COMMERCE AND FINANCE

Otago Daily Times, Issue 20828, 21 September 1929, Page 10

COMMERCE AND FINANCE

THE SHARE MARKET. DUNEDIN STOCK EXCHANGE. There has not been as much business done.on the Dunedin Stock Exchange during the past week as was the case in the penous period. , There was only one 'transaction im the banking section, a parcel of E.S. and A Banka changing hands at £8 9a 6d. They were on offer around this price for most of the week, but the only buying quotation was £8 fls. A sale of South British Insurances took place at G6a 6d. Buyers have offered. 60s during the week, and sellers have been firm at 67a. A parcel of National Insurance changed hands at 16s lOd. The demand has varied from 16s 7d-to 16s 9d, with sellers around 16s lOd. / ■ No business has been done in either tin shipping or the coal section. Huddart. Parkers are now quoted ex dividend, and 44s was offered for the ordinary shares yesterday, with sellers demanding 45s There was an unsUpplied buyer of tne preference shares at 20s 6d. ' Business was done in National Mortgages at 86s 4d. There has been a steady . demand at about 86s and up to 86s 3d Early in the week sellers were. asking 90s, but this demand,was reduced to 87s 6d later. The market closed with a buyei offering 86s, with no seller forward. No sales were recorded in the meat preserving section. There was a transaction in Milburn Limes at 38s. There were inquiries at 37s 6d, but sellers have been asking 38s Sd. Up to 7Ss has been the offer for New Zealand Drugs, with sellers asking 765, There was one sale at 75s 9d, and an odd parcel also changed hands at 75s 6d. Christchurch Gas have been in demand , all the week, the early offer was 26s 3d, but this was increased to 26a 4d, and later to . 26s 6d. The market closed with a buyer at this price, but no seller came forward. ; New Zealand Breweries shares commenced the week with a buyer at 90s and a seller at 91s 6d. With slight variations, the demand remained about the same all the week, while the selling price varied from 92s to 90s 6d, the market closing with sellers .asking the latter figure and buyers offering 90s, There were two sales —one at 90s and one at 91s. Early in the week, buyers of New Zealand Breweries debentures were offering /29s Cd, and this was raised to 30s. without any seller being attracted. When 30s 4d was offered, a seller quoted 31s 3d. Two sales , were recorded at 31s. and the latest quotations were 30s lid (buyers) and 31s Id (sellers). Staples Brewery shares have also shown an improvement over the period. They were on offer in the first place at 53s 3d, The first buying offer was 535, but the demand improved until, at the end of the week, buyers were offering 54s 6d, with a seller at 55s 3d. There was a sale ' at S4s 6d, and another at- 54s 9d. There have been several sales of Kildares. These shares have eased somewhat, the prices obtained being 4s 6d, 4s 4d, 3s lid, 3s lOd, 3s 9d. There has not -heeii a great demand, 4s 6d being offered early in the week, when sellers were asking 4s Bd. At the close of the market buyers were offering 3s 9d, with sellers asuing 3s lid. There has been a steady demand for most classes of Government stocks. Sales: Kildare. 