COMMERCIAL

Southland Times, Issue 20939, 23 November 1929, Page 3

COMMERCIAL

INVERCARGILL STOCK EXCHANGE. YESTERDAY'S CALL OVER. The following sales were reported at yesterday's call-over at the Invercargill Stock Exchange:—• Government Bonds, 1936, 51 per cent. £lOl (100). Invercargill Borough, 54 per cent. 1900, £lOO (200). The following quotations were also made: Australian Bank of Commerce, s 32/6. Bank of Australasia: s £l3 15/-. Commercial Bank of Australia: b 27/4, s 28/-. National Bank of Australasia (cont.): e £9 1/-. National Bank of New Zealand: s’ £6 18/6. . Bank of New South Wales: b £47 15/-, s £4B 5/-. Bank of New Zealand: s 61/-. Bank of New Zealand (long “D” issue): b 28/6. Union Bank of Australasia: b £l4 10/-, s £l4 12/6. New Zealand Breweries (shares): b 87/-. Staples’ Brewery: b 53/-. Westport Coal: b 32/6, s 33/9. National Insurance Co.: b 15/6, e 16/1. South British Insurance Co.: s 66/-. Goldsbrough Mort and Co.: s 44/-. Perpetual Trustees (Dunedin): b 68/-. f Trustees Executors (Dunedin): b 60/-. New Zealand Refrigerating Co. (20/paid) b 12/3, s 13/4. Electrolytic Zinc (ord.): b 34/-. Electrolytic Zinc (pref.): b 34/6. Kildare Mining: b 1/9, s 1/10. Mount Lyell: b 42/3. Waihi Gold Mining: b 12/3. Burns, Philp and Co.: b 40/-. Huddart Parker (ord.): s 42/9. Union Steamship Co. (pref.): b 20/6. Kaiapoi Woollen Mills (cont.): s 4/3. Kaiapoi Woollen Mills (ord.): s 13/6. Kaiapoi Woollen Mills (pref.) : s 15/3. Mosgiel Woollen Mills: b £7 11/-. Australian Iron and Steel: s 22/-. British Tobacco (Aust.): b 44/9, s 45/6. D.I.C. (ord.): b 11/- prem. D.LC. (pref.): b 21/6. Dominion Investments: b 24/-. Dominion Rubber Co.: s 29/-. Dunlop Rubber (Aust.) : s 25/9. Milburn Lime and Cement: b 35/3. New Zealand Drug Co.: s 74/-. New Zealand Farmers’ Fertilizers: b 22/-. New Zealand Guarantee Corporation: b 8/5, s 9/-. New Zealand Paper Mills: b 20/6. Victoria Nyanza Sugars-: s 43/-. Inscribed Stock, 1938, 44 per cent, (free of income tax): b £lOO. War Bonds, 1938, 44 per cent, (free of income tax) : b £lOO. Inscribed Stock, 1939, 41 per cent, (free of income tax): b £lOO. War Bonds, 1939, 4 per cent, (free of income tax) : b £lOO. Government Bonds, 51 per cent., 1933: b £lOO 10/-. THE WEEK’S TRANSACTIONS. No pronounced change has occurred during the week which has been on the quiet side, generally prices are about the same level as a week ago. Most sections of gilt edged investments presented a fairly firm front during the week although trading is inclined to be dull. In banks, Commercials of Australia were slightly weaker at the beginning of the week, but improved somewhat towards the close, sales were reported at 27/3 last Monday, and on Wednesday a parcel changed hands at 27/7, the quotation yesterday was seller 28/-. Unions of Australia have not been dealt in during the week, at the moment there is a seller prepared to take £l4 12/6. Buyers offering £l4 10/-. Nationals of Nevi? Zealand showed improvement, being disposed of at £6 18/-, a few shillings higher than they were a week ago. E.S. and A. Banks, a dividend of 4/6 per share was payable by this bank on Thursday last, this is the seventh year in succession in which the dividend has been at the rate of 12J per cent (free of tax), although the capital in the meantime has been increased and now stands at £3,000,000. National Bank of Australasia contributing issue are quoted seller £9 1/-, and Australasians can be procured for £l3 15/-, New South Wales buyers £47 10/-, sellers £4B 10/-. Bank of New Zealands have not been so freely quoted this week as they generally are; a sale of this bank’s shares took place last Tuesday at 60/6 and since then the best buying quote has been 60/-. The long term “D” issue are in firm demand at 28/6. Most attention in Insurance Companies' shares has been paid to New Zealand Im surances which were sold at 46/3 and 46/6, the quotation yesterday was buyer 45/9, seller 46/9. Nationals are on offer at 16/3, and South British at 66/-. A dividend was payable to National Insurance shareholders on November 21. Little or no activity was shown in pastoral companies’ shares, Goldsbrough Morts have sellers at 44/-, and sales were reported from various centres at prices round about 43/3 to 43/5. Dalgety’s are ex dividend, payable last Monday. The price to-day is £l3 18/- buyer. Coal Companies shares show no improvement since last report, the offer for Westport Coals was 32/- cum. dividend, sellers asking 33/6. The 48th annual report of the directors of the Westport Coal Company will be presented to the shareholders on Monday. The