COMMERCIAL

Southland Times, Issue 23000, 21 September 1936, Page 3

COMMERCIAL

SHARE MARKET INVERCARGILL STOCK EXCHANGE SATURDAY’S CALL-OVER At Saturday’s call-over on the Invercargill Stock Exchange the following prices were quoted:— Government Debentures.

THE RIALTO

Messrs William Todd and Co. Ltd., report as follows for the week ended Pigs.—Two hunderd and two entered and were sold under spirited compe ition. Small weaners, 9/- to 16/-; well grown, 17/- to £1 3/-; small stores £1 4/6 to £1 10/-; stores to £1 15/-; sows and litters, £3, £2 11/-, £3; sows £1 12/6, £2 13/-, £3 6/-, £3 2/6, £1 5/-, £2 5/-, £2, boar, £1 10/-. Poultry.—A keen demand. Hens, 2/2 to 3/4; heavy breeds, 3/- to 4/6; geese, 4/3; Muscovy ducks, 3/2 to 6/1; Indian Runner ducks, 21- to 2 /6; pullets, 3/- to 5/-; turkey gobblers 12/6, turkey hens, 7/3. Cows.—£4 10/-, £5 10/-. Bacon Pigs.—We are cash buyers ot bacon weights, 1201 b to 1501 b, at sgd a lb, freight paid. Produce.—Table potatoes, King Edwards, £5 to £5 10/-. A fair amount of shipping business has been done during the week on a basis of £4 to £4 10/- net on trucks, country sidmgs, for shipment by the Waimarino next week. The demand has ceased in the meantime. Chaff, £4 5/- to £4 10/—; straw, £3 oats, 12/6 to 13/6; barley, 18/-; peas, 15/-; ryecorn, 15/-; pollard, 8/6; bran, 7/-; crushed oats, 11/;- sorrel 3/6; oatdust, 5/-; barley pollard, 8/6; rock salt, 8/-; molasses, 13/6; moose meal, 16/-; moose nuts, 15/-; meat meal, 11/-; boneflour, 14/-; linseed, 22/-; crushed linseed, 24/-; oyster shell grit, 6/- a cwt. Miscellaneous. —Barb Wire, 27/6; No. 8 galvanized, 19/6; rabbit netting, 22/-; fowl netting, 13/6; portable boilers, £4 5/-; Kauri washtubs, £2 15/-; baths, £3 10/-; sashes, 10/-; wheelbarrows,

