COMMERCE AND FINANCE

Otago Daily Times, Issue 21671, 15 June 1932, Page 5

COMMERCE AND FINANCE

THE SHARE MARKET DUNEDIN STOCK EXCHANGE Two parcels of Kawaraua changed hands on the Dunedin Stock Exchange yesterday at 3d. These were later on offer - at 4d, without attracting a buyer. There was a decided easing in the market for Commercial Banks, which were offered at 13s sd. Buyers would not give more than 13s. The offer for P. and O.’s was 13s, sellers asking 2s 6d more. There was an unsupplied buyer of New Zealand Paper Mills at 18s 9d. A buyer of preferred Electrolytic Zincs offered 18s 3d, but sellers were firm at 19s 6d. Okaritos were asked for at 9s Id, sellers asking 3d more. A good demand was maintained for Government Loans. Sales. —Kawarau, 3d (two). Sales Reported.—New Zealand Refrigerating (paid), 11s 3d (late sale Monday) ; New Zealand Paper Mills (after last call), 18s 6d (odd parcel). e The following are yesterday afternoon’s buying and selling quotations, which arc subject to the usual brokerage:— BANKING. \ i' Bank of "New Zealand—Buy 41s lOd, ■el 42s 6d. Commercial Bank—Buy 13s, sel 13s sd. , National Bank of New Zealand —Sel 625. INSURANCE. National Insurance Co. —Buy 11s. South British Insurance Co.'—Buy 30s. Standard Insurance Co.—Buy 38s. SHIPPING. Howard Smith—Buy Cs. Huddart, Parker (ord.) —Buy 21s. Huddart, Parker (pref.)—Buy 17s 6d. 6d. P. and 0. Deferred Stock —Buy 13s, ■el 15 s 6d. . Union Steam Ship Co. (pref.)—Sel 20s. COAL. Westport Coal Co.—Buy 8s 3d, sel 10s. LOAN AND AGENCY. Dalgaty and Co.—Buy £6 12s. Goldsbrough,, Mort.—Buy 21s, sel 21s 3d. National Mortgage—Sel 365. National Mortgage (“B” issue). —Buy 17s. Perpetual Trustees —Sel 60s. 1 Trustees Ex. and Agency—Sel 60s. vWright, Stephenson (ord.) —Buy 10s fid. * v Wright, Stephenson (pref.)—Sel 15s. MEAT PRESERVING. New Zealand Refrigerating (paid)—Sel 11s 4d. New Zealand Refrigerating (cont.) — ■Buy 3s lOd, eel 4s 2d. South Otago Freezing—Buy 40s. MISCELLALNEOUS. Australian Glass —Buy 345. British Tobacco—Buy /27s 3d, sel 28s 3d. Crystal Ice Co.—Buy 21s. Milburn Lime and Cement—Sel 24s fid. / M'Leod Bros. —Buy £22. National Electric—Sel 9s. New Zealand" Drug Co.—Buy 465. New Zealand Paper Mills (ord.) —Buy -18 s 9d. 1 Wilsons (N.Z.) Cement—Buy 25s 6d. Woolworths (pref.)—Buy 23s 6d. GAS. Christchurch —Buy 25s 3d. BREWERIES. New Zealand Breweries, Ltd.—Buy 24s‘ .fid. New Zealand Breweries Debentures — Buy 20s. Dunedin Brewery—Buy 18s. Tooths Brewery—Buy 25s 7d, sel 26s 3d, MINING. Kawarau G. M. Co.—Sel 4d. . Waihi—Buy 14s, sel 14s 9d. Electrolytic Zinc (pref.)—Buy 18s 3d, - •el 19s 6d. Electrolytic Zinc (ord.) —Buy 10s 6d. Mount Lyell—Buy 16s, sel 17s. Nprth Broken Hill—Buy 51s. M'ahakipawa—Sel sd. Okarito—Buy' 9 S Id, sel 9s 4d. t Paddy’s Point—-Buy 4s Id, sel 4s 4d. Golden Progress—Buy Is lid, sel 2s id. King Solomon—Buy Is 2d, sel Is 3d. Golden Point—Buy 5Jd, sel 7d. . Golden Dawn—Buy 5s lOd. .Blackwater —Buy Bs. Waitahu—Buy 5d dis. Gillespie’s—Sel Jd. prem. OIL. ’ -/ Moturoa Oil—Buy 3s, sel 4s 3d. GOVERNMENT LOANS. 