COMMERCE AND FINANCE

Otago Daily Times, Issue 21993, 30 June 1933, Page 4

COMMERCE AND FINANCE

THE SHARE MARKET DUNEDIN STOCK EXCHANGE There was considerable activity in the mining section on the Dunedin Stock Exchange yesterday. At the afternoon call two parcels of Central Shotovers changed, hands at Is lid, showing a drop of Id on the price at which business was _ reported to have been done on the previous day. Business at Is 2d had previously been reported. Waitahus were also mentioned in the reported transactions, the price (7s Id) being that 'at which sellers offered to part on the previous day. There were several transactions in Bell. Hoopers and Bell, Kilgours, at Is 2d and Is 6d respectively. Bank of New Zealands were reported to have changeu hands at £2 Bs. SALES ON ’CHANGE.

(United Press Association.)

LOCAL AND OVERSEAS MARKETS.

NORTHERN EXCHANGES (Per United Press Association.) The following business was done on ’Changes yesterday;— Auckland.- —Sales: Bonds (1946), 4 per cent., £IOO 15s; Stock (1940), 4 per cent., £IOO 15s (two parcels); Auckland Power Board (1936), 5 per cent., £101; New Zealand Insurance, 50s; New Zealand River Plate, 21s Od; Taupiri (pref.), 235; British Tobacco, 34s 3d; New Zealand Newspapers, 26s lid; New Zealand Refrigerating (paid), 14s 9d; Wilsons Cement, 335, 33s 3d (three parcels); Alexander, 18s 6d, 18s Sd. 18s 6d; Gillespie’s Beach, Is 6Ad; Golconda. lid. Hid, Is; Waihi, 21s 9d; Waihi Junction, 3s 4d; Mount Lyell, 21s 10d; Blackwater, 255. Wellington.—Sales: Government Bonds, 4 per cent. (1946), £lOl 10s; Inscribed Stock. 3i per cent. (1938-43), £99 17s 6d; Inscribed Stock (1938-52). £99 17s 6d; Inscribed Stock, 4 per cent. (1946), £IOO 15s; National Bank, 78s (two parcels); Bank of New Zealand, 47s 9d; Goldsbrough, Mort., 25s lid; National Insurance, 16s 9d; New Zealand Refrigerating (cont.), 5e 9d; Wilsons Cement (cum rights), 33s 3d; Mount Lyell, 225; Central Shotover, Is 2Jd, Is 3d (last three late Wednesday). Christchurch. —Sales: New Zealand Government 4 ' per cent. ‘ Bonds (1940), £lOl ss; New Brighton Borough, 5f per cent. (1955), £99; Commercial Bank of Sydney, £l7; National Bank of Australasia (£lO paid), Al2 10s; Bank of New Zealand, 48s; New Zealand Refrigerating (£1 paid), 14s 10d- New Zealand Refrigerating (10s paid), 5s 9d, 5s 10d, 5s lid (three parcels); Australian Glass, 46s 9d; Dominion Fertiliser, T4s; Woolworths (Sydney), pref., new (£1 paid), 25s sd; Alexander (13s 6d paid), 18s 6d; Big River, Is 5d (three parcels); Gillespie’s Beach (9d paid), le 7d; Golden Point, Id (two parcels); Nokomai, 3s 9d (four parcels); Okarito. 10s Bd, 10s BAd, 10s 9d; Waitahu, 6s lOd, 6s lid; Union Bank, £8 10s (three parcels). Sales reported: Bank of New Zealand, 48s (three parcels); New Zealand Drug Company, 64s 6d; Wilsons Cement, 335.

