COMMERCIAL

Southland Times, Issue 21820, 24 September 1932, Page 3

COMMERCIAL

INVERCARGILL STOCK EXCHANGE. YESTERDAY’S QUOTATIONS. At a meeting of the Invercargill Stock Exchange yesterday the following prices were quoted:— Banks. Australasia: b £9 14/-, s £lO 2/6. Commercial: b 14/10, s 15/2. Commercial: pref. 4 per cent (cum.), b £7. E.S. and A. Bank: b 94/-, s 97/-. National of New Zealand: b 79/-, s 82/-. New South \Vlcs: b £27 5/-. New Zealand: b 47/3, s 49/3. New Zealand Long “D” issue, b 28/Union of Australia: b £7 11/6. Breweries. Dunedin Brewery Co., b 20/6, s 23/-. New Zealand Breweries—(Shares), b 28/-; (Stock), b 20/-. Coal. Westport Coal: b 12/-, s 12/9. Kaitangata: s par.

Insurance. National: s 14/10. New Zealand: b 42/3. South British: b 27/-, s 60/-. Standard: b 46/9. Loan and Agency. Dalgety and Co.: b £8 5/-. Goldsbrough, Mort and Co.: b 24/9, s 25/9. National Mortgage: s 40/-. Wright, Stephenson and Co.—(ord.), b 11/-; (pref.), b 12/6. Meat Companies. Gear Meat. Co.: s 36/-. N.Z. Refrigerating—(2o/- paid), b 12/3; (10/- paid), b 3/7, s 3/10. Southland Frozen Meat —(£1 ord.), b 35/-; (10/- ord.), b 17/6; (£1 pref.), b 35/-. Mining. Electrolytic Zinc—(ord.), b 16/-, s 16/6; (pref.), b 25/3. Gillespie’s Beach: s 2d prem. Golden Sands: s 1/8. Waitahu: s 4d dis. Kildare: b 1/2, s 1/6. King Solomon: b 1/9, s 2/-. Mount Lyell: b 20/-. Mahakipawa: b 4d, s sd. Okarito: b 8/3, s 8/6. Paddy’s Point: b 5/-. Waihi Gold Mining: b 16/6. Shipping. P. & O. S.N. Co. (def. stock): b 20/-. Woollen Mills. Kaiapoi: (ord.), b 5/3. Mosgiel: b £6 13/-. Miscellaneous. Australian Glass: b 37/6. British Tobacco (Aust.): b 29/9, s 30/3. D.l.C.—(ord.), s 12/-. Dominion Rubber Co.: b 5/6. Donaghy’s Rope and Twine: b 30/6. Dunlop Rubber (Aust.): s 15/-. Milburn Lime and Cement: b 26/3, s 27/6. N.Z. Express Co.: s 10/6. N.Z. Farmers’ Fertilizers: b 14/-. Otago Daily Times: s 40/-. Wilson’s (N.Z.) Portland Cement: s 33/6. Woolworths: pref., b 25/-. Debentures. Government Inscribed Stock, 4J per cent, 1938: s £95 2/6. Government 4 J per cent Bonds, 1938: s £95 5/-. Government 41- per cent Inscribed, 1939, s £95 2/6. Government 41 per cent Bonds, 1939, s £95 5/-. Government 51 per cent Inscribed, 1936, s £99 5/-. Government 51 per cent Bonds, 1936, b £99. Government 5J per cent Bonds (Feb.), 1937, b £99 5/-. 5j per cent Inscribed (Sept.), 1937, b £99 7/6. Government 5J per cent Bonds (Sept.), 1937, b £99 2/6. THE WEEK’S TRANSACTIONS. SOUND SECURITIES IN DEMAND. Business was fairly quiet on the Stock Exchanges of tire Dominion during the first two days of the current week, but brightened up considerably toward the close, the industrial section in particular coming in for marked attention during the last few days. With few exceptions prices are well up to those ruling last week, there being still a good demand for all sound investment securities. There was no marked change in the prices for Government securities, the 5| per cent, issues maturing in 1937 selling at £99 2/6 and £99 5/-. 