COMMERCE AND FINANCE

Otago Daily Times, Issue 22064, 21 September 1933, Page 14

COMMERCE AND FINANCE

■ LONDON WOOL SALES . 1 KEEN GENERAL COMPETITION (United Press Association.) (By Electric Telegraph—Copyright.) LONDON, September 19. For the wool sales opening 11,101 bales were offered (including 6341 .from New Zealand) and 10,154 were sold. There was a full attendance of buyers, with keen general competition. After the opening the advances on earlier offerings were 74 to 10 per cent, compared with last sale’s closing rates. Both merinos and crossbreds reached an advance of 10 to 15 per cent. Some fine New Zealand crossbreds were occasionally 20 per cent. up.

New Zealand Sales.—" R Company,” top 26Jd, average 25§d; halfbred slipe, “ CFM, Belfast,” 18d and l7id.

Messrs Murray, Roberts, and Co., Ltd., have received the following wool market cablegram from London, dated September 19:—

.Sales have opened with a good tone, competition keen, large attendance of buyers, all' sections operating freely. Bradford principal buyers. Compared With last London sales’ closing rates, greasy merino, best descriptions, advanced 15 per cent.; greasy merino, other descriptions, advanced 10 per cent, to 15 per cent,; scoured merino, advanced 10 per cent.; crossbred greasy fine, advanced 15 per cent,; crossbred greasy medium, advanced 10 per cent, to 15 per cent.; crossbred greasy coarse, advanced 10 per cent, to 15 per cent.; slipe fine crossbred, advanced 15 per cent.; slipe, coarse to medium crossbred, advanced 10 per cent, to 15 per cent; crossbred scoured, advanced 10 per cent, to 15 per cent.

The National Mortgage and Agency Company of New Zealand, Ltd., has received the. undernoted cablegram from its London office, dated September 19:— The auctions, opened here to-day with a large, attendance of Home and Continental buyers, and with good general competition.. Compared with closing rates of last, sales, we quote:—Greasy meTino, best, Li dearer; - greasy merino, average, lid dearer; greasy halfbreds, 50/66, l)d dearer;, greasy" ■ crossbreds, 48/50, lid, dearer; greasy crossbreds, 46/48, Id dearer; greasy crossbreds, 44/4fi, 3d to Id dearer; greasy crossbreds, 40/44, 3d dearer; greasy crossbreds, 36/40, jd dearer; slipe halfbred lambs, dearer; medium and coarse slipes, Id dearer. As at present arranged, sales will close on October 12.

Messrs Dalgety and Co., Ltd., advise having received the following cablegram from their head office, London, dated September 19:

■ The London wool sales opened active, good competition, large attendances, average selection. As compared with closing rates of last series:—Greasy merino, 10 per cent. pier cent, higher; scoured merino, 10 per cent, to 15 per cent, higher; greasy crossbred fine, 15 per cent, higher, sometimes more; greasy crossbred medium, 15 per cent, higher; greasy crossbred coarse, 10 per cent, higher; scoured crossbred, 10 per cent, higher; fine slipe, 10 per cent, to 15 per cent, higher; other sorts slipe, 10 per cent, higher. The Bank of New Zealand has received the following advice from its London office, under date September 19:— ■ The sales have opened with strong competition and large attendance of buyers. There was an active demand from all branches of the trade. Compared with the close of last series, merino and fine crossbred were lid to 2d higher; medium crossbred, Id higher; and coarse crossbred, |d to Id higher. The New Zealand Loan and Mercantile Agency. Company, Ltd., has received the following cablegram from its London house, under date September 19: — The opening catalogues were representative. There was a full attendance at the opening of the sales to-day, competition by Home and French buyers being active.

As compared with last sale’s closing rates, prices 'were higher Id per lb for medium and coarse greasy crossbred and coarse and medium crossbred slipe. Prices were higher Id to Ijd per lb for coarse scoured -crossbred, greasy merino, fine crossbred slipe, and medium scoured crossbred. Prices were higher 2d to 2Jd per lb for fine scoured crossbred; higher 2£d to, 3d per lb for merino scoured, and higher IJd to 2d for fine greasy crossbred.

