COMMERCE AND FINANCE

Otago Daily Times, Issue 20320, 31 January 1928, Page 6

COMMERCE AND FINANCE

THE SHARE MARKET. DUNEDIN STOCK EXCHANGE. ‘ Milbnvn Lime and Cements finned on tlm Stock Exchange yesterday, ami two parcels were turned over at 32s 6d. Oilier lots were on offer at that price, but •havers were not prepared to offer more than 32s 3d. Business was reported in National Bank of Australasias at the improved figure of £l7 7s but turther inquiry- at that price failed to attiact a seller. The contributing shares were aso better with a buyer at t 8 13s. Citstal Ices were wanted at 19s 6d. A sale o: F and O. Deferred block at £-4o uas reported. The quotations closed £o on either side of that price. ■ „ 0 ; Milbnrn Lime and Cement, 3-s 6d (two parcels). . _ , , ' Sales reported: National Bank of Australasia, £l7 73; P. ami 0. Deferred Stock, ■ £ *The following are yesterday afternoon’s •buying and selling quotations, which aic subject to the usual brokerage: BANKING. Bank of New Smith Wales—Sel £4B 10s. • Bank of New Zealand—Sel 59s 3d. Bank of New Zealand (D issue) Buy 2f*,c Commercial Bank— Buy 295,. sel 29s 3d. . Commercial Bank (new issue)—Sel 295., National Bank of New Zealand—Buy £6 17s, sel £6 19s. National Bank of Australasia— Buy £li Bank of Aust. (cont.)— Buy £8 13 Union Bank— Buy £l4 7s 6d. BREWERIES. N.Z. Breweries. Ltd. —Sel 40s 6d. N.Z. Breweries Debentures 13uy --s ocl, Staple’s Brewery—Buy 40s, I sel 41s 6d. Ward and Co.—Sel 38s. INSURANCE. National Insurance Co. —Buy 15s Id, 6el ■ 15s 6d. , N.Z. Insurance Co. —Sel 41s 9d. Standard Insurance Co—Buy 6-s. SHIPPING. Adelaide Shipping—Buy 25s Cd. " Bums Philp—Buy 40s. Huddart, Parker (ord.)—Sel ols. Hmldart. Parker (prof.)—Buy 20s 10(1. P. and O. Deferred Stock— Buy £240, Bpl . £*?,go 8 U.S.S.’ Co. (pref.)—Buy 20s Id. COAL. "Westport Coal Co. —Buy 31s Od, sel 325. Westport-Stockton (pref.)—Sel 4s. LOAN AND AGENCY. - Dalgety and Co. —Buy £l3 13s 6d, sel Mortgage-Buy 725. sel 76s N.Z. Loan and M. (ord.) —Buy £9- 10s. , Perpetual Trustees— Buy 01s Wright, Stephenson (ord.)—Sel s._ ’ Wright, Stephenson (pref.)—Buy ios, flel 15s 9d. MEAT PRESERVING. Canterbury Meat. —Buy £8 ss. , i .Gear Meat Co.—Sel 38s 6d. _ \.Z. (pci.)—bel 18s Cel. X.z." Refrigerating (cont.)— Buy Bs,6d, 8c! 8s- lOd. , South Frozen Meat (ord.) —Buy 31s. MISCELLANEOUS. Auckland Amusement Park (ord.)—Sel 14s 6d. British Tobacco —Buy 39s 3d. - Bruce AVoollen Go. —Buy 11s. Colonial Sugar—Buy £54 10s. Crystal Ice Co. —Buy 19s 6d. c D.I.C. (ord.)— Buy 9s prein. i D-I-C. (pref.)—Buy 20s 6d, sel 21s. ' Dominion Investments— Buy 225. Donaghy’s Rope and Twine—Buy 3os 9d. Eclipse Petrol—Sel 10s 3d. r Kaiapoi Woollen (pref.)—Buy 135,, sel Lira and Cement —Buy 32s 3d, Sel 32s 6d. 1 ‘ ■ M’Leod Bros. —Buy £3O. , National Electric—Sel 11s 6d. - : N.Z. Malay Rubber (ord,)—Sel 40s. sz Milk Products (bonds)— Buy 225. N.Z. Paper Mills (ord.)—Sel 17s 3d. Wilsons (N.Z.) Cement —Sel 38s 3d. MINING. Nokomai Sluicing—Sel 355. Waihi Grand Junction—Sel Is 3d. Electrolytic Zinc (pref.) —Buy 32s 3d. Electrolytic Zinc (ord.)— Buy 31s. "Mount Lyell—Buy 28s 9d, sel 29s 6d. Mount Isa —Sel 28s. Molynehx Electric —Buy os. Upper Nevis —Sel 255. ■ Big Beach —Sel 18s. WEAR BONDS. '4l per cent. Bonds, 1930 —Buy £O7 10s. : per cent. Bonds, 1938—Buy £97. 44 per cent. Bonds, 1939 —Buy £97. 