COMMERCE AND FINANCE

Otago Daily Times, Issue 22956, 11 August 1936, Page 6

COMMERCE AND FINANCE

LOCAL AND OVERSEAS MARKETS

THE SHARE MARKET DUNEDIN STOCK EXCHANGE Bank of New Zealand shares were weak at £1 19s 6d on the Duncdin Stock Exchange yesterday, ■ sellers being prepared to quit at £2. Contributing New Zealand Refngeratmgs were slightly firmer with reported business at 9s 9d, but. a closing offer of 9s 8d failed to interest sellers. Colonial Sugars were prominent with business at £42 17s 6d and £43,- a closing seller at £43 5s bringing no response from buyers. Preferred D.I.C. shares changed hands at £1 4s, a closing buyer being unsupphed at £1 3s 9d. Milburn Limes were firmer yesterday, a sale being reported at £2 3s 6d, with further buyers on the last call-over at £2 3s. A feature of the day's business was the further sharp rise in Mount Lyells, which could not be bought under £1 10s 3d, buyers increasing their offers Is 6d to £1 9s 6d In the New Zealand mining section Gillespie's Beach shares were reported to have changed hands at the easier figure of Is 21<J, but on the last call-over buyers were forward at Is 3d, with sellers Id away. King Solomons have weakened further on the local market. A sale was reported at the low figure of HJd yesterday afternoon, with a further seller on ''Change at Is Id. Sydney Woolworths rose sharply, the buying figure of £5 15s showing an increase of 3s 6d over Saturday's quotation. SALES REPORTED

DIVIDENDS PAYABLE The following is a list of shares on which dividends will shortly be payable:— Mort's Dock—3 per cent. .. Aug. 12 Farmers* Fertiliser—s J per cen t Aug. 15 North "Kalgurli (1912), Ltd.— Final, 6d (in. sterling, less British income tax) .. .. Aug. i» Pitt, Son and Badgery— Final at 10 per cent, per annum .. ..... • • • • A y 2- 19 Bank N.S.W.—lnterim and quarterly, 5s share, Australian currency AU S- M Kuala Lumpur Tin share .... •• •■ •• Aug. 28 Christchurch Gas—lnterim, 3 per cent • • Aug. Associated Newspapers—lnterim, pref. and ord., 2 per cent „. ••, • • • • Au S- 29 Elder Smith Final, 3 per cent ... •• •• Sep*- 1 Electrolytic Zinc—Ord. and pref., 6 per cent., making 10 per cent, for year .. .. Sept. lu Broken Hill South—Quarterly, 2s 6d a share .. .. ;ept. 18 NORTHERN EXCHANGES AUCKLAND

WHOLESALE BUTTER REDUCTION IN WELLINGTON (Per United Press Association) WELLINGTON, August 10. The wholesale price of butter was reduced in Wellington to-day by 2d, following the announcement of the guaranteed price for butter-fat. The new price is Is 2Jd per lb, and is subject to a discount of Jd. WELLINGTON WOOLLEN COMPANY DIVIDEND AND BONUS The fifty-third annual report of the directors of the Wellington Woollen Manufacturing Company, Ltd., states that shareholders should be pleased at the results of the 12 months' working. The directors recommend that a lurther dividend of 3£ per cent, be paid on the ordinary shares, making, with the interim dividend, 6 per cent, tor the year, and that a further dividend of 2| per cent., with a bonus of 1 per cent., be paid on the preference shares, making 6 per cent, also on that issue, the residue, £9311 18s 6d, to be carried forward. Extension of the mill buildings and new machinery have added to those accounts £ 11,761 13s 9d, and the sum of £6OOO has been written off for annual depreciation. Gross profit amounted to £46,053, compared with £42,426 for 1935; net profit to £20,081, compared with £16,498. The dividend and bonus on ordinary shares amount to 6 per cent, per annum, compared with dividend of 5 per cent, last year; and the dividend and bonus on preference shares make 6 per cent, per annum.

