COMMERCIAL

Southland Times, Issue 21832, 8 October 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 15/-. -Adv'*’ Commercial: s 14/10. Commercial, pref. 4 per cent, (cum.): b £7 4/-, s £7 9/-. E.S. and A. Bank: b 93/6, s 95/6. National of New Zealand: s 81/-. New South Wales: b £27 15/-. New Zealand: b 45/9, s 46/3. New Zealand Long “D” issue: b 28/6. Union of Australia: b £7 16/-. Breweries. Dunedin Brewery Co.: b 21/-, s 23/-. New Zealand Breweries — (Shares): b 28/3, s 28/11. (Stock): b 20/-. Coal. Westport Coal: b 12/3, s 12/10. Kaitangata: b par. Insurance. National: s 15/1. New Zealand: s 43/-. South British: s 58/-. Loan and Agency. Dalgety and Co.: b £8 12/-. Goldsbrough, Mort and Co.: b 24/-, s 25/-. . National Mortgage, "B” Issue: b 17/Trustees’ Executors (Dunedin): s 58/-. Wright, Stephenson and Co.— (ord.): b 11/-. (pref.): b 13/-. Meat Companies. Gear Meat Co.: s 35/6. N.Z. Refrigerating—(lo/- paid): b 10/6. (10/- paid): b 3/8, s 3/11. Southland Frozen Meat — (£1 qrd-) ; b 38/6. (10/- ord.): b 19/3. (£1 pref.): b 38/6. Mining. Electrolytic Zinc — (ord.): b 16/3, s 17/-. Gillespie’s Beach: b 2d prem. Waitahu: b 7d dis. Kildare: b 1/6. King Solomon: b 1/10, s 2/-. Mount Lyell: b 21/3, s 21/9. Mahakipawa: b 3Jd, s 4|d. Okarito: b 8/6, s 8/8. Paddy’s Point: s 5/1. Waihi Grand Junction: b 3/3. Mount David: , s 5/6. Shipping. Huddart-Parker: b 28/-, Woollen Mills. Mosgiel: b £6 15/-. Miscellaneous. British Tobacco (Aust.): b 30/6. D.I.C. (ord.): s 12/-. Dominion Investments: b 23/-. Dominion Rubber Co.: b 6/-. Donaghy’s Rope and Twine: b 30/-. Milbum Lime and Cement: b 26/6, s 27/6. New Zealand Drug: b 58/6. N.Z. Express Coy.: s 10/6. N.Z. Paper Mills: b 21/1, s 21/6. Otago Daily Times: b 37/3. Woolworths (pref.): s 27/-. Debentures. Government Inscribed Stock, 4J per cent., 1938: b £95. Government 4j per cent. Bonds, 1938: b £95. t .. , Government 4J per cent Inscribed, 1939: b £95. Government 4% per cent. Bonds, 1939: b £95. Government Bonds, 5J per cent., 1936: b £99. Government 5) per cent. Inscribed (Feb.), 1937: b £99 5/-. Government 5i per cent. Bonds (Feb.), 1937:. b £99 10/-. per cent. Inscribed (Sept.), 1937: b £99 5/-. Government 5J per cent. Bonds (Sept.), 1937: b £99 10/-. Sale Reported. King Solomon: l/HJ.

THE WEEK’S TRANSACTIONS.

GOVERNMENT STOCK IN DEMAND.