AUSTRALIAN STOCK EXCHANGES

(By Electric Telegraph—Copyright.) SYDNEY, June 29. (Received June 29, at 9 p.m.) On the Stock Exchange a slight irregularity was noticeable in regard to industrials. but banks and gilt-edgeds were firmer. The turnover was the smallest of the week,. The following sales were made: —Bank of New South Wales, £3l 10s; Commercial Bank of Sydney, £l7 4s; Howard, Smith, 10s 4d; Colonial Sugar, £SB 17s 6d; Associated News, 8s 8d; Associated f News (pref.), 19s; Australian Gas (A), £7 4s; British Tobacco, 34s 3d; Australian Glass (ex div.), 47s 6d; David Jones, 26s 6d (ditto; first pref., 235); Electrolytic Zinc (pref.), 1 31s 7id; Goldsbrough, Mort, 26s 3d; Dunlop Perdriau, 18s 4Jd; Carlton Brewery, 36s 9d; Tooth’s 37s 7Jd; Morris, Hedstrom, 17s 3d; Standard Cement, 14s; Wilcox, Mofflin, 7s 6d; Winehcombe, Carson, 265; Broken Hill Proprietary,. 34s 4-id. MELBOURNE, June 29. Commercial Bank of Australia, 16s 6d; Electrolytic Zinc, 21s. CANADIAN TREASURY NOTES (United Press Association.) (By Electric Telegraph—Copyright.) , OTTAWA, June 28. (Received June 29, at 7 p.m.) The Canadian Government to-day sold 60,000,000 dollars’ worth of 15-month 4 per cent. Treasury notes to the Chase National Bank, New York. AUSTRALIAN GLASS COMPANY (United Press Association.) (By Electric Telegraph—Copyright.) SYDNEY, June 29. (Received June 29, at 9.30 p.m.) The Australian Glass Manufacturers’ Company, Ltd., made a profit of £122,439 for the year, which was an increase of £30,302. A dividend was declared at the rate of 9 per cent, on both classes of shares, absorbing £99,493. — AUSTRALIAN MARKETS (United Press Association.) (By Electric Telegraph—Copyright.) SYDNEY, June 29. (Received June 29, at 9 p.m.) Wheat: Country sidings 2s 6Jd for silo lots and 2s 7d for bagged, equal to 3s 2Jd and 3s 2d respectively, ex trucks, Sydney. Flour, £lO ss. Bran and pollard, £5. Potatoes: Tasmanian, £5 10s to £6; Victorian, £5 10s, ■ Onions: Victorian Brown Spanish, £5 10s; Globes, £3. Oaten hay, £7 10s. Maize, 4s 3d. ADELAIDE, June 29. Wheat: Growers’ lots, 3a lid and 3s 2d. Flour: Bakers’ lots, £9. Bran and pollard, £5 2s 6d. Oats, Is lOd.

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

UNITED STARR-BOWKETT BUILDING SOCIETY A meeting of members of the United Starr-Bowkett Building Society was held in the office of the society last evening, the chairman of directors (Mr F, W. Mitchell) presiding. Appropriations totalling £I3OO in two groups were disposed of. The sum of £SOO was sold in group 6 at £l3 per £IOO, and the sale in group 11 brought £26 per £IOO.

MINING THE COROMANDEL FIELD. MERGER OF MINING INTERESTS. It is hoped that the amalgamation of a number of well-known mines on the Tokatea Hill, Coromandel, will mark the beginning of mining on a large scale never before attempted in New Zealand, but not unknown in America, where 7s 6d per ton is made to pay dividends. It is proposed to ■ mine the Tokatea mother lode and subsidiary reefs on the open cut principal with the most modern machinery, oil flotation and cyanide treatment. Probably over thirty million of tons of ore are available above water level, thus offering exceptional advantages to mine on a huge scale by open cuts. It is estimated that on a quantity basis and small mining costs a very low percentage can be made to pay. It is considered, however, that the richer shutes of ore will raise the average values very considerably. It is proposed to employ large English capital which is now available. It is hoped to employ a large number of men now on relief work, in which event the work will be of great benefit to the district. LAWSON’S FLAT RETURN. (Pee United Press Association.) CHRISTCHURCH, June 29. The Lawson’s Flat Gold Sluicing Company reports a return of 29§ ounces. DAIRY PRODUCE The New Zealand Loan and Mercantile Agency Company, Ltd., has received the following cabled advice from its London house, dated June 28: — Butter, 765, 78s. Very little business. West coast particularly stagnant. Cheese; White, 465, 475; coloured, 48s, 495. Market slow, especially coloured. DUNEDIN STARR-BOWKETT BUILDING SOCIETY