'The inquiry for the 4& per cents, due 1938 and 1939, was limited and only an odd sale or two was reported at £95, the same price as they sold at last week. A parcel of 5 1-8 per cents, due 1937, was reported sold at £96 5/-. Banking shares as usual attracted a good deal of attention. New Zealands are a little easier, selling from 48/down to 47/-. The quotation yesterday was buyer 47/3, sellers 47/9. Commercials of Australia have recovered the ground lost last week, sales being reported a 14/10 and 15/-. Buyers yesterday were offering 15/-. Union Banks had more sales reported than has been the case for some weeks. The market was very steady, practically all the business done being at £7 11/- and £7 12/6. Bank of New South Wales remain very firm with buyers at £27 5/-. E.S. and A. Banks are firmer with dealings at 95/- and 96/-. Australasias advanced to buyers £9 14/-, sellers asking £lO 2/6. Nationals of New Zealand brought 80/- and 80/6, the same price as last week. The quotation for this bank’s shares yesterday was buyer 79/-, sellers 82/-. A parcel of Nationals of Australasias (ordinary) sold at £ll U/-. • . u Insurance companies shares remain very firm with very little change in the market since last week. Nationals advanced to dealings at 14/8 and 14/9. New Zealands, at 43/-, are a shade below last week’s figure. South British remain very steady, several dealings being reported at 58/-. Buyers for Standards advanced their bids to 46/9 without attracting a seller. In the meat section no improvement is noticeable in the market for N.Z. Refrigerating Company’s shares, the contributing issue selling at 3/9, 3/8 and 3/7 and the £1 paids at 10/5 and 10/6. Gear Meats at. 35- and 35/3 are on a par with last week’s sales. In the pastoral group business has been confined to dealings in Goldsbrough Morts and the market for this company’s shares has improved a little, sales being reported at 25/-, 25/3 and 25/4. Dalgety’s have buyers at £8 5/-, no sales being reported. Buyers are still about for both issues bf Wright, Stephenson and Co’s shares, the ordinary issue being asked for at 11/- and the preference issue at 12/6, but there have been no quotations from buyers for some time. Mining companies’ shares accounted for a fair volume of business. Waihis early in the week eased a trifle, some trouble with the miners which at one time threatened to end in a strike no doubt being the cause. Later they sold at 17/-, the same price as last week. Mount Lyells had several sales reported at 20/6 and 20/9. King Solomons sold at 2/-, 1/11 and later 1/IQ, showing practically no change compared with last week. Okaritos are fractionally weaker at 8/9 and 8/6. Mahakipawas remain unchanged with dealings at 4Jd and 4d. Golden Points were done sat «nd 7ds Raddy’-s Point had quite

