COMMERCIAL

Evening Star, Issue 21005, 20 January 1932, Page 7

COMMERCIAL

. * THE SHARE MARKET DUNEDIN STOCK EXCHANGE. After a reported sale of Bank of New South Wales at £2B the market closed with a further buyer at £27 10s, and the lowest seller asking £2B 10s. Bank of New Zcalands were wanted at £2 3s 9d without a selhsr. Union Banks were again offered at £7 15s cum. dividend, while a buyer at £7 10s came on the market. Dalgetys were offered at £7 16s without any inquiry, and ordinary Loan and Mercantiles were again ou the market at £sl without a buyer. Sellers of New Zealand Drugs cased to £2 8s 6d with a buyer at £2 6s 6d. New Zealand Paper Mills were sought for at 18s 6d with no better seller than £l. ‘ Otago Daily Times ’ shares were sought for at £2 7s, but the seller was 4s away. _ A buyer offered £1 6s for Christchurch Gas, but there was no seller. After a parcel of Mount Lyells had changed hands at £1 Os 7d buyers continued to offer that price, and sellers moved up to £1 Os lOd. Okaritos were firm at 10s 6d, with buyers offering 10s. Sale Reported.—Bank of New South Wales, £2B. Sales on ’Change.—Mount Lycll, £1 Os 7d; 1937 5j per cent. Inscribed, £IOO.

DUNEDIN WOOL SALE. OFFERING OF 30,000 BALES. The second Dunedin wool sale will take place on Tuesday, February 2, when 30,000 bales will be offered. The quotas allotted to the various firms are as follow: , Bales. Wright, Stephenson, and Co. ... 7,905 Dalgety and Co 6,432 National Mortgage and Agency Co 2,442 Donald Reid and Co ... 3,855 Otago Farmers’ Co-operative ...Co 2,442 Stronach, Morris, and Co. ... 2,001 New Zealand Loan and Mercantile Agency Company 1,923 Total ... 30,000 The order of sale by the firms has yet to be arranged.

AUCKLAND WOOL SALE. THE OFFICIAL REPORT. [Per United Press Association.] AUCKLAND, January 19. Tlie following official report was issued by the wool brokers:— “ Bidding was animated at times, but was somewhat erratic. About 65 per cent. of the offering was sold under the hammer. The wool generally was not iu as good a condition as at the first Auckland sale, except for a few super, lines. Prices generally were about Jd up on halfbrecls, in sympathy with southern sales, but medium and low cross-breds, unless showing style, did not attract much competition.” The official range of prices is as follows (prices at the first Auckland sale of the current season on November 28, 1931, being given for the purposes of comparison):—

The selling of gramophones and records fall naturally into the category of the luxury trades, and therefore companies engaged therein must expect to bear the full brunt of trade depression and reduced spending power (states ‘ The Times ’). Particularly is this the case with those companies selling the better class of instrument and record. How true this is is indicated by the progress report published by Electric and Musical Industries for the twelve months ended June 30 last. Ihis company is a merger of the two most important concerns in the British gramophone industry, the Gramophone Company and the Columbia Gramophone Company. Both companies have a remarkable record of progress behind them, and it may be imagined that the directors are fully aware of the need of extraordinary measures to combat trade depression. The amalgamation of itself should achieve much towards this end, for duplication on a large scale can be avoided, while the reduction in prices announced fairly recently is. a step in the right direction. Of course, these influences wore not in operation in the period under review, which explains the sharp fall in profits. The combined earnings of the two companies after meeting debenture interest were only £160,893, whereas for the preceding year the earnings of the Gramophone Company were £841,931, and those of the Columbia Graphophone £580,159. Full provision, however, has been made for depreciation, and over £200,000 has been set aside for rebates .on stocks of dealers in view of price reductions and to cover the fall in the value of the raw materials held by the companies. A combined balance-sheet is also published, which shows a strong liquid position, cash and investments in gilt-edged stocks amounting to nearly £2,750,000.

