COMMERCE AND FINANCE

Otago Daily Times, Issue 21243, 26 January 1931, Page 2

COMMERCE AND FINANCE

THE SHARE. MARKET. DUNEDIN STOCK EXCHANGE. A sale took place on the Dunedin Stock Exchange on Saturday morning of Commercial Bank shares, the price for the parcel being 14s 4d (cum div.). Later sellers were willing to do business at the same figure, but no buying offer came forward. The preference issue of Bruce Woollens was on Saturday quoted at 15s (buyers) without attracting a seller, tvhile a fall in values i has also been noticeable in regard to Dunedin Breweries, for which buyers were offering 10s. No seller, however, came into the market. King Solomons were finding buyers at sd, but sellers on Saturday were demanding 7d, with no business reported. Sales: Commercial Bank, 14 4s (cum div.). The following are Saturday morning’s buying and selling quotations, which are subject to the usual brokerage:— * BANKING. Bank of Australasia—Buy £B. Bank of New Zealand—Sel 47s 9d. Commercial Bank —Sel 14s 4d (cum div.). Commercial Bank (pref.)—Buy £5 ss. National Bank of Australasia—Buy £4 17s. , INSURANCE. New Zealand Insurance Co.—Buy 41s (cum div.). SHIPPING. U.S.S. Co. (pref.)—Buy 19s 6d. COAL. Kaitangata—Buy 2s dis. LOAN AND AGENCY. National Mortgage—Sel 555. MEAT PRESERVING. New Zealand Refrigerating (cont.) Buy Is, sel Is 4d. MISCELLANEOUS. Auckland Amusement Park (ord.) Sel Is. Bruce Woollen Co. (ord.) —Buy 10s. Bruce Woollen Co. (pref.)—Buy 15s. Crystal Ice Co. —Buy 21s. D.I.C. (ord.)—Sel 20s 6d. D.I.C. (pref.)—Buy 206^ Donaghy’s Rope and Twine—Sel 355. Milburu Lime and Cement —Sel 30s. M'Leod Bros.—Buy £l9. New Zealand Drug Co.—Buy 50s. New Zealand Paper Mills (ord.) —Buy 17s fid, sel 18s 9d. Wilsons (N.Z.) Cement —Sel 38s. BREWERIES. New Zealand Breweries, Ltd. —Sel 325. New Zealand Breweries Debent. —Buy 21s. Dunedin Brewery—Buy 10s. MINING. Waihi—Buy 15s 3d. Mount Lyetl— Sel 19s 3d. North Broken Hill—Sel 50s. Kildare —Sel Is. Okarito—Buy 5s Id. King Solomon —Buy sd, sel 7d. WAR BONDS. 4J per cent. Bonds, 1938 —Sel £9B. £>| per cent. Soldiers’ Bonds, 1933 —Buy £99 ss. 4J per cent. Inscribed, 1938—Sel £9B. 5| per cent; Inscribed, 1936—8uy £99, NORTHERN EXCHANGES. (Peb United Press Association.) The following business was done on ’Changes on Saturday:— Auckland.—Sales: Commercial Bank, 14s 5d (late sale 14s fid); Union Bank, £8; New Zealand Insurances, 41s 9d; Waihi Grand Junction, 2s sd. Wellington.—Sale: Wellington Gas, 28s. PRODUCE MARKET. The South Island Dairy Association of New Zealand, Ltd., has received the following market report from the New Zealand Produce Association, Ltd., London:—Butter, 114 s to 116 s per cwt; unsalted, 116 s to 120 s; Danish, 132 s per cwt. Market quiet. Cheese: Both colours, 54s to 56s per cwt. Market slow. LONDON MARKETS. Messrs Dalgety and Co., Ltd., advise having received the following cablegram fpom their head office, London, dated the 33rd inst.: —Wool: Sales continue with fair competition for crossbreds, but opening rates barely maintained. Merinos: Competition irregular and hesitating, and prices lower. Home trade practically the only buyer. Continental buyers very reserved, especially French buyers. Yesterday less than half of the offerings