COMMERCE AND FINANCE

Otago Daily Times, Issue 23806, 12 May 1939, Page 14

COMMERCE AND FINANCE

RESERVE BANK THE STERLING EXCHANGE Flight drop recorded RESERVE RATIO RECEDES (Per United Press Association) WELLINGTON, May 11. The following is a statement of the assets and liabilities of the Reserve Bank of New Zealand as at the close of business on Monday, May 8: LIABILITIES Lait week. Thli week. £ £ I. General Reiarve fund .. 1,300,000 1,500,000 L Bank notei 15,717.286 U. 693,366 3. Demand linbilitlor—(a) state 2,794.812 5.795,242 (b) Banks 10,719.694 10,394,089 (0) Other 172.790 119,495 «. Time deposits ~ 5. Liabilities in eirrenclsi other than Now Zealand currency .. .. 28,959 49,229 I. Other liabilities .. .. 568.082 576.925 Total *31.501.512 £31.133.348 ASSETS 1, Reserve—(a) Geld 2.801,83 9 2,801,839 (b) Sterling txolmnga .. 4.817,992 4,708,705 (c) Gold exchang _ ~ „ I. Subsidiary coin .. .. 225,999 226.080 g, Discount*— (a) Commercial and agricultural bills (b) Treasury ami local body bills .... 11. Advances—(a) To State or State undertakings—(l) Primary Products Marketing Department 7,368,995 7,325,620 (2) For other imposes 12.075,000 12.175,000 (b) To other putllo authorities ~ .. .• *“ (c) Other •" 11. investment. 3.771.278 3,770,789 12. Bank building* .. .. “ . ~ 13. Other assets .. .. 442,507 125 ’ 313 Total .. .... ..*31,601,812 £31,133,348 Proportion of reserve (No. 7 lets No. 5) to notes and other demand liabilities .. 28,815% 28.722/« Sterling exchange Is expressed In New Zealand ourrency. The movement of the sterling exchange held by the Reserve Bank of New Zealand during recent months and of the ratio percentage of reserve to notes and other demand liabilities are shown in the follow-

The statutory minimum ol! the reserve ratio is 25 per cent. FRENCH FRANC (United Press Association) (By Electric Telegraph—Copyright) LONDON, May 10. Sterling exchange on Paris. 1763 francs to £l.

THE MONEY MARKET (United Press Association) (By Electric Telegraph-Copyright) LONDON, May 10. London discount and short loan interest rates, day to day loans, i per cent.; fine trade bills, three months, 3 to 3i per cent.; bank bills, three months, g per cent.; bank bills, six months, U per cent,; Treasury bills, two months, 8 per cent.; Treasury bills, three months. 8 per cent. New York call money, 1 per cent. CLUTHA AND MOLYNEUX SHARES (United Press Association) (By Electric Telegraph—Copyright! y LONDON, May 10. Share quotations: Clutha River Company—buyers Is, sellers Is 6d: Molyneux River Company— buyers 3d. sellers 4Jd.

LOCAL AND OVERSEAS MARKETS

IKE SHARE MARKET DUNEDIN STOCK EXCHANGE SOME FURTHER GAINS With no easing in the demand by investors. Government loans again entered the sales list yesterday with a transaction in 4 per cent. Stock, 194649. at £9B 10s. The demand for several popular New Zealand industrials continued to improve, but one or two lines usually found in the list, such as New Zealand Breweries, were not qouted yesterday. Broken Hill Proprietaries were also unquoted, while other Australian scrip maintained its customary popularity. Nokomais were turned over yesterday at Is lOd, but the New Zealand mining section offered no further evidence of activity. In the Australian mining section, both Broken Hill Souths and Mount Lyells firmed to £1 Bs, but sellers were not prepared to come to terms at this figure. British Tobaccos were firmly in demand at £2 11s. and Dongahy’s Ropes were wanted at £2 7s, an advance of Is on recent offers. G. J. Coles were also firmer at £4 ss. and McKenzies Department Stores continued to improve to £2 6s. sellers asking £2 12s, A' parcel of Wool worths (South Africal realised 14s 10d, and these were later bn offer at 15s. YESTERDAY’S TRANSACTIONS

12s) 126 - DIVIDENDS PAYABLE The following is a list of shares on which dividends will shortly be payable:—

