COMMERCE AND FINANCE

Otago Daily Times, Issue 21149, 6 October 1930, Page 10

COMMERCE AND FINANCE

LOCAL . AND OVERSEAS MARKETS.

THE SHARE MARKET. DUNEDIN STOCK EXCHANGE. * There were two sales of Okaritos on the Dunedin Stock Exchange on Saturday, one parcel changing hands at 7s Id and -the other at 7s 2d, Buyers were offering 7a for these chares at the close of the market, but sellers would- not take .less, than 7b 2d. Offers of £8 loe for Union; Banks failed to-attract a seller at less, than £lO. There was a buyer of D.I.C. preferences at 20s 3d, sellers demanding 21s. Gisborne Gas shares were asked' for at 25s 6d, but no seller' came into the: market. New Zealand Breweries im-; proved again slightly, the offer being 445. Sellers, however, would not do business' at less than 46s 6d. Sales- reported: Okarito, 7s Id, 7s 2d. • The following are Saturday’s, buying and'selling quotations, which are subject; to the usual brokerage:— ■ , BANKING. Bank of N.S. Wales—Buy £3l. Bank of New Zealand—Buy 51e. Commercial Bank—Buy 15s. E.S. and A. Bank—Sel £5 Bs. ’ Union Bank—Buy £8 15s, sel £lO. INSURANCE. National Insurance Co.—Buy • 13s 6d,; •el 14s. ; Standard Insurance Co.—Sel 565. 1 SHIPPING. Huddart, Parker (pref.)—Buy 19s 6d, •el 20s 6d. , • ; P. and, 0. Deferred Stock—Buy 425. U.S.S. Co. (pref.)—Buy 20s, eel 20s 9d. COAL. . Westport Coal Co.—Buy 28s 6d, sel 80s 6d. ' LOAN AND AGENCY. Goldsbrongh, Mott—Buy 19s, sel 20s Pd. / National Mortgage (" B ”)—Sel 355. Perpetual Trustees—Buy 68s. MISCELLANEOUS. ‘ British Tobacco—Buy 28s 6d. Brown, Ewing- (ord.) —Sel 30s. Brown, Ewing (pref.)—Buy 20s. Bruce Woollen Co. (ord.)—Buy 9s 6d. Crystal Ice Co.—Sel 235. D.I.C. (ord;)—Sel 21s: DJ;C. (pref.)—Buy 20s 3d,' sel 21s. Dominion Rubber—Bel ,12s 6d. Milbnrn Lime and Cement—Sel 325. Mosgiel Woollen Co.—Buy £6 10s - National Electric—Buy 8s 3d. sel 9 S 33. ; N.Z. Express (pref.)—Buy 15s 9d. £•2. f>«ners’ Fertiliser—Sel 18s; , N.Z. Malaji Rubber (pref.)—Sel 20s. v Recent Theatre—Sel 20s 6d. Gisborne Gas—Buy, 25s 6d. ; . i BREWERIES. . N.Z. Breweries. Ltd.—Buy 445, sel 46s VU a . j N.Z. Breweries Debent.—Buy 21s. Dunedin, Brewery—Sel 275. '> MINING. jgElectfolytic Zinc (pref.)—Buy 15s, eel Motmt Lyell—Buy 16s 4d, sel 17s 6d. ' Molyneux Electric—Sel 4s. ' .Kildare—-Buy Bd, sel Is 7s, sel 7s 2d Paddyh Point—Buy 2e Bd, sel 3s 6d, . King, Solomon—Sel Is. ■ WAR BONDS. «fh p o e o , 'r4 Bo,i<K 1934 - Bi ’ £89,ws - per ccd*. Bonds, 1939—8uy £99 10a tm 2s e «d Peilt ’ Soldi ® rs ’ Builds, 1833—Buy 6d 5 i Per cent. Bonds, 1936—8uy £99 2s NORTHERN- exchanges. (Peb Dxnrar Press Association.) ,„. Tile following business was done bn Changes on. Saturday:— Commercial Bank of Australia, 16s odt 16s 4d, Ifa 4*d; Bank l^ : w v d i. s2! f d , (late eale Friday) Grand Junction, 2s. I reported: New Zeaiwi J* £ er fcent - stock. (1933), £9B 10s; New,.Zealand Government 4J per cent. Bonds (1938), £100: ?fl 0 » m w e v C i al ?! . A «stralia (ord.), 16s 8d (five sales). 165.9 d; Bank of New Zealand, f2 12s (four sales); British &eco ( f ? £ ! lla A d (ex div).- Sale: Electrolytic Zinc (pref.)., 17b 4d. ' —'—■— _ v ' LONDON METAL MARKET. (United Press Association.) I.OSBOS, October "J. ' FoUowing an'the official quotations to 1 the metal market:— : ( .

