COMMERCE AND FINANCE

Otago Daily Times, Issue 20317, 27 January 1928, Page 12

COMMERCE AND FINANCE

THE SHARE MARKET. DUNEDIN STOCK EXCHANGE. A sale of ordinary Electrolytic Zincs, which are cum a dividend at the rate of 12 per cent, per annum for the nanyear, was reported at 31s 9d on the Stock Exchange yesterday. Other lots were on offer at that price afterwards, but buyers would not give more than 31s 6d. inquiry was made for P. and 0. Defeixe Stock rights at the improved price of £2O premium, but holders were reticent, JSo offer was mad- for hew Zealand Breweries shares, which could be obtained at 41s 6d. Sellers of Dalgetys replied at £l4 to buyers’ offer of £l3 14s. Sale reported: Electrolytic Zinc (ord.), 31 The following are yesterday afternoon’s buying and selling quotations, which are subject to the usual brokerage: BANKING. Bank of N.S. Wales—Buy £47 15s. Bank of New Zealand—Buy 595, eel 69s 3d. , . , -r, Bank of New Zealand (D issue) Buy Commercial Bank (cum rights) Sel 29 s National Bank of N.Z.—Buy £6 17s 3d. National Bank of Australasia—Buy £l7 National Bank of Aust. (cont.)— Buy £8 10s 6d. „ Union Bank—Buy £l4 12s 6d. BREWERIES. N.Z. Breweries, Ltd.—Sel 41s fid. N.Z. Breweries Debent.—Buy 22s sd. Staple's Brewery—Buy 40s. Ward and Co.—Sel 38s. INSURANCE. National Insurance Co.—Sel 15s 6d. N.Z. Insurance Co.—Buy 41s, sel 41s 6d. SHIPPING. Adelaide Shipping—Buy 255. Burns Philp—Buy 395. Huddart, Parker (ord.) —Buy 49s 9d. Hudd t Parker (pref.)—Buy 20s 9d, sel 21s 3d. P. and 0. Deferred Stock (rights) Buy £26 prem. U.S.S. Co. (pref.)—Buy 20s. COAL. Westport Coal Co.—|suy 31s 9(fy sel 325. Westport-Stockton (pref.)—Sel 4s. LOAN AND AGENCY. Dalgety and Co.—Buy £l3 14s, sel £l4. Goldsbrough, Mort—Buy 475, sel 48s. National Mortgage—Buy 725. N.Z. Loan and M. (ord.) —Buy £92 10s. Wright, Stephenson (ord.) —Buy 20s, eel 225. Wright, Stephenson (pref.)—Buy 15s 3d, sel 15s 9d. MEAT PRESERVING. Canterbury Meat (ord.)—Buy £8 ss. N.Z. Refrigerating (paid)—Buy 17s 9d, sel 18s 3d. N.Z. Refrigerating (cont.) —Buy 8s 6d, eel 8s Bd. South Frozen Meat (ord.) —Buy 31s. MISCELLANEOUS. Auckland Amus. Park (ord.)—Sel 14s 6 A British Tobacco—Buy 39s 3d. Brown. Ewing (ord.)—Sel 335. Bruce Woollen Co.—Buy 11s. Colonial Sugar—Buy £55. D.I.C. (pref.)—Buy 20s 6d. Dominion Investments—Buy 225. Dominion Rubber—Sel 475. Donaghy’s Rope and Twine—Buy 33s 9d. Duuedin-Kaikorai Trams—Buy 33s 9d. Eclipse Petrol—Sel 10s 3d. Kaiapoi Woollen (ord.)—Buy 8s 6d, sel 9s. Kaiapoi Woollen (pref.)—Sel 14s 9d. Milburn Lime and Cement—Buy 325. Milburn Lime and Cement (new issue) —Buy 8s 3d prem. National Electric—Sel 11s 6d. N.Z. Drug Co. (£2 paid)—Sel 69s 6d. N.Z. Express (ord.) —Buy 20s 9d. N.Z. Milk Prods, (bonds)—Buy 225. N.Z. Paper Mills (ord.)—Sel 17s 3d. Otago Daily Times—Buy 71s. Wilsons (N.Z.) Cement—Buy 37s 3d. MINING. Kawarau G.M. Co.—Buy sd, sel 9d. Nokomai Sluicing—Sel 355. Electrolytic Zinc (pref.)—Buy 325. Electrolytic Zinc (ord.)—Buy 31s Gd, sel 31s 9d. Mount Isa—Sel 28s. Molyneux Electric—Buy 6s. Upper Nevis—Sel 255. Big Beach—Sel 17s. WAR BONDS. 44 per cent. Bonds, 1930—Buy £97 10s. 4J per cent. Bonds, 1938—Buy £96 15e. 44 per cent. Bonds, 1939—8uy £96 15s. 44 per cent. Bonds, 1930—Buy £97 10s. 15s. 44 per cent. Inscribed, 1939—8uv £96 15s. 5i per cent. Soldiers’ Inscd., 1933—5 el £lOl ss. NORTHERN EXCHANGES. (Pee ’nitei Press Association.) The following business was done on ’Changes yesterday:— Auckland.—Sales; Inscribed Stock (1938) 4i per cent., £97; New Plymouth (1933) sj, £97 10s; Commercial Bank of Australia, 29s 3d (two); Bank of New Zealand, 59s Id; Taupiri Coal, 255; Auckland Gas, 23s 4d; Devonport Steam Ferry, 245; Northern Steamship, 14s; Staples and Co., 41s; British Tobacco, 39s 9d; Electrolytic Zinc (ord.), 30s 9d; New Zealand Refrigerating, 18s; New Zealand Refrigerating (cont.), 8s 9d; Lucky Shot, Is 6d, Is 6d; Ohinemuri, 6s 9d. Wellington.—Sales reported: Union Bank, £l4 6s 6d (ex div.); 44 per cent. Stock (1938), £97. Christchurch.