COMMERCE AND FINANCE

Otago Daily Times, Issue 22424, 20 November 1934, Page 6

COMMERCE AND FINANCE

EXPORT OF HONEY PROGRESS PAYMENT TO PRODUCERS. ; United Press Association) AUCKLAND, November 19. The Honey Control Board’s first progress payment for the 1934 export season will ba made this week on a basis of 3d per lb‘ for best whites. It is too early to estimate correctly the final results for the season, but the board is confident that last season’s figure Of 4|d for best whites will be reached, and probably exceeded: " For the last two ■ seasons there has been a record production in England, and honeys from other exporting countries have flooded the British market, said the chairman, Mr J. R. Rutland. “ Large quantities of the best Russian honeys .are offering at from 23s to 295, duty paid. On the best possible basis the return to the producers cannot exceed Id per lb on these prices. In spite : Of these factors the board has not only maintained, but has increased, the return to producers to last year’s basis of 4|d for similar honeys. The drop in New. Zealand has been unusually small during the past three seasons, but the indications at present point to a record for the. coming season.” .As'li, ———— FOREIGN EXCHANGES ,■- ''' " - ■ V V (British Official Wireless.) . (United Press Association.) (By Electric Telegraph—Copyright.) BUGBY, November IT. Paris— Par. Nov. 16. Nov. IT. Francs to £1 124.21 T 5 25-32 T 5 23-32 Brussels— Belgas to .£1 .SO 21.43 21.41 Oslo— ... Kroner to £1 18.180 19.901 19.901 Stockholm— ‘ _ . Kroner to £1,18.130 19.391 19.391 Copenhagen— >i> Kroner to £1 18.150 22.40 22.40 Marks to £1 20.43 12.43 12.42 Montreal— Dollars to £1 4.86 2-3 4.87% 4.8 T New York— Dollars to "SI 4.86 2-3 4.991 4.99 Yokohama— Pence to yen .. 24.582 14 14 Hongkong— Pence to dollar 24.58 20 1-16 20 1-16 Bombay— Pence to rupee Batavia— Florins to £1 12.10 T. 41 T. 41 Milan— - Dire to £1 .. 82.40 58 T-16 68| < Amsterdam— —^ Guilder to £1 12.10 T 7.30 J 7.89 Prague— , Kroner to £1 1041 119 J 119 T-.J6 Geneva— Francs to £1 25.22 J 15.89 15.38 \ Vienna— ... Schillings to £1 84.865 2T 2T Helsingfors— Marks to £1 193.28 2261 226 J Madrid— ' Pesetas to £1 25.22 J 38 19-32 88 9-16 Belgrade— Dinars to £1 25.22 J S2O S2O Athens — ; Drachma to £1 STS 523 , 523 Lisbon— .' Escudos to £1 110 110% 110% Bucharest— ■ : . i Lei to £1 .. 931.6 -497 49T Klo de Janeiro ' » Pence to milrels 5.890 '' Ai 4* Buenos Aires— Pence to pesos 4T.28 36i 36J Shanghai— Pence to tael .. —l6 i Montevideo — Pence to pesos Warsaw — Zlotys to £1 ON NEW ZEALAND, CURRENCY basis;:’ The Bank of- New South Wales, Dunedin, quoted the following rates for purchases and sales of foreign exchange yesterday:— Buying. Selling. France — Francs to £1 N.Z. T.T. 61.54 60.24 O.D. 61.84 60.29 Noumea—■' v ' - ■•• ■' Francs to £1 N.Z. T.T. 62.49 59.49 OJI. 62.89 59.54 Papeete— * - Francs to £1 N.Z. T.T'. 62.49 59.49- , OJJ. 62.89 59.54 Belgium— Belgas to £1 N.Z. T.T. 1T.589 .16.889 /OJ), 17.689 16.904 Germany— V Belehsmarks to £1 v N.Z .. T.T. O.D. 14 Lire to. £1 N.Z. T.T. O.D. Switzerland — Francs to £1 NJS T.T. 12.576 12.176 O.D. 12.651 12.186 Holland— ’■ ■ •• : ‘ Florins to £1 N.Z. T.T. 6.073 5.823 O.D. 6.128 5.827 Java— v • . • Florins to £1 N.Z. T.T. 6.040 5.810 O.d; 6.090 5.819 Japan— N.Z. Pence to 1 yen T.T. O.D. Shanghai— N.Z. Pence to 1 dollar* .. .. T.T, 19 19-32 20 29-32 O.D. 19 15-32 20 27-32 India and Ceylon—- ■ N.Z. Pence to 1 • rupee .. .. .. T.T. 22 9-32 221 O.D. 22 5-32 22 9-16 Hongkong— N.Z. Pence to 1 dollar* .. T.T. 24 11-32 25 13-32 O.D. 24 7-32 23 11-32 Singapore— N. Pence to 1 dollar .. .. T.T. 34 7-16 35g y O.D. 34 5-15 35 5-16 * These rates are nominal T.T, represents Telegraphic Transfers. O. represents On Demand transactions. The above rates are subject to alteration without notice. AMERICAN WHEAT AND HOGS (United Press Association,) (By Electric Telegraph—Copyright.) WASHINGTON, November 19. (Received Nov. 19, at 11.45 p.m.) The Secretary of Agriculture (Mr H. A. Wallace) announced that farmers in the Middle West would next year be asked to keep their corn acreage and hog numbers only 10 per cent, below the 1932-33 average production. Assuming that normal weather conditions will per-' mit the production of 250,000,000 bushels of corn in excess of the estimated requirements for live stock feeding. This excess, if produced again, will be sealed under the corn loan programme, which will be in force next year. The reductions compare with the present 20 per cent, to 30 per cent, corn reductions, and 25 per cent, reduction in hog numbers.

