COMMERCE AND FINANCE

Otago Daily Times, Issue 23866, 21 July 1939, Page 14

COMMERCE AND FINANCE

RESERVE BANK STERLING SLIGHTLY HIGHER ADVANCES SHOW AN INCREASE FALL IN RESERVE RATIO (Pis United Press Association) WELLINGTON, July 20. The following is a statement of the assets and liabilities of the Reserve Bank of New Zealand as at the close of business on July 17:— LIABILITIES

Proportion of re»«rv« (No. 7 lon No. 9) to notoi and other demand liabilities 30.803% 30.379% Sterling exchange Is oxprtiiicd in New Zealand •Hirency. ' The movement of the sterling exchange held by the Reserve Bank of New ' Zealand during recent months and of the ratio percentage of reserve to notes and other demand liabilities are shown in the follow-

The statutory minimum of the reserve ratio'is 25 per cent. PRICE OF FINE GOLD (United Press Association) (By Electric "elegnp*-- Copyrlgh'.) ' . LONDON. July 19.

THE MONEY MARKET (United Press Association) (Bv Electric Telegraph—Copyright) LONDON July 19 London discount and short-loan Interest rates, day to day loans. z Pp r cent.: fine trade bills, three months, v 3 to 3J per cent., bank bills three months 13-16 per cent.; bank bills, six months, I,|- get* cent; Treasury bills, two months. 1 per cent.; Treasury bills, three months. 13-16 per cent.

LOCAL AND OVERSEAS MARKETS

THE SHARE MARKET DUNEDIN STOCK EXCHANGE TRADING CONTINUES BRISK Gilt-edged securities continued to attract the interest of investors yesterday, when business was done in Waitaki Electric Power Boards 4] per cent., 1959. at £99 10s, The first transaction in the latest Government loan to be reported also took place yesterday, the price being £96 10s. Banks were firm with an unsupplied buyer of New Zealands at £1 19s, while a parcel of Australasias was turned over at £9 ss. Nationals also continued in demand at £2 4s 6d. Two parcels of Standard were turned oyer at £2 14s 3d. the closing offer being 6d below that figure. New Zealand Refrigeratings sold firmly at 8s 2d for the contributing issue and the offer for Trustees Executors was advanced to £4 5s without finding a seller. Broken Hills advanced to £3 9s 3d on buyers’ quotation, while sellers came down to £3 10s. Coles weze again asked for at £4 and Hume Pipes were sold at £1 Is 6d. The new issue of Woolworths Properties (10s paid) were wanted at 12s 9d with no takers. YESTERDAY’S TRANSACTIONS

LATEJT QUOTATIONS The tollowlng are yesterday afternoon's ouying and selling quotations, which are subject to the usual brokerage:— GOVERNMENT LOANS £ad £ 3 0

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

LONDON WOOL SALES (United Press Association) (Bv Electric Telegraph—Copyright) LONDON July 19 ! At the wool sales 9276 bales were offered including 4191 from New Zealand and 7515 were- sold. A moderate selection met with further active demand especially for crossbreds and 1 best merinos, wmch were sold chiefly : to the Home trade at steady rales, i Withdrawals were more frequent among slipes owing to low bids. The following orices represent the lowest and highest obtained;—New Zealand greasy crossbred. “Severn,” lld and ITjd: ' slipe halfbred lambs, “ Makarewa,” 14ad and 14Sd.

CHRISTCHURCH Sales on 'Change

NORTHERN EXCHANGES AUCKLAND Sales on ’Change

DOLLAR AND STERLING (United Press Association) <By Electric Telegraph—Copyright) LONDON. July 19. Sterling exchange, London on New York, 4.688.

London on New York during 1937 averaged 4.95 dollars to £1 sterling: on August 2, 1938, 4.493; on September 28. 4.63; and during October varied between 4.78ji and 4.755. During November. 1938, the variation was between 4.76 J dollars (November 8) and 4.63 J. FRENCH FRANC (United Press Association) (By Electric Telegraph—Copyright) LONDON, July 19. Sterling exchange on Paris, 1763 francs to £l.

