COMMERCIAL

Evening Star, Issue 21232, 13 October 1932, Page 7

COMMERCIAL

THE SHARE MARKET DUNK DIN STOCK EXCHANGE. A reported sale of National Banks of Now Zealand at £3 13s was the only transaction on the board at the Dunedin Stock Exchange this morning. Bank of Australasias were wanted at £9 18s, with sellers asking £lO 4s for them. The Long “ D ” Bank of New Zealands were firm, with buyers at £1 8s 6d and a seller came on the market at £1 10s. Unions experienced a slight rise, buyers offering £7 17s, without a seller quoting. Standard Insurances were still on the market at £2 10s, and buyers rose to £2 8s 3d. Goldsbrough, Morts cased to £1 4s 3d, and the market was bare of buyers. Ordinary Wright, Stephensons were again wanted at 11s, and the preference issue had inquiry at 13s, without a seller of cither issue. Contributing N.Z. Erefrigeraling shares cased to 3s 6d, and a parcel came on the market at 3s Buyers of Southland Frozen Meats (paid) bid £2, but there was no response from sellers, while South Otago Freezings were firm at £5, the best buyer offering £3 ss. Preference Brown, Ewing shares were obtainable at 19s, -without any inquiry being made for them. There was inquiry for Crystal Ico shares at £1 7s 3d and D.I.C. (pref.) at 19s Bd, but no seller of either quoted. Buyers of Milburu Lime and Cements offered at £1 6s 6d, but the shares wore unobtainable. An odd parcel of N.Z. Drugs was offered at £3 Is, but it was not wanted. Buyers of N.Z. Paper Mills rose to £1 Is 3d.’ but the shares were not for sale. Buyers of ‘ Otago Daily Times ’ shares were firm at £1 17s 3d, but no shares were offered. N.Z. Breweries had an easier market, buyers offering £1 7s 9d, and sellers easing to £1 8s 9d. In the gas section Christchurch was wanted at 2s, with sellers ninepence away. Ordinary Eloctrolytics had a closer market buyers offering 16s, and sellers asking 16s Bd. There was also a closer market for Mount Lyells, buyers improving to £1 Is and sellers easing to £1 Is 3d. Broken Hill Souths came on the market at £2 17s, but they were not wanted. There was good inquiry in the Government Bond section, but no sellers were present.. Sale Reported.—National Bank of N.Z., £3 19s.

dividends due. Amount, Period. Date Alexander Minos . 1* Oct. 17 South Otago Freezing 7s linal Oct. 2* (approx.) Bruce Woollen (pref.) 1/1 4-5 final Oct. 24 N.Z. Guarantee Corp. (ord.),-2d final Oct. N.Z. Guarantee Corp. (paid, ord.B 5d ima) N.Z. Guarantee. Corp. (prof.) 8 2-5 d final Oct. ■(■Electrolytic Zinc (pref.) 9 3-5 d Oct. 27 w.ihi Is interim Nov. 1. tFor the half-year to June 30, 1931. SYDNEY STOCK EXCHANGE. Press Association —By Telegraph Copyright SYDNEY, October 12. The Stock Exchange market was less active, but prices generally wore firm. The following sales wore made Bank of New South Wales, £3l 12s (id: Commercial Bank of Sydney, £w 7s 6d : Colonial Sugar, £54 12s 6d ; Adelaide Steam, 21s 3d; Eairymend Sugar, 26s (id; Millaquin Sugar, 28 s (id; Tooth's, 36s 9d; Toohey’s, 235; Carlton Brewery, 35s 71,d ; British Tobacco, 36s 6d; Goldshrough, 275; Winchcombe, Carson, 21s 10td; Henry Jones, 355; Australian Class, 455; Berlci, 26s 3d; Taranaki Oil, 2s 8d; Broken Hdl Proprietary, 23s 10id; Zinc Corporation, 30s Bonds: 4 per cents—l93B, £lOl 38s 9d; 1941, £lOl 17s 6d; 1944. £lO2 7s Gd ; 1950, £101: 1955. £lOl 17s 6d; 1957, £102; 1959, £lO2 13s 9d.

