COMMERCIAL

Evening Star, Issue 20779, 29 April 1931, Page 7

COMMERCIAL

THE SHARE MARKET DUNEDIN STOCK EXCHANGE. Bank of New Zealands bad sellers this morning at £2 13s 9d, with a buyer of the Long “D ” at £1 6s. National Bank of New Zealands were on offer at £5 ss, and Commercial Banks were wanted at 14s 6d, with a seller at 15s. Union Banks had a seller at £7 19s, with a buyer at £7 12s. New Zealand Insurances were wanted at £2 Is 9d without a seller. Huddart, Parkers (pref.) were wanted at 17s 6d, and U.S.S. Co.’s at 19s lOd, without disclosing a seller in either case. There was a buyer of Wostports at £1 4s 6d. Both issues of D.I.C. shares continued to have good inquiry, the preference issue being wanted at 19s 9d. Donaghy’s Ropes continued in good demand, buyers offering £1 11s. Mosgiel Woollens were wanted at £6 Bs, and M‘Leod Bros, at £l9 10s. New Zealand Paper Mills were inclined to bo firm, buyers offering 17s, with no seller under £l. These quotations were cum dividend. New Zealand Breweries were inquired for at £1 14s, and the debentures at £1 Is. There was a seller of Mount Lyells at 19s, and a buyer of Waihis at 15s 4d cum dividend of Is per share, payable on May 8. This company is following other English companies in paying its dividend in English currency. This gives a slightly better return than Is per share to New Zealand shareholders. King Solomons had a buyer at 2s 2d, with a seller at 2s 4d, and Okaritos were wanted at 7s 9d, with a seller at Bs. New Zealand Government 4£ per cents were in strong demand, buyers offering £9B 10s. Quotations as under: —

MOTUROA OILFIELDS. The report of the Moturoa Oilfields Ltd. for the week ended April 25 states: “ No. 2 well drilled to 1,185 ft in grey shale. Ten-inch casing run to 520 ft.”

LONDON WOOL SALES. The Bank of New Zealand has received the following advice from its London office dated April 28; —The sales have tipened with moderate competition and largo attendance of buyers. Compared with close of last series, fine cross-brods were Id lower and medium and coarse eross-breds lsd lower. Merinos were not represented. Tho National Mortgage and Agency Company of New Zealand Ltd. have received the followimr cable from London, dated April 28:—Tho auctions opened hero to-clay with a large of Homo and Continental buyers, and with keen competition from the Continent. Compared with closing rates _of last sales wo quote:—Greasy merino—best id lower, average id lower; greasy hnlfhrods, 50-56, $d to Id lower; greasy eross-breds—4B-50 Id to IJd lower, 46-48 Id to IJd lower. 44-46 Id to l{d lower, 40-44 Id to 1-Jd lower, 36-40 Id to lid lower; slipes—-clothing id to ;]d lower, combing Id to IJd lower. Messrs Murray, Roberts, and Co. Ltd. have received tho following from London, dated April 28: —“ Sales have opened with a good tone. Competition good, all sections operating moderately. Compared with closing rates last London sales, merino, poor selection, offered par to 5 per cent, decline; cross-bred greasy, fine, declined 7\ per cent; cross-bred greasy medium and cross-bred greasy coarse declined 10 to 15 per cent; faulty and inferior descriptions show.tho greatest decline; crossbred scoured and shpo cross-bred declined 10 to 15 per cent.”-

