FINANCE and COMMERCE

Dominion, Volume 28, Issue 58, 1 December 1934, Page 10

FINANCE and COMMERCE

STOCKSAND SHARES Wellington Market Active YESTERDAY’S QUOTATIONS The latest buying and Selling' quotations recorded yesterday on', the Wellington Stock Exchange were as follow :- N.Z. GOVT. LOANS. Hovers Sellers.

BUTTER AND CHEESE London Markets Steady A. S, Paterson .and Co.. Ltd., received cable advice from J. and J. Lonsdale and Co.. (London), Ltd., as follows:—Butter: Market steady. New Zealand, 73/-; Australian, 71/-: Danish, 05/- f.0.b., 116/landed. Cheese: Market steady. White. 47/-; coloured, 46/-. Cabled advice received by Mr. G. A. Mills from A. J. Mills and Co., Ltd., London, Rives the following market prices as ruling at the close of business on Thursday :—Butter: The market is steady. New Zealand, finest, 72/- to 73/-; firsts, 71/-; Australian, choicest, 70/- to 71/-; first grade, 69/- to 70/-; Danish, spot 114/-. f.o.b. 95/-.; Siberian, 69/- to 70/-; Baltic States. 72/- to 74/-. Cheese: The market is steady. New Zealand. white, 47/- to 47/6; coloured, 46/to 46/6: Canadian, white and coloured, 52/- to 53/-. ; Saniuel Page and Son. Ltd.. London, report to Dalgety’ and,Co.. Ltd.,: —Butter: Rather more inquiry this end of week. Danish. 116/- (115/- to 116/-) ; New • Zealand, finest salted, 70/- to 73/- (72/to 75/-) ; Australian, finest unsalted. 70/to 73/- (70/- to 73/-) ; finest salted, 70/- * to 71/- (72/- to 73/-) ; Australian G.A.Q.. 67/- to 68/- (70/- to 71/-). Cheese: Slow. New Zealand, white, 46/- to 47/(50/-; coloured, 45/- to 46/- (49/-) ; spot price for Canadian, white, 52/- to 55/(53/- to 55/-) ; coloured, 52/- to 55/(53/- to 55/-). (Last week’s quotations shown in parentheses.) Wellington Poultry Market Prices of live poultry in the Wellington market this week are quoted by Townsend and Paul, Ltd., as follow:— Fowls. —White Leghorns: Hens, 1/9 to 2/3 each; cockerels, 1/6 to 2/6; pullets, 3/- to 4/-. Black Orpingtons: Hens (heavy), 3/6 to 4/- each; (medium), 2/3 to 2/9. Cockerels (heavy), 3/3 to 3/9; (medium), 2/3 to 2/6. Ducks: Indian Runner (voting), 2/6 to 2/9 each; (old). 2/- to 2/3. White (heavy), 3/6 to 4/-. Geese: 4/- to 5/- each. Turkeys: Od. to 1/- per pound.

DEALINGS ON ’CHANGE

Sales Recorded Yesterday

RETURN ON INVESTMENTS

Sales recorded on Dominion Stock Exchanges yesterday are shown in the following list. In the second column is given the .’.•eturn based on the last annual dividend from investment at the quoted price. In calculating the return on shares tn companies which pay their dividends outside New Zealand the exchange rates bnve not been taken into consideration. The return of 4 per cent. Government loans includes redemption. In the case of 34 per cent, loans the return is for the interest alone, and covers only tho period for which the loans are tax-free. ii'Ki.i.ixorax'.

