FINANCE AND COMMERCE

Press, Volume LXXI, Issue 21409, 27 February 1935, Page 13

FINANCE AND COMMERCE

yITTKI! MAKKET

DIETER TIIADINt' CONDITIONS lit A-MKKK'AN Sllli'MEMS ■ r,is rcEss sf-h-i.-.i s-mcc.l t'CKI.AXD. February 26. T "<'->d"in'4 conditions in the "market have followed - which marked ■„ January and m early ir**

r-rrjao- J;L - : reports n " iii<- last t\-.» weeks, the d! "' I): T b ' rf.Hbnu London <■[ ...jppcrt IHe current, r'vw /ciilasul tnitier is about if-*:"' i> U f. lil< ' U:vcl •;« touched m t v.l, 1 ui'ii: '■( February. "I ■< i(i-. bettor ih,«" iho price ab.iv- 'he rate in sWexbcr.~ v.iiwi t!v, recent rise jffVsnvard biMce.;.; has been re■J'for several day.-. The spot equal to about 9*d per lb., f.0.b., rtjf.SieV ideas are above this rate, minimum price fixed by the Zealand Dairy Board :s about So F* lb - Value of American Imports freuiry from Now York buyers of has now practically ceased, and s of farther shipments trom are doubtful. It is if Sved that about 80.000 boxes liave :S'Yo'k which has also purchased 40000 boxes of New Zealand in London If t.h- <>verage fl of Ihe produce .-oln is estimated • D P,. c .,vt in New Zealand cur,W. A'7a'rican trade has been T x s'bi.at un.ooo to the Dominr~"' i'lf.vf of liii- butter nought by iL York' was Now Zealand. very ■'-*> Au?'.ra!iaii produce being handled.

Smaller Production ■ ,-tMid <»r 1 in- I,l'ii'iiin market f Vr ■ tin- »rxl few months will tlcwlaraelv or. liu; .sprint; production northern hemisphere. Supfrom the southern hemisphere, 'it'.-.allv from New Zealand, will •t be heavy. According to latest •n.-.s. Germany is still buying freely jjv> 3rd Ru.-.-ii<ti butter, and if this "-iirues a steady market appears 'Mybitter and cheese MINIMI M I'KKES i Mi'" !.vr.":: " i't.y-. WELLINGTON'. February 26. The Dairy Board has fixed theminitir. i-0.b., i-.i.f. .--ales basis for buti: lOd. and cheese at ojld; these txts are equivalent to £4 Is 7d, • ,'<•. for butter, and £2 (is lOd for

PRICE OF GOLD Fl IUHEK INCREASE EXPECTED MOW'SPAPKR OPINIONS ; ; .i>- t. : -< ■ !.v:iuxi-v KLi'.Tiac : corviiKiliT.) LONDON, February 25. T:t 'Daily Telegraph's" city editor £;• that unless the franc changes its terse an oven higher price for gold b'- recorded, root cause of the present phase 2l'.e quickness with which balances Jove from centre to centre on the |£ptest pretext. There is always a fcf that gold will take wings at an -"'•'•Vi-:; ieiit moment.

Jit "Financial News'' says the lahess in sterling is due" to the of balances and capital in sterling securities. The J? , eES J;l the gilt-edged market in,™i'y foreign holders to sell rands are being recalled from --.on for investment in Paris before ** Mpwted fall in short-term money begins. J® re Patriatioii of French funds provide the Paris market £ much-needed relief und to facili,lf rrov a n « by the French TrcaS« h ,°. r t° cover its huge de1 the long run tiie deprehy v—- 3tt 'v' n 2 must aggravate the •Sow.ic position in France. _ !.ON'IJO.\, February 25. -3 'a fine ounce) is quoted: {tbruary 2o 7' -j <y 'ebruary 23 " - •? 11 2 February IG " 7 r < «' •enruary 35 7 7, ~7 I eoruary 14 '' 7 2 $? ftbruary 13 " 7 T, 'WLL, MORRIS, LTD.

AN 'M'AL MEETING or SHAREHOLDERS meetln <4 <>f .-shareholders Mr u orris ' I * tc3 '' v, ' as '"dd ycstcrJ ' ° tley P rcii din« over a Tf. i " C ' ndante of shareholders. operation:-, of the com••tei, u which have been pub#wJ'" ow ed a prolH for the year :s 1(1 . with accumulated ® the period of liquidation untl »6 to £O6IO 15.s sd. The '■tVr'r,'H C °T mentec ' f a '''ourably on the «rjw.' a ,i ■:/r" rr "-' to the bank overdraft, s Pp ears at £723:5 (5s 3d, as <>. ", '" VJth tho overdraft at the . 1:c amounting to ite 1% - , 1 or a ''eduction of ""■® C thf In moving the adop-i,r-War>* , ? ccou "ts and report the i* 3 *! divi ° in the winfs and '*& cc'dt'-f! on and in aerated waters :*4l couW S V that the reextremely -*$ Kf.'' w J 3f - n the ditticulties of the A r-L taktn »>to account. seconded by Mr F. !*•!%, ' anc * was carried unani;hen dealt with certain K Pl '.°J 30 ' sa l 's l slacc 'd before anr^ y the liquidators of the JNnisL' a f ° n the motion of the jUri j c w.^"?, omrn 'ttee comprising & z&A S ; M ' d dJeton, C, E. F. Kings" S* l, with ? Cr: '? n was • sot V) p to ? 10 a laJt e ' l{ s u 'dators and to re*4*l ter meeting of the shareby u, ; during the year was [Mr T p t and seconded ?W Agenc^ e T S M (repre f n 1 ing fhe the ifoiisw *♦ " and responded Safely of'^ tors ' who spolke apN the y^a r work of the staff

EXPORT OF N.Z. APPLES

SMALLER CROPS THIS YEAR: ORDERLY MARKETING WITHIN THE EMPIRE A probability that New Zealand will have smaller quantities of apples for export in the 1935 season than last year was indicated by Mr William Benzies, secretary of the New Zealand Fruit Control Board, in a statement made recently in Wellington. It is estimated that 1,360,000 eases will be available for export this year, as against 1.600,000 last year. Discussing the marketing position, Mr Benzies said that the economic position on the Continent was such that the European markets were practically closed to New Zealand exporters. Restrictions had been placed on ail imports by many countries, and fruit, not being regarded as an essential article, was fairly low down on the list of restricted imports. "France is regulating her overseas trade strictly," said Mr Benzies, "and Germany has 'taken over control of all import trade and is operating on a barter basis. It is doubtful whether either Australia or New Zealand will be able to send any direct shipments of fruit to Germany during the current season." Crop Prospects Mr Benzies summarised the apple crop prospects in the various growing districts in the Dominion. The indications were, he said, that Auckland's contribution would be short, as the ccdlin moth had been active in that district and its ravages were at present under investigation. Dry weather had affected the crops in the Hastings. Canterbury, and Otago districts, and there would be some shortage owing to lack o: rain at tlie time needed. On the other hand. Nelson, the chief apple district, had absorbed sufficient: moisture to keep all fruit swelling and the trees in good growing condition ! Fruit in this area was in splendid order, although it had been noticed that there was some russeting. This defect.! however, did not affect the eating quality of the fruit, while lowering the I grade. Fruit was coming in rather slowly at present, but it would come with a rush in a week or two. Sturmers would probably be shipped two weeks ahead of their usual time.

