COMMERCE AND FINANCE

Otago Daily Times, Issue 20202, 13 September 1927, Page 13

COMMERCE AND FINANCE

THE SHARE MARKET. DUNEDIN STOCK EXCHANGE. Two sales took place on _ the Dunedin Block Exchange yesterday. National Mortcans were sold at 63s 6d, and a parcel of \uckland Amusement Parks (ord.) changed bands at los 9d. The closing quotation for these was a seller's oiler of more at 17 s 2d. A sale of New Zealand Kclnceratiiigs (cent.) was reported at 6s 5d Sales: National Mortgage, t»3s 6d: Auckland Amusement Park (did-) B> 3 y , - Sale reported: New Zealand Keingera ing (cont.), 6s sd. Tho following arc yesterday afternoons buying and selling quotations, winch arc subject to tho usual brokerage; BANKING. Bank of Australasia—Sol £ls. Bank of Now South Wales—bel £44 los. Bank of New Zealand—Buy 58s, sel 58s Bank of New Zealand (D issue,—Buy £ss 3d. , n 1 Commercial Bank —Buy 27s lUcl. E.S. and A. Bank—Sel £B. National Bank of New Zealand buy £6 15s sd. Union Bank —Scl £ls Is. BREWERIES. N.Z. Breweries, Ltd.—Buy 445. sel 455. N.Z. Breweries Debs.—Buy 2cs Bd, set £4s. INSURANCE. National Insurance Co.—Sel 775. N.Z. Insurance Co. —Sel 40s 3d. South British Insurance Co.—Buy ois 6d, sel 58s 6d. _ Standard Insurance Co. Buy 60s. SHIPPING. Huddart. Parker (ord.)—Scl 47s 6d Huddart, Parker (pref.)—Buy 20s 9d, ■cl 20s lid. „ rofi7 i p. and O. Deferred fctock—buy £267, scl £235 U.S.S. Co. foref)— Buy 20s Id, sel 20s 4d. COAL. Westport Coal Co. —Sel 53s 6d. LOAN AND AGENCY. Coldsbrough Mort—Buy 445, sel 45s 3dNational Mortgage—Buy 62s 6d, sel 645. Perpetual Trustees—Buy 61s. Trustees, Ex. and Agency—Buy Ms, VvTmht Stephenson (prof.)— Buy 15s OQ, eel 16s 3d. AIEAT PRESERVING. N.Z. Refrigreating (pd.)—Buy 13s 7d, sel N.Z. Refrigerating (cont.)— Buy 6s 4d, scl o= Bd. misoella:s - E ouS. Auckland Amusement Park (ord.) Sel Auckland Amusement Park (prof.)—Buy 19-. Colonial Sugar—Buy 51s. D.I.C. (ord.)— Buy 8s 6d prem. D.I.C. (pref.)—Buy 20s Sd. Dominion Investments—Buy 225. Dominion Rubber—Sel 395. Dunedin Stock Exchange Ppy.—Sel J„b. Milburn Lime and Cement-Buy 295. Alilburn Lime and Cement (new issue) Buy 5s 6d prem. Mo=giel Woollen Co.—Buy £o 6s. APLcod Bros.—Buy £25. National Electric—Sel 13s 6d. N Z Drug Co. (£2 pd.)—Sel 655. N.Z Express (ord.)—Sel 21s. N.Z. Milk Products (dob.)— Buy 225. N.Z. Paper Mills (ord.)—Sel 16a 4d. N.Z. Sugar of _ Milk—Sel 22s 6d. Otago Daily Times—Sel 755. Whitcombe and Tombs—Buy 69s 6d. MINING. Kawarau G. AI. Co.—Buy Sd, sel 9d. Nokomai Sluicing—Sel 32s od Waihi—Buy 20s 9d, sel 52s 3d. Waijji Grand Junction— Buy Electrolytic Zinc (pref.) Boy, ‘ (3 - Mount Lyell— Buy 255, scl 2os. Mount Isa—Sel 21s. Molvneux Electric —Buy 10s. T'nner Nevis —Buy 235, scl 255. Big Beach—Buy 18s 6d, sel 20s 6d. WAR BONDS. 4£ per cent. Bonds, 1930—Buy £97 10s. 41 per cent. Bonds, 1930 'Buy £96. 41 per cent. Bonds, 1959—8uy bl per cont. Soldiers’ Bonds, 1933—8uy £ df > per cent. Inscribed, 19 .33"7 50 ' S? 6 5 per cent. Postal Inscribed, 1929—8uy £ si per cent. Bonds, 193fi-Buy £IOO 10s, NORTHERN EXCHANGES. (Per United Press Association.) The following business was done on ’Changes yesterday: • , Auckland— Sales: 44 per cent. Inscribed Stock (1938) £96 is Cd; New Zealand Breweries Debentures, 2-G 84<L Commercial Bank 01 . la '-R r rtUb National Insurance, /6s 6d, British Tobacco. 54s 4d, 54s 6d; Wilsons Cement. 