FINANCE and COMMERCE.

Dominion, Volume 24, Issue 51, 24 November 1930, Page 14

FINANCE and COMMERCE.

STOCKS AND SHARES Last Week’s Trading PRICES FAIRLY FIRM ■ ' The business done on the Stock Exchanges ot the Dominion last week whs smaller thiin usual, but on the whole values were fairly well maintained. There was active .trading In three or four lines, such - as Commercial Bank of Australia, Bank of New Zealand, Goldsbrough Mort, and Co., New Zealand Breweries, and Mount Lyell. I A good business.was done In Government securities, and in the debentures of local bodies and trading companies. A good deal of money appears to be available for investment In gilt-edged stocks, and the sales recorded during the week were as follow 4} per cent. Govt. Stock '(1938), £99, £99, £99. .

5i per cent. Govt. Stock (1933), £9B/7/0. ibi'per cent. Govt. Stock (1930), £99/5/-, C99/5/-J £OO/7/0, £99/5/-. 1 5} per cent. Govt; Stock (1933), £99/17/0. j Ashburton County Cpuncll, 0 per cent. (1902), 101/5/-. v ' j Amur! County Council,6 per cent. (19-16), ; £lOl/5/-. '• ' ■' .■ -, City of Auckland, 5J per cent. (I 960 £97 ' Eden Borough, 5} per cent (1084), Eden Borough, 52 per cent (1903), £99. ; Booth, Macdonald and Co., 6} per cent. '11032) £6B ' N.Z.' Farmers’ Co-op., OJ per cent. (1940), . £76, £7O. '.Except for a heavy turnover of commercial Bank, there was not a great deal doing In the banking group, and toward the weekend the demand eased off. The course of gales was as under:— ■■ Australian Bank of Commerce, 19/9, 19/7, of New Zealand, 57/-, 57/-, 57/-, 57/-, 57/-, 56/9, 56/11, 57/-, 57/-, 57/-, 56/9, 57/-, 56/8, 56/9, 56/9, 50/9, 56/9. > B.N.Z. “D” Mortgage shares, 26/9. Commercial Bank of Australia, 17/6, 17/7, ,17/9, 17/-, 17/6, 17/9, 17/10, 17/8, 17/9, 17/9, 17/7 11/i. Xl/i, 17/7, 17/8, 17/8, 17/8, 17/8, 17/7 17/6, 17/7. 17/7, 17/7, 17/6, 17/6, 17/6, 17/5 17/3, 17/44, 17/5, 17/2, 17/3, 17/3, 17/3, 17/3, 17/2,.17/2, 17/2, 17/3. . .‘Commercial Bank of Australia, preference, £6/10/-. ' , </■"- : ‘ 1 ."V ‘Union Bank, £9/16/-. £9/15/6, £9/16/6, £9/15/-, £9/15/-, £O/15/-, £9/15/-, £9. 15/-, £9/14/6. £9/14/-, £O/14/-, £9/15/-, £9/15/-, £9/15/-. _ 1 Bank of Australasia, £ll, £ll. Bank of New South Wales, £32/7/6. English, Scottfh and Australian Bank, £5/9/6, £5/9/-, £5/8/9,, £5/9/-, £5/8/9. . Commercial Bank of Sydney, £l7/10/-, £l7/15/-. . ' i „ -There was comparatively heavy trading in Goldsbrough Mort, and Co., the shares changing hands at 22/- to 23/9. Dalgety and Co. sold at £B/9/- and £B/4/6. There was little trading in Insurance shares. New Zealand Insurance sold at 42/9, and Standafd Insurance at 50/-.. Gas shares were in fairly good demand, but business was slow. Auckland Gas sold at 23/-. and Chrltchurch Gas at 25/2 and 25/1; Wellington Gas 29/-. Huddart Parker, ordinary Chang- ' od hands at 20/-, and Grey Valley Coal at 19/3 and 20/6. New Zealand Breweries opened the week rather firmly in anticipation of the dividend announcement, and sales were made up to 43/6; toward the middle of the week the? date of the dividend distribution was ■ stated, but not the amount. ■. This was taken by Investors as. an indication of a probable reduction in the amount of the dividend, and the shores eased, sales being l I effected down to 43/2, Improving , later to 44/6. Tho dividend has been reduced by 2} per cent, per. annum to 12} per cent. Tooth’s Brewery sold steadily at 25/- down to- 24/5. Business was done' in Qarlton Brewery at 24/-. British Tobacco received a fair amount of attention, but prices were Irregular, ranging from 34/- down to 33/-; Colonial Sugar'sold at £34/12/6 and £34 17/6. Other sales were: Australian Glass ftt 29/-, 28/6, and 26/7; Electrolytic Zinc, ordinary, at 13/6 and 15/6, preference at 19/- and 197-; N.Z.-Farmers’ Fertilizer at 16/3; Wilson’s Cement at 41/-; Moturoa Oil at 4/-, ‘3/6 and 3/7J, and Mount Lyell at 23/- down to 20/-. - (•/ 7»-’ ' ' —~~ ' ; •I. • y ! WELLINGTON EXCHANGE >■’ > >' '' ’ I Saturday's Quotations 1 : ‘ : .7, ,7 ,

