COMMERCE AND FINANCE

Otago Daily Times, Issue 20870, 9 November 1929, Page 23

COMMERCE AND FINANCE

THE SHARE MARKET. DUNEDIN STOCK EXCHANGE. There has been an unusually large volume of business transacted on the Dunedin Stock Exchange during the past week, but of the 26 transactions only two or three took place'on ’Change, the remainder being reported sales. • Commercial Banks have seen some activity, three sales taking place at 27s Id, 27s lOd, and 27e 9d. There has been a steady-demand for these shares at 27a 6d, and sellers have been asking 28s. The earliest offer for Bank of New was 50s 6d, but this was increased to 60s and then to 60s 6d. Sellers have been quoting around 61s. There was one transaction at 60s. A parcel of the long “ D ” issue was turned over at 28s 9d. There have been buyers of these shares during the week at 28s 6d, but sellers have not come forward. E.S.’ and A. Banks are quoted cum dividend, and the latest quotations are £7 14a (buyers) and £7 16s (sellers). One sale was recorded at £7 12s 6d and two at £7 15b. , A parcel of New Zealand Insurance changed hands at 46a, 3d. Buyers have been offering 45s 9d and up to 1465, while' sellers have been Arm at 46s 6d. ■ Up to 65s has been offered for. South British - Insurances, with sellers at 665. There was one sale at the latter figuTe. No business has been done in the shipping or coal sections. There has been a buyer of Pukemiro Collieries at. 69a, but sellers have been reticent. Yesterday the offer for Westport Coals was 33s Od, with sellers asking. 34s sd, Business has been done in’ Goldsbrough. Morts at 445. Buyers have been offering from 43s up to 445," and, the latter was the selling quotation yesterday, when, no buyer was forward. There was a sale of-Gear Meats at 44s 3d; The demand, has .been steady during the week at.435.6d, but sellers have :not come forward. Kaiapoi Woollen contributing , shares have been asked for at 3s 6d.aiid 3s Od, with sellers at 4s 3d. There was one sale at 3s lOd. The demand for New Zealand Drupe has been steady at around 735, and the selling price has, been 74s 6d. A parcel changed hands, the .figure realised being 745. ■ L Buyers of New Zealand Paper Mills have been offering 20s, and sellers have been demanding 9d more. A sale was recorded at 20s 6d. There has' been business done in New Zealand Farmers’ Fertilisers at 22s’, and the demand has been in the neighbourhood of 21b 6d, which was the offer at the close of the market. A parcel of British Tobaccos chapped hands during the week at 44s fld. The early offer for these shares was 43s 6d, but they saw a sharp rise, the latest buying quotation being 465. Yesterday there' was a seller at .46a 6d, but no buyer came forward. ' At the commencement of the period, Milburn Limes were on jifer at 375, but no buyer was attracted, and the price gradually fell to 36a. Yesterday, there was a buyer at 36s and a seller at 365. Business was done at 355. A parcel of New Zealand Breweries shares was turned over at 88s. The closing quotations were 87s (buyers) and 88s (sellers). From -33 s up to 34s 6d has been offered for Electrolytic Zinc ordinary shares, and there has been, a. aale at 34s 6d. Sellers have been dehvapdjng 35s 9d. : ; -. „ Mount Lyells are -now quoted cum dividend. There have been three* transactions at 41s fid, 435, and 42s 9d. Buyers offered 42s- 6d yesterday, and sellers demanded 43s 3d. ' ‘ Up to 10s has been offered for Ohineranris, and there has been a sale at 10s od. At the close of the market the shares were'on offer at-11s, with no buyer forward. ■ Kildares commenced this week with buyers at 3s fid, and firmed to 3s Bd. They eased-again yesterday, however, and the offer was then 3s. There have been sales at 3s fid 3s Bd, and 3s 3d. Sales: Mount Lyell. 