FINANCE and COMMERCE

Dominion, Volume 27, Issue 148, 20 March 1934, Page 12

FINANCE and COMMERCE

STOCKS AND SHARES Quiet Market Yesterday LITTLE CHANGE IN PRICES No special features appeared in the Wellington stock and share market ye# terday, and quotations showed little change since last Friday. . Government loans continued « stron demand, most issues showing a further hardening tendency. Banks were dull, with minor price fluctuations. Financial, gits, meat, transport, woollen, coal and breweries were very quiet the few quotations being steady at about kl Insurance shares were very firm. Standards sold at 60/9, South ed (o 75/-, and Queensland's to 60/6 nith out response from sellers. Less interest was shown in miscellaneous shares. Colonial Sugar eased to £6l, sellers £65. British lobacco hud a Sf, i e n n the B hrtning section, Waibis advanced strongly to 34/-, but sellers heM for 38/- Sales were made last week at o()/6 up to 32/9. Brian Borns were firm at 31/6. Rawnng Tin were wanted at </3 and Mount Lyells at 24/2. WELLINGTON EXCHANGE ; Yesterday’s Quotations ‘ Exchange were as follow.—

GOLD MINING Mtest Returns Gilleapies Beach Gold Dredging Co., Ltd., reports a return o£ 520 z. 17dwt. for 123 hour®’ dredging last week, eays a message "'received by the Stock Exchange Association. The Okarito Five Mile Beach Gold Dredging Co., Ltd., reports a return of Sloz. 15dwt. for 120 hours’ work last week. • The Mataki gold dredge return last week was 350 z. for 144 hours’ work, says an Auckland Press Association message. The Brian Born dredge return was Bloz. 14dwt. for 125 hours’ work last week, says a Press Association message from Greymonth. Talisman Dubbo Mines yesterday advised the Wellington Stock Echange that 37 tons was treated for' £2BB actual realisation. Australian Price of Gold The price fixed by the Commonwealth Bank for gold, including jewellery, lodged at the Melbourne Mint, for the week ended March 9, was at the rate of approximately £7/14/10 per standard ounce (22 carats), equal to a premium of 98.82 per cent. Payment is made according.to the aseay value of the gold.'' The price wtui unchanged on the week. The price per ounce fine was £B/8/11, unchanged on wpek.

HOWARD SMITH, LTD. Increased Profit Shown SMALL DIVIDEND PAID Net profits of Howard Smith Ltd. for the year 1933, at £47,168, show an improvement of £22,332 compared with the previous year. After a lapse of three years payment of ordinary dividend is resumed. It is proposed to distribute £30,000, equal to H per cent, and with preference dividend of £lj,ooo total distribution is £45 000. leaving £2168 to be added to £15,160 brought, forward, so making £17,328 to be carried forward.

Bank overdraft has been eliminated. Shares in other companies have increases bv £31,696 and debtors have declined bv £ll 347. Deposits held by the company have declined by £21.468. With reference to the liability “amounts, held on behalf of subsidiary ami associated companies,” the report explains that the major portion of this amount is due to Australian Steamships Pty., Ltd., the whole of whose shares are held by Howard Smith, Ltd. No dividends have been received from the company’s colliery interests. nor from its investments m Australian Iron and Steel Ltd. Since the close of the year the cargo steamer Clyde has been sold to overseas buyers. N.Z. GUARANTEE CORPN. Interim Dividend The New Zealand Guarantee Corporation, Ltd., has declared an interim dividend of two pence per share. For the year ended August 01, iJod. the company made a distribution of 3 1-8 per cent. Since then the company s cap - tai has been reduced, and the interim dividend is payable on the lower capital, the shares being 3/- each paid. DEALINGS ON ’CHANGE Yesterday’s Sales The following sales were recorded yesterday on the stock exchanges men-

