COMMERCE AND FINANCE

Otago Daily Times, Issue 20800, 20 August 1929, Page 13

COMMERCE AND FINANCE

THE SHARE MARKET. • DUNEDIN STOCK EXCHANGE; .. Tbe Dunedin Stock. Exchange showed a fairly bright ■ tone all over yesterday. Business was done . in - New Zealand Breweries debentures, the figure realised oS 1 2 j 3d ” Later inquiriees at 28s 2d tailed to attract a seller under 28s 6d. A transaction in Bank of New Zealands ?o as . r ?P° r t ed Buyers later offered 62s 9d, but no seller came into the market. A parcel of Mount Lyells was reported to have changed hands at 44s 3d. and this stock was asked for later at 44s 2d, ’with a seller at 44s Bd, , The demand' in most sections was c^odd. ■ Sale.—New Zealand Breweries (debentures).’2Ba 3d.. Reported.—Bank, of -New Zealand, 63s j. Mount Lyell, 44s Sd. Thefollbwing are yesterday afternoon’s buying and selling quotations, which are subject to the usual brokerage:— BANKING. ' ; °f New - South Wales—Buy £sl 10s, cum div. Bank of New -Zealand—Buy 62s 9d. Bank of New Zealand (lone “D")— Buy 28s 9d. , Commercial Bank—Sel 29s Bd. . E. S, and A. Bank—Buy £8 7s, -sel f 8 9s; ■; " ’ National Bank of New Zealand—Sel £6 19s ed'- ■ '- Union "• INSURANCE! ‘ ' National Insurance; Co. —Buy. 16s 3d, sel ■ 16a 6d. , , New Zealand Insurance Co’.—Buy 475, sel 48s‘ 3d. • '• , SHIPPING. , Huddart, .Parker (ord.) —-Buy 45s 9d, sel 46s 6d. ■ " Huddart, Parker (pref.)—Buy 21s. P. and O. Deferred Stock—Buy 555. Union Steam Ship (pref.)—Buy 21s. COAL. Westport Coal Co. —Buy 335. -: ~ LpAN AND: A.GENGX, -; ' Goldsbrbugh, - Mort—Buy '4Bs' 3d. 'scl 49s 3d. ' - - ; National Mortgage—Buy 86s. New Zealand Guarantee-.Corp.—Buy 9s 3d.. ■ ; ■. Perpetual Trustees—Buy 68s. Trustees, Executors, and Agency—Buy 655. , ’Wrjght, Stephenson (ord.) —Sel 275. Wright, Stephenson (pref.)—Buy 18s MEAT PRESERVING. Gear, Me.at Co.—Buy 43a 6d. New Zealand;Refrigerating 16s 6d.'' •■fy • New" Zealand Refrigerating , (cont.) — Buy 7s, sel 7s 4d. . : .... MISCELLANEOUS. -British ■ Tobacco—Sel 48s 6d.' ' ; ,Brown, Ewing ,(ord.)—Buy. 31s. Brown, Ewirig (pref.)!—Buy. .20s 6d: Bruce Woollen Co. (ord.)—Buy 11s ,6d. : , , . ~ U.j.C, D.I.C. (pref,J-r-Buy 21s 4d.. ■ Dominion Rubber—Buy 30s, sel 335. DonaghyV Rope and - Twine- -Buy 36a. .Dunedip-Kaikofai Trams-r-Biiy 345, , DunlopPerdriau! Rubber—Buy. 27s 6d. Kaiapoi Wqollen , (cont.)— Buy 4s lOd. Kaiapoi Woollen (pref.)—Buy 16s 3d. Milburn Limb and Cement—Buy 39s 3d, sel: 40s; 3d, - National Electric—Buy 9s .4d. ' New Zealand Farmers’ Fertiliser-—Buy sel 24e. New Zealand Paper Mills (ord.)—Buy 20s . 3fi, eel ;20a Bd. New Zealand Sugar .of Milk—Sel 19s. Otago Daily Times—Buy 725. ' Regent Theatre—Buy • 265. Smith . and Smith (pref.)—Buy 19s, eel 20a 6d. , Wilsons (NZ.) Cement—Buy 44s 6d, sel 45s ■■■■■ ' r BREWERIES, ■. ; - “New ■ Zealand ,Breweries, Ltd. i -rSel-85s. •-New -Zealand - Breweries ■ Debentures— Buy 28s 2d, sel'2Bs 6d.‘ ,' New Zealand'; Breweries Stock—Sel 28s Cd. ' Stapless Brewery—Buy 54b Id, sel 555. Dunedin Brewery—Buy 325, sel 365. MINING. Kawarau Gold Mining Co.—Buy Sd, sSI 7d. ' Nokomai Sluicing—Buy 15s. Waihi—Buy 12s 2d. (prefi)—Buy 40s 3d, seP4os 6d, cUrh div. Electrolytic Zibe, (ord.)