COMMERCE AND FINANCE

Otago Daily Times, Issue 22831, 16 March 1936, Page 14

COMMERCE AND FINANCE

LOCAL AND OVERSEAS MARKETS

LONDON MEAT MARKET {United Press Association) (By Electric Telegraph—Copyright) LONDON, March 13. (Received March 15, at 8 p.m.)

THE SHARE MARKET PUNEDIN STOCK EXCHANGE The market for Bank of New Zealands suffered another drop on the Dunedin Stock Exchange on Saturday morning, the closing buying olfer being £2 3s Od, while .sellers asked £2 ss. Sellers of contributing New Zealand Refrigoratings were prepared to accept 9a 10d, but buyers were not interested. Mortgage Corporations were inquired for at 4s 4d, but sellers would not take less than 4s 7d. Broken Hill Proprietaries were on olfer at the easier price of £2 19s, but this figure did not attract buyers. New Zealand Breweries met with a slightly easier inquiry at £2 12s (id, sellers requiring Is above that figure. A late sale at £2 13s was reported. Ordinary Electrolytic Zincs were also in easier demand at £1 17s, cum dividend, no sellers coming forward. Mount Lyclls were on offer at the slightly lower figure of £1 4s, but buyers would not give more than £1 3s 3d. SALES REPORTED. £ s. d. Commercial Bank (late Eri.) 10 4 N.Z. Breweries (late Eri.) .. 2 13 0 Were’s Trust 0 5 (5 3J p.c. Stock, 1939-43 .. .. 102 15 0 The following are Saturday morning’s buying and selling quotations, which are subject to the usual brokerage:— BANKING.

tt Cum dividend. DIVIDENDS PAYABLE. The following is a list of shares on which dividends will shortly be payable:— Electrolytic Zinc —8 per cent., 0 3-5 d per share, half-yearly Mar. 19 Gillespie’s Beach —3-5 d share Mar. 19 Huddart, Parker (ord.) —7 per cent., 8 2-5 d per share, halfyearly .. .. Mar. 21 Huddert, Parker (pref.)‘—o per cent.. 7 l-5d per share, halfyearly Mar. 21 Mataki —Id per share .. .; Mar. 27 Bank of A’asia —7| per cent., 3s 4d per share, half-yearly .. Mar. 27 North Broken Hill—3s Cd per share Mar. 27 Hume Pipe—s per cent., 6d per share, half-yearly .. .. Mar. 39 British Tobacco —7 per cent., 4 i-5d per share, quarterly Mar. 31 N.Z. Drug—B per cent., Is 9 3-5 d per share, final. .. Apl. 3 NORTHERN EXCHANGES AUCKLAND Sales on ’Change

NEW ZEALAND WOOLPACKS DEFINITE SHARE OF MARKETS THE GOVERNMENT SYMPATHETIC (Per United Press Association) WELLINGTON, March 14. For some time past the Government has had under consideration the question of encouraging the use of woolpacks made in New Zealand. The Minister of Industries and Commerce (Mr D. G. Sullivan) stated to-day that if it were possible without creating complications the Government would endeavour to ensure that New Zealand woolpacks had a definite share of the New Zealand market. It was hoped that an early decision would be reached on the matter. SYDNEY STOCK EXCHANGE (United Press Association) (By Electric Telegraph—Copyright) SYDNEY, March 14. (Received March 14, at 5.5 p.m.).

FOREIGN EXCHANGES (British Official Wireless) (United Dress Association) ißy Electric Telegraph—Copyright) RUGBY, March 13.

