COMMERCIAL

Evening Star, Issue 21015, 1 February 1932, Page 7

COMMERCIAL

THE SHARE MARKET DUNEDIN STOCK EXCHANGE. The week opened quietly on the Dunedin Stock Exchange this morning, and no sales were reported or recorded. In the banking section there was no seller of New South Wales under £27 15s, and buyers did not respond. New Zealandswero wanted at £2 4s 2d, but there were no sellers. Unions eased slightly, and were quoted ex a divided of 2s. Sellers were willing to take £7 10s, with a buyer offering £7 Bs. Dalgetys were on the market at-£7 14s, but there was no inquiry for them. Sellers of Goldsbrough, Morts were firm at £1 4s, with a buyer offering £1 2s 9d. Sellers of National Mortgages increased their price to £sl, but there were no buyers. A seller of Elver Plate shares appeared at £1 ’3s 6d. Australian Glass shares were offered at £1 9s 6d, and, there was inquiry for M’Leod Bros.’ shares at £22, without response, New Zealand 'Drugs were obtainable at £2 7s 6d, but there,was no inquiry. There was inquiry for Mount Lyells at £1 Os 7d, sellers asking £1 Is 3d. Quotations as under:—

DIVIDENDS PAYABLE. Stock. Amount. Period. Date. Auckland Gas ... 9 3-5 d final Feb, 2 Commercial Bank (pref.) 4/ interim Feb. 5 Wellington Gas ... 71-5 d final Feb. 10 N.Z. Insurance ... Is interim Feb. I't Queensland National Bank 4s interim Feb. 1 N.Z. Refrigerating (20s) 1 1 final Feb. N.Z. Refrigerating (lOs) 6d final Feb. Christchurch Gas 9 3-5 d final SYMES’S REEF. The secretaries of the Otago Mining Development Company Ltd. advise that the level is now in 275 ft. The nature of the ground being driven through is seams of pug and quartz. WHY THE GOLD STANDARD? People often wish to know why it is considered necessary to link our currency to gold, even although gold is no longer in circulation, and why we cannot adjust our exchange _ differences by means of gold payments, irrespective of any metallic backing for the currency. “ The answer,” said Mr F. C. Goodenougli, chairman of _ Barclay’s Bank, in a recent address, “ is a simple one, and has already been indicated in my previous remarks. It is because that by linking the currency to gold there is set up a self-adjusting relationship between the currency and world prices, which is essential for any country subject to tho same economic conditions as ourselves. We aro dependent upon overseas trade, and we cannot expect to be able to carry on foreign trade, whether within the British Cqmmomvealth of Nations or with foreign countries, for any continuous period of time unless the external purchasing power of our currency corresponds with its internal purchasing power. Any advantages or disadvantages which might exist as a consequence of a lack of equlibrium when a currency is not attached to gold can be only more or

less temporary, and will adjust themselves either by a rise or fall in internal prices and by a loss or gain of selling power abroad.” PORT OF MANCHESTER. The Canterbury Chamber of Commerce has received word from the Australian and New Zealand representative of the Port of Manchester that further action is being taken to secure direct importation of colonial produce to that port, and so bring down incidental expenses and intensify the demand in the north and midlands. The letter stated that the Manchester Wholesale Provision Trades’ Association, with the idea of securing direct berthings from New Zealand and Australia to Manchester, had recently formed a new. section to act in conjunction with importers and distributors of dairy produce, meat, fresh and dried fruits, eggs, flour, wheat, wool, etc. The matter had been put before the shipping companies and exporters’ organisations in Australia. “ The attention of New Zealand exporters and others is now drawn to this movement,” the letter continued, “so that they may, if they desire, make renewed representations to the Overseas Tonnage Committee in support of the above-mentioned effort, and thus ensure that the provision of adequate facilities for regular direct'shipment, as suggested, receives further consideration. Largely increased quantities of New Zealand produce are being sold in the north and midlands, and the reduction to a minimum of forwarding charges and handling, which is ensured by shipment to Manchester, would further stimulate the demand.” OKARITO RETURNS. Messrs W. A. Mitson and Co., secretaries of the Okarito Five Mile Beach G.D. Company Ltd., report that the wash-up for the week ended January 30 yielded 620 z 15dvvt for a total dredging time of 127 hours. FOREIGN EXCHANGES. (British Official Wireless.) Press Association—By Telegraph—Copyright. RUGBY, January 29. (Received February 1, at 1 a.m.)

