COMMERCIAL

Evening Star, Issue 20980, 19 December 1931, Page 12

COMMERCIAL

THE SHARE MARKET DUNEDIN STOCK EXCHANGE. The market was quiet this morning, and a parcel of Kildares realised Is Bd, while another sale of the same stock at Is 8d was reported after the call. Sellers of Bank of New Zealands eased to £2 5s 9d, without a buyer offering, while the Long “D ” was sought for at £1 5s 3d, Commercials had inquiry at 16s sd, with sellers asking fourpence more. There was no seller of Union Banks under £7 19s, and buyers did not quote. The inquiry for Howard Smiths improved to 6s 6d, without attracting sellers. Union Steams were quoted ex dividend, and were wanted at 19s 9d. Westport Coals were on the market at £1 4s 6d, without a buyer offering. Gear Meats were also quoted ex dividend, and had buyers at £1 7s, but no sellers. Sellers of the paid and contributing issues of- N.Z. Refrigerating shares were firm at 12s and 5s respectively, and buyers of the former offered 11s 3d, while for the latter 4s 9d was offered. There was inquiry fpr Milburn Limes at £1 7s, but sellers did not quote. In the mining section, buyers offered 9s 3d for Okaritos, but there was no sellar under 9s lOd. Sale ’Reporter After the Call.—Kildare, Is Bd. Sale on ’Change.—Kildare, Is Bd. ' Quotation* u under i Buytn. Ml*n. £I. d. £■. d.

PRICE OF GOLD. In the open London market on December 8 fine gold reached the record price of £6 6s lOd an ounce. This is £2 Is 10id an ounce more than the normal price, and it is due to the departure of Great Britain 5 from the gold standard and the consequent depreciation of sterling in terms of the currencies of gold standard countries, notes the _ Melbourne' 4 Argus.’ To find the price in Australia there has to be added to the London price the exchange premium of 25J per cent, (less 1J per cent, for realisation charges), and this increases the figure to £7 17s 7d an ounce for fine gold, representing a premium of 85 per cent. For gold lodged -with it last week the ■ Melbourne branch of the Royal Mint is paying at the rate of £7 _4s 5d an ounce, which includes a premium of 70 per cent, on the normal price. This premium is adjusted weekly by the Commonwealth Bank in accordance with fluctuations in the London quotation in the preceding week. NEW GUINEA GOLD FIELDS, The annual meeting of the New Guinea Gold Fields Ltd. was to have been held in Sydney on December 9, but was adjourned until such time as the accounts of the company could be compiled and presented to shareholders. The adjournment of the meeting was not received favourably by some shareholders, and it was moved that the , meeting be called not later than the second week in January, 1932. The chairman, Mr F. Hambridge, explained that no business could bo transacted at any meeting until the accounts were available. He assured shareholders that the meeting would be called as soon as possible. An amendment that the meeting stand adjourned at the will of the directors was then carried. Following an informal discussion regarding the listing of the company’s shares on the Stock Exchange, Mr Hambridge said this had been applied for, but an alteration of the company’s articles would probably be involved in meeting the listing requirements. In .view of the evident desire for listing, he said, the board would again go into the matter. In the report for the year ended September 30 it was stated that the company’s share capital is now £5,250,000, comprising £4,451,057 issued to subscribers and leaseholders, £19,300 reserved as consideration for leases contracted to be purchased, and £779,643 held in reserve. The company’s share of tributers’ production from alluvial leases was £34,646. When the tributes expire the company will work the main alluvial deposits.;

