COMMERCE AND FINANCE

Otago Daily Times, Issue 23882, 9 August 1939, Page 16

COMMERCE AND FINANCE

THE SHM MRKET DUMEDIN STOCK EXCHANGE TRADING REMAINS DULL Yesterday's trading on the Dunedin Stock Exchange revealed few'altera: tions in value in the investment;\mar-' ket. Business was done in Rational Bank of New Zealands at £2,-6s 6d, the market closing with an unsupplied buyer forward at £2 6s. There was also a transaction in preferred New Zealand Shipping:i£t.£ 12. ..,%<* National Insurances were turned over at 16s 9d, arid were "later on offer at 16s lid. .parcels of contributing New Zealand'Refrigeratings changed hands at the. Advanced figure of 8s 3d, and the in.demand at that price, ; Avhile sellers held out for Id more;; ..The offer for,. Standard Insurances", s,tPP'd' at ■i?s. Bd. with a seller Is.-away,. - Australian industrials attracted less, attention than u£U#K~but --leading Dominion lines wereVfi/rnly Colonial Sugars Were sought at £4B 10s, and sellers of New Zealand Paper Mills eased their valuation to £1 bs ba without attracting buyers beyond fci 5S a^ffcde^and/ but Australian 1 ? rhirimg-- scrip .;was not wanted. YESTERDAY'S TRANSACTIONS XSaJes on:'^ hai Mf e '"'''--'--s'--,i- ' •CAfifefrioon'Gail . ' , t National Insurance .. • • 016 9 N.Z. Refrig. (cont.; 2) , ? . ;0 » a Sales Reported , •/]■ y National Bank of N.Z. (2) -2 B 6 ■ N.Z. Shipping Co. (pref.) .. i2 0 u LATEST QUOTATIONS The following are yesterday,afternoon's buying and selling quotations, which are subject to the usual brokerage:—

overseas markets I

UNLISTED STOCKS All stocks in this section are not quoted on the official list, and transactions are subject to a different rate of brokerage:^ •• Buyer. Seller.' £ s. d. £ s. d.i A. and T. Burt (pref.; £1) 0 14 6 • Security . Finance .. J. Fuller arid, Sorts 4J : p.c. Debs. .... .' —' 80 a 0! DIVIDENDS PAYABLE The following is a list of shares on which dividends will shortly be ableFarmers' Fertiliser—Ord.; 6 . p.c, p.a., pref., 5J p.c. p.a. '.(to May 31) \ .. .... Aug. 15 Wbolworths (Sydney—Half- ,; yearly, 10 p.c. pref., 5 p.c; ; 7 p.c, pref., 3J p.c. .... Aug.ls Mount Morgan (pref.)—lnterim 8 p.c.'p.a. ;. Aug. 15 Com..- Bank- Aus —Pref., 4, ...p.C, ord.. 3| p.c .. ; Aug. 17 Trustees Executors—Final, 8p.cV p.a. Aug. 17 Bank of New South WalesInterim, quarterly, 6s a share (Australian currency) Aug. 31 Emperor ..Mines—Fourth 6d. a share. .. ',. .'.. •• Aug. 31 Electrolytic Zinc (pref. and ord.)—Final, p.c Sept. 15 Broken Hill South—6d a share ■ ■;'•■ Sept;- 15 Standard Insurances-Half-yearly. Is 3d-a share •• .'— NORTHERN EXCHANGES AUCKLAND

