COMMERCE AND FINANCE

Otago Daily Times, Issue 21145, 1 October 1930, Page 10

COMMERCE AND FINANCE

LOCAL AND OVERSEAS MARKETS.

THE SHAKE MARKET. DUNEDIN STOCK EXCHANGE. Business was done on the Dunedin Stock Exchange yesterday in .New Zealand Drugs at 57s 6d. ■ There were no further quotations for these shares. A sale of National Bank of New Zealands was reported at £4 19s, Sellers were offering the shares at £5 at the close of the market, but no buyer came forwards There was also a reported sale of Union Banks at £8 10s. The close of the market saw sellers offering them at £8 12s, but no buyer was attracted. There was very little demand in any section. Sales: New Zealand Drugs, 57s 6d. Sales reported: National Bank of New Zealand. £4 19s; Union Bank, £8 10s; The following are yesterday afternoon’s buying and selling quotations, which are subject to the usual brokerage:— BANKING. Bank of Australasia—Sel £l2. Bank of New Zealand —Buy 48s, sel 50a, Commercial, Bank —Buy 14e 7d, sel 15s 3d. ' E.S. and A. Bank—Sel £5 Bs. National Bank of New Zealand—Sel£s. , Union Bank—Sel £8 12s. INSURANCE. National Insurance Co,- —Sel 14s. New Zealand Insurance Co, —Sel 38s Od. ) South' British Insurance Co.- —Sel 565. Standard Insurance Co.—Sel 565. SHIPPING. • Huddart, Parker (ord.)— Sel 325. Huddart, Parker . (pref.)—Buy 19s 3d. P. and 0. Deferred Stock —Sel. 45k ' , coal. . . ’; Kaitangata—Buy 3s Cd dia. Westport Coal Co.—Buy 28s, sel 30s. LOAN AND. AGENCY. Trustees, Executors, and Agency—Buy 595. ; Wright, Stephenson (ord.) —Sel 19s. Wright, Stephenson (pref.)-—Buy lae. MISCELLANEOUS. ■ ’ Bruce Woollen Co. (ord.) —Buy 9s Od, •Bfil 12s Crystal Ice Co.—Buy 21s, sel 235. D.I.C. (ord.) —Sel 225. • Dominion Rubber —Sel 14s. Milburn Lime and Cement—Sel 325. Mosgiel Woollen Co.—Buy £6 10s. M'Leod Bros.—Sel £23, National Electric—Buy 8s 4d, sel 10s. Regent Theatre—Sel 20s 6d. Wilsons (N.Z.) .Cement—Sel 40s.' 1 BREWERIES. New Zealand breweries, Ltd.—Buy 41s Cd, sel 445. New Zealand Breweries- Dcbent.—Buy 21s. i Staple’s Brewery—Sel 41s. - Dunedin Brewery—Sel 265. * 'MINING. ' Molyneux, Electric —Sel 4s. Mahakipawa—Buy sd, sel 74d. Kildare—Buy 9d, sel Is. Okarito—Buy 7s Id, Sel 7s 3d. Paddy’s Point—Buy 2s 6d, sel 3s Od. King Solomon—Buy Bd, sel lid. WAR BONDS. 41 per cenft Bonds, 1938—Buy £IOO 2e J 41 per cent. Bonds, 1939 —Sel £IOO 2s 6d. 5) per cent. Soldiers’ Bonds, 1933—8uy £99 2s Cd. 4J per cent. Inscribed. 1938—Sel £IOO. 6* per cent. Bonds, 1936 —Buy £99 2a 6d. SJ per cent. Bonds, 1937—8uy £96. It was stated in this column yesterday that there had been a sale of 5J per • cent. Inscribed Stock (1937) on the Christchurch Exchange at £9O 2s 6d. The stocks dealt in were the 'SJ per cent, issue of the same date. NORTHERN EXCHANGES: i{Peb United Press Association.) The following business was done on ’Changes yesterday:— Auckland.