COMMERCIAL

Evening Star, Issue 21254, 8 November 1932, Page 5

COMMERCIAL

THE SHARE MARKET

DUNEDIN STOCK. EXCHANGE

Sales wore reported at the morning call over of l.lie Dunedin Stock Exchange in Wilson’s Cements at £1 12s 6d (cum dividend), and Golden Points at 4.]d, while, a sale of Okaritos at 7s 9d was reported after the call. Bank of Australasias were wanted at £9 15s without a seller quoting. Bank of New Zealands were on the market at £2 7s, but they were not inquired for, while a buyer of the Long “ D ” issue came on the market at £1 8s 6d. Both these were cum dividend. South British Insurances were on the market at £2 18s, hut no buyer quoted. Buyers of Standards dropped to £2 Bs, and sellers were two shillings away. Goldsbrough, Morts. were wanted at £1 3s, but no seller would take less than £1 3s 7d. National Mortgages were for sale at, £2 without any response from buyers. ■Ordinary New Zealand Loan and Mercantiles were offered at £55, but there was no market for them.

Buyers again offered £1 10s for British Tobaccos, but sellers were 9d away. There was inquiry for Kauri Timbers, after a period of inactivity, buyers offering 12s without a seller quoting. Milburn Lime and Cements were for sale at £1 7s 3d, but they were not wanted. Buyers of N.Z. Drugs dropped to £2 19s, with sellers asking £3 Os 6d. There were still buyers of N.Z. Paper Mills at £1 Is, with sellers offering the shares at £1 2s 6d. N.Z. Breweries eased to £1 7s 6d, but the best buyers offered only £1 6s 6d for them.

No buyer offered more than 17s for Waihis. but the shares were not obtainable. A parcel of preference Electrolytic Zincs was offered at £1 6s, but the best buyer offered £1 4s 9d. North Broken Hills were quoted cum dividend, and a buyer appeared at £3 ss, but no seller quoted. Okaritos were lower, 8s being asked, with no buyer above 7s 9d. Blackwators were on the market at 19s 6d, but they were not wanted. Sales reported:—Wilson’s Cement, £1 12s 6d (cum div.) ; Okarito (after the call), 7s 9d; Golden Point, 4]d. Quotations as under: —

DIVIDENDS DUE. Slock. Amount. Period. Date. Waibi Is interim Nov. 1 D.I.C. tpref.t 7 l-5d final Nov. 1 Mosgiel Woollen 4s 9 3-5 d final Nov. 9 Bank of Adelaide 2s interim Nov. 9 M’Leod Bros. 17sf final Nov. 9 N.Z. Paper Mills 7 l-5d interim Nov. 10 Burns, Pbilp Is interim Nov. 15 Broken Hill Prop._ *ls interim Nov. 16 National Insurance 5d final Nov. 19 Nat. Bank Aust, 5s interim Nov. 30 Nat. flank Aust (cont.) 2s 6d interim, Nov. 30 Bank of N.Z. Is 3d interim Dec. 10 Bank of N.Z. (Long " D ") 9d interim Dec. 10 North Broken Hill Is —. Dec. 14 “Australian currency, t Includes bonus of 9s per share. LONDON STOCK EXCHANGE, Press Association —By Telegraph—Copyright LONDON, November 7. (Received November 8, at II a.m.) North Broken Hill. 60s; P. and 0,, 19s Cd ; New Guinea Gold, 4s 10]d. PRICE OF GOLD. Press Association —By Telegraph—Copvright LONDON, November 7. (Received November 8, at 11 a.m.) Fine gold is quoted at £9 4s 9]d per

