COMMERCE AND FINANCE

Otago Daily Times, Issue 23865, 20 July 1939, Page 15

COMMERCE AND FINANCE

THE SHARE MARKET DUNEDIN STOCK EXCHANGE BRISKER TRADING YESTERDAY Offers for Government loans continued to be firm on the Dunedin Stock Exchange yesterday, when the days trading was considerably brighter than for the past few days. Bank of New Zealands were easier, with a seller at £1 18s 9d, and Nationals, after a sale at £2 ss, had quotations 3d on either side of that figure. „ , , National Insurances were firmly in demand at 16s 9d. and the bid for Trustees, Executors was advanced to £4 4s without attracting a seller. An offer of £1 4s 9d came forward for Christchurch Gas. , ~ , Broken Hill Proprietaries found sellers more exacting, their quotation being steady at £3 11s, while sellers moved up 3d to £3 9s. The contributing issue was again asked for at £o 2s without response. Coles were firmer with a buyer at £4, and a buyer of I.CJ. (preferred) came forward at £T4s 3d in response to sellem’ qu°tation of 6s more. Sydney Woolworths moved tip to £1 4s on buyers' quotation, but sellers were firm at 3d more. Australian mining scrip continued unchanged. YESTERDAY’S TRANSACTIONS Sales Reported £ s. d.

LATEST QUOTATIONS The tallowing are yesterday afternoon’s buying and selling quotations which are subject to the Usual brokerage

WELLINGTON Sales on ’Change

LOCAL AND OVERSEAS MARKETS

NORTHERN EXCHANGES AUCKLAND Sales on ’Change

CHRISTCHURCH Sales on’Change

DIVIDENDS PAYABLE The following is a list of shares on which dividends will shortly be payable:— Blackwater Mines—Final, 6d

LONDON STOCK EXCHANGE (United Press Association) (13v Electric Telegraph-Copyright) LONDON, July 18. Didgety 4 per cent, debentures £7B (nominal), British Tobacco 36s 6d (nominal); Goldsbrough, Mort 19s BJd (nominal); Dylgety 85s (nominal); P. and O. Deferred, los 7Jd. PRICE OF FINE GOLD (United Press Association) (By Electric Telegraph-Copyright)

DOLLAR AND STERLING (United Press Association) (By Electric Telegraph— Copyright) LONDON, July 18. Sterling exchange, London on New York, 4.68jJ.

London on New York during 1937 averaged 4.95d0l to £1 sterling; on August 2. 1938, 4.493: on September 28, 4.63; and during October varied between 4.78 J and 4.75 i During November 1938, the variation was between 4.764 dol (November 8) and 4 6^4 CLUTHA AND MOLYNEUX SHARES (United Press Association) (By Electric Telegraph—Copyright) LONDON, July 18. Share quotations: Clutha River Company —buyers 10Jd, sellers Is IJd; Molyneux River Company—buyers lid, sellers 4id.

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

ON NEW ZEALAND CURRENCY BASIS The Bank of New South \Valcs, Dunedin, yesterday quoted the following rates for purchases and sales of foreign exchange London— Buying, Selling. £ I N.Z. to £IOO

Cbefoo— N.Z. peace t> 1 dollar T.r. O.D. - Uongkong— N.Z. pence to 1 dollar .. .. T.T. 18 9-10 18 15-10 O.D. 18 17-32 18 15-10 India and Ceylon— N.Z pence to 1 rupee .. .. T.T. 22* 22 17-32 O.D. 22 7-32 22 17-32 Japan— N.Z. pence to 1 yen .. .. T.T. O.D. IT 37-04 Manila— N.Z. pence to 1 . „ peso .. .. T.T. 31 33-04 32 7-32 O.D. 31 27-04 32 7-32 Shanghai— N.Z. pence to 1 dollar .. .. T.T. O.D. Singapore— M- MIMeMIMJ O.D 34 23-32 85 19-04 South Africa—£l N.Z. to £IOO SA .. •• T.T. 123/4/8 124/17/b,A ' O.D 122/17/- 124/17/ All rates subject to alteration without notice