AUSTRALIAN STOCK EXCHANGES (United Press Association) (By Electric Telegraph—Copyright) SYDNEY, August 10. (Received August 10, at 9.30 p.m.) The Stock Exchange investments were generally strong, and numerous advances were recorded in high-class shares. Banking shares were steady.

SOUTHLAND STOCK REPORT (Special to Daily Times) INVERCARGILL, August 10. The stock market continues Arm for all classes, with a good inquiry for breeding ewes and ewe hoggets. Fat cattle are coming forward In a fairly steady supply, the number offering being just sufficient for local requirements. Values are Arm and the market would appear as if it would remain so for some time. ; Fat sheep are offering freely, .the yardings during the past few weeks having* been fairly heavy, and with outside competition values have been good, and the market remains steady. The store sheep market is very good, there being a good demand for all classes. At the various clearing sales during the past few weeks all sheep coming under the hammer have met with keen competition. The store cattle market for this time of the year is good, and, with an abundance of feed, values are firm. Fat Cattle.—Prime heavy bullocks £l4 to £ls, medium weight £lO to £ll, lighter £8 to £9; prime heavy heifers £9 to £lO, medium £7 to £B. lighter £4 to £5; prime heavy cows £lO to £ll'medium £8 10s to £9 10s, lighter £5 10s to £6 10s; poorer sorts £3 to £4; vealers £1 to £1 10s; runners £2 to £3 10s. Fat Sheep.—Prime heavy wethers 36s to 38s, medium 32s to 335, lighter 28s to 30s; prime heavy ewes 28s to 3Ds, medium 24s to 255, lighter 19s to 20s Store Sheep.-Romney two-tooth ewes 38s to 40s, medium 35s to. 365, four and six-tooth 38s to 40s. soundmouth ewes 30s to 335, full-mouthed ewes 26s to 28s, falling-mouthed ewes 20s to 225, medium ewes 16s to 18s, Romney ewe lambs 30s to 325, medium ewe lambs 26s to 275, wether lambs 18 Itore Cattle.-Three and four-year bullocks £6 10s to £B, two and threeyear bullocks £4 10s to £5 ss, yearling bullocks £1 10s to £2 0s twoyear heifers £2 10s to £3 10s. Scott Bros., produce merchants and commission agents, agents for the Dunedin Egg Suppliers* Association, re-portt-fggs:, Poultry farmers*. Is 5d storekeepers', Is 4d per doz Butter To lid per lb. Honey: Bulk 4d to 4id Jer lb. Poultry: Hens, light Is 6d to Is each, heavy 2s to 2s 6cf each; roosters. Is 6d to 2s; cockerels, Is 6dl to 3s each. Ducks: 2s to 2s 6d each. Geese: 3s to 4s each. .Turkeys: Hens 7d to 8d per lb; gobblers 8d to 9d per lb. Pigs: Prime baconers 6d per lb; porkers, 6Jd per lb Fat: 'NomFnally 10s to l&per cwt Potatoes: Arran Chief, £4 ss; King Edward, £5 per ton. Chaff: Prime oaten sheaf, £5 per ton. bags extra ex store Onions: 7s 6d per cwt. Japanese 8s 6d crate; Californian. 17s per bag. Partridge peas, to 6s 6d per bushel sacks extra. Australian barley. 3s 9d per bushel, sacks extra. Barley pollard, 9s 6d per sack of 1501 b. Whole fowl wheat, 4s 9d to 5s per bushel, sacks extra. Seed Potatoes: Jersey Bennes. £ls; King Edwards, £6 per ton Whole or kibbled maize, 8s 6d ™»r bushel Hay. £4 ex store. Oats. Gartonf 3s to 3 S y 3d per bushei sacks extra. Oyster grit 6s per 1001 b. Straw. Oaten, £3 ss; wheaten, £3 per ton, eX Stffi'held of lucerne meal, Belfast meal, Crosskeys and Victory meatmeals. Free use of fowl crates on application. August 10.