54 per cent. Soldiers’ Bonds, 1933 —Buy £IOO losj sel £lOl 10s. _ . - 4i per cent. Inscribed, 1938 —Buy £97. . 44 per cent. Inscribed, 1939 —Buy £97. 5| per cent. Soldiers’ Inscribed, 1933 — Sel £lOl ss. NORTHERN EXCHANGES. . (Pee Unixcd Press Association.) The following business was done • on 'Changes yesterday:— Wellington.—bMe: Bank of New Zealand, 595. ... . . ..■..Christchurch. —Sale reported: National Bank of Australasia (£lO paid), £l7 7s. OVERSEAS MARKETS. (Special to Dailt Times.) WELLINGTON, January 30. The New Zealand Meat Producers’ Board has received the following cablegram from its London office dated January 27- advising Southfield delivered prices at that date as follows, with the prices lor the two previous weeks shown in parentheses: — .New Zealand wethers and maidens, Canterbury quality, selected brands (old st ’a' son).' 501 b and under, 6id per lb (6id, bjd), old season, 571 b to 641 b, 6d (6d, bid) ; ole! season, 651 b to 721 b, bad (sid, b|d); other brands, new season, s&lb and under, 64‘i (6id, &id); new season, 571 bto 64ib; bgU (641.1, 6td); now season, 651 bto 72ib, sad (ogd, 5Jd). New Zealand ewes: Old season, 641 b and Under, not quoted (4ad. 4ad). New Zealand lambs, Canterbury quality, 561 b and under, not quoted ; 3 /lb to 421 b, not quoted; 431 b to 501 b, not quoted; seconds, not quoted; selected brands, new season, Ibfb aid under, 19id (102 d, Hid) ; new seasoh, 371 b to 421 b, 10gd (102 d, Hid); other brands, first quality, new season, 56!b and under, lOd (lOid, not quoted); new season, 571 bto 421 b, 10d (10id. not quoted) ; second qualitv, new season, 30io to 321 b, aterage 94d (9?d, lOd). ' . „ Australian iambs: Victoria, first quality,■ 36!b and under, 9d (9-jd, 9id); 371 bto 421 b, q,l IP id 9ld): Argentine lambs, first quality'. ’36!b and under, 7|d Uicl, 7|d); 371 b to 421 b, 7id (74d 7id) ‘ Now Zealand beef: Ox fores, 3jd (s*o, s|ci) ■ cx hinds, 5d (sd. sd); cow- fores, 3 a d (3;d 3-id): cow hinds, 4d (4d, 4d); Argentine’chilled beef, ox fores, 3>d (oid 4 a d,, ' ox hinds, 61d (6pl. 5pl); Argentine frozen beef;: ox fores, 53d (3Jd, 33d); ox hinds, 6, fnSn'S; Porkers. 601 bto 80!b 7,d (7ld, 73d), 311 b to 991 b, 7d (7d, 7id); lOOlb toMeC.b, 6id (6Jd, 63c!); baconers, 1211 bto 1801 b, 6id (6jd, 6jd). Frozen veal, not quoted. ‘lhe lamb market is still easing owing to heavier landing. ''at 1.. The mutton market ts steady. stocks are not heavy. ; The frozen pork market is quiet otving to heavy supplies. .... , The Department ■of Agriculture has received, the following cablegram dated Jan uarv 28 frprii the High Commissioner for New Zealand; — . ■(The London tallow market is quiet ana prices are lower Present quotations are Mutton: Fine, 44s 6d to 45s per cwt, fair to good, 33s 6d to 40s; dark to dull, Beef: Sweet and/or mixed, 39s 6d to 42d; fair to good, S7s 6d to 39s 6d; dark, to dull, 35s to 365; mixed fair to good, 37s to 595; dark to dull, 35s to 365; gut, etr., 34s to 365. . Hemp: The Manila market is quiet. “J“ grade. .Tanuary-March shipments, are Piloted" at £4l 10s sellers. / ■ ■ Vl'he sisal market is quiet. No. lon the spot is quoted at £37 sellers, and business has, been done in distant shipments at £36 15s For .No. 2 . shipment, is idle, and afloat, parcels are offered at- £t)s 10s, buy boxers are offering £35.

