobblers, 9d to lOd per lip. ,'ve weight; hens, 7d to 8d per lb. We stock "Palmers" chick food, " South Otago " meatmeal; leg rings Is ' per dozen (special quotes for quantities). . ~„. We are Otago agents for:— Champion " egg crates, " Isco" Cod Liver Oil for pciuito, prices on application. Consignors please note.that all pigs ana poultry must arrive riot later than Wednesday morning of each week. We have a stock of poultry crates on hand for the use of our clients.

TWELVE MONTHS AGO COMPARISON OF VALUES SOME SHARP DECLINES A comparison with price levels ruling at the commencement of 1938 for a few New Zealand shares selected at random from the various sections of the market, with those at present being offered by investors on the Dunedin Stock Exchange, shows the marked decline in values over a period of 12 months. Of the seven shares quoted in the tables below only one has shown an improvement, and this is attributed purely to speculative interest. 1938 " 1939 Buyers' Buyers' offer. offer.

ADDINGTON MARKET FAT SHEEP PRICES RECOVER (Per United Press Association) CHRISTCHURCH, Jan. 11. There was a recovery in the prices of fat sheep at the weekly stock market at Addington to-day because of the small entry, due to farmers being busy with early harvesting. There was a heavier supply of fat cattle, which showed an easing. Store lambs sold well. The store sheep entry practically comprised lambs, of which about 3500 were penned. For forward lambs there was a steady sale, and a number of pens sold at from 15s to 16s 4d. Less forward lambs sold at from 13s 6d to 14s 6d. and backward sorts up to 10s. A pen of 148 ewe lambs sold at 17s Id. The entry of fat lambs comprised about 2650, and the quality was somewhat disappointing, a fair proportion of light lambs being penned. The schedule was unaltered from that of last week—to 73d for 36's and under —and for this class butchers were dominant, paying a fraction more than the export schedule. Other grades made full schedule rates, except for rough and unfinished, which brought no more than the best lambs in the store pens. The fat sheep entry was the smallest for some months, totalling about 3300. compared with 5000 last week. The small entry was reflected in sharp advances in prices, and most of the loss of last week was on the average more than recovered. There were no more wethers than the local trade could do with, and these rose on last week's rates by about 3s. Good ewes recovered by 2s for better sorts, and light ewes by Is. Extra prime heavy wethers made to 25s Id, prime heavy 22s 9d to 245, prime medium 20s 6d to 22s 6d, and light to 17s; extra prime heavy ewes to 19s 10d, prime heavy 17s 6d to 19s 6d, prime medium 14s to 17s, and light to 9s 6d. The entry of the fat cattle section constituted something of a glut for this season of the year, when the demand for beef normally declines because of the hot weather. The penning comprised 545, compared with 390 last week. The quality was better than it has been at an ordinary sale this season. The market opened indifferently, but, under the pressure of the heavy entry, weakened, and on an average good steers were down by 10s. with cows and heifers easier by a similar amount and heavy steers by 15s. Best beef sold at from 33s to 355. tops to 365. and medium 31s to 32s 6d per 1001 b. Extra prime heavy steers made to £ 15 17s 6d, prime heavy £l4 to £ls ss, prime medium £l2 10s to £l3 15s, and light to £9 ss; extra prime heifers to £l2 2s 6d, prime £9 5s to £lO 10s, and light to £6 15s; extra prime cows to £lO 12s 6d, prime £7 5s to £9 ss. and light and aged to £5 ss. There was a large entry of both pork and bacon in the fat pig section, and pork prices concluded about on a parity with last week. Baconer pigs showed very little variation, competition being rather lifeless. Porkers made 36s 6d to 57s 6d (average price per lb, 6£d to 7Jd), and baconers 56s 6d to £4 2s 6d (average price per lb, 6d to 6Jd). PRICE OF FINE GOLD (United Press Association) (By Electric Telegraph—Copyright)

