Commerce, Mining, & Finance

Evening Star, Issue 22525, 18 December 1936, Page 7

Commerce, Mining, & Finance

SHARE MARKET DUNEDIN STOCK EXCHANGE BANK BF NEW ZEALANDS RISE After almost two weeks of . restricted trading the local share market revealed aigns of greater activity this morning, when no fewer than eight sales were recorded. There was little fluctuation m price levels, the most notable change being the rise in Bank of New Zealands, which changed, hands after the call at 40s fid, after dropping back on recent sales at sis 6d. , Insurance issues had more inquiry, ana Howard Smiths were firm at 225. . Kaitangata Coals had reported business at 22s 6d, after having persistent inquiry at 225. . . , , In the miscellaneous group Associated News shares came in for more inquiry, while British Tobaccos moved up Is to buyers at 47s without response. Broken Hills were steady after yesterday’s rise, and there was improved inquiry for Hume Pipes, Mort’s Docks, New Zealand Drugs, and Wilson’s Cements. New Zealand Breweries continued' to harden, and other issues also remained firm. ' . Amongst unlisted stocks National Tobaccos moved up 2s 6d to buyers at 57s 6d, with sellers la easier at 60s. Woolworths (Sydney) ordinaries were, available at yesterday’s sale price of £7 16s, but buyers refused to advance on £7 14s. In Australian mining Electrolytic Zincs continued to harden, Mount Lyells were steady, and Mount Morgans were wanted at yesterday’s selling price of 15s 6d without response. In local gold mining Skippers came back into favour again with buyers at and no apparent seller. SALES REPORTED. Commercial Bank (pref.), £9 ss. New Zealand Insurance, £3. Kaitangata Coal, £1 2s fid. Broken Hill Proprietary (cont.), £3 10s 6d. New Zealand Farmers’ Fertiliser, 19s, Electrolytic Zinc (ord.), £2 9s. SALES AFTER CALL. Bank of New Zealand, £2 Os 3d. Howard Smith, £1 2s.

DIVIDENDS DUE Hume Pipe (Far East)—interim at 10 per cent, per annum ... Dec. 19 Kanmuntjng Tin—l2 per cent. (less British income tax) ... Dec. i 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), less English - income tax Dec. 28 Morris, Hedstrom—interim, 2i per cent Dec- 30 British Tobacco—quarterly, 2 per cent. ... Dec. 31 Zinc Corporation —2nd half fixed cum pref., 2s; interim, 2s fid on both pref. and ord Jan. 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. Isjper share ... Jan. lb Victoria Nyanza Sugar—3 per cent -••• Jan - AUSTRALIAN STOCK EXCHANGES Press Association —By Telegraph Copyright SYDNEY, December 17, Interest in Barriers is undiminished on the Stock Exchange, and 1,000 shares changed hands at higher rates. British Tobaccos were agajn actively traded, and there was keen inquiry for Electrolytic Zinc, which benefits by

RISE IH RUBBER (British Official Wireless.) Press Association—By Telegraph—Copyright RUGBY, December 16. On the stock markets activity in rubber shares followed a sharp rise in the price of the commodity to 9 25-32 d per lb, the highest recorded since 1929. DOLLAR AND FRANC Press Association —By Telegraph—Copyright LONDON, December 17. (Received December 18, at 2 p.m.) The dollar is quoted at 4.91 J. The franc is quoted at 105 J. SYDNEY WOOL SALES Press Association—By Telegraph—Copyright ’ SYDNEY, December 17. At the wool sales 12,299 bales were offered and 11,380 sold, while 1,391 were privately disposed of. The market closed very firm, with prices at the best point of the season. Top-making fleece and skirtings were in special demand. Greasy merino made 29d,

FOREIGN EXCHANGES

(British Official Wireless.) Press Association—By Telegraph—Copyright RUGBY, December 17. (Received December 18, at noon.) The following are the mean closing rates:—

THE RESERVE BANK

THE WEEKLY SUMMARY [Per United Press Association.! WELLINGTON, December 17. • The ‘ Gazette ’ issued to-night contains the following statement of the liabilities and assets of the Reserve Bank of New Zealand as at the close of business on December 14. The figures at the close of last week are given for the purposes of comparison, shillings and pence being omitted: — LIABILITIES. Last Week. This Week. £ £ 1. General Reserve Fund 2. Dank notes . 12,500,286 12,007,382 3. Demand liabilities—- ■ (a) State 4,335,505 4,362,201 (b) Bonds ... 0,637,381 9,644,833 (c) Other ... »•«- ... 164,736 198,619 4. Time deposits —•— 5. Liabilities in currencies other then New Zealand cur.onn 6. Other liabilities ... ... 116,32.7 208,047 Total ASSETS. 7. Reserve—(a) Gold 2,801,700 2.801.790 (b) Sterling exchange 16,760,549 16,700,306 (cj Gold exchange .. 8. Subsidiary coin 117,587 116,740 9. Discount—(a) Commercial and agricultural hills (b) Treasury and local body bill;* ... 10. Advance*.— (a) lo Stale* o. State undertakings—(l) Dair* industry account 5,327,949 5,353,995 (2- For . other purposes ... 800,000 800,000 (b) To other public authorities ... (c) Other ~ 11. Investments 2,357,586 2,700,597 12. Dank buildings .... ... 13. Other assets i 82,773 278,924 Total Proportion of reserve (No, 7 le>s No. 5) to notes ami other demand • liabilities 73.46% 72.183%

