COMMERCIAL

Evening Star, Issue 20780, 30 April 1931, Page 9

COMMERCIAL

THE SHARE MARKET DUNEDIN STOCK EXCHANGE. The best seller of Bank of New Zealandsthis morning was £1 4s. Tliero was still a buyer of the Long “ D ” issue at £1 6s without any offering. National Bank of New Zoalands were offered at £5 ss, and there was a buyer of Unions at £7los without any selling quotation. National Insurances were still wanted at 13s cum dividend. There was a buyer of New Zoalands at £2 Is 6d, and of Standards at £2 Is. Huddart, Parkers (pref.) were again wanted at 17s 6d, with a seller at £l, and Union Steam Ships (pref.) had a buyer at 19s lOd. Buyers of Wright, Stephenson (ord.) offered 15s without a seller appearing. Brown, Ewings (ord.) were offered at £1 Bs, and the preference issue at £l, without attracting buyers. The best seller of D.I.C.s asked 18s, with a buyer at 14s 6d, whilst the preferences were wanted at 19s 9d. Dominion Rubbers had a rather wide market, buyers offering 5s with sellers at 11s 9d. Donaghy’s Ropes were again wanted at £1 11s. There was a seller of Milburu Limes at ,£l 11s, and of National Electrics at 10s 3d. New Zealand Express (pref.) were wanted at 15s. Paper Mills again had good inquiry, buyers offering 17s, with no selling quotation under £l. Christchurch Gas shares wore asked for at £1 4s 3d. There was a shilling margin between buyers and sellers of New Zealand Breweries, buyers offering £1 14s and sellers asking £1 15s. In the mining section Mount Lyells were for sale at 19s 6d. Kildares were offered at Is Id. Okaritos had a fairly close market, buyers offering 7s lid, with a seller at 8s Id. Golden Progress shares were offered at £1 12s 6d without attracting a buyer. King Solomons had a close market, buyers offering 2s 3d, with sellers at 2s 4d. In the oil section Blenheims, as the result of a favourable wire from New Plymouth, were quoted with a seller at £2 15s. New Zealand - Government 4|r per cents still continued in good demand. Quotations as under:—

. BLENHEIM OIL WELLS. Tho following telegraph report of work nt tho Blenheim Oil Wells has been received Blenheim well continues to respond to daily swabbing, averaging ten barrels clear oil. To date twenty-seven hundred gallons stored steel airtight drums, ui f GH m.Rfirst,! , p. DIVIDENDS PAYABLE. Stock. Amount. Period. Data Regent -f final April , 23 (approx.) Dunedin-Kaikorai Trams 1/ . final April B.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 Dalgcty 3/ Int. May 15 N.Z. Paper Mills 9 3-5 d final May 26 Grey Valley Collieries 7 l-5d final Kaitangata Coal 1/6 final May 30 (approx.) Donaghy’s Rope and Twine 1/3 final May 12 (approx.) BUTTER AND CHEESE. Tho New Zealand Loan and Mercantile Agency Co. Ltd. has received the following cablegram from its London house under date tho 29th inst.: — Butter, 108 s to 109 s: market slow. Cheese: White, 48s ; coloured, 61s; market depressed.

LONDON WOOL SALES. Press Association—By Telegraph—Copyright. LONDON, April 29. (Received April 30, at 10 a.m.) At the wool sales 9,604 bales were offered, including 3,121 from New Zealand. About 7,920 bales were sold. There was a good offering of all descriptions, with steady general competition. The opening prices were fuJJy maintained. The Otago Farmers’ Co-operative Association of New Zealand Ltd. lias received the following cable from its' London agents:—Wool sales opened in London on the 28th. Prices, compared with last London series, are: Merinos and fine cross-breds, lid to Id down; medium and coarse cross-breds, id to down; scoured. Id to down; slipe, Id down. DONAGHY’S ROPE AND TWINE. The annual report of Donaghy’s Rope and Twine Company Ltd., forth© twelve months ended March 31, 1931, states that the , llet m P™ 1 ™ amounts to £6,010 18s lOd. To this is added last year’s carry forward of £3,619 14s 2d, and, less. interim dividend of 9d per share paid in October (£1,857 4s 2d), leaves available for distribution £7,868 3s. The directors recommend the following appropriations: —Payment of a final dividend of Is 3d iper shaio, making witi the interim dividend previously declared and paid, 10 per cent, for the year, which will absorb £2,937 10s; place to plant and building renewal account, £i,of L, carry forward, £3,430 13s. Depreciation, amounting to £2,274 12s /d, has been written off land, buildings, and plant. The illness and death or the chairman, the hit© Mr Waiter Gow, caused a vacancy on the directorate, which was filled by the appointment of Mr A. C. Mathesoi, and Mr George Black was appointed chairman of the board.

WELLINGTON GAS DEBENTURES. The directors of the Wellington Gas Company Ltd. propose to issue at par £200,000 in Of per cent, debentures. Tli© proposal will bo submitted to shareholders at a meeting, when authority will be sought to b “To w moneys in excess of the hmit or idoUj--000 imposed by clause 43 or Articles of Association, and to secure the moneys so borrowed in such manner as the directors think: proper. But the limit of the authority for which _ the sanction of the shareholders is to be sought shall not exceed £350,000. The existing 6i per cent. . amounting to approximately £«OO,UUU, mature on October 1 next, ami the proceeds of the new issue will be applied to their redemption, and it is the intention of the directors to confine the present issue to £200,000 of the £350,000 for which authority is to he asked. The new debentures will bo first offered to present holders of the 6J per cent, issue, and the balance, if any, to public subscription.

