COMMERCE AND FINANCE

Otago Daily Times, Issue 22717, 1 November 1935, Page 6

COMMERCE AND FINANCE

THE RESERVE BANK ASSETS AND LIABILITIES (Per United Press Association) WELLINGTON, October 31. The Gazette issued to-night contains the following statement of the liabilities and assets of the Reserve Bank of New Zealand as at the close of business on Monday, October 28. The figures at the close of last week are given for the purposes of comparison, shillings and pence being omitted:— LIABILITIES

STOCK EXCHANGES (United Press Association) (By Electrlo Telegraphs-Copyright) ; ' SYDNEY, October 31. i (Received Oct. 31, at 10 p.m.) i The turnover on the Stock Exchange •to-day was smaller: than usual, due not so much to lack of buying Inquiry as to \ the reserved attitude of holders. Prices I generally were steady.

■ J AUSTRALIAN MARKETS (United Press Association) (By Electric Telegraph—Copyright) SYDNEY, October 31. ?'.. (Received Oct. 31, at 10 p.m.) Wheat: At country sidings bagged 2s lid and bulk 2s 10*d, equal to about 3s 6d and 3s 6Ad, ex trucks, Sydney. Flour, £l2 7s 6d. Bran and pollard, £.5 IG>. - Potatoes: Tasnianian, £l4 10s; local, to £l2. ■:■ ; ,:."■- Onions: Victoria brown, £l2. ; Maize: Yellow and. white, ss. ~...;'ADELAIDE. October 31. Wheat: Growers' lots, 3s 5Ad. Flour: Baker's' lots; £lO 12s Od. , Bran; £5 7s A 6d. ! ' Pollard, £5 12s Gd. Oats: Algerian, Is lOd. : Barley, 2s 3d, 2s 4d. BULOLO SHARES (United Press Association) • (By Electric Telegraph—Copyright) LONDON', October 30. ■ Bfllolo shares are quoted at £6 9s. DOLLAR AND FRANC (United Press Association) (By Electric Telegraph—Copyright) I LONDON, October 30. Exchange on New York is quoted at 4.'. , 3 dollars. 1 to the £, and on Paris at 74 11-16 francs to the £.

NORTHERN EXCHANGES AUCKLAND Sales on 'Change

LOCAL AND OVERSEAS MARKETS

THE SHARE MARKET DUNEDIN STOCK EXCHANGE There was an easier demand for Reserve Banks on the Dunedin Stock Exchange yesterday, buyers' best offer being £6. Sellers did not come forward. National Insurances were reported to have been dealt in at 19s 6d, cum. dividend. a closing-seller at 19s 9d failing to attract buyers. Standard Insurances were also reported to have been disposed of at £3 7e 6d, buyers offering £3 6s (k 1 on 'Change, without response from sellers. Paid-up New Zealand Refrigeratings were inquired for at the slightly improved figure of £1 2s 3d, but sellers would not take less than £1 2s 9d. Buyers of South Otago Freezings offered £7, ex dividend, but sellers were not interested, ihere was an easier demand for Mortgage Corporations, buyers' best offer being 5s id. Sellers would not do business under 5s 6d. The market for New Zealand Breweries eased considerably, buyers oiler dropping to £2 lis. Sellers remained firm at £2 12s 3d.

