COMMERCIAL

Southland Times, Issue 21662, 26 March 1932, Page 3

COMMERCIAL

FINANCE AND TRADE-

LOCAL MARKETS. Times office, Saturday morning. Grain and Produce. Oats—There is still a good shipping demand for oats and also inquiries for oats for railing north. Offerings from farmers are now being made more freely and merchants are buying these at up to 2/6 per bushel for A grade and 2/3 for B grade, on trucks, country sidings, with undergrades slightly less. Good Duns are also in demand at up to 2/9 per bushel, on trucks, country sidings, providing they have sufficient weight. Lighter lines are saleable at from 2/4 to 2/7 per bushel, on trucks, country sidings. Wheat.—-So far there have been very fewofferings. The milling price nets the farmer from 4/3 to 4/4, on trucks, country sidings, while for offerings of good whole fowl wheat quality the price to farmers is 4/per bushel, on trucks, country sidings. For undergrade the maximum price is 3/9 per bushel. Chaff.—Offerings have eased off, this being no doubt due to farmers being busy with harvesting and as a consequence merchants are paying slightly more than a fortnight ago. The price for good, bright quality is £3 5/-, on trucks, country sidings. Inferior lines are difficult to sell. Ryegrass.—This market continues firm, lire offerings from farmers this year are not very extensive and it is doubtful if very much will be available for shipment. Prices to farmers range from 3/- to 4/-, the latter price having been given in a few instances for exceptionally heavy lines of clean seed. Italians are also in demand up to 3/3, on truck, country sidings. Potatoes. —Business still continues to be of a hand-to-mouth nature. So far main crop lines have not been offering. Fruit and Vegetables. The chief feature of the week has been an abnormal supply of tomatoes which have now reached their peak and prices have suffered in consequence. The apple market is fair. Jonathans, Delicious, Wolseleys. Dunns and Baltimores are available and prices are reasonable. Early pears have finished and later varieties are arriving, these including Winter Nevis. A few late peaches, mainly of the freestone variety, are still coming to hand and are realizing fair prices. Plums and nectarines are finished. Passion fruit are very plentiful and selling at reasonable rates. A line of oranges, late Valencias, arrived by the Wainui and commanded good prices. A heavy shipment of bananas from Samoa and Niue Island arrived in good condition and cleared at reasonable rates. Lemons are scarce and high in price. Vegetables are still plentiful and slow of sale. Vegetable marrows,, pumpkins, carrots, parsnips, beetroot, cabbage and cauliflower are in full supply. Green peas are still available, but the demand is only medium.

