COMMERCE AND FINANCE

Otago Daily Times, Issue 22256, 8 May 1934, Page 4

COMMERCE AND FINANCE

THE SHARE MARKET DUNEDIN STOCK EXCHANGE A sale of Mount Lyells took place on the Dunedin Stock Exchange yesterday at £1 3s 6d, and they are now on offer at 3d more. A parcel of Standard Insurances changed hands at £3 Is 3d, further offers of 13 Is finding sellers firm at 9d more. Business in Dominion Rubbers was reported at £1 4s 3d and £1 ss. These are now wanted at £1 4s 9d. Dunlop Perdriaus were turned over at 18s 9d, the closing quotations being 3d on either Side of : that figure. There were two transactions in Milburn Dimes at fl 12s, the final offer being 3d less. Preferred Bruce Woollens were dealt in at £1 Is. There were-two transactions in Bell-Kilgours at 53d, sellers demanding that price when offers of 5Jd were forward later. SALES ON ’CHANGE. £ s. d. Standard Insurance . . .. . . 3 13 Mount Lyell 1 3 6 SALES REPORTED. Dominion Rubber (late Saturday) .. 14 3 Dominion Rubber ..... .. 1 5 0 Dunlop Perdriau 0 18 9 Milburn Lime, two .. .. .. 112 0 Bruce Woollen (pref.) .... 11 0 Bell-Kilgour, two 0 0 5| The following are yesterday afternoon’s buying and telling quotations, which are subject to the usual brokerage:—

LOCAL AND OVERSEAS MARKETS.

GOVERNMENT LOANS. Buyer. Seller. £ s. d. £ b. d.

DIVIDENDS PAYABLE. The following is a list of stock on which dividends will shortly be payable:— Mosgiel Woollen, interim, 3s 22-5 d .. May 14 National Insurance, interim, 4d May 15 Broken Hill Proprietary, interim, Is May 16 Dalgety and Co., interim, 2J per cent May 17 N.Z. Paper Mills, final, 4 per cent .. May 21 Bank of New South Wales, quarterly, 1| per cent. 1. .. May 30 National Bank of Australasia (£10). 5s May 30 National Bank of Australasia (£5),256d May 30 Bank of N.Z., final, 5 per cent. Jne. 15 Broken Hill South, —, Is Od Jne 15

NORTHERN EXCHANGES (Peb United Press Association.) The following busines was done on ’Changes yesterday:— Auckland.—Sales: Banks (1955), 4 per cent., £lO5 ss; Auckland City (1957), per cent., £lO5 10s; Commercial Bank of Australia, 16s lid; Bank of New South Wales, £33 ss; Bank of New Zealand, 51s; New Zealand Insurance, 60s; South. British, 78s; Pukemiro Collieries, 245; Taupiri Coal, 16s (two parcels); Auckland Gas, 25s 6d; Northern Steam, 6s; Staples Brewery, 28s; Electrolytic Zinc, 26s Cd; New Zealand Refrigerating (cont.), 8s 4d; Union Oil, 27s 3d; Wilsons Cement, 27s 6d: Bell-Kilgour, 5Jd; Blackwater, 32s 9d; King Solomon, 4s 6d; Skippers (Is paid), Is OJd. —Unofficial: Investment Exec. Trust (second B), £96; New Zealand Woolpack (10s paid), 8s 9d; Woolworths (Sydney), £5 15s. Wellington.—Sales: Inscribed Stock, 4 per cent. (1946), £105; Stock, 4 per cent. (1949), £lO4 10s; Commercial Bank of Sydney, £18; Bank of New Zealand, 51s (two sales, late Saturday), 51s; Wellington Gas, 37s sd, 37s Od; New Zealand Insurance, 60s (late sale Saturday); Pukemiro Coal, 24s (late sale Saturday), 24s 3d; Westport Coal, 15s 2d; New Zealand Breweries, 41s lOd; Wilsons Cement, 27s Cd; Waihi. 34s 6d (late sale Saturday); Mining House Concess.. 51 d; Lawson’s Flat, 5d (late sale Saturday); Nevis Diesel, 5Jd. Christchurch.-—Sales: National Bank of Australia (£lO paid, cum div.), £l3 4s; Bank of New South Wales (cum div.). £33 2s 6d (three sales); Union Bank of Australia, £lO (two sales); Gohlsbi'ough, Mort, 33s 9d; New Zealand Refrigerating (10s paid). Ss 4d; British Tobacco, 37s 3d (two sales); Dunlop Rubber, 18s lOd; Bell-Kilgour, Old (two sales); Brian Born (Is paid), Is IOJd (two sales); Deep Lead (la paid), 2s; Golden Point, 2?d; Kildare, Is lid: Mabakipawa, Sid (five sales): Nevis Diesel Electric. s}d (two sales); Rawang Tin, 9s 41 d (three pales): Waihi, 35s 2d (two sales') ; Waihi Junction. 4s lOd; Mount Lyell. 23s fid (two sales).23s 6d. Sales reported: Union Bank of Australia, £lO Is (three sales); Standard Insurance, 61s' Od: Blackwater. 335; Mabakipawa. 9d; Maerewhenna, 103 d. SHARE VALUES RECENT PRICE MOVEMENTS. The following table shows the price movements of the latest shares, together with the index number. The basis of the index ip. July, 1930, equals 100:

