FINANCE and COMMERCE

Dominion, Volume 24, Issue 184, 2 May 1931, Page 10

FINANCE and COMMERCE

STOCKS AND SHARES Wellington Exchange market quiet <« '.s' recorded on the ‘Wellington Stock ®x* chuugo yesterday, and prices realised were mostly up to the market level. t d Government securities were in steauy demand. . The « per cent.fitocks, », and 1033 were firm at £9B/10/-» WJJ a sale reported of the 1938 Stock at £9B/10/*, the 51 per cents., 1041, - were nt £95; the 44 per cent. Bonds, 1039 and 1038 were in aemand at £9B/10/-; the 54 per cent. Bonds, 1933, at £99/5/-, fronds at £99. Wan ianul Borough, 5| per cents., 1044, were firm at £97, Auckland Harbour hoard, 5f per cents., 1939, were unchanged at £94, and Timaru Harbour Board, 51 per cent,, 1950, were also Unchanged at £9l/10/-; . w ® l „ l !? sto ”J? a ] r n hour Board, 41 per cent. 1946, were In demand at £B3/15/-. n M nit Bank shares were slow. Australian Bank of Commerce.were steady at 13/6. Bank of New South Wales were wanted at £25 5/- or 10/- less than on the previous day, and there was a sala reported at £25/17/6 “r 2/6 below the previous sale. National Bank of New Zealand changed hands at £5/2/-, and sellers now ask £5/5/-. Bank of New Zealand long term ware firm at 26/-. Union Bank fell another 4/- to £7 5/-; they sold early in the week at &/W-; Insurance shares were firm. Nat.onal Insurance at 13/- cum. dividend; New Zealand Insurance at 41/9, with a sale reported at 42/-, and South British Insurance at 53/-. New Zealand Guarantee Corporation, ordinary, were steady and unchanged at 5/2. ‘Kauri Timber were in demand at 7/6, but sellers held for 10/-. Leyland-O’Brlcn Timber were steady at 20/- ex dividend. . New Zealand Breweries at 34/3 were 3d : higher. Staples and Co. were unchanged ; at 34/-. Burns, Philp and Co. were firm at 80/.. There was a bid of 15/9 for Electrolytic Zinc preference, but sellers held fdr 16/3. New Zealand Drug at I 53/-, and New Zealand Paper Milla at 16/0 cum. dividend Wefe steady. Mount Lyell were in demand at 17/9 with a sale reported at 18/-. Yesterday’s Quotations Buying and selling •quotations at yesterday’s final call on the Wellington Stock Exchange were as follow;— Buyers. Sellers.

DEALINGS ON’CHANGE Yesterday’s Business The following sales were recorded on the stock exchanges of tba Dominion yes-

Price of Gold a London. April 20. The price of gold to-day was quoted at 84/Bi per fine ounce. AUCTION SALES to-day. The Riverside Estate, Lower Hutt, 8 pm.— Sale building sites (Gordon Harcourt). 18 Queen St.,’ 10.30 p.m.—Sale furniture, etc. (C. W.-Price). ( MONDAY. Pahiatua sale. 11.30 a.m.—(Dalgoty and Co., Ltd., N.K. Wan and Mercantile Co., Ltd., and Wright, Stephenson and Co., Ltd.). TUESDAY. Morrah’s Buildings, 10.80 a.m.—Sale dentist's equipment, account Official Assignee (E. Johnston and Co.). Linton, 1 miles Palmerston North, 12.30 p.m.—Unreserved clearing sale, account Estate 8. J. Mullins (Dalgety and Co.), 87,50 Lower Cuba Street.—Sale furniture, etc., removed from Oriental) Terrace. (Davis Broe.j. Levin Sale.

THE WOOL MARKET London Sales Firm GOOD COMPETITION Ixjndon, April 30. Catalogues offered at the wool sales today totalled 9040 bales, of which 2703 bales were New Zealand. About 8360 bales Were sold. The offering of greasy Merinos was large and almost entirely of super style lines. There was a miscellaneous selection of scoured wools, and a good offering of New Zealand greasy lines, Including a large proportion of Merinos. The sale was marked by good competition, and full opening rates for all descriptions were maintained, - Realisations: New Zealand greasy Southdown. “Albunfc,” 8d to 7fd; Merino, “Delta,” lOd to Old. BRADFORD TOPS Market Inactive London, April 30. The Bradford tops market is inactive and prices are erratic. To-day’s quotations compare as follow with those previously cabled:— , Apl. 9. Apl. 16. ApL 23, Apl. 30. Per lb. Per lb. Per lb. Per lb.

