COMMERCE AND FINANCE

Otago Daily Times, Issue 20725, 24 May 1929, Page 6

COMMERCE AND FINANCE

* LOCAL AND OVERSEAS MARKETS.

: THE SHARE MARKET. DUNEDIN STOCK EXCHANGE. Contributing New Zealand Refrigerating® were dealt in at 7a 5d and 7a, 4d On the Stock Exchange yesterday, the market closing with a buyer at 7a 3d and • seller at 7s 6d. Business in E.S. and A. Banks at £8 12s was reported, sellers’ closing quotation being £8 13s 6d, while buyers did not come forward. Bank of New South Wales shares changed hands at £52, buyers’ beat offer on ’Change being £sl 12s 6d,i Mount Lyells were reported to have been dealt in at 44s 3d cum. dividend, the closing buying and selling quotations being 43s 9d and 44s 3d respectively. A sale of. Wilsons Cements was reported at 425, buyers’ closing offer being 41s 6d, while sellers required 42s 6d. National Bank of New Zealands were inquired for at £7 2s. but sellers would not accept less than 17 3s 3d. Dalgety and Co. shares were on offer at £ls is 6d, but buyers.were not interested.' Sales: New Zealand Refrigerating (cont.), 7s sd, 7s 4d. Sales reported: E.S. and A. Bank, £8 12s; Waihi, 12s lOd; Mount Lyell, 44s 3d, cum. dividend: Bank of New South Wale ß , 152; Wilsons-Cement, 425. The are yesterday afternoon’s buying and selling quotations, which are subject to the usual brokerage:— BANKING. Bank of Australasia—Buy £l4 14s. *' Bank of N.B. Wales—Buy £sl 12s 6d. Bank of New Zealand—Buy 625. Bank of New Zealand (D issue) —Scl 29s 6d. Commercial Bank—Sel 30s 3d. E.S. and A. Bank —Sel £8 13s 6d: National Bank of N.Z.—Buy £7 2s, sel *7 3s 3d. . Union Bank—Buy.£ls 13s, sel £ls 15s Gd. 'BREWERIES. N.Z. Breweries, Ltd.—Buy 64s 9d, sel C4s 9d {odd parcels). N.Z. Breweries Debent.—Buy 26s lid. Dunedin Brewery—Buy 26s 6d, sel 30s. Staples Brewery—Buy 475, sel 48s ,6cl. Timaru Brewery—Sel 14s 6d. INSURANCE. National Insurance Co.—Buy 16s 2d, sel 16s 4d. A.P.A. Insurance Co—Buy 10a 3d, sel lls 9d. Standard Insurance Co.—Buy 64s 3d, ■el 65s 6d. SHIPPING. Burns, Philp—Buy 455. Huddart. Porker (ord.)—Buy 455, sel «5s Od, Huddart. Parker (pref.)—Buy 21s. U.S.S. Co, (pref.)—Buy 21s. / COAL. Westport Coal Co.—Buy 38s. Westport-Stockton (pref.)—Buy 4s Bd. LOAN AND AGENCY. Dalgety and Co.—Buy £ls 7s 6d. Qoldsbrough, Mort.—Buy 61s 6d, sel 62s 6d. National Mortgage—Buy 86s, Perpetual Trustees—Buv 655. Trustees, Ex. and Agency—Buy 69s 6d sum, div. Wright, Stephenson (ord.)—Buy 24s fid. Wright, Stephenson (pref.)—Buy 17s fid. MEAT PRESERVING. ' Gear Meat Co.—Buy 42s 6d. Refrigerating (pd.)—Buy 16s, sel 16s Bd. , N.Z. Refrigerating (cont,)—Buy 7s Bd, •el 7s 6d. MISCELLANEOUS. Australian Iron and Steel (pref.) Buy 21s. Auckland Amusement Park (pref.)— Bel 14s. British Tobacco—Scl 50s «d. Brown Ewing (pref.)—Buy 20s 6d. D.I.C. (ord.) —Buy 10ji 6d prem. D. 1.0, (pref.)—Buy 2ls. Dominion Investments—Buy 245. Dominion Rubber—Sel 355. Donaghy’s Rope and Twine—Buy 355. Kaiapoi Woollen (pref I—Buy 15s. Kauri Timber—Buy 10s 9d. Milburn Lime and Cement—Sel 30g od. National Electric—Buy os, sel 12s. N.Z. Express (ord.)