COMMERCE AND FINANCE

Otago Daily Times, Issue 23884, 11 August 1939, Page 14

COMMERCE AND FINANCE

RESERVE BANK ADVANCES AGAIN HIGHER STERjLING FUNDS REDUCED FALL IN RESERVE RATIO (Pen United Press Association) 'M- ' WELLINGTON, Aug. 10. . The following is a' statement of the assets and liabilities of the Reserve Bank of New Zealand as at the close,of business on August 7:— . ■ ; LIABILITIES ’ ' (.art week. Thli we«k. £ £ I. General, R*i«ryo Fund .. 1.500,000 1,500,000 1 Bank flflter .. .. .. 15.603,304 16,507,527 3, Demand liabilltlei—(a) State .. .. 2.803,452 2,574,308 (b) Bank! .. .. ..10,703.459 10,773,410 (0) Other ... 200,550 474,213 4. Time Pepeilti -.i ■<<■ .. •. Liabilities In . ourrenolej other than NewZe*. land currencies .. ... 72,332 72,332 I. Other llabliltlei .. ... 420.414 442.011 Tefal . ..i .. .. .. £31,525,577 £31.423.891 ■•••?: •„ ;v ; . \ . ASSETS 7. Ileierve—(a) Gold .. .... ... 2,801.839 2,801,839 (b) Sterling exchange .. 5,676,957 , 3,150.054 (o) Gold exchange .. V.. • «. Subildlary coin .V 1. ~ 227,144 .' • , 220,917 9. Dlicounti— .' i(a) Commercial and agrl- ,; V. . ■ cultural,, blits ... <W Treatbr* ■ wml ...Ideal ;;■ , .m» bull IS. fa) To 'State or .-State. ; t»qdertek(ng*- ; , - : - ■ Depart- 1 - iV. -vi -5.888,320 ■ 5.983.950 (2f,Rdr other purSeiei (3,250,000 13,280,000 (b) lio fther’publld .au- ' 1 . JhwlMoi i. •' ••• i (0) Other• ' ■ 11. I nyeetiirti)t»'i i•,i- 1, . '5.740,462 : 3i74i.415 12. J 13. Other 'aiiete.. V.- .y/. i'. :v. 232.548' 268,515 ; Total' ~ £31,525,577_ £31,423,891 •; Proportion .of roeervo .(No.: 7-’ . lent No. ' 5)..t0 ;/;. C othar demand liabilities.'. .’ ' 2|.132% • 26.795% Sterling . exchange. Ii expreOed InNew. Zealand currency. ' - * The movement of the sterling exchange held by the Reserve Bank of New Zealand since October last and of the ratio percentage of reserve to notes and other demand liabilities are shown, in the following table:- *’ Sterling Peierve

COMMERCIAL BANK OF AUSTRALIA ANNUAL REPORT The annual report of the directors of the Commercial Bank of Australia stated that profit for the year ended Tune 30 amounted to £262,910, com par n ed y«* r before. and £247,435 for 1936-37. ine latest profit represents a return of £.9 per cent, on ordinary capital of bank has maintained ordinary dividends for the year at the unchanged rate of 71-12 per cent which requires £141,667. and the preference dividend of 4 per cent, requires £94 694 The directors have appropriated £30,000 for reduction of bank premises, the same figure as the year Gross earnings have increased jby £41,787 from £1,053,540 to £1,095,3,.7, -and expenses, induding salaries, lent, etc., from £791,156 to £832,417. No marked change is shown in balance sheet items. Over Jbe year a - vances have risen from £24.685.000 to £25,305,000. which is a reflection or accommodation given, for financing of imports and general expansion of trade in the Commonwealth. Depositsshow an increase from £30,053,009 to £30,998,000. which is m keeping with the general trend over the last 12 months. Cash and readily realisable assets (Treasury bills and Government securities) amounted to June 30 last, compared with £12,374,000 a year before. ’