NORTHERN EXCHANGES AUCKLAND Sales on ’Change

LONDON WOOL SALES DEMAND SUSTAINED (United Press Association; (Bv Electric Telegraph—Copyright) ' LONDON. May 10. At the wool sales 8628 bales were offered, including 5195 from New Zealand. Altogether 7286 were sold. There was a moderate selection, and the demand was sustained. The bulk sold at firm’rates. New Zealand lots sold as follows:-—Scoured crossbred: “Whakatu,” 13|d. Slipe crossbred lambs: “Awarua,” IOJd and 12id. DOLLAR AND STERLING (United Press Association) (By Electric i'legr,>ph-Copyright) LONDON, May 10. Sterling exchange, London on New

London o.n New York during 1937 averaged 4.95d0l to £1 sterling; on August 2, 1938, 4.90.3; on September 28. 4.63; and during .October varied between 4.78) and 4.753. During November. 1938. the variation was between 4.76Jd0l (November 8) and 4.633. During January. 1939, the range has been from 4.62 J (January 4) to 4.68 S (January 31), and during February from 4.68 (February 8) to 4.693 (February 25) PRICE OF FINE GOLD (United Press association} (Bv Electric Telegraph -Copyright,

LONDON MARKETS PRICES GENERALLY FIRMER (United Press Association) (By Electric Telegraph—Copyright) LONDON. May 10. The markets remain confident, and prices generally are firmer. THE TOTANGI BORE DRILLING PROGRESS SLOW (Per United Press Association) WELLINGTON. May 11. The New Zealand Petroleum Company advises that the progress of drilling at the Totangi bore during the week has been slow on account of the nature of the rock being penetrated. The bore has reached a depth of 4040 ft. LONDON METAL MARKET (United Press Association) (By Electric Telegraph Copyrighti LONDON. May 10. The following are the official metal

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

ON NEW ZEALAND CURRENCY BASIS The Bank of New South Wales, Uunedln, yesterday quoted (he following rates for purchases and sales of foreign exchange:— London— Buying. Selling. £1 N.Z. to £IOO

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 are subject to alteration without notice. U.S.A. Canada (Per £1 (Per £1 N.Z.) N.Z.) Dols. Dols. S TT g_ .. 3.721 3.73 9-16 O.D 3,72$ 3.73 13-16 B o’.D. g ~ .. .. 3.77 15-16 3.79 9-16 MINING NEWS GREY RIVER RETURN The Grey River dredge worked for 128 hours to handle 91,870 yards of material for a return of 196J0z. MOSSY CREEK RETURN (Per United Press Association) GREYMOUTH. May 11. The Mossy Creek return was 420 z for 131 hours’ work, the dredge treating 7745 yards. AUSTRALIAN MARKETS (United Press Association) (By Electric Telegraph—Copyright) SYDNEY. May 11. (Received May 12, at 0.5 a.m.) The wheat market presents a stronger front as a result of the better tone of overseas grain exchanges. Silo grain is quoted at 2s 75d, and bagged at 2s 9d. Flour. £l2 10s. Bran and pollard, £4 15s, Potatoes: Tasmanian, £lO to £l3. Onions: New Zealand brown, £27. Maize: Yellow, 4s 4d; white, 4s 3d. DOMINION FERTILISER COMPANY DIVIDEND RECOMMENDED Messrs W. E. C. Reid and Co„ secretaries of the Dominion Fertiliser Company, Ltd., have advised the Dunedin Stock Exchange that the directors have decided to recommend to the annual meeting of shareholders that a dividend at the rate of 6 per cent, should be paid for the year ended March 31.