LOCAL AND OVERSEAS MARKETS

Tow: More is offering and buyers quote £23 10s for first grade and small business has been done. Now Zealand is a httio easier. There are sellers, of fair at £42 ss, blit buyers are holding back. Aflo.it parcels are offered at £35 and small soles arc reported. Values at the close veto. Higbpomts, £34 10s; fair, £52; common, £3l iCs; second grade tow, £2l and thiro grade £l9. . , , . The wool sales continue well attended with competition brisk. New Zealand crossbred greasy- is particularly in request. Values are firmly maintained. Honey: The bulk market is ouiot and prices are more or loss nominal. New Zealand, 56s to 88s pet cwt; Californian, 35s to 52s 6d; Jamaican, 30s to -Os; Cuban. 37s to 40s; South Australian 3756 d. to 50s; San Domingan, 32s 6d to *lO5. CHRISTCHURCH STOCK EXCHANGE. (Pee Dnu’ed Press Association.) CHRISTCHURCH. January _ 30. At the annual meeting of Jie Chnstchurch Stock Exchange Mr F. E. Grab nip was re-elected chairman, Mr Marion Fisher vice-chairman, and the following committee was elected:-Messrs O. W. B. Anderson. G. Hamilton, Denys Hoare, and* W. S. Newburgh.: COMPANY BALANCE SHEETS. NAPIER GAS COMPANY, LTD. Paid-up' Piyiclrnfl capital. Reserves. profit, pref. onl. Pee. 31.. £■ £ £ P l° - *•:: inis ... 1)7.555 26.784 8.059 « lain 07,865 27,081 7,262 6 A urn T. 99,262 28.873 8,780 « -i 1922 ... 99,760 30.387 8,986 6 8 19 o-i ... 99,760 31,267 8.365 6 8 10-H .... 99.760 31,56 4 9,283 6 1 OH ... 99,760 3.5,156 V.On « ® 0-6 99.760 38.577 10,906 6 8 90.760 41.327 10.236 6 8 The issued statement of accounts’shows that sales were well maintained m the past vear in spite of competition, from other directions. The revenue from all so«iices amounted to £56,348, producing ai net, sm nlus of £10,236, equivalent to a return oi 10 26 per cent. Tim dividends recommended are the same as those of the previous two years, and will absoib £748The balance of £2750 is disposed of by allotting £2OOO to plant replacement ies rvl and by adding £750 to the floating balance, which will then appear at £0827 The sales amounted to £.>6,006, m «nic the gas portion accounted roughly tor four-fifths. No mention is from fittings and mntem l ,- which doubt less form a considerable part of the coni pativ’s activities, and arc apparently included under gas sales. Coke and tar sales brought in the useful contribution of £10,608 to the revenue, and rent ana interest a further £I3OO. On the debit side the chief factors are the coal, and wages and salaries. The coal bill amounted to £lB, 233, illustrating how a slight fluctuation in the price of that commodity greatly affects the cost of gas manufacture. Income and land tax claimed £2722, and the heavy handicap such a- charge entails, when competitors are free in that respect, is the subject of reference in the directors’ report. The total expenditure, when compared annually with the brings out the following ratios since 1918, Expenses. Sales. Hatio. .£■ £ P-c----nn 40.533 48,068 84.33 1920 ... ... 51,268 57,772. 88..4 uw 47.829 55,837 85.66 1993 "! "! 45,676 53,052 86.10 lo'n ;;; ... 45.«67 53.297 si.sc 1996 ... 46.422 ' 56.061 82.81 1 9 97 46,112 55,006 . 83.83 The relation for 1927 is more than 1 per cent, under the annua average, and is the third .lowest during the past nine .years. The largest liability is deposits at £13,080. They ate necessary to provide the working capital as, even with their assistance, the bank accounUis £3034 overdrawn A sum of £25,000‘0n the ordinary share canital is still available it required but, looking to the amount of the interest bill, the method of financing that is adopted seems more advantageous to the company. Income tax outstanding constitutes a further liability of £2667, which, when added to the sundry creditors, more than doubles their total. There is more than sufficient in the outstandingaccounts on. the other side to pay off all indebtedness except the deposits. ■ , . . Reserves are being carefully tended, their growth during the past three years having been steady. Amounting to £41,327, after their latest increment of £2OOO, they are apportioned among general reserve, plant replacement, and undivided profits, for the plant replacement,’there is an investment