COMMERCIAL

Southland Times, Issue 21850, 29 October 1932, Page 3

COMMERCIAL

INVERCARGILL STOCK EXCHANGE. YESTERDAY’S BUSINESS. At a meeting of the Invercargill Stock Exchange yesterday the following prices were quoted:— Banks. National of Australasia—(cont.): s £5 16/-. New South Wales: b £2B 10/-. New Zealand: b 45/6, s 46/6. New Zealand Long “D” Issue: b 28/-. Breweries. Dunedin Brewery Co.: b 21/3. New Zealand Breweries—(Shares): s 28/6. (Stock): b 20/3. Tooth’s Brewery: b 31/6, s 33/-. Coal. Westport Coal: b 12/6. Kaitangata: b 6d dis. Insurance. National: b 14/6. New Zealand: b 43/3. Standard: b 48/6, s 50/-. Loan and Agency. Goldsbrough, Mort and Co.: b 23/-, s 23/9. National Mortgage: s 40/-. Wright, Stephenson and Co.—(ord.): b 11/-. Meat Companies. N.Z. Refrigerating—(lo/- paid): s 3/-. Southland Frozen Meat—(£l ord.): b 19/-. (£1 pref.): b 38/-. Mining. Electrolytic Zinc—(ord.): b 16/6, s 17/-. (pref.), (ex div.), s 27/-. Gillespie’s Beach: b 21d prem., s 3jd prem. Golden Sands: b 1/5, s 1/10. Waitahu: b Id dis. Kildare: b 1/8, s 2/-. King Solomon: -s 2/11. Mount Lyell: b 21/-; s 21/6. Mahakipawa: b 3£d. Okarito: b 8/3, s 8/4. Paddy’s Point: b 5/1, s 5/6. Waihi Gold Mining: b 17/4. Waihi Grand Junction: b 3/-. Mount David: s 5/-. Golden Point: <b 51d. Shipping. < Huddart-Parker (pref.): b 18/-. Union Steam Ship Co. (pref.): b 20/-.

