COMMERCE AND FINANCE

Otago Daily Times, Issue 22825, 9 March 1936, Page 14

COMMERCE AND FINANCE

LOCAL AND OVERSEAS MARKETS

MERCHANDISE MARKET There are few changes to be recorded In the merchandise market during the week. Advice from Ceylon states that the desiccated coconut market is firmer than it has been for some years, and it is announced from Singapore that the markets for sago, tapioca and pineapples have again advanced. The Zealandic, due on March 14, will land a number of merchandise lines. _ The Cape York is expected from Pacific Coast ports on March 10. She will land supplies of seeded and seedless raisins, prunes, etc. A new line to reach the market is Pickapeppa sauce, manufactured in Jamaica. The Wingatui arrived during the weekend with a cargo of sugar. The Waimarino will bring a further supply on March 11, and the Waipiata will follow on March 18. FOREIGN EXCHANGES ON NEW ZEALAND CURRENCY . BASIS The Back of New South Wales, Dunedln. quoted the following rates for purchases and sales of foreign exchange on Saturday:—• London— Buying. Selling.

• ; DOLLAR RATES The Isscc'iJited.Banks (other than the Bank of. New. South Wales) quoted the following ;d,Ollar ,*ate on Saturday on '»• New Zealand'.currency basis. They are subject to alteration without.notice.' • U.S.A. Canada. -'■ (perH (per£l c; ... N.Z.) N.Z.) T-T- •' ••■"•• •• 4 -°°J' 3.095 O.IJ. .. ......... .. "4.00| 4.00 - Buying— i'-' ■'•_■■ O.D. ~- :■:■;■ .; ; . .. 4.05 4.045 LONDON METAL MARKET (United Press Association) (By Electric Telegraph—Copyright) ;','' LONDON, March 7. (Received March 8. at 9 p.m.) The following aro the official metal quotations:—

THE SHARE MARKET DUNEDIN STOCK EXCHANGE Bank of New Zealands' were sold at £2 7s 3d on the Dunedin Stock Exchange on Saturday morning the market closing with a buyer at £2 7s and a seller at £2 7a 6d. National Bank of New Zealands were on offer at the easier figure of £3 18s 6d, but buyers would not give mor« than £3 15s. Union Banks were inquired for at £9 15s, but sellers were not interested. Sellers of Mortgage Corporations wore prepared to accept the lower price of 4s 7d, but buyers did not cornt forward. New Zealand Drugs were inquired for at £3 18a, but sellers did not show any interest. There was an improvement in the market for New Zealand Breweries, buyers offering £2 12s. Sellers, however, asked £2 13s. Business at £2 12s was reported. Buyers of Electrolytic Zinc preference shares offered the better price of £1 19s, cum dividend, but sellers would not take less than £2 0s 6d. The ordinary shares were also in stronger demand at £1 17s 6d, sellers' lowest requirement beinc £1 19s 9d. SALE ON 'CHANGE.

The following are Saturday's buying and selling quotations, which are subject to the usual brokerage:—

DIVIDENDS PAYABLE. The following is a list of shares on which dividends will shortly be payable:— Milburn Lime—7£ per cent., 9d per share, half-yearly .. Mar. 10 Electrolytic Zinc—B per cent., 9 3-5(1 per share, half-yearly Mar. 19 Gillespie's Beach—3-5d per Bhar.fi Mar. 19 Mataki—ld per share .. .. Mar. 27 Bank of A'asia.—7;| per cent., 4s .'3d per share, half-yearly .. Mar. 27 North Broken Hill—3s (3d per share Mar. 27 Hume Pipe—s per cent., Cd per share, half-yearly .. .. Mar. 30

NORTHERN EXCHANGES

Churned and delivered daily, "Huia" Buttter has a creamy flavour all its own. —1335.