BRITISH TARIFF. Tariff measures to protect British currency from the consequences of an excess of imports over visible exports come as a great shock to most foreign exporting countries, although everywhere something of the kind was expected. In France, according to the Paris correspondent of ‘ The Times,' it could bo gathered in many quarters that tariffs which were all very well in France were wrong elsewhere. Nevertheless, in many quarters an honest attempt has been made to judge the problem on an equitable basis. The inevitable conclusion is that Great Britain has a perfect right to take whatever steps may be considered necessary for the protection of Home industries, but that similarly it is the duty of France to seek the same object by any suitable means. For this reason, ostensibly at least, the British action is deplored as likely to lead in every country to the slogan “ Don’t buy from your neighbour; sell to him.” Little doubt is felt in Paris that it is France who will be hardest hit by any reduction of imports, and the alarm occasioned by this knowledge has led to some bitterness in which the charge is freely made that the proposed duties are levelled primarily against France instead of for the benefit of Great Britain. There is- much talk, open and implied, of retaliatory measures, but, although the French Government can be expected to neglect no method likely to help its export trade, the undercurrent of-feeling shows a certain resignation to a reduction in the flow of goods across the Channel. The immediate threat to French interests, the correspondent points out, seems so far to have prevented the consideration of various other relevant factors. Nowhere is there any recognition of the fact that for many years the manufacturers of France have as a whole reaped a rich harvest in the open British market while enjoying a large measure of protection at Home. Nor is any attention paid to one of the principal reasons for this latest British action—namely, the urgent need to keep the balance of trade in a position to maintain the pound against further depreciation. This omission is all the more remarkable because it is constantly being urged here that it is the duty of the British Government to stabilise the pound as high as possible as soon as possible. MUTUAL LIFE AND CITIZENS’ ASSURANCE. The ordinary branch new business completed by the Mutual Life and. Citizens’ Assurance Company Ltd. for 1931 was £4,320,000 net—the largest ever recorded in any single year with one exception. BUTTER AND CHEESE. The Soutn Island Dairy Association has received the following market report from the New Zealand Produce Association, London:—Butter: 95s to 975; unsalted, 114 s; Danish, 116 s; market weak Cheese: White, 56s to 575; coloured, 565; market slow. THE MEAT MARKET. AUSTRALIAN BEEF AND MUTTON. Press Association—By Telegraph—Copyright. SYDNEY, January 19. The outlook on the London market for Australian frozen beef and mutton is not promising, according to Mr W. L. Davis, a leading exporter, who has returned to Sydney from England. He said that the London market is glutted with supplies of frozen beef and mutton, and the main difficulty of disposing of stocks is the reduced purchasing power af the public, but Canterbury (New Zealand) lamb, he added, is always in request. Mr Davis emphasised that British meat interests had a poor opinion of Australian mutton, the quality of which is inferior to Argentina’s produce. The same applied to beef, and Australian breeders must improve their methods by the. selection of suitable stock. LONDON STOCK EXCHANGE. ... Press Association—By Telegraph—Copyright. LONDON, January 19. (Received January 20, at noon.) P. and 0.. 225. Banks—Australasia, £7 15s 3d; New South Wales, £22 10s; Union of Australia, £6 Is 10Jd (ex dividend) • National of New Zealand, 655; New Zealand, £9O 10s; shares, 50s. Loan and Mercantile, 4 per cent., £56 10s; ordinary stock, £36. METAL MARKET. Press Association —By Telegraph—Copyright. LONDON, January 18. Following are the official quotations in the metal market: — Copper: Standard, £39 15s 7Jd per ton; forward, £39 15s 7jd. Electrolytic: Spot, £46 10s; forward, £4B 10s. Wire bars, £4B 10s. Lead: Spot, £ls 3s 9d; forward, £ls 3s 9d. Spelter: Spot, £l4 8s 9d; forward, £l4 16s 3d.

Tin: Spot, £l4O 11s 3d; forward, £143 13s 9d. Silver: Fine, 20 7-lCd per oz; standard,, 18 15-16 d,

