COMMERCIAL

Southland Times, Issue 25312, 15 June 1935, Page 3

COMMERCIAL

finance and ikade

INVERCARGILL STOCK EXCHANGE LIMITED. TNVESTORS are advised to consult 1 and transact their business' with accredited members of the Invercargill Stock Exchange as under: — A. L. ADAMSON, Crescent R. R. BINNEY, Tay Street J. T. CARSWELL (Carswell & Co.). D. CUTHBERTSON, Esk Street A. W. JONES (W A. Ott & Co. Ltd.) A. H. MACKRELL, Dee Street W. A. OTT (Ott & Co. Ltd.), Dee St E. B. PILCHER, Esk Street J. B. REID (Reid & Jones) Don St D. M. SCANDRETT. Esk Street F. H. TUCKER, Clyde Street T. EL WATSON, Clyde Street

INVERCARGILL STOCK. EXCHANGE. YESTERDAY’S CALLOVER. At a meeting of the Invercargill Stock Exchange yesterday the following prices were recorded: — Government Debentures. Buyers. Sellers. £sd £ s d

THE WEEK’S TRANSACTIONS. There was a fair turnover on the stock exchanges of the Dominion during the week. Generally speaking the market is steady, although in some lines there has been an easier tendency ruling, particularly in insurance companies’ shares. The mining section had a reduced turnover, while in the general section, although a number of lines were dealt in, the total amount of trading done was not large. There was a certain amount of business done in Government securities. Tax free stocks, due 1338-52, brought £lO7 5/-, but only limited business was done in this line. The bulk of the trading was done in the 4 per cent, stocks and bonds, principally the longer-dated loans. The line due in 1946 sold at £lOB 'to £lOB 5/-; that due in 1949 at £lOB 10/-, and the 1955 issue brought £ll2 5/- to £ll2 15/-. A few sales of the shorter term loan, 1937-40, were reported at £lO3 2/6. In banking lines the bulk of the business was again confined to shares in the Bank of New Zealand. The annual accounts of the Bank of New Zealand have been .favourably received and show that the operations of the Reserve Bink have not affected the bank’s earning power to any extent. During the week the market for Bank of New Zealand ordinarys was a steady one at 50/10. For Bank of New Zealand D issue there were sellers at 34/3, -but no sales were reported. Both these lines will be quoted ex dividend from to-day. The market for Commercials of Australia was quiet but steady, a |

few sales being reported at 15/3. E. S. and A. Banks were placed at £5 1/-, showing i a slightly firmer tone. No change is noticeable in the price for Nationals of New Zealand for which there were buyers at 67/- and sellers at 68/6. Bank of New South Wales shares, ex quarterly dividend, were placed at £3O 17/6. Sales of shares in the Commercial Banking Company of Sydney were reported at £l7 10/- and £l7 11/-. Reserve Bank of New Zealand shares, ex dividend, had sales during the week at £6 9/9 and £6 10/-. , Business in insurance companies’ shares was confined to Nationals and South British. Nationals were transferred at 21/-, further sellers asking 21/3. South British suffered a further setback, sales going through at 95/3 and 95/6.

The market for pastoral companies’ shares remains very quiet. The only business done was in Goldsbrough Morts at *29/7 and sales of Wright, Stephenson’s preference shares at 19/9. There was some slight improvement in the amount of business done in frozen meat companies’ shares. Several parcels of the contributing issue of the New Zealand Refrigerating Company’s shares were reported sold at 8/10 and there was also business done in the fully paid issue at 19/9. 'A parcel of Southland Frozen Meats was reported sold at 76/-, more being procurable at 76/6.

