FINANCE & MARKETS

Sun (Auckland), Volume III, Issue 837, 4 December 1929, Page 10

FINANCE & MARKETS

Increased Activity

Waihis Firm TIIK general tone of the market is brighter and many transactions are being recorded. Waihi scrip is decidedly firmer, last sale 13s 7d.

Fluctuations Price movements, shown by a comparison of sales over the past 24 hours with the price at the time of the previous recorded sale, include: Mount Lyell, fall of 7d. Business on the Auckland Market Transactions on the Auckland market over the past 24 hours have included:— Yesterday afternoon. —Mount Lyell Mining, 40s 3d (two parcels): Farmers’ Trading (B pref.), 13s 9d; New Zealand Farmers' Fertiliser. 22s 6d; BriE*oba co 15a 4d and 45s Sd; Leyland O’Brien. 28s l*d: Auckland Gas, i*ss 2d; Bank of New Zealand, 60s; Rank of New South Wales, £4l 7s 6d; New Zealand inscribed stock, 1938, 4$ per cent., £IOO. At this morning’s early call.—Commercial Bank of Australia. £1 5s 10£d; Union Bank of Australia, £l3 16s; Renown Collieries (pref.), new issue, 3s; New Zealand Farmers’ Fertiliser, £1 2s 6d. At todays midday call.—National Insurance. 15s 6d; Auckland Gas, £1 .*«<» 2d; Farmers’ Trading (ord.), 9s; Mount Lyell, £2 Os 3d. Taranaki Oil Coy.’s Progress The Taranaki Oil Co., Ltd., reports: Gisborne No. 2 Well. —Making final preparations for resumption of drilling. Kotuku No. 1 Test Hole.—Drilled to 730 feet; ground somewhat harder. Market at Midday Although bank scrip has fallen considerably, many sales are still being written up. Commercials of Australia sold this morning at 25s 10£d. National

of New Zealand have sellers at £6 17s 6d, without attracting buyers. New South Wales have settled down with buyers £4l ss, sellers £42 15s, last sale £4l 7s 6d (Melbourne register). Bank of New Zealand have again changed hands at 60s. Union of Australia have steady buyers at £l3 13s, sellers £l3 18s. Shipping shares are attracting many investors. Devonport Ferry are steady. Howard Smith are in demand. Huddart-Parkers have buyers at 425, sellers now appearing at 435. Union Steam have persistent buyers at 20s 6d. shares unoffered. Local body debentures have numerous keen buyers, but few' sellers are appearing. Government bonds and stocks are also firm, few sellers quoting. * * * Mine Managers’ Reports Mine managers report as follows; Occidental-Una.—During the week work in the mine has been confined to work of advancement of the northwest stope. on the hanging-wall leader, and this leader averages about nine inches in thickness. The channel of country encasing the leader is a firm andesite interlaced with mineral seams, and all that could be desired for better gold in ore at any time. Crushing is not quite completed from ore won from this leader. Dividends Payable Due. Bank of S.Z.— Interim. Is -Id a share •• .. .. .. .. .. Dec. 7 Amalgamated Wireless—B p.c. P- 3 - .. .. Dec. S Mount Lyell—final, 2s 9d a stare Dee. 18 Kauri Timber—3 p.c. .. About Dec. 13 Loan and Mercantile Agency Co. —final, pref., 21 p.c. and ord., 5 p.c Dee.

