COMMERCE AND FINANCE

Otago Daily Times, Issue 23930, 4 October 1939, Page 12

COMMERCE AND FINANCE

THE SHARE MARKET DUNEDIN STOCK EXCHANGE QUIET DAY~EXPEFUENCED The investment market experienced a quiet day yesterday with practically no variation in values. Government loans continued to attract a fair inquiry with further business in the 1940-43 4 per cent. Stock at £97 7s 6d. Bank of New Zealands had an improved, demand at £1 183 9d with no seller 'forward, and Nationals, still available at £2 5s 6d, had a bid of 12 2s. All insurances were well supported, but sellers vore n t inn "' Meat, loan and coal and woollen shares were not in keen demand. There was a sale of Christchurch Gas shares at £1 -'band a later inquiry was recorded at £1 3s. : >',;.•" Broken Hill Proprietaries aeam changed hands at £3 125.: a parcel being offered subsequently at 6d more Other industrials; were entirely unchanged, and Australian 9 and New Zealand mining continued to be neglected. : ; < . raSTEEDAY'S TRANSACTIONS

DIVIDENDS AND CALLS EARLY DISTRIBUTIONS The following is a list ol shares on which dividends will shortly be payable:— Howard Smith—Pre! halfyearly, 6 p.c. p.a. ... Oct. 6 Bank of Australasia —Interim, 3s 6d (stg.) a share (less British income tax at 3s 4|d in £1) .... Oct. 6

LOCAL AND OVERSEAS MARKETS

CALLS DUE G. J. Coles—New, 10s a share Jan. 31 'Quoted ex dividend on Stock Exchange. NORTHERN EXCHANGES AUCKLAND Sales on 'Change

LORNEVILLE STOCK SALE falling-ofFln quality fat sheep values firm (Per United Press Association,) INVERCARGILL, Oct. 3. At Lorneville to-day, the yarding of fat cattle was much the same mimerir,aJ - as last week, but the quality was not so good. There were no heavy bullocks offering. Good quality bullocks made to £ls 15s, medium weights £l3 to £l4. and light weights £9 10s to £lO 15s. A number of the bullocks offered were low in condition, being more suitable for graziers than butchers. Best heifers made to £l2, medium weights £lO to £ll 10s. light and unfinished down to £8 10s, prime quality cows up to £l2, medium weights £9 to £lO, light weights £5 10s to £7 10s, boners down to £5 'ss. and vealers £2 Is Cd to £5 15s. The yarding of fat sheep was somewhat smaller than last week's entry, and quality was not so good. . The market opened firm on last weeks values, and competition was keen throughout. Extra prime heavy wethers made to 50s, prime heavy 40s to 42s 6d prime 35s to 37s medium 30s to 32s 6d. and lighter 27s to 28s. Extra prime heavy young ewes made to 37g 6a, prime heavy 32s to 345. prime 28s to 30s. medium 24s to 265, lighter 20s to 2:25. and fat hoggets 20s to 245. i SOUTH BRITISH INSURANCE DIVIDEND RECOMMENDED (Per United Press Association) •• AUCKLAND, Oct. 3. The directors of the South British Insurance Company recommend a finai dividend of BJd per share, making 17d a share unchanged for the year ended August 31 MINING SEWS NEW RIVER DREDGE As the New River Gold Dredging Company. Ltd.'s, dredge is still working in old tailings there was no washup last week. WHITE'S ELECTRIC DREDGE The following i7~the official return of gold won bv White's Electric Gold Dredging Company's dredge during the week ended September 28:— Thirty-two ounces of gold from 9280 yards of material, which were treated in 138 hours' dredging time. DOLLAR RATES The Associated Banks < other than the Bank of New South Wales) yesterday quoted the following dollar rates on a New Zealand currency basis. They are subject to alteration without notice

PRICE OF FINE Q" T) (United Press Association) (By Electric Telegraph—Copyright) LONDON Oct. 2, The Bank of England has fixed the gold price at £8 Bs, and has appointed six firms to act as agents for ft. TIN AND SILVER (United Press Association) (By Electric Telegraph—Copyright) LONDON, Oct. 2. Silver.—2Ud (spot); 22 15-16 d (forward). Tin.—£23o (spot); £228 10s (forward) . CLUTHA AND MOLYNEUX SHARES (United Press Association) (By Electric Telegraph—Copyright) LONDON. Oct. 2, Share quotations: Clutha River Company—buyers 7Jd, sellers 10Jd; Molyneux River Company—buyers 10id sellers Is lid, AUSTRALIAN IRON AND STEEL DIVIDEND TO BE DECLARED (Per United Press Association) WELLINGTON, Oct. 3. The Australian Iron and Steel Company advised the Stock Exchange Association that the directors announce the intention to declare a dividend on preference shares for two years and a-half to November. 1937. at the rate of 7J per cent, per annum, subject to a reduction of 22£ per cent. under 1 the Interest Reduction Act, 1931.

