COMMERCE AND FINANCE

Otago Daily Times, Issue 23706, 13 January 1939, Page 12

COMMERCE AND FINANCE

LOCAL AND OVERSEAS MARKETS

RESERVE BANK ASSETS AND LIABILITIES FURTHER FALL IN STERLING i EXCHANGE RESERVE RATIO NEARING MINIMUM (Per United Press Association) WELLINGTON, Jan. 12. The following is a statement of the assets and liabilities o f the Reserve Bank of New Zealand as at the close of business on Monday, January 9: — .■; . * LIABILITIES Last week. This Week. ,V , I ' £ £ 1. dpncral Reserve Fund .. 1.500,000 1.500,000 2. Bank notes • 18,‘101,8110 10,127.223 3. Demand liabilities—- (*) State .. .. .. .. 1,1)90,978 2,620,890 (b) Banks 7,309.063 7,381,311 (o) Other 91.901 253,037 4. Timo deposits ...... I. Liabilities In currencies other than Now Zealand currency .. .. 12,955 1.1 13 I). OtHer.;|ia(iil|tio3 ‘140,430 215,232 .Total £28,r6,282 £28,099,188 ASSETS 7. Reserve—(a) Gold 2.301.791 2,801,791 (b) Sterling exchange .. 4,1)17,232 , 3,933,851 (o) Gold exchange .... I. Subsidiary coin .. .. 102,098 104,400 9, Discounts—(a) Commoroi.il and agricultural bills .. (b) Treasury and local body -bills 100,000 500,000 10, Advances—(a) To Slato oi State undertakings—- (!) Primary Products Marketing Depart* * , ‘ > • / ment .. .. .. 5.130,791 3,168.301 (2) For other purposes 11.(100,000 10,830,000 (b) To other public authorities (o) Other 91, Investments 3.003,300 3,603.300 12. Bank building 13. Other assets .. (81,069, 67,544 Total .. i .. .. £28,306.282 £28,099,188 Proportion ot reserve (No. 7 less No; 5) to notes and other demand liabilities .. 28,13% 23.526% Sterling 'exchange Is expressed In Now 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 ta notes and other demand liabilities are shown in the follow -

STERLING AND DOLLAR SLIGHT GAIN RECORDED (United Press Association) (By Electric Telegraph—Copyright) LONDON, Jan. 11. Sterling exchange.. London, on.. New York, 4.67 J. , .

London on New York,, during 1937 averaged 4.95 dollars to £1 sterling; on August 2, 1938, 4.902; on September 28. 4.63; and during October varied between 1 4.78J'and-4.748. During November. 1938, the variation was between 4,76 i dollars , (November 8) and 4.63:1 (November 26). During December, 4.691 (December 6) dnd 4,648, (December 31), The year 1939 began at a rate of 4.632, which dropped to 4.621 on January 4. THE MONfcY MARKET (United Press Association) (By Electric Telegraph—Copyright) LONDON. Jan. 11. London discount and short loan interest rates, day to day loans, 1 per cent.; fine trade bills, three months; 21 to .3 per' cent.; bank bills, three months, 1 9-16 per cent.; bank bills, six months, IS per cent.; Treasury bills, two months. 11 per cent.; Treasury bills, three months.' 11 per cent., MOUNT LYELL SHARES (United Press Association) (By Electric Telegraph—Copyright) LONDON. Jan. 11. Mount Lyell shares are quoted at 20s 71 d.

THE SHARE MARKET DUNEDIN STOCK EXCHANGE FIRM BUT SUBDUED TREND !" ■ ■ ORDINARY BRUCE WOOLLENS ADVANCE Sellers opened out on the Dunedin Stock Exchange yesterday, but their efforts to brighten up trading met with small success. Interest in most secI tions was trifling, but there were Ino sharp price falls. Slight concessions were offered by sellers, but I buyers were disinterested, Trading I was confined to four reported trans-' : fers, another day passing , without any business being transacted on ’Change. - Stocks and bonds were as good as I pared over, and banking scrip received | little better treatment.- National Insurances presented a firm front to close •’with a margin of ; 3d separating the i final quotations, and Standards had 1 their first inquiry with an unanswered I buyer at £2 10s. I Of the few forward movements, ori dinary Bruce Woollens were conspicuous for a further advance, but buyers .at 6s 9d failed to . attract sellers to enter the market. Buyers of leading • Australian Industrials had matters all I their own way again, but sellers were hard to locate. Australian Glass held its new level, and G. J. Coles closed fractionally firmer. Dominion industrials were featureless, and attracted little patronage. . , . i Only two lines were inquired for in the Australian mining section, which was unusually dull.