CLUTHA AND MOLYNEUX SHARES (United Press Association) (By Electric Telegraph—Copyright) LONDON, July 19, Share quotations: Clutha River Company—buyers 6d, sellers Is (nominal): Molyneux River Company—buyers lid. sellers 4id. FOOD RESEARCH PROBLEMS The Lord Luke, K.8.E., the chairman of the company, presiding at the thirtv-ninth annual general meeting of Virol Ltd., said that the unstable international conditions which obtained during the year naturally had unsatisfactory reactions on markets at home and abroad. The fall in sales as a result of the crisis last September somewhat discounted the improvement made up to that date This decline, however, was recovered by the inincrease in homo and export trade in the latter part of the year. He referred to a remarkable series of investigations into the supplementary feeding of school children This inquiry not only confirmed the necessity for such supplementary foods, but further established the marked superiority of Virol over other dietary supplements The importance of these conclusions has been shown by the substantial increase in the use of Virol by public health authorities, hospitals, sanatoria, and clinics during the year Mr Arthur E. Canney (managing director) said that the main conclusions of the investigation to which Lord Luke had referred and which had attracted such widespread attention in the medical profession were (1) that children in general were in need of. and definitely benefited bv. the provision of special foods auxiliary to their ordinary diet: and (2) that Virol was far and away the most successful of the supplements used. It was also a conclusive argument in favour of giving such a preparation as Virol, which contained all the essential food factors in balanced nronortion and could therefore correct simultaneously such deficiencies as might exist, Indeed, the all-important factor in nutrition was (he preservation of balance in the diet. It was now some years since their long experience in the development of Virol led them to bring before the medical profession this aspect of their preparation. It was, therefore, very gratifying to find that the correctness of this view was now being accepted by dietetic authorities, and confirmed in clinical practice by the medical profession.

FOREIGN EXCHANGES (British Official Wireless) (United Press Association)

ON NEW ZEALAND CURRENCY BASIS The Bank of New South Wales. Dunedin, yesterday quoted the following rates for purchases and sales of foreign exchange London—

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

LONDON METAL MARKET (United Press Association) (By Electric Telegraph Copyright) LONDON, July 19. The following are the official metal Quotations:— Ton

ELECTROLYTIC ZINC OUTPUT OF COMPANY’S WORKS Production of zinc at the Tasmanian works of Electrolytic Zinc Company of Australasia, Ltd., in the year ended June 30 was maintained at a level •lightK in excess of that of the preceding year. Lead and silver contents of silver-lead product shipper at Port Pirie for realisation also increased diehtly. The output of the works for the last •hree financial years was as follows; —

About one-third of the requirements ox zinc concentrates is generally supplied by the company’s West Coast works in Tasmania.

NORTH BROKEN HILL PRODUCTION REPORT INCREASE FOR YEAR Increased production is shown by several leading Australian metal producing companies in the year ended Juno 30. The higher output should partly offset the generally lower prices for the various metals which have ruled in the last 12 months. Production of North Broken Hill, Ltd., in the*year ended June 30 showed a further considerable gain. The lead content of concentrates produced annually 'has risen by about 17 per cent, in two years. The amount of silver produced in concentrates also has risen appreciably over that period and zinc is up by about 20 per cent. Following is a comparison of lead and silver contents of lead concentrates and zinc content of zinc concentrates produced in each of the last four financial years:—

Average sterling quotations for the last three financial years of metals produced by the company compare as follows:

