COMMERCIAL

Evening Star, Issue 20863, 5 August 1931, Page 5

COMMERCIAL

THE SHARE MARKET DUNEDIN STOCK EXCHANGE Buyers offered £2 8s 3d for Hunk of Now Zoalands this morning, bub sellers would not take less than £2 9s. Conunercia Is were offered at 14s 2d. There was a seller of National of New Zeal ends at £4 ss, but there was no demand for then:. No buyers quoted for insurance shares, the selling quotes in this section being 13s 2d for Nationals, £2 Is for New Zealands (ex div.), and £2 Is. Howard Smiths were wanted at ss, but sellers would not take Jess than 7s. Sellers eased to 2t 3d discount for Kailangata Coal again, and a buyer came on the market for them at 5s discount. In the loan and agency section, Dalgetys were wanted at £6 6s, without sellers. Goldsbrough, Moris were again offered at £l, with no buyer under 19s. A seller of Wright, Stephenson ordinary shares came on the market at 16s 6d, without attracting a buyer. Refrigerating contributing shares wore again wanted at 3s, but sellers would not take less than 3s 4d. Sellers of Dominion Rubbers _ dropped sharply to 9s from yesterday’s prico of 12s 6d, while a buyer appeared aud offered 5s less. Donagby’e Ropes had inquiry at £1 9s 6d. Milburn Lime and Cements were on the market at £1 10s, but there was no response to cither. ‘ Otago Daily Times shares were offered at £2 11s, but there were no takers.

Auckland Gas shares had inquiry at £1 2s, aud Christ church Gas was wanted at £1 4s 9d (ox dividend). There was a seller of New Zealand Breweries at £1 9s without a buyer. Dunedin Breweries bad a wide market, buyers offering 13s 6d, with sellers asking 17s. There was considerable business in the mining section. Okarilos were sold at 10s, after which tho market fell to buyers at 9s lOd and sellers at 10s. Paddy’s Points had reported business at 4s, tho market closing with buyer at 3s lid and sellers at 4s 2d. A parcel of Golden Progress shares changed hands at £1 6s, and the final quotes showed a buyer at the same price and a. seller asking 2s more. King Solomons had a sale at 2s 4d, and tho hammer fell with a buyer at 2s 3d and a eelicr at 2s 4£d. A 'sale of 1937 5£ per cent. Bonds at £IOO was reported the final quote being from a buyer who offered £99 12s 6d. Sales Reported.—Paddy’s Point, 4s; 1937 5i per cent. Bonds, £IOO. Sales on ’Change.—Okarito, 10s (two sales); Golden Progress, £1 6s; King Solomon, 2s 4d. Quotations as under:—

n I VID F.N DS PAY ABI -K . Slock. Amount. Period. Dale. Trustee*. Executors (Aust.) 4 p.c. filial, August 6. Commercial Bank 6cl final, August 6. Commercial Bank (pt ef.),- 4s, fin a . August 6 N.Z. insurance Is. linal, August Bank of N.S.W.* Bs, interim, August 27. Aust. Bank Com. 3 3-5 d final. * Payable in Australian currency. .PLUCK OK GOLD. Press Association—By Telegraph—Copyright. EON DON, August 1. (Hccoived August 5, at J 1 a.mO V'ine gold is quoted at ;i'( -Is 9;Jd per 07.. > WKSTPOUT-STOCKTON OUTTFT. The Wostport-Stockton Coal Cmnpuny advises that the output lor July was 1,194 tons. The output lor the corresponding month last year was 47,077 tons, so that there is a decrease ot 15,883 tons. MOTL’HOA 01 Li FIELDS. The following report lias boon issued hv the secretary of the Molnroa Oil Fields Ltd.:— “ AfoLuroa No. 2 well was bridged at 1.500 ft on Saturday. A small quantity of oil appeared on top ol Die bridge on Saturday afternoon. On Sunday night at 7.30 gas pressure dislodged the bridge, (lowing at least fifty barrels of oil from the 2.080 ft level. The control head is_ now close against a high pressure of inliaininahle gas. All surface water has been successfully cemented ojf,”

