COMMERCIAL

Southland Times, Issue 21854, 3 November 1932, Page 2

COMMERCIAL

STOCK EXCHANGE. YESTERDAY’S QUOTATIONS. At yesterday’s call-over on the Invercargill Stock Exchange the following prices were quoted:— • Banks. Commercial: b 14/6; s 14/9. E.S. and A. Bank: s 94/6. National of New Zealand: b 79/-; s 81/-. New South Wales: b £2B 10/— New Zealand: b 44/9; s 45/3. Union of Australia: s £7 16/-. Breweries. Dunedin Brewery Co.: b 21/3. New Zealand Breweries (shares): b 26/-: s 27/-. Coak Westport Coal, b 12/7. Kaitangata: b par. Insurance. National: s 14/8. New Zealand: b 43/3. Standard: b 48/-. \ Loan and Agency. Goldsbropgh, Mort and Co.: s 24/-. National Mortgage: b 36/-. Wright, Stephenson and Co. (ord.): b 11/-; (pref): b 12/6. Meat Companies. N.Z. Refrigerating (10/- paid): b 2/5; s 2/8. Mining. Electrolytic Zinc (ord.): b 15/-; s 16/3. Gillespie’s Beach: b 2d prem. Golden Sands: s 1/10. Kildare: b 1/8; s 1/10. King Solomon: s 2/-. Mount Lyell: b 20/-; s 20/4. Okarito: b 8/-; s 8/4. Paddy’s Point: b 5/1; s 5/4. Waihi Gold Mining: s 18/6. Waihi Grand Junction: b 3/2; s 3/6. Shipping. Huddart-Parker (pref.): b 18/-. Woollen Mills. Kaiapoi, CD.: b £6 16/-. Mosgiel, C.D.: b £6 16/-. Miscellaneous. Australian Glass: b 40/6. Colonial Sugar Co.: s £5O. D.I.C. (pref.), ex div.: s 19/6. Dominion Rubber Co.: b 7/>. Donaghy’s Rope and Twine: b 30/-. New Zealand Drug: s 61/6. New Zealand Paper Mills: b 21/9; s 22/9. Otago Daily Times: b 38/-. Wilson’s (N.Z) Portland Cement: b 30/6; s 31/6. Woolworth’s (pref.): b 26/-. Debentures. Government 44 per cent. Inscribed, 1938: b £97. Government 41 per cent. Bonds, 1938: b £97 ‘ r J Government 41 per cent., Inscribed, 1939: b £95. Government 44 per cent. Bonds, 1941: b £95. Government 54 per cent., Inscribed, 1936: b £99 15/-. Government Bonds, 51 per cent, 1936: b £99 15/Government 54 per cent. Bonds (Feb,), 1937: b £lOO. Government 54 per cent. Bonds (Sept.) (1937): b £lOO. Sale Reported. A sale was reported of King Solomons at 1/104.

NORTHERN EXCHANGES. (United Press Assn.—Telegraph Copyright.) Auckland, November 2. Sales on ’Change: Bonds (1936) 54 per cent. £lOO 5/-; Stock (1939) 4J per cent. £95 5/-; ditto (1927) per cent. £96 10/-; ditto (1936) 54 per cent. £lOO 5/-; Bank of New Zealand 45/6; N.Z. Inscribed 43/9; National Insurance 14/6; Auckland Gas 21/6; Colonial Sugar £49 5/-; Dominion Pictures 11/6; Golden Dawn 5/-; Okarito (2) 8/1; Waihi (2) 17/11. Wellington, November 2. Sale on ’Change: Wilson’s Cement £1 12/6. Sales reported: Inscribed Stock 54 per cent. (1936) £100; do. 54 per’ cent. (September, 1937) £lOO 5/-; Colonial Sugar £5O; Waihi ex div. 17/10, late Tuesday, Christchurch, November 2. Sales on ’Change: 54 per cent. Inscribed (Feb., 1937) £lOO 5/-; National Bank of Australasia £5 paid (cum. div.) £5 11/-; National Bank of New Zealand £3 18/9; Bank of New Zealand 45/6; Union Bank of Australia £7 13/6; New Zealand Refrigerating (10/- paid) 2/9, 2/10, 2/11; Mt. Lyell 20/3, 20/2, (5); Golden Dawn 5/- (1); Golden Point 51d; Okarito 8/- (2); Waihi (ex div.) 17/11 (2). Sales reported: National Insurance (cum. div.) 14/6. Dunedin, November 2. Sales: New Zealand Refrigerating cont. 2/9; Okarito (3) 8/1; Alexander 17/9. Sales reported: National Bank of Australasia cont. £5 11/6; Mt. Lyell 20/3; Alexander 18/-.

