COMMERCIAL

Evening Star, Issue 21231, 12 October 1932, Page 5

COMMERCIAL

THE SHARE MARKET DUNEDIN STOCK EXCHANGE. There were no sales effected on ’Change tliis morning, but there were reported transactions in Bank of New Zealands at £2 6s and 1938 4£ per cent. Bonds at £95 ss. Sellers of Bank of New Zealand shares eased to £2 6s 3d, but there was no inquiry for them. Commercial were on the market - at 14s 7d, also without inquiry being made. No buyer responded to a quotation of £4 for Nationals of New Zealand, and buyers of Unions cased to £7 16s 6d, without a seller quoting. Ordinary Huddart, Parker shares eased to £1 9s 6d. but these shares were not inquired for. Ooidsbrongb. Morts improved slightly to buyers at £1 3s 9d and a seller came on tho market at £1 4s 6d.

Paid up Southland Frozen Meat shares had inquiry at £1 19s 3d, but none were available, while South Otago Freezing Company’s shares were still on the market at £5, cum dividend, without a buyer offering. Australian Glass shares were inquired for at £1 18s, but there was no response. A buyer of Dominion Rubbers at 6s was unsupported by sellers, and Dunlop Rubbers were on the market at 15s, without any buyer bidding for them. New Zealand Drugs were in demand at £2 18s 6d, but the shares were not obtainable. Sellers of New Zealand Breweries cased to £1 9s 3d, but buyers were not quoting for them, and there was an offer of £1 for debentures, a seller coming on tho market at £1 Is. There has been a consistent buyer of Kawaraus at 6d for some time, and this morning a seller came on the market at 9d. Buyers of Waihis offered 17s, a slight rise on yesterday’s bid. Preference Electrolytic Zinc shares were obtainable at £1 7s, with buyers offering £1 5s 9d. Mount Lyells were sought for at £1 Os 6d, with a seller quoting £1 Is 6d. Buyers of Okaritos were firm at 8s Id, and sellers were only one penny away.. There was fair inquiry for Government 4i per cent, and 5j- per cent. Bonds and Stocks, but only one seller quoted. Sales Reported.—Bank of N.Z., £2 6s; 1938 41 per cent. Bonds, £95 ss. Quotations as under:—

DIVIDENDS DUE. Slock. Amount. Period. Data Alexander Mines ,Is fourth Oct. 17 South Otago Freezing Is final Oct. 24 (approx.) Bruce Woollen (pref.) 1/4 4-5 final Oct. 24 N.Z. Guarantee Corp. (ord.), 2d final Oct. N.Z. Guarantee Corp, (paid, ord.), 5d final Oct. N.Z. Guarantee Corp. (pref.) 8 2-5 d final Oct. tElcctrolytic Zinc (pref.) 9 3-Sd Oct. 27 Waihi Is interim Nov. 1. tFor the half-year to June 30, 1931. LONDON STOCK EXCHANGE, Press Association—By Telegraph—Copyright LONDON, October 11. (Received October 12, at 11 a.m.) Banks—Australasia, £9 Os 3d; New South Wales, £2G 15s; Union of Australia, £7.2s (3d; National of New Zealand, 82s; Bank of Now Zealand, 4 per cent.. £100; shares, 53s 9d; Loan and Mercantile 4 per cent, debentures, £72; ordinary stock, £47 15s. PRICE OF FINE GOLD. Press Association—By Telegraph—Copyright LONDON, October 11. (Received October 12, at 11 a.m.) The price of fine gold is quoted at £5 19s 6d per oz.