LORNEVILLE STOCK SALE HIGHEST PRICES FOR QUALITY BEEF ' IPzr United Press Association) IN vTHCARGILL, Aug." 8. The yarding of fat cattle at Lorneville to-day was slightly bigger than last week, but, because of the absence of some of the regular buyers, the demand was not as bright. Prices, except for best-quality cattle, were definitely easier than at the previous sale. Best heavy-weight bullocks made up to £l6. medium-weights from £l3 10s to £ls. good quality light-weights from £lO 10s to £l2, best heifers up' to £l2 17s 6d, medium-weights from £8 15s to -£ 10 10s, lighter sorts down to £7 10s, goad heavy-weight cows up to £l2- 2s 6d, good medium-weights from. £9 to £lO 10s, others.from £6 10s to £7:los, and boner sorts down to £4 15s. The yarding of fat sheep was smaller than last -week's.... The sale started slowly,' but after the first race was sold there was a firming in values, and the sale finished with wethers selling at rates on a par with last week's. Ewes sold from Is. 6d to 2s a head better. Prime heavy-weight wethers made up to 32s 9d, good quality 26s to 28s 6d. lighter sorts (going mostly to fatteners) 22s 6d to 24s 6d, poorer sorts' down to 20s. best ewes up to 23s.•medium quality 17s to 19s 6d, lighter; sorts 15s to 16s, and " potters " down -to ; 6s.

AUSTRALIAN STOCK EXCHANGES (United Press Association) (By. Electric Telegraph—Copyright) SYDNEY. Aug. 8. (Received Aug. 8, at 10 p.m.) When business- on the Stock Exchange, was resumed after the weekend holiday an easier tone prevailed, with little inclination to do business. Brokers attributed the slackness to the; unsettled overseas and local dis-turbed-political conditions. The Morning Sales

POTATO IMPORTS EXCLUSION OF DISEASE COMPREHENSIVE SAFEGUARDS ADVICE TO MERCHANTS < (Per United Press Association J , ' WELLINGTON, Aug. 8. Safeguards to ensure the exclusion of disease or new insect pests from any potatoes imported into New Zealand were referred to in a statement made by the Minister of Agriculture (Mr W. Lee Martin) to-day. "I have already advised prospective importers to make immediate application for licences to import potatoes," the Minister said. "I now wish to set out the conditions under which supplies may be imported to meet the present between-season shortage in New Zealand. The' Department of Agriculture has always stressed the necessity for a thorough inspection of fruit and vegetables entering this country in order -to exclude the possibility of the introduction of any new insect pests or diseases being brought into■< New Zealand to the detriment of our.primary producers." The following conditions will have to be observed by importers wishing to bring potatoes into the country:— 1. All potatoes must be packed in clean, new containers, clearly branded with the name of the country of origin. 2. Each line must be accompanied by a certificate issued by the State Department in the country of origin, stating that the said potatoes 'have been properly graded and are free from fungoid diseases and insect pests 3. Each line of potatoes shall be inspected by an officer of the Department of Agriculture on arrival and must not be cleared unless they are certified free of fungoid diseases and insect pests. . The department also reserves the right to nominate the port of entry into New Zealand, :so that any deficiency can be met at that point where actual need exists. " I would advise applicants for licences to make sure that they are able to meet the requirements of the department on the arrival of their potatoes, the Minister concluded. MINING NEWS CENTRAL SHOTOVER COMPANY LOSS FOR YEAR REPORTED The directors of the Central Shotover Gold Mining Company, Ltd., report a loss of £56 5s 2d for the year ended June 30. The gold won totalled 2160 z 19dwt 6gr, which realised £1747 Is 4d, less export duty of £129 9s 7d, giving a net return of £1617 lis 9d. "During the year, 13. paddocks were worked," state the directors in their report. "The' value, of the ground was" very inconsistent, and returns as a whole were disappointing. The ground worked was all at the downstream end below the main pipe line, and: until May, '1039, small paddocks were' taken out - in ground that had been left between previous paddocks worked several seasons ago. This was necessary to make sure that no gold had been overlooked. Since May, operations have been carried on still further downstream, which has meant lengthening and relaying the pipe line. A small,area of ground at the foot of Quinn's Creek Was worked, and then the plant was shifted across to the other side, of the river, where it is hoped thai more payable' ground will be found. Work was held up several times during the. year, owing.to severe frosts, while there were also several floods which washed away the retaining walls of the elevating paddocks, necessitating the work being duplicated. A slip was also responsible for destroying a portion of the pipe. line., which delayed operations for some time. "By a policy of strict economy, the directors and management have been able to reduce the total-costs of the company in the past year from £1990 to £1674, a reduction of £316, which is very gratifying in view, of the fact that the rates of wages are much higher than in former years." WEST COAST DREDGES JULY RETURNS TOTAL 5589 OUNCES A total of 5589 ounces of gold, valued at £41.917, taking gold at £7 10s an ounce, was won by gold dredges operating on the West Coast of the South Island during July. Details of the individual returns are as follows: Argo (three returns) 127 Barrytown 1056 Blackball Creek (two returns) 122 Bundi .. < .. 176 Grey River (five returns) .. 1258 Gillespie'3 .. 156 Kanieri .'. 1231 Mossy Creek (one return) .. 49 Nemona (five returns) .. .. 146 New River 150 Okarito 102 Rimu .. 800 White's Electric (three returns) 74 Worksop 142 Total (oz.) .... .. .. 5589 MURCHISON-MATAKI RETURN (Per United Press Association) WELLINGTON, Aug. 8. The Murchison-Mataki Junction return for the week ended August 3 was 78oz of smelted gold for 125 hours and 20,000 yards treated. WAITAHU RETURN The Waitahu Gold Mining Company. Ltd., reports that the first partial wash-up in No. 19 paddock resulted in a return of 260 z 2dwt for 21 shifts of eight hours each. Elevating operations were commenced in this paddock on July 19.

