COMMERCE AND FINANCE

Otago Daily Times, Issue 24783, 6 December 1941, Page 2

COMMERCE AND FINANCE

THE SHARE MARKET DUNEDIN STOCK EXCHANGE LARGE VOLUME OF BUSINESS A keen demand existed for all leading investments during the past week, and a larger volume of business than usual was transacted on the Dunedin Stock Exchange. Government loans, including the most recent issues.'had a strong inquiry, mainly at levels which would show a very modest return on the investment.. The only issue available, however, was the 1953 War Loan, for which no offers were forward. Banks were not keenly sought. New Zealands had several transactions without showing any change in value, and a parcel of E.S. and A.'s changed hands. Other lines had few inquiries. Insurances were all well supported, with few sellers There was some activity in contributing New Zealand Refrigeratings, and ordinary Southland Frozen Meats, South Otagos, and Waitaki's were very firm. Of these, only South Otago's were available. Loan and agency lines were also firm, with Wright, Stephenson's moving up sharply. In the premiums section only New Zealands attracted attention, and these had a close market throughout. , Gas shares were not sought, and the feature of the coal market was the strong position of Westports. Oils were completely neglected. „•■,. Bruce Woollens, becoming ex dividend, eased accordingly, .but all the Kaiapoi issues were; firmly in demand, while the offer for Mosgiels—also recently ex dividend—were marked up to a level not recorded for a long time. Even offers of £lO 16s failed to attract a selling quotation. ■ ■ Australian markets showed no sign of improving, and all trans-Tasman shares were weak and inactive. Dominion industrial lines, on the other hand, maintained recent levels,, and, in some cases, firmed. There was an improved demand for ordinary New Zealand Woolworths, and Woolworths - (South had several inquiries. . Interest in Australian mining shares was slack, and New Zealand lines in this section were mostly unchanged.

YESTERDAY'S SALES DUNEDIN Sales. Reported £ s. d. U.S.S. Co. (pref.) ... 17 0 Westport Coal 1 5 1 Westport-Stockton (pref.) .... 0 610 N.Z. Refrigerating (cont.) .. 0 9 5 Woolworths (ord.) ...... 015 3 Sale on 'Change Bank of New Zealand .. .. 2 0 0 AUCKLAND Sales on 'Change.—War Loan, 1946, 2J per' cent., £9B 2s 6d; Stock, 1949-52, 4 per cent., £105; Bank of New Zealand, £2; Bank of New Zealand (D mort), £1 lis; New Zealand Insurance, £3 12s; South British, £3 ss; F.A.C. (A pref., late sale), £1 3s; Westport Coal, £1 ss; Tooths Breweries. £2 lis; New Zealand Breweries, £1 16s 3d; Colonial Sugar, £SO 15s; K.D.V. Boxes (2). 9s lid; New Zealand Refrigerating'(CM.). 9s sd; Reid Rubber, £1 8s 4d; Woolworths (Syd.), 16s 4d. WELLINGTON Sales on 'Change.—Farmers' Co-op. Auctioneering (A pref., late Thursday). £1 3s; Burns, Philp (late Thursday), £2 12s 6d; Woolworths (N.Z., ord., late Thursday), 15s 2d: South British insurance, £3 5s 3d; New Zealand Refrigerating (cont.), fls sd; Union Steam (pref.), £1 7s; Colonial Sugar, £SO 15s; Woolworths (N.Z.), 15s 2d; Woolworths, Ltd., 16s 4d. CHRISTCHURCH

Sales on 'Change.—National Insurance, £1; South British Insurance. £3 ss; Woolworths (Syd.. ord.), 16s 3d (4). Sales Reported.—New Zealand Government 31 per cent. Stock, 1956-59, £lOl 15s (6); New Zealand Guarantee Corporation, 2s lid; Kalapoi Woollens (7s paid). 6s 9d (2); Tooths Brewery. £2 lis.