were sold. Opossum Skins. —The demand for opossum skins is restricted. A few best colours sold at 25 per cent, lower, red 33 1-3 per cent, lower, pale unsaleable., LONDON MARKETS. (United Press Association.) (By Electric Telegraph—Copyright.) LONDON, January 24. (Received Jan. 25, at 5.5 p.m.) Frozen meat: New Zealand sheep— Canterbury and North Island l selected crossbred wethers and maiden ewes 481 b to 561 b 4jd, ditto 571 b to 641 b 4Jd, ditto 651 b to 721 b 4jd, North Island ditto 481 b to 561 b 4jd, ditto 571 b to 041 b and 651 b to 721 b 4d, ewes under 481 b 33d, ditto 481 b to 641 b 3id, ditto 651 b to 721 b 2gd; Australian sheep, first quality crossbreds and/or merino wethers 401 b to 651 b 3Jd, ditto second quality 301 b to 351 b 3|d, ditto ewes 30lb to 551 b 3|d; Argentine sheep, first quality crossbred wethers 48lb to 641 b 3|d, ditto 651 b to 721 b 3id, ditto over 721 b 3Jd; New Zealand lambs — Canterbury 361 b and under and 371 b to 421 b 7Jd, ditto 431 b to 50lb 7d, ditto second quality average 30lb 6d; other South Island brands 361 b and under and 371 b to 421 b 7Td, ditto 431 b to 501 b ,7d, ditto second quality average 301 b '6d; Selected North Island brands (including Downs) 301 b and under and 371 b to 421 b B§, ditto second quality average 30lb 73; other North Island brands —first quality 381 b and under and 371 b to 421 b Bd, second quality average 301 b 6|d; Australian lambs —Victorian first quality 361 b and under and 371 b to 421 b 6|d, other States first quality 361 b and under and 371 b to 421 b 6Jd; Victorian second quality 361 b and under s§d; other States second quality 361 b and under and all States third quality 5Jd; Argentine lambs first quality 361 b and under 6d, ditto 371 b to 421 b s|d, ditto 431 b. to 50lb sd; Patagonian lambs first quality 361 b and under s§d, ditto 371 b to 421 b sd, ditto second quality average 301 b 4Jd. New Zealand frozen beef: Ox fores 1601 b to 2201 b 3Jd, ditto ox hinds 1601 b to 2201 b 4||d; Australian frozen beef —ox crops under 1001 b 3Jd, ditto over 1001 b 3id; ox hinds under 1601 b 4id, over 1601 b 4Jd; Argentine chilled beef—ox fores 1601 b to 2201 b 4d, ox hinds 1601 b to 2201 b 6|d. New Zealand pigs first quality 601 b to 1101 b (average 90lb) 6d, ditto 1111 b to 1201 b sd, others unchanged. Osmiridium is unchanged. Friday’s closing prices arc as follows: Cotton: February 5.45 d per lb. Rubber: Para, sjd; plantation smoked, 4id. Jute: February-March, £ls. Hemp: None offering. Copra: Jamiary-Fcbruary South Sea, £l4 12s 6d; plantation Rabaul, £l4 15s. Linseed oil, £l7 10s. Turpentine, 35s 9d. £400,000 WAGE BILL. NEW ZEALAND INDUSTRY. A new conception of the size of Commercial Afforestation in New Zealand is given by the following statement by N.Z. Perpetual Forests, Ltd.:—“Although only planting since 1925, the Company has already paid out to workers over £400,000 in wages. These figures, of course, do not include wages for the clerical and executive side of the business. “In addition to this tremendous sum paid out in wages, over £200,000 has been spent in the purchase' of commodities, food, implements, tools, etc., the production of which has created employment : n other spheres.”r—Advt,

LOCAL AND OVERSEAS MARKETS.