BANKS AND DEBENTURES (United Press Association) 'By Electric Telegraph—Copyright) LONDON, Jan. 10. Banks and debentures: Bank of Australasia, 141 s 3d; E.S. and A. Bank. 73s 6d; Union, 113 s 9d; New South Wales, £23; National of New Zealand. 28s; Bank of New Zealand, 28s; British Tobacco, 37s 7£d; Goldsbrough, Mort, 21s 10Jd (nominal); Dalgety, 103 s 9d (nominal); P. and O. Deferred, 31s lid; New Zealand Loan and Mercantile Debentures. £BO 10s, ord.; £l9 (nominal). ANTWERP FUTURES (United Press Association) (By Electric Telegraph—Copyright) LONDON, Jan. 10. Antwerp futures, quiet. February, 22Jd; May. 223 d; July, 23Jd. COLOMBO TEA SALE Mr L. M. Wright has received the following cabled report on the Colombo tea auction of January 10: At yesterday's auction 3,500,0001 b were offered to buyers. Common grades met with very firm demand, and prices remained steady. Medium and fine teas were slightly irregular, following quality. A total of 3,375,0001 b has been catalogued for sale next week. WOOLWORTH'S PROFIT (United Press Association) (By Electric Telegraph—Copyright) LONDON, Jan. 10. Woolworths' profit was £6,961,000, compared with £6.490,000 last year: brought in. £4,500,000; provision for taxation £2,031,000; interim dividend, £1.032,000; final dividends and bonus, £2,718.000: forward. £5.468.000. NEW GUINEA GOLD SHARES (United Press Association) (By Electric Telegraph—Copyright) LONDON, Jan. 10. New Guinea Gold shares are quoted at Is 3d.

FOREIGN EXCHANGES

UNION BANK OF AUSTRALIA (United Press Association) (By Electric Telegraph—Copyright) LONDON, Jan. 10. The Union Bank of Australia has declared a final dividend of 4s per share, making 7 per cent, for the year.

OTAGO WOOL CLIP PROCEEDS OF FIRST SALE TOTAL OF £306,534 REALISED BIG DROP ON LAST SEASON The proceeds of the first Dunedin wool sale on December 21 have resulted in a gross return to Otago growers of £306,534 0s Hd. a drop of £92,202 compared with the first sale of last season. The number of bales sold last month, 23,429. was slightly in excess of the total disposed of at the December sale in 1937. and the average price per bale was £l3 Is 3d, as against an average of £l7 Is 6d gained at the first sale of last season. A total of 24,251 bales was offered at auction last month, of which 23,429 were sold, the gross proceeds amounting to £306.534 0s lid. an average price per lb of 9.72 d. The December sale of 1937 realised a gross return of £398,736 lis lOd, obtained from 23,352 bales sold at auction. The average price per lb was 12.77 d. Since the Dunedin sale the market In the north, which has been in an uncertain state this season, has eased still further: but it is impossible to predict accurately whether the drop of 3d per lb at the December auction here will show any recovery at the next market in February. The level of prices realised for fine wools was below the cost of production, and it is obvious that there will have to be a considerable firming in values at the next three sales if Otago growers are to obtain a return approaching that which they received last season. SOUTHLAND MARKETS SLACK BUSINESS PERIOD AWAITING NEW SEASON'S PRODUCE (Special to Dailv Times) INVERCARGILL, Jan. 11. Little business is taking place in the produce markets and the quietness can be attributed to the fact that the present time is between seasons. Merchants are also occupied with the wool trade. The markets for old season's produce are dull and the new season's crops have not yet been harvested. Oats.—This market continues very quiet, there being a lack of both shipping and milling demands. Because of the absence of an outlet, merchants are not showing much interest in the market as they have no room in their stores for holding oats at the present time. It is probable that very little further business will be done until the new crop is harvested a month or two from now. The present indications point to prices to the farmers ruling at a lower level during the next few months. ' . Wheat.—The only business taking place is the supply of the local poultry trade. ~ , Chaff—Business Is exceedingly limited. There is no shipping demand and, as chaff is not required for stock feed at the present time, the outlet is very small. Offerings by growers are ample to meet all requirements and the maximum price, 0.t.c.5., for good, bright quality, is £4 a ton. Ryegrass.—Because of the small production last year practically all the stocks have been disposed of and the market is awaiting the arrival of the new season's crop. It is expected that if the weather is favourable from now on the cutting of earlier lots will begin about January 20. The new crop will come on a bare market, and, while a good demand should exist for all certified lines, the values for uncertified Southland seed will depend largely on the quantity and quality of the seed offering. . ~ , Other Seeds—The harvesting of Chewings fescue has not yet begun, but if the weather is favourable the cutting of earlier lots should begin next week. Offerings will come on a practically bare market and values will depend on the possibilities of overseas shipments. The brown top market continues very dull, the value to growers for machine-dressed seed being about Is per lb for certified and Id less for uncertified. There has been an accumulation of stock because of the lack of overseas demand, and values for new season's seed will feel the effect of this carry-over. Potatoes.—Business is confined to the sale of early lots to meet the local demand. There will probably be no shipping business done until about April, when the main crop lines will be available, and it is difficult at present to indicate the prices which may rule at that time. AUSTRALIAN STOCK EXCHANGES (United Press Association) (By Electric Telegraph—Copyright) SYDNEY. Jan. 11. (Received Jan. 11, at 11 p.m.) Business on 'Change to-day showed a slight expansion, but the price movements were small, although there was a tendency by buyers to increase their limits. the MQRNING SALES

