THE SHARE MARKET

Evening Star, Issue 21507, 4 September 1933, Page 7

THE SHARE MARKET

INNEBIN STOCK EXCHANGE Bank of New South Wales shares had a close market this morning, buyers coming on tbs market at £32 10s, and sellers asking 5s more. Unions had improved inquiry at £9 ss, but no sellers responded. Howard Smiths came on the market at 12s 4d, but they were not wanted. Bidding for New Zealand Refrigerating (paid) shares was a shade easier, 18s 6d being offered. Inquiry for the contributing issue was firm at 8s 9d, sellers asking 3d more. South Otago Freezings had betterinquiry at £4 15s, but the shares were not for sale. Sellers of New Zealand Breweries improved their bid to £1 19s 3d, but sellers did not quote. Okaritos improved a little, buyers offering 11s 9d and sellers raising their quotation to 12*. SALES. Reported.—Bank of New Zealand, £2 8s 6d; Freshford, B|d; Bell-Hooper, lid. Late Sale on Saturday.—Kilgour, Is 7d. On ’Change.—Crystal Ice Company, £1 8s; Waitahu, 7s 3d; 1940 4 per cent. Bonds, £IOO 15s.

DIVIDENDS DUE. Slock. Am’nt. Period. Date. Standard Insurance Is 3d final To-morrow Huddart, Parker (ord.) 6d, interim Sept 14 Huddart, Parker (pref.), 7 l-sd. interim Sept. 14 Golden Sands 3-sd, 3rd monthly, Sept. 14 Okarito Is fifth Sept. 16 Broken Hi.l South Ist Sept. 22 tAustralian currency. PLANTATION PROFITS Anyone travelling through New Zealand at present and seeing the large number of pine plantations now being milled cannot fail to appreciate the potential value of the large pine forests established by N.Z. ' Perpetual Forests Ltd. Saw-millers are finding that it costs less, and is pinch more profitable to mill plantations instead of natural forests, which are now mostly inaccessible. The importation of foreign boxing timber has dropped considerably, and the milling of Insignis plantations has been responsible for this. Very satisfactory returns are being received for trees planted without any thought of profit.—[Advt.]

SILVER AGREEMENT EFFECT IN AUSTRALIA Under tlxo agreement readied with other silver producing and selling countries, Australia has to withhold 652,3550 z of silver a year from the oversea market for four years from January 1, 1934. This quantity will be lodged with the Federal Government each year by the two producers of refined silver —Broken Hill Associated Smelters Proprietary Limited (controlled by North Broken Hill Limited, Broken Hill South Limited, and Zinc Corporation Limited), and the Electrolytic Refining and Smelting Company of Australia Limited. No payment will bo made for silver' so lodged, and the producers therefore will have to carry the metal as stock on hand. As the reduction of supplies, however, is designed to raise the price of the metal, the income of the companies may not suffer because of the withholding of stocks from the open market. Large quantities of silver will be accumulated for disposal at the end of four years, and experience of other metals in such circumstances will doubtless warn the parties to the agreement to take steps to prevent the market from being flooded with heavy supplies, which would be certain to break prices.

THE CHEESE INDUSTRY M CHANGE-OVER TO BUTTER [Per United Press Association 1 AUCKLAND, September 2. According to authoritative opinions gleaned to-dav. there is no possibility of the New Zealand dairying industry considering the cabled suggestion that the cheese factories should change over to butter. It is understood that such a proposal was made by the British farming representatives at Ottawa, but it was then regarded by the New Zealand delegates as a joke. It was made clear to the British delegates that a large amount of capital was invested in the New Zealand cheese industry, and that no proposal had been made whereby the outstanding liabilities would be’ underwritten.

EMBARGO ON IMPORTED STOCK A Press Association telegram from Palmerston North states that the Manawatn provincial executive of the New Zealand Farmers’ Union strongly reaffirmed its opposition to the lifting of the embargo on slock imports through fear of foot-and-mouth disease. The opinion was expressed that the regulations should be made more stringent.

COTTON, RUBBER, ETC.

Press Association—By Telegraph—Copyright.