27/6; tanks, £2 10/-; timber, 13/- to 15/- a 100 ft; stakes, 27/6; droppers, 10/- to 12/-; totara posts, £7 10/- to £8 10/-; strainers, 10/-; horse covers, 26/-; cow covers, 8/6; military saddles, £2 15/-; bridles, 10/-; harness, 7/6; winkers, 18/6; honey, 101 b tins, 5/—, 601 b tins, 4Jd lb; Ceylon tea, 51b boxes, 13/6. Grass Seeds.—White clover, 9d lb to 1/3; cowgrass, 1/-; Timothy, 9d; dogstail, 9d; Akaroa cocksfoot, lOd to 1/3; perennial ryegrass, 3/6 to 3/9; farmers’ dressed, 17/6; Italian, 3/6; lotus major and white clover, 1/-; chou moellier 2/6; mixtures, clover, cocksfoot, ryegrass, 3d a lb. Seed Potatoes.—Early varieties, 10/to 12/- a cwt; King Edward and Arran Chief, heavy supplies, slow of sale. RIVERSDALE STOCK SALE FIRM SHEEP MARKET. A moderate entry of both sheep and cattle met a firm market at the monthly Riversdale stock sale on Friday. Sheep prices in particular were very firm, the entry including several lines of ewe hoggets which met a keen inquiry and sold well. Ewes close at lambing were also disposed of at good prices, while a sprinkling of fats realized prices on a par with other district sales. Ewe hoggets realized up to 34/-, this price be - ing paid for a truck load offered by Mr J. A. Sheed (Pyramid). Other attractive lines sold were 448 disposed of on account of Mr G. B. Shaw at 32/9 and 100 sold on account of Mi - A. McKay (Kaweka) at 32/7. Sound-mouths realized up to 32/-, a pen being sold on account of Mr E. McAlister (Pyramid) at this figure, while full and failing-mouth sorts brought up to 24/6. Store wethers sold up to 32/- and fats to 38/6. Fat bullocks realized up to £lO 10/- and dairy cows to £8 2/6. Sales were as follows:— New Zealand Loan and Mercantile Agency Co., Ltd—26 f.m. ewes at 24/1, 125 s.m. ewes at 32/-, 100 ewe hoggets at 32/7. Dalgety and Co. Ltd.—2B ewe hoggets at 27/-, 448 do at 32/9. Southland Farmers Co-operative Association, Ltd.—7o ewe hoggets at 34/-; wether hogget at 22/-. Wright, Stephenson and Co., Ltd.—96 f. and f.m. ewes at 23/1, 42 2 and 4-th wethers at 32/-, 1 fat wether at 32/-, 1 do at 28/6, 1 do at 25/-, 2 ewe hoggets at 31/-, 2 fat heifers at £4 15/-, 2 fat bullocks at £9, 2 empty cows at £4 10/-, 1 steer at £2 15/-, dairy cows at 15/- and £l. Passed in: 6 heifers at £3 10/-. J. E. Watson and Co., Ltd.—72 4 and 6-th wethers at 27/3, 14 fat ewes at 24/6, 72 f. and f.m. at 17/6. 58 s.m. ewes at 30/1, 1 fat wether at 38/6, 2 fat bullocks at £lO 10/-, 2 do at £7 12/6, dairy cows at £1 10/-, £1 /5~, £3, £c> 2/6, dairy heifers at £3 12/6, £6 5/-, £7. Passed in: 1 dairy cow at £3 15/-. National Mortgage and Agency Co., Ltd.—Dairy cows at £3 2/6, £3 7/6, £3 17/6, £l. Passed in: 1 dairy cow at £3 10/-.

HORSE SALE AT GORE

A LARGE YARDING.

At the monthly horse sale of Messrs Wright, Stephenson and Company, Limited, on Saturday there was a large yarding of 52 horses. There were some exceptionally good young horses which commanded considerable attention, top price of £55 being secured for a 5-year-old gelding on account of Mr W. Macdonald (Mataura), the purchaser being Mr A. W. Pannett (Clinton). A 4- gelding on account Mr F. N. Jones (Mataura) brought. £54, the purchaser being Mr A. Orr (Riversdale). A 7-year-old gelding was sold at £46 10/-, while an 8-year-old mare realized £46. Passings were not numerous and the sale was an exceptionally good one. Sales were: 5-year-old gelding at £44, 8-year-old gelding at £2O 10/-, rising 3-year-old gelding at £2B, 4-year-old gelding at £54, 7-year-old gelding at £46 10/-, 5-year-old gelding at £55, 7-year-old gelding at £3O, 5- gelding at £45, 11-year-old mare at £39, 4-year old mare at £43 10/-, 7-year-old gelding at £2B, 9-year-old mare at £3B, 11-year-old gelding at £3O, 7-year-old mare at £2B, 5-year-old mare at £36 10/-, 7-year-old mare at £36, 8-year-old gelding at £3l, 5-year-old mare at £3B, 5-year-old gelding at £29, aged gelding at £lO, 5-year-old gelding at £22, 5-year-old gelding at £34, 5-year-old gelding at £2l 10/-, 8-year-old gelding at £24 10/-, 9-year-old mare at £37 10/-, 6-year-old mare at £2B 10/-, 8- gelding at £2B 10/-, 9-year-old mare at £l7 10/-, 9-year-old gelding at £2O, 8-year-old mare at £46, 5-year-old gelding at ■ £4l, 7-year-old mare at £3O 10/-, 7-year-old gelding at.£3s 10/-, 9-year-old gelding at £22, 4-year-old mare at £39, 10-year-old hack gelding at £l4 10/-, 3-year-old pony mare at £7 10/-, 7-year-old hack mare at .£6, 2-year-old pony at £3. Passed in: 5-year-old gelding at £39, aged mare at £l5 10/-, 9- gelding at £23 10/-, 5-year-old mare at £23, 10-year-old mare at £2O, 8-year-old gelding at £2O, 4-year-old gelding at £2O, 9-year-old mare at £3O, 8-year-old hack at £6.