profit for the year amounts to £34,954. The total distribution for the year will be 2/per £1 share. The paid up capital of the company is £450,000. Grey Valley Collieries have gone unquoted during the week. There is no movement at all in Woollen Companies’ shares and shipping shares continue to be very dull. Mount Lyells with buyers at 42/6 have been rather active with reported sales at 42/3 up to 42/6, the dividend is payable by this companyon December- 18, the amount is 1/3 plus a bonus of 1/6 making 4/- for the year, or 20 per cent., the dividend paid for year ended September 30, 1928, was at the rate of 12J per cent. Kildares have been the means of quite a fair volume of business during the week, highest price obtained being 2/3 and lowest 1/3, at present the buying quote is 1/7, seller 1/9. Most of the other mining lines have been quiet, there are buyers for Zincs at 34/6 both issues. Winding Creeks have had sales at 1/7 and Stoney Creeks at lOd and lid. Movement in the miscellaneous section were comparatively few, New , Zealand Breweries have shown some improvement in price and sellers have not been keen to part with some below 87/9, although a slightly lower price would have been accepted a week ago. The New Zealand Brewery Bonds are procurable about 28/6, buyers’ price 28/3, Staples buyer 53/-, seller 53/6. Tobaccos have been done as high as 45/9, and there are sellera at 46/3. New Zealand Farmers’ Fertilizers have increased in price, buyers now offering 22/3, sellers asking 23/-. Paper Milk with a dividend payable on November 29 have buyers at 20/3. A parcel of Australian Iron and Steels was offered during the week at 22/-. Dominion Rubbers have a seller at 29/-, and Dunlop’s at 25/9. Buyers for Milburn lame and Cements have increased their offer slightly to 35/3. New Zealand Drugs have a seller at 74/-, and a seller of Victoria Nyanza Sugars made an appearance asking 43/-. New Zealand Government 4J per cent, due 1938 and 1939 are firm in price at £lOO, and the 51 per cents, due 1933, are a trifle easier, buyers £lOO 15/-, after sales at £lOO 17/6 and £lOl 2/6. The cable news contained in the Times of Friday stated that the bank rate has been further reduced to 54 per cent, it is quite probable that a hardening tendency in certain stocks will follow this announcement. THE SHAREMARKET. YESTERDAY’S TRANSACTIONS. Auckland, November 22. Sales on ’Change: Inscribed Stock (1938) 4i per cent. £100; Inscribed Stock (1932) 5| per cent. £99 17/6; Commercial Bank

of Australia 27/7J, 27/8; -Dalgety’s £l3 16/-; Auckland Gas 25/-; British Tobacco 45/-. * Wellington, November 22. Sales reported: Commercial Bank of Australia (ord.) £1 7/7; Mount Lyell Mining £2 2/9. Christchurch, November 22. Sales on 'Change: New Zealand Government 41 per cent. Inscribed (1938) £100; New Zealand Breweries’ Bonds 28/3; Australian Bank of Commerce 31/3, 31/-; Commercial Bank of Australia 27/7; Bank of New South Wales £4B; Bank of New Zealand 60/-; Herald and Weekly Times (ex div.) £5 5/-; Mahakipawa 4d; Kildare 1/6. Sales reported:.Bank of New Zealand 60/- (2); Union Bank of Australia £l4 7/6; Mt, Lyell 42/9; Goldsbrough Mort 43/3; New Zealand Refrigerating (£1 paid) 12/9. Dunedin, November 22. Sales reported: New Zealand Breweries’ Shares 88/4 cum. div.; Westport Coal 33/cum. div. DUNEDIN MARKETS. Dunedin, November 22. Business in the milling wheat market continues quiet so far as the local demand is concerned. Prices remain unchanged at 5/9 per bushel, sacks extra, country sidings for Tuscan, 6/- for Hunters and 6/6 for Velvet. There does not now appear much prospect of any change in the market till the new season’s crop comes in. Good fowl wheat is selling slowly and the market appears to be slightly firmer. The general quotation is 5/114 f.0.b., sacks extra, Lyttelton, for prompt shipment, and 5/11 Timaru. The local quotation is 6/pcr bushel ex rail. Business in oats continues quiet, with the local demand confined principally to lines for ‘feed requirements. There is no change in values, A grade being worth 3/8 f.o.b,s.i. and B’s 3/7. Oats are still on offer for April-September delivery at 3/71 For A’s and 3/4 for B’s. Supplies of Duns are also on the short side. The local chaff market continues firm. Holders of good quality are asking £6 10/per ton, ex store, sacks extra, and £6 5/ex truck. A fair quantity of old tubers is still held by merchants, and some growers also have small lots. New potatoes have been arriving by every boat from Auckland and as a consequence the old tubers have become a drug on the market. There is a wide