THE SHARE MARKET

Evening Star, Issue 22578, 20 February 1937, Page 12

THE SHARE MARKET

DUNEDIN STOCK EXCHANCE The feature of the meeting of the Stock Exchange this morning was the continued rise in metal stocks, the most noticeable of which was an improvement in Mount Lyells and Electrolytic Zincs. Lyells were sold at £2 11s, buyers subsequently offering £2 11s 9d, with sellers at £2 12s. Buyers of Electrolytic Zincs (ord.) offered £3 Os 6d, with sellers 6d away. In the banking section New Zealands, following a sale at £2 Is 6d, were subsequently sold at £2 Is Bd. Commercials were slightly easier. New Zealand Refrigerating shares were ex dividend, and were offered at 19s 3d and 19s 8d respectively, while Broken Hill Proprietarys were firm with no sellers quoting. G. J. Coles maintained their improvement, buyers offering £5 Vs without attracting a seller. New Zealand Breweries were firm bub wide, buyers offering £2 19s 3d, and sellers asking £3* Is. Eawang Tins improved to buyers at 12s 6d and sellers 6d away. North Broken Hills were also better at £4 2s buyers, £4 7s sellers. Local gold mining was quiet, no change being recorded, while New Zealand Government loans were dull. LATE SALES REPORTED YESTERDAY. Bank of New Zealand, £2 Is 6d. Four per cent. Stock, 1952-55, £lO2 17s 6d. SALE ON ’CHANGE. Mount Lyeil, £2 11s (3). SALE AFTER CALL. Bank of New Zealand, £2 Is Bd.

DIVIDENDS DUE Carreras Ltd.—half-yearly pref., 5 per cent.; interim or (I. lOd per share (equal to 33 1-3 per cent. per annum) ... Feb. 22 Winchcombe, Carson —half-yearly at rate of 8 per cent, per annum ... Feb. 22 Quill Morris (1936) —final 2j per cent, at 5 per cent, per annum Feb. 24 National Mortgage and Agency (N.Z.) —5 per cent, per annum Feb. 24 Gillespie’s Beach —Id a share (8 1-5 per cent.) Feb. 24 Bank of N.S.W.—lnterim, quarterly, 6s per share Feb. 25 Standard Portland Cement, Sydney —half-yearly at 8 per cent. per annum Feb. 25 Australian General Investment Trust—s per cent Feb. 26 Kuala Lumpur Tin—ls per share Feb. 26 Equitable Building—4 per cent. per annum ; Feb. 26

