COMMERCE AND FINANCE

Otago Daily Times, Issue 23805, 11 May 1939, Page 16

COMMERCE AND FINANCE

THE SHARE MARKET DUNEDIN STOCK EXCHANGE FIRM TONE MAINTAINED There was no slackening of values of Industrial and paining stocks on the Dunedin Stock Exchange yesterday, and several important lines firmed slightly. All leading Australian and New Zealand industrials maintained their inquiry and P. and O. deferred stock and Christchurch Gas came into the market after lacking inquiry for a considerable time. There was no alteration in Government securities, which again had a good demand, with no sellers forward. Bank of New Zealands were firmer by 3d, and the inquiry for Commercials was unchanged. A buyer of P. and O. stock offered £1 5s without receiving a reply. , , T Preferred Associated News were wanted at £1 2s 6d, sellers asking 9d more. A sale of Broken Hill Proprietaries was reported at £3 os o’a, and later these shares were not to be bought under £3 7s. G. J. Coles remained firm with a buyer at £4 4s 6d and McKenzie’s Department Stores were up Is to £2 ss, with no seller forward. New Zealand Breweries were wanted at £1 18s. In the Australian mining section ail leading lines were wanted at reamt quotations. YESTERDAY’S TRANSACTIONS Sales Reported

LATEST QUOTATIONS The following are yesterday afternoon's buying and selling quotations, which are subject to the usual brokerage:— GOVERNMENT LOANS

MINING

BANKING

INSURANCE

SHIPPING

LOCAL AND OVERSEAS MARKETS

DIVIDENDS PAYABLE The following is a list of shares on which dividends will shortly be payable:—

Australian Consolidated Industries—Final, ord.. 5 per cent., or 8 per cent, per annum .. .. May 11 Bank of New Zealand —Final, Is a share Jun. 16 National Insurance, N.Z, —Interim 4d a share May 16 Australian Consolidated Industries—4J per cent., pref., and Is per share ord May 17 Bank of Adelaide—Final halfyearly, 23 per cent, (making 53 per cent, per annum) .. May 17 N.Z. Paper Mills, Ltd.—Final. 4 p.c. p.a May 20 Dalgety and Co.—lnterim, 4 p.c. p.a. (2s) May 20 Mosgiel Woollen —Interim. 4 per cent .. May 23 Bank of New South Walesquarterly. 6 p.c. p.a. .. ... May 25 Westport Goal Co. —Interim 6d May 26 Dunedin Brewery—Final, 33 p.c. (making 6i p.c. for year) .. • • May 30 Broken Hill Ply.—lnterim. Is 3d a share May 31 E. S. and A Bank—lnterim, 3J p.c. p.a .. May 31 Hume Pipe (£1), 19s .. .. Broken Hill South—Quarterly, 40 p.c. p.a NORTHERN EXCHANGES AUCKLAND

WELLINGTON

CHRISTCHURCH Sales on ’Change

LONDON SHARE MARKET (United Press Association) (By Electric Telegraph—Copyright) LONDON. May 9. Dalgety and Co.’s 4 per cent, debentures £77 (nominal); British Tobacco 36s 3d (nominal): Goldsbrough, Mort 21s 3d (nominal): Dalgety. and Co. 87s 6d (nominal); Pando (deferred) 21s 6d. COLOMBO TEA SALE Mr L. M. Wright has received the following cabled report on the Colombo tea auction of May 9:— At yesterday's auction 2,2a0.0001b were submitted to buyers. Common teas remained steady, medium grades were slightly easier, but demand was good for fine quality teas, prices being firm to dearer: 2,750,0001 b have been catalogued for sale next week. Fraser and Co., selling agents for Otago and Oamaru Egg Circles, report as under:— Eggs; Poultry farm eggs, 2s 6d per dozen; pullet eggs. 2s per dozen. Dairy butler pats. Is; bulk, Is Old. Tallow, !9s per cwt. Pigs: Good bacon weights, : 6td to 7d per lb: over-weights, 3d to I 4d per lb; porkers, 7d Lo'7id per lb. 1 King Edward potatoes. £lO !0s to £l2 I per ton; Whites, £8 10s to £9 IQs per I ton. ChalT, £6 per ton, sacks extra, i Whole fowl wheat, to 7s per bushel. I Canterbury onions, 17s 6d per cwt. I Honey: Bulk, 7d to 8d per lb; 21b I pottles, Is 6d; 101 b tins, to Bs. Poultry: I White Leghorn hens, 2s Cd to 4s; heavy 1 breeds, 4s 6d to 6s; cockerels—light 2s i 3d to 4s, heavy 6s to 7s; roosters, 2s ; to 3s; ducks. 3s to 6s; ducklings, 5s to I 6s, all per pair. Turkey gobblers, 9d ! to 10d per lb live weight; hens, 7d Ito 8d per lb. We stock Palmer’s 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 poultry; prices on application. Consigners, please note that all pigs and poultry must arrive not later than Wednesday morning of each week. We have a slock of poultry crates on hand for use for our clients.

