COMMERCIAL

Otago Witness, Issue 4048, 13 October 1931, Page 18

COMMERCIAL

LONDON STOCK EXCHANGE LONDON, October 8. The following are the latest quotations for Government securities compared with the prices ruling last week: — Last week. This week.

FOREIGN EXCHANGES RUGBY. October 8.

LONDON METAL MARKET LONDON, October 9. Following are the official quotations:—

THE TIN MARKET LONDON, October 3. Tin. —Visible, 50,408 tons; spot, 2203 afloat, 825; deliveries, 2329. LONDON METAL MARKET LONDON, October 9. Zinc: Ordinary, 17s 6d. Osmiridium is unchanged. Silver, spot, 17id; forward, 17 9-16 d.

BANK OF ENGLAND RETURN • . LONDON, October 8. The following is the Bank of England! return: — ISSUE DEPARTMENT.

The proportion of reserves to liabilities is 3G.90 per cent. Short loans are quoted, at 43 per cent.; three months’ bills at 5 11-16 per cent. LONDON STOCK EXCHANGE LONDON, October 6. Dalgety and Co. shares, £5 Is 3d; 4 per cent, debenture stock, £63 ss; Goldsbrough. Mort, £G2 10s. LONDON, October 9. The Stock Exchange i s generally firmer. A number of Australian stocks recovered several points. With the general election imminent business is somewhat restricted, but the markets are firm generally. British funds were steady when Paris opened this morning. The pound showed an improvement at 98.50 against 97.31 (last night's close). PRICE OF FINE GOLD LONDON. October 8. The price of fine gold is £5 7s 8d per oz. PRICE OF SILVER LONDON, October 6. Silver: Spot, 16Jd; forward, 17d. BANK OF FRANCE PARIS, October 9. The Bank of France has raised the discount rates 24 per cent. THE HIDES MARKET LONDON, October 10. Hides.—Meat works, dry salted, Queensland, 351 b to 451 b, old; 301 b to 401 b, 53d; 251 b to 351 b, sd; 281 b to 301 b, sd. New South Wales, nominal, wet salted Queensland, 501 b to 601 b, 43d; 401 b to 501 b, 4|d; ' New South Wales ditto, 4|d, 4Jd. Vic--1 torian abattoirs, 4Jd, 43d. _____ ; COTTON, RUBBER, ETC. i LONDON, October 5. i Rubber stocks: London, 79,246 tons: Liverpool, 54,677 tons.

. October 10. Fridays closing prices were: lb^°^ tOU: ovem^er shipments, 4.07 d per Rubber; Para, 3|d; plantation, smoked, 3 1-l Gd. ’ Jute: October-November shipments, 183 d. Hemp: October-November shipments, nominally £2l per ton. Copra: October South Sea, 12? d; plantation Rabaul. 13d. Linseed oil, 17d. Turpentine, 52s Gd. THE WHEAT MARKET LONDON, October 6. heat cargoes are in poor inquiry; sellers 3d easier. Buyers are unresponsive. Parcels are 3d to 6d easier for Manitoba® and Russians and 3d cheaper for River Plates and Australians, but buyers are reserved owing to the political situation. Ex Ben Cniachan, 245. Liverpool: Ex Clan MacFarlane and ex Heraclidies, 24s 3d. Futures.—London: December, 20s 3d; February, 21s Id. Liverpool: October, 4s 23d; December, 4s s|d; March, 4s 8!.d; May. 4s lOjJd. NEW YORK, October 8. Chicago Wheat.—December, 483 cents; March, 51 J; May 52J; July, 533. CORN YIELDS WASHINGTON, October 10. The wheat crop totals 884,285,000 bushels, according to the estimate of the Department of Agriculture. The corn crop is estimated at 2,702,750,000 bushels. FROZEN MEAT MARKET LONDON, October 10. New Zealand sheep, Canterbury and North Island, selected crossbred vvethers and maiden ewes 481 b to 561 b, sd; ditto 571 b to 641 b, 43d, 651 b to 721 b 4§d; ditto North Island 481 b to 561 b 43d; ditto 571 b to 641 b 44d, ditto 651 b to 721 b 43d, ditto ewes under 481 b 4d, ditto 481 b to 641 b 31d. ditto 651 b to 721 b 34d. Australian Sheep.—First quality crossbred and/or merino wethers 401 b to 651 b 33d, ditto second quality 301 b to 551 b 31d, ditto ewes 301 b to 551 b 33d. Argentine Sheep.—First quality crossbred wethers. 481 b to 641 b 43d, ditto 651 b to 721 b 4d, ditto over 721 b none offering. Patagonian Sheep.—None offering. New Zealand Lambs.—Canterbury 361 b and under B|d, ditto 371 b to 421 b 74d, ditto 431 b to 501 b 64d, second quality average 301 b 74d, ditto other South Island brands 361 b and under BJd, ditto 371 b to 421 b 7gd, ditto 531 b to 501 b 64d, ditto selected North Island brands including Downs 361 b and under B|d, ditto 371 b to 421 b 7id, ditto 431 b to 501 b 64d, ditto second quality average 301 b 7*d, ditto other North Island brands first quality 361 b and under Bd, ditto 371 b to 421 b 73d, ditto second quality average 301 b 7jd.

