STOCK EXCHANGES.

New Zealand Herald, Volume LXVIII, Issue 20869, 11 May 1931, Page 5

STOCK EXCHANGES.

SATURDAY'S SALES.

RETURN ON INVESTMENTS. 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 the 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 I lie figures at which the sales were made:—

AUCKLAND EXCHANGE. Return on Sale Price. Investment, i' s (1 £ 8 d Com. Bunk of Aus. 014 815 3 X./. Insurance 2 I ti I 10 i Colonial Sugar . 33 10 0 7 9 3 WELLINGTON EXCHANGE. Com. Bank of Aus. 014 <ii 813 11 Bunk of Australasia 818 I) 7 0 1 Union Bank . . . . 7 9 li 013 9

THE LONDON MARKETS. FROZEN MEAT. (Received Mi - 10, 5.5 p.m.) LONDON, May 9. The weekly quotations for the undermentioned classes of frozen meat are based on actual sales of wholesale quantities of carcases of mutton or lamb, or of quarters of beef delivered to Smithfield market and/or ex London stores. They are compiled by the Quotations Committee, Smithfield. To arrive at the equivalent ex ship values one farthing per pound should be deducted from the prices quoted below. Quotations given represent the average for the week and are not selected lines, but for parcels fairly representative of the bulk of shipments now on offer. New Zealand Frozen Sheep.—Canterbury and North Island selected crossbred wethers and maiden ewes, 481b. to 561b., 3 7-8.1; 571b. to 64ib, 32<1; 651b. to 721b., North Island crossbred wethers

and maiden ewes, 48!1>. to 5611)., 3j{d; 5711>. In 6411.., 3jd ; 6511). to 7211.., 3 3-8(1; ewes, under 481b., 3 3-8 d; 481b. to 641b., 3d ; 651b. to 721b., 2^l.

Australian Sheep.—First quality crossbreds and/or Merino wethers, 401b. to 651b., 3 1-8.1; 301b. to 551b., 3 18(1; ewes, 301b. to 551b., 2 7-8(1.

Argentine Sheep.—First quality, crossbred wethers, 481b. to 641b., 3 5-8 d; 651b. to 7211)., 318(1; over 721b., none offering. Pategonian Sheep.—VVctliei's <'inrl or maiden ewes, under 501b., 601b., 3Jd. New Zealand Lambs. —Canterbury, 361b. and under, and 371b. to 421b., 7d; 431b. to 501b., 6 7-8(3; second quality, average 301b., 5 7 8d; other South Island brands, 361b. and under, and 3711). to 421b., 6Jd ; 431b. to 501b., 6Jd; selected North Island brands, including Downs, 361b. and under, 7d; 371b. to 421b., 7(1; 431b. to 501b.. 0 7-8 d; second quality, average, 301b., 5 7-8 d; other North Island brands, first quality, 361b. and under, and 371b. to 421b./ 6^lb.; second qualily, average, 301b.. s£d. Australian Lambs. —Victorian, first qualily, 561b and under, 5Jd: 371b. to 421b., s{d; second quality, 361b. and under, 43d; other Stales, first quality, 361b. and under, 361b. and under, s|d; other States, second quality, 3611). and under, all States, third quality, sd. Argentine Lambs.—First quality, 361b and under, sd; 371b. to 421b., 4gd; second quality, average 301b., 4Jd. Uruguayan Lambs.—First quality,. 361b. and undev, 4 7-8 d ; second quality, average, 371b. to 421b., 4 7-8 d; third quality, average 301b., 4Jd. New Zealand Frozen Beef.—Ox fores, 1601b. to 2201b., 2jd; other sorts, none offering.

.Australian Frozen Href.—Ox crops, under 10011 >., 2UI: over 1001b., 23-8 d; ox hinds, under 1601b., over 1601b., 3 3 Bd.

.Argentine Chilled Beef.—Ox fores, 1601b. to 2201b., 25-8 d; ox hinds, 1601b. to 2201b., 5 7-Bd.

