CHRISTCHURCH STOCK EXCHANGE.

Press, Volume LXV, Issue 19786, 26 November 1929, Page 12

CHRISTCHURCH STOCK EXCHANGE.

YESTERDAY'S MARKET. Markets were quieter on call yesterd«v and the recorded turnover was below the average. Transactions, exclusive of vestibule business, included: £ y.Z. Government 4i per cent. Inscr.. 1935. s.z. Refrigerating i i. 1 paid;. lOrt Grpr Yallev Collieries. •j-jo New Zealand Breweries i >urn dividendi, 2i _\|t. L-.-ci: ("cum dividend >. K»io Mahsikipawa Goidtield*. New Zealand Government 4i per cent. Tax Free Stock was firm with buyers and business at par. Four and a half per cent. IMS and 11? 33 Bonds had buyers at par. but sellers were scarce. Bank of Adelaide shares were weaker with sellers at £9 9s— no buyers. National Bank of Australasia £3 paid shares showed an casing tendency with sellers at £ S 16s, buyers at £S 12s 6d. Golds- !■ rough Morts were fractionally weaker with sellers at 42s lid, buyers at 41s 6d —the "rights" were available at 7s Bd, buyers at 7s 6d. New Zealand Refrigerating Company fully paid shares had dealings at 12s lOd, closing quotations 12s 7d buyers, 13s sellers. Grey Valley Collieries shares were released at 275, and there were further buyers at 24s — sellers at 27s 3d. New Zealand Breweries shares cum dividend were easier with dealings at 87s 8d and 87s £>d, and further sellers at 87s lOd, buyers at 87s fid. Buyers of Australian Distillery shares moved up to 22s 9d, but sellers wanted 255. Electrolytic Zinc shares appeared easier on sellers' quotes. Mt. Lyells cum dividend changed hands at 42s <3d, buyers staying in at that price, sellers asking 42s 9d. Mahakipawa (ioldfields shares were steady at 4d, closing quotations id on cither side. LATEST QUOTATIONS. Kuye T3. Sellers. £ ■. d. £ 0. d.

YESTERDAY'S SALES. CHRISTCHURCH. Sale* on Change—- £ a. d. N Z. Government 4i per cent, lnaer. 393* .100 0 0 N.Z. Refrigerating ( £ 1 paid » (2> .. . . 0 12 10 Grey' Valley Coal 17 0 New Zealand Breweries (cum dir.v (2) -. ..478 Mt. Lyell (cum div.> (2) .. 22 6 Mabakipawa •• i' 0 4 Bales Reported— New Zealand Breweries (2> 4 7 8 AUCKLAND. Salts on 'Change—- £ i. d. Auckland Harbour Board. 11>4§, 3j per rent. . . 101 10 0 Commercial Bank of Australia 17 5 Union Bank 14 6 H (Melbourne Register; .. 14 8 0 New Zealand Insurance .. 2 6 0 South British .. P. 4 6 Oafgety and Co. .. i:» 12 0 Grey Valley .. 16 11 Union Steam (pref.) .. 110 Farmers" Trading o 'j n Waito .. .. 0 12 *

