COMMERCE AND FINANCE

Otago Daily Times, Issue 21775, 14 October 1932, Page 5

COMMERCE AND FINANCE

THE SHARE MARKET DUNEDIN STOCK EXCHANGE A sale took place on the Dunedin Stock Exchange yesterday of a parcel of Okarito share* at 8s sd. When the market closed there was a buyer for these at 8s 4d, but with sellers asking 8s 6d no further business was transacted. National Bank of New Zealand* were reported to have changed hands at £3 19s. Three sales were reported after the last call of Waitahus' at par. At'the close of the market yesterday a buyer was offering lid discount for, these shares, but sellers remained firm at par. There was a seller of National Insurances at 14s lOd, with no buyer forward. There was no response to an inquiry for Kaitangatas at 9d discount. _ SALE ON ’CHANGE.

NORTHERN EXCHANGES (Peb United Pbess Association.) '‘The following business was done on ’Changes yesterday:— Auckland.—Sales; Bons —1933, 5J per cent., August (2), £9B 10s; Stock —1937, 5J per cent., February, £96 7s 6d; ditto, 1933, 5i per cent., January. £99 10s; ditto, 1937, 5J per cent., September, £99 12s 6d, £99 10s; E.S. and A. Bank, 945; New Zealand 'lnsurance (2), 435; Loan and Mercantile, £59; Dunlop Perdriau, 14s 9d; Wilsons Cement, 325, 31s 9d; Waihi. 17s 3d; New Zealand Breweries, 28s 6d. Wellington.—Sales; Government Bonds, 5} per cent., 1933, £9B 10s; National Bank of New Zealand* £3 19s: Union Bank of Aust., £7 18s; Dunlop Perdriau. 14s 9d (late Wednesday). Christchurch. —Sales: 5§ per cent. Inscribed (September, 1937), £99 12s 6d; National Bank of Australasia (£5 paid), £5 16s (2)i; National Bank of New Zealand. £3 19s (3); Union Bank of Aust., £7 18s; National Insurance. 14s 6d; Goldsbrough. Mort, 23s lid, 23s lOd (5) ; United Building Society, 14s, 7d; New Zealand Refrigerating (10a paid), 3s 4d C2); Westport-Stockton Coal (pref.), Is 7d; Mount Lyell, 21s Id; Taranaki Oil, 2s 6d: Big River, Is 6d. Is 5d (2); Wilsons Cement. 31s 9d; Golden Point. 7d; Mahakipawa (pref.), 7Jd; Okarito, 8s 6d, 8s Sales reported: National Bank of New Zealand. £3 19s (2); Standard Insurance. 48s 9d; Beath and Co. (pref.). 19s 3d; Goldsbrough, Mort, 245. ’5 AUSTRALIAN MARKETS ( (United Press Association.) .(t>7 Electric Telegraph—Copyright.) SYDNEY, October 13. . (Received Oct. 13, at 9 p.m.) The wheat market shows an improvement, with inquiry for silo lots, for which sellers indicated 3s Ijd, with buyers offering 3s Id. Bagged wheat is quoted nominally at 3s 3d. Country rates are 2s. 6d for ■ bagged and 2s 4d for bulk, on sidings, which is equal to about 3s ex trucks, Sydney. Flour, £lO. Bran and pollard, £5 10s. Potatoes: Tasmanian, £6 10s; Victorian, ;£4 ss. Onions; American, ex store, £42. Maize; Yellow, 6s 4d; white, 5s 2d. SYDNEY WOOL SALES • (United Press Association.) (Py Electric Telegraph—Copyright.) SYDNEY, October 13. (Received Oct. 13, at 10 p.m.) .At the wool sales 12,673 bales were offered and 11,618 were sold, while 1033 were disposed of privately. Firmness still characterises the market, competition, being strong from Japan and the Continent, with moderate support from Yorkshire. Greasy merino sold to 18id,

LOCAL AND OVERSEAS MARKETS.

