Commerce, Mining, & Finance

Evening Star, Issue 22571, 12 February 1937, Page 7

Commerce, Mining, & Finance

THE SHARE MARKET DUNEDIN STOCK EXCHANGE A feature of the call-over this morning ■was the activity in Mount Lyells, sales ranging from £2 3s 7d to £2 3s 9d. The market generally was quiet, and few changes .were recorded. .. ~, Bank of New Zealands were slightly weaker, while all insurance issues were quoted, but prices were too wide for business. In the meat i preserving section Southland Frozen Meats were wanted at £3 16s, but sellers asked £4. There were very few changes in the miscellaneous section, a buyer of Coles at £5 Is 6d failing to produce a seller. The seller of Hume Pipes moved up to £1 2s, with buyers offering £1 Is 6d. . s ‘ Staples’ Brewerys were quoted ei dividend and bonus, the quotation being sellers £1 16s, with no buyers. Woolwortbs (Sydney) were wide at £8 12s, £8 15s 6d. Both preference and ordinary Electrolytic Zincs showed a tendency to improve. Local gold mining stocks were quiet and no changes were recorded. Government stocks were wanted at recent rates, but few sellers were forthcoming. SALES REPORTED. Associated Motors, £1 10s 6d. Mount Lyell, £2 3s 7d (two), £2 3s 9d (two). ' 4 per cent. Bonds (1934-36), £lO3 17s 6d, SALES ON ’CHANGE. Mount Lyell, £2 3s 9d (two).

DIVIDENDS DUE National Mortgage and Agency (N.Z.) —5 per cent, per annum Feb. 24 Gillespie’s Beach—ld a share (8 1-5 per cent.) Feb. 24 Bank of N.S.W.—lnterim, quarterly, 6s per share Feb. 25 Equitable Building—4 per cent. per annum ... Feb. 26 Silverton Trams—9d per share ... Feb. 26 .Christchurch Gas—lnterim at rate 'of 7 per cent, per annum ... Mar. 1 Elder, Smith—lnterim, at 6 per cent, per annum Mar. 1 Electrolytic Zinc—Half-yearly, 6 per cent, on ord. and pref. ... Mar. 18 Broken Hill South —Is per share ... Mar. 24 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—

AUSTRALIAN MARKETS Press Association—By Telegraph—Copyright SYDNEY, February 11. Wheat has a weaker tone. Bagged grain is available at 5s 2Jd, and bulk wheat, in the country, is quoted at 4s 6d, which is equal to about 5s Id on a Sydney basis. Flour, £l2 15s. Bran, £6 ss. Pollard, £6 10s. t ' Potatoes.—Tasmanian, £7 to £11; Victorian, £9. Onions.—Victorian, £l2. Maize.—Yellow, 5s 8d; white, 5s lOd. PRICE OF GOLD Press Association—By Telegraph—Copyright February 11. (Received February 12, at 1.15 p.m.) Fine gold is quoted at £7 Is lid per ounce. DOLLAR AND FRANC Press Association—By Telegraph—Copyright LONDON, February 11. (Received February 12, at 1.15 p.m.) The dollar is quoted at 4.89 g. The franc is quoted at 105.

AUSTRALIAN STOCK EXCHANGES Press Association—By Telegraph—Copyright SYDNEY, February 11. Coles shares again took a higher level ou the Stock Exchange to-<iay, while industrials as a whole presented

THE RESERVE BANK THE WEEKLY SUMMARY [Pbr United Plsess Association.! WELLINGTON, February 11. 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 businessmen February 8. The figures at the close of the previous week are given for purposes or comparison, shillings and pence being omitted: — LIABILITIES. Last Week. This Week. £ £ 1. General Reserve Fund 1,500,000 1,500,000 2. Bank notes 13,018,862 12,915,468 3. Demand liabilities — (a) State 4,846,102 5,183,304 b) Bank* 12,202,827 11,978,935 (c) Other ... ••• 376,512 175,193 4. Time deposits ... ... ... 7- “ 5. Liabilities in currencies other than New Zealand currency ■ 6. Other liabilities 144,871 143,184 Total £32,089,174 £31,901,087 ASSETS. R %TGold 2,801,790 2,801,7150 (b) Sterling exchange 18,769,537 18,801,531 (c) Gold exchange ... 8. Subsidiary coin 161,190 160,856 9. Discounts—- • (a) Commercial and agricultural bills —•— (b) Treasury and local body bills —► 10. Advances — (a) To State oi Stale undertakings — (1) Dairy industry account 5,973,070 5,785,313 (2) For other purposes ... 1,800,000 1,800,000 ’ (b) To other public authorities (c; Other ... 11. Investments 2,47.3,050 2,453,050 12. Bank Buildings . 13. Other ass. is 130,535 38,546 Total ... £32,089,174 £31,901,087 Proportion of reset ve (Xo. 7 less No. 5) to notes and other demand liabilities 70.855% 71.397% SYDNEY WOOL SALES Press Association—By Telegraph—Copyright SYDNEY, February 11. At the wool sales 13,347 bales were offered and 10,240 sold, while 603 were privately disposed of. Best descriptions of wool were in good demand at late firm rates, but average and inferior sorts were irregular and showed a decline of 5 per cent. Greasy merino sold to 32|d. THE SEARCH FOR GOLD WORKSOP EXTENDED RETURN [Per United Press Association.] GREYMOUTH, February 11. The return of the Worksop Extended dredge this week was 89oz in 130 hours’ work. A total of I,2ooyds was dredged.

