COMMERCIAL

Southland Times, Issue 22895, 21 May 1936, Page 3

COMMERCIAL

CITY MARKETS Steady Inquiry For Oats FRUIT BUSINESS QUIET

Oats—The market for oats continues firm and there is a steady inquiry both for shipment and for railing over line. The general quotations f.o.b.s.i. are 3/a bushel for A grade and 2/9 to 2/10 for B’s, and sales are being made from time to time at these prices. Oats are still coming forward from farmers, values to them being up to 2/4 for A’s and 2/1 for B’s, o.t.c.s. Wheat.—Lines suitable for milling are saleable at the rates fixed by the Wheat Committee: 4/6 a bushel for Tuscan and Yeoman, 4/8 for Hunter’s and Montana King, and 4/10 for Velvet, these being on the basis of f.o.b. Bluff. Fowl wheat is not plentiful and farmers can obtain close up to milling values for good lines. Chaff.—The market is fairly well supplied with new season's chaff. Good bright lines are bringing the farmer about £3 10/- a ton, o.t.c.s.

Ryegrass.—This market has been quiet. Offerings from farmers have not been extensive, but so far there has not been much of an outlet for machinedressed Southland seed. There seems to be a little more inquiry now, however, but the prices obtainable do not permit merchants to raise the prices to farmers. These range up to 1/6 a bushel, 0.t.c.5., for good quality seed. Other seeds. —Although there is rather more inquiry, there has been no improvement in the prices for crested dogstail and values to farmers are the same as those ruling last week, i.e. 5d a lb. for machine-dressed seed of export quality and 4d a lb. for machinedressed seed from stripped lines. There has not been much activity in the Browntop market, although a certain amount of business is passing. The value to farmers for machine-dressed certified seed of export quality is about 1/4 a pound, and for uncertified lines 1/3. There has been very little change in the fescue market, values to farmers ranging from 6d to 6£d a pound according to quality for seed off to the mill and up to BJd a pound for mach-ine-dressed seed of export quality. Potatoes.—There has been a good deal of inquiry from the north for Southland potatoes, but it has been difficult to get buyers up to the f.o.b.s.i. equivalent of prices being asked by farmers. The values to farmers for white varieties is about £4 10/- a ton and for King Edwards from £4 to £4 15/- a ton for potatoes of shipping quality and packed in shipping bags. Reduced Apple Supplies. Business in the fruit marts was good during the latter half of last week, but it has since lapsed into a more normal state. Supplies of apples have fallen away and there is quite keen competition for good lines. Values for them have improved. There is still a big percentage of inferior fruit coming forward and this is being sold at low prices. Pears have been in over-supply for some weeks, but consignments are now considerably reduced and there is a firming of prices in this line also. Oranges are fairly scarce at present, but a small shipment of Californian oranges is expected at the end of this week and there will be plentiful supplies of Island oranges next week. Sunkist lemons are selling steadily and the demand appears to be increasing. Ripe bananas, which were scarce last week, are plentiful again and the demand is good. Passion fruit is scarce and prices have advanced considerably. Vegetables are less plentiful and the demand is much better than it has been for the last two or three months.

Wholesale prices ruling are as follows:—

Apples.—Choice coloured Jonathans, 6/6 to 7/6 a case; coloured Delicious, 6/- to 7/-; Cox’s Orange, 7/- to 9/-; Grannie Smith, 6/- to 6/6; Dessert Gold, 5/6 to 7/6; second grade dessert apples, 4/- to 5/-; large cookers, 5/- to 6/—; others 4/- to 4/6.

Choice dessert pears, to 3/6 a box; others, 2/- to 2/6. Sunkist oranges, to 45/— a case. Sunkist lemons, to 55/- a case. Ripe bananas, 19/— to 24/- a case. Passion fruit, 16/- a box. Jam lemons, 2d a pound. Cauliflowers, to 6/- a sack; inferior quality, 3/- to 3/6. Carrots, Id a pound. Parsnips, ljd a pound. Pumpkins, lid a pound. CURRENT PRICES. Wholesale. Eggs: Town, 1/9 (duck and pullet); first grade 2/-. Bacon: lid. Bran: 100’s, £6 a ton; 150’s, £5 15/a ton. Butter: First grade, 1/01; second grade, Hid; whey, lOJd; separator, 9d and lOd. Oatmeal: 25’s, £2O a ton; 200’s, £l9 10/- a ton. Pollard: 100’s £7 10/- a ton; 150’s £7 5/- a ton. Flour: 200’s, £l3 12/- a ton; 100’s, £l4 12/6 a ton; 50’s, £l4 17/6 a ton; 25’s, £l5 7/6 a ton. Retail Eggs: 2/3. Bacon: 1/1. Butter: 1/01 to 1/3. Bran: 7/6 a 1001 b. Flour: 25’s 4/2, 50’s 7/9, 100’s 15/-, 200’s 28/6. Oatmeal: 25’s 6/-; 50’s 11/9. Pollard: 9/6 a 1001 b, Onions: 81b a 1/-. Potatoes: 121bs a 1/-. The Invercargill branch of the Poultry Federation quotes eggs at 2/2 a rfozen wholesale.