YESTERDAY’S TRANSACTIONS Sales Reported £ s d., 33 p.c. Stock, 15/11/1941 .. .. 97 10 0 National Mortgage (£2 paid) .. 2 0 0 Mount Morgan (2) .. .. ■■ 010 7 LATEST QUOTATIONS • The following are yesterday afternoon’s buying and selling quotations, which are .abject to the usual brokerage:—

DIVIDENDS PAYABLE The following is a list of shares .on which dividends will ’shortly be payable:— Myers Emporium, Melbourne —lnterim pref., 4 h 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. 10 Imperial Chemical Industries of Australia and New Zealand—Pref.. first halfyearly, 5 per cent, per annum • • Jan. 31 Electrolytic Zinc Co.—Halfyear, ord. and pref., 6 per cent •• Mar, 17 CALLS PAYABLE The following is a list of shares on which calls will shortly be payable: — Dominion Breweries New, final, 5s a share Jan. 14 Imperial Chemicals Pref., con., 5s a share Jan. 31 British Tobacco—Pref., quarterly, 61 p.c. p.a Jan. 31 N.Z. Insurance —Interim, Is a share Feb. 8

AUSTRALIAN STOCK EXCHANGES (United Press Association) (By Electric Telegraph-Copyright) SYDNEY, Jan. 12. (Received Jan. 12, at 11.15 p.m.) The Stock Exchange was fairly busy to-day with most attention upon front rank industrials. THE MORNING SALES

MELBOURNE. Jan. 12. 1 Buyers still dominate a strong bond •market, but other sections are inactive, i . £ s. d.

MINING NEWS FIRST KANIERI RETURN Kanicri Gold Dredging. Ltd. (West Coast), reports that from the commencement of operations on December 9 to December 31 the. dredge recovered 3900 z of smelted gold from 45,000 cubic yards, in 150 hours. PRICE OF FINE GOLD (United Press Association) (By Electric Telegraph—Copyright) LONDON. Jan. 11.

(United Press Association) (By Electric Telegraph—Copyright) LONDON. Jan. 11. Sterling exchange on Paris. 177 J francs to £l. January 10 176 15-16 January 9 177 5-16 January 5 176 11-16 August 31 .. .. .. .. 178 J May 7 179 J May 4 168? April 25 165, March 26 163 15-16 March 8 155 15-16 Par with sterling, 123.31 francs to £l. NEW GUINEA GOLD SHARES (United Press Association) (By Electric Telegraph— Copyright) LONDON, Jan. 11. New Guinea Gold shares are quoted at Is lidSHARE QUOTATIONS ' (United Press Association) (By Electric Telegraph—Copyright) LONDON, Jan. 11. Share quotations; Clutha River—buyers Is 6d, sellers Is 9d; Molyneux —buyers 6d. sellers 9d. AUSTRALIAN MARKETS SYDNEY, Jan. 12. (Received Jan. 12, at ll p.m.) 1 The wheat market is quiet. Silo .grain is quoted at 2s s?d, bagged 2s 6Jd. Flour, £l2 10s. Bran and pollard. £5. Potatoes: Tasmanian, £l7; Western Australian. £l7 10s. Onions: Victorian brown, £32; South Australian, white. £32. New Zealand onions are expected to arrive during the coming week. Traders regard them as very welcome owing to the acute shortage of Australian onions, due to the dry weather. Maize: Yellow, 5s 3d.

FOREIGN EXCHANGES (British Official Wireless) (United Press Association) (By Electric Telegraph-Copyright) RUGBY. Jan. It.

