COMMERCE AND FINANCE

Otago Daily Times, Issue 22612, 2 July 1935, Page 6

COMMERCE AND FINANCE

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

These rales are subject to .alteration without notjce. x DOLLAR RATES The Associated Banks (other than the Bank of New South Wales) quoted the following dollar rates yesterday on a New Zealand currency basis. They are subject to alteration without notice.

NEW ZEALAND CO-OPERATIVE ' DAIRY FACTORY A SATISFACTORY YEAR. (Feb Dotted Peess Association) HAMILTON, July 1. The yearly returns of the New Zealand Co-operative Dairy Company show, after due allowance is made for a reduction consequent on the .severe drought experienced in midsummer, a result which, is considered highly satisfactory. The following are the yearly production figures-,, for the company’s various factories, the previous season’s comparative figures being given in parentheses:— Butter, 42,089 tons (48,637); cheese, 9.019 tons (11,421); casern, 931 tons (810); milk powders, 5345 tons (4777); condensed milk, 1860 tons (633).

LOCAL AND OVERSEAS MARKETS

ttCum dividend. DIVIDENDS PAYABLE. The following is a list of the shares on which dividends will shortly be payable: Placer Developments—lnterm, 5 dollars 40 cents, Canadian currency, less Canadian absentee tax of 5 per cent. .. July 9 Bulolo Gold Dredging—lnterim, 1 dollar 20 cents July 9 Mount Morgan per share July 10 N.Z. Breweries —Final, 3J, per cent., 8 2-5 d per share .. .. July 18 NORTHERN EXCHANGES AUCKLAND Sales on ’Change

THE SHARE MARKET DUNEDIN STOCK EXCHANGE Two eales took place on the Dunedin Stock Exchange-yesterday of Woolworths (Sydney) at £4 13s. They were on offer later at £4 i3s 6d, but there was then no buyer in the market. Reserve Banks, which were quoted at £6 9s 3d (sellers), were reported to have been sold at £6 9s. There were two reported eales bt New Zealand Refrigerating (contributing) at 9s sd, and they ’were Bought by buyers yesterday afternoon at 8s 6d, with no response from sellers. Sun Newspapers were reported to have been 'sold, at 8s 3d. This was the: figure at which buyers were prepared to. do business in the afternoon, but sellers were asking one penny more. A sale was reported after the last call of Waitahus at 2e 9d. The final quotations yesterday for these shares were 2s 8d (buyers) and 2s lid (sellers). Bank of New Zealands were wanted yesterday afternoon at £2 10s 7d, and were reported to have been sold at £2 10s 9d. SALES ON ’CHANGE.

WELLINGTON Sales on ’Change

CHRISTCHURCH Sales on ’Change

AUSTRALIAN STOCK EXCHANGES (United Press Association) (By Electric Telegraph—Copyright) SYDNEY, July 1. (Received July 1, at 9 p.m,) On the Stock Exchange, with the turn of the financial year, there was a strong tone in the investment market, the only exception being banking shares. THE MORNING SALES.