LOCAL: AND OVERSEAS .MARKETS

THE SHARE MARKET DUNEDIN STOCK EXCHANGE ■s „ ' ;■ INDUSTRIALS STILL SLACK There was no improvement yesterday in the slack demand for industrials which has characterised the trading on the .Dunedin Stock Exchange this week. Breweries were inclined to be firmer, and gilt-edged securities -attracted a normal amount of attention, and in the insurance section Standard again realised £2 15s 3d. A parcel of ordinary Wright, Stephensons was turned over at 19s 9d. Meat preserving shares were again well supported, paid-up New Zealand Refrigeratings coming back into the market with a buyer at 16s 3d. A parcel of Westport Coals changed hands-at £1 0s 9d,. the closing quotations being 3d on either side of that figure. Business was also re P or^“ r . l j l New Zealand Newspapers at £1 12s 9d. The offer for New Zealand Breweries was advanced to £1 175,. and Dominions also went up to £1 13s 6d on buyers' quotation. YESTERDAY’S TRANSACTIONS

AUSTRALIAN MARKETS (United Press Association) (By Electric Telegraph—Copyright) SYDNEY, Aug. 10. (Received Aug. 10, at 10 p.m.) The wheat market is dull and lifeless, with prices still very low. Silo grain is quoted at 2s 2Jd, bagged at 2 S 5JdFlour, £l2 15s. Bran and pollard. £4 ss. Potatoes: Tasmanian, £2l; others, £l9. Onions: Egyptian brown, £29; Victorian brown, £26. _ Maize; Yellow, 4s; white, 4s 2d. DISCOUNT AND INTEREST RATES (United Press Association) (By Electric Telegraph—Copyright) LONDON, Aug. 9. London discount and short-loan interest rates, day. to day loans, i per cent.; fine trade bills, thtee months. 3 to 3i per cent.; bank bills, three months. 11-16 per cent.; bank bills, six months, li per cent.; Treasury bills, two months, f per cent.; Treasury bills, three months, S per cent.

NORTHERN EXCHANGES AUCKLAND Sales on’Change

SAMOAN CUSTOMS DUTIES SLIGHT INCREASE AUTHORISED CP Eh United Press Association) WELLINGTON, Aug. 10. A Samoa Customs Order, 1939, issued with to-night’s Gazette, authorises slightly increased Customs duties on a number of articles, Including matches, kerosene, benzine, diesel oil, and sugar.

AUSTRALIAN STOCK EXCHANGES (United Press Association) (By Electric "’elegnp’ Copyrlgr.'.) SYDNEY, Aug. 10. (Received Aug. 10, at 10 P-m.) The Stock Exchange shows little change, and all sections of the market are relatively, steady at the recent reduced levels. The Morning Sales

FRENCH FRANC 'United Press Association) /By Electric Telegraph—Copyright) LONDON. Aug. 9. Sterling exchange on Paris, 1763 francs to £l.

DOLLAR AND STERLING (United Press Association) (By Electric Telegraph—Copyright) LONDON, Aug. 9. Sterling exchange, London on New

London on New York during 1937 averaged 4.95 dollars to £1 sterling; on August 2, 1938, 4.493: on September 8, 4.63; and during October varied between 4.78* and 4.75 g. During November, 1938, the variation was between 4.76 i dollars (November 8) and 4.63 J.

FOREIGN EXCHANGES (British Official Wireless) (United Press Association) (By Electric Telegraph—Copyngh.j RUGBY, Aug. 9.

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

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 notlce ‘ U.S.A. Canada. (Per £1 (Per £1 N.Z.) N.Z.) Dols. Dols. ,

