FINANCE and COMMERCE.

Dominion, Volume 23, Issue 7, 3 October 1929, Page 14

FINANCE and COMMERCE.

STOCKS AND SHARES WELLINGTON MARKET BUSINES4S IN BANKS Government securities were again in steady demand at previous prices, but there were .no declared sellers. There was a little more Inquiry for, bank shares. Australian Bank of Commerce were wanted at 325. 3d., while on Monday a sale was reported on the Christchurch Exchange at 335. Bd. National Bank of Australasia £5 paid were bid 2s. fld. more than on the previous day, but Bs. 6<l. less than before the fall in values. There were numerous sellers of bank shares. Australian Bank of Commerce were ottered at Od. less than on Tuesday, English, Scottish, and Australian Bank at 2s. less. Bank of New South Wales at 7s. 6d. less, and Bank of New Zealand at 6d. less. Insurance shares were quiet, and there was little business offering in other shares., •

YESTERDAY’S QUOTATIONS

Buying and. selling quotations at the final call on the Wellington Stock- Exchange yesterday were as follow:—

PRICE VARIATIONS Movements based on yesterday’s buying prices, compared with previous bids, were as under:— Bise. s. d. National Bank of Australasia, £5 pd. 2 fl Goldsbrough Mort and Co. ........ 0 4 Wellington Deposit ........ 0 2 Christchurch Gas 0 2 Westport Coal 0 1 National Timber 0 3 Fait. Australian Bank of Commerce 1 5 British Tobacco 0 0 Electrolytic Zinc preference 0 3 LONDON QUOTATIONS

CITY PROPERTY SALE LAMBTON QUAY VALUES An Important city property deal which has just been completed, is the purchase by a syndicate of the land and premises of Messrs. Hood Bros., Ltd., drapers, at 110-112 Lambton Quay. The price paid for the property was £42,100, which represents approximately £lOOO per foot of the Lambton Quay frontage. The section Is 'bounded by the Quay, Mee's lane and steps and the Terrace. The building tu ferro-concrete is about seven years old. It has three stories on the Lambton Quay frontage, and It is an addi- ' tlonal story high lacing the Terrace, that part of the building being occupied by the Census and Statistics Office. DAIRY PRODUCE •LONDON MARKET Dalgety and Company, Limited, have received the following market advice from their head office, London, under date October I:—Messrs, Samuel Page and Sou report: Finest New Zealand butter, 1795. to 183 s. New Zealand cheese, 955. to 90s Messrs. Parlour-Smith, Ltd., yesterday received the following cabled advice .from their London principals, the Anglo-Con-tinental Produce Co., Ltd." Butter market: Strong. New Zealand. 182 s. to 1845.; Danish, 200 s. f.o.b. Cheese market : Steady. 955. to 905." RUBBER PRODUCTION Dominion Special Service. Dunedin, October 2. The secretary of the Dominion Rubber Company han received advice that the crop of rubber harvested for September was 43,0001 b. COLOMBO TEA SALES Dominion Special Service. Dunedin, October 2. At Tuesday’s tea auction at Colombo J, 010,0001b. was offered. The quality showed a falling off, resulting in a decline in prices of 2 to 3 cents for all grades. Two million lb. will be catalogued next week. Comparatively little Interest is being shown by overseas buyers In New Zealand hemp, and the fibre market generally is described as flat. Manawatu millers at present engaged on contracts would welcome business ahead. The weather is excellent for production and outputs are well maintained. Prices for flax to-day are reported at £29 per ton for good fair, £27 10s. for high fair, and £23 for low fair, with * tendency to ease.

DEALINGS ON ’CHANGE

YESTERDAY'S BUSINESS ’ SALES IN ALL CENTRES The following sales were made on Stock Exchanges of the Dominion yesterday: —

FOREIGN EXCHANGES TUESDAY’S RATES (British - Official Wireless.) Rugby, October 1. The : following rates on foreign exchanges are current to-day, compared with the cabled quotations on September 26 and

HARBOUR LEASE AUCKLAND DEAL Dominion Special Service. Auckland, October 9. An Important transaction in. a Harbour Board lease involving £10,250 has been negotiated between J. •J. Craig, Ltd., and the Auckland Farmers’ Freezing Company, Ltd. This involves the transfer of the lease of the property occupied by J. J. Craig at King's Wharf to the Freezing Company. Ltd., and of . a sub-lease back to the vendors of portion of the property. ...... The very rapid expansion of the dairy industry in-the Auckland province has made it necessary for the freezing company to acquire more land in the immediate vicinity of its present freezing ’ and grading stores on the wharf in order to extend its operations. The company has no immediate plans for building extensions. although it is proposed to extend its premises before very long. The lease expires in 1908.

