COMMERCE AND FINANCE

Otago Daily Times, Issue 22826, 10 March 1936, Page 6

COMMERCE AND FINANCE

LOCAL AND OVERSEAS MARKETS

THE SHARE MARKET DUNEDIN STOCK EXCHANGE Sellers of Reserve Banks were prepared to accept the slightly easier figure of £5 19s on'the Dunedin Stock Exchange yesterday, but buyers did not show any interest. There was an easier demand, for contributing New Zealand Refrigeratings at 9s Bd, sellers refusing to do business under 9s lid. National Mortgage A’s met with a firmer inquiry at £2 llg 6d, but sellers would not take less than £2 13s 6d. There was a sharp rise in the market, for Trustees Executors, buyers’ closing.offer being £3 10s, while sellers asked £3 17a 6d. Crystal Ices were in better demand at £1 18s, but sellers did not come forward. The inquiry for New Zealand Breweries eased slightly to £2 11s 9d. sellers asking Is above that figure. Mount Lyells showed a slight improvement, buyers offering up to £1 4g 4d. Sellers, however, would not accept less than fl 4s 6d. Mount Morgans were on offer at 16s 4d, but buyers remained firm at 16s. SALES REPORTED. f s. d. Bank of N.Z. (late Saturday) 2 7 2 2 7 3 Brown, Ewing (ord.) 0 13 0 4 p.c. Stock 1952-55 103 10 0 SALE REPORTED AFTER LAST GALL. Timaru Brewery (call paid)... 0 11 2 The following are yesterday afternoon’s buying and selling quotations, which are subject to the usual brokerage:— BANKING. Buyer. Seller.

UNLISTED STOCKS. Mackintosh Caley Phcenix 0 10 0 National Tobacco 3 6 0 Woolworth’s (Sydney) 6 12 0 DIVIDENDS PAYABLE. The following is a list of shares on which dividends will shortly be payable:— Milburu Lime—7| per cent., 9d per share, half-yearly .. Mar. 10 Electrolytic Zinc —8 per cent., 9 3-5 d per share, half-yearly Mar. 19 Gillespie’s Beach —3-5 d per share Mar. 19 Mataki—ld per share Mar. 27 Bank of A’asia— l% per cent., 4s 3d per share, half-yearly .. Mar. 27 North Broken Hill—3 a 6d per share Mar. 27 Hume Pipe—s per cent., Cd per share, half-yearly Mar. 30 NORTHERN EXCHANGES AUCKLAND

AUSTRALIAN STOCK EXCHANGES (United Press Association) (By Electric Telegraph—Copyright) SYDNEY, March 0. (Received March 9, at *lO p.m.) On the Stock Exchange the general tone of the market, was steady, with greater activity in Government securities. THE MORNING SALES. Commonwealth Bonds—

THE TRADE IN HIDES The value of the export trade in cattle hides and the way it has grown in recent years is not generally recognised. In 1932, 304,053 hides were shipped from New Zealand to the value of £197,702. Every year since has shown an increase in both numbers and values, the 1935 figures being 521,745 hides worth £441,325. If present prices continue throughout 1930, the trade is likely to eclipse recent records, because raw hides are now realising about 50 per cent, more than last year. In addition to those exported, over 100,000 hides arc converted into leather in the Dominion.

The general increase in prices coupled with the scarcity of good heavy hides is very rapidly forcing up their value and concomitantly the price of leather made from them. The grades most affected are those suitable for repairing work, so I hat in the near future the public need not be surprised if it has to pay higher prices for having itg footwear repaired.