An important feature of the company’s operations in the last 12 months was the bringing into commission on April 11 of a new concentrating mill. MINING NEWS MOUNT LYELL, LTD. increaseln tonnage Production of cathode cooper by Mount Lyell Mining and Railway Company. Ltd., Tasmania, in the nine months ended June 30 shows an increase of 436 tons on that for the first nine months of the 1937-38 financial year. Ore treated in the period increased by more than 80,000 tors, compared with that for the corresponding three quarters of the preceding year, and the cooper content of the blister produced was greater by 647 tons. There was a fall of 44040 z in the silver content of the blister, but the gold content was greater by 3250 z. The increase in the tonnage of ore treated by the company has checked the decline in cooper production due to lower grade ore. PROGRESS REPORT The following is the progress report of the company for the fortnight ended July s: North Lye 11.—2853. —2853 tons of ore were extracted. Crown Lye 11.—2220. —2220 tons of ore were extracted. West Lye 11.—30,123. —30,123 tons of ore were extracted. Construction work is in progress on the new ore transfer pass. Lyell Comstock.—3ool tons of ore were extracted. No. 10 level. No. 1 mullock pass rise was extended 19ft to 80ft through low grade ore; the main shaft was sunk 4ft to 653 ft (46ft below No. 10 level) through porphyry. Reduction Works.—The furnace was in blast for the full period; 9563 tons of refinery anodes were made for the current year. Concentrator. —The mill operated for 336 hours and treated 36.757 tons ore. producing 1681 tons of concentrates. Copper Refinery.—The tank house was in operation throughout the fortnight. 539 tons cathode cooper being produced for the period. The total for the current year was 9720 tons. ALEXANDER MINES The following is the company’s mine report for the week ended July 13:— • No. 6 Level.—Sloping has been continued on the north end of the quartz above this level. The position of the reef shows considerable faulting The reef continues to lie fairly flat No. 5 Intermediate. —A crosscut was driven into the easteni wall 19ft to connect with the rise from No. 6 level The country was wet and broken No. 5 Intermediate Drive North.— This drive was advanced 16ft making a total of 256 ft north of the winze The advance was made on the reef track, carrying a fair amount of water with a few quartz leaders. Sloping—Sloping has been in operation north and south of the winze The average width of all faces worked was 4ft 9in. During the period 120 tons were transported to the battery. POWER BOARD LOAN ISSUE FULLY SUBSCRIBED (Per United Press Association) AUCKLAND. July 20. The £290.000 loan of the Auckland Electric Power Board was totally subscribed to-day. Applications for a considerable amount had to be declined by the board in accordance with its previous decision not to accept any more once the £290,000 mark had been reached. The debentures bear interest at 4-i per cent, with a 20-year term. “There is not the slightest doubt that the way this issue has been taken up is most satisfactory to the board.” said the general manager. Mr R. H. Bartley. “It is very clear evidence of the confidence that the lending public must have in this organisation.” AUSTRALIAN STOCK EXCHANGES (United Press Association) (By Electric Telegraph—Copyright) SYDNEY. July 20. (Received July 20. at 10 p.m.) On the Stock Exchange business today was along auiet lines, with little change in price levels. The Morning Sales Commonwealth Bonds—

WELLINGTON GAS COMPANY AN INTERIM DIVIDEND (Per United Press Association) WELLINGTON, July 20. The Wellington Gas Company has declared an interim dividend of 4 per cent., payable on August 1. UNITED STARR-BOWKETT BUILDING SOCIETY A meeting of members of the United Starr-Bowkett Building Society was held in the secretary’s office last evening to dispose of £I6OO. A sale was held for the 48th appropriation in No 10 Group, which resulted in £SOO being sold at a satisfactory premium. A further sale, being the 46th appropriation *in No. 11 group, was then hold and £6OO sold at a satisfactory premium. The chairman announced that the winding-up of groups 5 and 6 had been commenced, and credit balances totalling £12,000 had been repaid. AUSTRALIAN MARKETS (United Press Association) (By Electric Telegraph—Copyright) SYDNEY, July 20 (Received July 20. at 9.30 p.m.) The wheat market slumped and silo grain is quoted at 2s 3Jd. representing a net average return to the grower of Is 6d a bushel which is the lowest for the current season. Bagged is 2s 6Jd. Flour. £l2 las Bran and pollard, £4 ss. Potatoes: Tasmanian, £l4 to £2O; others, £lB 10s. Onions: Egyptian brown, £2B; Victorian. £2B. Maize: Yellow, 4s; white, 4s 2d.

