COMMERCE AND FINANCE

Otago Daily Times, Issue 23828, 7 June 1939, Page 18

COMMERCE AND FINANCE

; LOCAL AND OVERSEAS MARKETS

■?THE SHARE MARKET DUNEDIN STOCK EXCHANGE WEEK COMMENCES LIFELESS There was no animation in the markets yesterday, and the only business recorded'* on the Dunedin' Stocky Exchange was a sale of Westport Coals at £1 Os 6d. The Government loans section had only three, inquiries and there was no revival of interest in New Zealand mining shares. Banks continued to.be steady with Commercials slightly firmer at 16s 2d, and Nationals wanted at £2 6s 6d. The bid for National Insurances also improved to !6s 3d and there was an improved demand for meat* preserving shares. A sale of Westports was reported and the market closed with a buyer forward at £1 Os 3d, while sellers were demanding-6d.more. Westport Stockton ordinary Shares were wanted at the improved price of 3s 7d, but sellers were unwilling to take less than 4s. Broken Hill Proprietaries were less firm with a buyer at £3 8s 3d and a seller at £3 9s 6d, and the best ofter for Coles rights was £2 lis. Milburn Limes, however, were firmly in demand at £1 14s 3d, and New Zealand Drugs Armed to buyers' quotation of £3 6s 6dT YESTERDAY'S TRANSACTIONS! Sale Reported £ s. d. Westport Goal ...... 10 6 Sale Reported After Last Call Austral . New. Zealand . • Mining;' •• ~.,.;;•;. '■; .'; • '■ I.' 4 '■«! 'EA'MS*''Q : tJpTATIONB- " : '' The following are yesterday afternoon's buying and selling quotations, which are subject to the usual brokerage :-r- .

NORTHERN EXCHANGES AUCKLAND

WELLINGTON

CHRISTCHURCH '''.. Sales on 'Change National Bank of N.Z. (cum' '* • div.) • • • • 2 7 0 Broken Hill Propy. (ex div.) 3 8 8 Consolidated Brick .... 0 911 Mort's Dock ;. ... ~ •• 016 3 Woolworths (N;Z.) .. .. 018 9 Woolworths Properties (rights; 2) .. ... ~.'. • • 0 22 Sales Reported Bank of N.Z. (cum div.) .. 2 0 3 N.Z. Insurance (2) .... 212 9 Taranaki Oilfields .. .. 0 7 9 MINING NEWS GILLESPIE'S BEACH A wash-up of 48oz lOdwt for 134 hours from 16,426 yards is reported by the Gillespie's Beach Gold Dredging Company, Ltd., for the week ended on Saturday. CLUTHA RIVER GOLD For the week ended June 2 the dredge of Clutha River Gold Dredging, Ltd.; operating at Alexandra, worked 144 hours and recovered 1660 z of gold. MOUNT MORGAN OPERATIONS Considerable Interest has lately centred In Mount Morgan, Ltd.. one of the foremost Australian mining ventures, among investors in the Commonwealth and in New Zealand, and, with shareholders so widely scattered, the management of the, company has seen fit, in response to numerous requests, to provide them with fuller information about the mine and its operations than can be gained from the fullest of mine reports. To this end a booklet- of pretentious appearance has been issued. Well illustrated—indeed, it is to the photographic art that the greater part of the success of the publication is due — the booklet takes one on a tour of the historic spot from" which much wealth in gold and copper has been won, and describes in,picture and letterpress the various operations which are the basis on which rests the profit-earning ability of the venture. Not only is the shareholder introduced to the sights of interest about the Mount Morgan property, but he is also shown something of the administration of the mine and the manner in which the company has undertaken the responsibility of the welfare of its numerous employees and their families. No attempt is.made to laud the company's business as an investment, though it would have been an easy mistake to have made the booklet a glorified prospectus, and the whole of the publication is in the best of taste. ARGO RETURN For the week ended May 3 the Argo Gold Dredging Company. Ltd.. claimed 44 ounces of gold for 125 hours' work covering 10*700 yards of material. DOLLAR AND STERING ; ,' ;. (United Press Association) : (By Electric Telegraph—Copyright) ' ■' :. - ■ LONDON, June 5. '., ; Sterling exchange. London on New .York, 4.68|. : - '.' ■ ■-:' :

London on New York during 1937 averaged 4.95 dollars to £1 sterling; on August 2 1938. 4.903 dollars; on September 28. 4.63 dollars: and during October varied, between dollars and 4.752 dollars; during November 1938. the variation was between 4.764 iollars (November 8) and 4.634 dollars FRENCH FRANC (United Press Association) <By Electric Telegraph—Copyright) LONDON, June 5. Sterling exchange on Paris, 176$ francs to £l.

