FINANCE and COMMERCE

Dominion, Volume 24, Issue 137, 6 March 1931, Page 12

FINANCE and COMMERCE

STOCKS AND SHARES %i Wellington Exetange ■i£ •' * MARKET FIRMER The share market maintains strength, Wil it Is noticeable that sellers are not as they were. It seems evident that buyers .. m ’‘ Bt nffc i “ l>r £ ve th ®y ““Mernment “securities display an easing Stop'S,““OSS, a ‘^® latter showing a rise of -/6. The ot pef cents., 19-11, were steady at £93/17/0, UM; 51 per cent. Stocks and Bonds, 193 u, SSw' wanted at £9B/15/-. Auckland Httrbour Board 5i per cent.' (, ® ba “‘“^ e3 .’ IVBp/t were ■ firm at £94, as we te niffi Vorough, 5i per cents., 1944, at £9<. . -iJnnk shares were firm and in goou i demand. Bank of Australasia advanced ♦>/“to £9/2/-; Australian Bank of Commrfree at 15/o‘are 1/- higher, and Com- . mfeclnl Bank of Australia ordinary, were 2& higher at 14/9. National Bank of NeW'Zealand were up 1/- at £4/16/-,.but Nsfilinal Bank of Australasia, were; unchanged at £4/15/-; Bank of New Zealand were up 9(1. at 48/2, and the long term shares were steady at 25/-. Union Buiflk advanced 3/0 to £i/0/-. Bank ( . NrSw,.South Wales were on sale at £2O l()fe .-but there were no buyers. Goldsbrough Mort and Co. showed consbj&rable firmness at 20/C, while last week they . changed hands at as low as 17 C. G&r Meat were firm at 27/6, and New Zealandl refrigerating, 10/- paid, were -steady at 2/-. Huddart Parker, ordinary , at/'2O/- were unchanged. Westport Coal w£e‘ wanted at 22/9 with no sellers LeylandiO’Brien Timber were steady at 20/-. New Zealand Breweries were up Od at 35/6. "'.and Staples and Co. were 3d better at '32/-. Tooth’s Brewery ■ rose 8d to 21/-. Burns. Philp and Co. at 29/- .were M higher, and British Tobacco were bet-ter'-'at 29/3, with a sale at 29/7. Dominion Divestments were firm at 21/3. Electrolytic Zinc ordinary were 1/- higher at 9/6, bitf -the preference were.. unchanged at 15/-f New- Zealand Drug at Whitcofijb'e and Tombs at 53/-, and Wilson s Cement at 39/- were steady. Mount Lyell were very .firm at 20/6 with no sellers. IV’gifii Mining were in demand at L>/3. Yesterday’s Quotations Buying and selling quotations at yesterday’s final call on the Wellington Stock Exchange were, as follow:— '

LONDON STOCK EXCHANGE ■ i Banks and Debentures London, March 4. On &e London Stock Exchange to : day, quotations, of bank' shares and other corporation debentures and stocks compare'with'previous quotations as follow: —

Australian Stocks Firmer London. March 4. Australian stocks have hardened further. Dealings recorded to-day compare with those of Tuesday as follow:—

Price of Gold Lower London, March 4. The price of gold to-day Is quoted at 84/10} per fine ounce. There has been an easing In the price of gold since the beginning of the year. On December 2 It was quoted at 85/2on December 4, 85/H; December 29, 85/1} January 14, 85/0}; February 18, 85/I}, February 28, 'B4/11. AUCTION SALES TO-DAY. 180 Tlnakori Road., 10.30 a.m._Sale of furniture (E. Johnston & Co.) Rooms, 12 & 14 Manners St., 2 p.m.— Superior household furniture (Doherty Auctioneering, Ltd.) Mart, 98 Manners St., 2 p.m,—Furniture (Ramsey Wilson & Co.) 30 Roxburgh St., 10.30 a.m.—Sale forniture (C. W. Price). 81 Dixon St., 1.30 p.m.—Sale household furniture (C. W. Price). TO-MORROW. . Premises 0 Humber St, Island Bay, 1.80 p.m,—Superior furniture (I. Silverstone). , , t M 6 Willis St., 10.30 a.m.—Sals electroplating, sU. (C. W. Price). ' MONDAY. Mnsotwffie Stock Hale—4 pro.