Sydney Share Market Firmer By Telegraph.—Press Assn.' —Copyright. (Received November 30, 8.40 p.m.) Sydney, November 30. On the Sydney Stoc'u Exchange to-day leading industrial securities’ continued very firm and pastorals recovered ground. Banks were generally steady, but giltedgeds were sagging. Sales: Bank of New South Wales, £33: Commercial Bank of Sydney, £l7/18/-; United Insurance. £ll/7/-. Associated News, 25/6; Burns Philp, 58/6; Burns Philp South Sea, 24/3; British Tobacco, 42/9; Tooths, 51/-; ditto, New Zealand delivery, 50/9; Automatic Totes, New' . Zealand delivery, 21/4J. Australian Iron and Steel, , pref., 23/41; Australian Glass, 62/-; Goldsborough Mort. 30/-: ditto, New. Zealand delivery. 29/10}: Wilcox Moftlin, 10/-; David Jones, 42/-; Anthony Hordern,' 18/-; Standard Cement. 18/6. Mount Morgan, 35/-: Broken Hill Pty., 53/3; South Broken Hill, 80/6; Kuala Kampar Tin, 13/6; .Rawang Tin, 8/4; Euratha Gold, 6/9. Commonwealth Bonds, 4 per cent. 1938, £lO6/5/-; 1941, £106; 1944. £lO7/13/9; 1950, £lll/5/-: 1953. £lll/7/6: 1955, £lll/10/-; 1957. £110; 1959, £lll/10/-. Melbourne- November 30. Sales on the Melbourne Stock Exchange to-day included :—National Bank of Australasia, £lO paid. £l2/11/-; North Broken Hill, £5/3/-. Base Metals Market (Received November 30, S.4u p.m.) London. November 29. The official London (middle) quotations for Thursday, as reported by the Australian Mines and Metals Association, com-

The Reserve Bank The outstanding event in New Zealand economic'life has indeed been the establishment of the Reserve Bank of New Zealand, which began its operations on August 1, said Mr. Thomas Buckland, at the annual meeting of the Bank .if New South Wales, in 'Sydney, yesterday. The establishment of a Reserve Bank should undoubtedly facilitate the closer co-ordination of the various parts of the economic structure of'New Zealand. Experience has shown the value of reserve banking in other countries, though the machinery is still defective in some respects. It is obviously important that a central bank should keep in close touch with local conditions and with the requirements of trade, commerce and industry. Provided this condition, is satisfied there is every reason to believe that the new bank will have results for New Zealand no less satisfactory than those which have been enjoyed elsewhere. It is of course desirable that extra vagant expectations should not be formed of what a reserve bank will be able to do. A reserve bank cannot do everything, and even those things which it can do effectively in countries with highly organised money markets may be outside the range of .possibility in countries like New Zealand where machinery of this kind is still rudimentary. But even when all cautious qualifications have been made, it remains .true that the existence of a reserve bank will be an added strength to the banking system of New Zealand and a valuable contribution to the economic life of the Dominion,

