COMMERCE AND FINANCE

Otago Daily Times, Issue 22022, 3 August 1933, Page 14

COMMERCE AND FINANCE

THE SHARE MARKET DUNEDIN STOCK EXCHANGE Bank of New South Wales shares were turned oyer on the Dunedin Stock _ Lxchange -yesterday at £32 6s, and business was reported in Westport Coals at I*W Id. Westports were, later m demand at 13s, sellers demanding 13s 3d. A parcel of ordinary Southland Frozens realised £2 11s 6d, further offers of. 6(1 less failing to attract a seller. Milburn Limes were dealt in at £1 12s, the closing quotations being 6d on either side of that figure, A sale of Kawaraus was reported at 6d, no further quotations coming forward. Gillespie’s were wanted at Is IOJd, sellers demanding Id more. The best Offer for Nokomais was 3s lod, the shares being available at 4s 2d. Government Loans continued to attract a steady demand, . - SALE ON ’CHANGE. £ • s. d. . Bank of NiS. Wales .. . •• 32 5 0 - SALES DEPORTED. Westport Coal ~ 0 13 1 South. Frozen ford.) 2 11 8 Milbnrn Lime 1 12 0 Kawarau 0 0 o SALES REPORTED AFTER LAST CALL. N.Z. Paper Mills ........ 1 7 0 BeU-Kilgour (two) 0,1 SJ 5i p.c. p.C.C, Debs., 1944 .. 100 IS 0 The following are yesterday afternoon’s buying and selling quotations, which are subject to the usual brokerage:— BANKING. Buyer. Seller. £ s. d. £ s. d. Australasia .... 11 7 0 N.Z. .. .. .. .. 2 9 4 2 9 7 N.Z. (long D) .. 110 9 Commercial .... E.S, and A. 5 0 0 5 6 0 Union .. ~'•..*•9-4 0 —• INSURANCE. National 017 0 017 6 New Zealand .. .. 211 0 South British ....3 8 0 Standard .. ... .. 216 6 SHIPPING. • Huddart.. Parker (ord.V ...... U.S.S. Co. (pref.) 13 0 COAL. Kaitangata .. .. 11 0 Westport ...... 013 0 013 8 LOAN AND AGENCY. National Mortgage —2 6 6 National Mortgage ,(B issue) .... N.Z. Loan and M. (ord.) Perpetual - Trustees 210 0 Trustees, Executors 211 6 Wright, Stephenson 1 (pref.) 013 0 014 3 MEAT PRESERVING. N.Z. Refrig, (paid) 015 6 N.Z. Refrig, (cent.) 0 6 9 0 611 South. Frozen Meat (paid) ...... 211 0 South. Frozen Meat (cent.) ...... 150 South. Frozen Meat (pref.) ...... 211 / 0 South Otago Freez- - ing .. ; 410 0 5 5 0

LOCAL AND OVERSEAS MARKETS.

NORTHERN EXCHANGES (Per United Press Association.) The following business was done on ’Changes yesterday:— Auckland.—Sales: Bank of New Zealand,. 49s 4d, 49s 3d; New Zealand Inscribed, 52s Od (two parcels); Farmers’ Co-operative (B pref.), 15s; Colonial Sugar, £SB; Electrolytic Zinc (pref.), 31e 9d; Kempthorne, Prosser, 665; Wilsons Cement, 33s 6d; Blackwater, 27s 3d; Consolidated Goldfields, 12s 6d; Kawarau, 61d; Waibi, 23s 9d, 245. Wellington.—Sales: Commercial Bank of Sydney, £l7 ss;‘ New Zealand Insurance (cum div.), 52s 6d (two parcels); Kaitangata Coal (late Tuesday), 21s 6d; New Zealand Drug, ‘ 665; Big River, Is sd; King Solomon, 2s; Bell-Kilgour, Is 3d. Christchurch. —Sales: Government 4 per cent. Bonds (1955), £IOO 15s (two parcels); Commercial Bank of Aust. (cum div.), 10s sd; Commercial Bank of Sydney, £l7 3s 6d; Bank of New Zealand, 49s 4d (two parcels), 49s 6d; Union Bank of Aust. (ex div.), £9 ss; Goldsbrough, Mort, 26s 6d; New Zealand Refrigerating (10s paid), 6s 9d; Beath and Co. (Is paid), 5s 6d (two parcels): Electrolytic Zinc (ord.), 22s 6d; Blackwater Mines, 28s 2d; Mahakipawa, 21d (six parcels); Nokomai. 3s lid. Sales reported: Bank of New South Wales, £32 2s 6d, £32 ss; E.S. and A. Bank (late sale Ist), £5 4s fid: Meat. 32s 8d: New Zealand Refrigerating (10s paid), 6s 9d; Greater Crystal Palace, 17s fid; New Zealand Drug Company, £6 6s 6d; New Zealand Newspapers, 26s 6d; National Bank of New Zealand, £4 ss.