METAL MARKET. Press Association —By Telegraph—Copyright LONDON, October 11. The following arc the official quotations : Copper; Standard, £3l 15s 71d per ton (rise 11s 3d) ; forward, £3l 18s 9d (no change). Electrolytic: Spot, £36 (no change); forward, £37 (no change). Wire bars, £37 (no change). Lend; Spot, £ll IGs 3d (rise 18s 9d) ; forward, £l2 2s Cd (no change). Spelter: Spot, £l4 12s 6d (rise 2s Gd) ; forward. £ls (rise 3s 9d). Tin: Spot, £149 8s 9d (rise £1 Gs 3d) ; forward, £l5O 12s Cd (rise £1 3s 9d). Silver; Standard, 17 11-16 d per oz (fall l-16d) ; fine, 19 l-16d (fall l-16d). THE LEAD MARKET. Press Association—By Telegraph —Copyright LONDON, October 12. . (Received October 13, at noon.) Lead : Imports, 15,891 tons; Australian 4,110 tons; exports, 549 tons. WHITE OR COLOURED. SOME CHEESE PREFERENCES. Many readers will have been surprised at the difference between the prices realised for white and coloured cheese on the export markets. Actually three should be no difference, for the quality is the same, yet white cheese is bringing from 5s to Os a cwt more than coloured. It is all a question of fancy on the part of consumers, and it is curious to note how this fancy varies in different localities. Thus, in Glasgow before the war, it was not possible to sell white cheese, but during the great world conflict there came a time when only coloured cheese was procurable, it was- assumed that after the war, when normal supplies again became available, the cheese eaters in the Scotch metropolis would be prepared to continue to buy white. This, however, was not the case, for they immediately went back to coloured, and to-day the position is that practically no white cheese can be sold in Glasgow. Avoninonth, on the other band, demands solely white cheese. London takes both, New Zealand exports two-thirds white to one of oured.HAMPERED TRADE. FROZEN CAPITAL PROBLEM. Mr Walter Seavill, presiding at the twenty-fifth annual meeting of the Farmers’ Co-operative Auctioneering Company Ltd., Hamilton, referred to restrictive legislation and its effects on business. “ The working of the Mortgagors’ Relief Act and its amendments,” be said, “ while of some immediate benefit to certain farmers, lias had the inevitable result of making it harder than ever for members of the fanning community as a whole to arrange finance for carrying on, lenders being naturally reluctant to grant further accommodation or to take on new business in face of the Government’s policy of declaring that ‘ What a man owes that also shall he keep.’ “ 1 give you my considered opinion, for what it is worth, that if the activities of the State in all directions where private enterprise could, and would, adequately serve the public need were terminated, and if all restrictive legislation, and regulations which hamper trade, restrain competition, and discourage the employment of private capital were withdrawn, the outlook would be more hopeful. At the present time the dominion’s credit is pledged to support State activities in direct rivalry with the individual efforts of its citizens, and, what is 'more, not on a competitive basis, no rates or taxes having to bo paid. “If what J suggest were given effect to, 1 feel sure that a lot of capital, now, to all intents and purposes, frozen, would be put into circulation to the advantage of the labour market and the increase of income tax receipts. The foregoing is not advanced as a cure-all, but merely as one of the more obvious means of bettering the financial position of this dominion. “ Wo cannot get away from the fact tiiat maximum taxation has coincided with minimum prosperity, and a further understanding of the ills of unemployment and bad trade may lead us to appreciate that the main cause of the majority of our troubles is the modern mania for invoking public action, for taking money which would be productive and useful if left in private hands, and rendering it sterile and useless in the dead hand of the State machine.” DAIRYING OUTPUT. INCREASED PRODUCT lON. In comparison with the corresponding months of the previous season, an increase of 19.8 per cent, in hutter-fat production in the dominion during August and September is shown in the latest figures issued by the Dairy Division of the Department of Agriculture. The manufacture of both butter and cheese has registered substantial increases of 19.44 per cent, and 22.74 per cent, respectively. Salted butter graded for September was 8,791 tons, and nnsalted 158 tons, a total of 8,949 tons. This compares with 7,310 tons of salted and 67 tons of nnsalted, a total of 7,377 tons, graded in September of last year, an increase of 21.31 per cent. For the two months ended September the respective quantities were 12,984 tons and 172 tons, a total of 13,156 tons, compared with 10,933 tons and 81 tons, a total of 11,014 tons, for the corresponding period of the preceding season. an increase of 19.44 per cent. . The cheese graded for September comprised:—White, 2,510 tons; coloured, 1,054 tons; a total of 3,594 tons. This compares with 1,G61 tons white and 1,379 tons coloured, a total of 3,040 tons, graded in September, 19.31, an increase of 18.22 per cent. The quantities for the two months ended September, 1932. were:—White, 2.805 tons; coloured, 1.221 tons; a total of 4,026 tons, compared with 1,790 tons white and 1,190 tons coloured, a total of 3.280 tons, for fbe corresponding period of the preceding season, an increase of 22.74 per cent. Stocks held in the various grading ports at September 30 wereßutter, 5,283 tons; cheese, 2,558 tons, as compared with 3,91!) tons butter and 3.025 tons cheese held on September 30, 1931.

