THE SHARE MARKET

Evening Star, Issue 21820, 8 September 1934, Page 11

THE SHARE MARKET

DUNEDIN STOCK EXCHANGE There was a dull market on the Exchange (his morning, and two reported sales comprised the business recorded. Hank of Nnv Zeahuula hardened a liitlc following business at 47s 6d, but otherwise there was no noticeable change m banking stock-. Nationals and New No,'.lauds -.bowed iniprovrincnl. in ibe iusnraiifc section, in which sellers were scarce. The only change in the moat preserving section was an advance of 3d in the buying quotation for Refrigerating paids. Bruce Woollens remained very firm, despite a rise in the buyers’ offer for the ordinary issue. N.Z, Newspapers have had strong inquiry for some time, and this morning 32s was offered, without attracting sellere. Woolworth’s (Sydney) shares have a much improved market. Now Zealand Breweries continue lo move iu an upward direction. Dnnedins (ailed to receive an offer, though on sale at 30... In (he gold mining section only minor alterations were noticeable, Brices offered for Government Loans continued to soar to new heights. SALES. Reported.—Bank of New Zealand, £2 7s 6d; Woolworth’s (Sydney), £3 10s (three). Quotations as under:— Buyers. Sellers. £ s. d. £ i. H.

DIVIDENDS DUE. Adelaide Steamship—final at 6 per cent, per annum Sept. 11 Milburn Lime and Cement —5 p.c. Huddart, Parker Did. —interim, half-year, 3 p.c. on ord. and pvcf. Sept. 13 Broken Hill South—ls Gd a share Sept. IS Kinfr Solomon—2s per cent. ... Sept. 15 North Broken Hill —final, Is 6d per share and Is bonus ... Sept. 23 Bank Australasia—half-year, 7 p.c. (3s 6d) Sept. 28 Dunlop Perdriau —5 p.c., ord. and pref British Tobacco —quarterly, 6 p.c. (3 3-5 d share) ..I Sept. 29 Smith and Smith—half-year, 5 p.c. (6d a share) Oct. 31