a few sales at 5/- and 5/1. Buyers yesterday were prepared to give 5/-, but there were few sellers. Electrolytic Zinc's are practically unaltered, the ordinary issue selling at 16/2 and the preference issue at 25/9. a The industrial section has shown activity. Several parcels of Colonial Sugars were sold at increased prices viz. £46, £46 5/- and £46 7/6. New Zealand Breweries were placed at 28/3, improving later to 29/-. An isolated sale of New Zealand Guarantees was reported at 5/10. British Tobaccos were less active than usual and the market was unaltered at 29/9. Westport coals had dealings at 12/3, several sales being reported at this figure. Dunlop Rubbers sold at 14/11 and 15/-. The Australian Glass Company’s shares are very firm, changing hands at 38/-. New Zealand Paper Mills were inquired for during the week at 20/9 and later a parcel was transferred at 21/1. Wilson’s Cements were a little weaker, business being reported at 32/4, 32/6 and 33/-. New Zealand Drugs with an interim dividend payable yesterday were sold during the week at 60/-. Farmers’ Fertilizers have firmed considerably, a sale being reported at 16/6. Milburn Limes remain unaltered with buyers at 26/3 and sellers at 27/-. The stock exchanges in New Zealand will observe a holiday on Monday, Dominion Day. NORTHERN EXCHANGES. (Per United Press Association.) Auckland, September 23. Sales on ’Change: Stock, 1937, 5g per cent. £96 6/-; do. 1933, 5| per cent. £99 5/-; Commercial Bank 15/-; Bank of New Zealand (2) 47/6; Union Bank £7 14/-; New Zealand Insurance 43/-; Auckland Gas 21/-; Colonial Sugar £4B 10/-; Farmers’ Trading 3/6; Wilson’s Cement 33/3; Blackwater 19/-; Waihi (2) 17/-; Waihi Junction 3/3; Mt. Lyell 21/-. Wellington, September 23. Sales on ’Change: National Bank of New Zealand £4 0/6, £4 1/-. Sales Reported: Union Bank of Australia £7 15/-; Milbum Lime and Cement £1 6/6; Waihi 17/-. Christchurch, September 23. Sales on ’Change: 5J per cent. Inscribed (1936) £9B 15/-; N.Z. Refrigerating (10/- paid) 3/9 (5); New Zealand Breweries 29/8; British Tobacco (cum div) 30/-; Electro Zinc (pref cum div) 26/5 (2); Mt. Lyell 21/5 (5); N.Z. Paper Mills 21/1; Wilson’s Cement 33/3; Okarito 8/5J (2). Sales reported: 5J per cent, inscribed (1933) £99 5/-; N.Z. Government (1936) £99; Tooth and Co. 30/-. Dunedin, September 23. Sales on ’Change: Electro Zinc (ord.) 16/3, 16/4. Sales reported: Bank of New South Wales £2B; Bank of New Zealand 47/6; Westport Coal 12/6; N.Z. Refrigerating (cont.) 3/8; Daily Times 39/-; Electro Zinc (ord.) 16/7; Golden Point 7d. 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 DUNEDIN MARKETS. Dunedin, September 23. The milling wheat market is very quiet in Otago and there is now practically no wheat of this class on offer apart from requirements for seed purposes. The only wheat held to any extent is under grade. Holders are finding it difficult to sell this grade to the North Island now that fowl wheat can be imported from Australia. The milling prices for wheat for September are 4/101 f.o.b. for Tuscan, and the usual advances for Hunters and Velvet. Prices for fowl wheat range from 4/- to 4/9 per bushel, sacks extra, ax the store. The oat market continues to drag with few sales taking place. Only an occasional line is being shipped to the North Island and there is a tendency on the part of some holders to lower their selling quotations. A’s are quoted at 3/6 to 3/7 f.0.b., s.i., and B’s at 3/2. There is still a number of undergrade lines held and these are moving off very slowly. Prices to farmers on country siding, sacks extra, are 2/10 for A’s and 2/5 for B’s. Sales of chaff are confined to small lots ex store. The consignments are ample for all requirements with the demand confined to good quality. This is selling at £2 4/10, sacks extra, for an occasional truck lot. A greater number of sales, however, are made ex store at prices ranging up to £5. Medium and poor quality is difficult to sell at prices varying from £3 10/- to £4.

