Commerce, Mining, & Finance

Evening Star, Issue 21317, 23 January 1933, Page 7

Commerce, Mining, & Finance

THE SHARE MARKET ' .UfiNEDIN STOCK EXCHANGE A/parcel of Bank of New Soutli Wales Stock came -on the market at £3l at this morning’s call'over of the Dunedin Stock Exchange; .but, the best buyer offered only £29. ' , Commercials cased to 15s 9d, and there were still no buyers. £3' ss' was top bid tor Nationals of New Zealand; but the shares were not for sale. Utiions bad - a reported sale at £8 cum dividend, and ‘ the filial quotes were from a buyer-at £7 10s and a seller at£B 2s 6d. Standard. Insurances rose slightly, buyers offeting '£2 4s, and sellers asking £2 ,10s. South British shares were wanted at £2 14s. and' Nationals at 145,. but there were no selLers.'pf' either. , , Perpetual. Trustees were on the market at £2';-14s -6d, -but - they were not wanted, while-Wright, Stephensons (ord.) were infor, at’ 11s without any shares being offered. 1 . , The inqiiiry for paid-up New Zealand Bcfrigeratitig shares improved to 11s, but none tyere offered. Tho contributing issue was firm' at 4s 3d, but the best buyer offered 3d ;less.. ..British Tobaccos were also firm, sellers > again asking £l 12s 6d, with buyers offering £1 12s for them. Bruce Woollens (oM;‘i were for sale at 10s without any inquiry. being made. The inquiry for New Zealand Drugs improved to £2 13s 6d, with no ’seller under £2 17s 6d. New Zealand Paper Mills eased to £1 Is 6d, with buyers still "offering £1 Is. Blackwaters -were for sale at £1 3s 6d. while Alexander Mines eased to 17s without, any -buyers. Sales : reported Union Bank, £8 (cum div.) v ; Kawarau, 6d; Nokoraai, 5s lid. Quotations as under;— Vi. ...amb d «11 a n

, . , ’ DIVIDENDS due. Siotif Anint. Period. Dale. Union' ‘Bank : 2s interim Jan. 28 , ■ . (Approx, i Cbinmercial Bank ...... 3d interjm Feb. 3 Com'. Bank (pref.) ...... 4s interim Feb. o NiZ. Insurance ■ls interim Feb. 10 , ... , (Approx. l Broken-BillSouth ...... Is Feb. 10 austmuah stock exchanges Press Association—By Telegraph—Copyright. ! ■■ ■ SYDNEY, January 20. Morning sales: Commonwealth Bonds (4-per 1 cents.,) 1 —1944,' £lO2 15s; 194' . £lO2 15s;, 1953, £lOl 17s 6d; 1961, £lO2 Ids'; 'Colonial Sugar, £54 ss; Australian Gas A, £7 2s; Toohey’s, 20s 9d; Tooth’s, 35s 4Jd. BRITISH WAR LOAN .'(British Official Wireless.) Press'Association—By Telegraph- -Copyright . ' RUGBY, January 20. War loan, 3i per cent., £9B 7s 6d. SOUTH AFRICAN CURRENCY \ '' '.(British Official Wireless.) Preis. Association— By Telegraph—Copyrigh t .RUGBY, January 20. South African pound: £99 to £IOO per 100 - itoliiids Sterling. CHICAGO WHEAT MARKET p/ess Association—By Telegraph— Copying. ' ■ NEW i'OUK. January -IChicago wheat: May, 47 bnjtllcl; July. 47-, September, 4/3, tu* Yoih cash,.ss.i-

FOREIGN EXCHANGES

(British Official Wireless.) Press Association—By Telegraph—Copyright.

