FINANCE AND COMMERCE

Press, Volume LXXIV, Issue 22506, 14 September 1938, Page 13

FINANCE AND COMMERCE

AUSTRALIAN STOCK MARKETS v STEADY

BUTTER SLOW IN LONDON

The only immediate reaction on the Sydney Stock Exchange yes Say to Herr Hitler ’ s speech was a further contraction of The market generally was fairly steady with' a slightly higher trend in Broken Hill stocks. In Melbourne, also, markets generally were steady. Investors there were inclined to think that the overseas news indicated that tension was not very acute for the time being.

The local market continued dull. Dealings were restricted to a few stocks and ,the turnover was small.

The London butter market was slow at the close of business on Saturday. The market for cheese was steady.

The price of gold continues to rise, the latest quotation being £7 4s 7d a fine ounce, the highest price since 1935. More heavy disposals were made at that price.

HIGHEST LEVEL

SINCE 1935 a Price of Gold Rises Again REASONS FOR CONTINUED DEMAND The rush to gold, which has been m feature of the political tension in Europe, continues to force the price of gold upward. The latest London quotation is £7 4s 7Jd a fine ounce. This is the highest price since March t, 1935, when gold touched £7 9s 4d. for the scramble for gold axe put down primarily to nervousness over the Czech situation and second, to a renewal of rumours that an important change in currency policy is contemplated by Great Britain, the United States, and France. For some time the impression has existed that sterling has been overvalued in relation to the dollar. The range of official quotations since 1931 is as follows;

Toward the end of last week the daily turnover in gold fell below '£>ooo,ooo, but it rose again on MonSSSfto £1,208,000, Early in August it hdft risen to as high as £2,977,000, the second highest* daily figure on record. being exceeded only by the £4,479,000 sold on June 4, 1937, at the height of the gold scare of that year. Of the purchases, enormous quantities are being shipped to the United States, which ,in the week, ended September 2 gained £17,554.000 in gold, of which £13,736,600 came from Britain. Currency Devaluation Feared According to one London financial writer the opinion has grown on the Continent and is gaining ground rapidly in England that world inflation based on further currency devaluation is the only method by which commodity prices, wages, and the price bf manufactured goods can be raised sufficiently to support the existing burden of debts.

Continental bankers, it is stated, also believe that industrial companies with funds available for temporary investment can obtain fractional interest rates only on bank deposits. In some Continental countries, such as Switzerland, -where large amounts of French money were sent for safe keeping, no Interest at all is paid on deposits. Unless a depositor agrees to leave the money with the bank for a fixed period of at least nine months he is actually charged a commission. Many Continental companies consequently, worried abbut the future value of currencies, have decided to invest their surplus funds in gold, believing there is everything to gain and nothing to lose. In the meantime the rise in the value of the metal means an important addition to the income of mining companies, particularly the huge concerns of South Africa, and also of Australia, where production is steadily increasing.

LONDON PRODUCE MARKETS

BUTTER SLOW AT CLOSE OF WEEK cheese steady with price ’ UNCHANGED The London butter market was slow at the close of business on Saturday, according to advice received by the New Zealand Dairy Board from the Primary Products Marketing Department. The cheese market was steady. Quotations were:— New Zealand salted butter, 123s to 124s per cwt, compared with 122s to 123s for the week ended September 3. Australian, 119s to 120s, a rise of Is onifee week. Danish (spot price), 135s to 1365, against 135s for September 3; Unsalted butters were quoted as follows:— New Zealand, 1245, and extra 1255; Australian, 120s, extra 121s; Dutch, 112s, extra 114s. Retail prices of New Zealand butter were Is 3d per lb; Danish, Is 4d. New Zealand white and coloured cheese was unchanged at 73s per cwt; Australian, 68s to 70s. Canadian, white and coloured, 71s to 72s and 78s to 80s. and 79s to 80s for last season’s white and coloured Respectively. English farmers’ cheese, finest, 86s to 88s, and factory cheesa, 66s to 68s. New Zealand cheese was still selling Retail at 9d per lb. BRADFORD MARKET EASIER _ LONDON; September 12. The Bradford market is tending in buyers’ favour. Topmakers are meeting to make concessions.

