FINANCE and COMMERCE.

Dominion, Volume 24, Issue 19, 17 October 1930, Page 12

FINANCE and COMMERCE.

' STOCKS AND SHARES Wellington Exchange MARKET EASIER There were only seven sales recorded on the Wellington Stock Exchange yesterday, as against 21 on the previous day, and there was a marked easing in the demand. Bank shares which were so very active during the first three days of the week were scarcely in the bidding, but the few' bank shares that were wanted were at the recent Improved prices. Government securities were neglected, and nobody seemed to want them. The. only bld was for the 5J per cent, stocks (1933), for'whlch £99/5/- was bid. They sold during the week at £O9/15/-. Bank shares were slow, and only Union Bank changed hands at descending prices. Australian Bank of Commerce at l'J/G were 'Cd. up on the previous bld. English, Scottish, and Australian Bank were 2/0 lower at £5/7/6; National Bank of New Zealand at £5/8/- were 3/- up on the last bld, but 1/- below the last sale. Bank of New Zealand were 2d. better at 53/5. There were plenty of selling quotations. . New Zealand Guarantee Corporation wore a shade easier at 7/3. New Zealand Insurance at 40/6 were Gd. down, and !South British Insurance were Id. lower at 56/4. New Zealand Breweries at 44/8, ■and Tooth's Brewery at 23/2 were steady. Colonial Sugar were firm at £3l. Electrolytic Zinc, preference, were ,3d. down at 17/9. Holden's Motor Body Builders were Cd lower at ”8/6; New Zealand Drug show a further improvement of 1/- at 57/-. 'Taranakl Oil were up 2d. at 2/2; Wilson’s Cement were in demand at 38/11, with a sale at 39/-. Mount Lyell were wanted at 17/9 with a sale at 18/1. Yesterday’s Quotations Buying and selling quotations at the final cal) yesterday on the Wellington Stock Exchange were as follow:—

SYDNEY WOOL SALES Continent and Japan Active (Rec. October 16, 9.35 p.m.) Sydney, October 16. At the wool sales to-day, 10,630 bales were offered, and 0951 sold at auction, also 213 disposed of privately. Values were fully on a par with late rates, with good Continental and Japanese competition. Greasy Merino made up to 171 d., the highest price this season for greasy wool. AUSTRALIAN COMPANIES . Dividends Announced' The directors of the British Tobacco Company (Australia), Limited, have declared a dividend at the rate of GJ per cent, per annum on preference shares for the three months ended October 31, payable on that date. The directors of Wunderlich, Limited, have declared an interim half-yearly dividend, payable on October 24, at the rate of 7 per cent, per annum on preference shares, and at the rate of 5 per cent, per i annum on ordinary shares. In view of the abnormal circumstances and the increased extent to which the company’s cash is locked up in unsold lead, the directors of Broken Hill South, Ltd., have decided to reduce the final quarterly dividend out of profits for the year ended June 30 from 1/- to Gd. a share. Since June 30 the mine has not produced any profit from which dividends could be paid. This information was given at the annual meeting in Melbourne by the chairman of directors, Mr. Colin Fraser. Following upon losses on trading for the two preceding years, the accounts of the Aeolian Co. (Australia), Ltd., for the year ended June 30 show that further trading losses have been incurred. The net loss for the twelve months is £35.775, which contrasts with £4659 for 1928-29. In addition stock of obsolete radio material, and repossessed instruments has been written down by £3416. making a total loss for 1929-30 of £39,171. In 1928-29 £3941 was written off for depreciation of obsolete instruments, which brought the total deficiency on trading for that year to £BOOO. After transferring £15,000 from general reserve and £lO,OBB frm property reserve, and providing for three quarterly dividends on preference shares paid in the term, the profit and loss account shows a debit of £16,998. Woolworth. Ltd., Sydney, has decided to increase its capital to £1.000.000. to consist of 900.000 ordinary and 100,000 preference shares of £1 each. SEARCH FOR OIL The Taranaki (N.Z.) Oil Fields N.L. report issued for week ended October 11 is as follows: —Waitangi No. 1 well: Camp buildings completed. Preparatory work on site approaching completion. Material moving in satisfactorily. Weather conditions good. AUCTION SALES TO-DAY. Or. Brandon & Featherston Sts., 1 p.m.— Book sale (including library of the late Mrs. Malcolm Ross (J. M. Bethune). i Willeston St., 1.30 p.m.—Sale carpets, etc. (E. Johnston & Co.) 98 Manners St., 2 p.m.—Sale furniture (Ramsey Wilson & Co.) TO-MORROW. Hotel Majestic, I’araparaumu, 2 p.m.— Sale seaside sections (8. G. Nathan). 27 Paiinma St., 2.30 p.m.—Sale sections and 10-roomed residence (G. Harcourt nnd Esmond Greig). 227 Ruahlne St., Palmerston North, 12.30 p.m.—Sale timber plant (J. L. Bennett, Cr. Rhine and Friend Streets, Karorl, 2 p. m .— gale furniture, etc. (Doherty Auctioneering Co.)

