Commerce, Mining, & Finance

Evening Star, Issue 21354, 7 March 1933, Page 5

Commerce, Mining, & Finance

THE SHIRE MARKET

DUNEDIN STOCK EXCHANGE Inquiry for Bank of New South Wales shares eased to £2B at this morning’s meeting of the Dunedin Stock Exchange, and no sellers quoted. There was a reported sale of Bank of New Zealands at £2 5s 3d. after which sellers moved up one penny, but the shares were not wanted. A buyer of Nationals of New Zealand came on the market at £3 65,• but there were no sellers. In the insurance section. South British shares were for sale at £3 Is 6d without a buyer quoting. Standards had inquiry at £2 8s 6d, with sellers at £2 10s 6d. Buyers of Kaitangata Coals moved up' to 18s, but there was no response. Westports had a reported sale at 11s 3d, the' market closing with a seller asking 11s 6d and no buyer offering more than 11s. A buyer came on the market for Australian Glass at £2 4s, but the shares were not obtainable. The inquiry for Milburn Limes moved up to £X 4s 6d without drawing a selling quote. Both issues of Moturoas were on the market, the ordinary shares at 5s 3d and the preference at 5s 6d, but no buyer quoted for them. Okaritos eased to 9s, with buyers bidding 8s lid. Golden Progress shares were firm at 2s, and buyers improved to Is Bd. Nokomais were inclined to ease, sellers asking 5s lOd, with buyers one penny away. Sales reported Westport Coal, 11s 3d; Bank of New Zealand, £2 5s 3d. Quotations as under: — T).. CallaV«

DIVIDENDS DUE. Stock. ' Am’nt. Period. Dale. Huddart, Parker (ord.),'6d, linal, March 11 Huddart, Parker (pref.), 7 l-sd, final, March 11 Kildare, 6d, first ... March 11 Adelaide Shipping, 4 4-sd, interim Mar. 15 British Tobacco, 3 3-5 d March 31 Bank Australasia, 4s March 31 Dunlop Rubber (pref.), Is March 31 Electrolytic Zinc (pref.), 9 3-5 d ... April 29 COMMONWEALTH CONVERSION LOAN Press Association—By Telegraph—Copyright LONDON, March 6. (Received March 7, at 1 a.m.) It is estimated that the underwriters have been left with 40 per cent, of the Commonwealth conversion loan. TOOHEY S LIMITED DIVIDEND OF. 6 PER CENT. [Pbb United Press Association.] WELLINGTON, Marcli 6. Toohey’s Limited have advised the Stock Exchange Association that an interim dividend for the half-year ended January 31, 1933, at the rate of 6 per cent, per annum, payable on March 15, has been' declared.