MINING NEWS

OKARITO REPORT The secretaries of the Okarito Five Mile Beach Gold Dredging Company report that the sheathing of the pontoons was completed on February 2, and dredging was resumed. During last week 13oz 4dwts were won as the result of 105 hours’ dredging. WORKSOP EXTENDED REPORT The following is the Worksop Extended Gold Dredging Company, Ltd.’s, official return for the week ended March 5: — Yield, 290 z; hours dredged, 132: yards treated, 9600. BIG RIVER REPORT The Big River Gold Mines, Ltd., report for the week ended March 5 states that repairs to the main shaft between No. 4 and No. 5 levels were proceeding satisfactorily, good progress being made. Half a dozen level sets were renewed in No. 1 or Adit level, and repairs were being effected to the stopes on the south reef above No. 4 level. ELECTROLYTIC ZINC REPORT The Electrolytic Zinc Company’s mill at Rosebery, Tasmania, restarted on Monday, February 24, and has continued to run smoothly on approximately two-thirds load. Despatch of zinc and lead concentrates has commenced. NEW RIVER GOLD DREDGING COMPANY The supervisor for the construction of the New River Gold Dredging Company’s dredge reports that the deck planking of the dredge is complete and the gantry and gearing supports and top tumbler are all in position, and at the time of the inspection the crown wheel was being fitted to the tumbler shaft. The engine is ready to be placed on board. The supervisor is verv pleased with the solid foundation prepared for the engine. MINING IN CROMWELL The Austral Malay _ Tin Company’s second drill was operating last week in the Lowburn Creek, a short distance above the Cromwell-Wanaka road. A drill is still operating on the Cromwell Flat, in the vicinity of Horn’s Freehold. Mr W. Mitchell is still meeting with satisfactory prospects in his claim at Cairnmuir Flat. During the last two weeks he has carried out a certain amount of dead work, but is now driving ahead again. So far he is not attempting to block out the rich wash proved for a width of 45 feet, at a point about 250 feet from the mouth of the drive. He is driving towards the back boundary at the hill, eight chains away, and has already met encouraging prospects. From the general lie of the country it is reasonable to expect highly payable wash as the tunnel is extended. MATAKI RETURN (Peb United Press Association) AUCKLAND, March 9. The Watakl return for the week ended on Sunday was 34 ounces for 135 hours' work. SYDNEY WOOL SALES (United Press Association) (By Electric Telegraph—Copyright) SYDNEY, March 0. (Received March 9, at 11.30 p.m.) At the wool gales 13,994 bales were offered and 11,740 sold, while 1799 were disposed of privately. There was-good general competition for all descriptions, and values were firm at the closing rates of last week. Greasy merino sold to 22id. The average price per bale last week was £lB 12s Id. or 15.9 d per lb. Scott Bros., produce merchants and commission agents, agents for the Dunedin Egg Suppliers’ Association, report:— Eggs, poultry farmers to Is Gd, storekeepers Is sd; butter, to 9d per lb; honey, bulk 3Jd 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 5Jd per lb, porkers sid per lb; fat, nominally 14s to 19s per cwt; peas, nominally lid per lb; hot-house tomatoes, to 4fi per lb; potatoes, Oamarus to 5s per cwt; vegetable marrows, to 4s per cwt; pickling onions, 8s per cwt; chaff, prime oaten sheaf to £5 10s per ton, bags extra, ex store; onions, new season’s, Canterbury 5s 6d per cwt; partridge peas, to 5s 6d per bushel, sacks extra; feed barley, 3s lOd per bushel, sacks extra; whole fowl wheat, to 5s 6d per bushel, sacks extra; kibbled maize, 7s per bushel; oats, new Gartons 3s to 3s 3d per bushel, sacks extra; oyster grit, 6s per 1001 b; straw, oaten £3 15s, wheaten £3 10s per ton. Stocks held of lucerne meal, meatmeals. Free use of fowl crates on application.—March 9, 1936.

FOREIGN EXCHANGES

(British Official Wireless) (United Press Association) ißy Electric Telegraph—Copyright)

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

All rates subject 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 currency basis. They are subject to alteration without notice. U.S.A. Canada (per £1 (per £1 N.Z.) N.Z.j idling— dels. dols T.T 3.993 3.99 S O.D 4.00 i 4.00 i Buying— O.D 4.04 J 4.04 J

