COMMERCIAL

Evening Star, Issue 21220, 29 September 1932, Page 7

COMMERCIAL

THE SHARE MARKET DUNEDIN STOCK EXCHANGE. There were reported sales at this morning’s meeting of the Dunedin Stock Exchange in Bank of New Zealand* at £2 7s 2cl, and 1937 5£ per cent. Stock (Kcb.) at £99 ss. but no transactions were effected on ’Change. Bank of Australasias moved up to £9 18s, but sellers remained Jirm at £lO ss. The inquiry for New South Wales cased to £27 15s, and the nearest seller asked £2B 5s for them. Now Zealands were on the market at £2 7s 6d, the buyers having risen to £2 7s, wlilc £1 8s was offered lor the Long ‘‘ D ” issue, without any seller quoting. Sellers of E*S. and A. Banks cased to £4- 17s 6d, and Nationals of New Zealand to £4- Is 6d, without a buyer quoting. Nationals of Australasia bad inquiry at £ll Bs, and buyers of the contributing issue offered £5 10s, without a seller of either quoting.

The only change in the insurance section was an improvement in the inquiry for Standards, buyers having raised their bid to £2 7s, • but sellers were silent. There was a wider market for Dalgctys, no buyer offering more than £8 10s 6d, with sellers asking £8 17s. National Mortgage {“B” issue) shares were obtainable at £1 2s 6d, and the buyers improved to 18s. Buyers of N.Z. Loan and Mercantile* increased their offer to £44, and a seller came on the market at £SO. No buyei of Milburn Lime and (Yemenis offered more than £1 6s, and sellers did not respond, while there was an improvement in the offer for N.Z. Drugs to £2 18s, but these were also without sellers. Wilson’s Cements were firm at £1 13s 9d, but the best offer was • only £1 13s. The ordinary Electrolytic Zincs were still on the market at 16s Bd, with tlie best buyer offering 16s 2d for them. Mount Lyells were wanted at £1 0s 9d, with sellersasking £1 Is 6d for the shares. Buyevs stjll offered Is 9d for King Solomons, while the sellers cased to Is lid. Sales Reported.—Bank of New Zealand, £2 7s 2d: 1937 per cent. Inscribed (Feb.). £99 ss. Quotations as under.—

DIVIDENDS DUE. Stock. Amount. Period. Date Bank of Australasia 3s interim Sept. 30 British Tobacco ... 5 3-sd, linal, Sept. oO North Broken Hill Is interim Sept. oO Dunlop Rubber (ord.i 7 l-sd. final, Sept. •Electrolytic Zinc (prof.) 9 3-5 d Oct. 27 Waihi v Is interim Nov. 1. ''Payable in Melbourne. •|T-'or the half-year to June 30, 1931. AUSTRALIAN STOCK EXCHANGES. Press Association—By Telegraph—Copyright. SYDNEY, September 28. Tlie Stock Exchange business was steady and of fairly largo dimensions, but prices showed little variation. Bonds In some instances went higher. The following sales wore made: —• Bank of New South Wales, £3l 3s (3d; National Bank (£5 paid), £0 10s 6d; Queensland National, £5 os; Colonial Sugar, £54 Bis 6d; Adelaide Steam, 21s (Id; Burns, Philp, 4 Os; Morris Hedstrom, 18s) Australian Gas (A), £6 17s; Tooth’s, 33s 10id; Toohey’s, 21s 3d; Bcrlei, 25s 9d ; Dunlop Perdnau, 10s Cd; Australian Glass, 44s 3d; Electrolytic Zinc. 18s; do, pref., 29s 10Jd; Winchcomhc Carson, 245; Goldsbrough, 27s 4|d; North Broken Hill, 74s S)d; Broken Hill Proprietary, 22s 3d. Bonds: 4 per cents., 1938, £lOl 2s Gel; 1941, £lOl 7s Cd; [5)44, £lOl 11s 3d; 1947. £99 17s Od; 1950, £99 17s Cd; 1953. £IOO ss; 1955, £IOO 13s 9d; 1957. £101; 1959, £lOl os; 19C1. £99 12s Cd. MELBOURNE, September 28. Union Bank, £9; Electrolytic Zinc, 13s; Myers, 2Cs 3d; Zinc Corporation, 30s 3d. METAL MARKET, Press Association—By Telegraph—Copyright. LONDON. September 27. The following arc the official quotations : Copper.-—Standard, £3-1 Cs 3J per ton (fall £1 2s .(id) ; forward, £34 8s Ski (fall £1 0s 7id). Electrolytic.—Spot. £3B 10s (fall 10s); forward, £39 (fall 10s). Wire bars, £39 (fall 10s). Load.—Spot, £l2 13s 9d (fall 8s 9d) ; forward, £l2 15s (fall Ss 9d). Spelter.—Spot. £ls Is 3d (fall 10s); forward, £ls Is 3d (fall Ids). Tin.—Spot, £lsl Us 3d (fall £1 13s 9d) ; forward, £152 13s 9d (Fall £2 or). Silver. —Standard, 17 11-lCtl per oz (fall Jd) ; line. 19 1-lCd (fall Jd). CHICAGO WHEAT QUOTATIONS. Press Association—By Telegraph—Copyright NEW YORK, September 28. (Received September 29, at 11 a.m.) Chicago wheat; September, 52) cents per bushel; December, 5-l;[; May, 592; Now York, cash, 03. OTAGO MUTUAL STARR-DOIVIC"TT SOCIETY. A moating of the directors of the Otago Mutual Starr-Bowkctt Society was held yesterday, Mr W. H. Adams presiding. It was resolved to hold a free loan for £I,OOO in the No. 4 group and a premium loan for £SOO in (he No. 3 group next month. The secretary reported that applications were' still being received for shares in the No. 4 group, and a free loan for Cl.ooo would be held next month.