Woollen Mills. Kaiapoi—(pref.): b 6/-. Miscellaneous. Australian Glass (cum div.): b 40/British Tobacco (Aust.): b 32/-. Colonial Sugar Co.: s £5O 5/-. D.l.C.—(pref.): s 20/-. Dominion Investments: b 23/-. Donaghy’s Rope and Twine: b 30/-. Milbum Lime and Cement: b 26/6. New Zealand Drug: b 59/6, s 61/-. New Zealand Paper Mills: b 21/6, s 22/6. Southland Guarantee Co., Ltd.: b 5/3. Wilson’s (N.Z.) Portland Cement: s 32/-.' Woolworths (pref.): b 26/-. Debentures. Government 41 per cent. Inscribed, 1938: b £9'6 5/-. Government 4j per cent. Bonds, 1938: b £96 5/-. Government 41 per cent., Inscribed, 1939: b £95. Government 41 per cent. Bonds, 1939: b £95. Government Bonds, 41 per cent., 1941: b £95. Government 51 per cent., Inscribed, 1936: b £lOO. Government Bonds, 5J per cent., 1936: b £lOO. Government 51 per cent., Inscribed, (Feb.), 1937: b £lOO. Government 51 per cent. Bonds (Feb) 1937: b £lOO. 51 per cent. Inscribed (Sept.) 1937: b £lOO. Government 5} per cent. Bonds (Sept.), 1937: b £lOO. THE WEEK’S TRANSACTIONS. Although a general holiday was observed last Monday the amount of business transacted on the stock exchanges of the Dominion since Tuesday has been fairly satisfactory. Keener interest developed in Government securities and although the turnover was not so large as last week, prices for all lines dealt in advanced to higher levels. The 5J per cents due in 1937 were responsible for the bulk of the business in the Government section and sales were reported at £lOO 2/6 to £lOO 5/- for both the bonds and the stock. Only an odd sale or two of the 1938 tax free issue bearing interest at 4) was put through. The price, £97, is quite 10/- above that of last week. A parcel of 1939 bonds 4J tax free “ex” interest was placed at £94 12/6. Bonds due in 1936 interest 5| sold at £lOO 2/6 and the 5J per cents due to be repaid in January 1933 brought £99 10/-. Business in banking shares was not up to the average of the past few weeks, there was some slight variation in the quotations but generally speaking the market is steady. Limited business only was done in Bank of New Zealands at 45/6 to 46/3. Closing quotations yesterday showed buyers at 45/6, sellers 46/-. A sale of this bank’s “D” long term mortgage shares changed hands at 29/3. Commercial banks have shown little or no activity; late in the week a sale was reported at 14/9 which is practically on a par with the sales reported last week. Quotation yesterday was buyer 14/7. National Banks show a firmer market with sales at 81/- and 81/3. The quotation for E.S. and A. Banks shows little alteration compared with last week; buyers 93/-; sellers 94/6; no sales were reported; a final dividend for year ended June 30, 1932, is payable by this bank in November. Bank of New South Wales shares were transferred at £29 and later £2B 17/6. Unions are back to the figure they sold at a fortnight ago, having lost the gain they made last week; sales at £7 18/3 and £7 18/6. No business was reported in Nationals of Australasia; sellers for which asked £5 17/-. An interim dividend at the rate of five per cent per annum has been declared by the National Bank of Australasia in respect of the six months ended September 30. The dividend is payable on November 30. For the year ended March 31 last the bank paid a dividend of six per cent. For the year 1930-31 the dividend was 81 per cent. From 1922 to 1930 the dividend rate was 10 per cent. The Insurance group was fairly quiet. New Zealands have hardened to business at 43/6 and 43/9. Buyers yesterday were firm at 43/-. National Insurances remain unchanged with sales at 14/6. The directors of the National Insurance Company recommend that a final dividend for the year ended September 30 of five pence per share be paid, this with the interim dividend of four pence per share paid last May makes 9d per share for the year—same rate as was paid last year. No business was reported in South British Insurances which will be quoted ex dividend from to-day. A parcel of Standard Insurances was reported sold at 50/-; buyers later offered 48/6 but there was no quotation from sellers. Business in meat companies’ shares has been confined to a sale of New Zealand Refrigerating (contributing) issue at 2/11 and 2/6 and a parcel of Southland Frozen Meats at 40/6. In the loan and agency section business was dull with one sale of Dalgety’s at £8 12/- and a parcel of Goldsbrough Morts at 24/3 and another at the lower price of 23/6.

