FINANCE and COMMERCE

Dominion, Volume 26, Issue 32, 1 November 1932, Page 12

FINANCE and COMMERCE

STOCKS AND SHARES Reduced Demand Yesterday PRICES EASIER A much reduced demand was disclosed on the Wellington stock and share market yesterday, and prices were mostly weak. Sellers’; quotations greatly out-, numbered the bids of buyers. Less interest in Government securities was shown, by investors, but sellers prices showed little change. The 4$ per cent, bonds, 1939, were 10/- up at £9u 5/-, sellers quoting £95/10/-. On the other hand, the 4} per cent, bonds, IJoo, and the stocks, 1939., were easier. Buyers were easier too in their bids for the 5J per cents. ' Bank Shares had a weaker tone, and the demand was very limited.- - Following a late sale on Saturday at 45/3, New pealands eased yesterday on deals at 44/J and 45/-. Bate buyers■ bid < 4a/l, sellers asking 45/9. New South Wales, which sold last week at £29 and £2B/17/6, eased veslterday to £2S/5/-, sellers 'holding lor £29. Holders asked £lO for Australasias and 14/9 for Commercial of, Australins, but eased to £4/12/6 for E.S. apd A.j £5/15/- for National of Australasia, £o paid, and £7/14/- for Union of Australia. . Goldsbrough, Mort, were wanted at 23/6. There were bids of £45 for N.Z. Loan and Mercantile Agency, Sellers asking £5B. Little change was shown in gas, insurance, meat, woollen, and shipping shares. New Zealand Breweries weakened to ■ 26/-., sellers 27/1. . ■ There was a falling-off in the miscellaneous section," British Tobaccos dropped to'3l/-,' against, sales last. week, at 32/6.’ -Colonial Sugars, which sold last week at £5O and £49/15/-, were, sought yesterday at £4B/5/. holders quoting £49 10/-. Electrolytic Zinc, preference, eased to 23/9, and Mount Lyells to 20/3. Wilsdn’s Cement were'Steady at 31/3, sellers 32/-. and Milburn Lime were sought at 25/6. In the gold mining section, Consondateds were, reported sold at 8/9 Gate Saturday), and Biff Rivers at 1/2. • aihis were firm at 18/-. WELLINGTON EXCHANGE Yesterday’s QuotationsBuving and selling quotations at yesterday’s final call on the Wellington Stock Exchange were as follow: —

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

Price of Pollard Down By Telegraph.—Press Association. Christchurch, Oct. 31. Distributors Limited, announces a reduction of 10/- a ton in the price of pollard.

IN BRITAIN NOW Stock Exchange Reactions ■) -■ ' ' INDUSTRY MORE ACTIVE London, Oct. 29. Under the influence of .the decline in sterling the stock markets have been somewhat "nervy.” British funds were 'first affected, but not to any serious extent. - The downward movement spread to'the speculative stocks, but here again there were no great declines. . The steadiness of sterling, during the past few days has had a‘ good effect, and markets closed with a brighter tone. Australian Government stocks have given way slightly in sympathy with British funds. .- * ~ . ■ Strangely enough', goldmining shares are generally easier, notwithstanding the rise in the price of the precious 'metal. Other Australian stocks, like those of banks and pastoral companies, are continuing to show recovery from the late depression, and the resumption of dividend paying by the Australian Mercantile Land Co. is regarded as a good omen. According to the “Economist’s” survey of Home industries, there has been some increase in activity during the past five weeks, but it isi of so partial and moderate a character that' it is difficult to say whether it has attained normal seasonal dimensions. Many leading indicators of the trade position point to no change or to deterioration, .but the reports of many of the chief industrial centres refer fo an improvement in tone and some accretion of new business. r - Among the satisfactory features is the September return of the Retail Distributors’ Association, showing a decline of only 3.6 per cent., as compared with 1931. This is tie smallest decrease since April, and allowing for a fall in prices may mean that the volume of business has been maintained SYDNEY STOCK EXCHANGE Recovery in Bonds, • (Rec. Oct. 31, 8.40 p.m.) Sydney, Oct. 31. With agreement reached on the terms of the new internal loan, the Stock Exchange settled down to-day to business on a steadier basis. Commonwealth Bonds, 4 per cent., recovered their recent falls, sales being made as follow: —1938, £lO2 6/3; 1941, £lO2/11/3; 1944, £lOl/3/9; 1953, £lOl/15/-; 1955, £lO2/7/6; 1957, £lOl/2/6; 1959, £lOO/17/6; 1961, £lOl 7/6. Other sales included: —Commercial Bank of Australasia, 16/6; Australian Gas. A, £6/18/6; Tooheys, 22/3; Tooths, 36/3; Broken Hill Ppy„ 27/-; Goldsbrough Mort, 27/71; Winchcombe Carson, 24/6; Australian Glass, 46/6; Henry Jones, New Zealand delivery, 37/9; Colonial Sugar. £56/5/-; British Tobacco, 35/6; Dunlop Perdriau, 17/7L Morning sales: Commonwealth Bonds, 4 per cent., 1938, £lOl/17/6 and £lOl 18/9; 1941, £lO2/2/6: 1944, £lOl/2/6: 1955, £102; 1957, £lO2/5/-; 1959. £lOl 12/6; 1960. £lOl/5/-; Tooheys, 22/4J; Tooths, 36/6; Broken Hill Propy., 27/-; British Tobacco, 35/6.