365; Lucky Shot (cont.) , -s _3d. Occidental (cont.). Is 7d. Is Gd, Is od; Wailu, Sales reported: 54 per cent. Bonds (1930), £101; Bank of New 58 s * 3fl; union Bans, ti-u J Christchurch. —Sales reported: Bank of New Zealand, 58s 2d: South British Insurance, 58s 3d: Goldsbrough. Mort, 44s Sd; Christchurch Gas (cum rights), -2s 3d- British Tobacco. i)4s 3d, o4s 2d, 54s ‘o,i’ _s,ics on ’Change: Commercial Bank oV Aust.. 28s: South British Insurance 58s 3d: Gcldsbrough, Mort _ (new f“ue) 43s Od; New Zealand Kefngeratiiig (paid 1,13 s 9d; British Tobacco, o4s Sd (two parcelscj. GRAIN AND PRODUCE REPORT. Messrs Dalgcty and Co., Judd., report as —There has been some inquiry for this'cereal during the last week, but the market is still very dull and only an odd Tile i= being effected. We quote; A Gar-1-ns, 2s fid; B Gartens, 2s 3d per bushel, on" trucks, country stations. Wheat —The firming in this maiket, reported as having taken place in Canterbury, has not reflected much change in tl is market. ' Local millers, however, are not buying to any great 1 rices remain' practically unchanged, ns being obtained Ur Tuscan variety on trucks, Lountrv stations. Potatoes.— Very few hues are coming to hand from this district, but any linos of mod quality can bo disposed of at £o ,-x truck Regular supplies from Canterbury arc still reaching this market. —A fair quantity lias been coni-i-.h to hand during the past week, and any v eil cut Wight, and heavy lines are being taken bv local feeders. Any linos that arc not prime ate difficult to quit, and liave to lie sold at very reduced prices. We quota: Prime oaten sheaf, to £5 5s per ton, sacks extra, Messrs Donald Reid and Co., Ltd., report ns follows: _ Oats. —Business is still quiet, and nn-T.-s an inquiry tomes within tho nest few vAeks it will" bo safe to say that prices cannot vary much until the autumn. In the meantime, farmers are holding their \'‘gradv oats in anticipation of better v-dues. An odtl line has been sold, but arc required for seed purposes. Merchants’ prices to farmers remain at U fill for A grade, and 2s 3d for H ; ado, A' ks extra, on truck, country stations. Wheat.— Very few snm. Jcs arc being offered, and tho 'stocks held in store arc gradually being disposed of. Milling v dues are much the same, and a few parcc!' sold last week at 6s per bushel, on Irmk. country stations. Fowl wheat is in strong demand, and buyers are payin (.'■ a par with the millers. , i,off.—The wet weather uas interfered villi rutting operations, and prices in consequence 'realised during the week cannot be taken as a guide n f the future i-.irket. The demand in the city is never r ore" tk.'in equal to the supply. Prime cua'itv aTne commands ntt'-ntion. and is sale C from £5 to £5 5s per ton. rx trucks, sacks extra. Medium and in-,v'.‘-ir,r are rarelv inquired for. and prices Auer from £3 IT- to £4 Us, sacks extra. 1 Potato"-:,-—Merchants ; >: f ' still buying firm Jj.-.nd to mr.ai'i. The heal produce merdmnts cm-ader that potatoes are much harder to sell now man they were s few \ ears ago. This, in view of the jp-iea-ed population, is hard to understand. but the fact remains that the tubers ,;, lt so I’caddv disposed of. The quality ohm ing this year D not up to lust y.-ar'.- Daudard. ami in consequence second h ; ude and .-rotted lines are in miniulat im: f :1 store. Nest tildes arc worth to £.5, tacks in, ex truck, Dunedin.

