COMMERCE AND FINANCE

Otago Daily Times, Issue 22833, 18 March 1936, Page 14

COMMERCE AND FINANCE

THE SHARE MARKET S DUNEDIN STOCK EXCHANGE A sale of Crystal Ices at the improved price of £2 ■was recorded on the Dunedin Stock Exchange yesterday, a final buyer at the same figure being unPupplied. Bank of Australasias were on offer at £l2 10s, cum dividend, but buyers did not respond, Bank of New Zcalands rallied slightly, the closing buying offer being £2 3s fid. Sellers’ latest requirement was £2 4s. Reserve Banks were inquired for at £5 13s, but sellers would not accept loss than £5 18s. National Insurances met with a slightly firmer inquiry at 18s 3d, sellers asking 18s lOd. Contributing No,w Zealand Refrigerating.? were offered for sale at Os 9d, but buyers’ best offer was Os 3d. Mortgage Corporations were sought at 4s sd, but sellers would not do busi- ■ ness under 4s 7d. Buyers of DunedinKaikorai Trams were prepared to give £2 Os fid, but sellers were not interested. There was an easier inquiry for G. <l. Coles at £3 8s Cd, sellers failing to come forward. SALE ON ’CHANGE. £ S. d. -Crystal Ice 2 D 0 SALES REPORTED. Goldfields Dredging .. .. 0 0 4 4 per cent. Stock, 1937-40 .. 102 0 .0 4 per cent. Stock, 1943-46 ~ 102 lo 0 SALES REPORTED AFTER LAST CALL, Milburn Lime 2 3 9 Dominion Fertiliser .. .. 100 The following are yesterday afternoon’s buying and selling quotations, which are subject to the usual brokerage: BANKING.

CHRISTCHURCH

LOCAL AND OVERSEAS MARKETS

* Ex Interest. ft Cura dividend. DIVIDENDS PAYABLE. The following is a list of shares on which dividends will shortly be payable: — Electrolytic Zinc—-8 per cent., 9 3-5 d per share, half-yearly Mar. 19 Gillespie's Bead: —3-5 d share Mar. 10 Huddurt, Parker (ord.) —7 per cent., 8 2-5 d per share, halfyearly .. Mar. 21 Hnddart, Parker (prof.)—6 per cent., 7 l-5d per share, halfyearly Mar. 21 Mataki—ld per share ~ .. Mar. 27 Bank of A’asia.—7J per cent., 3s 4d per share, half-yearly .. Mar. 27 North Broken Hill—3s fid per share .. .. Mar. 27 Hume Pipe—s per ctfnt., Cd per share, half-yearly .. .. Mar. 30 British Tobacco —7 per cent., 4 l-5d per share, quarterly Mar. 31 N.Z. Drug 8 per cent.. Is 9 3-5 d per share, final Apl. 3 Woolworths —17* per cent., 2s 3 3-fid per share, final .. .. NORTHERN EXCHANGES AUCKLAND Sales on 'Change

AUSTRALIAN STOCK EXCHANGES 'United Press Association) (By Electric Telegraph—Copyright) SYDNEY, March 17. (Received March 17, at 11 p.rn.) On the Stock Exchange a steadier tone developed in the investment market, but the turnover did not expand. THE MORNING SALES.

LEAD MARKET (United Press Association) (By Electric Telegraph—Copyright) LONDON, March 16. Lead. —Imports, 35,363 tons (Australian 24,223); exports, 8247. HUDDART. PARKER. LTD. REDUCTION IN NET PROFIT. Messrs Huddart. Parker. Ltd., earned a profit of £75.739 for the year 1935, compared with £83,774 the previous year. With £58,839 brought into the accounts, there is available for distribtuion £134,579. Dividends of 6 per cent, on the preference capital and of 7 per cent, on the ordinary capital together require £82,500, leaving £52,079 to be earned forW The directors state that the passenger and cargo trade was seriously affected by strikes in August and December. There was no improvement in the New south Wales coal trade. A new, cargo steamer of 5000 tons dead weight capacity has been ordered, and is expected to reach Australia in August.