Australian Lambs.—Victorian first quality 361 b and under ditto 371 b to 421 b ditto other States first quality 361 b and under 7gd, ditto 371 b to 421 b 7d, ditto Victorian second quality 361 b and under 7Jd, ditto other States second quality 361 b and under 7|d, ditto all States third quality 7Ad. Argentine Lambs.—First quality 361 b and tinder B,}d. ditto 371 b to 421 b "Id, ditto 431 b to 501 b 7]d. Patagonian Lambs.—None offering. New Zealand Frozen Beef.—Ox fores and ox hinds unchanged. Australian Frozen Beef. —Ox crops and ©x hinds unchanged. Argentine Chilled Beef.—Ox fores 1601 b to 2201 b unchanged, ditto.ox hinds 1601 b to 2201 b 6Jd. New Zealand Pigs.—First quality 601 b to 1101 b average 901 b 6gd, ditto 1111 b to 1201 b Australian Pigs.—First quality 601 b to HOib average 901 b 6jd, ditto llllb to 1201 b 61d. The Bank of New Zealand has received the following advice from its London office, under date October 9: — Frozen Meat.—For wethers weaker Values are ruling owing to lack of demand. The market for ewes is very quiet. For lambs trade is slow; the market is affected by heavy supplies of fresh meat and the demand for seconds is falling off. Wethers, light, 41d to spl per lb; wethers, heavy, 31d to 4Ad; ewes, 3d to 4d; lambs, twos, 8d to 8.1 d; lambs, eights, 7}d to 7Ad; lambs, fours, 6jd to 6£d; lambs, seconds, GAd to "Ad. LONDON MARKETS LONDON, October 8. Cargoes are steady and unchanged with buyers reserved. Parcels are steady. Futures: London—December. 20s "lOd; February, 21s 8d; Liverpool—October 4s 4d; December, 4s 7d; March, 4s lOd; May, ss. Spot trade is slow. Australian, ex ship, 25s 6d. Flour is firm. Australian, ex store, 10s. Oats are firmer. Australian Algerian 16s to 17s; A Gartons, 20s to 21s. Peas are firmer. Blue Tasmanian, 200 s to 2205; New Zealand, 170 s to 180 s. Maples: Tasmanian, 57s to 60s; New Zealand, 55$ to 58s. New Zealand beaus, 27s to 28s. Butter quietened. Danish, 128 s and 130 s; choicest salted New Zealand, 120 s and 1225; Australian, 114 s and 116 s; unsalted about Is premium. Cheese.-—Slow. New Zealand white and coloured, 70s; Australian is cleared. Tallow.—Stocks, 2194 casks; deliveries, 563. Beet Sugar.—November, Gs B:}d. Bradford is easier, little business passing. Seventies, 26d; 645, 24d: 60s, IGAd; 56 s, 134 d; 50's, Hid; 465, lid. Forties are omitted. LONDON WOOL SALES LONDON. October 6. At the woo] sales 9569 bales were offered, including 4561 from New Zealand . whl gh approximately 6520 bales were sold. Competition was less active, many buyers having filled their requirements. There were more numerous withdrawals owing to high limits. New Zealand slipe, “Eclipse.” lid and SJd; scoured halfbred, “ Rollesbv,” 16d and 15fd. LONDON. October 7. -At tile wool sulcs 8947 bales were offered, including 4486 from New Zealand. About 6020 bales were sold. ■N e ' v Maland greasy crossbred ’ “ Pukati, ’ 9d and 7d; slipes, “ Feilding,” llld and BJd. ■ T he sales closed steady, though slightly below the best of the series. Compared with July closing prices, greasy merinos were 5 to 10 per cent, and supers 10 per cent, higher. Scoured combings were 5 per cent. lower, and fine crossbreds 10, and medium 5 per cent, higher. All other sorts were practically on July parity. The total number of bales catalogued was 174.746. and 92.000 were sold to Home buyers, 62.000 to the Continent, and 2000 to the United States. Australia sold 79,000 bales and New Zealand 55,000. OPTIMISTIC TONE CONTINUES. LONDON, October 10. The closing days of the London wool sales saw a continued keen demand by English buyers, with increased support from the Continent. The carry-over was larger than was expected. There has been a reaction at Bradford, and for all raw wool the market prices were easier. All the markets reflect fluctuations of the financial and political situations. “W e have weathered the storm, but we must keep our heads. It is not a time for speculation,” are the words in a statement issued by Mr Vernon Dawson, president of the Bradford Wool Association.

