COMMERCIAL

Southland Times, Issue 21431, 27 June 1931, Page 3

COMMERCIAL

INVERCARGILL STOCK EXCHANGE.

YESTERDAY’S TRANSACTIONS. At the meeting of the Invercargill Stock Exchange yesterday the following sales were reported:— Bank of New South Wales: £24 17/6. King Solomons 3/4, 3/6, 3/7 (two parcels), 3/71 (two parcels), 3/8, 3/81 (two.) The following quotations were also made: Bank of Australasia: b £9. Commercial Bank: b 14/2, s 14/6. E.S. and A. Bank: b £3 17/-, s £3 19/6. National Bank of New Zealand: s £4 16/-. Bank of New South Wales: b £24 10/-, s £25. Bank of New Zealand: b 46/3, s 47/-. Bank of New Zealand “long D” issue: b 25/-. Union Bank of Australia: b £7 12/6, s £7 19/-. Dunedin Brewery Co.: b 15/-. New Zealand Breweries (shares): b 33/-, s 34/3. Westport Coal: b 23/3, s 24/-. Westport 8 per cent, non cum. pref.: s 3/-. National Insurance: b 12/9, s 13/6. New Zealand Insurance: s 40/6. Dalgety and Co.: b £5 19/-. Goldsbrough, Mort and Co.: b 20/-, s 20/6.

New Zealand Refrigerating Co. (10/paid): b 3/6, s 3/8. Southland Frozen Meat (£1 ord.): b 32/6; (10/- ord.) b 16/3; (£1 pref./: b 32/6. South Otago Freezing Co.: s 80/-. Kildare Gold Mining: s 1/-. Mahakipawa Gold Mining: b 7d. Mt. Lyell Gold Mining: b 17/11; s 18/3. Okarito Gold Mining: b 9/-, s 9/5. ' Waihi Gold Mining: b 15/2. King Solomon Mining: b 3/6, s 3/10. Cornish Point Mining: b 7d. Huddart-Parker 6 per cent, cum pref.: b 18/-, s 20/-. U.S.S. Co. (pref.): b 19/6. Kaiapoi Woollen Mills (ord.) : b 6/6. Mosgiel Woollen Mills: b £6 8/-. . British Tobacco (Aust.): b 23/3. D.LC. (pref.): b 19/6. Dominion Investments: b 23/-. Dominion Rubber Co.: s 12/6. McLeod Bros.’ Soap: b £l9 10/-. Milburn Lime and Cement: b 29/-, s 30/9. New Zealand Drug Co.: b 49/9. New Zealand Farmers’ Fertilizers: b 13/-. New Zealand Milk Products: b 20/-. New Zealand Paper Mills: s 18/3. Otago Daily Times: s 51/-. Wilson’s Portland Cement: b 35/6. Inscribed Stock, 1938: b £9B. Inscribed Stock, 1939: b £9B. War Bonds, 1938: b £9B. War Bonds, 1939: b £9B. Government Stock, 5 J per cent., 1933: s £99 5/-.

THE WEEK’S TRANSACTIONS.

Business done on the Stock Exchanges of the Dominion throughout the week has not been quite up to the average of the past few weeks. Gilt Edged securities are in good demand, but prices show little alteration from those ruling lately. Government Stocks and Bonds arc firm. The 4 J per cents sold at £9B for the bonds, and £9B 2/6 and £9B 5/- also accepted in one or two places. The 54 per cents, were steady at £99 5/-. Nearly all Banking lines arc steady, Bank of New Zealand’s held premier position in the estimation of investors, quite a number of parcels of this bank's shares changing hands. No quotations were made for A.B.C. Banks during the week. Commercials of Australia have not attracted the same attention as they generally do, at present they are very steady with a firming tendency, sales at 14/1 to 14/5, further sales at 14/6, buyers 14/3. Nationals of Australasia have been very much neglected lately. Bank of New South Wales brought £24 17/6, same price as last week and there were buyers later at £24 12/6. Nationals of New Zealand’s are easier; during the week they changed hands at £4 17/6, and later at £4 15/-, latest quotation was buyer £4 14/-, seller £4 18/-; the announcement just received that the dividend for year ended March 31, 1931, is to be at the rate of 10 per cent, per annum (which is a reduction of 2 per cent, compared with that for the previous year); will probably result in the price for this bank’s shares receding still further. The par value of this bank’s shares is £7 10/-, of which £2 10/- is paid up, and there is a reserve liability contingent upon winding up of £7 10/- per share. At latest price and based upon the dividend paid last year of 12 per cent, per annum this bank’s scrip shows a return of a fraction over 6J per cent, per annum.

