Commerce, Mining, & Finance

Evening Star, Issue 21347, 27 February 1933, Page 6

Commerce, Mining, & Finance

L THE SHARE MARKET

DUNEDIN STOCK EXCHANGE Bank of New South Wales shares were ex dividend this morning, and sellers asked £29 for them with no buyer quoting. New Zealand® were on the market at £2 3s, but there was no inquiry for them. Nationals of New Zealand eased to £3 9s, but they were also without buyers. Three parcels of Standard Insurances changed hands at £2 10s, and the final quotation was from a seller who asked £2 11s 6d without any buyer bidding. Goldsbrough, Morts were for sale at £1 3s 6d, but there were no buyers at all in this section. Milburn, Lime, and Cements were wanted at £1 4s nad New Zealand Drugs at the slightly reduced price of £2 los 3d, but no ■ sellers quoted for either. Staples Brewery shares were inquired for at £1 2s 3d, and Dunedin’s were oiv, the market at £1 2s 6d without any response to of Waihi shares increased their price to ss, but there was no inquiry fqr them. There was a slight improvement in Nokomais, buyers offering 6s with sellers asking one penny more. Sales oh ’ChangeStandard Insurance, £2 10s (three sales). .Quotations as under;—

DIVIDENDS DUE. Stock. Am’nt. Period. Date. Alexander Mines ... Is seventh Feb. 27 National Mortgage, , , 5 p.m., “A” issue Is final March 1 (approx.) National Mortgage, , , 5 p.m., “B ” issue fid final March 1 Okarito, fid, second •• ... Mar. 3 Standard Insurance, interim. Is 3d Mar. 6 Huddart, Parker (orcl.), fid, final, March 11 Huddart, Parker (pref.), 7 l-sd, final, March 11 Adelaide Shipping, 4 4-sd, interim Mar. 15 THE WHEAT MARKET Press Association —By Telegraph—Copyright. LONDON, February 24. Wheat: Cargoes are idle as far as the British demand is concerned. Manitobas were offered at 3d- down, while Australians and Plates are steadily held. , _ , ... Futures: London—l ebruary-April, 19s Id; Liverpool—March, 4s sjd; May, 4s 6Jd; July, 4s BJd; October, 4s IOJd. February 25. Wheat: Cargoes are steady on better foreign advices. Full late rates were demanded, but heavy world shipments had a quietening effect. Parcels are steadily held and are unchanged. Ex ■Baradine, 23s 6d. Futures; London— February-April, 19s 2Jd; Liverpool— March, 4s 6d; May, 4s 7sd; July, 4s B|d; October, 4s 11 Jd. NEW YORK, February 25. Chicago wheat: May 47 cents per bushel, July 47|d, September 48|; New ■|York cash 56J. .

MEAT MARKET Press Association—By Telegraph—Copyright. LONDON, February 25. New Zealand Sheep.—Canterbury and North Island selected cross-bred wethers and maiden ewes: 57-641 b, 4|d; 65-721 b, 4fd. North Island: 57-641 b, 4|d; 65-721 b, 4fd. Ewes: 481 b and under, 3id; 4S-641b, 3d; 65-721 b, 2fd. New Zealand Lambs. —Canterbury: Second quality, average 30lb, did. Selected North Island brands, including Downs: 361 b and under, s|d; 37-421 b, sid; 43-501 b, 4Jd. First quality, average, 301 b, sid, Other North Island brands; First quality, 361 b and under, 5Jd; 37-421 b, sd. Second quality, average 301 b, sd. Australian Sheep. First quality cross-bred and/or merino wethers; 40Gslb, 3|d. Second quality, 30-551 b, 3Jd. Ewes: 30-551 b, 3£d. Australian I/ambs.—Victorian: First quality, 361 b and under, 4|d; second quality, 361 b and under, did. Other States: Second quality, 361 b and under, 4Jd. All States; Third quality, 4|d. _ Argentine Lambs.—First quality, 37421 b, 4|d. Second quality, average 281 b, 4|d. New Zealand Frozen Beef. —Ox hinds, 160-2201 b, 3id. , Argentine Chilled Beef.—Ox hinds, 160-2201 b, s|d. Australian Frozen Beef.—Ox crops, over 1001 b, 3Jd; ox hinds, 1601 b and under, 3Jd; ox hinds, over 1601 b, 3|d. New Zealand Pigs.—First quality: 60801 b, sid: 81-lOOlb, sd; 101-1201 b, 4*d. Australian Pigs.—First quality: 601001 b, 5Jd; 101-1201 b, 4Jd. GLUT IN SUPPLIES. LONDON, February 25. Inquiries show that the meat market is still glutted with supplies, and there is no sign of improved confidence or stability. Market men are now beginning to admit that the reductions in shipments already accepted will be insufficient to raise prices and restore confidence, and they believe that there must shortly be a further cut in importations. FOREIGN EXCHANGES (British Official WiralesO Press Association —By Telegraph—Copyright.

