COMMERCE AND FINANCE

Otago Daily Times, Issue 23931, 5 October 1939, Page 6

COMMERCE AND FINANCE

THE SHARE MARKET DUNEDIN STOCK EXCHANGE BANKS MORE KEENLY SOUGHT There was an improved demand for banking shares on the Dunedin Stock Exchange yesterday, but most sections w'ete quiet and saw few alterations in value. A parcel of 4 per cent. Stock, 194043, changed hands at £97 7s 6d, and there were few quotations for other issues. The bid for Bank of New Zealands was £1 18s 9d with no seller forward and the Long D issue again appeared on the market with a buyer al £1 ss. Commercials were wanted, at 14s Bd, but sellers were firm at 15s Id. The market for National Banks was closer at £2 2s 6d (buyer) and £2 5s (seller). Insurances continued in steady demand and the offer for South British was increased to £2 4s 3d without attracting a seller. New Zealand Drugs were turned over at £3 us ana Sydney Woolworths at £1 2s 6d, the latter continuing in demand at 3d ■less. There was business in Broken Hill Souths at £1 9s and ordinary Electrolytic Zincs were wanted at £2 16s with sellers Is 3d away. YESTERDAY'S TRANSACTIONS

LATEST QUOTATIONS Th«s following are yesterday afternoon's Duying and selling quotations, which are subject to the usual brokerage:— GOVERNMENT LOANS

LOCAL AND OVERSEAS MARKETS

LONDON STOCK EXCHANGE (United Press Association) (By Electric Telegraph—Copyright)

DIVIDENDS AND CALLS EARLY DISTRIBUTIONS The following is a list of shares on which dividends will shortly be payable:— Howard Smith—Pref.. halfyearly, 6 p.c. p.a Oct. 6 Bank of Australasia —Interim, 3s 6d (stg.) a share (less British income tax at 3s 4Jd in £D .. Oct. 6 "Woolworths (Sydney)—Ord., interim, 6 p.c Oct. 15 Woolworths (N.Z.) Pref., half-yearly, 9 p.c. p.a. .. Oct. 15 Amalgamated Wireless —Final, 5 p.c Oct 17 CALLS DUE G., J. Coles—New, 10s a share Jan. 31 "Quoted ex dividend on Stock Exchange. NORTHERN EXCHANGES AUCKLAND ■ . Sales on 'Change

WELLINGTON Sales on 'Change

CHRISTCHURCH Sales on 'Change !

AUSTRALIAN IRON AND STEEL PREFERENCE DIVIDEND ARREARS (United Press Association) (By Electric Telegraph—Copyright) SYDNEY, Oct. 3. The directors of Australian Iron and Steel, Ltd., intend to pay on November 1 the preference dividend arrears for the two and a-half years to November 1, 1937. The proposed payment will be £l4 10s l\ per cent., leaving the dividend two years in arrears to next November. Dividend arrears on the company's 1,000,000 7£ per cent, preference shares were accumulated during the depression, but steady progress in reducing the liability has been made over recent years. The present payment is on the basis of 5.8 per cent, per annum, after providing for statutory interest reduction. The ordinary capital of the company, totalling £4,700,000, is held by Broken Hill Proprietary, Ltd. PRICE OF FINE GOLD (United Press Association) (By Electric Telegraph—Copyright* LONDON, Oct. 3. Fine gold is quoted at £8 Bs. DOLLAR AND FRANC (United Press Association) • (By Electric Telegrahp—Copyright) LONDON, Oct. 3. Dollar-sterling, 4.03. Franc, 176 J. TIN AND SILVER (United Press Association) (By Electri- Telegraph—Copyrignt) , LONDON, Oct. 3. Silver.—2l§d (spot); 23 5-16 d (forward). Tin.—£229 17s 6d (spot); £228 10s (forward).