New Zoaland Pigs.—First quality, 601b. to 1001b., average 901b., s^d; 1011b. to 1201b., sid. All other sorts are unchanged.

HIGHER PRICES FOR LAMBS. (Received May 10, 5.5 p.m.) LONDON, May 9. In spite of a record arrival of 2,500,000 lambs at Smithfield in April prices improved last week. This is attributed to less mutton being en route than at the corresponding period of last year and the regulation of New Zealand shipments. COTTON, RUBBER, JUTE, ETC. (Last week's prices in parentheses.) Col lon.—Juno delivery, 5.29 d (5.33 d) per lb. Rubber.—Para, 4 l-8d (4 l-8d) per lb.; plantation and smoked, 3 1 8d (213-16 d) per lb. Jute.—May June shipments, £l6 7s 6d (£l6 15s) per ton. Hemp.—May shipments, nominally £2O per ton. Copra.—Juno shipments, South Seas, £l2 15s (May, £l3 15s) per ton; plantation, Rabaul, £l2 17s 6d (£l3 12s 6d) per ton. Linseed Oil. —£17 17s 6d (£18) per (on. Turpentine.—43s 6d (435) per cwt. TALLOW STOCKS. The tallow stocks are 1852 casks; imports, 978; deliveries, 673. SHEEPSKIN SALES. At the sheepskin sales 5686 bales were offered, including 1276 from New Zealand, for which there was a poor demand. There were heavy withdrawals compared with the March sale. Australian Merino combings and clothings declined by per cent., crossbreds combings and clothings 10 to 15 per cent., and all New Zealand sorts 15 per cent.

Dalgety and Co., Ltd., has received the following cablegram from London:— Sheepskin sales: 5688 bales were offered and 2672 bales were sold. Merino, threequarter to full woolled, 5d to 6£d; quarter to half woolled, 3d to sd; short and shorn, 2d to 2»]d; crossbred, threoquarter to full woolled, fine, s£d to 7d; threequarter to full woolled, medium and coarse, to 6d; quarter to half woolled, fine, 5d to s^d; quarter to half woolled, medium and coarse, to sd: short and shorn, 3|d to 4d; lambs, 4Jd to sjd.

The Bank of New Zealand has received the following cablegram from its London office as at the close of business last week;— Wethers: There is a better inquiry and the outlook is brighter. Ewes; Smaller supplies have caused prices to harden. Lambs; There is a good demand. Prices are advancing and nrospects are more favourable. Beef: The market is de pressed owing to absence of demand. Wethers, light, 3£d to 4 l-8d per lb; heavy, 3 l-8d to Ewes. to 3 3-Bd. Lambs, twos, 6 3-8 dto 7d; eights, 6 3-8 dto 7d; fours. 6 5-8 dto 7d; seconds, s£d fo 6d. Ox hinds, 3jd to 3jd; fores, 2d to 2Jd. Cow hinds, 3d to 3^d; fores, lj{d to 2d.

WOOL SALES PRICES. STEADY TONE IN LONDON. LATE RATES MAINTAINED. LONDON. May 8. At the wool sales to-day 10,697 bales were offered, including 1545 from New Zealand, and about 4190 were sold. There was a large supply of super style greasy Merinos and a small supply of other sorts. There was a fairly steadytrade tone at about late rates. 'J he New Zealand greasy half-bred clip, " Mandn," made top price, lid, average, 9|d. MARKET IN AUSTRALIA. INCREASE IN YEAR'S SALES. MELBOURNE. May 9. J'he National Council of the Wool-sel-ling Brokers of Australia slates that the sales this year have shown a considerable increase. The figures were 1,877,384 bales in the 1929-30 season, and 2,172,913 in the year just closed. On the other hand, the number of bales shipped overseas for the present season is about 2000 fewer than last year.

