COMMERCE AND FINANCE

Otago Daily Times, Issue 20582, 4 December 1928, Page 13

COMMERCE AND FINANCE

• THE SHARE MARKET. DUNEDIN STOCK EXCHANGE. A v transaction in Union Banks, 'at £ls 8s /was. reported on the Stock Exchange yesterday, buyers’ closing quotation remaining unchanged at £ls -7s. Goldsbrou'gh, Marts were' also dealt in at 52s 3d, quotations closing' with .a buyer at 51s 6d. 'New Zealand' Breweries shares were on offer at 56s 3d, but buskers’ best quotation was//545.. . For paid-up New Zealand Refrigeratings buyers- were .prepared ■ to/give 19s, 7d,-but sellers would not, accept less’than 20s 3d. • British Tobaccos were in demand at 44s 9d, sellers requiring'■ 45s ,6d..' '■./ Sales Reported.—Union Bank, £ls 8s; Goldsbrqugh, Mort, 52s 3d. The following aye yesterday; afternoon’s buying and selling quotations, which are■ subject-to • the''.usual brokerage:- — BANKING. ' ' ..-Bank"of New South- Wales—Sol £SO 15s. „ ; / ; '■ Bank, of New Zealand—Buy C2s. . Bank, of New-Zealand. (D issue).—Buy 27«-'od. - ; - ■' Commercial'Bank —Buy 30s 2d, -sel 30s Od.// 1 ■ - : ■;• . . . E. S. and A.. Bank —Buy £B-10s. . National Bank .of New Zealand—Buy £7-25,-.sel £7 4s. • Union Bank—Buy £ls 75.BREWERIES. ' New,Zealand,Breweries, Ltd. —Buy 545, scl 56s 3d, 'New Zealand Breweries, Debentures— Buyi 25s Id. . insurance; , -.National Insurance Co.—Buy 16s, sel 16s 6d. - ■ : New Zealand Insurance Co. —Sol' 4Cs 9d. 1 -South (British Insurance Co. —Sol 655. • SHIPPING. . Howard Smith—Buy 235. Huddart, Parker (ord.)—Buy, 48s, sol 48s. 6d. ' P. and 0. Deferred Sjtock—Buy 545. Union' Steam Ship Co. (pref.) —Buy 20 s 9d. ’ - ■ COAL. /Westport Coal Co.—Buy 30s, sel 30s 9d, LOAN AND. AGENCY. Dalgety arid Co. —Buy £ls 2s, sel £ls OS. .- Qoldsbrpugh, Mort—Buy, 51s 6d. / National-Mortgage—Sel 91s. Perpetual Trustees—Buy 645. Trustees, Executors, and Agency—Buy 58s. -. Wright, Stephenson (pref.)—Buy 16s. .MEAT PRESERVING, New Zealand Refrigerating (paid) Buy 19s 7d, sel 20s 3d. . New Zealand Refrigerating/ (cont.) Buy 9s sd, sel 9s Bd. ; ! MISCELLANEOUS. ■ Auckland Amusement Park (ord.) — Buy 35," sel Bs. ; British Tobacco—Buy 44s ’9d, sel 45s Cd. . ;D.I.C; (ord.) —Buy lOkpfetn. D:I.C. (pref.)—Buy 20s 9d. Dominion Investments—Buy 235. Dominion Rubber—Sel 28a. Dohaghy’s Rope and -Tw-ne—Buy 33s 6d. > ' - ■ v ■■ , Kaiapoi Woollen- (ord.) —Buy 13s 7d, eel 14s 6d. i ■ / , Kaiapoi -Woollen (conti)—Buy 4s, sel 4s -od. . ■ •' Kaiapoi. Woollen (pref:) 14s 6d. Milburn Lime and Cement—Buy 355, sel 365.. Mosgiel Woollen Co.—Buy -£7 3s. National.'Electric —Buy 11s 9d. • New Zealand Drug Co. (£2 paid) Buy 715.. /. ’ v •. . New" Zealand Paper Mills ’ford.)—Buy 16s, sel 16s 9d. Otago Daily Times—Sel 78s Cd. 'Wilson (N.Z.) Cement—Buy 40s 6d. MINING. Nofcomai Sluicing—Buy 20s, sel 22s Cd. Waibi Grand Junction—Buy 9d. , Electvolytjc Zinc- (pref!);—Buy 35s 6d. Electrolytic Zinc (ord.)