DEALINGS ON 'CHANGE Yesterday’s Business DOMINION SALES The following sales were recorded on the Stock Exchanges of the Dominion yes-

SYDNEY STOCK EXCHANGE Market Still Improving (Rec. October 10, 8.55 p.m.) Sydney, October 16. The investment market continues to improve. Commonwealth loans and bank shares are mostly claiming attention. Bank of New Zealand scrip to-day firmed 3/3, and Commercial Banking Co. of Sydney 7/C, while Bank of New South Wales was medium. To-day heavy business was done in the last mentioned, the market at £35 being steady. FRUIT AND VEGETABLES Wellington Market Prices Values of fruit and vegetables sold at Wellington yesterday are quotes by Market Gardeners, Ltd., as follow:— Fruit.—Pioneer apples, 4/9 to 7/11 per case; Sturmer apples, 5/9 to 11/- per case; Winter Nelis pears, 8/- to 11/3 per case; local lemons, 8/0 to 17/6 per case; Delicious apples, 6/- to 9/- per case; Washington apples, 9/- to 11/6 per case. Vegetables.—South potatoes, £4/10/- to £5/10/- per ton; onions, 12/- to 17/0 per cental bag; cabbage, 1/- to 5/- per case; swedes, 6/- to 8/- per case; lettuce, 1/- to 7/- per case; spinach, 4/- to 6/- per case; califlowers, 2/3 to 5/- per case; marrows, 8/- per ease; silver beet, 1/- per case; celery, 12/6 to 14/- per case; carrots. 20/- per case; cabbage, 2/- to 5/- per sack; cauliflowers, 5/3 to 9/3 per sack; green peas, OJd. to 7d. per lb.; cucumbers, 0/- to 8/- per dozen; rhubarb, 4/- to 9/- per ''dozen bunches; leeks, Bd. to 1/- per bunch; asparagus, lid. to 1/1 per bunch; new potatoes, 2jd. per lb. Fowls.—White Leghorns, 6/- per pair. W. Burbidge and Company report a fair demand at yesterday's sale for apples, with fancy Stunners and Washingtons realising the highest money. Pears, especially dessert, were in keen demand at good prices. Practically all vegetables were plentiful and prices low. The demand for old potatoes was very dull and sales slow. Prices realised at yesterday’s sales were as follow:— Fruit.—Sturmers, 7/- to 11/6; Delicious, 6/- to 9/-; Dohertys, 5/6 to 8/-; Washingtons, 10/- to 12/-; Pioneers, 5/- to 9/-; Jonathans, 5/- to 8/- per case. Pears: Winter Coles, 10/- to 13/-; Nelis, 12/- to 13/-; P. Barrys, 10/-; Vicars. 5/- to 6/- per case. Local lemons, 14/- to 18/-; Auckland Poorman oranges, 11/- to 14/-; Californian lemons, 48/- per case. Vegetables.—South Island potatoes. Red Dakotas £5, Sutton’s Supreme £6/10/-, Nelson whites £4/10/- per ton; Melbourne per,cwt.; Californian, WO Per bag. New potatoes: Nelson, 2d. to 2 f d.; Pukekohe. 