COMMERCIAL

Southland Times, Issue 21773, 30 July 1932, Page 3

COMMERCIAL

THE STOCK EXCHANGE. YESTERDAY’S QUOTATIONS. At a call-over on the Invercargill Stock Exchange yesterday morning, the following prices were quoted:— Banks. Australasia: b £9 5/-. Commercial: s 13/11. E.S. and A. Band: s 83/-. National of Australasia (cont.): b £5. National of Australasia (ord.): b £lO National of New Zealand: b 65/-; s 69/-. New Zealand: b 46/6; s 47/-. Long “D” issue: b 26/-. Union of Australia (ex. div.): s £7. Breweries. New Zealand Breweries —(Shares) • b 24/9; s 25/3; (Stock): b 20/-. Coal. Westport Coal: b 12/-; s 12/9. Insurance. National: b 12/4; s 12/9. South British: b 52/6. Standard: b 41/-; s 42/6. Loan and Agency. Dalgety and Co.: s £7/7/6. National Mortgage: b 33/-. N.Z. Loan and Mercantile: b £36. Wright, Stephenson and Co.—(ora.) • b 10/7. Meat Companies. Gear Meat Co.: b 30/-. N.Z. Refrigerating—(2o/- paid). s 12/6; (10/- paid): b 4/5; s 4/7. Southland Frozen Meat— (£lord L) b 35/-; (10/- ord.): b 17/6; (£1 pref): b 35/-. Mining. Kildare: b 1/-; s 1/8. King Solomon: b 1/10; s 2/-. Mount Lyell: b 7d. Mahakipawa: b 3d. Okarito: b 8/10; s 9/2. Waihi Gold Mining: b 15/2. Waihi Grand Junction: b 2/9. Gillespie’s Beach: s par. Waitahu: s par. Golden Sands: b 1/6s. Paddy’s Point: s 5/-. Shipping. P. & O. S.N. Co. (def. stock): b 16/-. Woollen Mills. Mosgiel: s £7 5/-. Miscellaneous. British Tobacco (Aust.): b 27/6. Colonial Sugar Co: b £4l 10/-. D.l.C.—(ord.): s 12/-; (pref.): I 20/-. Donaghy’s Rope and Twine b 29/-. Milburn Lime and Cement, b 24/3, s 25/-. New Zealand Drug: b 53/6. N.Z. Farmers’ Fertilizers: b 12/9. New Zealand Paper Mills: b 20/-, s 21/-. Debentures. Govt. Inscribed Stock, 4| per cent, 1938: b £96. Govt. War Bonds, 4| per cent., 1938. b £9G - , „♦ Govt. Inscribed Stock, 4J per cent., 1939: b £96. Govt. War Bonds, 4> per cent., 1939: b £96. Government Bonds, 5g per cent., 1933: b £99 5/-. Government Stock, 54 per cent., 1933. b £99 5/-. , , Government Bonds, 54 per cent., 1937: b £lOl 5/-. Government Stock, 51 per cent., 1937. b £lOl 5/-. Late Sales on Thursday. Kaitangata Coals: 2/3 dis. THE WEEK’S TRANSACTIONS. A COMPREHENSIVE REVIEW. Business on the stock exchanges of the Dominion has been on the quiet side during the week. Government Bonds have not been dealt in to any great extent, although prices remain steady at rates that have ruled during the past few weeks. Bank of New Zealand’s had by far the greatest amount of business in banking shares and in industrial companies’ shares British Tobaccos came in for most favour with investors. Government Bonds bearing interest at 5 per cent, and due to be repaid in 1937 sold at £lOl 5/-. Buyers were firm all the week at £lOl 5/-, but sellers were not plentiful. Very little business was done in the tax free issues, only one or two sales of 1938 4J per cent, being reported at £96. Bank of New Zealands remain very steady with a hardening tendency noticeable while these notes were being written. Fair business was done early in the week at 46/3, but later 46/6 was the price and at this figure the bulk of the business was transacted. Towards the end of the week sales were reported at 46/8 and 46/9. Commercials of Australia are a little easier compared with sales last week, business being reported at 14/- and 13/11, later coming back to 13/9. . Very little alteration has taken place in the market for nationals of Nev. Zealand, a sale being put through at 69/6 compared with 70/- last week. There were sellers yesterday willing to accept 69/-, but buyers were asking 66/-. Two or three parcels of Bank of New South Wales shares changed hands at £26 12/6 and £36 17/6. Nationals of Australasia brought £5 5/- for the contributing issue and £ll for the ordinary issue. The former show practically no alteration compared with sales during the past fortnight. The ordinaries, however, are a little firmer. Union Banks will be quoted ex dividend by the time these notes appear. There has been very little inquiry for these shares, only one sale being reported at £6 19/6. Australasias were inquired after at £9 5/-, but there was no quotation from sellers. Insurance companies’ shares continue to hold their price, Nationals bringing 12/6 and being further sought after at 12/4. New Zealands had a few transactions at 40/- and 40/3. This company’s final dividend for the year of 1/- per share is being paid early next week. South British Insurances improved 2/-, being disposed of at 54/6. Several parcels of the New Zealand Refrigerating Company’s shares were sold during the week. The contributing issue improved a little during the last few days, but is still below the figure it sold at last week. The ordinary issue also has come back a trifle with dealings at 12/- and 11/11. A parcel of Gear Meats brought 31/-. Buyers for Southland Frozen Meats are very firm at 35/-. Goldsbrough Morts have not improved on the figure they sold at. last week; in fact they appear to be slightly easier with sales at 22/1 and 21/11. Two or three small parcels of Dalgety’s brought £7 5/-. In mining companies’ shares Waihis are steady with dealings at 15/1 to 15/4. Okaritos had a few transactions at 9/- down to 8/9. This company has not been obtaining the quantity of gold lately that it did a few months ago. King Solomons at 1/10 and 1/11 are a shade below last week’s figure. Buyers yesterday offered 1/10, but there were no sellers below 2/-. Mount Lyells have had little inquiry and the market has eased, one sale being reported at 16/11. Mahakipawas were transferred at 4d. One or two transactions in Gillespie’s Beach at Jd discount and in Kawaraus at 3£d and 4d were reported. In the miscellaneous section British Tobaccos came in for a lot of attention, several sales being reported at 28/- to 28/3. New Zealand Breweries were also sought after, but not to the same

