COMMERCIAL

Evening Star, Issue 21138, 25 June 1932, Page 10

COMMERCIAL

THE SHARE MARKET DUX 61) IX STOCK EXCHANGE. A sale of Bank of New Zealands at £2 2s 9d was reported after the call on the Stock Exchange this morning. Sellers of Bank of New Zealands increased their price to £2 3s, while buyers also moved up to £2 2s 6d. Commercials were on the market at 14s 2d without buyers. Buyers of National of New Zealands continued to offer £3, sellers casing to £3 3s. There was inquiry for Huddart. Parkers (ord.) at £1 Is 9d, but no sellers quoted. National Mortgages were on the market at £1 18s (cum tliv.), but there were no bids. Sellers of Perpetual Trustees and Trustees, Executors both cased to £2 18s without a buyer of cither quoting. There was no buyer of British 'Tobaccos above £1 6s (cum div.). and.sellers did not quote. The best bid for Donaghy’s Hope and Twine shares .was £1 7s. Buyers of N.Z. Paper Mills improved to 18s 9d without a seller quoting. Inquiry for Wilson’s Cements was made at £1 6s without any selling response. North Broken Hills were wanted at £2 13s, and Broken Hill Souths at £1 15s 6d, both cum dividend, without a seller of cither. Government Bonds and Stocks again had good inquiry. Sales reported after the call: —Bank of N.Z,, £2 2s 9d. Quotations as under; — Buyers. Sellers.

DIVIDENDS DUE. Stock. Amount. Period. Date. North Broken Hill ... Is 6(1 June 30 British Tobacco 3 3-5 d interim June 30 N.Z. and River . Plate 8 2-sdt interim July 1 National Mort. ... Is interim July 1 National Mori . , (B issue) 6d interim July 1 Nat. Bank of N.Z. Is 6d final July Broken Hill South ... Is Aug. 12 tLoss 5s in £ income tax. AUCKLAND GAS DEBENTURES. Owing to holders of the Auckland Gas Company;* “A” 5 per cent, debentures, which mature on July 1, offering to take more of the now issue of 0 per cents., which replace the former, than wore available, none has been received by shareholders and the general public. The new issue is £BO,OOO of £IOO,OOO “D” debentures, bearing interest at 6 per cent, per annum, maturing on July 1, 1942. They do not come within the scope of the National Expenditure Adjustment Act, 1932. The company sought applications for about £BO,OOO of the new issue, offering preference to holders of “A” debentures. This amount was largely oversubscribed. The proceeds are to be used in redeeming the “A” debentures, which will be met on presentation at the office oh date of maturity. The new issue is secured by a floating charge on the general undertaking, properly, and assets of the company next after the £200.000 “C” debentures maturing in May, 1935. and on repayment of ibeso the “ 1) ” issue will become lirst charge on the assets. On Jlccembcr 31 the assets of the company. as shown in the balance-sheet, less liabilities, amounted to £1,202,995.

