FINANCE AND COMMERCE

Press, Volume LXXIV, Issue 22515, 24 September 1938, Page 14

FINANCE AND COMMERCE

SHARE MARKET REVIEW SMALL VOLUME OF BUSINESS WEEK OF FLUCTUATING PRICES Events in Europe have, overshadowed the share market this week. The uncertainty of the first three days reduced business to practically nothing. Prices fell, too. Then, with the report that the Czechs had accepted in principle the Anglo-French plan to maintain peace, business brightened again. But the improvement was short-lived. Yesterday, the prices of several Australian stocks relapsed to their earlier levels. Some shares, of course, were affected by the coal strike in Australia, and an additional influence for caution was the approach of the General Election. Over the whole week, the total number of stocks in which sales were made locally was 27. These were all in the banking, pastoral, breweries, miscellaneous. and mining groups. Turnover day by day was:—

. Gilt-edged stocks have not -attracted much business and there appears to be no definite market tor either- Government or local-body debentures! Local dealings were confined to'nlodest business inthe 4 per cents, at easier rates —the 1948 stock at' £IOO ss. £IOO, and £99 X7s fid: and the 1949 at £IOO 15s. Allowing lor accrued interest these prices are equivalent to £99 9s lor the 1948 and £99 for the 1949. In the banking section there was consistent demand'for most, lines but National of New Zealand and New Zealand were the most attractive. Nationals recovered fid to business'at 52s fid and New Zealand moved: from 41s 7d to 42s Id. E.. S.. and A. were firmer at £5 3s 9d and £5 3s. Union or Auseased to £8 7s. Commercial were freely quoted at slightly reduced prices In other centres Commercial of Australia preference eased to £9 6s fid. There was no Interest in Insurance shares. Nationals wereoffered down to 18s fid. Outside Christchurch. New Zealand, on-Small turnover, eased fid to Ms' fid and South British at 44s 3d. showed a drop of Is 9d.

Loan and Agency . Business" was restricted to Golds* broughs at 26s 8d and 265. fid, slightly below'last week's level, pther pastoral company shares were offered. ; but when buyers quoted the margins were usually w>de. United Building had business at 20s .3d. New Zealand Guar-_ aptee . Corporation were ’regularly quoted but recorded dealings at 4s ijd outside* Christchurch. _ xroxen meat shares appeared weaker. The only business was in Southland at 30s' 3d—a reduction of fid. .There was no recorded: business• ih shipping :or JJpollen .company shares on. any of the New Zealand Exchanges. . Pukeinirc Coal changed hands in the North at 17s..fid, a drop of 9d on the . previous business. Auckland- Gas eased to ‘2os and- closed with- local sellers at 20s, Christchurch-Gas, which fetched 28s Id atphe beginning of this month, closed with unsupported sellers at 27s fid. ? Chira interest in breweries was in New Zealand, which in all centres at 40s. Sales elsewhere were 5d (down Is ' Id); .Dominara (fid down), Tooths 52s 3d (3d. down). Miscellaneous Australian industrials, chain stores. •EB Taranaki Oilfields accounted' for* *ll the recorded turnover in the miscellaneous section. The most active *tqcks were Broken Hill Proprietary and Electrolytic Zincs. Australian Glass dropped li 7d to 90s 3d. Broken Hill Proprietary declined from 55 s fid to. 54s fid, later recovered to 55s 9d, and closed at 54s 3d. Tb« Mnteibuting fell to 375. 37s fid,. and Wl: 3d. British Tobacco were easier al 48f and 46s 3d. Burns, Philp were down 9d<:at 50s fid. Dunlop Rubber weakened 7d and 20s sd. Electrolytic Zinc, tat dividend, eased to 39s and 38s 3d, and the preference .alter, opening at 43s 2d and 435, rose to 44s 9d and closed weaker at 445. G. J. Coles were placed at 76s lid to 77s 2d, and fell to 76s 2d at the dose. Taranaki Oilfields v moved between 12s and 12s 4d. Woolworths recovered to 20s 2d and 20s 3d. New Zealand Farmers’ Fertiliser has announced an issue of-120,000 cumulative 5} per cent, preference shares, at par, payable 5s a. share on application, 5s a share 30 days after allotment; 5s a share three months after allotment, and 5s a share six months after allotment. These shares are preferential In’ dividends and capital. Recorded dealings in the ordinary shares last week were at 17s. ' Mining The local mining turnover of 5850 abates was made up as follows: Broken Hill South (550), Mount Lyells (300), North Broken Hill (450), Rawing Tin (300), Wellington * Alluviais (100), Gillespie's Beach (300), Maori Gully (2900). Nokomai (950). Ssekeh Hill South went from 28s 9d to; 29a lid- to 28s 9d; Mount Lyells from 27a. to 26s lid, and North Broken BUU from 45s to 46s to closing sellers at 44« 2d. Rawang Tin were firm at fie * and 8s Td. Wellington Alluviais wgre (fractionally weaker at 5s 2d. Nakonai -were easier at Is 4d, and CJDaepiie’s Beach were a shade easier Gully were firm at;fid.

