COMMERCE AND FINANCE

Otago Daily Times, Issue 23894, 23 August 1939, Page 16

COMMERCE AND FINANCE

THE SHARE MARKET DUNEDIN STOCK EXCHANGE BANKING SHARES TURN OVER Banking shares were the centre of Interest on the Dunedin Stock Exchange yesterday, when six sales were recorded in this section. A parcel of Si per "cent. Stock, 1939-43 was turned over at £99 12s 6d, and there was later an offer at £99 15s. There were three sales of Bank of New Zealands at £2, the closing quotations being 3d on either side of that figure. Commercials had business at 16s 2d and 16s 3d, and .were subsequently available at 16s 4d, while E.S. and A's were sold at £4 18s. A parcel of Otago Farmers' realised 2s and Westport Coals continued firmly in demand at £1 Is, with sellers 6d awajr. Preferred Kaiapois were wanted at 14s sd. .Broken Hill Proprietaries eased sharply to sell at £3 7s. a parcel being left on the market at £3 7s 6d. Several parcels of New Zealand Drugs changed hands at the advanced price of £3 9s 6d, and New Zealand Paper Mills were wanted at £1 6s 3d, with no seller forward. ■ . , . There was again a lack of interest In Australian mining scrip. YESTERDAY'S TRANSACTIONS Sales on 'Change

. LATEST QUOTATIONS The following are yesterday afternoon's buying and selling quotations, which are tubject to the usual brokerage:— ' GOVERNMENT LOANS

LOCAL AND OVERSEAS MARKETS

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. National Tobacco (ord.; £1) 1 10 0 A. and T. Burt (pref.; £1) 0 14 6 Millers, N.Z., Ltd. .. 013 8 Security Finance .. 0 14 6 Pacific Forest '.. .. 0 6 0 DIVIDENDS PAYABLE The following is a list of shares on which dividends will shortly be payable: — Regent Theatre Co. —Annual, 3i p.c. To-day 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 Sept. 15 Broken Hill South—6d a share .. .... .. .. Sept. 15 North Broken Hill—6d a share (Aust. currency) .. Sept. 27 Standard Insurance —Halfyearly, Is 3d a share .. .. NORTHERN EXCHANGES AUCKLAND

WORLD WOOL BRITISH EMPIRE SHARE The British Empire is the greatest wool-producing and the largest woolconsuming aggregation of people in the world. Apart from imports of manufactures, the United Kingdom, Australia, Canada, New Zealand, and India use the equivalent of nearly 3,000,000 bales annually in their mills, or approximately one-fourth of the world's supply. The Empire grows over 45 per cent, of the total clip of the world, which includes a proportion of carpet wools, Winchcombe, Carson, Ltd., reports. - The five chief wool-exporting countries are Australia>New Zealand, South Africa, Argentina, and Uruguay, their total clips totalling 6,676,000 bales, of which 75 per.cent,, is grown in.the three British countries. Australia. New Zealand, and South Africa. , ..'. f World trade needs to revive to produce an appreciable advance in prices. ;,Sbme increase in it'has ■ been experi- ' fenced, this year." more particularly ii. English and Continental exports of tops .and'yarns. That supplies a slight in•dicatiori;;of ;an" improved demand, fo'r -wool, but ithas a long way to go generally to reach the volume of 1935-37, when competition for the staple was brisk enough to produce average annua] figures, of 14.2 d. and 16.7 d for two successive Australian clips. .A keener inquiry may be received for the new clip, particularly if, as reported likely, Japan buys greater quantities. But some extraordinary development would be necessary during the month ahead to produce a marked rise in prices at the sales which open in Sydney on August 28. COX BROTHERS (AUSTRALIA), LTD. ) . DIVIDEND OF 15 PER'CENT. (Per, United Press Association) ; WELLINGTON, Aug. 22. Cox Brothers (Australia), Ltd., to-day advised the Stock Exchange Association that the directors announce a dividend of 15 per cent, on ordinary shares for the twelve months ended July 31, and talso a new issue of ordinary shares at par to ordinary shareholders on the basis of two new shares for every five now held. The share register will be closed on October 4. Applications for new shares will be closed on November 1. WINCHCOMBE, CARSON, LTD. SMALL DROP IN PROFIT A net profit of £47,910 was shown by Winchcombe, Carson, Ltd., the Australian woolbroking and stock agency company, for the year ended June 30, a decline of only £2137 in comparison with the previous year's earnings. The dividend of 7 per cent, (against 7J per cent, in 1938) will require £38,500. A transfer of £IO,OOO to reserve will increase this fund to £220,000 and £9485 will be carried forward, against £10,075 brought in. The directors report that a continuaance of adverse seasonal conditions, together with a further reduction in wool prices and uncertainty in international affairs; made the company's fiftieth year a difficult one. The seasonal outlook generally is now greatly improved, and, particularly in New South Wales, the country has responded well to the good rains experienced during the last few months.

