COMMERCE AND FINANCE

Otago Daily Times, Issue 21984, 20 June 1933, Page 5

COMMERCE AND FINANCE

THE SHARE MARKET DUNEDIN STOCK EXCHANGE A fair amount of reported business was recorded on the Dunedin Stock Exchange yesterday. Standard Insurances changed hands at £2 13s, the market closing with a buyer offering £2 12s, and no sellers forward. Paid-up New Zealand Refngeratings were dealt in at 15s 2d, the buyme and gelling quotations on Change being 15s and 15s 3d respectively. Westport Coals were sold at 12s, the closing buying offer being 11s lid, while sellers showed no interest. Two parcels of Waitahus .were disposed of at 7s, buyers offering up to 6s lOd on 'Change, and sellers asking 7s Id. Buyers of Bank of New South Wales shares were prepared to give £3l 6s, but no response was made by sellers. Union Banks were in stronger demand at £8 10s, but sellers were reticent. Sellers of Okaritos asked 10s sd, and no buyers came forward. SALES REPORTED.

NORTHERN EXCHANGES (Peb United Pbes» association.) The following business was done on ’Changes yesterday;— Auckland. —Sales: Stock (1940) 4 per cent., £IOO 15s; Bonds (1946) 4 per cent., £IOO 10s; Auckland City (1936) 6J per cent., £lOl ss; Franklin Electric Power Board (1963) 5J per cent., £9B; Bank of New Zealand, 47s 6d; Bank of New Zealand (D pref.), 31s; National Insurance. 17s; New Zealand Insurance, 49s 10)d (three parcels); South British Insurance. 68a 6d (two parcels); Colonial Sugar, £56 ss; H.M. Arcade Theatre (ptef.), 20s 6d; New Zealand Refrigerating (cent.). 6s 2d, 6s Id; Blackwater, 23s 6d; Golconda, 9id (two parcels); Waitahu, is 3d. Unofficial; Bell, Hooper, Is lid, Is 2d. Wellington.—Sales: Inscribed Stock 4 per cent. (1946), £IOO 10s; Commercial Bank of Australia, 16s 2d; Big 6d (all late Saturday); Bank of New Zealand (long term), 31s; Auckland Gas, 23s 5d 23s 6d; South British Insurance, 68s

LOCAL AND OVERSEAS MARKETS.

Scott Bros., produce merchants and commission agents, agents for “The Dunedin Egg Suppliers’ Association,” report: Eggs: Preserved eggs, Is Id to Is 2d; poultry farmers, Is 5d per dozen. Butter: Dairy pats, 7Jd to 8d per lb. Honey: Bulk, to 3Jd per lb; 101 b tins, 3s 3d to 3s 9d; 51b tins, 2s 6d each. Fat: Nominally, 8s to 9s per cwt. Poultry: Hens, Is to la 3d each; young roosters, 2s to 3s each; ducks, Is 3d to Is 6d; geese, 3s to 4s Od each. Turkeys: Hens, 8d per lb; gobblers, 9d per lb. Pigs: Prime baconers, 4d to 4id per lb; porkers, 4d to 44d per lb. Potatoes, £3 10s to £3 15a per ton. Chaff: Prime oaten sheaf, £4 to £4 5s per ton, bags extra, ex store. Carrots for poisoning, £3 on trucks, Christchurch district. Table carrots, 5s 6d per cwt. Parsnips, 6s 6d per cwt. Canterbury onions, 6s 6d per cwt. Partridge peas. 5s per bushel, sacks extra. Whole fowl wheat, 3s 9d to 4s, sacks extra. Clover and ryegrass hay, £4 15s, ex store. Lucerne hay, £5 10s to £6 per ton, ex store. Oats: Cartons. Is 9d; Sparrowbills, 2s per bushel, sacks extra, ex store. Pressed wheaten straw, £3 5s- oaten, £3 10s, ex store. Feed barley, 2s’6d to 2s 9d per bushel. Farro food,. £6, ex store. Victory feeding meal, 9s per cwt. June 19, 1633.