EMPIRE MARKETING BOARD Press Association—By Telegraph—Copyright. LONDON, February 24. The civil estimates reduce the Empire Marketing Board by £IOO,OOO to £220,000. COMMONWEALTH LOAN Press Association—By Telegraph—Copyright. LONDON, February 24. The list of cash applications for the Commonwealth loan has closed, but the result will not be disclosed until conversion closes on March 3. It is generally believed that a largo amount has been subscribed. COTTON, RUBBER, ETC. Press Association—By Telegraph—Copyright. 'LONDON, February 25. Friday’s closing prices were as follow ; Cotton: Spot, 4.95 d per lb, March 4.77 d. Rubber: Para 4fd, plantation smoked 2 l-16d. Jute: February-March, £l4 ss. Copra: No business. Nominal quotations, March-April South Sea £ll 15s, plantation Rabaul £ll 17s 6d. Linseed oil, £l6 10s. Turpentine, 63s 9d. HIDES MARKET I Press Association—By Telegraph—Copyright. LONDON, February 25. Hides are in poor demand and quotations are largely nominal. _Meat works dry salted —Queensland, 351 b to 451 b, 5Jd; wet salted—Queensland, 501 b to 601 b, 3id; 40lb to 501 b, 3RI; Now South Wales. 4d and 3|d; Victorian abattoirs, 3jd and 3|d. THE RABBIT MARKET Press Association—By Telegraph—Copyright. LONDON, February 25. Rabbits; First large, ex store, 19s 6d. SYDNEY STOCK EXCHANGE Preas Association—By Tolegiaph—Copyright. SYDNEY, February 25. The following sales were made on the Stock Exchange:—Bonds (4 per cent.)—l93B, £lO2 18s 9d; 1941, £lO3 6s 3d; 1944, £lO3 12s 6d; 1947, £lO3 6s 3d; 1950, £lO2 7s 6d; 1953, £lO2 3s 9d; 1955, £lO2 12s 6d; 1957, £103; 1959, £lO3 ss; 1961, £lO3 7s 6d; Colonial Sugar, £54 12s 6d; Winchcombe, Carson, 235; Henry Jones, 38s 3d; Tooth’s, 35s IOJd, ' > /

PROTECTING INVESTMENTS SMALL DAMAGES IN LIBEL SUIT [Pbb Umitid Press Association.] WELLINGTON, February 25. Damages amounting to £2 were awarded to Harry. Ninham Gooch, sharebroker, of Wellington and Sydney, against the ‘ New Zealand Financial Times ’ Company Ltd., the editor, Howard Elliott, and the printer, Ernest Fraser Jones, by the Chief Justice (Sir Michael Myers), in a Supreme Court judgment to-day. Gooch claimed £I,OOO for alleged libel contained in an article of November 10, 1931. His Honour held that the article as a whole was capable of a defamatory meaning, but considered that it was written in good faith and without malice. He said; “Apart from such errors of fact as those to which I have referred —and there are, after all, errors in matters of minor importance—the article, written as I believe in good faith, deserves no condemnation, but commendation. It has given rise to an action in which a position exists that calls loudly for the attention of the Legislature, inasmuch as in my opinion there is disclosed the necessity for further statutory protection to members of the public of the dominion who may be looking for suitable investments for their money. CHEESE QUALITY EXPERT REPORT SOUGHT [P*r Unhid Peiss Association.] HAWERA, February. 25. A meeting o| about 500 dairy factory directors to-day resolved that the Dairy Board bo requested immediately to take steps to secure the services of an expert or experts, from abroad- if necessary, to investigate and report on cheese quality and manufacturing methods and make such recommendations for an improvement as are necessarv, It was resolved to ask all other dairymen’s associations in the dominion to endorse the resolution. The meeting also resolved to ask the Dairy Board to abolish the waxing of cheese. PRICE OF SILVER (British Official Wireless.) Press Association—By Telegraph—Copyright. RUGBY, February 25. (Received February 27, at noon.) Silver.—Spot, 17 3-16 d per oz; forward, 17Jd. - DSL BORING MOTORUA WELL The secretary of the Dunedin Stock Exchange received the following telegram from Wellington on Saturday morning:—Moturoa No. 3 well has been closed in waiting on the fixing of the casing, which is expected early next week. No. 2 well produced 142 barrels, 130 barrels clean oil imperial gallons. FOREIGN EXCHANGES (British Official Wireless.) Press Association —By Telegraph—Copyright.