•E.S.. AND A. BANK (United Press Association) . (By Electric Telegraph—Copyright) LONDON, October 30. The English, Scottish,' and Australian Bank's tinal dividend is 2J per cent., tax free. NEW GUINEA GOLD SHARES (United Press Association) (By Electric Telegraph—Copyright) LONDON October 30. New Guinea Gold shares are quoted at 4s lOd. JAPANESE FINANCE ' BANK PROFITS DECLINE. That Japanese banks are feeling tha pinch of the growing difficulty of tho banking business is/fully demonstrated (says a Japanese report) by the accounts of the group known as the 'Big Six.'' Although several of these banks earned slightly larger profits for the first six months of 1935, the general tendency was a deterioration in their business. The total earnings compared with the same period for 1934 show a decrease of £156.294 (sterling). To counteract the decrease, a cut in interest rates on deposit accounts has been suggested in banking circles. The good results of last year were due largely to an increase in their extra incomes through the sale or purchase of bonds and debentures, the redemption of these securities at par and the underwriting of company debentures. As far as their ordinary loan business was concerned, however, there was an all-round decline. Because of the % steadiness of the monnv market this prolit showed a sharp drop ill the latter half of last year. Thoujiii the situation has been improving since March, when the market was again tight, their results for the first half of the year were bad as for the second half of 1934. This was due obviously to their heavy interest bearing bonds and debentures.

ON NEW ZEALAND CURRENCY BASIS The Bank of New South Wales, Dunedtn. quoted the following rates for purchases and sales of foreign exchange yesterday:—

DOLLAR RATES The Associated Banks (other than the Bank of New South Wales) quoted th<following dollar rates yesterday on a New Zealand currency basis. They are subject to alteration without notice. U.S.A. Canada (per £1 (per £1 N.Z.) N.Z.I Soiling— dols. dois T.T ". .. 3.94 3.985 O.D 3.94.} 3.99£ liu.vmg— O.D 3.99 4.035 PRICE OF FINE GOLD (United Press Association) (By Electric Telegraph—Copyright) LONDON, October 30.

FIGURES FOR AUCKLAND INCREASE IN REVENUE. (Per United Press Association) AUCKLAND, October 31. An increase of £25,859 was recorded in the Customs revenue collected at Auckland in October, the revenue being £201,038 compared with £235,179 collected in October, 1934. For the 10 months of this year £2,159,122 was collected. This was £33,970 more than the £2,125,152 received in" the corresponding period last year. The monthly figures for the petrol and tyre tax also showed an increase, being £51.394, or £2531 greater than the £48,803 collected in October, 1934. There Mas, however, a decrease of £1902 over the 10 months collections this year totalling £452,084, as against £454,040. The receipts from the sales tax continued their upward trend, being £67,330, which was the greatest amount collected in any one month this year, and an increase of £10,115 on £57,215 collected in October last year. In the 10 months to date the receipts from this source were £563,717, compared with £500,755 in the corresponding period of 1934, an increase of £56,962. The £14,063 collected in beer duty in October was £2462 more than £11,601 collected in October, 1934, while in the 10 months the receipts amounted to £110,270. compared with £109,217. an increase of £1053. ARGO GOLD COMPANY The following is the return of the Argo Gold Dredging Company, Ltd., at the wash-up on October 29: Yield. 640 z: hours dredged, 150; yardage treated. 12.000. Messrs J. Lindsay and Co., farm produce salesmen, Vogel street, Dunedin, agents for the North Otago Poultry Farmers' Association, report as under:— Eggs: Poultry farmers', ICd to lid; others, 9d. Poultry: Hens. Is 9d to 2s; ducks, 2s; turkeys. 7d to 8d per lb live weight; cockerels. 3s to 3s Od. Pigs: Prime baconers. to Od per lb; porkers, SM. Potatoes, £l2. Prime chaff. £6 per ton, ex store, sacks extra. Wheaten straw, £3 per ton. Fowl wheat. 5s to 5s Od per bushel, sacks extra. Oats: Good feed, 3s 6d per bushel, sacks extra. Lucerne meal for poultry, lis per 1121 b. We stock meatmeal. egg crates, grit, etc., and have a stock of poultry crates on hand for the free use of our clients. November 1, 1935.