Last week. This week. £ £ t. General Reserve Fund .. 1,900,000 1.500,000 1. Bank notee 3. Demand liabil Itiea— 15,470,123 15,451.126 (a) State 1.538,697 1,426,392 (b) Banki 9.606,856 10.286,069 (o) Other 211.805 198.420 4. Time deposit* k liabilities In ourrancles other than New Zealand currencies .. .. 94,947 69,613 *. Other liabilities ,. .. 382,677 396,954 Total £28.804,706 £29,328.576 ASSETS f. Reserve— (a) Gold 2,801,839 2.80|,839 ( b) Sterling exchange .. 5,556,796 5,589,074 (o) Gold exchange .. — — S. Subsidiary coin ' .. .. * 231,634 228,938 t. Discounts— (a) Commercial dnd agrlcultural bills .. (b) Treasury and local ““ """ body bills .. .. M. Advances— (a) To State or State undertakings— (1) Primary Products Marketing Department .. . .'. 8,669,022 8.405.347 (2) For other purposes (b) To other public au10.539.000 11,300.000 thorltles .. .. — — (o) Other — — II. Investments .. .. ... 3,783.160 3,790.026 12. Bank buildings .. .. — — 206,392 222.349 Total ..... .. .. £28,804,703 £29.328,576

ing table; — Sterling Reeervo exchange ratio £ (N.Z.) per cent. Clot. Oot. Nov. Nov. Nov. Nov. D oc. Dec. 3 .. 31 .. 7 .. 14 .. 21 .. 23 .. S .. 12 .. - 10.534.978 7,707,897 6.633.031 6,662,977 5,029,137 4.828,302 4,200.858 4.572.031 4,356.095 67.259 46.09 39.733 36.825 33.723 32.685 29.834 30.333 28.109 Dec, Jan. Jan, Jan, Jan. 26 .. 2 .. 4.678.233 4.017,232 3,933.851 27.CB2 26.13 25.526 16 .. 23 .. 36 .. •• 4,373.105 4,395;625 4,133.586 26.782 26.693 25.75 IFeb. 6 4.074.954 4,164.499 25.047 25.073 Fob. Fob. Mar, Mar, Mar. 20 .. 27 .. 6 .. 13 .. 20 .. •• 4,523.030 4,839.555 4,705.897 4,591.685 4.547.863 i 4,659,874 25.378 25.799 25.017 25.026 25.129 25.419 Apl. Apl. Apl. Apl. 3 .. 10 .. 17 ii 24 .. 4,663.309 4,598,651 4,872,877 4.639.061 4.817.992 25.924 25.501 29.305 25.11 28.315 May 8 .. 4,708.705 4,695.194 25.722 25.499 May 22 .. 4,750.544 4,564.203 25.611 25.138 - June June Juno June 5,882.307 29.855 12 .. 19 .. 28 .. 6,773.667 5,793,193 5,600,691 5,690,003 29.591 30.985 30.249 31.329 6,356,796 30.805 July 17 .. *. 5.589.074 30.379

July 19 £ 7 s. 8 d. 6 July 18 • * t • 7 8 5J July 17 «• 7 8 6 July 15 . • M 7 8 5J July 14 • . • ' 7 8 5 July 13 7 8 6 July 12 7 8 6 July 11 7 8 6 July 10 7 8 6 6 July 7 * • * . 7 8 July 6 • • •» 7 8 6 July 5 • • • . 7 8 6| July 4 • • •• 7 8 6| July 3 7 8 6 July 1 7 8 June 30 7 8 6 June 29 7 8 June 28 7 8 6i

■ Sales Reported £ 8. d. Waitaki Electric Power Board 4i per cent., 1959 99 10 0 4 per cent. Stock. 1954-58 .. 96 10 0 Bank of Australasia .. • ■ 9 5 0 Standard Insurance (2) 2 14 3 New Zealand Refrigerating (cont.) .. • • • • 0 8 2 Oamaru Woollen .. •; 0 15 3 Hume Pipe • • 1 1 6 Donaghy’s Hope (odd lot) 2 8 3 Electrolytic Zinc (ord.) 2 13 6 Mount Morgan .. .. v 0 10 Sale Reported After Last Call New Zealand Breweries .. 1 17 7