FOREIGN EXCHANGES

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

LONDON STOCK EXCHANGE

Press Association—By Telegraph—Copyright. LONDON, August 4. (Received August 5, at 11 a.in.) Bank of Australasia, £7 18s 9d; Bank of New South Wales, £23 10s; Union Bank of Australia, £5 15s; National Bank of New Zealand, 67s 6d (ox div.); Bank of New Zealand 4 per cent., £95 10s; Bank of New Zealand shares, 47s 6d; New Zealand Loan and Mercantile 4 per cent. Debentures, £62 10s; ordinary stock, £4O. WHEAT AND FLOUR DUTIES. [Per United Press Association.] ASHBURTON, August 4. At a largely-attended meeting of residents of tho borough convened by the Borough Council the following resolution was carried unanimously:— “ This mooting of ratepayers and residents of Ashburton borough emphatically protests against the revision of the sliding scale of wheat and Hour duties as suggested in tho Budget. Wo are strongly of opinion that the scale should bo amended to a basis guaranteeing tho grower 4s 9d a bushel .net on trucks at country stations (sacks extra), Tuscan, March-April delivery.” It was decided to send copies of the resolution to tho Prime Alinisfer and every member of Parliament . RABBITSKIN SALE. The Dunedin Stock Agents and Woolbrokers’ Association reports as follows : No doubt owing to the heavy falls ol snow' recently catalogues were smaller at yesterday’s rabbitskin sale. There was c "steady demand for low grades, winch sold at prices which showed little change from last sale’s rates, but competition for winter bucks and docs was restricted, aud prices for these wore from 6d to 9d lower. Owing to tho unsettled conditions on the Continent there is at present very little demand for does, and spotted and outgoing sorts are in poor request. The following is tho range, of prices;—Summer broken, 3id to 3-Rl; .autumn broken, Sd to Sid; first winter broken, 12d to 12R1; runners and suckers, 4d to did ; summers, 4id to 4:[d; light racks, 7-Jcl to 8-Jd ; prime racks, 7d to 7Jd; (lawny autumn, 8d to Bid; early autumns, 12Jd to 13id; autumn, 30d to 32d; second incoming, lod to 16d ; incoming winter, 34d to 39d; early winter—does 23d to 26d, bucks 55d to 60id; second winter bucks, uCd to 58d; second winter does, 27d to 32d; first winter bucks. 75d to 79d; first winter does, 45d to Uijd; prime bucks to 79d; prime does, old to 55R1; outgoing, lid to 13d; springs, 9d to lOJd; milky, 4d to 9id ; fawn to 40d; winter fawn to S2icl; summer black to 3d; autumn black, 6d to lOd; first winter black, 18d_to 18-id ; second winter black, 12d to lod ; hareskins, Id to 6d; horsehair to 15d. • NEW ZEALAND FRUIT. The secretary of the Otago Provincial Fruitgrowers’ Council advises that the High Commissioner’s cabled report for week ended August 1 on the London fruit market is as follows: “ Trade very slow owing to American (Iravenstein and English apples now coining on to market. Current prices for fruit, ex store Stunner, 10s 6d to 12s; Dougherty, Rokowood, and Statesman, I.ls to 14s; Granny Smith, ].2s to 15s. Small quantity not stored, and remainder soiling slowly at lower prices.” MA HAKIPAWA REPORT. Tho directors of Jlahakipawa Ltd. report that the balance ol £SOO outstanding on debentures has now been paid oil without tbe necessity of using tlio moneys placed on deposit, in addition, tho Government subsidy of £2OO, which was granted some time ago lor tho purpose of deepening the shaft, lias now been transferred, with the approval of the Alines Department, to development work in the cast and west drives. This sum will bo paid to the company at an early date. As the bonus on a considerable quantity of gold which has been sold to tho Commonwealth Rank has not yet been received tho finances ol the company are in a very sound position, and the company has a substantial sum in reserve.

Two directors of the company recently returned from a visit to the mine, and report that operations at the present time arc proving highly satisiactory. Heavy gold is being won, and during the directors’ inspection a nugget just under 1.1 oz was picked out of the sluice boxes. The returns are now being given by the mine manager in smelted gold instead of alluvia! gold. 'The ostimaled returns (on the standard ounce basis) when gold out-fumed from the bank comes forward will bo about 5 per cent, in excess of the smelted quantity shown in the monthly reports.—Christchurch correspondent.

