COMMERCE AND FINANCE

Otago Daily Times, Issue 21939, 28 April 1933, Page 2

COMMERCE AND FINANCE

THE'SHARE MARKET DUNEDIN STOCK EXCHANGE Twtf ’ ialcs of'Bank of New Zealand® were reported on the Dunedin Stock Exchange jresterday; at £2 5a 4d. Buyers were the the maTket, bht sellera firm at £2 5s 6d. Commercialfßahks had business at 14a 6d, liter offers of, J.4s 2d failing to attract sellers, who would .not Jaccept Joes than 14e 7d. Business war-done inN ew Zealand Drugs at £3 3s 6d. - ■ -• There was an unsupplied buyer at the close 1 of the markef at £3 3s. A sale of Wilsons Cements was reported at £1 12s 6d, and there was a buyer at the close of the market at £1 12s, with' no seller forward. Three parcels of Okaritos were turned over at 9a sd, the closing quotations being 9s 4d (buyers), 9s 5d (sellers). A sale ot Paddy’s Pointa at 5s 2d was followed by offers of 5s 2d, but sellers were unwilling to take less than 5s 4d. Sales of 4 per cent. Stock (Jan., 1940) and 4 per cent. Stock (Jan., 1946) took place at £99 las.

local; and overseas markets.

•Discount. DIVIDENDS PAYABLE. The following is a list of shares °n which dividends will shortly be payable: — E.S. and A. Bank, Is 6d, interim .. " • May 1 National Bank of Australasia, ss, final May National Bank of Australasia {ss paid), 2s fid, final ... .. May Bank of Adelaide, 2s, final .. May 3 Kaitangata Coal, 2s, annual .. Dalgety, 2s fid, interim .. .. May 17 Electro-Zinc (pref.), 9 3-sd, in- ■ terim Apl. Mosgiel Wool, 352 2-sd, interim May 13 Waihi, Is, final .. NORTHERN EXCHANGES <Pf.k United I’Ress Association.) The following business was done on ’Changes yesterday; — Auckland. —Sales: Stock (1940), 4 per cent., £99 15s, £99 10s; Stock (1946), 4 per cent., .£99 10s; Stock (1949 b 4 per cent., £99 10s; Stock (1955), 4 per cent., £99 10s;. Commercial Bank, 14s sd, 14s 6Jd; Bank of New Zealand, 45s 3d; New Zealand Insurance, 49s fid (two); Smith British Insurance, 63s 8d; Auckland Gas, 225; New Zealand Breweries, 29s 3d, 29s 4d; Colonial Sugar,- £55 10s; Union Oil, 255; Wilsons Cement, 325; Blackwater, 2lg lid; Golconda (fid paid), 8d; Waihi, 22s sd, 22s fid; Waihi Junction, ?s 9d; 'Mount Lyell, 20s lid. ’ Wellington.—Sales; Inscribed Stock, 4 per cent. (1940), £99 15s; 4 per cent, (1946), £99 15s; 4 per cent. (1949), £99 15s; Commercial Bank, 14s Id; New Zealand Refrigerating (10s paid), 3s 9d; Colonial Sugar (late Wednesday). £so; Big River Mines, Is 2d. Christchurch. —Sales on 'Change: 4 per cent. Inscribed (1940),.£99 15s; Commercial Bank of Australia, 14s fid (five); Bank of New Zealand, 46s 3d (four), 45s 4d (three); Union Bank of Australia, £7 10s; New Zealand Refrigerating (10s paid), 3s 9d; Christchurch Gas (10s paid), 13s; Australasian Paper and Pulp, 325, 31s 9d; Electro. Zinc ’(pref.. cum div.), 29s 9d (two); Mount Lyell, 20g fid; Big River, Is 2d; Nokomai, 5s Id; Waihi (cum- div.), 22s 7d; Waihi Grand Junction, 3s 8d (four); Freshford, Is sd. Sales reported; Commercial Bank of Aus-

