COMMERCE AND FINANCE

Otago Daily Times, Issue 22366, 13 September 1934, Page 14

COMMERCE AND FINANCE

LOCAL AND OVERSEAS MARKETS

SOUTH AUSTRALIAN ORANGES BIG SHIPMENT ARRIVES READY SALE AT GOOD PRICES. (Special to Daily Times.) AUCKLAND, September 12. Arrivinc to a bare market, the shipment of 11,000" cases of South Australian oranges which was brought by the Wausau ell a met with a keen demand, selling readily at 16s to 24s a case. There was an exceptionally large bench of buyers. It is stated that an attempt was made by a section of the small retailers to keep the prices down. On entering the market buyers were handed a typed list of the suggested prices. The list also gave the retail price at which the fruit was to sold, allowing a profit of 50 per cent. The attempt, however, was not successful and the oranges were sold freely, the prices paid being about the same as those.-gain for the last shipment, which comprised only 2000 cases, but as no further supply is in sight a large proportion of the consignment will have to be placed in cold store. The shipment will have to last for at least a month in order, to prevent another shortage occurririg. In the last few.days small lots of Californian oganges have been selling at from 32s'6d a case to as high as 40s. THE QUOTA RESTRICTION 0 . ■■■; ... APPLICATION FOR REMOVAL. (Per United Press Association) WELLINGTON, September 12. Application for the removal of the quota on South Australian oranges was made by a deputation of fruit retailers which waited upon the' Minister of Customs to-day. Mr Coates said he could not give a'definite answer to the deputation until after the Australian elections on Saturday. The whole matter hinged on them, he added. He would certainly go into the question of the price. LONDON WOOL SALES (United Press , Association.! (By Electric Telegraph-Copyright.) LONDON, September 11. The wool available for the sales on September 18 is 231,000 bales, including 85,500 new arrivals, of which 41,500 are Australian and 43,500 New Zealand. The offerings will probably total 126,500 bales. CANADA’S WHEAT CROP (United Press Association.) (By Electric Telegraph—Copyright.) " OTTAWA, September 11. The Dominion Bureau of Statistics announced that Canada’s wheat crop _ is 277.304.000 bushels, compared with 269.729.000 in 1933. DAIRY PRODUCE The South Island Dairy Association, Ltd., haa received the following market report from the New Zealand Produce Association, Ltd., London: — Butter.—Quiet. Finest, 77s to (8s; firsts, 75s to 765; Danish, 109 S. Cheese—Quiet, White, 48s; coloured, 455. , . COLOMBO TEA SALES Mr L. M. Wright has received the following cabled report on the Colombo tea auction of September 11: —Owing to the tea trade holiday, there was no sale last week. . At yesterday's , auction common, medium, and fine teas were slightly earner, mainly owing to larger sale. Quality of offerings being attractive. Next week’s auction is catalogued for 2,310,0001tj. ’ f': v . r-, - QUARTZ LODES IN CENTRAL i ; V; OTAGO. V An article, prepared by Mr J. H. Williamson, of the New Zealand Geological Survey Service, for insertion in the Science Journal, on the quartz lodes of Oturehua, Nenthorn, and Macraes Flat, concludes with the following observations: “ The future of these fields depends largely on the skill with which they are managed and the development policy that is followed. Too much stress cannot be laid on the folly of a policy, of blind stabbing, with an entire absence of proper technical advice, both underground and in the mill. Adequate money must be made available for development, and ore in sight should be sufficient to provide at least a year’s crushing for a mill working full time. At present the recovery both at Oturehua and Macrae’s Flat is low. At Golden Point mine it is SO per cent.; at Golden Progress' it is unknown, for no consistent sampling has been done; but it is probably no higher ■ than at Golden Point. “ The Nenthorn field cannot be regarded as a proved failure. A consideration of the history of the field, the meagre returns that have been preserved, and the reasons for its collapse, force- one to the conclusion that the field is worth investigation by a company financially strong enough to prospect the area thoroughly, both by driving and by diamond drilling. “ On the Oturehua field the chief difficulty in the early days was caused by water, a difficulty that is now easily overcome. Present indications in Golden Progress mine are towards a continuation of ore at depth, and the same condition may hold for the Great Eastern mine. “At Golden Point mine a careful study of the faulting there would probably lead to the discovery of the northward continuation of the Home Reef beyond the fault that cuts off the block at present being developed. With the recent rise in the price of scheelite and gold, ore that was a few. years ago unpayable can now' be profitably mined. Moreover, in view of the importance of tungsten in the manufacture of high-grade steel and_ the restricted occurrences of ores of this metal, it is expedient to ensure that our limited resources of this metal are utilised to the fullest, and not carelessly wasted. For this reason alone the field before being abandoned should be carefully prospected."

