COMMERCIAL

Southland Times, Issue 21425, 20 June 1931, Page 3

COMMERCIAL

THE STOCK EXCHANGE. THE WEEK’S TRANSACTIONS. Government securities were in steady demand during the week - as they have been for some tipie. . Business was done in the 44 per cent, bonds and stock at £9B and £9B 2/6. The 5} per cents, due at 1933 sold at £99 5/-. There is a very strong demand for local body debentures, showing from 5| to 6 per cent. Shares in banking companies have been principally confined to Bank of New Zealand shares, but E.S. and A. Banks have had considerable attention paid to them, and to a lesser degree the same remark applies to Commercials of Australia. Australian Bank of Commerce shares sold during the week at 14/4, showing a rise of quite a shilling per share over the price sold at last week. The quotation for these shares yesterday was buyer 14/6, seller 15/-. The transfer books of the Australian Bank of Commerce will be closed against share transfers from July 1 to July 15 inclusive. The dividend is usually paid in July. Commercials of Australia sold steadily at 14/1 during the week, but towards the close were inclined to ease a little with buyers at 13/10, sellers 14/3. There was no inquiry during the week for Nationals of Australasia. Bank of New'South Wales shares were transferred at £24 17/6, the same price as last week, latest quotation buyer £24, sellers £25. Nationals of New Zealand’s changed hands at £5 and there were further sellers at this figure. Brisk business was done in Bank of New Zealand’s shares at from 48/3 to 48/9, this price is cum. dividend, payable on June 20. Buyers for the Bank of New Zealand's long term “D” issue increased their bids to 26/3 without attracting sellers. Union Banks have been quiet. The quotation, however, remains very steady at buyer £7 9/-, sellers £7 11/6. A dividend is usually paid by the Union Bank during July. Australasias are firmer with a sale at £9 8/-, they were inquired for later at £9 2/6, sellers however held out for £lO. English, Scottish and Australian banks’ shares were dealt -in at £3 18/- and £3 18/6. Buyers’ quotation yesterday was £3 16/-, sellers asking £3 19/-. Two years ago in June, 1931, this bank’s shares were sold at £8 9/-. The financial year of this bank closes at end of this month. Dividends are usually paid in May and November. Very little business was done in Insurance companies shares. South British were practically the only line sought after, and they sold at 50/- and 50/6, and the latest market quote was 50/- buyer, 51/6 seller. Buyers for Nationals moved up to 12/9, but sellers declined business under 13/3. New Zealand’s were at last week’s rates, sellers 42/-. Standards are steady with buyers at 47/-. In Loan and Agency there was a bid of £5 19/- for Dalgety’s, but sellers asked £6 4/-. Goldsbrough Morts had more inquiry than usual selling at 19/1 and 19/2, and closed with buyers at 18/9, sellers 19/4. The annual general meeting of the shareholders in Goldsbrough Mort and Co. Ltd., will be held in Melbourne on June 26. Shares in most of the meat companies are steady to firm. Buyers for Southland Frozen Meats advanced their offers still further, but there was no response from sellers. New Zealand Refrigeratings (10/paid), had business at 3/9 and 3/10, and buyers were still prepared to give 3/8. The fully paid issue had buyers at 11/3, sellers 11/9. Shares in Mining Companies have been the means of a lot of business; King Solomon’s sold early in the week (after receipt of the week’s wash up), at 3/2 to 3/-, but the volume of selling caused the price to ease to 2/11 and 2/10, and later to 2/9. At the time these notes were being written the market was weaker with buyers at 2/6, sellers at 2/9.

