FINANCE AND COMMERCE

Dominion, Volume 25, Issue 273, 13 August 1932, Page 14

FINANCE AND COMMERCE

STOCKS AND SHARES Market Firm and Active WELLINGTON EXCHANGE Firmness and activity again ruled in the Wellington share market yesterday, although the gilt-edged section was rather quiet. . In Government securities the only inquiries were for the 5J per cents., February and September, 1937 maturities, at £lOl. Sellers were offering the 5} per cent, stocks, 1936, at £99/15/-, and the 41 per cents., 1938, at £95/15/-. There was a strong demand for bank shares. Commercial of Australia firmed to a sale at 13/9, ex dividend, and more were wanted at a point lower. National of New Zealand firmed 6d. to 68/-, but sellers still wanted 70/-. New Zealands were again easier. There was a reported sale at 45/9, and one on ’Change at 46/-. Buyers’ closing bids were 45/8, sellers asking 46/3. The long-term shares were reported sold at 26/9. Further buyers bid 27/-, but sellers wanted 28/6. Bank of New South Wales sold at £26/12/-, cum. dividend, and there was an unsatisfied demand at £26/15/-. Sellers of Union Banks were asking £7/4/-. Goldsbrough, Morts were firm at 23/3, no sellers. Gas, insurance, meat, and shipping shares were in active demand at firm rates, with few sellers quoting. There were two sales of New Zealand Insurance on ’Change at 40/4, and more were wanted at 40/3. Standard Insurance firmed 9d. to 43/-, cum. dividend, but sellers did not come in. Huddart- Parkers hardened 6d. to 26/6, but sellers wanted 27/9. Breweries were again a firm market. Carltons firmed 3d. to 30/6, but morning sellers at 33/- were not in the closing list. A bid of 25/- for N.Z. Breweries and one of 20/-, ex dividend, for Staples found no response. Tooths were steady' at 26/9. Colonial Sugars firmed another 10/to £43, but sellers wanted £43/15/-. Quotations for other shares in the miscellaneous section were fully firm. Yesterday’s Quotations Buying aud selling quotations at yesterday's final call oh the Wellington Stock Exchange were as follow:—

DEALINGS ON ’CHANGE Sales in the Dominion Tho following sales were recorded on thp stock exchanges of the Dominion yesterday :— WELLINGTON. *

SHARE MARKET OUTLOOK Much Brighter Prospect It is now possible to write of a much brighter share iparket, says a Wellington broker. This is primarily due to the confidence resulting from the improved outlook for commodity prices in the world markets. There is now ample evidence that, if prices for primary products are maintained, with signs of further improvement, a large accumulation of capital awaiting investment will enter the market. Therefore, although the movement back to normal conditions (by which is not meant the inflated prosperity of recent years) will bo slow, still investment at present prices in sound securities should show increase J* capital value during the nest few years.

■ DIVIDEND PASSED Mason, Struthers & Co., Ltd. WORKING EXPENSES CUT The directors of Mason, Struthers and Co., Ltd., hardware merchants, Christchurch, in their report and statement of accounts for the twelve months ended June 30, explain that at the beginning of last year they reduced running expenses in order that on considerably smaller sales the year’s trading should show a small profit. “Unfortunately the restricted purchasing power of the public, particularly our numerous farmer customers, and the reduction of building operations were greater than anticipated, with the result that a trading loss of £6443/18/9 was experienced on the year’s operations. This has not resulted in a loss of customers, as at Christchurch, Wanganui and Auckland there is an increase in the number of sales made by the retail departments, although the amount of each sale is on an average considerably less than last year. “Shareholders will probably note with pleasure that stocks have been reduced by one-third within two years, and appreciate the fact that the amount. owing to depositors and sundry creditors was on June 30 only £4120/14/9, compared with over £50.000 in 1930. The whole amount of £4120/14/9 has been liquidated since the balance date, and the outside liability is the amount of the fixed mortgages on the Colombo Street premises, £17,500. “During the year the office of the wholesale business at Christchurch has been transferred to the top floor of Ibe retail premises; this has enabled the company to lease the whole of the office block and the greater part of the wholesale building at remunerative rents. _ At Wanganui a substantial saving is being made in rent by a move under favourable conditions to a more central retail site where increased sales have already been recorded. In order that a debit balance in the profit and loss account shall not be carried forward a transfer of £4OOO from the reserve account is recommended; this will leave a credit balance in the profit and loss account of £378/3/5. Th directors conclude: “Conditions of trade in the future are so uncertain that the directors regret they do not feel justified in recommending a dividend, they consider that once trade generally improves the company’s business will show a profit, owing to the considerable reduction of its overhead expenses, the full benefit of which will only be felt in the coming year.” The retiring directors. Messrs. Norton Francis and T. W. Lewis, offer themselves for re-election. The auditor, Mr. Arnaud McKellar, also offers himself for re-election. GOVERNMENT STOCKS Prices Slightly Easier London, August 11. Quotations of Government stocks on the London Stock Exchange compare with those of a week ago as follow: —

