DUNEDIN STOCK EXCHANGE

Evening Star, Issue 23100, 28 October 1938, Page 6

DUNEDIN STOCK EXCHANGE

THIS MORNING’S CALL LATEST QUOTATIONS Buyers. Sellers. £ s. d. £ s. d.

SYDNEY MARKETS Press Association - By Telegraph—Copyngm ' SYDNEY, October 27. Business was restricted on the wheat market, with an easier tone, but there was no selling pressure. The new season’s grain is coming forward, and a heavy yield throughout is assured. Silo grain is quoted 2s 9Jd, bagged 8s 2d Flour, £B. Bran and Pollard, £5 10s. Potatoes: Tasmanian, ; others £l Onions; Brown. £l4 ; white. Maize: Yellow, 4s 9d; white, 4s /d NEW GUINEA GDLD SHARES Press Association- By Telegraph—Copyni'lu LONDON, October 27. (Received October 28. at 1 p.m.) New Guinea Gold shares are quoted at Is o;id.

MINING NEWS ARAHURA DREDGING OPERATIONS BEGINNING SHORTLY Arahura Gold Dredging Ltd., of New Zealand, shows expenditure on the bucket dredge of £80,844 in the accounts as at March 31. The property is shown at £50,861. Debtors owe £8,876. and cash is £SOO. Preliminary and developmental expenditure is stated at £7,886. The capital is £155,000. The directors state that it is expected that the dredge will start work early in 1939. The capital proved insufficient to see the dredge to the producing stage, and arrangements were made to secure about £30,000, which was considered necessary to reach production. The board is satisfied that the dredge will prove an efficient and economical unit. KANIERI GOLD DREDGING It is anticipated that the dredge of Kanieri Gold Dredging Ltd. will begin working at the end or next month. The directors’ report states that owing to rapidly rising prices the capital of the company was insufficient to see the dredge to the production stage. Arrangements were made to secure, flie funds considered necessary, amounting to £30,000. FOR OTAGO FLOCKS LARGE MERINO SHIPMENT SOUTH AUSTRALIAN IMPORTATIONS Merino stud rams of proven quality —in one of the largest shipments for some years arrived last week, from South Australia to the order of prominent Central Otago studmasters. In all, there were about 125. stud merino rams, one Suffolk ram, and 25 Suffolk ewes. The ewes are for the Canterbury Seed Company’s stud at Leeston. ■

Dalgety and Co. were responsible for the importation. Yesterday afternoon the sheep were drafted into lots and trucked to purchasers • Big-framed, open-faced, with a heavy fleece of wool, the merinos are a good, even lot. With their introduction into Otago flocks, new strains they represent should have a greatly beneficial effect on the merino quality of the province. Most of the sheep in the consignment were bred by the Kalabity Pastoral Company Ltd., one of the foremost South Australian merino studs. Others were drawn from the Anama Pastoral, Company flocks, which has contributed largely to Otago flocks in the past. MERINO PURCHASERS. The flockmasters who will divide up the consignment of merinos are as follows : Messrs Hope Bros., Fairlie 25 Mr George Burden, Mount Burke . Station, Wanaka ... 20 Mr W. A Scaife, Glendu Station, Wanaka ... ... 16 Mr F. G Hvde, Tarras ... 12 Mr J. L. M'Phail, OtekaiJte . 12 Mr F. D. BeH.'Shag Valley, Waihemo ... ... ... ... 12 Mr Bernard Thomas. Omarama ... 10 Mr W. G.'Hall, Luggate ... ... ' 8 Mr A. F. T. Munro, Kurow ... ... 6 Mr J M Munro, Kurow 6 , GROWING INTEREST.

