COMMERCE AND FINANCE

Otago Daily Times, Issue 22808, 18 February 1936, Page 14

COMMERCE AND FINANCE

LOCAL AND OVERSEAS MARKETS

FOREIGN EXCHANGES

THE SHARE MARKET

(British Official Wireless) (United Press Association) (By Electric Telegraph—Copyrlgl')

DUNEDIN STOCK EXCHANGE

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. U.S A. Canada. (per £1 (per £1 N.Z.) N.Z.) Selling— . dols., dols. T.T. 4.005 4.00 S OJJ .. 4:01| 4.001 Buying—- . O.D. • 4.055 4.05 S JAPANESE TRADE IN PANAMA A memorandum received by the Department of. Overseas Trade from H.M. Consul at Panama City states that a feature of the imports into the Republic is the steady increase in purchases from Japan, at the expense not only of United Kingdom exporters, but of the United States trade. After capturing the third place from Germany in 1933, Japan has how taken second place in sales to Panama, coming immediately after the United States with a total of 664,324 dollars during the first six months of 1935, although Japan is said to purchase nothing whatever from the isthmus.

Bank of New Zealands were on offer at £2 9s 6d on the Dunedin Stock Exchange yesterday, but buyers did not come forward. There was a firmer inquiry for. Commercial Banks at 19s 6d, • without sellers showing any interest, and National Bank of New Zealands were in demand at the stronger price of £3 17s Gd, but sellers would not take less than £4. Buyers of Dalgety and Co. shares were prepared to give £9, but sellers did not come forward. Sellers of Westport Coals asked £1 3s 9d, but buyers remained firm at £1 3s sd. There was an easier inquiry for New Zealand Breweries at £2 12s 6d, sellers remaining unchanged at £2 13s 3d. Electrolytic Zinc preference shares met with a slightly improved inquiry at £1 18s 9d, cum dividend, and the ordinary shares were inquired forat £1 15s 6d, also cum dividend, without a selling quotation in either case. Mount Lyells were disposed of at £1 3s Cd, the market showing a firming tendency at the close, when buyers offered £1 3s 6d and sellers asked £1 4s. SALE ON 'CHANGE.

BRITISH CREDIT FOR FRANCE (United Press Association) (By Eiectr'.c Telegraph—Copyright) PARIS, February 16. Le Matin confirms the pending British short term credit towards France, and says that 40,000,000 francs are involved, the interest not to exceed 3$ per cent.

NORTHERN EXCHANGES AUCKLAND

NEW ZEALAND-MALAY RUBBER COMPANY, LTD. ISSUE OF PREFERENCE SHARES. (Special to Daily Times) OAMARU, February 17. At a -meeting of the directors of the New Zealand-Malay Rubber Company, Ltd., held last week, authority was given to issue 4050 £1 cumulative 8 per cent, preference shares in settlement of arrears of dividends on the first issue of 10,125 preference shares, as agreed to by tho shareholders of the company. Ibis ranks with the original issue as to capita] and dividend, but is not subject to the statutory reduction of 20 per cent, in respect to dividends as the first issue is. ~ The scrip bears the words new issue to distinguish it, and the shares will bo known on the market as the " new issue.' The scrip has now been posted to the preference shareholders. SYDNEY WOOL SALES SYDNEY, February 17. (Received Feb. 17, at 11 p.m.) At the wool sales a new season's uecord for the Sydney market of 33Jd was obtained for five bales of greasy merino. A total of 10,590 bales was offered, and 9580 were eold, while 2318 were privately disposed of. The . market was equal to last week's best. There were-full clearances, the competition being very keen and general.. The average price last week was ti« 4s 6d a bale, or 16.1 d per lb.