LONDON STOCK EXCHANGE A Hesitant Tendency By Telegraph —Press Assn.—Copyright London, March 17. The London Stock Exchange has developed a somewhat hesitant tendency and the activity of recent weeks is replaced by dullness. As one financial paper says, some speculative markets are suffering from an attack of financial indigestion. This is apparent in directions where speculation recently ran a little riotously. In the absence of fresh waves of buying. prices reacted in usual realisations to which the end of an account so commonly gives rise. The writer adds: "High though prices mav look at the present time, the fundamental basis upon which the all-round rise was built remains unshaken. The superabundance of money and the difficulty of employing capital, with the uncertainty in regard to financial operations outside this country, make a trio of convincing arguments in favour of good markets in which disturbances, digestive or otherwise, are likely to prove only transient.” The gilt-edged market has lost very little ground, although the volume of business is smaller than for some time. This section has been affected by the withdrawal of semi-speculative support, while the success of the Labour Party in the London Council elections is also a disturbing influence. Goldmining shares have been an outstanding feature of the markets lately. A number of South African mines shares have established new high levels. .Shares in Australian mines have also been in good request, any slight declines being attributable to profit-taking sales. The demand for these mines is illustrated bv heavy over-subscription of several recent issues of Australian, New Zealand. South African mines, nnd the Nigerian tin issue was also heavily subceribed ’(British Official Wireless.) London, March 17On the Stock Exchange to-day. the markets were subdued. German bonds were weak, following Dr. Schacht’s speech on German gold and the foreign currency situation, with a decline of 1j to 2 noints. Trans-Atlautics were steady, and Kaffirs and home industrials were quiet. British War Loan. 31 per cent., £lO3/10/-.

THE WOOL MARKET London Sales Carry-over CROSSBRED TOPS FIRM By Telegraph—Press Assn.—Copyright. London, March 18. ilr W P. Devereux, representing Australian wool growers, reports that with the curtailment of the London series, ol wool sales a slightly better tone is noticeable in Bradford. The London sales closed with an. improved tendency, and some recovery Irom the prices current last week. Ihe quantity carried over, however, is larger than was anticipated. This is due to the reluctance of holders, who anticipate yet higher prices for small quantities in the April series. _ , Merino tops at Bradford are apptcciablv dearer. Quotations for fine crossbred tops are firm, but there is not much change in medium and low crossbreds. Merino yarns‘are unchanged, with very little new business passing. Cr o™‘’% yarns are a shade firmer. The 1’ rench trade is very quiet, also the German trade, the financial strain of earlier purchases affecting all centies. The Bank of New Zealand, produce department. has received the following advice from its London office, under da.e Jt The saleThave closed with active and broadening competition, with a keen demand. particularly for qualities from fortv-eights upwards. ' The following are current quotations for wools of average condition : —

The Bank of New South Wales has received the following cable message from its London office, dated March 16 .—London wool sales close, compared with open, ins prices: Merino, par. in sellers favour; fine crossbred, unchanged ; medium crossbred, par: coarse crossbred, par to 5 per cent, cheaper; stipe, o per cent, cheaper. Murray, Roberts and Co.. Ltd., have received a message from their Loudon agents giving the following compaiisoii between the closing rates of the March series of wool sales and those of the January scries:— ’ March. Jan. d. d.

SYDNEY STOCK EXCHANGE Market Irregular Yesterday By Telegraph.—Press Assn. —Copyright. (Received March 19, 8.20 p.m.) Sydney, March 19. On the Sydney Stock Exchange to-day industrial concerns were irregular. Tooths fell rather sharply owing to pending litigation in which B. Davie Ltd., London distributors of Watsons whisky, are claiming £250.000 damages and an injunction regarding the sale of certain proprietary lines of whisky. Commonwealth bonito were weaker. Mining shares were comparatively neglected. Sales: Bank of New South Wales, £34 15/-; Associated News, 21/10J: Burns Philp South Seas. 29/-; Australian Gas. A £7/16/6. Tooths, 42/3; Tooheys, 27/6; Australian Glass. 52/6; Millaquin Sugar, 29/6; Farmers, 18/6; Standard Cement, 17/6; Newcastle Gas, A. 13/-. Queensland National Bank, £o/10/-; Mount Morgan. 21/3; Broken Hill Proprietary, 46/-. , , „ Morning sales included: Commonwealth bonds. 4 per cent. 1!938. £lO4 7/6; 1941 £lO5/5/-;' 1944. £lOl/10/-. 1947. £lO5/5/-; 1953 £lO6/12/6; 19u9, £lO7/7/6; 1961. £lO6/7/6; Metropolitan Water Board debentures, 4 per cent.. 1944, £lO2/15/-: Tooths 42/6. 42/o, 42/-. 42/3; Australian Glaf.s, , Broken Hill Proprietary, 46/-. Melbourne, March 19 ; Sales on the Melbourne Stock Exchange to-day included: —