435, 42s 9d (cum div.); Kildare, 3s 3d. _ Sales reported: Milburn Lime and Cement, 355; E.S. and A, Bank, £7 15s (cum div.). The following are yesterday afternoon’s buying and selling quotations, which are subject to the usual brokerage:— BANKING. Australian Bank of Commerce—Sel 32s 3d. Bank of Australasia—Sel £l3 16s fid. Bank of New South Wales —Buy £4B 7s fid cum div. Bank of New Zealand—Buy 60s 6d cum div. Bank of New Zealand (long “D”) Buy 28s 6d cum div. Commercial Bank—Buy 27s 6d, sel 28s-' E.S. and A. Bank—Buy £7 14s, sel £7 16s cum div. National Bank of New Zealand—Buy £6 13s, sel £6 16s. , . . National Bank of Aust. (cont.)— Buy <9, eel £9 2s. Union Bank—Sel £l4’l3s. INSURANCE. -, National Insurance Co.—Sel 16s 8d cum div ; New Zealand Insurance Co.—Buy 45s Bd, sel 46s 6d. South British Insurance Co.—Sel 665. - Standard Insurance Co!—Sel 655.. . A.PA. Insurance—Sel 13s 6d. > SHIPPING. Burns, Philp—Buy 41s. Howard Smith (pref.)— Buy 20s, Huddart, Parker (ord.) —Sel 435. Huddart, Parker (pref.)—‘Buy 20s 6d. Union S.S. Co. (pref.)—Buy 20s Od. COAL. Pukemiro Collieries—Buy 60s. Westport Coal Co.—Buy 33s 9d, sel 34s 6d. LOAN AND AGENCY. Dalgety and Co.—Buy £l4 5s cum div. Goldsbrough, Mort—Sel 445. National Mortgage—Sel 85s. N.Z. Guarantee Corp.—Sel os. Perpetual Trustees—Buy 68s. Trustees, Ex., and Agency—Buy 60a. MEAT PRESERVING. Gear Meat Co.—Buy 43s 6d. N.Z. Refrigerating (paid)Sel 13s 9d. N.Z. Refrigerating (cont.) —Buy 5s lOd. ■el 6s. MISCELLANEOUS. Australian Iron and Steel (pref.)—Sel 21s 6d. British Tobacco—Sel 46s 6d. Brown, Ewing (ord.) —Buy 30s. Brown, Ewing (pref.)—Buy 20s 6d. Bruce Woollen Co. (ord.)—Sel 12s 6d. Colonial Sugar—Sel £53 ex div. D.I.C. (ord.) —Buy 11s 3d prem. D.I.C. (pref.)—Buy 21s 3d. • Dominion Investments—Buy 245. Dunlop Perdriau Rubber—Sel 25s 9d. Eclipse Petrol—Sel 14s. Kaiapoi Woollen (ord.)—Sel 13s Od. Kaiapoi Woollen (cont.) —Sel 4a 3d. Kaiapoi Woollen (pref.)—Buy 14s 6d, sel 15s 6d. Milburn Lime and Cement—Buy 355, sel 365. Mosgiel-Woollen Co.—Buy £7 15s cum div. National Electric—Sel 11s. m Drug Co.—Buy 735, sel 74s 6d. -*-Z. Farmers’ Fertiliser—Buy 21s 6d Otago Daily Times—Sel 735. Smith and Smith fpref.)—S e ] ig a od Victoria Nyanzn Sugar—Sel 445. Auckland Gas—Buy 24s 9d. sel 25s Gd. Christchurch Gas—Buy 265. Whitcombe and Tombs—Buy 70s Wilsons ■ (N.Z.) Cement—Buy 41s Gd ■el 43s 6d. BREWERIES. N-Z. Breweries. Ltd—Buy 87s. sel 88s. N.Z Breweries Debent.—Sel 28s od, Staples Brewery—Buy 535, sel 54s 6cl. Dunedin Brewery—Sel 33s 6d. MINING. Nokoraai Sluicing—Buy 15s. Waihi—Buy 12s 3d. Mount Lyell—Buy 42s 6d, sol 43s 3-1 eurn div. Ohinemuri—Sel Us. Kildare—Buy 3s, sel 3s Id. Okarito—Buy Is Id prem., sel Is Od prem. Winding Creek—Buy 0d prem. Winding Creek (paid)—Sel Is Od. Stoney Creek—Buy 4d prem., sel 5d prem. D addy’s Point—Sel 5a

LOCAL AND OVERSEAS MARKETS.