MINING NEWS BIG RIVER REPORT The report of Big River Gold Mines, Ltd., for the week ended February 13 states: —Repair work in the main shaft is proceeding satisfactorily and work is going on continuously. Repairs to No. 2 level are also in progress. ARGO GOLD RETURN The official return of the Argo Gold Dredging Company, Ltd., for the week ended February 15 was 360 z for 112 hours' dredging. A total of 11,000 yards of material was treated. WHITE'S ELECTRIC DREDGING CO. The greater part of the steel superstructure for White's Electric Dredging Company's dredge, now being constructed at Barrytown, has been delivered at the dredge site and is in course of erection. The delivery of the balance, though slightly delayed by strikes, is expected during the next two or three weeks. MATAKI DIVIDEND (Pee United Pbess Association* WELLINGTON, February 17. Advice has been received that the Mataki Company has declared a dividend of a penny. The Mataki return for the week ended on Sunday was 370 z for 134 hours' work. AUSTRALIAN STOCK EXCHANGES (United Press Association) (By Electric Telegraph—Copyright) SYDNEY, February 17. (Received Feb. 17, at 9 p.m.) The Stock Exchange market lacked a defined trend. Brewery shares were subject to profit-taking. i

KEEP UP TO DATE ADVICE TO ADVERTISERS NEWSPAPERS FIRST By FRANK Goldberg, Governing Director of the Goldboi-K Advertising Agency, Ltd., Australia and New Zealand. Newspapers are to an advertising campaign what the infantry is to a military campaign. Other forces may be employed for special or auxiliary operations, and valuable results may thereby be achieved, but newspapers must be relied on for the main attack. That is one of the first principles of advertising on which all authorities are agreed. There are, of course, many reasons for this, but space will permit me to deal only with the one which may, perhaps, be considered the most important of . all. I imagine that there can be nothing more important in advertising than to keep pace with current events, with what the public is thinking and is interested in at any particular moment. To be out of tune with these is to be behind the times, to be branded by the public as such, and so lose its confidence. Nowadays changes occur and new interests arise with lightning rapidity, and one of the principal virtues of newspaper advertising is that it gives the advertiser scope for "quick change" advertising. The advertiser who places the bulk of his advertising in the newspapers can always turn unexpected events to good account. He can "ride" every wave of public interest. He never has to lose an opportunity because there is not sufficient time to alter the "copy." If a natural crisis arises, if the nation is plunged into some burning discussion —then his advertising may gather increased attention and interest by adding its quota to that discussioll' , ~ L -LThese are some of the opportunities presented by newspaper advertising, and the key to present-day business success «s to take advantage of every opportunity. To miss any opportunity nowadays means more than merely not advancing. It means actually going back, because one is thrust aside and pushed into the background by those who have recognised their opportunities and seized them. "Advertising is strategy,' says an authority, using also a military analogy. " Campaigns are prepared for with the prevision and thoroughness that" mark the preparation for a military campaign. Yet wise generals so shape their forces that they may be mobilised for sudden turns. Newspaper advertising enables the most massive campaign to seize chances and avert changes as the fight progresses. PROPERTY SALE Messrs Ireland report having submitted to auction yesterday lot 10 of sections 41 and 42, block XXXVII, Dunedin, together with dwelling house known as No. 162, Forth street. After spirited bidding the property was knocked down to a purchaser at a satisfactory figure.

Scott Bros., produce merchants and commission agents, agents for the Dunedin Egg Suppliers' Association, report: Eggs, poultry farmers to Is 4d, storekeepers Is 2d; butter, 8d per lb; honey, bulk 3M to 4d per lb; poultry, hens, light Is" to Is 3d, heavy Is 6d to Is 9d; roosters, 9d to Is; ducks, Is 6d to 2s; geese, to 4s each; turkeys, hens 8d per lb, gobblers 9d per. lb; pigs, prime baconers to 6d per lb, porkers sid to 6d per lb; fat, nominally 14s to 19s per cwt; peas, nominally 2d; hothouse tomatoes, to 4d per lb; potatoes (demand poor), Oamarug to 5s per cwt; chaff,prime oaten sheaf to £5 10s per tou, bags extra, ex store; onions, new season's, Canterbury, 6 6 per cwt; partridge peas, to 5s 9d per bushel, sacks extra; feed barley, 3s lOd per bushel, sacks extra; whole fowl wheat, to 5s 6d per bushel, sacks extra; whole maize, 7s per bushel; oats, old Gartons 3s to 3s 6d per bushel, sack? extra; oyster grit, 6s per 1001 b; straw, oaten £3 15s, whcaton £3 10s per ton. Stocks held of lucerne meal, meatmeals. Free use of fowl crates on application. February 17, 1936.