COLOMBO TEA SALE (United Press Association.) Dunedin, May 20. Mr L. M. Wright has received the following cabled report of the Colombo tea sale on May 19: — “At yesterday’s auction of 2,759,0001 b, common teas remained firm. Prices for medium and fine grades advanced, following the improved quality of the offering. Smaller quantities are available at next week’s sale, which is catalogued for 2,500,0001 b.” PIG MARKETING ADVANCE PRICES FOR BACONERS. The Southland agent of the New Zealand Pig Marketing Association advises an advance of ;}d a lb in the schedule for baconers on consignment from Monday, May 18, making the present advance payment 4£d a lb. The only alteration to the No. 2 schedule is an advance of Id on porkers, 811 b to 1001 b, making the price 5d a lb. THE PRICE OF GOLD (United Press Assn—Telegraph Copyright.) London, May 19. The price of gold is £6 19/11 an «mct.

SHARE MARKET INVERCARGILL STOCK EXCHANGE A STEADY INQUIRY

The market all round was very steady at yesterday’s call-over on the Invercargill Stock Exchange. There was more inquiry for banking shares. A parcel of Woolworths (Sydney) changed hands at £9 14/-. Prices were quoted as follows:—

Sale Reported. Woolworths (Sydney), £9 14/-. NORTHERN EXCHANGES SALES ON ’CHANGE

LONDON STOCK EXCHANGE 'BANK SHARES AND DEBENTURES. (United Press Assn.—Telegraph Copyright.) London, May 19. London Stock Exchange quotations are:

MORRIS, HEDSTROM, LTD. (United Press Association.) Wellington, May 20. The directors of Morris, Hedstrom, Ltd., recommend a final dividend of 24 per cent., making 5 per cent, for the year. MINING “RETURNS WAIMUMU. (United Press Association.) Gore, May 20. The Waimumu sluicing return was 50oz 3dwt for 168 hours’ sluicing for the fortnight ended May 16. DAIRY “PRODUCE LONDON MARKETS. Mr G. W. Blaxall has received the following cable dated May 19 from Lovell and Christmas, Ltd., London:— Butter. —Finest, 96/-; market firm. Cheese. —White, 57/6 to 58/-; coloured, 55/6 to 56/-; market firm.

SYDNEY STOCK EXCHANGE INVESTMENT MARKET FIRM. (United Press Assn.—Telegraph Copyright.) (Rec. 8.20 p.m.) Sydney, May 20. To-day’s investment ■ market was mostly firm. The announcement of the terms of the new £9,000,000 internal loan was well received. Sales were:—

BUILDING SOCIETY AUCKLAND CO-OPERATIVE. A SATISFACTORY POSITION. The 39th annual report of the Auckland Co-operative Terminating Building Society for the year ended March 31 states that the society’s position is satisfactory, in view of the fact that the results of the depression years are still being felt. Many loanholders and shareholders still require assistance but there has been an improvement in this respect. The income for the year was £134,849, an increase of £9450, and the amount appropriated was £70,600, against £69,600. Profits not yet distributed amounted to £161,772 and £8570 was either paid out to shareholders or credited to loanholders. Since its inception, the society had advanced in cash £3,021,035. Advances outstanding were £638,103, compared with £668,965 in the previous year. The report states it is hoped that legislation now pending will not interfere unduly with the society’s mortgage contracts, which already provide for adequate protection of the interests of mortgagors. The new rule providing for the making of advances on scares has had the desired result and a number of shareholders have taken advantage of the provision. The demand for the society’s money continues and all money, appropriated has been advanced on securities conservatively valued. Dealing with the groups, the report states that group 72 met with decided success. Groups 14 and 15 have been liquidated. Groups 30 and 33 terminated during the last financial year. Groups 39 and 40 reached their 15th year, and groups 60, 61 and 62 their 10th, with the consequent increase in profit value. The only groups in which shareholders were required to pay the usual levy this year were groups 71 and 72. The amount has been fixed at 1/6 a share and will be payable in June. THE EXPORT SEASON SMALLER SHIPMENTS. Further decreases in exports of all classes of meat, with the exception of chilled beef and pork, during the seven months of the current 'season, are shown by returns compiled by the New Zealand Meat Producers’ Board. Shipments of lamb were 4,543,609 carcasses, as against 5,219,982 carcasses in the same period last season. A total of

