COMMERCE AND FINANCE

Otago Daily Times, Issue 24372, 9 August 1940, Page 2

COMMERCE AND FINANCE

THE SHARE MARKET DUNEDIN STOCK EXCHANGE STABLE POSITION MAINTAINED The general tone of the market for investments, as indicated by the activities of the Dunedin Stock Exchange yesterday, remains firm. New Zealand Government loans continued to attract inquiries from buvers, without sellers showing any interest. Bank of New Zealands finished with a very close market, buyers being prepared to give the fractionally firmer price of £2 Os 3d, while sellers remained firm at £2 Os 4d. National Bank of New Zealands also showed a slight firming tendency, buyers offering £1 16s 3d, but Union Banks eased a trifle, buyers' best offer being £6 14s. Westport Coals were fractionally firmer, with a buyer at £1 2s 2d, and Dominion Fertilisers also improved slightly, buyers offering £1 5s 6d. New Zealand Paper Mills met with a stronger inquiry at £1 7s 6d, no sellers coming forward. YESTERDAY'S SALES DUNEDIN Sale Reported £ S. d. 41 p.c. Wanganui City Debs., Nov., 1962 104 10 0 Sale Reported After Last Call Westport-Stockton (ord.) .... 0 2 3 AUCKLAND Sales on 'Change.—Amalgamated Brick (Auckland), t> per cent., 1944 (late sale), £102; Amalgamated Brick (Wellington), 6 per cent., 1944 (late sale), £lOl 10s; Bank of New Zealand, £2, £2 0s 3d; Westport Coal (odd lot; late sale), £1 2s 3d; Auckland Gas (cont.; odd lot), 3s; Dominion Brewery (late sale), £1 9s 9cl, £1 10s; Broken Hill Proprietary, £2 Is; Wilsons Cement, 17s lOd. WELLINGTON , Sales on 'Change. —Amalgamated Brick (Wellington), 6 p.c, 1944 (late Wed.), £lOl 10s; Westport Coal (late Wednesday), £1 23 3d. CHRISTCHURCH Sales Reported.— Chrlstchurch Gas, £1 4s; Broken Hill Proprietary, £2 2s; Woolworths (N.Z.), 15s 2d. LATEST QUOTATIONS SLIGHT CHANGES RECORDED 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 Buyer. Seller.

* Quoted ex dividend on Stock Exchange. SEARCH FOR OIL BORING OPERATIONS (Per United Press Association) GISBORNE, Aug. 8. The New Zealand Petroleum Company reports:—Morere: 4108 ft, formation hard green shale. Midhirst: Drilling resumed; the depth is now 1210 ft in sandy shale.

RESERVE BANK HIGH LEVEL OF NOTE ISSUE STERLING EXCHANGE STEADY (Per United Press Association) WELLINGTON, Aug. 8. The following is a statement of the assets and liabilities of the Reserve Bank as at the close of business on August s: LIABILITIES Last week. This week. £ £