WELLINGTON. Sales Reported—- * 8. d. N.Z. Government 4$ per cent. Bond'. i;'::r» and 1038 ..100 2 6 N.Z. Brewcric* share* (two lot!") .. .. 4 S 0 DUNEDIN. Bales Reported—- £ s. d. Westport Coal <.-' «• 113 0 OIL IN NEW ZEALAND. GEOPHYSICAL SURVEYS. After lurrcrs extending over a period of two years, during which time every pha»e of geophysical science has been applied, the Elbof Geophy B if.al Council has now issued a drilling chart for the site at Omata, near New Plymouth. This follows geological investigations whi'-h have been in charge of Tt. Loen Bossard. and definitely confirms this scientist's conclusions as to the presence of oil in New Zealand, going further by stating in its reports that the oil accumulations will be found in tatisfactory (i.e.. commercial) quantities. Until recently the science of geophysics has beeo practically unknown either in Australia or New Zealand, bus in the great oilproducing countries of the world it has been employed to an increasing extent over the last two or three vears. As an instance. "The Oil Weekly" (U.S.A.). of July 26tli. ]o2r>. says: "A record number of geophysical discoveries were reported in 1928. The total exceeded 30. which was more than the total number found during the preceding four years, thus, by the end of 1928 there were around 60 prospective oilfields in the Gulf Oa.st that had been brought to light through geophysical rrospecting." The company owning the rights (Goal, Oil C 5.?..). T.ld.V naturally does not claim that the finding of oil in commercial quantities on its site's is an absolute certainty. What it can clearly demonstrate is that not one penny of shareholders' money has been expended in 'blind boring," but that, on the contrary outlay has been made on plant and boring operations have commenced only after geological and geophysical M-entists' reports justified same, and if should he noted that the reports from both branches of science are little short of positive in the recommendations made. In Mexico prior to the advent of geophysical methods S7 per cent, of the bores t-unV proved futile. Utilisation of geophv.ical purveys Is resulting in an almost unbrnken line of commercial producers. The mn.-t up-to-date plant yet. employed In .Australia or New Zealand is now almost readv to commence operations at Omata. The 'steel derrick. 122 feet high, is already erected, and it should be only a matter of s few months before the geophysical conclusions can be actually proved. HIGH COMMISSIONER'S REPORT. [THE PRESS Special Berries.] WELLINGTON, November 25. The Department of Agriculture has receiver! the following cablegram, dated November 23rd, from the High Commissioner for New Zealand, London:— TALLOW. The mar'iet is quiet but fairly steady, with rather more demand at auction this week. I'resent quotations are:—Mu'ton: Fine 30a to 39e 6d per cwt, fair to good 37a to 38« 6d, dark to dull Sss to 35a 6d. Beef: Sweet and-or mixed 38e 6ci to 40s, fair to good 35s Gd to 3Ss. clarJc to dull 33a Gd to 34a 6d; mixed. TXir to good 35s 6d to 38s, dark to dull T3s Cd to 34a 6d; gut, etc, S3e Cd to 34a 9d. EGGS. The market lias a better tone. New laid eggs are icarce and prices are firm. Colonial are clearing eteadily at slightly improved price*. Present quotations aro: English, 2.5s to 32s per long 100; Duteh and Danish, 21a to 26a; Belgian, 15s to 20s; Polish, 12s 3d to 11a; South African and Australian, 16* 3d to 17s 9d. New Zealand have been cleared at 16s 9d to 17s 6d, but further arrivals aro due HEMP. The Manila market is a. little firmer on a. better demand and reserve of sellers. "J" grade for January-March shipments eold a* £35 f.a. The output from January let to October 31st was 1,357,000 bale* a* against 1,171,000 bales for the same period last year. Stocks at Manila at October 31st were 220,000 Uales as acainst 144,000 last year, and in Great Britain 12,107 bales as against 16,89*. The tisal market :b dull with pressure to aall. Afloat of fair average quality is quoted nominally at £34. In the New Zealand market, small business baa been done in fair, but buyers hesitate. Very little high points is offering. Nominal comparative closing values for Kovember-January shipments are: High points £32 10s to £33, fair £29 6s to £29 10s, others unchanged. Stocks in Great Britain on October 31st were 96 tons ns against 51 tons at the same time last year. WOOL. The sales continue with excellent competition, and opening values have be*-n maintained. Crossbred ara still poorly represented. There will be a better catalogue next week. GOLDEN POINT COMPANY. The manager of the Golden Point Gold and Scheelite Company (Central Otago), a Christchnrch-owned enterprise, reports that preliminary work in connexion with the reopening ot the mine is progressing satisfactorily. The mouth of the low level has been cleared, and three sets of timber erected in the level, which is now well advanced towards the stage that will permit practical mining operations. All the plant from the Golden Bar Company purchased by the Golden Point Company has been landed on the latter'* claim. LONDON PRODUCE MARKETS. The Bank of New Zealand has recevied the following advice from its London office as at the close of business last week:— Butter—Dull; 172s to 174s per cwt. Cheese—Steady. White 96s per cwt, coloured 93s to 94s per cwt. Frozen Meat—The market for wether mutton is weaker for lighter weights. Ewes aro steady, aod no material change is expected yet. There is a fair demand for lambs. The market for beef is short of supplies, and prices are nominal.:—Wethers, light 6d to 6Jd per lb, heavy 5Jd to 6d per lb: owes 4d to 4Jd per lb; lambs, 2's 8d to 82d per lb. B's 7Jd to 8d per lb, 4's 7id to 71d per lb, seconds 7d to 7Jd per lb; ox, hinds 5Jd to 6Jd per lb. fores 4jd to 4IJd per lb; cow, hinds 5d to s£d per lb fores 3Jd to 4Jd per lb. POULTRY PRODUCERS, LTD. The Canterbury Co-op. Foultry Producers, Ltd.. report that largo quantities of poultry came forward for the week's markets, and prices for good table chickens and ducklings were high. Prices for boiling hens and old ducklings were down. The following prices were realised per rair:—Table chickens, light 5s 6d to 8s 6d, heavy 9s to 13s; hens, light 4s to ss, heavy 6s to 8s; ducklings 7s to 10»: geese 7s to 9s: turkeys, hens 15s to 225. gobblers 32s to 45'. —0 BANK OF NEW ZEALAND. It if underttood that the first issue by the Bank of New Zealand of £300.000 long terra mortgage debenture stock, issued at par, rate of interest 5J per cent., is meeting a good reception from the investing pnblic. The loan is repayable in 1939. The utock. which is an authorised "trustee investment." i* a liability of the bank, and is further specifically secured on tho assets of the Long Term Mortgage Fund. There assets constat of loam Con an amortisation basis) on fir»t mortgages of freehold and leasehold lands in New Zealand. At September nA(h last, the amount of such mortgages outstanding was i 963.943. Certificates are issued in denominations of £SO, or £SOO, as desired by applicants. TOBACCO CULTURE. In hu report to the quarterly meeting of tn» Board of Agriculture, the Director of the Horticulture Pivi«ion of the Department of Agriculture, dealing with tobacco growing, indicated that although leaf of high qua'ity could be produced in the Dominion, the future of the industry was largely dependent nn a satisfactory overseas market bring available to absorb the surplus r.nt required locally. On this account the Department did not advise persons to em-b-»rk upon tobacco growing as a sole means of livelihood onles* they were working under contract to a company or were secured in soma other way.