Bank of New Zealands are ex dividend and numerous sales were reported at from 46/3 to 46/7. The quotation yesterday was buyer 46/3, seller 47/-. Buyers for the “D” long term mortgage shares offered 25/-, but there are few sellers of this stock about. Union Banks were transferred at £7 10/- and £7 12/-, during the early part of the week, towards the end they firmed to buyers £7 12/6, sellers £7 19/-. Australasias remain very steady with buyers at £9, after sales at £9 7/-. E.S. and A. Banks have been less active than they were last week, but sales were recorded at £3 19/- and the market closed with buyers offering £3 17/-, sellers asking £3 19/6.

Insurance companies’ shares continue slow, New Zealand’s, generally active, have become quiet and although one or two sales have been reported the price is lower by 2/- than a week ago. South British sold at 50/6, same price as last week. Nationals had buyers at 12/9, sellers 13/6, but no business was reported. The fall in price of New Zealand Insurances is hard to account for, investors are probably waiting to learn some information respecting the business of the past year which closed on May 31. The uncertainty as to the effects of the latest Government proposals in the Commonwealth where some New Zealand companies have substantial interests, coupled with the likelihood of increased taxation in the Dominion are probably the reasons for the weakening in price of the shares in these companies. In Loan and Agency companies Dalgety’s had a sale reported at £6, the first for some time and there were further buyers at this price. Goldsbrough Morts were slightly firmer selling during the week at 19/5 and 19/10, and latest quotation found buyers offering 20/-, sellers 20/6. In meats New Zealand Refrigeratings are a shade easier being done at 3/7, against 3/9, 3/10 a week ago. Southland Frozen Meats are very firm buyers 32/6, no sellers. Mining companies comprisied a large part of the week’s trading. King Solomons last Friday were selling at 2/7 to 2/8, having fallen away from 3/2; on Saturday mornnig buyers offering 3/1 were going unsupplied; the price advanced to 3/4 and 3/5 on Monday numerous sales were reported during the next two days at 3/3 and 3/4, and the market advanced to 3/8 on Thursday afternoon. At the moment the market is buyer 3/7, sellers 3/7}. Okaritos which were quiet last week made a move early this week selling at 8/6, and later at 9/2 the market closing buyers 9/-, sellers 9/5. Mahakipawas brought Bd, and Cornish Points sold at 7Jd. Mount Lyells with a dividend payable on June 29 improved during the last few days, selling up to 18/6, but at last call a slight easing in the price was noticeable. Sales at 17/10 and 17/11. Waihis remain very firm, sales at 15/3, and buyers firm at 15/2. From January 1, 1892, to December 31, 1930, the Waihi Gold Mining Company won £16,632,282 from 7,755,469 tons of ore. For the first three months of the present year 56,495 tons yielded bullion of an approximate value of £93,586. The average return from the ore. crushed by the company since 1892 works out at. little more than £2 per ton. Yet at December 31, 1930, shareholders had received £5,842,283 in dividends and, bonuses. In addition they had received a return of capital of 10/- per share in 1921;