AUSTRALIAN STOCK EXCHANGES. Press Association —By Telegraph—Copyright SYDNEY, October 11. There was brisk trading on tho Stock Exchange to-day. The firm tone of recent weeks was maintained, but there was a slight weakness in Goldsbroughs. The following sales were made: — Bank of New South Wales, £3l 7s 6d: Commercial Bank of Sydney, £l7 7s Od; Bank of Australasia, £ll 10s; National Bank (£5 paid), £6 12s; Burns, Philp, 49s 6d; Adelaide Steam, 21s lid; Fairymead Sugar, 26s Gd; Millaquin Sugar, 28s Gd; Australian Gas A, £6 IGs Gd; British Tobacco, 36s 9d; Tooth’s, 37s 3d; Toohey’s, 23s 3d; Dunlop Pcrdriau, 16s 10id; Goldsbrqugh, 26s 9d; Wilcox, Mofflin, 7s 2d; Winchcombe, Carson, 24s 10Jd; Electrolytic Zinc, 18s 6d; Taranaki Oil, 2s 8d; Carlton Brewery, 35s 6d; Broken Hill Proprietary, 23s 6d; Nortli Broken Hill, 7s sd; Souths, 51s. Commonwealth Bonds —Four per cent., 1938, £lOl 15s; 1941, £lOl 17s 6d; 1944, £lO2 ss; 1947, £101; 1950, £IOO 18s 9d; 1955, £lOl 15s; 1959, £lO2 10s. MELBOURNE, October 11. Bank of Australasia, £ll 12s • Goldsbrough, 275; Tooths, 38s; Dunlop Perdriau, 16s 9d; ditto (pref.), 32s 9d; ‘Herald-Times,’ 57s 3d; Myers, 295; South Broken Hill. 50s 3d; Norths, 75s Gd: Mount Lyell, 23s 9d; Zinc Corporation, 30s Cd. FOREIGN EXCHANGES. (British Official Wireless.) Press Association—By Telegraph—Copyright RUGBY, October 10. Paris, franc to £1 87 15-16 Brussels, belgas to £1 ... ... 24.85 Oslo, kroner to £1 19.85 Stockholm, kroner to £1 19.47 s Copenhagen, kroner to £1 19.27£ Geneva, franc to £1 17.86 Berlin, reichmarken to £1 ■ ... 14 17-32 Montreal, dollar to £1 ... ... 3.79 J New York, dollar to £1 3.45 J Amsterdam, florin to £1 8.58 Milan, lire to £1 67 7-16 Prague, kroner to £1 116 J •Vienna, schilling to £1 29i Helsingfors, marks to £1 ... 232 J Belgrade, dinars to £1 237^ Warsaw, zlotys to £1 Madrid, peseta to £1 42i Athens, drachmae to £1 580 Lisbon, escudo to £1 • HO Bucharest, lei to £1 ... 580 •Rio do Janeiro, pence to milreis 5 7-32 •Buenos Aires, pence to dollar •Montevideo, pence to dollar ... 30 Shanghai, pence to tacl Yokohama, pence to yen 16 7-1 G Hongkong, pence to dollar ... Bombay, pence to rupee 18 5-32 Batavia, florin to £1 8.62 •Nominal.

WHEAT ESTIMATES. Press Association—By Telegraph—Copyright WASHINGTON, October 10. The crop report of the Department of Commerce, which was issued on October 1, indicated that the production of the majority of crops was slightly above the September estimates, while spring wheat would be 1 per cent. less. The total wheat anticipated was 711,707,000 bushels, compared with 894,000,000 harvested in 1931. The estimated wheat production in 35 northern hemisphere countries, excluding Russia and China, is 3,145,555,000 bushels, compared with 3,103,809,000 in 1931. • NEW ZEALAND GUARANTEE CORPORATION. PROFIT OF £4(491. Net profit of £4,490 19s 9d is shown in the balance-sheet of the New Zealand Guarantee Corporation for the year ended August 31. Last year the net profit was £1,160 _6s Bd. The directors, in their report, state that, owing to existing conditions, business has been very difficult and the board continued its policy of making adequate provision for all likely contingencies. The net profit for the year, after making provision for income tax, was £4,490 19s 9d, compared with £1,160 6s 8d last year. The volume of motor and other forms of chattel security had fallen very considerably, but otheravenues of business had been found which have already proved profitable, and which the hoard feels sure will show still further improvement in the future.

