COMMERCE AND FINANCE

Otago Daily Times, Issue 24413, 26 September 1940, Page 2

COMMERCE AND FINANCE

THE SHARE MARKET DUNEDIN STOCK EXCHANGE GOOD DEMAND CONTINUES There were few changes in conditions in the ilvesmtent market yesterday, a good general demand continuing on the Dunedin Stock Exchange. The inquiry for Government Doans was strong, but sellers still refrained from responding. A few banks were asked for without result, and insurances were again rather dull, Nationals standing at 18s 8d (buyer) and 19s Id (seller). Frozen meat shares were in good demand, with paid-up New Zealand Refrigerating at £1 Os 8d (buyer) and a seller only 3d away. Westport Coals were turned over at £1 2s 9d. and a parcel of Auckland Gas realised 8s 4d. Broken Hill Proprietary shares were wanted at £2 6s 6d, and G. J. Coles were unchanged, with a buyer at £3 5s 6d. Ordinary MacDufl's were still wanted at 10s 3d, and a parcel of the preference shares changed hands at 19s. Milburn Limes were quoted after an absence from the list, an offer of £2 finding a seller only Is away. New Zealand Drue (rights) were again in the sales list at £1 6s 9d. YESTERDAY’S SALES DUNEDIN Sales Reported £ s. d. Westport Coal 12 9 Auckland Gas 9 JJ ’ Mac Duffs (pref.) 0 19 0 Sale on ’Change N.Z. Drug (rights) 16 9 AUCKLAND Sales on ’Change. —4 p.c. Stock, 1940-43. £lOl 2s 6d: 4 p.c. Stock. 1943-46, £lO2 15s; 4 p.c. Stock, 1946-49, £lO5 10s; 4 p.c. Stock, 1952-55. £107; Auckland Transport Board, 1949, 41 p.c., £lO4 15s; Auckland Gas Stock, £lOl 15s; New Zealand Insurance (2). £3 0s 6d; Newton King (N.Z.), 11s; Taupiri Coal (ord.; odd lot), £1 Is 3d; Dominion Breweries, £1 11s; New Zealand Refrigerating (£1), £1 0s lid. WELLINGTON ' Sales on ’Change.—4 p.c. Stock, 1952 (late Tues.). £lO6 15s; Union Bank (late Tues.). £7; Bank of New Zealand (late Tues.), £2 2s 6d; 4 p.c. Stock, 1952 (2), £lO6 15s; Bank of New Zealand, £2 2s 6d; National Insurance, 18s 9d; New Zealand Refrigerating (font.; 2). 9s 6d; Weiling ton Woollen (ord.). 15s; MacDufl^ (ord.), 10s 9d; Mac Duffs (pref.). 19s; Mort s Dock (2). 17s 6d; Woolworths (New Zealand). 16s 6d: 4 p.c. Stock 1958 £lO7 18s 9d' 4 p.c. Stock, 1946, £lO2 15s, 4 p.c. Stock, 1949, £lO5 12s 6d. CHRISTCHURCH Sales on ’Change.— South British Insurance (2; cum div.), £2 10s; Broken Hill Proprietary (2), £2 7s. Sales Reported.—Auckland Gas 5 p.c. Perpetual, £102; Union Bank of Australia, £7 2s 6d; British Tobacco (2), £2 10s, Christchurch Gas, £1 ss. ADDINGTON MARKET SHEEP PRICES DOWN (Per United Press Association) CHRISTCHURCH, Sept. 25. A much heavier yarding of fat sheep at Addington to-day brought prices in all classes except hoggets down py ts a head. The offering generally was of poor quality, except for consignments ot southern sheep. Best wethers made to 56s 4d, and good from 40s to 495. Best ewes made to 50s, and good 30s to 445. The cattle yarding of 411 head was the best selection offered this year, and included several outstanding lines from the. West Coast. Considering the high quality of the entry, prices kept up well, and were little different from those of last week. Good beef brought 50s, with best up to 57s 6d. Best steers, to £24 17s 6d, and good, £l4 to £22; best heifers to £2O 7s 6d good £l2 to £l7; best cows to £li 2s 6d, good £9 to £l4. There was a larger store sheep yarding, and values in all classes were Is below those of recent sales. A small entry of pork met with an excellent sale, with an average price of Bcl to 9Jd a lb. There was a heavy supply of baconers, and prices were easier, the average being 7id to 8d a lb. AUSTRALIAN STOCK EXCHANGES (United Press Association) (By Electric Telegraph—Copyright) SYDNEY, Sept. 25. (Received Sept, 25. at 10.30 p.m.) The Stock Exchange was quiet but steady to-day. The Morning Sales.—Commonwealth Bonds, 4 p.c., 1941, £lO2 Is 3d: 4 p.c., 1961. £107; Tooths, £2 10s; Australian Gas (A), £5 8s; Australian Consolidated Industries (cont.), I7s 7Jd; British Tobacco. £2 8s 9d. Colonial Sugar £47 12s 6d, Consolidated Industries £1 15s 9d. Morfs Dock 16s 9d, Goldsbrough, Mort £1 5s 9d. Casli Orders 15s, Mount Lyell £1 8s 3d, Loloma £1 3s 9d, Emperor 10s 6d, Kuala Kampar 13s 6d. MELBOURNE, Sept. 25. Commercial Bank of Australia 14s, Howard Smith £1 0s 6d, Broken Hill Proprietary £2 4s 6d, Broken Hill Proprietary (new) 14s Bd. Fraser and Co., selling agents for Otago and Oamaru Egg Circles, report as under: Eggs: Market rates. Dairy butter pats, lid to Is; bulk. Is Id. Potatoes, £2 10s to £3 10s per ton. Chaff, £7 to £7 15s per ton, sacks extra. Canterbury onions. 15s per bag. Whole fowl wheat, to 6s 6d oer bushel. Clover hay, £7 10s per ton. Honev, 7d to 8d per lb: 21b pottles. Is 6d; 51b tins, 3s 9d: 101 b tins, Bs. Poultry: White Leghorn hens. 4s 6d to 5s 6d; heavy breeds. 5s to 6s; cockerels, light 3s to 4s. heavy 7s to 8s: roosters, Is 6d to 2s 6d; ducks, 3s 6d to 6s 6d; ducklings, 5s to 7s; all per pair. Turkeys: Cobbers. 8d per Ib. live weight: hens, 7d per lb. We stock Palmer’s chick food. C.F.M. meatmeal, leg rings Is per dozen. (Special quotes for quantities.) We are Otago agents for Champion egg crates, Sol-vit-ax cod liver oil for poultry. Prices on application. Consignors, please, note that all poultry must arrive not later than Wednesday morning of each week. We have a stock of poultry crates on hand for use for our clients.

