COMMERCE AND FINANCE

Otago Daily Times, Issue 24698, 29 August 1941, Page 2

COMMERCE AND FINANCE

THE SHARE MARKET DUNEDIN STOCK EXCHANGE YESTERDAY’S SALES DUNEDIN

Donaghy’s Rights 0 14 3 Sale Reported After Last Call N.Z. Drugs 3 19 3 AUCKLAND Sales on ’Change.— Commercial Bank of Australia, 15s Id; F.A.C. (£5), £4 10s; Traders’ Finance (cont.), 3s Id; Parker Lamb, Is 3d; Kauri Timber, £1 3s 3d; Felt and Textiles, £2 3s; Donaghy’s Rope (rights), 14s 7d; Electrolytic Zinc (pref.), £2 16s 3d; Farmers’ Trading (late sale), £1 Is sd; New Zealand Drug, £3 19s 3d; Sanford (ord.), 4s 9d; Wilsons Cement, 19s 6d; Woolworths (N.Z.), 14s Id; Woolworths Properties. £1 5s 10d; Woolworths (Sydney), 17s 10d. WELLINGTON Sales on ’Change. Consolidated Brick (late Wednesday), 7s 3d; Electro. Zinc (ord.; late Wednesday), £2 14s; Westport Coal, £1 3s 6d. CHRISTCHURCH Sales on ’Change— National Development Loan, 3i per cent., 1956-59 £IOO ss; Kaiapoi Woollens (7s paid), 17s 6d; New Zealand Farmers’ Co-op., 4i per cent. Stock, 1950, £BS. Sales Reported.—Goldsbrough, Mort, £1 8s; New Zealand Refrigerating (£1 paid), 19s 6d; Broken Hill Proprietary. £2 3s 3d; Westport-Stockton, 2s 6d; New Zealand Breweries. £1 14s lOd; Beath and Co. (pref.), £1 3s 6d; Electro. Zinc, £2 14s; Woolworths (Sydney; ord.), T7s 9d, (5) 17s lid. • LATEST QUOTATIONS

BUILDING AND INVESTMENT SOCIETY The Otago Building and Investment Society and Bank of Deposit reports a profit for the year of £4033 ~s Bd. This includes the balance of £lßb 3s lid carried forward from last year and is exclusive of provision for accrued interest and a transfer to the interest canalisation account. The profit has been dealt with as follows:—To mortgage reserve account. £468 15s Id: to interest rebate to borrowers, £2354 15s 4d; to profit credited to investors, £1139 15s 4d; carry forward to next year, £ll9 17s lid. The rebate to borrowing members and the credit to investing members are equivalent to a dividend of 5 per cent The number of shares on the books at the close of the financial year was 13,297, held by 910 members, compared with 12.819 and 884 respectively last year. Debentures stand at £175,278. an increase of £5848 on those current at the end of last financial year. Debentures for £61,091 matured during the year and were paid off.