(United Press Association)

ADDINGTON STOCK SALE SMALL STORE SHEEP ENTRY (Pen United Press Association) CHRISTCHURCH, May 10. There was a much smaller entry of fat sheep at Addington to-day, and an improved market in Hus section. The entry of store sheep was the smallest of the season, comprising little more than 2000 head. A line of hill two-tooth ewes sold at 14s, and another at 11s 3cl. A truck lot of sound-mouthed ewes made Bs, but lines of failing-mouthed, with a proportion of sound-moutheds. made as low as 2s and 3s. Lambs ranged from 4s 3d to Us 3d. A pen of wethers sold at 13s 4d. and others from 8s 6d to 10s Id. The fat lamb penning totalled 880, compared with 1100 a week ago. The quality was poor. Butchers’ sorts showed an improvement of Is a head on last week’s rates. Export lambs sold well, the bulk making the full 7d schedule. About 3500 fat sheep were entered, against 4000 last week. Prime sheep sold well, the average advance being Is to Is 6d. Extra prime heavy wethers made to 28s Id. prime heavy 22s to 24s 6d, prime medium 19s 6d to 21s 6d, and light to 14s 6d. Extra prime heavy ewes made to 24s 4d, prime 17s 6cl to 19s 6d, prime medium 13s to'l6s 6d. and light to 7s 6d. The entry of fat cattle totalled 490, a few more than a week, ago. The market opened well at a very slight advance on last week s rates for tnc best quality steers, and the improvement was maintained until near the final stages when a tendency to ease set in. Good heifers and cows were also a shade better. Extra prime heavy steers made to £l6 17s 6d, prime heavy £l3 5s to £l4 ss. prime medium £ll 15s to £l3 ss, light toi £8 ss. Extra prime heifers to £l2 2s 6d, prime £9 to £lO ss, medium £6 5s to £° os. light to £6. Extra prime cows to 12s 6d. prime £7 to £8 5s medium £5 to £6 15s, light to £4 I JS >. The prices of porkers were fully JP to last week’s rates until the late entries provided an over-supply., am values eased for small and unfinished porkers. Choppers were in medium supply and sold at unchanged values. There was an average supply ox baconers forward and a keen sale resulted, prices rising 4s to 6s a head. Porkers made 34s 6d to 57$ 6d. average price per lb 6id to 7d. Baconers 58s 6d to £4 19s 6cl. average price pel lb 6.id to 7d.

dollar and sterling

(By Electric T-slegraph—Copyright) LONDON, May 9. Sterling exchange, London on New York, 4.684. . May 8 4.684 May 3 4.6R| May 4 4.684 May 3 May 2 4.684 May 4.68* April 27 .. .... .. 4.684 April 26 •• 4.68., April 25 4.68 3-16 April 22 4.68 'April 21 4.68 April, 17 ... .. •• 4.684 April S •• •• Ifi April 3 4.f8 7-16 March 31 .. 4.684 March 1 4.681 February 28 4.684 February 1 4.67’, January 31 4.684 January .2 ..... .. 4.68«

London on New York during 1937 averaged 4.95d0l to £1 sterling; on August 2. 1938, 4.90-J; on September 28 4.63: and during October varied between 4.784 and 4.755.- During November 1938. the variation was between 4.76Jd0l (November 8) and 4.631. During January. 1939. the range has been from 4.624 (January 4) to 4.68 J (January 3D. and during February from 4.68 (February 8) to 4.694 (February 25).

COMPANY BALANCE SHEETS

ALLOY STEEL (N.Z.) LIMITED Paid-up capital, £25,000. Net March 31. Reserves. Profit. Dividend

£ £ pc. 735 3,300 6 4,601 *12,734 12

Although the company’s lifetime has only extended over three years, it can point to a successful record during that period. After its second years operations, it distributed 6% to its shareholders, and wrote down its preliminary expenses by £15,500. Auer its third year, which closed at March 31 last, the recommendation is to distribute 12% in dividend and bonus, write off the balance of £SOO on preliminary expenses account, and establish a general reserve of £3500 after taxation charge, estimated at Eodbo. has been met. A sum of £3OOO will be required to meet the total dividend, so that £365 will be left to raise the floating balance to £llOl Gross profit has risen from £BO2I to £18,097. While the gross profit has more than doubled, general expenditure, apart from taxes, has increased from £3960 to £5185. or by barely one-third Directors’ fees of £2no, applicable to the previous year, have also been charged. Expenditure, excluding taxation, has stood to gross profit, etc., as under:—

Ex- Gross Profit, penditurc. etc. Ratio, £ £ P-c.

