COMMERCIAL

Southland Times, Issue 22934, 6 July 1936, Page 3

COMMERCIAL

SHARE MARKET

INVERCARGILL STOCK EXCHANGE NO MATERIAL CHANGE IN PRICES 4 There was a steady tone at Saturday’s call-over on the Invercargill Stock Exchange, there being no material change in prices. Sales were reported of Government Stock, 4 p.c„ 1946, at £lO4, Bank of N.Z. Long “D” issue at 28/6, Bank of N.Z. (ord.) at 40/6, Dominion Fertilizers at 25/3, Government Stock. 4 p.c., 1955, at £lO4 5/- and Waimumus at 9d. Prices were quoted as follows:— Government Debentures.

Sales Reported. Government Stock, 4 p.c., 1946, £lO4. Government Stock, 4 p.c,, 1955, £lO4 5/-. Bank of New Zealand, Long “D’ Issue, 28/6. Bank of New Zealand (ord.), 40/6. Dominion Fertilizers, 25/3. Waimumus, 9d. NORTHERN EXCHANGES SALES ON ’CHANGE AUCKLAND.

GORE HORSE SALE The monthly horse sale of the National Mortgage and Agency Company Limited was held at Gore on Saturday when there was a fair entry, forward. The demand was slack and passings were frequent. Top price was secured for a six year old bay mare, for which £5O was paid. Sales were: Bay gelding, 7 years, at £4l; bay mare, 6 years, at £5O; bay gelding, 7 years, at £35; bay mare, 6 years, at £4O; bay mare, 3 years, at £2B; black mare, 7 years, at £39; black gelding, 9 years, at £35 10/-; black mare, 10 years, at £37 10/-; hack at £9 10/-; foal at £ll 10/-. THE RIALTO Messrs William Todd and Coy, Ltd., report for week ending July 3:— Pigs.—Owing to very small entry there was an improved demand. Small weaners 6/- to 10/-, well grown 10/6 to 12/6, stores, 18/- to £1 7/6. Poultry.—Hens 1/8 to 2/-, heavy breeds 2/5 to 4/-, pullets, small 2/-, well grown 3/- to 6/9, turkeys 5/3 to 10/-, ducks, 1/10 to 2/5. Bacon pigs.—We are cash buyers of bacon weights, 1201 b to 1501 b at 4Jd, freight paid. Produce.—Potatoes: Supply in excess of demand. King Edward £5 per ton, onions 5/- bag, chaff £4 5/- to £4 10/per ton; hay £4 5/- per ton, straw £3 15/-, wheat 19/-, oats 10/- to 12/-, oat dust 5/-, Moose meal 16/-, nuts 15/-, meat meal 11/-, boneflour 14/-, Farra food 14/6, oyster shell grit 6/-, carrots for rabbiters £6 a ton. Miscellaneous.- -Barb wire 27/6 cwt, No. 8 plain 19/6, fowl netting 13/6, cow covers 8/6, Ceylon tea 13/6 box, chests 2/3 a lb, honey 101 b tins 5/-, 601 b tins 41d a lb. MINING-RETURNS MAEREWHENUA GOLDFIELDS. The secretary of the Maerewhenua Goldfields Development Co., Ltd., reports as follows for June:— “One washup (No. 29) took place on June 17, which produced approximately 12oz 3dwt of gold. Another washup (No. 30) is due now, but will be included in the July report. The estimated value of gold was £BB 1/9 and the approximate mine expenditure was £97. Part of this expenditure was for the next washup. The extension money, £124, for the month of July for the option to London, has been received. Word has been received from the mine that the tunnel has been opened. The shifting of operations to Golden Gully will now proceed.” MOSSY CREEK RETURN. (United Press Association.) Greymouth, July 5. The Mossy Creek Dredge Return was 550 z Udwt for 9035 yards in 124 hours’ dredging. GOLDEN SANDS. (United Press Association.) Greymouth, July 4. The Golden Sands return was 22 ounces 18dwts for 28 shifts of eight hours. ARGO DREDGE RETURN. (United Press Association.) Greymouth, July 4. The Argo Dredge return was 67 ounces for 120 hours. SYDNEY STOCK EXCHANGE SATURDAY MORNING’S SALES. (United Press Assn.—Telegraph Copyright.) (Rec. 5.5 p.m.) Sydney, July 4. The following sales were made on the Stock Exchange this morning:—