extent, sales being made at 24/9 and | 25/-. Colonial Sugars, a high priced ; stock, were sold at £4l 12/6 and £4l | 17/6. Wilson’s Cements continue steady j at about 30/-. Farmers’. Fertilizers improved a little to dealing at 13/-. Paper Mills were inquired after at ■ 20/-, but sellers were firm at 21/-. New Zealand Drugs have buyers at 53/6, but no sellers are offering. Both issues of D.I.C. Company’s shares nad sellers during the week, the ordinaries being offered at 12/- and the prefs at 20/-. A parcel of Australian Glass Company’s shares changed hands at 35/3. A sale of Huddart, Parkers, the first for some time, was reported at 23/6. NORTHERN EXCHANGES. Auckland, July 29. Sales on ’Change: Bonds 1937 51 February, £lOl 5/-; Commercial Bank of Australia 13/10; Bank of New Zealand 47/-; National Insurance 12/6; New Zealand Insurance 40/6; Auckland Gas 21/-, do. (con.) 15/-; Northern Steam (con.) 2/1. Wellington, July 29. Sales reported: New Zealand Government 4J per cent. Bonds 1939 £96 (late Thursday), New Zealand Government 4J per cent, bonds, 1938 £96 (late Thursday); New Zealand Government 4J per cent. Bonds 1939, £96; New Zealand Government 4J per cent. Bonds 1938, £96; New Zealand Government 4| per cent, stock 1938, £96 (late Thursday); New Zealand Government 4 J.- per cent, stock 1938, £96; New Zealand Government 5| per cent, stock 1937, September, £lOl 5/- (late Thursday); New Zealand Government 5J per cent, stock 1937, September, £lOl 5/(2 sales); New Zealand Government 5$ per cent, stock 1933, £99 12/6; Bank of New Zealand £2 7/- (2 sales); Bank of New South Wales £26 12/6; Bank of New South Wales £26 15/-; Auckland Gas Co. (contrib.) 15/- (cum div.) (late Thursday); Union Steamship preference £1 10/-. Christchurch, July 29. Sales on ’Change: Bank of New South Wales £26 15/-; Union Bank of Australia £6 17/-; Goldsbrough Mort 21/9; N.Z. Refrigerating (10/- paid) 4/5; Westport Stockton (ord.) sd; Westport Stockton (pref.) (2) 8d; Taranaki Oil 1/-; Golden Dawn 4/3, 4/4; Golden Sands (1/- paid) 1/8$; Waihi 15/8. Sales reported:—Bank of New South Wales £26 15/-, £26 12/6; Union Bank of Australia £6 17/6; Bank of New Zealand 47/-; Union Steam (pref.) 20/-; N.Z. Farmers’ Co-operative 4J per cent. (Stock) 1940 £46; New Zealand Farmers’ Co-operative 4J pe r cent. Stock 1945 £45; 5$ per cent. Inscribed 1936 £lOl 5/-. Dunedin, July 29. Sales reported: New Zealand Refrigerating (pd.) 12/-; King Solomon 1/11. HUNTER & REID. DALGETY’S BUILDINGS, DON ST., 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 FRUIT AND VEGETABLES. INVERCARGILL MARKETS. Business in the local fruit marts is fair considering all the conditions. Fruit of all descriptions has been in plentiful supply and values generally have ruled on the low side. Navel oranges from Victoria and New South Wales arrived in large quantities ex the Wainui. The condition of the fruit was good. New Zealand, Victorian and South Australian lemons are available, as also are South Australian mandarines, this latter line being of exceptionally fine quality. . . , There is a slightly better