COMMERCIAL

Southland Times, Issue 19690, 24 October 1925, Page 2

COMMERCIAL

INVERCARGILL STOCK EXCHANGE. YESTERDAY’S QUOTATIONS. At the call-over of the Invercargill Stock Exchange yesterday morning the following quotations were made:— Bank of Australasia, b £l3 15/-; s £l4 2/-. Commercial Bank, b 33/6; s 34/-. National Bank of New Zealand, b £6 13/-; s £6 14/6. Bank of New Zealand, s 57/-. Union Bank of Australia, b £l4 14/-. New Zealand Coal and Oil, s 2/6. Westport Coal, b 31/3; s 32/> • Westport Stockton (ord.), s 2/9 r National Insurance, b 75/6; s 78/6. New Zealand Insurance, b 36/-. Standard Insurance, b 45/9. Goldsbrough Mort and Co., s 46/- e Perpetual Trustees, b 50/-. Trustees Executors, b 58/-. Canterbury Frozen Meat Co., s £l3. New Zealand Refrigerating (20/-), b 16/9; s 17/4; (10/- paid) b 8/1; s 8/6. Southland Frozen Meat Co. (£1 ord.), s 35/6. Bruce Woollen Mill, b 22/9; s 23/-. Mosgiel Woollen Mill, s £5 17/6. D.I.C. (pref.), b 20/6. Dominion Rubber Co., b 52/6; s 54/6. New Zealand Drug Co., b 64/6. New' Zealand Express Co. (ord.), s 24/-. New Zealand Hardware (ord.), b 8/-; s 10/-; (pref.), b 14/9; s 16/6. New Zealand Milk Products, s 30/-. Wilson’s (N.Z.), Portland Cement, b 35/-. New Zealand Guarantee Corporation, b at par. Inscribed Stock (1938), b £95 15/-; s £96 5/-. War Bonds (1938), b £95 15/-; s £96 5/-. Inscribed Stock (1939), b £95 15/-: s £96 5/-. War Bonds (1939), b £95 15/-; s £96 5/-. P.O. Bonds (1927), s £9B. P.O. Inscribed Stock (1927), s £9B. P.O. Inscribed Stock (1929), b £9B. Soldiers’ Settlement Loan Bonds, b £99; s £99 10/-. THE SHAREMARKET. YESTERDAY’S TRANSACTIONS. (Per United Press Association.) AUCKLAND, October 23. Sales on ’Change: New Zealand Loan and Mercantile £92 10/-; Wellington Woollen £6; New Zealand Breweries 50/- (three sales); Taranaki Oil 22/6 (two sales), 22/9 (two sales); Kawarau 7/2, 7/1. WELLINGTON, October 23. Sales on ’Change: New Zealand Government 4A per cent. Inscribed Stock (1938) £96 5/-; Bank of New Zealand £2 15/9; Wellington Gas Co. (ord.) £l3 6/-; Wellington Meat Export 7/6. CHRISTCHURCH, October 23. Sales reported: New Zealand Government 4 J per cent. Inscribed (1938), £96 2/6; New Zealand Insurance 36/3 (two parcels); Beath and Co. 31/-; Australian Bank of Commerce 29/6; New Zealand Breweries 50/- (three parcels) 50/3; Electro Zinc (pref.), 32/9 (two parcels). Sales on ’Change: New Zealand Farmers’ Co-op. (first pref. cum. div.) 72/6.