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:- 0g A (Per £1 (Per £1 N.Z.) N.Z.) Dols Dols. SeH T.T7 .. .. 3.724 3.72 11-16 O.D 3.72 J 3.73 BUy O.D" .. .. 3.78 1-16 3.783 LONDON METAL MARKET (United Press Association) (By Electric Telegraph Copyright) LONDON. July 18. The following are the official metal Quotations:— Ton

Oz Silver, standard 16j|d No change Silver, fine . 18 l-16d No change

FRENCH FRANC (United Press Association)

BUTTER MARKET QUIETER GAIN IN STORE STOCKS NO CHANGE IN VALUES Slower conditions ruled in the market for butter in London at the close of business last week. The wholesale price of New Zealand, however, remained steady at 126 s per cwt, while retail prices for both New Zealand and Danish were unchanged. Stocks of New Zealand butter accumulated to some extent, rising to 5820 tons from 5504 tons in the previous week. Deliveries from store at 1278 tons were 307 tons lower than those in the corresponding week of last season and 526 tons less than those of the previous week.

By arrangement with the Primary Products Marketing Department the following information is supplied by the New Zealand Dairy Board for the week ended July 14, figures for the previous week being given in parenButt'er.—New Zealand: Salted, 126 s (1245); unsalted, liveries, New Zealand, 1278 tons (last year, 1585 tons); in store, 5820 tons (last year, 7487 tons). Australian; Salted, 117 s (116 s to 117 s); unsalted, 116 s to 117 s (116 s to 117 s). Deliveries: Australian, 1930 tons (last year, 845 tons); in store, 5835 tons (last year, 4554 tons). Danish, 109 s f.0.b.; 130 s to 131 s spot (105 s, 1255, 1275). Dutch: Salted, 110 sto Ills (Ills to 112 s); unsalted, 110 s to Ills, exceptionally 113 s (Ills to 112 s). Irish, creamery: Salted, 121 s (121 s). Lithuanian: Unsalted, 112 s. exceptionally 114 s (112 s) Polish: Salted and unsalted, 110 s to Ills (109 sto 110 s), The market is slow. Retail orices are unchanged:— New Zealand, Is 2d; Danish, Is 3d. Cheese. —New Zealand: White, 64s 6d (64s 6d); coloured, 67s (675). Deliveries: New Zealand, 15,299 crates (last year, 20,320 crates); in store, 98,513 crates (last year, 76,972 crates). Australian: White, 60s to 63s (59s to 625); coloured, 62s to 65s (62s to 655). Canadian: White and coloured, 63s (62s to 645); c.i.f. 64s (66s 6d); old season’s: White, 74s to 75s (755); coloured. 75s (755). Deliveries: Canadian, 1243 boxes (last year, 4553 boxes); in store, 8907 boxes (last year, 65,085 boxes). South African: Coloured, 57s to 62s (—). The market is quiet. New Zealand retail price unchanged, Bd. AUSTRALIAN STOCK EXCHANGES (United Press Association) (By Electric Telegraph--Copyright) SYDNEY, July 19. (Received July 19, at 11.30 p.m.) In a firm market buying interest on the Stock Exchange to-day was confined mainly to front rank industrials. The turnover was on a moderate scale. The Morning Sales £ s. d.

(By Electric Telegraph—Copyright) LONDON. July 18. Sterling exchanges on Paris, 1763 francs to £l.

ANTWERP FUTURES (United Press Association) (By Electric Telegraph—Copyright) LONDON, July 18. Antwerp futures are quiet. July, 2Ud; October, 21Jd: December, 21Jd. COLOMBO TEA SALE Mr L. M. Wright has received the following cabled report on the Colombo tea auction of July 18: At yesterday’s auction of 2,000,0001 b, common teas advanced about Id. Medium and fine grades were fully firm at last week’s quotations; quality of offerings showed further improvement. One million and three-quarter pounds have been catalogued for sale next week.

