COMMERCE AND FINANCE

Otago Daily Times, Issue 21773, 12 October 1932, Page 4

COMMERCE AND FINANCE

THE SHARE MARKET DUNEDIN STOCK EXCHANGE A sale of Bank of New Zealands was teported on the Dunedin Stock Exchange yesterday at £2 6s, but there were no quotations for these shares at the close of tne market. Westport Coals have inquiry at 12s !4d with a seller at 12s lOd. There is a buyer of British Tobaccos at. 11 11s 6d, sellers demanding Is more. The ordinary issue of ■ D.l.C.’s is in demand at 10s 6d, with a seller at lls 6d. / A sale of New Zealand Drugs was reported at £2 19s 6d, later offers of £2 19s failing to attract a seller. New Zealand Brewery debentures are on offer at £1 Is, buyers remaining steady at £l. Waihis, which are quoted cum! dividend, •re now in demand at 17s, without a seller in the market. There is a buyer of Alexanders at ,16s 6d with no seller forward. A keen demand exists for all Government Loans. SAT.ES 'REPOT?TED.

NORTHERN EXCHANGES

(Per United Press Association.)

The following business was done on 'Changes yesterday:— Auckland. —Sales; Bonds (1941)., 4J per •ent., £94 10s; Bank of Australasia, £10; National Bank of New Zealand. £3 19a; Bank of New Zealand, 45s 9d (two parcels) ; New Zealand Insurance, 435; South British Insurance, 575: Goldsbrough, Mort, 24« 6d; New Zealand Breweries, 28s 6d; Alexander (13s 6d paid), 17s 3d; Consol Goldfields, 7s Bd, 7s 9d; Okarito, 8s 7d.

Wellington.—Sales: Inscribed Stock, 5J per cent. (1937), £96 ss; Bank of New Zealand, £2 6s; Christchurch Gati, £1 5a 3d; South British Insurance, £2 17e; Waihi, 17s 3d; Tooths' Brewery, £1 lls 9d, £1 lls Bd, £1 lls 7id, £1 Us 6d (late Monday). Christchurch. — Sales: New Zealand Breweries (Bonds), 20s Od; Goldsbrough, Mort, 24s fid, 24s 3d, 24s 2d (two parcels); New Zealand Refrigerating (10s paid), 3s 7d (four parcels); Tooths Brewery, 32s 9d; British Tobacco, 31s Od; Electrolytic Zinc (ord.), 16s 6d; Electrolytic Zinc (pref., cum div.), 26s 6d; Alexander Mines (cont., cunp div.), 17s 2d; Golden Dawn, 4s lid; Golden Point, 7d. Sales reported: Bank of New Zealand, 465; Goldsbrough, Mort, 24s Cd; Tooths Brewery, 32s 7id (two parcels). AUSTRALIAN STOCKS WALL STREET TRANSACTIONS. ; (United Press Association.) (By Electric Telegraph—Copyright.) NEW YORK, October 10. ; Commonwealth fives, 1955, £81; 1957, £B2; 4i’s, £74 12s 6d; New South Wales, 1957, £BO 12s 6d; 1958, £BO 15a; Queensland sixes, £93 15s; sevens, £.99. CHICAGO WHEAT MARKET (United Press Association.) •> (By Electric Telegraph—Copyright) NEW. YORK, October 10. Chicago wheat quotations:—December, 481 cents per bushel; May, 53J; July, 54|; New York, cash, 502. THE WHEAT MARKET . (United Press Association.) tßy Electric Telegraph—Copyrlrht.) LONDON, October 10. Wheat; Cargoes are quiet, sellers adIvibig in late rates. Parcels are quiet. Demand unchanged. Futures: London— Dic -mbor 23s 3d, February 22s lid, April £3s Id: Liverpool—October 5s 33d, December 5s 4d. March 5s 3ld.

LOCAL AND OVERSEAS MARKETS.

