COMMERCE AND FINANCE

Otago Daily Times, Issue 20432, 12 June 1928, Page 13

COMMERCE AND FINANCE

THE SHARE MARKET. DUNEDIN STOCK EXCHANGE. A parcel of Mount Lyells found a buyer st 33s 6d, cum div., at the Stock Exchange yesterday. There was also a fair amount of reported business. Commercial Banks changed hands at 29s Sd, the best buying quotation on 'Change being 29s sd. Australian Bank of Commerce shares were disposed of at 365, buyers quoting 35s 9d at the call-over. New Zealand Insurances found a _ buyer at 42s 6d, but buyers’ best quotation on 'Change was 425, with no sellers forward. Sales: Mount Lyell, 33s 6d, cum div. Sales reported: Commercial Bank, 29s 8d; Australian Bank of Commerce, 365; New Zealand Insurance, 42s 6d; New Zealand Refrigerating (cont.), 8s 4d. The following are yesterday afternoon s baying and selling quotations, which are subject to the usual brokerage:— BANKING. Australian Bank of Commerce—(Buy 35s 9d, sel 36s 6d. Bank of Australasia —Buy £l4 11s. Bank of Australasia (new) —Buy £l4 2s. Bank of N.S. Wales —Buy £4B 10s. Bank of New Zealand—Buy 60s 6d. Bank of New Zealand (D issue) Buy 26b 6d. Commercial Bank —Buy 29s sd, sel 29s 10d. E.S. and A. Bank—Buy £8 12s. National Bank of N.Z. —Buy £7 6s, sel £7 Ba. National Bank of Australasia —Buy £lB National Bank of Aust. (cont.) —Buy £9. Union Bank—Buy £l4 18s 6d. BREWERIES. N.Z. Breweries, Ltd.—Buy 41s, sel 42s 6d. INSURANCE. National Insurance Co. —Buy 15s 6d, sel 158 8d - „ „ N.Z. Insurance Co. —Buy 425. South British Insur. Co. —Sel 61s 9d. Standard Insurance Co. —Buy 63s 3d. SHIPPING. Huddart, Parker (ord.) —Buy 46s 3d, iel 48s. Huddart. Parker (pref.)—Buy 20s 9d. P. and O. Deferred Stock —Buy £230. COAL. Kaitangata—Sel Is dis. (cum div.). Westport Coal Co.—Buy 29s 9d, sel 80s 6d. Westport-Stockton (ord.) —Buy 3s. Westport-Stockton (pref.)—Buy 3s lid. LOAN AND AGENCY. Dalgety and Co.—Buy £l4 6s. Goldfibrough, Mort —Buy 49s 6d, sel 51s 6d. National Mortgage—Buy 775. N.Z. Loan and M. (ord.) —Buy £lO3. Perpetual Trustees —Buy 62s 6d. Wright, Stephenson (ord.) —Buy 21s. Wright, Stephenson (pref.)—Buy 15s. MEAT PRESERVING. N.Z. Refrigerating (paid)—Buy 18s, sel 18s 6d. N.Z. Refrigerating (cont.) —Buy 8s 4d, Bel 8s sd. South Frozen Meat, (ord.) —Buy 32s 6d. MISCELLANEOUS. British Tobacco —Sel 42s 9d. D.I.C. (ord.) —Buy 9s 6d. D.I.C. (pref.)—Buy 20s 9d, sel 21s. Dominion Investments —Bny 225. Dominion Rubber—Buy 28s, sel 32s 6d. Donaghy’s Rope and Twine —Buy 32s 9d. Eclipse Petrol —Buy 9s. Kaiapoi Woollen (ord.) —Sel 10s 6d. Kaiapoi Woollen (pref.)-—Buy 14s 3d, •el 15s. Milburn Lime and Cement —Sel 335. Milburn Lime and Cement (new issue) •—Buy 10s prem., sel Us prem. Mosgiel Woollen Co.—-Buy £6 15s. National Electric —Sel 10s 9d. N.Z. Express (ord.) —Sel 20s 6d. N.Z. Guarantee Corp,—Buy- 8s 6d. N.Z. Paper Mills (ord.) —Buy 14s lOd. Otago Daily Times—Sel 80s. Smith and Smith (pref.)—Sel 17s 9d. Wilsons (N.Z.) Cement —Sel 395. MINING. Kawarau GAI. Co.—Buy 5Jd. sel Id. Waihi —Buy 11s 3d, sel 12s 3d. Waihi Grand Junction—Buy Is Id, sel Is 3d. Electrolytic Zinc (pref.)