MONEY AND MARKETS

Southland Times, Issue 23229, 18 June 1937, Page 3

MONEY AND MARKETS

SHARE MARKET

INVERCARGILL STOCK EXCHANGE WEAKER TONE IN MARKET There was a weaker tone on the In- ;; vercargill Stock Exchange yesterday and with the exception of Government securities, sellers were more plentiful than buyers. Quotations were as follows: — Government Debentures

NORTHERN EXCHANGES SALES OTTCHANGE AUCKLAND

Proportion of reserve (No. 7 less No. 5) to notes and other demand liabilities, 78.378 per cent. SYDNEY STOCK EXCHANGE SWING TO GILT EDGED SECURITIES (Received June 17, 9.40 p.m.) SYDNEY. June 17. On the Stock Exchange the investment market continues to brighten but the swing to gilt-edged securities is becoming more apparent every day. Sales were:

Melbourne Sales The bond market was steady and the other sections of the market were inclined to be a shade better, but the volume was light. Sales were:

THE PRICE OF GOLD LONDON, June 16. The price of gold is £7 0/51 an ounce.

WINTON STOCK SALE

KEEN COMPETITION Prices were well up to those of the previous sale at the Winton stock sale yesterday. A good attendance of district farmers provided keen competition for an entry of approximately 1000 sheep. Prime heavy fat wethers realized 35/2, and lighter sorts down to 28/-. Prime quality fat lambs realized 29/4, medium 24/- to 26/-, and inferior down to 21/-. Freezing ewes made from 17/to 18/-. In a small entry of store sheep full and failing mouth ewes sold at from 17/- to 21/— and small wether hoggets 11/- to 12/-. Thirty head of cattle were yarded. Steers sold at £6 10/- to £7 15/-, fat heifers £5 and fat cows £5 to £5 17/6. Empty cows realized up to £2 7/- and one bull made £B. MINING~RETURNS MOSSY CREEK (United Press Association) GREYMOUTH, June 17. The Mossy Creek dredge return was 21oz for 129 hours’ work and 8360 yards. WORKSOP (United Press Association) GREYMOUTH, June 17. The Worksop return was 290 z for 131 hours’ work and 10,500 yards. FOREIGN EXCHANGES (Received June 17, 6.30 p.m.) RUGBY, June 16. The following mean closing rates of foreign exchange were quoted today compared with par:— Par Today Paris, fr. to £ — HO 29-32 New York, dol. to £ 4.886 4.93 13-16 Montreal, dol. to £ 4.886 4.93% Brussels, belgas to £ 35 29.25 Geneva, fr. to £ 25.221 21.55% Milan, lira to £ 20.43 93 13-16 Berlin, rmk. to £ 24.42 12.31% Copenhagen kr. to £ 18.159 22.40 Oslo fr to £ 19.159 19.90 Vienna schgs. to £ 34 58t 26% Prague, kr. to £ 34.585 141 13-16 Helsingfors, m. to £ 103.2 J 226% Maarid. pesetas to £ 25.15 — Lisbon, escudos to £ 110 110 3-16 Athens dr to £ 875 547 % Bucharest, lei to £ 318.6 672% Belgrade, dinars 275.31 216 Rio de Janeiro, p. to milrels 8.892 4% Buenos Aires, p. to dol. 45.577 — Montevideo, p. to dol. 5' 39% Bombay, p. to rupee 10 18%

NEW ZEALAND CURRENCY BASIS The Bank ot New South Wales, Dunedin, announces the following . rates of foreign exchange on s New Zealand currency basis, on Buying Selling London— - £N.Z. to fistglOO T.I. 124 124/10/O.D 123/10/- 124/8/9