Wright, Stephenson and Co., Ltd., and Abraham and Williams, Ltd., .report having received cable advice from their Bradford agent regarding the tbps market reading as follows:—Merinos steady; all crossbred id down owing to the position in London. Users’ tops are well covered for some time to come and are keeping out of the market as much as possible. ' WELLINGTON DEPOSIT A Satisfactory Year Speaking yesterday at the annual general meeting of the Wellington Deposit, Mortgage and Building Association, Ltd., the chairman. Mr. W. H. P. Barber, said the balance-sheet figures showed an increase in mortgage investments, and a decrease In deppslts and interest. The net profit for the twelve months was £2074. This, in the existing circumstances, shareholders must consider satisfactory. The balance of interest was £2823, a reduction of £65 on last year. The return from rents declined by £219. General charges were, slightly up and income-tax increased by over £lOO. Taking all these items together, profits were less this year by £402. During the year some fairly large mortgages were repaid, and, suitable investments being not immediately available, interest earned Was somewhat lower. Owing to the serious lowering of values, the directors considered It of first importance to use the utmost caution in making advances, and were pleased to say the whole of the securities were perfectly sound. The economic conditions, as everyone knew, had adversely affected the earnings of nearly all business concerns. Reference was made last year to the falling rentals from the association’s premises, and this had been accentuated owing to the completion of so many new modern buildings. The association had lost some of Its tenants, and also because of the general depression some had to go out of business, being unable to carry bn. The directors hoped, however, that' the lowest depth of the depression had been reached and although little improvement was likely during the winter months, they trusted, as spring approached, that things would improve and that during 1932 prospects would be much better. ( ‘ Notwithstanding tha bad times, the company had earned enough to enable the directors to recommend the payment of the usual dividend of 7 par cent, for the year (of which 3. per. cent, was paid in November last), to transfer the sum of £350 to the reserve account, which would then stand at £7OOO, and to carry forward the balance of £866/11/5 to the current years a< The nt report and balance-sheet, a summary of which was printed In this column a few days ago, were adopted. The rctiring directors, Messrs. W. H- P. Barl l e ; r .a? d J J Williamson, and the auditors, Messrs. M. Hobbs and R. Arthur Glen, were reelected. ■ N.Z. INVESTMENT CO.. LTD. Annual Meeting At the twenty-fifth annual meeting of the New Zealand Investment, Mortgage, and Deposit Co., Ltd., held yesterday, the chairman, Mr. Gerald Fitzgerald in moving the adoption of the report and balance-sheet, said the business of the company had been well sustained despite the difficulties confronting concerns of every kind during the period of depression which was unfortunately still with them. The capital still remained at £35,500, while the.reserve fund by last year’s allocation was increased to £BOOO. Deposits and Interest were at £102,543, approximately £l5OO less than In the previous balance-sheet, and while the investors and sundry credit balances on the liability side were not materially altered, the balance In the profit and loss appropriation account was over £4OO greater. On the assets side mortgages were up by £5458, while special deposits were £6OOO less. In the profit and loss account Interest paid on deposits was slightly less than last year, as also was office rent, while the amount set aside for the payment of income tax was £2lO more. Interest received in the aggregate was about £lOO greater. The net result for the year was a profit of £3901. as compared with £3784, enabling the continuance of the 7 per cent, dividend, the placing of £lOOO to reserve, following last year, by which allocation this fund would now stand at £9OOO, and the carrying forward of £2738/0/0, as against £2322 7/11 brought forward. The improvement on last year's figures was a source of gratification to the directors. and doubtless shareholders would also be pleased at the prosperous state of their enterprise and the steady advance shown from , year to year. Careful scrutiny had been made in the selection of securities, and in no case during the year had It been necessary for the company to exercise the ?owqr of sale under its mortgage. Interest lad, on the whole, been paid punctually, the accounts of the company, almost without exception, were satisfactory, and the outlook for the coming year disclosed no cause for apprehension. ' The funds of the company were for the most part In comparatively small sums, invested upon sound city and suburban securities In and around Wellington. The company had no securities in Hawke's Bay. The report and balance-sheet were adopted. The retiring director, Mr. W. IT. Penton. and the auditor, Mr. Oscar G. Kember. Were re-elected. A bonus of £5O was voted to the directors. ' DONAGHY’S ROPE CO. Year’s Results The directors of Douaghy’s Rope and Twine Co., Ltd., report for the twelve months ended March 31. a net profit of £6OlO/18/10. to which has tn bo added £3619/14/2 carried forward from last year. Deducting Interim dividend of fid per share paid tn October, there remains for distributions £7868/3/-. Directors recommend pay-,’ ment of a final dividend of 1/3 per share (making with Interim dividend above referred to Hi per cent, for the year), absorbing £2037/10/-, placing to plant and building renewal account £1500,, and leaving £3430/13/- to carry forward. Already £2274/12/7 has been written off land, buildings, nnd plant. Kaitangata Coal Dividend Ths Kaitangata Coal Company, Ltd-, reports a very successful year, and is to pay a dividend of 1/6 per share. The shares are £1 abarss paid to lAS. e