CLINTON SALE FIRST SPRING FIXTURE (Special ro Dailv Times) CLINTON, Aug. 10. Signs of a revival in store sheep transactions were evident to-day at the first sale of any consequence held since the close of the autumn series. About 500 ewes, ranging from two-tooth to full-mouthed, and 420 ewe hoggets were penned. Although there was nothing outstanding in the offering, the bulk of the sheep were in good order, reflecting the favourable seasonal conditions prevailing during the late autumn and winter months. There was a fair attendance of local buyers, and Southland was also represented. The ewe hoggets, which were of good condition and of medium size, sold at satisfactory rates, two lines selling at 25s 2d and 26s 6s respectively. Preference was shown for young and sound-mouthed ewes. The odd lots of failing-mouthed descriptions did not command the same attention, one or two lots being passed in at auction. , __ Quotations were as follows: Medium two-tooth ewes 30s 9d, , a Y ei 'nf e J°n r id six-tooth ewes 27s 3d to 28s. fullmouthed ewes fairly sound to 245, broken-mouthed ewes, 11s 3d to 14s 6d; good average ewe hoggets, 25s 2a to26s 6d.

MANUFACTURE OF SOAP LICENSING oFtHE INDUSTRY (Per United Press Association; WELLINGTON, Aug. 10. A formal declaration of soap manufacture as a licensed industry under the Industrial Efficiency Act is contained in the Gazette issued last night.

WINTER WOOL SALE EXCELLENT RETURNS AT WELLINGTON MAINLY CRUTCHINGS OFFERED (Per United Press Association) WELLINGTON, Aug. 10. An excellent return was realised from a sale of crutchings and other wool in Wellington on July 25. The average price for the 4560 bales sold, comprised mainly of crutchings, was £l2 15 s 6d a bale, or 8.743 d per lb, compared with the New Zealand average for the roster of sales last season of £l3 2s 2d a bale, or 9.24 d per lb for all classes of wool. The official return for the sale, supplied by the Wellington Woolbrokers’ Association, is:—Bales offered. ,4718; bales sold, 4560; net weight sold (lb). •’1,599.385; gross proceeds, £58,262 16s 3d; average price a bale. £l2 15s 6d; average pjice per lb. 8.743 d. POTATO MARKET SUPPLY FROM AMERICA OFFER TO MERCHANTS American growers who have been advised of the present shortage of potatoes throughout the Dominion (states the Timaru Herald), have evidently scented prospects for a good market as a Timaru merchant has received a quotation for the shipment of American red and white potatoes through a San Francisco firm at a landed cost of 17s 2Jd a 1001 b bag for red, and 15s 10Jd a 1001 b bag for white variety, with wharfage and cartage or railage charges to be added. The ,San Francisco merchant advised that shipments could be made by the Hauraki which is to leave Los Angeles, and the Monterey, which is scheduled to sail on September 13, both for Auckland. Potatoes have been quoted at £l6 10s a ton in Timaru during the week —an increase of £1 10s on last week’s price and £2 10s on those ruling a fortnight ago. Inquiries revealed that apparently the Government will allow potatoes to be imported from the United States, and every precaution would be taken to present the importation of any potatoes carrying blight. One Timaru merchant remarked that it was questionable whether it would pay to import, as the outside market was practically equivalent to the local demand; and, further, it was really too late in the season to ship potatoes to New Zealand. He added that owing to the high prices there have been numerous inquiries locally for early seed potatoes as growers anticipate a good return from the new season’s crop, provided importations are restricted. MINING NEWS RENOWN COLLIERIES. LTD. NORMAL YEAR'S TRADING (Special to Daily Times) AUCKLAND. Aug. 10. An increase in profit of £1944 to £14,938 is recorded in the accounts of the Renown Collieries. Ltd., for the year ended July 31. Income tax. estimated at £6491. against £4904 last time, and social security tax of £747 has to be deducted from the profit struck, giving a net result of £7700 for the year’s operations, against £BOOO in the previous year and £7IOO in 1937. It war. also necessary to provide £B6O for accrued holiday wages up to July 31. The directors report that trading conditions were normal, and recommend the same dividend of 7 per cent, on the preference shares and lOd a share on the ordinary shares, absorbing £7IOO, The balance 6f £6OO has been placed to the general reserve. Proper allowance has been made for depreciation. MOSSY CREEK DREDGE <Per United Press Association) GREmOUTH, Aug. 10. The Mossy Creek dredge return was 350 z 4dwt for 130 hours’ work and 0315 yards treated. NEW WELCOME GOLD MINING COMPANY Progress Report for July At the last report of the New Welcome Gold Mining Company, issued on July 10, the main crosscut had been driven 535 feet. Since then 45 feet have been driven, making total 580 feet. Driving was not so speedy owing to the country being harder, but the ground has now improved and better progress will be made. The large reef intersected at the 526 foot point, referred to in last month’s report, was sampled and assayed, but did not carry any values. This is an entirely new lode, which has a promising appearance, and It warrants being driven upon both north and south in the expectation that payable gold will make. .Everything else in connection with the driving of this crosscut is proceeding smoothly and satisfactorily. BIG RIVER RETURN The following Is the Big River Gold Mines, Ltd., report for week ended August 3: —No. 5 level-North stope Sloping at both ends. Stone 4ft 6m wide. North level: Advanced 7ft; total 40ft. No. 6 level—The level advanced Bft; total 17ft from commencing point, leaving 40 feet to be driven to get under south block. Winze: Sunk 3ft; total 60ft. Getting winze over to lode in hanging wall. Battery—3o tons of stone were sent to the battery. LONDON METAL MARKET (United Press Association) (By Electric Telegraph—Copyright) LONDON, Aug. B.