LATEST QUOTATIONS INDUSTRIALS CONTINUE FIRM The following are yesterday afternoon’s buying and selling quotations on the Dunedin Stock Exchange, which are subject to the usual brokerage;— N.Z, GOVERNMENT LOANS

UNLISTED STOCKS All stocks in this section arc not quoted on the official list, and transactions are subject to a different rate of brokerage:— Buyer. Seller.

TAIERI AND PENINSULA COMPANY ANNUAL MEETING The fifty-sixth annual meeting of shareholders of the Taleri and Peninsula Milk Supply Company. Ltd., was held yesterday. Mr A. P. Fleming (chairman of directors) presided. In his address, the chairman said that many emergency regulations had had to be invoked owing to war conditions, and normal trading had been seriously upset. The company had nine members of its staff either in camp or overseas, and others were waiting to be called up. Mr J. McKnight had joined the National Reserve, and was a regimental sergeantmajor. All would wish these men good luck and a safe return. Lower Production Mr Fleming said that, following the severe climatic conditions experienced last spring, feed was scarce, and the stock were in poor condition, with the result that production throughout Otago showed a marked decrease. The manufacture for the season was 789 tons of butter. The company's manufacture was higher than that of any other company in Otago. The tendency was for producers to reduce their herds, so that they could be handled without employing labour, and this was a factor in reducing the output of dairy produce. The guaranteed price was the same as in the previous season, namely, 14.83 d for finest butter. The advance payment for butter-fat throughout the season was Is 2d per lb, and with the further payment made on August 24 the average payment over all grades was 15,03 d per lb—a slight increase compared with the previous year’s average. The Government had negotiated the sale to Ihe United Kingdom of the whole of the output of butter and cheese exported from (he Dominion for the coming season, at the same price as the previous year, but it was not yet known if an increase would be made in the guaranteed price. New Zealand bad been asked to make an extra 15,000 tons of cheese. This was required in the war effort, and regu-