The called-up capital of the corporation remains at £214,390, and the uncalled capital is £285,685. The bank overdraft has been extinguished and there is a credit balance at the bank of £8,278. The possibility of the caling up of further capital is even more remote than ever. Interim dividends at the rate of 7 per cent, per annum on preference shares, 5d per share on fullypaid ordinary shares, and 2d per share on the remainder, amounting to £4,749 15s lOd for the six months ended February 29, were declared and paid. The balance of profits carried forward from last year amounted to £1,488 10s 9d, and, in view of the provisions and special investments made, plus the fact that liquid cash available is in excess of present requirements, the board recommends the transfer of £5,000 from reserves and the payment of the following dividends:—At the rate of 7 per centum per annum on preference shares, a further dividend of 5d per share on fully-paid ordinary shares (making a total of lOd for the year), and 2d per share on the balance of ordinary shares allotted (making a total of 4cl per share for the year). These dividends will absorb £1,749 los lOd, leaving a balance to be carried forward to next year of £1.749 18s lOd.

’..AIRY PRODUCE. Messrs H. L. Tapley and Co. Ltd., South Island agents for the Anglo-Con-tinental Produce Co.,'London, have received the following cabled market report :—Butter: First grade, 104 s per cwt Cheese: White, 65s to 66s per cwt; coloured, 60s per cwt. The South Island Dairy Association reports the receipt of the following market report from London: —Butter, quiet; finest, 112 s; first, 105 s; Danish, 118 s. Cheese: Quiet; white, 65s to 665; coloured, 59s to 60s. METAL MARKET. Press Association—By Telegraph—Copyright LONDON, October 10. The following are the official quotations : Copper.—Standard, £3l 4s 4Jd per ton (tall £1 10s); forward, £3l 18s 9d (fall 18s lid). ‘ ' Electrolytic.—Spot, £36 (fall £1); forward, £37 (fall 15s). Wire bars, £37 (fall 10s). Lead.—Spot, £lO 17s 6d (fall 11s 3d); forward, £l2'2s 6d (fall 11s 3d). Spelter.—Spot, £l4 10s (fall 7s 6d) ; forward, £l4 16s 3d (fall 6s 3d). Tin.—Spot, £l4B 2s 6d (fall £l ls 3d); forward, £149 8s 9d (fall £1 3s 9d). Silver.—Standard, 17|d per oz (rise l-16d); fine, 19jd (rise l r l6d). ENGLISH INCOME TAX. POSITION OF CONVERSION LOAN

Regarding income tax on the British loan that was recently converted, Mr W. R. Fairbrother, Income Tax consultant, London, writes as follows, under date August 4:—

“. Possibly a large number of ■ your readers will be experiencing some doubt as’to the income tax position with regard to the. interest on the present 5 per cent, war loan which is being converted into a 3i per cent, investment. On the normal basis of assessment on the preceding year’s results, the assessment for 1933-34 would obviously be greater than the actual income arising from the security _ in that year. Questions and answers in the House of Commons make it clear that it is proposed to treat the 3J per cent. loan as for 1633-34 the assessment should be a new investment, which will mean that based upon the actual interest of that year. In the case of residents out of the United Kingdom who are entitled to exemption from income tax in respect of this loan, the point to notice is that when the _ assessment is properly adjusted their total income will be less than would be. the case if the_ normal assessments were to be operative, and thus tend to increase the repayment obtainable from other Brtish securities.” CONVERSION OF BONDS. COMMENT BY PRIME MINISTER. “ " • [From Our Parliamentary Reporter.]

WELLINGTON, October 11. The statement of the ‘ Financial Times,’ contained in a cable message from London yesterday that New Zealand would shortly take the opportunity of converting the bonds issued in 1931, and costing over 6 per cent., was brought before the notice of the Acting Minister of Finance (the_ Rt. Hon. G. W. Forbes) during an interview this evening. “ That is the only loan we can deal with,” said Mr_ Forbes, “ and I take it that Mr Downie Stewart will have been discussing the matter. At the moment, however, we have no definite information.” P. AND 0. SHARES. Press Association —By Telegraph—Copyright. LONDON, October 11. (Received October 12, at 11 a.m.) P. and O. shares, 19s 2Jd.