Last week. This week. £ * 1. Paid-up capital .. •• 600.000 600.000 2. General Reserve Fund .. 1.000,000 1.000.000 8.958,482 8.950.612 4. Demand liabilities— 5.762.748 5.091.339 4,751,GS3 4,495.910 757,440 087,207 5. Time deposits — 6. Liabilities in currencies other than New Zealand currency .. .• — 7. Other liabilities .. .. 93,127 97,025 £21,S13.4S1 £21,422.155 ASSETS 8. Heserve— (b) Sterling exchanges .. 2.S01.732 17,259.205 2.801.732 16,831,482 (c) Gold exchange — 9. Subsidiary coin .. .• 215,099 218,026 10. Discounts — (a) Commercial and agricultural bills ~ "■" (b) Treasury and local body bills •• •• — 11. Advances— (a) To- State or -State undertakings .. ■• "' "T "■' (b) TO other public authorities ■•'"•'■ ~~ "" ■ 12. InTestments , .. -.. .. 1,515.293 1.529,986 13. Bank buildings •• •• — — 22.090 40,927 £21.S13,4S1 £21,422,155 Properties or reserve (No. 8 less No. 6) to notes and other demand liabilities .. 99.212% 99.03&

THE MOKNING SALES. d. Commonwealth Bonds— X. B. 103 17 6 Bank of New South Wales... 32 12 6 9 8 0 ToothB .. 2 18 3 Broken Hill Proprietary ;. 2 15 it 1 11 9 ADDITIONAL SALES. d. Union Bank 9 8 0 44 5 0 South \British Insurance ... 4 10 0 0 18 74 Australian Gas (A) .. .. 7 15 6 1 19 6 2 18 6 1 10 3 4 3 0 0 16 9 Goldsbrough, Mort .. • • 1 11 iu$ 1 3 10J 1 18 " 0 James Stedman ...... •« 0 17 6 2 11 3 2. 4 6 0 17 3 United Provisions (ex div.) 0 11 0 1 2 0 0 19 G Broken Hill Proprietary .. 2 15 0 Zinc Corporation . v 3 6 6 0 14 6 0 12 G Placer ' Development .. .'. 5 0 0 0 18 "9 2 2 3 Kampqng Kamunting Tin .. 0 7 9 0 4 10 MELBOURNE, October 31 L. Commercial Bank of Australia (pref.) ... .. ;-.;•. 9 13 0 1 18 6 Amalgamated Zinc - .. 0 8 G Electrolytic Zinc (pref.) i: 1 17 G G. J. Coles .. . i .. • 3 5 9 0 5 o North Broken Hill ... y. 8 2 0 0 19 7 Enterprise ."-■•£. '■■•'• •• 3 10 0 2 2 0 1 2 9 1 17 6

