COMMERCE AND FINANCE

Otago Daily Times, Issue 20965, 3 March 1930, Page 10

COMMERCE AND FINANCE

THE SHARE MARKET. DUNEDIN STOCK EXCHANGE. No business was recorded on the Dunedin Stock Exchange on Saturday morning. There was a buyer of E.S. and A. Banks at £6 loe, but sellers would not take'* less than £6 18s. Burns, Philps v-ere asked for at 355, but sellers failed to come forward. There was an offer of 11s premium for D.I.C. ordinaries, no seller coming into the market. The demand was quiet in all sections. The following are Saturday morning’s buying and selling quotations, which are subject to the usual brokerage:— . BANKING. Australian Bank of Commerce—Buy 24a Bank of Australasia—Buy £ll 15s. Bank of N.S. Wales—Sel £4O 15s. Rank of New Zealand—Buy 575, sel 57s 6d. E.S. and A Bank—Buy £6 10s, sel £6 15s. National Bank of N.Z. —Buy £5 19s, sel £6 Is 6d. Union Bank—Sel £l2 3s. INSURANCE. National Insurance Co.—Buy I4s. SHIPPING. Burns Philp—Buy 355, Huddart, Parker’ (ord.) —Sel 38s 9d. Huddart. Parker (pref.)—Buy 20s. U.S.S. Co. (pref.)—Buy 20s, sel 21a. COAL. Kait'angata—Buy 9a dis. Taupiri Coal (pref.)—Buy 20s. LOAN AND AGENCY. Goldsbrough, Mort—Sel 325. Perpetual Trustees—Buy 18s. Trustees, Ex. and Agency—Buy 60s. MEAT PRESERVING. N-Z. Refrigerating (pd.)—Buy 11s 6d, sel 12s 9d. N.Z. Refrigerating (cont.)—Buy 5s lOd, sel 6s Id. MISCELLANEOUS. British Tobacco—Sel 42s 3d. Brown, Ewing (pref.)— Buy 20s Bruce Woollen Co. (ord.)—Sel 13s. Crystal Ice Co.—Sel 27s 6d. D.I.C, (ord.) —Buy lls prem. Dominion Rubber—Sel 28s. Dunlop Perdriau Rubber—Sel 20s 9d. lUnburn Lime and Cement—Buy 35s 3d- sel 365. National Electric—Buy 9s 6d, sel 10s.’ sel 72s M llffS (ne ' V ’ fully pd,)—Buy 70s > N.Z. Farmers’ Fertilser—Sel 21s 9d. N.Z. Guarantee Corp.—Sel 8s 6d. N.Z. Paper Mills (ord.)—Sel 20s 6d. \ Wilsons (N.Z.) Cement—Sel 40s. BREWERIES. N.Z. Breweries, Ltd.—Buy 80s 6d. Maples Brewery— Buy 475. Timaru Brewery— Buy 15s, sel 16s. MINING. wS.?' *1 M. Mount Lyell—Sel 33s 6d. Paddy s Point-Buy 3s 6d, sel 3s 10d Big Beach—Buy 4s 6d. Kildare—Buy 7d, sel Is 3d. Okanto—Buy 6d prem., sel Is 5d prem. WAR BONDS, 4J per cent. Bonds, 1938—Sel £99 per c4nt. Bonds, 1939—5 el £99 44 per cent. Inscribed, 1938—Sel £99. NORTHERN EXCHANGES. (Peb United Press Association.) Satodayf- ViDB b " sinMS was d °“ a on Auckland—The Stock Exchange was closed on Saturday for People’s Day at the Agricultural and Pastoral Show. Welhug ton.