COMMERCE AND FINANCE

Otago Daily Times, Issue 22479, 25 January 1935, Page 6

COMMERCE AND FINANCE

LOCAL AND OVERSEAS MARKETS

THE RESERVE BANK ASSETS AND LIABILITIES (Fn Uwmp Puss Association.) WELLINGTON, January 24. Hie Gazette issued to-night contains fhc following statement of the liabilities and assets of the Reserve Bank of New Zealand as at the close of business on January 21. The figures at the close of last year are given for the purposes of comparison, shillings and pence being omitted; — LIABILITIES Last week. This week. £ £ L Paid-up capital .. .. 500.000 600.000 2, General Beserre Fund .. 1.000.000 1,000,000 t. Bank notes 5,623,430 9,570,293 4. Demand Uabllltlsa—(a) State .. .. 7.503,614 7,809,753 (b) Banka .. 8,193,714 8.002.903 (c) Other 3.206 5.723 5. Time deposit* .. .; —, 6. Liabilities to currencies v . other . than New Ze»- . ' . . land currency .. - ' : — • f. Other- liabilities .V. : 48,247; 49.575 - Total ..' £26,932.213 £27,038,257 ASSETS t. Beserre— r ' (») 'Gbld :.. .. .. 9,001,781 . 3.001,731. (b) Sterling exchange .. 21,920,641 21,859.433 (ci IGoId exchange ... i-rfr t, Subsidiary, coin . . .. 88,835 190,216 ,. (a) Commercial and tillcultural bills .. (b) Treasury and local -. body blßi .. .. , •?. v " ■ •U. Adrancee— , ;■ ' (a) iTo f- State ‘ State ‘ undertakings .. (b) To other public an- , . / thorltles .. .. f~> ~ (e) Other I—--11. Inrsetmests .. .. •• 1,897,869 1,960,711 19. Bank ■ buUdinn. • 14. Other assets ... .. .. 98,848 16,161 Total .. .. .. efl.9Bt*lS £27,936.957 Proportion of reserre (No. S lese No. 6) to notes and ' other demand liabilities .. 98.1844 97.8364 LONDON WOOL SALES GOOD COMPETITION. (United Press Association.) (By Electric Telegraph—Copyright.) LONDON January 23. At the. wool sales 8203 bales were offered, including 3012 from New Zealand. A total of 7194 bales of Australian and New Zealand wool waa sold. There was, satisfactory Home and Continental competition at steady rates. New Zealand greasy crossbred, " Lavenham,” top, 10d, average 7|d, 1 SYDNEY WOOL SALES (United Press Association.) (By Blectrlo Telegraph—Copyright.) SYDNEY, 1 January 24. (Received Jan 24, at 11.30 p.m.) At the wool sales 11,168 bales were offered and 9878 sold, while 523 were disposed of. privately,!. .Values .were fully maintained, but faulty wools are still irregular. Competition was strong and general, with increased activity on German account. Greasy merino made 18Jd. AUSTRALIAN MARKETS (United Press Association.) (By Electric Telegraph—Copyright.) SYDNEY, January 24. (Received Jan. 24, at 11 p.m.) Wheat: New season’s, on country sidings, bagged, is quoted at 2g 4Jd, and bulk at 2s 4d, equal to about 2s Hid, ex trucks, Sydney; old wheat equal to about 2s 9Jd, ex trucks, Sydney. Flour, £lO 7s 6d. • ; (Bran, £5. Pollard, £5 ss. Potatoes: Tasmanian, £l2 to 114; Victorian, £l2, Onions: Victorian, <l2. Maize: White and yellow, 3s 3d. <, ADELAIDE, January 24. ' Wheat; Growers’ lots—New season's 2« 9d, old 2s 6Jd. Flour, £lO 7s 6d. Bran, £5. Pollard, £S 2s od. Oats:, Algerian, Is lid. Barley, 2s 7d. V PRICE OF FINE GOLD (.United Press Association.) (By Electric Telegraph—Copyright.) LONDON, January 23. - Fine gold is. quoted at £7 2s Ijd per ounce. DOLLAR AND FRANC (United Press Association.) (By Electric Telegraph—Copyright.) , LONDON, January 23. Exchange on New York is quoted at 4.88} dollars to the £, and on Paris at 74 5-16 francs. •AUCKLAND GAS COMPANY. LTD. NET PROFIT OF £68,002. (Special to Daily TikEs) AUCKLAND, January 24. 1 The annual accounts of the Auckland Gas Company, Ltd., for the year ended December 31, 1934, show a net profit of £68,002, a reduction of £3977, but £913 higher than the 1932 earnings. With £1074' brought forward £69,076 is available. The interim dividend of 2} per cent, paid in August, 1934, absorbed £30,936 10s, and £SOOO has been transferred to the income tax reserve account, leaving £33,139 10s. The directors recommend the payment of a final dividend of 2} per cent., making 5A per cent, unchanged for the year'on both fully paid f 1 aharee and contributing 15s paid shares. This will absorb £30,936 10s, and the carry-forward is £2203.

