COMMERCIAL

Southland Times, Issue 25417, 19 October 1935, Page 3

COMMERCIAL

FINANCE AND TRADE

THE SHARE MARKET. INVERCARGILL STOCK EXCHANGE. FAIR INQUIRY FOR ALL CLASSES. Although there was a< fair general inquiry for all classes of shares at yesterday’s call-over on the Invercargill Stock Exchange, that for Government debentures was much easier. Sales were reported in Skippers at 2d and Wright, Stephenson and Co’s, ordinary shares at 18/6. Prices were quoted as follows:— Government Debentures.

Sales Reported. Skippers, 2d. Wright. Stephenson and Co. (ord.) 18/6. THE WEEK’S TRANSACTIONS. RESTRICTED TURNOVER. NO ALTERATION IN GOVERNMENT LOANS. There was a restricted turnover on the stock exchanges of the Dominion during the wpek. The market for Government loans showed no alteration in price compared with the previous week, but there were some slight advances made in banks’ and insurance companies’ shares. Prices for Government loans remained stationary and the turnover was on the small side. Bonds and stocks due 1940 with interest at 4 per cent, were dealt in at £lO2 and the three other lines in this group sold at prices that have ruled during the past week. Very little inquiry came for the tax free issues of Government stock, the only business transacted being in the 1938-52 line which sold at £lO7 7/6. , , Movements in bank shares were erratic, but the market appears to be a little stronger than that of a week ago. Most of the Australian banks have been quiet lately, but this week there was a slightly better demand, although the amount of business done was rather small. Australasians brought £ll 5/-, more being asked for at £ll. Sales of Nationals of Australia were reported at £6 11/6 and E.S. and A. Banks brought £5 5/6, but in neither case was the market at all active. Bank of New Zealands hardened a little, the market advancing to 50/3 and the closing quotations showing further sellers”at 50/6. Commercials of Australia moved up to 16/6 and 16/8, the latest sales being at the latter figure. Commercials of Australia (preference) were done at £9 15/-, more being asked for at £9 11/6. The market for Nationals of New Zealand was a very quiet one and the sales reported showed an easier tone at 71/3. Bank of New South Wales shares were placed at £3l 7/6 and Union banks showed a slightly firmer market in selling at £9 2/6. For once there was little or no inquiry for Reserve Bank of New Zealand shares, the market for which is on a par with that ruling last week. Insurance Recovers. Some leading insurance companies’ shares recovered somewhat from the serious setback they experienced last week. New Zealand insurances brought

62/3 and South British 90/6. National Insurances were sold at slightly lower figures, sales being reported at 19/9. Standard Insurances had a sale at 65/3, more being placed later in the week at 64/6. j There was no great demand for shares in the loan and agency section. Dalgety’s came back in price a little, selling at £8 2/-. Limited business was done in Goldsbrough Mort, and Company’s shares at 30/3 and 30/4, showing no change from a week ago. Mortgage Corporation of New Zealand shares, while a little more active, are easier in price at 5/6.

The market for frozen meat companies’ shares remains fairly steady. There were some slight fluctuations in the market for New Zealand Refrigerating Company’s shares, but the price they sold at during the last day or two —lO/3 and 10/4 for the contributing issue and 21/1 for the fully paids—is on a par with the market ruling last week. Sellers were offering Southland frozen meats at 80/-, but no buyers came forward. Mining Very Quiet. The mining section experienced a very quiet period. Electrolytic Zincs show firmness, the price for the ordinary issue of this company’s shares advancing to 32/6. Mount Lyells fell back a little, a few sales going through at 19/9. Some inquiry came for Mount Morgans and several sales were reported at 35/9 to 36/6. The Martha Gold Mining Company (late Waihi) had sales at 21/6 to 21/9 and Waihi Investments brought 15/-. Waihi Grand Junctions were not in great demand, an odd sale or two going through at 3/9. Very little business was done in the other mining companies’ shares. King Solomons firmed with business at 3/3. Maori Gully’s brought 1/- and 1/OJ. Gillespie’s Beach had a sale or two at 1/2. Mahakipawas are very weak, selling at l.',d. A general meeting of the shareholders in this company is being called to consider certain proposals which the directors have brought forward. Waipapa Beach had j sales at 1/6 and one or two parcels of Kildare’s changed hands at 3/-.