-Saks: British Toba-co New tl 7 a i'? n) 4 °L d - f 2 2s. Sales reported: e ol an ? G° ve niment 44 per cent iml Co St °fi k ’ Mort; Brewed’es, £4 2s. S 1M; New Zealand WAIKAKA STOCK SALE. (hiton Ocr Own Correspondent.) rp t . GORE, March 1 The monthly stock sale held at Waikaka on inday attracted a good attending 6 2°4nn alme * +i an( J - buyers - and the yardson 2i ° o, " aS tle blseest 80 far this seaAlthough the sale was sticky, practically everything was cleared at auction -or privately afterwards. Prices er ,- showed no advance, and evidently vendors have come to realise that lower prices must be accepted in view of eircumstances this year. A few good of forward lambs were on offer and values ranged from lis 2d to 18s 6d. Small stor e lambs made from 10s 3d to 12s 4d fh d , ew f s Vf ere n .ot keenly sought after" the best price being 13s Id. One Two°f f ?i t changed hands at 295. i v o-tootli store wethers were emitted q up to «d. h,O-tooth cSto to SOUTHLAND MARKET REPORT. GRAIN. , .G, ats - Crops are not yet under the binder, and it is only possible so far to catfon Thif g tle nat . ure of an indication. Though a certain quantity nf growing oats have been whitened in the caily stages either bv a tone)* f, , °K C weeks n tL"’ hich prevailed a month °or wepVa Pl i°^ ably *i bc some thing like three a -s, strong demand at varying figure ffb'-.T-fj 0 ,"; S Sot ? I ?u y bl J s . lnesß passing is f or of 4s lid A'r&’gJd'B^Lo.bTsS 6 baßis the e se ed h by gr b''’ e ° r *’ a " d aimo^YnviTably these have been considerable Wc V - evident there will be “00! shot 1 age £•» m(I winch is uncommon A oWu le “I™ rsn '■"'rt to that the oiitside Li ers“ wiTi y be aPPareU , t tnglv difficult to dcal with ll be eSCPed ' s ™r■^^ss ta t &^T. h s , . Pnees mstead of being the lowest on coid. as anticipated, ivil] probably he on a parity with those of last season t mugh much of the crop will bF weli me.-el'H 116 GSS ‘ .To-day’s values between merchants are from 71d to 8d p er Tb seed f ° r falr avera " e quality to prime