SOUTHLAND MARKET REPORT. GRAIN. Oats. —Locally matters are distinctly somnolent. Stocks are in small compass, and, as the Southland crop cannot be threshed, even at the earliest, before the end of April, merchants are not at all disposed to accept for their small surpluses. Offerings made by northern buyers are from 3s to 3s 2d, f.0.b., s.i., the former price for spread delivery forward, the latter for prompt delivery. Generally, merchants’ stocks are barely more than sufficient fof local consumption, even though that is of small dimension. A tour through the district shows the oat crop to be on the average of at least one month behind that of previous years. Seeds Generally.—Stocks, with the sole exception of crested dogstail, which are not heavy, are down to almost bare boards. Should weather conditions be suitable, the crops of ryegrass will apparently be heavier than last season. Much depends, however, on the •weather conditions, as bright weather is required to mature the seed and give the necssary weight. Crested Dogstail.—Apparently fairly considerable areas are being saved for seed, and as stocks held by merchants are heavier than usual the price of this article to the grower cannot be particularly remunerative. Chewings Fescue.—The cutting of this grass in more favourable localities is just about commencing. It is rather early to say anything about prospects, but as stocks are probably the lightest on record prices should be somewhat on a parity with those of last year, always providing that the economic conditions in America, Britain, and elsewhere do not have a tendency to restrict buying operations. STOCK. The stock market continues quiet, very little business being transacted outside the yards. Fat cattle are coming forward freely, but qualities are only fair, and values have fallen considerably since the middle of December, Fat sheep are offering freely, and the market here also is dull. Fat lambs are now coming into the yards, and freezing buyers are busy. The store sheep market is lifeless, and very little business is being transacted. The store cattle market is also quiet, and prices have fallen for this class of stock during the last few weeks. Fat Cattle.—Extra prime heavy bullocks, to £ls; prime heavy bullocks, £l3 10s to £l4; medium bullocks, £lO to £11; prime heavy cows, £8 to £9; medium cows, £6 to £7; prime heavy heifers, £8 10s to £9 10s; medium heifers, £6 10s to £7 vealers, to 30s; runners, to £5. Fat Sheep.—Prime heavy wethers, 18s to 19s 6d; medium wethers, 16s 6d to 17s 6d; prime heavy ewes, 12s 6d to 14s; medium wethers, 10s to 11s; prime heavy lambs, 20s to 22s 6d; medium lambs, 15s to 17s 6d. Store Sheep.—Shorn two-tooth wethers, 8s to 10s; two-tooth ewes, 15s to 17a; aged ewes and lambs, 6s to Bs. Store Cattle.—Three and four-year steers, £7 10s to £8 10s; two-year steers, £5 10s to £6 10s; yearling steers, £3 to £4 10s. THE MEAT MARKET. The Bank of New Zealand has received the following advice from its London office, under date the 23rd inst.:— Frozen Meat: The market for wethers is depressed owing to heavy stocks of Argentine. For ewes the market is dull. The decline in prices of lambs is duo to heavy supplies from other sources. There is a good demand for this time of year. For beef there is only a poor demand. Wethers, light, to 5d per lb; heavy, 3Jd to 4£d; ewes, 2|d to 4d; lambs, twos, 8d to Bj|d; .eights, 8d to BJd; fours, 8d to 84d; seconds, 7Jd to 7|d; ox hinds, to 4|d; fores, 3Jd to 3Jd; cow hinds, 3Jd to 4d; fores, 3d to 3Jd.