AUSTRALIAN LAMB EXPORTS The New Zealand Meat Producers’ Board has received a cablegram from its representative in Australia advising that 31,715 carcasses of lamb were exported from Australia for the fortnight ended September 27. SEARCH FOR OIL Taranaki Oilfields, Ltd., reports: Gisborne No. 2 well: Excavation completed, but progress hindered by bad weather, now improving. Kotuku ■ No. 1: Test holo drilled to 50 feet, - last 25 feet in sandy shale. . Drilling for oil in the Whangamomona district is to be started next month by the Whangamomona Petroleum Prospecting and Development Co., Ltd., which has lately been established to acquire boring and other rights over about 20,000 acres in the locality mentioned. The capital is £lO.OOO. divided Into £1 shares. The sum of £2500 was subscribed before registration, and shares for a. further £2500 are now being issued. The area on which the well will be made has been selected, and a contract for drilling has been entered into.

£lO.OOO. divided into £1 shares. The sum of £2500 was subscribed before registration, and shares for a. further £2500 are now being issued. The area on which the well will be made has been selected, and a contract for drilling has been entered into. RABBITSKIN SALES LONDON PRICES Dalgety and Company, Ltd., have received from their London office a cabled report on the rabbitskin sales. Of 3100 bales offered, 1400 were sold. The market was very flat owing to there being practically uo demand for furriers’ sorts, except a few bucks and light racks, prices for which were unchanged. Hatters were 10 per cent, lower where sold. Following is the range of prices, with those for the July sales ns a comparison:— Description July September d. ,d. d. d.

Buyers. Sellers. N.Z. GOVT. LOANS— £ s. d. £ s. d. 4i p.c. Ins. Stk., 1939 100 0 0 —— 4$ p.c. ditto, 1938 ... 100 2 6 —— 5i p.c. ditto, 1936 ... 101 15 0 — 6£ p.c. ditto, 1941 ... , 09 10 0 — p.c. Bonds. 1939 100 0 0 —— ■ 4J p.c. ditto. 1938 ... 100 2 6 —— 4J p.c. ditto, 1930 ... .99 2 6 —- 5j p.c. ditto. 1936 ... 101 15 0 —— DEBENTURESNapier Boro., p.c., 1945 101 0 0 — N.Z; Breweries (inscr. stock) 1 10 3 Ditto (bonds) — 1 10 0 BANKS— — •14 13 0 Australian Bank of Commerce 1 12 3 1 13 3 Commercial of Aust. (ord.) 18 6 1 8 10 Ditto (new Issue) .... ——• 18 6 English. Scottish, and Australian ■ . 8 4 0 National of N.Z 6 14 6 National of Australasia (£5) 9 2 6 9 10 0 New South Wales ... ——1 50 2 C New Zealand — 3 19 Union of Australia .. — 14 14 0 FINANCIAL— Goldsbrough Mort ... 2 3 10 2 4 G N.Z. Guarantee Corp. 0 9 6 0 9 9 Well. Deposit & Mortg. 0 10 9 GAS— 16 5 Wellington (ord.) ... 1 13 6 — INSURANCE— „ ■■ 0 16 9 New Zealand — 2 8 0 MEAT PRESERVING— Canterbury Frozen Meat (ord.) 8 5 0 —— N.Z. Refrigerat. (£1) • — 0 13 6 Ditto (10s.) —- 0 6 6 TRANSPORT— Huddart. Parker (ord.; 1 — 2 4 6 Union Steam (pref.) . 110 — WOOLLENWellington (ord.) ... — 6 17 0 COAL— Westport 1 14 2 1 14 6 0 15 0 Grey Valley — 1 10 0 TIMBER Kauri .; ........ . - 0 18 6 Leyland-O’Brien .... — 1 12 6 National $ 0 7 6 —— BREWERIES— New Zealand — 4 10 0 Staples and Co — 2 14 0 MISCELLANEOUS— Burns, Philp, and Co. — 2 5 3 British Tobacco (Aust.). (ord.) 2 8 0 2 8 9 Dental and Medical .. — 0 11 0 Blectrolytic Zinc (ord.) — 1 16 0 1 15 0 —— farmers’ Auction. (“B” pref.) 0 17 0 —- Moward Smith (ord.) —— , 14 0 N.Z. Drug Co —— 3 15 0 N.Z. Paper Mills — 10 6 Wilson’s Cement .... 2 2 6 2 3 6 MINING— Mount Lyell 2 3 0 2 3 9 Wnihl •0 13 5 ♦Cum dividend.