TODAY’S QUOTATIONS

BUTTER AND CHEESE Merchants report receipt of overseas cables as follow: Kelliher and Co.. Ltd., from Messrs. TVhiteley. Muir and Co.. London: “Butter: Market weak; 166 s to 168 s. Cheese: Market steady: coloured, 91s to 935: white, 93s to 955.” CHICAGO WHEAT MARKET ( United P.A. —By Telegraph — Copyright) Lccd. 11 a.m. CHICAGO, Tuesday. Wheat. —December, 1 dollar 30 7-S • ents; March, 1 dollar 38 cents; May, 1 dollar 412 cents. NORTHERN DAIRYING {From Our Oxen Correspondent) WHANGARKI, Tuesday. The output of the. Whangarei Dairy Company last month was 253 tons 1 cwt, against 221 tons 7 cwt for November. 1928. For the season to date the output has been 648 tons 1 cwt, compared with 577 tons 17 cwt for the coresponding period last season. The figures for the Northern Wairoa Co-operative Dairy Company’s factory, compared with those of last season are as follow:—November, 1929, 347 j tons; November. 1928, 3212 tons; increase, 252 tons. For the season to November 30 the output was 46 tons more than that for the corresponding period last year. The Ruawai Company's output has also increased. Last season, at this of the year, the output was 151 boxes a day. whereas now it is 174 boxes. In November, 1929. the output was 118 tons, compared with 106 tons for November, 1928. The output for the season to November 30 was 325 tons, as against 293 tons last season.

FOREIGN EXCHANGE RATES British Official Wireless Reed. 11 a.m. RUGBY, Tuesday. The following rates on foreign exchanges are current today,-compared with those of November 2S and par:— Dec. 3 Nov. 28 Par. Montreal, dol.

REFLECTIONS ON CHANGE

MARKET FAVOURS BUYERS BANKING GROUP DEPRESSED By -NOON CALL” Like a rudderless craft buffeted by angry seas and those in charge prevented by a fierce gale from effecting repairs and setting a new course, the market on ’Change is passing through one of. the most difficult periods of recent times. No sooner does it show signs of recovering from the effects of one bearing influence than something else seems to come along to batter down the returning confidence of the buying public. To forecast price movements even 24 hours ahead is a difficult if not impossible task. First, we had overseas influences, more or less reactions from such crises as the Hatry disaster, the Wall Street slump and the general tightness of money in the world’s principal markets; then came the decline in wool prices; then the legislation in Australia relative to increases in taxation and interference with the control of banks; now, when it seemed that bedrock had been reached and that nothing short of national disaster could send the general level of prices any lower, w© have had the directors of what is practically the leading bank of Australia or New Zealand withholding 24 per cent, of what experience since 1925 has taught shareholders to look upon as a customary annual distribution. The effect was instantaneous; for a few hours the market appeared to support the gloomiest views of the pessimists who contend that a time of extreme financial stringency is at hand. New South Wales Bank shares, which were selling at £ 47 15s last week, dropped to see sales in Australia at under £4O; buyers withdrew from the New Zealand market. All other bank shares, in addition to scrip in companies dealing with the man on the land or in any way connected with the wool and stock raising industry, fell in sympathy. There has been a slight recovery over the past few days, but there still seems too big an inclination to take the gloomiest view and to think only on the depressing side.

No recognition is given of the fact that wool has not fallen as low as earlier indications pointed; not a word is said, as far as New Zealand is concerned, that another season of record production is likely in several branches of her farming industry. /

It is indisputable that both New Zealand and Australia will experience a period of money tightness over the next twelve months. All indications point that way, and it is only a question of weeks now when this will be reflected by the gilt-edge section which, up to the fnoment, has held up remarkably well. Early in the New Year, when local bodies come on the market for fresh loans and the Government comes out into the open in respect to arranging for meeting maturing loans, etc., the general interest level must rise in sympathy with the rest of the market. It is a foregone conclusion that there will not be quite so much money in circulation next year as has been the case over the past twelve months.

Despite all this, however, the general state of the market is healthy, and there is no occasion for undue pessimism. One of the lessons of the recent slump in prices has been comparatively small reaction on prices of shares in some local companies. While the market for shares in the bigger companies with a wide spread of interests. especially those operating in Australia has been jumping up and down, prices for scrip in sound local concerns have shown comparatively little movement. Auckland Gas, Kemp-tliorne-Prossers, N.Z. Farmers’ Fertilisers, Wilsons Cements, and New Zealand Breweries, are in the class referred to; such a state of affairs gives some suport to the contention that it is wise at times to select investments from profit-earning concerns operating in the home town and supplying a commodity in every day use; a company whose commercial and industrial progress is ever under the eye of the investor.