In the mining section the number of companies’ shares dealt with was considerably fewer than usual. Waihis have come back still further, being dealt in at 37/-. No doubt the remarks of the chairman of directors of the Waihi Gold Mining Company at the annual meeting recently held in London has caused the market for these shares to fall. Mount Lyells have made a slight recovery, the market being steady for the greater part of the week at 20/-, later advancing to 20/2. Sales of Broken Hill Proprietary Company’s shares were reported at 55/10 and 56/-, showing very little change from last week. Mount Morgans remain unchanged, the latest sales being at 36/-. An easier tone is noticeable in Big Rivers, the market coming back to 2/2J and 2/3. Several parcels of Gillespie’s Beach changed hands at 1/6 and 1/6J. A number of sales of Skippers were put through at prices ranging from 2Ad. to 3d. Maori Geliys’ are weaker, a few parcels of this company’s shares changing hands at 1/5. Although a number of different companies’ shares were dealt with in the general section, the total volume of business done was not very large. New Zealand Breweries have eased still further, salis going through at ’52/9. Staples Breweries are very steady at 32/11 and 33/-. Dunlop Rubbers lost ground, the market coming back to 16/3. Australian Iron and Steel preference shares had several sales reported at 22/4 to 22/6. British Tobaccos are steady with the market about 38/-. Westport Coals were done at 20/11 and 21/-, a few sales being reported at these figures. Sun Newspapers were quiet compared with last week and the market a little easier at 8/-. Colonial Sugars had business reported at £4l 10/-, the market closing with a seller at £42. Some business was done in New Zealand Guarantees at 5/9, but the market for this line was not particularly active. Wilson’s Cements are very firm, a sale going through at . 37/6. Other lines dealt in were Wellington Woollens preference at £6 16/-; D.I.C. preference at 25/6; and a parcel or two of New Zealand Drugs at the unchanged price of 82/6. Some attention was given to Australian Glass Company’s shares, sales being reported at the higher price of 68/- and 68/3. Woolworths (Sydney) show no change from last week in selling at 89/6 and 90/-. Buyers for Mortgage Corporation shares are now quoting 1/9 premium. Investors are anxious to know what their allotments will be in this Corporation. NORTHERN EXCHANGES. (Per United Press Association.) Auckland, June 14. Sales on ’Change: Bonds, 1940, 4 per cent. £lO3 2/6; Bonds, 1955, 4 j>er cent. £ll2 15/-; Stock, 1941-1952, 3J per cent. £lO7 5/-; Stock, 19381)1952, 34 per cent. £lO7 12/6; Stock, 1939-1952, 31 per cent. £lO7 12/6; Stock, 1941, 3J p.r cent. £101; Stock, 1946, 4 per cent. £lo7'lo/-; Stock, 1949, 4 per cent. £lOB 15/-; Stock, 1955, 4 per cent. £ll2 15/-; Commercial Bank of Australia 15/3; South British Insurance 96/6; Dominion Insurance and Banking 16/6; Renown .Colleries (pref.) 2/6; Farmers’ Trading (A pref.) 18/- (2); K.D.V. Box 21/9; K.D.V. Box (contr.) 11/-; British Tobaco 38/9; Northern Roller Mills 34/-; Whitcombe and Tombs 80/-; Wilson’s Cement 38/6 (2); National Timber 13/-; Big River 2/2. Unofficial: Woolworths (Sydney) 90/-. Wellington, June 14. Sales on ’Change: Reserve Bank of New Zealand £6 10/-; British Tobacco 38/9; Broken Hill Proprietary 56/-; Wairakei 5/-; Big River 2/2J; (last two late Thursday). Unofficial: Woolworths (Sydney) 90/6; Procera Bread (vendors’ shares) 19/9. Christchurch, June 14. Unlisted sale on ’Change: Woolworths, Sydney (ord.) 90/3. Sales on ’Change: Commercial Bank of Australia 15/4; Bank of New. South Wales £3l; New Zealand Breweries (cum div.) 52/3 (5), 52/2, 52/1 (2), 52/-, 52/2, 51/10; Tooth’s Brewery 52/6; Australian Iron and Steel (pref.) 22/9; British Tobacco (cum div.) .38/9; Broken Hill Proprietary 55/10; Howard Smith 14/9; Sun Newspapers 8/- (5); Big River 2/2; Mount Lyell 19/8; Stafford Dredging (5/- paid) 6/9. Sales reported: New Zealand Government, 4 per cent.. Inscribed, 1937-1940 £lO3 2/6; Commonwealth Bank (pref.) £9 10/-; Reserve Bank of New. Zealand £6 9/6, £6 9/9; Farmers Cooperative Auctioneering (B pref.) 21/6 (late Thursday); New Zealand Refrigerating (10/- paid) 8/11 (2), 9/-; Broken Hill Proprietary 55/10; New Zealand Newspapers 38/6 (2);_TaupoTotara Timber (£1 paid; pref.) 19/3, 19/5; Big River 2/2J. „ T ~ Dunedin, June 14. Sales on ’Change: New ZealandBreweries £2 12/3; Mount Morgan £1 16/-. Sales reported: Wright, Stephenson (pref.) 19/6; Waitaid Farmers Freezing £3 12/6; New Zealand Newspapers £1 18/6; Mount Morgan £1 16/-.