OKARITO RETURN The secretaries of; the Okarito Five ' i!e Beach Gold Dredging Company, J'.imited, report that the wash-up lor the week ended Saturday, January 21, 1933, was 60oz 2dwts for 117 hours dredging. SOUTH AFRICAN POUND (British Official Wireless.) Press Association—By Telegraph—Copyright. RUGBY, January 21. (Received January 23, at nOon.) The South African pound is quoted at £99 17s 6d, sellers, per £IOO sterling. CANADIAN WHEAT CROP Press Association—By Telegraph—Copyright. OTTAWA, January.2o. The wheat crop for the current season is estimated at 428,014,000. bushels, according to the Bureau.of Statistics. PRICE OF FINE GOLD Press Association—By Telegraph—Copyright. LONDON, January 21. Fine gold'is'quoted at £6 2s 6d. THE RABBIT MARKET Pres; Association—By Telegraph—Copyright. LONDON, January 21. , Rabbits, first large, ex store, 18s 6d; BOOTS DRUG COMPANY Recent cablegrams reported that a British syndicate had purchased from American interests control of Boots Pure Drug Company, which holds £B,500,000 of ordinary shares in Boots Cash Chemists, witli;9oo branches in Britain. The transaction-was vetoed by the. Byitisli Treasury on'the ground that sterling exchange would be seriously disturbed by the transfer of 23,000,000d01. • Early last month the directors of Boots Pure Drug Company Limited announced that the usual quarterly interim dividend of 6 per rent., less tax, would be paid on December 31 to ordinary shareholders. These quarterly payments have, in the last four years, been supplemented by bonuses of 5 per cent., tax free, making 29 per cent, per aninini. • • ‘ ',. ■ ’ ■; " RECKLESS SAVING " Sir Harold Bellman, managing- director of the Abbey Road Building Society, London, one of,,the- biggest building societies 'hi the 'world, has urged the need for wise and generous spending—systematic expenditure in place of unnecessary retrenchment. “In this decade,” he said, “ we have witnessed two extremes—tbc first when wc observed public extravagance and reckless expenditure. Now the pendulum, has swung to the other extreme, and we fine, a tendency to parsimony in place of profligacy. There ■is something akin to reckless saving. 1 ... “Difficult as it is for a great thrift institution even temporarily to revise its message to the public, it is now our patriotic duty at least to discourage that saving which is . tantamount to hoarding, and to urge in the wider national interests generous and reproductive expenditure. ' ' “ I am not going to suggest that the young man , contemplating -marriage should cease to.save diligently. Similarly, those in precarious positions, facing, the risk-of unemployment, early retirement, or similar eventualities, have a duty laid upon them to provide for such contingencies. . ,'. ' “ Blit for those whose income has not bepn diminished and who already have a comfortable reserve—and our experience during recent months convinces us tliis class is larger than may he generally supposed—it is' a. duty to'spend courageously; .Paradoxically,- wo have to spend to save.’■ ■ AN AUSTRIAN OILFIELD Main--vears ago some prominent geologists'held that in the plains surrounding Vienna in the north and east the existence of "important oil deposits was beyond doubt.'. Tho ground was tried again in 1930, and the attempts were renewed in the summer of tho following year. At .last these endeavours have been crowned with success, and .if the quantity of oil produced continues, and the experts’; expectations come true, Austria will'.save a large sum through not being obliged to import oil. The little town. of Eistcrdorf, With its cottages', close .to which tho oil has beeti discovered," is situated some fopty miles north-east of Vienna, in, a perfectly plain valley-Hi sleepy little plqce. with a picturesque old church of pilgrimage towering over it. Its inhabitants have-been rudely awakened from their riiraT quietude, end are standing about in groups and discussing the great possibilities of future wealth. Some exports, have stated that the geological formation of tho district is of the same kind as that of the oilfields in the east of Texas.-

WSEAT MARKET Press Association — By Telegraph—Copyright. LONDON, January 21. , New Zealand sheep: ,Canterbury and North Island selected wethers and, maiden owes—s 7-6411), 5d per lb ; 65-721 b,. 3d. North Island—--57-641b, 3d; 65-721 b, sd. Kwcs—--49-641b, 3Jd; 65-721 b, 2|d. •New Zealand lambs: Canterbury, 37421 b, 53d; second quality, average JOlb, 53d. Other South Island brands, 37421 b, o-id. Selected North Island brands, • including Downs—36lb and under, 7-Jd j 37421 b, 7kl. Second 1 quality, average 301 b, 6*o. i , Australian sheep: First quality cross- ! bred and/or merino wethers, 40-6511), | 3jd; second quality, 30-551 b, 3-Ad j 1 ewes, 30-351 b, 3gd. I Australian lambs: Victorian—l'irst quality, 361 b and under. 6d; 37421 b, 3d. Other States—First quality, 361 b and under, 3Jd; 37421 b, 4sd. Second quality—36lb and under, 3d. All States —Tliird quality, 1 5-Jd; ■ Argentine sheep: First quality crossbred ‘ wethers—4B-641b, 4-\d■; 65-7211), 4 id.

