STOCK EXCHANGES.

New Zealand Herald, Volume LXVIII, Issue 20925, 15 July 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 the return, based on the last annual 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 the figures, at which the sales were made:— AUCKLAND EXCHANGE. Return on Sale Price. Investment. £ s d £ 6 d Com. Bank Aus. 0 J3 10 * Bank of N.S.W. . . 24 12 G 7 5 0 N.Z. Insurance .. 2 19 4 15 9 South British (inte sale Monday) 2 31 0 5 4 7 Wilsons Cement . . 1 15 6 7 0 10 . Mount Lyell .. 0.17 1,0 * Waihi (2) . . ..0157 12 IS 8 Wailii Grafad June. 0 3 5 9 15 1 Ditto . . ■ 0 3 6 9 10 6,' The following sales also took placetCornish Point, tljd; Mahakipawa, 7|d; King Solomon, 2s 9|d. 2s 9d. CHRISTCHURCH EXCHANGE. Ins. Stk., 1951, 5} .. 09 0 0 5 11 8 ' Com. Bank Aus. 0 13 10 * Ditto (4) . . .. 0 13 11 * Nat. Insurance .. 0 13 0 5 16 2 Goldsbrough-Morfc . . 1 0 0 5 0 0 Mount Lyell 0 17 10 * The following sales also took place.— Cornish "Point, lid (0); King Solomon, 2s 9d (3), 2s Bid. WELLINGTON EXCHANGE. Bank of N.S.W. .. 24 12 6 7 5 0 Com. Bank Aus. 0 13 10 * The following sale also took place.— Mahakipawa', 03d. DUNEDIN EXCHANGE. Otago Daily Tinios .. 2 10 0 6 0 0 The following sales also, took place.— Okarito, 9s 5d (2), 9s (3d (3); King Solomon, 2s 8d; Golden Point, Is 9d; Cornish Point, Is Id. "Interim dividend reduced. COMMONWEALTH LOANS.' § RISE ON STOCK EXCHANGE. AN EXCELLENT DEMAND. i (Received July 15, 12.15 a.m.) SYDNEY. July 14. Commonwealth loans are strengthening on the Stock Exchange. All issues are in excellent demand at improved rates. THE LONDON MARKETS. PRICES FOR METALS. (Received July 14, 9.15 p.m.) LONDON, July 13. (Quotations on July 9 in parentheses.) Copper.—Spot £33 18s (£34 Os 7|d); three months, £34 lis 10|d (£34 14s- 4id). Electrolytic Copper.—Spot, £37 (£37 10s); three months, £39 (£39). Wire' Bars.—£39 (£39). Lead.—Spot, £l2, lis 3d (£l2 3s 9d); three months, £l2 17s 6d (£l2 10s). Spelter.—Spot, £l2 7s 6d (£ll 15s); three months, £l3 (£l2 6s 3d). Tin.—Spot, £IOB 12s 6d (£ll3 Is 3d); three * months, £llO 7s 6d (£ll4 lis 3d). Silver,; —Standard, 13d (13 l-8d) per oz.; fine, 14d (14 l-8d). WHEAT. Wheat.—Cargoes are quiet. Parcels are in small request at 6d decline. Futures: London, Augnst and September, 18s 4d a quarter; December, 18s lid. Liverpool, July, 3s 9 7-8 d a cental; October, 4s Id; December, 4s 3 l-8d; March, 4s 5 3-Bd. BRITISH TOBACCO COMPANY. PREFERENCE DIVIDEND. The British Tobacco Company (Australia), Limited, preference quarterly dividend at the rate of per cent, per annum is payable on July 31. V PRODUCE IN LONDON. APPLES IN FULL SUPPLY. The Department of Agriculture has received the following cablegram, dated July 11, from the High Commissioner of New Zealand, London ; Tallow.—The spot market remains firm; little inquiry for shipment; spot quotations are nominally unchanged. Hemp.—The Manila market is inactive with an easier tendency, closing with sellers of "K" grade for July-September shipment at £l7. Sisal; A little better demand at lower prices. Closing values for July—September shipment No. 1, fair average quality, £ls 15s; No. 2, £ls. New Zealand; Nominal in absence of business. Closing values for June-August shipment on the basis of highpoints, £2O, and fair, £lB ss. Fruit."