Business in mining companies’ shares was not particularly brisk although there was some activity in some of the lower priced' shares, notably Cornish Points and Golden Points. Several parcels of Cornish Points were sold at 2)d and 3d finning later to 31d and 4d. Golden Points had quite a few sales at 6d. Waihis have improved still further, sales at 17/6 to 17/8 Mahakipawas show no alteration from the price they sold at last week viz 4d. Okaritos were done at 8/4 and the market yesterday was buyer 8/2, seller 8/5. A parcel of Kildares brought 1/9J. King Solomons were neglected for the greater part of the week but there was more inquiry during the last day or two, several sales being reported at 1/11. Mount Lyells were not greatly sought after, one sale being reported at 21/B—a slight rise compared with last week’s sales. A dividend announcement can be expected from the Mount Lyell Company shortly, for the year ended September 30. Last year the dividend was at the rate of 21 per cent or 6d per share. ‘in the miscellaneous section a sale of British tobaccos was reported at the increased price of 32/6, further buyers offering 32/-. Australian Glass were done at 40/6 and 40/9 compared with 39/- and 39/6 last week. There were three or four sales reported in Colonial Sugars at £49 15/-; this is slightly below the price they brought last week when this company’s shares touched £5O 5/-, the highest level reached since November 1929; the lowest point was in February 1931 when sales were made at £29 7/6. Wilsons Cements are steady at 31/- and 31/6. An announcement regarding the interim dividend for the half year ended September 30 should be made shortly. A parcel of Westport Coals brought 12/9. N.Z. Drugs were inquired after at 59/6 but, there were no sellers below 61/-. N.Z Paper Mills had buyers at 21/6; no sellers. The directors of N.Z. Paper Mills Ltd. have authorized the payment of an interim dividend for half-year ended September 30 of 3 per cent, same rate as last year. THE SHAREMARKET. YESTERDAY’S TRANSACTIONS. (Per United Press Association.) Auckland, October 28. Sales on ’Change: Bonds 1937 5| per cent September £lOO 5/-; Stock 1939 41 per cent £95; stock 1937 51 February £100; Stock 1937 5J September £lOO 5/-; Bank of Australasia £9 17/6; National Bank of New Zealand £4: Bank of New Zealand 45/9; New Zealand Insurance Co. 43/6; Auckland Gas 21/3; Devonport Ferry 18/3; Taranaki Oil Fields 2/3 (2); Wilson’s Cement 31/3; Golden Dawn 4/10; Waihi 17/10 ( ” ’'' Wellington, October 28. Sales on ’Change: Bank of Australia £9 17/6, £9 19/-; Bank of New Zealand (3) £2 5/9, £2 5/8; Union Bank of Australia £7 15/6; New Zealand Refrigerating 10/- paid, 26; Wilson’s Cement £1 11/6, £1 11/3 (2), £1 I] -/4. , ~ , „ o Christchurch, October 28. Sales on ’Change: National Bank of Australasia (£5 paid cum div) £5 12/6- National Bank of New Zealand £4 0/6; Bank of New Zealand 45/6 (4); New Zealand Refrigerating Co (10/- paid) 2/5 (5); Mt. Lyell 20/5; Alexander (contr.) 16/8 (2), 17/-, 17/3; Cornish Point 4d (2); Golden Dawn 5/- (2); Golden Point sld (2), sld (4); Okarito 8/3, 8/3|d; Electrolytic Zinc (pref, ex div.) 25/-, 24/9. Sales reported: Bank of New Zealand 45/9 (2); New Zealand Breweries 27/3; New Zealand Farmers’ Co-op 41 per cent stock 1945 £49. Dunedin, October 28. Sales reported: Goldsbrough Mort 23/7; Cornish Point 4jd; King Solomon 1/10; Golden Dawn 4/11, 5/-; Mt. Lyell (after last call) 20/3.

DUNEDIN MARKETS. Dunedin, October 28. The wheat market continues. quiet, chiefly on account o£ there being no offerings from the country to submit to millers. Up to the present nothing definite can be stated as to. prices for the coming harvests, but with a l ar S° area under crop the equalization fund will be much greater and this is certain to lower values compared with those ruling last season. Present prices provide for only Id for the equalization fund, these prices being on the basis of 4/10J f.0.b., sacks extra, for Tuscan. Reports now coming in from all the growing areas now promise a bountiful harvest. With the area sown this will mean there will be a surplus of milling wheat in New Zealand and it will be difficult to dispose of any oversupply. The fowl wheat market remains quiet wi-h little business passing locally. Only small lots are inquired for and as most of the stocks -held are undergrade wheat sales are difficult to effect. The value of best fowl wheat is from 4/10 to 4/9, but under grade wheat is offering at about 4/- per bushel, sacks extra, ex store. . The market for oats continues quiet with practically no business passing. Occasionally an order is coming in from the North Island. There is an entire absence of orders for A Gartons, the bulk of requirements for North Island being fixed up with B Gartons and undergrade oats. The general quotation at present is on the basis of 3/5 for A grade and 3/1 for B, with undergrades offering at 2/9 to 2/10 according to sample. The local trade in chaff is still confined to small lots ex-store. Very few consignments are coming in. Stored stocks are ample for all requirements. Values remain unaltered being on the basis of £4 10/-, sacks extra, ex truck, for the best quality. Undergrade chaff is difficult to sell and is offering at £4 per ton, sacks extra, ex store. Small supplies of potatoes are available to keep the market firm. The distributing trade is fairly quiet, but requirements have to be drawn from Southland districts as local supplies are just about exhausted. The value of freshly picked lines of good quality is £6 10/- per ton, sacks included, ex store. Business in all lines of seeds continues quiet. The retail demand is not as good as in previous years with the result that there is not the same amount of business passing. In the wholesale market prices remain unaltered with some lines in short supply such as good ryegrass and cowgrass. Fruit Report. There is a real scarcity of apples. Any supplies coming forward are realizing improved values and are readily