J 937-38 .. 3.900 8,070 49.02 1938-39 .. 5,345 18,169 29.91 It is gratifying for a company that is so young to be able to establish a reserve fund by a transfer of £3500 out of net profit. This item with the floating balance of £llOl brings reserves to £460). Outside indebtedness is comprised under sundry creditors, which stand at £1922, income and Social Security tax estimated at £5368. and the balance of £3l being over-estimate for the prior year’s taxation. Fixed assets as a whole have risen, but not to any great extent. All the units have been subjected to depreciation of unstated amount. Land and buildings, and motor vehicles are increased lo £7568 and £603 respectively. while plant and office furniture are reduced to £BOIO and £55. In view of the additions to buildings mentioned in the directors’ report, the land and buildings group might have been expected to be higher, but this would depend on the extent of the depreciation allowance. Out of total assets of £39.546, the fixed section aggregates £16,242. In sympathy with the general trend, stock is raised to £4290 and sundry debtors to £7958. The bank balance has changed sides in the balance sheet, and now shows £4197 at credit. Goodwill. patents, and technical assistance remain at £6250. If the directors’ recommendation is confirmed at the forthcoming annual meeting, the balance of £SOO on preliminary expenses will disappear. Shareholders should be gratified to learn that in a three year’s existence all preliminary expenses, amounting to £2OOO, have been written off and visible reserves of over £4OOO established.

FRENCH FRANC

LONDON WOOL SALES RATES MAINTAINED (United Press Association) (By Electric Telegraph— Copyright) LONDON, May 9. At the wool sales 8351 bales were offered, including 4264 from New Zealand, and 7409 were sold. A fairly good selection met with further home trade buying, and rates were generally maintained. New Zealand lots sold as follows: — Scoured combing. “Aviemore,” 15d to 214 d; " Clent Hills,” 17Jd to 20[,d; greasy halfbred, “Wharanui,” 10id to Hid. The National Mortgage and Agency Company of New Zealand, L»td. (Incorp. in England), has received the following cablegram from its London office, dated May 9:—The auctions are proceeding at the level of the opening day with a strong demand for all descriptions of greasy crossbreds and slipes, with greasy crossbreds showing a firmer tendency. Greasy merino is quite steady. The following prices are current: —Merino, super 14d to 15d, average lid to 12d; fine halfbred. super 56/58, Hid to 12d. average, lid to Hid; medium halfbred. super 50/56, 103 d to Hid, average, 10id to lid; coarse halfbred, super 48/50. 101 d to Hd. average, 10Id to 103 d: fine crossbred super 46/48. lO.ld to 10 r ;d, average. lOd to 10id; medium crossbred, super 44/46, 10jd to 103 d, average. lOd to 10id; coarse crossbred, super 40/44. lOjd to l()|d, average, 10d to 10id: low crossbred. super 36/40, 10jd to 103 d, average, lOd to 10Ad: pieces, 8d to Sid; bellies, 7,id to 7id; locks. 5d to 51d. AUSTRALIAN STOCK EXCHANGES (United Press Association) (Bv Electric Telegraph—Copyright) 1 SYDNEY, May 10. (Received May 10. at 11 p.m.) To-day’s share market retained its exceptionally firm tone The turnover was heavy and the demand particularly keen for Broken Hill issues. Additional Sales

FINAL DIVIDEND EQUITABLE BUILDING AND INVESTMENT COMPANY, LTD. (Per United Press Association) WELLINGTON. May 10. A final dividend of 6d a share was declared at the annual meeting of the Equitable Building and Investment Company, Wellington. Ltd. The chairman (Mr Malcolm Fraser) said the payments on both debenture stock and shares exceeded the distribution to shareholders for any years since 1931. The danger of present-day values receding was referred to by Mr Fraser, who said the directors were fully alive to this aspect, and, apart from conservative advancing, they had endeavoured to arrange such table repayments as would effectively counter m a short period any such recession. PRICE OF FINE GOLD

(United Press Association) (By Electric Telegraph—Copyright)

(United Press Association)

(By Electric Telegraph—Copyright) LONDON, May 9. Sterling exchange on Paris. 176 j francs lo £l.