—Trade is dull owing to liberal supplies. The vessels working are the Port Nicholson, Port Hunter and Hertford. The board's consignments, ex Taranaki and Zealandic, have 'been placed in cold storage,. Present* quotations for apples .areSturmer, 9s 6d to lis; Dougherty and Rokewood, 12s to 14s; Tasma, Rome Beauty, Statesman and Delicious, lis to 13s; Granny Smith, 12s to 15s. LEVER BROTHERS, LIMITED. SUBSIDIARY COMPANIES' PROFITS. » ■ , The profits of tho Australian and New Zealand subsidiaries of Lever Brothers, Limited, soapma Iters, amounted to £182,970 "last, year, compared with £275,304 in 1929, a decline of £92,334. At tho annual meeting in Sydney recently, Mr. P. d'A. Cooper, chairman of directors, s#id the movement had not been unexpected. Tho company's Pacific plantations, 'in common with those of all other primary producers, had shown a decrease, a loss of £2254 having been suffered, as against a profit of »£18,993 in the previous 12 months. Taken as a whole, Mr. Cooper said, the results of tho operations of the company's overseas associated organisations had been satisfactory, having represented 36 per cent, of "the profits of the parent com pany, a proportion,, which compared with 32 per cent, for the previous year, CHICAGO WHEAT MARKET. CHICAGO. July 13. Wheat.—July, 51f cents a bushel; September, 52 1-8 cents; December, 56 5-8 cents. " ' ~~ ~~ . WHEAT IN CANADA. WINNIPEG, July 13. At tho closo of tho market to-day tho wheat losses ranged from 1£ to 1£ cents a bushel, after a heavier early decline. The Alberta wheat pool will make initial payments to farmers of 30 cents a bushel for'the 1931 crop. The general manager, Mr. Purdy, announces that the first deliveries for last year brought 60 cents.

DAIRY PRODUCE MARKET.

STRONGER TONE IN LONDON. ■ ! i GOOD DEMAND FOR CHEESE. The stronger tons of the London dairy produce market, which set in early this month, is being well maintained and the latest cable messages to merchants indicate that the improvement in prices is expected to continue. Finest New Zealand butter is now quoted on a firm market up to 116s per cwt. The cheese market is steadily gaining strength and at present, prices up to 60s, for white, and 635, fdlr coloured, are quoted with the market firm at the higher levels. The demand i 3 stated to be very good. Merchants have received the following cablegrams from their London houses, dated July 13:— Dalgety and Company Limited: —Butter: Prices are Is a cwt. higher; New Zealand, finest salted, now 114s to 116s. Cheese: Prices are Is a cwt higher; New Zealand, white, now 59s to 61s; coloured, 61s to C3s. Leonard and Son, Limited :—Butter: Finest, 115s; first grade, 114s. The demand is slow and the market steady. The present outlook is that the market will gradually work to higher prices. Cheese: White, 60s; coloured, 635. The demand is very good and the market very firm. The outlook is for higher,: prices. Deliveries: New Zealand and Australian, 24,155 crates; Canadian, 4453 boxes. Stock': New Zealand and Australian, 148,185 crates; Canadian, 129,702 boxes. , x Joseph Nathan and Company, Limited: '—Butter: 115s. The market is firm. Cheese: Coloured, 62s to 635. The market is firm and active. '■ • DAIRY PRODUCE QUALITY! MEANS OF IMPROVEMENT. NEED FOR THE BEST CREAM. [BY TELEGRAPH—SPECIAL REPORTER.] !. ' WELLINGTON, Tuesday. The outcome of a meeting of dairy instructors and graders in the Auckland province, held at Auckland on July 8 and 9, fox* the purpose of conferring Y upon matters connected with the quality and manufacturing methods of butter and cheese, was mentioned by the Hon. A. J. ' Murdoch, Minister of Agriculture, in a statement to-day. The Minister said an examination had been made of various lots of experimental butters, made under the supervision of instructors at three factories'in the Auckland province. The director of the dairy division, Mr. W. M. Singleton, and the director of the Dairy Research Institute, Professor Riddet, were present, and full discussions relating to improvement in quality took place. The results of the experimental work emphasised the need of sweet, soundflavoured cream being delivered at butter factories so