MINING NEWS WAIPAPA BEACH RETURN Messrs W. A. Mitson and Co., secretaries of the Waipapa Beach Gold Dredging Company, Ltd., report the receipt of advice of a wash-up of 220 z 18dwt for the week ended on Saturday. BIG RIVER GOLD MINES The report for the week ended on August 4 of Big River Gold Mines, Ltd., states as follows: No 4 Level.—The stopes in the south end are being filled in and timbered, preparatory to the commencing of stoping operations on the reef. In the north end the level is being driven and timbering-up is proceeding. The ventilation has also been improved. Several timber sets have been placed in the level at the end of the crosscut. . No. 5 Level.—The driving of this crosscut towards the reef is in progress, two shifts being employed. No 3 Level.—A dam has been constructed here to hold water to supply the rock-drilling machines and working faces in Nos. 4 and 5 levels. OKARITO RETURN Messrs W. A. Mitson and Co., secretaries of the Okarito Five Mile Beach Gold Dredging Company, Ltd., report that the wash-up for the week ended on Saturday last was 15oz 15dwt for 126 hours' dredging. PADDY'S POINT RETURN The Paddy's Point wash-up for 15 days' work was 31oz Bdwt. MATAKI RETURN (Special to Daily Times) AUCKLAND. August 10. The Mataki return for the week ended August 9 was 340 z for lib hours' work and 8800 yards. FOREIGN EXCHANGES (British OUlolol Wireless) (United Press Association)

All rates subject to alteration without notice HOLLAR RATES The Associated Banks (other than the Bank of New South Wales) quoted the following dollar rates yesterday on a New Zealand currency basts They are subject to alteration without notice:— U.S.A. Canada (Per £ (Per £ N.Z.) N.Z.) Selling— Uols. Dols. TT 4.03 4.03 O.D 4.03 J 4.031 Buying— O.D 4.08 4.07 J DRIED FRUITS MARKET EFFECT OF SPANISH TROUBLE The Spanish civil disturbances are already exercising an effect on world markets for some classes of goods. The Commonwealth Dried Fruits Control Board announces that because of the Spanish situation a heavy demand had set in from overseas for Australian dried fruits, and a temporary shortage in seeded raisins was almost certain. Australian rates for Mildura fruits are already higher, and advices this week show increased rates for Californian dried fruits.

