COMMERCE AND FINANCE

Otago Daily Times, Issue 20101, 18 May 1927, Page 6

COMMERCE AND FINANCE

THE SHARE MARKET. DUNEDIN STOCK EXCHANGE. A parcel of the paid up issue of Now Zealand Refrigeratings found a buyer at 15s on the Stock Exchange yesterday They •were afterwards o n offer at 15s 2d, with a buyer at 14s 9d. Only threepence separated the quotations for National Insurances for which 73s was offered. Business was reported in New Zealand Drugs at 63s and another parcel of Milburn Lime and Cements found a buyer at 275. Sale; New Zealand Refrigerating (paid), 15s Sales reported: Now Zealand Drug Co. |£2 paid), 635; Milburn Lime and Cement. The following are yesterday afternoon’s buying and selling quotations, which are subject to the usual brokerage:— #1 banking. Bank of New Zealand—Buy 60s, sel 61s. Commercial Bank —Sel 30s 6d. E.S. and A. Bank—Sel £8 10a. National Bank of New Zealand—Buy £7 2s, sel £7 3s 9d. „ Q National Bank of Aust. (cont.)— Buy 355; Union Bank —Buy £ls 10a, breweries. N.Z. Breweries (Ltd.)—Buy 51s -3d, sel 81s 9d. , . ._ New Zealand Breweries (debs.)—Buy 23.* 9d, sel 24s 3d. Manning’s Brewery—Buy 18s 3d. Staple’s Brewery—Buy 38s 6d, sel 3-s 9d. Ward and Co.—Sel 41s 9d, INSURANCE. National Insurance Co. (ex div.) —Buy T3s sel 73s 3d. jt.Z. Insurance Co. —Buy 38s. South British Insurance Co. —Buy 54s 3d. SHIPPING. Huddart, Parker (ord.)— Buy 47». Huddart, Parker (pref)—Buy 21s. P. and 0. Deferred Stock—Buy £263. U.S.S. Co. (pref.)—Buy 20s 2d. COAL. Westport Coal Co.—Buy 3£s 6d, sel 36s (W Westport-Stockton (ord.)— Buy Is Id, sol Is 7d Westport-Stockton (pref.)—Buy 2s sd. LOAN AND AGENCY. Dalgety and Co. —Buy £l3 10s. Dalgety and Co. (rights)—Buy 55s prem., fceL 58s prom. GolcUbrough, Mort —Buy 50s 6d. National Mortgage—Buy 665. Perpetual Trustees—Buy 60s. Trustees, Ex. and Agency—Buy 595. Wright, Stephenson (prof.)—Buy 15s 6(1, •el.' 17s 6d. _ MEAT PRESERVING. N.Z. Refrigerating (pd.)— Buy 14s Bd, sel 15S' 2d. N.Z. Refrigerating (cont.) —Buy 6s. South. Froz. Meat (ord;)—Buy 30s. MISCELLANEOUS. British Tobacco —Buy 52s 9d. Brown, Ewing (pref.)—Buy 20s 3d. ■ Bruce Woollen Co.—Sel .15s 6d,. Colonial Sugar—Buy £SO 10s. D.I.C. (prof.)—Buy 20s lOd. Dominion Investments—Buy 20s. - Dominion Rubber —Buy 4is 6d, sel 44s 6d. Donaghy’s Rone and Twine—Buy 32s 9d. Kaiapoi Woollen (ord.) —Buy 8s 6d, sol 0s 3d. Milburn Lime and Cement —Buy 26s 6d. Milburn Lime and flement (new issue) — Buy ’3» Id prem. sel 3s 4d prem. Mosgiel Woollen Co. —Buy £6 2s. National Electric —Sel la». N.Z. Drug Co. (£2 pd.)—Buy 62s 6d. N.Z. Express (ord.) —Sel 21s 3d. N.Z. Express (pref.)—Buy 17s, sol 18s. N.Z. Guarantee Corp.—Sel 9s 3d. N.Z. Milk Prods, ’(debs.)—Buy 21s. N.Z. Paper Mills (ord.)—Buy 17a, sol 18s. ■ Wilsons (N.Z.) Cement —Buy 34s 6<l, eel Bss. MINING. Kawarau G. M. Co. —Buy 2s 9d, sel 2» lid. Nokomai Sluicing—Buy 30s, sel 33s 6d. Waihi—Buy 18s, sel 19s. Waihi Grand Juaction—Buy Is, sel Is 6d. Electrolytic Zinc, (pref.)—Buy 34s 6d, se! 85s 6d. Electrolytic Zino (ord.) —Buy 345. Mount Lyoll—Buy 27s 3d, sel 28s, Mount Isa—Buy 22s 6d. Molyneux Electric —Sel 19s. St. Batharjs (A issue) —Buy 2a. Upper Nevis —Sel 2d disc. • Big Beach—Sel 2s disc. Alburnia—Buy 3s 3d. sel 5s Bd. WAR BONDS. 