BUTTER AND CHEESE. The South Island Dairy Association has received the following market reports from the New Zealand Produce Association, London : —Butter, 107 s to 108 s; Danish, 120 s; market slow. Cheese: White, 47s to 495; coloured, 50s to 525; market slow. HANSFORD MILLS LIQUIDATION. [Per United Phess Association.] WELLINGTON, April 28. Further proceedings connected with the liquidation of tho Hansford Mills Company Ltd., were heard in the Supremo Court to-day beforo Mr Justice Blair. The chief business was consideration of tho lien of the C. and A. Odlin Timber and Hardware Company Ltd., of £12,300 in connection with the supply of timber for the St. Patrick's College contract and matters affecting the City .lilk Station contract. It was mentioned that tho sum of £2,300 payable by the City Council was held up by claims from injured workers amounting to £266, there being disputes on insurance questions. After discussion it was agreed that the parties should confer with a view to arranging for payment of the claims. The claim of the Odlin Company for £12,300 in connection with the supply of timber for the St. Patrick's College contract was opposed by otlwr claimants for liens, who alleged that there was no accepted order at the commencement of the supply of timber and that all the timber in respect of which the lieu was claimed was not supplied to the St. Patrick's College job. Counsel asked that tho lieu should be non-suitwd. His Honour reserved his decision so far as tho non-suit was concerned. SYDNEY WOOL SALES. Press Association—By Telegraph—Copyright. SYDNEY, April 28. At the wool sales the offerings totalled 9,761 bales, of which 8,972 were sold, while 1,142 were disposed of privately. French buyers were particularly active for quality lines, and there was good competition for other descriptions. Greasy merino brought 162 d. FREIGHT RATE ON TALLOW [Per United Puess Association] WELLINGTON, April 28. The Now Zealand Meat Producers' Board has received cabled advice from its London office advising a reduction in the shipping freight rate on tallow to the United Kingdom from £4 a ton to £3 10s a ton as from April 30. RABBIT SKIN SALE. The Dunedin Stock Agents' and Woolbrokers' Association reports as follows:'—Fortnightly sales have now been resumed and at yesterday's sale small catalogues were offered to the usual attendance _of buyers. The quality of the skins coming to hand is now rapidly improving, and all grades from early autumns upwards arc meeting with keen competition and bringing comparatively good prices. On some stations the rabbits have been buried without skinning, but from now on skins should be well worth while sending to auction. The following is tho range of prices at to-day's sale:— Summer second broken, Gjd to GJd; autumn hroken, ll£d to 12|d; runners and suckers, 9d to lOiJd; summers, 8d to Bjd; light racks, 16Jd to 16Jd; prime racks. 14d to 14id; dawny autumns, 18d to 183 d; early autumns, 28d to 29£d; autumn, 33d to 36d; second incoming, 21d to 23d: incoming winter. 43d to 45i; milky. 6d to lid; fawn, 24d to 34d; summer black, lOd to 12d; autumn black, 24d to 26d; hareskins, BJd to BJd; horsehair, 12d. LONDON STOCK EXCHANGE. Press Association—By Telegraph—Copyright. LONDON, April 28. (Received April 29, at 10.5 a.m.) Bank of Australasia, £7 lis 3d; Bank of New South Wales. £l9 10s; Union Bank of Australia, £6; National Bank of New Zealand, 9os; Bank of New Zealand 4 per cent., £93 (ex div.) ; Shares, 47s 6d: Loan and Mercantile 4_ per cent, debentures, £6B 10s; ordinary stock, £52. PRICE OF GOLD. Presi Association—By Telegraph—Copyright. LONDON, April 28. (Received April 29, at 10.5 a.m.) Fine gold is quoted at £4 4s 9£d per oz. KEEN COMPETITION. . Press Association —By Telegraph—Copyright. LONDON, April 28. (Received April 29, at 10 a.m.) At the wool sales 9,369 bales wereoffered, including 4,579 from New Zealand. About 6,034 bales were sold. There was a splendid selection of crossbreds and a small miscellaneous offering of merinos. There was a crowded attendance and there was a good tone, with keen competition. Compared with March closing rates, merinos, Continental sorts, and short wool lambs were unchanged; Yorkshire 60-64 combing, par to 5 per cent, lower; cross-breds, fine, 5 to 10 per cent, lower; medium and coarse, 10 to 15 per cent, lower; slipes, about 10 per cent, lower. Sales. —Now Zealand greasy crossbreds, "Awatata," BJd to 7Jd: "Sherbrooke," 8d to 7Jd; "H.R.T.T.," 7-id to 7d.