ADDINGTON STOCK SALE. A DOUBLE MARKET. FAT LAMBS DECLINE. Christchurch, November 2. The Addington market this week was a "double” one prior to Carnival Week and the New Zealand Racing and Trotting Cup meetings. Entries in all the major sections were very large and consignments were forward from all parts of the South Island and some from the North Island. A feature was the sharp decline in fat lamb values to a level of 3Jd to 4d per pound.

Store sheep: A small entry of mixed quality. Ewe hoggets were in keen demand and sold at an advance of 1/- to 1/6 on late rates. Other classes were unchanged. Values were:—Good ewe hoggets 15/9 to 16/4; medium ewe to 13/-; shorn wether (small) to 8/6; twotooth shorn ewes (dry) to 12/-; shorn wethers 7/9 to 10/2; ewes and lambs 4/10 to 6/8. Fat lambs.—An entry of 2000 head and the sharp decline in values averaged 2/- to 3/- a head. The average price per pound was 3jd to 4d. Top price for show lambs was 19/10 and for extra prime lambs 15/10. Fat sheep.—An entry of 7000. A steady sale. Prices for ewes were unchanged and for wethers advanced 1/6 on late rates. Southland, Otago and South Canterbury fatteners were heavily represented. Values were.—Extra prime heavy wethers' to 15/10; prime heavy 13/6 to 15/-; medium weight prime 11/6 to 13/-; ordinary 10/- to 11/-; light 8/6 to 9/6; extra prime heavy ewes to 15/-; prime heavy 11/to 12/6; medium weight prime 9/- to 10/6; light and ordinary 7/6 to 8/9; extra prime heavy woolly wethers to 18/10; medium 15/- to 17/-; light l?/6 to 14/6; extra prime heavy woolly ewes to 15/1; medium 12/6 to 14/-; light 10/- to 12/-. Fat cattle.—An entry of 588 head, with Southland, Otago, West Coast, South Canterbury and North Island represented by large consignments. Heavy cattle were easier by up to £1 a head. Other weights, except best heifers which were unchanged, were back to £lO 15/- a head. A North Island consignment of cows and heifers averaged £6 8/6 a head. Best beef made to 24/- per lOOlbs. Good prime 20/- to 22/6, heavy 16/6 to 19/-, secondary 14/— to 17/-, inferior to 13/-. Values were: Extra prime heavy steers to £ll 12/6; prime heavy £7 10/- to £9 10/-; prime medium weight £6 5/to £8; ordinary quality £4 5/- to £6; light £2 15/- To £4; extra prime heifers to £7 18/6; prime £5 10/- to £7 5/-; medium £4 to £5 10/-; light £2 10/- to £3 10/-; extra prime cows to £8 2/6; prime £4 10/- to £6 10/-; medium £3 5/- to £4 5/-; light £2 to £3. Fat pigs.—A medium entry of baconers. The demand was a little weaker. Pork was in good supply, though the offering was mixed and values were unchanged. Values were: Choppers 25/— to £4 13/6; baconers 38/6 to 47/6; heavy 50/- to 59/6; extra to £3 9/6; average price lb 3.jd to 4|d; porkers 25/6 to 31/6; heavy 32/6 to 37/6; average price lb 41d to 54d.

