COMMERCIAL

Southland Times, Issue 21836, 13 October 1932, Page 3

COMMERCIAL

STOCK EXCHANGE. YESTERDAY’S QUOTATIONS. At yesterday’s call-over on the Invercargill Stock Exchange the following prices were quoted:— Banks. Australasia: b £9 17/-. Commercial: s 14/10. E.S. and A. Bank: b 93/-; s 95/6. National of New Zealand: s 81/-. New South Wales: b £2B. New Zealand: s 46/6. New Zealand Long “D” issue: b 28/6. Union of Australia: b £7 17/-. Breweries. Dunedin Brewery Co.: b 21/3, s 23/6. x New Zealand Breweries (Shares): b 28/3; s 29/9; (Stock) 20/-. Coal. Westport Coal: b 12/3, s 12/10. Insurance. National: s 14/9. New Zealand: b 42/-, s 43/-. South British: s 57/3. Standard: b 47/6; s 50/-. Loan and Agency. Goldsbrough Mort and Co., b 23/6. National Mortgage: s 40/-. Wright, Stephenson and Co. (ord.): b 11/-; (pref.): b 13/-. Meat Companies. Gear Meat Co.: b 35/-. N.Z. Refrigerating (10/- paid): b 3/7; s 3/9. South Otago Freezing Co.: b 65/-. Mining. Electrolytic Zinc (ord.): b 16/3; s 17/-. Gillespie’s Beach: b 2d prem. Kildare: b 1/7, s 1/9. King Solomon: b 1/10, s 2/-. Mahakipawa: b 4d, s sd. Okarito: b 8/6, s 8/9. Paddy’s Point: s 5/2. Waihi Gold Mining: b 16/10. Waihi Grand Junction: b' 3/4. Mount David: s 5/3. Shipping. Huddart-Parker: b 28/-, s 30/-. Woollen Mills. Kaiapoi (ord.): b 5/3. Mosgiel: b £6 15/-. Miscellaneous. British Tobacco (Aust.): b 31/-. D.I.C. (ord.): s 11/6. Donaghy’s Rope and Twine: b 30/-. Milburn Lime and Cement: b 26/3. New Zealand Drug: b 58/-. N.Z. Express Coy. (ord.): s 10/6. New Zealand Paper Mills: b 21/1. Wilson’s (N.Z.) Portland Cement: s 33/-. Debentures. Government 44 per cent. Inscribed 1938: b £95. Government 4) per cent. Bonds 1938: £95. Government 51 per cent. Inscribed 1936: b £99. Government 5£ per cent. Bonds 1936: b £99 5/-. Government 5J per cent. Inscribed (Feb.) 1937: b £99 5/-. Government 51- per cent Bonds (Feb.) 1937: b £99 10/-. Government 51 per cent. Inscribed (Sept.) 1937: b £99 5/-. Government 51 per cent. Bonds (Sept.) 1937: £99 10/-. NORTHERN EXCHANGES. (Per United Press Association.) Auckland, October 12. Sales on ’Change:—Bank of Australasia £lO/1/6; New Zealand Inscribed 43/-; South British Insurance 57/(2); New Zealand Breweries 28/6; Okarito 8/74. Wellington, October 12. Sale on ’Change: N.Z. Breweries £1 8/6. Sales Reported: Bank of New Zealand (5) £2 6/-; Commercial Bank of Australia 14/6; Consolidated Goldfields 8/-. Christchurch, October 12. Sales on ’Change:—sJ per cent. Inscribed (1936) £99 15/-.; Bank of Australasia £lO/2/6; Commercial Bank of Australia 14/7 (2); E.S. and A. Bank £4/13/6; National Bank of Australasia (£5 paid) £5/15/6 (2); National Bank of New Zealand £3 19/- (2); Bank of New Zealand 45/10 (2), 45/9; Goldsbrough Mort. 23/10, 24/-, 23/11, 24/-; N.Z. Refrigerating (10/- paid) 3/6, 3/5 (2), 3/4 (2); Christchurch Gas 25/-; Tooth’s Brewery 32/3; Dunlop Rubber 14/8; Mt. Lyell 21/1 (2); Blackwater 17/9; Golden Dawn 4/10, 4/9; Golden Point 7d. (6); King Solomon 1/10J; Mahakipawa (pref.) 7d; Okarito 8/7; Waitahu 3d disc. Sales reported:—Bank of New Zealand 45/11 (2); South British Insurance 57/-; Goldsbrough Mort. 24/3 (2). Dunedin, October 12. Sales on 'Change: N.Z. Refrigerating (cont.) 3/6; Waihi Grand Junction 3/4. Sales reported: 4| per cent. Bonds (1938) £95 5/-; Bank of New Zealand £2 6/-.

