COMMERCE AND FINANCE

Otago Daily Times, Issue 21267, 23 February 1931, Page 2

COMMERCE AND FINANCE

THE SHARE MARKET. DUNEDIN STOCK EXCHANGE. A sale of Bank of New Zealands took place on the Dunedin Stock .Exchange on Saturday morning at 46s 7d. The close of the market found buyers offering 465, •but sellers were then unwilling to do business, and no further selling offer was made. P. and 0. deferred stocks were being sought after at 265, with no seller coming forward. There was a buyer of Milburn Lime end Cement scares at 265, but sellers were demanding 29s 9d, and no business resulted. Wilsons - Cements were quoted at 38s (buyers), with no seller forward. Sales reported;—Bank of New Zealand, 46s 7d. . , The following are Saturday mornings buying and selling quotations, which are subject to the usual brokerage:— BANKING. Bank of New Zealand—Buy 46s Bank of New Zealand (long D ) Buy 255. , Commercial Bank—Buy 13s, sel 13s 4d. National Bank of N.Z. —Sel £4 15s. Union Bank —Sel £6 17s 6d. INSURANCE. National Insurance Co.-—Buy 12s 6d. SHIPPING. P. and 0. Deferred Stock—Buy 265. U.S.S. Co. (pref.)— Buy 19s 6d. COAL. Kaitangata—Buy 2s dis., sel par. LOAN AND AGENCY. Goldsbrough, Mort —Buy 16s 6d. NationaUMortgage—Sel 51s (cum div.). 'National Mortgage (“ B ” issue) —Sel 50s. N.Z. Guarantee Corp.—Buy 6s 6d. Wright, Stephenson (pref.)—Sel 18s. MEAT PRESERVING. N.Z. Refrigerating (cont.) —Buy Is sd. MISCELLANEOUS. British Tobacco —Buy 26s 9d. Brown, Ewing (pref.)—Sel 20s. Bruce Woollen Co. (ord.) —Buy 10s, sel 12s Cd. Bruce Woollen Co. (pref.)—Buy 16s, gg] 19s Crytsal Ice Co. —Buy 21s. Milburn Lime and Cement —Buy 265, sel 29s 9d. M‘Leod Bros.—Buy £l9. National Electric —Sel 13s. N.Z. Drug Co. —Buy 49s 6d. N.Z. Express (ord.) —Sel 13s. N.Z. Paper Mills (ord.) —Sel 18s 6d. Wilsons (N.Z.) Cement— Buy 38s. BREWERIES. N.Z. Breweries Debent. —Buy 225. N.Z. Breweries Stock —Buy 225. Staples Brewery—Buy 31s. Dunedin Brewer}- —Buy 16s. MINING. Waihi —Buy 15s. Waihi Grand Junction—Buy 2s. Electrolytic Zinc (pref.)—Buy 14s 6d. Mount Lyell—Buy ISs 6d. Mahakipawa—Buy 6d. Kildare —Buy Is, sel Is 4d. Okarito —Buy 5s Bd. Okarito Debent. —Sel £6 ss. Winding Creek (paid)-r-Sel 3d. Paddy’s Point —Buy 2s, sel 3s. King Solomon—Buy Is Bd, sel* 2s. ' King Solomon (cont.)— Buy 6d prem, WAR BONDS. 44 per cent. Inscribed, 1938 —Sel £94. 44 per cent. Inscribed, 1939 —Sel £94. per cent. Soldiers’ Bonds, 1933—8uy £99.” 54 per cent. Bonds, 1936 —Buy £99. NORTHERN EXCHANGES. (Per United PreSs Association.) The following business was done on ’Changes on Saturday:— ' Auckland—Sales: Government Bonds (1933), 54 per cent., £99 10s (late sale Friday); Inscribed Stock (1937) 5J percent., £94 5s (late sale Friday); Bank of New Zealand, 46s 6d; Union Bank, £6 10s 6d (late sale Friday); Waihi Grand Junction, 2s 3d. . _ ~, . Wellington.