—Sales: Commercial Bank of Australia, 15s, 16s id, 14s 9d; Bank of New South Wales, £3O ss; Bank of New Zealand, 51s, 60s; /New Zealand Insurance, 38e 6d; Auckland’ Gas, 23s 9d; Aus-. tralian Glass, 22s 9dj British Tobacco, 295; Farmers’ Trading (B, pref.), 12s. Wellington,—Sales reported: - Commercial Bank of Australia (ord.), 14s 7d; Bank of New Zealand, £2 Us; Bank of New South Wales, £3O; Gear Meat Company, £1 16s. Christchurch. —Sales: Commercial Bank of Australia, 14s 7d, I4e Gd, 14s 7d;National Bank of New Zealand, £5; Bank of New South Wales, £3O (four parcels); Goldsbrough, Mort, 17s 4d; New Zealand Breweries, 43s (two parcels), 425,0 d: Mahakipawa Goldfields, ,7)d, 7d (three parcels), 6)d (two parcels), 7d (two parcels, 7)d. Sales reported: National Electric, 8s 3d; New Zealand Breweries, 43s 3d (two parcels), 435; Christchurch Gas, 25a 6d; New Zealand Government 4) per cent. Bonds (1938), £99 15s; National, Bank of Australasia (£lO paid), £lO 2s "6d;'Bank of New South Wales, £3O (four parcels). 7 MINING. PUKEMIRO COLLIERIES, (Special to Daily Times.) b AUCKLAND, September 30. • The annual meeting of shareholders in the Pukemiro Collieries was held to-day, the chairman of directors (Mr J. Catchpole) presiding. In moving the adoption' of the annual report and balance sheet, the chairman said-that although the profit on the past year’s operations was much below that of -the /previous year, the directors considered the balance sheet a very satisfactory one in view pf the fact that the past year had been one of the most difficult and trying periods experienced since the inception of the company. Competition had been particularly keen, and some of it had been unfair. A large amount of trade in the Taranaki district had been lost to the company by the establishment of the Egmont- Collieries whose geographical situation had enabled them to reach in a short time an output of something like 400 tons per week: The extensive introduction of electrical power had also been a big factor in reducing the consumption of coal. Referring to the rumours that had been circulated regarding a creep in the mine, the chairman said these were quite unfounded. The motion for the adoption of the report, including the payment of a dividend of 3s per share, making 25 per cent, for the year, was carried. LONDON WOOL SALES. (United Press Association.) ’ (By Electric Telegraph—Copyright.) • LONDON, September 29, At the wool sales 10,829 bales were offered, including 933 from New-South Walfe, 3120 from Queensland, 791' from Victoria, and 733 from New Zealand, of which approximately 5200 bales were sold. There was a large offering of greasy scoured merinos, principally new clip topmaking sorts. There was a steady demand for greasies, but scoureds were rather neglected. Prices ' were unchanged. Greasy combings: Western Australian, “Wallal Downs,” lid and lOJd; Queensland, “ Barcaldine,” 14)d and 13d; “Northampton,” 12)6 and lid; “Ayrshire Downs,-” 12d and lid. Scoured: “ Mildura,” 20d and 19tl. New Zealand greasy crossbred, 03d and 9d. The Bradford market is flat, with prices a shade easier all round. BRISBANE WOOL SALES. (United Press Association.) (By Electric Telegraph—Copyright.) BRISBANE, September 30. At the first w-00l sale .of the 1930-31 series the closing rates were very firm, compared with the Sydney market/ .

