FINANCE and COMMERCE

Dominion, Volume 24, Issue 188, 7 May 1931, Page 12

FINANCE and COMMERCE

STOCKS AND SHARES

Wellington Exchange

■I — limited demand

Although the appeared wjriTable to report 5i per cent. Stock, le w j 1930, at the 6 i J. Br th 88 51 pel” cent. Bonds, were firm at £99, tne 0* v tJie BJ per 1933, were steady at £99/0/ > a t was n cent. Bonds, 1930, at. £99. w holders fair demand for debentur s, C ur-

iair uuuiauu —- - accept me £94; Tlmaru Hartour Board, Har . bow Board 4 £°v7 at £B3/15/ ’ and 51 per cents, 1940, at Commercial BaTkof CralUwero UAwKh Irltl on Vhe°“ast n foalgety and Co. were wanted at £6/16£ Zealand %™°tee d were »w Te’aland ‘invent ln dt! Unlon *Steam 6 preference were steady at 19/0; Islington Woollen preference, at 90/-: Waipa Coal were up at 6/9, Ley land-O'Brlen Timber were unchanged at, on/. New Zealand Breweries were 8d t*"* ” _ q</*>. RtflnlPß and Co. were firm lower at do/z, &tapie» -were at 34/*. New Zealand Paper Mins were again wanted at 16/9. ‘ . Yesterday’s Quotations Tinvimr and selling quotations at yescall on’the 1 Wellington Stock Exchange were as follow: —

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

Bank of New South Wales

The Interim dividend of the Bank of New South Wales for the quarter ended March 31 is declared by the board of directors at the rate of »/-, and will be payable at the head office of the bank In Sydney, and at branches on receipt of advice, .on May 28. ' AUCTION SALES TO-DAY. > ard~St, Dannevlrke, 10 a.m.—Mortgagee sale land Graham Rd. (Williams and Kettle). _ . “Dana,” 36 Wadestown Rd., Wellington, 12.30 p.m.—Superior furniture (J. F. McKenna). Upper Hutt Sale. Boiilcott St., 1.30 p.m.—Sale stock-in-trade account Open Upholstery Co. (ffi. Johnston and Co.). , Lower Cuba St., 2 of sale removed from Oriental Terrace (Davis Bros.) TO-MORROW. Bear of Woolworths’ Bldgs., 1.30 p.m.— Sole Studebaker enclosed motor van (Silverstone & Co.) Harbour Board Shed 22, Noon—Sala of 50 •ack* flour (K. Johnston 4 OoJ

THE WOOL MARKET

London Sales Active

OPENING RATES HELD London, May 5. The total offerings of wool to-day were 11,289 bales, including 5669 bales of New Zealand. About 5630 bales were sold. There was a good selection of greasy 'Merinos and a large offering of medium and faulty scoured wools, but a poor selection of New Zealand wools. Good general competition characterised the sale, aid full late rates were maintained.” New Zealand greasy crossbreds, Pahang,” sold at 74d to 7d per lb.

Dalgety and Company, Ltd, have received the following report, dated London, May 5. from their head office:—Wool sales continue active, but lately reported rates barely maintained for Merinos and crossbreds. No quotable change as compared with opening rates. Levin and Co, Ltd., have received the following cable from their London agents, dated May s:—The auctions are proceeding at the level of the opening day. Catalogues are beipg well cleared. The following prices are current:— d d

DENTAL AND MEDICAL SUPPLY

Great Reduced Profit

The directors of Dental and Medical Supnlv Company Ltd. in their report for the j£r ended March 31, 1931,1 regret the>year » trading shows a net profit of only £««/*/• This however, is only to be expected In view’ of the drop In the turnover, namely, ox uer cent. The year has been a very difficult one, and taking everything into consideration the result is much bettar than was anticipated. Ample P™^ 31 ® 11 has, as usual, been made for bad and doubtful debts, and stocks which have been taken at cost or market prices, whichever 13 the lower, have likewise, as usual, been well written down. Furniture, fixtures, fittings, and cars have been written down £206 11/8. Premises have been written down £ The l0 retirlng director is Mr. A.! Gray, who offers himself for re-election.