OTAGO MARKETS. UNIFORMITY IN WHEAT PRICES. OATS CONTINUE FIRM. (Per United Press Association.) Dunedin, June 14. An occasional line of milling wheat, is still coming forward from farmers in Otago, and where the quality is satisfactory the wheat is readily taken up by millers at the advanced price fixed by the Wheat Purchase Board for the month of June. Some growers, however, are apparently holding theii wheat for delivery later in the year in order to obtain advantage of the monthly increment in the advanced prices. Seed wheat, for winter and spring sowing, is still being purchased, and indications point to an increased growing this year in the South Island. The announcement has been made by the Wheat Purchase Board of a reduction of the price at which it was prepared to sell some of its stocks of fowl wheat to North Island poultry feeders, and the somewhat unexpected reduction is 3d per bushel,, making the price to North Island buyers 4/1 a bushel, f.0.b., sacks' extra. To this amount has to be added steamer and railage charges. The South Island price will remain unaltered, on a basis of 4/4, f.o.b. The action of the hoax’d is apparently to make uniformity of price between the two islands, but it will not be well received by those merchants who had stocked up with the idea that prices would remain unchanged even if they did not advance. Local merchants have already withdrawn their buying prices and are now awaiting the effect of the board’s announcement. Stocks of fowl wheat are not heavy in Dimedin at the present time. Best quality is worth 4/8 per bushel, sacks extra, ex truck at Dunedin, with store lots selling at 5/-. Flour has been reduced 5/- per ton and bran has been advanced 5/- per ton. „ ~ The oat market continues, firm, with a scarcity of offerings from growers. It is generally realized that seed oats will be difficult to secure, as few lines are now held by growers, and these are required in some instances to meet the demand in their particular localities. Most of the supplies will have to be drawn from the stores. The general opinion is that there will be a larger area sown in oats this season. Any lines of heavy A grade Gartons on offer are worth 3/- per bushel, sacks extra, on trucks at country sidings. Ordinary 'A’s are worth 2/10, and B’s 2/7. In the absence of surplus stocks, in the Dunedin stores the shipping quotations are only nominal; these are on a basis of 3/6, f.0.b., s.i. for A Gartons and 3/3 for B’s. . < Fair supplies of chaff are held in the stores arid these are required for the local trade, which is mostly confined to small lots, ex the stores, the current price being £5 10/- per ton, sacks extra. An occasional load ex truck is placed at £5 per ton. The demand is for best quality chaff, medium and poor being slow of sale. The break in the weather prevented cutting in Canterbury, whence local merchants are drawing their supplies. . A quiet period has been experienced in the potato market. The local market did not respond to the firming in Canterbury, where following on speculative demand, prices advanced; they have, however, declined, and reports from Auckland go to show that the market there is over-supplied, and that consignments are now selling at below the fob parity. The local market is unchanged, with good quality Arran Chiefs worth £5 10/- per ton, sacks included. Practically the only demand is for good quality tubers, free of faults. Blighted or badly graded lines are neglected. King Edwards are worth £6 per ton. , The seed markets remain quiet ana there is now little demand within New Zealand or from overseas. This, however, is the usual experience for the month of June, but a revival in business is expected once the spring sowing commences. a e ~ Sales of ryegrass have been made for export overseas, but the volume or business has been on the small side. Both Chewings Fescue and brown top are neglected in the meantime in the overseas trade. Cocksfoot remains firm consequent on small stocks held and there is little change in other lines. Fruit Report Business has been quiet during the week consequent on the snap of very cold weather. Choice dessert and cooking pears are in short supply and the market could do with more. The market is bare of oranges. Further supplies are due next week. Dessert Jonathan and Delicious apples are meeting with a fairly good sale. Large cookers have a better demand. Grapes are about finished for the season. Stocks of Californian lemons at present in the marts will be required to meet the demand for some time to come. The duty on lemons has been increased for the month of June and onwards. A shipment of Samoan bananas arrived on Wednesday in splendid condition. These were brought from Lyttelton by the Port Whangarei ex the Maui Pomare. This is the second shipment to be brought from Lyttelton by steamer instead of as previously by rail. A small shipment of Californian grapefrui?/has reached the market from Melbourne. The supply received by Melbourne was apparently larger than the market could absorb and a consignment was therefore sent to the local market. The condition of the fruit was not of the best.