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

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 £1 N.Z.) N.Z.) Dols. Dols. Selling— T.T 3.71 5-16 3.74* O.D 3.71 fi-16 3.74? Buying— O.D 3.77 h 3.80* LONDON METAL MARKET (United Press Association) (By Electric Telegraph—Copyright) LONDON, Jan. 11. The following are the official metal quotations;—

SULPHIDE CORPORATION. FUTURE OF MINE IN DOUBT Unless costs, which were rising, could be reduced, or metal prices rose correspondingly, the Sulphide Corporation, Ltd., would be forced to close down the Central mine at Broken Hill, the acting-chairman (Sir John Sanderson) said at the annual meeting in London. “ It will probably not pay us to reopen the mine,” he added, “ because to keep the mine closed down with a view to starting up again at a later date would cost about £ 1000 a week,”

At present it had been decided to go on working, as economically as conditions permitted, which meant extracting as much ore as possible, but that decision might have to be revised at any moment. When the Central mine was closed there would have to be a reorganisation of the corporation. That would certainly entail repayment of part of the capital, but the directors were confident that satisfactory results would continue to be shown from the operations at the Cockle Creek (New South Wales) works.

inf, table:— Sterling Rcierve exchange ratio £ (M.Z.) per cent, > Aug, 29 13.605,000 87.2 65.847 Sept. 12 12.601,343 66.428 Sept. 19 .. .. .. 12.247,006 63.853 Sept, 26 11.419,447 60.785 Dot. 3 .. .. •• 10.504,978 57.259 Oot, 10 9,900.233 97,903 Oct. 17 9,118,330 52.27 Oct, 24 .. .. ., 8,313,575 48.451 Oot. 31 .. .. 7.707,697 46.03 39.733 30.825 Nov. 21 .. .. .. 5,019,137 33.723 Nov. 28 .. .. .. 4,8:18,302 32.685 Dec. 5 .. .. 4,200,856 29.834 Dec. 12 i. -.i .. 4,572.031 30.333 Dec. 19 .■ 4,336.095 28.109 Dec. 28 4,678,233 27.882 Ian. -2s, .. • t. 4,017,232 26.13 Jan, :o i. ,. .. 3,933,851 25.526 The : statutory minimum of the reserve ratio is 25 per cent.

January 10 ..' . .. 4:67 January 9 .. .. 4.67J January 6, .. 4.65 January .5 .. .. 4.641 January 4 ... .. 4.62A January 3 .. , , 4.t)d| January 2 .. . .. 4.635 November 1 .. .. 4,75 5-16 October 1 ... 4.82.1 September 1 .. .. 4.85 13-16 August 2 .. 4.90.1; July 1 .. .. 4.958 J une 1 .• • • .. 4.94« May 2 .. .. ,. 4.93 11-16 April l- ! . . . . .. 4.94^ March 1 ,. . .. .. 5;02