AUSTRALIAN STOCK EXCHANGES* Press Association—By Telegraph—Copyright* SYDNiY, January 19.' There was" a fair turnover in bank script. Bank of New South Wales again sold at £3O, and Commercial of Sydney at £l7. There was an easier trend for Australian consols, all bond issues showing declines from Is 3d to 7s 6d, and 4 per cents., 1938, selling at £94 15s compared with £95 2s 6d yesterday. New Zealand debentures, 5} per cent., 1937, sold at £ll2 10s. Other sales comprised:—Colonial Sugar for New Zealand delivery, £45 10s; Australian Gas A, £5 12s; Electrolytic Zino (pref.), 245; United Insurance, £8 15s; Mercantile Mutual, 16s 3d; Dunlop Perdriau, 14s 2d; Australian Glass, 34s 9d; Goldsbrough, Mort, 27s 4Jd; Toohey’s Brewery, 17s 9d; Tooth’s, 27s 4id; Zino Corporation, 32s 3d; Broken Hill Proprietary, 17s 3d; North Broken Hilljr 695; South Broken Hill, 47s 9d. MELBOURNE, January 19. Early sales on ’Change included Electrolytic Zinc, 17s; ditto preference, 245; Commercial Bank of Australia, 17s j National, £5; Adelaide Steam, 18s 4d. PRICE OF GOLD. Press Association—By Telegraph—Copyright* LONDON, January 19. (Received January 20 ,at noon.) The price of gold is quoted at £6 per oz. , . LONDON WOOL SALES.;. . A FIRM MARKET. Press Association—By Telegraph—Copyright* LONDON, January 19. (Received. January 20, at noon.) At the wool sales 9,294 bales were offered, including 1,188 from New Zealand. There was good Yorkshire and Continental competition, with rates fully maintained. , ’ New Zealand half-bred slipes, “ Kaipoi,” llfd and Hid. The National Mortgage and Agency Company of New Zealand Ltd. are in receipt of the following cablegram from its London office under date 19th. inst.“ Since the opening the market has developed a better tone, and with opening rates slightly improved. Good general competition, with, the exception of Prance. The following prices are current: —Merino—Super, lid to 12d, ‘ avrag BJd to 9d; fine half-bred—super. 56-58 Hid to 13d, average IOJd to lid; medium half-bred —super. 50-56 BJd to lOd, average 7id to 9d; coarse halfbred—super 48-50 7id to 9d, average 6Jd to 7d; fine cross-bred—super. 4648 6Jd to 7d, average 6d to 6Jd; medium cross-bred—super. 44-46 6d to 6id. average 5Jd to 6Jd; coarse cross-bred-super 40-44 6d to 6id; average sid to 5Jd; low cross-bred—super. 36-40 5Jd to 6Jd; average 5d to s|d; pieces, 4|d to 5d ; bellies, 4d to 4ids locks, 2id to 3d.” SYDNEY WOOL SALES. Press Association—By Telegraph—Copyright* SYDNEY, January 19. At the wool sales 10,752 bales were offered, of which 10,094 were sold, while 487 were disposed of privately. The market continues to be very firm, with the keenest competition. Greasy merinos sold at 15d. FOREIGN EXCHANGES. s (British Official Wireless.) Press Association—By Telegraph—Copyright*

Quotations as under:- - Sellers. Buyers. £ s. d. £ s. d. BANKINGBank of N.S.W. 27 10 0 28 0 0 Bank of N.Z 2 3 9 — Bank of New Zealand (Long “D”) 15 3 0 14 11 Commercial Bank ... 0 14 7 E.S. and A. Bank ... 4 7 6 4 10 0 Union Bank of Australia Ltd. (cum. div.) . 7 10 0 7 15 0 INSURANCENational Insur. Co. 0 12 7 — Standard Insur. Co. 2 5 0 SHIPPING— P. and 0. Deferred Stock 1 1 0 — U.S.S. Co. (pref.) ... 0 19 9 10 3 COALKaitangata Coal 0 3 6d — Westport Coal Co. ... 1 3 0 1 4 0 LOAN AND AGENCYDalgety and Co. ... — 7 16 0 Goldsbrough, Mort ... 13 3 — National Mortgage ... 1 14 0 — N.Z. Loan and Mercan tile (ord.) — 51 0 0 MEAT PRESERVING— N.Z. Refrigerating (paid) 0 4 9 0 4 11 MISCELLANEOUSD.I.C. (ord.) 0 12 0 — D.I.C. (pref.) 0 19 9 — Eclipse Petrol — 0 3 0 Milburn Lime and Cement — 1 9 0 Mosgiel Woollen Co. 6 13 0 — National Electric ... — 0 9 0 N.Z. Drug Co. Farmers’ Fertiliser ... 2 6 6 2 8 6 0 12 0 — N.Z. Paper Mills ... 0 18 6 10 0 ‘ Otago Daily Times ’ 2 7 0 2 11 0 Woolwortlr’s (prof.) 1 3 6 __ GASChristchurch 16 0 — BREWERIESN.Z, Breweries Debs. 1 1 0 — N.Z. Breweries Ltd. 18 0 Tooth’s Brewery 12 6 — MINING— Waihi Grand Junction 0 3 6 —- Electrolytic Zinc (pref.) 0 19 6 — Mount Lyell 1 0 7 1 0 10 Molynoux Electric ... 0 3 0 — Kildare ' ... 0 1 10 0 1 11 Okarito ' 0 10 0 0 10 6 Paddy’s Point 0 2 6 0 3 3 Golden Progress — 2 10 King Solomon 0 2 1 0 2 2j Blackwater 0 3 6 — WAR BONDS(Bonds quoted arc £100 Bonds) — 1938 4i p.c. Bonds ... — 96 10 0 1939 4t p.c. Bonds ... 96 10 0 1938 4y p.c. Inscribed — 96 10 0 1939 41 p.c. Inscribed — 96 10 0 1933 5i p.c. S.S. Bonds 99 7 6 1936 5t p.c. Bonds 99 10 0 — 1936 p.c. Inscribed 99 10 0 — 1937 5? p.c. Bonds ... 99 15 0 — 1937 5£ p.c. Inscribed 99 15 0 100 0 0 DIVIDENDS PAYABLE. Stock. Amount. Period. Date. N.Z. Insurance 1/ interim Commercial Bank (pref.) 4/ interim Feb.. 5 N.Z. Refrigerating (20s) 1/ final Feb. — N.Z. Refrigerating (10s) 6d final Feb —