MINING NEWS BENDIGO GOLDLIGHT RETURN The Bendigo Goldlight dredgemasler reports a wash-up at the end of last week of 9oz 2dwt. The dredge is still operating in the top material. WORK RESUMED AT BIG RIVER (Peb United Press Association) REEFTON, July 1. The miners at the Big River mine resumed work to-day after being out for four weeks. The company -has agreed to the restoration of the 1931 cut to the employees, and also to a new wages agreement for two years. WAITAHU RETURN Messrs W. A. Mitson and Co., secretaries of the Waitahu Gold Mining Company, Ltd., have received advice from the claim manager that the final wash-up from No. 3 paddock took place on Saturday last, the return being 470 z lOdwt for ,12 shifts of eight hours each. Elevating operations on this No. 3 paddock were commenced on March 25 last, and the returns since that date, including the present wash-up, total 3260 z 6dwt for 174 shifts of eight hours each. During this period, ground sluicing has been carried on for 35 shifts of eight hours each, stripping the top material at No. 4 paddock. OKARITO RETURN Messrs W. A. Mitson and Co., secretaries of the Okarito Five Mile Beach Gold Dredging Company, Ltd., report , at the wash-up for the week ended Saturday, June 29, was 340 z 19dwt for 122 hours dredging. - MOUNT MORGAN MINES (Peb United Press association) , WELLINGTON, July 1. The Mount Morgan Mines, Ltd., has cabled to the Stock Exchange Association the following production report for the six weeks ended June 26: —Ore quarried, 20.319 tons; concentrator treated, 2u,aio tons, assaying 5.52dwt of gold and .30 per cent, of copper; concentrates produced, 862 tons, containing 36590 z of gold and 62 tons of copper. * THE MATAKI RETURN (Per United Press Association) AUCKLAND, July 1. The Mataki return for the week ended June 30 was 420 z for 1335 hours’ work. MERINO RAMS FOR URUGUAY. SOUTH CANTERBURY SHIPMENT. What is stated to be the first sale of merino rams to Argentina to be effected in South Canterbury has just taken place, the vendor being the well-known breeder, Mr Frank Smith, of Waratah Station, Albury. The shipment comprises three fine rams which were forwarded to Auckland last week and will be taken by the Federal Line vessel Westmoreland, which is to leave the northern port for Montevideo to-morrow. From the South Amencan port the sheep will be conveyed to their new home in Uruguay. It is understood (says the Timaru Herald) that prices obtained for the three rams aggregated in the vicinity of 150gns. In addition to the present shipment, the sale of another ram at a three-figure price has been effected to the same buyer, but it will not be shipped to Uruguay until the' end of the year. CROSSE AND BLACKWELL REDUCTION IN PROFITS. The well-known London company of Crosse and Blackwell, Ltd., whose goods are extensively imported into New Zealand, recently presented their balance sheet and report' for last year's trading. The report states that after charging £25,000 for the estimated loss on the closing of the Minto street factory, profits, less losses of subsidiaries and associated companies, fell from £249,215 for 1933 to £191,245 for 1934. After meeting general charges, depreciation, income tax, and debenture interest, there is a net profit .balance of £12,777, against £67,195. The accumulated debit balance now to be car- ■ fied forward on profit and loss account is £258,885. The directors express disappointment that tiie year’s results do not come up to their expectations, and state that competition has been so, intensified that it became necessary to augment the sales expenditure and advertising to a much greater extent. But._ on the other hand, there is an increase in the distribution of the company’s products. ASSOCIATED MOTORISTS’ PETROL ' At the annual general meeting of Associated Motorists’ Petrol Company, Ltd., in Wellington last week, the directors recommendation that a dividend at the rate of 10 per cent, be paid to preference shareholders out of the profits for the last year’s trading was adopted. The net profit for the yeat was shown at £34,445. , Mr Charles Todd, in his address to shareholders, said the figures at March 31, 1935, showed the company to be in a very strong financial position. Paid-up capital £131,268 17s was £16,480 19s 6d greater than the amount shown under this heading at the same date last year. Apart from the provision for income tax, the item sundry creditors referred almost wholly to a shipment of petrol unloading at the end of the financial year. The result ,of their second year’s trading was most gratifying. The outstanding benefit to shareholders and the public of cheaper petrol of very high quality amply justified the company’s existence. As a result of the entry of the company into the business. petrol prices were 6d per gallon lower to-day than the average price prior to the company’s formation. Such a saving, amounting to £1,500,000 per annum, to the New Zealand public was a very big achievement. The report and balance sheet were adopted. The retiring directors, Messrs Charles Todd, M. H. Wynyard, and D. H. Todd, were re-elected.