3s lid. 3s lOd, 3s 9d. • Sales reported: New Zealand Drugs, 75s 6d cum div. (odd parcel); Staples Brewery, 54s 6d, 54s 9d. The following are yesterday afternoon’s buying and selling quotations, which are ■ subject to the usual brokerage:— BANKING. Australian Bank of Commerce—Sel 35s fid. Bank of Australasia—Buy £l4 10s. Bank of N.S. Wales—Sel £52. Bank of New Zealand—Buy 62s 6d/ sel 83s, „ Bank of New-Zealand (long “D”)— Buy 28s 9d. , Commercial Bank—Buy 29s lOd, sel 30a 2d. s E.S. and A. "Bank—Sel £8 10s. National Bank of New Zealand—Sel £6 18s. National Bank of Australasia (cont.) 1 —Sel £9 13s. J Union. Bank—Sel £ls Is. INSURANCE. National Insurance Co.—Buy 16a 7d sel_l6s lOd. ■ N.Z. Insurance Co.—Sel 48s 3d. Standard Insurance Co.—Buy 64s 3d. ! SHIPPING. I Huddart. Parker (ord.)—Buy '44s sel 45s ex div. , ’ Huddart. Parser (pref.)—Buy 20s 6d ex div. , P. and O. Deferred Stock—Buy 58s 9d, •. scl 62s r * U.B.S. Co. (pref.)—Buy 21s. COAL. ' Westport Coal Co.—Buy 345. LOAN AND AGENCY. Goldsbrough, Mort—Buy 45a, sel 40s 6d. National Mortgage—Buy 86s. N.Z. Guarantee Corp.—Buy 9g Sd, sel 10s. Perpetual Trustees—Buy '6Bs. Trustees, Ex. and Agency—Buy 60s. Wright, Stephenson (ord.) —Buy 25s Od, sel 26s 6d. Wright, Stephenson (pref.)—Buy 18s 6d. MEAT PRESERVING. Gear Meat Co.—Buy 43s 9d. Refrigerating (pd.)— Sel 14s 6d, , a' • Refngeratmg (cont.)—Buy 6s 6d, sel 6s lOd. MISCELLANEOUS. British Tobacco—Buy49s, sel 49s 9d Brown, Ewing (ord.)—Buy 31s 3d.' Brown, Ewing (pref.)— Buy 21 8 . Bruce Woollen Co. (ord.)—Buy 13s Colonial Sugar—Buy £57 S S . D.I.C. (ord.] —Buy 12s 3d pretn. D.I.C. (pcef.)—Buy 21s 6d. Dominion Investments—Buy- 24s Dominion Rubber—Buy 295, sel 33s Donaghy’s Rope and Twine—Buy 36a. Kaiapoi Woollen (ord.)—Buy 13s 3d, Bel 13s Od, Kaiapoi Woollen (cont.) —Buy 4s lOd sel ss. Milburn Lime and Cement—Sel 38s 3d. Mosgiel Woollen Co.—Buy £7 15s. M’Leod Bros.—Buy £3O. v dj N Z - Dr us. Co.—Buy 765, sel 76s cum N.Z. Express (ord.)—Buy 14s, eel 16s. N.Z. iarmors’ Fertiliser—Buy 22s 3d eel 235. N.Z Pa P e r (ord.)—Buy 20s, sel 20s 9d. Otago Daily Times—Buy 725, sel 74s 6d Smith and Smith (pref.)—Buy 19s. Auckland Gas—Buy 24s 6d.' Christchurch Gas—Buy 26s 6d. Gisborne Gas—Buy 13s. Wilsons (N.Z.) Cement—Buy 44a. sel 44s Cd. BREWERIES. _ N.Z. Breweries, Ltd.—Buy 90s, sel 90s 6d. , Staples Brewery—Buy 54s 6d, sel 55a 3d. Dunedin Brewery—Buy S4s, sel S6s. MINING. Nokomai Sluicing—Buy 15s. Waihi—Buy 13s 3d, sel 13s 9d. Electrolytic Zinc (pref.)—Sel 38s. Electrolytic Zinc (ord.)—Sel 3Ss. Mount Lyell—Buy 44s 6d, sel 45s 3d. Big Beach—Buy 4s, sel 7s. Obinemuri—Buy 9s 6/ sel 10s Cd Kildare—Buy 3s 9d, sel 3s lid. Winding Creek—Buy Is 2d prem, sel Is 6d prem, • Winding Creek (pd.)—Buy Is lOd, sel 2s Id. WAR BONDS. 4i per cent. Bonds, 1938—Buy £IOO. 4J per cent. Bonds, 1939—8uy £IOO. 4| per cent. Bonds, 1941—Buy £IOO Si per cent. Soldiers’ Bonds. 1033—Buy £lOl. y 4J per cent. Inscribed, 1038—Buy £IOO 3s Cd. cent. Inscribed, 1939—8uy £IOO Si per cent. Soldiers’ Inscribed. 1933Buy £lOl. 51 per cent. Inscribed Bonds, 1941—Buv £O9 10s. 5i per cent. Bonds, 1930—Buy £OO. Si per cent. Bonds, 1936—8uy £lOl 10s.