FOREIGN EXCHANGES ON NEW ZEALAND CURRENCY BASIS The Bank of New South Wales, Dunedln, yesterday quoted the following rates for purchase!).and sales of foreign exchange:—

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 * U.S.A. Canada (Per £1 (Per £1 N.Z.) N.Z.) Dols. Dols. Selling— TT .. .. 3.72 1-16 3.72 J O.D. .. .. 3.72 5-16 3.72| B .. 3.77 J 3.784 THE FOOTWEAR INDUSTRY .NEW.SOUTH WALES FIGURES We have had placed at our disposal statistics relative to the number of boot and shoe factories in New South Wales, the number of employees, the outputs, and the values of the production. The statistics cover the years 1927-8 to 1937-8. They show that the number of factories, which was 356 in 1937-8, varied a good deal. The number was 350 in 1926-7, but dropped to 307 the following year. The number of employees, also, was higher in 1927-8 than In any of the succeeding years, except 1928-9. In 1927-8 it was 18,753; in 1928-9, 18,797; in 1936-7, 17,480; and in 1937-8, 16,753. The output, however, increased; this being due, it may be supposed, to the introduction of improved plant and to improvement in factory organisation. In 1927-8 it amounted to 13,195,052 pairs of boots and shoes, valued at £8,684,547, and 3,935,907 pairs of slippers, valued at £509,891. In 1937-8 it was 14,194,098 pairs of boots and shoes, valued at £6,837,362 and £8,225,744 pairs of slippers, valued at £953,131. The year of highest value of production was 1928-9, when 13,184.778 pairs of boots and shoes were turned out of a value of £8,683,024 and 3,918,247 pairs of slippers of a value of £599,953. During the depression years, between 1930 and 1935. the value of the production of boots, shoes and slippers rarely exceeded £6,000,000. The average price per pair of boots and shoes was:—-1927-8. 13s Id; 1928-9, 13s 2d; 1929-30. 12s 2d: 1930-1. 10s 4d; 1931-2, 9s; 1932-3, 8s 2d; 1933-4, 8s 2d; 1934-5. 8s Id; 1935-6. 8s 3d; 1936-7, 8s 9d; 1937-8, 9s Bd. QUILL MORRIS (1936), LTD. DIVIDEND AT UNCHANGED RATE (Special to Daily Times) CHRISTCHURCH, Aug. 8. Quill Morris (1936), Ltd., has declared a dividend at the rate of 5 per cent, per annum (unchanged rate) for the half-year ended July 31, 1939. The dividend will be payable on August 22.