GOVERNMENT LOANS Buyer. Seller. £ s. d. £. s. d. 3J p.c., Stock, Nov., 1949-52 — 97 10 0 3i p.c. Stock, March, 97 0 1939-43 — 5 31 p.c. Stock, Sept.. 97 1939-43 — 0 0 31 p,c. Stock, May, 98 1939-52 — 0 0 4 p.c. Bonds, 1943-46 .. 98 0 0 — 0 4 p.c. Stock, 1946-49 .. — 97 15 4 p,c. Stock, 1952-55 ., — 97 0 0 Rural Bonds .. .. — 98 10 0 MINING Austral New Zealand (£D — 1 3 0 Cliitha River (2s) — 0 2 6 Goldfields Dredging 0 3 (Is) — 0 Grey River (10s) .. .. — 0 18 6 Maori Gully (Is) .. .. — 0 0 7 Nokomal (5s) .. .. 0 1 4 0 1 9 Sandhills (Is) .. .. 0 0 0 0 21 Waltahu (5s) .. .. 0 0 8 0 1 0 . BANKING New South ■ Wales (£20) 30 5 0 32 b 0 New Zealand (£1) .. — 2 0 3 Commercial (10s) — 0 16 4 Union (£5) — 8 13 0 INSURANCE National (7s) .'. .. 0 15 6 0 15 9 South British (10s) .. — 2 2 3 Standard (£1) .. .. 2 10 0 — SHIPPING U.S.S. Co. (pref.; £1) - 1 5 0 MEAT PRESERVING N.Z. Refrig, (cont.: ios) .;. 0 8 1 Southland Frozen Meat (paid; £1) ,. ..." ,1 10 0 WOOLLEN COMPANIES Bruce (ord.; £1) 0 6 9 — Oamaru (£1) .. .. 0 10 0 — LOAN AND AGENCY Natl. Mortgage (£2) — 2 2 0 Otago Farmers (A pref.; £1) .... *— 1 0 0 Trustees, Executors (£3) 4 0 0 — Wright. Stephenson (pref.; £1) .. .. — 0 19 9 COAL AND OIL Westport (10s). .. .. — 1 1 9 Westport - Stockton (ord.; 10s) .. .. — 0 4 0 Westport - Stockton (pref,; 10s), .. 0 6 9 0 7 2 Moturoa Oil (pref.; 5s) .. .. .. .. — 0 5 0 Oil 1 (£1 4s 7d) — 0 9 9 MISCELLANEOUS Associated News (£1) 1 1 0 — ! Associated News ' (pref.; £1) .. •• 1 3 6 — iAustrallan Glass (£1) 5 10 0 — Aust. Iron and Steel (pref.; £1) .... 1 S 0 — Broken Hill Pty. (£1) 2 17 0 2 19 6 D.I.C. (pref.; £1) - .. — 1 3 3 Dominion Fertiliser (£1) — 1 3 3 Stock Exchange Pty. (£1) •• — 2 3 0 Dunlop Perd. Rubber (£1) — 1 1 10 G. J. Coles (£1) .. 4 1 0 4 2 0 I.C.I. (pref.; £1) 1 3 6 — Milburn Lime (£1) .. 1 12 0 — McKenzies Department Stores (£1) .. .. — 2 14 0 Mort's Dock (£1) .. 0 15 0 0 15 10 N.Z. Drug Co. (£2) 3 3 6 — 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 0 __ Dominion (£1) .. .. 1 10 0 — AUSTRALIAN MINING Broken Hill South (5s) .. 1 7 6 1 9 0 Emperor (10s) .. .. — 0 10 6 Mount Lyell (£1) .. — 1 8 6 Mount Morgan (2s 6d) — 0 10 9 North Broken Rill (5s) — 2 10 6 Placer Developments 3 14 6 3 19 0

NORTHERN EXCHANGES AUCKLAND Sales on 'Change 3i p.c. Stock, 1939-43 .. .. 97 0 0 Auckland Transport Board, 4J p.c., 1944-48 99 0 0 Com. Bank of Australia (2) 0 16 3 National Bank of N.Z. 2 8 6 Bank of New Zealand (3) 2 0 0 New Zealand Insurance .. 2 11 2 Renown (ord.) 0 8 4 Auckland Gas .. < ■. ■- 0 19 3 Leyland O’Brien (odd lot) .. 0 14 10 British Tobacco 2 11 0 2 10 6 Colonial Sugar 48 10 0 Dunlop Perdriau 1 1 6 Imperial Chemicals (pref.) 1 4 0 Morts Dock 0 15 5 Robinson Ice 1 4 0 Wilsons Cement (2) .. 0 15 10 Waihi Junction 0 3 3 Broken Hill South .. .. 1 8 0 Woolworths Holdings (S.A.) 0 15 6 Unlisted Stocks Whakatane Paper (ord.) .. 0 S 9 WELLINGTON Sales on 'Change £ s. d. Woolworths, Ltd. (late Wed.) •• 1 2 0 Electrolytic Zinc (pref.; late Wed.) .. .... 2 11 6 Wilsons Cement (late Wed!) 0 15 9 Stock, 1939-52. 3} p.c. .. 97 0 0 National Bank of N.Z. 2 8 6 Bank of New Zealand f2) ,. 2 0 0 (odd lot) 2 0 0 Wellington Woollen (ord.; odd lot) •• 4 10 0 Gear Meat ■ • ■ • 0 12 0 Leyland-O’Brien Timber .. 0 14 9 Electrolytic Zinc (pref.) .. 2 11 6 Howard Smith 1 0 0 G, J. Coles 4 2 0 Wilsons Cement 0 15 9 CHRISTCHURCH Sales on 'Change N.Z. Govt,. 1949. 4 p.c. (Inscr.) 97 5 0 Mount Morgan (2) .. .. 0 10 6 Sales Reported Malvern Electric Power Board, 4} p.c., 1965 97 0 0 Comm. Bank of Australia (cum div.) 0 16 0 E.S. and A. Bank .. .. 5 9 0 National Insurance .. .. 0 15 6 Mount Morgan 0 10 7 Westport-Stockton Coal (pref.) 0 7 0