LATEST QUOTATIONS

GOVERNMENT LOANS

GRAIN AND PRODUCE NO CHANGE IN MARKETS ONIONS UNPROCURABLE Transactions in milling wheat, as between growers and the Wheat Committee are now completed for the season. The date on which supplies ceased to be accepted by the committee was November 30. Good-quality fowl wheat is short on the market. Undergrade lines are in fair supply, but have little demand. Flour, Bran, etc. Flour: 200's, £l3 15s Cd; 100's, £l4 12s 6d; 50's, £l4, 17s 6d; 25's, £ls 7s 6d. Bran, £5 5s per ton of 20001 b. Pollard, £6 15s per ton of 20001 b. Oatmeal: 20001 b sacks, £25 10s 6d per ton; 251 b loose, £27 Os 6d; 251 b packed in sacks of eight, £27 10s 6d.

Demand for Oats Inquiries for oats continue to come forward regularly from the North Island, but as Dunedln merchants are bare of stocks they are unable to accept orders. Prices show no change over the week as compared with those ruling last week. Supplies of Chaff There is no change In the quotations for chaff, and local stocks are quite sufficient to meet the demand. New Potatoes New season's potatoes have taken the place of old tubers, which are now practically finished for the season. Any small lots of old tubers still available are bringing high prices. The new potatoes are being dug mainly in the Outram and Oamaru districts. The high prices ruling in the North Island for the new seasons tubers are reflected in the local values. The North Island is conserving its own supplies', and there are few available for the South Island markets unless at very high rates. Seeds In Small Compass

Stocks of nearly all lines of seeds are now in small compass.. The demand from overseas for white clover, cowgrass, and crested dogstail continues, but it is difficult to secSre lines of high export quality. North Island merchants are also on the market to stock supplies to meet their early autumn orders, but is thought that the retail demand in the North Island will be smaller than usual. One of the causes for this anticipated smaller demand is the difficulty farmers are experiencing in securing supplies of artificial manures. Business in chewirigs's fescue Is finished for the season, and the same position may be said to apply to brown top. There are inquiries for cocksfoot seed, and these are causing the market to continue very firm. x Current Values

. Wholesale prices are as follows: Chaff.—Good bright oaten sheaf, £5 15s per ton. sacks extra, ex truck: £6 10s ex store. , • ■ . ,_ , Fowl wheat; 6s 9d to 7s per bushel, according to quality and quantity. Old Potatoes.—Finished for the season. Dairy Butter.—Milled bulk, Is Id per lb; seoarator. Is Id per lb. Bacon. Is 3d per lb. ■ . Hams, Is 2|d per lb: boneless. Is 4d. Onions—Supplies of Canterbury-grown are unprocurable. Prices for Eggs Unchanged

The wholesale prices of eggs are as follows:—Heavy, Is 6£d; standard, Is sd; medium. Is 3d.

FRUIT AND VEGETABLES HEAVY SUPPLIES OF APPLES HIGH PRICES FOR CAULIFLOWERS Fairly heavy supplies of apples are still coming on the market, ex cool store. Most of the offerings this week were of the Delicious variety, and prices for these are slightly easier. There is no change in the prices of other varieties., Small lots of pears continue to come forward from the marts. Prices remain high. ,■: ' /•■'■ A small shipment of Australian oranges was in the marts during the week. The supply : had to be rationed to retailers. > A supply of Australian grapefruit came forward with the oranges and brought luxury prices. Some of the sizes worked out at 6d each wholesale. , The New Zealand lemons reaching the marts have to be repacked before sale. The wholesale marts are bare of bananas. A further shipment is expected in time for the Christmas trade. Supplies of tomatoes have not been so plentiful, and the market is firm. The chief sources of supply are the Heathcote Valley and local hothouses. Gooseberries are in better supply., Choice-quality cherries are bringing satisfactory prices, but inferior grade are on offer at low rates. The" season is about a fortnight later than usual, and supplies should be available until well on into the New Year. , • . It would seem that the strawberry season is likely to be a short one. Supplies are coming mainly from the Roxburgh and Outram districts, with a few lots from Waimate. Cauliflowers are still bringing hign prices, but the market for cabbages is easier Green peas showed a sharp advance at the week-end. when supplies were not equal to the demand. There is a ready sale for choice-quality lettuce Wholesale prices are as follows: Apples.—Delicious, 5s to 10s per case, according to grade and count; Stunner, 6s to 9s; Granny. Smiths. 8s to 10s. Oranges, 21s 6d to 28s 6d. Pears, 7s to 8s 6d per half-case. Lemons.—New Zealand, 12s to 21s per case, according to grade and count.

