COMMERCIAL

Southland Times, Issue 21073, 3 May 1930, Page 3

COMMERCIAL

STOCK EXCHANGE. YESTERDAY’S QUOTATIONS. At yesterday’s call-over on the Stock Exchange, the following prices were quoted:— Bank of Australasia: b £l2 Commercial Bank: s 21/9. Bank of New South Wales: s £39 5/-. Bank of New Zealand: b 58/-; s 58/9. Union Bank of Australia: s £ll 16/-. New Zealand Breweries (shares), b 52/-, s 53/6; (deb.) b 48/-, e .49/6. Westport Coal: b 31/-, s 32/6. National Insurance: b 14/3; s 15/-. National Mortgage: s 70/-. Perpetual Trustees (Dunedin) : b 68/-. Trustees’ Executors (Dunedin) : b 60/-. Wright, Stephenson and Co. (ord.): s 24/6. New Zealand Refrigerating (20/- paid): s 12/-; (10/- paid): b 4/9, s 5/3. Southland Frozen Meat: (£1 ord): b 35/-; (10/- ord.): b 17/6; (£1 pref.): b 35/-. Electrolytic Zinc (ord.): b 24/-; (pref.) b 25/-. Mount Lyell: s 29/6. Stoney Creek Gold Mining: s 9d. Huddart-Parker (ord.) : b 37/6. Kaiapoi Woollen Mills (cont.): b 3/9; s 4/3. British Tobacco (Australian): s 40/-. Christchurch Gas Co.: b 26/3. Dominion Investments: b 24/-. ■ Dunlop Rubber (Australian): s 18/-. Milburn Lime and Cement: s 34/-. New Zealand Farmers’ Fertilizer: s 20/-. New Zealand Guarantee Corporation: b 7/6. New Zealand Paper Mills: b 20/-. Wilson’s (N.Z.) Portland Cement: b 38/-, s 40/-. Inscribed Stock, 1938, 41 per cent, (free of income tax) : b £97 12/6. War Bonds, 1938, 41 per cent, (free of income tax): b £97 12/6. Inscribed Stock, 1939, 41 per cent, (free of income tax) : b £97. 12/6. War Bonds, 1939, 41 per cent, (free of income tax) : b £97 12/6. Government Bonds, 51 per cent., 1933: b £99. THE WEEK’S TRANSACTIONS. The stock exchange re-opened on Monday after the Easter vacation, the market for most lines in bank stocks is slightly on the easier side. Government bonds and stocks have held their price and are, if anything, a shade firmer than they were before Easter. Four and a-half per cent, bonds and stock with currency to 1938 and 1939 were sold at £97 10/-, up to £9B, and the quotation at the last call was buyer £97 12/6, sellers £9B. The 51 per cento, due in 1933 and 1936 have buyers at £99 2/6, with sellers at £99 15/-. In banking shares Australian Bank of Commerce have dropped a 1/- since our last report, and have been sold at 24/-, buyers’ best quote yesterday was 23/9. Commercials of Australia -have come back, buyers 21/1, sellers 21/9. E.S. and A. Banks are quoted buyer £6 3/-, seller £6 7/6 ex dividend. National of Australasias contributing issue sold during the week on the various exchanges at £7 2/-, £7 6/-, and £7 7/6, and the latest quotation was buyer £7 6/-, seller £7 9/-, no business has been reported in the ordinary issue which have sellers prepared to accept £l5, no buyers. Nationals of New Zealand buyers £6 5/-, sellers £6 7/-. Bank of New Zealands buyers 57/9, sellers 58/6, with sales reported during the week 58/3, 58/6 and 58/9. Unions are lower than a few weeks ago buyers £ll 10/-, sellers £ll 15/-. Very little business has been done in Insurance circles, Nationals have buyers at 14/3, sellers 14/10, and New Zealands had a reported sale at 44/3 with no further quotations. Westport coals have buyers offering 31/-, sellers how'ever want at least 1/3 more and no business has been reported. Breweries continue to be one of the most active stocks and business has been recorded throughout different centres at prices ranging from 52/1Q to 53/6, when the last call was made yesterday’ the quotation was buyers 52/-, sellers 53/6. Staples Breweries