range of price for old potatoes, from £4 to SA sacks in, ex store. A steady demand continues for all ryegrasses, and also for cocksfoot and stocks of these seeds are ■ now in small compass. The wholesale value of good quality ryegrass is 7/- per bushel f.o.b. with Italian and Western Wolths at 6/3. A little more interest is being shown in the dogstail market which is now improving. Fruit Report. American grown apples are now on the market. A few lines of locally grown stunners are also available. A shipment of Fiji bananas is expected some time next week. A Samoan shipment is expected on December 5. These are all sold to arrive, but the price has not yet been fixed. The Waikouaiti arrived during the week and brought a supply of oranges and pines. The local market is now well supplied with both these lines and with the high prices ruling in Australia, it will be impossible for shippers to come out on the right side with this fruit. The Manuka which is due here on Tuesday from Melbourne is bringing a small line of oranges. These will be the last of Australian Valencias for the season, and the market will then be dependent on Californian grown. Lemons are in short- supply and prices are high. Further supplies of Californian grapes arc due next week. Christchurch grown tomatoes are now much more plentiful, and prices have eased. Local grown are also becoming more plentiful. Strawberries are arriving in small lots from the Roxburgh district. Choice quality have a ready sale. Otago grown cherries are becoming more plentiful. CHRISTCHURCH MARKETS. POTATOES “GONE.” Christchurch, November 22. The potato market apparently is “gone” for the season. The Waipiata is leaving for Napier to-morrow, and may likely take a small consignment and the ferry boats may take small stocks to Wellington for a few days. After that, it would appear the i market will be confined to local orders. Nominally, the price is £5 f.o.b, s.i. A few small lots have been bought from farmers at £3 10/-. The prospects are that most classes of seeds will be short this season. The scarcity of pastural feed will have caused paddocks to be closed up for seed much more restrictedly than usual. The prospects are that the province’s yield of cocksfoot and perennial and Italian ryegrass will be much less than usual as stocks of old season’s seeds are scarce and held at high prices. This end seems to point to a bare supply for next season’s necessities. Information from the south is to the effect that a good perennial ryegrass crop is expected, so that in this branch of seed, the local scarcity may be. offset. The dry weather is considered likely to affect the oats yield very markedly, but so far this opinion is not being reflected in any hardening of values. As a matter of fact, there is nobody disposed to sell oats. Forward values for stocks on hand are from 3/7 to 3/8 f.0.b.,5.i. NEW ZEALAND LOAN CO. DETAILS OF BALANCE-SHEET. Wellington, November 22. Further details of the New Zealand Loan and Mercantile balance sheet received by the local agents state that the annual meeting will be held in London on December 5. The revenue account shows that after paying taxes of £57,866, writing off premises of £lO,OOO, making provision for bad and doubtful debts and paying debenture stock interest, there is a balance of £179,715. The sum of £lO,OOO has been appropriated to the staff benevolent fund. An interim dividend will be paid on the 5 per cent cumulative stocks and ordinary stock, together with a dividend of over 64 per cent, on the cumulative second preference stock for the year. This, plus dividends now proposed to be paid, will absorb £162,500. After including amounts brought forward from last year of £51,196, there will be £53,412 to be carried forward. The dividends proposed are: A final dividend of 5 per cent, on the cumulative pref, stocks; of 2-J per cent, (making 5 per cent, for the year) on the ordinary stock, and a final dividend of 5 per cent. (Making 5 per cent, for the year), both less 2/- in the £1 in respect of English income tax. DAIRY PRODUCE. Messrs Dalgety and Company, Limited, report having received the following market cable from their head office, London, under date of November 21, 1929':— Butter: Market quiet. Danish 188/- to 190/-; New Zealand finest salted 170/- to 174/-; Australian finest unsalted 176/- to 178/-; Australian finest salted 170/- to 173/-; Australian g.a.q. 164/- to 166/-. Cheese: Market firm. New Zealand white 95/- to 96/-, coloured 93/- to 94/-; Canadian white 96/- to 98/-, coloured 96/to 98/-; Canadian c.i.f. 94/- to 96/-.