tralia, 14s 7d (two), 14s 6d (two); Union Bank of Australia, £7 10s (two); New Zealand Breweries (late sale Wednesday), 29s 3d (two); New Zealand Drug Company, 63s 6d; Wilsons Cement, 32s 6d. . Unlisted: Bell Hooper (two), 9£d; Investment Executive Trust (B Debs.), £95. MINING ELECTROLYTIC ZINC COMPANY. The following is the production statement for the four weeks ended April 5 of the Electrolytic Zinc Company of Australasia, Ltd., the figures for the previous period being given in parentheses:—Zinc, 4162 tons (4186); amount used at works, 50 tons (50); lead, 160 tons (190); silver, 15,0000 z (16,000 oz). BIG RIVER GOLD MINES. The report to be presented to the first annual meeting of shareholders of Big River Gold Mines, Ltd., states that £1975 was expended in reconditioning, mine work, and plant, £2333 in mine development, and £332 in brokerage and other expenses. A subsidy of £332 has been received from the Mines Department, the only condition being that it shall be paid back out of the first profits from mining operations., In order to provide additional working capital, it Was decided to offer for subscription 122,900 reserve shares. They were offered in,, the .first instance to shareholders, the public being given the opportunity of taking any balance. The shares Wete allotted at 6d per share on application and 6d per . share payable within one month after allotment As the headquarters of the company are to be fixed definitely at Reefton, Messrs A. de B. Brandon, G. W. Mahgus, A. H. Miles, J. G. Harcourt, and J, Patterson, present directors, Will not seek re-election. The following have been nominated as directors:—Messrs J. B. Auld, J. B. Stevenson, A. F. O’Donnell, J. W. Hannan, H. D. Vickery, and B. H. Npes. The principal points of interest in the mining developments have been centred in Nos. 1,2, and 3 levels of the mine, In No. 3 level, in the south drive off the main east level at 197 ft from the * main shaft, a new ore body was located, varying from ,Ift to 4ft 6in in width and carrying good gold. If it develops satisfactorily, it may play an important part jn the development of the mine. In view of the improved appearance of the -mine, the battery water race has been put in working order, and repairs are now under way to the dam at the head of the water race, also to the battery and cyanide plants. After these have been completed, crushing operations will be commenced, and thus reach the gold-produc-ing stage. The total called un capital of the company is shown at £18,855. The principal other liability is the balance of purchase price due to the New Big River Gold Mining Company, Ltd., £3OO. The amount at debt of the profit and loss account is £2758. DAIRY PRODUCE The New Zealand Loan and Mercantile Agency Company, Ltd., has received the following cabled advice from its London house, dated April 26: Butter, 68s. Cheese; White, 375, 37s 6d; coloured, 435; market quiet. NEW ZEALAND APPLES GOOD DEMAND IN ENGLAND. (United Press Association.) (By Electric Telegraph—Copyright.) LONDON, April 26. Apples are in good demand. The RangitikiV New Zealand Cox’s reaised 12s to 16s 6d; Dunn’s, 11s to 1.2 s 3d; Jonathans, 10s to 14s; Ballarat, l()s to 11s 6d. New Zealand Pears.—Boxes; Boses. 14s to 16s; Josephines, 12,j to 14s 6d; Winter Cole, 10s 6d to 11s 9d. Half-boxes: Boses, 5s 6.1 to 6s 6d; Winter Cole, 3s 6J to 4s 3d.

FOREIGN EXCHANGES (British Official Wireless.) (United Press Association.) (By Electric Telegraph—Copyright.)

LONDON METAL MARKET (United Press Association.') (By Electric Telegraph—Copyright.) LONDON. April 26. . (Received April 27, at 10 p.m.)

THE POUND STERLING DECLINE IN NEW YORK. (United Press Association.) (By Electric Telegraph—Copyright.) NEW YORK, April 26. A sharp decline was experienced by the pound to-day, closing 6J cents weaker at 3.79 J for cables. The decline is attributed by local bankers to Britain’s announcement o£ her intention to utilise the stabilisation funds to end the currency’s soaring. The Canadian dollar closed at 86. SYDNEY WOOL SALES (United Press Association ) (By Electric Telegraph—Copyright.) SYDNEY, April 27. (Received April 27, at 11 p.m.) At the wool sales 7591 bales were offered, and 6837 sold, while 1831 were disposed of privately at the dosing sales to-day. There was very keen general competition, and the market was exceedingly firm for all descriptions. _ A hardening tendency was again in evidence, and greasy merino made 14d. THE TIN INDUSTRY QUOTAS AGREED TO. (British Official Wireless.) RUGBY, April 28. (Received April 27, at 5.5 p.m.) The International Tin Committee met at The Hague yesterday and examined the monthly statistics as to exports. The signatory Governments agreed to the following quotas for export and prediction, with effect from July 1 next; —Bolivia 1224 long tons, Netherlands and the East Indies 1068, Nigeria 286, and Malaya 1927. The next meeting will be held in Paris on May 23.