CANTERBURY MARKETS.

POTATOES UNUSUALLY QUIET.

LITTLE DEMAND FOR CHAFF,

(Per United Press Association'.) Christchurch, June 14.

There has been very little movement in the potato market during the week, an unusual experience at this period of the season. Auckland, however, has plenty of potatoes on hand and the decreased shipments going north will probably enable some of these stocks- in store to be distributed. Digging has been suspended in most parts of North and Mid-Canterbury on account of the snowstorm, and there have been few deliveries during the week, but there have been more offers in the last two days. Quotations for prompt Whites are £6 5/- a ton, f.0.b., s.i., and for Junes £6 10/-, and Dakotas are worth £6 for prompts and £6 2/6 for Junes, but sales are difficult to make at this price. At the moment the nominal quotations for July-September delivery are £7 5/f.0.b,, s.i., but there is a general cautiousness in dealing sb far. Forward prices to farmers at the moment are £5 for Whites and £4 15/- to £5 for Dakotas, according to stations. This week’s boat took approximately 2000 sacks from Timaru and Lyttelton, and. the Port Whangarei is due to lift a small quantity to-morrow. Fowl feed is quoted at 4/3 a bushel, f.0.b., s.e. The reduced price for board fowl feed is not taking effect until July 5. The partridge pea market remains very firm and buyers cannot secure supplied at much less than 6/- a bushel, on trucks.' As there is no export demand so far, this price is slightly in advance of merchants’ ideas. The-oat market is unchanged. Chaff is also singularly free of inquiry, considering the rough weather of last week.-Values are £3 5/-. a ton on trucks. . • ■ . , There is no change in values in the small seeds market.

SYDNEY STOCK EXCHANGE. .(United Press Assn.—Telegraph Copyright.) (Rec. 8.45 p.m.) Sydney, June 14. The Stock Exchange was quiet today, but the market maintained a firm tone. Sales:—

WYNDHAM STOCK SALE. Messrs Henderson and Co., Ltd., report: There was a very small yarding of both sheep and cattle. The sheep entry consisted solely of fat lambs, with two small pens of light wethers. Freezing lambs were keenly competed for and practically the whole yarding was disposed of at auction at right up to schedule rates. There were about four pens of medium quality cows yarded, and owing to the small entry prices realized slightly above last sale. There were no store cattle penned. We sold: Sheep: 43 fat lambs at 21/9, 20 at 18/-, 81 at 17/9, 63 at 17/6, 60 at 17/-, 1 at 15/-, 12 store wethers at 17/6, 5 ewes at 2/6. Pigs: 17/-, 14/-, 13/-, io/-; MINING REPORTS. KING SOLOMON RETURN. The return at the King Solomon mine this week amounted to 61oz 12dwt._ GOLDFIELDS DREDGING. (Per United Press Association.) ' Dunedin, June 14. The secretary of the Goldfields Dredging Company reports a return of 19oz lOdwt for 248 hours’ dredging. GOLD PRODUCTION. LOWER RETURNS.

(Per United Press Association.) Wellington, June 14. Gold produced in New Zealand during 1934 is estimated at 160,248 ounces, compared with 161,755 ounces the previous year. The lower production is stated to be due to labour troubles in two mines. The prospects for the current year with a larger number of dredges now operating are that the production will be the highest for some years. FOREIGN EXCHANGES. ON NEW ZEALAND CURRENCY BASIS. The Bank of New South Wales quoted the following rates for its purchases and sales on overseas currencies yesterday (all rates subjected to alteration without notice:—

GOVERNMENT SECURITIES. ■ The following are the latest quotations of Government securities compared with the prices ruling on June 6:—