The New Zealand Loan and Mercantile Agency Company, Ltd., has received the following cablegram from London under date October 7:—As compared with last ©ale’s closing rates, prices are higher by Id per lb for fine scoured crossbred and fine crossbred slipe; about the same for scoured merino super and lambs merino; lower par to Ad per lb for greasy merino; lower Ad to Id per lb for scoured merino medium and scoured merino inferior; higher Ad per lb for crossbred coarse and crossbred lambs; higher Ad to Id per lb for medium crossbred and higher Id to lAd for fine greasy crossbred. Home buyers are the principal operators. The ©ales closed firmly to-day.

The Bank ot New Zealand has received the following advice from its London office under date October 7:—The sales have closed firm for all kinds of wool, and there was an active demand by all branches of the trade. Current quotations are:—Greasy merinos, 60/64's, lOd per greasy merinos, ordinary. , s ’ to 9d; greasy merino, inferior, 60/64 s. 61d to 7Ad; greasy halfbreds. 56’s. lOd to 10AJ; greasy halfbreds, 50/56’s, BAd to 9 Id; greasy crossbreds. 50’s, 7.? d to d; greasy crossbreds, 48/50’s. 7d to greasy crossbreds. 46 48’s. 6sd to 7£d; greasy crossbreds. 44/46’s, 6d to 7Afl; greasy crossbreds, 40'44’s, s?d to 6}d: greasy crossbreds, 36/40's, s|d to 6d.