—Buy 345. ' Mount Lyell—Buy 38s 9d, eel 39s 6d. Molyneux Electric—Sel 12s, Upper Nevis—Sel 10s. * Kildare—Buy 2a, sel 2g 3d. Okarito —Sel • Bd. Mabakipawar—Buy Is Id, sel Is 3d. WAR BONDS. :ij per cent. Bonds,. 1938—Buy £99 Vs 6d. . 4J per cent. Bonds,, 1939 —Buy £99 7s 6d. . 4J'per cent.'lnscribed, 1938—Buy £99 ss. ' 4J per cent. Inscribed, 1939—8uy £O9 55.,' • , ' 51 per cent. Bonds, 1930—Buy £lOl ss. NORTHERN EXCHANGES, (Per United Association.) The - following ■ business : was done on 'Changes yesterday:— • Auckland.—Sales: Inscribed • Stock (1927-41), 4) per cent., £9O ,2s 6d; Bank of New Zealand, 62s 3d; Union Bank of Australia, £15,95; Neiy. Zealand Insurance,/46s 6dAuckland Gas,'23s.4d; New Zealand Breweries,'sss 6d;- Taranaki Oilfields, 4s/6d; Renown Collieries, 15s 6d. Wellington.—Sales reported: New Zealand/ Guarantee ■ Corporation, 8s 6d; British Tobacco, 45s 3d. Sales bn ’Change: Breweries, 55s 6d. Christchurch.—Sales 'on ’Change: New Zealand Government, 51 per, cent. Bonds (1936), £lOl ss; Bank of New South Wales, £SO; Goldsbrough, Mort. (cum div.), 52s 4d; New Zealand Refrigerating (10s pd,), 9s 6d (two parcels); Electro Zinc.-(pref;),.36s 4d; Mahakipawa, Is 2d (three- parcels). Sale reported: Aus- . tralian .Bank of . Commerce, 33s- 9d. NATIONAL TOBACCO COMPANY. The directors of the .National Tobacco Company, Ltd.,/state in their annual report ; that the progress they wfere able. to report-last year has continued unabated. The company’s operations havebeen - on a much-larger scale’and - the figures-relat-ing to the sales have attained correspondingly higher proportions, the, total volume-of business transacted exceeding that of the previous year by more than 80 per/cent. ■ Nevertheless, it. would be well for. shareholders to bear in mind that _ -the progress cannot ‘ continue in-definitely-—at. least, not at ; the same rate as: has been experienced in the past—because the. company depends for the sale of its goods exclusively bn the market in New Zealand, and the time will come when no room will be left for further expansion. Sufficient -quantities of raw leaf; are already being grown to meet all the requirements of the local . market. Nelson growers alone received last year an aggregate of. £50,000 in cash from the company. That figure represents a vast amount of leaf, portion of . which will have, to be yarned forward into the new season, ; As things are / now, the danger of over-production is. imminent unless an outlet is found 1 somewhere for the surplus. The chances of export'are of the poorest, in view of the over-production in other parts of the British Empire, especially Rhodesia, where millions of pounds of superb leaf go begging for want of a market. -