RAW MATERIALS

(United Press Assn.—Telegraph Copyright.) (Rec. 6.30 p.m.) London, July 4. Friday’s closing prices for raw materials were as fellows (last week’s prices are also quoted):— Cotton.—Spot, 6 65d. a lb (7.18 d August delivery, 6.59 d. (6.56 d. Rubber.—Para, a lb (9}d.); plantation smoked, 7|d. (7 17-32 d.). Jute—July-August delivery, £l6 16/3 a ton (£l7 6/3). Copra.—July-August delivery, South Sea, £l2 10/- a ton (£l2 15/-); smoked, £l2 (£l2 5/-); plantation Rabaul, £l3 10/- (£l3 15/-). Linseed Oil.—£2B 10/- a ton (£2B 5/-). Turpentine.—£l 18/6 a cwt. (£1 19/-).

THE METAL MARKET (United Press Assn.—Telegraph Copyright.) (Rec. 6.30 p.m.) London, July 3. Metals are quoted as follows:—

FROZEN MEAT PRICES

(United Press Assn.— Telegraph Copyright.) (Rec. 6.30 p.m.) London, July 4. Frozen meat quotations are 3s follows, with the previous quotation also shown:— _ , June 27. July 4. a a

Mr R. L. Benm tt, Wellington, has received the following advice from Henry S. Fitter and Sons, Ltd., London:—

Australian lambs, superfine quality — — Argentine lambs 5J 63 Lambs.—There is a fair demand, and it is thought that prices will be maintained. Wethers.—Demand and prices are both steady. Ewes.—Trade is slow. Beef.—The chilled beef market is more active, owing to an increased demand. Pork.—The market is quiet, but firm. Trade generally is fair.

THE HIDES MARKET (United Press Assn.—Telegraph Copyright.) (Rec. 6.30 p.m.) London, July 4. Quotations for hides (largely nominal) :— * Meatworks (dry-salted).—Queens-land: 351 b to 451 b, 6Jd; 301 b to 401 b, 6.|d; 251 b to 351 b, 6]d; 201 b to 301 b, 6Jd. New South Wales: 351 b to 451 b, 6)d; 301 b to 401 b, 6id; 251 b to 351 b, 6 3-8 d; 201 b to 301 b, 6 3-Bd. Wet-Salted.—Queensland: 501 b to 601 b, 43d; 401 b to 501 b, 4)d; New South Wales: 501 b to 601 b, 53d; 401 b to 501 b, 5 l-Bd. Victoria: 501 b to 601 b, 4id; 401 b to 501 b, 4|d. THE PRICE OF GOLD (United Press Assn.—Telegraph Copyright.) (Rec. 6.30 p.m.) London, July 4. The price of gold is £6 19/0J an ounce.

FOREIGN EXCHANGES

( (British Official Wireless.) (Rec. 5.5 p.m.) Rugby, July 3. The following mean closing rates of foreign exchanges were quoted to-day compared with par:—

NEW ZEALAND CURRENCY BASIS. The Bank ot New South Wales. Dunedin, announces the following rates ot foreign exchange on a New Zealand currency basis; on Buying Selling London —

