COMMERCE AND FINANCE

Otago Daily Times, Issue 20710, 7 May 1929, Page 13

COMMERCE AND FINANCE

LOCAL AND OVERSEAS MARKETS.

THE SHARE MARKET. DUNEDIN STOCK EXCHANGE. ■ A sale of Bank of New Zealands at 62s was reported on the Stock Exchange .yesterday, the market closing with a seller the same figure and no buyers offering, hor Bank of New South- Wales shares buyers w<. . prepared to give £sl 12s fid, but seuers would not accept less than £52. New Zealand Breweries shares were inquired for at 63s 6d, but sellers were reticent, Buyers of Westport Coals offered to give 32s Od, but without response by se! lers. Dominion Investments were in demand at 245, but sellers did not come forward. New Zealand Sugar of Milks were on offer at 23s 9d, buyers best quotation. being 21s. Sale re P° rt ed: Bank of Nejv Zealand. The following are yesterday afternoon’s buying and selling quotations, which are subject to the usual, brokerage:— BANKING. Bank of Australasia—Sel £l4 17s. Bank of New South Wales—Buy £sl 12s fid, sel £52, Bank‘of New Zealand—Bel 625. , Commercial Bank—Sel 30s 4d. Commercial Bank (6s paid)—Sel 14s fid. E.S. and A. Bank—Buy £8 10s. " ' National Bank of New Zealand—-Buy £7 2s, sel £7 4s. Union Bank—Sel £ls 12s fid. BREWERIES. N.Z. Breweries. Ltd.—Buy 63s fid. N.Z. Breweries—Deb's.—Sel 27a. * 'INSURANCE. National Insurance Co.—Buy 16a fid, sel IfislOd. ( ' New Zealand Insurance Co.—Sel 47s 3d. SHIPPING. Huddart, Parker (ord.)—Buy 455, eel 4Cs. ' Huddart, Parker (pref.)—Buy 21s, , an d O. Deferred Stock —Buy 58s. Union S.S. Co. (pref.)—Buy 20s lOd. COAL. Taupiri Coal (ord.) —Buy 265, Westport Coal Go.—Buy 32s 9d. Westport-Stockton (pref.)—Buy 4s. LOAN AND AGENCY. Dalgcty and Co.—Buy £ls 12s 6d. Goldsbrough, Mort—Buy 535. National Mortgage—Buy 85s. Perpetual Trustees—Buy 64s 6d. ■^ xeou^ors * an *i Agency—Buy Wright, Stephenson (pref.)—Buy ISg. , MEAT PRESERVING. sel N 7f'lod efli^era<:ine toont.)—Buy 7s 7d, , MISCELLANEOUS. ; Brown,_Ewing (pref.)—Buy 20s fid. • ■ Bruce Woollefl Co.—Sel Us fid. D.I.C. (ord^—Buy los fid prem, ■ D.I.C. (pref,)— Buy 20s fid. Dominion Investments—Buy 24s Dominion Rubber—Sel 31s. ■ Donaghy's Rope and Twine—Buy 34s Eclipse petrol—Buy 10s fid, sel 18s fid. TTi? apc> - fad.)—Sel 14s 3d.. selffs aP ° l '^ o(> - en ( con L)—Buy 4s . fid ■ Woollen (pref.)— Buy 15s 3d.; 40s'6d Prn Llme aud dement—Buy 395, sei a * ic> nal Electric—Buy 8s N.Z. Drug (£2 paid)-Buy 74s 3d. NZ ru P r e af toi'd.)—Buy 16s, se l 18s. Guarantee Corp.—Buy fis 6d,.se' N.Z. Paper Mills (ord.)-Buy 18s 9d. gd * N - 2 - Su B ar of Milk-Buy 21s. sel 23s Smith and Smith (pref.)—Buy 18s fid. N.Z. Farmers Fertiliser—Buy 225. Wilsons (N.Z.) Cement—Buy 41s 3d. MINING. Kawaraw G,M. Co.—Buy fid, sel Is. sel sTs*^ 10 ZmC toeef.)—Buy 36s lOd, Electrolytic Zinc (ord.)—Buy 35s 3d. Upper Nev ls (pref.)—Sel Is die. Big Beach—Buy 6s fid, sel Bs. Kildare—Buy 3s 2d, sel 3s Bd. 15 M pr f m ; , ' WAR' BONDS. Bel 4 £lo0 r 5s Cnt ' Bol,dß, 193S ~ Bu y 15s, 4i per cent. Bonds, 1939—Buv£9Q 15= £lOl 5s T confc ‘ Solcliers ’ Bonds, 1933—8uy

