COMMERCE AND FINANCE

Otago Daily Times, Issue 23810, 17 May 1939, Page 16

COMMERCE AND FINANCE

THE SHARE MARKET DUNEDIN STOCK EXCHANGE SOME FURTHLR SLIGHT GAINS A few lines, particularly in the New Zealand mining section, were easier on the Dunediti Stock Exchange yesterday, but others showed an improvement, and in a lew cases the market was close. In the Government loans section buyers' quotation:; were unaffected by the issue yesterday of the new loans, and no sellers' quotations were forward. Austral New Zealand mining shares and Grey Rivers were slightly easier, and an odd parcel of Gillespie's changed hands at Bd. The offer of £3O 10s for Bank of New South Wales found a seller in the market at £1 more. National Insurances, now ex dividend, were wanted at 15s 6d, and Standards, which were turned over at £2 lis 3d, had an urisupplied buyer at £2 10s 9d. There were no alterations in the shipping section, and meat shares were not quoted. In the loan and agency section, • however, Goldsbrough, Morts eased to £1 9s »d (seller), when an offer of £1 7s 6d came forward. Ordinary Kaiapois firmed to 12s 3d without finding a seller. Among Australian scrip commsncling the interest of investors, Broken Hfll Proprietaries frmed to £3 5s 6d, and G. J. Coles were sold, cum rights, at £4 6s 6d. New Zealand Breweries continued in demand with buyers offering £1 18s 3d. The Australian mining section showed no :further activity, fend Mount Morgans were easier, with a seller at 10s lOd. YESTERDAY'S TRANSACTIONS Sales Reported

LOCAL AND OVERSEAS MARKETS

FOREIGN EXCHANGES (British Official Wireless) (United Press Association) (By Electric Telegraph—Copyright) RUGBY, May 15. Paris— Par. May 12. May 15.

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. Selling— TT .. .. 3.72 S 3.73 7-16 O.'D 3.72 7-16 3.73 11-16 Buying— O.D .. .. 3.78 3.79 7-16 PRICE OF FINE GOLD (United Press Association) (Bv Electric Telegraph—Copyright) LONDON, May 15. £ s. d. May 15 7 8 5* May 12 7 8 5J May 11 7 8 5 Mav 10 7 8 5J May 9 7 8 6J May 8 7 8 6 May 6 7 8 6 May 5 7 8 6 May 4 7 8 6 May 3 7 8 6} May 2 7 8 6 May 1 ...... 7 8 6

COLE'S NEW ISSUE DOMINION DIFFICULTY USE OF DIVIDEND DIRECTORS GRANT FACILITIES Arrangements have been made, it is understood, whereby holders of G. J. Coles' shares in New Zealand, in spite of the effective ban by the Dominion Government on the export of capital, will be able to take up the new issue of one for live announced last month, states the Sydney Morning Herald, The company is making an issue of 215,250 ordinary shares at par to ordinary shareholders, in the proportion of one new share for every five held on May 13. It is understood that New Zealand shareholders will be given two weeks' grace in the matter of paying the 10s a share, due on July 15, the application money for the new shares. This means that the proceeds of the final half-yearly dividend for the year ending June 30, which it is expected will be paid on August 1, will be able to be used for the necessary application money. Dividend Possibilities It is believed that the company will pay a final dividend of not lesj than 10 per cent. (2s a share) for the six months ending June 30, which, together with an interim half-yearly dividend of 7£ per cent. (Is 6d a share), would make a yearly distribution of 17J per cent. (3s 6d a share), unchanged from last year. As the new issue is being made on a one for five basis, a final dividend of 2s a share would provide New Zealand shareholders with the necessary exchange in Melbourne to take up their new shares. If these arrangements had not been made by the company, New Zeaiand shareholders would have been compelled to sell their rights in Australia if they had not been able to obtain the necessary funds to pay the 10s application money. Further Consideration Likely The final payment of 10s on the new shares is due to be paid by January 15. 1940, which also predates the usual date for payment of the company's interim dividend by two weeks. It is likely that if the present restrictions in New Zealand on the export of capital are in force then, special consideration will again be extended to Dominion shareholders. If shareholders in Commerce House, Ltd., of Brisbane, approve. Commerce House, in Adelaide street, Brisbane, will be sold to G. J. Cole's and Co., Ltd., which occupies portion of the ground floor. The balance sheet value of the property is £37,000. The sale price has not been disclosed, but it is believed to be nearly £50,000. FRENCH PEACE LOAN FULLY SUBSCRIBED (By Electric Telegraph—Copyright) (United Press Association) PARIS, May 15. The cash portion—namely, £35,000,000 —of the peace loan was fully subscribed. WHEAT MARKET <Unlted Press Association) (By Electric Telegraph—Copyright) LONDON. May 15. Wheat cargoes are steady and parcels are firmer. Futures are quoted:— London: May. 24s 3d; July, 23s 9d; new contract. May. 4s 3|; July, 4s s|d; October, 4s 7sd. Chicago quotations: May, 78| cents per bushel; July, 74§; September, 741 LONDON METAL MARKET (United Press Association) (By Electric Telegraph—Copyright) LONDON, May 15. The following are the official metal quotations:— Ton

