COMMERCE AND FINANCE

Otago Daily Times, Issue 21542, 14 January 1932, Page 12

COMMERCE AND FINANCE

THE SHARE MARKET DUNEDIN 'STOCK EXCHANGE There was no business on the Stock Exchange yesterday; Buyers of Bank of New Souths Wales shares were prepared to give sellers would not accept less than £2B ss. Colonial Sugars were Inquired for at £4l, but,sellers were not interested. Waihi Golds were on offer at 16s 6d, but buyers did not come forward. For Okaritosbuyers offered 10s 7d, sellers’ lowest requirements being 11s. Golden Progress shares were in demand at 38s, but sellers would not accept less than 445. The following are yesterday afternoons buying and /selling quotations, which are subject to the usual brokerage:— BANKING. Bank of New South Wales —Buy £27, ■el £2B ss. Bank. of New Zealand —Buy 445, sel 45s 6d. Commercial Bank —Buy 13s lOd, sel 14s 6d. National Bank of New Zealand —Sel 80s. Union Bank —Buy f 7 10s, sel £B. INSURANCE. National Insurance Co. —Buy 12s 6d. Standard .Insurance Co. —Sel 45s 6d. SHIPPING. Union Steam Ship Co, (pref.)—Buy 19s 9d, sel. 20s 6d. COAL. Westport Coal Co. —Buy 22s Gd, sel 245. LOAN AND AGENCY. Goldsbrough, Mort. —Buy 235. MEAT PRESERVING. New Zealand Refrigerating (paid) Buy 10s-6d, sel 12s. ; New Zealand Refrigerating (cont.) — Buy 4s 7d, sel 4s lOd. MISCELLANEOUS. British Tobacco—Buy 26s sd, sel 27s 2d. Colonial Sugar—Buy £4l. D.I.C. (ord.) —Buy 12s. D.I.C. (pref.)—Buy 19s 6d. Dominion Rubber—Sel 10s. Eclipse Petrol —Sel 3s. Mosgiel Woollen Co. —Buy £6 15s. . National Electric—Sel 9s. New Zealand Drug Co. —Sel 495. New Zealand Paper Mills (ord.) —Buy 18s, * Wilsons (N.Z.) Cement—Sel 365. BREWERIES. New Zealand Breweries, Ltd. —Sel 295. New Zealand Breweries Debentures —• Buy 21s. MINING. Waihi—Sel 16s 6d. Waihi Grand Junction —Buy 3s 4d. Electrolytic Zinc (pref.)—Buy 19s, sel, SOs 3d. Mount Lyell—Buy 20s 61, sel 21s 6d. Kildare —Buy Is lOd, sel 2s Id, Okarito —Buy 10s 7d, sel Ils. Winding Creek (cont.) —Buy 2s 6d, sel ts 6d. Golden Pointc —Buy 7d. Golden Progress—Buy 365, sel 445. Blackwater—Buy 3s 6d. GOVERNMENT LOANS. 4i per cent. Bonds, 1938—Sel £97. 4| per cent. Bonds, 1939 —Sel £97. 4| per cent. Bonds, 1941 —Buy £96, sel £96 15s j 44 per cent. Inscribed, 1938 —Buy £96. 4| per cent. Inscribed, 1939 —Buy £96. 5J per cent. Soldiers’ Bonds, 1933—5 el 499 15s. 54 jier cent. Bonds, 1937 —Buy £99 15s. 5J per cent. Inscribed, 1937 —Buy £9O 15s Ji per cent. Inscribed, 1941—Sel £9B 15s.