Prices for the week were as follows:— Bananas, 17/- to 21/-; oranges, 19/- to 25/-; lemons (nominal) 65/-; tomatoes, Ijd to l.jd according to grade and quality; pears, dumps 6/6 to 8/-; boxes 2/6 to 3/3; apples, Delicious, 8/- to 9/6, Jonathons 6/6 to 8/-; Wolseleys 5/- to 6/-, cookers 3/6 to 4/6; peaches, boxes 3/- to 4/6; crates 3d to 4d per lb; grapes lOd to 1/2; passion fruit 3/6 to 4/6 per carton. Cabbage and cauliflowers 1/- to 1/6 per dozen; beetroot Id per lb; carrots and turnips 2/6 to 3/- per small bag; pumpkins 8/- to 10/- per hundredweight; marrows 6/- to 8/• per hundredweight. CURRENT PRICES. Wholesale. Eggs, 1/3. Bacon, lOd. Pollard, £7 15/-. Butter, factory, 1/1; separator 9d. Bran, £6 5/-. Flour, £l4 12/- to £l6 7/-. Oatmeal, £2l 10/- to £34. Retail. Eggs, 1/6. Bacon, 1/-. Pollard, 9/6 per 1001 b. Butter, factory 1/3. Bran, 8/- per 100. Flour, 25’s 5/-; 50’s 9/6; 100’s 18/6; 200’s 34/6. Oatmeal, 25’s 7/-; 50’s 13/6. Onions, 71b for 1/-. Distributors, Ltd. Distributors’ Ltd., Invercargill, advise the following prices:— Bran. —150’s and 200’s £6 per ton; 100’s £6 5/-. Pollard.—lso’s and 200’s £7 10/- per ton; 100's £7 15/-. Wheat MeaL—2s’s £l5 7/- per ton. DUNEDIN MARKETS. WEATHER DELAYS THRESHING. Dunedin, March 24. Threshing of wheat is being carried out in most districts, but heavy rains have delayed operations. The samples being forwarded to merchants show in some cases signs of weather. On the whole however, the quality of the wheat is much better than has been the case for a number of years. Milling prices remain unchanged at 4/8A f.o.b. for Tuscan, 4/10J for Hunters and 5/01 for Velvet. The fowl wheat market is quiet. The local demand is confined to sales of small lots and the market is weakening. Now that increased supplies are available, merchants are inclined to buy to-day at over 4/6 per bushel, sacks extra, delivered at Dunedin. There is a steady demand for oats for prompt delivery and prices remain firm on a basis of 3/6 f.0.b., s.i., for A’s and 3/4 for B’s. These prices are equivalent to 2/10, sacks extra, on trucks, country sidings and 2/8 respectively, railage at handy distance. Trade in chaff is still confined to the sale of small lots. Up to £5 per ton is obtainable for small lots at store, but for per truck loads £4 10/- is tho current value. It is seldom that sales of truck loads are made. The demand is confined to best quality. Inferior lines are practically unsaleable. The digging of potatoes is proceeding and ample supplies are arriving at the market which is really unable to absorb any quantity. Only choice lines are saleable and for these up to £5, sacks included, is about the ruling value. The forward position is quiet. Blight has made its appearance in a number of districts. This is causing growers to dig earlier than they would otherwise have done. The volume of business passing in seeds is very small and chiefly confined to a few retail orders going to the country for autumn sowings. The demand from the North Island is disappointing. Prices of ryegrass are still high and there does not appear to be a great quantity offering. It is noticeable that the fescue and brown top growers are not going to have such a favourable season as last year, as there is practically no inquiry from overseas for these seeds. Brown top is to-day not worth more than 8d to 9d per lb, machine dressed. Fruit Repot. The Wainui landed 300 cases of oranges and these met a ready rale. She also brought about 300 boxes of Victorian grapes. Some of the brands of grapes opened up in rather vasty ■ condition. Locally-grown grapes are Sill meeting with a fair demand, but prices hive been affected by the lower values ruling for Victoriangrown.

Fleavy shipments Cox’s Orange Pippins, Delicious, Jonathans and Duns are reaching the market by seamer and rail and low ■ prices have to be accepted to