PROSPECTS FOR WOOL NEW AUSTRALIAN CLIP BRIGHTER OUTLOOK FACED SOME IMPROVEMENT LIKELY Australia faces brighter prospects for the sale of the new wool clip than was the case a year ago. She will produce more saleable, better-grown wool, giving in most'cases heavier weights per sheep, which will command competition from a wider range of buyers. Competition for a large proportion of the past season's clip was limited because of its faulty growth resulting from drought conditions over a wide area of country, Winchcombe Carson, Ltd., reports. Millmen abroad are in much better heart to engage in the purchase of the raw material than 12 months previously. Activity at the mills in practically all countries, except Japan, has been greater during the past seven months than in the similar period of 1938. The increased volume of manufacturing turnover has admittedly been largely caused by work on uniform materials. That business may not continue at the specially accelerated rate of recent months, but increased military and naval forces once established must be maintained in equipment and clothing renewals become necessary. The consumption of wool oh that account is, therefore, likely to be larger in the future than during recent years. The expenditure on rearmament generally has increased employment, and distributed more money among the people, thereby expanding public purchasing power. It must also increase taxation, which, in turn, detracts from the improvement previously mentioned, but, in spite of that aspect, the tendency is to give the great bulk of the population more spending mone.y. • • In June combing machinery was more active in Bradford than for some years. Buyers of fabrics were also showing greater confidence, and were more freely entering into contracts for future supplies in place of the hand-to-mouth policy pursued for a long period. A shortage of stocks in the shops was reported in cases, and some delay was being experienced in securing supplies. Apparently caution in purchasing has been carried too far. Recent experiences do not stimulate the idea that wool is likely to become decidedly dearer in the immediate future, but they do not suggest a recession in values. The evidence rather points to firm prices and possibly some improvement in rates for the new clip. TRADING OUTLOOK BURDEN OF LEGISLATION MASON, STRUTHERS' YEAR "Unless the much-increased turnover can be maintained, and this is dependent on the ability of the people to buy and the procuration of the goods required, the company may not be able to provide in the future for excessive taxation and a reasonable dividend," states the annual report of Mason, Struthers,. Ltd., hardware merchants, Christchurch, for the year ended June 30. "The increase in expenses referred to last year has grown again, largely owing to recent legislation, but with a larger turnover it has been, possible to show a higher profit than'last year," adds the report "In addition to a larger outlay to run the business, the company has had to provide for the social security tax, with the result that taxation requirements necessitate provision of £5060, this being nearly £7OO more than is required to pay a 4 per cent, dividend. " The difficulties in carrying on the import side of the business under the present restrictions have to be experienced to be believed." ! The • accounts show a net profit of i £9698, against £8759 in the previous year. Dividend is unchanged at 4 per cent., requiring £4400, and £5060 is transferred to income tax reserve, leaving £239 to be carried forward. SHEEPSKIN MARKET SHORT-WOOLLED SKINS APPRECIATE., . 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.) Ireports-as follows:—•' •' 1 The* fortnightly sheepskin sale was : held yesterday, when medium-sized 'catalogues were offered, to a good .attendance of buyers. - -. i There, was keen competition, and 'prices for full-woolled skins were ifrom par to a shade easier. Short.wbolled'skins, however, .appreciated id ■to Jd per lb on. the previous sale's : Prices were as follows: . d. d.

THE WHEAT MARKET (United Press Association) (By Electric Telegraph—Copyright) LONDON, Aug. 21. Wheat: Cargoes are firm. Parcels are steady. Futures are quoted: LondonAugust, 19s lOJd; November, 19s Hid. Liverpool—October, 3 S BJd; December. 3s lOJd; March, 4s Old. Chicago quotations: September, 68J cents per bushel; December, 68; May. 68J.

FOREIGN EXCHANGES (British Official Wireless) (United Press Association) (By Electric Telegraph—Copyright) BUGBY, Aug. 21.

ON NEW ZEALAND CURRENCY BASIS The Bank of New South Wales, Uuuedin' yesterday quoted the following rates for purchases and sales of foreign exchange:— London—£l N.Z. to £IOO Buying. Selling.