WHEAT MARKET (United Press Association) (By Electric Telegraph—Copyright) LONDON, June 5. Wheat cargoes are lower. Parcels are easier. Futures—London: July, 23s 2d; August, 23s 2id. Liverpool: July, 4s 2|d; October, 4s s§d; December. 4s 7d. Chicago quotations: July, 75| cents per bushel; September. 751; December, 76|.

FOREIGN EXCHANGES (British Official Wireless) (United Press Association) (By Electric Telegraph—Copyright) RUGBY, June 5. Paris— Far. June 3. June 5. Francs to £1 124.21 170 47-6* 176 47-64

ON NEW ZEALAND CURRENCY BASIS The Bank of New South Wales. Dunedln, yesterday quoted the following rates for purchases and sales of foreign exchangerLondon— 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. Selling— T.T .... 3.72 7-16 3.72 J O.D. .. .. 3.723 3.73 J BUyl S£r .. .. 3.78* 3.781 , PRICE OF FINE GOLD (United Press Assuclationt (By Electric Telegraph—Copyright)

BANK OF NEW ZEALAND PROFITS TOTAL £585,940 DIVIDEND PAYMENTS <Per United Press Association) WELLINGTON, June 6. The report of the directors of the Bank of New Zealand, to be presented to the ordinary general meeting on June 16, states that for the year ended March 31 the profits, after providing for expenses of management and for all bad and doubtful debts and other contingencies, and after making provision for the annual donation to the Provident Fund, were £585,940 12s 4d, to which has to be added the balance brought forward from last year of £373,880 8s 2d, making a total of £959,820 0s 6d, from which has been paid a dividend on preference A shares of £50,000, an interim dividend on C long-term mortgage shares of £7031 5s an interim dividend on D longterm mortgage shares of £17,578 2s 6d, an interim dividend on preference B shares of £31,250, an interim dividend on ordinary shares of £187,500, totalling £293,359 7s 6d, leaving available for distribution £666,461 13s.

The directors propose that this balance should be disposed of as follows: Dividend on C long-term mortgage shares at 6 per cent, per annum, £7031 ss; dividend on D long-term mortgage shares at 7J per cent, per annum, £17,578 2s 6d; dividend on preference B shares (making £IOO,OOO for the year), £68,750; dividend at the rate of 5 per cent, on ordinary shares (making £375,000 for the year, equal to 10 per cent), £187,500; leaving a balance to be carried forward of £385,602 5s 6d. Total, £666,461 13s. The dividends are to be paid in New Zealand currency.

LORNEVILLE STOCK SALE LARGE YARDING OF FAT LAMBS (Peb United Press Association) INVERCARGILL, June 6. A feature of the Lorneville stock sale was the exceptionally big yarding of fat lambs, this being because the Southland Freezing Works will be closed for the season on Thursday. A total of 2858 lambs was entered compared with 2400 last week. The majority of the yarding consisted of light, unfinished sorts. Best quality realised up to 235, and others 15s 6d to 17s 6d. In the fat cattle section there was a much smaller entry and with the exception of about one-third, which could be classed as good quality, the yarding was comprised of aged and unfinished cows. Prime quality bullocks realised £ll to £l2 12s 6d; handyweights, £9 10s to £lO 10s; lightweights, £7 10s to £8 10s; prime quality cows, to £9 17s 6d; good quality, £8 to £8 10s; medium, £6 to £7: aged and unfinished, £3 10s to £4 10s: prime quality heifers, up to £11; good quality, £9 to £9 15s; medium, £7 10s to £8 10s; and light-weights, £5 15s to £6 10s. At the start of the fat sheep sale there was only a small yarding, but as the sale proceeded more consignments arrived. Because of the smallness of the yarding early in the day bidding was brisk, values showing an improvement, in some cases, of as much as 3s over the previous week. During the latter half of the sale values eased by about Is 6d. Prime heavy wethers made up to 295; prime, 25s to 275; medium, 23s to 245; light-weights, down to 21s; prime heavy ewes. 18s to 20s; good quality, 15s 6d to 17s; medium, 12s to 13s 6d; unfinished, down to 7s.