earmarked for the equivalent, while the general reserve is shown in the balance sheet as invested in plant. In that case, it is a little difficult to see where the sum of £IO.OOO invested in New Zealand inscribed stock comes from, or, if it does not represent reserves, to see why it is not need to clear off the greater part of the deposits now on loan to the eompany. . . , • Little difference is shown in the value of the fixed assets. The bulk of them consists of nlant and buildings aggregating £121,419 after the sum of £2825 has been written ojf plant, while land is entered at £6935. Mention is made in the directors’ report of a further property having been secured in Hastings, but evidently it is a recent acquisition not yet affecting the accounts. The figure for plant not being stated, the adequacy of the depreciation allowance cannot be estimated. In this connection, the plant replacement reserve has to be also borne in view. The relation of the fixed to the total assets since 1918 has been as under, viz.: Fixtures. Total assets. Ratio. £ £ P-c. 7919 106,473 146,868 72.50 ]!)"() ... ... 107,323 156,474 63.59 p;-q 134,391 163.660 82.24 1923 134.657. 170,199 79.12 199. J 134,383 169.354 79,35 in : >s ... 132,432 166.128 79.72 ■pie ... 128,597 167.402 76.82 1927 128,585 167,019 76.99 The extent of the new gas mains laid during the year is not shown, but addition's have apparently been more than counteracted by the wastage provision. The stock of stoves and •material at £IOBB is comparatively small, while the coal on hand of £4770, on the basis of last year’s consumption, is equivalent to about three months’ supply. The total tied up in that wav is not large and is far short of the £10.965 representing outstanding accounts. It may be that the date of closing the annual accounts Causes a more than average amount to be shown in outstandings, but the aggregate, looks high when compared with the sales. In addition to the investments of £15,471. there is a revenue-earning - asset in stoves on hire (£6410). There seems to be small likelihood, however, of the indebtedness being reduced in the meantime as between the dividend and income tax a sum of over £7OOO may be required shortly. DAIRY PRODUCE. QUANTITIES FOR EXPORT. (Special to Daily Times.) WELLINGTON, January 30. Although the prolonged spell of dry weather is affecting production in the dairying industry, large allotments ot shipping space have been made for butter and cheese in 17 steamers which are to leave the Dominion dining the next six weeks. The bookings for these ships total *53.951 boxes of butter and 205.378 crates of cheese, practically all of which is for the United Kingdom. The total shipments from the Dominion this season, starting last August, and in-, eluding the hookings up to the steamer sailing on March 17, will be about 2.300.000 boxes of butter (approximately 57.500 tons) and 678,000 crates of cheese. The Tairoa. which will sail from Napier on Wednesday for London, will take 21,010 boxes of butter and 20,265 orates of cheese,' and is due in London on March 10. The Rimutaka, sailing from Auckland on Thursday, and fine in - London on March 13. will take 30.000 boxes of butter and 26.000 crates of cheese. The Ruahine, leaving Wellington next Saturday and due ill London oh March 11, will have 34,000 boxes of butter,'

The’ Gallic. finally from A'U'k' land on February 1) for New York, Halifax, and West of England ports, will have 77,660 boxes of butter, of which large shipment 68,320 boxes are being, loaded at Auckland. The allotments for February and up to early in March are as follows, ne destination being London except ’ here an asterisk appears:- • . , Sailing Boxes Crates Ship. date, butter, cheese. Tairoa Feb. 1 21,016 20,265 llinmtaka . • .. Feb. 2 30,000 26,000 Ruahine .. •• Feb. 4 34,000 ■ • *Galjic Feb. 9 77.660 Northumberland Feb. 12 26,170 44.113 Tainui Feb. 15 9,000 10,150 Port Caroline .. Feb. 22 36,000 Port Melbourne Feb. 23 20,000 13,500 Huntingdon .. Feb. 25 20,000 8,500 Maudlins •• Feb. 25 Cumberland .. Feb. 28 13,000 8.700 Arawa Mar. 2 8,109 Hertford .. .. Mar. 3 18,445 8.000 •Port Bowen .. Mar. 6 40.000 23,000 •Middlesex Mar. 10 57.000 13.550 Matatua .. .. Mar. 13 31,660 7,400 Mataroa .. •• Mar. 17 20,000 Totals 453,951 205,378 * The Gallic is sailing for New York, Halifax, and West qf England, the Port Bowen for West of England, and the Middlesex for Halifax, New York, and Loudon. The National Mortgage and Agency Company is in receipt of the following cablegram from London; Butter.