INSURANCE BUSINESS NEW ZEALAND COMPANY'S YEAR WORLD-WIDE OPERATIONS EFFECT OF OVERSEAS DISASTERS ( Special to Daily Times) AUCKLAND, Aug. 8. A review of the world-wide operalions of the New Zealand Insurance Company was made by the chairman of directors (Mr Oliver Nicholson) at the annual meeting to-day. After mentioning that the underwriting surplus of £94,666 should be regarded as highly satisfactory in view of certain unfortunate events, the effect of which had been the means of reducing the profits of the company, Mr Nicholson 1 said that one of these was a disastrous hurricane, which swept, for the first time in 123 years, a wide area of the eastern States of North America, involving a loss of 600 lives, with damage estimated at over £80,000,000. By reason of the company's world-wide insurance associations, it was involved in this loss, in spite of all prudent 'safeguards, to the extent of £53,000. In the light of past experience, a loss by interested insurance companies of such magnitude was never expected to eventuate. Fire Losses in Australia Another event, Mr Nicholson said, was serious bush fires in Australia, which caused losses to insurance companies as a whole ■to the extent of £580,000. In that unfortunate calamity their branches were called upon to meet net losses to the extent of £13,000, but their loss was nothing comparable to the loss of lives and consequent 'widespread distress occasioned by these fires. It would readily be seen that their profits would have been much increased had those unexpected disasters not occurred. " In the Far East our business has naturally been affected by the hostilities and consequent trade disturbances," Mr Nicholson continued. " Fortunately, our interests there are restricted, and the company under the most adverse conditions is not likely to be nrejudicially affected to a material extent. "Turning to assets, I would first explain the note which is now placed on the balance sheet." Mr Nicholson said. In 1935, the chairman stated, the English assets had been brought into the balance sheet at par with New Zealand currency. "As there appeared to be some doubt as to the meaning of this statement, the directors have deemed it essential to take this, opportunity of placing the position beyond anv nossibiiity of misapprehension." he added. Overseas Investments " The policy of the directors from the earliest days has been to supr»ort each r.nhere of the company's operations by the available funds. It has been the nractice to invest portions of the com-'; . nany's profits in the countries where they have been derived. As, therefore, our business outside of New Zealand SDDroaches three-fourths of the total volume, so the company's, assets outside of New Zealand are of a relative amount. The company, therefore, has ample sterling assets to meet any contingencies which might arise at any point.ojE the company's activities. Shareholders will realise that if converted to New Zealand currency the company's income and assets would assume larger proportions in the balance sheet, but no actual accretion of real value would arise by following such a course. "Regarding the dividend," the chairman said. " the present disturbed world outlook is such that the directors are confident that the shareholders will approve of this recommendation and leave to a more opportune time any consideration of increased benefits." SHEEPSKIN SALE APPRECIATION IN VALUES 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-operative Association, Ltd., Donald Reid and Co., Ltd., Stronach. Morris and Co., Ltd., and Wright, Stephenson and Co., Ltd.) held its fortnightly sheepskin sale yesterday, when fair sized catalogues were offered to a good attendance of buyer?. There was very keen competition arid prices for half to full-woolled skins showed an advance of id to 4d per lb, while faulty, dead and damaged sorts appreciated id to 2d per lb on the previous sale's rates. The official range of prices is as fol-