ADDINGTON MARKET (Per United Press Association.) CHRISTCHURCH, April 27. The features of the weekly market at Addington to-day were the exceptionally heavy entry of fat cattle and the short supply of fat sheep. The cattle entry was easily the largest for the year. Store Sheep.—There was a small entry and a very slack sale and many passings among the ewes, and lambs sold dully, barely maintaining late rates, Values:— Medium mixed sex lambs, 5s 0d to 6s Id; average, 3s to ss; inferior, to 2s Id; good crossbred ewes, to 7s lid; medium, to Cs 3d; medium two-tooth ewes, to 12s; medium sound-mouth, 6s to 8s; ordinary sound-mouth, 4s to 5s 9d; aged and inferior, 2s to 3s 9d; forward half bred wethers, 7s 6d to 8s lOd. Fat Lambs.—There was an entry of 3500 and a firm sale at late rates resulted. Export buyers operated to the latest schedule. Values; —Extra prime heavy lambs, to 17s 7d; prime heavy, 13s 6d to 15s; medium-weight, 11s to 13s; light, 8s 6d to 10s 6d, Fat Sheep.—An entry of 4000 was forward and there was a keen demand as a result of the shortage of supply. Wethers were firm at late rates and ewes advanced Is to Is 6d. Values:— Extra prime heavy wethers, to 17s lOd; prime heavy, 15s to 16s 6d; medium-weight, 12s Cd to 14s 6d; ordinary, 10s 6d to 12s; light, 8s 6d to 10s; show ewes, to 15s Id; extra prime, to 13s; prime, 10s 6d to lls 9d; mediumweight, 8s to 10s; ordinary, 6s to 7s 6d; light, 4s to 5e 6d. Fat Cattle. —There was an entry of 540 head, representative of the West Coast, Otago, and Marlborough, as well as Canterbury, and including some outstanding lines of steers. Primest beef maintained late rates in an irregular sale, but other sorts were difficult to quit. Best beef sold at up to 21s per 1001 b; good prime, 17s to 20s; heavy-weight medium, 14s 6d to 17s; good heifer, 15s to 18s; good cow, 13s to 16s; secondary cow, 10s to 13s; rough, down to 7s. Values: —Extra prime heavy steers, to £ll 2s 6d; prime, £7 to £8 10s; medium-weight, £6 10s to £8: ordinary quality, £4 10s to £6; light, £2 5s to £4; extra prime heifers, to £7 I2s 6d; prime, £4 5s to £6; medium, £3 to £4; light, £1 il7s 6d to £3; extra prime cows, to £7 17s 6d; prime. £3 10s to £5; medium, £2 5s to £3 ss; light, £1 to £2. Fat Pigs.—The entry was large, and competition fair. Prices were firm at late rates. Values:—Choppers, 30s to £4 16s; baconers, 37s 6d to 47s 6d; heavy, 52s 6d to 69s 6d;.average price per lb, 3?d to 4Jd; porkers, 23s 6d to 27s 6d; heavy. 30s to 35s 6d; average price per lb, 4 a d to sd.