—Buy 405, : eel 40s, 6d, cum, diw Mount Lyell—Buy 44s 2d, sel 44s Bd. Big Beach—Sel 7s. • . vKildare^—Sel-Ss. . Okaritp-—Buy Is 8d prem, sel la lid pretn.; •’ ' : Winding Creek—Buy Is prem, sel Is Sd prem. -vWAR BONDS. , . per cent. Bonds. 1938—Buy . £IOO. ■ 4i .pdr cent. Bonds,-1939—8uy. £lO9. ■ 44" per cent; Bonds; 1041—Buy ; £IOO. 54 per cent: Soldiers’ Bonds, 1933—8uy £lOl 2s 6d. V ' '4J per' cent.'lnscribed, 1938—Sel £IOO 6s. - . ... 55 .per eehtr Shldiqfs’; Inscribed; 1933 — Buy £lOl,, 5i per cent. Inscribed Bonds’, 1941—Buy £99 ss. . . 54 per cent. Inscribed, 1936—8uy £lOl 105... , 'V V .. .. 5} per cent. Bonds, 1033—Buy £99, sel £100... . ■ NORTHERN EXCHANGES. ■(Per Unwed Press Association.) Tlje following business was done, on ’Changes: yesterday:— . National Bank of Australasia. ,£l9 15s . Bank of -New Zealand, 635; 635; Union Batik of Australia, £ls 2s 6d, (Melbourne Register) £ls 2s 6d; North Auckland Farmers’ Co-opera-tive ',(A pref.); 14s, (pref.), 12s 6d; Northern Steamship (con;),- 6s ■ 6d; British Tobacco, 48s - 3d; By'-roft, Ltd., 345; Electrolytic Zinc (pref.), 40s 3d, 40s 3d; Waihi, 12s 2d; Broken Hill, 31s. Wellington. Sale: New Zealand Breweries (three parcels), 84s 6d. Christchurch:—Sales: National Bank of New Zealand, £6 19s; Goldsbrough, Mort, 4Bs fid; New Zealurid Refrigerating (10a pd.); 7s IdyGarlton Brewery,’ 48s; Staples Brewery, S4s’3d (two parcels); Tooth’s Brewery, 56s 3d; Mahakipawa, 34d (two - parcels)" 'Sales - - reported: National Bank of Australasia (£lO nd.). £l9 15s; British Tobacco, 48s 2d. UNITED STARR-BOWKETT BUILDING SOCIETY. ; A .meeting of ■ the United. Starr-Bowkett Building Society was held in the secreboard, room. (Messrs W. E. C. Reid and Co.)' last, night. Mr J. H. 'Hancock presided oyer, a fair attendance of members, ' .The: following appropriations were disposed of:— / ’ Group 3. appropriation of £SOO, by ballot, was drawn by cluster No. 12, held by one shareholder.' Fiftysecond appropriation of £SOO, by sale, realised; £3OO af £lB 5s per £IOO, £2OO at £ll 2s 6d per £IOO. Group 4.—Twentieth appropriation of £IOOO, by sale, realised £35 10s per £IOO. Messrs Fraser and Co., selling agents for. Otago and Oamaru Egg Circle, report as under:—Eggs, Is 4d to Is sd. Butter; Separator pats, Is 3d to Is 4d; bulk Is 3d to Is sd. , Tallow:. Market steady at 18s to 26s for best quality. Pigs; Good bacon-weight, 6id to 7d;'overweights, 3d' to 4d. Porkers, 6|d to 7d. Potatoes. £8 10a to £9 per ton. Chaff: Prime oaten sheaf £5 10s to £6 per ton sacks:extra. Whole fowl, wheat.. 6s 3d to ,6s 9d per bushel. Bulk, honey, 4Jd to 5d per lb;' 101 b tins 4a 3d to 4s 6d Supplies are lighter.-. White Leghorn pullets: '.Six months to 13s per pair. White Leghorn hens, 5s to 6s Heavy breeds, 6s to Bs. Cockerels 8s to 12s'. Roosters, 3s to 4s. Ducks, 4s to ss. Ducklings, 5s to 7s 6d, all per pair Turkeys:-Hens, lid to Is per lb; gobblers. Is Id to Is IJd per lb, live weight. We stock P. chick food. Perfection meat meal, leg rings Is per dozen (special quotes for quantities). Consignors please note that all pigs and poultry-must arrive not later than Wednesday, morning of each week. We have a stock of poultry orates bn hand forbthe use of: curvclienta.