4J per cent. Bonds, 1938 —Buy £92 ss. ' 4j per cent. Bonds, 1939 —Buy £92 ss.’ ii per cent: Inscribed, 1938—Buy £92 ss. 41 per cent. Inscribed, 1939 —Buy £92 10s. 5J per cent. Soldiers’ Bonds, 1933 Buy £IOO ss. 5J per cent. Soldiers’ Inscribed, 1933 — Buy £IOO ss. 5J per cent. Bonds, 1936—8uy £99 ss. 5£ per cent. Inscribed, 1936—8uy £99 ss. 5J per cent. Bonds (February), 1937Buy £99 10s. ■ 5i per cent. Inscribed (February), 1937—8uy £99 ss. 5i per cent. Bonds (September), 1937 —Buy £99 10s. 5i per cent. Inscribed (September), 1937 —Buy £99 ss. NORTHERN EXCHANGES (Per United Press Association.) The following business was done on 'Changes yesterday:— Auckland. —Sales: Stock (1933), 5i per cent. £9B 10s (two parcels); Auckland Harbour Board (1939), 5i per cent., £96 ss; (1940), 5J per cent., £97 10s; Gisborne Sheep Farmers (1941), 6J per cent., ■ £7O (two parcels); Commercial Bank, 13s 6d; National Bank of New Zealand, £3 (two parcels); Bank of New Zealand, 42s 3d; Union Bank, £6 16s 6d; Woolworths (pref.), 24s 3d; Alexander Mines. 18s; Golden Dawn, 6s; Okarifo, 9s 4d; Waihi. 14s j4d. Wellington.—Sales reported: New Zealand Government 54 per cent. Bonds (September, 1937), £99 15s (late Monday); Commercial Bank of Australia (ord.), 13s 9d (late Monday); National Bank of Australasia (£5 paid), £5 (late Monday); Bank of New Zealand (cum div.), £2 2s 3d (two parcels, late Monday), £2 2s; Union Bank of Australia, £6 18s; Goldsbrough, Mort, £1 Is 7d; British Tobacco Company (ord., cum div.), £1 8s 6d (late Monday); Kawarau Gold, 4d (two sales). Christchurch.—Sales: Christchurch City 5J per cent. (1958), £9B; Commercial Bank of Australia, 13s fid. (three parcels), 13s 5d (two parcels), 13s 4d (four parcels) ; Bank of New Sout v Wales, £25 10s; Bank of New Zealand (cum div.), 42s (two parcels), 41s lid; Union Bank of Australia, £6 16s 6d (three parcels); New Zealand Breweries (cum div,), 24s 8d; Auckland Gas, 20s 8d; Tooths Brewery, 25s lOd; Mount Lyell, 16s 4d; Alexander (cont., cum div.), 18s Id. 17s lid; Golden Dawn, 6s (two parcels), 5s Hid; Mahakipawa (pref.), 6d; Okarito, 9s 34d. Sales reported: Commercial Bank of Australia,, 13s 6d; Union Bank of Australia, £6 16s 6d; Goldsbrough, Mort, 21s 3d; •New Zealand Refrigerating (10s paid), 4s; New Zealand Breweries (cum div.), 24s 8d; Mount Lyell, 16s 6d. P. AND 0. SHARES (United Press Association.) , (By Electric Telegraph—Cdryrlght.) LONDON, June 13. P. and 0. shares. 12s. AUSTRALIAN STOCKS LONDON, June 13. The Stock Exchange is highly gratified at Mr Lang’s defeat. Australian stocks generally were marked up. Commonwealth fives rose 20s, and several New South Wales issues to 60s. The following dealings in Australian stocks are reported:—New South Wales 4’s average £92; 3’s, £80; 3i’s, £62 7s 6d; Si's, £9B 15s; 6i’s, £96 10s; 6’s, £92 10s.