106,512 quarters of frozen beef, compared with 174,164 quarters, was shipped, and 998,799 carcasses of mutton, compared with 1,140,473 carcasses. Boneless beef shipments decreased from 125,804 bags to 117,455 bags. The increases were again in chilled beef, 80,985 quarters, against 28,415 quarters, and pork, 393,249 carcasses, against 362,619 carcasses. Killings of stock for export this season to April 30 compare with the same period last year as follows:— 1935-36. 1934-35. Chilled beef (quarters) 83,613 28,415 Frozen beef (quarters) 103,346 164,556 Wethers (carcasses) 958,055 836,060 Ewes (carcasses) 539,2161,009,373 Lambs (carcasses) 7,276,754 7,345,355 Porkers (carcasses) 347,538 332,443 Baconers (carcasses) 200,186 124,641 Boneless beef (fr. c/cs.) 281,960 143,241 Sundries (freight carcasses) 265,491 213,915 Stocks of meat in New Zealand at the end of April compare as follows with the figures for the corresponding period in 1934-35, which are given in parentheses:—Chilled beef (quarters), 773 ( —); frozen beef (quarters), 45,388 (58,148); wethers (carcasses), 411,316 (302,198); ewes (carcasses), 237,847 (426,771); lambs (carcasses), 2,307,393 (1,664,196); porkers (carcasses), 132,345 (87,161); baconers (carcasses), 31,634 (24,478); boneless beef (freight carcasses), 102,108 (110,094); sundries (freight carcasses), 77,435 (50,686). Stocks in vessels not departed from New Zealand were as follows:—Chilled beef (quarters), 4536 ( —); frozen beef (quarters), 6647 (13,145); wethers (carcasses), 47,481 (20,446); ewes (carcasses), 44,886 (61,115); lambs (carcasses), 495,844 (538,878); porkers (carcasses), 6643 (13,736); baconers (carcasses), 7378 (4560).

FOREIGN EXCHANGES NEW ZEALAND CURRENCY BASIS. The Bank of New South Wales, Dunedin, announces the following rates of foreign exchange on New Zealand currency:—

THE METAL MARKET (United Press Assn.—Telegraph Copyright.) (Rec. 8.20 p.m.) London, May 19. Metals are quoted as follows:—

BURNSIDE STOCK SALE FAT LAMB PRICES STEADY. (United Press Association.) Dunedin, May 20. The entry of 268 fat cattle at the Burnside stock sale to-day was smaller than usual. Prime heavy bullocks were not forward in numbers, the bulk of the yarding consisting of medium quality bullocks, together with a large percentage of cows and heifers. Butchers were still holding supplies from last week, and throughout the sale medium quality bullocks sold at a reduction of 10/- per head on last week’s rates. Cows and heifers showed a similar drop, and, in some cases, brought even smaller prices. On account of the short supply, prime heavy bullocks sold at late parity throughout. There were 310 store cattle forward, the entry including a large proportion of vealers, which did not realize last week’s prices. There were very few steers, the best of these, a pen of three-year-old beasts of good quality, making to. £5 18/-.

There was no appreciable change in values for boner and grazier cows. The entry in the dairy cow section was of average size, only young cows close to profit being required. A small entry of 767 fat lambs was forward, including a few consignments of light and unfinished sorts, the entry on the whole being unattractive. Prices generally were about on a par with those ruling at the previous market. There were 1497 fat sheep penned, consisting for the most part of medium quality ewes. .There was a dearth of heavy wethers, and a smaller percentage than usual of prime heavy ewes. Heavy wethers sold at late parity, while medium quality wethers and heavy ewes showed a drop of 1/- a head. Medium quality descriptions eased to the extent of fully 2/6 per head. Over the final races, when buyers bad filled their requirements, sales were difficult to effect, and there were some passings. Of the 120 fat pigs yarded, a large proportion consisted of porkers. There was a brisk sale for both porkers and baconers, the latter selling to £4 10/and the former at late rates.

