COMMERCE AND FINANCE

Otago Daily Times, Issue 21543, 15 January 1932, Page 5

COMMERCE AND FINANCE

THE SHARE MARKET DUNEDIN STOCK EXCHANGE No business was done on the Dunedin Stock Exchange yesterday. A sale or Dunedin Breweries was reported at 205,. later offers of 19s 3d finding sellers firm at 20s 3d There was an unsupphed buyer of paid-up New Zealand Refrigeratings at lls 3d. An offer of 46s 6d for Daily Times shares found sellers demanding fils. The best offer for New Zealand Breweries was 28s, sellers asking 6d more. Okaritos were wanted at 10s 9d, but sellers would not part at less than 10s lid. An offer of 2s Ojd for King Solomons failed to attract a better selling quotation than 2s 2d. There was some inquiry for Government Loans but no business resulted. Sale reported: Dunedin Brewery, 20s. ( The following are yesterday afternoon s buying and selling quotations, which are subject to the usual brokerage:— BANKING. Bank of New South Wales —Sel £2B 10s. , , Bank of New Zealand —Buy 44s 3d, sel 4fis Bank of New Zealand (long “D”) — (Commercial Bank—Buy 14s, sel 14s 6d. E.S. and A. Bank—Buy £4 10s. Union Bank —Buy £7 14s. INSURANCE. National Insurance Co.—Buy 12s 6d. New Zealand Insurance Co. —Sel 41s. Standard Insurance Co. —Sel 45s 6d. SHIPPING. U.S.S. Co. (pref)—Buy 19s 10d, sel 20s 6d. COAL. Westport Coal Co.—Buy 235, sel 245. •Westport-Stockton (ord.)—Sel Is. Westport-Stockton (pref.)—Sel 3s. LOAN AND AGENCY. Dalgety and Co—Sel £7 17s 6d. , National Mortgage—Sel 425. National Mortgage (“B” issue) —Sel J9s. New Zealand Loan and Mercantile [(ord.)—Sel £sl. , Wright, Stephenson (ord.) —Sel 16s. MEAT PRESERVING. New Zealand Refrigerating (pd.)—Buy lls 3d. New Zealand Refrigerating (cont.) Buy 4s Bd, sel 4s lid. MISCELLANEOUS- | British Tobacco—Buy 26s 9d, sel 27s 6d. } 'Colonial Sugar—Sel £4l D.I.C. (ord!)—Buy 12s. D.I.C. (pref.)—Buy 19s 9d. Eclipse Petrol—Sel 3s. ■ Milburn Lime and Cement —Buy 27s 6d, sel 30s. M'Leod Bros.—Buy £22 National Electric—Sel 9s. -New Zealand Drug Co.—Sel 495. New Zealand Paper Mills (ord.) —Buy 38s. Otago Daily Times—Buy 46s 6d. sel •Is. Wilsons (N.Z.) Cement—Sel 35s 6d. BREWERIES. : New Zealand Breweries, Ltil.—Buy 28s, ■el 28s 6d. • New Zealand Breweries Debent—Buy 21s. ’ Dunedin Brewery—Buy 19s 3d. sel 20s 3d. Tooths Brewery—Buy 225, sel 245. MINING. Waihi—Buy 16s 2d. Electrolytic Zinc (pref.)—Buy 19s, sel 20s fld. Mount Lyell—Buy 20a 7d, sel 21s 3d. Kildare—-Buy Is lOd, sel 2s 2d. Okarito—Buy 10s 9d, sel 10s lid. . Blackwater—Buy 3s 6d. Paddy’s Point —Buy 2s 6d, sel 3s 6d. Golden Progress—Buy 355, sel 455. King Solomon—Buy. 2s OJd, sel 2s 2d 2 GOVERNMENT LOANS, y: 4J per cent. Bonds, 1938—Sel £97, 4 1 per cent. Bonds, 1939—5 el £97. 4J per cent. Inscribed, 1938—Sel £97. ■4| per cent. Inscribed, 1939—5 el £97. 4i per cent. Inscribed, 1941—Sel £96 12s 6d. 5J per cent Soldiers’ Bonds, 1933 Buy f9B 10s, sel £99 15s. 5J per cent. Soldiers’ Inscribed, 1933 Buy £9B 10s. 5J per cent. Bonds, 1036—Buy £99 10s. 5* per cent. Inscribed, 1936—5 el £IOO 10s. oi per cent. Bonds, 1937 —Buy £99 15s.

