COMMERCE AND FINANCE

Otago Daily Times, Issue 24336, 28 June 1940, Page 2

COMMERCE AND FINANCE

THE SHARE MARKET DUNEDIN STOCK EXCHANGE BANK OF NEW ZEALAND AGAIN EASIER Tho demand for Government loans on the Dunedin Stock Exchange yesterday was slacker than for the past week, with fewer buyers in tho market and some reduced bids. A parcel of 4 per cent. 1940-43 Stock was turned over at £lOl. Throughout the list buyers were infrequent, and there was a general easing in price levels. Bank of New Zealands continued to ease, sales taking place at £1 18s lad and £1 18s. The closing offer was £1 17s 3d, sellers asking Is more. There was an inquiry for Long D shares at £1 6s. but sellers were firm at £1 7s 6d. South British Insurances continued in demand at £2 3s, but sellers would not accept less than £2 4s 6d. Oamaru Woollens were wanted at 16s, with a seller in the market at 19s 3d, and a parcel of Mosgiels was offered at £ll. Woolworths (N.Z., ord.) were turned over at 13s 6d, and finished with a close market at 13s '3d (buyer) and 13s 7d (seller). YESTERDAY’S SALES DUNEDIN Sales Reported

Sales Reported After Last Call 4 p.c. Bonds, 1943-46 102 0 0 AUCKLAND Sales.—Franklin Power Board, 1963, 41 p.c. (late sale), £lO6 ss; Bank of Australasia. £8 10s; National Bank of New Zealand, £1 16s; Bank of New Zealand (late sale), £1 18s Bd. £1 18s 6d, (2) £1 18s 3d; New Zealand Insurance, £2 13s 9d; South British, £2 3s; Dominion Breweries (late sale), £1 9s; Farmers’ Trading (late sale), 17s; M. K. Manufacturers (2), 5s 9d; New Zealand Newspapers (2), £1 6s 6d; Wilsons Cement, 16s. WELLINGTON Sales.—3J p.c. Bonds 1957 (late Wednesday). £IOO 10s: Napier Borough Council, 4i p.c., 1962 (late Wednesday), £105; 4 p.c. Stock. 1958, £lO3 2s 6d. CHRISTCHURCH Sales.—Grev River (cum div.), 14s, 14s Id. 14s 3d. Sales Reported: South British Insurance, £2 3s; Dominion Breweries (cum div.), £1 9s; New Zealand Breweries, £1 10s; Bank of Australasia, £8 10s.

SHARE MARKET INDICES

NEW YORK Dow Jones’s averages (1926 equals 100) and turnover on the New York Stock Exchange are as follows:

Highest in 1939.—Railroads, 35.90 (September 27); Industrials, 151.22 (September 12). Lowest in 1939; Railroads, 24.15 (April 18): industrials, 121.4 (April 8). LONDON Stock indices compiled by the Financial Times, London, are as follows (October 15, 1926, equals 100)

FOREIGN EXCHANGES (United Press Association) (By Electric Telegraph—Copyright) LONDON, June 26. Paris, franc to £l, —; Amsterdam, florins to £l, 4.45; Montreal, dollar to £l, 16.90; Switzerland, franc to £l, 540; Stockholm, kroner to £l, 75,55; Athens, drachmae to £l, 16.80; Lisbon, escudo to £l, 15 9-16; Kobe, pence to yen. 15: Hongkong, pence to dollar, 3 29-32; Brussels, belgas to £l, 31: Shanghai, pence to dollar, 24.175; Rome, lire to £l. 24.37; Tokio, pence to yen, —; Copenhagen, kroner to £l, 4 1-16; Oslo, kroner to £l, —; Argentina, pesos to £l, —. SILVER QUOTATIONS (United Press Association) (By Electric Telegraph— Copyright) LONDON. June 26. Silver—Fine, 21 Jd an ounce; standard, 22 15-16 d. TIN QUOTATIONS (United Press Association) (By Electric Copvright' LONDON, June 26. Tin. —Spot, £256 to £257; forward, £258 15s to £259. LONDON MONEY MARKET (United Press. Association) (By Electric Telegraph--Copvright' LONDON, June 26. Discount and short loan interest rates, day to day loans, J per cent.; fine trade bills, three months, 21 to 3 per cent.; bank bills, three months, 1 1-16 per cent.; bank bills, six months. 11 per cent.; Treasury bills, two months, 1 per cent.; Treasury bills, three months, 1 per cent.; New York call money, 1 per cent.

