COMMERCIAL

Evening Star, Issue 21112, 26 May 1932, Page 9

COMMERCIAL

THE SHARE MARKET DUNEDIN STOCK EXCHANGE. A sale of 1937 5i per cent. Inscribed Stock (September issue) at £99 2s 6d was reported at this morning’s call of the Dunedin Stock Exchange. There was only one buyer in the banking section, 13s 3d being offered for Commercials, with sellers at 13s 7d, New lands wore on the market at £2 4s,_ without inquiry. Sellers of National of New Zealands eased to £3 6s, without a buyer offering. . . , f South British shares were inquired tor at £2 Bs, without any seller. There was a wide market for Standard Insurances, buyers offering £1 16s, without a seller under £2. Gear Moats had inquiry at £1 7s, without a seller quoting. There was still inquiry for paid and contributing N.Z. Kcfrigerating shares at 11s and 4s Id respectively, but the only seller asked 4s 6d tor the latter issue. Buyers of British Tobaccos were firm at £1 7s, with a seller at £1 Bs. ‘ Otago Daily Times ’ advanced to £1 X7s 6d, without any seller quoting. . _ , There was inquiry for Waihi Grand Junction (cum. div.) at 3s 3d, without any shares being offered. Mount Lyells wore firm at 17s 6d. with buyers offering sixpence less. The slightly improved price of £1 15s was offered for Broken Hill South shares, but there was no response from sellers. _ , ■, Sale reported.—l 937 5£ per cent. Inscribed (Sept.), £99 2s 6d. Quotations as under: —

DIVIDENDS DUE. Stock. Amount. Period. Date. Bank'of N.SAV. ... 5s interim May 31 Wailii Grand June. 4d final May 31 National Bank Aust. (£lO paid) 6s final May National Bank xtuat. (£5 paid) 3s final May Australian Glass ... 10 4-5 d final May Wilson’s Cement Is final -May Bank of N.Z. ... Is 6 2-sd* final, June Bank of N.Z. (Long “x> ”) 9d final June Henry Jones fid interim June 1 Morris Hedstrom ... 4 4-5 d final June 4 Okarito fid interim Juno 7 (Approx.) North Broken Hill ... Is fid June 30 *lncluding bonus. AUSTRALIAN STOCK EXCHANGES. Press Association—By Telegraph—Copyright. SYDNEY, May 25. The turnover on the Stock Exchange to-day was moderate and the market generally steady. Sales- Commercial Bank of Sydney, £l6; Colonial Sugars, £44; South British Insurance, 525; Victoria Nyanza, 17s Od; Australian Gas (A), £5 14s; Tooths, 27s (Id; Dunlop, Perdriau, 1% lid; Goldsbrougb, Mori, 24s lid; British Tobacco, Sis 3d; North Broken Hill, 61s 9d; South Broken Hill, 425; Burns, Philp, 40s 9d; 4 per cent. Commonwealth Bonds—l93B, £94 11s 3d ; 1941, £9l; 1944, £B9 18s 9d; 1947, £BB 15s; •953, £BB 7s 6d; 1955, £BB 15s; 1959, £B7 7s (id. MELBOURNE, May 25. Sales; Goldsbrougb, Mort, 24s fid; Carlton Brewery, 3Us 9d; Dunlop, Pordriau. 12s 2d; Dunlop, Perdriau (prof.), 25s Cd; Gordon and Gotch, 20s 9d; ‘Herald’ and ‘Times,’ 48s; Howard Smith, 7.s sd; Zinc Corporation, 25s 41 d; Sulphhjp Corporation, 9s.

METAL MARKET. Press Association—By Telegraph—Copyright. LONDON, May 24The following are the official quotations in the metal market:— Copper.—Standard, £27 11s 3d; forward, £27 13s 9d per ton. Electrolytic.—Spot, £3l 15s; forward, £32 15s. Wire bars, £32 15s. Lead.—Spot, £lO ss; forward, £lO 15s. Spelter.—Spot, £l2 10s; forward, £l2 13s 9d. Tin—Spot, £123 2s 6d; forward, £125 7s (3d. Silver.—Standard, 16 13-16 d per oz; fine, 18id. LOAN FOR BRITISH COLUMBIA. (British Official Wireless.) Press Association —By Telegraph—Copyright. RUGBY, May 24. The prospectus was published to-day of a loan for the Government of the province of British Columbia. The amount is £1,500,000. It takes the form of 5 per cent, stock offered at 99 per cent. By means of a sinking' fund of not less than li per cent., the stock is to be repaid by 1957, the borrower having the option of redeeming it whole or in part in or after 1957. The loan is the first to be raised on the London market on behalf of any Canadian governmental body for several years, and the first British Columbia loan since March, 1914. The bulk of the Canadian public financing since the war has been arranged in the United States or Canada. THE TALLOW MARKET. Press Association —By Telegraph—Copyright. LONDON, May 25. (Received May 26, at 10 a.m.) At the tallow sales 946 casks were offered and fifty-seven were sold at 6d to Is decline. Mutton: Fine, 23s 6d; medium, 20s 6d. Beef: Fine, 245; medium, 20s 6d. DEER DESTRUCTION. BOUNTY ON SKINS IN FUTURE. [Special to the ‘ Star.’] CHRISTCHURCH, May 25. In future, instead of paying a bounty of Is fid a tail on deer destroyed in the South Island, the Department of Internal Affairs will pay tbe bonus on skins, and will attempt to develop markets for them. Mr Malcolm Fraser, Under-Secretary to the department, who passed through Christchurch to-day, said the change would mean a gain of about 60 per cent, on skins, which were at present allowed to rot on the ground. Under the system of paying a bonus for the tails, the department had suffered a dead loss on deer destroyed in the South Island.