There was a larger entry than usual of store pigs, and a slight easing resulted.

ADDINGTON MARKET GOOD DEMAND FOR SHEEP. (United Press Association.) Christchurch, May 20. The entries were smaller in the sheep section to-day and larger in the fat cattle section at the Addington market. There was a good market for sheep and a weaker one for cattle. Store Sheep.—All classes sold well. Ewes were better by up to 1/- a head, also forward wethers and ewe lambs. The latter made to 32/3 and forward wethers ranged from 22/- to 23/9. Fat Lambs.—There was a slightly easier market, export competition not being so widespread. Fat Sheep.—There was an improved sale by up to 1/- a head, the entry being 1100 less than last week. Best wethers sold at from 27/- to 34/-, good from 23/- to 26/6, best ewes from 22/to 27/-, prime medium weight from 18/- to 23/- and export weights from 14/- to 17/-. Fat Cattle.—There was a heavy entry of 550 head, and a weakening in values by up to 20/-. Best steers made from £lO to £l3 7/6, good from £8 9/10 and inferior from £4 5/- to £6 10/-. Best heifers fetched from £7 to £9, medium from £4 10/- to £5 10/-, best cows from £6 10/- to £9 10/- and medium from £4 to £5. Best beef fetched from 25/- to 27/- a lOOlbs and medium from 22/- to 24/-. Fat Pigs.—Baconers were firmer and porkers cheaper. There was no export buying. Baconers fetched from 47/6 to £4, the average price per lb being from 5d to s|d. Porkers realized from 28/- to 41/6, the average price per lb being from s,}d to 5Jd. Choppers fetched from 30/- to £3 18/6. N.Z. PERPETUAL FORESTS REPORT OF THE DIRECTORS. The directors of New Zealand Perpetual Forests, Ltd., report as follows for the year ended March 31, 1936:— £ s d The balance brought forward from last year, after deducting dividend paid, was 15,279 9 0 To which add the profits for the year, including interest on investments; after making due provision for depreciation, future planting and maintenance costs, taxation, etc. 22,104 16 0 37,384 5 0 Less interim dividend of 4 per cent, paid on November 1, 1935 7,901 8 6 Leaving a balance to credit of profit and loss account of 29,482 16 6 The directors recommend the payment of a dividend of 4 per cent. (which with the 4 per cent, paid in November last makes a total of 8

per cent, for the year ended March 31, 1936) which it is proposed to pay as in the past to Australian shareholders from Sydney, and to New Zealand and English shareholders from Auckland and which will amount to 7,901 8 7 Leaving to be carried forward to next year £21,581 7 11 The net planted acreage of the forest established to date is 162,546 acres. During the year bondholders were incorporated into a company under the Bondholders Incorporation Act, and the position at the moment is that in effect there is only one bondholder—New Zealand Forest Products, Limited. There is still a great deal of detail work requiring the close attention of the directors relating to the changes that are taking place, and while it is too early to make any positive or detailed statement, the directors feel they can say good progress is being made in adapting the company’s policy to the changing conditions. Shareholders will no doubt derive some satisfaction from the evidence of confidence revealed by our clients, formerly bondholders, now shareholders in New Zealand Forest Products, Limited, in connection with the statutory meeting of that company, when the support accorded the directors was so overwhelming as to make them very conscious of their responsibilities, and we trust all those who sent proxies in favour of the directors now feel that their trust was not misplaced. It is pleasing to record that Mr Kennedy, one of the trust company directors, was also elected by a very large majority. There has been an increase in the volume of business done, and, taken all in all the directors feel that shareholders will be pleased with the progress made during the year. While there are, of course, a number of outstanding matters we desire to bring to a satisfactory conclusion at as early a date as possible, there are, on the other hand, a number of matters important to shareholders which have either been satisfactorily concluded or are in train for an early settlement. The directors to retire by rotation are Messrs W. Fraser and H. Landon Smith, who, being eligible, offer themselves for re-election. Mr Owen Jones, who was appointed by the directors in place of Mr W. L. Davidson, also retires in accordance with the articles, and, being eligible, offers himself for reelection.