N.Z. Refrigerating (cont.) 0 9 9 Colonial Sugar .. .. •• 42 17 6 43 0 0 D.I.C. (pref.) .. .. ,. 1 4 0 Milburn Lime .. . 2 3 6 Gillespie's Beach 0 1 24 King Solomon .. •• 0 0 114 t LAST SALE REPORTED AFT "EF CALL National Bank of N.Z. 3 3 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. Australasia .. — 12 0 0 tt33 0 0 New Zealand .. 1 19 6 2 0 0 Commercial .. — 0 18 1 Natl, of N.Z. .. 3 2 0 3 7 0 0 12 0 INSURANCE National .... — 0 18 7 Standard .... — 3 3 0 SHIPPING Howard Smith .. — 0 19 3 Huddart, Parker (pref.) .... 17 9 — P. and O. Def. Stock .... 17 9 _ U.S.S. Co. (pref.) 1 6 0 — MEAT PRESERVING N.Z. Refrig. (paid) .... — 10 4 N.Z. Refrig. (cont.) .... 0 9 8 _~ Waitaki Farmers 4 0 0 — LOAN AND AGENCY N.Z. Loan and M. (ord.) .. .. 32 0 0 34 0 0 N.Z. Guarantee Corp 0 5 7 —• Perpetual Trustees — 3 4 0 Wright, Stephenson (pref.) .. ... 0 18 0 0 18 9 COAL Kaitangata 10 6 12 6 Westport .... 13 0 — WOOLLEN COMPANIES Mosgiel .... — 9 17 0 MISCELLANEOUS Anthony Hordern — 0 18 10 Associated News — H-l 3 3 Associated News (pref.) .. .. tfl 3 9 _ Australian Glass 4 11 0 4 12 0 Broken Hill Propy. 3 12 6 3 13 6 Broken Hill Propy. (cont.) .... 2 14 0 Brown, Ewing (ord.) .. .. 0 16 0 — Colonial Sugar .. — 43 5 0 D.I.C. (pref.) .. 13 9 — Dominion Fertiliser .. .. — 15 9 Stock Exchange Propy 2 2 6 — Kauri Timber .. 14 7 15 0 Milburn Lime .. 2 3 0 — N.Z. Drug Co. .. 3 15 0 — Farmers' Fertiltfl 2 6 N.Z. Newspapers — 2 10 Regent Theatre 1 0 Wilsons Cement — 0 113 2 0 0 Hume Pipe .. — 110 G. J. Coles X .. 3 19 6 4 10 BREWERIES N.Z. Breweries — 2 13 0 Dominion .. .. 17 0 . — AUSTRALIAN MINING Electro Zinc (pref.) .... — t+2 3 9 Electro Zinc (ord.) .. .. tf2 1 0 2 2 0 Mount Lyell .. 19 Mount Morgan .. 0 13 6 1 10 3 9 0 14 1 Upper Watut .. — 0 6 5 MINING 8 — Big River .... 02 0 — Central Shotover — 0 0 5 Clutha River .. 0 2 0 — Gillespie's Beach 0 1 3 0 14 Goldfields Dredg0 0 4 King Solomon .. — 0 11 Molyneux River 0 1 6 — Mount David .. — 0 10 Nokomai .. .. 0 1 9 0 2 2 Okarito .... 0 2 7 — Paddy's Point .. — 0 3 2 Waihi Grand Junction .. .. 0 3 6 — Waimumu SluicWaipapa Beach 0 0 Bl 0 10 0 0 11

GOVERNMENT LOANS 3J. p.c. Stock, Nov., 1938-52 .. .. 102 15 0 — 3£ p.c. Stock, Mar., 1939-43 .. .. 102 15 0 — 3J p.c. Stock, Sep., 1939-43 .. .. 102 15 0 — 31 p.c. Stock, May, 1939-52 .. .. 102 15 0 — 3J p.c. Stock, Mar., 1941-43 .. .. 102 15 0 — 'i\ p.c. Stock, Sep., 1941-43 .. .. 102 15 0 — 34 p.c. Stock, May, "1941-52 .. .. 102 15 0 —- 3J p.c. Stock, Nov., 1941-52 .. .. 102 15 0 — 4 p.c. Bonds, 193740 101 0 0 —- 4 p.c. Bonds, 194346 105 0 0 — 4 p.c. Stock, 194346 105 0 0 — 4 p.c. Bonds, 194649 105 0 0 ■—* 4 p.c. Stock, 194649 105 0 0 ■—■ 4 p.c, Bonds, 1952105 0 0 . — 4 p.c. Stock, 1952105 0 0 — UNLISTED STOCKS Woolworth's (Syd.) .. 5 15 0 5 17 6 Shillings, Ltd .. Otago Farmers .. — 0 15 9 — 0 3 6 Quartz Mountain 0 2 7 0 4 6 ttCum dividend.