lations had been gazetted governing and controlling supplies of milk to cheese fac-r tories to enable this extra tonnage to be made available. If no Increase were made in the guaranteed price, the producer would be in a worse position owing to rising costs, not only in the factory, but on the farm. Retail Sales Increase Sales of milk retail showed an Increase compared with the previous year, and under the milk-in-schools scheme the company continued to supply milk to all schools in the city and suburbs and as far as Port Chalmers and Mosgiel. The retail price of milk was the same as in the previous year. It was found necessary to extend and equip the factory at Oamaru with modern plant and machinery. Premises and plant in Dunedin had been kept in excellent order and repair. Dealing with the accounts, the chairman said the balance in the appropriation account was £12,922, after being credited with £7480 from the buttermanufacturing and marketing account. The cost per pound butter-fat this year was 3,87 d, compared with 3.676 d. The balance sheet revealed that the assets were all taken at very conservative values. Payments to producers, both suppliers of butter-fat and of milk for town supply, were higher than for the past 10 years. The directors wished to make some provision for the loss incurred in the purchase of the Waltaki Dairy Company, and after due consideration deemed it wise and prudent that no dividend should be paid this year. The report and balance sheet were adopted. Directors The retiring directors, Messrs E. Y. Aitken and William Robertson, were reelected unopposed. At a subsequent meeting of directors, Mr Robertson was elected chairman for the ensuing year. Messrs J. S. Mclnnes and Sons were elected for the ensuing year. SOUTHLAND MARKETS KEEN DEMAND FOR SEED OATS (Special to Daily Times) INVERCARGILL. Sept. 25. An unusually keen demand for seed oats Was a feature of the business in the grain and produce markets of Southland during the past week. There has been a heavy demand for seed oats. The season is an early one, and a much larger area than usual is being sown. Spot stocks are light for this time of the year, and any feed lines are readily saleable. Offerings from farmers have almost stopped coming to hand. The nominal value for oats is from 3s 5d to 3s 7d a bushel, according to quality. The area sown in wheat in Southland this vear appears to be smaller than usual. The " Wheat Committee has circularised merchants and farmers’ organisations discouraging the sowing of wheat in coastal areas. The move is a wise one, as wheat grown in the coastal areas generally has a high moisture content, and if it fails to pass the milling test the growers will have to sell at a greatly-reduced price. Stocks of fowl wheat have been taken over at a price approved by the wheat controller, and for good whole fowl wheat the price is 4s 4d, sacks ■ extra, o.t.c.s. Sales are being made to east coast ports at an equivalent price, f.o.b. There is nothing fresh to report In the ryegrass market. Business is quiet, and lines of low germination are practically unsaleable. Almost all the season's crop of fescue is in merchants’ hands. The market has firmed slightly in the last few weeks, mainly because of the shortage of cool space on ships. It is of interest that many growers have become concerned about reports of plans for the harvesting of seed in the State of Oregon (United States). Sales of browntop have been made In England, and more business of the kind would be likely if the stocks were available. The outlet in England has been caused by the letting of Government contracts. The price for machine-dressed seed of export quality is nominally Is 9d per lb for certified seed and Id per lb less for uncertified. Overseas inquiry for white clover has been easier, but values have remained firm. The price for machine-dressed seed of high purity and germination is 3s per lb for certified seed and 2s 6d for uncertified. Most of the seed is now In merchants' hands. The potato market is lifeless. There is no shipping inquiry at all. The market for seed potatoes is also dead. South Canterbury reports that growers are not changing their seed this year because they arc not in a position to dispose of their potatoes, either seed or table. NORTH BROKEN HILL NET PROFIT NEARLY £400,000 (Per United Press Association) WELLINGTON. Sept. 25. The directors of North Broken Hill, Ltd., advised the Stock Exchange by cablegram to-day that the net profit for the year ended on June 30 was £397,418. COLOMBO TEA SALE Mr L. M. Wright has received the following cabled report on the Colombo tea auction of September 24: At yesterday’s sale of 1,250.0001 b competition was keen and all grades advanced. Common grades were Id dearer, and medium and good quality were Id to 2d up on last week’s quotations. A total of 1,000,00 Mb has been catalogued for sale next week.