THE SHARE MARKET DUNEDIN STOCK EXCHANGE No business was transacted on the Dunedin Stock Exchange yesterday. Bank of New Zealands were offered for sale at £2 10s 9d, but buyers were not interested; A sale at £2 10s 6d was reported. The long D issue was also reported to have been the subject of business at £1 10s, a closing seller at £1 10s 6d attracting no response from buyers. Westport Coals met with a firmer demand, buyers being prepared to give £1 Is 9d, while sellers required 9d extra, A sale at £1 2s was reported.' Buyer’s of Milburn Limes offered £2 2s 6d, but sellers remained firm at £2 3s, Kaiapoi Woollen ordinaryshares were, reported to have b’een dealt, in at 15s 6d, a closing seller at 15s 8d failing to attract buyers. Sun Newspapers were on offer at 5s Id, but buyers did not come forward. SALES REPORTED. £ s. d. Bank of New Zealand .... 210 6 Bank of N.Z. (long D) .. .. 110 0 Westport Coal 1 2 0 Kaiapoi Woollen (ord.) .... 015 6 Bell-Hooper . 0 0 1 The following are yesterday afternoon’s buying and selling quotations, which are subject to the usual brokerage:— BANKING.

NORTHERN EXCHANGES (Per United Peess Association) The following business was done on ’Changes yesterday:— Auckland.—Sales: Stock (1938-52), 3J percent.,£lo6 15a; ditto (1939-52), 34 per cent., £lO6 17s 6d; ditto (1955), 4 per cent., £109; Bank of New Zealand, 50s 6d (2); Reserve Bank, £6 13s 4d; New Zealand Insurance, 70s 9d; Colonial Sugar, £4l 10s; Dominion Fertiliser, 21s; Farmers’ Trading, 7s 7d; ditto (B pref.), 14s 3d; Hill and Plummer, 15s 6d; Morris Hedstrom, 18s 4d; Big River, 2s; Mahakipawa, Is; Mataki, 2s; Talisman Dubbo, 10s 6d; Waihi, 39s 4d. Unofficial list: K. D. V. Boxes, 14s 3d; Alluvial Holdings, 2s Sd. Wellington.—Sales; Bank of New Zealand, 50s lOd; Reserve Bank, £6 13s; New Zealand Refrigerating (£1 paid), 21s 3d; Farmers’ Trading, 7s Bd.—Unlisted: Woolworths (Syd.), £4 12s 6d, £4 13s 6d, £4 13e 3d, £4 13s 6d. Christchurch.—Unlisted stocks: Argo Gold (104 d paid). Is sd. Sales: Commercial Bank of Australia (cum div.), 16s 6d, 16s 5d (3); Bank of New Zealand, 50s-9d, 50s sd; New Zealand Refrigerating (£1 paid, cum div.), 21s Id (2); New Zealand Refrigerating (10s paid, cum div.), 10s Id (5); Timaru Brewery (7s 6d paid), 8s 4d; Anthony Hordern, 19s; Beath and Co. (Is paid), 9s 6d; British Tobacco, 38s lOd; Dunlop Perdriau Rubber, 19s 9d; Electrolytic Zinc (ord.), 21s 6d; New Zealand Newspapers, 365; Sun Newspapers, 5s Id (3); Bell-Kilgour, Id; Big River, Is lOd (3); Gillespie’s Beach, Is Sid; Goldfields Dredging, 9d; King Solomon, 3's 4d; Maori Gully, Is s£d; Mahakipawa", lid, (4), lid; Rawang Tin, 7s lljd, 7s lid. •—-rSaleg reported: Commercial Bank of