Mount Lyells had buyers yesterday at 16/6 after several sales at 16/10 to 17/2 during the week. Okaritos which went without business for the greater part of the week were inquired for during the last day or two, buyers 8/-, sellers 8/2. There were buyers for Kildare’s at lOd. Mahakipawas brought 7d and were still being inquired after at that figure; sellers !)ld when the last call was made. Waihis have firmed selling up to 15/3, the four weekly returns furnished by this company show that the returns are keeping up well. Waihi Grand Junctions sold at 3/4, being a shade firmer than a week ago. Cornish points had business at 9d and the market closed with buyers offering Bd, sellers 9Jd. In coal companies’ shares Westports had sellers at 24/6 no buyers; and a parcel of Kaitangata coals were on the market at 1/6 discount, buyers however were not interested.

British Tobaccos had a sale reported at 24/-, and there were further sellers at 24/3, buyers 23/6. New Zealand Breweries changed hands at 33/6, and they were being inquired after at this price yesterday, sellers however were asking 34/6. New Zealand Drugs were wanted at 50/-, but there were no sellers. New Zealand Guarantees had buyers 5/2, sellers 5/6, after sales at 5/2 and 5/3. Donaghy’s Rope and Twine had buyers at 30/-. Milbum Limes show no alteration in the price of a week ago, buyers 30/-, sellers 31/-. Wilson's Cements are easier with sellers at 37/6. Paper Mills have sellers at 18/3' and there are buyers, for Milk Products Debentures at 20/-.

CITY STOCK EXCHANGE. YESTERDAY’S QUOTATIONS. At .yesterday’s call-over on the City Stock Exchange the following prices were quoted: Australian Bank of Commerce: b 14/6, I s 15/-. Bank of Australasia: b £9, s £9 10/-. Commercial Bank of Australia: s 14/3. E.S. and A. Bank: b £3 17/-, s £3 19/-. National Bank of New Zealand: s £5. Bank of New South Wales: b £24, s £25. Bank of New Zealand: b 48/-, s 48/6. Bank of New Zealand (long "D” issue) : b 26/-. Union Bank of Australia: b £7 9/-, s £7 12/-. Dunedin Brewery Co.: b 15/-. New Zealand Breweries (shares): b 33/-, s 34/-. Westport Coal: s 24/3. Kaitangata Mines: s 1/6 (dis.). National Insurance: b 12/7. New Zealand Insurance: s 42/3.' South British Insurance: b 50/-. Dalgety and Co.: b £5 19/-, s £6 4/-. Goldsbrough, Mort and Co.: b 18/9, s 19/6. New Zealand Refrigerating (20/- paid): b 11/-, s 12/9; (10/- paid): b 3/7, s 3/10. Southland Frozen Meat (£1 ord.): b 32/6; (10/- ord.): b 16/3; (£1 pref.): b 32/6. South Otago Freezing Company: s 80/-. Kildare Mining: b lOd, s 1/-. Mahakipawa Mining: b 7d, s 9d. Mount Lyell Mining: b 16/6, s 17/-. Okarito Mining: b 8/-, s 8/5. Waihi Gold Mining: b 15/3, s 15/9. King Solomon Mines: b 2/6, s 2/9. Union Steam Ship Co. (pref.) : b 19/6. Kaiapoi Woollen Mills (ord.) : b 7/-, (pref.): s 13/9. Mosgiel Woollen Mills: b £6 8/-. British Tobacco (Aust.) : b 23/-, s 24/-. D.I.C. (pref.): b 19/6. Dominion Investments: b 23/-. Invercargill Sale Yards: s £lO. ■McLeod Bros.’ Soap: b £l9 10/-. Milburn Lime and Cement: b 30/-, a 31/-. New Zealand Drug: b 50/-. New Zealand Expres (ord.) : s 13/-. New Zealand Farmers’ Fertilizers: b 13/-. New Zealand Guarantee Corporation: s 5/6. New Zealand Milk Products: b 20/-. New Zealand Paper Mills: b 17/6, s 18/6. Wilson's (N.Z.) Portland Cement: s 38/-. Inscribed Stock, 1938, 44 per cent, (free of,income tax): s £9B. War Bonds, 1938, 44 per cent, (free of income tax): s £9B.