ADDINGTON STOCK SALE. DECLINE IN MUTTON AND BEEF. Christchurch, October 12. Heavy entries had the effect of depressing the values of mutton and beef at Addington market to-day. The decline in mutton was the sharpest recorded for a long period. Store sheep.—A big yarding but a dull demand for ewes and lambs. Good lines of hoggets sold well. Values were. —Ewes and lambs (all counted) 3/6 to 9/7, medium ewe hoggets 11/6 to 12/6, medium wether hoggets, to 11/3, ordinary wether and m.s. hoggets 8/- to 8/7, two-tooth halfbred wethers (shorn) 7/to 10/-, merino to 6/5.

Spring lambs.—A yarding of 510 of good quality. Values advanced 1/6 a head in a keen sale. The ton price was 18/10.

Fat sheep.—An entry of 5400 constituted an over supply and there was a general easing in values of 1/6 to 2/a head. There were many passings. Values were.—Extra prime heavy wethers to 19/10, prime heavy 15/- to 16/-, medium weight prime 13/6 to 14/9, ordinary 12/- to 13/-, light 10/to 11/6, extra prime heavy ewes to 16/4, prime heavy 13/- to 15/-, prime medium weight 10/6 to 12/6, ordinary 9/- to 10/-, light 7/6 to 8/9. Fat cattle.—The entry of 410 head included 171 head from the North Island and over 100 from south of Rakaia. The quality generally was excellent but the market was easier for all classes by 15/- to £1 a head. Best beef made 25/per lOOlbs, good prime 21/- to 24/-, heavy 18/6 to 21/-, secondary 15/- to 18/-, inferior to 14/-. Values were.— Extra prime heavy steers to £ll 7/6, prime heavy £8 to £lO, prime mediumweight £6 10/- to £B, ordinary quality £4 15/- to £6, light to £4 10/-, extra prime heifers to £9 7/6, prime £5 10/- to £7 15/-, medium £4 5/- to £5 5/-, light to £4, extra prime cows to £8 12/6, prime £5 to £7, medium £3 10/- to £4 15/-, light £2 10/- to £3 10/-.

Fat pigs.—There was a smaller entry. Pork was in little better demand. Bacon was unchanged. Choppers were easier.

Values were: Choppers 35/- to £3, baconers 45/6 to 55/6, heavy £3 to £3 14/6, average price per lb 4Jd to sjd, porkers 27/6 to 32/6, heavy 34/6 to 38/6, average price per pound 4Jd to 5Jd. BURNSIDE STOCK SALE. LITTLE CHANGE IN PRICES. Dunedin, October 12. There was little change in the prices obtained for most classes of stock at the Burnside sales to-day. Fat cattle sold at prices similar to those which ruled at the previous sale while wethers and lambs were a shade easier.

The yarding of 272 head of fat cattle included a large number of extra heavy bullocks, a fair consignment of prime medium weights and a big selection of cows. One consignment of bullocks brought from £9 10/ to £lO 10/~ and several pens of prime bullocks sold from £8 10/- to £9 10/-. Only a few heifers were penned and these brought from £6 10/- to £7/7/6. Cows realized from £6 to £7 10/-. The prices for prime ox beef average about 21/- per 1001 b. A few extra heavy cattle sold at 20/- and heifers and cows were worth from 18/- to 20/per 1001 b.