WHEAT PRODUCTION. CANADIAN FARMERS ASK ' FOR BONUS. Press Association—By Telegraph—Copyright WINNIPEG, October 11. In view of the continued low price for wheat, a conference of representatives of the Alberta, Saskatchewan, and Manitoba Governments and officials of the three provincial wheat pools decided to petition the Federal Government for a bonus on wheat production. The advisability of calling a conference of representatives of the Governments and the producers of the chief exporting countries to consider all phases of the wheat problem was also suggested. BUTTER AND CHEESE. Messrs Dalgety and Co. Ltd. have received the following cable from London ;—The butter market is weak. The cheese market is quiet. Danish butter, 116 sto 120 s; New Zealand finest butter 102 sto 112 s; Australian finest unsalted butter, 104 sto 106 s; Australian finest salted butter, 98s to 102 s; Australian, g.a.q., 96s to 975. Australian cheese, white, not quoted; Australian cheese, coloured, not o.uoted ; New Zealand cheese, white, 65s to 665; New Zealand cheese, coloured, 60s to Gls; Canadian cheese, white, C6s to (38s; Canadian cheese, coloured, 66s to CSs; Canadian cheese, c.i.f., not quoted. The New Zealand Loan and Mercantile Agency Company Ltd. have received the following cable from London, dated October 12:—Butter: finest, 110 s; firsts, 102 sto 104 s; market very slow. Cheese: White. 65s to 65s Gd; coloured, 60s to Gls ; market is quiet. MOUNT LYELL SHARES. Press, Vssociation—By Telegraph—Copyright LONDON, October 12. (Received October 13, at 11 a.in.) Mount Lyell, 18s 3d. PRICE OF FINE GOLD. Press Association—By Telegraph—Copyright LONDON, October 12. (Received October 13, at 11 a.m.) The price of lino gold is quoted at £5 19s 9d per ox. MAHAKIPAWA REPORT. [Special to the ' Star.’] CHRISTCHURCH, October 13. The iUahakipawa mine manager reports lor the week ended Uetouer lu. During the week the air compressor was engaged in - providing sutficient auto work tne two pumps, in the north end the water was kept below No. i east crosscut, but the north face itself was not unwatered. Blocking north ot No. 1 east crosscut was carried out in fair grade wash. In the south end blocking south of No. 7 east crosscut, and north and south of No. 7 west crosscut, returned fair grade wash. No development work was undertaken in the south end, as there was insufficient air to operate the jackhammer. The wash-up on October 8 returned 4()oz of alluvial gold. 'flic directors’ report that they havcjust returned from a visit to tho mine and had conferred with the manager on tlie difficulty encountered with water in the north drive. An electric pump of ample capacity has now been ordered to overcome the trouble, and should arrive at tbe mine to-morrow, it will be Installed over the week-end, and work will then be resumed in tho north face. The effect of this pump will be to improve tho output in the north workings, and also to relieve the air compressors, so that the pneumatic tools can again bo operated, thus increasing the output in the whole mine. 'Hie directors considered that the difficulties which the mine manager has hec-n experiencing in the north account for the low return last week. Operations at the mine are progressing satisfactorily, and the directors consider that the general outlook is quite good.

