COMMERCE AND FINANCE

Otago Daily Times, Issue 21147, 3 October 1930, Page 7

COMMERCE AND FINANCE

LOCAL AND OVERSEAS MARKETS. -

THE SHARE MARKET. DUNEDIN STOCK -EXCHANGE. Business was done on the Dunedin Stock Exchange yesterday in New Zealand _ Breweries at 435, 'Buyers were offering 42s 6d at the close of the market, but sellers would not then accept less than 43b 6d. There were two sales of Okaritos at 7s. The same figure was offered later, sellers then demanding Id more. A sale of Crystal Ices was reported at 225. There were no further quotations for these shares. Perpetual Trustees were sought for at 68s, sellers asking 745. King Solomons were in de- . mand at Bd, but sellers asked Is. The beet offer for Mount Lyells was 15s 9d. . Sellers would not do business at "less than 17s 6d. . Sales: New* Zealand Breweries, 435; Okarito, 7s (two). : Sale reported: Crystal Ice, 225. • The following are' yesterday afternoon’e ‘ buying and selling quotations, which are " subject to-ihe usual brokerage:—• BANKING. ‘ Bank of Australasia—Sel £ll 18b. Bank of New South Wales—Buy £29 15s. eel £3l. . ... Bank of New Zealand —Buy 49s 6d, sel 50s. " ■ . Commercial Bank—Buy 14e 9d. E.S. and A. Bank—Sel £5 ss. Union Bank—Buy £8 7s 6d, /..' V" : . INSURANCE, National Insurance Co.—Sel 14a. ■ SHIPPING. ' Huddart, Parker (ord.)—Sel 325. . j Huddart. Parker (pref.)—Sel 20s. /U.S.S. Co. - (pref.)—Buy 20s, sel 20s Od. COAL. , .Kaitangata—Buy 3a die. ■ Westport Coal Co.—Buy. 275, LOAN AND AGENCY. National Mortgage (“B”):—Sel 355. Perpetual Trustees—-Buy 68s, sel 745, Trustees, Executors, and Agency—Buy 695, ■ "Wright; Stephenson (ord.)—Sel 19s, Wright,'Stephenson (pref.)—Buy 165.1 . ' ' MISCELLANEOUS. , British Tobacco—Sel 30s fid. ■ . Brown, Ewing (pref,)—Buy 20s, ißruce Woollen Co. (ord.)—Buy 9s 6d." S.I.C. (ordi—Sel 225. .1.0. .(pref.)—Sel 21s fid Milbum Liimß apd Cement—Sel 31e 9d. , Mosgicl Woollen Co.—Buy £6 10s, : National Electric—Buy Bs, sel 9a 3d. - New Zealand-Drug Co,—Sel S7s 9d, New. Zealand Express (pref.),—Buy 15a •. 4 ■ M»''y •' * . . New Zealand Farmers' Fertiliser—Sel . 18s. Regent Theatre—Sel 20a fid. .BREWERIES. New'Zealand Breweries, Ltd.—Buy 42s W, sel 43a fid. ' ; _ New Zealand -Breweries Debent.—Buy ■■ 21a. - . ■ - . /, ■ ■ Dimedin Brewery—Sel 20s. - ; ; ‘MINING. , 1 ; . Waihi—Sel 15s 3d. Waihi Grand Junction—Buy Is lid,' Mount Lyell—Buy 15s fid. sel 17a fid. King Solomon—Buy Bd, eel la. : Cornish-Point—Sel. 4d. > Mah ftkipawa—Buy 7d, eel 9d. i Kildare—Buy 8d,■ sel la, - Okaritorr-Buy 7s, sel 7s Id. ■ - Paddy’s Point—Buy-2s fid, ael 3a fid. !.->■• Taranaki Oil—Sel 2s fid. : WAR BONDS. „ .4i per cent. Bonds, 1938—Sel £IOO 2s Cd. s ■ ■ ■ j . ■ ' . per cent. Bonds. 1939—5 el £IOO Ss •• Co. , 199* PW CeDt ’ Soldierß> Bo »4s. 1933—8uy S. per cent. /Bonds. 1936—8uy £O9. per cent. Inscribed, 1036—-Buy £99, per cent. Bonds, 1937—8uy £96. 1 . NORTHERN EXCHANGES. . 1 IRsfc 'Dotted Parse Association.) -ih ™- 4o “ * , Auekiand.-Sales: Inscribed Stock (1930) ;4J.j?er cent,;. £B9 16sj .City of AucMand_(l94o) Ai per cent., £B6; Com* BMrcial Bank uf Australia” (lata sale Wednesday), 14s Od; Bank of New Zea--1 (three parcels), pref. 26s 2d;. Union Bank, £8 IDs (late sale Wedneaday), £8 8a; . New Zealand Insurance, 38s (two parcels); Farmers’ Trading (B - pref.), 12s. , . Wellington.