Sales in practically all sections have been confined to within a comparatively small compass over the week; more than ever does it seem that there are many good buys to be had for the investor who is prepared to hold. This is particularly the case in regard to bank shares. It is hard to see how any investor could go wrong by purchasing Commercials of Australia, Unions, English, Scottish and Australian, or Nationals of Australasia at present prices. RETURN ON INVESTMENT Below is a summary of sales made on New Zealand Exchanges over the week ended December 3, giving the approximate return on investment based on the latest dividend. In the case of Government debentures the return includes redemption: Latest Approx. Price. Return. BANKS—

EXCHANGE RATES GO UP

TELEGRAPHIC TRANSFERS 5/- PER CENT. INCREASE Press Association WELLINGTON, Tuesday. The acting-chairman of the Associated Banks announces that as from December 4, the selling rate for telegraphic transfers on London will bo increased by 5s per cent. The rates will now be as follow: Buying. Selling, s. d. s. d. On demand .. .. 2 6 dis. 20 0 prem. 3 days 4 6 dis. 30 days .. .. ..12 G dis. 12 6 prem. 60 days 22 6 dis. 5 0 prem. 90 days .. .. . . 32 6 dis. 2 6 dis. 120 days -12 6 dis. Telegraphic Transfer FRANKTON. STOCK SALE BEEF MARKET FIRMER From Our Oxen Correspondent HAMILTON, Tuesday. There was a large yarding of fat and store cattle at the Frankton saleyards today, and advanced prices were realised. A smaller yarding of sheep sold at late rates. Pigs were yarded in large numbers and sold at higher rates under keen competition. Auctioneers report as follow; Tho New Zealand Loan and Mercantile Agency Company, Limited:—Beef: Fat bullocks, £l2 5s to £l4 2s 6d; good fat cows, £lO 10s to £ll ss; light fat cows, £9 7s 6d to £lO ss; light cows, £7 5s to £8 15s. Sheep; Fat wethers, to 29s 4d; good hoggets, to 32s 6d. Pigs: Baconers, £2 16s to £3 12s; porkers, £2 7s to £2 14s. The Farmers’ Co-operative Auctioneering Company, Limited:—Beef: Fat steers, £l3 2s 6d to £l4 8s; light, £ll 15s to £l2 12s 6d; fat cows, £lO 17s to £l2 Is; medium, £9 5s to £lO Is; light, £7 9s to £8 ss; forward conditioned cows, £6 17s to £7 3s; store cows, £3 to £6 4s: yearling Hereford and Shorthorn heifers, £ 4 to £5 15s; bulls, £4 to £7. Sheep: Fat wethers, 29s 4d; fat -lambs, 26s to 30s. Pigs: Medium baconers, £3 5s to £3 10s; light, £2 18s to £3; heavy porkers, £2 15s to £3; medium, £2 8s to £2 12s; light, £2 2s to £2 6s; stores, 36s to £2 2s; slips, 30s to 355; weaners, 14s to 23s Cd.

Dalgety and Company, Limited: Beef: Medium-weight prime bullocks, to £l4 7s 6d; light fat bullocks, £ll 5s to £l3 2s 6d; prime good quality cows, £9 15s to £l2; light fat cows, £8 10s to £9 12s 6d; inferior cows and heifers, £6 10s to £7 12s; light runners, £3 to £4. Store cattle: Pen of dehorned grown steers, £lO 2s Cd; pen of 3 r earJing and two-year steers, £6 10s; Shorthorn run heifers in calf, £7 15s; store cows in forward condition, to £7 15s; Shorthorn 2year heifers, to £ 6 12s. Dairy cattle: Friesian heifers, in milk, to £l2; grade Friesian cows, in milk, £l3. Sheep: Best prime wethers, to 29s 3d; medium wethers, £1 7s lOd; fat ewes, 22s 3d; fat hoggets, 26s 6d. Pigs; Prime baconers, to £4 Is; lighter, to £3 11s; porkers. £2 7s to £3; medium stores, £1 8s 6d to £1 13s; small stores, £1 4s to £1 9s; slips, £ 1 to £1 4s; weaners, 18s 6d to £1 2s.