PRICE OF FINE GOLD (United Press Association) LONDON, Aug. 9.

1 Oet. Oet. Nov. Nov. Nov. Nov. Doo. Doo. 9 f. exchange • £ (N.Z.) ratio per cent. 87.259 ji #• ,r.. u 4 .. •• • 7,707,697 8,633,031 .. 8,662.977 46.09 39.733 36.825 21'.. 2*.. •». 12' .. .. 5,029,137 4,828,302 . 4,200.886 4,872,031 33.723 32.885 29.834 30.333 28.109 Doo. Jon. ion. Jan, Jan, Jan. Feb. Feb. Fob, Feb. 2* .. . 2 .. l$‘ 1* .. 23.. w.. 8 Vi13 .. 20 .. 27 .. ..' 4,678.233 4,017,232 .. 3,933,881 j4,378,108:' 14.388.528 ..•'■';:4,I-33.8M .. .! .4,074,954 <4,164,499 „ 4,523,030 ., Q< 4,839.585 27.C32 26.13 , 28.526 26.782 28,895 28,75-; ' 25.047 25.073 25.378 25.799 1 23.017 Mar, aur. 13 .. .. 20 4,591,688 -i-.4,947.863 *. .. 4,659.874 25.026 25.129 25.418 . 25.924 A pi. Apt. API. May 10 .. 17 ., 24 .. *4 t .. - ; .4,398,661 4,872.817. .. 4.630,061 „ i: 41817,903 .r.' V f 4,786.705 ! : J ? 4,695.194 25.501 29.305 25.11 28.815 25.722 28,499 4,758,544 25.811 May June June June June ; July 29 .. ( .. 12 .. 19 .. 28 .. 3 .. ,■ 4,584,205. 8.882.307 .. 8,773.687 .. 8.793,195 „ 8,600,601 5,690.003 .. 8,686.796 28.138 29.655 29,691 30.983 30.249 31.329 30.805 5,589,074 10,379 5,595.010 28.852 5,878.957 28.132 5,180,954 26.795 The reserve statutory minimum ratio is 25 per cent. of the