OPOSSUM SKINS SALE AT DUNEDIN. Dalgety and Company, Ltd., reports as follows on an opossum skin sale held in Dunedin on Friday:— Seventy thousand skins were offered and our catalogue comprised 43,500. Darks were par to 3d lower, and lights 3d to 1/- lower. Blues realized from 6/11 to 16/6; greys, 6/7 to 13/5; reds. 3/10 to 7/11; blacks, 5/5 to 6/11; browns, 3/7 to 5/11; inferior, 1/6 to 5/-. MINING REPORTS MAORI GULLY. (United Press Association.) Greymouth, September 19. The Maori Gully return was 7oz lOdwt for 128 hours’ work. ARGO DREDGE, (United Press Association.) Greymouth, September 19. The Argo dredge return was 650 z for 93 hours’ work and 9000 yards. ADDISON’S FLAT. (United Press Association.) , Westport, September 19. The Addison’s Flat Goldmining Company’s return for the fortnight ending September 17 was 320 z sdwt, for thirty shifts. GILLESPIE’S BEACH. (United Press Association.) Dunedin, September 19. The Gillespie’s Beach return was 70oz 18dwt for 127 hours’ dredging on the lagoon end of the cut. THE PRICEOF GOLD (United Press Assn.—Telegraph Copyright.) (Rec. 6.30 p.m.) London, September 19. The price of gold is £6 17/4J an ounce.

FROZEN MEAT PRICES

(United Press Assn.—Telegraph Copyright.) (Rec. 6.30 p.m.) London, September 19. Frozen Meat quotations are as follows, with the previous quotations also shown: — Sept. 12 Sept. 19. d d

Wethers.—The market is firm; moderate business has been done. Ewes.—Both demand and prices are steady. Chilled Beef.—Trade is slow owing to heavy supplies of fresh meat. Pork.—The present demand is good, and likely to continue. Trade generally is quiet. FOREIGN EXCHANGES (British Official Wireless.) (Rec. 5.5 p.m.) Rugby, September 18. The following mean closing rates of foreign exchanges were quoted to-day compared with par: —

NEW ZEALAND CURRENCY BASIS The Bank ol New South Wales, Dunedin, announces the following rates of foreign exchange on a New Zealand currency basis: on Buying Selling

SYDNEY STOCK EXCHANGE SATURDAY MORNING SALES. (United Press Assn.—Telegraph Copyright.) (Rec. 5.5 p.m.) Sydney, September 19. Sales on the Stock Exchange this morning were:—

METAL MARKET (United Press Assn.—Telegraph Copyright.) (Rec. 6.30 p.m.) London, September 19. Metals are quoted as follows:— Sept. 16 Sept. 19.

TENDERS FOR TREASURY BILLS (British Official Wireless.) (Rec. 5.5 p.m.) Rugby, September 18. The total amount applied for in tenders for £50,000 in Treasury bills was £84,170,000. The average rate per cent, for the bills at three months was 10/4.90, against 10/7.38 a week ago. DAIRY PRODUCE LONDON MARKETS. The National Mortgage and AgencyCo., Ltd., has received the following report from its principals, A. J. Mills and Co., Ltd., London:— Butter. —Market slow. New Zealand finest, 104/- to 106/-; New Zealand first, 103/- to 104/-; Danish, 122/-; Danish, f.0.b., 102/-; Australian, 105/to 106/-. Cheese.—Market slow. New Zealand white, 67/- to 67/6; coloured, 65/6 to 66/-. G. J. COLES & CO., LTD AN AGREEMENT REACHED. (United Press Association.) Wellington, September 19. The Stock Exchange Association of New Zealand has received the following cabled advice from Mr G. J. Coles: “Complete agreement has been reached on all matters of principle between G. J. Coles and the other directors of G. J. Coles and Co., Ltd. The shareholders’ meeting has been cancelled.” WHEAT SHORTAGE NATURE’S DEPREDATIONS. OVERSEAS PRICES RISE. A hint of higher prices for New Zealand wheat as a result of a world shortage was given recently by the Minister of Industries and Commerce, the Hon. D. G. Sullivan, when he advocated that New Zealand farmers would be well advised to grow as much spring wheat as possible. In view of the world position, he said, the Government this year was doubly anxious that there should be no shortage in New Zealand.