Inscribed Stock, 1939, 41 per cent, (free of income tax): s £9B. War Bonds, 1939, 41 per cent.' (free of income tax): s £9B. Government Bonds, 54 per cent., 1933: b £99. Government Stock, 54 per cent., 1933: s £99 5/-. Invercargill City, 54 per cent., 1948: b £96. Sales Reported. Commercial Bank of Australia: 14/-. Mahakipawa Mining: 7d. NORTHERN EXCHANGES. Auckland, June 19. Sales on 'Change: War Bonds (1938) 41 per cent. £9B 5/-; City of Auckland (1944) 54 per cent. £97 10/-; Bank of Australasia £9 5/-; Commercial Bank 14/1, 14/-; Bank of New South Wales £24 15/-; Bank of New Zealand (3), 48/3; South British Insurance 50/-; Milne and Choyce (deb. stock) 18/6; King Solomon 2/7. Wellington, June 19. Sales reported: Bank of New South Wales £24 15/- (2 sales); Bank of New Zealand £2 8/3, cum. div.; New Zealand Government 44 per cent. Stock (1939) £9B; New Zealand Breweries £1 13/3. Christchurch, June 19. Sales on ’Change: E.S. and A. Bank £3 17/-; New Zealand Refrigerating (10/paid) 3/S (2) ; New Zealand Breweries 33/6, 33/5; Mt. Lyell (cum. div.) 16/10 (2), 16/11; Cornish Point 8d; King Solomon 2/7 (2), 2/64 (2), 2/7 (3), 2/7; Golden Point (10/- paid) 16/7, 16/6; Golden Point (104 d paid) 1/8, 1/7 (3). Sale reported: E.S. and A. Bank £3 17/6. Dunedin, June 19. . Sales on 'Change: King Solomon 2/7 (three); Okarito 8/3 (two). Sales reported: E.S. and A. Bank £3 18/-; Bank of New Zealand 48/3; New Zealand Paper Mills 18/-; Otago Daily Times 50/-; New Zealand Refrigerating (cont.) 3/9; New Zealand Breweries 33/3. HUNTER & REID. DALGETY’S BUILDINGS, DON STREET, INVERCARGILL. PUBLIC ACCOUNTANTS, AUDITORS, SECRETARIES, AND SHAREBROKERS. J. B. REID, F.P.A., N.Z. Member Invercargill Stock Exchange. Telegraphic Address: “Foxhound.” Telephone: 212 Ax 1043

SOUTHLAND GUARANTEE COMPANY. directors’ Report. Following is the report of the directors of the Southland Guarantee Company, Limited, for the year ending May 31: — The net profit for the year is £lO6O 7/9, which, with £422 5/4 brought forward from last year, leaves a balance of £1482 13/1 (subject to income tax) for distribution. The bank debit is £1906 19/9 as against £6723 5/3 last year. This is due to the depression in the motor car business and is an indication that our transactions and earnings during the current year will be greatly reduced. The directors recommend payment of a dividend of 6 per cent, on the paid-up capital, frees of income tax, which will absorb £690, and transfer £250 to a reserve account, which will then stand at £5OO. This will leave a balance of £542 13/1 to carry forward to next year’s account, as against £422 5/4 last year. A donation of £25 was made to the Hawkes Bay Earthquake Fund. Messrs J. B. Thomson and E. B. Pilcher are the retiring directors, and, being eligible, offer themselves for re-election. Mr J. B. Reid, retiring auditor, again offers his services.