RABBIT SKIN SALE The Dunedin Stock Agents’ and Woolbrokers’ Association (Messrs Dalgety and Co., Ltd., Donald Reid and Co., Ltd., Stronach, Morris, and Co., Ltd., New Zealand Loan and Mercantile Agency Company, Ltd., Wright, Stephenson, and Co., Ltd., Otago Farmers’ Co-operative Association, Ltd., and National Mortgage and Agency Company, Ltd.), reports as follows: — .. Consignments to auction have decreased rapidly during the last few weeks,, and only small catalogues were offered at yesterday’s rabbit skin sale. There were apparently several orders in the market on foreign account, and these mean a good demand' for all grades of skins. Winter sorts showed an advance of from 3d to 4d per lb," and other grades Id to 2d compared with the previous sale's ra|es. The following is the range of prices:— # . Summer broken, 4d to fid; autumn broken, BJd to 9|d; first winter broken, 13d to 14d; runners and suckers, to Sid; summers, 4Jd to s|d; light racks, 6|d to 7jjd; prime. racks, 62d to 7fd; dawny, autumn, Bid to 9Jd; early autumns, lid to 12d; autumn, 14d to 14Jd; second incoming, IQd to 12Jd; incoming winter, to 20d; early wipter, 24d to 28d; first spotted winters, 21d to 27d; second winter bucks, 34*d to 36|d; second winter does, 32d to 33d; first winter bucks, 45d to 47$d; first winter does, 40d to 44|d; prime bucks, to 49|d; prime does, to 50d; outgoing, 14d to 22d; springs, BJd to lldj milky. 6Jd to Hid; winter fawn, 30d to 38d; summer black, 3d to 3|d; autumn black, 6d to lOd; first winter black, 23d to 24d; second winter black, 14d .to 16d; hareskins, 4d to 12d; horsehair, to 12d.

CONVERSION OF BONDS COMMENT BY PRIME MINISTER. (From Odr Parliamentary Reporter.) WELLINGTON, October 11. The statement of The Financial Times contained in a cable message from London yesterday that New Zealand would shortly take the opportunity of converting the bonds issued in 1931 and costing over 6 per cent, was brought to the notice of the Acting-Minister of Finance (Mr G. W. Forbes) during an interview this evening. “That is the.only loan we can deal with,” said Mr Forbes, “and I take it that Mr Downie Stewart will have been discussing the matter. At the moment, however, wo have no definite information.” PRICE OF FINE GOLD (United Press Association.) (By Electric Telegraph—Copyright.) LONDON, October 10. The price of fine gold is quoted at £5 19s 7d per ounce. *P. AND 0. SHARES (United Press Association.) (By Electric, Telegraph—Copyright.) , LONDON, October 10. P. and O. shares, 19s 3Jd. FOREIGN EXCHANGES (British Official Wireless.) (United Press Association.) (By Electric Telegraph—Copyright.) RUGBY. October 10.

