COMMERCE AND FINANCE.

Otago Daily Times, Issue 20781, 29 July 1929, Page 3

COMMERCE AND FINANCE.

THE SHARE MARKET. DUNEDIN STOCK EXCHANGE. Business was quiet on the Dunedin Stock Exchange on Saturday morning. The only business transacted was a sale o£ Electrolytic Zinc preference shares at 89s 6d. The closing offer was 39s 4d, with no seller in the market. These shares are still quoted cum dividend. The ordinary issue continues to firm, and buyers offered 38s 6d on Saturday without. attracting a seller. There was little demand for bank-

ing shares. Bank of New Zealand’s were asked for at 61s 3d, the selling quotation being 3d more. Sale: Electrolytic Zinc (pref.), 39s 6d. The following are Saturday morning’s buying and selling quotations, which are subject to the usual brokerage:— BANKING. Bank of Australasia—Scl £l4 17s. Bank of New Zealand—Buy 61s 3d, sel 61s 6d. • Bank of New Zealand (long “D”) — Buy 28s 3d. Commercial Bank—Sel 30s 3d. E.S. and A. Bank—Buy £8 Bs. National Bank of New Zealand—Sel £7. Union Bank—Sel £ls 14s. INSURANCE. New Zealand Insurance Co.—Buy 47s Sd. . South British Insurance Co.—Buy 675. SHIPPING. Burns Philp—Sel 475. Huddart, Parker (ord.) —Sel 465. Huddart. Parker (pref.)—Buy 21s. ■ U.S.S. Co. (pref)—Buy 21s. COAL. Grey Valley—Buy 23s 9d Taupiri Coal (ord.)—Buy 28s 6d. Westport Coal Co.—Buy 32s 9d. LOAN AND AGENCY. Goldsbroughf, Mort—-Buy 475. National Mortgage—Buy 87s 6d. N.Z. Guarantee Corp,—Sel 9s. Perpetual Trustees—Buy 675. Trustees, Ex. and Agency—Buy 60s. Wright, Stephenson (ord.) —Buy 25s 6d. Wright,- Stephenson (pref.)—Buy 18s Sd, sel 19s 3d. ' MEAT PRESERVING. Canterbury Meat (pref.)—Buy £5. Gear Meat Co. —Buy 43s 6d. N.Z. Refrigerating (pd.)— Sel 17s. N.Z. Refrigerating (cont) —Buy 7s 4d, tel 7s 7d. MISCELLANEOUS. Australian Iron and Steel (pref.)—Buy Sis. Brown, Ewing (ord.) —Buy 31s 6d. Brown, Ewing (pref.)—Buy 20s 6d. Bruce Woollen Co. (ord.)—Buy 10s 3d. D.I.C. (ord) —Buy 11s prem D.1.C., (pref.) — Buy 21b 3d. Dominion Investments —Buy 245. Dominion Rubber—Buy 29s 9d. Donaghy’s Rope and Twine—Buy 365. Dunedin-Kaikorai Trams—Buy 345. Eclipse Petrol—Sel 16s 6d. Kaiapoi Woollen (ord.) —Buy 14s. Kaiapoi Woollen (cont.) —Buy 4s Od. - Kaiapoi Woollen (pref.)—Buy 16s 3d. Milburn Lime and Cement—Buy 38s Cd, •el 39s 6d. Mosgiel Woollen Co.—Buy £7 14s. M'Leod Bros.—Buy ,£3O. National .Electric —Buy 9s 3d, sel 10s. N.Z. Drug Co.—Buy 70s, sel 78s/ Gd. N.Z. Farmers’ Fertiliser—Sel 255. N.Z Paper Mills (ord) —Buy 20s, sel 20s Bd. ' Otago Daily Times—Buy 72s 6d. Regent Theatre —Buy 245. Smith and Smith (pref.)—Buy 10s. . Wilsons (N.Z.) Cement—Buy 445, sel 455. . BREWERIES, N.Z. Breweries, Ltd.—Buy 82s, sel 83s 9d. . , , N.Z. Breweries Debs.—Buy 28s 3d, sel 295. ’ Dunedin Brewery—Buy 30s 6d MINING. ■ Nokomai Sluicing—Buy 15s. Waihi Grand Junction—-Buy Is sd. Electrolytic Zinc (pref.)—Buy 30s 4d cum div. . Electrolytic Zinc (ord.)—Buy 38s 6d cum div. , Mount Lyell—Buy 42s 6d, sel 435. Big Beach—Buy ss. Mahakipawa—Sel Bd. Kildare —Buy 5s Id, sel 5s 4d. Okarito—Buy Is id prem. Winding Creek—Buy Is 4d prem. WAR BONDS. 41 per cent. Bonds, 1938—Buy. £IOO. 4i per cent. Bonds, 1939 —Buy £IOO. 4i per cent. Bonds, 1941—Buy £IOO, 5| per cent. Soldiers’ Bonds, 1933—8uy £lOl 6s. 4A per cent. Inscribed, 1938 —Buy £IOO. 4J per cent. Inscribed, 1939 —Buy £IOO. 5J per cent. Soldiers’ Inscribed, 1933 Bel £lOl 7s 6d. 5} per cent. Inscribed Bonds, ,1941 — per cent. Bonds, 1936 —Buy £lOl 10s, 5i per cent. Inscribed,, 1936—8uy £lOl IDs Si per cent. Bonds, 1933 —Buy £99. 5} per cent. Inscribed, 1933 —Buy £O9.