BRITISH FINANCE LOANS TO FOREIGNERS HUGE LOSSES MADE CONTRAST WITH DOMINIONS Britain has invested about £3,354,000,000 in foreign countries and has lost about £3,000,000,000 of it. On the other hand, of £1,176,000,000 invested in dominions and colonies comparatively little has been lost. This was pointed out in a letter written recently to The Times by Mr Ralph Assheton, who argued that “unless we pay more attention to our Empire and use our capital resources to develop it wisely, we shall not deserve to keep it. nor shall we be able to deny the suggestion ma?de in many foreign countries that we are dogs in the manger. “On the strictly business side of the question,” writes Mr Assheton, “ may I draw attention to the following figures which I have obtained from the annual report of the Stock Exchange, which has just been issued:— “ The total nominal amount outstanding of foreign stocks and bonds and foreign railway securities in * the official and supplementary lists is £3,354,646.172, and the market valuation at March 24, 1939, was £620,768,432. On the basis of that valuation not far off £3,000,000,000 has been lost by the investing public in foreign investment —a great deal of it irretrievably. “ On the other, hand, the total nominal amount outstanding of dominion, provincial and colonial Government stocks and dominion and colonial railways is £1,176,099,675, and the market valuation at the same date was £1.047,709,838, It is true that this shows some depreciation and mistakes have been made, but very little of the capital has been iiTetrievably lost, and a valuation taken at a more favourable period might easily show no loss at all, taking the list as a whole. “ These figures are by no means comprehensive. as they do not include commercial interests other than railways nor do they include our investments In India or in the United States, but they are a fair illustration of the point 1 want to make. For various reasons, many of which could not have been foreseen, a vast sum of money has been lost in foreign investments; how much better if some of it had been invested (even lost!) in our own Empire. Let us learn our lesson and invest more of our savings imperially in the future.”

SOUTHLAND MARKETS GENERAL LACK OF ANIMATION (Special to Daily Times) INVERCARGILL. Julv 19. Most of the produce markets lack animation at the present time. It is anticipated, however, that, when the spring demand begins, the tone of the markets for grain and seed lines will improve. Potatoes are the only line in which any special interest is being shown. Business In oats is very quiet, and few samples are at present being submitted by farmers. On the other hand, merchants are finding a difficulty in getting outlets, as the shipping market is dull, and only occasional lines are suitable for sale to millers. The value to growers for grade oats is from 2s to 2s 3d a bushel, 0.t.c.5.. according to weight and quality. Under-grade lines range in value from Is 8d to Is lid. Wheat and Chaff Most of the wheat passing nulling quality is now in merchants’ hands. Values for the current month f.o.b. Bluff are: Tuscan varieties 5s 9d, Hunters 5s lid. Velvet 6s Id. In addition, there will be a bonus to growers at the end of the season of a minimum of 3d per bushel. The market for fowl wheat is over supplied, as practically all the wheat in coastal areas will not pass the milling standard. The outlet for fowl wheat from Southland has been seriously affected by the Government importation of wheat from Australia to the North Island for the poultry trade. As a consequence, values to growers for fowl wheat are lower than was anticipated earlier in the season, this being necessary to enable competition with the imported article. The value t-> growers o.t.c.s. for good whole fowl wheat is 4s 9d a bushel, sacks extra. The chaff market is well supplied, and the demand is very small. The value to growers for good, bright quality is £3 10s per ton, on trucks country sidings. The Seeds Market Because of the absence of outlets for ryegrass seed of low germination, there has been a drop in values to growers for all seed with the exception of lines of high germination. Merchants are buying seed only on dressed basis, and on Government Germination Certificate. Values, according to germination, are as follows: Seed showing 90 per cent, germination, 7s 6d; 80 per cent., 6s 6d; 70 per cent., 5s 6d; 60 per cent., 4s 6d; 50 per cent., 3s 6d.

Italian ryegrass is also being bought onlv on dressed basis, values ranging from 3s to 5s per bushel, according to germination. There has been no Improvement In the market position for browntop during the week. There has been an absence of overseas business and until more export business is available, the market is more likely to ease than to improve. Value to growers for ma-chine-dressed seed is nominally Is 2£d per bushel for certified and Id less for uncertified.

There have been few small overseas sales of Chewings Fescue during the past week, and buyers are again taking up those few parcels left in growers’ hands. Merchants’ ideas of values are about Is 8d per lb to grower for machine-cleaned seed. Potatoes Unchanged

With high prices ruling, there has been a tendency for the demand for potatoes to ease. The local market has been kept well supplied and there seems no fear of an immediate shortage—in fact, there has been a certain amount of shipping during the past month, and there are more commitments in this direction for August. Values remain about the same as last week. Lines of King Edwards are realising about £l2 with Arran Chiefs 10s less.