LORNEVILLE STOCK SALE. . • i (Special to Daily Times.) INVERCARGILL, September 30. Smaller sheep yardinga but increased cattle entries were forward at the weekly. sale at Lorneville to-day. There was a large attendance of buyers. Fat Sheep.—The quality was the best that has been supplied for some time. Prime heavy wethers and heavy ewes ; showed little change in value, but lighter, sorts depreciated to the extent of about 2s 6d per head. The sale was a dull one, and a.good many lines were passed in at auction, but vendors in most cases met the market privately. Extra prime wethers made up to 30s, medium weights 22a 6d to 255, lighter sorts down to 20s; prime heavy butchers’ ewes 25s 6d, medium from 19s to 22s 6d; lighter sorts down to 16s. 1 *at Cattle.: —The quality was fairly good. Several pone of good steers werg forward, and a fair number of heavy cows, the. entry of heifers being small. Prices opened about on a par-with last weeks keen market, and its the sale progressed little change in values was .noticed. Prime bullocks realised up to £lO 10s, medium weights from £l3 to prime cows, up to £l2, medium £8 IDs, lighter . £7; prime heifers up to £l3 10s, medium £9 to £ll, lighter down to £7 10s. Store Cattle.—There was a representative yarding of all classes, with the demand if anything showing an easing tendency. A small line ot big aged upcountry bullocks realised £lO ss; medium two-year-old steers, £7 6s; good yearling steers, £4 19s; medium, mixed sexed yearlings,' £3'4s; yearling heifers', £3; - interior sorts down to 30s; good clean COWSj *■* £5 15s; aged down to £3 10s. ..There was a good entry numerically in the dairy section, but the. quality was only medium. The demand was good, bpringers and cows just calv.cd realised £9 to £10; average sorts £6 10a to £B. otore Sheep. There was a very small entiym this section, the chief attraction being a pen of .aged ewes and lambs, which realised 7s all round. , CANTERBURY MARKETS. (Peb United Pbess Association.) CHRISTCHURCH, September 30. .. XJici'c is very little business passing in the gram and produce markets. The potato section has recorded no thaugo since the last report. It is acknowledged that there are still a good many potatoes in Canterbury, but growers are not attracted by the prices offering. Prompts are worth £3, 12a Cd a ton, t.0.b., s.i.; which is equivalent to about TC il s a ton - 0n truc ks to farmers. Dakotas are hard to quit, and reports from Wellington yesterday stated that prices had eased still further. Most of the forward business has concluded now, ■®,?d the speculative element is limited. Karepo is due to sail for Auckland with a cargo of tubers to-morrow. She lias on board 1586 sacks from Timaru, and is expected to take about 3000 sacks irora Lyttelton. The oats and chaff business is also quiet. The value of chaff to-day is £5 ■a ton, on trucks. There has been a Tittle inquiry for A Cartons from the northern ports, and the quotations are: -Dunedin 3a lOd, Tim', aru 3s lid, and Lyttelton 4s, all f.0.b., s.i. Bluff values remain at 3s 7d to 3s °d. In the other sections there is no. animation, and no alteration to record!, 1 Bran and pollard values have been reduced 10s a ton. This week pollard is quoted for shipping at £5 15s and bran at £6, f.o.b. MERTON DAIRY COMPANY. ANNUAL' MEETING. (Fbom Odb Own Correspondent.) m WAIKOUAITI, September 30. The sixteenth, annual meeting of the Merton Co-operative Dairy Factory ComB, Ltd., was held in the factory at on on Saturday. There was a small attendance of shareholders, the chairman of directors (Mr John Allan) presiding. The directors’ .report stated that -the figures for the 1 season 1929-30 were as follows:—Milk received, 2,289,0361 b; but-ter-fat from milk, 87,0241 b; -butter-fat from whey, ■ 40451 b; pounds of cheese manufactured, 226,5711 b; pounds of cheese to 11b of butter-fat, 2.60; pounds of milk to lib of cheese, 10,11; average test, 3.80; number of suppliers, 22. The directors reported that the profit for the year was £354 12s 7d, to which must be added the balance brought forward from last year, £1521 13s sd. less a dividend paid to shareholders amounting to £49 16s 3d; leaving at the credit of profit and loss account £1826 10s ,9d. Out of this the sum of £lB5 had been written off ns depreciation on buildings and plant, leaving the amount available at profit and