FROZEN MEAT TRADE Lamb Prices Unchanged MUTTON MARKET WEAK While quotations for lamb show little or no change, reports from Smithfield show that the market for mutton is weak. Yesterday Dalgety and Co., Ltd,, received the following cabled report, dated London, April 30, from their head office:— Lamb.—New Zealand prime Canterbury, 2S/361b, 6fd; prime North Island, 28/381b, s}d; prime Canterbury, 36/421b, 6fd; prime North Island, 36/421b, 5Jd; prime Canterbury, second quality, 5Jd; prime North Island, second quality, s}d; prime Canterbury, 42/501b, fld; prime North Island, 42/50lb, s}d. Southdown lamb selling at a premium of id. Market for New Zealand lamb unchanged; demand fair. Mutton.—New Zealand prime Canterbury. 48/561b, 3 5-8 d; prime North Island. 48/56 lb, 3Jd; prime Canterbury, 56/641b, 8 3-8 d; prime North Island, 56/641b, Sid; prime Canterbury, 64/721b, 3|d; prime North Island, 64/721b, 3 l-8d; prime Canterbury ewes, 48/64!b, 2Jd; prime North Island ewes, 48/641b, 2Jd. Market for New Zealand mutton weak; demand moderate. Australian Lamb,—G.a.q. Australian lamb. 28/361b 4 5-Bd, 36/42! b 4 l-8d; f.a.q., 28/361b, 4d; third, 24d, Market for Australian lamb unchanged; demand limited. Australian Mutton—G.a.q., 40/601b, 28-8 d; f.a.q., 30/551b, 2fd. Market for Australian mutton weak; demand poor Pork.—English porkers, 80/iooib, fid; New Zealand porkers, 100/120Jb, 44d; 80/100Ib, sd. Market for New Zealand pork nominal; demand nil. DAIRY PRODUCE Markets Depressed _. , London. April 30. The butter market is slow. Danish, 120/ello,ce Bt salted New Zealand, 107/to 108/-; Australian, 105/- to 100/-; unsalted. New Zealand. 112/. to 114/-: and Australian, 108/- to 110/-. The cheese market is very dull. New Zealand, white, 48/- per cwt, coloured 50/-; Australian, white, 46/- to 47/-; coloured, 40/- to 50/-. Joseph Nathan and Co., Ltd., have received the following market report from Trengrouse and Nathan. Ltd., London, dated April 30:—New Zealand butter, 107/per cwt. Market weak. New Zealand cheese, white, 46/47/- per cwt; coloured, 50/51/-. Advice was received In Wellington yesterday from London by exporting houses that advances on butter and cheese have been reduced to 9fd and 3}d respectively. Although these advances are low, they represent 85 per cent, of present London values, and thia Is the basis on which advances are regularly calculated. Cabled advice received by Mr. G. A. Mills from A. J. Mills and do., Ltd., London, gives the following market prices as ruling at the close of business on Thursday, Anrll 30:—Butter: The market Is slow. New Zealand finest, 108/-; finest unsalted, 112/-; first. 106/- to 108/-: Danish, 120/-; Australian. 104/- to 106/-. Cheese: This market Is slow. New Zealand white, 46/- to 48/-: coloured. 