CASH ASKED FOR. In its monthly summary for March on conditions in New South Wales the National Bank of Australasia says; “ Business is extremely depressed. In Sydney retailors and wholesale jmerchants are operating with minimum stocks and much reduced stalls. In suburban areas and country districts, storekeepers and _ other traders are seeking to establish cash business 'n lieu of credit sales. In fact, nearly all trading is being done on a casn basis, and difficulty attadies to even small extensions of credit. The real estate market is dull, with buyers on tho look-out for bargains. Building is dormant. Stock Exchange turnovers are small, indicating a cautious attitude among investors, but prices have been steady and show some improvement. HERD TESTING. The New Zealand Co-operative Herd Testing Association tested 84,366 cows in March. Tho average yield per cow was 4501 b milk and 22.081 b butter-fat. Tho test was 4.9. In March, 1930, 84,184 cows were tested, the average yield being 5781 b milk and 27.581 b but-ter-fat. The test was 4.7. RUBBER STATISTICS. In a review of the rubber position recently issued by Charles Hopo and Sons, of London, tho estimated consumption of rubber in. 1931 is set down at 700,000 tons, based on actual consumption in 1930 of 103,000 tons. Production is estimated at 704,500 tons. Stocks of rubber in Great Britain at the end of 1930 were 118,515 tons, and in the United States 202,246 tons, together equal to six months’ supply. SYDNEY WOOL SALES. Press Ass-jclotion—By Telegraph—Copyright. SYDNEY, April 29. At the wool sales the offerings totalled 11,047 bales, of which 9.914 were sold, while 347 were disposed of privately. The conditions were unchanged and prices were firm at tho previous day’s best rates for all descriptions. Greasy merino brought to 16Jd.

Buyers. Sellers. BANKING— £ s. d. £ s. d. Bank of Australasia — 10 0 0 Bank of New Zealand — Bank of Now Zealand, 2 14 0 Long “ D ” 16 0 — Commercial Bank 0 14 3 0 14 9 B.S. and A. Bank ... National Bank of — 5 10 New Zealand National Bank of — 5 5 0 Australasia (cont.) Union Bank of Aus4 16 0 — tralia Ltd INSURANCE— National Insur. Co. 7 10 0 (cum div.) 0 13 0 — N.Z. Insurance Co. 2 16 — Standard Insur. Co. SHIPPING— 2 5 0 Howard Smith Huddart, Parker 0 4 6 — (prof.) ... U.S.S. Co. (pref.).,. COAL— Kaitangata Coal 0 17 6 10 0 0 19 10 (cum div.) — 0 0 9p Westport Coal Co. ... Westport-Stockton 14 6 1 (pref.) LOAN AND AGENCY— National Mortgage 0 5 3 (“B” Issue) — 1 10 0 N.Z. Guarantee Corp. Wright, Stephenson — 0 6 0 (ord.)' MEAT PRESERVING— N.Z. Refrigerating 0 15 0 (cont.) MISCELLANEOUS— 0 3 3 British Tobacco — 1 10 0 Brown. Ewing (ord.) — 18 0 Brown, Ewing (pref.) Bruce Woollen Co — 1 .0 0 (ord.) Bruce Woollen Co. 0 10 0 — (prof.) — 0 19 0 D.I.C. (ord.) 0 14 6 0 18 0 D.I.C (pref.) 0 19 9 — Dominion Rubber ... Dongahy’s Rope and Twine Kaiapoi Woollen 0 5 0 0 11 9 1 11 0 (ord.) Kaiapoi Woollen 0 7 0 — (prof.) Milburu Lime and — 0 14 0 Cement 19 9 1 11 0 Mosgiol Woollen Co. 6 8 0 — M‘Leod Bros. 19 10 0 -— National Electric — 0 10 3 N.Z. Drug Co. ... ... 2 13 0 — N.Z. Express (pref.) N.Z. Paper Mills 0 15 0 — (cum div.) GAS— 0 17 0 10 0 Christchurch BREWERIES— 14 5 — N.Z. Breweries Ltd. 1 14 0 1 15 0 N.Z. Breweries Debs. 110 — Tiraaru Brewery MINING— 0 5 3 Mount Lyell — 0 19 6 Mahakipawa 0 0 9 0 0 11 Kildare — 0 11 Okarito 0 7 11 0 8 1 Winding Crock (paid) Paddy’s Point .>. ... 0 0 1 — 0 10 0 2 3 Cornish Point (paid) — 0 0 6 Golden Progress — 1 12 6 King Solomon OIL— 0 2 3 0 2 4 Blenheim Oil Wells WAR BONDS- — 2 15 0 (Bonds quoted are £100 Bonds.) 1938 4£ p.c. Bonds ... 98 10 0 99 0 0 1939 4j- p.c. Bonds ... 98 10 0 — 1941 4£ p.c. Bonds ... 98 10 0 — 1938 4g p.c. Inscribed 98 5 0 — 1939 4| p.e. Inscribed 98 5 0 — 1933 5i p.c. S.S. Bonds 1936 p.c. Bonds ... 99 0 0 — 99 0 0 — 1936 5j- p.c. Insc. ... 99 0 0 —