General Section Disappointing.

In the general section a number of companies’ shares were dealt in, but the total turnover was rather disappointing. New Zealand Breweries were lightly dealt in at prices above those of the previous week, sales being reported at 51/6 and 51/9. Tooth’s Breweries firmed considerably, selling at 55/9. Dunlop Rubbers show little change in price, several sales of this company’s shares being reported at 15/1. British Tobacco's moved up a few pence, the latest sales being at 38/6. A parcel or two of New Zealand Drugs brought 77/6. Colonial Sugars remain steady at £43. Broken Hill Proprietary had quite a number of sales reported, the shares ex rights selling at 53/6 to 54/- and the rights bringing 19/- to 19/1. Business was done in Woolworths (N.Z.) at £5 5/and Woolworth’s (Sydney) had steady business done in them at £5 11/6 to £5 12/6. NORTHERN EXCHANGES. (Per United Press Association.) Auckland, October 18. Sales bn ’Change: Bonds, 1938-1941, 3.1 per cent. £lO2 10/-; Stock, 19391943, 31 per cent., £lO2 15/-; Stock, 1946, 4 per cent., £lO5 17/6, £lO5 10/-; Amalgamated Brick (Auckland), 1944, 71 per cent., £100; National Bank of New Zealand 71/-; Bank of New South Wales £3l 15/-; Bank of New Zealand (D. mortgage) 33/3; New Zealand Insurance 62/9 (2); Australian Glass 80/-; Bycroft 52/6; Dunlop Perdriau Rubber 15/2; Farmers’ Trading 7/-; K.D.V. Box (10/- paid) 10/-; King Solomon 3/4; Mataki 2/-, 2/01; Talisman Dubbo 9/5; Mount Morgan 36/6; Martha Mine 20/9.

Unofficial: Woolworths (Sydney) £5 10/-; Emperor Fiji 23/- (2); Koroere (3/- paid) 23/-. ■Wellington, October 18.

Sales on ’Change: Inscribed Stock, 31 per cents., 1939-43, £lO2 15/-; Inscribed Stock, 4 per cent., 1940, £lO2 5/-; Inscribed Stock, 4 per cent., 1946, £lO5 5/-; Bank of New Zealand 50/3; Dalgety and Company £8 2/6, £8 3/-; Standard Insurance 64/3; New Zealand Refrigerating 21/71; New Zealand Refrigerating (cont.) 10/5 (2); TaupoTotara Timber (pref.) 19/-; Colonial Sugar £43 (late Thursday); Dunlop Perdriau Rubber 14/9; Mount Morgan 36/9, 36/10. Unofficial: Tavua 5/11 (late Thursday). Christchurch, October 18. Unlisted sales on ’Change: Woolworths, Sydney (ord.) .-£5 8/-, £5 7/9. Sales on ’Change: New Zealand Refrigerating (£1 paid) 21/6; New Zealand Refrigerating (10/- paid) 10/4; Tooth’s Brewery 57/-; Broken Hill Proprietary (rights) 19/2. Sales reported: Mount Lyell 19/4; Broken Hill Proprietary 52/10 (2. late Thursday); Beath and Company (1/- paid) 7/6; New Zealand Refrigerating (10/- paid) 10/5; Dalgety and Company £8 2/-; New Zealand Insurance 62/6, 62/9 (2); New Zealand Government 4 per cent. Inscribed, 19521955, £lO7 16/2. Dunedin, October 18. Sale on ’Change: Bank of New South Wales £3l 15/-.

NATIONAL BANK OF AUSTRALASIA. INTERIM DIVIDEND. (Per United Press Association.) Wellington, October 18. The National Bank of Australasia pays on November 27 an interim dividend at the rate of 5 per cent, per annum on both classes of shares for the half-year to the end of September 30. BROKEN HILL PROPRIETARY. HALF-YEARLY DIVIDEND. (Per United Press Association.) Wellington, October 18. Broken Hill Proprietary has advised the Stock Exchange Association that its directors have declared a half-yearly dividend of 1/3 a share (Australian currency), payable on November 27.

RIVERSDALE STOCK SALE.

A MODERATE ENTRY.