FOREIGN EXCHANGES Position of Sterling TiOndon, Oct. 2D. The following rates,on foreign exchanges were current to-day, as compared with quotations on October 27 and par:—

London, Oct. 28. Gold.—£B/5/8 per fine ounce. Silver.—Cash, 17 l-8d per ounce; forward, ISJd. WILSON’S CEMENT Usual Interim Dividend Wilsons (N.Z.) Portland Cement Ltd. yesterday advised the Stock Exchange Association that the usual iuterini dividend o£ one shilling per share for the half-year ended September 30 had been declared. The dividend is payable on November 2S. Transfer books will be closed from November 15 to 2S inclusive. GOLD YIELDS ? Okarito Dredge Return The Okarito Five Mile Beach Gold Dredging Company Ltd. yesterday reported to the Stock Exchange Association a wash-up of 370 z 12dwt for. 121 hours’ dredging last week. Mount David Sluicing Co. Dominion Special Service. Dunedin, Oct. 31. The secretary of the Mount David Sluicing Company reports that a return of 370 z of gold was received for the four days ended on Saturday. MOTUROA OIL FIELDS Production Total i.. ■ ■ 1 ' - Moturoa Oil Fields, Limited, yesterday reported to the Stock Exchange Association for the week ended October 29 as follows: —Moturoa No. 2 Well: Produced, 120 barrels (4200. .imperial gallons) 'of oil. No. 3 Well: Rigging up. To conir mence drilling operations ’ next ■ week. Total production to date, 275,654 imperiial gallons. Australian Oranges in London London, Oct. 29. This season’s first large consignment of Australian oranges from New South Wales has arrived in good condition. A considerable portion has been sold to Antwerp. Buyers, who were very keen, secured them at prices understood to be satisfactory, though owing to the fluctuation of exchange it is impossible to state the exact yield. The rest of the cargo is arriving next week, and is expected to sell readily, as the demand is strong.

N.Z. GOVT. IOANS. Buyers. Sellers. £ s d £ s a 4<r p.c. Bonds, 3039 .... 95 a 0 95 10 0 4 p.c. ditto, 1938 .... 96 10 0 54 p.c. ditto, Sep., 1937 —; 100 0 0 44 p.c. Stock, 1939 .... 94 15 0 —— 44 p.c. ditto, 1938 .... 96 0 0 — 54 p.c. ditto, 1936 .... — 100 0 0 54 p.c. ditto, Feb., 1937 99 17 6 100 2 54 p.c. ditto, Sep., 1937 99 17 6 100 5 0 5} p.c. ditto, 1937 .... — 97 5 0 ' .DEBENTURES. Wgtn. Harb." Bd., 54 0 ~ ■.. Chcti. Drainage, 51 p.c., 1965 — 0 Haurakl Plains, 5} p.c.,. 1959 . — 97 0 0 BANKS. 10 0 0 Comm, of Aust., ord. .. — 0 14 9 4 12 6 Nat. of Australasia, £5 — ,•5 15 0 New South Wales .... 28 5 0 29 0 0 New Zealand ......... 2 5 1 2 5 9 Ditto, long term .... 1 9 0 •— Union of Australia .... — 7 14 0 FINANCIAL. Eoultable Building ... — 5 0 0 Goldsbrougb, Mort ... 1 3 6 N.Z. Guar. Corpn., ord. 0 5 0 — N.Z. Loan & Mercantile 45 0 0 58 0 0 Wgtn. Dep. and Mort. . — 0 S 0 * GAS. Christchurch, contrib. . 0 15 Wellington, ord. — 0 = 1 15 9 Ditto, pref 0 17 9 — INSURANCE. National ............. —- 0 14 7 6 Queensland .. 2 9 0 2 11 0 South British »2 16 9 MEAT Gear - 1 13 0 N.Z. Refrig., 10/- paid 0 2 4 0 2 7 TRANSPORT. Union Steam, pref 1 0 e — WOOLLEN. 0 MV. TIMBER. National — 0"7 0 0 5 0 BREWERIES. 1 13 9 N.Z. Breweries 1 6 fl 117 1 Staples — - 1 6 0 MIS CELLANEOUS. British Tobacco, ord. . 1 11 0 1 12 0 Colonial Sugar ....... 48 5 0 49 10 0 Dental and Medical .. — 0 6 6 Dominion Investments 1 1 0 —- Electro. Zine, pref 1 3 9 — Henry Jones Co-op. ... — •1 13 9 Howard Smith, ord. ... — 0 11 0 National Electric — 0 10 0 N.Z. Drug ’. 3 19 6 —— Sharland, ord *0 17 •9 MM Ditto, pref *0 17 9 —— Wellington Cordage .. — O 9 0 Wgtn. Queen’s Theatre — 1 1 0 Wilson’s Cement .... 1 11 3 1 12 0 6 — OIL. Moturoa, ord — 0 i 6 MINING. King Solomon — 0 2 1 Mount Lyell 10 3 — 0 8 4 Waihi *0 18 0 Waihi Grand Junction 0 3 0 — Big River 0 1 0 0 1 6 •Cum. dividend.

