COMMERCE AND FINANCE

Otago Daily Times, Issue 21359, 12 June 1931, Page 11

COMMERCE AND FINANCE

THE SHARE MARKET DUNEDIN STOCK EXCHANGE Two transactions in Kildares at lOd were recorded on the Stock Exchange yesterday, the market with buyers offering the same figure, whilst sellers would not accept leas than Is. There was an easier demand for Bank of Australasias, buyers’ best offer being £8 10s. Sellers did not come. forward. Bank of New Zealands met with an improved demand, buyers offering up to 48s 6d. Sellers, however, iv required ,49s 3d. National Bank of New Zealands were on offer at £4 19s 6d. but without response by-buyers# Goldsbrough, Morts were inquired for at 18s Sd, sellers lowest requirement being 19s 6d. Wilsons (New Zealand) Cements were offered for ;; sale at 39s ex dividend, but buyers were apt interested. - ;Sales: Kildare lOd (two). ' Waihi, 14s 8d (late sale Wednesday). ,■ . The following.-are yesterday afternoon’s buying and selling quotations, which are subject to the usual brokerage:— ; ' BANKING, ; Bank of Australasia —Buy £8 10s. Bank of N.B. Wales—Sel £25 10s. ■pjZi- Bank of New Zealand—Buy 48s 6d, sel 49a 1 3d. - ' -v ■: Babk. of New. Zealand'. (long “ D ”) — Buy. 265,!"’. ' Commercial Bank—SelT4a 6d. . Commercial Bank (pref.)—lsuy £5 6s. ' E.S. and. AL Bank—Buy 755, sel 80s. :v- National Bank'of New Zealand—Sel £4 19s -6d. t. : „ ■ Union Bank-4Suy £7 ss, sel £7 12s. INSURANCE. Rational Insurance Co.— Buy 12s 6d, 2.' Insurance Co.-—Sel 425. »ndard Insurance Co.—Sel 47s 6d. ' SHIPPING, oward Smith—Sel 7s. Parker (pref.)—Buy 17s 6d, Co. ’(pref.)—Buy 19s 6d. ‘-KAiUngata—Seb dis. Westport Coal Co.—B*l 24s 3d. ■ ■ ' .LOAN AND AGENCY. ~Qold« brough, Mort—Buy 18s 3d, sel 19s National Mortgage (“B ” issue) —Sel * Trustee*, Ex. and Agency—Buy 58e. re!*' *Stephenson (pref.)—Sel 15s 6a. j MEAT PRESERVING.. '' Gear Meat ,C 6.— Buy 265. v',N.Z. Refrigerating (pd,)—Buy 11s. ? Refrigerating (cont.)— Buy 3s 9d, ifl3»lld. , ' South Otago Freezing—Sel 80s. MISCELLANEOUS. , British Tobacco—Buy 22s 9d, sel 24s 9d. Bhice Woollen Co. (pref.)—Sel 19s. Crystal Ice Co. —Buy 21s. D.I.C. (pref.) — Buy 19s 6d. Dominion Rubber —:Buy 6s 6d, sel 12s. , Eclipse Petrol—Sel 10s. Kaiapoi Woollen (ord.) —Buy 7s. Milburn Lime and Cement—Buy 30s x eel 31s. Mosgiel Woollen Co.—Buy £6 Bs. N.Z. Drug Co.—;Buy49s. N.Z. Farmers’ Fertiliser —Buy 12s, sel

13s 6d. Wilsons (N.Z.) Cement —Sel 39sex div. BREWERIES. 1 -N.Z. Breweries, Ltd.—Buy 33s 9d, sel 34s 3d. - N.Z.’ Breweries Debts—-Buy 21s. Dunedin Brewery —-Sel 17s. v,: : mining., - Waihi—Buy 14s Bd. Waihi Grand Junction —Buy 3s, eel 3s •d. . Mount Lyell—-Buy 16s 6d, sel 17s. Mafaalcipawa—Sel 9d, Kildare —Buy lOd, sel. Is. V. >. Okarito—Buy 7s 9d, sel Bs. Paddy’s Point— Buy 2s 3d, sel 3s; 1 Cornish Point (pd.) Buy sd, sel 6Jd. . Golden Progress—Buy 20s, sel 28s. Kang Solomon —Buy 2s 7Ja, sel 2s lOd. Golden Point—Buy 10s. ■ f WiR BONDS. , 44 per cent. Bonds, 1938—Sel £99. 44 per cent. Bonds, 1939 —Sel £93. per cent. Inscribed, 1938 —Sel £9B 15s. 44 per cent. Inscribed, 1939 —Sel £9B 15s. - ' 5J per cent. Soldiers’ Bonds, 1933—8uy *99- v - „ » 5J per cent Inscribed, 1936 —Buy £99. 5i per cent. Inscribed. 1933—5 el £9B 15s.

