COMMERCE AND FINANCE

Otago Daily Times, Issue 21389, 17 July 1931, Page 13

COMMERCE AND FINANCE

THE SHARE MARKET DUNEDIN STOCK EXCHANGE Business was done in Okaritos on the Dunedin Stock Exchange yesterday at 9s lOd, two parcels changing hands at that figure. There was a buyer of these shares later at 10s 2d, but sellers were unwilling to do further business at less_ than 10s fid. Two transactions in Cornish Points also took place at lid each. > The shares were being offered at that figure at the close of the market, but buyers would not give more than 10Jd. There was an improved demand for Government Loans, but sellers were reticent. An offer of 41s for New Zealand Insurances found sellers firm at 41s lOd. Colonial Sugars were again offered .at £35 10s without attracting a buyer The buying quotation for King Solomons was 2s 9d, sellers being unwilling to do business at less than 2s lid. Sales: Okarito, 9e lOd (two parcels); Cornish point, lid (two parcels). The following are yesterday afternoon’s luying and selling quotations, which are subject to the usual brokerage:— BANKING, Bank of New South Wales—Buy £24, •el £25. Bank of New Zealand—Buy 475. Bank of New Zealand (long “D”) Buy 255. Commercial Bank—Buy 13s lOd. E.S. and A. Bank—Sel £4 2s 6d. National Bank of New Zealand—Sel £4 8s fid. INSURANCE. National Insurance Co. —Buy 12s lOd, •el 13s 2d. New Zealand Insurance Co. —Buy 41s, •el 41s lOd. Standard Insurance Co. —Sel 465. SHIPPING. Howard Smith —Buy ss. Huddart, Parker (pref.)—Sel 18s fid. U.S.S. Co. (pref.)—Buy 19s 9d. COAL. Kaitangata—Sel Is fid dis. Westport Coal Co. —Buy 22s fid. ' LOAN AND AGENCY. Goldsbrough, Mort—Jluy 19s 3d, sel 20s td. National Mortgage—Sel 50s. MEAT PRESERVING. New Zealand Refrigerating (cont.) Buy 3s, sel 3e fid. MISCELLANEOUS. British Tobacco—Buy 245. Colonial Sugar—Sel £35 10s. D.I.C. (ordO— Sel. IBs. D.I.C. (pref)—Buy 19s fid. Dominion Rubber —Sel 12s fid. Donaghy’s Rope and Twine —Buy 295. Eclipse Petrol —Sel 10s. Kaiapoi Woollen (ord.) —Sel 7s 9d. Milburn Lime and Cement —Sel 30s 3d. Mosgiel Woollen Co. —Buy £6 Bs. M'Leod Bros. —Buy £l9 10s. New Zealand Drug Co. —Buy 51s. New Zealand Milk products (debs.) Buy 20s. New Zealand Paper Mills (ord.) —Buy J7s 9d. • Otago Daily Times —Buy 48s. Woolworths —Buy 21s. Wilsons (N.Z.) Cement —Buy 35s 3d GAS. Christchurch —Buy 255. BREWERIES. New Zealand Breweries, Ltd.—Sel 345. New Zealand Breweries Debeut.—Buy 81s. MINING. Waihi —Sel 15s 9d. Waihi Grand Junction —Buy 3s 3d. Mount Lyell—Buy 17s 3d, sel 17s 9d. Kildare—Sel lid.

LOCAL AND OVERSEAS MARKETS.

Okarito—Buy 10s 2d, sel 10s 6cl, Paddy’s Point —Buy 3s 3d, sel 3s 9d. Cornish Point (pd.)—Buy 10Jd, sel lid. Golden Progress—Sel 28s. King Solomon—Buy 2s 9d, sel 2s lid. Moturoa 051—Buy Is. WAR BONDS.

£99 2s 6d. 5i per cent. Soldiers’ Inscribed, 1933 — Buy £99. 5J per cent. Bonds, 1936 —Buy £99 2s Cd. 5| per cent. Inscribed, 1936 —Buy £99.