THE SHARE MARKET DUNEDIN STOCK EXCHANGE A sale of Bank of New Zealands was reported on the Dunedin Stock Exchange yesterday at £2 7s 7d, and the shares were later wanted at £2 7s 9d, with a seller forward at £2 Bs. Standard Insurances had business at £3 7s, and there is now an nnsupplied buyer at £3 6s 9d. Dominion Rubbers continued to have a good demand, business being done at £1 10s. The closing offer was 6d less. Nokomais were turned over at 4s Id, and a parcel of Okaritos realised 89 4d. The former shares are now' wanted at 4s, with a seller at 2d more. SALES ON 'CHANGE.

NORTHERN EXCHANGES (Per United Press Association) The following business was done on ’Changes yesterday; , TT , Auckland.—-Sales: Auckland Harbour Board (1040), 5i per cent., £105; Mount Eden Borough (1903). 4* per cent.. £10o; Commercial Bank of Australia, 17s 2d (odd lot). 17s 44-178 sd; ditto (pief.), £9 18s; Bank of New Zealand, 47s lid, Reserve Bank, £6 9s 3d; Australian Prov. Assurance, 10s 4d: South British Insurance, 86s 3d, 86s 6d; New Zealand Guarantee Corporation, 4s 8d; Renown Coal (new pref.), Is 6d; Auckland Gas, 26s Cd (two parcels): Kauri limber. 18s 3d; New Zealand Breweries, 46s 104(1, British Tobacco, ,38s lid: Electrolytic Zinc (pref.), 3os 7id; New ZeaUand Newspapers, 32s 9d; gw frigerating (10s paid), 9s Id; Gillespie s Beach, Is lod (two parcels); Golconda Holdings. Is Old: Broken Hill 1 roprietary, 50s; Mahakipawa, IOJq. Unoflicial list: Claude Neon, ,535; Silktut, 30s; Woolworths (Syd.), ord., 71s 3d; Saddle Mines, Is. ; d, , ~, , ', Wellington.—Sales; Inscribed Slock, 4 per cent. (1940), £108; ditto, 4 per cent.

