COMMERCIAL

Southland Times, Issue 20831, 20 July 1929, Page 2

COMMERCIAL

RIVERSDALE STOCK SALE.

A GOOD MARKET.

There was a large attendance at the monthly stock sale at Riversdale yesterday, when a fairly keen inquiry was shown for most classes of sheep. The entry included a few pens of good mixed-sex hoggets and ono exceptionally fine line offered by Messrs J. E. Watson and Co., Ltd., on account of Mrs Davidson, Riversdale, realized the unusually high price of 36/6. Another line of well-grown sorts offered by the New Zealand Loan and Mercantile Agency Co., Ltd., on account of Mr J. Stevenson, “Rusland,” Wendon, realized 30/3, the purchaser being Mr J. McLean, Waikaka. Wethers also met with a good demand and big framed forward sorts realized from 31/3 up to 35/6, medium round about 29/-. A single line of fat ewes sold at 29/-. Some inquiry was shown for full and failingmouthed ewes, practically sound-mouthed sheep realizing up to 25/5. There was very little demand for poorer quality. Sales were: — Wright, Stephenson and Co., Ltd.: Twenty-four 4 and 6-tooth wethers at 29/-; 176 cull m.s. lambs at 17/4; 400 s.m. ewes passed at 29/7. J. E. Watson and Co., Ltd.: Fifty 2 and 4-tooth wethers at 31/3; 55 ma. hoggets at 36/6. National Mortgage and Agency Co., Ltd.: Sixty-one f and f.m. ewes at 25/5; 113 cull ewes at 7/10. New Zealand Loan and Mercantile Agency Co., Ltd.: One hundred and thirty-two ewe lambs at 30/3; 120 f.m. ewes at 16/6; 49 cull ewes at 8/-; 24 wether hoggets at. 23/6; 22 fat ewes at 29/-; 32 forward wethers at 35/6. DUNEDIN MARKETSSHARP ADVANCE IN POTATOES. Dunedin, July 19. The nominal prices quoted for wheat for some time past arc unchanged at 5/9, sacks extra, on trucks country sidings, for Tuscan, 6/- for Hunters and 6/6 for Velvet. The value of good whole fowl wheat remains at 5/10, sacks extra, ex store. Quotations from Canterbury are 5/71 sacks extra, f.o.b. and the firming of the Australian market will probably cause merchants in the North Island to operate with more confidence from Canterbury. Up to the present they have only been working on a hand to mouth basis on account of the difference in the New Zealand and Australian quotations. llie oat market is very weak with little business passing. Sellers are now offering A Gartons at 3/4 to 3/41 f.0.b., s.i.. with buyers showing little or no interest in the market. Stocks of oats, both here and in Southland, are on the short side. The shipping quotations are equivalent to 2/10, sacks extra, on trucks, country sidings, for A’s, and 2/7 for B’s. Stocks of chaff in Dunedin are on the light side and owing to the broken weather, it is difficult to replenish stocks. The demand is not very heavy and consumers are obtaining their requirements in the meantime from stores. Best quality is worth £6 per ton, sacks extra, ex store. ’The potato market shows a sharp advance. Owing to the fluctuations, it is difficult to name a definite price. The local quotation is about £6 10/- per ton, sacks included for best quality. Little movement is taking place in any seed lines, but there, has been a firming in the values of ryegrass, and it is apparent that stocks of these will not be more than sufficient to meet the demand for spring sowing. There is no export demand for fescue, dogstail or browntop, and the values for these seeds are easier. Fruit Report. Heavy supplies of apples are still arriving from all districts and the market is dull

