COMMERCE AND FINANCE

Otago Daily Times, Issue 21361, 15 June 1931, Page 12

COMMERCE AND FINANCE

THE SHARE MARKET ; DUNEDIN STOCK .EXCHANGE There was a sale of King Solomons, on the Dunedin Stock Exchange on Saturday morning, the price being 2a lid. There was a buyer of the shares later at 2s lOd, but sellers would not accept less than 3s. Buyers of Bank of New Zealands offered 48s 2d, but the best Belling quotation was 495. New Zealand Milk Products Bonds were asked for at 20s, but no seller came forward. Sale: King Solomon, 2s lid. The following are Saturday morning’s buying and selling quotations, which are subject to the usual brokerage:— BANKING. ... Bank of Australasia —Buy £8 18s. Bank; of New South Wales—Sel £25 10s. . Bank of New Zealand—Buy 48s 3d, sel 495. Bank of New Zealand (long “D”) — Buy 265. Commercial Bank —Buy 14s, sel 14s 6d. Commercial Bank (pref.)—Buy £5 ss. E.S. and A. Bank—Buy £3 16s, sel £4. National' Bank of New Zealand —Sel £5. ' ! INSURANCE, National Insurance Company—Buy 12s ®d, sel 13s. t New Zealand Insurance Company—Sel 425. . , .„l Standard Insurance Company—Sel 47s «d. A.P.A. Insurance—Buy 4s. SHIPPING, Huddart, Parker (pfef.)—Buy 17s 6d, Ikl 20s. ■ ; ' U.S.S. Company, (pref.)'—Buy 19s 6d. *. .COAL. Kaitangata—Sel Is 6d dis. Westport Coal Company—Sel 24s 6d. LOAN'AND AGENCY. National Mortgage—Sel 50s. National Mortgage'(“B” issue) —Sel 28s. _s j Trustees, Executors,. and Agency—Buy 58s. ' : ' r -v-..., MEAT PRESERVING. New Zealand Refrigerating (pd.)—Buy : 11s, sel 12b: 6d. ' V New Zealand Refrigerating (cont.) — .Buy 3s Bd, sel 3s lid. ' MISCELLANEOUS. Bruce Woollen Company (pref.)—Sel j9g. • ...... , D.I.C. (ord.)—Buy 15s. D.I.C. (pref.O—Buy 19s 6d. Dominion Rubber —Sel 12s 6d. Kaiapoi Woollen (ord.).—Buy 7s, Milburn Lime and Cement—Buy 30s, •el 31s. ' . , ' '■ n Mosgiel Woollen Company—Buy £6 Bs. M'Leod Bros.—Buy £l9 10s. New Zealand Drug Company—Buy 495. New Zealand Express (pref.)—Buy 15s. New Zealand Milk Products (debs.) — Buy 20s. New Zealand Paper Mills (ord.)— Buy 16s, sel 18s. '. ,• v. . Otago Daily Times—Buy? 495, eel 535. Wilsons (N.Z.) Cement —Sel 395. BREWERIES.; New Zealand Breweries, Ltd.—Sel 345, fid. New Zealand Breweries Debentures— Buy 21s. Dunedin Brewery—Buy 13s 6d. MINING., Waihi Grand Junction—Buy 3s. Mount Lyell—Buy 16s 6d, sel 17s. Mahakipawa—Buy 7d, sel lOd. lOd, sel Is Id; 7s 9d, sel 7s lid. Paddy’s Point—Buy 2s 3d, sel 3s. Cornish Point (pd.)—Buy sd, sel 6Jd. Golden Progress—Buy 255, sel 28s. King Solomon—Buy 2$ lOd, iseli3s. '' t:W BONDS. 7 4J per cent. Bonds, 1938—Buy £9B, eel £O9 ' per cent.. Bonds, 1939 —Sel £99. 4i per cent, Inscribed, 1938—Buy £9B. .V 5i per cent. Soldiers’ Bonds, 1933 —Buy £99.' ■ ■ : . 5i per cent. Inscribed Bonds, 1941 — Buy £95 10s. „ 5J per cent. Inscribed, 1936 —Buy £99. 5J per cent. Inscribed, 1933 —Sel £9B ,15s. ■

NORTHERN EXCHANGES.

