COMMERCE AND FINANCE

Otago Daily Times, Issue 21018, 6 May 1930, Page 13

COMMERCE AND FINANCE

THE SHARE MARKET. DUNEDIN STOCK EXCHANGE There was a sale of Mount Lyells on the Dunedin Stock Exchange yesterday at 26e lOd. The shares were later on offer at 275, but buyers were not attracted. Business was also done in Kildares, two parcels changing hands at Is. This figure was the closing offer, sellers then demanding la 4d. Okaritos were active, a parcel being turned over at Is 4d premium. Later offers of Is 2d premium failed to attract a seller at less than Is Sd prem. Sales: Mount Lyell, '26s lOd; Kildare, Is (two): Okarito, Is 4d prem. The following are yesterday afternoon’s buying and selling quotations, which are subject to the usual brokerage:BANKING. Australian Bank of Commerce—Sel 24s 9d. Bank, of Australasia—Buy £l2. Bank of New Zealand—Sel 58a 3d. Commercial Bank —-Buy 20s fid, sel 21s. National Bank of N.Z.—Buy £6 4s 6d, sel £6 10s. INSURANCE. National Insurance Co. —Buy 14s sd. sel ,14s lid*. A.P.A. Insurance —Sel 7s. SHIPPING. Huddart, Parker (pref.)—Sel 20s 3d. P. and O. Deferred Stock —Sel 518. U.S.S. Co. (pref.)—Buy 20s od. LOAN AND AGENCY. • Goldsbrough, Mort—Buy 30s fid, eel 31a 6d. National Mortgage—Sol 07s,fid. Wright, Stephenson (ord.) —Buy 20s. . MEAT PRESERVING. N-Z. -Refrigerating (paid)—Sel 12s. N.Z. Refrigerating (cont.) —Buy 4s 9d, sel 5a 3d. - . MISCELLANEOUS. British Tobacco—Sel 30s fid.' Brown, Ewing (pref.)—Buy 20s. Dunlop Perdriau Rubber—Sel 17b 3d. Echpee, Petrol—Sel 15s Od. Kaiapoi Woollen (cont.)—Buy 3s 9d. Milburn Lime and Cement—Sel 345. M’Leod Bros.—Sel £2B 10s. , N.Z. Express (ord.) —Sel 14s. N.Z. Farmers’ Fertiliser—Sel 20s 3d. •N.Z. Paper Mills (ord,)—Buy T9s 9d, sel 20s fid. Regent Theatre—Sel 24s 6d. Wilsons (N.Z.) Cement—Sel 40s, BREWERIES. v N.Z. Breweries, Ltd.—Sel 62s 6d. 1 Staples Brewery—Sel 48s 3d. MINING. Kawarau G;M. Co,—Buy sd, sel 7d. Waihi—Buy 13s 9d, sel 14a 3d. Waihi Grand Junction—Buy Is Id. Mount Lyell—Sel 275. Cornish Point (paid)— Buy fid, sel 9d. Paddy’s Point—Buy 3s 10d, sel 4s 3d. ■Kildare—Buy Is, sel Is 4d. Okarito—Buy Is 2d prem., sol Is 5d prem. , Winding Creek—Sel 3d prem. Stoney Creek—Sel 4d prem. .WAR BONDS. 4i per cent. Bonds, 1938—Buy £97 15s. . 44 per cent. Bonds, 1939—8uy £97 17a. 44 per cent. Bonds, 1941—Buy £97 15s. 54 per cent. Soldiers’ Bonds, 1933—8uy £99.. 44 per cent. Inscribed, 1938—Buy £97 15s. . 44 per cent. Inscribed. 1930—Buy £97 15s. ■ , ’ 64 per cent. Soldiers’ Inscd., 1933—8uy £99. 5j per cent. .Bonds, 1936—8uy '£99. , 54 per cent. Inscribed, 1936—8uy £99 2s. fid. ■ 54 per cent. Bonds, 1933—8uy £o^. NORTHERN EXCHANGES. ' (Pee United Press Association.) \The following..business was done on ■ Changes: yesterday: • ■ Auckland.—Sales; Bank of Adelaide, £6 Commerpial Bank of Australia, 20s 104 d, 20s lOd; ' Commercial Bank of Australia (5s paid), 63; New Zealand Insurance, 445; Dalgety and Co., £ll 2s; Auckland Gas, 23s 9d; Farmers’ Trading Company (B pref.), 12s 3d; New Zealand Farmers' Fertiliser, 18s 8d; Wilsons Cement, 39s 3d; Waihi, 14s 2d (two parcels); Mount Lyell, 27s Id, 275. Wellington.—Sales reported: Com* ® e f cl al Bank of Australia (ord.), £1 0s ,? an k °f New Zealand, £2 18s and £2 V s , 10d (two sales); Huddart, Parker (ord.).’ £1 18s fid; British Tobacco Co. (ord.). £l l8s; National Bank of New Zealand £6 6s; D.I C. (pref.). £1 0s 3d. Christchurch.—Sales: Union Bank of Australia, £ll 10s (two parcels), £ll 7s ill ? aI S!i ty >x nd Co " ( cum div -L 3s, ,5 s New Zealand Breweries, 51s 7d (two parcels)Staples Brewery, 48s;. Mount Lyell, 26s sd. Sales reported: °f Australasia, £l2 ss; Commercial Bank of Australia, 20s 10d; Tooth's Brewery 325; Beath and Co.. £27 (odd lot); British Tobacco, 37s 9d.

