FINANCE AND COMMERCE

Dominion, Volume 25, Issue 267, 6 August 1932, Page 14

FINANCE A ND COMMERCE

STOCKS AND SHARES Business Well Sustained market very firm Business was weL sustained on the Wellington Stock Exchange yesterday, the market having a strong tone with general firmness in prices. Ten sales were recorded, at full late rates. Quotations for Government stocks were fully firm and there was a hardro-. Ing in the debenture section. Wellington Harbour Board, Si per cents., maturing 1840, advanced to par without drawing sellers, yesterday’s rise making a firming of 20/- in two days. Sellers advanced their price 20/- to£Bs ex interest for Wellington Racing Club stock. Commercial Bank of Australia firmed to 14/1 at which price a sale was made on ’change. Ther? were more offering at 14/4. Bank of New Zealand, which sold late on Thursday at 48/3, were wanted yesterday at 48/1, bat sellers asked 48/o. The long-term mortgage shares were very firm at 26/10, but sellers did not respond. Union Bank of Australia were on offer at £7/1/6, as against recent sales at £6/19/- and £7. Sellers asked £27 for New South" Wales. Goldsbrongh, Mort were wanted at 21/11 and N.Z. Guarantee Corporation were 2d firmer at 4/9, but these bids drew no sellers. N.Z. Loan and Mercantile ordinary were reported sold at £4O and more were offering at £4l. Gas, insurance, shipping and meat shares were all firm, ’with no sellers. Gear Meat were 3d up at 32/6 iind HuddartParkers were 3d better at 24/3. There was also marked firmness in breweries. Carltons were up 6d at 30/-, but sellers asked 2/- more. New Zealands sold at 25/- late on Thursday and at 25/2 and 25/3 yesterday. More were wanted at 25/3, but sellers held for 25/6. Buyers’ bids were 6d higher at 24/6 for Staples, and Tooths were firm Tobacco ordinaries finned 3d to 28/6, but sellers wanted 29/3 for them and 23/- for the preference. Sellers asked 41/6 for Burns, Sugars were wanted at of 2/6, but sellers stood for i4~/W/-. Electrolytic Zinc firmed to sales at 21/71 and 21/9. Wilson’s Cement were fully firm at 28/9, sellers 29/9. Bids of 14/for Sharland’s ordinary and 15/- for the preference again had no response. Yesterday’s Quotations Buying and selling Quotations at yesterday’s final call on the Wellington Stock Exchange were as follow:—

DEALINGS ON ’CHANGE Sales in the Dominion The rollowing sales were recorded on the stock exchanges of the Doininlon yesterday :— WELLINGTON.

Golden Dawn Mine Return A report from the Golden Dawn mines (Waikino) states that for 17 working days ended July 31. a total of 475 tons of ore was treated tor a return of £lOOB 11/4, based on * gold value of £4 an ounce. The manager has telegraphed that the rise has been holed through, and that he will be ready to «end the filling fin the itoi* tfrdaffii

THE MONEY MARKET Bank of England Return reserve proportion lower London, August 4. The Bank of England return I’or the week ended August 3 is as follows: — Issue Department.

Short Loans and Bills. The Bank of England rate of discount was reduced to 2 per cent, as from June 30. It was lowered to 5 per cent, on February 18, to 4 per cent, on March 10, to 3i per cent, on March 17, to 3 per cent, on April 21, and to 2J per cent, on May 12. The rate previously in force was 6 per cent., to which it was increased from 4J per cent on September 21, 1931. The previous increase was from 3i per cent, to 4i per cent, on July 30, 19ui. Short loans are quoted at 7-8 per cent., as against i per cent, last week. The market rate of discount for best three months’ bills is 23-32 per cent., as compared with 25-32 per cent, last week. foreign exchanges Position of Sterling London, August 4. The following rates on foreign exchanges were current to-day as compared with quotations on August 8 and par:—

( ~■» Price of Gold. London, August 4. Gold.—£s/17/5 per fine ounce, as compared with £5/17/2 on Wednesday.