21d. per lb. Green peas - Hastings. Bd. to BJd. per lb.; Nelson. 7d to 7?d. per lb. Swedes. 5/- per cwt. Asparagus, B<l. to lid. per bunch; lettuce, 6/- to 8/- per case. Sundries.—New laid eggs, 1/4 per dozen; storekeepers’ and mediums. 1/3 per dozen : separator butter, lOd. to IOJd. per lb • N z' walnuts, Nelson 9d„ Golden Bay Bd. per‘lb ; comb honey, 9d. per lb.; chaff, g.b.0.5., £9 5/- per fon. ’ FROZEN MEAT TRADE Shipments to U.K. and Europe The New Zealand Meat Producers’ Board Ils advised by cable from its London office that the shipments from Australia ami South America to the United Kingdom during September were as follow:— Australia.—Carcasses mutton, 26,875; carcases lamb, 49,615; quarters beef, 76,340. South America.—Carcasses mutton, 42,129; carcasses lamb, 76,796; quarters beef (frozen), 11,171; quarters beef (chilled), 408.681. Shipments from Patagonia, nil. The shipments from New Zealand to the United Kingdom for the same period were as follow:—Carcasses mutton, 161,977; carcasses lamb, 310,505; quarters beef. 12,921. The shipments from South America to the Continent of Europe during the same period were as follow:—Mutton, 233 tons: frozen beef, -1309 tons. Cable advice has also been received of a correction in respect of the shipments from South America to the United Kingdom during the month of August, the amended figures being as follows:—Carcasses mutton, 122,(50; carcasses lamb. 122,287: quarters beef (frozen), 9822; quarters beef (chilled), 481,917. A.D.A. SOCIETY Bonus of 2 per cent. In the year ended June 30 policies accepted by the Associated Dominions Assurance Society, Ltd., Sydney, in the ordinary department numbered 480, assuring £100,428, carrying an annual income of £3lll. Premium income for the year was £11,448, and expenditure £7105. A bonus of £2 per cent sums assured) on whole life policies, and £1 (sums assured) on endorsement policies has been recommended. Policies issued in the industrial branch for the year total 7389, assuring £361,78.1, for an annual premium of £25,173. Premiums received amounted to £60,951, and expenditure, including agents’ commission, salaries, etc., to £28,928. The assurance fund at £49,825 shows an increase of £16,779, and reserve funds at £43,828 are £10,067 higher. Commonwealth bonds and other Government stock amount to £49,770, and loans on mortgage total £3200. PRICE OF GOLD London, October 15. The price of gold to-day was 84/lli per ounce.