GOLD DREDGING INDUSTRY GREATER DEVELOPMENT COMPANY MANAGER'S VISIT TO AMERICA (Special to Daily Times) GREYMOUTH, May 11. Important developments in the golddredging industry in New Zealand may take place as the result of the visit to New York next month of Mr Walter J. Radford, of San Francisco, general manager of the Grey River Gold Dredging Company and the Rimu Gold Dredging Company. Mr Radford will leave New Zealand tor the United States at the end of this month and will return in about three months’ time. The prospects for the gold-dredging industry in the Dominion were bright, Mr Radford said, but new ventures which required an outlay of huge capital sums called for operating costs to be kept as low as possible. He sometimes wondered if New Zealand as a whole fully appreciated the potential value of its dredging industry, which represented new wealth, steady employment of labour, and much business activity in the manufacture and supply of machinery parts and other material. His company had been operating for 17 years at Rimu and during that time gold to “the value of £1,236,702 had been produced. In proportion to its area New Zealand already had an enviable record as a gold-producing country, Mr Radford said. All gold-producing countries followed a more or less definite cycle in development of the industry, beginning with the working of the richer and more , accessible deposits. That period, which was usually an unscientific and haphazard one, was followed in time by systematic large-scale operations, based on sound engineering and economic practice. "With the coming of the large dredges now working on the West Coast,” Mr Radford said, “ it can be claimed that New Zealand is beginning that second phase of the gold-dredging cycle.” DENTAL AND MEDICAL SUPPLY COMPANY REDUCED NET PROFIT FOR YEAR UNCHANGED DIVIDEND RATE The annual report of the Dental and Medical Supply Company, Ltd., states that business during the year was quite satisfactory. The sales and resultant gross profit were better than those for the previous year, but higher working expenses, particularly taxation, salaries, and wages, more than offset this advantage. The result of the year’s trading was a net profit of £2927, compared with £3356 in 1938 and £2741 in 1937. Stocks had been valued at cost or market prices, whichever was the lower, ample provision had been made for bad and doubtful debts, and depreciation of the fixed assets had been provided for at the The net profit for the year (£2927 3s), with the balance of £1474 3s lid brought forward, made a total of £4401 6s lid available for distribution. The directors recommended the payment of a 5 per cent, dividend (the same as last year), which would absorb £2889 18s, and leave a balance of £lsll 8s lid to be carried forward to next year. NEW WOOLWORTHS ISSUE PAYMENTS IN AUSTRALIAN CURRENCY (Per United Press Association) WELLINGTON. May 11. The Stock Exchange Association of New Zealand advises that payments in connection with the new issue of Woolworths Properties, Ltd., recently announced, must be made in Australian currency. This information has been obtained from the company because of the large number of Inquiries from shareholders in Woolworths Properties, Ltd., to know if the payments could be made in New Zealand. AUSTRALIAN STOCK EXCHANGES (United Press Association) (By Electric Telegraph—Copyright) SYDNEY. May 11. (Received May 11, at 11.45 p.m.) The Stock Exchange to-day was very bright, with a firming tendency still noticeable. The Morning Sales

SWAN BREWERY (Per United Press Association) WELLINGTON. May 11. The Swan brewery has cabled the Stock Exchange announcing the usual dividend on the preference shares and a dividend on ordinary shares of 6d and a bonus of 3d a share, payable on June 7.

ing table: — Sterling Reiervi Sept. 1 .. exchange £ (N.Z.) 12.639,000 ratio per cent. • 65,847 Oct. 3 .. 10,594,978 57,259 Oct. 31 .. 7,707,697 46.09 Nov. 7 0,833.031 39,733 Nov. 14 .. • • 5,662,977 38.625 Nov. 21 .. • • 5,029,137 33.723 Nov. 28 .. • • 4,828,302 32,685 Deo. S .. 4,200,856 29.834 Deo. 12 .. 4,972,031 30.333 Dec. 19 .. 4,358.095 28.109 Deo. 28 .. 4,678,233 27,882 Jon. 2 .. 4,017,232 26.13 Jan, 9 .. 3.933,891 28.528 Jan, IS .. 4,373.105 26.782 Jan, 23 .. 4,305.525 26.695 Jan, 30 .. 4.133,586 25,75 Feb. 5 .. 4.074,954 25,047 Feb. 13 ... 4,184.499 25.073 Feb. 20 4,523,030 25.378 Feb. 27 ., 4,839.595 25,799 Mar. 8 .. • • 4.700.897 25.017 Mar. 13 ,. 4,591.685 25.026 Mar. 20 .. 4,547,863 25.129 Mar, 27 .. 4,659,074 25.419 Apl. 3 4.663,309 25.924 Apl. 10 ,. 4.598.651 25.501 Apl. 17 .. 4,872.817 29.305 Apl. 24 .. 4,659,061 29.11 May 1 4,8)7.992 28.815 May 8 4,708.705 25,722

May 9 . 176| May 8 . 176} May 5 . 176i May 3 . 1761 May 2 . 1761 May 1 . 1761 April 23 . . 1761 April 27 . . 1763 April 20 . . 1761 April 25 . . 1761 April 22 . . 1761 April 21 . . 1761 April 17 . . 1761 April 8 . . 176$ : . 176 13 16 . 1763 March 1 . . 177 February 28 . 177 February 1 . 177 January 31 • 177 January 5 177 11-16

