COMMERCIAL

Southland Times, Issue 21930, 3 February 1933, Page 2

COMMERCIAL

FINANCE AND TRADE

LOCAL MARKETS.

Times Office, Friday Morning.

Grain and Produce.

Oats. —The outlook for the market for incoming oats is not very encouraging. There is still a fair quantity of last season’s oats in store and the shipping demand is not at all keen. Unless some unforeseen demand is found prices to farmers are likely to be on a low scale and it is expected that opening prices will probably not be over 1/3 to 1/4 per bushel on trucks country sidings. Wheat.—There is no business passing at the present time and the incoming crop, so far as milling wheat is concerned, will be dealt with under Board of Trade regulations. Chaff.—The market is well supplied and in view of the low prices which are likely to rule for the incoming season’s chaff, merchants are not keen buyers. Farmers wanting to sell will probably have to accept £2 10/- per ton on trucks country sidings for good bright quality. Ryegrass.—Threshing is commencing and occasional samples are being submitted by farmers, but so far practically no business has been done. It seems that there is going to be a plentiful supply throughout the South Island and it is not anticipated that farmers will realize over 1/6 per bushel on trucks country sidings. Potatoes. —Business at present is of a hand-to-mouth nature and there will not be a great deal done until the main crop is being dug. As with other produce the indications are that prices will be lower than has been the case during the past few years, but it is too early to predict what opening prices will be. Fruit and Vegetables. The rush of stone fruit has decreased materially and apricots are now. in short supply. Plums are coming in in larger quantities and peaches are plentiful. Hothouse tomatoes are still available and medium supplies of outdoor grown are now on the market. Early varieties of apples and pears are now.on the market. Early varieties of apples and pears are now in full supply. A shipment of Samoan and Niue bananas ex the Maui Pomare arrived this week and realized good prices. New Zealand lemons are in fair supply. Oranges are scarce and are high in price. Vegetables are plentiful and low in price. , . , Following are the prices for the week:—Bananas 20/- to 25/- case; pears 6/- to 8/- case; apples 7/- to 9/6 case; peaches, crated to 4)d lb, boxes 3/- to 5/- case; apricots, crated 3£d to 4Jd lb, boxes, dessert 4/6 to 5/6, others 3/6 to 4/6; plums, dessert 3/6 to 4/6 case other varieties lower; tomatoes, hothouse 4d to 5d lb, outdoor 2d to 3>d lb, roughs and seconds lower; cucumbers 3/- to 6/- dozen; cabbages and cauliflowers 1/- to 3/- dozen; carrots and turnips 6d to 9d dozen bunches; new potatoes 7/- to 9/- cwt.

CURRENT PRICES. Wholesale. Eggs 1/-. Bran, £5 15/-. Butter, factory, 1/-; separator, 7d. Flour, £l4 12/- to £l6 7/-. Oatmeal, £26 to £3O. Retail. Eggs 1/3. Bacon, lid. Pollard, 9/6 per 1001 b. Butter, factory 1/2; separator 9d. Bran, 7/- per 1001 b. Flour, 25’s 5/-; 50’s 9/6; 100 s 18/6. 200’s 34/6. Oatmeal, 25’s 7/6; 50’s 14/6. Onions, 10 lbs for 1/-.