NEW ZEALAND GUARANTEE CORPORATION PROFIT OF £4491. A net profit of £4490 19s 9d is shown in the balance sheet of the New Zealand Guarantee Corporation for the year ended August 31. Last year the net profit was £ll6O 6s Bd. The directors, in their report, state that, owing to existing conditions, business has been very difficult and the board continued its policy of making adequate provision for all likely contingencies. The net profit for the. year, after making provision for income tax, was £4490 19s 9d, compared with £ll6O 6s 8d last year. The volume of motor and other forms of chattel security had fallen very considerably, but other avenues of business had been found which have already proved profitable, and which the board feels sure will show still further improvement in the future. The called-up capital of the corporation remains at £214,390, and the uncalled capital is £285,585. The bank overdraft has been extinguished and there is a credit balance at the bank of £8278. The possibility of the calling up of further capital is even more remote than ever. Interim dividends at the rate of 7 per cent, per annum on preference shares, 5d per share on fully-paid ordinary shares and 2d per share on the remainder, amounting to £4749 15s lOd for the six months ended February 29, were declared and paid. The balance of profits carried forward from last year amounted to £I4BB 10s 9d, and, in view of the provisions and special investments made, plus the fact that liquid cash available is in excess of present requirements, the board recommends the transfer of £SOOO from reserves and the payment , of the following dividends: At the rate of 7 per cent, per annum on preference shares; a further dividend of 5d per share on fully-paid ordinary shares (making a total of lOd for the year) and 2d per share on the balance of ordinary shares.allotted (making a total of 4d per share fdr the year). These dividends will absorb £4749 15s lOd, leaving a balance to be carried forward to next year of £1479 18s lOd. LONDON WOOL SALES (United Press Association.) (By Electric Telegraph—Copyright.) LONDON, October 10. At the wool sales 7711 bales were offered, including 4828 bales from New Zealand. About 5760 bales were sold. There was good Yorkshire and Continental competition at full late rates. New Zealand merino, "Brancott," top, lid; average, lOJd; halfbred, “Macdonald Downs, Hid and 10|d; halfbred lamb, slipe, “Belfast,” 123 d and 10|d. Scoured halfbred, “Ruanui,” 16d and 14id. The Bradford market is very quiet, with an easier tendency. THE TALLOW MARKET (United Press Association.) (By Electric Telegraph—Copyright.) LONDON, October 10. Tallow: Stocks 1563 tons, imports 469 tons. LORNEVILLE STOCK SALE (Special to Daily Times.) INVERCARGILL, October 11. With the exception of store the yardings at the Lorneville stock sale today showed reduced numbers. There was a slight improvement in the fat sheep prices, and. although the-market for fat cattle appeared to''be firmer, there was really little change when the superior quality'of the cattle is taken into consideration. Faf Shefep.—Extra prime heavy wethers in wool sold up to 16s 6d; medium quality, 12s 6d to 14s; lighter, down to 10s 6d; extra prime heavy woolly ewes, up to 12s; good medium-weights, 9s 6d to He; prime quality heavy shorn wethers, 14s to 15a; prime quality medium weights, lls 6d to 12s 6d; prime quality shorn ewes, 9s to 10s 3d; lighter, down to 7s 6d. Fat Lambs, though not heavy, were of very nice quality, realising from 13s to 15a, blit outstanding sorts sold at 225. Fat Cattle.—Extra good quality bullocks realised up to £9; similar quality medium-weights, £7 5s to £8; lightweights, down to £6; good quality heavy heifers up to £7 5e;,„ medium-weights, £5 10s to £6 10s; lighter,-down; to £4 10s; prime heavy cows, upi.fia 16 ;■ ss'; good quality medium-weights;' £4 10s to £5 10s; inferior, down to £3. AMERICAN WHEAT CROP DEPARTMENT’S ESTIMATE. (United Press Association.)' (By Electric Telegraph—Copyright.) WASHINGTON, October 10. (Received Oct. 11, at 9.30 p.m.) The crop, report of the Department of Commerce, which was issued on October 1, indicated that the production of the majority of. crops was slightly above the September estimates, while spring wheat Vould be 1 per cent. less. The total wheat anticipated was 711,707,000 bushels, compared with 894,000.000 harvested in 1931. The estimated wheat production in 35 northern hemisphere countries, excluding Russia and .China, is 3,145,555,000 bushels, compared with .3403,809,000 in W3LV' ■ - ' SYDNEY WOOL SALES (United .Press Association.) (By Electric Telegraph—Copyright.) SYDNEY, October 11. (Received Oct. 11, at 10 p.m.) At the wool sales 12,373 bales were offered and 10,817 were sold, while 1589 were disposed of privately. The market was unchanged and values were firm. There was spirited Japanese and Continental competition, and greasy merino made 14 Jd. LONDON METAL MARKET (United Press Association.) (By Electric Telegraph—Copyright.) LONDON, October 10. (Hecelred October 11, at 10 p.m.) The following are the official quotatloni:—