44 per cent. Inscribed, 1939—8uy £99 15s. 54 per cent. Soldiers' Inscribed, 1933 Buy £lOl as. - Si' per cent.. Inscribed Bonds, 1041—. Buy £O9 ss. 54 per cent. Bonds, 1936—8uy £lOl 5s 54 per cent. Inscribed. 1936—8uy £lOl ss. ■ • 5i per cent. Bonds, 1933—8uv £9O 54 per cent. Inscribed, 1033—Buy £99 northern exchanges. (Per United Press Association, ) , Jke following business was done on Changes yesterday:— Auckland.—Sales: Auckland Power Board (1945) 54 per cent., £IOO 17s 6d; Mount Albert Borough debentures (1962) 64 per cent., £101; War Loan (1938)' 4J per cent,, £100; South. British Insurance, 63s fid; Westport-Stockton, (pref.), 4s 6d; British Tobacco, 47s 9d; ‘Electrolytic Zinc, 35s 9d; Ohinemuri, 8s 2d; Waihi Grand Junction, 9d; Mount Lyell, 44s 9d. Wellington.—Sales reported: Gear Meat, 425,9 d; National Rank of Australasia (£5 paid), £9 10s; National Insurance, 16a 7dj New Zealand Refrigerating (£1 paid), 16s 2d; Wellington Meat Export, 12s fid; Gates, Ltd;, 16s. ■■■• ■ Ghristchurch.^Sales:" Lyttelton Harbour 5| per cent. (1953). £99; New Zealand Breweries, 63s 6d (two parcels), 63s 7d, 63s fid (two parcels); Staples Brewery, 45s 9d. Sales reported: New Zealand Breweries, 63s fid; Christchurch Gas, 26s 9d. DAIRY PRODUCE. • Messrs ; A. sS. Paterson and Go. have received the following cablegram from •London:— , ■ Butter is firmer, .'Danish sold at T64s to-16Gs; New Zealand, 164 s to 1665; Australian.salted, 158 s, 160 s, unsalted 160 s 1625. ' is dull, and the marketeasier. White sold'at 87s, 88s; coloured, S9s, 90s. GRAIN AND PRODUCE : REPORT. . :Messrs Dalgety and Co. report as follows: Oats.—Only occasional samples are now coining to hand, and the demand for oats of milling quality ■ remains good, sales being effected at 3s 2d on trucks. The value of A 'grade Gartons is'3s on trucks, but the bulk of the A’s offered are up’to milling requirements. Wheat.—A few samples are still ‘arriving, ■ and -although '.the; demand has quietened as millers’ immediate, requirements become filled, prices remain unchanged as follows:—Tuscan 5s Od, Hunter’s _Qs, Velvet 6s fid, all bn trucks/ country "sidings, sacks extra.' Chaff.—The _ market ia fully • supplied, and the occasional 'trucks which come to hand, are slow of sale. Canterbury chaff is still offering in fair quantities at comparatively; low prices. Best oaten sheaf is realising up. to £5 lOs per ton, ex truck, Dunedin,' whilst inferior lines are very difficult to quit. Potatoes.—Ample- supplies are reaching the market, although lines which are free from blight are comparatively scarce. These are readily saleable at up to £5 10s per ton, ex truck. . Donald Reid and Co. report as follows: • ■ i Oats.—Offerings are now slackening off, denoting that threshing operations are nearly finished. Millers are still keen buyers of all heavy grade lines, and are paying prices % to 3s'2d per bushel, sacks extra, to secure these good parcels. Merchants - are not operating to any extent, though odd lines of. B grade are changing hands, and these will be held for possible inquiries later. Values are as follows: Milling'Gartons to 3s 2d, ordinary A grade 3s, B grade 2s Ipd, sacks extra, on truck, farmers’ railway sidings. Wheat.—Offerings of. free wheat are still being made by farmers, but milless are not-keenly interested, and prices remain on a par with those ruling last week. Fowl: wheat is now ;in plentiful supply, but ..the demand has not yet increased to any. extent. Tuscan, of milling quality, is worth up to Ss‘ fid, Hunter’s to fis, and Velvet fis fid, sacks extra, on truck, country stations. ‘ \ Chaff. —This market varies but little. The demand is not yet up to winter standard. Farmers throughout Otago have been cutting and forwarding a few trucks on consignment, and with Canterbury merchants continually offering, local feeders are well catered for. Values sever change to any .appreciable extent. Prime quality is worth £5 sacks extra; truck, Dunedin. Other grades are slow of sale at reduced rates.... . i Potatoes.