AMERICAN BUTTER PRICES (United Press Association) (By Electric Telegraph—Copyright) LONDON, February 16. (Received Feb. 17, at 10. p.m.) The Daily Mail's commercial editor, referring to' the rise in American butter prices because of the scarcity due to the cold wave, says: "A rise of a few cents more would be sufficient to show a fair margin of profit in sending New Zealand butter to America from Britain. If the weather continues cold in America such exports are likely."

SOUTHLAND MEAT COMPANY Interesting facts illustrating the continuous growth of the Southland Frozen Meat and Produce Export Company, Lt v d., were mentioned by Mr John Gilkison (chairman of directors), when moving the adontion of the annual report at the annual meetincc of shareholders on Saturday morning. "In 1920 we handled 235,000 carcasses (sheep and lambs), in 1930, 486,000, and last year 742,000 carcasses," said Mr Gilkison. " The net profit for the year is £18.117 2s Bd, and this amount, added to the carry forward of £32,836 IDs sd, gives a total balance of £50,954 2s Id," he continued. " The usual percentages have been written off for depreciation and provision made for repairs, renewals and taxation. The directors accordingly recommend a further dividend of 8 per "cent., making 16 per cent, on the paid-up capital for the year, and leavins a balance of £41,870 6s lOd to be carried forward. . . . It is sometimes

said we pay too high a dividend, but I personally hold the view that our business is worth close on £500,000, and the dividend of 16 per cent, on a capital of £113,547 is a very modest return on the real value."

HUGBY, February 15._ Paris— Par. Francs to £1 124.21 Feb. 13. 74 61-64 i'eD. io. 74 51-64 Brussels — Belgas to SI 30 29.371 29.331 Oslo— Kroner to £1 18.180 19.901 19.901 Stockholm— Kroner to SI 18.130 19.391 19.391 Copenhagen— 22 . Kroner to £1 18.150 22 Berlin— Marks to £1 20.34 12.29 12.29 5toutreal— Dollars to fil 4.862-3 4.97J 4.981 New York— Dollars to SI 4.86 2-3 4.98 3-16 4.998 Yokohama— . Pence to yen 24.58Z 14 1-64 14 1-32 HongkongPence to dollar 24.58 15 3-32 15 3-32 Bombay— Pence to rupee — 181 181 Batavia— Florins to SI 12.10 7.261 7.261 MilanLire to £1 82.48 62 3-16 62 3-16 AmsterdamGuilder to SI 12.101 7.281 7.271 PragueKroner to SI 1041 1191 119 3-16 Geneva — Francs to CI 25.22J JL5.15 15.12 ViennaSchillings to £1 .. 84.861 261 261 Helsingfors— 227 Marks to £1 193.23 227 MadridPesetas to £1 25.221 36 11-64 36 11-64 Belgrade— Dinars to £1 25.221 217 217 Athens— Drachma to £1 .. ST5 517 518 Lisbon — Escudos to £1 .. 110 110% 110% BucharestLei to £1931.6 668 668 Bio de JaneiroPence to 41 mllrels .. 5.890 41 Buenos Aires— 36 Pence to pesos 47.22 36 ShanghaiPence to tael, — 141 141 Montevideo891 Pence to pesos — 391 Warsaw— Zlotys to £1 — 26.25 26.25 ON NEW ZEALAND CURRENCY BASIS The Bank of New South Dunedln, quoted the following rates for purchases and sales of foreign exchange yesterday:— London— Buying. selling. £1 N.Z. to £100 Its. .... T.T. 124 124/10/124/8/9 Australia— £ A to £100 N.Z. T.T. 101 101 • . 100/10/PHI— £ Fto£100N.Z. T.T. 90/7/6 90/7/6 89 89 New YorkDollars to £ N.Z. T.T. O.D. 4.04% 4.053 4.003 4.011 Montreal — _ Dollars to £ N.Z. T.T. 4.04 4.001 O.D. 4.051 4.01 FranceFrancs to £ N.Z. T.T. O.D. 60.62 61.07 59.79 59.83 Noumea— Franca to £ N.Z. T.T. i O.D. 62.42 62.87 • 58.42 58.48 Pipeete— Francs to £ N.Z. T.T. 62.42 58.57 O.D. 62.87 58.63 Belgium— Belgas to £ N.Z. T.T. O.D. - 23.430 23.441 Germany— Relchsmarks to £ N.Z. ... .. T.T. — 9.789 O.D. — 9.794 ItalyLire to £ N.Z. T.T. ■ — — O.D. — — Switzerland — Franca to £ N.Z. T.T. 12.315 12.045 O.D. 12.420 12.050 Holland—r Florins to £ N.Z. T.T. 5.956 5.805 O.D. 6.015 5.809 Java— / Florins to fl N.Z. T.T. 5.921 5.761 -O.D. 5.981 5.765 Japan— .: NZ. Pence to 1 Yen .. .. T.T. — 17 39-64 Q.D. — 17 19-32 Shanghai— N.Z. Pence to 1 Dollar .. .. T.T. IT 5-16 18 11-16 O.D. 171 • 18 43-64 India and Ceylon— N.Z. Pence to 1 Bupee .. .. T.T. 22 9-64 22 37-64 O.D. . 22 3-64 221 Hongkong— N.Z. Pence to 1 Dollar .. .. T.T. 18 15-16 20 11-30. O.D. 18 27-3! ! 20 21-32 Singapore— N.Z. Pence to 1 Dollar .. .. T.T. 34 25-64 33 29-G4 O.D. 34 13-64 35 7-16 Sweden— Kroner to £ N.Z. T.T. 15.785 15^490 O.D. 15,845 15.500 NorwayKroner to £ N.Z. T.T. 16.185 15.895 O.D. 16.245 15.905 DenmarkKroner to £ N.Z. T.T. 18.203 17.893 O.D. 18.263 17.903 Austria— Schillings to £ N.Z T.T. — 20.73 O.D. — 20.75 | Czechoslovakia — Crowns to £ N.Z. T.T. — 94.82 O.D. — 94.87 All rates subject to alteration without notice.