:. NORTHERN EXCHANGES. jPeb United Press Association.) The following business was done on 'Changes on Saturday;— . Auckland. —Sales: Bank ot New Zealand, 61s 3d; South British Insurance, 68s; Auckland Gas, 24s lOd; Kauri Timber, 18s 3d; Wilsons Cement, 445; Waihi, 11s lOd. Wellington.—Sale: Gates Ltd., 16e 6d. FRUIT EXPORT TRADE. A SATISFACTORY SEASON. • (Pen United Press Association.) WELLINGTON, July 27. The export of fruit from New .Zealand did not reach the previous season’s record, but was much larger than was expected in view of the conditions early in the season. Tasmanian export was exceeded, as production was maintained, while Tasmania had a short crop. Nelson and Hawke’s Bay were the largest producing districts. The total export was 892,054 cases, of which 341,303 went to London. 264,435 to other parts of the United Kingdom, and the rest to Europe, South America, and Halifax. COMPANIES REGISTERED. The Gazette announces the registration of the following new companies:— ' ■' - Dunedin Flock and Rug Company, Ltd. Registered as a private company July 5, 1929. Capital; £2OOO in 5000 shares of 8s each. Subscribers; Dunedin—G. F. Hanson 4000, T. Hanson 500, T. W. King 500. Objects: To carry on the business of dealers in flock rugs, beds, cushions, etc., and general incidental. Magnet Drapers, Ltd. Registered as a private company July 5, 1929. Capital: £3OO in 300 shares of £1 each. Subscribers: G. W, Garden 299, E. W. Jowney 1. Objects: To carry on the business of milliners, dressmakers, hatters, etc., mid general incidental. Dunoan and Richards, Ltd. Registered as a private company July 11. 1920. Capital. £4050, in 4050 shares of £1 each. Subscribers: Dunedin—A. E. Duncan 1350, W. Richards 1350, G. Crawford 1350. Objects: To carry on the business of builders, contractors, painters, plumbers, architects, etc. White, George, Ltd. Registered as a private company July 10, 1929. Office: Kennington, Southland. Capital: £2OOO, in 2000 shares of £1 each. Subscribers; Kennington—G. A. White 1800, E. R. White 200. Objects: General store keepers. Waimumu Gold, Ltd. Registered July 11, 1929. Office: Gore. Capital: £3OOO, in 60,000 shares of Is each. Subscribers: Gore —H. A.' Price, 2000, A. J. Hawke J.M. Matthews 500. Croydon—E. Kubala 2000. J. Clark 2000, A. M. Kubala 2000, A. T. Kubala 2000. Objects: Gold mining.

LOCAL AND OVERSEAS MARKETS.