TREASURY BILLS (British Official Wireless) (United Press Association) (By Electric Telegraph—Copyright) RUGBY, March 13. (Received March 14. at 5,5 p.m.) The total amount applied for in tenders for £45.000,090 of Treasury bills was £70,375,000, the average rate per cent, for bills at three months being 10s 9.24 d, against ,10s 5.08 d a week ago. LONDON WOOL SALES IMPROVEMENT IN PRICES. (United Press Association) (By Electric Telegraph—Copyright) LONDON, March 13. At the wool sales 8095 bales were offered, including 4887 New Zealand. A total of 7733 was sold, a moderate selection of which was from New Zealand. Crossbreds predominated. There was a good clearance, with active home trade and Continental competition. Prices were very firm for all descriptions, being 5 per cent, dearer than at the close of the last series. New Zealand greasy crossbred, “Hautatara,” top price lid, average 11 Jd. Messrs Murray, Roberts, and Co., Ltd., have received the following wool market cablegram from their London agents, dated March 13: Sales continue with a good tone, Continental buyers more active. Compared with last London sales, dosing rates: — Merino, best descriptions, advanced 5 per cent, to 7>l per cent.; crossbred, line, par to 5 per cent, advance; crossbred, medium, market irregular; crossbred, coarse, advanced 5 per cent. The Bank of New Zealand has received the following advice from its London office under date March 13:— Wool.—Compared with the opening sales crossbreds are somewhat irregular, but coarser grades are rather firmer. Compared with the closing rates of last scries, merino are about 2d dearer. Current quotations: New Zealand greasy merinos, super, GO/64’s quality, 17d to 18d per lb; New Zealand greasy merinos, ordinary, GO/G4’s quality, 15d to 16d per lb; New Zealand greasy merinos, inferior, 00/64’s quality, 12Jd to 13d per lb; New Zealand greasy halfbreds, 50/58’s quality, 13£d to 14Ad per lb; New Zealand greasy halfbreds, 56’s quality, 12Ad to 13d per lb; New Zealand greasy halfbreds, 50/56’s quality, IOJd to lid per lb; New Zealand greasy crossbreds. 50’s quality, 94d to lOd per lb; New Zealand crossbreds, 48/50’s quality, to 91d per lb; New Zealand greasy crossbreds, 4G/48’s quality, Sjd to fid , per lb; New Zealand greasy crossbreds, 44/46’s quality, Bjd to B.?d per lb; New Zealand greasy crossbreds, 40/44’s quality, B;}d to BJd per lb; New Zealand greasy crossbreds, 36/40’s quality, 8d to BJd per lb.

PRICE OF FINE GOLD (United Press Association) (By Electric Telegraph—Copyright)

ON NEW ZEALAND CURRENCY BASIS The Bans of New .South Wales, Dunedin, (looted the following rates for purchases and sales of foreign exchange on Saturday: — London— Buying. Selling.

All rates subject to alteration without notice. DOLLAR RATES The Associated Banks (other titan the Bank of New South Wales) quoted the following dollar rates on Saturday on a New Zealand currency basts. Tlie\ arc subject to alteration without notice U.S.A. Canada (per £1 ( per £1 N.Z.) N.Z.) rolling— clols. dots T.T 3.98 J 3.98] O.D 3.981 3.98;] Buying— O.D, .. , 4.03 4.03^ DOLLAR AND FRANC (United Press Association) (By Electric Telegraph—Copyright) LONDON, March 14. (Received March 15, at 6.30 p.m.) Exchange on New York is at the rate of 4.97] dollars to the £l, and on Paris at 74 13-10 francs to the £l. LONDON METAL MARKET (United Press Association) (By Electric Telegraph—Copyright) LONDON, March 13. (Received March 15, at 6.30 p.m.) The following ore the official metal quotations:—

LONDON MARKETS (United Press Association) (By Electric Telegraph—Copyright) LONDON, March 14. (Received March 15 at (i. 30 p.m.) Yesterdays closing prices were as follows: — Cotton: Spot, 0.3(1d per 11); April, 5.!)3d. llnhher: Para, S'al; plantation smoked, 7 13-33 d. Copra: April-May, South Sea. £l3 per Ion; smoked. £l3 3s (id; plantation II a haul, £l3 las. Linseed oil, £3B las. Turpentine, 43s hd.