Mr Fraser said there was a good market for skins overseas. Government parties would still be deployed. It had been stated that men were operating as cullers, and killing malformed deer, but that was incorrect, as they were carrying out wholesale destruction. The fact that there had been an influx of scrub deer into Canterbury from the northern ranges was a tribute to the good work that had been done by the men employed by the Government in Marlborough and Nelson, said Mr Fraser. It is ridiculous, however, to say that wages and other expenses bring the cost of each deer killed to 8s or 9s. Last year, when the North Canterbury Acclimatisation Society was paid a bounty of 4s a tail for the destruction of 1,000 deer in Rakaia forest, men employed by the Government were getting skins on the other side of the river which fetched 5s each in London.

LONDON WOOL SALES

Press Association—By Telegraph—Copyright.

LONDON, May 25. (Received May 26, at 11 a.m.) At the wool sales 9,297 bales were offered, including 4,067 from New Zealand. Approximately 4,674 bales were sold. The opening rates were maintained. There was a more general demand and some withdrawals, owing to high limits. New Zealand greasy crossbred, “ Kawa ’’—top 7Jd, average s|d.

Messrs Murray, Roberts, and Co. Ltd. have received the following wool market cablegram from their London agents, Messrs Sanderson, Murray, nnd Elder Ltd., . dated _ 25th inst. “ Scoured merino declined 5 to 10 per cent.” PRICE OF GOLD. Press Association—By Telegraph —Copyright. LONDON, May 25. (Received May 26, at 11 a.m.) Fine gold is quoted at £5 12s 8d per ounce. LONDON FRUIT MARKET. The Otago Provincial Fruitgrowers’ Council advise that the High Commissioner’s cabled report lor tho week ended May 21 on tho London Iruit market is as follows: —Apples; Quantity of Cox’s Orange still in the market, and difficult to sell; 7s to 18s. For other varieties demand is good, and clearing quickly’ at from 10s to 12s. Otago apples: ■ S.s. Tamarqa consignment of Cox’s Orange selling at 12s to 20s; others 10s to 12s; s.s. Port Brisbane now discharging. Pears: Market fairly good. S.s. Tamaroa consignment in variable condition. Winter Cole, 5s to 16s; Winter Nelis, 10s to 16s; P. Barry, 11s to 14s; Josephine, 10s to los; Beurre Bose, 13s Gel to 16s. Large quantities of Australian and Tasmanian fruit in the market. THE NEW ZEALAND LOAN. Tho New Zealand Government £5,000,000 offer came just a little too soon,” said the ‘ Economist,’ of April 9. The desire of the Government to take advantage of the London new issue revival to fund its £4,000,000 Treasury Bills, falling duo next June, was readily comprehensible. The British investor, further, has always had a high regard for New Zealand as a borrower discreet in applying the proceeds of her borrowing productively, and zealous in honouring her obligations. But the recovery of sentiment from the shock administered by earlier developments in another British dominion was a comparatively recent phenomenon, and this sensitive plant might well have been given a little longer time for growth, or its strength have been experimentally tested, in the Hist place, by a somewhat smaller issue than £5,000,000. That over half the loan was subscribed (underwriters being i left with 47.2 per cent.), .was, in the