FOREIGN EXCHANGES Position of Sterling By Telegraph—Press Assn.— Copyright TjOiulon, March 17. The following rates on foreign exchanges were current to-day. compared with those ruling on March 16: —

Gold and Silver. London, .March 17. Gold—£(;/!(>/<> per line ounce. Silver—Cash. 201 d. per ounce: forward, 20 5-lfid. London Butter Market By Telegraph—Press Assn.— Copyright. London, March 17. Butter prices remain at an abnormally low level with imports on a large scale. In January nnd February imports amounted to 83,000 tons, an increase of over 15,300 over the same period of IJo.>; but stocks in cold store increased by only 7100 tons, which is evidence of a satisfactory consumptive demand. The estimated consumption during r ue past two months averaged 9300 tons a wook. As one leading importer reports: “These are astonishing figures, and netwithstanding the tremendous increase in imports, it certainly seems that t’ l present, prices consumption will absorb all the butter we are likely to receive.

N.Z. GOVT. loans. Buyers. £ s. d. Sellers. £ s. d. 4 p.c. Bonds, 1940 .... 4 n.c. ditto. 19-10 .... 102 0 0 — 101 12 6 4 p.c. ditto, 1949 .... 4 n.c. ditto. 1055 .... 102 10 0 102 0 0 r, n.c. ditto. Rural, .. . 34 Stic. 1939-43 Uh U 101 0 0 0 — .34 n.c. ditto, 1939-52 .. 102 0 0 — .34 p.c. ditto, 1938-43 101 0 0 .34 n.c. ditto, 1938-52 .. 4'P.c. ditto. 1940 .... 102 0 101 17 102 7 0 4 p.c. ditto, 1940 .... 101 12 6 4 p.c. ditto, 1949 .... 102 10 0 4 p.c. ditto, 195u ...» 102 5 0 debentures. Wgtn. City, 4} p.c., 1943 101 10 101 n ft Ditto, 1037 ■■■■■■■■ Eastbourne. p.c., 19u2 Ditto, 1943 ■ — 100 101 15 0 0 0 Wellington Gas Co. . 103 12 Wgtn. Racing Club .. 98 10 0 Wright, Stephenson, 92 0 o banks. •13 ft ft Comrcl. of Aust., ord. 0 10 11 0 17 1 Comrcl. Bankg. Co., 5 Sydney Eng., Scot, and Aust. 5 13 0 lo 0 National of N.Z —— National of Australasia, £10 paid 13 9 Ditto, £5 paid .... 6 7 6 34 New South Wales .... 34 2 ft 10 3 r i v c a 1 a n d 2 7 9 8 10 7 0 FINANCIAL. Abraham and Williams, _ 2 6 0 ■ill.— Ditto, pref 3 15 0 — Goldsbrough Mort and 1 13 3 1 13 0 N.Z. Guarantee Corp. N.Z. Loan and Merc., »0 4 0 — , 1. GO 0 0 Wgtn. Trust, Loan .. 4 15 0 General Finance .... —• 1 0 0 GAS, 18 Auckland, contrib. .. —• 0 8 Wellington, ord 1 10 « 1 17 6 1 4 0 1 u INSURANCE. Aust. I’rov. Assce. ... — 0 11 3 National of N.Z 0 IS 8 —— New Zealand 2 17 G ~ — Q ueen stand ....••••• 3 5 ft __ South British ....... 3 15 0 — Sit n n fin i‘r1 ............ 3 0 6 __ MEAT. 1 8 0 N.Z. Refrlg., 10/- paid 0 8 1 0 8 4 Southland 3 2 0 —— Wgtn. Meat Exp., pref. 0 19 6 — TRANSPORT. Union Steam, pref — 1 s 9 WOOLLEN. 0 11 4 — . Ditto, contrib 0 2 6 0 3 0 COAI Grey Valley Westport-Stockton, — 0 12 0 pref. 0 2 0 — TIMBER. Leyland-O’Brien Tarlngamutu Totara 1 1 0 —— — 0 7 0 Flntniti 0 5 0 BREWERIES. Carlton 2 4 0 N.Z. Breweries 9 0 2 Tooth and Co. 2 4 0 MISCELLANEOUS. British Tobacco, Anst. »1 18 0 1 18 0 Colonial Sugar 64 0 0 65 0 0 Dominion Fertiliser .. —— 0 17 9 D.I.C.; ord b 14 0 Dunlop Perdriau .... Electrolytic Zinc, 8 p.c. 0 19 0 part pref ■ 1 14 6 N.Z. Farmers’ Fertiliser 0 15 9 Sharland and Co., ord. 1 5 0 Whltcome and Tombs 3 8 « Woolworths, N.Z., ord. S 5 0 —- OIL. Moturon. ord — 0 3 2 MINING. Alexander, contrib. .. 0 14 6 Bell Kilgour 0 0 7 Big River -■ - 0 1 0 Central Shotover .... 0 1 0 Consol. Goldfields .. —— 1 0 0 Gillespie’s Beach .... 0 2 2 Golden Dawn ■ 0 n Golden Sands . 0 2 1 11 King Solomon ...... ♦0 4 3 Mount Lyell ....... 1 4 Nokomai 0 1 0 1 6 Okarito ••••••••••••• •0 9 9 Wallii 1 14 0 4 0 1 18 0 Walhi Grand Junction 6 Brian Born 1 11 ft Mount Morgan 1 9 Kawanz Tin ®n 7 3 0 7 6 *Cum dividend. Unofficial List Buyers. Sellers. ’nvest., Exec. Trust, “A” deb £ 8. d. £ s. d. 99 12 ft Ditlo, 1st "B” deb. ' •100 10 0 101 10 0 Ditto. 2nd "B” deb. 9.3 0 0 Claude Neon Lights .. —— 7 3 National Tobacco ... —— .3 5 0 Wgtn. Publishing Co. —— 5 0 0 *Cuin dividend.

