COMMERCE AND FINANCE

Otago Daily Times, Issue 23886, 14 August 1939, Page 14

COMMERCE AND FINANCE

THE SHARE MARKET DIJNEDIN STOCK EXCHANGE GOVERNMENT LOANS CHANGE ■ fv;..;•- -HANDS;. " The first sales of Government loans recorded on the Duhedin Stock Exchange for over a week took place on Saturday morning, when parcels of 4 per cent, bonds, 1952-55, were turned over at £96 10s, and the new 4 percent, stock, 1958, at £96 15s. All classes of loans were in keen demand, but sellers continued to be reticent. There was no change in banking or insurance values, but meat preserving shares were again eagerly sought. In the industrial section there was some revival of interest for Australians. Milburn Limes firmed again to £1 16s (buyer), and Woolworths ney) were also stronger, with a buyer at £1 4s 4d. Offers of £1 17s for New Zealand Breweries failed to attract a seller, and Dominions also improved to £1 14s.

LATEST QUOTATIONS The following are Saturday morning's; buying and selling quotations, which are ■ubject to the usual brokerage:— GOVERNMENT LOANS

tJOCAL AND OVERSEAS MARKETS

Taranaki Oil Developments .021 WELLINGTON

DIVIDENDS PAYABLE The following is a list of shares on which dividends will shortly be ableFarmers' Fertiliser—Ord., 6 p.c, p.a., pref., 54 p.c. p.a. (to May 31) Aug, 15 Woolworths (Sydney—Halfyearly, TO p.c. pref., 5 p.c; 7 p.c, pr£f., 3i p.c Aug. 15 Mount Morgan (pref.)—lnterim 8 p.c. p.a Aug. 15 Comj . Bank Aus—Pref., 4 p.c, ord.. 33 p.c ' Aug. 17 Trustees Executors—Final. 8 p.c. p.a Aug. 17 Bank of New South WalesInterim, quarterly, 6s a share (Australian currency) Aug. Ji Emperor Mines—Fourth 6d a share • Aug. 31 Electrolytic Zinc (pref. and ord.)—Final, p.c Sept. 15 Broken- Hill South—6d a share .. Sept - l 5 Standard Insurance—Halfyearly, Is 3d a share .. - NORTHERN EXCHANGES AUCKLAND

SYDNEY STOCK EXCHANGE (United Press Association) (By Electric Telegraph—Copyright) SYDNEY. Aug. 12. (Received Aug. 13, at 5.5 p.m.) £ s. (!.

LONDON MARKETS (United Press Association) (By Electric Telegraph—Copyright) LONDON. Aug. 12. (Received Aug. 13, at 8 p.m.) Friday's closing prices were as fol°Cotton: Spot, 5.22 d per lb; SeptemRubber: Para, 7|d; plantation smoked, 84d. • ft . Just: August-September, £2O 12s 6d. Linseed oil. *-<27 ss. Turpentine, £1 12s 9d. ■ ■•■. Apples are in good demand and firm. MOUNT LYELL SHARES (United Press Association) (By Electric Telegraph—Copyright) LONDON. Aug. 11. Mount Lyell shares are quoted at 19s 6d. COPRA PRICES (United Press Association) (By Electric Telegraph—Copyright) LONDON, Aug. 11. Copra: September and October South Sea £9 5s a ton; smoked, £9 2s 6d; plantation Rabaul. £lO ss. PRICE OF FINE GOLD