Distributors, Lt"d. Distributors, Ltd., Invercargill, advise the following prices:— Bran. —150’s and 200’s £5 10/- per ton; 100’s £5 15/-. Pollard. —150’s and 200’s £7 per ton* 100’s £7 5/-. Wheat Meal.—2s’s £l5 7/- per ton. INVERCARGILL STOCK EXCHANGE. YESTERDAY’S CALL-OVER. At yesterday’s call-over on the Invercargill Stock Exchange, the following prices were quoted:— Banks. Commercial: s 15/-. National of Australasia (ord): s £ll 19/-. National of New Zealand: b £3 8/-. New South Wales: s £2B 15/-. New Zealand: b 43/6. Union of Australia: s £B. Breweries. Dunedin Brewery Co.: s 23/-. New Zealand Breweries (Stock): b 20/-. Tooth’s Brewery: s 36/-. Coal. Westport Coal: b 10/3; s 10/9. Insurance. National: b 14/-. Standard: b 47/6; s 50/-. Loan and Agency. Perpetual Trustees (Dunedin): s 54/-. , Meat Companies. N.Z. Refrigerating—(2o/- paid): s 11/6; (10/- paid): s 3/10. Southland Frozen Meat—(£l ord.): b 40/-; (£1 ord.): b 20/-; (£1 pref.): b 40/-. Mining. Electro Zinc—(ord.): b 16/9; s 18/3. (pref.): b 27/-; s 29/-. Golden Sands: s 3/-. Waitahu (3/6 paid): b 4/6; s 5/-. Kildare: b 1/10; s 2/-. King Solomon: b 2/-; s 2/3. Mount Lyell: b 20/-; s 20/9. Mahakipawa: b 2d; s 3d. Okarito: b 9/3; s 9/8. Waihi Gold Mining:, s 22/-. Waihi Grand Junction: b 3/5. Nokomai: b 5/8; s 5/10. Shipping. Huddart-Parker (pref.): b 19/-. Woollen Mills. Bruce: s 10/-. Mosgiel: b £6 17/-. Miscellaneous. British Tobacco (Aust.): s 31/6. D.l.C.—(ord.): b 9/3; (pref.): s 19/-. Donaghy’s Rope and Twine: b 30/-. Dominion Fertilizers: s 11/6. Milburn Lime and Cement: s 26/-. New Zealand Drug: b 56/-. N.Z. Guarantee Corporation: b 4/6. N.Z. Paper Mills; b 21/-; s 21/9. Wilson’s (N.Z.) Portland Cement: b 28/-. Debentures. Government 4J per cent Inscribed, 1938: s £96. Government 4J per cent Bonds, 1938: b £95 10/-. Government 4J per cent Inscribed. 1939: s £96. Government 51 per wnt Inscribed, (Feb.) 1937: s £lOl 10/-. Government 5J per cent Inscribed (Sept.), 1937: s £lOl 10/-. NORTHERN EXCHANGES. (Per United Press Association) Auckland, February 2. Sales on ’Change:—Bonds, 1939, 4| per cent £95 12/6; Bonds, 1941, 4| per cent £95 10/-; stock (1938) 41 per cent £95 10/- (2); Stock (1939) 4J- per cent £95 12/6; N.Z. Insurance 45/6 (4); South British Insurance 58/6 (3); Farm Co-op., Auc. A., pref., 14/-; N.Z. Paper Mills 21/6; Union Oil 23/-; Wilson’s Cement 28/-; Golden Dawn 4/(2); Waihi 21/2, 21/3. Wellington, February 2.

Sales reported:—First four late Wednesday, Government Bonds 4J per cent (1941) £95 15/-, £95 10/-, £95 10/-; Inscribed Stock 4 J per cent (1938) £95 10/-; Inscribed Stock 5| per cent (Feb. 1937) £101; Bank of New Zealand £2 4/-; Mahakipawa 2d. Christchurch, February 2. Sales on ’Change: 5J per cent Inscribed (February 1937) £lOO 5/-; Commonwealth Bank of Australia (cum div) 14/11; E.S. and A. Bank £4 9/- (6); Bank of New Zealand 43/8; Union Bank of Australia £7 9/(2) Goldsbrough Mort 23/8 (2); N.Z. Guarantee Corporation 4/9; N.Z. Refrigerating (10/- paid) 3/9 (3); North Canterbury Freezing 2/-; New Zealand Breweries 27/-; Tooths’ Brewery 34/-; British Tobacco 31/11 (2); Blackwater Mines 20/3; Golden Point 4d (3) Golden Sands 2/9. Sales reported: Bank of New South Wales £2B; Pukemiro Colleries 22/7£d; Christchurch Gas (cum div) 23/9; N.Z. Breweries 27/8; Australian Glass 45/3. Dunedin, Febfuary 2.

Sales reported: National Bank of New Zealand £3 11/-; Bank of New Zealand £2 3/9 (three).

