FINANCE AND COMMERCE

Dominion, Volume 25, Issue 109, 2 February 1932, Page 12

FINANCE AND COMMERCE

STOCKS AND SHARES Wellington Market -Steady •< — GILT-EDGEDS IN DEMAND On the Wellington Stock Exchange yesterday there was a good demand for Government securities, values of whielh were/ steady. The 51 cent - (I bon t d h s ’ 1930, were firm at £99/o/-, and the stocks were wanted at the. same with a sale reported at £99/10/-. lhe 01 ner cent bonds, 1937, were in demand at £99/15/-, with no sellers. The 41 per cent, stocks, 1938, were in, demand at -P04./KZ And there was a s&le reported fit £94/15?? Th 1 per cents 1941/ were 5/-lower at £95/10/-. Advances k' ner cents., 1947, were steady at £BO 16/-! Auckland City 51 per cents, were UP Bank shares were neglected. Bank of There were sellers of National Bank of New Zealand at 76/6, and Union Bank at £7/10/-, ex dividend. Sellers of Bank of New South Wales reduced their quotation 10/- to £27. Dalgety and Co. little business offering in ° >r S' Itsv6 d °' New" Zealand were steady at -vy. ’■'J,., ... a ■Rmwories were wanted at za/o, wna « sale reported at 25/9. British Tobacco were in demand at 25/3, but sellers held for 27/3. Electrolytic Zine, preference, firm at 20/3 New Zealand Drug Advanced 9d. to 46/-. New Zealand Paper Stills at 17/6. and Woolworths preference. at 24/9. were unchanged. Mount Lyell were wanted at 20/8, with a sale at 21/-. Waihi Mining were firm at 16/8. Yesterday’s Quotations ‘\tnvi»<- and selling quotations at yes-: terW fc final call V the Wellington Stock Exchange w ? re as foltow:-

.i .f.i . n . .. r ; ■ DEALINGS 'ON ’CHANGE ' " Yesterday’s Business ■ Tbe following sales were recorded on the stock ‘ exchanges of the Dominion yesterday: — WKLLIXGTON.

MINING SHARES Last Week’s Business Dominion transactions in mining shares on the Stock Exchanges last week were fewer than in the previous week, but values were maintained. King Solomon kept .very steady at "2/1 to 2/3. The return Jfrom this mine last week was satisfactory, being over 60 ounces, compared Tvith 47 ounces in the previous week. Okarito, from which the returns during the last three weeks have been substantial, held steady at 10/- to 9/8. Golden Dawn sold at 7/6 to 7/10. and were easier than in the previous week. Golden I?oint changed hands at lid., down to 9Jd. Kildare sold at 1/9, or a shade less than in the preceding week, and Cornish Point found a buyer at 3d. Mahakipawa were .neglected, and no business was done in them. Waihi were firm at 16/9, but only one transaction was recorded. Waihi 'Grand Junction were firm at 3/11. Mount ■Lyell were firm and steady with sales at ,20/9 io 21/-.

< An issue. of South Taranaki Electric /Power Board debentures is advertised on this page.—Adrt ‘