Sales on 'Change £ s d. Bank of New South Wales 32 15 0 Bank of New Zealand (2) .. 2 0 0 0 13 0 Auckland Gas (odd lot) .. 1 3 10 1 4 10 12 9 Dominion Breweries .. 19 3 19 6 3 13 3 Farmers' Trading (3) .. 2 0 0 0 18 11 3 19 8 Milne and Choyce (def. 0 14 6 12 0 Woolworths (N,Z.) .. .. 5 7 0 5 7 6 Golden Crown (2) .. .. 0 4 9 0 3 0 0 1 01 0 17 10 19 6 19 9 0 14 0 0 14 1 Unlisted Stocks Auckland Trotting Club, 101 5 0 Woolworths (Sydney) . .. 5 15 6 5 16 0 Woolworths (West. Aust.) .. 5 13 6 WELLINGTON Sales on 'Change Leyland O'Brien (late sale 12 8 Bank of Australasia .. .. 11 16 0 Bank of New Zealand (2) .. 2 0 0 N.Z. Guarantee Corpn. 0 5 8 N.Z. Refrigerating (10s pd.) 0 9 8 3 13 4 10 9 CHRISTCHURCH Sales on 'Chang* Bank of New Zealand .. 1 19 11 N.Z. Refrigerating (10s pd.) 0 9 9 Anthony Hordern .. .. 0 18 9 0 18 10 3 13 0 1 4 5 Electro. Zinc (pref., cum 2 3 7 4 0 0 " (3) 3 19 0 0 1 81 0 0 31 Mount Lyell .. .. • . • 19 7 19 8 (2) 1 9 11 Unlisted Stocks Woolworths (Syd., ord.) .. 5 16 0 Sales Reported Bank of Australasia .. .. 11 16 0 National Insurance .. .. 0 18 3 Dominion Breweries .. .. 19 6 1 10 0 Consolidated Brick .. .. 0 9 10 Dominion Fertiliser .. .. 15 5 15 6 0 18 2 Electro. Zinc (ord., cum 2 16 14 9 1 10 0 0 14 0 Union Bank of Australia .. 9 9 0 0 13 1 Mort's Dock (cum div.) 0 11 5 Unlisted Stocks Woolworths (Syd., ord.) .. 5 15 0 5 15 6

THE MORNING SALES £ s. d. Commonwealth bonds— 98 10 0 4 p.c, 1938 .. 101 10 0 4 p.c, 1941 101 12 6 102 15 0 Comm. Bank of Australia .. 0 18 li New Zealand Insurance .. 3 16 2 13 9 2 0 3 Broken Hill Pty. (new) .. 2 14 0 2 10 Golds£>rough, Mort .. .. 1 11 9 James Stedman 0 19 1J ADDITIONAL SALES. 43 5 0' Bank of New South Wales 23 5 0 Commercial Bank of SydAssociated News (pref.) .. 20 8 0 13 9 2 13 6 1 13 6 1 10 4J 0 12 11 0 7 9 2 19 1 11 9 2 7 3 0 19 0 14 9 0 19 3 General Industries (pref.) 13 9 9 0 0 4 13 0 11 6 Placer Development .. 5 0 0 0 17 0 MELBOURNE, August 10. Bonds and industrials were steady. There was a continued strong demand for Mount Lyells, but gold shares were easier. Commercial Bank of Aus0 18 4 National Bank (£5 paid) .. 7 0 0 National Bank (£10 paid) 14 0 0 2 0 3 4 10 Australian Iron and Steel 16 0 4 12 9 Dunlop Perdriau (ord.) .. 0 18 8 Electrolytic Zinc (pref.) .. 2 4 0 0 14 0 1 10 0 3 14 0 5 14 0 15 6 Herald and Weekly Times 3 9 0 15 3 1 14 10J 2 0 0 0 13 6