Fraser and Co., selling agents for Otago and Oamaru Egg Circles, report as under: — Eggs: Poultry farm eggs, Is lOd per dozen; pullet eggs, to Is 7d per dozen. Dairy butter pats, Is; bulk, Is OJd. Tallow, 9s per cwt. Pigs: Good bacon weights, G£d to 7d per lb; overweights, 3d to 4d per lb; porkers, 7d to 7£d per lb. King Edward potatoes, £ls to £l6 per ton; Whites, £l4 to £ls per ton. Chaff, £5 10s per ton, sacks extra. Whole fowl wheat, to 6s 8d per bushel. Canterbury onions. 20s per cwt. Honey: Bulk, 7d to 8d per lb; 21b pottles. Is 6d; 101 b tins, to Bs. Poultry: White Leghorn hens, 4s to 5s 6d; heavy breeds, 5s 6d to 7s; cockerels —light 2s 3d to 4s, heavy 7s to 8s; roosters, 2s to 3s; ducks, 3s to 6s; ducklings, 5s to Gs; all per pair. Turkeys required. Gobblers, lOd to lid per lb. live weight; hens, 7d to 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. Consignors, please note that all pigs and poultry must arrive not later than Wednesday morning of each week. We have a stock of poultry crates on hand for use of our clients.

ADDINGTON STOCK SALE LOWER RANGE OF SHEEP VALUES (Per United Press Association) CHRISTCHURCH, July 19. With a larger yarding of fat sheep the weekly stock sale at Addington today a steady sequence in the weekly advance in prices was interrupted, values generally easing by 2s a head on the advance last week, with lighter ewes down by as much as 2s 6d.

There was a belter selection of store sheep, and the sale was good, in view of the bad weather and the small attendance. A truck lot of threequarterbred ewe hoggets sold at 17s, other pens at 12s, best wethers at 13s 9d, and a pen of four six-tooth halfbred ewes at 21s. Best lambs in the small fat lamb section sold to 8d per lb. About 5000 fat sheep were entered, compared with 4000 last week, and the sale, though irregular, was easier from the outset, and a decline of about 2s applied to most classes. Extra prime heavy wethers sold to 39s 4d; prime heavy, 29s 6d to 345; prime medium, 25s to 28s; light, to 18s; extra prime heavy ewes, to 30s 7d; prime heavy. 22s 6d to 265; prime medium, 18s to 225; light, to 14s. About 420 fat cattle were entered, compared with 475 last week. The market opened at 10s to 20s a head lower than last week, but soon firmed to the values of last week. Extra prime heavy steers sold to £lB 12s 6d; prime heavy, £ls to £l6 ss; prime medium, £l3 5s to £l4 15s; light, to £10; extra prime heifers, to £l3 12s 6d: prime, £lO to £ll 10s; medium, £8 to £9 10s; light, to £7 ss; extra prime cows, to £l3 17s 6d; prime, £8 10s to £lO 10s; medium, £6 10s to £8; light, to £6. The porker entry was the smallest of the season, resulting in a rise of 3s to 4s per head. Choppers were in small supply, and showed an advance of 10s to 15s. Baconers were again forward in small numbers, and recovered the drop of last week. Porkers sold at 43s 6d to £3 2s 6d, the average price per lb being 7d to 7Jd. Baconers sold at 57s 6d to £5 Is 6d, the average price per lb being 61d to 7d. MINING NEWS GREY RIVER RETURN - (Per United Press Association) WELLINGTON, July 19. The Grey River dredge return is 267 ounces from 94,681 cubic yards of material in 133 hours’ work. BRIGHTER TONE IMPROVEMENT IN LONDON MARKETS (United Press Association) (By Electric Telegraph—Copyright) LONDON, July 18. The stock markets are brighter on the more optimistic outlook of the European situation and the firmness in Wall street. THE BUTTER MARKET (United Press Association) (By Electric Telegraph—Copyright) LONDON, July 18. Butter is slow. Choicest salted and unsalted: New Zealand, 1255; Australian, 116 s.