’ DIFFICULT YEAR Equitable Building Company DIVIDEND MAINTAINED At the fifty-fourth annual meeting of the Equitable Building and Investment Company of Wellington yesterday the chairman (Sir Harold Beauchamp), in moving the adoption of the report and balance-sheet, which were fully summarised on this page on January 14, said that on the’debit side of the balancesheet the capital at £60,000 remained unchanged. During the year £lOOO had again been carried to the reserve fund, which had been depleted by the transfer of £7300 to securities depreciation account, leaving £70,000 to credit, or £lO,OOO more than the paid-up capital. That was done after consultation between the directors and auditors of the company, with the object of making further provision for losses on advances made to farmers. Deposits and interest were rather less compared with last year. On the credit side motgages and interest, less £12,300 held in securities depreciation account, were also somewhat less than for the previous year. The item Government inscribed stock, £24,862, was unchanged. 7 The profit and loss account on the debit side showed that £6514/18/8 had to be provided for ascertained losses on mortgage securities. On the credit side, to meet such losses, £3OOO had been taken from the securities depreciation account; the rest had been provided out of profits. ’ ‘ The gross profit for the year was slightly less than for the previous year, the reason being that certain arrears of interest, in the meantime, had been suspended. In that connection the chairman mentioned that any interest due, but not paid, had not been taken to credit. After- allowing for the interim dividend paid in July last, and after making other-provisions, there remained, with the amount brought forward, a balance of £7031/5/6, which the board’ recommended should be appropriated as follows: To payment of a further dividend of 5/- per share, making 10/- per share for the year, £3000; to transfer to reserve fund. £1000; and to carry forward, £3031/5/6. Having regard to the adverse conditions with which they have had to contend during the whole of 1931, the chairman said it was a matter for congratulation that they were able to recommend a final dividend which would make a return of 10/- per share for the past financial year. Tlie report and balance-sheet were adopted. The retiring directors, Sir Harold Beauchamp, Mr. IV. Ferguson and Mr. D W. Anderson, were re-elected. Messrs. E. Bucholz and W. 8. Wheeler were reappointed auditors. The chairman welcomed Colonel J. J. Esson, who had been elected a director in place of the late Mr. D. McLean.

WELLINGTON TRUST & LOAN Dividend, 8 Per Cent. -J . - At the fifty-ninth annual meeting of the Wellington Trust,’ Loan and Investment Company Ltd. yesterday .the chairman (Mr. J. A. Plimmer), in moving the adoption of the report and balancesheet, summarised in, this column on January 19, said it would be agreed that under the conditions prevailing during the past year the figures showed a satisfactory result on the year’s working. ■ The directors had considered it advisable to’ write the sum of £2300 off mortgage securities in depreciated areas, instead of adding to the reserve fund, which still stands at £85,000, the same as last year. The land and income tax charge against the earnings for *he year had been increased by nearly £lOOO. The decrease in the amount of deposits had been counterbalanced by the repayments of mortgages and by the company s loans-at call. The amount of the company's freehold property (by .realisation) had' been increased by a cottage property bought in ,during the. year, The directors recommended that, having paid an interim dividend ,for the half-year, ended June 30, 1931. at 4 per cent:, absorbing the. sum of £5OOO. a further dividend at 4 per cent.; absorbing £5OOO, be’ paid (making 8. per cent, for the year), and that- the balance'of £6761/16/7 be .'carried forward. .. '■ •' • The report and balance-sheet . were adopted. The retiring directors, Mr. J. A. Plimmer and . Dr, C. Prendergast Knight, were re-elected. Messrs. E.. W. Hunt and G. F. Judd were reappointed auditors. AUCKLAND GAS COMPANY Effect of Heavy Taxation Dominion Special: Service Auckland, February 1. After paying annual dividends regularly for a considerable number of years of 8 per cent., the Auckland Gas Company directors recommended that for the year just concluded the distribution should be reduced to 7 per cent. This, in the view of Sir George Elliot, chairman of directors, who presided at to-day’s annual meeting of shareholders, is regrettable, but to use his own words: “In view of the uncertainty of the times ahead of ns, we are confident you will agree that this is a time when a prudent course should be steered,” The total receipts from the sales of gas and residuals, together with the balances of various accounts, amount to £429.0.52. This is £34,266 less than that of last year, and represents a shrinkage’of 7.39 per cent. This reduction is brought about by reduced prices for gas and coke, as well as by lessened output. Actually, the revenue from gas has declined by £16,887. or 4.39 per cent. Working expenses, excluding taxes and rates, are less by £32.373. Income tax paid amounts to £25,001. an increase of £8852 on that of the previous year. ' . Higher taxation, rather than the reduction in the sale of gas, is the actual cause of the reduction in the dividend, said the chairman. ' . It was decided to urge the Government to give further consideration to the advisability of removing differences that now exist between the treatment of private businesses and services compared with similar activities conducted by the Government or local bodies. TALLOW AND HEMP London Markets Quiet The Department, of Agriculture has received the following cablegram, dated January 30, from the High Commissioner for New Zealand. London :— Tallow: No auction this week. Spot market steady, and more business doing for shipment. Spot quotations nominally unchanged. Hemp: Manila market quiet, but firm. “K” grade for December/February shipment sold at £lB/5/-, and for February/ Anril shipment £lB/10/-. Sisal: Continues dull and depressed. No. 1 fair average quality for Jnnuary/March shipment sold at £l4. but now quoted at £l3 15/-; February/April shipment £l4 value. New Zealand: Market purely nominal, with values unchanged. No first-hand sales reported. Peas: Maples, market firm on scarcity of offers. Business has been done in Tasmanian for February/March shipment at 59/-. Sellers row ask 61/-. New Zealand for Mareh/.lpril shipment 56/- to LWfk