TARIFF WALL DANGERS TWO AMERICAN VIEWS [Per United Press Association.] WELLINGTON, Marcli 6. Tlio election of a high tariff wail to cover without discrimination every commodity from abroad does not find favour with Mr Edwin Fleisher, a retired business man, of Philadelphia, who arrived to-day by the Mannganui from San Francisco. Speaking with special reference to the United States, Mr Fleisher said he favoured tariffs imposed on commodities that could be produced within the country, but ho thought it ridiculous that certain luxury lines, such ns perfumes from France and treasures from the East, should be subject to a tariff on entering America. Mr Fleisher said he was formerly connected with the manufacturing of worsted yarns, and he remembered his company buying wool from New Zealand. At one time, ho said, America could produce all the wool she required with, perhaps, two exceptions—extremely fine and extremely coarse grades. There was a very nigh protective tariff on wool. American wool varied according to the State in which it was grown, Mr Fleisher continued. There was such a diversity of country in the States that wool varied according to whether it had been grown on the plains, on the high lands, or in the valleys. So expert had a number of classers become that they were able to identify most grades of wool by the State in which it was grown. The talk of wool again led to the question of tariffs. Both were intimately connected, Mr Fleisher said. There was no doubt the raising of tariffs by the United States had done her a great deal of harm. One of the most harmful results of such a policy was that foreign countries were antagonised, with the result that in many cases retaliatory tariffs were imposed, with a general embargo bn American goods. This had happened again and again in the past few years. Another American business man, Mr W. A. Wessell, said the basis of American prosperity as long as the United States bad existed had rested on a policy of tariffs. England had sacrificed her agriculture when she adopted Freetrade, and if America abandoned her traditional policy she would have to sacrifice something. HONEY EXPORT PROTEST A6AINST CONTROL [Pm* United Press Association.] WELLINGTON, Marcli 6. A protest against the assumption on Wednesday by the Honey Control Board of absolute control of all honey exported to Great Britain and Europe has been made by the Associated Chambers of Commerce, which has asked the Government to make an investigation into the affairs of the board. The secretary of the association said to-day that his body had communicated with the Minister of Agriculture (Mr Macmillan) urging that the assumption of control be stayed pending investigation by the Government into the operations of the board and its associates, and the publication of the results of that investigation. There has been much criticism of the marketing methods of the board and of the serious restrictions imposed by the board on exports to the United Kingdom independent of the board. The authority of the board for assuming absolute control was challenged. It was contended that no mandate had been given by a majority of the, producers, the approval of the National Beekeepers’ Association being regarded as insufficient. The association points out that as a result of the monopoly enjoyed by the Honey Control Board in "the export of honey to Great Britain and Europe the producers have no option but to accept whatever return is provided by the board, and are therefore denied the benefit of open competition. It draws attention to the fact that according to report No. 50 of the Empire Marketing Board, published in May last, Now Zealand honey was being retailed in the United Kingdom in 11b glass jars at prices ranging from Is 4d to Is Gel, while the producers were receiving only as high as 2Jd a lb, f.0.b., in hulk. The association suggests that the Honey Control Board is absorbing an unduly heavy margin at the expense of the producers, and it is suggested that this may he due to incompetency and mismanagement by the board. Attention is also drawn by the association to what it considers to he a necessity for investigation into the affairs of the New Zealand Co-operative Honey Producers’ Association Ltd., whicli, it is stated, was closely hound up with the Honey Control Board before it was forced to go into liquidation. The association explains that it is not opposed to the Honey Control Board if it is a voluntary board desired bv the producers, but it is desirous of securing freedom for exporters from any control by the board. GREAT BARRIER ORE A resident of the Great Barrier Island told an Auckland ‘ Star ’ reporter that it was probable that the refractory ore reef on the island would be mined extensively in the near future. An English company had bought something like 600 acres, which included portion of a hill near the ore reef, for mining operations. Tests indicated that ore gold, silver, lead, antimony, platinum, etc., could be mined to produce £4 10s per ton,, but that the mine could be worked successfully to produce ore at a much lower rate. Three to five men had been engaged at the mine for about a year “ clearing up and getting things in order.” The reef in its widest part was about 80ft. BRADFORD MARKET Press Association—By Telegraph—Copyright LONDON, March 6. (Received March 7, at 11 a.m.) The Bradford market is hardening. There is not much business. PRICE OF GOLD Press Association—By Telegraph—Copyright LONDON, Marcli G. (Received March 7, at 11 a.m.) The price of fine gold is quoted at £5 19s 7d an ounce.

LONDON STOCK EXCHANGE Press Association—By Telegraph—Copyright. LONDON, March C. (Received March 7, at 1 a.m.) The Stock Exchange lias resumed dealings in all foreign currencies except dollars. AUSTRALIAN STOCK EXCHANGES Press Association—By Telegraph—Copyright SYDNEY, March G. On the Stock Exchange, while bank shares were fairly steady and firm, there was a slight weakness in most industrials, with a sharp fall in gold mining issues owing to the United States hanking crisis. Commonwealth Bonds held fairly well, with a little irregularity in some issues. The following sales were made; Bank of New South Wales, £3O 2s Gel; Commercial Bank of Sydney,- £ls 17s (3d; Union Bank, £7 15s; Colonial Sugar, £54 17s 6d; United Insurance, £7 12s Gd; Howard Smith, 8s 3d; Burns, Philp, 50s; Australian Gas (A), £G 18s; British Tobacco, 33s lOJd; Tooths, 355; Tooheys, 20s 6d; Australian Glass, 455; Dunlop Perdriau, 17s 3d; Goldsbrough, 22s 9d; Fairymead Sugar, 265; Broken Hill Proprietary, 27s 9cl; North Broken Hill, 645; Zinc Corporation, 24s 9d;' Commonwealth Bonds—3l tier cent.. 1942. £101; 4 per cents., 1938, £lO2 16s 3d; 1941, £lO3 2s 6d; 1944, £lO3 ss; 1947, £lO3 6s 3d; 1950, £lOl 16s 3d; 1953. £102; 1955, £lO2 10s; 1957, £103; 1959, £lO3 7s 6d; 1961, £lO4. MELBOURNE, March 6. British Tobacco, 34s 9d; ‘ HeraldTimes,’ 's7s 6d; Meyers, 27s 6d; North Broken Hill, 645. RUBBER MARKET Press Association—By Telegraph—Copyright. LONDON, March 6. (Received March 7, at noon.) Rubber stocks: London, 38,302 tons; Liverpool, 53,850.