SYDNEY PRODUCE MARKETS (Received June 17, 9.40 p.m.) SYDNEY, June 17. The wheat market is firmer, but quiet. Quotations: Bagged wheat, nominally 5/4 a bushel; silo, 5/la. Flour.—£l2 5/- a ton. Bran.—£6 15/- a ton. Pollard.—£7 a ton. Potatoes.—Tasmanian, £5 a ton; others, £4 9/-. Onions.—Brown, £l2 10/- a ton; white, £lB. Maize. —Yellow, 6/3 a bushel; white, 6/-. LONDONRATES OF INTEREST (Received June 17, 6.30 p.m.) LONDON, June 16. Discount and short-loan rates of interest are: Day-to-day loans, | per cent.; fine trade bills (three months), 21 per cent.; Bank Bills (three months), 5 per cent.; Bank Bills (six months), | per cent.; Treasury Bills (two months), 11-16 per cent.; Treasury Bills (three months), 11-16 per cent. METALMARKET (Received June 17, 6.30 p.m.) LONDON, June 16. Metals are quoted as follows:— June 15 ' June 16.

£ Buyers Sellers s d £ s d Stock, 3J p.c., 1938-43 101 10 0 - Stock, 3J p.c., 1938-52 102 0 0 Stock, 3J p.c., 1939-43 101 10 0 Stock, 3J p.c., 0. 1939-52 102 0 Stock, 4 p.c., 1946 103 0 0 Bonds, 4 p.c., 1946 103 0 0 ——— — Stock, 4 p.c., 1949 103 10 0 —— Bonds, 4 p.c., 1949 103 10 0 — — Stock, 4 p.c., 1955 102 0 0 Bonds, 4 p.c., 1955 102 0 0 Banks E. S. and A. Bank — 6 6 0 National of New Zealand — — — 3 6 6 New South Wales — 36 10 0 New Zealand — 2 5 0 New Zealand long “D” issue — 1 6 9 Union of Australia — — 11 2 0 Breweries N.Z. Breweries 2 6 2 — N.Z. Breweries (rights) 1 Staples’ Brewery 2 1 0 1 1 5 10 0 Coal Kaitangata — 1 2 6 Westport Coal 2 b 1 3 6 Insurance National 0 16 11 — Standard — 2 19 0 Loan and Agency Goldsbrough, Mort ‘ ■ and Co. 1 3 National Mortgage — — 2-12 9 N.Z. Loan and Mercantile 46 0 0 — Southland Farmers’ Co-op. 4 15 0 ■ Wright, Stephenson (ord.) 1 0 9 (pref.) 1 1 0 Meat Companies Gear Meat Co. — 0 17 0 N.Z. Refrigerating . (20/- paid) — U (10/- paid) 0 8 10 u a 0 Southland Frozen Meat (ord. and pref.) ’3 14 6 South Otago Freezing Co. 7 17 0 — Shipping Howard Smith — — 1 1 0 Huddart-Parker 2 0 0 Union Steam Ship Co. (pref.) ' 1 6 0 P. and O. Stock 1 18 0 — Woollen Mills Bruce •Ji 0 11 0 Kaiapoi (pref.) 0 16 6 — Mosgiel 10 2 0 Miscellaneous Australian Glass — — 4 13 0 Broken Hill Pty. — 3 19 0 British Tobacco (Aust.) 2 9 0 — Colonial Sugar Co. 46 10 0 G. J. Coles — b 7 0 D I.C. (ord.) 0 16 9 — D.I.C. (pref.) 1 3 9 Dominion Fertilizer 1 4 0 Donaghy’s Rope and Twine 2 13 0 Milburn Lime and Cement 1 19 0 — 6, N.Z. Drug 3 14 0 3 15 N.Z. Farmers’ Fertilizers 1 0 6 N.Z Guarantee Corporation . _ 0 Permanent Building 4 11 Society 5 17 0 Wilsons (N.Z.) Cement — 2 1 0 Woolworths (N.Z.) 8 b 0 • Shillings, Ltd. — 0 18 8 Mining Broken Hill South — 2 8 6 Big River — 0 1 6 Electrolytic Zinc (pref.) Gillespie s Beach 2 13 0 1 0 51 Mount Lyell —— 2 1 9 Mount Morgans 0 12 0 Nokomai 0 2 7 Okarito — 0 3 0 Skippers 0 0 4 Waimumu 0 0 4 0 0 8 Unlisted Woolworths (Sydney) — 7 1 0 McKenzies, Ltd. 4 1 6

