COMMERCIAL

Evening Star, Issue 20510, 14 June 1930, Page 11

COMMERCIAL

THE SHARE MARKET DUNEDIN STOCK.. EXCHANGE. A reported sale of Union Banks at £l2 Is 6d was the only sale recorded on the Stock Exchange this morning. There was inquiry for nearly all bank shares at fairly close margins.- Bank of Australasias were wanted at £l2 6s 6d, and ho seller quoted at £l2 12s 6d. Bank of New South Wales were asked for at £4O, but there was no seller. Commercial Banks provided a twopenny margin at £1 2s 4d and £1 2s 6d. ' National Insurances showed a wide market, the . buyer’s price : being l4s, ‘ with a seller asking 14s 7d. New Zealand Insurances have shown a strong upward movement during the last few days, and there is doubtless some substantial reason therefor, but it has not yet been announced. The miscellaneous section was noticeable from tho considerable number of buyers and the limited number of sellers. Milburns were asked for at £1 12s 9d,_ but there was no 'seller , under £1 14s; National Electrics were on offer at 10s 9d, with a buyer Is away. Farmers’ Fertilisers have shown some improvement recently, and were inquired for at £l. The quote for Waihis was buyers 13s Bd, sellers I4s. In September of next year tho sum of £212,500 will bo payable by the New. Zealand Government to this company in respect of the hydro-electric works. This is the equivalent of over 4s per share. Molyneux Electrics could have been placed at 2s 6d, but the seller wanted 7s. Okarifcos- were wanted at Bs, but tho seller asked 8s 2d. . Government debentures remained unalSalo reported: Union Bank, £l2 Is 6d.

DATES OF DIVIDENDS PAYABLE. Perpetual Trustees (final), Is 4 l-sd, June 14 (approx.). . Bank of New Zealand (final), Is 4a, plus bonus of 1 per cent., June 21. Bank*, of New Zealand, Long D (final), 9d, June 21. _ ' ■ Mount Lyell (interim), Is, June 23. Goldsbrougb, Mort (final), Is* June 27 (approx.). *New Zealand Loan and Mercantile (£IOO ord., interim), £2, Juno 30. *New Zealand Loan and Mercantile (£IOO pref., interim), £2 10s, June 30. # New-Zealand Loan and Mercantile (£IOO second pref., interim), £3 ss, North Broken Hill (quarterly), IsGd, June 30 (approx.). . National Mortgage (interim), Is Od, Jl bfational Mortgage (B issue), a proportionate amount. N.Z. River Plate Co. (interim), 10 4-sd, July 1. (Subject to English incom© tax of 4s 6d in the £.) *Less English income tax.

FRUIT AND PRODUCE Bray Bros., Dunedin, report as follows : A few consignments of chaff have been coming to hand. Sales are slow and the price is ruling round about £5 IDs per ton, sacks extra, ex truck. The North Island is drawing its supplies from Canterbury and Marlborough. The oat market is quiet; stocks are on the light side, and quotations are 4s, f.0.b., s.T., for A grade Cartons. There are very few cats offering by farmers in Otago and present values are 3s 3d for A’and 3s Id for B, on trucks. The wheat market is steady', and very little business passes. Values for pool wheat are 6s 4d, f.0.b., sacks extra, for Tuscan, Gs 6d for Hunters, and 6s 8d for Velvet. Reports from the north indicate a shortage ot fowl wheat there, and the market is firm at Gs per bushel. Millers’ prices are as fol10Fiour.—2001b, £l7 ss; 1001 b, £IS ss; 501 b, £18; 251 b, £l9. Bran, £8 10s per ton. Pollard, £9 per ton. Oatmeal. —2001 b, £24 10s; 2olb, £25 10s. The depression in tho potato market still continues; supplies are arriving freely from the north and sales slow, and prices are ruling from £5 to £5 10s per ton. The onion market has firmed a little, and they are selling on the local market from £6 to £7. Some fine samples of honey are offering at 5d per ib, and beeswax is inquired for. The egg market is steady, all lines coming forward are readily placed. Hams and bacons are in good supply and the market steady. There is an inquiry for fully-matured cheese. Business in tho fruit mart is difficult; all lines are low in price. Apples and pears have been difficult to sell; only first quality lines have been asked for. The feature of the market is the low price of oranges. Fair consignments of Island Granges came forward, and these sold from 8s 6d to 14s case, according to quality. Lemons have been short supply. Australian fruit is now coming forward. Pie melons and marmalade oranges are now in season. " Vegetables, are in fair supply and tho market steady. The following were the prices realised during the week: — Honey, to sjd lb; 101 b tins, 5s 6d to Gs; 51b tins, 3s 6d; section, choice, 12s; first grade, 9s 6d to 10s 6d dozen; pottles, 3s 6d to 14s dozen. Swedes, to 3s cwt. Cabbage. 4s to 5s sack. Cauliflowers, 7s to 11s 6d sack. . Pumpkins, 12s to 15s cwt. Lettuce, 2s 6d to 3s 6d dozen; small, 8d to Is Gd dozen.