Argentine lambs: First quality—36lb jftid under, s*d; 37-421 b; s|d. Second quality—Average 281 b, 5Jd. Patagonian ’sheep:. Wethers' and/or maiden ewes:—Under uOlb, 3gd; 50-Golb, 33d ;■ ewes,'4o-501b, 3’d. New Zealand frozen beef: Ox hinds (100-2201 bly 3d. • ' Argentine chilled beet: Ox fores (160-220,1 b),. Cd; ox binds (160-2201 b), oil’d.. Australian frozen . beef: Ox crops 1 1001 b and under), Old; ox crops (over 1001 b); 33d.. . ‘ ‘ New Zealand pigs: First quality—--81-lOOlb). 5-id;,.101-12011), 5-Jd. Australian pigs; First quality—--60-lOOlb, o|d; 101-1201 b, old. The above are the approximate average prices realised for the week, based on actual transactions of wholesale qualities of-the descriptions of meat mentioned, and are I ,for representative parcels of goods offered during the week, being for business done on a basis of delivered to Smithfield market and/or ex London stores. The list has been compiled by a price committee. COTTON, RUBBER, ETC. PreSs Association—By Telegraph-Copyright. ’ LONDON. January 21. Cotton: Spot, 5.20 d per lb; February, 5,02 d. - . Rubber: Para, 4)d; plantation Smoked, 2.3-16 d. Jute: Jauuary-February, £l4 17s 6d. Copra: January February, South Sea, £l3-2s 6d ; plantation, Rabaul, £l3 ss. . Linseed oil, £lB per ton. Turpentine, 66s 9d per cwt. BUTTER AND CHEESE

Messrs 11. L. Taplpy and Co., Ltd., South Island agents for the Anglo-Con-tinental Produce Company,’' London, have received the following cable: — Butter,’ 80s'to 81s per ewt. Cheese, white, 46s to 47s per cwt; coloured, 57s per cwt. Markets quiet. ARGENTINE WHEAT CROP IHDICATI9MS OF HEAVY HARVEST As the ne\v Argentine crop is now beilig garnered, and there are indications that it ; will be heavy, selling ’ pressure from the, Argentine.may shortly become iintensified. At ’the same time restrictions and imports into some European countries will make it difficult to get rid of the surplus, and as the Argentine la'ck'storage accommodation it is necessary to Market 1 most of its surplus in tfic first -half of-the year. The European demand will steadily improve, however, in the next six months. Growers in the United States, Canada, and the. Argentine, have appealed to their •respective Governments for assistance, and French farmers have sought a Gov-ernment-subsidy. • Tfio, position in France is of particular interest, and it illustrates the disabilities which- can arise when- countries which’ previously were importers of wheat find themselves - with surpluses. Urged-to increase their crops to check imports, farmers in Franco responded, aifd recent estimates disclosed that tlie country had- a surplus of 40,000,000 bushels. : This' surplus has reduced wheat values in France to the parity of wheat in exporting countries. Russia is stilt exporting wheat, but she is nAlikcly to cause any market disturbance for the remainder of tins, season. Apparently the country is short of food-stuffs,-but funds are sorely needed for Soviet industry. “SIGNS OF GillET REVIVAL” BRITISH .BUSINESS OUTLOOK . 'Reference to.ah improvement in ’conditions is'made by a London firm of stockbrokers in' a ■ letter to a Christchurch .broker... The letter states:— Although we sec a slow improvement ’in world conditions, for. 1943, they cannot nmouitt to serious proportions until world debts -and reparations are finally settled, so that foreign exchanges can he unlocked. ‘Business hero shows distinct signs of a quiet revival, and the British financial position is sound as a bell. -Wo'think your country is in the same position; in our opinion, if reparations and war-debts arc finally nut on a satisfactory basis, there would no: such, a revival of .confidence that wo should have a big recovery in primary products, and. this, of course, would do more than anything else, to free countries from,exchange restrictions.”-