SHARE QUOTATIONS (United Press Association) (By Electric Telegraph—Copyright) LONDON. Jan. 10. Share quotations: Clutha River, buyers Is 4£d, sellers Is 7Jd; Molyneux, buyers 6d, sellers 9d, LONDON WOOL SALES (United Press Association) (By Electric Telegraph Copyright) LONDON. Jan. 10. The first of the series of London wool sales will commence on January 17, the series concluding on February 2. The' catalogue totals 116,500 bales, including 45,700 from New Zealand and 6630 from Australia. Messrs Dalgety and Co.. Ltd., report;—For the sales opening on January 17 the list of arrivals closed on January 9. The following vessels in which we are interested have arrived in time:—Tamaroa, Mahia and Arawa, We sell on January 17, 18, 23 and 27. and February 1 and 2. The sales close on February 2. We anticipate a fair clearance, but do not expect any important change in prices. THE FRENCH FRANC (United Press Association) (By Electric Telegraph—Copyright) LONDON, Jan. 10. Sterling exchange on Paris, 176 15-16 francs to £l. January 9 .... 177 5-16 January 5 .. .. 176 11-16 August 31 1781 May 7 179| May 4 1683 April 25 1653 March 26 163 15-16 March 8 155 15-16 Par with sterling, 123.31 francs to £l.

YESTERDAY'S TRANSACTIONS Sales Reported £ s d. National Insurance . ,, 0 15 6 Dunlop Perdriau Rubber .. 1 1 6 Sales Reported After Last Call National Insurance (2) 0 15 8 LATEST QUOTATIONS The following are yesterday afternoon's buying and selling quotations . which are subject to the usual brokerage:- — GOVERNMENT LOANS Buyei Seller. £ s. d. £. s. d. 4 p.c. Stock, Nov., 97 0 0 — 3i p.c. Stock, March, 1939-43 .. .. .... — 97 5 0 3J p.c. Stock, Sept., —• 97 5 0 Si p.c. Stock, May, 1939-52 — W 0 0 4 p.c. Bonds, 1943-46 .. 98 0 0 — 4 p.c. Stock, 1943-46 .. 98 0 0 — 4 p.c. Bonds, 1952-55 .. 97 0 0 — Rural Bonds .. — 98 10 0 MINING Austral New Zealand 1 2 0 — Big River (Is) ... .. 0 0 11 0 1 1 Clutha River (2s) .. 0 2 0 0 3 0 Goldflelds Dredging: (Is) .. .. — 0 0 3 Grey River .. ..." —' 0 18 e —- 0 1 0 Nokomai (5s) .. .. 0 1 4 0 1 £1 Sandhills (Is) .. ... 0 0 11 0 0 24 Waitahu (5s). .. .. 0 0 8 0 1 0 BANKING New South Wales (£20) .. .'. .'. 30 5 0 32 0 0 New Zealand (£).) ... 1 19 6 2 0 CI Commercial (10s) .. — 0 16 7 National of N.Z. (£8 — 2 11 0 Union (£5) .. .... 8 10 0 — IN8URANCE -; National (7s) .. .. 0 15 4 0 15 » South British (10s) .. —" 2 2 0 Standard (£1) .. .. 2 10 0 — -SHIPPING P. and O. Def. Stoclc — 1 11 0 U.S.S. Co. (pfef.; £1) — 15 0 MEAT PRESERVING N.Z. Refrig. (cont: 0 7 8 0 8 1 Southland Frozen Meat (paid; £1) — 1 10 0 WOOLLEN COMPANIES Bond's' Hosiery (£1) 0 15 0 — Bruce (ord.; £1) .. 0 6 6 — Oamaru (£1) .. .. 0 10 0 — LOAN AND AGENC1 Natnl. Mortgage (£2) 2 0 0 — Otago Farmers (3s 4d) — 0 3 6 Trustees, Executors (£3) .. .. 4 0 0 — Wright. Stephenson (pref.; £1) .... 0 19 4 — COAL AND OIL Westport (10s) .. .. — 1 1 9 Westport - Stockton (pref.; 10s) .. .. — 0 7 0 Moturoa Oil (pref.: — 0 5 0 Taranaki Oil (£1 4s 7d) — 0 10 0 MISCELLANEOUS Associated News (£1) 1 1 3 — Associated • News (pref.; £1) .. .. 1 3 0 — Australian Glass (£1) 5 10 0 — Aust. Iron and Steel (pref.; £1) .. .. 1 8 0 ■ — Broken Hill Pty. (£1) _ 2 19 0 Brown, Ewing* (pref.; £1) — 1 2 0 D.I.C. (pref.; £1) .. — 1 3 3 Dominion Fertiliser (£1) .. .. ,. .. — 1 3 3 Stock Exchange Pty. i (£1) — 2 3 0