DEALINGS ON ’CHANGE Yesterday’s Business DOMINION SALES Tho following sales were recorded on the Stock Exchanges of the Dominion yesterday:—

SYDNEY STOCK EXCHANGE A Strong Market i ■■ (Bee. March 5, 9.5 p.m.) Sydney, March , 5. The confident bidding which was a feature of business earlier in the week was renewed on 'Cliangb to-day, and a strong market ruled for all classes of securities. Some big gains were registered, chiefly In bonds. One of the most active issues was the 5i p.c. 1933 loan, which rose 15/to £92/5/-, while 5i p.c., 1938, gained 17 B 6 ank of New South Wales shares advanced five shillings. Higher offers were also made for Bank of Australasia scripni, but sellers, as proved to be the case witn holders of other bank stock, were holding off. '• LIVE STOCK MARKET Masterton Sale Dominion Special Service. t Mn-wterton, March 5. A total of 4375 sheep and lambs (chiefly breeding ewes) were offered by the N.Z. Farmers’ Co-op. Distributing Co., Lid., at the weekly Masterton stock sale yesterday. The offering met with keen competition from a large attendance of buyers. There was an advance of 1/- to 1/6 per head on recent sales, and they had practically a total clearance at auction. A pen of 2tooth ewes on account of Mr. Geo. Shaw made the satisfactory price of 14/8. The following gives an indication of prices :— 2-tooth ewes, account G. Shaw, 11/2 to 14/8; 2-tooth ewes, account C. Campbell, 14/-; 2-tooth ewes, - account J. Campbell, Jun.. 12/6; 2-tooth ewes, account Bawhitl Station, 12/-; 2-tooth ewes, account K. Groves, 11/9; 2-tooth ewes, account W. O. Blddell, 10/-; 2-tooth ewes (small), account D. H. Speedy, 8/3 to 9/-; 2-tooth ewes (small), account 11. Morrison, 8/7; 4, 6, and 8-tooth ewes, account J. Campbell, Jun., 12/1; 4,6, and 8-tooth ewes, account G. Shaw, 11/4; 4,6, and 8-tooth ewes, other vendors, 7/1,- 8/1, to 10/-; 4-year ewes, account J. Savage, 7/6; 4-year ewes, account C. Campbell, 8/-; 4 and 5-year ewes, account J. A. Card 6/9 to 7/-; 4 and 5-year ewes, account W. Ritchie, 6/4; 5year ewes, account Groves Bros., 5/11; 5year ewes, account J. Campbell, Jun., 5/6; 5-year ewes, account G. Shaw, 5/1; good b.f. rape lambs, account J. C. Ewington, 8/5; woolly'wether lambs, account other vendors, 3/9 to 3/10; small b.f. lambs, 4/6, 4/9, to 6/-; good ewe lambs, 8/-; 4-tooth wethers, account E. Pain, 8/6; 2-toath wethers, account W. Ritchie, 8/-. Rams: Aged S.D., )gn., Ign., to ijgns.; 1-shear S.D., IJgns. to 24gns.; Romney, ign.; aged Lincoln, ign. Pigs: Good weaners, 5/-/ 6/-, to 7/6; slips, 8/- to 9/-. Dalgety and Co.’s offering comprised 4000 head and included several outstanding lines of 4 and 5-year-old ewes, which