London on New York during 1937 averaged 4.95d0l to £1 sterling; on August 2, 1938, 4.903; on September 28, 4.63; and during October varied between 4.784 and 4.753. During November, 1938, the variation was between 4.76Jd0l (November 8) and 4.63 J. During January, 1939, the range has been from 4.624 (January 4) to 4.68 J (January 31), and during February from 4.68 (February 8) to 4.69* (February 25).

PRICE OF BUTTER FALL IN ENGLAND LOW CONSUMPTION (From Our Own Correspondent) LONDON, May 1. Average monthly prices for box butter during April were, for the first time this year, appreciably below last year's figures. New Zealand finest, at 114 s, was 7 per cent, below the price in April, 1938 (122/6). Australian was 8 per cent, lower at 113 s, but Danish was 4 per cent, higher (128/6). The figures are given in the weekly dairy notes of the Imperial Economic Committee. Arrivals of butter from Australia and New Zealand during April (including certain quantities still to arrive) are estimated at 706,500 boxes, as against 776,900 boxes in March and 961.400 boxes in April last year. Prospective arrivals for May, estimated at 700,900 boxes, are well above last year's corresponding figure of 582,400 boxes and it is likely that in June also the total will be greater than a year earlier. Output in New Zealand has now shown a further heavy decline and is much below last year's figures, but the Australian output is still well maintained at a level very greatly above that of a year ago, the note states. Arrivals of Argentina butter during April are estimated at 9000 boxes, as against nil a year earlier; conditions have been favourable and small quantities are still being shipped. Some 58,100 boxes were received from African ports during the month, as against 27,200 boxes last year, while a further 9700 boxes from these sources have already been advised for arrival during the current month. European Production Butter production in European countries is showing a seasonal increase but it appears to be. on the whole, below the figures for last year, when, however, output was exceptionally large: although present prospects are for a favourable season in Europe it seems unlikely that production will be greater than a year ago. Imports into the United Kingdom from European sources have been so far appreciably lighter than last year, but Germany now appears to be importing on a scale approximating to last year's figures although production in that country is greater than a year ago. , * Shipments from Canada have now ceased; arrivals for April totalled 6800 boxes as against 35,300 boxes in March and practically nothing in April last year. Conditions in Canada point to a favourable season while at the beginning of this month stocks in store were still more than twice as large as a year earlier. Stocks in the United States also remain at unusually high figures. ... The output of creamery butter in England and Wales during March was very slightly greater than in March last year. Stocks of butter in cold storage in Great Birtain decreased by the equivalent of 3200 boxes during the four weeks ended April 22, but on that date were 128,500 boxes greater than a year ssrlicr The consumption of imported butter during the first quarter of 1939 was the lowest for several years, but it appears to have improved to some extent during recent weeks. SILKNIT (N.Z.), LTD. NET LOSS OF £37,054 A net loss of £37,054, against profits of £3313 in the previous year and £6487 in 1936, is shown in the accounts of Silknit (N.Z.), Ltd.. for the year ended December 31. No dividend is recommended. In the previous year an interim dividend of 6 per cent, was paid, but there was no final distribution. The gross loss from trading was £3767, compared with a profit of £20,445 on the previous year's operations. Sundry expenses, discount and 'nterest amounted to £33,287. The sum of £313 was brought in, and directors' fees totalling £3OO were paid, leaving a debit of £37,042 in the profit and loss qppropriation account ___ The balance sheet total is £105.737, a decline of £19,442 on the previous year's figure. The debit in the profit and loss account reduces shareholders' funds from £51,235 to £13,880. AUSTRALIAN STOCK EXCHANGES (United Press Association) (By Electric Telegraph—Copyright) SYDNEY, May 16. (Received May 16, at 10 p.m.) Except that some of the main industrials made small gains to-day the investment market was unchanged from yesterday, with a strong undertone. The Morning Sales

CLUTHA AND MOLYNEUX SHARES (United Press Association) (By Electric Telegraph—Copyright) LONDON, May 15. Share quotations: Clutha R iver Company—buyers Is, sellers Is 6d; Molyneux River Company—buyers 3d sellers 4Jd. WELLINGTON ALLUVIALS, LTD. (Per United Press Association) WELLINGTON, May 16. A progress report issued by Wellington Alluvials Limited for the four weeks ended April 20 states that the dredge worked 515 hours, and treated 217 000 cubic yards to recover bullion estimated to contain 1017 ounces of fine gold.

