COMMERCIAL

Evening Star, Issue 20778, 28 April 1931, Page 7

COMMERCIAL

THE SHARE MARKET DUNEDIN STOCK EXCHANGE. There wore reported sales of Kaitangata Coals at 6d premium, and Okarito Gold Mining at 8s per share. There were sellers of Bank of New Zcalauds at £2 14s, and buyers of Commercial Banks at 14s 2d, with a seller at 15s. National Insurance announces a dividend of 4d per share, and there were buyers of these shares this morning at 13s, without sellers. Standards were inclined to be firm, the best seller asking £2 10s. In the coal section there was a seller of Kaitangatas at Is premium. These shares are £1 shares paid up to 16s. The preference D.I.C. shares continued in good demand at 19s 9d, Donaghy’s Hopes at £1 11s. Milburn Limes had a buyer at £1 10s, with a seller at £1 11s 9d. Mosgiols remained firm, buyers uttering £6 8s without attracting a seller. New Zealand Drugs were also wanted at £2 13s, with no selling quotation. The announcement of a dividend at the rate of per cunt, in New Zealand Paper Mills has had the effect of (inning the shares, buyers offering 16s 9d, with no shares on olfor. Now Zealand Breweries were wanted at £1 14s, and Dunedins were offered at £l. In the mining section Waihis were asked for at 15s 3d. Mount Lyells were offered at £l, without attracting buyers. Okaritos had buyers at 7s 9d, with a seller at 8s 2d. King Solomons were wanted at 2s 3d, with a seller at 2s 6d. Government loans, 4£ per cent., free of tax, wero wanted at £9B ss, with a seller of Inscribed Stock at £9B 15s. , Sales reportedKaitangata Coal, 6d j prom, (cum div.); Okarito, Bs. i Quotations as under;—

DIVIDENDS PAYABLE. Stock. Amount. Period. Date. Regent 1/ final April 23 (approx.) Duncdin-Kaikorai Trams

1 NATIONAL INSURANCE DIVIDEND. Tlie directors of the National Insurance Company of New Zealand Ltd. have declared an interim dividend of 4d per share for the half-year ended March 31. which will be payable on May 15. DOMINION BUILDING SOCIETY. The twenty-third ballot meeting of the Dominion Building Society was held last night, when Mr J. 11. F. Hamel presided over a fair attendance of members. The chairman stated that the society continued to make headway, and that a fairly good response was being made for membership in this year’s group. The first ballot for the new group was being made at this meeting. ' The ballot for £5,000 was drawn as follows; Group 20.—N0. 33, balance previous ballot, £100; No. 193, £500; No. 10, £IOO. Croup 27. No. 89, balance previous ballot, £800; No. 157, £2OO. Group 28.—N0. 130, balance previous ballot, £800; No. 93, £2OO. Group 29.—N0. 82, balance previous ballot, £600; No. 84, £4OO. Croup 30.—N0. 3, balance previous ballot, £100; No. 40, £4OO. Group 31.—N0. 3, £200; No. 1, £3OO. |

METAL MARKET. LONDON, April 23. Following aro the official quotations in the metal market : • . , Copper: Spot, £42 8s 9d per ton. Spot, £45 10s; forward, Wire bars, £46. Lead: Spot. £l2 5s 9d; forward, £l2 8s Od. Spelter:. Spot, £ll ss; forward, £ll 8s 9d. Tin: Spot, £lll 8s 9d; forward, £ll2 13s 9d. Silver: Fine, Is 2Jd per oz; standard. Is 1 5-16 d. BUTTER AND CHEESE. The National Mortgage and Agency Company Ltd. have received the following cable from London:—Butter: Steady; New Zealand finest, 110 s to Ills; New Zealand unsalted, 112 s to 114 s; New Zealand first grade, 108 s to 109 s; Danish, 1245; Australian, 106 sto 108 s; active demand earlier part of week. 1 Cheese: Steady; New Zealand white, 50s to 51s; New Zealand coloured, 53s to 545; Canadian, unchanged. WAIIII COMPANY’S YEAR. Cabled advice from the head office of the Waihi Gold Mining. Company Ltd. has been received, giving the results for the year ended December 31, as under states the ‘ Post ’;— Balance brought forward from 1929, £5,257. Gross profit after, bringing in special amount of £14,450 obtained by reduction of bullion in process of treatment, £131,644; taxes, £28,443; depreciation, £6,720; interim dividend, £49,591. This leaves £52,147, out of which the directors recommend • a final dividend of Is per share, free of tax, payable on May 8, absorbing £49,591, leaving a balance of £2,556 to be carried forward. The annual meeting will bo held in London on May 7. _ The dividend will be payable in English currency.

NEW EUROPEAN BANK. A new bank was founded in Basle on March 3 under the official title of Internationale Boden-credit Bank— Credit Fonder International—lnternational Mortgage Bank, in which important banks and banking houses in different countries are participating. ' The share capital of the bank will be 25,000,000 Swiss francs, of which 5,000,000 francs will bo paid up. The bank will then issue debenture loans in order to procure further capital. The object of the bank is to grant credits in Europe by taking over mortgage bonds and debentures from the leading mortgage banks, and possibly to grant mortand debentures from the leading mortgage loans. It is hoped with its assistance to adjust the European capital market by granting long-term credits. The directorate is an international one, with _ representatives from Germany, Britain, America, and France.

