COMMERCE AND FINANCE

Otago Daily Times, Issue 24448, 6 November 1940, Page 2

COMMERCE AND FINANCE

THE SHARE MARKET DUNEDIN STOCK EXCHANGE WAR LOAN TURNED OVER The first sale in Dunedin of the new War Loan, maturing in 1953, was reported on the Stock Exchange yesterday at £79 ss, a discount of £2O 15s, representing that amount of loss to the holder. This would indicate that some who have been compelled to take up the loan prefer to cut their losses rather than wait three years until interest becomes payable. Bank of New Zealands were again easier at £2 (buyer) and £2 Is 3d (seller). New Zealand Drugs continued to have a firm inquiry, but no seller responded. The bid for New Zealand Breweries was £1 11s lOd. but sellers held out for £1 13s. The market otherwise was steady, with practically no changes. YESTERDAY’S SALES DUNEDIN Sales Reported

AUCKLAND Sales on ’Change.—Bonds, 1946-40, 4 per cent., £lO3 ss; War Loan. 1953 (paid), £79 10s; Stock, 1954-58, 4 per cent., £107; Stock, 1949-52, 4 per cent., £lO5 10s; Stock, 1952-55, 4 per cent., £lO5 ss; City of Auckland, 1950, 34 per cent., £96 10s; Bank of New Zealand,.£2 Is; Commercial Bank of Australia, 15s Id; National Insurance, 18s; South British (late sale). £2 8s; P. and O. Del. Stock, £1 3s 3d; Dominion Breweries (6), £1 9s; New Zealand Breweries, £1 12s 3d; Broken Hill Pty.. £2 5s 3d; Consolidated Brick, 7s 4d; G. J. Coles, £3 10s; Woolworths (Sydney), 17s 10s. WELLINGTON Sales on ’Change.—South British Insurance (late Monday), £2 8s; Dominion Breweries, (late Monday). £1 9s; Beath and Co. (Is paid, late Monday, 19s paid in advance). 15s 3d; 34 per cent. Stock, 1957, £101; 4 per cent. Stock. 1955, £lO5 ss; 4 per cent. Bonds, 1955, £lO5 ss: Wellington City Council, 34 per cent., 1947, £99; Commercial Bank (ord.), 15s; Silverton Tram, £1 10s; Dominion Breweries, £1 9s: New Zealand Breweries (2), £1 12s; Swan Brewery, £1 4s 9d; Dunlop Rubber, £1 0s 7d; New Zealand Newspapers, £1 11s 9d; Australian Consolidated Industries, £1 18s 6d; Broken Hill. £2 5s 6d. CHRISTCHURCH Sales on ’Change.—New Zealand Refrigerating (10s paid), 9s 3d; New Zealand Insurance, £3 0s 6d: Australian Consolidated Industries, £1 19s; Mac Duffs, 10s 9d; Mac Duffs (pref, 2s), 18s 6d; Mount Lyell (odd parcel). £1 9s 6d; Mount Morgan, 9s 6d. . , _ , , Sales Reported.—Commercial Bank ot Australia, 15s; Katapoi Woollens (17s paid). 13s 9d; Swan Breweries. £1 4s lid: Staples Breweries (in liquidation). Is; Booth Macdonald (pref.), ss. EXCHANGE TRANSACTIONS ASSOCIATED BANKS’ RATES (Per United Press Association) t WELLINGTON, Nov. 5. The Associated Banks announce thac on and after to-morrow, as a result of the longer transit times of mails to the United Kingdom, their .buying rates of exchange for sea mail transactions on London will be:—On demand, £123 12s 6d; 30 days, £123 7s 6d; 60 days, £123 2s 6d; 90 days, £122 17s 6d;. 120 days, £122 12s 6d. '' LORNEVIILE STOCK; §AIE LITTLE CHANGE IN VALUES (Per United Press Association) INVERCARGILL, Nov. 5. There was a slight increase in the number of fat sheep yarded at LornevUle to-day as compared with last week s sale, and the entry consisted almost wholly of ewes, there being very few wethers. The sale was a sound one from beginning to end. and the values showed little change compared with last week. Prime heavy woolly wethers brought from 45s to 47s 9d; good quality, 41s to 435; medium. 36s to 38s; light-weights, 31s to 335. Good quality medium shorn wethers, 32s to 34s (Id: light-weights. 28s to 30s; prime heavy woolly ewes 33s to 35s 6d; good quality ewes. 29s to’ 31s; medium. 26s to 27s 6d; unfinished. 18s to 225; prime young shorn ewes, 24s to 26s 3d; prime heavy ewes, 23s to 245; good quality,,2ls to 225; medium, 18s 6d to-20s; unfinished. 15s to 16s 6d. Fat iambs sold from 23s up to 33s for lambs of exceptionally good quality. There was only a medium entry of fat cattle. The quality, with the exception of a few, was only average. The sale was bright and prices were about 10s to 15s better than last week. Extra prime heavy bullocks made up to £23 ss; prime quality medium-weights, £l6 5s to £l7 10s; handy-weights, £l4 10s to £ls 15s: light-weights, £l2 to £l3; prime heavy heifers, £l4 15s to £ls 10s; mediumweights, £l3 to £l3 15s: handy-weights, £ll 10s to £l2 10s; light-weights. £9 to £10; prime quality cows, £l4 to £ls; good quality medium-weights. £l2 5s to £l3; light-weights, £lO 10s to £ll 10s; unfinished.- £8 to £9 ss.

