COMMERCIAL

Southland Times, Issue 25341, 20 July 1935, Page 3

COMMERCIAL

FINANCE AND TRADE

INVERCARGILL STOCK EXCHANGE LIMITED. INVESTORS are advised to consult and transact their business with accredited members of the Invercargill Stock Exchange as under A. L. ADAMSON, Crescent. R. R. BINNEY, Tav 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. H. WATSON, Clyde Street.

THE STOCK EXCHANGE. YESTERDAY’S QUOTATIONS. At yesterday morning’s call-over on the Invercargill Stock Exchange the following prices were quoted:—

THE WEEK’S TRANSACTIONS. Although perhaps not quite up to the dimensions of the previous week, the turnover on the stock exchanges of the Dominion has been quite a satisfactory one. The banking section was not quite so active, but there was another large turnover in the general section. The amount of business done in Government securities was not large, but there is still a keen demand for all issues, while sellers have been rather scarce. The longer dated tax free issues, 1938-52 and 1939-52, are not quite so firm, sales during the week being at £lOB compared with £lOB 10/- the previous week. There is little or no change in the market price for the 4 per cents; the issue due in 1955 is, if anything, a shade firmer at £ll2, and the other lines are very steady at late rates. The amount of trading done in the banking section was not up to that of the previous period. Bank of New Zealands had a quiet week and an easier market with sales fit 51/9 and 52/-. Commercials of Australia are steady at 16/9 and 16/10, but the number of sales reported was not great. Union Banks are a little firmer, being placed at £9 1/6. The market for Bank of Australasias is a quiet one and the price is unchanged, transactions being reported at £ll. E. S. and A. Banks were neglected during the week. Bank of New South Wales shares moved up to £3l 15/- and £32, there being several transactions reported at the latter figure. Nationals of New Zealand (ex dividend) were reported sold at 68/9, more being obtainable at 69/-. Both issues of Nationals of Australasia were dealt in at slightly higher figures, the contributing issue bringing £6 7/6 and the-fully paids £l2 13/6. Reserve Bank of New Zealand shares were more active, several sales being reported at £6 9/3 and £6 9/6. The demand for shares in the leading insurance companies that existed last week was not sustained. Nationals were lightly dealt with at slightly reduced prices, sales being reported at 20/10.