FRUIT AND PRODUCE WORLD. Reilly’s, report selling;—Violets, 2s, 2s 6d. Narcissi: Cream, 3b, 4s; trumpets, 2s, 45.; Lachenalia, 6s. , Preesias, 3s, 4s dozen bunches. Boronia, 4d, 6d. Anemones, 4d,6d. Section honey: Choice, 10s, 12s; bulk, 5Jd; 10lb tins, 6s. Spring cabbage, 2s, 4s- dozen. Cauliflower. 4s, 7a sack. Swedes; 4s. Carrots, Bs. Parsnips, , 6s, Bs. Lettuce, 2s 6d to 5s dozen. . Celery, 9d bunch. French bean. Is . 9Jd. Asparagus, 16s. .to 24s dozen. Eggs: R.C.P.M., Is 2d, Is 3d. Mutton birds, Bs, 9s. Butter: Pats, Is, Is 3d; milled bulk, Is. Lard: Superfine, Bd. Whitebait, ■ 3s , 9d, 4s. Bacon; Choice, Is 3d. Peanuts, sd. Walnuts, 'Bd, lOd. Cheese: Medium 9d, loaf IOJd. Tea: Orange Pekoe, 2s 6d. Brussels sprouts, 4d to 5d lb. Potatoes, £4 10s to £6 ton. Onions: Table, Canterbury, 8s cwt.; Californian, 20s; Melbourne, choice, 12s bag. Tomatoes: Island, Od. New season’s rhubarb, 2d, 3d lb. Apples: Delicious, 10a, 14s; small, 6s, 8s; Jonathans, Bs, 10s; other desserts, 6e; Stunners, 9s, 12s; cooking, 6s, Ss 6d. Pears: Half cases Winter Nelis, 6s fid; cooking, 9s. Beeswax, Is 7d, Horsehair, Is 3d, Is 9d. - Bacon _pigs: Prime, 9d; porkers, 9Jd; odd weights, 4d, 7 Ad. Navels, 20s; Valencias, 18s, _ American grapes (to arrive), 30s. Mission lemons, 60s; Australian, 15s, 18s; New . Zealand, Bs, 10s. Sevilles: Australian, 15s. Poorjnan oranges, 9e. Grapefruit: New Zealand, 15s. Australian passions, 245. “ Socro,” New Zealand, 12s fid. Pineapples: Choice Queens, to. 265. Loquats; Choice, 16s. Bananas: Ripe, 355.. Mandarins: Choice, IBs, 225. Special Pippa grit, Bs. Oyster grit, Bs. Tallow, 15s cwt. Woodwool, 28s bale. Fruit wraps, 3s 3d ream. Champion egg crates, 17s fid. Pure Lucca oil, 4s quart bottles. Rockland garden manure: 121 b bags (special quotation for lewt. and scwt. lota); trial bags. Is fid per bag, Vallo Giraffe lime sulphur: Cases 4 gallons, 2s fid; barrels 2e gallon. Black Leaf “ 40 101 b tins, 545; 21b tins, 15s; Jib, 5s 3d. Semesan: 51b, 555; Jib, 7e; 2oz, 2s 3d. C.M.W Knapsack sprayer: Improved type, £5. Wheat, 6s 3d, 7s. Partridge peas, 6s. Oats: “A” Gartens, 3s 9d; “ B,” 3s fid. Peaineal, 16s._ Crushed barley, 16s sack of 1501 b. Rice meal, 10s Od sack. Crushed oats, 12s 6d sack of 1101 b. Meatmeal, 17s fid, Karswood spice: Jib, Is; lib, Is lOd; 71b, 12s 6d. Bran. £7 10s. Pollard, £B. Oatsheaff chaff: Choice. £5 10a to £6 per ton. Clover bay, £6. Lucerne, £6 10s. Straw: Wheaten, 60s. Palmer’s chick food, 4, 10, 25, .50, 100, and 2001 b bags. Poultry: 39 hens, from 5s 4d to 10s 2d; 22 cockerels, 4s 6d, 10s 2d; 14 bantams, la, 4d. 2s 8d; 18 ducks, 6s, 8s; 10 pullets, 6s Bd, 7s; all at “per pair." REILLY’S CENTRAL PRODUCE MART. LTD., Queen’s Warehouse. Moray place, Dunedin,