MINING

THE MATAKI RETURN (Peb United Press association.) AUCKLAND. May 7. The Mataki gold return for the week ended May 5 was 47 ounces for 131 hours’ work. BRIAN BORU DREDGE (Peb United Press Association.) GREYMOUTH, May 7. The Brian Boru return was 630 z sdwt for 107 hours’ work. 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 May 5 was 240 z lldwt for 115 hours’ dredging. FOUR-WEEKLY REPORT. The following report relates to the four weeks from April 25 to May 21:—Total gold won, llloz lldwt; total time worked, 473 hours; total non-working time. 103 hours; total yardage treated, 25,400, an average .of 54 cubic yards per hour; average value of ground (on basis of gold worth £4 per ounce), 4£d per cubic yard. GILLESPIE’S BEACH DREDGE The secretary of the Gillespie's Beach Gold Dredging Company, Ltd., advises that the 30 h.p. motor which runs the port pump having been burnt out on April 26, dredging was stopped to enable repairs to be effected. Work resumed on Friday, May 4, consequently there is no wash-up this week. BIG RIVER REPORT The report of the Big River Gold Mines, Ltd., for the month of April is as follows: —The stopes produced 116 tons of ore. One stope in No. 3 level has been discontinued, and the men have been removed to extract a pillar under No. 2 level, Jones’s line of reef. No. 3 east crosscut has been advanced 38ft 6in, making a total distance of 05 feet since commencement. The country penetrated has been hard, and a change may be expected any time. Some water is making from the face. No. 4 level crosscut has been driven a distance of 48 feet, making a total of 233 feet from the shaft. Twenty-five feet of reef underlie hag been cut, and early developments are possible. The leader in No. 1 level is still being followed, but improvement is low. The stone bunches to 20 inches wide at intervals and then pinches to five inches to seven inches. The length is_ five feet, and the stone, is of good quality. NORTHERN STEAMSHIP COMPANY REDUCTION OF CAPITAL. (Special to Dailt Times.) AUCKLAND, May 7. The accounts of the Northern Steamship Company, Ltd., for the year ended March 31 show a net profit, after providing for ordinary repairs but not for depreciation, of £11,354, which compares with £11,223 on the same basis in the previous year. The sum of £11,354, with £40,000 from the reserve, has been transferred to the depreciation account. A balance of £lßl6 brought forward from the previous year has been carried forward.

The following resolution dealing with a reduction in capital will'be submitted to the shareholders at an extraordinary general meeting to be held after the annual meeting on May 31: —“That the capital of the company be reduced from £217,500 in 300.000 shares of I4s 6d each to £105,000 in 300,000 shares of 11s each and that the reduction be effected by cancelling the capital which has been lost or is unrepresented by available assets to the extent of 3s 6d per share upon each of the 276,580 issued shares and by reducing the nominal amount of all shares from 14s 6d to 11s.”