July 24 7 8 5J HAWKE'S BAY POWER BOARD LOAN ISSUE OF £94.000 4] PER CENT. DEBENTURES AT PAR The Hawke's Bay Electric Power Board, Hastings, New Zealand, is inviting applications from the public for subscriptions to a loan of £94,000 of 4} per cent, debentures issued at pair. Th* objects of the loan are to provide funds for increasing the capacity of the present main feeder lines and for extensions to existing reticulation. The 'oan is for 10 years, and interest is payable half-yearly, free of inland exchange, at any branch of the Bank of New Zealand in New Zealand. The debentures are of £IOO each, and the investment is a trustee one. A sinkin* fund of 31 per cent per annum will be established. Full details regarding the security for the loan are published in an advertisement in this issu*. Prospectuses and application forms may be obtained from the secre-tary-manager. Hawke's Bay Electric Power Board. P.O. Box 555. Hastings, any branch of the Bank of New Zealand in New Zealand, or any sharebroker. PALMERSTON SALE PRICES UNCHANGED (Special to Daily Times) PALMERSTON, Aug. 12. The August stock sale was held at the Palmerston saleyards on Friday. The entry was confined to Cornedale cross wethers and wether hoggets, which met with a limited inquiry at rates showing no variation on the last sale's prices, the finer-woolled breeds not as yet showing the rise in once experienced for all classes of crossbred sheep in the southern markets. Quotations were as follows:—Fat and forward Romney-Corriedale cross two and four-tooth wethers, to ?0s; store two and four-tooth Romney-Corriedale cross wethers. 14s to 17s 6d; Romney cross wether hoggets, to 14s. In the fat cattle section a few pens of cows and heifers were yarded A line of three-year-old fat heifers made £lO and a pen of fat cows sold ud to £9 2s 6d. Dairy cows, unless lust at profit, were not in demand and for them a dull sale was experienced.

