COMMERCE AND FINANCE

Otago Daily Times, Issue 23669, 29 November 1938, Page 15

COMMERCE AND FINANCE

LOCAL AND OVERSEAS MARKETS

THE SHARE MARKET DUNEDIN STOCK EXCHANGE MOVEMENTS WITHIN NARROW LIMITS SELLERS OUTNUMBER BUYERS AGAIN Sellers were again in the majority on the Dunedin Stock Exchange yesterday afternoon, when buyers were slow to operate. Business was confined to five reported transfers. Movements were within narrow limits in most cases, but some slight gains were registered. Bank of New Zealand!) firmed Id to close with a margin of 2d separating the closing quotations, but there was no demand for other scrip in the section. Insurances were freely offered without attracting any great interest, and meat preserving shares were represented in the day's trading by a sale after the last call-over of contributing New Zealand Refrigeratings at 8s Ordinary Bruce Woollens were slightly firmer with unsupplied buyers at 5s 9d, and a buyer of Oamaru Woollens appeared at 10s, but received no response from holders. Miscellaneous industrials were definitely out of favour, pnly three lines being inquired for. ;. ■ Australian mining ventures also declined in popularity, and only three buying quotations were registered. Prices were firm with the closing rates on Saturday. TESTEBDAY'S TRANSACTIONS Sales Reported £ 8. <L

••Ex dividend. UNLISTED STOCKS All stocks in this section are not quoted on the official list, and transactions are subject to a different rate of brokerage :- Buyer Seller £ s. d £ s d Dunedin Ice Cream.. 1 10 0 Woolworths Properties (£1) 15 0 15 7 DIVIDENDS PAYABLE The following is a list of shares on which dividends will shortlv be ablerSwan Brewery—Ordinary and preference, 6d a share .. Nov. 30 Anthony Hordern—Preference, at 7J p.c., and ordinary, 5 p.c. per annum ... Nov. <ju National Bank of Australasia -Interim at 6 ier cent oer annum . , Nov - 10 Tooth and Co., Brewers. Sydney—lnterim, 5J per cent., or 114 per cent, per annum Nov. 30 Colonial Sugar—lnterim. 15s per share .. .. .. Y •■ Nov. 30 Dunedin Brewery—lnterim 3 p.c Dec l Taringamutu Totara—Final 4J p.c. .. • •• • Dec. I Henry Jones—Final Is 4d a share Dec. l Clutha River Dredge—lnterim. Jd ( sterling, less British income tax) Dec. 3 Victoria Nyanza—6 p.c. p.a Dec i North Broken Hill—Quarterly 6d per share Dec s Bank N.Z.-IM. ord., Is B share; D mort., 33 p.c. .. Dec 10 New Zealand Breweries. Ltd. —lnterim. 4 per cent. Dec 10 Woolworths . (N.Z.). Ltd.— Final, ord.. at XI p.c. per annum Dec. 13 Broken Hill South—6d a share Dec 15 P and O. deferred—Final, 2J per" cent., bonus 3 per cent. Dec. 15 Mount Lyell—Final. Is a share Dec. 19 Morris, Hedstrom. Fiji—lnterim, 3 per cent Dec. 31 Kauri Timber—Final 3J p.c Dec. - CALLS PAYABLE rhe following Is a list of shares on which calls will shortly be Dayable:— Broken Hill Pty.—Cont., 5s a share, making 13s 4d pd Nov. 30 Felt and Textiles, Ltd.—ss a share, making £1 paid .. Dec I William Adams—Ord.. S s 6d a share, making 10s 6d paid Dec 1 N.Z. Paper Mills—New, 5s a share', making £1 paid .. Dec. a NORTHERN EXCHANGES AUCKLAND Sales on 'Change

