COMMERCE AND FINANCE

Otago Daily Times, Issue 24221, 13 February 1940, Page 3

COMMERCE AND FINANCE

THE SHARE MARKET DUNEDIN STOCK EXCHANGE GOOD DEMAND CONTINUES There was again a strong demand in the investment market when the Dunedin Stock Exchange reopened yesterday after the week-end. The Government loans were wanted at mainly unchanged prices, and a parcel of 4 per cent. Stock, 1949-52, was turned over at £lOl 10s. Banking shares were well supported, and there were two sales of New Zealands at £2 Is 6d. Nationals were wanted at. £2 4s 6d, and there was an inquiry for Australasias at £9 10s. Business was done in National Insurances at 19s, and other lines in this section were firmly in demand. Contributing New Zealand Refrigeratings sold at 9s 2d, further offers of the same figure finding sellers firm at 9s 4d. Up to £1 11s was offered for Kaitangata Coals, but no seller responded. Bond’s Hosiery were again firmer on buyers’ quotations, a bid of £ 1 3s 9d being forward. ' In the miscellaneous- section Broken Hills were wanted at £2 13s 9d. and G. J. Coles were quoted at £4 2s 9d (buyer) and £4 3s 3d (seller).' Dominion Fertilisers had business at £1 7s 3d, and Wilsons Cements changed hands at 19s 3d. The former closed ■with quotations 6d on either side of the sale price. YESTERDAY’S SALES DUNEDIN Sales on ’Change

AUSTRALIAN STOCK EXCHANGES {United Press Association) (By Electric Telegraph—Copyright) SYDNEY, Feb. 12. (Received Feb. 12, at 10.30 p.m.) Investment business was generally quiet on the Stock Exchange to-day.

PROPERTY SALE Acting under instructions from the trustee in the estate of the late Mr Donald McDuff, Park, Reynolds. Ltd., offered'-at auction yesterday part of allotment ‘47, plan 211. ■Forbury Park, an area of 24.1-poles, with a six-roomed residence thereon, known as No. 17 West avenue. There wrs an excellent attendance of buyers, and the property was.sold to Mr E. Middleton for £770. The Janefield .property did not reach the reserve and is now for sale privately.

LOCAL AND OVERSEAS MARKETS

DIVIDENDS AND CALLS

The following is a list of shares on which dividends will shortly be payable: — *N.Z. Insurance, ’interim, Is a . share Feb. 14 Woolworths (Sydney), Ist . .pref., 10 p.c. p.a Feb. 15 Woolworths (Sydney), 2nd pref., 10 p.c. p.a Feb. 15 Bank N.S. Wales, quarterly, 6s a share (Aust. currency) .. Feb. 29 Christchurch Gas, final, 4 p.c. Feb. Southland Frozen Meat, final, ord. and pref.. 8d a share .. Mar. 1 ‘Electrolytic Zinc, ord. and pref., interim 12 p.c. p.a. .. Mar. 15 *Broken Hill South, interim, 12 p.c Mar. 15

Calls Woolworths Properties, new final, 10s a share .. .. Feb. 29 Dunedin Brewery and Wilson

Malt Extract Co., final, 55.. Mar. 1 A.C.1.," new, 5s a share .. .. Mar. 31 * Quoted ex dividend on Stock Exchange.

LATEST QUOTATIONS BONDS HOSIERY STILL FIRMING The following are yesterday afternoon’s buying and selling quotations on the Dunedin Stock Exchange, which are subject to the usual brokerage:—