DUNEDIN, October 23. Sales on ’Change: Kawarau 7/- (four parcels), 6/11 (two), 6/10 (three) ; Smith and Smith 19/-; New Zealand Breweries Debentures- 24/6; - - Sales reported: New ..Zealand Breweries Debentures 24/3; New Zealand Breweries 53/-, 50/-. , » CANTERBURY MARKETS. ’ CHRISTCHURCH, October 23. The swing in the potato market this week is downward, the movement being pronounced to-day. Yesterday, purchases were made at £6 15/- on trucks, but to-day merchants are not prepared to go over £6 5/-, although in tile morning £6 10/- was paid. The easing apparently is a natural end of the season development. Buyers at consuming points are buying on a hand-to-mouth basis, and the needs are being met with sufficient freedom to indicate that there is no shortage. The Karetu sailed yesterday for Sydney with 6700 sacks. It is rumoured that a further despatch is probable. However, the merchants generally are looking askance at export so late in the year. The Katoa has 6350 sacks on board from Southern ports for Auckland. The next vessel, the Wapahi, is due to sail on Tuesday or Wednesday, and the space has been cut down. Prompt values are £8 5/- to £8 10/- f.o.b, s.i, a shade more for November, but forward business is negligible. A little next year’s k„ ’’JiAn/tiSinf °i I Based on Wm. J. Locke’s Glowing 1 AU classes ot oats are firm, ~ahcT“bne~ir>r two substantial parcels of B Gartons have been sold at up to 4/6, f.0.b., s.i, whilst A’s are quoted at 4/94 to 4/10. With the exception of cocksfoot, which is prime at lOld for standard seed and for which there has been some demand, the seed market is quiet and unaltered. SOUTH BRITISH INSURANCE COMPANY. ANNUAL MEETING. AUCKLAND, October 22. The annual meeting of shareholders of the South British Insurance Company was held to-day. Mr W. R. Wilson, acting chairman, said that the revenue from the interest and rents was £111,091, an increase of £7,978, mainly derived from the investment of the underwriting surplus. Adding this and the underwriting surplus to the balance from last year, gave a total on the credit side of £389,804. On the other side, dividends had absorbed £103,164 and sinking funds £425. The sum of £57,000 had been added to the reserve fund making it £600,000. There remained a balance of £211,215. With regard to the balance-sheet, there had been no great change in the assets, except in Government stocks and War Loans. Owing to maturity, the latter were less by £120,000, the proceeds of which were re-invested in Government Stocks which were more than last year by £lBO,OOO. The board recommended payment of a dividend of 2/2 a share, which, with the interim dividend paid in April, would make