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

ON NEW ZEALAND CURRENCY BASIS The Bank of New South Wales, Dunedin, yesterday quoted the following rates for purchases aud sales of foreign cichange:—

DOLLAR RATES The Associated Banks (other than the Bank of New South Wales) yesterday quoted the following dollar rates on a New Zealand currency basis. They arc subject to alteration without notice. , U.S.A. Canada (Per £1 (Per £1 N.Z.) N.Z.) Dols. Dols. ScI! TT~ . 3.72 i 3.73 11-16 O.D. .. 3,72 i 3.74 BUy O,DT .. • • 3.77 15-16 3.792 LONDON METAL MARKET (United Press Association) (By Electric Telegraph—Copyright) LONDON, May 9. The following are the official metal quotations:- Ton

BULOLO SHARES (United Press Association) (By Electric Telegraph—Copyright) LONDON. May 9. Bulolo shares arc quoted at 98s 6d. CLUTHA AND MOLYNEUX SHARES (United Press Association) (By Electric Telegraph—Copyright) LONDON. May 9. Share quotations: Clutha River Company—buyers Is, sellers Is (Id; Molyneux River Company—buyers 3d, sellers 4sd. ANTWERP FUTURES (United Press Association) (By Electric Telegraph—Copyright) LONDON, May 9. The Antwerp futures market is steady. Quotations are: May, 20(d; July, 21 id.

SOUTHLAND MARKETS GRAIN AND PRODUCE DEALING (Special to Daily Times) INVERCARGILL, May 10. The grain and produce markets arc inclined to be quiet because of a lack of inquiry. Most of the harvesting has now been completed, although during the past week a few oat and wheat crops still remained in stook. Probably most of these late crops have now been saved. Oats Market Dull The oats market continues very dull, with only a moderate shipping and milling outlet. Millers are choosing only the best lines, and are keeping within strict limits as far as prices are concerned. Farmers’ lines have been offering fairly freely, but some prefer to store rather than sell at the present rate of values. Values to growers o.t.c.s. are about 2s 4d a bushel for A Grade and 2s Id for B Grade. A number of lines, however, will not pass the grades because of being in rather soft condition. Many of them contain a percentage of stained or green oats, and such sample® are only saleable at prices ranging from Is 8d to 2s a bushel f.o.b. Wheat Quality Mixed Wheat has been offering more freely, and a fair proportion of the production, particularly inland lines, is being accepted for milling. Practically all the wheat \vithln about 15 miles of the coast, however, fails to pass the milling grade, and does not even come up to a good whole fowl wheat standard. Values to growers for milling oats this month on the basis of f.o.b. Bluff are 5s 7d for Tuscan varieties. 5s 9d for Hunter’s, and 5s lid for Velvet. These prices are subject to a minimum bonus at the end of the season of 3d a bushel. For good whole fowl wheat lines the value to growers is 5s 8d a bushel, f.o.b. Bluff, or its equivalent o.t.c.s. Chaff Demands Met As there is no shipping outlet and local requirements arc very restricted, offerings have been ample to meet all demands for new season’s chaff. Values to growers o.t.c.s range up to £3 10s a ton. There is an inquiry, however, for good lines of last season’s chaff, and this quality is commanding up to £4 a ton. Market for Seeds There Is now a fair quantity of ryegrass in store, more than sufficient to meet farmers’ requirements for sowing during the coming season. A good proportion of the seed in store still belongs to growers, and merchants are only buying on a machine-dressed basis and with a Government germination certificate. In addition, there is still a considerable quantity of seed in stack because of low germination. Some of this, however, will not be threshed, but will be fed out to stock. Values to growers for machine-dressed seed are as follows:—-Ninety per cent, germination, 7s fid a bushel; 80 per cent., 6s 6d; 70 per cent., 5s 9d; 60 per cent., ss; 50 per cent., 4s; 40 per-cent., 3s. Values for Italian ryegrass are on a lower range than perennial ryegrass because of the good production in other provinces. This seed is also being bought only on a machine-dressed basis and with a Government germination certificate. Values to growers are: 5s a bushel for 80 per cent., 4s 6d for 70 per cent., 4s for 60 per cent., and 3s for 50 per cent. The season for Chewing’s Fescue Is practically over, all production having passed into merchants’ hands. The overseas market has shown an easing tendency, and merchants are finding orders difficult to secure. Since the last report there has been another weakening in values for browntop. This is due to the difficulty in securing an overseas outlet and to an abundance of new season's seed, which is available from growers this year. The value for machine-dressed seed is now Is per lb for certified, uncertified lines being Id to 2d per lb lower. Activity in Potatoes There has been a fair amount of activity in potatoes locally. Crops do not appear to be yielding as well as was anticipated earlier, and it is probable that the greater part of the production this season will be required for local consumption. There Is very little interest shown in the shipping market, but values here are higher than in other provinces. Up to £8 a ton is being offered o.tc.s. for good lines of King Edward. BUTTER MARKET (United Press Association) (By Electric Telegraph—Copyright) LONDON, May 9. Butter is slow. Choicest salted New Zealand H2s, Australian HOs. Unsalted New Zealand 115 s, Australian 112 s. BURNS, PHILP YEAR INCREASED EARNINGS Further steady improvement in the earnings of Burns. Philp and Co., Ltd., Sydney, is shown in the accounts for the year ended March 31. Net profits amounted to £251,144. compared with £240,574 in the previous year and £226,067 in 1937. An unchanged dividend of 10 per cent, on the increased capital requires £181,250. A sum of £50,000 is appropriated to a special insurance fund owing to the difficulty and uncertainty of insuring the company’s vessels against war risk. A further £25,000 is appropriated to general reserve, and £26,353 is earned forward, against £31.459 brought into the accounts. Gross profits were £1,277,688, an increase of £165,738, and expenses, at £827,159. were £119,214 higher. Results for the past three years compare as follows: — £ £ £ 1937 1938 1939 Brought forward 31,068 32,135 31,459 Net profit .. .. 226.067 240,574 25U44 257,135 272.709 282.603 Dividend, 10 p.c. .150,000 156,250 181,250 To reserve .... 75,000 75,000 25.000 Insurance fund .. Staff fund .... Carried forward .. 32,135 31,459 26,353 The directors stated that in November the now modern passenger and cargo motor vessel Bniolo was placed in the Papua and New Guinea • trade, replacing the Montoro. A small motor passenger and cargo vessel, specially built for the Papua interisland trade, was completed during the year and was placed in commission in June. It is intended to replace one of the older cargo units of the company’s fleet with a modern vessel of larger capacity, for which plans are now being prepared. BUTTER PRODUCTION PROGRESS OF QUEENSLAND Factory butter production figures in Australia have shown a remarkable change in the last 12 months, according to a statement issued by the Commonwealth Statistician fDr Roland Wilson). The most notable change has bcen in Queensland, where production increased by 50 per cent, to 900,216 cwt for the first eight months of 1938-39. compared with last year, and that Stale has become the largest producer. Victoria had the greatest factory output until this year, but a decline has been caused by drought and bush fires. For the eight months ended February 28, Victorian production was 812.739 cwt. a drop of 180,000 cwt on Inst year's figures for the corresponding period. Between December and February the monthly production fell by more than half to 61,375 cwt.