Government Debentures. Buyers. Sellers. £ s d £ s d Stock, 31 p.c., 1938-43 101 10 0 Stock, 3J- p.c., 1938-52 102 10 0 Stock, 31 p.c., 1939-43 101 10 0 Stock, 31 p.c., 1939-52 102 10 0 Stock, 4 p.c., 1940 102 12 6 Bonds, 4 p.c., 1940 102 12 6 Stock, 4 p.c., 1946 103 15 0 Bonds, 4 p.c., 1946 103 15 0 Stock, 4 p.c., 1949 103 15 0 Bonds, 4 p.c., 1949 103 15 0 Stock, 4 p.c., 1955 106 0 0 Bonds, 4 p.c., 1955 106 0 0 Banks. Australasia — 12 2 6 Commercial 0 19 3 0 19 8 Commercial, pref. 4 p.c. (cum.) 9 5 0 E. S. and A. Bank 6 5 0 National of Australasia 7 8 0 National of New Zealand 3 15 0 New Zealand 2 5 0 2 6 0 New Zealand Long “D” issue 19 6 Union of Australia 9 14 6 Breweries. N.Z. Breweries (Shares) 2 13 0 2 13 9 Coal. Westport Coal 13 0 Kaitangata 14 6 Insurance. National 0 18 9 Loan and Agency. Goldsbrough Mort and Co. 1 11 3 N.Z. Loan and Mercantile 30 0 0 Wright, Stephenson and Co. 10 0 Mortgage Corporation 0 10 2 Meat Companies. Gear Meat Co. 110 N.Z. Refrigerating (20/- paid) 0 19 9 (10/- paid) 0 9 2 0 9 5 Southland Frozen Meat (£1 pref.) — 3 16 6 South Otago Freezing Co. 8 0 0 Shipping. Howard Smith 0 17 0 0 17 9 Miscellaneous. Australian Glass 4 10 0 British Tobacco (Aust.) 2 10 Colonial Sugar Co. 41 10 0 D.I.C. (pref.) 13 3 Dominion Fertilizer 15 6 Dominion Rubber Co. 1 10 0 Donaghy’s Rope and Twine 2 12 6 — Dunlop Rubber (Aust.) 0 16 4 Milbum Lime and Cement 2 3 0 N.Z. Drug 3 18 0 N.Z. Farmers’ Fertilizers 110 N.Z. Guarantee Corporation 0 5 2 N.Z. Paper Mills — 1 10 0 Wilson’s (N.Z.) Portland Cement 2 5 0 Otago Daily Times 2 9 0 — Woolworths (Sydney) 9 13 0 9 15 0 Shillings, Ltd. 0 7 6 0 8 0 Woollen Mills. Bruce — 0 14 0 Kaiapoi (pref.) 0 18 3 Mosgiel 9 10 0 Wellington Woollens 6 5 0 — Mining. Big River 0 2 2 Electrolytic Zinc (ord.) 1 17 9 Gillespie’s Beach 0 12 0 14 Goldfields Dredging 0 0 4 King Solomon 0 2 2 0 2 6 Mount Lyell 14 6 Nokomai 0 2 6 Okarito 0 3 3 Skippers 0 0 21 0 0 3 Waihi Investments 0 11 6 Waitahu 0 2 9 Waipapa 0 13 Jones Nevis 0 0 71 Martha Goldmining 10 0 Waimumu 0 0 8

AUCKLAND. £ s d Stock 1938-52, 3J p.c. 102 5 0 Stock 1940, 4 p.c. 102 7 6 Stock 1946, 4 p.c. 104 0 0 Stock 1949, 4 p.c. 104 2 6 Stock 1955/4 p.c. 106 0 0 Auckland Hospital Board 1946, 4} p.c. 105 0 0 Commercial Bank of Australia 19 5 Commercial Bank of Australia (pref.) 9 9 0 Union Bank of Australia 9 15 6 South British 4 10 0 Renown Collieries 10 6 Auckland Gas (cont.) 19 9 Taupo Totara Timber 10 4 Kaiapoi Woollen 15 3 Kaiapoi Woollen (cont.) 6 1 Wellington Woollen (pref.) 6 5 6 Broken Hill Proprietary 3 3 6 Broken Hill Proprietary 3 3 9 Burns-Philp 3 10 9 Colonial Sugar 41 5 0 G. J. Coles 3 19 0 G. J. Coles 3 18 0 G. J. Coles 3 18 0 Milne and Choyce (debentures) 15 6 Farmers’ Fertilizer 1 1 0 Robinson Ice Cream 1 2 3 Woolworths (N.Z.) 7 5 0 Big River (2) 2 1 Mt Morgan 14 9 Mt Morgan 15 0 Unofficial. Woolworths, Sydney (3) 9 1 0 Waikoromiko (23 1 1 WELLINGTON. £ s d Bank of New Zealand (Tuesday) 2 5 4 New Zealand Refrigerating (contr.) (Tuesday) 9 2