South British show no change in selling at 98/3. Standards hrbuyers at 72/6 with sellers asking 1/- more. New Zealands were quiet but steady. The market for shares in. the loan and agency group remains fairly quiet. Goldsbrough Morts were placed at 29/9 and 30/-, showing little change from a. week ago. Dalgety and Company s shares brought £8 4/- and later £8 5/-, the market being on a par with that of last week. The frozen meat section showed a brighter tone. Gear Meats had several sales reported at 21/3, more being asked for at the same figure. Big business was done in the New Zealand Refrigerating Company’s shares, sales of the 10/- paids being reported at 9/9 to 10/- and the price of the fully paids advancing from 19/9 to 20/9 during the last few days. Southland Frozen Meats had buyers at 75/6, but no quotation was received from sellers. Buyers for South Otago Freezing Company’s shares are at present offering £6 15/-. There was a fair turnover only in the mining section. Waihis moved up from 37/- to 37/6, later going to 38/-. Waihi Grand Junctions, ex dividend of 4d a share, were transferred at 4/-. Mount Morgans were fairly active, several good sized parcels changing hands at 37/- a share. Broken Hill Proprietary fail to hold the figure they sold at last week, although the market is still firm at 59/5. Mount Lyells ard very steady, sales during the week being at 19/3 and 19/6. There was not a great deal of business done in the lower priced mining scrip. King Solomons are easier, being sold at 3/9 and 3/10. Maori Gullys are very quiet, but the market is a little firmer at 1/5. Big Rivers show no change in selling at 2/21- and 2/3. Mahakipawas were placed several times at 6d and a number of parcels of Skippers changed hands at 2jd. Okaritos came back to 5/9 and had only limited inquiry. Other mining companies’ shares reported sold during the week were Kildares at 3/-; Gillespie’s Beach at 1/5 and Bendigo Goldlights at lOd. There was fairly heavy trading in the miscellaneous section. New Zealand Breweries had big business reported in them at 54/6. a few parcels bringing 54/7 and 54/8. This company’s shares were quoted ex dividend from Thursday, buyer’s price being 53/9. Tooth’s Breweries advanced under buying pressure to 55/- and 55/3, quite good business being done at these prices. Timaru Breweries are steady, a number of sales being reported at 9/1 and 9/2. Staples’ Breweries are a little firmer, the latest sales being at 35/9. New Zealand Guarantees were not. so active as last week, but have maintained their price, sales going through at 5/11. Dunedin Rubbers were quiet and a little easier at 16/1. Some business was done in New Zealand Drugs at 83/3 and 83/6. A demand during the week for fertilizer companies’ shares saw Dominions sell several times at 23/6, and Farmers’ Fertilizers go to 20/6 and 20/7. Colonial Sugars showed a much firmer market, sales being reported at £44 10/- and £44 12/6. Quite good business was done at these prices. Australian Iron and Steel Company’s preference shares were particularly active, numerous sales being reported at 24/5, 24/6 up to 24/8. British Tobaccos have been quiet lately, but during the week a few parcels of this company’s shares changed hands at 39/3 and 39/4. Wilson’s Cements were reported sold at 38/9, showing a very firm market. Milbum Limes are very steady at 47/-. Westport Coals improved a little to sell at 22/-. Woolworths (Sydney) brought 92/- and 92/3 and a parcel or two of Woolworths (N.Z.) sold at £l2 10/-. NORTHERN EXCHANGES. (Per United Press Association.) Auckland, July 19. Sales on ’Change: Bonds. 1946, 4 per cent., £lOB 12/6; Stock, 1938-1952, 34 per cent., £lOB 5/-; Stock, 1946, 4 per cent., £lOB 12/6; Stock, 1949, 4 per cent., £lO9 10/-; Stock, 1955, 4 per cent., £112; Amalgamated Brick (Wellington), 1944, 71 per cent., £lO3 15/-; National Bank of New Zealand 68/9; Bank of New South Wales £32 2/6; Bank of New Zealand 51/6; Dominion Investment Banking 16/6; Farmers’ Auctioneering (£5 paid) 84/-; Christchurch Gas 36/3; National Timber 14/-; Taupo Timber 7/6; Kauri Timber 22/3; Kaiapoi Wool (cont.) 6/4; British Tobacco 39/6, 39/9; Consolidated Brick 10/7 (2); Dunlop Perdriau Rubber 16/1; Farmers’ Trading 7/2; Morris Hedstrom 21/7; New Zealand Newspapers 38/6; Big River 2/2; Mataki 2/- (2), 1/11 (2); Waihi Junction 4/11; Mount Morgan 37/-. Unofficial: New Zealand Perpetual Forests (18/- paid) 45/-; Woolworths (Sydney) 92/6, 92/9. Wellington, July 19.

Sales on Change: Christchurch Tramways Board, 4J per cent., 1954, £lOB 15/-; Bank of Australasia £lO 19/6 (late Thursday) £11; National Bank of New Zealand 68/9 (2, late Thursday); National Bank of Australasia (£lO paid) £l2 15/-; Bank of New South Wales £32; Bank of New Zealand 51/6 (2); Reserve Bank of New Zealand £6 9/-; Union Bank £9 2/6 (late ’Thursday), £9 2/- (2); Christchurch Gas 36/3 (2); Gear Meat 21/-; Yarra Falls 42/3; Timaru Brewery 9/-; British Tobacco 39/71 (2); Consolidated Brick 10/7; Dunlop Perdriau 16/1; Mount Morgan 37/-. Unofficial: Woolworths (Sydney) 92/6. Christchurch, July 19. Sales on ’Change: New Zealand Government, 4 per cent. Inscribed, 1952-1955, £112; National Insurance 20/7; New Zealand Breweries (ex. div.) 53/6; Australian Glass 70/9, 71/6; Broken Hill Proprietary 59/-; Dunlop Perdriau Rubber 16/2, 16/1 (2), 16/(2); Electrolytic Zinc (ord., cum. div.) 27/9; Howard Smith 16/6; Big River 2/-. Sales reported: Mataki 2/-; National Electric 12/-; Howard Smith 16/8; Commercial Bank of Sydney £lB 2/6; New Zealand Refrigerating (10/- paid) 9/11; Skippers 2fd; New Zealand Farmers’ Co-operative 4J per cent. Stock, 1939, £B5; Anthony Horderns 20/1. Dunedin, July 19. Sales on ’Change: New Zealand Refrigerating (cont.) 10/-; Broken Hill Proprietary £2 19/-. Sales reported: Consolidated Brick 10/6; Farmers’ Fertilizer £1 0/6; (both late Thursday); Union Steam Ship (pref.) £1 7/6; Australian Glass £3 10/6; Westport Coal £1 2/-; Dominion Fertilizer £1 3/6; National Electric 12/-; Mount Lyell 19/9; Mount David 1/6; Christchurch Tramway debentures, 4} per cent., 1954, £108; Stock, 4 per cent, 1937-1940, £lO2.