Last week. This week. £sd £ s d

• ex interest.' BUTTER AND CHEESE. (United Press Assn.—Telegraph Copyright.) London, June 13. Butter is firm and active. Danish, 100/-; choicest salted —New Zealand, 86/-; Australian, 84/-; unsalted—New Zealand, 84/- to 85/-; Australian, 84/-. Cheese is quiet and slightly firmer. New Zealand, white and coloured, both 44/-; Australian, 42/-,' 42/6. The National Mortgage and Agency Company report having received the following cable from their principals, Messrs A. J. Mills and Co., Ltd., London:— Butter.—Market firm. Finest, 86/-; first, 84/-; Danish, 100/-; Danish f.0.b., 80/-; Australian, 84/-. Cheese.—Market steady. White, 43/6 to 44/-; coloured, 44/- to 44/6; Canadian, 60/- to 62/-; 58/- to 60/-. 4® — Messrs A. S. Paterson and Co., Limited, report having received the following calJle advice from their principals, Messrs J. & J. Lonsdale and Co. (London), Limited:—Butter: Market quieter at advance. New Zealand 85/to 86/—; Australian 84/-; Danish, market steady, 79/-, landed cost 100/-. Cheese: More inquiry. White and coloured 44/-.

BRADFORD TOPS. ’ (United Press Assn.—Telegraph Copyright.) London, June 13. The Bradford tops market is firm and business is small. Following are today’s prices and those of last week:— ... June 6. June 13. Per lb.. Per lb:

MELBOURNE MARKET QUOTATIONS. (United Press Assn.—Telegraph Copyright.) Melbourne, June 14. Wheat—3/3. Flour—£ll 2/6. Bran—£4 15/-. Pollard—£s. Oats—2/4, 2/6. Barley—English 2/7, 3/-. Maize—s/-. Potatoes—£7 15/-, £B. Onions —£7 5/-, £B. WHEAT AND FLOUR. London, June 13. Wheat: Cargoes are dull and lower. Parcels are in poor demand and easier. Futures: London: June, 22/10 a quarter; September, 22/9. Liverpool: July, 5/2g a cental; October, 5/31; December, 5/3?; March, 5/3? per cental. Spot trade is quietly steady. Australian ex' ship 28/-.

. Flour is quiet. Australian ex store 21/- to 21/3. Oats are in small demand. Australian Algerian 16/- to 17/-; A Gartons, 19/to 20/-. Peas are slow. Blue Tasmanian, 190/to .200/-; Maples, Tasmanian, 58/6 to 59/6; New Zealand, 55/6 to 58/6. Zealaf beans, 33/- to 34/-. METAL QUOTATIONS. (United Press Assn.—Telegraph Copyright.) (Rec. 8.45 p.m.) London, June 13. Quotations for metals are as follows: June 12. June 13. £ s. d. £ & d.

PRICE OF GOLD, -■ London, June 13. The price of gold is £7 0/10 per fine ounce. ■ ■ . ■' ■: -

DOLLAR AND FRANC. ' (United Press Assn.—Telegraph Copyright.) London, June 13. The dollar stands at 4.94 and the franc at 73 1-16 to the pound sterling.