loss account at £1641 10s Od. Tho output for the season was 101 tons of cheese, and of tj)is quantity 93 tons were exported. *xhe certificates issued by the Government graders; showed that 81 per cent, of the cheese ’was graded “finest,” the : remaining 19 per cent, being classed as “first grade.” The directors recommended the payment of a dividend of 5 ger cent, on moneys paid on shares as at eptember I,' 1929. The report and balance sheet were adopted. ' As . the retiring director (Mr James Apes) did not offer himself for re-elec-tion, Mr SI Nolan was elected to fill the vacancy on the directorate, and Mr J. A. Hopcraft was re-elected as auditor. It was decided to invite tenders tor -the cartage of coal, cheese, and sundries for the year ending August 31, 1931. The representative of the district on the Dairy Produce Control Board (Mr W, Lee) addressed the meeting, and at the conclusion of his, address received a unanimous vote of thanks and confidence. CEYLON GOVERNMENT LQAN. (British Official Wireless.! (United Press Association.) (By Electric Telegraph—Copyright.) , RUGBY, September 29. The subscription'lists in connection with the issue of £1,750,000 Ceylon Government 4t per cent, stock opened to-day, and were closed shortly after 10 o’clock this morning. LONDON WHEAT MARKET. (United Press Association.) (By Electric Telegraph—Copyright.) LONDON. September 29. Wheat cargoes are easier owing to American week-end advices and the news of an increased German duty. Prices dropped 3d to 6d. Buyers are indifferent. Australian, October-November, was sold to Shanghai, but the price was not revealed. Parcels are obtainable at Cd to 9d down, but are drawing no attention. Ex-Euripides and Hermiiiius, 29s lid. Futures—London: December - February! 275. Liverpool: October, 5s 7|d; December, 6s Sid; March, 5s 9Jd; May, 5s lid. . Messrs Fraser and Co., selling agents for the Otago and Oamaru Ego-" Circles, report as under-.—Eggs; Poultry farm eggs Is to Is 2d, others Is. Butter: Separator pats Is to Is Id, bulk Is Id to Is 2d. Tallow 12 s to 14s per cwt. Pigs; Good bacon weight 8d to B£d, overweigfits 3d to 4d, porkers 7d to 8d per lb. Potatoes £4 5s to £5 per ton. Chaff to £6 10s per ton. sacks extra. Whole fowl wheat 6s 8d to Cs 9d per bushel. Bulk honey 5d per lb, 101 b tins 5s 6d to 6s. Poultry supplies are lighter. White Leghorn hens 4 S to ss, heavy breeds os Od to 6 S "6d, cockerels Gs to 10s, roosters 2s to 2s Cd, ducks 4s to ss, ducklings 5s to 7s Od. Turkey gobblers l s to Is Id per lb live weight, hens lid to Is. We stock Palmers Chick Food. Perfection Meat Meal, leg rings Is per dozen fspecial quotes for quantities). Agents for Champion egg crates, Morcg poultry spice. Consignors please note that all pigs and poultry must arrive not later than Wednesday morning of each neck. W c have a stock of poultry crates on hand for the use of our clients.

PROPERTY .. TRANSACTIONS.

MessrsN. and E. S. Paterson, Ltd., report having completed the sale of a city freehold property, containing 19.05 poles, being allotment 2, L.T. plan 3468, city of Dunedin, situated in George street, between Hanover and Frederick streets, with two modern shops thereon. They also sold to the vendor of the city property a highly improved agricultural farm of approximately 413 acres situated close to Geraldine. The price of both transactions totalled over £20,000. LONDON MARKETS. - Messrs Dalgety and Co., Ltd., have received the following cablegram from their' head.office, London, dated September 20:— Dairy Produce.—The market for butter is weak, and prices are Is to 2s per cwt lower. , , RABBIT SKIN SALE. The Dunedin Stock Agents and Wool- ; brokers' Association (Messrs Dalgety and Co., Ltd., Donald Reid and Co., Ltd., Stronach, Morris; anU Co., Ltd,, IJew Zealand Loan and. Mercantile Agency Company, Ltd., Wright 'Stephenson, and Co., i Ltd., Otago Farmers' Co-operative Association, Ltd., and National Mortgage and I Agency Company, Ltd.) reports as follows: Medium-sized catalogues were offered 1 at yesterday’s rabbit skin sate. At the I London sale, held last week, a substantial advance for most grades occurred, there j being a rise of 10 per cent, on better grades and of 20 per cent, to 25 per cent. ! on. low grades. To some extent this advance had already been anticipated at last sale, but at yesterday's sale competition I was