RESERVE BANK SLIGHT DROP IN STERLING FUNDS (P.A.) WELLINGTON, Aug. 28. The following is a statement of the assets and liabilities of the Reserve Bank as at the close of business on August 25: LIABILITIES August IS. August 25. 1. General Reserve Fund .. 1.500,000 1,500,000 2. Bank notes 21,039.563 22.118,541 3. Demand liabilities—(a) State 9,561,425 9.474,902 (b) Banks .. 12,347,300 12,646,519 (o) Other 1,237,902 883.089 4. Time deposits 5. Liabilities in currencies other than New Zealand currencies .. . ■ 4,286 8,361 6. Other liabilities .. .. 1,001.114 1,002,350 Total £47,591,593 £47.533,765 ASSETS 7. Reserves—(a) Gold .. 2,801,874 2.801.874 (b) Sterling exchange .. 15,333,865 15,090,849 (c) Gold exchange .... 8. Subsidiary coin .... 51,464 49,316 9. Discount! — (a) Commercial and agri- • A cultural bills .... (b) Treasury and local body bills .... 10. Advances—(a) To State or State undertakings—(l) Primary Produce Marketing Department V .. 6,021,996 6,306,856 (2) For other purposes .. •• 18,000,000 18,000.000 (b) To other public authorities (o) Other 11. Investments 3,772,556 3,772.821 12. Bank buildings .... ~ 13. Other assets 1,609,836 1,612.045 Total £-17,591,593 £47,633.765 Proportion of reserves (No. 7 loss No. 5) to notes and other demand liabilities 40.215% 39.635% Sterling exchange is expressed in New Zealand currency. theTTaize crop PRICES FOR COMING SEASON GOOD RESPONSE ANTICIPATED ( PA) WELLINGTON, Aug. 28. - Maize prices for the crop to.be sown shortly and harvested in 1942 were announced to-night by the Minister of Marketing and Agriculture, Mr J. G. Barclay, who said last year a very good response had been made by growers to the Governments appeal for the sowing of larger areas in maize, and the crop just harvested would prove sufficient to meet an demands until the neW crop was avail- » a vi£w to maintaining the area at the point necessary to produce enough to meet the consumptive demand, the prices to be paid to growers for 1942 were fixed as follows:—July delivery, 5s 6d a bushel; August, 5s 8d; September. ssW9d; October, 5s lOd. November, 5s lid; December 6s; January-February, 6s Id; March-June, 6s 2d. These prices were sacks in, on trucks, at Bay of Plenty and Hawke s Bay stations, or f.0.b., s.i„ Gisborne. At these prices. Mr Barclay said, he was fairly confident that last year s area would at least be maintained. THE WOOL SEASON DUNEDIN APPRAISAL The Dunedin Stock Agents and Woolbrokers’ Association (Messrs Dalgety and Co.. Ltd., Donald Reid and t Co„ Ltd., Stronach, Morris and. Co.. Ltd , New Zealand Loan and Mercantile Agency Company, Ltd., Wright. Sicphenson, snd Co., Ltd., Otago Farmers Co-op. Assn.. Ltd., and National Mortgage and Agency Company. Ltd.) reports as follows: — . . The first wool appraisement for season 1941-42 was completed yesterday when a total of 3300 bales was submitted to the appraisers. The bulk ot the offerings comprised crutchings, with a small quantity of fleece, pieces, etc. The Crutchings forward were not quite up to last year’s standard, being somewhat discoloured and stained, due to the wet weather conditions experienced during the last mimth or so Good clean crutchings (picked over) realised good prices, but parcels containing seed were about Id to lad lower. It was noticeable throughout the catalogues that a number of parcels of crutchings contained firsts and seconds, and also stains left in them. The fleece offered, which consisted principally of stragglers, was appraised at satisfactory prices. The range of nnces was as follows. Crutchings—Halfbred: Super, to lid: good, 9d to lOd; inferior to medium. 6£d to 31 d. Crutchings—Crossbred: Extra super, to 12d; super, 10id to Hid; good, 9d to 9id; average, 7Jd to B£d; inferior. 6d to 7d Fleece.’—Merino, 14Jd to 143 d; crossbred. 13id to 15d; fine crossbred. 13d to 14td; crossbred. to 13id. Bellies and Pieces.—Merino bellies and pieces, to Hid; halfbred. IOJd-to 12d; crossbred. 9id to 103 d; eyeclippings, lOd to Hid; eyeclippmgs (seedy). 7'd to 9Jd. *The second appraisal will be held in December. The date will be advised later. AUSTRALIAN MARKETS (Rec. 0.30 a.m.) . SYDNEY Aug. 28 Wheat: Bulk is quoted at 3s llfd, bagged at 4s 3id. F-oui, £l2 13s. Bran and pollard, £6. Potatoes: Tasmanian Brownells £8; others, £5 10s. Onions: Victorian, £23. Maizv., 3s 9d. AUSTRALIAN STOCK EXCHANGES (Rec. 0.30 a.m.) SYDNEY, Aug 28. " On the Stock Exchange investors came into the market to-day. activity increased and prices tended to harden. ' „ , , Additional Sales.—Bank of New South Wales, £26 2s 6d; Commnercial Banking of Sydney, £lB 6s; Colonial Sugar, . £SO 7s 6d; United Insurance, £9 10s; British Tobacco, £2 6s 9d; Wool worths, 18s; Gordon and Gotcn, £2; Winchccmbe Carson, £1 5s 9d; Kuala Kampar. 16s 6d; Zinc Corporation, £3 0s 6d; Wilcox Mofflm, Hs 2d. MELBOURNE', Aug. 28. Consolidated Industries, £2 9s; Broken Hill Proprietary, £1 18s: 3d; North Broken Hill, £2 2s; Mount Morgan, 9s Bd. .