NORTHERN EXCHANGES (Per United Press Association.) The following business was done on yesterday:— Auckland.—Sales: Bonds (1937) 5i per cent., £99 I7s 6d; Inscribed Stock (1933), per cent., £9B ss; Inscribed Stock. 5£ per cent., £99 ss; Auckland Harbour (1945), 5J per cent., £101; Devonport (1930), £IOO 10s; Union Bank, £7 16s; Auckland Gas, 245; Auckland Gas (con,), 17g 6d; Tooths Brewery, 23s 7Jd; British Tobacco, 27s 3d;. Farmers’ Trading (two parcels), 5s 9d; Waihi (two parcels). 16s 4d, 16s 4d; Mount Lyell, 21s. Wellington.—Sales reported: Westport Coal Co., £1 4s (late sale Wednesday); New Zealand Breweries, £1 8s 3d; New Zealand Government 5i per cent. Bonds (1937), £100; New Zealand Refrigerating Co. (10s), 4s 8d (on ’Change). Christchurch. Sales: Goldsbrough, Mort, 23s 9d; Golden Dawn, 8s; Okarito, 10e 9d (two parcels). Sale reported: Commercial Bank of Sydney, £ls; Goldsbrough, Mort, 245; Mount Lyell, 21s. DORMAN, LONG. AND CO. The experience for the year ended September 30, 1931, of Dorman, Long and Co., Ltd., builders of the Sydney Harbour bridge, who are large shareholders in Australian Iron and Steel, Ltd., is given in a message from Middlesborough, England, received by the last mail. Profit for the year is £30,445, contrasting with £394,106 for 1929-30. The board v as transferred £242,641 from reserve, which, with the balance brought in, makes £448,040 available. Interest on the 4 per cent, debenture stock takes £16,000, and on the 5J per cent, debentures £290,188. To’ meet exchange losses on transfer of Australian payments £129.677 is provided, and after directors’ fees of £IBOO there remains £10,375 to be carried i forward. No preference dividend is being paid for the year. In the accounts no profits on completed bridge accounts have been included, but full provision has been made for losses arising on contracts completed during the year. The expenditure upon capital account during the year amounted to £84,261. No depreciation has been charged, but nil the plant in operation has been fully maintained. It is understood at Middlesbrough that :he item of £129,677 which has been provided to meet losses on the transfer of Australian payments to the company relates to payments made in Australia on the Sydney bridge. UNION BANK INTERIM DIVIDEND. The Union Bank of Australia has declared its January interim dividend at 4 per cent, tax free, that is, probably free of United Kingdom tax. That would be on the basis of 8 per cent, per annum, but at the general meeting of the bank in London, on July 27, 1931, the dividend for the half year was 2 per cent., which, with the interim dividend, made 7 per cent, for the year, or equal to 9.04 per cent., less tax. No intimation has been given, but presumably the dividend now declared will be, as it was last year, payable in England, and to shareholders in Australia that will mean an added 25 per cent., and to New Zealand 8J per cent, on the dividend fate through exchange, making the dividend worth 10 per cent, per annum. The dividend paid in January, 1931, was on the basis of 10 per cent, per annum. The interim dividend does not necessarily represent the rate of distribution for the year.

LOCAL AND OVERSEAS MARKETS.