COMPANY NEWS

N.Z. FOREST PRODUCTS SECOND BALANCE-SHEET A debit balance in the profit and loss account of £18,996 is shown in the second accounts of New Zealand Forest Products, Ltd., for the year ended March 31. With a debit of £19,393 brought in from the previous year there is now a total of £38,389. The balance-sheet shows that the company has a nominal capital of £11,000,000. Issued capital stands at £4,126,064. A loan account with the Australasian Forestry Bondholders’ Trust Company, Ltd., has increased from £18,220 to £41,267. Sundry creditors are £1137 lower at £904, Assets include £4,126,407 in bonds in New Zealand Perpetual Forests Ltd., at cost. These bonds will be exchanged for title deeds to the land and forests. Cash items total £3316 an increase of £2766. Profit and loss account shows that total expenses were £19,869, including £2981 for directors’ fees. . , The directors’ report states that following a tentative agreement made between the company and New Zealand Perpetual Forests. Ltd., the directors took over the management of the forests at the end of last year. A quantity of new plant and machinery has been purchased, and the equipment 1: completely adapted to the new con> ditions. A new award for forestry workers resulted in higher wages, bui steps have been taken to reduce maintenance costs by improved methods. Recent revaluation of the forest and farm lands increased the company s properties on the valuation rolls by about 70 per cent. If these are sustained on appeal, substantially in creased rates and land tax will have to be paid. A loss from the destruction of 564 acres of trees by fire in De- , cember has been made good from the fire reserves established by New Zealand Perpetual Forests, Ltd. Since the compounding agreemen' had been approved, there would be no need for the continued existence of the Australasian Forestry Bondholders’ Trust Company, Ltd., which would be wound up. To guide the directors ir their utilisation policy, Mr S. A-. Clarke deputy-chief of the Forest Product? Division of the Council for Scientific and Industrial Research, Melbourne, was selected to make a six months’ Investigation of the forests, and his report will be considered by a committee of experts. . The directors repeat that they cannot give any definite indications of the future earning power of the company or the eventual value of the shares. Shareholders again are warned against parting with their shares before obtaining independent advice. The vacancy caused by the death of Mr R. D. Kennedy, of Brisbane, one of the original members of the board was filled by the appointment p£ Mr S. J. ’ McGibbon. of Perth. The first directors remain In office until the annual meeting next year. TIMARU LIME Net profit of £1269 is shown in the accounts of the Timafru Lime Company, Ltd., for the year ended August 31, 1938. Gross profit from trading was £3285. After providing for taxes, there is a balance of £1197. The directors recommend a dividend of 5 per cent. (unchanged) absorbing £650, and a carry forward of £547. The directors report that abnormal weather during the latter months ot the financial year considerably retarded deliveries, but the position disclosed in the accounts was satisfactory. \ The retiring director. Mr Percy A. Elworthy, and the auditor, Mr A. C. Martin, offer themselves for re-elec-tion. Balance-sheet items are:— LIABILITIES

MILBURN LIME AND CEMENT £THE PRESS Special Service.] DUNEDIN, September 13. The annual meeting of shareholders in the Milburn Lime and Cement Company was held to-day, Mr E. C. Hazlett being in the chair. The annual report was adopted, carrying with it the payment of a dividend of 83 per cent, for the year. JAPAN’S TRADE BALANCE IMPORTS AND EXPORTS FOR THIS YEAR ieaaes *«»ociatto« tnimnu WELLINGTON, September 13. The Consul-General for Japan at Wellington. Mr K. Gunji, has received advice from Tokvo that the value of exports from Japan for the 11 days from August 21 to August 31 totalled 100,600,000 yen, and imports for the same period totalled 72,515,000 yen, an excess of exports of 28,085,000 yen. The excess of imports over exports from January 1 to August 31 was 134,000,000 yen. Mr Gunji explained that there was usually a surplus of imports over exports during each first half-year, but this is more than compensated for during the last six months of each year.

STOCK EXCHANGE

LOCAL MARKET v

AGAIN DULL DEALINGS CONFINED TO PEW STOCKS Markets continued dull on the Christchurch Stock Exchange yesterday, and recorded dealings were again restricted to a few stocks, in which the turnover was small. The market for shipping shares was again bare. LISTED STOCKS