IMPROVED MARKET

Butter Recovers to 114/116/-

CHEESE FIRMER AT 70/76/-

A definite and welcome improvement in the Loudon dairy produce market is disclosed in the latest cable messages. "More doing, and holders asking an advance,” Is reported by one flrm in regard to butter, New Zealand being quoted nt 112/- to 116/-, whith brings the price level up to that ruling a week ago. An advance of 4/- a cwt. on the week in the price of Danish butter to 148/- to 150/- makes the premium over New Zealand butter 34/- to 36/- a cwt. The cheese market is firmer, white recording an advance of 3/- to 4/-, and coloured a rise of 2/- a cwt. on the week. Joseph Nathan & Co. Ltd. have received the following market report from Trengrouse & Nathan Ltd., London, dated October 15: —New Zealand butert, finest 116/-. firsts 114/- per cwt. New Zealand cheese, white 76/- p_er cwt., coloured 72/- per cwt. Both markers firmer. The . Now Zealand Loan <Sc Mercantile Agency Company Limited have received the following advice from their London house dated October 15; Dairy produce (last week’s figures in parentheses): Butter. Now Zealand choicest salted, 114/- to 116/- per cwt. (114/- to 118/-); market steady. Cheese: White, 74/- to 76/- per cwt. (71/-); coloured, 70/- to <-/- (69/-); market firm. Samuel Page & Son, London, report to Dalgety & Co. Ltd., under date of October 15:—Butter: More doing, and holders asking advance. Danish, 148/- to 100/- UW- | P 116/'’ in" to ea ilG/-); 'Australian’ fin'/si unsXl/lW- to 13 / ’(126/- U 128 M; tl’w/ r . a, io n il4/-) 1 "liaVuA.Q W to 110/- (106/- to HO/-). Cheese: Market firm: New Zealand white, 73/- to 70/ (10/ to 72/-); New Zealand coloured, <O/- to 73/ (69/- to 71/-): spot price for Canadian 73,/- (b,>/- TO .V / ’._U A 78/ .). S p O t price white, <4/- to <B/- (<-/ 7S /‘ (72/. to for Canadian coloured, 74/- to 78/ (72/ to 78/-); C.I.F. .price for Canadian, 74/- to 75 The 7 Dairv Board gives the following comparison of London prices for September Sent., 1930. Sept.. 1929. Butter. Cheese. Butter. Cheese. 1”3/i”« 71/76 174/180 92/94 First week 123/1-6 W /1R „ £ : V STATISTICAL POSITION Increased Stocks in Sight According to the latest reports received by the Dairy Board, the position of stocks at October 1 was as follows

BRITAIN’S DAIRY IMPORTS New Zealand’s Share Imports of butter into Britain from all sources during the nine months ended September 30 were 7331 tons greater than for the corresponding period of last year, and more than 18,000 tons above those for the nine months of 1928. Large increases were recorded frm Denmark. Sweden, New Zealand, Australia and the Argentine. The position is shown in the following comparative statement for the nine months:— Butter,

It will be seen that New Zealand supplied over 70.46 per cent, of Britain’s total imports of cheese during the nine months ended Septemher 30, and nearly five times as much as Canada. On the other hand New Zealand supplied only 22.76 per cent, of Britain’s total imports of butter as against 33.52 per cent, from Denmark. Australia recorded an increase of 3060 tons, Argentina an increase of 3250 tons and Sweden an increase of over 1400 tons for the nine months of this year as compared with 1929. DAIRY PRODUCE EXPORTS Cheese Shows Larger Increase Butter exported from New Zealand last month totalled 4280 tons, a decrease of 175 tons, compared with September, 1929. The position at the time of shipment was that 99 per cent, was consigned, the remaining 1 per cent, being sold f.o.b. The Dairy Board also reports that the exports of butter for the two months of the season totalled 7745 tons, an increase of only 62 tons compared with the corresponding period last year; 71 per cent, of the exports were consigned and 29 per cent, sold f.o.b. As the grading returns for September showed an increase of nearly 1500 tons in production of butter for the two months, it is obvious that a fairly large quantity is being held in tlie Dominion.

The exports of cheese last month totalled 1363 tons (all consigned), an increase of 123 tons compared with September, 1929. The total for the two months was 4513 tons, an Increase of 406 tons on the corresponding period of last year. Of this quantity 58 per cent, was white and 42

per cent, coloured, and 99 per cent, was consigned.. Details of the two months* exports are shown in the following comparative statement: — BUTTER.

Th? effect of the new Canadian tariff is shown by the fact that practically no butter has gone to Halifax this season as against 1478 tons for August-September last year. The increased shipments to Vancouver, 1172 tons, as against.sl7 tons, are explained by the fact that the Niagara took 917 tons last month to reach Canada before the increased duty came into operation. Australian and Argentine Exports. Shipments from Australia during August-September totalled 4812 tons of butter and 581 tons of cheese as against 1991 tons and 20 tons respectively last year. Argentine shipments for the two months were 1750 tons of butter as against 50 tons last year. The board’s Argentine correspondent advises probable shipments during October and November as 2250 tons each month. In 1929 October shipments were 81G tons and November 2088 tons.