NATIONAL BANK OF N.Z. The general malinger of tho National Bank of New Zealand Ltd. has received a cable message from Ilia London office stating that, the board of directors recommends a final dividend at the rate of 6 per cent, per annum for tlie half-year ended March .‘ll, making 7 per cent, for tho year, free of tax. The dividend for the previous year was at the rate of 10 per cent. METAL MARKET. Press Association —By Telegraph—Copyright. LONDON, Juno 23. The following are the official quotations in the metal market:— Copper: Standard, £27 Is IOJd per ton; forward, £26 16s 10id. Electrolytic: Spot, £3l; forward, £32. Wire bars, £32. Lead; Spot, £9 11s 3d; forward, £9 16s 3d. Spelter: Spot, £ll 8s 9d; forward, £ll 13s 9d. Tin: Spot, £ll4 17s 6d; forward, £ll7 2s 6d. Silver: Standard, 16 7-8 d per oz; fine, 18 3-16 d. AUSTRALIAN STOCKS. Press Association—By Telegraph—Copyright. SYDNEY, June 24. There was an improved volume of business on the Stock Exchange to-day, chief interest being centred in Australian Bonds, duo to the buoyancy overseas. The following sales were made:— Commercial Bank of Australia, 15s 2d; Colonial Sugar, £45; Huddart, Parker, 25s 6d; Mercantile Mutual Insurance, 15s 6d; Goldsbroughs (New Zealand delivery), 21s 9d; Gordon and Gotcb, 26s 6d; British Tobacco (pref.), 23s 6d; Australian Glass (ex dividend), 38s 9d, 38s 10id; Dunlop Perdriau, 12s 2d; Tooth’s, 28s 6d; Toobey’s, 18s 3d; Burn, Philp, 435; Snlphine Corporation, 7s 7d; Taranaki Oil, Is 6 J 4 ,d; North Broken Hill, 595; Mount Lyell (New Zealand delivery), 18s 3d ; Commonwealth Bonds —4 per cent., 1938, £95; 1941, £93 10s; 1944, £92 10s; 1947, £9l 18s 9d; 1950, £92; 1955, £9l 2s 6d; 1953, £92 17s 6d; 1959, £9l 13s 9d; 1961, £92. MELBOURNE, June 24. The following sales were reported:— Metropolitan Gas, £lO 9s; Goldsbroughs, 21s lOd; South Broken Hill, 40s 7Jd; Taranaki Oil, Is 6(d. IMPROVEMENT AT HOME. Press Association —By Telegraph—Copyright. LONDON, June 24. Afosfc of the financial writers direct attention to the improvement in Australian stocks. The ‘ Daily' Express ’ says that those with faith in the Empire have been able to reap a substantial reward. FOREIGN EXCHANGES. (British Official Wireless.) Press Association—By Telegraph—Copyright. RUGBY, Juno 23. Juno 21. June 23. Paris: (ran. to gj T 32 M llrus-els, belgas to 20 1-32 21 31-32 Oslo, kroner to £\ 20.2.1 20 5-10 StorKhoitn, kroner to TJ.SI) lO.jO Copenhagen: kroner to ET 18 0-10, A 1 Geneva, franc to ,£1 IS (0-3- IS.oJ Berlin, reichmnrkcn to ;£! ... 15 3-16 lo /-Jj Montreal, dollar to £1 ‘l*1 3 I'E New York, dollar o g.l ... ... 3.81 J 3.61, Amsterdam, florin to £1 S-03i S- 14 l Milan, lire to £1 ‘®t Prague, kroner to £1 ... ... IS2 121, Vienna, schilling to £1 33 33 Helsingfors, marks lo £1 -h> J-J'> Belgrade dinars to £1 —® -rh, Warsaw, zlotys lo g.I fr-A Madrid, peseta to £1 f.lJwlC El 3 ’ 10 Athens, drachmae to £L oau mi t Lisbon, escudo >o £1 100 If® Bucharest, lei lo £1 .. ... Mb V-® Rio de Janeiro, pence to milreis a a . Buenos pence to dollar ... nominal nominal Montevideo pence to dollar ... v 3O 30 Shanghai, pence to tael Tn-''’ 18 Yokohama, penc to yen Hongkong, pence to dollar ... n>4 1 , 1* 81 . G . J Bombnv, pence to rupee 1, Ja-lb 1- hi UJ Batavia, florin to £1 , - - ®- 0G ■'Nominal. P. AND 0. SHARES. Press Association—By Telegraph—Copyright LONDON, June 24. (Received June 25, at 10 a.in.) p. and O. shares, 16s. DAIRY PRODUCE. Messrs A. S. Paterson and Co. Ltd. are in receipt of the following cable advice from their principals, Messrs J. and J- Lonsdale and Co. (London) Limitedßutter: All markets quiet and steady. * Danish production slight decrease. Baltic about peak. Danish, 86s; Swedish, 82s to 83s; New Zealand, 97s to 98s; Australian, 96s to 975. Cheese: Market dull, slightly easier. 56s to 575, white, coloured. Canada quotes 565, c.i.f. Buyers holding off. Anticipate smaller make Home cheese, due to more favourable returns from liquid milk. Messrs H. L.- Tapley and Co. Ltd., South Island agents for the Anglo-Con-tinental Produce Company, London, have received the following cabled market report:—Butter, 96s to 97s per cwt. Cheese, 55s to 65s per cwt. , . The South Island Dairy Association has received the following cable from the New Zealand Produce Association, Londonßutter, 96s to 98s; Danish, 100 s; cheese, both colours, 55s to 565. Both markets are quiet. LONDON PRODUCE MARKET. The Bank of New Zealand has received the following advice from its London office, under date the 24th hist.:—Frozen meat: For wethers there is a moderate demand, while prices are a shade lower. For ewes the market is dull. The lamb market is over-sup-plied and prices are affected m consequence. Trade generally is slow. Wethers—Light 3Jd to Ipl per lb, heavy 2-Jd to 3d; ewes, 2d to 2Jd; lambs—two’s 5Jd to 6Jd, eight’s 5Jd to 6d, four’s 5Jd to 6cl, seconds 5d to 5Jd. AUSTRALIAN GLASS COMPANY. The report of directors of the Australian Glass Manufacturers Company Ltd. states that the audited accounts for the year ended March 31 show a profit 0f‘£92.136 18s lid, out of which an interim dividend at the rate of 6 per cent, per annum on the ordinary shares ami 9 per cent, per annum on the preference shares was paid up to September 30, 1931, absorbing £35.789 6s 9d, leaving £56,347 12s 2d, winch the directors propose should he allocated as follows: —Payment of a further dividend of 44 per cent, on the ordinary shares (making 7i per cent, for the year) and tit the rate of 9 per cent, per annum on the preference shares for six months ended Alarch 31. absorbing £49.740 10s 3d. leaving £6,601 Is 3ld. Adding to this amount the balance brought forward from llie previous accounts of £95.663 0s 6d makes a total to be carried forward of £102,261 2s sd.