Messrs Murray, Roberts, and Co., Ltd., have received the following cablegram from Loudon, dated O'tober 7:—Sales have closed firm. Bradford buyers are operating freely, and German buyers are operating moderately. Compared with the last London sale’s closing rates, greasy merino of the best descriptions closing rates of last series are barely maintained; greasy merino, medium to good, par to 5 per cent, advance; greasy merino, inferior to medium, par to 5 per cent, decline; lambs merino, greasy, advanced 5 per cent.; scoured merino, best, market shows no change; scoured merino, other descriptions, declined 5 per cent.: crossbred greasy comeback advanced 5 to 10 per cent.; crossbred greasy, fine, advanced 5 to 10 per cent.; crossbred greasy, medium, advanced 5 per cent.; crossbred greasy, coarse, advanced 5 per cent.; crossbred scoured advanced 5 per cent.; slipe crossbred advanced sto 10 per cent. The following is the range of quotations, the prices at the opening of the series being given in parentheses:—6o/64’s (N.Z merino), yielding 48 per cent.. BJd ( —); 56’s. yielding 60 per cent., (—) ; 50's, yielding 65 per cent.. 8d (6o<D : 44/40's, preparing, yielding 74 per cent., 6Jd (sd) ; 44/46's. carding, yielding 72 per cent., 6Ad (4Jd); 40/44’s, yielding 73 per cent.. 5Jd (4Ad).

Messrs Dalgety and Co., Ltd., have received the following cablegram from London. dated October 7: — The wool sales closed active, with an improved demand from the Continent. As compared with the closing rates of the last series, greasy merino was par to -Id higher; scoured merino, par to Id lower; greasy halfbred. Id to lid higher; greasy halfbred fine. Id higher, up to l.|d; greasy crossbred medium. |d to Id higher; greasy crossbred coarse. Ad to ?d higher; scoured crossbred, par to Id higher: fine slipe, Id to lAd higher. A total of 174,746 bales was offered, of which the Home trade has bought 90,501) bales, the Continent 62.000 bales. America 2000 bales, carried forward 131,500 bales, of which 121.500 bales were not offered. The total sold was 154,500 bales. The following is the range of prices:—Halfbred. 56/58, good to super, IOAd to 12Ad; halfbred. 56/58, low to medium. 81d to 10}d: halfbred, 50/56, good to super. !)Jd to lid; halfbred, 50/56, low to medium, 7Ad to 9 Ad: fine crossbred, 48/50, good to super, B]d to 9Jd; fine crossbred, 48/50. low to medium, 6Ad to Sd; fine crossbred, 46/48. good to super, 7|d to fine crossbred, 46/48, low to medium, 6}d to "Ad: crossbred, 44/46. good to super, "id to 7 ; fd: crossbred, 44/46, low to medium, s?d to "d: crossbred, 40/44, good to super, 6Jd to 7Jd; crossbred, 40/44, low to medium, 5Ad to 6Ad; coarse crossbred, 36/40. good" to super, 6ld to 7d; coarse crossbred. 36/40, low to medium. s}d to Gid.

The Otago Farmers’ Co-operative Association of New Zealand, Ltd., has received the following cablegram from its London office: Wool sales closed to-day with a total of 155,000 bales sold. As compared with the closing rates of last series prices advanced:—Scoured merinos, Jd to Id; fine crossbreds. Id to lAd; medium crossbreds, Id; coarse crossbreds. Ad to |d; slipes, Id to lAd. Closing values:—Scoured merino good to super, 16d toT9d; low to medium, 14d to 16d; scoured fine crossbreds. 12d to 16d; scoured medium crossbreds. 10d to 12d: scoured coarse crossbreds, Sd to 9d: greasy merinos low to medium, SJd to 9Ad; greasy fine crossbreds, lOd to llld ; greasy medium crossbreds, 7d to BAd; greas.v coarse crossbreds, 5Jd to 7d; slipes fine. 9’d to 12d; medium and coarse, 7d to 9Ad. AMERICAN COTTON CROP WASHINGTON, October 8. With farm prices for cotton at the lowest levels of recent years, the Department of Agriculture forecasts have further increased the current crop, and it is now estimated that it will be 16,284,000 bales, the largest, with, one exception, in the country's history. WALL STREET ACTIVITY NEW YORK, October 6 The heaviest buying movement in stocks since the announcement of the Hoover Debt .Moratorium in June raised prices of leading shares from 1 to 16 points, following yesterday’s sharp declines and a week of bear markets. The rise to-day was attributed to news that the Stock Exchange was applying further control of short selling by demanding a written explanation for each short sale and the announcement from Washington that President Hoover had called important congressional leaders, bankers, and real estate men together for a conference to discuss the business situation. The sales totalled 4,300,000 shares. UNITED STATES MONEY MARKET WASHINGTON, October 10. The Federal Reserve Bank ha*- announced that the rediscount rate on Boston has been increased to 2A per cent.; Cleveland. 3 per cent. The New York call money rate for renewal stands at 2 per cent. DAIRY PRODUCE Messrs Dalgety and Co., Ltd., advise having received the following cablegram from their head office, London, dated October 8:— The butter market is slow. The cheese market is slow. Danish butter. 130 s to 1325; New Zealand finest butter. 118 s to 1225; Australian finest unsalted butter,- 114 s to 117 s; Australian finest salted butter, 114 s to 117 s; Australian G.A.Q. butter, 110 s to 114 s; Australian cheese, white, not quoted; Australian cheese, coloured, not quoted; New Zealand cheese, white, 69s to 71s; New Zealand cheese, coloured, 70s to 725; Canadian cheese, white, 70s to 725; Canadian cheese, coloured, 70s to 725; Canadian cheese, c.i.f., not quoted. Messrs A. S. Paterson and Co., Ltd., are in receipt of the following cable advice from their principals in London:— All markets dull, lower. Political situation England having bad influence. Butter: Danish, 132 e; New Zealand, 120 s, 1225; Australian, 114 s, 116 s. Cheese: White cheese, coloured cheese, 695, 70s