LONDON WOOL SALES (United Prese Association) (By Electric Telegraph—Copyright) LONDON, March 16. At the wool sales 9480 bales were offered, including 947 from New Zealand. Altogether 7721 bales were sold. There was a moderate supply, and the quality was below average. Competition was active, but withdrawals were frequent among the low grades owing to limits. The Home trade was again the chief buyer, and rates were maintained. New Zealand slipe halfbred lambs, “ Wmcco,” top Ifiid, average Ifiid. The National Mortgage and Agency Company of New Zealand, Ltd., is in receipt of the following cablegram from its London office, dated 'March 10: —The auctions are proceeding with great spirit. Catalogues are being well cleared. The market lias developed a better tone since the opening with the exception of greasy crossbreds. The following prices at ’c current: —Merino (seedy), merino (average), 14id, 16d; fine halfbreds (super), sfi/58’s, I4'id, 15Ad; fine halfbreds (average), 56/58’s, 13d, 14d; medium halfbreds (super), 50/56’s, lid, Hid; medium halfbreds (average), 50/56’s, 10id, lid; coarse halfbreds (super), 48/50’s, 9d. OAd; coarse halfbreds (average), 48/50’s, BJd, 9.}d; fine crossbreds (super), 4C/48’s, B*d, BJd; fine crossbreds (average), 4fi/48’s, B.fd. BAd; medium crossbreds (super), 44/4fi’s, BAcl, 8 2 cl; medium crossbreds (average), 44/46’s Bd. BJd; coarse crossbreds (super), 40/44’s, breds (average), 40/44’s, Bd, Bjd; low crossbreds (super), 30/4o’s, lower crossbreds (average), 30/40’s, Bd, Bjd; pieces, Bd, Sid; bellies, 7d. 7id; locks, Sid, fid. BRADFORD TOPS MARKET (United Press Association) (By Electric Telegraph—Copyright) LONDON, March 16. Bradford is quieter, but exceedingly firm. Recent business_ has led to an increased output, and prices are hardening. THE WHEAT MARKET (United Press Association) (By Electric Telegraph—Copyright) LONDON, March 10. (Received March 17. at 5.5 p.m.) Wheat: Cargoes are practically at a standstill in view of the political uncertainty, at 3d to fid lower. Parcels closed quiet. The futures market is dull and lower. Futures: London, March, 29s 7*d; July, 29s 9 Ad; Liverpool—March, Gs Of cl; May, fig If cl; July, (is 31d. NATIONAL MORTGAGE COMPANY DECREASE IN NET PROFIT. The accounts of the National Mortgage end Agency Company of New Zealand, Ltd., for the year ended September 30 show that, after contributing £7027 to the Staff superannuation and provident fund, there is a credit balance of £32,693, including £15,292 brought forward. The dividend for the year is 5 per cent., tax free, an unchanged rate. The sum of £15,614 is carried forward. “ Trading conditions have been difficult during the period under review,” states the chairman, Viscount Hampden, in his report. “ Farmers have received better average prices for meat and dairy produce, but in the case of wool the heavy falls in values which occurred in 1904 have shown only a partial recovery during the financial year. Since then, however, a marked advance in _ prices has taken place. General conditions in New Zealand show every sign of improvement, and altogether the outlook for the current year is encouraging.”

FOREIGN EXCHANGES (British Official Wireless) (United Press Association) «By Electric Telegraph—Copyright) RUGBY, March IC.

LONDON METAL MARKET (United Press Association) (By Electric Telegraph—Copyright) LONDON, March 16. (Received March 17, at 11 p.m.) The following are the official metal quotations:— Tom

DOLLAR AND FRANC lUnited Press Association) (By Electric Telegraph—Copyright) LONDON, March 16. Exchange on New York is quoted at 4.97 dollars to the £, and on Paris at 74 15-16 francs. PRICE OF FINE GOLD (United Press Association.) <By Electric Telegraph—Cooyrlgbi. ) LONDON, March 16.

STOCKS LOSE VALUE LABOUR POLICY FEARED TOTAL DROP OF £1,750,000. While awaiting details of the Government's financial legislation, the investment market is showing increasing signs of nervousness. Recent developments have tended to accentuate the uneasiness felt, and in the past week (the New Zealand Herald of Monday says) several price falls have indicated the depressed state of the market. The immediate result of the Labour victory at the elections was a fall in Reserve Banks and Mortgage Corporations and a weakening in Government loans. Other stocks, including industrials, held rather well, but there was no evidence of a boom in share values, such as was experienced in Australia. Latterly, Government control of the output of flourmills has been the most disturbing element in the market, and it has been responsible for a fall in Bycroft’s and Northern Roller Mills and, indirectly, for a decline in Wilsons Cement. During last week the market for other industrials has been adversely affected by the move towards higher wages and a shorter working week and by the suggestion of heavier taxation. Reserve Banks and Mortgage Corporations suffered from electioneering talk and have lost heavily over the past six months. Bank of New Zealands, although weak for some time, received their heaviest reserve during the past week. A comparison of current values with those ruling at the date of the elections is as follows: Nov. 27. Now. Fall.

