COMMERCIAL

Evening Star, Issue 21079, 16 April 1932, Page 18

COMMERCIAL

THE SHARE MARKET DUNEDIN STOCK EXCHANGE. A late sale of 1933 5J per cent, stock at £97 10s yesterday was the only transaction t> bo reported on the Stock Exchange this morning. Buyers improved to £8 16s for Bank of Australasias, but there were still no sellers. Sellers of National Bank of Australasias were firm at £lO ss, while a buyer came on the market at £9 10s. Dalgety’s were on the market at £7, but there was no inquiry for them. There wis a consistent seller of N.Z. Loan and Murcantiles at £42, but there was no inquiry. British Tobaccos had inquiry at £1 6s 3d without support from sellers. N.Z. Breweries went up to sellers at VI 4s without a buyer quoting. Buyers of Tooth’s Breweries improved to £1 2s, with sellers on the market at £1 4s. Late sale yesterday reportedl933 51 per cent. Inscribed, £97 10s. Quotations as under: — Buyers. Sellers.

METAL MARKET. Press Association—By Telegraph—Copyright, LONDON, April 14. Following are the official quotations in the metal market: — Copper.—Standard, £29 9s 4sd; forward, £29 15s 7Jd. Electrolytic.—Spot, £B4; forward, £34s 10s. Wire bars, £34 10s. Lead.—Spot, £ll 6s 3d; forward, £ll 11s 3d. Spelter.—Spot, £ll 8s 9d; forward, £ll 15s. Tin.—Spot, £lO3 17s 6d; forward, £lO6 Is 3d. Silver.—Standard, 164 d per oz; fine, 17 13-16 d. AUSTRALIAN EXCHANGES. Press Association--By Telegraph—Copyright. SYDNEY, April 15. The Stock Exchange, while not so active to-day, had a good undertone. The price variations were inconsequential, but banks and industrials more than held their own. Sales reported were as follow:—Bank of New South Wales, £29 12s 6d; Commercial Bank of Sydney, £ls 12s 6d; Bank of Adelaide, 105 s; New Zealand Inscribed, 54 per cent. (1937), £109; Toohey’s, 16s 9d; Colonial Sugar, £42 6s; British Tobacco, 30s 3d; Goldsbrough, 24s 6d; Berlei, r ''s ; Burns, Philp, 39s 7id; Australian Gas (a), 11s 6d; Australian Glass, 35s 9d; Broken Hill Proprietary, 15s 7d; Zinc Corporation, 16s 7d; Commonwealth bonds—fours (1938) £95 12s Gel. fours (1941) £94 2s 6d, fours (1944, without interest) £9l 17s 6d. fours (1947) £9l 10s, fours (1950) £9l 7a 6d, fours (1955) £9l 7s 6d, fours 1959 (without interest) £9O, fours (1961) £9l 2s 6d. MELBOURNE April 15. The sales were as follow;—Goldsbroughs, 24a 6d; British Tobacco, 30s lid; Dunlop Perdriau. 10s lOd; Gordon and Gotch, 26s 104 d; South Jroken Hill, 42s 9d; North Broken dill, 635; Mount Lyell. 21s; Taranaki til, 9d. THE WHEAT MARKET. ’ress Association—By Telegraph—Copyright. LONDON, April 15. (Received April 16, at 11.25 a.m.) Wheat Cargoes.—Sellers raised their nits by 3d and 6d following overnight •.morican advices. They closed quiet, ml a turn easier owing to later Winning reports and the expectation of rain ,;n the American winter belt. Six cargoes of Australians, totalling 50,000 tons, May and June, were reported as having been sold to China and Japan. The prices are not known. The Olivehank’s cargo sold in London at 27s 9d. Parcels are in poor demand as 3d up. Futures. —London: June, 25s Id; September, 25s 8d; December, 26s 4d: Liverpool: May, 5s 2{d; July, 5 S s<Jl; October* 5s Sd*

LONDON STOCK EXCHANGE. Press Association—By Telegraph—Copyright. LONDON, April 14. The following are the latest quotations for Government securities:—