GOVERNMENT STOCKS Prices Slightly Easier . 1 London, August 4. Quotations of Government stocks on the London Stock Exchange compare with those of a ago as follow: —

SYDNEY STOCK EXCHANGE General Upward Trend (Bee. August 5, 8.55 p.m.) Sydney, August 5. Ou the Stock Exchange to-day there was a brisk turnover with prices favouring holders. Practically all industrial and pastoral shares had an upward trend. BankS met with good inquiry, and bonds were generally hrmer. Sales: Bank of New South Wales. £29/5/-; National Bank, £5 paid, £5/15/-; Huddart, Parker, 27/6; Howard Smith, 9/6; Australian Gas A, £6/10/-; do. B, £6/10/-; Australian Glass, 41/-; New Zealand Insurance, 43/9; Nestles, pref., 30/14; Tooths, 30/-; Goldsbroughs, 25/3; Dunlop Perdriau, 13/2; Berlei, 22/9; Winchcombe, Carson, 21/6; Henry Jones, 32/9; Electrolytic Zinc, 14/5; Broken Hill Ppy., 18/9; North Brokens, 64/6; Taranaki Oil, 1/2. Commonwealth bonds: 4 per cents., 1938, £9B/17/6; 1941, £9B/11/3; 1944, £9B/12/6; 1947, £9B/17/6; 1953, £97 15/-; 1955, £97/15/-; 1957, £97/17/6; 1950, £9B/5/-; 1961, £9B/12/6. Morning sales: Commonwealth bonds. 4 per cent., 1938, £9B/13/9; 1941, £9B 7/6;' 1947, £9B/15/-; 1950, £99/5/-; 1959, £9B/10/-; 1961, £9B/10/-; Bank of Australasia, £ll/10/-; Bank of New South Wales, £29/5/-; Tooths, 30/-; Broken Hill Propy., 18/411 Winchcombe, Carson, 21/3. ’ Melbourne, August 5. Sales: Goldsbroughs, 25/7}; Carlton Brewery, 34/-; South Brokens, 46/9; Norths, 64/-J Dunlop l3/4; MotuU

Buyers. NJZ. GOVT. LOANS— £ B d 54 p.c. Bonds, 1838 ... — 5J p c. ditto, Feb. and Sep., 1937 .......... 101 « « 41 p.c. Insc. Stir., 1938 — M n.e. ditto, 1833 ... 00 10 0 Seller,. £ a ,d 98 .0 0 98 ~0 0 Bj p.e. ditto, Feb. and Sep., 1937 10J 2 0 5} p.c. ditto, 1941 ... 97 0 DEBENTURE 8— 0 t® Wgtn. Racing Club .. — Wgtn. Harb. Bd., 5} • • px., 1940 100 0 Woltomo Elec. P.B., 6p.c.. 1945.. — 0 99 8 0 Eastbourne Boro., p.c., 1952 .......... — Haurakl Plains, 5} p.c., 9T 0 0 1959 , — 97 0 0 BANKS— Commercial Aust., ora. -7 •0 14 4 Eng., Scot, and Aust. 4 0 0 4 4 0 National N.Z — 3 9 6 New South Wales .... — •27 0 0 New Zealand 2 8 1 2 8 5 Ditto, lone term ... 1 6 10 Union of Australia ... — FINANCIAL7 1 6 Goldsbrough, Mort ... 1 1 11 —— N.Z. Guar. Corpn., ord. 0 4 9 N.Z. Loan & Merc., ord. — 41 0 0 Wgtn. Deposit & Mtg. — GAS— 0 8 6 Auckland, contr. 0 14 3 fl 5 3 Wellington, ord. ...... 1 8 8 — Ditto, pref. 0 16 11 INSURANCE— National 0 12 5 — New Zealand 1 19 9 Queensland ... 2 0 0 South British 2 13 MEAT PRESERVING— 6 — Gear 1 12 6 Well. Meat: Exp., pref. 0 12 TRANSPORT— 6 — Huddart, Parker, ord. 1 4 8 —• Union Steam, pref. .. 0 IB 9 Kelburn Tram, pref. . — WOOLLEN— 1 6 0 Mosglel 8 10 0 — COAL— O IX 9 TIMBER— 2 w. ■ National ... .»* . — 0 8 3 0 5 0 BREWERIES— 0 ' 1 12 0 New Zealand 1 5 3 1 s 6 Staples and Co. ...... 1 4 6 Tooth and Co 1. 8 MISCELLANEOUS— > 0 — British Tobacco, ord. 1 8 6 1 9 A Ditto, pref — 1 3 0 Burns, Philp and Co. — Burna, Philp, South 2 1 6 Seas 1 8 9 — Colonial Sugar 41 17 6 42 10 0 Dental and Medical .. 0 5 3 0 6 0 Dunlop Rubber OH 3 —- Electro. Zinc, ord 0 11 6 0 12 7 Ditto, pref 1 1 5. •— National Electric .... — 0 9 8 Sharland & Co.,: ord. 0 14 0 — Ditto, pref 0 15 0 — Wilson’s Cement 1 8 OIL— 9 1 9 9 0 ■ 1 MINING— 0 0 13 2 Golden Dawn ......... 0 4 6 5 0 1 9 3 0 0 (i Mount Lyell — 0 18 0 0 9 2 6 0 15 11 ♦Qum. dividend. fEx. dividend.