. -The capital of the company has been increased, and in accordance with a resolution passed'at an extraordinary general meeting, bonus shares - were issued to shareholders to the value of £35,793, and 35,000 fully paid-up shares of £1 each were issued in consideration of an agreement with the managing director, Mr Gerhard Hnsheer,: Neither of.these issues involve any cash payments, and the funds °f the company have . therefore been fully preserved. This increase- of capital has been provided'for by the transfer of the accumulated reserves and the creation of the goodwill and patent right account. In addition, . 17,755 ordinary £1 shares have been issued at a premium of ’£l per share, the total amount of premium received in respect of these shares being £17,755, which amount is shown in the balance sheet as a reserve.-^

The factory buildings have again been largely extended, and another two new bond added, all solidly constructed in brick. There'is now three times more floor space available than originally. All

LOGAL AND OVERSEAS MARKETS.

Tallow.—Market very quiet, with a ten, dency downward; only small demand at auction; present quotations for spot are: Mutton,-line 45s 6d to ,4Gs per cwt, fair.to good 425 : to 4os per cwt, dark to dull 39s to 40a per- ewt; beef sweet and (or) mixed 43s to 48s per, cwt, fair to, good 41a to 42s 6d per cwt, dark to dull SBs to ,39s per cwt,'mixed' fait to good 40a 6d to 42s 6d per cwt, dark to dull 38s to 30s per cwt; gut, etc,, 37s to 39s per cwt. < Ebbs. —Available supplies plentiful and market quiet; present quotations are: English, 20s-to 26s per long 100; Dutch, 20s to 26s per long 100; Danish, 21s to 25s per long 100;. French; 21s to 25a per long 100; New Zealand/ 19s ■ to' 21s ■ per long 100; Belgian, 19s to 20s per long 100;: Australian, 17s to 18s per long 100: South African, 15a to. 18s per long 100;! Polish,:lss t0,13s 6d. per long 100 ;■ Argentine, 15s to I3s 6d per long,100; Russian, ISs'-to 13s 6d : per long 100. Wool.—Sales continue satisfactorily,' very limited offering of New Zealand crossbred greasy, which in consequence is’ making . extreme prices; New Zealand crossbred scoured is also meeting good demand.,.

Sisal. —Market ■ continues firm with buyers of No. 1 at £39; No. 2 at the close (quoted £37 10s; New Zealand market quiet; firm price asked for shippers; demand for, afloat satisfied for the time being; closing values: High points £34 10s; fair, £3O 15s; common, £29; tow. No. 2 £2O 10s, No. 3 £lB 10s (November to January shipments). Oats.—-English: Better supplies coming forward and fair business being done; choice white feed making about 30s; the imported market is quite; Plate for December shipment is offered at 25s 3d: January, and February shipments sold at 24s 9d, with, buyers now 3d less; Chilean February to March shipment offered: 25s 3d (buyers); nominal value New