LOCAL AND OVERSEAS MARKETS.

THE SHARE MARKET DUNEDIN STOCK EXCHANGE Sales of King Solomon’s at 3s 6d and 3s 7d were recorded on the Dunedin Stock Exchange yesterday, the market closing with the improved quotations of 3s 7d and 3s Bd, cum dividend, by buyers and sellers respectively. Two parcels of BcllKilgours also changed hands at Is 7cl, the closing buving and selling quotations being Is 7 id' and Is Sid respectively. Buyers of Bank of New. South Wales shares were prepared to give up to. £33, but sellers did not come forward. There was an easier inquiry for New Zealand Breweries, buyers best offer being £1 17s. Sellers, however, would not accept less than fl 17s 6d. Waihis were offered for sale at £1 6s 3d, but buyers would not give more than £1 5s 9d. Alexanders were inquired for at 17s 9d, without attracting a response from sellers. SALES ON ’CHANGE.

**Ex dividend. IfCum dividend. DIVIDENDS PAYABLE. The following is a list of shares ou which dividends will shortly be payable: — Broken Hill South, Is ~ ~ Sept. 22 Alexander Mines, Is, ninth .. Sept. 29 Dunlop Perdriau Eubber (pref.), Is, final .. .. .. Sept. 30 King Solomon, 3d Sept. 30 Pukemiro Collieries, Is, final .. Oct. —- Bank of Australasia, 3d Gd, interim .. ~ .... .. .. Oct. (5 N.Z. Guarantee Corp., 3d, final Oct. 29 Waihi, Is, interim (approx.) .. Nov. 1 Electrolytic Zinc (pref.), Is 7 l-sd, final Nov. 2

NORTHERN EXCHANGES (Per United Press Association.) The following business was done on ’Changes yesterday Auckland.—Sales: Mount Albert, 1950, 6 per cent. £100; E.S. and A. Bank, £5 18s: National Bank of New Zealand, £4 4s 6d. £4 ss; Bank of New South Wales, £33 ss; Bank of New Zealand, 47e 6d; New Zealand Insurance, 545, 54s (id, 54s 9d; South British, 745, 74s 3d; Dominion Investment Banking, 17s; Auckland Gas, 33s 7d; Bycroft, 38s 101 cl; Farmers’ Trading, 3s 4d; Gear Meat, 33s 3d; New Zealand Paper Mills, 28s; New Zealand Refrigerating (fl paid). 19s sd; New Zealand Refrigerating (con.), 9s lOd; Taranaki Oil, 2g 4d; Wilson Cement, 35s 6d (three parcels); Bell-Kilgour, Is BJd (two parcels); Gillespie’s Beach, 2s 3|d; King Solomon, 3s 6d; Matuki, 2s 5d (two

parcels); Okarito, 11s 6d; Waiht Junction, 4s 4d; Mount Lyell, 22s Bd. Unofficial list: Perpetual Forests, 47s 6d.