that manufacturing operations might be so adjusted as to complaints of neutraliser flavour in butter, and of the butter being insipid or lacking in aroma. A quantity of cheese was examined and points in connection with manufacture and grading were discussed. PROFITS IN UNITED STATES. HEAVY DECLINE IN PAST YEAR. The severity with which the world-wide industrial depression has affected business activity in the United States is reflected in the heavy decline in the profits of the large industrial corporations of that coum try. In the May issue of the bulletin olu the National City Bank of New York, the published trading results of 200 institutions during the first quarter of 1931 have been summarised and show that in comparison with the corresponding period of 1930, net profits in the aggregate declined from £54,000,000 to barely £27,000,000, or by over 49 per cent., while they were 62 per cent, lower than the record level of 1929. Among the various industries included, the heaviest fall occurred in petroleum, , three companies which in the first three months of 1930 made a profit of £700,000, recording a loss of £190,000 in the current year. Textile products and iron and steel also suffered severely, the percentage decreases being 90.9 and 85.3 respectively. In the machinery and electrical equipment industries, profits fell by over 60 per cent., while the decline in the case of automobile manufacturers was 46.6 per cent. Undertakings connected with food products were least affected and' the profits of 21 concerns in those trades declined only 4.4 per cent. PREMIUMS ON GOLD. PAYMENTS IN AUSTRALIA. The premium paid on gold to Western Australian producers in June amounted to £59,266. These producers have benefited to the extent of £275,832 in the first six months of this year as a result of the high rate of overseas exchange. This is the highest monthly premium so far paid. In 1930 premiums amounting to £90,000 were paid. The total paid to Juno 30, 1931, is £365,832. MINE WITH A HISTORY. MR. HOOVER ONCE MANAGER. The famous Old Sons of Gwalia goldmine, near Leonora, Western Australia, showed a profit of £17,796 in 1930, as against losses totalling £9686 in the three-year period ended 1929. / The mine was managed by Herbert Hoover, President of the United States, '32 years ago, says the Melbourne .Age. OUTLOOK FOR BUTTER. DEMAND IN BRITAIN. Authoritative forecasts received in Sydney recently indicated that the current year will prove the greatest dairying year ever known, and that Britain's butter consumption will reach the record figure of 400,000 tons, compared with the 372,000 tons of last year. It is practically certain, says the report, that the butter output of the principal Empire dairying countries will .constitute a record, and indications pointed to an increased output in South America and Continental countries. This is largelv due to the evolution of the "super cow.'V which gives a greatly increased yield of milk, and to the advance of scientific knowledge about pasturing and artificial feed. The 400,000 tons of butter con- 1 sumed in Britain this year will, it is j estimated, bo made.up of:—Great Britain j and Irish Free State, 55,000 tons; Aus* ' tralian, 65,000 tons; New Zealand, 90,000 ' tons; foreign, 190,000 tons. If this- figure ] is realised Great Britain will still be only s the fifth highest butter-consuming, nation i 1 in the world, her consumption of one-third ( lb. of butter per head weekly being E equal to 18.721b. per capita per annum, s compared with the following figures 1 (compiled by the United States Bureau of Agricultural Economics) of the leading countries: —New Zealand, 34.11b. head; Australia, 29.81b.; Canada, 29.31b.; and Finland, 20.71b. per head.