Australia (cum div.), 16s 5d (2); Reserve Bank, £6 ISs; National Insurance, 22s 4d; New Zealand Refrigerating (£1 paid, cum div.), 21s 2d (S); Mount Morfan, 40s; Stafford Sluicing, Is; Waihi, 8s 3d. AUSTRALIAN STOCK EXCHANGE (United Press Association.) (By Electric Telegraph—Copyright.) SYDNEY, January 24. (Received Jan, 24, at 5.5 p.m.) The early sales on Exchange were as follows: Bonds (fours), 1944, £108; National Bank (£lO paid), £l3 ss; Bank of New South Wales, £3l 12s 6d; Tooths, 51s 3d; Associated News, 24s 3d; Broken Hill Proprietary, 54s 3d; British Tobacco, 39a 3d; Burns Philp, 645; South Sea, 25s 9d; Lustre, 28s 3d; Morris Hedstrom, 19s. ADDITIONAL SALES. (United Press Association.) (By Electric Telegraph—Copyright.) SYDNEY, January 24. (Received Jan. 24, at 11 p.m.) On the Stock Exchange banks and breweries were in better demand to-day at prices around late levels. Additional sales were as follows; —Bank of New South Wales, £3l 15s; Commercial Bank of Sydney, £l7 15s; National Bank (£lO paid), £l3 ss; Bank of New Zealand, 51s; Howard Smith, 17s; Burns, Philp, 645; Australian Gas A, £8 2s 6d; British Tobacco, 39s 3d; Tooths, 61s 3d; Tooheys, 30s 3d; Carlton Brewery, 545; Australian Glass, 645; Goldsbrough, Mort,.3os; Morris, Hedstrom, 19s Ijd; Henry Jones, 36s fid; Anthony Hordern, 19s 3d; Millaquin Sugar, 36s 6d; General Industries, 14s 3d; United Provisions, 8s lOd; Mount Morgan, 39s lOJd; Mount Lyell, 16s 7Jd; North Broken Hill, 995; Rawang, 7s 10d; Euratha, 7s sd; Placer Development, £27 10s. ' MELBOURNE, January 24, Commercial Bank of Australia-, 17s; British Tobacco, 39s 6d; Mount Lyell, 16s 9d; National Bank (£5 paid), £6 Bs. NEW GUINEA GOLD SHARES (United Press Association.) (By Blectrlo Telegraph—Copyright.) • LONDON, January 23. New Guinea Gold shares are quoted at 4s IOJd. BUTTER OUTLOOK IMPROVED (United Press Association.) (By Electric Telegraph—Copyright./ LONDON, January 23. (Received Jan. 24, at 5.5 p.m.) The purchase by the United States of 16,000 boxes in current fortnight after an absence of three years from the market improved the butter outlook, New Zealand chiefly benefiting, but the demand contributed to _ a rise in Kangaroo to 82s, compared with 64s in the late autumn, Americana buying at 83s. The dry spell in Europe is causing subnormal shipments from Scandinavia. The absence of Canadian supplies permitted a reduction _in the Australian stocks, which are falling instead of rising, as in January, 1934. Thns.the market is expected to be_ steady for three or four weeks, after which the American and European spring begins. FOREIGN EXCHANGES (British Official Wireless.) (United Pres* Association.) (By Electric Telegraph—Copyright.)

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.