OTHER EXCHANGES (Pek United Pbess Association.) The following business was done on ’Change yesterday:— Auckland. —Sales: Commercial Bank of Australia, 14s (two parcels); Bank of New Zealand, 47s 9d; South British Insurance, ols; Auckland Gas (cout.), I7s Cd; New Zealand Breweries (late sale Wednesday, cum div.), 34s Gel; Gear Meat, 255; King Solomon, 2s lOd. Wellington.—Sales reported: New Zealand Guarantee Corp. (ord.), ss. Christchurch. —Sales: New Zealand Government 5] per cent. Inscribed (1933), £99 7s Cd; Commercial Bank of Australia (cum div.), 14s; Mount Lyell, 17s lid; King Solomon. 2s lid, 3s; Okarito, 9s 6d (two parcels), 9s 9d, 10s Id, 10s (two parcels); Golden Point (Is paid), Is lOd (two parcels). Sales reported: Bank of New Zealand, 47s 9d; Mount Lyell, 17s lid. IMPROVEMENT IN SIGHT An optimistic note was struck by Mr James A. Farrell, the president of the United States Steel Corporation, when, in the course of a broadcast address recently, he declared: “Our worst experiences are behind us. We are gradually entering a period of increasing trade activity.’" He asserted that the European nations were not yet freed from the economic consequences of the World War, but the recovery of the United States was not wholly conditional upon the solution of the problems of other lands. “We possess," he said, “within ourselves the power to lead a world trade recovery, which power must be directed to a solution of the domestic situation.” OLD NEW ZEALAND BOOKS Messrs Park, Reynolds, Ltd., will offer by auction on Wednesday next a very interesting collection of old works relating to New Zealand, some of which are extremely hard to obtain, and many of which bring very high prices in London from collectors. One book by John Savage, first edition of “ Green Tiki,” is actually the first book printed exclusively relating to New Zealand. This was published in 1807, so that it is 124 years old. There were two editions with the Tiki coloured green and black respectively, and of the two the “ ‘ Green ’ Tiki ” is the more sought after by collectors. Another rare book to be offered is Buller’s “ History of New Zealand Birds,” first edition (1873), the New Zealand consignment being ' lost on the way out, and of the Home supply only very occasionally does one of these books appear in the saleroom In addition to many old and rare works, there is a number of other writers’ books which date from the forties down to quite recent years, and these should find ready purchasers.

UNITED STARR-BOWKETT BUILDING SOCIETY A meeting of members of the United Starr-J3owkett Building Society was held in the secretary’s office last evening, when a good attendance was presided over by the chairman of directors (Mr E. A. Rosevear). The chairman announced that further appropriations amounting to £2BOO had been arranged for next month. The sixty-ninth appropriation in No. (i group, being a ballot for £SOO, was then held, and cluster No. 44 was drawn, held by a member. The fifty-first appropriation in No. 9 group was a ballot for £SOO, and cluster No. 294 was drawn. A sale of £BOO in No. 11 group concluded the business. This was the eighth appropriation in the group, and £3OO was sold at £49 per £IOO. The remaining £SOO was sold at £4l per £IOO. LONDON WOOL SALES (United Press Association.) (By Electric Telegraph—Copyright.) LONDON, July 15. At the wool sales 8919 bales were offered, including 6907 from New Zealand. About 8325 bales were sold. There was a splendid selection of slipes and a limited supply of other sorts. There was a good clearance with general competition at full late rates. New Zealand greasy crossbreds: —“ Qucroa,” 7Jd and 7d; “Pekapeka.” 6i|d and halfbrcds, “ Ponkawa,’’ 9Jd and 9d. PRICE OF GOLD (United Press Association.) (By Electric Telegraph—Copyright.) LONDON, July 15. Fine gold is quoted at £4 4s 114 d per ounce. RESTRICTION ON ZINC OUTPUT (United Press Association.) (By Electric Telegraph—Copyright.) LONDON, July 15. At Osteud a conference of zinc producers agreed to restrict the production in 1932 by 45 per cent.

DAIRY PRODUCE The New Zealand Loan and Mercantile Agency Company, Ltd., hag received the following cablegram from its London house under date July 15:— Butter. —New Zealand choicest salted, 114 sto 115 s. Market slow. Cheese. —White, 60s to 61s; coloured, 62s to 635. Market is quiet. A HUGE MERGER The formation of the largest amalgamation of textile machinery makers in the world, embracing six leading Lancashire companies, with a combined authorised share capital of £8,520,160, was announced recently. The six companies are:—Platt Bros, and Co., Ltd. (Oldham), Howard and Bullough. Ltd. (Accrington),, John Hetherington and Sons, Ltd. (Manchester), Brooks and Doxey, 1920, Ltd. (Manchester), Dobson and Barlow, Ltd. (80l ton), Asa Lees and Co., Ltd. (Oldham). A statement issued on behalf of the companies says: “The directors have decided to submit to their shareholders and recommend for acceptance a scheme of amalgamation prepared by Sir Gilbert Garnsey.'' AUSTRALIAN MARKETS (United Press Association.) (By Electric Telegraph—Copyright.) SYDNEY, July 16. (Received July 16, at 8,10 p.m.) Wheat. —The market is brighter. Ex trucks, Sydney, 2s 3d; country stations, Is Bd. Flour, £lO. Pollard, £4. Bran, £3. Potatoes: Tasmanian, £0; Victorian, £5. Onions: Victorian, £5 10s. Oats: Algerian and white, 2s Od. Maize, 3s 7d.

4J per cent. Bonds, 1938 —Buy £98. 44 per cent. Bonds, 1939—Buy £98. 44 per cent. Bonds, 1941 —Buy £98. 44 per cent Inscribed, 1938—Buy £98. 44 per cent Inscribed, 1939 —Buy £98. 54 per cent. Soldiers’ Bonds, 1933—Buy