MERCHANDISE MARKET. Advices state that the sago and tapioca markets have firmed in Singapore. A parcel of Windsor stoved salt, in hundred-weight bags, came forward by the Canadian Cruiser. Local prices remained unchanged. The next sugar boat will be the Waimarino. A considerable quantity of Java sugar reached the market ex the Narbada. C.O. waxshine, Nos. 0,7, and 9, have been reduced in price. All brinids of condensed milk will show a reduction in price as from to-day. Information was received by cable during the week that Sicily almonds had advanced 2s Cd per cwt. Local prices remain unchanged in the meantime. Green and yellow Three Castle cigarettes, 20’s, have been in short supply for some time. Further supplies are not expected till the end of the mouth. Merchants are finding it very difficult to arrive at the true costs of goods, forward delivery, owing to the intricacies of the exchange. Brokers and indent agents have already advised merchants that in many cases they can only accept orders subject to cable confirmation, and in other cases quotations are being made c.i.f. without any exchange being added. Merchants, in these instances, carry the risk as regards the exchange. In the Eastern markets, particularly in Singapore, the banks are refusing to finance drafts as formerly, and insist that letters of credit shall be established for all shipments. Following on the exchange position, practically every line imported from overseas will have to bear an increased burden of exchange, and in some cases the increases will represent, a considerable amount. It is interesting to record that where goods have been bought in Australia, and where some of the banks are paying a premium of drafts, the sellers of the goods in Australia are taking advantage of the position to secure the premiums for themselves. LONDON WOOL SALES. (United Press Association.) (By Electric Telegraph—Copyright.) LONDON. January 23. At the wool sales 9392 bales were offered, including 2912 from New Zealand. Approximately 8300 bales were sold. There was a good offering of greasy merinos, chiefly Yorkshire style, a small offering of scoureds, and a moderate supply of greasy crossbreds. There was an improved tone, and competition and prices were fully maintained. New Zealand greasy crossbred, Waihi, 6cl and SJcl. COMPETITION DULL. LONDON, January 24. (Received Jan. 25, at 9 p.m.) The wool sales were continued, with a good selection. Competition was dull and largely confined to Yorkshire buyeit). There is apparent a growing reluctance among sellers to accept current values, and consequently there are large withdrawals every day. The drop in values in London has disorganised all the markets, and there is so little business that quotations are regarded as largely nominal, inc whole trade, both buying and selling, has had a rude shock, from which it has not yet recovered, but all are now readjusting their ideas and formulating decisions to govern their future actions and policies. The pales next week' should witness the establishment of a new basis, with possibly renewed and increased confidence. LONDON STOCK EXCHANGE (United Press Association.) (By Electric Telegraph—Copyright.) LONDON, January 22. The following are the latest Quotations for Government securities compared with the prices ruling