AUCKLAND WOOL SALE The limit of 25,000 bales fixed for the second Auckland wool sale of the current season will probably have been reached when the catalogues close. The sale is due to open at 9 a.m. on Tuesday next. The president of the Auckland Woolbrokers’ Association, Mr B. J. Marquet, stated that but for the limit it would be possible to offer 28,000 or 30,000 bales at the sale. As the wool would not be opened for a day or two, it was not possible to say what proportion of old wool was likely to be catalogued, # . LONDON WOOL SALES (United Press Association.) (By Electric Telegraph—Copyright.) LONDON, January 13. At yesterday’s wool sales _approximately 5400 bales were sold. New land greasy crossbreds: “ Chesterhope,” 9jd and 6|d; “ 9Jd, 7d; scoured—- “ Waterpark,” 14Jd and 14Jd. Commenting on the outlook of the London wool sales, H. Dawson and Co. forecast a better year. They declare that the combing mills will have difficulty in meeting the demand for fine tops. There are indications of further orders for hosiery and dress goods_ yarns in the near future. The long spell of Yorkshire pessimism is being gradually dispelled, and the old idea that prosperity comes from cheapness has been exploded. Bradford feels that it has passed the barren patch of losses, inadequate margins, and the necessity of playing for falling markets. Competition was active from both Yorkshire and the Continent. The offerings were well cleared at full opening rates. New Zealand halfbred slipes, “ Eclipse,” lid to 10id. The National Mortgage and Agency Company of New" Zealand, Ltd., has received the following cablegram from its London office under date January 12: — The auctions opened here to-day with a large attendance of buyers; keen competition particularly Home trade and Germany. On,average, prices were firm, with fine crossbreds, 56’s quality, id dearer; all other descriptions firm; if anything, in favour of sellers. COAL, OIL (N.Z.), LTD. POSSIBILITY OF NEW COMPANY. The possibility of the formation of a new company by the shareholders of Coal, Oil (N.Z.), Ltd., which has gone into liquidation, has been announced in New Plymouth. The representatives of the Shareholders’ Committee state that the action is being taken in order to give shareholders of the old company an opportunity to protect their holdings by assisting in the formation of the new company. The cost of completing the No. 1 bore at Omata to a depth of 700.0 feet and drilling two other bores to the same depth is estimated at £72,395, and the committee suggests that a company be formed having at least £BO,OOO available to exploit the three bores. The previous company commenced drilling on its Omata lease on April 25, 1930, and progress was made to a depth of 2917 feet; when, instead of putting in the llfin casing as advised by the drilling superintendent, it was decided to test the various oil shows at 2303-2308 feet and at 2645 feet Such, testing was considered unfortunate, as it could only result in delay and expense.

The shooting of the well did not increase the oil show, and the delay allowed the caving and swelling formation to block the hole and prevent the casing from being lowered. During the necessary cleaning operations that followed the tjit became stuck and seven months of costly fishing and side-tracking operations had to be carried out before the®*well was again brought back to its former' sate condition, and drilling was then continued to 3505 feet. At this stage cable advice was received from Sydney to cease operations. It became known that the holder of a debenture over the whole of the assets of the company had put a receiver in possession. The debenture holder is Mr H, N. Gooch, a director of the company. The amount of the debenture is registered as £789. The necessity for the company giving a debenture was attributed to the cost of the plant exceeding the estimate by £12,000, the cost of the geological and geophysical survey £97,370, and the cost of .drilling exceeding the estimate. Shareholders in New Plymouth held a meeting to consider the affairs of the company last month, and this meeting decided that in an endeavour to conserve the interests of the existing shareholders a new company should be formed on the basis of shareholders taking over the plant and assets of Coal Oil (N.Z.), Ltd., including the leases, and completing No. 1 bore, and if sufficient capital could be raised, putting down at least two other bores at Omata. The value of the assets to be taken over from Coal Oil (N.Z.), Ltd., amount to £149,555, including the cost of geological and geophysical survey and reports £97,377, cost of drilling and material £30,198, cost of No. 1 bore drilled to 3505 feet £21*980. It is estimated that about one week’s work is necessary to remove the drill stem and 6iin casing from the well before drilling can be resumed. ■ AUSTRALIAN MARKETS (United Press Association.) (By Electric Telegraph—Copyright.) SYDNEY, January 14. (Received Jan. 14, at 10 p.m.) The wheat market is lifeless. Ex trucks, Sydney, 3s 14d; country stations, 2s 6Jd. Flour, £lO. Pollard and bran, £5. Potatoes: Tasmanian, £8; Victorian, £B. Onions: Victorian Globes, £ll. Oats: White and Algerian, 2s Cd. Maize, 3s 7d.