Kaiapoi Woollen (ord.) (Tuesday) 15 6 Staple’s Brewery (Tuesday) 1 14 3 Australian Glass (Tuesday) (2) 4 12 0 British Tobacco (Tuesday) 2 0 44 Broken Hill Proprietary (cont.) (Tuesday) 1 19 0 Inscribed Stock 4 p.c. 1940 102 15 0 Inscribed Stock 1955 106 7 6 Bank of New South Wales 33 0 0 Bank of New Zealand 2 5 6 Standard Insurance 3 2 6 New Zealand Refrigerating (cont.) 9 2 Australian Glass (2) 4 11 9 Australian Glass 4 11 41 Australian Glass (2) 4 11 6 Colonial Sugar 41 7 6 G. J. Coles (2) 3 18 3 G. J. Coles 3 18 0 Wilson’s Cement 2 6 3 Big River 2 04 Big River 2 i Unofficial. Woolworths (Sydney) (2) 9 15 0 Woolworths (Sydney) (3) 9 14 0 CHRISTCHURCH. lasted. £ s d Commercial Bank of Australia 19 4 Bank of New Zealand 2 5 3 New Zealand Refrigerating (10/- paid) (2) 9 3 Tooth’s Brewery (ex div.) 2 11 10 Tooth’s Brewery (ex div.) 2 11 9 Dunlop Rubber (2) 17 3 G. J. Coles 3 18 3 Kauri Timber 1 4 0 Argo Gold (cum div.) 1 54 Mount Lyell (cum div.) 1 4 6 Mount Morgan 14 10 Mount Morpan 14 11 Sales Reported. Union Bank of Australia 9 15 0 Mount Lyell (cum div.) 1 4 6 New Zealand Farmers’ Cooperative (1st pref.) 3 17 6 New Zealand Farmers’ Cooperative (B pref.) 2 1 0 New Zealand Breweries (cum div, Tuesday) 2 13 3 Broken Hill Proprietary (cont. cum div., Tuesday) 1 18 10 Dunlop Rubber (Tuesday) 17 8 G. J. Coles (2) 3 18 3 Hume Pipe (Australia, Tuesday) 17 3 Australian Glass (2) 4 11 6 Australian Glass 4 11 9 Australian Glass 4 11 6 Sales on ’Change. Unlisted. Shillings, Ltd. (7/6 paid) 10 1 Shillings, Ltd. 10 2 Woolworths (Sydney, ord., cum bonus issue) 9 14 0 Sales Reported. Woolworths (Sydney, ord., cum bonus issue) 9 14 0 Woolworths (Sydney, ord. cum bonus issue) 9 13 0 DUNEDIN. £ s d New Zealand Refrigerating (cont.) 9 2 New Zealand Insurance 3 1 0 New Zealand Refrigerating (cont.) 9 3 Mount Lyell 1 4 6 Paddy’s Point 3 6 4 p.c. Stock 1940 102 5 0

£ s d Bank of Australasia 9 10 0 E. S. and A. Bank 4 8 9 Union Bank of Australia 7 5 0 Bank of New South Wales 25 0 0 National Bank of New Zealand 2 17 6 Bank of New Zealand 2 0 6 British Tobacco 1 11 3 Goldsbrough Mort 1 6 3 Dalgety 7 10 0 P. and 0. (deferred stock) 0 19 li Loan and Mercantile, 4 p.c. debentures 91 0 0 (ordinary) 26 0 0