BANK OF ENGLAND RETURNS. Press Association—By Telegraph—Copyright. LONDON, April 14. The following is the pank of England return: —

ISSUE DEPARTMENT. Note issue in circulation ... £350,753,055 Hanking department ... ... ... ... 39,055,292 £395,808,347 Government debt £11,015,100 Other Government securities 223,293,70 w Other securities 36,891,544 Silver coin ... , 3,799,5j4 Gold coin and bullion 130,808,447 £395,808,347 banking department. Proprietors’ capital Public deposits Other deposits (bankers) ■« ulo'r,-.) Other accounts 3-,SUJ,otrk Seven-day and oilier hills ... I,loj £141,182,802 Government securities Discounts anti advances Other securities offiirrow Notes in reserve rinwß Gold and silver coin ,£141,182,802

The proporlicm of reserves to liabilities is 32.10 per cent. Short loans are quoted at 2J per cent.; three months’ bills at 2 3-16 per cent. FOREIGN EXCHANGES. (British Official Wireless.) Press Association—By Telegraph—Copyright.

PRICE OF GOLD. Press Association —By Telegraph Copyright. LONDON,. April 15. (Received April 16, at 11 a.m.) Fipe gold is quoted at £5 9s 9d pel oz. CANTERBURY MARKETS. [Peb United Press Association.] CHRISTCHURCH, April 15. The market for fowl wheat ,is a trifle steadier. The discussion ra the House of Representatives concerning the free entry into the dominion ot poultry wheat is affecting the inquiry. In the meantime values are nominally 4s 9d to 4s 9id, though in mid-week some sales were made at 4s lud ror prompt delivery. The oats market continues quiet. Local A Cartons are quoted at 3s to 3s Id, on trucks, and B’s 2s 9d at southern ports. The quotations for f.0.b., s.i., is 3s 7d for A’s and 3s 4d for B’s. Algerians are quoted locally at 3s to 3s 3d, on trucks. Chaff is in weak demand, being quoted nominally at 70s on trucks. Potatoes are slightly easier. Ihe quotation for April delivery is £5 10s, f.0.b., s.i.; for May-June £5 7s 6d to £5 10s, and for July-Soptember £6 17s 6d to £7. The amount of business passing at the moment is limited. The season is a little later this year, and the main digging is not likely to be la full swing until early next month. The autumn seed trade is over, and there is no overseas inquiry. Very little is offering from farmers, and it is to be presumed that most of the seed is in the hands of merchants, GOLDEN POINT COMPANY, The secretary of the Golden Point Company is in receipt of advice from England that the assay of the twentyfive tons of gold concentrates shipped to the Continent recently was 3.900 z (3oz ISdwts) to the ton. This confirms the mine assay of 3oz ISdwts llgrs to the ton. Another thirty tons of concentrates are now on the water, the mine assay of which averages 440 z to the ton. The following is the mine manager’s report for the period ending April 9 :— No. 4 Rise, Intermediate Level.— The north-vest drive has bee'n continued for a total length of 42ft from the rise, and still shows a good face of stone, with values well maintained. This drive vill be pushed ahead, and will continue to open up an area not previously vorked. No. 2 Rise, in Drive off No. 4 Crosscut.—The westerly drive has been continued for a total distance of 44ft and the quartz has gradually widened as tlie drive lias progressed. It is now 4ft wide, and the assay value at this point is loclivt 3gr. No. 2 Rise, Main Level.—A good face of stone is showing in this rise, with heavily mineralised formation in the footwall. Good values have been obtained in this locality, and development will be commenced in this area when the necessary tram rails have been laid.

Ample supplies of stone are available, and tie mill has been running continuously twenty-four hours per day. The concentrates obtained during last week assayed 602 Bdwt l6gr to tjie ion.