AUSTRALIAN STOCK EXCHANGES

(United Press Association.) (By Electric Telegraph—Copyright.) SYDNEY, October 11. (Received Oct. 11, at 10 p.m.) There was brisk trading on the Stock Exchange to-day. The firm tone of recent weeks was maintained, but there was a slight, weakness in Goldsbroughs, The following sales were made:— Bank of New South Wales, £3l 7s 6d; Commercial Bank of Sydney, £l7 7s 6(1; Bank of Australasia, £ll 10s; National Bank (£5 paid), £6 12s; Burns, Philp, 40s ’6d; Adelaide Steam, 21s l£d; Fairymead Sugar, 20s 6d; Millaquin Sugar, 28s 6d; Australian Gas A, £6 16s 6d; British Tobacco, 30s 9d; Tooths. 37s 3d; Tooheys, 23s 3d; Dunlop Perdriau, 18s 10Jd; Goldsbrough, 20s 9d; Wilcox, Mofflin, 7s 2d; Winclicombe, Carson, 24s Iftjd; Electrolytic Zinc. 18s 6d; Taranaki Oil, 2s 8d; Carlton Brewery, 35s 6d; Broken Hill Proprietary, 23s 6d; North Broken Hill, 7s sd; Souths, 51s. Commonwealth Bonds —Four per cent., 1938, £lOl 15s; 1941, £lOl 17s Od; 1944, £lO2 ss; 1947. £101; 1950, £IOO 18s Od; 1955, £lOl 15s; 1959, £lO2 10s. MELBOURNE, October 11. Bank of Australasia, £ll 12s; Goldsbrough, 275: Tooths, 38s; Dunlop Perdriau," 16s 9d; ditto (pref.), 32s 9d; Herald-Times, 57s 3d; Myers, 295; South Broken Hill, 50s 3d; Norths, 75s 6d; Mount Lyell, 23s 9d; Zinc Corporation, 30s Od.

i ; 8 i. d. Bank of New Zealand '.. c > 6 1. 0 •* New Zealand Drugs . 2 19 1 6 The following are yesterday afternoon’s buying and selling quotations, which are •ubject to the usual brokerage:— . BANKING. ■ Buyer. Seller. £ 8. d. £ s. d. Bank of A'asia. .. 9 17 0 — Bank of N.S.W. .. 28 0 0 — Bank of N.Z. (long D) ... .. 1 8 6 — Commercial Bank — 0 14 10 E.S. and A. Bank 4 13 0 — Nat. Bank of N.Z. — 4 1 0 Nat. Bk. of A’asia. 11 10 0 — Nat. Bk. of A’asia. (cont.) .. .. 5 12 0 -r INSURANCE. National .. .. 0 14 6 0 14 10 New Zealand — 2 . 3 0 South British — 2 17 3 Standard .. .. — 2 10 0 SHIPPING. • U.S.S. Co. (pref.) 1 0 0 — COAL. Westport .. .. 0 12 4 0 12 10 LOAN AND AGENCY. Goldsbrough, Mort. National Mortgage 1 4 0 1 4 9 > — 2 0 0 Wright, Stephenson (ord.) .. .. 0 11 0 — Wright, Stephenson (pref.) ‘ .... 0 13 0 — MEAT PRESERVING. Gear Meat .. .. 1 15 0 N.Z. Refrig, (pd.) 0 10 3 — N.Z. Refrig, (cent.) 1 — 0 3 9 South Otago Frees. —■■ ■ ++5 0 0 MISCELLANEOUS. ' Australian Glass .. 1 18 6 — British Tobacco 1 11 6 1 12 6 D.I.C. (ord.) .. 0 10 6 0 11 6 Dominion Rubber 0 6 0 — Kaiapoi Woollen (ord.) .. - .. 0 5 3 — Milburn Lime 1 6 3 — Mosgiel Woollen ,. 6 15 0 — NZ. 1 Drug Co. .. Farmers' Fertiliser 2 19 0 14 0 0 NZ. Paper Mills Regent Theatre .. Wilsons Cement .. 1 1 0 10 2 0 z ■ t. — 1 13 0 BREWERIES, NJZ. Breweries .. 1- 8 3 1 9 6 N.Z. Breweries (debs.) 1 0 0 1 1 0 Dunedin .. .. 1 1 3 1 3 6 MINING. Kawarau .. .. 0 0 6 0 0 9 Waihi .. .. ..++0 17 0 Waihi Grand June. 0 3 ■4 — Elec. Zinc (pref.) ' Elec. Zinc, (ord.) 1 6 0 16 3 ++1 3 0 6 16 9 9 Mount Lyell 1 1 1 1 1 5 S. Broken Hill ' 2 7 6 Mahakipawa '‘ - 0 0 4 0 0 5 , • Kildare • 0.-1--7 0 1 9 Okarito r.T.;J. :o. 8.:.6 0 8 8 Paddy’s Point '■ 0 5 2 Golden Progress .. — 0 1 9 King Solomon 0 110 0 2 0 Alexander (cont.) • HO 16 6 — Waitahu ) . . .. •o . 0 3 — Gillespie’s Beach: +0,0 n to 0 3 Golden Sands' o r 6 — Big River . .V .. par — Mount Davids .. ■ '■ 0 5 3 GOVERNMENT LOANS. 4} per cent. Bonds, 1938 .. .. .. 95 0 0 95 5 0 4J per cent. Bonds, 1939 95 0 0 — 4} per cent. Ins., 1938 95 0 0 ’4J per cent. Ins., 1939 95 0 0 5J per cent. Bonds, 1930 99 5 0 5} per cent. Ins., 1936 99 0 0 ti per cent. Bonds, 1937 96 0 0 fij per cent. Ins., 1937 98 0 0 6J per cent. Bonds, Feb.,. 1937 .99 10 9 — 5} per cent. Bonds, Sept., 1937 99 10 0 . 5J per cent. Ins., \ Feb., 1937 99 5 0 — per cent.' Ins., Sept., 1937 99 5 0 99 10 0 • Discount. + Premium, ff Cum Dividend.