LATEST QUOTATIONS POORER DEMAND FOR LOANS The following are yesterday afternoon’s buying and selling quotations on the Dunedin Stock Exchange, which are subiect to the usual brokerage:— N.Z. GOVERNMENT LOANS

DIVIDENDS AND CALLS

The following is a list of shares on which dividends will shortly be payable:— Zinc Corp.—Final (pref. and ord.), Is 6d stg. (less British income tax, 4s' 9d in the £) .. To-day Morris Hedstrom—Final, 3 p.c. June 30 Imperial Chemical Industries— Final, 5 p.c., making 8 p.c. per annum July 1 Felt and Textiles (2nd pref.)— Half-yearly, 6 p.c July 1 National Mortgage—lnterim, 5 p.c. p.a. .. .. July 1 Dominion Breweries—l2 p.c. on all shares July 8 Woolworths ' Pronertles (preferred ord.)—Half-yearly, 6 • p.c. per annum July 15 ♦Woolworths (N.Z.)—lnterim 5 p.c July 15 ♦ Quoted ex dividend on Stock Exchange. RAILWAY WORKING ACCOUNT FOUR-WEEKLY PERIOD INCREASE IN NET REVENUE (Per United Press Association) WELLINGTON, June 27. The railway working account for the four-weekly period ended May 25 is as follow's:—

Total £879.318 £744,978 £134.840 * Lots. From April 1, 1940, to May 25, 1940, the totals were; — Revenue. Expenditure. Net revenue. £ £ £ 1,781.481 1,454,051 327,430 For the corresponding period last year the totals were:. Revenue, Expenditure. Net revenue. £ £ £ 1,585,319 1,302,967 222,352 BUILDING SOCIETY UNITED STARR-BOWKETT A meeting of members of the United Starr-Bowkett Building Society was held last evening to dispose of £2600. A ballot was held for the 106th appropriation In No. 7 group, duster No. 46 being drawn, held by one member. A sale was to be held for the 107th appropriation in No. 7 group, but as there were no buyers, a ballot was taken and resulted in cluster No. 2 being drawn, held by one member. A ballot for the fifty-first appropriation in No. 10 group was then held, and cluster No. 21 was drawn, held by one member. A ballot was then held for the forty-ninth appropriation in No. 11 group, the cluster drawn being No. 78, held by one member. MOUNT LYELL SHARES (United Press Association) (By Electric Telegr’oh—Copvvighn LONDON, June 26. Mount Lyell shares are quoted at 16s. AUSTRALIAN MARKETS (United Press Association) (By Electric Telegraph—Copyright) SYDNEY, June 27. (Received June 27, at 11 p.m.) The wheat market is much brighter as the result of both local and export inquiry. Silo grain is quoted at 4s and bagged 4s 2d. Flour, £l2 10s. Bran and pollard, £5 10s. Potatoes.—Tasmanian, £lO 10s; local, £lO. Onions.—Victorian brown. £l3. Maize, 4s 9d. AUSTRALIAN STOCK EXCHANGES (United Press Association) (By Electric Telegraph—Copyright) SYDNEY, June 27. (Received June 27, at 11 p.m.) Lack of buying interest still prevails on the Stock Exchange, causing a further easing of’values of all industrials. Additional Sales.—Bank of New South Wales, £24 15s: Colonial Sugar, £46 2s 6cl; Coles. £2 12s; Hordern. 10s 7d; David Jones, £1 3s 6d; Standard Cement, 18s; Sargents, £1 4s 6d; Taranaki Oil, 4s; Cash Orders, 12s; Taubman, £2 ss; Electrolytic Zinc. £2 (pref:, £2 2s 9d). MELBOURNE, June 27. Loloma, £1 0s 3d; Herald and Times, £2 4s 6d.

RESERVE BANK ASSETS AND LIABILITIES INCREASE IN STERLING FUNDS (Per United Press Association) WELLINGTON, June 27. The following is a statement of the assets and liabilities of the Reserve Bank as at the close of business on June 24; LIABILITIES

MINING NEWS NOKOMAI COMPANY ANNUAL REPORT The annual report of the directors of the Nokomai Gold Mining Company, Ltd., for the year ended March 31, will be presented this evening at the annual meeting of shareholders. The report states that work was carried on with the usual stoppages for adjustments, but, owing to the exceptionally severe winter, approximately three months’ working time was lost. Two paddocks, totalling about three-quarters of an acre and measuring 101,000 cubic yards, were worked, and a third was started. The gold won was 16240 z 19dwt, valued at £12,982 17s Bd. The profit, after installing a new tailings conveyor at a cost of £I2OO, was £1595 10s 2d.

£ S. d. 4 p.c. Stock, 1340-43 .. .. .. 101 0 0 Bank of New Zealand .. 1 18 U . 1 18 0 Woolworths (N.Z., ord.) .. .. 0 13 6

20 Rail 30 Shares roads, Industrials, sold. May .31 .. ... 23.15 . 166.22 53(1,000 June 1 .. .. 23.05 115.67 270,000 June 3 ,. .. 23.15 114.73 450.000 June 5 .. .. 22.94 113.25 670,000 June 16 .. .. 24.97 123.36 560,000 June 17 .. .. 25,04 122.80 1,210.000 June 26 .. .. 25.19 119.73 630,000

* Govt. Home IndusGold securities rails. trials. mines. Juno 6 .. .. 108.7 37.6 75.9 159.7 June 7 . .. 108.8 39.8 77.2 162,3 June 10 .. .. 108.8 38.2 77.6 162.3 June 12 .. .. 108.9 39.2 77.2 161.8 June 13 .. 108.8 38.8 67.8 160.3 June 14 .. .. 108.1 37.7 75.7 158.5 June 17 . .. 105.6 35.9 72.0 151.2 June 18 . .. 105.9 34.2 70.2 147.0 June 20 . .. 108.2 34.1 68.6 148.3 June 26 .. .. 106.4 31.9 61.1 133.8