SECOND DAY OF FESTIVAL AN UNUSUAL FEATURE GIRL RECITES OWN POEM The fortieth annual festival held by the Dunedin Competitions Society was continued yesterday, when another attractive programme was presented, including piano solos, recitations, ballets, the women’s national song, versespeaking choirs, and the first class in the men’s scholarship for tenors, baritones and basses. There were very few competitors who defaulted in any of the sections, some of which were large. Mr E. C. Reynolds was the chairman for the session at night in His Majesty’s Theatre, when there was again a large audience. A feature of the recitation for boys and girls of 10 and under 12 years (own selection) was remarked upon very favourably by the judge, Mr Errol H. F. Muir, of Wellington. This was the recitation by Miss Olwyn John of a poem with a oatriotic flavour, which she had herself composed. It was entitled “Aatearoa Calling.” and Mr Muir remarked upon the high standard of literary ability shown by such a comparatively young girl. Had her ability to' recite been equal to her ability to write, she must have won the section easily, he said. Miss John was unolaced. *■ Miss Ethel Taylor’s pupils performed in the children’s action chorus for pupils of 16 years or under, the final results of which will be deferred until later in the festival. The men’s scholarship also was only the beginning of a class. In the contralto solo, “ Break. Break ” CLavater). heard on the opening day. Miss Rena Roche, was awarded first place with 85 points. Miss Margaret Pratt was second with 83 points, and Miss Clara Rouse was third with 81 points. The judge commented on the high standard of the singing, and the large number of entries. RESULTS The results of yesterday’s sections were as follows: — VOCAL MUSIC Judge: Mr V. G. Peters NATIONAL SONG Ladies’ own selection. English, Welsh, Scotch, or Irish song. Miss Pat Woods. 86 points 1 Miss Rena Roche, 85 points .. . • Misses Margaret Pratt and Clara Rouse, equal, 84 points Very highly commended: Mrs I. Harman, Misses Clara McKenzie Mavis AJsweiler (Invercargill), Dorothy Mutch. Elsie Kirkham. Highly commended: Misses Evelyn Clyde, Bracy Mcßae (Dipton), Phyllis Simpson, Leone Cornish, Dorothy Olive, Dorothy Cayford (OamaruL_ Also competed: Misses Kathleen Henderson (Oamaru), Rosalie Granger (Timaru). Valda McCracken, Norn Morland, Doris Adcock, J. Cameron. Margaret Baker, Joy Gaspanch, Olive Terry (Sutton), Margaret Dickie (Gore), Dorothy Clarke, June Donaldson, Phyllis McCoskery _ The judge said that this was a large class with many young voices showing promise and a uniformly good standard. SONG FOR BOYS Under 16 years. “Tally Ho” (Leoni). Master Billy Mason. 89 points .. • • 1 Master Herbert Franklin (Oamaru), 88 points .. •• •• £ Masters Jack Geddes, Bobby Cornish, and Arthur Berry.equal, 85 points His sense of the dramatic in this special song gave the winner his superiority, the judge said, but in Other circumstances the second performer would have won. INSTRUMENTAL MUSIC Judge; Dr Vernon Griffiths SIGHT ‘ READING Under 14 years. Master Ray Windsor, 85 points .. 1 Miss Lprna McDonald (Oamaru), 85 Miss Elizabeth Haig, 82 points .. 3 Highly commended: Miss June Angelo. Master Billy Dick (Oamaru). Commended: Miss Rosemary Samson, Beverley Cater. . Also competed: Misses Lorraine Potter. Nola Bowie, Master Kevin McEvoy. Dr Griffiths said that the standard of work shown by some of the competitors was most encouraging. Sight reading was of considerable importance; even with young people it was useful to be able to accompany simple music. PIANO SOLO Fourteen and under 16 years. “ Piper and Tabor” (Quilter). Miss Elva Hurndell (Oamaru). 88 points J Master Edwin Carr. 86 points .. .. 2 Master Alan Flamank, 85 points .. 3 Very highly commended: Misses Lorna Goat.ham. Esther Smith. Margaret Gardiner. Highly commended: Misses Athlea Fyfe. Leslie Anderson. Noeline Marston. Edith Turnbull. Commended: Misses Rona Jackson, Patricia McEvoy. Joy Chamberlain (Gore), Dorothy Teasdale, Alma Holdaway. Also competed: Misses Lorraine Hoyne, J. Mowat, Freda Fastier. Bette Stewart, Betty Strang, Lois W'ebb, Frances Ottrey (Oamaru), Joan Higgins, Beverley Stoop (Oamaru). Doreen Wilson, Beverley Grace. The class as a whole reached a very good standard, the judge said. The winner showed definite ability in capturing the mood of the music, and played with imagination. The two boys gave performances almost as good as the winner. PIAiSTO SOLO Own selection. Time limit, 5 minutes. Recalls: Misses Lucy Robertson and Olive Nieper. The final will be on Monday night. Highly commended: Miss Rosalie Plank. Commended: Miss Marjorie Holdaway. Also competed: Misses Jean Nelson and Grace Norris. PIANO SOLO Eleven and under twelve years. “ Miniature Pastorale, No. 3 ” (Bridge). Recalls: Misses Betty Cleland and Mabel Bell. The final will be on Saturday night. Highly commended: Misses Molly Moore and Alison Bush. Commended: Misses Shirley Wells and Alma McAllan. Also' competed; Miss Shirley Ward (Middlemarch). PIANO DUET Seventeen and, under 21 years. “ Hexentanz ” (MacDowell). Misses Marie Winders and Rosalie Ferry (Invercargill), 89 points .. 1 Messrs Rai McNicoll and Arthur Dixon,' 88 points 2 Misses Jean Nelson and Elizabeth Reid, 76 points 3 The only competitors. The winners gave a brilliant account, the judge said. The work of the other competitors was obviously that of highly-trained and accomplished pianists. ELOCUTION Judge; Mr Errol H. F. Muir * RECITATION Boys or girls under 10 years. Own selection, not humorous. Master Billy Chambers, 80 points 1 Miss Alma Johnson, 78 points .. 2 Miss Raewyn Lamb, 77 points .. 3 Very highly commended: Misses Lenore Madigan and Shirley Hunter, Masters Bruce Evans, Morgan Fahey and Bobby Cornish. " Highly commended: Misses Valmai Farquharson, Frances Applegate. Aileen King and Lorraine Lister, Masters Frank Evans and Ronald Cain.