AUSTRALIAN IRON AND STEEL. Cabled advice has been received by tho secretary of the Stock Exchange Association of New Zealand that owing to the existing general stringent financial conditions, tho directors of Australian Iron and Steel Ltd., consider it advisable and in tho best interests of shareholders to conserve the financial resources of the company and postpone payment of dividend on the cumulative preference shares duo May Last year the company paid 7} per cent, on tho cumulative preference shares, and 5 per cent, on tho ordinary shares.

DALGETY AND CO. In connection with Dalgcty and Co.’s notification of 3s per share interim dividend, last year tho interim dividend was reduced to 5s a share, equivalent to 10 per cent., per annum, and tho final dividend was at tho same rate, states tho ‘ Press.’ Tho dividend had previously been 17 por cent, for six years in succession. Tho company’s net profits in 1928-29 wore £422,589, and m 1929-30, £235,946. The dividend of 10 per cent, amounted to £150,000, ns against £255,000 at 47 per cent, in tho previous year and the balance carried forward was £238,888. Tho preference dividend requires £-.0,000.

FOREIGN EXCHANGES. (British Official Wireless.) Press Association—By Telegraph—Copyright.

STOCK PRICES IN NORTHAn indication of the improvement in prices for sheep over the past six weeks was given at the Westfield fat stock sale last week, states the ‘ New Zealand Herald,’ when wethers, which six weeks ago would have realised around Ids, sold under keen competition at 18s .‘kl a head. Indifferently finished old ewes, which would have been worth around 5s 6d a head in the yards and 3s Cd in the works for freezing six weeks ago, changed hands at 10s Gd. The other side of the picture is shown in the case of sales of stock purchased last season. A Kanaka farmer last week disposed of the top of a lino of particularly choice prime steers at £B. The whole line cost £S 10s a head as stores. This is typical of the experience of most farmers this season. PETROL 2Jd A GALLON. The price war which is raging in the Californian oil industry resulted the other day in petrol being sold in Los Angeles at as low as 2Jd a gallon. Quotations ranged from Gd downward, according to a New York cable message to the London papers on March 11. The Standard Oil Co. has reduced crude oil prices in California to 2s a barrel. Its quotations range from 2s Did at the well to 4s 6d, depending on the gravity and field location. Independent owners assert- that the crude oil price reduction is “ unjustifiable ” and “ a blow to small producers.” The price of petrol in London is Is 2’d.