WINTON STOCK SALE. The fortnightly stock sale of the Winton centre was held on Thursday, under excellent weather conditions. About 400 sheep and 40 head of cattle constituted the yarding, which were disposed of at auction. Although there was a fair attendance of farmers, the competition was dull, but the prices realized were satisfactory from a vendors point of view. The quality of the yarding was only fair, and this fact probably accounted for the moderate prices obtained. A range of prices is as follows: Fat wethers 11/- to 13/6, fat lambs 12/- to 14/6, fat ewes 10/- to 11/3, four-tooth ewes (small) 10/10, aged ewes 4/6 to 5/-, cull ewes 3/-, wethers 12/- to 12/6, wethers (lighter sorts) 8/- to 9/6, rape lambs 7/6 to 9/-, poorer conditioned rape lambs 4/- to 6/-. In the cattle section prices for fats showed a slight improvement over those ruling at Lorneville last Tuesday. Fat cows brought from £4 15/to £6, speyed cows £2 14/-, two-year-old steers £3 2/6, steers and heifers (18 months) £1 11/-, calves 12/6 to 15/-. EASTERN DISTRICT FAT STOCK. BURNSIDE MARKET. At the Burnside Market on Wednesday the following prices were obtained by Eastern vendors: — Cattle: C. Carnie (Mataura Island), bullocks £lO 10/-, £9 12/6, £9 2/6, £9, £8 7/6, £ll, £9 10/-, £9 7/6; cows £5, £4 and £6 12/6. A. Christie and Sons (Waikaia), bullocks £lO 15/-, £9 7/6 and £8 7/6. S. G. Indcr (Gore), bullocks £lO 5/-; cows £5 15/-, £5 2/6 and £4 17/6. R. Yardley and Sons (Moa Flat), bullocks £l3 10/-, £l2 2/6; heifers £8 7/6; cow £6 7/6. D. Macdonald (Edendale), heifers £5, £4 15/-, £4 10/- and £4 5/-; cow £3 7/6. R. Black (Mataura), bullocks £8 15/-, heifers £6 10/-, £5 17/6. Sheep: A. B. Dickson (Pomahaka), ewes 13/3, 12/-, 11/-. Dr. J. R. Dunlop (Heriot), ewes 12/6 and 11/-; wethers 16/9. A. Rasmussen (Balfour), wethers 15/-, 14/-, 13/3 and 11/6; ewes 11/9 and 10/3. C. Mann (Edievale), ewes 11/3 and 10/6. F. Trapski (Pukerau), wethers 19/6, 19/-, 17/9, 17/6, 17/3, 17/- and 16/6. R. Yardley and Sons (Moa Flat), wethers 18/6, 17/-, 16/3. W. Corcoran (Waikaka), wethers 19/- and 17/-. N. Kelly (Chatton), ewes 15/-, 12/6 and 14/-. Robertson and Sons (’Koi), ewes 12/9, 12/6 and 12/3. K. G. Sim (Crookston), ewes 13/6, 13/3, 12/- and 10/6. S. Sim (Heriot), ewes 12/3 and 10/6. A. T. Ottrey (Heriot), lambs 19/3, 18/- and 17/3. E. J. Ottrey (Heriot), lambs 18/-. DUNEDIN MARKETS. A QUIET’PERIOD. Dunedin, June 19. The demand for fowl wheat is seriously affected by the importation to the North Island of barley and maize from Australia. ■The nominal quotations is 4/7 to 4/9 per bushel, sacks extra,' ex store, Dunedin. Millers are holding fairly heavy stocks of milling wheat and are not anxious to buy further lines. Occasional lots are still being delivered, these having been purchased forward early in the season on a basis of 5/10 f.o.b. for Tuscan and 6/- for Hunters. The oat market has a downward tendency, but during the past day or two there has been a buyer of A Gartons for shipment to Auckland. Some of the Southland holders of oats have taken the opportunity of selling and business was done on a basis of 2/9 f.0.b., s.i. for A’s. Local merchants, however, are not prepared to accept this figure for delivery from this port and are asking 2/10J f.0.b., s.i. for A’s with 3d less for B’s.