£ s. d. £ S. d. A’asia — 12 12 0 N.S.W 35 0 0 New Zealand .. .. 2 7 0 2 7 6 Commercial .. ,. — 1 0 6 E.S. and A — 6 5 0 Natl, of N.Z. .. 3 15 0 Natl, of A’asia .. 15 12 0 Reserve 5 19 0 Union — 10 0 0 INSURANCE. National , 0 19 3 New Zealand .. .. 3 2 0 3 3 6 Standard — 3 4 6 SHIPPING. P. and 0. Def. Stock 1 3 0 1 5 0 MEAT PRESERVING. N.Z. Refrig. (pd.) 1 0 0 N.Z. Refrig. (cont.) 0 9 8 0 9 11 South. Eroz, Meat (paid) .. ,. ., 3 10 0 South. Eroz. Meat (pref.) 3 16 0 W aitaki Farmers 3 15 0 — LOAN AND AGENCY. Goldsbrough, Mort 1 12 10 1 13 8 Mortgage Corporation .. ,. ,. .. 0 4 8 National Mortgage 2 11 s 2 13 6 Trustees, Executors 3 10 0 3 17 6 Wright, Stephenson (pref.) — 1 0 8 COAL. Raitangata .. .. 1 1 9 . Westport — 1 s 0 Westport-Stockton (pref.) — 0 2 5 WOOLLEN COMPANIES. Bruce (ord.) .. .. 0 12 0 0 13 6 Bruce (pref.) — 1 4 0 Kaiapoi (ord.) .. — 0 15 0 Kaiapoi (pref.) ,. 0 17 6 0 18 0 MISCELLANEOUS. Anthony Hordern 1 0 4' Broken Hill Propy. 2 19 0 3 0 6 Broken Hill Pi'opy, (10s paid) ., .. 1 15 0 Brown, Ewing _ (ord.) 0 14 6 Crystal lee .. .. 1 18 0 Dominion Eertiliser 1 6 0 1 fi 0 Dominion Eertiliser (Debs.) 104 0 0 Dominion Rubber.. 1 in o Dnnedin-Kaikorai Trams 2 0 6 , Stock Exchange Propy. .. ... .. 1 19 0 2 o 0 Dunlop? Perd. Rub. 0 14 9 MilbunrLime .... 2 5 o National'. Electric . 0 12 0 N.Z. Paper Mills.. 1 10 0 Regent Theatre .. 1 1 0 Woolworth’s (ord.) 6 13, 0 G. J. Coles . . .. 3 12 S 3 13 3 BREWERIES. N.Z. Breweries ., 2 11 0 2 12 9 AUSTRALIAN MINING. Electrolytic Zinc (ord.) 1 17 6 2 0 0 Mount Lyell .. .. 1 4 4 1 4 6 Mount Morgan 0 16 0 0 16 4 MINING. Big River 0 1 8 0 1 11 Brian Boru. .. ., o 0 4 Clutha River .. .. 0 2 2 Gillespie’s Beach .. 0 1 0 Goldfields Dredging 0 0 3i 0 0 Lawson’g Elat 0 0 5 Molyneux River .. 0 2 3 Mount David 0 1 6 Nokomai — 0 2 6 Skippers — 0 0 3 Waipapa Beach .. — 0 1 6 Waitahu .. .. .. — . 0 2 3 GOVERNMENT LOANS. p.c. Stock, Nov.. 1938-52 102 10 0 3i p.c. Stock, Mar., 1939-43 102 10 0 . 3A p.c. Stock, Sept.. 1939-43 102 10 0 3J p.c. Stock, May, 1939-52 102 10 0 — 3i p.c. Stock, Mar., 1941-43 102 10 0 3i p.c. Stock, Sept. 1941-43 102 10 0 —- 34 p.c. Stock, May, 1941-52 102 10 0 3i p.c. Stock, Nov.. 1941-52 102 10 0 4' p.c. Bonds, 193740 101 15 0 . . 4 p.c. Stock, 193740 101 15 0 4 p.c. Bonds, 194346 102 5 0 4 p.c. Stock, 194348 102 5 0 4 p.c. Stock, 194649 .. .. .. 103 0 0 104 0 0 4 p.c. Stock 195255 103 0 0 —