P. & O. Deferred Shares London, August 11. P. and O. deferred shares sold to-day at 19/-, as compared with 18/4i on Wednesday and 16/7} a week ago. Mount Lyell shares sold to-day at 16/6. PRICE OF SUGAR Another Advance Another advance in the price of sugar is announced by the Colonial Sugar Refining Company. As from yesterday the prices of all grades of raw and refined sugars, including tablets and icing sugar, are increased by 10/- per ton. The prices of golden syrup and treacle will remain unaltered. The previous increase of £1 per ton was made on July 1, so that the latest advance makes a total rise of £l/10/- in six weeks on all grades of raw and re- ; fined sugars, except tablets and icing sugar, which were not included in the advance at the beginning of last month. SYDNEY STOCK EXCHANGE Market Most Active (Rec. August 12, 10.10 p.m.) Sydney, August 12. The Stock Exchange market continues most active, and prices are very firm. Sales: Bank of New South Wales, £29 18/6; Union Bank, £7/17/6; Bank of Australasia, New Zealand delivery. £11; National Bank, £5 paid. £5/17/-; Burns, Philp, 44/6; Millaquin Sugar, 26/6; Austral Gas A, £6/14/-; ditto B, £6/14/-; Australian Glass, 41/-; British Tobacco, New Zealand delivery, 32/6; Goldsbroughs, 27/-; ditto New Zealand delivery, 26/10/-, 27/-; Wincheombe. Carson. 22/ 1}: Dunlop Perdriau, 13/5; Tooths, 30/9 ; ditto, New Zealand delivery, 30/7 J ; Tooheys, 19/0; Henry Jones, 33/3; Mt. Lyell, New Zealand delivery, 21/9; North Brokens, New Zealand delivery, 67/-; Broken Hill Pty., 18//10}; Zinc Corporation, 29/9. Commonwealth Bonds, 4 per cents., 1938, £99/13/9; 1941, £99/6/3 : 1944, £99 7/6: 1947, £99/12/6: 1950. £100: 1955, *9B/7/6; 1955. £9B/7/6: 1957, £9B/7/6; 1959, £9B/12/6; 1961, £99/10/-. Morning sales: Commonwealth Bonds, 4 per cents., 1938. £99/18/9; 1941. £99 18/9; 1944. £99/17/6: 1950, £9B/10/-; 1957, £9B/7/6; 1961. £99/10/. Bank of Australasia. N.Z. delivery, £11; Bank of New South Wales, £29/15/-; Tooths, 30/74: Broken Hill Pty., 19/-; Australian Gas A. £6/12/6. Melbourne. August 12. Sales: Goldsbroughs. 27/-; Metropolitan Gas, £lO/19/-; Dumop Perdriau, 13/7; North Brokens. 67/-: Sulphide Corporation, 10/4 ; Taranaki Oil. 2/-. CUSTOMS REVENUE. The Customs revenue collected at the port of Wellington yesterday totalled

Buyers. Sellers N.Z. GOVT. LOANS-? £ s d £ s d 54 p.c. Bonds. Feb. and Sep., J 937 4-} p.c. ditto and Insc. 101 0 0 95 15 Stk., 1938 — 0 5} p.c. Insc. Stk., 1936 54 p.c. ditto, Feb. and 99 10 0 Sep., 1937 DEBENTURES— 101 0 0 — Wgtn. City, 5} p.c., 1940 98 10 0 — Eastbourne Boro., 6J p.c., 1952 Hauraki Plains, 5} p.c — 97 0 0 1959 — 97 0 0 Ditto, 5J p.c., 1943 . —— 90 0 0 Taumarunui Boro., 6 p.c., 1945 Makerua Drn. Bd., 6 — 96 0 0 p.c., 1950 . BANKS— . — 95 0 0 Commercial Au at., ord. fO 18 8 •MM Eng., Scot, and Aust. National N.Z 4 0 3 8 0 0 3 io 0 New South Wales ... •26 15 0 — New Zealand 2 5 8 2 6 3 Ditto, long term ... 1 7 0 1 8 6 Union of Aust. TINANCIAL— — 7 4 0 Goldsbrough, Mort .... 1 3 3 — National Mortgage ... 1 16 0 Ditto, “B" 0 10 0 ■1 — N.Z. Guar. Corp., ord. N.Z. Invest, Mortgage . 0 4 9 — and Deposit N.Z. Doan & Mere., ord. 0 7 38 0 0 0 — Wgtn. Invest., T. & A. GAS— . 0 6 9 — Auckland, contr 0 14 4 — 0 Christchurch, contr. .. Wellington, ord ft D 6 0 12 1 9 0 •MM 0 17 0 - ■ INSURANCE— Nationpl 0 12 6 —— 2 0 3 ..... 2 O 0 Sfjmdard •2 3 0 MEAT PRESERVING — Gear 1 12 0 M— N.Z. Refrig. (£1) .... 0 11 3 mm Ditto, (10/-) TRANSPORT— 0 4 2 — Huddart, Parker, ord. 1 6 6 1 T 9 Union Steam, pref. ... 0 19 10 MM. P. and O. stock O 18 S MM* Northern Steam WOOLLEN— 6 15 0 8 0 Mnsglel ............. 0 . coa£— 0 12 Westport TIMBER — — 9 Bartholomew - • r 6 Kauri •••••»• 0 8 9 BREWERIES— Carlton 1 10 « —— 1 5 0 Staples and Co. ....... n o 0 — Tooth and Co MISCELLANEOUS— 1 0 9 — British Tobacco, ord. . 1 8 6 1 9 6 Colonial Sugar 43 0 0 43 15 0 Dunlop Rubber 0 11 6 M*M Eleetro. Zinc, ord. ... O 13 B —— Ditto, pref —— 1 2 6 Henry Jones Co-op. .. 1 9 0 —— N.Z. Farmers’ Fertiliser *0 13 9 Wilson’s Cement OIL— 1 8 9 1 » 6 Taranaki ...... . e i 0 MINING— Golden Down ........ • 4 8 King Solomon ........ Mount Lyell 0 1 7 0 1 10 o to 0 — Mahajtlpawa . 0 0 Si 0 0 6 . O R 10 0 9 0 Walhi Waihl Grand Junctior O 15 O 16 2 1 O 2 8 O 3 U Big River - 0 1 6 •Cum. dividend. ■fEx dividend.