8d; New Zealand Breweries, 335; Golconda, 9Jd. Unofficial list: Snowy River, 4s. Christchurch. —Sales: Commercial Bank of Australia, 16s sd, 16s 4d (three parcels) ; Commercial Bank of Australia (pref.), £8 17s; Commercial Bank of Sydney, £l7 2s 6d (two parcels); E.S. and A. Bank, £5; Union Bank of Australia, £8 10s 6d (six parcels); Dalgety and Co., £9; Goldsbrough, Mort (cum div.), 27s (five parcels); New Zealand Refrigerating (10s paid), 6s Id; Mount Lyell, 22s 4d (three parcels); New Zealand Farmers’ Co-op. 4J per cent. Stock (1941), £56; Blackwater (cum div.), 23s 6d (two parcels); Lawson's Flat (Is paid), Is 8d (two parcels); Nokomai, 4s 8d (two parcels); Okarito (ex div.), 10s 3d (two parcels) ; Waihi Grand Junction, 3s 4d (three parcels). Sales reported; E.S. and A. Bank, £5 Os 6d; Bank of New Zealand (“ D ” .mortgage shares; cum div.), 31s lid; Union Bank of Australia, £8 11s 6d, £8 10s; New Zealand Refrigerating (10s paid), 6s 2d, 6a Id. Unlisted: Aotearoa Gold, 2g 2d. AUSTRALIAN STOCK EXCHANGES (United Press Association,) (By Electric Telegraph—Copyright.) SYDNEY. June 19. (Received June 19, at 8 p.m.) On the Stock Exchange the market is rather sluggish with a generally weaker trend, but there has been a firm undertone. The turnover has been fairly substantial. Sales. —National Bank (£5 paid), £6 10s; National Bank (£lO paid), £l3; United Insurance, £8 15s; Colonial Sugar, £57; Dalgety and Co., £10; Associated News. 8s lid; Adelaide Steam, 22s lid; Burns, Philp, 62b; Australian Gas (A), £7 4s; Dunlop Perdriau, 19s; Goldsbrough, Mort, 27s Ijd; Electrolytic Zinc, 20s 4id; Morris Hedstrora, 17s 3d; Henry Jones, 38s 6d; Australian Glass, 49a 6d; Meggitts, 19s 6d; Tooths, 38s; Tooheys, 23s 4<Jd; Carlton Brewery, 37s lid; Mount Lyell, 22s 7Jd. -1 , SYDNEY, June 19. \Morning Sales.—4 per cent. Bonds—--1938, £lO2 2b 6d; 1944, £103; 1953, £104; 1961,' £lO3 15s; National Bank, £6 10s: Associated News, 8s 9d; Broken Hill Proprietary, 34s 4Jd; Goldsbrough, Mort, 27s 3d; Dalgety and Co., £10; New Guinea Gold, 5s lOd. . MELBOURNE. June 19. (Received June 19, at 9.40 p.m.) Sales. —British Tobacco (pref.), 275; Electrolytic Zinc, 20s 6d; Goldsbrough. Mort. 27s 3d; Dunlou Perdriau. 19s 2d; HeTald and Weekly Times, 56s 3d; Taranaki Oil, 2s 6id; Metropolitan Gas, £l3 2a. BRITISH STOCK MARKET • (British Official Wireless.) (United Press Association.) (By Electric Telegraph—copyright.) RUGBY, June 17. (Received June 19, at 5.5 p.m.) The stock market is quiet. British funds are maintained with War Loan unchanged. AUCTION SALE OF SHARES Messrs Alex. Harris, Ltd., report that they submitted at auction yesterday a parcel of 2375 contributing shares of 5s each in the Wetherstones Gold Mining Company, Ltd., the shares having been forfeited for the non-payment of calls. Of the total number, 2250 shares, on which 3s had been paid, were sold at 2s Id each. NORWICH UNION FIRE INSURANCE SOCIETY The .annual report of the 'Norwich Union Fire Insurance Society showed that the profit from the fire department for the year was £14,201, from the accident and general insurance department £78,013, and from the marine department £15,000. The interest item amounted to £194,495, and the balance in profit and loss totalled £414,868. A dividend of £6 per share, less income tax, was declared at the annual meeting. The chairman ascribed the meagre earnings of the fire department to adverse experience in North America (including Canada) ■ and a shrinkage in the profit of the accident and general department to. the unsatisfactory outcome of business in parts of the foreign field, particularly North America. NEW ZEALAND PERPETUAL FORESTS The Realisation Committee of New Zealand Perpetual Forests., Ltd., reports that definite recommendations were made to the committee as to the desirability of establishing sample plots in order to ascertain as accurately as possible the volume of softwoods available at any definite time on the whole of the plantations and, secondly, the average rate of growth for any period. The committee reports that these sample plots are now being established, and that the methods adopted are approved by the best expert advice obtainable both in New Zealand and abroad. Tentative proposals of a far-reaching nature relative to the policy of financing the conversion of the timber into marketable merchandise have been tabled, and these are now receiving very careful consideration by the committee. The policy of the committee is directed towards having mills and plant operating in the course of from five to seven years. NEW COMPANIES ACT Interesting, features of the proposed new Companies Act, which is expected to go through Parliament next session, were dealt with by Mr J. S, Barton in the course of a lecture given last week to members of the Wellington Accountant Students’ Society and the Australasian Institute of Secretaries. It had been a ( matter of common knowledge, Mr Barton said, that the new Act had been on the stocks for years past. It had been felt here that the present Act had developed along lines suitable to New Zealand conditions, and there had been opposition to throwing it overboard. The Hatry smash, however, had turned the scale, and a strong request was made from Downing street that the 1929 English Act should be adopted and that all the Empire should come into line. The new Agt followed closely the English Act, which, Mr Barton said, was modelled on the Victorian Act of 1910. It was proposed to retain some of the terms more suitable to New Zealand. He pointed out three provisions in the Act which overrode well-known instances of case law, and called attention to five other principles which would be new.

