COMMERCE AND FINANCE

Otago Daily Times, Issue 21597, 18 March 1932, Page 13

COMMERCE AND FINANCE

THE SHARE MARKET DUNEDIN STOCK EXCHANGE Buyers of Kaitangatas increased their ©ffer to 2s discount on the Dunedin Stock Exchange yesterday,, but no response was made by sellers. There was an offer of Ss,9d for contributing New Zealand Refrigeratings, but sellers failed to come forward. Ordinary D.l.C.’s were wanted at 11s 9d, the best selling quotation being 12s 6d. There was an unsupplied buyer of New Zealand Breweries at 23g 3d. Okaritos, continued in demand at 8s lid, a margin of 5d separating buyers and sellers at' the close of the market. The demand for Golden Progress shares improved to 2s sd, sellers remaining firm at 3 fi 2d. There was still little demand for Government Loans. The following are yesterday afternoon s buying and selling quotations, which are subject to the usual brokerage;— BANKING. Bank of New South Wales—Sel £25 ss. Bank of New Zealand—Buy 42s 3d. Commercial Bank —Buy 13a 9d. National Bank of New Zealand—Sel 60s. v 'f ' ' National Bank of Australasia—Sel £lO B B. Union Bank—Sel £6 18s. INSURANCE. National Insurance Company—Sel 12s 4d. New Zealand Insurance Company—Sel 87s 6d. Standard Insurance Company—Sel 40s. SHIPPING. P. and 0. Deferred Stock—Buy 225, sel 24a 6d. . COAL. Kaitangata—Buy 2s dis. Westport Coal' Company—Sel 21s, LOAN AND AGENCY. National Mortgage (" B " issue) —Sel 225. Wright, Stephenson (pref.)—Sel 15s. MEAT PRESERVING. NevhvZealdhd Refrigerating (cont.) Buy 3s 9di South', Otago, Freezing—Buy 40s. ‘ J "; ;• • MISCELLANEOUS. Colonial Sugar—Sel £39 10s. . D.I.C.' (ord.)—Buy 11s 9d, sel 12s 6d. . D.I.C. (pref.)—Sel 20 S 3d. Dominion Rubber—Sel 6s. Kaiapoi,Woollen (ord;)—Sel 7s. Milburn Lime and Cement—Sel 28s. National Electric—Sel 9s. New Zealand Drug Company—Buy 465. New Zealand Express (prof.)—Sel 15s 6d. ' ' NewdZealand Paper Mills (ord.) —Buy 18s 3d, gel 10s 3d. . Otago Daily Times —Sel 465, Smith and Smith (pref.)—Sel 16s. Woolworths (rights)—Sel 3s 6d. : BREWERIES.

New Zealand Breweries, Ltd.—Buy 23s

New • Zealand Breweries Debentures — Buy 20s. , ~ . , Staples Brewery—Buy 21s. ; ’ , MINING. Waihi—Sel 16s 6d. Electrolytic Zinc (ord.) —Buy 13s. Molyneux Electric—Sel ss. Kildare—Sel Is lOd. Okarito—Buy 8s lid. sel 9a 4d. Paddy’s - Point—Btiy 2s 9d, sel 3s 6d. Cornish ■ Point (pd.)—SeT 3d. Golden Progress—Buy 2s sd, sel 3s 2d. King Sblothon—Buy Is, sel Is Id. Golden Terrace—Sel 5s 9d. Blackwater —Sel 6s 6d. ' GOVERNMENT LOANS.

4i per cent. Bonds, 1938— : Buy £92. 4i per. cent.' Inscribed, 1938—Buy £9l. 5J per-cent. Soldiers’ Bonds, 1933 —Sel £99.

si\' per cent. Inscribed, 1933 —Sel £9B -■ •-;••-•••• ' : r si ; '''rier'eeht; Inscribed (Sept., 1937) Buy, ’£96 10s, sel £97 ss.

NORTHERN EXCHANGES

(Per United Press Association.)