£ 8 d Sales on ’Change; Commercial Bank ot Aust., ord. 0 14 1 N.Z. Breweries 1 0 2 Oksrito Gold. .. 0 9 0 Sales reported •- Govt. Bonds, 5i p.c., Sept., 193i '101 5 0 Bank ot New Zealand *2 8 3 N.Z. Loan & Mercantile, ord. stk. 40 0 0 N.Z. Breweries »1 5 0 Ditto 1 5 3 Electrolytic Zinc, pref 1 1 H Ditto . 1 1 9 •Late sale Thursday. AUCKLAND. £ 8 d Govt. Bonds, 5} p.c., Feb., 1937 101 a 0 Auckland Harbour Board, Di p.c., Jan., 1010 ... 98 10 0 0 14 0 , Ditto (2) 0 14 1 Bank ot New eZaland (2) 2 8 3 New Zealand Insuraucse (3) 2 0 3 1 0 9 New eZlaand Breweries 1 1 Colonial Sugar .. 42 5 0 2 14 6 Union Soap 1 2 6 Wilson's Cement 1 9 0 Monnt Lyell 0 17 8 CHKISTCHURCH. £ 8 a Bank of New Zealand 2 8 4 N.Z. Refrig., 10/- paid (2) 0 4 3 New Zealand Breweries (2) 1 S 3 Golden Dawn (3) 0 4 9 Blackwater O 12 9 Sales reported— Comm. Bank of Anst., cam div. (2) 0 14 0 N.Z. Refrig., 10/- paid 0 4 5 Now Zealand Breweries 1 5 3 Govt. Bonds, 5J p.c., Feb., 1937 101 10 0

£ £ Notes issued: Govt, debt 11,015,100 In circulation 374,727,992 Other Govt, securities ’ 238,213,050 In banking dept. 88,835,488 Other securities Silver coin 21,945,677 3,826,173 • • • *£275,000,000 Gold coin & bullion 138,563,480 £413,503,480 £413,563,480 •Amount of fiduciary issue. Banking I department. £ • Capital 14,553,000 Best 3,582,388 Govt, securities 75,970,220 Deposits— Public 11,491,339 Discts., advances 14,314,101 Bankers 84,951,848 Other a/c. 36,300,170 Seven-day. Other securities Notes 20,917,241 38,835,488 etc., bills 3,499 Gold and allver coin 836,194 £150,882,244 £150,882,244 Proportion of reserve to liabilltlesj 29.80 per cent., as compared with 83.00 per cent. itemis of the above return compare as follow with those of last week: — , July 27, 11,242,945 Aug. 3. Deposits— Public 11,491,339 Bankers ....... 88,186,076 8-1,951,848 Other accounts .. 34,561,207 36,300,170 133,990,228 132,743,357 Securities— Government • .... : 68,770,765 15,280,114 75,979,220' Discts., advances 14,314,101 Other securities 23,767,508 20,917,241 44.290,821 39,671,682 Note circulation .. 369,285,637 374,727,992 Gold coin & bullion 137,725,916 138,563,480