FDREICN EXCHANGES OH 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—£loo stg. N.Z. T.T. £124 £124 10/ O.D. £123 10 j £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—- , Dollars to £1 N.Z. ... ... T.T. 3.95 J 3.92$ O.D. 3.97 3.92 J Montreal— Dollars to £1 N.Z T.T. 3.95 J 3.92 i O.D. 3.97 3.92 J Austria— Schillings to £1 N.Z T.T. O.D. Belgium— Belgas to £1 ’ NZ T.T. O.D. Czechoslovakia — Crowns to £1 N.Z T.T. O.D. Denmark— Kroner to £1 N.Z T.T. 18.203 17.895 O.D. 18.263 17.903 France — Francs to £1 N.Z. T.T. O.D, Germany— Reichmarks to £1 N.Z T.T. O.D, Holland— Florins to £1 N.Z T.T. 7.289 7.139 O.D. 7.349 7.143 Italy— Lire to £1 N.Z T.T. O.D. Java— Florins to £1 N.Z T.T. 7.257 7.097 O.D. 7.317 7.101 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. 17.411 17.141 O.D. 17.516 17.146 Noumea — Francs to £1 N.Z. T.T. O.D, 82.92 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 3-8 22 43-64 Japan— N.Z. pence to 1 yen ... T.T, O.D. Shanghai—• N.Z. pence to 1 dollar T.T. 17 13-16 18 5-16 O.D. 17 25-32 18 19-64 Singapore— # N.Z. pence to 1 dollar T.T. 34 47-64 35 7-32 O.D. 34 41-64 35 13-64 Chefoo — N. pence to 1 dollar T.T. 17 53-64 18 29-64 O.D. 17 25-32 18 7-16 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) 3.92 i 3.92* O. (dol) 3.92| 3.92 J BUYING— T.T. (dol) 3.95 J 3.95| O.D. (dol) ... ... 3.97 3.96| CANTERBURY MARKETS [Per United Press Association.] CHRISTCHURCH, February 19. The continued wintry weather, not only, in but throughout New Zealand, has disturbed the grain and produce markets profoundly, and unless there is soon a good spell of dry weather, may do very serious damage to the crops not yet harvested. Farmers are anxiously taking every opportunity to harvest their wheat, and the consequence is that a great deal of grain being sent in is out of condition. Some of it is very badly out of condition. Deliveries are heavy whenever the weather is suitable. An announcement of the fowl wheat position for the season is eagerly awaited, and the trade is slow in the meantime, though prices are firm. Oats are inclined to_ weaken because of the heavy deliveries of excellent grain that are being made. Not for many years has the yield and quality been up to the standard of this year. Reports from the North _ Island and from Southland and Otago indicate that there will be a serious reduction in the amount of ryegrass saved. Much of the seed delivered so far is of poor quality, and the market is very firm. Plains cocksfoot is coming in freely, and finds a ready market. Little has yet been seen from Banks Peninsula. Though there js no great activity in small seeds, and certainly not the activity usual at this time of the year, the past week has seen more inquiries though not many orders. VICTORIA NYANZA SUGAR The Victoria Nyanza Sugar Company Ltd., Melbourne, has informed the New Zealand Stock Exchange Association of the following production return as at January 16 (by air mail) :—Cane crushed, 79,854,790 tons; sugar bagged, 7.535.7 tons; in process, 127.65 tons.

Silverton Trams —9d per share ... Feb. 26 Carlton and United Breweries — dividend and bonus, Is 3d ... Mar. 1 Standard Insurance—half-yearly, Is 3d per share (unchanged) Mar. 1 Christchurch Gas—interim at rate of 7 per cent, per annum ... Mar. 1 Elder, Smith—interim, at 6 per cent, per annum Mar. 1 VV. R. Carpenter and Co.—interim at 8 per cent, per annum ... Mar. 15 Electrolytic Zinc—half-yearly, 6 per cent, on ord. and pref. ... Mar. 18 Huddart, Parker Pty.—final pref. 3 per cent, or 6 per cent, per annum; ord. 4 per cent, or 7i per cent, per annum Mar. 20 Broken Hill South—ls per share Mar. 24

HONEY INDUSTRY AN OPTIMISTIC REVIEW [Pee United Press Association.] AUCKLAND, February 19. An optimistic view of the market prospects and the announcement of a flat rate of payment plus the bonus to producers are disclosed in the report released by Mr J. R. Rutland, chairman of the Honey Control Board, in a circular to producers. The report states:— “ The continued satisfactory position of the board’s business in Great Britain has enabled a complete clearance of all accumulated stooks and very satisfactory progress in the disposal of last season’s export. Advice just received discloses further increases in the Imperial Bee and second pack sales. The board’s actual sales in 1936 exceeded those of 1928 by 33J tons,, and the producer obtained a much higher return. Providing there are no shortages in supply, the board is confident that the present season’s sales will exceed those of 1929, the peak year, by a substantially greater amount. To encourage adequate supplies to take care of this business it has been decided this season to replace the present system of offering producers an advance and in its stead to make a straight-out flat payment of 3Jd per lb when the honey is received into store and passed for export. This covers . all honey, irrespective of grade. “ Careful survey_ of the situation leads to the conclusion that the export business is in an extremely satisfactory position, and the producers sending their honey forward this season, in addition to getting the advantages offered above, have every reason to expect that the ultimate returns will be substantially better than the previous record payments in 1934-35 of 6id per lb pro rata. '‘The board has consistently en deavoured to develop the secondary pack for the purpose of bettering the postion of producers located in area? producing darker honeys. Satisfac tory progress has been made with this pack, and the opening of fresh avenues for the disposal of these honeys has every promise of success. It has been decided to offer a bonus of Jd per lb on all honey grading between 70 to 80 points, progressively diminishing from 80 to 100 points. The above are not pro rata payments, but ensure for every lb of honey sent in an immediate payout of 3id per lb plus a bonus of }d a lb. As stated above, the arrangement also applies to all honey sent in prior to receipt of this notice; The board reserves the right to revise this offer after receipt of the first 200 tons.” DAIRY PRODUCE Messrs A. S. Paterson and Co. Ltd. are in receipt of the following cable advice from their principals, Messrs J. and J. Lonsdale and Co. (London) Ltd.:— Butter: Market steadier. New Zealand/Australian, 83s, 84s; Danish (market weak), 945; landed cost, 115 s. Cheese: Market quiet; 51s 6d. MELBOURNE STEAM SHIP GO. GOOD BUSINESS EXPERIENCED Busy conditions were experienced by the Melbourne Steamship Company Ltd. for the half-year ended December 31. state the directors in their report. All ships were fully employed. A small dividend was received from the Hobson’s Bay Dock and Engineering Company Proprietary Ltd. The directors have instituted, as from January 1, 1937, a staff superannuation fund to provide pensions for members of the staff upon reaching the retiring age, A sum of about £24,000 is being taken from reserves to inaugurate the fund. The scheme also provides for monthly contributions by the company equal to those paid by the staff.