Scott Bros., produce merchants and commission agents, agents for the Dunedin Egg Suppliers’ Association, report: Eggs: At market rates. Butter, to 8d per lb. Honey: Bulk, 31d to *4d per lb; 11b pottles, 6s Cd per dozen; 21b pottles, 11s per dozen. Poultry: Hens, light. Is to Is 3d; heavy, to Is 6d; roosters, Is to Is 3d; ducks, Is 6d to 2s; geese, to 3 S each. Turkeys: Hens, 8d per lb; gobblers, 9d per lb. Pigs: Prime baconers, to 5Jd per lb: porkers, to 6Jd per lb. Fat: Nominally 14s to 18s per cwt. Potatoes: Arran Chief, to £6; King Edwards, £6 5s per ton. Chaff: Prime oaten sheaf, £5 to £5 10a per ton, bags extra, ex store. Onions: Canterbury’s, 17s per cwt. Partridge peas, 5s 9d to 6s 6d per bushel, sacks extra. Feed barley, 3s 6d per bushel, sacks extra. Whole fowl wheat, 4s 9d to 5s per bushel, sacks extra. Whole maize, 5s 9d per bushel. Oats: Cartons, 3s 9d per bushel, sacks extra. Oyster grit, 5s 6d per 1001 b. We hold stocks of poultry requisites. Free use of fowl crates on application. July 1, 1935.

BUGBY, June 20. Faria— Par. June 28.' June 29. Francs to £1 124.21 74 33-64 74 33-64 Brussels — Belgas to £1 30 29.20 Oslo— Kroner to £1 18.180 19.90} 19.90} Stockholm— Kroner to £1 18.130 19.39} 10.39} Copenhagen— 22 Kroner to £1 18.150 22 Berlin— 12.21 . Marks to £1 20.34 . 12.21} Montreal— 4.941 Dollars to £1 4.86 2-3 4.941 New York— 4.948 Dollars to £1 4.86 2-3 4.94J Yokohama— m Pence to yen .. 24.582 14} Hongkong— 28 7-16 , Pence to dollar 24.58 26 7-16 Bombay— 18} ■ Pence to rupee — 18} Batavia— 7;2l} Florins to £1 12.10 7.21} Milan— 59 19-32 - Lire to £1 .. 82.46 59 9-16 Amsterdam— 7.23} Guilder , to £1 12.107 7.24 Prague— 1171 Kroner to £1 104} 1171 Geneva15.07 Francs to £1 25.22} 15.06 Vienna— Schillings to £1 84.86} 26 28 Belslngfors*226| . Marks to £1 193.23 226| Madrid— 35 31-32 Pesetas to £1 23.22} 35 81-32 Belgrade— 215 Dinars to £1 25.22} 215 Athens— 614 Drachma to £1.’ 3S> 515 Lisbon— 110} Escudos to fil, 1X0' 110} Bucharest— • 492} Lei to £1 .. 931.6 492} Eio de Janeiro— Pence to mllrels 5.890 4i 4} Buencs Aires— 36} ■ Pence to pesos 47.22 36} Shanghai— 19} 19 5-16 Pence to tael — Montevideo— S9| Pence to pesos 'mm-::'.-391 Warsaw— 26.06 Zlotys to £1 26.06