(1946), £lO7 15s; Bank of New South Wales, £3l 17s 6d; Bank of New Zealand, 48s; New Zealand Insurance, Cos 3d (late Tuesday), 60s 3d; Wellington Woollen (ord.), £5 10s (late Tuesday); Westport Coal, 19s; British Tobacco, 38s; Consolidated Brick, 10s 9d; Electrolytic Zinc (pref.), 35s 74d| Nokomai, 4s (late Tuesday), 4s. Unofficial: Woolworths (Sydney), 71s (three parcels), 71s 3d (two parcels); Claude Neon Lights, 52s 9d (all late Tuesday). Christchurch—Sales: Commercial Bank of Australia, 17s 6d, 17s (three parcels), 17s 6d; E.S. and A. Bank f< £d 7s; New Zealand Guarantee Corporation, 4s 8d; New Zealand Refrigerating pOs paid), 9s Id (two parcels); New Zealand Breweries, 47s 3d; Tooths Brewery, 45s lOd, 46s (two parcels), 4us (three parcels); Allied Motet's, 3s 6d: British Tobacco (cum div.), 38s; Broken Hiu Proprietary, 49s 8d; Dunlop lerdriau Rubber (cum div.), 20s, 4d (tw’o parcels), Henry Jones Co-op., 34s 6d (two parcels); Brian Born, Is 4cl; Gillespies Beach, Is 9d, Is 9Jd; Glenroy, Is 2d, Goldfields Dredging, Is, (throe parcels), Nevis Diesel Electric, bd, ffjd; Nokomai, 4s (three parcels); Waitahu, 4s 4d, Worksop Extended. Is lid; Skippers 7d (two parcels). Sales reported; Bank of New Zealand. 47s fid; New Zealand Refrigerating (10s paid), 9s -d; dootts Brewery, 45s 10d; British Tobacco (cum div.), 38s; Goldfields Dredging, Isi 0M (two parcels); Nokomai. 4s Unlisted stocks: Woolworths (Sydney), ord., 71s 9d, 72s (throe parcels), 71s lid. SYDNEY STOCK EXCHANGE (United Press Association.) (By Electric Telegraph—Copyright.) SYDNEY, September 12. This morning’s sales:— Bonds: 3i percent 1948, £lOl 15s: 4 per cent.. 1941, £lO6 ss; 1950, £IOB 10s; 1955. £lO9 10s. Bank of New' South Wales. £32 os. Tooths, 465; Anthony Hordern, I os; Associated News (prof.), 245: Australian Glass, 53 s Cd; Wilcox, Moftlm,.. Us lid. ADDITIONAL SALES. (United Press Association.) ; (By Electric' Telegraph—Copyright.) SYDNEY, September 12. (Received Sept. 12, at 10 p.ra.) On the Stock Exchange classified shares were quoted firmly, but there was some irregularity in the gold share market, Commonwealth Bonds attracting moie attention. , Additional sales were as follows: —Bank of New South Wales, £32 ss; Commercia Bank of Australia, 17s 104 d; Colonial Sugar, £66 17s Gd; United Insurance, £lO 15s; Associated News, 245; Howard Smith, 16s; British Tobacco. 38 s 6d; Tooths, 465; Tooheys, 295; Goldsbrough, Mort, 30s 74c1; Winchcombe Carson, 29s 3d; Wilcox Mofflin, 11s lOd; Fairymead Sugar, 375; Electrolytic Zinc, 27s lid; Anthony Hordern, 15s; Standard Cement, 19s; Pitt, Son, and Badgery, 425; Mount Morgan, 34s 4Ad; Broken Hill Proprietary, 50s; Rawang Tin, 9s Id; Placer Development, £26 9s; Euratha Gold, 10s Cd ‘ MELBOURNE, September 12. Commercial Bank of Australia, 18a 2d; E.S. and A. Bank, £5 7s; Dunlop Perdriau, 20s 4d; Herald and Weekly Times* 52s 6d; Mount Lyell, 20s 3d; Tongkah Compound, 275. LONDON STOCK EXCHANGE (United Press Association.) (By Electric Telegraph—Copyright.) LONDON, September 11. Bank of Australasia, £9; Bank of New South Wales, £25: Union Bank of Australia, £7 Is 3d; National Bank of New Zealand, 57s 6d; Bank of New Zealand shares, 44s 10id; Loan and Mercantile, £BS (ex div.); ordinary stock,,£4l 18s 9d. NEW GUINEA GOLD SHARES (United Press Association.) (By Electric Telegraph—Copyright.) LONDON, September 11. New Guinea Gold shares are quoted at 5s BJd. PRICE OF FINE GOLD (United Press Association.) (By Electric Telegraph—Copyright.) LONDON, September' 11. Fine gold is quoted at £7 0s 3Jd per OZ. ■ " V. AN INVERCARGILL . LOAN .it ■ •: (Per United Press Association) INVERCARGILL, September 12. 1 Invercargill has raised locally a loam of £7OOO at 34 per cent.

FOREIGN EXCHANGES (British Official Wireless.) (United Press Association.) (By Electric Telegraph—Copyright.) RUGBY, September 11.

T.T. represents Telegraphic Transfers. O.D. represents on demand transactions. The above rates are subject to alteration without notice.

LONDON METAL MARKET (United Press Association.) (By Electric Telegraph—Copyright.) LONDON. September U. (Received Sept. 12. at 10 p.m.) The following are the official metal quotations:—