Stock, 31 p.c., 1938-43 105 0 0 Stock,. 31 p.c., 1938-52 106 0 0 - —* Stock, 3J p.c., 1939-43 105 0 0 Stock, 31 p.c., 1939-52 106 10 0 Stock, 4 p.c., 1940 102 10 0 Bonds, 4 p.c., 1940 102 10 0 Stock, 4 p.c., 1946 107 10 0 Bonds, 4 p.c., 1946 107 10 0 Stock, 4 p.c., 1949 108 0 0 Bonds, 4 p.c., 1949 108 0 0 Stock, 4 p.c., 1955 112 0 0 Bonds, 4 p.c., 1955 112 0 0 Local Body Debts. Christchurch Drainage Board, 1965, 4i p.c. 112 0 0 Banks. Commercial 0 15 0 Commercial, pref. 0 15 4 4 p.c., (cum.) Commercial of 9 12 0 Sydney —— 18 0 0 E.S. and A. Bank, 5 0 0 " - National of N.Z. 3 7 0 New Zealand New Zealand Long 2 11 0 “D” issue 1 14 3 Reserve Bank of New Zealand 6 10 6 Union of Australia 9 10 Breweries. N.Z. Breweries (shares) 2 13 9 Timaru Brewery 0 8 1 0 8 6 Coal. . Kaitangata 1 1 0 Westport Coal 10 9 Insurance. National 1 1 3 Loan and Agency. Goldsbrough, Mort and Co. 19 0 National Mortgage, “B” issue 1 11 0 Southland Farmers Co-op. 4 1 0 4 15 0 Meat Companies. N.Z. Refrigerating 9 (10/- paid) Southland Frozen 0 0 Meat (£1 ord.) 3 16 6 (£1 pref.) South Otago Freez3 16 6 ing Co. 6 13 0 Shipping. Union Steam Ship Co. (pref.) 17 0 Miscellaneous. Associated News 12 6 Australian Glass 3 6 Australian Iron and Steel 12 3 British Tobacco (Aust.) Colonial Sugar 1 19 0 Co. 42 0 0 Dominion Fertilizer 110 Dominion 1 2 0 Rubber Co. 1 11 0 Donaghy’s Rope and Twine 2 11 0 Dunlop Rubber — (Aust.) —— 0 lb 9 N.Z. Drug 4 2 0 N.Z. Guarantee Corporation 0 5 6 N.Z. Paper Mills 1 13 6 1 lb 0 Wilson’s (N.Z.) Portland Cement 1 17 3 Woolworths 1 (Sydney) 4 11 0 Australian Cement 18 6 Sun Newspapers 0 8 1 Woollen Mills. Bruce Wellington Wool14 0 lens (pref.) 6 0 0 Mining. Bendigo Goldlight — 0 1 0 Broken Hill 2 17 0 Big River _ Electrolytic Zinc 0 2 5 (ord.) 1 7 0 (pref.) 1 15 0 Gillespie’s Beach 0 1 5J Goldfields Dredg0 1 61 31 5 ing — Kildare 0 3 0 0 0 0 3' King Solomon 0 3 9 0 4 0 Mount Lyell 1 0 0 Mt. Morgan 1 16 6 Nokomai 0 2 6 Skippers 0 0 3 Waihi Gold Mining 1 18 0 Waitahu 0 3 6

Bank, of New South Wales £ s d 31 12 6 Colonial .Sugar .7 " • 43 15 0 Howard Smith 14 9 Bums Philp 3 3 3 British Tobacco 1 14 9J Tooth’s 2 13 0 John McGrath , 1 13 6 General Industries 17 10J Wilcox Mofflin 11 .1 Henry Jones 1 16 6 Farmers 1 6 0 David Jones 2 0 6 Anthony Hordern 18 10J Kuala Kampar 13 0 Rawang Tin 7 5 MaIim..Nawar 16 0 Commonwealth Bonds (4 per cents.) — 1938 104 0 0 1941 103 2 6 1947 105 17 6 1950 106 13 9 1953 106 15 0 1955 106 7 6 1957 105 7 6 1959 105 7 6 Melbourne Sales. I National Bank (£10 paid) 12 15 0 -Union Bank 9 10 0 Commercial Bank of Sydney 17 10 0 Goldsbrough Mort 1 9 9 North Broken Hill 6 10 0 Mt Lyell 1 0 0

