STOCK EXCHANGES.

New Zealand Herald, Volume LXVIII, Issue 20827, 20 March 1931, Page 7

STOCK EXCHANGES.

YESTERDAY'S SALES.

RETURN ON INVESTMENTS. Following is a list of yesterday's transactions on New Zealand Stock Exchanges. In the second column is given tho return, based on the last dividend, from investment at the quoted price. In the case of Government and other redeemable securities the return includes redemption. The first column f*ives the figures at which the sales were made:— ' • AUCKLAND EXCHANGE.

Return on Sale Price. Investment. _ , _ £ e. d. £ a. d. Govt. Bonds. 1933, 5i 99 0 0 C> 011 Blink of N.Z. (2) .. 211 G 511 3 N.Z. Insurance .. 22 0 415 3 Goldsbrough-Mort .. 12 4 t Auck. Gas (con.), late snlo "Wednesday .. 016 10 7 2 7 Milno and Choyce (deb. stk.) .. 019 6 7 3 7 AVaihi .. .. .. 015 6 12 IS 0 tlnterim dividerd passed. CHRISTCHURCH EXCHANGE. Com. Bank Aus. . . 015 0 718 8 Bank of. N.Z. ' 2 11 fi 5 11 3 Union Bank .. .. 812 0 518 3 Dalgety and Co. ... 715 0 G 9 0 Ooldshrough-Mort 12 0 t N.Z. Breweries ~ 1 18 1 f> 17 4 Tooth's Brewery .... 1 110 10 6 1 Ditto .. ..121 10 3 9 Klectro. Zinc (p:rcf.) 017 8 t Waihi (2) .. .. 0 15,3 13 2 3 Ditto .. .. 015 -1 13 010 tlnterim dividend passed. The following sales nlßo took place:— Crown Brewery N (in liquidation). 4s 6d: New Zealand Refrigerating (10s paid), 3s 9d (4), 3s lOd, 3s lid (3), 4s. WELLINQTON EXCHANGE. Bank of Australasia 10 2 6 6 8 4 Bank of N.S.W. .. 27 10 0 fi 10 11 Union Bank'.. .. 8 9 0 518 4 Wilsons Cement .. 2 0 3 6 4 3 The following sales also took place:—New Zealand Refrigerating, 3s 6d, 3a sd. DUNEDIN EXCHANGE. Union Bank .. . 8 7 0 519 9 The following sales also took place:— New Zealand Refrigerating (con.), 3s lOd; King Solomon, Is 7d (2), Is 7id.

AUSTRALIAN EXCHANGE. POSITION IN LONDON. (Received March 19, 9.15 p.m.) LONDON, March 19. Australian exchango has failed to benefit from tho continued improvement in the wool, market, says the Financial News. Banking circles now realise that there is no question of an early reduction in the official rates, indeed there are signs of a moderate revival in tho outside market whero tho rates arc between 1304 and 1314. Owing to Mr. Lang's interest reduction proposals a considerable amount of money is being sent from New South Wales. i QUOTATIONS FOR WHEAT.

QUOTATIONS FOR WHEAT. CHICAGO FUTURES. CHICAGO, March 18. Wheat.—May, 82 7-8 cents per bushel; July, 62| cents; September, 62 7-3 cents. LONDON MARKET. LONDON, March 18. Wheat.—The cargo market is featureless. Sellers are willing to accept lower prices but buyers aro reserved. FLAXMILLING LOSSES. MANAWATU COMPANY'S PLIGHT. Shareholders in Miranui, Ltd., the big Manavvatu flaxmilling company, will meet in Wellington next week to consider the directors' proposal that the company go into voluntary liquidation. The company's operations for the year ended May 31 last were carried on nt a loss, after providing for depreciation, and if. ■was necessary to write off £3348, whereas in 1929 there was a credit, balance of £11,189. Losses are attributable to various causes, the principal being the fall in the price of hemp from £32 5s per ton, when the company was formed, to £l7 per ton to-day; to destruction of flax by disease, and severe reduction in the value of land converted from flax into dairy pasture. BUSINESS IN UNITED STATES. REVIEW BY MONTREAL BANK. Conditions in the United States are watched with almost as much care as those in Great Britain for signs of trade recovery, in which New Zealand would share. In a review published at the end of January the Bank of Montreal says that business in tho United States, judging from data and statistics from many sources, has not yet turned the corner. Tho general level of wholesale commodity prices fell further in. January, several commodities, including silver and cotton, reaching new low levels. Industrial production and factory employment decreased. Building contracts awarded underwent a contraction of more than seasonal proportions. Steel-mill operations moved from the low levels prevailing during tho holidays to an average of above 40 per cent, of capacity, demands of automobile makers and railroads contributing largely to the higher volume. A slight improvement took place in sales and collections in somo areas. The volume of department store trade was 4 to 5 per cent, below the levels of 1929, when allowance was made for price changes. Tho value of the 1930 crops showed a declirio of £500,000,000, or 28 per cent., from 1929 figures, being the smallest return since 1921. The credit and banking situation continues remarkably strong, in spite of the decline in security prices and numerous failures of banks. Bond prices have tended higher, with somo Government issues reaching the highest levels for many months.CAMBRIDGE HORSE FAIR. rOOR DEMAND SHOWN. Lfrom our own correspondent.] CAMBRIDGE, Thursday. The annual autumn horse fair, held by the Farmers' Cooperative Auctioneering Company, Limited, was concluded in Cambridge to-day. Altogether some 300 horses were offered, which, on the whole, mot with a dull market. Buyers were present from all parts of the Waikato and further afield. Offerings came from as far south as Gisborne. Unbroken horses did n.ot sell well, but, there was a slight improvement when I lie draughts and light horses were put under the hammer. LONDON TALLOW SALES. LONDON. March 18. At the London tallow sales to-day 1010 casks were offered and 208 sold. Fine mutton was easier. Other sorts advanced by about 2s. Prices were:—Mutton: Fine, 24s 3dj medium, 21s. Beef: Fine, 245; medium, 19s 6d per cwt. The Bank of New Zealand has received the following advice from its London offico, -under date March 18:—There is a fair demand for tallow. Good mutton is making 23s per cwt; beef, 22s 6d to 235; mixed, 22s 6d; gut, 16s to 19a.