STOCK EXCHANGES.

New Zealand Herald, Volume LXVIII, Issue 20991, 30 September 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 other redeemable securities the return includes redemption. In calculating the returns c>n 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 this figures at which the sales were made:—

The following sales also took place:—Kins | Solomon, 2s 2id <5), '2a 2d (4); Okarito, S3 j 3d; Golden Point its paid), ).a Old (14), Is l}d (3> ; Rawang Tin, 43 6d. DUNEDIN EXCHANGE. Nat. Bank cf N.Z. . . 311 0 7 010 j "Interim dividend reduced. j AMERICAN DEBT INTEREST. j EFFECT OF EXCHANGE RATES. LONDON, Sept. 28. By buying to-day at 3 dollars 75 cents instead of on Friday New South Wales saved 25 cents per dollar exchange on 700,000 dollars interest, due at New York-! on September 30, saving £13,333. This statement is a somewhat ingenuous representation of the effect of the exchange situation upon the .American liabilities of New South Waie:i. In the first place the quotations of exchange rates at 3 dollars 75 cents and 3 dollars 50 cents do not correspond with cabled reports: if the figures are correct they imply that New South Wales could not obtain better rates. Moreover, they represent, .sterling transactions only, i.e., the difference in the cost of remittance from London to New York. Before the suspension of the gold standard dollars were quoted at 4 dollars 86 cents to the pound, the cost of 700.000 dollars in London being £144,0€0; at the rate mentioned in the cable, the cost would he £186.667. an increase of £42,667. When exchange between Sydney and London is taken into account the total increase to the New South Wales Government of this interest payment becomes £57,000. The American value of the Australian pound has declined from 3 dollars 73 cents to 2 dollars 87 cents, or 23 per cent., i.e., £1 Australian will now purchase dollar currency that could have been bought for 15s od ten days ago.

QUILL, MORRIS, LIMITED. TRADING LOPS FOR YEAR. The directors of Quill, Morris, Limited, wine, spirit and tobacco merchants, Christchurch, in their report for tiie year ended .June 30. 1931, express regret that the year's trading has resulted in a loss of £2659. "But in face of the unprecedented difficult times we have been passing through this was not unexpected," the reports adds. Tho loss, after making provision for the usual writing oft of preliminary expenses, depreciation of plant, bull dines, etc., has been transferred to appropriation account, absorbing the balance at credit of this account, plus a transfer of £378 from credit of property realisation account.. The past year was the fifth year's trading as a company. Met profit for the 1930 year totalled £1290. which did not permit payment of a dividend. For 1929 the company showed a profit of £3BOB, after deducting £660 for income tax, and paid a dividend of 5 per cent., which absorbed £4050.

SEARCH FOR OIL. OPERATIONS AT GISBORNE. [BT TELEGRAPH. —PRESS ASSOCIATION'.] GISBORNE, Tuesday. Taranaki Oilfields reports for the week ended September 26 as follows: —Waitangi No. 2 well: After great difficulty the 8 5-Bin. casing was run to 1931 ft., where it seized. The depth reached is in firmer ground. We believe the casing will hold, but, owing to the likelihood of moving it later we consider it advisable not to cement to allow of more easy withdrawal if it later becomes necessary. Will resume drilling for 6 5-Bin. casing on Wednesday. MOTUROA COMPANY. Moturoa Oil Fields, Limited (New Plymouth), reports that for the week ended September 26 No. 2 well produced by pumping 160 barrels, totalling 5600 gallons of clean oil. As the temporary screen may be choked, thus retarding the flow, it is now being withdrawn to make further teste. DUTIES ON CLOTHING. PROGRESSIVE INCREASES. Duties on clothing or apparel coming into New Zealand were discussed at a meeting of the executive council of the New Zealand Federation of Drapers, Clothiers and Boot Retailers, held -in Wellington last week. In reviewing the question of tariff protection it was elicited at the meeting that duties upon wearing apparel from overseas had been very greatly increased during the last three years. The figures for the years 1328, 1930, and 1931 on imports of £IOO worth of goods given as follows: 1928.—25 per cent,, ad val. British, 45 per cent, foreign, plus 2 per cent, primage: British, £29 14s; foreign, £SO 9s 9d. 1930.—27 per cent, ad val. British, 50 per cent, foreign, plus 9-40ths: British. £37 Is Id: foreign. £67 7s 6d. 1931.—32 A per cent, ad per rent, foreign; British, £43 15s lOd; foreign, £74 2s 3d.

AUCKLAND EXCHANGE. Return on Hale Prien. Investment. (' g Ins. Stock. 7938. 41 9:1 5 d £ a d 0 5 13 4 Ditto, 10:37, .ii . . 91 io W 6 IS 0 Ditto, 1937. 5j '2) 94 17 6 6 11 o Bank of N.Z. . . 2 .1 a 6 13 4 Pukemiro Collieries . 1 8 B 10 10 6 Waihi . . . . ;, o 16 1. 12 8 8 Waihi Junction . . 0 4 1 8 3 3 Mount Lyell . . . . 0 16 S) The followins sale also took nlace:—Kins Solomon, 2b Id. WELLINGTON EXCHANGE. Bank of N.Z. . . 2 3 6 . 6 11 10 N.Z. Refrig. (10s paid) (■2) 0 3 0 Well. Woollen fpref.) 4 4 9 10 6 Gol.dsbrough-Mort . . 10 iti 4 [ l 7 Mount Lyell 0 16 10 CHRISTCHURCH EXCHANGE. Irs. Stock. 1933, 5} . 95 15 0 7 13 0 Ditto . . . . 96 10 0 7 9 3 Ditto, 1937, 5 J (3) 94 10 0 6 12 9 Ditto . . . . 94 7 6 S 13 3 Bank of N.S.W. . . 25 2 6 Com. Bank of Aus. . . 0 13 5 8 7 S E., S. and A. Bank . . 3 15 0 Dalsety . . . . 6 5 0 • Goldshrough-Mort . . V 1 3 4 U 1 Ditto . . .... 11 5 4 13 5 N.Z. Refrig. (10a i-aid) (2) 0 3 1.0 Mount Lyell (2) . . 0 16 9 *