FRUIT AND PRODUCE. Bray Bros. Ltd. report as follows for the week ended yesterday : Business in the produce market has been quiet. Very tew sales are passing in the chaff market. The value of good chaff ex truck is £4 10s per ton, sacks extra. Small lots ox store are worth up to £5. _ The oat market is a little firmer with prices showing an advance. Millers and North Island merchants are buying at the present time. The current value for A Gartons is 3s Id, sacks extra, on trucks country sidings, and B’s are 3d per bushel less. Under grade oats are worth about 2s 6d, sacks extra, on trucks. For shipment A Gartons are worth 3s BJd, f.0.b.5.i., and B’s 3s sd, The wheat market is steady. Sound lines suitable for milling are being accepted by millers at the price fixed by the Wheat Marketing Agency—namely, 4s Bid, f.0.b., for Tuscan, 4s IOJd for Hunters, and 5s o|d for Velvet. A fair demand exists for fowl wheat, and market for which is firm at 4s 6d ; sacks extra, delivered Dunedin. It is difficult to place under grade wheat, especially lines which are shrivelled. Millers’ prices are as follows: Flour: 200’s, £l4 2s; 100’s, £ls 2s 6d; 50’s, £ls 7s; 25’s, £ls 17s. Bran, £5 10s. Pollard, £7. Oatmeal: 200’s, £2O; 25’s, £22. The potato market is unsteady. For prompt delivery the market is irregular and the highest price for best quality is up to £5 per ton. North Island merchants are not showing any interest in quotations for prompt shipment. The market for forward delivery is firmer, and there has been a little speculative business. Most of the buying for forward delivery has been done in Canterbury. When digging becomes general in May some buyers are under the impression the market will ease. The onion market is steady. Some fine samples of Canterbury grown onions are offering at 9s per cwt. The same quality onions are realising up to £l6 in Australia. Pickling onions are offering freely at 7s to 8s per cwt. Fair consignments have come forward, and the quality is good. Honey is offering more freely, and best white clover honey is obtainable at old per lb. Discoloured lines are cheaper. Beeswax is now more plentiful. The egg market has firmed up. First grade are worth Is lOd dozen. Cheese is meeting with a little better inquiry, and the market is firm. Hams and bacon are in good supply, and prices steady. Business in the fruit marts has been slow during the week. A feature of tlie market is the large quantity of apples offering, and prices are low. Pears are also in oversupply and difficult to sell, even at low prices, A shipment of Australian oranges and grapes came on to the market, and oranges realised satisfactory prices, but the price for grapes is moderate. Vegetables are in good supply, and prices low. Most lines coming in are slow of sale and unpayable to the grower. The tomato market is firm, and supplies have now fallen away. Quinces are offering, and a few small lines of peaches are still coming forward. Bananas have been in good supply, and prices low. Everything points to bananas being in good supply for the future. Pie melons are offering. The following prices were realised during the week; — Pears—Crates, lid lb to 2d per lb; cased, Is 6d to 4s. Apples—New season’s dessert, 4s to 7 s ease; new season’s cooking, 3s to 4s 6d case. . Tomatoes, Id to 2sd per lb. Tomatoes, local, 3d to 4Jd lb. Blackberries, 3s to 5s bucket. Cucumbers, Is 3d to 2s case. French beans, 2Jd to 3Jd per lb. Peas, lid to 2Jd per lb. Potatoes, £4 10s to £5 per ton. Grapes, Bid to lOd lb. Peaches —Crated 2d to 3d per lb; cased, 3s to 3s 6d. Pines, 17s to 20s case. Passions, 14s to 16s case. Quinces, 4s case. Australian oranges, 23s to 26s case. New Zealand lemons, 16s to 18s case. Californian grapefruit, 40s case. Bananas—Greea 10s to 16s case; ripe, 20s. Carrots, to 5s cwt. Cauliflowers, Is 6d to 3s bag. Mushrooms, 2d to ,4§d per lb. Cabbage, Is to 2s 3d bag. Garlic, to 5d per.lb,. Eggs, Is lOd, Is 9d dozen. ' Honey, bulk, sid per lb. Marrows, 7s cwt. Pumpkins, 7s cwt. Peanuts, 3d to 4d lb. Cheese —Medium, 6d; loaf, 8d per lb. Onions, Canterbury, £9 to £lO per ton. Swedes, to 3s cwt. Beeswax, Is 3d lb. Woodwool, 28s bale. Tallow, to 12s 6d cwt. Oyster grit, 8s bag. Blitter pats, Is id, dairy pats 9d, bulk Is Oid. Bacon, lOd lb. Hams, lid lb. Oats—A Gartons, 3s; B Gartons, 2s 9d per bushel. Pollard, £7 per ton. Milling wheat, 4s BJd to 5s OJd bushel. Fowl wheat, 4s 6d to 4s 9d bushel. Bran, £5 10s per ton. Wheaton straw, £3 per ton. Clover hay, £5 10s per ton. QatshegJ, chaff, £4 10s per: fern.

