COMMERCE AND FINANCE

Otago Daily Times, Issue 21827, 14 December 1932, Page 4

COMMERCE AND FINANCE

THE SHARE MARKET DUNEDIN STOCK EXCHANGE The market generally was more active on the Dunedin Stock Exchange yesterday, and several transactions were recorded. Business was reported in Bank of New Zealands at £2 Is, further offers of 6d less finding sellers firm at £2 ~ls 6d. There was a fair demand for coal mining shares, but no business resulted. British Tobaccos were asked for at £1 Be, but sellers were unwilling to do business at less than £1 9s 6d. _ The best offer for New Zealand Breweries was £1 ss, which was 9d less than the best selling quotation. A parcel of Kawaraus realised 6d, and buyers continued to offer sd, without finding a better seller than 9d. Nokomais found business at 6s, at which figure a sale was also reported, and at 6s Id, further offers of the latter figure finding sellers firm at 6s 2d. There were two sales of Mount Davids at 3s 6d, the closing quotations being 3d on either side of that figure. A sale of Paddy’s Points was reported at 5s Id, and the market closed with a buyer forward at 4s lOd and a seller at 5s 2d. There was an improved demand for Government Loans.

The following are yesterday afternoon s buying and selling quotations, which are subject to the usual brokerage:—

NORTHERN EXCHANGES (Per United Press Association.) The following business was done on ’Changes yesterday:— Auckland. —Sales: 5| per cent. Stock, 1937, £95 ss; Auckland Gas, 1935, GJ per cent., £9B; National Bank of New Zealand (two), £3 ss; Bank of New Zealand, 41s 4id, 41s 3d: New Zealand Insurance, 41s; Auckland Gas (con.), 15s 3d; Golden Dawn, 4s Bd, 4s 9d; Waihi, 18s 9d. Wellington—Sales reported: 44 per cent. Inscribed Stock, 1938, £92 15s (late Monday) ; 5i per cent. Stock, 1937 (Sept.), £9B; 5J per cent. Bonds, 1937 (Feb.), £9B. „ , • , v , Christchurch—Salee: Bank of New Zealand, 41s; Goldebrough, Mort, 20s 6d (three); New Zealand Refrigerating (10s paid), 3 S 2d (two), 3s Id; Golden Sands, 2s; Wellington Gas, 295; Mahakipawa, 3d; Nokomai, 5s lid, 6s (three); Okanto, Bs. Sales reported: Bank of New Zcaland, 41g 4Jd, 41s, 41s 3d. TRUST AGENCY OF AUSTRALASIA (United Press Association.) (By Electric Telegraph—Copyright.) LONDON, December 12. The Trust Agency of Australasia has deferred the question of a dividend on preference shares till the year’s result is known. LONDON MARKETS The Department of Agriculture has received the following cablegram, dated December 10, from the High Commissioner for New Zealand, London:— Tallow. —The auction will be held on December 14. The market is quiet, but •teady at about last quotations.^ Hemp.—Manila market quiet, but steady. Small business has been done at last rates quoted. Sisal.—Market steady, and fair business has been done at last rates quoted. New Zealand: Small business has been done early this week at last rates quoted. Buyers’ requirements satisfied, and market closed quiet. Eggs.—Market steady, with firmer tendency. English, national pack, ICs to 22a; English, ordinary pack, 16s to 17s; Danish, 13s Gd to 18s 6d; Australian, 141 b to 171 b per long 100, 11s 3d to 13s; New Zealand sold 151 b to 171 b per lomr 100, 12s 3d to 13s 6d.

LOCAL AND OVERSEAS MARKETS.

LONDON WOOL SALES (United Press Association.) (By Electric Telegraph—Copyright.) LONDON, December 12. At ' the wool sales 7041 bales were offered, including 2967 from New Zealand. About 5680 bales were sold. There was brisk Home and Continental competition at firm rates. New Zealand greasy crossbred, “London Hill,” 9Jd and 8-id; slipe halfbred lamb, “Fairfield,” 12|(1 and ll|d. The Bradford market is slightly more active in fine tops. SYDNEY WOOL SALES (United Press Association.) (By Electric Telegraph—Copyright.) SYDNEY, December 13. (Received Dec. 13, at 10 p.m.) At the wool sales 11,948 bales were offered, of which 11,338 were sold, while 1314 were disposed of privately. There was strong competition, especially from Japan and the Continent, and the market was very firm. Greasy merino made 16|d. FOREIGN EXCHANGES (British Official Wireless.) (United Press Association.) (By Electric Telegraph—Copyright.) BUQBT. December 12.