NORTHERN EXCHANGES (Per United Press Association.) The following business was, done on ’Change* ye»terday.;— Auckland. —Sales: Inscjibed Stock (1933) 5i per cent., £OB ss; City of Auckland (1940), 5i per cent., £96; Auckland Gas (1935) per cent, (two parcels), £lOl 10s; Gisborne Sheepfarmers (1941) 6i per cent., £75; Union Bank, £7 15s 6d; South British (late sale Tuesday), 53s 9d; New Zealand, 40s 6d; Auckland Gas (late sale Tuesday) 245, to-day, 245; New Zealand Farmer* Fertiliser, 12s; King Solomon, 2s, Waihi (two parcels), 16s 4d; Okarito, 10s 7d; Mount Lyell, 20s 9d. Wellington.—Sales reported: New Zealand Government 5j per cent. Bonds (1936) £99 15s (late Tuesday, two sales); (1937) £IOO (late • Tuesday); Stock (1937), £99 17s 6d; Bank of New Zealand, .£2 4s 7|d (late Tuesday); South British Insurance Co., £2 IS* 2d (late Tuesday); Waihi Gold Mining Co., 16s 4sd (late Tuesday); Golden Dawn Mining Co., 7s lOd (late Tuesday), Bs, Christchurch. —Sales: New Zealand Government 5J per cent. Bonds (1936), £100; Si per cent Inscribed (1937)., £99 12s 6d; 5j per cent. Bond (1937), £99 10s; Commercial Bank of Australia, 14s Id; Goldsbrough. Mort., 23a 6d (two parcels); New Zealand Refrigerating (£1 paid). Us lid; New Zealand Refrigerating (10s paid), 4s 9d (four parcels); New Zealand Breweries, 28s'3d; Mount Lyell, 20s lOd (two parcels); Golden Dawn, 7s 11 Jd (two parcels); Okarito, 10s lOd. Sales reported: Electrolytic Zinc (pref.), 19s 9d; New Zealand Refrigerating (10s paid), 4b 9drsJ per cent. Bonds (1937), £99 s * LONDON METAL MARKET (United Press Association.) (By. Electric Telegraph—Copyright.) LONDON, January 12. (Received Jan. 13, at-10, .p.m.) Following are the official Quotations In the metal market:—

SYDNEY STOCK EXCHANGE LESS ACTIVITY YESTERDAY. ... (United Press Association.) (By Electric Telegraph—copyright.) H SYDNEY. January 13. (Received Jan. 13, at 11 p.m.) The Stock Exchange was not nearly so active Jo-day, and yesterday’s halt in the rising values of Australian Consols is still noticeable. The turnover was not large, showing that holders are generally content to retain their interests. Four per cent. 1938 bonds changed hands at an advance of Is 3d at £93 ss, 1941 advanced 2g at £94 10s, and 1947 rose 2s Cd at £94''ss. A weaker market prevailed for other issues, 51-61 selling at £93 13s, and 1950 at £44. Other sales were:—Bank of New South Wales, -£3O 12s 6d; Commercial Banking, £l7 7s 6d; Tooths Brewery. 27s lid; Tooheya Brewery, 18s 6d; Dunlop Perdriau, 14s 2d; Burns,. Philp, and South Sea, 31s 3d. There was unusual activity in Broken Hill stocks owing to enhanced metal . prices, and there were sales of Broken Hill Proprietary at 665; Broken Hill South, 47s 6d; North Broken Hill, 665; Sulphide. Corporation, 11s Cd; and Zinc Corporation. 31s 3d. DAIRY PRODUCE The South Island Dairy Association has received the following market report from the New Zealand Produce Association, Ltd., London;—Markets are easier owing to the availability of supplies. Butter; D7s to 100 s; Danish, 120 sto 121 s. Cheese: White 57s to 58s; coloured 56s to 575.

LOCAL AND OVERSEAS MARKETS.

LONDON WOOL SALES GOOD COMPETITION. (United Press Association.) (By Electric Telegraph—Copyright.) LONDON, January 12. At the wool sales 6853 bales were offered, comprising 2489 from New South Wales, 1134 from Queensland, 702 from Victoria, 66 from Western Australia, 98 from Tasmania, and 2364 from New Zealand. . There was a good, representative selection and a large attendance, with good competition. Yorkshire and Germany were operating freely, but France sparingly. Prices, compared with December closing rates,' ■ were: —Merinos, _ good, ■ par to 5 per cent, higher; top-making sorts, fully firm; crossbreds, fine, 5 per. cent, higher; medium and low', firm and. unchanged. Messrs Murray, Roberts, and Co., Ltd., have received the following cablegram from London, dated January 12 The sales have opened firm; competition briss. Yorkshire principal buyers and buying freely. Continental buyers operating moderately. Compared with closing rates of last London sales, greasy merino fine advanced 5 per cent.; greasy merino other descriptions, market shows .no material change; scoured merino, market shows no material change; crossbred greasy fine, market firm and shows a hardening tendency; crossbred greasy medium, crossbred greasy coarse, market shows no material change; crossbred scoured, market shows no change; slipe crossbred, market par to 5 per cent, decline. The following prices are being realised: —