with sales hard to make. Inferior quality have again accumulated in the marts and many lines will have to be sold at any price to clear. Pears have a better demand and higher prices are ruling. The Maui Pomare is expected on Monday with about 2500 cases of bananas for the local market. The price has been fixed at 19/6 per case, and should the fruit be in sound condition, retailers should have a fair margin of profit. A small line of Fijian bananas arrived ex the Katoa yesterday and was sold at good prices. The same vessel also brought a line of lemons, mandarines and passion fruit, transhipped at Wellington, ex the Maheno from Sydney. Vegetables have been in little better supply. High values arc still ruling for cauliflowers, and cabbages show an advance in price. Choice lettuces are very dear, supplies not being eqffal to the demand. Other vegetables have a normal inquiry. LONDON WOOL SALES. (United Press Assn.—By Telegraph—Copyright.) London, July 18. At the wool sales, 9069 bales were offered, including 4032 New Zealand. There was a moderate selection of Merinos of miscellaneous character and a fair offering of greasy crossbreds, while there was a small supply of other sorts. The steady demand continues at late rates. —Australian Press Association. FRUIT MARKET. London, July 18. Tasmanian apples ex Ulysses at Liverpool met a good demand. Sturmers were mostly 17/- to 19/- case; F.C.P., 14/- to 15/3; Cleopatras, 20/- to 21/6. New Zealand apples ex Tamaroa and Karamea at London also experienced good demand, smaller varieties of Sturmers realizing 15/to 19/-, and others IS/- to 20/-. —Australian Press Association. CHICAGO WHEAT. New York, July 18. Chicago Wheat: July 1414; September 145}; December 151 cents per bushel.—Australian Press Association. CALL MONEY RATE. New York, July IS. The call money rate of renewal went as high as eight and closed at seven—Australian Press Association. PRICE OF FLOUR. INCREASE AT SYDNEY. (Rec. 5.5 p.m.) Sydney, July 19. The price of flour was increased again today to £l4 per ton.—Australian Press Association. INVERCARGILL STOCK EXCHANGE. YESTERDAY’S QUOTATIONS. At yesterday morning’s call-over of the Invercargill Stock Exchange the following quotations were made: — Australian Bank of Commerce: b 36/5. Bank of Australasia: s £l4 16/-. Commercial Bank: b 29/10, s 30/1. E.S. and A. Bank: s £8 12/-. National Bank of Australasia (cont.): s £9 16/-; (ord.), s £2O. National Bank of New Zealand: b £7, s £7 2/6. Bank of New South Wales: b £5O 10/-, s £5O 15/-. Bank of New Zealand: b 61/6, s Gl/9. Bank of New Zealand (long “D” issue): b 28/-. Union Bank of Australia: b £l5 13/-, s £l5 15/-. Dunedin Brewery Company: b 29/-, s 31/-. New Zealand Breweries (shares): b 81/-; (stock), b 26/10. Staples’ Brewery: b 53/-, s 55/-. Grey Valley Collieries, Ltd.: b 23/6. Westport Coal Company: s 32/9. National Insurance: b 16/1; s 16/4. New Zealand Insurance: b 47/6, s 48/6. Queensland Insurance: 6 64/-. South British Insurance: b G7/9, s 68/6. Standard Insurance: b 67/-. Dalgety and Company: b £l5 4/-. Goldsbrough Mort and Company: b 46/9. National Mortgage: s 90/-. Perpetual Trustees (Dunedin): b 66/-. Trustees’ Executive (Dunedin): b 60/-. Wright, Stephenson and Company (ord.): b 25/3; (pref.) b 18/3.

New Zealand Refrigerating Meat Company (20/-): b 16/3, s 17/-; (10/- paid): b 7/5, s 7/8. . Southland Frozen Meat Company (£1 ord.): b 38/6; (10/- ord.), b 19/3; (£1 pref.), b 38/6. Electrolytic Zinc (pref.): b 37/3, s 37/9. Kildare Mining Company: b 4/-. Mount Lyell Mining Company: b 43/3, s 43/9.

Waihi Gold Mining Company: b 11/9. Winding Creek Gold Mining Company: s 2/6. Howard, Smith Shipping Company (ord.): s 23/6. Huddart, Parker Shippihg Company (ord.): b 45/-, s 46/-. Union Steam Ship Company (pref.): b 21/-.