A Conference "A conference has been held between Australian and New Zealand interests to find agreement on the restriction of the quantities of fruit exported to Great Britain," said Mr Benzies. "and it is expected that instead of shipping a total of 7,500,000 cases, as they could have done, the quantity is to be regulated to 4,500,000 cases. It was quite understood that it would be folly to curtail our own exports to the British market, leaving the way open for other competitors. English'fruit growers are now co-oper-ating with the High Commissioners of Australia and New Zealand with a view to inducing the British Government to place some restrictions on foreign fruits so that Great Britain can try out a marketing policy, either restricting quantities or increasing duties. We are rather hopeful of success along these lines, if not immediately then in the not distant future. "This movement in orderly marketing of Empire apples is likely to be adopted in the marketing of citrus fruits and a conference of citrus-fruit growers is likely to be held in London in the course of the next few months."

THIRD CHRISTCHURCH WOOL SALE BACK COUNTRY CLIPS The wool to be offered at the thud Chrislchurch sale of this season at the Radiant Hall on Friday has opened up rather disappointingly for a Canterbury offering. Much of the wool is from the larger back-country runs, and suffers from the usual back-coun-try sandiness. In common with the wool offered at the second sale, this wool has opened up rather heavy in condition, and showing a good deal of dry yolk. There are a proportion of good, bright wools in the offering, but most of the super clips were cleared at the second sale.

Brokers do not expect any sensational difference in prices from those at the second sale, but few of them are prepared to make any definite forecast. It is generally expected that prices will be about the same as those at the second sale. The order of sale and the number of bales are as follows: — Bales N.Z. Farmers' Co-op. Assn., Ltd. .. -. 5,112 National Mortgage and Agency Company, Ltd. .. 2,789 H. Matson and Company .. 2,025 Pyne, Gould, Guinness, Ltd. .. G.BBI Dalgety and Company, Ltd. .. 6,504 N.Z. Loan and Mercantile Agency Company, Ltd. . . 1,689 25,000 BRADFORD TOPS LONDON, February 25. The Bradford market is quiet, topmakers refusing to make concessions. SOUTH CANTERBURY POTTERY COMPANY ALLOTMENT OF SHARES ■SPECIAL TO THE I'RESS. : TIMARU, Februaiy 26. Shares to the value of £B3ll were allotted at a meeting of the provisional directors of the South Canterbury Pottery and Mining Company, Ltd. The chairman (Mr C. L. Orbell) expressed pleasure at the successful flotation of the company, stating that the sale of shares was carried out during the hardest months of the year] the intervening holidays followed j bv harvest operations. 1

"Messrs Enting, Sceats and Company were officially appointed organising brokers for the remainder of the share issue. Tt was decided to call for tenders for the alteration of the building m Timaru. The chairman said that it would be in the interests of shareholders that production should begin as soon as possible. Mr G. H. Clements was appointed general manager of the company. POULTRY AND EGGS Messrs Harris Bros., Ltd., report that the weekly sale of Feather brand guaranteed new-laid eggs was held vesterday afternoon. Prices realised:— Hen eggs, first grade (2oz or more), Is 2d; second grade (less than 2oz). Is Id.

MINING

CHARLESTON SLUICING During the fortnight ended February 23 very little sluicing was done and no washup took place. For the first week work was concentrated on the shifting of the 22-inch pipe line and the necessary work to enable a new face to be opened up. This work was finished on February 18, but sluicing was unable to be commenced then owing to a shortage of water. Work was accordingly held up for a few days pending rain and an improvement in the water supply. Rain has subsequently fallen and sluicing operations are again being proceeded with. OTAGO SCHEELITE RETURN The secretary reports that the proceeds of the shipment of five tons of scheelite sent to Liverpool by the s.s. Hertford have now been received, and the average realisation works out at £157 4s a ton clear of selling commission. A further shipment of 3 : ; tons was dispatched last week by the s.s. Northumberland, which is due to arrive about the middle of April. A reorganisation has taken place at the mine. Six men arc being employed, all of whom are working on development, work opening out the mine. Crushing operations will begin when sufficient ore has been mined to keep the battery in steady operation. MAORI GULLY I)KEI)GE The dredgemaster (Mr D. Caithness) reported on February 25 that a very heavy flood was experienced last week, but the dam stood the strain very well and 110 damage was done. The dredge has now been turned round ready to take the buckets aboard. These are all assembled, and just require putting in position. The goldsaving tables are well in hand, and everything is being pushed ahead as expeditiously as possible. The contractor has a full stafi at work, and hopes to have the dredge digging at an early date. BIS.M.ARK RANGE RICH ORE Bismarck Range <Lucknow> Cold Exploration N.L. reports a clean-up for the six weeks ended February l(i, 50 tons firsts and 155 tons seconds being treated for a return of 2162 ounces retorted gold, an average of lOJoz a ton for the total crushing.

KEl.l. HILL SLUICING COMPANY The fourth annual meeting of the Bell Hill Gold Sluicing Company. Ltd.. will be held in Christchurch on March 12. The directors' report stales that the claim has been worked at all times when water has been available, and on the appointment of the new manager, Mr R. Quinn, two shifts were started. However, with a distinct shortage of water for the major portion of the final two months of the year, very little sluicing was carried out, with a consequent drop in the gold return. Extra gold savers had been installed, and the intake of George's creek enlarged. The return on gold won during the year after allowing for expenses was £2303 Cs sd, compared with £1951 lis 5d for the previous year. The year's working, after allowing for debenture interest at 12'. per cent., has resulted in a loss of £57 6s Bd, which, when transferred to appropriation account, leaves a credit balance in that account of £134 3s Sd. Mr J. Taylor retires from the directorate by rotation, and offers himself for re-election. The auditors, H. R. Best and Company, also offer themselves for re-election. The balance-sheet is as fololws: Liabilities —Capital, £11,979; debentures, £4471 9s lOd; sundry creditors, £351 10s 4d: National Bank of New Zealand, Greymouth, £197 5s sd; appropriation account, £134 3s 8d; total, £17,133. Assets—National Bank of New Zealand, Christchurch. £7 6s lOd; sundry debtors, £4O: development account, £12,842 16s 3d; preliminary expenses, £1123 6s 2d; gold account, £l2O.