LONDON WHEAT MARKET (United Press Association.) (By Electric Telegraph—Copyright.) LONDON, January 12. Cargoes are quiet and inclined to be easier owing to freer offers of La Platas and Australians. Parcels are in poor demand, occasionally lower. Western Australian, February, ex an unnamed ship, 27s 9d; ex the City of Eastbourne, 27s 10Jd, Futures; London—February, 24s 6d; June, 25s Id. Liverpool—March, 5s 4d; May, 5s 6£d; July, 5s 7fd. LONDON STOCK EXCHANGE (United Press Association.) (By Electric Telegraph—Copyright.) LONDON, January 12. P. and 0., 21s 9d; Dalgety and Co. shares £7 Is 3d, debentures £66 10s; Goldsbrough, Mort £6l 10s (ex div.). . Australian Government stocks > hardened all round. Numerous dealings in Commonwealth 5 per cents, ranged from £BO 10s to £Bl 15s, and 0 per cents, from £93 to £94 A number of States advanced 30s to 60s. PRICE OF FINE GOLD (United Press Association.) (By Electric Telegraph—Copyright.) LONDON, January 12. Fine gold is quoted at £6 Is 4d per ounce.

Messrs Fraser and Co., selling agents for Otago and Oamaru Egg Circles, report as under.:—-Eggs;..Poultry farm eggs, Is; storekeepers!;' 10d to lid, Butter: Separator pats; BJd to 9d per lb; bulk, 10d per lb. Tallow,. 6s 6d to 8s per cwt. Pigs: Good bacon-weight, 54d to 6d per lb; over-weight, 3d to 4d. Porkers, sjd to 6Jd per lb. Potatoes: New, 8s to 9s 6d per cwt. Chaff, fjt 10s to £5 per ton, sacks extra. Whole fowl wheat, 5s 3d to 5s 6d per bushel. Rice meal, £5 10s per ton. Bulk honey, Sd to 6sd per lb; 101 b tins, 5s 6d to 6s. Beeswax, Is 4d. Poultry: White Leghorn hens, 2s 6d to 3s 6d; heavy breeds, 5s to 6s; cockerels, 4s to 10s; roosters, 2s to 2s 6d; ducks, 4s to ss; ducklings, 5s to 7s 6d, all per pair. Turkey gobblers, 8d to lOd per lb, live weight; hens, 7d to Bd. We stock Palmer’s chickfood..Perfection meat meal; leg rings. Is per dozen (special!quotes for qnantities)'. Agents’ for Champion egg crates. Moreg poultry, spice, “ Isco ? cod liver oil for poultry (prices on; application). Consignors, please note that all pigs and- poultry must arrive not later than Wednesday morning of each week. We have a stock of poultry crates on band for the use of our clients.

DOMINION WOOL SALES During the month of December, according to returns furnished by Messrs Dalgety and Co., Ltd., there were offered in New Zealand 87,725 bales of wool. Of "this quantity 73,131 bales were sold. For the last six months of 1931 113,510 bales were offered, compared with 114,417 bales during the corresponding six months of 1930, and 89,982 bales were sold as against 95,148 bales. ' Details of the December offerings and sales arc as follows:

Exports of wool during December totalled 73,838 bales, the places of origin being as follows:—lnvercargill, 1104; Dunedin, 592; Timaru, 1721; Christchurch, 10,685; Wellington, 11,375; Wanganui, 501; New Plymouth-Waitara, 26; NapierWaikokopu, 20,350; Gisborne-Tokomaru Bay, 13,224; Auckland-Opna, 14,250. Messrs Dalgety and Co., Ltd., advise having received the following cablegram from their head office, London, dated the 12th insti: —The wool sales opened active. Animated competition, large attendance, and fair selection. Home trade principal operators, Continental buyers fairly active. Merino firm at unchanged prices. Pieces and bellies par to 5 per -cent, higher. Crossbred fine, change if any is in favour of sellers. Keen demand 50 s and above. Crossbred medium, unchanged. Crossbred coarse, change if any in favour of buyers. x The New Zealand Loan and Mercantile Agency Company, Ltd., has received the following cablegram from its London house, under date January 12: —-There was a good attendance at the opening of the sales to-day, competition_ by Horae and German buyers being fairly active, and prices as compared_ with the close of preceding series ruled in sellers’ favour for good greasy merino and fine greasy crossbred." Otherwise market firm. The opening catalogues were fairly representative. ... . . The Bank of New Zealand has received the following advice from its London office, under date January 12: —The sales have opened %vith strong competition and large attendance of buyers. There was an active demand by Home and German buyers, and a good demand for all wools. Compared with close of last series, greasy, coarse and medium crossbreds and scoured merinos were unchanged; fine crossbreds •were Jd higher.