FRUIT AND PRODUCE. Bray Bros. Ltd. report as follows for the week ended yesterday;— The chuff market remains quiet, and stocks iu stores are ample for requirements. Good quality is nominally worth £5 per ton, sacks extra, and truck lots £4 10s. There is no shipping business. The oat market shows no change. Occasional sales are being made to millers, with small lots going to the North Island merchants. Prices remain unchanged at 3s Bd, f.0.b., s.i., for A’s, and 3s 4cl for B’s. Under-grade arc worth correspondingly lower prices. Tho quotations to farmers on lines handv to Dunedin is 2s Hd for A’s. and 2s 7d for B’s, and for under-grade 2s 3d to 2s 6d. There is very little milling wheat offering and millers in the South Island are holding fair stocks. Owing to the unfavourable season, the shortage of good milling wheat has caused millers to approach the Government with _ a view to the importation of Australian wheat for milling purposes. The Government is now considering the position. In the meantime odd lots of milling wheat that are being , offered from the north, are being sold at the prices fixed by the Wheat Marketing Agency. These are 4s 9d, f.0.b., for Tuscan, 4s lid for Hunters, and 5s Id for_ Velvet. The local fowl wheat market is quiet. Prices remain firm at round about 4s 6d per bushel, sacks extra, ex truck, Dunedin. Millers’ prices are as follow: Flour: 200’s, £l4 2s; 100’s, £ls 2s; 50’s, £ls 7s; 2o’s, £ls 17s. Bran, £5. Pollard, £7. Oatmeal: 200’s, £23; 25’s, £25.

The potato market has firmed. Best lines are bringing up to £7 per ton, and second-grade is selling from £5 to £6. It is difficult to say how prices will go, but all good lines offering arc readily placed, and fair shipments are going forward to the North Island. The onion market has also firmed, and best quality is selling to-day at 20s per cwt. Local-grown onions are now in small compass. Large quantities were shipped to Australia, and realised satisfactory prices. It is some years since the onion growers received the prices they' have this _ season. Everything points to prices being high for the next few months. The crop in Australia is short this year. Japanese onions will soon bo offering, hair shipments are going to the North Island. . „ ~ The egg market is easier. Supplies are coming forward more freely', and guaranteed fresh eggs are selling at Is 7d per dozen. Honey is also m good supplv, and host quality is selling up to sJcl per lb. Discoloured and interior qualities are selling from 3d upwards. Hams and bacon are in good supply, and the market is easy. There is an inquiry for dairy pat butter. Business in the fruit marts has been steady during the week. Australian navel oranges are pffering freely, and some verv fine fruit is obtainable up to 14s per case. Apples are still m good supply, and prices low. A few tomatoes are still reaching the market and realising satisfactory prices. Vegetables are offering freely, and prices are much lower than usual. The following prices were realised during the week: —