BASE METALS MARKET. Sharp Fall in C' London, November 21. Motal Exchange quotations are as follow, those previously cabled being given for purposes of comparison:—

AUCTION SALES TUESDAY. Premises 122 Vivian St., 10.30 p.m.— Valuable shop fittings (H. Johnston & Co.) Levin Salo. WEDNESDAY. Booms, 2.30 p.m.—Mortgagee’s sale property, Aro Street (S. Harcourt). 14 Brandon St., 2.30 p.m.—Public, Trust sale city and suburban properties (H. E. Leighton). ' ' Corner, Abel Smith' St. and The Terrace, 2.30 p.m.—Salo building sites (J. H. Bethune). , Johnsonville Saleyards.—Fat Stock Sale, a/e Ernest Nielsen (W.S. & Cm, Ltd.) Johnsonville Fat Stock Sal*.

DEALINGS ON 'CHANGE Saturday’s Business . WELLINGTON SALES The following sales were recorded on the Wellington Stock Exchange on Saturday.— WELL i NGT on. gs d English, Scottish and Aus. Bank 5 8 9 »^S c :::::::: U «° Ditto u I<u KAWARAU RIVER GOLD Professor Hornell’s Report Dominion Special Service. Dunedin, November 22. Th annual report of the directors of the Kawarau Gold Mining Company says It has always been the ultimate object of the amalgamation scheme, once the different Interests on the river were united, to arrange for some eminent mining engineer to Inspect the river and investigate its possibilities, to furnish a report on the whole scheme, and if possible suggest some practical means of working it. With the visit of Professor Hornell, the Swedish engineer engaged by the Government in connection with the Arapuni scheme!, an opportunity existed which might not easily arise again, and the trustees, with the co-operation of the directors, approached Professor Hornell and arranged for him to furnish a report. He arrived In Cromwell on October 24, accompanied by Mr. H. Vickerman and others, and spent the week-end llnvestigating the river. To facilitate- his Investigations the gates yrere closed on Saturday, October 25, and reopened the following day. It is understood that Professor Hornell’s report will not be available until the beginning of next year. As far as can at present be gathered, Professor Hornell considers that the mining of the river-bed should not present any insuperable difficulties, and it Is hoped that he will evolve some practical method of operation. ■ The actual expenses attendant upon the investigation have been undertaken by the trustees for the new company, but they are not entitled to obtain the report until they are in a position to pay Professor Hornell his fees. This will only be after the new amalgamated company is registered and has taken. over the assets of the present Kawarau Company, which will remain after paying the company’s debts land settling certain contingent liabilities. The new company, which will be registered as soon as possible, will be entitled to acquire by assignment all the assets of the claim-hold-ers and the parent company, and the amalgamation will thus be completed. GOLDEN BAY CEMENT CO. Annual Meeting The annual general meeting of shareholders of the Golden Bay Cement Company, Limited, was held on Friday, when tho chairman of the company, Mr. F. R. Hogarth, presided. A tribute was paid to the memory of the late Sir Joseph Ward, who for some time was chairman of the company. . . >■ ■ The chairman, in proposing the adoption of the report and balance-sheet, explained that while only a small profit was shown, the year had been fairly successful. , Taking .into consideration the enormous difficulties owing to construction work in connection with the installation of the new machinery. taking place, the operation of the old plant continuously was very satisfactory, and the result was better than had been expected. The new plant was completed in August, and was now running splendidly, producing cement of the highest quality. Expectations in this connection had been more than fulfilled. The management at. the works had been thoroughly reorganised, and Mr.K. Maltby Robinson, who had experience in the manufacture'of cement in other countries, had been appointed works manager; The laboratory staff had been doubled, and nothing was now left to chance to ensure a high standard of uniform quality being maintained. The new cement had been very well received by en- ' gineers, builders, etc. ■