£ s d Bonds 1952-55 4 p.c. 103 5 0 Stock 1955-57 3>,4 p.c. 100 0 0 do. 1952-55 4 p.c. 103 5 0 Bank of Australasia 12 6 0 Commercial Bank of Australia 18 6 Bank of New South Wales 36 0 0 Bank of N.Z. (2) 2 4 0 Henown 10 9 Auckland Gas 1 1 8 do. 1 1 7 Devonport Ferry1 0 0 Staples 2 11 0 N.Z. Breweries 2 7 1 do. (rights) 1 1 3 Tooth’s Brewery 2 15 3 Broken Hill Propty. 3 17 9 Burns Philp 3 12 0 Colonial Sugar (2) 47 0 0 Dunlop Perdriau 1 1 9 Electrolytic Zinc 2 10 6 do. 2 10 3 Farmers’ Trading (new) (£1 paid) 1 1 0 Milne and Choyce (deb.) (2) 17 0 Taranaki Oil 3 11 Wilson’s Cement (2) 2 0 0 Woolworths (N.Z.) 8 3 0 Waihi Junction 2 6 Broken Hill South 2 7 6 Mount Lyell 2 0 3 Mount Morgan 11 7 do. 12 0 Placer Development 4 2 6 Unofficial Woolworths (Syd.) 6 18 0 Radio (1936) Ltd. 1 2 6 WELLINGTON £ s d Bank of N.Z. (Wed.) (2) 2 4 0 Huddart Parker (ord.) (Wed.) 1 18 414 Dominion Brewery (Wed.) 2 3 8 Broken Hill Propty. (Wed.) 3 17 6 do. 3 17 9 Farmers’ Trading (new) (Wed.) 1 1 0 Gillespies Beach (Wed.) 1 5 4 p.c. Stock 1940-43 102 0 0 Westport Coal 1 3 0 N.Z. Breweries (rights) 1 1 1 Broken Hill Propty. (2) 3 18 0 do. (2) 3 17 9 Colonial Sugar 47 5 0 Electrolytic Zinc (pref.) 2 12 6 do. (ord.) 2 10 4 do. (ord.) 2 10 3

Taranaki Oil 4 1 Broken HiU South 2 7 4 do. 2 7 7% Mount LyeU (2) 2 0 6 Unofficial Woolworths Limited (odd lot) (Wed.) 7 0 0 CHRISTCHURCH £ s d Commercial Bank of Australia (3) 18 5 do. 18 4 N.Z. Breweries (rights) 1 1 3 do. 1 1 2 do. 1 1 4 Broken Hill Propty. (3) 3 18 0 do. (3) 3 17 9 do. 3 17 8 do. (cont.) (3) 3 12 3 Dunlop Rubber (2) 1 1 6 Electrolytic Zinc (ord.) 2 9 9 do. (2) 2 10 0 do. 2 10 3 do. (pref.) (2) 2 12 4 G. J. Coles (3) 5 6 9 Kauri Timber (cum. div.) 1 3 7 Morts Dock 14 3 N.Z. Paper Mills 1 7 3 Wilcox Mofflin 13 0 ShiUings Ltd. 18 4 Taranaki Oilfields (2) 3 11 Worksop Extended 1 4 Broken Hill South (cum. div.) (3) 2 6 7 Mount Lyell (cum. div.) 2 0 5 do. (2) 2 0 4 do. (4) 2 0 5 do. (2) 2 0 4 . do. 2 0 3 do. 2 0 2 Mount Morgan 11 5 do. (2) 11 6 do. (11) 11 7 do. (3) 11 North Broken Hill 3 10 0 Sales Reported N.Z. Breweries (rights) 1 1 3 Broken Hill Propty. 3 17 8 Electrolytic Zinc (pref.) 2 12 3 Mount Lyell (cum. div.) 2 0 4 Mount Morgan 11 8 do. 11 6 G. J. Coles *2) 5 6 9 Electrolytic Zinc (ord.) (2) 2 10 4 Broken Hill South 2 7 0 North Broken Hill 3 10 0 Rawang Tin 11 4 Unlisted McKenzies Department Stores 4 1 0 Woolworths (Syd., ord.) (2) 6 19 0 DUNEDIN £ s d Westport Coal (2) 1 3 0 N.Z. Breweries (rights) (6) 1 1 3 N.Z. Refrigerating (paid) 18 11 Broken Hill South 2 7 0 Electrolytic Zinc (ord.) 2 10 3 do. (2) 2 9 9 National Insurance 17 0 National Mortgage (B) 1 9 6 Taranaki Oil . 4 0 Unlisted McKenzies Department Stores 4 0 9 1 '■