The annual meeting of the Dunedin Starr-Bowkett Building Society was held last night in the society’s office. Mr A. Sligo presided. The chairman, in moving the adoption of the report and balance sheet, apologised for the absence of Mr T. Walker, one of the oldest members of the directorate, and one of the most loyal members of the society. He was laid aside owing to illness. Another member of the directorate (Mr A. Cable) was also absent owing to being indisposed. In the conditions under which the society was at present working,, said Mr SJigo, the shareholders and the directors had every reason to be proud of the past year’s work. The society was a co-operative onq, and each one assisted the other. The society had probably been responsible for pi’oviding more free homes than any other institution. It had been through much trouble and trial, and had been called on to help many who had found themselves in difficulties with their repayments. These cases were, however, infrequent. Dealing with the various groups, the chairman said there had been an absence in profit and loss in some groups. The society had been losing profit in some cases, but this could not be helped, and it only proved that those in need were being assisted. There were cases where a loss had been made in connection with properties, but the percentage of loss was very small. It wag pleasing to report that there were shareholders who were making definite efforts to clear their properties. In spite of the hard times, the society was on a very sound basis, and the shareholders need have no fear regarding the solid foundation of the society. _ , In seconding the motion for the adoption of the report and balance sheet, Mr J. G. Patterson said that the society, like all other societies, was passing through very difficult times, but it was keeping above water. The arrears were comparatively small, and when it was remembered that the society had handled a very large sum of money since it was founded, and was still handling substantial sums, there was sufficient proof that it was a very sound organisation. Considering all the circumstances, the society had every reason to congratulate itself on the result of the past year’s operations. Mr W. R. Brugh said the society had done excellent work and had carried out all the duties on very satisfactory lines. The society was a safe investment for shareholders. He congratulated the directors on the satisfactory report placed before the shareholders, and the very able manner in which they had conducted the affairs of the society. The report and balance sheet were adopted. i Mr S. Smith was re-elected to the board of directors. The directors’ remuneration was faxed at the same sum as last year. Reference to the splendid service rendered by Mr A. Cable on the board. of directors was made, and the following motion was carried: —“ That the members of the Dunedin Starr-Bowkett Building Society place on record their appreciation of the services rendered by Mr Cable during the many years he has been a director of the society. The society regrets to learn that his retirement has been brought about owing to ill-health, and the directors are requested to convey to Mr Cable best thanks for the time and attention he has given to the society’s business. The society trusts that he will recover his health and enjoy many years of happiness.” Messrs Brugh and J. T. Williamson also referred to the valuable services rendered by Mr T. Walker to the society, and expressed the hope that he would soon regain his health. —It was decided to forward a letter to Mr Walker on similar lines to the resolution carried in reference to Mr Cable. It was agreed that rule 84 be altered to read as follows: —“The business of the society shall be managed by five directors, who in the rules are termed the board or board of directors, all of whom shall be members of the society.” At the conclusion of the business the following appropriations were disposed of:—No. 4 group (148th), of by ballot; cluster 167, one shareholder holding five shares, In No. 5 group £SOO was disposed of by sale, and also £SOO by sale in No. 6 group.

WINNIPEG WHEAT MARKET (United Press Association.) (By Electric Telegraph—Copyright.) WINNIPEG, June 28. Wheat closed more than’ five cents down on Wednesday's prices, due to rains in parts of Alberta and Saskatchewan and moisture in the American south-west. Quotations: July, 74f cents per bushel; October, 77; December, 78.

LONDON METAL MARKET

(United Press Association.) (By Electric Telegraph—Copyright.) LONDON. June 28. (Received June 29. at 10 p.m.) The following are the official Quotations:

CANADIAN WHEAT THE VISIBLE SUPPLY. (United Press Association.) (By Electric Telegraph—Copyright.) i OTTAWA, June 28. Canada's visible wheat supply last Friday was 196,000,000 bushels. Officially it will be about 192,000,000 bushels at the end of June. At the same time last year it was 138,000,000. Exchange fluctuation is interfering with the export trade, which will considerably increase once the currency is steadied. THE CHICAGO MARKET (United Press Association.) (By Electric Telegraph—Copyright.) CHICAGO, June 28. The uncertainty attending the effect of the quick application of the Government’s new process tax and the farm bonus system was asserted in some quarters to be largely responsible for the upset in values to-day, wheat finishing from 5J to 6 cents under yesterday’s close. Quotations: July, 89§ cents per bushel; September. 924; December, 95; May, 99J. MILLING OF WHEAT DECREE ISSUED IN ITALY. (United Press Association.) (By Electric Telegraph—Copyright.) ROME, June 28. (Received June 29, at 10 p.m.) A decree ordains that only 1 per cent, of foreign wheat will be permitted to be milled in Italy after July 17. ASSOCIATED MOTORISTS’ PETROL COMPANY (Per United Press Association.) WELLINGTON, June 29. At a meeting of the preference share-hold-rs in the Associated Motorists Petrol Company, Ltd., Messrs F. W. Johnston (Christchurch) and W. A. O’Callaghan (Hawera) were reappointed directors. Mr A. M'Kellar (Christchurch) was appointed auditor. Mr Charles Todd presided over a representative gathering of shareholders. In the course of his report it was stated that over 125.000 £1 shares had been subscribed in the company’s capital. The bulk installation} plants were now in operation. The financial position waa shown to be sound.