AUSTRALIAN STOCK EXCHANGES. Press Association—By Telegraph—Copyright SYDNEY. November 7. On the Stock Exchange the turnover was below normal, as is customary when a new loan is on tbc market. Bank script was fairly well supported, while loading industrials held their ground well. The following sales were made:— Commercial Bank of Australia (New Zealand delivery), 16s 4]d; Bank of Now South Wales, £3l ss; Bank of Adelaide, £6 us; Colonial Sugar, £56; Howard Smith, IDs 9d; Burns, Pbilp, 49s 9d ; Burns, Pbilp South Sea, 30s; Australian Gas A, £6 18s 6d; Tooth’s, 36s l]d; Dunlop Pcrdriau, 17s 10Jd; Australian Glass, 46s 6d; British Tobacco (New Zealand delivery), 34s 9(1; Electrolytic Zinc (pref.), 28s (3d; Morris, Hcdstrom, 19s; Winchcombe, Carson, 23s 9d; 'Sulphide Corporation, 9s sd; Zinc Corporation. 29s Cd; Broken Hill Proprietary, 27s 9d; North Broken Hill, 75s 3d; South Broken Hill, 48s 9d; Commonwealth Bonds (4 per cent.) —1938. £lO2 ss; 1941, £lO2 10s; 1944, £lOl 12s 6d; 1947, £lOl 15s; 1950, £lOl Ks 9d; 1953, £lO2 ss; 1955, £lO2 15s; 1957, £103; 1959, £lOl 16s 3d; 1961, £lO2 2s Gd. MELBOURNE, November 7. Dunlop Perdriau, 17s lOd; ‘HeraldTimes,’ 58s; Myers, 27s 7id. WOOL DETERIORATION COMPLAINT, NO BEARING ON SOUTH ISLAND CLIPS. PROBABLE REFERENCE TO FAT LAMB RAISERS. [Special to the • Star.’] CHRISTCHURCH, November 7. “ So far as Canterbury wool is concerned there has been no material deterioration,” remarked a Christchurch woolbrokor to-day, when commenting on a cabled message published on Saturday stating that in spite of years of hard propaganda work Bradford importers were finding that the wool now being received was deteriorating tremendously. “ It is difficult to see just what they are getting at—whether it is the preparation of the clip or the class of wool,” said the broker. “ There has been little (inference in the preparation of the clip in Canterbury for years. A great number of the small growers who do not clip sufficient wool to make a line have bad their clips reclassed in the wool stores, and that is undoubtedly the wisest thing they can dp. Of course, we do get occasionally clips that are classed indifferently. You can’t expect every grower to take proper care.” He added that the complaint might refer to the flocks themselves. Breeders these days did not have much spare cash to invest in high-class stock, and the grading of their flocks might have suffered, but it was not particularly noticeable in Canterbury so far. He thought possibly that the complaint might refer more to North Island wool, as Bradford was a big user of the coarser types of wool. “It pays every grower to have his wool properly and evenly classified. This is a point brokers have been impressing on them for years.” Another broker said this complaint need not be taken seriously. It had no hearing on Canterbury or any of the South Island wools. He thought what was probably meant was deterioration in the preparation of the wool, which was noticeable among cross-bred flocks grown by men who concentrated on fat lamb raising. “ They bulk their wool together rather than spend a little extra on having it classed properly,’’ he said. “It is hard to convince them that it is the best policy in the long run. Moreover, in an effort to get as many fat lambs as possible, there is little doubt that some of the smaller flocks have gone back in wool a little.” [The cablegram referred to read: Leading Bradford importers say that a year’s hard propaganda work to persuade dominion wool growers to market their raw material in good condition is being undermined by the low prices prevailing. The wool now being received is deteriorating tremendously, and the present low prices offer no encouragement to the grower to exercise additional care.] NEW ZEALAND AND AUSTRALIAN LAND COMPANY. Press Association—By Telegraph—Copyright LONDON, November 7. (Received November 8, at 9.35 a.m.) The New Zealand and Australian Land Company’s loss for the year was £10,356. The amount brought forward was £2,089, making a debit balance of £8,274. Transferred from the contingency fund, £46,000. The preference dividend absorbs £30,000. Brought forward, £7,725. THE SEARCH FOR OIL. MOTUROA WELLS. The Moturoa Oil Boring Company reports that the production from No. 2 well for two days was forty-three barrels (1,505 Imperial gallons). A new boiler lias been installed at this well. No. 3 well is ready to commence drilling operations on November 8. DAIRY INDUSTRY. BUTTER AND CHEESE SHOW INCREASE. [Peu United Press Association.] WELLINGTON, November 8. file grading figures of the Dairy' Division, Department of Agriculture, for the three months ended October 31 show an increase lor butter of 19.76 per cent, at 23.170 tons (23,521), and for cheese an increase of 13.51 per cent., at 14,287 tons (12,537), compared with the figures in parentheses for the corresponding period of last year. Reduced to terms of butter-fat equivalent there is to date an increase of 18.524 per cent, over last year. ALEXANDER MINES LTD. A dividend (No. 5) of Is per share, payable on all shares in the Alexander Mines Company, was declared on October 3, and is parable on November 17, 1932. This represents a distribution of £3,750 free of income tax. The first dividend was paid in January last. The capital of the company comprises 29,000 fully paid-up shares of £1 each and 46,000 paid to 13s 6d each. INSULATOR WORKS. REDUCTION OF STAFF. It has been decided to reduce the staff at the New Zealand Insulator Works. Tcinuka. according to a statement made bv the .secretary, Mr J. G. Ritchie, but it has not been decided definitely to close the works. Stocks are sufficient to meet the orders on hand, and the works will operate as formerly, but with a skeleton staff.-