AUSTRALIAN MARKETS (United Press Association.) (By Electric Telegraph—Copyright.) SYDNEY, April 27. (Received April 27, at 10 p.m.) . Wheat is quiet. Country rates are 2s 3|d for bagged and 2s 3d for bulk, on sidings, equal to about 2s 10jd and 2s ex trucks, Sydney. Flour, £9 15s. Bran and pollard, £4 13s. Potatoes: Tasmanian, £6 10s and IT, Victorian, to £6. . , ... Onions.: Victorian Brown Spanish, £o, Globes, £4. Maize: Yellow, 3s lOd; white, 4s Id. ADELAIDE. April 27. Growers’ lots, 2s 8d and 2s 81dFlour: Bakers’ lots, £8 ss. Bran and pollard, £4 17s 6d. Oats, Is Bd. THE TALLOW MARKET (United Press Association.) (By Electric Telegraph—Copyright.) LONDON, April 26. At the tallow sales 837 casks were offered, and 534 were sold. Good sorts were about 6d cheaper, but lower were in better demand at full late rates. Mutton: Fine, 24a 6d; medium, 18s. beet: Fine, 21s; medium, 18s 6d. The Bank of New Zealand has received the following advice from _ its London office, under date the 26th mst.:—-There is a good demand. Current quotations are: Good mutton, 23s to 23s 6d per cwt; beef. 19s 6d; mixed, 19s 6d; gut, los 6d to 17s 6d. AUSTRALIAN STOCK EXCHANGES (United Press Association.) (By Electric Telegraph—Copyright.) SYDNEY. April 27. (Received April 27, at 9 p.m.) The Stock Exchange had an active market and price movements favoured holders. Buying orders were placed With a good deal of confidence in view of the hopeful tenor of the discussions at W ashington. , The following sales were made:—-Bans of New South Wales, £29 14s; Colonial Sugar, £56; Commercial Bank of Australia, 14s 8d; United Insurance, £8 2s 6d; South British, 635; Burns, Philp. 51s; Australian Gas (B)., £8 19s; British Tobacco, 34s 9d; Associated News, 7s !Jd (pref., 18s); Dunlop Perdriau, 1/s: Tooths, 36s 6d; Tooheys, 21s; Mount Lyell, 20s Broken Hill Proprietary, 32a IJd; South Broken Hill, 48s; North Broken Hill, 725.

SALES REPORTED. £ 6. d. Bank of New Zealand /(two) 2 5 4 0 14 6 New Zealand Drugs 3 3 6 Wilsons Cement 1 12 6 Okarito (three) 0 9 5 2 0 Paddy’s Point 4 per cent. Stock (Jan., 19401 0 5 99 15 4 per cent: Stock (Jan., 1946) .99 15 0 SALES REPORTED AFTER LAST call: . d. £ 8. Big River 0 1 0 1 3 2i The following are yesterday afternoon s hnvinef and selling quotations, which . are subject to the usual brokerage;BANKING. Buyer. Seller. £ s. d. £ 8. d. Australasia .. • • 10 0 0 — New Zealand .. 2 5 0 2 5 6 Commercial .... 0 14 2 0 14 7 E.S. and A. .. 4 6 0 4 8 0 National of N.Z. 3 8 0 — National of Abasia 12 0 0 National of A’asia . (cont.) 5 10 0 INSURANCE. National 0 16 0 0 16 9 New Zealand .... 2 8 0 2 15 0 Standard 2 11 3 SHIPPING. Huddart, Parker (pref.) .. .. .. 13 0 — P. and. O. Def. Stock 0 16 0 ■ — U.S.S. Co. (pref.) 1 2 0 — COAL. Kaitangata .... 103 1 1 6 Westport 0 12 4 ' LOAN AND AGENCV. Goldsbrough, Mort — 1 2 9 Natnl. Mortgage (B issue) 0 18 0 — Trustees, Executors 2 7 6 — MEAT PRESERVING. N.Z. Refrig, (paid) 0 10 0 0 10 7 N.Z. Refrig, (cont.) 0 3 6 0 3 11 South Froz. Meat (paid) 2 3 3 —

