THE SHARE MARKET

Evening Star, Issue 22720, 6 August 1937, Page 6

THE SHARE MARKET

DUNEDIN STOCK EXCHANGE AUSTRALIAN MINING STOCK HARKED UP Values continued firm on the local investment market this morning, with an improved inquiry in some sections. The Australian mining section was sharply marked up, Barrier companies leading the way. Banks were slightly improved, and with the exception of some rises industrials remained quiet. ~ . ... , Banks were fractionally better, although Australian issues remained easy. New Zealands had reported business at £2 4s 6d, the market closing between £2 4s 3d and £2 ss. Nationals improved to an inquiry at £3 but holders were not attracted. Commercials had weaker buyers at 18s, vendors appearing at 18s 6d. National Insurances had steady buyers at 17s 9d while South British were wanted at £4 'lßs. . . . „ South Otago Freezings moved up further to an inquiry at £8 15s. making a 15s rise in (wo days, but holders did not respond. Broken Hill Proprietary stock continued to firm, and after reported business at £4 3s 6d had a close market at £4 3s 9d and £4 ss. M’Leod Bros, were wanted at £32 10s, while Milburn Lime and Cements had a steady inquiry at £2 2s. A general improvement was recorded in the Australian mining section. Barrier companies reacted, strongly to a better tone from overseas, Broken Hill Souths moving up Is 6d and 2s 6d on buyers’ and sellers’ quotations, while North Broken Hills had an inquiry at £8 18s, an advance of 2s 9d on yesterday. Electrolytic Zincs also rose sharply. Mount Lyella were marked up, and Mount Morgans were fractionally better. Local gold mining was quiet with little variation. Government loans continued firm with sellers appearing for the 3jr per cent. 193852 Stock and the 4 per cent. 1952-55 Stock. SALES REPORTED. —This Morning,— Bank of New Zealand, £2 4s 6d (2). Broken Hill Proprietary, £4 3s 6d. New Zealand Breweries, £2 10s 3d (2). Dunedin Breweries, £1 10s. SALES ON ’CHANGE. —Late Yesterday.— Taranaki Oil, 4s 9d (2). —Tliis Morning.— Broken Hill South, £2 11s 6d. SALES AFTER CALL. —Late Yesterday.— Taranaki Oil, 4s 8d (2). Mount Morgan, 12s 2d. Broken Hill Proprietary, £4 3s 6d. Quotations as under:—

DIVIDENDS DUE. NwZ. Insurance Final Is per cent., making 8 per cent, share, making 10 per cent. for the year ... Aug. 10 North Kaigurli (1912) Ltd. —9d (sterling) less English income tax Aug. 10 Farmers’ Fertiliser—6 per cent. Aug. 16 Commercial Bank of Australia — Six months, at 4 per cent, per annum on pref., and at 6 2-3 per cent, per annum on ordinary ... ... Aug. 19 Christchurch Gas —Interim 3 per cent •. Mdrt’s Dock and Engineering—4 per cent Aug. 11 M.K. Millinery Ltd., AucklandInterim, 10 per cent. ... ... Aug. 12 Queensland National Bank—Final, at 4£ per cent, per annum ... Aug. 13 Trustees, Executors, and Agency Co., Melbourne —8 per cent. per annum Aug. 19 Meggitt Ltd.—Final, half-year, Ist and 2nd pref., at 10 per cent. per annum Aug. 19 Bank New South Wales—Quarterly, 6s per share (Aust. currency) Aug. 26 Associated Newspapers—lnterim pref. 2 per cent., ord. 2 per cent Aug. 28 Electrolytic Zinc—Half-year 9 per cent, and bonus of 6d on ord. and pref ••• Sept. 10 Oil FROM SHALE AUSTRALIAN PROJECT Development of the Newnes shale oil field in New South Wales is likely to begin shortly. The agreement between the Commonwealth and New South Wales Governments and the company —National Oil Pty. Ltd. has been signed. . “ This is an important step in the development of an enterprise of outstanding significance to Australia, said the Prime Minister (Mr Lyons), in making the announcement. ‘ The production of petrol from shale has passed the experimental stage.” It is likely that , the industry will expand to include fields in Tasmania and in New South Wales. “ The Commonwealth Government hopes that Newnes will he the nucleus of an organisation to produce petrol for defence. It also believes that it will be a training ground ftpr Australian chemists and technologists,” said Mr Lyons. CANADIAN WHEAT PROBLEM OF MARKETING The Canadian Wheat Board expects that by the end of the present crop vear all Canada’s surplus wheat will have been liquidated. A Royal Commission on Grain is sitting now in Canada, and the future of wheat marketing in Canada may bo vitally affected by its recommendations. The wheat pool organisations of Manitoba, Saskatchewan, and Alberta have requested the Royal Grain Commission to recommend the establishment of a National Wheat Board to handle the whole crop, with power to subsidise farmers in periods of depression. Mr J. H. Wesson, vice-presi-dent of the three pool organisations, has suggested a National Marketing Board, to be given complete control of the marketing of all Western Canadian wheat, and the duty of selling at the best price possible; this board to set up a reasonable initial payment at the time of delivery, and to make further payments as the grain is sold. The following further suggestions have also been advanced, states ‘ Canada’s Weekly’:—(l) The board to establish sales offices overseas and to appoint agents in the principal importing countries for the purpose of promoting sales and increasing the demand; (2) the board to provide a uniform price for grain of like quality; (3) the provisions of the board to be framed so as to give growers a voice in operative measures; (4) the way to be kept open for the possibility of cooperation between exporting and importing countries in dealing with the world wheat problem. Mr Wesson expressed the opinion that Canada’s wheat problem was essentially one of marketing. The futures system during the past 20 years had failed to function in the interests of producers, and this method of marketing grain was unsuited for the development of markets. He believed that, while the pools recognised the value and efficiency of a partial pool in periods of fairly equal supply and demand, in times of abnormal surplus nothing but support of the National Government was adequate to meet the situation.