Banks and Insurance National Bank of New Zealand remained unaltered at 525. Bank of New Zealand were firm, with sellers and business at 425. buyers at 41s 9d. Unsupported sellers of National Insurance reduced their limits to 16s 9d. Goldsbrough. Mort had business at 275, market closing Id either way. Miscellaneous Broken Hill Proprietary changed hands at 55s lid, but closed with buyers at 56s 3d. sellers at 56s Bd. The contributing were firmer on buyers’ offers 38s 6d. Dunlop Rubber were steady, with buyers and business at 20s lid, sellers at 21s. Buyers of Donaghy Rope raised their bids to 435, but sellers were reticent. Buyers’ offers for Electrolytic Zincs, ordinary and preference, revealed firmer markets. G. J. Coles recovered to 78s 6d. and more were wanted at 78s sd, sellers at •78s Bd. Taranaki Oilfields were fractionally firmer on buyers’ offers 12s 7d. Wilson’s Cement declined to 16s 7d, closing quotations 16s 6d buyers, 16s lid sellers. Wilcox, Mofflin were weaker, with sellers at 6s. Mining Glenroy Gold were firm, with buyers and business at Id. Broken Hill South (cum dividend) had dealings at 30s 3d. Mount Lyells were firmer, with buyers at 275, sellers at 27s 3d. Mount Morgans were steady, with sellers and dealings at 10s lOd. buyers at 10s 9d. North Broken Hill (cum dividend) remained unaltered at 455, but closed firmer, with buyers at 45s 6d. LATEST QUOTATIONS

BANK OF NEW SOUTH WALES The Bank of New South Wales quoted the following exchange rates yesterday:— Buying. Selling. N.Z. on to £IOO stg. T.T. 124 124/10,/- " O.D. 123/33/3 124/9/0 A £A a to“ieXoo N.Z. T.T. 100/17/6 100/5/O.D. 100/17/0 FIU—to £IOO N.Z. T.T. 90/7/6 80 O.D. 00/7/0 80 Maw- YAflpaM Dol. to £1 N.Z. T.T. 3.8864 3.8525 O.D. 3.8914 3.8535 Montreal— ' Dol. to £1 N.Z. T.T. 3.9051 3.8727 O.D. 3.9138 3.8737 B Belgas”to £1 N.ZI T.T. 23.158 22.848 O.D. 23.233 22.853 Czechoslovakia — Korunas ~, 32: z S'};!? 2:5:1IISI F Ma?ks to £1 N.Z. T.T. 185.40 179.60 OJJ. 185.80 179.70 F fYano*'to £1 N.Z. T.T. O.D. Germany— Relchmarkg , „ to £1 N.Z. T.T. O.D. Greece— Drachmae to £1 N.Z. T.T. O.D. H plorinstO £1 N.Z. T.T. 7.270 7.120 O.D. 7.310 7.122 Italy— Lire to £1 NZ. T.T. O.D. Java— Florins to £1 N.Z. t T.T. 7547 7.097 O.D. 7.287 7.099 Norway— Kroner to £1 N.Z. T.T. 16.182 15.892 O.D. 16542 15.895 Noumea— Francs to £1 N.Z. T.T. O.D. Papeete— Francs to £1 N.Z. T.T. O.D. Sweden— Kronor to £1 N.Z. T.T. 15.786 15.490 O.D. 15.845 15.493 Switzerland— Francs to £ 1 N.Z. T.T. 17599 17.029 O.D. 17.404 17.031 Chefoo— N.Z. pence to dol. T.T. lie O.D. Hong Kong— N.Z. pence to dol, T.T. 18 7-16 1813-16 O.D. 18 13-32 18 13-16 India and Ceylon— N.Z. pence to nip. T.T. 22 7-64 22 25-64 O.D. 22 S-64 22 25-64 Japan— N.Z. pence to yen T.T. O.D. Manila— N.Z. pence to peso T.T. 30 15-32 31J O.D. 30} 31J Shanghai— N.Z. pence to dol. T.T. Not quoted O.D, Not quoted Singapore— • N.Z. pence to dol. T.T. 34 13-32 34 57-04 O.D. 34 6-16 34 57-64

BRITISH WAR LOAN Iwnn omoui wtbel«s».) RUGBY, September 12, War Loan, 3} per cent,, is quoted at £lOl ss. PRICE OP SILVER (■mrnsa emcui «rta>Lss«.) RUGBY, September 12. Silver is quoted at 19 7-18 d an ounce spot, and 19 13-10 d an ounce forward. RUBBER QUOTA UNCHANGED LONDON, September 12. The International Rubber Committee has decided that the quota for the forthcoming quarter will remain unchanged. Rubber rallied to 8 l-16d after the news.