Sales reported: Bank ot New Zealand £ s d 3 .. *2 5 Ditto ..2 4 9 Ditto ..2 5 o Consolidated Goldfields ........ .. *0 8 9 Big Elver Mines ..0 1 •Lato sale Saturday. AUCKLAND. laser. Stock, 5J p.c., 1938 55 S d 100 0 0 Commercial Bank ot Aust 0 14 7. N.Z. Insurance 2 3 6 South British Insurance 2 17 0 Kauri Timber 0 11 9 N.Z. Refrigerating. 10/- paid .. 0 2 7 Blackwater Mines 0 19 0 Walhl ~ Ditto 0 18 Ditto 0 18 4 Ditto 0 18 5 Ditto 0 18 6 Waihi Grand Junction 0 3 3 Mount Lyell 1 0 0 CHBISTCHURCII. Sales on ’Change— £ s a laser. Stock, 5$ p.c., Sept., 1037 100 5 0 Bank erf New Zealand (0) ...... 2 5 0 Goldsforough, Mort (2) 1 3 9 N.Z. Breweries 1 6 7 Tooth’s Brewery ................. 1 11 4 . Mo u n t Lyell 1 0 Ditto 1 .0 n Ditto ....'1 1 0 0 Cornish Point (2) 0 0 4 3 Okarito (3) 0 8 Waitahu, 3/- paid, prem. ...... 0 0 li DUNEDIN. £ 8 d Sales on ’Change— Okarito (2) a Sale reported— Big Elver 2J

N. York, dol. to £ Oct. 29. Oct. 27. Par. 4.866 . 3.285 3.285 Montreal,’ dol, to £ 3.63J 3.63 4.866 Paris, fr. to £ .. 8311-16 83 9-16 124.21 Brussels, bei. to £ 23.625 23.605 35.00 Geneva, fr, to £ .. 17.045 17.005 25.225 Amst'dam, fl. to £ 8.17 8.16 12.107 Milan, lire to £ .. 64 1-16 64.125 92.46 Berlin, mks. to £ 13.825 13.805 20.43 St’holm, knr. to £ 19.125 19.125 18.159 C’hagen, knr. to £ 19 7-32 19.185 18.159 Oslo, knr. to £ .... 19 9-16 19.60 18.159 Vienna, schgs. to £ •28 •28 34.585 Prague, knr. to £ 111 111 164.25 Hel’fors, mks. to £ 230 230 193.23 Madrid, pes. to £ 401-16 40.125 25.225 Lisbon, esc. to £ 108.50 108 110 Athens, drach. to £ 572.50 , 570 375 Belgrade, din. to £ —. ' 245 276.31 Bucharest, lei to £ 555 • 555 813.60 Warsaw, zloty to £' —w 29.50 43.38 ' Rio de J., p. to mil. •54 •5i ■ 16.70 B. Aires, p. to peso 47.63 M. Video, p. to peso •30 *30 51 Calcutta, p. to .rup. 18 11-64 18 11-64 18 Shanghai, p. to tael 21J 211 ■ — H.-Kong, p. to dol. 161 16J —— Y'hama, p. to yen— 161-16 16 24.582 Batavia,: gi. to £ .. — 8.37 , 12.107 •Nominal. ■ ‘ Gold, and Silver.,