The firming in the potato market reported from Canterbury has not been maintained and it is difficult to make sales from this port to the North Island as northern merchants prefer Canterbury grown tubers. The value in Dunedin is £5 15/- per ton, ex store, sacks included. In the meantime therp appear to he ample supplies to meet local requirements.

The wholesale seed market continues lifeless. There is no inquiry whatever for lines such as dogstail, Chewings fescue and browntop for export. Stocks of other seeds, apart from those mentioned, are limited and prices remain firm.

The apple market has firmed during the week and it is now apparent that supplies locally will not be over plentiful for the rest of the season. The market is also short of supplies both in Christchurch and Wellington. Choice cookers are not plentiful and the market has firmed. The Dunedin portion of the Maunganui’s shipment of Island bananas, grapes and tomatoes is on board the Wingatui. The market was bare of bananas pending the arrival of the latest shipment. The Wainui, due on Tuesday from Melbourne, will land Navels, Valencias and lemons. There will be a fairly large shipment of navels but the shipment of lemons will not be large. New Zealand lemons are in good supply, mostly of poor quality, and prices have eased. Poorman oranges are still on offer, but Australian Sevilles are practically finished for the season.

Cauliflowers are in heavy supply and prices are easier. Cabbages are more plentiful. There is a sound demand for choice hearted lettuce. Rhubarb is more plentiful and the market is a little easier. Carrots, parsnips and swedes are in over supply. CHRISTCHURCH MARKETS. POTATO PRICES WEAKEN. Christchurch, September 23. The better tone in the potato market recorded last week has not been maintained, due principally to the heavy cargo which went forward by the Waimarino yesterday. Altogether this vessel took 7600 sacks from Lyttelton and 600 from Timaru, which was a much bigger consignment than was expected. The result locally is a weakening in f.o.b. prices to £6 5/~ per ton, a drop of 5/- and 7/6 since the mid-week. The Wingatui is due to sail next week and is the last boat of the month. Fowl wheat is difficult to secure and has firmed up to 5/- and 5/1 at Lyttelton and 5/- at Timaru. Oats and chaff are still meeting with a slack demand, oats being quoted at 3/6 f.o.b. southern ports for A Gartons and 3/2 for B’s, with chaff at £5 f.o.b.s.i.

The small seeds market shows very little change, Inquiry being limited.

| KING SOLOMON WASH-UP. The mine manager, of King Solomon Deep Lead, Ltd., reports a wash-up for the week of 71oz. DAIRY PRODUCE PRICES. London, September 22. Butter.—Quiet. Danish 122/- to 124/-. Choicest salted: New Zealand 112/- to 113/-; Australia 107/- to 108/-. Unsalted: New Zealand 112/- to 115/-; Australian 107/- to 109/-. Cheese.—Slow. New Zealand, coloured 60/-; white 64/-. Under date 22nd inst. Messrs Henderson and Co. Ltd., report having received the following cable from their London principals, Messrs Trengrouse and Nathan Ltd:—Butter.—Finest 113/scarce. First 108/-. Messrs Dalgety and Company Limited report having received the following market cable from Messrs Samuel Page and Son, London, under date of the 22nd instant: Butter: Market slow. We quote Danish 120/- to 122/-; New Zealand finest salted 110/- to 114/-; Australian finest unsalted 107/- to 110/-; Australian finest salted 104/- to 107/-; Australian G.A.Q. 100/- to 102/-. Cheese Market: We quote New Zealand white 64/- to 65/-; coloured 60/to 61/-; Canadian white 65/- to 63/-; coloured 65/- to 68/-; C.I.F. 68/- to 70/-. Mr A. H. Mackrell advises that he has received the following report:— Butter.—llo/- to 114/-; unsalted 110/- to 114/-. Market quiet. Cheese.—White 64/-; coloured 60/to 61/-. Market quiet. SYDNEY STOCK EXCHANGE. PRICES MOVE UP. (Rec. 10.15 p.m.) Sydney, September 23. On the Stock Exchange to-day the market was strong, embracing a wide range of business. Prices, with a few inconsequential exceptions, moved up. Sales:— £ s d

GOVERNMENT SECURITIES. London, September 22. The following are the latest quotations of Government securities, compared with the prices ruling on September 15:—