LOCAL AND OVERSEAS MARKETS.

5i per cent. Inscribed, 1936—8uy £lOl 10s, sel £lO2. Si per cent. Bonds, 1933—8uy £99. 5| per cent. Inscribed, 1933—8uy £99, sel £IOO. NORTHERN EXCHANGES. (Peb United Pbess Association.) The following business was done on ’Changes yesterday:— Auckland.—Sales; War Loan (1933) Si per cent., £lOl 15s; New Zealand Breweries debs., £1 10s lOd; National Bank of New Zealand, £6 17s; Bank of New Zealand, £3 2s lOd; Bank of New South Wales, £sl Iss; Union Bank, £ls 0a fid; Wright, Stephenson, £1 6s; Waihi, 13s 4d; Mount Lyell, £2 5s Id. Wellington.—Sales reported: Bank of New Zealand (long term), £1 8s 9d; Goldsbrough, Mort and Co., £2 6s; New Zea land Insurance Co., £2 8s; New Zealand Breweries shares, £4 10s 3d; New Zealand Breweries 10 per cent, bonds, £1 10s lOd; British Tobacco Co. (Australia), £2 0s 8d; National Mortgage and Agency Co., £4 7s. Christchurch. —Sales: National Bank of Australasia (£5 paid), £9 lls 6d; Bank of New Zealand, 62s 9d; National Insurance, 16s 9d; New Zealand Refrigerating (10s paid), 6s Sd; British Tobacco (cum div.), 49s 6d; Colonial Sugar, £57 10s; Mount Lyell, 455; Winding Creek (Is paid). 2s New Zealand Breweries, 90s 6d (two parcels) ; Staples Brewery, 54s lid (two parcels), 54s 9d (two parcels). Sales reported; Queensland National Bank, £9 16s; Auckland Gas, 244 8d; Staples Brewery, 54s 6d; British Tobacco (cum div.). 49s 8d; Mount Lyell, 455; New Zealand Farmers' Co-op. “B” preference, 70s; Union Bank of Australia, £ls. DUNEDIN MARKETS. WHEAT, OATS, ETC. The chief topic of interest in the milling wheat market is the announcement that a large parcel of wheat—it is understood about 1,000,000 bushels—is to be shipped by tho pool overseas. It has been known for some time that there has been a"fairly heavy surplus of wheat in the Dominion, hut tho quantity must have been larger than was thought, seeing that it is considered necessary to ship overseas in order to strengthen the local markets. The announcement, however, has not made any difference in the position in. tho New Zealand markets, because millers are holding considerable stocks, and it will take some time to work these off. Millers, therefore, are quite satisfied to look on in the meantime, and await the arrival of the new season’s wheat. The current quotations remain unchanged at 5s Dd for Tuscan, sacks extra, on trucks, country sidings; 6s for Hunters, and Go Gd for Velvet. So far as the Otago district is concerned, there is practically no free wheat now available, and only odd lines of pool wheat. 1 Supplies of fowl wheat are getting into short compass, and the market shows an improvement. Up to 6b per bushel ox store can now be obtained for the best quality. The shipping quotations in Canterbury are stilLabout Be lid to 5s lUd, f.0.b., sacks extra. Local sales are on a hand-to-mouth basis, and this is also the position in Canterbury. As a consequence there is not a great deal of business passing. . , Millers’ prices for flour, etc., are ns follow: Flour; 2001 b, £l6 15s; 100’s, £l?‘ 15s 1 50’s. £18; 25’s, £lB 10s. Bran, £7 per ton. Pollard, £8 10s. Oatmeal: 25’s, £25 10s; 200’s, £24 10s. The oats market appears to have settled down, but there is not the same number of inquiries going through. Present values are 3s 10d, f.0.b., s.i., for A’s, and 3s 7d for Bs. These prices are equivalent to os 4d, sacks extra, on trucks, country sidings, and 2s lid respectively, quantities held in store are on the light side, and the chief business is in seed fines, for vHnch there is a good demand, borne of the varieties, such as black tartans apd Webbs Challenge, are unprocurable, as farmers who grow these varieties n p t n oV inclined to thresh, preferring to cut their stacks for chaff The latest reports from Auckland state Wi,! 