TRADE THREAT NEW GERMAN PLAN BRITISH TEXTILE IMPORTS SUBSIDISED DIVERSION Ti>.e lower and medium end of the wocHen trade in Britain is complaining bitterly of the effects of subsidised competition by Germany and Italy, even in the British Home market. But the high class section of the trade, especially that which concentrates on the manufacture snd export oil the finest wool textiles tor men's wear, :s now subjected to a more subtle ann insidious attack from Germany. Neither in the Home market nor in foreign markets do these manufacturers fear any ordinary competition. There is no real substitute for their productions. The German Government, however, the Manchester Guardian Commercial reports, has recently devised a system which, if widely applied, would cut the ground from under their feet. This practice, embodied in a recent German decree, consists in converting the bulk, and possibly the whole, of Germany's imports of British high grade woollens and wor«t steds into a purely transit trade. The efforts of the German Government are now aimed at taking away such trade from the high-class German tailoring concerns and at transferring the licences to import to German wholesale firms, and under the recent decree the majority of licences will in future be allotted to those German concerns which re-export fine British woollens to other countries, whether in the form of cloth or made-up goods, such exports to be fostered by the receipt of substantial Government subsidies. The allocations to German tailors are to be not more than about 3 per cent, of the total quota. British exporters naturally object, because, over and above the loss of the bulk of German internal consumption, which, after all, is Germany's concern primarily, they will be affected very seriously in the direct sale of their goods to third markets, where Germany will be selling British productions at German subsidised rates. Germany is using British textiles to draw from third countries raw materials and the foodstuffs which she needs for her rearmament programme. LORNEVILLE SALE HEAVY YARDING' OF FAT STOCK (Per United Press Association) INVERCARGILL. May 16. Heavy entries of fat stock were forward at the Lorneville stock sale today. There was a very full yarding of fat lambs, but the majority were light and unfinished. Competition was quite fair at about the export schedule rates. There was also a full yarding of fat sheep, with a big percentage of wethers. Values for these, because of the big number yarded, were easier, only better quality sorts being in demand. Butchers' ewes remained firm at last week's rates, while freezing ewes were disposed of at from 9s downwards, according to quality. There was a considerably larger yarding of fat cattle than at the previous sale, and there was a decided Improvement in quality. Some of the best quality cattle seen for some time were included. Good quality sorts were equally as firm, and in some cases firmer than at the last sale, but medium and inferior were a little easier. Fat Lambs. —Prime quality. 23s to 24s 6d; good. 21s 6d to 22s 6d; medium, 19s 6d to 20s 6d; light and unfinished 14s 9d to 17s. Fat Sheep.—Prime heavy wethers, 23s to 24s 6d; good, 21s 6d to 22s 6d: medium, 19s to 20s; prime butchers' ewes, 15s to 16s 3d; good, 13s to 14s; medium, lis to 12s; freezing ewes. 9s downwards. Fat Cattle.—Extra prime quality bullocks,, up to £ls; prime quality. £l2 15s to £l3 15s; good. £ll to £ll 15s; light and unfinished, £7 to £9; extra prime heavy heifers, up to £l3; prime heavy, £ll 5s to £l2; handy-weights. £lO to £lO 15s; light-weights, £8 5s to £9; small and unfinished, £5 10s to £6 10s; extra prime heavy cows, up to £l2 10s; prime quality, £lO to £lO 15s; good. £8 5s to £9; medium, £7 to £7 10s; aged. £5 to £5 15s. MILTON STOCK SALE A SMALL YARDING A small yarding of about 800 sheep and lambs was forward yesterday for the fortnightly stock sale at the Milton yard. The yarding showed a preponderance of ewe lambs in good and forward condition. A dull market greeted the entry of a half dozen pigs. Only two sales at 22s and 23s were effected. Ewe lambs met with a good market, prices ranging from 17s lid to 20s. Average sorts sold at 12s 9d to 13s sd, with poorer sorts at 6s 6d. Wether lambs were sold at from 10s to 13s 2d, A few poor-conditioned ewes were penned and realised 3s sd, while a pen of wethers realised 16s Bd. A Border Leicester ram changed hands at 225. Potatoes and hurdles comprised the bulk of the sundries forward, and satisfactory prices were realised. SHEEPSKIN SALE The Dunedin Woolbrokers' Association (Messrs Dalgety and Co., Ltd., National Mortgage and Agency Company, Ltd., New Zealand Loan and Mercantile Agency Company. Ltd., Otago Farmers' Co-op. Association, Ltd., Donald Reid and Co., Ltd., Stronach Morris and Co., Ltd., and Wright. Stephenson and Co., Ltd.) reports that there was a medium offering at the sheepskin sale held yesterday, when the usual bench of buyers was in attendance. Competition was keen and prices showed an increase of Id to 3d per lb all round. A good clearance was effected. The official range of values was as follows:—Halfbred full wools BJd to BJd, halfbred three-quarter wools 8d to Bid, halfbred half wools 6|d to 7Jd, halfbred quarter wools 5Jd to 6d. fine crossbred full wool B]d to BJd fine crossbred three-quarter wools B|d to 84d, fine crossbred half wools 7d to 73d. fine crossbred quarter wools 5d to 53d, crossbred full wools BJd to Bjd, crossbred three-quarter wools 8d to BJd, crossbred half wools 7d to 7id, crossbred quarter wools 43d to fed, halfbred hoggets 7*d to 73d, fine crossbred hoggets to 7£d, crossbred hoggets* to 7sd, fine crossbred dead to 7d, crossbred dead to 7d, first pelts 3Jd to 4d, halfbred lambs 63d to 74 d, fine crossbred lambs to 7sd, crossbred lambs 63d to 7d. TAX-FREE LOANS INTEREST RATE CHANGE INCOME NOW ASSESSABLE Under the Debt Conversion Act, 1932 the condition of freedom from income tax in respect of interest on 15/5/39-52 3J per cent. Government stock expired on Monday. Henceforth interest at the rate of 4 per cent, per annum will be payable on the stock, and the income will be regarded as assessable income. All holdings affected are those registered under the inscription numbers prefixed by As2s, and in future these securities will be quoted on the Stock Exchange as 4 per cent. loan, maturing on May 15, 1949/52. The amount of loan involved is £2,300,000 and was originally raised for war purposes. Several other issues have been similarly adjusted in the past year. NEW GUINEA GOLD SHARES (United Press Association) (By Electric Telegraph—Copyright) LONDON, May 15. New Guinea Gold shares are quoted at Is Sid-