taken up. Central apples are finished for the season and the only supplies now offering are from the Canterbury cool stores. The first of the Canadian apples will arrive ex the Niagara, due in Auckland on Sunday. Any choice lines of apples which now come forward are likely to realize high prices. This is in marked contrast with the market at this time last year when large quantities of cool store apples were arriving from Canterbury and selling at very low rates. Cooking apples have only a fair demand, probably on account of the low price of rhubarb. A few dessert pears are still coming from Christchurch and sound lines realize good prices. All lines of Australian Navel oranges are now cleared up and the market will be bare of supplies until the next shipment per the Wainui, arriving on Tuesday week. A large proportion of the previous shipment arrived in poor condition and had to be sold at low rates. The season for Naval oranges is almost through and only small lines are expected by the next steamer. The Waikouaiti from Sydney will arrive towards the end of next week with supplies of Valencias, pines, passions, cucumbers and probably a few mandarins. The Maui Pomare is expected at Lyttelton on Sunday and the Dunedin portion of the consignment of bananas will come to hand on Tuesday afternoon. There is a keen demand and the price fixed shows a sharp advance on that obtained for the previous consignment. There will be two further consignments of Samoan bananas before Christmas, agents having speeded up the boat to enable a shipment to arrive here about December 19. Island tomatoes are out of wholesale hands, but a further supply will arrive some time next week. Californian grapes have a keen demand and supplies are again out of wholesale hands. A further line should arrive some time next week. The lemon market is heavily supplied with New Zealand grown.

CANTERBURY MARKETS. Christchurch, October 28. With the potato market nearing the end of the season there is little of interest occurring in the local grain and produce trade. Auckland inquiries are now of very small dimensions, the local crop having reached a point practically sufficient to supply the demand. However, there is still a steady demand from southern outposts. Prices have firmed locally during the last few' days. Whites are quoted at £6 5/per ton f.0.b.5.i.; Dakotas at £7 10/and Sutton’s Supreme at £7 to £7 5/-. Fowl wheat is firm at 5/- f.o.b.s.i.

KING SOLOMON WASH-UP. The mine manager of King Solomon Deep Lead Ltd., reports a wash-up for five days’ work of 71oz lOdwt. CHRISTCHURCH CITY LOAN. Christchurch, October 28. Negotiations for raising a loan of £70,000 in London to redeem debentures maturing there on October 31 have been virtually finalized, it was officially learned to-day. . The Mayor says the loan is being obtained at a satisfactory rate of . interest which should result in savings to the ratepayers.