GEAR MEAT COMPANY The directors of the Gear Meat Preserving and Freezing Company of New Zealand report for the year ended November 30 a loss of £12,948. They state with regret that “ the operations for the period do not show a satisfactory result. The loss for the year is £12,948 11s Bd, Jess amount carried forward 30/11/31, £5333 10s 7d,” leaving £7615 Is Id; add interim dividend paid in June, £11,500, and the total debit profit and loss account amounts to £19,115 Is Id. The directors recommend that this amount be carried forward to next year, and they add that, “having regard to the losses sustained by the company for the past six months, the board regrets exceedingly that it cannot reconimend any dividend beyond the interim dividend paid in June last." The retiring directors are Sir Francis Bell and Mr A. de B. Brandon, who, being eligible, offer themselves for re-election. The auditors, Messrs Ernest W. Hunt and E. R. Dymock, also offer themselves for re-elec-tion. This company for many years past has been a consistent payer of dividends of 10 per cent., and for 1928 and 1929 it paid Hi per cent., and for 1930 and 1931 10 per cent.

MINING EXCEPTIONAL DIVIDENDS. The dividend of Is declared last week by Blackwater Mines makes the total paid 18s per share, or a gross amount paid by the company of £224,991 18s. The Consolidated Goldfields’ dividend of 6d per share makes a total paid of 21s 9d per share, and the total amount returned to shareholders £256,027 Is 9d. The capital of each company is £250,000, and both were registered in 1906. The Consolidated Company owns 91,507 shares in Blackwater Mines. WAIHI GOLD MINE. The following information has been cabled to the London office of the Waihi Gold Mining Company, Ltd.:— No. 5 Level. —No. 2 reef: Driving west the next 34ft assays 30s 6d a ton. The lode varies from 2ft to sft wide.^ No. 11 Level. —North section Empire lode: Driving east the next lift assays 60s 3d a ton. At 105 ft the total width of the reef is 74ft, assaying 43s 9d a ton. No. 11 Level. 38ft Sub-level.—North section Empire lode: In the crosscut south from the winze at 51ft down the next 12ft assays 13g 6d a ton, the next 4ft 52s 6d a ton, the next 4ft is country rock, the next 4ft 7C S a ton, the next 15ft 11s a ton, and the last 2ft country rock. We have holed here to former workings. No. 11 Level, 90ft Sub-leye!.—North section Empire lode: Commencing at Mjtchel winze we have driven east 77ft, the assay value being 45g 6d a ton. The lode is about 4ft wide. LYTTELTON HARBOUR BOARD REDEMPTION LOAN NOW ISSUED. A unique opportunity for a Gilt-edged Investment is presented by the Lyttelton Harbour Board Redemption Loan, which has been placed on the open market. Terms of the issue are as follows: (a) The Loan is for £136,000 for 10 years from January 1, 1933, at 5i per cent., payable half-yearly. NOTE: As the interest payable to investors IS NOT subject to 10 per cent, tax (as are loans issued before April 1, 1932), the interest-bearing value is comparable with a rate of 5| per cent. Interest accrues on accepted application money from date of its receipt by the Board. (b) Application money is free of exchange, and the principal will be repaid free of exchange on January 1, 1943, in Christchurch, or at any branch of the Bank of New Zealand in New Zealand. (c) The Security for the Loan is the Lyttelton Harbour Board’s undertaking and its revenues, subject to existing charges. The public debt of the Lyttelton Harbour Board compares more than favourably with that of any other main port of New Zealand. At the present time it is only £289,375, of which amount one loan of £56,800 is being paid off in annual instalments. Excess of assets over liabilities is £899,914, including cash assets totalling £228,895. at September 30, 1932. Copies of the Prospectus are obtainable from Mr C. H. Clibborn, Secretary, Lyttelton Harbour Board, Christchurch (who will also receive applications for debentures) and from the Stock Exchanges or any Branch of the Bank of New Zealand.—l4/12/32.