Dunlop Perd. Rubber 119 G. J. Coles (£1) .. * 0 • (23 McKenzies Department Stores (£1) .... — 2 14 0 Mort's Dock (£1) .. — 0 16 0 McLeod Bros. (£10) — 28 10 0 N.Z. Drug Co. (£2) 3 3 9 — Farmers' Fertiliser (£1) — 0 17 0 Otago Daily Times 2 2 6 Smith and Smith (pref.: £1) .... — 12 0 Wool worths (Sydney; 12 0 BREWERIES N.Z. Breweries (£1) 1 18 3 — Dominion (£1) .... 19 0 — AUSTRALIAN MINING Broken Hill South 1 9 0 Electro. Zinc (ord.; — Emperor (10s) .... — 0 10 6 Mount Lyell (£1) .. 17 3 — Mount Morgan (2s 6d) 0 10 6 0 11 0 Placer Developments — 4 0 0 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. Dunedin Ice Cream .. — 1 10 0 Woolworths Properties — DIVIDENDS PAYABLE The following is a list of shares on which dividends will shortly be payable:— Myers Emporium, Melbourne —Interim pref., 4J per 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 Jan. 16 Imperial Chemical Industries of Australia and New Zealand—Pref.. first halfyearly, 5 per cent, per Jan. 31 Electrolytic Zinc Co.—Halfyear, ord. and pref., 6 per Mar. 17

Amalgamated Brick (Wellington). 1944, 6 p.c 99 0 0 Commercial Bank of Aus0 16 3 Bank of New Zealand (2) .. 2 0 0 8 13 0 Consolidated Brick .. 0 8 0 0 15 9 0 9 6 0 15 1U Woolworths (Syd.) .. .. 1 2 " 0 0 11 6 Unlisted Stock 1 3 6 WELLINGTON Sales on 'Change South British Insurance 2 2 0 Woolworths (N.Z.; late 0 19 0 97 0 0 5 9 3 Union Bank (odd lot) .. .. 8 13 0 Bank of New Zealand (3) 2 0 0 Wellington Gas (ord.).. •.; 1 9 9 South British Insurance (3) 2 2 0 2 11 0 1 1 7 0 15 9 Woolworths. Ltd. (3) .. ... 1 2 0 Woolworths (N.Z.) .. .. 0 19 0 CHRISTCHURCH Sales on 'Change 1 1 6 Mount Morgan (2) .. .. 0 10 6 0 10 5 0 18 0 Sale Reported G. J. Coles (cum div.; late 4 2 0

£ s. . d. £ s. d. Bank of New Zealand 2 4 3 1 19 6 National Insurance .. 0 17 0 0 15 4 National Mortgage (£2 paid) .. .. 2 5 0 2 0 0 Bruce (ord.) .. 0 5 0 0 6 6 New Zealand Drug 3 9 0 3 3 9 N.Z. Breweries 2 7 6 1 18 3 Clutha River Gold .. 0 2 6 0 2 0