Buyers. Sellers. N.Z. GOVT. LOANS— £ s. d. £ s. d. 4} p.c. Insc. Stk., 1938 — 1)9 17 6 5) p.c. ditto, 1933 ... 99 5 0 99 12 6 51 p.c. ditto, 1933 ... — 99 0 0 4j p.c. Bonds, 1939 and 1938 99 15 0 BANKS— ,1- ■■ 12 0 0 Aust, of Commerce .. 0 19 6 10 6 Commercial of Aust. - 0 19 0 Commercial Bank Co. (Svilnev) ......... .. , ■ 19 7 6 English. Scot. & Aust. 5 7 6 5 13 0 National of N.Z 5 8 0 —• Nat. A/asia. (£5) ... — 6 10 9 New South Wales .. — 35 2 6 Now Zealand 2 13 5 • —_ Ditto, long term .... 17 6 Union of Australia .. — 10 2 6 FINANCIAL— Goldsbrough Mort .. —— 13 0 N.Z. Guar. Corp, (ord.) 0 7 3 — Well. Invest. T. & A. —— 0 11 0 GAS— -—— 13 6 Wellington (ord.) ... 18 3 INSURANCE— New Zealand 2 0 6 —— South British •2 16 4 — MEAT PRESERVING— 1 16 fl N.Z. Refrigerat. (10/-) — 0 3 1 WOOLLBNWellington (ord.) ... — 5 7 6 COAL— - - 0 10 6 Westport-Stockton - ■■■■ 0 3 3 Grey Valley ... — 13 6 TIMBER— - - 0 10 0 BREWERIES— New Zealand 2 4 8 — Staples and Co —— 1 19 6 Tooth’s 13 2 16 9 MISCELLANEOUS— British Tobacco (ord.) — 1 14 0 Colonial Sugar 31 0 0 32 0 0 Dental and Medical . —. 0 12 0 Electro. Zinc (pref.) . 0 17 9 Holden's Motor Bldrs. 0 8 6 —- Howard Smith (ord.) —- 0 12 6 N.Z. Drug 2 17 0 — Sharland & Co. (pref.) 0 18 5 —— Taranaki Oil 0 2 2 0 3 1 Wairarapa Farmers' 0 14 0 Wilson’s Cement .... 1 18 11 1 19 11 MINING— Mount Lyell 0 17 9 — •Cum. dividend.

terday:— WELLINGTON. £ s. d. Union Bank 10 2 0 10 0 0 9 19 0 N.Z. Guarantee Corporation ... 0 7 5 South British Insurance .. 2 17 0 Wilson’s Cement 1 19 0 Mount Lyell 0 18 1 AUCKLAND. Austr. Bank o£ Commerce .10 0 Bank o£ Australasia 11 15 6 Commercial Bank of Austr 0 18 11 Bank of N.Z. D pref .16 3 Union Bank (2) 10 0 0 Goldsbrough, Mort .12 3 Renown Collieries 0 10 0 Auckland Gas 13 3 British Tobacco (2) . 1 13 3 N.Z. Refrigerating, 10/- paid ... Wilson's Cement .030 1 19 74 Waihi G.M. (2) . 0 15 5 Waihi Grand Junction (2) 0 2 3 Mount Lyell 0 18 0 CHRISTCHURCH. Commercial Bank of Aust. (3) £ s. d. 0 18 6 Nat. Bank of Australasia, Bo pd. 6 0 0 Bank of N.S.W. (2) 34 15 0 8 10 0 Dalgety and Co N.Z. Refrigerating, 10/- pd. (2) British Tobacco (2) 0 3 0 1 13 6 Do 1 13 7 Do 1 13 9 Mount Lyell 0 17 11 Do (2) 0 18 1 Mahaktpawa (5) 0 0 7 King Solomon Mine (2) 0 0 10} United Building Society 0 15 0 Inse. Stk., 5.} p.c., 1932 98 5 8 Sales reported: Com. Bank of Australia 0 19 0 Dug.. Scot, and Aust. Bank .... 5 12 0 Nat. Bank of Aust., £5 pd 6 6 0 Union Bank 10 5 0 Goldsbrough Mort 12 3 Toohey’s Brewery 0 17 0 British Tobacco 1 14 0 N.Z. Refrigerating, 10/- pd. (2) 0 2 11 DUNEDIN. King Solomon Mine (8) £ s. d. 0< 0 10} Do. (2) 0 0 10 Sales reported:— N.Z. Breweries 2 5 44 Mount Lyell 0 18 2 King Solomon (late sale Wed.).... 0 0 10}