LOCAL AND OVERSEAS MARKETS,

GRAIN AND PRODUCE REPORT. - e ?, ars Dal E e ty and Co., Ltd., report as-follows: Oats. Forward sellers have had to come into the market to fill their commitments, and the market has shown considerably more life than for some time past. Mocks held locally are not more *!i? T 1 for local requirements, and onermgs from the country have now ceased. Values to fai’mers are now 3s for As and 2s Od for B’s, on trucks, country sidings. . Wheat. No business is passing in mill•Eff wheat, and millers are still working on their stocks, which appear to be ample, as the demand for flour is comparatively ■ B *9w. There is some business now being done in Canterbury, in pool wheat ■ where considerable stocks are held. On'y a few lines of pool wheat are now held in Dunedin stores, and no doubt these will .be required in due course.- Nominal values remain as follow:—Tuscan. 5s 9d; Hunters, Gs; Velvets, 6s 6d;on trucks, sacks extra. .Chaff. Cutting has been resumed again in sonie districts, and supplies have been cpming to hand more freely. There is a steady demand for prime quality, and, with the absence of Canterbury consignments, the price remains firm at £6 per ton, ex truck. Potatoes. —-Canterbury growers are firm and the market remains firm. There- is apparently no- over supply of good tables, which locally are readily saleable at £9 per ton, ex truck, or £9 10s, ex store. ... ■ •Messrs D. Reid and Co., Ltd., report as to'.lows: : Oats:—More interest was taken in this market during the last week than has been, the ease at any other time since threshing was finished. Merchants are securing only odd lines. There are not very many oats of grade quality available here for shipment, and local requirements.will absorb practically all that are held, in store. Offerings from the countrv are negligible. Values increased fully Id per bushel. Value to farmers is now:—A grade 3s, and - B grade 2s 9d, sacks extra, on truck, country stations.. Chaff. —-This market, is still firm, and Central farmers are now consigning more, freely. • Canterbury offerings are not so plentiful. Apparently shipments to the north' are absorbing the bulk of the northern chaff. The local demand is never great, and there is' generally sufficient available for all inquiries. - If values continue as at present, shipping will probably be attempted from this port. Best oaten sheaf is realising £6 per. ton, sacks extra, ex truck, Dunedin. Medium and inferior is worth from £4 to £5, sacks extra, ex store. ■ . ’Wheat.—Local millers are -well stocked at present. The’ only' Wheat offering is pool-controlled, and this is gradually being absorbed. - It is, however, anticipated that there will be- ample supplies available until such time as the new season’s' crop conies on the market. Fowl wheat is also in plentiful supply, the better quality, commands most attention. No samples of: free wheat.are offering, and‘nominal values remain:—Tuscan, 5s 9d; Hunters,. 6s;. Velvet, 6a. 6d; sacks extra,-on truck, at farmers’ railway stations! , Potatoes. the past week the .market up north developed a see-sawing tendency, and local merchants are inclined to watch developments. Sales are being made only in small quantities. ; Probably prices have reached the limit for a while anyway. _ There are not many tubers, -available in local stores. . Value ex truck to-day is £9 per ton, sacks in; £9 10s is being obtained ex store for freshly-picked choice lines. ELECTROLYTIC ZINC LIMITED . The . following advice has been received ,by-:the, secretary of- the Stock Exchange Association of New' Zealand from the Zinc. Mining Company:— - .I.* is officially announced that the Elect 4°J St l c , c . .Company of Australasia, Ltd., has decided to extend its plant at Risdon, Tasmania, to provide additional capacity representing approximately 30 per cent, of that of the existing equipment. The output of zinc, which, for the year ended June 30, 1929. was 50,000 tons, will thus be increased to about 65 DOO tons, i hia mcrease in production will become effective in about 18 months’ time. In reaching this decision, the directors have been influenced by the desirability of balancing the position that will arise in about two years’ time, when, the company will have to. purchase concentrates in the open market in addition to, those derived f c 01 ?r i oTvn mines at a price, in excess ot that now being paid under its purchase contracts. The programme of expenditure as at present arranged will not necessitate .the raising of additional capital for the extensions.” ■ RIVERSDALE SALE. {From Our Own. Correspondent.) m. ii i GORE, August 17. The monthly stock sale, held at Riversdale on Friday, attracted a fairly large attendance of farmers and buyers There was a very large entry for this time of the year. Although at the start the sale, was inclined to be slack, it imProgressed, and practically the whole offering