CANTERBURY MARKETS

MOST SECTIONS CONTINUE QUIET (BT Otra COKMXBCIAXj ZDITOK.) Tuesday evening. The Canterbury grain and produce markets continue to be quiet. Chief Interest is still in potatoes, but the amount of business being done is small. The nominal quotation for Dakotas is £1 10s a ton on trucks, and for Sutton’s £2. The local price has not been affected much by the export shipments which the Government is arranging and Is not likely to be, because the quantity of potatoes suitable for export is small. The demand for seed wheat is still fairly steady, but the small seeds market is slack. Quotations

The following are the prices quoted to farmers on trucks at country sidings, unless otherwise indicated: — Wheat—Milling, f.0.b., September, Tuscan 5s lid, Hunters 6s Id, Pearl 6s 3d.

Oats—A Gartons to 2s lOd, B Cartons to 2s 6d, Algerians 2s 9d to 3s. Ryegrass—Perennial 3s 9d, Italian 2s 9d to 3s. Cocksfoot—Plains 8d to 9d, Akaroa 8d to 9id per lb. Cowgrass— l dd to 7d per lb. White Clover—9d to Is per lb. Potatoes—£l 10s to £2 a ton. Chaff—£4 10s a ton. „ Barley—Malting 4s 7Jd, feed 3s a bushel. . , .. Browntop—M.d., 9d to lOd per lb. Partridge Peas—-4s 3d to 5s Sd a bushel. Bran —Large £4 15s, small £5 ss. Pollard—Large £6 5s a ton. small £6 15 s.

RABBITSKIN SALE ERRATIC MARKET AT DUNEDIN [THE PRESS Special Service.] DUNEDIN, September 13. At to-day’s rabbitskin sale, medium catalogues were offered. The market was erratic but taken all over showed little change on last sale. Some low quality lots were Id to 2d dearer and first and second winter bucks and does brought 2d more than last sale. The quantities of these good grades are declining rapidly now. Late winters and springs were firm for the first two catalogues, but declined about 2d as the sale progressed, an indication that difficulty is still being experienced in arranging for the disposal of .offerings. _ ~ The range of prices was:—Small, 3d to 3|d; runners, 9|d to 13d; summers, 13 Jd to 14|d; autumns, 22Jd to 25Jd; incomings, 27d to 34} d: second winter broken, 21id to 25|d; first winter broken, 25d to 29Jd; second winter black, 18d to 21d; first winter black, 30d to 32d; first winter fawn, 56d to 60d; milky, 12Jd to 16d; first milky, 17Jd to 22d; winter bucks, 38d to 55d; second winder bucks, 63d to 73d; first winter bucks, 76Jd to 79Jd; winter does, 31|d to 36|d; second winter does, 39d to 44d; first winter does, 43d to 47d; outgoing winter bucks, 40#d to 47d; outgoing winter does, 28jd to 32id; spring bucks, 27Jd to 34Jd; spring does, 24d to 26Jd; hareskins, 16d to 18d; horsehair, lOd to 18d; first ferrets, 3s to 3s 6d.

NEW YORK TIN LONDON, September 12. New York tin is quoted at 42.70 cents par lb.

MINING OKARITO “I think we can look forward to at least five years of prosperous dredging,” said Mr B. H. Nees, a director ol the Okarito Five Mile Beach Gold Dredging Company, Ltd., when speaking at the tenth annual meeting of shareholders. “The total area of our claim is 158 acres,” he said, “and from a total of 60 acres worked to date, 14,5100z of gold have been recovered.” Mr Nees said that it was the opinion of the dredgemaster that in the available ground values would probably prove better than those already obtained. The old township ridge was not so closely mined as other parts, and when the dredge was finished working the northern exit it would be removed to the southern end, which was not completed when the dredge had been transferred. With more than half the area of the claim still to be worked, he thought that shareholders could safely look forward to at least receiving a return of reasonable dividends. The chairman of directors (Mr J. E. Wheeler) presided pver a small attendance of shareholders. “At the time of our last meeting, shareholders will recollect that the dredge was approaching what was considered to be better ground, and we had hopes of securing better returns.” the chairman said. “I am glad to say that this hope was realised, and during the last year the ground dredged has on the average, shown a substantial improvement. Owing to a greater amount of dredging time being lost, however, the richer ground has produced slightly less net profit than was made in the preceding year. The primary cause of the very heavy loss of dredging time was the sinking of the dredge at the end ol September, almost exactly a year ago. After a delay of eight weeks, repairs were finally completed, and the dredge started, recovering 670z for a period of slightly more than one week.”