—Sales: Bank of New Zealand, 59s Id (two parcels); Goldsbrough, Mort, 47s 3d, 57s 4d; Staples Brewery, 41s 3d (two parcels). Sales reported: National Bank of Australasia (£5 pd.), £8 11s; Staples Brewery, 41s, 41s 6d; British Tobacco, 39s 9d. DAIRY INDUSTRY. ADDRESS BY MR SINGLETON. (Special to Daily Times.) WANGANUI, January 26. Mr W. M. Singleton, director of the Dairt Division, addressing a conference of Taranaki dairy managers at Patea, had a. good deal to say concerning matters auecting the industry. He impressed all present that an excess of moisture wa s conducive to openness, which was the greatest general defect in New Zealand cheese. It was gratifying to note, however; a considerable reduction in the cheese graded a s second. Thig was satisfactory. It showed that in the majority of cases quality wa 3 being considered in preference to quantity. Cheeses as a whole were more uniform than those of any other country, and if New Zealand could make them all close :‘n body the producers would have nothing to fear from competition. There was, he said, considerable room for improvement in whey butter. He also emphasised the fact that creamery butter should be made from cream a s sweet as when it was delivered to the factories. .

LOCAL AND OVERSEAS MARKETS.

AUCKLAND FRUIT EXPORTS. (Special to Dailt Times.) AUCKLAND, January 26. The following satisfactory results wore obtained last season in the export of fruit from the Auckland province. Encouraging prospects for the present season promise to place the industry in a thoroughly sound position. The indications are that the quantities coming forward for shipment will be in excess of the, estimates supplied when applications were made for cargo space, and there will probably be upwards of 50,000 cases of apples and 5000 case 3 of pears available for export. The hulk of fruit will he disposed of on the Home market. South America, which absorbed 75,000 cases of New Zealand apples last season will again prove a useful customer, and 15,000 cases of apple 3 grown in the province this season booked for delivery to the agents of the bruit Export Control Board in Montevideo. This outlet is particularly satisfactory a 3 South American buyers show a preference for large-sized fruit, while the Home demand is for medium and smaller sizes, “ Nothing short of an unforseen calamity should prevent this season from being a record one, so far_ a s the export of apples is concerned,” said Mr F. L. Howell, provincial manager of the New Zealand Fruitgrowers’ Federation. WOOL RESEARCH. (Special to Daily Times.) WELLINGTON, January 26. Next week an important conference will be held in Wellington to discuss the line of action which should be followed by the Dominion in pursuing wool research At the conference will be Mr Quentin Donald (president of the New Zealand Romney Breeders’ Association and a member of the Council of Scientific and Industrial Research), Dr Miie s F. Barnett (Government physicist), and Mr r. Kigg (chemist at the Cawthron Institute). Mr Rigg has returned from a tour of England and Europe and i s in touch with the lines of research which are being followed in Great Britain. The decision now to be made is whether the Dominion i s to commence on her special problems, or aether she is to pursue an independent line, co operating with the other institutes which a?e studying the possibilities of improving fleece wool. MELBOURNE HIDE SALES. (Press Association —By Telegraph Copyright ) MELBOURNE, January 26. (Received Jan. 27, at 0.15 a.m.) At the hides sales all grades were unchanged excepting lights and mediums, which declined 4d to id. AUCKLAND GAS COMPANY. (Special to Dailt Times.) AUCKLAND, January 26. Payment of a dividend at the rate ot 8 per cent, per annum is recommended by the directors of the Auckland Gas Company in their report on the operations for the year ended December 31. The report states that the profits, attei deducting working expenses, cost ot repairs and renewals, management expenses, interest, bad debts, depreciation, and other charges, amount to £88,326 14s 10d. To this must be added the .balance at credit of profit and loss of £39,319 15s 2d, making the amount at credit of profit and loss £127,646 10s. An interim dividend absorbing £43,086 11s lid, was paid last July, leaving a balance of £84,599 18s Id to be dealt with. The directors recommend the payment of a dividend for the past half year at the rate of 8 per cent, per annum on the £1 fully paid shares and a proportionate amount on the contributing shares (15s paid), which will absorb £44,263 9s 4d, leaving £40,296 8s 9d to be carried forward. The statement of accounts shows that the receipts from the sale of gas were £395,658, compared with £405,270 in the previous year; from residuals, fittings, etc., £77,133 (£81,213); and from interest on war loans and debentures, £1716 (£1717). The manufacture of gas cost £223,764 (£240,787); distribution, £69,122 (£65,179); and management, £25,229 (£22,630). Rates and taxes amounted to £26,794, compared with £28,549 in the previous year. The sum of £IB,OOO is allowed for depreciation, compared with £24.290 in 1926. The following is a comparison of the company’s results for the past three years:— 1925. 1926. 1927. Brought forward £37,452 £38,474 £39,320 Net profits .. 79,305 83,393 88,327 Dividends .. .. 78,283 82,556 87,350 The dividend in each year has been at the rate of 8 per cent., the increase in the amount distributed corresponding with the increment of the contributing shares capital. CHEESE VALUES. REASONS FOR DECLINE (Special to Daily Times.) VvANGANUI, January 26. There was a good deal of speculation recently as to the cause of the decline in cheese values, and it was generally believed that competition from Canada was primarily responsible for the shrinkage of prices. Mr G. H. Buckeridge, however, hag received a letter from Mr Hoyes, of H. A. Lane and Co., London, which does not support that view. The writer gays: “ The Canadian supply is not the cause, for it is les s than normal, while stocks at Home are actually lighter than usually.” The cause he assigns is the quantity of purchased cheese a 3 compared with that consigned, and the rushing of these shipments on to the market in order to make a profit on the good prices offering. In consequence of the demand being ever supplied, the buying dropped, with an inevitable fall in prices. These sales, he said, pushed the market down below what holders should have got for their stocks. The average of the prices received, however, should leave the consigning factories well in baud. There wa s no reason, in spite of the sudden and really temporary decline, to be anxious about the market during the period from January to March. No anxiety is felt about butter, though the quantities afloat were heavy, as supplies would come regularly and the stocks held would not be largo. SOUTH AUSTRALIAN LOAN. fPress Association— By Telegraph—Copyright.) LONDON, January 25. The South Australian 6.per cent loan is being underwritten to-morrow. —A. and N.Z. Cable. LONDON WOOL SALES. (Press Association—By Telegraph—Copyright.) LONDON, January 25. At the wool sales 11,021 bales were sold, of which 7695 were Australian and 3X60 New- Zealand. There was an excellent selection of both merinos and crossbreds, with an animated and excited market and keener and more general competition. Prices were very firm. New Zealand sales: —“ Omapere,” 22d and 21d; “ Tehoe,” and 20d; “Ngatimata,” 23Jd and 19d;~ “Hawai," and 20d; “ Tenure,” 224 d and 21d: “ Waikua,” 23d and 20<J. —A. and N.Z. Cable. Messrs Murray, Roberts, and Co., Ltd., received a cablegram yesterday from their London agents, dated January 25, reading as follows: —The market is firm and shows a hardening tendency; competition is keen. For greasy merino, best descriptions, crossbred greasy, comeback and crossbred greasy fine, the market shows par to 5 per cent, advance. The following advice has been received by the Bank of New- South v/ales: Crossbreds selling to 10 to 15 per cent, advance: merinos, par to 5 per cent, advance; halfbveds, 5 per cent, advance. i