NORWICH UNION FIRE INSURANCE SOCIETY SUBSTANTIAL DIVIDEND' RECOMMENDED The 141st annual report of the directors of the Norwich Union Fire Insurance Society for the year ended December 31 last states:— The first account shows an Increase of £45*465 in net premiums over those of the previous year, and after payment of claims and other charges. £90,699 is transferred to the profit and loss account. The net premiums In the accident and general account show an increase of £68,990, of which £105,409 has been transferred to profit and loss. In the marine department, net premiums amount to £254,746, which, with the balance brought forward, makes a total of £461,264. • Claims totalled £191,651, and the marine fund amounts to £241,821. The credit balance brought forward in the profit and loss account is £401.444, to which is added net interest, £155,110, transfers from the fire and accident accounts, giving with transfer fees a total of £752,667. The payment of dividend for the year 1937 and debenture interest absorbed £204,192. This, together with directors' remuneration, income tax, national defence contribution, and bad debts, and after transferring £75,000 to pension fund, leaves a balance of £411,033. • The directors recommend a dividend for the year of £6 per share, amounting to £264.000. DOMINIONS' CREDIT POSITION OF CANADA In drawing attention to the apparent difference in the regard in which the credit of Canada and the credit of Australia are held in London, to the advantage of the former, Invsetors' Chronicle omitted one particular aspect of Canadian railway finance to which it might very well have referred (says the financial editor of the Sydney Morning Herald). "Yet," continued this writer, "it was particular in referring to 'Langism' in Australian finance. " The Investors' Chronicle uttered no word of the Grand Trunk case, which, although it dates back to 1921, has left very unpleasant memories among British investors. The Grand Trunk Railway Company of Canada was the pioneer of a great railway system in that country. In 1919, the Canadian Government obtained legislation to take over the railways operated by the company, with the provision that the worth of the vrrious stocks of the company should be determined by arbitration. The arbitration tribunal set up, by two votes to one, being Canadians and the dissentient a citizen of the United States, reported that stocks of the company of a nominal value of £37,000.000 had no real value, and consequently the holders of these stocks, mostly British investors, received nothing. The company appealed, and the appeal went to. the Privy Council, which body determined, and it was particular in saying so, that in law the company had failea to make out its case. The Privy Council was particular also in adding thct it had neither the right nor the duty to inquire into the merits of the award made by the arbitrators. "When Australian Governments, as in the case of Victoria and Queensland, determined that the railways were over-valued, the amount of overvaluation was transferred from the railway debt to the ordinary Government debt. The amount remained, and still remains, part of the public debt of the States concerned.'' CLUTHA AND MOLYNEUX SHARES (United Press Association) (By Electric Telegraoh—Copyright) LONDON. June 5. Share quotations: Clutha River Company—buyers Is, sellers Is 6d; Molyneux River Company—buyers 3d, sellers 4Jd. NEW GUINEA GOLD SHARES (United Press Association) (By Electric Telegraph—Copyright) LONDON, June 5. New Guinea Gold shares are quoted at Is 4Jd-

MACHINERY EXPORTED DOMINION DEVELOPMENT FRUIT GRADERS FOR AFRICA (Special to Daily Times) CHRISTCHURCH, June 5. An interesting development in the Dominion's export trade is the shipment to London and South Africa of fruit-grading machinery manufactured in New Zealand. Although the trade has as yet reached only relatively small dimensions, it is stated to show promise of considerable development providing costs of manufacture in this country can be kept to competitive limits. At present Mr J. Oxley, of Loburn, near Rangiora, has his small factory working to capacity on an English order and a preliminary order from South Africa. This young inventor and patentee has gradually improved his original machine until it is equal in design and workmanship to anything of its kind manufactured in the world. The principal competitor is a large American company, which for, 25 years has been exporting grading machinery all over the world.

The New Zealand article has to compete on the world market without any protection of any type, and rising costs in New Zealand are making this very difficult. When it was suggested to Mr Oxley that perhaps the Government would assist in the development of this business, he replied that he was a firm believer in every business standing on its own legs, and in his opinion there was far too much running to the Government for assistance. It is staled that the prospects of developing the trade are extremely promising, particularly in South Africa, where fruit production has developed to the stage where 8,000,000 packages were exported in 1938. Recent figures available go to show that South Africa is the principal exporting Dominion. DAIRY EXPORTS POSSIBLE RESTRICTION SHIPMENTS TO BRITAIN A warning that British restrictions on exports of Australian dairy produce might come at any time was issued by Mr T. W. Napthali, president of the New South Wales Division of the Australian Institute of Dairy Factory Managers and Secretaries, at the annual conference in Sydney last week. Mr Napthali said that the Australian Dairy Produce Board had agreed to a proposal to establish a Dairy Produce Commodity Council to enable dairy farmers throughout the Commonwealth to advance their claims when the question of regulation of imports came under review.

