SYDNEY EXCHANGE

New Zealand Herald, Volume LXXIII, Issue 22356, 29 February 1936, Page 9

SYDNEY EXCHANGE

INDUSTRIALS SLACKEN GILT-EDGED ISSUES QUIET (Received February 28, 8.5 p.m.) SYDNEY, Feb. 28 On the Sydney Stock Exchange to-day the gilt-edged market was quiet at late rates. Industrial and trading issues tended to slacken, with some exceptions. Sales this morning included:—Cotu-j monwealth bonds, 3:] per cent, 1919, £IOO 15s; 4 per cent, 1938, £lOl 18s 9d; 1941, £lO2 12s fid; 1950, £lO2 10s; Commercial Bank of Australia, 20s 3d; Toohey's Breweries, 33s 7 id; Associated Newspapers (preference), 24s fid; British Tobacco, 43s 3d; Dunlop Perdriau, 16s 3d; Howard Smith, 18s 3d; Wilcox-Mofflin, lis 9d. Later sales included: —Bank of New South Wales, £35 ss; Commercial Bank of Sydney, £2l 12s; Commercial Bank of Australia, 20s 4d; Howard Smith, 18s 2d; British Tobacco, 43s 3d; Tooth's Brewery, 55s 3d; ditto (rights), 33s fid; Toohey's Breweries, 33s 7Jd; Carlton Brewery (ex div.), 54s fid; Wilcox Mofflin, lis 9d; Greater J. D. Williams, 8s 3d; Henry Jones, 41s 9d; Electrolytic Zinc, 395; Anthony Hordern, 21s; Standard Cement,- 23s lid; General Industries, 21s 3d; Mt. Morgan, 16s 4id; Broken Hill Proprietary, 62s 3d; ditto, (10s paid), 37s fid; Zinc Corporation (pref.), £7 4s fid; Bulolo Deposits, Hid; Kuala Kampar, 14s 3d; Kawang Tin, 9s 3d; Larut Tin, lis 3d; Placer Development, £5: Loloma, 21s 9d; Emperor, lis 8d; Mt. Kasi, lis fid; Mineral Development, Is fid; Tavua Development, 3s 3d. Melbourne sales included: —Commercial Bank of Australia, 20s 2d; National Bank of Australasia (£5 paid), £7 16s; ditto (£lO paid), £ls lis; G. J. Coles, 74s 9d; North Broken Hill, £8 2s; Mt. Lvell, 255; Emperor, 12s; Loloma, 21s 3d. TREASURY BILL FINANCE OPEN MARKET IN AUSTRALIA FIRST USE OF SYSTEM (Received February 28. 5.5 p.m.) SYDNEY, Feb. 28 The Sydney Morning Herald states that the Commonwealth Bank is testing the open market with an issue of Treasury bills amounting to £1,000,000, which will be available for purchase on March 16 at a discount rate of 13 per cent per annum. The bills will be in multiples of £SOOO, with a minimum of £IO,OOO, and are repayable on June 15. This is the first use in Australia or New Zealand of an open market for Treasury bills, but apparently tenders will not be called as in the case of the British system. In Britain the discount rate is regulated by the volume of money seeking investment and the system attracts international short-term funds. In Australia, up to the present, Treasury bills are discounted for the Loan Council by tho Commonwealth Bank, which fixes the discount rate. The bank sells portion of the bills to tho trading banks, based to some extent on their credit balances with the Commonwealth Bank. HAY'S, LIMITED, CAPITAL AN INCREASE PROPOSED An increase in the authorised capital of Hay's, Limited, drapers, Christclnirch, from £25,000 to £50,000, is proposed. The directors recommended that 10,000 shares of £1 each be issued immediately. The company has been in existence as a public company for about two years, prior to which it was a subsidiary of Macky, Logan, Caldwell, Limited. Auckland. Dividends of 5 per cent have been paid. QUILL, MORRIS (1936) RECONSTRUCTION SUCCESS Speaking at the final meeting of Quill, Morris, Limited (in liquidation), Christchurch. the chairman, Mr. H. J. Otley, said that the reconstructed company, Quill, Morris (1936), Limited, started off with good prospects. It had been registered with a nominal capital of £40,000. Quill, Morris, Limited, wine and spirit merchants, went into liquidation in 1932, after being in operation for five years. Profits, and dividends for the period were:—l 927, £9885, 10 per cent; 1928, £2046, —; 1929, £3148, 5 per cent; 1930, £1290, —. In 193] tliefe was a loss of £2659. Profits shown by the liquidators were:—l 932, £1757; 1933, £1826; 1934, £2721; 1935, £3932. i UNITED BRUNNER MINES DEVELOPMENT OF AREAS At a meeting of UiHted Brunner Coal Mines, Limited, held at Christchurch this week, authority was given for the granting of an option to the Investment Registry Company, Limited, Wellington, for the purchase of the company's assets for the sum of £10,648 10s, payable by tho allotment of 21,297 fully-paid-up shares of 10s each plus payment of liabilities, in a company to be formed with a nominal capital of approximately £25,000. Under the terms of the option, £IO,OOO of capital will be devoted to the opening up of the Brunner coal measures (West Coast)", the rehabilitation of the fire-clay industry, and the development of the metallurgical coke enterprise, for which most of the equipment is already installed. GOLD AND SILVER QUOTATIONS IN LONDON (Received February 28, 7.35 p.m.) LONDON, Feb. 27 Fine gold is quoted to-day at £7 Is Ojd an osame as yesterday. Silver is quoted at 193 d an oz. spot, and 19 11-16 d forward, same as yesterday. The quotatjon for silver at per fine oz. is 21 5-16 d, same as yesterday. The following is a summary of tho fluctuation in the price per ounce of fine gold this year:—

MELBOURNE PRODUCE MELBOURNE, Feb. V 8 Following are to-day's quotations on the Melbourne produce market:— Wheat, 3s 9d. Flour, £9 ss. Bran, £5 15s. Pollard, £6 ss. Oats, 2s Barley, English, 2s 9d to 2s lOd. Potatoes, to £6 ss. Onions, £5 15s to £O.

£ s d Hipheat price, January 2 . . 7 1 4 Lowest price, February 4 <t 10 7 0 6 February 21 7 I 1 February 22 7 1 0} February 24 7 1 0 February 26 7 0 10 February «C> 7 1 01 February 27 7 1 01