COMMERCE AND FINANCE

Otago Daily Times, Issue 21385, 13 July 1931, Page 2

COMMERCE AND FINANCE

THE SHARE MARKET DUNEDIN STOCK EXCHANGE Business in King Solomons at 3s and 2s llcl was reported on the Dunedin Stock Exchange on Saturday morning. Further lots were on offer at 2s lid, but buyers were not prepared to offer more than 2s 9a. Paddy’s Points were still wanted at 3s 2d, and Cornish Points had improved inquiry at lOd, sellers asking a penny more. Quotations were largely of a formal nature. Sales reported: King Solomon 3s (two), 2s lid (two). The following are Saturday morning’s buying and selling quotations, which are subject to the usual brokerage;— , BANKING. Bank of Australasia —Buy £9. Bank of New South Wales —Buy £24, Sel £25. Bank of Now Zealand —Sel 48s Cd. . Bank of New Zealand (long “D”) — Buy 25». Commercial Bank —Buy 14s, sel 14s Bd. E.S. and A. Bank—Sel £4 6s. National Bank of Now Zealand—Sel £4 13s. Union Bank —Sel £7 2s. INSURANCE. National Insurance Co.—Buy 12e 9d, sel 13s 2d. New Zealand Insurance Co, —Buy 41s 6d, sel 42s 6d. SHIPPING. Howard Smith—Buy ss, sel 7s. Huddart, Parker (pref.)—Sel 19s. U.S.S. Co. (pref.)—Buy 19s 9d. COAL. Kaitangata—Sel Is Cd dis. Westport Coal Co. —Sel 245. LOAN AND AGENCY. National Mortgage—Buy 40s. MEAT PRESERVING. New Zealand Refrigerating (cont.) Buy 3s 4d, sel 3s 6d. MISCELLANEOUS. D.I.C. (pref.)—Buy 19s Cd. Dominion Rubber—Buy ss, sel 12s. Kaiapoi Woollen (ord.) —Buy 7s, sel 7s 9d. Milbum Lime and Cement —Buy 295, ael 30s Cd. Mosgiel Woollen Co.—Buy £6 Bs. M'Lcod Bros.—Buy £l9 10s. New Zealand Drug Co. —Buy 50s. New Zealand Milk Products (debs.) Buy 20s. New Zealand Paper Mills (ord.) —Buy 17s Cd. Otago Daily Times —Sel 51s. Regent Theatre—Sel 19s. Smith and Smith (pref.)—Sel 18s. GAS. Christchurch —Sel 2Cs. BREWERIES. New Zealand Breweries, Ltd. —Buy 34s 3d, sel 35s Cd. New Zealand Breweries Dcbent.—Buy 21s MINING, Waihi—Sel 15s 9d. . Waihi Grand Junction —Buy 3s Id. Mount Lyell— Sel 18s. Kildare—Sel lid. Okarito —Buy 10s Cd, eel 11s. Paddy’s Point —Buy 3» 2d, sel 3s Cd. Cornish Point (pd.)—Buy lOd, sel Hd. Golden Progress—Sel 295. King Solomon —Buy 2s 9d, sel 2s lid. Golden Point —Sel Is lOd. OIL. Moturoa Oil —Buy Is. WAR BONDS. 4J per cent. Bonds, 1938—Sel £9B 10s. 41 per cent. Inscribed, 1938 —Buy £97 17s Cd, sel £9B 7s Cd. 44 per cent. Inscribed, 1939—8uy £97 17s“Cd. „ „ 54 per cent. Soldiers’ Bonds, 1933 —Buy £B9'2 S 6d. 5,i per cent. Inscribed Bonds, 1941 — Buy £95. 5J per cent. Bonds, 1930 —Buy £99. NORTHERN EXCHANGES (Per United Press Association.) The following business was done on the northern Stock Exchanges on Saturday:— Auckland. —Sales: Bank of New Zealand, 48s 3d; South British Insurance, 51s 3d; Waihi Junction, 3s Id. Late sales, Friday: Australian Glass, 24s Cd; Colonial Sugar, £35; Waihi, 15a Cd. Wellington.—Sales; New Zealand Government 4J per cent. Stock, 1938, £9B; National Bank of New Zealand, £4 11s 6d (cum div.); Union Bank of Australia, £C 11s (on ’Change, cum div.). • Christchurch. —Sales: Commercial Bank of Aust., 14s Id, 14s; Bank of Lew Zeu land, 48s, 37s lid; Goldsbrough. Mort, 20s 2d; New Zealand Refrigerating (10s paid). 3s sd: Christchurch Gas, 255; Cornish Point Mining, lid. lljd. Sales reported: Bank of Australasia, £9 12s. MERCHANDISE MARKET Dunedin merchants arc purchasing Eastern goods for shipment to New Zealand by the Narbada, which is expected to arrive about September or October. The market for sago and tapioca remains very firm in Singapore. The Narbada will also bring pineapples, etc. The cheese market has firmed to the extent of Id per lb in sympathy with tlie firmness in the Home market. New season’s Syars and Khadrawi dates are quoted at a lower figure than that ruling last year. Calipbat stoned (loose pack) will, however, be higher in price. Supplies of Calipbat are very short on the market at the present time. _ The Mildura Fruitgrowers’ Association is requesting distributors to state their