The New Zealand Loan and Mercantile Agency Company, Ltd., has received the

following cablegram from its London house, under date October 10:— Butter.—New Zealand choicest salted. 120 s. Cheese.—W hitc, 695; coloured, 70s. Market slow. , ,V le . S° u th Island Dairy Association. Ltd., has received the following market report from the New Zealand Produce Association, Ltd., London: — Butter.—Slow, 117 s to 1225; unsalted, 118 s to 1225; Danish, 128 s to 130 s. Cheese. —Quiet. Both colours, 69s to 70s. The National Mortgage and Agency Company is in receipt of the following cablegram from London:— Butter: Market quiet. New Zealand finest grade, 1225; New Zealand first grade. 118 s: New Zealand unsalted. 118 s, f22s ; Danish. 130 s; Australian, 115 s, 117 s. Cheese: Market steady. New Zealand white. 695, 70s; New Zealand coloured, <os, /Is; Canadian white. 70s; Canadian coloured. 71s. SYDNEY WOOL SALES SYDNEY. October 7. ■At the woo] sales 12,063 bales were Offered, and 10.854 were sold, in addition to 2302 which were disposed of privately. Yorkshire, Japanese. and Continental’ buj ers provided good all round competition, and the market was firm at last weeks levels. Greasy merino made 15jd. . , , October 8. At the wool sales 11,629 bales were I 0 being sold, in addition to 1840 which were disposed of privately. I he marketing conditions were unchanged, and strong general competition prevailed’ Greasy merino fleece made 14 Ad. AUSTRALIAN MARKETS SYDNEY, October 8. Wheat: Ex trucks, 2s 41d, at country stations. Is 9Ad. Flour, £lO. ~ Bran and pollard, £4. Potatoes: Tasmanian, £11; Victorian £7 10s. Onions: Victorian, £5 10s. Oats: White and Algerian, 2s 6d. Maize, 3s 3d. MELBOURNE, October 9. Wheat, 2s 6d to 2s 7d. Flour, £6 10s. Bran and pollard, £4 ss. Oats, 2s to 2s Id. Barley: English, 2s Gd to 2s 7d. Maize, 3s to 3s Id. WILTON COLLIERIES A loss of £ll9O is disclosed in the second animal report of the directors of Wilton Collieries, Limited, for the year ended June 30. This compares with a loss of £1832 in the first year of the company, leaving a debit in the profit and loss account of £3022. “ No company could have commenced operations under more difficult circumstances.” states the report. The company was faced with marketing its output of coal in face of a fierce price war, and from the time marketing commenced at the end of November last to the end of the financial year coal was being sold at such keenly cut prices as to render it impossible for any company, except those favoured by large contracts at fixed prices, to make a profit. The output, considering the depression, together with the fact that the company had to build up an entirely new business, had been most satisfactory. For the seven months’ trading to June 30. 33,191 tons, all grades of. coal, had been sold. The coal being mined was of good quality and giving satisfaction. NEW ZEALAND NEWSPAPERS An interim dividend of 21 per cent, for the half-year ended September 30 has been declared by the directors of Newspapers. Ltd., Auckland. The interim dividend a year ago was 31 per cent. NEW ZEALAND PRODUCE EMPIRE WEEK AT SOUTHEND. An Empire Week has begun at South-end-on-Sca on Monday (says our London correspondent writing on August 27), and yesterday an exhibition under canvas was opened in the Park. The New Zealand Publicity Department, in cooperation with the Produce Boards, has arranged a stand in the exhibition. The whole scheme has been exceptionally well organised. During the week there has been a shop window competition, and about 100 shops have been supplied with display material advertising New Zealand produce. Representatives of the various trade boards are in Southend and are calling on retailers advocating the sale of their produce and giving all the -help possible. The particular advantage of this Empire Week is that it not only makes an appeal to the local people, but to the very large floating population that is at present on holiday there. TASMANIAN PULP PAPER Net profit earned by Amalgamated Zine (De Bavays), Ltd., for the half-year ended June 30, was £3497, compared with £7372 earned in the previous half-year. The directors report that prevailing conditions have hindered the negotiations which had been entered into to secure capital necessary to inaugurate the paper industry in the Huon Valley, Tasmania. The negotiations are being continued. Income for the half-year amounts to £6831, of which £6546 represents interest earned and £375 dividends received on shares in other companies. With £268 brought forward, £3765 is at credit of appropriation account. The dividend payable on October 8 requires £5OOO, so that it will be necessary to draw upon reserves to make the distribution. Liquid assets are £220,011, as against £218,628 for the previous six months. SOUTHLAND OIL, LTD. The free occurrence of oil on the surface of the discharge pits of Southland Oil, Ltd.’s, No. 2 bore at Centre Bush, and the appearance of gas during the last few days hav e caused the technical staff to recommend that it is imperative that the head of the bore be made specially secure against a blow-out of gas and oil.