elicited keen competition. For the better class of f.m. ewes the market was about 1/6 per head better than the previous sale. . A total clearance was effected as follows:— Account H. J. W. Lord 222 4-year ewes, 10/6; 229 do., 10/4; 122 2-tooth do., 11/-; 140 do., 8/10. Account J. M. Laing, 200 2-tooth ewes, 13/-. Account Nitz Bros., 475 5-year ewes, 7/9. Account T. R. Barren 390 4-year do., 9/2. Account Glencrioffi Station, 511 5-year ewes, 7/9. Account Turner and Hay, 5-year ewes, 7/2; 4-year do., 7/7. Account W. R. Birch, 321 5-year do., 7/1. Account Manawa Station, 2-tooth do., 10/1; 4-tooth do., 8/0; 6-tooth do., 8/6. Other lots made from 4/4 to 6/-. Wanganui Sale Wanganui, March 5. Sheep showing good condition sold well at the Wanganui stock sale held bv Messrs. Freeman, R. Jackson and Co. at their yards yesterday. Sheep to the number of 7000 were yarded; 2000 more than the advertised numbers. Young ewes and lambs sold freely. A large percentage of eWes yarded ’ were poor-conditioned and too old for breeding purposes. This class of sheep was passed In frequently. Fat sheep and lambs sold well, a particularly good line of woolly ewe lambs bred by Mr. Percy Paul bringing 13/7. Mr. Paul's wether lambs, prime and heavy made 13/6. The sale was very satisfactory. Prices were as follow:— Sheep.—Prime ewes, 6/- to 6/3; prime lambs, 12/6 to 13/6; fat and forward b.f. lambs, 8/- to 8/4; b.f. lambs, 6/6 to 7/-; small b.f. lambs, 2/6, 3/- to 4/8; Bomney ewe lambs (good woolly), 13/7; medium shorn ewe lambs, 7/6 to 8/-; medium woolly ewe lambs, 6/6; good wether lambs, 6/-, 6/6 to 7/-; medium wether lambs, 4/9 to 5/8; cull wether lambs, 3/- to 4/3; twotooth wethers, 7/0 to 8/5; good maiden four-tooth ewes, 16/1; good two-tooth ewes, 16/2; four and six-tooth ewes (lowconditioned). 6/6 to 7/6; four-year ewes (aged marked), 7/- to 8/-; four and fiveyear ewes, 6/6 to 7/6; five-year ewes, 5/0 to 7/-; s.m. ewes, 3/- to 4/6; fattening ewes, 2/6 to 3/-; falling mouth ewes (lowcondltlqned), 1/- to 2/3; one-shear Romney rams, Ign., 2gns. to Signs.; two-shear Southdown rams, 2gns. Cattle.—Weaner heifers, W- t<\ H/-. Pigs.—Heavy porkers to £2/4/'», forward steers to 22/-; stores, 11/- to ■lO/-: S° od weaners, 15/-; weaners, 8/C, V/6 to 11/ • Ashhurst Sale Art the Ashhurst eale on ■Wednesday Abraham and Williams. Ltd., otfe ’®. a i good yarding of sheep and cattle, all of which sold as follows:—Fat lambs. 12/-, w!f. lambs. 5/- to 6/10; wether lambs 4/3; two-tooth ewes, 9/- to 11/-; toar .A n ,. d five-year ewee, 5/11; six-tooth ewes, 10/6, fouretooth ewes, 9/9 to 11/4: cow in milk, £5/2/6; store cows, £l. Sl/10/-, £2/11/-, £E/17/0. to £B/15/-; fat cpWB. £-’. £2