WAITAHU The Waitahu Gold Mining Company, Ltd., earned a profit of £B4B in the year ended July 31, 1938, bringing the profit and loss appropriation account to £3264. Dividend of 2d a share, requiring almost £I4OO, is announced, this sum including the company’s income tax payable by reason of the declaration of the dividend. The directors report that the cost of material treated was, in spite of increasing costs of operating the claim, still under 3d a cubic yard. The year’s results were:—Area of ground worked, 10,240 square yards; total cubic yards treated, stripping 180,700, elevating 98,300; rate of treatment, stripping 112 cubic yards an hour, elevating 33J cubic yards an hour; average rate of treatment, 61J cubic yards an hour; average value of ground elevated, 10.36 d a cubic yard; average value of ground stripped, 0.09 d a cubic yard; average value, surface to bottom, 4.37 d a cubic yard; average value won an hour of elevating, 28s lid; average net price realised for gold, £7 10s 6d per oz based on claim weight.

RIMU The Rimu dredge return is 254.1 ounces for 134 hours and 61,087 yards treated.

CHICAGO FUTURES

LONDON METALS MARKET

SLIGHT RISE IN PRICES (uaoaa niu imocuros- ctrausrj

BRITISH WHEAT MARKET LONDON. September 12. Wheat cargoes are steady and parcels firmer. Futures are quoted as follows: — Sept. 8. Sept. 12. London (a quarter)— s. d. x -dOctober . November 22 1 22 11 Liverpool (a cental) — October -• 4 December -- 47| 4 9 March 4 7* 4 The spot trade is easier. Australian, ex-ship, being quoted at 27s 9<L Flour is weaker. Australian, exstore, is quoted at 21s 6d io 22s

NEW YORK, September 12. Cents a bushel. Sept, a Sept. 12. September - - 60| IttJ December • • ®f May .. ■. 63£ «4j

Highest. Lowest. £ s. d. £ s. d. 1931 .. 6 6 10 4 19 7 1932 m .. 6 10 8 5 8 4 1933 • « .. 6 14 8 5 18 0 1934 • • ' 1 7 3 3 6 6 8 1935 .. 7 9 4 6 19 94 1938 ..714 6 17 54 1937 ( .. 7 2 7} 6 19 3J 1933 (to date) .. 7 4 7J 6 19 5

£ Paid capital ., 13,000 Creditors .. 426 Income tax reserve .. 200 Profit and loss .. 1,197 Total ' .. .. £14,823 ASSETS £ Plant .. . 7,170 Buildings .. 1,955 Bridge .. 1,000 Land 100 Stocks .. 13 Debtors 538 Cash • • 5 Bank balance .. 3,128 Brokerage 780 Preliminary expenses .. 136 Total .. £14,823

Sales on ’Change £ S. d. 150 National Bank of N.Z. (3) 2 12 0 50 Bank of New Zealand 2 2 0 100 Goldsbrough, Mort .. 1 7 0 100 Dunlop Rubber (cum div.) 1 0 11 100 G. J. Coles (2) 3 18 6 500 Glenroy Gold 0 0 1 300 Broken Hill South (cum div.) (3) 1 10 3 400 Mount Morgan (4) 0 10 10 100 North Broken Hill (cum div.) 2 5 0 Sales Reported 100 Wilson’s Cement 0 16 7 50 Broken Hill Propty. 2 15 11