£ B. d 1 3 5 SALES REPORTED. Dental and Medical Supplies .. 0 ii 2 Gillespie's Beach (late Sat.) .. 0 1 0 Okarito (2) 0 4 9 SALES REPORTED AFTER LAST CALL. Bank of N.Z 2 8 9 Broken Hill Propy. (5s paid) 1 10 0 The following are yesterday afternoon's buying and selling quotations, which are subject to the usual brokerage ;:— BANKING. Buyer. Seller. £ s. d. £ s. d. 0 .— N.Z. — 2 9 6 Commercial .. .. 0 19 6 ;— E.S. and A. .... — 6 5 0 National o| N.Z. 3 17 6 4 0 0 National of Australasia ..... — 15 9 0 National "of Australasia (cont.) — 7 13 0 Reserve .. .. . 5 14 0 — INSURANCE New ZealanH .. 3 2 .6 South British .. 4 13 6 — - SHIPPING. Huddart, Parker (ord.) .... — 2 0 c P. and 0. Def. 6 — U.S.S. Co. (pref.) 1 6 0 — MEAT PRESERVING N.Z. Refrig. (cont.) **0 9 10 0 10 3 South. Frozen Meat (paid) .. .. 3 18 0 — South Otago Freezing .. .. 7 10 0 — Waitaki Farmers 3 11 0 — LOAN AND AGENCY Dalgety and Co. .. 9 0 0 — Goldsbrough, Mort 1 12 6 — Mortgage Corporation . .. .. .. 0 4 7 0 4 10 National Mortgage 2 10 0 — National Mortgage (B isue) .. .. 1 12 0 — N.Z. Guarantee Corp 0 5 6 0 6 0 Wright, Stephenson (ord.) .... 0 17 6 — Wright, Stephenson (pref.) .... — 1 0 3 COAL. Kaitangata .. .. 12 0 — Westport ' .. .. 13 5 1 3 9 Westport-Stockton (pref.) .. .. ••■■—• 0 2 6 WOOLLEN COMPANIES. Bruce (pref.) .. 11 6 — Kaiapoi (ord.) .. — 0.15 0 Kaiapoi (pref.) .. — 0 18 0 Mosgiel .. .. .. 10 5 .0 — Oamaru ...... — 1 2 0 MISCELLANEOUS. Anthony Hordern 1 0 10 • ■ — Associated News .. 12 6 — Australian Glass .. — 4 9 0 Broken Hill Propy. 2 19 6* — Broken Hill Propy. (5s paid) .... 19 6 1 10 0 Crystal Ice .... 1 15 0 — D.I.C. (pref.) .. 13 9 — Dominion Fertiliser 1 4 0 1 5 0 Donaghy's Rope .. 2 13 0 — Dun.-Kaikorai Trams .... 20 0 — Stock Exchange Propy 1 19 0 2 0 0 Dunlop Perd. Rubber .... 0 15 7 — National Electric — 0 12 9 Regent Theatre .. 0 19 0 1 1 0 Woolworths (ord.) —. 5 12 0 BREWERIES N.Z. Breweries .. 2 12 C 2 13 3 AUSTRALIAN MINING. Electro. Zinc (pref.) .. .. ttl 18 9 — Electro. Zinc ' (ord.) .. .. ttl 15 6 — Lount Lyell .. 13 6 1 4 0 Upper Watut .. 0 8 0 0 8 5 MINING. .Big River .. .. 0 1 9 0 2 0 Brian Boru .... — 0 0 4 Gillespie's Beach .. —• 0 1 0 Golden' Dawn 0 3 6 Goldfields Dredging 0 0 3 0 0 5 King Solomon .. — 0 3 7 Lawson's Flat .. — 0 0 5 Molyneux. River .. 0 1 9 — Mount David .. — 0 .1 6 Nokomai .. .. 0 2 2 0 2 6 Okarito '..' .. 0 4 8 — Skippers .... 0 0 2i 0 0 n Waipapa Beach .. — 0 1 7 Waitahu. .... — 0 2 6 GOVERNMENT LOANS. 3* p.c. Stock, Nov., 1938-52 .. .. 102 10 0 — 3* p.c. Stock, March, 1939-43 102 10 0 —' 3J p.c. Stock, Sep., 1939-43 .. .. 102 10 0 — 3* p.c. Stock, May, ."1939-52 ...' ••• 102 10 0 — 4 p.c. Bands, 193740 . 101 0 0 — 4 p.c. Stock, 193740 101 0 0 — 4 p.c. Bonds, 194346 102 10 0 — 4 p.c. Stock, 194346 .. .... 102 10 0 — 4 p.c. Bonds, 1946104 10 0 4 p.c. Stock, 194649 — 104 10 0 4 p.c. Stock, 1952104 15 0 ** Ex dividend, tt Cum dividend. UNLISTED STOCKS. Mnckinstosh Caley Phoenix .. .. 0 10 6 — Woolworths (Sydney) ... 6 0 0 — DIVIDENDS PAYABLE. The following is a list of .hares Oil which dividends will shortly be payable: — National Mortgage (A)—5 per cent., Is per share, half-ye arly Feb. 26 National Mortgage (B)—5 per cent., 6d per share, half-yearly Feb. 26 Bank of N.S.W.—5 per cent., 5s per share, interim .. Feb. — Southland Frozen Meat (pd.) ■ 1C per cent.. Is 7 l-5d per share, half-yearly .. Mar. 2 Southland Frozen Meat (cont.) —16 per cent., 9 3-5d per share, half-yearly .. Mar. 2 Southland Frozen Meat (pref.) —16 per cent., Is 7 l-5d per share, half-yearly .. Mar. 2 Electrolytic Zinc —8 per cent., 9 3-5d per share, half-yearly Mar. 19 Hume Pipe—5 per cent., Od per share, half-yearly :-. .. Mar. 30