WELLINGTON Sales on 'Change Inscribed Stock, 4' p.c, 1949 103 17 8

CHRISTCHURCH Sales on 'Change

LONDON MARKETS (United Press Association) (By Electric Telegraph—Copyright) LONDON, March 7. (Received March 8, at 7 p.m.) Friday's closing prices were as follows: — Cotton: Spot 6.12 d, April 5.83 d. Rubber: Para B.}d, plantation smoked 7*d. Jute: March-April £l9 18s Ud. Copra: March-April, South Sea £l2 7s Cd. Turpentine 445. THE RABBIT MARKET (United Press Association) (By Electric Telegraph—Copyright) LONDON. March 7. (Received March 8, at 5.5 p.m.) Rabbits: Quiet; first large, ex store, 20s and 21s. AUSTRALIAN STOCK EXCHANGES SYDNEY, March 7. (Received March 8, at 5.5 p.m.)

DAIRY PRODUCE MINIMUM TRICES FIXED. (Per United Press Association) WELLINGTON, March 7. The Dairy Board has fixed the prices for butter at 10.}d and for cheese at 53d, equivalent to 83s 5d and 49s 7d a cwt. The New Zealand Loan and Mercantile Agencv Company. Ltd.. ha« received the following advice from London:—New Zealand choicest salted butter, 86s per cwt. Market weak. Cheese, white, 50s per cwt; coloured, 53s to 54s per cwt. Market quiet. BOND'S HOSIERY MILLS (Per United Press Association) WELLINGTON, March 7. The directors of Bond's Hosiery Mills (New Zealand). Ltd., will recommend to the annual meeting the payment of a dividend of a share, amounting to £834 7s Cd. NEW ZEALAND DRUG COMPANY At the annual general meeting of shareholders of Kempthornc, Prosscr and Co.'s New Zealand Drug Company, Ltd., a number of resolutions will be proposed on the recommendation of the directors, alterins the articles of association of the company following the coming into operation of the Companies Act, 1933. The main resolution is one empowering the directors to decline to register any transfer of shares or stock without being bound to give any reason for such refusal. A total of 24 articles are affected bv the proposed alterations. SHARLAND DIVIDEND Messrs Sharland and Co. announce an interim dividend on all shares of 2A per cent., payable on May 11.

LONDON MEAT MARKET (United Press Association) (By Electric Telegraph—Copyright) LONDON, March 7. (Received March 8, at 8 p.m.)

The Bank cf New Zealand has received the following advice from its London office, under date March (s:—Frozen meat: The market for wethers is quiet and unchanged, and for ewes is quiet, but firm. There is a good demand for light-weight iambs, while the market is weaker for heavy-weights. The market is expected to decline. Trade generally is slow. Wethers, light 4jd to s:ld per lb, heavy 3*d to 4Jd; ewes, 3d to 4Jd; lambs, twos 7d to lid, eights 6.? d to 7d, fours 6Jd to 6|d, seconds 6|d to 7^d. DOLLAR AND FRANC (United Press Association) (By Electric Telegraph—Copyright) LONDON, March 6. Exchange on New York is quoted at 4.98 1-16 dollars to the £, and on Paris at 741 francs to the £. MOTUROA OIL FIELDS The following report, for two months ended February 2!), has been received from Moturoa Oil Fields, Ltd.: — Moturoa No. 4 well produced 8975 sallons of crude oil; total production to date, 101.588 imperial gallons. Moturoa No. 2 well produced 22.415 imperial gallons of crude oil; total production to date, 728,087 imperial gallons. Moturoa No. 1 well produced 1740 imperial gallons of crude oil; total production to date, 20,028 imperial gallons.

