COMMERCE AND FINANCE

Otago Daily Times, Issue 21645, 16 May 1932, Page 5

COMMERCE AND FINANCE

m THE SHARE MARKET v DUNEDIN STOCK EXCHANGE The only sale recorded on the Dunedin Stock Exchange on Saturday was that of a parcel of Si per cent. Stock (Sept., 1937) at £9B' 17s 6d. This stock was on offer later at £99 10s, but no buyer came forward. There was an offer of 36s for Standard Insurances, no seller responding. Up to 19s 3d was offered for Westport Coals, but sellers were unwilling to do business at lesa than 21s 6d. An offer fit 46e for New Zealand Drugs found sellers firm at 48s 6d. Mahaxipawas continued in demand at sd, sellers asking Id more. The demand for Government Loans was smaU. Sale reported: 5J per cent. Stock (Sept., 1937), >£9B 17s 6d. The ■ following are Saturday's buying and selling quotations, which are subject to the usual brokerage:— BANKING. Bank of N.S. Wales—Buy £24. Bank of New Zealand—Sel 445. Commercial Bank—Sel 13s Bd. National Bank of N.Z. —Sel 68s. Union Bank —Buy £6 7s 6d, INSURANCE. National Insurance Co. —Buy 11s 2d. Standard Insurance Co. —Buy 3fle. SHIPPING. U.S.B. Co, (pref.)—Sel 19 s 9d. COAL. Westport Coal Co—Buy 19s 3d, eel 21s •d. ... LOAN AND AGENCY.% Goldsbrough,, Mort —Buy 21s fid, sel S2s3d. N.Z. Loan and M. (ord.) —Sel £4O. N.Z. Guarantee Corp.—Sel 4s 6d. Wright, Stephenson (pref)—Sel 15s. MEAT PRESERVING. N.Z, Refrigerating (cont.) —Buy 3s lOd, •el 4s 2d. MISCELLANEOUS. Australian Glass—Buy 31s. Crystal Ice Co.—Buy 22s 6d. D.I.C. (oxd.) —Sel 12s. Dominion Rubber—Buy Is 6d, sel ss. Kaiapoi Woollen (ord.) —Sel 0s 3d. ! Milburn Lime and Cement—Sel 265. j -National Electric—Sel 95., 1 N.Z. Drug Co.—Buy 465, sel 48s 6d. / N.Z. Farmers’ Fertiliser—Buy 12s. j, Otago Daily Times—Buy 35s 6d. sel 40s, i Wilsons (N.Z.) Cement—Buy 25s 6d. i Woolworths (pref.)—Buy 22s 9d. J BREWERIES. I N.Z. Breweries, Ltd.—Buy 24e, sel 255. j Tooths Brewery—Sel 23e 6d. } MINING. | Waihi—Sel 16«. * Waihi Grand Junction—Buy 3s 3d. Electrolytic Zinc (pref.)—Buy 19s 3d, •el 20s 6d., North Broken Hill—Buy 525. Broken Hill South—Buy'33a 6d. , Molyneux Electric—Buy 9d. Mabakipawa—Buy sd, sel 6d. | Kildare—Sel Is Bd. Okarito—Buy 9s 3d, sel 9s 6d., 1 Paddy’s Point—Buy 3s 7d, eel 4s. Golden Progress—Buy Is 4d, sel 2s 3d.. King Solomon—Buy Is Id. eel Is sd. Gillespie Beach—Sel 3d prem. Waitahu—Sel 3d prem. Blackwater —Buy 7s 6d. Consol Goldfields—Buy 3s. OIL.' Moturoa Oil—Buy 2e 9d. GOVERNMENT LOANS. 4J per cent Bonds, 1938 —Sel £95 10s. 4J per cent. Bonds, 1939 —Sel £93 ss. 4| per cent. • Inscribed, 1938 —Sel £95 10s. 4J per cent. Inscribed. 1939 —Sel £93 ss. 5} per cent. Soldiers’ Bonds, 1933—8uy £99 10b, v/; 5J per cent. Soldiers’ Inscd., 1933—8uy £99 10s. . - 5j per cent, inscribed, 1933—5 el £99. 5J per cent. Bonds-(Feb.,, 1937) —Sel £99 10s.5i per cent. Inscribed (Feb., 1937) Scl £99 10a. „ _ „ , 5J per cent. Bonds (Sept., 1937) —Sel £99 10s. * 5J per cent. Inscribed (Sept., 1937) Sel £99 10s. NORTHERN EXCHANGES (Per United Press Association.) The following'business was done bn 'Changes on Saturday:— Auckland.—Sales: British Tobacco, 26s 6d; Robinson Ice, 16s; Bank of New Zealand, 445; South British, 475. Christchurch.