PRICE OF FINE GOLD (United Press Association.) (By Electric Telegraph—Copyright.) LONDON, December 12, Fine gold is quoted at £6 6s 2d per ounce. LONDON METAL MARKET (United Press Association.) (By Electric Telegraph—Copyright.) LONDON, December 12. (Received Deo. 13, at 10 p.m.) The following are the official quotations:—

AUSTRALIAN STOCK EXCHANGES (United Press Association.) (By Electric Telegraph—Copyright.) SYDNEY, December 13. (Received Dec. 13, at 10.30 p.m.) On the Stock Exchange investors showed little inclination to enter into fresh commitments, and much of the business transacted was of a clearing-up character. The following sales were made; — Bank of New South Wales, £3O 12s 6d; National Bank (£lo paid), £ll Iss; Australian Gas (A), £6 19s; do (B), £0 19 s Gd; Dunlop Perdriau, 16s 3d; Goldsbrough, Mort, 24s 3d; Millaquiu Sugar, 27s Gd; Australian Glass, 43s 3d; British Tobacco, 335; do (pref.), 27s 3d; Tooths, 34 s Gd; Mount Lyell, 21s 7£d; Broken Hill Pty., 25s South Broken Hill, 45s 9d. MELBOURNE, December 13. National Bank (£lO paid), £ll 18s; Commercial Bank of Australia, 15s 0d; Metropolitan Gas, £ll 17s; Dunlop Perdriau, 16 s Gd; South Broken Hill, 4Gs. LONDON WHEAT MARKET (United Press Association.) (By Electric Telegraph—Copyright.) LONDON, December 12. Wheat cargoes are dull and slightly easier. Parcels are in poor request, Manitobas occasionally dearer. Australians are unchanged, and La Platas steady. Futures: —London: December, 22s 9d; February, 22s 3d; April, 22s 2d. Liverpool; March, 4s ll§d; May, 5s OJd. THE LEAD MARKET (United Press Association.) (By Electric Telegraph—Copyright.) LONDON, December 12. Lead. —Imports, 28,730 tons (Australian 14,595); exports, 2252 tons.

P. AND 0. SHARES (United Press Association.) (By Electric Telegraph—Copyright.) LONDON, December 12, P. and 0. Shares, 14s 33d. BRITAIN’S TRADE RETURNS FOR NOVEMBER. LONDON, December 12. The Board of Trade returns for November are: Imports, £01,556,000; exports, £31,093,000; and re-exports, £4,059,000. The principal decreases in the imports were: Grain and flour, £1,162,000; food and drink, £2,708,000; iron and steel and manufactures thereof, £2,163.000; electrical goods and apparatus, £833,000; machinery, £884,000; cotton yarns and manufactures, £806,000; woollen ditto, £1,467,000; apparel, £1,332,000; chemicals, £1,115,00(3; leather and manufacturers thereof, £1,083,000. The principal decreases in the exports were: Iron and steel and manufactures thereof, £326,000; machinery, £471,000. The principal increases in the imports were: Tobacco, £569,000; wool, £358,000; and in exports, cotton yarns and manufactures, £272,000, vehicles, £240,000.

SALES ON ’CHANGE. £ 8. d. 0 6 0 0 6 1 0 0 6 Mount David (2) 0 3 6 SALES REPORTED. Bank of New Zealand 2 1 0 0 8 2 0 C 0 Paddy’s Point 0 5 1