For the previous year this company paid a dividend of 4 per cent, the net profit being £2543, as against £6ao during the year recently ended. The principal Items in the balance-sheet compare as follow:—

WILSON’S CEMENT

Dividend and Bonus

The secretary of the Stock Exchange Association of New Zealand has been advised that at the annual meeting of shareholders of the Wilson’s Cement Co. on June 10 the directors will recommend the payment of a final dividend of 1/- and a bonus of 6d. per share, making together 7i per eent. An Interim dividend of 5 per cent, was declared In November, so that the total distribution Is 12J per cent., the same as for the preceding year.

« AUSTRALIAN GLASS CO.

Dividend 6 Per Cent,

The Australian Glass Manufacturers Company Ltd. has advised the secretary of the Stock Exchange-Association of New Zealand by cable that -the directors have recommended a final dividend for the halfyear ended March 31 at the rate of 9 per cent, per annum on preference shares and 6 per cent, on ordinary shares payable on June 24.

From its inception In 1922 the company paid 10 per cent, per annum up to the end of March, 1930, with a bonus of 2J per cent, for that and the preceding year.

MASSEY-HARRIS CO

Heavy Lose Incurred

A net lose, after making necessary provisions for bad debts, depreciation, and other contingencies, recorded by MasseyHarris Co., for the year ended November 30, 1930, amounted to £440,488, compared with a profit of £560,163 for 1929. A surplus of £1,157,267 brought Into the accounts made it possible to pay dividends on preference and common stock, to make a transfer to inventory reserve, and to carry forward a credit balance of £49,477. The report states that sales decreased by 14.6 per cent, compared with 1929. In the year the company effected an amalgamation of Australian Interests with those of H. V. McKay Proprietary Ltd., the name of the company being altered to H. V. McKay, Massey-Harris Proprietary Ltd. I / FUSION WITH LIPTONS Home and Colonial Stores It was recently reported that a merger had been arranged between Home and Colonial Stores Ltd. and Lipton Ltd., and this is of some Interest to New Zealand and Australia, for the companies named handle a good deal of the produce of both countries. According to tie terms of the merger the capital of Home ahd Colonial Stores Is increased by £1,300;000 by the issue of £1,000,900 6 per cent. A preference shares of £1 each, and 2,500.000 ordinary shares of 4/- each. This raises the capital to £4,500,000, and the Increase i« made to enable the company to acquire by exchange of shares the whole or part of the share capital of Lipton Ltd. The effect of the merger would be that 716,666 6 per cent. A cumulative preference shares, and 1,869,000 ordinary shares of 4/- each, would be issued to Lipton's shareholders. There would be unissued about 283,334 6 per cent. A preference shares and 726.120 ordinary shares. Home and Colonial Stores Ltd. controls the Meadow Dairy Company and the Maypole Dairy Company. For the year ended January 3, Home and Colonial Stores earned a net pro-fit of £<jqB,w». Profit of the Meadow Company for the vear was £279.282, and of the Maypole Company £567,716. Lipton's for the same period reported net income of £148,717. Dalgety’s Stocks I London, May 5. Quotation* of Dalgety and Co.’s stock* on the Stock Exchange to-day compare as follow with those previously cabled: —

ADDINGTON MARKET

Fat Lambs Firm

FAT CATTLE EASIER By Telegraph—Press Association. Christchurch, May 6. Entries were again heavy In most sections at Addington to-day. Except for fat lambs and light ewes and wethers, for which exporters were competing, the mar, ket was very dull with a tendency toward lower values. The store lambs offering sahr P^br a dXed nd by W W e 6 M mixed sex, 7/9 to 9/-;' backward, 3/9 to 5/ store Sheep.—A smaller entry with wethera In bfg supply. Values showed iftHn rt iff prance, but the demand tor e»» e ” was dulll and passings were frequent. Good taur and six-tooth Corrledale ewes to 11/6, good s.m. Corrledale ewes, 9/o to 10/7 nixand eight-tooth halfbred ewes. R/ di to 9/6- aged and failing mouth ewes, 4/'- to 5/6;’ good six and eight-tooth halfto 12/-; ordinary• four and glx-tooth crossbred wethers, 8/6 to »/ » “ > Fat t Lambs.—Four thousand one hundred wet e penned and met a firm at full schedule vahmSt r a a nd pr a m Shade m better . i a r“lmeTls% to 17/6; medium, 14/6 to 15/6; Ug F h at -Another very heavy entry 6/ ‘ Fat Cattle Easier.