RIVERSDALE SALE. • (Prose *Our Own Correspondent.) tu f i • T-ii , GORE. May 5. si . ? ale wa * held at Riveredale on Friday/ when there was a buyers^ 6 ? ttendalJCe of farmers and Sheep.—The entry comprised over 3000. .amps were strongly represented, and the inquiry was. in keeping with recent district sales. Old and young breeding ewes were in short supplv, and the bulk of them were retained by vendors. There was a fair demand for lambs, and prices compared favourably with other sales, A line of prime fat wethers realised 275. A couple of pens of medium-sized two-tooth ewes found, a purchaser at I6 a 2d, while a line of mixed aged ewes realised 18s 3d. * ailing-riouth ewes made up to 9s sd, and store wethers up to 18s 6d. Wether made up to 14s 9d, mixed sexes 10s lod to 14s Bd, and ewea 16s. A nunv ber j i r , ame were offered, and sales recorded at up to 2|gns for good sorts and others 15s to 355. 'sale of trotting stock. At the National Mortgage and Agency Company s monthly horse sale on Saturday an entry of trotting stock was offered on behalf of Mr J, O’Brien, Oamaru. The following prices were realised:—B.g., three years, by Nelson Bingen—Lady £reda, lojgns; br. m., five years, by First hashion—Alone (in foal to Guy Parrish), logos; b.m. Harewood, 11 years, by Wildwood Junior (in foal to Guy Parrish), /Signs, to Mr George Hunter (Wyndham); br. m., four years, by Nelson Bingen—Snowdrift (in foal to Guy Parish), ISJgns; bay pony, four years, by Nelson Bingen, 14gns; gr. cob, four years.

Scott Bros., produce merchants and commission agents, agents for Dunedin Egg Summers’ Association, report:—Eggs: Wholesale to-day—storekeepers 2s 4d to 2s sd; guaranteed, 2s 6d per dozen; pullets, 2s Id to 2a 2d; preserved, slow. Is Cd to Is 7d. Butter; Dairy pats, Is to Is Id; bulk, la 2d per lb. Honey: Bulk, 5d to 5Jd per lb; 101 b tins, 4s 9d to 5s 3d each; 51b tins, 2s 7d to 2s 9d, Beeswax, Is 5d to Is 6d per lb. Fat, 17s to 18s per cwt. Poultry: Hens, 2s 6d to 3s per pair; pullets, 3s 6d to 7s 6d; ducks, 2s 'to 3s each. Geese, 4s to 5s each. Turkeys: Hens, Is per lb; gobblers. Is 2d per lb. Pigs: Prime baconers, BJd to BAd per lb; porkers, 8d to BJd per lb. Potatoes. £5 10s to £5 15s per ton. Onions: Canterbury, £4 15s to £5 per ton. Red Horse carrots, £2 15s, trucks, Christchurch district; table carrots, 6s to 6s 6d per cwt. Green peas, 2d to 2}d per lb. Chaff: Prime oaten sheaf, £5 10s to £6 per ton, sacks extra. Whole fowl wheat, 6s 3d to 6s 6d per bushel. Partridge peas, 5s to 5s 3d per bushel, sacks extra. Maize, 8s 6d per bushel. Oats, 3s 6d; Sparrowbills, 3s lOd to 4a per bushel, sacks extra. Straw: Pressed wheateh, £3 15s; oaten, £4, ex store. Please Note.—Pigs and poultry must arrive not later than Thursday in the week. We also* stock the following lines;—Meat meal, charcoal, leg rings, oyster grit, chicken food, egg crates (quotations on application). May 6, 1930.

LOCAL AND OVERSEAS MARKETS.