, Sales during the year had. been very good, and the directors looked forward to the future With confidence. The uses of cement were becoming wider every day. The construction of concrete roads, for which all the materials were obtainable in New Zealand, was increasing, as local bodies ,realised that no other pavement would carry the ever-increasing traffic as economically. In this connection, Mr. Hogarth expressed surprise that New Zealand to a large extent had disregarded the experience of/Older countries in the construction of modern roads. On his recent visit to Australia he had found that the concrete road was accepted by the authorities as the only road suitable for modern requirements, and most of the new'.construc-' tion work was being done in concrete. Other fields for the use of cement were steadily being extended. • Captain Charles McArthur seconded the motion, which was carried. The appointment of Mr. George Shirtcliffe and Mr. H. L.' Nathan to the board of directors was confirmed." The retiring shareholder director. Mr.. F. R. Hogarth, was re-elected to the board, and Mr. P. E. Pattrick was re-elected auditor of the company for the ensuing ■year. ■' ■, - ,• . Subsequently, the annual .general meeting of debenture holders was held, aud was presided over, by Captain Charles McArthur. The debenture holder directors made their annual report to the meeting, and a vote expressing appreciation and thanks to the directors for their work during the past year was carried unanimously.' The retiring director, Mr. C. M. Olllvler, was re-elected to the board of the company as one of the debenture holder directors. LIVE STOCK MARKET Jeilding Cattle Fair ‘ ' :< . i ■ : ■. - ■ ■> ■ ' / '' > ; At the Feilding supplementary cat.iie fair on Friday, Levin & Co. made the following sales:—Fat bullocks, £l3/5/-, £l4, £l4/9/-; store bullocks, £7/17/6; £lO/5/-;. two-year steers, £5/7/6, £6; two-year heifers, £3/14/-, '£s/5/-, £5/10/?; yearling, steers, .£3/19/-, . £4; yearling heifers, £3/12/6; eows and calves, £6/10/6, £6/12/-; fat ewes, 12/8 to 15/4; fat wethers, 18/9; fat hoggets, 18/-; two-tooth ewes, 20/6; ewes and lambs, 30/-.. ■ , Abraham :& Williams Ltd. made the following sales:— Sheep.—Fat shorn, two-tooths, 17/5; fat b.f.’s, 15/3; fat woolly ewes, 15/-; fat shorn ewes, 10/1, 12/-, 12/9, 13/3, to 14/-; shorn wethers 17/3, small 13/- to 13/2; wooly wethers, 18/3; shorn two-tooth ewes 18/-, small 13/-; store ewes in the wool, 6/- to 10/6. . Cattle.—Fat bullocks, £l2/15/-, £l3/2/-, to £l4/5/-; fat L heifers, £8 to £B/12/6'; fat cows, £6/17/6, £7/10/-, £ 8, £B/10/-, £9/5/-, to £lO/15/-; three and four-year P.A. bullocks, £B/19/-; three-year S.H. bullocks, £7/10/- to £7/16/-; three-year mixed steers, £7/12/-; two-year P.A. steers, £5/12/-, £5/15/-, £6/15/-, to £7/10/-; two-year Hereford steers, to £5/10/-; yearling P.A. steers, £4 to £4 7/6; two-year P.A. E. heifers, £4/2/6 to £4/16/-; P.A. & Hereford cross heifers, £3/14/- to £3/17/-; cows and calves, to £6/3/-; empty S.H. and H.F.D. cows and heifers, £5/5/- to £6; empty P.A. cows and heifers, £6/2/-; forward cows, £4/6/to £5; yearling Jersey heifers, £3/10/-, £3/12/6, £4/7/6, to £4/10/-. The following sales are reported by Dalgety & Co., Ltd.:—Shorn fat ewes, 10/-, 10/2, 11/-, 12/-, 13/-, 13/4; fat b.f. two-tooths, 17/3; etopty ewes, 6/-; aged shorn ewes with b.f. lambs, 15/-; twotooth wethers, 13/2, 15/4, 15/5; two lines of 550 two-tooth wethers sold at 15/4 to 15/5; b.f. two-tooths, 15/3; Jersey yearling heifers, £4, £4/10/-, £5/3/-,’ £5/11/-; yearling P.A. steers, £4, £4/7/-; two-year P.A. steers, £5/15/-, £6; threo-year P.A. steers, £3/10/-, £B/15/1; two and threeyear P.A. heifers, £6/5/-; empty cows, £3; S.H. cows with calves, £6/10/-, £6 12/-; four-year P.A. bullocks, £9/12/-. Levin Sale At Levin sale last week, the New Zealand Loan and Mercautile Agency Co. Ltd. made a good clearance of a small entry of sheep, and a medium yarding of cattle and pigs, at the following prices:—Fat shorn ewes, 14/0; extra good forward condition wethMg, 18/9) medium fat Jersey