The South African pound is quoted at £99 17s 6d and £IOO 17s 6d per £IOO sterling. U.S.A. WINTER WHEAT Referring to estimates of the American winter crop the ‘ London Grain Reporter ’ towards the close of December stated :—“ Early this month private estimates were for an area of only 37.549.000 acres, as against the official estimate of 38,682,000 on December 1 last, whereas the official compilation just issued puts the crop sown at 39,902.000 acres. It is true that a revised estimate last year put the area at 40.172.000 acres, due doubtless to December sowings, but there has probably been as much December seeding done this year as last. Undoubtedly the condition of much of the crop in the southwest is abnormally low, as dryness has been a serious factor, and the condition is officially put at only 68.9 as against 79.4 a year ago, but December condition is not an infallible guide to the extent of the next harvest, though the July condition is generally about 10 points lower than the December. There is some difference of opinion amongst the experts as to the harvest outlook, as the crop is forecast at from 420,000,000 bushels to 450,000,000 bushels. It is pretty obvious, however, that the yield can hardly equal even the small outturn of 462,150,000 bushels _ harvested last season, unless there is an abnormally favourable winter.”

Buyers. Sellers. £ s. d. £ s. d. BANKING— Bank of N.S.W. (ex div.) ... ••• 29 0 0 Bank of New Zealand — 2 3 0 B.S. and A. Bank — 4 11 0 National Bank of 9 0 New Zealand ... — 3 INSURANCE— N.Z. Insur. Co, 2 4 6 — Standard Insurance Co - 2 11 6 SHIPPING— Huddart, Parker 6 (ord.) ... ... ... 1 6 — Huddart, Parker (pref.) ... 1 1 0 — P. and O. Def. Stock 0 17 0 — U.S.S. Co. (pref.) ... 1 0 4 COAL—■ 0 Kaitangata Coal — 9 1 6 Westport Coal Co, ... U 1U yv estport-Stockton (ord.) ' ... — 0 1 0 W estport-Stockton 0 6 (pref.) i LOAN AND AGENCY— Goldsbrougli, Mort — 1 3 6 Perpetual Trustees ... — 6 10 0 Wright, Stephenson (ord.) — 0 12 3 Wright, Stephenson (pref.) ... - 0 13 0 meat PRESERVING— N.Z. Refrigerating (paid) ... ; 0 10 6 0 11 4 N.Z. Refrigerating (cont.) 0 3 0 miscellaneous— 0 British Tobacco 1 13 — Bruce Woollen Co. (ord.) - D.I.C. (ord.) 0 10 0 0 10 0 D.I.C. (pref.) ..1 — u 0 Donaghy’s- Rope and Twine 1 10 6 — Kaiapoi Woollen (ord.) ... ... — 0 6 0 Kaiapoi Woollen Milljum Lime and 0 6 0 0 8 0 Cement 1 4 0 Mosgiel Woollen Co. M'Leod Bros 6 la 23 0 0 0 — N.Z. Drug Co. ... N.Z. Express (pr?f.) 2 16 3 0 14 0 N.Z. Paper Mills ... i i 6 Regent Theatre 0 0 Smith and Smith (pref.). — — — Wilson's (N.Z.) — 0 12 0 8 Cement 1 6 Dominion Fertiliser 0 10 0 breweries— N.Z. Breweries Debs. 1 0 0 — Staples’ Brewery ... 1 2 3 ~~ e Dunedin Brewery ... — X z O OIL— Moturoa (pref., 5s e (paid), ... — 0 5 0 MINING— Kawarau ... 0 0 6 0 0 "i Waiii : — 1 6 J Electrolytic Zinc (pref.) , ... ••• 1 8 0 1 9 0 Electrolytic Zinc • (def. ord.), . 0 16 9 0 17 6 Mount Lyell ... ••• 1 5 0 0 2 x Mahakipawa . / ’ 0 n o 2 Kildare ... • ••:• Okarito (cum. div.) 0 9 2 , U 0 9 5 O Paddy’s Point Cornish Point ... ... — 0 0 6 0 c 4 Golden Progress — 0 0 2 2 o King Solomon — 2 c Gillespie’s Beach (9d paid) ... Waitahu (3s 6d paid) 0 1 4 0 0 1 5 5 0 Golden Sands 0 2 9 Big River ... ... ... Nokomai ... Freshford 0 ■ 0 0 0 6 1 9 0 3 0 0 6 1 1 4i Upper Shotover (od paid) Lawson’s Flat - 0 0 1 0 0 9* WAR BONDS— (Bonds quoted are £100 . Bonds.; 1938 4£ p.c. Bonds ... 95 15 0 — 1939 4| p.c. Bonds ... 95 15 0 — 1938 4i p.c. Inscribed 95 10 0 * 1937 5i p.c. Bonds 99 0 (February) — 0 1937 5i p.c. Insc. 99 0 (February) — 0 1937 5i p.c. Insc. 101 (September) u u __n