LOCAL AND OVERSEAS MARKETS.

LORNEVILLE STOCK SALE (Special to Daily Times.) INVERCARGILL, June 14. There were reduced yardings in all sections with the exception of fat sheep at Lorueville to-day. The sale of fat sheep was the worst experienced for a long time, and sales were also difficult to effect in the fat cattle sectio .Fat Sheep.—Butchers' requirements were limited, while the freezing buyers operated only to a limited extent on the new and reduced schedule. Best butchers’ wethers sold up to 14s; good medium wethers, 11s to 12s 6d; lighter, down to 9s; best butchers’ ewes, up to 8s 6d; good quality ewes, Cs to 7s; freezing ewes, down to 3s 6d. There was only a small yarding of fat lambs of average quality. Extra heavy lambs brought up to 16s; good quality lambs, 12s 6d to 13s 6d; lighter sorts, down to 10s. Fat Cattle.—The majority of the yarding was only of medium quality. Heavy bullocks sold at up to £6; medium quality bullocks, £4 to £5; light and unfinished, down to £3; prime heavy cows, up to £5; good quality sorts, from £3 to £3 15s; inferior, down to £1 10a; good quality heifers, up to £4 10s; lighter, £2 10s to £3 10s. AUSTRALIAN STOCK EXCHANGES (United Press Association.) (By Electric Telegraph —Copyright.) 'SYDNEY, June 14. (Received June 14, at 10 p.m.) Stock Exchange business returned to normal to-day, with a slightly weaker tendency, but the reaction in the case of the banks was rather marked. The following sales were made: —Commercial Bank of Sydney, £l6; Commercial of Australia, 14s lid; Bank of New South Wales, £2B 7s 6d; National Bank (£5 paid), £5 10s; Burns Philp, 43s 6d; Tooths, 28s 6d; Tooheys, 18s 6d; Australian Glass, -39 s lid; British Tobacco, 37s OJd; Dalgety, £7 10s; Goldsbrough, 23s 6d; Millaquin Sugar, 25s 6d; Henry Jones, 30s; Dunlop Perdriau, 12s 2d; Electrolytic Zinc (pref,), 21s 6d; Broken Hill Pty., 16s; South Broken Hill, 40s; Commonwealth Bonds—4 per cent., 1938, £95 ss; 1941, £92 2s 6d; 1944, £9l; 1947, £9l 2a 6d; 1950, £9O 17s 6d; 1955,£9l 10s. - The following sales were made in Melbourne: — Commercial Bank of Australia (pref.), £7 2s; Goldsbroughs, 245; Australian Glass, 395; Electrolytic Zinc, 11s 9d. THE LEAD MARKET (United Press Association.) (By Electric Telegraph—Copyright.) LONDON, June 13. Lead: Imports, 22,457 tons; Australian, 14,119; exports, 1010. v PRICE OF FINE GOLD i , (United Press Association.) (By Electric Telegraph—Copyright.) LONDON, June 13. Fine gold is quoted at £5 12s 8d per ounce. - THE WHEAT MARKET (United Press Association.) (By Electric Telegraph—Copyright.) LONDON, June 13. Cargoes are steaiy and ■ unchanged. Parcels are fully steady. Futures; London —June 22s Bd. September 22s 7d, December 22a 9d; Liverpool—Jnily 4s 9jd, October 4s Hid, December 5s Old. THE APPLE MARKET (United Press Association.) (By Electric Telegraph—Copyright.) LONDON, June 13. The Middlesex’s New Zealand apples realised: Jonathans, 7s and 10s; large, 5s and 6s; Delicious, Ds and 10s; large, ,7s and 8s; Dunns, 8s and _10s; London Pippins, 9s and 10s; Stunners, 9s'aqd 10s 6d. ’ FOREIGN EXCHANGES (British Official Wireless.) (United Press Association.) (By Electric Telegraph—Copyright.)