♦ LAMB MARKET STEADY FIRM RATES AT LONDON WOOL SALES Prime quality lamb is steady on the London market, but second quality is slightly easier. Home-killed supplies are still heavy. Wethers are steady, with prices unchanged, but ewes are slow. Chilled beef is slightly easier because of heavy supplies. A good selection, chiefly of Australian merinos, was offered on the third day of the London wool sales. Competition was active, and a good clearance was made at firm rates. Business on the Sydney share market is exceptionally quiet. All the higher-priced securities as well as metals stocks are weaker.

YESTERDAY’S BUSINESS The volume of business on the Christchurch Stock Exchange yesterday was fair, but there were several falls in prices. LISTED STOCKS

Government and banking A parcel of New Zealand Government 4 per cent, stock, due 1943-46, changed hands at £99 17s 6d, a drop of 2s 6d. E„ S.. and A. Bank declined to business at £5 3s. and further sellers at that price failed to attract buyers. Goldsbrough, Mort eased to 26s 6d, market closing 2d either way. United Building Society were dealt in at 20s 3d, and further buyers at 20s failed to attract sellers. . Broken Hill Proprietary fell sharply to dealings at 55s 3d, 555, and 54s 3d, , market closing 54s 2d buyers, 54s 4d sellers. The contributing eased to dealings at 37s 3d, 37s Id, and 37s sd. closing quotations 37s buyers. 37s 3d sellers. Dunlop Rubber were firm with business at 20s sd, market closipg 20s Id buyers. 20s 4d sellers. Electrolytic Zinc (pref.) eased to 44s 4d and 445,. sellers staying in at the lower figure, buyers at 43s 9d. G. J. Coles declined to business at 76s 2d, closing quotations 75s 9d buyers, 76s 6d sellers. Taranaki Oilfields were weaker with dealings at 12s 2d and 12S Id. and further sellers at the lower price, buyers at 12s. • ..Nokomai Gold had dealings at Is 4d, and further sellers at Is fld failed to attract buyers.Broken Hill South 'dropped to sellers and busiriess at 28s 9d,,sellers at 28s Bd.

AUCKLAND ' [THE PRESS Special Service.! ' AUCKLAND. September 23. Operations on the Auckland Stock Exchange continue to reflect the disturbed ‘ state of ‘Europe. Investors’ hopes ebbed and flowed during the last week, and were translated into minor market fluctuations, but on the whole strength was lacking in all, sections throughout the period. The turno.. was very restricted. The outcome ! the week’s trading was a wide range of'price declines. The tendency of investors to turn toward .fixed interest securities also became more marked. Lifeless conditions ruled in banks, New Zealands providing the only transactions with levels rather better than earlier in the ; period. Leading insurances were weaker. Classified industrials . attracted little interest and the, small trading completed was done at cheaper, rates. " Miscellaneous issues tended to move in sellers’ favour in'the middle of the week, but the mar' °t deteriorated at the close of the period with some fairly sharp" falls in leading Australian market indicators.* DUNEDIN [THE PRESS Special Service.] DUNEDIN, September 23. It is very doubtful if the Dunedin Stock Exchange has had a week of inactivity and dullness similar to this one within the last 10 years. There was a substantial list of price falls and buyers were' cautious throughout. Sellers. were hot unduly perturbed and seldom made extensive concessions in an endeavour to liquidate their holdings. An upward swing in price levels on Wednesday afternoon provided the pne bright feature of the period, but it was short-lived. On the following day values suffered a sharp setback again. One very noticeable feature was the scant - attention given to Commonwealth scrip which generally provides • the bulk of the week’s turnover. Market leaders reflected . the general weakness and some values were the lowest of the year. -Values of- Government loans have steadily moved downwards in Decent weeks and all issues have lost ground. Business on the local market was confined to a sale of 3J per cent, stock, 1938-52, at par. A sale of Dunedin City -debentures," "4J "per "cent., 1/4/47, was also recorded at £lO2 15s. Bank. of. New Zealands led the way in trading, six sales being, made, all at £2 2s. Nationals of New-Zealand were, the only other shares regularly sought.

It has become increasingly apparent since the introduction of social- security company- taxation legislation. that investors are perplexed about ■ the future. In the last two weeks, there has been an almost total disregard for leading Dominion miscellaneous ■ industrial shares on the local exchange. Coming on top of other major influences it has caused a very dull market and definitely retarded business. Sales on ’change were few, but reported transactions made up a fair sales list. Front-rank Commonwealth industrials lost ground without exception, Broken Hill Proprietaries. G. J. Coles, and Sydney Wcjqlworths. all coming back to reduced .levels. After an uncertain opening, Australian mining ventures began to rise but just as suddenly they dropped back,' closing prices showing very noticeably the weakness of metals. NEW YORK TIN NEW YORK, September 22. - Tuns quoted at„43.40 cents per lb.