COMPANY BALANCE SHEETS DENTAL AND MEDICAL SUPPLY COMPANY, LTD. Paid-up capital: 1924, £57,723; 1925-39. £57,798. ' Ntt ' March 81 'Rsierves. profit Dividend

After a succession of rising annual profits, the net surplus on this occasion has receded by £429. The rate of dividend recommended is 5 per cent. —the same as for the previous year —which will absorb practically the whole of the net profit. Higher sales have produced the larger gross profit of £22,636. which has been more than counterbalanced by higher expenditure. The main group of charges comes out at £17,367. in place of £15.495, while general expenses at £929 and the taxation group at £1927 are both up. A slight decrease is shown in directors' fees of £lB7, ana in the provision of £llß9 for depreciation and bad debts. Sundry receipts at £IB9O have brought in some £350 more than during the previous year. A comparison of woncing expenses with gross income comes out as follows: —

The chief liability continues to be the bank overdraft which however, has been reduced; from £17,568 to £l4 745. Presumably it is secured as formerly, although the balance sheet does not say so. Sundry creditors at £1687 are approximately £2OO up, whfch in vievTof the: larger [ taxation charee is not as much as might nave Altogether, indebtedness is down by £2600 Rg*rves are practically unchanged. General &00) nsurance (£500) premium £1765 and discount (£108) reserves remain as before, while the floating balance swelled by the unallotted portion of the, net Profit appears at £lsll, and makes the total £ 10,884. On the whole. Axed assets are down. Land and buildings at £34 614 are less bv £541 and furniture, fixtures and fittings are up by £l3O Apparently there has been small if any. capital expenditure upon the former, and the depreciation provision has had lull effect The greater part of the capital expenditure has fallen upon motor cars which at £IO7B show an increase ° The liquid assets for the greater part ar<» divided between stock in trade It £35/786i and book debts at £13,734. Twelve months previously the respective amounts were £32,361 and A sum of nearly £50,000 seems more or less tied up permanently in these two items. With a paid-up capital of £57 798 recourse to borrowing is necessary to provide working capital. The stock contains all the gross profit and 50 per cent. more. The other liquid items are small. Advances against goods to arrive have fallen from £4325 to £507, a movement for which recent legislation may be mainly responsible. Sundry debtors, cash In transit and the London bank balance at £llO £577 and £66 respectively are little altered. Assets show a decline of approximately £2600, or the amount by which indebtedness has been reduced.