—Buy 32s 9d, sel 33s Bd. Electrolytic Zinc (ord.) —Buy 31s, sel Sis 6d. , , Mount Lyell—Buy 33s 6d. sel S3s 9d. Molyneux Electric —Sel 10s. Upper Nevis—Buy 4s 3d, sel 7s. Mahakipawa—Buy Is 7d. WAR BONDS. 4J per cent. Bonds, 1938—Buy £97 17s 6d. 44 per cent. Bonds, 1939 —Bvfy £97 lit 6d.“ per cent. Soldiers' Bonds, 1933 —Buy £IOO 2s 6d. 4J per cent. Inscribed, 1938 —Buy £97 17s 6d. 44 per cent. Inscribed, 1939 —Bny £97 17s "6d. Si T>er cent. Soldiers’ Inscd., 1933 —Buy £IOO 2s 6d. 54 per cent. Bonds, 1936 —Buy £IOO 2s 6d." 5J per cent. Inscribed, 1936 —Buy £IOO Ss 6<L NORTHERN EXCHANGES. (Peb United Peess Association.) The following business was done on ’Changes yesterday:— Auckland'. —Sales: Bank of New South Wales, £4B 10s; Union Bank, £l4 18s 6d; Abraham and Williams (pref.), 85s; Leyland O’Brien Timber, 345; C. L. Innes and Co., 16s 6d; New Zealand Breweries, 41s 6d; Fullers’ Pictures, 21s; Hayward’s Pictures, 21s; Taranaki Oil, 10s 3d; Wilsons Cement, 38s; Tongkah Harbour Tin, 19s 7d. Wellington.—Sales reported: Bank of Australasia, £l4 12s 6d; National Bank of New Zealand, £7 6s 6d; Wellington Gas, 28s 6d; Leyland O’Brien, 345. Christchurch. —Sales: National Bank of Australasia (£5 paid), £9 Os 6d; New Zealand Refrigerating (10s paid), 8s 3cT; Staples Brewery, 36s 4d (two parcels); DJ.C. (10s paid), 20s 3d; Mahakipawa, Is lOd (six parcels). Sales reported: National Bank of Australasia (£5 paid), £9 0s 6d; New Zealand Refrigerating, 8s 4d (three parcels); New Zealand Breweries, 41s 6d; Mahakipawa, Is lOd. GRAIN AND PRODUCE REPORT. Messrs Dalgety and Co., Ltd., report as follows: Oats. —There is not much activity being shown in this market, merchants buying sparingly. Offerings from growers are on the light side, and now there does not seem to be much more of this cereal left in this district to be marketed. A few lines are being held in stores on farmers’ account, in anticipation of higher prices in the spring, but as a whole the clearance has been highly satisfactory. Any lines of bright, heavy Gartons that come along are being taken by millers at a little more than market quotations, which are; .—A Gartons, 3s 4d; B Gartons, 3s, on trucks, country sidings, sacks extra. Wheat. —Business in milling wheat is quiet, millers being reluctant to add materially to their present holdings, due no doubt to the weakening tendency in Canterbury. A few lots of Tuscan are changing hands at up to 5s 8d per bushel, on trucks, and Velvet to 6s 6d, according to qualitv. Fowl wheat is not easily disposed of, there being more than sufficient offering for requirements. Only best quality is inquired for, and this is worth 5s 9d, ex Store, sacks extra. Potatoes.—There is nothing fresh to report in potatoes, consignments from the Otago district, as well as those from Can* terbury, keeping the city well supplied. Blight is taking its toll in a number of crops, these having to be cleared as soon Be passible. Best tables are still fetching £5 10s, ex truck, sacks included, with interior grades hard to quit. Chaff. —This is arriving very freely, and the town is so well supplied that most tracks have to be taken into store. We do a£& however, that the quantity.

local and overseas markets,.