NORTH BROKEN HILL. [Per United Press Association.] WELLINGTON, November 7. A cablegram received by the Stock Exchange Association states that North Broken Hill has declared a dividend of Is per share, payable at Melbourne on December 14. FALL IN STERLING. FACTORS JN THE MOVEMENT. That the fall in sterling, which is now below 3.30d01, is not causing concern in financial circles in London may be taken as an indication that the movement has been foreseen. Three main factors account for the fall, notes a Sydney authority. The first is that, with virtually small business doing in forward exchange of recent months, the demand for dollars to pay for the wheat and the cotton which arc now being shipped has been concentrated into the latter part of October and throughout November. Next is the market taking cognisance of the fact that repayment of the foreign nonassented portion of the converted 5 per cent, war loan, estimated at £30,000,000. must bo made on December 1, Dollars, francs, and other currencies will have to be accumulated by the Treasury for that purpose. Then there is the element of speculation, not alto-/ gether speculation in exchange, but speculation in securities. In the belief that prices of securities, especially in the United States, have reached the lowest point, and that the present is a suitable time to purchase, relatively largo sums have been despatched recently from Australia for the purpose of acquiring dollar securities. Australia’s export of capital of itself would have little influence on exchange, but if word has come to Australia as to United States securities there is little doubt that it is being acted on in whatever part of the world there is fluid money. Floating capital is turning New Yorkwards to purchase the good things which are believed to be offering. Dollars therefore would appreciate, and the currencies used to purchase dollars would be depressed. The movement is an instance of how the immense reservoir of fluid money, largely brought into being by reparation and war loan payments, constitutes a menace to the financial stability of tho world. TENDENCY OF MODERN BUSINESS. BUYING WELL-KNOWN LINES. IMPORTANCE OF ADVERTISING. Mr Ivor Cooper, managing director of Lintas Ltd., in an address at a gathering of business men in London recently, said:—

“ The whole tendency of modern business is to buy well-known nationally advertised lines. The proof of that you will lind in your own homes; nine out of ten of tho articles your wife is buying and using are those whose names are being blazoned in tho newspapers and elsewhere. The habit of buying these Hues is definitely formed; the tide of business is flowing in that direction. Why try to fight against it? Why not go with it? “ The history of the last thirty years proves over and over again that national advertising for special brands has increased the sales not only of these brands, but of tho whole range of similar commodities. The linn with which 1 am connected is, as you know, a case in point. “ There is not one of our major products of which it cannot be said that its advertising and increased sales have not increased the sales of similar lines as well.”-