A moderate entry was forward at the monthly Riversdale stock sale yesterday. The chief feature was a number of dairy cattle which were in keen demand at higher values than for recent sales in the district. A few head of fat cattle were offered and the sharp rise which occurred at Lornville earlier in the week was reflected in improved values. A fat heifer brought £8 ana fat steers realized from £7 17/6 to £lO 12/6. Dairy cows sold up to £5 2/6 with a number above £4. The sheep entry was a small one. Fat wethers sold up to 28/- and fat ewes to 22/-.

Sales were:— Wright, Stephenson and Co. Ltd.: 20 ewe hoggets at 24/8; 4 yearling heifers and 1 steer at £1 15/-; 1 dairy cow at £4 10/-; 1 do. at £2; 3 store heifers at 19/-; 7 mixed sex calves at 14/-; 1 heifer at £1; 2 heifers at 15/-. Passed in, 49 wether hoggets at 15/-; 101 mixed sex hoggets at 12/-; 1 4-year-old gelding at £39 10/-; 1 3-year-old gelding at £3O 10/-. J. E. Watson and Co. Ltd.: 42 forward store wethers at 26/-; 28 fat wethers at 28/-; 2 fat ewes at 22/- 1 fat heifer at £8; 1 fat steer at £lO 12/6; 1 do. at £9 15/-; 1 do. at £7 17/6; 1 dairy cow at £4 2/6; 1 do. at £2 15/-; 1 do. at £4. Passed in, 101 mixed sex hoggets at 12/-. N.Z. Loan and Mercantile Agency Co. Ltd.: 1 dairy cow at £5; 1 do. at £2 17/6; 1 do. at £2 15/-; 1 do. at £1 10/-; 1 do. at £4 5/-; 1 do. at £4; 1 do at £3 15/-; 1 do. at £4; 1 do. at £4 10/-; 1 do. at £5 2/6; 1 do. at £3 2/6; 1 do. at £l.

OTAGO MARKETS. WEATHER. THREATENS WHEAT. CHAFF STILL IN SHORT SUPPLY. (Per United Press Association.) Dunedin, October 18. Continued dry weather throughout the South Island is causing considerable concern about the propects of wheat crops for the coming season. The rain which fell in Otago at the end of last week was scattered and in some districts there was no faff at all. Spring sown crops are badly in need of moisture, particularly in North Otago. . Little interest is being displayed in the milling wheat market as there is now very little of this quality of wheat to offer. The only business taking place in wheat is for small lines for fowl feeding purposes. In the local market good fowl wheat is worth 4/9 a bushel, sacks extra, with small lots realizing Dry weather has caused a lessening in the demand for seed oats but the stocks in store are very light. Some inquiries for shipment have been made during the week but local merchants are unable to supply owing to the shortage of stocks. Shipping values appear to be improving. A’s and B s are wanted to-day at 3/9 a bushel, f.0.b., s.i. This is the grade of oats mostly inquired for at the present. Practically no 'oats are offering from the country, where quotations are on a basis of 3/3, sacks extra on trucks for A’s and 2/11 to 3/- for B’s. _ The chaff market remains firm, with merchants experiencing difficulty in securing supplies. Stocks are being drawn from Canterbury for the local demand, which is quiet and is confined mostly to ton lots ex the store. The current value is £5 10/- a ton, sacks extra ex the trucks, with smaller lots realizing £5 15/- a ton, sacks extra ex the store. •

The high price ruling for potatoes has resulted in merchants' operating on a reduced basis as they are disinclined to take the risk of being left with supplies on their hands; in addition to this they are not prepared to pay the current high rates, which have brought forward potatoes from outlying districts and from farmers who had intended to hold their tubers for their own use. There has been a tendency for farmers who have new potatoes to dig them early to take advantage of the market. Supplies from the North Island are increasing and values are commencing to decline. Shipping prices have also dropped and it is now difficult to sell lines on a basis of £l3 to £l4 a ton, sacks included. The market will no doubt show a marked easiness within the next week or two. The sowing of seeds has been curtailed following dry weather and on the other hand merchants holding stocks are inclined to advance their values in anticipation of short crops next season. Reports from the north state that the growth is very backward and that it is doubtful if much seed can be saved. This applies particularly to Cocksfoot and Ryegrass. If rain comes shortly, however, the position will be altered materially. Little export business is going through. Stocks of Chewing’s Fescue have been cleaned up and only small lots are held. The market fdr Brown Top is quiet. There appears tb be an abundant supply of Dogstail, but Cocksfoot is in short supply and the seed available will be required for sowing out during spring and summer. Fruit Report. Apples are now in short supply and anything of good quality is taken up immediately on arrival. A shipment of South Australian oranges arrived on Tuesday ex the Waitaki from Melbourne, the consignment for the local market was taken up by retailers the same day. Christchurch grown hothouse tomatoes are increasing in quantity; a small shipment of Island grown arrived yesterday. Bananas are not over plentiful; a further consignment is due on Tuesday, railed ex the Maui Pomare from Lyttelton.