MINING NEWS WHITE'S DREDGING RETURN The following is the official return of gold won by White's Electric Gold Dredging Company during the week ended August 10:—350z of gold were won in 119 hours' dredging time. WORKSOP_RETURN The following is the official gold return for the Worksop Extended Gold Dredging Company. Ltd.. for the week ended August 10:—A yield of 440 z for 122 hours' dredging over 11,000 yards of material. MATAKI RETURN (Per United Press Association) WELLINGTON, Aug. 13. The Mataki Junction return for the week ended August 8 was 51 ounces of smelted gold for 122 hours' work, covering 16,000 yards. MERCHANDISE MARKET SUGAR CARGOES The Waipiata arrived on Friday with a cargo of sugar. The Kiwitea. due on August 17. and the Waimanno. due on August 24, are the next sugar steamers for this port. . The Omana brought dried apricots and dried peaches from Adelaide and Mildura sultanas and currants from Melbourne. She also landed part of the cargo which was carried to Melbourne by the Caoe Horn from Lyttelton. . , . It is understood' that arrangements have been made to secure shipments of coarse and fine salt from South Australia in the next few months. Certain lines of tinned vegetables are short on this market, and supplies are being obtained from North Island houses. • , Australian lexias show an advance in price. DOLLAR AND STERLING (United Rress Association) (Bv Electric Telegraph—Copyright) LONDON, Aug. 11. Sterling exchange, London on New York, 4.684. August 10 4.68* August 9 4.684 August 8 4.684 August 4 4.68 i August 3 ....... 4.68 A August 2 4.68; August 1 4.684 July 31 •• 4.684 July 24 4.683 Juy 14 . 4.68 3-16 July 7 4.68 3-16 July 3 4.684 June 30 4.684 June 1 4.68* May 31 , 4.681 Mav 1 • ••' 4.68 J April 3 .. 4.68 7 -16 March 31 4.68 i March 1 .. ••> •• 4.683 February 28 .. .. .. 4.684 February 1 4.682 January 31 4.684 January 24.68 J London on New York during 1937 averaged 4.95 dollars to £1 sterling; on August 2, 1938, 4.491; on September 8, 4.63; and during October varied between 4.78 J and 4.751. During November, 1938, the variation was between 4.76 J dollars (November 8) and 4.63}. TREASURY BILL TENDERS (British Official Wireless) (United Press Association) (By Electric Telegraph—Copyright) RUGBY, Aug. U. The total amount applied for in tenders for £30,000,000 Treasury bills was £58,630,000. The average rate per cent, for bills at three months was, 14s 0.70 d as against 13s 7.90 d a week ago. FRUIT AND PRODUCE WORLD Reilly's report selling:-- -, Per Dozen.—Spring cabbage, 4s. Lettuce, Is to 3s 6d. Brussels sprouts, 34d to sd. Carrots, Is 6d. &|gsGuaranteed, 2s 3d; pullets', 2s. Section honey, 12s 6d. Mutton birds, lis 6d. Poppies, 6s. Narcissi, 00l de Or, 8s to 10s; Cremes, 5s to Bs. ■ Each.— Champion egg crates, 24dozen, 18s. - •. - .. OA • Per Case.-Australian grapefruit, 20s 6d to 25s 6d. Australian lemons, 18s 6d to 34s 6d. Australian navels, 18s to 225. Valencias, 18s to *2s. Marmalade oranges, 15s. Bananas: Rioes, 22s 6d. Apples: Jonathans, 7s tc 10s, Cleopatras, 7s to 9s; Delicious, 8s to iOs; Granny Smith, 8s to 10s 6d; Tasmas, 7s 6d to 9s; Sturmers 8s to 10s; Ballarats, 6s to 7s; Rome Beauty, 6s to H 6d; Lord Wolseleys, 6s to ,7s; small grades, 3s lo 5s 6d; cooking apples, 5s to 6s. Queensland pineapples 18s to 235. Pears: Waiter Coles, 10s 6d to 13s 6d; Winter Nebs, 10s to 12s; cooking pears, 6s to 78. Per Half-case.—Passions, 18s. Iree tomatoes, 10s. Per Pound.—Chinese gooutbernes, is. Vegetable marrows. 3d. Pumpkins, 24d. Kumeras, 4Jd. Artichokes 3d to 3id. Eschallots, 4d sd. Tea: Orange Pekoe, 2s 10d. Butter: Storekeepers', Is 2d. Bacon:. Prime, Is 3d Pigs:' Baconers, 7d; porters, 7|d over-weights, sd. Clover honey 7*d to BJd. Beeswax, Is 4d. Walnuts, Bd. " Almonds, 9d to lOd. Per Sack.— Cabbage, 3s to ss. Cauliflowers, 8s 6d to 12s. Per Cwt—Onions: Canterbury, 21s. Potatoes: King Edwards, 20s; Arran Chief, 17s to 18s. Olive oil, 18s. Lime sulphur, 3s 9d gallon. Restar: 4-gallon, 4s 6d. Scme*an- lib. 12s 6d. Red Rose nicotine sulphate: 101 b 435. 21b 13s 6d, lib 7s dd, 41b 4s 6d. D.P. Derns for white butterfly control: lib tins 2s 3d,,101b tins 15s. Woodwool, 28s. Fruit wrapping paper, 2s 9d ream. Fowl wheat, 6s 9d. Maize, 7s 6d. Oats: Gartons, to 2s 9d per bushel. Crushed oats, 12s 6d. X Keys meatmeal 15s bag. Bran, £5 10s. Pollard £6 15s 8 Chaff:' 8.0.5., £5 10s. Oaten straw, £3. Palmer's chick food: 1001 b, 21s 6d. . Per Pair.—Poultry: 140 hens at 4s to 7s 4d, 16 cockerels at 3s 2d to 9s 6d 31 ducks at 7s 6d to 10s 10d, and 40' pullets at 7s '.o 10s per pair. REILLY'S CENTRAL PRODUCE MART, LTD., Moray place, Dunedin, C.l.

FOREIGN EXCHANGES (British Official Wireless) (United Press Association) (By Electric Telegraph—Copyright)

ON NEW ZEALAND CURRENCY BASIS The Bank .of New South Wales, Dunedin, on Saturday quoted the following rates for purchases and sales of foreign exchange: —

AH rates subject to alteration 'without notice. DOLLAR RATES The Associated Banks (other than the Bank of New South Wales) on Saturday quoted the following dollar rates on a New Zealand currency basis. They are subject to alteration without notice - U.S.A. Canada. (Per£l (Per£l N.Z.) N.Z.) Dols. Dols. S € l T lg ~ ## ## 3.72.1-16 3.72 1-16 O.D 3.72 5-16 3.72 5-16 LONDON METAL MARKET (United Press Association) (By Electric Telegraph—Copyright! LONDON, Aug. 11. The following are the official metal quotations: — Ton