DAIRY FARM PRODUCTS. " CO-OPERATIVE MARKETING SCHEME. (Peb United Press Association.) . .WELLINGTON, July 27. A Dominion conference met here to consider a scheme to deal with boneless veal, cull cows and bulls, pigs, and other products of the dairy farm. It was decided to form a federation to be called the Dominion Co-operative Farm Products The objects are to organise and control, pool and market the products mentioned on the one-seller principal for the whole Dominion. A committee of management was set up as follows:—Messrs J. Fisher (Southland), S. C.-G. Lye (Waikato), C. Dickie (Taranaki), A; Morton (Taranaki). It was resolved to pay an interim advance on boneless veal of 7s, without recourse for first grade’ calves. It is expected that the federation will de.al with 250,000 calves during the current season. It was decided to encourage the sale of boneless veal on the local market at London parity prices. SOUTHLAND MARKET REPORT. (From Our Own Correspondent.) INVERCARGILL, July 20. Except for a continuous demand for Dun oats the oats ‘market during the week has been exceedingly dull. The Waipiata is at present loading at Bluff for Auckland, but the quantity of oats she is carrying from this port is infinitesimal. A few lines of under-grade oats have been sold at round 3s 2d, f.0.b., s.i., but other than these practically no sales have been made. The supply of heavy dark Duns is so limited that the fortunate holders of any line, are asking up to 5s 3d, f.0.b., s.i., to-day, with more buyers than sellers. Sparrowbill oats are also in short supply and up to 4s, f.0.b., s.i.. has been paid for a few small parcels. There has been quite a fair amount of business done in ryegrass during the week. Sales of 30/311b seed are reported at as high as 6s 6d per bushel. Italian ryegrass is much sought after, but sellers are not prepared to accept much under 6s for any well-marked machine-dressed line. Western Wolths is practically unobtainable..

A few more inquiries have been apparent this past week for crested dogstail, but holders of good quality lines are not prepared .to accept less than 8d per lb, f.0.b., s.i. Darker lines have been sold at from 7d to Bd.

The demand for Chewings Fescue has been weak, and holders to be weakening also. Lower quotations are reported and it appears as if prices will have to come yet further back to enable business to be done. Much interest has been manifested in Southland table white potatoes during the. week, resulting in a sharp rise in prices.

The stock market is firm for all classes offering with smaller yatdings all round. Fat cattle are coming forward in steady supplies with just enough offering for local requirements. The quality of the fat cattle coming into the yards is good, and competition is keen for both bullocks and heifers. Fat sheep are still offering in fair numbers, and although yardings have fallen slightly during the -last five weeks there are quite a number of good wethers on, feed. The store sheep market is quiet with very little business being done in this particular section. Values, however,, continue firm. The demand for store cattle is still good, forward-conditioned animals being keenly competed for and young cattle are making good values Fat Cattle.—Prime heavy bullocks, £l7 10s to £2O 10s; prime medium bullocks, £l4 to £l6; prime heavy heifers, fl2 to £l4; prime medium h-sifers, £9 to £lO 10s; prim« heavy cows, £ll to £l3 10s; medium cows, £8 10s to £10; vealers, 30s to £2 10s; runners, £4 to £6; prime ox beef, 42s 6d to 45s per 1001 b; prime heifers, to 45s per 1001 b; cow beef. 30s to 35s per 1001 b. Fat Sheep.—Prime heavy wethers, 38s to 42s 6d; prime medium-weight wethers, 34s 6d to 365; lighter wethers. 30s to 32s 6d; prime heavy ewes, 28s to 335; medium heavy ewes, 24s to 265; lighter ewes, down to 20s.

Store Sheep.—Wether hoggets, 20s to 245; ewe hoggets, 27s to 31s 6d; two-tooth wethers, 28s to 325; two-tooth ewes, 38s to 42s 6d; four and six-to.oth ewes, 3Ss to 40s; sound-mouthed ewes, 30s to 355; failing-mouthed ewes, 25s to 27s 6d; old ewes, 16s to 20s.