MOONLIGHT-NELSON CREEK SLUICING COMPANY At a meeting of the provisional directors of the Moonlight-Nelson Creek Sluicing Company, Ltd., the company went to allotment, the total capital being heavily over-subscribed. Investigations, Ltd., which sponsored this project, reports that the demand for shares necessitated in every instance a reduction in the number of shares allotted to applicants, even though the original maximum holding was £IOO. The provisional directors are Mr J. A. Neilson and Mr A. P. Alloo, of Dunedin. The new company is to acquire mining privileges at the junction of the Moonlight and Nelson Creeks, Ahaura Valley, 17$ miles from Blackball. The capital of the company is £16,000, divided into shilling shares.

STAPLES BREWERY The Dunedin Stock Exchange has received advice that the directors of Staples Brewery, Ltd., have declared an interim dividend of 6d per share. The dividend was payable yesterday.

THE DOLLAR EXCHANGE WIDE MOVEMENTS. (British Official Wireless.) (United Press Association.) (By Electric Telegraph—Copyright.) ' RUGBY, August 1. During last week’s wide movements in tlie dollar exchange there was a large turnover of business in London, but yesterday, when fluctuations were still more marked, the volume of business was small. On the Stock Exchange business is meagre, with little change in values. British funds are inactive. THE AUCKLAND LOAN (United Press Association.) \ (By Electric Telegraph—Copyright.) LONDON, August 1, The Times city editor says: "The Stock Exchange hopes that the Auckland City Council will avoid delay in paying the interest in full, since the Government rightly regards moral obligations as being superior to strictly legal ones.”-I—Times 1 —Times Cable. . LONDON STOCK EXCHANGE (United Press Association.) (By Electric Telegraph—Copyright.) LONDON, August 1. Banks: Australasia, £9 18a 9d; 'New South Wales, £25 10s; Union, £7 19s 4Jd; National of New Zealand, 67s fid; Bank of New Zealand, 4 per cent, (ex interest), ; '£100; do, shares, 49s 6d; Loan and Mercantile debentures, £76; do, ordinary etook, £27 10s. THE DOLLAR (United Press Association.) (By Electric Telegraph—Copyright.) LONDON, August 1. The dollar is quoted at 4.45. AMERICAN WHEAT ACREAGE (United Press Association.) (By Electric Telegraph-Copyright.) WASHINGTON. August 1. The Secretary for Agriculture (Mr Wallace) announced to-day the postponement until August 24 of his decision setting the percentage of wheat acreage reduction to be asked of farmers in consideration of payments to be made under the voluntary domestic allotment plan. Mr Wallace said he wished to give the World Wheat Conference an opportunity of reaching a decision for reduction of production by all four of the great exporting nations before the United States embarked independently upon a definite domestic acreage reduction programme oi its own. Mr Wallace’s statement was in recognition of a cablegram received late last week asking him to postpone his decision because new possibilities of an international agreement were being reached in London. CANADA’S WHEAT CARRY-OVER (United Press Association.) (By Electric Telegraph—Copyright.) REGINA. August 1. Mr H. L. Griffin, of United Grain Growers, Ltd., Winnipeg, addressing the delegatee to the World’s Grain Conference, said that Canada’s huge wheat carryover was part of a reserve that was essential to the world’s markets. The time had come to forget the causes and cost of this carry-over, and to recognise it for what it had become. He said the wool market could, and did, tolerate substantial reserves, and would be highly intolerant of any other conditions. Hunger and fear of hunger were too recent experiences of the greater part of mankind, and too widely.spread, even at the present day, to make the world markets anything but uneasy if there was not a reserve supply of food sufficient for many months.