SUGAR QUOTA AUSTRALIA'S SHARE INCREASED .FURTHER RISE EXPECTED An increase of 12,000 long tons in Australia's sugar export quota for the international year ending August 81 has been announced by the International Sugar Council. The Minister for Trade and Customs (Mr N. J. Lawson) said that the Government was hopeful that another increase for the year would be authorised. The basic quota under the international agreement, he said, had been fixed at 400,000 tons for five years,, only 8000 tons less than Australia* export record Because of the sugar crisis last June. Australia voluntarily reduced its quota by 1 per cent, to 396,000 tons. The increase now granted; he said, would bring the export quota up to 408,000 tons. Commenting on the increased quota, the Sydney Morning Herald stated that it has improved the outlook of Australian sugar producers, but better still is the increase in the world price which has taken place since the scheme came into effect. The object of the scheme, which does nox specifically limit production, but does limit export, is to raise the free market price of sugar to £8 sterling a ton. When the June reduction was made the price was round about £5 sterling a ton. and to-day it is «s» 8s 4d sterling a ton. Production of cane sugar in Australia exceeds 800,000 tons a year, and the consumption in Australia is; about 370,000 tons. The Australian price is retained at £24 with, some rebate to manufacturers, in order that a payable return < may ;b* obtained over the whole sugar crop. BRITISH STOCK MARKETS FIRM UNDERTONE BUT LITTLE BUSINESS (United Press Association) (By Electric Telegraph—Copyright) LONDON, May 15, The undertone of the markets is still firm, but there is little business owing to the obscure international outlook. BRADFORD TOPS MARKET (United Press Association) (By Electric Telegraph—Copyright) LONDON, May 15. The Bradford top? market is quiet Quotations for medium and low qualities are very firm.

£{& (1. Standard Insurance (late Monday) .. .'. 2 11 3 G. J. Coles (cum rights) .. 4 6 6 Gillespie's Beach (odd parcel) .. 0 0 8 LATEST QUOTATIONS The following arc yesterday afternoon's buying and selling quotations , which are subject to the usual brokerage:- - GOVERNMENT LOANS Buyer. £ s. <* Sellei £ I. d. 3} p.c. Stock, Mar., 98 0 0 — 3) p.c. Stock, Sept., 98 0 0 — 4 p.c. Bonds, 1943-46 .. 98 0 0 — 4 p.c. Stock, 1843-46 .. 98 0 0 — 4p.c'3ocd3, 1946-4& .. 98 5 0 — 4 p.c. Stock, 1946-48 .. 98 5 0 — 4 p.e. Stock, 1949-52 .. 96 15 0 — MINING Austral New Zealand (£1) — 1 8 0 Clutha River {2s) .. — 0 S S Gillespie's Beach (Is) 0 0 7J 0 0 9 Goldnelda Dredging — 0 0 2 — 0 17 6 Maori Gully (Is) — 0 0 7 Nokomai (5s) .. .. 0 1 9 0 2 0 Okarito (5s) .. .. 0 2 0 0 3 0 Sandhills (Is) .. .. — 0 0 2} Waitahu (5s) .. ., 0 0 5J 0 0 9 BANKING N.S.W. (£20) .. .. 30 10 0 31 10 0 1 19 6 — N.Z. (Long D;£l).. — 1 7 3 Commercial (10s) — 0 16 10 INSURANCE National (7s) .. .. •0 15 6 _ Standard <£» 2 10 8 — SHIPPING P. and O. Def. Stock (£1) 1 9 0 1 10 0 U.S.S. Co. (pref.; £1) 1 5 6 1 6 0 LOAN AND AGENCY Goldsbrough, Mort (£1) .. .. ,. .. 1 7 6 1 i> !) Otagd Farmers (3s 4d) — 0 J! 1) Wright, Stephenson (pref.; £1) .. .. — 0 18> t! COAL AND OIL Kaitangata (16s) 1 7 6 _. Westport (10s) .. .. 1 0 0 _. Westport - Stockton (ord.; 10s) .. .. — 0 « 0 Westport - Stockton (pref.; 10s) .... 0 7 1 — Taranakl Oil (£1 4s 7d) .. : — 0 T 0 WOOLLEN COMPANIES Bruce (ord.; £1) _ 0 10 9 Kaiapoi (ord.; 17s) .. 0 12 3 — Kalapol (pref.; 17<;).. — 0 lil 0 Mosgiel (£4) .. .. 9 5 0 _... Wellington (pref.; £5) 5 0 0 — MISCELLANEOUS Associated- News (pref.; £1) .... 1 2 0 1 41 0 Aust. Iron and Steel (pref.; £1) .... 1 8 0 .— British Tobacco (El) 2 11 0 — Broken Hill Pty. (El) 3 5 6 — D.I.C. (pref.; £1) .. 1 1 0 — Dominion ■ Fertiliser (£.1) — 1 41 fl Dominion Rubber (£1) _ 1 I) 0 Donaghy's Rope (El) 2 7 « — Dun.-Kaikorai Trams 1, 9 0 _. I.C.I, (pref.; £1) .. — 1 S 3 Milburn Lime (£1) .. 1 13 0 — Natnl, Electric (El) — 0 H 3 N.Z. Drug Co. (£2).. 3 5 0 N.Z. Paper Mills (£1) 1 3 0 — Otago Daily Times (£1) — 2 (I 6 Smith and Smith (pref.; £1) .... 1 0 6 Whitcombe and Tombs (£2 10s) — 2 17 6 Wool-worths (Sydney; ord.; 5s) — 1 >\ 0 Woolworths Pty., Ltd. (6 p.c. pref., ord.; £1) 1 7 0 Cash Orders (Amalg.) 0 Ifl 0