very keen for all grades, and prices showed a fairly general improvement. Inis was most noticeable on secondary winter sorts, which were 4d-to 6d per lb higher. Prime winters did not show much change. The following was the range of prices:—Second broken,, BJd to 9Jd: autumn broken. IBd to 16d . win i e ’ broken, 23Jd to 25d; runners and suckers, i to ,V 2 i I: i SU , n iTf rSj to 10J,d; light to prime racks, 14d to 142 d; dawny autumn, 18id to 194 d; early autumns, 21d to ,223 d; autumn, 29jd to SOfd; second incoming, 23d to -25 d: incoming winter, 40id to 42d; early winter bucks, 45d to 46d; does, 38d to 371 d; first spotted ' winters, 33d to 40|d; “ second winter bucks 46d to 50d; second winter 45d; first winter bucks, 723 d to.7sJd; first winter does, 51d to 53d: bucks, 742 d to 76d; prime does i out ? I T ne - 24d t 0 34d : springs 24d fo W “ y ’ i od t 0 17 - d; fawn, to old, winter fawn, 73d to 76d* l id . to Wid; autumn black’, 14tl to IGid; first winter black, 28d to 3bcl; second winter' black, 18d to 26d; hareskins, 10d to 213 d; horsehair, 16d to 1/d. . CUSTOMS RETURNS. THE DUNEDIN FIGURES. The Customs duties collected in Duncam for the month, the quarter, and the nine months ended September 30 are as foljow, compared with the figures for the corresponding periods in 1929: Customs Sept, 1929. dutk £56,815 0 4 £72,465 12 11 Beer duty 16,374 0 5 “>0 020 11 o Petrol tax 12,082 7 3 6 0 Tyre tax .. 1,115 0 0 1,263 14 0 Quarter ended Quarter ended Customs §ept ‘ 3 °’ 1930 - Sept. 30. 1029. duty ... £106.147 4 5 £230.207 7 1 Beer duty 41,950 10 1 54,187 10 0 Petrol tax 29,034 7 8 16,832 10 4 l;yre tax 2,730 9 8 2*907 3 0 9 months 9 months ended ended Customs SCpt ‘ 3 °’ 193 °‘ Scpt ‘ 30 ’ 1020 - duty £012.639 11 10 £600,043 13 4 Beer duty 157,521 9 7 170,572 13 0 Petrol tax 80,603 0 4 50,722 15 0 Tyre tax 8,730 4 3 8*402 12 0 FIGURES FOR CHRISTCHURCH, (Peb United Pbess Association.) • CHRISTCHURCH, September 30. The Customs revenue for September compared with the eame month last year, was as under:— , . „ . 1030. 1929. ’ Customs .. £84,869 0 0 £11,247 3 1 Beer duty 7,583 12 0 7,038 17 5 Meat levy 578 18 7 270 18 4 Motor spirit' 16,804 5 1 18,670 710 Tyre duty 1.060 12 9 2,037-16 10 WELLINGTON RETURNS. (Per United Pbßss Association.) WELLINGTON, September 30. The duty collected on motor spirit last month was £36,170, compared-with £28,917 for September, 1929, an increase of £7253. The figures for the nine months are respectively £324,568 and £292,601, an increase of £31,907. The collection of tyre last month totalled £2331, compared with £3748 for September, 1929, a decrease of £1417. For the nine' months a drop ot £16,888 is recorded, the figures being £28,397 and £45,285 respectively. • The beer excise collections for September were £5278, compared with £3837 for September, 1929, an increase of £1441. For the nine months figures were £40,041, as against £36,286, an increase of £4115. THE AUCKLAND FIGURES, (Peb United Pbess Association.) AUCKLAND, September 30. A decline of £50,971 occurred in the Customs revenue collected in Auckland last month compared with the yield for September, 1929. The duty obtained from the tyre tax was lower by £456, but there was an increase of £8535 in the petrol tax. The total from the three sources was £206,354, compared with £249,246 last September, a decrease of £42,892. For the first nine months of the year the revenue from Customs duties was £104,233 lower at £1,541,851 than if was for the corresponding period of 1920. PRICE OF FINE GOLD. (United Press Association.) (By Electric Telegraph—Copyright.) LONDON, September 20. Fine gold is quoted at-£4 4s life] per oz, • LONDON METAL MARKET. 1 , (United Press Association.! (By Electric Telegraph— Copyright.) ' LONDON, September 2D. Following are tho olHclal quotations In the metal market: —

TO n. Copper, siiot .. . . .. £43 S 3 . Fall 33/l',4 Copper, forward . .. 43 8 0 Fall 33/1% Electrolytic, spot . .. 47 0 0 Fall 30/Elcctrolj'tie, forward .. 49 0 0 Fall 10/Wire bars .. ... . .. 49 0 0 Fall 10/Lead, spot .. . . .. 1G 15 0 Fall 22/C Lead, forward .. . . .. 1G 7 G Fall £2/0 Spelter, spot ... . . '.. 15 0 0 Fall 7/0 Spelter, forward . .. in 2 C Iliso 12/0 Tin, spot .... . . .. 127 IS 9 Fall 70/Tin, forward .. . . ..123 11 0 3 l'all 07/0 Silver, fine ... . .. 1/15& Fall yd Silver, standard . .. 1/5 1 5-1C Fall lid