—Sales reported; Bank of >New Zealand. £2 10a, (tWo sales). Christchurch.—S Commercial Bank of Ansfc., 16s. 4d (two parcels),, 15s 3d (two parcels); Bank of New Zealand, 48s ' fid (threeparcels), 49a 8d,.60s (two parf 8 lOd (two parcels); New Zealand Breweries, 42s 2d, 43s (two parcels). ; 43s 3d. 43s 6d; Mahakipawa/ 8d (two parcels). Sales reported; Commercial Bank of Auat. l4a Bd, 14s od, I4s 7d; Bank of New Zealand, ,495. 60s; British Tobacco, 28a 4d (two parcels), • MINING. . KC7G SOLOMON MINE. ’ The mine manager of the King Solomon Deep Lead, Ltd., reports as .follows on the work done at the mine:— , Steady progress baa been made with the squaring up of timber in the shaft, as V BB ,. hy .the old company. Sixteen '■*' P,.centres h&v6 been put in' down to within 12 feet of the bottom of the shaft. Frame seta here are now being ..put in, and laths driven down closely, as the sediment in the bottom is being removed. We are down on the heavy wash in the north-weatenv end of the shaft, but before starting to sink further I intend completing the timbering. This will probably take a week or 10 days. We will then be ready, to penetrate the wash. Samples taken of the wash reveal heavy iron, rtonea (Maoris) and black sand, and-gold is showing. -The Tangye i steam pump recovered from the bottom of the shaft was put Mn order,' tested, and placed in the shaft. Within a fortnight I. anticipate being well' down in the wash. The gqld-saviug boxes -are being placed in position, and also a storage hopper at. the tip-head. The' storage dam that was built up some, time ago, if required, will hold sufficient water to treat 25 to 30 yards of wash at a time, but at present there is sufficient water for our requirements, without the dam. The race from the Kaka Creek is being cleaned out, and'about 85 chains are already completed. When this water, is brought in we Can be sure of having sufficient water for treating the wash during the dry season. At present there are fully six heads of water in this creek. WESTPORT COAL COMPANY. . The output from ’the Westport' Coal Company's mine for the month of September was 20,863 tons compared with 38,864 tons for the same month last year, a decrease of 18,001 tons. WESTPORT-STOCKTON OUTPUT. The September dhtput from the West-port-Stockton mines was 10,171 tons, and that for September, 1929, waa 13,742. The decrease is 3517 tons. M‘NAB STOCK SALE. ' (From Our Own Cobeespondent.) V ... GORE, October 1. , .The fortnightly stock sale was held at . MNab yesterday before a fair attendance of farmers and buyers. Sheep.—There was an entry of over 1000. The market was not so good, and a large, proportion of the entry was passed in at auction, but a number of sales were effected privately. In the ■ fat pena the butchers were not Operating, and are evidently full up at present. However, sales made privately of fat wethers were at pricee ranging from 22a to 26a. In the store pens business was also slack, and passings were frequent. Forward lines of hoggets made up to 17a Bd. while sound-mouths realised 17s. Cottle, —The entry comprised 42 head, including .a number of fats. There was fair inquiry, and fat bullocks made up to £ls, while fat cows went as high as £lO ss. In the store section dairy cows close to or at profit changed hands at from £5 to £lO ss, while dairy heifers made from £4 5s to £5 12s 6d.