ON NEW ZEALAND -CURRENCY . BASIS . The Bants of New South Wales, Dunedin, ouoteci the following rates for- purchases and sales of foreign exchange yesterday London— Buying Selling £N.Z. to filOOstg T.T 124 124/10/O.D. 123/10/124/8/9 Australia— £A to £100 N.Z. T.T. 101 100/10/O.D. 101 100/10/FIJI— 89 £F to £100 N.Z. T.T. 90/7/6 O.D. 90/7/6 89 New York— 4.00 8.96 Dollars to £1 N.Z. T.T. ' O.D. 4.01J 3.961 Montreal— 4.00% 3.961 Dollars to £1 N.Z. T.T. O.D. 4.013 3.97% Francs— ■ Francs to £1 N.Z. T.T. O.D. 60.52 60.82 59.22 59.37 Noumea — Francs to £1 N.Z. T.T. 6i;47 58.47 O.D. 61.87 58.52 Papeete— - Francs to £1 N.Z. T.T. O.D.' 61.47 61.87 68.47 58.52 Belgium— ' Belgas to fix N.Z. T-T. O.D. f , 23.151 23.160. Germany— , ' v Belchsmarks to £1 , N.Z T.T. _ 9.610 O.D. — 9.615 Italy— Lire to £1 N.Z. T.T. O.D. 47.23 47.27 Switzerland — 12.326 11.926 Francs to £1 N.Z. T.T. O.D. 12.401 11.936 Holland— Florins-to £1 N.Z. T.T. O.D. 5.948 5.998 5.698 5.702 Java— Florins to £1 N.Z. T.T. O.D. 5.899 . 5.849 5.674 6.678 Japan— / - * N.Z pence to 1 yon T.T. V — ' 17 13-16 O.D. — -— : Shanghai— N.Z. pence to 1 dollar . T.T. 23 13-32 24 23-32 O.D. 23 9-32 24 21-32 India and Ceylon— N.Z. pence to'.’l ■ rupee- .. .h, T.T. 22% 22 23-32 O.D. 223 . 22 21-32 Hongkong— N.Z. pence to 1 dollar •. • ♦ • T.T. S3 3-16 34i O.D. 33 1-16 84:8-16 Singapore— N-Z. pence to 1 .dollar •• •• T.T. 34 3-16 35% O.D. 34,1-16 35 1-16 Sweden— ; • Kroner to £1 N.Z. T.T. / 15.790 15.460 O.D. 15.830 15.470 ’ N orway— #' Kroner to £1 N.Z. T.T ’ 16.200 15.870 O.D. 16.240 15.880 ■ Denmark — Kroner to £1 N.Z. T.T. . 18.208 17.878 O.D. 18.248 17.888 Austria—, Schillings to £1 T.T. 20.57 ; : . n.z. . .. — O.D. - — 20.59 Czechoslovakia-^: T.T. 93.65 Crowns to £1 N.Z. t — O.D. — 83.70

U.S.A. Cahada. (per £1 (per £1 N.Z.) N.Z.) 1 Selling— T.T. . dols. dols. O.D.. . t ’ ■ ■■ .. .... 3.96J 3.97* Buying— - ... 4.011 4.01§ O.D? . . .. ..