£ s. d. 4 p.c. Stock, 1952-55 .. ■ 98 15 0 Bruce Woollen (ord.) •. u 1U 6 6 Broken Hill Proprietary . 3 5 8 Mount Lyell 1 6

Buyer. Seller. £ s. d. £ s. d. 31 p.c. Stock, Sept.. 1939-43 98 0 0 - 31 p.c. Stock, Mar., 1941-43 98 0 0 — 4 p.c. Bonds. 1943-46 .. 98 10 0 4 p.c. Stock. 1943-46 .. 98 10 0 — 4 p.c. Bonds, 1946-49 .. 98 0 0 — 4 p.c. Stock, 1946-49 .. 98 0 0 — 4 p.c. Bonds. 1952-55 .. 98 15 0 — 4 p.c. Stock, 1952-55 .. 98 12 6

Austral New Zealand (£1) — 1 5 6 Gillespie’s Beach (Is) 0 0 3 0 0 8 Goldfields Dredging (is) — 0 0 2 Kanleri (£1) •• •• — 1 18 0 Molyncux River (2s) 0 0 4 — Nokomai (Os) .. . . 0 1 0 0 2 Okarito (5s) . . • ■ — 0 3 Waitahu (5s) .. .. 0 0 9

N.Z. (£1) 1 19 6 Jl 19 9 N.Z. (Long D; £1) . 1 6 8 — Commercial (10s) 0 16 3 0 16 11