OUTPUT FROM MOUNT ISA. In the week which ended on April 1 at Mount Tsa mines 902 tons of lead bullion were recovered from 10,978 tons of crude ore, and 1,115 tons of lead bullion were sent to the coast. The average assay of the 11,385 tons of crude ore in the previous seven days showed 11 per cent, of lead and 5.70 z of silver a ton. Concentrates* produced in that period amounted to 2,350 tons, assaying 42.9 per cent, of lead and 19.2 per cent, of silver a ton. BANK OF ADELAIDE. [Per United Press Association.] WELLINGTON, April 15. The directors of the Bank of Adelaide, according to a cable message received to-day by the Stock Exchange Association, have declared a dividend of 4 per cent, per annum on the paid-up capital for the half-year ended March 28. The dividend is payable on May 4, and the transfer books will be closed from April 21 to May 4, both dates inclusive. LONDON WOOL SALES. Press Association—By Telegraph—Copyright. LONDON, April 15. (Received April 16, at 11 a.m.) At the wool sales 7,213 bales were offered, including 1,894 from New Zealand. Approximately 2,300 bales were sold. There was good Yorkshire competition for cross-breds, and late rates were maintained. New Zealand greasy cross-bred “Makowhai,” top, 7|d; average, 6d; scoured quarter-bred pieces, “ A,” 16id> 16id. Messrs Murray, Roberts, and Co. Ltd. have received the following cable from London, dated April 15:—60-64’s, New Zealand merino, yielding 48 per cent., none, (close of previous series, none); 56’s, 60 per cent., BJd (8id); 50,5, 65 per cent., 6Jd (6|d); 44-46’s, preparing, 74 per cent., (5Jd); 44-46’s carding, 72 per cent., 4Jd (sid); 40.44’5, 73 per cent., 4Jd (4gd); 36-40’s, 75 per cent., none (none); 46-48’s, mixed preparing and carding, yielding 72 per cent., 4£d (sfd); 48-50’s, 70 per cent, s|d (6Jd). BUTTER AND CHEESE. Messrs H. L. Tapley and Co. Ltd., South Island agents for the AngloContinental Produce Company, London, have received the following cabled market report; —“ Butter, 107 sto 108 s per cwt; market stagnant. Cheese: White 625, coloured 63s per cwt; markets steady.” The National Mortgage and Agency Company of New Zealand is in receipt of the following cable from Messrs A. J. Mills and Co., Ltd., London ßutter; Market slow. New Zealand finest, 107 s, 108 s; New Zealand firsts, 106 s, 107 s; New Zealand unsalted, 114 s, 116 s; Danish, 116 s r Australian, 104 s, 106 s. Cheese: Market quiet. New Zealand white, 625; New Zealand coloured, 635.”