COMPANY BALANCE SHEETS. SOUTH ISLAND MOTOR UNION MUTUAL INSURANCE ASSOCIATION. General Uneiplred Risk Net June 30 Reserves Reserve Surplus 1930 £15.532 £11,257 £6,403 .This association is still in its early years ox existence the paat year being its fourth. Established as a mutual concern, it has no funds from.shareholders' capital to assist it in its initial - stages, which must necessarily be the most difficult. Its progress ia apparent, when it is able to announce a net surplus of £6103, which, when _added to prior accumulations, has the effect of* increasing them by approximately 70 per cent. In the directors’ report/ it is claimed that the association has been the means of reducing premium rates by 30 per cent', and of extending policy- benefits, while its policyholders have already received a bonus. • , Assets Aggregating £31,026 are shown in the balance sheet, against which there are liabilities of £4237. There is thus a surplus of assets of £26,789, of which '£11,267 is held .against unexplred risks, and the balance is termed general reserve, but might also be designated as accumulated funds, for the moat part the assets consist of New Zealand Government stock and other securities (£26,732), while a further £2OOO is placed on fixed deposit. The latter sum is entered under investments, but, in view of the bank balance being as low as-£627, it id conceivable that in the event of a large claim being allowed,/the deposits might'be required to assist to meet it: Sundry debtors stand- at £1077, but how far they may .consist of premiums due or overdue does; not appear. The fact that office furniture and equipment (at £156 is the only fixed asset points to the business, as yet being on a small scale. The depreciation allowance upon them is the generous one of 10 per cent.! ■ In their total of £4237 the liabilities comprise a variety of items, but it may be assumed that unpaid claims form the largest part. For the greater lucidity of the balance sheet, unpaid claims 1 almost deserve' a heading to themselves. The total of the outstandings stands in marked contrast to the comparatively small balance of cash in band and in bank indicating that it was expected that settlement would not be required for some time to come. ■ : ■ ‘ . Against a net premium ■ income of £23,010, the net claims come to £9474, or equivalent .to 41.X7 per cent. As from the nature of the business, claims are likely to be as prevalent in the' earlier years as later on, in proportion to the business transacted—the ratio looks satisfactory. . JThe term “special discounts as applied to insurance Business has a somewhat unfamiliar sound. . Ak the sum of £1235 appears, under that designation, or nearly 5J per cent; of the net, premiums received during the : year, those discounts evidently play an important part. The charges amount to £6686, or 24.71 per cent, of-the premium income, while in addition there are the allowances of £2099 and £464,f0r unexpired risks reserve and, investment fluctuation respectively. The latter scarcely amounts to 2 per cent, upon the securities, but as -an unstated amount consists of Government stock, it is probably chiefly on account of the balance employed in unnamed investments that the provision is considered necessary. The return in interest'averages approximately 4 per cent., but the actual rate, in view or a part of the money not hav-, ing been ' invested, for the full period, wfll ; be\higher. ■ , v--.t The progress made by this association indicates that, in spite of the presence of many, competitors .in the field, it .is finding ample scope for its activities among .the motoring community.

'. LONDON WOOL SALES. . (United Press; Association.) ■ 1 (By Electric Telegraph—Copyright.) LONDON, October 1. At thq, wool sales 11,896. bales were ofteredrjncluding;- 303 bales! from. New.' Bouth Wales, .517 from South Australia, 1786 from Western Australia, 2370 from Sueensland, .799 from Victoria, 03 from aamania, and 601 from. New Zealand, of which approximately 7110 bales were sold. There was, a moderate, selection of greasy merinos, , The - principal feature ■of ■ the Western Australian wools was the good offering of sooureds. All New' Zealand sorts met with .fair competition. Prices were unchanged. There were largo withdrawals, chiefly due to the high limits, Queensland greasy combing “Afnby Downs," Iljd and ll}d. scoured “Mara* thon," 28d and 23Jd; New Zealand greasy crossbred “Otairi,” 10Jd and 9d.-

