COMMERCE AND FINANCE

Otago Daily Times, Issue 21362, 16 June 1931, Page 5

COMMERCE AND FINANCE

THE SHARE MARKET

DUNEDIN STOCK EXCHANGE Business was done in New Zealand Refrigerating contributing shares on the Dunedin Stock Exchange yesterday at 3s 10d. Later offers of 3s 9d for these shares found sellers demanding 2d more. There ■was a decided improvement in Cornish Points, a sale being recorded at Bd. There was a buyer of these shares at the close of the market at 7R, but sellers would Hot do further business at less than 84d. Three parcels of Golden Progress shares changed hands at 28s. There was a margin of la between buyers and sellers when the jnarket closed, the best offer being 27s 6d. Business was reported in Otago Daily Times shares at 50s. The closing offer for these was 495. sellers demanding 61s 6d. Two sales of King Solomons were reported at 3s. A penny less than this was offered later, but sellers were firm nt 3s Sales: New Zealand Refrigerating (cont.). 3e lOd; Cornish Point, 8d; Golden Progress. 28s (three). Sales reported: King Solomon, 3s [(two); Otago Daily Times, 50s. The following are yesterday afternoon s buying and selling quotations, which are subject to the usual brokerage: BANKING. Bank of Australasia —Buy £8 17s. Bank of N.S. Wales —Sel £25. Bank of New Zealand —Buy 48s, sel 495. Bank of New Zealand (long “D”) — Buy 26s 3d. Commercial Bank—Buy 14s, sel 14s 3d. E.S. and A. Bank —Sel £4. Union Bank—Sel £7 11s. INSURANCE. , National Insurance Co. —Buy 12s 6d. Standard Insurance Co. —Sel 47s 6d. A.P.A. Insurance —Buy 4s. SHIPPING. ; Huddart, Parker (pref.)—Buy 18s, sel SOs. U.S.S. Co. (pref.)—Buy 19s 6d. COAL. Kaitangata—Sel Is 6d dis. Westport Coal Co. —Sel 24s 6d. Westport-Stockton (pref.)—Sel 3s. v; , LOAN AND AGENCY. ? National Mortgage—Sel 50s. Mortgage (“B” issue) —Sel tßs. v: Ex, and Agency—Buy 58a. MEAT PRESERVING. ;;N.Z. Refrigerating (cont.) —Buy 3s 9d, •el 3a Ud. H MISCELLANEOUS. British Tobacco—Buy 235, sel 265. £ Bruce Woollen Co. (pref.)—Sel 19s, . D.1.C., (pref.)—Buy 19s 6d. . Dominion Rubber—Buy 6s, sel 12s 6d. ' Eclipse Petrol—Sel 10s. Kaiapoi Woollen (ord.)—Buy 7s Milburn Lime and Cement —Buy SOs, •el 31b. Mosgiel Woollen Co.—Buy £6 Bs. N.Z. Drug Co. —Buy 49s 6d. N.Z. Paper Mills—Buy 16s 6d, sel 18s. Otago Daily Times—Buy 495, sel 51s 6d. Wilsons (N.Z.) Cement—Sel 395. Woolwortha —Buy 21s. BREWERIES. NZ. Breweries, Ltd.—Sel 34e 3d. MINING. Waihi—Buy 14s 9d. Waihi Grand Junction —Buy 3s 2d, sel ts 9d. Electrolytic Zinc (pref.)—Buy 12s. Mount Lyell—Buy 16s 9d, sel 17s. Mahakipawa—Sel 9d. Kildare—Buy lOd, sel Is 2<L Okarito—Buy 7s lOd, sel 8s 2d. Paddy’s Point—Buy 2s 3d, sel 3s. Cornish Point (paid) 7Jd, sel BJd. Golden Progress—Bujr 27s 6d, sel 28s Cd. > King Solomon-^-Buy 2g lid, sel 3s. . Golden Point-LRuy Us,. WAR BONDS'. 1, - .• - V' ■ 44 per cent. Bonds (1938)—Buy £9B? 44 per cent. Bonds (1939) —Buy £9B. 4i per cent. Bonds (1941) —Buv.£9B. 44 per cent. Inscribed (1938)—Buy. £9B. 44 per cent. Inscribed.(l939)—Buy £9B. 5J per Soldiers’ Bonds (1933) — <99.

5i per cent. Soldiers’ Inscribed (1933) —Sel £99 7s 6d. 5i per cent. Inscribed (1936) —Buy £99. 5i per cent Inscribed (1933) —Sel £93 15s.

NORTHERN EXCHANGES.

(Peb United Pbess Association.)

The following business was done on 'Changes yesterday: —Auckland.—Sales: Bank of New South Wales, £24 17s Cd; British Tobacco, £1 4s: Robinson’s Ic.? Cream, 19s; Milne and Choyce (B pref.J 20s; Waihi Mining, 14s lid; Mount Lyell. 17s 2d. 17s Id; King Solomon. 3s 2d; Taranaki Oil, 10s.