Sales Reported £ S, d. 4 p.c. Stock. 1946-1949 98 10 0 Nokomai 0 1 10 Woolworths (S. Africa) .. 0 14 10 LATEST QUOTATIONS The following are yesterday afternoon's buying and selling quotations, which are subject to the usual brokerage:GOVERNMENT LOANS Buyer. Seller. £ s. d. £ S. d. 34 p.c. Stock, Sept.. 1939-43 98 0 0 — 34 p.c. Stock, Mar., 1941-43 98 0 0 34 p.c. Stock, Sept., 1941-43 98 0 0 — 4 p.c. Bonds, 1943-46 .. 08 15 0 — 4 p.c. Stock, 1943-46 .. 93 15 0 — 4 p.c. Bonds, 1946-49 .. 98 5 0 — 4 p.c. Stock, 1946-49 .. 98 15 0 — 4 p.c. Stock, 1949-52 .. 98 17 6 — 4 p.c. Bonds, 1952-55 .. 98 10 0 — 4 p.c. Stock, 1952-55 .. 98 10 0 99 0 0 MINING Austral New Zealand (£1) — 1 8 6 Clutha River (2s) .. — 0 2 3 Gillespie’s Beach (Is) — 0 0 9 Kaniere (£1) .. —• 1 18 0 Molyneux River (2s) 0 0 B — Nokomai (5s) .. .. 0 1 9 0 2 0 Okarito (5s) .. .. — 0 3 0 Waltahu (5s) .. 0 0 6 0 0 9 BANKING New Zealand (£1) .. — 2 0 0 N.Z. (Long D; £1) ... 1 6 6 — Commercial (10s) 0 16 3 0 17 0 E.S. and A. (£3) .. — 5 8 0 INSURANCE National (7s) .. .. 0 15 5 0 15 10 SHIPPING P. and 0. Def. Stock (£1) 1 5 0 — U.S.S. Co, (pref.; £1) 1 5 3 1 6 0 MEAT PRESERVING N.Z. Refrig, (paid; £l) 0 15 0 — N.Z. Refrig, (cont.; 10s) 0 6 11 — LOAN AND AGENCY Goldsbrough, Mort (£1) — 1 10 6 - National Mortgage (B issue; £1) .. .. 0 19 0 — Otago Farmers (3s 4d) — 0 2 9 Otago Farmers (A Pref.; £1) .. .. — 0 10 0 Wright, Stephenson (pref.; £1) .. ... — 0 19 6 GAS Auckland (£1) .. .. - 0 18 0 COAL AND OIL Kaitangata (16s) 1 7 6 — Westport (10s) .. .. — 1 0 6 Westport - Stockton (pref.; 10s) .. .. 0 7 1 — WOOLLEN COMPANIES Bond’s Hosiery (£1) _ 1 1 0 Bruce lord.; £1) — 0 10 9 Kalapoi (ord.; 17s) .. 0 11 9 — Kalapoi (pref.; 17s) — 0 15 9 Mosgiel (£4) .. ,. 9 5 0 MISCELLANEOUS Associated News (pref.; £1) .. .. 1 2 6 Aust. Iron and Steel (pref.; £1) .. .. 1 7 6 — British Tobacco (£1) 2 11 0 — Consolidated Brick (£1) 0 9 3 — D.I.C, (pref.; £1) .. 1 I 0 — Dominion Fertiliser (£1) 1 5 0 Dominion Rubber (£1) — 1 0 0 Donaghy’s Rope (£1) 2 7 0 — Dun.-Kalkoral Trams (£1) 1 9 0 — G. J. Coles (£1) .. 4 5 0 — McKenzies Department Stores (£1) .. .. 2 8 0 2 12 0 Natnl, Electric (£1) — 0 14 3 N.Z, Drug Co, (£1) 3 5 3 —- N.Z. Paper Mills (£1) 1 2 6 — Otago Daily Times (£1) — 2 0 6 Wilsons Cement (10s) 0 17 3 — Woolworths (Sydney; ord.; 5s) 1 3 7 1 4 0 Woolworths Pty,, Ltd, (6 p.c. pref. ord.; £1) I 5 9 — Woolworths (Souin Africa: 5s) .. .. — 0 15 0 BREWERIES Dunedin (£1) .. .. — 1 4 0 Dunedin (cont.; £1) — 0 17 6 AUSTRALIAN MINING Broken Hill South (5s) 1 8 0 1 9 6 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 0 Mount Morgan (pref,;