BREWERIES N.Z. Breweries (£1) 1 13 3 _ Dunedin (£1) .... — 14 0 AUSTRALIAN MINING Broken Hill South (5s) .. : 18 3 1 9 3 Electro. Zinc (ord.; £1) - 2 10 6 Mount Lyell (£1) .. — 18 9 Mount Morgan (2s 6d) — 0 10 10 North Broken Hill (5s) 2 7 0 2 10 0 •Ex dividend. DIVIDENDS PAYABLE The following is a list of shares on which dividends will shortly be payable. Australian Consolidated Industries— 4£ per cent., pref., and Is per share ord To-day Bank of Adelaide—Final halfyearly, 22 per cent, (making 51 per cent, per annum) .. To-day N.Z. Newspapers, Ltd.—Final, 8d May 18 Taupiri Coal Company—Annual, 7J per cent May 18 Dental and Medical Supplies Company—Annual, 5 per cent N.Z. Paper Mills, Ltd.—Final, May 19 May 20 Dalgety and Co.—Interim, 4 May 20 Mosgiel Woollen—Interim, 4 May 23 Bank of New South Walesquarterly. 6 p.c. p.a May 25 Westport Coal Company—InMay 26 Dunedin Brewery—Final, 3J p.c. (making 6J p.c. for year) May 30 Broken'Hill Pty.—Final, Is 3d a share May 31 E. S. and A. Bank—Interim, 3J p.c. p.a May 31 National Bank of Australasia —Final, 6s May 31 National Bank of Australasia (cont.)—Final, 3s .... May 31 Broken Hill Pty. (cont.)— Final, lOd May 31 Emperor Gold—Third, 6d a May 31 Henry Jones, Ltd.—Interim, Jun. 1 Dunedin Stock Exchange Pty, —Final 6d and bonus of 6d Jun. 11 Broken Hill South —6d a share Jun. 15 Bank of New Zealand—Final, Is a share Jun. 17 Bank of New Zealand (Long D)—Final, 9d a share Jun. 17 Mount Lyell—Interim, 6d a Jun. 19 Dominion Fertiliser Company—Annual, 6 p.c. — Hume Pipe (£1), 19s .... — Broken Hill South—Quarterly, — McKenzies Dept. StoresFinal, 7 per cent., making 14 per cent, for the year — Tooths Brewery—Interim, 12 NORTHERN EXCHANGES AUCKLAND Sales on 'Change £ s. d. Commercial Bank of Aus0 16 3 Bank of New Zealand 2 0 0 2 4 3 Pukemiro Coal 0 16 9 0 8 6 Australian Consolidated Industries (late Monday) .. 1 7 9 Broken Hill Proprietary (2) 3 6 0 ■ (con.) 2 19 0 0 16 9 Colonial Sugar (2) .. .. ! 51 0 0 2 10 0 Farmers' Trading .. .. 1 0 3 M.K. Manufacturers 0 5 6 New Zealand Farmers' Fer0 16 4 Reid Rubber (rights) 0 8 0 0 6 0 Woolworths (Sydney) 1 3 11 (second pref.; 2) 1 10 0 0 11 0 Mount Morgan (ord.; late 0 10 8 WELLINGTON Sales on 'Change Woolworths, Ltd., - (late 1 3 11 4 per cent. Stock, 1949 .. ! 98 12 6 G. J. Coles (rights) .. .. 2 12 6 1 3 11 Broken Hill Proprietary .. 3 6 0 Unlisted Stock Woolworths (W.A.) .. .. 4 0 6 CHRISTCHURCH Sales on 'Change Bank of New Zealand (cum div.) 1 18 11 Broken Hill Proprietary 3 5 11 (2) 3 6 0 2 10 0 2 9 6 2 9 10 Broken Hill South (cum 1 8 8 Sales Reported New Zealand Government 3H per cent. Inscribed, 1938-41 .. .. .. •• ! 98 5 0 Commercial Bank of Aus0 16 3 G. J. Coles (rights) .. .. 2 11 4 2 10 6 2 10 0