DAIRY PRODUCE The New Zealand Loan and Mencantile Agency Company, Ltd., has receded the following cablegram from its London house, under date January 13:—Cutter: New Zealand choicest salted. 98s. Cheese: White, 575, to 58s; coloured, 50s to 575. The market is quiet. WAIRARAPA RAM AND EWE SALE (Per United Press Associathin.) MASTERTON, January 14. Though about 70 per cent, of the; catalogue was passed, the prices realised at the Wairarapa sheep breeders’ strjd ram and ewe sale to-day were well up to expectations. Bidding was not animated, and only the top lines of well-condqtioncd animals were sought after. Top price was secured by Mr Q. Donald for a. Romney, purchased by Mr R. W. Majttews, Featherston, for 110 guineas. Mr A. S. Murray, of Mosgiel, paid 100 guinesis lor a Romney sold by Mr W. Perry. The sheep were all in fairly good condition, and the average price realised wsas 37 guineas. LONDON STOCK EXCHANGE (United Press Association.) (By Electric Telegraph—Copyrlgh*.) LONDON, January J 3. P. and 0., 225. PRICE OF FINE GOLD (United Press Association.) (By Electric Telegraph—Copyright;}) LONDON, January U 3. Fine gold is quoted at £6 0s 9d pet ounce. SYDNEY WOOL SALES (United Press Association.) (By Electric Telegraph—Copyright}) SYDNEY; January Id(Received Jan. 14, at 11 p.m.) At the wool sales 10,391 bales W.ere offered, and 10,030 were sold, while i 383 were disposed of privately. The marlcet closed under brisk competition frjom Japanese and Continental buyers, vfith fair support from Yorkshire and ,lhe United States. Prices continued film, with a hardening tendency. Greaisy merino made to 19d. SYDNEY STOCK EXCHANGE' A FEATURELESS MARKET. (United Press Association.) (By Electric Telegraph—Copyright.) SYDNEY, January 14. (Received Jan. 14, at 11 p.m.) There was a featureless market at the Stock Exchange, and it is apparent that shareholders are playing a waiting game. It is believed that a successful outcome of the Lausanne Conference will pave the way to brighter business. Australian consols display an easier tendency and 1938 issues dropped 7s 6d on the day a* £94 7s 6d, 1941 lost 10s, 1947 6s 3d, and 1944 2a 6d. Some other longer dated issues declined sharply. Industrials wera steady but the turnover was below normalBanks were almost neglected, but gas shares were steady. Sales reported were: Bank of New South Wales, £3O 10s; Commercial Bank of Sydney, £l7 17s 6_d: Queensland National Bank, £6; Colonial. Sugar, £45 ss; Dunlop Perdriau, 14s 3d; , Australian Gaslight (A shares), £5 12s; Broken Hill Proprietary, 17s 3d; North. Broken Hills, 66s Od; Burns. Philp, 395; Tooths Brewery, 17s 3d; Tooheya; Brewery, 18s 6d.

LONDON METAL MARKET (United Press Association.) (By Electric Telegraph—Copyright.) LONDON, January 13. (Uccclted Jan. H, at 10 p.m.) Following are the official Quotations In the metal market:—

FOREIGN EXCHANGES. (British Official ’Wireless.) (United Press Association.) (By Electric Telegraph—Copyright.)

Copper, spot Ton. ,. £12 3 8 Fall £0 12 6 Copper, forward .. . 41 18 D FaU 0 12 0 Electrolytic, spot .. . „ 18 10 0 FaU 0 10 0 Electrolytic, forward . .. SO 0 0 No change Wire bars 0 No change Lead, spot .. .. . 0 Fall 0 2 6 Lead, forward •• . .. 15 10 0 FaU 0 2 6 Spelter, epot .. .. . 3 FaU 0 2 6 Spelter, forward .. . 15 1 3 FaU 0 12 e Tin. spot 8 Fall 0 10 0 Tin. forward 8 FaU 0 12 6 Sllrer. One 02. FaU %d BUrer. standard .. . .. 21 T-i0d FaU 1-lGd

Paris, ft to £1 TIHGBY, January 14. Par. Jan. 11. Jan. 14. 124.21 80% 87 Brussels, belgas to £1 35 18% 24% Oslo, kr to £1 .. .. 18.150 18% 18 5-10 Stockholm, hr to £1 .. o. 18.150 177s 17% Copenhagen, kr to £1 .. 18.150 18% 18 3-10 Berlin, marks to £1 .. 20.43 14% 14% Montreal, dol to £1 .. 4.SG 2-3 4.01 4.05 New York, dol to £1 , f 4.86 2 -3 3.37% 3.41 Yokohama, pence to yen 34.58 25% 25% Hongkong, ponce to do) 25.15 17% 17% Bombay, pence to rupee Batavia, Borins to £1 .. 18 1814 18% 12.107 8.45 — Milan, lire to £1 02.45 00% 07% Amsterdam, guild to £1 12.107 8.4214 8.40% Prague, ki to £1 .. 24.02 114 115 Geneva, kr to £1 .. 25.22',4 17.35 17% Vienna, schillings to £1 24.5514 SO 30% Helsingfors, marks to £1 103.334 232% 232% Madrid, pesetas to £1 25.2214 4014 40% Athens, drachma to £1 25.2214 200 2C0 Lisbon, escudos to £1 ,, 5.5014 109% 109% Bucharest, lei to £1 037 570 570 Itlo de Janeiro, pence mllrcls to 18 4% 4% Buenos Aires, pence pesos •• .. .. .. to 47.82 40% 39% Shanghai, pence to tael 23% 23% 10% Montevideo, pence to peso 51 31% 31%