THE RESERVE BANK ASSETS AND LIABILITIES (United Press Association) WELLINGTON, June : 17. The following is a statement of the assets and liabilities of the Reserve Bank of New Zealand as at the close of business on June 14:— LIABILITIES £ s d 1. General reserve fund 1,500,000 0 0 2. Bank notes 12,842,563 0 0 3. Demand liabilities— (a) State • 8,106,734 9 8 (b) Banks 8,692,802 18 3 (c) Other 884,477 11 9 4. Time deposits 5. Liabilities in currencies other than New Zea6. land currency —— Other liabilities 127,673 4 10 Total £32,154,251 4 6 ASSETS 7. Reserve— (a) Gold 2,801,791 0 0 8. 9. (b) Sterling exchange 21,124,372 (c) Gold exchange Subsidiary coin 112.107 Discounts— 1 5 7 10 (a) Commercial and agricultural bills 10. (b) Treasury and local body bills Advances — (a) To the State or State (1) undertakings: Dairy industry account 4,932,351 1 11 (2) For other purposes 200,000 (b) To other public 0 0 11. authorities (c) Other Investments 2,906,450 0 0 12. 13. Bank Buildings Other assets 77,179 15 2 Total £32,154,251 4 6

£ s d Bank of New South Wales 36 2 6 Bank of N.Z. 2 4 6 Colonial Sugar 48 0 0 Associated Newspapers 1 3 0 do. (pref.) 1 3 6 Huddart Parker 1 18 6 Bums Philp 3 12 6 Australian Gas 7 9 0 Tooth's Brewery 2 15 9 Toohey’s Brewery 1 13 6 G. J. Coles 5 9 0 Dunlop Perdriau Rubber 1 2 0 Winchcombe Carson 1 19 0 Henry Jones 2 7 6 Australasian Paper 1 13 3 Anthony Hordern 19 1/is General Industries 1 0 4‘i Australian Wood pipe 10 0 Gibson Howes 1 11 4>,i Nestles (pref.) 1 14 7«,i Morts Dock 14 6 Hackshalls 15 6 Felt and Textiles 1 15 3 Mark Foy 1 6 0 Permewah Wright 1 14 i',2 Peters 2 15 0 J. Fielding 4 10 0 Myers Emporium 1 15 9 Woolworths (ord.) — Buyer 6 19 0 Seller 7 0 0 Woolworths (N.Z.) — Buyer 8 0 0 Seller 8 1 0 Selfridges— Buyer 1 9 6 Seller 1 11 0 Mount Morgan 11 11 Mount Lyell 2 1 0 North Broken Hill 3 11 0 South Broken Hill 2 8 0 Rawang Tin 11 5 Rawang Tin (N.Z. delivery) 11 5 Placer Development 4 0 0 Taranaki Oil 4 0

