CHRISTCHURCH STOCK EXCHANGE.

Press, Volume LXVII, Issue 20333, 4 September 1931, Page 12

CHRISTCHURCH STOCK EXCHANGE.

I YESTERDAY'S TRANSACTIONS. J Markets showed more activity on call yesterday, and there was a moderate volume of diversified business. an 9 actions, exclusive of vestibule business, included: — £IOOO N.Z. Govt, oi per cent, lnscr., 1937 £BOO N.Z. Govt, o\- per cent. Bonds, 1937 JjoOO N.Z. Govt. 5 J -per cent. Inscr., 1951 ' , A I 100 Comm. Bank of Aust . I 150 E., S., and A. Bank. 200 Bank of New Zealand. 300 Goldsbrough, Mort. 200 N.Z. Guarantee Corpn. 373 United Building Society. 400 N.Z. Refrig. (10a paid). 100 Tooths Brewery. 300 British Tobacco (cflm dir.). 400 King Solomon. . 2300 Golden Point (la paid). New Zealand Government o£ per cant. Stock, duo 1937, changed hands 'at,£9s 5s and £95 2s 6d:; the.Bonds had dealings at £95 2s 6d, and £95 7s 6d; 5$ per cent. Stock, due 1951, eased to £9o 10s. Commercial Bank of Australia shares had business at 13s sd, sellers staying in at that price, buyers at 13s 4d. Ji»., S., and A. Bank shares were placed at £3 12s 6d and £3 lis sellers staying in at the lower figure, buyers at £3 9s. Buyers of Bank of New South Wales moved up to £24 12s 6d without attracting sellers. Bank of New land relapsed to dealings at 44s 2d and 445, market closing 48s lOd buyers, Ms Id sellers. * Miscellaneous. There was a close market for New Zealand Insurance shares, which were quoted 36s lOd buyers, 37s sellers. Goldsbrough, Morts eased to. dealings at 18s and 17s 4d, and more were offered at 17s 4d, buyers at 17s. New Zealand Guarantee Corporation shares changed Rands at -4s 9d and 4s lOd, and these were and sellers' closing quotations respectively. United Building Society shares were fractionally firmor at 14s 8d and 14s 9d. New Zealand Refrigerating 10s paid shares eased Id to business at 3s 6d, market closing 3s 7d buyers, 3s 8d sellers: Sellers of New Zealand Breweries-came down to Ms 9d, buyers at 28s 7d. Tooths Brewery shares realised 17s. British Tobaccos had dealings at 23s 6d, market closing 23s 4d buyers, 23s 7d sellers. Mt. Lyells were weaker, with sellers at 16s Bd, buyers at 16s 3d. King Solomons remained at 2s sd, and there were further sellers at that price, buyers at 2s 4d. Golden Point Is paid shares had dealings at Is S}d and Is 2d, market closing Is Id buyers, Is 2id sellers. ! LATEST QUOTATIONS. . Buyers. Sellers. & ». d. £ b. d. N.Z. Government Debentures—--44 per cent. Inscribed, ' 1938 .. .. 05 2 6 96 0 0 5i pet cent. : Bonds, 3838 .. .. Si per cent. Inscribed, 1941 .. .. 5J per cent. Inscribed, 1933 .. .. 96 0 0 oj per cent. Bonds, 1983 .. .. 86 15 0 Si per cent. Bonds, ll)3U .. .. K 0 0 ! oi per cent. Inscribed, I 1937 .. .. 01 17 6 95 2 8 £> per cent. Bonds, I 1937. .. .. 93 0 0 95 2 S j ok per cent. Inscribed, j 1051 .. .. ; Other f Chtuftjchwch Gity, "oi ' per cent., 1910 .. liiV « 0 N.Z. Breweries, Bondi 113 12 0 Glaxo, 64 per cent., 1943 .. .. 86 0 0 Banks—; , V' Australasia (cum div.) S 0 0 Comm. of Aust. .. 0 13. 4 0 13 6 Comm. of Aust. (prof.) 5 11 C .33., S., and A. .. 3 9 0 8 11 0 National of" N.Z. ... 3 9 6 8 13 0 New' South Wales .. 24 32 6 —• Nfev Zealand '.. .. 2 3 10 2 4. 1 Union of Aust. ..6 9 6 6 12 0. Insurance— Mercantile .Mutual .. . f 0 10 0 National .. 