LOCAL AND OVERSEAS MARKETS

THE SHARE MARKET DUNEDIN STOCK EXCHANGE A parcel of Charlestons changed hands at fid on the Dunedin Stock Exchange yesterday, the market closing with buyers offering 5d and sellers asking 7d. Two sales of Waitahus at 3s 6d were also recorded, a final request for 3s 6d by a seller attracting no further buyers. Westport Coals were offered for sale at £1 0s 3d. but buyers would not give more than 19s lOd. Paid-up Southland Frozen Meats were inquired for at £3 16s, but sellers required 4s above that figure. The contributing issue was also in demand at the improved price of £1 18s, sellers refusing to accept less than £2. Buyers of New Zealand Breweries offered £2 9s 6d, sellers asking 6d extra. The inquiry for King Solomons eased to 3s fid, which was 3d below sellers’ requirements. For Okaritos buyers offered 9s, sellers being disinclined to do business under 6s 2d;

DIVIDENDS PAYABLE. The following is a list of shares on which dividends will shortly be payable; — Broken Hill Proprietary, halfyear Is (Aust. currency) .. Nov. 21 Westport Coal, final, 6d .. .. Nov. 26 National Bank of Aust. (paid), interim,- 5s .. .. Nov. 28 National Bank of AugL - (cont.). interim, 2s fid .. .. Nov. 28 Dalgety, final, 2s fid .. .. Nov. 28 Wilsons Cement, interim, 7Jd Nov. 28 E.S. and A. Bank, final, 4s fid Nov. Australian Glass (pref.), 10 4-5 d Dec. 1 Australian Glass (ord.), interim, Is .. .. .. .. Dee. 1 North Broken Hill, Is fid .. Dec. 12 Broken Hill South. Is Cd, payable Melbourne Dec. 15 NORTHERN EXCHANGES (Per Exited Press, Association) The following business was done on ’Changes yesterday:— Auckland.—Sales: Commercial Bank of Australia, 15s 8d; New Zealand Guarantee Corporation, 5s 7d; Traders’ Finance (con.), 3s 2d; Auckland Gas (con.), 20s 2d; Taupo Totara Timber, ss; Australian Glass, fils; British Tobacco, 41s 3d; Bycroft, 525; Claude Neon (Sydney), 51s 4d (two parcels); Colonial Sugar, £75 15s; Grev and Menziee, 5s fid; New Zealand Newspapers, 33s fid; Wilsons Cement, 34s fid; Mount Lyell, 17s fid; Waihi, 39s