Aug. 4. Aug. 8. Par. N. York, dol. to £ 3.493 3.515 4.866 Montreal, dol to £ 4.02 4.045 4.866 Paris, fr. to £ .... 89 5-10 89 11-16 124.21 Brussels, bel. to £ 25.20 25.325 35.00 Geneva, fr.' to £.. 17.975 18.045 25.225 Amst’dam, fl. to £ 8.69 8.73 12.107 Milan, lire to £ .. 68.625 68.875 92.46 Berlin,, mis. to £ 14.70 14.773 20.48 St’holm, knr. to £ 19.50 19.495 18.159 Chagen, knr. to £ 1819-32 18.595 18.159 Oslo, knr. to £ .... —— 19.975 18.159 Vienna, scbgs. to £ •30.50 *29 34.5S5 Prague, knr. to £ 118.25 118.75 164.25 Hel’fors, mks. to £ 233 233 193.23 Madrid," pes. to £ 43.125 43.50 25.225 IZsbon, esc. to £ 110 110 110 Athens, Orach. to £ 545 550 375 Belgrade, din. to £ 220 220 276.31 Bucharest, lei to £ —— 590 813.60 Warsaw, zldty to £ 31.25 —— 43.38 Rio de J., p. to mH. *51-8 *51-8 16.70 B. Aires, p. to peso 47.62 M. Video, p. to peso •29 *20 51 Calcutta, p. to rup. 18 3-32 183-32 18 Shanghai, p. to tael — 20 7-16 —— H.-Kong, p. to dol. — 15J — Y’hama, p. to yen.. —- 18.625 24.585 Batavia, gl. to £.. 8.75 '’Nominal. — 12.107

Price. £ s d Variation. £ s d Consols. 24 p.c '72 10 0 0 15 0‘ Fund. Loan, 4, 1060-90 107 15 0 0 15 (>• War Loan, 5, 1929-47 101 17 6 0 5 0‘ Convers. Loan, J p.c. 99 10 0 0 17 6‘ Victory Bonds, 4 p.c. . 106 10 0 0 5 0‘ C’wealth, 5, 1945-75 . 100 2 6 0 5 0‘ C’wealth, 0, 1931-41 . 96 0 Ox '5 15 0* Victoria, 3. 1'929-49 .. 74 7 6 1 12 «• Victoria, 34, 1929-49 .. 80 0 0 1 5 0‘ Victoria, 5J, 1930-40 .. 99 5 0 0 10 ot Victoria, 5, 1932-42 .. 97 10 0 1 0 0‘ Victoria, 4$, 1940-60 .. 96 12 6 1 2 6* N.S.W., 4, 1933 -97 0 0 0 10 0* N.S.W , 3, 1935 91 7 6 N.S.W.; 34. 1930-50 ... 78 5 0 1 15 0’ N.S.W., 54, 1922-32 ... 98 0 0 2 0 0‘ N.S.W., 64, 1930-40 .. 97 12 6 0 7 6t N.S.W., 6, 1930-40 ... 99 17 6 0 2 6* Q’land, 5, 1940-60 .... 96 17 6 1 2 6‘ Q’land, 3, 1942-47 .... 75 0 0 2 0 0‘ Q’land, 6, 1930-40 ... 99 5 0 0 7 6‘ N.Z., 44, 1948-58 100 0 0x 2 O 0‘ N.Z., 8h 1940 95 0 0 N.Z.; 3, 1945 85 0 0 0 15 0* N.Z., 6, 1936-51 104 0 0 S. Aust.. 34, 1939 .... 91 10 0 0 10 0‘ S. Ans., 3, 1916 or after 66.12 6 same S. Aust., 64, 1930-40 . 99 8 9 0 6 3* Tasm.. 34. 1920-40 .. 89 0 0 0 15 0* Tasm., 3, 1920-40 .... 87 0 0 0 15 0‘ Tasm., 64. 1930-40 .... 100 0 0 same W. Aust., 34. 1920-35 94 0 0 0 7 6‘ W. Aust., 3, 1915-35 . 92 15 0 same W. Aust.. G. 1930-40 . 99 10 0 0 10 0‘ fHigher. ‘Lower X, Ex interest.