DAIRY PRODUCE FOR BRITAIN Exports for Eight Months FIGURES SHOW DECLINE ON LAST YEAR New Zealand continues to hold her position as the chief supplier of butter and cheese to Great Britain, but I her exports there so far this year are below those of last year. The production of foreign butter is still increasing, and for the first time in many years now exceeds supplies from Empire countries. Imports of butter into Britain for the first eight months of this year showed a fairly considerable increase on the two previous years. The total of 333,708 tons compares with 327,628 tons to August 31, 1937, and 328,833 tons in 1936. The following table compares the imports of New Zealand butter into Britain in the first eight months of the last three years with those of her chief

In the first eight months of this year the Empire exported to Great Britain 166,681 tons and foreign countries 167,027 tons. In 1935, imports from the Empire were 179,912 tons and from foreign countries only 148,921 tons. ' Increased Continental production has been largely responsible for the alteration. Denmark. Finland, Sweden, the Netherlands, and Latvia are all progressing in the British market at the expense of Empire producers. Imports from Argentina have dropped steadily for some years and Russia has suddenly withdrawn her supplies this year. She provided 10,392 tons in the- first eight months of 1937. New Zealand has a definite supremacy in the cheese market, as is shown in the following table of imports into Britain to August 31 in the last three

As will be seen from the table, there has been a rapid increase in Australian cheese production. Other countries also have improved their position in recent years, but New Zealand has had a slight set-back. Empire countries supply almost 90 per .cent, of Britain’s cheese.

NEW TRADE TREATY POSSIBLE AUSTRALIA AND AMERICA CONVERSATIONS MAY BEGIN SOON Conversations to explore the possibilities of a trade treaty between Australia and the United States may begin shortly. The chief commodity exported from Australia to America is wool, but the trade is very irregular. In 1936-37, America bought more than £6,000,000 worth of wool from Australia. Two years before that, the value of Australian wool sent to the United States was less than £400.000, and last year again it was somewhere about the same figure. There is a very heavy' duty on wool entering the United States, but evidently America wants Australian wool of certain quality and takes it when conditions are favourable. Other large Australian exports to the United States- are rabbitskins, sheepskins, and sausage casings. The principal imports from the United States into Australia are motor chassis, tractors, petroleum, electrical machines and appliances, tobacco, cinematograph films and adding and computing machines. COMPANY NEWS amalgamated wireless FINAL DIVIDEND AND BONUS (PSESS ASSOCIATION TELEGRAM.) WELLINGTON, September 23. Amalgamated Wireless (Australasia), Ltd., has declared a final dividend for the year ended June 30, of 5 per cent, on paid up 'capital, plus a bonus dividend of .2 per cent. • This brings the rate for the full year to 12 per cent., unchanged from the previous year. SOUTHERN CROSS INVESTMENT A net profit of £966, against £927 in the previous year, is shown in the accounts of the Southern Cross Investment and Rural Development Society for the year ended June 30. The directors recommend that £IOOO should Be added to the reserve fund, which will be increased to £4OOO. The report states that the savings bank department showed . a considerable increase for the year and the directors had purchased Government bonds and easily-realisable shares to the value of £5291 for contingencies. Thia contingency fund had been increased to more than £IO,OOO since the balance. 1 The-retiring directors are Professor H. W. Segar and Mr W.D. Anderson. Mr Anderson is not seeking re-elec-tion. Share capital is £2225 lower at £64,938. The debt to the bank has, been reduced by £8469 to £Bll, while that to the Public Trust Office is only £1049 .higher. at £19,538. Deposits total £74,707, against £56,917 a year . ago. and C investment shares £13,400, against £9662. Assets are . £11.627 higher at £189,929, including loans cn mortgage £119,159, land and buildings. £48,138 and cash, £12,282. LONDON MARKETS DEPRESSED NEW ZEALAND BUTTEfe 2/LOWER - , ,■ LONDON, September 22. The butter market is depressed. Danish, 1335; Choicest salted. New Zealand 117 s and 116 s (last quotation 119 s), Australian 112 s and Ills. Unsalted, Is premium, but all' prices largely nominal. Cheese is dull. New Zealand, white and coloured 72s (72s 6d to 73s last week), Australian 68s and 69s 6d.

VALUES ON STOCK EXCHANGE

CHRISTCHURCH KATES, SEPTEMBER 23, 1938

Where no approximate price is given return Is worked on mid-market price, unless only one quote Is given.

OTHER QUOTATIONS

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:—

SYDNEY The Sydney share market is depressed and business is exceptionally quiet. All the higher-priced securities, as well as metals stocks, are weaker.

MELBOURNE Investors In Melbourne continued to mark time yesterday because of the overseas position. , Sales £ s. d.

LONDON LONDON, September 22. Renewed uneasiness is reflected in a general marking down of prices on the Stock Exchange. Gilt-edged are weak. Czech bonds have dropped a further five points, and German bonds are also easier.

ASSOCIATED BANKS* DOLLAR RATES The Associated Banks (other than the Bank of New South Wales) quoted the following dollar rates yesterday, on a New Zealand currency basis. They are subject to alteration without notice:-^ U.S.A. Canada.

USED CARS. Are advertised through “The Press’’ want-ads. at the lowest possible cost. They offer the widest possible market to both the buyer and the seller. —6

FOREIGN EXCHANGES (saiTisß orncut wibeuiss.)

BANK OF NEW SOUTH WALES The Bank of' New South Wales quoted the following exchange rates yesterday:— Buying. Selling. N.Z. on

GOLD AND SILVER PRICES LONDON, September 22. Gold is quoted at £7 3s lid a fine ounce, a drop of Id. Silver is quoted at 19 5-16 d an ounce spot, and 19£ d ah ounce' forward.

GOVERNMENT SECURITIES LONDON, September 22. ■The following are the latest quotations for Government- securities rampared with the prices ruling last week>Sept. 15. Sept. 22.