CROMWELL WARDEN’S COURT (From Our Own Correspondent.) At a sitting of the Warden’s Court in Cromwell on Wednesday the following applications for mining privileges were dealt with by the Warden, Mr H. J. Dixon, S.M.—viz. : A. E. Johnson and C. C. Collins. Surrender absolutely of water race. Recommended for consent. G. G. Philpott.—Application for extended alluvial claim of 4 acres on Crown Lands on Holloway’s Run at Cairnmuir. Adjourned to April 14. G. Logan.—Application for ordinary prospecting license over 100 acres at Bendigo, next to claim of Bendigo Rise and Shine Company. Adjourned to March 10. Bendigo Rise and Shine G.M. Co. Ltd.—Certificate of protection over water race and five special quartz claims and one special site. Adjourned to March 10. Jessie Hannah M'Lean.—Application for dry race at Quartz Reef Point. Adjourned to April 14. H. G. Milburn.—Application for ordinary prospecting licenses over areas at Nevis of 75 acres, 80, 97, and 91 acres. Adjourned to April 14. Bendigo Rise and Shine G.M. Co. Ltd. Application for ordinary prospecting license over 100 acres next to the company’s claims at Bendigo. Adjourned to April 14. Austral N.Z. Mining Ltd.—Application for special dredging claim of 400 acres, commencing on the west bank of the Clutha at a point immediately above the footbridge at the town of Cromwell. Adjourned to March 10. Bendigo Rise and Shine G.M. Co. Ltd. —Application for amalgamation of claims withdrawn. F. L.' Avey.—Application for surrender absolutely of water race licenses No. 5,991, 5,989, and 6,081. Recommended for consent. C. A. Manson. —Surrender absolutely of special alluvial claim 6,169. Accepted as from December 31, 1936. H. L. Homer and Party.—Surrender absolutely of special alluvial claim, No. 6,130. Accepted as from December 31, 1936. G. Longshaw.—Application for ordinary prospecting license over 20 acres on Cairnmuir run. Granted. Otago Education Board.—Application for water race commencing in Lowburn Creek and terminating at the School Glebe. Adjourned to March 10. S. H. MacPhcrson. —Certificate of protection for seven months over water race license 2,506. Recommended for consent. H. Burrows. —Application for alteration of intake of race. Granted. C. Walhe and R. J. Wilton. —Surrender absolutely of extended alluvial claim 6.497. Accepted as from December 31, 1936. S. Macale, I. IV. A. Wood, and J. A: Mallett. —Application for special alluvial claim of 18 acres near Victoria Bridge. Adjourned to March 10.

FRUIT AND PRODUCE FIRM PRICES FOR ALMOST ALL LINES / SUPPLIES OF POTATOES WANTED At the beginning of the week heavy supplies of stone fruit arrived on. the local market, and prices for all lines were lower. Freestone peaches are now coming to hand, and also some very fine lines of nectarines, greengages, Satsuma and other dessert plums. Heavy supplies of Moorpark apricots were 'received, and prices were easier, but values should now firm for all lines. Only small consignments of dessert apples are arriving, and high prices are being secured for Nelson-grown Gravensteins. Excellent samples of Bonchretien pears are now coming to hand in increasing quantities. Small consignments of raspberries and loganberries are still arriving «nd netting good values. Black and red currants are finished for the season. Hothouse tomatoes are bringing good prices, while outddor-grown supplies are now arriving. During the week grapes dropped considerably in value, hut prices have now firmed slightly, with an improved inquiry. Consignments of Central Otago-grown figs are( being received. Oranges are in short supply. Advice has been received that the Monterey has sailed from Pacific Coast ports with a large shipment of Californian fruit, consisting of grapefruit, lemons, and oranges. Ripe bananas have a good inquiry. The Maui Pomare shipment arrived in prime green condition. Fresh vegetables have an excellent demand, supplies generally being short of requirements. The potato market has firmed considerably, and supplies are wanted. Onions also have a good demand. Increased supplies of marrows and pumpkins are being received. Some excellent samples of new season’s section and bulk honey are arriving. The egg market is very firm at Is sd, values having advanced Id a dozen.