National (7s) .. .. 0 15 4 —•

P. and O. Dcf. Stock (£1) •• 1 5 0 U.S.S. Co. (pref.; £1) 1 5 3 MEAT PRESERVING N.Z. Refrig. (paid; £1) •• 0 15 3 — N.Z. Refrig, (cont.; 10s) .. 0 7 0 —* Waltakl Farmers (£5) 4 0 0 LOAN AND AGENCY Goldsbrough. Mort (£1) 1 9 • 1 10 8 National Mortgage (B Issue; £1) .. 0 18 0 N.Z. Guarantee Corp. (3s) • 4 2 Otago Farmers (3s 4d) — 0 2 9 Otago Farmers (A Prel.; £1) .. .. — 0 18 0 Wright. Stephenson (pref.; £1) .. .. — 0 19 6 GAS Christchurch (£1) .. 1 3 0 — COAL AND OIL Kaitangata (16s) 1 7 6 — 6 Westport (10s) .. .. — 1 0 Westport - Stockton (ord.; 10s) .. .. — 0 3 9 Westport - Stockton (pref:; 10s) .. .. 0 7 0 — Moturoa Oil (5s) 0 2 0 — Taranaki Oil (£ 1 4s 7d) — 0 8 0 Taranaki Oil (rights) — 0 0 2 WOOLLEN COMPANIES Bond’s Hosiery (£1) 1 0 0 — Bruce (ord.; £1) — 0 10 9 Bruce (pref.; £1) — 1 0 0 Kaiapoi (ord.; 17s) .. 0 11 0 —• Kaiapoi (cont.; 7s) .. — 0 4 0 Kaiapoi (pref.; 17s) — 0 16 0 Mosglel (£4) .. .. 9 6 0 — Wellington (pref.; £5) 5 0 0 MISCELLANEOUS Associated News (pref.; £1) .. .. 1 2 8 1 3 9 Aust. Consolidated Industries 1 16 0 1 18 6 British Tobacco (£1) 2 11 0 — Broken Hill Pty. (£1) — 3 7 0 Brown, Ewing (pref.; £1) — 1 2 0 D.I.C. (pref.; £1) .. — 1 2 0 Dominion Rubber (£1) — 1 0 0 Donaghy's Rope (£1) 2 6 6 — Dun.-Kaikorai Trams (£1) 1 9 0 — Dunlop Perd. Rubber (£1) 1 1 10 — Felt and Textiles (£1) — 1 13 0 Felt and Textiles (pref.: £1) .. .. — 1 4 6 G. J. Coles (£1) .. 4 4 6 — Hume Pipe (£1) 0 19 0 — Kauri Timber (£15s) — 1 3 0 McKenzies Department Stores (£1) .. .. 2 5 0 —

Natnl. Electric (£1) — 0 1* £ N.Z. Paper Mills (£1) 1 2 6 — Otago Daily Times (£1) — 2 0 6 Smith and Smith (pref.; £1) .. .. — 1 0 6 Wilsons Cement (10s> 0 17 3 — Wool worths (ord; 5s) 0 17 9 — WooUvorths (Sydney: ord.; 5s) 1 4 0 1 4 3 Wooiworths (Soutn Africa: 5s) .. .. — 0 15 S BREWERIES N.Z. Breweries (£1) 1 18 0 1 18 fi AUSTRALIAN MINING Broken Hill South (5s) 1 8 0 — Electro. Zinc (ord.; £1) — 2 10 0 Mount Lyell (£1) .. 1 8 0 1 9 0 Mount Morgan (2s 6d) 0 10 6 0 11 6 Mount Morgan (pref.; 12s) 1 2 6 — North Broken Hill (5s) 2 7 0 — + Odd iparcel.

Sales on ’Change £ 8. d. Stock, 1953-57, 3 h per cent, (late Tuesday) .. .. 91 7 6 City of Aucklandi 1944-63, 4J per cent 101 5 0 Mount Eden Borough, 194651, -4i per cent 100 0 0 National Bank of New Zealand 2 4 6 Bank of New Zealand 1 19 7 National Insurance .. .. 0 15 51 New Zealand Insurance (3) 2 13 0 Renown (ord.) 0 8 6 Auckland Gas 0 17 0 New Zealand Breweries (late Tuesday) .. .. 1 18 3 A.C. Industries 1 18 0 Broken Hill Proprietary (late Tuesday) .. .. 3 6 0 3 6 3 Dental and Medical 0 12 0 M.K. Manufacturers 0 5 0 New Auckland Laundry .. 0 18 0 Reid (N.Z.) Rubber (rights) 0 8 0 Sanford (late Tuesday) 0 4 3 Taranaki Oil (2) 0 5 6 (rights; 2) 0 0 0* Woolworths (N.Z.) .. .. 0 18 6 Woolworths (Sydney) 1 4 2 Broken Hill South (late Tuesday) I 9 0 Loloma 1 S 6

Sales on ’Change New Zealand Breweries (late Tuesday) .. .. 1 18 2 1 18 3 Colonial Sugar (late Tues.) 51 7 6 3J per cent. Stock, 1939-43 (2) •• 98 7 6 Eastbourne Borough, 4} per cent., 1947 99 0 0 Bank of New Zealand 1 19 6 New Zealand Breweries .. 1 18 8 G. J. Coles .. 4 5 6 Woolworths, Ltd. .. .. 1 4 2 Mount Lyell (2) .... 1 8 9 Ngahere Gold 1 3 6