Hastings Borough, 4J p.c., 1942 .. •• 100 10 0 Waitaki E.P, Board, 1959 .. 99 10 0 34 p.c. Stock. 1953-57 . .. 88 5 0 Nat. Bank of New Zealand 2 5 1 8 0 6 1 3 0 Kaitangata Coal Tarhnaki Oil .. .. •• 0 5 Kauri Timber .. •« • ■ 0 NZ. Breweries . . ... 1 17 0

GOVERNMENT • LOANS Buyer Seller. £ 0. d £ a 31 p.c. Stock Mar-' 98 0 0 1941-43 .. .. .. 3J p.c. Stock, Sept,. 98 0 mi-43 .. .. • • 0 cm* 3 p.c. Bonds, 1939-41 ... 95 10 0 •— 4 p.c. Stock, 1940-43 .. 98 10 0 — 4 p.c. Bonds, 1943-46 .. 98 15 0 — 4 p.c. Stock, 1943-46 .. 08 15 0 — 4 p.c. Bonds, 1946-49 .. 97 5 0 — 4 pic. Stock, 1948-49 .. 97 5 0 4 p.c. Stock, 1949-52 95 15 0 4 p.c. Bonds, 1952-55 .. 93 15 0 — 4 p.c. Stock, 1952-55 .. 95 15 0 — MINING Austral New Zealand 1 4 (£1) .. »• •• — 9 8 Big River (Is) .. •• 0 0 “““ Gillespie’s Beach (Is) — U U Goldfields Dredging (is) .. .. •• Nokomal (5s) o a 0 2 0 1 8 2 0 Sandhills (Is) .. 0 0 1 0 0 • BANKINGN.Z. (£1) •• •• — 3 1 18 9 N.Z. (long D; £1) .. 1 6 Commercial (10S) — 6 17 E.S. and A. (£3) —■ 9 5 2 6 Natl. Cl N.Z. (£2 10s) 2 4 2 5 3 INSURANCE K .ttonal (7s) .. >• 0 IS 9 — New Zealand (£1) 2 11 0 — 6 Standard (£1) •• 2 23 9 2 14 SHIPPING - < ■ Howard Smith (£1) — . 1 1 6 u,$4. ;Coi; £1) ,, ( >r < X, 5: 9. meat preserving N.Z. 1 -Ref ridf.' (paid - £ 1 ) 0 15 3 — N.Z Relrig (cont.; 0 8 6 10S) 0 7 10 South: Frozen Meat 1 7 (paid; £1) •• •• 3 •— LOAN AND agencv N.Z.. Guarantee Corp. 3 13s) ' s'C' 1 — 0 4 Otago Fanners (3s 4d) 0 2 0 0 2 9 Trustees, Executors (£3) ..... .. 4 4 0 — Wright, Stephenson 0 19 (prel.; £1) •• •• ♦ GAS Auckland ( £1) ; . i — 9 0 17 0 Christchurch (£1) .. 1 4 — COAL AND OIL Westport (10s) .. .. 1 0 6 — Westport - Stockton 6 (prel.; Ms) .. •• 0 7 — Taranaki Oil (£1 4s 0 8 — 6 WOOLLEN COMPANIES Bruc (ord.; £1) 0 10 0 — 6 Kalapol (ord.; 17s) .. — 0 12 Oamaru (£1) .. •• 0 14 V ~ MISCELLANEOUS Associated' News 6 (prel.; £1) •• •• X 1 — Aust. Corisold. Indus. 1 18 0 1 19 0 Aust. Iron and Steel (prel.; £1) •• •• 1 8 0 — Broken Hill Propy 3 11 3 9 0 0 Broken Hill Propy. (cont.; 110s) .. .. 3 2 0 — D.l.C tprel.. £1) 1 I 6 Dominion Fertiliser (£1) f , .. .. .. 6 1 3 Dominion Rubber (£1) 0 17 i) Donaghy’s Rope (£1) ' — 2 10 0 G. 3. Coles (£1) .. 4 0 0 — G. J. Coles (rights .. 2 11 6 — 9 I.C.l, (prel.; £1) .. 1 4 3 1 4 MacDuffs (ord.; £1) 0 1 6 — Mllburn Lime ( £1) i 15 6 — Natnl. Electric (£1) 0 13 3 — Ni. Drug Co. (£2) 3 8 9 — N.Z Paper Mills (£1) • 4 9 — Otago Daily Times {P.i) 2 0 6 Regent Theatre (£1) - 1 1 6 Wilsons Cement (10s) 0 16 9 — Woolworths (ord.; 5s) 0 17 0 — Woolworths (Syd.: 1 4 0 1 4 3 Woolworths Properties. Ltd. (rights) .. 0 1 7 —

