Commerce, Mining, & Finance

Evening Star, Issue 22524, 17 December 1936, Page 9

Commerce, Mining, & Finance

OTAGO FARMERS’ CO-OP-ERATIVE ASSOCIATION ; FORTY-FIRST ANNUAL MEETING The forty-first annual meeting of shareholders of the Otago Farmers’ Cooperative Association was held in the hoard room, Crawford street, yester- • day, when there was a fair attendance • of shareholders. , In his address Mr Jasper Clark (chairman) stated that the_ financial position of the company again showed ' a satisfactory improvement over the previous year, and that the directors again recommended the payment ot dividends to all classes of shareholders ■ —viz., 5 3-5 per cent, to “A ” prcfer- ' ence, 5 per cent, to investment, and 5 per cent, to ordinary shareholders. After taking into consideration the balance carried forward last year of £829 9s 4d, these payments would leave a ■ balance to be carried forward this year of £2,212. . , , , The gross income had again exceeded the 1929-30 figures, whilst expenses, 1 mainly due to higher wages as a result ' of legislation, showed a marked increase. Details as to sales of stock, wool, skins, produce, and merchandise were submitted, together with the_mam 1 items of expenditure. The Chairman stated that sundry debtors showed a reduction of £4,514, and sundry creditors an .increase of £3,616. The bank overdraft had been reduced, and this applied also to deposits. As a result of better prices there had been a general improvement in tbe position of advance accounts. In the majority of cases sharing schemes had been satisfactory, and the doubtful debts reserve was more than adequate on to-day’s values. During the period just ended prices for wool were on a higher level, being 2.9 d per lb above the previous season’s average. The demand for hogget wqol had been very poor throughout the season. The coming year was full- of expectant promise. Over the period under review the price of sheep and lambs had improved. Not only had the export season been more profitable to fatteners, but the store market throughout had been buoyant, and a decided hardening in price tendency had been experienced towards the end of the financial year. Ewe flocks generally were composed of younger ewes than had been the case for some years. Many of their clients had taken advantage of the lean price period and had replaced old_ sheep with young ewes, much to their financial advantage. Those clients who had been consistently shipping under their “ Cloverlea ” brand in their pool scheme had again bettered the New Zealand ruling prices for their lamb and mutton by shillings per head. The general trend of the market for their beef was not easy to follow. Breeders and fatteners had enjoyed a price level considerably higher than than of the previous year. It was interesting .to note that sales _ of most lines of steers showed a dominance of Shorthorn. Not only was this breed meeting the demand for cattle which matured early, but the meat trade showed a marked preference for them. The market for horse flesh had been buoyant throughout the year, with the' demand mostly in excess of the supply. The price level of all working horses had continued to be hijrii, and it would appear that young replacements would be insufficient to make any marked difference in the price for some time. The Chairman warned farmers whose mortgages were overdue that they should, before January 31, 1937. finalise as extension of their mortgages at a rate of interest which they would bo liable to pay. With regard to recent legislation, this had mostly been at the expense of the primary producer. Coming on top of higher income tax, land tax, and higher costs generally, higher farm wages, which in some • cases had been too low in the past, had tended to increase the farmer’s burden. During the year General A. E. Stewart, who had joined the directorate in 1926, retired, and the chairman said ha desired to thank him for the excellent work put in over the past 10 years. His place had been taken by Mr George Boss, of Palmerston, who had previously been a director of the company. All members of the staff continued to work in the closest' harmony, and to them and to their loyal clients thanks were due for another successful year. In concluding the chairman made reference to the death of two of their original shareholders in Mr Harry Flett and Mr David Gibb. Both these shareholders had been present at the last annual meeting. The motion was seconded by Mr T. H. Bussell and carried. It was resolved that the dividends as recommended by the directors bo declared. There being no other nominations, the chairman declared- the retiring directors, Messrs ■ William Robertson and Robert M'Corkindale, re-elected. Messrs W. E. C. Reid and Co. were reappointed auditors for the ensuing ypar. LOAN FOR ONTARIO Pfess Association—By Telegraph—Copyright TORONTO, December 16. The Government announced the cbmpletion of a 20,000,000d0l 15-year loan, the first since Mr M. Hepburn became Premier in July, 1934. The loan will be used to refund maturities due in January. BRITISH TOBACCO COMPANY Press Association—By Telegraph—Copyright SYDNEY, December 16. The British Tobacco Company of Australia Ltd. declared a bonus dividend of 9d per share, equal to 3| per cent, on ordinary shares.