Par. Oct, 8. Oct 10. Paris, fr to £1 124.21 87 13-16 .87,15-10 Brussels, belgas to £1 35 24.82% 24.85 Oslo, Sr to O .. 18.189 10.85 19.85 Stockholm. Sr to £1 - . 18.160 19.47% 19.47% Copenhagen, kr.to £1 18.150 19.27%. 19.27% , Berlin, marks to £1 20.43 14.52% 14 17-S2( Montreal, dol to £1 .. 4.80 2■3 3.60 3.70% ' New York, lol to £1 „ 4.80 2•3 3.46% 3.45% Yokohama, pence to ] ren ■ 24.682 16% 18 7-10 Hongkong.' pence to'V dol 24.58 •10% — Bombay, pence to. rupee ■ 18 11-64 18 5-32 Batarla, florins to £1 18 — 8.62 • Milan, lire to £1 .. . 92.40 ' ■6TT.7I6 67 7-18 Amsterdam, guilder to £1 12.107 8,57% 8.58 Prague, tar to £1 .. 104% ■ 116% r 116% Genera, kr to £1 .. ,, 25.22% 17.82% 17.80 Vienna, schillings to £1 84.58% 20% 29% Helsingfors, marks to £1 103.23 232% 232% Madrid, nestis to £1 ,, 25.23% 42 3-10 42% Belgrade 276.3 237% Athens, drachma to £1 .. 375 680 680 Lisboa escudos to £1 .. 110 110 no Bucharest, lei to £1 .. 831.6 680 680 Ulo da Janeiro, pence to milrels 5.890 5 7-32 5 7-32 Buenos Aires, pence to pesos 47.82 ■ “ Shanghai, pence to tael — 21% f.. Montevideo, pence to peso .51 ...30 Warsaw, zlotys to £1 .. . ~ T.'. J - < ,-J

Copper, apot .. Ton. £31 1 4M Fall £1 10 0Copper, forward .. .. 31 18 8 Fall 0 18 1H Electrolytic, apot .. .. 36 0 0 Fall 1 0 0 Electrolytic, forward ... 87 0 0 Fall 0 15 0 Wire bare, .. .. .. 87 0 0 Fall 0 10 0 Lead, apot .. .. .. 10 17 6 Fall 0 11 3 Lead, forward .. .. 12 2 6 Fall 0 11 3 Spelter, apot .. .. .. 14 10 0 Fall 0 7 6 Spelter, forward •• •• 14 10, 3 FaU 0 6 3 tin, spot 143 2 6 Fall i i 8 Tin. forward .. .. .. 140 8 0 Fall 1 3 9 Surer, standard .. .. Silver, fine Oz. 17%d 10>,id Rise Rise l-10d 1-lGd