Oz Silver, standard 17 l-16d Rise l-16d Silver, fine .. 18 7-16 d Rise Jd FRENCH FRANC LONPON, Aug. 11. Sterling exchange on Paris, 176? francs to £l. • August 10 176.? August 9 1763 August 8 1763 August 4 176:| August 3 1763 August 2 1763 August 1 1761 July 31 176 July 14 1763 July 7 1763 July 3 .. 176 June 30 176} June 1 1763 May 31 1763 May 1 1763 April 28 176| April 3 1763 March 31 1763 March 1 177 February 27 177 February 1 .. .• • • 177 January 31 177 January 5 177 11-16

SATURDAY'S TRANSACTIONS ' Sales Reported 4 p.c. Bonds, 1952-55 .. .. 96 10 0 96 15 0

Buyer. Seller. £ s. d. £ s. d. li p.c. Stock. Mar.. 98 10 0 — 31 p.c Stock. Sept.. 98 10 0 — 3 p.c. Bonds, 1939-41 .. 97 0 0 — 3 p.c. Stock. 1939-41 .. 97 0 0 — 31 p.c. Bonds, 1953-57 89 0 0 —* 3J p.c. Stock. 1953-57 89 0 0 — 4 p.c. Stock, 1940-43 .. 99 5 0 — 4 p.c. Stock, 1943-46 .. 100 0 0 — 4 p.C. Stock, 1946-49 .. 99 0 0 — 4 p.c. Stock, 1949-52 .. 96 15 0 *~ 4 p.c. Bonds, 1952-55 .. 96 10 0 — 4 p.c. Stock, 1952-55 .. 96 10 0 97 0 0 4 p.c. Stock, 1954-58 ., 96 10 0 97 0 0 ' MINING Austral New Zealand Mining (£1) .. .. — 1 4 0 Big River (Is) 0 0 9 — Gillespie's Beach (Is) — 0 0 lo Goldflelds Dredging — 0 0 2 Nokomai (5s) .. .. —■ 0 2 0 Okarito (5s) .. .. — 0 2 6 Sandhills (Is) .... — 0 0 2 BANKING 1 ?9 0 1 19 9 N.Z. (long D; £1) .. 17 0 ' •"• Commercial (10s) .. — 0 16 9 Natl, of N.Z. (£2 10s) 2 6 0 —* INSURANCE National (7s) .. 0 16 8 0 16 11 Standard (£1) .. •• 2 15 0 ■"* SHIPPING Howard Smith (£1).. — 1 1 6 U.S.S. Co. (pref.; £1) — 1 5 6 MEAT PRESERVING N.Z. Refrigr (paid; 0 16 6 — N.£ Refrig (cont.: 0 8 0 — South. Frozen Meat 17 3 ■"* South Frozen Meat • (pref.; £1) a •• 17 3 -~ South Otago Freezing (£9) .. ... .,.,•;. 4 5 0 .; toM; :$&:■■ AGENCY N.Z. Guaran. Corp. 0 4 0 — Otago Farmers (3s 4d) 0 19 0 2 £i' Trustees, Executors 4 5 0 — Wright, Stephenson 0 19 6 _ Wright, Stephenson v r ■ -■ {pref.: £D •• •• -~ 0 19 i COAL AND OIL Kaitangata (16s) 17 6 — W'estport (10s) .. '.. 10 7 — Westport - Stockton (pref.; 10s) ... .. 0 7 11 0 8 1 Taranaki Oil (£1 4e — . o ef.'•■ WOOLLEN COMPANIES Bruce (ord.; £1) 0 10 3 — Bruce (pref.; £1) .. 0 18 0 — Kalapoi (ord.; 17s) .". — 0 12 :i MISCELLANEOUS Associated News (pref. £1) 12 0 — Australian Consoid — 2 0 0 Australian Iron and Steel (pref.; £1) .. 1 8 0 — Broken Hill Pty. (£1) — : 3 9 0 0 10 0 — Dominion . Fertiliser 14 0 — Donaghy's Rope (£1) — 2 9 9 Dunlop Perd. Rubber 10 0 1 1 '0 G. J. Coles (£1) .. 3 17 6 — Hume Pipe (£1) .. — 1 1 0 Milburn Lime (£1) .. 1 16 0 — McLeod Bros. (£10) ' — 28 5 0 Natl. Electric (£1) .. 0 13 0 0 14 3 N.Z. Paper Mills (£1) 15 9 — Otago Daily Times 1 18 6 2 0 8 Regent Theatre (£11 - I 1 (S Wilsons Cement (10s) 0 17 1 — Woolwortbs (Syd.: 1 4 4 — Woolworths Properties, Ltd. (6 I p.c pref.; ord.; £1) 1 4 9 1 5 6 BREWERIES N.Z. Breweries (£1) 1 17 0 — Dominion (£1) .. •• 1 14 0 — 2 14 6 "~ AUSTRALIAN MINING Electro. Zinc (pref.; — 2 18 0 Mount Lyell (£1) .. — 1 8 6 Mount Morgan (2s 6d) 0 9 11 — Mount Morgan (pref.; 13 0 ■ r-