K.Z. Government Debentures- — 4J per emu*. Inscribed, 13T8 and 1J33 .. 100 0 0 — *j p*r cent, B«.:nds, 19-0 _- 99 15 o 4j P*i wit. Bonds, ]M« and i333 . . 100 U 0 — Sj S'*r cent. Bortda, U-6 — 101 17 6 Other Debentures—.VX. Breweries, Bond* 1 8 3 1 8 * >'.&. Kfffnc, 6§ per cect., 1JS5 — 100 0 0 ffanfra,— Arielaids _. a 9 0 Anst. of Commerce .. 1 10 7 I 10 11 Australasia — 13 17 0 I'ODDl. Ol Auit. 1 7 3 1 7 6 K., 8., and A. 7 13 0 — National of Au»tra!a*i» (XIO paid, cum div.) — 18 0 0 National of Australasia (£o paid, cum div.) 8 1-2 6 8 16 0 National of N.Z. — 6 17 6 Xcw South Watra 4ft 0 0 New Zealand Icum div.) 2 19 9 3 0 3 Ijtseenaland National .. 8 12 6 — Union of Aust. — 1* 4 0 11 7 6 Insurance — National •. 0 IS 1 0 15 8 Loan and Agency— llaigety and Co. 13 10 0 13 15 0 tioldsbro-isrh, Mort 2 1 G 2 2 11 Goldabroufjh, Mort (rigbtai 0 7 e 0 7 8 .National Mortgage * 4 0 4 6 C National (London Register) — 4 5 0 United Building Society 0 15 0 0 15 3 Shipping— 1'. and O. Deferred Stock (cam div.) ., 2 12 0 — Froaen Meat — Canterbury (pref■) 4 11 n — N'.Z. Hefng. t'i*l paid) 0 12 7 0 18 0 N.Z. Refng. 110a paid) 0 S 5 0 5 9 North Canty. Freeiiofc — 0 8 0 Woollens— Kaiapoi (ITe paid) — 0 13 9 Kaiapoi (7s paid) — — 0 3 9 Kaiapoi (pref.) 0 14 7 0 15 2 Ooal— Westpori 'cum 4iT.) .. 1 12 ft 1 13 0 Stockton (ord.) «. — 0 3 - Stockton (pref.) — 0 4 3 Grey Valley 1 4 0 1 7 3 o«— Auckland (coatr.) 0 18 1 _ C'hnatchurch — 1 6 8 Christchurch UOs P*'d) 0 13 0 0 13 2 Breweries — New Zealand (cum dir.) 4 7 « * 7 10 Staples 2 10 4 2 13 3 Tooths 2 5 0 2 7 0 Miscellaneous — Australian Distilleries 1 2 9 1 5 0 iteath and Co. 1 9 6 1 11 3 Meath and Co. (Is pd.) 0 8 3 0 8 6 British Tobacco 2 3 9 2 4 3 IHectro. Zinc *ord.) — 1 13 9 Kleciro. Ziw: (pref.) .. — 1 1* 6 . Greater Crystal Palace 1 1 0 1 3 0 Hajward'a Pictures — 1 0 0 Henry Joni-a Co-op. (cu n d.v.) — 1 13 9 Mt Lyel) if'iB div.) .. S 2 6 2 2 0 N.Z. Drug Co. — 3 14 0 N.Z. Farm-ra' Co-op. (1st pref) S 13 0 4 3 0 N.Z. Farmrra" Co-op. ("B" pref.J 3 * 0 3 6 0 N.Z. Farm»rs" Coop. <&i per cent. Stock, 19*01 90 0 8 — N.Z. Farmer*' Co-on. (ftl per cent. Stock, 1339) 90 0 0 92 10 0 N.Z. Farmers" Co-op <ft} per cent. Stoclt, 1915) — 94 1 0 N.Z. Farmers' Fertiliser 1 1 0 1 2 3 N.Z Paper Mills (cum diT.> 1 0 4 1 1 0 N.Z. Sugar of Milk (pref.) — n 15 0 Victoria Nyansa Sugar 2 2 4 2 3 3 TViIscn'a Cement (cum diT.) 2 2 ft 2 3 0 Mining — Blarkwattr r. 1 0 — Kildare 0 0 « 0 1 8 Mshaktpsws 0 0 3i 0 0 4$ Katrut — 0 14 3 Winding Creek (la pd.l 0 1 6 0 1 10 Winding Creek i'(kl pd.) 0 1 a 0 1 9 Blooey Creek (6d paid) 0 0 11 0 1 0 Alexander — 1 0 0 Alexander (13s paid) .. — 0 13 0