MINING NEWS

MOANATAIARI GOLCONDA CONSOLIDATED The supervisor advises that during last week the crosscut was advanced a further 17 feet, making a total of 254 feet. A formation of quartz stringers about 18 inches wide is now being passed through, the work being in much milder country. LONDON METAL MARKET (United Press Association.) V (By Electric Telegraph—Copyright.) LONDON, January 23. (Receiver! Jan. 24, at 11 p.m.) The following are the official metal quotsUona:— iron.

DAIRY PRODUCE

) The New Zealand Loan and Mercantile Agency Company, Ltd., have received the following cabled advice from their London house, dated January 23:—New Zealand choicest salted butter* 82s, 83s; market steady. Cheese, 455, 46s’; market slow. CANNED EEL INDUSTRY REPRESENTATIVE ABROAD. With the object of developing the eelcanning industry, already launched in the Wairarapa, Mr J. W. Hayden, of Greytown, recently paid a visit to England. He returned by the Rotorua on Wednesday, and, although disinclined to discuss his visit, stated to an Evening Post reporter that he felt convinced that there was a big future for the industry. In his latest report to Parliament, the chief inspector of fisheries (Mr A. E. Hefford) stated that the existence of the Greytown Canning Company, with a plant specially intended for the treatment of eels, indicated that in one quarter at least the period of tentative small-scale trials was over, and the industry definitely launched. Mr Hefford stated that through information obtained from the High Commissioner it was evident that eels weighing between Jib and lib each would be in greatest demand for the London market, and there would be a limited demand for eels between lib and 21b. In Germany, where eels were very largely retailed in the smoked state, the chief demand was for eels of lib to IJlb, but those up to 21b were quite acceptable. Frozen eels would fetch probably not more than 6d per lb. J. C. WILLIAMSON, LTD. The directors of J. C. Williamson, Ltd., announce the payment of a preference dividend at the rate of 0 per cent, per annum for the six months ended December 31. This is the first dividend payment under the'recently-approved capital reorganisation scheme. As the issue of bonus preference shares, authorised at the same time as the preference capital reorganisation, was made on December 28, the dividend on these shares dates from the beginning of the year only, and there will be no dividend on them for the last half of 1934. CANADIAN FRUIT CONTROL Under the provisions of the Natural Products Marketing Act recently passed by the Canadian Parliament, the fruit industry has prepared a fruit export marketing scheme, which has been approved by Order-in-Couneil. The purpose of this scheme is to regulate the exportation from Canada of fresh apples and fresh pears. The provinces of Nova Scotia, Ontario, and British Columbia are particularly concerned with this scheme, as from these provinces practically all the fruit of this class is exported from Canada. During the past five years the average annual amount of fruit exported has been more than 2,000,000 barrels. The situation with respect to the marketing of fruit in the United Kingdom is such that the regulation of marketing of fruit from Canada is regarded as imperative. By regulating the export it is anticipated the oversupplies and shortages of Canadian fruit on the markets of the United Kingdom will be prevented, and better, prices will be obtained. It is also anticipated that the genera] standard of Canadian apples sold in the United Kingdom will be raised. The board will have the power to prohibit, during any period named, the exportation from Canada of fruit. All producers of fruit may be registered by the board, and all exporters or shippers of fruit from Canada will be required to obtain a licence rom the local offices of the board.