OTAGO MARKETS. OATS AND CHAFF STEADY. (Per United Press Association.) Dunedin, July 19. There is a continued lack of interest in the milling wheat market at this time of the year; however, a few lines of nulling wheat are left for

disposal. Some farmers are still holding lines waiting for the full prices paid by the Wheat Purchase Board for the month of September. Advanced prices for the month of July are on a basis of 4/3 a bushel,'f.o.b., to growers at the nearest port, for Tuscan, 4/5 for Hunters and 4/7 for Velvet.

Trade in fowl wheat is quiet. Merchants have ample stocks in hand and are supplementing their supplies when necessary from Canterbury. The distributing business is poor and now that the Wheat Purchase Bqard is releasing supplies from its stores there will be quite sufficient available to meet requirements. The current value for fowl wheat is 4/7 per bushel, sacks extra, ex truck at Dunedin, with small lots selling at up to sd. The oat market continues firm and merchants are finding it difficult to secure stocks from the country. The stores are short of supplies and the few lines that are held there are required for seed purposes. An occasional inquiry for oats is being received from the North Island, but merchants are unable to accept orders owing to the lack of stocks. The present shipping value is 3/9, f.0.b., s.i., for A’s and 3/6 for B’s. There is also an inquiry for oats for milling. The present quotation in the country is 3/1 for A’s and 2/9 for B’s, sacks extra. Seed oats are meeting with a strong demand. It will not be long before the spring sowing commences and farmers are now booking their orders, realizing that later on it may be difficult to secure sufficient oats to meet their requirements. The chaff mart remains steady. Supplies for the local market are still being drawn from Canterbury. Values for best quality are on a basis of £5, sacks extra, on trucks for truck loads, and £5 10/- ex the stores. The demand is confined to best quality. The potato market continues firm, with stocks in Dunedin on the low side. Owing to the mild season, potatoes that were placed in store at the time of digging have had to be picked over before sales can be made. The value of freshly picked lines of Arran Chiefs is £7 per ton, sacks included, with King Edwards worth about £1 a ton more. The shipping market is very firm and sales of Whites have been made at £7 10/- per ton, f.0.b., s.i., at Canterbury ports. Reports from Auckland show that the market there is also veiy firm. Southern merchants have lines of potatoes stored in Auckland, but they are not prepared to release them. In the meantime this has had an effect on the Auckland market, as merchants there had relied on being able to buy from consignment stocks as required. Although the period of spring, sowing is now approaching there is not yet any improvement in the seed markets. The markets for most lines, including cocksfoot and ryegrass, remains steady, lout there is weaker tendency in the finer grasses. This refers more particularly to Brown Top and Chewing’s Fescue; practically no sales of these two latter varieties are being made overseas, buyers in the northern hemisphere holding off the market until they discover what the returns from iheir own crops are going to be. Advices so far to hand state that there should be a favourable harvesting of seeds in the northern hemisphere. Fruit Report. The next shipment of South Australian oranges is due to arrive by the Waitaki from Melbourne on Tuesday next. The quantity allowed to the Dunedin market is in the vicinity of 2500 cases, as compared with 3400 in the previous shipment. The prices have been fixed at the same figures as those ruling for the first shipment, namely, 15/- to 21/- per case, according to the size of the oranges. A small shipment of mandarins will also be landed ex the Waitaki. Poorman oranges have a good demand. Queensland pines are in good supply, but are not meeting with a very keen demand. A large shipment of island tomatoes is due to arrive at the end of next week, ex the mail steamer due at Wellington on Monday. New Zealand lemons are plentiful; a shipment of Californian lemons will arrive towards the end of next week. These lemons have to bear a duty of 2d per lb. . Pears, both dessert and cooking, are practically finished for the season. Best quality apples are not overplentiful; there are large supplies of inferior grade and quality, which are not bringing the prices ruling at this time last year.