HIDE AND SKIN AUCTIONS

AUCKLAND SALE Steady competition at slightly better prices for cow hides was recorded at the hide and skin auctions held by the Auckland Woolbrokers’ Association yesterday. The market for tallowy and skins was slightly easiei\ Prices ranged as follows: Cow hides, light and medium 53d to 6|d a lb, heavy sid to 6d, cut 5d to 52-d, seconds 4d to lid, faulty 33d to 4d; ox hides, light sid to 6d, medium and heavy 6d to Gid, cut 5d to oid, seconds 4Jd to sid; kips, best grade 7d to 7id, seconds 6d to 6gd: yearlings, best grade 9d to 9 .Id, seconds s£d to 6id: calfskins, heavy 91b to 101 b weights, 83d to 9Jd, medium 12Jd to 13d, light 313 d to 12d, cut 9Jd to 3 od, slippy 8d to 9d. Sheepskins.—Three-quarter to fullwoolled, medium to fine crossbred 103 d to llid; coarse crossbred, Did to lOd; faulty, Bid to 9id; damaged, 7£d to 73d; badly damaged and broken, 6id to 7d; half-woolled, medium to fine crossbred, 9id to 3 03d; coarse crossbred, 9d to 9id; faulty, 7id to BJd; damaged, 6id to 7d; quarter to half-woolled, damaged and broken, sid to 6d; lambskins, sound, to 10gd: faulty and seedy, Sid to 9d; damaged, 7id to 8d; salted sheepskins, threequarter to full-woolled, large, 9s 9d to 10s each; medium, 8s 3d to 8s 9d; light, 5s 3d to 6s 3d; half-woolled, large, 6s to 6s 3d; medium, 4s 6d to 5s 3d; light and small, 2s 9d to 3s 8d; pelts, sound, 2s 9d to 3s. Tallow.—Best mixed, in barrels, 28s to 28s 6cl a cwt; second quality, 24s to 265; poor quality and gut-stained, 20s to 225; in tins, good quality, 26s 6d to 275; second quality, 24s to 25s Gd. Horsehair. —Best tail, Is Sd to Is 9d a lb; mixed, Is 6d to 3 s 7d; shorts, lOd to Is Id; mane, Sid to 9d. Bones.—Clean, dry, £5 15s a ton.

CANTERBURY POTATOES

FIGURES FOR LAST SEASON Press Association CHRISTCHURCH, Tuesday. A few potatoes went North from Canterbury by last week’s boats, but the season is over. The total shipped from Lyttelton lor the season was 334,329 sacks, the destinations being Auckland, 123,414 sacks; Wellington, 96,653; Napier and Gisborne, 29,061; West Coast, North Island, 76,937; West Coast, South Island, 8,264. A considerable amount of business has been done in next season’s crop with farmers at £3 15s to £4 a ton, on trucks, for whites, and £4 for Dakotas. The f.0.b., s.i., figure of sales made to the North is £5 to £5 ss. The rains of the last ten days have been of inestimable benefit to the growing crop. The general impression is that the area in tubers is larger than usual, but a reliable guide in this connection is difficult to obtain. There is no difference in the cereal quotations. Wheat prospects have been improved by the splendid rains and oats have also benefited, but not to the same extent. Quotations show no change in either case. Chaff is still in strong demand and prices are hardening. Sales have been £7 12s 6d a ton, f.0.b., s.i., or £5 17s 6d on trucks.

LONDON METAL MARKETS

L nited P.A.—By Telegraph—Copyright ! -OXI)OX, Monday. (Quotations on November 28 in parentheses.)

Copper.—Spot, £6S 8s 9d (£69 12s 6d) three months, £67 18s 9d (£6B 10s). Electrolytic Copper.—Spot, £B3 (£B3) three months, £B4 (£B4). "Wire Bars.—Spot, £B4 (£B4). Lead. —Spot, £2l 6s 3d (£2l Ss 9d) three months, £2l 8s 9d (£2l Ss 9d) Spelter.—Spot, £l9 15s (£l9 17s 6d) three months, £2O 7s Cd (£2O 7s 6d) Tin. —Spot, £174 7s 6d (£l7O 12s 6dv three months, £177 7s 6d (£179 12s 6d). Silver.—Standard, 221 d (22id) an oz 1 fine, 24d (24 5-Sd).

