COMMERCE AND FINANCE

Otago Daily Times, Issue 23108, 6 February 1937, Page 11

COMMERCE AND FINANCE

LOCAL AND OVERSEAS MARKETS

AUSTRALIAN STOCK EXCHANGES (United Press Association) (By Electric Telegraph—Copyright) SYDNEY, Feb. 5. (Received Feb. 5, at 11 p.m.) The investment market was irregular to-day, and the turnover somewhat smaller. Toohey's shares went ahead on the announcement that a dividend would be declared shortly. Anthony Hordern were firmer and in good demand. THE MORNING SALES ■ .... eij.- './.■■ ■-, £ 3. d.

BANK OF ENGLAND RETURNS r ; ——— (United Press Association) (By Electric Telegraph—Copyright) london; Feb. 4. The following is the Bank of England return:— ISSUE DEPARTMENT '* Note issue in circulation £ 4 57,300,000 Bank department ... .. 5^,400,000 Government securities .. 18 7'?W'2En Other securities .. .. 1,100,000 Silver coin ...... BANKING DEPARTMENT-■Rp-t ♦ £3,600,000 |ublic deposits .... 12,200,000 :: .: : : Government securities 80,400,000 Di vances S "? .. 8,500,000 Other securities .. .. 18,900,000 and coin .. .. 56,900,000 Rate of reserve to liabilities is 38.78 per cent. Bank of England discount rate remains unchanged at 2 per cent. PRICE OF FINE GOLD . j; • (United Press Association) (By Electric Telegraph—Copyright) LONDON, Feb. 4.

NEW GUINEA GOLD SHARES (United Press Association) (By Electric Telegraph—Copyright). LONDON, Feb. 4. : New Guinea Gold shares are quoted at' 3s 03d. MOUNT LYELL SHARES (Umtcd Press Association) (By Electric Telegraph—Copyright) LONDON, Feb. 4. Mount Lyell shares are quoted at 345. BRADFORD MARKET i, (United Press Association) (By Electric Telegraph—Copyright) LONDON, Feb. 4. Bradford Tops—Merinos:: Seventies, 39d; sixty-fours, 37d; sixties, 36d. Crossbreds: Fifty-eights, 33d; fifty sixes, 29d; fifties, \24id; forty-sixes, 23id; forty-fours, 23£d. The last three are nominal. . . . , There is encouraging inquiry below the current high levels, which are restricting business. The requirements of spinners at present are satisfied. BEET SUGAR (United Press Association) (By Electric Telegraph—Copyright) LONDON, Feb. 4. Beet sugar, 6s 03d. Messrs J. Lindsay and Co., Auctioneers, Wool, Skin, Grain and Produce Salesmen, Vogel street, Dunedin, Agents for the North Otago Poultry Farmers' Association, report: Eggs: Poultry farmers', Is 4d; storekeepers Is 2d. Poultry: Hens, light, Is 3d to Is 6d; heavy, 2s to 2s 6d. Roosters. Is to Is 6d. Turkeys, to 9d per lb live weight. Potatoes, 6s per ewt. Chaff, £5 5s per ton. Straw, £3 per ton. Onions, 6s 6d per bag of about 501 b. Pjg food (crushed barley, lucerne chaff and peas mixed), lis 6d per bag of 1501 b. Oats: Gartons, 4s per bushel. Oyster grit, 6s per bag of 1001 b. We carry a stock of poultry crates for the free use of our clients. Rabbitskins: We held a sale on Thursday last when we submitted a catalogue comprised principally of summer skins. Prices were firm, particularly for runners and racks, which showed an advance of about 4d per lb over last sale. Summer broken brought 30d to 31*d; runners, 38d; summers. 32d to 33Jd; small 25d; light racks, 473 d: milky, 30£d to 36',d. 6/2/37.