Francs to £1 124 1.21 176 47-64 176 47-61 Brussels — Belgasto£l 80 i 27.52 27.511 OsloKroner to £1 18.180 19.90 19.90 Stockholm — Kroner to £1 18.130 19.41 19.41 CopenhagenKroner to £1 18.150 22.40 22.40 BerlinMarks to £1 20.34 11.66J 11.66! Montreal — Dollars to £1 4.S6 2-8 4.70 4.699 New YorkDollars to £1 4.88 2-8 4.68 5-32 4.68 9-32 YokohamaPence to yen 14.582 14 14 Hongkong— Ponce to dollar 24.58 14 13-18 14! BombayPence to rupes — 17 15-16 IT 29-32 Batavia— Florins to £1 12.10 8.76 8.76 Milan— Lire to £1 82.40 89 89 Amsterdam— Guilder to £1 12.107 8.741 (.681 Prague*— Kroner to fil 1041 137! 137! Genera— Francs to £1 22.22i 20.84} 20.84} Vienna— Schillings to £1 .. 84.86} — — Hclslngfors— Marks to £ 1 193.23 226J 226! Madrid*— Pesetas to £1 25.22ft 200 200 BelgradeDinars to £1 25.221 210 210 AthenaDrachmas to £1 ..375 5471 547J Lisbon— Escudos to £1 ..110 1101 1101 Bucharest— Del to £1 931.8 660 860 Rio de Janeiro— Pence to mllrels 5.890 2! 2! Buenos AiresPence to pesos 47.22 20.251 20.25 Shanghai*— Pence to tael - 81 8! Montevideo — Pence to pesos - 18 18} Warsaw— Zlotys to £1 - - 24.87 24.87 • Nomina .1. ON NEW ZEALAND CURRENCY 1 BASIS The Bank of New South Wales. Dunedln. yesterday quoted the followlne rates for purchases and sales of foreign exchange:— London— Buying. Selling. £1 N.Z. to £100 stg T.T. 124/7/6 125 Australia— O.D. 123/18/9 124/19/6 £ A to £300 N.Z. T.T. 100/10/100 O.D. 100/10/100 Fiji— £ V to £ 100 N.Z. T.T. 90 88/12/6 O.D. 00 88/12/6 New York— Dollars to £ N.8. T.T. 3.7753 3.7319 O.D. 3.7803 3.7329 MontrealDollars to £ N.Z. T.T. 3.7836 3.7456 O.D. 3.7943 3.7466 Belgium— Belgas to £ N.Z. T.T. 22.224 21.914 O.D. 22.299 21.919 Czechoslovakia— Korunas to £ N.Z T.T. O.D. Denmark— Kroner to £ N.Z. T.T. 18.140 17.830 OJ>. 18.200 17.832 FinlandMarks to £ N.Z T.T. 184.78 178.98 O.D 185.18 179.08 Francs— Francs to £ N.Z. T.T. 142.99 140.49 O.D. 144.24 140.51 Germany— Reichsmarks to £ N.Z T.T. — 9.269 O.D. — 9.271 GreeceDrachmae to £ N.Z T.T. — 425.19 O.D. — 425.34 Holland- < Florins to £ N.Z. T.T. T.056 6.906 O.D. 7.096 6.908 Italy— 1 . Lire to £ N.Z. T.T. — 70.94 O.D. — 70.96 Java— Florins to £ N.Z. T.T. T.033 6.883 O.D. 7.073 6.885 NorwayKroner to £ N.Z. T.T. 16.126 15.836 O.D. 16.186 15.839 Noumea — Frames to £ N.Z. T.T. 145.49 138.T4 O.D. 146.99 138.78 Papeete— Francs to £ N.Z. T.T. 144.89 138:89 O.D. 146.39 138.93 Sweden- 1 - Kroner to £ N.Z. T.T. 15.746 15.451 O.D. 15.806 15.454 Ewltzerland — Francs to £ N.Z. T.T. 16.864 16.594 O.D. 16.964 16.597 Cliefoo— N.Z. pence to 1 dollar .. T.T. — — O.D. — — Hongkong— N.Z. pence to 1 dollar .. T.T. 18 21-64 18 45-G4 O.D. 18 19-64 18 45-64 India and Ceylon— N.Z. pence to 1 rupee .. T.T. 22 7-3! 1 221 O.D. 22 3-16 221 Japan— N.Z. pence to 1 yen .. *.. T.T. — 17 37-64 O.D. — 17 37-64 Manila— N.Z. pence to 1 peso .. T.T 31 35-64 XI 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 t*. 1 . „ _» dollar .. T.T. 34 35-64 35 1-32 O.D 34 29-0' 1 35 1-32 South Africa— \ £1 N.Z. to £100 stg. .. T.T. 123/4/6 124/17/O.I). 121/17/All rates subject to alteration without notice.