—Buy 16s, sel 17s. N.Z. Guarantee Corp.—Buy 8s Od, sel Os 3d. N.Z. Paper Mills (ord.)—Buy 10s od, •el 20s 6<J. ’ Smith and Smith (pref.)—Buy 18s 9d. Wilsons (N.Z.) Cement—Buy 41s od, •el 42s 6d. MINING. Nokomai Sluicing—Buy lls, sel 21s. Waihi—Buy 12a lOd. Waihi Grand Junction—Buy Bd, sel Is, Electrolytic Zinc (pref.)—Buy 375. sel 87s sd. Electrolytic Zinc (ord.)—Buy 35s 9d, ■el 36a 6d. Mount Lyell—Buy 43s Od, sel 44a 3d. Broken Hill South—Buy 60s, sel 71s. Upper Nevis (prof.)—Sel 2s disc. Big Beach—Sel Bs. Kildare—Buy 3s ,7d, sel 3s Od.. OkarJto—Buy 9d prem., sel Is 2d prem. Winding Creek—Buy 3d prem. Mahakipawa—Buy 9d, sel lid. WAR BONDS. 5i per cent. Soldiers Bonds, 1033—Buy £lOl, sol £lOl 5s t 44 per cent.'lnscribed, 1030—Buy £O9 15s. sel £IOO 2s 6d. 5} per cent. Soldiers’ Inscribed, 1933Buy £lOl. 5) per cent. Bonds. 1936—8uy £lOl . 5} per cent. Inscribed, 1936—8uy £lOl 6s. per cent. Bonds, 1033—Buy £99. 5t per cent. Inscribed, 1933—8uy £99. northern exchanges. (Peb United Pbebs Association.) The following business was done on "Changes yesterday:— Auckland.—Sales: City of Auckland debentures (1062) 5J per cent., £99 ss; War Loan (1939) 44 per cent., £100; In’ *^ ri hcd Stock (1933) 54 per cent., £lOl 2s 6d; New Zealand Breweries debentures. 275; Commercial Bank of, Australia; 30s 2d, English} Scottish, and Australian Bank, £8 lls 6d; Bank of New South Wales, £sl 17s 6d; Bank of. New Zealand. It 8 IT’ G n y , V3 i ,ey £ oa1 ’ 235 ; WestportStoclrton Coal, 3s; Northern Steamship. 14s; Kauri Timber, 20s 3d; Kaiapoi Woollen, 14s; Dunlop Rubber, 28s; Kemptborne. Prosser, 76s 9d; Sanford, Ltd., 18s; Alburna Mining, 2s 3d; Waihi. 12s 10a. Wellington.—Sales reported; National Bank of New Zealand, £7 2s 9d; Bank of New Zealand (long term), 28s lOd; AVelhngton Investment, lls; P. and O. do60a i. Commercial Bank, 30s 3d, Wellington Woollen (ord.), £7 osNew Zealand Breweries, 65s 3d. Sales on Change: Goldsbrough, Mort Co., 51s o sea5 ea , land Guarantee Corporation. 8s l„N? w Zealand Breweries. 655. Christchurch.—Sales: New Zealand 5 * A pe 1 r f. ent - Bo "ds (1932), £99 128 6d; Australian Bank of Commerce, 36s 3d (three parcels), 36s 4dCommercial Bank of Australia, 30s 2d’ Goldsbrough, Mort, 52s (three parcels! : National Bank of Australasia fls paid’ cum div.), £9 17s; New Zealand Guaran’ 8s l ld : Stockton Coal (oid ), 3s (two parcels); Grey Valley. 22s 9d three parcels); Auckland Gas, 24s 3d (two parcels); New Zealand Brew « ,CS 4 J 64 ?. 9d ’, 648 10f N Tooth’s Brewery 58s 7d; Beath and Co. (Is paid), 8s 9d: Dunlop Rubber, 28g; Mahakipawa, 9d (three parcels), 04d (two parcels), lOd, 104 d. Sale reported; Commercial Bank of Australia, 30s 2d. MELBOURNE HIDES MARKET. (United Press Association.) CBy Electric Telegraph—Copyrlgut.) /T , . MELBOURNE, May 23. (Received May 23. at 11 p.m.) Hides: Good conditioned parcels of lights, kips, and mediums are unchanged In price. Shceties and badly conditioned Jarccls arc" Jd to 4d lower.