WESTLAND ALLUVIAL (N.Z.) Prospecting report on February 18 states:— Hau Hau Hole No. 5, lGcl. Taking up 400 acres dredging area one mile up north bank Mikonui river. Adjacent workings lately given good results, and there is much evidence of past successful hand workings on the area.

WHITE'S ELECTRIC DREDGING CO. (UAUKYTOWN), LTD. The secretary of the company reports that an additional area of approximately 100 acres has been acquired by the company. This now brings the total area of the company's property to 270 acres. Boring operations have now commenced in this area, the result of No. 1 bore being depth 21 feet, value 6.4 d, gold at £4 an ounce. Results of further bores are not yet to hand. The boring operations are being carried on under the supervision of Mr S. G. Lyon, formerly of Malaya, and lately dredgemaster employed by Messrs Osborne 'and Chappell, Tongkaha Tin Dredging Company, also Peialing Tin Dredging Company. In his opinion no difficulty will be experienced in extracting at least 90 per cent, of the gold content, as his experience in tin dredging has shown that tin, even finer than gold at Barrytown, and of a much lower pacific gravity can be saved without any difficulty. In addition a dredge contractor has undertaken to guarantee 90 per cent, extraction of the free gold lifted by the buckets, and a capacity of not less than 50,000 yards a month. I-Ie has also offered to take a contract to dredge the area at an overall cost of 3d a yard. The average of the first 90 acres prospected exceeded Is a yard. The material of this area is computed at 2,600,000 yards. All licenses which the company holds have now been granted through the Warden's Court. BENDIGO GOLDLIGHT DREDGE As a result of recent rain the Bendigo Goldlight dredge is now afloat in ample water. The reconditioning ot the water race out of the Devil's creek, which always contains a good water supply, is almost completed, and a constant supply from this source should be available in about a week's time. The dredge is in good order, and as soon as the Devil's creek water is brought in the completion of the dredge will be proceeded with. ADDISON'S FLAT (PRESS ASSOCIATION TELEGRAM.} WESTPORT, February 26. The Addison's Flat return for the fortnight ended on February 23 was 2407. 6dwt for 15 shifts. Twenty one shifts were lost through shortage of water.

CANTERBURY MARKETS

tar outt commzxcialj SDiToa.) Tuesday Evening. There is practically no change in market quotations since the week-end. Potatoes remain at £4 a ton on trucks for main crop deilvery and £5 5s f.0.b., s.i. There is very little enquiry from the North Island. The rains during the week-end will do much good to most of the crops, but there are reports of some lifted potatoes being soft and of a "boiled" appearance. This is not unusual in an excessively dry season like the one passed through in unripe crops, exposure to the air making the potatoes very little use. However, it is a condition which is arrested by the rain, followed by the frosts necessary to ripen the potatoes for keeping. Onions are quoted at £6 a ton on trucks, but the market is quiet at the moment. There is no change in the oats market, which remains firm. The small seeds market is very firm, particularly cocksfoot. Growers have refused lid per lb on trucks for Akaroa seed. There is not much cocksfoot. left in farmers' hands. Quotations for other lines of seeds arc unchanged. Fowl Wheat Market The announcement that the Wheat Purchase Board has released a quantity of its stored wheat for North Island poultry purposes has had an immediate effect on the market, particularly for forward business. Spread quotations had reached as high as 4s 7d a bushel f.0.b., s.e.. and this has eased since the announcement was made to 4s sd, with very few buyers, whilst prompt fowl wheat has come back from 4s 4d to 4s 3d. The Wheat Board is releasing its wheat at 4s 4d. It is understood that the board's action was to prevent forward fowl wheat soaring to levels that would unduly raise the price to North Island poultry men. Merchants report that so far the concession has not been availed of to much extent by northern merchants.

Quotations The following are quotations for new season's produce paid to farmers on trucks, free of commission, sacks extra, except where otherwise slated: Wheat—New season's interim payments, tor January-March (inclusive): Tuscan 4s, Hunters 4s 2d, Pearl and Velvet 4s 4d; fowl wheat. 4s 3d for prompt. 4s od March-September, i'.o.b.. s.e. Oats (new season's;--Algerians, 2s a bushel. Gartens: A's 2s 3d, B's 2s. Onions—£6 for prompt. Potatoes —£4 a ton. Perennial Ryegrass—3s to 3s 3d n bushel. Italian Ryegrass—3s to 3s 3d a bushel. While Clover—7d to 9d per lb. Cocksfoot—To lid for Akaroa; to ICUd for Plains. Flour—.£l2 12s a ton, local: ,£ll 17s shipping. Bran —Large, local. £5; shipping, £4 a ton: small, local. £4 10s. Pollard —Large, local, £6: shipping. £5 fis.

AUCKLAND | THE TRESS Special Service.) AUCKLAND, Febrtniy Merchants are finding difficulty in securing regular supplies of good quality potatoes. Best quality !s coming from Manawalu, and is selling at £l2 a ton. The city requirements of omens are now coming fei ward, chiefly jroni Canterbury, with the addition of a smaller proportion of locals. The price of southern is unaltered al lis (id a cental. The mah'.e market has a firmer lone. Gisborne quotations have advanced, and the local rate has moved up penny and is now 4s 8d a bushel through riore. The firmness of Ihe southern oats market is also reflected in local quotations. B Cartons are unaltered at 3s (id, but clipped Garlons have been raised to 4s 3d, and Algerian seed to 4s 9d. Chaff is rolling freely at .£7 10s to £7 12s (id a ton.

ENGLISH WHEAT MARKET LONDON, February 25. Wheat cargoes are quieter, parcels occasionally easier. Futures—London: February, IDs 10' d a quarter; April, 19s Uid; June. 20s sid. Liverpool— 4s 7Jd; May, 4s 10id; July, 5s Id. AUSTRALIA'S TRADE CREDIT BALANCE REDUCED The visible credit balance of Australia's trade during the calendar year 1934 totalled £5tg19,004,000, which is £5tg34,440,000 lower than the balance at the end of December, 1933. The regression of wool prices during the latter end of the period, lower exports of wheat, and an increase of £5tg13,121,000 in imports have all contributed to this large reduction. In addition, during 1933, the bullion and specie balance was augmented by the export from the reserve of the Australian notes fund of £G7,999,412 gold pounds, estimated in value at £.stgl 1.265,636. Disregarding the movements in bullion and specie, the merchandise balance totalled £stg--11,602,000, compared with £stg--35,271,000 in 1933. Principal movements in the following table of exports from Australia during 1934 are declines in the value of greasy wool and wheat exports. The former fell away by £A8,722,111, while wheat exports were lower by £ A 7,671,200. j 1933. 1934. £ A. £ A. Butter .. 7,932.742 8.848,814 Beef .. 1.869,148 2.345 420 Lamb .. 2.116.680 3.372,211 Raisins .. 2.443.704 1,378.906 Apples .. 1.978,173 1,636.393 Wheat .. 16.911,604 9,240,404 Flour .. 3.996,036 3.822,263 Sugar .. 2,009,737 2,398,840 Sheepskins .. 2.067,837 1,994,824 WoolGreasy .. 44,548,108 35.826,997 Scoured .. 5,656.426 5,345,434 Tops . . 357,578 348,056 Lead .. 2,639.602 2,263,254 Zinc .. 534,099 600,526 Gold . . 23,156,116 10,163,754 Silver .. 1,177,690 1.000,213