—Sales; Commercial Bank of Australia, 13s 7d (three sales); Gqldsbrough, -Mort, 22s 4d, 22s ,6d; Christchurch Gas, 24s 9d; Mahakipawa Goldfields, sid; Okarito (cum div.), 9s sd; Waihi, 15s"3d (two sales).-; —Sales reported: United Building Society, 14s. LONDON MARKETS (United Press Association.) (By Electric Telegraph—Copyright.) . . LONDON, May 14. (Received May 15, at 5.5 p.m.) Friday’s closing prices are as follow; Cotton. —June shipment, 4.24 d per lb. ■ Rubber—Para, 3|d per lb; plantation •mokcd, 1 15-16 d; Jute.—May-June, £l6 per ton. ‘ Copra.—May-June South Sea, £l4 10s per ton; plantation, Rabaul, £l4 12s 6d. Linseed oil, £l4 IQs per ton. Turpentine, 57s 6d per cwt. FRUIT AND PRODUCE WORLD Reilly’s report:; Large consignments of paper whites coming forward. _ Prices are low. Paper whites Is, 2s. Violets Is to 2s. Chrysanthemums 2d, 4d. Beetroot Is.' Cabbage Is to, 2s. Lettuce: Extra choice Is to Is 9d. Cauliflower: Choice 3s 6d, medium 2s. Cucumbers: Hothouse Is 6d, 3s per dozen. Eggs: Poultry keepers 2s, store eggs Is lOd. pullets Is Bd, preserved Isr ifid, cool store Is 9d. Honey: Half lb pats 4s fid, 11b pottles 7s, 21b 13s,(sections 6s; 8s 6d dozen. Apples: Cox’s Choice 7s, 10s; Jonathans 4s, 5s fid; Delicious ss, 6s; Alfristons. Lord Wolseley choice large cookers 3s fid, 5s 6d. Pears; Marie Louise ss; Winter Coles 4s, fig; Winter Nelis os, 6s. Pines 2s fid. Australian grapes 21s fid. Cape gooseberries 6s. Island organes 20s. Californian oranges 42s fid. Blue Ribbon oranges 20s. New Zealand passjons _Qs. Californian grapefruit 455. Californian lemons ,50s. Quinces 6s fid. Bananas: Choice ripe Nines 18s, Suva 21s per case. Brussel sprouts lid, 2d. Green peas 2d, 4d. Grapes: Local Hamburgs Is, Is 3d; Gros Colmars Is fid, 2s. Artichokes lid. Tomatoes: Locals sd, 8d; Christchurch hothouse 3id sd; outside-grown lid, 3d. Garlic 4d. Walnuts 6d. Porker and bacon pigs 4Jd, fid. Cheese: Medium sd, loaf 7d.. Tea: Orange Pekoe 2s 3d. Butter 9d, lOd. Bacon sd, lOd. Beeswax Is 3d per lb. Mutton birds; Salted fid, cooked fiid each. Pie melons: Australian. 14s, New Zealand 10s. Marrows 7s.' Pumpkins Bs. Potatoes ss, 6s. ! Onions: Canterbury 10s 6d. Swedes 3s. Carrots 6s. Parsnips 7s. Woodwool 28s. Oyster grit 8s per cwt. Olive oil 10s fid gallon. Semesan and Granosan, 51b 555, 2oz 2s 3d. C.M.W. Knapsack Sprayer £5. Bucket ’pumps 22s,fid. Strawberry plants: Melbas, Captain Cooks. Helenslea Surprise, Ettersbupcs from 5s to 15s 100, 25s to 60s 1000. Fruit wraps 3» ream. Champion egg crates 17s fid. Vallo Giraffe lime’sulphur; Cases 2s gallons 2s 3d, barrels Is 9d. Black leaf “ 40,” ,'lolb 525, 51b 30s, 2lb 15s, 11b 8s fid, ilh 6s. Wheat ss, 6s 6d; shrivelled 4s. Rice meal, for poultry, pigs, and cattle, 7s fid. Oats “A” grade 3s fid, “ B ” 3s bushel. Cross Keys meattneal, the best procurable, 16s fid 1001 b bag. National meat meal, 64 per cent, protein, 12s 6d cwt. National meat and bone meal, 54 per cent, protein, 10s fid cwt. Firewood blocks 2s Od bag. Crushed oats 12s fid. Bran £5 10s. Pollard £7. Oatshcaf cha'ff £5. Straw wheaten £3. Poultry: 132 hens at 2s to 2s lOd, 80 cockerels at 3s 0d to 7s 6d, 55 ducks at 4s to 8s 2d, 75 pullets at 8s to 13s, 16 pigeons at 2s 2d, all at per pair. REILLY’S CENTRAL PRODUCE MART, LTD., , Moray place, Dunedin.