FRUIT AND PRODUCE WORLD. Reillys report:—Market fully supplied all lines fruit and produce. Unfortunately, Samoan bananas arrived over-ripe. We sold:—-Grapes; Local, Is sd, Is 9d lb; Kakanui, Is 6Jd. Peaches: Crates, 3d, sd; cases, 2s, ■ss 6d. Plums: Choice, 4Jd; small, 2sd. Apricots: Crates, 4d, 7d lb: cases, 5s 6d, Bs. Nectarines, 7s Bs. Section honey: 10s 12s; bulk, slow sale, sd, sid; 101 b tins, 6s. Spring cabbage, 3s, 4s sack. Cauliflower, 6s 6d sack. Marrows, 17s 6d case. Cucumbers, 10s, 14s case. Carrots, Is dozen. Beet, Is 4d. Lettuce, Is 6d to 3s 6d dozen. Eggs: R.C.P.M., Is Id, Is 2d. Mutton birds, 7s. Butter: Pats, 7d, 8d; milled bulk, 8d; lard, Od. Bacon: Choice, Is Id: hams, Is 2d. Mushrooms: Large, 4d to 9d; small, lOd, la 2d. Peanuts, sd, Walnuts: Choice, Bd, 9d. Cheese: Medium, 7|d, 8d; loaf, 94d. Tea: Orange Pekoe, 2s 3d. Onions: Aucklands 16s. Tomatoes: Local, lOd, Is 2d; Christchurch, 6d, lid; Nelsons, 6d, 9a; inferior, small, 3d, sd. Strawberries, Bd, Is 6d. Cherries: Choice, Bd, Is 2d; medium, sd, 7d. New potatoes: Locals, lid. Green peas, Id, 3d. Broad beans l|d 2d. Butter beans, 7d, Bd. French beans, 6d, Bd. Garlic, Bcl. Rhubarb, 2d. Gooseberries: Bottling lid; jam, Id. Black currants, 4d, sd. Red currants, 4d, 5Jd. Raspberries: Pottles, Bd, lOd; buckets, 7s, 9s. Loganberries: Buckets, 7s, 8s 6d, Apples: Gravensteins—choice, 10s, 12s; small, 6s, 7s; cookers, 7s, 8s 6cl. Beeswax, Is 7d. Horsehair, Is 3d. Bacon pigs: None offering. Californian navels, 37s 6d. Mission lemons, 37s Cd, Grapefruit, 355. Passions; New Zealand “ Socro ” —large 32s 6d, quarters 15s 6d. Bananas: Choice ripe, 27s 6d; Samoan as they arrive, 20s; Special Pippa grit. Ps; oyster grit, Bs. Tallow, 12s Cd cwt. Woodwool, 28s bale. Fruit wraps, 3s 3d ream. Champion egg crates, 17s 6d. Pure Lucca oil, 4s quart bottle. Rockland garden manure: 121 b bags, trial bags, Is 6d bag (special quotations for lewt and scwt lots). Vallo Giraffe lime sulphur: Cases 4 gallons, 2s 6d; barrels, 2s gallon. Black leaf “40”: 101 b tine, 545; 2lb tins, 15s; 41b, 5s 3d. Semesan: slb, 555; 7s; 2oz, 2s 3d. C.M.W. Knapsack sprayer; Improved type, £5. Fruit crates, 6s each. Punnets: Local, 60s; Jubilee, 65s per 1000. Raspberry crates, 3s Od each. Buckets, 48s dozen. Wheat, 6s, 7s. Partridge peas, 4s to 6s. Oats: A Gartons, 3s 6d; B, 3s. Peameal, 16s. Crushed barley, 10s sack of 1501 b. Ricemeal, 10s 9d sack. Crushed oats, 12s 6d sack of 1101 b. Meatiheal, 17s 6d. Oatmeal: 251 b bags, 6a 6d. Bran, £6. Pollard, £6 10s. Straw: Wheaton, 60s. Oatsheaf chaff, £5 ss. Palmer’s chick food: 41b, 101 b, 251 b, 501 b, 1001 b, and 2001 b bags. Poultry: 286 hens at Is 3d to 6s; 57 cockerels, 4s 6d, 6s 8d; 103 chickens, Is 4d, 3s Cd; 14 pullets, 3s lOd, 4s lOd; pigeons, ss; all at per pair. REILLY’S CENTRAL PRODUCE MART. LTD., Queen’s Warehouse. Moray place, Dunedin.

last week:— Last week. This week. £ s. d. £ 8. d. Imperial Consols. 2>/4 n.c. 58 0 0 58 0 0 War Loan, 6 p.c., 1029-47 103 10 0 104 0 0 Conversion Loan. 3V4 p.o. 82 0 0 82 0 0 Victory 4 p.o 97 2 G .97 2 G C'wealtb 6 p.c.* 1031-41 85 0 0 84 15 0 C'wealth 5% P.C., 1022-27 74 10 0 73 10 0 N.Z. 0 P.C.. 1930-51 102 10 0 100 15 0 N.Z. 4 p.c.. 1920 .. .. 94 0 0 91 12 0 N.Z. 3% P.c.. 1940 SO 15 0 85 10 0 N.Z. 3 p.c.. 1945 .. .. 78 15 0 78 0 0 N.S.W. 014 P.c.. 1930-40 84 10 0 85 0 0 N.8.W. 6 p.o.. 1930-40 81 0 0 82 0 0 N.S.W. 5% P.c.. 1922-32 SO 5 0 81 10 0 N.S.W. 4 p.c*. 1933 .. 80 0 0 79 10 0 N.S.W. 3% p.o*. 1030-50 00 -0 0 01 5 0 N.S.W. 8 p.c.. 1935 48 0 0 47 10 0 Vie. 0% P.O.. 1930-40 .. 50 10 0 01 0 0 Vlo. 6 P.C.. 1032-42 .. 09 0 0 OS 17 6 Vic. 49i p.c., 1940-00 .. 75 0 0 78 0 0 Vic. 3% p.o.. 1929-49 .. 55 10 0 53 10 0 Via. 8 p.c.. 1029-40 .. 52 0 0 62 0 0 Q’land 0 p.o.. 1030-40 85 0 0 SO 0 0 Q’land 8 p.c.. 1940-00 07 0 0 no io 0 Q’land 3 p.c.. 1922-47 62 0 0 52 0 0 8. A. 6*4 p.c.. 1930-40 ., 82 0 0 S3 0 0 8. A. 314 P.C., 1930 69 0 0 04 0 0 8.A. 3 p.c., 1018 or alter 42 10 0 43 5 0 W.A. 0 p.o.. 1930-40 .. 80 0 0 81 0 0 W.A. 314 P.C.. 1920-35 70 0 0 75 0 0 W.A. 314 P.C.. 1015-35 70 0 0 75 0 0 Taa. 014 P.c.. 1930-40 .. 88 0 0 88 0 0 Tas. 314 P.C.. 1020-40 .. 03 15 0 65 0 0 Tas. 3 p.c., 1020-40 .. CO 0 0 (S3 0 0