COMMERCIAL

Evening Star, Issue 21093, 4 May 1932, Page 7

COMMERCIAL

THE SHARE MARKET DUNEDIN STOCK EXCHANGE. Sellers of Bunk of New Zealands increased tlicir price to £2 6s (his morning, and buyers moved up to within one shilling of this. Commercial Banks eased to 13a 10d, with buyers at. 13s 7d. There was belter inquiry for Nationals of New Zealand, £3 11s being offered, without any response from sellers. Unions were, for sale at £6 12s 6d, but the best buyers would not give more than £6 6s. National Mortgage shares were on the market at £1 19s, without any buyers quoting. Canterbury Meat shares were sought for at £2 ss, and paid-up Refrigerating shares were wanted at 10s od, but there were no sellers of cither. Crystal Ice shares had a closer market, buyers still offering £1 3s 6d, ifcitli sellers willing to take £1 7s, Buyers of '• Otago Daily Times ' shares offered £1 16s this morning, with sellers two shillings away. Sellers of Mount Lyclls were firm at 18s 9d, and a buyer came on the market at 17s 9d. Molyneux Electrics eased to 3s, with a buyer offering Is. Quotations as under:—

DIVIDENDS DUE,

THE TIN MARKET. Pr«*» Association—Bj Telegraph—Copjrijht. LONDON, May 3. (Received May 4, at 10 a.in.) Tin: Visible, 50,406 tons; spot, 1.80:1; afloat, 975; deliveries, 2,136.

LONDON STOCK EXCHANGE. Press Association —By T^egraph —Copyright. LONDON, May 3. (Received May 4, at 10 a.in.) . The Stock Exchange will be closed on the next two Saturdays. The committee is considering a request to close on Saturdays throughout the summer. P. and 0., 14s 4fd; Dalgety and Co. shares, £5 15s; 4 per cent. Debenture Stock, £69; Goldsbrougli, Mort 5 per cent. B Debenture Stock, £62. AUSTRALIAN STOCK EXCHANGES. Press Association —By Telegraph—Copyright. SYDNEY, May 3. On the Stock Exchange the market was generally weak, with only slight variations in prices. The following sales were made:— Bank of New South Wales, £2B; Commercial Bank of Sydney, £ls; Bank of Australasia, £lO 8s; Colonial Sugar, £42 10s; Henry Jones, 29s 9d; Burns, Philp, 40s 6d; Australian Gas A, 110 s; ditto B, 110 s; Tooths, 25s 6d; Tooheys, 16s 6d; Goldsbroughs, 24s 6d; New Zealand Inscribed, 5J per cent. 1937, f £lO9 ss. Commonwealth Bonds—4 per cent. 1938, £95 ss; 1941, £92 15s; 1944, £9O; 1947, £B9; 1950, £B9 7s 6d; 1953, £B9 8s 9d; 1957, £B9 15s; 1961, £BB 15s MELBOURNE, May 3. Tile following sales were made: — Goldsbrough, 24s 4d; Electrolytic Zinc (pref.), 22s Id; Gordon and Gotch, 275; Mount Lyell, 20s 3d; National Bank (£lO paid), £ll 4s; Australian Glass, 365; ‘Herald and Times,’ 44s 7Jd; South Broken Hill, 40s 9d; North Broken Hill, 60s 6d. SYDNEY WOOL SALES. Pross Association—By Telegraph—Copyright SYDNEY, May 3. At the wool sales 10,187 hales were offered, and 9,104 were sold, while 2,074 were disposed of privately. Competition was well sustained, and the market was firm, 1 with good clearances. Greasy merino sold at 17-Jd. METAL MARKET. Press Aisooiation—By Telegraph—Copyright LONDON, May 2. Following are the official quotations in the metal market; — Copper: Standard, £29 18s 9d per ton; forward, £3O 4s 4 id. Electrolytic: Spot, £34 ss; forward, £35 os. Wire bars, £35 ss. Lead: Spot, £ll 8s 9d; forward, £ll 12s 6d Spelter:- Spot, £l2 ss; forward, £l2 10s. Tin: Spot, £ll4 8s 9d; forward, £ll6 11s 3d. Silver: Standard, 16 11-16 d per oz; fine, 18d. FOREIGN EXCHANGES. Brass As: nation—By Telegraph—Copyright. RUGBY, May 3. (Received May 4, at 11 a.in.)