butter. Estimated stocks of all butters in London, including private and provincial stores 1930. Tons. 21,000 1929. Tons. 19,000 1923. Tons. 17,000 Stocks In N.Z., including loaded into steamers not sailed 4,550 3,150 2,681 finally at October 1 N.Z. stocks afloat .... ■ 4,236 4,118 5,473 8,78{! 7,268 8,154 CHEESE. Estimated stocks at London ( Liverpool, and Bristol:— 1928. 1930. 1929. Tons. Tons. Tons. New Zealand and Aus2,821 7,507 9,648 5,329 8,966 6,740 17J.55 14,295 9,561 Stocks in New Zealand including steamers not sailed finally 3,347 at October 1 Stocks afloat from 4,000 2,807 New Zealand 2,026 2,052 1,895 0,026.. 4,859 5,242 Total cheese in sight 23,181 19,154 14,803 The following are the stocks of butter and cheese held in Canada at October 1: 1930. 1929. 1928. Tons. Tons. Tons. Butter 16,863 11,782 12,799 Cheese 13,951 13,629 12,413 Taking into account Canadian cheese both in Canada and Britain, the position shows: 1930. 1929. 1923. Tons. Tons. Tons. In Canada 13,951 13,629 12,113 United Kingdom .... 9,648 8,966 6,740 23,599 22,959 19,153 The following are t he stocks of butter and cheese held in the United States at October 1: — 1930. 1929. 1928. Tons. Tons. Tons. Butter Cheese 58,371 37,995 70,760 37,766 57,174 36,532

Russia 1030. Tons. . 6,375 1920. ' Tons. 13,217 1928. Tons. 13,764 Finland .... 9,426 9,044 8,193 Sweden 11.358 9,942 7,092 Denmark .... 87,000 83.708 77,701 Netherlands .. 3,682 5,867 5,801 France 300 2,207 3,421 Argentine 15,024 11,773 13,485 Irish Free State 21,755 21,215 21,685 Australia .... 33,103 29,442 33.726 New Zealand 59,070 52,070 48,381 Other countries 12.452 13,135 7,972 Total tons . 259,551 Cheese. 1930. Tons. 252 220 1929. Tons. 241,221 1028. Tons. Netherlands 6,735 7,093 8.490 Italy 5,277 4.935 5.350 United States 187 OO", 215 Australia .... 1.569 2.376 2.966 New Zealand 81.087 79,588 68.900 Canada 16.559 16.898 25.025 Other countries 3,663 3,156 2,768 Total tons . 115,077 114,271 113,714

London West Coast, ULK Vancouver Halifax 1030. Tons. 0201 1172 1929. Tons. 5440 55 517 1478 Honolulu 41 39 Other countries 89 153 Panama 137 1 CHEESE. 7745 7GS3 1030. 11129. Tons. Tons. London 4522 4059 West Coast, U.K 4 41 Australia 1 Vancouver 6 19 Other countries 10 9 ■ ■ . ■■ ■—.— 4513 4137