WYNDHAM STOCK SALE. (From Our Correspondent.) The Wyndham stock sale was held on Thursday. Sheep—Small yarding came forward. The demand for fat sheep was fair with the result that prices were slightly in advance of those ruling at last sale. Prices for store sheep were easier. We sold: 47 ewes and lambs 4/4; 42 ewe hoggets 11/1; 3 fat wethers 15/6; 14 do. 14/9; 6 maiden ewes 14/6; 4 ewes 11/6; 13 do. 10/3; 17 do. 9/9. Cattle.—One of the best yardings of fat cattle that have been yarded for some time. Primes were equal to outside markets. Fair yarding of good dairy sorts, which met with keen competition. Special attention centred round F. and W. Muir’s annual draft of 14 dairy heifers, which brought extra keen competition, and realized the satisfactory average of £lO 5/6. We sold: One fat cow at £6 12/6; 1 do. £5 17/6; 2 do. £5 15/-; 1 do. £5 2/6; 2 do. £4 15/-; 1 do. £4 12/6; 1 do. £4 7/6; 1 do. £4 2/6; 2 do. £4; 1 do. £3 17/6; 3 do. £3 15/-; 1 do. £3 15/-; 3 do. £3 10/-; 2 do. £3; 1 do. £2 15/-; 1 fat bullock £6 15/-; 1 do. £6; 1 do. £5; 1 dairy cow £8 10/-; 1 do. £7 15/-; 1 do. £7 10/-; 2 do. £5; 3 springing heifers £4 12/6; 2 do. £3 10/-; Messrs F. and W. Muir’s dairy heifers: £l3 5/-, £l2 5/-, £ll 7/6; £ll 5/-; 3 at £11; £lO 5/-; £10; £9 10/-; £9 5/-; £8 5/-; £8; £7 10/-. Messrs Henderson and Co., Ltd., report:—Small yarding of sheep and fair yarding of cattle came forward for today’s sale. The sheep yarding consisted mostly of good ewe hoggets with one or two pens of ewes and lambs. This section was fairly well competed for and sold equal to late sales. The fat sheep sold well at prices slightly in advance of recent sales at other centres. The fat cattle yarded were of good quality and met with fair competition at prices slightly about last sale here. A good number of good quality dairy • cattle came forward. These were keenly competed for with the result that prices rose considerably on last sale’s rates. There were no store bullocks yarded. We sold:— Sheep.—lo fat ewes and wethers at 10/-. Cattle: Dairy heifers at £7 5/-, £7 2/6, £6 15/-, £3 7/6, £2 12/6; dairy cows at £5, £2; fat cows at £4 10/-, £4 7/6, £4, £3; store cows £1 17/6, £1 12/-.

SYDNEY STOCK EXCHANGE. (Rec. 9.45 p.m.) Sydney, October 28. The Stock Exchange has a much better tone owing to the announcement that the coming loan will not exceed £8,000,000 and the fact that the probable effective rate of interest will be under four per cent. The improvement extended to the rest of the mar-

PRICE OF GOLD. London, October 26. Gold la quoted at £6 4/3 per oz.

GOVERNMENT SECURITIES. London, October 27. The following are the latest quotations of Government securities, compared with the prices ruling on Octo-

LONDON MARKETS. London, October 27. Sugar: November, 5/BJ. Butter: Slow. Danish 116/-, 118/-. New Zealand choicest salted very scarce 106/1; first grade 97/-; Australian choicest 96/-, 97/-. Unsalted —New Zealand 106/-, 110/-; Australian 97/-, Cheese: Firm. New Zealand white 66/-, coloured 60/-. At Bradford there is a fair amount of business and top-makers are adopting a firmer attitude. Seventies, 24d; sixty-fours, 22Jd; sixties, 21Ad; fiftysixes, 18d; fifties (missing); forty-sixes, lOd; forties, 9d. At the sheepskin sales 7,013 bales were offered, including 1,109 from New Zealand and aboift 90 per cent, were sold. There was a large attendance and good Home and Continental competition resulted. Compared with September 8 Australian merinos were unchanged, crossbreds, fine, were five per cent, dearer, medium and low unchanged; New Zealand halfbreds par to five per cent, cheaper. Crossbreds generally were unchanged. Hoggets were slightly dearer. Messrs Dalgety and Company Limited report having received the following market cable from Messrs Samuel Page & Son., London, under date of the 27th October: Butter: Market weak. We quote Danish 116/- to 118/-; New Zealand finest salted 96/- to 104/-; Australian finest unsalted 98/- to 104/-; Australian finest salted 94/- to 96/-; Australian G.A.Q. 90/- to 92/-. Cheese: Market firm. We quote New. Zealand white 65/- to 66/-; coloured 59/- to 60/-. Canadian white 66/- to 69/-; coloured 66/- to 68/-. C.I.F.