WAR BONDS. 4J per cent. Bonds, 1930—Buy £99 ss. 4J per cent. Bonds, 1038—Buy £IOO. 44 per cent. Bonds, 1939 —Buy £IOO. 4J per cent. Bonds, 1941 —Buy £IOO. 54 per cent. Soldiers’ Bonds, 1933—8uv £IOO 10s. 4J per cent. Inscribed, 1938—Buy £IOO. 4J per cent. Inscribed, 1939—8uv £IOO. 54 per cent. Soldiers’ Inscribed, 1933 Buy £IOO 10s. 5i per cent. Inscribed Bonds. 1941Buy £99 10s. ' 5f per cent. Bonds, 1930—Buy £99 ss. 5J per cent. Bonds, 1936—8uy £lOl ss. 5J per cent. Inscribed, 1936—8uy £lOl ss. of per cent. Bonds, 1933—8uy .£99 10s. 5i per cent. Inscribed, ,1933 —Buy £99 10s. o's per cent. Inscribed, 1937—5 el £IOO. NORTHERN EXCHANGES. . (Per United Press Association.) The following business was done on Changes yesterday:— Auckland. Sales; New Zealand Breweries Debentures, 28a 3d, 28s 4d; Bank of Australasia (late sale Thursday), £l3 15s; Commercial Bank of Australia (late sale Thursday), 27s 9d; Bank of New South Wales (Sydney register), £4B and £4B 7s 0d; Bank of New Zealand, 3d (two parcels); National 1 Insurance, 16s 3d; New Zealand Insurance,’46s’ 3d; South British, 65s 4d; Goldsbrough, Mort, 43s 6d; Grey Valley Coal, 26s 9d; Electrolytic Zinc, 34s I4d, 345, preference, 355; Kawarau 4d„ Mount Lyell, 42s 6d; Thames. Gas, 7s; Taupirt Coal,-30s; Leyland (TBrien, 31a 6d; Waihi, 12a 4Jd. Wellington.—Sales reported: Conamer-. cial Bank of Australia (ord.). £1 7s Bd’ (on ’change, two lots); Bank of Australasia, £3 15s; Mount Lyell Mining and Railway, £2 Is 6d (cum div.); Bank of New South Wales. £4B 12s 6d; Staples and Co.. £2 13s 6d. Christchurch.—Sales: New Zealand -Breweries (bondfe), 29s 5d (two parcels); New Zealand • Refrigerating, 6 J per cent. (1935), £O7 ..10a; Bank of New South Wales, £48.7s 6d; Goldsbrough, Mort, 43s sd, 43a 4d; - Westport Coal, 34s 3d - Tooth’s Brewery, ’■ 48a 4d, 48s 3d.—Sales reported: Mount Lyell (cum div.), 44s 6d; Mount Lyell icum div., late sale Friday),, 40s IQd; Waihi Mining. 12s 4d; Mount Lyell, 42s 9d. bIINEDIN MARKETS. WHEAT, OATS, ETC. The milling wheat market continues quiet, with practically no business passing. As a matter of fact, there is little good milling wheat to offer locally, and millers who require an odd line or two have to draw their supplies from Canterbury. Some lines of indifferent quality are held here by.the pool, and these are being disposed of for fowl feed. The market for this wheat is fairly steady, and 6s 2d ■ per bushel, sacks extra, ex store, is obtainable for the best quality. This figure applies to best-quality only! other lines being slow of sale at reduced prices. Reports from the north state that the price of fowl wheat.is 5s lid to 5s Hid, f.0.b., sacks extra, Canterbury ports. North Island merchants, however, are not buying very freely, as they appear inclined to work on a hand-to-mouth basis in the meantime. The rains which- have been experienced for the past few days have done a tremendque amount .of ■ gpod. to ■ the- growing cropk. They came at. a tinie when moisture was badly needed, and with more ram later on good yields should be assured. . Millers’" prices-for flour, etc., arc as follow: 2001 b, £l6 15s; 100’s, £l7 15s; 50 s. £18; 25 s, £lB 10s. Bran, f 7 per ton. Pollard, £8 10s. Oatmeal: 2o’s, £25 10s; 200 s. £24 10s. Inere is little activity in the oat market. An occasional line is being sold for shipment but there are only small stocks now held in the stores here. Most ot these, oats will bo wanted for feed purposes The market can be quoted as firm at late rates—name!