Overseas the price of wheat is at the highest levels for any time since 1930, the year after the initial prolific crops which ushered in the agrarian depression. When the last mail left England the price of the quartern loaf had been raised from 8d to compared with 7£d three weeks previously. Commenting upon the influences in the market, The Economist states that once again, as in 1934, Nature has confounded the best-laid restriction schemes of men. Ever since the bumper cereal harvest of 1928-29, the countries which normally produce cereals for export have been compelled to “carry over” hundreds of millions of bushels of wheat from one crop to another. The world’s cereal producers for export found themselves obliged to try all manner of devices to restrict cultivation and the world wheat agreement attempted to arrest the process of protectionism for cereal producers in the European importing States. In 1934 a bad drought reduced the world stocks of wheat available for expert by 50 per cent, but there was no marked rise in price. Recently, however, as a result of the wet Old World summer com has “rotted in the ear” there, while in Canada and the United States, according to The Economist’s estimate, from one-half to two-thirds of the wheat crop has been wiped out by a drought even more devastating than that of 1934. Owing to the almost complete failure of the American maize crop, it is expected that the new wheat crop will be entirely used for domestic food and fodder. The effect of these happenings has been to force the value of the commodity to the highest level for many years and, as The Economist finally remarks, there seems now no reason why the depredations of Nature —more ruthless than restriction schemes—should not take it even higher.

DAIRY FACTORIES

ANNUAL REPORTS. PUKERAU. Mr A. Herron, chairman of directors, presided over a small attendance of shareholders at the twenty-seventh annual meeting of the Pukerau Dairy Factory Company, Ltd. The annual r<mort stated:— “The milk supply was again lower than the previous year, due partly to the dry summer weather. The cheese output amounted to 144 tons, beint 42 tons fewer than the previous year. In addition 41881 b of whey butter were mar.ufactured and sold locally. The cheese was sold in different contracts at 53d f.o.b. Payments for milk have been made at the rate of lOd per lb butterfat and, when the final payments

for cheese shipments have been received, a further Id per lb will be paid, bringing the pay-out for the year to lid per lb of butterfat. After writing down the property account by £5O, the profit and loss account shows a balance to credit of £596 14/11 from , which the final payment for milk will : be made. The directors recommend • that a dividend cf 2% per cent, be paid cn share capital. During the year ,a room adjoining the factory building was erected to accommodate the waxng plant and in which the waxing of i heese is carried out. A steel whey : .ank of 2500 gallons capacity was also ! purchased during the year., The total i .nilk supplied amounted to 3,129,0401 b, : butterfat 123,5641 b, average test 3.949, > lb of milk to lib of cheese 9.7041 b, > cheese to 11b butterfat 2.6091 b.” , • In moving the adoption of the re- ; port and balance-sheet the chairman

stated that the decline in output was to be regretted, last season’s being the lowest for the past fifteen years. Costs of manufacture, he said, were higher on the lower output, the total costs per lb of cheese being 1.43 d compared with 1.27 d the previous year. He did not favour the Government’s guaranteed . price for dairy produce; the interference would tend to make manufactur- . ing costs still higher. Mr Herron ; thanked his fellow directors for their support and co-operation during the : year and proposed a vote of thanks to ihe manager, Mr R. J. Haggart and ■ staff,'and to the secretary, Mr James . McKenzie. 1 The retiring directors, Messrs James McDonald and R. J. Potter were reelected, and Mr W. D. Shelton was reelected as auditor. At a subsequent meeting of directors Mr Herron was i elected chairman for the ensuing year.