The report states that it was hoped that a return to better times would justify the retention of assets at the previous figure, but the directors now felt that a continuation of the depression in the shipping trade necessitated a further adjustmentof the figures to bring them into line with present-day values. The directors considered a reduction of capital a desirable step. The balance sheet shows paid capital unchanged at £161,412 in 104.289 shares at 7s paid and 172j291 shares at 14s 6d paid.

FOREIGN EXCHANGES

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

BRISBANE WOOL SALES (United Press Association.} (By Electric Telegraph—Copyright.) BRISBANE, May 7. (Received May 7, at 11.30 p.m.), The wool sales opened with a rather more attractive selection than last series. Continental competition was strong, particularly from Germany, while Bradford operated freely on suitable wools. Japan was practically out of the market. Compared with the Brisbane March sales prices 'for fleece wools were 5 per cent, easier and medium and faulty 7i to 10 per cent, easier. All classes of skirtings commanded exceptionally strong bidding, with prices on a par with March values. SYDNEY STOCK EXCHANGE (United Press Association.) (By Electric Telegraph—Copyright.) SYDNEY, May 7. Sales: Bonds (4 per cent.) —1038 £lO6 2s 6d, 1944 £lO7 7b 6d, 1959 £lO7 ss; Australian Gas (A), £8 3s 6d; Anthony Hordern, 10s; Associated News, 24s 6d (preference. 24s 6d); British Tobacco, 37s 74d; Burns, Philp South Sea, 265; Wilcox, Mofflin, 13s lid. ADDITIONAL SALES. (United Press Association.) (By Electric Telegraph—Copyright.) SYDNEY, May 7. (Received May 7, at 10 p.m.) A reaction from last week’s abnormal activity and rising prices in gold shares occurred on the Stock Exchange to-day. The tone of the market was distinctly hesitant, although falls in prices were only moderate. Buyers exhibited a tendency to transfer their attention to Eastern tin dredging concerns, which were firmer. The most active industrial trading issues were steady. Additional sales were: —Bank of New South Wales, £34; Mercantile, Mutual insurance, 22s 9d; Associated News, 24s 3d (pref., 24s 3d); Burns Philp South Sea, 265; Australian Gas (A), £8 3s 0d; Tooths, 455; Tooheys, 29s 6d; Dunlop Perdriau, 18s 9d; Goldsbrough. Mort, 345; Henrv Jones, 31s 9d; Millaquin Sugar, 31*; Farmers, 19s; Anthony Hordern. 16s 3d; Newcastle Gas A and B shares, 13s 3d; Meggitts, 22e 3d; John M'Gratb, 29b; Australian iron and Steel

(pref.), 22s lOJd; Mount Morgan, 22a; Broken Hill Proprietary, 48s; South Broken Hill, 72s 9d; Kuala Kampar, 16s 9d; Larut, 15s 3d; Tonpkah Harbour, 21s 7Ad; Malim Nawar, 16s 9d. MELBOURNE, May 7. Carlton Brewery, 45s 9d; Herald and Weekly Times, 51a 3d; Electrolytic Zinc, 26s 9dr Mount Lyell, 23s 6d. , GRAIN REPORT Messrs Donald Reid and Co., Ltd., report as follows: — Wheat.—The threshing season has been unduly prolonged this year. The mills are still out and taking full advantage of■ any spells of line weather. The rain last week will probably be the means of closing the season in some districts. The mills are taking all suitable lines at fixed rates, viz.; Tuscan, 3s 7d; Hunters, 3s 9d; Vevet, 3s lid, sacks extra, f.o.b. main ports. The fowl wheat market is slightly easier, due to larger quantities coming on the market. Three shillings and 3s Id, 0.t., is being offered for good sound lines. Values ex store range from Ss 3d to 4s per bushel. These prices are regulated by the quantity and quality required. Oats.—Samples are arriving freely, but the market is by no means buoyant. The millers will only offer for a certain standard, and merchants are finding it. hard to place their purchases to show a reasonable return. A grade oats are worth up to Is lOd per bushel, sacks extra, 0.t., country stations; B grade are realising up to Is 7d and undergrade from Is 2d upwards; sacks are extra in each ease.