BANK OF ENGLAND RETURN LONDON, September 22. _ The following is the Bask of England return for the week ended September 22:

The ratio of reserves to liabilities it 30.68 per cent. .The rate of discount .is unchanged at 2 per cent. - LONDON METALS MARKET (ntiru rassß assocunoa—-eopruear.)

SALE OF SPBEYDON BUNGALOW Messrs Ford and Hadfleld, Ltd., auctioneers and estate agents, 131-133 Worcester street, have to report having sold on behalf of Mr' A. Harley, his very fine bungalow property situated 90 Stourbridge street, off Barrington street, to a client. —1 SALE OP MATLOCK STREET,. WOOLSTON PROPERTY Messrs Ford and Hadfleld, Ltd., auctioneers ioid estate agents, 131-133 Worcester street, have to report having sold on behalf of Messrs R. Fand E. Allan, semi-bungalow of five rooms, situated 64 Matlock street, to Mr Sloane. —3

■ This week. Last week. £ £ • Saturday 2,691 1.657 Monday 2,002 2,420 Tuesday 2,074 2,249 . Wednesday. 1,027 2,658 Thursday 5.383 3,230 Friday 4,809 7,103 £17,986 £19,317 Dealings in the different sections were:— Value. £ Government .. 3,450 3,461 - Debentures- .. 600 '609 Shares; No.' Banlc< • 775 2,118' Loan - & agency 600 670 Breweries 150 300* Miscellaneous .. 4,150 8.297. Mining 5 -% 2,533 ...

Sales on ’Change £ s. d. 50 E., S.. and A. Bank 5 3 0 100 Goldsbrough Mort .. 1 6 6 250 Broken Hill Propty. 2 15 3 2 15 0 (2) 2 14 3 300 Broken Hill Propty. (contr.) .. (2) 1 17 3 1 17 1 100 Dunlop Rubber (cum div.) .. 1 0 5 100 Electro. Zinc (pref.) 2 4 4 2 4 0 100 G. J. Coles 3 16 2 200 Taranaki Oilfields .. 0 12 ■2 50, Broken Hill South .. 0 12 1 1 8 9 Sales Reported £1500 N.Z. Govt. 4 p.c. Ins., 1943-46 99 17 6 400 United Buildg. (cum div.) 1 0 3 100 Broken Hill Propty. (contr.)' ... 1 17 5 50 Burns, Philp 2 10 6 950 Nokomai . (2) 0 1 4

competitors:— 1936. 1938. If 37. Tons. Tons. Tons. New Zealand .. 93.487 101.978 92,076 Denmark 82,446 78,259 72,314 Australia 59,091 50:389 63,725 Netherlands .. 26,381 26,693 25,337 Ireland 11,314 12,040 16,118 Sweden 11,037 7,006 5,015

years:— 1938. 1E37. 1936. Tons. Tons. Tons. New Zealand . 60.228 62,883 .61,204 Canada 13.837 15,321 10,804 Australia 7,692 3,837 3,295 Netherlands 7.489 7,376 5,697