Marrows, 9s to Ils cwt. Radish, Is dozen. Celery, 8d to Is bunch. Peas, 2Jd to 2sd lb. Cucumbers, 7s 6d to 10s dozen. Potatoes. £5 5s to £5 los ton. Onions.—Canterbury, £6 to £6 10s ton. ‘

Garlic, 6Jd to 9Jd lb. Oyster grit, 8s 6d. Fat, 18s to 22s cwt. Oats.— A Gartons, 3a 9d; B Cartons, 3s 6d per bushel. Chaff.—Oatsheaf, £5 5s to £5 10s ton.

Hay.—Clover, £G per ton. Wheateu straw, 60s per ton. Fowl wheat, 6s 6d to Cs 9d per bushel. Pollard, £9 per ton. Bran, £8 10s per ton. Eggs, 2s 5d to 2s 6d dozen. Mutton birds, lOd each. Butter Eats.—Bulk, la 3d, Is 4d each.

Bacon Pigs.—Prime, Bd'; porkers, 8kl; heavy-weights, to 6d. , ■ Bacon.—Hitchon’s, Is 3d lb. ' Beeswax, Is 7d lb. . Cheese;—Medium, Bid to 9d lb. , • Peanuts, 5d lb. Walnuts, 9d lb. Grapes, Is 4d to Is CJd. Cape gooseberries, 8d per lb. Pears, IJd to 3d lb. Quinces, 2Jd to 3jd lb. Strawberries, Is 6d to 2s pottle. Christchurch tomatoes, 2Jd to 7d lb; local tomatoes, 6jd to 9jd lb. Apples.—Dessert, 7s 6d to 12s 6d case. American Navels. 47b to 52s case. Australian Valencias, ICs case. Lemons.—Mission, 50s case; Australian, 25s case; New Zealand, 24s case. Cccoanuts, 21s case. Pines,' 24s case. ' Grape, fruit, 45s case. ’ Bananas.—Samoan, 2os; Niucs, 20s case. Australian grapes, 7s 6d to 12s case. Violets, 4s to 5s dozen. FOREIGN EXCHANGES. Press 'Association—By Telegraph—Copyright.

LONDON STOCK EXCHANGE. Pr«c* Association—By TaUjraph—Copyright LONDON. June 12. The following are the latest quotations for Government securities

BUTTER AND CHEESE. Amalgamated Dairies, Ltd., report receipt of the following cable from London:—Butter prices advanced. Anchor, 1365; good demand continues; Danish, 1325, f.o.b. Chesse--White, 735; coloured, 88s; market quiet.