N.Z. Govt. Da bentures Buyers. Sellers £ d. £ s. d 3 p.c. Ins.. 1941 — 98 0 6 3J p.c. Ins., 1938-52 .. — 101 0 0 3J p.c. Ins,, 1939-52 — 101 0 0 3} p.c. Bonds. 1953-57 .. 94 10 0 95 — 31 p.c. Ins., 1953-57 —■ 0 0 1 p.c. Ins., 1943-40 100 0 0 101 — 4 p.c. Ins.. 1949 101 0 0 10 0 4 p.c. Ins.. 1955 — 6 100 15 0 4 p.c. Bonds, 1946 100 2 — 4 p.c. Bonds, 1949 101 2 6 Other Debentures Banks Peninsula, 4i 103 p.c.. 1/4/65 — 0 0 North Cant. Power. 106 10 41 p.c.. 1/8/59 — 0 Napier Harbour — 103 0 0 Napier Harbour, 41 p.c., 105 31/3/68 — 0 0 Napier Harbour, 41 p.c.. 103 30/0/84 — 0 0 Ch.Ch. Drainage Brd., 41 p.c., 30/0/56 — 104 10 0 Gisborne Sheep.. 81 p.c.. 101 31/8/41 . . 0 0 — Quill, Morris. 4 p.c. 1948 •• • ; 95 0 0 Dominion Fertiliser, 7i 102 p.c., 1/2/41 0 0 Bonks Australasia (cum dlv., 10 6 0 £5)7 10 IS Comm, of Aust. (10s) —- 0 14 11 Comm, of Aust. (pf.. 9 9 8 *10) •• -A 5 0 0 Comm, of Sydney (£12 20 10s paid) 5 — 0 0 E., S., and A. (£3 pd.) 3 0 5 3 9 Natl, of N.Z. (£2 10a 6 0 paid) . N.S.W. (£20) 29 10 0 2 30 4 10 N4w Zealand (£1) _ • ■ 2 i 9 2 a 0 N.Z. (mort shares, £1) 1 0 0 — Union of A’asla. (£5 8 8 8 paid) .. , 5 0 0 Insurance National (7s paid) .. New Zealand (£1) zr 0 10 2 16 9 0 Standard (£1 paid) .. — Z 10 0 Doan tfnd Agency Dalgety and Co. (£5 8 1 paid) Goldsbrough, M. (£1) 1 6 11 1 7 0 1 Mutual Benefit (£10) — 14 0 0 N.Z. Guar. Corpn. (3s) • 0 4 4 United Build. (cum dlv., £1) — 1 0 9 Frozen Meat . Cantby. (£7 10s pd.) 9 12 6 Gear (10s) — 0 14 6 N.Z. Refrtg. (£1 pd.) — 6 0 17 11 N.Z. Refrig. .(10s pd.) 0 7 n 6 Southland (£1) — 1 Woollens Kaiapol (7s paid, cum div.) —— 0 4 6 Kaiapol (pf., cum dlv.. 17s) — O 16 0 Coal Westport (10s) — 1. 4 6 Westport-Stockton (pf.. 10s) —■ 0 7 3 Westport-Stockton (ord.. 6 10s) — 0 4 Gas Auckland (£1) ' — 1 0 4 Christchurch (£1) 1 6 0 1 7 5 Breweries Crown (in liqdn.) 0 1 0 — Dominion (£1) 1 10 0 -j* New Zealand (£1) 1 19 10 2 0 2 Timaru (in liqdn.) 0 0 10 0 0 11 Tooths (£1) 2 13 3 2 14 0 Miscellaneous Alloy Steel (N.Z.), (£1) 1 0 0 — Andersons (pf., £1).. —■ 0 19 0 Anthony Hordern (£1) — 6 0 16 6 Aust. Glass (£1) 4 11 4 13 6 Berlei (N.Z.), (£1) .. 3 5 0 3 10 0 Booth, Macdonald (pf.. £1) — 0 2 3 British Tobacco (cum div., £1) 2 5 10 2 6 10 Broken Hill Pty. (£1) 2 16 3 2 16 8 Broken Hill Pty. (con.. 10s paid) 1 18 6 1 18 9 Colonial Sugar (£20) .. 47 0 0 — 9 Consolid. Brick (£1) .. — 0 7 Domln. Fertiliser (£1) — 1 4 6 Donaghy Rope (£1) .. 2 3 0 — Dunlop Rubber (cum 11 div., £1) 1 0 1 1 0 Electro. Zinc (cum dlv.. £1) 2 2 0 2 2 6 Electro. Zinc (pref., 10 cum div., £1) 2 5 0 2 5 Evans Atlas Flour (10s) 0 19 3 — G. J. Coles (£1) 3 18 5 3 18 8 Gordon & Gotch (£1) 2 14 6 Hay’s, Ltd. (con., 15s 18 paid) 0 0 Hume Pipe (Aust.), (£1) —- 1 0 0 Kauri Timber (25s) —— 1 3 3 Mason, Struthers (£ 1 paid) ’ 0 17 6 Mason, Struthers (14s paid) — 0 12 6 Mason. Struthers, (10s 9 paid) — 0 7 I.C.I. (Aust. and N.Z.) (pref., £1) McKenzies, Ltd. (£1) 1 X 3 1 3 1 4 7 0 N.Z. Farmers’ Co-op. (£2 10s paid) N.Z. Farmers’ Co-op. 0 12 0 (10s paid) — 0 0 1 N.Z. Farmers’ Co-op. (1st pref., cum dlv.. £5) 3 5 0 — N.Z. Farmers’ Co-op. (4i p.c. Stock, 1949, £100) 88 5 0 92 0 0 N.Z. Farmers’ Co-op. (4J p.c. Stock, 1950, 91 £100) 89 0 0 10 0 N.Z. Farmers’ Fert. (£1) • 0 18 8 —