CHRISTCHURCH STOCK EXCHANGE THE WEEICS~ACTIVITIES (Special to Daily Times) CHRISTCHURCH, Feb. 5. Trading was steady on the Christchurch Stock Exchange this week, though the turnover was not as large as that of last week. More markedly than in recent weeks, business showed that investors are turning their attention to Dominion stocks and have to some extent overcome their feelings of doubt about the future of New Zealand industrials. There was the usual heavy preponderance of dealings in Australian shares, but Dominion issues were bought more freely. The trade returns for last year, which were published this week, show that the country is enjoying a buoyancy not known since the days before the slump, and apart from butter, most of the primary produce markets appear likely to continue healthy. The turnover wps £49,841, against £57,803 last week. There was a fair trade in Government issues, for which prices were indined to fluctuate though not widely. Banks were busy, but prices generally were inclined to weaken. The 10s Commercial of Australia had business at up to 19s 10d, but relapsed yesterday to dealings ex aiv. at 19b M and 19s Bd. E.S. and A., after remaining steady at £6 5s 1 oriwggnj were weaker yesterday, with sales at £6 3s Id and £6 4s. New Zealand made a steady though not spectacular izain throughout the week to rise 4d to a sale at £2 0s 7d earlv m the was a much heavier turnover than usual in insurances, but interest ceased later m the period Nationals were done as 18s 4d, slightly firmer, and there were sales of New Zealand at £3 Is 6d and Standard at £2 18s and £2 18s 6d. The continued strength of the majority of primary produce market* and the better feeling throughout the community has kept up interest in °Goldsbrough, Morts advanced arter a relapse from the higher values of last week, and New Zealand Guarantee Corporation were dearer. Dainty's rose 10s to £ll 14s, hut later relapsed to a sale yesterday at £ll is ' trading in meat shares was steady throughout the week. .Canterbury ordinary were done at £9/8 bd, a steady price, and the £1 New Zealand Refrigeratings were 2d cheaper with a number of sales at £1 Os 4d. The 10s issue relapsed from 9s od to sales at 9s 2d. Kaiapoi Woollens were in request at firmer prices. The most interesting development among breweries was the sharp and sustained rise of Dominions to record prices. One sale was recorded at £2 3s, but there were many other unsatisfied buyers in the market. New Zealand were traded actively, and remained steady at about £2 17s 3d. Tooths continued their recent rise, and finished the week at £2 17s. * "The majority of miscellaneous industrials remained steady, but those concerned with base metals followed the rising trend of metal prices, and O. J. Coles jumped sharply. Anthony Horderns were about steady at last week's increased prices, but finished firm. Two sales of Beaths ordinaries were made at £1 2s 6d, a loss on recent quotations. British Tobacco, though erratic, were valued at about last week's lower rates. Colonial Sugar in which there was more business than usual, remained steady at £43.- Both Broken Hill issues improved on last week's finishing price substantially till the end of the week, when there was a slight recession. G. J. Coles, which have been much in the minds of investors lately,,rose sharply from £4' 17s 4d to as high as £5 Is 6d, but settled down, yesterday at dealings at round £5. Business in Dunlops was not big, but the price was firmer than that of last week. Both the Electrolytic Zinc issues showed steady gams throughout the period, the preference 'showing the greater rise, The New Zealand new issue of Selfridges came on the market at a healthy premium and had a fair amount of business. They were done on Monday at Bs, a premium of 4s on the present paid-up amount, and rose to dealings at 9s on Tuesday, but thereafter settled down. There was some interest also in both Australasian issues at firmer prices. The turnover in the Woolworths issues was not nearly' as large as it has been in recent weeks. The Sydney shares were weaker, but the West Australian showed a small advance. Mount Lyells at the beginning of the week were cheaper than they finished the previous period, but they rose steadily and more than made up the loss. Mount Morgans declined steadily. WHEAT, FLOUR, ETC. (United Press Association) (By Electric Telegraph—Copyright) LONDON, Feb. 4. Wheat.—Cargoes are dearer. Parcels are higher. Futures: London—March, 45s 4id; May, 44s LiverpoolMarch, 8s 7d; May, 8s 8d; July, 8s B|!d The spot trade is quiet. Australian (ex ship), 445. Flour.—Quiet. '" Australian (ex store), 32s to 32s 6d. Chicago Futures—May, 131 cents per bushel; July, 114; September, 110 g. BUTTER, CHEESE, AND EGGS (United Press Association) (By Electric Telegraph—Copyright) LONDON, Feb. 4. Butter.—Firmer. Danish, 118 s to 120 s; choicest salted New Zealand, 87s to 88s; Australian, 86s to 87s; unsalted—New Zealand 925. Australian 90s to 91s. , Cheese.—New Zealand white and coloured, 51s; Australian white, 50s; coloured, 495. Eggs.—Easier. Few offering. Seventeens, 8s 3d; fifteens, 7s 6d. BULOLO SHARES (United Press Association) (By Electric Telegraph —Copyright) LONDON, Feb. 4. E-ulolo mining shares are quoted at 115 s. DOLLAR AND FRANC (United Press Association) (By Electric Telegraph— Copyright) LONDON, Feb. 4. Exchange on New York is quoted at 4.893 dollars to the £ and on Paris at 105 5-32 francs. MINING NEWS KING SOLOMON RETURN iPeb UNiTicr Phkss Association' INVERCARGILL, Feb. 5. The return from the King Solomon mine this week was 18oz ldwt. CANTERBURY MARKETS (Per United Press Association) CHRISTCHURCH, Feb. 5. Fine, hot weather has allowed harvesting to proceed at full speed, and deliveries of wheat are being made in a steadily-increasing stream. Generally, the sample is excellent, but yiplds have turned out well below expectations. In some districts farmers report threshings of 10 bushels to the acre below those obtained for last year. Fowl wheat is easier, the quotation now being 5s 3d, f.0.b., with little business passing. The North Island demand is restricted as buyers are waiting to see what the fixed price will be.