STANDARD INSURANCE COMPANY DIVIDEND. The iuinnal report oi' the directors ol the Standard Insurance Company Ltd. slates that tho income from all sources for the year amounts to £226,949 8s Id, to which, has to he added the balance brought forward from last year, £23,144 9s 4d. The surplus on the year’s operations after making full provision for all ascertained losses to June 30, payment of an interim dividend, donation to the Guarantee and Provident Fund, and the depreciation of securities, amounts to £35,558 19s sd. Out of the surplus the directors recommend the payment of a dividend at the rate of Is 3d per share, and the forward to next year of £23,058 19s 5cU

GOLDEN POINT MINE: Two directors and the secretary visited the Golden Point mine last week, and, in conjunction with the battery manager, made final arrangements for tho completion of the battery plant, which should be ready to commence crushing within tho next fortnight. The ore from tho Bft reef in No. 1 rise is being stoped out for crushing, and the reef recently intercepted in tfie new No. 3 rise is also being driven on with tho object of connecting up the two rises and at the same time jirovidiug stone for tho battery. No. 2 crosscut is in 177 ft, and showed a new reef of about 2ft in thickness in the face. This reef has not yet_ been assayed, but appeared to be similar stone to tho reef above. The wiring of the electrical equipment is nearing completion, and the stand-by alternator is being installed. With the exception of a few small items, which should arrive this week, all the plant is now on the ground, and its erection is near completion. DOAIINION INVESTMENT COMPANY. The annual report of . the Dominion Investment and Banking Association lor the year ended June 30 shows a net profit of £12,251, which, added to £991 brought forward from last year, makes a total of £13,242, which the directors recommend dealing with as follows :—To payment of dividend of 7 per cent, on “ A ” shares and first issue of “ B ” and “C ” shares, £11,518; to payment of dividend of 6 per cent, on second issue of “ B ” and “ G ” shares, £217; to reserve account, £500; and to carry forward, £I,OOB. The banking department has been freely used, and the past year’s business has resulted in a surplus of deposits (with interest credited) over withdrawals of £3,303, blunging the total amount to the credit of depositors to £136,667. Advances.—The investments of tho association throughout the year have been closely controlled, and the directors have followed a conservative policy of building up the cash resources of tho association. Applications have been granted only upon a wide margin of security, and with proper regard to present market conditions. . A BRITISH BANKING VIEW. British bankers still adopt a cautious tone in reviewing financial and economic conditions aud in making business forecasts. Barclay’s Bank, in its Monthly Review ’ for June, states that the slightly better tendency in trading conditions noticeable in April appeared to have been maintained during Alay, although there had been few signs of any further advance. The situation abroad continued to operate against any marked expansion in overseas business. Monetary rates in certain of the leading international financial centres had been further reduced, hut any real improvement in trade was likely to be delayed until confidence throughout the world had been restored. For this reason a period of more or less stable conditions would probably precede any pronounced upward movement, and even when recovery did take place progress, might be slow. Lloyds Bank expresses the view tliat tho most serious feature of the present situation is the widespread lack of confidence in the future. It doubts whether the bottom of tho trade depression has really been reached. Not so pessimistic a tone is taken by the Midland Bank. While it points out, however, that in many respects tho monetary situation is conducive to business recovery, it comments unfavourably on the fact that hank deposits are at a lower level than last year’s figure. “ No one can pretend,” it states, “ that current data relating to British industry and trade show any pronounced signs of marked recovery from tho depth of the slump, but this must by no means ho taken as justification for complete despondency.”