FROZEN MEAT TRADE FOUR MONTHS' EXPORTS Exports of frozen meat from New Zealand during the four months of the current season ended January 31 show increases of 84,410 carcasses of lamb, 22,201 quarters of chilled beef, and 1.053 carcasses of pork, compared with those for the corresponding period of last season. Shipments of rauttgn were less by 51,754 carcasses, frozen beef decreased by 23,297 quarters, and boneless beef by 3,601 bags. . The shipments for the four months were as follows, the totals for the corresponding period of 1935-36 being shown for comparative purposes;— Fro/tn

•Decrease. In addition 50,05 f quarters of chilled beef were shipped to Britain, compared

with 33,853 quarters and 39,674 bags of boneless beef, compared with 43,275 bags, were also exported. Of the boneless beef over 3,000 bags went to Japan. Killings for export at all Dominion works were as follows, those for the corresponding four months of last season being shown in brackets:—Chilled beef (qrs.), 56.149 (37.098); frozen beef (qrs.), 6,707 (21,241); wether mutton (carcasses), 166,195 (306,880); ‘ewe mutton (carcasses). 49,928 (81,151); lamb (carcasses), 3,435,134 (3,438.074); pork, porkers (carcasses), 138,313 (169.019); pork, baconers (carcasses), 130,046 (121.883) ; boneless beef (frt. carcasses), 50,557 (100,001); boneless bobby veal (frt. carcasses), 69,709 (44,821) ; sundries (frt. carcasses), 83,359 (86,672).