"We, as managers," he said, "must be prepared to meet such a position, should restrictions unfortunately come about, by endeavouring to develop the manufacture of other lines of dairy produce." Commenting on seasonal conditions, Mr Napthali said that the past year had been a poor one from an Australian point of view, Queensland being the only State which had had satisfactory .dairy production. Victoria had experienced one of the worst droughts known, and in New South Wales, while the coastal areas had been below normal in production because of the dry conditions, the inland areas had suffered even greater losses, but because of the very large Queensland increase, there had been a greater exportable surplus of butter last year than in 1938.

Mr Napthali said that the dairying industry throughout Australia was greatly concerned at the expansion in the manufacture and distribution of butter substitutes. A united protest, from dairy farmers in every State, had been presented to Sir Earle Page in March.

The Minister of Agriculture, Mr A. Reid, who opened the conference, said that figures for dairy factory butter manufactured in New South Wales for the last year had dropped considerably, constituting one of the lowest totals on record. The adverse season had rer duced the total to a little more than 105,000,0001 b, a decrease of 13,000,'0001b on the previous year's figures, and 1,000,0001 b less than in 1937, which was the worst year since 1931. RUBBER STOCKS (United Press Association) (By Electric Telegraph—Copyright) LONDON, June 5. Rubber stocks: In London, 43,284 tons; Liverpool, 22,224. SYDNEY WOOL SALES (United Press Association) (By Electric Telegraph—Copyright) SYDNEY. June 6. (Received June 6, at 11.30 p.m.) At the wool sales 9248 bales were offered and 7700 were sold, while 1938 were disposed of privately. The market was very firm, with keen competition from the Continent, Yorkshire and Japan. Greasy merino made to 14? d. AUSTRALIAN STOCK EXCHANGES (United Press Association) (By Electric Telegraph—Copyright) SYDNEY. June 6. (Received June 6, t.t 11.15 p.m.) The Stock Exchange to-day was active, a steady tone, tending firmer and stronger for the banking group. The Morning Sales £ s. d.

LEVER BROTHERS AND UNILEVER AGGREGATE PROFIT £12,200,000 MARGARINE CONSUMPTION (From Our Own Correspondent) LONDON, May 8. At the annual meeting of the Lever Brothers and Unilever group activities it was mentioned that during the year soap sales exceeded the previous record, while the sale of margarine and edible fats, rose by 81,000 tons over the previous year, although world consumption increased by only 61,000 tons. The undertaking received from, the public a total payment for the products of about £200,000,000. Of this sum the chairman calculates the employees received about £25,000,000, or 12J per cent., the shareholders £12,250,000, or 6 per cent., and the Government, by way of taxation, £25,750,000, or 13 per cent., the balance representing cost of materials and expenses. Besides the turnover, the aggregate profit of the group was relatively maintained at £12,250,000. The concern is. in fact, it is now claimed, ".relatively immune from economic depression" owing to its diversification. If the sections engaged in African and other produce trade were greatly at a disadvantage in 1938, the manufacturing sections, such as the soap section, for which further expansion of sales is hoped, the margarine section, the oil and cake mill, paper, textile, and other sections obtained larger turnover and profits, but not, however, the chemical section.

For the current year the chairman forecasts that the concern will, apart from extreme.emergencies, once again earn a round £12,000,000 of profits. In the first quarter it has actually done more business than in that of 1938.

Referring to their holdings in Australia and New Zealand, the chairman remarked:

"Our companies own a number of factories, both in, Australia and New Zealand; they comprise soap factories, margarine factories, oil mills, and coconut plantations. " In Australia sales of soap increased by over 3 per cent., and now constitute approximately 68 per cent, of the total consumption. Sales of proprietary products in the food line increased, as also did the turnover of the oil mills.

" In New Zealand our soap factories turned out a record quantity in 1938, 14 per cent, in excess of the previous year.

" So far as Europe is concerned, from the angle of both turnover and profits, the British Isles take first place. Our sales of soap were a record in the his l tory of the company. Record "Stork" Sales