MINING OKARITO RETURN. Messrs W. A. Mitson and Co., secretaries of the Okarito Five Mile Beach Gold Dredging Company, Ltd., report that ■ the wash-up for the week ended Saturday. June 17, wag POoz 16dwt for 124 hours dredging. BALCLUTHA HORSE SALE The most successful sale, in the general opinion, held in the district for some considerable time was conducted by the National Mortgage and Agency Company of New Zealand, Ltd., at the Balclutha Corporation Sale Yards on Friday last. There was a very large attendance of buyers from the surrounding districts, and competition, which was very keen from the outset, was well sustained throughout, resulting in practically a total clearance of the offering of 50 odd horses of various descriptions submitted for sale. While there was nothing of outstanding merit in the entry, the offering nevertheless, comprised some very useful mares and geldings from three oft to six years old, which were in strong demand, realising from £33 to £4O according to quality and substance. Fresh aged sorts were also in request, making from £ls to £3O. according to quality and years. Similar descriptions of maturer years made from 7gns to lOgns. Unbroken fillies and colts met with good competition, bringing from £2B 10s to £34, while spring carters of youthful age were in demand, making from £22 to £27 10s. The following are some of the principal gales: For Messrs R. and S. Mills,’ Balclutha, 4-year-old gelding, £4O; Peter Anderson. Stirling, five-year-old gelding, £3B 10s: Dent Bros Puerua, five-year-old gelding £36 10s, five-year-old gelding £35, eight-year-old mare £33 10s; Thomas Treacy, Greenfield, six-year-old gelding, £36 10s; Gordon Sinclair, Paretai, four-year-old gelding, £35 10s; William Kirkness, Awamangu, fiveryear-old gelding, £35; T. Johnston, Wangaloa. rising three-year-old unbroken colt. £34; W. Benny. Wharetoa. four-year-old mare, £34 10s; W. Townley. sen., Stirling, four-year-old mare, £32 10s; J. Christie and Sons, Warepa, four-year-old gelding. £33 10s, three-year-old unbroken filly. £3O, three year-old unbroken filly, £2B 10s; F. Armstrong, Stoney Creek, acred mare, £3l 10s: William Robinson, Lovell's Flat, aged mare. £3O, five-year-old spring carter, £2B; R. Agnew, Kaihiku, aged gelding, £3O. GRAIN AND PRODUCE MARKET Messrs Donald Reid and Co., Ltd., report as follows: — Wheat. —Practically no wheat of milling quality is offering. June prices are as follows:—Tuscan. 3s 6d; Hunter’s, 3s 8d: Velvet, 3s lOd, sacks extra, f.o.b. mam ports. The local mills are well stocked. Fowl wheat has improved in value, and good whole is offered from the north at 3s Id to 3s 2d, on truck, equivalent to 3s 6d and 3s 7d Dunedin. Local stored stocks are selling at prices ranging from 3a 3d to 3s 9d, sacks extra. Price _is regulated by the quality and the quantity required. . , Chaff. —Consignments are now arriving more freely, and sales are being made at £3 10s to £4. ex truck, Dunedin, according to quality. Canterbury offerings have increased to £2 15s on truck. Freight costa are a little more than f 1 per ton. Medium and inferior lines are hard to sell at reduced rates. Oats. —Good quality Cartons suitable for seed and gristing purposes are in demand. Other lines are not inquired .or. The threshing mills have ceased operations, and only odd samples are arriving. June is generally a quiet month in the grain trade, and the present one is certainly no exception. A Grade Carton s are worth up to Is Bd. B Grade Is 4d, sacks extra, on truck country stations. Potatoes—The recent wet weather has delayed digging operations, and stored stocks are being called on to cope with the demand. Prices ex store have, therefore. increased, and £4 is being obtained for best-quality lines. . The shipping value remains at £3 per ton, sacks in. on truck country stations. AUSTRALIAN WOOL MR DEVEREUX’S REPORT. (United Press Association.) (By Electric Telegraph—Copyright.) ' ' LONDON, June 18. Mr W. P. Devereus (Australian Woolgrowers’ representative) reports: — “ Merino and crossbred tops at Bradford further advanced. There was fair business in merinos. Topmakers are not eager to sell. Spinners’ merino yarns all command better prices, and crossbreds are firmer, although spinners cannot make the full advance. The stocks of Continental tops at 32,500,000 kilos are 1.000,000 kilos less compared with April, chiefly on German account.” THE DOLLAR EXCHANGE The Associated Banks’ dollar conversion rates have been fixed as follows jfrom yesterday:— • .