Buyer. Seller. 14 p.c. Stock, Mar., 1941-43 .. .. , .. .. 98 0 0 — 34 p.c. Stock, Sept.. 1941-43 98 0 0 — 3 p.c. Bonds, 1939-41 . . 96 0 0 — 3 p.c. Stock, 1939-41 .. 98 0 0 — 4 p.c. Stock, 1940-43 .. 98 10 0 — 4 p.C. Bonds, 1943-46 .. 98 15 0 — 4 p.c. Stock, 1943-48 .. 98 15 0 — 4 p.c. Bonds. 1952-5S .. 95 15 0 — 4 p.c. Stock, 1952-55 .. 95 15 0 — MINING Austral New Zealand (£1) — 1 4 6 Big River (Is) .. .. 0 0 9 — Gillespie’s Beach (Is) — 0 0 loj Goldfields Dredging (Is) — 0 0 2 Kanlerl (£1) .. .. 1 13 0 — Nokomal (5s) .. .. 0 1 8 0 2 0 Sandhills (Is) .. .. — 0 0 2 Waitahu (5s) .. .. — 0 0 10 BANKING N.Z. (£1) 1 19 0 —- N.Z. (long D; £1) .. 1 6 6 — Commercial (10s) — 0 17 0 E.S. and A. (£3) 5 0 0 — Natl, of N.Z. (£2 10s) 2 4 6 — INSURANCE National (7s) .. 0 16 8 — Standard (£1) .. .. 2 13 9 — SHIPPING U.S.S. Co. (pref.; £1) - 1 5 9 MEAT PRESERVING N.Z Refrig (cont.: 10s) .. .. 0 8 0 0 8 6 LOAN AND AGENCY Otago Farmers (3s 4d) — 0 2 9 Trustees, Executors (£3) .. 4 3 0 — Wright, Stephenson (pref.; £1) .. .. — 0 19 4 GAS Auckland (£1) .. .. “ u 17 u COAL AND OIL Westport (10s) .. .. 1 0 9 — Westport - Stockton t (pref.; 10s) .. .. 0 7 e •* Taranaki Oil (£1 4s 7d) .. .; 0 6 4 0 6 7 . WOOLLEN COMPANIES Kalapol (ord.; 17s) .. — 0 12 6 Kaiapol (cont.; 7s) 0 4 0 — Oamaru (£1) . . .. 0 15 0 — MISCELLANEOUS Aust. Consold. Indus. — 1 19 0 Broken HU) Propy (£1) .. .. 3 9 3 3 10 0 Broken Hill Propy. (cont.; 10s) .. 3 3 0 — Brown, Ewing (pref.; £1) 1 0 0 — Dominion Fertiliser (£1) 1 3 9 — Dominion Rubber (£1) 0 17 0 G, J. Coles (£1). .. 4 0 0 — Hume Pipe (£1) 1 1 0 — I.C.I. (pref.; £1) 1 4 3 — Milburn Lime (£1) .. I 15 6 — Natnl. Electric (£1) 0 13 3 — N.Z. Drug Co. (£2) .. 3 8 9 — N.Z. Paper Mills (£1) 1 4 9 — Otago Daily Times (£1) .. — 2 u 6 Regent Theatre (£1) — I 1 6 Wilsons Cement (10s) 0 16 10 — Woolworths (ord.; 5s) 0 17 6 — Woolworths Properties, Ltd,, 6 p.c. pref. ord.-(10s paid) 0 12 9 — BREWERIES N.Z. Breweries (£1) 1 17 6 1 18 0 AUSTRALIAN MINING Electro Zinc (ord.; £1) 2 13 0 Mount Morgan (2s 6d) 0 10 8 Mt Morgan (pref.; 12s) I 3 0 — North Broken dill (5s) 2 8 6

stg. a share To-day Consolidated Goldfields —Interim. 3d stg. a share To-day Okarito—10 n.c.. 6d a share July 22 Areo. 18th, Id a share .. .. July 24 Union Bank—Interim, 3 S stg. (less tax at 3s 8d in the £) July 26 British Tobacco (pref.) cmarterly. 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. p.c. p.a (to May 31) Aug. 15 Com. Bank Aus.—Pref. 4 p.c.: ord., 3'] p.c Aug. 17 Electrolytic Zinc (pref. and ord.)—Final 9 p.c Sept. 15