FRUIT AND PRODUCE. Bray Bros. Ltd. report as follows for the week ended yesterday:—The chief topic in the grain and seed markets is the weather conditions that are prevailing throughout the South Island. These conditions vary, but in some districts a prolonged spell of dry weather isbeing experienced. Towards the coast in the district south of Dunedin the rainfall has been heavier than usual. In other places north of Dunedin, however, the rainfall has been very light. Last weekend there was a fall in North Otago and in South Canterbury, which greatly benefited the crops, but much more rain is badly wanted. The local wheat market remains unchanged. Millers are not buying, and as a matter of fact there is practically no old season’s wheat of milling quality now available. The only business passing is in fowl wheat, the price for which has firmed slightly. Sales of good whole have been made to the North Island on a basis of 5s Id, f.q.b. (sacks extra), this price being equivalent to 4s 8d ex store. Milling wheat is now worth on a basis of 5s lOd for Tuscan, f.o.b. (s.e.). Nearly all the stocks available are held in store by the pool. These lines are not of milling quality, the lines varying from poor or good whole fowl wheat. The oat market for prompt delivery is quiet. A few inquiries are being received from the North Island. There is indeed an entire absence of shipping business. Quotations are on a basis of 2s 8d to 2s 9d, f.0.b., s.i., for A’s and 2s 6d to 2s 7d for B’s. These values are equivalent to 2s Id (sacks extra, on trucks, country sidings) for A’s and Is lid for B’s. There are very few oats now offering by farmers. A few days ago there were sales of A’s at 2s Bd, spread delivery, April to September, but to-day 2s lid, f.0.b., s.i., is being asked, and some sales have been recorded at the latter figure. North Island merchants are not showing any interest, and what business is passing is between South Island merchants, buyers being in Canterbury and sellers in the south The chaff market is steady, with little business passing. Stocks in the stores are sufficient to meet the demand, which has firmed in sympathy with the northern markets. The current quotation is £4 (sacks extra) for truck lots and £4 10s ex store for small quantities. The weather condition has caused a firming in the price of most varieties of seeds. There is very little business passing, as the bulk of the retail orders in this district have now been executed. Millers’ prices are as follow;—Flour: 200’s, £l7 2s fid; 100’s, £lB 2s fid; 50’s, £lB 7s fid; 25’s, £lB 17s fid. Bran: £5 10s ton. Pollard: £6 10s. Oatmeal: 200’s, £2O; £2s’s, £22. Apples are still arriving from Canterbury cool stores, but the demand is' now easing off. American apples are also hard to place. The Maui Pomare arrived during the week with a shipment of Samoan bananas. Their condition was excellent, and the bulk of the fruit has been taken by retailers at a fixed price of 21s fid-to 22s fid per case. A gootl-sizcd shipment of Rarotongans is expected tomorrow. This will be the last shipment before Christmas. The Waikouaiti from Sydney and tho.Wainui from Melbourne arrived during the past few days with heavy supplies of citrus fruits. The market shows a drop of almost 50 per cent, on the prices ruling for the previous consignment. A few lines which were in poor condition sold at low rates. Even the best quality fruit is being sold at prices below those ruling in Melbourne at the present time. Shippers were looking, forward to good prices for this last shipment, but the Otago-grown soft fruits now reaching the market have caused a slackening in the demand for oranges. Now that the prices for oranges have dropped again it is expected that the demand will improve. Australiangrown lemons are offering at' low prices. Some fine samples of Ettersburg strawberries are on offer. Growers report that the season for strawberries will hardlv last until the new year. Reports Yroni Waimate state that the raspberry crop has suffered severely from frosts, and that only a small crop will be gathered in the district. Gooseberries are in heavy supply and prices low. Cherries have been offering at prices which cannot pay tho growers. The quality has improved, and better prices were obtained towards the end of the week for really good lines. The quality should be of the best by the time the Christmas demand sets in. Californian grapes are in good supply. The tomato market remains firm, and some fine samples are offering from Canterbury and Dunedin hothouses. Good quality green peas have a good demand. Poor lines are hard to place. Cucumbers are offering at low rates. A large shipment of Australian-grown was landed ex Waikouaiti. Cabbages are plentiful. Cauliflowers are offering in small lines, and fair prices are ruling. Lettuce are practically unsaleable unless of good quality. Young carrots have a good demand. Locally-grown potatoes have been offering in increased quantities, and prices have eased. North Islandgrown are in heavier supply, and are meeting with only a small demand. Eggs, butter, cheese, and honey are offering freely. The following prices were realised during the week; — Apples.