CANTERBURY MARKETS.

INTEREST IN POTATOES.

(Per United Press Association.) Christchurch, July 19.

Mainly because of the heavy shipment totalling 14,103 sacks taken to the North Island yesterday in the Waipiata, the potato market in Christchurch showed a slight weakening for the day, but this is the first check since the rise set in a fortnight ago. There has been some demand from the north, but in the opinion of some merchants, not nearly enough to justify the prices which are reported to have been offered farmers and paid to merchants among themselves. The values they claim are entirely fictitious, especially as there is now only two months of the season left. The market is extremely difficult to judge, because everybody interested in potatoes has a different idea of values and is able to quote instances of actual sales which range over a pound from the highest to the lowest sales f.o.b. Dakotas at more than £9 and of Whites at. £8 10/-. It is reported that the Waipiata lifted 1359 sacks from Bluff, 5844 from Timaru and 6900 from Lyttelton, a load that should keep the northern market quiet for some time. There is another heavy boat next week, but it is unlikely that it will be as heavy as the Waipiata which was a record for the season and probably for last season too. In the meantime, while trade is in an almost hysterical condition over the market, farmers continue to hold on to what they have. Only small lots can be bought because the farmer, having seen potatoes rise about £2 in the last couple of weeks, is afraid to sell now, lest they go still higher. Quotations on’ trucks varied. One merchant yesterday quoted £5 15/ to £6 5/- for whites and £7 for Dakotas while another quoted £6 15/- to £7 for whites and £7 to £7 5/- for Dakotas. August-September quotes for whites are up to £8 10/- and £9 10/for Dakotas f.o.b. A big shipment by the Waipiata seems to indicate that there will be no shortage of potatoes in the South Island and there is little prospect now with the Sydney market slipping of a shipment to Australia. There has been a fair enquiry for oats during the week, Gartons being quoted at 3/3. Duns have also been asked for and are worth 3/- to 3/3. Very little business is passing. The chaff business seems at a standstill. The small seeds trade is undergoing the usual mid-winter calm and practically no business: is being done. DAIRY PRODUCE QUOTATIONS. Messrs Dalgety and Company Limited report having received the following cable from Messrs Samuel Page and Son, London, under date of the 18th instant. London Dairy Produce Market. Butter. —Market firm. We quote: Danish, 80/-; Nevz Zealand finest salted, 89/- to 90/-; Australian finest unsalted, 87/-; Australian finest salted, 87/-; Australian G.A.Q. 83/- to 84/-. Cheese.—Market slow. VZe quote: New Zealand white, 43/6 to 44/-; New

Zealand coloured, 43/- to 43/6; Canadian white 52/- to 64/-; Canadian coloured,' 52/- to 64/-; Canadian C.1.F., 49/- to 50/-.