LONDON MARKETS. (United Press Association.) * (By Electric Telegraph—Copyright.). ' LONDON, October 4. (Received Oct. 5, at S.S p.m.) Frozen Meat, —New Zealand sheep: Canterbury and North Island selected crossbred wethers and maiden ewes—4Blb to 561 b, sid; ditto, S7lb to 641 b, s*d;‘ ditto, 651 b to' 721 b, 5Jd; ' North Island ditto, 481 b to 561 b, s|d; ditto, S7lb to 641 b, 5Jd; ditto, 651 b to 721 b, 5Jd; ewes, 481 b to 641 b, 3|d; ditto, 651 b to 721 b, 3id. Australian sHeep: Firs# quality crossbreds and/or merino wethers—4olb to 651 b, 4jd; ditto, second quality, 301 b to 551 b. 4id; ewes, 301 b to 551 b, 4d. Argentine sheep—First quality crossbred wethers, 481 b to 641b,5Jd; ditto, 651 b to 721 b, 4|d; ditto over 721 b, 4Jd. Patagonian sheep: Wethers and/or maiden ewes, under 501 b, 4sd; ditto, 501 b to 601 b, 4Jd; ewes, 401 b to 501 b, 3Jd. * New Zealand Lambs,—North Island brands: .’Second quality, average 311 b, 7Jd. Australian lambs; All States, third quality, 6Jd. Argentine lambs: First quality, 531 b to 501 b, 6d. Australian Frozen Beef.—Ox crops, under 1001 b, 4d; ox crops, over 1001 b, 4Jd Argentine chilled beef: Ox fores, 1601 b to New lealand Pigs.—First quality: 601 b to 1001fa„9d; ditto,' 1011 b to 1201 b, B|d; others are unchanged. ' Hides.—Meat works dry salted: Queensland—3slb to 451 b 6Jd, 301 b to 401 b 6Jd, 251 b to 351 b sfd, 201 b to 301 b 6|d; New South Wales same weights—'7d, 7Jd, 7gd, 7id. Wet salted: Queensland—solb to 601 b 4|d, 401 b to 501 b 4fd; New South Wales ditto—sJd, 5Jd; Victorian abattoirs, both 6id. Friday’s closing prices were as follow: Cotton: November, 8.61 d per lb. o I*ara, 5Jd; plantation smoked, o 15-lod. Jute: Oetober-November, £l6 8a 9d. Hemp: None offering. , Copra: October and November South Sea, £ls 10s; plantation Rabaul, £ls ss. Linseed oil, £2O. Turpentine, 34s 6d. MERCHANDISE MARKET. Poet’s.whole bran cereal—a new line—has made ■ an bn thb' market. Supplies 'of Sadler’s' mustard’ are again ,on the market. .. Consequent on the Wingatui being delayed at Lyttelton through bad weather, both she and_ the Waimarino reached Dunedin practically together with cargoes of sugar. The wholesale market had been bare .of supplies -for the time being. Supplies of Shavallo cream have reached the market. 1 Among the lines of Singapore pineapples landed recently was a parcel of 21b . tins, whole. Whole pines nad been loff the .market for mfny years. ■ Bulk and .stoned dates are getting into short compass in the wholesale houses. There is a steady demand for egg preservatives and pastes. Eggs are at low prices for this time, of year. .' Trident paste is ■- now obtainable in prawns, and crab, in addition to the usual packings of salmon and shrimp, ham and chicken, etc. • Christmas gift packings of various brands of cigarettes are now being quoted by merchants. Further supplies of Ardath cigarettes reached the market ex the .Wingatui. Canary- seed is getting a little short in the wholesale houses, pending the arrival- of the new eeaeon’s, which, is due next month. • ’ / DAIRY PRODUCE. ■ .Amalgamated. Dairies, Ltd., report receipt of the following cable from London; —Butter market demoralised; Anchor, 1245; Danish; 140 s, f.o.b. Cheese, white, 725, 735; coloured, 71s 725. Market depressed; hardly any business passing. Importers have .reduced advances on butter to lOd, and cheese to Sid on and after October 3. The South Island Dairy Association, Ltd>, has received the following market report from the New Zealand Produce Association, London:— 1 Butter.—Much weaker, with less demand, 116 s t 0,1225; Danish, 146 s to 148 s. Cheese.—Slow. White* 71s to 725; coloured, 70s to 71s. Canadian, white and coloured, ,77s to 78s. LONDON WOOL SALES. LONDON, October 3. -At the wool sales 9526 bales were offered, including 3568 from New Zealand. There was a' large supply of scoureds and a moderate offering from New Zealand. Prices were maintained and competition was fair. . New. Zealand greasy crossbreds: “Maku,” ,Bfd and 71 d; “Remuroa,” 85d and BJd; '. LONDON MARKETS. Messrs Dalgety and Co., Ltd., advise having received the following cablegram from London, dated October 3:— . Wool. —The wool sales continue with an active demand for greasy, good and scoured good,. but prices generally show some decline from opening; inferior and faulty neglected; greasy crossbreds selling freely; crossbred medium and coarse 5 per. cent, lower now as compared with opening rates; 75 per cent, to 80 per cent, of catal.o goes are being cleared. Dairy Produce.—The prices for butter are 4s per cwt lower with no sign of improvement, v