The chief attraction in the store cattle entry was a line of 40 head of good steers. The highest price obtained for tills consignment was £5 7/6 and the whole line averaged just over £4 per head. Old cows made up the balance of the yardings and sold at late rates.

About 2000 sheep were forward. There was a fair yarding of prime heavy wethers along with several trucks of good heavy ewes and a fair number of medium light ewes. The sale for wethers opened with a drop of 1/- per head compared with last week’s rates. The top price realized was 17/6 per head for several pens of wethers. Good handy weights sold from 14/- to 16/- and a few pens of extra fine ewes brought from 12/- to 12/6. The majority of ewes, however, realized from 10/- to 11/-. Wethers were equal to 2Jd for heavy weights and 2:]d for light, while ewes were worth l£d per lb. There was a larger yarding of spring lambs and several pens sold from 25/to 25/6 with lighter sorts bringing from 17/6 to 20/-. The whole yarding averaged about 8d per lb. In the pig section 97 fats and 128 stores were offered. Good quality was featured in most of the pens. Baconers were sold at an advance of about 5/- per head, but porkers were a little easier in value.

PERMANENT INVESTMENT AND LOAN ASSOCIATION. REPORT OF DIRECTORS. The annual report of the directors of the Permanent Investment and Loan Association of Southland for the year ended September 30 is as follows:— During the year, £28,466 14/4 has been advanced, making net total advanced £154,704 1/2. The profit and loss account shows a credit of £5,113 17/1, which it is proposed to apportion as follows:— Dividend 6| per cent, on £ s. d. Capital “A” Shares 2722 10 6 To credit holders of “B” and “C” shares, 6| per cent. “ 827 2 0 £3549 12 6 To transfer to Security Depreciation Reserve 63410 9 Balance to carry forward 929 13 10 £5113 17 1 The general reserve account now stands at £15,500, in addition to which we will then have a security depreciation reserve account of £lOOO. During the current year the National Expenditure Adjustment Act came into operation, and this has had the effect of considerably reducing the amount of interest received. The effect of this recent legislation accounts for the lesser profit shown this year in comparison with former years. In our present balance-sheet only six months at the reduced rate of interest operated, but next year the full twelve months will apply and continue till March 31, 1935, on all advances current as at March 31, 1932. Notwithstanding this, in every case the directors are honouring current obligations to depositors. The special depreciation reserve has been reduced to £365 9/3 by writing off £723 9/10, and it is proposed to reinstate this up to £lOOO by transfer of £634 10/9 from profit and loss account. Although provision has been made for known losses, the present depreciated values of properties make it necessary to retain this reserve. As pointed out in our previous report, shareholders can materially assist the prosperity of our association by placing money on deposit, as a regular flow of sums on deposit increases the turnover and assists in producing a satisfactory balance sheet. The directors have continued a conservative policy during the last year which will no doubt meet with the approval of shareholders. Reference to the balance-sheet discloses the fact that at September 30 last our association had liquid funds amounting to £9076 18/11. It will be shareholders’ duty to elect two directors in place of Messrs J. S. Baxter and R. A. Anderson, who retire in accordance with the rules and again offer themselves for re-election. MOUNT DAVID SLUICING CO. The secretary of the Mount David Sluicing Co., Ltd. (Mr F. R. Thompson) reports having received a wire from the manager advising a return of 43 ounces of gold as a result of intermittent sluicing with one nozzle only. LONDON PRODUCE MARKETS. The local branch of the Bank of New Zealand advises having received the following advice from their London Office under date September s:— Tallow: There is a fair demand. Current quotations: Good beef 25/6 per cwt. good mutton 23/9 to 24/-; good mixed 23/9; gut 18/- to 20/6. We are in receipt of the following advice from our London Office as at close of business last week:—

Butter: Slow. 106/- to 108/- per cwt.; Finest 114/- per cwt. Cheese: Steady. White 65/- to 66/per cwt.; Coloured 59/- to 61/- per cwt.