FOREIGN EXCHANGES ON NEW ZEALAND CURRENCY BASIS The Bank of New South Wales, Dunedin, quoted the following rates for purchase and sales of foreign exchanges (all rates subject to alteration without notice); — Buying. Selling. London — £IOO stg. N.Z T.T. £124 £124 10/ O.D. £123 10 1 £124 8/9 Australia—£A to £IOO N.Z T.T. £lOl £IOO 10/ Fiji—£F to £IOO N.Z T.T. £9O 7/6 £B9 New York — I Dollars to £1 N.Z. ■ T.T. 3.974 3.93 J O.D. 3.98 J 3.944 Montreal — Dollars to £1 N.Z T.T. 3.96| 3.934 O.D. 3.97 J 3.93| Austria — Schillings to £1 N.Z. T.T. O.D. Belgium— Belgas to £1 NIZ T.T. O.D. Czechoslovakia — Crowns to £1 N.Z T.T. O.D. Denmark— Kroner to £1 N.Z T.T. 18.203 17.893 O.D. 18.263 . 17.903 France — Francs to £1 N.Z T.T. O.D. I Germany— Reichmarks to £1 N.Z T.T. O.D. Holland — Florins to £1 N.Z T.T. O.D. Italy— Lire to £1 N.Z T.T. O.D. Java — Florins to £1 N.Z T.T. O.D. ! Norway—--1 Kroner to £1 N.Z T.T. 16.181 15.891 O.D. 16.241 15.901 Sweden — Kroner to £1 N.Z T.T. 15.785 15.490 O.D. 15.845 15.500 Switzerland— Francs to £1 N.Z T.T. O.D. Noumea— Francs to £1 N.Z T.T. O.D. Papeete— Francs to £1 N.Z. ... T.T. O.D. Hongkong— N.Z. pence to 1 dollar T.T. 18 9-32 18 25-32 O.D. 18 1-4 18 49-64 India and Ceylon— N.Z. pence to 1 rupee T.T. 22 13-32 22 11-16 „ O.D. _ 22| 22 43-64 Japan— N.Z. pence to 1 yen T.T. O.D. Shanghai— 1 N.Z. pence to 1 dollar T.T. 17| 184 O.D. 17 19-32 18 7-64 Singapore— N.Z. pence to 1 dollar T.T. 34 23-32 35 13-64 O.D. 34 5-8 35 3-16 Chefoo— N. pence to 1 dollar T.T. 17 41-64 16 17-64 O.D. 17 19-32 184 DOLLAR BATES. The Associated Banks (other than the Bank of New South Wales) quoted the following dollar rates to-day on a Now Zealand currency basis. They are subject to alteration without notice:— U.S.A. Canada. (Per £1 N.Z.) (Per £1 N.Z.) SELLING— T.T. (dol) 3.93 J 3.93 O. (dol) 3.94 J 3.93] BUYING— T.T. (dol) ... ... 3.97 J 3,96 i O.D. (dol) 3.98| 3.97 f RUBIER BASIC QUOTAS PERCENTAGES FOR 1937 (British Official Wireltss.) Press Association—By Telegraph—Copyright RUGBY, December 15. _ The International Rubber Regulations Committee to-day fixed the following revised percentages of the basic quotas for 1937 as the permissible exportable amount:—For January, February, and March, 75 per cent.; for April, May, and June, 80 per cent. ADDINGTON STOCK SALE [Per United Press Association.] CHRISTCHURCH, December 16. Heavier entries were forward at today’s Addington market. Values were maintained or improved in the principal sections of stock . Fat Lambs.—The fat lamb market was the best for years, exporters exceeding tbe export schedule in cases by up to a half-penny per lb. Extra prime lambs made to _36s 7d; prime, 29s to 325; prime medium-weight, 27s to 28s 6d; ordinary, 25s 6d to 26s 9d; light, to 25s 3d. Fat Sheep.—There were 4,250 penned. Wethers maintained recent values, but ewes were easier by Is 6d. Exporters bought wethers at up to 255; best brought to 32s Id; prime heavy, 27s to 295; prime mediumweight, 25s to 26s 6d; others, down to 21s 6d; good ewes, 22s 6d to 275; prime medium, 20s to 225; others, down to 16s. Fat Cattle.—There was a heavy entry of 500 head, but little change in values. Best beef made to 35s per 1001 b; in a few cases good 31s to 335; heavyweight, 27s to 29s ;■ prime heavy steers sold to £ls 7s 6d; good, £ll to 13 15s; ordinary, £9 10s to £lO 15s; good heifers, £7 10s to £l2 7s 6d; medium, £6 10s to £7 ss; best cows, £7 to £lO 17s 6d; medium, down to £5 10s. Fat Pigs.—Heavy entries continue, and porkers wore again easier. They made from 28s 6d to 44s 6d; average price per lb, SRI to 6d; baconers, 47s Od to £3 18s 6d; average, 5Jd to Gd.