DAIRY GUARANTEE NEW SEASON'S PRICE ALTERATION UNLIKELY (Per United Press Association/ NEW PLYMOUTH, Oct. 3. Advice that it was unlikely that the present prices for butter arid cheese under the Government's guaranteed price scheme would be altered was received by the annual meeting of the Federation of Taranaki Dairy Companies at Stratford from the Minister of Finance (Mr W Nash)), who said a statement regarding the prices at which the Government would purchase butter and cheese would be made shortly. Prior to the meeting, it was stated that the Minister would probably attend to discuss problems affecting the industry but this Mr Nash was unable to do. "If it ftad been possible for me to come, I would have set out as far as I could the history of the working of the Primary Products Marketing Department, particularly the experience of the last year," wrote Mr Nash. " and would have also said that, unless there were circumstances at present unforeseen, it was unlikely that the price now being paid for th< current season would be altered. The Dairy Board has already made representations to the Government, and when these have been finally examined a statement, with a schedule of prices at which butter and cheese will be purchased, will be circulated throughout the dairy industry." FOREIGN EXCHANGES (United Press Association) (By Electric Teleg"aph—Copyright) LONDON, Oct. 2. New York, dollar to £1 4.03 Paris, franc to £1 1761 Montreal, dollar to £1 .. 4.43 to 4.47 Amsterdam, florins to £1 7.47 to 7.57 Stockholm, kroner to £1 17.75 Athens/drachmae to £l. 16.80 Lisbon, escudo to £1 540 Kobe, pence to yen .. .. 1101 Hongkong, pence to dollai 14 Shanghai, pence to dollar 4to « Brussels, belgas to £1 .. 23.65 to 23.90 Rome, lira to £1 .. .. 79 Tokio, pence to yen .. .. 14 Copenhagen, kroner to £1 201 AUSTRALIAN STOCK EXCHANGES TURNOVER RESTRICTED (United Press Association)' (By Electric Telearaph—Oooyrigl;) SYDNEY. Oct. 3 (Received Oct. 3, 10.40 p.m.) Business was resumed on the Stock Exchange to-day in a steady market, but the turnover was restricted. The Morning Sales

BEATH AND CO., LTD. . NET PROFIT OF £6406 . (Special to Daily Times) CHRISTCHURCH, Oct. 3. A net profit of £6406 against £6369 last year and £7422 in 1937 is shown in the accounts of Beath and Co., Ltd., city drapers and furnishers for the year ended August 19, 1939. A final dividend of 2J per cent., making 5 per cent, (unchanged) for the year, is recommended on both ordinary and preference shares. The directors report that sales have again been well maintained in spite of a most difficult trading year.

Sales Reported O o d. 4 per ?f|nt; Stock, 1940-43 97 7 6 0 0 Christcllurch Gas .1 * Broken <HM Proprietary . 3 12 ; LATEST QUOTATIONS The following are yesterday afternoon's buying and selling quotations ;, which are subjectto the, usual brokerage:- —. GOVERNMENT LOANS Buyer Sellei £ s. d. £ s. d. 31 p.c. Stock, Mar. 1941-43 .... •• 96 10 0 — 31 p.c., Stock, : Sept., 1941-43< :.•;•;,. .. 96 10 0 •;''. —i i p.c. Stock,. 1940-43 .. „_ 97 12 6 4 p.c. Bimds; 1943-48,... 98 0 0 — 4 p.C. Bonds. 1946-49 .. 98 0 0 — 4 p.C. Stack, 1946-49 ;. 98 0 0 — 4 p.c. Bonds, 1952-55 .. 96 0 0 — 4 p.c. Stock, 1952-55 .. 95 J.5 0 ~™ ; MINING ' Big River. : (Is) .. .. .—' 0 1 0 Gillespie's Beach (Is) *— 0 0 10 New River (Is) "—■ 0 1 " 0 Nokomiii-(5s) .. .. 0 1 6 0 1 11 Okarita (5s), .. .. — 0 3 " 0 WaltahttVtSs) .. .. ■— 0 1 0 "'• Ai-)'' BANKING n.z. (*;>/■■..,-.. ..':.. 1 18 9 "_ Natl. oi!;jT.Z» (£2 10s) 2 2 0 2 8 6 l;:'" 1 ' INSURANCE National (7s) .. .. 0 16 6 —. New Zealand (£1) .. 2 13 6 — South British (10s) .. 2 3 6 —- Standard (£1) .. .. 2 14 0 — SHIPPING Howard Smith (£1) ., _ 1 2 0 U.S.S. Co. (pref.; £1) 1 « 9 — MEAT PRESERVING N.Z. Refrig. (paid; £1) ■.;... .. .. .. 0 16 4 — N.Z. Refrig. (cont; 0 8 0 — South. Frozen Meat (paid; £1) ..-,•;.: — 1 8 6 Waitakl Farmers (£5) 4 8 0 — LOAN AND AGENCY Goldsbrough, Mort (£1) -.;.;V■•:... ../ .. •— -1.10 6 » Natnl. Mortgage (£2) — 1 18 0 Natnl. Mortgage (B issue;, £1) ... .. .. — 1 2 0 Wright, ;r Stephenson (pref#f£l) ..-,.> —.. 0 19 0 .vv";.' ... ' ' GAS Christcllurch. (£1), -. 1 3 0 . — , > U COAL AND OIL Westpor!f':(lbs);:' .. .V' 10 9 — Westpotft-'■» Stockton (ord.;V10s) : .. •• ' — ': 0 4 1 - Westport.' - Stockton (pref.fi 10s);:.,-, +'._:..'; ■\— '. 6. 80 fWOOLLEN COMPANIES Bruce Cord/.; £D ■•',•.-. 0 10 0 >!<,•£; Bruce (pref.; £1) .. 0 18 0 : -i» Oamarii ,(£1); .. » A . 0 15> 0 , — - ,. MISCELLANEOUS Aust. Cbhsold\ i Indus. (£D .;;;,:.('. 1 15 8 — Aust. Consold. Indus. (5s) . .'..■■ V ;. — 0 11 0 Broken Hill Pty. (£1) — 3 12 6 Brown,: Swing (pref.; £1) — 1 1 0 D.I.C. (ord.; 10s) — 0 14 6 Dominion Fertiliser (£1) .. .. .. . 1 4 0 1 4 9 G.J. Coles (£1) ,. - .. 3 10 0 — I.C.I, (pref.; £1) . 1 1 0 — MacDuff's (ord.; £1) 0 1 6 — N.Z. Drug Co. (£2) 3 7 9 — j Otago Daily Times (£1) •• — 2 0 6 Wilsons Cement (10s) 0 16 6 — Wool worths (Syd.; ord.; 5s) 1 1 S — BREWERIES N.Z.: Breweries (£1) 1 12 6 — Dunedlin (£1) .. .. — 14 0 Tooth's (£1) .. •• — 2 12 0 • AUSTRALIAN MINING Broken Hill South (5s) ' — 1 10 0 Electro. Zinc (pref.; £1) — 3 0 6 Mounl; Morgan (2s 6d) — 0 9 6 Rawarig Tin (10s) .. — 0 10 0