BANK OF ENGLAND RETURNS. Frees Association—By Tele„'r;;|ni--Copjrijfc' LONDON, Ju- 13. (Received Juno 13, at 11 a.m.) The following are the Bank of England returns: — ISSUE DEPARTMENT. Note issue in circulation Banking department ...‘ ,£416,261,457 Government debt ... Other Government securities .t’itlS’lvra Other • -unties U®9,273 Silver coin ,/ofit i?” Gold coin and bullion * ••• ljo,-ul t 4«># BANKINQ DEPARTMENT. Proprietors’ capital Re *, 3,234,552 Public deposits Other deposits (bankers) TiSo Other accounts ,iS Seven-day and other bills Government securities - Discounts and advances ,-aS (v» : » Other securities ... ... Notes in reserve ... °~'nlo n-,n Gold and silver coin ••• ,£120,236.139 The proportion of reserves to liabilities is 51.90 per cent Short loans arc quoted at w per cent., three-month bills at 2i per cent. MELBOURNE HIDES MARKET. Prew Anodation—By Telegrapli—Coprrigbl MELBOURNE, Juno 12. The hides market was very keen, and values generally, except heavies, ivore Jd to id dearer. METAL MARKET. Press Association —By Telegraph—Copyright. LONDON. June 12. Copper': Spot, £49 10s; forward, £SO Electrolytic: Spot, £6B; forward, £‘so Wire bars, £OO. ■ ■ > Lead: Spot, £l7; forward, £lB. Speltdl: Spot, £l6 11s 3d; forward, £l7 2s 6d. , , , . Tin. Spot, £134 18s 9d; forward, £136 16s 10id. Silver. Fine* 16 3-16 d per ounce; standard, 16id. TARANAKI OILFIELDS. A NEW WELL. (Pen United Press Association.] GISBORNE, June 13. The management of the Taranaki Oilfields, Ltd., announces the intention to drill a new well in the Waitangl area twenty-four miles north and inland from Gisborne. Drilling at Mangaone, known as the Gisborne No. J, was abandoned on April 4 at 3,9Jort owing to the impossiinility of making further progress against adverse conditions, mainly due to caving ground. Meantime the directors have been considering various prospects. It was agreed that a further attempt be made at Waitangi, where the cretaceous sands would be considerably nearer the surface than at Mangaone oi Morere. The site of the new operations is adjacent to that of previous attempts to trace the origin of strong seepages ot oil accompanied by gas on the Waitangi Hill. Intermittent efforts in the past have been made to develop an oilfield there. Some shallow 7 , shafts and five or six wells have been sunk within an area of less than a square mile. One well was sunk in 1909 by the original Gisborne Oil Company, which reached 1,478 feet, and for a short period yielded about six barrels of oil a day from a depth of 664 feet. Financial troubles prevented further exploitation. Mr Clapp, an eminent American geologist, selected Waitangi Hill among the various' areas as being most- deseiving of detailed geological investigation with a view to the development of commercial-oilfields. The.company s geological surveys at first failed satisfactorily to interpret the structural conditions. A further examination recently disclosed a position which warranted drilling one and possibly two wells with excellent chances of commercial production., The management comments that previous efforts never reached a sufficient depth to touch any important oil horizon. The results of , drilling the Waitangi well would also indicate whether the Mangaone and Morere domes should be persevered with. The rotary plant recently acquired from the _ United States will bo used in conjunction rfith internal combustion engines. Tho t-h----nouucemeut closes with the comment that the directors believe the prospects of winning commercial oil were never brighter, and they havc_ no hesitation in recommending a continuance. NEW ZEALAND APPLES. Press Association—By Telegraph—Copyrijit. LONDON, June 13. (Received June 14, at 11 a.m.) The Zealandic’s New Zealand apples at Hull realised the following prices:— Jonathans, 9s Od'to 13s So; Dunns, 10s to 11s 9d; Delicious, IDs to 12s 3d; Stunners, lls 6d to 12s 6d; Adams, 11s 3d to 11s 9d. - J INVESTMENT SECURITIES INTEREST ON SMALL SUMS NOW 6* PER CENT. Investors of small or large sums will be interested in "a booklet just published by the Investment Securities Association, giving information of 6J per cent, gilt-edged securities. These Are Debenture Bunds, secured on freehold properties by first mortgages made under the provisions of the Trustee Act, 1908 (N.ZJ. These debentures are particularly suitable for the investment of sums,.of £SO, £IOO, £2OO, up to £2,000, and investors interested in securing the satisfactory and regular income return of 6J per cent, per annum on gilt-edged securities of this nature are invited to write for a copy of this booklet, ‘ Investment Information,’ which will gladly be supplied without obligation on request to The Investment Brokers, Messrs . Bridgewater and M‘lniios, P.O. Box 3/9, Dunedin.— [Advt.]