NEW ZEALAND TIMBER TRADE. ROSY PROSPECTS WITH AUSTRALIA. BIG MARKET FOR RLMU. (SPECIAL TO THU ‘ Staii.’] WELLINGTON, September 2S. Due to tho high duty now imposed on Baltic pine in Australia therefore rosy prospects for a revival of New Zealand’s timber trade with the Commonwealth, according to Mr J. O’Brien, M.P. (Westland), who returned today from a visit to Australia. Mr O’Brien's mission was to further the export timber trade. “ There is a wonderful market for rimu there,” said Mr O’Brien, in conversation with yonr representative tonight. “ Australian merchants are now seeking suitable timber to take the place of Baltic pine, and experts consider that rimn is the timber that will take its place. Many of those engaged in the timber importing business arc anxious that a fillip should he given to New Zealand’s exporting trade, and they suggested that a big business .10uhi he' built up if the Government made known the advantages of rinm hv advertising in Australian building trade journals, and by reducing royalties and freights in New Zealand. A delinite, point is that, to regain its place, rimn must he properly seasoned.” The Queensland Government was doing its best to find a substitute for New Zealand white pine for the manufacture of butter boxes, and a timber known as Queensland Hooper pine was being largely used. Experts had discovered, however, that this timber tainted the butter, and largo sums wore being spent on research work to eliminate the taint in the wood. He (fid not think that the experiments would he successful, and there seemed to he no doubt that the only timber suitable for the manufacture of butter boxes was New Zealand white pine.

IMPERIAL CHEMICALS. On behalf o! Imperial Chemical Industries of Australia ami New Zealand Ltd., Sir Lennon Raws has advised that a cablegram has been received from Imperial Chemical Industries Ltd., London, stating that alter reviewing the results ol the company s operations for the six months ended Juno 30 the directors had declared an interim dividend of Lb} per rent, on the ordinal*' l shares, payable on December 1. ' WORLD’S WOOL. MARKETING HOARD’S SURVEY. Nearly one-half of the world’s raw wool, aiid over two-thirds of the wool entering world trade, is produced within the British Empire. These facts arc revealed in ‘ Wool Survey,’ a new report on the production oi and trade in wool recently issued by the Empire Marketing Board. The world’s sheep population is estimated at nearly SOU million head, of which about one-third are in the Empire. They produce between 3,500 and 4,000 million pounds of wool per annum, and ol this amount about 1,500 million pounds, including much of the best wool in the world, comes from the British dominions ol Australia, the Union of South Africa, and New Zealand. Among the other important producing areas, consisting of South America, the United States of America, and Russia, only South America has a surplus for export. The United States of America is largely self-sufficing as regards merino and cross-bred wools, but imports carpet wools; Russia produces almost entirely carpet wools, and imports both the liner wools and wools of the carpet type. Neither of those countries seems likely to assume any importance in the near future as an exporter of raw wool. After reviewing the development of the sheep papulation, the wool production, and the wool trade of each of the principal countries concerned, together with the course of raw wool prices over the past forty years, the survey reaches the following conclusions : There has been no exceptional Increase in the sheep population or the wool production of the world in recent years; indeed, between 1928 anil 1930 there appears to have been a small decrease in wool production, and although tlie year 1031, according to the partial estimates at present available, probably witnessed an increase in production over 1930, it is not anticipated that the record level if 1928 will be appreciably exceeded. British Empire countries have maintained their share ol the world's sheep population at about onethird. and their share of the world's production of raw wool at about one-halt. In the export trade, in which the share of Empire countries is over twothirds of the world total, there has been on the whole little variation since 1926 in the consignment ol raw wool from producing to manufacturing countries, and there would appear to be no abnormally largo aeenmulatinip of stocks of raw wool in the principal exporting countries. At the end or the 1939-31 season, when stocks in certain ol the principal producing areas were higher than usual, they still formed only a very small part of tiie aggregate annual production. No large stocks have been allowed to accumulate through efforts to maintain prices and proposals to restrict Iho sales nr stahilis ■ the prices of va ,v wool have been vigorously opposed.