Messrs Dalgety and Company, Ltd., report as follows: , Oats. —Offerings have slackened off from the country, and it is apparent that the bulk of the crop has now been marketed. Millers are still buying steadily, and the market is firm at recent Quotations. A Grade Gartons are worth 3b 2d on trucks, sacks extra, and B Grade 2s lid to 3a. The latter are inquired for by shippers, but this season are comparatively scarce. ' Wheat.—Millers are readily purchasing any suitable lots which are offered, although Velvet is difficult of sale at pool price. Hunters equivalent is generally offered, and in most cases growers are selling at this figure. Values are as follows:—Tuscan 5s 9d, Hunters 5s lid, Velvet 6s,ld (on trucks, sacks extra). Fowl wheat remains in comparatively short supply and any lines of wheat rejected by millers are being sold freely at 6s pe'r bushel, ex truck.

Chaff.—Consignments have been coming to hand freely', and the market is well supplied at present. Only' prime quality is inquired for, for which there is a steady demand at £5 5s per ton, ex truck. Potatoes.—Consignments have been coining to hand freely during the last week or two, and as merchants are now taking delivery of their forward purchases, they have ample supplies in the meantime. Consequently, a considerable quantity has had to be taken into store. Current value for good tables is £5 5s per ton, ex truck.

Messrs Fraser and Co., selling agents for Otago and Oamaru Egg Circle, report as under: —Eggs: Poultry farm eggs, 2s 6d; others, 2s 4d to 2s 6d; -pullets, 2s; preserved. Is 6d to Is 7d. Butter: Separator pats, Is to Is Id; bulk, Is Id to Is 2d, Tallow: Market steady at 17s 6d to 18s for best quality. Pigs; Good bacon weight, 8d to 84d; over-weights. 3d to 4d; porkers, 6d per lb. Potatoes, £5 10s to £6 10s per ton. Chaff. £6 10s per ton, sacks extra. Whole fowl wheat, 6s 6d to 0s 8d per bushel. Bulk honey. 4id to 5d per lb; 101 b tins. ss6dto 6s. Poultry; Supplies are heavy; White Leghorn hens, 2e to 3s; heavy breeds, 3s to 4s; ducklings, 5s to 7s 6d (all per pair); cockerels, 6s to 10s; roosters, 2s to 2s 6d; ducks, 4s to ss; turkeys, hens lid to Is,\gobblers Is Id to Is 2d per lb live weight". We stock P chick food, Perfection meat meal, leg rings at 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 crates on hand for the nea 51 our clients.

LONDON MARKETS. • ___ ♦ HIGH COMMISSIONER’S CABLEGRAM. (Special to Daily Times.) WELLINGTON, May 5. i.ne Department of Agriculture has received the following cablegram, dated S’ , m the High Commissioner for New Zealand in London;— , Tallow.—There was a poor demand at auction this week, and an easier tendency; 1369 casks were offered, and 200 were sold. Present spot quotations are } pc S hundredweight) -.—Mutton; Fine, 37s to 37a; fid; fair to good, 34s to 35s 6d; dark to or) mixed, 36s to 425; fair to good, 33a to 355; dark to dull, 31s to 325; mixed, fair to good, 32s 6d to 34s 6d; dark to dull, 31s to 325. Gut, etc., 28s to 31s 6d. Hemp.—The Manila market is easier under the ' selling pressure, and want of support. “J ” grade. April-June shifß meat, sold 'at £27 10s; May-July shipment, closing values, £27. Sisal.—The market is dull and easier,, and a small speculative sale is reported. March-May shipment, fair average quality No. 1, £32; 'Aptil-June shipment is quoted by sellers at £32 sa, No. 2, £3l, with buyers* holding back; good marks nominally, 10s more; Mexican sisal, good white, is still nominally £37 10s, but no business is being done. Stocks are accumulating and big reductions are expected. The New Zealand market is dull. Nominally no business is reported, and orders telegraphed for fair at £27. c.i.f., Continent, are refused by shippers, but business has been, done in the London market. Apples.—There is a steady market for the Tamaroa shipment. Willie Sharp and London Pippin show bad brown spot, the former selling at 10s to 11s 6d, the latter 9s 6d to I Is. The Cumberland’s consignment is- practically cleared. Cox’s Orange brought 14s tp 18s; Dunn’s Favourite, 10s to ,12s; Jonathan, 12s to 14a; Parlm Beauty, 11s to 13s; Delicious, 13s to 14s. The Port Brisbane Has just ar J rived. Her apples are cold, but. so far in good condition. The opening prices were: Coxa Orange, 15s to 18s; Jonathan, 12s to 14s; Dunn’s Favourite, 11s to 13s; Delicious, 13s to 14s. Wool.—The Bradford market is firmer, with both merino and crossbred moving well, and. conditions favour an increased consumption as soon as the strike has been, settled. Present quotations for tops: 64’s warp, 2s 6d; 64’s average, 2g Id; 56 s, Is B<Jd to Is Od; 50’s prepared, 1s SJd;. 40’s prepared, Is 3Jd. Oats.—The market is. easier and consumption is slow. English are in fair supply. _ The. best white - are offered at 19s. Plate shippers are pressing, and. afloat is .offered at 12s 9d, and May shipment at 13si A Chilian June shipment! sold' at 13s 6d (nominal value); New Zealand “A" grade Gartons, May-June shipment, .225. Peas.—English Maple are quiet, the best making 41s. The new crop is making good progress. . The market for New Zealand Partridge hag improved. Spot stocks are smaller and are firmly held. April-Mav shipment, No. 1. sold at S6s to Liverpool, and 56s 6d is now asked. London sellers are asking 55s fid for New Zealand, and 63a for Tasmanian Blues. English and Dutch hand-picked are still plentiful, and are pressed for gale at £ll to £l3. There are no inquiries for colonial, and the nominal value is £ll, c.i.f., London. Beans.—The market is very dull, the best English winter making 38s, small, round spring 425. The Chinese Horse, new crop, July-September shipment, is offered' at £B, and the nearest value is £7 15s, but buyers are hesitating. 5 Danish Cocksfoot.—The market is quiet. Stocks are large and present values are 80s,. c.i.f. Linseed continues in demand with sellers at present of May-June shipment, Calcutta £lB 16s, Bombay £l9 10s, plate £l7 7s Cd.