Stock— £ s. d. 1939-41, 3 p.c 97 0 0 1940-43, 4 p.c. (2) .. .. 99 5 0 1943-46, 4 p.c. (late Wed.) 98 17 6 1946-49, 4 p.c 97 12 6 1952-55, 4 p.c 95 15 0 Bank of Australasia .. •. 9 5 0 Bank of New Zealand 1 19 5 (2) 1 19 6 National Insurance .. .. 0 16 9 Traders’ Finance (pref.) .. 0 17 0 Dominion Breweries .. .. 1 12 11 A.C.I. (late Wed.) .. .. 1 18 6 1 18 6 British Tobacco 2 12 0 Broken Hill Pty. (late Wed.) 3 9 0 3 9 0 Donaghy’s Rope (odd lot) .. 2 8 9 G. J. Coles (late Wed.) .. 4 0 6 (2) 4 0 0 G. J. Coles (rights; late Wed.) 2 13 8 Farmers’ Fertiliser .. .. 0 18 0 Wilsons Cement (2) .. .. 0 17 0 Mount Morgan (late Wed.) 0 10 6 0 10 6 WELLINGTON Sales on ’Change 4 p.c. Stock, 1958 96 10 0 Woolworths Properties (odd lot; late Wed.) 1 4 11 Woolworths Properties (late Wed.) 1 5 0 3 p.c. Stock, 1941 Union Bank (odd lot) 97 0 0 8 0 0 Bank of New Zealand .. .. 1 19 6 1 19 3 Oamaru Woollen 0 15 0 New Zealand Breweries .. 1 17 6 British Tobacco (2) .. 2 12 0 Broken Hill Pty 3 9 6 Taranaki Oil .. .... .. 0 6 6 New River Gold 0 0 9i

National Bank of New Zealand 2 5 3 Broken Hill Pty. •. .. 3 9 4 Broken Hill Pty. (contr.) .. 3 3 0 3 3 2 Woolworths (Syd.; ord.) 1 4 0 Sales Reported New Zealand Government 4 p.c. Inscribed, 1940-43 .. 99 5 0 National Bank of New Zealand •• 2 5 3 Kaiapoi Woollens (17s pd.; odd parcel 0 12 0 British Tobacco 2 12 0 Taranaki Oilfields .. .. 0 6 6 Mount Morgan 0 10 5 h New River 0 0 9i Unlisted Stock R.U.R. (N.Z.) 0 1 10 6

July 18 .. .. 4.683 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 .. .. 4.68 3-16 July 10 .. .. 4.68 3-16 July 7 .. 4.68 3-16 July 6 .. .. 4.68J July 5 .. .. 4.684 July 4 .. .. 4.684 July 3 ., .. 4.684 June 30 .. .. 4.684 June 1 .. .. 4.681 May 31 ., .. 4.681 May 1 ,. .. 4.684 April 3 .. .. 4.68 7-16 March 31 4.681 March 1 .. 4.68;,' February 28 .. 4.684 February 1 ., 4.683 January 31 .. 4.684 January 2 ... 4.68J

July 18 .. 1763 July 17 .. 1763 July 14 .. 1763 July 13 .. 176.3 July 12 1763 July 11 .. 176.3 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 .. 176,3 May 1 .. 1763 April 28 .. 176.3 April 3 .. 1763 March 31 176,3 March 1 177 February 27 177 February 1 177 January 31 177 January 5 177 11-16