CUSTOMS RETURNS. [Per United Press Association.] WELLINGTON, January 30. A drop of about £15,000 occurred i the Customs figures for Wellington during January compared with last year. As a result of the 50 per cent, increase in the duty, the amount from beer increased by over £2,000, and the increase in the petrol duty accounted for the larger revenue from that source. Tyre duty dropped about £SOO. The figures for the month compared with those of last vear are:—Customs duty, £205,956 (£220,594); beer, £5,804 (£3,761); tyre tax, £2,184 (£2,718); petrol tax, £38,427 (£46,215). The special petrol duty yielded an addi tional £12,809, which is included in the above figures. CHRISTCHURCH, January 31. ! The Customs returns for January compared with January, 1931, are as follow: —

BANK OF NEW SOUTH WALES. New Zealand shareholders _ in the Bank of New South Wales with holdings on Australian registers have, been advised by. the secretary of the bank that the board of directors is now prepared to consider applications for the removal of their holdings to the Wellington register. WHEAT MARKET. Press Association—By Telegraph—Copyright. LONDON, January 29. Wheat cargoes are dull, but owing to steady overseas advices of smaller Australian shipments sellers adhered to late rates. Despite the trouble in the Far East, trading was completed with North China ports. Net parcels are in fair demand and are unchanged. Es Tongeawa Maru 29s 6d, King Bleddyn 265, Annam 26s (bulk). Futures: London—February 23s 4d, June 23s lOd; Liverpool—March 4s 11 5-Bd, May 5s 2 3-Bd, July 5s 4 5-Bd. THE HIDES MARKET. Press Association—By Telegraph—Copyright. LONDON, anuary 30. Mcatworks dry salted,' Queensland, 3olb to 451 b, Gel; 301 bto 401 b, 6d; 251 b to 351 b, 5 3-Sd; 201 bto 301 b, sid; New South Wales, same weights, 6id, 6 3-Bd, 5 7-Bd, old; wet salted, Queensland, 501 b to 601 b, sd; 401 b to 501 b, 4 5-8 d; New South Wales, sid, 43d: Victorian abattoirs, 4 7-8 dto 4 {Hid. ' '

LONDON WOOL SALES. Press Association—By Telegraph—Copyright. LONDON, January 29. At the wool sales 10,631 bales were offered, including 6,283 from New Zealand. About EL 100 were sold. There was a good offering of New Zealand cross-breds, which cleared well to Home and Continental accounts. New Zealand scoured “ Waihi,” 17d and 16d; greasies. New Zealand “ Angi,” 12d and B|d. COTTON, RUBBER, ETC, Press Association—By Telegraph—Copyright. • LONDON, January 30. Friday’s closing j -ices are as follow : Cotton: March, 5.16 d per lb. Rubber: Para, 4Jd; plantation smoked, 215-16 d. Jute: February-March, f 19. Copra: February-March South Sea, £l4 15s; plantation, Rabaul, £ls. Linseed oil, £ls. Turpentine, 525. Osmiridium, unchanged. PRICE OF GOLD. Press Association—By Telegraph—Copyright. LONDON, January 30. Fine gold is quoted at £5 19s -7d per oz. MELBOURNE STOCK EXCHANGE. Press Association—By Telegraph—Copyright. MELBOURNE, January 31. Sales: 4 per cent. Bonds (1938), £94 7s 6d and £94 8s 9d; Commercial Bank, 17s 6d; Electrolytic Zinc (pref.), 24s 6d and 24s 4d. THE MEAT MARKET. Press Association—By Telegraph—Copyright. LONDON, January 30. New Zealand sheep: Canterbury and North Island _ selected cross-bred wethers and maiden ewes, 481 b to 561 b and 571 b to 641 b, 4*d: 651 b to 721 b, 4d; North Island ditto, 481 b to 561 b and 571 b to 641 b. 4fd: 651 b to 721 b, 4d: ewes under 481 b, 3id. Australian sheep: First mality crossbred and/ 1 merino wethers, 401 bto 651 b, 3d; second quality, 301 b to 551 b, 3Jd; ewes, 301 b to 651 b, 3d. Argentine sheep: First quality crossbred wethers, 481 b to 641 b, 4d: 651 b to 721 b, SidNew Zealand Jambs: Canterbury, 361 b and under, sid; selected North Island brands, including Downs, 361 b and under, 6|d; second quality, average 301 b, 6d; other North Island brands, first quality, 361 b and under, 6id; second quality, average 301 b, 5 5-Bd.

Australian lambs: Victorian first quality, 371 b to 421 b, 4gd; other States first quality, 361 b and under, 4£d; 371 b to 421 b, 4fd: Victorian second quality, 361 b and under, 4fd.

Argentine lambs; 431 bto 501 b, 5 5-Bd.