Sales Reported £ s. d. Standard Insurance 2 15 3 Wright. Stephenson (ord.).. 0 19 9 N.Z. Newspapers .. 1 12 9 ■New River .. .. 1) IMU LATEST QUOTATIONS The following' are yesterday afternoon s buying and selling quotations, which jre subject to the usual brokerage:- ■ , GOVERNMENT LOANS Buyer. Seller. * ' ■ ■ ■ - £ s. d. £ s. d. 34 ; p.c; stock, .Mar.. 1941-43 .. .. .. 98 10 0 — H- p.c Sept. 1941-43 .. .. .. 98 10 0 — 4 p.c, Stock. 1940-43-.-, 99 .5 0 — 4 p.c, Bonds, 1943-46 . . 99 5 0 — 4 p.c. Stock, 1943r46 . 05, 5 0 4 p.c. Stock,'1948-49 ... 98 0 0 — 4 p.c. Stock, 1949-52 .. 96 10 0 ’— MINING ’ Austral New Zealand Mining (£1) .. .. V 4 0 Big River (Is).; ... 0 0 84 - — Gillespie’S- Beach (Is) — 0 0 1U Goldfields v Dredging : (Is) . — 0 0 2 Maori Gully (Is) .. 0 0 54 ■— New; River (Is) .. .. — ■ - 0 1 0 Nokomai (5s) .. .. \ — v, ■ 0 2 0 Okarito (5s) .... .. -j. 0 2 6 Sandhills (Is) ■ .. 0 0 2 BANKING r' N.Z. (£1) — 1 19 9 N.Z.-:(lohg D; £1). .. 1 6 9 — Commercial (10s) . ; .. — 0,16 9 Natl, of N.Z. (£2 10s) 2 6 0 — . INSURANCE National (7s) .. .. 0 16 8 0 17 0 Standard (£1) .... .. 2 15 0 2 15 9 SHIPPING Howard Smith (£1).. — 1 1 6 Huddart, ~ , Parker (ord.; £1) .. .. 2 18 0 — U.S.S. Co. (pref.; £1) — 1 5 6 MEAT ; PRESERVING N.Z. Refrig, (paid; £1) 0 16 3 — N.Z Refris (cont.: 10s) 0 8 0 — South. Frozen Meat (paid; £1) 17 3 — South Frozen Meat ■ (pref.; £1) .. 1 7 3 •*r South Otago Freezing (£5) ... 4 5 0 —* LOAN AND AGENCY Trustees, Executors (£3) 4 ‘'S’ 0 T.*Wright, f Stephenson (pref.; £1) .. — ■ 0 19 4 GAS Auckland (£1) .. .. 0 16 6 COAL AND OIL Kaltangata (10s) 1 7 6 ' — Westport (10s) 1 0 6 1 1 0 Westport - Stockton (pref.; 10s) 0 7 11 0 8 1 Taranaki Oil (£1 4s 7d) — 0 6 9 WOOLLEN COMPANIES Bruce (ord,; £1) .. 0 10 3 — Bruce (pref.; £1) .. 0 18 0 — Kalapoi (ord.; 17s) .. — 0 12 3 MISCELLANEOUS Australian Consold Inds — 2 0 0 Broken Hill Pty. (£1) — 3 9 0 Brown, Ewing (pref.; £1) 1 0 0 — Dominion Fertiliser (£1) 1 4 0 — G. J, Coles (£1) .. 3 17 6 — Hume Pipe (£1) — 1 1 0 Natnl. Electric (£1) .. 0 13 0 0 14 3 N.Z. Paper Mills (£1) 1 5 9 — Otago Dally Times (£1) 1 18 6 2 U 6 Regent Theatre (£1) — J 1 8 Wilsons Cement (10s) 0 17 0 Wool worths (Syd.: ord.; 5s) 14 0 1 4 6 Woolworths Properties. Ltd. (6 p.c. pref.; ord.; £1) .. 1 5 6 BREWERIES N.Z. Breweries (£1) 1 17 0 •. Dominion (£1) .. .. 1 13 6 Tooths (£1) 2 14 6 _ AUSTRALIAN MINING 1 Mount Lyell (£ 1) .. 1 7 9 — Mount Morgan (2s 6d) 0 9 10 0 10 0 DIVIDENDS PAYABLE The following is a list of shares on which dividends will shortly be payable— Farmers’ Fertiliser — Ord., 6 p.c., p.a., pref., 5i p.c. p.a. (to May 31) Aug. 15 Woolworths (Sydney—Halfyearly, 10 p.c. pref., 5 p.c.; 7 p.c.. pref.. 3J n.c. Aug. 15 Mount Morgan (pref.) — Interim 8 p.c. p.a, .. Aug. 15 Com. Bank Aus. — Pref., 4 p.c., ord,, 3} p.c. .. Aug. 17 Trustees Executors— Final, 8 p.c. p.a. .. .. Aug. 17 Bank of New South Wales— Interim, quarterly, 0s 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 Insurance —Halfyearly. Is 3d a share —