(Peb United Press Association.)

The following business was done on •Changes on Saturday:— Auckland. —Sales: Timaru Brewery (late sale Friday), 6s 3d; Colonial,Sugar,

£34. Wellington.—Sales Reported: Bank ot New Zealand, £2 8s sd. / . ’■ Christchurch. —Sales: ■ New Zealand Government 4$ per cent, inscr: (1938), £9B; Gdldsbrough, Mort. (cum div.), 19s Id; New Zealand Breweries, 345; Mount Lyell (cum div.), 17s; Cornish Point 8d; King Solomon, 2s lOd, 2s lOJd; Golden Point (10s paid), 12s, 12s 3d (2). Sale reported: New Zealand Government 5J per cent, inscr. 1936, £99 7s 16d-

THE LEAD MARKET

(United Press: Association.) (By Electric Telegraph—Copyright.) • LONDON, June 12. . Lead.—lmports, 20,858 tons (Australian \ 6506); exports, 820. : r: i: ‘ DAIRY PRODUCE . € , ———. The South Island Dairy Association, Ltd., has received the following market report from the New Zealand Produce Association, Ltd., London: —Butter: Quiet; 109 s to 112 s; Danish, 118 s to 120 s. Cheese: White, 54s to 555; coloured, 56s' to 58s. . Amalgamated Dairies, Ltd., reports rev eeipt of the following cablegram from its London office:—Butter prices unchanged; Anchor, 114 s; market very slow; other New Zealand finest, Ills; sales made down to 110 s; Danish, 113 s, f.0.b.; cheese market steady but quiet; white, 54s to - 655; coloured, 57s to 58s. MERCHANDISE MARKET 4 The Huntingdon, due here shortly, will be landing supplies of bicarbonate of soda in lewt kegs and 2cwt sacks. This vessel will also bring other merchandise lines. K assorted canned fruits —apricots, peaches, and pears —are now available. Three-in-one'..oil, just landed, shows a sharp .increase in price.' A small shipment of shelled walnuts (in pieces) was landed ex the Waikouaiti. Prices show a sharp increase. A further shipment of shelled walnuts came forward ex the Waikouaiti. The name vessel also brought considerable quantities of tea, transhipped at SydThe Waimarino will land a cargo of sugar to-morrow. She will be followed by the Waipiata, due on June 24. The prices of all grades of sugar, syrup, and treacle have been reduced 5s per ton as from June 12. KING SOLOMON LEAD The mine manager for the King Solomon Deep Lead, Ltd., reports that the wash-up for the week ended June 13 gave a return of 115 oz. OVERSEAS INTEREST IN AFFORESTATION During recent years a considerable amount of capital from overseas has been arriving in the Dominion for investment in New Zealand industries and in Commercial Afforestation in particular. The tremendous possibilities that lie ahead of this new New Zealand Industry seem to be well recognised in other countries, and N.Z. Perpetual Forests, Ltd., the largest Company of its kind in the world, announces that over £3,400,000 has been invested in its Bond Issues by investors in Australia, England, and other countries.— Advt.

LOCAL AND OVERSEAS MARKETS.

COMPANY BALANCE SHEETS THE DUNEDIN STOCK EXCHANGE ; PROPRIETARY, LTD. Pald-UP . Gross Net Dltl--30 i Capital. Reserrea. Income. Profit, dend.