LOCAL AND OVERSEAS MARKETS.

LONDON MARKETS. HIGH COMMISSIONER'S CABLEGRAM. (Special to Daily Times.) WELLINGTON, September 12. Thu Department of Agriculture has received the following cablegram, dated September Ift, from i»e High Commissioner lor New Zealand in London; — The tallow maiket remains firm with an active demand at auction. Present quotations .for spot are —Mutton, fine, 37s 6d to 38s per cwt; lair to good, 54s 6d to 36s 3d; dark to dull, 32s 6d to 335. Beef — Sweet and (or) mixed, 56s 6d to 40s; fair to good, 34s to 355; dark to dull, 31s 6d to 335; mixed, fair to good, 34s od to 365; dark to dull, 3Us to 325; gut, etc., 29s to 32s 6d. The apple trade is dull. Very large quantities of English are available, mainly inferior quality. Prices: American Gravenstem, 9s to 12s per case; English dessert varieties, 2s to 6s per half-bushel; English cookers, 5s 6d to 7s per bushel. Hemp.—Manila is quiet and occasionally easier with cheap sellers. “J” grade, Octobcr-Decomber shipments, down to £43 10s; closing price, £55. The output from January 1 to September 5 was 862,000 bales, compared with 892,000 for the same period last year. The stocks in Manila are 141,000 bales .compared with 167,000 bales, and in Great Britain 4500 compared with 9000 bales. The sisal market is quiet and easier for spot and afloat. Sales are reported m No. 1 down to £57. There is a better demand for distant shipments, and business has boon done at £37 10s, but buyers’ present ideas are £37. Tow is scarce and small sales arc reported of No. lup to £32. Tor Now Zealand more interest is shown in afloat, and small business is reported for forward shipments on the basis of —High points, £35 10s; fair, £54; common, £33. Tow is wanted, value No. 2 at £23 10s and No. 3 at £2l. The Bradford market is less active, but tops’ quotations are mantained at last rales quoted. . The Dairy Produce Board has received the following market report from its London agency, dated September 9: Butter. —New Zealand salted, 176 s to 180 a, compared with 174 s to 178 s last week; unsalted. 180 s to 184 s, compared with 176 sto 182 s. The market is farm, with an upward tendency. Australian salted, 172 s to 1765, compared with 170 s to 174 s last week; unsalted, 174 s to 178 s, compared with 172 s to 178 s; Argentine finest unsalted, 170 s to 176 s (170 s 1745); Irish creamery salted. 176 sto 178 s (166 s to 168 s); unsalted. 180 s to IB2s (170 s to 1725); Dutch unsalted, 184 s to" 180 s; Esthonia, 172 s to 176 s (166 s to 1725); Latvian, 170 s to 172 s (168 s to 170 s) • Siberian, 158 s to 160 s (150 s to 156 S : Danish, 186 s to 192 s (182 s to 184 s). The retail prices are unchanged. Cheese. —New Zealand white and coloured, 97s to 995; compared with 9os to 96s last week. The market is farm. Canadian finest white and coloured, 98s to 100 s (96s to 98s). The Canadian c.i.f. quotation is now 08s to 100 s, but business is still restricted. Australian finest coloured, 93s to 95s (92s to 935). ~ " lish finest farmers’, 114 s to l-0s (112 s to 118 s). The retail prices are unchanged. WOOL AUCTIONS. SELLERS’ ORGANISATION PROPOSED. RESERVE PRICES ADVOCATED. (Per United Press Association.) GISBORNE, September 12. The Fanners’ Union decided to approach the Hawke’s Bay, Manawatu, and Wairarapa sellers of wool prior to the forthcoming auctions to get them to put a reserve price on their offerings. The President asserted that the best values were not received at the auctions at present, the buyers being on more or less confidential terms with one another. Everybody was