THE STOCK EXCHANGES

Press, Volume LXXIII, Issue 21985, 8 January 1937, Page 11

THE STOCK EXCHANGES

MELBOURNE

DEALINGS COMPLETED LISTED STOCKS Sales on ’Change £ . s. d. 100 Comm. Bank of Aust. 019 5 25 Union Bank of Aust. (cum div.) . 10 6 6 100 Goldsbrough, Mort .. 1 18 0 100 Dunlop Rubber 0 17 10 200 Electro. Zinc (pf.) (4) 215 3 350 Mount Lyell (4) 119 9 1 19 8 100 Mount Morgan .. 016 8 Sales Reported 100 Aust. Iron and Steel (pf.) ... 1 6 0 100 Electro. Zinc (pf.)\.. 215 . 3 50 G. J. Coles (cum div.) 4 9 0 450 Mount Morgans (2) 016 10 (2) 0 16 8 200 Mt. Lyells (2) - 1 19 8 60 N.Z. Breweries .. 2 15 0 25 Union Bank .. 10 7 3 UNLISTED STOCKS Sales on ’Change 300 Self ridges (A/asia), . old (3) 118 0 25 Wool worths (Syd.), ord. ... 7 18 0 Banks Commercial Bank of Australia, had business at 19s sd. Union Banks were, firm at £lo' 6s 6d and £lO 7s 3d. Goldsbrough, Morts rose to 38s, and more were offered at that price. Dalgety and Company were firmer, with buyers at £ll. New' Zealand Breweries were stronger, with buyers and business at 555. Miscellaneous Australian Iron and Steel (preference) had business at 265, sellers staying in at that price, buyers at 25s 6d. Dunlop Rubber were firmer, with buyers and business at 17s ICd. . Electrolytic Zinc (preference) rose to 55s 3d, but closed with sellers at 555, buyers at 54s 9d. G. J. Coles (cum dividen) had business at'B9s. Mining Mount Lyells advanced to dealings at 39s 9d and 39s Bd, market closing 39s 7d buyers, 39s 9d sellers. Mount Morgan were firmer at 16s lOd and 16s Bd.. market closing 16s 7id buyers, 16s 8d sellers. Unlisted Stocks Selfridges (Australasia) had dealings at 38s. market closing 6d either way. Woolworths. Ltd., changed hands at £7 18s, and there were further buyers at £B, sellers at £8 Is LATEST QUOTATIONS

BUSINESS RESUMED AFTER VACATIONPRICES GENERALLY MAINTAIN LAST MONTH’S LEVELS The Stock Exchanges throughout , New Zealand resumed business yesterday after the Christmas vacation, and prices were at or above closing levels last year. Dalgety’s, Goldsbrough, Morts, Electrolytic Zincs, Mount Lyells, breweries,* and Wool- , worths showed satisfactory increases.

Bonds and investments were about steady and bank stock , and Goldsbrough a little easier on the Melbourne Stock Exchange yesterday. Barriers were active blit easier. ‘ Gold was still quiet. -Sales:— '

LONDON SHORT TERM MONEY ' v- MARKET LONDON, January d. London discount and short loan interest rates . are:—Day-to-day loans,' i per cent.; fine trade " bills, three months, 2 to per cent.; bank bills, three months, 9-16 per cent; six months, 11-16 per cent.; Treasury bills, tyro months, | per cent.; three months, hj per cent.

AUSTRALIAN PRODUCE SYDNEY PRICES SYDNEY, January 7. Wheat is easier, owing to continued pressure to .sell in-, overseas markets. Bagged grain is steady at 5s 6d, silo lots are quoted at 5s sd, and wheat at country ' sidings at' 4s - 9£d, - which is. equal to about 5s 4Jd ex trucks, Sydney. - v- ;} Flour—£l2 15s, Bran and Pollard—£6 10s. Potatoes—Tasmanian £ls to £l6; Victorian £1.4. . 'Onions—Victorian Globes , £2l; white £lB. ; . Maize—Yellow 5s Bd. ; ■

FAT LAMBS FOB EXPORT

EFFECT OP WET WEATHER I : POSITION IN OTAGO ITHB PRESS Special Service.] DUNEDIN, January 7. In, both weight and quality, the lambs now being killed for export in Otago are equal to those frozen last year, but the prices being realised are more gratifying to farmers. The freezing season has just started in Otago, with full boards of butchers at all works, and, with stock reaching works in maximum quantities each day, the continued wet weather is begining to have its effect in certain areas; hence, lambs have done well up to the present, but farmers are beginning to have doubts as, to the quality of those they will be able to kill in the near future. There is ample feed in Otago, but it has been the experience in this province, as in other districts, that lambs do better in fine, warm weather than in a- long spell of wet weather, which makes the feed soft. However, tl}£ season has opened most encouragingly for farmers, who are obtaining better prices for their lambs than for several seasons past.