RENOWN COLLIERIES DIVIDEND I) E C LARATION I THE PRESS Special Service.] AUCKLAND, February 26. The directors of Renown Collieries, Ltd., have declared an interim preference dividend at the rate of 7 per cent, per annum for the period from October 8, 1934, to January 31, 1935. The dividend is the first paid since the company was formed nearly 10 vears ago. PROPERTY SALES Messrs Evans and Bull report having sold Mr T. O'Carroll's well-known agricultural and fattening farm of 227 acres, at Ashley, to Mr A. M. Russell. —8 Messrs C. E. Jones, Ltd., report having sold by private treaty following on the auction on account of the mortgagee, a property at 16 Charles street, Linwood, comprising a residence of five rooms and conveniences, with 20 perches of land, to a client. —S

STOCK EXCHANGES

CHRISTCHURCH

YESTERDAY'S TRANSACTIONS There was a moderate turnover on call yesterday, and substantial dealings in 4 per cent. 1940 stock caused an expansion in the volume of business. Transactions, exclusive of vestibule business, were:— Sales on 'Change £ s. d. £4OOO N.Z. Govt. 4 p.c. Ins., 1937-40 .. (4) 102 10 0 50 Bank of N.Z. .. 2 9 6 100 Natl. Insurance .. 12 0 150 N.Z. Breweries (2) 2 10 0 200 Electro. Zinc (ord.) (2) 1 1 9 1600 Goldfields Dredg. .. 0 0 7J 500 King Solomon (5) 0 311 100 Rawang Tin 0 7 3 300 Waihi . . (4) 2 10 (2) 2-1 1 Sales Reported 50 Bank of N.Z. . . 2 9 6 25 Union Bank of Aust. (late sale, Feb. 25) .. 8 12 6 UNLISTED STOCKS Sales on 'Change 30 Woolworths 'Sydney) ord. .. 4 11 9 Bonds and Bank Shares New Zealand Government 4 per cent, stock, due 1940, changed hands at £lO2 10s, buyers staying in at that price, sellers at £lO2 12s 6d. Buyers of 4 per cent, bonds, due 1955, raised their bids to £lO9 15s without attracting sellers. Bank of New Zealand were firm at 49s 6d, but late sellers offered at 49s sd, buyers at 49s 3d. A late sale of Union Bank of Australia shares on February 25 was reported at £8 12s Gd.

National Insurance shares dropped to 225, market closing 21s lid buyers, 22s Gd sellers. Sellers ol Dalgety and Company reduced their limits to .£8 10s, buyers at £8 ss. New Zealand Breweries were iirm with sellers and dealings at 50s, buyers at 49s lid. Tooth's Brewery shares were Jirmor on buyers' ofl'ers, 47s (id. Electrolytic Zinc had dealings at 21s 9d. and more were wanted at 21s Bd, sellers at 21s lid. Mining Goldlields Dredging changed hands at 7',d, and there were further sellers at that price, buyers at 7d. King Solomons were firm with sellers and dealings at 3s lid, buyers at 3s 10d. Rawang Tins were a shade easier with sellers and business at 7s 3d, buyers at 7s. Waihis advanced to 41s and 41s Id, closing quotations 41s buyers, 41s 3d sellers. Unlisted Stocks Woolworths (Sydney) ordinary eased tf> 91s 9d, closing quotations 3d on either side.

UNLISTED STOCKS All transactions in stocks quoted in this section are subject to a different rate of brokerage from listed stocks, and are not quoted on the official list.

AUCKLAND Sales on 'Change

Unlisted Stocks Golden Crown (2s paid) .. 0 3 8i Golden Crown (7d paid) .. 0 2 4 WELLINGTON Sales on 'Change

DIiNEDIN Sales on 'Change £ s. d.

SYDNEY

On the Sydney Stock Exchange today bonds tended to be somewhat firmer, but miscellaneous investments were irregular. Several prominent industrials hardened. Morning Sales £ s. d.

MELBOURNE £ s. d. Australian Glass .. 2 19 9 Commercial Bank of Australia .. .. 0 16 5 Goldsbrough, Mort .. 18 6 Associated Newspapers .. 12 3 Broken Hill Propr. .. 210 6 Dunlop Perdriau ... 0 19 1 BRITISH STOCK MARKET (MITISH OFJICIiI. WIREL*SS.) (Received February 26. 9 p.m.) RUGBY, February 25. Stock markets are quiet, while West African gold mines are strong. British funds are dull, with War Loan, 3J per cent., at £lO6 7s 6d. STERLING EXCHANGE COMMENT ON FLUCTUATION VUXITED PRESS ASSOCIATION —BY ELECTRIC TELEGHAPH —COPV-RIGHT.) (Received February 26, 8.10 p.m.) LONDON, February 25. The "Daily Mail's" city editor, commenting on sterling exchange, points out there is no need lor uneasiness. On the contrary, a justifiable setback to currency is helpful to industries in these times of quotas and restrictions, and should stimulate export trade and relieve unemployment. FOREIGN EXCHANGES (BRITISH OMIUU WIBELI3S.)

METALS MARKET (UNITED TRESS ASSOCIATION—BT ELECTRIC TELEGRAPH —COPYRIGHT.) LONDON", February 25. Feb. 22. Feb. 25.

FOREIGN EXCHANGE RATES

The Bank of Kcw South Wales, Christchurch, quoted the following rates of exchange as ruling yesterday for its purchase* and sales of foreign exchange. The rata* are subject to alteration without notice: — Buying. Selling:.

DOLLAR-STERLING EXCHANGE The Associated Banks (other than th« Bank of New South Wales) quoted th» following dollar-bterling rates on Saturday, which are subject to alteration without notice: U.S.A. Canada, dol. dol. Conversion of dollar bills received for collection and sale o£ dollar drafts and telegraphic transfers . . 4.84 4.84 Purchase of dollar bills 4.88 4.88 On a New Zealand currency basis the» rates are equivalent to: U.S.A. Canada, i dol. <JoL i Selling— T.T. 3.883 3.881 O.D. 3.891 3.891 Buying— O.D. 3.95| 3.95g NEW DYEING TECHNIQUE (UNITED PRESS ASSOCIATION"—BY ELBCTBIC TELEGRAPH —COPYRIGHT.) LONDON, February 25. The British Dyestuffs Corporation, as the result of 2000 experiments, ha* discovered a new technique for dyeing wool at lower temperatures, enabling the dyeing of thicker fabrics, including felt, with dyes hitherto unused because of their poor colour penetration. The new method is more rapid than boiling-point dyeing, which is detrimental to thick woollens.