COMPANY WINDING UP AMALGAMATED DAIRIES UNITED As the result of a decision reached at a special meeting held last week. Amalgamated Dairies Ltd. is _to bq wound up voluntarily, thus ending activities which have been carried on for the last 10 years for the purpose of marketing New Zealand dairy produce in England, into which field the Newi Zealand Government recently entered. The company was established in 1927. with a view to regulating supplies of dairy produce on the London market and to selling produce at the best available prices against organised buying. It was set up by the New Zealand Cooperative Dairy Company Ltd., _ after compulsory dairy control had. fliled. in order to bring about a practical realisation of orderly marketing so far as the produce of the New Zealand Co-operative Dairy Company and of any other dairy company that cared to come into the scheme. The arrangement between the two companies waa> a service one, having for its object the. furtherance of the interests of the producers. THE SEARCH FOR GOLD TALISMAN DUBBO RETURN ft is reported that 46 tons of ora produced by the Talisman Dubbo min© were treated by the Golden Dawn battery, realising approximately £377, NORTH BROKEN HILL It was announced on the Dunedin itock „ Exchange this morning that a 'ividend of Is 6d a share has been delared by North Broken Hill. PRICE OF GGLD Press Association—By Telegraph—Copyright LONDON, February 19. , (Received February 20, at 1.15 p.m.) Fin© gold is quoted at £7 2s Id per ounce. DOLLAR AND FRANC Press Association—By Telegraph—Copyright LONDON, February 19. (Received February 20, at 1.15 p.m.) The dollar is quoted at 4.89|. The franc is quoted at 105|. LONDON BUTTER AND CHEESE MARKETS [Per United Press Association.] WELLINGTON, February 20. Information supplied regarding the London markets by the Primary Products Marketing Department, which has received the following cable from London:—Butter: New Zealand salted, 83s; exceptional, 84s; unsalted, 925; deliveries from New Zealand 2,133 tons, in store 5,032 tons (which includes 31,240 boxes by the Akaroa). Market slightly steadier at the close. New Zealand retail price lid, Danish Is 2d. Cheese: New Zealand white, 51s 6d to 525: coloured, 51s to 51s 6d. Deliveries from New Zealand, 21,794 crates; in store, 56,766 crates (which includes 1,417 crates by the Hororata and Doric Star). Retail prices unchanged, market quiet.