£ 3. d. Commonwealth Bonds — 4 p.c., 1950 .* 103 0 0 4 pc., 1955 101 18 9 Bank of Australasia .. .. 9 5 0 Com. Bank of Australia .. 0 15 3 Tooths 2 14 9 Associated News (pref.) .. 1 3 3 Anthony Hordern 0 15 0 British Tobacco Z 0 6 Dunlop Perdriau 1 0 6 ADDITIONAL SALES Comm. Bank of Australia 0 15 4J Bank of New South Wales 30 10 0 Bank of Australasia 9 5 0 Colonial Sugar 46 10 0 Howard Smith 0 19 1 Australian Glass , •. • • 5 11 6 British Tobacco 2 9 6 Mort’s Dock 0 15 0 General Industries .. .. 0 18 9 Felt Textiles 1 11 9 Henry Jones 2 8 3 Warburton Franki (old) .. 1 2 0 Goldsbrough, Mort .. .. 1 8 4 Newbold Brick .. .. .. 1 10 0 United Provisions .. .. 0 7 5 Coles 4 0 0 Mount Morgan 0 10 3 Mount Lyell (New Zealand delivery) .. .. 1 7 0 Loloma 1 0 9 Cash Orders 0 16 3 (New Zealand delivery) 0 16 3 Bcrlei . .. 2 0' 0 W. Adams .1 0 15 3 Wunderlich .. .. .. .. 1 0 0 Oil .Search .. .. .. .. 0 6 0

Comm. Bank of Australia 0 15 3 National Bank (£10 paid).. 13 2 0 Australian Paper Mfrs. (pref.) .. .. .. 1 5 0 Howard Smith .. .. .. 0 19 0 Coles 3 19 9 Australian .Glass 5 12 0 Dunlop Perdriau . . .. .. 1 0 6 Felt Textiles .... .. 1 11 3 Victoria NyanZa .. .. .. 0 12 0 Yarra Falls .. V. .. .. 1 17 0 Mount Morgan 0 10 4

£ s. d. January 11 .. .. ..7 8 10 January 10 .. .. ,.7 9 0 January 9 .. .. ..7 8 74 January 7 .. .. .. 7 8 »* January 5 .. .. ..7 10 1 January 4 .. .. .. 7 10 5 January 3 .. .. ..7 10 °i December 29 .. 7 9 04 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 FRENCH FRANC

Paris— Pat. Jan. 10. Jan. 11. Francs to £1 124.21 177 11-64 177 8-18 Brussels— Belgus to £1 SO 27.654 27.65 Oslo— Kroner to £1 18.180 19.904 19.964 Stockholm— Kronor to fil 18.130 19.42 19.42 Copenhagen— Kroner to £1 18.150 22.40 22.40 Berlin— Marks to fil 20.34 11.654 11.644 Montreal— Dollars to £1 4.88 2-3 4.714 4.T1 Now Vork— Dollars to £1 4.88 2-3 4.664 4.67 3-16 Vokohama— Pence to yen 84.582 14 14 dongkong— Pence to dollar 24.58 15 15 Bombay— Pence to rupee _ 17 15-18 17 15-16 Batavia— Florins to £1 12.10 8.564 S.67J Milan— Lire to £1 82.46 88! 88 13-16 Amsterdam— Guilder to £1 12.107 8.594 8.59 ' Prague— Kroner to £ 1 1044 1364 1354 GenevaFrancs to fil 22.22| 20.67 20.674 Vienna— Schillings to fil 84.864 264 284 Helsingfors— Marks to £1 103.23 2262 2262 Madrid— Pesetas to £1 29.221 200 200 Belgrade— Dinars to £1 25.22J 209 209 Athens— Drachmas to £1 375 5474 6474 Lisbon— Escudos to £1 110 1104 1104 Bucharest— Lei to £1 031.0 660 660 Rio de Janeiro— Pence to mllrels .. 5.800 3 1-16 3 1-16 Buenos Aires— Pence to pesos 47.22 20.394 20.42 Shanghai*— Pence to tact 84 84 Montevideo— Pence to pesos 19 10 Warsaw— Zlotys to £1 i - 24.46 24.45 ♦ Nominal.