APPLES FOR HOLLAND

LONDON WOOL SALES

LATE RATES MAINTAINED United P.A. —By Telegraph—Copyright Reed. noon. LONDON, Tuesday. At tlio wool offered, of which 3,832 were New Zealand. There was a moderate selection of greasy Merinos, a large and miscellaneous offering of scoured Merinos, and a better supply of grea/sy crossbreds. All sections were operating well at late rates. New Zealand greasy crossbred, Waipaoa, 16£d top price, 15id average. WOOL SALES .AT SYDNEY SYDNEY, Tuesday. At the Sydney Wool sales '7,344 bales were sold. Prices for all best descriptions of fleece and skirtings were equal to late rates, but for average and inferior lines were from 5 to 7 k per cent, below the closing rates last week. Greasy Merino brought 203,0. CAMBRIDGE STOCK SALE The New Zealand Loan and Mercantile Agency Company, Limited, Hamilton, reports:—At Cambridge sale on Monday a good average yarding of stock came forward, which all sold under steady competition. Fat cows and heifers made £ 8 to £9 10s; plain fat cows, £6 15s to £7 12s 6d; fleshy cotvs, £5 15s to £ 6 10s; cows in fresh condition, ££ 12s to £5 7s; cows and calves, £ 7 to £8 7s 6d; 15-months-old Friesian steers in good condition, £ 5 to £6; heavy hulls, £7 10s to £9; lighter ditto, £5 10s to £6; dairy cows in milk (whole herd), £ll 5s to £l3; others, £9 10s to £l3 ss; fat porkers, £2 3s to £2 14s; unfinished porkers, £1 14s to £1 16s; store porkers, £1 7s 6d to £1 9s Gd; slips, £1 3s to £1 ss. Several farm horses realised from £l4 to £2 3.

N.Z. FRUIT FOR GERMANY

Press Association HASTINGS, Tuesday. The manager of the Fruitgrowers’ Federation at Hastings says that it was knowrn in New Zealand that sales forw’ard of apples to Holland and Hamburg were in contemplation at prices ranging from 12s 6d to 13s 6d, c.i.f., which is equal to 7s 2d to 8s 2d on rail at Hastings. The deal reported in today’s cablegram is an extension of the previous year’s apples’ marketing in the countries named.

The manager of the Fruitgrowers’ Federation at Hastings says that it was known in New Zealand that forward sales of apples to Holland and Hamburg were in contemplation at prices ranging from 12s 6d to 13s 6d. c.i.f., which is equal to 7s 2d to 8s 2d on rail at Hastings. The deal reported in yesterday’s cable is an extension of the previous year’s marketing in the countries named.—P.A.