Scott Bros., produce merchants and cdmmission agents, agents for the Dunedin Egg Suppliers’ Association, report:—Eggs: The associated agents Quote poultry farmers’ eggs at Is 9d per dozen, storekeepers to Is 8d per "dozen. Separator butter lOd per lb. Honey; Bulk 6H to 6id per lb. 101 b tins 8s each. 51b tins 4s 6d each. Beeswax Is to Is 3d per lb. Poultry: Good inquiries. Hens Is 3d to Is 6d each, heavy breeds 2s 6d to 3s each, roosters Is 6d to Is 9d each, cockerels 3s to 4s 6d each, ducks 2s to 3s each, ducklings up to 4s each, geese 3s to 4s 6d each, goslings 3s 6d to 5s each. Turkeys: Gobblers Is to Is 3d per lb. hens lid to Is per lb. Pigs: Prime baconers 7d to 8d per lb, porkers 7|d to 85d per lb. Fat: Nominally 8s to 10s per cwt. Potatoes: Nominally 5s per cwt. Green peas 2d to 3Jd per lb. Carrots 4s sugar bag. Swedes 2s per sugar bag. Onions: New season’s Aucklands 8s per sugar bag, Canterbury 13s per cwt. Whole fowl wheat 6s to 6s 9d per bushel, sacks extra. Cape barley 6s per bushel, sacks extra. Barley 17s 6d per sack. s.i. Undergrade wheat 20s, sack in. Barley pollard 10s per sack, s.i. (1501 b) . Whole maize 7s 6d per bushel, sacks extra. Chaff: Prime oaten sheaf, to £6. ex truck; £6 15s. ex store, bags extra. Oyster grit 6s 6d per 1001 b bag. Straw: Wffieaten 2s 9d per bale, ex store. Lucerne meal 11s per 901 b bag. Straw chaff £4 per ton. Oats: Cartons 3s 3d to 3s 6d pef bushel, sacks extra. Wanted. —Carrots, parsnips, swedes, peas, beans, rhubarb, etc. Free use of fowl crates on application.

We have in stock new season’s chick and pullet grit, chickfood, fine and medium and chick starter, charcoal, bone meal. etc. Prices on application. February 12, 1940.

THE WHEAT CROP SUFFICIENT FOR DOMESTIC NEEDS USE OF HEADER HARVESTERS MEN DEPRIVED OF WORK (Per United Press Association) CHRISTCHURCH, Feb. 12. An increased use of header harvesters in handling the Canterbury wheat crop this season has deprived many men of their usual seasonal occupation. More than 500 headers ploughed through the rich wheatlands of the province and brought in this season’s harvest in what must be record time. The unbroken spell of fine weather meant that the harvest was virtually over in a month from start to finish. Men who normally visit Canterbury at this season to find. employment on the threshing mills and on farms havebeen disappointed. A big contingent came from the North Island and others from the south. They found little work, for a farmer and his son can operate the header, which does the work of cutting, threshing and bagging in one operation. Based on the official estimate of 33 bushels to the acre, New Zealand’s wheat harvest this season may yield nearly 9,000,000 bushels, enough to meet domestic requirements for a year. The great increase in the area has made this possible,, for last season’s crop yielded only 5,564,136 bushels, with an average of 29.4 bushels to the acre. According to the Government Statistician, the New Zealand average of 33 bushels to the acre will produce 8,547,000 bushels off an estimated area of 259,000 acres. Many observers believe that the area will actually prove to be very much greater, probably in the vicinity of 270,000 acres. It is pointed out that a great deal of wheat was sown in September and even later, as the result of an appeal h” the Minister of Supply (Mr D. G. Sullivan). AUCKLAND GAS COMPANY SHARE CAPITAL REDUCTION ISSUE OF PERPETUAL DEBENTURE STOCK (Special to Daily Times) AUCKLAND, Feb. 12. Resolutions dealing with a proposed capital reorganisation of the Auckland Gas Company, Ltd., will be considered at an extraordinary meeting of shareholders on April 3. It is proposed to reduce the authorised capital from £1,500,000 to £750,000 by converting half the share capital into 5 per cent, perpetual debenture stock.