Store Cattle.—Three and four-year steers, £lO to £l2; two-year steers, £7 to *9; yearling steers, £4 10s to £6; calves, £2 10s to £4 10s. JOLL CO-OPERATIVE FACTORY. {Pee United Press Association.) HAWERA, July 27. , A dinner was held yesterday to celebrate the twenty-first anniversary of the formation of the Joll Co-operative Dairy Company. Mr J. B. Murdoch (chairman of directors) presided over a large attendance of dairymen. The company resulted from a business established in the early days by Mr A. L. Joll, on whose death, in 1908, the present company was formed. Figures which were quoted from the company's records showed that the total butter-fat had increased .in 20 years by 1,287,0001 b. The payout in the last 10 years had averaged Is 9.37 d, the highest being 2 S 1.37 d, and the lowest (in a slump year) Is 3.87 d. There had been an increase in that time of 40,000 cows, and the cheese output had increased by 609,000 crates. FRUIT AND PRODUCE WORLD. Reilly’s report;—Pip fruit of all descriptions in excess of requirements. Citrus fruit arriving Monday. Samoan bananas reached Dunedin in perfect condition. Eggs are in keen demand, table poultry realising high prices. Potatoes and onions have advanced in price We received and sold;—Violets,-3d, 4d. Paper white narcissi, 4d, 8d; sold-de-or, Is, Is 3d. Section honey: Choice, 10s 6d; medium, 8s; broken, 4s. Cabbage, 2s 6d, 3s 6d. Cauliflower, Bs, 10s. Eggs, is 6d is 7d; preserved. Is 4d. Mutton birds! extra large, 10a 6d. Rose trees, 12s to 48s per dozen. Tomatoes: Local hothouse, Is 3d, Is 8d; Timaru hothouse. Is, la 6d. Butter: Pats, bulk, Is 4d, Is 8d Bacon: Choice, Is Id; odd lots, lOd. Pea! nuts, sd; Brazils, lOd; walnuts, lOd Is Cheese: Medium, 9d, lOd. Tea: Orange Pekoe, 2s 6d. Beeswax, Is Bd. Horeshair to Is 9d. Bacon Pigs: Prime, 71dporkers, 74d; heavy-weights, 4d, Gd;’ chon! pers, 3d lb. Honey: Bulk, 4id. sd; 101 b tins, 5s 6d; llb pais."4s;' pottles, 11b, 7s; 12s od. Apples: Delicious, 7s, 12s 6tl: Jonathans, 6s, 8s; Stunners, 6s, 10s' others, 2s, 7s; cooking, 4s, 7s. Dessert pears: Winter Coles, 8s; inferior, 2s. 4s; Winter Nelis, Bs. Passions: Australian, 19s. American Valencias, 40s; Victorian navels, 22s 6d. Lemons: Missions, 665: Australian, 255; New Zealand, 225. Mandarins: Choice, 225. Grapefruit, 335. Poor mans, Bs, 10s. Bananas, ripe, 27c 6d. t Potatoes: Canterburys, Oamarus, Ouvranis, 8s; repacked, 9s. Onions: Canterburys, 12s, Oyster grit. 8s 6d; special Pippa grit, 9s 6d. Tallow, 18s, 27s 6d cwt. Hedge plants: Lonicera Nitkla. Oleana Forstom, Escallonia, Privet, and nhlifts t0 TT 4< l S ‘ Tagerim lucerne plants aos. Fruit trees, £4 15s to £6 inn posts from £5 to £8 10s per 100. Black Leaf “40,” 101 b tins 21b tins Iss 6d; 11b. 5s 3ffi Vnl ptepared white oil: A sure killer of-codlin from 7s to 9s per gallon Wheat: Fow], 6s, 6s 6d. Molasses, 5s 6d per tin. Oats: A Cartons, 3a 0d; B 3 S 6d per bushel. Special Ostozou rose manure, 7s 6d per cwt. Bran, £7 10s. Polihaff £ fi 1 9 atsI | eaf cha f> £6 Per-ton. Cow 10s. Lucerne hay, £6 10s. Poultry: 206 hens at 3s 4d to 8s; 80 cockerels 3s Bd, 14s 2d; 30 pullets, 5s 6d, 7s—all at per pair; 4 stud cockerels, 1 at 15s f 1 2 | s > and 1 25s each; 8 ' turkev gobblers from 9d to Is 31d: 7 turkey he,is from lid to Is Old per lb. " REILLY’S CENTRAL PRODUCE MART, LTD., ■hiuediu •

MERCHANDISE MARKET. The firmness recorded in the California market for canned peaches is emphasised further by the fact that quotations for Australian halves and sliqcs have now been withdrawn by the packers. The cheese market remains steady, with supplies equal to the demand. Mild medium is quoted wholesale at up to lOd and matured at 103 dto lid. Loaf is quoted at lid. All the first and second grade soaps have been advanced by £2 per ton and third grade by £l, Victory soap has been advanced by 2s per box. Quotations for new season’s Californian dried fruits are now to hand. They show an advance on last season’s of about Id per lb. It is reported that only a limited quantity of Australian canned apricots is now available. Cream of tartar shows a sharp advance in price. The Karetu has brought from Sydney a considerable quantity of Eastern transhipments. These include desiccated coconut and tea (supplies of which were getting into short compass). The Waipiata was the sugar boat for last week. The Kurow is due on Thursday with another cargo. Hops have advanced in price to Is 8d per lb. Further parcels of Symington’s soups have reached the market. . The market is now well supplied with red and white herrings. Californian prunes of all grades were landed ex the Waihemo. Further supplies of smaller grades are on the water. The Waihemo also brought a considerable quantity of Canadian flour in 2001 b sacks, oil bleached sultanas, Canadian brown paper in rolls and half reams. CHICAGO WHEAT MARKET., (United Press Association.) (By Electric Telegraph—Copyright.) NEW YORK. July 27. (Received July 28, at 5.5 p.m.) Chicago wheat quotations: July. 144 J cents per bushel; September, 1473: December, 154}. —Australian Press Association. LONDON STOCK EXCHANGE. (United Press Association.) (By Electric Telegraph—Copyright.) LONDON. July 25. The following are ■ the latest quotations for Government securities, compared with the prices ruling last wees :