Messrs A. S. Paterson and Co. report The following cable "has just been received from our London principals, Messrs J. and J. Lonsdale and Ck>. (London) Ltd. Butter: Most disappointing market; buyers hesitating colonial butter, cheese. Danish 2s firmer on increased demand some Continental centres before quota operative. Future very difficult forecast. Danish, 121 s; New' Zealand, 106 s, 108 s; Australian, 104 s, 106 s. Cheese: White 61s, 625; coloured 625. 635; new season’s Canadian, 61s, c.i.f.” The South Island Dairy Association has received the following market report from the New Zealand Produce Association, London: —Butter; 106 s to 108 s; unsalted, 113 s to 116 s; Danish, 121 s to 1225. Cheese; White, 61s to 625; coloured, 62s to 635. Both markets are quiet. GOLDEN PROGRESS MINING COMPANY. The following is the report of the manager of the Golden Progress Quartz Mining Company Ltd., Oturehua:— During the past month the Easter holidays and the breakdown to the winding machinery caused a stoppage of nine days. A fair amount of sickness amongst the staff also was responsible for lost time. In the east end face two shifts. have been driving to locate the reef. The crosscut is now well across the strike of the reef without cutting anything defined. Under the present circumstances, progress is too slow on the firm rock on this level to do further searching, and it is intended to drive to a point as nearly as can be fixed under the old workings and rise up in that direction. It is hoped by doing this to gain some tangible evidence as to the position of the reef on this level. Good ore is comingfrom the slopes recently prepared further back in the east end workings, where two to four men are kept employed. In one of the siP.re advanced

stopes from this level we holed into; old workings, and a considerable amount of ore appears to have beenl left in. We are preparing to take out) this ore for treatment.

In the west end face driving is pro* ceeding with two shifts. We appear to be on the reef track, but nothing de* finite is showing. It is intended, a 9 soon as the broken ground is passed, through, to rise up to the level abova and prove the reef’s position. Prospecting Level.—Two men have] been driving the west end face through] troublesome country. With good-look* ing quartz occasionally showing in this face the prospects are _ encouraging* Some good ore is now being taken oufj of the stopes above this level. The quartz hoppers being full, tha' battery was started running before the! Easter holidays and is working satis* factorily.

£ s. d. £ s. d. BANKING.— Bank of Australasia 8 16 0 Bank of N.S.W. ... — 25 0 0 Bank of New Zealand 2 3 0 — National Bank N.Z. 3 7 0 — National Bank of Australasia 9 10 0 10 5 C Union Bank of Aus- ' tralia Ltd — 6 15 0 INSURANCENational lusur. Co. 0 12 0 N.Z. Insurance Co. — 1 17 d Standard Insur. Co. — 1 18 0 SHIPPING— Huddart, Parker (pref.) 110 P. and 0. Deferrad Stock _ 0 18 0 U.S.S. Co. (pref.) ... 0 19 10 — COAL*VVestport Coal Co. ... 0 17 6 0 19 e LOAN AND AGENCYDalgety and Co. ... 7 0 0 N.Z. Loan and Mercantile (ord.) — 42 0 0 MEAT PRESERVING— N.Z. Refrigerating (cont.) 0 4 3 0 4 6 South Otago Freezing 2 0 0 — MISCELLANEOUS— British Tobacco 1 6 3 Crystal Ice Co. 1 1 6 — D.I.C. (ord.) — 0 12 3 Dominion Rubber ... — 0 6 0 Donaghy’s Rope and Twine 1 8 0 Kaiapoi Woollen (ord.) _ 0 6 9 Milburn Lime and Cement 1 17 6 N.Z. Drug Co. 2 5 0 — 6 N.Z. Paper Mills 0 18 0 0 19 ‘ Otago Daily Times ’ — 2 1 0 BREWERIES— N.Z. Breweries Ltd _ 1 4 0 N.Z. Breweries Debs. 10 0 — Dunedin Brewery ... 0 19 0 1 0 6 Tooth’s Brewery 12 0 1 4 0 MINING— * Waihi 0 16 5 Mahakipawa 0 0 2 — Kildare — 0 I 10 Okarito 0 9 6 0 9 9 Paddy’s Point ... ... 0 3 4 0 3 11 Cornish Point (paid) — 0 0 3 Golden Progress 0 2 10 0 3 3 King Solomon Golden Point 0 1 24 0 1 5 0 0 44 — 0 Blackwater — 0 7 Consolidated Goldfields 0 2 1 — WAR BONDS(Bonds quoted are £100 Bonds.) 1938 44 p.c. Bonds ... 93 15 0 — 1939 44 p.c. Bonds ... 93 15 0 — 0 1938 44 p.c. Insc. ... — 95 0 1933 54 p.c. S.S. Bonds 98 0 0 — 1933 54 p.c. S.S. Insc. 98 0 0 — 1936 54 p.c. Bonds ... 97 10 0 — 1936 54 p.c. Inscribed 97 10 0 — 1933 5| p.c. Inscribed 97 0 0 — 1 937 54 p.c. Bonds (February) 97 15 0 — (September) ... ... 98 0 0 — 1937 54 p.c. Inscribed (February) 97 15 0 _ (September) 97 15 0 — *Cum refund on capital 10s.