Bruce Woollen Mills: b 10/3, s 11/3.Kaiapoi Woollen Mills (cont.) : b 4/9; (ord.), b 14/-, s 14/6; (pref.), b 16/3. Mosgiel Woollen Mills: b £7 14/-. Wellington Woollen Mills (ord.): b £7 5/-. Australian Iron and Steel: b 21/6. British Tobacco (Aust.): b 48/3. Colonial Sugar Company: b £57 15/-. Dental and Medical Supply Company: s 12/-. D.I.C. (ord.): b 10/9 premium; (pref.), Dominion Rubber Company: b 28/6. Donaghy’s Rope and Twine: b 35/6. Dunlop Rubber (Aust.): b 27/4. Milburn Lime and Cement: s 39/-. New Zealand Drug: b 75/9. New Zealand Guarantee Corporation: b 9/3, s 9/10. New Zealand Paper Mills: b 20/-, s 21/-. Otago Daily Times: b 71/-. Wilson’s (N.Z.) Portland Cement: b 43/-. Inscribed Stock (1938) 41 per cent, (free of income tax): b £99 17/6. War Bonds (1938): 41 per cent, (free of income tax): b £99 17/6. Inscribed Stock (1939), 41 per cent, (free of income tax): b £99 17/6. War Bonds (1939), 44 per cent, (free of income tax): b £99 17/6. Government Bonds (1933), 51 per cent.: b £lOl 10/-. Sales Reported. Sales were reported of Commercial Bank at £1 10/- and Commercial Bank (new issue), at £1 9/5. THE WEEK’S OPERATIONS. A COMPREHENSIVE REVIEW. A full volume of business was done on the Invercargill Stock Exchange during the week with banks and brewery company shares receiving most attention from investors. In the miscellaneous section business was well distributed. Government bonds and stock had moderate turnover, chiefly in the 4J per cent, tax free stock, several parcels changing hands at £lOO. The per cent, taxable bonds and stock were also in demand at £lOl 10/-, but only a sale or two was reported. Bank of New Zealand shares are again strong favourites with investors. After the dividend was paid they were a little neglected, but they are now keenly sought after. Sales were reported during the week at 61/6, several parcels being disposed of at that figure. Buyers are still prepared to give this price ■ and sellers are asking 61/9. Commercial Banks have firmed during the week, sales being reported at 30/-, 30/1. Australian Bank of Commerce were disposed of at 36/5 and 36/6. The shares in this bank have come into favour locally during the last few months and

a dividend announcement should be made any day now. National Banks were sold at £7 and a sale of Bank of New South Wales was reported at, £5l 15/-. Union Banks have a seller at £l5 15/-, and Bank of Australasia are on offer at £l4 16/-. E. S. and A. Banks have been quiet with prices steady and National Bank of Australasia (contributing) have been sold at £9 16/-, two sales being announced at this figure. i a n. National Insurances and also Soutn British remain at about last week’s prices, sales of the former at 16/3, and of the latter at 68/- and 68/3 being reported. New Zealand Insurances are steady with sellers at 48/6. Buyers for standards have increased their quote to 67/- without attracting a seller. . • , n Westport coals have been quiet with sellers at 32/9. Grey Valleys had a reported sale early in the week at 24/-. Buyers are offering 23/6 to-day. There is a buyer of Dalgety’s at £l5 '5/- which is an improvement of about 2/6 on last week’s price. Goldsbrough Morts were sold last Monday at 47/10, but eased slightly towards the end of the week, when a sale was reported at 47/6. Although buyers have been offering 25/3 for Wright,- Stephenson’s ordinarys there has been no business reported and the offering of 18/3 for the preference issue has failed to attract a seller. The meat section has been very quiet and there are no sales to report during the week. Shipping shares continue to be slow, although there is a firm demand for Union Steams preference, buyers offering 21/-. This is a slight increase in the price ruling last week. These shares are very closely held and a seller seldom appears.