£ s. d. Gillespie’s Beach .. 0 1 9 Nokomai 0 4 1 Okairito 0 8 4 SALES REPORTED. Bank of New Zealand 2 7 7 Westport Coal .. 0 19 0 Standard Insurance 3 7 0 D.I.C. (pref.) .. .. 1 5 0 Dominion Rubber .. 1 10 0 Sandhills 0 0 6 h Sandhills 0 0 6 The following are yesterday afternoon's buying and 1 selling quotations. which are subject to the usual brokerage;— BARKING. Buyer. Seller. £ 8. d. £ s. d. A’asia — 11 17' 0 N.S.W. .. .. .. 31 10 0 • New Zealand .. .. 2 7 9 2 8 0 N.Z. (Long D) .. i 14 4 — Commercial .. .. 0 17 0 — Reserve — 0 9 6 Union 9 8 0 — INSURANCE Standard 3 6 9 — SHIPPING. Huddart, Parker (ord.) — 1 14 0 Huddart, Parker (pref.) 1 8 0 — U.S.S. Co (pref.) 1 7 0 — COAL. Kaitangata .. .. 1 1 0 — Westport 0 18 11 — LOAN AND AGENCY. * Goldsbrough, Mort 1 10 3 ’ ' — National Mortgage — 3 1 0 National Mortgage (B issue) .... — 1 12 0 MEAT PRESERVING. Canterbury Meat (pref.) 5 12 6 — N.Z. Refrigerating (yaid) 0 19 3 0 19 8 N.Z, Refrigerating (cont.) 0 9 0 0 9 2 • South. Froz. Meat (paid) 3 11 0 — South. Froz. Meat (cont.) 1 15 0 — South. Froz. Meat (pref.) 3 11 0 — South Otago Froezing 6 3 0 — MISCELLANEOUS. Associated News 1 3 3 — Brown, Ewing (ord.) .. .'. .. 1 0 3 Brown, Ewing (pref.) 1 1 0 Bruce'Woollen (ord.) 0 13 0 — Bruce Woollen (pref.) 1 1 0 . Crystal Ice .. .. 1 17 0 2 2 0 D.I.C. (pref.) .. 1 5 0 — Dominion Fertiliser 1 0 0 — Dominion Fertiliser (Debs.) 102 10 0 — Dominion Rubber 1 9 6 Stock Exchange Proprietary 2 0 0 — Milburn Lime **1 14 0 — Mosgiel Woollen >;. ■ 10 15 0 Mount Lyell 1 02 Lm National Electric 0 8 9 N.Z. Drug Co. .. • 3 18 6 — N.Z.: Paper Mills ■ . 1 12 0 ■ — North, Broken Hill1 •11 6 — Regent Theatre ..' —’ 0 19 6 Wilsons . Cement .. 1 10 0 — Woolworths (Syd- ■ ney) ; 3 11 6 3 12 6 Woolworths (ord.) 7 0 0 — . Sun Newspaper .. — 0 4 6 BREWERIES. N.Z. Breweries .. 2 7 6 2 7 9 Dunedin 1 : 8 0 1 10 0 Tooth’s .. .. • • . 2 5 6 —• OIL. Moturoa ... • • — 0 4 0 MINING. Bell-Hooper .. .. — 0 0 5 Bell-Kilgour .. .. 0 0 2 0 0 31 Bendigo Goldlight 0 0 11J 0 1 0 Big River •• 0 0 9 — Blackwater .... — 1 15 0 Central Shotover — 0 0 10 Gillespie’s Beach .. 0 1 8J 0 1 91 Golconda Holdings — 0 1 8 Golden Dawn , .. 0 2 1 — Golden Point . . ... 0 0 2 . Golden Progress .. 0 1 0 0 1 6 Goldfields Dredging — 0 1 1 Kildare .. .. • • 0 1 10 0 2 0 Mining House Concessions .. .. Molyncnx Electric (pref.) 0 19 0 — Moonlight-Nelsou 4-i Creek ■ — 0 0 -Nevis Diesel 0 0 4 h 0 0 0 Nokomai 0 4 0 0 4 2 Okarito +J0 8 4 0 8 4 Sandhills u 0 5 0 0 6J Skippers 0 0 6 Stafford “ 0 1 41 Upper Shotover .. Waihi 1 12 6 0 1 1. 13 3 6 Waitahu 0 4 3 0 4 7 Wctherstones 0 0 9 0 1 3 GOVERNMENT LOANS. 3J .p.c. Stock, 19381943 108 0 0 — 3J p.c. Stock, 1939- ‘ 1943 •• 108 0 0 — 34 p.c. Stock, 19411943 .. .. . •• 108 0 0 — 34 p.c. Stock, 19381952 •• 108 0 0 — 34 p.c. Stock, 19391952 108 0 0 34 p.c. Stock, 1941"1952 108 0 0 4 p.c. Bonds, Jan. 15, 1940 107 10 0 — 4 p.c. Stock, Jan. 15. 1940 107 10 0 — 4 p.c. Bonds, Feb. . 15, 1946 107 10 0 — 4 p.c. Stock, Feb. 15, 1946 107 10 0 — 4 p.c. Bonds, April 15, 1949 109 10 0 — 4 p.c. Stock, April 15, 1949 109 10 0 — 4 p.c. Bonds, June 15, 1955 110 10 0 — 4 p.c. Stock, June 15. 1955 no 10 0 — **Ex dividend, sized parcels.