(By Electric Telegraph—Copyright) RUGBY, August 8. Tarls— Par Aug. 7. Aug. 8. Francs to £1 124.81 76 21-64 76 23-64 Brussels— BclgastoSl SO 29.83 29.85 Oslo— Krouer to 61 18.1b0 19.90 19.90 StockholmKroner to £1 18.130 19.39ft 19.391 Copenhagen— Kroner to £1 18.150 22 22 BerlinMarks to £1 20.34 12.491 12.50 Montreal — Dollars to £1 4.86 2-3 5.02% 5.021 New YorkDollars to £1 4.88 2-3 5.02 7-16 5.02-J Yokohama— Pence to yen 24.582 14 1-32 14 1-32 Hongkong— Pence to dollar 24.58 14 29-32 14 29-32 BombayPence, to rupee — 181 181 Batavla— Florins to £1 12-10 7.35 7.35 MilanLire to £1 82.40 63} 63 13-10 Amsterdam— Guilder to £1 12.107 7.401 7.403 Prague— Kroner to £1 104J i 1211 121% GenevaFrancs to £1 25.22} 13.421 15.43 ViennaSchillings to £1 .. .. 84.861 2Gi 261 Helsliigfors— Marks to £1 193.23 227 227 MadridPesetas to £1 23.22ft 381 381 Belgrade— ' Dinars to £1 25.22ft 220 220 AthensDrachma to £1 .. .. 375 528 529 Lisbon— Escudos to £1 .. .. U0 110 110 BucharestLet to £1 .. 031.6 675 675 KIo de JaneiroPence to mllrcls .. 5.800 41 41 Buenos AiresPence to pesos 47.22 30 88 Shnnghal— Pence to tael — 14 13-32 14 13-32 MontevideoPence to pesoi — 387. 38 13-16 Warsaw— ZIotys to £1 — 26.75 26.75 ON NEW ZEALAND CURRENCY 1 3ASIS The Bans of New South Wales. Dunedln, quoted the followln; ! rates for purchases and sale* of foreign exchange i yesterday ■:— London— Buying. Selling. £1 N.Z. to £100 stg T.T. 124/10/oa. 123/10/124/8/9 Australia— £ A to £ 100 N.Z. T.T. 100/10/OD. 100/10/FIJI— £ V to £ 100 N.Z. T.T. 90/7/B 89 0.0 90/7/6 89 New YorkDollars to £ N.Z. T.T. 4.068 4.03 O.U. 4.07 Ti 4.03} MontrealDollars to £ N.Z. T.T. 4.06% 4.031 O.D. 4.07% 4.038 Austria— Schillings to £ N.Z T.T. — 20.93 O.D. — 20.95 Belgium— Belgas to £ N.Z. T.T. — 23.836 O.D. — 23.847 Czechoslovakia— Crowns to £ N.Z. T.T. — 96.67 O.D. — 96.72 DenmarkKroner to £ N.Z. T.T. 1S.203 17.893 O.D. 18.263 17.903 FranceFrancs to £ N.Z. T.T. — 61.07 O.D. — 61.11 Germany— Iteiclisniarks to £ — 9.970 NZ. .. .. T.r. O.D. — 9.975 HollandFlorins to £ N.Z i. r. — 5.901 O.D. — 5.903 ItalyLire to £ N Z. l.T. — 51.04 O.D. — 51.09 lavaFlorins to £ N.Z l.T. — 5.862 0.0. — 5.866 NorwayKroner to £ N.Z. T.r. 16.181 15.891 O.D. 16.241 15.901 SwedenKroner to £ N.Z. T.T, 15.783 13.490 OD. 13.845 15.500 Switzerland— Franca to £ N.Z. t.r. — 12.296 O.D. — 12.301 NoumeaFrancs to £ N.Z. T.T. — 59.70 O.D. — 59.76 Papeete— Francs to £ N.Z. T.T. — 59.85 O.D. — 59.91 Hongkong— N.Z pence to 1 dollar .. .. T.T. 17 63-64 18 03-04 O.D. 17 57-04 18 61-61 India and Ceylon— N.Z. pence to 1 rupee .. .. T.T. 22 9-64 22 57-64 O.D 22 3-64 22% lapan— N.Z. pence to 1 yen .. T.T. — 171 O.D — 17 39-64 Shanghai— N.Z pence to 1 dollar .. .. T.T 17 13-3 2 18 13-32 O.D 17 7-3: I 18 23-61 Singapore— N Z. pence to 1 dollar .. .. T.T 34 27-61 35 31-64 0 0 31 15-64 35 15-32