BUTTER AND CHEESE. Messrs H. L. Tapley and Co. Ltd., South Island agents for the Anglo-Con-tinental Produce Company, London, have received the following cable;— Butter, 97s per cwt,' markets demoralised; cheese, 58s to 60s per cwt, markets qmet. The South Island Dairy Association is in receipt of the following cabled report from London:—Butter: Slow; 98s to 09s; Danish, 104 s. Cheese: Slow: white, 595; coloured, 60s.

/ STRANGULATION OF TRADE

Recent events underline the warning of the Economic Committee of the League of Nations against the evil consequences of the growing interference with the flow of international trade (says the ‘ Economist ' of February 6). Hardly a day passes without the imposition in some country of new restrictions in the form of foreign exchange control, increased tariffs, the prohibition of certain classes of imports, or the limitation of foreign purchases by license. Among the latest additions to the list of these countries is Denmark. According to the law passed by Parliament on January 29 the National Bank will have complete control of foreign exchange transactions and of foreign trade. It will be within the power of the Minister of Commerce to demand that all credits and investments, including interest due to Danish nationals from abroad, shall be handed over to a special department of the National Bank. Compensation for foreign exchange will be made according to quotations at the Danish Stock Exchange and for investments at the latest quotation converted into Danish currency. All importers will require a certificate from the National Bank for each transaction. Such permits will only be granted if there is no objection to tho importation for reasons of exchange. Similar but slightly less drastic measures have been taken by Czecho-Slo-vakia, where a commission lias been set up by the Minister of Finance to regulate the importation of a large number of commodities. Without the permission of this body the National Bank of Czecho-Rlovakia will be prohibited from handing over foreign exchange for the purchase of any commodity included 'n this list. Greek importers have just been informed that in future every application to the Bank of Greece has to he accompanied by a certificate from the competent Chamber of Commerce in Greece. These certificates can only he issued if the applicant, trades in the goods ordered, if ho does not possess stocks out of proportion to his ordinary trading, if tho goods are ordered at their normal season, and, lastly, if large stocks do not e\T t in the eo”ntrv. The “ Inlcnational Starvation Club ” has, indeed, a swelling membership.

PRICE OF GOLD. — f Press Association —By Telegraph—Copyright. LONDON, May 3. ' (Received May 4, at 10 a.m.) Fine, gold is quoted at £5 13s Id per oz. LONDON FRUIT MARKET. The Otago Provincial Fruitgrowers’ Council advises that the High Commissioner’s cabled report for the week ended April 30 on the London fruit market is as follows:—Apples: S.s. Coptic and s.s.Otira consignments practically cleared. Cox’s Orange, exceptionally wasty, 4s to 14s; others, 9s to 11s 6dj Pears: Conference, 14s, and Packham’s Triumph 15s. S.s. Rangitiki discharging. Condition of fruit reported very forward. EXCHANGE RATES. NEW SCALE ISSUED. As from yesterday a new scale of exchange rate's, amending the former rates in a minor degree, came into operation between New Zealand and London. The following arc the new' rates, on the basis of £IOO, London. The former rates are given for comparison ; —■ —Buying.—