Buyers £ s. d. Sellers. £ d. Stock, 31 p.c., 1938-43 101 5 0 Stock, 3} p.c., 1938-52 103 15 0 Stock, 31 p.c., 1939-43 101 5 0 Stock, 3} p.c., 1939-52 103 15 0 —— Stock, 4 p.c., 1946 103 10 0 — Bonds, 4 p.c., 1946 103 10 0 — Stock, 4 p.c., 1949 105 10 0 —— Bonds, 4 p.c., 1949 105 10 0 -— Banks. National of New Zealand 3 0 0 3 2 6 Commercial 0 18 0 0 18 6 Commercial, pref. 4 p.c. (cum.) 9 0 0 — N.S.W. 32 17 6 New Zealand 1 19 0 Australasia 12 0 0 — Breweries. N.Z. Breweries (shares) 2 12 Tooth’s Brewery 2 16 0 2 13 0 0 — Coal. Kaitangata 1 1 0 — Westport Coal 1 3 3 Insurance. National 0 18 3 — Loan and Agency. N.Z. Loan and Mercantile 32 0 0 — Meat Companies. N.Z. Refrigerating— (20/- paid) ■■■ U 6 (10/- paid) 0 9 1 South Otago Freezing Co. 8 0 0 Shipping. Union Steam Ship Co. (pref.) 1 0 0 —— P. and O. Stock 1 10 0 Woollen Mills. Bruce 0 14 6 Oamaru 1 ® b Miscellaneous. Broken Hill Pty. (cont.) " 3 17 6 Donaghy’s Rope and Twine 2 11 0 G. J. Coles 4 0 0 British Tobacco (Aust.) 2 2 3 2 3 0 Hume Pipe (Aust.) 1 0 N.Z. Guarantee Corporation 0 5 7 Mining. Waitahu “ 0 2 3 Gillespie’s Beach 0 1 5 0 1 6 King Solomon - - 0 1 Mount Lyell 10 4 Mount Morgans 0 12 Waimumu 0 0 0 10} Electrolytic Zinc — (ord.) 2 2 6 (pref.) 2 4 3 Waipapa Unlisted. Wool worths (Sydney) Sale Reported. Gillespie’s Beach, 1/5. 1 NORTHERN EXCHANGES ■ 11 SALES ON ’CHANGE ■ ■ ■ 1 — AUCKLAND. £ s d Stock 4 p.c., 1940 Stock 4 p.c., 1946 Stock 4 p.c., 1955 Auckland Harbour Board 101 103 105 15 15 15 0 0 0 101 10 0 Commercial Bank of Australia 18 3 British Tobacco Broken Hill Propty. (rights) 2 10 Henry Jones Mount Morgan do. 12 7 CHRISTCHURCH. £ s d Listed. New Zealand Refrig. (£1 paid) 19 3 Anthony Hordern Dunlop Rubber (cum. div.) 18 Electrolytic Zinc (pref.) 2 Mount Lyell Sales Reported. New Zealand Breweries 2 12 6 G. J. Coles (cum. rights, cum. divj 4 0 9 Unlisted. Woolworth’s (Sydney, ord.) Shillings Ltd., (17/6 paid) 5 7 6 17 DUNEDIN. £ s d Wilson’s Cement (Friday) 1 16 6 New Zealand Breweries (Friday) 2 12 6 Electrolytic Zinc (pref.) (Jriday) 2 4 6 Argo Gold Gillespie’s Beach do. 1 1 6 5>,& WELLINGTON. £, s d New Zealand Guarantee Corporation 0 K 7 7 (Late Friday, 2) O