INVERCARGILL MARKETS GRAIN AND PRODUCE GREATER ACTIVITY DURING WEEK (Special to Daily Times) INVERCARGILL, Oct. 4. The produce markets have been more active during the week. The Government is going into the position of the prohibition of seed importations, and during the week it released dogstail and uncertified white clover. This means that merchants can now export chewings fescue, browntop, dogstail. uncertified white clover and suckling clover. As the Government defines the stock position of other seeds no doubt any surpluses will be released for export. Oats. —There are practically no offerings from the country and most of the seed is now in merchants' hands. Store stocks are very light. The present indications are that there wiil be a heavy sowing of wheat in Southland and merchants report that seed oats sales are down considerably on those of last year. Wheat.—The last increment of id pei bushel for the season is payable for milling wheat delivered to mills during October, which makes the prices 6s 3d for Velvet, 6s Id for Hunters and 5s lid for Tuscan. These prices, of course, carry a bonus of 3d a bushel at the end of the selling season. The Cross 7 variety of seed wheat is proving very popular and it is thought that as a result of this wheat being earlier in maturing farmers will make up the leeway caused through the lateness of sowing. Fowl Wheat.—The market remains quiet, but there have been more inquiries from the North Island during the week. The value is unchanged at 4s 9d a bushel, o.t.c.s. Chaff.—The values of chaff are purely nominal as merchants will not take lines into store at this time of the year when they are anxious to clear stocks to make room for wool. The prices to growers are indicated at about £3 to £3 10s, o.tc.s. Ryegrass.—There is a very good demand for high germinating lines, but lines with a growth of less than 60 per cent, are difficult to sell. Browntop.—lt was though that with the chewings fescue crop being cleared overseas buyers would turn therr attention to browntop, but such has nol been the case. American redtop promises to be a fairly abundant crop, and with a duty of 20 cents per lb on our browntop it appears as if we cannot look for orders in that direction. Because of the war there will be very little beautifying and sowing 'down in England. ..' Potatoes.—The , importation of Californian potatoes on to the Auckland market has had a steadying effect on the potato prices in the South Island. Canterbury values are inclined to ease and there has been a certain amount of dissatisfaction expressed by growers at the Government allowing importations while there were stocks m Canterbury. The position locally is somewhat different in that store stocks are practically negligible and values are inclined to harden. MINING NEWS WEST COAST RETURNS (Per United Press Association) GREYMOUTH, Oct. 4. The Kanieri wash-up for September was 1102 oz for 471 hours, 228,000yd5; Arahura, 1148 oz for 537 hours, 283,000yd5; Barrytown, 5650 z for 36i> hours, 147,000yd5. The Grey River Company reports a return of 288 oz for 105 hours' working from 72,433yds of material The total for September was U72oz from 368,179 cubic yards. WELLINGTON ALLUVIALB (Per United Press Association) WELLINGTON, Oct. 4. The Stock Exchange Association has received advice from Melbourne stating that the Wellington Alluvials, Ltd., dredge worked 564 hours, handling 260,000yd5, and recovered bullion estimated to contain 14780 z of fine gold. This yield covers the period of four weeks ended September 16. COLOMBO TEA SALE Mr L. M. Wright has received the following cabled report frohi Colombo dated October 3:— A small sale of 750,0001 b was held yesterday, and with the small quantity offering prices of all grades advanced considerably. The Ceylon tea market was commandeered by the British Government, which has made a reallocation to meet the requirements of outside markets. One million and ahalf pounds will be offered weekly for the next few sales. AUSTRALIAN STOCK EXCHANGES (United Press Association) (By Electric Telegraph—Copyright) SYDNEY. Oct. 4. (Received Oct. 4, at 11.15 p.m.) Business was light on the Stock Exchange to-day, but prices were mostly firm. The Morning Sales