Californian grapes are in good supply; the Waimarino landed a further quantity to-day, these being transhipped from the Maunganui at Wellington. CANTERBURY MARKETS. NO MOVEMENT IN POTATOES. SLIGHT FIRMING IN OATS. (Per United Press Association.) Christchurch, October 18. There has been no movement at all in the potato market this week, the nominal quotation remaining where it did last Friday. There has been no business and it is therefore impossible at present to say what potatoes are actually worth, although it is quite definite that they are not worth the high rates of three weeks ago. A small shipment left during the week, much of it being on consignment, and this, with the stocks held in Auckland, should keep the market there quiet for a little. Most of the northern delegates to the Merchants’ Conference this week, howver, were agreed that the north will still want southern potatoes. A small amount of dealing with the next year crop continues, prices being equivalent to £3 to £3 10/- a ton to farmers. Feed in the south is now very short and there has been a certain amount of enquiry from there for oats, of which the price has shown a slight firming. There is very little business in small seeds. MINING REPORTS. KING SOLOMON RETURN. The return at the King Solomon mine this week was 51oz 16dwt.

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 17th instant.— London Dairy Produce Market. Butter: Market quiet. We quote.— Danish 115/- to 116/-; New Zealand finest salted 124/- to 127/-; Australian finest unsalted 126/- to 127/-; Australian finest salted 126/- to 127/-; Australian G.A.Q. 120/- to 122/-. Cheese: Market quiet. We quote.— New Zealand white 60/- to 61/-; New Zealand coloured, 60/- to 61/-; Canadian white 60/- to 62/-; Canadian coloured 60/- to 62/-. 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 slow. New Zealand Finest 125/- to 126/-; New Zealand First 123/- to 124/-; Danish 134/-; f.o.b. 118/-; Australian 125/- to 126/-. Cheese: Market quiet. New Zealand 61/- to 61/6; Canadian 60/- to 62/-. BUTTER, CHEESE AND WOOL. LONDON QUOTATIONS. (United Press Assn.—Telegraph Copyright.) London, October 17. Butter is quieter. Danish 138/- to 140/-. Choicest salted Mew Zealand 124/- to 126/-; Australian the same, New Zealand unsalted 128/-; Australian 127/-. Cheese is firm. New Zealand white and coloured 61/-; Australian 59/- to 60/-. The Bradford market is very firm. Prices for Merinos are: Seventies, 33d; 64’s, 31d; 60’s, 29Jd; 56’s, 20£d; 50’s, 15d; 46’s. 12Jd; 40’s, lid. FOREIGN EXCHANGES. (British Official Wireless.) (Rec. 5.5 p.m.) Rugby, October 17. The following mean closing rates of foreign exchanges were quoted to-day

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): — New Zealand

GOVERNMENT SECURITIES. (United Press Assn.— Telegraph Copyright.) London, October 17. The following are the latest quotations of Government securities compared with the prices ruling on October 10:— Last week. This week.