DAIRY PRODUCE (United Press Association.) Wellington, July 4. The Dairy Board’s prices have been fixed on the basis of butter at 13d and cheese at 61d, being equivalent to 104/3 and 55/4, c.i.f.e. THE WHEAT MARKET LIVERPOOL FUTURES. (United Press Assn. —Telegraph Copyright.) (Rec. 6.30 p.m.) Liverpool, July 4. Wheat futures are quoted: July, 6/1 J; October, 6/1 13-16; December, 6/1 1-8. TRADE WITH GLASGOW NEW ZEALAND SHIPMENTS. A DECLINE LAST YEAR. London, June 10. A decrease in trade from New Zealand is shown in the report for 1935 of the Trade Development Department of the Clyde Navigation Trustee. From the three countries, Australia, New Zealand and South Africa, 135 vessels, representing a tonnage of 1,344,282 tons, sailed into the Clyde, bringing cargoes totalling 262,616 tons. This was an increase of 17 vessels, with an increase in dues to the Clyde Trust of £11,746 over 1934. On the export side 144 vessels loaded out to these three countries, carrying 167,396 tons of cargo, an increase of 27 vessels and 926 tons of cargo compared with the previous year. The report states that the decline in trade with New Zealand was due to the falling off of dairy and fruit shipments. In the case of the dairy trade the decrease was a serious one, and all the more regrettable?, particularly in regard to butter, when it was recalled that direct imports since 1927 had risen from 1843 tons to 9528 tons in 1934. It was attributable mainly to the lack of provision of adequate shipping facilities to the port during October, November and December. Lack of shipping facilities not only affected the butter imports to Glasgow but also imports of meat, which would otheiwise have come direct in preference to being transported from London at heavy cost. Fruit imports from New Zealand to Glasgow fell by nearly. 1000 tons. Large supplies were, however, transported from London as a cost of nearly £2 10/- a ton, but even allowing for these additional quantities it was computed that sales in New Zealand fruit had materially diminished throughout Scotland due to restricted marketing and supplies. Although there was an appreciable increase in the imports of New Zealand meat there were still a. number of traders who were unable to obtain supplies. THE GOLD MARKET LITTLE FEAR OF FALL. POLICY OF UNITED STATES. The opinion that whatever fluctuations might occur, the price of gold in Britain should not fall below £7 an ounce, if any decline took place, was expressed by Sir Herbert Cripp, presiding at the annual meeting of Deborah Gold Mines, N.L., (Victoria), recently. He pointed out that the value of gold in terms of sterling depended a great deal on the policy of the United States. The policy of the United States, so far, had been one of devaluation and price-raising, Sir Herbert said. It was possible that in the future an inflationary policy might be attempted at the same time retaining, the present gold parity of the paper dollar. In that event, the purchasing value of gold would fall as the purchasing value of the dollar fell. In so far as such an inflationary movement operated in goldproducing countries, the rise in costs

would reduce the profit margin in gold production. There was little fear of any fall in the dollar price of gold, because the United States Congress had fixed the minimum price at 34 dollars an ounce. Sterling was left to management by the Exchange Equalization Fund, and fluctuations in the dollar-sterling exchange rate were possible with corresponding fluctuations in the price of gold. But the British Government had made it clear that it would not allow the margin between prices and costs in British industry to decrease. “This means that it cannot allow sterling to strengthen too much in terms of dollars and francs to the detriment of the British export trade, continued Sir Herbert. “A sterlingdollar exchange rate in the vicinity of 5 dollars to the pound means a sterling price of gold of approximately £7 an ounce. It is difficult to see how Great Britain could allow the dollarsterling exchange rate to rise permanently or substantially above 5 dollars to the pound. “For the present, added Sir Herbert, “it can safely be said that the views of most experts and those in control will prevail, and gold will continue to be used as the basis for currency. An institution built up oyer so many centuries will die hard, if it dies at all.” CENTRAL BANK POLICY CREDIT CONTROL MEASURES. POWERS IN NEW ZEALAND. In the absence of highly-organized money markets, both New Zealand and Australia are hampered when the question arises of following traditional central bank policy in controlling credit. The normal method of a central bank in securing trading bank conformity with its policy is to buy or sell securities in the open market, thus indirectly forcing the hand of the other banks. But effective open market operations are not easily carried out in Australia or New Zealand (says the New Zealand Herald). In the Dominion the difficulty has been overcome by a provision in the Reserve Bank Admendment Act, 1936, which permits a variation in the reserves which must be maintained by the trading banks with the Reserve Bank. By Gazette notice at any time the governor of the bank, acting with the authority of the Minister of Finance, may vary in an upward direction the balance required to be maintained by any bank. The legal minimum is 7 per cent, of demand liabilities in New Zealand, plus 3 per cent, of time liabilities. A subsequent increase in the requirements would restrict the lending powers of the trading banks. The position in Australia was discussed by Professor A. G. Fisher, professor of economics at the University of Western Australia, in evidence before the Banking Commission. Professor Fisher said the efficacy of a central bank in the control of credit was largely dependent on the adherence of other banks to the central bank’s reserve policy. In Australia the reserve policy had always been rather elastic. If the trading banks allowed their reserve ratios to fluctuate, they could, for quite a long time, resist the pressure of the central bank to expand or diminish advances. Open market operations on a large scale by a central bank were difficult in Australia. There was i. strong case for allowing the central bank to engage in ordinary commercial banking, for the knowledge that it was a potential competitor should strengthen its hand in enforcing its policy when more traditional instruments seemed likely to be ineffective. Some legal provision might be made to prescribe the reserves which the trading banks should deposit at the central bank.