of chaff available in the Otago district is large, as with the firmness in the oat market a number of farmers was induced to thresh stacks that were originally intended for chaff. In the course of a few weeks we expect good chaff to be, and remain, very firm. We can quote:— Good bright oaten sheaf, £5 5s to £5 10s, ex store, sacks extra. Messrs Donald Reid and Co. report as under: — Oats. —Buyers are not displaying much interest in this market at present. Prices have an easing tendency. Very little shipping is being done from this port. Farmers are not holding many oats in the country, and the bulk of the unsold lines are in store in the cities. We quote:—A grade, 3s 4d; B grade, 3s, sacks extra, on truck, country stations. Wheat. —Very little business is passing in this district. The bulk of the threshing has been completed, and a good deal of wheat is now stored. The millers are all well supplied at present, and farmers are holding in anticipation of better money later. Tuscan is worth from 5s 6d to 5s 8d; Hunters, to 6s;, and Velvet, when procurable, 6s 6d, sacks extra,, on trucks, country stations. Chaff. —There is plenty of chaff coming forward to satisfy the poor demand existing. Shipping is never attempted from this port, northern suppliers are quoting at lower rates than the farmers here are prepared to accept, and consequently North Island merchants are securing their requirements from Blenheim and Canterbury. We quote: Prime quality, £5 5s to £5 10s; medium to £4 10s; and inferior, from £3 10s, sacks extra, in each case. Potatoes. —Digging is about completed in this district, and the crops are lighter than is usually the case. The Oamaru district reports similar conditions, but Canterbury reports are more optimistic, and it is now apparent that there will be ample tubers to see the season through. Best tables are still realising £5 10s, sacks in, ex truck, with poorly-graded and blighted lines difficult to dispose of. THE DOMINION RUBBER COMPANY. The secetary of the Dominion Rubber Company has received a cablegram from the estate advising that the crop of rubber harvested for May was 35,0001 b. Scott Bros., produce merchants and commission agents, agents for _ the Egg and Poultry Growers' Association, Dunedin, report:—Eggs: Stamped, 2s 3d; plain, 2s 2d. Butter; Dairy pats, Is 3d per lb; bulk. Is 3d to Is 4d per lb. Honey: Prime bulk, 4Jd to 5d per lb; 101 b tine, 5s each. Beeswax, Is 5d to Is 6d per lb. Fat, 21s to 24s per cwt. Poultry: Hens, good 3s 3d to 4s per. pair; ducks, good, young, 3s each, old 2s each; geese, 3s to 4s each; turkeys, hens Is, gobblers Is 2d per lb. Pigs: Prime baconers, 130 s to 150’e, 6d to 6Jd per lb; porkers, 6d to 64d per Jb; overweights, 4d per lb. Potatoes: Market steady; prime, wellgraded tables, £5 10s to £5 15s per ton. Onions, £l3 per ton. Parsnips, 7u to 7s 6d per cwt. Table carrots, 5s to 5s 6d per cwt. Chaff; Prime oaten sheaf, £5 15s per ton, sacks extra. Whole fowl wheat, 6s 6d per bushel. Partridge peas, 7s 3d per bushel. Maize, 8s per bushel. Oats, 3s 9d 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 late 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. June 11, 1928. BUTTER AND CHEESE. LONDON MARKET PRICES. . (Special to Daily Times.) WELLINGTON, June 11. The New Zealand Dairy Produce Board has received the following market report from its London office dated June 8: Butter; New Zealand salted, 168 u to X72s; unsalted. 174 s to 1765; deliveries, 717 tons; in store, 4156 tons; Australian finest salted, 158 s to 1625; unsalted, 160 s to 1645; Argentine finest unsalted, 156 s to 160 s Irish creamery salted, 164 s to 1665; unsalted, 168 s to 170 s; Dutch creamery unsalted, 160 s to 1645; French salted baskets, 144 s to 160 s; unsalted, 146 s to 1545; Esthonian salted, 158 s to 1635; unsalted, 164 s to 1665; Latvian, 158 s to 160 a; Lithuanian, 154 s to 1565; Polish, 1565; Russian Siberian, 152 s to 1545; Russian Ukranian salted, 156 s to 158 s; unsalted, 158 s to 160 s; Danish, I7os to 1725; Spot, 1655, f.0.b.; market firm; retail prices unchanged; northern hemisphere production dqjayed, but weather now improving. Cheese: New Zealand white and coloured, 99s to 100 s; deliveries, 27.353 crates; in store, 83,605 crates; Canadian finest white. 112 s to 116 s; coloured, 108 s to 112 s; Australian finest coloured, 96s to 97a; market , firm; .retail prices unCorinthic completed discharge of butter on May 31; Pakeha completed cheese June 1. commenced discharge of butter on June 4, completed June 5; Devon commenced discharge of butter on June 8. Steamers arrived this week: Westmoreland commenced discharge of- butter on June 8; Remuera commenced discharge of cheese on June 5, butter not yet opened. The board has also received advice from its agents in Canada as follows: Butter; New York, 44 cents (Is lOd); Montreal, 34| cents (Is sgd); San Francisco, 42 cents (Is 9d). COMPANY REGISTERED. The following is included in the list of registrations of companies in the Mercantile Gazette: — Professional Records, Ltd. Registered as a private company, May 30, 1928. Capital: £250. into 250 shares of £1 each. Subscribers: Dunedin —Maud Little 240, H. Clifford 10. Objects: To purchase or otherwise acquire letters patent, copyright, and designs, and to register the same and to manufacture, print, produce, and deal in all machinery, books, articles, and appliances capable of being manufactured and traded in connection with any such letters patents, etc., to act as secretaries and financial advisers to firms, solicitors, associations, and persons. MEAT EXPORT TRADE. SMITHFIELD MARKET PRICES. {Speciat to Daily Times.) WELLINGTON, June 11. The New Zealand Meat Producers' Board has received the following cablegram from its London office, dated June 8, advieing Smithfield delivered prices averaged for the week ending that date, with the price movements on the week shown in parentheses;— New Zealand Wethers and Maidens. — Canterbury quality selected brands; 561 b and under, 7 5-8 d (up l-8d) : 571 b to 641 b, 7 l-8d (up l-8d): 651 b to 721 b, 6Jd lb (up l-8d). Other brands: 561 b and under, 7 3-8 d (up X-8d); 571 b to 641 b, 7d ( up Id); 651 b to 721 b, 6|d (up id). New Zealand Ewes. —641 b and under 5 5-Bd. New Zealand Lambs. —Canterbury quality; 361 b and under, IOJd (up l-8d); 371 b to 42ib, lOd; 431 b to 501 b, 94d; seconds, 9 7-8 d (up l-8d); selected brands, 361 b and under, 10 3-8 d (up 1-8 J); 3"! b to 421 b, 9 7-8 d (up l-8d) ; other brands, first quality, 361 b and under, 10 1-Sd (up l-8d); second quality, 301 b to 32!.b, average 9 7-8 d (up l-8d). Australian lambs not quoted. Argentine lambs, first quality. 361 b and under, BJd; 371 b to 421 b, Bd. New Zealand Beef. —Ox fores, 4d; ox hinds, 5 7-8 d; cow fores, 3jd; cow hinds, Chilled Beef.—Ox force, 4|d (up l-8d); os binds, 71d (up l-8d). Argentine frozen beef not quoted. Frozen Pork.—Porkers. 601 b to 80lb, porkers, 81-991 b, 6£d; porkers, 100-

1201 b, 6Jd; baconers, 120-1801 b, 7Jd (up Id). Frozen veal not quoted. Lamb: Market continues very firm; consumption good. Mutton: Market strong. New Zealand beef: Good inquiry. New Zealand porker pigs: Slow demand owing to hot weather. New Zealand baconer pigs: Better pricesowing to improved bacon market. LONDON MARKETS. HIGH COMMISSIONER’S CABLEGRAM. (Special to Daily Times.) WELLINGTON, June 11. The Department of Agriculture has received the following cablegram, dated June 9, from the High Commisioner for New Zealand in London: — Tallow. —No change, since last report; auctions resume next week. Apples.—Ex Devon and Westmoreland, condition satisfactory, market quiet; prices—Statesman and Cleopatra, 13s to 14s per case; Sturmer, 12s to 14s; Jonathans and Delicious, 10s to 13s; Dunu s Favourite, 10s 6d to 12s 6d; Premier London Pippin and King David, 10s to 11s. Pears. —Ex Westmoreland: Winter Nells mostly fully ripe and show waste; P. Barry in better condition, but some not sound; prices—Winter Nelis, 4s to 6s, and P. Barry 4s to 5s per tray for sound fruit. Hemp.—Manila market opened steady, but closed irregular; business has been done in “J” grade for June-August shipment at £37 10s; output January 1 to May 31, 574,000 bales, compared with 530,000 bales for the same period last year; stocks in Manila on May 31,153,000 bales, against 140,000 bales, and in England 21,000 bales, against 4000 bales at the same time last year. Sisal.—Market unsettled and weaker; closing values spot and afloat: No. 1, £3,5 to £35 10s; No. 2, £33 10s to £34; JuneAugust shipments of No. 1 sold £35 10s; New Zealand, nothing doing; nominal values are —Highpoints, £3l; lair, £2B 10s; rejected, £26 10s for June-July shipment. , , Wool. —Bradford market quiet at about last quotations; new business restricted, but holders firm. WILSONS (N.Z.) PORTLAND CEMENT COMPANY. (Special to Daily Times.) AUCKLAND, June 11. “Jn view of the possibility of overproduction of changes in manufacture, and of dull times, it is essential that our liquid financial resources should be of a substantial nature." This extract from an address delivered to shareholders in Wilsons (N.Z.) Portland Cement Company by the chairman of directors (Sir George Elliott) epitomised the care which the board has exercised in ensuring the financial stability of the company. Taking the year as a whole, said the Chairman, there had been an increase in sales, accounted for by hydro-electric schemes and other works that were being carried on by the Government, bridge and reading activities undertaken by local bodies, wharf and other marine works by harbour boards, and by_ numerous building construction works in most of the larger cities. The consumption of cement depended to a large extent on the activities of the Government and of local bodies, but many of the large works that were in full swing last year were now either completed or nearing completion. Trade had showed a falling tendency towards the end of the company’s financial year, and the present indications pointed to a continuation of slacker times. A dividend of 2s a share for the year—an interim dividend of Is having been paid about six months ago—was declared. This represents a dividend at the rate of 10 per cent.