1 "' 8 '# 0 A osts l he new Potato crop ™ ifi D aSe ,9 I ted - an< i that it will not bo 6 6 n Un i l 1 tb . e ? iddle November. p™fA ad a st T eady ™2 effect on prices LS rbury ,' Locally, however, it is difficult to make sales. Sound tubers can be quoted at round about £8 per ton, sacks included, ex store. Lines showing signs of growth are unsaleable. It is apparent that there is still a fair quantity of potatoes available. Auckland reports that ample supplies are still arriving trom the South Island, particularly Canterbury, and that prices are down to £8 per ton, ex wharf. Supplies of chaff are more plentiful, and with the limited demand sales are difficult to effect. Best quality is worth £0 per ton, sacks extra, ex truck. Consignments are arriving from Central Otago, Southland, and Canterbury. With the approach of their busy season, it is anticipated that farmers will not devote much time to chaffing, and that arrivals will ease off, resulting in a better tone in the market. Apart frdnr the retail business, the volume of which is increasing, there is not much doing in seeds. Ryegrass remains firm,-and shipments are being made to Australia and the North Island at 7s f.o.b„ sacks extra, for 28-291 b seed. Cocksfoot :s also firm at recent quotations, Afcaroa cocksfoot is in short supply,, and lines can be quoted at 13Jd per lb, on trucks, Addington. There is a pressure to sell on the part of holders of dogstail, but little interest is being shown in this variety of seed. Produce lines are quoted wholesale as follow: Chaff; Best quality, £6 5s ex store* £6 ex truck. Potatoes, £8 per ton. , Eggs: Stamped, Is Id; case, Is. Dairy Butter: Milled bulk, Is 3d to Is 4d per lb, according to quality; pats. Is 3d (supplies very scarce). Bacon, Is 2d per lb. Ham: Rolls, Is 3d per lb; boneless, Is 4d. ’ Honey: Bulk, Sd per lb; rib pats, 4s per dozen. Onions: Californian, 20s per bag. The egg market is very weak. Canterbury onions are about finished. Dines loft in the stores are beginning to sprout. , 1 FRUIT REPORT. . The shipment _ of Sevilles, mandarins, pines, and passions cx the Waikouaiti only amounted to some 280 cases in all In view of the light shipment prices firmed considerably for citrus fruits The passions and pines also met a good markei. Bananas are now getting into short compass in wholesale , hands. Prices firn id during tho week. The -dple market is dull. Dessert Stumers are about the only fruit coming forward. Choice coloured have the best inquiry. A line of Island tomatoes is expected early next week. ■ Fre4h supplies of Victorian grown lemons and oranges aro due by tho Manuka Advices state that prices will bo considerably higher than for previous consignments. The feature of tho week in vegetable lines has been the keen demand for cauliflowers, choice quality particularly and prices showed a sharp advance. Growers s.ate. that supplies will be short next week. Rhubarb is more plentiful’ and is meeting a good sale. Winter cabbages are now done, and spring grown are meeting with a very keen demand at up to 5s per dozen. Choice lettuce are in poor 'supplv, but prices remain firm. The quality of the celery reaching the marts is now going off. The wholesale prices arc as follow: Apples.—Stumers, choice, to 10s; others, 3s 6d to §s; cookers, choice, 7s Od, Bananas: Ripe, 22s 6d to 255. Oranges: Adelaide Valencias, to 20s per case; navels, 23a to 255; Poorman, Cs 6d to 8s Gd