Central Shotover (two) .. £ 0 s. 1 d. IV SALES REPORTED. Waitahu (after call) .• 0 7 1 Central Sliotover (after call) 0 1 2 SALES REPORTED AFTER LAST CALL. Bank of New Zealand .. 2 8 0 Okarito .. ' 0 10 10 UNLISTED STOCKS. Bell, Hooper (five) 0 1 2 Bell, Kilgour (three) .. .. 0 1 6 The following are yesterday afternoon’s buying and selling quotations, ■which are subject to the usual brokerage — BANKING. Buyer. Seller. £ s. d. £ s. d. New South Wales . 32 0 0 New Zealand 2 7 9 2 8 3 Commercial .. .. — 0 16 6 E.S. & A 5 1 0 Natl, of N.Z. tf3 17 6 ■— Union — 8 11 0 INSURANCE. National .. .. .. 0 16 9 0 16 11 New Zealand 2 9 3 — Standard 2 12 0 213 6 SHIPPING. Huddart, Parker (pref.) 1 3 0 — P, & 0. Def. Stock 1 3 0 U.S.S. Co. (pr/ef.) 1 2 3 — COAL, Kaitangata .. .. 1 0 0 — Westport .. .. 0 12 5 0 13 0 LOAN AND AGENCY. Goldsbrough, Mort **1 5 9 1 6 6 National Mortgage ff2 0 0 — National Mortgage (B issue) .. .. tfl 2 0 — N.Z, Guarantee Cp 0 6 0 — Perpetual Trustees 2 10 0 — Trustees, Executors 2 10 0 — Wright, Stephenson (ord.) 0.10 6 Wright, Stephenson (pref.) 0 12 6 — MEAT PRESERVING N.Z. Refrigerating (paid) .. .. .. 0 14 0 — N.Z. Refrigerating (cont.) .. .. .. 0 5 9 — South. Froz. Meat (paid) .. .. .. 2 5 9 — South. Froz. Meat (cont.) 1 2 6 1 4 6 South Otago Freezing 4 8 0 — MISCELLANEOUS. British Tobacco .. — 1 15 0 Broken Hill Propty 1 13 0 — Brown, Ewing (ord.) — 0 8 6 Brown, Ewing (pref., — 1 0 0 Bruce Wlln (ord.) 0 10 6 — Bruce Wlln (pref.) « 19 6 — Dominion Fertiliser 0 13 0 — Dominion Fertiliser (debs.) i 100 0 0 — Dominion Rubber 0 16 0 — Donaghy’s Rope . — 1 19 0 Stock Exchange Propty. .. .. .. 2 0 0 — Electrolytic-Zinc (pref.) .. .. .. 1 11 0 — Electrolytic-Zinc * (ord.) 0 19 9 * Kauri Timber 0 12 3 — Milburn Lime 18' 6 — Mosgiel Woollen . 8 2 6 — M.'Leod Bros. 24 0 0 — Mount Lyell .. . — 1 2 0 National Electric — 0 7 6 N.Z. Drug Co. . 3 4 0 3 5 0 Farmers’ Fertiliser — 0 16 6 N.Z. Paper Mills . 1 6 0 1 7 0 Smith & Smith (pref.) 0 10 9 — N.Z. Newspapers . 1 5 6 1 8 0 BREWERIES N.Z. Breweries .. +fl 12 9 1 13 6 Tooths 1 15 6 — GAS. Christchurch .. . — 1 7 6 MINING. Kawarau 0 0 5 0 0 8 Mahakipawa .. . 0 0 U — Kildare 0 2 0 0 2 5 Okarito .. .. . 0 10 7 0 10 10 Paddv’s Point — 0 5 9 Cornish Point 0 0 4£ 0 0 5 Golden Progress . 0 1 4 0 1 9 King Solomon 0 1 11 0 2 1 Golden Point — 0 0 2 Blackwater J. . 1 4 6 — Alexander' •• • 0 18 0 0 19 6 Gillespie’s Beach . — 0 1 7 Waitahu 0 7 0 0 7 1 Big River .. . — 0 1 Mount David .. . — 0 2 0 Nokomai 0 3 9 0 3 11 Freshford ... 0 1 0 0 1 1 Lawson’s Flat — 0 1 7 Central Sliotover . 0 1 1 0 1 a GOVERNMENT LOANS. 31 p.c. Ins, 19381943 100 0 0 — 31 p.c. Ins., 10381952 100 0 0 — 31 p.c. Ins., 19391943 100 0 0 — 31 p.c. Ins., 19391952 ... .. .. 100 0 0 — 31 p.c. Ins., 19411943 100 0 0 — 31 n.c. Ins., 19411952 100 0 0 — 4 p.c. Bonds. Jan., 1940 .. .. •• 100 10 0 — 4 p.c. Ins., Jan., 1940 100-10 0 —- 4 p.c. Bonds Feb., 1946 100 10 0 — 4 p.c. Ins., Feb., 1946 100 10 0 — 4 p.c. Bonds, June, 1955 100 10 0 — ** Ex dividend. f t Cum dividend.