£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. 90/7/6 89 O.D. 90/T/6 89 ' New York— Collars to £ N.Z. T.T. 4.03J 4.00% O.D. 4.05 4.00S MontrealDollars to £ N.Z. T.T. 4.03% 3.99X O.D. , 4.04| 4.003 France— Franca to £ N.Z. T.T. 60.64 59.81 O.D. 01.09 59.85 Nc-'jciea— Francs to £ N.Z. T.T. 02.44 58.44 O.D. 82.89 58.50 Pipeete— Francs to £ N.Z. T.T. 62.44 58.59 O.D. 62.89 58.65 Belgium— Bellas to £ N.Z. T.T. — 23.365 O.D. — 23.376 Germany— Relchsmarks to £ N.Z T.T. 9.789 O.D. — 9.794 ItalyLire to £ N.Z. T.T. _ — O.D. — __ Switzerland— Francs to fl N.Z. T.T. 12.317 12.047 O.D. 12.422 12.052 HollandFlorins to £ N.Z. T.T. 6.934 5.784 O.D. 5.994 5.788 Java— Florins to £ N.Z. T.T. 5.905 5.745 o.n. 5.965 5.749 Japan— is 2. Pence to 1 Y*v .. .. T.T. — 17 37-64 O.D 17 9-16 Shanghai— SZ. Pence to 1 Dollar .. T.T. 17 3-7.6 18 9-16 O.D. 17 IS 35-64 India and Ceylon— N.Z. Pence to 1 Rupee .. .. T.T. 22 9-64 22 57-64 O.D. 22 3-64 221 Hongkong— N.Z. Pence to 1 Dollar .. T.T. 18 47-64 20 31-64 O.D. 18 41-64 20 29-64 Singapore— N.Z, Pence to 1 , Dollar .... T.T. 84 25-C4 33 29-64 O.D. 34 13-CI4 35. 7-16 Sweden— ' Kroner to £ N.Z. T.T. 15.785 15.490 ' NorwayO.D. 15.845 15.500 Kroner to £ N.Z. T.T. 16.183 15.893 DenmarkO.D. 16.243 15.903 Kroner to fi N.Z. T.T. 18.203 17.893 Austria— .. •■■-' O.D, 18.2G3 17.903 Schillings to fi ■•'•• ' K . ■•■ N:Z. .. .. T.T. , 20.73 Czechoslovakia— : O.D. — 20.75 Crowns to £.;N;Z. T.T. v 94.90 O.D. 94.95 All rates subject to alteration without notice.

Ton. £30 3 Vh Itiso £0 5 0 Copper, forward .. an 10 v& Itlae 0 5 0 Electrolytic, spot .. .. 40 10 0 Itlse 0 6 0 Electrolytic, forward .. 40 15 0 Itlse 0 ,1 G 40 15 b Itlse O 7 G 16 11 3 No change Lead, forward ., .. 10 15 0 Itlse 0 1 3 Spelter, spot .. .,_ 1G 2 G No change Spelter, forward .. .. 10 7 G No change 213 15 0 Fall 0 15 0 Tin, forward ., .. 201 12 6 Fall 0 6 0 Pig Iron, home trade 3 10 0 No change Pig Iron, foreign 3 10 0 No change Antimony. British 72 10 0 No change Antimony, foreign ., 40 10 '■•'v.Unll 0 Fall 3 0 0 1-14' a No change 1 16 Oz. lo i-: 0 No change Sllrer, standard .. ,. lea No change 20 O-lCd No change,

f. s. Rank of New Zealand .. .. 2 7 tl 3 SALES REPORTED. N.Z. Breweries (late Friday) 2 12 Mount Lyell (late Friday) .. 14 1 4 0 5 5 Upper Watut 0 7 3