(Received Sept. 12, at 5.5 p.m.) Paris— Par. Sept. 10. Sept. 11. Francs to £1 124,21 73 1-32 73 1-32 Brussels— Bolgas to £ 1 30 21.08 21.09 Oslo— Kroner to £1 18.180 19.905 19.905 Stockholm— 10.395 Kronor to £1 18.130 19.395 Copenhagen— 22.40 Kronor to £ X 13.150 22.40 Berlin — Marks to £1 20.43 12.46 12.43 Montreal— Dollars to £1 4,80 2-3 4.855 4.833 New York — 5.01% Dollars to £1 4.86 2-3 5.00 Yokohama— 14% Fence to yen .. 24.582 14% Hongkong— 182 Fence to dollar 24.58 18J Bombay— 18 1-16 Fence to rupee — 18 1-16 Batavia— Florins to £1 12.10 7.27 7.27 Milan— Dire to £1 .. 82.46 57 11-16 57 11-16 Amsterdam— Builder to £1 12.107 7.305 7.305 Prague— ' 119 Kroner to £1 1042 1183 Geneva — 15.16 Francs to £ I 25.224 13.155 Vienna— 265 Schillings to £1 84.8CJ 205 Helsingfors— 2202 Marks to £1 193.23 2203 Madrid — 86 7-32 Pesetas to £ 1 25.225 30 7-32 Belgrade— 216 Dinars to £ 1 23.225 216 Athens— 513 Drachma to £1 373 513 Lisbon— 110% Kscudos to £ 1 110 110 >/ a Bucharest — 1 Lei to £1 .. 931.6 493 495 Rio do Janeiro — 4i Fence to milrcls 5.800 n Buenos Aires— 365 Pence to pesos 47.28 30J Shanghai— 17 IT 1’ence to tael .. — Montevideo— 39 J Pence to pesos — 39% Warsaw — Zlotys to £1 — ON NEW ZEALAND CURRENCY BASIS The Bank of New South Wales, Dunedin, minted the following rates for their purchases and sales of foreign exchange yesterday:— Buying. Selling. Franco — Francs to £1 N.Z. T.T. 60.96 59.60 O.D, 61.26 59.71 Noumea — Francs to £1 N.Z. T.T. 61.91 58.91 O.D. 62.31 58.96 Papeete— Francs to £1 N.Z. T.T. 61.91 58.91 O.D. 02.31 58.90 Belgium— 16.616 Belgas to £1 N.Z. T.T. 17.316 O.D. 17.416 36.631 Germany— Reichmarks to £1 N.Z. .. T.T. — 9.795 O.D. • 9.800 Italy— 45.67 Lire to £1 N.Z. T.T. — O.D. — 43.71 Switzerland — 11,997 Francs to £1 N.Z. T.T. 12.397 O.D. 12.472 12.007 Holland— Florins to £1 N.Z. .. T.T. 6.000 5.576 O.D. 0.056 5.760 Java— Florins to £1 N.Z. .. T.T. 5.959 5.734 O.D. 6.009 5.738 Japan— N.Z. Pence to 1 yen .. .. .. T.T. — 18% Shanghai— N.Z. pence to 1 21 11-16 dollar .. T.T. 208 O.D. ' 205 218 India and Ceylon— N.Z. pence to 1 22 21-32 rupee .. T.T. 22 5-16 O.D. 22 3-16 22 19-32 Hong-Kong— N.Z. pence to 1 23 15-16 dollar .. T.T. 228 O.D. 223 23« Singapore— N.Z. pence to 1 34 13-32 35 11-32 dollar .. T.T. O.D. 34 9-32 35 9-32

Ton. Copper, spot .. .. £27 0 10=£ Fall £0 110 'A Copper, forward .. .. 27 13 VA Rise 0 0 3 electrolytic, spot .. .. 30 10 0 No change Electrolytic, forward 30 15 0 Fall 0 5 0 Wlra bars .. .. .. 30 15 0 Fall 0 5 0 bead, spot .. .. .. 10 0 0 Fall 0 3 9 Lead, forward .. .. 10 7 0 Fall 0 2 0 Spelter, spot .. .. 12 11 3 Fall 0 2 6 Spelter, forward •• .. 12 15 0 Fall 0 3 9 Tin. spot 228 2 0 Fall 1 0 0 Tin, forward .. .. 220 8 9 Fall 0 1G 3 1*18 Iron. bome ; trade .. 3 7 G No change Tig Iron, export .. 3 8 fl No change Antimony. British .< ii 10 0 No change Antimony, foreign .. 31 0 0 BIso 0 10 0 Cult 1 14 6 No change 2 1 G Blse 0 0 e Oz Kilter, standard .. >. 2171(1 Fall 1-lCd Sllret. fine 23 74 d Fall 1-lGd