HUME STEEL, LTD. PROFIT OF £41,702 (Per United Press Association) WELLINGTON, Nov. 28. The Stock Exchange Association has received the following cabled advice from Hume Steel, Ltd.:—The net profit for the year ended September 30 was £41,702. After providing for taxation, the directors recommend a preference dividend for the half-year of 74 per cent, per annum. SULPHIDE CORPORATION, LTD. The London office ot the Sulphide Corporation, Ltd.. has cabled that at the annual meeting to be held on December 13 the directors will recommend a dividend of one shilling a share on the preference shares payable on December 22 subject to income tax. Deduct income tax at the rate of 2s Pd in the pound, being 5s 6d less 2s 9d relief. Transfer books in respect of the preference shares will be closed from November 28 to December 16. both days inclusive.* Scott Bros., produce merchants and commission agents, agents for the Dunedin Egg Suppliers' Association report:— Eggs: The Associated Agents quote poultry farmers' eggs at Is 3d per doz; seconds, at Is la per doz; storekeepers' Is Id to Is 2d per doz. Separator butter: Wanted, 9d to lOd per lb. Honey: Slow; bulk, 6d to 6£d per lb; 101 b tins. 5s 9d each: 51b tins. 2s 6d each. Beesi v/ax: Is to Is 4d per lb. Poultry: Hens. 2s to 2s 6d each: heavy breeds, 2s 9d to 3s each; roosters, Is to Is 3d each; cockerels, 2s to 3s 6d each Ducks: 2s to 2s 6d each; ducklings up to 3s each. Geese: 3s t„ 3s 6d each; goslings, 3s 6d to 4s each. Turkeys: Gobblers, lOd to 10Jd per lb; hens, 9d to lOd per lb Pigs: Prime baconers, 7£d to 8d per lb; I porkers, 8d to BJd per lb. Fat: Nominally 10s per cwt. Potatoes: Whites in soft condition, £2 10s; sound. £4 per ton. Auckland new lfd per lb; locals, 3d to 3Jd per lb. Green peas: 3Jd to 5d per lb. Onions: Canadians, 19s per rOOlb. Partridge peas: 6s 6d per bushel to 7s per bushel sacks extra. Whole fowl wheat. 6s 9d to 7s per bushel sacks extra. Softer grades to 6s per bushel sacks extra. Whole maize. 7s per bushel. Oats: Gartons, 3s 3d to 3s 9d per bushel, sacks extra Chail: Prime oaten sheaf to £6 10s per ton, bags extra ex store. Oyster grit: 6s 6d per 1001 b Straw: Oaten. 3s 6a per bale: wheaten 3s per bale, ex store. Free use of fowl crates on application. Green food cutters. Doran brooders. Grit mills. Chick-raising supplies. Prices on application. November 28. 1938.

FOREIGN EXCHANGES ON NEW ZEALAND CURRENCY BASIS The Bank of New South Wales, Dunedin. quoted the following rate' for purchases end salei of foreign exchange yesterday:— London— Buying Selling

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:— O.S.A. Canada (Per£l (Per£l N.Z.) N.Z.) Dols Dols Selling— T.T 3.67? 5.70 3-16 O.D. ~ .. 3.68 3-16 3.70 i Buying— O.D 3.73 5-16 3:75 13-16 AUSTRALIAN STOCK EXCHANGES (United Press Association) (By Electric Telegraph—Copyright) SYDNEY, Nov. 28 (Received Nov. 28, at 11 p.m.) The Stock Exchange opened quietly and fairly steady, but closed firmer than at the end of last week, and the turnover was limited.

MELBOURNE, Nov. 28 Most sections of the market were quiet. National Bank (£5 paid) were well taken at late rates.

AMERICAN WHEAT EXPORTS (United Press Association) (By Electric Telegraph--Copyright> WASHINGTON. Nov 27 The Agriculture Department announced that 38,400,000 bushels of wheat had been exported since July 1 and added that approximately half of this was under the subsidy programme.