Also competed: Misses Velma Lobb, Nola McEwan, Frances Lysaght, Dorothy Riach. Patricia Stewart, Silvia Butler, Beverley Hastie, Joan Larsen. Valerie Little Wood, June Bennie. Dorothy Jones, Alva Dickson, Janette Riach. Joan Moir, Valmai Hamilton (Invercangill), Lorraine Stewart, Betty Briggs, Noeline McKmnell; (Gore). Carol Anderson, Betty Applegate, Betty Winton, Lenore Lament, Dawn Faithful, Pat Lowe and Valerie Sage. Masters Kelvin Hastie, Lindsay Blackie, Clive Nelson, Ronald Lobb and Jim Masson. There was not a bad performance in the whole of the large section, the judge said. Some of the candidates had been really outstanding, especially the finalists. He added that the future of elocution in Dunedin seemed orQLmiSing. RECITATION' Ten and under 12 years; boys or girls. Own selection:.not humorous. Recalls: Miss Joan Mclnnes and Master Neville Madden. - The final will be on Saturday morninft€ry highly commended: Misses Doreen Johnson, Alma McAllan, Delsa Higgins and Nancy Smith. Highly commended: Misses Edna Hardy, Phyllis Culling, Bernadette Lamb, Hilary Mason and June Tregilgus, Masters John Stewart and Niall O’Sullivan. Also competed; Misses _ Eileen Graham, Esme Garland, Tui Bode, Freda Padgett, H. Shenkin, Doreen Turnbull. Valmai Gilmour, F, Macdonald, Lorna Patrick, Olwen John, Alison Bush, Betty Hill, Patricia Murray, Jean Grant. Mavis Lament and Mavis McPherson, Masters Walter Perry and John Cadzbw. BURNS RECITAL Seventeen years and under. Own selection, Burns’s poems. Miss Leone Cornish, 80 points .. 1 Miss Eunice Morris (Milton), 76 7 points 2 Also competed: Misses Enid Carter Mary Hopewell, Winnie Dowie. The judge said that the winner gave a very spirited rendering of the famous “ Scots Wha Hae,” and interpreted it well in the traditional manner. RECITATION Men open. “ Musing on a Great ’Soldier” (Herbert Trench). Mr F, R. Hihsley, 70 points .. • • 1 The only competitor. VERSE SPEAKING CHOIRS Maximum voices, 30; maximum of three pieces, own selections. Competitors 14 years and under 18 years. Mrs Anita Oliver's pupils, 79 points 1 The only competitor. The judge expressed disappointment that only one entry had been received in this section. The choir had given a very good performance, and the conductor had kept it very well under control. The blend of voices was very good. VERSE SPEAKING CHOIRS Under 14 years; same conditions as above. St. Philomena’s College, 80 P°i 1 Mrs Anita Oliver's juveniles, 78 points •• •• 2 Mrs Anita Oliver’s juveniles, 76 points .. 3 The only competitors The judge said that all three choirs were very good. The choir placed first had chosen numbers that gave it a wide scope, and it had treated them with a great variety of colour and expression. One or two voices m the second choir spoiled the effect, and the third lacked blend and variety. DANCING Judge: Miss Eva Moore BALLET DANCE Toe dance. 14 years and over Miss Joan Walsh, 95 points .. .. 1 Miss Gwen Cox, 90 points •• •• 2 Miss Pamela Page, 85 points .. ■ ■ 3 Also competed: Miss Joan Lunam. The judge expressed regret at the small number of competitors. DANCE DUO Other than dramatic, 10 years and under 16 years Misses Helen Fraser and Ngaire Holland, 85 points 1 Misses Shirley Hislop and Heather McKay. 82 points 2 Misses Nancy Elliott and Mane More. 78 points .. .. .. .. 3 The only competitors. The judge said that the winner? had danced very expressively. DANCE Operatic, other than toe. Under 10 year Miss Olga Rov/land. 87 points .. 1 Miss Valmai Hamilton (Invercargill). 85 points 2 Miss Betty Applegate. 83 points .. 3

