COMMERCE AND FINANCE

Otago Daily Times, Issue 21431, 4 September 1931, Page 7

COMMERCE AND FINANCE

i LOCAL AND OVERSEAS MARKETS.

:> . ; THE SHARE MARKET DUNEDIN STOCK EXCHANGE A sale of King Solomons took pl.ace ohthe Dunedin Stock Exchange yesterday at 2s 3d, business having previously been reported at 2s’ 4Jd. The close of the market found buyers offering 2s Id, with a; seller forward at 2s 4d. Business •vrie also reported in 5J per cent. Bonds tt<937) at £95 10s. These were later offered. at £96 5s without attracting a buyer. Standard Insurances were asked for at 37s 6d, sellers remaining firm at 41s. The best offer for New Zealand Breweries was 28s 6d, sellers asking 28s Bd. An offer of 9s 6d for Okantos found sellers firm at 9a 7d. ..Sale: King Solomon. 2s 3d. Sales reported: King Solomon, 2s 4*d, St per cent. Bonds (1937), £95 10sSales reported after last call: Okanto, 9sfid (two). . ' , -The following are yesterday afternoon s buying and selling quotations, which are subject to the usual brokerage: W , BANKING. . Australian Bank of Commerce— Buy 12s 6(T * • Bank of Australasia— Buy £8 3s. Bank of New South Wales—Buy £24 1 . ; ~Bank of New' Zealand—Buy 445, sel 44s ,6d. , ' ■ „ ~ .Commercial Bank— Buy 13s 4d. iiCommercial Bank (pref.)—Buy £5 Bs. aE,S. and A*. Bank—Sel £3 14s. Rational Bank of New Zealand—Sel £3 f2 B ' TUnion Bank—Buy £6 Bs, sel £6 11s. INSURANCE. , National Insurance Company—Sel 12s I’lNew 1 ’ l New Zealand Insurance Company—Sel South British Insurance Company—Buy 40s) 6d, sel 51s. Standard Insurance Company —Buy 37s 6d, sel 41s. SHIPPING. Huddart, Parker (pref.)—Buy 16s. XJ.S.S. Company (pref.)—Buy 19s lOd. COAL. Westport Coal Company—Sel 245. LOAN AND AGENCY. Dalgety and Co. —Sel £6 Bs. Goldsbrough, Mort.—Sel 18s. , National Mortgage—Sel 41s. • National Mortgage ("B” issue)—Sel SOs. New Zealand Guarantee Corp.—Buy 4s fid MEAT PRESERVING. New Zealand Refrigerating (pd.)—Sel 10g New Zealand Refrigerating (cont.) Buy 3s 3d, sel 3s 7d. MISCELLANEOUS. British Tobacco —Buy 235, sel 245. D.I.C. (pref.)—Sel 20s. Dominion Rubber —Sel os. Eclipse Petrol—Sel ss. _ . Kaiapoi Woollen (ord.) —Sel is i 3d. New Zealand Drug Company—Sel oOs Od New Zealand Paper Mills (ord.)— Buy 17 a 6d, ; „ no Woolworths —Buy 235. Wilsons (N.Z.) Cement—Sel 36s 9d. GAS. Christchurch—Sel 25s 6d. BREWERIES. New Zealand Breweries, Ltd.—Buy 28s, ■el 28s Bd. ' * , , . New Zealand Breweries Debentuies— Buy 21s. .. Dunedin Brewery—Buy 14s 6d.