STOCK AND SHAREBROKERS. THE SECURITIES GORPORATIGH (N.Z.) LIiITEG STOCK AND SHAREBROKERS. SELLERS:

ALLIANCE ASSURANCE BUILDINGS, 20 Crawford street, Dunedin, Phone 11-777 (4 lines).

SYDNEY WOOL SALES PreM Association—By Telegraph—Copyright SYDNEY, December 16. At the wool .sales 10,905 bales were offered' and 10,055 sold, while 2,836 were disposed of privately. There was spirited general competition and prices were at the best point of the season. Burry fleece and skirtings showed an advance of 5 per cent. A new season’s record of 33d was registered for greasy merino. LONDON MARKETS HIGH COMMISSIONER'S CABLEGRAM The Department of Agriculture has received the following cablegram, dated December 12, from the High Commissioner for New Zealand! in London:— Tallow.—Market firm; spot price Is 6d dearer, except mutton, fine unchangedl. For shipments prices have advanced. Hemp.—Manila: Market strong. “K ” grade for December-February shipments sold up to £33. No signs of increasing supplies of Manila. Firm market expected for a while. Stocks in London December 1, 6,436 bales, against 4,549 at the same time last year. Sisal: Market firm and active. Owing to lack of supplies, prices have advanced for January to June. Equal monthly quantities sold at £2B. New Zealand: Fair business done on basis of “Fair,” £23_ to £24; “Rejected,” £2O 15s; principally for DecemberFebruary shipments. Brokers’ telegrams report stocks practically exhausted. In view of rapid advance low grades Manila, much more interest is expected from manufacturers compared! with last few years. Stocks in London on December 1, 52 tons, against 41 tons at the same time last year. Apples.—Californian Newtown, 9s 9d to 10s 6d;_ Oregon Newtown, lls to 13s 6d; Washington Jonathans. 10s 9d to lls; British Columbian Jonathans, 9s 6d to lls 6d. Pears.—Market steady, with an improved demand. Californian Winter Nelis, 12s 6d to 13s. Eggs.—Market slow. Prices have declined for Continental; English specials cheaper; supplies short. English, national pack, 18s 6d to 22s 6d; English, ordinary pack, 18s 9d to 20s; Danish, 14-171 b per long 100, lls to 15s 7d; Australian, 8s 6d to 12s 6d. DUNEDIN SNOWHITE LAUNDRIES LTD. The statutory meeting of Dunedin Snowhito Laundries Ltd. was held at the registered office of the company, Security Buildings, yesterday. It was reported that the entire capital of £IO,OOO had been fully subscribed. The chairman (Mr J. Trengrove) stated that practically all the machinery and plant had now been ordered, and would arrive from England during March next. Plans and specifications for the laundry building were, well in hand, and it was expected that tenders would be called early during January, 1937. The fallowing were appointed as directors for the ensuing year:—Messrs J. Trengrove, F. Tyson, J. Richardson, A. A. Paape, S. F. Wunsch, A. Smellie, and R. M. Byford l . THE SEARCH FDR GOLD SKIPPERS LIMITED The secretary of Skippers Limited reports that a partial wash-up produced Cloz lldwt of gold for 12 shifts. This wash-np represents the product of 116 square yards of bottom. It is hoped that a further wash-up of the same paddock will bo secured this side of the New Year. The hydro-electric scheme is well advanced and should be completed early next yap.