(By Electric Telegraph—Copyright) RUGBY, July 19. Paris— Par. July IS. July 19. Francs to £1 Brussels— 124.21 170 23-32 176 23-32 Belgas to £1 Oslo— 30 27.57 27.56 Kronor to £ 1 Stockholm— 18.180 19.90 19.90 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 11.67 11.67 Dollars to £1 New York— 4.86 2-3 4.69 1-16 4.69 1-16 Dollars to £1 Yokohama— 4.86 9 -3 4.68 7-32 4.63 13-16 Ponce to yen Hongkong— 84.582 14 14 Ponce to dollar Bombay— 24.58 14 13-16 14 13-16 Pence to rupee Batavia— — 17 29-32 17 29-32 Florins to £1 Milan— 12.10 8.80 8.80 Dire to £ 1 Amsterdam— 82.46 89 1-16 89 1-16 Guilder to £1 Prague*— 12.107 8.74 8.74} Kroner to £1 Geneva1044 1371 1373 Francs to £1 Vienna— Schillings to 25.22} 20.75} 20.76 £1 Helsingfors— 84.86} — — Marks to £ 1 Madrid* — 193.23 22CJ 220 Pesetas to £1 Belgrade— 25.22} 200 200 Dinars to'£l Athens— Drachmas to 25.22} 210 210 £1 Lisbon— Escudos to 375 547} 547} £1 Bucharest— 110 110} 110} Lei to £ 1 Rio dc JanelroPenco to 031.6 060 660 mllrels .. Buenos Aires— 5.890 28 28 Pence to pesos Shanghai*— 47.22 20.27 20.26 Pence to tael Montevideo— ~ 8! 8J Pence to pesos Warsaw— - 18} 18} Zlotys to £1 — 24.37 * Nominal. 24.37

£1 N.Z. 10 £100 Buying. Selling. 3tB. .. . T.T 121/7/0 125/-/-O.D 123/18/9 124/19/6 Australia— £ A to£ 100 N.Z. T.T. 100/-/-O.D, 100/-/-Fiji— £ P to £100 N.Z. T.T. 90/-/-88/12/0 O.D 90/-/-88/12/6 New York— Dollars to £ N.Z. T. I. 3.7753 3.7320 O.D. 3.7803 3.7330 Montreal— Dollars to £ N.Z. T.l. 3.7777 3.7377 O.D. 3.7804 3.7387 Belgium— Belgas to £ N.Z. T.T, 22.264 21.954 O.D 22.339 21.959Czechoslovakia 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. — 9.271 O.D. — 9.273 Greece— Drachmae to £ N.Z. T.l. — 429.20 O.D. — 429.35 Holland— Florins to fi N.Z. T.T. 7.104 C.954 ‘ O.D. 7.144 6.956 Italy— Florins to £ N.Z. T.T. — 70.968 O.D. — 70.993 Java— Lire to £ N.Z. T.T. 7.090 6.940 O.D. 7.130 0.942 Norway— Kroner to £ N.Z. T.T. 16.127 15.837 O.D. 16.187 15.840 Noumea— Francs to £ N.Z. T.T. 145.48 138.73 O.D. 146.98 138.77 Papeete— Francs to £ N.Z, T.T. 144.88 138.88 O.D, 146.38 138.92 Sweden— Kroner to S N.Z. T.T. 15.739 15.444 O.D. 15.799 15.447 Switzerland — Francs to £ N.Z T.T. 16.799 16.529 O.D. 16.899 16.532 Crefoo— N.Z pence to 1 dollar T.T. — — O.D. — — Hongkong— N.Z. pence to 1 foliar T.T. 18 9-16 18 15-16 O.D. 18 17-32 18 15-16 Inlla and Ceylon— N.Z. pence to 1 rupee T.T, 224 22 17-32 O.D. 22 7-32 22 17-32 Japan — N.Z. pence to 1 yen T.l. — ' IT 37-64 O.D. — 17 37-64 Manila — N.Z. pence to 1 T.T. 31 33-64 32 7-32 O.D. 31 27-64 32 7-32 Shanghai— N.Z. pence to 1 dollar T.T. - — O.D. — Singapore— N.Z. pence to 1 T.T. 34 13-16 35 19-64 O.D. 34 23-32 35 19-64 South Africa£1 N.Z to £100 T.r. 123/4/0 124/17/O.D 124/17/All rates subject to alteration without notice.

