COMMERCIAL

Evening Star, Issue 21004, 19 January 1932, Page 8

COMMERCIAL

THE SHADE MADKET DUNEDIN STOCK EXCHANGE. Quotations at this morning’s call of the Dunedin Stock Exchange were on a par with those of. yesterday, little fresh business being transacted. Commercial Banks appeared to be hardening, buyers offering 14s 5d this morning, with no disclosed seller. Goldsbrough, Morts had a buyer at 23s 3d, sellers still asking 245. After a reported sale of Colonial Sugars at £4O there was a further seller at £4l, no response being received from buyers. Buyers of ‘ Otago Daily Times ’ were again offering 46s 6d, there being no sellers on the market. In the mining section Okaritos were inclined to be easier, and after a reported sale at 10s 5d buyers were willing to give 10s 3d, but no seller was prepared to take less than 10s €d. Government loans, in the tax-free section, had plenty of sellers, but no buyers were operating. There was a steady demand for 1936 and 1937 5i per cent. Bonds and Inscribed Stock, but very few sellers quoted. Sales Reported.—Colonial Sugar, £4O; Okarito, 10s Sd. / Late Sales Yesterday. —1936, 5£ per cent. Bonds, £99 15s; 1936, 5$ per cent. Inscribed Stock, £99 15s.

LONDON WOOL SALES. Press Association—By Telegraph-Copyright. LONDON, January 18. (Received January 19, at 11 a.in.) At the wool sales 8,098 bales were offered, including 2,491 from New Zealand. About 5,345 bales were sold. There was active Bradford and Continental competition. New Zealand cross-breds, “Waiau,” IOJd and Bld. Bradford is quiet. Merino fine crossbred top? are tending in sellers’ favour. LONDON STOCK EXCHANGE. Press Association—By Telegraph—Copyright. LONDON, January 18. (Received January 19, at 11 a.m.) P. and 0., 21s 9|d. PRICE OF GOLD, Press Association—By Telegraph—Copyright. LONDON, January 18. (Received January 19, at 11 a.m.) Fine gold is quoted at £5 18s 8d per ounce. WHEAT MARKET. Press Association—By Telegraph—Copyright. LONDON, January 18. (Received January 19, at 11.30 a.m.) Wheat cargoes are steady on the depreciation of the exchange and better foreign advices. Buyers are not interested. Quotations are unchanged. Another Australian cargo was sold for Shanghai in March. The price was not disclosed. Parcels are steady, sellers asking for an advance of 3d and 6d. ■ Futures. London February, 23s lid; June, 24s 6d. Liverpool—March, 6s 2d; May, 5s sd; July, 5s 7d. SYDNEY STOCK EXCHANGE. Press Association—By Telegraph—Copyright. SYDNEY, January 18. The Stock Exchange showed fair activity. Australian consols were mildly irregular. ' Three per cents. (1944) sold at £B3; 4 per cents. (1938) at £95 2s 6d; 1941, at £93 17s 6d; 1944, at £94 2s 6d; 1950, at £94 8s 9d; 195061, at £93 ss; 1951-53, at £92 12s 6d. There were four transactions in Bank of New South Wales shares each at £3O, which is 5s below Friday’s figure. Commercial of Sydney fell 8s 6d at £l7; Bank of Australasia receded 10s at £lO 12s 6d; and E.S. and A. Bank dropped 3s at £5. Other sales were:—Colonial Sugar, £45 12s 6d; Australian Gaslight (A), £5 12s; Burns, Pliilp, 38s 9cl; Goldsbrough, Mort, 27s 6d; Dunlop Perdriau, 14s 2d; British Tobacco, 30s 9d; Tooth’s Brewery, 27s ljd; Tooheys, 18s. There was continued hardening in silver and lead stocks, with the following sales; Broken Hill Proprietary, 17s Gd; Broken Hill South, 48s 9d; North Broken Hill, 69s 9d; Zinc Corporation, 325, 4Jd.

SYDNEY WOOL SALES.