SHARE MARKET DUHEDIN STOCK EXCHANGE SEVERAL ISSUES RISE IN PRICE Sales were effected in Electrolytic Zinc pvefs.. Mount Lyells, and Woolworth Sydneys at improved prices this morning, whilst sales were reported in two Government loan issues at reduced prices. The market tor bank shares showed little change, and amongst insurance issues _Niitionals appeared , urmer, while New Zealand 3 had reported business at £3. Howard Smiths experienced a sharp recovery, sellers yesterday at 21s 6d neing replaced this morning by buyers at that figure, with no seller under 22s 3d. A margin of 6d separated the quotations for Union Steam prefs. Quotations for meat, loan and agency, coal, and woollen shares revealed little change, and in . the miscellaneous group Broken Hill Proprietarys moved up 2s to buyers at 81s, with sellers Is away. The contributings also advanced Is. British Tobaccos were in stronger demand at 465, whilst Farmers’ Fertilisers attracted the first buyer for some time at 19s. Woolworths were wanted at £6 3s, but there was no sign of recent sellers at £6 9s. New Zealand Breweries continued to advance in value, while Tooths and Carltons also had improved inquiry. Amongst uulisted stocks Woolworths (Sydney) ordinary shares experienced a sharp recovery with a sale after the call at £7 16s, and further buyers at the same figure, and no seller under £7 17s. Australian mining shares continued to appreciate rapidly, particularly Electrolytic Zincs and Mount Lyells, gams of about Is and fid being recorded respectively. Mount Morgans were inclined to be a shade easier, but forward delivery offers for these shares indicate a rise in the market in the near future. SALES REPORTED. New Zealand Insurance, £3. 34 per cent. Stock (1938-52), £lOl ss. 4 per cent. Stock (1943-46), £lO2 7s 6d. SALE ON ’CHANGE. Electrolytic Zinc (pref.), £2- 10s 6d. SALES AFTER CALL. Woolworths (Sydney), £7 16s. Mount Lyell, £1 18s.