—Sales reported: Bank ot New Zealand, £2 6s bd and £2 6s 4d. FROZEN MEAT. The Bank of New Zealand has received the following advice from its London office under date February 20:—For wethers trade is slow, ■ but there is a better inquiry for ewes. There is a fair demand for lambs, sellers trying to force sales have weakened prices bor beef. trade is slow. Wethers, light, 3|d to 4id per lb; wethers, heavy, 3d to 34d per lb; ewes, 2d to 3d per lb; lambs, twos, 7d to 74d per lb; lambs eights 7d to 74d per lb; lambs, fours, 7d to 7|d per lb- lambs, seconds, 6d to 6Jd per lb; ox hinds, 34d to 34d per lb; ox fores, 2|d to 3d per lb; co.w hinds, 3d to 3jd per lb, cow fores, 2Jd to 2£d per lb. KING SOLOMON SHARES. The secretary of the Dunedin Stock Exchange has received information that the new issue of King Solomon shares at par has been heavily over-subscribed. FRUIT AND PRODUCE WORLD. Reilly’s report selling: Grapes: Local, Is 6d, Is 9d lb; Kakanm, Is 64d. Reaches; Crates 2M, sd; cases, 3s, 5s 6d. Plums: Choice, 24d, 4|d; small, 2d; cases, 2s Gd, ss; Greengages, 44d. Apricots: Crates, 2id 5d lb; cases, 2s Od, ss. Nectarines, 6s, 8s; crates, 3d, sd. Section honey, 10s, 12s; bulk, sd, 5Jd; 101 b tins Gs. Spring cabbage, 4s, 5s sack. Cauliflower, 8s 6d sack. Marrows, 16s 6d cwt. Cucumbers: Half-cases, ss. 6s. Swedes, Gs 6d cwt. Carrots, Is dozen. Beet, Is 4d. Lettuce. Is 6d to 3s dozen. Eggs: R.C.P.M., Is Bd. Muttonbirds 7s. Butter pats, lOd; milled bulk, lid. Laid, 6d. Bacon: Choice, Is Id; hams, Is 2d. Mushrooms: Large, 4d to 6d; small, lOd, Is 2d. Peanuts, sd. Walnuts: Choice, Bd, 9d. Cheese: Medium, 74d, 8d; loaf, 94d. Ten: Orange Pekoe, 2s 3d. Onions: Auckland, 12s 6d; Melbournes, Us. Tomatoes: Locals, Bd, lOd; Christchurch, 4d 7d; Nelsons, 4d, sd; inferior small, 3d, sd. Strawberries, lOd, le 3d. New potatoes: Locals, 10s 6d; others, 6s, 9s. French beans, 6d. 7d. Garlic, 6d, Bd. Rhubarb, Id. Broad beans, 1:1 cl, 2d. Butter beans, 6d, Bd. French beans, sd, 7d. Black currants: 6d. Red currants, 54d, 6d. Raspberries: Pottles, le; buckets, 7s 6d, 9s. Loganberries; Buckets, Bs. Apples; Graveiisteins, choice, 10s 6d, 12e 6d; small, 6s, 8s; cookers, 8e 6d, 9s 6d. W.B.C. pears, 10s 6d, 12s. Beeswax, Is 6d. Horsehair, Is 3d. Bacon pigs, 74d. Californian navels, 30s 355. Mission lemons, 40s. Grapefruit, 335. Passions: Wanted. Pines, 20s. Bananas: Choice ripe, 22s 6d; Samoan green, 21e. Special pippa grit, 7s. Oyster grit, Bs. Water melons, 24d. 3d per Jb, Jam melons, 14s 6d per cwt. Tallow, 12e 6d cwt. Woodwool, 28s bale. Fruit wraps, 3s 3d ream. Champion egg crates, 17s 6d. Pure Lucca oil, 4s quart bottles.. Rockland garden manure: 121 b bags, trial bags, Is 6d (special quotations for lewt and scwt lots). Vallo Giraffe lime sulphur: Cases 4 gallons, 2s 6d: barrels, 2s gallon. Black Leaf “40”: 101 b tins, 545; 21b tins, 15s; 41b, 5s 3d. Semesan; 61b, 555; 41b, 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 6d each; buckets. 48s dozen. Wheat, 6s, 7e. Partridge peas. 4s to Gs. Oats: “A ” Gartons, 3s 6d; “B,” 3s. Peamoal, 16s. Crushed barley, 16s sack of 1501 b. Ricemeal, 10s 9d sack. Crushed oats, 12s 6d sack of 1101 b. Meatmeal, 17s 6rl. Oatmeal, 251 b I bags, Gs Od. Oat pollard, 13s 6d. Bran, £6. Pollard, £6 10s. Straw: Wheaten, 60s. Oatslicnf chaff. £5 ss. Palmei'’s chick fnoil: 41b. 101 b, 251 b, 50lb, 1001 b, and 2001 b bags. Poultry: 317 hens, 2s 6d to 4 S Gd; 2 pullets, ss; 79 cockerels, 2s 6d, Da 6d; 13 chickens. 6d, 2s; 8 bantaiiis, Is, 2s; 3 ducks, 4s 6d; 3 geese, 6»—all at I Per REILLY’S CENTRAL PRODUCE 1 MART, LTD., Moray place, Dunedin.