Paris — Par. RUGBY. June 28. Juno 27. June 28. Francs to £ 1 .. 124.21 86 19-32 86 7-32 Brussels— Belgas to £1 .. 35 24.36 24.24 Oslo— Kroner to £1 .. 18.189 19.895 19.90 Stockholm— Kroner to £ 1 .. 18.150 19.431 19.43 Copenhagen— Kroner to £1 ,. 18.150 22.425 22.425 Berlin — Marks to £1 .. 20.43 14.375 14.31 Montreal— Dollars to £1 .. 4.8G 2-3 4.685 4.76 New York — Dollars to £1 .. 4.8G2-3 4.25 4.38 Yokohama— Pence to yen 24.582 15 3-32 15 1-16 Hongkong— Pence to dollars 24.58 16 9-16 17 Bombay— Pence to rupee _ 18 5-64 18 3-64 Batavia— Florins to £1 12.10 _ — Milan— Lire to SI .. 82/46 64 9-16 64% Amsterdam— Guilder to £1 12.107 8.52 8.45 Prague— Kroner to £ 1 .. 1045 1145 114 GenevaFrancs to £1 .. 25.22 J 17.665 17.55 Vienna— Schillings to £1 84.86J 315 315 Helsingfors— Marks to fl 1 .. 193.23 225 2265 Madrid— Pesetas to £1 25.235 40 19-32 405 Belgrade— Dinars to £ 1 .. 25.225 250 250 Athens— Drachma to £1 375 590 590 Lisbon— Escudos to £1 110 110 110 Bucharest— Lei to £ 1 931.6 5725 5725 Rio de Janeiro— Pence to milrcis 5.890 45 45 Buenos Aires— Pence to pesos 47.28 412 413 Shanghai— Pence to tael .. 18 5-64 15i Montevideo— Pence to pesos 34 34 Warsaw— Zlotys to £ 1 ., _ __ —

Ton. Copper, spot .. .. £37 13 9 Rise £0 6 0 Copper, forward .. 37 16 10% Rise 0 5 0 Electrolytic, spot .. 41 5 0 Rise n 5 0 Electrolytic, forward 41 15 0 No chance Lead, spot .. .. 13 11 3 Rise 0 i 3 Lead, forward 13 16 3 No change Wire bars 41 1! 0 Rise 0 5 0 Spelter, spot .. 17 IS 9 Rise 0 5 0 Spelter, forward .. 17 12 G Rise 0 5 0 Tin, spot ,, 225 7 G Rise 0 r 6 Tin. forward .. .. 224 5 Oz. 0 Rise 0 5 0 Silver, standard .. 18 1516d Pall %d Silver, line .. .. 20 7-lGd Fall %d