£ g d Commercial Bank of Australia 18 6 National Bank (£5 paid) 7 4 0 Carlton Brewery 3 4 0 G. J. Coles 5 7 0 Drug Houses 1 6 3 Australian Iron and Steel (pref.) 1 7 0 Dunlop Perdriau Rubber 1 2 0 Kauri Timber 1 4 0 Yarra Falls 1 19 9 Felt and Textiles 1 15 0 Melbourne Electric Stock 17 6 Silverton Trams 1 15 6 Satupulo 1 16 0 Mount Lyell 2 1 0 Mount Morgan 12 0 Broken Hill Propty. 3 18 6 North Broken Hill 3 10 9 South Broken Hill 2 7 9 Emperor 15 5 Loloma 17 10

Australia— £A to £100 N.Z. r.i. 101 100/10/O.D 101 100/10/Fill— £F to £100 N.Z. r.i. 90/7/6 89 O.D 90/7/6 89 New York— Dollars to £1 N.Z T.T. 3.9945 3.9576 O.D. 4.0045 3.9616 MontrealDollar to £1 N.Z T.T. 3.9935 3.9586 O.D. 4.0060 3.9626 Austria— Schillings to £1 N.Z. T.T. —<■ 20.95 O.D. —— 20.96 Belgium— Belgas to £1 N.Z. T.T. 23.363 O.D. —— 23.374 Czechoslovakia— Crowns to £1 N.Z T.T. — 113.06 O.D. — 113.11 Denmark— Kroner to £1 N.Z. T.T. 18.203 17.893 O.D. 18.263 17.899 France— 1 Francs to £1 N.Z. T.T. — 88.88 O.D. — 88.92 Germany— Relchmarks to £1 N.Z. T.T. — 9.828 O.D. —— 9.833 Holland— Florins to £1 N.Z. T.T. 7.317 7.167 O.D. 7.357 7.171 Italy— Lire to £1 N.Z. T.T. —— 75.21 O.D. — 75.26 Java— Florins to £1 N.Z. T.T. 7.291 7.141 O.D. 7.331 7.145 Norway— Kroner to £1 N.Z. T.T. 16.183 15.893 O.D. 16.243 15.899 Sweden— Kroner to £1 N.Z. T.T. 15.785 15.490 O.D. 15.845 15.496 Switzerland— Francs to £1 N.Z. T.T. 17.494 17.224 O.D. 17.599 17.229 Noumea— Francs to £1 N.Z. T.T. —. O.D. — 87.57 Papeete— Francs to £1 N.Z. T.T. 87.46 O.D. 87.52 Hong Kong— N.Z pence to 1 dollar T.T. 18 9-64 18 37-64 O.D. 18 7-64 18 37-64 India and Ceylon— N.Z pence to 1 rupee T.T. 22% 22 21-32 O.D. 22 11-32 22 21-32 Japan— N.Z. pence to 1 yen T.T. —— 17 29-64 O.D. — 17 29-64 Shanghai— N.Z. pence to 1 dollar T.T. 1734 18 3-16 O.D. 17 23-32 18 3-16 Singapore— N.Z. pence to 1 dollar T.T. 34 23-32 35 13-64 O.D. 34% 35 13-64 Chefoo— N.Z. pence to 1 dollar T.T. 17 23-32 18 11-32 O.D. 17 43-64 18 21-64

£ s d £ ,S d Copper— Standard, Spot 51 10 0 53 12 6 Forward 51 10 0 53 6 3 Electrolytic 59 0 0 60 0 0 to 61 0 0 62 0 0 Wire bars 61 0 0 62 0 0 Lead— Spot 21 0 0 21 18 9 Forward 20 18 9 21 17 6 Spelter— Spot 19 0 0 20 5 0 Forward 19 2 6 21 17 6 TinSpot 243 2 6 247 17 6 Forward 242 12 6 247 2 6 Silver— Fine, per oz 19%d 19 13-16d Standard, per oz 21 7 -16t; 21%d