Buyers. Sobers. £ 8. d. £ s. a. BANKING— Bank of Australasia 9 15 0 — Bank of N.S.W. ... 28 5 0 — Bank of N.Z. (cum 0 (div.) — 2 7 Bank ol‘ New Zealand, Bong “D ” (cum div.) 1 8 6 — Commercial Bank ... — 0 14 6 National Bank of New Zealand — 4 0 0 Na tional Bank of A ustralasia (emit.) ... — 5 12 6. INSURANCE— National Insurance Co 0 14 7 — N.Z. Insurance Co. 2 3 6 — South British Insur. anco Co — 2 18 0 Standard Insur. Co. 2 8 0 2 10 0 SHIPPINGHuddart. Parker (prsf.) 0 18 0 — P. and 0. Def. Stock 1 0 0 — U.S.S. Co. (prof.) ... 1 0 3 1— COAL— Kaitangata Coal .. par par Westport Coal Co. ... 0 12 9 0 13 6 Westport-Stock ton 0 (pref.) 0 1 ** LOAN AND AGENCY— Goldsbrougli, Mort. ... 1 3 0 1 3 7 National Mortgage ... — 2 0 0 N.Z. Loan and Mercantile (ord.) — 55 0 0 Wright, Stephenson 11 (ord) 0 0 — MEAT PRESERVING— Gear Meat Co. — 1 13 0 MISCELLANEOUS— Australian Glass 2 0 0 British Tobacco 1 10 0 1 10 9 D.I.C. (pref.) — 0 19 6 Dominion Rubber 0 7 0 0 12 6 Donaghy’s Rope and 1 10 Twine 0 — Kaiapoi Woollen 0 5 0 (ord.) — Kauri Timber 0 12 0 — Milburu Lime and Cement ... — 1 7 3 Mosgiel Woollen Co. (cum div.) 6 16 0 — M'Leod Bros, (cum div.) 22 10 0 — N.Z. Drug Co 2 19 0 3 0 6 N.Z. Paper Mills 1 1 0 1 2 6 ‘ Otago Daily Times ’ 1 18 0 — Regeut Theatre Wilson’s (N.Z.> 0 12 6 — Cement (cum div.) 1 11 9 1 13 0 BREWERIES— N.Z. Breweries Ltd. 1 6 6 1 7 6 Dunedin Brewery ... 1 1 3 MINING— Kawarau , ... 0 0 6 — Wailii 0 17 0 — Waihi Grand Junct. — 0 3 6 Electrolytic Zinc 0 (pref.) 1 4 9 1 6 Mount Lvcll 1 0 1 1 6 0 North Broken Hill (cum div.) 3 5 0 — Molvneux Electric ... 0 2 0 — Mahakipawa 0 0 3i 0 0 5 Kildare 0 1 8 0 1 10 Okarito 0 7 9 0 8 0 Paddv's Point 0 5 0 0 5 6 Golden Progress 0 1 4 0 1 9 King Solomon 0 1 11 0 2 0 Golden Dawn 0 5 2 — Blackwatcr — 0 19 6 Consolidated Goldfields 0 8 6 0 11 0 Gillespie’s Beach 0 0 2p 0 0 3p Waitahu 0 0 Id 0 0 Ip Golden Sands — 0 1 10 Dig River 0 1 2 0 1 c Mount David — 0 4 6 Nokomai 0 5 6 0 b 8 WAR BONDS. (Bonds quoted are £100 Bonds.) 1938 p.c. Bonds ... 97 10 0 — 1939 ii p.e. Bonds ... 95 10 0 — 1911 4.) p.c. Bonds ... 95 0 0 — 1933 p.c. Inscribed 97 10 0 — 1939 4( p.c. Inscribed 95 10 0 — 1937 p.c. Bonds (February) 100 0 0 — 1937 p.c. Bonds (Seotembcr) 100 0 0 — 1937 p.c. Inscribed (February) 100 0 0 — 1937 51 p.e. Inscribed (September) 100 0 0