Interest in the Suffolk breed ot sheep is growing slowly but steadily in New Zealand, but too few of the type have been seen in Otago. The head which arrived by the Waitakl have been trucked to their new owners, the Canterbury Seed Company at Leeston. They are attractive-looking sheep, and said to'be typical of a breed that has grown rapidly in usefulness and popularity in Australia. They were bred by and purchased from the Pembury Stud of Mr A. C. Duval, who is recognised as an Australian authority on the breed. ALUMINIUM WORKS ELECTROLYTIC ZING CO.'S PUNS Proposals for the establishment in Australia of aluminium production and fabrication were substantially advanced during the recent visit to England of Sir Colin Fraser, chairman of directors of Electrolytic Zinc Company of Aus t.ralasia Limited, states the company’s annual report. The constitution of the company to produce the metal has been broadened and the participating interests now are:—British Aluminium Company Limited, 33 1-3 per cent.; Aluminium Limited, of Canada, 33 1-3 per cent.; Electrolytic Zinc Company of* Australasia Limited, 20 per cent.; Metal Manufactures Limited. 13 1-3 per cent. The first step in connection with the new industry will be the establishment of a rolling mill and extrusion plant to deal with aluminium and its strong alloys. This will probably be erected on a site adjacent to the works of Austral Bronze Company Proprietary Lirai ted. at Alexandria, New South Wales. At a later date, when consumption warrants it, reduction works for the production of ingot aluminium will be erected either in Now South Wales or Tasmania, at a location where low cost power is available. Until the reduction works,, are established the aluminium required for the fabrication works will be supplied by Electrolytic Zinc’s overseas partners in the business. It is_ intended to expand the works from time to time to meet the full requirements of the Australian market for aluminium and its alloys. SHARE QUOTATIONS Press Association— By Telegraph—Copyright LONDON, October 27. (Received October 28, at 1 p.m.) Share quotations • Clutha River—buvers Is 7}d, sellers Is lOJd; Molyneux —buyers sellers IG^d. BEET SUGAR Press Association By Telegraph—Copyright

LONDON. October 27, (Received October 28, at 11 a.rn.) Reel sugar, 5s Ud.

GRANTS FOR MINING COMMONWEALTH AID CEASES £500,000 IN THREE YEARS The Commonwealth Government has decided to discontinue grants to the States for assistance to mining develop-! . ment. The Acting Prime Minister, Sir Earle Page, said in the House of Representatives last week that mining, except within the territories contftdled by the Commonwealth, was a State function. Although the Commonwealth had made available £500.000 as assistance to metalliferous mining during the three years ended last June, no further funds could be provided for this or similar purposes, in view of the heavy demands upon the resources of the Commonwealth entailed by the enlarged defence programme and the establishment of national insurance. “ The States must accordingly accept a greater share of responsibility for the financing of activities such as mining which come within their scope,” added Sir Earle Page. FRUIT AND PRODUCE GREEK GOOSEBERRIES ARRIVING RIPE BANANAS UNPROCURABLE Reilly’s report that owing to Labour Day intervening, the week in the local fruit and produce market has been a • busy one, with heavy supplies being received. Good quality apples are in, shorter supply, and tor first-grade Delicious and Stunners, ex the cool store, prices are slightly more satisfactory. Secondgrade fruit, however, is difficult to sell. There has been an excellent demand for dessert pears. Increased supplies of Christchurch and local tomatoes have been coming to hand, and prices are easier. Cut flowers have been in good supply, consignments consisting principally of Poeticus narcissi and tulips. Australian oranges ex the Waitaki met with an exceptionally keen inquiry, The fruit consisted of navels and Valencias, and was in excellent condition. Although the shipment consisted of approximately 6.000 cases, supplies have been sold out of wholesalers’ hands, and there is , a good inquiry for the incoming shipment by. the Mannganui. due about November 8. A large shipment of pineapples arrived by the Waitaki. Unfortunately part of this consignment wa.> very wasty, and consequently difficult to dispose of . The Waikonaiti also brought forward a small shipment of pines in good condition. Ripe bananas are at present unprocurable, although a shipment of Nines and Samoans : es the' Maui Pomare came to hand during the week. The fruit wa» in prime condition, and supplies of ripa fruit should be available next weesThe Matua is due at Wellington on No- : vember 2 with a further shipment of Samoans. Lemons are in over-supply, and sales are difficult. '