MINING NEWS WHITE’S DREDGE The following is the official gold return of White’s Electric Gold Dredging Company, Ltd., during the week ended October 31:—22 ounces of gold in 140 hours’ dredging time. MILTON STOCK SALE A small entry came forward for yesterday’s sale, comprising odd lines of ewes wl’th lambs at foot and shorn two-tooth ewes and wethers. Young pigs were plentiful. 44 being penned. Recent rains had freshened up the pastures. with the result that buyers showed keen interest in the various lines of sheep, which sold at slightly advanced rates. One lot of shorn ewes with killable lambs sold at 17s lid; average woolly ewes with lambs realised 15s to 15s Id. Average shorn two-tooth Romney cross ewes brought 27s 9d. Another line of mediumsized two-tooths (fairly fine) changed hands at 23s 6d. Medium shorn two-tooth wethers sold at 18s. Pigs, owing to the large entry, showed a decline of 3s per head as compared with late rates. Prices ranged from 20s to 30s, according to size, breed, and condition.

LATEST QUOTATIONS BANK OF NEW ZEALANDS EASIER 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

DIVIDENDS AND CALLS The following is a list of shares on which dividends will shortly be payable:— Bank of Adelaide—lnterim at rate of 5 p.c. p.a. .. To-day Trustees, Executors—lnterim, 3 p Nov. 8 N.Z. Paper Mills—lnterim, 3 p.c. Nov. 15 National Bank of AustralasiaInterim, paid and contrib., at rate of 6 p.c. p.a Nov. 27 Bank of N.Z.—lnterim, ord. Is, long D„ 3? p.c Dec. 7 SALE OF SHEEPSKINS FIFTH SCHEDULE* ISSUED SAME CONDITIONS AS BEFORE The fifth schedule of prices for sheepskins has been issued by the New Zealand Sheepskin Controller under the same conditions as before in the terms of the agreement of sale to the United Kingdom. The respective rates for the various grades are as follows: — Full wool: 56-60, super 103 d, sound 9Jd; 50-56, 93d, ,9d; 48-50, 93d, BJd; 46-48, ad, 81d; 40-44, 83d, Bd. Three-quarter wool: 56-60, super 93d, sound 83d; 50-56, 83d, 83d; 48-50, 83d,. 73d; 46-48, Bd. 7Jd: 40-44, 73d, 73d. Half-wool: 56-60. super 6Jd, sound 6jd: 50-56, 63d, 6d; 46-48, 6d, 53d; 40-44, 6d, 52d. Quarter-wool: 56-60, super 43d, sound 4d; 50-56, 43d, 4d; 46-48, 43d, 4d; 40-44. 43d, 4d. Hoggets: 56-60, super 9Jd, sound 83d; 50-56, 9d. 83d; 48-50, BJd, 73d; 46-48, 83d, 7Jd; 40-44, Bd, 73d. SYDNEY STOCK EXCHANGE SYDNEY, Nov. 5. (Received Nov. 5, at 11 p.m.) The share market was steady t'o firmer. The Morning Sales.—Commonwealth Bonds: 4 p.c., 1941, £lO2 Us 3d; 4 p.c., 1961, £lO7 13s 9d. Bank of New South Wales, £2B 15s; Tooheys, £1 9s 4Jd; Tooth's, £2 12s 9d; Austral Gas (A), £o 13s; British Tobacco. £2 10s 3d; Broken Hill Proprietary, £2 4s DdrDavid Jones. £1 15s 9d. .. Additional Sales, —Bank of New South Wales £29, Commercial Bank of Sydney £l9 15s, Associated News 15s 9d (pref., 18s 6d), Australian General Insurance 17s, Peters £1 Is, John McGrath £1 10s 6d, Fairvmead Sugar £1 15s, Electrolytic Zinc £2 12s (pref., £2 14s), Mount Morgan 9s lid, Mount Lyell £1 9s 6d. Melbourne Exchange was closed for Cup Day. CARPET MANUFACTURE Sir Clifton Love, chairman of Carpet Manufacturers, Ltd., Sydney, said at the annual meeting of the company that the greater range of patterns now available, and also the new types of carpets being manufactured, would considerably extend the company’s sales range. New looms had been brought Ifito production, and advice had been received that further looms had been shipped from England. A net profit of more than £10,900 had been earned for the first full year of operations of the complete first unit plant, said Sir Clifton Love. He added that the company’s working arrangement with John Vicars and Co. Pty., Ltd., had proved very satisfactory.