Buyer. Seller. £ 8. d. f • >■* B . d. 'New Zealand .. .. — 2 10 9 N.Z. (-Ion* D) .. — 1 10 6 Commercial .. .. — 0 16 9 E.S. and A — 5 2 6 National of N.Z... 3 11 0 Reserve 6 12 0 6 13 6 Union — 9 2 0 yyvfy INSURANCE. National 1 2 3 New Zealand .. .. 3 10 0 — South British .. .. 4 16 6 Standard 3 11 0 — SHIPPING. P. and 0. Def, Stk. 1 1 0 U.S.S.Co. (pref.) 1 7 0 — MEAT PRESERVING N.Z. Refrigerating N.Z. Refrigerating 1 1 0 — (cont.) .. ... .. South. Froz. Meat 0 10 0 0 10 2 (paid) 3 16 0 — South. Froz. Meat (cont.) 1 18 0 2 2 0 South Otago Freez. 6 5 0 LOAN AND AGENCY. Goldsbrough, Mort National Mortgage N.Z. Guarantee Crp. — 1 8 9 2 13 0 6 0 9 3 0 0 Perpetual Trustees 3 1 0 — Wright, Stephenson (pref.) .. .. .. 0 19 6 1 0 3 COAL. Eaitangata .. ., — 1 1 0 Westport 1 1 9 1 2 6 Westport-Stockton * (ord.) — 0 3 0 Westport-Stockton (pref.) .. — 0 6 0 Grey Valley .. .. ' 0 11 8 . - -MISCELLANEOUS. British Tobacco 1 10 6 Broken Hill Pty. — 2 14 0 Brown, Ewing _ (pref.) .... .. 1 1 6 Bruce Woollen nirfer 1 1 0 1 ~7 0 Dominion Fertiliser 1 1 3 Dominion Fertiliser (debs.) 106 0 0 Dominion Rubber — 1 11 0 Dunedin-Kaikorai Trams 1 18 6 Dunlop Perdriau Rubber .. .. .. — 1 0 0 Kaiapoi Woollen (ord.) .. .. — 0 15 8 Kaiapoi Woollen (cont.) — 0 6 0 Milburn Lime 2 2 6 .2 3 0 National Electric 0 10 3 0 13 0 N.Z. Drug Co. .. — 4 0 0 N.Z. Paper Mills.. Regent Theatre .. — 1 14 6 — 0 19 6 Smith and Smith 0 17 9 Sun Newspapers .. — 0 5 T Wilsons Cement .. — 1 13 9 Woolworths (Sydney) — 4 14 0 BREWERIES. NJ5. Breweries .. — 2 12 0 Staples .. .. .. — 1 14 0 OIL. Moturoa (pref.) .. __ 0 5 0 AUSTRALIAN MINING. Mount Morgan .. 1 19 0 2 0 3 MINING Bell-Hooper .. .. 0 0 31 Bell-Kilgour .. ., 0 0 1 0 0 11 Bendigo Goldlight 0 0 11’ Big River .. .. — 0 2 6 Clutha River .. . . 0 1 9 Gillespie's Beach.. 0 1 7 0 1 9 Golden Progress .. 0 1 0 Golden Sands 0 3 0 Goldfields Dredging 0 0 7i Kildare 0 2 4 Lawson’s Plat . .■ 0 0 6 Maerewhenua.... ; 0 0 3 Molyneux River . . 0 i 9 Nevis Diesel.. .. 0 0 4 Nokomai 0 2 0 0 2 9 Okarito 0 8 3 Oxenbridge .. .. 0 0 10 Paddy’s Point .. Sandhills — 0 0 2 0 9 6 Waitahu 0 2 0 0 2 5 Maori Gully .. .. 0 1 6 0 1 8 GOVERNMENT LOANS. 3i p.c. Stock, 19381943 106 5 0 3i p.c. Stock, 19391943 ., .. .. .. 106 5 0 3i p.c. Stock, 19411943 106 5 0 3i p.c. Stock, 19381952 .. .. i, .. 106 5 0 SJ.p.c. Stock, 19391952 106 5 0 3i p.c. Stock, 19411952 .. . 106 5 0 4 p.c. Bonds, Jan, 15, 1940 102 10 0 4 p.c. Stock. Jan. 15,1940 102 10 0 4 p.c. Bonds, Feb. 15. 1946 106 16 0 4 p.c. Stock, Feb. 15, 1946 105 10 0 4 p.c. Bonds. April 15, 1949 108 15 0 4 p.c. Stock, April 15, 1949 106 0 0 4 p.c. Stock, June 15, 1955 — 109 5 0