Buyers. Sellers.- £ s. d. £ s. d. BANKINGBank of Australasia — 10 0 0 Bank of New Zealand — 2 13 9 Bank of New Zealand. Lon# “D” 1 6 0 — Commercial Bank 0 14 6 0 15 0 National Bank of New Zealand. — 5 5 0 National Bank of Australasia (cont.) 4 15 0 — Union Bank of Australia Ltd 7 12 0 7 19 0 INSURANCE— National Insur. Co. (cum div.) 0 13 0 — N.Z. Insurance Co. ... 2 1 9 — Standard Insur. Co. — 2 10 0 SHIPPINGHoward Smith 0 4 6 — Huddart. Parker (pref.) 0 17 6 — U.S.S. Co. (pref.)... 0 19 10 — COAL— Grey Valiev ... ... — 0 1 Op Westport Coal Co. ... 1 4 6 — Westport-Stockton (ord.) ■ 0 2 1 W estport-Stockton (prof.) — 0 3 6 LOAN AND AGENCY— National Mortgage (“B” Issue) — 1 10 0 N.Z. Guarantee Corp. — 0 6 0 Wright, Stephenson (ord.) 0 15 0 — MEAT PRESERVINGN.Z. Refrigerating (cont.) — 0 6 5 MISCELLANEOUSBritish Tobacco — 1 10 0 Bruce Woollen Co (ord.) 0 10 0 — Bruce Woollen Co. (pref.) — 0 19 0 D.I.C. (ord.) ... ... 0 13 6 — D.I.C (pref.) 0 19 9 — Dominion Rubber ... — 0 12 0 Dongahy’s Rope and Twine 1 11 0 — Kaiapoi Woollen (ord.) • ... 0 7 0 — Kaiapoi Woollen (pref.) ... — 0 14 0 Kauri Timber ... ... 0 7 6 — ililburn Lime and Cement ... — 1 12 0 Mosgicl Woollen Co. 6 8 0 — M'Leod Bros 19 10 0 National Electric — 0 10 3 N.Z. Express (pref.) 0 15 0 — N.Z. Paper Mills (curn div.) 0 17 0 1 0 0 Regent Theatre (cum div.) — 1 0 0 Wilson’s (N.Z.) Cement 1 19 0 — BREWERIES— N.Z. Breweries Ltd. 1 14 0 — N.Z. Breweries Debs. 1 1 0 — Tooth’s Brewery — 1 0 0 MINING— Waihi (cum div.) ... 0 15 4 — Mount Lyell — 0 19 0 Mahakipawa 0 0 9 0 1 0 Kildaro — 0 1 1 Okarito 0 7 9 0 8 1 Paddy’s Point 0 1 0 0 2 3 King Solomon 0 2 2 0 2 4 WAR BONDS— (Bonds quoted are ; £100 Bonds.1 1938 4£ p.c. Bonds ... 98 10 0 99 0 0 1939 4| p.c. Bonds ... 98 10 0 — 1941 4| p.c. Bonds ... 98 10 0 — 1938 4i p.c. Inscribed 98 5 0 — 1939 4\ p.c. Inscribed 98 5 0 — 1933 5i p.c. S.S. Bonds 99 0 0 99 10 0 1936 5£ p.c. Bonds ... 99 0 0 99 10 0 DIVIDENDS PAYABLE. Stock, Amount. Period. Date Regent final 1 April 23 (approx.) Dunedin-Kaikorai Trams 11 fina’ 1 April E.S. and A. Bank 2/4 4-5 Int. May 1 Waihi 1/ final May 8 Bank Adelaide 3/ final May 13 National Insurance ‘ 4d Int. May 15 Dalgety 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 1 final May 30 (approx.)

RUGBY, April 23. (Received April 29, at 11 a.in.) Apr. 28. 124.44-1 Paris, franc to Apr, 23. 124.32-1 Brus-els, belgns to £1 34.05} 34.05 Oslo, kroner to £\ 18.10} 10} Stockholm, kroner io £\ ... 18.14,1 18.141 Copenhagen, kro et to ... 18.16} ■ 18.16} Berlin, -eichmarkcn to £1 ... 20,401 20.41} Montreal, dollar to £\ 4.86 !)-16 4.86} New York, dollar 'o £1 ... 4.86 5-32 4.86} Milan, lire to £\ 02.821 02.88} Amsterdam, florin to £1 ..■ 12.00} 12.00} Prague, kromi .o £\ 4641 164} Geneva, franc to £l 25.23 25.2a£ V f ienna, schilling to £1 ... 34.56} 34.56} Helsingfors, marks <o £\ ... I03J 103} Madrid, pcsr a Io 48.85 47.4 Athens, drachmae to £1 ... 375 375 Lisbon, escudo to £\ 108.25 108.25 Bucharest, ki c £ I 817 817 Klo tie Janeiro, pence to milrcis "I 3} 35 7-10 Buenos Aires, pence o pesos Montevideo, pence to dollar ... — u-i Shanghai, pence *o tael ... 15 21 13-32 15} 24 13-32 Yokohama, peme io tael ... Hongkoi g, pence to dollar ... i 1$ ll i Bombay pei ce to dollar ... 17 13-10 Batavia, florin ' to *