With the current high values for wool, the sheep grower is having a profitable time to-day. His wool is worth on an average over 16d a pound, and prime lambs, 361b in weight, are bringing more than £ 1 6s.

“SECRET RESERVES” ACCOUNTS OF PUBLIC COMPANIES “The Practical Side of Undisclosed Reserves" is the title of an..important editorial article in the “Accountant” (London). . “As far as we are aware,” the commentator states, “no writer has yet ventured to bring forward for public criticism a draft section of an act of parliament designed to eliminate the formation of so-called ‘secret’ reserves. Such hesitation is natural when one reflects that the section would necessarily attempt to impose on directors the obligation to state ‘the true value’ of their assets. How could such a section be applied, for example, to double account undertakings? How could it be applied to goodwill acquired for a valuable consideration? And when we use the word ‘goodwill’ in this connexion we must extend the idea we are trying to express to all those various franr chises. of which, for example, rights to work mineral deposits'are illustrative. which are akin in their nature to goodwill, though commonly described by different names. “The position of an auditor at the moment is often difficult enough. If ever the Legislature should make an attempt to load on auditors a statutory obligation to bring secret reserves to light, we fear that the difficulty of mgny audits would increase to the point of impossibility. We need , only mention the words stock-in-trade, doubtful debts, and depreciation, as an indication of the obvious problem which is in our minds. ' The present form of auditor’s report is admittedly vague, but is there not some ground for asserting, that its very vagueness is one of its virtues? The auditor is left free to deal with extreme cases, at his discretion, without being forced into the untenable position of a universal censor of financial morals. The present position is not perfect, but attempts io mend it might easily produce other imperfections, of which theoretical thinkers are at the, moment unconscious.”

THE METALS MARKET

FOREIGN EXCHANGES '(BRITISH OrriCIAL WIftRLBSS.) ,

DOLLAR MARKET 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:—

FRENCH AND FOREIGN EXCHANGE LONDON, January 6. United, States and foreign exchange closed to-day at: Dollars 4.91 L francs 105:5-32' to At ———...

STOCK SALES

STUDHOLME JUNCTION The first sale of the 1937 season was held at Studholme Junction yesterday. Very little was ottering in both sheep and cattle sections, but all sold at full market rates. One pen of fat cows sold at £4 to £4 12s 6d; two pens of fat lambs made 25s 7d to 26s Id, two pens of fat ewes made 15s Id to 16s 4d, and a pen. of two-tooth wethers brought 19s 7d. PRUDENTIAL BUILDING SOCIETY DIVIDEND DECLARED The directors of the Prudential Building and Investment Society of Canterbury have declared a dividend of 2A per cent, for the six months ended December 31, 1936, making 5 per cent, for the year.