Sales of chaff are still confined to small lots ex store. For these lots up to £4 10/per ton, sacks extra, ex store, Dunedin, is obtainable, but the wholesale value for truck lots is £4 per ton, sacks extra, ex truck, Dunedin. It is quite the exception for the sale of a truck lot to be made. Consignments are coming in slowly and these are quite sufficient to meet the demand. The consignments are arriving chiefly from the Central. The potato market remains in an unsettled, condition and quotations are only nominal. Stores are holding heavy stocks and, moreover, consignments are still arriving

from Canterbury. The nominal quotation for these tubers of best quality is £3 10/per ton, sacks included. 1 Little business is passing, in seeds, but this is the usual experience at this time of the year. ' It is now evident that there will be a shortage of good quality lines of white clover, dogstail and cow grass. The dogstail crop this season was practically a failure in Southland on account of frosts, but stocks carried over from the previous season should be sufficient to meet all requirements. Both white clover and cow grass are in short supply consequent on farmers in Canterbury being unable to save seed, the north-west winds experienced there during the season affecting the early growth. Fruit Report. Apples are in good supply and prices are unchanged. The Samoan bananas which arrived last week ripened satisfactorily. Further consignments are expected in three weeks' time. A, shipment of Rarotongan grown bananas and Island oranges is due to arrive on June 25. The Wainui is due on Tuesday next from Melbourne. She will bring consignments of Navels, mandarines, grape fruit and lemons. CANTERBURY MARKETS. POTATO VALUES STILL DOWN. Christchurch, June 19. The potato market shows no sign of recovery. The tendency is still downward. Orders from the north are few in number and small July-August whites are quoted at 50/- f.0.b., prompts being at the same figure. August-September deliveries have been quoted £2 12/6 and Dakotas at £2 7/6 f.o.b. for prompts. Fowl wheat is unchanged and quoted at 5/14d f.o.b. for prompt. July-December is at 5/3. Very little milling wheat is to be obtained from farmers. Most of the millers have fair supplies and the inquiry is not animated. The quotation is 5/5 on trucks. Onions took a sudden spurt in to prominence during the week on account principally of the delayed arrival of the Australian boat with a cargo for Auckland. This diverted a temporary demand for southern onions and as high as £7 on trucks was paid for occasional lots. JJowever, the movement was short-lived. The price relapsed to-day to £4 10/- on trucks with few inquiries.

LONDON MARKET REPORTS. London, June 18. Sugar: July, 6/3j. Butter: Quiet. Danish 118/-. Choicest salted New Zealand 110/-, 111/-. Australian 106/-, 107/-. Unsalteds about 4/premium. Cheese: Quiet. New Zealand white 53/-, 54/-, coloured 56/-, 57/-. Australian white 53/-, coloured 55/-. Bradford is weak and business is practically nil. Seventies 24d; 64’s 21d; 60’s 20d; 56’s 13J; 50’s 12d; 46’s 9ld; 40’s 9Ad. Wheat.—Cargoes steady. Parcels quiet at an advance of threepence to sixpence. Futures. —London, June 19/-, September 19/3, December 19/10; Liverpool, July 4/13, October 4/31, December 4/64. Spot trad*e is slow and generally easier. Flour. —Quiet. Australian ex store 18/3, 18/9. Oats, peas and beans —slow..