£ s. d. Stock, 1D39-43, 3i per cent. 99 10 0 E.S. and A. Bank 4 16 6 Bank of New Zealand (late Wednesday) .. .. 1 19 3 New Zealand Insurance .. 2 11 6 South British (late Wed.) 2 3 0 Dominion Investment 0 16 6 (Auckland) .... .. Westport Stockton (ord., late Wednesday) .. •. 0 4 0 Broken Hill Proprietary .. 3 8 0 Bycroft (2) 1 15 6 Electrolytic Zinc (ord.) .. Farmers’ Trading • .. . • 2 12 9 0 18 2 G. J. Coles : •• 3 18 9 New Zealand Drug .. i • 3 9 0 New Zealand Newspapers 1 12 9 (2) Wilsons Cement (late Wed.) 0 17 3 0 17 3 Woolworths (Sydney) 1 4 1 4 0 9 3 4 Martha .. ....... •• 6 Waihi Investments . . .. 0 6 3 Woolworths Holdings (Sth. 0 14 a 9 WELLINGTON Sales on ’Change Woolworths, Ltd. (late 1 4 3 Commercial Bank of Aus0 16 8 tralia (2) .. New Zealand Guarantee 0 4 2 Wellington Gas (ord.) 1 8 3 Oamafu Woollen (2) 0 15 0 Electrolytic Zinc, (ord.; 2) 2 13 6 Woolworths (New Zealand; ord.) 0 17 10 Mount-Lyell .. •• 1 » 6 Bank of New Zealand .. 1 19 3 CHRISTCHURCH Sales on ’Change Bank of New Zealand (3) 1 19 4 Broken Hill Proprietary 3 8 (2) 0 New Zealand Government 3£ per cent. Inscribed, 1939-43 ■••••• Woolworths (New Zealand) 99 15 0 0 17 11 Ngahere Gold (2) i z 0 Sales Reported Commercial Bank of Sydney (cum div,; late 20 10 0 Wednesday) ;• Electrolytic Zmc (pref., cum div,; late Wed.).. 2 17 9 Woolworths (Sydney ord.) .. 1 4 3

Commonwealth Bonds — £ s. d. 3f p.c., 1951 • • 98 6 3 3| p.c., 1955 99 1 3 4 p.c., 1941 101 1 3 4 p.c., 1955 101 0 0 4 p.c., 1957 101 ' 5 0 Bank of New South .Wales 28 5 0 Tooheys .. .. -- • • 1 8 9 Tooths • • •••.«• • • 2 11 6 Anthony Hordern ■ U 13 6 Anthony Hordern (pref.) .. 1 0 0 Broken Hill Ply 3 2 0 -Dunlop Perdriau .. - • .. 0 18 6..,.: Additional Sales Bank of N.S.W 28 5 0 Commercial Bank of Syd. 18 16 0 Colonial Sugar .. .. . • 44 17 6 Associated News •• •• 0 17 1U (pref) 1 1 I British Tobacco 2 6 0 Tooths • • 2 li 9 Tooheys • • • • 1 0 9 Woolworths •• 1 2 3 Australian Consolidated Industries 1 15 9 Dunlop Perdriau .. •• 0 18 6 Anthony Hordern - • • • General Industries .. -• 0 13 0 19 6 0 Mort's Dock 0 15 3 Adams • • 0 15 74 Cash Orders 0 16 3 Standard Cement .. -• 1 2 6 Henry Jones 2 10 3 Fairymead Sugar - - - • l 12 6 Electrolytic Zinc 2 9 6 (N.Z. delivery) 2 9 3 Mount Morgan . - - • • ■ Broken Hilr Proprietary .. 0 3 9 1 0 9 South Broken Hill .. .. 1 6 0 Emperor 0 10 9 Oil Search • • 0 3 10 MELBOURNE, Aug. 10. £ s. d. National Bank (£10 paid) 12 12 0 Australian Consolidated In1 15 9 0 18 6 Herald and Times •• 3 2 3 1 2 0 Mount Morgan 0 8 11 Emperor " u 10 1 1 0 3 Broken Hill Proprietary .. 3 1 6 South Broken Hill .. •. 1 6 0