GEAR MEAT COMPANY

ANNUAL MEETING [Per United Press Association.] WELLINGTON, December 17. At the annual meeting of the Gear Meat Company the chairman (Mr Allan Strang) repeated the warning given on previous occasions to farmers and breeders to pay greater attention to the quality of their stock. This was absolutely necessary, as every year both Australian and Argentine lambs were approaching nearer the New Zealand standard. There was no doubt in his mind that the regular importation of fresh blood would greatly help in this direction. Reference was made to the passing of Sir Francis Bell and Mr D. AV. Anderson and to their being succeeded on the board of directors by Mr Stronach Paterson and Mr George Black. The report and balance sheet were adopted unanimously, and also the directors’ recommendation of a dividend of 9d per share, less the interim dividend of lid per share paid in June. Messrs Strang and Paterson were reelected directors and Messrs E. AV. Hunt and E. R. Dymock auditors.

ANNUAL MEETING OF STOCK EXCHANGE

The annual meeting of members of the Dunedin Stock Exchange was held yesterday, the chairman (Mr Harman Reeves) occupying the chair. The report and balance sheet were adopted without discussion. The following office-bearers were elected for the ensuing year:—Chairman, Mr Harman Reeves; Executive Committee—Messrs E. R. Smith, J, H. Walker, AV. H. M'Leod, H. K. Poppelwell, and C. Penman; trustees —Messrs AA T . J. AVatson, E. R. Smith, and Harman Reeves, auditor, Mr J. AA f . Smeaton. Votes of thanks to the chairman, the committee, the readers, the secretary, and the Press were carried in the customary manner.

FOREIGN EXCHANGES

ON NEW ZEALAND CURRENCY BASIS The Bank of New South Wales, Dunedin, quoted the following rales for purchase and sales of foreign exchanges (all rates subject to alteration without notice) ;

DOLLAR RATES. The Associated Banks (other than the Bank of New South Wales) quoted the following dollar rates to-day on a New 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 1 3.93| O.D. (dol) 3.84 J 3.93 J BUYING— T.T. (del) ... ... O.D. (dol) 3.98 J 3.98 PRICE OF GOLD Press Association —By Telegraph—Copi-right LONDON, December 17. (Received December 18, at 1.6 p.m.) Fine gold is quoted at £7 Is sijd per ounce. AUSTRALIAN MARKETS Press Association—By Telegraph—Copyright SYDNEY, December 17. The wheat market was strong, buyers holding off. Bagged gram was quoted at 8s 6d and bulk grain in the country at 4s lOd, equal to about 5s sd, ex trucks, Sydney. Flour, £l2 15s. Bran and pollard, £7 ss. Potatoes.—Tasmanian, £ls to £2O a ton; Victorian, £18; local, new, £ls. Onions, £22 to £24. Maize. —Yellow, 5s Bd,