Corriedale— Super. Medium January, 1932. d to 10 8* to 9J November 1931. d 10 to 11 81 to 91 Fine half-bred— Super. ' ... to 11 _— Medium half-bred, 50/56 — Super. ... 8 to 91 Average ... 7 to 72 Inferior ... 5| to 61 71 to 61 to 51 to 82 71 6 Coarse half-bred Super. Average Inferior , 48/507 to 8 6 to 62 5 to 52 62 to 52 to 42 to 71 61 51 Fine cross-bred, Super. Average Inferior 46/58— 5J to 61 41 to 5,1 3 to 41 51 to 41 to 31 to 61 51 41 Medium cross-bred, 44/46 — Super. ... 51 to 52 Average ... 4 to 42 Inferior ... 21 to 3| 51 to 41 to 3 to 6 5 4 Coarse cross-bred Super. , ... Average 1 ... Inferior 1, 40/44— 41 to 51 41 to 4 2 to 3 42 to 31 to 22 to 51 41 31 Low cross-bred, i Super. Average Inferior 36/40— 3 to 3| 2 to 3 31 to 22 to 41 31 Hoggets, Corriedale— Extra super to 10 Half-bred — Super. Fine Medium Coarse 81 to 82 71 to 72 61 to 7 51 to 61 72 to 71 to , 6| to 52 to 81 8 71 61 Lambs — Fine, 44/50 Medium, 40/44 Seedy and inferior 6 to 6| 4| to 52 1 to 21 61 to 51 to 1 to 71 61 21 Bellies and pieces, cross-bred— Good to super. to to Low to medium 2 to 4.1 2 to 62 42 Crutchings— Medium to good Inferior and seedy 31 to 32 1 to 2 3i)to 1 to 41 3 Locks — Cross-breds 1 to 2 11 to 21 REDUCED GRAMOPHONE PROFITS.

RUGBY, January 19.(Received January 20, at 11 a.m.) Jan. 16 Jan. 19 Paris, franc to £1 . 88} 87} Brussels, bcigas to £1 ... . . 25.10 24 13-18 Oslo, kroner to £1 . 18 7-16 18} Stockholm, k-oner to £1 ... , . 18 1-16 17 15-19 Copenhagen, kroner to £1 . 18 5-16 18} Geneva, franc to ;£X / , . 17}. 17.70 Berlin, reichmarken to ;£X f , Montreal, dollar to £\ ... , . 14.70 14 11-19 . 4.14 4 New York, dollar to £1 ... . . 3.49 1-5 3.45} Amsterdam, florin to ;£X ... , . ,8.68 8.58} Milan, lire to £1 , Prague, kroner to £1 ... . . 69} 68 15-19 . 118 1X7} Vienna, schilling to £1 ... , . 30 30 Helsingfors, marks to £1 ... , . .235 232} ’ Madrid, peseta to £1 ... . . 41 5-16 41 1-19 Athens, drachmae to., ;£X ... , . 270 i 265 Lisbon, escudo to £1 ... . . 109} 109} Bucharest, lei to £1 . 687 577 Rio de Janeiro, pence to milreis a Buenos Aires, pence to pesos . . 39} 39} Montevideo, pence to dollar . *311 31 Shanghai, pence to tael ... . • S* 22 9-19 Yokohama, pence to yen ... . 26 25} Hongkong, pence to dollar . 17 5-16 17 Bombay, pence to rupee ... . ♦Nominal. . 18} 18}