STOCK EXCHANGES.

New Zealand Herald, Volume LXVIII, Issue 20863, 4 May 1931, Page 5

STOCK EXCHANGES.

SATURDAY'S SALES. RETURN ON INVESTMENTS. —T * following is a list of Saturday's transactions on New Zealand Stock Exchanges. In the second column is given the 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. In calculating tho returns on shares in companies which pay their dividends outside New Zealand exchange rates, being liable to fluctuations, have not been taken into consideration. The first column gives tho figures at which the sales were made:— AUCKLAND EXCHANGE. Return on Sale Price. Investment. .Isd £ b d Wellington Har.' Bd., 1940, 5J . . . . 97 0 0 5 15 3 WELLINGTON EXCHANGE, ins. Stk., 1033, 55 . 09 5 0 6 18 7 Bunk of N.Z. . . 213 0 5 8 2 DAIRY RESEARCH. BRITISH COLUMBIAN WORK. ABANDONMENT BY UNIVERSITY. VANCOUVER. May 2. The University of British Columbia has notified the Empire Marketing Board that dairying research, 'which has been carried on co-operatively for three years, will be abandoned and all agricultural activity will end at tho conclusion of tho visit of the representative of the New Zealand Research Council, Dr. McDowall, in June. In explanation of this message, Sir George Fowlds, chairman of tho dairy research committeo of tho New Zealand Kescarc.il Council, stated last evening that the University of British Columbia had been carrying out very valuable research regarding starters and cultures for use in tho manufacture of cheese. "It is a very fundamental piece of research work," said Sir George, " but I do not understand the decision to abandon it .unless it is thought that the investigations have been completed. We have been very impressed with the work that has been done and it was our desire to have their work correlated with that which is being carried out by the chemists at Massey College." In order to bring that about, Sir George continued, it was decided to send Dr. McDowall, of the dairy research staff, to Vancouver in order to study the work and technique of the university investigators. Dr. McDowall left Wellington on April 21 by the Maltura and apparently the message meant that the work at the university would be continued until June, by which time Dr. McDowall would have completed his study. " However, I cannot understand the reason for the sudden stoppage, unless it is that the subject has been fully exploited," added Sir George. WHEAT IN AMERICA. BIG MINNESOTA PURCHASE. FARM BOARD IN CONTROL. NEW YORK, May 2. A message from Minneapolis says the Minnesota Farmers' National Grain Corporation as the agency of the United States Farm Board, in a transaction involving £3,600,000, has accepted delivery of 23,147,000 bushels of wheat from private grain trade interpsts. The purchase has been made under the corporation's contract to take for the Farm Board from private companies under May futures contracts, and it gives the board control of practically all the stored wheat in the Minneapolis and St. Paul district. CANADIAN GRAIN EXPORTS. OTTAWA, May 1. Germany's reduction of duty on imported wheat is expected to improve shipments from Canada, which have dropped from 7,000,000 bushels to 2,000,000 in the past two years. PROBLEM OF LOW PRICES. WINNIPEG, May L The Premier of Winnipeg, Mr. Bracken, says he will propose at a conference of prairie province Premiers that the Dominion Government be urged to re-establish the Wheat Export Board. The Premier of Alberta, Mr. Brownlie,, has stated that this action is absolutely necessary if the present low prices for wheat continue. STOCKS IN COUNTRY. WASHINGTON, May 2. Tho Department of Agriculture announces that tho jvheat stocks in the country mills and elevators on April 1 were 71,208,000 bushels. NEW SOUTH WALES WHEAT. ADVANCE IN PRICES. SYDNEY, May 2. Efforts by brokers to buy New South Wales silo wheat to fulfil overseas and local contracts resulted in a sharp advance in prices during tho week from 2s 4d to 2s a bushel. KAURI GUM INDUSTRY. SUPPLIES FOR PAST MONTH. A total of 309 tons of kauri gum was received into store bj Auckland brokers last month —a decrease of 77 tons, as compared with the amount for the preceding month. Tho market continues to be a very trying one for brokers, there being practically no orders for the United States. The following table shows tho amount of gum received in the first four months of the last four years:— 1928. 1929. 1930. 1931. Tons. Tons. Tons. Tons. January . . 278 290 371 159 February .. 307 275 412 281 March . .. 411 210 5G3 33G April .. .. 338 339 441 309 Totals . . 1,331 v 1,144 1,787 1.134 MORRINSVILLE STOCK SALE. The Farmers' Cooperative Auctioneering Company, Limited, reports:—At the Morrinsvillo sale on Friday a heavy yarding of sheep and a medium yarding of cattle were penned. The demand for the advertised line of ewes from the East Coast was not keen, and several lines were passed in. Late rates were maintained for fat sheep and cattle. Baconers and porkers maintained slightly increased rates, while Htore nigs were quitted at satisfactory prices. Quota-tions:—-Sheep: Fat wethers, 15s to 15s (id: fat ewes, lis Cd to 12s; fat lambs, lis 7d: store lambs, 7s to 8s; store ewes, 7s; fourtooth to four-year ewes, 7s Gd; sound-mouthed ewes, Gs 9d. cull ewes, 4s to ss. Cattle: Fat heifers, £4 10s to £5 7s; fat cows, heavy, £5 to £5 ss: medium, £3 17s Gd to £1 10s; light fat cows, £2 10s to £3 10s: fresh-conditioned coWb, £1 15s to £2 7s; boners, £1 to £1 lis; Polled Angus heifers, running with bull, £-1; Jersey heifei calves. £1 3s to £2 Is; dairy heifers, £5 to £8 10s. Pigs: Heavy baconers, £2 Us to £2 las: medium baconers, £2 Gs to £2 9s: light baconers and heavy porkers, 35s to £2 2s: light porkers, 21a to 255; slips, 13s to 18s: weaners. 8s to lis.