STOCK EXCHANGES.

New Zealand Herald, Volume LXVIII, Issue 20960, 25 August 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 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 oilier 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:—

LONDON BUTTER MARKET. GERMANY BUYING BETTER. LARGE STOCKS IN STORE. LONDON, August 22. The position in the butter market has changed completely, thanks mainly to the improved financial position of Germany, which has enabled that-country to resume buying on a large scale. This caused a rapid advance in the price of Danish and most other Continental butters. Stocks in Germany are very small and production is decreasing, so it seems probable that German purchases will continue.

Tho demands for Dominion butters wero active in tho early part of last week, but quietened in the' past few days. Prices are steady at tho moment, but tho prospects are somewhat doubtful, as imports, both of Contintental and Dominion butter, are much above those in the corresponding period last year and considerably above current consumption. Consequently there is a big increase in the stocks in cold stores.

OUTLOOK FOR WOOL. QUIET HOLIDAY MARKET. POSITION ON CONTINENT. LONDON, August 23. The representative of the Australian Wool Council, Mr. Devereux, reports as follows: —Under tho influence of the holidays and also as an effect of the general economic position now under consideration by the Cabinet, the markets in most centres are quiet. There is a general desire to mark time, pending developments. There have been few private sales.

Transactions at Bradford in wools for export to America and sales of tops to Germany during the past fortnight have been small. Prices have slightly eased, but this is always the quietest month of the .year, and in view of the present financial stringency in that country nothing else could have been expected.

In France the financial restrictions have caused some trouble. Combers are very busy, but prices for tops are somewhat easier. Spinners are well employed on old contracts, but new business, is scarce.

The markets at Antwerp and Roubaix display weakness under pressure to sell, mainly on French account, and prices have shown a further decline.

AMERICAN DEMAND LIKELY. CIIRISTCHURCH BROKER'S VIEWS. [EY TELEGRAPH. OWN CORRESPONDENT.] WELLINGTON, Monday. In tlie opinion of Mr. Herbert Hill, woolbroker, of Christchurch, who returned to New Zealand to-day after a trip to England, there is a likelihood of American buyers taking a greater interest in the coining New Zealand clip because their domestic clip is going into rapid consumption. It appeared as if there was going to be a shortage of crossbred wools and there might be prospect of a fair demand from America. Mr. Hill said that Bradford manufacturers were fairly optimistic at present. They did not seem to anticipate any big rises of price in the immediate future, but they were hopeful that world equilibrium would be soon accomplished. Already there were signs of improvement.

WOOL-BUYING SEASON. OPENING IN AUSTRALIA. Overseas wool-buyers are arriving in Australia for tho coming season's sales and a record attendance of the trade is expected when tho sales open in Sydney on August 31. Advice from Japan indicates that purchases from that country are likely to bo on much the same lines as last season and from that point of view some encouragement is to bo gained. Wool purchased in Australia and New Zealand during tho 1930-31 season for shipment to Japan, China and India, according to Dalgoty's returns, amounted to 541.176 bales, as against 342,323 bales for 1929-30.

DAIRY PRODUCE PRICES. POLITICAL SITUATION FELT. Tho political situation in England is adversely affecting the market for New Zealand butler and cheese. Leonard and Son, Limited, has boen advised by its London house that the markets are quiet with a downward tendency owing to the present uncertain position. New Zealand finest butter is quoted at, 115s; first, 114s. Cheese: White, 62s to 635; coloured, 64s to 655. Deliveries: New Zealand and Australian, 22,000 crates; Canadian, 7150 boxes. Stock: New Zealand and Australian, 110,000 crates; Canadian, 180,000 boxes.

AUCKLAND EXCHANGE. Return on Sale Price. Investment. £. s. d. £ a. d. flovt. Bonds, 19157, 5} 100 5 0 5 9 0 Ins. Silt., 1937, 5J . , 100 0 0 5 10 0 Ditto, 10:};}, 5} (2) 99 10 0 5 15 5 Ditto, 1939, 41 . . 93 0 0 4 16 1 Ak. E.P. Bd. '45, 55 (2) 99 10 0 5 11 0 Corn. Bftiik Aus. (2) 0 13 0 8 G 8 Bank of N.Z. . . 2 0 9 G 2 0 Ditto . . . . 2 7 0 0 2 0 Auckland Gas (2) . . 13 2 G 18 1 N.Z. Breweries . . 19 0 8 9 6 Mo tin-on, Oil . . . . 0 5 0 — Waihi Grand Junction 0 3 9 8 17 9 The following snle3 also took place:— King Solomon, 2s 9d; Okarilo, 10s; Gisborne Slicepfarmers, 1911, G per cent., £74 10s. WELLINGTON EXCHANGE. Welling. City, '51, 5J 99 0 0 r, 11 8 South British Ins. . . 2 10 0 5 5 7 Moturoa Oil . . . . 0 5 0 — N.Z. Kefrig. (10s pd.) 0 3 10 — Auckland Gas . . 13 3 G 17 7 CHRISTCHURCH EXCHANGE. War Bonds, 1938, 4* 97 0 0 5 0 5 N.Z. Guar. Corp. (2) 0 4 9 * Mount Lyell . . . . 0 16 10 * Mot uroa Oil . . . . 0 4 (i — N.Z. Refrig. (10s pd.) 0 3 10 — The following sales also took place:— King Solomon, 2s 8Jd, 2s Old, 2a lOd; Okarilo, 9s 9d. DUNEDIN EXCHANGE. Goldsbrourfh-Mort . ._ 0 18 9 5 6 8 * Interim dividend l educed.