—Dessert, 5s to 8s fid case; dessert, small, 2s fid to 3s fid case; cooking, 4s to 7s fid case. Tomatoes, 6Jd to ll£d lb. Gooseberries, l)d to 2Jd per lb. Strawberries, fid to Is Id pottle. Cherries, 3d to Is lb. Cucumbers, 2s to 4s dozen. i Peas ; l£d to 3d lb. Passions, IGs to 20s case. Beet, Is 2d to 2s dozen. Local potatoes, IJd to 3d lb. Marrows, 17s to 20s case. Rhubarb, IJd to 2Jd lb. Australian oranges, 8s to 14s case. Lemons.—Missions, 45s case; Australians, 12s to 14s case. Grapefruit, 18s to 21s case. Peaches, 4id to s)d per lb. Pines, 18s to 21s case. Bananas.—Samoan, 22s fid; ripe, 255. Carrots, 2s fid to 4s cwt. Cauliflowers, Is fid to 4s bag. Cabbage, Is fid to 4s sack. Lettuce, fid to Is fid dozen. Garlic, SRI to fid lb. Potatoes, £2 to £3 ton. Eggs, Is to Is Id dozen. Peanuts, 3d to 4d lb. Cheese.—Medium, fid lb; loaf, 8d lb. Ifonev, 4d to SRI lb. Onions.—Australian, £l4 per ton. Beeswax, Is sd, Is fid lb. Woodwool, 28s bale. Tallow, to 12s fid cwt. Oyster grit, 8s bag. Butter—Pats, Is 2d; dairy pats, BJd lb to 9Jd lb ; bulk, Is l£d. Bacon, lid lb. Hams, Is Id lb. Oats. —A Gartons, 3s; B Gartons, 2s 7d per bushel. Partridge peas, 5s to 6s bushel. Pollard, £6 10s per ton. Milling wheat, 5s lOd to 6s 3d per bushel. Fowl wheat, 4s fid to 4s 9d. Bran, £5 10s per ton. Wheaten straw, 60s per ton. Clover hay, £5 10s per ton. PRICE OF GOLD. Press Association—By Telegraph—Copyright. LONDON, December 18. (Received December 19, at noon.) Fine gold is quoted at £6 2s 2d per

CANTERBURY MARKETS. [Per United Press Association.] CHRISTCHURCH, December 18. Little interest is being taken in the grain and produce markets. Some traders have practically closed down for the holidays. Merchants are agreed that it is very many years since there lias been such a small stock of seeds at this period of the season. Everything has been cleaned up, and the new season’s produce will come in on bare boards. Next season’s feed is quoted nominally at 4s ad, f.0.b., s.e., for spread delivery. However, there is very little movement. Prompt fowl wheat is quoted at 5s 3Jd. This market is also very quiet. Forward potato business is at a standstill. The nominal quotations are at 75s to 77s 6d a ton, f.0.b., s.i. The oats position so far is showing no reflection of the prevailing bad crop conditions, doubtless on account of the indefiniteness of the Southland crop, which generally is the main regulating factor in the prices. B Cartons aro nominally quoted at 3s o|d, f.o.b v s.i., April-September delivery. This is equivalent to 2s 6d on trucks. Algerians are not quoted. WESTERN AUSTRALIA’S GOLD YIELD. The Western Australian gold yield for November was 53,8690 z, valued at£22B,823, an increase of 20,1610 z over November, 1930, and the highest since November, 1920. The return for eleven months is 461,3560 z, an increase of 87,0540 z compared with the corresponding period last year. For the expired eleven months this year the Mint has paid out in premiums £090,046, of which £120,378 was for November. The average number of men employed in the industry at the end of September was 0,623, an increase of 2,098 since the beginning of the year. BIG RIVER GOLD MINES LTD. The directors of the Big River Gold Mines Company report that reconditioning operations on the company’s winding plant, machinery, and all other surface equipment was put in hand in the early part of last month. Rapid progress has been made, and the work is almost completed. The cost will, therefore, not be as great as expected. On November 23 the inspector of machinery made an inspection of the winding plant and main boiler. Ho reports that these are in first-class condition, and a certificate will bo issued for use of the boiler at its original pressure. In thp mine the engine level, or No. 1 acl ft level, leading into the main shaft, lias been repaired into the shaft, and the latter inspected at that point. Tho main shaft appears to be in good order. Repairs from No. 2 level, leading into the main shaft, are now in hand, and these should lie completed shortly. A tram lino 