THE WOOL MARKET Sydney Sales Strong FURTHER ADVANCE By Telegraph—Press Assu.—Copyright. (Rec. February 1, 9.45 p.m.) Sydney, February 1. At the wool sales to-day a fresh record for the season was made for greasy merino, namely, 32d. The offerings totalled 10,246 bales, of which 9677 were sold at auction, also 593 privately. Japanese and Yorkshire buyers were most insistent. Prices of all merino fleece and skirtings showed an advance of 5 per cent, above last week’s levels. Comebacks also participated in the advance. AUSTRALIAN OATS MARKET Sydney’s Cautious Tone (Rec. February 1, 9.45 p.m.) Sydney, February 1. An atmosphere of caution prevails on the Stock Exchange owing to the uncertain financial and political outlook. Bonds, however, were fairly strong today, the eight issues of four per cents, showing advances from 2/6 to 7/6. Sales were recorded as follow: —1938, £94/7/6; 1944, £93/10/-; 1947, £93/17/6; 1950, £94/12/6; 1953, £93; 1959, £93/17/6; 1961, £93/17/6; 1957, £93/8/9. Banking scrip was steady, Bank of New South Wales selling at £3O; National Bank, £5 paid, £5/15/-. Colonial Sugars went higher, buyers at £42 and sellers at £45, but no business was done to-day. Millaquin Sugar were easier, with a sale at 25/-. Other sales were:—Howard Smith, 8/-; United Insurance, £B/15/-; Tooths, 27/-; Toofieys, 17/9; British Tobacco, 30/-; Goldsbrought', Mort, 26/6; Henry Jones, 28/-; Australian Glass. 33/-; Australian Gas‘A, £5/15/-; Dunlop-Perdriau, New Zealand, delivery, 13/-; pref., 27/9; Broken Hill South, 47/6; North Broken Hill, 69/6. MOTUROA OIL WELL Last Week’s Production The following rci’R’t ,was received yesterday by Mr. F. H. Bass, secretary of Moturoa Oil Fields Limited :—Production for the week from Moturoa No. 2 well was 171 barrels of crude oil by self-flow. For the last four weeks the production has totalled 714 barrels (equalling approximately 25.000 Imperial gallons). Up to date 2285 barrels (equalling 80,000 Imperial gallons) have been sold for refinery purposes at satisfactory prices. LIVE STOCK MARKET Waikanae Ram Fair At the Waikanae annual ram fair Associated Live Stock Auctioneers, Ltdoffered a yarding of 314 Romney and Southdown rams. Romneys were dull of sale except for top sorts. The highest price was 5 guineas obtained by Voss Bros.. Karere, for a pen of good, sheep. Medium rams ranged from 2 guineas to 3 guineas, and rougher sorts from 1 guinea to 1} guineas. The Southdowns did not meet with the expected inquiry, purchasers being inclined to stop at ~i guineas. The top price was obtained by A. A. Brown, Waikanae, at 4} guineas. Good rams, from 3 to 4 guineas; medium, from li gns. to 2j gns. Fordell Sale At the weekly sale at Fordell. held by Associated Live Stock Auctioneers. Ltd., the yarding consisted mainly of wethers and medium white faced lambs, with a few pens of good b.f. lambs and some old ewes. There was good demand for wethers at slightly better prices. , Rape lambs met wit!) good competition.'