Closing quotations at today’s mid-day Buy era. Seller*. s d. £ s. d. BANKS— Australasia Com. of Australia . 1 5 10 Ditto (pref.) .. .. Bn??.. Scot. & Aust. 10 0 National of N.Z. .. (OOIl.) N c w South Wales. 41. 15 0 42 15 New Zealand . . 1!) 6 0 6 Ditto, D. Mort .. 1 8 0 i 9 I nion of Australia 13 13 0 13 18 0 INSURANCE— National 0 15 3 0 New Zealand .. .. 5 0 Queensland .. .. .. IS South British .. .. 3 4 0 3 6 I.O.VN’ AMD AGENCY — Abraham & Williams (pref.) 4 12 0 Dalgety and Co. . . Dominion Investment and Banking. 1 0 1 armors’ Co-op. Auc. Ditto A (pref.) 0 1 8 3 19 i.oldsbrough. Mort . 1 6 Ditto (rights) 0 6 0 0 Newton King (pref.) o N.Z. A- River Plate 1 30 0 N. Auck. Farmers' i'o-op ford.) .. .. 0 3 0 Ditto B (pref.) .. 0 n o 0 0 Reliance Loan (pref.) 1 4 0 COAL— <%rey Valley .. .. 6 6 Hikurangi 1 0 Ditto < ) . . 0 1 0 Ditto A (pref.) I’ukemiro 1 1 0 15 0 Renown 16 6 0 Ditto (pref.) . . 0 Ditto (new issue) 0 2 11 0 1 Taupiri l 8 9 1 4 Ditto (pref.) .. .. 1 3 6 aipa 0 14 6 \V estport-Stock ton (pref.) — 0 3 5 CAS— Auckland 1 r, n rj o Ditto (con.) .. .. 0 18 4 0 19 0 SHIPPING— Pevonport Steam .. 1 2 fi 1 3 6 iToward Smith 1 1 6 J(ud dart-Park or 2 0 0 Northern Steam 0 14 S 0 15 3 Union Steam (pref.) 1 0 6 — TIMBER— Bartholomew 1 0 9 Kauri Timber u 17 0 1 Barker-Lamb .. — 0 17 WOOLLEN--Kaiapoi 0 13 0 Ditto (pref.) .. .. 0 14 0 0 16 0 BREWERIES— C. L, Innea 1 1 0 Ditto (pref.) .. .. 1 l n N.Z. Breweries .. .. 4 5 0 4 6 0 MISCELL ANEO U S— British Tobacco 2 5 0 2 6 Bycroft, Ltd 1 10 6 i 14 0

mU wer«:— Buyers Sellers. £ s. d. s. d. Colonial Sugar . . .. 50 0 Dental and Medical 0 10 Dominion Pictures . I 0 Ditto (pref.) .. .. 1 0 6 Dunlop Rubber . . . . .Electrolytic Zinc (ord.) 1 1 6 1 14 0 Ditto (prel.) .. .. 1 13 G 1 14 0 Farmers’ Trading . . 0 8 9 0 9 0 Ditto A (pref) 0 IS 0 Ditto B (prel'.) .. 0 13 0 0 14 Faterine (ord ) ft 6 0 Gear Meat Grey and Menzies 0 10 6 Hamilton Theatres . 0 18 6 Hayward’s Pictures 0 Henry Jones Co-op. 1 12 H.M. Arcade Theatre (pref.) 1 I 0 Holden’s Motors, B (pref.) — 1 0 6 N.Z. Drug 13 0 Lewis Eady (ord.). l 9 Ditto (pref.) .. .. 1 0 0 Milne end Choyce. (deb. stock) . . . . 1 7 1 s Farmers’ Fertiliser . 1 1 ] 1 .Northern Boot 0 8 0 14 Sanford. Ltd 0 18 Ditto (pref.) .. .. 0 19 6 S. R. Maxwell .. .. 0 4 <; 0 9 6 Taranaki Oil Fields . 0 Tonson Garliclt 0 6 0 fi I nion Oil 2 Victoria Nyanza Sugar —. 2 4 0 Whlttorae-Stevfer.son 2 6 0 Wilsons Cement 2 1 0 2 1 9 MINING— Moanataiari (paid ) . 0 0 9 0 Ditto (con., 2s 2d . paid) 0 0 15 0 0 Ditto (con, Is 6d paid) 0 0 Kawarau 0 0 3 0 0 6 Lucky Shot (4s pd) 0 0 9 0 1 4 Ditto (con.) . . . . 0 0 10 Ohinemuri (ord.) . . 0 9 6 0 10 3 Waihi 0 3 3 7 0 13 S Waihi Grand June. 0 1 0 1 6 Mount Lyell 0 1 Kuala Kampar Tin 0 9 10 Rawang 0 6 6 — DEBK.N'TUEESAuck. Harbour Board. inn 10 ft Ditto, 6 p.c 103 0 0 City of Auckland. 1943, 5* p.c 100 10 0 Auck. Fire Board. 6 100 0 0 Bor. of Devonport, 103 n 0 Bor. of Mt. Eden, 6 . 103 o 0 N.Z. Breweries 1 9 1 S 6 Gisborne Sheepfarmers — 99 0 0 , GOVERNMENT BONDS— War Loan, 1939, 45 100 0 0 Ditto. 1941. 44 p.c. 100 0 0 — Ditto, 1933, 5’i p.c. 99 12 6 Ditto, 1933, 55 p.c. 101 0 0 Ditto, 1936, 55 P-c. 101 0 0 — INSCRIBED STOCKWar Loan, 1938, 45 100 0 0 100 10 0 Ditto, 1939, 45 p.c. 100 0 0 Ditto, 1927-41. 5i 99 1.2 t> Ditto, 1933, 54 p.c. . 99 12 K Ditto, 1933, 55 p.c. 301 0 0 — Ditto, 1936, 55 p.c. 101 0 0 —