All rates subject to alteration without notice. DOLLAR RATES The Associated Banks (other than the Bank of New South Wales) on Saturday quoted the following dollar rates on a New Zealand currency basis. They are subject to alteration without notice. U.S.A. Canada. (Per£l (Per£l N.Z.) N.Z.) Dols. Dols. Selling— T.T 3.72 1-16 3.72 1-16 O.D. .. .. 3.72 5-16 3.72 5-16 Buying— O.D. .... 3.77? 3.78 1-16 LONDON METAL MARKET (United Press Association) (By Electric Telegraph -Copyright) LONDON, Aug. 21. The following are the official metal quotations:— Ton

Oz Sliver, standard 17 9-16 d Rise Jd Silver, fine .. 18 15-16 d Rise Jd PRICE OF FINE GOLD (British Official Wireless) (United Press Association) (By Electric Telegraph—Copyright)

MINING NEWS CENTRAL SHOTOVER MEETING OF SHAREHOLDERS The annual meeting of shareholders of the Central Shotover Gold Mining Company was held last night. Mr Georee Thompson occupying the chair. The directors' report and outline of accounts were adopted. The retiring director. Mr A. D. Edgar, was re-elected unopposed. The retiring auditor. Mr G. S. Kirby. was cilso rGHslcctficL It was decided by the shareholders to subscribe to the petition to the Government now in circulation to fix a guaranteed price for gold of £lO 4s 4d per fine ounce. MURCHISON-MATAKI RETURN (Per United Press Association) WELLINGTON, Aug. 22. The Murchison-Mataki Junction return for the week ended August 17 was 370 z of smelted gold for 111 hours and 14,000 yards. NEW RIVER RETURN The official return of gold won by the New River dredge during the week ended on August 17 was 38oz of gold from 6536 yards treated in 126 hours' dredging time. LORNEVILLE STOCK SALE SMALL CATTLE YARDING (Per United Press Association) INVERCARGILL, Aug. 22. The entry of fat cattle at Lorneville to-day was only half the size of last week's yarding, and the quality was also poor. The market was very brisk, values showing an improvement of at least 30s a head and in some cases as much as £2 10s. Medium quality bullocks made from £l2 to £l4, light-weights £9 10s to £lO 10s, good quality cows £ll 10s to £l2 10s. medium £9 10s to £lO 10s, average £8 to £9, inferior £5 10s to £6 10s, handy-weight heifers £ll to £l2, light-weights £9 to £lO, small £7 10s to £8 10s. In the fat sheep section there was an extra big yarding. Some good quality ewes and wethers were included, but the majority were light and unfinished. In the opening stages, the sale was easier, but from then on there was a general firming of values, and, during the latter half of the sale, values were fully on a par with last week's rates. Prime quality wethers made from 33s to 35s 6d, good quality 31s to 325, medium 28s 6d to 29s 6d, lighter 26s to 275, unfinished 23s to 245, extra prime heavy young ewes up to 35s 3d, prime heavy to 31s, prime 25s 6d to 275, good quality 22s 6d to 23s 6d, medium 18s 6d to 20s, lighter 16s to 17s, unfinished down to 13s. DOLLAR AND STERLING (United Press Association) (By Electric Telegraph—Copyright) LONDON. Aug. 21. Sterling exchange, London on New York. 4.68 J.

London on New York during 1937 averaged 4.95d01. to £1 sterling: on August 2, 1938, 4.993; on September 8, 4.63; and during October varied between 4.78 J and 4.751. During November 1938, the variation was between 4.76Jd01. (November 8). and 4.63 J.

FRENCH FRANC (United Press Association) (By Electric Telegraph—Copyright) LONDON. Aug. 21. Sterling exchange on Paris, 1763 france to £l.

AUSTRALIAN STOCK EXCHANGES (United Press Association) (By Electric Telegraph—Copyright) SYDNEY. Aug. 22. (Received Aug. 22. at 10.30 p.m.) News of the non-aggression pact between Germany and Russia depressed the Stock Exchange to-day. resulting in sharp falls in practically all departments. Some buyers took advantage of the situation and acquired shares at lowered rates, and a notable expansion of business was recorded. Additional Sales

BUTTER COMPANIES AMALGAMATION NOT FAVOURED REORGANISATION AND EXPENDITURE. NOT JUSTIFIED Following a report submitted by the auditors, it was decided by a meeting of the directors of the Co-operative Dairy. Company of Otago, Ltd., yesterday afternoon that their company should not amalgamate with the Taieri and Peninsula Milk Supply Company, Ltd. "The savings shown in this report from the joint auditors of the two companies . do not justify an amalgation," said Mr W. Blackie (chairman of the Co-operative Dairy Company) when asked to comment on the decision. "In theory it was agreed that savings could be effected by amalgamation, but an examination' has convinced the directors that this merger is not possible in practice, as an expenditure of over £20,000 would have been necessary. The low. savings do not warrant the shareholder suppliers of the Co-operative Dairy Company going ahead. Also, the basis of capitalisation would be most difficult, and might be a bigger stumbling-block, necessitating these shareholders receiving perhaps only 10s in the £. It was also found that on the total cream collection cost of over £14,000 the saving was negligible. This is contrary to the false belief that a great deal of overlapping would take place if the two companies did not amalgamate. This is not so.