TALLOW AND HEMP : I.ON DON QUOTATIONS Tile Department of Agriculture has : received the following cablegram, ' dated February 23, from the High Com- : missioner for New Zealand, London:— j Tallow —Spot market firm with quotations slightly higher. ! Hemp—Manila: Market quiet but j steady. Value K grade for February- i April shipment, .CIS. Output January 1 lo February J!, 15<1,000 bale.; against : 141,000 for the same period las! ,v»;nr Stocks in the United Kingdom on Feb ruary J, "3,47;) bales against 16,417 ;»t the same time last. year. Stocks hi Manila on February 11, 100,000 baleagainst. 158,000 for last year. Sisal: Market steady. FebruaryApril shipment quoted sellers at £I.V ss; June-August shipment sold at £ls' 7s 6d. New Zealand: Market nominally tin- , changed. No first-hand sales reported. . Stocks in London on February 1, nil: ; against M lons for last year.

LORNEVILLE STOCK SALE pr:y.<:\ A-'St" i •/i i"- i kl.r.i, f; A . i f\'\ f j;< Ai;■ •11 i. I■!-r ■i■. • .4* file's v.-rrr. '.n ~-r- • Hi, t),,.f i : ,y r>n<) U* r •••!•! The hn!k r»f tlf* y.-irdipj; "f f.'<t v;;. ; run hp. up ot tlm mri»»•» >•»t v of v.- h 3 c h \K-orc. f r n ]'- ;orr... "?i'< ;.«nr ?•»*"» pnui'' li";iw Pn> v< r- .-'pj )! *.» > ..f flir l.vt* H. \ }.„t.• ' >• . Ml' In -•7--. tti' il 111 id V• • 1 ■_'! 1' 1., •• t. hu'l.t fr'Mji t l l :■ 1 V lUv? i' rim » h- -«v .-wi- I f»» 1»;>. n 1 >•< i 11; 111 J:;.. i:.i ♦ 11 r. t l, lighter d"Wn U, \Y 'l'lm *4 u;i lit v. of tin- f.tl I :t»n liy.»*" <l*; 4 i \\ :* <>nl> f;iir, J'rimr 11»•: 1 \ ! • 11: if ► m.<d«- wj> "1 }»rinm jllm • u f • VI >. !•• U'J.s, li<r!il«>r from 1!»s io i'riii'n quality -v.ru'it hullcrk ; in,nlr fi JS I] I. tu • S lIK,' !i:i ml \ >•7 111 J 7 IV. 1 i:: lil «• r -.ut '-''i («, .'"T. uit lilliMu'd ill. -.1) ]■) J'rinm li-llt -V li-lit iirif. <•>•* r-1 ;,s tu r, .V. >inall and iufrrinr x.rt - <l«i\vn Id >. Prim** hojjvy cuws nj> to £."> 15s, goad qunlity cows i'l 5s to £O, medium weights £'i 5s to .1:1, and unfinished down to i'L 1 Os. RANGIORA MARKET Tlm- f.i'U) )ll;l ) k'l-I ,M-|.'nl;.y „„v 1., ;if I i-ridi'd. Tin* Murk yurdiinrs W'.t' 1 , rvi-r, in 11 Ji f-mnllcr tlcjn Tim t':il olTfrr'il wcrfi 'l'hr <•;*t Mji< n :

v/'iro pr.-nMj'Tjlly h:n-p, tin- only brJij-t h.-in;: a hull. Therr v, r , vorv ;.tn;vll of I'ijrS', v, lijrli urn* 11 Oil of rj I rijr ri'lif I'nf I;i hi In»r< 11»• I fM i.» I i-l tu\ nw. | n : , (h| |o | r; ; . !;, n, |.- <1 S.J. (:u\\nz I IHi x«. I;,j. fir-'.l ;.N '.hi t«. 7v I'.fl, Iu v lonili —-111. r - II : In H'.v I'm]. I'ij- , T ; -Is 1 i<]. hi K »i»w. ::b.« tu 275. Mil.-ill sfot-ps !><;. In L'S.S bitt w.'.-iiii-rs irj K t„ Mis, Milal) w parlors lOs lo 12s lid. ASMBURTON SALE I'llprn was a liniilod Ml |.p!y ~f f : , t snitahlp, fur buli'hcr.s * rp<jij irpiurn ts al (lip Aslibiirlon sloHc :-:ilo ypstorday, Imit values, on (he- avt't'jix l . l'PinaiiiPd about tin.' satin- as vc.ili.spd al, 'l'i inv;i Id I;im, H-pi'k. Tlip I,pm fill owps ltiadp np In Lis 111 for a prn oC p'ir sold on apionnt uf Mr W. 11. Nniilli I I'll ITplton), uho also ||,,, niarkpt, Willi a lien of four primp vpllhts ;il, 2li. lOd. K\n-ii pit nip f;il lamb sold vpll ■>h- .1. O'Connor ■ (AsbloiO splliiifr our at - |S , «'liilc Mr I;:. Vigors (Kl;rin) f= oI(J ymns al from 21!.s IDd (o 2,'<s Id. Tin; snips wprp as iinili'V: ' '■. Kwos-—On appounl of A. ,\l nnlopli I.Maylipld), 7 at ir>s md, 15 ;i (. r_\s |Q,i : 11. Morris (Winclimore), al, l:>s lOd, :) a', ll's, lal 12s 4d ; \V. Kpnnpdy (I! 1 in) I'J at !>s Id; K. H. Nrw-ion < .\VI 11; u i-l on / Hi al 1-s Id, H at. 1-J.v Id; j. J{. Bavirli ( l.owplift'p), at j:: s s at i,y. yd- l, Sutton (Wiik,• inui), -I at \\\ H. Si'nitli' (biftplto"), 4 at. 2Js III; K„ < ";i m pli oil ( Lowpliffp), 3 at I.'is Id, ;i at Ids .1,1; J. jj. Hill (Groeiistrppl), .'! at 1 :Ss 4d, ;; al 11:;l>. Aiidprson (Maronan i, 10 at His Id • •J. ricminff (.Metlivi.'ii >. 2 at 12s lOd (j al Us 7d, (i al, His Id. 8 at I2s 7dF. Belibinglon (Winplimorn), lu at Ills 10d !i at j::> 7d. 8 fit 12s ] Od, (i at J fig 4d, 6* at 1 5s Id, II at Ins Id, fj fit, 14s 4d; L. A tlalp (Ashlnirton), 11 at 14s Id; 11. jr. Cop. land (Uromori'), 11 at 12s 4d; ,T. A. Pattprson (WilJowby), S at 10s 4d; T). ,1." Poal;