SALE OF STUD CATTLE. (Per United Press Association.) BLENHEIM. May 23. The most successful stud stock sale in Marlborough for many years was held when Mr F E, Fair weather, of Blenheim, sold the stud Hereford cattle from his stronvar and Glazcbrook properties. Cows realised from 94 to 17 guineas, yearling heifers from 8} to 10 guineas, bulls and calves from 64 to 27 guineas, heifers and calves from 44 to 6 guineas, PRODUCE MARKETS. Aen Zealand Loan and Mercantile Agency Company, Ltd., have received the following cablegram from- London, dated May 22; Butter. The market is slow. Choicest salted is selling at from 166 s to 1675. ■'—The cheese market is steady. White from 87s to 88s; coloured cheese, 89s. ’ DOMINION APPLES AND PEARS. (United Press ..oaoclatlon., <Bj Electric Telegraph —Copyright.) xt „ , , LONDON, Mav 22. New Zealand' apples from the Middlesex, Coptic, and Herminius brought the following prices:—Jonathans. 14s and 16s; Delicious, I3s 6d and 16s; Coxs, 18s and 20s; a few at 27s 6d. The Mataroas pears realised: Josephines, 5s and 7s 6d; Winter Nelis, 4s 6d and 7s. Australian Press Association, MESSRS WRIGHT. STEPHENSON, AND CO.. LTD. (Per United Pre- Association.) ti, *. i ,1K LINGTON ‘ ¥»y 23 - lUc twentj-third annual meeting of the members of Messrs Wright; Stephenson, and Co., Ltd., was held at the head office of the company, Wellington, on Tuesday, in the presence of a large number of shareholders. The profit and loss account, including £34,072 19g brought forward j OI P_, year, showed a credit balance of £71,649 5s lid. A dividend of 7 per cent, on the ordinary shares was declared, ?, fixed Payment to preference shareholders was adopted, leaving a balance of £37,024 3s 3d to be carried forward Messrs W. D. Hunt, D. Allan, aßd M. C. Featherstone, the retiring direc* tors, were re-elected. Messrs Barr, Hercub, and Co., auditors, were reappointed. PARKER, LAMB TIMBER COMPANY. ADVERSE TRADE CONDITIONS; (Special to Dailt Times.) . AUCKLAND, May 23. rwn 13 ** *3002 compared with f tor th ® Previous year, -is shown i? t, ra P°rt and balance sheet of the Parker, Lamb Timber Company for the L e eL™ de^l arch 31 ’ lm The directors recommend the payment of a dividend at the rate of 5 per cent. If t ™ Bcr trade is concerned, states the directors' report, adJ r . er f e *n ra l e , con ditions are handicapping it both at home and abroad. Bunding vcry siack and competition from imported timber has had the effect of further unemployment among the New Zealand timber workers. Labour ? racti , can - v billed the Australian trade for the time being. The nf°\fonT nt 18 considering the question i 1811,8 the industry in New ZeaVw ever > and directors hold the n* * B °" era] trade revival is at J}?"”, during the year the company purchased several valuable bushes which will provide cutting for several years to come, k.ut 1* must be realised by shareholders oil.P. involved considerable outlay, which will not be revenue producing for some years. r.Aff mparisc ?l of tlw company’s financial foivs^— 3 ° Ver - e past ® ve yoars i® 88 fob