ADDINGTON STOCK SALE (Per United Press Association l CHRISTCHURCH, January 13. The principal features of the metropolitan market at Addington were weaker demands in the fat sheep, fat cattle, and fat pig sections. In store sheep there was a poor entry of moderate size. There were few’ attractive lines of lambs, tor which the demand was quite good, but generally the sale was a dull one for all types at late rates. A great portion of the lamb entry sold at from 5s to 7s, and buyers’ limits were lacking in elasticity. Values were: Good four and sixtooth balfbred wethers,. 8s 6d; ordinary, to 7s; inferior two-tooth balfbred wethers, 5s 2d; full-mouth balfbred wethers, to ss; ordinary merino wethers, to 5s 3d; inferior, 2s to 3s 9d; medium two and four-tooth balfbred ewes, 10s to 10s 4d; others, 3a 6d to 5s 9d; best rape lambs, 7s 4d to 8s 3d; good rape lambs, 4s 7d to 6s 7d; ordinary, to 4s Id; inferior and backward, Is 7d. Fat Lambs. —There was an entry of 3800, and the general quality was high, with the bigger proportion of sorts suitable for butchers’ requirements than for some time. The sale was a keen one, and for all export weights schedule prices Were fully maintained. Butchers’ sorts, being in increased supply, were slightly easier. Export buyers paid up to sjd. Values were: Extra prime, to 21s 4d; prime, 16s 6d to 18s 6d; medium, 12s to 16s; light, 9s to Us Gd. Fat Sheep.—An entry of 6000, with the quality generally very good. The demand was not quite so keen as at the last market, and values were a shade easier throughout. To-day’s sale values were: Extra prime heavy wethers, to 22 s lOd; prime, 17s to 18s 6d; mediumweight’, 14s 6d to 16a 6d; ordinary,. 11s 6d to 13s 6d; light, to 11s; extra -prime ewes to 16s Id; prime, 13s 6d to 14s 0d; medium-weight, lie to 13s; ordinary, 8s to 10s 6d; light, 6s to Bs. Fat Cattle.—An entry of 484 constituted an over-supply, and as a result the sale was a dragging .one, with , a decline in values. For steers it amounted to £1 a head, and for cows up to £1 10s a head. Plain and unfinished sorts were dull of hale. Otago- and South Canterbury . were the only outsiders represented. A great portion of the cow beef was of poor quality and fell below 11s per 1001 b. Best beef made 22s to 26s per 1001 b; good. 18s to 225; heavy, 16s to 19s, inferior, down to 13s; amj rough, down to 9s. Extra prime heavy steers, to £l4 17s 6d; prime, £9 to. £ll JOe; medium weight,..£6..los to £8 15s; ordinary. £3 15s to £6; light, to £3 10s; prime heifers, £6 15s to £8 7s 6d; medium, £3 15s to £6 10s; light, to £3 10s: extra prime cows, to £8 7s 6d; prime, £4 15s to £7; medium, £2 5s to £4 ss; light, to £2. Fat Pigs—There was an extra large entry of porkers,. almost sufficient for two weeks’ supply, and, owing to the cheapness of lambs, pork-was not in euch demand. The ' market for baconers was firmer. The values, were: —Choppers, £2 to £4 18s Od; baconers,, 33s 6d to 38s 6d; heavy baconers, £2 to £2 7e 6d; average price per lb; 3Jd to 4d; ■ pothers, 24a 6d to 27s 6d; heavy, 28s 0d to 31s 6d; average price per lb, 41d to s£d.

