THE SHARE MARKET

Evening Star, Issue 22272, 25 February 1936, Page 7

THE SHARE MARKET

DUNEDIN STOCK EXCHANGE A fair volume of business was recorded this morning, when conditions generally remained firm. There was a fair inquiry for banking shares. Australasias were wanted at £l2 10s with a seller 7s 6d away upon the announcement of a dividend which represents an incycase of I per cent, on that paid for the preceding 12 months. New Zealands were in good demand at 47s 6d without attracting a seller. Commercials were inclined to cape, while E.S. and A.’s had reported business at £6 3s 9(1. Re‘serves continued to improve, buyers offering £5 17s without response. In the insurance section Nationals were inclined to be easier, whilst there was a bid of 63s 6d and a seller 65s 6d cum div. for Standards. Less interest was manifested in meat preserving shares, though South Otagos were inquired for at the improved price of £7 13s and Waitaki Farmers at 74s without eliciting a reply from sellers in either case. A stronger inquiry prevailed for financial and pastoral issues. New Zealand Guarantee Corporations were in good demand at 5s 9d, with a seller 4d away. Mortgage Corporations had a close market, and only 6d separated the quotations for Wright, Stephenson prefs. In the miscellaneous section Associated Newspaper shares had reported business at 235, the market closing with further buyers at the same figure and no seller under 23s 6d. A good inquiry persisted for Crystal Ice shares, but sellers continued scarce. D.I.C. prefs. and Dominion Fertilisers also remained firm, while Dunedin Stock Exchange Proprietary* had buyers at 39s and sellers at 40s, though business was effected yesterday at 40s. Westport Coals were inclined to be slightly easier, a sale being recorded at 23s with further sellers- at 23s 3d. New Zealand Breweries revealed a further tendency to weaken, sellers at 52s 3d failing to attract an offer. Gold mining shares remained dull, but Australian mining issues were in good demand. The market for Government stocks remained much about ihe same. Sales Reported.—E.S. and A. Bank. £6 3s 9d; Associated News, £1 3s; Woolworth (Sydney), £6 10s. Sale on ’Change.—Westport Coal, £1 3s. Quotations as under:—

DIVIDENDS DUE

WHEAT DAMAGE EXAGGERATED ESTIMATES [Pee United Press Association.] CHRISTCHURCH, February 24. The damage to the wheat crop from the rain has been estimated by Mr H. E. West, chief chemist of the Wheat Research Institute, at £500,000, hut other men closely in touch with wheat growing and milling regard this estimate as too high. It was stated that in the past seasons similar to tlie present one have been known, and that they did not necessarily bring disastrous damage to the crop as a whole. Much depends on how the farmer handles his crop from now on.

Mr West based his estimate on the difference in the price of wheat as milling wheat and as fowl wheat, bearing in mind that an excessive supply of under-grade wheat could not be absorbed by the country. He inspected the wheat areas on Sunday, but not that portion flooded by the Ashley Mr W. W. Mulholland, of Barfield, who has been a leading figure in the wheat industry for some years, said that the estimate appeared to be exaggerated. “On previous experience of such seasons—and they have not been unknown—the estimate seems to be too liigh.” said Mr Mulholland. “ We have found tliat in similar seasons the wheat could still be used for milling. The quality of the flour may have been affected to some extent, but Mr West himself, through the work he did some years ago, has enabled this disadvantage to be overcome. “Some of the wheat had undoubtedly started to grow,” continued Mr Mulholland, “ and some of the sheaves were undoubtedly green, hut this sprouted wheat need not affect the quality of the whole sample because it would not go into the bag if the farmer stacked the wheat that was now in stoolc. The threshing mill would deal with the grain that was badly damaged . ” Mr Mulholland strongly advised stacking. “ Going on our experiences of past seasons, I would say that most of the crop will be available for milling—that is, if the farmers give it a reasonable chance to come into condition,” he concluded.

A miller considered that the estimate of the damage was too high. Every few seasons, he said, there was an alarm that the crop had been seriously damaged, but it was generally found that there was a good supply for the mills. Another man closely in touch with the industry, who inspected a number of crops yesterday, said that there was undoubtedly a good deal of sprouting in the stooks he had seen, but the damage was in most cases confined to the outside of the sheaf, and, with careful handling, this wheat could be dried satisfactorily. Sprouted sheaves need not be put through the threshing mill. “ Millers will most likely take their usual 6,260,000 bushels,” he said.