Buyers £ S. d. sellers. £ S. (1. 4 p.c. Bonds, 1946 .... 104 5 0 4 p.c. ditto, 1949 .... 107 0 0 — 4 p.c. ditto. 1955 .... 112 0 0 — 5 p.c. Hural Bonds. 1947 103 10 .0 —• 34 p.c. Ins. Stk.. 1939-43 105 0 0 107 0 0 34 p.c. ditto. 1939-52 .. 106 0 0 107 0 0 3} p.c. ditto, 1938-43 .. — • 106 15 0 4 p.c. ditto, 1910 .... — 103 5 0 4 p.c. ditto, 19111 .... 104 5 0 105 0 0 4 p.c. ditto. 1949 .... 107. 0 0 108 0 0 4 p.c. ditto, 1955 .... 112 0 0 112 15. 0 DEBENTURES. 102 5 0 Wgtn, City. 4J p.c., 1944 ...105 0 0 — Wgtn. Gas Co 104 0 0 — Amid. Brick, Wellington — 103 0 0 Wright, Stephenson, 5 p.c., prior Hen .... 98 10 0 — BANKS. 11 6 O Comrel. of Aust., ord. 0 15 9 0 16 0 ■ - Comrcl. Banking Co.. IS 0 o National’ of N.Z 3 11 6 3 14 6 National of Australasia, £5 paid- 6 1 J' 6 4 6 New South Wales ..... (b 0 New Zealand , *2 S .5 *2'8 8 Ditto, D long term *1 12 ’ 9 .1 13 3 Reserve Bank of N.Z. 6 9 0 6 19 6 Union of Aust. 8 14 0 8 19 0 Union of Aust., Melbourne reg. ...... 8 14 0 r FINANCIAL. Goldsbrotigh, Mort arid v. Co • 1 9 3 1 9 11 National Mortgage (A) .■ — ,30 O' N.Z. Guarantee Corp. 0 5 9 -0 6 0 N.Z. Loan and Merc., 55 0 0 Wgtn. Invest.. 1’; & A. 9 8 9 — ■Wgtn. Trust, Loan 11 0 — Wgtn. Dep. and Mtge. 0 4 0 — GAS. ■ 0 12 6 Wellington, ord 2 2 0 INSURANCE. Aust. I’rov. Asset). ... 011 1 0 11 4 National of N.Z 1 1 0 —— 3 9 0 — MEAT. < 16 0 N.Z. Refrig., .01 paid 10 1 1 0 3 Ditto. 10/- paid ... 0 9 10 0 9 11 Wgtn. Meat Exp., pref. — ISO TRANSPORT. Huddart. Parker, ord. — 1 18 0 Union Steam, pref. .. 1 7 10 — 1’. and O. defd. stock — 1 1 0 WOOLLEN. 0 15 11 Wellington, pref 5 12 6 COAL. TIMBER. W •0 19 0 Levland-O’Brien .... 1 1 0 12 3 National — 10 14 3 0 5 3 Kotolti 0 3 6 BREWERIES. N.Z. Breweries *2 9 0 2 9 7 Staples and Co 1 10 8 Tooth and Co — 2 11 3 Tul 3 0 0 4 0 0 MISCELLANEOUS. British Tobacco ..... 2 2 3 2 3 0 Burns, Philp and Co. . 2 18 o — Colonial Sugar 40 10 o — Consol. Brick and Pipe 0 9 10 0 10 2 Dental & Medical Sup. 0 8 9 —— Dominion Fertiliser .. 10 6 1 1 0 D.I.C., 7/6 pd., ord. .. .0 10 6 O 13 3 Ditto, fully pd., ord. 0 13 6 —— Ditto, pref — 17 3 Dunlop Perdriau .... —- 10 0 Electrolytic Zinc, ord. 1 4 0 —— Ditto, 8 p.c, pt. pref. 1 14 6 1 15 0 Farmers’ Co-op. Auet. — 3 18 0 Howard Smith, ord. . — 0 16 1 N.Z. Drug — 4 10 N.Z. Farmers’ Fertiliser — 0 39 3 N.Z. Newspapers . — 1 13 0 1 14 0 N.Z. Paper Mills .... 1143 1 15 3 Sharland and Co., ord. 1 6 0 Ditto, pref 1 6 0 — Wgtn. Queen’s Theatre ■ — 10 0 IVoolworths, N.Z *8 0 0 9 0 0 Broken Hill Pty — 2 14 0 *3 2 3 Quill Morris 0 3 4 Claude Neon Lights . 2 13 0 — United Provisions .... 0 9 10 — MINING. 0 0 4 Big River 0 1 5 0 17 Brian Boru 0 0 104 King Solomon ■ — 0 3 10 Mahakipawa 0 o 94 __ Mount Lyell 0 17 10 0 18 1 Okarito -— 0 9 0 Skippers O O S4 0 0 9 Wai hi 1 is 3 1 19 6 Waihi Grand Junction 0 4 6 0 3'9 Mount Morgan ...... •<- 1 IB 2 Tin Inin ..... *R 9 0 - - ’Cum dividend. tEx dividend. Unofficial List Buyers. Sellers. £ s. d. £ s. d. Proccra Bread, vendor r 1 1 0 15 5 Ditto, ord — 0 15 6 : Tru Color Film ..... — .15 0 Kilblrnie Theatre .. O 13 3 0 13 0 Fuller-Hay wards .... — 95 0 0 Woolworths Ltd., ord. 3 18 6 3 17 6 W. E. Woods, Ltd. <— 0 17 0 Maori Gully tfi 1.4 0 16 Wairarapa Frozen Meat M Co 0 19 6. 17 6 Asso. Motorists’ Pet- - Frozen ’Products 0 9 0 C. and A. Odlln, pref.' — • .1 2 a