"On the edible side, the year 1938 has been decidedly favourable. Whilst the consumption of butter and lard was maintained at approximately the same level, that of margarine was the highest since 1929. Per head of population the consumption amounted to 101 b, as compared with 131 b in 1929, but only 7.91 bin 1934. There is, therefore, still ample room for expansion before the peak figures of 1929 are reached. Our own sales of margarine were actually over 20,000 tons more than in the previous year. " Sales of our main proprietary brand ' Stork'. exceeded all previous records of any brand of margarine in any country." One city commentator remarks: " The history of Lever Brothers and Unilever for 1938 is largely the story of a successful outcome of far-sighted planning." AUSTRAL MALAY COMPANY NEW ZEALAND INTERESTS Operations of Austral Malay Tin, Ltd., and its associated tin mining companies for 1938 are:—Dividends received, • £18,829; net profit, £ 16,727; dividend 10 per cent., taking £10,000; written off shares, £5226; carried forward, £6079. Amounts are in sterling. With reduced quotas and a reduced tin price in 1938, most of the tin mining companies in which the company is a shareholder show decreased earnings. The three .months' price of tin in London averaged £l9O per ton, against £241 in 1937 and £2OO in 1936. The directors point out the difficulty of discovering payable areas in Malaya. Only a few of the company's many applications for prospecting rights were granted. In addition, options over three areas were taken. Six areas bored proved valueless. An extensive campaign in Burma located nothing favourable.

Prospecting in New Zealand was discontinued early in the year. In Australia two areas in Queensland were abandoned after drilling. Indications of an auriferous property in New South Wales are not very hopeful to date.

The company has guaranteed a bank loan of up to £120,000 to Austral New Zealand Mining. Ltd. The guarantee at present extends to £IOO,OOO, that being the limit of the directors' borrowing power. Shareholders will be asked to authorise the directors to borrow up to £120,000. Latest estimates are that requirements of the Austral New Zealand dredge, so far as can be foreseen, are likely to be less than £IOO,OOO. MORRIS, HEDSTROM, LTD. YEAR'S LOWER EARNINGS The net profit of Morris, Hedstrom, Ltd.. Suva, for the year ended March 31 was £65,867. including £13,000 transferred from inner reserves. This compares with £82,098 earned in the previous year and £70,384 in 1937. The directors propose the transfer of £IO,OOO to general reserve, increasing it to £130,000. and the payment of a final dividend of 3 per cent, on ordinary shares, making 6 per cent, for the year. Dividend requirements for the year. Including 6 per cent, on preference shares, total £44,376. leaving £73,276 to be carried forward, against £61,785 brought in.

In reference to the transfer from inner reserves, the directors state that during the last few years internal provision was made against certain contingencies, some of which were not now likelv to arise.

The balancing total at £1,067,300 is a decline of £531 on the previous year's total. BRADFORD TOPS MARKET (United Press Association) (By Electric Telegraph—Copyright) LONDON, June 5. The Bradford market is firm, and last week's advance has been consolidated. AUSTRALIAN DEFENCE LOAN (United Press Association) (By Electric Tek raph—Copyright) LONDON, June 5. The lists open on June 7 for the Commonwealth £6,000,000 4 per cent, registered bonds 1961-64 at 98J for the purpose of meeting Australian defence expenditure in the United Kingdom. LONDON METAL MARKET (United Press Association) (By Electric Telegraph—Copyright) LONDON, June 5. The following are the official metal