0 12 2 0 12 6 New Zealand .. . ... 1 16 10 1 17 0 South British .. '2 10 0 . Loan and Agency— Dalgoty and Co. .. 5 15 0 6 .6 0 Goldsbrougii, Mort .. 0 17 0 017 4 N.Z. Guarantee Corpn. 0 4 " 9 . 0 .4 16 "United Building Society 0 11 8 0 14 9 Frozen Meat-«- • N.Z. Befrig. (£1 paid) ' 0 10 3 N.Z. Kefrig. (10s paid) 0. 3 7 o .3 8 Woollens— r ■ > Kaia-poi (J7s paid) . . ChiA— ■ ' ' :C3iristchtirch. (tOs paid); 0 11' 10 > 0 12 $' Breweries— - Carlton 1 1 C Now Zealand .. .. 18 7 13 9 Staples 110 16 0 Timaru (7s 6d paid) .. 0 5 9 Tooths .. 0 16 9 0 17 2 Miscellaneous— Adair Bros, (cum div.) Beatli and Co. ... 1 0 O 180 B'eath and Co. (pref.) .. 0 19 6 10 8 British Tobacco (cum div.) _ .. ...134137 Electro. Zino (ord.) , .. 0 S O Jit. Lyell .. .. 0 16 3 0 10 8 N.Z. Drug Co. (cam . div.) .. _ 2 11 3 i\.Z. Farmers' Co-op. P ref -). AFarmers Co-ot. (Gfi per cent. Stocl;, 1940). .. .. 50 0 ,0 . ' N.Z. Farmers' Co-op. (6i per cent. Stock, 1946) •. .. 50 0 0 02 0 0 N.Z. Farmers' Co-oy. (6J per cent. Stock, 1939) .. .. -IS 0 0 5-7 0 0 N.Z. Farmers' Fertiliser 0 8 0 0 11 6 N.Z. Paper Mills .. 0 IS 0 Quill, Morris .. .. 0 7 0 ' 'Woolworths (X.Z.), pref. 14 0 15 9 Mining— Cornish Point, .. 0 0 6 0 0 7Iving Solomon .. 0 ti 4 0 2 6 Mahakipawa .. 0 0 6£ 0 0 "i Mahakipawa (pref.). .. 0 0 8 0 0 10 Okarito 09C 098 Paddy's Point 0 2 0 0 3 0 Vi'aihi .. 0 15 0 "Waihi Grand Junction 0 3 7 0 3 11 Golden Point (Is paid) Oil 0 1 25 Golden Point (ICSd pd.) 0 0 11J 0 11 Golden Dawn .. .. 030 059 ICuala Kampar .. 0 6 5 Bawang Tin -.0 4 3 0 5 10 YESTERDAYS SALES. CHRISTCHURCH. Sales on 'Change—- £ s. d. N.Z. Govt. 5£ per cent. Inscr. 1937 ... 95 2 6 N.Z. Govt. 6i per cent. Bonds, 1937 ... (2) 95 2 6 Comm. Bank of Ansfc. ... 0 18 5 E., S.. and A. Bank ... 3 11 0 Bank of New Zealand ... 2 4 2 (3) .240 Goldsbrough, Mort 0 17 4 N.Z. Guarantee Corpn. ... 0 4 9 United Building' Society ... 0 14 9 0 14 8 N.Z. Refrig. (10s paid) (4) 0 3 6 Tooths Brewery ... ... 0 17 0 British Tobacco (cum div.) - (3). 1.3 6 iving Solomon ... (2.) 0 2 5 Cornish" Point ... (0) 0 1 S3 . 0 1 3

•' f Sales Reported—- , £s.d. I N.Z. Govt. per cent. j inscr., 193/ ... • 95 o 0 ! N.Z. Govt. 54 per cent. j Inscr., 1951 ... ... 95 10 0 ' IS., S., and A. Bank ... 312 6 ; Goldsbrough, Mort ... 018 0 j N.ii. Govt. 54 per cent. j Bonds, 1937 ... ... 95 10 0 j 95 7 6 NZ. Guarantee Corpn. ... 0 410 United Building Society .. old 9 i. AUCKLAND. ] Sales on 'Change—- £ s. d. j Govt. Bonds, 1937, per i cent. (2) 95 10 0 j Ins. Stock, 3937, 51 \>er { cent. ~ .. 95 15 0 | 95 10 0 j Commercial • Bank of Aus- ; tralia -. .. 0 13 6 0 13 5 j National Bank of N.Z; . 3 8 0 i Bank of- -New Zealand (2) 2 4 8 j N.Z. Insurance 1 17 9 Westporfc Coal (2) 1 3 6 Auckland Gas ■ .. .. 1 3 1 (con.) 017 . 0 Farmers' Trading .. 0 510 t Milne and Choyce deb. stock 017 9 i King Solomon ..■ .. 0 2 4' i WELLINGTON. Sales Eeported—- £ s, d. | Five and a half per cent. I Bonds, 1937 .. .. 96 0 0 | N.Z. Refrigerating Co. (10s) 0 3 <5 ;,j ♦ DUNEDIN. Sale on Charge—- £ s. d. King Solomon ' , •• 0 2 3- | Sales Eeported— King Solomon, 0 2 4§ ! Five and a.Half per cent. j Bonds, 1937 : . 95 10 0 , Okaritos ",(2) 0 9 6. j BANK CLOSES DOORS. I j AUSTRALIAN CONCERN. J I BUSINESS NOT EXTENSIVE. . j (raoii ocjr ows cobsespoxdekt.) •I' SYDNEY, August 27. , The Primary Producers' Bank of Australia, Ltd., ■which on - Monday announced. suspension of.