BANKING. Buyer. Seller. £ 8. d. £ s. d Australasia — 12 12 0 N.S.W — 35 0 0 Now Zealand 2 7 0 2 7 6 Commercial .. — 1 0 6 E.S. and A — 6 5 0 National of N.Z. .. 3 15 0 3 18 6 National of A'asia (cont.) — 7 13 0 — 5 19 6 9 15 0 — INSURANCE, National 0 18 6 0 19 3 New Zealand 3 0 0 — SHIPPING. P. and 0. Def. Stk. 1 3 0 1 5 0 U.S.S. Co. (pref.) 1 6 0 1 7 0 MEAT PRESERVING. N.Z. Refrig. (paid) 1 0 0 — N.Z. Refrig. (cont.) 0 9 9 0 10 0 South. Froz. Meat (paid) .. 3 16 0 — South. Froz. Meat (pref.) .. .. 3 16 0 — Waitaki Farmers 3 15 0 — LOAN AND AGENCY. Mortgage Corpora- — 0 4 7 National Mortgage (B issue) 1 12 0 — Trustees, Executors 3 5 0 4 0 0 Wright, Stephenson (pref.) .. — 1 0 3 COAL. Westport — 1 3 0 Westport-Stockton (qrd.) .. — 0 1 fi Westport-Stockton (pref.) , .. — 0 2 4 WOOLLEN COMPANIES. Bruce (ord.) 0 12 0 0 14 6 Bruce (pref.) 1 1 6 1 4 0 Kaiapoi (ord.) .. — 0 15 3 MISCELLANEOUS. Associated News .. 1 2 6 — Broken Hill Propy. 2 19 6 — Brown, Ewing (ord.) .. 0 14 G — Consolidated Brick — 0 10 10 Crystal Ice .. i 17 0 — D.I.C. (pref.) .. 1 3 6 — i Dominion Fertiliser !,-JU/5. f o •, ,-••.,- — Dun.-Kaik. Trams 2 0 Q '•,.. '—'■*. Stock Exchange , Propy. .... 1 W 0 2 0 0 Dunlop. Perd. Rub. 0 14 9 — Milbufn Lime .. -— 2 5 0 National Electric ■ — 0 12 9, N.Z. Drug Co. ;■.'• 3 18 0 ' " -TN.Z. Paper Mills'.. ■■'■— 1 10 0 Regent Theatre .. — 1 1 0 Wilsons Cement .. 1 19 0 —. Anthony Hordern 1 0 3 . — BREWERIES N.Z, Breweries .. 2 12 0 2 13 0 •■ ■ AUSTRALIAN MINING. Electro. Zinc (pref.) ttl 19 0 2 0 6 Electro. Zinc (ord.) ttl 17 6 1 19 9 Mount Lyell 1 4 0 1 4 6 Mount Morgan 0 16 0 — Upper Watut — 0 7 6 MINING. Big River — 0 1 10 Gillespie's Beach 0 0 10 0 1 0 Goldfield Dredging 0 0 3| 0 0 5 King Solomon — 0 3 6 Lawson's Flat — 0 0 5 Mossy Creek 0 1 3 — Mount David — 0 1. G Nokomai ... .. — 0 2 C Okarito ,: .. 0 4 3 0 5 0 Skippers .. 0 n 0 0 3 Waipapa Beach .. — 0 1 (» Waitahu .. — 0 2 3 GOVERNMENT LOANS. Si p.c. Stock, Nov., 1938-52 .. .. 102 10 0 — 3£ p.c. Stock, Mar., 1939-43 .. .. 102 10 0 — 3£ p.c. Stock,Sep., 1939-43 .. .. 102 10 0 — 3J- p.c. Stock, May, 1939-52 .... 102 10 0 — 3J p.c. Stock, Mar., 1941-43 .. .. 102 10 0 — 3J p.c. Stock.Sep., 1941-43 .. .. 102 10 0 „ 4 p.c. Bonds, 193740 ..'•;: .. 101 10 0 — 4 p.c. Stock, 1937101 10 0 — 4 p-c. Stock, 194340 102 0 0 — 4 p.c. Stock, 194649 — 104 5 0 4 p.c. Stock, 195255 — 104 0 0 tt Cum dividend. UNLISTED STOCKS Mackintosh Caley Phoenix 0 10 0 0 11 6 National Tobacco 3 16 0 — Woohvorths (Sydney) 6 10 G — Otago Farmers .. 0 3 0 — Otago Farmers (A pref.) .. 0 19 0 —

AUCKLAND Sales on 'Change The following business was transacted on 'Changes on Saturday:— I s. d. 102 0 0 103 17 G Auckland Transport, ' 194'4105 0 0 Commercial Bank of Australia 1 0 3 1 0 4 : 5 18 0 9 17 0 15 0 Farmers' Trading (B pref.) 9 3 13 0 1 10 0 0 0 U Unlisted Stocks Woohvorth's (West Aus.) .. 0 15 0

Commercial Bank of Australia Bank of New Zealand .. Anthony Hordcrn (late Fri.) Brian Boru (late Friday) .. 1 0 2 7 1 0 1 3 1 0 0 0 4 4 3 9 6 2 A