" Of the total paid-up capital of over £52,000 belonging to both companies one-half might have to be written oft had the merger been effected. The scheme also meant the entire dismantling of one large and efficient company in Dunedin and expensive alterations and reconstruction elsewhere. Considering the circumstances from every aspect the board decided to carry on the company as usual." Suppliers' Interests Considered

Mr Blackie commented that personally he was satisfied that the company's present costs could not be lowered, and also that the pay-out was satisfactory to the company's 1600 suppliers. The fact that a £IO,OOO bonus was being released at the end of this month was sufficient evidence that the suppliers' interests were being fully considered. It was mentioned by the chairman of the board that an amalgamation would have had a decidedly adverse effect on the cold storage company here, and thus on the butter and cheese companies who were that concern's shareholders. The consideration of the question of this merger was the outcome of two meetings during June between representatives of each company and the Executive Commission of Agriculture. COMPANY BALANCE SHEETS THE COMMERCIAL BANK OF AUSTRALIA. LTD.

A slight rise has brought the net profit up to £262,910. The proposal is to allot £226,361 again to shareholders—4 per cent, on the preference and 7 1-12 per cent, on the ordinary shares—and to devote £30,000 for the second consecutive year towards writing down A sum of £6549 is then left to strengthen general reserves. After allowing for the customary deductions, gross profit comes out at £1,095,327, or nearly £42,000 above that of 1937-38. Expenditure under salaries and allowances has risen to £675,366, and, with rent and other charges at £157,052, the improvement in the gross profit is practically cancelled. The published statement does not show the amount paid in taxes, which is one of the deductions made before the gross profit is brought out> but expenditure, as entered, compares with gross profit as follows: —

The ratio remains remarkably consistcnt Reserve account at £2,000,000 is unaltered, but the floating balance is raised to £115,910 by the unallotted portion of the net surplus. The steady increase of general reserves in recent years is thus maintained. Exchange adjustment reserve, which was established at £250,000 during 1931-32, continues intact at that figure.^ Notes in circulation at £6186 and balances due to other banks at £9143 exercise small influence on the general situation. The general group of liabilities has dropped to £1,510,432, but. as various provisions are included, it is not apparent how the indebtedness has been affected. Deposits as a whole have risen to £30,997,515 or by nearly £950,000. The difference is chiefly in the general interest-bearing deposits, the other sections, including Government deposits, interest-bearing, non-interest-bearing;" and the general non-interest-bearing deposits, having all diminished. The chief asset—the advances group—has risen concurrently to £25,305.740, or by some £620,000, so that on the balance between deposits and advances, the bank has over £300,000 more on hand. The position between the two has been as under:— June

An indication is given of the steady increase in the volume of business during the past five years. In their total of £12,557,459, liquid assets have slightly increased, but some variation has taken place in the different units. A drop of approximately £1,000,000 in the cash group, which is reduced to £3,292,380, is more than balanced by the rise in the investments group to £5,061,220. Apparently it is not expected that the money is required meanwhile in its most liquid form, especially when short-dated Commonwealth and New Zealand Treasury bills amounting to £2,065,000 are held. The bills receivable BTO«R_ ** £1,912,304 is less by some £175,000, and the alteration in the smaller items being small, a total increase of approximately £IBO,OOO has occurred in the liquid assets. The balance of the larger funds held is divided between an addition of over £60,000 to the fixed assets and a reduction of nearly £BO,OOO in the general liabilities group. In their relation to outside indebtedness, liquid assets are equivalent to 7s lOd in the £. Australian currency is the basis of valuation of the assets. Although a sum of £30,000 has been written off premises, the fixed assets at £1.257,209 show an increase of over £60,000. The capital expenditure of £90,000 indicated is in keeping with the bank's expansion as gathered from the directors' report and the balance sheet figures generally. Assisted by the share capital being divided nearly equally between preference shares, claiming 4 per cent., and ordinary shares, the dividend on the latter class since the slump of the early thirties, has maintained a steady, if slow. rise. BRADFORD TOPS MARKET (United Press Association)

(By Electric Telegraph—Copyright) LONDON, Aug. 21. The Bradford mills have resumed after the holiday. There is much activity. Quotations are firm.