inquiry for Delicious and Sturmer apples, but all other varieties, which are in plentiful supply, are slow, of sale. Stocks of ripe bananas of excellent quality are available and selling well at reasonable rates. There are full supplies of vegetables, excepting cauliflowers, and values are on the low side. Current prices obtained at auction are as follows: Oranges, South Australian, 12/- to 16/-; Victorian, 9/- to 12/6; Lemons, New Zealand, 7/-• to 10/-‘ Victorian, to 15/-; South Australian, to 19/-; Apples, Delicious (export grade), 6/6 to 8/-; stunners 6/to 7/6: Jonathans and small Delicious, 4/- to 6/-; cookers, 3/6 to 5/-; Parsnips, carrots, beetroot and artichokes, 2/3 to 3/3 per sugar bag; cabbages, 1/to 2/- per dozen; cauliflower, 4/- to 6/-. OTAGO MARKETS. FOWL WHEAT QUIET. CHANGE IN POTATOES. POOR GRADE FRUIT. Dunedin, July 29. At this time of the year there is not much interest shown locally in the milling wheat market as the Otagogrown cereal has been practically all placed with millers. Small lots are available and are being placed at fixed prices for July delivery, these being based on a figure of 4/9X f.o.b. for Tuscan for next months delivery. There will be an advance of $d per bushel. . . , The fowl wheat market is quiet, the distributing trade being poor. It is reported from the north that good whole fowl wheat is firmer, the general quotation now being 4/9 f.0.b., sacks extra. A fair quantity of undergrade is being offered at prices ranging from 4/3 to 4/6 f.0.b., sacks extra. The break in the weather has Relayed the sowing of wheat and the demand has eased off in the meantime. I The oat market continues quiet, with I litttle interest being displayed by North Island buyers. There are sellers of A Gartons of 3/7 f.0.b., s.i., with B’s at 3/3, These prices are equivalent to 2/10, sacks extra, country sidings, and 2/6 respectively. The bulk of grade oats have now been sold from this centre, but there is still a quantity of undergrade to be placed. The demand for this class of oats is however, very quiet. The local trade in chaff is still confined to the sale of small lines. Ample stocks are held locally to meet all requirements. The best quality is realizing £5 per ton, sacks extra, ex store, the equivalent value being £4 10/sacks extra, ex truck. The demand is chiefly for good quality, other chaff being difficult to place. The potato market has been undergoing changes. At the end of last week values declined still further, but during the past few days there has been a recovery. This has been brought about by some merchants, who had sold potatoes for forward delivery finding it difficult to secure lines to fill their commitments. With the near approach of Spring there has been more activity in some lines of seeds. A fair amount of buying has been done in ryegrass, and prices are slightly firmer in other seeds. However, the markets are steady with . merchants showing no inclination to force sales. Both dogstail and Chewing’s fescue, however, are still difficult to sell, owing to the limited demand from overseas. Fruit Report.