COMPANY BALANCE SHEETS,

GOVERNMENT LIFE INSURANCE DEPARTMENT.

* After deduction of land and Income tax and property expenses. Tlie past year appeal's to have been the most successful that this Government .Department has yet experienced. The increase of approximately £50,000 in the brought out is accompanied by a fall in, administration expenses, while the claims are more than met by the premium' income. The net result, after providing £4300 for property depreciation and £20,000 for investment fluctuation reserve, is an addition to the accumulated funds of £343,846, which must surely be a record for any single year. After a succession, of annual rises aggregating £112,425 in three years, the claims have fallen appreciably, while the premium income has made a substantial rise. The result is that the relations of the two are on a more favourable footing than they have been during either of the past two years as is seen be-

The premium income continues annually to rise steadily. The fluctuating nature of the claims is'seen in the annual increases of greater extent, and one or two decreases. Over the latest nine years, which would seem a fair period to strike an average, the claims have risen by £171,076, and the premium income by Ithe average annual excess of the latter being £2553. Considering the volume of business put through, the .marBin is small enough to give an indication of the keenness of, competition existing in this connection. Out of an aggregate of £50,431 representing liabilities to outsiders, clainsM admitted come to £33,464. As this is only slightly over 5 per cent, of the annual total, prompt settlement is indicated. The amount is liable to vary considerably in with the value claims; made towards the close of the financial ■ period. Sundry creditors, which comprise £8428, is the next largest unit,, while deposits in premiums and otherwise, and sundry outstanding charges make up the balance. . Reserves are chiefly included under investment fluctuation, which received an addition of £20,000 at December, 1929. In view of how the investment market has shaped in the interval, possibly a 1 larger allowance may be considered desirable for the current year. Accident and fidelity fund stands at £3912, while the further reserve of sinking fund on local body loans has nsen to £11,161, or nearly £3500. The landed and house property is entered at £144,027, or approximately 1.75 per cent, of the total assets., Comparatively speaking, the part it plays as employment for the investment of the surplus funds is small, although there may be h tendency ,to make more use of it _in the future as business increases, ihe .income from rent being not entered separately, it is not possible to arrive at an estimate of the return, but the assumption is that the rent is mainly rethe department itself as chief tenant. The depreciation allowance of £4300 comes almost to 3 per cent. The w of £7,858,594 represents the amount placed in liquid investments with moxtgnßea op. property at £3.365,033 as the largest section. Although mortgages continue to increase, the, property ac.to , foreclosure ■ .is as small as £1394, /speaking well for the judgment exercised in selection of the security, a P d Government securities at £2,273,160 have slightly risen, but. the difference may be due to the nearer approach of the