Pears.—Half-cases, to 4s 6d; bushel cases, to 7s 6d. Apples.—Dessert, 4s to is 6d case; cooking, 3s to 5s case. ~ Tomatoes. —Locals, lOd to Is lb; Christchurch, 4d to 8d per lb. Cucumbers, 4s to 5s dozen. Potatoes, £5 10s to £6 per ton. , Grapes, Is to 2s lb. Pines, 26s to 28s case. Passions, 22s to 24s case. Quinces, 5s 6d case. Australian oranges, 11s to 15s case. Now Zealand lemons, 11s to 14s case. Californian grapefruit, 48s case. Bananas, ripe, 14s to 16s case. Carrots, to 5s cwt. Parsnips, to 7s cwt. Cauliflowers, Is 6d to 4s sack. Celery, 31d to 4Jd bunch. Cabbage, Is to 2s per sack. Garlic, to 5d per lb. Marrows, to 7s 6cl cwt. Pumpkins, to 4s 6d cwt. Swedes, to 2s 6d cwt. Eggs, Is 6d to Is 7d dozen; preserved, Is 3d, Is 4d. Honey.—Bulk, to 5d per lb. Peanuts, 3d to 4d lb. Walnuts, 3d to 5d lb. Onions: Canterbury, £2O to £2l per ton.

Beeswax, to Is 3d per lb. Woodwool, 28s bale. Tallow, to 12s 6d cwt. Oyster grit, 8s bag. Butter.—Pats, Is Id ; dairy pats, to 9d; bulk, Is o|d lb. Bacon. —Gold Medal brand, to lOd per lb; middles, lid lb; boneless hams, lid lb; cooked bam, Is 5d lb. Lard, bulk, 6d per lb. Oats.—A Cartons, to 3s 8d; B Cartons, to 3s 5d per bushel. Pollard, £7 per ton. Milling wheat, 4s 9d to 5s Id bushel. Fowl wheat, 4s 6d to 4s 9d bushel. Bran, £5 10s per ton. Wheaten straw, £3 per ton. Clover bay', £5 10s per ton. Oatsheaf chaff, £4 10s per ton. PROPERTY SALE. Messrs Clarke »»d Venn Ltd. report having sold b.v auction the freehold proper!v at 185 Oxford street at a satisfactory figure. BOND STREET LIMITED. WELLINGTON, June 24. An extraordinary meeting of shareholders of Bond Street Ltd. was he d to-day, when it was decided voluntarily to wind up the company.

MAHAKIPAWA WASH-UP. [Per United Press Association.] CHRISTCHURCH, June 24. Tho Mahakipawa wash-up for the week was 270 z. THE PRICE OF GOLD, Press Association —By Telegraph—Copyright. LONDON, Juno 24. (Received Juno 25, at 10 a.m.) Fine gold is quoted at £5 14s 6d per oz. GOLDSBROUGH, MORT, AND CO. Net profit of Goldsbrough, Mort, and Co. Ltd., a woo! and produce broker company, was £65,294 for the year ended March 31. With £105,077 brought forward there is available £170,371. A transfer of £2,000 to the provident fund is made, and the dividend of 2J per cent, for the year requires £60,000. Tho credit carried forward is £108,371. Gross profit for the term amounted to £499,629, compared with £630,714, and after meeting debenture interest, management, and other charges, and writing off £11,953 for depreciation, a net income of £65,294 remained. In their report the directors state that the company’s profits have been substantially reduced owing to the continued depression and unsatisfactory prices for primary products. The wool-selling season had again been difficult. Values to-day, as a whole, were fully 25 per cent, below November rates. The company handled 280,283 bales of wool in the year, of which 277,460 were sold and 2,823 bales shipped. In the previous year the company' handled 339,730 bales, but these figures were affected by the exceptional carry-over of 76,154 bales held at March 31, 1930. Wool unsold in store at March 31 amounted to 40,190 bales, against 14,214 bales a year ago. Sundry creditors, etc., have been reduced by £171,600, compared with a year ago, when they were £946,174.