Quotations as under Buyers. Sellers. £ s. d. £ 8. d. BANKING— New South Wales ... 35 10 0 _ . New Zealand — 2 0 6 New Zealand, Long “ D ” _ 1 8 0 Commercial (pref.) ... 9 0 0 — E.S. and A 8 5 0 — National of New Zealand ... ... ... _ 3 3 6 Union of Australia Ltd — 10 12 0 INSURANCE— v National ... ... ... 0 18 0 0 18 6 New Zealand ... ... 3 1 0 ■ — South British 4 16 0 — Standard ... ... ... 2 18 0 3 0 0 SHIPPING— F. and O. Deferred Stock ... ? 1 17 0 U.S.S. Co. (pref.) ... 1 6 0 — MEAT PRESERVING— N.Z. Refrigerating (paid) ... ... ... 1 0 6 N.Z. Refrigerating (cont.) 0 9 2 0 9 4 Southland Frozen (paid) 3 16 0 4 0 0 South Otago Freezing ... ... ... ... - 8 0 0 LOAN AND AGENCY— Goldsbrough, Mort ... 1 17 9 1 18 3 Mortgage Corporation 3| per cent. Stock N.Z. Loan and Mercantile (ord.) — 98 10 d 44 0 0 N.Z. Guarantee Corporation ... 0 5 3 Perpetual Trustees ... — 3 4 0 Trustees, Executors, 'and Agency 3 12 0 Wright, Stephenson ■ (ord.) ... 0 18 0 Wright, Stephenson (pref.) ... 0 19 3 1 0 3 CCfAL— Kaitangata 1 1 6 Westport ... ... ... 1 3 9 1 4 0 WOOLLEN COMPANIES— ’ <r Bruce (ord.) ... ... — 0 13 3 Bruce (pref.) :— 1 2 9 Kaiapoi (cont.) — 0 6 0 Mosgiel 9 16 0 — MISCELL ANEOUSAnthony Hordern ... 1 1 3 Associated News (pref.) 1 3 9 Australian Glass 4 13 0 4 14 0 British Tobacco 2 11 0 2 12 0 Broken Hill Proprietary ... 4 0 3 4 1 0 Broken Hill Proprietary (cont.) ...' ... 3 7 6 3 8 6 Brown, Ewing 1 0 3 1 1 3 Consolidated Brick ... 0 10 2 0 10 9 Crystal Ice Co. — 2 6 0 D.I.C. (ord.) •0 15 9 — D.I.C. (pref.) 1’ 3 9 — Dominion Fertiliser ... 1 4 0 1 4 9 Dominion Rubber ... — 1 15 0 ; Donaghy’s Rope and Twine 2 11 0 ■ Dunlop Perdriau Rubber _ 0 19 3 G. J. Coles 5 1 6 — Hume Pipe ... -.. ... 1 1 6 1 2 0 Milburn Lime and Cement 2 2 0 Mort’s Dock — 0 13 6 National Electric — 0 IS 3 N.Z. Drug Co ... 3 16 0 — N.Z. Famlers’ Fertiliser _ 1 0 9 Regent Theatre Shillings Ltd 1 0 0 — 0 18 10 — Wilson’s (N.Z.) Cement 1 19 0 Woolworths (ord.) ... 6 19 0 7 5 0 BREWERIES— New Zealand 2 17 0 Staples’ (ex div.) ... — 1 16 0 Dominion — • 2 5 0 Dunedin 1 8 0 1 10 0 Carlton ... ... — — 3 5 0 UNLISTED STOCKS— Woolworths (Sydney, ord.) 8 12 0 8 15 6 OVERSEAS MINING— Broken Hill South (£1) — Electrolytic Zinc (pref., 9 2 8 0 £1) 2 15 — Electrolytic Zinc (ord. £1) 2 14 6 2 16 0 Mount Lyell (£1) 2 3 8 2 3 10 Placer Development Rawang Tin (10s) ... — 5 5 u 0 11 4 — Sulphide Corporation — 0 15 0 GOLD MINING— Argo Dredging (Is) 0 2 1 Big River (Is) — 0 1 10 Central Shotover (Is) — 0 0 6 Gillespie’s (Is) 0 1 5; 0 16J King Solomon (Is) ... — 0 0 5 Martha (5s) — 1 1 0 Molyneux River (2s) 0 2 0 — Maori Gully (Is) — 0 0 6 Nokomai (5s) — 0 2 9 v Okarito (5s) 0 4 0 0 4 6 Paddy’s Point (5s) ... — 0 2 9 Skippers (Is) — C 0 4 Waimumu Sluicing (Is) 0 0 11 0 1 1 N.Z. GOVERNMENT LOANS31 p.c. Stock, Nov., 1938-52 101 0 0 102 0 0 31 p.c. Stock, March, 194143 101 0 0 3t p.c. Stock,' Sept., 1941-43 101 0 Q 31 p.c. Stock, May, 1941-52 101 0 0 _

31 p.c. Stock, Nov., .1941-52 101 0 0 — 4 p.c. Bonds, 1943-46 103 17 6 104 5 0 4 p.c. Stock, 1946-49 103 10 6 104 0 0 4- p.c. Stock, 1952-55 — 103 10 0

£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/ Fiji— £F to £100 N.Z .. T.T. £90 7/6 £89 New York— Dollars to £1 N.Z .. T.T. 3.96 3.921 O.D. 3.97* ■ 3.92| Montreal— Dollars to £1 N.Z. ..i . .. T.T. 3.96 3.921 O.D. 3.971 3.93 Austria— Schillings to £-1 N.Z. ... T.T. — 20.58 O.D. — 20.60 . Belgium— Belgas to £1 N.Z. ... T.T. — 23.196 O.D., — 23.207 Czechoslovakia— Crowns to £1 11 N.Z. ... T.T. " 111.80 O.D. , . 111.85 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. 84.16 O.D. 84.20 Germany— Beicbmarks to £1 N.Z. ... T.T. — 9.709 O.D. 9.714 Holland— Florins to £1 N.Z .. T.T. 7.323 7.173 O.D. 7.383 7.177 Italy— Lire to £1 N.Z. ... T.T. 74.51 O.D. — 74.56 Java — Florins to £1 N.Z. ... , .. T.T. 7.289 7.129 O.D. 7.349 7.133 Norway— 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. 17.423 17.153 O.D. 17.528 17.158 Noumea— , Francs to £1 N.Z. ... T.T. 82.79 O.D. 82.85 Papeete— Francs to £1 N.Z. ... T.T. ' 82.94 O.D. 83.00 Hongkong— N.Z.» pence to . I dollar ... . .. T.T. 18 17-64 18 49-64 O.D. 18 15-64 18 3-4 India and Ceylon \ ' N.Z. pence to ! L rupee ... . .. T.T. 22 13-32 22 11-16 O.D. 22 3-8 22 43-64 Japan— N.Z. pence to i 1 yen .. T.T. — 17 15-32 O.D. — 17 29-64 Shanghai— N.Z. pence to 1 dollar ... , .. T.T. 17 53-64 18 21-64 O.D. 17 51-64 18 5-16 Singapore— N.Z. pence to ! 1 dollar ... . .. T.T. 34 25-32 35 13-64 O.D. 34 5-8 35 3-16 Chefoo — N.Z. pence to ' L dollar ... , .. T.T. 17 53-64 18 29-64 O.D. 17 25-32 18 7-16 DOLLAR RATES. The Associated Banks (oilier than the Bank of New South Wales) quoted the following dollar rates to-day ■ on a New Zealand currency basis. They arc subject to alteration without notice :■ U.S.A. Canada. (Per £1 N.Z.) (Per £1 N.Z.) SELLING— T.T. (dol) ... ... 3.92J 3.92| . O.D/ , (dol) ... ... 3.92 i 3.93i BUYING— T.T. (dol) ... ... 3.96 3.961 O.D. (dol) ... ... 3.97i 3.97|