In a circular to shareholders the directors state that the capital of the company will be reduced and the debenture and perpetual stock indebtedness will be increased, It is proposed to reduce the nominal amount of each share from £ 1 to 10s and to issue to each shareholder perpetual, debenture stock for 10s for each share held. The actual number of shares' held, will not be altered, but each share will be a 10s share instead of £1 as at present, and. in addition, each shareholder will receive, perpetual debenture stock for 10s for each share held. Each contributing share, instead of ; being £1; share paid up to 15s. will be a 10s share paid to ss. The unissued shares will remain the same in number, but each will be of a nominal amount of 10s instead of £l. The capital will then consist of 944,157 fully-paid shares of 10s. 241,078 share? of 10s each paid to ss, and 314.765 unsubscribed shares of 10s each. The debenture indebtedness will then total £792.617 10s. made -up of—D debenture issue, £80.000; ; E debenture issue. £120,000: and perpetual debenture stock. £592,617 10s.

Reasons for Making Change

Giving the reasons for the proposed change, the directors state that they consider that at the present time the company has capital in excess of its needs; that is, in the form of share capital. To have this money advanced on the perpetual debenture stock would greatly assist the company. Taxes on profits are now so high that it has become increasingly difficult to mrintain the dividend rate and at the same time keep down the price to consumers. As the scheme is being put forward to assist the company to carry on its business successfully, in spite of the increased charges that reduce the net profits available for dividend, the shareholders will find their position -correspondingly enhanced. The fact that the debenture stock is perpetual means that there is no fixed date for repayment, and it is enforceable only on winding up or in default of payment of interest at any time after 10 years from the date of issue. .The company, however, may pay any sum on any interest day iri complete or partial redemption. The holders to whom this payment is to be made will be determined by ballot, and a premium of 2 per cent, will be added to the amount paid in redemption.

MINING NEWS GILLESPIE’S BEACH The secretaries of Gillespie’s Beach Gold Dredging Company, Ltd. (Messrs T. H. Thompson and Sons), report that the wash-up for the week ended Saturday was 41oz 15dwt for 125 hours from 16,640 cubic yards. CLUTHA RIVER GOLD For the week ended February 9 the dredge of CJutha River Gold Dredging, Ltd., operating at Alexandra, worked 127 hours and recovered 670 z. GREY RIVER RETURN For the week ended February 6, the Grey River Dredge recovered 8350 z in 126 hours from 84,093 yards. The January total was 1831 oz from 394,691 yards. WORKSOP EXTENDED The Worksop Extended Gold Dredging Company’s return for the period ended February 9 was 320 z for 145 hours from 10,900 yards. NEMONA RETURN The Nemona Gold Dredging Company’s return for the week ended February 9 was 230 z for 132 hours from 5200 yards. OKARITO RETURN The Okarito Five Mile Beach Gold Dredging Company, Ltd., reports a return of 6oz 17dwt as the result of 106 hours’ dredging. The dredge is not yet clear of the channel through the sandhills and during the week no solid ground was dug. BIG RIVER GOLD The report for the week ended February 8 of Big River Gold Mines, Ltd., states:—No. 5 level—North Stope: Filling not yej, completed. No. 6 level — South Block: Stone slightly longer and wider. Length 14ft, width 6ft. Level: Commenced to advance this level south. Shaft: Sunk sft. Total 107 ft. Battery: 31 tons of stone sent to battery. MATAKI RETURN (Per United Press Association) AUCKLAND. Feb. 12. The Mataki Junction return for the week ended February 9 was 19oz of gold for 134 hours’ dredging, in which 11,800 yards were treated.

COMPANY DIVIDENDS (Per United Press Association) WELLINGTON, Feb. 12. Cabled advice has been received that the Ca pel/Court Investment Company recommends a dividend of 3 per cent., payable on March 11. Hume Pipe (Australia) is paying on March 13 an interim dividend for the half year ended December of 33 per cent, on preference and 3 per cent, on ordinary shares.