£ s. d. £ s. d. BANKING.— Bank of Now Zealand 2 2 6 2 3 0 Commercial Bank ... — 0 14 2 E.S. and A. Bank 3 15 0 — National Bank of New Zealand 3 0 0 3 3 0 National Bank of Australasia 10 0 0 Union Bank of Australia Ltd — 7 0 0 INSURANCE— National Insur. Co. 0 11 3 0 11 7 South British Insurance Co 2 9 6 . Standard Insur. Co. 1 19 3 -- SHIPPING— Huddart, Parker (ord.) ... 119 P. and 0. Deferred Stock 0 15 0 _ U.S.S. Co. (pref.) ... 0 19 4 1 0 3 COALWestport Coal Co. ... 0 9 6 — LOAN AND AGENCY— National Mortgage (cum div.) 1 18 0 N.Z. Loan and Mcrcan tile (ord.) _ 40 0 0 N.Z. Guarantee Corporation ... . . 0 4 0 2 18 0 Perpetual Trustees ... — Trustees, Executors, and Agency 2 18 0 Wright, Stephenson (ord.) 0 10 6 — MEAT PRESERVING— N.Z. Refrigerating (paid) 0 10 3 N.Z. Refrigerating (cout.) 0 3 10 _ South Otago Freezing 2 0 0 ~ MISCELLANEOUS— British Tobacco (cum div.) 16 0 Donaghy’s Rope and Twine 17 0 Kaiapoi Woollen (ord.) 0 5 0 Kaiapoi Woollen (prof-) ••• 0 8 0 — Milburn Lime and Cement 1 4 ■6 National Electric — 0 9 0 N.Z. Drug Co. 2 6 0 — N.Z. Fanners’ Fertiliser 0 12 0 _ N.Z. Paper Mills ‘ Otago Daily Times ’ 0 18 9 — 1 18 0 — Smith and Smith (pref.) Wilson’s (N.Z.) Cement 0 16 0 16 0 _ Woolworths’ (pref.) 14 0 — GAS— Christchurch 15 6 — BREWERIES— N.Z. Breweries Ltd. (cum div.) 14 0 N.Z. Breweries Debs. 10 0 — 0 Dunedin Brewery .. 0 18 3 1 0 Tooth’s Brewery 15 3 1 6 0 MINING— Kawarau 0 0 3i Waihi Grand Junction 0 2 6 — Electrolytic Zinc (pref.) 0 18 6 Mount Lyeli ... ... 0 17 0 — North Broken Hill (cum div.) 2 13 0 — Broken Hill South (cum div.) 1 15 6 Mahakipawa 0 0 3 ’ Kildare 0 1 9 Okarito 0 9 G — Paddy’s Point 0 4 3 — Golden Progress 0 2 0 0 2 6 Golden Point 0 0 6 — Golden Sands 0 1 11 — Blackwater 0 8 4 — Gillespie’s Beach ... — 0 0 Dip Waitahu par U U . ip OIL— Moturoa ... — 0 4 3 WAR BONDS— (Bonds quoted are £100 Bonds.) 1938 44 p.c. Bonds ... 93 5 0 — 1939 4£ p.c. Bonds 93 10 0 — 1938 p.c. Inscribed 93 5 0 — 1939 4A p.c. Inscribed 93 10 0 — 1933 5* p.c. S.S. Bonds 100 5 0 ■— 1933 Si p.c. S.S. Insc. 100 5 0 — 1941 51 p.c. Inscribed 96 10 0 — 1936 5i p.c. Inscribed 100 0 0 — 1937 5) p.c. Bonds (February) 1937 5) p.c. Bonds (September) 1937 5J p.c. Inscribed (February) 1937 5J p.c. Inscribed (September) 100 0 0 — 100 0 0 — 100 0 0 —- 100 0 0 -