circumstances, a reassuring indication of the extent to which investment confidence had been restored. Market dealings opened at 5-8 discount. OIL MERGER. The businesses of the British International Oil Co. Ltd., of Wellingtgon, and of Messrs Buckleton Bros Ltd., Wellington, have been acquired by the Gilmore Oil Co. (N.Z.) Ltd., Auckland. The first-named company was tho marketing company’ for petrol and allied products, and Messrs Buckleton Bros. Ltd., undertook tho storage and handling of the British International Company’s goods. These two companies were owned and registered in New Zealand and furnished with New Zealand capital. Their Auckland district representative, Petrol Imports Ltd., of Auckland, is also to be acquired by the Gilmore Oil Co., and negotiations to that end are now approaching completion, to take over, as from June 1. WRIGHT. STEPHENSON AND CO. The twenty-sixth annual meeting of tho members of Messrs Wright, Stephenson and Co. Ltd., was held at the head office of the company, 34 Customhouse quay, Wellington, on Tuesday in the presence of a large number of shareholders. The profit and loss account, including £27,141 6s 8d brought forward from last year, showed a credit balance of £52,916 19s 9d. A dividend of 4 per cent, on the ordinary shares was declared and the fixed payment to preference shareholders was adopted, leaving a balance of £27,166 2s Id to ho carried forward. Messrs J. A. Johnstone, R. S. Abraham, ami 1). Allan, the retiring directors, were re-elected. , Messrs Barr, Burgess, and Stewart were reappointed auditors..

Buyers. Sellers. £ 8. d. £ 8. d. BANKING— 0 Bank of Australasia — 9 6 Bank of N.S.W. (cum. div.) ... ... — 25 1U 0 Bank of New Zealand (cum. div.) Commercial Bank 0 13 3 2 4 0 13 0 7 National Bank of 0 New Zealand — 3 6 Union Bank of Aus0 tralia’Ltd — b .14INSURANCE— National Insur. Co. 0 10 10 — New Zealand Insurance 6 Co 1 15 — ' South British Insur0 0 ance Co Standard Insur. Co. 2 8 1 16 2 T 0 SHIPPING— U.S.S. Co. (prof.) ... — 0 19 XU COAL— Westport Coal Co. 0 (cum. div.) ... ... u iy ■ Westport-Stockton (ord.) 0 0 4 LOAN AND AGENCY— 0 Dalgety and Co. 7 2 National Mortgage (“ B ” issue) 0 0 1/ — Perpetual Trustees ... Trustees Executors and — 3 0 0 0 Agency (cum div.) 3 0 Wright, Stephenson (old., ex div.) 0 10 0 — Wright, Stephenson (pref., ex div.) ... — U D MEAT PRESERVING— Gear Meat Co 1 7 0 — N.Z. Refrigerating (paid) ... • U ii 0 — N.Z. Refrigerating (cont.) 0 4 1 0 4 6 South Otago Freezing 2 0 0 MISCELLANEOUS— Australian Glass 13 7 (cum. div.) Britisli Tobacco 1 1 6 0 x 8 0 Crystal Ice Co. D.I.C. (ord.) 1 b 0 12 3 0 Dominion Rubber ... 0 2 3 U b 0 Dunlop Pcrdriau 0 Rubber U 1U — Kaiapoi Woollen (ord.) — 0 6 3 Milburn Lime and 0 3 Cement 1 4 1 5 M’Leod Bros 22 0 0 0 — 0 National Electric ... — 9 N.Z. Farmers’ Fertiliser — 0 U Id 4 N.Z. Paper Mills ... 0 18 — ‘ Otago Daily Times ’ Smith and Smith (pref.) 1 17 6 *— - 0 15 6 BREWERIES— N.Z. Breweries Ltd. (cum. div.) Staples’ Brewery — 0 ■ 1 5 6 1 3 ~~~ 3 Dunedin Brewery ... — u xa MINING— Waihi 0 15 0 — Waihi Grand Junction 0 (cum. div.) 3 3 — Electrolytic Zinc (pref.) Mount Lyell 0 17 0 1 u 0 17 3 6 'Broken Hill South 1 15 0 0 — 0 Molyneux Electric ... — 4i 5 Mahakipawa 0 0 0 0 6 Okarito (cum. div.) 0 9 4 0 9 6 Paddy’s Point 0 5 1U 0 •— Golden Progress 0 0 — 2 3 King Solomon ... ... Golden Dawn X 1* 5 11 0 1 3 Blackwater — Id 0 8 9 Gillespie’s Beach ... 0 o : 0 0 Oip Waitahu — 0 0 Id OIL— 0 Jdoluroa ... ... ... — 4 6 WAR BONDS— (Bonds quoted are £100 Bonds.) 1938 4£ p.c. Bonds ... — 92 15 0 1939 4i p.c. Bonds ... — 92 15 0 1938 4£ p.c. Insc. ... — 92 15 0 1933 5i p.c. S.S. Bonds 99 0 0 — 1935 Si p.c. S.S. Insc. 1936 5i- p.c. Bonds ... 99 0 0 — 99 0 .0 — 1933 5i p.c. Insc. ... — 98 10 0 1937 p.c. Bonds 99 0 0 (Feb.) — 1937 Si p.c. Bonds 99 0 0 (Sept.) 1937, 5i p.c. Ins. 99 0 0 (Feb.) ... ... ... — 1937 5i p.c. Inscribed 0 0 (Sept.) 99 —