5/- per share in 1926; and a bonus share of 5/- fully -paid, per share held, in 1927. In the miscellaneous section business has been restricted to a few lines. Colonial Sugars sold at £33 17/6. British Tobaccos had buyers at 23/-. Wilson’s Cements were asked for at 35/6. Paper Mills remain steady sellers 18/3. New Zealand : Breweries were a little below the best price ■ obtained last week, selling at 32/9 and 33/-, latest reports indicated a firming in these shares yesterday, buyers offering 34/3. ■» New Zealand Brewery shares in July, 1929, were selling nt 90/- in view of the : capital adjustment then pending. This time last year they were at 50/- to-day their value is about 16/- less. NORTHERN EXCHANGES. Auckland, June 26. Sales on ’Change: Mount Roskill Road Board (1960) 5J per cent. £9B; Auckland City (1944) 54 per cent. £97 7/6; New Plymouth Harbour (1946) 5} per cent. £97 10/-; Bank of New Zealand 46/6 (2); South British Insurance 51/-, 51/3; New Zealand Breweries 34/8; New Zealand Refrigerating (cont.) 3/6; Waihi Grand Junction 3/- (2); Mount Lyell 18/3; King Solomon 3/8. Wellington, June 26. Sales reported: New Zealand Government 44 per cent. Stock (1938) £9B; Bank of New Zealand £2 6/6 (3 sales); Christchurch Gas Co 1/5. Christchurch, June 26. Sales on ’Change: Commercial Bank 14/4 (2), 14/5; National Bank of Australasia (£5 paid) £4 15/-; Bank of New Zealand 46/6; South British 50/9; Dalgety and Co. £6 7/6; Goldsbrough Mort, ex div. 20/-; New Zealand Breweries 34/6, 34/9; British Tobacco (cum. div.) 24/6, 24/8; D.LC. (10/- paid) 15/3; Mt. Lyell (cum. div.) 18/5 (2), 18/6; Cornish Point 8d; King Solomon 3/7; Mahikipawa 8d (5); Okarito 9/2, 9/3; Golden Point (10/paid) 15/-. Sales reported: Goldsbrough Mort 20/(2); New Zealand Refrigerating flO/paid) 3/7; New Zealand Breweries 34/9; Mt. Lyell (cum. div.) 18/9. Dunedin, June 26. Sales on ’Change: Okarito 9/3; King Solomon 3/7, 3/6 (three); Milburn Lime 29/9. 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 CANTERBURY MARKETS. Christchurch, June 26. Offerings of potatoes from farmers have been heavier this week, but lack of orders from the North has operated against any r esponse by merchants. Growers are prepared to accept 30/- on trucks, deliveries in later months quoted at 50/- f.o.b. The Waimarino is taking between 8000 and 9000 sacks from Lyttelton, and 1100 from Timaru. The wheat market is unaltered. Milling is worth 5/5 on trucks, and fowl wheat 5/14 to 5/2 f.o.b. Lower grade fowl feed from South Otago is offering at 4/10 to 4/11 f.o.b. DUNEDIN MARKETS. Dunedin, June 26. , Little business is being done in milling wheat. Occasional lines are still arriving from the country, the wheat having been threshed out of stack. The present value is 4/11 f.0.b., sacks extra, this price being equivalent to 4/7, sacks extra, ex store. In regard to milling wheat, the market remains steady at the original fixed price of 5/10 f.0.b., sacks extra, for Tuscan, 6/- for Hunters and 6/2 for Velvet. Although there was some buying of oats from the south last week, there is not much interest now being displayed in the market. Sellers are asking 2/104 f.0.b., s.i., for A Gartons, and 2/74 for B’s. ( The potato market is a dragging one. The Price is nominally given as £3 10/- i per ton, sacks included, ex store, Dunedin, for best quality. Other quality is practic- < ally unsaleable. There is no change to record in the seed , market. Practically no business has been transacted during the week. Both white , clover and cowgrass are in short supply and the market for these varieties is firm | with good lines difficult to secure. i Fruit Report. <