GOVERNMENT LOANS Buyer. Seller "»,'•■,' £ n. d. , fl.-s. : d Sjj p.c. Stools, Sept., 1941-43 C.:> v.* y; ; -' ; 98; 6 ■• •— 3J p.c. Stock. May, 98 8 0 •— 3} p.c. Stock, 19S3-5? — 9i lb 0 4 p.c. Stock, 1943-46 .. — 98 15 0 4 p.C. Stock, 1946-49 ,. — 98 10 0 4 p.c. Bonds, 1952-53 .. 98 10 0 — 4 p.c. Stock, 1952-53 .. — 98 13 0 MINING Austral New Zealand 1 4 3 1 5 0 Big River (Is) .. 0 0 6 .. ■ —•..' Clutha River (2s) . — 0 2 3 Gillespie's Beach (Is) 0 0 9 — Goldflelds Dredging (IS) .. ..■, ...- ■,. ■ — 0 0 s Kanierl (£1) , 1 14* 0 • —..' Maori Gully (Is) .. 0 0 71 — Nokomal (5s) ;: .. ... — 0 2 0 Sandhills (Is)' .. i,:0 0 2 Waihl Investments ■•(«•) — 0 7 6 Waitahu (5s) , .-... ; .. 0 0 5 —:■ , BANKING NXW. (£20) .. .. —. 81 10 0 New Zealand (£1) .. — ' ? ■ ° ■ 6 N.Z. (Long Di. *1) 1 68 ' ■ _. ' Commercial (10«)v .. ; 0 16 2 — Natl. of NX (£2 10s).•..; i. 8 * ,.:mm INSURANCE K^'V! National (7s) ' .. .. 0 16 8 • ."•:'•' •: Standard (£1) .. ... 2 11 0 ■* SHIPPING P and O. Del. Stock "■' — I 19 0 U.S.S. Co. (pref.; £1) 1 8 8 ,1- t 0 MEAT•PRESERVING ■:■.',. 'NX' Refrig. (paid £1) 0 IB 8 «—■ N.Z. Refrig. JcpnJ.s '-f' ;; f '%- ":** ' South. Frozen Meat (pald:'' , ''*l)'"'-\ :^'.v;' v- r 8 '"'>»: LOAN AND AGENCY Otago Farmers (3s «ld) — • 8 t Perpetual Trustees — 8 10 0 Wright, Stephenson (pref.; £1) '.. .. : — 6 18 6 COAL AND OIL Kaitangata (16s) 1 7 6 — Westport (10s) ........ 1 0 3 1 0 9 Wfstporl - Stock'top (ord.; lOsy- .".">i '•'.'. ;; «.'8 t 0 « 0 Weptpor' ''■». Stocklon-, •.."..•. 0 1 .4. — Taranaki Ott t («U 4s ■.. — '>..8 8 V ■ WOOLLEN COMPANIES ! BruceY-(pref.; £1) .. ■ rr ■1 .»-: . o Kaiapdk*(pref.; 17s) .. ■ '— 0 »' d Oamartt'jfe£l); . ..;,,.»..; 0 19 ,%, -"• " : '.>'H':V<r M1SCELLANEOU5 ••' Associated '' Nfcws '■' i ' (p^a:f :^iy- 1-:-■■:•-''■ ";!■ » 0 ';:■;'._, '■.'■' Ihds. ■ ; ■•— ' ■ 1 IT .0 Broken'Hill Pty.(«El>:; 8 8 3 3 ii \ D.I.C.Hpref.; £1) ■■';■! /-i.vi 0 — ' Dominion Fertiliser '■•r ; '3 6 — Dunedlri '- Kaikorai ., f Trams'(£1) .;"•'"•> 111 8 — G. J. ,G<?l,es (rights) .. ,2.11 0 — Mlltuirh, time (£ 1) •..; i a'14 3 — Natni;." 1 Electric (*I) ( ;.•■•/ __ 0 14 ' 3 N.Z.!.iJrug Co. (£2) 3 6 6 —: N.Z.,#aper Mills (£1) 1 3 3 1 4 3 Regeht■■•• Theatre (El) — 1 J! 0 Smith..; and . Smith '■ (pn£a'V£V> -I.;...'. ... 0 19 6 •' ~ Wilsons. Cement (10s)'. . Q 17 6 ( -. .'i — Woolwortbs, ■■':■ (Sydney; ord.; '8s)fc.%«'.';-,',,•-■:'•'•.', v . 1" '3' 8. 1 .<,.. —. ■ - t Woolworths.. Properties' (rights)--'•...-. -.'. ..' .;.— ■ 0 !! 3 m' BREWERIES"; "■ ':% '- '■'' .;.;. - N.Z. -Breweries (£1-) 1 18 0 -'• — '< AUSTRALIAN •'..MINING/-. Broken Hill South Mount* Lyell (£1) ..; ; .18 6 ■ -li'ii 9 C2s 6d); 0 11 \3; ',o"i:l 6 Mount Morgan (pref.; 12s»'x;,. ... •■ -*:, ,1 3 0 >.'.."' "?* North V; Broken Hill, ':.,•'.(! (5»)';: ■■-:,,.. >. '•,',,«. 9 0' ' t. ~

Sales on 'Change •C c d. National Bank of N.Z 9J S. 2 6. 6" 2 0 0 National Insurance .. .. 0 16 4 N.Z. Insurance (4) .. .. 2 10 0 Taupiri Coal 0 17 6 Broken Hill Propy. .. . . 3 9 3 8 0' 9 Colonial Sugar (late Sat.) .. 50 7 6 Lewis Eady (pref.) .. 0 19 0 Consolidated Brick .. .. 0 9 9 Farmers' Trading .. .. 0 19 9 Milne and Choyce (deb. 0 15 0 0 16 3 , 0 6 3 Wilsons Cement . 0 18 0 Mataki Dredging (late Sat.) 0 0 3 0 11 4 Unlisted Stock Taranaki Oil Development 81 7 6 0 2 5

Sales on 'Change 4 p.c. Stock. 1943 (late Sat.) 99 0 0 Dalgety and Co. (late Sat.) 6 4 0 N.Z. Breweries (late Sat.) 1 18 6 Taranaki Oil (late Sat.) .. 0 7 11 0 17 10 0 0 8 Broken Hill Propy 3 8 9 3 17 6 4 19 9