CALCUTTA TEA SALES. (Frew Asnoolatlon—By Telegraph—Copyright.) DELHI, January 25. At the Calcutta tea sales the average price for common pekoe souchong was 12 annas to 12 annas 6 pies; clean common broken pekoe souchong, 12 annas 3 pies to 12 annas 6 pies; even black leaf pekoe, 14 annas 6 pies to 14 annas 6 pies. The only weakness noticeable was in plain medium fannings, which ruled from 3 to 6 pies lower. For all other descriptions the market was more active than it has bwn lately, resulting in an upward tendency in prices. Dusts were in strong demand at last week’s rates. Special rates: —Broken orange pekoe: Common, 13 annas 6 pies; medium, 14 annas; good, 15 annas. Broken pekoe: Common: 12 annas G pies; medium, 13 annas; good, 14 annas 6 pies; medium, 13 annas; good, 14 annas 6 pies.—A. and N.Z. Cable. LONDON TALLOW SALES. (Press Association— By Telegraph—Copyright) LONDON, January 25. At the tallow sales 577 casks were offered and 56 were sold at 6d decline. Quotations: —Mutton: Fine, 40s 9d; medium, 36s 6d. Beef: Fine, 51s 6d; medium, 36s 6d.—A. and N.Z. Cable. The Bank of New Zealand has received the following advice from its London office, dated January 25:—There is a poor demand and prices have declined 6d per cwt. Messrs Dalgety and Co., Ltd., have received the following cablegram from their head office, London, dated January 25: —Five hundred and seventy-seven casks of tallow offered and 10 per cent, sold (58). Prices for fine mutton tallow arc unchanged, but other descriptions of tallow are 6d lower per cwt. CHICAGO WHEAT QUOTATIONS. (Press Association—By Telegraph—Copyright.) NEW YORK, January 25. Chicago wheat: March, 129 J cents per bushel: May, 130; July, 126 J and N.Z. Cable. HASTINGS RAM FAIR. (Per United Press Association.) HASTINGS, January 26. At the first day of the ram fair Romneys were irregular, but good lines fetched from sgns to 22gns. This latter price was obtained for six shearlings sold on account of Messrs Perry and Son, Masterton, to Mr R. E. Jefferson, Tvairoa. To-morrow the balance of the Romneys will be submitted, together with various other breeds. The stud sheep will be sold on Saturday. NEW ZEALAND REFRIGERATING COMPANY. NET PROFIT OF £60,589, An announcement of the net profit and the dividend was made on January 13 by the directors of the New Zealand Refrigerating Company. The report issued with the balance sheet contains a simple statement of the dividend and bonus recommendation with a remark that the directors are pleased to be able to recommend the payment of the bonus of 2i per cent, this year as some compensation to shareholders for the non-payment of a dividend last year. The profit and loss account shows that a further instalment has been written off in respect of the purchase of the Wanganui Meat Freezing Company’s assets. In 1926 the company bought the greater part of the buildings and plant of the Wanganui Company for £40,000, the buildings being sold for £30,000 and the plant transferred to the company’s works. In exchange for the shares and the goodwill of the Wanganui Company, 26,310 fullypaid shares were issued. As the former shares and goodwill have no saleable va.(ue, the directors decided the amount should be written off as soon as possible^—onethird was provided last year and a similar amount this year. With this provision, the company’s results and appropriations for the last three years compare as follows: 1925. 1926. 1927. Brought forward £49,039 £49,868 £42,456 Net profit 38,339 4,690 60,589 £87,368 £54,558 £103,045 Wanganui Company’s shares ... Dividend per cent. 6i Amount 37,500 Carried forward £49,868 £42,456 £43,219 The capital liabilities of the company remain the same as last year—paid-up capital £636,310 and secured debentures £150,000. The reserve fund is £IIO,OOO. sundry creditors, advances against shipments and provision for depreciation of investments and for contingencies are aggregated in one item at £388,482 as against £580,799 last year. The contra item of sundry debtors, investments, consignments unrealised and stocks in works is £444,351 as against £583,397. Land, buildings, machinery, plant, etc., are entered at £770, a reduction of £351.