MINING GOLCONDA COMPANY. The Golconda Gold Mining Company’s mine manage!' reports as follows for the week ended July 22: — Work was continued on the east drive on the reef. The reef is a compact body of ore and is over sft wide in the floor of the drive. Colours of gold have been seen in the ore, which is well mineralised, and also carries silica and zinc blende. Very little work has been done in the stopes, as the men have been employed ip repairing the main level. We have now got railg and wo have put the different lines down in the 70ft level. We started to crosscut west, through the break, which cut off the main reef at this point, and we are in good blue country. We have got the north face on the branch reef north ready to start at any time. Next week we will try to. get the stopes working on the branch reef south, where the good ore was obtained in the previous erushings, and work was suspended temporarily. Crushing is still proceeding at the battery. BELL-HOOPER GOLD, LTD. The Bell-Hooper mine report for the week ended July 28 is as follows: — Mining operations are still confined to development work; gold recovered, lloz 3dwt 12gr. The main face drive was extended 13 feet, and good prospects of gold (showing now somewhat coarser) obtained from the wash bottom. The ground is wetter and slightly heavier to handle at present. No. 1 cross-drive west was completed almost to boundary and a start made driving east; 10 feet was driven east in wash showing good gold prospects on the wash bottom. The south-east drive was stopped meanwhile, and a cross-drive started in a southerly direction out towards the river. Another drive was also started from near the boundary, driving in the same direction. Prospects in both these drives show heavier gold, but the grade is low of the general wash. Several cross-drives to prospect the main paddock were in hand, but the grade of the wash driven through was generally low. Driving off the top of the rise in No. 2 tunnel is stopped meanwhile and the men shifted to No. I tunnel. MAHAKIPAWA RETURN. (Per United Press Association.) CHRISTCHURCH, August 2. ‘ The Mahakipawa return for the week was 60 ounces. PEDIGREE CLYDESDALES SALE IN SYDNEY. (United Press Association.) (By Electric Telegraph—Copyright.) SYDNEY, August 1. At an auction sale of pedigree Clydesdale stallions and mdVes, the top price (230gns) was paid for the New Zealandbred Thornie Bold by Scotland’s Superb (imp.), which was bred by Mr Charles Milne, of Edendale. Another New Zealand horse, Confidence, offered on behalf of Mr H. Cook (Christchurch) was passed in at 4Sogne, and Seamark at 300gns. Rockdale Alex, by Lee Creek Alexander, a New Zealand sire, fetched 195gns. Five stallions on behalf of Mr T. Robson recently shipped from New Zealand sold as follows:—Wolsingham, ICOgns; Netherton Progress, 170gns; Sir Dighton, ISQgns; Cloverdale Brilliant, 170gns; Thornlie Bold, 230gns. The only mare sold, the imported Netherton, Viola, realised 170gns. A number of New Zealand stallions were passed in. The demand was considered satisfactory for Clydesdales of quality with a good strain in their pedigrees. DAIRY PRODUCE _ The Otago Farmers’ Co-operative _ Association of New Zealand, Ltd., is in receipt of the following cablegram from London, dated August 1: — Butter, 83s to 84s. Market firm. Cheese: White, 48s Cd; coloured, 61s 6d. Quiet. Messrs H, L. Tapley and Co., Ltd., have received the following cabled market report from London;— Butter, 83s to 84s per cwt; market firm, unchanged. Cheese.—White, 40s per cwt; coloured, 51s per cwt; market quiet. The South Island Dairy Association, Ltd., has received the following market report from London: Butter. —Firm; 83s to 85s; Danish, 101 s. Cheese. —Quiet; white, 48s to 495; coloured, 51s to 525. LONDON FRUIT MARKET The Otago Provincial Fruitgrowers’ Council, Ltd., advises that the High Commissioner’s cabled report for week ended July 29, on the London fruit market, is as follows: Better demand for Now Zealand fruit and larger business has been done. Prices arc: Granny Smith, 10s to 15s; Dougherty, Delicious, and Statesman, 10s to 11s (3d; Stunner, Rokewood, Friinley, and Rome Beauty, 10 s Gd to 11s; Ballarat, Dunn’s, Yates’s, Stone Pippin, and Brighton, 9s 9d to 10s 3d; Jonathan, Newton Pippin, and Cleopatra, 9s 3d to 9s 9d. Pears: Winter Nelis, cases 14s Cd, three-quarters 11s 6d, halves 5s 9d, trays 4s. P, Barry, cases 12s.