31 p.c Stock, March, 1941-43 101 10 0 31 p.c. Stock, Sept., 194143 101 10 0 31 p.c. Stock, March, 1941-52 101 10 0 p.c. Stock, November, 1941-52 ... 101 10 0 4 p.c. Bonds, 1937-40 100 15 0 4 p.c. Stock, 1937-40 100 15 0 4 p.c. Bonds, 1943-46 102 0 0 4 p.c. Stock, 1943-46 102 0 0 4 p.c. Bonds, 1946-49 101 15 0 4 p.c. Stock, 194649 101 15 0 4 p.c. Bonds, 1952-55 101 0 0 4 p.c. Stock, 1952-55 101 0 0 DIVIDENDS DUE Beutoug Tin—ls Dec. 18 Mossy _ Creek —Id Dec. 18 Dominion Breweries—ord. and pref. 8 per cent, per annum ... Dec. 18 Hume Pipe (Far East) —interim at 10 per cent, per annum ... Dec. 19 Kanmunting Tin—l2 per cent. . (less British income tax) . ... Dec. 22 Sulphide Corporation—pref., 2s per share; ord., 9d per share Dec. 22 P. and O. Deferred—4 per cent. per annum North Kalgurlie—interim, 9d a share (sterling), loss English income tax Dec. 28 Morris, Hedstrom—interim, 2$ per , cent. Dec. 30 British Tobacco—quarterly, 2 percent. Dec. 31 Zinc Corporation—2nd half fixed cum pref., 2s; interim, 2s fid . on both pref. and ord Jon. 1 National Bank of New Zealand-half-yearly at the rate of 4 per cent, per annum (free of tax), equivalent to £4 18s lOd per cent, per annum in New Zealand currency Jan. 5 J. G, Coles—ord. Is per share ... Jan. 15 Victoria Nyanza Sugar—3 per cent. Jan, 27 COLOMBO TEA SALE Mi- L. M. Wright has received the following cabled report on the Colombo tea auction of December 15;— . At yesterday’s auction, which is the last sale of the year, common kinds remained firm, while quotations for medium and: good quality teas advanced from 1 to 2 cents. The first sale in 1937 will be held on January 5. KAURI TIMBER COMPANY Although profits of the Kauri Timber Company Ltd. for the year ended August 31 amounted to £42,100, compared with. £39,360 in the preceding year, the dividend on the capital of £750,000 is unchanged at 5 per cent., requiring £37,500. Shares in the company have a face value of 255, and as their market price also is 255, the return o,n purchases is 5.2 per cent., allowing for the dividend of 5 per cent, recommended by the directors.

50 Dominion Fertilisers ... £ s. 1 4 d. 0 100 Wilcox, Mofiiin ... ... 0 11 0 50 N.Z. Perpetual Forests 2 10 0 100 Broken Hill J?ty. 4 2 0 100 Dominion Rubber ... 1 11 0 50 Australian Glass 4 10 6 100 National Insurance ... 0 18 1 200 Mount Morgans 0 15 6 100 Petrous Tile 0 15 0 500 Skippers 0 0 3i 200 Gillespie’s Beach 0 1 5 k 720 Paddy’s Point 0 2 6 BUYERS: 25 G. J. Coles 4 10 0 10 Union Banks 10 7 6 100 Commercial Bank of Australia 0 19 1 50 K.P. N.Z. Drugs 3 15 0 300 Mean t Lyells 1 18 0 100 General Industries ... 0 19 0 100 Donaghy’s Ropo and Twine ... 2 11 6 20 Mosgiel Woollen 9 10 0 200 Dennys Lascelles 0 18 0 6 N.Z. Perpetual Forest Bonds (any issue! 4 Afforestation Ltd, Shares,