£ 6. d. Woolworthe (Sydney) , two .. 4 13 0 SALES REPORTED. Union Bank (late Saturday) 8 17 0 Bendigo Goldlight (late Saturday) 0 b n Reserve Bank .. 6 9 0 N.Z. Refrig, (cont.), two , , 0 9 5 Sun Newspapers .. Bank of N.Z. . . .. 0 8 3 2 10 9 D SALE'REPORTED AFTER LAS r ■. CALL. Waitahii .. ;. .. / 0 2 9 The following are yesterday afternoon's buying and selling quotations, which are subject to the usual brokerage; — BANKING. Buyer. Seller. £ s. d. £ s. d. n 2 0 N.Z. 2 10 7 E.S. and A. .. .. 5 0 0 — Natl, of N.Z 3 9 0 — ■ 6 9 3 INSURANCE. National .... .. 1 0 4 1 0 0 SHIPPING. Huddart, Parker „ (pref.) — 1 8 b P. and 0. Def. Stock .. r . .. 1 1 9- — MEAT PRESERVING N.Z. Refrig, 0 19 6 n io 8 N.Z. Refrig. . (cont.) (I 9 ,6 — South. Froz. Meat (paid) ....... 3 16 6 — South Otago Freezmg 6 14 0 — Waitaki Farmers 3 10 0 — LOAN AND AGENCY. Natal. Mortgage .. 2 10 0 Natal. Mortgage (B . Issue) 0 — Guarantee ■v« :v ' —’ 0 R 10 Trustees, Executors " S 3 0 _ Wright. Stephenson (ord.) . . . .< V, C 17 9 — ; Wright, Stephenson (pref.) ...... 0 19 3 ■ COAL. Kaitangata .. .. i •— 1 I 0 Westport : i 1 6 — MISCELLANEOUS. Associated News .. 1 3 3 Broken Hill (Propy — 2 19 0 Brown, Ewing (pref.) ,. .. .. 1 3 9 Bruce Woollen (ord.) .. — b 14 0 Consolidated Brick , :() 9 2 — D.I.C. (ord.) 0 15 6 — -D.I.C. (pref.) ., — 1 6 0 DomihionFertiliser ■f ■ I 2 0 — Dominion Fertiliser (Debs.) .. 105 0 *0 — Dominion Rubber 1 7 6 1 9 0 .Donagby’s Rope •.. 2 11 6 Dunlop Perd. Rubber 0 16 5 Kaiapoi Woollen (pref.) .. Milburn Lune 0 IS 2 5 6 0 2 6 3 Moegiel Woollen .. 11 5 0 12 0 0 N.Z. Drug Co. ... — 4 4 9 N.Z. Newspapers .. — 1 19 3 N.Z. Paper Mills 1 14 0 — Smi Newspapers .. 0 8 •3:, 1 0 8 4 : Woolworths (Syd.) V — 4 13 6 BREWERIES. N.Z. Breweries .. 2 13 9 2 14 3 AUSTRALIAN MINING. Electro. Zinc ' I (pref.) 1 14 0 —■ Electro. Zinc (ord.) .. 1 6 0 — Mount Lyell .. .. 0 18 9 0 19 0 Mount Morgan .. ttL 16 3 1 17 0 MINING. Bendigo Goldlight 0 0 10 0 0 11J Big River .. .. . 0 2 3 0 2 5 Charleston .. .. ■ — 0 0 8 Gillespie’s Beach ■ . 0 1 6 Golden Progress 0 0 3 —• Goldfields Dredging ■00 1 3 Kildare .. .. .. — 0 3 King Solomon 0 3 8 0 3 10 Moonlight-Nelson 0 Creek 0 1 ’ 0 5 10 0 6 - 3 Oxenbridge .. .. 0 0 5 Skippers 0 0 2i 0 0 3 Waitahu 0 2 8 0 2 n . - GOVERNMENT. LOANS. 3J p.c. Stpek, 19381943 .... .. .. 105 0 0 3J p.c. Stock, 1939k ■; 1943 105 0 0 —- 3| p.c. Stock, 19410 1943 105 0 —* 3J p.c. Stock, 1938b 1952 107 5 — 3J p.c. Stock, 19390 1952 107 5 — 3J p.c. Stock, 1941107 5 1952 .. .... .. 0 — 4 p.c. Bonds, Jan. 15. 1940 104 0 0 — 4 p.c. Stock, Jan. 15, 1940 104 0 0 — 4 p.c. Bonds, Feb. 15. 1946 ,; 108 0 0 — 4 p.c. Stock, Feb. 15, 1946 .. 108 0 0 — 4 p.c. Bonds, Ap. 108 0 15, 19490 — 4 p.c. Stock, Ap. 108 0 0 15, 1949 .. . . .. — 4 p.c. Bonds, June 15, 1955 111 0 0 — 4 p.c. Stock, June 111 0 15. 1955 0 —

£ s. d. Stock, 1939-43, 3J per cent. .. 105 10 0 Stock, 1946, 4 per cent. .. 108 0 0 / Stock. 1949, 4 per cent. 109 0 0 Amalgamated Brick (Auckland), 1944, 7£ per cent. .. 104 0 0 Bank of Australasia .. 11 0 0 Bank of New Zealand .. 2 10 10 tGoldsbrough,, Mort .. .. 1 8 9 Westport Coal .. .. Auckland Gas (2) .. .. .. 1 1 1 7 7 4 Levland O’Brien 1 1 0 Consolidated Brick .. .. 0 9 3 Farmers’ Trading (4) 0 6 8 Farmers’ Tradmg (B pref.) 0 14 3 N.Z. Newspapers .. .. .. 1 18 9 Northern Roller 1 14 0 Robinson Ice .. .. , . .. 1 2 0 Sanford .. .. 0 2 6 Mataki .. .. 0 1 11 Worksop Extended 0 2 7 Mount Morgan 1 16 10 Unlisted Stocks Golden Crown 0 5 6