Sales on ’Change £ s. d. Bonds, 15/1/40, 4 p.c 102 5 0 Stock, 15/11/38-52, 3,} p.c. .. 103 2 6 Stock 15/5/39-52, 31 p.c .. 103 2 6 Stock, 15/2/46, 4 p.c 102 10 0 Stock, 15/4/49, 4 p.c 103 10 0 National Bank of New Zealanc 3 15 6 E.S. and A. Bank 6 4 0 Bank of New South Wales .. 34 15 0 Bank of New Zealand .. .. 2 7 0 2 6 6 Bank of New Zealand (D mort.) 1 9 0 Union Bank 9 17 0 United Building (Auckland) 1 0 0 Dominion Breweries .. .. 1 1 3 New Zealand Breweries 2 12 3 Broken Hill Proprietary 2 19 3 Farmers’ Trading .. ., .. 0 8 6 Gear Meat 1 0 6 Henry Jones 1 19 9 Farmers’ Fertiliser .. .. 1 0 6 New Zealand Refrigerating .. 1 0 3 Unlisted Stocks Woolworths (Sydney) .. .. 6 IS 6 WELLINGTON Sales on 'Change Inscribed Stock, 4 p.c., 1955 104 0 0 Commercial Bank of Australia 1 0 5 Bank of New Zealand (long term) 1 9 3 Tatipiri Coal (2) 0 17 3 Farmers’ Fertiliser (late Saturday) 1 0 6 Wilsons Cement 2 0 3 2 0 0 Brian Boru 0 0 n Unlisted Stocks Woolworths (Sydney, 2) 6 IS 0 CHRISTCHURCH Sales on ’Change Commercial Bank of Australia 1 0 5 Bank of New South Wales 34 15 0 (4) 34 12 6 34 13 6 Goldsbrouph, Mort. (2) 1 13 0 Anthony Hordern 1 0 4 Broken Hill Proprietary (3) 2 19 9 Consolidated Brick .. .. 0 10 S 0 10 6 Dunlop Perdriau Rubber .. 0 14 10 Mount Lyell (2) 1 4 0 1 4 5 Mount Morgan (2) .. .. 0 16 1 (2) 0 16 0 Sales Reported New Zealand Refrigerating, 4i p.c., 1940-45 101 0 0 Bank of New South Wales (2) 34 12 6 34 '12 6 Commercial Bank of Sydney 21 0 0 Union Bank of Australia (2) 9 16 6 Unlisted Stocks Woolworths (Sydney, ord.) ..' 6 13 C 6 14 3

4 p.c., 1961 103 10 0 Comm. Bank of Sydney 21 8 0 Tooheys 1 13 3 Tooths 2 14 0 Anthony Hordern 1 0 6 British Tobacco 2 1 9 Broken Hill South 5 17 6 Henry Jones 1 19 9 Howard Smith 0 17 3 James Stedman 0 ADDITIONAL SALES. 17 n Bank of New South Wales .. 35 12 6 Commercial Bank of Sydney 21 9 0 Commercial Bank of Australia 1 0 9 National Bank (£10 paid) .. 15 10 0 Colonial Sugar ' 43 7 6 Associated News 1 2 9 Associated News (pref.) 1 3 9 Australian Gas (A) .. .. 7 13 6 British Tobacco '2 1 6 Tooths 2 14 0 Tooheys 1 13 3 Carlton Brewery 2 13 6 G. J. Coles 3 13 0 Sargents 1 5 0 New South Wales Fresh Food 0 13 10 J. Stedman 0 17 0 Australian Glass 4 3 9 Dunlop Perdriau 0 14 11 Wilcox Mofflin 0 11 6 Greater J. D. Williams 0 8 0 ' Millaquin Sugar 1 17 9 Henry Jones 1 19 9 Electrolytic Zinc 1 17 9 Electrolytic Zinc (pref.) 2 1 0 Standard Cement 1 2 9 General Industries 1 1 6 Amalgamated Textiles .. 0 10 3 Commonwealth Wool 1 0 0 Kandos Cement 1 4 0 United Provisions 0 13 10 Gordon and Gotch 2 7 6 Loloma .. 1 0 41 Tavua 3 5 MELBOURNE, March 9. Commercial Bank of Australia 1 0 9 National Bank (15 paid) 7 15 (i Herald and Times 3 4 9 Mount Lyell 1 4 (i Loloma 1 0 3 Goldsbrough, Mort .. .. 1 13 0 Mount Morgan 0 16 PRICE OF FINE GOLD O LONDON, March £ s. d 8. March 8 March 5 7 1 7 1 0 1 1. March 4 March 3 . , .. 7 0 7 1 Hi 1 March 2 7 I 1 1 February 27 7 1 8 . February 26 February 25 7 1 7 0 0i 10 February 22 7 1 01