(Wakanui). 7 »t 13s 4d,"S at 12s 10d: C. 11. Campbell (Springburn), Mat lis lOii: A. P. Bruce ( Pcndarv: 1 . at 14s -Id] (j at 15s 7d, 5 at. 14s ' ;; u. ,1. Anderson (Mayfield), 10 at IBs Id; M. Beckley (Maylield), 8 at 14s 7d, 8 at 8s 4d, (j at 10k lOd; 11. 3J. Copland (Drotnore), IS at 10s 6d; •A. P. Bruce (Peudarves), 8 at 13s id; R.' Nis.il (Winchinore), 2 at 10s Id, 5 at 14s td, CI at lis «d, 7 at IDs 4d, 5 at 12s 7d ■24 nt lis 7d. .1.9 at lis; F. Bebbiimlon (Wmchmorc), 25 at 12s lOd; clients, 7 at 10s. .31 at lis lOd, 50 at lis, <» at 12s 4d. Fat Wethers—On account of \V. B. Smith (Biffcilton), 4 at 24s lOd; ,r. Fleming (Metlivon), at 22s hi; A. E. (;i 11 (Crecnstreft), 1 1 at 17s 7d, 4 at l.»s Id; A, Murdoch f.Mayfield). 0 at 24s Id; A. Bennison (Senfield), 4at I '.ls 4d; I.eadiev's Kstate 2at I!H 1 (Id, 4 at 17s lOd. 3 at 16s; A. Chalmers (Lismore). 1 at 235, 2 at, 17s. I'.it Lambs—On account of ,1 H liar-li (Lowcliffe), *J at it.s ] ri: t,. Sutton (Wak'imil), i' at 22s 7d; ,). O'l'onuor (A-!itun), 1 at 275; K. Tigers (Kl K in;, -1 at 25s -id! 2 2l!s 2l!s 1 Oil; T. .T. .Lemon (Fairton). 24." at 15s lid, 59 at 15s lOd; Leadley's L'state 43 at 21s 4d; T. F. jB. Banks (Pendarves) 10 at 18s lOd, 95 at 17s 2d; clients, 40 at 17s 2d. Store Sheep—Account "Snrrey Hills," 247 lambs at 13s 9d, 95 at 7s fid, 811 at 10s 9d; clients, 90 lambs at 13s 4d, 40 twotooth wethers at 15s Id, 12 lambs at Bs, 23 m.s. lambs at 7s Bd, 200 rape ewes at (is 2d, 22 two-tooth ewes at 21s. Cattle—Fat, cows £7 (on account o£ R. C. Carte;-, Newlands). £4 2s 6d, 2 at £8 16s, 5 at £;•> 7s 6d, .£2 12s 6d; fat heifer £2 r,< fat steer ,44 7s Gd. Stores: Bull 17s 6d', cow with runner at font ~ !3 12; fid. cow in profit; £i 5?;,

MISCKLLAN EO VS SALES Mr H. 0. fcmitii. thr City Market, report? 1)10 .followin? privatoly or at auction week: —Cnam rob £0 10>\ bay marc £.JO 10?, br geld. £2 17s 6d. ches ecld. £4 Jus. liny geld. Jersey eov £0 jD.«, do. £5, do. £2 ] Os, do. .£0 2s= Gd, do. £6 10s, weanor pigs las, van £9, old waggon £2 10s, trap. £3 7s 6d, set harness £2 10s, garden plough £2 10s, Planet Jun, £1 10s, Cambridge roller £lB, s.f. plough £3 os, double window £2, range £2 15s, 2 sets tubs £3 10s, Douglas pump £l, garden roller £4. 7s 6d, bath £1 10s, do. £1 ss, windmill £2 10s,' ram £1 10s, wheelbarrow £1 ss, 7 tanks £3l 10s, cash register £l2 10s, seagrass settee £2 2s 6d, wardrobe £2 14s, carpet square £G, 2 seagrass chair? £2 ss, couch £1 ss, d. chest £2, mattress £1 15s. w. bed and wire £2 7s 6d, sideboard £2 sk, oak fable £4, wardrobe £2 17b 6d, ri.l. table £2 10s, lady's t'vclc £3 12% 6d, do. £l, birycle £3 10?. do. £3 1 sk, .22 rifle £2. • —8