On this occasion it is necessary to take the gross return when comparing the result of the latest financial year with those of preceding years. During the past seven years there has not been much fluctuation, but the high-water mark was reached in 1927-28. Since that year the fall, although not great, has been steady. A concern which depends almost entirely upon business premises’ rents for its income is not likely to be long in showing the effects of a financial depression, and it may well be argued that the decrease for the past 12 months is less than might have been expected. The disbursements, as usual, are fully detailed. They aggregate £2687, which is their lowest for several years. The mortgage' interest has been reduced to £Bl9, owing to an instalment of £I,OOO having been repaid on the loan during the previous year. Rates and taxes have further risen, and at £094 take second place, repairs and maintenance, which at the present time will be kept down as far as possible,'coming third at £464. The chief item, on, the debit side of the profit and loss account is depreciation, which is a newcomer, and for' which £I6OO has been provided to cover both the past year and its predecessor. For comparison' purposes, therefore, 1030-31 should have £BOO added, and 1929-30 £BOO deducted from their respective'net profits. The former would then be placed in a more favourable light in relation to the latter financial year. As it is;, however, the net surplus for 1930-31 ;is £BB7 short of the dividend, reduced by li per cent, from the rate paid for the previous seven years, and reserves are depicted correspondingly. -• Reserves are divided not unequally among general, shares : premium account, and the floating balance. The growth of, them has been especially pronounced in: recent years, durihg which they have more than held their own relatively to the growing capital. Chiefly employed within the company,, their presence affords tangible evidence of the strength of the financial position. Apart from-'the mortgage of £14,000, which might be entered more fittingly as, a deduction from its relative fixed asset, the liabilities are small. Sundry creditors total £219, while accrued charges come to £355. As the business is not a trading business in the ordinary sense, there is little complication either in the money due by'-or due to the company. Where accounts are settled at short intervals the risk of bad debts is reduced to a minimum, so that among the assets any items outside the fixed property and cash represent chiefly accretions. There is rent, due and accrued, amounting to •£844„ but there is nothing to indicate that any rent is overdue, although the amount is greater by one-third than at April, 1930. War bonds , (£1200) and Dunedin City Corporation debentures (£980) remain as before, being entered presumably ;at.their purchase price. Deposits, of £756. at call, make a further revenue-producing asset, but they are down to almost onethird of their figure at the preceding annual balance. When the bank balance of £614 is-added to, deposits, the total does not. greatly exceed the amount required to ; meet the dividend. The buildings and site are down to £42,800, or diminished by the amount of ’the; depreciation allowance. The effect of ; the application of depreciation will be to; increase further the hidden reserve contained in the property. On the book value the rents collected for the past season show a return of over 14 per cent. Of the capital value of £42,800 there is £14,000, or, approximately, dne-third, on the loan claiming 5| per cent. After the interest charge has been met, the return on the balance of the capital value is raised to over 18 per cent'. It would thus appear from that aspect that the book figure for the fixed property as a re-venue-producing asset is entered at considerably under its market value, and it is possible that confirmation is given when a comparison is made with the Government valuation. From its nature and its site, nothing short of a grave earthquake appears possible to destroy the security upon which the safety of the .shareholders’ interests is based.

SOUTHLAND MARKET REPORT (From Our Own Correspondent.) INVERCARGILL, June 13. , Deliveries of oats are now coming, to hand in greater volume from the growers, and contrary to expectations the quality —though A grade are few and far between—is in tile, majority of, cases good, deliveries being .from 421 b to 431 b in weight, but slightly off in colour making it impossible for most lines to go even B grade, though, distinctly above that in quality, colour ‘ failing only to ' some slight extent. These oats are being taken by millers at A grade' values, but are not in demand for shipping purposes, except by sale on sample as graders cannot give the necessary certificate owing to the failure in colour. It is understood that Otago and Southland- nlerchauts are putting out a B ; grade to cover the requirements of the two districts. When this is established business with the north for shipping will undoubtedly improve as the Otago and Southland B grade is a distinctly better class of oats than the established grade, being, plumper and more natural in colour. Current quotations at which business has been effected are A’s 2s 10Jd to 2s lid, B’s 2s 9d, undergrades on sample at from 2s 7d to 2s Bd. f.0.b., s.i., Bluff. . . Chaff is offering at present somewhat in excess of local requirements, and prices to growers have somewhat eased, merchants being unwilling to pay anything in excess of £2 6d on trucks for prime quality. Even at this figure shipping business is impossible. Very little business is passing in ryegrass between this centre and northern .merchants. Nominal values range round about 4s per bushel for 281 b ’ machinedressed seed, the' price varying with an increase or decrease in weight and depending largely on germination figures. The chewings fescue market is fairiy stabilised,' the bulk of' the season’s crop ■being now in merchants’ hands. Shipping values are from Is to Is OJd, f.0.b., sacks extra. These prices are for seed of high germination and purity fit for the export The stock market is quiet for all classes with smaller yardifigs in; most sections. Fat cattle are..still offering freely, the weekly sales at ■Lorneville keeping-well up to their usual yardings. Values show very little change; prices being I maintained. Fat sheep are coming forward in fairly large numbers, and values have risen somewhat .during the past week for lambs, as well ,as ewes and. wethers. The store sheep market is quiet, with very little business being transacted. .The yardings have fallen away, the bulk of the offerings being sheep, of indifferent quality. The store cattle market Ts also quiet, the yardings being small in this particular section. ; Fat Cattle: Prime heavy' bullocks, £8 lOs to £lO 10s; medium, ,£6 to £7 10s; prime heavy heifers, £6 to £7; medium, £4 10s to £5.55; prime heavy cows, £7 to £8; medium, £5 10s to £6 10s; lighter, £3 10s to £4 10s; vealers, to 255; runners, £3 to £4 10s. Fat Sheep: Prime heavy wethers, 16s to 17s 6d; medium, 14s to 15s; lighter, 11s to 13s; prime heavy ewes, 10s to 11s, medium, 8s to 9s; lighter, 6s. to 7s; prime heavy lambs, 18s to 20s; medium, 15s to 16s; lighter, 12s to 13s 6d. i Store Sheep: Wether hoggets, 4s to 6s 6d; ewe hoggets, 8s to 11s; forward rape lambs, 9s to 11s; two-tooth wethers, 8s to 10s; two-tooth ewes, 15s to 17s; s.m. ewes, 9s to 11s; failing-mouthed ewes, 5s to 7s; old ewes, 2s to 3s. v v Store Cattle: Three and four-year forward conditioned bullocks, £7 10s to £8 10s; two and three-year, £5 to £6 10s; yearling, £2 10s to £4; calves, 20s to 30s.