Murie 2 ;.. ... . . .. 4.68 3-5 June 1 ;.'. .. . . ... 4.681 May 31 . : . .. . .' '.. 4.68* May 30 ...; '. .". .. 4.68J May 26 .. .. . . "..• 4.68 3-16 May 25 .. .. . . .. 4.681 •May '24,'?..' ... .'. 4.68J May 23 .. .... . . .. 4.681 1 May 22 ' .. ■ ... . . .. 4.684 May 15 .. .. ,i >„ . .. ■'. 4.681 May: 8 ' .. .. . . . .. 4.684 May. 1 ••■■.; .*■■■;-,. . ... 4.634 April 27 ..' ..' '. . .. 4.684 April 3 ., •■.(, . March 31 .. . . .. 4.68 7-16 . .. 4.683 March 1 .. . . ... 4.68* . .. 4.681 28 .. . February 1 .. . . .. 4.683 January 31 .. . . .. 4.681 January 2 .. . . .. 4.68*

June 2 .. .. . . .. im June 1 • .. .. . . .. 1763 May 31 . .. 176!| May 30 . .. 1763 May 26 . .. 176 j May 25 . ., 176J,' May 24 . .. 1763 May 23 .. .. . . .. 1763 May 22 . .. 1763 May 15 . .. 176;; May 8 . .. 1763 May 1 . .. 1763 April 28 . .. 1763 April .3 .. .. . ... 176 13-16 March 31 v. .-..' • . •.. 1763 March 1 ... ...'•• . ..177 February 28 .. . . .. 177 February 1 . .. 177 January 31 .. . . .. 177 January 5 .. . . .. 177 11-16

Brussels— Belgas to £1 30 27.501 27.511 OsloKroner to £1 18.180 19.90 19.90 StockholmKroner to £1 18.150 19.42 19.42 Copenhagen— Kroner to £1 18.150 22.40 22.40 Berlin— Marks to £1 20.34 11.671 11.671 MontrealDollars to £1 4.88 2-3 4.69} 4.69 Now York— , Dollars to £1 4.86 2-3 4.681 4.681 Yokohama— Pence to yen 14.582 14 14 Hongkong— Peiice to dollar 24.58 14 15-18 14 15-18 BombayPence to rupee — 173 17J Batavla— Florins to £1 12.10 8.76 8.76 MilanLire to £1 82.46 89 , 80S AmsterdamGuilder to £1 12.107 8.77! 8.79! Prague*— Kroner to £ 1 104ft 1373 137! Geneva— Prunes to £1 22.22J 20.72J 20.75 Vienna— Schillings to £1 .. .. 84.861 - —• Helslngfors— Marks to £1 193.23 226} 226! Madrid*— Pesetas to £] 25.221 200 200 Belgrade— Dinars to £1 25.221 210 210 AthensDrachmas to £1 .. .. 3T5 5471 5471 Lisbon — Escudos to £1 .. '.. no 110} 110} Bucharest — Lei to £1 .. 931.6 660 060 Rio dc JaneiroPence to milreis .. 5.890 2 25-32 2 25-32 Buenos Aires — Pence to pesos 47.22 30.241 £0.241 Shanghai*— Pence to ttel — 8! 81 Montevideo— Pence to peeoo — 18 18 Warsaw— Zlotys to £1 — 54.97 24.87 ♦Nominal.