Bank of New South Wales £ 32 s 12 d 6 Commercial Bank of Sydney National Bank (£10 paid) 20 15 8 10 0 0 Colonial Sugar 41 12 6 Associated News 1 2 0 Associated News (pref.) 1 3 Howard Smith 17 4a Huddart Parker 1 16 0 Burns, Philp 3 11 0 Australian Gas (A) 7 11 6 Tooth’s Brewery 2 12 6 Carlton Brewery 2 14 9 G. J. Coles 3 17 6 Australian Iron and Steel (pref.) 1 4 0 Australian Glass 4 11 9 Dunlop Perdriau Rubber 17 6 Morris Hedstrom 1 6 0 Electrolytic Zinc 1 18 0 David Jones 2 3 0 Anthony Hordern 18 9 Standard Cement 1 1 0 Claude Neon 2 11 0 Nicholsons 12 0 Hume Pipe 17 6 W. R. Carpenter 2 3 0 Gibson and Howes 1 8 6 Peters 2 3 0 Mark Foy 1 5 0 Woolworths (second pref.) 1 6 0 Mount Morgan 15 0 Mount Lyell 1 4 41 Broken Hill Proprietary (ex div.) 3 3 9 Broken Hill Proprietary (new) 1 19 10J Zinc Corporation 4 5 9 Placer Development 5 13 0 Emperor 11 10 Melbourne Sales. Commercial Bank of Australia 17 7 Australian Glass 4 12 0 G. J. Coles 3 18 0 Herald and Weekly Times 3 7 9 Hoyts (A, pref.) 18 1 Goldsbrough 1 12 6 Metropolitan Gas 14 2 0 Australasian Cement 1 8 6 British Tobacco 2 1 0 Electrolytic Zinc (pref.) 1 19 9 Loloma 19 7 Koroere 3 9 Emperor 11 10 Mount Lyell 1 4 3

on Buying Selling London— 124/10/£N.Z to £100stg T.T. 124 O.D. 123/10/124/8/9 Australia— £F 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. 4.02 3.98 3-8 O.D. 4.031'4 3.98 7-8 Montreal— Dollars to £1 N.Z. T.T. 4.03 1-8 3.99 5-8 O.D. 4.04 3-8 4.00 1-8 Austria Schillings to J Bl 20.73 N.Z. T.T. —— O.D. ■MB' 20.75 Belgium— N.Z. T.T. 23.472 Belgas to £1 O.D. — 23.483 Czechoslovakia — Crowns to £1 N.Z. T.T. — 95.06 O.D. —— 95.11 Denmark— 17.893 Kroner to £1 N.Z. T.T. 18.203 O.D. 18.263 17.903 France— 60.37 Francs to £1 N.Z. T.T. ——* O.D. —— 60.41 Germany— Refchmarka tc £1 9.842 N.Z. T.T. —— O.D. —— 9.847 Holland— 5.861 Florins to £1 N.Z. T.T. —— O.D. —— 5.865 Italy— N.Z. T.T. Lire to £1 — •— O.D. — Java5.817 Florins to £1 N.Z. T.T. O.D. — 5.821 Norway— 16.183 15.893 Kroner to £1 N.Z. T.T. O.D. 16.243 15.903 Sweden — 15.487 Kroner to £1 N.Z. T.T. 15.782 O.D. 15.842 15.497 Switzerland— 12.252 Francs to £1 N.Z. T.T. —— O.D. —— 12.257 Noumea— 59.00 Francs to £1 N.Z. T.T. — O.D. — 59.06 Papeete— N.Z. T.T. 59.15 Francs to £1 —— O.D. — 59.21 Hong Kong— N.Z. pence to 1 dollar T.T. 18 13-16 20 5-16 O.D. 18 23-32 20 9-32 India and Ceylon— N.Z. pence to 1 22 57-64 rupee T.T. 22 9-64 O.D. 22 3-64 22 7-8 Japan— N Z. pence to 1 yen T.T. —— 17 21-32 O.D. — 17 41-64 Shanghai— N.Z pence to 1 18 9-16 dollar T.T. 17 3-16 O.D. 17 18 35-64 Singapore— N.Z. pence to 1 35 31-64 dollar T.T. 34 27-64 O.D. 34 15-64 35 15-32

May : £ s 18. d May 19. £ s d Copper— Standard, spot 36 13 9 36 11 101 Forward 36 19 4J 36 18 11 Electrolytic 40 15 0 40 15 0 to 41 5 0 41 5 0 Wire bars 41 5 0 41 5 0 Lead— Spot 15 10 0 15 10 0 Forward 15 11 3 15 11 3 SpelterSpot 14 13 9 14 10 0 Forward 14 17 6 14 13 9 Tin— Spot 203 0 0 200 7 6 Forward 198 0 0 195 7 6 Silver — Fine, per oz. 20 9-16d 201d Standard, per 0Z. 223~16d 22Jd