FORMER LEVELS COMPARED Return Am't Approx. market . CO t) . on investCompanies. paid. a sh’e. Buyers. Sellers. Approx. market price. price a year ago. Div. | or am’ share Dividend payable. approx. market price. £ £ S. d. 1 £ S. d. £ s. d. £ s. d. i I £ s. d. 1 N.Z. 1 curr. Banks— 5 10 10 0 11 0 0 1 8 Feb.-Aug. 1 3 16 2 Comm of Aust. 10s — 0 15 9 0 15 9 0 17 3 7 1-12 Oct.-Mch. | 4 9 11 Comm, of Aust. (pref.) 10 9 5 0 9 6 6 9 5 0 4 Oct.-Mch. I 4 5 9 121 20 0 0 20 0 0 1 20 0 0 7 Jan.-July 1 4 7 6 3 — 5 3 0 5 3 0 1 5 12 6 7 Nov.-May 1 4 1 6 Natl, of A’asia 10 — — 13 10 0 1 14 14 U 6 Nov.-May | 4 8 10 Nov.-May 4 12 (con.) 5 — 6 10 0 7 1 0 6 3 Natl, of N.Z. .. 21 2 12 0 2 12 6 2,18 3 4! Jan.-July 4 5 9 N.S.W. 20 21 10 0 3(1 5 0 30 0 0 33 0 U 6 Jan.-July 4 0 0 5 8 8 0 8 7 0 9 11 6 7 Jan.-July 4 3 11 New Zealand .. 1 2 1 11 2 2 0 2 2 0 2 4 3 10 Jan.-July 4 15 3 Insurance— National 7s 0 16 6 0 16 6 1 0 18 0 10 5-7 May-Nov. 4 11 0 New Zealand .. 1 — 2 14 6 2 14 6 1 3 3 0 10 Feb.-Aug. 3 13 4 South British .. 10s 2 4 3 4 14 0 133 Apl.-Oct. 3 2 1 Standard 1 — 2 15 0 2 14 6 | 2 17 6 12 i Mch.-Sep. 4 11 9 Loan and Agency— r Dalgety and Co. 5 — 8 8 0 8 0 0 10 1 6 8 May-Nov. 5 0 0 Goldsbrough, M. 1 1 6 41 1 6 8 1 6 6 1 14 9 7 Dec.-June 5 5 7 United Building 1 1 0 0 — 1 0 3 1 1 0 5 Oct.-Apl. 4 18 9 Frozen Meat— • • Gear 10s — 0 14 4 0 19 0 71 July-Oct. 5 4 3 N.Z. Refrig. 1 — 0 17 9 — 1 0 9 51 Feb. 6 3 11 N.Z. Refrig., con 10s — 0 8 0 — 0 10 0 51 Feb. 6 17 6 Gas— Auckland 1 0 19 6 1 0 0 1 0 0 1 1. 7 51 July-Feb. 5 10 0 Auckland (con.) ISs — 0 14 3 0 15 1 51 July-Feb. 5 15 9 Christchurch 1 1 7 6 1 8 9 7 Aug.-Feb. 5 1 9 Ch.Ch. (con.) .. 10s — 0 13 3 0 13 3 7 Aug.-Feb. 5 5 7 Wellington 1 — — — 1 .16 0 8 Aug.-Feb. Shipping— Huddart Parker 1 — . 2 4 0 11 May-Dec. — P. and O. Def. Union (pref.) .. 1 1 — H 1 6 3 2 0 1 6 0 6 51 | May-Dec. May-Dec. 4 3 10 Coal— Taupiri 1 — 0 15 0 0 16 0 5 Nov.-May 6 13 4 Westport 10s — — 1 4 6 1 4 9 10 May-Nov. 4 1 7 Breweries— Carlton 1 3 2 6 3 3 0 15 4 16 0 New Zealand .. 1 1 19 7 2 0 0 2 0 0 2 9 6 81 Jan.-July 4 5 9 Tooheys 16s • 1 12 0 1 12 0 9 Mch.-Sep. 4 10 0 Tooths 1 2 12 2 2 12 6 2 12 3 2 15 9 101 May-Nov. 4 0 5 Miscellaneous— Aust. Glass 1 4 10 6 4 11 9 | 4 11 0 4 12 3 15 3 6 8 Eeath and Co. 1 1 1 — 0 19 6 1 2 3 5 5 2 6 British Tobacco 1 2 6 0 2 6 8 2 6 6 2 9 6 10 4 6 0 Broken Hill Pty. 1 2 14 2 2 14 4 2 14 3 3 17 0 121 Nov.-May 4 12 2 Burns, Philp .. 1 —- 2 10 9 2 10 6 3 0 0 10 Nov.-May 3 19 2 Coles 1 3 15 9 3 16 6 3 16 2 — • 171 Jan.-July 4 11 11 Colonial Sugar 20 — 46 15 0 46 5 0 47 0 0 71 3 4 10 Dom. Fertiliser 1 . 1 4 0 1 4 0 1 3 6 6 5 0 o Dunlop Rubber 1 1 0 1 1 0 4 1 0 4 1 2 9 7 6 17 8 Elec. Zinc (ord.) 1 1 18 7 1 19 3 1 19 0 2 15 0 17! Mch.-Sep. 8 19 5 Elec. Zinc (pf.) 1 2 3 9 2 4 0 2 4 0 2 16 3 17! 7 19 0 Henry Jones 1 — 2 9 0 2 8 0 10 4 1 7 Kauri Timber .. 25s — 1 2 6 1 2 6 1 2 0 6 6 13 4 N.Z. Drug Co. 2 — _ 3 9 0 3 13 0 8 4 12 9 Mount Lyell 1 1 6 1 1 6 7 1 6 6 1 2 2 3 17! 13 4 1 Farm. Fertiliser .1 — 0 17 0 1 1 0 6 6 N.Z. Newspapers 16/8 1 14 0 1 15 o1 14 6 1 I 18 0 8 1 3 17 3 Whit. & Tombs 2} — 3 2 6 — j 3 5 0 5 4 16 o Wilson’s Cement 10s 0 16 0 0 17 6 0 16 6 1 0 6 71 4 10 U Woolworths 5s 1 U 2 1 0 3 1 0 3 | — 15 Oct.-Apl. 3 14 0