7d; Bell-Hooper, sd. Unofficial list: Renown Collieries, March 1, 1954, 6 per cent., £99. Wellington.—Sales: Dalgety (cum div.), £9 3s fid; New Zealand Refrigerating (10s paid, late Saturday), 10s ld; Kaiapoi Woollen, 16s; United Provisions, 9s 6d. , c Christchurch. —Sales; Union Bank of Australia, £9 Is 6d; New Zealand Refrigerating (10s paid), 10s Id: New Zealand Breweries, 49s 9d; Staples Brewery, 30s 6d; Anthony Hordern, 17s; British Tobacco, 41s 4d; Broken Hill Proprietary (cum div.), 50s lid, 51s; New Zealand Farmers’ Co-op. 4Jper cent. Stock, 1945, £97; Bell-Hooper, 4Jd (two); Kildare, 2s 4d; Mount Lyell, 17s 5d (two); Skippers, 6-}d (three); Worksop Extended, 3s sjd. Sales reported: Commercial Bank of Australia, 15s 9d; New Zealand Refrigerating (10s paid), 10s Id (three), 10s 2d (two); Kaiapoi Woollens (17s. paid), 16s: Amalgamated Wireless (cont.), 355; New Zealand Farmers’ Co-op, per cent. Stock, 1945, £B7 10s; New Zealand Newspapers, 33s 6d: Big River (late sale Saturday), Is 6d; Mahakipawa, 10d; Goldsbrough, Mort, 30a Od; Okarito, 9s. Unlisted stocks; SaleArgo Gold (7Jd paid), Is (two); Maori Gully (Is paid), Is 5Jd (three); Woolworths (Sydney, ord.), 75s 3d (two).Sales reported: Woolworths (Sydney, ord.. late sale Saturday), 75s 3d. SYDNEY STOCK EXCHANGE (United Press Association.) (By Electric Telegraph—Copyright i ' SYDNEY. November 19. The early sales on Exchange were: — Bonds: 4 per cent., £lO7 ss; 1941, £lO6 15s; 1944, £lO7 I7s 6d; 1953, £ll2 2s 6d: 1957, £llO 17s 6d; 1959. £lll ss; 1981. £lll 15s. Shares: Commercial Bank of Sydney, £l7 18s; Associated News, 25s 6d; Broken Hill Proprietary, 51s 6d; Dunlops, 20s; Goldsbrough, 31s; Howard Smith, 16s 6d; James Stedman, 16s 3d. ADDITIONAL SALES. (United Press Association.) (By Electric Telegraph—Copyright.) SYDNEY, November 19. (Received Nov. 19, at 10 _p.ni.) The Stock Exchange had a fairly steady tone throughout, company shares displaying a tendency to harden. Additional sales were as follows: Bank of New South Wales, £33; Commercial Bank of Sydney, £l7 18s; Colonial Sugar, £76; Australian Provincial Assurance, 11s lid; Associated News, 25s 6cl (pref. 25s 3d); British' Tobacco, 41s 6d; Tooths, 51s; Tooheys, 295; Australian Glass, 61s 6d; Goldsbrough, Mort, 31s; Henry Jones, 36s Gd; David Jones, 425; Anthony Horden, 17s 4£d; North Broken Hill, 100 s; Rawang Tin, 7s 9d; Placer Development, £23 10s. MELBOURNE, November 19. National Bank (£lO paid), £l2 _ 12s; Electrolytic Zinc, 255; Herald and Times, 58s; Dunlop Perdriau, 20s; Mount Lyell, 17s 9d. GRAIN AND PRODUCE REPORT Messrs Donald Reid and Co., Ltd., report.as follows: — Wheat. —An occasional sample of millin<r wheat is still coming to band. The Wheat Board will only accept lines that conform with their requirements. Any wheat with a superfluity of moisture is rejected. Fowl wheat remains firm at recent quotations. The usual retail demand represents all the business passing. Prices range from 3s 9d to 4s 3d per bushel, sacks extra, ex store, according to the quality and quantity required. Oats. —There is no business passing between merchants. Oats, at one time the means of continual speculation among merchants, are now an item of little importance in the produce world. Nominal prices to growers remain 1s 9d for A grade and ■ls fid for B grade, sacks extra, on trucks, country stations. Millers will pay 2s for suitable milling lines. '■ Chaff. —The local market is well supplied. When local consignments begin to slacken Canterbury merchants send along consiemnents, and chaff of all descriptions is generally available to the buyer. Prime quality is alone. required at this time of the year. There is no storage now available for chaff in the wool stores, and only the prime quality can be sold ex truck. Primes remain £3 15s, ex truck, or £4 ss, ex store, sacks extra. Potatoes. —The season for old potatoes is now about finished. Prices have firmed slightly, due to the fact that farmers will not pick their lines and send them to market at the prices that have been ruling. Freshly-picked tables are worth £3 10s to £4, ex store, sacks in.