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 steady. New Zealand finest 89, 90/-; New Zealand first 88/-, 89/- Danish 100/-; f.o.b. 80/-; Australia.! 87/-. Cheese.—Market quiet. New Zealand white 44/-, 44/6; New Zealand coloured 43/6, 44/-; Canadian 60/-. 62/-, 58/-, 60/-. LONDON WOOL SALES. KEEN COMPETITION FOR BETTER GRADES. (United Press Assn.—Telegraph Copyright.) London, July 18. At the wool sales 9958 bales were offered, including 6038 from New Zealand. About 7574 bales of Australian and New Zealand wool were sold. There was keen competition for better grades of Merino crossbreds at full rates. Inferiors were somewhat irregular. Russia was buying greasy crossbreds at hardening rates. New Zealand scoured Merino, “RR/T,” top 211 d, 21gd; slipe halfbred lambs, “Belfast,” 151 d and 13Jd. BRADFORD MARKET. (United Press Assn.—Telegraph Copyright.) London, July 18. At Bradford the upward movement in Merino tops has been checked, top makers finding it difficult to make the last advance. Crossbreds are firm, with a hardening tendency. Quotations:—Seventies, 32Jd; sixty-fours, 31d; sixties, 29Jd; fifty-sixes, 20d; fifties, 15d; forty-sixes, 12|d; forties, IOJd. CHRISTCHURCH GAS COMPANY. INTERIM DIVIDEND DECLARED. (Per United Press Association.) Wellington, July 19. The Christchurch Gas, Coal and Coke Company directors have declared an interim dividend of 3 per cent, for the six months ended June 30. MINING REPORTS. ADDISON FLAT RETURN. (Per United Press Association.) Westport, July 19. The Addison Flat return for the fortnight ending July 13 was 22 ounces 7 dwt for 36 shifts. KING SOLOMON RETURN. The return at the King Solomon mine this week was 740 z lOdwt. WAIMUMU WASH-UP. The Waimumu Sluicing Company’s wash-up resulted in a return of 360 z 16dwt for 14 working days. 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. (United Press Assn.—Telegraph Copyright.) London, July 17. The following are the latest quotations of Government securities compared with tlje prices ruling on July

SYDNEY STOCK EXCHANGE. (United Press Assn.—Telegraph Copyright.) (Rec. 7.55 p.m.) Sydney, July 19. On the Stock Exchange to-day leading company shares were very firm. Commonwealth Bonds were quiet and mining business was slack. Sales:— £ s d

METAL QUOTATIONS. (United Press Assn.—Telegraph Copyright.) (Rec. 7.35 p.m.) London, July 18. Quotations for metals are as fol-

LONDON MARKETS. BUTTER FIRM AND ACTIVE. (United Press Assn—Telegraph Copyright.) London, July 18. Sugar.—August 4/3J. Butter.—Firm and active. Danish 102/-. Choicest salted New Zealand 89/-, 90/-. Australian 86/-, 87/-. Unsalted New Zealand 94/- to 96/-; Australian 88/-. Cheese.—Quiet. New Zealand coloured 43/6, white 44/-. Australian, both 41/- to 42/-, exceptionally 42/6. LONDON SHARE QUOTATIONS. (United Press Assn—Telegraph Copyright.) London, July 18. Shares.—Bulolo 140/-. New Guinea 4/3. FRENCH BANK KATE. (United Press Assn—Telegraph Copyright.) Paris, July 18. The bank rate has been reduced to 3i per cent. THE DOLLAR AND THE FRANC. (United Press Assn—Telegraph Copyright.) London, July 18. The dollar is quoted at 4.96 and the franc at 74 11-16 to the pound sterling, PRICE OF GOLD. (United Press Assn—Telegraph Copyright.) London, July 18. The price of gold is quoted to-day at £7 0/11J per ounce.