The following business was done on 'Changes yesterday:— Auckland. —Sales: Commercial Bank, 33s lid; Auckland Gas, 21s 9d (twp parcels) ; Grey and Meuzies, 6s 6d; Waihi, 16s;yWaiBi Grand Junction, 3s 6d. Wellington.—Sales reported: Bank New South Wales, £24 17s 6d ( late sale Wednesday) ; Bank New Zealand, £2 2s 5d (late sale Wednesday); Bank New South Wales, £24 ,17s 6d; New Zealand Government 5i per cent. Stock (Feb., 1937), £97 10fl. Christchurch.—Sales: Commercial Bank of Australia, 13s lid; E.S. and A. Bank, £4; National Bank of Australasia (£5 paid),- £4 15s; New Zealand Breweries, 23a 6d, 23s 9d; British Tobacco (cum divi), 26s 6d; Dunlop Perdriau Rubber, 10e; Mount Lyell, 19s 3d. 19s 2d; Golden Dawn, 7s 2d, 7a 3d;-Christchurch Gas, 24s 2d. Sales reported: Bank of New Zealand, 42 a 7d; Woolworths (N.Z.), pref; rights, 2s lOd. LONDON STOCK EXCHANGE , I United Press Association.) (By Electric Telegraph—Copyright.) , ' LONDON, March 16. PJ and 0., 21s 9d. , SYDNEY STOCK EXCHANGE (United Press Association.) (By Electric Telegraph—Copyright.) SYDNEY. March, 17. Stock Exchange sales this morning:— Bonds, 4 per cent. (1938), £94.105; 10 per cent. (1941), £92 15s; 4 per cent. (1947). £9O; 4 per cent. (1951-61), “ £9O 2s 6d; British Tobacco, 30s; Burns. Philp, 40s; Colonial Sugar Company,. £4O 15s. . FOREIGN EXCHANGES c. - (British Official Wireless.) . • (United Press Association.. 1 • ; {By Electric Telegraph—Copyright.) ItUGBT. March 10. (Received March 17; at 5.5 p.m.) I’ar. Mar. 14. Mar 10. Faria, H to K - • 124-21 »2« 02 1-10 Brussels, belgai to 21 .. 35* 25.00 25.0. % Oslo, ttt to Cl .. .. .. 18.150 18% 18% Stockholm, kl to £1 .. .. 18.150 IS 1-16 1844 Copenhagen, kr to £1 .. 18.150 18.15 18.15 Berlin, maria to £1 .. .. 24.43 15.20 15.25 Montreal do! to El .. .. 4.80 2-3 4.07 4.00 We* Tori, dol to £1 4.80 2-3 3.03 3.02% Toltohama, pence to ren .. 34.58 20% 21U Hongkong pence to do! .. 23.15 10% 10 5-10 Bombaj. peace to rupee .. 18 18 5-32 18 5-32 Batavia. HoriDv 1C £1 .. 12.107 Milan, lire to £1 ... .. 02.45 00% 70 Amvterdam, guild to £1 .. 12.107 8.99% 8.97% I’ragua. kl to £1 24.02 122% 122% Geneva, ttr to £J .. .. 25.2244 IS 33-32 18.73 Vienna, gchlillnga to £1 24.55% 32 32 Beleingtou. uiarK> to £1103.334 217% 217% Madrid, oeseiag to El .. 25.55% 47% 47% Athene, drachma to £1 25.2244 285 200 l.isbpo. eseudoe In £] .. 5.50% 110 100% Bucharest, lei to £J . 937 007 % 007% llio da Janeiro, pence to oillreia ~ ... .. 13 .4 1-10 . 4 1-10 Buenov Aires, pence to oiaor 47.82 38% 38% Khungbah pence to tael 24% 21 13-10 22 1-10 Montevideo, pence to peso 51 33% 30% PACIFIC STARR-BOWKETT SOCIETY

At a meeting of shareholders of the Pacific Starr-Bowkett Building Society, held in the board room of the society on March 15, £IOOO was disposed of by ballot. Cluster 292, held by a Dunedin shareholder, proved to be the lucky number. PRICE OF FINE GOLD (United Press Association.) (By Electric Telegraph—Copyright.) LONDON, March 16. -Jine gold ia quoted at £5 14b per «z.