Sales on Change d. 0 £ s. 102 0 Stock, 15/2/4G, 4 p.c 102 10 0 Bank of New Zealand .. 2 9 2 8 0 9 New Zealand Insurance (3) 3 3 6 South British Insurance 4 15 0 1 13 0 Guarantee Corporation 0 5 10 1 3 0 0 17 3 1 5 10 1 5 9 1 4 9 Dominion Breweries ... G 19 6 New Zealand Breweries 2 13 1 Electrolytic Zinc (pref.) 1 19 3 0 8 4 Milne and Choyce (deb.) .. 0 16 0 1 7 fi 0 0 3 ' Unlisted Stocks 1 0 0 National Tobacco (B pref.).. 1 12 0 Woolworths (Sydney) .. .. 6 1 0 WELLINGTON Sales on 'Change Inser. Stock, 4 p.c, 1937-40 101 15 0 Comm. Bank of Australia .. 0 19 7 Bank of New Zealand (2) .. 2 9 3 2 9 0 Goldsbrough, Mort (2; late 1 13 0 Mortgage Corporation .. • 0 4 9 1 4 8 Dental and Medical .. .. 0 11 2 1 0 0 Hume Pipe (Aust.) 0 17 11 Martha Mine (late sale Sat1 0 4 Unlisted Stocks Woolworths (Sydney;' 3) .. 6 2 6 2 3 0 CHRISTCHURCH Sales on 'Change N.Z. Govt. 4 p.c. Inscr., 1937102 0 0 National Bank of Australasia 7 11 0 Bank of New Zealand .. 2 8 9 Union Bank of Australia .. 10 0 0 1 12 10 New Zealand Breweries .. 2 13 " 2 13 o Tooths Brewery (2) .. .. 2 14 8 (2) 2 14 9 1 7 0 Electro. Zinc (ord.; cum div.) 1 16 0 3 13 6 Hume Pipe (Aust.- cum div.; 0 18 0 1 4 G Woolworths N.Z.; ord.) .. 5 9 6 King Solomon (4) .. 0 3 6 1 3 6 0 0 3 Unlisted Stocks Woolworths (Sydney; ord.) (2) 6 1 6 2 6 0 Sales Reported National Insurance .. 0 19 7 9 7 6 Mortgage Corporation .. 0 4 8 New Zealand Breweries 2 13 2 Hume Pipe (Aust.; cum div.) Woolworths (N.Z.; ord.; 2) 0 18 5 9 1 6 0 0 3 Unlisted Stocks Woolworths (Sydney; ord.) 6 1 9