Buyer. Seller. £ S, d. £ s. a. 3J p.c. Bonds, 1953-57 100 5 0 — 31 p.c Slock, 1953-57 100 5 0 — p.c. Stock. 1941 100 5 0 — 4 p.c. Stock, 1940-43 .. 100 10 0 — 4 p.c. Bonds, 1943-46 .. 102 10 0 — 4 p.c. Stock. 1943-46 .. 102 10 0 4 p.c. Bonds, 1946-49 .. 105 0 0 — 4 p.c. Stock, 1946-49 .. 105 0 0 — 4 p.c. stock, 1949-52 .. 106 10 0 — 4 p.c. Bonds, 1952-55 .. 106 10 0 — 4 p.c. Stock, 1952-55 .. 106 10 0 —• 4 p.c. Bonds, 1954-53 .. 107 5 0 — 4 p.c. Stock, 1954-58 .. 107 5 0 — MINING Austral N.Z. Mining (£1) 1 3 6 — 8 Big River (Is) .. .. 0 0 6 fl 0 Clutha River (2s) 0 1 3 0 1 9 Gillespie's Beach (Is) 0 0 5 0 0 6 Gvev River (10s) 0 16 6 — * Mossv Creek (Is) 0 1 0 — Nokomai (5s) 0 1 0 — Okarito (5s) 0 0 6 0 — Sandhills (Is) .. ■■ — 0 1 Waitahu (5s) 0 0 7 0 0 BANKING A'sia (£5) — 8 0 0 N.Z, (£1) 2 2 0 9 N.Z. (long D; £1) .. 1 8 0 1 6 Natl, of N.Z. (£2 10s) 1 19 9 2 1 0 Union (£5) 6 19 0 — INSURANCE National (7s) .. .. 0 18 8 0 19 1 Standard (£1) .. •• 17 6 — SHIPPING U.S.S Co. (pref.; £1) 1 6 0 — MEAT PRESERVING Canterbury Meat (pref.: £5) 6 10 0 — N.Z. Refrig. (paid; 11 £1) - 1 0 3 1 0 N.Z Refrig (cont.; 9 10s) 0 9 5 0 7 South. Frozen Meat (paid; £1) 1 15 0 — South, Frozen Meat (pref.; £1) .. .. 1 15 0 — Waitaki Farmers (£5) 4 13 6 LOAN AND AGENCY Perpetual Trustees (18s) 2 10 0 — Wright. Stephenson 0 19 (pref.; £1) .. .. 9 — COAL AND OIL Kaitangata (16s) 1 8 01 11 6 Westport (10s) .. .. 1 2 6 — Taranaki Oil (£1 4s 7d) . 0 5 9 0 7 0 WOOLLEN COMPANIES Bond's Hosiery (£1) 1 7 0 _ Bruce (ord.; £1) 0 18 3 — Kaiapoi (pref.: 17s) .. *0 16 3 — MISCELLANEOUS Aust. Consold. Indus. (£1) 1 15 0 — Broken Hill Pty. (£1) 2 C 6 — Crystal Ice (£1) 2 0 0 — D.I.C. (pref.; £1) 1 3 6 — Dominion Fertiliser (£1) 1 7 0 — G. J. Coles (£1) 3 5 6 — MacDuffs (ord.; £1) 0 10 3 — 0 MacDuR's (pref.; £1) — 0 1 0 Milburn Lime (£1).. 2 0 2 1 0 McKenzies Dept. Strs. (£1) 2 4 0 — McLeod Bros. (£10) 27 5 0 — Natnl. Electric (£1).. 0 17 6 — N.Z. Drug Co. (£2) 3 13 9 — N.Z. Drug (rights).. 1 6 6 — Otago Daily Times 19 (£1) 1 0 — Wool worths (Sydney; ord.; 5s> 0 18 3 — BREWERIES N.Z Breweries (£1) — 1 15 0 Carlton (£1) .. .. 3 2 0 — AUSTRALIAN MINING Broken Hill South (5s) 1 5 6 — Electro. Zinc (ord.; £1) 2 11 0 — Electro. Zinc (pref.; 13 £1) 0 — Emperor (10s) 0 11 0 0 8 11 Mount Morgan (2s 6d) 0 8 0 North Broken Hill (5s) 1 16 0 — Wellington Alluvials 6 (2s) — 0 4 *Ex dividend.

£ s. d. £ S. d. Dunedin Ice Cream .. 1 4 6 — Mackintosh - Caley - 8 0 9 Phoenix 0 0 3 Bootli Macdonald 0 (pief.) 0 4 3 5 3 Aust. Mot. Petrol 0 13 (pref.) 3