COMMERCE AND FINANCE

Otago Daily Times, Issue 21265, 20 February 1931, Page 6

COMMERCE AND FINANCE

THE SHARE MARKET. DUNEDIN STOCK EXCHANGE. v King Solomons -were dealt in on the Dunedin Stock Exchange yesterday at Is 9d and Is lOd, two sales being mane at the former figure. A further transaction at 2s was reported after last call. The closing quotations for these shares were Is lOd (buyers) and 2s 2d (sellers). Two sales of New Zealand Breweries were reported, one at 34s and the other at 33s 9d. They were being offered at 34s at the close of the market, no buyer coming forward. There was also a reported sale of 4J per cent. Inscribed Stock (1938) at £93 10s. Ten shillings more than this was being asked when the market closed, but buyers would not give more than £93. There was a fair demand in the other sections. Sales: King Solomon, Is 9d (two). Is Seles reported: New' Zealand Breweries, 34k 335, 9d; 4J per cent. Inscribed (1938), £93 10's. , , - „ T 7-. Sale reported after last call: King Solomon, 2s. , , The following are yesterday afternoon s buying and selling quotations, which are subject to the usual brokerage. BANKING. Bank of New Zealand— Buy 45s 9d. Bank of New Zealand (long D ) Buy 34s 6d. National Bank of N.Z. Sel £4 1/s 6 . INSURANCE. National Insurance Co. —Sel 13s 6d. N.Z. Insurance Co. —Buy 35a "d. South British Insurance Co. —Huy 493 418 6d ’ SHIPPING. Huddart, Parker (pref.)— Sel 20s. U.S.S. Co. (pref.)—Buy 19s Gd. COAL. Kaitangata—Buy 2s dis, sel par Westport-Stockton (ord.) Sel 2s. Westport-Stockton (pref.)—Sel 3s 3d. LOAN AND AGENCY. National Mortgage (“ B ” issue)—Sel SOS. ry a N.Z. Guarantee Corp.—Buy 6s. MEAT PRESERVING. N.Z. Refrigerating (cont.)— Buy Is 2d. MISCELLANEOUS. Bruce Woollen Co. (pref.)—Buy 15s, eel 19s. Crystal Ice Co. —Buy 21s. D.I.C. (ord.)—Sel 16s. D.I.C. (pref.)—Sel 21s. Dominion Rubber— Buy ss. Milburn Lime and Cement Sel 30s. M‘Leod Bros. —Buy £l9. National Electric —Sel 12s od. N.Z. Drug Co—Buy 49s 3d. N.Z. Express (ord.)—Sel 13s. N.Z. Papar Mills (ord.)— Sel 18s 6d. Wilsons (N.Z.) Cement— Buy 38s. BREWERIES.* N.Z. Breweries, Ltd.—Sel 345. N.Z. Breweries Debent. —Buy 225. N.Z. Breweries Stock —Buy 225. Staple’s Brewery—Buy 38s. Dunedin Brewery—Buy 15s. MINING. Waihi— Buy 15s. ' .. Electrolytic Zinc (pref.)—Buy 14s 6d. Mount Lyell—Buy 18s 3d. Kildare—Buy Is, sel Is sd. Okarito —Buy 5s Bd. Winding Creek (pd.)—Buy 2d, sel 4d. Paddy’s Point —Buy 2s. King Solomon —Buy Is lOd, sel 2s 2d. King Solomon (rights)—Buy 6d prem. WAR BONDS. 44 per cent. Bonds, 1938 Sel £94 ss. 4-1 per cent. Inscribed, 1938 —Buy £93, «e! £94. oi per cent. Inscribed, 1933 —Sel £9B. NORTHERN EXCHANGES. (Per United Press Association.) The following business was done on 'Changes yesterday:— „ „ . „ Auckland—Sales: Bank of New Zealand, 46s 6d; National Insurant, 13s; Auckland Gas, 22s 6d; Mosgiel Woollens, £6 7s 6d; New Zealand Breweries, 33s 6d; Moanataira Mining, Is 6d, Is 7d. Wellington.—Sales reported: Mount 1 Lyell Mining, 18s 9d; Bank of New Zealand, £2 6s 6d (two parcels). Christchurch. —Sales: Holden’s Motors, 10s (three parcels); Mount Lyell, 18s lid; King Solomon Mining, Is Bd, Is 9d, Is lOd (two parcels), Is 9£d, Is 9d, Is 9id (four parcels); Mahakipawa Goldfields, 7£d. Sales reported: National Insurance, 13s.

FOREIGN EXCHANGES.

(British Official Wireless.) (United Press Association.) (By Electric Telegraph—Copyright.) KUGBY, February 17.

MOTOR FIRMS MERGER. The Dunedin Stock Exchange received advice yesterday from the Stock Exchange Association of New Zealand that a special meeting will be held early in March to consider a merger of the interests of Holden’s Motor Body Builders, Ltd., Adelaide, with General Motors (Australia) Proprietary, Ltd., which provides for the retirement of the A and B preference shares in Holden s Motor Body Builders, Ltd., by the cash payment of 20g per share and of the ordinary shares by the issue of nine 6 per cent, cumulative preference shares in the combined company for every 10 ordinary shares held in Holden’s. MASTERTON RAM FAIR. (Per United Press Association.)