had a sale recorded at 49/-, and buyers were prepared to go on at 48/-, but sellers did not quote. In mining shares Mount Lyells with buyers at 27/9, sellers 29/-, have come back with a rush, a sale was reported just before the holidays at 34/-. Electrolytic Zincs have also shown a marked fall in price compared with a few weeks ago and were on offer at 24/6 for the ordinarys and 25/6 for the prefs, with no buyers. Stoney Creeks had a sale at 71d and the latest quotation was buyer 7d, seller 7ld. Southland Frozen Meats have a buyer at present offering 35/- for the £1 ordinary issue and 17/6 for the 10/- paid. New Zealand Refrigerating are quoted 4/9, buyer 5/3, seller for the contributing issue, and 10/6 buyer, 11/3 seller for the ordinary issue. The only quotation for shipping shares has been one of 37/6 for Huddart-Parker (ord.). Kaiapoi Woollens continue to have a limited inquiry, 3/9 being offered for the contributing issue and 10/- for the ordinary 17/- paid. In the miscellaneous section British Tobaccos started off the week with sales at 40/3, but have failed to hold to this figure, and sellers are prepared at present to accept 40/-, buyers 39/-. Christchurch Gas continue to attract attention and are firm with buyers 26/3. Dunlop Rubbers buyers 16/6, .sellers 17/3. Milburn Limes are slightly easier with sellers at 34/-. New Zealand Guarantee Corporations had a sale reported early in the week at 7/11 and have since gone unquoted. New Zealand Paper Mills have improved with buyers at 20/-, this company’s dividend for year ended March 31 will be at the rate of 74 per cent, against 61 per cent, for the previous year. Wilson’s Cements have buyers at 38/-, sellers 40/-. THE SHAREMARKET. YESTERDAY’S TRANSACTIONS. (Per United Press Association.) Auckland, May 2. Sales on ’Change: Inscribed Stock (1936) 51 per cent. £99 5/-; Auckland Gas (1935), 64 per cent. £102; Bank of New South Wales £3B 15/-; Bank of New Zealand 58/3, 58/-; Auckland Gas 23/9; Devonport Steam Ferry 21/6; Milne and Choyce (deb. stock) 26/3; New Zealand Refrigerating cont. (late sale Thursday) 5/-; Moanatairi fully paid 1/6. Wellington, May 2. Sales reported: 41 per cent. New Zealand Government Stock (1938) £97 17/6; New Zealand Breweries £2 13/-; British Tobacco (ord.) £1 19/3; Staples and Co. £2 8/6; Burns, Philp and Co.: £1 15/-; Waihi Gold Mining £l3 9/-; Commercial Bank of Australia (ord.) £1 0/11; Gear Meat Co. £1 18/-. Christchurch, May 2. Sales on ’Change: South British Insurance 58/9; Christchurch Gas (10/- paid) 13/2 (2); New Zealand Breweries 51/9 (2); Staples’ Brewery 48/4; Tooth’s Brewery 32/1 (3); Amalgamated Wireless (cont:) 21/-; British Tobacco 38/9; Mt. Lyell 27/1 (2); Cornish Point (1/- paid) 7d. Sales reported: New Zealand Breweries (late sale Ist) 52/9; Staples’ Brewery 48/6; British Tobacco 38/9; New Zealand Breweries 51/9 (2), 52/-; 5j per cent. (1932) Inscribed Stock £9B 15/-. Dunedin, May 2. Sale on ’Change: Bank of New Zealand 58/- (cum. div.). STONEY CREEK GOLD MINING. The following report has been received by the,secretary of the Invercargill Stock Exchange from the secretary of the Stoney Creek Gold Mining Company, Limited:— “I have to report that three of the direc•tors of the Stoney Creek Gold Mining Company, Limited," made an inspection of the mine on April 26. Mr Nelson has now handed over the mine to the company, the directors being well satisfied with the plant and opening up work. Extreme satisfaction has been expressed in regard to the harnessing of the water and the cheap