Chaff. —Northern merchants are once more offering in the local market, but little business is passing. There is ample coming forward on consignment to meet the demand of local feeders. Best oaten sheaf is selling ex store at £4 5s per ton, sacks extra. Other grades are worth from £3 10s to £4, sacks extra. Potatoes. —Growers are still optimistic as to future value, and are inclined to hold their lines < for a time, anyway. They are basing their action on the fact that blight will ruin a large quantity of the tubers. But. the northern demand will be the deciding'factor. If the new potatoes arc as early on the market as they were last season, there is little hope of prices increasing- to any appreciable extent. Today merchants are offering up to £4 5s per ton, bags in, ex truck, Dunedin, for good sound tables. King Edward variety is worth 5s per ton more. BANK OF ENGLAND Slightly higher profits were announced at the half-yearly court of the Bank of England by the governor, Mr Montagu Norman. The figure, after provision for contingencies, was £656,794, which compares with £655,914 for the halfyear to August 31 last, and with £656,532 for the similar period last year. The amount of the “rest” was £3,678,907, and after providing for the usual halfyearly dividend of 6 per cent, (actual), the amount of the “resit” carried forward is £3,024,022. This compares with £3,022,112 at the end of the previous half-year.

Scott ros., produce merchants and commission agents, agents for “ The Dunedin Egg Suppliers’ Asociation,” repo, l.; — Eggs: Poultry farmers, 2s; others, Is lOd per dozen; pullets’, Is 7d. Butter: Dairy pats, to 7d per lb. Honey: Bulk, 4*d to 5d per lb. Poultry; Hens, Is 2d to Is s<l each; roosters. Is to Is 3d; ducks, Is Od to Is 9d each; Geese, 3s to 4s 6d each. Turkeys: Hens, 74d per lb; gobblers, 8d per lb. Pigs: Prime baconers, old to Cd per lb; porkers, 5d to 5Jd per lb. Potatoes, £4 5s to £4 10g per ton. Chaff: Prime oaten sheaf, £4 5s to £4 10s per ton, bags extra, ex store. Table carrots, 2s 6d per sugar bag, ex store. Canterbury onions, 4s 3d per cwt. Partridge peas, 4s to 4s 3d per bushel, sacks extra. Whole fowl wheat, 3s lOd to 4s 3d per bushel, sacks extra. Broken wheat, 12s 6d per sack, sack in. Whole maizAi 5s 3d per bushel, sacks extra. Feed barley, 2s lOd to 3s 3d per bushel, sacks extra. Oats: Gar tons, 2s 3d to 2« 6d per bushel; light feeding oats, Is 9d per bushel, sacks extra. Victory feeding meal, 9s per cwt. Belfast feeding meal, 10s per cwt. “Acorn ” buttermilk powder, 21d per lb. Gristed wheat, 11s per 1501 b. Farrofood. £6 ss, ex store. Barley dust, 8s per 1501 b. Oat dust. 3s 6d per 1201 b. Oat pollard, 7s 6d per 1201 b sack. We hold stocks of 'poultry requisites. Free use of fowl crates on application. I May 7, 1934. I

DAMAGED hides

It is estimated that at least £IOO,OOO is lost to New Zealand every year in the value of hides as. a result of careless fire branding of stock and bad flaying. Mr H. E. Blyde, president of the North Taranaki Provincial Executive of the Farmers’ Union, displayed at annual branch meetings of the union two pieces of leather to demonstrate these two faults to farmers. Branding was invariably done on the rump, the most valuable portion of the hide, and one piece of leather fully a foot square carries a figure fire brand which had gone right through the hide, ruining the leather. The brand, a large one in the first place, had been put on quite a young calf, and bad grown with it so that the figures are approximately 9in high, and the iron must have been to hot for it to be read just as plainly- on either side of the leather. The other piece of leather was damaged in three or four places as the result of bad flaying, and this fault is also seen on either side.