LOCAL AND OVERSEAS MARKETS.

LONDON STOCK EXCHANGE. (United Press Association.) (By Electrlo Telegraph—Copyright.) LONDON, February 27. The following are the latest quotations lor Government securities, comparefl with the prion ruling last week:—

FOREIGN EXCHANGES. (British Offlcla) Wireless.) (United Presa Association.) (By Blectrto Telegraph—Copyright.)

THE MEAT MARKET. (United Press Association.) {By Electric Telegraph— Copyright ) m ■ a LONDON, March 1. (Received March 2, at 5.5 p.m.) Frozen Meat—New Zealand eneep: nt l rbu / y !? d North Is land selected Sb n r L d 75te <?? d maiden ewe.74B- - Bid; 57-64ib, 8d; 65-721 b 78d- ewes sheep—First quality crossbreds and merino wethers, 40-651 b, 63d per lbsecond quality 30-551 b, 6sd; fwes, 30-551b', 4 Argentine > sheep—First quality £°f& rec L wethers ' 48-641 b, 71d »er lb--65-721b, 7d; over 721 b 63d. ' Aew Zealand Lambs.—Canterbury: 361 b and under 9d; 37-421 b, B|d;- 43-501 b. Bid Jid, second quality, average 331 b. 9s: selected fcorth Island brands, 36 h and under, lOd; 37-421 b. lOd; ■ 4aJsoJb, 9fdsecond quality, average 311 b. 9id; other North Island brands, first quality, 361 b ity 9gd er ' * H<l] ; second l ua >' Australian Lambs.—Victorian: -First 8i lty ;J? 6lb o^ Bd uu , der ' 9 * d : 37-421 b, 0(1. Other Statee—First quality, 361 b find under, B|d; 37-421 b B|d. Argentine Lambs.—First quality, 361 b and under. 9d; 37-421 b, B|d; 4&601£, B*d. Australian Frozen Beef .—Ox hinds: Over 1601 b, 6d. ™ A ,r gentine Chilled Beef.—Ox fores, 1602201 b, sg; 160-2201 b, 7id. , oSf w ,^? a , land , Pigs-—-First quality, 1011201 b. 10*d; others unchanged. LONDON MARKETS. (United Press Association.) (By Electric Telegraph—Copyright.) / to • j, T LONDON. March 1. ' (Received March 2, at 5.5 p.m.) Osmiridium is unchanged. Friday's closing prices were:— Cotton: April shipment, 8.14 d per lb. R , ubbe V T , Para ' s s d P er lb 5 plantation smoked. 7ld. Jute: March-April shipment, £25 2s 6d per ton. Hemp: Not offering. Copra: February-March shipment. South Sea, £2O 10s per ton; plantation Rabaul, £2O 15s per ton. Linseed oil, £42 10b per ton. Turpentine, 43s 9d per cwt. FRUIT AND PRODUCE WORLD. Reillys report:—The potato market is oyer-Bupphed. Full supplies of fruit of all descriptions available. Baeon and porker pigs wanted. Eggs easier in price trrav.enstem apples and Bon Chretien pears are the best buying on the market to-day. We received and sold:—Section honey: Choice 9g 6d, 10s 6d; pottles, Bs. Cabbage 2s, 3s. Cauliflowers, 4s. Os bwedes, ss, 7b cwt. Marrows, 8s 10s bag. Pumpkins 8s 6d, 10s Cd bag. Lettuce, 2 \ -5 6d V Cucumbers: Hothouse, 6s. 9s; outside 3s. 6s. Eggs: Guaranteed C.P.M. la 6d, Is 7d Apricots: Cases, 7s Gd 9s' 6d; crates 6d,9d. Peaches: Cases, fc'fid, 8a od: crates fid, Bd. Nectarines: Cases 6s 6d, 7s 6d; crates, sd, 6d. Green! gages: 7s 6d, 8s 6d; ; crates, 4*d, Id ™+rti m % I s w ? as Pberries, "is 3d £2i* o S bue H' l s 3d ???'& 12 £ buckeL , Blackberries,' 3d to lid lb. Cape gooseberries, 3d lb Cooking plums, 2d, 3d; dessert. 4d, 6d Id, ls 3d. Garlic, 6d. Butter- Pnte Is Id- Is sd; bulk, Is Id. BaconT'Choicl' A 3d> P £ a T- ,ts ' S(L Walnuts, 7d, od' Cheese: Medium, 9Jd. Tea- OrW* Pekoe, 2s 6d. New 4al potaLs.Ts* fd! 9s; Oamaru, Taieri, 6s, 8s ewt; Canterbury, 5s 6d. Tomatoes: Local 7d in! l Canterbury, 3d sd; Nelson 3d, *4dGe?A peas: Good, lid. 2d. Scarlet runners 3d French beans 3Jd 4R Butter beans Hi, s§d. Rhubarb. 2*d, 3d. Apple" Gravensteins, ss, 8s; Coses. 10s, 14s- othw desserts ss, 7s 6d; cooking, ss, 7e WB C T' \«»T* * «?£ navpltf tv • ._ "• American lemon, s?° Kna, fruit, 38s. Bananas: Ri p |* renacks ?£ grTt Tu ° n o ion f* 7S ' -fisK Pippa *7s 6d w teT , *"?• 8s - Tallow, lis, rfen ca iLis^iJ d 3^ Ve t? morel *** X Oats- A pL 76 - ? art »di?e peas, ss. uats. a Gartens, 3s 9d- B <?« ttA ha>. £6. Straw. Wheaten, 60s Poultrv--3s Ss-VL 28 ,, 10 1? « d = "0 cockirefs, ote REILLY'S CENTRAL PRODUCE M _ MART, LTD.. WAREHOUSE, MORA! PLACE, DUNEDIN

