COMMERCE AND FINANCE

Otago Daily Times, Issue 20315, 25 January 1928, Page 10

COMMERCE AND FINANCE

THE SHARE MARKET. DUNEDIN STOCK EXCHANGE. Business was quiet on the Stock Exchange yesterday. Dalgetys were firmer with a buyer at £l3 13s, but sellers did not reply. British Tobaccos were in demand at 59s 6d. Mount Lyells also improved. Buyers offered 29s 6d, sellers* quotations leaving only a sixpenny margin. Inquiry for ordinary New Zealand Expresses at 20s 9d was unanswered. t The following are yesterday afternoon s buying and selling quotations, wnich are subject to the usual brokerage: BANKING. Bank of New South Wales—Buy £47 10s. Bank of New Zealand—Sel 59s 3d. Bank of New Zealand (D issue) —Buy 265. Commercial Bank —Sel 29s sd. K.S. and A. Bank—Buy £7 11s 6d, sel £7 14s. , , „ National Bank of Now Zealand—Buy job 16s 3d National Bank of Australasia—Buv £l7 2s. Union Bank —Buy £l4 12s 6d. BREWERIES. N.Z. Breweries, Ltd.—Sel 435. N.Z. Breweries Debs. —Sel 235. Staple’s Brewery—Buy 39s 3d. INSURANCE. National Insurance Co. —Buy 15s Id. s cl 15s 6d. N.Z. Insurance Co. —Sel 41s od. Standard Insurance Co.—Buy 625, SHIPPING. Adelaide Shipping—Buy 255. Burns Philp—Buy 38s 6d. Huddart, Parker (pref.)—Buy 20s lOd. P. and O. Deferred Stock —Sel £248. P. and O. Deferred Stock (rights)—Buy £23 10s prem. U.S.S. Co. (pref.)—Buy 20s. COAL. Westport Coal Co.—Buy 31s 6d, sel 32s 3d. Westport-Stockton (pref.)—Sel 3s 6d. i LOAN AND AGENCY. Dalgety and Co. —Buy £l3 13s. Goldsbrough, Mort—Buy 475. N.Z. Loan and Mercantile Agency (ord.)— Buy £92 10s. Perpetual Trustees—Buy 6ls. Wright, Stephenson (pref.)—Buy 15s, sel 16s. MEAT PRESERVING. Canterbury Meat—Buy £8 2s 6d. N.Z. Refrigerating (pd.)~Buy 17s 6d, sel N.Z. Refrigerating (cont.)— Buy 8 S sd. sel & South Frozen Meat (ord.)— Buy 31s. MISCELLANEOUS. British Tobacco —Buy 39s 6d. Brown, Ewing (ord.) —Sel 335. Bruce Woollen Co, —Buy 11s. D.I.C. (pref.)—Buy 20s 6d. Dominion Investments —Buy 225. Dominion Rubber—Sel 475. Donaghy’s Rope and Twine—Buy 33s 9d. Dunedin-Kaikorai Trams —Buy 33s 9d. Eclipse Petrol —Sel 10s 3d. Kaiapoi Woollen (ord.)—Buy 8s 6d. Kaiapoi Woollen (pref.)—Buy 13s od, sel 15s. M’Leod Bros.—Buy £2B. National Electric—Sel 12s. N.Z. Express (ord.)— Buy r.os 9d. N.Z. Milk Products (bonds)— Buy 225. N.Z. Paper Mills (ord.)—Sel 17s 3d. Otago Daily Times Buy 71s. Wilsons (N.Z.) Cement—Sel 38s 3d. MINING. Kawarau G. M. Co.~Buy 4d, sel Bd. Nokomai Sluicing—Sel 355. Waihi—Sel 11s 6d. , Waihi Grand Junction—Sel Is 3d. Electrolytic Zinc <P^ f -)t: Bu 7 , Mount Lyell—Buy 29s 6d. sel 30s. Molyneux Electric —Buy os. Upper Nevis —Buy 235, sel 25s 6d* Big Beach —Sel 19s. WAR BONDS. 41 per cent. Bonds. 1938-Buy £96 15s. 44 per cent. Bonds, 1939—8uy £96 15s. 44 per cent. Inscribed, 193&—Buy £96 15s. 44 per cent. Inscribed, 1939 —Buy £96 15 s . s| per cent. Soldiers’ Inscribed. 1933cent. Inscribed, 1936—8uy £lOl. NORTHERN EXCHANGES. (Per United Press Association.) The following business was done on ' N.Z Bnmrin deben--59s 3d; Bank of New Zealand (D pref., 20= paid) 26s 9d; Huddart, Parker 50s. P Wellington. —Sale: Wellington Trust and Loan, £6 17s 9d. Sale reported: WeiToW. 9. land, £6 16s 6th LONDON METAL MARKET. ( press ABBoclatlon —By Telegraph—Copyright.) LONDON, January 23. ( Received Jan. 24 at 10 p.m.) Copper.—Spot, £62 4s 4*d; forward, £6l Electrolytic.—Spot, £66 10s; forward, £67. Si'ad.—Spot,*£2l 16s 3d; forward, £22 3s —Spot, £26 ss; forward, £26 2s Spot £254; forward, £252 8s 9d. Silver.— -Standard, 26 3-16 d ; fine, 28id per a - J •NT rv

LOCAL AND OVERSEAS MARKETS.