Commonwealth BondsSi p.c. 1949 95 0 0 99 2 6 . 4 p.C, 1938 .. ... 101 11 3 4 r.c, 1941 .... .. ... 101 18 9 101 7 6 101 17 6 Bank of Australasia .. 13 0 0 Bank of New South Wales 36 5 0 1 16 0 2 17 3 Associated News .. 1 4 6 Anthony Hordern (New Zealand delivery) .. .. 1 1 1J 2 11 3 Broken Hill Pty. (new) .. 3 8 9 Dunlop Perdriau .. ■• 0 19 u 2 15 6 2 7 3 1 2 1U4 1 12 " a ADDITIONAL SALES Bank of New South Wales 36 5 0 Bank of Australasia .. 13 0 0 National Bank (£5 paid) .. 7 14 0 National Bank (£10 paid).. 15 15 0 43 7 6 1 4 6 3 16 9 Philp (South Sea) .. 1 15 6 2 11 3 2 17 3 1 16 3 0 19 0 Morris Hedstrom 1 10 0 2 7 3 2 15 6 .Electrolytic Zinc (pref.) .. 2 17 3 1 15 6 1 1 •14 Anthony Hordern (N.Z. and 1 1 4J Warburton Franki .. .. 1 12 6 0 13 4 1 11 9 Woolworths (ord.) .. •• 8 12 6 2 3 . 9 1 2 0 MELBOURNE, Feb. ! 5. The market was generally steady. and Barriers a shade easier £ s. d Comm. Bank of Australia .. 0 19 8 1 3 0 2 11 6 Carlton Brewery .. .. .. 3 4 6 5 0 6 Aust. Iron and Steel (pref.) 1 7 6 4 14 6 0 19 2 Goldsbrough, Mort .. Electrolytic Zinc 1 18 2 15 6 0 Electrolytic Zinc (pref.) .. 2 17 6 0 16 ill 2 2" y Broken Hill Pty. .. •• ■ • 4 1 3 North Broken Hill .. ... 3 18 3 South Broken Hill .. .. 2 7 9 1 0 9 0 1 4 1 18 6 1 4 6 1 2 0 Kauri Timber 1 3 7 0 Koroere -.. •• •• 0 5 2 0 0

£ s. d. February 4 .. . . .. 7 2 0 February 3 .. . . .. 7 1 11 February 2*... . . .. 7 2 0 February 1 .. . . .. 7 2 0J January 30 .. . . .. 7 2 0 January 29 .. . . .. 7 1 Hi January 28 .. . . .. 7 1 11 1 8| January 26 .. . . .. 7 January 25 .. . . .. 7 1 9£