Quotations as under Buyers. Sellers. £ s. d. £ ft. d. BANKING— New South Wales ... 35 10 0 New Zealand 2 1 6 2 2 0 Commercial 0 19 3 0 19 6 E.S. and A 6 6 0 6 8 6 National of New 0, Zealand 3 1 0 3 2 National of Australasia 15 13 0 — INSURANCE— National ... 0 18 0 0 18 4 New Zealand — 3 2 0 Standard — 2 19 3 SHIPPING— P. and 0. Deferred 0 Stock 1 18 — U.S.S. Co. (pref.) ... 1 6 0 MEAT PRESERVING— N.Z. Refrigerating (paid, ex div.) ... — o iy 3 N.Z. Refrigerating 8 (cont., ex div.) — 0 9 South Otago Freezing 7 12 6 LOAN AND A6ENCYGoldsbrough, Mort ... — 1 18 3 Mortgage Corporation 3J per cent. Stock — ya iu 0 N.Z. Loan and Mercantile (ord.) 43 10 0 44 10 0 N.Z. Guarantee Corporation ... ... 5 3 0 — Perpetual Trustees ... — 3 4 0 Wright, Stephenson (pref.) 0 19 0 1 0 0 COAL— Kaitangata 1 2 0 “ Westport 1 4 3 WOOLLEN COMPANIESBruce (ord.) 0 11 0 0 13 0 Bruce (pref.) — 1 2 9 Kaiapoi (ord.) 0 14 0 0 14 6 Kaiapoi (cont.) — u b 0 Kaiapoi (pref.) 10 — U 1Y 6 Mosgiel 0 0 MISCELLANEOUS— Anthony Hordern ... — i 1 0 Associated News (pref.) ... Australian Glass 4 13 0 1 4 4 15 0 0 Broken Hill Proprietary ... 4 4 0 — Broken Hill Proprie0 tary (cont.) ... ... 3 12 — Brown, Ewing (ord.) ... 1 0 0 i 1 0 Brown, Ewing (pref.) 1 2 3 — 9 Consolidated Brick ... 0 10 0 0 10 D.X.C. (ord.) 0 16 0 — Dominion Fertiliser ... 1 4 0 1 4 3 Donaghy’s Rope and Twine 2 11 6 Dunlop Perdriau Rubber 0 19 1 0 19 6 G. j. Coles ... ... ■ ... 5 7 0 — Hume Pipe X 1 3 — Kauri Timber — 1 4 3 Milburn Lime and Cement 2 2 0 — Mort’s Dock 1 10 6 — National Electric — 0 15 0 N.Z. Drug Co 3 16 0 — N.Z. Paper Mills 1 7 9 — 0 ‘ Otago Daily Times ’ 2 6 0 2 9 Shillings Ltd 0 18 9 0 19 3 Wilson’s N.Z. Cement —■ 1 19 0 Woolworths (ord.) ... 7 2 0 — Otago Farmers’ 0 3 9 — BREWERIES— New Zealand ... ... 2 19 3 3 i 0 Staples’ — 1 15 9 Dominion — 2 5 0 Dunedin 1 8 0 1 9 6 Carlton 3 4 6 3 6 6 OVERSEAS MINING— Broken Hill South (£1) — 2 12 0 Electrolytic Zinc (pref., £1). ... 2 19 6 — Electrolytic Zinc (ord. ,, £1) 3 0 6 3 1 0 Empercr Mines, Fiji (10s) ... ... ... — 1 1 0 Mount Lyell (£1) 2 11 9 2 12 0 Mount Morgan (2s 6d) 0 17 3 0 17 6 North Broken Hill (£1) 4 2 0 4 7 0 Placer Development — 5 3 0 Rawang Tin (10s) ... 0 12 60 15 0 Sulphide Corporation 0 14 0 — ferOLD MINING— Clutha River (2s) ... 0 2 6 — Gillespie’s (Is) 0 1 6 0 1 7 King Solomon (Is) ... — 0 0 8 Molyneux River (2s) 0 2 4 — Nokomai (5s) ..; ... 0 2 3 0 2 6 Okarito (5s) Paddy’s Point (5s) ... 0 3 6 0 4 3 — 0 2 9 Skippers (Is) ... ... — 0 0 4 Waipapa Beach (Is) 0 0 71 0 0 11 Waitahu (5s) — 0 2 6 Worksop (is) 0 1 7 — N.Z. GOVERNMENT LOANS3A p.c. Stock, Nov., 1958-52 — 101 17 6 31 p.c. Stock, May, *1941-52 101 0 0 — 3i p.c. Stock, Ncv., 1941-52 101 0 0 — 4 p.c. Stock, 1946-49 — 103 15 0 4 p.c. Stock, 1952-55 102 0 0 103 0 0