SYDNEY WOOL SALES (United Press Association.) (By Electric Telegraph—Copyright.) SYDNEY, January 13. (Received Jan, 13, at 11 p.m.) At the wool sales .10,550 bales were offered and 10.100 were sold, while 633 were disposed of privately. The trend of the market is still in growers’ favour, with the 5 per cent, advance noted at the beginning of the week fully maintained, especially in the case of skirtings. Competition was keen, and greasy merino made I7d. THE LEAD MARKET (United Press Association.) (By Electric Telegraph—Copyright.) LONDON, January 12. Lead: Imports, 32,348 tons (Australian 12,870); exports, 1952. MINING WAIHI RETURN. The following information has been cabled to the London office of the Waihi Gold Mining Company, Ltd.:— For the period ended December 31, comprising 30 crushing days, 25,041 tons of ore were crushed for a result of 8781 fine ounces of gold, and 16,360 fine ounces of silver. This includes 3329 tons mined from the Grand Junction area, which yielded 1081 ounces of, gold and 8239 ounces of silver.

MAHAKIPAWA GOLDFIELDS, LTD. The mine manager of Mahakipawa Goldfields, Ltd., reports for the month of December as follows: — No. 7 East Crosscut. —Advanced 38 feet, making a total of 130 feet east of the south drive. We have now entered the good grade washdirt, which has been followed by No, 4 east crosscut at a level six feet higher. At 75 feet east in this crosscut the south drive has been advanced II feet, making a total of 26 feet south. Gold has been seen in most of the samples taken during the period driving was in progress here. No. 4 Bast Crosscut. —Advanced 46 feet, making a total of 236 feet east of the south drive. This crosscut is now being continued eight feet wide in good grade wash, but there is evidence of gold to the south and also north for the last 20 feet of progress. The washdirt at the face is dipping away and will probably have to be mined from No. 7 east crosscut. Return.—The gold return for 20 working days was 650 z 14dwt melted gold from 275 cubic yards of washdirt sent to the sluice-box. , Holidays.—The pump was withdrawn on December 24, and the water allowed to rise in the mine working during the holidays. We expect to commence pumping out on January 3 and to resume mining again two days after.

MOTUROA OIL FIELDS The following is the latest report of Moturoa Oil Fields, Ltd.: —Moturoa Oil Fields, Ltd., No. 2 well: For week ending January 11 Moturoa No. 2 well flowed 200 barrels (each 35 Imperial gallons) of dean oil. Last week’s pumping tests proved unsatisfactory, so two-inch tubing with wall-packer attached was set at 250 feet from the bottom of the well. Since this method has been adopted the well has flowed over 1000 Imperial gallons daily, and is continuing to flow at the same rate.

Toa Copper, spot .. . • .. £42 18 3 Rise £1 12 6 Copper, forward .. ..'42 11 3 Rise 1 5 0 Electrolytic, spot .. .. 19 0 0 , Rise 1 10 0 Electrolytic, forward ... 50 0 0 Rise 0 10 0 Wire bars .. .. ... 50 . 0 0 , Rise 0 10 0 lead. spot .. .. C ■ Rise 0 1 3 lead. forward .. .. 15 12 6 Rise 0 5 0 (Ipelter,. spot .. .. 0 No change ■pelter. . forward .. .. 15 13 9 Rise 0 11 3 Tin. spot .. .» 9 No change Tin. forward. .. .. 3 No change Oz. Bllrer, floe .. .. 19 15-lCd Fall I-lOd Bilrer, standard .. .. 2H4d Fall M0d

Close of Previous Series. 60/G4’s (N.Z. merino) None offering. yielding 48 per cent. 56's yielding 60 per 10J lOjd cent 50’s yielding 65 per 7|d : 73d cent. .... .... 44/46’s preparing yield6jd 6}d ing 74 per cent. .. 44/46’s carding yieldGd 63d ing 72 per cent. .. 40/44’s yielding 73 5Jd 54d per cent

Offered. Sold. Dunedin 13,700 12,678 Timaru 7,750 6,619 Christchurch 21,123 20,032 Blenheim (oddments) 8 8 Wellington 22,333 16,162 Napier 22,411 17,328 Gisborne (oddments) .. 360 264 Auckland 40 40