BREWERIES N.Z. Breweries (£1) 1 17 4 Tooth’s (£1) .. .. 2 15 0 — AUSTRALIAN MINING Broken Hill South (5s) 1 8 0 — Electro. Zinc (pref.; £1) 2 17 0 Electro. Zinc (ord.; £1) 2 13 0 2 13 9 Mount Morgan (2s Bd) 0 10 B 0 10 9 Mt. Morgan (prel.: 12s) 1 3 0 — North Broken lilll (5s) 2 8 6 —

stg. a share July 21 Consolidated Goldfields—Interim, 3d stg. a share July 21 Okarito—10 p.c., 6d a share July 22 Argo, 18th, Id a share .. .. July 24 Union Bank—Interim, 3s stg. (less tax at 3s 8d in the £) July 26 British Tobacco (pref.) quarterly. 6J p.c. p.a July 31 Imperial Chemicals (Aust.) pref.. half-yearly, 5 p.c. p.a. July 31 G. J. Coles—Final Is 6d a share, bonus 9d July 31 N.Z. Insurance—Final, Is a share Aug. 8 Farmers’ Fertiliser—Ord., 6 p.c. p.a.; pref., 5$ p.c. p.a. (to May 31) Aug. 15 Com. Bank Aus, —Pref., 4 p.c.; ord., 33 p.c Aug, 17 Electrolytic Zinc (pref. and ord.)—Final 9 p.c Sept. 15

Stock. 1940-43, 4 per cent. (late Tuesday) .. .. 99 0 0 Stock, 1952-55, 4 per cent. (2) 95 15 0 National Bank of New Zea^ land 2 5 0 Bank of New Zealand 1 19 4 New Zealand Insurance .. 2 12 6 Kauri Timber 1 3 0 Dominion Breweries .. .. 1 12 9 G. J. Coles 4 0 6 Taranaki Oilfields .. .. 0 6 6 Wilsons Cement 0 17 0 Loloma 1 5 6 Wellington Alluvials .. .. 0 4 3 A.C.I 1 18 6 Broken Hill Proprietary .. 3 9 6 3 9 9 Colonial Sugar 50 10 0 Farmers’ Trading .. • .. 0 18 2 (B pref.; late Tuesday) 0 19 4 Unlisted Stock Electric Products .. .. 1 1 0

Woolworths (New Zealand: late Tuesday) 0 17 6 Wilsons Cement (late Tues.) 0 17 0 3J per cent. Stock, 1039-43 (2) .. .. 99 5 0 4 per cent. Stock, 1948 99 10 0 Wellington Meat Export (ord.) 0 9 6 Broken Hill Proprietary .. 3 9 6 Dominion Fertiliser .. .. 1 4 1 4 0 0 6 Taranaki Oil 0 6 G. J. Coles (rights) .. .. 1 12 6 Woolworths Properties (rights; 3) 0 1 9 0 1 10 Unlisted Stock Blackball Creek 0 1 1

Christchurch Gas (cum 6 div.) 1 5 New Zealand Breweries .. 1 17 3 Australian Consolidated In18 6 dnstries .. .... . • 1 Broken Hill South .. .. 1 8 9 Mount Lyell 1 ] 8 ft 8 q 1 8 6 Mount Morgan .. .. . >' 0 10 0 10 7 6 Austral New Zealand Minin g • • 1 4 0 4 per cent. Inscribed, 195255 .. 96 0 0 Sales Reported New Zealand Government 2,h per cent. Inscribed. 99 1939-43 ■ • ■ 5 0 Australian Consolidated In6 dustries 1 10 British Tobacco .. ; • ... 2 12 0 Broken Hill Proprietary Kaiapoi Woollen (17s paid) a a 0 12 0 0