Paris— Par. RUGBY, March 7. Mar. 5. Mar. 7. Francs to £1 124.21 74 53-04 74 57-64 Brussels— Belgas to £1 30 29.241 29.27 Oslo— Kroner to £1 18.130 19.904 19.901 Stockholm— Kroner to £1 18.130 19.391 19.391 Copenhagen— Kroner to £1 18.150 22 22 Berlin— Marks to £1 20.34 12.28 12.31 Montreal— Dollars to £1 4.86 2-3 4.985 4.985 New York— Dollars to £1 4.86 2-3 4,98 15-16 4.981 Yokohama— Pence to yen 24.582 14 14 Hongkong— Pence to dollar 24.58 15 11-16 152 Bombay— Pence to rupee 181 184 Batavia— Florins to £1 12.10 7.231 7.234 Milan— Lire to £1 82.46 62i 021 Amsterdam — Guilder to £1 12.107 7.26 7.204 Prague— Kroner to £1 1041 1191 119% GenevaFrancs to £1 25.22 J 15.12 15.14 Vienna — Schillings to £1 84.861 261 261 Helsingfors— Marks to £1 193.23 227 227 Madrid— Pesetas to £1 25.221 361 36 11-04 Belgrade— Dinars to £1 25.221 216 216 Athens— Drachma to £1 375 515 517 Lisbon— Escudos to £1 no 1102 110 Bucharest— Lcl to £1 931.8 669 669 Bio tie Janeiro — Pence to mllrcls 5.890 41 41 Buenos Aires— Pence to pesos 47.22 36 36 Shanghai— Pence to tael 111 14 7-16 Montevideo— Pence to pesos 39 9-16 391 Warsaw— Zlotys to £1 — 20.25 26.25

£1 N.Z. to £101) 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. 00/7/6 89 O.D. 90/7/6 89 New York— Dollars to £ N.Z. T.T, 4.03J 3.993 O.D. 4.043 4.00J Montreal— Dollars to £ N.Z. T.T. 4.03% 3.99? O.D. 4.041 4.001 France— Francs to £ N.Z. T.T. 00.72 59.89 ■O.D. 61.17 59.93 v r/jmea— Francs to £ N.Z. T.T. 62.52 58.52 O.D. 02.97 58.58 Papeete— Francs to £ N.Z. T.T. 02.52 58.67 ' O.D. 02.97 58.73 Belgium— Belgas to £ N.Z. T.T. 23.881 O.D. — 23.392 Germany— Reichsmarks to £ N.Z T.T. 9.797 O.D. — 9.802 Italy— Lire to £ N.Z. T.T. O.D. _ — Switzerland— Francs to fl N.Z. T.T. 12.335 12.065 O.D. 12.440 12.070 Holland— Florins to £ N.Z. T.T. 5.937 5.787 O.D. 5.097 5.791 Java— Florins to £ N.Z. T.T. 5.913 5.753 O.D. 5.973 5.757 Japan— N Z. Pence to 1 Y«n .. .. T.T. 17 37-64 O.D. 17 9-16 Shanghai— N 7. Pence to 1 Dollar .. .. T.T. 17 8-16 18 9-16 O.D. IT 18 35-64 India and Ceylon— N.Z. Pence to 1 Rupee .. .. T.T. 22 9-64 22 57-64 O.D, 22 3-64 22? 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. Ponce to 1 Dollar .. .. T.T. 84 25-64 85 29-64 O.D. 34 13-04 35 7-10 Sweden— Kroner to fl N.Z. T.T. 15.785 15.490 Norway— Kroner to £ N.Z. O.D. 15.845 15.500 T.T. 18.183 15.893 Denmark— Kroner to fl N.Z. O.D. 16.243 15.903 T.T. 18.203 17.893 Austria— Schillings to £ N.Z O.D. 18.203 17.903 T.T. 20.68 O.D. 20.70 Czechoslovakia— Crowns to £ N.Z. T.T, 94.74 O.D. — 94.79