Inscribed Stock, 4 per cent., 1940 .. 104 12 6 Iiscribed Stock, 4 per cent. 1955 .. 111 12 6 Bank of New Zealand (D Mortgage; late sale Saturday) 1 12 6 N.Z. Investment Mortgage . • 0 8 0 Wellington Deposit ■ (late sale Saturday) 0 5 2 Napier Gas (ord.) .. .. 10 7 6 Nanier Gas (£5 paid) .. 5 3 6 National Insurance (2) 1 0 6 Taringamutu Timber (2) 0 5 6 Tooths 2 14 3 Dental Medical (2) .. .. 0 11 0 Milburn Lime 2 5 6 2 5 9 Skippers 0 0 n Unlisted Stocks Procera Bread (10s paid, three late sale Saturday) 2 0 0 2 1 0 2 3 6 Procera Bread (vendors) 2 5 6 New Big River .... ■. 0 1 3,

N.Z. Government 4 per cent. I 6 Inscribed Stock, 1937-40 .. 104 7 N.Z. Refrigerating (£1 paid) 0 19 8 N.Z. Refrigerating (10s paid) 0 9 6 N.Z. Breweries (cum div.) .. 2 14 0 Tooths Brewery 2 14 2 Tooths Brewery (2) .. .. 2 14 3 Anthony Hordern (3) 0 18 10 Broken Hill Proprietary 2 18 6 Sim Newspapers (8) .. 0 8 3 Big River . t .. Golden Sands .. 0 2 0 2 3 0 2 6 0 2 8 Lawson’s Flat .. .. .. 0 0 H Mahakipawa 0 0 6 Mossy Creek 0 2 5i Mount Lyell .. .. .. .. 0 18 10 Okarito 0 6 0 Skippers .. Worksop Extended .. 0 0 0 2 2i 3 Sales Reported Bank of New Zealand 2 10 9 Union Steam (pref.) .. .. 1 7 1 Broken Hill Proprietary (2) 2 18 6 Milburn Lime .. 2 « 0 New Zealand Newspapers .. 1 18 10 Wilsons Cement 1 19 •6 Unlisted Stocks Argo Gold .. .... .. 0 1 4 Woolworths (Sydney, ord.. cum div.) .. 4 12 9

£ 8. d. Commonwealth Bonds— 4 p.c., 1938 .. .. 1941 .. ...... .. 102 103 0 7 0 6. 1944 .. .. .. .. 104 17 6 1947 105 5 0 1950 .. 100 10 0 1953 106 5 0 1955 104 2 0 National Bank 6 5 0 , Union Bank 8 15 0 Toohey’a .. .. 1 9 9 British Tobacco 1 19 0 Colonial Sugar\ 44 0 0 Goldsbrough, Mort 1 9 6 ADDITIONAL SALES. £ s: d. Bank of New South Wales .. 31 15 0 .Commercial Bank of Sydney 17 16 0 National Bank (£5 paid) .. 6 5 0 Union Bank .. 8 15 0 Bank of Australasia .. .. ... 11 2 0 United Insurance 12 n 0 Associated News .. .. .. .. 1 3 6 0 14 5 Australian Gas (A) 8 2 0 Tooths 2 15 6 Australian Glass 3 9 0 Goldsbrough, Mort .. .. .. 1 9 7* Wilcox, Mofflin .. .... .. 0 11 2 Morris Hedstrom (ex div.).. 1 1 lOi 1 15 3 2 6 9 Anthony Hordern ‘ .. .. .. 0 18 104 Amalgamated Textiles .. .. 0 11 6 Mount Morgan .. .. .. .. 1 17 0 0 19 0 0 7 3 .Malim Nawar .. ,. 0 18 6 Placer Development .. .. .. 33 5 0 Peninsula Tin .. .... .... 1 1 9 MELBOURNE . July 1. Commercial Bank of Australia 0 16 1 Goldsbrough. Mort 1 9 6 Gorden and Gotch . 2 5 6 Howard Smith .. .. .. .. .. 0 14 7 North Broken Hill .. ... .. 6 10 6 Dunlop Perdriau 0 16 10