N.Z. Sheep— Canterbury and North Island selected and crossbred wethers and maiden ewes: Under 481b 5‘,4 5)4 48-561b 4% 474 57-641b 4)4 474 65-721b 4% 474 Ewes: Under 481b 474 474 48-641b 4 4 65-721b 374 374 North Island: 48-561b 4% 474 57-641b 4)4 4)4 65-721b 474 474 Australian SheepFirst quality crossbred and/or Merino wethers: 40-651b 4)4 474 50-601b — —- Second quality wethers: 30-501b 4% 4 72 Elves: 30-501b 4)4 4|s 48-641b 3‘,4 3)4 65-721b 3 3 Argentine Sheep— First quality crossbred wethers: 48-641b 4',4 4’4 65-721b 4 4)4 Argentine Lambs— First quality: 361b and under 6)4 6/2 37-421b 6)4 6*/4 Patagonian Sheep— Wethers and/or maiden ewes: Under 501b 4)4 4y 2 50-601b 4 >/ 8 4/8 Ewes: 40-501b —— —— First quality: 361b and under —• —— 37-421b —— Second quality: Average about 281b —- •— Patagonian Lambs— 361b and under 6',4 — 37-421b —. Second quality: Average about 301b 6% 6/8 N.Z. Lamb— Canterbury, first quality: 361b and under 7)4 7’4 37-421b 7)4 7)4 43-501b 6)4 6)4 Second quality: Average about 311b 674 7 Other South Island: 361b and under 7’4 7’4 43-501b 6/2 6)4 Selected North Island, including Downs: 361b and under 774 774 37-421b 7)4 7)4 '43-501b 6)4 6)4 Second quality: Average about 301b 7',4 7)4 Other North Island— 361b and under 7',4 7)4 37-421b 674 7)4 Second quality: Average about 311b 674 674 Australian Lambs— Victorian first quality: 361b and under — — 37-421b —w Second quality: 361b and under 6 — Other States, first quality: 361b and under 6’4 —— 37-421b 6’4 — Second quality: 361b and under 6% ——- All States, third quality: Average about 261b 7 — N.Z. Frozen Beef— Ox fores (145-2101b) 274 274 Ox hinds (145-2101b) 374 374 Australian Frozen Beef— Ox fores (145-2101b) 274 274 Ox crops (145-2101b) 274 274 Argentine Chilled Beef— Ox hinds (145-2101b) 574 574 Ox crops (145-2101b) 3’,4 274 Australian Chilled Beef— Ox hinds (145-2101b) 5 474 Ox crops (145-2101b) 274 274 Union of S. Africa Chilled Beef — Ox hinds (145-2101b) 574 5)4 Ox fores (145-2101b) 3 2)4 Uruguayan Chilled Beef— Ox hinds (145-2101b) 5”4 558 Ox fores (145-2101b) 274 274 Brazilian Chilled Beef— Ox hinds (145-2101b) —— ■—- Ox fores (145-2101b) — — Southern Rhodesian Chilled BeefOx hinds (145-2101b) 474 4% Ox fores (145-2101b) 274 2’/4 N.Z. Porker Pigs— First quality: 60-801b GV4 101-1201b 6 3 /b 6% Australian Pigs— 60-801b 6)4 6)4 81-1001b 6)4 6)4 101-1201b 674 674 New Zealand Chilled Beef— Ox hinds (145-2101b) 5 5 Ox fores (145-2101b) 274 274 ■ ■ Mr R. L. Bennett, Wellington, has received the following report from Henry Fitter and Sons, Ltd., London:— d d New Zealand Lambs— Down, 2’s 774 7)4 Secondary, Down 7)4 774 2’s 7’4 7)4 8’s 7 7)4 4’s 6) 4 674 Secondary 674 7)4 New Zealand Mutton— Small 4Vz 5)4 Large 4 474 Ewes, small 4 la 474 Ewes large 3 5 / a 4)4 New Zealand Beef— Ox Hinds (frozen) 3)4 374 Ox Fores (frozen) 2’4 374 Dominion Chilled Hinds 474 5)4 Dominion Chilled Fores 2 3 4 3 South American Chilled Hinds 5)4 6 South American Chilled Fores 3 3’4 New Zealand Pork —— 6)4 Australian Lambs 574 7)4 Australian Lambs, superfine quality —— — Argentine Lambs (new season) 6 7)4 Lambs.—The market is quiet but firm.

Par. To-day. Paris, fr. to £ 124.21 76 57-64 New York, dol. to £ 4.886 5.0614 Montreal, dol. to £ 4.886 5.06 Brussels, belgas to £ 35 29.97 Geneva, fr. to £ 25.221 15.54 Milan, lira to £ 20.43 64% Berlin, rmk. to £ 24,42 12.58% Stockholm, kr. to £ 18.159 19.39% Copenhagen, kr. to £ 18.159 22 Oslo, fr. to £ 19.159 19.90 Vienna schgs. to £ 34.585 26% Prague, kr. to £ 164.25 122% Helsingfors, m. to £ 103.23 227 Madrid, pesetas to £ 22.15 50.55% Lisbon, escudos to £ 110 110 3-16 Athens, dr. to £ 875 531 Bucharest, lei to £ 318.6 677 Belgrade, dinars 275.31 221 Rio de Janeiro, p to mllreis 8.892 4% Buenos Aires, p. to dol. 45.577 36 Montevideo, p. to dol. 57 39 9-16 Bombay, p. to rupee 10 18% Shanghai, p. to dol. I. - 14% Yokohama, p. to yen 24.57 14 3-64