Buyers. Sellers. £ s. d. £ s. d. Stock, 31 p.c., 1938-43 102 10 0 — Stock, 31 p.c., 1938-52 102 10 0 Stock. 34 p.c.. 1939-43 102 10 0 Stock. 31 p.c.. 1939-52 102 10 0 Stock, 4 p.c., 1940 102 10 0 Bonds, 4 p.c., 1940 102 10 0 Stock, 4 p.c,, 194G 104 0 0 Bonds, 4 p.c., 1946. 104 0 0 Stock, 4 p.c., 1949 104 0 0 Bonds, 4 p.c.. 1949 104 0 0 Stock, 4 p.c., 1955 104 0 0 — Bonds, 4 p.c., 1955 104 0 0 Banks. Australasia - 12 0 0 Commercial 0 19 0 0 19 4 National of Austra lasia — 7 4 0 National of New Zealand — 3 11 0 New South Wales 33 0 0 New Zealand 2 0 9 New Zealand Long “D” issue 1 8 0 — Union of Australia 9 6 0 — Breweries. N.Z. Breweries (Shares) 2 11 6 — Coal, Kaitangata — 1 4 6 Westport Coal 1 1 9 — Insurance. National 0 18 7 — Loan and Agency. Dalgety and Co. — 9 5 0 Wright, Stephenson and Co.— (ord.) 0 17 0 0 19 0 (pref.) — 0 19 9 Meat Companies. Gear Meat Co. — 1 0 9 N.Z. Refrigerating (10/- paid) 0 9 0 Southland Frozen Meat.— (£1 ord.) 3 16 6 (10/- ord.) 1 18 3 (£1 pref.) 3 16 6 South Otago Freez ing Co. — 7 16 0 Shipping Union Steam Ship Co. (pref.) 1 6 0 — Miscellaneous. Associated News 1 3 0 — Colonial Sugar 42 5 0 D.I.C. (pref.) 1 3 6 Dominion Rubber Co. 1 10 0 Donaghy’s Rope and Twine 2 12 6 Dunlop Rubber (AuSt.) 0 17 8 Milburn fame and Cement 2 2 6 N.Z. Drug j 4 0 0 — N.Z. Guarantee Corporation 0 5 6 N.Z. Paper Mills —— 1 8 0 Otago Daily Times 2 10 0 — Woollen Mills. Kaiapoi (pref.) 0 18 6 — Mosgiel 9 10 0 Mining. Broken Hill — 3 15 0 Big River 0 2 0 0 2 3 Electrolytic Zinc (ord.) ■■■ 1 ■■ 2 0 0 Gillespie’s Beach 0 1 0 0 1 2 Goldfields Dredging — ——■ 0 0 4 King Solomon 0 1 6 0 2 0 Mount Lyell 1 4 1 Mount Morgans 0 15 0 —— Nokomai —— 0 2 3 Okarito —■ 0 3 3 Skippers 0 0 3$ Waitahu 0 2 1 — Waimumu 0 0 81