AUSTRALIAN MARKETS. (United Praia Association.* (By Electric Telegraph—Copyright.) n . SYDNEY, May 23. (Received May 23, at 10 p.m.) market is lifeless in sympathy with the depression overseas, and it is impossible to define even a nominal quotation:— Flour, £ll 10s. Pollard, £7 10s. Bran. £6 10s. Potatoes; Tasmanian, £l3 to £ls: Victonan, £l3 10s, ' n 9 n iV on ? : Zealand Globes, £$ to £0; Victorian Spanish, £ll. Oats: White, 4a Bd. Maize, 5a 9d. \vi, + ADELAIDE, May 23. wheat growers lots, 4s 2d. Flour; Bakers’ lots, £lO. Pollard, £6 -15 s. Bran, £6 ss. - Oats, 2s 10d. TASMANIAN APPLES. (United Press Association.) (By Electric Telegraph—Copyright.) m • t -it LONDON, May 23. ■ (Received May 23, at 11.50 p.m.) i T i t pmborne’s Tasmanian apples brought the following prices at Liverpool: CUeopatras, 10s to 13a Od; Cox’s, 10a to Us 3d; Jonathans, 9s 6d to 13s; SturVl el8 ’ jV B to 12s 9< L Alfristons, 9s 6d to it ’ 1 n‘T’ s "; ere , iu variable condition, iioscs, 20s; Napoleons, Us to J3s 6dvicars, 10s to 14s 3d;'bal£-cases—Capiau-mont, 7s 3d to 9s; trays—Capiaumont, 7s to Bs.—Australian Press Association. BLENHEIM OIL WELL. The secretary of the Blenheim Oil Well .Reclamation Company. Ltd., has notified the Dunedin Stock Exchange that the company has let a contract for the sinking of a new well to a depth of 2200 feet, the company has sufficient funds in hand to put down this well and for overhead expenses for 12 months. The new well is being sunk 130 feet from the old one, and tne whole of the receiving tanks and other plant which the company owns will be ready ■when the work is completed, Messrs Fraser and Co., selling agents tor Otago and Oamatu Egg Circle report ns under:—Eggs, Is lid to 2s;’preserved, is 6d to Is 7d. Butter: Separan ld \°r U , 2d: bulk - 18 2d to is 3d. Tallow: Market steady at 18s to 26s for best finality. Pig S: Good bacon weight) 7d to <id; overweights, 3d to 4d: porkers, 61d to 7Jd. Potatoes, £5 10s to £6 per ton. Chaff: Prime oaten sheaf, £5 IDs to £6 per ton, sacks extra. Whole fowl wheat, fla 3d to 6s 9d per bushel. Bulk honey: 4d per lb; 101 b tins, 4 S 6d, Poultry: Supplies are better; white Leghorn pullets, 6 months, to 21s per pair* white Leghorn hens, 3s to 4s; heavy breeds, 4s 6d to 5s 6d; cockerels, 3s to 10s; roosters, 3s to 4s; ducks, 4s to ss; ducklings, 5s to 7s 6d» all per pair. Turkeys: Hens, 0d to lOd per Ih; gobblers le Id to’ls IJd per lb, Hvo weight. Wo stock P. chick food, Crosskey’s meat meal, leg rings (Is per dozen). Special quotes for quantities. Consignors please note that pigs and poultry must arrive not later than Wednesday morning of each week. We have a stock of poultry crates on hand for the use of our clients.

PRISON REFORM.