44 per cent. 4j per cent. Inscribed, 1939 —Buy £96 •cl £97 2s 6d. 44 per cent. Bonds, 1939—8uy £96 15s. 54 per cent. Soldiers’ Bonds, 1933 —Buy £lOl 55.. 44 per cent. Inscribed, 1938—Buy £96 12s fid. 44 j>cr cent. Inscribed, 1938 —Buy £96 54 per cent. Soldiers’ Inscribed, 1933—5 el £lOl 7s 6d. 5 per cent. Postal Bonds, 1927—8uy £93 10s. 64 per cent. Inscribed Bonds, 1927-41 Buy £97 10s. NORTHERN EXCHANGES. (Per United Press Association.} The following business was done on yesterday: Auckland.—Sales: New Zealand Government War Loan (1938) 44 per cent., £97 ss; New Zealand Breweries Debentures, 245; Bank of New Zealand, 60s 3d, 60s 6d; New Zealand Insurance, S3s 3d; Pukemiro Collieries, 595; Devonport Steam Ferry (rights), ss; Northern Steam Ship, 13s 9d; Donagny’s Rope, 335; Sanford (Ltd.), 21s 9d; Alburnia, 3s 6d, 3s sd; Kawarau, 2s lid; Occidental (cont.), 9s. Christchurch.—Sales reported : Tolaga Bay 6 per cent. (1944), £lO2 10s; Westport Coal, 35s 9d; Dalgety and Co. (ex div.), £l3 6d, rights 56s 6d; New Zealand Breweries, 51s 6d; Electro Zinc (pref.), 35s 2d; British Tobacco, 53s 3d. Sales: New Zealand Breweries Bonds, 23s lOd; Australian Bank of Commerce, 34s 9d; National Bank of Australasia (£5 pd., cum. div.), £3 17s 6d; National Bank of New Zealand, £7 2.s 6d (two parcels); Dalgety and Co. (rights). 56s 6d (two parcels). Wellington.—Sales: 44 per cont. stock (1938), £96 15s; New Zealand Guarantee Corporation (ord.) 9s 3d. Sales reported; Commercial Bank (ord.) 30s 3d; Bank of New Zealand 60s 9d; Now Zealand Refrigerating (20s paid), 15s; Wellington "Woollen (pref.) £6 7s 6d; Donaghy’s Rope and Twine 335, THE NATIONAL BUILDING SOCIETY. There was a good attendance of members of the National Building Society last night, at i. meeting for the purpose of disposing of £ISOO in free of interest loans. In the absence from the Dominion of Mr J R. Fairbaim, Mr H. Halli&ay, vice-chairman, presided, anti in the course of his remarks stated that in the 20 months since the society was formed the total amount appropriated had been £10,400, which, in itself, was sufficient proof of iho good work which was being carried on. Only a few shares were now available in No. 2 Group, and the directors wore considering the formation of No. 3 Group at an early date. Seven tenders were received fpr the appropriation of £BOO by sale in No. 2 Group, tho successful tenderer offering £43 for £BOO. A further sum of £BOO was then balloted for in No. 1 Group, cluster No. 186, of four shares held by Mr A. B. Johnson, Kaikorai, being tile number drawn. PRICE OF WHEAT. NEW SOUTH WALES PRICES. (Srecial to Daily Times.) WELLINGTON. May 17. Advico regarding wheat prices was received from Sydney by the Minuter of Agriculture (the Hon. O. J. Hawken). The cablegram contained the following information ; —To-day there were heavy New South Wales sales. Wheat sold at 5» lOd. offals at £7 10s, end flour at £l2. Mr Hawken added that beyond an increase of one penny in the price o£ wheat, there had been no clianga.