SHEEPSKIN MARKET REPORT. The Dunedin Stock Agents and Woolbrokers’ Association (Messrs Wright, Stephenson and Co. t Ltd.; Donald Reid and Co., Ltd.; National Mercantile and Agency Co., Ltd.; Otago Farmers’ Cooperative Association, Ltd.; Stronach, Morris, and Co., Ltd. ; Dalgety and Co., Ltd., and the New Zealand Loan and Mercantile Agency Co., Ltd.) report as follows: —At the fortnightly sales held on Tuesday, medium-sized catalogues were offered to a very full attendance of buyers. Bidding was very animated and a total clearance was effected at prices which showed a sharp advance on last sale. Values being paid in Dunedin to-day are above the equivalent of prices ruling in the London market. Quotations: — Merino. —Full wool, 14jd to 15^d; halfwool, 134 dto 14^d; quarterwool, lid to 12d. Ilalfbred.—Fullwool, to 17d; halfwool, 13d to 14jd; quarterwool, lid to l2d. Fine crossbred. —Fullwool, 15id to 16jd; halfwool. 12gd to quarterwool, 10j.d Crossbred. —Fullwool, 14fd to 15jd; halfwool, HJd to 13id; quarterwool, lid to 12 pelts.—Best, 10£d to Hid; inferior, 6|d to 9£d. Lambs. —Halfbred, 13§d to 14-^rd; crossbred, 13d to 133 d. Dead and Fallen.—Halfbred, 13Jd to 14gd; crossbred, Ud to 12d; hoggets, 13d to 14d. CANTERBURY MARKETS. (Per United Press Association.) CHRISTCHURCH. January 24. The first of the new season’s oats has been offered to merchants—a particularly clean, heavy line of Algerians. The oats this year will be an excellent sample, and with no undue break in the weather most of the Cartons should grade as all round. The crops are well grown and headed, with not such a rank growth of straw as last season. The confident tone in the oat market continues. Quotations for A Gartons are 3s 5d to 3s 6d, f.p.b., s.i., for spread delivery, and for B s 3s Id. Algerian new season’s oats have been sold at 3s on trucks. . The hot days of last week have ripened wheat crops rapidly, and cutting will be in full swing north of the Waimakinn within a week. There is no change m market values, which for Tuscan range about 5s Bd on trucks according to stations. the sample, in addition to the yield, will be good this year. There is a belief that barley, on account of the reduced area this season, will be in better demand. Another factor in this respect is the very dry season. In the barley growing districts of Central Otago, however, it is extremely doubtful if such will prove to be tho case. Malsters bought to such an extent last season both on contract and “ free barley /hat it is a question if the breweries will have to come on to the market until the season is well advanced. Some concerns, indeed may not need more than a month or two’s supplies, and most of this will be drawn from crops contracted for. Peas are still weak. Quotations are Os 6d f.0.b., s.i., and 5s 9d on trucks. There has been some business in perennial ryegrass for the north. The potato crop gives every appearance of being a good one, and speculators are showing very little interest so far. ihe northern inquiries for the month have subsided. April-May-June deliveries are worth up to £3 7s 6d. A sale or two for these months has been made at £4 12s 6d, f.0.b., s.i. LAMBS FOR EXPORT. (Per ' t nitet Press Association.) WELLINGTON, January 24. The Now Zealand Meat Producers Board advises that the following prices are being offered for fat stock for export at this date: — . , ~,, Hawke’s Bay prime woolly lambs 3Dlb and under, 9d57-4216, Bid ; 431 b and over, 8d; second quality lambs, Bd. Wellington prime woolly lambs, 361 b and under, 9d; 37-421 b, B*d; 431 b and over, Bid; second quality lambs, 8d Canterbury prime woolly lambs, 351 b and under, 9£d; 37-421 b, 9d; 431 b and over, B|d; second qualitv lambs, Bjd. SYDNEY WOOL SALES. (Free* association —By Telegraph—Copyright. 