organised but the growers. MOSGIEL INDUSTRIAL CO-OPERA-TIVE SOCIETY. TWELFTH HALF-YEARLY MEETING. Mr D. Connor (president) presided oyer the twelfth half-yearly meeting of _ the Mosgiel Industrial Co-operative Society, Ltd. Twenty-eight members were in attendance. ~ , , , The balance sheet, which showed a net surplus of £382 17s Id, was reviewed by the chairman. Mr Rutherford complimented the chairman on the able manner in which he had explained the financial position to the meeting. The committee recommended the appropriation of the surplus -in the following way: —To 1\ per cent, interest on capital reserve account, £76 ss; discount on purchases account, £216 12s; bad debts account, £4B 17s 4d: reserve account, £4l 2s 9d. —This was adopted. The report intimated that interest on share capital could be drawn as per rule book but if left would be earning interest from July 1, 1927. Members would receive a rebate of Is in the £ on all purchases paid for during the past six months. This might _be taken out in goods or added to their share capital. Mr Bond gave a satisfactory report on the checking of the stock. —Noted. In accordance with rule 14, Messrs M. Barratt, J. Hicks, and J. D. ITaigh retired as members of committee; but were eligible for re-election. —On a vote being taken the retiring committeemen were reelected Mr D. Connor was re-elected president, Mr Haigh secretary. Mr A. Wilson treasurer, Messrs MvDuit and J. Tait scrutineers, and Air J. S. Little aurlitor. It was resolved to notify all non-pur-chasing members in terms of rule 12 by registered letter. . „ . The committee was instructed to find out from the registrar if the date of the half-yearly and yearly stock taking could be altered. , , ~ ,- Air Davidson agreed to allow a notice of "motion standing in his name to lapse. The manager and staff were accorded a special vote of thanks, and a similar compliment was paid to the chair on the motion of Air Pilling. DAIRY PRODUCE. The National Alortgage and Agency Company is in receipt of the following cablegram from London: Butter. —The market is firm, 178 s to 186 s. Cheese. —The market is firm, 06s to 08s. THE DOMINION RUBBER COMPANY. LTD. The secretary of the Dominion Rubber Company has received advice from the estate that the cron of rubber harvested for August ..ns 10.0001 b. Scott Bros., produce merchants and enmmisison agents, agents for the Egg and Poultry Growers’ Association, Dunedin, report;—Eggs: Alarket firm: guaranteed fresh, at Is Od per dozen. Butter: Dairy pats wanted. Is 2d; bulk. Is 2d to Is 3d per lb. Honey: Prime bulk, 5d per lb; 101 b tins. 5s 6d each. Beeswax, Is od to Is (id per lb. Fat, 18s to 20s per cwt. Poultry; Hens, good, 5s 6d to 6s 6d per pair. ‘Ducks: Good, 5s to 7s per pair. Geese. 3 Od to 4s each. Turkeys: Hens, Is 2d; gobblers, Is 3d per lb._ Pigs: Prime banners. 130’s to 150’s, 7}d per lb: porkers, 7d per lb; overweights, 4d per lii. Potatoes: Quiet; host fables, £5 5s per ton, ex tnnk. Chaff: Prime oaten sheaf, £4 15s per ton, sacks extra. Whole fowl wheat. 6s 9d tier bushel. Onions: Victorian prime. £lO per ton._ Partridge peas. Ss fid per bushel. Maize, Ss per im-hcl. Oats, ."s 3d per bnslie!. sacks e\; •a. Straw: I’re>st wlc-aten, £3 10?; or!ten. £} 10s; .-lover and ryegrass hay. £5 per ton. ex store. phase Note. —Pigs and poultry must arris e pot later than Thursday in the week. We h ill be pleased to quote for the following lines; Pal •ora UK-t meal, oyster shell grit, Star brand vhh :-.'-n foe,.'.. I.orizoij;ai crates, qma !)\ on application. September 12. 1927.