Buyers. Sellers. BANKING— £ j. d. JC s. d. Bank of Auskalaeia — 9 0 0 Bank of N.Z Bank of N.Z. 2 S 3 2 9 0 (Long U ”) Commercial Bank 15 6 ~ (cum. div.) National Bank of New — 0 14 2 Zealand INS URAN CE — 4 5 0 National Tnsur. Co. New Zealand Insur. — 0 13 2 Co. (ex div.) — 2 10 Standard Insur, Co. 2 7 0 SHIPPING— Howard Smith 0 5 0 0 7 0 U.S.S. Co. (prof./ ... 0 19 10 — COAL— Kaitaugala, Coal 0 5 Od 0 2 3d Westport Coal Co. ... LOAN AND AGENCY13 0 Dalgcty and Co. 6 6 0 — Goldsbrough, Mort ... 0 19 0 10 0 Perpetual Trustees ... Trustees Executors 2 19 0 and Agency Wright, Stephenson 2 18 0 (ortl.) MEAT PRESERVING — N.Z. Refrigerating 0 3 0 0 16 6 (coni.) MISCELLANEOUS— Bruce Woollen Co. 0 ' 3 4 (P>'uf.) 31 0 0 0 19 0 Colonial Sugar Co. .. —■ D.I.C. (t>ref.) 0 19 6 — Dominion Rubber Donaghy’s Rope and Twine 0 10 0 9 0 19 6 — Eclipse Petrol Mil burn Lime and — 0 10 0 Cement ... — 1 10 0 National Electric — 0 10 0 N.Z. Drug Co. 2 10 0 — N.Z. Milk Products ... 1 0 0 — N.Z. Paper Mills 0 17 6 2 11 0 ‘ Otago Daily Times ’ GAS--Auckland ... ... ... 12 0 — Christchurch (ex div.) BREWERIES— 1 4 9 N.Z. Breweries Lid. 19 0 N.Z. Breweries Debs. 110 ■- Staples’ Brewery 1 12 0 Dunedin Brewery MINING— 0 13 6 0 17 0 Waihi 0 15 2 — Wailii Grand .luiict. — 0 4 2 Mount Lyell — 0 17 0 Maliiikipawa 0 0 6 Kildare 0 0 9 o on Okarilo ... _ 0 9 10 0 10 0 Paddy’s Point 0 3 11 0 4 2 Golden Progress 16 0 18 0 King Solomon 0 2 3 0 2 4i Golden Point 0 1 6 o no WAR BONDS—(Bonds Bonds.) c|iioled are £100 1938 4£ p.c. Bonds .. 99 h 0 100 5 0 1939 4£ p.c. Bonds .. 99 5 0 19-11 p.c Bonds 99 h 0 1938 4i p.c. Ins. — 100 2 6 1933 hi p.c. S.S. Bonds 93 0 0 93 10 0 1933 hi p.c S.S. Ins 96 0 0 1911 Si p.c. lose. ... ■— 19515 hi. p.c. Bonds ... 99 5 0 1.936 hi ji.c In.-. 99 0 0 1937 5i p.c. Bonds . . 99 12 6 — 1937 hi p.c. Ins. 99 12 6

RUGBY, August 4. (Received August 5, at 10.30 a.m.) Paris, franc to jC-1 j^ 28 ' Aug. 4 123.30 Brii'-scB. bdgas ic £1 .. Oslo, kronur l-o ... 34.79 34.84 ... 18.16’ 18.161 Stockholm, kroner to £1 ... 18.151 18.15.', Copenhagen, kroner .o ... 18.161 I8.16J Berlin, reichmarkcn to £1 ... 201 ■(.«- r>- 10 Montreal dollar (o £1 ... ... New York*, dollar vo £\ ... 4.85 9-1 (i 4.85 1.3-16 Milan, tire to £1 Amsterdam, florin to ... 02.8 13.0R 93.60 12.04} Prague, kroner ‘o £1 ... 1(14 164 Geneva, franc to £L ... ... 24.89 24.91 Vienna, schilling to £l Helsingfors marks io ;£'! ... 34.55 393 34.571 Madrid, peseta to £1 ... ... 53.55 Athens, drachmae to £\. ... 375 :trr» Lisbon, escudo to £1 ... Bucharest, lei to £1 ... ... no 817 no 817 Rid de Janeiro pence :s o-Ui to milreis ...■ "i Buenos Aires, pence to pesos 331 :w Montevideo, pence to dollar 2R ■—■ Shanghai pence to tad ... 14; Yokohama, pence to yen ... 24 13-32 Hongkong, pence to dollar ... 11 i $ Bombay, pence to dollar Batavia, flo-in to £1 ... ... 17J ... — 10.45.}