LONDON, July 18. £ s. d. July 18 7 8 5h July 17 8 6 July 15 7 8 5J July 14 8 5 July 13 7 8 6 July 12 7 8 6 July 11 7 8 6 July 10 7 8 6 July 7 8 6 July 6 7 8 6 July 5 8 6J July 4 8 6 i July 3 8 6J July 1 7 8 6 June 30 7 8 6 June 29 .. . .. 7 8 6i June 28 7 8 6J

July 17 .. .. 4.68 3-16 July 14 .. .. 4.68 3-16 July 13 .. 4.68 3-16 July 12 ,. .. 4.68 3-16 July 11 .. • f .. 4.68 3-16 July 10 .. .. 4.08 3-16 July 7 .. .. 4.68 3-16 July 6 .. .. 4.684 July 5 .. .. 4.68 J July 4 .. .. 4.684 July 3 .. 4.684 June 30 .. .. 4.684 June 1 .. 4.684 May 31 .. .. 4.68J May 1 .. .. 4.684 April 3 .. • » .. 4.68 7-16 March 31 .. .. 4.68J March 1 ■ • .. 4.683 February 28 ,. 4.684 February 1 .. 4.683 January 31 .. 4.684 January 2 .. 4,685

RUGBY, July 18. Paris— Par. July 17. July 18. Francs to £ 1 Brussels— 124.21 170 23-32 176 23-32 Belgas to £1 Oslo— SO 27.56 27.37 Kroner to £ 1 Stockholm— 18.180 10.90 19,00 Kroner to £ J Copenhagen— 18.150 19.41} 19.41} Kroner to £1 Berlin— 18.150 22.40 22.40 Marks to £1 Montreal— 20.34 11.663 11.67 Dollars to £1 New York— 4.80 2-3 4.68 15-16 4.09 1-10 Dollars to £ J Yokohama— 4,80 *'-3 4.68 7-32 4.08 7-32 Pence to yen Hongkong— 84.582 14 14 Pence to dollar Bombay— 24.58 14 13-16 14 13-16 Pence to rupee Batavia— — 17 81-32 17 20-32 Florins to £1 Milan— 12.10 8.80 8.80 Lire to £1 Amsterdam— 82.40 89 1-16 89 1-16 Guilder to £1 Prague*— 12.107 8.77* 8.74 Kroner to £ 1 Geneva— 104} 137 3 137! Francs to £1 Vienna— Schillings to 25.22} 20.77} 20.75} £1 Helsingfors— 84.86} — —* Marks to £1 Madrid*103.23 2265 2262 Pesetas to £1 Belgrade— 25.22} 200 200 Dinars to £1 Athens— Drachmas to 23.22} 210 210 £1 Lisbon— Escudos to 373 547} 547} £1 Bucharest— no 110} 110} Lei to £ I Rio de JanelroPence to 831.6 660 669 mllrcis .. Buenos Aires— 5.800 28 2| Pence to pesos Shanghai*— 47.22 20.26 20.27 Pence to tael Montevideo— 82 81 Pence to pesos Warsaw— — 18} 18} Zlotys to £1 — 24.37 * Nominal. 24.37

ate 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/-/-FIJI— fl F ) £100 N.Z. O.D 100/-/-T.T. 90/-/. 88/12/0 O.D. 90/-/. 88/12/6 New York— Dollars to £ N.Z. T.T. 3.7763 3.7330 O.D. 3.7813 3.7340 Montreal— Dollars to £ N.Z. TJ. 3.7783 3.7383 O.D. 3.7870 3.7393 Belgium— Belgae to £ N.Z. T.T. 22.270 21.960 O.D. 22.345 21.903 Czechoslovakia— Korunas to £ N.Z T.T. —- — O.D. —* — Denmark— Kroner to £ N.Z. T.T. 18.140 17.830 O.D. 18.200 17.832 Finland— Marks to £ N.Z. T.T. 184.85 179.05 O.D 185.25 179.15 France— Francs to £ N.Z. T.T. 142.98 140.48 O.D. 144.23 140.50 Germany— Reichsmarks to £ N.Z. .. .. T.T. 9.277 O.D. — 9.279 Greece— Drachmae to £ N.Z T.T. — 429.20 O.D. — 429.35 Holland— Florins to £ N.Z. T.T, T.100 6.950 O.D. r.140 6.952 Italy— Lire to , £ N.Z. T.T. — 70.976 O.D. —■ 71.001 Java— Fiorina to £ N.Z. T.T. 7.098 6.048 O.D. 7.138 6.950 Norway— Kroner to £ N.Z. T.T. 16.127 15.837 O.D. 16.187 15.840 Noumea— Francs to £ N.Z. T.T. 143.48 138.73 O.D. 146.93 138.77 Papeete— Francs «r £ N.Z T.T. 144.88 138.88 ✓ O.D, 146.38 138.92, Sweden— Kroner ‘o fi N.Z. T.T. 15.742 15.447 O.D 15.802 15.450 Switzerland*— i. Francs to £ N.Z. T.T. 16.794 18.524 O.D 16.894 10.527

