COMMERCIAL

Southland Times, Issue 21581, 19 December 1931, Page 3

COMMERCIAL

' (Continued from Previous Page.) sales notified. One sale.only was reported in E.S. and A. Banks at 88/-. This is 2/below the price obtained last week. There were further sellers at 91/-. There was more inquiry than usual during the week for Nationals of New Zealand, several sales being reported at 85/- and 86/-. Nationals of Australasia are steady, buyers for the contributing issue offering £5. Australasias had business at £9 and later £8 IS/- was accepted. The latest quotation was buyer £8 5/-. Unions show little alteration in price compared with last week, business being done in them at £7 17/6 and £7 18/-. The quotation yesterday was seller £B. A parcel of Commercials of Australia (preference issue) was reported sold at £6 5/-, the last reported sale in this particular line early in October was at £6 1/6, and in September this stock sold at £5 13/-. Very little business has been done in Insurance Companies’ shares. New Zealands sold at the same figure as last week — 40/6; and South British are a shade easier at 53/9. Nationals can be procured at 13/-. Standards have sellers at 44/-. Meat companies’ shares are in fair demand. Buyers for Gear Meats during the early part of the week were offering 28/cum. dividend of 1/6 per share, which was payable on Thursday. New Zealand Refrigeratings had buyers for the contributing issue at 4/8, and business was recorded in this line at 4/8 and 4/91. The fully paids found buyers willing to give 11/7 and latest quotations were buyer 11/4, sellers 12/-. Southland Frozen Meats remain very firm with buyers at 34/6. Only limited business has been done in mining companies’ shares. King Solomons on announcement of last week’s return firmed to 2/6 and 2/7, but later receded to 2/4 and 2/3. A further fall took place toward the end of the week when 2/- was accepted and the market closed with sellers at 2/1 and buyers at 2/-. Okaritos continue to attract buyers, business being done at 9/2 to 10/3. It is reported that this company will be paying a dividend early in the New Year.

No business was reported during the week in Electrolytic Zincs, buyers for the preference issue are offering 19/3. Waihis have buyers at 16/-, after business was done at 16/2 and 16/3. Mount Lyells (cum. dividend payable on December 21), are steady at 20/6 to 20/9. In pastoral companies’ shares there was no inquiry for Dalgetys. Sellers appeared, however, asking £8 4/-. Goldsbrough Morts remained steady for the greater past of the week, but eased toward the end when 23/2 was accepted, being a drop of 1/- since last Monday.

British Tobaccos have been inquired for and one or two sales have been put through, but the price has not been quite up to the figure they brought last week. Sales were effected at 27/-, and later at 26/6, the closing quotations being buyer 26/-, sellers 27/-.

New Zealand Breweries have been on the slow side. There were no buying quotations toward the close of the week when sellers were asking 29/3. One sale was reported early in the week at 28/6. Colonial Sugars brought £3B 5/- which is a shade less than the figure they sold at last week. Wilson’s Cements were turned over at 35/-, and Westport Coals had a sale reported at 24/6. New Zealand Guarantees were offered at 5/8 without attracting buyers. The stock exchanges throughout New Zealand will be closed for the Christmas and New Year vacation at 1 p.m. on Wednesday, December 23, and re-open on the morning of Monday, January 11.