government: LOANS Buyer. Sellei ' ■ ' ': ■ . e s. 1 e s. d. 8| p.c. Stock, Sept., "' . 1939-43 • 99 0 0 ~ 3J p.c. Stock, Mar., . 1941*43'.. ".• •• ••' 98 0 0 *~ 3J p.c Stock. Sept.. 1941-43 •• 98 0 i) i **■ 4 p C. Stock, 1940-43 .. 99 0 0 ~~ 4 p.c. Bonds, 1943-46 .. 99 0 0 —* 4 p.c. Stock, 1943-46 .. 99 0 0 — 4 p.c. Stock, 1946-49 .. — 98 5 0 4 p.c.Stock,1949-52.« 96 0 0 ■ ■""" 4 p.c. Bonds, 1952-55... 96 0 0 — MINING Austral New Zealand Mining.r*£D ••' -P-, , ■—. 1 4 0 Big River (IsJ' .. .. 0 0 £* o T 9 Clutha River (2s) .. 0 1 3 Gillespie's Beach (Is) — 0 0 lu Goldiflelds Dredging, 1 (is) .■■'•;,*? New River (Is) ••■■■'<**■■. .0 t)i ¥ 0 0 Nokomai (5s) .. V.;; '"'i' /**""■ 0 2 0 . Okajrito (5s) .. ,?/> :■.-. .V-*r V 0 2 6 ; Waitahu (5s) .. ..- 0 * 0 "7 —* . BANKING;;./ : '^'rr<': 2 0 0 N.Z. (long D; £1) ... "prt: : 9 — Commercial (10s) ..' ,'-—. 0 16 9' Natl, of N.Z. (£2 lOsJ ■f\%: 0 — ' INSURANCE ' /■ j ,':'' National (7s) ..,?%& — • i'-X '0 16- tt' Standard (£1) .. .. 2 14 9 2 15 9 SHIPPING .,; Howard Smith (£lX?i - — V lf 1 6 U.S.S. Co. (pref.; St) ''—• 1 9 6 MEAT PRESERVING N.Z. Refrlg' (cont.: 0 8 8 0 8 4 South. Frozen Meat (paiar £i) r '■"..'■ .. 117 6 ' '— South Otago Freezing 4 8 0 .., TT LOAN AND IGENCV Otago Fanners (3s 4d) — 0 2 6 Trustees, Executors 4 0 0 — Wright, Stephenson (pref.; £1) .. .. — 0 19 4 COAL AND OIL Westport (10s) .. .. _ T ; 1 0 Westport - Stockton, (pref.; 10s). ,,-.'. .. —. 0 8 4 Taranaki Oil (£1 4s »- 7d) .». .. ••• ; ,v i",-~ ,0. 6 9 WOOLLEN COMPANIES "", '. \ Bruce (orci.; £1-) ... 0 X0 3 :'"■■ — Bruce (pref.; £1) .. 0 18 0 ' ' — .• Kaiapoi Xord.; 17s) ... ■ '.:** 0.12 6 0amaru£(,£l) ..'..' "' — v o .15; 6 ','' ' MISCELLANEOUS '• Australian Consqld. Inds,.' .. •►.''.'...'. —.i 2 0, 0 Aust. Iron and Steel (pref.; £1)•„,'.. 1 8 0 — British' Tobacco' (£1)' , — ' 2,12 ,0 Broken Hill Fty.,.(£l) . — 3 9 6 Brown, 'Swing (pref.; £1) .. a. .. .. 1 0 0 — Colonial Sugar (£20). .48 10 0 — Dominion . .-.fertiliser (£1) ;•< ■■;.::■:%'. . •• 1 4 0 — v-, / Dominions;Rub.;-v (£1)' : : 0 15 0 — ■■ ::■■>■■! Donaghy's Rbpe. (£1) ?•' r-— i.2'10 0 Hume Pifte':t£l):.- '..- •1 -0 o: ':.k:J-. I.C.I. (pref.;-' : £1)/ '.;.: ■ ■.■: — *': -1--4 9 Morts Dock-<£!)•: ■..' — 0 1ft 6'"' McLeod Bro'S:Xf£10) . r-.V-. 28 5 0 N.Z. Paper ;Mllls (£1) ' I 5 9 '■V.ft. 6 Otago Daily:' Times (£1) ■#;■];;;■. ;..:..".. 1 18 6 2 0 e Regent Thfeatre (£1) — 1 1, a Wilsons Cernent (10s) 0 17 0 — Woolworths < (Syd.; ord.; 5sV' "--' 1 4 4 Woolworths Properties. L? d - <(* PC pref. ord.; £"!)•: .. — 1 5 6 j'* ; : '^. ; ',HRKW.KRIES N.Z. B$Mqji&\(£,i); AA6 3 — Dominion :■'(£}>) ;.,.\' ■••.: 1 13 0 - ; : . — Tooths •;'.-, 2 14 0 .;, ; ,-r' AUSTRALIAN MINING Electro, Zinc (pref.; £D ! ',:< '.: ■ ' — 2 18 '..I)' Emperor (10s) 1 ..... ... . — 0.11 .7 Mount,.. Lyell (£1). .. — 1 8 ; .fl Mount Morgan (2s 6d) — 0 10 ■ jl) ■:. North Broken Hill (5s) — 2 '.■:% :.!)■ Wellington;'' ' Alluvial!! (2S) .../,. ■:. - *— 0 4 0