Quotations as under:— Buyers. tellers.. £ s. d. £ 8. d. BANKING— New Zealand ... ... 1 19 3 Commercial 0 19 0 Commercial (pi'ef.) 9 3 0 — National of New Zealand 3 3 0 -— Union of Australia Ltd 10 10 0 INSURANCE— National 0 18 0 0 18 6 New Zealand — 3 0 3 Standard — 3 0 0 3HIPPING— Howard Smi th 1 1 6 1 2 3 U.S.S. Co. (pref.) ... 1 6 3 1 6 9 ' '.T PRESERVING— N.Z. Refrigerating (paid) 0 19 9 1 0 3 N.Z. Refrigerating (cont.) 0 9 6 0 9 9 Waitaki Farmers’ Freezing 4 2 0 — LOAN AND AGENCY— Dalgety 10 7 6 Goldsbrough, Morb ... 1 15 0 1 15 9 Mortgage Corporation 3| p.c. Stock — 98 10 0 National Mortgage ... 2 10 0 — N.Z. Loan and Mercantile (ord.) 34 0 0 N.Z. Guarantee Corp. 0 5 3 Perpetual Trustees ... — 3 4 0 Trustees Executors and Agency 3 12 0 Wright, Stephenson (ord.) 0 18 6 COAL— Kaitaugata 1 2 0 Westport , 1 1 9 1 2 3 W estport-Stockton (ord.) 0 1 6 0 2 WOOLLEN COMPANIES Bruce (ord.) 0 13 3 Bruce (pref.) — 1 3 0 Kaiapoi (ord.) — 0 14 9 Kaiapoi (cont.) — 0 5 9 Kaiapoi (pref.) —. 0 17 9 Mosgiel 9 H 0 — MISCELLANEOUS— Anthony Hordern ... 0 19 3 Associated News 1 3 6 Associated News (pref.) 1 3 9 British Tobacco 2 6 0 2 7 6 Broken Hill Propy. 4 1 0 4 2 0 Broken Hill Propy. (cont.) • 3 10 0 3 11 0 Brown, Ewing (ord.) ... 0 18 0 Colonial Sugar Co. ... 43 0 0 Consolidated Brick ... 0 10 9 D.I.C. (pref.) 1 3 9 Dominion Fertiliser ... 1 3 9 1 4 6 Dominion Fertiliser Debs 105 0 0 Dominion Rubber ... 1 9 0 1 12 6 Donaghy’s Rope and Twino 2 10 9 — Dunediu-Kaikorai Trams 1 17 0 Dunlop Perdriau Rubber 0 17 6 0 17 9 General Industries ... — 0 19 3 G. J. Coles 4 10 0 Hume Pipe 1 0 0 1 0 9 Mort’s Dock ... ... — 0 13 9 National Electric 0 15 3 N.Z, Drug Co. 3 14 6 ■■ N.Z. Farmers’ Fertiliser 0 19 0 —- N.Z. Newspapers ... 2 0 0 2 1 3 N.Z. Paper Mills ... 1 5 6 ‘ Otago Daily Times * 2 5 6 , Regent Theatre Shillings Ltd Wilson’s (N.Z.) 1 0 6 1 0 9 1 1 0 Cement 1 1(3 6 Woolworths (ord.) ... 6 3 0 — '^EWERIES— New Zealand ... ... 2 13 3 2 13 9 Staples 1 18 0 2 n 0 Tooth’s 2 15 0 2 1(3 0 Carlton 3 2 0 — UNLISTED STOCKS— National Tobacco (ord.) 2 15 0 3 1 0 Woolworths (Sydney, ord.) 7 16 0 7 17 0 AUSTRALIAN MININGElectrolytio Zinc (pref.. £1) Electrolytic Zinc (ord.. 2 10 3 2 10 6 £1) 2 8 6 2 Q 0 Mount Lyell (£1)’"." 1 17 9 1 18 0 Mount Morgan (2s 6d) 0 15 4 0 15 6 Rawang Tin (10s) ... 0 10 9 0 n 2 Placer Development (Idol) — 0 5 0 GOLD MINING— Argo Dredging (Is) 0 1 10 0 2 0 Big River (Is) 0 1 10 0 2 0 Clutha River (2s) ... 0 2 5 Consolidated Goldfields ,(4s) 0 15 Oex Gillespie’s (Is) 0 1 5 0 1 6 Goldfields Dredging (Is) 0 0 2 Molyneux River (2s) 0 2 0 __ Mossy Creek (Is) ... 0 1 3 Maori Gully (Is) Nokomai (5s) 0 0 7 0 2 6 0 2 8 Okarito (5s) 0 3 6 0 d 6 Paddy’s Point (5s) ... — 0 2 9 Sandhills (Is) 0 0 3 Waimumu Sluicing .(Is) n 0 6 0 0 8 Waipapa Beach (Is) 0 0 8 0 0 9t Worksop (Is) 0 1 5 — N.Z. GOVERNMENT LOANS31 p.c. Stock, Nov., 1938-52 ... I 102 0 0 3i p.c. Stock, March 1939-43 102 10 c 3j p.c. Stock, Sept., 1959-43 — 102 10 6