N-Z. Govt. Debentures Buyers. Sellers. £ s. d. £ s. d. 3 p.c. Ins., 1941 98 5 0 3i p.c. Ins., 15/9/39-43 98 10 0 3J p.c. Ins., 1939-52 .. 100 0 0 4 p.c. Ins., 1949 100 10 0 _ 4 p.c. Ins., 1955 100 2 6 4 p.c. Bonds. 1949 100 10 0 _ 4 p.c. Bonds, 1955 100 2 6 — Other Debentures Banks Peninsula Power Brd., 41 p.c., 1/4/65 102 10 0 _ Dunedin City, 41 p.c.. .1/4/46-49 . —■ 104 10 0 Napier Harbour, 41 p.c., 30/9/50 102 0 0 Dunedin City, 41 p.c.. 1/4/39 102 10 0 Gisborne Sheep, 6i p.c.. 31/3/4L .. 68 10 0 — Loan and Agency Mutual Benefit (£10) — 13 10 0 N.Z. Guar. Corpn. (3s) — 0 4 4 Frozen Meat Cantby. (£7 10s paid) 9 7 6 Cantby. (pref., £5) .. — 6 10 0 Woollens Felt and Textiles (£1) 1 12 0 Kaiapoi (17s paid) 0 8 9 0 11 0 Kaiapoi (pref., 17s) — 0 15 3 Coal Westport-Stockton (pi., 10s) 0 6 0 — Breweries Crown (In liqdn.) 0 1 0 New Zealand (£1) .. 1 19 7 2 0 0 Tooths (£1) 2 12 2 2 12 6 ■ Miscellaneous Alloy Steel (N.Z.) (£1) 1 1 3 1 3 6 Alloy Steel (Aust.) .. 0 6 9 — Broken Hill Pty. (£1) 2 14 2 2 14 4 Broken Hill Pty. (con.. 10s paid) 1 17 0 1 17 3 Claude Neon (N.Z.), (£1) 1 6 0 Dom. Builders (£1) .. 0 2 3 — Donaghy Rope (£1) 2 2 9 2 7 6 D.I.C. (pref., £1) — 1 4 0 Evans Atlas Flour (10s) 0 19 0 — Gordon & Gotch (£1) _ 2 14 G Hay’s, Ltd., (con., 15s paid) 0 18 0 Hume Pipe (Aust.), (cum div., £1) — 1 6 0 I.C.I. (Aust. and N.Z.), (pref., £1) 1 1 4 1 1 7 McKenzies, Ltd. (£1) — 3 2 0 N.Z. Farmers' Co-op. (A pref., cum div.. £5) 1 10 0 . N.Z. Farmers' Co-op. (4J p.c. Stock, 1950, £100) 90 0 0 — N.Z. Farm. Fert. (£1) 0 16 3 0 17 6 Quill, Morris (1936), (£1) —. M 1 0 South Island Finance (10s paid) 0 8 6 Taranaki Oil. (24s 7d paid) 0 12 0 0 12 1 United Provis. (cum div., £1) \ — 0 8 4 Wilcox, Mofflln (11s) 0 6 0 Woolworths (Viet.), (pref., £1) 1, 10 0 Woolworths (N.Z.) (5s) ' _ 0 18 9 Woolworths (N.Z.) (pf.. £1) 2 0 0 W. R. Carpenter 2 4 3 2 6 0, 1 Overseas Listings Woolworths (S.A.) (5s) 0 14 9 , 0 15 1 Mining Argo (ex div.. Is) .. • 0 2 0 Argo (contr., ex div.. Is) 0 1 3i 0 1 8 Austral-N.Z. (£1) — 1 1 0 Gillespie’s Beach (Is) 0 0 10 0 1 0 Golden Dawn (5s) — 0 2 3 Golden Point (6d) — 0 0 1 Golden Sands (Is) .. 0 0 8 Grey River (10s) 0 13 6 Maori G,ully (l^ 0 0 5i 0 0 6J Moonlight Gold. (8d) 0 0 3 Nemona (Is) .. 0 1 3 New River (Is) 0 0 6 Nokomai (5s) — 0 1 6,

Buyers Sellers Skippers, Ltd. (Is) .. £ s. d. £ s. d. 0 0 1 Skippers, Ltd. (pf.. Is) __ 0 0 6 Waihl Invest. (2s) .. 0 8 2 Australian Broken Hill South MinJne (5s) X 8 8 18 9 Mount Morgan (2s 6d) 0 10 9 0 10 101 Mount Morgan (pref.. £1) 113 North Broken Hill (cum div., 5s) 2 4 0 2 4 2 Rawang Tin (cum div.. 10s) .. 0 8 0 Wellington Alluvlals 0 5 0

Buyers. Sellers £ S Q Afforestation (£55) .. 18 0 0 A.P.A. .. $89 £ 35 S. 0 d 0 Blackball Creek .. 0 • i 3 N.Z. Perpetual Forests -1 14 0 1 18 0 Taylors Bagwash .. 0 18 6 1 2 0 Woolworths (W.A.) .. — 4 5 6 Woolworths Properties 0 13 10AUCKLAND 0 14 2 Sales on ’Change £ s. d. 4 p.c.Stock, 1943-46 100 2 6 4 p.c. Stock, 1946-49 100 17 6 4 p.c. Stock, 1952-55-100 10 0 3i p.c. Stock, 1939-43 ' 98 7 6 3J p.c. Stock. 1938-52 100 0 0 4i p.c. Hamilton Boro., 1951 .. 4| p.c. Otahuhu. 1944 101 10 0 101 10 0 4J p.c. Auckland City, 1939 .. 100 0 0 Bank of New Zealand (2) 2 2 3 2 2 2 Pukemiro Collieries 0 17 6 Australian Glass 4 11 3 Broken Hill Pty. .. .. 2 15 9 2 14 6 2 14 3 Electro. Zinc .. .. 1 19 6 1 19 3 G. J. Coles 3 17 0 McKenzies 3 0 0 Woolworths (N.Z.) 0 18 6 Woolworths (Sydney) 1 0 3 Rawang Tin .. .. WELLINGTON 0 8 0 Sales on ’Change £ S. d. 3J p.c. Stock, 1943 98 7 6, 4 p.c. Stock, 1946 Bank of N.S.W. (Sydney re99 17 6 gister) 30 2 6 Broken Hill Pty. .. (2) 2 15 6 Electrolytic Zinc (ord.) 1 19 6 Electrolytic Zinc, (pref.) 2 5 0 Wilson's Cement 0 16 6 W. R. Carpenter 2 4 10i Woolworths, Ltd. (ord.) (2) 1 0 4 Woolworths (second pref.) 1 8 n Taranaki Oil (All above sales Thursday.) 0 12 4i N.Z. Guarantee Corpn. 0 4 2 Broken Hill Pty. 2 15 0 2 14 6 G. X. Coles .. (2) 3 16 11 Woolworths, Ltd. (ord.) DUNEDIN Sale on ’Change 1 0 4 £ s. d. Broken Hill Pty. .. . Sales' Reported Woolworths (Sydney), (late 2 15 0 Thursday) 1 0 4 Nbkomai Gold . • (2) 0 1 4 Broken Hill South 1 9 3 Mount Morgan 0 10 11 Unlisted Stocks Ballins Brewery (late , Thurs.) 0 11 0

