STOCK EXCHANGES.

New Zealand Herald, Volume LXVIII, Issue 20989, 28 September 1931, Page 3

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 tho 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 side New Zealand exchange rates, being liable to fluctuations, have not been taken into consideration. The first column gives the figures at which the sales wero made:— AUCKLAND EXCHANGE. Return on

Bank of New Zealand. £1 2s 7Jd. £2 2a 10$ d; Australian Bank of Commerce, 13a 3d; Now Zealand Drug, £2 2s 6d: Kins' Solomon, 2s 2d (6), 2s Id, 2s 2'd; .Okarito, 8s 4d, 8s sd. DUNEDIN EXCHANGE. N.Z. Breweries . . 1 0 9 8 8 1 •Interim dividend reduced. NEW COMPANIES. SOUTHERN REGISTRATIONS. The following companies, the first public and the second private, have been registered in Southern centres:— Gallaghan's Gold Mining Company, Limited, Nelson, to carry on mining pursuits, etc. Capital, £IO,OCO, in £1 shares. Subscribers: F. A. Bett, W. A. Dee, W. V. Rout, J. Chapman, W. S. Milner, L. Adams, G. T. Kemp, 100 shares each. Belivue Mines, Limited, Hokitika, coalminers, etc. Capital, £3OOO, in £1 shares. Subscribers: J. D. Lynch, H. Hadcroft, J. Hadcroft, J. W. Sweeney and R. W. Baird, 600 shares each. THREE LOANS CONVERTED. CHRISTCHURCH CITY COUNCIL. The conversion of three loans totalling £52,950 from per cent, to sjj per cent, was authorised by the Christchurch City Council at its meeting last week. The loans are: Sydenham waterworks redemption of £12,550; Sydenham public works redemption of £6BOO, and administrative block redemption of £43,600. The Finance Committee reported that the authority of the Local Government Loans Board to raise the loans provided for the payment of up tc 5J per cent. This would, of course, have to be reduced by at least A per cent, in accordance with recent legislation. The committee recommended that tho rate of interest should be fixed at per cent, on the three loans. The chairman said it would interest the council to know that the conversion would mean a saving in interest of approximately £BOO per annum. The £BOO saving would not go into revenue account, but would be used as an additional allocation to sinking funds to redeem these loans. NEW ZEALAND HEMP. IMPROVING MANUFACTURE. A commercially practicable method or process for advancing tho preparation and manufacture of New Zealand hemp is being sought by the Department of Agriculture. In the New Zealand Gazette just published it is stated that the Government's offer to pay £IO,OOO as a bonus or bonuses for major improvements in connection with the extraction and dressing of-fibre from tho New Zealand hemp plant (phormium tenax) is'still open, and that tho period for receiving applications has been extended to May 31. 1952. The offer was first made early in 1930. OPOSSUM SKIN MARKET. PRICES AT DUNEDIN SALE. The third opossum skin sale of the season was hold in Dunedin recently, when approximately 9500 skins were offered by the eight selling brokers, report Dalgety and Company, Limited. These skins were drawn from all parts of Now Zealand where the opossum is to bo found, and with very few exceptions had been carefully prepared for sale by tho trappers. Since last sale there has been no improvement in the general outlook and Continental countries have remained uninterosted in opossum skins even at the low prices ruling. There has boen some inquiry from America for greys and blues, and there were one or two small orders in the sale. This resulted in a better demand for these colours, and on our catalogue wo quote greys, blues and red necks od to 6d higher than last sale except for extra super lots, which were unchanged. There was a limited demand for blacks and browns, and While •on our catalogue these were generally unchanged from last sale, the tendency was lower. Inferior and damaged sorts again sold at very low prices, in some cases beiow the cost of royalty. It is obvious that on the present market these very inferior skins are not worth sending to auction. Our blues sold to 5a lid, and blacks to 7s. This latter price was obtained for a small lot of beautiful skins from Waikaremoana. Among our best sales for blacks were 275 at 3s 4d; 291 at 3s Id; 245 at 4s 3d; 36 at 5s Id; 99 at 4s; 68 at ss; and for blues and greys, 74 at 3s 7d; 97 at ss; 180 at 3s 9d; 192 at 4s 7d; 117 at 4s lOcl; 23 at 5s Id ; 223 at 4s 8d ; 4>at 5s lid. The demand for the very lightly furred skins from Auckland and Gisborne districts was disappointing, and as the prices bid did not reach our ideas of value we passed the majority in, but hope to obtain satisfactory advances privately. Generally good average consignments from most districts realised from 2s 6d to>3s each, with some averages higher or lower according to quality. The following is the range of prices from seconds _up for average consignments:—Blues. 2s 3d to 5s lid; blacks, Is 7d to 5s Id; greys, 2 S to 4s 8d; browns, Is to 2s 9d; reds, Is to 2s lOd; slates, Is 3d to 3s 8d: small, 7d; very inferior and damaged, 3d to lid.

Sale Price. Investment. £ 8 d £ s d Not. Bank N.Z. * (late sale Friday) . 3 10 6 7 1 10 Batik of N.Z. 2 2 6 6 14 11 Auckland Gas, con. . 0 17 0 7 12 Waihi 0 16 1 12 S 8 Waihi Junction (lato sale Friday) . 0 4 0 8 6 8 WELLINGTON EXCHANGE. Com. Bank of Aug. . 0 13 •1 8 8 9 E S. and A. Bank .. 3 10 0 • Bank of N.Z. 2 3 0 6 13 4 Electro. Zinc 0 35 9 N.Z. Guar. Corp. . . 0 5 0 * Waihi Grand Junction (lato sale Friday) n 3 11 fi 10 2 Ditto (late sale Fri.) 0 i 0 8 6 8 The following salo also took place:—Golden Foint, Is Oid (late sale Friday). CHRISTCHURCH EXCHANGE. Irs. Stk., 1937, 5i (2) 94 10 0 G 12 9 Ditto, 1039, 4} . . 93 5 0 5 11 3 Bonds, 1937, 5i (2) , 95 0 0 fi 10 7 Bank of N.Z. 2 2 r. fi 11 11 Ditto 2 n 0 fi 13 4 Union Bank fi 10 0 5 7 8 E. S. and A. Bank .. 3 10 0 * Bank of N.S.W. .. 25 2 fi • N.Z. Drue (2) 2 2 9 * Ditto . , .. 2 2 4 • Westport Coal .. 1 2 fi • N.Z. Breweries 1 9 fi 8 9 6 Tooth's . . ., 0 17 7 * The following sales also' took place:—