RISING MARKET Christchurch Wool Prices VIEWS OF BROKERS Canterbury wool at the sale at the end of January of this year sold at an average of £6/0/9 a bale. On Tuesday it averaged £lO/0/11 a bale, a difference of £4/0/2, representing an advance of about 60 per cent, on the January prices. The average price on Tuesday of about 7)<l per lb was only a farthing below the average for the sale in March of last year. The highest average in the last two seasons was lid per lb, at which the wool In the sale Of November. 1929, sold. Only 13,121 bales were offered on Tuesday, says the “Times,” and from this one may assume that many wool-growers, disgusted with the prices at the January sale, had decided to hold oyer their wool from the sale, possibly till next season. The passings represented less than a score of bales. Though there had been reports of advances in the price of wool in London "and Sydney, no one was altogether prepared for the briskness and comparatively high bidding which characterised the sale. Buyers are wont to whistle any very high price is offered, and there was more than the usual amount of whistling on Tuesday. Though the number of bales sold at Christchurch on Tuesday was only about half ~ the total which changed hands at the January sale, the difference iu value was only £26,363 In favour of the latter The amount for the clips sold on Tuesday was £131,819, and in January £ The recovery in price is shown by the following comparison, which gives the value returned at each of the sales for the last two seasons, the average price per lb and the average price per bale: — Season 1929-30.

Brighter Outlook. Woolbrokers interviewed after the sale were°°confidcnt that prices are rising and that the prospects of the industry a tinctly brighter. the ln . “It is very gratifying to see uw w crease in prices,” said the chairman of the Christchurch Woolbrokers’ Association, Mr J G Herdman. “The Japanese buy ng hod more to do with it than anything else although in any case the prices would probably have shown a firmer tendency up tn a Id a lb. It is too early to say yet whether the prices realised at the sale will be sustained. The wool, of course, was not of the best class. We never expect to see the bright, clean wools that are offered at the earlier sales.” ' - . Mr P. G. Greenwood, manager of the wool’ department of Dalgety and Co., Ltd., described the offering as rather a poor selection, mainly of back-country wools, many of which were heavy in condition, and decidedly tender. “It is known definitely that large orders were on the market from Japan and Australia, and one big ’order fom America, said Mr. Greenwood. “These countries, particularly Japan, were very keen buyers, and the Bradford repesentatives were, almost altogether outbid by them. ■ “The general opinion 1b that the advance has been too sudden to be safe. Prices may still slacken off. Only a month ag’o wool was sticking in the market; and if the buyers didn't know then, they don t know now. “There is a big offering in London set down for March 10, and a great deal depends on how that sale goes off. If it goes off without a hitch, I think we can look for a pemanent improvement.” Mr Frank Clark, New Zealand principal of Francis Willey and Co., described the sale as one of the most erratic he had ever attended, especially in regard to wools bringing between Bd. and lOd. "Although the trade han a better feeling and prices have improved, there would have been nothing like the prices had it not been for the Japanese orders," said Mr. Clark. “The Japanese orders just happened to strike this sale when they came on the market. About half a dozen brokers had orders from Japan.” Mr. Clark did not think that such an advance In prices would be sustained. "I don’t like to.be pessimistic,’’ he explained, “bat once the Japanese firms fill their ord- . ers we won’t /see such prices as these. At the sam'e time the limits from. Bradford . were from lid. to 2d. in the grease dearer than at the last sale. “I’m sure we’ve touched bottom, and there seems to be a rising tendency even though the Japanese orders may not last long. Prospects for the future look very much brighter. We're looking forward to better times now.” SYDNEY WOOL SALES Market Very Firm (Rec. March 5, 9.25 p.m.) Sydney, March 5. At the wool sales to-day the offerings totalled 11,024 bales, of which 10,624 were sold at auction, also 923 privately. The keenest competition prevailed for all descriptions. The market was very firm. Greasy Merino made np to 21d. LONDON WOOL SALES New Zealand Shipments The New Zealand Loan and Mercantile Agency Company, Limited, have received the following adylce from their London house, dated. March 4:— Wool Sales.—List closed March 2. New Zealand shipments ex Tongariro, Turakina, Port Wellington, Remuera, Benmohr, Rotorua, and Corlnthlc are available for the series. BUTTER AND CHEESE London Markets Slow Joseph Nathan and Co.. > Limited, have received the following cable from Trengrouse and Nathan, Limited, London, dated March 4: —New Zealand butter, 122/per cwt; market quiet. New Zealand cheese, standardised white. 56/- per cwt; standardised coloured, 58/-; full cream, white, 57/-; full cream, coloured. 59/-. The New Zealand Loan and Mercantile Agency Company, Limited, have received the following advice from their London house dated March 4:—-Dairy produce (last week’s figures in parentheses): Butter, New Zealand choicest salted, 121/- to 122/- per cwt (120/- to 122/-). Cheese, white, 57/- to 58/- per cwt (57/- to 58/-); coloured, 59/- to 60/ per cwt (59/- to 60/-). Markets glow. NEW COMPANIES An Auckland Registration The following private company has been registered in Auckland: — Kauri Paints and Lacquers, Limited, paint, varnish and colour manufacturers, etc. The principal object of the company Is to acqhire and purchase from Eric Sydney Gittos certain formulae for the manufacture of paints and the patent rights in respect of the name. Capital, filoOO in £1 shares. Subscribers: E., S. Gittos, 575 shares; Robert L. Stewart, 250 shares; James Buchanan, Angus McDonald and William J. Brldson, 100 shares each; Augusta Ross and John K. Ross, 75 shares each; David A. Dickson, Averil M. Dickson, Sarah Worker and Percival A. Wallwork, 50 shares each; David Dickson, 25 shares. Moturoa Oil Fields Moturoa Oil Fields, Limited, have received the following report for the week ending March 4 from Moturoa No. 2 well:— Drilling commenced March 2. Fifteen-inch 1 casing is being carried through the surface agglomerate. As anticipated, drilling will be difficult until this formation la poaoI tzotad at about 800 feet.