Proportion of reserve (No. 7 less No. S) to notes and other demand liabilities .. 37.856% 38.02% Sterling exchange is expressed In New Zealand currency. CLINTON STOCK SALE SUBSTANTIAL INCREASE IN VALUES The opening stock sale of the spring series was held yesterday at Clinton, an entry of 700 sheep coming forward, and consisting mostly of ewes. There was, however, one line of ewe hoggets. Recent southern sales have shown a strong upward tendency in the store sheep market, and this was reflected yesterday in a keen demand for all classes. The main reason for the substantial increase in values has been the open winter which has been experienced, and has resulted in a surplus of feed. Moreover, buyers operating at the present time are, in view of the guaranteed price, in the position of being able to make a fair estimate of their ultimate return. The following were the quotations:— Medium ewe hoggets, 28s 9d: extra good failing-mouthed ewes, 26s lOd; average full and failing-mouthed ewes, 255; average failing and broken-mouthed ewes, 21s; old and inferior ewes, 12s 6d. MINING NEWS WORKSOP RETURN The following is the Worksop Extended Gold Dredging Company's report to August 6:—Owing to the failure of the wooden pontoon to stand up to future dredging operations, coupled with the fact that the area of profitable ground is too limited to warrant building a new pontoon, it has been decided to close the dredge permanently. All machinery, plant, and equipment now on the dredge will be dismantled and removed ashore for resale or for re-erection on a new claim if a suitable area can be secured. BIG RIVER REPORT The following is the Big River Gold Mines report for July:—No. 5 winze stope: Forty-five tons of stone were produced from this stope. No. 7 level: This level was advanced 40 feet for the month. Prospecting was continued in Nos. 1,4, and 6 levels. A total distance of 65 feet was driven, and nothing of any value Was met with. GREY RIVER RETURN (Per United Press Association) WELLINGTON, Aug. 8. The Grey River dredge claimed 131Joz in 132 hours (100,706 yards) for the week ended August 7. AUSTRALIAN STOCK EXCHANGES (By Electric Telegraph—Copyright) (United Press Association) SYDNEY, Aug'. 8. (Received Aug. 8, at 11 p.m.) The Stock Exchange was inactive, with a slightly weaker trend. The following sales were made:— Commercial Banking of Sydney, £l6 13s; Australian General Insurance, 14s 6d; British Tobacco, £2 4s; Standard Cement, I9s; Taubmans, £2 ss; United Provisions, 7s; Nestles (pref.), £1 9s 9d; Broken Hill Ptv. £2; Rawang, 7s 2d; Emperor, 9s 9d. MELBOURNE, Aug. 8. Felt Textiles, £1 14s; Coles, £3; Loloma, £1 Is. SHARE QUOTATIONS (Per United Press Asfociation) WELLINGTON, Aug. 8. The Stock Exchange Association of New Zealand has received advice from the Reserve Bank of New Zealand authorising under the Finance Emergency Regulations, No. 2. quotations of and dealings in the following shares:— Bank of Australasia. National Bank of New Zealand. Union Bank. Dalgety and Co. Blackwater Mines. Consolidated Goldfields.