London— £N.Z. to £100stg T.T. 124 124/10/-O-D. 123/10/- 124/8/9 Australia— £A to £100 NJ5. T.T. 101 100/10/OJ3. 101 100/10/Fiji— £F to £100N.Z. T.T. 90/7/8 8S OJ> 90/7/6 89 New Zork— Dollars to £1 N.Z. T.T. 4.09% 4.05% O.D. 4.10% 4.06% Montreal— Dollars to £1 N.Z. T.T. . 4.09% 4.05% O.O. , 4.10% 4.06% AustriaSchillings to £1 N.Z. T.T. — 21.08 O.D. — 21.10 Belgium— Belgas to £1 N.Z. T.T. — 23.942 O.D. — . 23.953 Czechoslovakia— Crowns to £1 N.Z. T.T. _ 97.31 O.D. — 97.36 Denmark— Kroner to £1 N.Z. T.T. 18.203 17.893 OJD. 18.263 17.903

FranceFrancs to £1 N.Z. T.T. 61.50 GermanyReichmarks to £1 O.D. — 61.54 N.Z. T.T. —- 10.035 Holland— O.D. — 10.040 Florins to £1 N.Z. T.T. —— 5.942 Italy— O.D. — 5.946 Lire to £1 N.Z. T.T. — JavaO.D. — — Florins to £1 N.Z. T.T. 5.906 Norway— O.D. T5.910 Kroner to £1 N.Z. T.T. 16.181 15.891 Sweden— O.D. 16.241 15.901 Kroner to £1 N.Z. T.T15.785 15.490 Switzerland— O.D 15.845 15.500 Francs to £1 N.Z. T.T. — 12.385 Noumea— O.D. — 12.390 Francs to £1 N.Z. T.T. — 60.13 Papeete— O.D. — 60.19 Francs to £1 N.Z. T.T. —— 60.28 Hong Kong— N.Z. pence to 1 O.D. — 60.34 dollar T.T. 17 29-32 18 29-32 India and Ceylon— N.Z. pence to 1 O.D. 17 13-16 18% rupee T.T. 22 9-64 22 57-64 Japan— N.Z. pence to 1 O.D. 22 3-64 22 7-8 yen T.T. 17% Shanghai— N.Z. pence to 1 O.D. — /7 39-64 dollar T.T. 17 9-32 18 9-32 Singapore— N.Z. pence to 1 O.D. 17 3-32 18 17-64 dollar T.T. 34 27-64 36 31-64 O.D. 34 15 64 35 15-32

£ s d Bonds, 3 p.c.— 1948 92 5 0 Bonds, 4 p.c.— 1938 102 10 0 1944 102 15 0 Tooth’s Brewery 2 16 9 Anthony Modern (pref.) 1 3 0 Associated News 1 3 l’,2 Associated News (pref.) 1 2 10’«, British Tobacco 2 4 0 Dunlop Perdriau Rubber 18 4 >,'2 Electrolytic Zinc 2 4 9 James Stedman 17 3 Mark Foy 1 12 6

£ s d £ s d Copper— Standard, spot 38 16 lOVa 38 19 4',' 2 Forward 39 4 4>/ 2 39 4 4>i Electrolytic 43 5 0 43 0 n to 43 15 0 43 15 0 Wire bars 43 15 0 43 15 0 Lead— Spot 18 8 9 18 7 6 Forward 18 7 6 18 6 3 Spelter— Spot 14 6 3 14 1 3 Forward 14 11 3 14 5 0 Tin— Spot 195 0 0 198 7 6 Forward 192 7 6 196 3 9 Silver— Fine, per oz. Standard, per oz. 19 ' 7■16d 21d 19 7 -16d 21d