Vet Cattle —Another heavy entry of 419 12/6. Values were: Extra beayy bullock, £lB/17/6; extra heavy prime steers. £l3 15/. to £l5/7/6; heavy. £IW- to £l3/5/ . medium. £7 to£lo; light: to• £3/15/ , extra prime heifers, to £ll/12/6, Prime. £6/10/- to £B/10/-: ordinary heifers. £4 to £6; light, to £3/5/-; extra prime cows to £ll/15/-; prime cows. £5/10/- to £B, medium cows, £2/15/- to £5; aged cows, tO Stare lo Cattle.—A medium yarding, with the sale very dull, and prices lower than they were last week. Two and a half to three-year-old Shorthorn steers sold up to £5/17/6; and 18-months to two-year steers to £4: yearling steers sold up to 47/6; yearling heifers, to 35/-; fresh cows, to £3; and rough cows, to 15/-.

HAWKE’S BAY VALUES

Waipukurau Sale

Dominion Special Service,

Walpukurnu, May 6. At the weekly Waipukurau stock sale held yesterday there was a yarding of between 5000 and 6000 sheep, mostly of a better quality than usual. One extra good line of fat lambs brought 15/3. Store lambs generally sold well, but values for ewes showed a decline on recent sales. The fat, cattle entry was of medium quality, and prices for all lines, also stores, were at a low mark. Vendors, however, met the market In almost every instance, and this applied also to the sheep offerings. The recent favourable weather conditions accounted for stock generally being yarded In an Improved condition. The price list was as follows:— Fat Cattle.—Eight weighty P.A. cows sold for £sj nine unfinished do., £2/18/6; eight do. in good condition, £5/2/-; medium Shorthorn steer, £3/11/-; heifer do., £3; cow do., £2/18/6. Store Cattle.—Forty-station-bred 2}-year P.A, steers, £4; 30 do. light-conditioned cows (from Atua station), £2/6/-; 39 do. low-conditioned, £l/0/-; 33 empty do , on the light side, three, days on the road, ±.l 18/- ; 50 light Hereford weaner heifers, 4.1 9/- • two Shorthorn steers on the light side, £2/11/-; six small Hereford weaner heifers, £l/1/-; Friesian cow in poor condition, £l/2/6; and two vealers of fair quality. 10/-. Several odd entries of weaners were passed In. . In dairy cattle two low-conditioned Shorthorn cows, due to calve In July and August, brought Ifl/-; two light f young Jersey bulls, £l. ■ , , Fat Sheep.—Fourteen big-framed ewes in medium condition realised 7/7; 35 was. of good quality. 11/3; a pen of ewes in fair condition, 7/6; good wds. (three days on the road), 12/-: two medium ewes do., 5/-; six lambs, well rounded off, 10/-, five prime b.f. lambs topped the' market at 15/3; 12 small do. passed at 7/-. Store Sheep.—One hundred and eighty - six well-conditioned four, six ana eighttooth ewes (in lamb), 10/-; 16a five-year ewes of good quality (from Pourerere). 6/4 • 302 s m. four and five-year ewes (good line) 10/3; 201 forward two-tooth wethers, an attractive early shorn line, 9/4 : 1 5 ? vpiir pwes do. (Mr. C. Dalby)» Tl/“» * wether lambs of fair quality (Mr. E. Tully, Porangahau), 4/7; 150 two-tooth wethers in good condition (Mr. M. Davidson, Poranaahau). 7/9: 189 four and five-year ewes of fair quality with sound mouths, n"so five rams (Mr. F. Cordingley. hau). 6/62, Id blds having run up from 4/ , 130 good woolley wed lambs, 8/3; 119 blg?amed fo?ward y wds. on light side passed at 6/-; 135 f. and f. wds. passed at 8/-, 117 poor ewes, 1/8: a pen of small light lambs sold for 5/9; 25 forward wds., good condition (Mr. Heatley). 9/9, 24f. and f. Southdown lambs (small), 6/9, eight ms two-tooths (poor), 3/6, 80 wen conditioned wed lambs (Mr. Davidson). 11/-; 72 do. ewe lambs. 11/4, 69 do. wens, 9/11; 70 small ewes In light condition (Mr. Tullv). 5/10; 63 two-toqth ewes (medium), 8/10' 73 four-tooth do., light-conditioned (Mr.’Vernon). 7/1: 77 medium wd. lambs (from Hatuma), 5/6.