SALES REPORTED. £ s. -|0 19 d National Insurance . • • • .. 1 6 Standard Insurance .. 3 7 6 N.Z. Paper Mills .. Big River • 4 p.c. Stock, 1940-41 »'.". .'! .. +U :; u .. 0 1 lOi ..105 0 0 The following are yesterday afternoon's buying and selling quotations, wmcn are subject to the usual . brokerage: — BANKING. Buyer. Seller. £ S. d £ s. d. 11 2 6 — N.S.W. .. .. .. 32 0 0 '— N.Z 2 10 6 2 11 3 N.Z. (Long D) .. — 1 13 9 3 11 0 3 13 0 6 0 0 9 5 0 INSURANCE, — ffO 19 9 New Zealand .. • ■ 3 2 9 ■ 3 6 6 ■ SHIPPING. Huddart, Parker 1 7 0 ~— P. and 0. Def. Stock 1 1 6 1 3 0 U.S.S. Co. (pref.) 1 7 .3 — MEAT PRESERVING r. N.Z. Refrig. (paid) 1 2 3 1 2 9 N.Z. Refrig. (cont.) 0 10 9 0 11 0 South Otago Freez. **7 0 0 — LOAN AND AGENCY Mortgage Corporation 0 5 4 0 5 0 National Mortgage — 2 14' 5 National Mortgage (B Issue) .... 1 12 0 Perpetual Trustees 3 3 0 Triistes, Executors 3 3 0 — Wright. Stephenson (ord.0 ,...••• • r— 0 18 7 Wright, Stephenson 1 0 0 **~ COAL. 1 2 4 — MISCELLANEOUS. Associated News . • • — 14 0 BrokenfHill Propy. (new: issue) 1 5 0 \l 6 3 Brown, Ewing D.I.C.-.(pref.) .. — 1 2 6 1 4 0 •■ — Dominion Fertiliser 1 3 0 — Dominion Fertiliser 106 0 0 — Dominion Rubber.. . : — 1 8 0 Stock Exchange 1 17 0 2 0 0 Milburn Lime 2 3 9 2 4 9 N.Z. Drug Co. •• 3 16 6 — N.Z. Newspapers .. 2 0 6 — N.Z. Paper Mills.. 1 5 0 1 10 0 Woolworth's (ord.) 5 7 6 — Woolworth's (Syd5 11 0 5 13 0 WOOLLEN COMPANIES. Bruce (ord.) .. — 0 15 0 Bruce (pref.) — 1 2 6 Kaiapoi (pref.) .. — 0 19 0 ,—. 10 10 0 Camaru (paid) .. 1 1 6 1 2 6 BREWEIES. N.Z. 'Breweries .. 2 11 0 2 12 3 — 1 10 0 AUSTRALIAN MINING. Electrolytic Zinc 1 12 0 1 12 9 Mount Lyell .. 0 19 0 0 19 5 Mount Morgan .. — 1 17 6 MINING. Bendigo Goldlight 0 0 5 0 0 51 0 1 11 0 2 0 Brian Boru .. — 0 0 3 Ciutha River .. 0 1 8 —' Gillespie's Beach .. 0 1 0 0 1 3 J— — 0 3 0 King Solomon 0 3 2 — . Molyneux River .. 0 1 9 — Mount David — • 0 1 6 Maori Gully .. 0 1 1 — 0 1 2 — 0 4 9 0 5 3 Oxenbridge .. Paddy's Point — 0 0 3} — 0 2 6 0 0 3 0 0 6 — 0 0 3 Waipapa Beach .. 0 1 5 — 0 2 9 — 1 1 0 — GOVERNMENT LOANS. 3h P-c. Stock, Nov., 104 5 0 — 3J p.c. Stock, Mar.. 1930-43 102 10 0 — 31 p.c. Stock, Sept., 102 10 0 — 3i p.c. Stock, May, 104 5 0 — 4 p.c. Stock, 1937101 12 6 102 0 0 4 p.c. Bonds, 1943104 5 0 — 4 p.c. Stock, 1943104 5 0 — 4 p.c. Bonds, 1946105 0 0 — 4 p.c. Stock, 1946105 0 0 — 4 p.c. Bonds, 1952107 10 0 — 4 p.c. Stock, 1952107 10 0 108 o 0 ** Ex dividend. ft Cum dividend. DIVIDENDS PAYABLE. The following is " i list of the shares on which dividends will shortly be payable :-- N.Z. Paper Mills—3 p.c, 7 l-5d per share, interir n .. .. Nov. 11 Martha (Waihi)—6d per share Nov. 35 Natl. Bank of Australia (£10) — 5 p.c. 5s per share Nov. 27 Natl. Bank of Autsralia (it 5 p.c. 2s 6d per share . >) — Nov. 27 Australian Glass (ord.)—10 p.c, Is per chare, interim .. Dec. — Australian Glass (pref.), 9 p.c. 10 4-5d per share, interim .. Dec. 1 —