WELLINC • TON. Sale price £ s. d Yield p.e. on investment. £ s. d National Bank of N.Z. 3 12 6 2 15 2 Bank of N.Z *2 8 6 4 2 :5 Ditto (5) 2 8 6 4 2 5 Reserve Bank . 3 17 4 N.Z. Refrig.. 10/- paid 0 9 11 5 0 10 Kelbiirne Tramway .. 1 6 6 3 .15 6 Consolid. Brick (2) .. 0 .10 0 —— Big River *0' 1 6 —— Skippers (2) . 0 0 84 — Unofficial list: Woolworths Ltd,, ord. ♦3 1G.fi —— ’Late sale Thursday. AUCKLAND. £ s. d. £ s. d. Govt. Bonds. 4 p.e., 1,946 105 15 0 3 10 ft loser. Stock. 4 p.e., 1946 105 0 0 3 12 0 Aiualg. Brick (Auck.), 7} p.e.. 1944 103 0 0 •— Bank of N.S.W. (3) ... 32 10 0 3 1 ft l»ank of N.Z .2. 8 (1 4 2 5 3 8 3 2 18 7 Abraham and Williams, 4 7 0 5 14 11 N.Z. Guar. Corp'll o - 5 io 5 14 3 Auckland Gas. cent. . 0 10 6 ■14 7 Devonport Ferry';. 1. 4 .,0 4 3 4 0 0 8 ■ ■ Bartholomew Timber (2) 0 14 6 3 'J 0 Taupo Totara (2)'.... 0 5 0 British Tobacco 2 2 1) 2 16 5 Colonial Sugar 12) ... 40 0 0 Electro. Zinc. ref. ... 1 15 3 4 10 9 N.Z. Rcfrlg.. £1 pd. .. 1 0 3 4 18 9 Broken (till I’pty. ... 2 13 6 3 14 9 Ditto 2 13 II 3 15 6 1 13 0 Golden Dawn (2) , 0 3 0 — Unolllcial list:— Auck. Farmers’ Freezing 10 0 6 00 Auck. Trotting Club, 61 p.e.. 1944 106 0 0 — Brunner Collieries, S P.e., 1938 80 0 0 —— Woolworth (W. Aust.) 5 15 0 — CHRISTCHURCH. £ s. d. £ s. d. •Comm. Bank of Aust.. 0 16 0 2 6 ■Reserve Bank (2) .... 0 10 0 3 16 IL Goldsbrough Mort (4) 1 9 3 4 2 1 N.Z. Refrig., £1 pd. (8) 1 0 3 4 18 9 Ditto. 10/- pd. (4) . 0 II 11 5 0 10 Christchurch Gas (2) 1 15 0 3 8 7 N.Z. Breweries (2) ... 2 V *1 2 16 9 Timaru Brewery. 7/6 paid (2) 0 7 9 2 8 4 Tooth and Co. (3) ... 2 10 4 3 15 6 Bea th and Co - .1 12 6 4 1S 5 British Tobacco 2 2 9 2 10, 3 Ditto 2 2 8 2 10 3 Colonial Sugar 41 3 0 Consolid. Brick 0 10 1 — Electro. Zinc,, pref. .. 1 14 10 4 11 10 Other sales: Big River. 1/6 Golden Dawn. 3/-. 3/11: Mahakipawa, lOd. (2): Skippers. Sid. Unofficial list: Procera Bread. 10/- pd., 14/-; Woolworths Ltd., ord.. 77/-: New River. 5d. (4). 5|d. (3), 5Jd.; Snowy River, Ifd <3.1. DUNEDIN. £ s. d. £ s. d. Reserve Bank 6 10 0 3 16 11 Union Bank (2) 8 15 0 2 17 1 Westport Coal 10ft .4 17 ft Beath and Co 1 12 G 4 IS 5 Colonial Sugar 40 O O Big River 0 1 « —

pare as under with those previously cabled: — Nov. 28. Nov. 29, Per ton. Per ton. Copper— £ s. d £ 8. (1. Standard, 'spot ... 27 10 7* 27 5 0 Standard., forward .27 Id 10}. 27 11 104 Electrolytic .... 30 10 0 30 10 0 to 31 0 0 30 15 0 Wirp bar,s 31 0 0 30 15 0 Lead— Spot ......;.... 10 15 '0 10 13 9 Forward 10 13 0 10 13 9 Spelter— Spot ........... 11 IS 9 11 18 9 Forward 1*2 5 0 12 5 0 Tin— ' 1 Snot ............ 229 .10 3 228 13 9 t Forward 229 17 6 229 2 6 Silver— Standard, per oz. . 24 5-8(1. 24 ll-16d. Fine 20 9-16(1. 261(1. tAmerican, December 51.00 cents a lb.