£ s d Bank of New Zealand 2 1 9 Renown Coal (W) 11 6 Auckland Gas 1 5 9 Bycroft 2 3 0 Consol Brick 10 5 Dunlop Perdriau 18 0 do. 17 11 Electrolytic Zinc (pref.) 2 2 6 Robinson Ice Cream 1 2 0 Woolworth’s (N.Z.) WELLINGTON. 5 17 6 Commercial Bank of Aus- £ s d tralia 19 3 Bank of New Zealand (2) 2 1 6 Goldshrough Mort 1 10 2 Australian Glass 4 10 6 Burns Philp 3 15 0 Consolidated Brick (2) 10 6 Wilson’s Cement 2 1 0 G. J. Coles (2) 4 2 6 G. J. Coles 4 2 9 Bank of New Zealand 2 1 6 Union Bank New Zealand Guarantee Cor9 8 0 poration New Zealand Guarantee Cor5 61 poration 5 7 Dunlop Perdriau 17 11 Wilson’s Cement (4) 2 1 0 G. J. Coles 4 5 6 Big River CHRISTCHURCH. Sales on ’Change. 2 0 Commercial Bank ol Aus- £ s d tralia (pref., cum div.) 9 2 0 Bank of New Zealand (2) N.Z. Refrigerating (10/- paid) 2 2 0 (3) 9 4 N.Z. Breweries (3) 2 14 0 British Tobacco Broken Hili’ Proprietary 2 0 10 (15/- paid) 2 15 9 G. J. Coles 4 6 0 G. J. Coles 4 6 6 Hume Pipe (Australia) (2) 1 0 6

Morts Dock 12 0 Wilcox Mofflin 11 6 Mount Lyell 1 4 2 Mojunt Morgan (cum div.) (2) 15 1 Sales Reported. British Tobacco 2 0 10 New Zealand Breweries 2 14 0 Broken Hill Proprietary 3 13 9 Union Bank of Australia 9 8 0 Commercial Bank of Australia (cum div.) 19 0 Wilcox Mofflin 11 6 Mt. Morgan (3) 15 1 DUNEDIN. £ s d Bank of New Zealand (late Friday) 2 1 74 Guarantee Corporation 5 6 South Otago Freezing 7 15 0

Bonds, 4 per cent.— £ s. d. 1938 101 0 0 1941 101 13 9 1944 102 15 0 1947 102 15 0 1950 102 17 6 1953 102 10 0 1955 100 17 6 1957 101 5 0 1959 101 2 6 1961 101 15 0 Commercial Bank of Sydney 20 10 0 Bank of New South Wales 33 17 6 Toohey’s Brewery 1 11 3 Tooth’s Brewery 2 13 9 Anthony Hordern (pref.) 13 0 Associated News (pref.) 14 0 Australian Glass 4 11 6 B 'oken Hill Proprietary 3 14 6 Dunlop Perdriar Rubber 0 18 3 Howard Smith 0 19 3 James Stedman 0 19 0

July 2. July 3. £ s d £ s d Copper— 36 11 104 36 14 44 Standard, spot Forward 36 18 14 37 0 74 Electrolytic 40 10 0 40 15 0 to 41 0 0 40 10 0 Wire bars 41 0 0 40 10 0 LeadSpot 15 6 3 15 6 3 Forward 15 8 9 15 10 3 Spelter— Spot 13 7 6 13 8 9 Forward 13 13 9 13 15 0 TinSpot 176 0 9 175 5 0 Forward 173 2 6 172 7 6 Silver— 194 19 3-8d Fine, * per oz Standard, per 21 l-16d 20 7-8d oz.