LOCAL AND OVERSEAS MARKETS.

TALLOW SALES (United Press Association.) (By Electric Telegraph—Copyright.) LONDON, March 16. At the tallow sales 094 casks were offered and 97 were sold at Is decline all round. LONDON WOOL SALES CLOSE OF SERIES. (United Press Association.), (By Electric Telegraph—Copyright.) LONDON, March , 16. At the wool sales 11.446 bales were offered, including 4310 from New Zealand. About 4000 bales were sold. New Zealand scoured combing, “Lake,” top 17Jd, average 15Jd; greasy halfbrcd, “ Bingley,” top 10id, average 10}d; slipe lambs, “ Fielding,” top lid, average 10Jd. The sales closed steady, merino greasy being slightly firmer than at the opening. Scoureds were firm on the opening rates. Crossbreds, fine, eased somewhat, and are now about 10 per cent, below February prices. Medium and coarse are unchanged. Slipes were in keen demand,' though unchanged. The total bales catalogued were 112,000. The Home market took 48,500 bales and the Continent 44,000. The total Australian sold was 30,500 bales, and New Zealand 39,000.

The New Zealand Loan and. Mercantile Agency Company, Ltd., received the following cablegram from its London house under date March 16: —

As compared with the-last sale's closing rates prices are lower by from par to id per lb for scoured merino, lambs’ merino, crossbred slipe; lower by id per lb for scoured crossbred, medium greasy crossbred, coarse greasy crossbred, greasy merino; higher by from- par to id per lb for crossbred lambs; lower for fine greasy crossbred by Id. The sales closed with , a fairly firm tone to-day. Home buyers are the principal operators. Competition on French account is fairly active.

Messrs Murray, Roberts and Co., Ltd., have received the following wool market cablegram from London, dated March 16: Sales have closed irregular; competition good: all sections operating moderaately. Compared with closing rates last London sale: Greasy merino, best decryptions, declined 5 per cent.; greasy merino, medium to good, par to 5 per cent, decline; greasy merino, inferior, declined 5 per cent; scoured merino, inferior to medium, advanced 5 per cent.; scoured merino, other descriptions, declined 5 per cent.; crossbred greasy comeback and crossbred greasy fine, best descriptions, declined 7J' to 10 per cent.; other descriptions, declined 10 to 15 per cent.; crossbred greasy medium and crossbred greasy coarse, declined 10 per cent.; crossbred lambs, greasy, market shows no change; crossbred scoured, market shows no change; elipe crossbred, par to 5 per cent, decline. The following is the range of prices, the prices at the opening of the series being given in parenthesis:— 60/64s (New Zealand merino), yielding 48 per cent., 8d (8d); 5Gs, yielding 60 per cent., 8?d (9Jd); 50s, yielding 65 per cent., 6|d (7c}) j 48/50s mixed preparing and carding, ’yielding 70 per cent.. 6}d ( —); 46/4Ss mixed preparing and carding, yielding 72 per cent.,' s*2d ( —): 44/46s preparing, yielding, 74 per cent., 5} (sid); 44/46s carding, yielding 72 per cent.. sid (s}d); 40/44s carding, yielding 73 per cent., 4jd (4Jd): 36/40s carding, yielding 75 per cent., 4}d (4Jd).

GOLD REEF DISCOVERED An important discovery of. gold-bearing reefs which have given very favourable assays is reported from Te Aroha Mountain, where a syndicate headed by Mr W. J. ’ Gibbs, late borough engineer at Te Aroha, has pegged out claims covering an area of over 300 acres of the reef system. The claims are bn the Karangahake side of the mountain and the reefs were located in virgin ground. Eventually eight reefs were found, and these, it ft stated, have all been.traced certain distances. Samples of stone were taken to the Waihi School of Mines for assay. It is the intention of the parties interested in the field to go direct to London for capital for development on a large scale, and it is not intended to float a company in New Zealand. ''

LONDON MARKETS The New Zealand Loan and Mercantile Agency Company. Ltd., has received the following cablegram from London, dated March 16:— Butter: New Zealand choicest salted, 108 sto 109 s. The market is very 'slow. For Continental butter the market is weak. Danish butter, 115 s. Duty paid cheese, 61s to C2s. ' The market is quiet.