Wellington.—Sales reported: New Zealand Refrigerating Co. (10s), £3 10s; New Zealand Government 4J per cent, •tock (1939), £9B.

Christchurch.—Sales; Australian Bank ®f Commerce, 14s 4d; Goldsbrough. Mort. (cum div.), 19s; Mount Lyell fcum div.) 17s; King Solomon, 3s (two parcels). 3s Id (two parcels), 3s 2d, 3s 3d (two parcels), 3s 2£d, 3s Id. 3s (five parcels) 3s Id (two parcels): Golden Point (10id paid), Is 7d; Uahakipawa Goldfields, 7d (six parcels). Sales reported: National Bank of New Zealand. £5: Bank of New Zealand (cum div.), 48s 3d (two parcels); New Zealand Refrigerating (10q paid), 3s lOd; Mount Lyell (cum div.), 17s: New Zealand Government 4J per cent, inscribed (1938),* £9B.

KILDARE WASH-UP A report has been receive from the Kildare Consolidated Gold Mining Company stating that a wash-up last week yielded 550 z lldwt of gold for a period •f four and a-half weeks. CAUTIOTTS INVESTORS’ OPPORTUNITY CHRISTCHURCH DRAINAGE BOARD DEBENTURES. So many have been the shocks suffered by the investing public ,these last few months that investors, particularly those ©f small means, will gladly welcome the opportunity of subscribing towards the Christchurch Drainage Board Redemption Loan of £90.000. Though the interest on this Loan does not commence until June 30. already close ©n half the Loan has been subscribed. Interest is payable at £5 10s per cent, per annum, and exchange will be paid by the Board on all accepted application money, and it will also pay Principal and Interest free of exchange at any branch of the Bank of New Zealand within the Dominion. The Debentures come within the Trustee Investment Class, the Principal and Intrest being secured by a special rate of Jd in the £ on the capital valne of an area known as the Sewerage Area, valued at £20,164,060. The denomination of each Debenture is £IOO. and application forms can be secured either from the Christchurch Drainage Board or from any sharebroker or branch of the Bank of New Zealand. A brokerage of 1 per cent, will be paid to sharebrokers, banks, and solicitors doing business in the Dominion on sales actually completed by them. Application money should be sent to the Christchurch Drainage Board, 198 Hereford street, Christchurch, either by cash, bank draft, or marked cheque.— Advt. k. \

LOCAL AND OVERSEAS MARKETS.

FROZEN MEAT The Otago Farmers’ Co-operative Association of New Zealand, Ltd., has re ceived the following report from the Overseas Farmers’ Co-operative Federations, Ltd., London:—Lamb and Mutton.— Position steady. Values unchanged. Current prices: Twos and eights. 7|d to BJd; fours, 7R to 7|d; seconds, 7d to 7Jd: wethers, 43d to 5Jd; ewes, 34d to 3jd, NOKOMAI SLUICING COMPANY The secretary of the Nokomai Sluicing Company reports a partial washup of 1750 z sdwt from the No. 7 paddock. The remainder of the paddock will be jompleted at a later date. DAIRY PRODUCE The National Mortgage and Agency Company of New Zealand, Ltd., has received the following cablegram from Lon don:—Butter.—Market slow. New Zea land finest, Ills, 112 s; New Zealand first frade, 110 s; New Zealand unsalted,- 116 s; lanish, 118 s, 120 s; Australian, 103 s, 10/s. Cheese. —Market firm. New Zealand white. 545, 555; New Zealand coloured, 565, 575; Canadian, c.i.f., 555. OVERSEAS TRADE FIGURES FOR MAY. (Per United Press Association.). WELLINGTON, June 15. The overseas trade figures for May, 1931, with the figures for the corresponding period of last year in parenthe ses, were;—Exports from New Zealand £4,167,547 (£4.521,265), imports £1,528.644 (£3,398,907). For the five months of 1931, ended on May 31, the exports were £19,070,266 (£26,039,380), imports £11,105,526 (£19,163,459). COAL OIL (N.Z.), LTD. (Per United Press Association.) WELLINGTON. June 15. The Coal Oil (N.Z.), Ltd., Amata No. 1 bore drilling report for the week ended June 13 is as follows;—“ Drilled to 3082 feet in soft mudstone with sandstone bands.” Scott _ Bros., produce merchants and commission agents, agents for Dunedin Egg Suppliers’ Association, report:— Eggs: Fresh, market rates subject to fluctuation: preserved, Is 4d to Is sd. Butter: Dairy pats, BJd to 9d per lb. Honey: Bulk. 5d to 5Jd per lb; 101 b tins, 5s 6d each; 51b tins, 3s. Beeswax, Is 6d to Is 7d. Fat, 7s 6d to 8s per cwt. Poultry: Hens, 2s 9d to 3s 3d per pair. Ducks, Is 6d to 2s each. Geese, 3s to 5s each. Turkeys: Hens, 8d to 9d per lb; Gobblers, lOd to Ud per lb. Pigs: Prime aconers, s§d to s|d per lb; porkers, 6d to 6Jd per lb. Potatoes; Oamaru and Taieri, £4 to £4 5s per ton. Onions: Australian, 8s 6d per cwt. Swede turnips, 2s 6d to 3s per cwt. Carrots, 4s. Parsnips, 5s per cwt. Beetroot, 7s 6d per cwt. Chaff: Prime oaten sheaf. £4 10s to £4 15s per ton, bags extra, ex store; oaten straw chaff, £3 15s, bags extra, ex store. Partridge peas, 5s 3d to 5s fid per bushel, sacks extra. Whole fowl wheat, 4s 9d to 5s 3d per bushel, sacks extra. Barley pollard* 8s per bag. Barley dust, 8s for 1501 b. Lucerne hay, £6 per ton. Clover and ryegrass hay, £5/ per ton,- ex store. Maize, 7s pet bushel. Oats: Cartons, 2s 6d to? 2s 9d; Sparrowbjlls, 3s bushel, sacks extra. Pressed wheateh straw, £3 ss: oaten, £3 IQs, ex store. Please note: Pigs and inufit.atrive -not later than Thursday of'-earlT) week. We also stock the following lines:—Meat meal, grit mills, charcoal, leg rings, oyster grit, chicken food, egg crates (quotations on application). June 15. 1931.

