COMMERCE AND FINANCE

Otago Daily Times, Issue 22792, 30 January 1936, Page 6

COMMERCE AND FINANCE

LOCAL AND OVERSEAS MARKETS

FOREIGN EXCHANGES ON NEW ZEALAND CURRENCY BASIS Vn« Ban* of New South Wales. Dunedta. quoted toe following rates for •&**»»* "Se, of foreign exchange yesterday.London—

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

BIG IRON ORE DEAL British capital is responsible for the largest iron ore mining venture east of Suez, which haa been decided upon. The deposits are at Koolah Island, Yampi Sound, Western Australia. Large quantities will be sold to Japan. The preliminary expenditure involved in opening up the deposits will be about £250,000. Brasserts, Ltd., the English iron and steel company involved, have concluded a contract with the Nippon Mining Company, of Japan, to supply a considerable quantity of the ore, probably millions of tons. Messrs J. Lindsay and Co., wool, skin, and farm produce salesmen, Vogel street, Dunedin, agents for the North Otago Poultry. Farmers' Association, report as under:—Eggs: Poultry farmers', la sd; « other, Is 3d. Poultry: Hens, light Is to Is 4d, heavy to Is 9d. Ducks, Is 6d to 3s. Turkeys, 8d to 9d per lb, live weight. Pigs: Baconers, 6d; porkere, 6d. Potatoes: Oamaru-grown, 6s to 7s per cwt. Onions: Canterbury's, 10s per cwt. Chaff, £5 15s per ton, sacks extra. Fowl wheat, 5s 6d per bushel, sacks extra. Oats, 3s to 3s 6d. Wool and skins at market rates. We stock meatmeal, oyster and stone grit, lucerne meal, etc., and carry a stock of poultry crates for the free use of our clients. January 30, 1936.

THE SHARE MARKET DUNEDIN STOCK EXCHANGE There was a slightly easier inquiry for Bank of New Zealands on the Dunedin Stock Exchange yesterday, buyers' best offer being £2 7s 3d, while? sellers asked £2 7s 7d. Commercial Banks were en offer at 19s Id, but buyers were not interested. There was a firmer demiind for E.S. and A. Banksi buyer? being prepared to give £6 2s 6d. Sellers, however, would not accept less than £0 4s. Reserve Banks were inquired for at £5 12s, but sellers did not come forward. Contributing New Zealand Refrigeracings were in demand at 10s lOd, but sellers required 2d above that figure. Mortgage Corporations met with a slightly firmer inquiry at 4s 7d, but sellers would not do business below ss. The market for Mosgiel Woollens showed an improvement, the closing buying offer being £lO 2s 6d. Sellers, however, did not come forward. Buyers of British Tobaccos were prepared to give £2 Is, sellers asking £2 Is 9d. New Zealand Newspapers also met with a stronger demand, buyers offering £2 Is. Sellers required £2 2 S 9d. For Mount Lyells buyers offered £1 2s 6d, but sellers would not take less than £1 3s 3d.

AUSTRALIAN STOCK EXCHANGES (United Press Association) . (By Electric Telegraph—Copyright) SYDNEY, January 29. (Received Jan. 29. at 10.30 p.m.) The Stock Exchange is again settling down to real business, with the result that the turnover is increasing. Prices generally are steady. Commonwealtn bonds, however, are very quiet.