clear. Only small supplies of Cox’s Orange Pippins are so far coming from Central Otago. Supplies of pears are still arriving from Central Otago and Nelson. The market cannot absorb all the pears coming forward and low prices are ruling. Sdme 2000 cases of Samoan bananas arrived by rail from Lyttelton, transhipped ex the Maui Pomare. Tho fruit arrived in good order. Fairly heavy supplies of tomatoes have been coming forward irom Central Otago and Canterbury. Good quality have a fair sale but small and rough are hard to quit. Prices all round are on the low side. A few Auckland-grown lemons have reached the market during the week. These met a fair sale. Nectarines are about finished for the season. Prices for peaches have been erratic. Choice quality, however, have had a good demand. Poor quality are hard to place. Plums are about finished. Choice have a good inquiry. CITY STOCK EXCHANGE. THURSDAY’S QUOTATIONS. Late sales from the previous day reported to Thursday morning’s call-over of the City Stock Exchange were of King Solomons at 1/4 (5). ’ The following prices were quoted:— Banks. Commercial: b 13/9, s 14/-. National of New Zealand: s 69/6. New South Wales: s £25. New Zealand: b 42/9. Union of Australia: s £6 18/-. Breweries. New Zealand Breweries (shares): b 22/6; (stock): b 20/-. Coal. Westport: s 21/-; 8 per cent, non-cum. pref.: s 3/-. Kaitangata: b 2/6 dis. Insurance. National: s 12/6. New Zealand: s 37/-. South British: b 47/6. Standard; s 39/-. Loan and Agency. Wright, Stephenson and Company (pref.): s 15/-. Meat Companies. New Zealand Refrigerating (20/- paid): b 10/-; (10/- paid): b 3/9. Southland Frozen Meat (£1 ord.): b 37/-; (10/- (ord.): b 18/6; (£1 pref.): b 37/-. Mining. Kildare: b 1/5, s 1/10. King Solomon: b 1/31. Mount Lyell: s 19/9. Mahakipawa: s 4d. Okarito: b 8/9, s 9/1. Gillespie’s Beach: s 6d prem. Shipping. P. and O. S.N. Company (def. stock): b 22/6. Woollen Mills. Kaiapoi (ord.): s 7/-. Mosgiel: b £6 14/-. Miscellaneous. Colonial Sugar Company: s £3B. DJ.C. (ord.): b 11/9, s 12/3. Dominion Rubber Company: s 6/-, New Zealand Drug: s 47/6. Otago Daily Times: s 45/-. Debentures. Government Inscribed Stock, 44 per cent., 1938: b £92 10/-. Government War Bonds, 44 per cent., 1938: b £92 10/-. Government Inscribed Stock, 41 per cent. 1939: b £92 10/-. Government War Bonds, 44 per cent., 1939: b £92 10/-. Government Bonds, 54 per cent., 1937: b £97. Government Stock, 54 per cent., 1937 : s £97 5/-. THE WEEK'S TRANSACTIONS. NERVOUSNESS AMONGST INVESTORS.

Extreme nervousness amongst those people who have money to invest is apparent all over the Dominion at the present time. The Government's proposals are still in suspense, and suspense is always damaging to an investment market. In connection with Government stocks and local body debentures comparison of values cannot be made so easily under the new system the stock exchanges are working, as the interest attached to each parcel varies.

During the week the 1937 Inscribed Stock with interest payable at 54 per cent, in September and March sold at £96 15/- and £97, and the same issue with interest payable in February and March sold at £96 16/6. The tax free issues, 1938, bearing interest at the rate of 44 per cent, payable in May and November, sold at £92 2/6, £92 7/6 and later at £92 12/6, the market closing with buyers at £92 10/- and no sellers.

Bank shares have only had limited inquiry. Bank of New Zealands have finned with sales at 42/9, the market closing with buyers at this.figure and no sellers. Commercials of Australia brought 13/10, and later 14/-, and the closing quotations were buyer 13/10, seller 14/1. Unions, which were- neglected last week, had a sale on Wednesday at £6 15/-, the market showing little alteration from that of a fortnight ago. A parcel or two of Bank of New South Wales shares brought £24 17/6 and there were further sellers of this stock at £25. There was a reported sale of Nationals of New Xealands at 67/4. Australasias were offered at £9 2/- with no buyers. There were no quotations for E.S. and A.'s or Nationals of Australasia.

No business was reported in Insurances and the quotations show little alteration from those ruling last week. The market for New Zealand Refrigerating Company’s shares remains steady, the £1 shares selling at 10/9 and 10/8. Buyers for the contributing issue offered 3/9. The loan and agency section has been extremely quiet, no sales being reported for some time now.

Mining companies’ shares had a few transactions. King Solomons have fluctuated a little, selling last weet at 1/4 and 1/2. They were turned over at 1/1 early this week, but later improved to dealings at 1/3 and 1/4. Okaritos are steady with sales at 9/-. Mount Lyells have fallen in price a little compared with sales last week. A parcel sold during the last day or two at 19/3. Waihis sold at 16/-, and Grand Junctions at 3/6. A new mining company, “Gillespies Beach,” has been listed on the stock exchange and the shares were quoted for the first time during the week with buyers at par and sellers at 6d premium. The company’s property is at the lower end oL Westland and the ground is somewhat similar to that of the Okarito. Business in the miscellaneous section remains quiet and dull, and only a few companies’ shares have been dealt in. Wilson’s Cements have a sale or two at 26/6, showing a decided fall in price. A month ago this company’s shares were selling at 30/-. The best price obtained for New Zealand Breweries last week was 23/9, but the market has scarcely held to this figure. Sales during the last few days were at 23/8, 23/5 and 23/3.