Imperial Consols, 2J p.c., £60 10 6 Funding loan V6 5 0 War loan 5 p c., 1929-47 103 0 0 Conversion loan, 3} p.c ... 84 10 II Victory bonds, 4 p.c 98 0 0 Commonwealth (I p.c., 1931-41 06 2 (i Commonwealth 5$ p.c., 1922-27 88 5 0 New Zealand 9 p.c., 3939-51 llll 1? li New Zealand 4 p.c., .1920 80 10 II New Zealand 3£ p.c. 1940 84 0 (1 New Zealand 3 p.c., 1945 72 0 II New South Wales p.c*., 1930-40 93 17 (i New South Wales 9 p.c., 1930-40 N6 7 (1 Now South Wales 5J p.c., 1922-32 82 10 0 New South Wales 4 p.c., 1933 ... 83 0 0 New South Wales 3$ p.c., 1030-50 70 1(1 (1 New South Wales 3 p.c., 1935 ... S9 10 (1 Victoria 9£ p.c. 1930-40 87 10 0 Victoria 9 p.c., 3932-42 83 5 0 Victoria 4} p.c.. 1940-90 70 5 0 Victoria 3$ p.c, 1929-49 63 10 0 Victoria 3 p.c., 1029-40 60 10 (1 Queensland 6 p.c., 1930 40 ■ 03 10 0 Queensland 5 p.c., 1940-90 83 3 6 Queensland 3 p.c., 1922-47 62 0 11 South Australia 9J p.c., 1930-40 ... 03 10 0 South Australia p.c., 1939 73 10 0 South Australia 3 p.c., 1918 or after 50 10 0 West Australia 9 p.c., 1930-40 03 4 0 West Australia 3J p.c., 1920-35 ... 83 10 0 West Australia 3$ p.c., 1915-35 ... 76 10 0 Tasmania p.c., 1930-40 06 10 0 Tasmania 3} p.c., 1920-40 71 2 6 Tasmania 3 p.c., 1920-40 69 10 0

RUGBY April 14. April 12. April 14. Paris, franc to 96} 95 IMG Brussels, bclgas to £*1 27.10 37.90 19 9-16 Oslo, kroner to £\ ... ••• 19* Stockholm, kroner to £1 ... 19.45 I9J Copenhagen, kroner to £A ... Geneva, franc to £.1 ... 18 5-1 ii 19.80 18 15-10 19} Berlin, rcichmarken to £\ 10 15J Montreal, dollar to £\_ 4.20 4.195 New York, dollar to £,‘1 ... 3.80 3.77| Amsterdam, florin to £\ ... 9.3i } 9.31} 73} Milan, lire to £J 74 Prague, kroner to £*1 128} 1271 32 215 300 Vienna, schilling to £1 ••• 32 Helsingfors, marks to £.1 ... 215 50 300 Madrid, peseta to £.3 ••• ••• Athens, drachmae to £*■ ... Lisbon, escudo to £1 Bucharest, lei to £\ 1093 6321 109} G32 Rio de laneiro, pence to mtlreis 4 1-02 3G 3-16 29 19 13-16 21} 14 11-16 18 1-10 Buenos Aires, pence to dollar 30} . Montevideo, pence to dollar Shanghai, pence to tael 29 20 1-10 21 15 18 1-32 9.37 Yokohama, pence to yen ... Hongkong, pence to dollar ... Bombay, pence to rupee ... Batavia, florin to £1