power derived. Driving operations are now in full swing and prospects very satisfactory. A further report will be forwarded in two weeks’ time.” RIVERSDALE STOCK SALE. YESTERDAY’S MARKET. LITTLE INQUIRY SHOWN. Except for lambs little inquiry was in evidence at yesterday’s stock sale at Riversdale, which was held in dull but fine weather before a small attendance of farmers. The remainder of the sheep entry which generally lacked quality, was not sought after to any great extent and passings were frequent. Tightness of money and lack of feed at the present time w?re also contributing causes to the lack of animation in the bidding. A line of 400 forward lambs, all in good condition, failed to secure prices acceptable to the vendor and were passed in at 12/3. Forty-four fat wethers were purchased by Mr Thomas Campbell at the price of 27/-. The cattle entry was practically negligible The following were the sales: — Sheep. Dalgety and Company:, Limited: 95 good conditioned 2-tooth tussock ewes at 16/2; 100 s. and f.m. ' tussock ewes at 9/-. Passed in: 517 ewe lambs at 13/-,' 400 forward lambs at 12/3, 50 full and failing mouthed ewes at 4/-. J. E. Watson and Company, Limited: 23 2-tooth wethers sold at 18/6, 152 ms. lambs at 10/10, 75 cull ewes at 2/-, 60 2-tooth wethers at 16/-, 148 failing-mouth-ed ewes at 9/5, 73 forward wether lambs at 14/9, 6 wether lambs at 7/-, 2 1-shear rams at 2gns, 1 do. at Ign, 1 4-shear ram at 35/-, 1 do. at 29/-. Passed in: 62 2-tooth ewes at 15/6; 2 1-shear rams (no bid). Wright, Stephenson and Company, Limited: 3 2-shear rams at 3gns, 1 3-shear ram at 15/-. Passed in: 307 guaranteed s.m. ewes at 10/6. National Mortgage and Agency Company, Limited: 76 forward lambs at 8/4, 79 ewe lambs at 13/3. Passed in: 4 1-shear rams at 2-Jgns. New Zealand Loan and Mercantile Agency Company, Limited: 96 ewe lambs at 15/6, 44 fat wethers at 27/-, 9 ewe lambs at 16/-. Passed in: 147 wether lambs at 11/-, 4 1-shear rams at 2-Jgns. Southland Farmers’ Co-operative Association, Limited: 100 2,4, 6 and 8-tooth ewes at 18/3, 380 m.s. lambs at 14/8. Cattle. i Southland Fanners’ Co-operative Association, Limited: Passed in: Eight yearling steers and heifers at 30/-. DUNEDIN MARKETS. WHEAT STEADY. Dunedin, May 2. It is noticeable that during the past fortnight offerings of milling wheat have diminished. Fine weather, however, has enabled farmers in all districts to thresh from either stack or stook, and the bulk of the crop has now been threshed. It is some years since the wheat has been garnered in such good condition, and in the majority of cases it is of sound milling quality. It is also noticeable that notwithstanding the good returns of milling wheat, the market remains steady, prices in fact have remained practically stationary throughout the season. Tuscan is now quoted at 6/3 f.0.b., sacks extra, Hunters at 6/5 and Velvet at 6/7. So far as Velvet is concerned, sales have been difficult to effect and it may also be stated that too great a quantity of Hunter’s is being grown in comparison to Tuscan. Supplies of fowl wheat are not over plentiful and merchants are experiencing a difficulty in securing their requirements. Odd lots of wheat are being rejected as unsuitable for milling and these are readily placed at 6/- per bushel f.0.b., sacks extra. This price is equivalent to 5/11 per bushel, sacks extra, ex truck. For delivery ex store the quotation is about 6/- per bushel, sacks extra. The oat market is in what may be termed a hesitant condition and merchants state that it may either firm or weaken. All that is required is a move one way or the other. There have been few buyers in the North Island and up to the present the bulk of business has been done with millers and Canterbury merchants. There has not been the same amount of oats grown this year in Canterbury. The greater part of threshing of oats has been finished in the Otago district, and it is pleasing to record that the quality of the cereal so far delivered is excellent. There is an inquiry for May shipment at 3/9 J f.0.b., s.i. for A’s. This price shows a slight decline and it is reported that at the Bluff A Gartons are offering at 3/9 f.0.b., s.i. There is a fair inquiry for B’s. The prices to farmers are 3/2, sacks extra, on trucks, for A’s and 3/- for B’s. A fair amount of chaff is being cut with the result that fairly heavy consignments are reaching the market. The current shipping quotation is £6 10/- per ton Loh., s.i., this price being equivalent to £5 5/- per ton, sacks extra on trucks. It is only the very best quality that is wanted in the North Island. Inferior quality or under weight chaff is almost unsaleable. The largest shipment of chaff for the North Island this season will be sent away next week by a Dunedin firm. There will be 3000 sacks in the shipment. The potato market continues to drag. The majority of merchants purchased lines for forward delivery and they are not prepared in the meantime to operate in other lots coming forward. This haa caused lessened competition for consignment lots with the result that most of these have been placed in stores for the time being. The value of good quality is nominally £5 5/- per ton, ex truck. Fairly heavy shipments have been made to the North Island. A quiet period is being experienced in the seeds market. The demand from the North Island this season is very small and it is not expected that there will be any revival in trade until the spring. The increased American duty on some seeds has had a very serious effect. For instance brown top is quoted at about 1/3 per lb locally, but the new American duty amounts to no less than 1/8 per lb—sd a lb more than the actual price of brown top in Dunedin.