■ • Buyers. Sellers. N.Z. GOVT. LOANS— £ S. d. £ 8. d. 44 p'.e.-Insc. St., 1939 93 0 0 -■ ■ 44 pic. ditto, .1933 ... 03 5 0 93 10 0. 54 p.C; ditto, 1936 ... 98 15 0 09 5 0 5$ p.c. ditto, 1041 ... 93 17 6 5/ p.C/Bonds, 1936 ... 98 15 DEBENTURES — 0 — Lyttelton Harb. Bd., 5) p.c., 1953 ........ — AucKland Harb. Bd., 5t a 95 12 6 p c 1939 94 0 0 II 1 Wanganui Boro., 51 p.c., 1944 97 0 0 — BANKS— ■ 0 AusUiof Commerce .. 0 15 Commercial .of Aust. 6 0 16 9 (ord.) . 014 9 National ot N'.Z. 4 16 0 —■ National A/as!a. (£5) 4 15 0 New South Wales ... — 26 10 0 New Zealand 2 8 2 2 8 9 Ditto, long term 1 5 0 —— Union,of Australia ..7 6 FINANCIAL— 0 -— Dalgety and Co. ..... — Abraham and Williams 6 17 ' (pref.) — 'Equitable Bldg. Co. .. — Goldsbrough Mort .._ 1 0 4 10 8 9 0 0 6 0 6 N.Z. Guar. Corpn. (ord.) — N.Z. Loan and Merc. 0 79 0 0 GAS—" '■ Gisborne — 0 10 0 INSURANCE— 2 13 MEAT PRESERVING— 6 * N.Z. Refrigerat. (10/-) 0 2 TRANSPORT— . . „ 0 — Huddart Parker (ord.) *1 0 WOOLLEN— 3 v 0 Wellington (ord.) ... . — 5 0 0 COAL— , „ 9 TIMBER— 0 9 0 Leyland-O’Brien 1 0 BREWERIES— 0 — 6 Staples and Co. ..... 1 12 0 — 0 MISCELLANEOUS-— Burns, Philp and Co. 1 9 0 — British Tobacco (ord.) 1 9 3 Dental and Medical .. — 0 9 0 Dominion Investments 1 1 3 — Electro. Zinc (ord.) . 0 9 6 —— Ditto (pref.) 0 15 0 National Electric .... — 0 10 6 Newton King (pref.) . — 0 11 3 N.Z. Drug .......... 2 10 Whitcombe and Tombs 2 13 0 — 6 — Wilson’s Cement 1 19 OIL— 0 • — 0 3 6 MINING— , „ 6 —. ■ ' Waihi .'.... 0 15 5 0 16 0 •Cum. dividend.