New York, dol. 4.8S 1-16 Paris, fr 123.895 4.S7 27-32 123.855 4.866 124.21 Brussels, belga 34.87 04.67 35.00 Geneva, fr. . . 25.12 25.13 25.22 Amsterdam, fl. 12.082 Rome, lire .. .03.195 12.09 93.175 12.107 92.46 Berlin, r.m. . . 20.08 20.38 20.43 Stockholm, kr. . IS. 125 IS.13 18.159 Oslo, kr IS.205 IS. 203 18.159 Copenhagen, kr. 18.195 1S.195 18.159 Prague, kr. .. 3 65} 164 3-S ii:S? Helsingfors, m. 194 1-8 Madrid, pes. .. 35.195 35.205 25.22} Lisbon, escu .. 10S.25 308} Athens, dr 375 817 375.00 Bukarest, lei. . S17 25.22} R. de Jan., m. 5 13-16 5 25-32 B. Ayres, dol. . 46 5-16 46 5-16 47.57d Calcutta, rupee 17 7-8 17 27-32 lSd Shanghai, tael . 26} Hong Kong. dol. 20} Yokohama, yen. 24 3-32 ~ 24 1-16 24.58d Batavia, fl. .. — 12.12 7-S 12.107

£ s. d. 4? s d. Aust. of Commerce 1 11 3 5 2 Com. of Australia . 1 5 10 16 National of N.Z. .. 6 16 0 5 11 New South Wales - 41 7 6 4 16 8 New Zealand . . . . 3 0 0 4 15 7 Ditto D Mort. .. 1 8 6 5 5 3 INSURANCE— New Zealand .. ?, 6 0 3 19 9 South British .. . . 3 4 6 4 0 1 LOAN AND AGENCY— Dalgrety anci Co. .. 13 5 0 6 s 3 Goldsbrougrh, Mort . 1 19 7 12 9 N.Z. Guar. Corp. .. 0 8 S 7 13 10 COAL— Renown 0 17 0 Ditto (pref). new 0 0 TV estport 1 11 6 6 7 0 GAS— Auckland 1 5 2 7 Ditto (con.) .. .. 0 18 Christchurch .. .. 1 6 6 6 0 D SHIPPING— Huddart-Farker 2 O 3 P. & O. (def. stk.) 2 13 Leyland-O Brien 1 8 14 5 IS 6 WOOLLEN— Kaiapoi 0 12 6 5 8 9 BREWERIES— N.Z. Breweries 7 J. Staples 13 0 Carlton 2 2 6 6 11 9 MISCELLANEOUS— British Tobacco.. .. 2 5 Electrolytic Zinc (ord.) 1 13 9 o •> Ditto (pref.) .. .. 1 13 10 Farmers’ Trading: . 9 0 0 Ditto B (pref.) .. 0 13 9 Mount Lyell . . 0 u N.Z. Farmers’ Fert. TV ilsons Cement 1 G 4 16 4 DEBENTURES— N.Z. Breweries .. . 1 s 4 GOVERNMENT BONDS War Loan, 1S3S, 4J 100 0 0 4 10 0 INSCRIBED STOCK War Loan, 1939, 4i 100 0 0 Ditto, 1927-41, 5i 99 10 0 5 6 Ditto, 1933, oj p.c. 99 10 0 Ditto, 1933, p.c. 101 6 Ditto, 1936, ok p.c. 101 10 0 5 4 9