JAPANESE STEEL MARKET. Japan is a steady and regular buyer of scrap steel, and is seeking business in New Zealand. Sbipbreaking is an industry of long standing in that country, and last year constituted a record in this industry.- During the past ten years 161 vessels,, or nearly three-quar-ters of a million tons of shipping, have been broken up in Japan, and during last year forty-one of them out of fiftytwo were foreign including British, aggregating 255.265 tons. Prices for second-hand tonnage for breaking-up purposes are worth 70 to 80 per cent, more in Japan than in Europe. .About 60 per cent, of the metal recovered from old ships is refired into “ new metal ” in bars of 2in in diameter and upwards and used lor reinforcing concrete work, hoops, and wires; the remainder is sent to steel smelting works. These particulars are given by the ‘ Syren.’ Japan, however, is buying scrap steel of any description in Australia, one firm alone having recently disposed of 30,000 tons, mostly old rails, ship plates, and beams and girders. The AVoyo Maru lias just completed a cargo of scrap steel for Japan of 3,000 tons, loading at Melbourne, Hobart, and Adelaide, and lifting some 700 tons additional of cruiser scrap at Cockatoo Island, Sydney. It is understood that the price paid for the steel is 26s to 27s a ton,* f.0.b., main Australian ports. Inquiries have been made tor scrap steel in New Zealand, and it a sufficient quantity to make a cargo can be obtained a Japanese vessel would come and load it. The response so far as New Zealand is concerned lias so tar been meagre, although there should be a fairly Targe quantify of steel scrap available from Oovorninonh municipal, and unvote sources for which there is hut little if am* local demand, mid this wn<dc materiel can be converted into reach money by sale to Ka c torn buyers.

Buyer*. Seller*. BANKING— £ s. d. £ 8. d. Bank of Australasia 9 1 0 — Bank of N.S.W. Bank of New Zealand 24 0 0 — (cum div.) Bank of New Zealand 2 5 0 2 6 0 (Long “ D ”) 1 6 0 — Commercial Bank National Bank of 0 13 7 0 13 10 Now Zealand National Bank of Aus3 11 0 — tralasia ■ Union Bank of Aus- — 10 0 0 tralia Ltd INSURANCE.— 6 6 0 6 12 6 National Insur. Co. ... — 0 11 8 South British Ins. Co. — 2 7 6 Standard Ins. Co, ... SHIPPING.— Huddart, Parker 1 19 0 ■ (ord.) 1 1 0 — U.S.S. Co. (pref.) ... COAL— Westport Coal (cum 1 0 3 refund) LOAN AND AGENCY.Daigcty and Co. 1 0 0 (cum div.) 7 1 0 — Goldsbrough, Mort ... 1 1 6 1 2 0 National Mortgage ... Wright, Stephenson 1 19 0 (pref.) MEAT PRESERVING.— Canterbury Meat Co. 0 15 0 (ord.) 2 5 0 — Gear Meat Co. ... ... N.Z. Refrigerating 1 6 6 (paid) N.Z. Refrigerating 0 10 3 — (cont.) ... MISCELLANEOUS.— 0 3 8 0 4 2 Crystal Ice Co 1 3 6 1 7 0 U.I.C. (ord.) — 0 12 3 Dominion Rubber ... Donaghy’s Rope and — 0 0 6 0 Twine (cum div.) 1 8 — Eclipse Petrol Kaiapoi Woollen — O' 2 3 (ord.) Milburn Lirno and 0 5 3 0 6 6 Cement — 1 6 6 M‘Leod Bros 21 0 0 — National Electric —. 0 9 0 N.Z. Drug Co 2 6 0 — N.Z. Express (prof.) N.Z. Farmers’ Fer- — 0 15 3 tilisers N.Z. Paper Mills 0 12 0 0 12 9 (cum div.) 0 18 6 0 19 6 ‘ Otago Daily Times ’ 1 16 0 1 18 0 Wilson’s (N.Z.) Cement GAS1 5 0 Christchurch BREWERIES.— 1 5 6 N.Z. Breweries Ltd. 1 4 0 1 4 6 Dunedin Brewery MINING.— 0 19 9 Waihi (cum div.) ... Electrolytic Zinc 0 16 0 0 16 6 (pref.) 0 19 0 0 19 9 Mount Lyell 0 17 9 0 18 9 Molyneux Electric 0 1 0 0 3 0 Mahakipawa 0 0 31 0 0 5 Kildare 0 1 5 0 1 8 Okarito 0 9 5 0 9 9 Paddy’s Point 0 3 1 0 3 8 Golden Progress — 0 2 7 Kiim Solomon 0 1 1* 0 1 4 Golden Point 0 0 54 — Black water Consolidated Gold0 7 1 0 8 6 fields 0 2 Gillespie's Beach ... par WAR BONDS— ■ Bonds quoted are £100 Bonds) 8 - , 1938 4j p.c. Bonds ... 94 12 6 95 0 0 1939 4j p.c. Bonds ... 92 0 0 93 0 0 1938 41 p.c. Insc. ... — 95 0 0 1939 4jT p.c. insc. 92 0 0 93 0 0 1933 54 p.c. S.S. Bonds 99 0 0 — 1935 5j p.c. S.S. Ins. 99 0 0 — 1936 51 p.c. Bonds ... 99 0 0 1933 51 p.c. Bonds ... 98 10 0 — ■ 1933 51 p.c. Ins. ... 1937 5j p.c. Bonds 98 10 0 .(Feb.) 1937 51 p.c. Bonds 99 0 0 — (Sept.) 1937 51 p.c. Insc. 99 0 0 — (Feb.) 1957 51 p.c. Ins. 98 10 0 99 10 0 (Sept.) 98 10 0 —