LONDON, September 2. Friday’s dosing prices were: Cotton: Spot, 5.60 d; October, 5.46 d. Rubber: Para, sd; plantation smoked, 220-32 d. Jute: September-October, IGjJcl. Copra: September-October, South Sea, lOd; plantation, Rabaul, IOJd. Linseed oil, £2l ss. Turpentine, 48s.

WHEAT CROP Press Association —By Telegraph- Copyright. WINNIPEG, September A The wheat crop is estimated at 269,000,000 bushels. Western Canada his indicated in its report that the crop correspondents of the Searle Grain Company show 6,000,000 bushels loss than was estimated in the company’s report on August 11. WHEAT MARKET Press Association—By Telegraph—Copyright. LONDON, September 2. Wheat cargoes are lirm. Sellers raised their limits by from 3d to 6d, but buyers were unwilling to follow. Parcels are firm. Futures:—London; September, 22s 6d; December, 23s sd; February, 23s 9d. Liverpool; October, 5s 3d; December, 5s 5Ja; March, 5s 7-Jd; May, 5s 9d. TIN MARKET Press Association —By Telegraph—Copyright. LONDON, September 2. The statistical position of the tin market at the close of August was: World visible supplies, 33,126 tons; Straits carry-over, 6,090; supplies, 7,150; deliveries, 11,714. AUSTRALIAN STOCK EXCHANGE Press Association—By Telegraph—Copyright. SYDNEY, September 2. The following sales were made on the Stock Exchange this morning:—Commonwealth Bonds 4 per cent.), 1941, £lO3 8s 9d; 1957, £104; Bank of New South Wales, £32 7s 6d; Bank of Australasia, £l2 10s; Toohoy’s 23s 6d; Tooth’s, 395; Associated News, 8s 7d: British Tobacco, 35s Proprietry, 37s 6d; Dunlop’s, 18s 3d, 18s 4Jd; Meggitt, 4s 2d. LEIPZIG FUR SALES Press Association—By Telegraph—Copyright. LONDON, September 3. . At Leipzig, in spite of the keenest propaganda, little foreign business was done at tne autumn fair. North American business, which was formerly good, was practically nil. There was a great decline in trade by liritain, Holland, Switzerland, and the Scandinavian countries.

MEAT MARKET Press Association—By Telegraph—Copyright. LONDON, September 2. New Zealand Sheep.—Canterburyand North Island selected cross-bred wethers and maiden ewes—4 B-5611), 4sd per lb; 57-641 b, 4fd; 65-721 b, 4d. North Island: 48-561 b, 4|d; 57-641 b, s|d; 6572H), -3|d. Ewes: Under 481 b, 3;fd; 48-641 b, 3;Jd; 65-721 b, 33d. Australian Sheep —First quality cross-bred and/or merino wethers: _4U--651b, 3|d. Second quality: 30-551 b, 3Jcl. Ewes; 30-551 b, Bjjcl. Patagonian Sheep.—Wethers and/or maiden ewes.—Under 501 b, 4fd; 50001 b, 3|d. Ewes; 40-501 b, 3Jd. New Zealand Lambs.—Canterbury: First quality—36lb and under, 7gd; 37421 b, 7-fd; 43-50)b, 6Jd; second quality —average 321 b, 7d. Other South Island brands; 361 b and under, 7Jd; 37421 b, 7id; 43-501 b, Old. Selected North Island brands, including Downs: 361 b and under, ,7Jd; 43-501 b. 7id; second quality'—average 321 b, Gfd. Other North Island brands: First quality—--361b and under, 7d; 37-4211), 7d; second quality—average 321 b, 6|d. Australian Lambs. —Victorian: First quality—36lb and under, 7d; second quality—36lb and under, 6Jd. Other States: Second quality—36lb and under, 6id. All States; Third quality, 6id. . Argentine Sheep.—First quality cross-bred wethers; 48-641 b, 4Jd; 65721 b, 3|d. Argentine Lambs. —First quality; 361 b and under, 6£d; 37-421 b, 6|d. Second quality; Average about 281 b, 6-id. , „ Argentine Chilled Beef.—Ox lores (160-2201 b), 3d; Ox hinds (160-2201 b), sld. New Zealand Frozen Beef.—Ox fores (160-2201 b), 3d; Ox binds (160-2201 b), 2 7 d. Frozen Beef.—Ox crops (1001 b and under), 2Jd; ox crops (over 1001 b). 2|d; Ox hinds (1601 b and under), 3d; Ox hinds (over 1601 b), 2Jd. New Zealand Pigs.—First quality: 60-801 b, 5.U1; 81-lOOlb, sfd; 1014201 b, 5Jd. . IVt ... Australian Pigs.—First quality: CO1001b (average about 801 b), ofd; 1011201 b, sfd.