2 12 3 2 13 3 1 0 3 British Tobacco (cum div.) .. 2 1 2 1 0 10 6 7 S 0 14 11 1 4 4 Unlisted Stocks Woolworth's (Sydney) .. .. G 12 6 Sales Reported 0 16 o Union Bank of Australia (2) 9 16 (i Timaru Brewery (7s 6d paid, and 2s 6d call) 0 12 0 1 0 3 ■ 2 1 9 Broken Hill Proprietary 2 19 9 0 16 2 United Building Society (cum 1 1 6

£ :8. d. Commonwealth Bonds — \ 90 15 0 101 18 9 102 0 n 103 15 0 102 10 0 102 15 0 4 p.c, 1959 103 6 3 Commercial Bank of Australia 1 0 10h Bank of New South Wales .. 35 17 6 7 U 6 1 13 3 2 12 9 1 0 7i 4 3 9 2 1 9 Broken Hill Proprietary 3 0 0 1 19 9 1 18 0 1 5 0 Wilcox MoiTlin 0 11 7

«, 00 N.Z. SHEEP— c-« CI t~ Canterbury and North rQ o u Island selected crossPh % bred wethers and (I >erlb.) maiden ewes: d. d. d 5i — — 43 45 54 57-641b 45 45 4! 05-7211) 48 4| 44 Ewes: Under 481b 4} 43 43 48-641b 33 35 35 n 34 34 North Island: 52 51 5 J 45 45 4 : i 65-721b 43 4i 44 A U STR A L1A N SIIE E P— First quality crossbred and/or merino wethers: 48-6411) 41 41 43 Ewes: 4 n 4& ARGENTINE SHEEP— First quality crossbred wethers: 48-6411) 4? 4! 43 4 i 4J 4 PATAGON1AN SHEEP- - Wethers and/or maiden ewes: n 75 7-5 n 71 7-1 4 4 4 Ewes: 40-50lb — — — AUSTRALIAN LAMBS- - Vietorian: First quality: 361b and under 65 65 63 37-421b 6i 61 61 Second quality: 361b and under 65 65 65 Other States: First quality: S61b and under 61 63 63 37-421b 6J 64 0 Second quality: S61b and under 6J 64 H All States: Third quality: 361b and under .. 6§ 68 6g N.Z. FROZEN BEEFOx fores (145-2101b) .. 23 — — Ox hinds (145-2101b) .. 45 44 4J AUSTRALIAN FROZEN BEEFOx crops (1001b and — — — Ox crops (145-2101b) .. 21 2* 24 Ox hinds (145-2101b) .. 41 41 41 Ox hinds (over 1601b) .. 4 4 4 N.Z CHILLED— Finds n 3J 33 3 25 23 AUSTRALIAN CHILLED— Hinds (145-2101b) — — H Crops (145-2101b) — — . 23 UNION OF SOUTH AFRICA CHILLED- — 3| 31 — 23 •;;• ARGENTINE LAMBS— First quality: 561b and under 51 64 63 6 6 55 ■ Second quality: Average about 2SIb og 61 63 PATAGONIAN LAMBS- - First quality: 361b and under 65 61 62 50-601b — — — Second quality: Average about 301b 63 63 6S N.Z. LAMBS— Canterbury: First quality: 361b and under .. .. 78 71 71 37-421b n 71 7 43-50lb 7 63 63 Second quality: Average about 321b 71 7i 7 Other South Island: 361b and under — — — — — — — — — Second quality: Average about 321b .. — — — Selected North Island, including Downs: 361b and under .. .. n 74 71 37-421b n 71 7 43-5011) 7 C2 o§ Second quality: Average about 30lb 73'' 74 71 Other North Island: First quality: 36lb and under .. 74 74 7 71 73 63 Second quality: Average about 311b 71 71 63 SOUTHERN RHODESIA i CHILLEDn 33 33 3 3 3 ARGENTINE CH1LLEE I BEEFOx fores (145-2101b) .. 3.1 31 31 Ox hinds (145-2101b) .. H 43 43 URUGUAYAN CHILLED4i 41 4i 24 3 2| BRAZILIAN CHILLED- _ 23 n 24 H 35 3| N.Z. PIGSFirst quality: 6 A 0i 53 6 54 51 52 54 54 AUSTRALIAN PIGS— First quality: OS 6 53 si 5 A 5i 53 5l 5.1