Wellington.—Sales: Inscribed Stock, 3.1 per cent., 1938-52, £lOl 7s 6d; Inscribed Stock, 4 per cent., 1940, £101; Inscribed Stock, 4 per cent., 1946, £IOO ss; Inscribed Stock, 4 per cent., 1949, £lOl 10s; Inscribed Stock, 4 per cent., 1955, £IOO 10s; Bank of Australasia. £l2 15s; Commercial Bank of Australasia, 17s; National Bank of New Zealand, 85s 6d; Bank of New Zealand, 48s; Bank of New Zealand (long term), 345: Union Bank, £lO 6s 6d; New Zealand Guarantee Corporation, 7s 9d; Christchurch Gas. 27s Gel; Wellington Gas, 33g 6d; South British Insurance, 74e Cd; New Zealand Insurance, 555, 55s 3d (two parcels); New Zealand Breweries, 37s 3d (late Tuesday), 30s Od; Burns. Philp, 525; "Wilsons Cement, 35s Od; Mount Lyell, 22s 7d. Christchurch.—Sales: New Zealand Government 4 per cent. Inscribed, 1955, £IOO 12s 6d: Commercial Bank of Australia, 17s (two parcels); National Bank of New Zealand, £4 6s; Bank of New South Wales, £33 10s, £33 15s, £33 19s; Union Bank of Australia, £lO 6s; New Zealand Insurance, 545: Dalgety and Co., £lO 15s; Goldsbrough, Moi't, 29s lOd, 309 (three parcels); New Zealand Refrigerating (£1 paid), 19s 4d (three parcels): New Zealand Refrigerating (10s paid), 9s lOd (four parcels) ; Southland Frozen Meat (fully-paid ord.), 52s 3d; Kaiapoi Woollens (17s paid), 8s 4d; Now Zealand Breweries, 37s (two parcels); Christchurch Gag (10s paid). 13s 6d; Electrolytic Zinc (ord.), 23s fid (two parcels); Mount Lyell, 22s 8d (five parcels); Alexander Mines (13s 6d paid, cum div.),.l7s, 19s 8d (four parcels), 19s 7d; Big River, Is 8d (two parcels). Is 7id; Gillespie’s Beach, 2s 2Ad (two parcels); King Solomon (cum div.), 3g 6d (four parcels); Nokomai, 3s o|d; Okarito. 11s 4d.-* Sales reported: New Zealand Government 4 per cent. Inscribed, 1940, £lOl 10s; New Zealand Government 4 per cent. Inscribed, 1955, £IOO 12s 6d; E.S. and A. Bank, £5 17s 6d; Bank of New South Wales. £33 ss; Goldsbrough, Mort, 30s; New Zealand Refrigerating (£1 paid). 19s 4d; New Zealand Refrigerating (£1 paid), 19s 4d; New Zealand Refrigerat, ing (10s paid), 9s lid; Mount Lyell, 22s 9d, 22a 7d, 22s 8d; Union Bank of Australia, £lO 7s 6d. " LONDON STOCK EXCHANGE (United Press Association.) (By Electric Telegraph—Copyright.) LONDON, September 19. (Received Sept, 20, at 6.5 p.m.) Debentures; Dalgety and Co. s shares, £9; 4 per cent, debenture stock, £9l; Goldsbrough, Mort, £BS. BULOLO SHARES (United Press A relation.) (By Electric Telegraph—Copyright.) LONDON, September 19. (Received Sept. 20, at 5.5 p.m.) Buloio Gold, 79s B|d. CANTERBURY FARMERS’ CO* OPERATIVE ASSOCIATION LOSS OF £15,000 DISCLOSED. (Feb United Press Association.) TIMARU, September 20. The annual report of the Canterbury Farmers’ Co-operative Association states that notwithstanding the continued depressed state of world conditions and the consequent low . prices for primary products the business of the association increased as follows:—Merchandise turnover, £18,723; grain and produce, £21,044; auction, £30,925. The result of the year’s trading showed an increase in the gross profit of £16.011.. In view of the prevailing conditions it was considered prudent to make further provision for had and doubtful debts and exchange, the result being that a loss of £15,442 is disclosed. The costs of running the business have been further reduced by £2373, and there is also a decrease in the company’s responsibility compared with the previous year of £10,071. The retiring directors were re-elected without opposition.

SYDNEY WOOL SALES (United Press Association.) (By Electric Telegraph—Copyright.) SYDNEY, September 20. (Deceived Sept. 20, at. 10.30 p.m.) At the wool sales 12,295 bales were offered, 11,16] being sold, while 2205 were disposed of privately. All free clips sold readily at full late rates, but buyers showed more discrimination on very burry lines, which were irregular. Greasy merino sold to 2ljd for 12 bales from Bcllata. FOREIGN EXCHANGES (British Official Wireless.) (United Press Association.) j (By Electric Telegraph—Copyright.)

LONDON METAL MARKET (United Press Association.) (By Electric Telegraph—Copyright.) I.ONDON, September 10. (Itoceived gopt. 20. at 10 p.M.) The following are the official quotations:— Ton.