}-, 3s 84d, fob s.i„ for A s, and 3s 7d for B’s" The<m figures are equivalent to 3s 2d and 3s sfeks extra! ° D C ° Untry sidings - Consequent on the recent dry weather. b 4 r of ,{ arme f 8 had to secure feed tbat there will be a good er f Sß ’ on the recent ’ rl hIS dcmand will probably ease I J h f ? ranis should also materially b t i- the c tr ’' p ‘l aJrea< fy planted. i r if L -' a ff are in small comnass and following on the advance in prTce in Canterbury, the local market has also pfa”ed' at qUa,U3r chaff is readily Btorl AV™ 1 Per ton, sacks extra. £ r „ e > and f 6 ex truck, Canterbury has thrNort P h r Ed g m g °° d demand from .)T d ’ the curr ,ent price being f * JL- S -V* ,for Prompt shipment. Sales Is 6d° n pr e £. made .from Blenheim at ■ per ton ’ f-o-b., B.i. :nj^s- pol f to mar ket is beginning to drag from fb* l ' are-’still arriving from the surrounding districts but tHic is rather unusual for this W of the season, most of the old tubers having, under , COnditl J OUB ' been cleanel up by fre«LW T ar f. dlffl oult to effect, and only lines are inquired for. The inquired for, especially from the Isorth Island, and the market for this variety is firm. Stocks of ryegrass seed MU re .f° n ? igh f « d e yeg Thcr 6 e ee / leed” h a,terat ‘° n ,n the pviws of other a r.o quoted as follow: ' ex trufk*. B qUa ,ty ’ £6 10s ex st ore; £6 Potatoes, about £7 10s. Eggs: Stamped, Is 2d; case. Is Id 4d ner y ih ßl,ttCr: n MillGd b ” ,k - to-I, Id F fl' b v acc °rding to quality; pats, Is 3d (supplies very scarce). Bacon, Is 2d per lb. 4d Ham: Rolls * ls 3d Per lb; boneless, 1? pc? 0 d n ozo : n. BUlk ’ 5d Per ,b: J,b P 3ts * 4s bag. 01 ”" 81 Ca!iforniaD to 22s per 100IL-. • FRUIT REPORT. Sturmer apples are almost finished for sed a TL n ’ a f nd - h > h . P ricea are be ng roaT The fruit shipment of Canadian apples is due ex the Kurow next week thf of Fijian bananas 'e\ fine br ° Ußht higb Prices A line or Samoa ns is expected nest weelf '°p the VVal P ahi at Auckland. The Maui Pomare will arrive Th a u b,P T ent T. about December 5. o f »“H brought a small shipment of Victorian Valencias. The Karetu d™ to-day from Sydney, will bring a large supply of . citrus fruits, and also small bonf. ° f Pln ° S Qnd ot'tstde-grown cucum Californian grapes are,in good supply. Lemons are m short supply, and there is no information in the meantime regarding further supplies. Christchurch hothouse-grown tomatoes are arriving more freely. Strawberries are expected on the marRet some time next week. Central-grown cherries are reported to bo of good quality and plentiful. Sunplies should be on the market at an early date. J Gooseberries are’in fair supply. Green peas, mostly Canterbury grown are arriving more freely and prices are r. little easier. Asparagus is in good supply. Cauliflower are now in short supply. Best quality realise high prices, but poor lines are hard to place. •Some fine spring cabbages arrived from the Taieri during the week, and brought high prices: Lettuce continue in good supply. Rhubarb is in fair supply. Supplies of new potatoes arc now increasing. Some fine samples are coming from the Peninsula and are realising Is to Is 3d per lb. North Island are daily becoming more plentiful. The rains during the week have proved of great benefit to thqf local crops. The wholesale prices are as follow; Apples: Stunners, choice, lls to 14s; others. 7s to 8s 6d; Democrats, 10s to 14s.