£1 N.Z. to £ 100 ' etc T.T 124/7/0 125 O.D. 123/18/9 124/19/0 Australia— £ A. to £100 N.Z. T.T. 100/10/100 O.D. 100/10/100 FIJI— £ F. to £100 N.Z. T.T, 00 88/12/0 0 D, DO 88/12/6 Now York— Dollars to fi N.Z. T.T. . 3.7002 3.7105 O.D. 3.7742 3.7175 Montreal— Dollars to £ N.Z. T.T, 3.8037 3.7435 O.D 3.8124 3.7445 Belgium— Belgas to £ N.Z T.T. 22.508 21.968 O.D. 22.583 21.073 Czechoslovakia— Crowns to £ N.Z. T.T. 108.48 O.D. — 108.50 Denmark— Kroner to £ N.Z. T.T. 18.227 17.095 O.D. 18.287 17.697 Finland— Marks to £ N.Z T.T. 186.14 176.09 O.D. 186.54 177.00 FrancoFrancs to £ N.Z. T.T. 144.58 139.58 O.D. — 139.60 Germany— Reichsmarks to £ N.Z T.T. 9.159 O.D. — 9.161 Greece— Drachmae to £ N.Z T.T. 418.00 O.D. — 419.03 Holland— Florins to £ N.Z. T.T. 7.024 6.769 O.D. 7.064 6.771 Italy— Lire to £ N.Z. T.T. _ 70.52 O.D. — 70.54 Java— Florins to £ N.Z. T.T. 6.997 6.737 O.D. 7.037 0.739 Norway— Kroner to £ N.Z. T.T. 16.208 15.711 O.D, 16.268 15.714 Noumea— Francs to £ N.Z. T.T. 149.58 136.08 O.D. — 136.12 Papeete— Francs to £ N.Z. T.T. 148.38 130.38 O.D. — 136.42 ■ Sweden— Kroner to £ N.Z. T.T. 15.837 15.335 O.D 15,897 15.338 Switzerland— Francs to fi N.Z. T.T. 18.806 16.341 O.D. 10.911 16.343 Chcfoo— 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 10 S-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, ponce to 1 yen .. .. T.T. 17 45-64 O.D. 17 45-64 Manila— N.Z. pence to 1 peso .. .. T.T. O.D. — —• Shanghai— N.Z. pence to 1 dollar ,. .. T.T. O.D. — — Singapore— N.Z. pence to 1 dollar .. .. T.T. 34 27-64 35 17-64 O.D 84 23-04 35 17-64 All rales subject to alteration without notice.

Ton £ s. a £ 9. d. Copper, spot .. 43 14 44 Rise 0 3 IJ Copper, forward 43 19 44 Rise 0 3 9 Slectrolytic, spot 48 10 0 No change Electrolytic, forward 49 10 0 No change Wire bars .. .. 49 10 0 No change. Lead spot .. 14 16 3 Rise 0 2 6 Lead, forward . 14 19 44 Rise 0 0 74 Spelter, spot 13 14 44 Rise 0 5 0 Spelter, forward 13 18 14 Rise 0 3 9 Tin. spot .. •• 217 2 6 Rise 0 10 0 Tin forward 218 2 6 Rise 0 10 0 Silver, standard Oz 20 5-16d No change Silver, fine . 21 15-16d No change