An easier trend in Bank of New Zealand’s and a firmer demand for Government securities were the chief movements on the Stock Exchanges of the Dominion during the week. The market for Government bonds and stocks has firmed during the last few days and business has been done in the 4£ per cent, tax free issues at £95 5/-. Further buyers were willing to carry on, but sellers were not plentiful. Government bonds due 1937 bearing interest at 5} per cent., hardened to £99 10/- and £99 12/6. Buyers for the bonds yesterday were offering £99 10/- and sellers £99 15/-. A parcel of Government 4J per cent, bonds maturing in 1941 were placed at £94 10/- and there was a reported sale of 5g per cents due 1936 at £96 2/6. Business in banking shares has not been quite so good; still there were a number of sales of Bank of New Zealands reported and Unions attracted attention. Bank of New Zealands came back in price during the week and after selling at 47/- were transferred at 46/-, 45/11 and 45/10. The market quotation yesterday was buyer 45/10, seller 46/3. Commercials of Australia were not in demand, only a few sales being reported at 14/10 and 14/8. The market quotation at the end of the week was sellers 14/11. Little change is noticeable in E.S. and A. Banks, which had a reported sale at 94/9; more being asked for at 93/9. Sellers wanted 95/-. Bank of New South Wales are quite up to last week’s figure, a sale being recorded at £2B 5/-. Australasias had a reported sale at £9 18/-. Nationals of Australasias (contributing) sold early in the week at £5 15/6, and were later inquired for at £5 17/-, with sellers at £6 2/-. Nationals of New Zealand had an isolated sale at 80/6 and more were offered at 81/-, but there were no buyers. Unions are very steady, having several transactions put through at £7 16/-. It is interesting to note that in October, 1931, this bank’s shares were selling at £6 10/-. A parcel of Bank of New Zealand’s long term D issue sold at the advanced price of 30/- and more were wanted at 29/-. Insurance companies’ shares remain fairly steady. New Zealands and Nationals are at last week’s rates, but South British are easier, with values at 57/- and 56/-. New Zealands sold at £2 3/- during the week, and nationals brought 14/9 and 15/-. The National Insurance Company s financial year closed on September 30 and the dividend is usually paid in November. The meat section attracted little attention. New Zealand Refrigerating (contributing) sold at 3/8. The market yesterday was a little firmer, the Quotations being, buyer 3/9, seller 3/11. The fully paids sold at 11/-. Buyers for Southland Frozen Meats increased their bids to 38/6 without attracting sellers. Business in the pastoral group was dull, very few sales being reported. Goldsbrough Morts had a reported sale at 24/4, more being wanted at 24/-, with sellers at 24/8. Dalgetys were transferred at £8 14/- and more were wanted at this figure, sellers asking £8 15/-. . , ... J Mining companies’ shares attracted a fair amount of business, but not up to the volume that was done during last week. Golden Points have firmed to business at 7d and 8d compared with

5d to 6Jd last week. Considering the weekly returns the Okarito dredge has been getting lately, this company’s shares continue very steady, with sales during the week at 8/6 and 8/7. Mount Lyells show little or no alteration compared with last week’s figure, sales being reported during the week at 21/3 to 21/6. Buyers yesterday offered 21/3 and sellers 21/6. Electrolytic Zincs are unaltered, two or three sales being put through at 26/6. King Solomons have had more inquiry, resulting in business being completed at 1/10J and 1/11J. Waihis, with the dividend drawing nearer, changed hands at 12/3. Waihi Grand Junction had buyers at 3/3 and sellers at 3/9. Mahakipawas with dealings at 4d show no alteration from a week ago. In the miscellaneous section business was reported in N.Z. Guarantees at 5/6. Wilson’s Cements at 33/6 and 33/9 appear to be steady, although buyers’ best offer yesterday was 32/6. British Tobaccos are very firm, having sales at 30/9, 31/- and later at 31/3. The quotations yesterday were buyers 31/3, sellers 31/9. New Zealand Breweries weakened during the first few days of the current week, touching 28/-. Later they improved to 28/6 and 29/- and the market quotation yesterday was buyer 28/6, sellers 29/3. Colonial Sugars are very firm, a sale being put through at £4B 5/-. A sale of Dunlop Rubbers was reported at 14/6 and New Zealand Fertilizers brought 16/9. Coal companies ’shares have been neglected for some time. Westports were inquired for during the week at 12/3, but sellers would not come below 12/9. The Westport Coal Company’s year ended on September 30 and the dividend is usually paid in November. Kaitangata Coals are seldom dealt in, but there was a sale during the week at par. NORTHERN EXCHANGES. (Per United Press Association.) Auckland, October 7.

Sales on ’Change: Bonds (1938) 41 per cent. £95.5/-; Central Power Board (1957) 5J per cent. £95; Devonport Borough (1937) 4J per cent., £9l; Bank of New Zealand 46/-, 46/IJ, 46/14, 46/-; South Britains 56/- (2); Taupiri Coal 13/6; Kaitangata Coal (16/- paid) 16/-; Auckland Gas 21/6; British Tobacco 31/5; Colonial Sugar £4B 5/- (2); Waihi 17/3; Auckland Harbour Board (1941) 6 per cent. £lO2 10/-; National Bank of Australasia (£5 paid) £5 16/6. Wellington, October 7. Sales on ’Change: Bank of New Zealand £2 6/1; National Bank of Australasia (£5 paid) £6 3/-; Wellington Gas ord. (2) £1 10/9; Mount Lyell £1 1/4. Christchurch, October 7. Sales on ’Change: Commercial Bank of Australia 14/9; E. S. and A. Bank £4 14/6; National Bank of Australasia (£5 paid) £5 17/6; Goldsbrough Mort 24/6, 24/7; N.Z. Refrigerating (£1 paid) 11/-; N.Z. Refrigerating (10/- paid) 3/9 (8); N.Z. Breweries 28/9; Tooth’s Brewery 31/3; Dunlop Rubber 14/9; Electro Zinc (ord.) 16/6, 16/7; Mt. Lyell 21/6 (5), 21/4; Golden Point 7ld. 7d; King Solomon 1/11; Okarito 8/7; Waihi (cum div.) 17/3. Sales reported: Bank of New Zealand 46/- (3); Colonial Sugar £4B 5/-. Dunedin, October 7. Sale on ’Change: New Zealand Breweries 29/-. . Sales reported: New Zealand Refrigerating (cont.) 3/9; Bank of New Zealand (two) 46/-, after last call; New Zealand Refrigerating (cont.) 3/9.