Sales on 'Change Dominion Breweries Unlisted Stock 1 15 0 0 16 4 0 15 10

Sales on 'Change 3i p.c. Stock, 1953-57 (late 4 p.c. Stock, 1958 (late FnBank of N.Z. (late Friday) Australian Iron and Steel 89 10 96 15 0 0 1 19 1 11 1 4 3 n 9

Commonwealth bonds — 98 6 3 6 96 7 100 2 6 98 1 3 99 1 3 3 101 1 101 15 0 Bank of New South Wales 102 0 26 4 0 0 Comm Bank of Sydney .. 18 7 0 Aust. Consol. Industries .. 1 16 0 Aust. Iron and Steel (pref.) 1 8 0 9 3 1 1 2 2 10 2 11 0 3 9

(United Press Association) (By Electric TelegraphCopyright) RUGB? '. Aug. 11 £ s. d. August 11 7 8 6 August 10 7 8 6& August 9 7 8 6 August 8 7 8 6i August 5 .. .« • • 7 8 6| August 4 7 8 6J August 3 7 8 6i August 2 7 8 6J August 1 78 6J July 31 .. 7 8 64 July 29 .. 7 8 6i July 28 .. 7 8 6J July 27 .. 7 8 6h July 26 .. ■ 7 8 6| July 25 .. 7 8 6

KUGBY, Aug. 11. ParisPar Aug. 10. Aug. 11. Francs to £ 1 124.21 176 23-32 176:23-32 Brussels — Belgas to £ 1 30 27.551 27.55S OsloKroner to £ 1 i8.180 19.90} 19.90} Stockholm— Kroner to £ 1 18.150 19.30 19.40 Copenhagen — Kroner to £1 18.150 22.40 22.40 BerlinMarks to £ 1 20.34 11.66} 11.67 ; Montreal — Dollars to £ X 4.80 2-3 4.68J 4.684 New York — Dollars to £1 4.86 2-3 4.681 4.681] Yokohama — i Pence to yen 84.582 14 14 J Hongkong— Pence to dollar 24.58 14 11-16 14 ii-:6 Bombay— Pence to rupee — 17 5-16 17 5-16 Batavia— Florins to £1 12.10 S.79 8.79 MilanLire to £1 82.46 89 88 Amsterdam — Guilder to £1 12.107 8.77 8.731 Prague*— Kroner to £ 1 104} 1371 137 J Geneva— Francs to £1 25.22J 20.72} 20.74} ' Vienna— Schillings to £1 84.86} ■ — —■ Helslngfors— Marks to £1 183.28 227 227 MadridPesetas to £1 25.221 42} 421 Belgrade— Dinars to £1 25.22} 210 210 Athens— Drachmas to £1 375 547} 547} Lisbon — Escudos to £1 110 110} 1101 Bucharest — Lei to £ 1 031.6 660 660 Rio de JaneiroPence to mllrcls .. 5.800 2i 2£ Buenos AiresPence to pesos 47.22 20.19 20.19 ShanghaiPence to tael — 4} 4} Montevideo — Pence to pesos — m 181 Warsaw — Zlotys to £1 — 24.87 24.87 * Nominal.