N.Z. Government Debentures Buyers Sellers. £ s. d. £ s. d. 33 p.C. Ins., 1941 . — 102 0 0 4 p.C. Ins., 1943-46 102 10 0 4 p.C. In'S., 1946-49 ; .. 102 0 0 — 4 p.C. Bonds, 194G 102 10 0 4 p.c. Bonds, 1949 102 5 0 — Other Debentures Booth, Macdonald 5 p.c.. 79 0 1/6/47 .. N.Z. Refrig., 43 p.c„ . 6 0 . 1940-45 102 12 — Quill, Morris, 4 p.c., 1946 Banks 100 0 0 Australasia (£5) 12 0 0. — 6 Com. of Aust.' (10s) .. — 0 19 Com. of Aust. (pf., £5) 9 2 6 —, Com. .of Sydney (£12 10s) - , 21 7 6 E., S., and A. (£3 pd.) 5-17 6 5 18 6 New South Wales (£20) 34 5 0 New Zealand (£1) 2 1 4 2. 2 9 New Zealand (mort. Shares, £1) ■ 1 9 6 Union of Aust. (cum div., £5) ... .. vlO 4 Insurance , 6 10 8 0 New Zealand (£1) .. 3 2 6 Standard (£1 paid) .. - — 3 1 0 Loan and Agency Dalgcty and Co. (£5) 11 0 0 . Goldsbrough, Mort (£1) — 1 18 0 N.Z. Guar, Corpn. (3s) N.Z, Loan : and Merc. 0- 5 3 (£100) .. ••Shipping P. and O. Dcf. Stock 35 0 0 (£1) — 1 19 0 . /Frozen Meat Canterb’y (£7 10s pd.) n re 0 Canterb’y (pf„ £5 pd.) 5 15 0 N.Z. Refrig. (£1 pd.) .. 1 1 0 N.Z. Refrig. (10s pd.) .. North Canty. Freezing '0 9 7 0 9 8 (£3 paid) Coal — 2 0 0 Westport-Stockton (10s) 0 1 6 0 1 9 Westport-Stockton (pf.. 10s) Gas ,0 3 6 Christchurch (£1) .. 17 Breweries 0 18 0 New Zealand (£1) .. 2 15 0 2 15 4 Staples (£1) — 1 19 6 Tooths (£1), 2 16 b 2 17 0 „ .'Miscellaneous Wireless (£1) — 2 18 0 Anthony Hordern (£1) 0 19 3 0 19 6 Aust. Glass (£1) 4 11 0 4 12 6 Aust. Irohi* and Steel (pf., ■ £1) '1 5 6 1 6 0 Beath and Co. (£1) .. 1 2 0 ' ; —J Beath and Co. (pf„ £1) 1 2 6 1 5 0 British Tobacco (ex dlv.. cum bonus) 2 8 7 .2 9 ;o Broken' Hill Prop. (£1) —r 4 0 9 Broken Hill Prop. • ; " (contr.) .. ! ,38 6 3 9 3 Colonial Sugar (£20) • — 43 15 0 Consol. Brick (£1) .. 0 10 .3 0 11 b Dunlop Rubber (£1) .. 0 17 10 . 0 17 11 Electro Zinc (ord., £1) 2 13 3 Electro. Zinc (pf., £1) 2 14 ■9 2 15 0 G. J. Coles (cum div.,' > £1) ... Henry Jones Co-op. 4 8 3 4 9 3 (£1) . ;. 2 8 3 Howard Smith (£1) 1 2 0 — Hume Pipe (Aust.) (£1) .. ... 1 0 0 1 1 3 Kauri Timber (25s) . .. 1 2 9 1 3. b Morts Dock 0 13 1 0 13 8 Millaquin Sugar (£1) 2 2 6 2 4 :6 Meggitts 1 12 0 . . ' N.Z. Drug (£2) N.Z. Farmers’ Co-op. ■ 3 16 G (1,0s, paid) . , . 0 0 5 0 0 11 N.Z. Farmers’ Co-op. (B pref.. .£«4) 1 17 6 2 2 6 N.Z. Farmers’ Co-op. (4J p.c. Stock,; 1940, £100) -N.Z. Farmers' Co-op. <4J p.c. Stock, 1945. 92 10 0 £100) .. ■ • . .. N.Z. Farmers’. Co-op. (4J p.c. Stock,' 1939, ’'.Tr* 96 0 b £100) , . /T. 94 0 0 • ■ N.Z. Newspapers (16/8) 1 19 9 _ Procera Bread (10s) .. 1 9 0 Quill, Morris (1938, £ 1) b 17, 9 T. J. Richards ; ■ ... ' 2 3 0 ’ Whitcombe arid Tombs- . (£2 10s) ' .. r .. ’ 3 3 6 Wilcox . Moffliri (11s) Woolworths ■' (N.Z.) 0 11 9 0 12 5 ■ (ord v £1) .. I; 6 5 0 6 14' Q Woolworths , , (N.Z.) (pf., £1) .. . 1 17 6 Zcalandia Soap 0 8 6 Shillinga .Ltd. (£1) 10 6 1 1 6 Waldas Shoes (£1) ;. ■ 1 16 o David Jones, ■ 2 7 6 ■; Mining Alexander (15s pd.. ex div.) . V ,' -.. ’. 0 16 6 Antonio’s Hydrau. (Is) 0 0 I Ob 6 Argo (Is) 0 1 • 9 Barrytown (£1) 1 14 6 Blackwater (£1) 1 12 o'Giilespiri’s Beach (Is) •f-' 0 I 6