.and sold at late rates, but there was practically no demand for small and medium white faced lambs or old ewes, and prices realised for these classes of sheep were well below last week’s rates. Good two-tooth wethers made 9/10; fair two-tooth wethers. 8/1, S/4, 8/8; fair four-tooth wethers. 9/4; woolly b.f. rape lambs. 9/-; shorn ditto. 8/-; small b.f. lambs, 2/3, 3/9, 3/11. 4/7; good woolly Romney wether lambs. 6/1; small ewe lambs. 3/-. 3/3; small wether lambs, 2/G. 3/6. 3/10; cull lambs, lid.. 1/3. 1/7, 1/8; old ewes, very poor mouths. T/-i P.A. cows with calves. £2. South Taranaki Sales Wanganui. January 31. The dry weather in Wanganui and South Taranaki lias affected the sale of station cattle and prospective buyers are preferring to wait until rain improves feed supplies. The low values offered by export buyers have also affected the yardings and farmers have preferred to licit! their cattle when a good store cow is worth only 20/-. The market for empty cows and heifers is stagnant. Very little business in breeding ewes has been done. Good lines of Southdown lambs continue to change hands. There is a fair inquiry for good ewe lambs and some big lines have been sold at about 8/6. Two-tooth ewes are worth about 12/6 to 14/-. and maiden 4-tooths have sold at 13/- to 13/6. Four-year-old ewes are worth from 9/6 to 10/6. and five-year-olds 8/- to 9/-. The following sales were held last week by the Farmers’ Co-operative Organisation Society of New Zealand. Ltd. Opunake: A line of medium B.F. lambs, 6/1: store ewes, 3/6; weaner calves, small. 20/-; store cows, 15/- to 28/6: bulls. £2 to £4; weaner . pigs. (i/6 to 8/6. Manain: S.D. lambs. 8/2. 7/11. 7/9; good white-face wether lambs, 7/6: fnt lambs, good, 14/4; store ewes. 2/6: cull lambs. 4/-. 5/3: pen of good fat cows, a/c. A. T. Wills, £5/1/-; n/c. other vendors. £2/18/6. £3/7/6; store cows, good. 21/6. 25/-: medium, 11/6. 15/6: bulls. £2 to £4. Elfham : Best S.D. lambs. 8/- to 8/6; best Romney woolly wether lambs tn 8/3; medium B.F. lambs, 6/6: small cull lambs, 3/6 to 5/6; store owes. 3/6 to 4/6: forward 2-th wethers. 10/-: fat lines, 11/3; store cows. 15/- to 30/-: bulls. £3/5/- to £4. Hawera: A yarding of 4500 sheep, including 700 breeding ewes. Good quality S.D. lambs, 7/- to 9/6: medium B. Jambs. 5/6 to G/G; B.F. lambs, a/c T. Tarrant. 9/6: a/c A. M. Dickson. 8/6; a/c L. Goodger. 7/6. 7/-. 6/6. Fat sheep: Fnt ewes, n/c T. J. Hurley. 13/3; n/c T. Tnrrant. 13/-, 11/-: a/c G. Gibson. 10/10; ewe lambs, medium, n/c B. J. Matthews, 6/3; n/c B. C. Lysaglit. G/-: n/c other vendors. 5/6 to G/G; W.F. wether lambs, a/c B. C. Lysnght. 6/3. 6/5; mixed sex lambs. n/c various vendors. 4/G to 6/-; null lambs. smnll nnd inferior. 2/9 to 3/G; mixed nge ewes, 7/7. 7/6; 5-yr.. 7/-. Pigs. 6/6 to 15/-. Bulls. £2 to £3/10/-; store cows, 17/6 to 2/5; fnt cows, £3 to £5.