Quotations as under:— Buyers. Sellers. £ s. d. £ 8. d. BANKING— New Zealand 1 19 9 2 0 6 Commercial 0 19 0 0 19 3 E.S. and A. 5 17 0 — National of New Zealand . ... 3 3 0 — Union of Australia Ltd — 10 10 0 INSURANCE— National ... ... ... 0 18 2 0 18 6 New Zealand 2 19 6 — South British ... ... 4 11 0 — Standard ■ — 3 0 0 SHIPPING— • Howard Smith ... : ... 1 1 6 U.S.8. Co. (pref.) ... . 1 6 3 1 6 9 MEAT PRESERVING— N.Z. Refrigerating(paid) 0 19 6 1 0 9 N.Z. Refrigerating (cent.) 0 9 6 0 9 9 Farmers’ Freezing ... ... ... 4 2 0 ' — LOAN AND AGENCY— Dalgety ... ... ... Goldsbrough, Mort 10 7 6 10 15 0 1 15 0 1 16 0 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— Kaitangata ... ... 1 2 0 Westport 1 1 9 — WOOLLEN COMPANIES — Bruce (ord.) ... ... 0 13 3 Bruce (pref.) — 1 2 9 Kaiapoi (cent.) ... ... — 0 5 9 Kaiapoi (pref.) ... ... — 0 17 9 Mosgiel ... ... ... 9 11 0 — MISCELLANEOUS— Anthony Hordern . ... 0 19 3 Associated News ... 1 4 0 Associated News (pref.) 1 4 0 Australian Glass ... 4 8 0 4 10 0 British Tobacco 2 7 0 Broken Hill Propy. 4 1 0 4 2 0 Broken Hill Propy. , (cent.) ... ...^ 3 10 0 3 11 6 Brown, .Ewing „ (ord.) ... 0 18 0 Consolidated Brick ... 0 10 9 0 11 0 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 15 0 Donaghy’s Rope and Twine 2 10 6 Dunedin-Kaikorai Trams 1 17 0 Dunlop Perdriau Rubber 1 0 17 6 0 17 10 General Industries ... 0 19 0 G. J. Coles 4 9 0 4 10 0 Hume Pipe 1 0 6 1 1 o Kauri Timber 1 5 o Milbum Lime and Cement 2 3 6 Mort’s Dock 0 13 3 0 13 9 National Electric 0 15 0 N.Z. Drug Co. 3 14 9 N.Z. Farmers’ Fertiliser 0 19 0 N.Z. Newspapers 1 19 6 2 1 6 N.Z. Paper Mills ... 1 5 6 ‘Otago Daily Times ’ Regent Theatre Shillings Ltd Wilson’s (N.Z.) 2 5 6 1 0 3 1 1 1 1 3 0 Cement 1 17 0 Woolworths (ord.) ... 6 1 0 6 10 0 BREWERIES— New Zealand Staples Tooth’s Carlton ” 2 13 6 2 14 2 0 6 o 2 15 3 2 0 0 2 15 9 UNLISTED STOCKS— National Tobacco (ord.) Woolworths (Sydney, 2 17 6 3 0 0 ord.) AUSTRALIAN MINING7 14 0 7 16 0 Electrolytic Zinc (pref. £1) 2 10 3 Electrolytic Zinc (ord., El) 2 8 9 2 9 g Mount Lyell (£1) ... 1 17 6 1 18 g Mount Morgan (2s 6d) 0 15 6 Rawang Tin (10s) ... 0 10 8 0 11 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 Oi

Clutha River (2s) ... 0 2 5 — Gillespie’s (Is) 0 1 5 0 1 6 Goldfields Dredging (Is) ... 0 0 2 Molyneux River ,(2s) ... 0 2 0 — Maori Gully (Is) — 0 0 7 Nokomai (Is) 0 2 5 0 2 8 Okarito (5s) 0 3 6 0 4 6 Paddy’s Point (5s) ... - - 0 3 0 Skippers (Is) 0 0 2 j — Waihi Investments (5s) 0 11 6 — Waipapa Beach (Is) 0 0 8 0 0 9i Worksop (Is) 0 1 5. — N.Z. GOVERNMENT LOANS3j p.c. Slock. Nov., 1938-52 — 102 0 0 31 p.c. Stock, March 1939-43 — 102 10 0 34 p.c. Stock, Sept., 1939-43 — 102 10 { 31 p.c Stock, March, 1941-43 101 10 0 — 31 p.c. Stock, Sept., 1941-43 101 10 0 — 31 p.c. Stock, May, 1941-52 101 10 0 — 31 p.c. Stock, November, 1941-52 ... 101 10 0 — 4 p.c. Bonds, 1937-40 101 0 0 — 4 p.c. Stock, 1937-40 100 15 0 — 4 p.c. Bonds, 1943-46 102 5 0 — 4 p.c. Stock, 1943-46 102 5 0 — 4 p.c. Bonds, 1946-49 101 15 0 — 4 p.c. Stock, • 1946-49 101 15 0 — 4 p.c. Bonds, 1952-55 101 5 0 — 4 p.c. Stock, 1952-55 101 0 0 —