NEW LOW LEVEL FOR RUBBER. (British Official Wireless.) (United Press Association.) (By Electric Telegraph—Copyright.) RUGBY, October 1. On the London Exchange to-day rubber touched a new'low record at 3Jd per lb. . LONDON WHEAT MARKET. (United Press Association.) (By Electric Telegraph—Copyright.) LONDON, October 1. ' Wheat cargoes are steadier in sympathy with North and South American' sellers, who occasionally advanced quotations. Buyers were not responding. Parcels opened dearer, but owing to lack of interest apart from Russians, fell bach to .yesterday’a closing rates.. Ex Tekoa, Port Hobart,'and Matakana, 28s 6d; ex West Lynn (sold to Italy), 29s 6d. Futures—London; December, 26s 8d; February, 26s 7d. -Liverpool—October, 5s 84d; December, 'ss Oid; March, 5s lOJd; May, 5s ll}d. , ; DOMINION RUBBER COMPANY. The secretary of the Dominion Rubber Company, Ltd., reports that he has received a cablegram from the estate advising that the: crop of rubber harvested for September was 40,0001 b. '

LONDON PRODUCE MARKET. The New Zealand Loan and Mercantile Agency Company, Ltd., has received the following cablegram from ite London house dated October 1: —Butter: New Zealand choicest salted, this season, 122 s to 1245; market slow. Stored, 120 s. Neglected. Cheese: White, 73s to 745. Coloured, 72s to 735. Market slow, Messrs Dalgety and Co,, Ltd., have received the following cablegram from their head office, London, dated October 1: * Tallow.-—The market ia nominally unchanged. The next sale will take place on October 8. Butter.—The butter market is demoralised. Quotations are; Danish butter,. 144 s to 1465; New Zealand finest butter, 120 s to 1245; Australian finest, .unsalted, 124 a to ,X2Bs; Australian finest, salted, 120 a to 122 a; Australian finest, GA.Q., 116 s to 118 s, Cheese.—The market for cheese is quiet. Quotations: Australian "cheese, white, 70s to 725; Australian cheese, coloured, 70s to 72a; New Zealand cheese, white, 71s to 735; New Zealand cheese, coloured, 70s to 725; Canadian cheese, white, 74s to 78s; Canadian cheese, coloured, 74s to 78s; Canadian cheese, c.i.f., 76s to 78s. BANK OF NEW ZEALAND. USUAL DIVIDEND IN DECEMBER. (United Press Association.) 1 (By Electric .Telegraph— Copyright.) WELLINGTON, October 2. The Bank of New Zealand announces that although the profits for the half-year ended September SO are not up to the standard of the corresponding period last year, they, nevertheless, will permit of the payment of an interim dividend at the usual rate next December, SOUTH OTAGO FREEZING COMPANY. The annual report" of the South Otago Freezing Company states:—The stock dealt with for the.past three seasons is S?. I l o^T^hee P and lambs, 91,010, 157,296, 278,393; cattle, 262 152 799. The directors offer their appreciation to those shareholders and clients who have wholeheartedly supported the works during the past season. The company baa again made satisfactory arrangements for next season, by which it can dispose of the whole of the.output, paying the highest ruling rates for all classes of stock. Extraordinary repairs had to be made-during the year to bring the works hack into a condition in which the greatly increased output could be handled. The directors consider that all of this expenditure should one ? ear » and have carried Xorward £BSOO as a charge against future trading. The profit and loss account 5 s ™ profit for the year of £1064 12s Tj- amount to be dealt with, including the £2515 10s lOd brought forward from the previous year, ia, therefore, £3580 3s 9d. The directors recommend the payment of a dividend at the rate of 5 per cent, per annum, which ( k SC To > £3315 Ss, and that the balance of £264 18s 8d be carried forward. The retiring directors are Messrs P. M'Skim- % Revie, both of whom are tiori 6 ' offer themselves for re-elec-