•Woolworths (Sydney)—Ord., Oct. 15 Woolwortbs (N.Z.) - Pref... half-yearly, 9 p.c. p.a. Oct. 15 Amalgamated Wireless—Final, Oct. 17

£ s. d Stock. 1940-43, 4 per cent. 97 10 0 Stock, 1946-49, 4 per cent. 98 0 0 Auckland Harbour Board, „ 1948, 4J per cent. ... .. 100 15 0 Commercial Bank of Australia ... .. • • 0 14 11 National Bank of New Zea2 3 0 Huddart Parker (ord.) .. . 3 1 0 Dominion Breweries 1 11 0 New Zealand Breweries (late Monday) ■• •• 1 14 1 14 0 0 48 10 ■Q WELLINGTON Sales on 'Change 4 per cent. Stock. 1943 (odd lot) 97 10 0 4 per cent. Stock, 1958 97 7 2 5 6 0 South British Insurance .. Woolworths (New Zealand) 0 17 0 Wellington Gas (ord.) .. 1 8 0 3 per cent. Stock, 1941 . 97 10 0 CHRISTCHURCH Sales on 'Change National Bank of New ' 2 3 0 Union Steam Ship (pref.) 1 5 0 Consolidated Motor Noldens 0 0 6 Hays, Ltd. (cont. cum div.) 1 1 0 16 . 0 15 Sales Reported National Bank of New Zea2 3 6 0 land (2) .. ■ Cliristchurch Gas ...'.. 1 4 Australian Foundation Investment Trust •• ■•• 0 4 0 New Zealand Breweries .. 1 14 0

U.S.A. Canada (Per £1 <Per £3 N.Z.) N.Z.) Dols Dols Selling— T.T.- .. .. 3.171 3.50 M6 o:d .. 3.17 15-16 3.503 BuyingO.D. . .. 3.26 5-16 3.59J

2 8 6 Australian Consolidated In1 14 0 Australian Iron and Steel 1 S 9 0 14 0 44 17 8 Electrolytic Zinc .. .. 2 13 6 (pref.) 2 15 0 Additional Sales 45 0 0 Comm. Bank of Aust. (pref.) 7 10 0 0 16 3 2 4 6 2 8 6 1 6 2 10 9 Australian Iron and Steel 1 5 10 Australian Con. Industries 1 14 7J Australian Con. Industries 0 10 3 1 7 10 18 0 Electrolytic Zinc .. .. 2 13 6 Electrolytic Zinc (pref.) .. 2 15 0 Broken Hill Proprietary .. 3 7 6 North Broken Hill .. 2 6 6 South Broken Hill .. .. 1 8 0 1 2 10 Melbourne Exchange Bank of New •South Wales 26 16 6 0 8 3 National Bank (£10 paid) 11.17 0 Australian Con. Industries 1 14 0 Australian Con Industries 0 10 3 Broken Hill Proprietary .. North Broken Hill .*.... .. 3 7 3 2 6 6 South Broken Hill .. .. 1 8 0