LOCAL AND OVERSEAS MARKETS.

requirements for delivery up to and including September. The association reports that heavy orders are being received from overseas. Some of the grades of old season’s dried fruits are now becoming short on the local market. The Opawa, now at the wharf, is landing supplies of caustic soda, Kruschen’s salts, Karswood’s poultry spice, cornflour, and coarse and fine salt. A locally-manufactured line of toilet soap, in cellophane wrapping, has made an appearance on the market. The soap is made up in packets of four blocks, and is to be retailed at Is per packet. The Golden West is landing supplies of Californian tinned fruits, seeded and seedless raifffns, pilchards, prunes, Canadian flour, etc. Quotations for the new season’s Smyrna figs are now to hand. They show a slight reduction on the quotations ruling at this time last year. A parcel of South African evaporated apricots is expected by the Wainui, transhipped at Melbourne. The Wainui will also bring Australian dried fruits, Ceylon tea, etc. The Waimarino landed a very large shipment of sugar last week. The cheaper brands of cigarette papers are practically sold out of the market for the time being. DAIRY PRODUCE - * The South Island Dairy Association, Ltd., has received the following market report from the New Zealand Produce Association, Ltd., London: — Butter: Firm; 113 s to 115 s. Cheese: Firm. White, 58s to 60s; coloured, 61s to 02s. PROSPECTING AT WAIHI At a meeting on Tuesday of the directors of the Waihi Prospecting and Mining Association, the report showed that 46 boreholes, ranging up to 60ft _in depth, had been sunk on the association’s prospecting area at Owharoa, with a view to testing the dacite country as to its goldcarrying capacity. Values .ranged from pence to shillings, the highest assay return being 10s 8d per ton. Boring operations showed that the whole of the dacite area is gold-bearing to a greater or less degree, but in the mass is not rich enough to work profitably. The directors considered that before any further boring is undertaken a careful geological study and mapping should be made, in order that efforts may be concentrated on the most promising areas, and the extent to which gold-bearing dacite is overlain by more recent formations studied. Investigations on the above lines will be carried out. SOUTHLAND MARKET REPORT (From Ocr Own Correspondent.) INVERCARGILL, July 11. Oats. —Little business is passing with northern centres, nominal values being A grade 2s lOd, B grade 2s 7d, with offers coming through at less. This price has been accepted for prompt delivery in some instances, but can hardly be taken as a criterion of values, leaving little margin to the seller at prices being paid to growers, from whose point of view production is being carried on at a loss. A's are in short supply, the bulk of the season’s crop being somewhat under B's in colour, though otherwise fine quality and averaging from 421 b to 431 b per Imperial bushel. Chaff.—This is offering by growers in excess of the local market, which is of a very limited nature. Prices being paid by merchants, £2 17s 6d On trucks for prime quality, is in excess of shipping values, consequently business with northern ports is out of the question. Ryegrass.