1 SYDNEY, January 25. At the wool sales a spirited market ruled with prices eoual to the best of last week’s rates for all descriptions. Good clearances were effected, and greasy merino sold to 38d. CHICAGO WHEAT QUOTATIONS. (Press Association —By Telegraph Copyright.) NEW YORK, January 22. Chicago wheat: March, 130| Cents per bushel May, 1514; July, 127§.-A. and N.Z. Cable. ■ LONDON WOOL SALES. (Frees Association—By Telegraph-Copyright.) LONDON, January 25. At the wool sales 9694 bales were sold of which 6025 were Australian and SAIB New Zealand. There was an average selection of merinos, and an excellent ottering' of greasy crossbreds, but a limited supply of other sorts. There was good general competition, and prices were fully maintained. N l7»» Ze * la pAj : 24d and 214 d; “ Mee,” 26d and 23d . “O/AHW,” 22d and 21d.—A. a..d N.Z. and Sydney Sun Cable. CLOSING OF MOUNT MORGAN. OTHER COMPANIES AFFECTED. Now that active operations of the Mount Morgan Gold Mining Company, Ltd., at Rockhampton, have ceased, the position is clearer for the gradual winding-up ot the company. At the extraordinary meeting in July last, when liquidation was decided upon, it was predicted that the smelting campaign would be completed bj December, and the termination _ ot the active existence of the company is, therefore, in accordance with the programme agreed upon earlier in the year. Owing to productive operations proving unprofitable 8,000,000 tons of ore, containing gross metal values between £15,000,000 and £16,000,000, will remain in the mine, ihe two largest items appearing in the last balance sheet, of shares in other companies £442,619, and debentures £186,195, are expected in the aggregate on realisation to be more than fully repaid, ihe share interests include a holding of 59 per cent, of the capital of the Electrolytic Refining and Smelting Company of Australia, Ltd., one half the capital of Australian Fertilisers, Ltd., and also a large holding in Metal Manufactures Pty., Ltd. Of the £186,195 of debentures £160,195 was represented in Commonwealth, Victorian, and municipal debentures. Whether any qf these assets have yet been realised on has not been announced. The surplus of liquid assets at May 31 last amounted to £750,927, the assets including stocks of ore, stores and unsold metals, and book debts. The mine assets, which include machinery, plant, properties, and buildings, have also to be disposed of. The cessation of active operations brings to a close a world-famous mine that for over 40 years has meant much to Australia. FOREIGN EXCHANGES. (Press Association—By Telegraph—Copyright.) LONDON, January 23. The exchange rates on London are as follows : Fur. Jan. IS. Jim. 23 Paris. Ir to £1 ... 35.22 J 134.00 334.00 Brussels, belgaa to £1 25 34.118 34.93 Oslo, kr. to £1 IS.BI 18.30 18.31 Stockholm, kr. to £1 .. 18.151) 18.15 18. Hi Copenhagen, kr. to £1... IS.loll 18.20 18.20 Berlin, reiohinkn to £1 mil* 20.46 20.45 Montreal, dol. to £1 ... 4.45 New York. dol. to £1 4.863 4.87 11-16 4.87§ Yokohama, pence to yen 24.15 ‘-’34 23 Hongkong, pence to dol 24 24J 24§ Calcutta, pence to rupee 21 18 1 184 Batavia, guild to £1 ... 22.221 12.08) 12.07 Amsterdam, guild to £1 12.107 12.05§ 12.073 Borne, lire to £1 25.224 02.15 92J Prague, kr to ... 12-107 164 7-16 174 7-16 . —A. and N.Z. Cable.