ADDINGTON SALE FAT CATTLE EASIER SHEEP VALUES APPRECIATE (Per United Press Association; CHRISTCHURCH, Oct. 4. The entries at Addington showed an increase to-day. Fat cattle eased in value by up to 20s a head on the high rates recently ruling. Fat sheep, on the other hand, showed an increase. Store Sheep.—A better class was forward and good strong-woolled ewe hoggets made to 28s 6d, best ewes and lambs from lis 6d to 12s 6d, all counted, and wether hoggets from 14s to 18s 3d. Spring Lambs. —Seventy of these averaged from lOd to Is per lb. Fat Sheep.—A total of 4000 were penned, an increase of 500 on last week. The sale was firmer from the outset and prices higher than the average of last week by 2s 6d a head, the sale being one of the best of the season. Prime wethers sold from 42s to 455, with tops from 48s to 51s 6d, good medium weights from 35s to 40s, and light down to 265. Best ewes made 34s to 38s, with tops from 40s to 445, medium prime 29s to 335, inferior down to 21s. The first shorn sheep of the season were forward. Fat Cattle.—There was an increased entry, the total being 447 head. West Coast and Otago truck lots and others from South Canterbury assisted to make a better quality yarding. The market eased on the recent high rates by up to 20s a head. Prime beef made from £l9 to £23, with several pens of tops from £24 to £26 7s 6d, prime medium weight down to £l6, and ordinary from £l3 to £ls 10s. The best of the heifers sold from £l4 to £l6 10s, and cows from £l2 to £l4. Fat Pigs.—Porkers sold unevenly but at little change, and baconers sold spiritedly. Porkers made 47s 6d to £3 6s 6d (average price per lb 7Jd to B|d) and baconers £3 8s 6d to £5 14s 6d (average price per lb 7d to 8d).

Sales Reported 4 per cent. Stock, 1940-43 .. New Zealand Drugs .. Woolworths (Sydney) Broken Hill South .. ... £ 8. 97 7 3 8 1 2 1 9 d 6 -0 6 0

i Buyer, 2 s. c I. Seller £ s. d. 4 p.c. Bonds, 1943-46 .. sJ8 0 u — 4 p.c. Bonds, 1946-49 SB 0 0 "~ 4 p.c. Bonds, 1952-55 ... 06 0 0 ~~ MINING Austral.. New Zealand Mining (£1) .. •• — 1 S 8 Big niver (Is) .. .. 0 0 6 0 1 0 Gillespie's Eeach (Is) — 0 0 lu Goldflelds Dredging 0 0 01 0 0 li New River (Is) — 0 1 0 Nokomai (5s) .. .. 0 1 6 0 1 lo Okarlto (5s) .. .. — 0 3" u Waltihu (5s) .. .. . — 0 1 0 BANKING N.Z. (£1) •• •• 1 18 9 — N.Z. (longD; £1) .. 1 5 0 — Commercial (10s) 0 14, 8 0 15 1 E.S. and A. (£3) 4 0 0 — Natl, of N.Z. (£2 10s) a 2 6 2 5 0 INSURANCE National (7«) .. •• 0 16 7 0 17 0 New Zealand (£1) .. 2 13 6 — South British (10s) .. 2 4 3 — Standard (£1) 2 14 0 — SHIPPING Howard Smith, (£1) .. — 1 X 0 P. and 0. Def. Stock 1 8 0 — U.S.S. Co. (pref.: £1) 1 4 9 "— MEAT PRESERVING N.Z. Refrig. (paid; £1) 0 18 8 — N.Z, Refrig. (cont; 0 8 0 — South. Frozen Meat (paid; £1) .. '.. — 1 8 8 Wai1;aki Farmers (£5) 4 8 0 —• LOAN AND AGENCY Golclsbrough, Mort (*!) — 110 0 Natal. Mortgage (£2) — 1 18 0 Natal. Mortgage (B — 1 2 0 Wright, Stephenson (pref.; £1) .. .. — 0 19 0 GAS Christchurch (£1) .. 1 3 6 — COAL AND OIL Westport (10s) .. .. 1 0 9 — Weatport - Stockton (ord.; 10s) .. .. — 0 4 1 -. WOOLLEN COMPANIES Bruce (ord.; £1) 0 10 0 — Bruce (pref.; £1) 0 18 0 — Mosgiel (£4) .. .. 9 5 0 — Oamaru (£1) .. •• 0 15 0 — Wellington (ord.; £5) 5 0 0 — MISCELLANEOUS t Aust. Consold. Indus. (£D 1 15 0 — Broken Hill Pty. (£1) — 3 12 6 Brown, Ewing (pref.; — 1 1 0 D.I.C. (ord.; 10s) — 0 14 6 D.I.C. (pref.; £1) .. 1 1 6 — Dominion Fertiliser 1 4 0 1 4 9 G.J.Coles (£1) .. .. 3 9 6 — Hume Pipe (£1) .. — 0 18 0 MacDuff's (ord.: £1) 0 1 6 — McKenzies Dept. Stores (£1) •• — 2 3 0 Natal. Electric (£1) .. — 0 14 0 N.Z. Drug Co. (£2) 3 7 9 — Otago Daily Times — ■ 2 0 6 Regent Theatre (£1) — 1 1 0 Woolworths (Syd.; 1 2 0 — Woolworths Properties, Ltd. (8 p.c. pref. ord.; £1) .. .. 1 1 9 — Woolworths (S.A.; 5s) —' 0 15 0 BREWERIES N.Z. Breweries (£1) 1 13 0 1 15 0 Tooth's (£1) .. ■• — 2 12 0 AUSTRALIAN MINING Broken Hill South (5s) • — 1 9 6 Electro. Zinc (pref.; — 3 1 0 Electro. Zinc (ord.; 2 16 0 2 17 3 Mount Lyell (£1) .. — 1 10 6 Mount Morgan (2s 6d) — 0 9 3 Rawang Tin (10s) .. — 0 10 0