THE ADDINGTON MARKET (Per United Press Association,) CHRISTCHURCH, August 2. The Grand National double market today maintained its reputation for a gathering of the finest exhibition of show fat stock of the Dominion. The entries were representative of both islands. The representation of North Island fatteners was extensive. Store Sheep.—A big poor entry of little interest. Values were on a par with late rates. Good wether lamb 0s to 11s, ordinary m.s. 7s 3d to 9s, good six and eight-tooth half bred ewes to 16s lid, medium to 13s 6d, good g.m. 11s to 13s, 6. and f.m 8s to 10s, old and low-conditioned 5s to 7s, young halfbred wethers to 12s 7d. Spring Lambs.—An entry of 52 head. There was a keen sale, the top price being 32s lOd, Pat Hoggets.—An entry of 900 head. There was an excited sale, with a rise of Is 6d per head all round. Many show linos were forward. Show hoggets realised to 31s Id, extra prime 22s 6d to 255, prime 19s to 22e, medium 16s fid to 18s Cd, light 10s to 15s. ■ Fat Sheep.—An entry of 6900 head, including many southern sheep. The North Island was represented by several consignments. The entry was short of requirements, and there was a sharp rise of 2s 6d per head for all classes. Show wethers brought up to 245, extra prime heavy 27s to 32s 6d, prime heavy 24s to 26s fid, medium-weight 2]s to 23s 6d, ordinary 18s fid to 20s‘ fid, light 15s fid to 18s, show ewes to 29s Id, extra prime heavy 24s to 275, prime heavy 20s to 23s fid, medium-weight 17s to 19s fid, ordinary 13s fid to lfi 9 fid. light 10s to 13s. Fat Cattle.—An entry of 500 head, which was not sufficient for the demand, but the market was irregular. Consignments of show bullocks were forward from Wanganui, Palmerston North, Hawke’s Bay, Gisborne, the West Coast of the South Island, Otago, and Southland. Best beef made 23s to 26s and up to 28s per 1001 b, heavy-weight 18s to 21s, medium 16s to 10s. rough down to 12s fid. Values were: —Show steers, £l3 to £2O 108; extra prime heavy, £ll to £l2 17? fid; prime heavy, £9 10s to £11; mediumweight prime. £8 to £lO 10s; ordinary, £5 15s to £8; light, to £5; extra prime heifers, to £9 17s fid; prime, £3 to £8 10s; medium, £4 5s to £6; light, to £4; show cows, to £lO 12a fid; extra prime, to £0 7s fid; prime, £5 15s to £7 Ise; medium, £3 15s to £5 10s; light, to £3 10,s. Fat Pigs.—A good entry. The demand for baconers was better, and porkers were in large supply. Choppers, 30s to £4; show choppers. £5 6s to £8 16s 6d; baconers, 45s to 50s; heavy, 62s to 68s fid; extra heavy, to 63s (average price per lb 3Jd to 4Jd); porkers, 18s fid to 24s fid; heavy, 26s fid to 30s fid; extra heavy, to 32s fid (average price per lb 4d to 4M).

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

LONDON METAL MARKET (United Press Association.) (By Electric Telegraph—Copyright.) LONDON. August 1. (Itooelved August 2, at 0 p.m.) The following are the official quotations;— Ton.