SHARLAND AND COMPANY. INTERIM DIVIDEND WITHHELD. In a circular to shareholders, the directors of Sharland and Co., Ltd., advise that the directors consider it advisable to withhold payment of the usual interim dividend until the end of the company's financial year For a number of years the company has paid 7 per cent, per annum. NEW ZEALAND APPLES. PRICES IN ENGLAND. LONDON. May 8. The New Zealand apples brought by the Otaio sold as follows at Liverpool:— Jonathans, Delicious, Dunns, lis 6d to 14s. London prices were : —Pippins, 10s 6d to 13s; Lord Wolseleys, 12s 6d to 13s 6d; Cleopatras, 12s 6d to 14s. THE SLUMP IN SILVER.

PROPOSED WORLD CONFERENCE,

WASHINGTON. May 8

The Resolutions Committee of the Congress of the International Chamber of Commerce has approved of a resolution proposing that a world conference be held on the depressed price of silver. AMERICAN WINTER WHEAT. ESTIMATED PRODUCTION. WASHINGTON, May 8. The production of winter wheat this year, as indicated by its condition on May 1, is placed by the Department of Agriculture at 652,902,000 bushels, compared with 604,337,000 bushels harvested last year. The condition of the winter wheat on May 1 was 90.3 per cent, normal, indicating a yield of 16.1 bushels an acre. PRODUCTION OF OIL. BLENHEIM COMPANY'S RETURN. [from our own correspondent.] NEW PLYMOUTH, Sunday. A satisfactory continuation of the flow of oil from the Blenheim Oil Well Company's bore at Moturoa is shown in a report issued yesterday. Mr. R. 11. Launder, technical adviser, states that production figures for May 6, 7 and 8 show a net production of 2627 gallons of clean oil ,or an average daily production of 25 35-gallon barrelfi. These figures comprise only clean oil stored in the storage tank and do not include any oil wasted (luring swabbing operations. The gas pressure is steadily maintained.

LONDON BUTTER MARKET. DAIRY BOARD'S REPORT. The New Zealand Dairy Produce Board has received the following market, report from its London office dated May 8, prices for the previous week being given in parentheses:— Butter.—New Zealand : Salted, 103s to 106s (106s to 108s); unsalted, 108s to 112s (110s to 114s); first whey, 98s (100s); second whey, 96s (98s). Deliveries, New Zealand, this week, 1482 tons; in store, 6456 tons. Australian: Salted, 101s to 104s (103s to 106s); unsalted, 104s to 108s (106s to 110s). Deliveries, Australian, 1375 tons; in store, 2100 tons. Argentine: Unsalted, 100s to 106s (104s to 108s). South Africa: 96s to 98s (not quoted). Danish; 110s f.0.b., 118s spot (113s to 120s). Dutch: Unsalted, 110s to 114s (114s to 118s). Estonian: 105s to 106s (107s to 108s). Siberian: 98s to 100s (not quoted). Polish: 96s to 98s (not quoted). Market weak. Retail prices unchanged. Danish, Is 3d; New Zealand, Is and Is Id. Cheese. —New Zealand : White, 44s to 47s (46s to 48s); coloured, 48s to 50s (49s to 51s). Deliveries, New Zealand, this week, 25,000 crates; in store, 203,430 crates. Canadian: White, 70s to 745; coloured, 72s to 745, to 76s (72s to 765). Deliveries, Canadian, 3450 boxes; in store, 135,109 boxes. English, finest farmers: 100s to 106s (100s to 106s). Market slow. New Zealand retail price, 7d. The board has also received the following advice from its agents in Canada: — Butter: New York, 24 cents (Is);. Montreal, 21 cents Conditions favourable for increased production.