Quotations as under:— Buyers. Sellers. £ s. d. £ s. d. RANKING— Bank of Australasia 9 18 0 10 4 0 Bank of N.S.W. 28 0 0 — Bank of New Zealand — 2 6 3 Bank of N.Z. (Long “ D ”) 1 8 6 1 10 0 Commercial Bank — 0 14 8 K.S. and A. Bank ... — 4 15 0 Union Bank of Australia Ltd 7 17 0 — INSURANCE— National Insur. Co. 0 14 10 N.Z. Insurance Co. — 2 3 0 South British Insurance Co — 2 17 0 Standard Insur. Co. 2 8 3 2 10 0 SHIPPING— P. and O. Deferred Stock 0 19 0 U.S.'S. Co. (pref.) ... 1 0 0 — COAL— Kaitangata Coal 0 1 Od Westport Coal Co. 0 12 4 ROAN AND AGENCY Goldsbrough, Mort ... _ 1 4’ 3 Wright, Stephenson (ord.) 0 11 0 _ Wright, Stephenson (pref.) 0 13 0 - MEAT PRESERVING— Gear Meat Co 1 15 0 N.Z. Refrigerating (cont.) 0 3 0 0 3 6 Southland Frozen Meat (paid) 2 0 0 — South Otago Freezing (cum. div.) ... 3 5 0 5 0 0 MISCELLANEOUS— Brown, Ewing (prof.) 0 19 0 Crystal Ice Co 1 7 3 — D.l.C. (prof.) 0 19 8 — Dominion Rubber .... 0 6 0 — Douaghy’s Rope and Twine 1 10 0 — Milburn Lime and Cement 1 6 6 — Mosgiel Woollen, Co. 6 15 0 — N.Z. Drug Co. (odd parcel) _ 3 10 N.Z. Paper Mills 1 1 3 ‘ Otago Daily Time? ’ 1 17 3 — Resent, Theatre 0 10 6 1 13 0 Wilson's (N.Z.) Cement — BREWERIES— N.Z. Breweries Ltd. 1 7 9 1 8 9 N.Z. Breweries Deb, 1 0 0 — Dunedin Brewery 1 1 3 13 6 GAS— Christchurch ... 0 2 0 0 2 9 MINING— Kawarau 0 0 6 _ Electrolytic Zinc (dcf. ord.) 0 16 0 0 16 8 Mount Lyell 1 1 0 113 Broken Hill South ... — 2 17 0 Mahakipawa 0 0 4 0 0 5 0 1 7 Okarito 0 8 5 0 8 7 Paddy’s Point 0 1 U 5 1 Golden Progress 3 0 19 King Solomon 0 1 9 0 1114 Gillespie’s Beach 0 0 2p 0 0 3p Waitahu 0 0 2d — Golden Sands 0 1 6 *— Big River 0 1 2 0 16 Mount David 0 5 3 WAR BONDS. (Bunds quoted are £100 Bonds.) 1938 4.',- p.e. Bonds ... 95 2 6 — 1939 U p.c. Bonds ... 95 2 6 — 1938 44 p.c. Inscr. ... 95 2 6 — 1939 44 p.c. Inscr. ... 95 2 6 — 1936 5i p.c. Bonds ... 99 0 0 — 1936 54 p.c. Inscr. ... 99 5 0 — 1937 54 p.c. Bonds ... 96 0 0 — 1937 p.c. Inscr. ... 96 0 0 — 1937 54 p.c. Bonds (February) 99 10 0 — 1937 p.c. Bonds (September) 1937 54 p.c. Inscribed (February) 1937 54 p.c. Inscribed (September) 99 10 0 — 99 5 0 — 99 5 0 -