"LONDON METAL MARKET. / ■ > ! .rt.V v /(United Press Association.) (By Electric Telegraph—Copyright.) XONDON, June 11. (Received June 12. at 11 p.m.) Following are the official Quotations In the metal market:—

FRUIT AND PRODUCE WORLD Reilly’s report selling: Narcissi, 5s to 8s per dozen: Violets; Large, 2s to 3s Od; small, Is to Is 6d. Grapes: Gros; Colmars, Is 9d, 2s 3d per lb; Australian, 15s per case: Section honey, 10s 6d; bulk, 5Jd; 101 b tins, 6s, 6s 9d; slb tins, 3s, 3s 6d; Jib pats, 4Jd. Cabbage, 2s, 3s 6d sack. Cauliflowers, 3s, 4s 6d sack. Marrows, 8s 6d cwt. Pumpkins, Bs' cwt. Swedes, Ss cwt. Carrots, 6s. Australian pie melons, 14s cwt; locals, 10s, Beet, Is 4d. Lettuce, choice, Is to 2s dozen. Eggs: R.C.P.M., 2s Id to 2s 2d; preserved, Ts sd, Is 6d. Mutton birds, 6s. Butter pats, lid; milled bulk, lid. Lard, >6d. Bacon; Choice, lid. Peanuts, 4d. Walnuts; Choice, 7d, Bd. Cheese: Medium, 6Jd; loaf, 7d. Tea: Orange Pekoe, 2s 3d. Onions, 8s Od; Canterbury, 8s; picklers, 6s, Tomatoes: Local, 9d, lid; Timaru, 8d lOd. Potatoes: Stirlings,-Oamarus, £3 10s to £5. Green peas; Choice local, sd. Garlic, 4d. Apples; Jonathans choice, Cs, 7s 6d, small 4s, ss; Stumers, choice, 7s, 'Bs 6d; cookers, 5s 6d, 6s 6d; Delicious, 6s, 10s. Pears: Winter Coles, ss, 6s; overripe and small, Is, Is 6d; Winter Nelis, 6s Bs. Beeswax, Is sd. Horsehair, Is. Porker and bacon pigs, sjd, 6Jd. Californian oranges, 37s 6d; Australian Navels, 11s to 18s,. according to sizes. Tahiti oranges, 14s; Poormans, 12s, 14s. Mission lemons, 50s. Australian lemons, .20s. Grapefruit,- 365. Passions; New Zealand wanted; Australian, 15s. Mandarines, 12s 6d. Pines, 15s to 225. Bananas: Ripe, 255; green Samoans, bagged 22s 6d, rejects 13s, 21s. Coconuts, Ms sack, Special Pippa grit, ss. Oyster grit, Bs. Tallow, 8s cwt. Woodwool, 28s bale. Fruit wraps, 3s 3d ream. Champion egg crates, 16s. Rockland garden 'manure; 121b-’ trial bags, Is 6d (special quotations for lewt and scwt lots). Vallo Giraffe lime sulphur: Cases, 4 gallons, 2s 3d; barrels, Is lOd gallon. Black Leaf: “40” 10lb tins, 525; 6lb, 275; 21b tins, 14s, lib, 7s 6d; Jib, ss. Semesan and granosan: 51b, 555; Jib, 7s; 2oz, 2s 3d. C.M.W. knapsack sprayer: Improved type, £5; bucket pumps, 22s Bd. Wheat, ss, 6s. Partridge peas, 4s to 6s. Oats: A Gartons, 2s 9d; B, 2s 3d. Peameal, 15s. Crushed barley, 16s sack of 1501 b. Ricemeal, 10s 6d sack. Crushed oats, 12s 6d sack of 1101b.' Meatmeal, 17s. Oatmeal, 251 b bags 6s 6d. Oat pollard, 12s 6d. Bran, £5 10s. Pollard, £6. Straw; Wheaten, 60s. Oatsheaf chaff, £4 10s. Firewood: Blocks, 2s 6d bag, delivered. Poultry: 67 hens at 3s to Bs, 19 cockerels at Is 4d to 5s 6d, 24 pullets at 4s to 9s, 12 ducks at 6s lOd to 7s (all at per pair), 8 gobblers at OJd to lOd per lb. REILLY’S CENTRAL PRODUCE MART, LTD., Moray Place, Dunedin.