NORTHERN EXCHANGES. (Per Onttid , Press Association.) The following business was done .on ’Changes'yesterday:— Auckland.—-Sales: War Bond* (1938), 41 per cent., £9B ss; Inscribed Stock (1938), 41 per centj £9B; do (1936), 51 per cent., £99 7s 6d; Auckland Harbour Board (1941), 6 per cent;, £lO2 (two parcels); Commercial Bank of Australia, 14s 2d; Bank of New Zealand, 47s lOd; Auckland Gas, 22s lid; Australian Iron and Steel (pref,), 8e 6d; Wilsons Cement (ex div.), 37s 4id; Waihi Grand Junction, 3* 2d (two parcels), 3s IJd. • Wellington.—Sales. reported: New ■ Zealand Government 5J per: cent. Stock (1933), £9B and £9B 10s: New Zealand Government 51 per cent. Stock. £99 2s 6d; •.:,New Zealand ’Government 41 per cent. Stock, £9B 2s 6d; Bank of New Zealand, £2 8s (on ’change); British Tobacco Company (ord.), £1 3s 9d (cum div.). -■ Christchurch.—Sales on ’change: Bank of New Zealand (cum div.), 48s 2d, 48s 4d -(four parcels); Goldsbrough, Mort (cum div.), 18s 9d; New Zealand Breweries, 34s 3d; Cornish Point, Old; King Solomons, 2s 7d (two parcels), 2s 71d, 2s Bd, 2s 9d (two parcels), 2s lOd; Golden Point (10s paid), 11s. Sales reported: Bank of New- Zealand, 48« 3d; Goldsbrough Mort (cum div.), late sale 10th, 19s 9d (two parcels); New Zealand Refrigerating (10s paid), 3s 101 d.

DUNLOP RUBBER COMPANY The report and accounts of the Dunlop Rubber Company show a profit, after meeting depreciation and fixed charges, ot £541,424. This compares with £1,676,585 for the year 1929. The reduction is severe, though, having regard to the combination of adverse conditions with which the company was faced, the results are not surprising (says TheXTimes). To those shareholders inclined’ to fear that the Dunlop Rubber Company may have been losing ground to some of its rivals, it may be worth while pointing out that, according to statistics just available, the trading of 12 leading tyre companies ib the United States resulted last year in an actual loss of 20,488,800 dollars, following a profit for the previous year of 37,196,000 lars. The directors of the Dunlop Compand paid an interim dividend on the ordinary shares of 6 per cent., but they are not in a position to declare a final dividend. Indeed, after providing for taxation and preference dividend, the “ carry forward ” is reduced from £782,328 to £568,023. This means that the year s earnings were e(fual to only about 2$ per cent, on the ordinary capital, ihe board states that last September, when they had before them the encouraging results for the first half of the year, the information available regarding the prospects for the second half gave little indication of the full extent of the losses on exchange and inventory write-offs all over the world, amounting together to about £600,000, nor of the serious _ falling-off in profits which, occurred mainly in the fourth quarter. '

NEW ZEALAND BREWERIES, LTD. The annual meeting of shareholders ot the New Zealand Breweries, Ltd., will be held in the company’s offices, Wellington, on Thursday, July 16.

LOCAL AND OVERSEAS -MARKETS.

IMPORTERS AND SHIPPERS MEETING OF ASSOCIATION. The monthly meeting of the executive of the Importers and Shippers’ Association was held on Tuesday evening, the chairman (Mr H. C. Campbell) presiding. Among the various matters considered was the detailed reply from the Minister of Customs to the association’s inquiry regarding the exchange position as between the Australian Commonwealth and New Zealand, which since receipt had been circulated among the executive and other members of the association interested. After careful examination it was felt to be very doubtful if the clauses in the Customs Act and its amendments referred to by the Minister, actually gave the department the necessary authority to collect the whole of the exchange premium on dutiable goods where such premium exceeded 5 per cent., and a small sub-com-mittee was appointed to go further into the matter and, if necessary, take legal advice as to whether it would be advisable to. test the legality of the department’s action. Correspondence was also read from the Minister of Marine and the acting-secre-tary of the Otago Harbour Board and the Dunedin Chamber of Commerce regarding the unsatisfactory position at present obtaining in the matter of the election of the special representative on the board of the payers of dues on goods, as evidenced at the election in May last. The acting-secretary of the board had advised, that the board was looking into the association’s complaint and was formulating proposals to meet ' the difficulty which would >be submitted to the association in due course. • ‘ '■