£ s. d. £ s. d 31 p.c. Bonds, 1953-57 99 0 0 — 31 p.c. Stock, 1953-57 99 0 0 — 4 p.c. Stock, 1940-43 .. 101 10 0 — 4 p.c. Bonds, 1943-46 .. 103 2 6 — 4 p.c. Stock, 1943-46 .. 103 2 6 — 4 p.c. Bonds, 1946-49 .. 104 0 0 — 4 p.c. Stock, 1946-49 .. 104 0 0 — 4 p.c. Stock, 1949-52 .. 104 0 0 — 4 p.c. Bonds, 1952-55 .. 103 15 0 — 4 p.c. Stock, 1952-55 .. 103 15 0 ~ 4 p.c. Bonds, 1954-58 .. 103 15 0 — 4 p.c. Stock, 1954-58 .. 103 15 0 — MINING Big River (Is) .. .. — 0 1 0 Clutha River (2s) .. 0 10 — Gillespie's Beach (Is) 0 0 4 0 0 6 0 7 3 — Nokomai (5s) .. 0 10 0 1 6 Okarito (5s) .. .. 0 0 6 — Waitahu (5s) .. .. 0 0 71 0 0 9 BANKING N.Z. (£1) 2 0 3 2 0 4 Natl, of N.Z. (£2 10s) 1 16 3 ,— 6 14 0 — INSURANCE National (7s) .. .. 0 17 8 .. Standard (£1) .. .. 2 16 6 — MEAT PRESERVING N.Z. Refrig. (paid; £1) 0 19 0 — N.Z. Refrig. (cont.; 10s) 0 8 7 0 8 10 South, Frozen Meat paid; £1) .... — 1 14 6 South Otago Freezing (£5) 4 15 0 — Waitaki Farmers (£5) 4 12 6 — LOAN AND AGENCY N.Z. Guarantee Corp. (3s) 0 3 0 — Perpetual Trustees (18s) 2 10 0 — Trustees Executors (£3) 4 1 0 — Wright Stephenson (ord.; £1) .. .. — 1 0 3 Wright, Stephenson, (pref.; £1) .... 10 0 — COAL AND OIL Kaitangata (16s) — 1 11 6 Westport (10s) .. .. 12 2 — Westport - Stockton (ord.; 10s) 0 2 0 0 2 6 Westport - Stockton (pref.; 10s) .. .. 0 4 0 — Taranaki Oil Develop. (2s) — 0 4 6 WOOLLEN COMPANIES Bruce (ord.; £1) 0 17 6 — Bruce (pref.; £1) .. 10 0 — Kaiapoi (ord.; 17s) .; 0 14 3 — Kaiapoi (pref.; 17s) .. 0 17 0 — MISCELLANEOUS Broken Hill Pty. (£1) — 2 2 0 Brown, Ewing (pref.: £1) 110 — Colonial Sugar (£20) — 47 15 0 Chas. Begg and Co. .. 1 0 0 1 3 6 D.I.C. (Old.; 10s) 0 12 9 — D.I.C. (pref.; £1) 12 9 — Dominion Fertiliser (£1) 15 6 — Dominion Rubber (£1) — 1 2 0 Dunlop Pcrd. Rubber (£1) — 1 0 0 G. J. Coles (£1) .. 2 19 0 — MacDuffs (ord.; £1) 0 6 3 0 7 6 Milburn Lime (£1) .. 2 0 6 — McLeod Bros. (£10) .. 26 0 0 — Natnl. Electric (£1) .. — 0 17' 9 N.Z. Drug Co. (£2) 4 0 0 — Farmers' Fertiliser (£1) 0 19 9 — Farmers' Fertiliser (pref.; £1) .. .. 1 1 0 — N.Z. Paper Mills (£1) 1 7 6 — Otago Daily Times (£1) — 2 0 0 Wilsons Cement (10s) 0 17 6 — Woolworths (N.Z.: ord.; 5s) 0 14 9 — BREWERIES N.Z. Breweries (£1) 1 12 3 1 13 3 Dominion (£1) 19 6 — AUSTRALIAN MINING Electro. Zinc (pref.; £1) 2 6 3 — Mount Morgan (2s 6d) 0 8 0 0 9 0 North Broken Hill (5S) 1 14 0 — Placer Developments — 3 0 0 UNLISTED STOCKS All Stocks in this section are not quoted on the official list, and transactions are subject to a different rate of brokerage — Buyer. Selle '. £ s. d. £ s. d. Coulls, Somerville, Wilkie 0 17 6 1 0 0 Dunedin Ice Cream .. 14 0 — Otago Farmers' (A — 1 0 ,LLS iares 0 on DIVIDENDS AND CA The following is a list of si which dividends will shortly be payable:— Mossy Creek—Id a ■ihare Aug. 12 Union Bank—Interim dividend, 2s 1.2d per shar e net in English currency Aug. 14 Woolworths (Sydney) — Halfyearly dividend < m 10 p.c. and 8 p.c. pref.. aayable .. Aug 15 Woolworths (West Australia)— Half-yearly dividend on 8 p.c. pref., payable Aug. 15 Mount Morgan (pref.)—6 p.c, 9 3-5d per share Aug. 15 *N.Z. Farmers' Fertiliser—Final, 6 p.c, Is 2 3-5d per share Aug. 15 Commercial Bank (or d.)—Final, 71 p.c, 4Jd per share. (Pref.) —Final. 4 p.c, 4s per share Aug 22 Emperor Mines—6d a share .. Aug. 31 Electrolytic Zinc—Fir al, 8 p.c. on ord. and pref., making 14 p.c. for year .. Sept. 20

1. General Reserve i-und .. 1,500,000 I.500.U0U 19,623.435 19.718,751 3. Demand liabilities— 5,150,355 4,762,939 15,746,366 17,146,533 265,579 162,791 — — S. Liabilities in currencies other than New Zealand currcncic- .. .. 8,429 5.718 6. Other liabilities .. .. 724,591 734,826 £44,024,756 £44,031,558 ASSETS 7. Reserve— 2,801,840 2,801,851 (b) Sterling exchange .. 13,027,477 13,092,952 (c) Gold exchange .. .. — — 8. Subsidiary coin .. .. 140,129 137,667 9, Discountsfa) Commercial and agricultural bills m. m. (b) Treasury and local body bills .. .. — — 10. Advances— (a) To State or Stat* undertakingsCD Primary Products Marketing Depart3,618,075 3,370,928 (2) For other purposes 21,610,000 21,890,000 (b) To other publlo au- — — — — 2.543,804 2,543,804 — — 285.432 224,358 £44.024,756 £44,031.558