The fall in industrials following the first suggestion that the Government intended to regiment industry is indicated in the following comparison of prices;—

As evidence of what the cost lias been in market value of shares, a computation of the fall in the aggregate market valuation of the shares in the first group shows a total loss of about £1,50(3,000. In the second group the drop is about £250,000, thus the combined loss in the six issues mentioned is about £1,750,000. PACIFIC BUILDING SOCIETY At a meeting of shareholders of the Pacific Starr-Bowkett Building Society held last evening, Mr A. M'Hutchon (chairman of directors) presided. A free ballot of £IOOO in Group No. 0 was carried out, cluster No. 17 held by one shareholder at Clinton being successful. The secretary (Mr W. B, Taverner) reported that applications for shares in the new No. 9 Group were coming in satisfactorily and that arrangements would be made to bold the first ballot at an early date, LORNEVILLE STOCK SALE (Special to Daily Times) INVERCARGILL, March 17. All sections, with the exception of fat cattle, showed reduced yardings at the Lornevillo stock sale to-day, the sheep entry being less than half the number forward last week. Fat sheep were firm at last week’s rates and there was again a keen demand for. good breeding ewes. The fat cattle market was linn at last week’s rates. Fat Sheep.—The few pens of wethers yarded were of nice finality and prices, if anything, were slightly easier. Heavyweight owes wore firm at last week's rates, as were all freezing finalities. Good quality wethers sold from 24s to 25s (id; handy-weights, 22s to 235; lighter, down to 20s; heavy-weight ewes, 15s to 1 (ss; good quality, 14s to 14s Gd; freezing qualities, Ha to 13s, according to quality.

Fat Lambs. —There was a fair entry of fat lambs and good competition. Extra heavy lambs realised from 26s to 28s; prime quality freezing weights, 23s Cd to 255; fair quality, 22s to 235; medium. 20s Gd to 21s 0d; light and unfinished, down to IDs. Fat Cattle. —There was a fair percentage of good quality bullocks, heifers, and cows. For them the market was as good as last week and in places showed a slight improvement. Prime quality bullocks sold at from £9 to £lO ss; good quality, £8 to £8 15s; handy-weights, £6 10s to £7 15s: lighter weights, down to £5; good quality cows, to £6; fair quality. £4 10s to £5 ss: medium-weights, £3 5 S to £4; aged and inferior. £1 Ins to £2 ss; prime heavyweight heifers, up to £8 ss; good quality, £5 5s to £6; lighter sorts, £4 6s to £4 15s.

Buyer. Seller, £ s. d. £ 8. d. Australasia .. .. — ffl2 10 0 New South Walea — 34 15 0 New Zealand 2 3 6 2 4 0 Commercial .. ,. 1 0 1 1 0 4 E.S. and A — 6 5 0 National of N.Z. .. — 3 17 0 Reserve ".. .. 5 13 0 5 18 0 INSURANCE. National .. .. 0 18 3 0 18 10 New Zealand 3 0 0 3 2 0 Standard .. .. 3 2 0 3 3 6 SHIPPING. Huddart, Parker P. and Def. Stk. 1 3 0 tfl 1 8 5 9 0 MEAT PRESERVING. Gear Meat .. .. — 1 I 0 N.Z. Refrig, (cont.) 0 9 3 0 0 9 Waitaki Farmers 3 14 0 — LOAN AND AGENCY. Dalgety and Co. ,. — 9 10 0 Mortgage Corporation 0 4 6 0. 4 7 National Mortgage 2 11 0 —* N.Z. Loan and M. (ord.) 30 0 0 40 0 0 Trustees, Executors 3 10 0 — Wright, Stephenson (prcf.) .. .. 0 18 6 —* COAL. Westport 1 2 S 1 8 0 Westport-Stockton (pref.) .. .. — 0 2" 5 WOOLLEN COMPANIES. P.ruce (ord.) — 0 14 0 Bruce (pref.) — 1 4 0 Kaiapoi (ord.) .. — 0 16 0 Kaiapoi (pref.) . - — 0 19 0 MISCELLANEOUS. Broken Hill Prpy. 2 18 0 3 0 0 Broken Hill Prpy. (10a paid) — 1 16 0 Colonial Sugar .. —• 43 5 0 Crystal Ice .. 2 0 0 — Dominion Fertiliser 1 4 9 1 5 9 Dominion Rubber — 1 10 0 Donaghy's Rope .. 2 13 0 — Dun.-Kaik. Trams 2 0 6 — Stock Exchange Propy — 3 0 0 Dunlop Perd Rub. 0 13 3 0 14 6 Milburn Lime — 2 4 0 National Electric 0 12 9 Regent Theatre .. 1 1 0 G. J. Coles .. .; 3 8 6 — BREWERIES. N.Z. Breweries .. . , — 2 13 0 AUSTRALIAN MINING. Elec. Zinc (ord.) tfl 16 6 — Mount Lyell 1 2 9 — Mount Morgan .. — 0 16 2 / MINING. Big River 0 1 6 0 1 11 Gillespie’s Beach 0 ,1 0 0 1 3 Goldfields Dredging 0 0 31 — King Solomon 0 3 1 0 3 5 Lawson’s Flat — ‘ 0 0 5 Mount David — 0 1 6 Nokomai .. .. • 0 2 6 Okarito .. ,. 0 4 0 — Skippers .. .. 0 0 2 0 0 3 Waitahu — 0 2 3 GOVERNMENT LOANS. 3i p.c. Stock, Nov., 1938-52 .. .. 102 10 0 — 3J p.c. Stock, Mar., 1939-43 ‘100 15 0 101 10 0 31 p.c. Stock, Sep., 1939-43 .. ‘100 15 0 • 31 p.c. Stock, May, 1939-52 .. .. 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 10 0 — 4 p.c. Stock, 194346 102 10 0