August 8 .. 176} August 4 .. 1763 August 3 ,. 176} August 2 .. 17t)i August 1 .. 176} July 31 .. 176} July 14 .. .. 176} July 7 .. .. 176} July 3 .. 176} June 30 .. .. 176} June 1 ., 176} May 31 .. ,.176} May 1 .. 176} April 28 .. .. 176} April 3 .. ,. 176} March 31 .. .. 1763 March 1 . • .. 177 February 27 177 February 1 ,. 177 January 31 .. 177 January 5 .. 177 11-16

York, 4.68*. August 8 ... . .. 4.68* August 4 .. . . .. 4.68* August 3 ... August 2 .. . August 1 ,. . July 31 July 24 . .. 4.683 July 14 . .. 4.68 3-16 July 7 . .. 4,68 3-16 July 3 . .. 4.68* June 30 . .. 4,68* June 1 . .. 4.68,1 May 31 . .. 4.68* May 1 April 3 . .. 4.68 7-16 March 31 .. . . .. 4.68* March 1 .. . . .. 4.683 February 28 .. . . .. 4.68* February 1 .. . . .. 4,683 January 31 .. . . .. 4.68* January 2 .. .

Paris— Par Aug. 8. Aug. 0. Francs to £1 Brussels— 124.21 176 23-32 176 23-32 Belgas to £1 Oslo— SO 27.551 27.551 Kroner to £ 1 Stockholm — 18.180 19.90} 19.90} Kroner to £1 Copenhagen— 18.150 19.39 19.39 Kroner to £ X Berlin— 18,150 22.40 22.40 Marks to £1 Montreal— 20.34 11.66} 11.66} Dollars to £1 New York— 4.86 2-3 1 4.78J 4.68 1-16 Dollars to £1 Yokohama— 4.86 2-3 4.68} 4.68} Pence to yen Hongkong— 84.582 14 14 Pence to dollar Bombay— 24.58 14 11-18 14 11-16 Pence to rupee Batavia— — 17 6-16 17 5-16 Florins to fl 1 Milan— 12.10 8.79 8.79 Lire to £1 Amsterdam — 82.46 89 80 Guilder to £1 Prague*— 12.107 8.79} S.83 Kroner to £ 1 Geneva — 104 i 1373 137J Francs to £ 1 Vienna— Schillings to 23.22| 20.74} 20.731} £1 Helsingfors— 84.80} ~ — Marks to £1 Madrid — 193.28 227 227 Pesetas to £1 Belgrade— 25-22} 42} > 42} Dinara to £1 Athens— Drachmas to 25.22} 210 210 £1 Lisbon— Bsciidos to 375 547} 547} £1 .. ' Bucharest — 110 110} 110} Lei to £1 Rio de Janeiro— Pence to 931.6 660 660 mllrels • > Buenos Aires— 5.890 21 21 Pence to pesos Shanghai*— 47.22 20.19} 20.19} Pence to tael Montevideo— — 4} 4} Pence to pesos Warsaw— — 18} 18} Zlotys to £1 — 24.87 * Nominal. 24,87