Some nervousness has been evident, among the cyclist police in the suburbs of Paris, owing to the activities of thieves or practical jokers. These policemen are mounted on good bicycles of the latest type, furnished by the City of Paris. On several occasions recently thein machines have been stolen and replaced by antiquities of the “boneshaker ” type. The latest case to be reported is that of a sergeant who, haying left' his bicycle at the door of the police station, emerged to find that it had vanished. In its place stood a thing which would only be ridden by a comedian hoping to provoke roars of laughter. It is suspected that the culprits are jokers rather than ordinary thieves, and that they seek simply to enjoy the spectacle of a smart police officer riding an ancestral bicycle which ought to be in a museum.

£ <. .£ £ £ p.c. 1919 . . 16.000 3,850 4,503 1,499 12 1920 . . 16,000 3,653 4.990 1,603 12 1921 - . 15,000 3.643 5,124 1.690 12 1022 . . 15,000 3,208 5,324 1,808 12 J ,9 1923 . . 15.000 3.404 5,328 2,073 12% 1924 . . 15.000 4,482 5.521 2,267 15 1026 . . 15,000 • 4,832 0,373 3,600 IS 1928 ; . 16.500 9,373 0,503 3.350 15 1927 . . 17,500 10,308 ' 6,580 3,020 15 1928 . . 18.500 . 11,491 0,882 3,898 15 1929 . . 20.000 12,110 0,071 3,619 15 1930 . . 20,000 12,325 6,223 3,215 15 1931 . . 20,000 11,439 0.150 1,863 13%

Ton. Copper, spot .. .. £30 6 0 nise £1 14 4’/j Copper, forward .. .. 30 18 0 Rise 1 12 6 Electrolytic, spot .. .. 38 0 0 No change. Electrolytic, forward .. 80 0 0 No change. Wire bars .. .. .. 30 0 0 No change. Lead, spot .. .. 0 Rise 0 17 6 Lead, forward .. .. 18 0 0 Rise 1 0 0 Spelter, spot .. .. 11 0 3 Rise 1 6 3 Spelter, forward .. .. 11 17 0 Rise 1 0 3 Tin. apot .. 0 Ilise 4 15 0 Tin. forward .. .. 0 Rise 4 15 0 Oz. Silver, fine .. .. Fall %d Sliver, standard .. .. IS S-lOd Pall 1-lfld