LOCAL AND OVERSEAS MARKETS.

SOUTHLAND MARKETS (From Our Own Correspondent.) INVERCARGILL, May 14. ; The oats market is, in the meantime, in a rather complex position. Northern mills are buying on trucks for gristing purposes on the equivalent of 3s 5d B’s, 3s 8d A’s, f.0.b., s.i., Bluff, but though the current quotations of merchants for the usual merchants’ business are: A’s 3s Bd, B’s 3s 4d. little business of this nature is passing for the ordinary shipping delivery for the North Island, buyers’ hopes resting in their ability to procure A’s at 3s fid, B’s 3s 3d Naturally, local merchants are not accepting business on these figures. It is now fairly evident that the bulk of the oats have changed hands and stocks in merchants’ hands are distinctly shorter than usual at this period, so much having been turned over for milling purposes, while requirements for sowing down must absorb a considerable proportion of the better quality oats reserved in store for such purposes.: Only occasional small lots of ryegrass are now being offered by growers, and it would seem apparent that this seed, too, is now largely in merchants’ hands. Values for machine-dressed seed are from 5s 6d to 6s per bushel, f.0.b., the in price depending on weight, ’germination, and purity. Stocks in merchants’ hands* are distinctly in small compass. There has been slightly more movement in chewings fescue during the last week or 10 days, and for really prime lots the market is holding firm, the basis of values between merchants' being from 64d to 7d per lb, values depending largely on weight, purity, and germination. There are the usual somewhat low grade types which do not command these figures. The stock market continues firm for all classes at prices on a par with those recorded in our previous report. Fat cattle continue to com’e forward in fairly large numbers and values barely hold; in fact, they are inclined to ease. Fat sheep are also offering freely and- values for heavy wethers and ewes contipue firm, while freezing ewes and lambs have eased in sympathy with a reduced schedule. The store sheep market is unchanged, values for breeding ewes being steady, but lambs out of condition are hard ,to sell. The store cattle market is quiet; very little business is being done in this particular section; Quotations are:— Fat Cattle. —Prime heavy bullocks, £6 to £8 10s;' medium-weight, £4 10s to £5 10s; extra prime heavy heifers, to £8 10s; prime heavy, £5 to £6; medium, £3 10s to £4 10s; prime heayr cows, £4 10s to £5 I0s; medium, £2 10s to £3 10s; vealers, 15s to 20s; runners, £1 10s to £2. Fat Sheep.—Prime heavy wethers,_lss to 16s 6d; medium, 13s fid to 14s 6d; lighter, 11s to 12s; prime heavy ewes, 8s 6d to 10s; ■ medium, 6a 6d to 7s 6d; freezingewes, 5s 6d to 6s 3d; heavy prime lambs, 18» to 20s; mediufti-weight, 16s to 16s: lighter, i2s to 13s 6(L Store Sheep.—Rapt? lambs, 6s 6d to 8s 6d;, mixed sex store lambs, 4s to 5s 6d; sound-mouth ewe larpbs, 9s to Us; twotooth ewes. 12s to 16s; two-tooth wethers. 8a to 10s; four, six, and eight-tooth ewes. 8s to 10s; failing-mouthed ewes, 4s to 0a 6d. ' vStore Cattle.—Three and four-year bullocks, £4 to £5 ss; two-year, £3 to £3 10s: yearlings, £1 10s to £2; aged cows, 10s to 205,, FROZEN MEAT (United Press Association.) (By Electric Telegraph—Copyright.) LONDON, May 14. (Received May 15, at 5.5 p.m.) New Zealand Sheep;—Canterbury and North Island selected crossbred wethers and maidep ewes, 481 b to 561 b, 4d; 571 b to 641 b, 3|d; 651 b to 721 b, 3Jd; North Island, 481 b to 561 b, 3Jd; 571 b to 641 b, 34d; ewes under 481 b, 3|d; 481 b to 641 b, 2|d. Australian Sheep.—First quality crossbreds and/or merino wethers, 401 b to 651 b; second quality, 301 b to 551 b, 'Sid; ewes, 301 b to 551 b, 3d. Argentine Sheep.—First quality crossbred wethers, 481 b to 641 b, 3Jd; 651 b to 721 b, 3d. Patagonian Sheep.—Wethers and/or maiden ewes under 501 b, 3|d; 501 b to 601 b, 3Jd. r New Zealand Lambs, —Canterbury, 371 b to 421 b, 6|d; 431 b to, 501 b 6Jd; second quality, average 301 b, 6Jd; other ■ South Island brands, 371 b to'42lb, 6Jd; selected North brands, including Downs, 371 b to 421 b, 6Jd; 431 b to 501 b, 6Jd; second quality, average 30lb, 6id; other North Island brands* second quality, aver*, age 301 b, 6Jd; other North Island brands, second quality, average 301 b, s|d. Australian Lambs. —Second quality, 361 b and under, sid; all States, third quality, sid. Patagonian Lambs.—First quality, 361 b and under, sgd; second quality, average 301 b, sgd. >• Argentine Chilled Beef,—Ox fores, 1601 b to 2201 b, 4Jd; ox*hinds, 1601 b to 2201 b, 6jd; others unchanged. PRICE OF FINE GOLD LONDON, May 14. , (Received May 15, at 5.5 p.m.) Fine, gold is quoted at £5 13a 7d per OZ. '