Quotations as tinder £ 6. d. £ B. a. Buyers. Sellers. BANKING— 12 12 12 6 6 6 Bank of N.S.W. 40 0 0 — Bank of New Zealand 2 19 3 0 (cum dir.) , ' 6 O Commercial Bank ... T 2 4 1 2 6 National Bank of 6 8 New Zealand 0 Union Bank of Aut12 1 12 2 6 tralia, Ltd 0 INSURANCE— National Insur. Co. 0 14 0 0 14 7 N.Z. Insur. Co. 2 * 5 6 TStandard Insur. Co 2 17 0 SHIPPINGHuddart, Parker 1 18 1 0 0 3 (ord.) . U.S.S. Co. (pref.) ... 1 1 3 COAL— Westport Coal Co, ... 1 10 6 —* LOAN AND AGKNCT— Goldsbrough, Mort 1 12 (cum dir.) ... ... — 0 National Mortgage 3 2 6 — Trustees, Executors i3 0 0 ’ Wright, Stephenson 1 0 (ord.) 6 Wright, Stephenson (pref.) — 0 16 6 MX at preserving— N.Z. Refrigerating 0 5 (cent.) ... ■ ... — 7 Southland Frozen Meat (ord.) ... 1 17 0 — Southland Frozen Me0 (pref.) ... 1 17 MISCELLANEOUS— • British Tobacco — 1 1 6 Bruce Woollen Co. 0 9 0 (ord.) .... ... ••• — Colonial Sugar Go. 42 0. 0 * D.I.C. (10s paid) 1 1 0 — D.I.C. (pref.) 1 0 9 — Dominion Rubber ... — 1 0 0 Kaiapoi Woollen - (ord/) ... ... 0 12 10 0 13 6 Eaiapoi Woollen 0 14 4 (cont.) ... — Kaiapoi Woollen 0 14 (pref.) ... 0 1 12 1 14 0 Cement (cont.) 9 M‘Leod Bros.’ Soap . “ 28 0 0 . National Electrics: ... 0,9 9 0 10 9 N.Z. Drug Co. ... .*•' •it 3 0 0 17' 0 N.Z. Express (pref.) — N.Z. Farmers’ Fer1 0 0 0 19 9 N.Z. Paper Mills ... 0 19 0 breweries2 12 N.Z. Breweries, Ltd. . i ~' 3 GAS— , , Christchurch ... .... — 1 6 7 MINING— Waihi ... .■•’ — 0 13 8 0 14 0 Electrolytic Zinc , (def. ord.) 1; 4 6 t— Mount Lyell (cum div.) . 6 1 9 0 Molyneux Electric ... 0 2 0 7 0 Paddy’s Point 0 ill) 0 1 Kildare —-• 0 0 Okarito’ ... ... ■... . •••■ 0 8 0 8 2 Winding Creek (cont.) par Stony*Creek ... ... par Cornish Point (paid) — 0 0 11 WAR BONDS — (Bonds, quoted are ±Jil>U Bonds). 1938 4J p.c. Bonds ... 98 15 0 — 1939 4£ p.c. Bonds. ... 98 15 0 — 1941 Ai p.c. Bonds ... 98 15 0 — 1938 4i- p.c. Inscribed 98 12 6 — 1936 5) p.c. Bonds ... 99 5 0 —