—The market is improving; better inquiry. Finest, 154 sto 1565, lust grade, 152 sto 1535. ... -<• *. Cheese. —The market is steadj. I 1 white and coloured, 90s; first grade white and coloured, 89s. 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. —The market is steadier at 152 sto 154 s per cwt. , , on Cheese. —Showing better demand at 89s to 90s cwt. , . „ , Frozen Meat.—The market is firm for wethers. Ewes remain steady. Ihe market is over-supplied with lamb, and as a consequence prices have been anectcd. Australian are quoted at 6d to 9£d, Aigentine 6d to B|d. Beef is ■in fair demand. Wethers, light 6d to 7*d, heavy 43d to sid; ewes, 4id to sfd; lamb", twos 10d to 103 d, eights lOd to 103 d, fours lOd to 103 d. seconds 9id to lUd; ox, hinds 4jd to 4|d, forss 3id to cow, hinds 4d to 4Jd, fores 3Jd to 34d. • MINING. UPPER NEVIS COMPANY. Mr S. C. Fache, general manager and dredgemaster of the Upper Nevis Gold Dredging Company, reports on January 24 aa follows: —“The return of Hl° z 14dwt is for dredging done since we started. I did not intend washing up, as the work ct opening out necessitates some lost time, to sav nor.bmg of little material being treated The wash-up is up to the morn* ing of January 20. and is much better tiian I exnected. We have found it extremely difficult to penetrate the red wash, but as we open out more we are finding it easier to handle. We have a cut now about 200 ft wide. Against tae rim reef we are now down to 42ft below the water, and on the eastern side we are down to 33ft. For about 31ft on top of the rim reef we are down to 12ft on to a bine granite bottom and jagged reef. Wc are finding the wash against the rim reef much freer ns we work down. We are having no trouble saving the gold, the last half of the boxes having practically none.” GRAIN AND PRODUCE. Messrs Donald Eeid and Co., Ltd., report as under: — , • , . ~ Oats.—There is little movement in the market. New season’s are not yet offering, and very few of last season s remain unsold in this district. Nominal values remain at 2s .10(1 for A grade Gartons, 2s 8d for B grade, sacks extra, on truck, country stations. . Wheat—A little business in forward selling took place during the week, at prices equivalent to 6s for with extra money for Punters and ‘Velvet. Canterbury sales for Tuscan are from 5s 8d to 5s 9d, op truck.' Local millers are not keen on purchasing at present. Fowl wheat is still being supplied from the north, and best quality is worth 6s 6d, sacks extra, ex truck, Dunedin. Chaff. —Very few consignments are arriving Good bright quality is worth to £5 ss, sacks extra, ex truck, Dunedin. The demand ie .quiet. as is usual at this time of the year. Medium and inferior grades are unsaleable. Scott Bros., produce merchants and commission agents, agents for the Egg and Poultry Growers’ Association, Dun- , odin, report:—Eggs: Market steady at last week’s quotations. Butter; Dairy pats, quiet, lOd to lid per lb; bulk, Is per lb. Honey; Prime bulk, 5d per lb; 101 b tins, 5s 6d each. Beeswax, Is 5d to Is 6d per lb. Fat, 18s to 20s per cwt. Poultry: Hens, good, 3s 6d to 4s per pair; ducks, good young, 3s 6d. old 2s each; geese, 3s to 4s each; turkeys, hens Is 2d, gobblers Is 3d per ib. Pigs: Prime baconers, 130’s to 150’s, 6d to tijel per lb; porkers, 6Jd to 6|d per lb; overweights, 4d per Hi. Potatoes: New best samples, £9 to £lO per ton. Chaff: Prime oaten sheaf, £5 5s per ton (sacks extra). Whole fowl wheat, 7s 3d per bushel. Onions: Aucklands, 13s 6d per cwt. Partridge peas, 9s per bushel. Maize, 8s per bushel. Oats, 3s 6d per bushel (sacks extra). Straw: Pressed wheaten, £3 10s; oaten, £4 10s. Clover and ryegrass hay, £5 per ton, ex store. PLEASE NOTE: Pigs and poultry must arrive not later than Thursday in the week. We shall be pleased to quote for the following lines: Pareora meat meal, oyster shell grit, Star brand chicken food, horizontal egg crates, etc. January 30, 1928.