Afternoon Call £ 3 (j Broken Hill Proprietary .. 3 7 6 Sales Reported Si p.c. Stocky Sept:, 1939-43 Bank of New Zealand (3) .. Commercial Bank • • 99 12 2 0 0 16 0 16 6 0 2 3 New Zealand Drugs (2) .. Woolworths (South Africa) 4 18 0 2 3 9 0 14 0 0 6 6

Buyer. Seller. | £ s d. £ s. d. 11 p.e. Stock. Sept., — 99 15 0 91 p.c. Stock, Mar.. 93 10 0 <— SI p.e. Stock, Sept.. 19-11-43 .. ■..''.." :'. 98 10 0 — 4 p.c. Stock, 1940-43.. 99 10 0 . -. —. 4 p.c. Stock, 1943-46 .. — 93 10 0 4 p.c. Bonds, 1946-49 .. 98 10 0 99 10 0 4 p.c. Stock, 1946-49. ... 99 10 0 99 10 0 4 p.c. Stock. 1949-52 .. — 97 5 0 4 p.c. Stock, 1952-55 .. . — 97 10 0 MINING Austral New Zealand13 0 — Big River (Is) .. .. 0 0 8 — Clutha River'(&);■■ .. >0t 1 0 0.-1 8 Gillespie's Beac|t; JlsLr ■>'■'..— 0.0*10 1 Nokomai (5s) --vv/'.f 0 1 S 0'v*f ?. Okarlto (5s) •&$£$ W 2 0 ' . ~~i> iV' *, Walhi Investmarifa pi. kjr.-:. (3s) .. .. .fy).> .-.' ~ oCt ■*:■ PANKiNG Auitralasia (*aj<; ..v r9 4 6 :'"'—' N.Z. (£1) f£M .••■' S1.19--9 "2 0 3..'; Commercial (10s) .. '.■*' ; — 0 16 *'■'" E.S.. and A. (£3) .. 4 17 6 — Natl, of N.Z. (£2 10s) 2 7 0 — — 8 2 8 .. INSURANCE National (7s) ', .. .'. 0 16 9 — Kew Zealand (£1) ... 2 12 0 — , Standard (£1) '"'.". .." 2 15 6 2 16 3 SHIPPING U.S.S. Co. (pre*.; £1) 1 4 6 — MEAT PRESERVING N.Z. Refrig. (paid; £1) 0 16 0 '. .—• N.Z. Refrig. (cont.; 0 7 11 0 8 3 South Otago Freezing 4 6 0 i'■')■ — LOAN AND AGENCS Otago Farmers (A pre*.; £1) .... — 10, 0Trustees, Exectrs (£3) 4 3 0 ',-T Wright. Stephenson . -\ (pref.; £1) ..' .. ■'■;•. _■ .0 19 6 COAL AND Olt Westport (10s) .. .. 1 1 0 1 1 e Westport - Stockton (pref.; 10s) 0 7 10 *— Taranaki Oil (£1 4s 7d) ;;■-..■ ... ■;..:■ .:.•.'—: 0, 6 a WOOLLEN COMPANIES Bruce (ord.; £1) 0 10 3 — Bruce (pref.; £1) .. 0 18 0 — Kaiapoi (pref.; 17s) .. 0 14 5 — Oamaru (£1) .' .. .. 0 15 0 ■ ■."!" MISCELLANEOUS Broken Hill Pty. (£1) i 3 7 6 D.I.C. (pref.; £1) .. 1 1 9 — Dominion '■•'>■■ Fertiliser (£D ?i:;-'i~ . .. .. 1 4 3 ' — G J. Cot& :t£Vf« , ,3 18 0 3 19 9 Milbum'.i.ihie/('£i)' "'. I: vll6 0 — N.Z. Drug;-Co,; '(£2). 9 0 • — N.Z. Paper'Mills'(£1) wX.l$ 3 V-— Otago Daily."\Timeip (£l).;' : .;^:-.:'... :.... 1.19 0 z 0 (*-..: Wilsons 'Cemirit:':(ios) • 0 17 ■'4.' Woolworth* J .'• :?(Syd.^ ord.; ■&n).'-y;'-.<--i;\:,_ ..... 1 50 ■'■"_.. BREWI.RIES N.Z. t&l): \~" 1 17 -«.-• . '' { MINING Broken yHill; South- (5s) ':'—>■ >', 1 9 0 ■ ■ (ord,; £1) ■'" : * i< '/." : "U"*.. '■■ '•■ ' ~r 2 14 9 ' Mount Lyell (£1) .. '" —' 1 .8 13 "■ Mount Morgan (2s 6d) o.; a 8, 0 10 a;, North Broken Hill (5s) i '"■' ' —' 2 .10 0 ■ Wellington Alluvials (2s) — * 0-4-1)