DAIRY PRODUCE Messrs Dalgety apd Co., Ltd., have received the following cablegram from London dated October 6:— The butter market is weak. The cheese market is quiet. Danish butter, 116 a to 120 s; New Zealand finest butter, 102 s to 112 a; Australian finest unsalted butter, 104 s to 106 s; Australian, finest salted butter, 98s to 102 s; Australian G.A.Q., 90s to 975; Australian cheese, white, not quoted; Australian cheese, coloured, not quoted; New Zealand cheese, white, 65s to, 665; New Zealand cheese, coloured, 60s to 61s; Canadian cheese, white, 66s to ~68s; Canadian cheese, coloured, 66s to 68s; Canadian cheese, c.i.f., not quoted. The New Zealand Loan and Mercantile Agency Company, Ltd., has received the following cablegram from its London, house under date October 12:— Butter, finest, 110 s; butter, firsts, 102 s to 104 s. Market very slow. Cheese, white, 65s to 65s 6d; cheese, coloured, 60s to 61s. Market is quiet. OTAGO MUTUAL STARRBOWKETT SOCIETY A meeting of shareholders in the Otago Mutual Sftarr-Bowkett Society was held in the secretary’s office last evening, when there was a fair attendance of members. The chairman (Mr W. H. Adams) referred to the depressing times which were at present being experienced, and said that, in view of the prevailing financial stringency, it was gratifying todtnow that in so short a time the society had been able to give loans amounting to £ISOO. He urged the shareholders present to Use their nest efforts to fill up the No. 4 group, which, owing to the easy terms which were offered, was the mpst popular group in any building society. A premium loan of £SOO in group No. 3 was disposed of by ballot, and was drawn by one shareholder. A similar ballot for a free loan of £IOOO in group No.'4 resulted in the money being drawn by two shareholders. LONDON WOOL SALES _____ • (United Press Association.) (By Electric Telegraph—Copyright.) LONDON, October 12. At the wool sales 7933 bales were offered, including 3176 from New Zealand. About 3771 bales were sold. There was good Yorkshire and Continental competition, and the opening rates were firmly maintained. New Zealand greasy crossbred “ DC./D,” 7£d; halfbred lambs’ slipes, “Waitaki,” 12fd. These are the only prices given. ' ; PRICE OF FINE GOLD i (United Press Association.) (By Electric Telegraph—Copyright.) ■ ' ' ■ LONDON, October 12. ■ The price of fine gold is quoted ‘at f 5 19s 9d per oz. FOREIGN EXCHANGES (British Official Wireless.) (United Frees Association.) (By Electric Telegraph—Copyright.)