Cash Orders (Amalg.), Sydney—Interim quarterly, 3$ p.c May 15 National Insurance, N.Z.—InMay 16 terim 4d a share Australian Consolidated Industries—4J per cent., pref., May 17 and Is per share ord Bank of Adelaide—Final halfyearly, 2? per cent, (making May 17 54 per cent, per annum) .. N.Z. Paper Mills, Ltd.—Final. May 20 4 p.c. p.a Dalgety and Co.-Interim, 4 May 20 p.c. p.a. (2s) Mosgicl Woollen—Interim, 4 May 23 per cent Bank of New South Wales— May 25 quarterly, 6 p.c. p.a Westport Coal Co.—Interim 6d May 26 Dunedin Brewery—Final, 3J p.c. (making 6i p.c. for May 30 year) Broken Hill Pty— Interim. Is May 31 3d a share E. S. and A Bank—Interim, May 31 3i p.c. p.a Bank of New Zealand—Final, Jun. 16 Is a share Hume Pipe (£1), 19s .. .. — Broken Hill South—Quarterly, 40 p.c. p.a —

£ 8. d. Bank of Australasia (late Wed.) 9 15 0 National Bank of N.Z. (late Wed.) 2 4 6 Bank of N.Z. 1 9 7 National Insurance .. .. 0 15 6 N.Z. Insurance 2 13 0 Farmers’ Auct. (B pref.) 0 19 0 Wright, Stephenson (pref.) 0 18 9 Auckland Gas 0 17 n 17 3 (odd lot; C.M.) 0 10 9 Kaiapol (paid) 0 11 6 Electro. Zinc (ord.; 2) 2 y 6 Farmers’ Trading .. • • 1 0 0 G. J. Coles 4 6 0 Morris Hedstrom .. • • 1 6 6 N.Z. Refrig. (C.M.) .. 0 0 7 7 u 2 Taranaki Oil (rights) 0 0 oi Woolworths (N.Z.) .. .. 0 IB b Woolworths (Sydney) 1 3 10 Emperor 0 9 8 Waihi Investments .. . ■ 0 7 6 Unlisted Stock Silknit 0 4 0 WELLINGTON Sales on ’Change Bruce Woollen (late Wed.) 0 10 6 Felt .and Textiles (late Wed.) 1 12 0 3 p.c. Stock, 1941 9fi 12 6 4 p.c. Stock. 1955 98 15 0 Bank of New Zealand 1 19 7 (2) 1 19 G National Bank of N.Z 2 4 6 Wellington Woollen (pref.) 5 1 0 Broken Hill Proprietary .. 3 6 3 Mount Morgan 0 10 8 Woolworths. Ltd 1 4 1 CHRISTCHURCH, Sales on ’Change N.Z. Government (3J p.c. inscr.), 1953-57 .. .. 91 10 0 National Bank of N.Z. 2 5 0 2 4 0 Bank of N.Z. (cum div.; 5) 1 19 6 N.Z. Refrig. (£1 paid) .. 0 15 6 N.Z. Refrig, (10s paid) 0 7 0 Broken Hill Pty. (cum div.) 3 3 6 6 9 3 Dunlop Rubber 1 2 0 Woolworths (Sth. Africa) .. 0 14 10 Sales Reported Bank of New Zealand (cum div.) 1 19 8 N.Z. Refrig. (10s paid) .. 0 7 0 Aust. Paper (pref.) .. . ■ 1 17 9 Woolworths (Syd.; ord.; 2) 1 4 0 Unlisted Stock Blackball Creek 0 1 1

York, 4.68i. May 9 .. .. 4.68i May 8 .. .. 4.68 j May 5 .. ,. 4.684 May 4 .. .. 4.68J May 3 .. 4.68 3-16 May 2 .. jf ,. 4.681 May 1 .. »4.68A April 27 .. 4.68JI April 26 ., 4.68.1 April 25 ., 4.68 3-16 April 22 .. 4.68 April 21 ., 4.68 April 17 .. 4.63A April 8 .. 4.68A April 3 4,63 7-16 March 31 .. 4.683 March 1 .. 4.683 February 28 .. 4.68* February 1 .. 4.673 January 31 .. 4.68i January 2 .. 4.882

