COMMERCE AND FINANCE

Otago Daily Times, Issue 21612, 6 April 1932, Page 4

COMMERCE AND FINANCE

THE SHARE MARKET DUNEDIN STOCK EXCHANGE No business was transacted op. the Stock Exchange yesterday. There was a slightly easier demand for Commercial Banks, buyers’ best offer being I3s 9d, Whilst sellers required 14s. Sellers of Kaitangata Coals were prepared to accept 6d premium, but buyers remained firm at' ■2a discount. National Mortgages were on offer at 375, but without response from buyers. . Buyers of Donnghy’s Ropes offered up to 28s, but sellers were not interested.' : ',-New Zealand- ■_ Breweries shares met With an easier inquiry, buyers’ best offer being 22s 9d. Sellers’ requirements ■■-amounted to Is above that figure. The debenture issue also slackened, buyers offering 20s, without, response from sellers. Waihi’s were inquired for at 16s 2d, without sellers coming forward. There was a slight improvement in the market for Okaritos,:,buyers of which offered 9s 3d. Sellers,, however, would not accept less than 9s 6d.' Two transactions at 9s 3d wex-e reported.- • Sales Reported.—Qkqrito, 9s 3d (two); Mahakipawa,. ,27(1.. Sale Reported artcr'Last Call.—sl per cerft. Stock' (1937, "September) ,■ £97 10s. The following are yesterday afternoon's buying; and selling quotations, which are subject;- to',, the usual brokerage:— 7 BANKING. ' Bank of Australasia —Sel £9 Is. Bank of New 1 South''\Vales —Sel £25. Bank of .New Zealand —Buy" 435, sel 445. ;.! :■ Commercial'Bank —Buy 13a 9d, sel 14s. Nationalsßank of New Zealand —Sel 68s. National Bank of Australasia—Sel £lO 6s. Uhibhi'Bank —Sel £6 17s. INSURANCE. National Insurance Co. —Sel 12s 4d. Nc\v‘Zealand Insurance Co.—Sel 38s. Smith British Insurance Co. —Buy 47s 6d. Standard Insurance —Sel 395. SHIPPING. Huddart, Parker (ord.) —Buy 20s. P. and 0. Deferred Stock —Buy 20s. Union Steam Ship Co. '(pref.)—Buy I9s 9d. COAL. | ■ Kaitangata—Buy 2s dis, sel 6d preni. Westport Coal Co—Sel 20s. I Westport-Stockton : (pref.)—Sel 3s. LOAN AND AGENCY. . National Mortgage—Sel 375. National Mortgage. (“ B ” 'issue) —Sel 20s. Perpetual Trustees —Sel G3s. Wright, Stephenson (pref.)—Sel 15s. MEAT PRESERVING. New Zealand Refrigerating '(cont.) Buy 4s Id, sel 4s sd. South Otago Freezing—Buy 40s. MISCELLANEOUS. Brown, Ewing (pref.)—Sel 19s. Colonial Sugar—Sel £3B; D.I.C. (ord.)—Sel 12s 3d. D.I.C. (pref.)—Sel 20s 3d. Dominion Rubber—Set 6s. Donaghy’s Rope and. Twine—Buy 28s. Eclipse Petrol—Sel 3s. • Milburn Lime and Cement—Sel 28s. Mosgiel Woollen Co. —Buy £6 15s. National Electric —Sel 9s. National Drug Co.—Sel 47s 6d. New Zealand Express (pref.) Sel 15s Sd. ■New Zealand Farmers’ Fertiliser —Buy 12s. New Zealand Paper Mills (ord.) —Buy 18s, sel 19s. Otago Daily Times Sel 455. ■ Woolworths (rights)—Sel 3s. BREWERIES. .. . New Zealand Breweries, Ltd.—Buy 22s 9d, sel 23s 9d. New Zealand Breweries debentures — Buy 20s. Dunedin Brewery—Buy 19s. . MINING. Kawarau'G. M. Co.—Buy 3d. Waihi—Buy I6s 2d.~ ' '■' ~.j Mount North BrokeftiHall —Buy 50a. Kildare— SitSaT: 3: Okarito—Bny’Ss''3id, sel Os-Sd.. : Paddy’s Poiht- 3s 3a, eel 4s. Golden 2s 8(1. King SolqiUoh—Buy;; Is 2d.’’ " !• Golden. Terrace—Sel 4s 9d. ' ■’ Gillespie’s Beach—Sel 'Cd prem. GOVERNMENT LOANS. 4J per cent. Bonds, 1938 —Buy £92 ss. 4J per cent. Bonds, 1939—8uy £92 ss. 4J per cent; 10s. 4A per cent. Inscribed, 1939—5 el £93 10s. 54 per cent. Soldiers’ Bonds, 1933—8uy £9B, ’sel £99 ss. 5J per. cent. Soldiers’ Inscribed, 1933 — Buy £9B) 51 per cent. Inscribed, 1933—5 el £9B- - 54 per, cent. Bonds, 1937—8uy £97. 5i per cent. Inscribed, 1937 —Buy £97. ■ • NORTHERN EXCHANGES (Per United' Press Association.)