New Zealand Guarantees show a slight improvement compared with a week ago with sales at 4/3. Tobaccos at 26/3 are down about 6d. Colonial Sugars had sellers at £3B with no buyers. New Zealand Drugs were offered at 47/6 and paper mills at 19/-, but no business was reported in any of these lines.

Easter Vacation. The affiliated stock exchanges throughout New Zealand closed for the Easter vacation at noon on Thursday, and will re-open on the morning of Monday, April 4. 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 NORTHERN EXCHANGES. THURSDAY’S TRANSACTIONS. Auckland, March 25. Sales on ’Change: Stock (1937) 5 J per cent. (September) £97; Bank of New Zealand 43/9,; National Bank of New Zealand £3 7/6; Colonial Sugar £36; Woolworth rights 3/2 (two); New Zealand Paper Mills 18/6; Mahakipawa 3Jd; Waihi 16/- (two); Waihi Grand Junction 3/6. Christchurch, March 25. Sales on ’Change: New Zealand Government 54 per cent. Inscribed (1933) £9B; New Zealand Breweries 23/2; King Solomon 1/3 (2). Dunedin, March 24. Sales reported: Mahakipawa 3d; New Zealand Refrigerating (cont.) 4/2; New Zealand Paper Mills 18/6; King Solomon (two) 1/4. KING SOLOMON WASH-UP. The mine manager of King Solomon Deep Lead, Ltd., reports a wash-up of 21oz 13dwt for live days’ work. TIN PRODUCTION. RESTRICTION OF OUTPUT. CLOSE ADHERENCE TO QUOTA. (British Official Wireless.) (Rec. 5.5 p.m.) Rugby, March 23. The International Tin Committee, following a meeting in Paris, published a communique which, after giving the monthly statistics as to export, states that the export figures for the first complete year of restriction show that the adjusted total exports are 36 tons only in excess of the authorized quotas for the five participating countries. The authorized quotas for the year, including the Siamese quota for six months, amount to 113,593 tons. The committee congratulates the participating governments on their very close adherence to the quota restrictions. The committee considered a proposal that a further output in production of 8420 tons a year, corresponding to one month’s production, should be made with effect from May 1 or June 1. Final decision will be taken at the next meeting. The committee was informed by the committee in control of the International Tin Pool that it considered it unnecessary’ during the past month to increase its holding, which stands at 21,000 tons of metallic tin. WHEAT CARGOES. (Rec. 5.5 p.m.) London, March 24. Wheat Cargoes.—Parcels with the holi day market show little buying interest. Futures, London-June 24/1, September 24/5; Liverpool, March 4/11J, May 5/o's, July 5/3, October 5/54. Spot trade is quiet. Australian ex ship 27/9, 28/6. Flour is slow. Australian, ex store 21/6, 22/6. Oats, peas and beans are quiet and unchanged. HIDE QUOTATIONS. (Rec. 5.5 p.m.) London, March 24. Hides: Meatworks dry salted, Queensland 351 b to 451 b 6d; 301 b to 401 b s|d; 251 b to 351 b sid: 201 b to 301 b sd. New South Wales dry salted are unquot able. Wet salted, Queensland 501 b to 601 b 4Jd; 401 b to 501 b 4jd; New South Wales are unquotable. Victorian abattoirs are unquotable. MEAT QUOTATIONS. (Rec. 5.5 p.m.) London, March 4. Frozen Meat. —New Zealand lambs, selected, North Island brands, including Downs 43’s to 50's and other North Island brands, first quality, 36’s and under 6Jd; Australian Lambs, Victorian first quality, average 30’s 6d; do. 37’s to 42’s sfd. Other States, first quality 36’s and under 5Jd; Victorian second quality 36’s and under s§d. Other States second quality 54d; Patagonian lambs, first quality 36’s and under sid. Ney Zealand Frozen Beef: Ox fores 160’s to 220’s 2|d; do. ox hinds 160’s to 220's 31d. Australian Frozen Beef: Ox crops under lOOib and over 1001 b, 3d; do. ox hinds under 1601 b, 3§d; do. over 1601 b 3Jd. Australian Pigs, first quality 60’s to UO’s average ninety 52d; others unchanged. BRADFORD QUOTATIONS. (Rec. 5.5 p.m.) London, March 24. Bradford is steady with moderate business. Seventies 24d; sixty-four’s 22 Jd; sixty’s 201 d; fifty-six’s 17d; fifty’s 12d; forty-six’s 94d; forty's 9d. DAIRY PRODUCE. (Rec. 5.5 p.m.) London, March 24. Butter is quiet. Danish 118/-; choicest salted New Zealand 107/- to 109/-; Australian 103/- to 105/-. Unsalted New Zealand 114/- to 118/-; Australian 104/to 108/-. Cheese is steady. New Zealand white 60/6 to 61/-; coloured 61/- to 62/-; Australian white 59/6 to 60/-, coloured 60/to 61/-. RAW MATERIALS. (Rec. 8.5 p.m.) London, March 24. Cotton: April 4.87 d. Rubber: Para 32d; plantation smoked 1 15-16 d. Jute: March-April £lB 17/6. Copra: April-May South Sea £l7 17/6; Plantation Rabaul £l5. Linseed Oil: £l4 5/-. Turpentine: 56/3. Sugar: April 5/4. GOVERNMENT SECURITIES. London, March 24. The following are the latest quotations of Government securities, compared with the prices ruling on March 10: — Last week. This week.