MISCELLANEOUS. Buyer Seller £ B. d. £ 8. d. Australian Glass .. 2 3 0 — British Tobacco. 1 13 6 — Bruce Woollen (pref.) .. .. .. — 1 0 0 D.I.C. (ord.) .... — 0 11 •0 D.I.C. (pref.) .. 0 18 0 — Dominion Fertiliser 0 10 0 — Dominion Fertiliser * (debs.) ' 98 0 0 — Donaghy’s Hope .. 1 13 6 — v Electrolytic Zinc .VI > ' . ■ • A (pref.) IJ9 3 1 10 o Electrolytic Zinc ford.) ... .. .-. 0 16 0 0 16 9 Moegiel Woollen 8 O' 0 ■ M'Leod Bros. .; 25 0 0 — Mount Lyell T 0 0 .1 ,o 8, N.Z. Drug Co. 3, 3 0 ' — N.Z. Paper Mills . 1 5 6 ... ,— Regent Theatre .. ' 0 17 0 Smith and Smith 0 10 0 0 12 0 Wilsons Cement -.. 1 12 0. ■ — breweries N.Z. Breweries .. 1 9 0 1 9 8 Dunedin ..*.. .. .10 9 . — OIL. Moturoa; (pref.) . 0 5 3 MINING. Waihi 1 2 0 — Kildare '.V .. ; . 0 2 0 Okarito .... .. 0 9 4 0 9 5 Paddy’s Point 0 5 0 0 5 4 Golden Progress .. 0 1 3 0 2 0 Ring Solomon — 0 2 0 Golden Point -g.r— 0 0 2£ Blackwater .'. .. i i 10 1 2 3 Gillespie’s Beach 0 1 4 0 1 5 Waitahu .. 0 5 0 0 5 4 Big ' River .. .. *0 1 3 0 I 3 Mount David .... — 0 3 0 Nokomai .. .. 0 5 0 0 5 4 Freshford .. • • — 0 1 6 Lawson's Flat .... 0 0 101 — GOVERNMENT LOANS. 3 p.c. Bonds, 1938 99 0 0 — ,'U p.c. Bonds, 1939 99 0 0 — 3? p.c. Ins., 1938 99 0 0 . — 3| p.c. Ins., 1939 99 0 0 — 4 p.c. Bonds, Jan., 1940 99 15 0 — 4 p.c. Bonds, Feb., 1946 99 15 0/ — 4 p.c. Bonds, April, 1949 99 15 0 — 4 p.c. Bonds, June, 1955 99 10 0 — 4 p.c. Ins., Jan., 1940 ,.. 99 15 0 —

RUGBY, April 26. Paris— Par. April 25. April 26. Francs to £1 .. 124.21 87 31-32 87 7-16 Brussels — Belgas to £ 1 .. 35 24,775. 24.65 Oslo — Kroner to £1 .. 18.189 19 S 19% Stockholm— Kroner to £1 18.150 19% 19 11-32 Copenhagen— Kroner to £1 .. 18.150 22 7-16 22 7-16 Berlin— Marks to £1 .. 20.43 15.0 15.025 Montreal— Dollars to £1 .. 4.86 2-3 4.40 ' 4.395 New York— Dollars to £ 1 .. 4.86 2-3 3.83J 3.795 Yokohama — Pence to yen .. 24.582 I4J 15 1-16 Hongkopg— Pence to dollars 24.58 16 9-16 16 7-16 Bombay— „ ■ v Pence to rupee — .. 18 1-32 18 1-32 Batavia— Florins to £1 12.10 8.70 8.72 Milan— Lite to £1 .. 82.46 665 66 3-16 Amsterdam— Guilder to S'l 12.107 8.62 8.555 Prague— Kroner to £1 .. 104J 1165 1135 GenevaKroner to £1 .. 25.22J 17.975 . 17.85 Vienna— Schillings to £1 84.68 J 33 33 Helsingfors— Marks to £1 193.23 228 228 Madrid— Pesetas to £ 1 25.235 40 7-16 40J Belgrade— Dinars to £1 .. 25.225 260 255 Athens— Drachma to £1 373 615 6075 Lisbon—* Escudos to £1 110 110 no Bucharest— Lei to £1 931.6 585 580 Rio de Janeiro— Pence to milreis 5.890 5% 5% Buenos Aires— Pence to pesos 47.28 405 41 ■Shanghai— Pence to tael .. 15i 14 15-16 Montevideo — Pence to pesos 33 33 Warsaw — Zlotys to £1 .. — — —

The following aro Copper, spot ., .. the official Ton. .. £30 15 quotations:— 714 Else £0 0 1014 Copper, forward .. .. SO 18 114 Else 0 0 3 Electrolytic, spot .. .. 34 15 0 No change Electrolytic, forward .. 35 10 0 Else 0 10 0 Wire bars .. ., .. 35 0 0 No change Lead, spot .. .. .. 11 3 9 Else 0 2 a Lead, forward .. 11 7 6 Else 0 2 6 Spelter, spot .. .. 15 0 3 Else 0 S 714 Spelter, forward .. 15 10 0 Rise 0 2 8 Tin. spot ,.104 1 3 Else 1 2 0 Tin. forward .. .. 9 Else 1 1 3 Silver, standard .. 0 1. .. 1814d Fall 1 ll-10d Sliver, fine .. .. Fall 2 l»d