—Digging ihas been geheral throughout the country, and numerous trucks are arriving bn this market. . Good sound tables can readily he disposed of, but lines affected by blight and water are nearly unsaleable.. Best tables, free of blight, are worth up to £5 10s, sacks in, ex truck, Dunedin. As ample are available, the same "price only is obtainable ex store. SYDNEY WOOL SALES. (United Press Assbolatlon.) ■ ■ ” (By Electric Telegraph -topyrlghi.) . SYDNEY, May.fi. (Received May 6, at 10 p.m.) At the wool sales- 11,996 bales 'were sold. There was welL sustained general competition, and the market was firm at recent .levels. ;The ■ demand for’skirtings and lambs’ wool was, a feature of the sale. Greasy merino realised 23d. . LONDON MARKETS. ' , ■ i The Bank, of New Zealand has received the following cablegram from London: Butter: The market is firm.. Quotations, 166 s .to 168 s per cwt., Qheese: The market is steady, white., cheese sold ’at-. -88 s and coloured 90s per cwt. . - ‘ Frozen Meat,—The market for wethers is firm, but there is little, business doing. For ewes the market is dull. The lamb market is inclined to become weaker, and supplies are more than sufficient to meet the demand. For beef , the market is short of supplies, and prices are nominal. Quotations: Wethers, light fid to 7Jd, heavy 4|d to 5Ad; ewes,- 4jd to 6d; lambs, 2 s 9id to 9|d, B’s 0d to fijd, 4’s BJd to BLI. seconds 9d to 94d; ox, hinds 6d to 611, fores 44d to sd; cow, hinds s ld to fid, fores 4|d to 4|d. . N ■ : ; ■ Scott Bros., produce merchants an cl commission agents, agents for the Dunedin Egg Suppliers* Association, report:— Eggs:, Wholesale 2s sd, guaranteed 2s'fid Sw dozen, preserved eggs Is 7d to is'fid. utter : Dairy pats Is 2d-per lb to Is 3d per lb, bulk Is 3d per lb. Honey: Bulk 44d to scl-per lb,-101b tins 4s 6d to 5s each. Beeswax Is 5d to Is fid per lb. Fat 23s to 25s per cwt. Poultry: Hens 3s to 3s 6d per pair,, heavy breeds Is 6d per pair. Ducks: Good 2s to 2s 6d each. Geese 3s to 4s each. Turkeys: Heiis lid per lb, gobblers Is per lb. Pigs: Wanted. Prime baconers 74d, porkers 71d per lb. Potatoes:; Prime" quality £5 10s. per lon. Table swedes £2 10s. Carrots £5 10s per ton. Onions:' Canterbury £8 per ton, Chaff; Prime oaten sheaf £5 10s per ton, sacks extra. Whole fowl wheat fis fid per bushel. Maize Ss 3d per bushel. Oats 3s 9cl per bushel, sacks extra. Straw: Pressed wheaten £3, oaten £3 10s. Clover and ryegrass hay £5 10s per ton, . We also stock the following lines:— Meat meal, charcohl, oyster grit, chicken food, egg. crates, etc. Quotations on application; ' _ . •- Please Note.—Pigs and poultry.. must arrive not later than .Thursday,'in- the 'week;. ;• ■ -■ , Dunedin, May 6. i

FROZEN ■ MEAT . ’ NEW ZEALAND LOSES LARGE , ORDER. (Special to Daily Times.) AUCKLAND, May 6. New Zealand has lost a large order for frozen meat for the American army and navy at Hawaii. Mr G. J. Waller, who has been negotiating in .New Zealand- and Australia for the annual supply of meat for the United States forces, in the Islands, returned by the Aorangi from Sydney,, and. reported‘that b'e/bad let a contract in Australia. It’ L involves the delivery of 2.000,000ib of best quality beef and 50,0001 bof .veal. 1 The prices for beef were too high in New Zealand to appeal to him, said Mr ;Waller. Veal, on the other band, was practically, unprocurable in the