£ s. d. £ s. d. Consols 59 15 0 60 10 0 Funding Loan, 4J p.c., 1930-60 96 7 6 96 10 0 War Loan, 5 p.c., 1930-47 102 0 0 102 5 0 Conversion Loan, 3j p.c. (ex div.) 83 2 6 83 15 0 Victory Bonds, 4 p.c. (ex div.) 97 0 0 97 5 0 Commonwealth, 5 p.c., 1945-74 Commonwealth, 6 p.c., 1931-41 89 5 0 91 5 0 97 7 6 97 7 6 Victoria, 3 p.c., 1929-40 60 0 0 63 0 0 Victoria, 3J p.c., 1929-40 66 0 0 67 7 6 Victoria. 54 p.c., 1930-40 87 10 0 90 0 0 Victoria, 5 p.c, 1932-42 83 10 0 86 0 0 Victoria, 4J p.c, 1940-60 80 3 9 81 0 0 New South Wales, 4 p.c, 1933 86 0 0 88 0 0 New South Wales, 4 p.c, 1935 New South Wales, 3i p.c, 1930-40 74 10 0 75 2 6 59 10 0 60 0 0

New South Wales, at p.c., 1922-23 .,ew South Wales, 61 p.c., 1930-40 New South Wales, 6 p.c., 1930-40 Queensland, 5 p.c., Stock redeemable 1940-60 97 0 0 96 7 6 89 5 0 89 0 0 90 15 0 90 10 0 63 5 0 63 10 0 Queensland, 3 p.c., 1922-47 84 10 0 86 0 0 Queensland, 6 p.c., 1930-40 93 0 0 93 17 6 New Zealand, 44 p.c., 1948-58 89 10 0 90 10 0 New Zealand, 31 p.c., 1940 83 7 6 84 2 6 New Zealand, 3 p.c., 1945 72 10 0 71 10 0 New Zealand, 6 p.c,. 1936-51 jouth Australia, 31 p.c., 1939 100 10 0 101 10 0 72 0 0 73 0 0 South Australia, 3 p.c., 1916, or after 51 0 0 52 0 0 oouth Australia, 64 p.c., 1930-40 97 0 0 96 10 0 Tasmania, 3J p.c, 1930-40 75 15 0 76 2 6 Tasmania, 3 p.c., 1910-40 70 0 0 70 0 0 Tasmania, 64 p.c., 1930-40 96 15 0 97 0 0 Western Australia, 31 p.c., 1926-36 Western Australia, 3 p.c., 1915-35 82 10 0 85 0 0 78 5 0 77 0 0 Western Australia, 6 p.c., 1930-40 94 0 0 95 2 6