LONDON WOOL SALES. STRONG COMPETITION. PRICES FULLY FIRM. LONDON, July 13. At the wool sales to-day 5252 bales •were offered, including '343 from New Zealand, and about 5290 were sold. There was a good offering of greasy Merinos, with strong general competition, and prices were fully firm. BRADFORD TOPS. LONDON, July 13. On the Bradford' market business is at a standstill owing to the strike. THE CITY MARKETS. YESTERDAY'S AUCTIONS. EGGS SHOW FURTHER DECLINE. A further easing tendency for most classes of fruit and vegetables was noted at yesterday's auctions at the City Markets. All lines of apples and pears and Poorman oranges were very dull of sale. Passions showed a sliarp. drop in values. Owing to limited shipments Island oranges are finning in value. A shipment of Australian fruits arrived by the Marama yesterday. The field produce market was heavily supplied with cauliflower, cabbage and puiffigkins, while there were good stocks of celeFp, carrots, parsnips and other seasonal lines. The prices realised for medium supplies of poultry showed a slight fall on some lines. All grades of hen and duck eggs have dropped 2d a dozen. Moderate stocks of hen eggs meE with a fair demand, while short supplies of duck eggs were more keenly sought. Limited offerings of farmers' butter continued to sell "readily at lid to Is Id a pound. Prices for average quality lines were as follows: FRUIT. Apples, Delicious, ex-cooler, 4s to 5s 6d a case; ex-orchard, 3s to 4s; Munroes. 4s to 5s 6d; Ballarats Cs to 6s 6d; Jonathan, 5s to .6s; 'Stunners, 5s to 6s 6d; Grannie Smith, 6s to 7s 6d; Brightons, is to 5s 6d; Dougherty, 3s to ss; pears. Nellis and Coles, large, 8s to 9s; small, ss; to 6s: P. Barrys, 7s to Ss; trde tomatoes, 3s to 6s; cape gooseberries, 4d to 4Jd per lb; tomatoes. hothouse. 4d to lOd; Cook Island. 7s to 8s a box; lemons, 5s to 9s a case;' pas- . sions, 4s to 8s; jiihes, 7s to 325; graces hothouse, lid to Is 9d per lb; oranges. Island (according to count), 12:! to 17s a case; Australian Navels. 9s to 12s; bananas, No.-l's, up to 22s 6d; seconds and mediums, 12s to 16s. FIELD PRODUCE. Potatoes, Southern. 7s to 9s 6d a sack: new, 2d to 2Jd per lb; onions, Australian, 10s per cwt; local, Pukekohe, 12s to 13s. or Jas 6d to 6s 6d a bag; kumaras. Island, 19s per cwt; Tauranga. 16s to 18s; cabbage. 3s to 6s a sack; cauliflower, 3s to 6s; swedes, Is to Is 6d a bag; pumpkins,. 4s to lis per cwt; citron melons 5s to 7s; beans, 9d to Is per lb; lettuce. 2s to 10s a case: vegetable marrows, 2s 6d to 3s 6d a dozen; | cabbage, loose, Is to 2s; cauliflower, loose, Is to ss; celery. Is to 4s 6d a bundle; rhubarb, 2s 6d to 5s a dozen; spinach, 6d to Is; pumpkins, loose, 6d to Is each; radish, 6d a dozen; spring onions, 6d to 9d a bundle; carrots, parsnips, beet ssnd turnips. 6d to 9d a dozen; sprouts, 3d to 4£d per lb; leeks, 3d to 6d a bundle; chokos, Is to 2s a dozen. „ POULTRY. Cockerels, heavy breeds, prime, 3s 9d to 5s 3d each; not prime, 2s 6d upwards; light, prime, 2s 3d to 3s 3d; not prime. Is 6d upwards; fat roosters, heavy, prime. 2s to 3s; light. Is 6d to 2s; fat henif, heavy. -2s 9d to 3s 9d; light, 2s to 2s 9d; laying hens, heavy, 3s to 4s 6d; light. 3s to os; pullets, heavy, 4s to 5s 6dj smaller, 2s 6d upwards: light, 4s to 5s Cd; smaller, 2s 6d upwards: drakes, young, prime, 2s 6d to 3s 6d; smaller. Is 6d, upwards; old, 2s to 3S: ducks, young, 3s 6d to 4s 6d; old, 2s. to 3s 3d. DAIRY PRODUCE. The wholesale selling net cash prices for. hen and duck eggs were:—Special grade, la 6id a dozen; A grade, Is 5Jd; B grade, Is 4Jd. Farmers' butter, lid to Is Id a pound. STOCK SALES. ' QUOTATIONS AT FRANKTON. HEALTHY TONE OF MARKET. [from: our own correspondent.] HAMILTON, Tuesday. There was a short yarding of most classes of stock at the Prankton ealeyaras to-day and prices remained on a par with recent quotations.. Competition was brisk for ox beef, and a further increase on last week's prices was noted. Cow beef was m short supply, and there was a consequent improvement in values. Stores sold at late rates. Values for sheep remained very firm, although the entry and quality were not as good as they were last week. Competition for porkers was spirited and the small number offered sold well. Stores and weaners were plentiful and prices receded slightly. The auctioneers quote:— The New Zealand Loan and Mercantile Agency Company, Ltd.