MASTERTON, February 19. The annual ram fair of the Masterton A. and P. Association was opened to-day. There was a very large attendance, but few buyers operated outside the district. Prices for flock Romney rams were m advance of recent fairs’ prices, ranging from Ign to 6igns. The highest price for stud Romney rams was Signs, the latter being obtained for an animal sold on account of Mr William Perry, Masterton. Passings were numerous, but highgrade animals were in demand. The fair will be continued to-morrow. SYDNEY WOOL SALES. (United Ppess Association.) (By Electric Telegraph-Copyright.) SYDNEY, February 19. (Received Feb. 19, at 10 p.m.). At the wool sales the offerings totalled 11173 bales, of which 10,403 were sold, while 2049 were sold privately. The market continues to be firm, and there is good competition, especially on Japanese account. Greasy merino brought 23d.

LOCAL AND OVERSEAS MARKETS.

. MELBOURNE WOOL SALES. (United Press Association.) (By Electric Telegraph —Copyright.) MELBOURNE. February 19. At the wool sales there was a good clearance. Prices were firm. Japanese and Continental buyers were active. PRICE OF FINE GOLD. (United Press Association.) (By Electric Telegraph -Copyright.) LONDON, February 18. Fine gold is quoted at £4 4s 10|d per ounce. DAIRY PRODUCE. The New Zealand Loan and Mercantile Agency Company, Ltd., lias received the following cablegram from its London house, under date February 18: Butter. —New Zealand choicest salted, 122 sto 1235. Market is quiet. Cheese.—'White, 565; coloured, 58s. Market is steady. AUSTRALIAN BANKING DIVIDENDS. The Dunedin Stock Exchange has decided to call a meeting of shareholders in the Bank of New South Wales for next Tuesday afternoon in the Chamber of Commerce .board room. _ Resolutions will be put before the meeting with the object of trying to prevail upon the directors of the bank to regard the question of payment of dividends from the point of view of the New Zealand shareholders, and to reconsider their decision to pay the dividends in Australian currency. AUSTRALIAN MARKETS. (United Press Association.) (By Electric Telegraph—Copyright.) SYDNEY, February 19. (Received Feb. 19, at 10 p.m.) Wheat prices are steady, and there is moderate business. Bulked wheat, 2s 2d; bagged, 2s 3£d; equivalent to Is 7£d at country stations. 'Flour, £7 10s. Pollard, £4 ss. Bran, £3 15s. , Potatoes: Tasmanian, £6 to £7; others, £5 10s. Onions; Globes, £5. ... „ Oats: White, 2s 6d; Algerian, 3s. Maize, 3s 9d. DEPRECIATION OF NEW ZEALAND MONEY. (Pee United Press Association.)

AUCKLAND, February 19. Addressing the Chamber of Commerce at its annual meeting, the retiring president (Mr Malcom Stewart) said that the depreciation of the New Zealand pound, compared with the British pound, to the extent of 10 per cent., was a puzzling business to the community, and a frank statement by the associated banks would be welcomed. It was commonly held that New Zealand funds in London were being transferred to the credit of Australia, and if such was the case, our banking system needed review.

Paris, fr to £1 Par. 121.21 Feb. 10. Feb.17. 123.96% 123.92% Brussels, nelgas to £1 35 34.84 34.87% Oslo, kr to £1 18.150 18.10% 18.10% Btockholm, kr to £1 18.150 18.15% 18.15 Copenhagen, kr to £1 18.150 18.10% 18.10% Berlin. marks to £1 20.43 20.44% 20.44 Montreal, dol to £1 .. 4.80 2-3 4.80 3-10 4.85 11-32 Hew York, dol to £1 4.80 2-3 4.80 5-32 4.85 21-32 Yokohama, pence to yen 24.58 24 13-32 24 13-32 Hongkong, pence to do) 24.15 10% 10% Bombay, pence to rupee 18 17% 17% Batarla. Borins to £1 12.107 — — Milan, lire to £1 02.45 92.87% 92.80% Amsterdam, guild to £1 12.107 12.11% 12.10% Prague, kr to £1 24.02 104% 104% Genera, kr to £1 25.22% 25,17 25,17 Vienna, schillings to £1 24.50% 34.00% 34.57% Helsingfors, marks to £1 193.334 193% 193% Madrid, pesetas to £1 25.22% 48.20 48,9 Athens, drachma to £1 25.22% 375 375 Lisbon, escudos to £1 4.50% 108.25 108.25 Bucharest, lei to £1 973 817 817 Klo de Janeiro, pence to milreis 18 4 9-32 4 9-32 Buenos Aires, pence pesos .. •• to 47.82 34 9-32 35 11-10 Shanghai, pence to tael 23% 13% 12% ,