£ s. d. N.Z. Refrig, (cent.) 0 9 2 Sales Reported 4 p.c. Stock, 1949-52 .. .. 101 10 0 Bank of New Zealand (2) .. 2 1 6 National Insurance .. .. 0 19 0 Dominion Fertiliser (2) 1 7 3 Wilsons Cement ., .. ., 0 19 3 Grey River 0 18 9 AUCKLAND £ s. d. Stock, 1939-41, 3 p.c 99 2 6 Stock, 1954-55, 4 p.c 101 2 6 Union Bank ' 8 2 6 National Insurance .. .. 0 19 0 South British 2 9 6 Dalgety .. 6 17 0 Guarantee Corporation 0 4 1 Renown (prfef.) 0 2 8 Dominion Brewery .. .. 1 13 9 New Zealand Breweries .. 1 17 0 Broken Hill Pty .. 2 14 1 2 14 0 North Roller Milling .. ., 0 19 0 Woolworths (Syd.) .. .. 1 5 3 Loloma 1 19 3 Mount Morgan (late Sat.) 0 10 1 WELLINGTON Woolworths Ltd. (late Fri.) 1 5 3 Mount Morgan (late Fri) .. 0 10 0 4 p.c. Stock, 1943 101 15 0 4 p.c. Stock, 1949 .. .. ., 101 12 6 Union Bank ....... .. 8 2 0 Kauri Timber ... .* .. 1 4 3 Colonial Sugar • . . .. 56 0; 0 Woolworths Ltd.', ... .. 1 5 3 Rawang Tin .. .. .. .. 0 10 6 Mount Lyell ' 1 16 0 CHRISTCHURCH Goldsbrough, Mort. .. .. 1 10 5 1 10 3 New Zealand. Refrigerating (10s paid; cum div.) 0 9 3 Sales; Reported Union Bank of Australia (2) 8 2 6 Dalgety and Co.' .. .. .. 6 17 6 Broken Hill Pty. .. .. .. 2 14 3 Hume Pipe Aus’t. (cum div.) 0 19 3 Broken Hill South (ex div.) 1 12 6 Austral (N£.) 1 10 0

The Morning; Safes £ s. d. Comm. Bank of Sydney .. 19 18 0 Australian Consol. Indus. .. 1 17 14 British Tobacco (prel) 1 7 9 Broken Hill Pty 2 9 0 David Jones .. 1 13 0 General Industries .. .. 0 17 44 Additional Sales £ s. d. Bank of New Zealand .. 1 16 6 Bank of New South Wales 28 17 0 Goldsbrough, Mort .. .. 1 8 n Tooths' v. .. ' ... .... 2 13 9 Arahura .... .. .. .. 1 14 6 Howard, Smith .. .... 1 5 n Associated News 0 16 3 Farmers .. .... .. ., 1 7 3 Mount Morgan 0 9 6 Woolworths .. 1 2 lOi Adams ...... ,. .... 0 14 0 Kandos 1 8 9 MELBOURNE, Feb. 12. Lolbma 1 15 3 Mount Lyell .. .. 1 14 0 Herald and Times .. .. 2 18 0 Millacjuin Sugar .. .. .. 2 3 6 Dunlop Perdriau .. .. 0 19 10