DEPARTMENT OF AGRICULTURE, j HIGH COMMISSIONER’S CABLEGRAM. (Special to Daily Times.) WELLINGTON, January 24. The Department of Agriculture has received the following cablegram, dated January 21, from the High Commissioner for New Zealand, London:— Tallow: Poor demand at auction. No change in price. Eggs: Only moderate supplies coming forward, and demand is good. Current prices are: English, Dutch, and Danish, 23s to 26s per long 100; French, 20s to 255; Belgian, 21s to 225; Egyptian, 9s 3d to 10s 9d. Hemp; The Manila market was easier early this week, but firmer towards the close. Fair business has been done in “ J ” grade up to £4l 10s for JanuaryMarcb shipments. The output from January 1 to December 31 was 1,290,000 bales, compared with 1,240,000 bales for the same period in 1926. Stocks in Manila on December 31, 1927, totalled 155,000 bales, compared with 112,000 at the same date in 1926. In Great Britain the stocks on December 31, 1927, totalled 13,000 bales, as against 5000 at the same date in 1926. Sisal was . irregular, but the market was steadier towards the end of the month. No. 1 close at hand and Janu-ary-March shipments sold at £36 15s to £37. No. 2 is dragging, but afloat sold at £35 ss, with probable buyers of Janu-ary-March shipments at £35. In New Zealand sisal moderate business is reported in highpoints for America. Fair is neglected. There is small demand for common, but very little is offering. The value of highpoints is £34 10s; fair, £32 ss; common, £3l 15s. Tow: Second grade, £2l; third grade, £l9 for January-March shipments. Stocks in London on December 31, 1927, were 53 tons, as against 10 tons in 1926. The wool sales continue to be well attended, with competition brisk. Opening rates are firmly maintained. LONDON WHEAT MARKET. (Press Association—By Telegraph—Copyright.) LONDON, January 24. (Received Jan. 24. at 9 p.m.) Wheat. —Cargoes are featureless and unchanged, buyers holding off. Parcels’ buyers are not attracted even by the slightly reduced prices. Liverpool futures: March-May 10s 2|d, July 10s 3gd.—A. and N.Z. and S.S. Cable. TARANAKI OILFIELDS. (Per United Press Association.) GISBORNE, January 24. Taranaki oilfields report:—Waiapu No. 2W r ell depth 3080 ft in shale Biin diam., casing to 3070 ft. Gisborne No. 1; Well cementing ineffective, now endeavouring to free casing and cement again. Gisborne No. 2: W 7 ell construction work in progress. BRADFORD MARKET. (Press Association— By Telegraph—Copyright.) LONDON, January 23. Bradford prices are very firm all round, but business is distinctly quieter.—A. and N.Z. and Sydney Sun Cable. DAIRY PRODUCE. Messrs A. S. Paterson and Co., Ltd., have received the following cable from London, dated January 23; — Butter. —Slow, uncertain, 1525, 1545. Cheese. —Dull, downward tendency, 89s, 90s. LONDON PRODUCE MARKETS. The Bank of New Zealand has received the following advice from its London office as at the close of business last week: Butter. —There is a little more inquiry, 151 s to 154 s per cwt. Cheese.—Slow, 90s to 91s per cwt. Frozen Meat. —Wethers are in poor demand. The market is short of ewes, and prices are nominal. The reduction in the price of lambs has improved the demand. Australian are selling 6d to 9Jd,_ Argentine 6d to BJd. The beef market is quiet, but firm. Wethers: Light, 6d to 7|d; heavy, 4fd to 5Jd. Ewes, 4Jd to 5Jd. Lambs: Twos, 10|d to Hid; eights, KUd to Hid; fours, 10$d to Hid; seconds, lOd to XOJd. Ox: Hinds, 4id to 4fd; fores, 3Jd "to 3|d. Cow: Hinds, 4d to 4id; fores, 3id to 3Jd. WAIKATO DAIRY PAYOUT. It is estimated that 10 co-operative dairy factories in the Waikato have paid out in advances to suppliers, in the past three months, an amount exceeding £312,000. With the returns from .the New Zealand Co-operative Dairy Company, whose figures are not included, the payments to producers in the Waikato as advances on supply for the past three months, must amount to over £1,000,000. The releases being made this month for December supply to 10 Waikato co-opera-tive dairy companies total over £97,000, this amount being independent of the large distribution to be made by the New Zealand Co-operative Dairy Company. The average payment made by the 10 factories referred to is Is 5d for cheese and Is 2Jd for butter for December supply. A drop "of about l£d per lb in the advance for butter is recorded compared with the figures ruling in the flush period, but cheese has remained practically steady at Is 5d on butter-fat basis. The Waikato Times states that the price has varied from Is 5d to Is 6d for the greater part of the season until recently, when a decline was recorded in sympathy with market conditions. PORT OF LONDON. Sir Joseph G. Broodbank, who was for. merly prominently connected with the Port of London Authority, gives some striking statistics of the world’s largest port and market in a recent issue of The Times. He says there is no precedent in commercial history for such an unbroken story of progress and prosperity as is afforded by the Port of London. Statistics of shipping entering show the tonnage in the year 1700 was 435,000 tons, in 1854 it rose to 5,732,000 tons, and in 1926 to 21,373,000 tons. A large proportion of this is not necessarily for consumption in London, but is intended for sale in the wholesale London markets, where buyers attend from all parts of the world, and where, for this reason, the best prices can always be obtained and where a glut cannot take place such as might occur anywhere else. No port can compete with London in regard to financial or insurance facilities. Vast improvements have been made during the past few years, and now a new lock at Tilbury, capable of containing the largest liners afloat, a new river landing stage at Tilbury for passengers by ocean-going steamers, and many other improvements, are being made. Port and storage charges by the authority are cut down to the lowest possible level. It does not look for dividends. Once the low-fixed interest is paid on the bonds all profits go into improvements and reduction of rates. Therefore, it is in fact co-operative, the larger the business the lower become the charges. The authority of 28 members is an elected honorary body of business men.