FROZEN MEAT. Messrs Dalgety and Company, Limited, report having received the following market cable from their head office, London, under date of June 18, 1931. New Zealand Lamb Market.—Any change is in favour of buyers; demand moderate. New Zealand mutton market weak; demand quiet. New Zealand beef market nominal; demand nil. New Zealand pork market unchanged; demand limited. Australian lamb market unchanged; demand moderate. Australian mutton market weak; demand poor. New Zealand Prime Lamb, 28/361b, Canterbury 7Jd, North Island 7Jd; 36/421b Canterbury 7Jd, North Island 7£d; second quality Canterbury 63d, North Island 6?d; 42/501b Canterbury 7Jd, North Island 6Jd. Southdown Lamb Jd premium. New Zealand Prime Mutton: 48/561b, Canterbury 5Jd, North Island 5Jd; 56/641b Canterbury sd, North Island 4§d; 64/721b Canterbury 44d, North Island 4}d. New Zealand Prime Ewe: 48/641b Canterbury 4d, North Island 3Jd. G.a.q. Australian Lamb: 28/361b 6d; 36/421b 6d. Fair average quality Australian Lamb: 28/3618 53d. G.a.q. Australian Mutton: 40/601b, 4d. Fair average quality Australian Mutton: 30/551b 33d. NeW Zealand Prime Ox Beef: Hinds 3d, fores 2}d. Argentine Chilled Beef: Hinds 6d, fores 2Jd. English and Dutch Pork: 80/120Ib 9d. New Zealand Porkers: 80/1001b 53d, 100/1201b sd. DAIRY PRODUCE. Messrs Dalgety and Company, Limited, report having received the following market cable from Messrs Samuel Page and Son, London, under date of June 18, 1931:— Butter: Market quiet. We quote: Danish 116/- to 118/-; New Zealand finest salted 109/- to 111/-; Australian finest unsalted 106/- to 109/-; Australian finest salted 104/- to 107/-; Australian g.a.q. 100/- to 103/-. Cheese: Market slow. We quote: New Zealand white 53/- to 54/-, coloured 56/to 57/-; Canadian white 64/- to 74/-, coloured 64/- to 74/-, c.i.f. 55/- to 59/-.

GOVERNMENT SECURITIES. London, June 18. The following are the latest quotations for Government securities, compared with the prices ruling on June 11: —

Last week. This week. £ s. d. £ s. d. Consols , £60 0 0 59 17 6 Funding Loan, 44 p.c., 1960-90 97 12 6 96 12 6 War Loan, 5 p.c., 1929-47 103 0 0 103 0 0 Conversion Loan, 34 p.c., 84 10 0 84 2 6 Victory Bonds 98 10 0 98 0 0 Commonwealth— 5 p.c., 1945-75 68 10 0 68 12 6 6 p.c., 1931-41 79 0 0 81 10 0 Victoria— 3 p.c., 1929-49 45 0 0 41 10 0 Si p.c., 1929-49 54 0 0 51 0 0 51 p.c., 1930-40 75 0 0 75 0 0 5 p.c., 1932-42 65 0 0 65 0 0 4j p.c., 1940-60 56 0 0 58 0 0 New South Wales — 4 p.c., 1933 61 0 0 62 10 0 3 p.c., 1935 60 0 0 60 0 0 1 34 p.c., 1930-50 40 0 0 47 0 0 5f p.c., 1922-32 73 0 0 74 0 0 64 p.c., 1930-40 70 10 0 71 5 0 6 p.c., 1930-40 60 10 0 63 0 0 Queensland — 5 p.c. Stock redeemable 1940-60 62 0 0 64 10 0 3 p.c., 1922-47 48 10 0 44 0 0 6 p.c., 1930-40 76 10 0 75 0 0 New Zealand—44 p.c., 1948-58 86 15 0 89 12 6 3 p.c., 1940 83 7 6 84 0 0 3 p.c., 1945 74 0 0 74 10 0 6 p.c., 1930-51 101 15 0 102 5 0 South Australia— 3J p.c., 1939 60 0 0 57 0 0 3 p.c., 1916 or after 43 0 0 43 0 0 64 p.c., 1930-40 76 0 0 75 0 0 Tasmania— 34 p.c., 1920-40 56 0 0 58 0 0 3 p.c., 1920-40 55 0 0 55 0 0 6J p.c., 1930-40 82 0 0 80 0 0 Western Australia— 34 p.c., 1920-35 65 0 0 65 0 0 3'p.c., 1915-35 60 0 0 64 0 0 6 p.c., 1930-40 73 0 0 70 0 0 The Bank of England’s report shows that the proportion of reserve to liabilities 58.00 per cent. . 1 Short loans £1 15/- per cent. Three month bills £2 1/104 per cent. n