N.Z. Sheep. Canterbury and North Island selected and crossbred wether 'S and maiden ewes: Under 481b 5 5 48-561b 44 41 57-64Ib 41 41 65-721b 4 4 Ewes: Under 481b 41 44 48-641b 38 38 65-721b 31 3| North Island: 48-561b 41 41 57-641b 4.1 4| 65-721b 31 31 Australian Sheep— First quality crossbred and/or Merino wethers: 40-651b 4} 44 50-601b .— — 30-501b —— — Second quality wethers: 30-501b 4} 41 Ewes: ( 41 34 30-501b 4’r 48-641b 31 65-721b 3 3 Argentine Sheep— First quality crossbred wethers: 48-641b . 41 44 65-721b 38 38 Argentine Lambs— First quality: 361b and under' 6} 64 37-421b 6 6 Patagonian SheepWethers and/or maiden ewes: Under 501b 41 44 50-601b 31 31 Ewes: 40-501b — First quality: 361b and under — — 37-421b ——■ — Second quality: Average about 281b — — Patagonian Lambs— 361b and under 61 68 37-421b 6 6 Second quality: Average about 301b 6g 68 N.Z. Lambs— Canterbury, first quality: 361b and under 61 61 37-421b 61 61 43-501b 68 68 Second quality: Average about 311b 7 61 Other South Island: 361b and under 74 71 37-421b 61 61 43-501b 68 68 Selected North Island, including Downs: 361b and under - 74 74 37-421b 6 6 43-501b 68 38 Second quality: Average about 301b 7.', 71 Other North IslandFirst quality: 361b and under 7 - 37-421b '-I 68 Second quality: Average about 311b 6.1 61 Australian Lambs— Victorian first quality: 361b and under 64 64 37-421b 6 6 Second quality: 361b and under 6 6 Other States, first quality: 361b and under — 68 37-421b 6 6 Second quality: 361b and under 61 6.1 All States, third quality: Average about 261b 61 61 N.Z. Frozen Beef— Ox fores (145-2101b) — 21 Ox hinds (145-2101b) — 31 Australian Frozen Beef.— Ox hinds (145-2x01b) 34 31 Ox crops (145-2101b) 2'i 3 Argentine Chilled Beef— Ox hinds (145-2101b) 03 21 Ox crops (145-2101b) 44 51 Australian Chilled Beef— Ox hinds (145-2101b) 41 41 Ox Crops (145-2101b) 24 2 8 Union of S. Africa Chilled Beef Ox hinds 38 42 Ox fores (142-2101b) 2 28 Uruguayan Chilled Beef— Ox hinds (145-2101b) 31 41 Ox fores (145-2101b) 2J Brazilian Chilled Beef— Ox hinds (145-2101b) 4 Ox fores (145-2101b) — — Southern Rhodesian Chilled Beef— Ox hinds (145-2101b) 3 31 Ox fores (145-2101b) 18 28 N.Z. Porker Pigs— First quality: 60-801b 51 51 81-1001b 5.1 51 101-1201b 51 51 Australian Pigs— 60-801b 51 5.1 81-1001b 51 5.1 101-1201L 51 51 New Zealand Chilled Beef— Ox hinds (145-2101b) 34 41 Ox fores (145-2101b) 2 28

d. d. New Zealand Iambs, Downs. 2’s 7,' ( 71 Secondary lambs, Down 7 71 New Zealand lambs, 2’s 7 7i New Zealand lambs, 8’s 61 6.3 New Zealand lambs, 4’s 6’f 63 Secondary lambs 61 7 New Zealand Mutton, small 4 8 5 New Zealand mutton, large 3? 44 New Zealand ewes, small 31 4i New Zealand ewes, large 3'. 31 New Zealand beef, ox hinds (frozen) 3£ 33 New Zealand beef, ox fores (frozen) 2g 21 Dominion chilled hinds 4 43 Dominion chilled fores 2S 21 South American chilled hinds 4 South American chilled fores 23 31 New Zealand pork 5i 6 Australian lambs 51 7