Vegetables have been in heavy supply with a fair inquiry. Cauliflowers have a good demand, while choice quality lettuce has a fair inquiry Increased , consignments of. asparagus' have' been' - arriving, arid prices are easier.;; Local new potatoes and Wairaate green peas' are in heavier supply, and values are lower Rhubarb has firmed in value. Green, gooseberries are arriving on the market. The market is bare of onions. A transhipment of Canadians, es the 1 Aorangi, is due to arrive on October 29. Old potatoes have had a slightly better inquiry. King Edwards in par* ticujar being sought. Fairly heavy supplies of whitebait are still coming forward. There has been a good inquiry for eggs, and values for guaranteed remain at Is 3d. Poultry.—There was a small penning of birds for Wednesday’s sale, wita good values for table birds. DOLLAR AND FRANC Press Association—By Telegrapb —Copyright LONDON, October 27. (Received October 28, at 11 a. in.) The dollar is quoted at 4.77£. Thu franc is quoted at 178 13-16. WHEAT AND FLOUR Pres* Association—By Telegrapn—Copyright ' LONDON. September 27, j (Received September 28, at 1 p.m.) Wheat.—Cargoes are easier. Parcels are quiet. Futures: London—October, 4s 4Jd; December, 4s sid; M,arcb. 4» s|d; May, 4s 6Jd. The spot trade is easier. Australian (ex ship), 27s 9d. Flour is quiet. Australian (ex itore), 22s 6d to 23s 6d. Chicago futures; December, 65 5-8 cents per bushel; May, 67|; July, 67J. BRADFORD MARKET Press Association—By Telegraph—Copyright LONDON, October 27... (Received October 23, at 1 p.m.) At Bradford prices are maintained, although slack conditions prevail. Merinos: 70’s, 27-id; 64’s, 26d; 60" s, 25d. Crossbreds: 58’s 22d; 66’s 19fd; 50’s, 17d; 46’s, 16id, (nominal); 44’t, I did, (nominal).

DOLLAR RATES. The Associated Banks (other than the Bank of New South. Wales) quoted, the following dollar rates to-day on a New Ze*> land currency basis. They are subject to alteration without notice:— CJ.S.A. OANAUA(Per £1 N.Z.) (Per £1 N.Z.f SRLLINOT.T. (dol) ... 3.78 15-16 3.82 .1-8 O.D. (dol) ... 3.79 1-4 5.82 7-16 UU V INcJ— O.D. (dol) ... 3.84 7-16 3.87 ?-8 Argentine textile manufacturers and workers have petitioned the Government to adopt measures which would curb the importation of cheap foreign textiles and thus improve the serion* situation now existing in the local textile industry The report states that the market is overstocked and the imports have continued in such lartio volume that many factories have been forced to reduce their output considerablv. with a corresponding reduction in total wages paid.