SYDNEY WOOL SALES (United Press Association.) (By Electric Telegraph—Copyright.) SYDNEY, June 14. (Received June 14, at 10 p.m.) At the closing wool sales of the season to-day competition was well sustained. The Japanese and Yorkshire sections predominated, with good support from the Continent. Values were on a par with recent levels and greasy merino sold at 12d. A total of 4671 bales was offered, 3314 being sold, while 1935 were disposed of privately. BRADFORD MARKET (United Press Association.) (By Electric Telegraph—Copyright.) LONDON, June 13. At Bradford merino and fine crossbred tops are firm. Medium and coarse crossbreds are barely steady. DEALINGS ON WALL STREET (United Press Association.) (By Electric Telegraph—-Copyright.) ' NEW YORK, June 13. Commonwealth s’s, 1955, £6l; 1957, £6l 10s; ii’s, £54 10s; New South Wales, 1957 and 1958, each £SB; Queensland 7’s, £7l; 6’s, £6O 15s. SHEEP SKIN SALE The Dunedin Wool Brokers and Stock Agents (Messrs Stronach, Morris, New Zealand Loan Company, Otago Farmers’ Co-operative Association, Dalgety and Co., Donald Reid and Co., and the National Mortgage and Agency Company) report having held on Saturday the usual monthly sheepskin sale. Fair catalogues were submitted to the usual bench of buyers, and for low quality skins and pelts there was no demand, these qualities failing to elicit ”a bid. For good grades the demand was easier by Id per lb. The following prices were obtained at to-day’s auction: —Halfbred full wool, 3ld; fine crossbred full wool, 2d to 2^cl; crossbred full wool, IJd to 1-Jd; halfbred dead and damaged, IJd fine crossbred dead and damaged, Id to li; crossbred quarter-wool, Id to fd; fine quarter wools, Jd to Id; crossbred half wools, lid; fine ditto, l|d; halfbred ditto, lid to 2d; halfbred lambs, IJd to 2d; crossbred lambs, IJd to lid. THE BUTTER MARKET ANALYSIS OF DEMAND. The Empire Marketing Board conducted an inquiry into the changes in the demand for butter in Nottingham between July, 1928, and July, 1931. Nottingham was chosen as being centrally situated in regard to the main ports of entry into Great Britain of the various types of butter. Both surveys were undertaken in July, when supplies of butter from the northern hemisphere are about at their highest. Between 1928 and 1931 the total imported supplies increased by about 23 per cent.; the greater part of this increase came from Australia and New Zealand. There was also an appreciable increase in supplies from the North European countries, with the exception of the Irish Free State and Russia. During this period the Board of Trade index for wholesale food prices recorded a fall of 28 per cent., while the wholesale prices of best quality New Zealand and Danish butters fell by 38 per cent, and 35 per cent, respectively. Between 1928 and 1931 the average Fetail price of butter in the shops visited fell from approximately Is 9d per lb to Is 3d per lb. Over the same period, the weekly sales of butter in these shops increased from 458 cwt to 526 cwt, or by 15 per cent. The proportion of these sales taken by Empire butters rose from 24 per cent, to 27 per cent. While butter sales increased by 68cwt per week, the sales of margarine decreased by 34cwt. In 1928 and 1931 respectively packeted butter averaged 3d per lb and 2d per lb more than the general average for bulk butters. Danish was the highest priced of the principal imported butters, with an average price of Is 9d per lb in 1928 and Is 3d per lb in 1931. Empire butters also fell in price by about 6d per lb, the average price of New Zealand being Is 81d in 1928 and Is 2d in 1931, while the corresponding prices for Australian were Is 7Jd and Is IJd respectively. The price of English farm-butter was above that of all the imported bulk butters, but this butter was seldom found in the retail shops visited. Sales of Danish butter were by far the greatest of any one type, and accounted for 61 per cent, of the total in 1928 and 58 per cent, in 1931. There was a definite increase in the sales of Empire butters, v Australian increasing by 44 per cent, and New Zealand by 25 _ per cent. Empire butters as a proportion of the total increased from 24 per cent, to 27 per cent. The 'report calls attention to the fact that a large decrease in the retail price of butter is accompanied by a correspondingly large increase in consumption. Thus a 25 per cent, fall in price was accompanied by a 12 per cent, rise in sales, and a 30 per cent, fall in price by a 15 per cent, rise in sales. WHEAT IMPORTS A JOINT PROTEST. The members for Oamaru, Waitaki, Timaru, and Temuka have sent the following telegram to the Prime Minister (Mr G. W. Forbes) regarding the suggested importations of wheat into the Dominion:—“This is a joint wire from the members for Oamaru, Waitaki, Timaru, and Temuka Macpherson, Bitchener, Clyde Carr, and Burnett —who all earnestly represent to you the grave consequences of allowing importation of Australian wheat into this Dominion. We most sincerely request that the fullest information be obtained regarding the amount of wheat that is still availab e, both milling and fowl wheat, before the question of importation is entertained; and that importations necessary shall bear duty to prevent a very serious break in market. Growers who have suffered drought and flood will be most seriously prejudiced if they have to compete against free importations. Projecting sowing will be also seriously affected.” The following telegram has been sent by Mr C. L. Carr, M.P., to Mr J. M’Combs, M.P. for Lyttelton; “ South Canterbury * and North Otago members united in strong protest against proposed importation of free wheat. No shortage here, but will ruinously affect next season’s sowing. Please obtain support of North Canterbury men and advise me result.” PRIMARY PRODUCTS BENEFITS OF QUOTA SYSTEM. While seeing no signs of a rise in the prices of primary products, Captain R. F. Whiteley, a Tooley Street merchant, who arrived in Auckland by the Aorangi on Sunday, stated that the Dominion now had every opportunity to expand its English market, and if Britain introduced the quota system, as seemed likely, prices would probably rise. “The 10 per cent, duty already imposed by Britain on forign butter, cheese, eggs, and canned goods is reacting in the Empire’s favour,” said Captain Whiteley. “It has already stimulated the demand for New Zealand products, and there is every hope that further preference will be given to the Empire as a result of the Imperial Conference at Ottawa. 1 “ There is a good deal of talk in Britain of introducing a quota for the importation of bacon and pork, as well as meat, in which ease it is likely that supplies will be restricted, with a beneficial effect on prices for primary producers. “I have no dougt at all that further duties on quotas will be established before very long. In the meantime it behoves New Zealanders to push their products at Home for all they are worth, so that, when prices improve, a larger market will have been firmly established.” Captain Witeiey expressed the opinion that New Zealand could with advantage do more in the way of shipping produce direct to North of Fmglnnd ports, such as Liverpool, Glasgow, and Avonmouth, where they would be backed up by the great advertising campaign of the Empire Marketing Board. Denmark, Finland, and Sweden had the hulk of the North of England trade in blitter, but New Zealand was at last beginning to obtain her share.