Frozen Meat: Trade in wether mutton is slow. Low prices of other meat are checking the demand for New Zealand. Thq demand for ewes is moderate; prices are a shade lower. Trade in lambs is slow. The market is affected by heavy supplies from other sources. Larger supplies of beef have caused prices to weaken. Wethers, light 3jd to 33d per lb; heavy 2Jd to 3d; ewes 2d to 2|d; lambs, 2’s, 4|d to

sd; B’s, 4Jd to 4fid; 4’s, 4d to 4Jd; ox hinds 3d to 3Jd; fores 1 fid to Ijd; cow hinds 2d to fores IJd to IJd; lambs seconds 4d to 4Jd. SYDNEY STOCK EXCHANGE. MARKET LESS ACTIVE. (Rec. 9.15 p.m.) Sydney, October 12. On the Stock Exchange to-day the market was less active, but prices gen-

DAHIY PRODUCE. Mr G. Blaxall reports having received the folowing advice from Messrs Lovell and Christmas Ltd. London dated October 11, 1932. Butter. First 104/-; finest 112/-; exceptionally 114/-. Market quiet but firm. Cheese. White 65/-; coloured 60/-. Market easier. Messrs Henderson and Co. Ltd. report having received the following cable dated 12th inst. from their London principals, Messrs Trengrouse and Nathan Ltd. Butter—finest 112/-; first 104/-. Cheese—white 65/-; coloured 60/-. Both markets very quiet. LONDON WOOL SALES. BRISK SALE FOR MERINOS. London, October 11. At the wool sales 9,034 bales were offered including 2,335 from New Zealand and about 7,145 were sold. The offerings included a good selection of greasy Merinos which had a brisk sale at full late rates. The tendency was in sellers’ favour. New Zealand half-bred lamb slipe “Kaiapoi” top price 12Jd, average lOjJd. Halfbred “Bladbrook” lljd and Hid, SYDNEY WOOL SALES. MARKET REMAINS FIRM. (Rec. 9.15 p.m.) Sydney, October 12. At the wool sales 11,614 bales were offered and 10,406 sold, also 857 which were disposed of privately. Good competition prevailed and the market maintained its firmness, but there was some irregularity in regard to ordinary and inferior fleece wools. Greasy Merino made to 18Jd. THE METAL MARKET. (Rec. 8.35 p.m.) London, October 11. Quotations compared with those for

erally were firm. Sales: — £ s d Bank of New South Wales 31 12 6 Commercial Bank of Sydney 17 7 6 Colonial Sugar 54 12 6 Adelaide Steam 1 1 3 Fairymead Sugar 1 6 6 Millaquin Sugar 1 8 6 Tooth’s Brewery 1 16 9 Toohey’s Brewery 1 3 0 Carlton Brewery 1 15 7$ British Tobacco 1 16 6 Goldsbrough Mort. 1 7 0 Winchcombe Carson 1 4 10J Henry Jones 1 15 0 Australian Glass 2 5 0 Berlei 1 6 3 Taranaki Oil 2 8 Broken Hill Pty. 1 3 10J Zinc Corporation 1 10 0 Commonwealth Bonds 4 per < :ents — 1938 101 18 9 1941 101 17 6 1944 102 7 6 1950 101 0 0 1955 101 17 6 1957 102 0 0 1959 102 13 9

October 10 are:Oct. 10. Oct. 11. £ s. d. £ s. d. Copper, standard— Spot 31 15 7J 31 15 7J Forward 31 18 9 31 18 9 Copper, electrolyticSpot 3G 0 0 36 0 0 Forward 37 0 0 37 0 0 American 6.25 cents. — Wire bars 37 0 0 37 0 0 Lead— Spot 11 17 6 11 16 3 Forward 12 2 6 12 2 6 Spelter— Spot 14 10 0 14 12 6 Forward 14 16 3 15 0 0 Tin— Spot 148 2 6 149 8 9 Forward 149 8 9 150 12 6 Silver (pence)— Standard 17? 17 11-16 Fine 19| 19 1-16