the higher metal prices. £ s. d. Bank of New South Wales 35 15 0 Commercial Bank of Sydney 20 15 0 Colonial Sugar 43 10 0 Mercantile Mutual Insurance 1 12 6 United Insurance 10 15 0 Associated News 1 4 6 Associated News (New Zealand delivery) 1 4 6 British Tobacco 2 8 3 Tooths 2 15 9 Coles 4 10 6 Victoria Nyanza / 0 10 0 Sargents ... . 1 9 9 Mart’s Dock 0 13 6 Australian Glass 4 10 3 Gbldsbrough, Morfc 1 15 9 Morris Hedstrom 1 7 3 Henry Jones ... 2 7 3 Millaquin Sugar .- ... 2 2 3~ Electrolytic Zinc 2 10 0 Electrolytic Zinc (New Zealand delivery) 2 9 9 Electrolytic Zinc (pref.) 2 11 6 Farmers’ 1 13 6 David Jones ... 2 9 0 General Industries 0 18 0 Mount Morgan 0 15 10* Mount Lvell 1 18 4* South Broken Hill 2 4 0 North Broken Hill 3 11 3 Zinc Corporation - 7 5 6 Rawang 0 10 11 Larut 0 14 11 Emperor o is m MELBOURNE, December 17. The bond market was about steady. Industrials had a good tone, Barriers were a shade easier at the close after active trading, and gold mining were quiet. £ s. d. National Bank (£5 paid) 7 10 0 National Bank (£10 paid) 15 8 0 Howard Smith 1 2 6 Coles 4 10 0 Drug Houses 1 5 10* Australian Iron and Steel (pref.) 1 6 i* Australian Glass 4 10 6 Dunlop Perdriau 0 17 10 Dunlop Perdriau (pref.) 1 13 6 Electrolytic Zinc 2 9 9 Electrolytic Zinc (pref.) 2 12 0 Victoria Xvanza 0 15 9 Mount Morgan 0 16 0 Mount Lvell 1 18 3 Broken Hill Proprietary ... 4 2 9 North Broken Hill 3 11 0 South Broken Hill 2 4 3 Zinc Corporation 7 8 0 Tongkah Harbour 0 18 10 Silverton Trams 1 16 6 Trowat 0 0 7 Kauri Timber 1 4 0

Paris, franc to £1 105 9-64 New York dollar to £1 4.90 1-16 Montreal, dollar to £1 4.90| Brussels, belgas to £1 ■29.05 Geneva, francs to £1 21.38 Amsterdam, florin to £1 8.99J Milan, lire to £1 93 11-32 Berlin, reichsmarken * to £1 12.21* Stockholm, kroner to £1 19.39* Copenhagen, kroner to £1 22.40 Oslo, kroner to £1 19.90 Vienna,- schillings to £1 26* Prague, kroner to £1 Helsingfors, marks to £1 139J 226J Madrid, pesetas to £1 Nominal Lisbon, escudo to £1 110 3-16 •Athens, drachmae to £1 ... ... 550 •Bucharest, lei to £1 620 Belgrade, dinars to £1 213 •Warsaw, zlotye to £1 26.06 •Rio de Janeiro, pence to milreas 4i Buenos Aires, pence to dollar ... — •Montevideo, pence to dollar ... 39* Bombay, pence to rupee 18 5-32 Shanghai, pence to dollar ... ... 14 13-16' Hongkong, pence to dollar 14 31-32 Yokohama, pence to yen 13 31-32 Batavia, florin, to £1 v ‘Sellers. 8.97*

Buying. Selling. London— , £100 stg. N.Z. T.T. £124 £124 10/ O.D. £123 10/ £124 8/9 Australia — £A to £100, N.Z T.T. £101 £100 10/ Fiii — £F to £100 N.Z T.T. £90 7/6 £89 New York— Dollars to £1 N.Z ... T.T. 3.97* 3.93J O.D. 3.98* 3.94i Montreal — Dollars to £1 N.Z. ... T.T. 3.97 3.931 O.D. 3.98* • 3.94' Austria— Schillings to £1 N.Z. ... T.T. — 20.58 O.D. — 20.60 Belgium— Belgas to £1 N.Z .. T.T. — 23.198 O.D. — 23.209 Czechoslovakia — Crowns to £1 N.Z. ... T.T. — 110.67 O.D. — 110.72 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. — . 84.23 O.D. — 84.27 Germany— Reichmarks to £1 N.Z. ... T.T. 9.745 O.D. — 9.750 Holland — Florins to £1 N.Z. ... T.T. —. 7.179 O.D. — 7.183 Italy— Lire to £1 N.Z. ... T.T. — 74.76 O.D. — 74.81 Java — Florins to £1 N.Z ... T.T. — 7.153 O.D. — 7.157 Norway— Kroner to £1 N.Z. ... T.T. 16.181 15.891 O.D. 16.24-1 15.901 Sweden — Kroner ito £1 N.Z. * ... ... T.T. 15.785 15.490 O.D. 15.845 15.500 Switzerland— Francs to £1 N.Z. ... T.T. — 17.085 O.D. — 17.090 Noumea— Francs to £1 N.Z ... T.T. 82.86 O.D. — 82.92 Papeete— Francs to £1 N.Z ... T.T. , 83.01 O.D. — ' 83.07 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. — 17 29-64 O.D. — 17 7-16 Shanghai— 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.'Z. pence to 1dollar ... . .. T.T; 17 41-64 18 17-64 O.D. 17 19-32 184