MINING. Waihi Grand Junction —Buy 3s lOd. Okarito —Buy 9s 6d, sel 9s 7d. Paddy’s Point—Buy 2s Bd. Cornish Point (pd.)—Sel Bd. King Solomon —Buy 2s Id, sel 2s 4d. Golden Point—Buy Is Sd. •'* ■ WAR BONDS. 44 per cent. Bonds, 1938 —Sel £97 10s. 44 per cent. Bonds, 1939—5 el £97 10s. 44 per cent. Inscribed, 1938 —Sel £97. 4* per cent. Inscribed, 1939—5 el £97. 54 per cent. Soldiers’ Inscribed, 1933Buy £97, sel £9B 10s. ■ 5i per cent. Inscribed, 1933—5 el £9B 10s. ® 54 per cent. Bonds, 1937 —Sel £96 ss. NORTHERN EXCHANGES (Pee United Peessi Association.) The following business was done on ’Changes yesterday:— Auckland—Sales: Government Bonds (1937), 54 per cent., £95 10s (two parcels); Inscribed Stock * (1937), ®J TJ P e . r cent., £95 15s, £95 10s; Commercial Bank of Australia (late sale Wednesday), 13s 6d, 13s od; National Bank of New Zealand, ,3s 8d; Bank of New Zealand, £2 4s 3d (two parcels); New Zealand Insurance, £1 17s 9d; Westport Coal, fl 3s Cd (two parcels); Auckland Gas, £1 con. 17s; Farmers’ Trading, 5s lOd; Milne and Choyce Deb. Stock., lis 9d; King Solomon, 2s 4d. KT „ Wellington.—Sales reported: New Zealand Government . 54 per cent. Bonds (1037), £96 (late sale Wednesday); Lew Zealand Refrigerating Co. (10s paid), 3s Christchurch.—Sales: New Zealand Government 5Js per cent. Inscribed (1037 ), £95 2s Gd; New-Zealand Government 54 per cent. Bonds (1937), £95 2s 6d (two parcels); Commercial Bank of Aust., 13s sd; E.S. and A. Bank, £3 11s; Bank of New Zealand, 44s 2d, 44s (three parcels);* Goldsbrough, Mort, 17s; Lew Zealand Guarantee Corporation, 4s 9d; United Building Society, 14s 9d, 14s 8d; New Zealand Refrigerating (10s paid), 3s 6d (four parcels); Tooths Brewery, 17s; British Tobacco (cum div.), 23s 6d (three parcels); King Solomon, 2s 5d (two parcels) ; Coinish Point, Is 24d (three parcels), Is 2d. Sales reported: New Zealand Government 64 per cent. Inscribed (1937). £95 ss; New Zealand Government 54 per cent. Inscribed (1951), £95 10s; E.S:and A. Bank. £3 12s 6d; Goldsbrough, Mort, 18s; New Zealand Government 5* per cent. Bonds (1938). £95 10s £95 7s 6d; United Building Society, ,14s 9d; New Zealand Guarantee Corporation, 4s lUd. DISTILLERS’ COMPANY Addressing shareholders at the annual meeting of the Distillers’ Company, Ltd., held in London recently, the chairman (Mr W. H. Ross) announced that the company was able to maintain its dividend rate of 20 per cent, despite adverse conditions “ Our distributing trade, he said, « has indeed suffered a fall in profits owing to the reduced consumption of spirits bmh at home and abroad, and our Australian trade has been faced with the position that not only have the exports to that country been reduced compulsorily to 50 per cent, of the previous year’s trade, but we have bad to contend with the adverse rate of exchange on any money brought home to this country. Fortunately some sections of our trade have helped to level up our profits.” Profits earned by the eompanv amount to £2,272,915 for the year ended May 15. Ordinary dividend of 20 per cent, requires £1,657,099 on a capital of £10,690,962 supported by preference and debenture capital of £2,920,000. Total assets are £24,142,806, of which the most important item is investments, chiefly in subsidiary companies, £15,0/0,4-8.

THE TIN MARKET (United Pres# Association.) (By Electric Telegraph-r-Copyrlglit.) LONDON, September 2. Tin—Visible, 50,914 tons; spot, 3078; afloat, 385; deliveries, 1861. ■ / PRICE OF FINE GOLD (United Press Association.) (By Electric Telegraph—Copyright.) LONDON, September 2. Fine gold ie quoted at £4 4s 9sd per oz. DAIRY PRODUCE ■ The New Zealand Loan anj Mercantile Agency Company, Ltd., has received the following cablegram from its London house, under date September 2:— Butter, Ills to 112 s. Cheese: White, 61s to 625; coloured, 63s to 645. Market slow. POWER FOR BROKEN HILL The management of the Western New South Wales Electric Power Pty„ Ltd., is very pleased with the progress of work on its plant at Broken Hill. The central power station on July 18 took oyer the continuous electrical load of the mines or North Broken Hill, Ltd.. Broken Hill South, Ltd., and Zinc Corporation, Ltd., which are the only shareholders in the power company. In addition to its capital, the power conipany is using £700,000 borrowed on an issue of 8 per cent, debentures. Since it began work the power station has operated without any untoward incident. This is considered to be a remarkable achievement for so large a plant and one of a unique type. The station also will supply the mines with •compressed air, but its equipment for that purpose is not yet complete. Taking into account its dual activities, the power house is said to be the largest of its type in the world. The prime movers are Diesel engines. For the generation of electricity the station is equipped with six 3000-brake horse-power Sulzer engines, each of which is coupled direct to a 2500 kilovolt-ampere alternator. The compressed air equipment consists of four 1228-brake horse-power Mirrlees, Bit-kerton, and Day Diesel engines, direct coupled to compressors.