SALES ON ’CHANGE. £ 6. d. Charleston .. 0 0 6 Waitahu (two) 0 3 6 SALES REPORTED Reserve Bank (late Saturday) X6 12 3 Bell-Hooper (late Saturday) 0 0 5 Nokomai; (late Saturday) 0 3 N.Z. Refrigerating (pd., two) 1 0 6 Mount" Lyell 0 17 .6 Bank of New Zealand • • o 9 9 Wilson’s Cement i 14 3 SALES REPORTED AFTER LAST CALL. Okarito 0 9 0 The following are yesterday afternoon’s having and selling quotations, which are subject to the usual brokerage — BANKING. Buyer. Seller. £ s. d. £ 9. d. New Zealand 2 9 6 2 9 10 N.Z. (Long D) .. — 1 14 0 Commercial — 0 15 11 National of N.Z. 3 11 0 6 12 Reserve .. . • — 3 Union — 9 4 0 INSURANCE. National 1 1 6 — South British 4 11 9 — , SHIPPING. P. and 0. Def. Stk. — 1 1 6 U.S.S. Co. (pref.) 1 7 6 — COAL. Kaitangata — 1 2 0 Westport 0 19 10 1 0 3 Westport-Stockton (ord.) ... .. — 0 3 3 LOAN AND AGENCY. National Mortgage — 3 1 0 NtZ. Loan and M. (ord.) .. .. — 2 9 0 Perpetual Trustees S 1 0 Wright, Stephenson 0 17 9 (ord.) .. -. —, Wright, Stephenson (pref.) .. -. 1 0 0 — MEAT PRESERVING. Canterbury Meat 6 14 0 (pref.) -v. • 6 N.Z. Refrig, (pd.) 1 0 3 1 0 N.Z. Refrig, (cont.) 0 10 0 —- South. Froz.Meat (paid) .. .. . S 16 0 4 0 0 South. Froz. Meat 0 ’. (eont.) .. • • 1 18 0 2 0 South. Froz. Meat (pref.) ... ... 3 19 0 — . v South Otago Freez. 6 4 0 — MISCELLANEOUS. Brown, Ewing 18 ■ (ord.) i ,,; .. 0 — Brown, Ewing (pref.) ,/ .. 1 1 0 — Bruce Woollen (pref.) .. .. 1 1 0 — Crystal Ice (new 0 issue) .. .. — to 10 Dominion Fertiliser 1 1 3 Dominion Fertiliser (debs.)' ■ .. ). 106 0 0 — Dominion Rubber i e 6 — Dunlop Perd. Rub. 0 19 6 — Kftiapoi Woollen 0 15 8 (ord.) . .. : •. — Milburn Lime 2 2 0 — Moegiel Woollen .. — ii 0 0 Mount Lyell 0 17 3 0 IT 9 N.Z. Drug Co; .. 4 ' 0 0 — N.Z. Paper Mills -, 1 14 3 1 15 0 Regent Theatre •. — 0 19 6 Sun News .. — 0 4 0 Wilsons Cement .-. 1 14 0 1 14 9 Woolworths 6 (Sydney) .. .. _ 3 15 Woolworths. (ord.) 8 0 0 —. BREWERILES. N.Z. Breweries .. 2 9 6 2 10 0 Dunedin 1 8 9 1 10 0 Timaru .. .. 0 7 11 — •" OIL. Moturoa (pref.) .. — 0 6 0 MINING. Aotearoa — 0 1 0 Bell-Hooper 0 0 44 0 0 6 Bell-Kilgour 0 0 14 0 0 24 Bendigo Goldlight 0 0 10J — Charleston .0 0 5 0 0 7 Gillespie’s Beach — 0 1 9 Goldfields Dredging — 0 0 10J Glenroy — 0 1 0 Kildare . • .. —- 0 2 4 King Solomon .. & 3 6 0 3 9 Maerewhenua — 0 0 44 Mahakipawa • 0 o m Mataki .. .. — 0 2 10 Mining House Con24 cessions — 0 0 Moonlight-Nelson 24 Creek — 0 0 Mount David 0 0 10 — Nevis Diesel — 0 0 44 Nokomai .. .. 0 3 5 9 3 9 Okarito .. .. 0 9 0 0 9 2 Oxenbridge — 0 0 llj Skippers .. .. Stafford .. .. 0 0 6 0 1 2 Waihi 1 19 3 1 19 9 Waitahu .. . • — 0 3 6 GOVERNMENT LOANS. 3J p.c. Stock, 19381943 107 0 0 — 3J p.c. Stock, 19391943 107 0 0 ... 3J p.c. Stock. 19411943 107 0 0 —• 31 p.c. Stock, 1938- - 1952 106 0 0 — 31 p.c. Stock, 19391952 106 0 0 — 31 p.c. Stock. 19411952 106 0 0 — 4 Stock, Jan. 15, 1940 .. .. 103 0 0 — 4 p.c. Bonds, June 15, 1955 .. .. 112 0 0 113 10 0 4 p.c. Stock, June 15, 1955 .. .. 112 0 0 113 0 0 f Premium.