was cleared. The easier tone of the wool:market, however, was reflected m the sale of old ewes to Per head lower than those obtained at the corresponding season. Young ewes whic-E" have not been offering very freely were keenly sought after, and realised very satisfactory prices, fairly good quality bringing up to 43s 9d. This price was obtained by Messrs J. E. Watson and Co. for,a hne of two,and four-tooth ewes sold on behalf of Mr H. •C. Rowe Wen! S; n f”>P Urc l 1 .? ü ßer c ,being Mr A. M’Donald, Rakahouka. The Southland Farmers’ Coop. Association. Ltd., sold a Lne of two/wth ,? we f °, n l l ehalf of Mr P. Monaghan (Wendon) to Mr M'Donald at 43s Bd, while a hhe of six and eight-tooth ewes realised 39s 9d. Good full and failing ewes realised up. to 325, while fresh faihng-IBSUtk ewes made from 23s to 26s and poorer sorts down to ,19s. 'Ewe hocfic ’ ian^ ed , hands -at from. 29s 6d to tkL i ew j Des Prime wethers were forward, and realised from 41s to 10d to n 3ls W el ' S made from 27s DAIRY PRODUCE. Messrs A. S. Paterson and Co., Ltd. have received the following cablegram from London, dated 16th inst:— h Butter.—Steady. Danish. 1725: New -«^ I l® ? A«*rr Qu i et at j advance. White, pys- to 88b, coloured, 60s to 91s. Scott Bros., produce' merchants and commission agents agents for Dunedin £sg Suppliers’ . Association, report:Eggs. Wholesale to-day; storekeepers. Is 4d; guaranteed. Is 5d per dozen. ButterDairy pats. Is 3d; bulk. Is 3d to Is 4d Per lb. Honey: Bulk. 4id to 5d per lbl°!b tins 4s 6d to 5s each. Beeswax; Is 5d to Is 6d per lb. Fat, 21s to 24s per cwt. Poultry: Hens. 4s to 4s 6d per pair; heavy breeds. 5s per pair. Ducks: Good,-2s to 2s 6d each. Geese, 3s to 4s each Turkeys: Hens Is per lb; gobblers. Is Id per lb. Pigs: Prime baconers, 63d to 7d per lb; porkers, 63d to 7d per lb. Potatoes: Prime quality, £9 per ton. Table swedes, £2 per ton. Carrots, £4 10s for good tables. Onions: Canterbury, £ll 10s per ton. Chaff; Prime oaten sheaf £6 per ton, sacks extra. Whole fowl wheat, 6s to 6 S 6d per bushel Maize 8s 6d per bushel. Oats. 3s 9d per bushel’ sacks extra. Straw: Pressed wheaten! £3; oaten. £3 10s, Clover and ryegrass hay, £5 10s per ton. Lucerne hay, £6 Ss to £6 10s. We also stock- the following lines:—Meat meal, charcoal, oyster grit chicken food, egg crates (quotations on application). Please note: Pigs and poultry must arrive not later than Thursday in the week. . August 19. 1029.

ORARI CO-OPERATIVE DAIRY COMPANY. TENTH ANNUAL REPORT. In the tenth annual report of the Orari Co-operative Dairy Company, which will be pi’esented to a general meeting of shareholders at Orari to-morrow, evening, the directors state that the most pleasing aspect of the season’s work was the considerably increased supply, representing approximately 14 tons of cheese, and it was felt that this was to some extent due to top-dressing and improved pastoral management. The directors urged suppliers to continue the good work in this direction. Every facility was given suppliers to purchase artificial • manures and lime, and the provision of a lime sower should give encouragement in that respect. ' During the season under review an advance payment of Is 5d per lb butter-fat had been made to suppliers, and whilst at the moment it was not possible to indicate the final results definitely, as a considerable quantity of cheese remained unrealised, suppliers might, rest assured that the directors would spare no effort to bring the final payment up to as high a figure as possible. It seemed, however, hardly likely that the company would be able to retain the enviable position which it had held during past years—that of paying out the highest price in the district. r "’quid be noted, that the average teat showed a commendable increase, indicating that suppliers were improving the grade of their herds. .1 A l c k o^I \ a „ riaon of su PPiy and yield of the 19,7-28 season and that under reyiew - were given as follow, the figures tor 1927-28 appearing in parentheses:— Output .of cheese (268,5261 b), 300.0321 b; I'Gcejved for cheese making (~677,7601b), 2,953,7831 b; butter-fat in same (94,943.171 b). 108,052.351 b; average test (3.55), 3.6581; yield to pound of butter-fat (2.828.2), 2.7767; pound of milk to pound of cheese (9.9720). 9.8447, During the past season an effort. ■ was made to organise the “bobby calf” business in South Canterbury, with very happy results, the final : payment being 9s per calf; which was as high as 'any in New Zealand. No nominations having been received tor the three vacancies in the directorate caused by the retirement of Messrs b. R. Muff, A. South, and F. South, tho three retiring directors, who were eligible tor re-election, would be elected unopposed. WELLINGTON CITY LOAN. Messrs Fenwick and Reeves report that the Wellington City Council loan of £130.000 5i per Cent, debentures (1944) has been fully subscribed.