dates of maturity rather than to the employment of new money. Debentures of public bodies have also risen, thoir total of £1,120,251 being contained to the extent of over 60 per cent, in power boards. The loans against policies are up to £1,014,921, lender and borrower being, if not identical, mutually dependent. The gross revenue from interest and rent amounted to £441,080, or equivalent approximately to two-thirds of the premium income. . Overdue revenue amounted to £15,485, of. which £7194 represented interest, and the balance premiums. It may be, as-' sinned that the interest concerned loans either on property or on. policies; Outstanding interest and premiums, the due date for which had not permitted time for collection when the books were closed make up a further £65,930, while the interest accrued comprised £107,582. Cash m hand and on current’ account stands at i i seem to be the low figure of £3584, while sundry creditors, swelled by a refund of income tax over three year, look large at £18,319. The tax applicable to 1929 that was . due to be refunded has been deducted from the expenditure for the year, while the amount (£10,563) applicable to the other years has been entered separately. The surplus of assets pver liabilities as taken from the balance sheet now amounts to £8.164,494. Since 1922, the figures have been as follows; Total Gross _ ~ assets. Inabilities, surplus.

It will be noticed that the increases surplus does not grow yearly as the amounts involved become larger, but -the addition brought out by the past year well exceeds that of its predecessors. SOUTHLAND MARKETS. (From Our Own Correspondent.) , INVERCARGILL, October 4. the stock market continues quiet, with mr r wffU°+r inßS ’ an j prices much °n u par with those recorded last week. Pat cattle are coming forward in fairly ream jar numbers, the yarding at Lorneville below that of the previous neek. Values remain firm for wellfinished bullocks and heifers. Pat sheen are offering freely, the yardings being much m excess of requirements, and vendors have to be satisfied with, reduced rates, this being more particularly so in reference to wethers, ewes appearing to dicet i with a better market. The store sheep market is very quiet, with very little business being done in tlie yards or by private sales. The store cattle mgrket is fairly good at the present time, there being an inquiry for both young cattle and also for well-grown steers. Pat Cattle.—Extra heavy prime bullocks, to £l9 17s Od: prime heavy bullocks, £ls to £l7; medium bullocks, £l2 to £l3 10s; prime heavy heifers, £l2 to £l3 10s; medium heifers, £9 to £lO 10s; prime heavy cows. £ll 10s to £l4; medium cows, fo 10s to £10; vealers, to 355; runners, to 100 lb 8 ’ P1 ’ inl ° COW becf- 30s to 32s 6d per Pat Sheep.—Prime heavy wethers, 30s to 34s fid; prime medium, 27s to 295; lighter wethers, 24s 6d to 265; prime heavy ewes, 23s fid to 255; medium ewes, 18s to 20s. Store Sheep.—Wether hoggets, 12s to 15s; ewe hoggets, 20s to 22s fid; two-tooth "ewes, 24s fid to 28s; four and six-tooth ewes, 26s to 28s fid; sound-mouthed ewes, 20s to 22s fid; old ewes, 10s to 12s, Store Cattle. —Three and four-year bullocks, £9 10s to £lO 10s; two-year bullocks, £7 10s to £8 10s; yearling bullocks, £3 10s to £5: two-year heifers, to £6 10s; yearling heifers. £4 10s to £6 10s.