—There is an almost entire absence of demand, though northern brokers are endeavouring to put business through, it is apparent, on counter speculators, at prices which only mean a loss to merchants on prices paid to growers for undressed seed. Nominal values are from 3s 9d for 26/271b seed to 4s for 281 b seed and over with a geipiination in excess of 80 per cent. Chewings Fescue,—*V ery little business is passing, and for some period there has been almost a total absence of orders from overseas, but as in the past, it is anticipated that further business will take place in the months of August and September. It is not anticipated that any improvement can be looked for in the market, which has had a falling tendency for the last three or four weeks. Values between merchants are _ now r oughly on the basis of lid per lb. f.0.b., for 24!b seed, 99 purity. 90 germination representing a fall of approximately lid per lb. . * . . The stock market remains very quiet for all classes. ’At the last Lornevillc sale there was a large yarding in all the sections, as a consequence of which prices showed a falling tendency. Fat cattle are coming forward in good numbers, the quality of which is good. Fat sheep are offering freely and prices are a trifle easier. The store sheep and cattle sections are quiet, and the yardings still continue on the small side. The quality of these two sections may be termed indifferent. . , , , Fat Cattle.-—Extra prime heavy bullocks, £lO 10s to £11: prime bullocks, medium weights, £8 to £9 10s; prune heifers. £6 to £7; lighter sorts, £4 10s to £5 10s; prime heavy cows, up to £7, medium quality, £4 10s to £5 10s; I’ghter. .sorts, down to £4; vealers. £3, with poorer quality down to 255. . , Fat’ Sheep.—Prime heavy but 1 c _ he^ s , wethers, up to 18s; heavy wethers, 13g 6d to 16s 6d; good freezing wethers, 13s to 14s 6d: lighter sorts, down to 12s, extra good prime heavy ewes, up to 138: prime ewes, 11s 6cl to 12s 6dj lighter sorts. 9s to 11s: good heavy butchers’ lambs, up to 16s 6d; good freezing weights, 13s to 15s; lighter weights, 11s 6d to 12s 6d. Store Sheep .-Extra good Romney ewe hogaeta 14s 2d; good conditioned twotooth wethers 8s to 10a; lighter sorts 6s to 7s 6d; good mixed-sex lambs, be to 9s; wethers.lambs, 5s to 6s 3d. , LONDON MARKETS (United Press Association.) (By Electric Telegraph—Copyright.) LONDON, July 11. (Received July 12, at 5.5 p.m.) Osmiridinm is unchanged. Lead: Imports, 26.520 tons (Australian 11.822); exports. 855. Frozen meat: New Zealand sheep, Canterbury and North Island selected crossbred wethers and maiden. ewes 05/72ib, 4i(l; North Island. 57/641b, 4jd New Zealand lambs, Canterbury. 43/50!b, -cl; other South Island brands,,36lb and under 7Jd- 37/421b, 7Jd; 43/Solb, 63d; selected North Island brands (including Downs), 43/501b, 6pd; other Lorth Island brands, first quality, 37/421b. 7d. Australian lambs, Victorian second quality, 361 b and under 6gd; other States, second quality. 361 b and under. 6id; all States, third quality, 361 b and under, 6Jd- Patagonian lambs, first quality, 361 b and under, 6|d. 37/421b, 6-Jd; second quality, average 30lb. Argentine chilled beef: Ox fores, 160/2201b, 24d; ox hinds. 160/2201b, Sid. New Zealand pigs, first quality,Ao/1001b (average 90lb), 6d; 111/1201b, old. Others are unchanged. Friday’s closing prices were as follow; Cotton: August, 4.89(1 per lb. Rubber: Para, 4jd; plantation, smoked, 3 Id. Jute: Julv and August, £ls 17s 6d. Hemp: July-August, nominally £2O. Copra: August, South Sea, £l2 2s 6d; plantation, Rabaul, £l2 ss. Linseed oil, £lB. Turpentine, 475. UNION BANK OF AUSTRALIA (United Pres* Association.! (By Electric- Telegraph Copyright.) LONDON, July 11. , (Received July 12, at 5.5 p.m.) The Union Bank of Australia has available profits of £370,011, including £76,992 brought in. The sura of £1,500,000 from reserve is allocated to a special reserve against depreciation of the Australian and New Zealand currencies, while £90,100 is brought forward.