MINING ELECTROLYTIC ZINC. The following is the production statement of the Electrolytic Zinc Company of Australasia, Ltd., for the four weeks ended September 21, the figures -for the previous four weeks being given in parentheses: — Zinc, 415 J tons (4068 tons); amount used at works. 50 tons (50 tons); lead, 200 tons (165 tons); silver, 20,0000 z (19,000 oz). GOLCONDA GOLD MINING COMPANY. The Golconda Gold Mining Company’s mine manager reports as follows; — The drive on the hanging wall of the break was advanced 12 feet; total, 52 feet. The country rock is of the best description, and seepage is coming through. We opened out on the south end of the shaft with a prospecting drive and advanced 10 feet; total, 10 feet. The country rock is very firm and is interlaced with quartz seams. In this direction the Cambria reef should be met with. The reefs we have cut through in sinking the shaft at no time showed the characteristics of the Cambria reef, as they carried no antimony in the ore and were free from gas. MAHAKIPAWA GOLDFIELDS. The mine manager of the Mahakipawa Goldfields reports for the week ended October 10 as follows: — During the week the air compressor was engaged in providing sufficient air to work the two pumps in the north end. The water was kept below No. 1 east crosscut, but the north face itself was not unwatered. Blocking north of No. 1 east crosscut was carried out in fair grade wash. In the south end blocking south of No. 7 crosscut and north and south of No. 7 west crosscut returned fair grade wash. No development work was undertaken in the south end, as there was insufficient air to operate the jack-hammer. A washup on October 8 returned 40oz of alluvial gold. The directors report that they have just returned from a visit to the mine and conferred with the manager on the difficulty encountered with water in the north drive. An electric pump of ample capacity has now been ordered to overcome the trouble, and it will arrive at the mine to-day. It will be installed over the week-end, and work will then be resumed in the north face. The effect of this pump will be to improve the output in the north workings and also relieve the air compressors, so that the pneumatic tools can again be operated, thus increasing the output in the whole mine. . The directors consider that the difficulties which the mine manager has been experiencing. in the north drive account for the low return last week. Operations at the mine are progressing satisfactorily, and the directors consider that the general outlook is good. . CUSTOMS SURTAX ’ DUNEDIN IMPORTERS ANXIOUS. In connection with the removal of the Customs surtax on British goods in accordance with the agreement reached at the Ottawa Conference, Mr H. C. Campbell, chairman of the Otago Importers and Shippers’ Association, forwarded the following telegram to Mr F. Jones, M.P. for Dunedin South, yesterday morning:— “The importers are anxious to know if when Parliament sanctions removal surtax it will be accordance section 143, clause B, of Customs Act, 1913, as in 1921 Parliament abrogated section 143, clause B, in favour of specific date on that occasion, South Island being greatly prejudiced.” Section 143 of the Act of 1913 reads as follows: —“In the case of any alteration in the law relating to the liability of any goods to duty or the fate of duty to which any goods are liable, such liability or rate snail, except where otherwise expressly provided, be determined— (a) In the case of goods warehoused or goods produced in a manufacturing warehouse (whether before or after such alteration in the law) by the law in force at the time when the goods are entered for home consumption; (b) in the case of all other goods, by the law in force at the time of importation or by the law in force at fbe time at which the goods are thereafter entered for home consumption, whichever is most favourable to the importer.” LONDON METAL MARKET (United Press Association.) (By Electric Telegraph—Copyright.) LONDON, October 12. (Keceked Oct. 13, at 10 p.m.) The following are the official Quotations;—

MOUNT LYELL SHARES (United Press Association.) (By Electric Telegraph—Copyright.) 1 LONDON, October 12. Mount Lyell, 18s 3d. OVERSEAS TRADE FIGURES FAVOURABLE TRADE BALANCE. (Peb United Pbess Association.) WELLINGTON, October 13. The overseas trade figures for the Dominion for September, 1932, with the figures for the corresponding period of the previous year in parentheses, are:— Exports from New Zealand, £1,512,796 (£1,632,944). , Imports into New Zealand, £2,155,530 (£2,134,482). For the nine months ended September, 1932, the exports totalled £28,686,652 (£27,269,124), and the imports £17.065,099 (£19,098,029). The values shown for the exports are declared f.o.b. values in terms of New Zealand currency, while the imports are valued on the basis of values in the exporting countries plus 10 per cent. AUSTRALIAN STOCK EXCHANGES (United Press Association.) (By Electric Telegraph—Copyright.) SYDNEY, October 13. (Received Oct. 13, at 10 p.m.) The Stock Exchange turnover was well up to average, and prices were without appreciable change. Banks inclined to harden, and Commonwealth Bonds are in good demand. The following sales were made:— Bank of New South Wales, £3l 15s; Commercial Bank of Sydney, £l7 7s 6d; Union Bank (New Zealand delivery), £9 ss; Colonial Sugar, £64 15s; Fairymead Sugar, 20s 6d; Burns, Philp, 49s 3d; Winchcombe, Carson, 24s 10id; Goldsbrough, Mort, 27s 3d; Dunlop Perdriau, 16s 6d; British Tobacco, 36s 4id; Australian Gas “A,” £6 16s 6d; Broken Hill Pty., 23s 6d; South Broken Hill 50s 6d. Bonds—4 per cents. (1938) £lO2 3s 9d, (1941) £lO2, (1944), £lO2 12s 6d. (1947) £lOl 7s 6d, (1950) £lOl 7g 6d, (1953) £lOl 12s 6d, (1955) £lOl 17s 6d, (1957) £lO2 ss. (1959) £lO2 10s, (1961) £lOl 2s 6d.