Very highly commended: Misses Shirley Liston. Ivy Mathewson, Denise Paterson, Ngaire Goodfellow, Rui More, Maureen Ham (Invercargill). Also competed: Misses Dorothy Jones. Barbara More. Joan Newman, Marie O’Neil, Margaret Peak (Beaumont), Maureen Williams, All the work in this section was good, the judge said. There were some outstanding young performers with natural ability that the older students did not have.’ It was obvious that all the children were being taught properly. TO-DAY’S PROGRAMME Another attractive programme will be presented at to-night’s session, including children’s action choruses, piano duets, humorous" recitatiohs, character sketches, ballet and (temicharacter dances, soprano solos and mezzo-soprano solos, male quartets, songs for girls, and the vocal scholarship for men, which should prove exceedingly interesting. In the Victoria Hall this morning and in the afternoon, recitations will be held; at the Concert Chamber piano solos and duets, and song for girls; and at His Majesty’s Theatre soprano and mezzo-soprano solos, and the vocal scholarship for men. The afternoon programmes should appeal especially to the children. They include child’s action songs and ballet dances. The box plan is open at Messrs Charles Begg and Co., and season tickets are on sale at the theatre and at Messrs Charles Begg and Co. __

Sales Reported £ s. d. South British .. 2 16 0 N.Z. Refrigerating (pd.) 0 19 5 Westport Coal (odd lot) 1 3 3 Donaghy’s Rights (2) .. .. 0 14 n 14 3 4 Woolworths (ord.) 0 14 3 N.Z. Breweries 1 14 9 Electrolytic Zinc (ord.) 2 14 0 Mount Morgan •. Sale on ’Change 0 9 5