Buyers. Sellers. £ s. ri. £ s d. Maerewhenua (Is ) .. 0 0 13 0 0 23 'Maori Gully (Is) .. 0 0 5* 0 0 8 Nemona (Is) .0, 1 7 0 1 10 Okarito (5s) .. — : 0 5 0 Skippers (Is) .. 0 0 33 0 0 4 Walhi Gd. June. (2s)- 0 3, 9 — Waimumu Sluic. (Is) 0 0 6 0 1 0 Worksop Extend, (ex div., Is) .. ■ .. O' 1 H 0 1 10i Sandhills (Is) .... — 0 0 4 , Australian Mining Mount Lyell » .. 1 19 7 1' 19 9 Mount Morgan .. .0 16 7i 0 16 8 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. ... Buyers Sellers. £ s. d. £ s d. Andersons, Ltd. (pf.) 0 19 0 — Assoc. Motorists Petrol (pref.) .'. — 1 15 0 National Tobacco (cum div.) .-. — 3 1 0 N.Z. Mining Invest.'.. — 0 0 H N.Z. Perpet. Forests r. 2-8 3 — N.Z. Perpet. Forests (4s paid) • .. 0 13 0 — E. Reece, Ltd. (pref.) 0 1 9 0 2 3 Self ridges (A’asia) (old) ., 1 17 6 18 6 Selfridges (A’asia) (new) .. — f 1 18 0 White's Electric .. —' 0 0 6i Woolworths (Sydney) (ord.) ; .. .. 8 0 0 8 1 0 Woolworths (W.A.);.. 6 15 0 6 19 0 " Auckland Sales on ,’Change Union Bank .. £ s. d. 10 5 0 Newton King (pref.) .. 0 8 9 G. J. Coles ■ 4 9 6 Kuala ‘ Katnpar 0 19 0 •Mount Morgan . 0 16 10 Unlisted Stocks ‘ Woolworths ’(Sydney) 7 19 0 Selfridges (old) • 1 18 6 WELLINGTON Sales, on ’Change Bank of Aust. ' .. £ s. d. 0 19 6 National Bank of N.Z. 3 3 0 Union Bank .. 10 4 0 N.Z. Guarantee Corp. 0 5 4 Broken Hill Pty. 4 1 0 G. J. Coles . . (3) 4 9 6 DUNEDIN Sales on ■ ’Change Broken Hili Pty. .. £ s. d. 4 0 6 G. J. Coles .. ■ (3) 4 9 6 SYDNEY ; ' ! r At 'the Sydnex Stock Exchange yestcrday, many industrials suffered from profittaking. ■ Pastorals were also ■inclined to case: Tin shares were active anc firm. Sales:— Morning £ s: d. Anthony Hordern .. 0 19 9 Associated Newspapers 1 4 3 Broken Hill Proprietary 4 1 0 • (new) 3 10 0 Dunlop Perdrlau .. 0 18 3 Electrolytic Zinc ; ... 2 13 3 Howard Smith .. 1 3 10), James Stedman 0 17 6 Wilcox. Mofflin .. 0 12 5 Wilcox Mofflin (N.Z. delivery) 0 12 4 ■ ’ ; Afternoon Bank ol New New South Wales 36 2 6 Commercial - Bank of Sydney 21 11 0 Union Bank - . . 10 6 0 Bank of Australasia .. 12 5 o; Colonial Sugar • ■ 43 10 0 Associated Newspapers 1 4 3 Burns, Philp 3 16 6 Australian Gas A • .. 7 12 0 Tooths .. ... 2 16 6 Tooheys . ... • ’ ,. 1 14 0 Carlton Brewery .. 3 6 6 Australian Glass' ... 1 4 13 3 Gcldsbrough, Mort ■ .. . 1 18 0 Wilcox'Mofflin .. .' 0 12 7 Wilcox, Mofflin (N.Z. delivery) 0 12 4 0 12 7 Morris Hedstrom 1 9 0 Henry Jones • ' . .. 2 a 0 JVXillaquin Sugar 2 .4 0 Electrolytic Zinc 2 13 6 , Electrolytic Zinc (prof.) ' 2 15 0 Lustre Hosiery ; ... ■ 1 .3 9 Hume Pipe' ... JU 1 0 Victoria Nyanza • , .. 0 15 9 . W. R. Carpenter • • ; . . : ■ 2 5 3 Standard Waygood ■ 0 7 3 Taranaki Oil ; . ., 0 • 1 6 Mount Morgan ■ . 0 16 10J Mount Lyell (N;Z. delivery) 2 0 "4J , Kuala Kampar, 1 0 4j * (N.2. delivery) 1 0 0 Placer Development,4 19 O' Emperor Gold ... 0 19 9