LOCAL MERCHANTS' ADVICES. Dalgety and Company, Limited lias received the following cablegram from London :—The butter market is very depressed and prices are Is to 2s lower (last quotations, New Zealand finest salted, 105s to 107s). The cheese market is also very depressed with prices Is to 2s lower (last quotations, New Zealand white, 45s to 475; coloured. 48s to 50s). The New Zealand Producers' Co-oper-ative Marketing Association, Limited, has received the following cablegram from London, dated May B:—Butter market weak; New Zealand, 103s to 106s; unsnltcd. 108s to 112s; Danish, 118s; Siber ian, 98s to 100s. Cheese market slow ; white, 46s to 475; coloured, 48s to 50s; new season's Canadian, 495, c.i.f. Messrs. A. li. Turnbull and Company has received the following cablegram fiom W. Weddel and Company, Limited, dated London, May B:—Danish butter, 118s; New Zealand unsalted butter, 108s to 112s; New Zealand salted, 103s to 106s. Market weak. New Zealand cheese, white, 44s to 475; coloured, 48s to 50s; Canadian cheese, white, 70s to 745; coloured. 72s to 745. Market slow.

CHICAGO WHEAT MAhKET. CHICAGO. May n. Wheat. —May, 84 3-8 cents a bushel; July, 63 5 8 cents; September, 63 1-8 cents; December, 66 5-8 centi.

PRICES FOR FAT STOCK. MARKED ADVANCE SHOWN. POSITION IN THE WAIKATO. [from our own correspondent.] HAMILTON, Saturday. A marked advance in 1 lie prices realised for fat cattle, ((specially ox beef, has been recorded at stock sales in the Waikato during the last few weeks. The quality of the cow beef yarded has not been as good as that of ox beef and values accordingly have not risen to the same extent. The representative of one auctioneering company ascribes the increase mainly to the shorter offerings. The quotations early in the autumn were the lowest for a number of years and consequently graziers who had held their cattle for a long period were waiting for a rise in prices. This had resulted in the small entries received recently. The low prices ruling for fa(, sheep a month or two ago had been reflected in the abnormally heavy local consumption of mutton. The heavy killings had bad the effect of clearing out any surplus held, and up to a week ago prices had been rising steadily. He expressed the view that values would have a tendency to improve during the winter period.

CANADIAN PUBLIC DEBT. LARGE CONVERSION LOAN. REDUCTION TO 4} PER CENT. (Received May 10, 7.30 p.m.) OTTAWA, May 9. The Prime Minister, Mr. R. B. Bennett, announced in the House of Commons yesterday that a Dominion of Canada conversion loan, 1931, will be offered for public subscription next Monday. Mr Bennett said the loan will remove from the business horizon the dark cloud which every Finance Minister has to meet when heavy borrowings are impending, and since the expiring bonds are largely held by Canadians, acceptance of 4£ per cent, interest at the expiration of the maturing bonds—l per cent, lower than those bonds carried —will indicate faith and belief in their country and be striking testimony of their confidence in the future of the country.