STOCK MARKET. The weekly sale was held at Lomeville on Tuesday, when values for all classes of fat stock showed a notable easing tendency. The demand appeared to be very limited, with a result that the sale was fairly slow and bidding was not very animated. There was a larger yarding forward of fat sheep than that of the previous week, and the quality, taken all over, was fairly good. There was a fair proportion of good quality wethers, the remainder of the yarding comprising good ewes. As already mentioned, competition was not very keen, with a result that values for wethers, in some cases, receded fully 3/- per head, whLe ewes also showed an easing in value to the extent of 1/6 per head. The first entry of this season’s lambs was offered, and competition for the small pen of these was very keen, quite satisfactory prices being obtained. Again in the fat cattle section the entry was larger than that of the previous week, and the quality, taken all over, was quite good, consisting of some very prime handy weight heifers, a few good cows and medium weight bullocks. The demand was limited, with a result that there was a falling off in values. There was nothing really worthy of mention in the store cattle section, while the store sheep yarding comprised a pen or two of ewes and lambs and a few small hoggets. The following is a range of prices ruling at Lomeville at the present time:— Fat Cattle.—Extra prime heavy bullocks £8 10/- to £9 10/-; prime quality £6 to £8; lighter weights £4 10/to £5 10/-; good quality heifers £5 to £6 10/-; medium weights £4 to £4 15/-; good quality cows £4 10/- to £5 10/-; medium weights £3 to £4, with lighter sorts down to £2. Fat sheep.—Extra prime heavy butchers’ wethers 15/- to 16/-; prime heavy wethers 13/- to 14/6, good medium weights 11/- to 12/6; prime light weights 9/6 to 10/6; extra prime heavy ewes 11/- to 12/-; medium weights 8/6 to 9/6; lighter sorts 6/6 to 7/6; good quality shorn wethers 10/- to 11/6; good spring lambs £1 to 22/6; lighter weights 10/6 to 14/-. WINTON STOCK SALE. FAT SHEEP SECTION. In yesterday morning’s report of the fortnightly stock sale at Winton the fat sheep section was overlooked. About 150 sheep were penned. These met with fair competition and the top price obtained was 14/- for an extra good pen of heavy wethers. Good butchers’ wethers realized from 11/- to 12/-. with lighter sorts from 8/6 to 9/6. Prime ewes made from 8/6 to 9/6 "with lighter offerings from 7/6 to 8/6.

DUNEDIN MARKETS.

Dunedin, October 7.

Tlie milling wheat market is lifeless so far as this port is concerned and the chief topic of conversation, especially amongst the farmers, is the prospect for the prices for the coming season. Practically no sales of milling wheat are going through at fixed prices, namely 4/10J f.o.b. for Tuscan, 5/OJ for Hunters and 5/2J for velvet. As a matter of fact there is not much milling wheat now to be marketed. Trade in fowl wheat in the local market is slack. Stocks of good, whole lines are not heavy, but on the other hand the consumptive demand locally is very poor.. Undergrade is in over supply. Local quotations are 4/6 to 4/9