£ s. d. Kin# Solomon .. .. 0 3 6 Kin? Solomon -. u 3 7 Bell-Kilgour, two 0 1 7 SALES REPORTED, Union Bank .. .. 10 7 C Mount Lyell .. .. 1 2 8 Milburn Lime .. . 1 10 9 Dominion Fertiliser 0 12 3 Bell-Kilgour .. .. 0 1 Vi SALES REPORTED AFTER LAST CALL. N.Z. Refrig. (cont.), two ,. 0 9 11 Okarito .. .. .. 11 G Dominion Fertiliser 0 12 0 The following are yesterday afternoon’s buying and selling quotations, whch are subject to -the usual brokerage;— BANKING. Buyer# Seller. £ s. d. f s. d. N.S.W 33 0 0 — N.Z — 2 7 10 N.Z. (Long D) .. — 1 14 0 Commercial .. • • 0 10 11 0 17 E. S. and A. .. 5 15 0 — National of N.Z. ,. 4 4 0 4 6 0 Union ■ 10 4 0 “ INSURANCE. National .. .. .. 0 17 9 — New Zealand .. . . 2 14 0 — South British 3 14 0 Standard .. .. .. 3 0 0 3 2 C SHIPPING. Huddart, Parker (pref.) 1 4 0 — U.S.S. Co. (pref.) 1 3 9 COAL. Westport — 0 13 3 LOAN AND AGENCY. Dalgety and Co. .. 10 10 0 — Goldsbrougb, More ffl 9 3 National Mortgage 2 7 0 — National Mortgage (B issue) .. .. 1 7 6 — N.Z. Loan and M. (ord.) 51 0 0 Perpetual Trustees — 3 5 0 Wright, Stephenson (ord.) .013 0 0 15 0 MEAT PRESERVING. N.Z. Refrigerating (paid) 0 19 0 0 19 0 N.Z. Refrigerating (cont.) 0 9 10 0 10 0 South. Frozen Meat (paid) 2 11 6 2 13 0 South. Frozen Meat (cont.) 1 6 3 — South. Frozen Meat (pref.) 2 11 3 — South Otago Freezing 5 0 0 5 10 0 MISCELLANEOUS. British Tobacco .. tfl 10 9 — Bruce Woollen (pref,) — 1 1 0 Crystal lee .. .. 1 7 0 *— D.LC. (ord.) .. . 0 11 3 — D.I.C. (pref.) .. . 1 1 0 — Dominion Fertiliser — 0 12 6 Dominion Fertiliser (debs.) .. ,. .. 99 0 0 — Donaghy’s Rope .. 2 0 0 — Dunlop Perd. Rub. 0 IS 0 Electrolytic Zinc (pref.) 1 13 3 Electrolytic Zinc (ord.) tfl 3 5 1 4 0 Milburn Lime 1 10 0 Mosgiel Woollen .. 8 10 0 9 10 0 Mount Lyell .. .. 1 2 6 Malay Rubber (pref.) 0 5 0 —- Regent Theatre .. . • — 1 0 0 Smith and Smith 0 13 3 — Wilsons Cement .. 1 15 3 1 16 0 N.Z. Newspapers 1 0 6 1 8 0 BREWERIES. N.Z. Breweries .. 1 17 0 1 17 6 Staples .. .. .. 1 S 0 — Timaru .. .... 0 6 3 0 7 3 Tooths .. .... 1 18 3 2 0 0 MINING. Waihi 1 5 9 1 G 3 Waihi Grand Jctn 0 4 2 Mahakipawa . • .. ' ' 0 0 24 Ivildate ., .... 0 2 3 0 2 5 Okarito ,. .. .. — ‘*0 11 6 Paddy’s Point 0 5 3 0 5 6 King Solomon ffO 3 7 0 3 8 Golden Dawn 0 2 2 — Blackwater .. .. — 1 17 6 Alexander .. .. 0 17 9 — Gillespie’s. Beach 0 2 24 0 2 3 Waitahli .1 .. 0 7 7 , 0 7 9 Goldeh Sands . 0 3 4 0 3 8 Big River .. .. 0 1 7 0 1 84 Mount David — 0 2 6 Nokomai 0 3 0 0 3 3 Freshford .. .. .. — 0 0 9 Lawson’s Flat .. 0 0 5 — Central Shotover — 0 0 Hi Bell-Kilgour .. .. 0 I 6-1 0 1 74 Bell-Hooper .. .. 0 0 114 0 1 04 Oxenbridge .. .. — 0 0 10 GOVERNMENT LOANS. 34 p.c. Ins., 19381943 .. 100 0 0 — 31 p.c. Ins., 1938' 1952 100 0 0 — 31 p.c. Ins., 19391943 100 0 0 — 31 p.c. Ins,, 19391952 100 0 0 — 3i p.c, Ins., 19411043 100 0 0 — 31 p.c. Ins., 19411952 100 0 0 — 4 p.c. Bonds, Jan., 1940 101 2 0 — 4 p.c. Ins., Jan., 1940 100 10 0 — 4 p.c. Bonds, Feb., 1040 100 10 0 — 4 p.c. Ins., Feb. 1940 100 10 0 101 0 0 4 p.c. Bonds, April, 1949 101 5 0 — 4 p.c. Ins., April, 1949 101 5 0 —