MELBOURNE, October 13,

Commercial Bank of Australia, 18s 6d, Union Bank, £9 ss; Dunlop Perdriau, 16s 6d; Dunlop Perdriau (pref.), 32s 3d; Herald-Times, 57s 3d; Sugar, 28s 6d.

Two English midgets. Miss Dorothy Kathleen Griffiths and Mr Vivian Pascoe, both of whom were born in London, were lately married in St. Barnabas’s Church, Mitcham. The bridegroom is 4ft in height and the bride is 3ft lOih. The bride’s sister, Barbara, aged 10 years, w'ho is a foot taller, was one of the bridesmaids, and a Oft brother, Mr A. G. Griffiths, was best man. Both midgets' parents, who are of normal height, attended the wedding.

f 8. d. 0 8 5 SALES REPORTED. National Bank of New Zealand 3 19 0 Waitahu (after laat call . • . • 0 0 3 (par). The following are yesterday afternoon's buying and Belling: quotations, which are subject to the. usual brokerage— BANKING. ' Buyer, Seller. ...,*.•' - • £ s. d. £ B. d. Bank of A’asia 9 18 0 — Bank of N.fe.W. .. 28 0 0 — 3 Bank of N.Z 2 S 9 2 6 Bank of N.Z. (long D] 1 8 6 1 10 0 Commercial Bank .. 0 14 3 0 14 8 Comm. Bank (pref.) - • 7 9 0 E.S. and A. Bank .. 4 13 0 — Natl. Bank of A’asia 11 10 0 — Nat|,,Bank.of A’aaia (con't.) i. 5 14 0 — ■ a. , INSURANCE. National .. ,7 , 0 14 10 New Zealand .. .. ’ 2 3 0 South British .. .. ■ — - *•’ 2 17 0 2 8 0 2 10 0 SHIPPING. P. & 0. Def. Stock 0 19 6 UjS.S. Co. (pref.) .. TO 3 —' COAL. Kaitangata .. *0 0 9 — Westport ... 0 12 , 4 it LOAN AND AGENCY. Dalgety and Co. . . Golosbrough, Mort .. r Stephenson 8 7, 0 1 3 0 11 6 0 i 4 0 Wright, Stephenson v -;; (pref.)-.. , 0 13 0 ■— MEAT PRESERVING. Gear Meat... ..; j. 1 15 0 N.Z. Refrig, (paid) 0 10 S 0 11 0 N.Z. 'Refrig; (cont.) 0 3 2 0 3 6 South. Frozen Meat (paid).. .. .. ., 2 0 0 2 1 0 8th. Otago Freezing — tt5 0 0 MISCELLANEOUS. \ - British Tobacco .. 1 11 9 1 12 9 Brown, Ewing (pref.) — 0 19 0 Crystal Ice 17 3 D.I.C. (pref.) .. .. Donaghy’s Rope .. .. 0 19 8 —• 1 10 0 Kaiapoi Wolln (ord.) 0 5 3 —. Milburn Lime .. .. Mosgiel Woollen .. v 1 6 9 . — • 6 15. 0 0 6 N.Z. Drug Co. '* * . . 2 19 0 3 N.Z.' Paper Mills .. Regent Theatre . . , . Wilsons Cement .. .. 1 ;t 0 10. z . 6 12 ; 1 11< 3 1 3 BREWERIES. N.Z. Breweries .. .. 1 8 0 — N.Z. Breweries (debs.) 10 3 Dunedin .... .. .. 1 1 3 — MINING. . Rawarau 0 0 6 — Waihi f+0 16 10 — 9 Electro. Zinc (ord.) 0 16 0 0 16 Mount Lyell .. • • — 1 1 6 Sth. Broken Hill . . — 2 7 fO Mount Davidi- .S: 1 .. x }>; — 0 5 1 Mahakipawa ... . . .. 0 0 4 0 0 5 Kildare Oil 7 0 1 10 Okarito . . .. :. . .. o; s 4 0 8 6 Paddy’s Point . V0 '■■5 1 Golden .. 9 0 .1 9 King Solomon . ; .. Golden Point 1 0 1 0 1 114 "i 0 0 7 ,0 0 8 Golden Dawn .. .. 0 4 6 0 5 6 Rlackwater 0 17 6 0 19 6 'Alexander 0 16 6 ~ Waitahu .. .. ,. *0 ,0 n to par Gillespie's Beach .. to . 0 2 0 3 0 1 3 0 1 5 XF.fc .... OIL. Taranaki ;.-V.•' .»■••• 0 20 . — GOVERNMENT LOANS. 44 p.c. Bonds, 1938 95 2 6 — 44 p.c. Bonds, 1939 95 2 6 — 44 p.c. Bonds, 1941 95 ,0 0 — 44 p.c. Ins., 1938 .. 95 2 6 T 44 p.c. Ins., 1939 .. 95 2 6 — 54 p.c. Bonds, 1936 99 10 0 — 54 p.c. Ins., 1936 .. 99 5 0 — 5’1 p.c. Bonds, 1937 5s P.c. Ins., 1937 .. 96 5 0 — 96 0 0 — 54 p.c. Bonds, Feb., , 99 12 6 ,1U37 5i p.c. Bonds, Sept., 99 l0 "1937 0 — 54 p.c. Ins., Feb., 6 1937 . .. •■ .. 99 7 — 54 p.c. Ins., Sept., 1937 .. .. •• •• 99 ,5 0 — * Discount. + Premium, ft Cum. div.