In regard to the new Railway Board, the secretary reported that, as instructed at a special meeting of the association, called at the request of the Chamber of Commerce, he had wired the Premier supporting the recommendations of the chamber in this connection. The actual appointments, as published in the press, were noted, and the meeting decided to send a cordial letter of congratulation to Mr G. W. Reid, the representative of Otago and Southland on the board. The secretary further reported that the question of duties on Canadian imports actually in bond in New Zealand or affoat prior to June 2, had been dealt with by the-association, and it was noted that the Premier had announced that such goods would be allowed entry at the old rate of duty. The question of the coming annual meeting was also considered, and a small subcommittee was appointed to make all necessary arrangements. The meeting was tentatively fixed for Tuesday, July 21. DAIRY PRODUCE The New Zealand Loan and Mercantile Agency Company, Ltd., has received the following cablegram from its London house, under date June 10: —Butter: New Zealand choicest salted, Ills to 112 e; market very slow. Cheese: White, 54s to 555; coloured, 57s to 58s; the market is'steady. ■ CANTERBURY SALEYARDS ’ COMPANY (Peb United Pbess Association.) WELLINGTON. June 11. The Stock Exchange Association has received advice that the directors of the Canterbury Sale, Yards Company, Ltd., have decided to declare an interim dividend of 5 per cent, in respect of the halfyear ending on June 30, such' dividend to be payable on July 1. NEWZEALAND APPLES , (United Pres* Association.) (By Electric Telegraph- -Copyright.) LONDON, June 10. The Tamaroa’s New Zealand apples realised; —Stunners, 11s 6d to 12s 6d; Delicious, 13s to 15e; Rokewoofis, Romes, and Statesmen, 14s to 15s. 1 ’ FOREIGN EXCHANGES. (British Official Wireless.) (United Press Association.) (By Electric Telegraph—Copyright.) ■ KUGBT. June 9. Par.; Jane 4. JuneDi Paris, fr to *1 .. .. 124.21 124.24% 121.25% Brussels oelgas to Cl 35 . 34.92% 34.92% Oslo, b to B 1 .. .. 18.150 18.16% 18.16% Stockholm, tt to £1 .. '18.150 18.15% 18.15% Oqpenbsgen b to Cl 18.150 18.16% 18.16% Berlin marks to £1 ,20.43 20-6 20.5 Montreal, dal to £1 .. 4.86 2-3 4.87 New York, do) to (1 4.86 2-3 4.88 21-32 4.88 17-32 Yokohama oencc to ren 24.68 24% 2411-32 Hongkong. pence to do) 25.15 11% 11% Bombas pence to rupee 18 17% 17% Batarla. florhu to £1 12.107 Milan lire to £1 .. 82.45 _ 92.96% 92.92% Amsterdam, guild to £1 12.107 12.09% 12.09% Prague bto £1 .. 24.02 164% 104% Genera bun .. 25.22% 25.08% 25.07% Vienna tchlllltgs to £1 24.56% 34.62% 34.62% Helsingfors, marks to£l 193.334 193% 193% Madrid pesetas to . O 25,22% 50% 50.3 Athens drachma to £1 25.22% 375 375 Lisbon eacudos Co £1 4.50% 110% 110% Bucharest, lei to £l . 973 817 817% Rio do lanelro pence to mllreie .... 13 3 9-16 3% Buenos Alrea pence to pesos .. .. .. .. 47.82 33% 34% Shanghai, oence to tael 23% 14 14