THE MORNING SALES. Commonwealth Bonds— ± 8. d. 102 16 3 103 12 6 102 17 6 10 5 0 2 15 3 1 1 U 2 2 6 Broken Hill Proprietary .. (first instalment paid) 3 0 9 1 10 3 Goldsbrovigh, Mort .. .... 1 13 3 2 1 0 0 18 71 ADDITIONAL SALES. d. 6 1 s. 43 7 Bank of New South Wales .. 35 0 0 Comm. Bank of Sydney 20 10 0 Comm. Bank of Australia .. 1 0 3 1 3 3 Associated News (pref.) 1 4 U 0 18 9 Australian Gas (A) 8 0 6 2 2 6 2 15 0 1 13 4| 2 16 0 1 13 3 Wincheonibe, Carson 1 12 0 Greater J. D. Williams 0 8 6 2 1 0 1 17 0 1 9 0 2 4 6 1 1 3 1 4 3 General Industries .. 1 1 3 Broken Hill Proprietary 3 1 0 Broken Hill Proprietary (first instalment paid) ' .. 1 10 0 Broken Hill South .. .. 5 17 0 0 9 3 0 13 10 Tavua Development 0 3 0 MELBOURNE, February 1, r. Comm. Bank of Australia .. 1 0 0 1 13 3 4 8 0 Broken Hill Proprietary .. 3 0 6 0 15 1 1G 11 7* 3 14 6 Herald and Weekb' Times .. 3 0 G Broken Hill South .. 5 18 0 North Broken Hill .. .. 7 18 0 3 14 0 1 4 4}