RUGBY, January 23. Paris — Par. Jan. 22. Jan. 23. Francs to £1 124.21 74 7-32 74 13-32 Brussels— 21 21.03 Belgas to £1 30 Oslo— 19.90 Kroner to £1 18.180 19.90 Stockholm — 19.39} 19.39} Kroner to £ 1 18.130 Copenhagen— 22.39} 22.39} Kroner to £ 1 18.150 Berlin— 12.20 12.23 Marks to £1 20.34 Montreal — 4.89 Dollars to £1 4.86 2-3 4.87J New York— . 4.89} Dollars to £1 4.862-3 4.88g Yokohama— 14 Pence to yen •. 24.582 IS 5-82 Hongkong— 21 6-16 21} Pence to dollar 24.58 Bombay— 18} 18} Pence to rupee — Batavia — 7.23} Florins to £1 12.10 7.22} Milan— 675-18 57 7-16 Lire to £1 82.46 Amsterdam— 7.26} Guilder to £1 12.107 7.2 4 J Prague— 117S Kroner to £1 104} 117 Geneva — 15.16} Francs to £ 1 25.22} 15.13} Vienna— Schillings to £1 84.861 20 26 Helsingfors— 226} 226} Marks to £1 193.23 Madrid — 35 29-32 Pesetas to £1 25.22} 35 13-16 Belgrade— 216 Dinara to £1 25.22} 216 Athens — Drachma to £1 375 514 515 Lisbon — Escudos to £1 110 110} 110} Bucharest— Lei to £1 .. 931.6 487} 487} Rio da Janeiro— Fence to milrels 5.890 4} 4i Buenos Aires — Pence to pesos 47.28 36} 36} Shanghai— Pence to tael — 17 5-16 17} Montevideo— Pence to pesos — 39% 39% Warsaw — Zlotys to £ 1 , — 25.93 25.93

France— Francs to £1 N.Z. T.T. 60.43 59.13 Noumea— O.D. 60.73 59.18 Francs to £1 N.Z. T.T. 01,38 58.38 Papeete— > O.D. 61.78 58.43 Francs to £1 N.Z. T.T. 61.38 58.38 O.D. 61.78 58.43 Belgium— Belgas to £1 N.Z.. T.T. 17.268 16.568 Germany— O.D. 17.368' 16.583 Eelchsmarbs to £1 N.Z T.T. — 9.610 O.D. — 9.615 Italy— Lire to £1 N.Z. T.T. — 45.47 O.D. ' 45.51 Switzerland— Franca to £1 N.Z. T.T. 12.409 12.009 O.D. 12.484 12.019 Holland— Florins to £ 1 N.Z. T.T. 5.970 5.720 O.D. 6.020 5.724 Java— Florins to £1 N.Z. T.T. 5.923 5.698 Japan— O.D. 5.973 5.702 N.Z. pence to 1 yen .. .... T.T. — 17 21-32 O.D. Shanghai— N.Z. pence to 1 dollar ,. ,. T.T. 20 29-32 22 7-32 O.D. 20 25-32 22 5-22 India and Ceylon— N:Z. pence to I rupee .. .. T.T. 22 11-32 22 11-1G O.D. 23 7-32 22B Hongkong— N.Z. pence to 1 dollar .. .. T.T. 26* 27 3-16 Singapore— O.D. 20 •27* N.Z. pence to 1 dollar .. .. T.T. 34 7-16 353 O.D. 34 5-16 35 5-16

Copper, epot £28 1 10W Pall £0 2 8 Copper, forward .. 28 6 10W Fall 0 2 6 Electrolytic, spot SI 0 0 Fall 0 5 0 Electrolytic, forward 31 10 0 Fall 0 8 0 Wire bars .. .. 31 10 0 Fall 0 8 0 Lead, spot .. .. 10 8 9 No change Lead, forward .. 10 11 S No change Spelter, spot , .. 11 18 9 No change Spelter, forward .. 12 2 6 Fall 9 1 3 Tin, spot .. .. 232 8 9 No change Tin. forward .. 228 18 0 No change Pig iron, borne trade 3 7 6 No change Pig Iron, export 3 2 0 No change Antimony, British 77 10 0 No change Antimony, foreign 38 6 0 Unit. No change Molybdenite .. .. 1 14 6 No change Wolfram .. .. 1 18 B Oz. No change Silver, standard .. .. 24%d No change Silver, fine ,, ., 28 8-16d No change