MERCHANDISE MARKET The Port- Huon has arrived from West of England ports with supplies of caustic soda, cornflour, carbonate of soda, cream of tartar, marmalades, Castle black lacquer, Brazil nuts, M'Clinton’s barilla soap,. Kruschen salts, and Karswood’s poultry spice. Supplies of sugar were landed on Friday ex Kairanga, the next shipment being due on Thursday next ex Wingatui. A shipment of Japanese onions, packed in hundredweight crates, is due on August 1. ( . . There has been a reduction in price in several lines of tobacco and cigarettes. Flakies (Timaru packing) have advanced in price in sympathy with other oatmeal lines, but Vitabrits, Wheaties, and Cornies have all been reduced in price. Clothes pegs continue to be in short supply on the local market. Pearson’s sandsoap has been reduced in price. ‘ } As from Saturday, the price of all grades of raw and refined sugar (excepting tablets and icing) has been reduced by 10a per ton. The Golden Cross, which arrived last week, brought supplies of resin, powdered borax,. Thomson’s unbleached seedless raisins, and Trio seeded raisins. The Waikouaiti. which arrived on Friday from Sydney, brought transhipments of tea from Colombo, hempseed, shelled peanuts, and a consignment of French brandy ex a French steamer at Sydney. The same vessel brought several consign-' ments of Australian wines and supplies of Cerix, puffed wheat and rice, and Scott’s Emulsion. ■■ DAIRY PRODUCE The South Island Dairy Association, Ltd., has received the following market report from London: —Butter: Slow; 1 95s to 965; unsalted, 96s to 100 s; Danish, 104 s. Cheese: Quiet; white, 56s to 575; coloured, 575. _ ' Messrs H, L. Tapley and Go., Ltd., have received the following cabled market report:—Butter, 95 s to 97s per cwt; market stagnant; cheese. 57a to 58s per cwt; market very quiet. LONDON STOCK EXCHANGE (United Press Association.) (By Electric Telegraph—Copyright.) x LONDON, May 13. In the dealings in Australian stocks, Commonwealth five per cent, ranged from £BB to £9l; sixes, £93 15a to £96 10s; Victorian five and a-halfs, £B6 to £9O; fives, £7B to £B3; four and three-quarters, £75 to £7B; Ndw South Wales fours, £Bl to £B6; I threes, £6B to £74; three and a-halfs, £5.) to £57; five and three-quarters, £92 to £96; six and a-halfs, £B2 to £B7; sixes, £77 to £Bl 10s; Queensland fives, £79 10s to £B2; threes, .£6O; West Australian three and a-halfs, £BO. (British Official Wireless.) RUGBY, May 13. (Received May 14, at 5.5 p.m.) On closing for the Whitsuntide holidays the stock markets ended with business buoyant/ Leading British funds left off with appreciable gains. Leading issues among investment securities were mostly 1-16 to i higher. Recent scrips also maintained a firm front. AUSTRALIAN STOCK EXCHANGES (United Press Assoclat\on.) (By Electric Telegraph—Copyright.) « , SYDNEY, May 14. (Received May 14, at 5.5 p.m.) The Stock Exchange was cheerfully excited. Prices all round showed an advance of 10 per cent, to 124 per cent. Sales; 4 per cent. Commonwealth Bonds, 1938, £95 6s; 1941, £93 15s, £93 17s 6d, £94, £93 18s 9d; 1937. £BB 15s; 1950, £B9; Banic of New South Wales, £2B, £2B 15s, £29; Toohevs, 17s 6d, 18s; Tooths, 28s; Bntjsh Tobacco, 31s 6d; Colonial Sugar, £44; Burns Philp, 41s; Goldsbrough Mort., 265. 26s 3d; Winchcombe Carson, 19s fid. FOREIGN EXCHANGES ‘

(British Official Wireless. 1 ) (United Press Association.) (By Electric Telegraph—Copyright.) " ITOGBT. May 13. (Recelred May 14. at B.S p.m.)