- : payments,,' trsii' of origin, awl' : was not a member bank of the 6leif& 1 ins; house system. Compared with the r big trading' banks operating in Aub- ■ tralia, it was in a small -way only, and the closing of its doors will not have 1 a very serious .effect. Jt is anticipated that, with a realisation of the • assets, the bank - will * pay depositors. and shareholders a fall 20s in the The staff {Comprised only: 150, .and ..the bank Concentrated mainly on the financing of • pastoralists and agri- • culturists—a fact which contributed largely to its failure. The distribu- ■ tion of the bank's business is shown in the following" table: — v Deposits. Advances, etc. .■ ~ ■ Jg ■ : •• New South Wales .. 313.931 543,654 ' QaetoUsad .42Q,5?0v 678,804 ' Victoria. 301,723 236,104; ' South Australia .. 170,148, 185,280 ~ West Australia, .. 236,066 -Tasmania '. .■ .. : .82,065 £6,195 totals .. 1,365,5(50 1,830,123 The 5 Primary Producers' Bank was originally Land Credits, Ltd., a company formed in Queensland seven yeaiu agp.' When it was decided to extend . operations and establish a trading, bank,. the headquarters. were removed to* Sydney, and recently new premises were secured in Pitt- : street. By ex-; tensive advertising, efforts were made to develop the bank, btifcuthe time was inopportune, and 1 the institution maae no progress. The announcement that it would close followed an intensification of the unfavourable experience recorded during the bank's last financial year. At the annual meeting of shareholders in May, the chairman pointed out that a reduction of £411,862 in deposits was purely the result' of tho adverse financial conditions. The low prices ruling for. staple commodities, he said, had' a very direct effect, on the balances of the bank's customers; A reduction of the bank's money at short call was caused bv the fact that these funds had been cfrawn upon, to meet the current requirements. While a policy of restriction had be§n adopted in regard to advances as a result of the reduction in deposits, the board, as far aB- possible, had recognised the legitimate demands of borrowers who required financial; assistance to enable them to carry on. It is noteworthy that the bank has never paid a dividend. The company was registered with a nominal capital . of £4,000.000. but the capital called up was only £439.401., The profitß for the last five vears were:—£s2o4, £5673, £7073, £2828. £990. The shareholders will meet at an earlv date and will be asked to approve of the voluntary liquidation of the company. * COMMERCIAL BANK OF AUSTRALIA. TEN PER CENT. CUT IN SALARIES The salaries of the staff of the Commercial Bank of Australia have been subjected to a 10 per cent, cut as from September Ist. This is the first instance m the Dominion of a trading bank imposing a direct salary cut. SALE AT KAIKOURA. .There was a large attendance of farmer# a at 1011 road > Kaikoura, on w y T> a , rnoon ' hen the dairy herd hi 6 £ plos w " 8 submitted to auction Priin v r5. yne ' Gould ' Guinness, Ltd. . Sw, « ™ re follows: —Second £6 oa to £8; third calvers, £5 Ss; £7 0 a! fourth calvers, oalf at loot SB and £ L £B ss ; others £3los and JB&ld} • heife™, ffc 6 a »%■,£?