Paris, fr. to £ ' Bar. 124.21 ±o-aay. 75 47-64 New York, dol. to £ 4.886 5.024 Montreal, dol. to £ 4.886 5.03 Brussels, belgas to £ 35 29.364 Geneva, fr. to £ 25.221 15.334 Milan, lira to £ 20.43 63 13-16 Berlin, rmk to £ 24.42 21.43 Stockholm, kr. to £ 18.159 19.394 Copenhagen, kr. to £ 18.159 23.39.’> Oslo, fr. to £ 19.159 19.90 Vienna, schgs to £ 34.585 26J Prague, kr. to £ 164.25 120.3 Helsingfors, m. to £ 103.23 227 Madrid, pesetas to £ 22.2215 36 19-32 Lisbon, escudos to £ 110 1103 Athens, dr. to £ 875 529 Bucharest, lei to £ 318.6 674 Belgrade, dinars 275.31 220 Rio de Janiero, p. to milreis 8.892 43 Buenos Aires, p. to dol. 45.577 15 Montevideo, p. to dol. 57 39 7-16 Bombay, p. to rupee 10 164 Shanghai, p. to dol. — 14 13-32 Yokohama, p. to yen 24.57 14 1-32

£N.z to siooste r.i. 124 124/10/124/8/9 O.D Australia— £A to £100 N.Z. T.T. 101 100/10/Fiji— O.D. 101 100/10/£F to £100 N.Z. 1.1. 90/7/6 89 New York— O.D 90/7/6 89 Dollars to £1 NZ. T.T. 4.06 1-8 1 4.02 "i Montreal— O.D. 4.07 3-8 ! 4.03 Dollars to £1 N-Z. T.T. 4.0G% 4.03‘4 Austria— Schillings to £1 O.D. 4.0S 4.03% N.Z. T.T. 20.88 Belgium— O.D. — 20.90 Belgas to £1 N Z. T.T. — 23.719 Czechoslovakia— O.D. — 23.730 Crowns to £1 N.Z. T.T. —— 96.02 Denmark— O.D. — 96.07 Kroner to £1 N.Z. 1.1 18.203 11.893 France — O.D 18263 17 903 Francs to £1 N.Z. Germany— Reichmarks to £1 T.T. — 60.57 O.D. — 60.61 N.Z. T.T. 9.914 Holland— O.D. — 9.919 Florins to £1 N.Z. T.T. — 5.865 Italy— O.D. — 5.869 Lire to £1 N.Z 1.1. — JavaO.D — — Florins to£l N.Z. T.T. —- 5.833 O.D. — 5.837 Florins to £1 N.Z. T.T. — 5.825 Norway— O.D. — 5.829 Kroner to £1 N.Z. 1.1 16.183 15 893 Sweden — O.D 16-243 15.903 Kroner to £1 N.Z. 1.1 15.785 15.490 Switzerland— O.D 15.845 15.500 Francs to £1 N.Z. T.T. — 12.222 Noumea — O.D. — 12.227 Francs to £1 N.Z. T.T. —— 59.20 Papeete— O.D. — 59.26 Francs to £1 N-Z. T.T. — 59.35 Hong Kong— N 7. pence to 1 O.D. — 59.41 dollar T.T 18 33-64 20 1-64 India and Ceylon— N.Z pence to 1 O.D. 18 27-64 19 63-64 rupee r.i. 22 0-64 22 07-64 Japan— N.Z. pence to 1 oo. 22 3-64 22 7-8 yen T.T. •— 17 41-64 Shanghai— N Z pence to 1 O.D. — 17 5-8 dollar T.T. 17 7-64 18 31-64 Singapore— NZ pence to 1 O.D. 16 59-64 18 15-32 dollar T.T. 34 27-64 35 31-64 O.D. 34 15-64 35 15-32