London— £1 N.Z. to £100 Buying. Sclllng. T.T. 124/7/6 125/-/-O.D. 123/18/9 124/19/C Australia — £ A to £ 100 N.Z. T.T. 100/-/-O.I). 100/-/-Fiji— £ Fto £100 N.Z. T.T. 90/-/-88/12/C 0.1). 90/-/-88/12/0 New YorkDollars to £ N.Z. T.T. 3.7743 3.7310 O.D. 3.7793 3.7320 Montreal — Dollars to £ N'.Z. T.T. 3.7726 3.7326 O.D. 3.7813 3.7336 Belgium— Belgas to £ N.Z. T.T. 22.262 21.952 O.D. 22.337 21.957 Czechoslovakia— Korunas to £ N.Z T.T. O.D. _ — Denmark — Kroner to £ N.Z. T.T. 18.140 17.830 O.D. 18.200 17.832 Finland — Marks to £ N.Z. T.T. 184.88 179.08 O.D. 185.28 179.18 France — Francs to £ N.Z. T.T. 142.96 110.48 O.D. 144.21 140.48 Germany— BelchsmarUs to £ N.Z T.T. — 9.266 O.D. — 9.268 Greece — Drachmao to £ N.Z T.T. — 429.20 O.D. — 429.35 HollandFlorins to £ N.Z. T.T. 7.098 6.948 O.D. 7.138 6.950 ItalyLire to £ N.Z. T.T. 70.94 O.D. — 70.96 Java — Florins to £ N.Z. T.T. 7.082 6.932 O.D. 7.122 6.934 Norway— Kroner to £ N.Z. T.T. 16.129 15.839 O.D. 16.189 15.842 Noumea — Francs to £ N.Z. T.T. 145.46 138.71 O.D. 146.96 138.75 PapeeteFrancs to £ N.Z. T.T. 144.80 138.86 O.D. 146.30 138.90 Sweden — Kroner to £ N.Z. T.T. 15.731 15.436 O.D. 15.791 15.439 SwitzerlandFrancs to £ N.Z. T.T. 16.779 16.509 O.D. 16.879 16.512 Chef oo— N.Z. pence to 1 dollar .. T.T. O.D. — _ Hongkong— N.Z. pence to 1 dollar .. T.T. 181 1SJ O.D. 18 3-32 184 India and Ceylon— N.Z. ence to 1 rupee . • •• T.T. O.D. 22 9-32 22 8-16 221 22 9-16 Japan— N.Z. pence to 1 T.T. ___ 17 37-64 O.D. — 17 37-64 Manila— N.Z. pence to 1 T.T. 81 33-64 32 7-32 O.D. 31 27-64 32 7-32 Shanghai— N.Z. pence to 1 dollar .. T.T. O.D. — — Singapore— N.Z. pence to 1 dollar .k T.T. 84 51-64 35 9-32 O.D. 34 45-64 35 9-32 South Africa— £1 N.Z. to £100 S A .. •• T.T. 123/4/3 124/17/O.D. 122/17/124/17/-

£ s. d. £ S. d. Copper, spot 44 3 11 Fall 0 2 6 Copper, forward 44 3 11 Fall 0 5 0 Electrolytic, spot 49 10 0 Fall 0 5 0 Electrolytic, forward 50 10 0 Fall 0 5 0 Wire bars .. 50 10 0 Fall 0 5 0 Lead, spot .*. •• 15 18 9 Fall 0 0 7J Lead, forward .. 15 13 9 Fall 0 1 10J Spelter, spot .. 14 7 6 Fall 0 1 3 Spelter, forward 14 10 7J Fall 0 2 6 Tin, spot .. .. 229 IS 9 No change Tin. forward 225 7 G No change