BURNSIDE STOCK SALE. GENERAL DECLINE IN VALUES. Dunedin, November 2. There was a general decline in values at the Burnside stock sales to-day. In the fat cattle section bullocks sold at a reduction of 15/- per head. This was mainly due to the large yarding. Lambs, sheep and pigs were sold at reduced rates. The yarding of 241 head of fat cattle included several pens of extra prime bullocks, the balance of the entry consisting of light bullocks and. cows, and one oi - two pens of extra choice heifers. The best consignment of prime bullocks sold at £ll 2/6. Another pen brought £lO 7/6. The balance of the bullocks sold from £7 10/- to £9 per head. Cows realized from £4 to £6 10/-, heifers £4 10/- to £B.. Prime ox beef was worth about 20/-, plain 18/— and cows about 17/- per 1001 b. About 2000 sheep were forward, a good yarding including several, pens of extra heavy wethers and a fair number of extra heavy ewes. Opening sales showed a drop of about 2/6 per head all round for wethers and about 1/6 for ewes. Top price for extra heavy wethers was 14/9. Extra heavy ewes sold from 10/- to 10/9. The lamb entry was the largest of this season. The quality was extra good but owing to the large number forward prices showed a drop of fully 3/6 per head. Several pens sold at 15/- and 16/6. The bulk of the entry averaged 14/*. Prime lamb was worth about 51d per lb. There was another poor yarding of store cattle, the entry consisting of one or two pens of plain steers and a large number of old cows. Little spirit was shown throughout the sale. Steers sold from £3 10/- to £4 10/-, cows from £1 10/- to £2 10/-. In the pig section 129 stores and 98 fats were offered. Heavy bacon pigs sold at a reduction of 5/- per head and porkers at cheaper rates. Bacon pigs were worth about 4Jd and porkers about 5Jd pier lb. SYDNEY STOCK EXCHANGE. RISE IN COLONIAL SUGARS. (Rec. 9.20 p.m.) Sydney, November 2. There was a quiet tone on the Stock Exchange to-day, bonds still showing rises. Colonial Sugar shares were strongly supported in anticipation of a dividend announcement. A sale at £57 5/- represented a rise of 20/- on the basis of a preceding transaction. Sales: £ s d

COLONIAL SUGAR COMPANY. PROFITS FOR HALF-YEAR. DIVIDEND AND BONUS. (Rec. 7.10 p.m.) Sydney, November 2. The Colonial Sugar Refining Company’s profits for the half-year ended September 30 totalled £370,291, from which it is proposed to pay a dividend of 20/- and a bonus of 5/- a share. Illis will absorb £365,625. The balance of £4666 will be added to the balance at March 31 of £407,132, which makes £411,798 to the credit of the profit and loss account. The report says the refineries are working below capacity, but deliveries of refined sugar are slightly greater than a year ago, Fiji producing a record crop. The North Queensland crops are normal, but dry spells resulted in light crops in Southern Queensland and New South Wales. The acting chairman, Mr E. K. Knox, in moving the adoption of the report this afternoon apologized for the absence of the chairman, Mr E. W. Knox. The latter, however, had prepared the report, one of the main points of which was increased production in Fiji where 92,000 tons of sugar were already made. It was expected that the season would close with 137,000 tons. The suggestion was made in some quarters that sugar might be refined at the mills, but the climatic conditions and the distance of the producing centres from large markets made the idea untenable. The chairman was unable to account for an increase of 35 per cent, in the selling price of the company’s shares during