DAIRY PRODUCE Amalgamated Dairies, Ltd., report receipt of the following cablegram, dated February 27, from their London office:— “Anchor,” 148 s; other finest, 1445, 1465; market very quiet. Danish, 1655, f.o.b. Cheese: White, 87s; coloured, 86s; market steady. The South Island Dairy Association, ■uta., has received the following market report from the New Zealand Produce Association, Ltd., London:— Butter: Very Slow; 143 s to 146 a; unsalted, 156 s to 160 s; Danish, 1725. Cheese: Quiet. White, 86s to 87scoloured, 85s to 86s. WOOL SALES. At a further conference of the wool buyers and wool brokers a roster has been arranged as follows: March 3, Monday.—Wellington-Wanga-nui, 9 a.m. R March 6. Thursday,—Napier, 7 p.m. March 10, Monday.—Christchurch, 4 p.m. March 14. Friday.—Dunedin, 4 p.m. p m arc * 1 Monda y-—lnvercargill, 7.30 March 21. Friday.—Wellington, 4 p.m. fi, orlK iI lal rofder (hours and dates) will thereafter apply. There may yet be some alteration to the rotation of the April sales, which are at present set down as follows:—. April 3.—Dunedin. April 9.—Wanganui. April 14.—Wellington. April 16.—Timaru. THE MERCHANDISE MARKET. ■ Tb ? n !? t P ar cel of sugar is due to arA 8 smill 6 * Va T ata Th ursday n e st A small parcel of Mildura plain bulweel; 13 expected to arrive during the , J )ar cel of Purina flake rice arrived Tuw ü bour ? e steamer last week. . Maheno also brought a quantiy of Australian canned fruits Steedmans teething powders are now quoted at 12g per dozen. A fresh shipment of the Kellogg Proprietary's “corn flakes” and "pep” has arrived. This firm has introduced a new line known as Kellogg’s rice bubbles," and it is meeting with success. A shipment of Johnson’s baby powder and baby soap will arrive within the nest few days. . Bacon curere are having some difficulty in supplying orders owing to the shortage of pigs suitable for curing. WANGANUI WOOLLEN MILL: SOLD TO PRIVATE COMPANY. ,i„Priva te company, with a capital of £50,000, has (the Press says) been formed in Christchurch, and has taken over the Wanganui Woollen Mill as a going concern. The name of the company is National Vfoollen Mills (N.Z.), Ltd,, and the shareholders are H. B. Williams, of Gisborne, who holds 35,000 preference shares of £1 each, and W. E. Best, of Christchurch, who holds 25,000 ordinary shares. The office of the company is in Christchurch. Wanganui Woollen Mills, Ltd., over which an option to purchase was given in December by the directors on account of its unsatisfactory financial position, was formed after the war with an authorised capital of £200,000, in £1 shares. At June 30, 1928, £184,252 had been issued, paid up t 9 £178,064. In September, 1928, a resolution was passed by the shareholders to reduce the authorised capital from £200,000 to £IOO,OOO by reducing the shares from £1 to 10s, and to write down the issued capital of £194,252 to £92,126. This made the paid-up capital £85,939, there being £6178 calls unpaid. The resolution was confirmed by order of the Supreme Court in March' last. The reduction of capital enabled the company to extinguish its establishment and preliminary expenses, £18,737, and the accumulated deficit of £39,171, leaving a balance of £34,219. SOUTH AFRICAN LC. LIST OPENS TO-DAY. (United Press Association.) (By Electric Telegraph—Copyright.) LONDON, February 28. The list of the Union of South Africa loan of £6,000,000 5 per cent, stock 194575|at 984, will open on March 3. CHICAGO WHEAT MARKET. (United Press Association.) (By Electric Telegraph—Copyright.) rti - NEW YORK, February 28. Chicago wheat prices continued their upward march in a comparatively quiet session with a steady rise, broken here and there by fractional losses, which were due to profit taking. Further support vvns lent to the market by the news that the btabihsation Corporation was still in the market. This infers that traders showed a disposition to sell. Prices closed \as follows:—March, 111 S cents per bushel; May, 118 J cents; duly, 114 i cents; September, 117 j cents. TIN AND SILVER MARKETS. SERIOUS DECLINE IN PRICES. NEW LOW RECORDS. (British Official Wireless.) (United Press Association.) (By Electric Telegraph—Copyright.) „ RUGBY, February 28. *«v low records were established by both tin and silver in the metal markets to-day. Tin fell to £l6B Is 3d per ton, which is the lowest price since 1922, when £139 per ton was recorded. Bar silver dropped to 19Jd per ounce, the lowest price reached since official records were Kept. This is ascribed to the remtroduction of the duty of 4d per lb in the Indian Budget.