LONDON METAL MARKET (United Press Association.) (By Electric Telegraph—Copyright.) LONDON, June 13. (Received June 14. at 10 p.m.) Following are the official quotations In the metal

MINING ■ BROKEN HILL SOUTH, LTD. (Pee United Press Association.) % WELLINGTON. June 14. Cable advice has been received from the Broken Hill South, Ltd., by the New Zealand Stock Exchange Association that a dividend of Is per share had been .declared, payable in Melbourne on August 12v- The books will be closed on June 24. The dividend will be paid out of profits derived from sources other than mining at Broken Hill. At the present metal prices the operations at the mine are being conducted at a loss.

RUGBY, June 13. Par. Juno 11. Juno 13. Paris, fr to EX 121.21 93 5-18 93 5-10 , Brussels, belgas to £1 35 20.35 20% Oslo, kr to £1 18.150 20 1-16 20% Stockholm, kr to £1 18.150 19.50 19% Copenhagen, kr to £.t 18.150 18.30 18 5-10 Berlin, marks to £1 24.43 15.52% . 15 0-10 Montreal, dol to £1 4.80 2-3 4.24% 4.20 New York, dol to £1 4.80 2-3 3.07% 3.67% Yokohama, pence to yen 34.53 20% 20% Hongkong, pence to dol 25.15 16% 15 11-32 Bombay, pence to rupee 18 17 15-10 17 15-10 Batavia, florins to £1 12.107 9.15 Milan, lire to £1 .. 92.45 71% 71 11-10 Amsterdam, guilder to £1 12.107 ,0.07% 9.07% Prague, kr to £1 .. 24.02 123% 124 Geneva, kr to £1 .. 25.22% 18.82% 18 13-10 Vienna, schillings to £1 24.25% 30% 30% Helsingfors, marks to £1 193,334 215 215 Madrid, pesetas to £1 25.55% 44% 44% Athens, drachma to £1 25.22% 570 570 Lisbon, escudos to £1 6.50% 110 110 Bucharest, lei to £1 937 017% 617% Klo de I Janeiro, pence to mllrcis 18 5 6 Buenos Aires, pence to pesos « 47.82 — Shanghai, pence to tael 23% 20% 19 29-32 Montevideo, pence to peso 5*1 30 SI Warsaw, zlotys to £1 43.38 — —

market:— Copper. spot .. . Ton. i'A Rise £0 15 0 Copper, forward •• * , ,. 27 0 5V4 Rise 0 11 i',i Electrolytic, spot .. , ,. SI 0 0 Rise 1 0 0 Electrolytic, forward , ,. 31 W 0 - No change Wire bars .... , 0 No change Lead, spot m. 9 10 0 Rise 0 6 S Lead, forward .. , 9 18 9 Rise 0 3 9 Spelter, spot ., ,. . ,. n u 3 Rise 0 3 9 Spelter, forward .. , .. 11 18 9 Rise 0 11 3 Tin. spot .. .... . 0 Rise 5 15 0 Tin. forward .. .. , C Rise 5 15 0 Silver, standard .. . Oz. . 18%d Fall 1-lCd Silver, fine . IS 3-lCd Fall l-10d