Dominion. owing to the increased killings of bobby calves. While in Blenheim, Mr Waller arranged for the purchase of a number of pedigree rams to be used for. breeding purposes on a Hawaiian ranch. WAIHI GOLDFIELD. SUGGESTION FOR ■ DEVELOPMENT. The Minister of Mines (Mr W. A. Veitch). and party devoted several hours on Wednesday to an inspection of the Waihi They descended the Waihi Gold Mining Company’s mine to a depth of-1800 feet, and the underground tunnels "were traversed'over a large area.' A suggestion from Mr H. W, Hopkins, superintendent of the mine,.which greatly interested ’the Minister, was .that a com--mitlee of experts . under. Dr Henderson, director of geological survejvbe set up to'investigate and report on . the possibility of _ further developing the fields, Mr Hopkins suggested that the committee explore the'hills nearer Waihi, With the object of determining whether another quartz belt , existed., : . / , Mr Veitch said Mr A. H. Kimbell, Under-secretary of.the Mines Department, was about to/ visit Australia, .where he proposed to_ inquire into the latest developments in gold, raining.. On his return the-knowledge, gained would be at the - disposal of such a committee. He realised- the value--of the. suggestion, which would be sympathetically represented to the: proper , authorities.' . LONDON MARKETS. / HIGH. COMMISSIONER’S CABLE- , ... , gram.. (Special to, Daily Times.) WELLINGTON, March 6. The Department of Agriculture has received the following cablegram, dated April 4, from the High Commissioner: — Tallow.—Market very quiet, and .only a little business doing for shipment; present quotations for spot are per hundredweight—mutton, fine, \42s' fid to 435, fair, to good, 40s to 425, dark to dull 37s to-37s 6d; beef, sweet and/or mixed 41s t 435, fair to good 38s to 4ls, dark to dull 1 36 s6d to 375. fid; mixed, fair to good 38b to 40s fid, dark tcTdull 36s fid to 375; gut, etc., 35s fid to 37s 3d. .Fruit.-r-'S.s; .Hororata "fimthing .discharging apples, which are generally in good condition; Cox’s Orange Pippin appear fairly free from pit, but some are wasty; Jonathans .dud rather poor in colour; as in previous boats.slack packing caused complaints; pears— Cornice; in boxes, marked and bruised, and all being repacked;: other sdrts sound except Beurre Bose, in whidi little waste; per.'case; 'Jonathans, Delicious, ‘and Cleopatra, 13s to 135.-fid' per. case;.up to 16s ser case; Lord. Wolsey . and Dunn’s ayourite, 12s to 16a per pase; Adam's Pearmain and Parliu Beauty, 12a to 14s per case;. Comice pears, few sold 10s to 13s, single trays, 13s to 16s double; Packham. 6s to 6s 6dT single trays; Beurre Bose, fis.'to 7s fid; single: Vicar.of Winkfield. 3s fid to 6s, double,; . . Hemp.—-Manila market steady; “J” grade; ■ May-July 'shipment, quoted £36 10s; sellers.• : Sisal.—Market has declined;’ No.-1 fair average quality sold £36 10s; No. 2; £35 10s.; ; : ■ ■ ■ ; New Zealand Hemp.—-Market dull and idle;. nominal closing comparative values —higb.points, £32 los;.fafri £3O lOp; common, £29; rejected, £27;. tpw : —second grade, £2l; third grade, £lB, . ; Wopl.—Sales continue, with competition active; opening- rates maintained for medium brosshted’'.and ’eoafse,'crossbred, but; biany withdrawals . id-finer grades. '■ quiet; ■ ’'English ~ choice white'feed-worth hbout ; SOs;"' 'Plate, for Mayshipment, -offeredvat; 235; /Chilian, afloat, worth 23s;' nominal/ value’ New Zealand A grade Gartens for May shipment, 30s fid. , ' ■ Peas. —Little better demand for Maple; sales reported of No., 1 New Zealand Partridge for May-June ‘ shipment to Liverpool at: 60s; 'sellers now ask 61s, without business; Blues, Dutch, plentiful, and no inquiry for colonial A grade; Tasmanian! afloat offered.at £lB. Beans.