WAIHI GRAND JUNCTION (Special to Daily Times.) AUCKLAND, June 11. Cabled advice has been received from London by the local attorney of the Waihi Grand, Junction Gold Company that the net profit for the year ended December' 31, 1930, was £10,672. To this had to be added the amount brought forward from the previous year, £3635. At the annual meeting the directors will recommend payment of a dividend of 4d per share, free of tax, amounting to £6906; transfer to development reserve account, £3000; provision for income tax, £1000; balance to be carried forward, £3401.. The dividend will be payable in English currency on July 1. These results show a marked improvement upon those of the previous year, when the net profit totalled £6160, and a dividend of Id per share was paid. GOLDEN PROGRESS MINING COMPANY . , The secretary of the Golden Progress Quartz Mining Company, Ltd., reports that, he has received the following report from the mine manager For the month of May the total development frontage completed was 65 feet occupied in driving, rising, and cross-cutting. Crushing commenced on May 12, and has been continuously carried out until May 30, working one shift, the engine driver working nine and a-half hours per day, the amalgamation of eight and a-half hours per day for six days per' week. Everything has worked smoothly during the period. During the first week a number of adjustments had to be made. The plates have built up very satisfactorily during the crushing period under review, the yield of amalgam increasing from 440 z the first week to 128 oz the second week, the third week’s yield ; having not yet been cleaned and freighted.” COAL OIL (N.Z.), LTD. , —* — (Pee United Press Association.) WELLINGTON, June 11. The Omata No. 1 bore drilling report, dated June 11, is as follows:---“Cleaned well to 2917 feet; drilled to 2965 feet; formation soft mudstone, with sandstone bands between 2932 feet and 2936 feet; good showing of gas and oil at this point.” GOLDSBROUGH MORT (Pee United Press Association.) WELLINGTON, June 11. The following cablegram has been received by the Stock Exchange Association from the Goldsbrough, .Mort Company:— “Net profit to March 31 last, £117,476; brought forward from last year, £110,101; making £227,577, less 1 dividend recommended, £120,000; transfer to Provident Fund, £2500; carry forward, £105,077.” GEAR MEAT COMPANY (Pee United Press Association.) WELLINGTON, June 11. The Stock Exchange Association of New Zealand has been advised that the directors of the Gear Meat Preserving and Freezing Company have declared an in terim dividend of 6d a share, payable on June 19. 1 ' \ : : COLONIAL SUGAR „ COMPANY SHARES FIRM IN SYDNEY. (United , Press Association.) (By Electric Telegraph Copyright.) SYDNEY, June 11. (Received June 11, at ,9 p.m.) Colonial Sugar Company shares are firm, and bank shares are quiet, but steady. AUSTRALIAN MARKETS (United Press Association.) (By Electric Telegraph—Copyright.) SYDNEY,’ Jifne 11. (Received June 11, at 9 p.m.) Wheat:, Ex trucks, Sydney, 2s 3Jd; country stations. Is B£d. Flour, £lO 10s. ' Pollard, £4. Bran, £3 10s. Potatoes: Tasmanian, £6; Victorian, £5. Onions; Victorian, to £5. Supplies are now limited, but large shipments are en route from New Zealand. Oats: White, 2s 8d; Algerian, 2s 3d. Maize, 4s.

ADELAIDE*, June 11. Wheat, 2s 2d. Flour, £6 17s 6d. : V . Oats: Algerian, Is 6d. Onions, £5. Pollard, £4 10s, : Bran, £3 15s. TALLOW SALES ■ ■ ■ ,v (United Press Association.) (By Electric Telegraph—Copyright.) 4 LONDON, June 10. At the tallow sales 811 casks were offered and 302 were sold at Is to Is 6d decline. Mutton: Fine, 225; medium, 18s. Beef: Fine, 21s; medium, I7e. FUNCTIONS OF THE " BANKER Some striking comments, evidently in tended as answers to criticisms voiced against the banks, were made recently at the annual meeting of the National Bank of Australasia, Ltd., by the chairman iSir John Grice) (says the Melbourne Age) Most of the money the bank lent, he said, was the property of its despositors, wlu looked to the bank to safeguard then iu terests by not lending .unwisely or excessively. The main function of banks was to manage or control credit and not to create it. Were they at the present time recklessly to increase their lendings they would be-in a position similai to that of the shipmaster who, in a storm clapped on sail instead of shortening it and by paying more attention to progress than to safety imperilled the welfare of all on board his ship. It was shown that the bank’s average loan by way of over draft was £373. primary producers num bering 42.7 per cent, of the borrowers and people engaged in secondary industries only 3.4 per cent. The pointed out that the risks attached to' lending have increased greatly in the past 12 months owing to falls in values, in profit and in earning power. Land and income taxes, at £193,600. 'were £71.900 higher, representing nearly 4 per cent, of the bank’s paid-up capital. A special committee, consisting mainly of undertreasurers. had reported that there was a marked decline in yields of taxes despite increased rates and new imposts. If Governments did the right, thing confidence would revive, and there would be more money, easier rates and better trade In concluding. Sir John Grice said the directors would be very loath to see any diminution of the 25 per cent, gold reserve against the note issue, which was low when compared with the customs of other countries. He declared that Gov eminent action, apart from costs .and prices of products, dominated Australia “ financial position, and he expressed the hope that the meetings of Premiers now being held in Melbourne would result in wise and effective parliamentary action.