per bushel, sacks extra ex store. Undergrade is selling at a good deal below these prices in a number of cases, lines changing hands at round about 4/-. The oat market continues to drag and it has a weaker tendency. Grade oats are now quoted at 3/6 f.o.b.s.i. for A’s and 3/1 to 3/2 for B's. The bulk of the stocks held here comprise undergrade lines which are almost impossible to sell at round about 2/3, sacks extra ex store. The foregoing prices work out at 2/9, sacks extra on trucks country sidings for A’s, 2/4 for B’s and 2/- for undergrade. With the dry weather being experienced, buyers of oats for delivery next Reason have appeared on the market. Sales have been made at low prices, namely on the basis of 2/8 to 2/9 f.0.b.5.i., delivery April-September. Business in chaff continues very disappointing. Only a few feeders want chaff in any quantity and sales are hard to effect. Truck loads are worth £4 10/- per ton, but the greater part of the sales going , through is confined to small lots ex the store at £4 15/- to. £5 per ton. Undergrade is still hard to sell and the market value of this quality is £4 per ton ex store. Odd consignments of potatoes are still arriving from the country and these are sufficient to meet the demand. Practically the only inquiry is for sound lots and these are selling at £5 15/- per ton, sacks included ex store. Shipping business from this port is finished for the season as consignments to come in will be required for the local demand. Fairly heavy shipments have been landed in Auckland and the market has eased there. Quotations for Canterbury ports rule about £6 10/- per ton f.0.b.5.i., prompt delivery, but the prices being realized in Auckland for consignments from the south are about £1 per ton below this figure. The dry weather right throughout the South Island has had a quietening effect on the seed markets. Hie amount of sowing out is much smaller than usual with the result that there is little movement in wholesale prices. Fruit Report. Supplies of apples are not plentiful and the market remains unchanged. Bananas ex the Maui Pomare arrived in Dunedin on Tuesday afternoon. The fruit was in splendid condition and was readily taken up by the retailers. The quota for Dunedin was 850 cases and prices ranged from 18/- to 18/6 per case. A small lot of Fiji bananas is expected on the market next. week. A line of choice Island grown tomatoes transhipped ex the Waikawa at Auckland reached the market to-day. Christchurch grown hothouse tomatoes are now appearing on the market. Prices are low for this time of the year. A small lot of Californian grapes is expected on the market to-day. These are being landed ex the Gale. Pears are still arriving from Canterbury cool stores. The Waikouaiti arrived from Sydney during the week. She brought a large shipment of Valencia oranges and small lots of mandarines, pines, passions and cucumbers. The Wainui which is expected from Melbourne on Tuesday week will land another shipment of Australian grown navel oranges. The previous shipment ex this vessel has now been sold out of the marts. New Zealand grown lemons are in better supply and the market is easier.

CANTERBURY MARKETS.

Christchurch, October 7.

The potato season is practically over as far as speculation business is concerned and operations are now confined to orders and consignments. The market remains firm locally at £6 5/f.o.b.s.i. for whites, but there is little inquiry from Auckland. The Waipiata left Lyttelton last night with 870 sacks from Timaru and 1400 from Lyt-

telton per Bluff. The cargo is reported to be between 2000 and 3000 sacks. Quotations to farmers are £5 to £5 5/- for whites and to £5 10/- for Dakotas. Although there are potatoes still in store, there has been a good clean up in the country and there are not many now in farmers’ hands. Fowl wheat has been sold at Lyttelton at 5/1. Oats and chaff are not inquired for and the small seeds market is lifeless. SYDNEY STOCK EXCHANGE. TURNOVER AGAIN HEAVY. (Rec. 8.55 p.m.) Sydney, October 7. The turnover was again heavy on the Stock Exchange, price movements generally favouring holders. Cheap money rates and the promise of an early review of taxation encouraged investors

Herald and Times 2 18 0 Kauri Timber 15 0 Carlton Brewery . 1 15 0 South Broken Hill 2 11 3 North Broken Hill 3 15 6

to bid up for stocks. Sales:— s d £ Bank of New South Wales 31 17 6 Bank of Australasia 11 8 6 Queensland National Bank 5 10 0 National Bank (£5 paid) 6 12 0 United Insurance 8 15 0 Colonial Sugar 54 15 0 Australian Gas (a) 6 17 6 Howard Smith 11 0 Adelaide Steam 1 1 4 Morris Hedstrom (New land delivery) 18 6 Tooth’s Brewery 1 17 0 Toohey’s Brewery 1 2 9 Carlton Brewery 1 15 14 Electrolytic Zinc 18 9 Australian Glass 2 5 3 Goldsbrough Mort. 1 7 10i Wilcox Mofflin 7 0 Dunlop Perdriau 16 104 British Tobacco 1 16 0 Berlei 1 5 9 Mt. Lyell 1 3 9 Broken Hill Proprietary 1 2 10| Zinc Corporation 1 10 14 Taranaki Oil 2 9 Commonwealth Bonds (4 per cents) — 1938 101 10 0 1941 101 16 3 1944 102 5 0 1947 100 17 6 1950 100 18 9 1953 101 7 6 1955 101 10 0 1957 101 18 9 1959 102 8 9 1961 100 16 3 Melbourne Sales. Union Bank 9 0 0 Goldsbrough Mort 1 7 74 Dunlop Perdriau 16 9 Dunlop Perdriau (Pref.) 1 12 3