RUGBY, June 12. June 10. June 12, Paris, franc to £1 123.825 133.79 Brussels, taigas to £1 St. 815 34,815 Oslo kroner to £\ 18.15} 18,155 Stockholm, kroner to ;£! .. 18.105 ‘ 18.095 Copenhagen, kroner to . 18.1G 18.10 Berlin*, reichmarken. to £3 20 3GJ 20.3G Montreal, dollar to £1 ... f.. 4.851 4.85] iVen VorkJ dollar io £l * 4.85 37-32 4.85 27-32 Milan, lue to ... ... . Amsterdam, florin to £i • 92.78 93.74 12.08] 12.08J Prague, krone* to £1 ... .. 163} 163} (Jeneva, franc to £3 ... .. 25.085 27.073 Vienna, schilling to £1 ... 34.445 34.44 Helsingfors, marks to £1 . 192} 192| Maditd, peseta ' to j£3 ... .. 40.22J . 41.25 Athens, drachmae to £1 .. 375 375 Lisbon, escudo to £1 ... •. 108.5u 108.25 Bucharest, lei to £1 ... Rio . d« Janeiro, pence to mllreis ... .. 818 818 C 25-32 6 11-16 Buenos Aires pence to pesos . 43 7-16 435-10 Shanghai, pence to tael 18J Yokohama, pence to yen 24 13-1G 34 13-32 Hongkong, pence to. collar 15 3-1G 1C$ Bombay, pence to rupee 174 Batavia, florin to £1 ... ... ~

Imperial Consols, 2$ p.c., ... £55 15 0 War loan, 6 p.c, 1927-47 102 5 0 Funding loan, 4 p.c., 1960-1990 88 15 0 Conversion loan, 8$ p.c. ... ... *•» 77 5 0 Victory bonds, 4 p.c. ... 91 10 0 Commonwealth 6 p.c., 1931-41 99 0 0 Commonwealth 5 p.c., 1945-75 86 7 6 New, Zealand .6 -p.c', 193(1*51 ... 105 10 0 New Zealand 4 p.c., 1029 ... 94 5 0 New Zealand 3$ p.c, 1040 ... 83 17 (i New Zealand 3 p.c., 1940 ... 79 10 fl New South Wales ftj p.c., 1030*40 99 10 0 New South Wales 6 -p.c., 1922-31 97 7 0 New South. Wales 59 p.c.* 1030-40 97 2 8 Nev South Wales 4 p.c., 1933 91 7 0 New South Wale* 81 p.c, 1930-50 81 16 0 New South Wale« 3 p.c-, 1955 05 7 fi Victoria 5J p.c,, 1930-40 97 0 0 Victoria 5 p.c.. 1932-42 87 10 0 Victoria 4§ p.c., 1940-fiO .. ... 80 17 6 Victoria 3$ p.c., 1929-49 88 0 0 Victoria 3 p.c., 1929-40 ... ;. 82 10 0 Queensland ft p.c., 1930-40 too 0 0 Queensland 5 p.c., 1927-47 98 5 0 Queensland 35 p.c, 1930 83 0 0 South Australia (ty p.c., 1930-40 99 8 9 South Austtalia 'S\ p.c 1939 ... 81 0 0 South Australia 3 p.c., 191(1 or a iter 19 10 0 VVest Australia 0 p.c., 1930-40 98 0 0 vVcs* Australia 3J p.c., 1920-35 88 0 0 Wes* Australia 3 p.c.. 1915-35 S3 10 0 Tasmania ft* p.c., 1930-40 ... 100 15 0 Tasmania 3J p.c. 1920-40 ... ... 79 0 0 Tasmania 3 p.c., 1920-40 78 0 0