Sales on 'Change £ s. d. Stock, 1954-58, 4 p.c. 96 15 0 National Bank of N.Z. .. 2 7 6 Bank of New South Wales 30 10 0 Bank of New Zealand (2) 2 0 0 0 15 3 2 10 6 2 10 0 Broken Hill Propy 3 8 3 7 3 5 0 5 6 Electrolytic Zinc .. 2 18 3 G. J. Coles (late Mon.) .. 3 18 - 9 0 13 4 0 3 10 Woolworths (N.Z.) .. .. 0 18 0 Martha (late Monday) Mount Morgan (ord.), 0 9 5 0 9 10 0 10 6 Woolworths Holdings (South 0 14 6 Unlisted Stocks Australian Motorists Petrol 0 13 3 Taranaki Oil Development 0 2 1 WELLINGTON -Sales on 'Change Union Bank (late Mon.) 8 0 0 4 p.c. Stock. 1946 .... 98 7 6 4 p.c. Stock, 1958 ....... 97 0 0 Commercial. Bank' of Aus0 16' 3 National Bank of N.Z. . ... 2' 7 6 N.Z. Guarantee Corp.; *.. 0 4 2 1 1 3 N.Z,. Breweries .* .. ... 1 17 0 British Tobacco v ;i... .. .. 2 10 9 3 -18;. 3 '■ ' Unlisted Stocks Metters (N.Z.) :.. .. .. 0 14 0 Aust. Motorists Petrol (ord.) . 0 13 0 Golden Bay Cement ("A" debs.) ... i. .... .. 0 17 6 CHR1STCHURCH ' {: -.:;. ; - i;; Sales on 'Change Commercial Bank of Aus0 16 2 '« (2) 0 16 1 National Bank of New Zea2 7 '6 Bank of New Zealand .. 2 0 0 Broken Hill Propy. .. 3 7 3 6 6 6 49 2 6 3 181 3 Woolworths (Syd.; ord.) ... 15 1 5 1 o 0 10 0 1 2 6 Sales Reported Broken Hill Propy 3 7 6 Colonial Sugar 49 7 6

Halfbred full-wool 83 to 91 Half bred three-quarter-wool 8J to 9 Halfbred half-wool ... .. 7 to 8 Halfbred quarter-wool , • 53 to St 'Crossbred full-wool .. .. 9 to 91 Crossbred three - quarter-. 8 to 9 iCrossbred half-wool ... ;. •71" to 5| to 8 ; Crossbred quarter-wool .. 61 7 to 73 :Fine crossbred dead .." .. 7i to 73 6f to 71 Fine crossbred full-wool .. 83 to 91 Fine crossbred three8 to 9 •Fine crossbred half-wool .. 74 to 8J Fine crossbred quarter-wool 53 to 61 — to 81 'Fine crossbred hoggets: *. — to 81 Crossbred hoggets .. .. — to 81 — to 71 — to 71 23 to 31 11 to 2 i

ParisP»r Aug. 18. Aug. 21. Francs to £ 1 124.21 178 45-64 176 45-64 Brussels— Belgas to £1 SO 27.55 27.551 Oslo — Kroner to £ 1 18.180 19.901 19.901 Stockholm— Kroner to £ 1 18.150 19.40 19.40 Copenhagen— Kroner to £ 1 18.150 22.40 ' 22.40 BerlinMarks to £ 1 20.84 11.661 11.661 Montreal — Dollars to £1 4.88 1-8 4.68 1-16 4.68J New York — Dollars to £1 4.8S 2-8 4.681 4.681 Yokohama — Pence to yen 84.588 14 14 Hongkong— Pence to dollar 24.58 14 11-16 14 11-16 BombayPence to rupee — 17 8-16 17 5-16 Batavla — Florins to £1 12.10 8.72 8.72 MilanLire to £1 82.48 89 89 Amsterdam — Guilder to £1 12.107 8.711 8.722 Prague*— Kroner to £ 1 104} 1871 137| Oonova— Francs to £ 1 25.221 20.721 20.73 Vienna — Schillings to £1 84.86} — — Helslngfors— €■ Marks to £1 193.28 227 til MadridPesetas to £ 1 25.221 421 421 Belgrade— Dinars to £1 25.221 210 210 Athens— Drachmas to £1 375 5471 6471 Lisbon— Kscudoi to £1 .. 110 1101 1101 Bucharest — Lei to £1 931.8 660 660 Rio do JaneiroPence to mllrels .. 5.890 SI >l Buenos Aires— Pence to pesos 47.22 20.191 20.191 Shanghai*— Pence to tael — 41 41 Montevideo— Pence to pesos — 181 181 Warsaw— Zlotys to £1 — 24.87 24.87 * Nominal.