without notice:— U.S.A. (Per £1 N.Z.) Dols. Canada. (Per £1 N.Z.) Dols. Selling — T.T O.D 3.72 J 3.72 7-16 3.72? 3.72 15-16 Buying— O.D 3.78 3.78 11-16

£ s. d. £ s. d Copper spot . Copper, forward 42 43 18 4 li 4J Fall 0 3 9 Fall 0 3 9 Electrolytic spot 49 0 0 Fall 0 2 6 Electrolytic forward 49 10 j No change Wire bars .. ■ 49 10 0 No change Lend spot .. ■ 14 16 10J Fall 0 2 6 Lead, forward 14 18 li Fall 0 3 li Spelter spot 14 3 9 Fall 0 3 li Speller, forward 14 8 li Fall 0 2 6 Tin, spot 229 18 9 No change Tin forward 225 Oz 3 9 No change Silver, standard 165 d No change Silver, fine 18 1 -16d No change

1937, 1938. 1939. Zinc. tons .. 70,082 69,718 69.825 Lead. tons 2.266 2.772 2,873 Silver , oz, .. 389,480 330,450 437,550

Lead. Silver. Zinc. Tons. Oz. Tons. 1936 . ., 58.412 3,254,214 40,872 1937 . .. 59,380 3,312,534 39.125 1938 . .. 64,092 3,546,765 42,900 1939 . .. 69,866 3,797,693 47.107

1937. 1938. 1939. £ s. d. £ s. d. £ s. d. Lead, ton 28 1 3 17 9 6 14 19 5 Zinc, ton 19 18 1 16 13 4 14 0 2 Silver, fine oz 0 1 9.9 0 1 9.2 0 1 9,4

3 per cent, 1948 .. .. 93 0 0 33 per cent., 1954 99 0 0 4 per cent, 1944 101 5 0 Tooths 2 12 6 Australian Consolidated Industries 1 15 0 Broken Hill Proprietary • 3 3 0 Cash Orders 0 17 0 Colonial Sugar 45 12 6 General Industries (pref.) 1 4 6 Coles 3 12 6 Additional Sales Bank of New South Wales 28 6 0 Comm. Banking of Sydney 19 1 0 Comm. Bank of Australia . 0 15 3 Bank of Australasia .. .. 8 5 0 Colonial Sugar 45 12 6 Associated News 0 18 10 Australian Gas (A; old) .. 7 5 0 Amalgamated Wireless (con.) 2 16 6 British Tobacco 2 7 6 Tooths 2 12 6 Coles 3 12 6 Woolworths 1 2 0 Australian Con Industries 1 15 I Dunlop Perdriau 1 0 0 Hordern 0 14 1 General Industries .. .. 0 19 6 Kandos 0 14 9 Morts Dock 0 15 n Cash Orders 0 17 0 Carpenter 2 1 0 Standard Cement 1 2 0 Peters 2 10 0 Morris Hedstrom 1 5 0 Millaquin Sugar 2 0 6 Electrolytic Zinc .. .. 2 9 0 (pref.) 2 12 6 Broken Hill Proprietary 3 3 6 (contr.) 2 17 3 South Broken Hill .. .. 1 5 9 Arahura 1 6 0 Loloma 1 3 7 Emperor 0 9 4 Kanieri 1 11 6 Mount. Morgan 0 9 5 MELBOURNE, July 20. £ s. d. Metropolitan Gas 13 10 0 Coles (rights) .. 2 7 3 Dunlop Perdriau 0 19 10 Electrolytic Zinc .. .. 2 9 0 (pref.) 2 12 9 Broken Hill Proprietary .. 3 2 6 South Broken Hill .. .. 1 5 9 Norths 2 3 9 Mount Morgan 0 9 5 Loloma 1 3 6