New Zealand On Buying •Selling London— £N.Z. to £100stg. T.T. 124 124/10/O.D. 123/10/124/8/9 Australia— £A to £100 N.Z. T.T. 101 100/10/O.D. 101 100/10/Fiji— £F to £100 N.Z. T.T. 90/7/6 89 O.D. 90/7/6 89 New York— Dollars to £1 N.Z T.T. 4.00 33.96% O.D. 4.01 5-8 3.96% Montreal — T.T. 4.00 7-8 3.97 1-8 Dollars to £1 N.Z. O.D. 4.02 1-8 3.97 5-8 France — T.T. 60.96 59.66 Francs to £1 N.Z. O.D. 61.26 59.71 Noumea— T.T. 61.91 58.91' Francs to £1 N.Z. O.D. 62.31 58.96 Papeete— T.T. 61.91 58.91 Francs to £1 N.Z. O.D. 62.31 58.96 Belgium— Belgas to £1 N.Z. T.T. — O.D. — 23.183 23.198 Germany— Relchmarks to N.Z. £1 T.T. — 9.642 O.D. — „ 9.647 Italy— Lire to £1 N.Z. T.T. — 47.59 O.D. — 47.63 Switzerland— T.T. 12.409 12.009 Francs to £1 N.Z. O.D. 12.484 12.019 Holland— T.T. 6.006 5.756 Florins to £1 N.Z. O.D. 6.056 5.760 Java — T.T. 5.955 .5.730 Florins to £1 N.Z. O.D. 6.005 5.734 Japan— N.Z. pence to 1 17 13/16 yen T.T. — O.D. — Shanghai— N.Z. pence to 1 T.T. 23 15-16 25% dollar O.D. 23 13-16 25 3-16 India and Ceylon— N.Z. pence to 1 T.T. 22 3-8 22 23-32 rupee Hong Kong— NZ. pence O.D. 22 1-4 22 21-32 to 1 T.T. 34 11-16 35% dollar O.D. 34 9-16 35 11-16 Singapore— N.Z. pence dollar to 1 T.T. 34 9-32 35 7-32 O.D. 34 5-32 35 5-32 Sweden— 15.460 Kroner to £1 N.Z. T.T. 15.790 O.D. 15.830 15.470 Norway— 15.870 Kroner to £1 N.Z. T.T. 16.200 O.D. 16.240 15.880 Denmark— 17.878 Kroner to £1 N Z. T.T. 18.208 OJD. 18.248 17.888 Austria— Schillings to N.Z. £1 T.T. — 20.43 O.D. — 20.45 Czechoslovakia94.37 Crowns to £1 N.Z. T.T. — O.D. — 94.42

British— • Consols 86 10 0 85 0 0 Funding Loan 4 p.c. 116 10 0 117 0 0 War Loan, 3| p.c. 105 15 0 105 5 0 Con. Loan, 3J p.c. 107 10 0 107 2 6 Victory Bonds, 1 ■■ 3J p.c. 115 1 3 114 10 0 Commonwealth— 5 p.c., 1935-45 — 5 p.c., 1945-75 109 10 0 109 3 9 3 i p.c., .1936-37 102 1 3 102 0 0 4 p.c., 1943-48 104 0 0 104 0 0 3|.p.c., 1948-53* 102 8 9 102 13 9 New South Wales 3 p.c., 1935 101 1 3 101 1 3 34 p.c., 1930-50 100 0 0 100 2 6 4J p.c., 1935-45 101 2 6 100 0 0 5 p.c., 1935-55 101 12 6 101 2 6 Victoria— 3 p.c., 1929-40 97 12 6 97 12 6 4? p.c., 1940-60 104 2 6 103 17 5 p.c., 1945-75 s 108 13 9 108 7 6 Queensland — 3 p.c., 1936-47 97 12 6 97 0 0 . 5 p.c., 1940-60 106 0 0 107 0 0 South Australia— 3 p.c., 1916 or after 88 17 6 89 0 0 5 p.c., 1945-75 109 0 0 108 12 6 Western Australia 4 p.c., 1942-62 101 12 6 101 10 0

Tasmania— 3J p.c., 1920-40 101 0 0 101 0 0 4 p.c., 1940-50 102 0 0 101 10 0 New Zealand— 4J p.c., 1948-58 109 15 0 109 15 0 3£ p.c., 1940 103 12 6 103 10 0 3 p.c., 1945 101 7 6 101 3 9 6 p.c., 1936-51 106 5 0 106 5 0

d. d. Seventies 29 291 Sixty-fours 271 28 Sixties 26 •261 Fifty-sixes 181 181 Fifties 14 14 Forty-sixes 11 11 Forties 10 10

Copper— Standard spot 31 18 9 31 9 41 Forward 32 6 10J 31 15 71 Electrolytic 35 0 0 34 10 0 to 35 10 0 35 0 0 Wire Bars 35 10 0 35 0 0 American Lead— " Spot 14 0 0 13. 6 3 Forward 14 0 0 13 6 3 Spelter— Spot 14 0 0 13 16 3 Forward 14 3 -9 14 0 0 Tin— Spot 224 7 6 226 7 6 Forward 218 12 6 220 12 6' Silver— Fine, per oz 32 13-16d 32 13-16d Standard, per OZ. 35 7-16d 35 7-16d