LONDON, May 10. £ s cl. May 10 .. 7 8 54 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 1 .. .. 7 8 6 April 27 .. 7 8 6 April 26 .. 7 a 6 April 25 .. 7 8 54 April 22 .. 7 8 64 April 21 .. 7 8 64

quotations:— Ton £ s. d £ s d Copper, spot 42 1 10i Rise 0 12 0 Copper, forward 42 8 9 Rise 0 14 44 Electrolytic, spot 47 15 0 No change Electrolytic, for48 !) 0 Rise 1 0 0 Wire bars .. •• 48 5 0 No change Lead, spot .. • 14 13 U Rise 0 4 4 4 Lead, forward 14 16 104 Rise 0 5 0 Spelter spot . 13 15 U Rise 0 2 6 Spelter, forward 14 0 n Rise 0 1 10J Tin, spot .. 225 15 0 Rise 1 2 G Tin. forward 223 5 0 Rise 0 17 6 Oz Silver, standard 20 l-18d Fall Id Silver, fine .. .. 21gd Fall 3-16d

RUGBY. May 10. Paris— Par. May 9. May 10, Francs to £ 3 Brussels— 124.21 176 47-64 176 47-64 Bclgas to £3 Oslo— 30 27.50 27.501 Kroner to £ I Stockholm— 18.180 19.90 19.90 Kroner to £1 Copenhagen— 18.150 19.41 19.41 Kroner to £1 Berlin— 18.150 22.40 22.40 Marks to £ 3 Montreal— 20.34 11.861 11.661 Dollars to £3 New York— 4.86 2-3 4.701 4.70 1-16 Dollars to £1 Yokohama— 4.86 2-3 4,OS 5-32 4.68 3-16 Pence to yen Hongkong— 14.582 14 14 Pence to dollar Bombay— 24.58 143 141 Pence to rupee Batavia— 17 15-16 17 15-16 Florins to £ 1 Milan— 12.10 8.76 8.76 Lire to £1 Amsterdam— 82.46 89 89 Ciullder to £3 Prague*— 12.107 8.731 8.72 Kroner to £ 3 Geneva— 1011 1378 1373 Francs to £ 3 Vienna— Schillings to 22.221 20.84 20.821 £3 Helsingfors— 84.861 — Marks to £1 Madrid*— 198.23 2201 2261 Pesetas to £1 Belgrade— 25.221 200 200 Dinars to £ 3 (Athens— Drachmas to 25.221 210 210 £3 Lisbon— Escudos to 375 5471 B47J £3 Bucharest— 110 1101 110J Lei to £3 Rio de JanelroPcnce to 931.6 660 660 mllrels Buenos Aires— 5.890 2! 2! Pence to pesos Shanghai*— 47.22 20.251 10.25 Pence to tael Montevideo— 81 81 Pence to pesos Warsaw— — 181 181 Zlotys to £1 — 24.87 * Nominal. 24.8?