THE MEAT MARKET (United Press Association.) (By Electric Telegraph—Copyright.) LONDON. June 13. Frozen Meat.—New Zealand lambs: Canterbury—second quality, average 301 b, 7d: other South Island brands—36lb and under 7|d, 371 b to 421 b 7|d; selected North Island brands, second quality, average 301 b, 7d; other North Island brands, second quality, average 301 b, 6sd. Australian lambs: Victorian, first quality —36 lb and under 6§d, 371 bto 421 b 6R; other States, first quality, 361 b and under and 371 b to 421 b, 6d; Victorian, second quality, 361 b and under, 6R; other States, second quality, 361 b and under, and all States, third quality, 6Jd. Argentine lambs: First quality—36lb and under 6|d, 371 bto 421 b 6R 431 bto 50lb 6Jd. Patagonian , lambs; First quality, 361 b and under, OR; ditto, 371 b to 421 b, 6d; second quality, average 361 b, 6d. Argentine Chilled Beef. —Ox fores, 1601 b to 2201 b, 2£d; ox hinds, 1601 b to 2201 b, C|d. Others unchanged. SYDNEY WOOL SALES (United Press Association.) (By Electric Telegraph—Copyright.) SYDNEY, June 15. (Received June 15, at 10 p.m.) The wool sales were resumed. The offerings were of a miscellaneous character and there was good competition, chiefly on Japanese and German account. Prices for merinos were from 5 to 7J per cent, below those of the last Sydney series, and competition for crossbreds and oddments and scoureds was most irregular. The number of bales offered was 9047, 6497 being t sold, while 2773 were disposed of privately. Greasy merino made 14Jd. COTTON. RUBBER. ETC. (United Press Association.) (By Electric Telegraph—Copyright.) LONDON, June 13. Friday’s closing prices were;— Cotton.—July, 4.47 d per lb. Rubber. —Para, 4Jd; plantation smoked, 3d. ,;*: v Jute.—June-July delivery, £l6 10s, Hemp.—None offering, % Copra.—July, South Seas shipments, £ll 5s per ton; plantation, Rabaul, £ll 7s 6d. Linseed oil, £ls 10s. Turpentine, 47s per cwt. Osrairidium. —Nominal, unchanged. NEW ZEALAND PERPETUAL FORESTS, LTD. The eighth annual meeting of shareholders of New Zealand Perpetual Forests, Ltd., was held at the registered office of the company, South British Insurance Building, Auckland, on June 10. Mr William Fraser, chairman of directors, presided before a good attendance of shareholders. In moving the adoption of the annual report and balance sheet, the chairman reviewed the progress of the company during the past year, explaining the difficulties caused by the adverse exchange, which had so far been satisfactorily overcome, and he expressed the hope that with the continued cooperation of his fellow directors the company will be able to meet all further difficulties as they arose. The chairman stated that, taking into consideration the difficult times, the shareholders had good reason to be satisfied with the result of the year’s operations. _ He emphasised that the company was in a very sound position, and expressed the hope that there would, before long, be an improvement in the present adverse conditions. The report and balance sheet were adopted, and it was agreed to pay a dividend at the rate of 8 per cent, for the year. ~ ___ _ The retiring directors, Messrs W. L. Davidson and Fred C. Dewar, C.A., were re-elected. . The retiring auditors, Messrs Morris, Duncan, and Gyllies, were also re-elected.