LOCAL AND OVERSEAS MARKETS.

SOUTHLAND MARKET REPORT. (From Our Own Correspondent.) INVERCARGILL, February 21. GRAIN. Oats. —Northern buyers’ ideas of values have been still further reduced and nominally A’s are worth 2s Od per bushel, B’s 2s 7d. These offerings have little effect on the position locally as some considerable time must elapse before the new crop is available. In this connection 4 we understand the Government grader has been instructed to exercise extreme care in respect to Canadian thistles in oats to the extent of even refusing to class such oats under any grade whatever. It behoves farmers to see that mill owners do their work more effectually. The inclusion of a small percentage of thistle heads in small proportion of the grower’s lots has for the last two years distinctly prejudiced Southland growers as a whole. Northern buyers are disinclined to hold Southland oats, even though these are admittedly the best oats grown in the Dominion, simply because of the disaffection caused to their customers through the inclusion of thistles and the fear that these will contaminate their pastures, gardens, etc. The outlook for growers does not appear to be by any means good, but with careful attention to this detail they can easily receive top market price instead of something below their competitors in, for example, Canterbury, where threshing mill owners have for many years paid particular attention to the extraction of such offals. Mills are now getting to work in different localities on chewings fescile and ryegrass, so far the bulk of the threshing being done from stook. This is distinctly regrettable, as in Southland at least, and also many other parts of New Zealand, such seed cannot by any possibility be termed mature, and as a consequence germination on such seeds is not sufficiently lasting and while in transit overseas a considerable loss of that nature is incurred. STOCK REPORT. The stock market remains very quiet for all classes. Eat cattle are offering freely and prices remain much on a par with those quoted in our previous reports. Fat sheep continue to offer freely and there has been no rise in values since our last report. Fat lamb buyers are still active and the freezing works are tallying large numbers daily. The store sheep market is quiet, so also is the store cattle market. Fat Cattle.—Prime heavy bulocks, £9 10s to £lO 10s; medium, £7 10s to £8 10s; prime heavy heifers, £7 to £8 10s; medium, £5 10s to £6 10s; prime heavy cows. £7 10s to £8 10s; medium, £5 to £6; vealers, to £1; runners, to £2 10s. Fat Sheep.—Prime heavy wethers, 12s to 13s 6d; medium, 9s to 10s; prime heavy ewes, 8s to 9s; medium, 5s to 6s; lighter, 3s 6d to 4s Gd; prime heavy lambs, 14s to 16s; medium, 12s to 13s 6d; lighter, 9s 6d to 10s 6d. Store Sheep.—Two-tooth ewes, 10s to 12s; two-tooth wethers, 6s to 8s; mixed sex lambs, 5s to 7s; cull lambs, Is 6d to 2s 6d. Store Cattle. —Three and four-year bullocks, £6 to £7; two-year, £5 to f 0; yearling and 18-montbs, £2 10s to £4. MERCHANDISE MARKET. Advice has been received by cable that the prune market is very firm, and that prices are advancing. The larger grades of prunes are in very short supply locally and also in California. The direct steamer from Singapore, carrying pineapples, sago, etc., is expected to arrive early in May. The sago market again advanced during the past week. The Port Alma, from London, has brought supplies of stone dates, packet figs, Sicily almonds, sardines, and creaseproof paper)’ ' • A shipment of bulk cornflour came to hand during the week. The last arrivals of Thompsons seedless raisins showed an increase in price. All overseas lines are slightly higher in cost owing to the ruling rate of exehangc. , , A sugar boat is due to-day and is to be followed by one on March 5. Oxo cubes have been increased in price, and all packings of Jeyes’ fluid show a further advance.\ Victory soap powders, Oatma, and Uto are lines winch have been reduced in price. ' TARANAKI OILFIELDS. The report of the Taranaki (New Zealand) Oilfields N.L, for the week ended February 14 states that the Waitangi No. 1 well has been drilled to a depth of 1682 ft. The bore has been sunk through brown shale, with a few hard bands to 1676 ft, with hard grey shale to 1682 ft. Some caving in is still in evidence at about 1100 ft, and this is now being cleaned out. Gas is fairly active.