Feb. 17. Mar. 4. tanks— & s. . d. £ s. d. Australasia 7 0 0 . 9 0 0 New South Wales 21 10 0 20 10 0 Union of Australia 4 15 0 7 0 0 National of N.Z. 4 0 74 4 10 0 New Zealand, 4 p.c. guar, stock 05 0 0 05 0 0 N.Z. shares 2 6 6 2 2 6 N.Z. Loan aud Mercantile first mort.gage, 4 p.c. de09 B 0 60 10 0 N.Z. Loan and Mercantile ordinary stock 62 10 0 62 10 0

Mar. 4. Mar. 3. £ £ £ 71} £ C'wealth, 5, 1945-75 . 74 to 75$ to 73} C’wealth, 6, 1931-41 . Victoria. 3, 1029-49 . 82 to 87 55 ■ 80$ to 83 Victoria, 5$, 1930-40 Victoria, 5, 1932-42 . Victoria, 4}, 1940-60 N.S.W., .4, 1933 .... N.S.W.. 3. 1935 .... 75 to 80 73 66 80 to 85 67$ to 69 •71$ •68 65 •66$ to 78 N.S.W., 3$, 1930-50 . 55$ to 50 S. Austr., 31, 1939 .. 67$ 8. Austr., 6$, 1930-40 85 W. Austr., 6, 1930-40 84 to 85 •Ex interest. 52 78 81 to 54

WELLINGTON. 1 s. d. L 9 7 * . 1 •British Tobacco . 0 13 0 National Insurance AUCKLAND. £ s. d. Commercial Bank of Aust. (2) .. 0 14 0 14 8 9 0 14 10 DO. - "J 8 6 Bank of New Zealand 1 0 9 Goldsbrough Mort 1 2 10 Auckland Gas «■-••• 0 15 7 0 2 5 Waihl Grand Junction CHBISTCHUKOH. & 8. d. Inset. Stk.. 4} P.C.. 1938 (3) .... 93 09 5 17 0 6 DU., U P.C„ * • • • 0 14 10 Cnwmercial Bank 0" Ausc. ••••• 0 14 11 Do. (2) • 5 id 15 0 ft 9 Du., ... „/, 2 8 0 Bank of New Zealand National Insurance •••«••••••••♦• 1 1 0 Goldsbrough Mort •••;•••• N.Z. Refrigerating. 10/- Pd 0 4 N.Z. Breweries (3) n 1 9 7 1 9 6 1 0 10 1 10} 0 1 ill 0 0 7} 0 0 0 0 0 6 7 7} fl Do. ti 0 « 8 • Sales reported— - ilntn ' Cl-V SI r» <* 1fK>3 ......... msc. ulK., OJ p,t., xww Com. Bank of Aust., pref. Christchurch Building Society . 5 16 0 12 0 0 0 10 6 DUNEDIN. £ 8. d. 0 « 9 Sales reported— 0 1 Commercial Bank of Aust. 0 14 9 Nat. Bank of Australasia, contr. 4 19 6

Sales. November December January Tl. value. £ ... 206,897 ... 303,485 .... 219,571 .... 77,735 Av. lb. d 1'1 10 8 7i Av. bale. £ « d 14 15 2 13 15 0 1010 6 10 7 11 Total .. £807,688 Season 1930-31. £ d £ B d December January ... 120,856 .... 158.182 .... 131,819 54 4J 74 7 7 7 6 0 9 10 0 11 Total .. £410,857