Sales £ s. d. Comm. Bank of Sydney 20 3 0 Tooths Anthony Hordern Broken Hill Pty. Colonial Sugar , • •., Electrolytic Zinc (pref.) Mark Foy Afternoon Sales d. Bank of New South Wales 30 -H Bank of Adelaide 6 Colonial Sugar Associated Newspapers Associated Newspapers ipret.j Adelaide Steam Burns. Philp Australian Gas A (hew) Australian Gas A (old) British Tobacco Tooths Tooheys Jj Carlton Brewery M Australian Glass Farmers Anthony Hordern .... 0 15 10 General Industries • Mark Foy Woolworths 0 Mount Morgan 0 Mount Lyell 1 Broken Hill Pty. Taranaki Oil • 0 12

Commercial Bank of Australia 0 15 9 National Bank (£5 paid) 6 XI G. J. Coles 6 Drug Houses 1 Australian Glass JL«v Dunlop Perdrlau 1 5 Goldsbrough. Mort 1 Felt and Textiles 1 11 Herald and Weekly Times 2 17 Australian Foundation Investment Trust 0 4 10 Electrolytic Zinc 1 19 6 Electrolytic Zinc (pref.) 2 4 Mount Lyell 1 6 7 Broken Hill Pty. .. , 2 14 9 North Broken Hill 2 4 1 South Broken Hill 1 9 0 Emperor Gold , . - 0 12 4 I/Oloma 1 3 0

Quotations: — Buyers. Sellers. £ s. d. £ s. d. Clutha River Co. 0 16 0 19 Molyneux River Co, . 0 0 7J 0 0 10i

(Per £1 N.Z.) Dol. Dol. Selling— T.T. .. 3.85 1-16 3.871 O.D. .. 3.85 5-16 3.87i Buying— , • 3.911 T.T. .. 3.89 O.D. .r 3.892 3.92 3-16

• RUGBY. September 22. Par. Sept. 21. Sept. 23. Paris, fr. to £1 170 178| 178 17-32 New York, 4.81 7-16 dol. to £1 4.866 4.82 5-16 Montreal, 4.832 dol. to £1 4.866 4.841 Brussels, 28.562 belgas to £1 33 28.592 Geneva, 21.26 fr. to £1 25.2215 21.282 Amsterdam, £ CO fl. to £1 12.107 8.92 3-16 Milan, lire to£l 92.43 • 91g si 9-ie Berlin, reichmarken to £1 20.43 12.06 12.05 Copenhagen, 22.40 kr. to £1 18.159 22.40 Stockholm. 19.40 kr. to £1 18.159 19.40 Oslo, kr. to £1 18.159 19.90 19.90 Vienna, schgs.' to £1 34.535 — Prague, kr. 1392 . to £1 154.25 140 Helsingfors. 2262 marks to £1 193.23 226| Madrid, pesetas to £1 25.2215 — —■ Lisbon, escudos to £ 1 110 110 3-16 .110 3-16 Athens, drach to £1 375 5472 5472 Bucharest, lei to £1 818.60 665 665 Belgrade. 213 213 dinars 376.3... Rio de Janeiro. pence to 2 15-16 2 15-16 - milreis 4.90 Buenos Aires, 10.02 pence to dol. 51 10.012 Montevideo, 20 20 pence to peso * Bombay, pence 17 29-32 17 29-32 > to rupee • Shanghai, pence 81 82 to rupee • Hong Kong, 15 15 pence to yen * Yokohama, 14 14 pence to yen 24.53 Batavia, 8.922 8.91 guilders 12.107 Warsaw, par 2621 zlotys to £1 43.38 26.31 •Determined by price of silver.