LONDON , Jan. 10 £ s. d. January 10 7 9 0 January 9 7 8 % January 7 7 8 9* January 5 7 10 1 January 4 7 JO 5 January 3 7 JO 0i December 29 .. .. 7 9 0i December 28 .. .. 7 9 0 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

(British Official wireless) (United Press Association) (By Electric Telegraph -Copyright) BUGBY, Jan. 10. Paris— Par. Jan. 9. Jan. 10. Francs to £1 124.21 177 1-16 177 11-64 Brussels— Bolgasto£l 30 27.67 27.65} OsloKroner to £1 18.180 19.90} 19.90} StockholmKroner to £1 18.130 19.42 19.42 Copenhagen— Kroner to £1 18.150 22.40 22.40 UerllnMarksto£l 20-84 11.65 11.65} .MontrealDollars to £1 4.45 2-3 4.71} 4.71} New YorkDollars to £1 4.86 2-3 4.67} 4.66} YokohamaPence to yen 84.582 14 14 Hongkong— Pence to dollar 24.58 I 5 15 Bombay— Pence to rupee — 17 59-64 17 15-16 Halavia— Florins to £] 12.10 8.531 8.56} MilanLire to £1 82.46 883 88J AmsterdamGuilder to £ I 12.107 8.58i 8.59} fragile— Kroner to £' 104} 136} 136} ueneva— Francs to £1 22.22J 20.67} 20.67 ViennaSchillings to £1 .. 84.86} 26} 26} ilelslngfors— Marks to £] 193.23 226} 2261 MadridPesetas to £ J 25.22} 200 200 Belgrade— Dinars to £) 25.22} 209 209 AthensDrachmas to £1 .. 375 547} 547} Lisbon — Escudos to £ 1 .. 110 110} 110} uucharest— Lei to £1 931.6 660 660 Klo de Janeiro— Pence to milrels .. 5.890 8 1-16 8 1-16 Buenos Aires— Pence to pesos 47.22 20.39} 20.39} Shanghai* — Pence to taei — 8} 8} .Montevideo — Pence to pesos — 19 19 Warsaw— Zlotys to CI - 24.46 24.46 • Nominal. ON NEW ZEALAND CURRENCY BASIS The Bank ot New South Wales, Dunedln, quoted the following rates for purchases and sales of foreign exchange yesterday '■— London— Buytnt.' Selllul£1 N.Z. to £100 stg r.'i 124/7/6 125 O.D 123/18/9 124/19/H Australia— £ A. to £100 N.Z T.T, 100/10/100 O.D 100/10/100 FIJI— £ P. to £100 N.Z. T.T. 90 88/12/6 OD 90 88/12/6 New York— Dollars to £ N.Z. T.T 8.7727 3.7200 O.D 3.7777 3.7210 MontrealDollars to £ N.Z. T.T. 3.8073 3.7471 OD 3.8160 3.7481 Belgium— Belgas to £ N.Z T.T. 22.427 21.887 O.D 22.502 21.892 CzechoslovakiaCrowns to £ N.Z T.T — 106.48 O.D — 106.50 Denmark— Kroner to £ N.Z. T.T. 18.227 17.695 O.D. 18.287 17.697 FinlandMarks to £ N.Z T.T. 186.14 176.99 O.D. 186.54 177.09 FranceFrancs to £ N.Z. T.T. 144.58 139.58 O.D. — 139.60 Germany— Relchsmarks to £ N.Z .. .. T.T. — 9.167 O.D. — 9.169 GreeceDrachmae to £ N.Z .. .. T.T. — 418.90 O.D. — 419.05 HollandFlorins to £ N.Z. T.T. 1.028 6.773 O.D. 7.068 6.775 ItalyLire to £ N.Z f.T. — 70.56 O.D. — 70.58 JavaFlorins to £ N.Z. T.T. 7.001 • 8.741 O.D. 7.041 6.743 NorwayKroner to £ N.Z T.T. 16.208 15.711 O.D 16.268 15.714 NoumeaFrancs to £ N.Z. T.T 149.58 136.08 O.D —i 136.12 PapeeteFrancs to £ N.Z. T.T. 148.38 136.38 O.D — 136.42 SwedenKroner to £ N.Z. T.T. 15.837 15.335 O.D 15.897 15.338 SwitzerlandFrancs to £ N.Z. T.T. 16.806 16.341 O.D. 16.911 16.343 Chefoo— N.Z. pence to 1 dollar .. .. T.T. — — O.D — — Hongkong— N.Z. pence to 1 dollar .. .. T.T. 18 27-64 19 5-64 O.D. 18 25-64 19 5-64 India and Ceylon— N.Z. pence to 1 rupee .. .. T.T. 22 9-64 22 41-64 O.D. 22 7-64 22 41-64 Japan— N.Z. pence to 1 ven .. .. T.T. — 17 45-64 O.D. — 17 45-64 ManllaN.Z. pence to 1 neso .. .. T.T- — — O.D. — — Shanghai — N.Z. pence to 1 dollar .. .. T.T. _ — O.D — SlngaporeN.Z. pence to 1 dollar .. .. T.T. 34 27-64 35 17-64 O.D 34 23-64 35 17-64 All rates subject to alteration without notice DOLLAR RATES The Associated Banks (other than the Bank of New South Walps) quoted the following dollar rates yesterday on a New Zealand currency basis. They are subject to alteration without notice. U.S.A. Canada (Per£l (Per£l N.Z.) N.Z.) Dols. Dols. Selling— T.T. ,. .. 3.713 3.741 O.D. .. .; 3.71| 3.75J Buying— O.D 3.773 3.80| LONDON METAL MARKET (United Press Association) (By Electric Telegraph—Copyright) LONDON. Jan. 10. The following are the official metai quotations:— Ton £, s a. a. s. d Copper, spot 43 11 3 Fall 0 11 10} Copper, forward 43 15 7J Fall 0 12 6 Slectrolytic. spot 48 10 0 Fall 1 0 0 Electrolytic forward 49 10 0 Fall 1 0 0 Wire bars 49 10 0 Fall 1 0 0 Lead spot 14 13 9 Rise 0 > 1 10} Lead, forward 14 18 9 Rise C | 1 10} Spelter spot 13 9 4} Fall 0 2 6 Spelter, forward 13 14 4} Fall 0 2 6 Tin. spot .. 216 12 6 Fall 0 15 0 Tin forward 217 12 6 Fall 0 15 0 Oz Sliver, standaro 20 5-16d No change Silver, fine 21 15-16d No change