Bu yors. S( Jllci rs. £ s. d. £ s. d. BANKING— Bank of N.S.VV. ... 28 0 0 — Bank of New Zealand — 2 6 3 Bank of N.Z. (Long “D”) 1 8 6 — Commercial Bank ... — 0 14 7 E.S. and A. Bank ... —- 4 15 0 National Bank of New Zealand — 4 0 0 Union Bank of Australia Ltd 7 16 6 — insuranceNational Insur. Co. — 0 14 10 N.Z. Insurance Co. — 2 3 0 South British Insurance Co. ... ... — 2 17 3 Standard Insur. Co. 2 7 0 2 10 0 SHIPPING— Huddart, Parker (ord.) — 1 9 6 U.S.S. Co. (pref.) ... 1 0 0 — COAL— Westport Coal Co. 0 12 3 0 12 9 LOAN AND AGENCY Goldsbrough, Mort ... 1 3 9 1 4 6 National Mortgage ... — 2 0 0 Wright, Stephenson (ord.) ... 0 11 0 — MEAT PRESERVING— Gear Meat Co. ... ... — 1 15 0 N.Z. Refrigerating 0 (cont.) — 3 9 Southland frozen Meat (paid) 1 19 3 — South Otago Freez0 0 ing (cum. div.), ... 5 MISCELLANEOUS— Australian Glass 1 18 0 — D.I.C. (ord.) — 0 0 11 6 Dominion Rubber ... 0 6 — Donaghy’s Rope and 10 Twine 1 3 — Dunlop Perdriau Rub0 ber — 0 15 Kaiapoi Woollen 0 (pref.) 5 6 — Milburn Lime and Cement . 1 6 3 — Mosgiel Woollen Co. 6 15 0 — N.Z. Drug Co 2 18 6 — N.Z. Pancr Mills ... 1 1 0 — ' Otago Daily Times ’ 2 17 3 — Regent Theatre 0 10 0 — 0 Wilson’s (N.Z.) Cement — 0 1 13 Woolworths’ ,(prcf.) 1 6 — BREWERIES— N.Z. Breweries Ltd. — 1 9 3 N.Z. Breweries Del). 1 0 0 1 1 0 Dunedin Brewery 1 1 3 1 3 6 MINING— Kawarau 0 0 6 0 0 9 Waihi (cum. div.) ... 0 17 0 Electrolytic Zinc 0 (pref., cum. div.) ... 1 5 9 1 7 Electrolytic Zinc (dof. ord.) 0 16 0 0 17 0 Mount Lyell 1 0 6 1 1 6 Mahakipawa 0 0 4 0 0 5 Kildare ... ... ... C 1 7 0 1 8i Okarito 0 8 6 0 8 7 Paddy’s Point — 0 5 1 King Solomon 0 1 10 0 2 0 Gillespie’s Beach ... 0 0 2p 0 0 3p Alexander Mines (cont.) 0 16 9 0 17 9 Waitahu 0 0 3d — Big River par 0 — Mount David — s 5 3 WAR BONDS. (Bonds quoted are £100 Bonds.) 1938 4J p.c. Bonds ... 95 0 0 — 1939 4£ p.c. Bonds ... 95 2 6 — 1938 4£ p.c. Insc. 95 0 0 — 1939 4j p.c. Inscribed 95 0 0 —- 1956 p.c. Bonds ... 99 5 0 — 1936 S-j p.c. Insc. ... 99 0 0 ■— 1937 5J p.c. Bonds (February) 99 10 0 — 1937 5J p.c. Bonds (September) 99 10 0 — 1937 5$ p.c. Inscribed 0 (February) 99 5 — 1937 p.c. Inscribed 0 (September) 99 5 0 99 10