Mr James R. Murray, chairman of the Canadian Wheat (Board, speaking before the Royal Commission, stated that Canada’s surplus wheat would be liquidated by the end of the present crop year. He added that if the Wheat Board operated next year it would begin with a clean slate. A further statement made by Mr Murray was to the effect that the operations of a compulsory Wheat Board dealing with all wheat in the Dominion were bound to fail. There was no reason why the open market sj T stem and contract wheat pools, for those desiring such methods, could not satisfactorily dispose of all Canadian wheat oversea.-

FOREIGN EXCHANGES ON NEW ZEALAND CURRENCY BASIS

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.) (PerfilN.Z.) SELLING— T.T. (dol) ... 3.99 3-8 3.99 3-8 O.D. (dol) ... 3.99 3 4 3.99 13-16 BUYING— O.D. (dot) ... 4.03 15-16 , 4.04 1-8 THE RESERVE BANK ASSETS AND LIABILITIES [Per United Press Association.] WELLINGTON, August 5,, The Gazette issued to-night contains the following statement of liabilities and assets of the Reserve Bank of New Zealand as at the close of business on August 2. The figures at the close of the previous week are given for purposes of comparison, shillings and pence being omitted:— LIABILITIES. Last week This week £ £ 1. General Reserve Fund 1.500,000 1,500,000 2. Hank notes 12,590,827 12,030,571 3. Demand liabilities—(a) Slate 6,418,390 0,725,664, (b) Banks 9,761,805 9,793,842 (c) Other ... 902,458 568,335 4. Time deposits 5. Liabilities in currencies other than New Zealand currency —•— 6. Other liabilities ... 105,524 94,623 Total ... ASSETS. 7. Reserve — (a) Gold 2,501,791 2.»M,791 (bj Sterling exchange 20,859,070 20,876,823 (c; Gold exchange 8. Subsidiary coin 112,125 110,161 9. Discounts—(a) Commercial and agricultural bills ... ■— (b) Treasury and local body bill* *■" 10. Advances—(a) To State or State undertakings—(l) Dairv industry account 4,277,733 4,213,700 (2) For other pur- • poses 300,000 300,000 (b) Tc other public authorities (c) Other ... ... ... 11. Investments ... 2,906,450 2,906,450 12. Bank buildings 13. Other assets ... 81,841 101,115 Total proportion of reserve (No. 7 less No. 5) tc notes nnd other demand liabilities 79.576% 79.676%