The present intention is to (loat a loan of 250,000.000 dollars entirely for conversion purposes, no new money being sought. Holders who surrender bonds will receive current interest rates until those bonds would have expired and 4J, per cent, afterwards. The new bonds will be subject to taxation of both principal and interest. They will have a currency of 25 years, the Government having the right to redeem them at any time after 15 years. Loans maturing in the next three years amount to 1.083.000.000 dollars—approximately £217,000,000. The gross public debt of Canada at March 31, 1930, was about £520,000,000. LOAN FOr? YUGOSLAVIA. FLOTATION IN PARIS PARIS, May 8. The French Ministry of Finance announces that foreign banks are underwriting a Yugoslavian loan to stabilise the dinar. The dinar of 100 paras has a nominal par value of 25,225 to the pound sterling. Last year the maximum quotation in London was 276.2, and the minimum, 273.9. AMERICAN BANK RATES. REDUCTION IN CHICAGO. CHICAGO, if ay 8. The Chicago Federal Reserve Bank has reduced its rediscount rate from 3 to 2i, per cent. The reduction of the Chicago rediscount rate has quickly followed the reduction in the New York rate to the unprecedentedlv low figure of 1£ per cent. In the United States, instead of the usual single central bank, there are 12 regional reserve banks so federated under the Federal Reserve Board as to form an organic banking system and to work with a unity of purpose. These banks are designated not by names of districts, but by the names of the cities in which they are established. They are essentially bankers' banks—their only depositors are other banks and the Government—and their "bank rates" are the rates at which they rediscount bills bearing a bank endorsement. Although each Federal Reserve Bank is allowed a considerable measure of independence to adapt its policy to local conditions, the Federal Reserve Board has such extensive powers that it is in a position to direct the broad policy of the whole Federal reserve system ajid thereby exercise control of the money market throughout the country. The rediscount rates quoted by the several banks naturally correspond more or less closely, though local conditions not only tend to maintain permanent differences, but also to cause considerable variations in compliance with general monetary tendencies. The former condition is illustrated by the fact that after the New -York rate was reduced to 2 per cent, on Christmas Eve, Cleveland announced 3 per cent., Boston 2£ and then St. Louis, Atlanta and Chicago followed with 3 per cent. On the other hand, the previous reduction in New York in June set in train a series of changes that was not completed until September. The Chicago Bank reduced its rate to per cent, on June 20, the day after New York announced per cent., and to 3 per cent, on January 9, which was 16 days after New York's 2 per cent, rate became effective.

COUNTRY STOCK SALES. The Farmers' Co-operative Auctioneering Co., Lid., report as follows: Ngaruawahin.—There was a good yarding, composed mostly of young cattle, for which there was very little demand. Quotations: Fat cows and heifers, £G 2s to £0 7s; lighter fat cows, £3 'ls to £5 2s Gd; freshconditioned cows, 39s to £2 2s Gd; boner cows, 15r to 30s; Jersey heifers, running with bulls, £4 5s to £4 15s; Jersey and Shorthorn heifer calves, 25s to 30s; Shorthorn steer calves, 30s; Jersey-cross heifers, close to profit. £G to £6 10s; Shorthorn heifers. close to profit. £7 ss. Waihou Sale.—A heavy yarding of cattle and good quality fat cows sold at advanced prices, while late rates were maintained for store cattle. There was a full yarding of baconers ajid porkers, stores being yarded in average numbers. Competition was keen throughout tho sale, the whole yarding of 374 pigs changing hands at slightly increased prices. Quotations: Fat lambs, 13s; store lambs. 7s to Hs; cull lambs, 3s 9d; prime heavy fat cows, £7 5s to £8; fat cows, heavy, £5 to £'s 17s Gd: medium, £4 7s to £4 19s; light, •£2 15s to £3 18s; forwardconditioned cows. £2 to £2 10s; store cows. £1 10s to £1 llis; boners. 15s to 255; mix°dcolours heifer calves, 10s to 22s Gd; bulls. £1 to £3 15s. Pigs; Heavy baconers, £2 15s to £2 19s: medium baconers, £2 12s to £2 lGs; light baconers, £2 5s to £2 8s; he>.wy porkers. 38s to £2 2s; light porkers, 28s to 325; unfinished porkers, 22s to 255; slips, 14s to 17s Gd; weaners. 7s Gd to lis Gd. Putaruru. —A medium yardir'Si of sheep came forward and a full yarriing of all classes of cattle, which were ir. good demand and sold at late rates. Quotationp: Fat ewes. 10s to lis: forward-conditioned lambs, Ss; mixed aged ewes, running with rams, 7s to 7s 3d. Cattle: Heavy fat cows. £5 to £5 ss; medium fat cows, £3 17s Gd to £4 12s.Gd; lighter. £2 10s to £3 9s: for-ward-conditioned cows, £2 Is to £2 lis. store cows, 30s to 3Gs; boner. 15s to 24?: bulls, heavy, JC3 to £3 10s; lighter, £2 5s to £2 lis: cows and calves, £2 4s to £2 17s; Shorthorn steers, 20s to 21s Gd.