LORNEVILLE STOCK SALE (Special to Dailx Times ) INVERCARGILL, January 29. At the Lornevilla stock sale to-day the yardings were similar to last week's, except in the store sheep section, which was approximately three times as great. This included a special line of store lambs, exElackmount Station, and another line of breeding ewes and lambs on account of the estate of the late W. Curran, West Plains. Fat Sheep.—There was a fairly large yarding, comprised mostly of ewes. For good quality wethers and ewes the market was easier by about Is to Is 6d a head on last week. Good quality wethers realised from 24s to 255; medium, 22s to 235; light and unfinished, down to 20s; good quality young ewes, 17s to 20s; heavy-weights, 15s to 16s 6d; medium, 12s to 13s 6d; freezing qualities, 9s Gd to 11a. In the fat lamb section there was a fair entry, but the majority of the lambs were only medium quality. Heavy butchers' lambs made\ up to 265; good freezing quality, 22s 6d to 23g 6d; medium, 20s 6d to 21s; light and unfinished, down to 19s. Store Sheep.—There was the biggest yarding since last autumn, when an entry of over 3000 was offered. The bulk or the entry comprised store lambs, for which there was a good inquiry. Best rape lambs made up to 18s 3d, while other good sorts made from 16s to 17s 9d. A pen of good Romney ewe lambs realised 19s 6d, and another pen brought 19s Id. Fat Cattle.—There was another big entry of fat cattle and it included a better percentage of good quality steers, cows and heifers than had been in evidence at the previous two sales. The yarding was in exces 3 of butchers' requirements, with the result that all grades dropped in value by about Ids a head. Prime quality bullocks made from £8 to £9 10s, good second quality handyweights from £7 to £7 15s, lighter weights from £6 to £6 10s, and unfinished down to £4' 10s. Heavy cows brought up to £5 15s, good quality from £4 to £a los. medium from £2 15 s to £3 10s, and aged and unfinished down to 255. Good quality handy-weight heifers realised up to £o, light weights from £4 to £4 15s and smaller and unfinished down to £2 los. Store Cattle.—The yarding in this section was comprised chiefly of empty cows and heifers, there being no decent lines of steers offered. Ordinary two-year-old steers were passed in at £2 16s. Good empty cows made from 25s to £2 ss, yearling heifers from 15s to 30s, empty heifers from 25 s to £2 15s. The quality of the dairy cows offered was very ordinary, the top price being £3 10s, with the rest of the yarding bringing from £1 to £2 ss. A special line of ewes was offered on behalf of the estate of the late W. Curran. Seventy brought 32g 6d and 350 31s. 100 full-mouth ewes realised 255, 155 Romney cross ewe lambs 19s 6d, 200 wether lambs 16s 6d.

MINING NEWS WAIPAPA BEACH DREDGE Messrs W. A. Mitson and Co., secretaries of the Waipapa Beach Gold Dredging Company, Ltd., report the receipt of telegraphic advice from the dredgemaster stating that the return for the week ended Saturday last was 20oz for 107 dredging hours. ADDINGTON, STOCK MARKET (Peb United Press Association) CHRISTCHURCH, January 25. Values at to-day's Addington market showed little change. Fat lambs were up to one shilling a head dearer as a result of the improvement in the export schedule, which is now at 8d a lb for up to 365. Butchers paid more than schedule for heavier sorts. Fat Sheep.—There were 3450 penned, and the sale showed no change. Best wethers made from 23s to 255; extra good, to 27s 4d; medium, 21s to 22s Cd; best ewes. 19s to 21a; extra, to 225; freezing sorts, lis to 12s 6d. Store Sheep.—There were 9000 lambs penned, and there was a good sale for forward sorts, but ordinary stores were up to 9d easier. Two pens of southern Romney cross two-tooth ewes sold at 31s 3d and 33 s Cd. Most local ewes were aged sorts. Best wethers sold unchanged from 17s to 18s 3d for best sorts. Fat Cattle.—There was a small proportion of light steer and heifer beef, which improved by up to 10s ■ a head. Other classes in the big entry were unchanged. Best beef made 20s to 28s per 1001 b; extra, to 30s; good, 24s to 25s 6d; rough, down to 17s; extra heavy prime wethers, to £l3 17s 6d; prime heavy, £9 15s to £ll 10s; prime medium-weight, £8 to £9 15s; others. £5 10s to £7 10s; best heifers, £6 to £8 12s 6d; best cows, £5 5s to £8 7s 6d. Fat Pigs.—There was a small entry and a better sale. Baconers made 46s 6d to 58s 6d; average price per lb, 4Jd to sid. Porkers sold at 30s to 43s 6d; average per lb, s|d to 6ld.