Buyers. Sellers. £ s. d. £ a. d. BANKING— New South Wales (£20) 35 0 0 New Zealand (£1) ... 2 4 3 2 5 0 Commercial (10s) 0 18 0 0 18 6 E.S. and A. (£3) ...• — 6 1 0 National of New Zealand (£2 10s) 3 0 0 _ National of Australasia (cont., £5) 7 10 0 Union of Australia Ltd. (£5) - 10 5 0 INSURANCE— National (7s) 0 17 9 South British (£1) ... 4 18 0 — Standard (£1) — 3 0 0 SHIPPING— Howard Smith (£1) 1 1 9 Huddart, Parker (ord., £1) 2 0 0 Huddart, Parker (prof., £1) 1 7 6 P. and 0. Deferred Stock (£1) 2 0 0 U.S.S. Co. (pref., £1) 1 6 4 1 ~6 9 MEAT PRESERVING— Gear (10s) 0 17 0 N.Z. Refrigerating (paid, £1) 0 19 6 N.Z. Refrigerating (cont., 10s) 0 9 5 South Otago Freezing (£5) ... Waitaki Farmers’ Freezing (£5) ... 8 15 0 4 1 6 LOAN AND AGENCYGoldsbrough, Mort (£1) 1 16 3 National Mortgage (£2) 2 8 6 2 10 6 National Mortgage (“ B ” Issue, £1) 1 9 0 N.Z. Loan and Mercantile (ord., £100) N.Z. Guarantee Corporation (3s) ... Otago Farmers’ Co-op. (3s 4d) 43 0 0 45 0 0 0 4 11 0 4 0 Trustees Executors and Agency (£2) ... .... 3 14 0 Wright, Stephenson (pref., £1) ... ... 1 1 0 1 !■ 9 COALKaitangata (16s) ... 1 2 3 Westport (10s) 1 4 0 — WOOLLEN COMPANIES— Bruce (ord., £1) ... 0 11 6 0 15 6 Bruce (pref., £1) ... 1 1 6 Kaiapoi (cont., 7s) ... 0 5 3 Mosgiel (£4) 10 3 0 Oamaru (£1) 0 18 6 Timaru (£1) . ... ... 0 18 0 MISCELLANEOUS— Associated News (pref., £1) 1 3 9 Australian Glass (£1) 4 13 6 4 15 0 British Tobacco (£1) 2 10 3 Broken Hill Proprietary (£1) 4 3 9 4 4 o Brown, Ewing (ord., £1) . 1 0 6 1 2 0 Consolidated Brick (£1) 0 8 3 D.I.C. (pref., £1) ... 1 4 0 Dominion Fertiliser (£l) 1 4 9 1 5 6 Dominion Fertiliser Debs. 102 0 0 Dominion Rubber (£11 _ 1 14 3 - Dunedin’ Stock Exchange Prop. (£1) 2 0 6 Dunlop Perdriau Rubber (£1) 1 3 11 General Industries (12s 6d) 1 1 0 G. J. Coles (£1) ... 4 19 0 5 0 6 Hume Pipe (£1) — 1 0 3 Milburn Lime and Cement (£1) 2 2 0 M’Leod Bros. (£10) 32 10 0 Moturoa Oil (pref., 5s) 0 2 6 0 5 0 N.Z. Drug Co. (£2) ... — 3 14 3 N.Z. Farmers’ Fertiliser (£1) 1 1 6 1 2 0 N.Z. Paper Mills (£1) 1 6 6 1 7 6 ‘ Otago Daily Times ’ (£1) 2 5 0 Smith and Smith (pref., £11 Wilson’s (N.Z.) Cement (10s) 1 2 6 1 0 6 Woolworths (ord., £1) 5 11 0 Woolworths (rights) — 4 6 0 Taranaki Oil (£1 4s 7d) 0 4 6 0 4 9 BREWERIES— New Zealand (£1) 2 10 0 2 10 8 Tooth’s (£1) — - 2 15 3 Carlton (£1) — 3 7 0 UNLISTED STOCKS— M’Intosh, Caley, Phrenix (£1) 0 7 0 0 9 0 Woolwortlis (Sydney, ord £1) 6 11 0 Ware's Trust (5s) ... o r, 11 Selfridgo’s. (£1) 1 12 0 — OVERSEAS LIST— Woolworths (South Africa) ... ... 0 17 5 0 17 9