Heavy supplies of apples have been arriving from the Nelson district. Delicious, which are in excellent condition, have been selling at reasonable rates. Cox’s Orange are in short supply and have been bringing high prices. On the other hand, Jonathons and Cleopatras are plentiful. Inferior grade apples of all varieties are in over supply and are hard to quit. Cookers are in good supply and are selling at low rates.

Early in the week, both Central Otago and Christchurch tomatoes brought high prices, choice quality realizing from 9d to lOd per lb. These prices caused growers to send forward large supplies and these, combined with the cold weather, resulted in a heavy crop in prices. The few lines of plums reaching the market are readily taken up. Choice peaches are in shorter supply and the market is firmer. Only ripe dessert pears have much demand. Other lines are hard to place. A fair sized shipment of Victorian grapes was landed ex the Maheno. The quality of most of the fruit was excellent and these lines sold at prices which would leave a fair ma'gin of profit. Poor quality cauliflowers have been in over supply and are hard to quit. Choice lines hive a good demand at fair prices. Vegetable marrows have firmed in price. Peas oi sound quality are bringing better prices. Poor quality are hard to sell. CANTERBURY MARKETS. BUSINESS DULL. Christchurch, May 2. Merchants report that' business is still very cull on the Canterbury grain and produce Market. The potato market remains firm it £3 5/- per ton on trucks and it

shows a healthier tone. The Kurow leaves to-morrow for Auckland with between 11,000 and 12,000 sacks from Lyttelton and 1,400 sacks from Thnaru. Auckland at present is in short supply, but this shipment should provide supplies for about a fortnight. Digging throughout Canterbury is in full swing at present and good crops are reported. The oat market is a little firmer. There is not much offering however. A. Gartons have been sold for Lyttelton shipment at 4/1 f.0.b., s.i. The on trucks price of Canterbury oats is 3/6. . The chaff market remains unchanged with little business passing and not much inquiry from the North Island. To-days quotation is £5 a ton on trucks. There is very little change in wheat values which are quoted at Tuscan 5/8 to 5/9 a bushel, Hunter’s 5/9 to 5/10, Pearl 5/11 to 6/- on trucks. In each case there has been a firming in the market for fowl wheat and this is now quoted at 7/11 f.0.b., s.e. There is a little more inquiry for partridge peas. To-day’s quotation is 4/3 to 4/6 on trucks for number ones and 3/9 for f.a.q’s.