SYDNEY WOOL SALES.' SYDNEY, April 27. At the wool sales 8,802 bales were offered and 8,290 were sold. There was J good competition, and :prices were fully., equal to the closing rates of last week. The average price of wool at last week’* sales was 11.2 d per lb. PANAMA CANAL TRAFFIC. The official analysis of Panama Canal commercial traffic for the year ended with June 30, 1930, shows that British shipping well maintained its position among the users of - that great waterway. lii this interesting review, the bulk of the mercantile tonnage which utilised the canal is grouped 111 eight sections according to the ocean trade routes followed, and collectively these accounted for 86 per cent, of the number of passages; 89.3 per cent, of the total net tonnage; 91.2 per cent, of the cargo; and 89.1 per cent, of the amount received in .tolls. The most important class, as determined by the number of transits, tonnage of ships and cargo, and revenue to the canal authorities, was United States intercoastal shipping, the proportion of such in the general total, being over one-third. The number of transits in the year increased -by 8.2 per cent., and the cargo carried liy 387,107 tons, an advance of 3.8 per cent, on the previous year. The second place was held by traffic between Europe and the western seaboards of

the United States and Canada. Hero British shipping was predominant with 436 transits. This number, however, contrasted badly with the 653 passages of the previous year, and was reflected in the cargo reduction of 611,780 tons.The explanation of the drop is furnished by the reduced shipments of North American wheat and the conse-‘ quent small number of British tramps . which used the canal. It is interesting to note that the vessels of Norwegian registry on this route were 44 , in excess of the number of 1928-29, and carried 229,690 more tons of cargo. Tanker tonnage was responsible for the larger part of this augmented traffic. Though Britain only held second place

among the slapping trading between the United States and South America via Panama, the position is very creditable, tlie number of transits being seven and the cargo carried 49,000 tons more than in the preceding twelve months. Great Britain and the United States shared about 80 per cent, of the trade on this route, their several proportions being about three and five. Though there was a decrease of 13 per cent, m the Europe-South America trade, British' ships carried over 200,000 tons more:than the Germans, who held second place. In_ the New Zealand and Australian sections, both from European and United States ports, Great Britain outstripped her competitors, though in the latter case the number of transits and the cargo carried under the flag declined considerably.

Buyers. £ s. d. Sellers £ s. d BANKING - Bank of Australasia 10 2 0 Bank of New Zealand — 2 14 Bank of Now Zealand, Long " D ’’ 16 0 Commercial Bank ... 0 14 2 0 15 National Bank of Now Zealand 5 5 National Bank of Australasia (cont.) 4 15 0 INSURANCE— National Insur. Co. (cum div.) 0 13 0 Standard Insur. Co. - - 2 10 0 •SHIPPING— Howard Smith 0 4 6 Uuddart, Barker (prof.) 0 17 6 U.S.S. Co. (prof.)... 0 19 10 — COAL— Kaitangata Coal 0 1 Op Westport Coal Co. ... 14 6 LOAN AND AGENCY— National Mortgage (“B” Issue) 1 10 0 N.Z. Loan and Mercantile (ord.) ... _ 75 0 0 N.Z. Guarantee Corp. — 0 6 3 Wright. Stephenson (ord.)' 0 15 0 MEAT PRESERVING— N.Z. Refrigerating (cont.) 0 3 6 MISCELLANEOUS— British Tobacco 1 10 0 Bruce Woollen Co (ord.) 0 10 0 Bruce Woollen Co. (prof.) 0 19 0 D.l.C. (ord.)' 0 13 0 — D.l.C (prof.) 0 19 9 — Dominion Rubber 0 5 0 0 12 0 Dongahy's Rope and Twine 1 11 0

Kaiapoi Woollen (ord.) 0 7 0 Kaiapoi Woollen (cont.) Kauri Timber _ 0 14 0 0 6 9 — ililburn Lime and Cement ... 1 10 0 1 11 9 Mosgiel Woollen Co. 6 8 0 — M'Leod Bros 19 10 0 — National Electric — 0 10 3 N.Z. Drug Co 2 13 0 — N.55. Express (prcf.) 0 15 0 — N.Z. Paper Mills ... 0 16 9 — Wlutcombe and Tombs 2 13 0 — Wilson’s (N.Z.) Cement 1 19 0 BREWERIES— N.Z. Breweries Ltd. 1 14 0 N.Z. Breweries Debs. 110 _ Dunedin Brewery ... — 1 0 0 Tooth’s Brewery — 1 1 0 MINING— Waihi 0 15 3 Mount Lyell 1 0 0 Mahakipawa 0 0 10 0 1 0 Kildare — 0 1 1 Okarito 0 7 9 0 8 2 Paddy’s Point — 0 2 3 King Solomon 0 2 3 0 2 6 .VAR BONDS(Bonds quoted are £100 Bonds.) 1933 4£ p.c. Bonds ... 98 5 0 1839 4| p.c. Bonds ... 98 5 0 1941 4| p.c. Bonds ... 98 5 0 — 1938 41.- p.c. Inscribed 98 0 0 98 15 0 1939 4| p.c. Inscribed 98 0 0 1933 51 p.c. S.S. Bonds 99 0 0 — 1

1/ final April B.S. and A. Bank 2/4 4-5 Int. May 1 Bank Adelaide 3/ final May 13 National Insurance 4d Int. May 15 Dnlgety 3/ Int. May 15 N.Z. Paper Mills 9 3-5d final May 26 Grey Valley Collieries 7 l-5d final — Kaitangata Coal 1/6 final May 30 (approx.)