UNITED STATES WOOL TURNOVER

During the first nine months of 9315 the consumption of wool in the United States was estimated to be 521,745,0001 b, compared with 263,213,0001 b in the similar period of 1934 and 429,790,0001 b in 1933. The quantity of apparel wools used was the largest recorded for any corresponding number of months since 1918, and was 98 per cent, more than in 1934. That extended use of the staple has had considerable effect on the world's markets. Great Britain exported 19,859,0001 b of home-grown wool to the States from January 1 to September 30 last (five times the quantity of the preceding year), 2,241,0001 b of noils, 531,0001 b of waste, and 8,311,0001 bof imported wool. These exports have had considerable effect pn the statistical position of the raw material in the United Kingdom, and had a favourable influence on English purchasing of wool in all markets. The revival in mill turnover in the States has been an important factor in the stronger markets this season, as it was in 1933-34, when values advanced considerably. During this season United States buying has been more active in Australia than during recent years. BRITISH WOOL EXPORTS Board of Trade returns show that exports of tops from Great Britain from January 1 to October last were 47.057,0001 b, being 12,846,0001 b more than during similar months of 1934. Germany took 15,683,0001 b, an increase of 8,921,0001 b. Shipments of worsted yarns were 27,027,0001 b, a decrease of 1,815,0001 b on the 1934 total. Shipments of fabrics were 92,491,000 square yards, an increase of 5,342,000 square yards. The exports of tops and fabrics during October displayed appreciable improvement on the October, 1934, totals. With a larger internal and export trade, the consumption of raw material has been heavier at the Yorkshire mills. Increased quantities of treated, skin, home-grown wools and noils have also been exported from the United Kingdom. Despite the fact that the quantity of imported wool retained in the British Isles from January to October was 500,270,0001 b, an increase of 63,831,0001 b on 1934, improved turnover has kept the statistical position of the staple sound in Great Britain.

Fraser and Co.. Selling agents for the Otago and Oamaru Egg Circles, report as under:—

Eggs, poultry farm eggs Is sd, others Is 3d to Is 4d per dozen; butter, separator pats 7d to 8d per lb, bulk 8d per lb; tallow, 15s to 17s per cwt; pigs, good bacon weights 5Jd to 6d per lb, overweights 2d to 3d; porkers. 6d per lb; potatoes, Oamaru potatoes 6s per cwt; chaff. £5 10s Per ton, sacks extra, ex store; whole fowl wheat, 5s 6d per bushel; bulk honey. 4d per lb, 101 b tins 4s Gd to ss; Williams Premier bacon, boneless hams Is 2d, rolls Hid, ham ends lljd per lb. Poultry.—White Leghorn hens, Is 6d to 2s 6d; heavy breeds, 3s 6d to 4s; cockerels, light 3s to 4s, heavy 5s to 6s; roosters. Is 6d to 2s; ducks, 3s to ss; ducklings, 5s to 6s, all per pair; turkey gobblers, 8d to 9d per lb, live weight; hens. 7d to 8d per lb. We stock "Palmer's" chick food, "National" meat meal, leg rigs lg per dozen (special quotes for quantities). We are agents for " Champion" egg crates and " Isco " cod liver oil for poultry; prices on application; also "Gamble" electric incubators and the- Betteridge Egg cleaning table; particulars on application.

Consignors please note that pigs and poultry must arrive not later than Wednesday morning of each week. We have a stock of poultry crates on hand for the use of our clients.

NORTHERN EXCHANGES

WELLINGTON Sales on 'Change £ a. d.

CHRISTCHURCH Sales on 'Change

£1 N.Z. to £100 stg. •• •• T.T. O.D. 12 4 124/10/123/10/- 124/8/9 Australia — . „ _ T.T. 101 100/10/- £ A tO £ll)U ■"•*<• O.D. 101 100/10/jflli £ F to £100 N.Z. T.T. O.D. 90/T/6 90/7/6 89 89 Hew York— Dollars to £ N.Z. T.T. O.D. 4.04 4.051 4.00% 4.001 Montreal — Dollars to £ N.Z. T.T. O.D. 4.031 4.04i 3.995 4.001 France— „■„„ Francs to fl N.Z. T.T. O.D. 60.76 61.21 59.93 59.97 Noumea — Francs to £ N.Z. T.T. O.D. 62.56 63.01 58.56 58.62 Papeete— Francs to £ N.Z. T.T. O.D. 62.56 63.01 58.71 58.77 Belgium— Belgaa to £ N.Z. T.T. O.D. z 23.422 23.433 Germany— Reichsmarks to £ : N.Z T.T. O.D. . . - 9.809 9.814 ItalyLire to £ N.Z. T.T. O.D. — - SwitzerlandFrancs to £ N.Z. T.T. O.D. 12.397 12.502 12.127 12.132 HollandFlorins to fl N.Z. T.T. O.D. 5.955 6.015 5.805 5.809 Florins to fl N.Z. T.T. O.D. 5.933 5.993 5.7T3 5.777 Japan—NZ. Pence to 1 Ten . • • • T.T. 1Tg ». O.D. — 17 39-64 Shanghai— K.Z. Pence to 1 Dollar .. T.T. 17 11-32 18 23-32 O.D. 17 5-35 ! 13 45-64 India and Ceylon— N.Z. Pence to 1 Rupee .. .. T.T. 22 5-32 22 29-32 O.D. 22 1-16 22 57-64 Hongkong— N.Z. Pence to 1 Dollar .. T.T. 18 31-35 ! 20 23-32 O.D. 181 20 11-16 Singapore— N.Z. Pence to 1 Dollar .. T.T. 341 35 7-16 O.D. 34 3-16 35 27-64 Sweden— Kroner to fl N.Z. T.T. 15.785 15.490 O.D. 15.845 15.500 NorwayKroner to £ N.Z. T.T. 16.184 15.894 O.D. 16.244 15.904 DenmarkKroner to £ N.Z. T.T. 18.203 17.893 O.D. 18.263 17.903 Austria— Schillings to U N.Z. .-..'■ .» T.T. _ ' 10.77 O.D. .-"'"..■■■ "~™ 20.79 Czechoslovak!*— . Crowns to £ NJE. T.T. — ■ 95.14 O.D. .— 95.19