Buyers. Sellers. £ 8. d. £ 8. d. BANKING— Bank'of New South ' - AVales ... .. 29 0 0 31 0 0 Bank‘of New Zealand 2 3 0 — Commercial Bank ,(cum div.) — 0 15 9 ■National-Bank of New .0 .-.-Zealand'.’.. ... ... 3 5 — Union Bank of Aus- • tralia Ltd. (cum 8 :.div.). .; ... 7 10 0 2 6 INSURANCENational Insur. Co. 0 14 0 — South. British Insut- , "anc? Co. ... 2 14 0 — 0 Standard Insur. Co. 2 4 0 2 10 SHIPPINGHuddart,, Parker (pref.). ... ... ... H.S.S. .Co., (pref.) ... 0 19 1 0 0 3 COAL—; Kaitaiigata •’ Coal 0 17 0 0 19 0 Westport .Coal Co. ... 0 10 0 0 11 q LOAN AND AGENCYPerpetual Trustees ... — 2 14 6 Whght, 1 Stephenson (6rd.) - ... 0 11 0 — meat PRESERVINGN.Z., Refrigerating (paid) 1.. ... ... 0 11 0 — N;Z; Refrigerating 4 • (cont.) ... ... ... 0 0 0 4 O Southland Frozen ; Meat! (paid) ... ... 0 1 17 6 2 2 South . Otago, Freezing 2 10 0 — MISCELLANEOUSBritish Tobacco ..i ... 1 12 0 1 12 6 Bruce Woollen Co. 0 . ■(Urd.) .; , ... — 0 10 Milburn Lime and Cement ■■ ... — 1 6 0 , Mosgiel Woollen Co. N.». Drug ,Co. ... ... 6 14 0 — 2 13 6 2 17 6 N.Z.-Express (ord.) 0 0 8 0 N.Z/Paper Mills 1 1 1 1 6 Dominion Fertiliser ... 0 10 0 — breweriesN.Z. Breweries Debs. 1 0 0 1 — 0 Dunedin Brewery ... — 6 Tooth's Brewery — i ie 0 OlUt Moturoa 0 3 9 0 4 6 mining0 Nawarau ... 0 5 0 - Waihi’ Grand June. ... 0 3 8 4 0 Mount Lyell 1 1 9 0 — Kildare > ... ... 0 1 9 2 b Okarito "... 0 — 0 9 0 Paddy’s Point b b 0 b 9 Golden" Progress 0 i 4 0 2 0 Kirig Solomon (ex * t divl) ... Golden’ Point 0 2 2 0 0 3 0 0 4) Blackwatcr — 0 1 0 b Consolidated Goldfields 0 9 0 10 0 Gillespie’s Beach. (6d "paid) Alexander- Mines. ... 0 0 9 0 17 0 Waitahu (3s paid) ... 0 3 10 0 4 2 Golden ’ Sands ... ... 0 2 7 0 6 6 Big River ... ... ... 0 1 0 l H Mount/David ... ... — 0 3 0 Nokopiai ; . ■ — — 0 O JLX WAR* BONDS— * (Bonds .quoted are £100 Bonds.) 1938’ 4) p.c. Bonds ... 95 0 0 — 1939 4) p.c. Bonds ... 95 0 0 — 1941 4i p.c. Bonds ... 95 0 0 96 — 1938 4i- p.c. .Inscribed 95 0 0 b 0 1039 4f p.c. Inscribed 95 0 0 96 5 0 1936,'5i p.c. Bonds 100 10 0 — 1936 5) pic. Inscribed 100 10 0 1937 Sj) p.c. Bonds 0 (February) 100 10 — 1937 5J p.c.- Bonds ■>.(September) ... .... 100 10 0 — 1937 5i p.c. Inscribed 0 ■ (February) 100 10 — 1937 - p.c. Inscribed 0 '(September); ... 100 10 —

RUGBY, January 20. Paris, franc to £1 85 Brusssls, belgas to £1 ... 24 7-32 Oslo, kroner to £1 191 Stockholm, kroner to £1 18 11-32 Copenhagen, kroner to £l 19 15-l r - Geneva, franc . to £1 ... ... ... 17- 13-3'’ Berlin, reichmarken to £1 14 1-8 Montreal, dollar to £1 ... 3.843 New York, dollar to £1 3.35'2 Amsterdam, llorin to £1 8.35 Milan, lire ' to £1 .... 65 9-1-'-Prague, kroner to £1 ... ... ... 113 •Vienna, schilling to £!■ 29 Helsingfors, marks to £1 227 Belgrade, dinars to £1 ... 250 Warsaw, zlotys to. £1 Madrid, peseta to £1 ... 40 13-10 Athens, drachmae to £1 ... .;. 025 - Lisbon, escudo to £11.1 ... ... ... no Bucharest,' lei to £1. 565 •Rio de Janeiro,' pence to milreis 5 3-8 Bue.nos Aires, pence to dollar ... 421 ‘Montevideo, pence to dollar ... 34 Shanghai, pence to tael ... ... ... 20 3-10 Yokohama, pence to yen 14 7-8 Hongkong,- pence to dollar 15 5-8 Bombay, pence to rupee ... ... ■ ... 18 5-32 Batavia, llorin to £1 ... ... 8.35£ . •Nominal.