MINING. MOLYNEUX ELECTRIC DREDGE. Last week’s waah-up on the Molyneux Electric dredge resulted in a return of 12oz for 140 hours’ dredging. The dredge had been working on a hard bottom at a depth varying from 35ft to 36ft. The width of the rut was 50ft. The bottom carries no wash, but occasional prospects of up to 3gr of gold to a dish are obtainable from a layer of soft blue schist, which overlies the hard bottom in places. Should deeper ground not be reached within the next few days the dredge will be towed ahead a short distance, and will there open out again. DUNLOP LOSS ON RUBBER. The Dunlop Rubber Company of Australia has incurred a heavy loss through forward purchasing of rubber. Shareholders were informed of this misfortune last week at a meeting hold in Melbourne to consider a further resolution regarding the alliance of the company with the English Dunlop Rubber Company. Tho acting chairman (Air W. L. Bnijlieii) admitted that he had stated that trade for the year had been a “ record,” which was true. Shareholders would be entitled to infer from that statement that the profits might also be a record. Unfortunately, the company had suffered a special loss arising from the purchase of forward rubber. The full extent of that loss would not be completely ascertained till all the returns from Tic trade in Australia and New Zealand wore to hand. The board had seen sufficient of the position, however, to cause it to fool that the special loss would make it impossible to pay the full dividend that had been paid last September and March. Raw material, added the chairman, constituted 60 per cent, of the cost of the company’s finished article. Rubber since March last year had varied in price from a minimum of Is per lb to a maximum of 4s. The board, in its wisdom, at the time thought that it was doing the right thing in buying forward rubber at approximately the top price. KAURI GUM. PETITION FOR ABOLITION OF CONTROL. Following out the view taken by many persons associated with the kauri gum industry that board control is a mistake (states the Auckland Star), a parliamentary petition is being circulated in the gum districts urging that the board should bo abolished. The petitioners state that since the functioning of the Control Board tho position of the gum trade has grown hopeless. The demand has gradually fallen off, and prices have declined considerably, making it impossible for many diggers to remain on the fields. It is stated that the petition is being signed freely, and a gum dealer who has just returned from the north states that in the Waipapa, Awanui, and Ohia districts, which he visited, everyone who had been given the opportunity had signed the petition. The attitude of the member for the Bay of Islands. Air Alan 8011, who was largely responsible for the establishment of the board, is indicated by the following telegram received from him recently by a northern gumdigger;—Your letter to hand. There is no hope of your petition to abolish the Control Board being successful. Both Government and Parliament will give every assistance to the board to enable it to work successfully, but will not be sidetracked by parties interested in its failure. , SYDNEY WOOL SALES. tPresa Association—By Telegraph—Copyright ) SYDNEY, September 12. (Received Sept. 12, at 10.45 p.m.) At the wool sales a very strong market ruled, and tho hardening tendency reported at the close of last week’s sales was again in evidence for all free wool showing quality. AH sections operated freely. Short, faulty, find burry wools, however, were in less keen demand and values were distinctly easier. Greasy merino sold to 27]d.