U.S A. Canada. (per£l (perfl N.Z.) N.Z.) Selling— dols. dols. T.T. .. ... .... 4.00i 3.99| O.D. .. .;. .. .. 4.002 4.00i Buying— O.D. .. .. .... 4.051 4.043

SALES REPORTED. :. d. Bank of New Zealand (late £. s 2 7 ' 7 E.S. and A. Bank ........ 6 S ! 0 The following are yesterday afternoon's buying and selling quotations, which are subject to the usual brokerage: — BANKING. Buyer. Seller. £ s. d. £ 8. d. Australasia .. .. 11 15 0 — New South Wales .. — 35 0 0 New Zealand .. 2 7 3 2 7 7 N.Z. (Long D) .. — 1 11 6 Commercial .... — 0 19 1 E.S. and A. .. 6 2 6 6 4 0 National of N.Z. .. 3 11 0 — Reserve .. .. 5 12 0 — INSURANCE. National .. .. 0 18 5 — Standard .... — 3 6 0 SHIPPING. P. and 0. Def. Stock .... 14 3 — MEAT PRESERVING. N.Z. Refrig. (paid) .... 119 — N.Z. Refrig. (cont.) .. .. 0 10 10 0 11 0 South. Froz. Meat (paid) .... 3 16 0 3 18 0 South Otago Freez- — LOAN AND AGENCY. Goldsbrough, Morfc 1 12 6 Mortgage Corpora1 13 3, 0 5 0 Perpetual Trustees — 3 5 6 Trustees, Executors 8 8 0 — COAL. Kaitangata .. .. 11-" — Weetport .. .. 18 3 — Weetport-Stockton (pref.) ...... — 0 2 7 WOOLLEN COMPANIES. Bruce (ord.) .. 0 12 6 — Bruce (pref.) .. 116 Kaiapoi (Ord.) .. — — 0 15 0 Kaiapoi (pref.) .. — 0 18 0 Mosgiel .. .. 10 2 6 — MISCELLANEOUS. British Tobacco .. 2 10 2 1 9 Broken Hill Propy. — 3 0 0 Broken Hill Propy. (5s paid) .... 190 D.I.C. (pref.) .. 13 3 1 10 0 — Dominion Fertiliser 13 6 — Dominion Fertiliser (Debs.) .. ..106 0 0 Dunedin-Kaikorai — Trams .. ..2 0 0 — Stock Exchange Propy 1 19 0 2 0 0 Milburn Lime i. — 2 5 0 Natnl. Electric .. — 0 13 0 N.Z. Drug Co. .-. 4 1 0 — N.Z. Newspapers .. 2 10 2 2 9 N.Z. Paper Mills — Regent Theatre .. 0 18 6 1 10 3 1 1 0 G. J. Coles .... 3 11 6 — BREWERIES. N.Z. Breweries .. 2 12 9 — 1 16 6 Dunedin .... 19 0 __ — AUSTRALIAN MINING. Broken Hill South 5 5 0 — Electro. Zinc (ord.) .... 1 15 6 1 16 3 Mount Lyell .. 12 6 1 3 3 Mount Morgan .. — 0 18 3 MINING. Bendigo Goldlight 0 0 1 0 0 34 Brian Boru .... — 0 0 4 Gillespie's Beach 0 0 10 0 1 0 Goldfields Dredging 0 0 3 0 0 7 King Solomon .. 0 3 4 0 3 8 Lawson'e Flat .. — 0 0 6 Mount David .. — 0 1 6 Nokomai .. .. 0 2 0 0 2 9 Okarito .. .. 0 4 6 0 5 1 Oxenbridge .... — 0 0 4 Skippers .... 0 0 2 — Waipapa Beach .. 0 15 0 1 8 Waitahu .... — 0 3 0 Worksop .... — 0 2 6 — 0 15 0 GOVERNMENT LOANS. 3£ p.c. Stock, Nov., 1938-52 .. .. 102 0 0 — 3i p.c. Stock, March, 1939-43 102 0 0 — 3J p.c. Stock, Sep., 1939-43 .. .. 102 0 0 — 3J p.c. Stock, May, 1939-52 .. ..102 0 0 — 4 p.c. Bonds, 193740 . 100 10 0 — 4 p.c. Stock, 1937- ' 40 100 7 6 —