SIDNEY STOCK EXCHANGE. MODERATELY ACTIVE MARKET. (United Press Assn—Telegraph Copyright.) (Rec. 8.55 p.m.) Sydney, October 18. In a moderately active market to-day price changes on the Stock Exchange were generally small in extent, but banking shares were in strong request. Tin and other base metal interests were

WHEAT CARGOES. (United Press Assn.—Telegraph Copyright.) (Rec. 5.5 p.m.) London, October 17. Wheat cargoes: In view of the heavy realizing North America and lower Argentine cables and heavy Russian shipments, sellers of Manitobas reduced their limits sixpence to ninepence and La Platas sixpence. Australians are steady on some Eastern inquiry and sellers are reserved. There is a fair milling inquiry, but trading is slow to develop owing to the uncertainty of the Canadian policy. Parcels.—Manitobas sixpence to ninepence less, other description threepence to sixpence easier. Australians are steady at late rates, with fair business. Futures.—London, February-April 27/2; Liverpool, October 6/9£, December March 6/2, May 6/l| per cental. Spot trade is quietly steady. Australian ex ship 33/6. Flour is tending easier. Australian ex store 23/6, 23/9. Oats are steady. Peas and beans are quiet. THE DOLLAR AND THE FRANC. (United Press Assn.—Telegraph Copyright.) London, October 17. The dollar stands at 4.91 7-16, and the franc at 74 9-16 to the £ sterling. LONDON SHARE QUOTATIONS. (United Press Assn.—Telegraph Copyright.) London, October 17. Mount Lyell shares are quoted 'at 15/-, Bulolo at £6 12/6 and New Guinea at 4/10j.

METAL QUOTATIONS. (United Press Assn. —Telegraph Copyright.) (Rec. 8.55 p.m.) London. October 17. Metal quotations are as follows:— Oct. 16. Oct. 17.

MELBOURNE MARKETS . (United Press Assn.—Telegraph Copyright.) Melbourne, October 18. Wheat—3/9 to 3/9J per bushel. Flour—£l2 10/- per ton. Bran—£s 5/- per ton. Pollard—£s 10/-. Oats—2/1 per bushel. Barley, English—2/10 to 3/- per bushel. Maize—4/6 to 4/7. Potatoes—£9 15/- to £lO 5/- per ton. Onions —£8 5/- to £8 10/- per ton. PRICE OF GOLD. (United Press .^n. —Telegraph Copyright.) & London, October 17. The price orgold is £7 1/6 per fine ounce.

£ s d £ s d Buyers. Sellers Stock. 3J p.c., 1938-52 108 0 0 Stock, 31 p.c., 1939-52 108 0 0 Stock, 4 p.c., 1940 101 10 0 — Bonds, 4 p.c., 1940 101 10 0 — Stock, 4 p.c., 1949 108 0 0 Bonds, 4 p.c., 1949 - 1 08 0 0 Banks. Commercial 0 16 5 — Commercial, pref., 4 p.c. (cum.) 9 11 0 — National of New Zealand —— 3 12 0 New South Wales 11 5 0 — New Zealand 2 10 0 2 10 6 Union of Australia 9 0 0 — Breweries. New Zealand Breweries (shares) — 2 12 6 Tooth’s Brewery 2 16 0 Coal. Westport 12 0 — Insurance. Standard — 3 5 6 Loan and Agency. Dalgetv and Co. — p. 5 0 Goldsbrough, Mort and Co. 1 10 0 — Southland farmers’ Co-op. ■ — 4 16 0 Wright. Stephenson and Co. (ord.) —. 0 18 6 (pref.) 10 0 — Mortgage Corporation — 0 5 7 Meat Companies. N.Z. Refrigerating (20/- paid) 110 — (10/- paid) 0 10 3 — Southland Frozen Meat (£1 ord.) —- 3 19 6 (10/- ord.) — 1 19 9 (£1 pref.) — 3 19 6 South Otago Freezing Co. 7 6 0 — Shipping. Union Steam Ship Co. (pref.) 17 0 — Miscellaneous. Australian Glass 3 16 0 — Australian Iron and Steel 14 6 — British Tobacco (Aust.) ———— 1 19 0 Dominion Fertilizer 12 0 1 2 9 Dominion Rubber Co. - 1 8 6 Donaghy’s Rope and Twine 2 12 6 ——— Dunlop Rubber (Aust.) 0 15 0 0 15 3 Milburn Lime and Cement —— 2 0 N.Z. Drug 3 17 0 3 19 0 N.Z. Farmers’ Fertilizer 0 19 0 — N.Z. Guarantee Cor poration - 0 5 7 New Zealand Paper Mills • 1 9 6 Wilson’s (N.Z.) Port - land Cement 2 0 9 — Woolworths (Sydney) 5 6 0 Woollen Mills. Bruce 0 14 0 Kaiapoi (pref.) 0 19 0 Mining. Bendigo Goldlight — 0 0 61 Broken Hill (ex rights) ■■ ■ 2 14 0 Big River 0 1 10J — Electrolytic Zinc (ord.) 1 11 0 »- Gillespie’s Beach 0 1 1J — Goldfields Dredging — 0 0 4 Kildare 0 3 3 King Solomon 0 3 21 — Mount Lyell — 0 19 6 Mount Morgan 1 16 0 — Okarito ' - - 0 5 3 Waipapa Beach 0 16 —