GRAIN AND PRODUCE MARKET. Messrs Donald Reid and Co.; Ltd., report as follows; Oats.—This market cannot by- any means be .termed brisk, yet the bulk of the oats offered is being disposed of. The only lines, being ' stored are under-grade and mixed lots suitable only for feeding purEoses. It is anticipated that there will e' a fair quantity of oats required this winter for feed.. . Millers are getting ample suitable milling lines, this quality predominating this’year, A grade is. still quoted at 3s 2d; B grade, 3s, sacks extra, on truck, country stations. ■' Wheat.—Samples are still arriving freely, and with the exception of a few soft lines the bulk is passing into millers’ hands.' Threshing will be practically finished within the next two weeks, and it will, then be possible to state whether there is sufficient wheat for all requirements or not.. Values remain about the same, though it is difficult to sell Velvet at the fixed rate. Tuscan is ‘worth 5s 9d; Hunters, 5s lid; and Velvet, 6s Id, sacks extra, on truck, at farmers’ railway stations.

Chaff. —In some districts the farmers have commenced cutting, and there is at present ample available for all requirements. Only; good bright quality commands attention, and trucks arriving are generally disposed of at £5 ss, sacks extra, ex truck, Dunedin. Medium and, inferior are very slow of sale at reduced‘rates. Potatoes.—Digging is,general throughout the district, and farmers are mostly consigning into store as the potatoes are bagged. Merchants are not operating today to any extent, and the market is consequently very quiet. Yery few sales are being made ex truck, and the, stores are now showing a well-stocked appearance. Recently-dug sound tables are worth £5 ss, sacks in, ex truck, with few sales passing.