A quiet time has been experienced in the fruit marts during the week. Retailers complain that the cold, wet weather has affected sales to a marked extent. Apples are in good supply and the market is a little easier. A large shipment of navel oranges arrived ex the Wainui from Melbourne .on Tuesday. These are offering at low rates. Australian lemons are also on offer at prices which cannot pay the shippers. Pears are still in heavy supply. Only choice samples have market. Outside grown tomatoes are finished for the season. Hothouse-grown have a good inquiry. Further consignments of Island oranges and Rarotongan bananas are expected to arrive via Wellington early next week. The Dunedin portion should come to hand about Thursday or Friday. EASTERN DISTRICT FAT STOCK. AT BURNSIDE MARKET. Eastern District vendors of stock at the Burnside market on Wednesday secured the following prices:— Cattle: C. Carnie (Mataura Island), bullocks £9 17/6, £8 5/-, £7 12/6, £7 10/-, £9 10/-, £8 17/6, £6 7/6, heifer £6 7/6, cows £5 5/- and £4 7/6. R. Yardley (Moa Flat), bullocks £l4 15/-, £l3 5/-, £ll 10/-, heifer £9, D. I. McKenzie (Brooksdale), heifer £8 7/6, heifer £6 5/-, cows £5 2/6, £5 17/6, £4 15/-. C. and W. Shiel (Heriot), cow £4 15/-. J. Black (Mataura), heifers £6 12/6, £4 12/6, bullock £6 17/6. C. Rowe (Mataura), heifers £5 10/- and £4. Sheep: R. Yardley (Moa Flat), wethers 20/-, 18/9,' 18/3, 17/9 and 16/9. A. Thomson (Kelso), wethers 19/6 and 13/6, ewes 12/6 and 11/3. D. Macdonald (Edendale), ewes 15/6, 15/-, 14/6 and 14/-. W. Ayson (Waikaka), wethers 21/6 and 18/-, ewes 15/6, 14/3, 13/6 and 11/6. G. Buchanan (Kelso), ewes 14/-. James Edgar (Tapanui), ewes 17/6, 17/-, 15/- and 10/-. J. D. Edgar (Tapanui), ewes 10/9. R. Charleston (Greenvale), wethers 19/3. NEW PLYMOUTH OIL WELLS. Wellington, June 26. New Plymouth (N.Z.) Oil Wells, Limited weekly report on June 22 is as follows: At 2280 ft we struck excellent oil and gas showings. We stopped drilling to insert casing preparatory to testing our first objective oil horizon. DAIRY PRODUCE. Messrs Dalgety and Company, Limited, report haying received the following market cable' from Messrs Samuel Page and Son, London, under date of June 25, 1931. Butter: Market very slow. We quote: Danish 116/- to 118/-; New Zealand finest salted 108/- to 110/-; Australian finest unsalted 105/- to 107/-; Australian finest salted 103/- to 105/-; Australian g.a.q. 98/to 102/-. Cheese: Market very slow. We quote: New Zealand white 52/- to 53/-, coloured 53/-’to 54/-; Canadian white 66/- to 74/-, coloured 66/- to 74/-, ci.f. 55/- to 56/-. FROZEN MEAT. Messrs Dalgety and Company report having received the following market cable from their head office, London, under date of June 25, 1931. New Zealand Lamb Market: Weaker; demand poor.

New Zealand Mutton: Market weaker; demand poor. • , j New Zealand Beef: Market nominal; demand nil. , , . New Zealand Pork: Market unchanged; demand limited. Australian Lamb: Market weaker; demand poor. Australian Mutton: Market weaker, demand poor. New Zealand Prime Lamb: 28/361b, Canterbury 7Jd, North Island 7d; 36/421b Canterbury 7jd, North Island 6}d; second quality, Canterbury 6gd, North Island 6}d; 42/501b Canterbury 6}d, North Island 6 gd. New Zealand Prime Mutton: 48/o6lb Canterbury sd, North Island 4jd; 56/641b Canterbury 4Jd, North Island 4gd; Canterbury 4-Jd, North Island 4d. New Zealand Prime Ewe: 48/641b Canterbury 3Jd, North Island 3|d. G.a.q. Australian Lamb: 2S/361b ujd, 36/421b 5Jd. t F. Australian Lamb: 28/361b 51d. G. Australian Mutton: 40/Golb 33d. F.a.q. Australian Mutton: 30/551b 3§d. New Zealand Prime Ox Beef: Hinds 2:}d, fores 2d. Argentine Chilled Beef: Hinds 53d, fores 2Jd. English and Dutch Pork: 80/1201b 83d. New Zealand Porkers: 80/100’b 5Jd, 100/1201b 4Jd. LONDON MARKETS. London, June 25. Beet Sugar: July 6/4J. Butter: Slow. Danish 117/-. Choicest salted N.Z. 109/- to 110/-. Australian 104/- to 105/-. Unsalted N.Z. 110/- to 114/-, Australian 106/- to 108/-. Cheese is quiet. New Zealand white 52/- to 53/-, coloured 56/- to 57/-. Australian white 52/ : ; coloured 55/- to 56/-. Bradford: The market is definitely firmer and there is fair inquiry. Seventy’s 25d; 64’s 22d; 60’s 20d; 56’s 131 d; 50’s 12d; 46’s 9}d; 40’s 9Jd. GOLD RESERVES. FRANCE’S HEAVY HOLDING. London, June 25. The weekly bank returns afford an interesting comparison of the gold holdings of the German Reichsbank, which has £186,250,000, the bare legal 40 per cent., while the Bank of France has £452,000,000 which is equivalent to 46} per cent., and the greatest in her history.