Stock, 4 p.c, 1937-40 (late 100 10 0 100 12 6 Stock, 4 p.c, 1952-55 (late 105 0 0 Bonds, 4 p.c, 1943-46 .. .. 104 10 0 Bonds, 4 p.c, 1952-55 (2) .. 105 0 0 Bank of Australasia (5) 12 0 0 Prestige (N.Z.; pref.) .. 1 1 6 Kauri Timber (late Monday) 1 3 9 (Late Monday; 2) .. .. 1 3 10 1 15 " 9 1 16 6 N.Z. Drug (late Monday) .. 4" 0 6 2 2 6 Woolworths (N.Z.; ord.; late 5 15 5 15 0 0 1 2 0 1 2, 9 Placer Development .. 5 10 0

Comm. Bank of Aust. (cum 0 19 1 0 19 0 E. S. and A. Bank 6 3 0 National Bank of N.Z. 3 11 6 Bank of New Zealand .. .. 2 7 7 1 12 9 Mortgage Corporation .. 0 4 6 Union Steam Ship (pref.) .. 1 6 1 N.Z. Refrigerating (10 s paid; 0 10 11 Westport Coal (2) .. .. 1 3 I New Zealand Breweries (11) 2 13 0 1 0 11 2 1 " 1 2 1 3 1 3 9 Woolworths (N.Z., ord.) 5 15 6 0 1 0 1 3 0 Mount Morgan (2s 6d paid, 2) 0 18 0 18 2 1 Sales Reported New Zealand Government 4 104 17 6 New Zealand Government 4 p.c. Inscribed, 1937-40 100 12 6 Bank of New Zealand .. 2 7 7 New Zealand Refrigerating (10s paid, cum dir.) .. 0 10 10

Broken Hill Proprietary New Zealand Drug Company New Zealand Newspapers .. Mount Morgan (2s 6d paid, 6) Union Bank of Australia (late sale Monday, c.d.) .... Unlisted Stocks Woolworths (Sydney, ord.) .. 1 9 4 0 2 2 0 18 9 17 0 6 6 6 1 9 0 2 0 6 7

THE MORNING SALES. d. Conmmomvealth bonds — * s. 100 18 9^ 105 10 0 Commercial Bank of Sydney 20 1 0 Bank of New South Wales .. 34 15 0 1 10 9 1 1 3 Anthony Hordern (pref.) .. 1 5 0 1 3 3 British Tobacco 2 1 9 Broken Hill Proprietary .. 3 0 6 ADDITIONAL SALES. Bank of New South Wales .. 34 10 0 Commercial Bank of Sydney.. 20 1 0 Commercial Bank of Aust. .. 0 19 9 43 5 0 1 12 0 2 1 9 2 13 0 1 10 6 Newcastle Gas (C.) •■ •• 0 13 3 2 18 3 0 19 6 1 6 3 11 13 0 1 12 0 0 18 0 0 8 1 3 19 0 0 10 3 4 7 3 1 13 3 Millaquin Sugar (ex div.) .. 1 15 9 Fanners 1 7 9 Amalgamated Textiles • • 1 1 0 10 3 9 0 18 11 Broken Hill Proprietary .. 3 0 6 5 16 0 0 1 11 3 14 0 MELBOURNE. January 2f ). Commercial Bank of Aust. .. 0 19 9 Goldsbrough, Mort .. .. 1 13 3 2 1 6 3 13 0 Electrolytic Zinc (pref.) 1 19 6 3 14 0 0 13 3 1 5 9 1 3 3