N.Z. SHEEP— S CO Cl r— 1 Canterbury and North 55 c island selected crossbred wethers and * (Per lb.) maiden ewes; d. d. d. Under 481b 55 48-561b •, 43 54 53 57-04 lb 4 5 4 i 42 C5-72tb 43 44 44 Ewes: Under 481b 43 43 43 35 48-641b 33 33 C5-721b 31 34 34 North Island: 4S-5Glb .. .. , 53 54 53 57-641b .. .. ; 43 4 J 43 65-721b .. H 4J 44 AUSTRALIAN SHEEP— First quality crossbred and/or merino wethers; 48-641b .. 43 41 43 Ewes: 30-55!b 44 4-J 4 ARGENTINE SHEEPFirst quality crossbred wethers: 48-641b 4.3 43 4? 65-721b PATAGONIAN 8HEEPVVethers and/or maiden 4 4 4 31 ewes: Under 50lb 73 75 75 50-601b n 75 75 30-551b 4 4 4 Ewes: 40-50lb AUSTRALIAN LAMBS- — . Victorian: First quality: 361b and tinder 63 63 Ci 37-42lb 62 64 6 Second quality; 361b and under 63 65 63 Other States: First quality: 361b and under 63 63 63 S7-421b .. Second quality: 63 6 55 SOlb and under 64 64 61 All States: Third quality: 361b and under 63 63 63 N.Z. FROZEN BEEFOx fores (145-210Ib) .. — — — Ox hinds (145-2101b) .. 4J 4-5 44 AUSTRALIAN FROZEN BEEF— Ox crops (1001b and under) — — — Ox crops (145-2101b) .. n 24 24 Ox hinds (145-2101b) .. H 43 42 Ox binds (over 1601b) .. 4 4 4 N.Z. CHILLED— Hinds 3? 33 32 Fores 23 23 23 AUSTRALIAN CHILLEDHinds (145-2101b) .. .. — 33 33 Crops (145-210lb) .... — 23 21 UNION OF SOUTH AFR'ICA CHILLEDHinds 33 3J 3f Fores ,, f ARGENTINE LAMBS23 23 22 First quality: 361b and under .. . • 63 6| 62 37-421b 6 55 63 Second quality: Average about 281b PATAGONIAN LAMBS61 63 61 First quality: S61b and under 63 62 62 50-601b — — — Second quality; Average about SOlb 63 63 65 N.Z. LAMBS— Canterbury; First quality: 361b and under 73 n 7 37-421b u 7 62 43-501b Second quality; 1 61 63 63 Average about 311b .. n 7 61 Other South Island: 361b and under — — 7 37-421b — — 62 43-501b — — 63 Second quality: Average about 321b .. — — — Selected North Island, including Downs: 361b and under .. .. 74 72 74 37-421b 72 7 62 43-50lb 62 03 62 Second quality: Average about SOlb 7J n 74 Other North Island: First quality: 361b and under .. .. n. 7 62 37-421 b n 63 64 Second quality: Average about 311b 7? 63 62 Mil i i! Kl!N RHODESIA CHILLED— Hinds 33 33 34 Fores 3 3 2 ARGENTINE CHILLED BEEFOx fores (145-210110 33 32 32 Ox binds (145-2101b) .. 4| URUGUAYAN CHILLED43 43 Hinds .. 43 44 4 Fores BRAZILIAN CHILLED3 n 22 Fores 23 24 24 Hinds H n N.Z PIGS— First quality: 60-80Ib 64 .53 54 81-1001b 54 52 54 1014201b 5i 54 52 AUSTRALIAN PIGSFirst quality: 60-801b .. 6 53 54 814001b 54 54 5 1014201b H 54 51

Buyer. Seller. £ 8. d. £ 8. d. N.S.W — 34 17 0 New Zealand .. .. 2 3 9 2 5 0 Commercial .. .. — 1 0 5 5 18 0 INSURANCE. 0 18 0 0 18 9 New Zealand .. .. 3 2 0 Standard 3 2 0 3 3 0 SHIPPING. Huddart Parker (ord.) — 1 18 6 Huddart. Parker (pref.) — 1 9 0 P. and 0. Def. Stock — 1 5 0 MEAT PRESERVING. N.Z. Refrig. (cont.j — 9 9 10 South. Eroz. Meat (paid) 3 10 0 3 18 6 South Eroz. Meat (pref.) 3 16 0 — W aitaki .Farmers 3 15 0 — LOAN AND AGENCY. Mortgage Corporation 0 4 4 0 4 7 National Mortgage 2 11 0 — N.Z. Loan and M. (ord.) 30 0 0 40 0 0 Wright, Stephenson (pref.) — 1 0 3 COAL. Westport 1 3 0 Westport-Stockton (pref.) — 0 2 5 WOOLLEN COMPANIES. Bruce (ord.) .... — 0 14 0 Bruce (pref.) — 1 4' 0 Kaiapoi (pref.) .. 0 17 6 — MISCELLANEOUS, Broken Hill Propy. — 2 19 0 Broken Hill Propy. (10s paid) .. .. Colonial Sugar ■ 1 43 15 10 6 0 Crystal Ice .. .. 1 18 6 — Dominion Rubber — 1 10 0 Dunedin-Kaikorai Trams 2 0 0 — Stock Exchange Propy v 2 0 0 Dunlop Perd. Rub. 0 12 0 0 13 6 Milburn Lime . . .. — 2 4 0 National Electric — 0 12 6 Earmers’ Fertiliser 1 0 0 — N.Z. Paper Mills.. — 1 10 0 Regent Theatre .. — 1 1 0 BREWERIES. N.Z. Breweries .. 2 12 0 2 13 6 AUSTRALIAN MINING. Electrolytic Zinc (ord.) tfl 17 0 — Mount Lyell .. .. 1 3 3 1 4 0 Mount Morgan — 0 16 2 North Broken Hill — tt7 18 6 MINING. Brian Boru .. .. — 0 0 31 Gillespie’s Beach .. 0 0 1U 0 1 1 Goldfields Dredging 0 0 2J 0 0 5 King Solomon Lawson’s Elat —. 0 3 6 — 0 0 5 Mount David — . 0 1 6 0 2 0 0 4 3 0 5 0 Skippers 0 0 21 0 0 3 Waipapa Beach .. — 0 1 0 Waitahu — 0 2 2 GOVERNMENT LOANS. 3J p.c. Stock, Mar., 1939-43 102 10 0 — 3i pic. Stock, Sept., 1939-43 102 10 0 — 4 p.c. Bonds, 193740 102 0 0 — 4 p.c. Stock, 193740 102 0 0 — 4 p.c. Bonds, 194340 102 10 0 4 p.c. Stock. 194340 102 10 0 — 4 p.c. Bonds, 194049 103 10 0 — 4 p.c. Stock, 194049 103 10 0 104 5 0 UNLISTED STOCKS. Mackintosh Caley Phccnix 0 10 0 0 11 6 Wool worth's (Sydney) — 6 16 6