Buyer. Seiler. £ s. i ri. £ S. d. 3J p.c. Bonds, 1953-57 99 10 0 100 15 0 4 p.c. Stock, 1940-43 .. 100 10 0 — 4 p.c. Bonds, 1943-46 . . 102 10 0 103 5 0 4 p.c. Bonds, 1946-49 .. 102 10 0 — 4 p.c. Stock, 1946-49 .. — 103 2 6 4 p.c. Bonds, 1954-58 .. 102 10 0 — 4 p.c. Stock, 1954-58 .. 102 10 0 — MINING Austral N.Z. Mining (£1) — 1 2 0 Big River (Is) .. .. — 0 1 0 Clutha River (2s) — 0 1 6 Gillespie’s Beach (Is) 0 0 5 — Grey River (10s) — 0 15 0 Nokomai (5s) .. .. — 0 1 8 Okarito (5s) .. .. — 0 1 0 Waihi Investments (5s) — 0 7 0 Waitahu (5s) .. .. - 0 1 0 BANKING N.S.W. (£20) .. .. — 1 6 0 New Zealand (£1) .. 1 17 3 1 18 3 N.Z. (Long D; £1) .. 1 6 0 1 7 6 Natl, of N.Z. (£2 10s) — r lo 6 Union (£5) 6 0 0 INSURANCE National (7s) .. .. — 0 17 9 New Zealand (£1) .. — 2 16 0 South British (10s) .. 2 3 0 2 4 6 Standard (£1) .. .. — 2 17 0 MEAT PRESERVING N.Z. Refrig. (paid; £1) — 1 0 0 N.Z. Refrig. (cont.; 10s) — 0 8 10 South Otago Freezing (£5) — 5 5 0 LOAN AND AGENCY Trustees. Executors (£3) 4 1 0 — Wright, Stephenson (ord.; £1) .. .. — 1 1 0 Wright, Stephenson (pref.; £1) 0 18 9 — COAL AND OIL Westport (10s) .. .. — 1 1 0 Taranaki Oil Develop. (3s 6d) 0 4 6 WOOLLEN COMPANIES Kaiapoi (ord.; 17s) .. — 0 15 0 Kaiapoi (pref.; 17s) .. 0 17 0 — Mosgiel (£4) .. .. — 11 0 0 Oamaru (£1) .. .. 0 16 0 0 19' 3 MISCELLANEOUS D.I.C. (pref.; £1) .. 1 2 6 — Dominion Fertiliser (£1) — 1 5 6 Dominion Rubber (£1) — 1 3 0 Stock Exchange Propy. (£1) 2 0 0 MacDuRs (ord.; £1) .. — 0 6 9 Milburn Lime (£1) .. — 2 1 0 National Electric (£1) — 0 18 0 N.Z. Paper Mills (£1) — 1 8 0 Otago Daily Times (£1) — 3 0 6 Woolworths’ (N.Z,; ord.; 5s) 0 13 3 0 13 7 BREWERIES N.Z. Breweries (£1) .. — 1 10 6

Expendl - Net Section. Revenue. turn. revenue. It £ £ Kalhu 683 *487 Gisborne . .. 1,497 2,195 •658 North Island main line and branches . .. 479,787 404,543 75,244 South Island main line and branches . .. 274,004 247,204 26,800 Westport 8,860 5,958 2,902 Nelson .. 868 1,784 *916 Picton 4,140 4,083 52 Total railway operation £769,352 £666,415 £102,937 Misccllaneoui services .. 110,460 78.553 31.903

Last week. This week. £ < 1. General Reserve Fund .. 1,500.000 1.500,000 2. Bank notes 18,369.1 15 18.616.8/2 3. Demand liabilities— (a) Stale 7,050,839 6,584,846 (b) Banks »• 15,719.365 16.215,092 (c) Other 251,531 378,485 4. Time deposits — — 5. Liabilities in currencies other than New 2ealand currencies .. .. 18,509 16.128 6. Other liabilities .. .. 786,665 778,862 Total £43.696.025 £44,090,287 ASSETS 7. Reseh/e— (a) Gold 2.801.839 ■ 2.801.839 (b) Sterling exchange .. 14,546.013 14.825.826 (c) Gold exchange .. .. — — 8, Subsidiary coin .. .. 156.664 157.587 9. Discounts— (a) Commercial and agricultural bills — — (b) Treasury and local body bills .. .. — 10. Advances— (a) To State or State undertakings— <l) Brimary Products Marketing Department .. .. . 3,6)4,039 3,756,967 (2) For other purposes 19,760,000 19,760,000 (b) To other public authoritles .. ... .. — (c) Other — — II, Investments 2,540,128 2,539,502 12. Bank buildings ... .. .. — — 13. Other assets 277.341 248,564 Total £43,096.025 £44,090,287 Proportion of reserve (No. 7 less No. S) to notes and other demand liabilities ... 41.868% 42,138% Sterling exchange Is expressed In New Zealand currency.