LOCAL AND OVERSEAS MARKETS.

NORTHERN STEAMSHIP COMPANY. PAST YEAR’S OPERATIONS. (Special to Daily Times.) AUCKLAND, May 17. The Northern Steamship Company, after 46 years in operation, is in a sound and satisfactory financial condition. This was the assurance given to the shareholders at to-day’s annual meeting by -Mr Charles Rhodes, chairman of directors. At the same time, declared Mr Rnotles, the year had not passed without considerable anxiety and worry, due principally to the general depression in trade, in spite of these adverse conditions the company had to meet increased expenses m the way of the advanced wages, shorter hours, and the easier working conditions granted to its employees in the Arbitration Court’s new awards. He was sorry to record the wreck of one of their largest steamers, the Manaia. This vessel was wrecked on Slipper Island on the night og June 10, 1926, whilst on a voyage from Tauranea to Auckland with passengers and mails, and had to be abandoned as a total wreck. Outside insuiances to the amount of £IO,OOO wire held over the hull, the balance of the vessel’s value being covered by the company s insurance reserve, which, of course, accounted forborne reduction in the balance of the No. 1 insurance account. In addition to the loss of the Manaia, the company also experienced two other misadventures, the small steamer Omana, whilst on a trip from Matakana to Auckland during a thick, dirty night, ran ashore on the iorthwest side of Tiri Island, but fortunately was salvaged at high water the following day and brought to Auckland for repairs. The oil vessel Pono, whilst loading wool on the Coromandel coast in Kinta Bay, was driven ashore on the rocks during a violent squall, her anchors failing to hold. The steamer Gael, with salvage gear, was despatched to her assistance* and was succcsful in refloating the vesel and towing her to Auckland. With a view to meeting further developments in cargo trades and to prepare for the replacement of purely up-to-date cargo freighters in place of combined passenger and cargo steamers, the company had-had built in Scotland a shallow-draught steel oil vessel fitted with fully-powered twin internal combustion engines of the latest type. The ooat was launched on April 7 last, and was nowready to leave for Auckland. The Hauturu, as she had been named, was constructed to Lloyd’s highest class and'was the first of her type to be built. In addition to this vessel they now had building locally a wooden oil vessel. This ship would be engined with full-powered twin semi-Diesel engines of the latest type and would carry a large cargo on a minimum draught and would have a good turn of speed. After making provision for depreciation on ships aud stock, boiler and repairs, and insurance accounts, the directors recommended the payment of a dividend for the year ended March 31 at the rate of 8 per cent, per annum to £18,913, half of which had already been paid in an interim dividend. The carry forward balance now amounted to £BOB7. It was £3342 seven years ago. The report and balance sheet wore adopted. The retiring directors, Messrs E. H. Davis, Charles Rhodes, and J. H. Upton, were re-elected. CREAMER* BUTTER POOLS. The Dairy Produce Board has notified that Creamery Butter Pool No. 3 operates from May 1 and includes all butter graded from that date up to October 31. The indications are that the net returns for this period should show a considerable improvement over the previous six months. The board understands that sales have been made by some dairy" companies on