COMPANY BALANCE SHEETS. KAITANGATA COAL COMPANY. LTD. PaW-up Ket DWcapIUI. Reseirw. profit, dead. XGSO. £ £ • g leb. 28. .. 52,392 1,083 3.728 This company is still in the initial stages of its career, but it has possibly been long, enough in existence to afford Spme idea of how its future is going to shape. Like any other commercial undertaking, the expenditure up to date has been relatively high, while the compensating returns have barely had time to make their appearance. The improvement reported on the result of that of thd*prior year must be gratifying to those concerned, a profit of £3728 having followed a loss of over £2OOO. As the surplus has been arrived at after charging working expenses with the great bulk of the development and plant removal expenditure, contrary to.,the previous practice of treating cTovelopment work as a capital charge, the result is actually more favourable than it looks. . The debit balance of £I9OO brought from 1928-29 has accordingly been wiped out, and when allowances of £1156 and £23 have been made in respect of preliminary expenses and income tax respectively, there is a credit balance of £649 to carry to the current season. A few years of such steady progress and the dividendpayment era should be entered. A .certain amount of capital expenditure must have been incurred in opening up the Castle Hill mine for which no return can be shown, but the board in closing down that section and removing the plant now .has faced the position, and probably saved the company from greater loss in .the future. The total of the fixed asset! is entered at £49,005, against which nothing has been written of. for depreciation, In view of the £3065 spent in development work and charged to working expenses, a provision for wastage may seem, scarcely necessary on this occasion, but it is a matter for consideration in future years. Plant, machinery,- and buildings at £21,820 have' absorbed the largest portion,' and the tendency will be fpr them to 'increase the most rapidly if they are to be kept up to • date. Coal mining properties appear at £16,218 — whether that is their cost price is not stated—while the railway, rolling stock, and land group are entered at £8859. The balance (£2109) consists of Castle Hill farm and plantations, which should prove useful adjuncts to the main scheme. A balance of £SOOO was still- due to the vendors for purchase money unpaid. Among the liquid assets, sundry debtors at £11,138 come first, current- accounts comprising practically all that sum. It may be that there were a few large accounts outstanding when the books closed, otherwise the amount seems out of proportion to the other, balance sheet items. An allowance of £54 only has been required for bad debts. Stocks of coal and sacks. (£1284), mining (£1912), and stationery (£144) make up the greater part of the rest. The comparatively small quantity of coal, on hand indicates a ready market for the output. Preliminary expenses still amount to £2515 after .the substantial reduction 1 effected out of the past season's surplus. As it will doubtless be the policy to clear off this shadowy asset as soon as posible, attention to other than the necessity allowances will require to be postponed meanwhile. The liabilities aggregate £12,710. Of that sum, at least £8320 is interest-incur-ring. The total is exceeded by that of the liquid assets; but if the latter are to be treated 'as standing at a normal figure) there stems little prospect of reducing the indebtedness. greatly, when £14,478 is more ,<or- less permanently tied up; It almost looks as if recourse will require to be made to shareholders for a further call before the Lurdeh of indebtedness can be’relieved-to Any large extent. The gross revenue of £10,760 is arrived at after deducting the moire - direct charges of winning coal. Against the above balance- there are' overhead charges amounting to £16,269, or equivalent to 82.33 per cent. It is unlikely that costs can be much reduced as time goes on, and it is larger sales that have to be looked to for providing dividends. Prom the, directors’ report, it is seen that sales are moving in the desired direction.

DONAQHY ROPE AND, TWINE. TKe directors of Donaghy's Rope and Twine Company, reporting for the year ended March 31 last, state that the net profit amounted to £9106 Is 3d, to which was added last year's carry forward, f 2713 ,12s lid, less interim dividend of 9d per share, i paid in October, 1929, £1762 10s, leaving available for distributi6n f 10,057 4b 2d. The director* recommend the following' appropriations:Final dividend of Is 3d per share, making with the interim dividend of 9d per ehare previously declared" and paid, 10 per cent, tor the year, £2937 10s; place to Auckland re-building account, £3000; provide for installation of a fire-alarm system in the Auckland factory, and for furnishing the Auckland office, £500; .carry forward, £3619 14s 2d. Depreciation, £2656 17s 6d, haa been written off land, buildings, and plant. Mr A. Bathgate retired from the board owing to failing health, and Mr George Black .accepted 'the vacancy. The regrettable illness and death of the chairman, Mr John Lethbridge, caused a further vacancy, ; which had been filled by the appointment ; of Mr Willi Fels. Mr Walter Gow has been appointed chairman of'the- board. Directors retiring by rotation are Sir John Roberts and Mr Willi Fels,' who offer themselves for re-election. SYDNEY WOOL SALES. (United Press Association.) (By Electric Telegraph—Copyright.) SYDNEY..,May 5.' ■ (Received May 5.. at 10 p.m.) At the wool sales the offerings totalled 8916 bales, of which 8767 wer sold, in addition to 5521 privately. The market ruled very firm at last week's rates, with increased . support from Japan. Greasy I merino made 29$d. ——————— ' PRICE OF SUGAR. The Colonial Sugar Refining Company, Ltd., announced yesterday that the prices of all grades of raw and refined sugars, including tablets and. icing sugar, would be reduced by 10s per ton, as from to-day. DAIRY PRODUCE. The National Mortgage and Agency Company is in receipt of the following cablegram from London:— Butter.—Market quiet. New Zealand finest, 132 g to 1345; New Zealand firßt grade, 128 s to 130 s; Danish, 138 s to 140 s; Australian', 130 s to 1345. Cheese,—Market quiet. New Zealand white, 83s to 9.45; New Zealand coloured, 87s to 88s.