compared with par:— Par. To-day. Paris, fr. to £ 124.21 74 45-64 New York, dol. to £ 4.886 4.93} Montreal, dol. to £ 4.886 4.99 Brussels, belgas to £ 35 29.26 Geneva, fr. to £ 25.221 15.13 Amsterdam, fl. to £ 12.107 7.261 Milan, lira to £ 20.43 60 5-16 Berlin, rmk. to £ 24.42 12.261 Stockholm, kr. to £ 18.159 19.391 Copenhagen, kr. to £ 18.159 23.391Oslo, kr. to £ 19.159 19.091 Vienna, schgs to £ 34.585 26 Prague, kr. to £ 164.25 1183 Helsingfors m. to £ 193.23 226J Madrid, pesetas to £ 25.2215 36 Lisbon, escudos to £ 110 nog Athens, dr. to £ 875 512 Bucharest, lei to £ 818.6 624 Belgrade, dinars 270.31 214 Rio de Janeiro, p. to milreis 8.982 4} Buenos Aires, p. to dol. 45.577 15 Montevideo, p. to dol. 57 39} Bombay, p. to rupee 10 18} Shanghai, p. to dol. — 17 1-16 Hong Kong, p. to dol. — 24} Yokohama, p. to yen 24.57 14 1-16 Batavia — 7.241 Warsaw — 26.06

on Buying Selling London— £N.Z. to £100stg. T.T. 124 124/10/Australia— O.D. 123/10/124/8/9 £A to £100 N.Z. T.T. 101 100/10/Fiji— O.D. 101 100/10/£F to £100 N.Z. T.T. 90/7/6 89 < New York— 3 .D. ■0/7/6 89 Dollars to £1 N.Z. T.T. 3.98',4 3.94 1-8 Montreal— O.D. 3.99 >/ s 3.94 5-8 Dollars to £1 N.Z. T.T. 4.03% 4.00 France— O.D. 4.05 4.001.2 Francs to £1 N.Z. T.T. 60.68 59.38 Noumea— O.D. 60.98 59.43 Francs to £1 N.Z. T.T. 61.63 58.63 Papeete— O.D. 62.03 58.68 Francs to £1 N.Z. T.T. 61.63 58.63 Belgium— O.D. 62.03 58.68 Belgas to £1 N.Z. T.T. — 23.199 Germany— Reichmarks to £1 O.D. — 23.214 N.Z. T.T. —— . 9.626 Italy— O.D. — 9.631 Lire to £1 N.Z. T.T. —— 47.79 Switzerland— O.D. — 47.83 Francs to £1 N.Z. T.T. 12.373 11.973 Holland— O.D. 12.448 11.983 Florins to £1 N.Z. T.T. 5.974 5.724 JavaO.D. 6.024 5.728 Florins to £1 N.Z. T.T. 5.931 5.706 Japan— N.Z. pence to 1 O.D. 5.961 5.710 yen T.T. — 17 11-16 Shanghai— N.Z. pence to 1 O.D. — 17 43-64 dollar T.T. 21 1-16 22 3-8 India and Ceylon— N.Z. pence to > O.D. 20 15-K i 22 5-16 rupee T.T. 22 3-8 22 23-32 Hong Kong— N.Z. pence to 1 O.D. 22 >4 22 21-32 dollar T.T. 29 5-8 30 11-16 Singapore— N.Z. pence to 1 O.D. 29 >/z 30 5-8 dollar T.T. 34 3-8 35 5-16 Sweden— O.D. 34 •/« 35 >4 Kroner to £1 N.Z. T.T. 15.790 15.460 Norway— O.D. 15.830 15.470 Kroner to £1 N.Z. T.T. 16.200 15.870 Denmark— O.D. 16.240 15.880 Kroner to £1 N.Z. T.T. 18.208 17.878 AustriaSchillings to £1 O.D. 18.248 17.888 N.Z. T.T. — 20.43 Czechoslovakia — O.D. — 20.45 Crowns to £1 N.Z. T.T. —— 94.85 O.D. — 94.90