LONDON WHEAT MARKET. LONDON. October 3. Wheat cargoes opened steadier on advance Australia crop advices, and better American closing. Sellers asked an advance of 3d, but this was discounted by indications of impending rains in Australia, and a resumption of Russian offerings. The balance of the Cape Saint George’s cargo and part of the Ouyo Mara's cargo, both for Italy, realised 30s. Parcels opened steadier, and closed rpiietor on copious offers of Russians. E.\ Port Victor. 20s 6d: c.v Nolisemont. 30s4il. Futures. London. Deeemher-Febm-I ary. 27s lid; Liverpool. October. 5s lljjd; December, 5s Hid; March. Gs Ojid; Mav, Gs 23d

Copper, spot, Ton. E4-M3 g Rise 25/- , .Copper, forward .. 44 11 3 illse 22/0 Electrolytic, spot .. 46 10 0 FaU 10/Electrolytic, forward , 47 10 0 Fall 30/Wire.bare .. .. .. 47 10 0 Fall SO/lead, spot . .. 16 8 0 FaU 0/3 , lead, forward .. 18 0 S FaU 1/3 Spelter, spot .. 14 8 9 FaU 11/3 Spelter.' forward .. 15 2 0 FaU 20/Tin. spot ., .. 124 2 0 FaU 70/3 Tin, forward ■ ,. 125 13 ,0 Fall 77/0 . Or. Silrer. line 1/4 7-10 Fall 3-10d Sllrer, standard l/59i FaU ■ 3-10d

AdInvestment ministrafluctuation tion exDec. Funds. reserve. ‘Revenue. . penses. 31 f £ fl £ £ 1920 5,542,552 288,686 730,908 93,219 1921 5,726,356 238,730 755,519 101,071 1922 5,922,825 288,733 778,648 88,483 1923 6,222,485 207,024 814,639 91,025 192-1 6,448.658 202,247 854,591 95,296 1925 6,731,118 204,323 910,148 99,699 1926 7,029,584 206,099 951,897 99,545 1927 7,303,925 209,707 987,326 96,375 1928 7,582,679 209.907 1,023,757 95,745 1929 7,926,525 222,806 1,073,005 94,306

ir; —• Premium Claims. income. Ratio £ £ per cent 1020 450,041 460,706 97.67 1921 468,000 471,438 99.27 1923 493,964 483,734 102.11 1923 • 499,741 499.214 100.11 1924 531,921 522,741 101.76 1923 * 526,833 560,365 94.02 1926 • , 543,172 580,123 93.63 1927 • 605,833 600,865 100.83 1928 639,258 626,350 102.06 1929 v 621,117 654,847 04.85

Dec. 31, £ s oiuyiiu. £ 1923 .. . 6,489,868 59,159 6,430,709 1924 ■ 6,713,888 ‘ 60,413 6,652,475 1925 6,994,229 56,748 0.937,481 1926 7.295.023 56,830 7,238,193 1927 7,584,401 67,789 7,516,612 1923 7,850,231 46,471 7,803.760 1929 8,214,923 50,431 8,164.404