These conversion rates are ascertained on a sterling basis (London funds), and, therefore, current rate of exchange New Zealand on London will also be charge! or allowed for as the case may require. ELECTROLYTIC ZINC The following is the production statement of the Electrolytic Zinc Company of Australasia, Ltd., for the four weeks ended May 31, the figures for the previous period being given in parentheses: —Zinc, 4137 tons (4170); amount used at works, 50 tons (50) ; lead. 165 tons (150); silver, 17.0000 z (M.OOOoz).

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

'BRISBANE WOOL SALES INCREASED PRICES OBTAINED. (United Press Association.) (By Electric Telegraph—Copyright.) BRISBANE, June 19. (Received June 19, at 10.50 p.m.). The wool sales opened under strong general competition. Prices were fully 6 per cent, higher than Sydney’s closing rates. TIMARU WOOLLEN MILLS The directors of the Timaru Woollen Company, Ltd., have appointed Mr J. Denholm, who is at present residing in Timaru, as manager of the woollen mills. Mr Denholm was mill manager at the Oamaru Woollen Mills for 22 years, and was general manager of the Albany Mills, in Western Australia, for three years, up to 1931, when the mills closed down owing to the depression. He has had wide Scottish and New Zealand experience, and is thoroughly conversant with all the requirements of mills of the type of those in Timaru. It is Mr Denholm’s intention to introduce the latest methods of manufacture. The chairman of directors of the company informed a representative of the Timaru Herald that it was hoped to open the mills within the next week or two. The heads of the various departments have yet to be appointed, and as soon as they are selected a start will be made. A stock of wool has already been purchased, and the mill will commence with the manufacture of tweeds, blankets, and flannel goods. It was stated that there has been a shortage of tweeds, particularly saddle tweed, and an effort would be made to satisfy the demand for this and also for blankets. It was difficult to say whether the work in sight was sufficient to keep the mills fully employed or whether it would be possible to take on the number of hands it wag originally hoped would be the case. The position in this respect would not be known until the requirements of the trade had been ascertained.