NORTHERN EXCHANGES. Auckland, December 18. Sales on ’Change: Commercial Bank of Australia 16/-, 16/2; New Zealand Insurance (late sale Thursday) 40/6, to-day 40/6; Auckland Gas (2) 24/-; New Zealand Breweries 28/6; Australian Glass 29/-; Electrolytic Zinc (pref.) 19/6; Golden Dawn 7/-, 7/2, 7/1. Wellington, December 18. Sales reported: New Zealand Government 54 per cent, stock (1937) £lOO (late Thursday) ; (1937) £100; New Zealand Government 44 per cent. (1938) £96 15/-; Commercial Bank of Australia (ord.) 16/4 (3 sales); Wellington W’oollen Co. (ord.) £4 6/-. 1 Christchurch, December 18. Sales on ’Change: Commercial Bank of Australia 16/4 (3); Bank of New Zealand 45/-; Goldsbrough Mort 23/7; 23/6; New Zealand Refrigerating (10/- paid) 4/8 (2), 4/10 (4); New Zealand Breweries 28/9, 28/11; Mt. Lyell (cum. div.) 21/- (3); New Zealand Drug Co. 48/-; Golden Dawn 7/2 (3), 7/1 (2), 7/2, 7/1 (2), 7/1 $, 7/2; King Solomon 2/04; Mahakipawa 44d (4) ; Okarito 9/10. Sales reported: New Zealand Government 44 per cent. Inscribed (1938) £96 10/-; Commercial Bank of Australia 16/3, 16/4 (2). Dunedin, December 18. Sale on ’Change: Okarito 9/7; King Solomon 2/-. EASTERN DISTRICT FAT STOCK. PRICES AT BURNSIDE MARKET. Eastern District vendors of stock at the Burnside market on Wednesday realized the following prices: Cattle: D. Macdonald (Edendale), bullocks £9 7/6 and £9 2/6, A. Perkins (Mataura), bullocks £5, £3 12/6, £3 15/- and £2 10/-. W. L. Scott (Mataura), bullocks £8 17/6, £8 2/6. J. S. Fleming (Titiroa), bullocks £8 12/6, £8 10/- and £7 12/6. W. A. Dickie (Mataura), bullocks £5 17/6 and £5 7/6 and cows .£3. Sheep: J. W. McKenzie (Maitland), ewes 12/- and 10/-, wethers 16/-. G. Lindsay (’Koi), ewes 12/9. J. H. Galt (Wyndham), wethers 18/3, 10/6 and 10/9. J. Humphries (Wyndham), ewes 10/6. W. H. Lusk (Crookston), ewes 8/9. J. Carmichael (Mataura Island), ewes 17/3, 14/6 and 13/-. O. Ford (Chatton), wethers 17/-, ewes 14/9. F. Trapski (Pukerau), wethers 20/-, 17/-, 15/9, 14/- and 12/3. R. H. Gardyne (Waikaka), wethers 17/- and 16/-, ewes 10/6. S. Horrell (Mandeville), wethers 15/3, 14/6 and 19/9, ewes 10/9 and 10/-. G. R. Gardyne (Waikaka), ewes 10/-. G. Lindsay (’Koi), lambs 16/-. W. Tither (Edendale), lambs 15/9, 13/9 and 12/6. J. A. Cushnie (Edendale), lambs 13/6 and 12/3. DUNEDIN MARKETS. Dunedin, December 18. The spell of dry weather continues. There has however been a beneficial fall of rain in some districts, but the whole of the South Island could do with a steady soaking of rain. Rain is very badly wanted in the North Otago and South Canterbury districts. Little interest is being displayed'in the milling wheat market and there is not expected to be any volume of trade until the new season’s wheat is on the market. It is expected that the new crop will be available towards the end of January. In the meantime, sales are confined to the fowl wheat trade. This market is a little firmer and for shipment 5/-2 f.0.b., s.i., sacks extra is obtainable. The equivalent price ex store Dunedin is 4/9, sacks extra. Although the oat market is firmer for deliveries next year, there has been practically no alteration in the demand for prompt delivery. Up to recently sales of A grade have been made in Southland at 2/8 f.0.b., s.i. At this port only an occasional order is going through and little interest is being displayed, There are buyers of A Gar»X

tons, spread delivery April to September at 2/11 f.0.b., s.i. without response from sellers. At this time of the year there are practically no oats in farmers’ hands and the nominal quotation on trucks, country sidings, is 2/2 for A’s and 2/ for B’s, sacks extra.