BANKING. Buyer. Seller. £ s. d. f s. d. A’asia — 12 10 0 N.S.W. .. .. .. — 33 10 0 New Zealand .. .. 2 10 6 — N.Z. (Lon? D) .. 1 13 6 — E. S. and A 5 G 0 — National of N.Z. 3 19 9 4 0 9 Unioji — 10 3 0 INSURANCE. National .... .. 0 19 6 — New Zealand .. .. 2 19 0 — Standard 3 1 0 3 1 9 SHIPPING. Huddart, Parker (pref.) 1 5 0 U.S.S. Co. (pref.) 1 S 6 — COAL. Westport 0 14 10 Westport-Stockton (ord.) 0 1 6 — LOAN AND AGENCY. Goldsbrough, Mort 1 14 0 National Mortgage , —- 3 4 0 National Mortgage - (B issue) .. .. 1 10 0 N.Z. Guarantee Corp 0 4 0 Wright, Stephenson (ord.) ■ 0 19 6 Wright, Stephenson (pref.) 0 18 0 1 0 0 MEAT PRESERVING. N.Z. Refrigerating (cent.) 0 .8 2 — South. Froz. Meat (paid) .. .... 3 4 0 — South Otago Freezing — 6 2 0 MISCELLANEOUS. Associated News 1 5 0 British Tobacco .. 1 17 0 Brown, Ewing (ord.) — 1 I 3 Brown, Ewing (pref.) 1 0 0 D.I.C. (ord.) .... 0 14 0 — D.I.C. (pref.) .. 1 2 0 — Dominion Fertiliser 0 17 10 Dominion Fertiliser ■ (Debs.) .. .. .. 102 0 0 — Dominion Rubber 1 4 9 — Dunlop Perdriau Rubber 0 18 0 0 19 0 Kaiapoi Woollen (ord.) — 0 10 2 Milburn Lime 1 11 9 M'Leod Bros. ., 28 0 0 — Mount Lyell .. .. — 1 3 9 N.Z. Drug Co, .. 3 14 6 — N.Z. Paper Mills — 1 11 0 Regent Theatre .. , 1 0 6 Smith and Smith 0 17 0 — Wilsons Cement .-. —: 1 7 9 BREWERIES. N.Z. Breweries .. 2 1 9 2 2 6 Timaru .. ..... 0 6 9 ' GAS. Christchurch .. .. 1 9 0 — OIL. Moturoa .. .. .. 0 3 3 0 4 4 MINING. Bell-Hooper .. .. — 0 0 11 Bell-Kilgonr .. .. 0 0 0 0 5 J Bendigo Goldlight — 0 0 8 Central Shotover — 0 0 10 Charleston .. .. \ — 0 1 8 Gillespie's Beach — 0 2 2 Golden Point — 0 0 3 Golden Progress .. — 0 1 6 Golden Sands — 0 3 3 Goldfields Dredging — 0 1 0 Kildare 0 1 9 0 2 0 King Solomon 0 4 2 Lawson’s Flat — 0 0 7 Mahakipawa .. .. 0 0 7i Moonlight-Nelson Creek — 0 0 9 Nevis Diesel .. .. 0 0 4J 0 0 New Cornish Point (paid) — 0 1 i New Cornish Point (cont.) — 0 0 6J Nokora ai 0 1 .1 0 2 3 Okarito 0 8 5 0 8 9 Oxenbridge .. .. 0 0 :0 Paddy’s Point 0 2 0 0 o 6 Skippers (paid) — 0 r 1 Skippers (cont.) — 0 0 10 Waihi **1 14 6 Waihi Grand Jctn. 0 4 B — Waitahu * 0 4 6