TREND OF TRADE BANK RETURNS FURNISH INDEX. The Abstract of Statistics furnishes particulars of bank debits, or the total amount debited to all accounts (excluding Government) by the banks during each week. The average weekly debits during each month of the past three years are as follows: 1029-30. 1030-31; 1931-32. i

These figures give a fair idea of the volume of business done generally. They indicate the quieter state of trade during the winter and early spring, when exports are low and internal trade is quieter,' and the greater activity in the summer time and the flush of the export season. An important factor in the returns is the influence of lower prices in restricting the amount necessary forOfinancing a given quantity of stocks. The relative contraction noted ifi the early returns for March continued throughout the month, but the first fortnight in April showed an improvement. / GOLDEN POINT COMPANY The superintendent of the Golden Point Gold and Scheelite Company reports as follows for the period ended May 7:— No. 2 rise, No. 4 crosscut; The westerly drive has been continued for another 22 feet, making the total distance from the rise 122 feet. Good stonb is showing in the drive. The face at the end of the drive in the low level is very heavily mineralised, and assays 17dwt lOgr. No. 2 rise, main level (iron chute); Stoping has been commenced off the northwest drive at the 22 feet level, the width of the stone having increased to about three feet, while values are maintained. No. 4 rise, intermediate level: Stoping has been commenced off the north-west drive, the stoae showing good free gold values. Open cut: Work is proceeding with the object of opening up the outcrop mentioned in last report. Free gold is being obtained from the formation already exposed, although sulphides are also showing. Sufficient stone is available for the mill, which continues to run full time.

Par. May 12. May 13. Paris, ft to *1 121.21 02% 02 21-82 Brussels, belgas to £1 85 28.10 20.05 Oslo, kr to £1 .. .. 18.150 19.85 19% Stockholm, kr to £1 18.150 19.70 ' 19 9-10 Copenhagen, kr to £1 18.150 18 5-10 18.30 Berlin, marks to £1 24.13 15.35 14 5-10 Montreal, dol to £1 4.80 2-3 4.14% 4.13% New York, dol to £X 4.80 2-S 3.00% 3.05% Yokohama, pence to yen 34.68 20 15-10 20 13-10 Hongkong, pence to dol 25.15 — 15 7-16 Bombay, pence to rupee 18 17 32-38 17 15-10 Batarla, florins to £1 • • 12.107 , —• 0.06 Milan, lire to £1 .. 02.45 71% 70% Amsterdam, guilder to £1 12.107 9#4% 9.02 Prague, kr to £1 .. 24.02 123% 123 Genera, kr to £1 .. 25.22% 18.75 18.57% Vienna, schillings to £1 24.25% 83% 83% Helsingfors, marks to £1 193.334 215 215 Madrid, pesetas to £1 25.55% 45% 44 31-32 Athens, drachma to £1 25.22% 510 510 Lisbon, escudos to £1 .. 5.50% 110 110 Bucharest, lei to £1 937 012% 612% Bio de Janeiro, pence to mllrels 18 4% 4% ■ Buenos Aires, pence to pesos .. •• .. 47.82 30% 30% Shanghai, pence to tael 23% 15% 20% Montevideo, pence to peso 51 . 30 30 • Warsaw, zlotys to £1 •• 43.38 — *

May £ .. 10,040,961 £ 10,740,723 £ 12,350,913 June .. 15,803.007 l4jT49,750 10,040.075 July , .. .. 15.803.107 '■ 14.370,200 10,870,640 August .. 14.432,507 13.435,185 10,400,310 September .. 15.401.000 15.000.40,0 0,711.680 October .. 15,408,704 14,424,230 10,341,049 November .. IG.lOO.lSii 13.110.703 10,170.445 December .. 18.153.181 14,074,112 11,705,608 January 15,351.519 10.701,408 10,237,433 February .. 18.103,036 12,319.054 12,224.815 March . .. 20.154,32? 13.041,065 11.450,051 April .. .. 15.488,203 12.440,231 •12.418,219 - For two weeks.