EUGBY, February 24. Paris, franc to £1 86 7-16 Brussels, belgas to £1 ... ...24.25* Oslo, kroner to £1 ... 19.50 Stockholm, kroner to £1 ... ... 18.85 Copenhagen, kroner to £1 ... 22.40 Geneva, franc to £1 ...■ ... ...17.47* Berlin, reichmarken to £1 ... 14.251 Montreal, dollar to £1 ... ...4,11 New York, dollar to £1 ... ...3.41 Amsterdam, florin to £1 ... ...8.43 Milan, lire to £1 ...66 9-16 Prague, kroner to £1 ... ...114 13-16 ‘Vienna, schilling to £1 ... -30 Helsingfors, marks to £1 ... - 226* Belgrade, dinars to £1 -250 Warsaw, zlotys to £1 ... ... Madrid, peseta to £1 ... ... -41 1-32 Athens, drachmae to £1 ... -595 Lisbon, escudo to £1 -110 Bucharest, lei to £1 - 575 — 5| *Bio de Janeiro, pence to milreis Buenos Aires, pence to dollar -41* ‘Montevideo, pence to dollar -33* Shanghai, pence to tael ... ...20 5-16 Yokohama, pence to yen ... ...14 15-16 Hongkong, pence to dollar ...15} Bombay, pence to rupee ... ..,18 5-32 Batavia, florin to £1 ... ... ‘Nominal. ... 8.45j-

RUGBY, February 25. (Received February 27, at noon.) Paris, franc to £1 . ... 87 7-16 Brussels, belgas to £1 ... Oslo, kroner to £1 24.27 ... ... 19^ Stockholm, kroner to £1 ... 18.821,Copenhagen, kroner to £1 22 7-16 Geneva, franc to £1 17.52 Berlin, reichmarken to £1 14.25 Montreal, dollar to £1 ... 4.111 New York, dollar to £1 ... 3.40| Amsterdam, florin to £1 ... 8.43 Milan lire to £1 66 9-16 Prague, kroner to £1 ... * Vienna, schilling to £1 ... mi 30 Helsingfors, marks to £1 ... ... ... 226 Belgrade, dinars to £1 — Warsaw, zlotys to £1 — Madrid, peseta to £1 41 Athens, drachmae to £1 595 Lisbon, escudo to £1 110 Bucharest, lei to £1 575 *Rio de Janeiro pence to milreis 5J Buenos Aires, pence to dollar ... 411 pence to dollar 33i Shanghai, pence to tael ... 20i Yokohama, pence to yen ... 14i Hongkong, pence to dollar 151 m Bombay, pence to rupee ... 18 5-32 Batavia, florin to £1 ... ... *NominaI.