£ s: d Commercial Bank of Australia 0 19 8 E., S.,and A. Bank ' ;.'. . 5 18 0 National Bank (£5 paid) National Bank (£10 paid) 7 10 15 9 0 0 Carlton Brewery 3 7 .0 J. G. Coles 4 10 0 Australian Glass .. 4 13 0 Goldsbrough, Mort ■ .. i 18 0 Electrolytic Zinc 2 13 3 Electrolytic Zinc - (prcf.) 2 15 3 Mount Lycll a n n Mount Morgan ;V 0 16 11 Broken - Hill Proprietary 4 1 3 North Broken Hill ... 3 15 ~Q Emperor Gold . . 0 19 4 Hume Pipe .. X 0 10

(BRITISH orricut wireless.) RUGBY, January 6. Jan. 5. Jan. 6. Copper— £ s. d. £ s d. Standard, spot 48 8 9 48 18 ii Forward . .. 48 14 4£ 49 3 9 Electrolytic . 53 10 0 53 15 0 to . 54 0 0 54 10 0 Wire bars . 54 0 0 54 10 0 Lead— ■ Spot . 26 12 C 26 11 3 Forward . 26.11 3 26 8 9 SpelterSpot . 19 13 18 8 9 Forward . 19 7 6 18 15 0 Tin—, Spot . 228 10 0 229 0 0 Forward .229 26 230 0 0 Silver— Fine*.' per' oz. 21 5rl6d 21 3-16d Standard, per oz. . . ■ , . 23d 2Jd

RUGBY,,January 6. Par. Jan. 5. Jan. 6. Paris, fr. to £1 124.21 105-5-32 105 9-64 New York, dot. to £1 4.866 ' 4.911 - 4.91 3-16 ■Montreal, dol. to £1 4.866 4.91 i 4.91 .'Brussels. belgas to £1 % 35 20.10 29.131 Geneva. 7 ' fr. to £1 25.2215 21.381 21.372' Amsterdam* fl. to £1 12.107 8,971. 8.974 Milan, lire to £1 92.46 93 5-16 93 9-32 Berlin, reichrriarken to £1 29.43 12.211 12.21 Copenhagen. ' Ur. to £1 18.159 22.40 22.40 Stockholm, kr.- to. £1 18.159 19.31 19.31' ' Oslo, kr. to £ 1 18.159 19.90 19.90 Vienna, schgs. to £1 34.585 26i' - 26 1 Prague, kr. to £1 164.25 1404 1402 Helsingfors, marks to £1 193.23 2262 2262 Madrid, pesetas to £1 25.2215 _ Lisbon, cscu- / dos to £1 110 110 3-16 110 3-16 Athens, drach ■ to £1 375 . 547J 5471 Bucharest; - Jci to £1 483.6 670 670 Belgrade, ; ' dinars 25.2215 213 213 Bio de Janeiro, pence to milreis ; . . 4.899 41 44 Buenos Aires, . , pence to dol. 51 . Montevideo, . pence to dol. * ' 39| 394 Bombay, pence to rupee 19 18 5-32 18 5-32 Shanghai, pence to dot. * 141 14J Hong Kong, ' pence to yen 14 15-16 14 15-16 .Yokohama, pence to yen 14 55-64 13 9-64 Batavia, ' guilders 12.107 8.971 8.971 Warsaw, par % zlotys to £1 43.36 _ •Determined by price of silver.

" V ■ U.S.A. Canada. (Per £1 N.Z.j '• Dol., Dol. Selling— - T.T. .. .. 3.93!) 3.93g •' O.D. .. .. 3.94| 3.94i Buying— T.T. .. .. 3.97i 3.97J O.D. .. .. 3.98i 3.983