New Zealand Government 4 per cent. Inscribed, 1946 99 5 0 Commercial Bank of Australia 0 16 7 National Bank of Australasia (£5 paid; cum div.) 6 15 6 Bank of New Zealand (cum div.) 1 19 6 Felt and Textiles .. . . 1 12 0 Broken Hill Proprietary (cum div.) 3 6 9 Dunlop Rubber 1 2 0 Woolworths (Sydney; ord.; 2) 1 4 0 Woolworths (South Africa) 0 15 0 Sales Reported New Zealand Refrigerating (£1 paid' 0 15 6 Broken Hill Proprietary (cum div.; late Tuesday; .2) 3 6 6 Woolworths (Sydney; ord.) 1 4 0

£ s. d. Bank of New South Wales 28 17 0 Commercial Bank of 19 0 Sydney 5 United Insurance 9 17 0 Mutual Insurance .. .. 1 8 0 Associated News .. ■ • 0 19 9 (prof.) 1 1 6 Huddaxt Parker .. .. 2 10 0 Burns Philp 2 10 0 Australian Gas (A; old) 7 0 0 British Tobacco 2 7 9 Tooths 2 12 9 Coles 3 19 3 Woolworths 1 1 10 Drug Houses 1 1 9 Australian Consolidated In14 dustries 1 7{ 0 David Jones 1 0 0 15 Anthony Hordern .. . • Lustre 15 17 \\ 101 General Industries .. .. 0 19 0 Kandos 1 8 0 Mort’s Dock. 0 15 0 Atkins 1 2 6 Adams 0 15 6 Cash Orders 0 16 6 Felt Textiles 1 9 21 (second prer.) 1 0 9 Sargents 1 8 6 Mauri Bros 3 7 Milliquin Sugar 1 1 18 9 0 Gibson Howes 12 Pitt Son and Badgery 1 17 6 Electrolytic Zinc (pref.) 2 2 6 10 0 3 Mount Lyell 1 6 7 Broken Hill Proprietary .. 3 2 0 (con.) 2 16 0 (new) 0 14 9 North Broken Hill .. • • 2 5 3 South Broken Hill ■ ■ • ■ 1 6 9 Placer Development .. .. 3 9 6 Emperor 0 8 6 MELBOURNE, May 10. Commercial Bank of Australia 0 It) 3 Union Bank ■ ■ b ii 0 Australian Consolidated In14 6 dustries Dunlop Pcrdriau .. - - Coles • • • • i 3 1 18 6 0 Broken Hill Proprietary .. 3 2 North Broken Hill . • • • 2 5 0 South Broken Hill .. • • 1 1 0 6 1 8 6 6 9 Loloma Emperor • • 6 Mount Lyell

LONDON, £ May 9 s. d. May 9 .. .. 7 8 6i May 8 .. .. 7 8 6 May 6 .. .. 7 8 6 May 5 .. 7 8 6 May 4 .. .. 7 8 6 May 3 .. .. 7 8 64 May 2 .. .. 7 8 6 May I .. .. 7 8 6 April 27 .. 7 8 6 April 26 .. 7 8 6 April 25 .. 7 8 54 April 22 .. 7 8 64 April 21 .. 7 8 64 April 20 .. 7 8 6J April 19 .. 7 8 64 April 18 .. 7 8 6

May 8 176? May 5 176.? May 3 176? May 2 May 1 176,1 176? April 28 176? April 27 176? April 26 176? April 25 176? April 22 1763 April 21 176? April 17 176? April 8 1 1 6^ April 3 176 13-16 March 31 1763 March 1 177 February 28 177 February 1 177 January 31 177 January 5 177 11-16