London. October 1. S s. d. Bank of Australia 13 8 9 Bank of New South Wales 47 10 0 Union Bank of Australia 14 2 G National Bank of JS'.Z 6 15 0 Bank of New Zealand, 4 per cent. stock 03 15 0 Sank of New Zealand, shares .... 2 19 0 N.Z. Loan and Mercantile Agency first mortgage 4 p.c. debent. 70 15 0 N.Z. Loan and Mercantile Agency ordinary stock 125 0 0

WELLINGTON. £ a. d. Commercial Bank, 28s. 7d. and 1 8 8 National Bank of N.Z 6 14 3 Westport Coal 1 14 3 Waibi Mining 0 13 4 AUCKLAND. £ s. d. Auckland Hospital Board, 1935, 5J per cent ... 100 10 0 Commercial Bank of Australia .. 1 8 9 Commercial Bank of Australia (new issue fully-paid) . 1 8 3 Bank, of New South- Wales (Melbourne register) 50 0 0 North Auckland Farmers’ Co-op. 0 3 0 Taupirl Coal 1 0 3 Taupiri Coal 1 0 4 Auckland Gas . 1 4 9 Northern Steamship 0 14 11 Northern Steamship (con.) 0 6 11 Electrolytic Zinc 1 15 0 Sanford, Ltd 0 18 •> N.Z. Refrigerating (con.) 0 6 3 Ohincmuri (two) 0 9 c Waibi 0 13 4 CHRISTCHURCH. £ 8. d. Inscribed Stock, 5} p.c. 1933 .... 101 5 0 National Bank of New Zealand 6 14 0 Bank of New Zealand (odd lot) 3 1 0 Goldsbrough Mort 2 4 1 N.Z. Refrigerating (10s. paid) (two parcels) 0 6 1 Carlton Brewery (cum div.) .... 5 9 British Tobacco (three) 2 8 0 Electrolytic Zinc (pref.) 1 15 4 Mahakipawa (three) 0 0 3 Goldsbrough Mort (2, reported) 2 4 1

par:— Oct. 1. Sept. 26. Par. Paris, francs to £1 123.845 123.865 124.21 New York, dollars to £1 .. 4.85 3-16 4.85 7-16 4.866 Montreal, dollars to £1 4.901 4.89 4.866 Brussels, belgas to £1 34.885 34.875 35.00 Geneva, francs to £1 25.175 25.165 Amsterdam, florins to £1 . 12.105 12.095 12.10 Milan, lire to £1 92.855 92.695 92.46 Berlin, reicljsmarks to £1 20.39 20.365 20.43 Stockholm, knr. to £1 18.115 18.105 18.159 Copenhagen, knr. to £1 18.205 • 18.205 18.159 Oslo, knr. to £1 18.205 18.205 18.159 Vienna, schillings to £1 34.545 34.425 34:58} Prague, knr. to £1 164} 163} 24.02 Helsingfors, marks to £1 .. 1931 192} 192.23 Madrid, pesetas to £1 32.765 32.795 25.22} Lisbon, escudos 108.20 108.25 4.50 Athens, drachmas to £1 375 375 375 Bucharest, lei to to £1 817 817 25.22} Rio de Janeiro, pence to mflreis 51 51 — Buenos Aires, pence to peso . 47 7-32 47 7-32 47.57 Bombay, pence to rupee 17 27-32 17 27-32 18 Shanghai, sterling to tael 26J 27} — . Hong-Kong, sterling to dollar . 22} 22} — Yokohama, pence to yen 23 23 32 23 11-16 24.58 Batavia, florins to £1 — 12.11} 12.10

Full winters prime, thin pelts, slightly spotty 118 to 120 110 to 123 Full winters, medium and stout pelts .. 80 to 110 85 to 115 Second and late winter (thin pelts) .. 80 to 95 70 to 05 Second and late winter (stout pelts) 52 to 62 55 to 60 Late autumns 65 to 70 62 to 64 Early autumns 54 to 56 50 to 56 Outgoings and springs 48 to 52 40 to 50 Autumn racks 51 to 56 50 to Li ' Light racks 55 to 58 to 55 Spring and summer racks (thin and/or medium and stout pelts) 36 to 40 30 to 30 Inferior and damaged (fair to good) 55 to 60 50 to 55 Inferior and damaged (medium to poor) 33 to 48 30 to 45 Milky (fair to good) 50 to 56 48 to 55 Milky (medium to • poor) 35 to 46 30 to 40 Kittens and suckers 20 to 36 28 to 33 Black and silver grey (furriers) Not quoted 70 to 85 Black and Silver grey (autumn, spring and gumuwr*) w. Not qttoW *0 to 05