£ s d £ s d British— Consols 82 10 82 5 0 Funding Loan, 4 p.c. 112 0 0 112 17 6 War Loan, p.c.* 103 10 0 104 0 0 Con. Loan, 31 p.c. 103 0 0 103 5 0 Victory Bonds, 31 p.c. 111 0 0 111 5 0 Commonwealth — 5 p.c., 1945-75 108 15 0 108 17 6 31 p.c., 1936-37 100 8 9 100 10 0 4 p.c., 1943-48* 101 18 9 102 0 0 31 p.c., 1948-53 101 1 3 101 16 3 31 p.c., 1956-61 96 2 6 96 0 0 New South Wales31 p.c. ,1930-50 99 5 0 99 5 0 41 p.c., 1935-45 101 15 0 101 10 0 5 p.c., 1935-55 100 10 0 100 10 0 Victoria — 3 p.c., 1929-40 96 0 0 96 10 0 4| p.c., 1940-60 103 15 0 104 6 3 5 p.c., 1945-75 108 5 0 108 10 0 Queensland — 3 p.c., 1936-47 96 10 0 96 7 6 5 p.c., 1940-60 104 3 9 104 8 9 South Australia— 3 p.c., 1916 or after 86 15 0 87 0 0 5 p.c., 1945-75 108 0 0 108 0 0 Western Australia4 p.c.. 1942-62 101 2 6 101 17 6 Tasmania— 31 p.c., 1920-40 101 5 6 101 12 6 4 p.c., 1940-50 100 1 3 102 7 6

New Zealand— 44 p.c., 1948-58 106 10 0 106 12 6 34 p.c., 1940 102 13 9 102 15 0 3 p.c., 1945 99 7 6 99 7 6 6 p.c., 193G-51 103 8 9 103 12 6 * Ex interest.

quiet. Sales:— £ s d Bank of New South Wales 32 0 0 Commercial Bank of Sydney 18 0 0 Associated Newspapers 1 4 3 British Tobacco 1 19 0 Tooth’s 2 17 6 Toohey’s 1 9 0 Australian Iron and Steel (pref.) 1 5 7-1 Dunlop Perdriau 15 6 Goldsbrough Mort 1 11 0 Greater J. D. Williams 7 10 Farmers 1 6 3 Anthony Hordern 19 3 Standard Cement 1 1 6 Broomfield 9 0 Paul and Gray 18 0 Permanent Trustee 18 0 Sargents 1 1 u Spencers 7 10 Mark Foy 1 1 9 Wests 10 9 Woolworths (first pref.) 2 0 0 Mt. Morgan 1 16 6 Mt. Lyell 19 6 Broken Hill Pty. Rights 19 41Broken Hill Pty. (ex rights) 2 14 6 Bulolo Gold 8 1 6 Zinc Corporation 3 1 6 Tavua 6 0 Melbourne Sales. Commercial Bank of Australia 17 0 E.S. and A. Bank 5 5 0 Electrolytic Zinc 1 11 6 Adelaide Steam 1 10 9 G. J. Coles 3 5 0 New Morobe 4 0 0 Emperor 1 2 0 Loloma 1 4 6

£ s d £ s d Copper— Standard spot 34 18 34 18 9 Forward 35 3 U 35 6 10J Electrolytic 39 0 0 39 0 0 to 40 0 0 40 0 0 Wire Bars 40 0 0 40 0 0 Lead— Spot 18 2 6 18 0 0 Forward 18 2 6 18 0 0 Spelter— Spot 16 2 6 16 1 3 Forward 16 8 9 16 7 6 TinSpot 228 10 0 232 2 6 Forward 217 5 0 221 10 0 Silver— Fine, per oz. 29 3-8d 29 5-16d Standard, per oz. 31 ll-16d 31 5-8d