Paris— Par. ULGBT, May 8. May 9. May 9. Francs to £ 1 124.21 176 47-61 170 47-64 Brussels— Belgas to £ I 31) 27.50 27.50 Oslo— Kroner to £ 1 18.180 19.90 19.90 Stockholm — Kroner to £ 1 18.180 10.41 19.41 Copenhagen— Kroner to £1 18.150 22.40 22.40 Berlin — Marks to £1 20.S4 11.661 11.661 Montreal— Dollars to £1 4.88 2-8 4.70 8-16 4.701 New York— Dollars to £ 1 4.88 2-S 4.68 5-3! 9 4.68 5-32 Yokohama— Pence to yen 14.582 14 14 Hongkong— Pence to dollar 24.58 145 145 Bombay— Pence to rupee 17 13-16 17 15-16 Batavia— Florins to £1 12.10 8.76 8.76 Milan— Dire to £1 82.46 89 89 Amsterdam— Guilder to £1 12.107 8.74| 8.731 Prague*-— Kroner to £1 1041 137* 137J GenevaFrancs to £ 1 22.221 20.84 20.84 Vienna — Schillings to £1 84.851 Helsingfors— Marks to £ 1 193.23 2261 226! Madrid*— Pesetas to £ 1 25.221 200 200 Belgrade— Dinars to £1 25.221 210 210 Athens— Drachmas to 375 5171 547J Lisbon— Escudos to £1 110 110i 1101 Bucharest— Lei to £ I 031.0 660 660 Rio de JaneiroPence to mllrcls 5.800 2* *5 Buenos Aires— Pence to pesos 47.22 20.201 20.251 Shanghai*— Pence to tael __ 85 85 Montevideo — Pence to pesos _ 181 181 Warsaw— Zlotys to £1 — 24.87 24.87 • Nominal,

London— Buying. Selling. £1 N.Z. to £100 stg. .. .. T.T. 124/7/6 125 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 SS/12/6 Now 5 ork— Dollars to £ N.Z. T.T. 3.7748 3.7315 O.D. 3.7708 3.7325 Montreal — Dollars to £ N.Z. T.T. 3.7897 3.7107 O.D. 3.7984 3.7498 Belgium — Bclgas to £ N.Z. T.T. *2.217 21.907 O.D. 2*> .992 21.912 Czechoslovakia — Korunas to £ N.Z T.T. — — O.D, — — Denmark — Kroner to C N.Z. T.T. 18.140 17.830 0.". 18.200 17.832 Finland — Marks to £ N.Z T.T. 184.78 179.98 O.D 185.18 179.03 France— Francs to £ N.Z. T.T. 142.90 140.49 O.D. 144.24 140.51 Germany— Kclchsmarks to £ N.Z T.T. — 9.265 O.D. — 9.267 Greece- - Drachmae to £ N.Z T.T. O.D. 425.19 423.34 Holland— Florins to £ N.Z. T.T. 7.096 6.946 O.D. 7.136 6.918 Italy— Lire to £ N.Z. T.T. — 70.028 O.D. — 70.053 Java — Florins to £ N.Z. T.T. 7.071 6.924 O.D. 7.114 6.926 Norway— Kroner to £ N.Z. T.T. 16.120 15.835 O.D. 16.186 15.839 Noumea— 138.74 Francs to £ N.Z. T.T. 145.49 O.D. 146.99 133.78 Papeete— 138.89 Francs to £ N.Z. T.T. 144.89 O.D. 146.39 138.93 Sweden — Kroner to £ N.Z. T.T. 15.738 15.443 O.D. 15,788 15,446 Switzerland — 16.596 Francs to £ N.Z. T.T. 16.866 O.D. 16.968 16.599 Chefoo— N.Z, pence to 1 dollar .. .. T.T. — — O.D. — — Hongkong— N.Z. pence to 1 185 1?S T.T. O.D. IS 7-32 188 India and Ceylon— N.Z. pence to 1 22 7-32 1 22J rupee .. .. T.T. O.D. 22 3-1C 1 22i Japan— N.Z. pence to 1 17 37-64 yen .. «• T.T. — O.D. — 17 37-61 Manila — N.Z. pence to 1 peso .. . • T.T. 31 35-C4 321 O.D. 31 29-64 32 i Shanghai — N.Z. pence to 1 T.T. 11.00 dollar .. .. — O.D. — 11.00 Singapore— N.Z. ponce to 1 dollar .. •• T.T. O.D. 34 9-16 35 3-64 34 15-32 35 3-64 South Africa— £1 N.Z. to £100 stg. .. ■ • T.T. 123/1/3 124/13/9 O.D. 122/13/9 124/13/9 All rates subject to alteration without notice.

£ s. d. £ 8. d. Copper, spot 41 9 41 Fall 0 8 9 Copper, forward 41 14 44 Fall 0 9 4i Electrolytic, spot 47 15 0 No change Electrolytic, forward 47 5 0 Fall 1 10 0 Wire bars .. •• 48 5 0 Fall 0 10 0 Lead, spot .. •• 14 8 9 No change Lead, forward .. 14 11 10J Fall 0 0 74 Spelter, spot .. 13 13 14 Fall 0 1 3 Spelter, forward 13 18 9 Fall 0 0 71 Tin, spot .. •• 224 12 8 Fall 0 10 0 Tin. forward .. 222 7 6 Fall 0 5 0 Oz Silver, standard 20 3-16d Fall id Silver, fine .. .. 21 13-16d Fall id