Bananas.—Green, 22s per case. Tomatoes. —Christchurch, Is 4d to Is 9d; local hothouse, Is 6d to 2s. Gooseberries. 3d to 4d per lb. Cherries.—Choice, Is 2d to Is 6d per lb; others, 7d to 9d. Strawberries.—Choice. Is 6d to Is 9d per lb; jam, to Is. Rhubarb, 2£d to 3Jd per lb. Cauliflowers— Choice, 12s to 14s per dozen. ' New Potatoes. —Local,- 4d to 5d per lb. Cabbage.—Spring-grown, 4s to 4s 6d per case of 18. Asparagus, lis to 14s per dozen bunches. Cucumbers. 10s to 14s per dozen. Green peas. 5d to 6Jd per lb. Lettuce.—Choice, to 3s per dozen; others. Is to 2s. Carrots, to 3s per dozen bunches. Silver beet, to 6s per case. Spinach, to 3s per dozen bunches. White turnips, 2s to 2s 9d per dozen.

MINING NEWS AUSTRAL-N.Z.' RETURN (PA.) CHRISTCHURCH, Dec. 5. The Austral-New Zealand dredge return was as follows:—1195oz of bullion from 350,000 yards in 513 hours for 28 days to midnight on November 29. DEVONPORT STEAM FERRY (P.A.) AUCKLAND, Dec. 5. The directors of the Devonport Steam Ferry Company, Ltd., passed the following resolution at a meeting held on Thursday:—" THat the balance sheet and profit and loss account be adopted and that an interim dividend for . the halfyear ended October 31, 1941, at the rate of 5 per cent, per annum be paid."