Stortford Lodge Prices

Dominion Special Service.

Hastings. May 6. At Stortford Lodge to-day there was an average yarding of beef, and the quality showed a distinct improvement. An extra nr°me drafe of P.A. cross bullocks averaged eil/10/- to £ll/15/-. There was a keen demand 7 for all prime beef, and rates showed an advance of 2/6 per 1001 b. Uxtni choice beef erased I 24/-to 26/- per 1001 b primp cow and heifer beef, 18/-- to 20/. There was a shortage of stoie cattle. An exceptionally heavy yarding of fat sheep was'offered. The demand for fat lambs was equal to that of previous sales, butchers meeting with competition from export buyers. Fat wethers and ewes were easier, the entry being far beyond butchers’ requirements. Bx P» rt , were not prepared to exceed their limits, the London market not offering any inducement for speculation. Among the store sheep there was lack of quality and condition. though the yarding was heavy. Fat Cattle.—Bullocks, extra prime heavy. £lO/15/- to £l2/16/-; prime light £6 17/6 to £B/4/-; unfinished. £<> to £6/4/-. cows, prime heavy. £5 to £6/3/-; prime light. £4 to £4/17/6; unfinished. £3/2/to £3/12/6: heifers, prime heavy. £7; prime light. £4/17/6 to £5/12/-; unfinished. £3/5/- to £4. Dairy sorts: Prime £2 10/- to £3/10/-; unfinished. £l/17/6 to Sheep —Lambs. 10/4. 12/6. 13/6. 16/6 to 18/9; ewes. 10/-, 11/8. 12/7. 13/2 to 16/- ; wether lambs. 7/-; stores ranged from 2/5 for 117 ewes to 10/- for 120 f. and g. wethers. BURNSIDE SALE Prices Slightly Easier By Telegraph—Press Association. Dunedin, May 6. Fairly large yardlngs in the principal sections characterised the weekly stock sale at Burnside to-day, and as a consequence prices showed an casing tendency. There was a large entry of fat cattle, consisting chiefly of medium bullocks with a tew trucks of prime quality. Helfers and cows were not forward in large numbers, but there were some choice pennings of the former class. The sale was a dragging one, and prices easier to the extent of £1 per head compared with last week. Extra prime heavy bullocks, £l4; prime, £lO to £ll/15/-; medium, £7/10/- to £8 10/-; light, from £6: prime cows and heifers, to £8; medium. £5 to £6/10/-; light and aged, from £3. Store cnttle: This section drew a medium entry, the greater part of which was made up of vealers and aged cows, which sold at late rates. A line of station-bred three and four-year-old bullocks made to £lO/6/- per head, the average price being yarding of fat sheep totalled 3362, and was mads up principally-of medium and light awu. with a lais proportion

of fine-woolled wethers, also two or three trucks of prime heavy wethers, prices for which showed an appreciation of 18d per head on last week. Ewes depreciated to the extent of 1/- per head. Prime heavy wethers, to 19/-; prime, 13/6 to 15/6; medium, 9/6 to 11/-; light, fronu>.7/-; prime ewes, to 12/-; medium, 7/6 tW9/-; light, from 5/-. The entry of fat lambs totalled 2144, the quality of which taken all over was hardly up to that of recent sales. The sale was not as free as that of last week, and values were rather In buyers' favour. Extra prime heavy lambs, to 17/3; prime, 12/6 to 15/-: medium, 10/- to 11/6; light and unfinished, from 7/-. WESTFIELD SALE Fat Sheep Firm By Telegraph—Press Association. Auckland, May 6. Heavy entries in most sections of the Westfield fat stock sale met witli a steady demand at late rates. There was a rather short entry of steers drawn from all parts of the province, good butchers’ cattle averaging around 24/- to 25/- a hundred pounds. The Waikato graziers were big contributors to the, cow and heifer section, and best quality made up to 25/- a hundred pounds. Canner and boner cows realised around 9/- to 10/- a hundred ppunds. The entry of calves was made up chiefly of station-bred sorts and the market eased as the sale progressed. Good quality average-sized station calves realised from 35/- to 50/-. The market for the heavy entry of fat sheep held firm at last week's rates, heavy prime wethers averaging from 14/- to 10/-, and good ewes sold around 11/6 to 13/6. The market for baconers held very firm at around 4Jd, and in odd Instances 5d a lb. Porkers were yarded in large numbers and the market eased as the sale progressed. The average price throughout the sale was around 4Jd a lb. ,