AUCKLAND WOOL SALE INCREASED AMERICAN PURCHASES EFFECT OF BUSINESS RECOVERY (Per United Pbess Association) AUCKLAND, Nov. 28. The recovery in American business conditions was reflected in the increased purchases of wool for the United States at the opening sale at Auckland. Mr B. J. Marquet, president of the Auckland Woolbrokers' Association, said to-day that American agents took approximately 1000 bales at the sale, probably more than at any sale last season. MINING NEWS BUNDIDREDGE RETURN (Per United Press Association) GREYMOUTH, Nov. 28. The Bundi Company's dredge, working 85 hours, treated 14,356 cubic yards for 690 z of smelted gold. BLACKBALL CREEK DREDGE (Peb United Prebs association) GREYMOUTH, Nov. 28. The Blackball Creek Company's dredge return is 630 z for 115 hours,11,000 yards being treated. MATAKI RETURN (Per United Press Association) AUCKLAND. Nov. 28. The Mataki return for the week ended November 27 was 50oz for 132 hours' work over 83C0 yards CLUTHA RIVER RETURN For the week ended on Friday last the dredge of Clutha River, Ltd., operating at Alexandra, worked 114 hours and recovered lOOoz of gold. OKARITO RETURN The secretaries of the Okarito Five Mile Beach Gold Dredging Company, Ltd., report a washup of 470 z lldwt for 189 hours' uredging. GILLESPIE'S BEACH RETURN The secretaries of Gillespie's Beach Gold Dredging Company, Ltd., report that the washup for the week ended on Saturday last was 320 z 9dwt for 130 hours from 16,778 cubic yards.

New Zealand Breweries (late 1 19 0 National Insurance . .. .• 0 15 9 Westport-Stockton (pref.) .. .. 0 7 0 Dunlop Rubber .. • .. .. 1 0 4 Sale Reported After Last Call New Zealand Refrigerating (cont.) ',..,. .... -. 0 8 0 , LATEST QUOTATIONS The following are yesterday afternoon's buying and selling quotations, which are subject to the usual brokerage:- . GOVERNMENT! .LOANS Buyer. Sellei £ s. d- £ ■ d « p.c. Stock, Nov., mm 98 0 0 Si p.c. Stock, March, — 98 2 6 81 p.c Stock. Sept.,. 1939-43 .. .. v .., ■• ■ . — 98 2 6 a p.c. Bonds, 1939-41 .: 95 10 0 —. 3 p.C. Stock. 1939-41 .'. 95 10 0 — 4 p.c. Bonds, 1946-49 ., 99 5 0 ~ 4 p.c. Bonds, 1952-5S .. 99 5 0 ~~ 4 p.c. Stock, 1952-55 ;.'. -- 99 0 0 MINING . Austral-New Zealand . — 1 1 3 — 0 2 0 Big River (Is) .. 0 0 11 0 1 1 Gillespie's Beach (Is) — 0 1 0 Nokomal (5s) .. .. 0 13 0 1 6 Sandhills (Is) .... 0 0 11 — Waitahu (5s) .. .. — 0 1 0 BANKING A'asia (£5) ... .. — 10 1 6 N.S.W. (£20) .. .. — **29 15 0 2 0 10 2 1 0 Commercial (10s) .. — 0 16 4 E.S. and A. (£3) .. — 5 10 0 Natl, of N.Z. (£2 10s) — 2 9 0 ■— 8 11 0 INSURANCE National (7s) .. .. — 0 15 10 New. Zealand (£1) .. —■ 2 12 " a South: British (10s) .. — 2 4 3 Standard (£1) •• •■ 2 10 0 -■* SHIPPING Huddart Parker (pref.; 19 5 — P. and O. Def. Stock — 1 11 0 U.S.S. Co. (pref.; £1) — 1 6 0 MEA1 PRESERVING N.Z. Refrigerating (paid; £1) ■• •• — 0 18 0 N.Z. Refrigerating , (cont.j 10s) .. .. 0 8 0 0 8 2 South Froz Meat (paid; £1) •• •• M 1 10 0 South Otago Freezing ' ' 5 0 0 WOOLLEN COMPANIES 1 Bruce (ord,; £1) •• 0 5 9 — Bruc$ (pref.; £1) •• Oamaru (£1) •• •> 0 10 0 1 1 0 LOAN AND AGENCY Goldsbrough, Mori — 19 0 N.Z Guarantee Corp — 0 4 2 Otago Farmers (3s 4d) 0 2 9 0 3 6 Perpetual Trustees (18s) ' — 2 13 0 Wright, Stephenson (pref.; £1) •• •• — 1 0 0 COAL AND OIL Kaitangata (16s) — 1 8 0 Westpori - Stockton — 0 4 0 Westpori Stockton 0 8 6 0 7 3 Taranakl Oil (£1 4s » 0 11 6 — MISCELLANEOUS Broken Hill Propy. — 2 17 0 Colonial Sugar (£20) — 48 2 6 Crystal Ice (£1) .. 1 18 0 2 0 6 Dominion Fertiliser (£1) 13 0 1 4 0 Ounlop Perd. Rubber (£1) — 1 0 6 G. J. Coles (£1) •• — 3 19 9 LCI. (pref.) -. • — 1 3 0 Milburn Lime (£1) .. ~ 1 15 0 N.Z Drug Co (£2) — 3 8 0 Otago Daily Times (£1) •• 2 0 0 2 2 6 Smith and Smith (pret.. £1) •• •• — 1 2 0