N.Z. Government Loans Buyer. Seller. £ s d. £ s d. 4 p.c. Stock, 1940-43 .. 101 0 0 — 4 p.c. Bonds, 1943-46 .. 102 10 0 — 4 p.c. Bonds, 1946-49 .. 101 10 0 — 4 p.c. Stock, 1946-49 .. 101 10 0 — 4 p.c. Stock, 1949-52 .. 101 5 0 — 4 p.c. Bonds, 1952-55 .. 101 5 0 — 4 p.c. Stock, 1952-55 .. 101 5 0 — 4 p.c. Stock, 1954-58.. 101 0 0 — Mining Austral N.Z. Mining (£1) — 1 11 0 Clutha River (2s) 0 1 3 — Grey River 0 18 6 — Kariieri (£1) .. .. 1 11 0 — Maori Gully (Is) 0 0 10J 0 1 0 Nokomai (5s) .. ,. — 0 2 0 Paddy's Point (5s) .. 0 0 6 — Waitahu (5s) .. .. 0 0 6 0 1 0 Banking A'sia (£5) 9 10 0 — N.Z. (£1) 2 1 3 2 2 0 N.Z. (Long D; £1) . 1 6 6 — Commercial (10s) 0 16 3 0 19 8 Commercial (pref.; £10) — 10 0 0 E.S. and A. (£3) 4 18 6 — Natl, of N.Z. (£2 10s) 2 4 6 — Insurance National (7s) .. .. 0 18 10 — New Zealand (£1) ., 2 19 6 — South British (10s) .. 2 9 6 2 10 3 Standard (£1) .. .. 3 1 9 — Shipping U.S.S. Co. (pref.; £1) 1 6 0 — Meat Preserving N.Z. Refrig, (paid; £1) — 1 1 0 N.Z. Refrig. (cont.; 10s) .. .. .. .. 0 9 2 0 9 4 Loan and Agency Goldsbrough, Mort (£1) .. — 1 11 6 Natl. Mortgage (£2).. 1 15 0 Natl. Mortgage (B issue; £1) .. .. Perpetual , Trustees 1 3 6 (18s) .. .. .. 2 7 0 — Trustees Executors (£3) ,. - 4 2 0 — Wright, Stephenson (prSf.; £1) .. .. — 0 18 9 Gas Christchurch (£!),. .. 1 S 3 - Coal ant Oil Kaitangata (16s) 1 11 0 — Westport (10s) .. .. 1 4 0 — Westport - Stockton (ord.; 10s) , 0 3 11 Westport - Stockton (pref.; 10s) 0 8 0 — Woollen Companies Bond’s Hosiery (£1) .. 1 4 0 Bruce (ord.; £1) 0 16 0 — Bruce (pref.; £1) 0 19 0 <— Kaiapoi (ord.; 17s) .. 0 13 3 — Kaiapoi (cont.; 7s) .. 0 4 10 . Kaiapoi (pref.; 17s) .. 0 16 0 — Manawatu 0 17 6 ... Mosgiel (£4) .. .. 10 0 0 ■— Miscellaneous Aust. Consol, Indus. (5s paid) .. .... —- 0.19 3 Broken Hill Prbpy. . (£1) .. 2 13 9 — Crystal Ice (£1) 2 0 0 ■ D.I.C. (pref.; £1) .. 1 2 0 — Dominion Fertiliser (£1) 1 6 9 1 7 9 Dominion Rubber (£1) 1 3 6 1 4 9 G. J. Coles (£1) 4 2 9 4 3 3 MacDuffs (ord.; £1).. 0 4 0 — Milburn Lime (£ 1).. 2 0 0 McKenzie’s Dep. Stores (£1) .. .. .. 2 0 0 — McLeod Bros. (£10).. 26 10 0 27 10 0 Natl. Electric (£1) . . ’ 0 16 3 N.Z. Drug Co. (£2) .. Farmers' Fertiliser 3 18 9 (£1) 0 18 3 Malay Rub. (pref.; £1) 1 3 6 N.Z. Paper Mills (£1) 1 8 9 Otago Daily Times (£1) 2 0 0 Smith and Smith (pref.; £1) .. .. 0 18 6 Wilsons Cement (10s) 0 19 0 0 19 6 Woolworths (ord.; 5s) 0 17 0 Woolworths (Syd.; ord.; 5s) — I 5 6 Woolworths Properties, Ltd. (6 p.c. pref. ord.; £1) 1 5 0 1 S 6 Woolworths (South Africa; 5s) — 0 16 3 Breweries Ballins (£1) .. .. 0 12 9 — N.Z. Breweries (£1).. — 1 17 3 Tooth’s (£1) .. .. 2 17 6 — Australian Mining Broken Hill South (5s) 1 12 6 1 13 6 Electro. Zinc (pref.; £1) 3 4 6 — 1 Electro. Zinc (ord.; £1) 3 ' 6 0 Mount Lyell (£1) .. — 1 16 0 Mount Morgan (2s 6d) 0 9 11 0 10 0 Placer Developments.. — 4 10 0 Rawang Tin (10s) 0 10 0 0 11 0 Wellington Alluvials (2s) 0 4 6 —