LONDON MARKETS. (United Presß Association.) (By Electric Telegraph—Copyright.) LONDON, February 21. (Received Feb. 22, at 5.5 p.m.) New Zealand sheep: Canterbury and South Island selected crossbred wethers and maiden ewes, 481 b to 561 b, 4d; ditto, 571 b to 641 b and 651 b to 721 b, 3|d; North Island, 481 b to 561 b, 3gd; 571 b to 641 b and 651 b to 721 b, 3g; ditto ewes, under 481 b, 2gd; ditto, 481 bto 641 b, 2}d; ditto, 651 b to 721 b, 2Jd; Australian sheep, ewes, 301 b to 551 b, 2|d. New Zealand lambs: Canterbury 361 b and under and 371 b to 421 b, 7|d; ditto, 431 b to 501 b, 7Jd; selected North Island brands, including Down, 361 b and under 371 b to 421 b, 7|d; ditto, 431 b to 501 b, 7Jd; other North Island brands, first quality, 361 b and under and 371 b to 421 b, 6jd; ditto, second quality, average 301 b, 5Jd. Australian lams: Victorian, first quality, 361 b and under and 371 b to 421 b, 5Jd; other States first quality, 361 b and under and 371 b to 421 b, scl; all States third quality, 4Jd. Argentine lambs: First quality, 361 b and under 5Jd; ditto, 371 b to 421 b, sid. Patagonian lambs: First quality, 361 b and under, s;jd. Argentine chilled beef: Ox fores, 1601 b to 2201 b, 3§d; ditto, ox hinds, 1601 bto 2201 b, s|d; others are unchanged. Friday’s closing prices were as follow: Cotton: March, 5.92 d per lb. Rubber: Para, £4 7s fid; plantation smoked, £3 16s 3d. Jute: February-March, £ls. Hemp: None offering. Copra: March, South Sea, £l4 10s; plantation Rabaul, £l4 12s 6d. Linseed oil, £2O 10s. Turpentine. 375. Osmiridium: Tasmanian, £l4; South African, £l2. DAIRY PRODUCE. The South Island Dairy Association, Ltd., has received the following market report from the New Zealand Produce Association, Ltd., London:—Butter: Firm, 121 s to 1245; unsalted, 126 s to 130 s; Danish, 148 s to 150 s. Cheese: Steady; white, 56s to 58a; coloured, 58s to 595. LONDON METAL MARKET. (United Press Association.) (By Electric Telegraph—Copyright.) LONDON, February 21. (Received Feb. 22, at 6.5 p.m.) Following are the official quotations In the metal market Ton, Copper, spot £4O 18 1% Else 40/Copper, forward .. 40 18 VA Else 42/0 Electrolytic, spot .. .. 40 6 0 Else 35/Electrolytic, forward .. 40 15 0 Else 35/Wlre bars 49 5 0 Else 25/Lcad. spot 13 17 0 Else 15/Lead, forward 14 0 0 Else 15/Spelter. spot .. .. .. 12 15 7'A Else 16/714 Spelter, forward .... 13 1 r Elsa 13/9 Tin. spot 121 7 6 Else 70/Tln, forward .. ~ 122 10 1014 Else 124/414 Oz. Silver, fine 1/0 7-10 Rise 5-lCd Silver, standard .. .. 1/1 7-16 Else