JOHNSONVILLE SALE

Prices Steady

At Johnsonville yesterday Wright, Stephenson and Co., Ltd., and Abraham and Williams, Ltd., offered a full yarding of cattle, comprising 236 head of bullocks, cows and vealers. Competition for bullocks and cows was keen at last week’s rates and a total clearance was effected at auction. Vealers met with a good demand. Sheep: 2115 were submitted. The quality of the sheep was better than for the last tew weeks, particularly good lines ot ewes being submitted. Prices showed no alteration on last week’s rates. Lambs met with a reafty sale at late rates. Prices ranged as follow:—Bullocks, heavy, £lO/10/-, £lO/7/6, £lO/2/6, £lO, £9 15/-, £9/10/-; bullocks, £B/15/-, £B/10/-, £B, £7/12/6 to £7/5/-; bullocks, light and unfinished, £6/12/6, £6/2/6, £6, £5/10/-, £5/7/0 to £4/15/-; cows, heavy. £5/10/-, £5/7/6, £5/2/6, £5; cows, £4/15/-, £4 10/-, £4/5/-, £4, £3/7/6. £3/2/6, £3; runners, £2/16/-, £2/15/-, £2/7/-, £2/4/-, £2 3/-; vealers, 39/-, 37/-, 32/-. 30/-, 23/-, 21/-, 16/- to 15/-; wethers, heavy, 15/4, 15/2, 15/-," 14/8, 14/0, 14/-; wethers, 13/9, 13/- to 12/3; ewes, heavy, 12/-, 11/6, 11/3, 11/-, 10/6; ewes. 0/9. 9/0. 9/3 to 8/0; lambs, heavy. 14/-. 13/6. 13/3. 12/6; lamb*. 12/-. 11/10, H/i 11/a. 11/- to 10/9.

Buyers. Sellers. N.Z. GOVT. LOANS- £ U p.a. Insc. Stk., 1938 -- 4 p.c. ditto, 1933 ... 99 0 d 0 e s 98 15 99 7 0 6 b| p.c. ditto, 1938 ... 99 0 0 M p.c. ditto, 1941 •••98 0 0 til p.c. Bonds, 1933 • • • ?9 0 0 —— nJ p.c. ditto, 1988 ... 99 0 0 —- debentures— Well. Amalg. Brlok_... — 97 0 0 w p an c gan i^ Bo -°:'- ••• 97 0 A 51 k p" d 1939 rb :.. B . d- :. 94 0 0 0 Umaru Harb. Bd., Bi p.C., 1950 • •■■ 91 1° ) S K c%F6 ar . b -.. Bd .-: 9315 0 0 — Dlttofsi’ P.C., 1940 .... 97 0 0 — Makerua Drn. Ba., 6 100 0 0 BANKS-- M Australasia " 6 9 0 0 16 6 Aust of Commerce .. — Commercial of Auat. . 0 0 14 5 Commercial Bank. Co./ 15 10 0 .-•(Sydney) •) “ 0 National N.Z. ~~ Nat. A/asia. (£5) ... — New South Wales ;... 25 5 New Zealand ......... — 0 •5 3 25 15 2 11 0 0 9. Ditto, long term Sydney register — Union of Australia ... 0 IT 6 1 B . 0 FINANCIAL— Dalgety and Co. ...... 6 1° Equitable Bldg. Co. .. — 0 *7 2 8 8 0 0 Goldsbrough Mort ... — 1 0 N.Z. Guarantee Corp. 2 0 5 6 N.z”* Invest, Mtg. and _ _ , Deposit 0 » GAS— - , I t i Christchurch ...' 1 J 6 1 5 3 Ditto, contr 0 11 0 ’H«i CE 7 0 13 0 *0 13 6 gontS- British ....... 2 12 6 —- MEAT PRESERVING — 111 0 N.Z. Refrlgerat. (£1) — Well. Meat Exp. (pref.) — 0 10 0 17 4 6 TRANSPORT— Huddart, Parker (ord.) — P. and O. stock ...... — 1 15 0 Union Steam (pref.) . 0 19 6 — WOOLLEN— Wellington (pref.) ... 4 10 0 COAD— . . Kaltangata (16/- pd.) — 0 16 6 timber — 0 9 Botoitl _ “ 0 8 0 Leyland-O'Brien .... 1 0 0 BREWERIES— New Zealand ........ 1 15 2 1 15 11 Staples and Co 1 14 0 1 16 9 MISCELLANEOUS— . , •1. 9 British Tobacco (ord.) — Burns, Philp and Co. . — 1 15 Colonial Sugar ...... — 35 10 Dental and Medical . — Electro. Zinc (ord.) . — ‘0 9 0 13 3 3 Ditto (pref,) ■•■■■■■■ ~ 0 16 Howard Smith (ord.) — 0 8 National Electric — Newton King (pref.) — 0 11 0 9 2 15 N.Z; Drug .... — N.Z. Paper Mills ..... *0 16 9 6 Sharland * Co. (ord.) — 0 19 6 Wilson’s Cement .... — 1 19 OIL— 2 7 0 3 9 MINING— 0 18 Mount Lyell ••••••■••.. Z~ ♦Com. dividend.