4 p.c. Bonds, 194649 103 0 0 — 4 p.c. Stock, 194649 103 5 0 104 0 0 4 p.c. Stock, 195255 — 104 0 0 UNLISTED STOCKS. Mackintosh Caley Phoenix .. .. — 0 11 0 Woo!worths (Syd.) — 6 14 0 Wero’s Trust 0 5 4 —

£ s. d. Stock, 1049, 4 p.o 103 15 0 Stock. 1055. 4 p.c. 103 12 (i Bank of New Zealand • • • ■ , 2 3 0 2 4 0 Commercial Bank of Australia 1 0 2 National Bank of New Zealand 3 14 9 Union Bank 9 13 0 New Zealand Insurance (2) 2 11) (i. South British 4 10 0 Dominion Investments (2) .. 0 17 3 Farmers’ Auct. (B pref.) .. 1 1 6 Mortgage Corporation 0 4 7 Renown Collieries 0 10 0 Kauri Timber 1 3 4 National Timber .. .. .. . • 0 13 0 Rotoiti Timber 0 6 4 Dominion Breweries 1 1 6 2 2 9 Consolidated Brick (2) .. .. 0 10 0 Farmers’ Trading 0 8 5 Macky Logan 0 18 6 Northern Roller (pref.) .. .. 1 3 0 Golden Dawn 0 2 7 King Solomon 0 3 2 Mahakipawa 0 0 1 Unlisted Stocks Auckland Meat ••• 1 7 6

Sales on ’Change Commercial Bank of Australia 1 0 2 National Bank of A'asia (£5 11 t 9 7 Bank of New South Wales .. 34 11 0 Bank of New Zealand .. .. 2 4 5 6 0 Consolidated Brick (4) 0 10 0 u 14 0 Argo Gold Dredging .. .. •• Wool worth s (N.Z.; ord.)) •• 0 5 1 10 3i 0 6 0 15 6 Sales Reported Bank of New South Wales .. 34 34 11 12 0 6 Union Bank of Australia (late 9 14 17 6 sale Saturday) Mount Lyell (late sale Sat.) 1 2 11 Unlisted Stocks Woolworth’s (Sydney; ord.; 6 14 ' cum div.; late Saturday; 3) 0

£ S. d. Commonwealth Bonds, 4 p.c., IQ44. 102 16 3 Commercial Bank of Australia 1 0 6 1 11 1 2 6 (pref.) 1 3 6 3 9 9 Howard, Smith 0 16 5 6 9 1 4 0 New Zealand Insurance .. .. 3 1 0 ADDITIONAL SALES. £ 8. d. Bank of New South Wales 35 10 0 Commercial Bank of Sydney 21 13 0 National Bank (£5 paid) 7 11 0 New Zealand Insurance 3 1 0 Burns, Philp British Tobacco .. 3 11 0 0 2 ° Tooths . • 2 12 c Australian G'lass 4 3 Greater Williams .. . • 0 7 10 Fairymead Sugar .. i i 17 6 0 9 9 0 Electrolytic Zinc .. 16 David Jones 2 2 Lustre 1 5 Cash Orders .. .. • • 1 0 8 Hume Pipe 1G 8 6 0 9 Marcus Clarke 0 0 0 Peters (cent.) 1J Stedman .. • • • • - • lie New South Wales Monte 1 9 0 0 0 0 Piete Mauri Bros 2 16 Permanent Trustee 0 j9 South Broken Hill .. .. 5 0 0 12 8 11 Rawang Tin Larut 3 8 4 0 New Occidental 0 0 0 9 11 Emperor Tavua •• •• Commonwealth Bonds 4 p.c.. 1938 •• ® 4 p.c.. 1941 02 i ■ 1 i& 4 - :: :: i“ 5 • 4 JS MO 101 12 « 4 r»e 1953 101 10 0 1 li: *» ♦ 4 nc 1957 101 15 0 4 pt 1959 ■ 101 10 0 4 p.c., 1061 MELBOURNE, March 17. National Bank (£5 paid) 7 13 0 3 9 British Tobacco .. •. 2 0 Australian Cement 1 9 Electrolytic Zinc .. •• 1 18 Cordon and Gotch .. Herald and Timed .. .. 2 3 1 7 3 0 6 3 0 3 Nestles (pref.) .. • 14 Goldfibrough, Mort ,. .. 1 0 0 Mount Lyell h 18 Emperor 0 Lolorna