TARANAKI OILFIELDS. LTD. (Peh United Press Association.) m GISBORNE. May 23. Taranaki Oilfields, -Ltd., report as °J„ 6 _ : ~Gjsbornc No. 2 well has a depth ot 3067 feet m harder formation; consequently the prospects of making a better rootage are now brighter.

HOME SECRETARY’S SUGGESTIONS. REMEDIAL .MEASURES. (Irom Our Own Correspondent.) * n . LONDON, April 19, Addressing the annual meeting of the Holloway Discharged Prisoners’ Aid Society at the Mansion House, the Home Secretary (Sir William Joynson-Hiqks) onthned what he would like to see accompliKlied in regard to prison reform. the main object of prison administration he said, was to teach the prisoners Habits of continuous labour and disciplined effort, to enable them to become decent citizens of the State. In this connection there were certain reforms which, lie hoped, would take place in the near future. Recently he issued a circu- • /o mas l sU ' ates pointing out the desirabihty, whore possible, of keeping people out of prison. Yet 2000 lads and 150 P, , ™der age ot 21 were still sent to hig Majesty s prisons every year, most ot them with short sentences of a month or less. , -

He was particularly concerned with the administration inside the prison, after the courts had decided to send men and women there. One of his difficulties was the heterogenous character of the prison population. In London some degree of classification had been possible, but in the provinces hardened professional criminals, first offenders, people awaiting trial, men committed for arrears of wife maintenance, drunkards, cripples, and the weak-minded were all herded together. , e success of the administration and classification of the Borstal institutions—the most successful institutions of modern times ” —made him believe it possible for the system to be carried out in prisons for grown-up people. “ I am able now, after a few years’ c Xpe of this system, to say,” added oir W ilham, that it has been a marvellons success in restoring these men to decent citizenship.” A boy scut to Borstal was, humanly speaking, safe. But if a young fellow " has had one or two of these ridiculous sentences of a week or two, and then gets a had crime, the previous sentence often causes him to receive a long-term sentence. PROTEST AGAINST SHORT SENTENCE.

I want to be able to collect all these young convicts into separate establishments. We have closed a,very large number of prisons. One of them nftght be reopened for us to do there as we■are doing at Wakefield. But I want again to protest against the short sentence; it really makes it quite impossible for the work of the Prison Commissioners to be as remedial aa it ought to be. I agree, it is punishment, but that is not the real object of prison administration to-day." Sentences of penal servitude numbered 500 out of 44,000. Of the 7600_ women sentenced in a year only 146 received more than six months Out of every 100 women only two had more than six months, 42 per cent, had less than a fortnight, and 81 per cent, less than a month.

_ Of 35,000 men, 7 per cent, received over six months, 33 per cent. less than a fortnight, and 69 per cent, less than a month. It was absolutely impossible to devise any system of training—moral, mental, or physical—to do any good to people sent to prison for less than a month. REMEDIAL, NOT DETERRENT.

I do implore magistrates, if they feel that a sentence, of imprisonment must be imposed—l leave that to them—to let it be so severe as to give the prison authorities a chance of making it remedial and not merely deterrent. I know it will make it worse for the Home Secretary. Pressure will be put on me to let people out of prison because three months is too long for a particular crime. I’ll 'stand the racket of that.”

At Borstal they had ; “ houses,” like the public schools, each with a housemaster, who was responsible to the governor for each of the 50 boys in his care—for knowing the life-history of each lad, his particular temptation, and the best way to build him up mentally and morally. “ I believe we could introduce that system in-our prisons” said Sir William. “I want to make this experiment, in which I think the commissioners and myself have discovered the germ of a very great improvement in our present system.”

Year Gross Net ended Profit. Profit. Dividend. 192i> .. £34,105 £7,813 10 per cent. 1027 .. £36,350 .. £39,657 £7,034 £3,934 10 per cent. 1928 .. £28,345 £3,721 1929 • • £26,441 £3,002 5 per cent.