Stock, 1940-43, 4 per cent £ 3. d. (2) 97 10 0 Stocky 1949-52, 4 per cent. 96 17 6 Stock, 1952-55, 4 per cent. (late ■■ Tuesday) 96 0 96 0 0 0 South British (late Tues.) 2 5 0 2 5 0 0 15 3 Broken Hill Proprietary (2) 3 12 0 G. J. Coles (late Tuesday) 3 10 3 Woolworths (Sydney; late 1 2 3 Broken Hill South .. 1 9 3 Mount Lyell (late Tuesday) 1 10 9 Unlisted Stock Taranaki Oil Development (late Tuesday) .. 0 1 9 0 1 7

4 per cent. Stock, 1940-43 (late Tuesday) .. 97 7 6 South British Insurance (late Tuesday) .... 2 5 0 Wellington Woollen (ord.; 5 5 0 G. J. Coles (late Tuesday) 3 11 0 Woolworths (New Zealand; 0 17 0 4 per cent. Stock, 1946 .. 98 5 0 4 per cent. Stock, 1943 .. 97 10 0 Bank of Australasia .. 8 10 4 Wellington Woollen (ord.) 5 5 0 0 15 3 Woolworths, Ltd 1 2 1 2 2 2 South British Insurance .. 2 5 0 New Zealand Insurance .. 2 14 6

Bank of Australasia 8 10 0 0 15 7 Sales Reported New Zealand Government 4 per cent. Inscribed, 1946 (2) 98 7 6 New Zealand Government 4 per cent. Inscribed, 194952 (3) 97 2 6 New Zealand Drug Company •• Woolworths (Sydney; ord.) 3 8 1 2 1 2 0 5 6 Woolworths (New Zealand) 0 17 6 Broken Hill South .. .. 1 8 0 0 9 0

LONDON, Oct. 3. £ s. d Dalgety; 4 p.c "00 Goltfsbrough, Mort. .... 0 18 9 P. and 0. (deferred) .... 10 0 (All nominal).

X. s. 2 8 u. 6 1 6 1J Australian Cons. Industries 1 15 0 (contributing) 0 10 8 Broken Hill Proprietary .. 3 7 6 2 12 6 Additional Sales £ s. d. Bank of New South Wales.. 26 19 0 1 6 3 1 0 6 Goldsbrough. Mort .. .. 1 8 4i Broken Hill Pty 3 7 8 0 9 0 1 9 9 3 5 9 1 1 0 0 5 0 45 0 0 2 5 0 MELBOURNE. Oct. ' £ s 1. 1 9 o" Australian Consolidated In1 15 3 1 2 10 Herald and Times .. .. 2 17 0 2 12 6