Buyers. Sellers. £ s. d. £ s. d. N.Z. Newspapers (16/0) 1 13 6 •— South Island ' Finance (10s paid) — 0 9 0 Taranaki Oil. (24/7 pd.) 0 12 7 0 12 8 Wilcox, Mofflin (11s) .. 0 5 6 0 6 0 Wilson’s Cement (10s) 0 16 6 0 16 11 Woolworths (Sydney), 10 6 (ord., 5s) 10 4 Woolworths (N.Z.) (5s) — 0 19 0 Overseas Listing 0 15 3 Woolworths (S.A.) (5s) __ Mining Argo (cum dlv.. Is) .. 0 1 10 — Argo (con., cum dlv., 0 1 4i 0 1 8 Is) Big Biver (Is) 0 13 Gillespie’s Beach (Is) 0 10 0 12 Golden Dawn (5s) 0 2 5 Golden Sands (is) 0 0 9 — Goldfields Dredg. (Is) 0 14 0 0 0 21 Grey River (10s) 0 14 6 Glenroy (Is) 0 0 1 — Maori Gully (Is) 0 0 4 0 0 6 Nemona (ex div.. Is) 0 13 — New River (Is) 0 0 Si 0 0 71 Skippers, Ltd. (p£., IS) — 0 0 6 Worksop Extend. (Is) — Oil Australian Mining Broken Hill Sth. (cum 1 10 11 div., 5s) 1 10 0 Mount Lyell (£1) 17 0 17 3 Mount Morgan (2/6) 0 10 8 0 10 10 Nth. Broken Hill (cum 2 5 6 2 5 9 div., 5s) Rawang Tin (10s) 0 8 1 0 8 4 Wellington Alluvials 0 5 0 UNLISTED STOCKS All transactions in stocks quoted in this section are subject to special brokerage and are not quoted on t he official list. Buyers. Sellers. £ s. d. £ s. d. Afforestation (£55) .. — 40 0 0 Ballins Breweries ■ • 0 11 6 Blackball Creek — 0 1 3 Kanleri 13 0 15 0 Langes Mobile Gas .. —• 12 6 N.Z. Perpet. Forests 1 12 6 — N.Z. Perpetual Forests 0 11 6 (4s paid) Ngahere — N.Z. Mining Invest. .. United Brunner Coal 0 10 0 (£1 paid) AUCKLAND Sales on 'Change £ S. d. Mt. Albert. 1941, 41 p.c. .. 101 0 0 Comm. Bank Aus. 0 10 II Bank of New Zealand , . 2 1 11 Natl. Bank of N.Z. .. • • 2 12 0 National Timber • • 0 8 6 Broken Hill Pty. • . 2 16 4 Dunlop Perdrlau r , 10 9 Electrolytic Zinc (ord.) Farmers’ Trading - - 2 2 6 ♦ a 0 19 9 Farmers* Trading (A pref.) 12 0 Imperial Chemicals (pref.) 118 Farmers’ Fertiliser . • * Broken Hill South • • 1 10 6 Mount Morgan • a 0 10 11 Unofficial List Self ridges (N.Z.) (16s r Sylvia Mines (fully pa jald) .. 0 5 6 Id) .. 0 7 6 WELLINGTON Sales on 'Change £ s. d. Taranaki Oil (2) 0 12 5 G. J. Coles 3 17 7 (All above late Monday.) 94 5 0 31 p.c. Ins. Stock, 1953-67 .. 4 p.c. Ins. Stock, 1955 ..101 o o Broken Hill Pty. (2) 2 16 0 Dunlop Perdrlau (2) 10 9 G. J. Coles (3) 3 18 9 Taranaki Oil • • 0 12 6 Woolworths, Ltd. (ord.) * * 10 5 10 6 10 7 Southland Meat .# a. 1 10 9 N.Z. Breweries . . 2 0 0 DUNEDIN , Sales Reported £ S. d. Ins. Stock. 1946-49. 4 p.C. ..101 0 0 Bank of New Zealand 2 2 U Woolworths (Sydney) .. • . 10 9 Electrolytic Zinc (pref.). . . • 2 5 0 (All above late Monday.) 94 7 6 Ins. Stock, 1953-57, 3} 3.C, Dominion Brewery (2) 1 10 ( Oil Search u 6 11 Broken Hill Pty. 2 15 0 Mount Morgan * * 0 10 11 SYDNEY reaction on the Sydney Stock Exchange yesterday to Herr Hitler’s speech was a further contraction nf business. The market was lalrly eleudy with a slightly higher trend in Btoxen Hill stocks. Morning Sales £ s. d. Comm. Bank of Sydney Bank of New South wales .. 