—Very few English /available; best winter making up to "545, ; spring 57s fidp Chinese' horee sold for July-Septem-ber shipment at £9 15s -to, Glasgow,: ■ Danish ‘ Cocksfoot. —Stocks reported very small; present value, c.i.f.. New Zealand, is 75b. Vs . ’ ' • . MERCANTILE BANK OF , AUS;tralia;;. : ‘ (Special/to DAtLy 'TtMKs’,)' , AUCKLAND, May 6. “°Qur. trip to Australia has been purely on bank business,,and Mr N. Spencer and myself have been appointed to the main board of directors,?’ said Mr, H. R. Jenkins, M.P. for Parnell, and a New Zealand director of the Mercantile Batik of Australia. Mr Jenkins and. Mr Spencer returned from ;Sydney by-the. Aorangi this hiorning/ *Their appointment to New Zealand will have two . representatives on fhe board and Australia.'three. - "The nest meeting:of the board will be . held in- Auckland,'’-said Mr Jenkins. " and something like" £100,009.,has j been subscribed aheady,.‘When we get to. the £250,000 mark—which will not be long—it'is intended; tp open offices .in Auckland and Sydney. : Auckland will be the head office in New Zealand. and the Dominion will be. under the direct control of ; a Nhw Zealand "board of ‘ directors. The total flotation and brokerage costs will not amount to more than 5 ; p.er cent., and there are no gift shares, .and no cash bonuses.. . At ; the, present ;iime the- New Zealand , hanks' are' holding about £9,000,0.00 of. money, and the various insurance companies about £3,000,000.' There is no mistaking the fact that’, the public of New : Zealand! is looking for a'safe. investment, and banking is one of them in this country. The, Mercantile Bank! has been promised £1,000,000 immediately it opens its doors in Australia. At present there are two- vacancies on, the main board, but these will not be filled at present,, although there would not be the slightest difficulty in doing 50.,, We have decided, however, to*wait till/the bank has been firmly established -before , appointments are made: ,We realise that by adopting these methods we'will be in a position to get th&:best brains .available.”

Messrs Fraser and Co., selling agents for Otago and'Oahiaru Egg Circle, report as under; —Eggs, 2s 5d to 2s 6d, Butter; Separator pats, Is Id to. Is 2d; bulk, Is 2d. to Is 3d. Tallow: Market steady at 18s to 26s for best quality. Pigs: Good bacon-weights, did to 7d;. overweights, 3d to 4d; porkers, 6d to 7d. Potatoes: Oaixiavu,. £5 TOa- to £6 per ton. Chaff; Prime qateil sheaf, £5 10s. to £6 per ton,, sacks e'ktra;. Whole fhwl'wheat, ■6s 3d to 6s 9d per bushel. ; Bulk' Honey; 4d per lb: 10lb tins, 4s 6d., Poultry: Supplies are increasing. White Leghorn hens, 3s to 4s; heavy breeds, 4s. 6d to 5s 6d: white Leghorn, pullets, five- months, to 21s per pair;'cockerels, 3s to,Bs; roosters, 3s to ,4s. Ducks, 4s to. ss; ducklings, ; 5a to 7s 6d, all per pair. Turkeys:. Hens, 9d to lOd per lb; gobblers. Is Id to Is 1 j’d per Ib. live, weight. We stock Star P, cluck .food, Cfqsskey’a meat'mekl,. 'leg rings is per dozen (special- quotes-’for quantities). Consignors please note',that pigs. and. poultry must' arrive hot later than the Wednesday morning of each week. We have , a stock of poultry mates on hand for the use of our clients.