Bananas: Fiji, green, 32s 6d per case. Oranges: Australian Valencias, to 30s per case; American Valencias, 47s 6d. Lemons: New Zealand-grown, 17s to 20s per case; Australian, 32s 6d per bushel case. Gooseberries, 6d to 7d per lb. Californian grapes, 26a to 27s 6d per teg. _ ' Christchurch tomatoes (hothouse), Is 9d to 2s per lb. New potatoes. Is to Is 3d per lb; North Island, 2id to 3d. Green peas. fid to 6d per lb. Asparagus, 6s to 9s per dozen bunches. Cucumbers. 12s to 14s per dozen. Cauliflowers: Choice, 10a to 14s per sack; medium, 4s to 6s. Cabbages: Choice, 3_s 6d to 5s per dozen; others. 2s per case. Spinach, Is per dozen. Seeing onions. 6d to 8d bundle. White turnips, 9d to Is per dozen bunches. .Radishes, 8d per dozen bunches. Lettuce Is to 2s per dozen for best; others (Unsaleable. Leek's, fid to 7d per bundle. Rhubarb: Loose, lid to 3d per lb. Carrots, to 6s per sugar bag. Parsnips, 3s Cd per sugar bag.

MATAURA STOCK SALE. (From Oi:n Own Correspondent.) MATAURA, November 8. Tho monthly stock sale took place at Mataura yesterday in cold wet weather, there being a large attendance of farmers and buyers. Sheep.—The yarding comprised nearly 800, including a fair number of fats. The demand was fairly good and the bulk of the entry was cleared at satisfactory values, Fat wethers made 37s 6d, and fat ewes from 20s 6d to 255. while one pen of shorn fat ewes realised 17s. In the store pens the bulk of the entry was comprised of ewes and lambs, values for which receded on recent quotations. A number of pens were passed in at auction, but were substquently sold privately. Sales were made at from 12s to 13s 6d. all counted. A small pen of store wethers changed hands at 295, and wether hoggets were disposed of at 235, while a line of ewe hoggets failed to change hands at 26s 3d. Cattle.—The_ entry consisted of 100 head, there being a large number of fats, chiefly cows. The market was good and the butchers were operating freely throughout. Light fat bullocks made from £ll to £l4 10a, good fat cows from £lO 5s to £l4. lighter quality from £5 os to £8 17s 6d. and fat heifers- from £7 10s to £ll 12s fid. In the store pens a bullock made £lO 2s 6d, store cows and heifers from £4 2s 6d to £7 ss, yearling steers and heifers from £3 11s to £4,17s 6d. Dairy t'cows and heifers of good quality were' not numerous, but well .at from £8 to £l6, the latter price being paid for a well bred animal sold oh behalf of Mr W. A. Dickie, Edeiiglen, Tuturau. A large number of bulls were forward, for which there was keen demand, sales of young animals being made at from £8 to £lO. and older sorts from £5 5s to £6 10s.