v Buyer. Seller. £ s. d. £ s. d. 3J p.c. Bonds, 1953-57 102 0 0 . 3$ p.c. Stock, 1953-57 102 0 0 _ 4 p.c. Bonds, 1943-46 .. 101 10 0 . , — 4 p.c. Stock, 1943t46 '.'.' 101 10 0 -.-■ -<—■' 4 p:c. Stock, 1949752 .. 105-0-0 105 7 6 3 p,.c. .Nat. Dev. Loan, '/ ■ 1945 :'.'. .: .. .. 99 10 0 —_ 31 p.c. Nat. Dev. Loan, 1956-59 101 0 0 — 34 p.c. Convers. Loan. 1957-60 .... .. .. 99 10 0 102 0 0 War Loan, 1953 .. .. — 88 10 0 2J p.c. War Loan. 1946 97 15 0 —. 3 p.c. War Loan, 1951-54 .. .. .... 98 0 0 — BANKING , New Zealand (£1) ... — 2 0 0 N.Z. (Long D; £1) .. — .1,11 a Natl, of N.Z. (£2 10s) 1 19 0 — Natl, of A'asia (£10) — 11 15 0 — 7 5 6 INSURANCE AND SHIPPING National (7s) .... 0 19 10 1 0 2 South British (10s) .. 3 4 0 — Standard (£1) .. 3 6 0 — H, Parker (pref.; £1) 1 6 0 — P. and O. Stock (£1) — > 1 18 0 U.S.S. Co, (pref.; £1) - 1 6 9 — MEAT, LOAN AND AGENCY N.Z. Refrig. (10s) .. 0 9 4 0 9 6 Sth. Froz. (ord.; £1) 1 14 3 — Sth. Froz. (pref.; £1) 1 14 6 — South Otago (£5) .. 5 2 0 '5 9 0 Waitaki Farmers (£5) 5 0 0 — Natl. Mortgage (£2) .. 1 19 0 — Natl. Mortgage (B: £1) •• 1 2 6 — Guarantee Corp. (3s) 0 2 8 —•■ Perpetual Trust. (18s) 2 10 0 — Trustees. Exec. (£3) 4 4 0 — W.S. (ord.; £1) 0 19 3 — W.S. (pref.; £1) .. 1 0 0 11 3 N.Z, and River Plate — 0 12 0 BREWERIES New Zealand (£1) .'. 1 16 3 1 16 9 Dunedin (£1) .. .. — 1 0 6 COAL AND OIL Westport (10s) .. .. 1 4 10 1 5 2 W.-Stock. (ord.; 10s) — 0 2 11 W.-Stock. (pref.; 10s) 0 6 9 0 7 0 Moturoa (pref.; 5s) .. — 0 5 0 WOOLLEN COMPANIES Bruce (ord.; £1) 1 3 0 —■ Bruce (pref.; £1) 1 0 0 — Kaiapoi (ord.; 17s) .. 0 17 9 0 18 3 Kaiapoi (pref.; 17s) .. 0 19 0 —■ Manawatu (£1) .. .. 1 5 0 — Mosgiel (£4) .. .. 10 16 0 — MISCELLANEOUS Aust. Iron and Steel (pref.; £1) .... 1 8 0 — B. Macd. (pref.; £1) 0 5 0 0 5 6 Broken Hill Pty. (£1) — 2 0 0 C Begg and Co. (£1) 1 0 0 1 2 0 D.I.C. (pref.; £1) ... 1 4 9 1 5 6 Dom. Fertiliser (£1) 1 3 0 — Dom. Rubber (£1) .. — 0 18 6 Donaghy's Rope (£1) 2 10 0 2 12 6 Dunlop Rubber (£1) 1 3 0 — G. J. Coles (£1) .. 3 0 0 3 2 a I.C.I, (pref.; £1) .. 1 4 6 — Kauri Timber (£l,5s) 1 3 6 — Milburn Lime (£1) .. 1 18 6 — McLeed Bros. (£10) 25 10 0 26 10 0 Natl. Electric (£1) .. 1 3 0 — N.Z. Drug Co. (£2) .. 4 1 0 4 5 0 N.Z. Drug (new issue) 2 10 0 — O. Daily Times (£1) 2 0 0 — Regent Theatre (£1) — 0 19 0 Smith & Smith (pref,; 0 19 0 — Wilsons Cement (10s) 0 18 0 0 18 9 Macky Logan .. .. 1 4 6 — WooTworths (ord;; 5s) 0 15 2 — Woolworths (Syd.; 5s) 0 16 0 0 16 6 Woolworths Ppts. (£1) 1 6 0 1 7 0 MINING E. Zinc (pref.; £1) .. 2 10 0 2 13 0 Mount Lyell (£1) .. — 1 7 6 Mount Morgan (2s 6d) 0 8 10 — New Broken Hill (5s) 0 14 0 — North Broken Hill (5s) 1 19 6 —. Rawang Tin (10s) .. 0 8 6 — Wgtn. Alluvials (2s) 0 3 7 — Clutha River (2s) .. T0 1 9 Gillespie's Beach (Is) 0 0 2\ Grev River (10s) 0 15 3 Martha (5s) .. .. 0 9 1 0 9 5 Nokomai (5s) .. .. 0 0 2 — Walhi Invest. (5s) .. — 0 4 6 UNLISTED : STOCKS New Snowdrift Lime 0 6 6 — Silknit (N.Z.), Ltd. .. — 0 10 0 Mackintosh Caley — 0 16 0 6. and S. Finance 0 1 9 — O. and S. Finance 0 7 0 — O. and S. Finance 0 18 0 — Smith Wylie (Aust.) .. — 0 10 6