50/- to 52/-; Canadian unchanged. GRAIN AND PRODUCE Canterbury Potatoes Quiet By Telegraph—Press Association. Christchurch, May 1. The wheat market has a firm tone and free wheat has practically been' disposed of and millers have extended their limits somewhat In order to secure good quality lines. The quotation for Tuscan is 5/5 to 5/6 per bushel on trucks. Fowl wheat for prompt dellyery Is quoted at 5/3 per bushel f.0.b., s.e., no quotations being given for spread deliveries. . The potato market Is quiet; on trucks •to farmers, the quotation s £2/10/- a ton, and for prompt shipment, 70/- to 72/6 f.0.b., s.l. The quotation for July-August-September delivery Is 80/- f.0.b., s.i. Prices for bran and pollard have been reduced to meet Australian competition ; bran Is quoted at £5 f.o.b. local, and £4 for shipping, and pollard at £5/10/- and £4. These values repregent a drop of 10/- a ton in the case of bran and 15/- a ton in the casa of pollard. Otago Values Dominion Special Service. Dunedin, May 1. Offerings of wheat are on the Increase as thrashing from stack is now becoming more general, but unfortunately there is a proportion of poor wheat, particularly as regards Tuscan. Millers are now keener to operate In good lines, and these are readily placed at prices fixed by the pool, namely. 5/10 for Tuscan. 6/- for Hunters, and 6/2 for Velvet. There has been a temporary shortage of fowl wheat, owing to the delay in thrashing, and up to 5/3 per bpshel, sacks extra, ex store, Dunedin, was obtainable for well-filled fowl wheat, but with increased offerings- and the inferior samples this price is not now obtainable. The volume of business passing tn oats is very small; any offerings of good heavy sound oats are saleable to millers at 2/2 to 2/3 per bushel, sacks extra, on truck country sidings, with lower prices for lines with a short railage: B's are. worth In the country about 1/11 to 2/- per , bushel. The current shipping quotation is 2/0} f.o.b. for A’s and 2/7} for B’s. Chaff held In stores Is on the light side, and the market Is firm at £4/5/- per sacks extra, for the best quality. The digging of potatoes Is now general. , The supply is more than equal to the demand, and buyers will only accept the best quality; this Is worth £4 per to", sacks In- ( eluded, ex truck Dunedin. Ylelos'per acre are turning out well, as Is usual at this time of the year. Business in seeds Is practically confined , to lines which merchants are buying tor the spring trade. , The apple market is heavily supplied, and the quality, taking It all round, appears to he better than last season. A fair-sized shipment of Rarotpngan bananas early next week will come to a bare market. Peaches are now only arriving in small lots and pears are in heavy supply. The tomato market is a little brighter and prices are ; likely to remain firm until the end of the season. Cauliflowers and cabbages are; In good supply. Green peas arc not so plentiful and sound quality sells well, but other . sorts arc practically unsaleable.