The following business was done on ’Chances yesterday:— Auckland. —Sales: Bonds (1937) 51 per cent., £97; Commercial Bank, 13s "lid; Auckland Gas, 21s 6d; Australian Glass, 29s Gd; Colonial Sugar, £35 17s 6d; Electrolytic Zinc (pref.), 19 s lOd; New Zealand Breweries, 235; New Zealand Drugs, 455; Nestles 8 per cent, (pref.), 23s (two parcels); Robinson Ice, 17s; Woolworth (pref., rights), 335; Waihi, 16s 4d. Wellington.—Sales reported; New Zealand Government 4J per cent. Bonds (1938), £93 2s Gd (late sale Monday); (1938), £93 2s 6d (three sales); 5J per cent. Stock, September (1937), £96 15s; National Bank of New Zealand, £3 7s Gd; Bank of New Zealand, £2 3s Gd; long term, £1 6s; Goldsbrough, Mort, and Co., £1 Is 9d; Woolworths (pref., rights), 2s 9d and 2s 10d (late sale Monday). Christchurch.—Sales: Commercial Bank of Australia (pref.), £6 3s (two parcels); National Bank of Australia (£5 paid), £4 13s Gd; Goldsbrough, Mort, 21s Gd, 21s 8d; New Zealand Breweries, 23s 3d; British Tobacco, 25s 8d (three parcels); Mount Lyell, 18s 7d, 18s Gd (three parcels) ; Cornish Point, lid (eight parcels); Mahakipawa, 2-Jd; Golden Point, sd. Sales reported: Westport Coal, 19s; Bank of New Zealand, 43s 8d; New Zealand Government 4J per cent. Bonds (1938), £93 7s Gd.

PRICE OF FINE GOLD (United Press Association.) (By Electric Telegraph—Copyright.) LONDON, April 4. Fine gold is quoted at £5 9s lid P er ounce. Scott Bros., produce merchants and commission agents, agents for the Dunedin Egg Suppliers’ Association, report:— Eggs: Storekeepers, Is 6d; poultry farmers, Is Bd. Butter: Dairy pats, 9d to 9id per lb; bulk, 9d to lOd per lb. Honey: Bulk, 5d to 5Ad per lb; 101 b tins, 5s 9d each; 51b tins, 3s, Beeswax, Is 4d to. Is (id.. Fat: Nominally 7s to 8s per cwt. Poultry: Hens, 2s 3d to 2s 9d per pair.. Ducks, 2s 3d to 2s Cd each. Geese, 3s to 3s 6d each. Turkeys: Hens, 7Ad to 8d per lb; gobblers, 9d per lb. Pigs; Prime baconers, 4Ad to 5d per lb; porkers, to 5d per lb- Potatoes: Oamaru and Taieri, £4 5s to £4 10s per ton. Green peas, lAd to l|d per lb. Onions; Canterbury, lla per cwt. Chaff: Prime oaten sheaf, £4 15s to £5 per ton, bags extra, ex store. Partridge peas, 6s 3d per bushel, sacks extra. Whole fowl wheat, 4s 9d to 5s 3d per bushel, sacks extra. Barley dust, 8g per 1501 b. Clover and ryegrass hay, £4 10s to £4 15s per • ton, cx store. Maize, 6s 9d per bushel. Oats: Cartons, 3s 3d to 3s 6d; Sparrowbills, 3s Cd bushel, sacks extra. Pea meal, 17s 6d per sack 1501 b. Machinedressed seconds oats, 3s 9d per bushel. Pressed wheaten straw, £3 10s; oaten, £3 15s, ex store. Oat dust, 4s 6d per Feed barley, to 2s 9d per bushel. Farro food, .£0 per ton. All poultry requisites in stock, April 5, 1932-

LOCAL AND OVERSEAS MARKETS.