The Wainui from Melbourne, landed over 5000 cases of navel oranges for the local market. Prices remain one a par with those ruling for a previous shipment, The market in Melbourne is

a little weaker and the prices now being obtained here should show growers a sufficient margin of profit to encourage them to continue shipping. The quality of the shipment was excellent. A further consignment of Navels will arrive by the Waikouaiti from Sydney, due on August 8. The vessel will also bring mandarins, melons, pines, passions, cucumbers, lemons and Seville oranges. A small line of Island oranges arrived ex the mail steamer and were transhipped at Wellington. These were in good condition and higher prices were obtained compared with previous consignments. A shipment, of Rarotongan bananas came to hand with the Island oranges. Sales of bananas are slow and prices are on the low side. The next consignment of Samoan bananas will arrive about August 13. There will be no further supplies for the market until the arrival of the Samoan shipment. Poorman oranges are in good supply. Choice quality apples are in shorter supply and the market is a little firmer. Heavy quantities of poor grade fruit are still offering and low prices are ruling for this quality. There is little immediate prospect of any material advance in the apple market. Dessert and cooking pears are m short supply and any lines offering are readily taken up. A line of Island tomatoes has reached the market. These were mostly on the green side. Small lots cl hothousegrown are arriving - from the Kakanui district. CANTERBURY MARKETS. POTATO POSITION CHANGED. CHAFF LIFELESS. Christchurch, July 29. The potato position has undeigone some change during the week. Values increased from £5/7/6 to £6 f.o.b. firm and prompt, the equivalent price to farmers being £4 15/- and £4/17/6. The sharp rise is possibly accounted for to some extent to the calling of July shipments for to-morrow, the last day of the month. It is expected that there will be heavy arrivals at the port as a result and these will have to await the arrival of the Waipiata, which is now loading at Bluff. Her cargo, when she leaves Lyttelton, will be a heavy one, and in an ordinary season she would arrive on a bare northern market, as the shipments in the last fortnight have been very light. There is little demand from Auckland and the big reduction to date this year of shipments from Lyttelton indicates a heavy decline in consumption. The Wingatui, during the mid-week, took only 2000 sacks from Canterbury ports, so supplies in Auckland have every chance to clear prompt. Values to-day are £5/17/6 to £6 4/- and August—September £6 12/6. Canterbury yields still continue light though some districts provide exceptions. Fowl wheat is meeting with more inquiry, and is not easy to pick up. Sales have taken place at 4/10 f.o.b.s.e. The chaff market is still lifeless. Quotations to farmers are from £3 12/6 to £3 15/- a ton or £5. ELDER, SMITH AND CO. Wellington, July 29. A cable received to-day from Elder, Smith and Company, Limited, states that the final dividend will be at the rate of four per cent, per annum for the half-year ended June 30, making a total dividend of four per cent, for the year. The dividend was declared yesterday and is payable on September 1 next. VICTORIA-NYANZA PLANTATION. Wellington, July 29. A cable from the Victoria-Nyanza sugar plantation received to-day states: “A recent visit from locusts resulted in the extensive demolition of approximately 1800 acres of next season’s canes. The weather is in favour of a recovery.” COMMERCIAL BANKING COMPANY. Wellington, July 29. A cable received to-day from the Commercial Banking Company of Sydney, Limited, advises that a dividend has been declared at the rate of five per cent, per annum for the past halfyear. It is payable in Sydney today. SYDNEY STOCK EXCHANGE. INCREASED ACTIVITY. (Rec. 9.20 p.m.) Sydney, July 29 The Stock Exchange to-day showed increased activity. Commonwealth bonds maintained their position, but bank scrip was easier. Sales:— £ s d

DAIRY PRODUCE MARKET. London, July 28. Butter.—Quiet on account of a holilay market. Danish 112/- to 114/-; New Zealand 106/-; Australian 102/to 103/-. Unsalted: Australian 106/-. Cheese.—Quiet. New Zealand white 56/-; coloured 55/-. Mr A. H. Mackrell, agent for R. and W. Davidson, Glasgow, reports:— Butter, 105/- to 106/-. Cheese, steady; white 56/-; coloured 55/-. Messrs Dalgety and Company, Lim-

ited, report having received the following market cable from Messrs Samuel Page and Son, London, under date of July 28:— Butter: Market slow. We quote: Danish, 116/- to 120/-; New Zealand finest salted, 105/- to 106/-; Australian finest unsalted, 105/- to 107/-; Australian finest salted, 100/- to 101/-; Australian G.A.Q., 96/- to 98/-. Cheese: Market slow. We quote: New Zealand White, 55/- to 56/-; Coloured, 54/- to 55/-; Canadian White, 56/- to 57/-; Coloured, 55/- to 56/-; C.1.F., 55/- to 56/-. BRADFORD MARKET. London, July 28. Bradford.—Market steady and business quiet. 70’s 23d; 64’s 22d; 60’s 21d; 56’s 17d; 50’s 12d; 46’s 9sd; 40’s 9d. GOVERNMENT SECURITIES. London, July 28. The following are the latest quotations of the Government securities, compared with the prices ruling on