Government Debentures. Stock, 31 p.c., Buyer. Seller. £ s d £ s d 1938-43 105 0 0 Stock, 31 p.c,, 1938-52 107 5 0 Stock, 31 p.c., 1939-43 105 0 0 Stock, 3* p.c., 1939-52 107 5 0 Stock, 4 p.c., 1940 102 5 0 — Bonds, 4 p.c., 1940 102 0 0 — Stock, 4 p.c., 1946 108 0 0 —.— Bonds, 4 p.c., 1946 108 0 0 — Bonds, 4 p.c., 1949 108 10 0 — Stock, 4 p.c., 1949 108 10 0 — Stock, 4 p.c., 1955 111 5 0 — Bonds, 4 p.c., 1955 111 5 0 — Banks. Australasia 11 5 0 Commercial 0 16 8 0 16 10 National of New Zealand —-— 3 9 6 Nevz South Wales 31 15 0 — Nevz Zealand 2 11 3 2 12 0 New Zealand Long “D” issue 1 12 0 — Reserve Bank of New Zealand 6 9 0 6 10 0 Union of Australia 9 0 0 .— Breweries. N.Z. Breweries (Shares) 2 13 6 — Timaru Brevzery 0 8 10 — Tooth’s Brewery 2 14 6 — Coal. Kaitangata 1 1 0 Westport Coal 1 1 10 — Insurance. National 1 1 3 South British 4 18 0 — Standard 12 6 3 13 6 Loan and Agency. Dalgety and Co. — 8 7 6 Goldsbrough, Mort and Co. 1 9 6 Wright, Stephensor 1 and Co. (ord.) 0 18 0 — (pref.) 0 19 3 — Meat Companies. N.Z. Refrigerating (20/- paid) 1 0 6 — (10/- paid) — 0 10 0 Southland Frozen Meat (£1' ord.) 3 15 6 — (£1 pref.) 9 15 6 — South Otago Freez ing Co. 6 15 0 — Shippin' Union Steam Ship Co. (pref.) 1 7 3 — Miscellaneous. Associated News 1 3 9 Colonial Sugar Co. 44 0 0 — D.f.C. (pref.) 1 4 6 — Dominion Fertilizer 1 o 0 — Dominion Rubber Co. — 1 9 0 Donaghy’s Rope and Twine 9 12 0 - Dunlop Rubber (Aust.) 0 16 1 0 16 6 N.Z. Farmers’ Fertilizers 1 0 o — N.Z. Guarantee Corporation 0 5 11 — New Zealand Paper Mills — 1 14 6 Woolworths (Sydney) 4 11 6 4 13 6 Mortgage Corporation (prem.) 0 1 11 — Mining. Bendigo Goldlight 0 0 91 0 0 10JBroken Hill 2 19 0 2 19 9 Big River — 0 2 4 Electrolytic Zinc (ord.) 1 7 3 — (pref.) 1 14 6 —— Goldfields Dredging 0 0 3 — Kildare — 0 3 2 King Solomon — 0 3 10 Mount Lyell 0 19 6 — Moonlight Nelson 0 0 1 Mount Morgans 1 16 9 1 17 3 Nokomai — 0 2 0 Okarito 0 5 6. 0 6 0 Waitahu 0 2 9 0 3 0 Maori Gully 0 1 4 0 1 6 Waipapa Beach 0 1 3 0 1 5 Junction Reward 0 1 6

New Zealand On Buying Selling London— &N.Z. to SlOOstg. 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. 4.0H 3.97,’, O.D. 4.02J 3.97J Montreal— Dollars to £1 N.Z. T.T. 4.012 3.98 O.D. 4.03 3.98a France — Francs to £1 N.Z. T.T. 60.61 59.31 O.D. 60.91 59.36 Noumea — 61.56 58.56 Francs to £1 N.Z. T.T. O.D. 61.96 58.61 Papeete— Francs to £1 N.Z. T.T. 61.56 58.56 O.D. 61.96 58.61 Belgium— Belgas to £1 N.Z. T.T. O.D. 23.248 23.263 Germany— Reichmarks to £1 T.T. 9.646 N.Z. III IW O.D. 9.651 Italy— M „ Lire to £1 N.Z. T.T. 47.46 O.D. — 47.50 Switzerland— Francs to £1 N.Z. T.T. 12.363 11.963 O.D. 12.438 11.973 Holland— 5.970 5.720 Florins to £1 N.Z. T.T. O.D. 6.020 5.724 JavaFlorins to £1 N.Z. T.T. 5.923 5.698 O.D. 5.973 5.702 JapanN.Z. pence to 1 yen T.T. 17 13-16 O.D. —• — Shanghai— N.Z. pence to 1' dollar T.T. 22 5-8 23 15-16 O.D. 22 1-2 23 7-8 India and Ceylon — N.Z. pence to 1 rupee T.T. O.D. 22 3-8 22 1-4 22 23-32 22 21-32 Hong Kong— N.Z. pence to 1 dollar T.T. 31 3-16 32 1-4 O.D. 31 1-16 32 3-16 Singapore— N.Z. pence to 1 dollar T.T. 34 7-32 35 5-32 O.D. 34 3-32 35 3-32 Sweden— Kroner to £1 N.Z. T.T. 15.791 15.461 O.D. 15.831 15.471 NorwayKroner to £1 N.Z. T.T. 16.202 15.872 O.D. 16.242 15.882 DenmarkKroner to £1 N.Z. T.T. 18.208 17.878 O.D. 18.248 17.888 AustriaSchillings to £1 N.Z. T.T. 20.57 O.D. —— 20.59 Czechoslovakia— T.T. 94.77 Crowns to £1 N.Z. —— O.D. — 94.82 ——