London— £1 N.Z. to £100 Buying. Selling. Stg. . . . . T.T. 124/7/6 125/-/-O.D, 123/18/9 124/19/6 Australia— £ A to £100 N.Z. T.T. 100/-/-0,U. .00/10/-100/-A FIJI- £ F to £100 N.Z. T.T. 90/-/-88/12/0 O.D. 90/-/-88/12/6 New Tork— Dollars to £ K'.Z. T.T, 3.7743 3.7310 O.D. 3.7793 3.7320 Montreal— 3.7318 : Dollars to £ K'.Z. T.T. 3.7718 O.D. S.7805 3.7328 Belgium— 21.952 Belgas to fi N.Z. T.T. 22.262 O.D. 22.337 21.957 Czechoslovakia— Korunas to £ T.T. N.Z — • 0.11. — — Denmark— 18.140 17.830 Kroner to £ N.Z. T.T, O.D. 18.200 17,832 Finland — 179.08 Marks to £ N.Z. T.T. 184.88 O.D. 185.28 170.18 France — 142.97 140.47 Francs to £ N.Z. T.T. O.D. 144.22 140.49 Germany— Reichsmarks to £ 9.265 9.267 N.Z T.T. O.D. — Greece— Drachmae to £ 429.20 N.Z T.T. O.D. — 429.35 Holland— 7.133 7.173 6.983 6.985 Florins to £ N.Z, T.T. O.D, Italy— Lire to £ N.Z. T.T. — 70.94 O.D. — 70.96 Java— Florins to fi N.Z. T.T. 7.118 6.968 O.D. 7.158 6.988 15.839 Kroner to £ N.Z. T.T, 16.129 O.D. 10.189 15.842 Noumea— 145.47 138.72 Francs to ft N.Z, T.T. O.D. 146.97 138.78 Papeete— 144.87 138.87 Francs to fi N.Z, T.T. O.D. 146.37 138.91 15.738 15.443 Kroner to 6 N.Z. • T.T. O.D. 15.778 15.446 Switzerland— 16.782 16.512 Francs to C N.Z, T.T. O.D. 16.882 18.515 Chefoo— N.Z. pence to 1 T.T, dollar .. .. — — O.D. — —* Hongkong— N.Z, pence to 1 m 18} dollar .. • • T.T. O.D. 18 3-32 lag India and Ceylon— N,5S. pence to 1 rupee .. •• T.T. 22 9-32 22 9-16 O.D, 22} 22 9-16 Japan— N.Z. pence to 1 yen T.T. O.D. 17 37-64 17 37-64 Manila— N.Z. pence to 1 T.T. 81 33-64 32 7-?2 peso O.D. 31 27-64 32 7-32 Shanghai— N.Z. pence to 1 T.T. dollar .. • • O.D. ’ Singapore— N.Z. pence to X dollar k . • • T.T, O.D, 34 51-64 35 9-32 34 45-64 35 9-32 South Africa— £1 N.Z. to £100 slg. • • • • T.T. 123/4/3 124/17/O.D, 124/17/All rates subject to alteration without notice.

Selling— 3.724 3.72| T.T. .. O.D. .. 3.72 1-1G .. 3.72 5-16 Buying— O.D. .. .. 3.77? 3.784

The follbwlng are the official metal quotations: — Ton £ s. d. £ s. d. Copper, $pot .. Copper, forward 44 13 44 15 U 71 Fall 0 2 6 Fall 0 2 8 Electrolytic, spot 50 5 0 No change Electrolytic, for51 0 0 Fall 0 5 0 51 0 0 Fall 0 5 0 16 1 10J Fall 0 2 6 Lead, forward .. 15 19 41 Fall 0 5 0 Spelter, spot .. Spelter, forward 14 14 9 14 41 41 Fall 0 2 6 Fall 0 2 6 229 18 9 No change Tin, forward .. 225 Oz 12 6 Rise 0 5 0 Silver, standard I6jd No change Silver, fine 18 3-16d No change

£ s d. August 9 .. .. ..7 8 6 August 8 .. .. .. 7 8 6J August 5 .. .. 7 8 6 \ August 4 .. .. .. 7 8 6£ August 3 .. .. .. 7 8 6J August 3 .. .. 7 8 6J August 2 .. .. .. 7 8 6i August 1 .. .. .. 7 8 6 1 July 31 .. .. 7 8 6 i July 29 .. .. .. 7 8 6i July 28 .. .. .. 7 8 6i July 27 .. .. .. 7 8 6J July 26 .... 7 8 6J July 25 .. .. 7 8 6 July 24 .. .. 7 8 5i