Woollen company shares have been more sought after lately than they have been for some time. Kaiapoi’s (ord. 17/- paid), have been sold at 14/-, and the preference issue are wanted at 16/3 and 16/-. This returns an investor £6 7/6 per cent. A well spread business was done in British Tobaccos, New Zealand Drugs and New Zealand Farmers’ Fertilizers. Tobaccos have been sold at 48/8, and Drugs are wanted at 75/9. Fertilizers had several transactions at 23/6. These shares have hardened slowly but surely during the last few weeks. New Zealand Guarantee corporations are slightly easier, sales being reported at 9/4 and 9/5. Buyers were offering 9/3 at the latest call over. Thre was a big turnover in New Zealand Breweries, sales being reported at 79/6 to 80/- early in the week. Yesterday they hardened and were sold at 82/-. Staples Brewery were also active with sales at 53/- and 53/6. Paper Mills had a reported sale at 20/6, and the market closed with a buyer at 20/-, sellers 21/-. Wilson’s (N.Z.) Portland Cement sellers have not been quoting lately, although buyers have increased their price and are now offering 43/6. The mining section has been more active, Mount Lyells and Electrolytic Zincs being the principal lines dealt in. The preference issue of zincs have been sold at 37/3 and 37/6, and at the last-named price they return the holder £6 8/- per cent. Mount Lyells have changed hands at 43/6 and 43/9, and the quote to-day is buyer 43/3, seller 44/-. Winding Creeks were sold during the week at 2/5, and the latest price is 2/6 seller.

Local brokers have had several inquiries for Australian stocks and there are several sound investment stocks in Australian companies which can be recommended to investors. Hoyts Pictures A pref. 8 per cent, at about 23/-, Australian Glass Company, Iron and Steel preference, Tooths Breweries, Dunlop Rubbers, Henry Jones, all have holders in Southland and the number of investors is gradually increasing. THE SHAREMARKET. .. YESTERDAY’S TRANSACTIONS. (Per United Press . Association.) Auckland, July 19. Sales on ’Change: Inscribed Stock (1938) 41 per cent. £lOO, (1939) 44 per cent. £100; English, Scottish and Australian Banks £8 8/9; National Bank of Australia £l9 17/-; Bank of New South Wales £5l 15/-; Bank of New Zealand £3.1/3; New Zealand Insurance £2 7/9; South British Insurance £3 8/-; Goldsbrough Mort £2 7/-; Auckland Gas £1 4/9; Kauri Timber 18/4; Wellington Woollen £7 6/-; Colonial Sugar £57 12/6; Dunlop Rubber £1 7/10; New Zealand Paper Mills £1 0/3 (two); Grand Junction lid; Quala Kampa Tins 14/-. Dunedin, July 19. Sales on ’Change: National Insurance 16/- (two); New Zealand Breweries (shares) 82/6, 82/- (two) ex div.; Electrolytic Zinc (pref.) 37/9 (cum. div.); National Electric 9/9 (two); Mount Lyell 43/-. Sale reported: Goldsbrough Mort 47/3. Wellington, July 19. Sales reported: New Zealand Government 51 per cen. Inscribed Stock (1933) £lOl 10/-; Bank of New Zealand £3 1/3. Sales on ’Change: Union Bank of Australia £l5 13/6; South British Insurance Co. £3 8/-; Wellington Woollen Co. (ord.) £7 6/-; New Zealand Farmers’ Fertilizer Co. £1 4/6; Taranaki Oil Fields 3/-. Christchurch, July 19. Sales on ’Change: New Zealand Government 54 per cent. Bonds (1933) £lOl 7/6; Commercial Bank of Australasia 30/-; Bank of New Zealand 61/2; National Insurance 16/2; Goldsbrough Mort 46/6; New Zealand Breweries 82/3 (2), 82/5, 82/6 (2), 82/7, 82/8, 82/9, 83/- (3), 83/3 (5), 82/2 (3), 83/1, 83/3, 83/4 (3), 84/6, 84/9; Staples Brewery 55/-; Tooths Brewery 64/6; British Tobacco 48/6 (2), 48/5 (3); Electrolytic Zinc (ord. cum. div.) 36/11; Mahakipaw’a s ld, sd. Sales reported: Bank of New South Wales £5l 15/-.