T.T. 124/7/6 125/-/-O.D. 123/18/9 124/10/6 Australia — £ A to £100 N.Z. T.T. 100/-/-O.D. 100/-/-FIJI— £ Fto £100 N.Z. T.T. 80/-/-88/12/6 O.D. 90/-/-88/12/6 New YorkDollars to £ N.Z. T.T. S.T74S 3.7310 O.D. 3.7793 3.7320 MontrealDollars to £ N.Z. T.T. 8.7726 8.7326 O.D. 8.7813 8.7336 Belgium— Bolgas to £ N.Z. T.T. 22.262 21.952 O.D. 22.337 21.957 Czechoslovakia— Eorunas to £ N.Z T.T. O.D. z — Denmark— Kroner to £ N.Z. T.T. 18.140 17.830 O.D. 18.200 17.832 Finland— Marks to £ N.Z. T.T. 184.88 179.08 O.D. 185.28 179.18 Franco— Francs to £ N.Z. T.T. 142.06 140.48 O.D. 144.21 140.48 Germany— Beichsmarks to £ N.Z T.T. _ 9.267 O.D. — 9.269 Greece — , Drachmae to £ N.Z. .. .. T.T. — 429.20 O.D. _ 429.35 HollandFlorins to £ N.Z. T.T. 7.089 6.939 O.D. T.129 6.941 Italy— ' Lire to £ N.Z. T.T. — 70.94 O.D. — 70.96 Java— Florins to £ N.Z. T.T. 7.069 6.919 O.D. 7.109 6.921 Norway— Kroner to £ N.Z. T.T. 16.129 15.839 O.D. 16.189 15.842 Noumea— Francs to £ N.Z. T.T. 145.46 T88.71 O.D. 146.96 138.75 . Papeete— Francs to £ N.Z. T.T. 144.86 138.88 O.D. 146.36 138.90 Sweden— Kroner to £ N.Z. T.T. 15.732 15.437 O.D. 15.792 15.440 Switzerland— Francs to £ N.Z. T.T. 16.777 16.507 O.D. 16.877 16.510 Chefoo— N.Z. pence to 1 dollar .. T.T. _ _ O.D. _ Hongkong— N.Z. pence to 1 dollar .. T.T. 18} 181 O.D. 18 3-32 181 India and Ceylon— N.Z. pence to 1 rupee .. T.T. 22 7-32 22} O.D. 22 3-16 221 Japan— N.Z. pence to 1 T.T. — 17 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 Shanehal — N.Z. pence to 1 dollar .. T.T. — — O.D. — — Singapore— N.Z. pence to 1 dollar .. T.T. 84 27-32 35 21-64 O.D. 341 35 21-64 South Africa— £1 N.Z. to £100 S.A T.T. 123/4/3 124/17/O.D. 122/17/124/17/-

£. s. d. £ s. d. Copper, spot 45 0 7$ Rise 0 13 Copper, forward 44 17 6 Fall 0 0 7i Electrolytic, spot 50 15 0 Rise 0 15 0 Electrolytic forward .. 51 0 0 No change Wire, bars 51 0 0 No change Lead, spot 16 4 4J Rise 0 5 0 Lead, forward .. 16 0 7J Rise 0 3 9' Spelter, spot .. 14 8 9 Fall 0 13 Spelter, forward 14 12 6 Fall 0 0 71 Tin, spot .. .. 229 18 9 No change Tin, forward .. 224 17 6 Fall 0 11 3

RUGBY, Aug. 21. £ s. d. August 21 .. .. 7 8 7 August 18 .. .. 7 8 7 August 17 .. .. 7 8 7 August 16 .. .. 7 8 7 August 15 .. .. 7 8 7 August 14 .. .. 7 8 2J August 11 .. .. 7 8 6 August 10 .. .. 7 8 64 August 9 .. .. 7 8 6 August 8 .. .. 7 8 64 August 5 .. .. 7 8 64 August 4 .. .. ■ 7 8 64 August 3 .. .. 7 8 64 August 2 .. .. 7 8 64 August 1 .. .. 7 8 64