OVERSEAS MINING— Austral N.Z. Mining (Us) 0 12 0 0 15 0 Broken Hill South (5e) 2 11 0 2 12 6 Electro. Zinc (pref.. £1) ... 2 19 3 2 19 6 Electro. Zinc (orcl., 2 18 £1) 6 — 0 Mount Lyell (£1) ... 2 3 8 2 4 Mount Morgan (2s 0 12 0 6d) 0 12 3 North Broken Hill (5s) ... 3 18 0 — Rawang Tin (10s) ... 0 12 3 0 12 9 GOLD MINING— Big River (Is) — 6 0 1 7 Clutha River (2s) ... 0 2 — Consolidated Goldfields (4s) Gillespie’s (Is) — 0 13 6 0 1 4 — Goldfields Dredging (Is) ... — 0 0 4 Kildare (2s) — 0 1 4 Lawson’s Flat (Is) ... — 0 0 4 Molyneux River (2s) 0 2 0 0 Maori Gully (Is) .... — 9 0 6 Nokomai (5s) 0 1 — Okarito (5s) ... ... 0 2 6 0 — Waitahn (5s) ... ... — 1 6 N.Z. GOVERNMENT LOANS - 5j- p.c. Stock, Nov., 1938-52 102 10 0 103 10 0 3.'t p.c. Stock, March, 1939-43 ... 102 10 0 — Z'i p.c. Stock, Sept., 1939-43 102 10 0 3i p.c. Stock, May, 1939-52 102 10 0 1 — 5 A p.c. Stock, March, 1941-43 ’ 102 10 0 — 3i jko. Stock, Sept., 102 10 0 3i p.o. Stock, May, 1941-52 .., ... ... 102 10 0 — ■ 34 p.c. Stock, Nov., 1941-52 ... 102 10 0 4 p 4S. Bonds, 1943-46 104 10 0 T 4 p.c. Stock, 194546 104 10 0 4 p.c. Bonds, 194649 104 15 0 4 p.c. Stock, 194649 104 15 0 — 4 p.c. Bonds, 1952-55 104 15 0 — 4 p.c. Stock, 1952-55 104 15 0 105 0 0

The Bank of New South Wales, Dunedin, quoted the following rates for purchase and sales of foreign exchanges (all rates subjeet to alteration without notice) Buying. Selling. London — £100 ate. 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. 4.0398 3.9927 O.D. 4.0398 3.9967 Montreal— Dollars to £1 N.Z T.T. 4.0287 3.9938 O.D. 4.0412 3,9978 Austria— Schillings to £1 N.Z T.T. — 20.88 O.D. — 20.89 Belgium— Belgas to £1 N.Z T.T. _ 23.629 O.D. 23.640 Czechoslovakia — Crowns to £1 N.Z T.T. — 113.87 O.D. — 113.92 Denmark— Kroner to £1 N.Z. T.T. 18.205 17.893 O.D. 18.265 17.899 France— Francs to £1 N.Z T.T. — 105.90 O.D. — 105.94 Germany— Reichmarks to £1 N.Z T.T. — 9.872 O.D. —- 9.877 Holland— Florins to £1 N.Z T.T. ,— 7.210 O.D. — 7.214 Italy— Lire to £1 N.Z T.T. — 75.88 O.D. — 75.93 Java— Florins to £1 N.Z, T.T. 7.182 O.D. — 7.186 Norway— _ Kroner to £1 N.Z T.T. 16.181 15.891 O.D. 16.241 15.897 Sweden— Kroner to £1 N.Z. T.T. 15.786 15.491 O.D. 15.846 15.497 Switzerland— Francs to £1 N.Z T.T. — 17.331 O.D. — . 17.336 Noumea— Francs to £1 N.Z T.T. — 105.15 O.D. — 105.19 Papeete— Francs to £1 N.Z T.T. — 105.10 O.D. — 105.14 Hongkong— N.Z. pence to 1 dollar T.T. 18 21-64 18 49-64 O.D. 18 19-64 18 49-64 India and Ceylon— N.Z. pence to 1 rupee T.T. 22 3-8 22 21-32 O.D. 22 11-32 22 21-32 Japan— N.Z. pence to 1 yen T.T. — 17 31-64 O.D. —. 17 31-64 Shanghai— N.Z. pence to 1 dollar T.T. 17 15-32 17 29-32 O.D. 17 7-16 17 29-32 Singapore— N.Z. pence to 1 dollar T.T. 34 23-32. 35 13-64 O.D. 34 5-8 35 13-64 Chefoo — N.Z. pence to 1 dollar T.T. 17 13-32 18 1-32 O.D. 17 23-64 18 1-64 Manila— N.Z. pence to 1 peso T.T. . 29 47-64 30 15-64 O.D. 29 41-64 30 15-64