old machinery has'been discarded and written, off and ’the latest and most v to-date plant, has- been ;erected in its place, wuth a, capacity large enough to deal with- all present and future requirements. The stocks carried of raw leaf and manufactured tobacco are’in keeping with the larger - output. Cash in hand and at bankers amounts to ■ £36,291 2s 9d, inclusive of £16,000 fixed deposit, earning interest at< the rate of 44 -per cout, per annum.- After deducting all charges and' 1 allowing the sum.of £11,300 for income' tax the • prqfit . and ; loss account shows a net-profit of £38,057’16s fid or almost double that, of last year. Not included' therein, of course, is the premium received on last issue of 1 snai’es and which represents, another £17,755. In the face of these--figures, directors are of the' ■ opinion that: the company can well afford to pay its shareholders a somewhat higher dividend this time,. and they. recommend therefore the distribution, of a dividend at the rate of 15'per cent, on the ordinary shares , and 8 per cent, oh the preference shares, both free of income tax; They propose to, transfer to reserve-the sum of £22,245, so that this account, together with the £17,755 ’ premium received, will then stand at £40,000; and to carry over, into next year the balance, of £4840 19s Id. ; - GRAIN AND PRODUCE REPORT. Messrs Dalgety and „Co.. Ltd., report as follows;—: • Oats.—-There is no change in this m . a .?ket. The demand is negligible, and with the_ absence of farmers’ offerings it is, difficult to;- say just what present values; are; ■ Wheat. There is a small but regular' denjand, and prices are unchanged. Good’ whole fowl, wheat is realising 6s per; bushel, sacks extra. 1 Potatoes,—Thedeinand for old potatoes is-just about over. New potatoes in everquantities are : coming, to, hand from the North Island and the Peninsula, and are.; all-pf good quality. Chaff.—The chaff market'is quiet, with n small quantity coming to hand. With all. the store space wanted for wool, sales have to be made bjl,truck. Only prime' lots are meeting with any demand, all other qualities being neglected. Prime oaten sheaf- is!; realising £5 5s ex truck, Dunedin. ~ Messrs Donald Reid and Co., Ltd., re-port-as under:— ■ . . Qats.—Business with-this, cereal is quite at h standstill. . Very few, if any,; grade oats remain in growers’ hands. On the other hand,'there is still, a .large quantity in store held’, by merchants who cannot find a market for the class of oat that .is unsuitable'’ for milling purposes, THc position at present is not at all bright for the incoming' season.- Nominal values are: A grade Cartons, 3s 3d; B grade, 2s 9d; sacks extra, on truck, country stations. 1 '• Wheat.—Since forward selling finished very little business has been ■ transacted in this market. -Local millers are still talcing delivery of - northern purchases. The fowl wheat market is also quiet, merchants only buying as their stocks become exhausted. There is not a great deal held in store locally, but plenty is offering from Canterbury. Milling Tuscan has been, disposed of at 5s lOd, sacks extra; on trucks.at country stations. Fowl wheat is selling from 6s upward, sacks extra, ex‘store; ,Chaff. —The demand, as is usual at this time of the year, is slackening off, but consignments are , also on the Tight side, Canterbury ;is_ still the' chief source of supply, and "will probably continue to be such until the new chaff is available. Best oaten sheaf is selling ex-truck, Dunedin, £5 -15 s per ton, sacks extra; £6, ex-store, is value for the same quality, chaff. potatoes.—The season is practically finished, and good old tables are, not now procurable.': The limited - demand is being met with a second grade article, and. these also are' in short supply. New potatoes arc arriving more freely, and prices are easing slightly; £ll per ton can still be obtained for good white tables, sacks in. PROPERTY SALE. \ Messrs Alex, Harris and C 0,,, acting under instructions from the Public Trustee as trustee in the’estate of the late-Riohard Driver, offered-at -auction yesterday section 6, block I, Purakanui, area lr, with a-four-roomed dwelling and outbuildings. The property was sold to Mr Thomas Driver for £220. . Scott Bros., produce merchants and commission agents, agents for “The Dunedin Egg- Suppliers’ Association.” We -report: Eggs: We quote. Is 3d, ■ guaranteed. Is 4d per dozen. Butter: Dairy pats, Is per-lb; bulk. Is 2d per lb. Honey: Prime bulk,, very slow, 4d per lb; 101 b tins, 4s Odeaoh. Beeswax, Is 5d to Is 6d-per lb. Fat,-23s to-25s per-ewt. Poultry: Hens, good, 4s to 4s 6d per pair. Ducks: Good. 2s 6d to 3s, each. Geese, 3s to 4s each. Turkeys: Hens, ,-lld;; gobblers,. Is .'per lb. Pigst Prime baconers, 130’s to 150’s, 6id to 7d per Tt|;'. .porkers, 6Jd per. lb; overweights,. 4d, per lb. Potatoes: New Outrams andKakanuis wanted, <Jjd to 4d per lb. Onions: Australian arriving, this week, -16 s . per. cwt. ■ Chaff: -Prime oaten sheaf, £5 15s per ton, sacks extra. Whole fowl wheat, 6s 6d’ per bushel. Partridge peas,-7s per bushel. Maize, 8s 3d per bushel.,. Oatsj 3s •9d per bushel,, sacks extra.' Straw: Pressed wheaten £3; oaten, £3- ids. OJaver-and ryegrass hay, £5 to £5 liir; lucerne, £6 pcr ton, ex store. We also stock the following lines:—Meat meal,, charcoal, oyster grit, chicken food, egg crates, etc.,-quotations. Please note — Pigs and poultry must arrive not late'r than Thursday in the week. December 3, 1928. It ' ; '- LONDON MARKETS. HIGH COMMISSIONER'S CABLE- . ' - GRAM. (Special to Daily Times.) ; 'WELLINGTON, December 3. The Department of Agriculture has received the following cablegram, dated December 1, from the High Commissioner for New Zealand in London:—

Hemp.-—Manila market dull early this week, but closed firm under active demand and sellers’ reserve;" serious damage reported last week by typhoon; "J” grade.sold for January-March shipment at £36 105,., ... >