Paris — Par. Mar. 14. Mar. 16. Francs to £1 124.21 74 57-64 74 53-64 Brussels — Deigns to £1 30 29.29 29.28) Oslo— Kroner to £1 18.130 19.90) 19.90) Stockholm— Kroner to £1 18.130 19.39) 19.39) Copenhagen— Kroner to £1 18.150 22 22 Berlin— Marks to £1 20.34 12.27) 12.29 Montreal— Dollars to £1 4.86 2-3 4.97) 4.97) New York— Dollars to £1 4.80 2-3 4.97 3-1C 4.97 7-16 Yokohama— Pence to yen 24.582 13 31-32 13 31-32 Hongkong— Pence to dollar 24.58 153 15J Bombay — Pence to rupee 18) 18) Batavia— Florins to £1 12.10 7.23) 7.23) Milan— Lire to £1 82.46 62 5-16 62) Amsterdam— Guilder to £1 12.107 7.26) 7.26) Prague— Kroner to £1 1014 119) 119) Geneva— Francs to £! 25.22) 15.133 13.13) Vienna — Schillings to £1 84.804 26) 26) Helsingfors— Marks to £1 103.23 227 227 Madrid— Pesetas to £1 25.224 36 5-32 36 5-32 Belgrade— Dinars to £3 25.22) 217 217 Athens— Drachma to £1 875 517 517 Lisbon— Escudos to £1 110 no no Bucharest— Lei to £1 931.B 669 669 Bio de Janeiro— Pence to mllrcls 5.890 4) 4) Buenos Ahes— I’ence to pesos 47.22 36 36 Shanghai— Pence to tael _ 14) 14) Montevideo— Pence to pesos _ 39) 39) Warsaw — Zlotys to £1 _ 26.25, 20.25

Copper, spot .. .. £30 I 1014 Pall £0 1 3 Copper, forward .. 30 9 414 Fall 0 1 1014 electrolytic, spot .. 40 5 0 No change Electrolytic, forward 40 15 0 No change Wire bars .. .. 40 15 0 No change Lead, ipot .. .. 10 1C 3 Ulse 0 3 9 Lead, forward .. It! V 9 Rise 0 3 0 Spelter, spot .. 15 17 c Ilise 0 1 3 Spelter, forward .. 10 2 0 Ttlse 0 1 3 Tin, spot .. .. 218 in 0 Ulse 0 15 0 Tin. forward .. 200 12 G Ilise 1 0 0 Pig Iron, homo trade S 10 0 No change Pig Iron, foreign 3 10 0 No change Antimony. British 72 10 0 No change Antimony, foreign so 10 0 No change Unit. Molybdenite .. . • 1 15 G No change Wolfram .. 1 14 3 No change Or. Sllrcr, standard > • • • 19 ll-10d Pall 14 tl SUrcr. fine .. .. 21>4d Fall 14 d

£ «. d. March 16 7 1 1 March 14 7 1 1 March 13 7 1 1 March 12 7 1 1J Marsh 11 7 1 04 March 10 7 1 0 March 9 7 1 0 March 8 7 1 04 March 5 7 1 1 March 4 7 0 114

£ s. cl. £ s. cl. £ s. d. Rank X.Z. Reserve o 11 C o 4 0 0 7 6 Bank 6 6 0 5 16 0 0 b 0 Mortg. Corp. 0 5 0 0 4 7 0 0 11

Jan. Now Fall. £ a. il. £ a. (1. £ K. cl. Bycroft’s . . 2 13 3 2 1 (i 0 11 9 Northern Roller . . 1 12 9 1 4 0 0 8 9 Wilsons Cement 2 7 0 1 19 9 0 8 0