Io do this it is advisable that the present casing be withdrawn and casing of greater diameter be inserted and cemented in. B<>th the head driller (who has had considerable experience in handling lai<™ veils bringing in” manj’ thousands of gallons daily) and the contractor (who drilled Blenheim No. 2 well at New Plymouth. which has been producing oil lately) agree that the oil showings, the class of strata, the gas, and other indications which are increasingly favourable and ar e better than usually met with at the depth, demand this precautionary measure. The head of the well-casin’' will also require to be strengthened to meet pressures running into hundreds of pounds to the square inch. The depth of the bore is over 1100 ft. BROWN, EWING, AND CO., LTD. The thirtieth annual general meeting of Messrs Brown, Ewing, and Co., Ltd., was held in the company’s board room on Wednesday. There were about 20 shareholders present. In moving the adoption of the report and balance sheet the chairman (Mr James Brown) dealt at length with the progress of the company during bis 25 years’ association with it. A dividend at the rate of 6 per cent, per annum on preference shares was authorised. The two retiring' directors—J nines Brown and A. F. Cheyne—being eligible, offered themselves for re-election. Mr C. Bossence, in proposing the re-election of the retiring directors, referred to the long and faithful service rendered to the company by Mr James Brown. —On being seconded by Mr W. B. M. Fea, who expressed the hope that Mr Browns mature judgment and experience would long be available for the benefit of the companj', the motion was carried unanimously. The retiring auditor. Mr A. W. M. Moodie, was unanimously elected. On the motion of Dr Batchelor, a hearty vote of thanks was accorded the management and staff for their services during the past year. The meeting closed with a vote of thanks to the chairman. WRIGHT, STEPHENSON, AND CO HALF-YEARLY DIVIDEND PASSED. WELLINGTON. October 8. Messrs Wright, Stephenson, and Co. announce that although the trading results of the company have been better than could have been expected in view of the trading and financial conditions, the directors have decided as a precautionary measure to withhold consideration of the ordinary half-yearly dividend until after the end of the financial year. THE EXCHANGE RATE AUSTRALIA ON LONDON. It is expected in Australia that the departure of Great Britain from the gold standard will presently result in a redaction of the exchange premium paid by Australia by probablj’ £2 10s per cent., followed by a further reduction of £5 per cent, and subsequent reductions; but the banks and the Federal Government do not