Commonwealth Bonds— *. s. Q. 4 per cent., 1941 .. .. 101 8 9 4 per cent., 1944 .. .. 4 per cent., 1947 .. .. 102 10 102 15 0 0 4 per cent., 1950 .. .. 102 15 0 4 per cent., 1953 .. 4 Der cent., 1957 .. 103 0 101 17 0 6 4 per cent., 1959 .. 102 5 0 4 per cent., 1961 .. 102 17 6 0 Bank of Australasia 9 5 Bank of New South Wales 30 7 6 South British Insurance (New Zealand delivery) 2 2 0 Australian Glass 5 10 0 Associated News (pref.) .. 1 3 6 Anthony Hordern •• •• 0 15 li Broken Hill Pty 2 16 9 48 10 0 General Industries .. .. 0 18 9 ADDITIONAL SALES Bank of New South Wales 30 10 0 Commercial Bank of Aus0 15 3 46 10 0 United Insurance .. •• 10 8 0 0 19 0 2 9 0 2 14 0 1 11 0 1 3 0 5 11 6 1 9 3 1 14 9 0 19 9 Amalgamated Wireless 2 18 6 1 3 0 0 15 3 Bradford Cotton (pref.) .. 1 3 3 0 18 3 0 10 2 Broken Hill Proprietary .. 2 16 9 MELBOURNE, Jan. 11 t. The bond market to-day was strong. with little offering. Industrials remained fairly inactive, and gold shares were easier. £ s el 5 0 o" National Bank (£5 paid) ., 6 12 0 3 6 9 4 0 0 Melbourne Investment Trust 0 10 2 Australian Iron and Steel 1 7 6 Goldsbrough. Mort .. 1 8 0 0 19 3 Hume Pipe (pref.) .. .. 1 3 6 Associated Pape.r and Pulp 1 3 9 0 10 4 1 7 0 Broken Hill Proprietary .. 2 16 9 North Broken Hill .. .. 2 7 9