the past six months as the financial position gave no cause for anxiety at any time, while the prospect of finding an outlet for increased production was hardly describable as. better now than earlier in the year. Sales of shares represented only 1.65 per cent, of the entire capital, indicating that the shareholders were not speculators. The company’s refineries were ample to meet the needs of Australia and New Zealand, whose populations were not likely to increase very largely for some years. Fiji might be kept going under the present conditions, but production costs were much above those in other tropical countries to compete with which Fiji would need Empire preference. The report was adopted. SYDNEY WOOL SALES. YESTERDAY’S MARKET. (Rec. 9.20 p.m.) Sydney, November 2. At the wool sales to-day 12,140 bales were offered and 10,732 sold, also 1947 which were disposed of privately. The market was firm on yesterdays level for all descriptions with, however, no improvement in the recently reported easier tendency. Greasy Merino sold to 15Jd. AUSTRALIAN WHEAT AUCTIONED. Sydney, November 2. The first of the new season’s wheat was auctioned at Alexandria realized 3/5 per bushel. It weighed 67i pounds to the bushel. WHEAT CARGOES. London, November 1. Wheat—Cargoes quiet; tone unchanged and closed easier on American advices. Parcels are in good demand and are unchanged. Futures: London, December 23/2, February 22/8, April 22/7; Liverpool, December 5/1J; March .5/0j per cental. STERLING AND DOLLAR PRICES. New York, November 1. Bullish tendencies in British currencies to-day brought the £ to a close of 3.30& for cables, 2J higher than Monday’s closing prices. The Canadian dollar closed three-eighths of a cent higher at 90J.

PRICE OF GOLD. London, November 1. The price of gold is £6 5/51 per oz. LONDON PRODUCE MARKETS. The local branch of the Bank of New Zealand advises having received the following advice from London office as at close of business last week:—Butter: Quiet. First grade 96/- to 97/- per cwt. Finest grade 104/- to 106/- per cwt. Cheese: Steady. White 66/- per cwt. Coloured 60/- to 61/- per cwt. Frozen Meat: The market for wether mutton is depressed owing to absence of demand. The demand for ewes is moderate but prices are a shade lower. The market for lambs is steady and the demand for light-weights is good. The market for beef is depressed owing to heavy arrivals from all sourCe Wethers, light, 3d to 3J. per lb, heavy, 23-8 d to 27-8 d per lb; ewes, 1 5-8 d to 2J per lb; lambs, 2’s, 4£d to 5d per lb, B’s, 4Jd to 4Jd per lb, 4’s, 3 5-8 d to 4d per lb, seconds, 3jd to 4d per lb; ox hinds, 2Jd to 3d per lb; fores, l£d to l-Jd per lb; cow hinds, 2d to 2]d per lb; fores, l|d to IJd per lb. DAIRY PRODUCE QUOTATIONS. Messrs H. L. Tapley and Co. Ltd., South Island agents for the AngloContinental Produce Co., London report having received the following cabled market report: Butter first grade 96/to 97/- per cwt. Finest 103/- per cwt. Market quiet. Cheese, white 66/- per cwt., coloured 60/- per cwt. Market steady. Messrs Henderson and Co. Ltd., report having received the following cable dated 2/11/32 from their London principals Messrs Trengrouse and Nathan Ltd.: Butter—finest 103/-, first 95/- to 96/-. Cheese, white 66/-, coloured 60/-. Both markets quiet. ' Mr G. Blaxall reports having received the following information from Messrs Lovell and Christmas, Ltd. London, dated November 1, 1932: Butter. Finest 104/-, first 96/-. Cheese, coloured 60/-, white 66/-. Both markets steady.

Commonwealth Bonds (4 per cents.) — 1938 102 12 6 1941 102 16 3 1944 101 10 0 1947 101 17 6 1950 102 0 0 1953 102 5 0 1957 103 0 0 1959 101 7 6 1961 101 13 9 Bank of New South Wales 32 0 0 Commercial Bank of Sydney 17 0 0 Colonial Sugar 57 5 0 Colonial Sugar (ex. dividend) 56 0 0 Australian Gas (A) 6 18 0 Tooth’s Brewery 1 15 4J Toohey’s Brewery 1 2 0 Goldsbrough Mort. 1 7 0 Broken Hill Proprietary 1 7 4| British Tobacco 1 15 0 Dunlop Perdriau 17 10 0