Sales on 'Change £ S. d. Amalgamated Brick (Auck101 10 0 New Zealand Insurance (ex div.) •• •• 2 11 s, Dominion Investment (Auck- , land) .. .. •• 0 16 6 Traders' Finance (paid; late 0 13 0 . 0 16 0 National Timber (odd lot) 0 7 9 Consolidated Brick .. .. 0 8 5 1. 0 10 Electrolytic Zinc (pref.; late 2 17 9 Milne and Choyce (pref., 7 1 2 6 Taranaki Oil Fields .. .. 0 8 4 Woolworths (N.Z.) .. .. 0 17 9 0 9 6 Mount Lyell (late Mon.) . .- 1 8 3 , WELLINGTON Sales on 'Change k p.c. Stock, 1949 .. .. .''. 98 5 0 f.p.c. Stock, 1958 .. .. Y. 96 15 0 Bank of New-Zealand ■ ■ - * >; 1 19 0 3£yp.c. Stock, 1943 ., ... 99 10 0 ! .4 .p.c. Stock,.'1940-43 ..l... 99 10: 0 4 p.c. Stock, 1958-.. 96 15 "0 Bapk of New Zealand' "... -VI 19 4 i New Zealand Guarantee '■'.. Corporation (2) ... .. b 4 2 Wilsons Cement .-»■■;-... ../ 0 17 3 Wobl'worths Ltd. (2). .. .. ; l 4 2

£ ,s. d. Commonwealth BondsSi p.c.,-1942 .. ,.. .... 99 15 0 4.P.C-, 1944 .. .. .. .. 101 16 3 102 7 6 101 16 3 2 11 6 Associated News .. 0.18 0 Anthony Hordern .... 0 13 6 Australian Iron • and Steel 1 8 0 British Tobacco (New..Zealand delivery) .'.-: .. 2.. 6 0 3 1 9 Cash., Orders (pref.) ..' ., . 1 4 0 44 17 6 1 14 0 Dunlop Perdriau ' .. •'..' 0 18 6 Electrolytic Zinc (pref.) .. 2 12 6 Additional Sales 28 5 0 Colonial Sugar, ,.•-•. ■•.'« ■44 17 ! 6 2 0 9 United Insurance .. .'.' 10 10 0 Associated News ,. .. . , 0 18 0 0 19 0 Burns', Philp, .. ,. ; ,. i Australian, Gas A. Cold). : .. 2 10 3 7 5 0 G. J. Coles- ' 3 11 0 •Woolworths .. ..... .. ■• 1 2 U Aust... Consolidated Indus. 1 15 6, Aust,'.Guarantee Corporation 1 3 6 Dunlop Perdriau .. .. 0 18 6 0 16 3 1 14 0 Anthony Hordern .. .. 0 13 6 0 15 U 0 15 6 Gash Orders .. 0 16 4 Gordon and Gotch : .. . .. 2 13 3 2 10 0 Malleys- .* :'•:. >,.£ •»/•• •• 019 6 Electrolytic .Zinc • .. .. 2 9 0 ,(pref.) 2 12 6 Mount Morgan j. ; •• •• 0 8 11 Broken HillProprietary ... North Broken Hill ;. .. '. 3 1 - 6 2 5 0 0 10 0 Loloma .. 1 5 3 • MELBOURNE, Aug. 8. £ s. d. Aust. Consolidated Indus. . 1 15, 7 Gordon and Gotch .. •• 2 12 6 3 10 9 Myers.- .'.'.', .. .. .. •• 1 18 3 Dunlop Perdriau .. .-. •• 0 18 6 Goldsbrough, Mort .. .. 1 5 0 ,Loloma...'.►• ■••.■• •••■» "••••■ •• • 1 5 1