20 3 0 30 2 6 Tooths a • a 14 o British Tobacco a • 2 6 6 Broken Hill Pty. 1 1 41 Dunlop Perdrlau . •• Afternoon Bales £ s. d. Bank of N.S.W. ,, 30 2 6 Comm. Banking of Sydney .. 20 3 0 Colonial Sugar Associated Newspapers (Pi.) .V 1 0 6 Associated Newspapers 12 0 2 6 6 British Tobacco 2 13 9 General Industries 0 19 0 Morts Dock • a 0 12 2 Traders’ Finance • 10 3 Wright Heaton • • 7 18 0 Woolworths 10 7) Morris Hcdstrom 10 6 Mount Lyell I 7 4 Broken Hill Pty. •• 2 17 0 MELBOURNE Investments are generally steadier. The market is inclined to regard the internatlonal news as indicating mat tension is not very acute for the time being. Sales £ a. d. Comm. Bank of Australia 0 16 0 National Bank (£6 paid) .. 6 12 0 National Bank (£10 paid) .. 13 10 0 British Tobacco • • 2 6 6 Carlton Brewery • a i3 3 6 G. J. Coles • • 3 19 0 Dunlop Perdrlau M • 113 Melbourne Invest. Trust 0 10 7 Hume Pipe a • 1 0 0 Electrolytic Zinc Mount Morgan • • a a 0 11 2 Mount Lyell • • 1 7 1 Broken Hill Pty. • • 2 17 0 North Broken Hill . • a 2 6 0 South Broken Hill 1 10 9 Emperor • . 0 12 10Loloma •• 14 9 LONDON Quotations; — Buyers. Sellers. £ s. d. £ fl. d. Clutha River ' .. 0 1 2* 0 1 10) Molyneux River .. 0 0 7i 0 0 10) FOREIGN EXCHANGES (Bsmts omeut wmcLua.) RUGBY September 12. Par. Sept. 10 xm Sept. 12. Paris, fr. to £1 170 178 19-64 New York, 4.811 4.81) dol. to £1 4.866 Montreal, 4.821 4.83) dol. to £1 4.866 Brussels, 28.60 28.58) belgas to £1 35 Geneva, 21.30) fr. to £1 25.2215 21.291 Amsterdam, 8.92 fl. to £1 12.107 8.912 Milan, lire 91 7-16 to £1 92.43 91 7-16 Berlin, relch12.021 12.01 marken to £1 20.43 Copenhagen. 22.40 kr. to £1 18.159 22.40 Stockholm, 19.40 19.40 kr. to £1 18.159 Oslo, kr. to £1 18.159 19.90 19.90 Vienna, schgs. to £1 34.585 a— — Prague, kr. 1398 139) to £1 154.25 Helsingfors, 226J 326] marks to £1 193.23 Madrid, pese- , ' tas to £1 25.2215 — Lisbon, escu110 3-16 dos to £1, 110 110 3-lf Athens, drach to £1 370 5471 547) Bucharest, lei to £1 818.60 970 670 Belgrade, 214 dinars 376.3 314 Rio de Janeiro, pence to 2 15-16 mllreis .. 4.90 2 29-32 Buenos Aires, pence to dol, 51 19.07| 19.06) Montevideo, pence to peso * 20 20 Bombay, pence 17 29-32 17 29-32 to rupee • Shanghai, pence >1 8) to rupee • Hong Kong, 15 IS pence to yen • Yokohama, 14 pence to yen 24.58 14 Batavia, guilders 12.107 8.901 8.90) Warsaw, par zlotys to £1 43.38 20.31 26.31 ♦Determined by price of silver.

LONDON. September 12Sept. 9. Sept. 12. Copper— £ s. d. £ s. d. Standard, spot 41 1 3 41 8 Forward 41 6 104 41 12 6 Electrolytic. - 46 10 0 46 15 ft to 47 10 0 47 15 0 Wire bats .. 47 10 0 47 15 ft Lead— Spot . .. 14 1ft 4| 15 2 6 Forward 15 4 41 15 8 If Spelter— Spot 13 12 6 13 19 4i Forward 13 16 10| 14 3 ft Tin — Spot 191 15 0 192 0 0 Forward 192 12 6 192 15 ft Silver— Fine, per oz. 19id 1» 716i Standard. per oz. .. 20|d 21d