Bank of New South Wales 31 12 6 Commercial Bank of Australia 17 0 Bank of Adelaide 6 1 6 National Bank (£5 paid) 6 10 0 Colonial Sugar 54 5 0 Adelaide Steam . 1 1 10J Mercantile Mutual Insurance 19 0 Victoria Nyanza 17 3 Fairymead Sugar 1 6 0 Henry Jones 1 14 0 Goldsbrough Mort 1 8 U Winchcombe Carson 1 4 3 Tooth’s Brewery 1 14 3 Toohey’s Brewery 1 1 0 British Tobacco 1 14 0 Dunlop Perdriau 17 0 Australian Glass 2 4 9 Berlei 1 5 9 Mt. Lyell 1 4 0 Zinc Corporation 1 11 0 Broken Hill Pty. 1 2 6 South Broken Hill 2 11 0 Commonwealth Bonds (4 per cents)— 1938 101 0 0 1941 101 0 0 1944 101 5 0 1947 100 0 0 1950 99 17 6 1953 100 0 0 1955 100 0 0 1957 100 10 0 1959 101 3 9 1961 99 17 6 Melbourne Sales. Australian Glass 2 4 3 Dunlop Perdriau 16 11 Herald and Weekly Times 2 14 0 Commercial Bank of Australia 16 10 Goi Jon and Gotch 1 10 3 North Broken Hill 3 15 0 South Broken Hill 2 11 0 Taranaki Oil 3 0 Mt. Lyell 1 3 9

] Consols Last week This week. £ 72 2 d 6 £ 73 s 10 d 0 Funding Loan, 4J p.c., 1903-60 109 10 0 110 0 0 War Loan, 5 p.c. 1920-47 102 2 6 102 2 6 Conversion Loan, 3J p.c. (ex div.) 98 2 6 99 0 0 Victory Bonds, 4 p.c. (ex div.) 106 5 0 107 10 0 Commonwealth, 5 p.c., 1945-47 102 15 0 103 5 0 Commonwealth, 6 p.c., 1931-41 100 15 0 101 5 0 Victoria, 3 p.c., 1929-40 78 7 6 79 15 0 Victoria, 3J p.c., 1929-40 83 17 6 85 0 0 Victoria, 5| p.c., 1930-40 100 10 0 100 15 0 Victoria, 5 p.c., 1932-42 99 13 9 100 2 6 Victoria, 4J p.c., 1940-60 99 10 0 100 1 3 New South Wales 4 p.c., 1933 100 0 0 100 7 6 New South Wales, 3 p.c., 1935 95 0 0 95 15 0 New South Wales, 3J p.c., 1930-40 83 0 0 84 12 6 New South Wales, 5J p.c., 1930-40 100 15 0 101 7 6 New South Wales, 64 p.c., 1930-40 101 15 0 102 2 6 New South Wales, 6 p.c., 1930-40 102 0 0 102 5 0 Queensland, 5 p.c., Stock redeemable 1940-60 100 7 6 100 15 0 Queensland, 3 p.c., 1922-47 79 5 0 81 5 0 Queensland, 6 p.c., 1930-40 100 15 0 101 0 0 New Zealand, 4J p.c., 1945-58 102 15 0 105 12 6 New Zealand, 3J p.c., 1940 96 7 6 96 12 6 New Zealand, 3 p.c., 1945 86 12 6 87 15 0 New Zealand, 6 p.c., 1936-51 105 0 0 113 2 6 South Australia, 31 p.c., 1939 94 I 0 0 94 0 0 South Australia, 3 p.c., 1916 or after 70 10 0 70 5 0 South Australia, 6J p.c., 1930-40 101 5 0 101 10 0 Tasmania, 31 p.c., 1930-40 92 5 0 92 15 0 Tasmania, 3 p.c., 1910-40 88 0 0 88 0 0 Tasmania, 6J p.c., 1930-40 101 15 0 102 0 0 Western Australia, 3J p.c., 1926-36 96 5 0 98 0 0 Western Australia, 3 p.c., 1915-35 95 5 0 97 0 0 Western Australia, 6 p.c., 1930-40 100 7 6 101 10 0