£ s. d. £ s. d. Copper, spot 43 1 10J Rise 0 3 9 Copper, forward 43 8 14 Rise 0 7 6 Electrolytic, spot 49 2 6 Rise 0 5 0 Electrolytic, forward .. »* 49 10 0 Rise 0 5 0 Wire bars .. . • 49 10 0 Rise 0 B 0 Lead spot .. 14 19 4J Rise 0 3 9 Lead, forward .. 15 1 3 Rise 0 3 14 Spelter spot 14 6 101 Rise 0 2 6 Spelter, forward 14 10 74 Rise 0 2 6 Tin, spot .. 229 18 9 No change Tin forward . 225 3 9 No change

Commonwealth Bonds — 3 p.c., 1948 93 0 0 33 p.c., 1949 95 5 0 3J p.c., 1943 99 7 6 3| p.c., 1954 99 0 0 4 p.c., 1941 ,. .. .. .. 100 13 9 4 p.c., 1947 101 10 0 4 p.c., 1950 102 0 0 4 p.c., 1953 10015 0 4 p.c.. 1955 100 17 6 Bank of New South Wales 28 8 0 Tooths 2 12 6 Australian Consolidated Industries 1 15 3 Associated News (pref.) .. 1 1 4J Broken Hill Proprietary .. 3 3 9 Broken Hill Proprietary (cent.) 2 17 9 Cash Orders 0 17 0 Colonial Sugar 43 17 6 Electrolytic Zinc 2 9 6 Fairyrnead Sugar 1 14 3 General Industries .. .. 0 19 6 Additional Sales Bank of New South Wales 28 7 0 National Bank (£5 paid) .. 6 3 0 Colonial Sugar 45 17 6 Associated News 0 19 0 Howard Smith 0 19 6 Bums Philp (South Sea) ... v 1 4 6 Tooths .. .. .. .. .. 2 12 6 Coles 3 12 6 Woolworths 1 2 0 Australian Con. Industries 1 15 3 Hordern 0 14 2 Lustre .... 0 18 9 Morts Dock * . 0 15 li Cash Orders .. 0 17 0 Goldsbrough, Mort .. .. 1 6 6 Henry Jones 2 10 6 Fairyrnead Sugar 1 14 3 / Electrolytic Zinc 2 9 3 (pref.) 2 13 0 Mount Lyell 1 5 4 Broken Hill (contr.) .. .. 2 17 3 South Broken Hill .. .. 1 5 10 Arahura 1 6 0 Emperor 0 9 4 Kanieri 1 11 3 MELBOURNE, July 19. £ s. d. Australian Con. Industries ■1 15 4 Felt and Textiles (second pref.) 1 0 7 Hoyts (pref.) 0 18 6 Electrolytic Zinc z y 3 (pref.) 2 13 0 Broken Hill Proprietary .. 3 3 3 North Broken Hill .. .. 2 4 7 Loloma 1 3 9 Emperor 0 9 2 Mount Lyell 1 b 9

July 17 .. 1763 ' July 14 .. 1763 July 13 .. 1763 July 12 .. 1763 July 11 .. 1763 July 10 .. 1763 July 7 .. 1763 July 6 .. 1763 July 5 .. 1763 July 4 .. 1763 July 3 .. 1763 June 30 .. 1763 June 1 .. 1763 May 31 .. 1763 May 1 .. 1763 April 28 .. 1763 April 3 .. 1763 March 31 .. 1763 March 1 .. 177 February 27 .. 177 February 1 .. 177 January 31 .. 17/ January 5 .. 177 11-16