Woolworths (Syd.; — 113 Wool worths (South Africa; 5s) .. .. — 0 14 11 BREWERIES N.Z. Breweries (£1) 1 18 6 1 10 3 Dunedin (£1) .. •• — 16 0 AUS1'RAX,1AM MINIM G Broken Hill South — 1 10 0 Electro. Zinc (ord.; £1) 2 5 0 — Mount Lyell (£1) .. — 19 3 Mount Morgan (2s 6d) 0 9 2 0 9 7 Mount Morgan (pref.; 1 1 0 — North Broken Hill (5s) — 3 9 6

£ s. d. 99 0 0 98 5 0 Stock'. 1939-43, 3J p.c. .. .. 98 0 0 Auckland Harbour Board, 101 10 0 City of Auckland. 1944-52, 4J p.c. , «• Bank of New Zealand .. 100 12 6 2 0 10 National Insurance .. .. 0 15 10 New Zealand Insurance (2) 2 12 3 2 3 0 New Zealand Breweries .. 1 19 6 2 16 3 47 17 6 47 15 0 Woolworths Holdings (S.A.) 0 14 8 WELLINGTON Sales on 'Change Broken Hill Pty. (late Sat4 p.c. Stock, 1946 2 16 6 99 0 0 98 15 0 Bank of New Zealand .. 2 0 9 National Insurance .. .. 0 15 10 British Tobacco .. •• •• 2 8 0 Electrolytic Zinc (pref.) .. 2 8 3 0 5 0 0 4 10 Macduffs (ord.) Victoria Laundry 0 19 0 0 11 6 Woolworths. Ltd. (2) .. .. 1 0 11 Woolworths (second pref.) 19 6 3J p.c. Stock. 1953-57 .. 93 0 0