130 chains in length from the mouth of No. 2 level to tho coal mine has also boon repaired and put in good order. A mine manager, Mr J. V. Lake, lias been appointed by the board of directors from some fifteen applicants. He has to come from South Australia, and is expected to arrive in Rcofton early next month, after which underground mining operations will be put in hand, under his management, without delay. THE METAL MARKET. Press Association—By Telegraph—Copyright. LONDON, December 17. (Received December 19, at 10.30 a.m.) Copper; Standard, £39; forward, £39 12s 6d. Electrolytic: Spot. £43 10s; forward, £45 10s. American unquoted. Wire bars, £45 10s. Lead; Spot, £ls; forward, 15s ss. Spelter: Spot, £l4 6s 3d; forward, £l4 16s 10Jd. - Tin: Spot, £l3B 11s 3d; forward, £l4l 8s 9d. Silver; Spot, 20 7-16 d per oz; fine, ■22 l-16d. The Bank of Now Zealand has received tho following advice from its London office, dated December 18: Frozen meat: Tho market is weaker for light-weight wotlici’s; heavy-weights remain steady. For owes the market is dull. Trade is slow for new season’s lambs. The market is affected by heavy supplies of fresh moat and Australian lambs. Wothors—light 3]d to 4]d per lb, heavy fid to fiifd per lb; owes, 2-Jd to per lb; lambs—twos 7|d to BJd per lb, eights 73d to B]d tier lb, seconds 6Jd to ,7d per lb.

MORRIS HEDSTROM LTD. [Per United Press Association.] WELLINGTON, December 18. A cablegram received from London states that Morris Hedstrom Ltd. has declared an interim dividend of 2 per cent., payable on ordinary shares on December 31. The books will be closed from December 19 to December 31. SOUTH KALGURLIE DIVIDEND. The South Kalgnrlio Consolidated Limited, Kagloorlie, Western Australia, has been advised by tbe company’s office, London, that an interim dividend of Is a share in English currency, less English income tax, will he payable on January 5 to shareholders registered on December 15. SILVER AND COPPER COINS. Among the general cargoes of ships which have lately been arriving in Britain from Australia have been packages of silver and copper coins. Sometimes the consignments have been of considerable value, says ‘ The Times.’ Apparently these shipments have been made as a cheaper means of paying debts in this country, since whereas there is still a heavy discount on the Australian pound, the coinage is brought at a freight rate representing only 15 per cent, of the value, and there is no loss on exchange. Many passengers from both Australia and New Zealand are believed lately to have brought considerable quantities of coinage with them, which presumably had been collected with care in anticipation of the visits. One of the most curious recent examples of this movement was the case of a passenger returning to the Commonwealth who paid in London his passago money, amounting to about £6O, in copper coins he had brought from Australia. These coins were packed in four hags, each containing coppers to the value of £ls. With the exception of Australian copper coins to the value of a few shillings which were discovered when the coins were counted before being dispatched to the hanks, all the copper coins were English. T. AND G. MUTUAL LIFE SOCIETY. ANNUAL MEETING. STRONG FINANCIAL POSITION. MELBOURNE, December IS. The fiftj’-fifth annual meeting of the T. ami G. Life Society was held to-day. The managing director, Mr J. T. Thompson presided. The Chairman announced that the new business comprised 136,826 policies, assuring £10,453,176. In addition there were issued 2,600 personal accident and sickness policies, more than double the number for the previous year, assuring £1,581,650, and 4,397 policies in the ordinary department wore endorsed with the accident benefits assuring £1,272,106. The total income increased to £3,908,292, while payments to policy holders amounted to £1,697,297. There had been a reduction in the expense rates. The total assets of £17,110,588 were all soundly invested and wore of a nature not subject to stock exchange fluctuations. The average rate of interest on the mean funds, excluding unpaid and overdue interest, was £5 16s lid per cent, per annum. Additions to reserves included £IOO,OOO written off properties and a transfer of £150,000 to contingency funds. The actuarial report disclosed a strengthening of the basis of valuation by adopting