c The dry weather is causing a number of i S country farmers to hold their supplies of k chaff and this has brought about a shortage B of offerings. The market is firmer. The | s value ex truck is about £4 5/- per ton. e sacks extra and for lines ex store, prices iS range from £4 15/- to £5 per ton. B The dry weather is also having an effect , r on the seed markets and prices are advancn ing in most lines grown north of Dunedin, such as cowgrass, white clover, cocksfoot .. and ryegrass. \ Good supplies of apples are still arriving .. from Canterbury cool stores, but the market is weak. American apples are also in e good supply. These, too, are not meeting Q with a very keen demand. A shipment of Rarotongan bananas arrived to-day, trann shipped ex the mail steamer at Wellington. !_ The fruit was in excellent condition. Samoan grown which arrived ex the Maui Por mare ripened very quickly and the bulk of shipment will be cleared before Christmas: Oranges are in good supply and prices are low. Californian grapes are in e good supply and are selling at prices which are unprofitable to importers. s The tomato market eased a little during ’ the week, but prices firmed to-day and are _ likely to remain firm during the holidays. a Hothouse tomatoes ale arriving chiefly from Canterbury with small lots from Nelson and t Auckland. Gooseberries are in heavy supply and sales are hard to make. Black and j red currants have a rather poor demand. j T. AND G. MUTUAL LIFE SOCIETY. s i ANNUAL MEETING. 3 e STRONG FINANCIAL POSITION. s _____ Melbourne, December 18. The 55th Annual meeting of the T. and 3 G. Life Society was held to-day. The man--3 aging director, Mr J. T. Thompson, pre--1 sided. The chairman announced that the new 3 business comprised 136,826 policies, assur--3 ing £10.453,176. In addition, there were 5 issued 2600 personal accident and sickness 3 policies, more than double the number for ■ the previous year, assuring £1,381,650, and 3 4397 policies in the ordinary department were endorsed with the accident benefits as--5 suring £1,272,106. The total income in- ’ creased to £3,908,292, while payments to ’ policy-holders amounted to £1,697,297. • There had been a reduction in the expense ' rates. The total assets of £17,110,588 were ' all soundly invested and were of a nature not subject to stock exchange fluctuations. 3 The average rate of interest on the mean ‘ funds, excluding unpaid and overdue inter- ! est, was £5 16/11 per cent, per annum. • Additions to reserves included £lOO,OOO ' written off properties and a transfer of 150,000 to contingency funds. The actuarial report disclosed a strengthening of the 1 basis of valuation by adopting a 3 per cent, net premium rate throughout. Pro1 vision was made for contingencies and for 1 bonuses and other benefits, and £81,135 was ■ carried forward. 1 The meeting ended with an expression of ■ the board's appreciation of the loyal and - efficient services of the staff. LONDON WOOL SALES. VALUES WEAKEN. • London, December 17. At the wool sales 8775 bales were offered, including 2405 from New South Wales, 1455 from Queensland, 670 from Victoria, 505 from West Australia, 100 from Tasmania, and 3549 from New Zealand, of which approximately 5700 were sold. New Zealand: Greasy crossbred, “Erehwon,” lOd and BJd; slipe “Kaiapoi” 10? d and IOJd. The total catalogued was 187,937 bales and that sold was distributee! as follows: Home, 85,500, Continental 66,000, and the United States 2000. The total sales of Australian was 81,000 and of New Zealand 63,000. The decline in prices at the Sydney auctions and the advance in the value of sterling caused some weakness during the last few days. Closing values were: Merino, fleeces, good pieces, 5 per cent. below October; medium, inferior, par; scoured, combings, good pieces, 5 per cent, above; crossbreds, fine greasy, 10 to 121 per cent, above; medium coarse, slightly below; slipes, unchanged. Bradford.—The lower prices have induced some speculation business; 70’s 26d; 64’s 24d; 60’s 23d; 56’s 19d; 50’s 131 d; 46’s Ud; 40’s 104 d. The New Zealand Loan and Mercantile Agency Co. report having received the following cable from their London house yesterday:—As compared with last sales' closing rates prices are about the same for Merino and Crossbred lambs, coarse scoured crossbred, greasy Merino, coarse crossbred slipe and medium crossbred slipe; higher par to halfpenny per pound for medium scourer! crossbred and fine crossbred slipe; higher one penny to one penny half-penny per pound for fine greasy crossbred; higher one penny per pound for scoured Merino and fine scoured crossbred; lower one halfpenny to three-farthings per lb for medium greasy crossbred and coarse greasy crossbred. The sales closed firmly to-day. Home buyers are the principal operators. Messrs Dalgety and Company, Ltd., report having received the following advice from their head office, London, under date of December 17, 1931: — London Wool Sales. Wool sales closed, fairly active at lower level. As compared with closing rates of last series: Greasy Merino par to Id lower; scoured Merino average to good par to Id lower; do. inferior and faulty par to Id higher; greasy halfbred jd to Id higher; greasy crossbred other descriptions 4d to Jd lower; scoured crossbred fine id to IJd higher; do. other descriptions unchanged. Fine slipe Id to l|d higher; other slipe Id to lid higher. Greasy crossbred offerings entirely old clip, practically no super offered. Bales offered 187,937. Home trade have bought 85,500; Continent 66,000; America 2000; carried forward 77,000, of which 53,500 not offered. Some 43,393 bales being New Zealand wool. Total sold 153,500 bales. The following is the range of prices realized at the first sales of the present series.

d d. Halfbred, 56/58— Good to super 114 to 134 Low to medium 9 to 111 Halfbred, 50/56— Good to super 10 to 114 Low to medium 7 to 9$ Fine Crossbred, 48/50— Good to super 7 to 8J Low to medium 51 to 6} Fine Crossbred, 46/48—• Good to super 64 to 71 low to medium 51 to 64 Crossbred, 44/46— Good to super 64 to 7 Low to medium 5 to 6 Crossbred, 40/44— Good to super 6 to 6| Low to medium 4Jto 54 Coarse Crossbred, 36/40— Good to super 54 to 61 Low to medium 44 to 54