rear ended December 31, 1931. 1932. 1933. £ £ c Net profits Div., pref., 6 p.c. 15,172 15.000 22,333 15.000 47.168 15.000 Div., ord., p.c. . Dlr., ord., amt. — 30,000 Retrospective income tax .... To z reserve .. • • Carried forward 72,745 4.018 (50,000 15,160 17,328 Liabilities — Capital— Ordinary .... Preference ... Reserve fund .. Deposits •■■■ Creditors On behalf of sub2.990,000 250,000 231,502 96,756 56,828 2.000,000 250,000 291,502 61,000 57,470 2,000,000 250,000 291,502 39,532 57,970 sidiary com597,310 661,432 733,830 Provision for pref. div. .... 210,911 3,750 119,506 3.750 Freehold (cost) 133,860 133.8G0 133.821 Leasehold ■■■■ 23,051 20.440 Plant, etc 38,901 26,359 Shares in other companies ... 3,094,377 23,806 3,094,476 22,604 3,126,172 18,470 Debtors Due by subsidi200,500 102,655 90,708 aries and associateds — 51,902 — Govt, and other d c b s 1,495 1,495 1,495 Bills receivable Cash ••• 3,582 253 1,782 8,283

tioucil. wBHUiGTOX. Inscr. Stock. 4 p.c..~ 1940 £ s. d. •102 3 5 O 0 » •> 0 0 N.Z. Breweries • • • • • • British Tobacco, cum div. • • i 18 o ♦Late sale Friday. AUCKLAND. d. 102 — 0 InSC. btOCK, p.C., Bank of New South 5VaIcs 34 Bank of New Zealand 8 10 11 Dalgety and Co. ..♦ • • • • • • •, Farmers* Auctioneering, ±» 19 0 N.Z. Guarantee Corpn. (2). ... y 0 4 () 6 North Auck. Farmers, “B pret. 0 4 0 18 0 18 9 <1 b 64 Pi 0 0 3 Wait) i • 1 1;» 0 Ditto 1 1., 6 niHn 1 16 0 piff-0 1 16 ■? Ditto • 1 16 6 CHRISTCHURCH. d. Kaiapoi Woollen, 17/- paid .... 0 11 1 Christchurch Gas, 10/- paid .. 14 0 Ditto (2) 0 1-t Tlmaru Brewery, 7/0 paid ....... 0 4 11 6 Tooth and Co British Tobacco, cum div., odd lot 1. 18 (I 1 4 4 1) o 91 ’ 0 0 4 0 0 0 2.1 RaWftDg Tin rum div (I 7 41 Skippers, 1/- paid 0 1 1 Sales reported: Inscr. Stock, 4 p.c.. 1946 • • 102 11 0 Kaiapoi Woollens, 17/- paid .. ♦0 Ditto pref 0 17 u A *Late sale Saturday. DUNEDIN. x? s. d. Bank of New Zealand j 7 101 Tiniaru Brewery, 7/6 pd Waihl Grand Junction 0 II ♦0 4 9 0 3 Bril Kilgour 0 II fl 0 11 0 ♦Late sale Saturday.