terday: WELLINGTON. Commercial Bank of Australia .. Bank of New South Wales (2) .... Dalgety and Co. (cum. dividend) Huddart, Parker (ordinary) .... New Zealand Breweries (3) 0 14 25 10 6.19 1 2 1 16 0 17 0 0 0 0 0 6 AUCKLAND. £ 14 5 d. Commercial Bank of Aust Bank of New Sputh Wales • 0 25 2 0 Bank of New, Zealand 7 0 0 Union Bank of Australia ..•••••• 34 0 0 Colonial Sugar .-• • • ••• N.Z. 10/- Pa. •••• 0 2 11 Moanataiari. 3/2 pa 0 0 4 CHRISTCHURCH. £ B d 8 15 0 Bank of Australasia • • • • • •; ’ • Commercial Bank of Aust. (<5) .. 0 14 0 Bank of N.Z., cum div. (3) Bank of N.Z., cum div. (2) 11 Dalgety and Co., cum div. ...... 6 19 1 15 9 1 15 6 0 2 3 0 7 11 Sales reported— Union Bank of Aust, (late Tues.) 7 0 0 Bank of New South Wales 25 0 0 ' DUNEDIN. 0 8 2 Sales reported— National Bank of N.Z. 5 0 0 Bank of New Zealand 2 11 6

Merino — Super Hi to 13 9J to 10} Fine halfbred — 10} Super, 56/58’s to 12 Average 10 to 10} Medium halfbred— Super, 50/56’s ...... to 10 Average 8} to 9 Coarse halfbred — 8 Super, 48/50’s •••••• to 9 n to 8 Fine crossbred — Super, 46/48’s 71 to 8} 7 TO 7i Medium crossbreed — Super, 44/46's 7i to 8 Average 6i to 7i Coarse crossbred — to Super, 40/44’s 7 7i to Low crossbred — Super, 36/40’s Average 7 fli 5} to to to 7i 7 6i to 6 2i to 3

1920-30. 1030-31. Liabilities— £ £ Paid capital . 67,798 57,798 General reserve . 7,000 7,000 Insurance reserve 500 500 Premium reserve . 1,7054 1,7054 Nat. Bank of N.Z. ... . 19,305 19,600 Sundry creditors Assets— / , 1,007 1,381 Stock-in-trade . 35,327 36,518 Book debts and bills . . 14,088 15,286 Foreign houses . 3,630 1,015 Landed property, etc, . . 33,732 33,501 Furniture, etc. . 2,313 2,348

April 7. May 6. £ s d £ s d Sil ares G 7 6 soo Debenture® . 63 0 0 GO 0 0