Stg T.T. 124/7/6 125 O.D. 123/18/9 124/19/C 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 88/12/0 New York— Dollars to £ N.Z. O.D. 00 88/12/0 T.T. 3.7748 3.7315 O.D 3.7798 3.7325 Montreal— Dollars to £ N.Z. T.T. 3.7807 3.7407 O.D. 3.7954 3.7468 Belgium — Bclgas to £ N.Z. T.T. 22.217 21.907 O.D 22.292 21.912 Czechoslovakia— Korunas to £ • N.Z T.T. . _ O.D. _ Denmark— Kroner to £ N.Z. T.T. 18.140 17.830 O." 18.200 17.832 Finland— Marks to £ N.Z T.T. 184.78 179.98 O.D 185.18 179.08 France— Francs to £ N.Z. T.T. 142.99 140.49 O.D. 144.24 140.51 Germany— Reichsmarks to £ N.Z .. T.T. — 9.205 O.D. . — 9.207 Greece— > Drachmae to £ N.Z T.T. — 425.19 O.D, — 425.34 Holland— Florins (o £ N.Z. T.T. 7.096 6.946 O.D. 7.130 0.948 Italy— Lire to £ N.Z. T.T. — 70.94 O.D. 70.96 Java—» Florins to £ N.Z. T.T. 7.057 6.907 O.D. 7.097 0.009 Norway— Kroner to £ N.Z. T.T. 16.120 15.836 O.D, 10.186 15.839 Noumea— Francs to £ N.Z. T.T. 145-49 138.74 O.D. 146.99 138.78 Papeete— Francs to £ N.Z. T.T. 144,89 138.89 O.D, 140.39 138.93 SvVedcn — Kroner to £ N.Z. T.T. 15.738 15.443 O.D. 15.798 15.446 Switzerland — Francs to £ N.Z. T.T. 16.650 10.580 O.D. 16.950 16.583 Chefoo— N.Z. pence to 1 dollar T.T. O.D. — — Hongkong— N.Z, pence to 1 dollar .. .. T.T. 18} 183 O.D. 18 7-32 188 India and Ceylon— N.Z. pence to 1 rupee .. .. T.T. 22 7-32 224 O.D 22 3-16 224 Japan— N.Z. pence to 1 yen .. T.T. - 17 87-64 O.D. - 17 37-64 Manila — N.Z, pence to 1 peso T.T. 31 35-64 32} O.D, 31 29-64 32} Shanghai— N.Z. pence to 1 dollar .. .. T.T, 11.00 O.D - 11.00 Singapore— N.Z. pence to 1 dollar T.T. 34 9-16 35 3-64 O.D 34 15-32 35 3-64 Sooth 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.

£ 8. d. Commonwealth Bonds— 4 per cent., 1941 .. .. 102 8 9 4 per cent., 1944 .. .. 101 5 0 4 per cent., 1947 .. .. 101 5 0 4 per cent., 1950 .. .. 102 0 0 4 per cent., 1957 .. .. 102 15 0 Commercial Bank of Australia 0 15 3 Tooths 2 13 3 Associated News 0 19 9 (pref.) 1 1 6 Australian Iron and Steel 6 (pref.) 1 7 British Tobacco 2 8 0 Broken Hill Proprietary .. 3 2 0 (con.) 2 IS 0 Colonial Sugar 46 17 6 Drug Houses Dunlop Perdriau .. .. 1 i m 1 0 44 Huddart Parker 2 10 0 Morris Hedstrom (New Zea0 land delivery) 1 5 ADDITIONAL SALES Bank of New South Wales 28 17 0 Comm. Bank of Australia .. 0 15 3 Colonial Sugar 46 17 6 Adelaide Steam 1 10 9 Howard Smith 0 19 1 Huddart Parker 2 10 C British Tobacco 2 8 0 Australian Consolidated Industries 1 14 10 Mort’s Dock , 0 15 3 Tooths 2 13 3 Tooheys (old) 1 9 9 Tooheys (new; paid) .. .. 1 9 44 Stedman 0 12 6 Standard Cement 1 2 0 Woolworths 1 1 11 Amalgamated Wireless 0 (paid) •• 3 2 Amalgamated Wireless 6 (cont.) 2 16 Dunlop Perdriau 1 0 44 Aust. Iron and Steel (pref.) 1 7 6 W. H. Soul .. 4 6 6 Atkins 1 2 74 Newbold 1 8 9 Millaquin Sugar 1 19 0 Malleys 0 19 9 Electrolytic Zinc 2 6 9 Electrolytic Zinc (New 6 Zealand delivery) .. .. 2 6 Electrolytic Zinc (pref.) .. 2 10 3 Broken Hill Pty 3 1 9 Broken Hill Pty. (cont.) .. 2 15 14 Broken Hill Pty. (New 15 6 Zealand delivery) .. .. 2 Broken Hill Pty. (new) .. 0 14 10 North Broken Hill .. .. 2 5 3 South Broken Hill .. .. 1 6 6 Bulolo Gold 6 10 6 Placer Development .. .. 3 10 0 Kuala Kampar 0 12 10 Emperor 0 8 10 Oil Search 0 4 6 Mount Lye 11 1 6 6 MELBOURNE, May 11. £ s. d. Comm. Bank of Australia .. 0 15 2 National Bank (£5 paid) .. 6 5 0 Australian Consolidated Industries 1 14 9 G. J, Coles 3 19 6 Herald and Times .. .. 3 2 6 Imperial Chemicals (pref.) Electrolytic Zinc (pref.) .. 1 2 6 2 10 3 Loloma 1 2 3 North Broken Hill .. .. 2 5 3