London— £N.Z. tq £100 stg. T.T. 124 124/10/OS). 123/11/3 124/9/6 Australia — £A. to £100 N.Z. T.T. 100/17/6 100/5/-, O.D. 100/17/6 100/5/Fiii— £F. to £100 N.Z. T.T. 90/7/6 89 O.D. 90/7/6 89 New York— Dol. to £1 N.Z. T.T. 3.8930 3.8590 O.D. 3.8980 3.8600 Montreal— Dol; to £1 N.Z. T.T. 3.9132 3.8808 OJ3. 3-9219 3.8818 Belgium— Belgas to £1 N.Z. T.T. 23.146 22.836 O.D. 23£21 22.841 Czechoslovakia — Korunas to £1 N.Z. T.T. — 111.35 O.D. — 111.37 Denmark— Kroner to £1 N.Z. T.T. 18.203 17.893 O.D. 18.263 17.895 Finland— Marks to £1 N.Z. T.T. 185.40 179.60 O.I>. 185.80 179.70 France— Francs to £1 N.Z. T.T. — 142.44 O.D. — 142.46 Germany— ■ Relchmarks v to £1 N.Z. T.T. — 9.612 O.D. — 9.614 Greece— Drachmae to £1 N.Z.' T.T. — 430.75 O.D. — 430.90 Holland— Florins to £1 N.Z. T.T. 7.270 7.120 Italy— O.D. 7.310 7.122 Lire to £1 N.Z. T.T. — 73.382 Java— O.D. — 73.407 Florins to £1 N.Z. T.T. 7.247 7.097 Norway— O.D. 7.287 7.099 Kroner to £1 N.Z. T.T. 16.182 15.892 O.D. 16.242 15.895 Noumea— Francs to £1 N.Z. T.T. — 140.69 O.D. — 140.73 Papeete— . Francs to £1 N.Z. T.T. — 140.84 O.D. — 140.88 Sweden— Kronor to £1 N.Z. T.T. 15.787 15.492 O.D. 15.847 15.495 Switzerland— Francs to £1 N.Z. T.T. 17.255 16.985 OJ3. 17.360 16.987 Chefoo— N.Z. pence to dol. T.T. — 11 15-16 O.D. — 11 15.1ft Hong Kong— N.Z. pence to dol. T.T. 18 29-64 18 53-64 India and Ceylon— O.D. 18 27-64 18 53-64 N.Z. pence to rup. T.T. 22i 22 13-32 Japan— O.D. 22 3-32 22 13-32 N.Z. pence to yen T.T. — 17 9-16 Manila-— O.D. — 17 9-16 N.Z. pence to peso T.T. 30 33-64 31 11-64 O.D. 30 27-64 31 11.64 Shanghai— N.Z. pence to dol T.T. Not quoted Singapore— O.D. Not quoted N.Z. pence to dol. T.T. 34 13-32 34 57-64 O.D. 34 5-16 34 57-64

£ s. d. £ s. d. British— Consols, 21 p.c. .. 73 0 0 71 0 0 Funding ' Loan, 4 110 ,0 p.c., 1960-90 .. 111 0 0 0 War Loan. 3i p.c.. 10 100 1952 100 0 0 0 Con. Loan. 3} p.c.. 98 10 1961 . -- S3 10 0 O Victory Bonds, 4 107 p.c. 107 0 0 0 6 Commonwealth-— 12 5 p.c.. 1945-75 104 0 0 104 8 4 p.c., 1943-48 •99 15 96-10 0 99 5 0 3* p.c., 1948-53 .. 0 96 15 0 31 p.c., 1956-61 .. 86 16 0 87 7 6 3 p.c., 1955-58 86 0 0 84 10 0 New South Wales— 31 p.c., 1930-50 .. 94 10 0 94 2 6 Victoria — 3 p.c., 1929-40 ... 88 5 0 90 0 0 4J p.c., 1940-60 .. 101 5 0 100 10 0 4 p.c., 1945-75 102 0 0 104 5 0 Queensland— ■ 3 p.c., 1922-47 .. 92 0 0 91 10 0 5 p.c., 1948-60 .. 99 5 0 100 l2 6 South Australia — 104 5 p.c.,- 1940-60 102 0 0 2 6 3 p.c., 1916. (opt.) 74 0 0 74 0 0 Western Australia— - 4 p.c'., 1942-62 i. 99' 0? ■0 9fr 10 0 Tasmania — 31 p.c., 1920-40 ... v . ■> ,99 10 0 99 15 0 4 p.c., 1940-50 - .V f 99 17 6 96 10 0 New Zealand — 41 p.c., 1948-58 .. 98 5 b 98 7 6 3 p.c., 1940 96 10 0 96 10 0 3 p.c., 1945 90 0 0 91 7 S •Ex interest.

ISSUE DEPARTMENT Notes issued — ' £ In circulation .. • -v 479,300.000 In banking department .. 47.300,000 526.400.000, Government debt Other Govt, securities Other securities Silver coin • *• 11.000.000 188.300,000 700.000 Fiduciary issue Gold coin and bullion , , 200.000,000 326.400,000 526.400.000 BANKING DEPARTMENT Capital .. .. .. 14,500,000 Rest .. .. 3,700.000 Public deposits .. .. 18,400.000 Bankers .. .. 100,900,000 Other accounts .. .. 39.400,000 . 176,900h00 Government securities Discounts and advances Other securities Notes and coin .. i V 87.600.000 6.000.000 24.600.000 48.700.000 176,900,000

LONDON, September 22. Sept. 21. Sept. 22. Cooper— £ s. d. £ s. d. Standard, spot 42 10 7* 41 18 9 Forward 42 14 4* 42 0 7* Electrolytic .. 48 0 0 47 0 0 to 49 0 0 48 0 0 Wire bars .. 49 0 0 48 0 0 Lead— 7* Spot 15 18 u 15 5 Forward 16 0 u 15 8 -1* Spelter— Spot 14 7 6 14 6 3 Forward 14 11 104. 14 10 7* Tin— Spot 195 7 6 194 12 6 Forward 196 2 6 195 7 6 Silver— Fine, per oz . . 19Jd 19 5-16d Standard per oz. .. 20|d 20 13-16d