LATEST QUOTATIONS N.Z. Government Debentures Buyers. Sellers. £ s. d. £ s. d 3.1 p.c. Ins., 1938-52 — 107 10 0 3i; p.c. Ins., 1941 . . 11)1 0 0 — 4 p.c. Ins., 1937-40 102 10 0 102 12 6 4 p.c. Ins., 1943-46 105 0 0 4 p.c. Tns., 1952-55 109 5 0 — 4 p.c. Bonds, 1937•10 102 12 fi 102 15 0 4 p.c. Bonds, 195255 109 15 0 — OthiT Debentures Gisburnc Shcrpl'annurs, (31 P- 1 -'-. 1941 102 10 0 103 0 0 Banks Australasia 'cum div.) 11 0 0 11 11 0 Comm. of A list. .. 0 16 0 0 Hi 4 Comm. of Aust. (prof.) 10 0 0 Comm. of Sydney 15 19 « 16 2 (i K, S„ and A. 4 17 <3 5 0 0 Natl. ol' A/usia. (,C10 paid) 13 2 0 Natl. of A/asia. (£5 paid) fi 4 6 (! 7 0 Natl, of N.Z. — 3 9 0 N.S.W. 'cum div.» 30 0 0 30 10 0 Nc\v Zealand 2 9 3 2 9 5 N.Z. ("D" Mort. shares) 1 11 8 I 12 0 Reserve (> 10 0 0 11 0 Union of Aust. .. 8 8 0 8 17 6 Insurance A.P.A. 0 10 0 0 10 (i National 1 1 11 1 2 6 New Zealand - 3 10 0 Loan ani Agency Dalgcty and Co. .. 8 r> 0 8 10 0 Goldsbrough, Mort 1 8 3 1 8 c Mutual Benefit, . . 14 0 0 — N.Z. Guar. Corpn. 0 8 0 0 6 1 United Build. Soe. 1 2 3 1 2 9 Wright, Stephenson and Co. (pi.) .. — 1 1 0 Frozen Meat N.Z. Refrig. (£1 paid) 0 19 3 0 19 7 N.Z. Refrig. (10s paid) 0 9 0 0 9 1 Woollens Kaiapoi (17k paid) _ 0 15 6 Kaiapoi (pref.) .. ___ 0 17 6 Coal Wcstport 1 1 0 1 1 9 Stockton tord.) .. 0 0 (i 0 1 0 Stockton (pref.) .. 0 3 0 0 4 (i Gas Auckland 1 7 4 Auckland (contr.) 0 19 3 — Christchurch — 1 15 3 Christchurch (10s paid) -- 0 17 6 Breweries Monteilhs 0 11 3 0 14 9 New Zealand 2 9 11 2 10 0 Staples — 1 11 0 Timaru (7s (3d pd) 0 8 3 0 8 6 Tooths 2 7 0 2 7 6 Miscellaneous Allied Motors 0 2 0 — Ama'lg. Wireless (cont., cum div.) 1 17 0 2 1 0 Anthony Hordern 0 17 1 0 18 9 Australian Glass 2 18 6 3 0 0 Aust. Iron' and Steel (pref.) 1 2 0 1 ;> 5 Beath and Co. 1 9 0 1 12 3 Beath and Co. (Is paid) 0 8 6 0 9 0 Berlei 1 0 0 ■— British Tobacco . . 1 17 9 1 18 0 Broken Hill Pty. 2 9 9 9 10 9 Claude Neon (Sydney) 2 5 0 2 10 0 Claude Neon (N.Z.) 2 5 0 2 13 0 Colonial Sugar .. 40 0 0 40 12 6 Consolid. Brick .. 0 9 6 0 9 9 Dominion Builders Supplies 0 3 11 0 9 11 Dominion Fert. .. 1 1 9 — Dunlop Rubber .. 0 18 7 0 18 9 Electro Zinc, (ord.) 1 1 8 1 1 11 Electro Zinc (pf„ cum div.) 1 14 4 — Hay's. Ltd. (15s paid) — 0 18 6 Henry Jones Co-op: 1 15 0 1 16 0 Howard Smith .. 0 14 6 — Kauri Timber 0 19 3 0 19 10 New Colosseum .. 1 7 6 1 11 0 N.Z. Drug Co. 3 17 6 3 19 7 N.Z. Farmers' Coop ("B" pref.) 0 9 0 1 0 0 N.Z. Farmers' Coop (41 p.c. stock, 1940 and 1945) .. 82 10 0 — N.Z. Farmers' FeM. 0 18 0 — N.Z. Newspapers 1 13 0 1 15 0 Quill, Morris (in liquidation) 0 4 1 0 4 6 Sun - Newspapers 0 3 9 0 4 1 Wilson's Cement .. 1 13 9 1 14 3 Wool worths (N.Z.), pref. 2 0 9 2 3 0 Woolworths (Vic.), pref. .. — 1 10 0

Mining Buyers. Sellers. £ s. d. £ s. d. Addison's Flat .. 0 1 10 0 2 9 Alexander 0 15 0 0 17 8 Alexander (15s paid) 0 12 0 0 17 0 Bell Hooper 0 0 1 0 0 3J Bell Kilgour 0 0 05 0 0 li Bendigo Goldlights 0 0 10 0 1 1 Big River 0 1 11 0 2 3 Brian Boru 0 0 2A 0 0 3i Central Shotover 0 0 8 Charleston 0 0 0 0 6 Deep Lead .— 0 2 0 Euratha 0 4 0 0 6 0 Gillespie's Beach — 0 1 6.1 Glenroy 0 0 21 0 0 5 Golden Dawn .— 0 2 6 Golden Point 0 0 oi 0 0 1 Golden Sands .. 0 2 0 0 2 7 Goldfields Dredg. 0 0 7 0 0 Kildare 0 2 10 0 3 0 King Solomon .. 0 3 10 0 3 11 Maori Gully 0 1 0 1 4 Lawson's Flat .. 0 0 23 0 0 4 Maerewhenua 0 0 l'f 0 0 2 Mahakipawa 0 0 9 J 0 0 10 Mataki ■— 0 2 1 Mining House Concessions .. — 0 0 2 Moonlight Nelson Creek — 0 0 2 Mossy Creek 0 2 0 0 2 6 Mount Lycll 0 17 7 0 17 10 Mount Morgan . . .1 18 0 2 0 9 Mount Morgan "rights" 0 16 H •— Nevis Diesel Elec. 0 0 li 0 0 2 J New Cornish Pt. * — 0 0 5 Nokomai 0 2 2i 0 2 31 Okarito <cx div.) — 0 8 0 Rawang Tin 0 7 0 0 7 3 Skippers 0 0 5 0 0 53 Waihi 2 1 0 2 1 3 Waitahu 0 2 3 — Worksop Extend. 0 2 11 0 3 1

.£ s. d. £ s. d. Andersons. Ltd. (prefj — 0 19 9 Assoc. Motorists Petrol fprcf.) .. 1 2 3 — Argo Gold 0 1 0 1 5 i Bon Ledi 0 0 5 0 0 7 Barryt.own HOs paidi 1 0 3 1 3 6 Carbonic Ice — 1 1 9 Jones Nevis 0 0 fi 0 0 n New River (Gd paid) 0 0 4 n !) Maeetown 0 0 8 0 1 r N.Z. Dry Cell and Battery 0 10 6 — N.Z. Min. Invest. — n 1 0 N.Z. Perp. Forests 2 13 0 Mt. Morgan Development 0 2 n 0 3 6 E. Reece, Ltd. (pref.) 0 2 4 0 2 11 Regent Theatre Buildings — 0 7 6 Stacey and Hawker (pref.) 1 0 0 — Upper Watut (2s paid) 0 5 0 0 7 « Woolwarlhs <Syd.), ord. 4 11 6 4 12 0

Bonds, 1040, 4 per cent. .. £ 102 s. 7 d. 6 Bank of New Zealand (2.) 2 9 4 Reserve Bank 6 10 0 Auckland Gas 1 7 6 Farmers' Trading' (,2s pd.) 0 1 4 N.Z. Newspapers 1 14 0 Wilson's Cement .. 1 14 0 Waihi .... .. (3) 2 1 0

Govt. Bonds, 4 p.c., 1940 102 15 0 Ins. Stock, 4 p.c., 1940 102 0 0 Ins. Slock, 4 p.c., 194t> 105 10 0 Hank of A'asia. (late Mon.) 11 10 0 Natl. Bank of N.Z. 3 9 0 Bank of N.Z. date Mon.) 2 9 c Bank of N.Z. CD" Mort.) 1 11 11 N.Z. Guar. Corpn. 0 6 0 Tooth's Brewery 2 7 9 British Tobacco 1 17 9 Colonial Sugar <2) 40 10 0 Dunlop Perdriau 0 18 9 Wilson's Cement 1 14 0 Waihi 2 1 0

Nokomai .. <2) 0 2 3 Sales Reported British Tobacco (late Monday) 1 18 0 N.Z. Breweries (late Monday) 2 9 9 DunJop Rubber 0 18 8 Woolworths (Sydney) 4 11 9