£1 N.Z. to £100 stg. .. . ■ .. T.T. 124/10/125/-/• O.D 124/1/3 124/10/Australia— £ A. to £100 N.Z T.T 100/10/100/-/ O.D 100/10/100/-/ FIJI— £ P. to £100 N.Z T.T 90/-/-88/12/6 O.D 90/-/-88/12/6 New YorkDollars to £ N.Z. T.T 8.7319 3.6830 O.D 3.7369 3.6840 MontrealDollars to £ N.Z. T.T 3.7586 3.6984 O.D 3.7673 3.6994 Belgium— Belcas to £ N.Z T.T 22.172 21.632 O.D 22.247 21.637 Czechoslovakia — Korimas to £ N.Z T.T. — 106.47 0.1) — 106.49 DenmarkKroner to £ N.Z T.T 18.218 17.686 O.D 18.278 ' 17.688 Finland— Marks to £ N.Z T.T 186.15 186.55 178 O.D 176.10 FranceFrancs to £ NZ TT 145.75 140.75 O.D — 140.77 (iermnny— Relehsmarks to £ N.Z .. .. T.T. — 9.081 O.D — 9.083 • ireece— Drachma to £ i'.t — 418.08 N.Z O.D — 418.83 Holland— Florins to £ N.Z T.T 6.955 6.700 O.D 6.995 6.702 ItalyLira to £ N.Z T.T — 69.89 O.D — 69.91 lavaFlorins to £ N.Z I.T 6.930 6.670 O.D 6.970 6.672 Norway— Kroner to £ N.Z r.T 16.201 15.704 O.D 16.261 15.707 NoumeaFrancs to £ N.Z r.T 150.75 137.25 O.D — 137.29 I'ufiMte— Francs to £ N.Z T.T 149.55 137.55 on — 137.59 Sweden— .Kroner to £ N.Z T.T 15.819 15.317 O.D 15.879 15.320 SwitzerlandFrancs to £ N.Z r.T 16.562 16.097 ' O.D 16.667 16.099 t'liefoo— N.Z pence to I T.T „ _ dollar .. O.D — _ Hongkong— V.Z pence to I M 18 23-64 19 1-64 dollar .; OD 18 21-64 19 1-64 mdla and Ceylon— V.Z pence to l T.T 22 9-64 22 41-64 rupee .. O.D 22 7-64 22 41-64 lapan— n 7 pence to 1 r.T — 17 23-32 yea .... O.D — 17 23-32 Manila— « Z pence to 1 r.T — — peso .. O.D — — Shanghai— v Z pence to 1 T.T — — dollar .. .. O.D — — Singapore— VZ pence to 1 T.T 34 29-64 35 19-64 dollar .. O.D 84 25-64 35 19-64 All rates subject to alteration without notice ■

THE MORNING SALES Commonwealth Bonds— £ s. d. 4 b.c, 1938 101 15 0 103 2 6 4 p.c.', 1955 103 7. 6 Commercial Bank of Syd20 6 0 Bank of Australasia .. 10 0 0 Associated Newspapers 1 3 0 2 8 0 Cash Orders (New Zealand 0 15 6 Dunlop Perdriau .. .. 1 0 6 2 6 0 Felt and Textiles .. .. 1 11 9 1 1 0 ADDITIONAL SALES Bank of New South Wales 29 16 0 Commercial Banking of 20 7 6 Commercial Bank of Aus0 16 1 Bank of Australasia .. 9 19 0 47 17 6 2 15 0 Tooheys 1 10 7J 1 3 0 5 2 6 1 0 6 Dunlop Perdriau (pref.) .. 1 18 0 1 0 9 0 12 0 1 11 9 2 19 0 Australian General Insur0 17 0 Producers General .. .. 0 5 4 0 15 3 1 0 9 1 1 0 Winchcombe Carson .. 1 7 3 2 10 9 1 19 n Fairymead Sugar .. .. 1 10 9 0 9 4 1 8 4 1 3 1 Taranaki Oil 0 11 0 0 5 10

£ s. d Australian Paper Mfrs. i 6 0 0 18 9 2 8 0 Carlton Brewery .. .. 3 7 6 Coles 3 19 3 1 3 1 Melbourne Investment Trust 0 10 4 Australian Glass 5 3 6 Australian Foundation Investment Trust 0 4 6 Imperial Chemicals (pref.) 1 3 0 Dunlop Perdriau . .. 1 0 4 Herald 2 19 3 Electrolytic Zinc 2 5 6 Electrolytic Zinc (pref.) .. 2 8 9 Mount Morgan 0 9 8 Broken Hill Pty 2 16 i North Broken Hill .. .. 2 7 9 Broken Hill South . .. 1 8 1 Emperor 0 10 0 Loloma 1 3 0