favour rapid reductions, circumstances of exporters necessitating that the falls in the rate when made should be gradual. Keplj-ing to a question in the Federal House ol Representatives, Air Scullin said it was most undesirable that there should be a sudden fall in the exchange rate, as it would have a disastrous effect on export trade. There was no doubt, he said, that a drop in the exchange rate should, by giving relief to governmental Budgets, enable the banks to make some mone.v available which could be used to relieve unemployment. The whole position was being very closeij* watched. BUTTER AND CHEESE W ELLINGTON, October 7. The grading figures of the Dairy Division of the Department of Agriculture * or ,. ie months ended September, J 931, show an increase for butter of 5.30 per cent, at 11.014 tons (10.459), and for .cheese a decrease of 40.16 per cent, at 3280 tons (5452), as compared with the corresponding period of last year, lhe new rei'iilation making it compulsory for cheese to remain in faetory-euring rooms for three weeks during September, against 14 days previously, accounts for much of the apparent decrease of cheese. Reduced to terms of butter-fat equivalent, tligre is a decrease to date over last season of 2.844 per cent. Ihe South Island Dairy Association. Ltd., has received the following market report from the New Zealand Produce Association, Ltd., London:—Butter: Slow, 119 s t°_l22s; Danish. 1345. Cheese: Slow White ,0s to 71s, coloured 71s to 725.

£ s. d. £ 8. d. Imperial Consols, 214 p.e. .. 54 10 0 55 0 0 War Loan. 5 p.c.. 1929-47 .. 96 0 0 97 10 0 Conversion Loan 314 p.a .. 72 0 0 74 0 0 Victory. 4 p.c. 89 0 0 89 0 0 C’wealtb G p.c.. 1931-41 .. 71 10 0 78 0 0 C’wealtb 514 p.c.. 1922-27 .. 62 0 0 67 15 0 N.Z. 6 p.c.. 1936-51 .. .. 96 0 0 98 10 0 N.Z 4 p.c.. 1920 74 10 0 78 0 0 N.Z 314 P.c.. 1940 .. .. 73 0 0 76 0 0 N.Z. 3 p.c.. 1915 68 0 0 72 10 0 N.S.W 614 P.c.. 1930-40 .. 74 0 0 74 10 0 N.S.W 6 p.c.. 1930-40 .. .. 70 0 0 73 10 0 N.S.W 5% p.a. 1922-32 .. 65 0 0 70 0 0 N.S.W 4 p.c.. 1933 .. .. 63 0 0 67 10 0 N.S.W 314 P.C.. 1930-50 .. 54 0 0 59 5 0 N.S.W 3 p.c.. 1935 .. .. 40 0 0 43 0 0 Vic 614 P.c.. 1930-40 .. .. 55 0 0 63 15 0 Via 6 p.c.. 1932-42 .. .. 55 0 0 57 10 0 Via 4»4 P.a. 1940-00 .. .. 70 0 0 70 0 0 Via 314 p.c.. 1929-49 .. .. 42 0 0 48 10 0 Vic 3 p.c.. 1929-40 .. .. 38 0 0 42 0 0 Q’land G p.a. 1930-40 75 0 0 75 0 0 Q’land 5 p.a. 1940-00 61 0 0 63 0 0 Q’land 3 p.c.. 1922-47 41 0 0 45 0 0 S.A. 614 P.a. 1930-40 .. .. 77 0 0 74 0 0 S.A. 314 P.a. 1939 .. .. 55 0 0 55 0 0 S.A. 3 p.a. 1918 or after .. 32 0 0 40 0 0 W.A. 6 p.a. 1930 40 .. .. 15 0 0 75 10 0 W.A. 314 P.a. 1920-35 65 0 0 65 0 0 W.A. 314 P.O.. 1915-35 GO 0 0 60 0 0 Tas. 614 P.a. 1930-40 .. .. 7 4 0 0 74 0 0 Tas. 314 P.a. 1920-40 .. .. 50 0 0 55 0 0 Tas. 3 p.a. 1920-40 .. .. 50 0 0 50 0 0