Buyers. Sellers. £ t. d. £ t. d. BANKING— Australasia 12 10 0 12 17 6 Nw South Wales ... — 35 10 0 New Zealand 2 7 6 — Commercial — 0 19 11 E,S._ and A. 6 0 0 6 4 6 National of New Zealand — 3 19 6 National of Australasia (cont.) — 7 13 0 Reserve 5 17 0 * Union of Australia Ltd 9 19 0 10 1 0 INSURANCE— National 0 19 6 New Zealand 3 3 0 — Standard 5 3 6 3 5 6 SHIPPING— Howard Smith 0 18 0 — Huddart, Parker (ord.) — 2 0 6 P. and 0 Deferred Stock — 1 6 6 U.S.S. Co. (pref.) ... 1 6 9 MEAT PRESERVING— N.Z. Refrigerating 0 0 (cont.) 9 10 0 10 South Oiago Freezing 7 13 0 Waitaki Farmers’ Freezing 3 14 0 LOAN AND AGENCY— Dalgety 9 8 0 10 12 6 Goldsbrough. Mort ... 1 12 6 — Mortgage Corporation 0 4 7 0 4 9 National Mortgage (“ B ” Issue) 1 12 0 — N.Z. Guarantee Corporation 0 5 9 0 6 1 Wright. Stephenson 17 (ord.) 0 6 — Wright, Stephenson 0 (pref.) ... 0 19 6 1 0 COAL— Kaitangata 1 2 0 — 3 Westport. — 1 3 Westport-Stockton 0 S (pref.) 2 WOOLLEN COMPANIES Bruce (ord.) 0 12 0 — Bruce (pref.) 1 i 9 — Kaiapoi (ord.) 0 14 3 0 14 9 Kaiapoi (cont.) 0 5 0 0 5 9 Kaiapoi (pref.) 0 17 0 0 18 0 Oamaru ... 1 1 9 MISCELLANEOUS— Associated News 1 3 0 1 3 6 Broken Hill Proprietary 3 0 6 — Colonial Sugar Co. ... 42 10 0 — Consolidated Brick ... — 0 10 11 Crystal Ice Co. 1 16 0 — D.I.G. (pref.) 1 3 9 1 4 9 Dominion Fertiliser 1 4 6 — Dominion Fertiliser Debs. ... 103 0 0 —• Dnnedin-Kaikorai Trams 2 0 0 — Dunedin Stock Exchange Proprietary 1 19 0 2 0 0 Dunlop Perdriau Rubber 0 15 1 — Milburn Lime and Cement — 2 5 0 National Electric — 0 12 9 G. J. Coles — 3 13 0 ‘ Otago Daily Times ’ — 2 12 0 Regent Theatre Wilson's (N.Z.) — 1 1 0 Cement 2 *2 0 — BREWERIES— New Zealand — 2 12 3 Timaru ... “ 0 9 7 GAS— Auckland 1 5 6 AUSTRALIAN MININGElectrolytic Zinc (pref., £1) 1 19 6 — Electrolytic Zinc 0 0 0 (ord., £1) 1 19 2 Mount Lyell (£1) ... 1 ■ 5 0 1 6 0 Mount Morgan (2s 6d) 0 16 1 — Mount Morgan (rights) 0 5 3 0 — Upper Watut (5?) ... — 8 3 Mount Morgan De0 velopments (2s) ... — 4 6 GOLD MINING— Big River (Is) 0 1 9 0 2 0 Gillespie's (Is) 0 0 11 0 1 0 Goldfields Dredging 5 (Is) — 0 0 King Solomon (Is) ... ■ 0 3 6 Molyneux River (2s) — 0 2 2 Mount David (5s) ... — 0 1 6 Maori Gully (Is) ... 0 0 11 0 — Nokomai (5s) 0 2 0 2 6

Okarito (5*) 0 4 0 0 s 0 Skippers (Is) 0 0 2s 0 0 3 Waitahu (5s) — 0 2 3 Worksop (Is) 0 1 9 ■— N.Z. GOVERNMENT LOANS(Bonds quoted are £100 Bonds.) 34 p.c. Stock, Nov., 1938-52 102 10 0 — 34 p.c. Stock, Mar., 1939-43 102 10 0 — 3j p.c. Slock, Sep,, 1939-43 102 15 0 — 34 p.c. Stock, Mav, 1939-52 102 15 0 _ 4 p.c. Bonds, 1937-40 101 5 0 — 4 p.c. Stock, 1937-40 101 5 0 — 4 p.c. Bonds 1943-46 102 10 0 — 4 p.c. Stock, 1943-46 102 0 0 — 4 p.c. Stock, 1946-49 — 104 0 0 4 p.c. Stock, 1952-55 104 0 0 104 10 0 UNLISTED STOCKS— M'Tntosh, Caley, Plicenix 0 10 0 0 11 Woolworlhs '.Sydney) — 6 11 0

National Mortgage and Agency, 5 p.c. p.a To-day. Mataki Gold Dredge—Id a share To-day. Bank of New South Wales —In- , ‘ Feb. 26 (erim, quarterly, 5s a share ... Equitable Building Co.—Annual 4- per cent Feb. 26 Standard Portland Cement —Halfyearly, at 7 per cent, per annum ... ... Kuala Kampar Tin—6d a share (sterling) Feb. 26 Feb. 27 Carlton Brewery—Final halfyearly, 5 p.c., making p.c. per annum ' Feb. 28 Pelaco Ltd.—A pref., 7 per cent.; B pref., 9 par cent, per annum Feb. 28 Kandos Cement —Interim, 10 p.c. per annum Feb. 28 Kuala Lumpur Tin—la a share ... Feb. 28 Southland Meat—Interim, 16 p.c. per annum Mar. 2 Milburn Cement —Interim, 3J p.c. for half-year ended Dec. 31 ... Mar. — Elder Smith— Interim, 6 p.c. p.a. for half-year ended December 31 , Mar. 2 Standard Insurance —Half-yearly, Is 3d per share ... Mar. 2 Queensland Insurance —Interim, ord. 7 p.c. per annum Mar, 3 Broken Hill South — Jubilee bonus, 2s 6d a share Mar. 14 W. R. Carpenter—Interim, 8 p.c. per annum Mar. 16 Gillespie's Beach—5 per cent. ... Mar. 19 Electro. Zinc—int., ori. and pref. 4 p.c , Mar. 19 Apex Investment Trust of New Zealand—Final at 4 p.c. per annum Mar. 19 Bank Australasia —Final, 8j p.c. p.a., 4s 3d share, less British income tax, 4s 6d in £ Mar. 27 Hume Pipe (Australia)—Interim at 5 per cent, per annum Mar. 30 Myer Emporium—Interim, ord., 3 P-c ••• Apr. 6 G. J. Coles and Co. Ltd.—Interim, quarterly, ord., 6d per share ... Apr. 15