the distribution for the year 2/2 a share and would leave £155,334 to be carried forward. Mr Wilson referred to the unsettled conditions in several fields where the company operates. In Hongkong particularly, not only was the business interrupted but strikes of the Bolshevik character had imposed great hardships on the whole community and the staff there had recently been enduring great discomforts. Referring to the enthusiasm of the staff, Mr Wilson said that the directors proposed to pay this year a bonus on salaries. The report and balance-sheet were adopted. The retiring directors E. R. N. Russell and W. R. Wilson were re-elected. TARANAKI OILFIELDS COMPANY. NEW PLYMOUTH, October 22. The Taranaki Oilfields Company issued the following report, to-day: Gas is blowing free, carrying little oil and a small quantity of water which, however undoubtedly diminished in quantity day by day. There is reason to expect that the water will be exhausted soon, in which case drilling for oil will be resumed. If not, it will be necessary to set another string casing at a somewhat greater depth. WOOL SALES. Messrs Dalgety and Co., Ltd., report having received the following advice from their Brisbane branch under date of the 20th instant:— “Brisbane Wool Sales.—Large attendance of buyers. Competition very animated. French and German buyers are the principal operators. All other sections are giving good support. Selection generally top making sorts suitable for Continent. As compared with last sales closing rates prices are 5 per cent, to 10 per cent, higher. The advance is very marked in the case of fine wools.” RABBITSKIN REPORT. Messrs Wright, Stephenson and Co., Dunedin, report as follows:—We offered a medium sized catalogue at yesterday’s sale to a full attendance of buyers. Prices, as a whole, were on a par with late rates, except winter does, which can be quoted 2d to 3d higher. The following is a range of prices:— Super winter bucks 87*fd to 89$d; super winter does 96fd to 983 ; prime bucks 89£d to 96Jd; prime does 87fd to 96d; first bucks, 83’d to 873 d; first does, 82} to 863 d; second bucks 66d to 804 d; second does 66d to 83d; first spotted winters 56d to 61 jd; first outgoing does 54d to 683 d; outgoing bucks 49|d to 513 d; spring does 44d to 503 d; spring bucks 443 d to 50d; first incoming 70d to 753 d; autumn 56d to 593 d; early autumn 48d to 52d; racks 36d to 403 d; milky does 42d to 48d; summer broken 333 d to 36d; autumn broken 454 d to 46-Jd; winter broken 54d to 593 d; winter fawn, 76d to 923 d; autumn blood-stained 52d to 54d; winter blood-stained, 563 to 64d; horsehair, 20d to 21<L WOOL SALES. KEEN DEMAND. MELBOURNE, October 23. The October series of wool sales have closed. All the best features of the week were reproduced with keen and animated competition, late rates being well maintained. BRISBANE, October 23. The fourth series of wool sales have concluded. Competition was keen, and well sustained. Prices compared with the' last series generally advanced 5 to 10 per cent. iSfeß LONDON MARKETS. Messrs Dalgety and Company, Ltd., report having received the following advice from their head office, London, under date of the 21st instant:— “Tallow.—No sales have been held since last report. Prices nominally late rates to 6d lower. Sales will resume next week.” The New Zealand Loan and Mercantile Agency Co., Ltd., report having received the following cablegram from their London house Butter: New Zealand choicest salted 214/per cwt; unsalted 220/- per cwt. Extremely quiet; prospect of improved demand shortly. Cheese: Nominally 116/- per cwt. Messrs Dalgety and Co., Ltd., report having received the following advice from their Head Office, London, under date of the 22nd instant:— FROZEN MEAT MARKET. Quotation, N.Z. prime crossbred lamb, Canterbury heavy 10§d, light 12Jd; North Island heavy lOAd; light 12d. Demand for N.Z. lamb poor.* Romance | Circle and Stalls, 2/; Gallery worth island heavy »<T; Tight STci: - Demand for N.Z. mutton poor owing to warm weather. Quotation, N.Z. prime ox beef, hinds 5Jd; fores 44d. Demand for N.Z. beef poor owing to warm weather. Market for N.Z. lamb nominal, mutton steady, beef weaker. Pork.—Value, porkers 93d to 9|d; baconers 9d to 9Jd. Limited demand owing to warm weather. DAIRY PRODUCE MARKET. Butter. —Market stagnant. We quote New Zealand 216/-, New Zealand exceptional 222/-; Danish 224/-; finest Australian salted and unsalted 208/-. Cheese.—Market steady, but quiet ; Canadian on spot 120/-. LONDON, October 22. (Received October 23, 8.55 p.m.) Butter is very dull, prices more or less nominal. New Zealand choicest about 214/-, unsalted 220/-; Australian salted 208/-, unsalted 210/-; Danish about 220/-. Cheese firm. Canadian 118/-. Flour, steady. Australian, ex store 44/3. Oats, irregular. Peas and beans are quiet and unchanged. Sugar: Granulated 28/14. FOREIGN EXCHANGE RATES. LONDON, October 22. The exchange rates are as follows:

CHICAGO WHEAT QUOTATIONS. CHICAGO, October 22. (Received October 23, 5.5 p.m.) Chicago wheat quotations: December, new 1413, old 1403; May, new 139 J, old 1393 cents per bushel

Paris, fr to £1 25.22$ 112.15 Brussels, fr to £1 .. .. 25.224 106.25 Oslo, kr to £1 18.159 23.87 Copenhagen, kr to £1 18.159 19.62 Stockholm, kr to £1 .. 18.150 18.10 Berlin, reichmkn to £1 10.43 20.33 Montreal, dol. to £1 .. 4.86J 4.83 J New York, dol to £1 .. 4.86} 4.84 5-16 Rome, lire to £1 .. .. 25.224 123 Yokohama, st to yen .. 24.58 30g Calcutta, st to rupee 10 to £1 * 18 3-16 Hongkong, st to dol .. * 29$ Amsterdam, guild, to £1 12.107 12.041Batavia, guilders to £1 ... 12