Press Association —By Telegraph—Copyright

SYDNEY, January 18. At the wool sales the offerings totalled 10,019 bales, of which 9,506 were sold, while 1,888 were disposed of privately. There was exceptionally strong competition, and the market was very firm at last week’s rates for all descriptions. Greasy merino brought to 173 d. The average price of wool sold last week was £ll Is lid a bale, or 8.59 d per lb. GOLDEN TERRACE EXTENDED COMPANY, IPeb United Press Association.] INVERCARGILL, January 18. The Golden Terrace Extended Gold Dredging Company reports a wash-up of 240 z 16dwt for the period ended January 16. In an effort to locate rich ground, boring operations will be commenced next week. WESTPORT COAL COMPANY. An extraordinary general meeting of the Westport Coal Company is to bo held, when the following resolution will be proposed:— (1) “ That the capital of the company be reduced from £500,000, divided into 500,000 shares of £1 each, to £250,000, divided into 500,000 shares of 10s each, the nominal amount of each of the said shares to be reduced from, £1 to 10s, and that such reduction be effected by returning to the holders of the 450,000 shares which have been issued the sum of 10s per share, being capital which is in excess of ibe wants of the company, such sum of 10s per share to be paid or satisfied by transferring to shareholders out of the reserve funds or the sinking funds of the company, whether held by the company itself or trustees on its behalf, New Zealand Government Inscribed Stock, maturing on November 15, 1938, and carrying interest at 4J per cent, free of income tax, at the par or face value of such stock, together with the interest payable on such stock computed from November 15, 1931.” (2) “ That as regards any shareholder entitled in respect of the return of capital as aforesaid to less than the sum of £lO, or to a fraction of that sum, such sum shall (whether in addition to the transfer of stock or not) be paid in cash out of the said reserve funds or sinking funds.” (3) “That the directors be, and they are hereby authorised to execute transfers to shareholders of al\ or any part of such stock, and to do and execute all such acts, things, and documents as may seem expedient to the directors, or to transfer or vest any such stock or cash to or in trustees upon trust for the persons entitled to the same respectively as may seem expedient to the directors, and that upon the transfer or vesting of the stock as aforesaid the sum of 10s per share payable as aforesaid shall be deemed to be paid or satisfied.” DORMAN, LOND, AND CO. The experience for the year ended September 30, 1931, of Dorman, Long, and Co. Ltd., builders of the Sydney Harbour bridge, who are large shareholders in Australian Iron and Steel Ltd., is given in a message from Middlesborough, England, received by the last mail. Profit for the year is £30,445, contrasting with £394,106 for 1929-30. The hoard has transferred £242,641 from reserve, which, with the balance brought in, makes £448,040 available. Interest on the 4 per cent, debenture stock takes £16,000, and on the Sf per cent, debentures £290,188. To.meet exchange losses on transfer of Australian payments £129,677 is provided, and after directors’ fees of £I,BOO there remains £10,375 to be carried fonvard._ No preference dividend is being paid for the year. In tbe accounts no profits on completed bridge accounts have been included, but full provision has been made for losses arising on contracts completed during the year. The expenditure upon capital account during the year _ amounted to £84,261. No depreciation has been charged, but all the plant in operation has been fully maintained. It is understood at Middlesbrough that the item of £129,677 which has been provided to meet losses on the transfer of Australian payments to the company relates to payments made in Australia on the Sydney bridge. P. AND 0. COMPANY. Accounts of the Peninsular and Oriental Steam Navigation Co. Ltd. for the year ended September 30, show net profits of £528,237, compared with £745.438 earned in the previous year. Dividends on preferred stock amount to 5 per cent., a rate similar to that paid last year, but deferred stock payments are at the rate of 6 per cent, per annum compared with 10 per cent, paid for 1930. In the report of the directors it is stated that the Benalla, formerly trading to Australia, has been sold. So have five other vessels of the fleet. Cruising work in the last summer has been satisfactory, four vessels, including the Moldavia, being employed in the service. Considerable additions and improvements to the Mooltan are reported. It is expected that these will increase earning power afid decrease fuel consumption. The accounts are presented in greater detail this year, and the value of holdings in subsidiary companies is shown to be £13,654,071. On the liabilities side the item is balanced by deposits and loans from subsidiary companies and loans against security amounting to £13.680,104.

Quotations as under Buyers. 6elUr«. £ s. d. . £ s. d. BANKING— Bank of N.S.W. ... — 28 5 0 Bank of N.Z 2 3 6 2 4 3 Bank of New Zealand (Long “ D ”) 1 5 o' —• Commercial Bank ... 0 14 5 — B.S. and A. Bank ... 4 7 0 4 10 0 Union Bank of Australia Ltd — 7 15 0 INSURANCE— National Ins. Co. 0 12 7 0 13 1 Standard Insur. Co. — 2 5 6 SHIPPING— P. and 0. Deferred Stock 1 0 0 — U.S.S. Co. (pref.) ... 0 19 9 1 0 6 COALWestport Coal Co. ... 1 3 0 1 4 0 LOAN AND AGENCYGoldsbrough, Mort ... 1 3 3 , 1 4 0 National Mortgage ... 1 14 0 2 2 0 N.Z. Loan and Mercantile (ord.) 40 0 0 51 0 0 MEAT PRESERVING— N.Z. Refrigerating (paid) 0 11 0 — N.Z. Refrigerating (cont.) 0 4 10 0 4 11 MISCELLANEOUS— British Tobacco . ... 1 6 6 — Colonial Sugar Co. — 41 0 0 Crystal Ice Co — 1 5 0 D.I.C. (ord.) 0 12 0 — D.I.O. (pref.) 0 19 9 — Dominion Investments — 0 10 0 Milburn Lime and Cement — 1 9 0 Mosgiel Woollen Co. 6 13 0 — M'Leod Bros. ... ... 22 0 0 — National Electric ... — 0 9 0 N.Z. Drug Co. — 2 9 0 ‘ Otago Daily Times ’ 2 6 6 — .Wilson’s (N.Z.) Cement 1 11 0 1 15 0 Farmers’ Fertiliser ... 0 12 0 — BREWERIES— N.Z. Breweries Ltd. 1 7 9 N.Z. Breweries Debs. 1 1 0 Tooth’s Brewery 1 2 6 — MINING— Waihi 0 16 6 _ Waihi Grand Junction 0 3 7 0 4 0 Kildare 0 1 10 0 1 11 Okarito 0 10 3 0 10 6 Paddy’s Point 0 2 6 0 3 6 Golden Progress 1 15 0 2 1 0 King Solomon Golden Point 0 2 U 0 0 8i 0 0 2 4 0 94 Blackwater ... 0 3 6 — .WAR BONDS(Bonds quoted are £100 Bonds)1938 4£ p.c. Bonds ... — 97 0 0 1939 p.c. Bonds ... — 97 0 0 1938 4| p.c. Inscribed — 96 15 0 1939 p.c. Inscribed 96 15 0 1936 5Jr p.c. Bonds 99 10 0 1936 5| p.c. Inscribed 99 10 0 1937 Si p.c. Bonds ... 99 15 0 1937 5| p.c. Inscribed 99 15 0 100 0 0