Cabled advice has been received by the Union Company that its liner Monowai. en route from San Francisco, left Papeete at 5 n.m. last Saturday for Rarotonga and Wellington. She is due here next Monday morning, and will leave again the following afternoon for Syd-

FOREIGN EXCHANGES Little Movement in Sterling London, January 30. The following rates on foreign exchanges were current to-day. as compared with quotations on January 29 and par:—

Gold and Silver. London, January 30. Gold, £5/19/7 per fine ounce. Silver.—Cash.' 19 5-16 d. per ounce; forward. 19}d. AUCTION DIARY. TO-DAY. Allen St., 10.3 U a.m.—Sale poultry, etc. (Townsend and Paul, Ltd.). Levin Sale. 91 Dixon St.. 1.30 p.m.—Sale household furniture, etc. (C. W. Price.) Woolworth’s Bldgs., Cuba St., 1.30 p.m.— Sale furniture, etc. (Silverstone and Co.). 57-59 Lower Cuba St.. 1.30 p.m.—Sale furniture. etc. (Davis Bros.). TO-MORROW. High St., Lower Hutt, 2.30 p.m.—Sale a/c mortgagee, property Crcssy St., Lower Hutt. (W. Grant Fargic.) Johnsonville Sale, 12.30 p.m. (W.S. nnd Co. Ltd., nnd A. nnd W.. Ltd.). Manners St., 1.30 p.m.—Closing-down Salo, a/c. Beoclinm Auctioneering Co. (Silverstone and Co.). Epttni St,, Lower Hutt. 10.30 a.in.—Sale household furniture, etc. (E. Johnston nnd Co.). THURSDAY. 145 Featherston St.. 2.30 p.m.--Sale land and property, a/c. S.C., 07 Endeavour St., Lynll Bay. (H. E. Leighton.) Feildlng Ram Fair. (Manawatu Auctioneers' Assn.). Otaki Sale. CUSTOMS REVENUE. The Customs revenue collected at the port of Wellington yesterday totalled £10,514.

£ s d £ s d i'.Z. GOVT. LOANS— 99'10 54 P.c. Bon ds, 1933 .... n 0 '54 ditto, 1936 54 p.c. ditto, 1937 .... 99 5 15 0 0 — 54 p.c. Bonds and Insc. Stock, 1937 c IkA Od 41 p.c. Ins. Stock, 1939 . xt n c. ditto. 1938 .... 94 0 0 95 0 0 5 0 — 5* o.c. ditto, 1933 .... 93 1< 6 99 5 0 54 p.c. ditto, 1936 .... »V 5 •0 100 54 p.c. ditto, 1937 51 P.c. ditto, 1941 .... 95 — 5 0 10 0 '54 p.c.. ditto, 1933 .. — 98 7 6 -Hural Advances, 5 p.c., 1947 85 10 0 — DEBENTURES— ■Wgtn. Racing Club .. 100 0 0 Auck. City, 54 P-c., 1944 97 10 0 — Thames Cnty., 54 p.c., , 1959 — . 95 0 0 BANKS— Commercial Aust., ora... — 0 15 1 National N.Z —— 3 16 6 ‘New South Wales ... — 27 0 0 ’■New Zealand J 4 4 — N.Z. Long Term 1 5 6 t7 • Union of Australia ... —• 10 0 FINANCIAL— Dalgety and Co 7 8 0 — Abraham & .Williams, pref. — J 0 0 Goldsbrough, M ort...... — 1 4 0 N.Z. Guar. Corp., ord. —— 0 t> 3 N.Z. Invest. Mtg. & Dep. —— 0 9 9 N.Z. Loan & Merc., ord. —- 45 0 0 Wgtn. Invest. T. & A. — 0-10 0 Wgtn. Trust and Loan — 76 1 0 GAS— '• . ' . Christchurch —— ♦1 8 0 INSURANCE— Natibnal — 0 lo 0 MEAT PRESERVING— Gear •••• —— 1 8 3 TRANSPORT— P. & 0. Stock 1 1 6 — Kelburn Tram, ord. .. 1 8 0 WOOLLEN— . Kaiapoi, ord 0 0 —■ COATa— Westport .'.........: — 1 4 6 TIMBER— Kauri — 0 11 0 Beyland-O’Brien .... —— ■ 1 0 , Taringamutu Totara .. —— 0 u 0 Y National —- 0 6 0 Bartholomew —— 0 13 6 BREWERIES— New Zealand 1 o 3 1 6 0 Staples & Co , —. 1 6 6 MISCELLANEOUS— British Tobacco, ord... 1 a 3 1 7 3 Burns. Philp & Co. .. — 1 17 I, Dental and Medical .. 0 4 6 0 5 9 Electro. Zinc, pref 1 0 3 — Howard Smith, ord. .. . —< 0 10 0 National' Electric ...; —— • . ’ 0 10 0 N.Z. Drug 2 ft 0 —- i •N.Z. Paper Mills .... 0 17 f) — Woolworths, pref. ....*il ■_4_ 9 . — OIL— .... , Taranaki ' 0 O' 4 —-• MINING— ’•Mount Lyell 1 0 8- — Wa'ihl. ■ 0 Blackwater: lit 8 ■ 0 4 6 Consolidated Goldfields ' — . ft 1 6 ' ’Cum . dividend., tEx dividend.