BASE METALS MARKET Latest Quotations London, April 30. Motil Exchange quotations are as tol; low, those previously cabled being given for the purposes of comparison:

FEILDING STOCK SALE Fat Sheep and Lambs Advance Dominion Speciai. Sfpvicf Fcllding, May \. Fat sheep and lambs showed a further advance tn prices at the stock sale to-day, when a very large yarding was offered. Representatives of the freezing companies op. crated freely and Sent prices up about I/n head all round as compared with last wook. The qualify of some of the lines, especially fat lambs, whs excellent. Fat Lambs.—Extra prime line, 16/-; very prime, 14/- to 15/-; good, 11/-; light, M/6. Fat Bwes.—Prlmest quality. 11/0; very good, 10/1; good. 9/2 to 9/9; light sorts, 8/- to 8/8; fat 8-tootljs, vory primo,

13/6; prime, 12/-; lighter, 11/-; fat wethers, extra prime..heavy, at 15/2. Store Sheep,—The,- market was very sticky, partly because the offering generally was inferior In quality. Four'to. 5-ycar ewes,- r.w. Southdown rams, to 9/3; 4 to 6tooth and 4-year ditto, to 15/3; 2-tooth ditto, to 18/3; white-face wether lambs, 6/6 to 7/3; ewe lambs, to 9/6; black-face lambs, to 9/9; empty ewes, 3/0 to 4/6. The small yarding of dairy stock was chiefly a special entry of springing cows, which brought up to £B/5/- for the best offered; others, to £6/15/-. The quality generally was not of the best. Fat cow beef went at up to 18/- per 1001 b. Liglit fat Jersey cows. £2/4/6 to £4/10/-; heavier breeds, £4/17/6 to £5/10/: fat heifers, heavy, £5/4/6 to £5/12/6. Store cattle—Wea,ner heifers, 32/6 to £3; heifers, r.w. bull, £3, £3/5/-; empty heifers, £2 6/- to £3/18/-; store cows, 29/- to 38/6. Eketahuna Sale Dominion Special Service Masterton, Mav 1 At .the Eketahuna sale the New Zealand Loan and Mercantile Agency offered a fair yarding of sheep to the usual attendance of buyers. There was good competition for best lines of sheep, good breeding ewes selling freely. The bulk of the firm’s yarding was of medium and Indifferent quailtv. Ail linos were disposed of under the hammer at the following prices:—Medium 5yenr ewes rw. S.D., 8/7; good do., 10/4; fat owes, 0/10; forward ewes, 6/5 to 7/8: medium b.f. lambs, 6/3; empty ewes' 4/6 to 5/-;. cull ewes. 2/- to 8/-. The Walrarapa Farmers' Co-operative Association disposed of a yarding of 1359 good sheep of all classes at the following prices:—Account Messrs. Leach Bros Alfredton, 170 4-tooth wethers, 12/6; other lines. 2-tooth wethers, 11/6 to 10/6; m.s. b.f. 2-tootbs. 11/6: ewe lambs, 11/5 to 7/8; cull ewe lambs. 5/0 to 4/0: shorn wether lambs, 7/4 to 6/5; b.f. lambs, 0/. to 7/-. Account Messrs Napier Bros., Alfredton, a nice line of 154 5 and 6-year ewes, r.w, B.D. rams, realised 10/6 to 10/4; and 4tooth to 4year ewes on account same ven-" S?„ r, 2 W"' other llnes: Ma. ewes. 9/9 to 6/-; cull a.m. ewes, 4/6; wcaner Jersey heifers. £2/14/- to 27/-: .Tcrscv we'ancr bull, £3; fat cows. £3.