Bank of New South Wales 29 0 0 Commercial Bank of Sydney 15 17 6 Colonial Sugar 46 18 0 United Insurance 6 15 0 Adelaide Steam 19 3 Burns Philp 2 4 6 Millaquin Sugar 1 6 6 Victoria Nyanza 17 0 Australian Gas (B) 6 9 6 Toohey’s Brewery 19 9 Tooth’s Brewery 1 9 3 British Tobacco 1 11 3 British Tobacco (pref.) 1 5 0 Dunlop Perdriau 12 8 Broken Hill Proprietary 17 0 South Broken Hill 2 3 6 Taranaki Oil 1 2 Commonwealth Bonds (4 per cents) — 1938 98 3 9 1941 98 2 6 1944 98 2 6 1947 98 2 6 1950 95 8 0 1953 97 0 0 1955 ' 96 12 6 1957 96 10 0 1959 96 15 0 1961 96 17 6 Melbourne Sales. Commercial Bank of Australia 15 6 Goldsbrough Mort (ex) 1 4 9 Australian Glass 2 0 0 Dunlop Perdriau 12 9 Herald and Times 2 10 9 Zinc Corporation 1 4 101 Mt. Lyell 19 0

July 21:— 21. July 28. July £ s d £ s d Consols 72 5 0 73 5 0 Funding Loan, 4| p.c., 1930-60 107 10 War Loan, 5 p.c., . 1920-47 101 10 0 108 10 0 0 102 2 6 Conversion Loan, 34 p.c., (ex div) 98 18 9 100 7 6 Victory Bonds, 4 p.c. (ex div) 106 2 6 106 15 0 Commonwealth, 5 p.c., 1945-74 100 0 0 100 7 6 Commonwealth, 6 p.c., 1931-41 100 10 0 101 7 6 Victoria, 3 p.c., 1929-40 84 0 0 81 5 0 Victoria, 3J p.c., 1929-40 77 0 0 76 0 0 Victoria, 5J p.c., ■ 1930-40 98 15 0 98 15 0 Victoria, 5 p.c., 1932-42 98 10 0 98 10 0 Victoria, 4| p.c., 1940-60 89 15 0 97 15 0 New South Wales, 4 p.c., 1933 90 15 0 97 10 0 New South Wales, 4 p.c., 1935 90 15 0 91 7 6 New South Wales, 3J p.c., 1930-40 81 10 0 80 0 0 New South Wales, 5J p.c., 1930-40 99 0 New South Wales, 64 p.c., 1930-40 97 15 0 100 0 0 0 99 5 0 New South Wales, 6 p.c., 1930-40 97 0 Queensland, 5 p.c., Stock redeemable 1940-60 i 98 15 0 99 0 0 0 98 0 0 Queensland, 3 p.c., 1927-47 78 10 0 77 0 0 Queensland, 6 p.c., 1930-40 99 10 0 99 7 6 New Zealand, 44 p.c., 1945-58 104 0 New Zealand, 34 p.c., 1940 94 15 0 102 0 0 0 95 0 0 New Zealand 3 p.c., 1945 85 10 0 85 15 0 New Zealand 6 p.c., 1936-51 104 5 0 104 0 0 South Australia 3J p.c., 1939 91 15 0 91 0 0 South Australia 3 p.c., 1916, or after 66 10 0 66 12 6 South Australia 64 p.c., 1930-40 99 10 0 99 15 0 Tasmania, 31 p.c., 1930-40 89 17 6 89 15 0 Tasmania, 44 p.c., 1910-40 88 5 0 87 15 0 Tasmania, 64 p.c., 1930-40 99 10 0 100 0 0 Western Australia, 34 p.c., 1926-36 93 10 0 94 7 6 Western Australia, 3 p.c., 1915-36 92 12 Western Australia, 6 p.c., 1930-40 99 0 6 92 15 0 0 100 0 0