a very strong front. £ S. d. Com. Bank of Sydney 22 5 0 Aust. General Insurance ... 0 18 u Queensland National Bank 6 12 0 Associated News ... 1 4 n i Associated Nows (pref.) ... 1 3 Burns, Philp 3 17 0 Australian Gas (A) ... 7 11 6 Toohey’s 1 17 3 Coles 0 4 0 British Tobacco ... 2 11 9 Australian Glass 4 14 0 Millaquin Sugar 2 4 0 Fairymead Sugar i 19 6 Electrolytic Zinc 2 15 3 Electrolytic Zinc (pref.) ... 2 17 0 Anthony Hordern 1 1 0 Lustre 1 3 3 General Industries 1 0 6 N.S.W. Fresh Food 0 18 6 Mauri Bros. 3 13 6 W. R. Carpenter 2 5 9 0. Neon 2 13 0 Australian Gvpsum 1 3 9 Amalgamated Wireless (cont. N.Z. delivery) ’ 2 2 0 ' Hoyts (B pref.) 0 13 11 Cement Mortars 0 11 3 Sargents 1 10 6 United Provisions 0 11 0 Waldas 1 8 0 Taubman ... 2 2 0 Newbold Brick 1 17 9 Newbold Brick (cont.) 1 4 9 Seilfridges 2 1 9 Selfridges (New Zealand) 0 5 9 Taranaki Oil 0 2 11 Loloma 1 4 3 Mandated ... 0 3 2 Mount Lvell 2 4 0 Kuala Kampar 1 2 9 MELBOURNE, February 11, The bond market was easier and industrials generally steady, but quiet. £ s. d. Com. Bank of Australia ... 0 19 7 National Bank (£5 paid) 7 14 6 National Bank (£10 paid) 13 16 0 E.S. and A Bank 6 7 6 Carlton /Brewery 3 4 3 Coles 5 3 6 Drug Houses 1 7 u Australian Glass 4 14 6 Dunlop Perdriau 0 19 3 General Motors 1 4 6 Electrolytic Zinc ... ... 2 14 9 Hume Pipe 1 1 9 Yarra Falls 2 1 3 Kauri Timber .] 4 0 Mount Morgan 0, 16 7 Mount Lyell 2 3 9 Broken Hill South ■ 2 6 7 Emperor i 0 9 Loloma i 4 0 Peninsula Tin i 9 0 Tongkah Compound i 7 3

, beet Mutton. I.antb. Pork. & C’cs, C’cs. C’cs. London ... ... 316,113 1,510,311 114,585 Southampton ■ «» - 6,042 61,608 537 Liverpool ... 6,213 12,090 28,411 7,078 Glasgow ... ... 9 U • 1,760 3,871 40,532 Avonmouth ... 1,160 4,310 17,397 0,414 Manchester ... 1,750 10,112 833 L’oston ... — 2 — Honolulu ... ... 301 — 2,363 — Other Pacific Islands ... A. 8 237 127 Calcutta ... ... 104 — Kobo ... — — — Osaka ... 22 — — Yokohama ... 692 — — Singapore rm.-TT i!)"(>.,ir — 1.60 ... 37,3(1(1 343,273 1,632,666 182,106 Total 1035-36 ■ ■ 60,607 395,027 1,548,156 181,053 •23,207 •61)754 84,410 1,053