BANKING. Buyer. Seller. £ s. d. £ s. d. N.S.W 25 15 0 27 10 0 >3-7: 2 0 6 2 1 6 E.S. and A 0 4 0 2 National of N.Z. . 3 4 — National of A’asia 10 0 0 — 6 Union 6 5 0 7 2 INSURANCE. National — 0 14 3 New Zealand .. .. — 2 3 0 South British .. .. 2 1 6 2 7 0 Standard 2 2 0 2 9 0 SHIPPING. Huddart, Parker 0 18 1 0 6 6 U.S P S. <L. (pref.) — COAL. Kaitangata .... par. — Westport — 0 12 3 Weetport-Stockton 6 ' (ord.) 0 0 0 1 0 Weatport-Stockton 6 (pref.) 0 010 0 1 LOAN AND AGENCY. Goldsbrough, Mort National Mortgage 1 1 1 17 6 0 National Mortgage 18 s (B issue) .. .. 0 14 6 0 Trustees, Executors 2 17 0 — MEAT PRESERVING. Gear Meat .. .. — 6 1 9 0 N.Z. Refrig, (paid) 0 9 — N.Z. Refrig, (cont.) 0 3 2 0 3 5 MISCELLANEOUS. British Tobacco .. 1 8 0 1 9 6 Bruce Wlln. (ord.) — 0 10 0 D.I.C. (ord.) . .. 0 9 3 — D.I.C. (pref.) .. Donaghys Rope .. 0 17 6 0 19 0 1 10 0 — Milburn Lime . .. — 1 7 0 Mosgiel Woollen .. 6 14 0 — M“Leod Bros.. . .. 22 10 0 — 6 National Electric . 0 5 9 0 7 N.Z. Drug Co. — 2 17 0 N.Z. Express (ord.) — 0 8 0 N.Z. Paper Mills . 1 0 0 — Smith and Smith . 0 10 0 — 6 Wilsons Cement . — 1 9 BREWERIES. N.Z. Breweries .. 1 8 0 1 5 9 N.Z. Breweries (deb«.) 1 0 0 — 6 1 3 OIL. Moturoa 0 3 9 0 4 6 MINING. Kawarau 0 0 5 0 0 9 Waihi — 0 19 3 Mount Lyell .. .. — 1 0 0 S. Broken Hill .. 1 19 0 2 4 0 0 1 9 0 2 0 0 8 0 0 8 4 Paddy’s Point . .. 0 4 10 0 5 2 0 0 21 0 0 4 Golden Progress .. 0 1 10 King Solomon . .. 0 2 3 0 2 6 Golden Point . .. 0 0 — 9 Golden Dawn . .. 0 4 u 0 4 Alexander — 6 1 1 6 Consol. Goldfields . 0 8 tg * Gillespie’s Beach . t° 0 >21 0 3 fo 0 7 fo 0 9 Golden Sands . .. 0 1 10 0 2 3 Big River — 0 1 2 Mount David .. .. 0 3 3 0 3 9 0 6 1 0 6 2 GOVERNMENT LOANS. 4J p.c. Bonds, 1938 93 0 0 — 41 p.c. Bonds, 1939 93 0 0 — 41 p.c. Ins,, 1938 93 0 0 — 41 p.c. Ins., 1939 93 0 0 — 5| p.c. S.S. Bonds, 1933 100 0 0 — 61 p.c. S.S. Ins., 0 1933 100 0 — 51 p.c. Bonds, 1933 98 15 0 — 61 p.c. Ins., 1933 . 98. 15 0 — 64 p.c. Bonds, Feb., 1937 98 5 0 — 54 p.c. Bonds, Sept., 1937 98 5 0 — £1 p.c. Ins., Feb., 98 0 1937 0 —— 54 p.c. Ins., Sept., 98 0 1037 0 —-• f Premium.

Paris, fr to £1 Par. 121.21 Dee. 10 83 B-15 Dec. 12. 83% Brussels, belgas to £1 .. 35 23.47% 23.45% Oslo, hr to £1 18.189 19.40 19.37% Stockholm, kr to £1 18.150 18.23% 18.30% Copenhagen, kr to £1 18.150 19 D-32 19.28% Berlin, marks to £1 .. 20.13 13.67% 13 21-32 Montreal, do! to £1 1.88 2-3 3.78% 3.78% New York, do! to £1 4.86 2-3 3.25% 3.26 Yokohama, pence to yen 24.582 15 5-16 16 Hongkong, pence to dol 24.58 16 1-16 16 Bombay, pence to rupee 18 3-16 181-16 Batsria. florins to £1 • • 18 — 8.17 Milan. lire to £1 .. 82.46 03% 63 11-16 Amsterdam, guilder to £1 12.107 8.00% 8.10% Prague, kr to £1 .. .. 104% 109% 110% Genera, kr to £1 .. „ 25.22% 10.02 10.95% Vienna, schillings to £1 84,68% 27% 27% Helsingfors, marks to .£1193,23 228 228 Madrid, pesetas to £1 25.23% 39 15-16 40 Belgrade 276.3 — 242% Athens, drachma to £1 375 695 595 Lisbon, escudos to £1 110 107% 107% Bucharest, lei to £1 931,6 650 507% Bio do Janeiro, pence mllrela .. .. ' .. to 5.890 6% 6% Buenos Aires, pence pesos to 47.82 Shanghai, pence to tael — 20 15-16 21 Monterldeo, pence to peso 61 30 so Warsaw, tlotys to £1 — — —

Copper, spot .. Ton 3 FaU £3 0 4% Copper, forward M .. 27 13 8 FaU 3 a 4W Electrolytic, spot • a . .. 32 10 0 Fall 3 8 0 Electrolytic, forward .. S3 10 0 FaU 2 15 0 Wire bare .. 0 FaU 1 16 0 Lead, spot a FaU 0 5 9 Lead, forward ,, .. 11 a 3 Fall 0 8 9 Spelter, spot 0 FaU 0 7 e Spelter, forward .. 14 18 0 FaU 0 10 0 'Pin. spot „ .. 0 FaU 2 10 0 Tin, forward .. ..150 0 3 FaU 2 7 6 dllrer. standard SUrer, fine Oz. ., 17 M;d FaU Fall Ud 14 a