£ s d Inscr,, Stock, 4J p.e,, 1938 , IM 15 0* Do., 5* p.c., 1936 . ir.i 10 0 Do., 5} p.c., 1937 100 0 0 N.Z. Breweries . . 1 5 9 Refrig., 10/- paid .• 0 4 Union Steam, pref. . 1 0 b Mount Lyell . 1 1 () •Late sale Saturday. AUCKX.A?»I>. £ s d Govt. Bonds. 5} p.c., 1937 (2) .... 100 0 0 Inscr. Stock. 5J p.c,, 1927-11 ... . 97 0 0 Com. Bank of Aust . 0 15 1) South British Insurance . 2 13 3 • Tooth’s Brewery . 1 3 9 Australian Steel, pref. ■ . 0 12 3 Farmers’ Trading . 0 5 6 N.Z. Itefrig.. £1 paid . 0 11 4 Waihi . 0 16 9 Golden Dawn . 0 7 CHRISTCHURCH. £ s d N.Z. lief rig. 10/- paid, cum. div. (3) ; . O 4 N.Z. Breweries 1. .15 11 Mount Lyell (2) . 1 0 11 Golden Dawn . 0 7 4 Golden Point (7; 0 0 Do . 0 0 Sales reported— Commercial Bank of Aust . 0 15 1 N.Z. Breweries . 1 5 11 .Tooth’s Brewery . 1 4 0* •Late sale Saturday. DUNEDIN. •f Sale reported— £ s d •jUnlon Bank of Aust., ex div. . . 7,0 0

.1 an. 30. Jan. 29, Par. X. York, dol. to £ 3.4 55 3.40 4.800 Montreal, dol. to £ 3.095 3.99 4.806 Paris, fr. to £ .. 87.875 87.875 124.21 Brussels, bel. to £ 24.75 24 13-10 35.00 Geneva, fr. to £ . 1723-32 17.75 25.225 Amst’dam, 11. to £ 8.59 8.60 12.107 Milan, lire to £ .. 09.125 60.125 92.40 Berlin, inks, to £ 14.625 14.625 20.43 St’holm, knr. to £ 17.875 17.875 18.159 C’hagen. knr. to £ 18.125 18.125 18.159 Oslo. knr. to £ .. 18.75 18.375 18.159 Vienna, schgs. to £ *32.00 ♦32.00 34.585 .Prague, knr.. to £ 116.75 116.75 104.25 Hel'fors. inks, to £ 230 230 193.23 Madrid, ties, to £ . 42.00 41 15-16 JO.——o Lisbon, ese. to £ . 109.75 109.75 4.50 Athens, drach..to £ 272.50 272.50 375 Bucharest, lei to £ • X U 580 813.60 Kio de ,T„ p. to mil. •Il 41 16.70 B. Aires, p. to peso 40 1-8 40 47.62 M. Video, p. to peso *31 ♦31 51 Calcutta, p. to rup. 181-8 181-8 18 Shanghai, p. to tael 22 11-16 22 5-8 — H.-Kong. p. to dol. 17i 17 1-8 .— Y'hania, p. to yen 24.375 24 5-16 24.582 Batavia, fl. to £ .. — ♦Nominal. 8.62 12.107