Stock. Amount. Period Date. E.S. and A. Bank Is 9 3-5d interim May 2 Wailii Is final May b Donaghys' Hope Mav 10 and Twine Is 3d final (approx.) Mosgicl Woollen Co. 3e 2 2-6d interim May 12 National Insurance 4d interim M ay 16 N.Z. Paper Mills 9 3-5d final May 19 National Bank Aust. (£10 paid) 6« final May National Bank Aust. (£5 paid) 3» final May

April 30. Mav 3. Paris, franc lo £71 92* 92 13*10 Brussels, helgas to £1 20.10 20.10 Oslo, kroner lo £1 10.70 19.70 Stockholm, kroner to £1 19.90 19.95 Copenhagen, kroner to £1 1 Si18.30 Geneva, franc to £1 18 13-10 18 13-10 Berlin, reichmnrkcn to £1 15.35 15.40 Montreal, dollar to £1 4.10 4.09* New York, dollar to £1 .... 3.05$ 3.6(5$ Amsterdam, florin to .£71 ... 9.02 9.02$ Milan, lire to £1 70.78 7 J 123$ Prague, kroner lo £.* .3231 32 ♦Vienna, schilling to £1 ... 32 Helsingfors marks o £1 ... 215 215 Madrid, peseta to £71 40 i 4(5 3*10 Athens, drachmae to £1 ... 475 500 Lisbon, escudo to £.1 no HO Bucharest, lei to £71 ... 610 010 ♦Rio dc Janeiro., pence lo mill eis 4$ 3I4 ■ Buenos A-vcs, pcnct to dollar 30$ ♦Montevideo pence «o Jollar 30 30 Shanghai, ponce to tael ... 20$ 19{ Yokcnama, pence to yen ... Hongkong, p*nc*. ‘o dollar 21$ 16$ Sl| 14 27-33 Bombay, pence to rupee ... 17 03-64 17 15-10 Batavia, florin to £1 ... ... ♦Nominal.

New rate. Old rate. £ s. d. £ s. d. Demand ... 108 10 0 108 10 0 30 days ... los 3 9 108 2 6 60 days ... 107 17 6 107 15 0 90 da vs ... 107 11 3 107 7 6 120 days ... 107 5 0 107 0 0 —Sellinjjc — T. T. ... ... no o 0 no 0 0 Demand ... 109 10 0 109 10 0 30 davs ... 109 6 ;l 109 o 0 60 da vs ... 109 2 (i 109 0 0 90 days ... 108 18 9 108 15 0