LGRNEVILLE STOCK SALE (Special' to •; ' . INVERCARGILL, April 5. Record numbers of sheep were yarded at Lornville to-day, and extra accommodation had to ■he hurriedly provided, an experience that has only once occurred in the last 15 years. The bulk of the yarding in the fat sheep section was comprised almost wholly of ewes and freezing wethers. Despite the recent increase in the schedule for freezing ewes prices were sixpence easier compared with the previous sale, the reduction being the result of congestion at the works. Operators secured the bulk of the ewes at from 6s to 7s 3d and freezing wethers made from: 10s Gd to 12s 9d., Prime v heavy, rwdthers. realised up to 16s; good butchers’ wethers, 13s -6d to 14s 6d; heavy maiden ewes, up to 12s Gd; good butchers”ewes, 8s 6d to- 9s 6d. There was,a large yarding of fat lambs which were in good demand. Extra heavy butchers’ lambs realised from 17s Gd to 18s 9d;- prime heavy quality freezing lambs, 15s to 16s Gd; medium-weights, 13s to 14s; lighter and unfinished, down to Us. , There was-also a good yarding of fat cattle, but the 'Quality■itvks'Pnly average, with a' weakened demand as the sale progressed. Prices in the last race were probably as low as they have been for a long time. Best quality bullocks of medium weight realised up to £7; average, from £5 to £6; light and unfinished, down to £4; good quality medium-weight heifers, up to £5; average sorts, 13 10s to £4 ss; prime heavy cows, up to £5;: good quality sorts, £3 to £4; inferior, down to 30s. CANTERBURY POTATO MARKET (Per United Press Association.) ' ■' 'CHRISTCHURCH, April 5. The potato market has firmed during the past few days.- A number of sales has taken place at £5 10s for April-June delivery, and this afternoon this price was not acceptable to most holders. However, £5 10s, f.0.b., s.i., for these months is the limit of the market at present. Julys are quoted at £6 ss.

FOREIGN EXCHANGES j.V (British; Official Wireless.) ■4 (United -Press Association.) (By Electric Telegraph—Copyright.)

INDUSTRY IN AUSTRALIA ; FEARS. OF ADDED T’AXATION. Fears, thjafe additional taxation would have a, .disastrous -effectViipon the- Australian wpqi-7industryk,\tefe expressed by Mr J. H.(-Patersoji' ;;presidcnt 'of the' Graziers’ • V of Riverina, at the annual meeting of the association. in'. Melbourne. Mr Paterson said it was estimated there were more than 107,000,000 sheep and lambs in the Commonwealth, the largest total in the history of the wool industry, yet the .procjqcers of Australia’s most valuable primary product were faced witli disaster. Until such time as the primary industries were on the road to prosperity it would be impossible for the secondary industries to improve. There was a diversity of opinion on the subject of exchange. Personally he upheld the view of the association’s Vigilance Committee that there should be no artificial interference. ; -

“I have endeavoured to place before you facts which possibly are well known to you, but apparently they are not vet realised ■by.-our politicians, ” said Mr Paterson. “If they -were, surely before this some attempt would have been made to reduce the burdens which are slowly but surely crushing our industry.. Although no indications are present give hope of any appreciable advance in wool prices in the immediate future, we have the satisfactoin of knowing that there is practically no accumulated stock of wool to retard increased values when commodity prices improve. In this respect we are the most favoured primary industry, mainly because, learning from the experience of other industries, we have firmly opposed plans for the fixing of woo] values. Not only producers, but Governments must face facts, use the strictest economy, and give up dwelling on the hope of something turning up to bring us back to prosperity. In New South Wales the State Government is piling more taxation on the already struggling industry, in the hope of obtaining some revenue, though at present no money is available even to maintain improvements. This has the effect not only of increasing unemployment, but of depreciating the national asset. It will have disastrous effects on the quality of our wool in the near future,”

AUSTRALIAN EXCHANGES INVESTMENT MARKET BRIGHTER. -.(United Press Association.) (By Electric Telegraph—Copyright.) SYDNEY, April 5, (Received April 5, at 10 p.m.) On the Stock Exchange, a brighter atmosphere was noticeable in the investment market in anticipation of the High Court’s decision, which is due about Thursday, respecting the validity of the Financial Agreement Enforcement Act. Commonwealth Bonds are hardening every day. Sales were recorded as. follow: —Fours 1938, £95 Gs 3d; fours 1941, £93 11s 3d; fours 1944, £92 15s; fours, 1947, ,£9O 18s 9d; fours 1950, £9l 2s 6d; fours 1951-53, £9l 7s Gd; fours 1951-55, £9l 7s Gd; fours 1951-57, £9l 15s; fours 1951-61, £9O 18s 9d.