MINING The superintendent of the Golden Point Gold and Scheelite Company, Ltd., advises that the gold returns to March 12 are as follows:—Smelted gold, 108 oz 9dwts; concentrates, four tons (valued at soz lOdwts 9grs per ton), 220 z Idwt 12grs.

LONDON METAL MARKET (United Press Association.) (By Electric Telegraph—Copyright.) LONDON. March 10. (Received March 17. at 11 p.m.) Followins are the official quotations In the metal

AUSTRALIAN STOCK EXCHANGES (United Press Association.) (By Electric Telegraph—Copyright.) SYDNEY, March 17. (Received March 17, at 11 p.m.) On the Stock Exchange the uncertainty in the political sphere is having an adverse effect on business, as it is not yet clear what will be the outcome of the Federal action against New South Wales. Investors are also concerned about the decision of the Privy Council, due in April, in regard to*the fate of the Legislative Council. However, all prices are hording well, but there is a complete absence of speculative elements. Closing sales were as follow;—Commonwealth Bonds, fours 1938, £94 13s 9d; fours 1941, £92 17s 6d; fours 1944, £92 10s; fours 1947. £9O; fours 1955, £9O 13s Od; fours 1957. £9l; fours 1959, £9l 15s. Colonial Sugar, £4O 15s; Commercial Bank of Sydney, £ls 15s; Queensland National Bank, 102 s: Burns, Philp, 40s; British Tobacco (Melbourne register), 29s 9d: Union Steam (pref.), 21s Cd; Henry Jones. 295; Toobeys, Ids 6d; Howard Smith, 7s; Australian Glass. 34s 6d; Broken Hill Proprietary, Iss 7id; Zinc Corporation, 29s Od. Melbourne sales were:—Goldsbrough, Mort, 24s Cd: Electrolytic Zinc, 14s 2d: Herald and Times, 43s 6(1; Henry Jones, 28s 3d; North Brokens, 67s Gd; Sulphide Corporation, 11s Id. SYDNEY WOOL SALES (United Press Association.) (By Electric Telegraph—Copyright.) SYDNEY, March 17. (Received March 17. at 11 p.m.) At the wool sales the offerings totalled 10,363 bales, of which 9063 wore sold, while 1092 were disposed of privately. The market closed yery firm under good, all-round competition. Greasy merino brought 22;} d. AUSTRALIAN MARKETS (United Press Association.) (By Electric Telegraph—Copyright.) SYDNEY,- March 17. (Received March 17, at 10 p.m.) Wheat is neglected. Ex trucks, Sydney, 3s Old. country stations 2s sjd. Flour, 200 s. Pollard, 100 s. Bran, 85s. Potatoes: Tasmanian, £lO ICc; Victorian, £8 10s.

Onions: Victorian and New Zealand £ls. Oats, 2s 6d. Maize, 3s 1 Od.

market:— Copper spot .. £33 Ton. 8 0 Fall £0 5 0 Copper, forward .. 33 G 3 Pall 0 10 0 Electrolytic, spot 3(5 10 0 Fall 0 5 0 Electrolytic, forward 37 10 0 Fall 0 5 0 Wire barf 37 10 0 Fall 0 6 0 Lead. Miot 13 3 s Fall 0 8 9 Lead, forward 12 7 6 Fall 0 12 G Spelter, epot .. 12 3 9 Fall 0 10 0 Spelter forward 12 13 9 Fall 0 10 0 Tin. spot .. ., 129 10 3 No Change Tin. forward .. 131 8 9 No Change Silver, standard Oz. 18%d Rise 11-lGd Silver, fine 19 9-10d Fall 5-lCd