AUSTRALIAN MARKETS (United Press Association.) (By Electric Telegraph—Copyright.) SYDNEY, September 3. (Received Sept. 3, at 8 p.m.) Wheat: Ex trucks, Sydney, 2s 2Jd; country stations, Is 64d. Flour, £lO. Bran and pollard, £3 15s. Potatoes: Tasmanian, £9 9s; Victorian, £7. Onions: Victorian, £5. Oats: White and Algerian, 2s 6d. Maize, 3s 2d. FOLDING FREEZING WORKS It is authoritatively stated (says a correspondent of the Dominion) that the Feilding Fanners’ Freezing Company is selling out to Borthwicks at a price winch will give shareholders 40 per cent, of the invested capital. Negotiations have been completed so far as the directors of the company and Borthwicks can complete them, and it is understood that the Meat Board has agreed to a transfer of the license. > It now remains for the shareholders to approve. It is not anticipated that there will be any objection raised. It is possible Borthwicks will expand the operations of the works. SYDNEY WOOL SALES (United Press Association.) (By Electric Telegraph—Copyright.) SYDNEY, September 3. (Received Sept. 3, at 11.30 p.m.) At the wool sales 11,482 bales were offered and 9473 were sold, while 525 bales were disposed of privately. The market was very firm at late rates. Competition was wider, the principal 'purchasers being Japan and Yorkshire, with good support received from Belgium and Italy on skirtings. Greasy merino sold to < 13d. FOREIGN EXCHANGES. (British Official Wireless.) (United Press Association.) (By Electric Telegraph—Copyright.) •

Protect yourself from coughs and colds this winter. Inhale “ NAZOL ” daily. Disinfects and protects the circle of infection —the mouth, nose, and throat. The new double size contains 120 full doses for 2s 6d; 60 doses for Is 6d. —Advt.

When a fire broke out at the stables at the barracks, Shoeburyness, Essex, recently the local fire brigade attended, but was kept waiting at the gates for 20 minutes while the garrison picket tried to subdue the flames. As the soldiers were unsuccessful, the brigade was then allowed to help. Twenty horses were burned to death.

RUGBY. September X. Par. Aug. 25. Sept. 1. Paris, ft to £1 .. ..124.21 123.95% 123.07% Brussels, belgas to £1 35 34.82 34.88 Oslo. kr to £1 .. 18.150 18.17% 18.17% Stockholm, kr to £1 18.150 18.15% 18.16 Copenhagen, kr to £1 18.150 18.17% 18.17% Berlin. marks to £1 20.43 20.40% 20.50% Montreal, del to £1 4.80 2-3 4.87 7-10 4.87 13-10 New York, dol to £1 4.80 2-3 4.85 15-10 4.80 5-32 Yokohama, pence to yen 24.58 24 13-32 2413-32 Hongkong, pence to dol 26,15 11% 7% Bombay, pence to rupee 18 17% 17% Batavia, florins to £1 12.107 12.05% — Milam lice to £1 .. 02.45 92.9 02.92% Amsterdam, guild to £1 12.107 12.01% 12.05% Prague kr to £1 .. 24.02 104 104% Geneva, kr to £1 .. 25.22% 24.94 24.97 Vienna,' schillings to £1 24.55% 34.0 34.6 Helsingfors, marks to £1193.334 193% 103 3-10 Madrid, pesetas to £1 25,2214 54.75 53.03 Athena drachma to £1 25,22% 375 375 Lisbon, escudos to £1 5.50% 110 110 Bucharest, lei to £1 937 817 817 Bio de Janeiro, pence to mllrels .. . 18 3 3-32 3 1-32 Buenos Aires, pence to pesos •• .. 47.82 31% 31% Shanghai, pence to tael 23% 14% 14%