CHICAGO WHEAT QUOTATIONS. (Rec. 5.5 p.m.) Vancouver, October 26. Chicago wheat: December 44 to 44?; May 50 3-8; July SH; New York Cash 53 3-8 cents per bushel. 59/- to 60/-. Steady. HERALD WEEKLY TIMES LTD. (Rec. 8.20 p.m.) Sydney, October 27. The Herald Weekly Times Ltd., Melbourne, is paying a final dividend for the year of five per cent on ordinary shares, making with the interim distribution ten per cent, for the twelve months. The half-yearly dividend on preference shares is payable on November 17. NORTH BROKEN HILL LIMITED. (Rec. 8.20 p.m.) Sydney, October 27. The net profit for the year for the North Broken Hill Limited is £175,752 which is £90,823 greater than in 1931. The dividends which were paid in three instalments represented five shillings per share.

ket. s d £ Bank of New South Wales 32 13 0 Commercial Bank of Sydney 17 2 6 Huddart Parker 1 12 0 Howard Smith 10 3 Fairymead Sugar 1 6 6 Dunlop Perdriau 17 9 British Tobacco 1 16 0 Winchcombe Carson 1 4 0 Tooth’s 1 16 0 Ditto New Zealand delivery . 1 16 0 Bonds (four per cents) — 1938 101 17 6 1941 102 5 0 1947 100 17 6 1950 101 7 6 1953 104 15 0 1955 101 17 6 1957 102 5 0 1959 100 15 0 1961 101 5 0 MELBOURNE EXCHANGE. Melbourne, October 28. £ s d National Bank (£5) 6 10 0 Metropolitan Gas 11 9 0 British Tobacco pref. 1 6 6 Electrolytic Zinc pref. 1 8 0 Herald Times 2 15 9 Myers 1 6 9

ber 20: — , . , Last week This week & s d £ s d Consols 76 15 0 76 0 0 Funding Loan, 4j p.c., 1930-60 War Loans, 5 p.c., 1920-47 109 2 6 108 5 0 103 7 6 102 7 6 Assented s War Loan 102 5 0 99 7 6 Conversion Loan 3J p.c., (ex div.) 100 10 0 99 17 6 Victory Bonds, 4 p.c., (ex div.) Commonwealth, 5 p.c., 1945-47 108 12 6 108 5 0 106 2 6 105 7 6 Commonwealth, 6 p.c., 1931-41 101 5 0 101 0 0 Commonwealth, 3J p.c., 1936-37 100 10 0 99 17 6 Victoria, 3 p.c., 1929-40 90 2 6 89 10 0 Victoria, 31 p.c., 1929-40 95 7 6 94 10 0 Victoria, 5J p.c., 1930-40 102 15 0 102 16 3 Victoria, 5 p.c., 1932-42 102 0 0 101 5 0 Victoria, 4J p.c., 1940-60 100 12 6 100 7 6 New South Wales, .4 p.c., 1933 100 0 0 99 12 6 New South Wales, 3 p.c., 1935 New South Wales, 3j p.c., 1930-40 99 2 6 98 12 6 95 7 6 94 12 6 New South Wales, p.c., 1930-40 100 7 6 100 5 0 New South Wales, 61 p.c., 1930-40 101 15 0 101 5 0 New South Wales, 6 p.c., 1930-40 102 0 0 101 15 0 Queensland, 5 p.c., Stock redeemable 1940-60 101 12 6 101 13 9 Queensland, 3 p.c., 1922-47 ’ 91 5 0 89 5 0 Queensland, 6 p.c., 1930-40 ’103 17 6 103 7 6 New Zealand, 41 p.c., 1945-58 106 2 6 106 2 6 New Zealand, 31 p.c., 1940 New Zealand, 3 p.c., 1945 99 12 6 99 10 0 92 15 0 93 0 0 New Zealand, 6 p.c., 1936-51 South Australia, I p.c., 1939 South Australia, ' n.c.. 1916 or after 106 10 0 106 10 0 99 10 0 98 0 0 3 ■ 77 12 6 78 10 0 South Australia, 6| p.c., 1930-40 102 0 0 101 17 6 Tasmania, 31 p.c., 1930-40 99 0 0 99 5 0 Tasmania, 3 p.c., 1910-40 89 0 0 89 0 0 Tasmania, 6J p.c., 1930-40 102 0 0 102 7 6 Western Australia, 31 p.c., 1926-36 100 5 0 99 10 0 Western Australia, 3 p.c., 1915-35 Western Australia, 6 p.c., 1930-40 98 17 6 98 10 0 102 0 0 101 17 6