a 3 per cent, net premium rate throughout. Provision was made for contingencies and for bonuses and other benefits, and £81,135 was carried forward. The meeting ended with an expression of the hoard’s appreciation of the loyal and efficient services of the staff. BUTTER AND CHEESE. The National Mortgage and Agency Company Ltd. have received the following cable from London;—“Butter: Market steady. Now Zealand finest grade, 98s, 100 s; New Zealand first grade, 98s; New Zealand unsalted, 114 s, 116 s; Danish, 1365; Australian, 965, 98s. Cheese; Market quiet. New Zealand white, 5Cs, 575; Now Zealand coloured, 565.” Messrs A. S. Paterson and Co. Ltd. have received the following cable from London : —Butter : Market absolutely demoralised duo to forced selling c.i.f.o. purchases and heavy arrivals during the holidays London and West Coast'ports. Danish, 1365; New Zealand, 98s, 100 s; Australian, ,965, 98s. (

Cheese: Market dull, lower; white cheese, 565, 58s, coloured 555, 575. The South Island Dairy Association has received the following market report from London ;—Butter, weak, 97s to 100 s; unsalted, 112 s to 118 s. Cheese, slow. White, 56s to 58s; coloured, 56s to 575. LONDON WOOL SALES. Tiie Now Zealand Loan and Mercantile Agency Company Ltd. have received the following cablegram from their London house, under date 17th iust.:—As compared with last sale’s closing rates, prices are about the same for merino and cross-bred lambs, coarse scoured cross-bred, and greasy merino, coarse and medium cross-bred slipe. Higher par to Id per lb for medium scoured cross-bred and fine cross-bred slipe. Higher Id to lid per lb for fine greasy cross-bred. Higher Id per lb for merino scoured and fine scoured cross-bred. Prices are id to Id lower for medium and coarse greasy crossbred. The sales closed firmly to-day. Home buyers are the principal operators. Messrs Murray, Roberts, and Co. Ltd. have received the following -wool market cablegram from their London agents (Messrs Sanderson, Murray, and Elder Ltd.), dated 17th inst.:—Sales have closed irregular competition fair and general. Compared .with closing rates of lost London sales greasy merino good; w’ool suitable for Yorkshire market shows no material change. Scoured merino best, scoured merino good, market par to 5 per cent, advance. Scoured merino, other descriptions, market irregular, shows no material change. Lambs., merino, greasy, good, advanced 5 to 10 per cent. Lambs, merino greasy, other descriptions, market shows no change. Crossbred greasy come-back and cross-bred greasy fine, advanced 10 per cent. Cross-bred greasy, coarse to medium, market par to 5 per cent, decline. Good descriptions show the least decline. Cross-bred scoured, market par to 5 per cent, advance. Slipe cross-bred, best descriptions, advanced 5 per cent. Slipe cross-bred, other descriptions, market shows no change. Messrs Murray, Roberts, and Go. Ltd. have received the following wool market cablegram from their London agents (Messrs Sanderson. Murray, and Elder Ltd.), dated tho 17th inst.-60-64’s (Now Zealand merino), yielding 48 per cent., BRI (opening of senes, 9d) ; 56’s, yielding 60 per cent., 10JU (10(); 50’s, yielding 65 per cent., 73d (Bjj; 44-46’s. preparing, yielding 74 per cent., C)d (7d); 44-46’s, carding, Yielding 72 per cent., 6RI (7d); 40-44’s, yielding 73 per cent., 51d (fid); 36-40 s, yielding 75 per cent.. 4ffcl. The Otago Farmers’ Co-operative Association of New' Zealand Ltd. are in receipt of the following cable from their London office:—“Wool sales closed today, and prices compared with closing bites last series:—Merinos lower, line cross-hreds Id dearer, medium and coarse cross-hreds Rl low'er. Closed rather -weaker. Total sold, 153,000 bales; to America, 2,000 bales; to-Home trade, 85,000 bales; to Continent, 66.000 bales; carried forward, 77,000 bales. Closing values: Merino greasy, pood to super.-, 9d to lid; merino greasy, low to medium, 8d to 9d; merino scoured, good to super., Is 4d to Is 7d; merino scoured, low to medium, Is 2d to Is 4id; greasy fine cross-hreds, lid to Is 1-Jcl; greasy medium cross-brods, 6RI to 7d; greasy coarse cross-hreds, 5d to fid; scoured fine cross-hreds, Is 0)d to Is sd; scoured medium cross-hreds, lOd to Is; scoured coarse cross-hreds, 7-R1 to 9d; slipes, line, 9}d to Is; slipes, medium and coarse, 7d to 9|d.”