£ s. d. Stock, 15/4/49, 4 p.c io;i 10 0 Bank of New Zealand .. 2 4 0 Mortgage Corporation .. 0 4 7 Traders’ Finance (cont.) 0 3 11 Wellington Investment Trust (10a paid) 0 9 ,2 Wellington Trustee Loan (£5 paid) 5 4 17 0 Kaianoi (prof.) 0 0 Electrolytic Zinc (prof.) O 1 0 Morris Hedstrom 1 4 7 Wilson’s Cement 1 19 9 Matfiki 0 1 10 Mount Morgan 0 Hi 0 WELLINGTON Sales on 'Change Mortite.ee Corporation 0 4 0 Waitaki Frozen INI eat date Friday) 4 0 0 Dental and Medical Supply 0 11 9 CHRISTCHURCH Sales on 'Change Bank of New South Wales .. .24 15 0 New Zealand Breweries 2 12 9 Broken Hill ?ty. (2) o 17 0 0. J. Coles (2) ,2 9 0 Sales Reported Mount Lyell 1 2 o s 9 Unlisted Stocks Woohvorlh’s (Syd., ord.) .. (1 15 (1 0 14 G

Bonds — 4 p.c., 1938 101 13 0 4 p.c., 1047 193 2 6 4 p.c., 1953 101 10 0 4 p.c., 1955 101 12 6 4 p.c., 1901 National Bank (£5 paid) .. 102 7 0 7 13 0 Bank of New South Wales .. 35 10 0 Commercial Bank of Australia 1 0 6 Carlton Brewery 2 12 0 Toothg Brewery 2 12 3 Anthony Hordern 0 19 6 Associated News 1 2 3 Australian Glass 4 2 6 British Tobacco 2 0 0 Broken Hill Proprietary 2 18 0 Colonial SuRar 3 0 Henry .Tones 1 19 0 Howard f-'mith 0 16 6 Mcggitts 1 3 9