9. d. Standard Insurance 4 per cent. Ins., Fe 5 13 0 b., 1940 100 10 0 0 7 0 12 0 N.Z. Refrigerating (pd.) 15 2 The following arc yesterday afternoon e buying and selling quotations, wmcn are subject to the usual brokerage • — BANKING. Buyer. Seller. £ 8, d. 1 a. d. N.8.W 31 5 0 — N.Z. (long D) .. 1 11 0 0 ’ Commercial .. • • 0 16 4 16 6 E.S; and A — 5 1 0 Natl, of N.Z. .. 8 16 0 8 — 8 10 0 15 0 INSURANCE. National 0 10 6 0 17 2 New Ze'aland .... .2 9 9 “ Standard .. .. 2 12 0 — SHIPPING. Huddart, Parker 1 2 3 U.KS. Co. (pref.) 1 2 3 — COAL. Kaitangata .. .. 1 0 3 — Westport 0 IF 11 “ iS LOAN AND AGENCY. National Mortgage 1 19 0 2 5 0 National Mortgage (B issue) .. .. 1 1 0 — N.Z. Guar. Corp. 0 6 0 — 0 Perpetual Trustees 2 9 0 2 12 Trustees, Executors — 3 0 0 Wright, Stephenson 0 10 0 (ord.) — Wright, Stephenson 0 11 9 (pref.) — MEAT PRESERVING. Gear Meat .. .. 1.10 0 — N.Z. Refrig (pd.) 0 15 0 0 15 3 N.Z. Refrig, (cont.) 0 6 1 0 6 2 South. Froz. Meat (paid) 2 4 6 — South Otago Freezing 4 4 0 — MISCELLANEOUS. Broken Hill South — 2 15 6 Bruce Woollen 9 6 — 0 Bruce Woollen 0 (pref.) 0 15 0 (1 0 Crystal Ice .... 1 5 0 • Dominion Fertiliser 0 12 3 — Dominion Fertiliser -(debs.) 100 0 0 — Dominion Rubber 0 14 0 — Stock Exch, Propy. 1 19 0 — Electrolytic Zinc 1 11 0 (pref.) “ Electrolytic Zinc 0 19 3 Milburn Lime .. 1 8 3 — Mosgiel Woollen .. 8 0 0 — M'Leod Bros 24 0 0 2 Mount Lyell .. .. 1 2 0 1 5 National Electric — 0 8 3 N.Z. Drug Co. .. — 3 4 6 N.Z, Paper Mills — 1 7 0 North Broken Hill 3 19 0 12 0 Smith and Smith 0 10 6 0 Wilsons Cement .. 1 11 0 — Woolworths (pref.) N.Z. Newspapers 1 151 5 6 3 1 8 0 i BREWERIES N.Z. Breweries .. — 1 13 4 1 6 6 —— MINING. Kawarau .. .. 0 0 5 0 0 7 1 2 5 Mahakipawa .. .. — 0 0 2i Kildare 0 2 0 0 2 6 Okarito .. .... — 0 10 5 Paddy’s Point — 0 5 7 King Solomon 0 1 8 — Golden Dawn 0 1 3 — Alexander .. .. 0 9 6 0 12 0 Gillespie’s Beach .. 0 1 6 0 1 7i 0 9 10 0 7 1 Big River .. .. 0 1 5i 0.. 4 6 0 4 8 Lawson’s Flat 0 1 7 0 1 9 Central Shotover 0 0 Hi 0 1 Oi Golconda .... .. 0 0 10 0 0 11 GOVERNMENT LOANS. 3J p.e. Ins., 19381943 100 0 0 100 15 0 3J p.c. Ins., 19381952 100 0 0 — 3i p.c. Ins., 19391943 100 0 0 — 3J p.c. Ins.,'-1939-15 1952 .. .. ... 100 0 0 100 0 3J p.c. Ins., 19411943 100 0 0 — 3i p.e. Ins.,. 19411952 .. .... 100 0 0 — 4 p.c. Bonds, Jan., 1940 .. .. .. 100 10 0 — 4 p.c. Ins., Jan., 1940 .. .. .. — 100 15 0 4 p.c. Ins., Feb., 10 194fi 100 0 4 p.c. Ins., April, 10 *1949 — 100 0 4 p.c. Ins., June, 10 ±955 — 100 0