August 18 .. ■ . .. 4.684 August 17 •• - . .. 4.681 August 16 .. . . .. 4.684 August 15 .. . . .. 4.684 August 14 .. . . .. 4.684 August 11 .. • . .. 4.684 August 10 .. . . .. 4.68J August 9 .. • . .. 4.684 August 8 .. . . .. 4.684 August 1 .. . . .. 4.684 July 31 .... • . .. 4.684 July 3 ".. .. . . .. 4.684 June 30 . .. 4.684 June 1 . .. 4.684 May 31 . .. 4.68i May 1 . .. 4.684 April 3 ' . .. 4.68 7-16 March 31 ... .. . . .. 4.684 March 1 . .. 4.683 February 28 . .. 4.684 • February 1 . • . . .. 4.681 January 31 .. ' . . .. 4.68J January 2 .. . . .. 4.68?

August 17 .. . . .. 176} August 16 .. . . .. 176} August 15 .. . . .. 176} August 14 .. . . .. 176} August 11 •• • . .. 176} August 10 .. . . .. 176} August 9 .. . . .. 176} August. 8 .. . . .. 176} August 1 •• • . .. 176} July 31 . .. 176} July 3 . .. 176} June 30 ..176} June 1 . .. 176} May 31 . .. 176} May 1 .... . . .. 176} April 28 .. .. . . .. 176} April 3 . .. 176} March 31 . .. 176} March 1 . .. 177 February 27 .. . . .. 177 February 1 .. . . .. 177 January 31 .. . . .. 177 January 5 .. . .. .. 177 11-16

Bank of New South Wales 27 10 0 Commercial Bank of Aus0 14 4 4 6 3 43 15 0 10 5 0 0 17 6 Associated News (pref.) .. 1 0 0 0 19 7 2 10 3 2 5 0 2 10 3 Tooheys 18 6 1 1 74 Australian Consolidated In1 12 6 Australian Consolidated Industries (rights) .. .. 0 5 3 Dunloo Perdriau (pref.) .. 1 4 0 0 13 2 0 13 0 0 13 11 1 10 0 0 4 3 0 12 0 1 1 0 Electrolytic Zinc 2 8 0 Electrolytic Zinc (pref.) .. 2 10 3 0 8 9 1 4 10 3 14 0 Broken Hill Proprietary .. 2 17 6 North Broken Hill .. .. 2 16 0 5 0 0 9 0 14 9 MELBOURNE. Aug. 22. £ s. d. 3 11 0 0 17 9 DunloD Perdriau (pref.) .. 1 14 0 Herald and Times .. .. 3 0 0 17 3 0 18 6 12 0 Melbourne Investment 0 5 4 0 19 6 2 8 6 Mount Lyell 1 4 10 North Broken Hill .. .. 2 2 6 0 8 10 14 4

June Paid-up General Dividend SO capital Reserves Profit Pref . Ord. £ £ £ P.' 0. P.O. 1922 . . 2.453.943 42.200 228.081 15 1925 . . 2.860.805 7C7.570 305,536 15 1928 . . 2.653,388 1.690.480 355,020 15 193X . . 4.117.350 2.315.336 308,450 nil 1934 . . 4.117.350 2,083,712 209,155 5 1935 . . 4.117.350 2,090.810 228.458 5 B-6 1936 . . 4.117.350 2.098,930 234.481 5 5-6 1937 . . 4.117.350 2.103,338 247.435 6 2-S 1938 . . 4,117.350 •2,109,301 282.384 T 1-12 1939 . . 4,117.350 2,115,910 202,910 T 1-12

Gross Profit Ratio I £ ' P.O. 1833-34 . . 670.844 879.998 70.23 1934-35 .. 088.074 S16.532 75.07 1035-36 .. 709,907 944.447 75.17 1030-37 .. 748,021 995.456 76.14 1937-38 .. 791,156 1,053,540 75.09 1933-39 .. 832,418 1.095.32T 70.00

so Advances Deposits Ratio £ £ P.O. 1934 , .. 21.725,548 24,549,005 88.50 1935 , .. 22,100.320 24,850,534 88.93 1930 . .. 22.211,474 25,803.COO 85.88 1937 .. , .. 22,124,707 29,293.777 75.52 1938 . .. 24.084.517 30.052.875 82.13 1930 . .. 25,305.740 30.997,515 81.64