Paris— Par. Mar. 12. Mar. 13. Francs to £ 1 124.21 74 57-64 74 57-61 Brussels— Belgas to £1 30 29.294 29.30 Oslo— Kroner to £1 18.180 19.904 19.904 Stockholm— Kroner to £1 18.130 19.394 19.394 Copenhagen— . Kroner to £ 1 18.150 22 22 Berlin— Marks to £1 20.34 12.284 12.29 Montreal— Dollars to £ 1 4.86 2-3 4.98 4.985 New York— Dollars to £1 4.86 2-3 4.97 11-16 4.96 11-16 Yokohama — Pence to yen 24.582 13 31-32 13-31-32 Hongkong— Pence to dollar 24.58 15.11-16 153 Bombay— Pence to rupee 184 184 Batavia— Florins to £ 1 12.10 7.234 7.234 Milan— Lire to £1 82.46 624 624 Amsterdam— Guilder to £1 12.107 7.264 7.265 Prague— Kronor to £) 1044 1194 1191 Geneva — Francs to £1 25.224 15.134 15.13! Vienna— Schillings to £1 84.863 26J 261 Helsingfors— Marks to £ 1 193 23 227 227 Madrid— Pesetas to £ 1 25.224 36 5-16 36 5-32 Belgrade— Dinars to £1 25.224 217 217 Athens— Drachma to £1 375 518 617 Lisbon — Escudos to £1 no 110 110 Bucharest — Lei to £1 031.6 669 669 Rio dc Janeiro— Pence to milreis 5.890 41 41 Buenos Aires— Pence to pesos 47.22 36 36 Shanghai— Pence to tael 144 14 9-16 Montevideo— Pence to pesos 394 394 Warsaw— Zlotys to £1 - 26.25 26.25

£1 N.Z. to £100 Big. • • 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/Pill— 00/7/6 89 £ F to £100 N.Z. T.T. 0.1). 00/7/6 89 Now York— 3.981 Dollars to £ N.Z. T.T. 4.018 O.D. 4.023 3.98 •% Montreal— 3.98% Dollars to £ N.Z. T.T 4.018 O.D. 4.02J 3.98S France— 59.89 Francs to £ N.Z. I'.T. 00.72 O.D. 01.17 09.93 ' ( uroea — Francs to fi N.Z. T.T. 02.52 58.52 O.D 02.07 58.08 Papeete— 58.67 Francs to £ N.Z. T.T. 02.52 OD. 02.97 58.73 Belgium— 23.399 Bclgas to £ N.Z. T.T. — O.D. — 23.410 Germany— Reichsmarks to £ N.Z. • . X'.T. — 9.805 O.D. — 9.810 ItalyDire to £ N.Z. T.T. — — O.D. — — Switzerland— Francs to £ N.Z, T.T. 12.333 12.003 O.D. 12.438 12.008 Holland— Florins to fi N.Z. T.T. 5.039 5.789 O.D. 5.999 5.793 lava— Florins to £ N.Z T.T. 5.913 5.753 O.D 5.973 5.757 Japan— N 2. Fence to 1 7°o • • T.T. — 17 9-16 O.D — 17 35-64 Shanghai— N Z Pence to 1 Dollar .. T.T. 17 17-64 18 41-64 O.D 17 5-04 18§ 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. IS 57-64 20 41-64 O.D. 18 51-04 20 30-64 Singapore— N.Z. Pence to 1 Dollar T.T. 84 25-64 35 29-64 O.D. 34 13-04 35 7-16 Sweden — Kroner to £ N.Z. T.T 15.785 15.490 O.D. 15.845 15.500 Norway— Kroner to £ N.Z. T.T. 16.183 15.893 O.D. 10.243 15.903 Denmark— Kroner 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 CzechoslovakiaCrowns to £ N.Z T.T. 94.90 O.D. — 94.95

Ton. Copper, spot .. £36 3 i% No change Copper, forward .. 36 11 3 Itlso £0 0 714 Electrolytic. spot .. JO 5 0 No change Electrolytic, forward JO 15 0 No change Wire bars .. .. JO 15 0 No change Lead, spot .. .. II! 12 (5 No change Lead, forward 10 15 0 Fall 0 1 3 Spelter, spot •« 15 10 3 Fall 0 1 3 Spelter, forward .. Hi 1 3 Fall 0 1 3 Tin, spot .. .. 215 •5 0 Itlsc 0 5 0 Tin, forward 305 12 0 Itlso 0 7 6 rie iron. Iiomo trade 3 10 0 No change Tig Iron, foreign 3 10 0 No change Antimony, British 72 10 0 No change Antimony, foreign 50 10 (1 Unit. niso j o 0 Molybdenite .. .. 1 J5 i; Uiso 0 1 0 Wolfram .. •• 1 M Or. Fall 0 0 0 Silver, standard .. Silver, flue .. .. J !) 21 j;i«d M Itlso l-16d Klse l-16d

March 1-1 LONDON, March 14. £ a. tl. 7 I 1 March k: 7 1 1 Maii'h ij 7 1 1 .March 11 7 1 OA March 10 7 1 0 March 0 7 1 o March s 7 1 (l 1 . .Marcli 7 1 I March ■i 7 0 Hi