■ RUQBT, October 12. Par. Oct. 11. Oct. 12. Parle, fr to 151 124.21 87 11-10 8744 Brueiels, bclgae to £1 .. 35 24.85 24.7044 Orio, to to itl .. .. .. 18.180 10.85 18.88 Stockholm, to to £1 18.150 10.4744 19 15-32 Copenhagen, to to;£l .. 18,160 . 10 0-32 10 9-33 Berlin, mark) to £1 20.43 14.4844 14.4*44 Montreal, del to £i 4.88 2-3 3.7844 3.7844 New Tort, del to £1 .. 4.80 2-3 3.4444 3.4444 Yokohama. pence to yen 24.582 1044 1044 Hongkong, pence to do) 24.58 1044 1644 Bombay, pence to rape* — 18 5*32 18 5-32 Biitarla, florin* to £1 .. 18 . ' — Milan, lire to Cl ,, 02.46 6744 0744 Amsterdam. gnllder (o £1 12.107 8.60 8.56 Prague. to to £1 .. .. 10444 11044 11644 Genera, to to £1 .. .. 25.2244 17.8444 17.8244 Vienna, (chilling* to £1 34.5844 2044 , 2044 Helsingfors; mark* to £1 103.23 23244 23244 Madrid, oetta* to £1 ... 25.2344 42 1-10 41 1-10 Belgrade .. 270.3 24244 255 Athena, drachma to fl .; 375 680 580 lilibon. eacudoi to £1 116. 110 110 Buchareat iel to £1 .. 831.8 630 680 Dio de Janeiro, pence to mllrela .. 6.800 6 5-32 6 7-32 Buenos Urea, pence to peso a •« .* 47.82 Shanghai, pence to tael — 21 3-16 21 3-16 Uonterideo, pence to peeo 51 SO, 80 Warsaw., alotya to £1 .. • — •

Copper, spot .'. .. Ton, 0 Rise £0 14 4»4 Copper, forward .. . 32 IS 0 Rise 1 0 0 Electrolytic, spot .. . SO 10 0 Rise 0 10 0 Electrolytic, forward . 37 0 0 No change Wire bara .. 0 No change Lead, spot .. .. 0 Rise 0 IS 9 Lead, forward . 12 6 3 Rise 0 3 9 Spelter, spot .. 6 Rise 0 S 0 Spelter, forward .. .16 8 0 Rise 0 6 0 Tin, epot .. .... 3 Rise ' I 2 6 Tin, forward .. .. 0 Rise 1 1 3 Silrer, standard ■ .. Oz. . 17%d Rise l-16d ’ Sllrer, fine .. .. . 19%d , Rise l-10d .