BANKING— Bank of N.Z ' 2 5 9 Bank of N.Z. (Long “ D ”) 1 5 3 Commercial Bank 0 16 5 0 16 9 National Bank of Australasia (cont.) 5 0 0 Union Bank of Australia Ltd — 7 19 0 INSURANCE— National Insur. Co. 0 12 6 0 13 2 Standard Insur Co. — 2 4 0 SHIPPING— Howard Smith ... ... 0 6 6 . . U.S.S. Co. (prof., ex div.) 0 19 9 — COAL— Kaitangata Coal 0 3 M 1 Westport Coal Co. ... — 1 4 6 LOAN AND AGENCY— Goldsbrough, Mort 1 3 9 National Mortgage ('*B” issue) 1 10 0 N.Z. Guarantee Corp. — 0 6 0 MEAT PRESERVING — Gear Meat Co (ex div.)1 7 0 N.Z. Refrigerating (paid) .. 0 11 3 0 12 0 N.Z. Refrigerating (cont.) 0 4 9 0 5 0 MISCELLANEOUS— British Tobacco (cum div.) 1 6 0 D.I.C. (ord.) 0 11 6 — D.I.C. (pref.) 0 19 6 — Dominion Rubber ... 0 6 0 — Milburn Lime and Cement 1 7 0 _ Mosgiel Woollen Co. 6 13 0 ' — M'Leod Bro«. _ 21 10 0 — National Electric — 0 9 0 N.Z. Drug Co. ... ... — 2 10 0 ‘ Otago Daily Time# ’ Wilson’s N.Z. Cement 8 5 0 — — 1 15 6 BREWERIES— N.Z. Breweries Ltd. 1 8 0 _ N.Z. Breweries Debs. 1 1 0 — N.Z. Breweries ■ Stock 1 1 0 ■ Tooth’s Brewery 1 2 6 1 5 6 MINING— Kawarau 0 0 5 Waihi 0 16 0 — •Waihi Grand Junction 0 3 6 q 4 0 Electrolytic Zinc (pref.) 0 19 6 Mount. Lyell (cum div.) . 1 1 6 Kildare 0 1 7 0 1 8 Okarito 0 9 3 0 9 10 Paddy’s Point ... ... 0 2 10 0 3 6 Cornish Point (paidj 0 0 2 0 0 6 Golden Progress 1 13 0 — King Solomon Golden Point ..J ... 0 1 9 0 2 1 0 0 6 — Blackwatei 0 3 9 — WAR BONDS (Bonds quoted are £100 Bonds) 1938 4£ p.c. Bonds ... — 97 0 0 1939 4i p.c. Bonds ... — 97 0 0 1938 4j p.c. Inscribed — 97 0 0 1939 4£ p.c. Inser'bed — 97 0 0 1933 5i p.c. S.S. Bonds — 100 0 0 1936 5 \ p.c. Bonds ... 99 10 0 — 1936 5| p.c. Inscribed 99 10 0 — 1937 5i p.c. Bonds ... 99 10 0 — 1957 5| p.c. Inscribed 99 10 0