£ s. a. x, s. a. Copper, spot .. 41 13 1J No change Copper, forward 42 0 7J Rise 0 0 71 Electrolytic, spot 48 0 0 Fall 0 2 6 Electrolytic, forward 48 S 0 Fall 0 2 8 Wire bars .. .. 48 7 6 No change Lead, spot .. •• 14 12 6 Rise 0 13 Lead, forward .. 14 17 6 Rise 0 1 10J Spelter, spot .. 13 11 10J Fall 0 3 U Spelter, forward 13 18 9 Fall 0 3 1J Tin, spot .. 225 7 6 Rise 0 2 6 Tin. forward .. 222 17 Oz 6 Rise 0 5 0 Silver, standard 20|d Rise l-16d Silver, fine .. 21 ll-16d Rise l-16d FRENCH FRANC (United Press Association) (By Electric Telegraph - -Copyright) LONDON, May 15. Sterling exchange on i Paris, 1763 francs to £1. May 12 .. .. 176? May 11 .. .. 1762 May 10 .. . 1763 May 9 .. .. 1763 May 8 .. .. 1762 May 5 .. 176J May 3 .. .. 1763 May 2 .. .. 1764 May 1 .. 1763 April 28 .. .. 1763 April 21 .. .. 1763 April 17 .. .. 1763 April 8 .. .. 1768 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 DOLLAR AND STERLING (United Press Association) (By Electric Telegraph--Copyright) LONDON, May 15. Sterling exchange, London on New York, 4.684. May 12 .. .. 4.681 ' May 11 .. .. 4.684 May 10 .. .. 4.681 May 9 .. .. 4.68-1 May 8 .. .. 4.68J May 5 . 4.681 May 4 .. .. 4.684 May 3 .. .. 4.68 3-16 May 2 .. .. 4.681 May 1 .. .. 4.684 April 27 .. .. 4.684 April 21 .. .. 4.68 April 17 .. .. 4.684 April 8 .. ., 4.68J April 3 .. .. 4.68 7-16 March 31 ..' 4.683 March 1 ., 4.683 Ferbruary 28 .. 4.684 February 1 .. 4.673 January 31 .. 4.684 January 2 .. 4.683

Commonwealth Bonds— £ 8. d. 4 per cent.. 1941 .. 100 6 3 4 per cent. 1944 .. 100 17 6 4 per cent., 1950 .. 101 7 8 4 per cent.. 1955 .. 102 2 6 4 per cent.. 1959 .. 101 0 0 Commercial Bank of Sydney 19 0 0 Bank of New South Wales (New Zealand delivery) 29 0 0 2 13 9 2 7 9 Broken Hill Pty 3 1 6 (cont.) 2 14 9 Dunlop Perdriau .. 1 0 4J Additional Sales Bank of New South Wales (New Zealand delivery) 29 0 0 Commercial Banking of 19 2 6 Queensland National Bank 4 14 0 Bank of Australasia 8 18 0 Australian Gas (A; old) .. 46 15 0 7 5 0 2 7 9 2 13 6 1 1 10 Australian Consolidated In1 15 0 1 «0 3 1 14 C General Industries .. .. 0 18 9 1 9 0 2 15 0 4 8 6 0 12 9 Morris Hedstrom (New Zealand delivery) ■ • 1 5 0 Henry Jones (New Zealand- , 2 9 6 2 6 9 (pref.) 2 9 9 0 10 0 Broken Hill Proprietary .. 3 2 0 (New Zealand delivery) 3 2 0 (con.) 2 15 6 North Broken Hill •• ■• 2 4 6 Triton Gold (New Zealand delivery) .. 0 8 7 0 7 2 3 0 5 MELBOURNE, May 16. Commercial Bank of Aust0 15 1 1 10 6 Dunlop Perdriau .. 1 0 1 Coles (cum rights) .. 3 19 0 Broken Hill Proprietary .. 3 1 6 9 0 8

% f P.O. 1924 .. .. 9.727 1,894 5 1927 .. .. .. 10,125 353 — 1930 .. .. 8.774 2,543 * 1933 .. .. 9.896 815 2% 1934 .. .. 9.411 925 V/ t 1939 ... .. 9.689 1,723 2'/. I93S .. .. 9.948 1,193 3 1937 .. .. .. 10,381 2,748 4 1938 .. .. .. 10,847 3,356 . * 1939 .. .. .. 10.884 2,927 I 'Excluding bad and doubtful dabti reterv*.

Working Broil expenses. income. Ratio. £ £ ■.c. 1923-24 20.137 22.032 81.40 1926-27 22.514 22,987 97.94 1929-30 20.045 22,587 88.78 1932-33 .. 13,923 14,738 94.47 1933-34 .. 13.897, 14,824 83.76 1934-SB 14,598 18,322 89.44 1935-38 15,121 17,114 88.35 1936-37 .. 15.792 18,537 85.19 1937-38 .. 19.133 22,489 S5.0S 1938-39 .. 21.599 24,526 88.07