£ S. d. War Loan, 1953 79 5 u P, and O. Stock 1 3 6 N.Z. Refrig, (pd.; odd lot) 1 0 1 N.Z. Newspapers ; *1 11 9 Woolworths (Syd.; late Mon.) 0 18 0

Buyer. Seller. £ S. d £ s. 0, 3J p.c. Bonds, 1953-57 100 0 0 — 34 p.c. Stock, 1953-57 100 0 0 — 4 p.c. Stock, 1943-46 .. 101 15 0 — 4 p.c. Bonds, 1943-46 .. 101 15 0 4 p.c. Stock. Nov., 10 1948 104 0 — 4 p.c. Bonds, Nov., 1948 104 10 0 — 4 p.c. Stock, 1954-58 .. 106 0 0 107 15 0 4 p.c. Bonds, 1954-58 .. — 107 15 0 War Loan 79 0 0 79 .15 0 MINING Big River (Is) .. .. 0 0 6 — 0i Central Shotover (Is) — 0 0 Clutha River (2s) Gillespie’s Beach (Is) — 0 2 6 — 0 0 6 Martha 1 0 7 6 Nokomai (5s) .. .. 0 0 — Okarito (5s) .. -. 0 0 8 — Paddy’s Point (5s) .. — 0 0 7 Sandhills (Is) .. .. T 0 0 1 BANKING New Zealand (£1) .. 2 0 0 2 1 3 E.S. and A. (£3) .. — 4 15 0 Natl, of N.Z. (£2 10s) —, 2 0 6 Natl, of A’asia (£10) — 12 10 0 Union (£5) ... ... — 7 i 0 INSURANCE National (7s) .. .. — 0 0 13 7 New Zealand (£1) .. 3 0 — Standard (£1) .. .. 2 18 0 SHIPPING P. and O. Def. Stock (£1) 1 3 0 — U.S.S. Co. (pref.; £1) 1 6 3 MEAT PRESERVING N.Z. Refrig, (paid; 6 £1) 1 0 0 1 0 N.Z Ref rig (cont.; 9 10s) ...... .. 0 9 1 0 4 South Otago Freezing (£5) 5 0 0 *— Waitakl Farmers (£5) 4 15 0 — LOAN AND AGENCV Natnl. Mortgage (£2) ' — 1 17 0 Natl. Mortgage (B 1 issue; £1) •• •• 0 0 1 3 0 Perpetual Trustees 11 (18s) •• 2 0 — Trustees. Executors (£3) Wright, Stephenson 4 2 0 — 6 (ord.; £1) , u COAL AND OIL Westport (10s) .. .. 1 2 8 Westoort - Stockton 0 (ord.; 10s) .. .. 0 3 —• Moturoa Oil (prcf.: 5k) — 0 5 0 Taranaki Oil (24s 7d) — 0 6 6 Taranaki Oil Develop. 6 (cont.) .. — 0 4 WOOLLEN COMPANIES Bond’s Hosiery (£1) 1 7 0 Bruce (ord.; £1) 1 0 0 — Bruce (pref.; £U .. 1 0 0 — 9 Kaiapoi (ord.; 17s) .. — 0 13 Kaiapoi (pref.: 17s) .. 10 — 0 U U 0 Mosgiel (£4) .. .. 10 MISCELLANEOUS Brown, Ewing (pref.; £1) 1 — 0 i 3 0 Chas. Begg and Co. .. 1 — Crystal Ice (£1) 2 2 0 — D.I.C. (ord.: 10s) — ’ 6 0 14 0 D.I.C. (pref.; £1) .. 1 3 — Dominion fertiliser (£4) 1 7 0 — Donaghy's Rope (£1) 2 13 0 — Dunlop Perd. Rubber 19 6 (£1) 0 — G. J. Coles (£1) — 6 3 ii 0 MacDuffs (pref.; £1) 0 17 — Milburn Lime i £ 1) . • — 9 2 0 9 Natl. Electric (£1) .. 0 17 — N.Z. Drug Co. (£2) .. Farmers’ Fertiliser 3 15 3 — 3 (£1) 1 0 0 i 0 N.Z. Paper Mills (£1) 1 9 3 — Otago Daily Times 2 0 0 (£1) w’iVi . Regent Theatre (£1) — 1 0 € Southland Ice Cream 6 (£1) •• 1 3 — Woolworths (N.Z.; 18 ord.-; 5s) .. .. .. 0 BREWERIES N.Z. Breweries (£1) 1 11 10 1 13 0 Dunedin (£1) .. .. Tooth's (£1) — I 2 6 V 2 16 0 AUSTRALIAN MINING Broken Hill South 0 (5s) .. .... .. 1 7 Mount Lyell (£1) 0 1 11 0 Mount Morgan (2s 6d) 9 4 — North Broken Hill 0 (5s) 2 0 — Wellington Alluvials (2s) •• 0 4 0 0 4 6 * Ex dividend. 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. Seller 'd. £ s. d. £ s. Dunedin Ice Cream .. 1 7 0 — Otago Farmers (A 19 pref.) • • — 0 Mackintosh Caley 8 * 10 Phoenix 0 0 0 0 Selfridges (N.Z.), Ltd. 0 4 0 —