LONDON MARKETS. (United Press Association.) (By Electric Telegraph—Copyright.) LONDON, July 27. (Received July 28. at 5.5 u.m) Cotton: August, TO.lOd per lb. Rubber: Para, 11 Jd; plantation smoked, 11 3-32 d. 1 Jute: August-Septembcr, £3l ss. Hemp: New Zealand not quoted. Copra: Scptember-Octobor, £2l 15s. Linseed oil, £36 10s. Turpentine, 1 435. ■ ■ Sbeep: New . Zealand—light 6^d, medium 6d, heavy s|d. North Islandlight 64d, medium 52d. heavy 54d, ewes 4|d; Patagonian ewes, 4jd. Lambs— Canterbury—light BJd. medium BJd, seconds BJd, seleeteds Od; North Island—firsts 84d and Bd, seconds B|d; Argentine seconds 7|d; Patagonian—firsts BJd and 7Jd, seconds BJd. Frozen beef: Australian—crops 4Jd, hinds 5 9-16 d; chilled Argentine fores 4d. hinds 7d; others unchanged.

Last week. This week. £ s. d. £ B. (L Imperial Console, Si p.o. 54 12 6 64 6 3 War loan, 6 p.o.. 1033-47 100 18 0 100 IB 3' Conversion loan. 01 p.o 75 11 3 75 3 9 Victory 4 p.o. 91 15 0 91 5 0 O’wealth 6 p.o.. 1931 -41 101 10 0 101 10 0 O’wealth 6| p.e. 1022-27 96 17 6 95 7 6 N.Z 6 p.o.. 1936-Si ... 103 8 9 103 15 0 N.Z 4 p.o. 1023 99 17 6 99 13 9 N.Z 31 p.o., 1040 86 5 0 86 10 0 N.Z. 3 p.o., 1946 ... ... 78 5 0 77 12 6 HS.W. 61 p.o.. 1030-40 09 15 0 99 15 0 N S W 6 p.o., 1030-40 100 3 9 99 17 6 N.S.W. 6| p.o.. 1922-32 100 7 6 too 0 0 N S.W 4 p.o., 1933 ... 03 7 6 93 7 6 R8.W 3} p.o.. 1930-60 86 3 9 86 0 0 N S W. 3 p.o-, 1935 ... 75 0 0 75 0 0 Vlo 61 p.o.. 1030-40 ... 96 3 S 98 7 6 Vio 6 p.o., 1032-42 ... 91 12 6 01 5 0 Vio 31 p.o. 1029-49 ... 100 8 n 09 13 9 Vio 3 p.o., 1029-40 ... 76 6 3 76 7 6 Vic. 4J p.o., 1040-60 ... 70 7 6 70 0 0 y’land G p.o 1030-40 99 IS 9 99 17 6 (j'land 31 p.o 1930 ... 71 7 G 71 10 0 Q'tand 9 p.o.. 1922-47 ... 97 18 9 97 10 ,0 B.A. 61 p.o., 1930-40 ... 100 2 6 100 0 0 S.A. 31 p.o., 1933 ... ... 83 2 C 83 15 O S.A. 3 p.o., 1013 or alter 58 2 6 58 2 B W.A- 6 p.o.. L030-40 09 15 0 . too 0 0 W.A. 31 p.o. 1920-35 ... 89 5 0 88 10 0 W.A 31 p.o. 1015-35 .. 85 15 0 86 12 6 Tas 61 p.o. 1930-40 ... 100 2 6 100 2 6 Tas 3} p.o, 1920-40 ... 83 17 6 83 5 0 Tas. 3 p.o., 1920-40 ... 80 10 0 70 15 0 —Australian Press Association.