£ s. d. Bonds, 15/1/40. 4 P er «="*• 101 17 6 Stock, November, 1938-52, 104 7 0 Stock. May, 1939-52, 3J per Stock, 15/1/40, 4 per cent. 101 15 G 0 Amalgamated Brick (Wellington), 31/3/44, 7* per cent. 101 0 0 Commercial bank of Ans9 12 6 6 E.S. and A. Bank .. 5 6 Bank of New South Wales (Sydney register; 2) 32 7 6 Reserve Bank 6 0 5 19 0 National Insurance .. 0 19 G South British .. 4 8 0 Mortgage Corporation •• .. 0 5 0 5 5 6 1 4 U Westport Stockton .. .. 0 1 G 2 12 6 Dominion Breweries .. .. 0 15 6 Broken Hill Proprietary .. 2 15 0 Consolidated Brick .. .. 0 9 1 1 12 G 3 5 0 2 0 9 N.Z. Refrigerating .. 1 2 4 1 1 1 1 3 G Waihi Investment* • • • • 0 17 0 0 0 24

Unlisted Stocks 0 2 G WOolworths (Sydney; 2) .. 5 11 6 Tavua Gold Development (5s 0 5 1 WELLINGTON Sales on 'Change Inscribed Stock — 3J per cent., 15/9/1939-43 102 12 6 4 per cent., 1940 .. .. 101 15 0 104 13 9 105 0 0 108 0 0 Whangarci 4£ per cent. 105 0 0 Bank of New South Wales .. 32 7 6 Bank of New Zealand (late .2 11 0 Bank of New Zealand (D 1 13 6 9 9 6 N.Z. Guarantee Corporation 0 5 0 N.Z. Refrigerating .. .. 1 2 6 2 12 6 2 12 5 1 12 6 0 16 1 (2) 0 16 3 3 6 0 Mark Foy (late Wednesday) 1 1 44 Mark Foy (late Wednesday) 1 1 C 1 1 6 1 1 o 1 0 0 Unlisted Stocks Woohvortlis (Sydney; late 5 12 0 CHRISTCHURCH Unlisted Stocks Sales on 'Change Woohvortlis (Sydney; ord.) 5 11 6 Argo Gold Dredging (3) .. 0 11 3 Christchurch Press .. .. 11 0 0 Sales Reported Argo Gold Dredging .. 0 11 3 Christchurch Press 11 0 0 Listed Stocks N.Z.' Refrigerating (£1 paid) 1 2 1 2 6 0 2 12 0 2 12 1 Broken Hill Proprietary (cum y 2 14 9 Broken Hill (rights; 2) .. 1 1 1 1 0 1 Consolidated Brick .. .. 0 9 1 3 5 3 5 6 1 N.Z. Newspapers (4) .. .. 2 0 C 0 19 1 0 0 21 0 16 3 Sales Reported 1 17 1 Taupo Totara Timber (pref.; 0 16 9 N.Z. Farmers' Fertiliser (odd lot) 0 19 0 C. J. Coles (late sale Wednes3 5 6 G. J. Coles (late sale Wednes0 16 1 Consolidated Brick .. .. 0 9 1 1 12 3 1 12 5 Mortgage Corporation' (5s 0 5 5 South British Insurance 4 7 0 Christchurch City 4* per cent., 31/3/1940-47 102 10 0 Christchurch City 4J per cent., 31/3/1939 102 0 0 N.Z. Government 3* per cent. Inscribed, 1939-43 .. 102 12 6