STATE-OWNED BANKS CRITICISM OF PROPOSALS Although some people may be disposed to attach little importance to the propaganda of the Australian Labour Party for the nationalisation ot banking, leading bankers favour a policy of awakening public thought to the 'beneficial effects of the present system, states the ‘ Melbourne Argus. A State-owned banking institution would destroy the present intimate relations between banker and customer, because such an institution would have to be governed by harsh “ red tape ’’ regulations. Borrowers, great and small, would be hampered. Savings would become “ frozen ” in Government undertakings, ami they would not be available in times of crisis or depression. The bankers contend that, with State ownership, there would bo no possibility of any material reduction of interest rates paid by borrowers. The reverse probably would be the case, because the inevitable losses on bad debts would have to be made good out of profits derived from liquid accounts; Australian Governments have the benefit of £52,750,000 of the trading banks' resources in .Government securities and Treasury bills, and the Commonwealth Bank has £42,000.000 ot the trading banks’ resources. So there is £94.750,000 of the trading banks’ funds already doing service nationally, apart from the huge aggregate of advances to individuals. Going into details regarding the effect of nationalisation, the bankers state that the closing of head offices and branches of banks would reduce staffs considerably; surplus banking premises, estimated to be worth £13,000,000 or £14,000,000, would bo thrown on the property market; employment given to artisans in repairs and maintenance would be available no longer; the £2,000,000 a year in taxation paid by the banks would cease, and would have to be replaced by direct taxation; pension funds ot the banks would be endangered; and with tho elimination of competition there would be a serious lack of service to the people. State ownership of banks would yield no better result than the disastrous consequences that have followed in the wake of State-owned steamship services and other undertakings; and political control would lead to loss of efficiency and pave the way to aliases through political patronage. Apart front inflation and its evil consequences, bankers do not sec what additional credit a State-owned bank could release. They assume that, in all honesty, Governments would repay shareholders tho £68,850,000 of their money that is employed now in banking business, and they ask: “How is that money to be found?” They believe that nothing but inflation could lie employed to bring about any material change in credit facilities.

METAL MARKET Press Association—By Telegraph-Copyright. LONDON, September 2. (Received September 4, at 1 a.m.) The following are the official quotations : Copper. —Standard, £36 Is 3d per ton; forward, £36 (is 3d. Electrolytic.—Spot, £39 10s; forward, £4O 10s. Wire bars, £4O 10s. Lead. —Spot, £l2 ss; forward, £l2 10s. Spelter.—Spot, £l7 Is 3d; forward, £l7 ss. , „ Tin _gpot, £220 8s 9d; forward, £220 8s 9d. Rig Iron.—Home trade, £3 2s 6d; export, £2 12s 6d. Antimony.—British, £3O 10s; foreign, £23 ss. Molydbenite, £2 Is per unit. Wolfram, 17s 3d per unit.