Last week This wee k £ •. a £ g. i Imperial Console, 2) p.c. ... S3 1? 6 54 0 0 War loan, b p.o., 1929-47 ... 101 10 0 102 0 0 OonvereioD loan 3J p.a ... 76 0 0 75 15 0 Vietorj 4 p.o _ .. 92 10 0 92 10 0 O'wealtb 6 p.o- 1931-41 .„ 98 5 0 98 6 0 O'wealtb 6* p.c, 1922-2? _ 90 5 0 90 5 0 N.Z 6 p.o.. 1936-51 ... ... 104 2 6 104 5 0 N.& 4 p.c 1929 .. „ „ 91 13 a 93 IS 0 N.Z 3J p.c. 1940 _ _ _. *7 15 0 87 17 6 N.Z 3 p.o., 194S _ 78 15 0 78 15 0 H.8-W 6) p.c. 1930-40 ... 100 0 0 100 0 0 N.8W s p.c, 1930-40 ... 98 12 6 98 10 0 N.8.W 51 p.o.. 1922-33 _ 97 17 6 98 1 3 N8.W 4 p.0.. 1933 93 0 0 93 5 0 N.8.W 3) p.o.. 1930-50 .. 85 5 0 85 10 0 N i* \V a p.o., 1935 ._ ... 69 10 0 70 0 0 Vio Si p.c. 1930-40 •■'1 n ii no .7 6 Via i P.O.. 1932-43 82 12 6 82 10 0 Vio 4J p.o.. 194l>-60 97 15 0 97 5 0 Vio SJ p.o 1929-49 _ ... 71 10 0 71 5 0 Vio S p.a. 1929-40 _ ... 66 5 0 67 0 0 Q'land t p.o. 1930-40 ._ ._ 98 10 0 98 15 0 Q'land 3J p.o. 1930 67 10 0 67 5 0 Q'land S p.o. 1922-47 ._ .. 97 10 0 97 10 0 8. A BJ p.0. 1930-40 „. ... 99 10 0 100 0 0 8A 3J po., 1939 ... 83 7 8 83 0 0 8.A 3 P-c 1918 M after _. 53 0 O 53 0 0 W A 8 p.c 1930-40 „ ... 37 15 0 97 10 0 W.A Si p.o 1920-35 85 17 6 86 10 0 W.A 3J p.c. 1915-35 _. _ 86 0 0 87 0 0 Ta§ 6J p.o- 1930-40 ~ ... 99 15 0 100 7 8 Ia» 3} p.0.. 1920-40 ... „ 81 10 0 82 0 0 Tat S p.a. 1920-40 .. ... 78 0 0 78 0 1

HTJGBT, February 27. Par. Feb. 25. Feb. 27. Parte, fr to £1 124.21 124.22 124.2« Brussels, belgas to £1... 35 34.885 34.885 Oslo kr to £1 18.159 18.18 18.176 Stockholm, kr to £1 ... 18.159 18.12 18.11 Copenhagen kr to £1 .. 18,159 ,18.155 18.16 Berlin, marks to £1 ... 20.43 '20.3B5 20.37 Montreal, dol to £1 .. 4.8GJ 4.88° New York, dol to £1 ... 4.86J 4.86J 4.86 l-°32 Yokohama, pence to yen ' 24.58 24.9-32 24 9-32 Hongkong, pence to dol 24.58 18, 18 Bombay, pence to rupee 18 17 29-32 17 27-35 Batavia, florins to £1 ... 12.107 Milan, lire to £1 92.45 92.85 92.76 Amsterdam, guild to £1 12.107 12.12J 12.12| 1641 Prague, kr to £1 24.02 1641 Geneva, [r u, £j„, ... 25.22J 25.195 25.195 Vienna, schillings to £1 34.66* 34.61 34.515 Helsingfors, marks to £1193.334 193J 1931 39.635 Madrid pesetas to £1 ... 25.22J 38.025 Athens, drachma to £1 25.22J 375 375 Lisbon, escudos to £1 ... 4.50} 108.25 108.25 Bucharest, lei to £l ._ 973 818 818 Bio de Janeiro, pence ♦o milrels 18 5 19-32 8 9-16 Buenos Aires, pence to pesos ... 47'; 02 428 42 5-16 Shanghai, pence to tael 23J 231 23