the basis of Is 3d, f.0.b., and it is of the opinion that this price is too low for produce graded from May 1 onwards. A further final pajunent under Creamery butter pool No. 1 will amount to 13-16 the of a penny per lb, and will bring the average payment per lb of butter in the pool up to Is 3.44 d, f.o.b. This means a return to factories of slightly over Is 33d, f.0.b., for finest grade, Is 3 l-3d, f.0.b., for first grade, and Is 2Jd, f.0.b., for second grade. TARANAKI OILFIELDS. (Peb United Press Association.) NEW PLYMOUTH, May 17. The Taranaki oilfields report is as follows:—Waiapu No. 2 well drilled to 1135 ft in grey shale, there being water and little gas from the 1105 ft to 1110 ft hole. Ten-inch casing has been run to 1128 ft. The Taranaki No. 3 well is still obstructed from 72ft to 77ft, but progress is now more satisfactory. At Gisborne No. I good progress is being made in the erection of the rig and camp. The weather is delaying transport. FOREIGN EXCHANGES. (Pres* Association—By Telegraph—Copyright.) LONDON, May 16. The exchange rates on London are as follows Par. May 12. May 18. Paris, Ir. to £1 21.22) 121.00 124.00 Brussels, belgas to £1 5 34.97 34.95 Oslo, kr. to £1 18.150 18.81 18.81 Stockholm, kr. to £1 ... 13.159 18.17 18.16 Copenhagen, kr. to £1... 18.159 13.21 18.21 Berlin, reichmkn. to £1 20.19 20.53 20.50 Montreal, del. to £1 ... -4.86 J d. 855 4.853 New York, dol. to £X ... 4.86| 4.85 J 4.85;j Yokohama, st. to yen ... 24.5 23J 2.1 J Hongkong, st to dol. ... • 21J 24J Calcutta, st. to rpe, 16 to gold £ 17 15-16 IS.OO Borne, lire to £1 ... ... 22.22 J 89.90 89.31 Amsterdam, guild, to £1 12.107 12-14 J 12.13 J Batavia, guid. to £1 ... 12.107 12.13 12.13 • Governed by price of silver. —A.P.A and Sydney Sun Cable. CANTERBURY MARKETS. (Peb United Press Association.) CHRISTCHURCH, May 17. Oats have weakened since the week-end report, and are now 2d per bushel less than last mid-week. One of the causes of the sudden rise was an Australian demand, the dry weather inland in both New South Wales and Victoria having assumed the aspect of a drought. Several cargoes had been shipped or contracted for, but the week-end cablegrams reported a good fall of rain. The Australian inquiry has died down, no doubt as a result of the rains. To-day A Cartons were sold for spread delivery at 3s 4|d, f.0.b., s.i., and B’s at 3s l*d. Wheat is selling somewhat erratically. Some millers are paying 5s 6Jd a bushel on trucks for Tuscan, and others arc not in the market. Fowl wheat has been sold f.0.b., s.i., for prompt, at 5s 9cl a bushel. There is a shade of firming in the potato market. Merchants have sold at £4 10s, f.0.b., s.i., for June delivery, equal to £3 5s on trucks, but this price is not being offered to growers. From £3 to £3 2s 6d on trucks is the figure quoted. Wellington is in the market for Dakotas, and £5, f.0.b., s.i., has actually been paid for this variety. Peas are still in the air, 9s fid, f.0.b., s.i., being paid to-day. . Cocksfoot is selling at 9d a lb for standard seed. LONDON METAL MARKET. (Press Association—By Telegraph— Copyright.) LONDON, May 16. (Received May 17, at 10 p.m.) Copper; Spot, £54 16s lOjcl; forward, £55 8s lid. Lead : Spot, £25 2s 6d; forward, £25 12s 6d. Spelter: Spot. £29 2s 6d; forward, £29 3s 9d. Tin: Spot, £290 15s; forward. £283 ss. Silver; Standard, 25 13-I6d; line, iff 7-8 d per oz. —A. and N.Z. Cable. CHICAGO WHEAT MARKET. (Frets Association ■ B» T.-l-cnm ropyngh* i NEW YORK, May 10. Chicago wheat; May MO cents per bushel, July 1345, September 132 J and N.Z. Cable.