London — £1 N.Z. to £100 Buying. Selllng. 1 stg. .. T.T. 124/7/6 125/-/- ! O.D. 123/18/9 124/19/6 Australia— £ A to £100 N.Z. T.T. 100/-/-O.D. 100/-/-FIJI— £ Fto £100 N.Z. T.T. 90/-/-88/12/6 O.D. 90/-/-88/12/6 New YorkDollars to £ N.Z. T.T. 3.7738 3.7305 O.D. 3.7788 3.7315 Montreal— Dollars to £ N.Z. T.T. 3.7723 3.7323 O.D. •'•" 3.7810 3.7333 Belgium— Belgas to £ N.Z. T.T. 22.261 21.951 O.D. 22.336 22.956 Czechoslovakia— Korunaa to £ N.Z T.T. — — O.D. — — Denmark — Kroner to £ N.Z. T.T. 18.140 17.830 O.D. 18.200 17.832 FinlandMarks to £ N.Z. T.T. 184.85 179.05 O.D. 185.25 179.15 France — Francs to £ N.Z. T.T. 142.97 140.47 O.D. 144.22 140.49 Germany— Relchsmarks to £ N.Z T.T. — 9.265 O.D. — 9.267 GreeceDrachmae to £ N.Z T.T. — 429.20 O.D. — 429.35 HollandFlorins to £ N.Z. T.T. 7.132 6.982 j O.D, 7.172 6.984 ItalyLire to £ N.Z. T.T. — 70.94 O.D. —i 70.96 Java—' Florins to £ N.Z. T.T. 7.114 6.964 O.D. 7.184 6.996 Norway— Kroner to £ N.Z. T.T. 16.129 15.839 O.D. 10.189 15.8-J2 Noumea — Francs to £ N.Z. T.T. 145.47 138.72 O.D. 14G.97 138.70 Papeete— Francs to £ N.Z. T.T. 144.87 138.87 O.D. 146.37 138.91 Sweden — Kroner to £ N.Z. T.T. 15.741 15.446 O.D. 15.801 15.449 Switzerland — Francs to £ N.Z. T.T. 16.776 16.506 O.D. 16.876 16.509 Chef oo— N.Z. pence to 1 dollar .. T.T. O.D. Hongkong— N.Z. pence to 1 dollar .... T.T. 181 181 O.D. 18 3-32 181 India and Ceylon— N.Z. pence to 1 rupee .. T.T. 22 9-32 22 9-16 O.D. 22} 22 9-16 Japan— N.Z. pence to 1 T.T. — 17 37-64 O.D. — 17 37-64 Manila— N.Z. pence to 1 T.T. SI 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 dollar .. • * T.T. 34 51-64 35 0-32 O.D. 34 45-64 35 9-32 South Africa— £1 N.Z. to £100 stg. . • • • T.T. 123/4/3 124/17/O.D, 122/17/124/17/-

lows: — • h ii Halfbred, full-wool .. .. u. u. 9 to 9* Halfbred, three-quarter-wool 8i to 9 Halfbred, half-wool .. .. 7 to 7$ Halfbredj quarter-wool .. 5| to 6J Fine crossbred, full-wool ... 9 to 9J Fine crossbred, three-quarter-8| to Oi Fine crossbred half-wool .. 7J to 8 Fine crossbred, quarter-wool 5i to «l Crossbred, full-wool .. .. 9 to 9} Crossbred, three-quarter-8i to 9 Crossbred, half-wool .. 7i to 7? Crossbred, quarter-wool 5i to 6J to 3J Fine crossbred hoggets to 8J to 8;| to 7i 6} to 7| 73 to 8i Fine crossbred dead .. .. 74 to 8 7 to 7? 3 to 33 1J to 2}