STOCK EXCHANGES.

New Zealand Herald, Volume LXVIII, Issue 20901, 17 June 1931, Page 5

STOCK EXCHANGES.

YESTERDAY'S SALES. RETURN ON INVESTMENTS. Following is a list of yesterday's transactions on New Zealand Stock Exchanges. In tlio second column is given tlio return, based on tlio last annual dividend, from investment at ilio quoted price. In the caso 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, havo not been taken, into consideration. Tho first column gives the figures at which the sales were made :—■ AUCKLAND EXCHANGE.

THE LONDON MARKETS. PRICES FOR METALS. (Received Juno 10, 0.2." p.m.) LONDON, June 15. (Quotations on Jmio .11 in parentheses.) Copper.—Spot, £34 lis 3rl (£36 ss); three months, £35 6s 3d (£36 18s 9d). Electrolytic Copper.—Spot, £3B (£39); three months, £39 (£39). Wire Bars,—£39 (£39). , Lead.—Spot, £ll Is 3d (£ll 10s); three months £ll 10s (£l2). Spelter.—Spot, £lO 17s 6d (£ll 6s 3d); threo months, £ll 7s 6d (£ll 17s 6d). Tin.—Spot, £lO2 8s 9d (£lO5 8s 9d); three months, £lO4 Is 3d (£lO6 18s 9d). Silver.—Standard, 12 5-16 d per ounce; fino ] (13 3-16 d). WHEAT. Wheat.—Cargoes are featureless. Parcels are in small request. Futures: London, June, 19s 9£d a quarter; September, 19s lOJd; Liverpool, July, 4s 3fld a cental; October, 4s 4£d; December, 4s 62(1BRADFORD TOPS. On the Bradford market, business is practically at a standstill. AUSTRALIAN STOCKS. TRICES IN NEW YORK. NEW YORK, Juno 15. On tlio New York Stock Exchange today Commonwealth 5 per cents., 1955, were quoted at 642; 1957, 65; 4j per cents., New South Wales 5 per cents., 1957, 6 per cents., no sale; 7 per cents., 72J. AUCKLAND COMPANY. A NEW REGISTRATION. A new private company was registered in Auckland yesterday. Details are as follows: — Wnione Model Piggeries, Limited, pig breeders. Capital, £3500, in £1 shares. Subscribers: Eliot Rypinski Davis, 3490 shares; Wendell Alfred Phillips, 10 shares. THE TERM " STERLING." APPLICATION IN AUSTRALIA. Australian banks are discountenancing the use of the word "sterling" on cheques and deposit slips, or on any document describing Australian money. Tho word "sterling" is properly applied only to English money, but its use. as a description of Australian money has not mattered in tho past., when Australian money and English money were always practically on a parity. But now the position is different., and it is feared that there is a danger of tho uso of tho word giving riso to misunderstandings. LIFE ASSURANCE BONUSES. EFFECT OF LOWER INTEREST.

lii a reference to (lie decision of the life insurance offices in Australia to consent to a reduction in interest on public debt, provided that tlio whole of the reconstruction plan is carried out, the Sydney Morning Herald says:— ' "Australian assets of life offices amounted on Juno 30, 1930, to £134.598.978, and this amount included £70,570,790 of Government and municipal securities, £34,632.357 of loans on mortgage, and £13,864,243 of loans on life policies. A reduction to 4 per cent, in tho interest on Government _ loans would cause a material reduction in the surpluses of life offices, and so a material reduction in the yearly bonuses, and still heavier would be tho reductions in surpluses, and so in bonuses, if all other interest earned were reduced by 22| per cent. Bonuses declared in tho past would not bo affected. They would be payable on maturity in the amounts already declared. It. is futuro bonuses which would be so much reduced.

"Tho surplus out of which the bonus is paid arises from 'two sources: (1) From Iho favourable mortality experience, and (2) from tho interest earned on funds. Tho interest earned last year was up to £5 14s per cent. A reduction to 4 per cent, would probably reduce futuro bonuses at least 25 per cent."

LONDON FRUIT MARKET. Tho following cablegram relative to New Zealand fruit on the London .market lias been received from tho High Commissioner's office: —Tho fruit market remains firm, bub is likely to be affected by soft fruits during the next two weeks. Tho Tamaroa shipment is selling at present. Current prices are:—Apples: Jonathan, Dougherty, Statesman, Rome Beauty, Ballarat, Rokewood and Delicious, 12s to 14s ii case; Sturmer, lis to 13s; Granny Smith, 14s to 16s. Pears (ex Rangitane): Winter Nolis and Winter Colo, 12s to 18s £L CSSO.J

Kelurn on Sale Price. Investment. it 8 d X* R (1 Ins. Stk., 193G, 55 . . 'JO 5 0 5 12 G G ifjionio Shecpfarmers, 1!U1, 01 .. .. 75 n o in i t n Com. Hank (prof.) .. 5 10 0 7 5 5 Bank of N.S.W. . . 21 17 (? 7 5 fl Bunk of N.Z. .. i 8 3 5 18 10 Tlio following salo was also uiado:—King Solomon, '2b lOd. WELLINGTON EXCHANGE. Ins. Stk., 1938, 41 .. OS 0 0 Bank of Australasia 0 fi 0 Sou 1 h British Ins, (2) '2 10 f> N.Z. Guar. Corp. .. 0 5 3 Wilsons Cement .. 1 17 3. 4 IP. 11 6 7 8 6 5 7 fl 10 C G 14 3 CHRISTCHURCH EXCHANGE. Bank of N.Z. .. 2 8 3 M.S. and A. Bank .. 18 10 N.Z. Breweries (3) . . 1 13 G Mount Lycll .. o 17 o "NV.iihL Gnd. June. .. 0 3 2 5 18 10 10 10 G The following: ualo also took place kipawa, 7(1. MahaDUNEDIN EXCHANGE. Bank of N.Z. (2) .. 2 8 3 Union Bank .. 7 9 3. N.Z. Paper Mills . . 0 18 0 (Jingo Daily Times (3) 2 10 0 ls 18 10 B It 0 8 G 8 G 0 0 Tlio following sales also took place:—King Solomon, 3s (3); Golden Progress, 2f:3. 'Interim dividend reduced.