N.Z. GOVT. LOANS— £ s d 44 P.O. Disc. Stk., 1939 Upd 1938 98 10 0 £ « d 54 p.c. ditto, 1933 ... — 99 6 0 5} p.c. ditto, 1941 .. 95 0 0 : — 44 p.c. Bonds, 1939 and 1938 . 98 10 0 —— 54 p.c. ditto, 1933 ... 99 5 0 •— 54 p.c. ditto, 1936 ... 99 0 0 — DEBENTURES— Weil. Amalg. Brick .. — 97 0 0 Golden Bay Cemen x “A" — 0 16 0 Wanganui Boro., 53 p.c.. 1944 97 0 0 . — Auck. Harb. Bd„ 51 p.c., ' n n 1939 94 0 0 —— Timaru Harbour Bd., 5i p.c., 1939 91 10 0 — , Wellington Harb. Bd., 44 p c., 1946 S3 15 0 85 10 0 BANKS— 9 10 Aust, of Commerce .. 0 18 6 0 16 0 Commercial of Aust. (ord.) — 0 14 IO Commercial Bank. Co. 15 5 0 National N.Z _ — _ 5 5 0 New South Wales .. 25 5 0 20 5 0 New Zealand — „ 2 13 6 Ditto. long term 1 6 0 — Ditto, long term, Sydney register ....... - 15 0 Union of Australia .. T 5 0 7 17 6 FINANCIAL— Dalgety and Co — *7 2 6 Goldsbrough Mort ... — 1 0 1 N.Z. Guarantee Corp. (ord.) 0 5 2 0 5 7 N.Z. Loan and Merc. (ord.) — 06 0 0 GAS— Christchurch i — 1 5 6 Wellington (ord.) ... — <1 7 3 INSURANCE- • National *0 13 0 .— New Zealand 2 1 9 South British 2 13 0 2 14 0 MEAT PRESERVING— Gear •. ,. — ■ > 1 11 0 ‘ N.Z. Refrigerat. (£1) — 0 10 7 Ditto (10/-) — 0 3 3 TRANSPORT— Huddart, Parker (ord.) — 1 2 6 TIMBER— , _ _ „ 0 10 0 Leyland-O’Brien .... fl 0 0 National — 0 9 0 0 8 0 BREWERIES— „ 1 15 0 Staples and Co 1 14 0 t 1 U1U MISCELLANEOUS— Burns, Philp and Co. 1 10 0 1 15 0 British Tobacco (ord.) — 1 9 6 Colonial Sugar — 35 15 0 Dental Medical — 0 10 0 Electro. Zinc (ord.) . — 0 13 3 Ditto (pref.) 0 15 9 • 0 16 3 Howard Smith (ord.) — 0 8 3 National Electric .... — 0 11 0 Newton King (pref.) . — 0 9 0 N.Z. Drug 2 13 0 —— N.Z. Paper Mills *0 16 9 —— Scoullar Co — 1 1 e Sharland & Co. (ord.) — 1 0 0 Wilson’s Cement — 1 19 8 OIL— 2 15 0 Moturoa — 3 9 0 2 mining— Mount Lyell 0 17 9 0 18 0 •Cum. dividend. tEx dividend.

terday' WELLINGTON. £ s d N.Z.-Govt. Stock. 4J p.c., 1938 . . 98 10 0 Ditto,*6} p.c., 1033 Bank of New South Wales . 90 0 0 . 2b 17 6 National Bank of New Zealand . . b 2 0 New Zealand Insurance . 2 2 0 British Tobacco . 1 9 3 Mount Lyell . 0 18 0 AUCKLAND. Government Inscribed Stock, 4j per cent., 1938 ; £ 8 d 98 17 8 National Bank of . New Zealand ■ a 2 0 Bank of New Zealand 2 13 0 National Insurance 0 1 13 2 1 2 10 Robinson’s Ice Cream 1 1 9 Kins; Solomon 0 2 3 ■CHRISTCHURCH. £ 8 d Comm. Bank of Australia . 0 14 5 Comm. Bank of Australia . 0 14 6 N.Z. Refrlg., in/- paid (4) . 0 2 9 British Tobacco ; . 1 9 0 Electro. Zinc, pref. (2) . 0 15 9 King Solomon (2) . 0 .2 -3 Mnhakipawa (7) . 0 0 10 Sales, reported— N.Z. Govt. Insc. 4} p.c., 1938 Do. ' 4j p.c., 1939 National Insurance, cum div, ... . 98 17..6 . 98 17 0 . 0 13 2 National Insurance, cum <llv. ... . o 13 3 ■N.Z. Guarantee Corporation . 0 5 3 DUNEDIN. £ » d Okarito (2) 0 8 0 Cornish Point 0 .0 5}

d d d d Seventies 27} 27 27 26} Sixty-fours Sixties .... 26 24 25| 24 25 23} 24j 23| Fifty-sixes, . 17 17 10 15} Fifties .... 14 14 13} 12} Forty-sixes . 121 Ht 11 . 10i Forties 12i 11! 11 10}

Copper— Standard, spot ... Standard, forward llloctrolytie . • ■ ■ to April 2.3. Per ton.. £ s d 42 s n 13 1 10H 45 10 0 40 0 0 tn o o April 30. Par ton End 11 4 44 41 10 104 44 0 0 45 0 0 45 0 0 Lead12 5 0 11 12 6 Forward — Spot .... 12 8 n 11 in 0 11 5 0 10 10 0 11 s o 10 17 0 TinSpot .... ' forward Silver— Standard. Fino, per 111 112 8 13 0 0 104 105 11 IS 3 n por ok. .. or.? ...... 13 3-10d 14 3-Sd 13 3-lfld 14 Id