Par. Oct. 7. Oct. 8. Paris, fr to £1 .. 124.21 9846 97 Brussels, belgas to £1 35 2746 2746 Oslo, kr to £1 .. .. 18.150 1746 1746 Stockholm, kr to £1 .. 18.150 10 1646 Copenhagen, kr to £1 18.150 1746 1746 Berlin, marks to £1 .. 30.43 17 1646 Montreal, dol to £1 .. 4.86 2 •3 4.36 4.32 New York, dol to £1 4.86 2-3 3.88 3.83 Yokohama pence to yen 24.58 3044 3046 Hongkong, pence to dol 25.15 14 14'6 Bombay, pence to rupee 18 17% 17% Bataria, florins to £1 12.107 — — Milan, lire to £1 ., .. 82.45 7546 7446 Amsterdam, guild to £1 12.107 9% 94-6 Prague kr to £1 .. .. 24.02 132 13046 Genera, kr to £1 .. .. 25.22’6 1946 19’6 Vienna, schillings to £1 24.5546 31 31 Helsingfors, marks to £1 193.334 160 160 Madrid, pesetas to £1 25.22'4 4346 4246 Athens, drachma to £1 25.22'4 305 300 Lisbon, escudos to £i 5.5046 109% 109% Bucharest lei to £1 .. 37 635 635 Rio de Janeiro, pence to milreis 18 344 34a Buenos Aires, pence to pesos .. . • .. .. 47.82 3046 2944 Shanghai, pence to tael 2334 19 19 Monterideo, pence to peso 51 2146 21

Ton. Copper, spot •. £34 9 4’,i Fall £0 4 4’ Copper, forward 35 10 0 Fall 0 3 9 Electrolytic, spot — — Electrolytic, forward 41 0 0 Fall 1 0 0 Wire bars .. .. 41 15 0 Fall 0 5 0 Lead, spot .. 12 15 0 Fall 0 10 0 Lead, forward 12 18 9 Fan 0 8 9 Spelter, spot .. • • 12 7 6 Rise 0 7 0 Spelter, forward • • .. 12 18 9 Else 0 1 3 Tin. spot .. .. 125 2 6 Fall 0 15 0 Tin. forward .. 129 3 9 FaU 0 18 9 Oz Silrer, One .. 11 5-lGd Rise 1-lCd Sllrer, standard .. IS 11-lGd Rise l-16d

Note issue in circulation .. Banking department .. .. £359,324,319' 50,914,843: £410,239,162: Government debt £11,015.100 232.777,565. 27,175,156. 4.032,179 135,239,162! Other Government securities Other securities Silver coin Gold coin and bullion .. .. £410,239,162! BANKING DEPARTMENT. Proprietors’ capital .. .. Rest £14.553.000' 3.092.371 10,593,721 78.858,671 51,879,158 2.178 Public deposits Other deposits (bankers) ,. Other accounts Seven-day and other bills .. £158,979.102 Government securities .. .. Discounts and advances .. Other securities £64,125.906 16,898,163 25,714,683 50.914,843. 1,325,507 Notes in reserve .. .. .. Gold and silver coin .. .. £158,979,102