Ver lb. Merinos — d. d. Super, GO/Gl’s . . 20 to Ordinary. 60/64's .. .. 17 i to 18| Inferior, 60/6-1’s ••• .. 131 to 14| Halfbreds — .. 161 to 174 .. 13 to 1-1 Crossbreds — * 5O’ S . . 10 to 11 48/50’s 4R/4£’s .. 92 .. S2 to to 191 91 .. 8.1 to S:1 SI 40/44’s • to .. vi S 36/40’s 10

N.Z. merino. 60/64’s, yieldins; 48 per eelit .. Halfbred, 56’s, yielding 64 1G None per cent • • ■ Super fine crossbred. 50 s, 151 161 yielding 70 per cent._... Fine crossbred, 48/50’s, mixed prep, and card., 11 12} 101 yielding 72 per cent. ... Fine crossbred, 46/48 s, 91 mixed prep, and card., yielding 74 er cent. .... Medium crossbred, 44/46's, prep., yielding 76. per 81 91 cent ; • Medium crossbred, 44/46's, card., yielding 74 per 8 SI cent Coarse crossbred, 40/44’s, 8 9 yielding 75 per'cent. ... 71 8 Low crossbred, 36/40 s, yielding 76 per cent. ... 61 <1

Mar. 17. Mar. 1G. par. N. York, dol. to 5.08 7-8 5.0S7-8 4.866 Montreal, dol. to £ 5.09 3-8 5.095 4.866 Paris, fr. to £ 7713-32 7713-32 124.21 Brussels, bei. to j * 21.84 21.845 35.00 Geneva, fr. to 15.77 15/77 Anist’dain, fl. to £ 7.5G 7.57 12.107 Milan, lire to £ 59 13-32 59 13-32 92.46 Berlin, inks, to £ 12.83 12.835 20.-13 St'holin. knr. to Zj 19.395 19.395 18.159 C’hagen. knr. to 22.40 22.-10 IS. 159 Oslo, knr. to £ 19.90 19.90 18.159 Vienna, schgs. to £ ■28 28 34.585 Prague, knr. to £ 122.75 122.75 164.25 llel'fors. inks, to £ 226.0) 226.50 193.2*3 Madrid, pes. to £ 37 11-32 3711-32 Lisbon, esc. to £ 109.875 109.875 iib Athens drach. to £ ‘535 *535 375 Belgrade, din. to £ — 22.> 276.31 Bucharest. lei to £• 510 510 813.60 Warsaw, zloty to £ —— 43.38 Rio de ,T.. 1). to 11 nil. ft 1-8 +4 1-8 5.S99 B. Aires, p. to peso +361 +36} 47.62 M. Video, p. to peso +3.81-8 +381-8 51 Calcutta, p. to rup. 18 3-32 18 3 32 18 Shanghai, n. to dol. 16 5-16 16) — H.-Kong, p. to dol. 18.1 18} — Y’hama. 1>. to yon 113-16 14 3-16 24.58:1 Batavia, fl. to 7.54 7.55 12.107 fScllers, official. •Sellers.