cows, £u; stores, 20/- to £2/10/-; vealer, £3/12/6; yearling Jersey cross heifers, £4 to £5/15/-; yearling Jersey bulls, £4/5/to £5/5/-: potter do., £3 to £3/2/6; dairy cows, £5/15/- to £8; porkers, 37/6 to 46/-; stores, 24/- to 34/-; weaners, 15/6 to 24/6. Mangaweka Sale At Mangaweka last week, Dalgety & Co. Ltd. sold a small yarding of sheep and a good entry of cattle at the following prices:—Medium ewe hoggets, 18/-; twoyear crossbred steers, £5, £5/4/-; twoyear P.A. steers, £6/7/-; two and threeyear crossbred steers, £6/8/-; three and fonr-ycar r.A. steers, £B/12/6; four-year P.A. bullocks, £9/15/-; light fat and forward bullocks, £ll/5/>

—■ ■ Buying and Belling quotations at Satunlay morning's call on the Wellington Stock Exchange were as follow —Ulf > .7 Buyers. - ; Sellers. N.Z. GOVT. LOANS— £ s. d. £ s. d. 5i p.c. Insc. Stk., 1933 99 10 0 DEBENTURES— Well. Racing Club .. 103 10 0 N.Z. Breweries (bonds) 1 1 0 — BANKS— ; ... 1: Australasia 11 .2 6 Aust. o£ Commerce .. . — 0 19 9 Commerclixl'of Aust. English. Scot. & Aust. 0 17 1 0 17 to 10 5 0 National N.Z •5 12 6 — Nat. A/asirt. (£10) .. — •13 0 0 Ditto (£5) •6 8 0 New South Wales .. — 32 15 0 New Zealand —. *2 17 ft Union of Australia .. —• 10 0 0 FINANCIAL— Equitable Bldg. Co. . 8 5 0 9 0 0 Goldsbrough Mort .. 1 2 9 N.Z. Guar. Corp, (ord.) o .7 0 — Well. Invest., T. & A. 0 11 0 GAS— Wellington (ord.) .... Ditto (pref.) 8 0 16 6 9 ; . ‘ MEAT PRESERVING— - ■ - 1 16 o N.Z. Refrigerat. (10/-) . 0 3 3 TRANSPORT— Huddart, Parker (pref.) 0 19 5 —. COAL— i - ‘ . Tauplri (ord.) fl 1 0 — BREWERIES— New Zealand 2 1 0 •2 3 9 Staples and Co. 1 19 0 . —— MISCELLANEOUS— British Tobacco (ord.) ■— ■ 1 13 9 Burns, Philp — tl 13 9 Colonial Sugar 34 10 0 ' —— Dental and Medical . 0 12 .0 Dominion Investments 1 1 3 - ■ Electro. Zinc (pref.) . 0 18 3 0 18 11 National Electric .... 0 8 3 . —— N.Z. Drug —— 3 4 :o N.Z. Farmers’ Fortillser 0 15 9 Wairarapa Farmers’ 0 13 K Wilson’s Cement .... — •2 1 6 MINING— Mount -Lyell*1 0 0 • •Cum. dividend. |Ex dividend.

Nov. 17. Per ton. Nov. 21.Per ton. Copper— £ s. d. £ 8. d. Standard, spot ... 49 13 14 45 9 44 Standard, forward 49 13 14 45 11 104 Electrolytic 52 10 0 49 0 0 to 53 10 0 51 0 0 Wire 'bars 53 10 0 51 0 0 Lead— ' / ' ' Spot 16 10 101 16 1 3 Forward 16 17 6 15 18 9. Spelter— Spot 15 6 3 14 15. 0 .Forward 15 17 6 15 5 0 Tin— Spot 115 1 3 116 2 0 Forward 110 8 9 117 7 6 Silver— Standard, per os. . 10 ll-16d. IB ll-IBd. Flue, per 18d. 18d.