Commonwealth Bonds—4 per cent., 1941 105 7 (j 4 per cent., 1!)47 108 7 6 1 per cent., 1950 107 12 6 4 per cent., 1955 105 12 6 4 per cent., 1957 107 16 3 4 per cent., 1959 109 2 6 4 per cent., 19G.1 108 10 0 Com. Bank ol' Sydney 16 1 0 Bank o£ N.S.W. 30 0 0 Australian Gas. "A" 7 1G 0 Toohey's Brewery 1 8 3 Tooth's Brewery 2 7 9 Associated Newspapers 1 3 n Broken Hiil Prop. 2 11 0 Colonial Sugar 40 12 6 Dun] ops I) 18 10?. Goid r :brough 1 8 9 Afternoon Sales Commonwealth Bonds— 4 per cent., H»38 104 8 9 4 per cent., 194! 105 8 9 4 per cent., 1944 106 13 9 4 per cent., 195" 107 10 0 4 per cent., 1955 107 12 6 4 per cent., 1957 108 0 0 •i per cent., 1959 108 3 9 4 per cent., 1961 108 10 0 Colonial Sugar 40 17 6 Bank of I\ew South Wales ' 30 0 0

£ s. d. Bank o£ New Zealand 2 9 0 New Zealand Insurance .. 3 9 6 Associated News. 3 2 7* Associated News, (pref.) .. 1 3 3 Australian Gas, "A" 7 16 0 British Tobacco 1 18 0 British Tobacco (pref.) i 12 0 Dunlop Perdriau 0 19 0 Dalgetys, London delivery 8 10 0 Goldsbron^h 1 ii 6 Winchcombe Carson 1 5 9 Morris Hcdstrom ., 0 18 9 Fairymead Sugar 1 17 0 Farmers' 1 4 9 David Jones 1 19 9 Anthony Hordcrn 0 17 9 Lustre Hosiery 1 8 0 Standard Cement (ex div.) 0 19 u Australian Iron and Steel (pref.) 3 2 G Broken Hill Propr. 2 11 0 Rawang 0 7 3 Larut 0 11 0 Placer Development 28 2 0 Tongkah Harbour 1 3 1*

RUGBY, February 25. Par. Feb. 22. Feb. 25. Paris, fr. to £1 124.21 73 31-01 73 27-32 New York, do!, to .£1 ■1.800 4.88i 4.865 Montreal, dol. to £1 ■1.866 4.801 4.808 Brussels, belgas to £1 35 20.70i 20.74 Cienova, £r. to £1 25.2215 14.97 i 14.961 Amsterdam, fl. to £1 12.107 7.17} 7.17 Milan, liro to 11 93.47 57 3-16 57 3-16 Berlin, roiclimnrkeu to i'l -20.-1;; 12.08 12.08 Stockholm, kr. to £1 18.15!) 19.39i 19.39 J Copenhagen, kr. to £1 18.151' 22.39 J 22.39^ Oslo. kr. to £1 18.15!) 19.90 J 19.905 Vienna, scligs. to £1 34.585 20 20 Prague, kr. to £1 164.25 116 110 Ilelsinfffors, marks lo £L 193.2:! 220i 2201 Madrid, pesetas to £1 25.2215 25 15-32 25 7-6 Lisbon, escudos to £1 110 110i H0i Athens, drac.li to £1 875 514 514 Bucharest, lei to £1 818.6 490J 490i Belgrade, dinars 25.221 5 21.5 21.5 Rio de Janeiro, pence to milreis •1.802 4i Buenos Aires, pence to dol. 57 ;;oi 30 A Montevideo, pence to dol. 57 40.V 1 OiBombay, pence to rupee 19 18 5-32 lS 5-'3 2 Shanghai, pence to dol. * IS 5-16 18 llont; K0112:, pence to dol. * 21 15-10 22 9-16 Yokohama, pence to yen * 14 1-64 14 1-04 Batavia, guilders 12.107 7.15 J 7.14J Warsaw, par zlotys to £1. •13.30 *Determinod by price of silver.

£ s. d. £ 8. d. Copper— Standard, spot _'G 18 lh 2fi 4 44 Forward 27 4 41 20 10 7?Electrolytic no 0 0 2!) 5 o J to HO 5 0 29 15 0 Wire bars no 5 0 29 15 0 American electrolytic: 9 cents per lb. Lead— Spot 10 5 0 10 5 0 Forward 10 8 9 10 7 6 Spelter— Spot ...... 11 16 3 11 11 3 Forward 11 18 !) 11 13 9 Tin— Spot. 224 15 0 220 10 0 Forward 221 15 0 216 17 G Silver — Fine, per oz. . . 25irt 2old Standard, uer oz. 27bd 27Jd

London— £ N.Z. to £100 stsr. T.T. 124 124/10/0 U.D. 123/10 124/7/S Australia— X A. to ilOO N.Z. T.T. 10L 100/10 O.D. 101 100/1# Fiji— £ F. to £100 N.Z. T.T. 90/7/6 sa O.D. 90/7/6 s» New York — Dol. to £1 N.Z. T.T. 3.94 3.89 J ; O.D. 3.951 3.891 J Montreal — g Dol. to £1 N.Z. T.T. 3.93i ;;.»9j . O.D. 3.94:f 3.90 '4 France — Francs to .£1 N.Z. T.T. 59.63 5S.33 $g O.D. 59.93 5S.38 a Noumea— | Francs to £1 N.Z, T.T. 60.58 57.58 J O.D. 60.98 57.6S * Papeete— 60.58 I Francs to £1 N.Z. T.T. 57.58 O.D. 60.98 57.63 Belgium— Bellas to ill N.Z. T.T. 17.042 16.S43 O.D. 17.142 16.357 Gormany— Reichmarks to £ 1 N.Z. T.T. .—. 9.493 ; O.D. — 9.498 ItalyLire to £1 N.Z. T.T. __ 45.33 O.D. — 45.37 Switzerland— Francs to £1 N.Z. T.T. 32.248 11.848 O.D. 12.323 11.858 Holland— Florins to £L N.Z. T.T. 5.896 5.646 O.D. 5.946 5.650 Java— > Florins 1o £1 N.Z. T.T. 5.851 5.626 O.D. 5.901 5.630 Japan— N.Z. pence to yea T.T. — 17 21-3* O.D. — Shanghai— N.Z. penco to dol. T.T. 225 24 3-16 O.D. 22S 244 India and Ceylon— N.Z. pence to rup. T.T. 22 13-32 221 O.D. 22 9-32 22 11-19 Hens Kong— N.Z. penco to dol. T.T. 27 15-16 29 O.D. 27 13-16 28 15-15 Singapore— N.Z. pence to dol. T.T. 34 7-16 851 O.D. 34 5-16 35 5-16 " T. represents telegraphic transfers. O.D. represents on demand transactions.