THE WOOL MARKET | ADELAIDE SALES Press Association—By Telegraph—Copyright ADELAIDE. September 7. At the opening;, wool sales values were estimated on a par with those ruling in tlie eastern Stales, but there was a decline of at least -id a ih on ail llcece wools compared with the closing rates of last September and even more on lambs’ wool and oddments. Bradford, Japan, and Australian mills were the chief operators. LONDON WOOL SALES The 1 hink of Now Zealand lias received I lie following advice from its London office. under date 7th it.s'..;— At ilie wool .-.ales, opening on September 17. there is expected to he a lifeline in merino of Id -to Id a lb and cross-bred of Ad a lb. LONDON MEAT MARKET The Hank of New Zealand lias received the following advice from its London office, under date September 7Lower prices tor wethers are expected in the near future owing to larger supplies arriving. For ewes there is a weaker tendency. The demand for lambs is tailing olf, as the market is affected by heavy supplies of home-killed meat. Wethers—light 5,(d to ojd per lb, heavy 4id to 5d per lb; ewes, did to 4id per lb: lambs—twos 7d to 7Ad per lb. eights 6-Jd to 6Jd per lb, lours 6id to Gjd per lb, seconds Old lo 7d per lb. DAIRY PRODUCE The National Mortgage and Agency Company is in receipt ot the following cable from its principals, Messrs A. J. Mills and Company Ltd., London: — Butter: Market quiet but steady. New Zealand finest, 78s; New Zealand firsts, 775; New Zealand unsalted, 88s; Danish, IOGs (f.0.b.) SBs; Australian, 74s to 755. Cheese: Market slow. New Zealand white, 48s 6d to 49s ; New Zealand coloured, 45s to 45s 6d; Canadian c.i.f., 48s to 50s. The South Island Dairy Association has received the following report from London :—Butter: Quiet; 78s to 79s ; Danish, 109 s. Chesc: Quiet, white 48s Gd to 495 ; coloured, 45s to 45s 6d. CANTERBURY MARKETS The potato market is inactive after the big shipments of last week. The Wingatui’s cargo this week was small, and as supplies were, very short in Auckland when the last consignments arrived the congestion should bo speedily cleared. A proportion of last week’s shipments were seed. Values are £2 Iss, f.0.b., s.i., and 35s on trucks. The fowl feed market continues firm, the f.0.b., s.c, value being 3s 9d. Garton oats practically maintain the higher rate caused by the export inquiry to 2s 9d, f.0.b., s.i., for A’s or from 2s Id to 2s 2d on trucks. B’s are quoted at 4d to a bushel lower. Chaff is quoted at £3 17s Cd a ton, f.0.b., s.i. There is not much inquiry. Small seeds remain very firm. Italian and perennial ryegrass are worth 3s Gd a bushel to farmers on trucks; cocksfoot, 10 a lb ; cowgrass, 9d to lOd ; and white clover, Is to Is 3d. PROHIBITIVE ORANGE PRICES INVERCARGILL PROTEST [Per Exited Pkess Association'.l INVERCARGILL, September 7. _ The question whether the public is being asked to pay too high a price for Australian oranges is one with which the president of the Invercargill Chamber of Commerce (Air C. B. Tapley) is concerned, for ho considers that there is too great a margin between the wholesal and retail prices unless there is some explanation of which the public is at present ignorant. He mentioned that in July 'a deputation waited on the mayor, who was asked to urge the Government to remove the embargo. The president of the Retail Fruiterers’ Association said that’representations were made by fruiterers, not from selfinterest," but because the people wore deeply concerned. He mentioned that customers frequently came into the shops asking for oranges, only to find the price prohibitive. It was mentioned by several speakers, said Mr Tapley, that if sufficient oranges were allowed on the market from Australia the retail prices would be appreciably reduced instead of being at luxury prices. It seemed to him that the retailers had fixed a certain selling price which did not give any apparent relief to the consumers, and some explanation was called for. He quoted figures to show that on a case of oranges costing 23s there was a profit of 17s, and he declared that on the face of it the retailers’ profit seemed to be too great. OIL POSSIBILITIES EAST COAST SURVEY Taranaki (N.Z.) Oil Fields No Liability has advised the New Zealand Stock Exchange Association that it has received the following cable message from its Melbourne office : Company is advised by Vacuum Oil Company that the latter does not propose to drill the oil areas on the oast side of the North Island which were the subject of the agreement of July, 1932. The Vacuum Company has made available very valuable data gathered by its geologists in the comprehensive investigations they have carried out over the past two years. It is the unanimous opinion of all oil geologists who have examined the area, whether on behalf of the Taranaki Company, the New Zealand Geological Survey, or overseas oil producing interests, that the district unquestionably possesses oil possibilities, but opinions differ I as to the risk rate involved in locating ! and drilling of test wells. I This being so, the directors have reason to believe they will be able to interest certain independent oil prospecting interests overseas, whose recognised business is to undertake search for oil under the conditions outlined, and steps are now being taken to this end.