TT.S.A. Pols. Canada. Dols. Conversion of dollar bills received for collection and sale of dollar 4.48 Buying of dollar bills 4.17 4.68 Dollar exchanges, as already quoted by the New Zealand banks, are a« under, compared with previous quotations:— B.S. Dollars to £1. June 5. June 8. June 9. June 12. Buying .. 4.10 4.1(1 4.22 4.21 Selling .. 3.90 3.90 4.02 4.01 June 16. 4.18 3.98 Canadian Dollars to £J. Buying .. Selling .. 4.00 4.00 4.64 4.64 4.40 4.40 4.44 4.44 4.64 4.44

Parla — Par. KUGBY, June 17. June 16. June 17. Francs to fil .. 124.21 86% 87% Brussels — Belgaa to £1 .. 85 '24.255 24.265 Oslo— Kroner to fi 1 , . 18.189 19 25-82 19 26-32 Stockholm — Kroner to £1 ,, 18.150 19.45 19.46 Copenhagen — Kroner to £ 1 .. 18.150 22.425 22.425 Berlin— Marks to £ X .. 20.43 14.27 14.275 Montreal — Dollars to £X .. 4.86 2-8 4.88 4.575 New York — Dollars to £1 .. 4.80 2 S 4.075 4.07* Yokohama — Pence to yen 24.582 16 1-18 15 1-16 Hongkong — Pence to dollars 24.58 17 1-16 17 Bombay — Pence to rupee _ 18 5-64 18 6-64 Batavia — Florins to £1 12.10 8,45 — Milan— Lire to £X .. 82.46 64% 64 13-16 Amsterdam — Guilder to £1 12.107 8.425 8.43 Prague — Kronor to fi X .. 104 i 1135 1131 Geneva — Francs to £X . , v 25.225 17.555 17.645 Vienna — Schillings to.£X 84.865 81 81 Helsingfors — Marks to £ X .. 193.23 2265 2261 Madrid — Pesetas to fi X 25.235 89 25-82 89 25-82 Belgrade— Dinars to £X .. 25.225 250 , Athens — Drachma to fil 375 590 590 Lisbon — Escudos to Cl 110 110 119 BucharestLet to £ 1 .. 931.6 670 670 Rio de Janeiro — Pence to mllrels 5.890 4% 4 18-10 Buenos Aires — " Pence to pesos 47.28 41! 41| Shanghai — Pence to tael .. _ 15% 15 5-16 Montevideo— Pence to pesos 84 84 Warsaw — Zlotys to £ 1 .. - -■ - '