Buyers. Seller*. £ s. cl. £ s. d. BANKING— Bank of Australasia (cum div.) 9 18 0 10 5 0 Bank of N.S.W. 27 15 0 28 5 0 Bank of New Zealand 2 7 0 2 7 6 Bank of N.Z. (Long. “D”) 1 8 6 — E.S, and A. Bank ... — 4 17 G National Bank of New Zealand — 4 1 6 National Bank of Australasia 11 8 0 — National Bank of Australasia (cont.) 5 10 0 — Union Bank of Australia, Ltd 7 1G 0 — INSURANCE— National Insur. Co. _ 0 15 0 N.Z. Insurance Co. .. — 2 3 0 South British Ins. Co. — 2 18 0 Standard Insur. Co. 2 7 0 — SHIPPING— Huddart, Parker (ord.) 1 8 0 — Huddart, Parker (pref.) 0 18 ' 0 — P. and. 0. Deferred Stock 1 0 G — U.S.S. Co. (prei.) ... 1 0 0

COAIi— Kai tailgate.. Goal 0 1 Od par Westport Coal Co. ... 0 12 3 0 io 0 Wor tpor 1,-Stock ton (o«l-) 0 0 6 — GOAN AND AGENCY Dalgcly . and Co. National Mortgage 8 10 6 8 17 0 (“ B ” issue) 0 18 0 1 z N.Z, Loan and Mer0 0 cantilc (ord.) 44 0 0 50 Wright, Stephenson (ord.) ' 0 11 0 — Wright. Stephenson 13 (pi'i'f.) 0 0 MEAT PRESERVING — Gear Moat Co — 1 15 6 N.Z. Refrigerating (pmti) N.Z. Refrigerating 0 10 6 — 0 (coni.) 0 3 7 3 9 MISCELLANEOUS— British Tobacco 0 (cum cliv.) 1 10 0 1 a Brown, Ewing (prof.) _ 0 19 0 Crystal Icc Co. 1 6 0 — D.i.C. (ord.) — 0 12 0 Dominion Rubber 0 G 0 — Donaghy’s Rope and Twine 1 10 0 Kaiapoi Woollen (ord.) 0 5 3 — Wilburn Lira: and Cement 1 6 0 — Mosgiel Woollen Co. 6 12 0 — N.Z. Drug Co 2 18 0 1 — N.Z. Paper Mills . . I 1 0 1 6 ‘ Otago Daily Times ' Wilson's (N.Z.) Coincn 1 17 0 — 1 13 0 1 13 9 BREWERIESN.Z. Breweries Lid. 1 8 0 1 9 6 N.Z. Brewery Debs. 1 0 0 — Dunedin Brewery 1 0 6 1 0 MINING — 0 0 B — 2 Waihi 0 16 9 0 17 Waihi Grand Junction •0 3 2 0 0 4 Electrolytic Zinc0 1 16 1 8 6 (clef, ord.) Mount Lvoll ... ... 0 1 16 0 2 9 Mahakipawa 0 0 4 0 0 b Kildare 0 1 40 B Okarito 0 8 b 0 Paddv’s Point 0 4 ii 0 b i a 6 King Solomon Golden Point 0 0 1 0 9 5 0 0 i 0 Blackivafer 0 18 0 — Consolidated 0 Coldfield* .. 0 8 — Gillespie’s Beach 0 0 Up — Waitahn 0 0 id OILMoturoa — 11 4 b WAR BONDS. (Bonds quoted are £100 Sends-.) 1038 44 p.c. Bonds ... — 95 5 0 1939 4i p.c. Bonds ... 94 15 0 95 — 0 1933 44- p.c. Inscribed 94 12 6 0 1933 54 p.c. S.S. Bonds 89 5 0 0 1933 5i- p.c. S.S. Ins. — 99 U) 99 0 0 99 — 0 1936 54 p.c. Inscribed — 6 1937 5i p.c. Ins, ... — 97 0 0 1937 54 p-c. Bonds £9 (February) 7 6 __ 1937 o4 p.c. Bonos 99 (September) 1937 5J p.c. Inscribed 7 6 99 (February) 99 2 6 7 0 1937 54 p.c. Inscribed £9 (September) ... ... " 7 6