HARTS LTD. PREFERENCE SHARE ISSUE. Halts. Ltd., a business which has been successfully established in Auckland for 20 years, offers for subscription '30,000 preference shares. These carry an 8 per cent, cumulative preferential dividend, a i ln ,? d<lltlon participate further with the ordinary shares in dividends up to a total of 9 per cent, per annum. This preference issue is covered more than twice over by the company’s assets, and the net average annual profit for each of the past two years has been more than twice the amount required to pay a preference dividend of 8 per cent. The company a -balance sheet and profit and loss account for its last trading year are published in the prospectus. Full particulars are advertised in this issue.

ADELAIDE WOOL SALES; (United Press Association.) (By Electric Telegraph—Copyright.) ADELAIDE, November 8. (Received Nov. 8, at 11 p.m.) There was excellent competition at today a wool sales, prices being 12* per cent, higher than those of last week

MELBOURNE MARKETS. (United Press Association.} (By Electric Telegraph—Copyright.) MELBOURNE, November 8, Country wheat, 5s fid. Flour. £l2 ISs and £l3, Bran, £7 15s. Pollard, £8 ss. Oats, 3s lid. Barley, unchanged. Maize, 5s 7d. T

COMPANY DIVIDENDS. (United Press Association.) (By Electric Telegraph— Copyright.) TT V r, LONDON, November 7. ino Zealand Loan and Alercantilc Agency Company has declared the year's dividend of 8 per cent. The Zinc Corporation interim participating dividends, preference and ordinary, are la 6d a share.

BRADFORD MARKET. (United Press Association.) (By Electric Telegraph-—Copyright.) LONDON, November 7. At Bradford quotations are maintained, but there is less interest and small business. Sixty-fours. 34id; sixties, 32d: fifty-sixes, 26d: fifties, 23d; forty-sixes, 204 d; forties, 23d. CHICAGO WHEAT MARKET. (United Press Association.) (By Electric Telegraph —Copyright.) NEW YORK, November 7. Chicago wheat recovered sharply from the low opening, the chief factors in the rise being the strong stock close, news of frost in the Argentine, and the low estimate of the Winnipeg surplus. Wheat closed: December, 123 cents per bushel; March, 130 i; May, 133 g. BUTTER. CHEESE, ETC. (United Press Association.) (By Electric Telegraph Copyright.) LONDON, November 7. Butter is slow. Danish, 180 s 6d; choicest salted—New Zealand 172 sto 1745, Australian 170 s to 1725; unsalted— New Zealand 188 s. Australian 184 s. Cheese: Dull. New Zealand—coloured l)2s, white 935. Beet sugar: November. 8s 3d.

DAIRY PRODUCE. The National Mortgage and Agency Company of New Zealand has received the following cablegram from London:— _ Butter.—The market is slow. Finest New Zealand 174 s to 1765: first grade New Zealand, 172 s to 1745; New Zealand stored butter. 4s less; Danish, 188 s to I90s; Australian, 170 s to 1725. , Cheese.—-The market is steady. New Zealand white. 935: coloured, 92s to 935; Canadian, white 95s to 90s, coloured 94s to 95s Dalgety and Co., Ltd., have received the following cablegram from London:— The butter market is very dull Quotations are as follow: —Danish butter, 190 s to 1925; New Zealand finest. 170 s to 1765; Australian finest unsaltcd, lS2s to 184 s; salted 170 s to 1745; G.A.Q., 166 s to 168 s. The cheese market is quiet. New Zealand cheese, white 93s to 945. coloured 92s to 935. Canadian cheese, white 95s to 975, coloured 94s to 90s. c.i.f. 93s to 965.

IRONMONGERS’ AND PLUMBERS’ RUBBER SUNDRIES. ASK FOR OUR PRICES. We stock all rubber sundries! Bath and sink plugs, door stops, gas pu'hons, seat buffers, etc. Complete stocks. P. E. Clark and Co.. Ltd., 95 Cashel street, Christchurch. Sole South Island Agents for Barnet Glass Rubber Co., Ltd. (Associate Company of Dunlop!. Telegraphic address, “ Barnglas.’’ Christchurch.— Advt.