GRAIN EXHIBITION many subjects discussed. (United Press Association.) (By Electric Telegraph—Copy right.) REGINA, August 1. (Received August 2, at 5.5 p.m.) Plant breeding methods in New Zealand and other technical subjects, such as the problems of cereal yield, cultural methods, and experiments with intertilled crops, were discussed at to-day’s session of agricultural scientists at the World’s Grain Exhibition.

WINNIPEG WHEAT MARKET (United Press Association.) (By Electric Telegraph—Copyright.) . WINNIPEG, August 1. Opening with an outburst of buying and closing with an impressive upward flourish, wheat futures soared 9 to 0J cents to-day. Advice of good export business, combined with reports of frost, and Chicago’s action to halt further declines, were responsible factors. October wheat closed at 89 cents per bushel; December, 90|; May, 94jf. Prices also soared at Chicago. AUSTRALIAN STOCK EXCHANGES (United Press Association.) • (By Electric Telegraph—Copyright.) SYDNEY, August 2. (Received August 2, at 9 p.m.) On the Stock Exchange there was more activity at firmer prices. In the banking group the Bank of Australasia moved up sharply. Colonial Sugar also went ahead, but the position otherwise was unchanged. The following sales were made:— Bank of Australasia, £l2; Bank of Adelaide, £6; Commercial Bank of Sydney, £l7 8s; National Bank (£5 paid), ffi 7s; ditto (£lO paid), £l3; Queensland National Bank, £5 10s; Colonial Sugar, £69 2s fid; British Tobacco, 35s (pref., 26s 7Jd); Anthony Hordern, 10s 7d (pref., 19s 3d); David Jopes, 27s fid; Farmers, 12s lOd; Dunlop Perdriau, 18s l£d; Goodlet and Smith, 15s 9d; Henry Jones, 395; Morris Hedstrom, 18s 9d; G, J. Coles, 41s fid; Meggitts, 20s; Standard Cement, 15s lOJd; Electrolytic Zinc, 22s 3d (pref., 32s 9d); Wilcox Mofflin, 8s 4d: United Provisions, 8s 7d; Tooths. 39s 3d; Bulolo Gold, 84s fid; Bulolo Deposits, 3s; Mount Morgan, 38s; Broken Hill Proprietary, 37s 3d. MELBOURNE, August 2. Metropolitan Ga?, £l2 12s; Carlton Brewery, 395; Dunlop Perdriau, 18s: Herald and Times, 44s fid; Broken Hill South, 56s fid; North Broken Hill, 84s Gd. PRICE OF FINE GOLD (United Press Association.) (By Electric Tcler-nh—Copyright. 1 ) LONDON, August 1. Pine gold is quoted at £0 4s per oz.

MISCELLANEOUS. Buyer. Seller. f g. d. £ s. d. Broken Hill Propy. 1 16 6 1 18 6 Colonial Sugar 57 10 0 — D.I.C. (pref.) .... 1 0 0 — Dominion Fertiliser (debs.) .. .. .. 97 0 0 Stock Exchange Propy 2 5 0 3 6 0 Electrolytic Zinc (ord.) 1 2 0 1 2 10 Milburn Lime ., 1 U 6 1 12 6 Mosgiel Woollen 8 6 0 — M'Leod Bros. ., .. 24 0 0 — Mount Lyell .. .. 1 2 0 1 2 3 National Electric ~~T 0 6 0 N.Z. Drug Co. .. 3 5 6 3 7 0 Farmers’ Fertiliser — 0 16 9 N.Z. Paper Mills 1 6 9 — North Broken Hill — 4 7 9 Regent Theatre .. 0 18 0 1 0 0 Smith and Smith 0 12 0 — Wilsons Cement .. 1 13 3 X 13 9 Malay Rubber (ord.) 0 4 0 Malay Rubber (pref.) .. .. .. 0 6 6 ■ ; BREWERIES. N.Z. Breweries .. 1 13 3 1 13 6 Dunedin 1 0 3 — Tjmaru 0 5 0 — Tooths 1 17 9 — MINING. Waihi 13 3 Waihi Grand Jctn. 0 3 6 0 4 0 Mahakipawa .. .. 0 0 1* 0 0 24 Kildare 0 2 2 0 2 4 Okarito 0 10 8 0 11 0 Paddy’s Point 0 5 3 Golden Progress .. 0 1 2 — King Solomon 0 1 11 0 2 1 Golden Point 0 0 1 — Blackwater .. .. Gillespie’s Beach 1 7 10 — 0 1 10* o i 114 Waitahu .. .. .. 0 7 3 — Golden. Sands 0 2 9 — Big River .. — 0 1 7 Mount David .. .. — 0 2 9 Nokomai .. .. .. 0 3 10 0 4 2 Freshford .. ., 0 1 0 0 13 Lawson’s Flat .. 0 1 3 — Central Sho tover ., 0 1 0 0 12 Bell-Kilgour 0 1 3 0 1 34 Oxenbridge .. .. 0 0 9 o . o I04 GOVERNMENT LOANS. 34 p.c. Ins.. , 19381943 100 0 0 3J p.c, Ins:, 19381952 100 0 0 34 p.c. Ins., 19391943 .. .. .. .. 100 0 0 34 p.c. Ins,, 19391952 100 0 0 34 p.c. Ins,, 19411943 .. 100 0 0 _ 34 p.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 .. .. 101 0 0 4 p.c. Ins., Feb., T946 .. ... 101 0 . 0 _ 4 p.c. Bonds, April, , 1 S 1949 .. .. .101 0 0 4 p.c. Ins., April, 1049 ..-.'I loi ’ o 0 —T4 p.c. Ins., June, 1955 .. —* 101 0 0 **. Ex dividend.