FOREIGN EXCHANGES (Brltlst i Official Wireless.) (United Press Ai ssoclatlon.) (By EJectrio Telegraph— Copyright.) RUGBY, October 30. PansPar. Oct. 29. Oct. 30. Francs to £1 124.21 74 39-64 74 39-61 Brussels— Belgas to £1 SO 29.201 29.22 OsloKroner to £1 18.180 19.901 19.901 StockholmKroner to £1 18.130 19.391 19.391 Copenhagen— " Kroner to £1 18.150 22 22 Berlin— Marks to £1 20.34 12.221 12.221 Montreal — Dollars to £1 4.86 2-3 4.961 4.971 New York— Dollars to £1 4.86 2-3 4.912 4.91S Yokohama— Pence to yen 24.582 14 1-32 14 3-64 HongkongFence to dollar 24.58 231 22% Bombay— Pence to rupee — 181 181 Bntavia— Florins to £1 12.10 7.241 7.241 Milan— Lire to £1 82.46 60 7-16 60 7-16 AmsterdamGuilder to £1 12.107 7.241 7.241 Prague— Kioner to £1 1041 1182 119 Geneva— Francs to £1 25.22} 15.12 15.13 ViennaSchillings to £1 84865 261 261 Helsingfors— Marks to £1 193.23 227 227 MadridPesetas to £1 25.22} 36 36 Belgrade— Dinars lo £1 25.221 215 216 Athens — Drachma to £1 .. .. 375 516 516 Lisbon— Escudos to £1 110 1108 110| BucharestLei to £1 .. 931.6 625 625 Rio de JaneiroPence to mllrels . • 5.890 41 41 Buenos Alros,— Pence to pesos 47.22 361 361 ShanghaiPence to tael — 15 13-16 151 Montevideo — Pence to pesos — 39? 39 11-16 Warsaw — Zlotya to £1 , 26.06 26.06

London — Buying. Belling. £1 N.Z. to £100 stg. •. • • 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— £ F to £100 N.Z. T.T. 90/T/6 69 O.D. 00/7/6 89 New YorkDollars to £ N.Z. T.T. 3.98 3.94 O.D. 3.991 3.94J Montreal— Dollars to £ N.Z. T.T. 4.021 3.089 O.D. 4.033 3.99J Franco— Franca to £ N.Z. T.T. 00.59 59.29 O.D. 150.89 59.34 NoumeaFrancs to £ N.Z. T.T. 61.54 58.54 O.D. 61.94 58.59 Papeete— Fraocs to £ N.Z. T.T. 61.54 58.54 O.D. 61.94 58.59 Belgium— Belgas to £ N.Z. T.T. — 23.163 O.D. — 23.178 Germany— Relchsmarks to £ N.Z T.T. — 9.614 O.D. — 9.619 ItalyLire to £ N.Z. T.T. — 47.89 O.D. — 47.93 Switzerland— Fraucs to £ N.Z. T.T. 12.377 11.977 O.D. \ 12.452 11.987 HollandFlorins to £ N.Z. T.T. 5.954 5.704 O.D. 6.004 5.708 JavaFlorins to £ N.Z. T.T. 5.915 5.690 O.D. 5.905 5.694 Japan— N.Z. Pence to 1 Yen .. T.T. — 17 11-16 O.D. «. 17 43-64 Shanghai— N.Z. Pence to 1 Dollar .. .. T.T. 18 13-16 20i O.D. IS 11-16 20'1-16 India and Ceylon— N.Z. Pence to 1 Rupee .. .. T.T. m 22 23-32 O.D. 22J 22 21-S2 UongRong— N.Z. Pence to 1 Dollar .. .. T.T. 28 1-16 291 O.D. 27 15-16 29 1-10 Singapore— N.Z. Pence to 1 Dollar .. T.T. 348 35 5-18 O.D. 34J 35} SwedenKroner to £ N.Z. T.T. 15.790 15.460 O.D. 15.830 15.470 Norway— Kroner to £ N.Z. T.T. 16.200 15.870 O.D. 16.240 15.880 Denmark— Kroner to £ N.Z, T.T. 13.208 17.878 O.D. 18.248 17.888 AustriaSchillings to £ N.Z T.T. — 20.57 O.D. ,— 20.59 Czechoslovakia— Crowns to £ N.Z. T.T. 95.01 O.D. — 95.06 All rales subject to alteration without uiiilre j

£ s. d. October 30 .. . ,. .. 7 i October 29 .. . .. .. 7 4A October 28 .. . .. .. 7 C October 26 .. . ,. .. 7 (5 October 24 .. , ,. .. 7 31 October 23 .. . ,. .. 7 4} October 22 .. , ,. .. 7 7 October 21 .. . .. .. 7 1 5 October IS .. . .. .. 7 X 31