Quotations as under Buyers. Sellers. £ 8. a. £ s. d_ BANKING— Bauk of N.S.W. 32 10 0 32 15 0 Bank of New Zealand 2 8 3 — Bank of N.Z., Long “ D ” 1 12 9 — Commercial Bank — 0 16 3 E.S. and A. Bank ... 5 5 0 — Union Bank of Australia Ltd 9 5 0 — INSURANCE— National Insur. Co. 0 17 4 0 17 7 New' Zealand Ins. Co. 2 10 6 — SHIPPING— Howard Smith 0 12 4 Huddart, Parker (pref.) 1 0 4 — P. and 0. Def. Stock 1 3 0 — U.S.S. Co. (pref.) ... 1 3 0 _ COALKaitangata Coal — 1 2 6 Westport Coal Co. — 0 13 1 LOAN AND AGENCYNational Mortgage ... _ 2 6 0 National Mortgage (“ B ” Issue) 1 6 6 — Trustees, Executors, and Agency 2 11 6 — Wright, Stephenson (ord.) 0 11 0 0 13 0 Wright, Stephenson (pref.) 0 13 0 — MEAT PRESERVING— N.Z. Refrigerating (paid) 0 18 6 — N.Z. Refrigerating (cont.) ... 0 8 9 0 8 11 Southland Frozen Meat (cont.) — 0 1 6 0 South Otago Freez. 4 15 — MISCELLANEOUS— British Tobacco ; (cum div.) 1 14 0 __ Bruce Woollen Co. 0 (ord.) 0 8 Bruce Woollen Co (pref.) — 1 1 0 Colonial Sugar Co. ... 57 15 0 — Crystal Ice Co 1 6 0 — Dominion Fertiliser ... — 0 15 6 D.I.C. (ord.) 0 11 3 — D.I.C. (pref.) ... '... 1 i 0 — Dunedin Stock Exchange _ Propy. 2 5 0 — Electrolytic Zinc (def. ord.) 1 1 6 1 2 6 Kaiapoi Woollen 8 (ord., cum div.) — 0 3 Milburn Lime and 12 Cement ... 8 — 0 1 3 Mosgiel Woollen Co. 8 — M’Lcod Bros. 26 0 0 — Mount Lyell 1 1 6 1 2 0 N.Z. Drug Co 3 6 6 —' 0 N.Z Farmers’ Fertiliser 0 lb N.Z. Malay Rubber (ord.) — ••• 0 4 0 — N.Z. Malay Rubber , (pref.) — 0 6 0 — N.Z. Paper Mills 1 7 6 — Regent Theatre 0 18 9 — Smith and Smith (prefi) ••• ’ 0 13 Wilson’s (N.Z.) Cement 1 13 3 6 — N.Z. Newspapers 1 5 3 BREWERIES— N.Z. Breweries 'Ltd. — 0 1 19 3 Dunedin Brewery ... 1 2 Timaru Brewery 0 6 0 GAS— Christchurch 1 7 0 — MINING— Waihi — Kawarau ... 1 0 6 0 3 6 0 0 0 0 0 64 Mahakipawa Kildare ... Okarito ... _ 0 2 0 11 3 9 y 2 12 6 0 Paddy’s Point 0 4 10 0 5 0 2 New Cornish Point ... — 0 0 7 . Golden Progress — 10 1 6 0 3 King Solomon Golden Point 0 0 2 0 0 0 3 0 Golden Dawn 0 2 2 — Consolidated Goldfields 0 lb 9 0 — Gillespie’s Beach 0 2 14 z z% Waitahu 0 7 3 0 i Golden Sands 0 3 0 0 i 8 Big River — 0 i Mount David ... .. 0 2 7 Nokomai Freshford 0 0 3 0 1 8 u 0 o o o 104 Upper Shotover Lawson’s Flat 0 — 0 1 14 0 0 114 Central Shotover 0 10 u i u Bell-Hooper ... ... ... 0 0 10j V U 114 Bell-Kilgour 0 I U i Oxenbridge, Shotover 0 0 8 0 U 1U A £ Aotea Roa 0 6 .WAR BONDS— (Bonds quoted are £100 Bonds.) 193843 34 p.c. Ins. ... 100 15 0 — 1935-52 34 p.c. Ins. ... 100 15 0 — 193943 3i p.c. Ine. ... 100 15 0 — 1939-52 34 p.c. Lie. ... 100 15 0 — 194143 3 i p.6. Ins. ... 100 15 0 — 1941-52 3| p.c. Ins, ... 100 15 0 1940 4 p.c. Bonds ... 100 15 0 *— 1940 4 p.c. Ins. ... 100 10 0 — 1946 4 p.c. Bonds ... 100 5 0 — 1946 4 p.c. Ine. 100 5 0 1949 4 p.c. Bonds 101 5 0 — 1949 4 p.c. Ins. 101 5 0 1955 4 p.c. Ins. 100 2 6