Stg. • • T.T. 124/7/6 125 O.D. 123/18/9 124/19/0 Australia— £ A to £100 N.Z. T.T. 100/10/100 O.D 100/10/100 FIJ1- £ rto £1C3 N.Z. T.T. 90 88/12/0 O.D. 90 88/12/(1 f*cw YorkDollars to £ N.Z. T.T. 8.7782 3.7350 O.D 3.78S2 3.7300 MontrealDollars to £ N.Z. T.T 3.7796 3.7396 O.D. 3.7883 3.7106 Belgium— Bellas to £ N.Z. T.T. 22.229 21.919 O.D 22.304 21.924 Czechoslovakia— Rorunas to £ N.Z T.T. — — O.D. — — DenmarkKroner to £ N.Z. T.T. 18.140 17.830 0.'". 18.200 17.832 Finland— Marks to £ N.Z T.T. 184.89 179.09 O.D 185.29 178.32 France — Francs to £ N.Z. T.T. 142.99 140.49 O.D. 144.24 140.51 Germany— BelchsmarlH to fi N.Z T.T. -— 9.275 OD. — 9.277 GreeceDrachmae to £ N.Z. .. .. T.T. — 429.19 O.D. — 429.34 HollandFlorins to £ N.Z. T.T. T.144 6.994 O.D 7.184 6.996 ItalyLire to £ N.Z. T.T. 71.000 O.D. — 71.025 JavaFlorins to £ N.Z. T.T. 7.125 6.975 O.D. 7.165 0.977 NorwayKroner to £ N.Z. T.T. 16.126 15.836 O.D. 16.186 15.839 Noumea — Francs to £ N.Z. T.T. 145.49 138.74 O.D 146:99 138.78 PapeeteFrancs to £ N.Z. T.T. 144.89 138.89 O.D. 146.39 138.93 SwedenKroner to £ N.Z. T.T 15.749 15.454 O.D. 15.809 15.457 SwitzerlandFrancs to £ N.Z. T.T. 16.789 16.519 O.D ■ 16.889 16.522 Chef oo— N»z. pence to 1 dollar .. .. T.T. O.D ~~ "■" Hongkong— N.Z. pence to 1 dollar .. T.T. 18 13-32 18 25-32 O.D. 182 18 25-32 India and Ceylon— N.Z. pence to 1 rupee .. T.T. 22 9-64 22 27-64 O.D 22 7-64 22 27-64 Japan— N.Z. pence to 1 yen .... T.T. — 17 37-64 O.D — 17 87-64 Manila— N.Z. pence to 1 peso T.T 31 35-64 32J 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 tt ] ■ dollar .. T.T. 54 33-64 SS O.D 34 27-61 35 South Africa— £.1 NZ. to £100 S.A. .. .. T.T. 123/4/6 124/17/O.D 124/17/All rates sublect to alteration without notice

LONDON, June 5 ii s. d. June 5 7 8 5 June 3 7 8 5 June 2 8 5 June 1 7 8 5 May 31 7 8 54 May 30 7 8 54 May 27 7 8 54 May 25 8 5J May 24 7 8 5 May 23 8 54 May 22 7 8 54 May 20 7 8 6 May 18 8 6

Commonwealth Bonds— 3 p.c, .1948 93 0 0 98 7 6 98 5 0 4| p.c, 1954 101 0 0 100 3 9 101 5 0 101 5 0 Anthony Hordern .. .. 0 14 7 Broken Hill Proprietary .. 3 4 0 (cont.) 2 17 6 2 12 9 Additional Sales Bank of N.S.W 28 18 0 Commercial Banking of 19 5 0 National Bank (£5 paid) .. 6 2 0 7 11 0 45 15 0 New Zealand Insurance .. 2 7 9 Associated News (pref.) .. 1 1 0 0 19 9 Burns Philp, South Sea .. 1 5 9 Huddart, Parker .. 2 11 9 Australian Guarantee Cor1 2 1 2 12 9 2 8 0 Australian Consolidated In1 16 4 1 2 0J 1 14 6 0 19 1 0 13 3 General Industries .. .. 0 19 6 1 16 9 4 14 0 0 15 6 2 12 9 0 17 6 1 0 3 0 5 1 Standard Cement .. .. 1 1 6 0 11 6 Morris Hedstrom .. 1 6 0 Electrolytic Zinc .. .. 2 8 6 (pref.) 2 12 0 1 6 6 Broken Hill Pty 3 3 9 (new) 0 15 4 South Broken Hill .. 1 7 0 0 9 1 1 3 6 1 7 6 Austral New Zealand Gold 1 2 0 0 12 0 MELBOURNE, June 1 3. £ s. d National Bank (£5 paid) .. 6 2 0 (£10 paid) 12 4 0 Australian Consolidated In1 16 6 Felt Textiles (second pref.) 1 0 10 Electrolytic Zinc (pref.) .. 2 12 " 0 South Broken Hill .. .. 1 7 0

quotations:— Ton Copper spot &, s. ** " 42 8 11 Fall 0 0 7J Copper, forward 42 15 71 No change Electrolytic, spot 48 10 0 Fall 0 5 0 Electrolytic, forward .. 49 0 0 Rise 0 5 0 Wire bars .. .. 49 0 0 Rise 0 5 0 Lead, spot .. .. 14 10 71 Fall 0 2 0 Lead, forward .. 14 14 41 Rise 0 1 3 Spelter, spot .. 14 1 3 Fall 0 1 10} Spelter, forward 14 5 71 Fall 0 2 6 Tin, spot .. .. 226 7 6 Fall 0 15 0 Tin, forward 224 2 Oz « Fall 0 10 0 Silver, standard 20d No change Sliver, fine .. 21 9-16d No change