Sales on ’Change: £ s d Bank of New Zealand 2 6 0 N.Z. Insuranoe (2) 0 4 Sales reported: Bank of New South Wales, cum. div 26 1 •? 0 Commercial Bank of Aust., ez. div, 9 Bank of New Zealand «> 5 9 Ditto, long term 1 6 9 AUCKLAND. £ s d Govt. Bonds. 34 p.c., Feb., 1937 101 7 6 Commercial Bank of Australia . 0 13 8i Ditto 0 13 9 Bank of N.S.W 26 15 0 Bank of New Zealand 5 : 11 Ditto o 6 o Union Bank, Melbourne res. (2) . 7 0 6 Goldsbroujrh, Mort 1 3 6 Farmers’ Trading 0 4 3 Wilson’s Cement 1 8 9 Ditto 1 9 n n VTafhi .... . o CHRISTCHURCH. £ s d Commercial Bank of Australia . 0 13 8 N.Z. Breweries (2) 1 5 3 Colonial Snsrar (3) 43 5 Mount Lyell (2) 0 19 0 Golden Point (4) 0 0 7 Sales reported:— Bank of N.Z. Gate sale Thursday) ...................... a S S

Price Variation £ s d £ s d Consols, 2} p.c 71 0 0 1 10 0* Fund. Loan, 4, 1960-90 107 0 0 0 15 0* War Loan, 5, 1929-47 101 i) 0 0 12 6* Convcrs. Loan, 3} p.c. 99 0 0 0 10 0* Victory Bonds, 4 p.c. 106 0 0 0 10 0* C’wealtb, 5, 1945-75 . 99 15 0 0 7 6* Cwealth, 6, 1931-41 .. 99 0 0 3 0 Ot Victoria, 3, 1929-49 . 73 15 0 0 12 6” Victoria, 34. 1929-49 . 81 10 0 1 10 Ot Victoria, 5J, 1930-40 . 98 10 0 0 15 0” Victoria, 5, 1032-42 .. 97 0 0 0 10 0* Victoria, 44. 1940-60 . 95 10 0 1 2 6* N.S.W., 4, 1933 96 17 6 0 2 6’ N.S.W., 3, 1935 90 10 0 0 17 6* N.S.W., 3i, 1930-50 ... 74 5 0 4 0 0* N.S.W., 52, 1922-32 .. 99 15 0 1 15 ot N.S.W., 64. 1930-40 .. 99 0 0 1 7 6t N.S.W., 6, 19.30-40 ... 98 10 0 1 7 6* Q’land, 5, 1940-60 .... 94 15 0 •"> 6* Q’land, 3, 1942-47 ... 75 12 6 0 12 6t Q’land. 6, 1930-40 .... 98 15 0 0 10 0» N.Z., 44, 1948-58 .... 99 7 6 0 12 6* N.Z., 3J, 1940 94 15 0 0 5 0» N.Z., 3, 1945 84 15 0 0 5 0“ N.Z., 6. 1936-51 103 0 0 1 0 0* S. Aust., 34. 1939 91 0 0 0 10 0* S. Aus.,3, 1916 or after 66 15 0 0 2 6t S. Aust., 0|, 1930-40 .. 09 7 6 0 1 3* Tasm., 31, 1920-40 ... so 0 0 same Tasm., 3, 1920-40 .... Tasm.. 61, 1930-40 ... 87 10 1) 0 10 Ot "7 6 0 12 6* W. Aust., 31, 1920-35 . 93 0 0 1 0 O’ W. Aust., 3, 1915-35 . W. Aust.. 6. 1930-40 . tHiglier. 91 0 •Lowe 0 r. 1 15 0*