10:— , . Last week. This week. £ s d £ s d British— Consols 86 0 0 85 15 0 Funding Loan 4 p.c. 118 15 0 119 0 0 War Loan, 34 p.c. 106 15 0 106 15 0 Con. Loan, 31 p.c. 108 10 0 108 7 6 Victory Bonds, 3J- p.c., 117 6 3 117 0 0 Commonwealth — 5 p.c., 1945-75 110 3 9 no 5 0 31 p.c., 1936-37 102 5 0 102 5 0 4 p.c., 1943-48 104 18 9 104 17 6 3? p.c., 1948-53* 103 0 0 103 0 0 3.} p.c., 1956-61 98 12 6 98 12 6 New South Wales3 p.c., 1935 101 2 6 101 1 3 31 p.c., 1930-50 100 2 6 100 5 0 41 p.c., 1935-45 100 10 0 100 15 0 5 p.c., 1935-55 102 1 3 102 3 9 Victoria — t 3 p.c., 1929-40 98 15 0 98 15 0 43 p.c., 1940-60 104 17 6 104 15 0 5 p.c., 1945-75 109 15 0 no 0 0 Queensland — 3 p.c., 1936-47 99 0 0 98 12 6 5 p.c., 1940-60 107 7 6 107 12 6 South Australia— 3 p.c., 1916 or after 89 0 0 88 5 0 5 p.c., 1945-75 110 5 0 109 18 9 Western Australia4 p.c., 1942-62 102 2 6 102 5 0 Tasmania31 p.c., 1920-40 102 7 6 102 10 0 4 p.c., 1940-50 102 2 6 102 5 0 New Zealand— 41 p.c., 1948-58 no 5 0 110 5 0 31 p.c., 1940 104 0 0 104 2 6 3 p.c., 1945 101 12 6 no 10 0 6 p.c., 1936-51* 103 13 9 103 13 9 * ex interest.

Bank of New South Wales Commercial Bank of Sydney 32 15 0 (New Zealand delivery) 18 12 0 National Bank (£5 paid) 6 11 0 Union Bank 9 5 0 Colonial Sugar 45 0 0 Adelaide Steam 1 11 6 Huddart Parker 1 19 9 Burns, Philp 3 5 0 Australian Gas (A) 8 3 0 British Tobacco 2 0 3 Tooth’s 2 15 3 Toohey’s ( 1 10 7-J G. J. Coles 3 2 0 Morris Hedstrom 1 2 0 Henry Jones 1 17 6 David Jones 2 1 6 Anthony Hordern 1 0 1 General Industries 1 0 0 General Industries (pref.) 1 5 0 Amalgamated Textiles 11 7 John McGrath 1 16 0 Mt. Morgan 1 17 0 South Broken Hill 4 11 6 North Broken Hill 6 16 6 Bulolo Gold 8 16 0 Malim Nawar 18 3 Placer Development 32 0 0 Melbourne Sales. Bank of Australasia 11 3 0 Commercial Bank of Sydney 18 8 0 National Bank (£5 paid) 6 11 0 Goldsbrough Mort 1 10 3 G. J. Coles O 2 6

lows: July 17. July 18. £ s d £ s d Copper— Standard spot 31 14 4 31 8 9 Forward 32 1 10J 31 16 10J Electrolytic 35 5 0 35 0 to 35 10 0 35 5 0 Wire Bars 35 10 0 35 5 0 Lead— Spot 14 7 6 14 17 6 Forward 14 8 9 14 18 9 Spelter— Spot 13 16 3 14 2 6 Forward 14 0 0 14 7 6 TinSpot 232 17 6 234 17 6 Forward 224 12 6 224 18 9 Silver— Fine, per oz. 30 3-16d 30 3-16d Standard, per oz. 32 9-16d 32 9-16d