Buyers. Sellers. £ a. d. £ s. d. BANKINGBank of N.S.W. ... 28 0 0 — Bank of. N.Z. ; 2 5 4 Commercial Bank ... — 0 14 7 National Bank of New Zealand ... ... 3 6 0 — DftURANCB— National Insur. Co. ... — 0 15 0 •N.Z. Insur. Co. 2 5 0 — South British Ins. Co. — 3 16 Standard Insurance, Co. (es div.) 2 8 6 2,10 6 SHIPPING— Huddart, Parker (ord.) ••• 17 0 ’■ TJ.S.S. Co. (prcf.) ... 10 6 . 0OAL- , Kaitangata Coal (16s paid) 0 18 0 . Westport Coal Co. ... 0 11 0 0 11 6 LOAN AND AGENCYPerpetual Trustees — 2 12 6 MEAT PRESERVING— N.Z. Refrigerating (paid) : ... ... ... 0 10 u . — MISCELLANEOUSAustralian Glass 2,4 0 — Bruce Woollen Co. "(ord.) — 0 10 0 Donaehy’s Rope and . Twine ... ... ... 1 11 0 — Kaiapoi Woollen (pref.) ... ... ... 0 6 0 — Milburn Lime and Cement 116 — Mosgiel Woollen Co. 6 19 0 — ■ ■ N.Z. Drug Co. 2 18 0 — ‘N.Z; Express (ord.) — 0 8 0 N.Z. Farmers* Fertiliser ... 0 13 9 — N.Z. Paper Mills ... 12 0 — ‘ Otago Daily Times ’ • CO o o -Smith and Smith (pref.) ... 18 6 012 0 Woolworths’ (pref.) — MBEWERIESt i N.Z. Breweries Ltd. 17 0 — ■ Dunedin Brewery 10 0 ■113 OIL-. Moturoa , (ord.) ... — 0 5 3 Moturoa (pref., 5s paid) ... . — 0 b 6 MININGKawarau 0 0 6 0 0 8 Waihi — 12 3 Electrolytic Zinc (def. ord.) — 0 It u Mount Lyell 0 19 3 0 19 8 Mahakipawa — 0 0 3 Kildare 0 1 11 0 2 1 Okarito 0 8 11 0 9 0 Golden Progress 0 18 0 2 0 King Solomon — 0 2 1 Golden Point — 0-0 3 Blackwater — 119 Gillespie’s Beach (9d paid) 0 1 0 X b Waitahu (3s 5d .paid) — 0 4 9 Nokomai 0 5 9 0 5 10 Freshford ... — 0 18 Lawson's Flat 0 0 7 0 0 9 ,WAR BONDS— (Bopds quoted are £100 Bonds.) 1938 H p.c. Bonds ... — 98 0 0 1939 4i p.c. Bonds ... 95 0 0 — 1939 4'f n.c. Ins. 96 0. 0 — 1936 5£ p.c. Bonds ... 98 0 0 — 1936 5 i p.c. Insc. ... 98 0 0 ' 1937 5i p.c. Bonds b. , (February) ... ... 98 15 0 • 1937 51 p.c. Bonds i(September) 98 15 0 — ' i 1937 54 p.c. Inscribed (February) 98 10 0 — 1937 54 P.c. Inscribed • (September) ... ... 98 10 0 —