1 v --■I- •" ; GOVERNMENT LOANS Buyer. Seller d, £ s. d. £ s. 4 d.c. Bonds, 1946-49 105 10 0 — 4 d.c. Bonds. 1952-55 107 0 0 — 4 pc. Stock. 1952-55 107 0 0 87 — War Loan, 1953 .. .. — 10 0 Nat. Devel. Loan. 31 p.c. .. .. .. .. — 101 0 0 BANKING N.S.W. (£20) •• — 29 5 0 New Zealand (£1) 1 19 9 2 0 9 Natl, of N.Z. (£2 10s) 1 18 6 — Union (£5) 6 17 0 — INSURANCE AND SHIPPING National (7s) .. .. 0 19 6 0 19 10 South British (10s) .. 2 15 6 — Standard (£1) .. •• 3 0 6 — / U.S.S. Co. (pref.; £1) 1 6 3 MEAT. LOAN AND AGENCY Cant, (ord.; £7 10s) 11 0 0 Gear Meat (10s) 0 13 9 — N.Z. Refrig. (£1) .. 0 19. 2 0 19 N.Z. Refrig. (10s) .. — 0 9 3 South Otago (£5) .. 4 15 0 — Waltakl Farmers (£5) 1 4 10 0 — Dalgety and Co. (£5) 6 5 0 ■ Natl. Mortgage (£2) 1 14 0 — Natl. Mort. (B; £1) 1 1 6 — L. and M. (ord.; £100) 31 0 0 — Guar. Corp. (3s) ... 0 2 5 — Perpetual Trust (18s) 2 10 6 — Trustees, Exec. (£3) 4 5 0 — W.S. (pref.: £1) 0 19 0 GAS. COAL, AND, OIL Westport (10s) .. .. 1 • 3' 0 — W.-Stock. (ord.; 10s) 0 ' 2 6 0 — Moturoa (pref.; 5s) ... — 5 Taranaki, Develop. ... r.vrr ■■ 0 2 WOOLLEN COMPANIES Bruce (ord.: £1) 1 2 0 Bruce (pref.; £1) .. 1 1 3 —i Kaiapoi (ord,; 17s) .. 0 17 0 — Mosgiel (£4) .. ..' 10 5 .0 r Timaru (£1) •• 0 16 3 MISCELLANEOUS British Tobacco (£1) — 2 9 0 Broken Hill Pty. (£1) •2 2 9 ■ 6 B„ Ewing (ord.; £1) • — 0 0 18 D.I.C. (ord.; 10s) .. 0 14 — D.I.C (pref,; £1) 1 4 0 — Dom. Fertiliser (£1) 1 2 6 — Dom. Rubber (£1) 0 13 6 — Donaghy’s Rope (rts.) Farmers’ Trading (£1) 0 14 2 0 14 9 — 1 2 G. J. Coles (£1) 3 5 6 — Hume Pipe (£T) 0 13 6 0 — MacDuffs (ord.; £1).. 1 17 6 10 0 Milburn Lime (£1) .. — Natl Electric (£1) •• 1 1 3 — 6 N.Z. Drug Co. (£2) .. . 3 19 N.Z. Drug Co. (£1 pd.) — 2 11 6 N.Z. Paper Mills (£1) 1 11 9 — O. Daily Times (£1) 1 15 0 — 6 Regent Theatre (£1) — 0 19 Wilsons Cement (10s) 0 19 0 — Woolworths (ord.; 5s) 0 14 0 — Woolworths (Syd.; 5s) () 17 6 — BREWERIES Ballin’s (£1) •• • • 0 10 0 i — 0 Now Zealand (£1) .. 1 14 6 15 MINING Brok. Hill South (5s) 1 5 6 — E. Zinc (ord.; £1) .. 2 13 0 2 15 E. Zinc (pref.; £1) ... 2 14 6 — 9 Mount Morgan (2s 6d) 0 9 3 0 North Broken Hill (5s) 2 0 0 UNLISTED STOCKS National Tobacco ... 1 11 6 —- Mackintosh Caley 0 12 Phoenix .’. •• •; Otago and Southland 8 Finance (cont.) 0 1 Otago and Southland Finance (paid) 0 7 0 Otago and Southland 0 13 i Finance (pref.) 0 Otago Farmers (ord.) 0 1 9