BANKING— Bank of Australasia 11 12 0 — Bank of N.S.W. ... 31 10 0 — Bank of New Zealand 2 7 4 2 7 9 Bank of New Zealanc (Long' “ D ”) 1 14 0 — Commercial Bank .. 0 15 10 — National Bank of New Zealand — 3 16 0 Union Bank of Australia Ltd 9 7 0 — Reserve — 6 y 6 INSURANCE— National Insur. Co. ... 1 0 0 _ N.Z. Insurance Go. ... 3 4 0 — Standard Insurance Co 3 6 0 — , SHIPPING— Huddarl, Parker (pref.l 1 8 0 — U.S.S. Co. (pref.) ... 1 7 0 — COALKaitangata Coal 1 0 6 — Westport Coal Co. ... 0 18 11 0 19 2 LOAN AND AGENCYDalgoty and Co. 9 0 0 — Goldsbrough, Mort ... — 1 11 0 National Mortgage .. — 3 1 0 National Mortgage (B issue) — 1 12 0 N.Z. Loan and Mercantile (ord.) — 57 0 0 N.Z. Guarantee Corporation ... 0 4 6 — Wright, Stephenson (ord.) 0 18 9 MEAT PRESERVING— N.Z. Refrigerating (paid) 0 19 3 *— N.Z., Refrigerating (cont.) 0 9 0 0 9 2 Southland Frozen Meat (paid) 3 10 0 — Southland Frozen Meat (cont.) 1 15 0 — Southland Frozen Meat (pref.) 3 10 0 — South Otago Freezing 6 2 0 MISCELLANEOUS— Associated Newspapers 1 3 0 — Brown, Ewing (pref.) 1 1 0 ■— Bruce Woollen Co. (ord.) ... ... ... 0 13 0 — Bruce Woollen Co. (pref.) 1 1 0 — D.l.C. (pref.) 1 5 0 — Dominion Fertiliser ... 1 0 0 — Dominion Fertiliser Debentures 102 10 0 — Dominion Rubber ... 1 9 0 — Dunlop Pcrdriau Rubber ... 1 0 0 — Kaiapoi Woollen (ord.) ... — 0 14 0 Milburn Lime and Cement X 14 6 — Mosgiel Woollen Co. 10 12 6 — Mount Lyel! 1 0 0 — National Electric 0 7 9 0 8 9 N.Z. Drug Co 3 18 0 — N.Z. Newspapers 1 12 0 — N.Z. Paper Mills ... 1 11 6 — ‘ Otago Daily Time* ’ 2 9 0 — Recent Theatre — u la 6 Whitcombe and Tombs 3 15 0 — Wilson’s (N.Z.) Cement 1 10 0 — Woolworth’s (ord.) ... 7 0 0 — Woolworth’s (Sydney) 3 9 s 3 10 8 BREWERIES— Now Zealand Breweries 2 7 4 2 8 0 Dunedin Brewery — 1 10 0 Tooth’s Brewery 2 5 0 — OIL— Moturoa (ord.) ... ... — 0 4 0 GOLD MINING— Aotearoa ... — 0 0 9 Boll-Kilgour — 0 0 4 Bendigo Goldlight 0 0 104 0 1 0 Central Shoiover — 0 0 10 Gillespie’s 0 1 10 0 111 Golden Progress 0 1 1 ■— Goldfields Dredging ... 0 0 9 0 1 0 Kildare 0 1 10 — King Solomon — 0 4 4 Mataki 0 2 5 — Mining House Concessions 0 0 4s 0 0 6 Moonlight-Nelson Creek —- 0 0 4<jr Nevis Diesel 0 0 4 — Nokomai 0 3 10 0 4 3 Okarito 0 8 3 — Skippers 0 0 6 0 0 7-j Waitahu •— 0 4 9 Welherstone ... ... 0 0 8 0 1 3 Sandhills 0 0 5 0 0 7 Stafford Sluicing — 0 1 41 N.Z. GOVERNMENT LOANS(Bonds quoted are £100 ionds.} 31 p.c. Stock, 18381945 108 0 0 3i p.c. Stock, 19391913 108 0 0 — 34 p.c. Stock. 19411943 108 6 0 — 3} p.c. Stock, 19381952 .... 108 0 0 — 3) p.c. Stock, 19391952 108 0 0 — 3i p c. Slock, 19411952 108 0 0 — 4 p.c. Bonds, Jan. IS, 1940 ... 107 0 0 — 4 p.c. Stock, Jan. IS, 1940 107 0 0 ’ ♦ p.c. Bonds, Feb. 15, 1946 107 10 0 4 p.c. Stock, Feb. IS, 1946 107 10 0 — 4 p.c. Bonds, April 15. 1949 108 10 0 — 4 p.c Stock, April 15, 1949 108 10 0 — 4 p.c. Bonds. June 15. 1955 110 0 0 4 p.c Stock, June 15. 1955 110 0 0 -