Bank of New South Wales, £2B; Commercial of Sydney, £ls 10s; Australian Gas (A), 110 s Gd; Goldsbroughs, 24s 3d; British Tobacco, 28s 9d; Millaquin Sugar, 23s 10Ad; Tooths, -25 s 7Ad; Electrolytic Zinc (pref.), 22s 10Jd; Winohcombe, Carsou, 19s; Broken Hill South, 42s Od; Zinc Corporation, 275. Melbourne sales were as follow: — National Bank (£5 paid), 103 s; Amalgamated Zinc, 9s; Electrolytic Zinc (prof.), 22s lOd; Herald and Times, 42s 9d; Dunlop, Perdriau, 11s; Nestles (pref.), 28s Gd; North Broken Hill, G2S 9d; South Broken Hill, 435; Zinc Corporation, 27s 3d. THE WHEAT MARKET (United Press Association.) (By Electric Telegraph—Copyright.) LONDON, April 4. Cargoes, influenced by strong week-end American advice and a further decline in sterling, ruled firm. Australians advanced Gd and Plates Is to Is Gd. Buyers were not inclined to pay the advances. Two Australian cargoes (April and May) were sold to Japan. The prices are difficult to calculate. Lawhill, 275; part Wcetralian, unnamed, May, 27s 3d. Parcels are held for an advance of 9d and Is. There was fair business both in Britain and on the Continent. Ex Anten, 2Cs Gd. One thousand tons of South Australian arrived at Naples and realised 27s 9d and 28s. New South Wales and Victorian, on passage, sold at Naples at 26s IOJd and 275. Futures: London—June 24s 3d.. September 24s Sd, December .256 Liverpool —May 5 S lid, July 5s 4Jd, October 5s 7Jd.

BRADFORD TOPS (United Press Association.) (By Electric Telegraph—Copyright.) LONDON, April 4. In Bradford tops business is very quiet. Prices arc slightly in buyers’ favour. , SYDNEY WOOL SALES SYDNEY, April 5. (Received April 5, at 10 pan.) At the wool sales 9358 bales were offered and 8352 were sold, while 448 were disposed of privately. Yorkshire and Japan were the principal operators, with good support from the Continent. The market was firm, and there were good clearances. Greasy merino brought 14d. MINING KILDARE CONSOLIDATED GOLDFIELDS. A report from Kildare Consolidated Goldfields states that 670 z Bdwt of gold were obtained for 176 hours’ work. The expenses for the period amounted to £135. GOLDEN MOUNT MINE. To develop the Golden Mount gold mine on the Hauraki Peninsula a syndicate is promoting the Golden Mount Gold Mining Company, Ltd., with a registered capital of £SOOO, divided into 100,000 shares of Is each, of which 20,000 shares credited as fully paid up are to be allotted to the vendors, the balance of 74,000 to be offered for public subscription. It is stated that the Golden Mount possesses an immense body of payable ore of a free milling type which does not require expensive cyaniding to recover the gold. A recent assay of an average sample of ore is stated to have given 2oz 12gr of gold to the ton and IGdwt llgr of silver to the ton. Much preliminary work has been done in opening up the mine, and operations can be started almost immediately. A water race is available for power to operate the machinery, and steel' tramway rails with trucks are already installed on the property.

KUGBY. Par. April 2. April 4. April 4. Paris, fr to £1. 124.21 05% 00 7-10 Brussels, belgas to £1 35 28 15-10 27.10 Oslo, ta to £1 .. 18.150 19 19 1-16 Stockholm, kr to £1 18.150 19 13 9-10 Copenhagen, kr to £1 18.150 18.20 18.20 Berlin, marks to £1 24.43 15 13-10 10 Montreal, dol to £1 4.88 2-S .4.18 4.21% New York, dol to £1 4.80 2-3 3.70 3.80 Yokohama, pence to ren 34.58 21 5-16 21% Hongkong, pence to dol 25.15 15 13-32 15 5-16 Bombay, pence to rupee 18 IS 1-32 18.1-32 Batarla, florins to £1 12.107 . — Milan, lire to £1 ., i. 02.45 72% 73% Amsterdam, guilder to £1 12.107 9.30% 0.37% Prague, kr to £1 .. 24.02 129 128% Genera, kr to £1 .. 26.22% 10.32% 19.50 Vienna, schillings to £1 24.55% 32 32 Helsingfors, marks to £1 193.334 215 215 Madrid, pesetas ta £X 24.55% 40% 49% Athens, drachma to £1 25.22% 290 — Lisbon, escudos to £1 5.50% no 195 Bucharest, lei to £1 037 030 C35 Bio de Janeiro, pence mllreis to 18 4 4 1-16 Buenos Aires, . pence pesos to 47.82 37% 37% Shanghai, pence to tael 24% 20 9-10 20% Montevideo, pence to peso 51 20 20