3 J p.c. Stock, 19381943 103 0 0 3J p.c. Stock, 19391943 103 0 0 3J p.c. Stock, 19411943 103 0 0 3J p.c. Stock. 19381952 .. 103 10 0 ► 3J n.c. Stock, 19391952 103 10 0 3i p.c. Stock, 19411952 103 10 0 4 p.c. Bonds, Jan. 15, 1940 104 0 0 4 p.c. Stock, Jam 16, 1940 104 0 0 4 p.c. Bonds, Feb. 15, 1946 104 0 0 4 p.c. Stock, Feb. 15, 1946 104' 0 0 4 p.c. Bonds, April 15, 1949 103 0 0 4 p.c. Stock, April 15, 1949 103 0 0 4 p.c. Bonds, June 15, 1955 104 10 0 4 p.c. Stock. June 15, 1955 104 10 0 **Ex dividend,

Stock. Apl. 26. Slay Index. Australasias £ 12 14 d. 9 £ 12 H. 13 fi. 0 103.3 Commercials ,. 0 16 11 0 16 ii 80.5 Com. Sydney 17 17 6 17 18 G S9.7 E. S. and A. .. 5 8 0 5 7 9 86.2 Nat. Australasia 6 8 6 6 8 3 88.5 Nat, N.Z 3 18 3 4 1 3 67.7 Bank N.S.W. .. 33 0 0 33 5 0 91.8 Bank N.Z 2 8 9 2 10 3 89.2 Unions .. .. 10 0 0 9 19 0 88.2 Dalgetys .. .. 10 8 9 10 5 0 97.6 Goldsbroughs 1 14 4 1 13 10 123.0 Tooth’s .. .. 2 4 6 2 4 9 149.1 Toohoy’s .. ,. 1 8 6 1 8 6 126.6 N.Z. Breweries .. 2 2 3 2 1 9 83.5 Mount Lyells i s 9 i 3 7 102.5 Zinc, ord i 7 10 i 7 136.3 Zinc, pref. .. .. i 14 1 i 14 i 146.5 British Tobaccos i 17 3 i 17 99,9 Colonial Sugars .. 65 16 0 06 0 0 163.4 Average .. .. 106. 106. 1 —

Paris — Par. RUGBY, May 4. May 5. May 5. Francs to £1 124.21 77 3-18 77 7-32 Brussels— Belgas to £ 1 30 21.88 21.83 Oslo — Kroner to £1 18.130 19.901 19.801 Stockholm— Kroner to £ 1 18.180 19.40 19.40 Copenhagen— Kroner to £ 1 18.150 22.391 22.39} Berlin — Marks to £ 1 20.48 12.95 12.93} Montreal — Dollars to £1 4.88 2-3 5.101 5.10} New York — Dollars to £ 1 4.88 2 8 5.111 5.11! Yokohama — Pence to yen ., 24.582 141 141 Hongkong— Ponce to dollar 24.58 16% 16! Bombay— Pence to rupee 18 3-32 18 3-32 Batavia— Florins to £ 1 12.10 7.50 7.50 MilanDire to £1 .. 82.48 50 29-32 59% Amsterdam— Guilder to £1 12.107 7,521 7.52 Prague— Kroner to £1 104} 122% 122% -Geneva — Francs to £1 25.221 15.73 15.72} Vienna — Schillings to £1 84.861 28 28 Helsingfors— Marks to £ 1 193.23 228! 226! Madrid— Pesetas to £1 25.221 37 5-18 37 5-16 Belgrade— Dinars to £1 35.221 225 225 Athens— Drachma to £1 373 530 520 Lisbon — «i> Escudos to £1 110 110 110 Bucharest— Lei to £1 .. 931.6 510 510 Rio do Janeiro— Pence to milrels 5.890 41 41 ■Buenos Aires— Pence to pesos 47.28 86} 36} Shanghai— Pence to tael _ 15 15 Montevideo— Pence to pesos SSI 381 Warsaw— Zlotys to £1 _ _