Patagonian lambs: First quality, 361 b and under, 5 5-Bd. New Zealand frozen beef: Os fores, 1601 b to 2201 b, 1 7-Bd. Australian frozen beef: Ox hinds over 1601 b, 3Jd. Argentine '-hilled beef: Ox fores, 1601 b to 2201 b, 31d; ox hinds, 1601 b to 2201 b, 5Jd; others unchanged.

Buyers, . Sellers. £ s. d. £ s. d. BANKING— Bank of N.S.W. ... 27 15 0 Bank of New Zealand 2 4 2 . — Bank of New Zealand (Long “ D ”) 1 5 6 _ Commercial Bank .. 0 14 8 0 15 1 E.S. and A. Bank ... — 4 9 0 National Bank of Now Zealand ... ... 3 16 0 Union Bank of Australia Ltd. (ex div.) 7 8 0 7 10 0 INSURANCE— National Insnr. Co! ... 0 12 9 0 13 3 South Brit. Insur. Co. — 2 5 0 N.Z. Insurance Co.... — 2 5 0 SHIPPINGHuddart, Parker (ord.) ... ... ... 1 5 0 P. and 0. Deferred Slock .12 0 U.S.S. Co. (pref.) ... 0 19 10 — COALWestport Coal Co. ... _ ■ 1 3 6 LOAN AND AGENCYDalgety and Co ... 7 14 0 Goldsbrongh, Mort .. .12 9 1 4 0 National Mortgage . (“ B ” Issue) _ 1 6 0 N.Z. Loan and Mercantile. (ord.) _ 51 0 0 N.Z. and River Plate — | 1 3 6 MEAT PRESERVING— N Z. Refrigerating (paid, cum div.) ... 0 11 2 N.Z. Refrigerating (cont., ,cum div.) ... 0 4 8 0 4 11 MISCELLANEOUS— Australia!. Glass 1 9 6 Crystal Ice Co 6 IB 6 1 1 0 D.i.C. (ord.) 0 12 0 — D.I.C. (pi ef.) 10 0 .— Dominion Rubber ... — 0 9 j ' Milburn Lime and Cement ... 1 90 M : Lood Bros 22 0 0 — N.Z Drug Co — 2 7 6 N.Z. Farmers’ Fertiliser 0 12 0 N.Z. Paper Mills ... 0 18 6 — ‘ Otago Daily Times ’ 2 7 0 — Wcolworth’s (prcf) 13 6 — KREWER1ES— N.Z. Breweries Ltd. 15 6 1 6 3 N.Z. Breweries Debs, 1 1 0 — MINING— Waihi 0 16 3 Mount Lyell 10 7 1 1 3 Okarito 0 9 6 0 10 0 Golden Progress , 1 13 0 2 0 Solomon 0 2 0 0 2 2 Golden Terrace — 0 6 6 Blackwater ... 0 3 6 — WAR BONDS(Bonds quoted are £100 Bonds)1938 4£ p.e. Bonds ... — 96 10 0 1939 4| p.c. Bonds ... — 96 10 0 1938 4£ p.c. Insc. ... — 96 0 ;) 1939 4j p.c. Insc. ... — 95 0 0 1941 p.c. Insc. ... — 93 0 0 193,’ 5£ p.c. Bonds ... 99 10 0 100 0 c 1937 5| p.c. Insc. . . 99 10 0 100 0 O'

Ian. 28. Ian. 29. Pnris, franco to £1 88 1-10 871 Brussels, belgas to £l 24 13-16 24 13-16 Oslo, kroner to £1 18f 183 Stockholm, kroner to £1 ir.flrt 171 Copenhagen kroner to 181 18J Geneva, (ram. to £1 1"| Berlin, reichmarken to £1 ... 14.6,1 ll| Montreal, dollar ,o £i ... 3.98 3.99 New York, dollar to £1 3.461 3.46 Amsterdam, florin to £1 8.61 8.60 Milan, lire to £1 Prague, kroner to £i 691 091 1163 1161 ’Vienna, schilling to £1 32 32 Helsingfors, marks ,o £1 230 230 Madrid, peseta to £1 Athens, drachmae to £1 ... ... 411 275 41 15-10 oj-n Lisbon, escudo to £1 109* ioii| Bucharest, lei to £1 580 580 Rio de Janeiro pence to milreis 4i 4i Buenos Aires, pence to pesos ... 40 j 40 Mont, video, pence to dollar 31 31 Shanghai, pence to tael 22 11-16 22f Yokohama, pence to yen 241 24 5-16 Hongkong, pence to dollar Bombay, pence to rupee 17 1-16 171 18 J 18| ’Nominal.

1932. 1931. Net Customs ... £58,826 £69,097 Beer duty ... , 5,874 5,645 Petrol tax . 1,675 19,033 Tyre tax ... , 834 3,771