Paris— RUGBY, September 19. Par. Sept. 18. Sept. 19. Francs to £ 1 .. 124.21 80 3-32 79 29-32 Brussels— Belgas to £ 1 .. 35 22.425 22.39$ Oslo— Kroner to £1 .. 18.189 19.90 19.90 Stockholm — Kroner to £1 .. 18.150 19.37$ 19.37$ Copenhagen— Kroner to £1 .. 18.150 22.40 22.40 Berlin— Marks to £1 .. 20.43 13.11$ 13.07$ Montreal— Dollars to £ 1 .. 4.66 2• ■3 4.89$ 4.88$ New York— Dollars to fl 1 ,. 4.BO 2-3 4.79$ 4,79 Yokohama— Ponce to yen 24.582 14 Vs 14 3-82 Hongkong— Ponce to dollars 24.58 16 15-16 17 3-16 Bombay— Ponce to rupee 18 18 1-32 Batavia— Florins to £ 1 12.10 7.85 7.85 Milan— Dire to £1 .. 82.46 59$ 59 7-16 Amsterdam— Cltillder to £ 1 12,107 7.76$ 7.73 Prague— Kroner to £ 1 ,, 104$ 105% 105$ Geneva— Francs to £ 1 .. 23.221 16.16 16.12$ Vienna — Schillings to £1 84.86$ 29 29 Helsingfors— Marks to £ 1 .. 193.23 220$ 226$ Madrid— Pesetas to £1 25.23$ , 87 7-16 35 5-18 Belgrade— Dinars to £1 .. 25.22$ 240 240 Athens— Drachma to £1 375 570 665 Lisbon— Escudos to £1 110 10SS 105 Bucharest — Lei to £1 .. 931.8 535 530 Rio do Janeiro — Pence to railrels 5.890 4% 4$ Buenos Aires — Ponce to pesos 47.28 44$ 44$ Shanghai— Pence to tael ,. 15$ 15 9-16 Montevideo— Pence to pesos 39$ 36$ Warsaw— Zlotys to £ 1 .. _ — —

Copper, spot .. 7% Fall £0 11 1014 Copper, forward .. .. 34 18 9 Fall' 0 12 0 electrolytic, spot .. .. 38 0 0 Fall 0 10 0 Electrolytic. forward 38 10 0 Fall 0 5 0 Wire ban .. 0 Fall 0 S 0 toad spot .. i i, .. 11 10 3 P4I1 0 2 0 lead, forward .. .. 12 3 9 Fall 0 2 0 Spelter, spot .. .. 10 10 S Fall 0 2 6 Spelter, forward ., .. 17 0 0 Fall 0 2 6 Tlu, spot 210 17 6 Fait 0 16 3 Tin. forward • • . * .. 210 17 6 Fall 0 10 3 Pis Iron, homo trade ,,3 2 6 No change PIS Iron, export .. .. 2 12 0 No change Antimony, lirltlsb 39 10 0 No change Antimony, foreign 23 0 0 Unit. Fall 0 6 0 Molybdenite >< >■ 0 No change 02. 9 Rise 0 0 0 Sliver, standard .. .. 1814a Rise 3-10d Sliver, lino .. .. Else l-10d