—Beef: Prime fat bullocks, £7 5s to £8 7s; lighter quality, £G 4s to £6 15s; light, £5 10s to £5 18s; prime cows, £5 to £6 ss; lighter, £3 3s to £1 15s; light and unfinished, £2 10s to £3; forward-conditioned, 35s to 435; stores, 19s to 28s. Sheep: Prime wethers made 16s 6d to 17s 9d; lighter, 14s to 15s lOd; others, lis 4d to 13s 8d; best ewes, 13s 4d; lighter, lis to 13s; prime lambs, 14s 6d to 16s 3d; lighter, 12s 6d to 14s 3d; others;, 8s to lis 6d. Pigs: Prime baconers, £2 10s to £3 7s; lighter baconers,. £2 to £!2 6s; light baconers and heavy porkers. £]. 12s to £1 18s; light porkers, 26s to SOs; Btores, 18s to £1 Is 6d; slips, 13s 6d to 17s; weaners, 10s to 12s 6d. G-. TV. Vercoe and Company, Ltd.— Cattle: Medium-weight fat bullocks, £7' 15s to £8 10s; light, £6 to £7 10s; prime heavy fat cows, £6 10s to £8 ss; prime, £5 15s to £6 7s 6d; heavy, £4 15s to £5 10s; lighter, £3 10s to £4 12s 6d; light, £2 10s to £3 ss; medium-weight fat heifers, £4 15s to £5 17s 6d; light, £3 15s to £4 10s; runners, 37s to £2 93. Sheep: Heavy fat wethers, 16s 9d to 17s 4d; 'light, 12s 6d to 15s; fat ewes, 12s Gd to 13s; heavy fat lambs, 14s 9d to 15s 6d; light, 10s to 14s. Pigs: Heavy baconers, £3 to £3 10s; light, £2 12s to £2 18s; heavy porkers, £2 6s to £2 10s; light, 35s to £2 ss; stores, £1 to £1 6s: weaners, 13s to 16s Gd. Dalgety and Company, Ltd.—Cattle: Extra choice ox beef made equal to 226 per 1001b; prime heifers, to £6 ss; prime cows, £4 5s to £4 15s, for light-weights; inferior, £3 10s to £3 15s; boners, to £1 12s 6d. Forward store young cows, £2 to £2 10s; empty two-year heifers, 27s to 38s; boners, 19s to 30s. Sheep: Prime wethers, to 18s; mediumweight, 15s to 16s 6d; prime ewes, fat, to 12s Cd; light ewes, 10s 9d; heavy prime lambs, 15s to 18s; ordinary, l h 2s to 14s Gd; light lambs, 9s 6d to lis; failing-mouth ewes, in lamb, 4s 6d. Pigs: Light baconers, £2 to £2 1.1s; forward stores. 23s to 2fis 6d; light, 18s to 225; weaners, small, 9s to 14s 6d. The Farmers' Co-operative Auctioneering Company, Ivtd.—Sheep: Fat wethers sold at 16s to 17s 8d; medium, 13s 8d to 15s; light, lis Sd to 13s; prime two-tooth ewes and wethers, 17s; killablo ewes, 8s; empty, 6s 9d; fat. lambs, to 18a: medium, 15s to 16s; smaller, 12s lid to 13s Gd. Cattle: Medium fat steers, £7 2s Cd to £7 4s; light, £6 to £G 10s: small, £4- to £5 14s:. heavy fat cows, £5 5s to £6 10s: light. £2 15s to £3 10s ; store cows,-22s Gd to 30s: boner cows, 15s; yearling Jersey heifers. £2 10s to £2 14s. Pigs: Prime baconers, £3 14s to £3 16s; medium, £2 39s to £3 8s; light, £2 lis to £2 16s: heavy porkers, £2 3s to £2 9s; medium, 39s to £2 Is; stores, 26s to 31s Gd; weaners, 14s to 19s Gd. HIDES AND SKINS SALES. WEAK MARKET FOR CALFSKINS. A drop of about. 2d a pound in the values for calfskins occurred a'c the fortnightly sale held in the Chamber of Commerce yesterday. The values are much below those realised nt the corresponding period last year. The Southern markets are nlao weak for calfskins. The prices realised for other lines remained about the same as last sale's quotations. Good offerings of both hides and skins, came forward and the bidding at timeswas spirited. Best cow hides made up to about 4d a lb.; ox. 4id; yearlings, 4J<i; calfskins. 51d; large salted 6lieepskins, 2s 7d each; dried sheepskins, 3}d a lb. Best tallow realised about 12s 6d per cwt. THE PRICE OF GOLD. LONDON, July 13. Gold is quoted at 84 s per ounce.