N.Z. GOVERNMENT LOANS3j p.c. Stock, Nov., 1938-52 — 100 0 0 3j p.c. Stock, March, 1939-43 — 98 10 0 p.c. Stock, May, 0 1939-52 — 100 10 3£ p.c. Stock, May, 0 1941-52 — 102 0 4 p.c. Bonds, 1943-46 99 10 0 — 4 p.c. Stock, 1943-46 99 10 0 99 15 0 4 p.c. Stock, 1946-49 — 99 10 0 4 p.c. Stock, 3952-55 — 99 17 6 3i p.c. Bonds, 1953-57 93 0 0 — 3j p.c. Stock, 1953-57 93 5 0 — BANKING— New South Wales (£20) ... ... ... — 31 s 0 New Zealand (£1) ... 2 0 3 2 1 3 New Zealand, Long 9 6 “D” (£1) — 1 Commercial (10s) ... — 0 17 0 E.S. and A. (£3) ... 5 5 0 — National of New Zealand (£2 10s) ... — 2 11 0 Union of Australia Ltd. (£5) 8 13 0 — INSURANCE— National (7s) 0 15 9 0 16 7 South British (£1) ... 2 2 0 — SHIPPING— P. and 0. Deferred Stock (£1) 1 6 0 — U.S.S. Co. (pref., £1) 1 5 9 1 6 9 MEAT PRESERVING— N.Z. Refrigerating 0 (paid, £1) — 0 18 N.Z. Refrigerating (eont., 10s) 0 7 11 0 8 3 Southland Frozen (paid, £1) — 1 10 3 LOAN AND AGENCY— Goldsbrough, Mort 9 (£1) — 1 0 Perpetual Trustees (18s) ... — 2 13 0 Trustees, Executors, and Agency (£3) ... 4 0 0 — Wright, Stephenson' 3 (pref., £1) ... ... 1 0 COAL— Westport (10s) — 1 3 6 Westport-Stockton (ord., 10s) — 0 5 0 Westport-Stockton (pref., 10s) 0 6 0 OILTaranaki (£1 4s 7d) ... 0 13 8 0 14 0 WOOLLEN COMPANIES— Bruce (ord., £1) ... 0 3 6 —• Bruce (pref., £1) ... — 1 0 0 Mosgiel (£4) — 9 13 6 MISCELLANEOUS— Associated News (£1) 1 1 0 Associated News (pref., £1) 1 3 0 — Australian Foundation Trust 0 4 9 0 5 0 British Tobacco (£1), — 2 8 6 Broken Hill Proprietary (£1) 2 17 3 2 18 6 Brown, Ewing (ord, 0 0 £1) — 1 Consolidated Brick (£1) — 0 8 0 Crystal Ice Co. (£1) — 2 0 0 D.I.C. (pref., £1) ... 1 2 0 1 3 6 Dominion Fertiliser (£1) ... — 1 4 0 Dominion Fertiliser Debs 101 0 0 — Donaghy’s Rope ana Twine (£1) — 2 4 0 Dunlop, Perdriau 0 Rubber (£1) 1 3 1 0 9 G. J. Coles (£1) ... 3 19 0 — Hume Pipe (£1) 0 19 3 0 19 9 I.C.I. (pref., £1) ... 1 2 6 1 2 9 Milburn Lime and Cement (£1) — 1 15 5 N.Z. Drug Cc. (£2) ‘ Otago Daily Times ’ (£11 — 3 8 0 2 3 0 Smith and Smith 0 (pref., £1) 1 2 Wilsons Cement (10s) — 0 17 0 Woolworths (ord,. 0 5s) — 1 0 Woolworths (Sydney, ord., 5s) — 1 1 3 BREWERIES— New Zealand (£1) ... 2 0 3 2 0 9 OVERSEAS LIST— Woolworths (South 9 Africa) ... ... ... 0 14 OVERSEAS MINING— Electro. Zinc (ord.. 6 £1) . 2 4 6 2 5 Mount Lyell (£1) 1 9 6 1 10 6 Mount Morgan (2s 6d) 0 10 9 0 XI 0 Mount Morgan (pref., £1) ... - 1 1 4 1 & 0 North Broken Hill 0 (5s) 2 11 — Rawang Tin (10s) ... 0 8 6 0 S 3 GOLD MINING— Austral-N.Z. (£1) ... 0 — 1 I 5 Clutha River (2s) ...' 2 2 0 2 9 Gillespie’s (Is) — 0 1 1 Goldfields Dredging (Is) ... ... 0 —- 0 U Mrlyneux River (2s) 0 10 0 1 Nokomai (5s) — 8 Okarito (5s) 0 2 0 — Sandhills (Is) — 0 0 3 Waitahu (5s) 0 0 9 0 1 0 UNLISTED STOCKS— All stocks in this section are not quoted ■in the official list, and transactions are suhjecb to a different rate of brokerage. A. and T. Burts (pref., £D — 0 Vi Woolworths Properties (10s) 0 14 3 —