RUGBY, August X. Paris— Par. July 31. Aug. 1. Francs to £ 1 .. 124.21 85 3-32 85 5-32 Brussels— Beiges to £1 .. 35 23.87} 23.83} Oslo— Kroner to £ 1 .. 18.189 19.90 19.90 Stockholm — Kronor to £ 1 ., 18.150 19.37} 19.37} Copenhagen— Kroner to £ I ., 18.150 22.40 22.40 Berlin— Marks to £ 1 20.43 13.85 13.96 Montreal— Dollars to £ 1 .. 4.86 2-3 4.81 4.82} New York— Dollars to £1 .. 4.86 2-3 4.47 4.50} Yokohama— Pence to yen 24.582 14 X3-16 14% Hongkong— Pence to dollars 24.58 16 29-32 16% ’ Bombay— Ponce to rupee — 18 3-82 18 3-32 Batavia — Florins to £1 12.10 8.25 8.25 Milan*— Dire to £1 .. 82.46 63% 63 3-16 Amsterdam— Guilder to £1 12.107 8.25 8.24 Prague— Kronor to £ 1 .. 104} 112} 112} Geneva — Francs to £ 1 .. 25.225 17.24 17.18} Vienna— Schillings to £1 84.86} 80 30 Helsingfors— Marks to £ 1 ,. 193.23 220} 226} Madrid— Pesetas to £ 1 25.231 39 15-16 89 13-16 Belgrade — Dinars to £ 1 .. 25.22} 245 245 Athens— Drachma to £1 375 587} 587} Lisbon — Escudos to £1 110 110 no Bucharest— Let to £ 1 .. 931.0 565 565 Rio dc Janeiro— Pence to mllrels 5.890 41 4} Beunos Aires — Pence to pesos 47.28 42 42 Shanghai — 1 Pence to tael .. — 15 1-16 14 15-16 Montevideo — Pence to pesos — 34 34 Warsaw— Zlotys to £ X .. — — —

Copper, spot .. ,, 9 Fail £0 43 1H Copper, forward .. , 30 1 10& Fall 0 15 0 Electrolytic, spot .. . <11 0 0 Xo change electrolytic, forward , 42 0 0 No change Wire bars •• ,, 0 No change Lead, spot .. 0 Fall 0 13 9 Load, fgrward ,, . 12 10 0 Fall OHS Spelter, spot .. 3 Fall 0 11 3 Spelter, forward .« . 10 10 3 Fall 0 10 0 Tin, spot .. ,, 0 Fall 2 6 0 Tin. forward , • ,, 0 Fall 2 3 9 Oz. Silver, standard .. . n%d liise 9-lCd Silver, One .. •. , . 10 5-lfid Fall l-10d