The dominion executive TRUST. LTD. STOCK AND SHAREBROKERS. FINANCIAL ADVISERS. SECURITY BUILDINGS. Stuart Street, Dunedin. Telegrams - — “Executive,” Dunedin. Invercargill Address: P.O. Box 109. 0r778 MATAURA STOCK SALE. The monthly stock sale at the Mataura Saleyards held yesterday attracted a fair attendance. There was only a small yarding and competition was fair. Following are the sales recorded: National Mortgage: 10 fat wethers 11/9, 250 m.s. lambs 9/-, 163 m.s. lambs (passed in) 9/10, 2 fat cows £1 16/-; dairy heifers £2, £2 15/-, £1 7/6; Store cow £1 3/-. Wright, Stephenson & Co.: 8 fat ewes 5/-, 53 4 and 6-tooth wethers 13/-. Southland Farmers Co-op: 2 fat cows £3 10/-, 1 do £3 2/6, bull £1 16/- passed. RAM FAIR. SALE AT FEILDING. (Per United Press' Association.) Feilding, February 2 At the ram fair Romneys were offered for sale and there was a good demand for good sheep. The highest price for a stud ram was 21 guineas. The vendor was Mr T. E. Craine. The highest price for a flock ram was 14 guineas The vendor was Mr T. E. Craine and Mr W. _ H. Gibson also secured the same price. The average over the sale was 3j guineas. Most of the entries were sold. Southdowns will be sold to-morrow. FRESHFORD GOLD DREDGING CO., LTD. SALE OF SHARES CLOSED. The directors of the Freshford Gold Dredging Co., Ltd. report having closed

the sale of shares in the company with a capital of £9OOO. As the company now has ample Capital, the directors have decided not to sell any further shares, although application for same has been made.

After paying for the dredge in full, the first block of 20 acres of land and all the expenses of the company to date, the company will have over £lOOO in cash as a reserve which should not be needed at all. The company is applying to the Stock Exchange to list its shares, and this will be completed in the next few days. The dredge is practically completed and dredging operations are expected to start about the third week in Febtuary. A new water-race has been cut from the creek to the dredge area so no difficulty should be experienced with regard to water. It is not anticipated that big returns will be received for the first two or three weeks, as there is opening out work to be done, and no doubt a few adjustments will require to be made to the machinery. At the present price of gold the directors consider that lOozs per week will more than cover the whole cost, of working the dredge. As far greater returns than this are expected the directors consider that dividends should be substantial, and as they have ample reserves of cash at the moment they decided to close the register as a smaller capital means bigger returns to shareholders.

SYDNEY STOCK EXCHANGE. (United Press Assn.—Telegraph Copyright.) (Rec. 9.15 p.m.) Sydney, February 2. Business was quiet on the Stock Exchange to-day. The steadiness continued as a general characteristic. Australian Consols made further progress. Sales were: Commonwealth bonds 4 per cents; £ s. d. 1938 102 13 9 1941 102 13 9 1944 102 17 6 1947 103 10 0 1950 103 12 6 1955 102 5 0 ' 1957 102 7 6 1958 102.12 6 1961 103 2 6 Bank of New South Wales £3O 7/6; Austral Gas (a) £7 4/—; Colonial Sugar £52 15/-, £53 5/-; Broken Hill Pty 37/6; Goldsbrough Mort 24/6; Hem.y Jones 37/-; Dunlop Perdriau 17/6; Kums Philp 47/9; Tooths 35/41; Toohe/i 20/9; New Guinea Goldfields 5/-. At Melbourne sales were: Electrolytic Zinc 17/6; Mt. Lyell 20/6; Taranaki Gil 2/6. Sydney wool sales. RECORD SEASON PRICE. (United Press Assn.—Telegraph Copyright.) (Rec 8.50 p.m.) Sydney February 2. At the wool sales to-day 11,178 bales y/ere offered, 10,519 sold and also 451 disposed of privately under brisk competition. The market ruled very firm and unchanged for all descriptions. There was again a keen demand for superfine quality wools. Greasy Merino fleece sold to 261 pence, establishing a new record for the Sydney market this season. The average price of the wool during the first three days of the week was £ll 17/9 per bale or 9.26 pence per pound. LONDON WOOL SALES. LATE RATES MAINTAINED. (United Press Assn. —Telegraph Copyright.) London, February 1. At the wool sales 9,646 bales were offered, including 5,565 New Zealand, and 8,575 were sold. There was active Home and Continental competition and late rates were firmly maintained for the finer growths of Merinos and crossbreds. There was slight irregularity for the lower grades of New Zealand greasy crossbreds. “Totara,” top price, lOd; average 9 l-Bd. SYDNEY GRAIN QUOTATIONS. (United Press Assn.—Telegraph Copyright.) (Rec. 9.15 p.m.) Sydney, February 2. Wheat is steady. Bulked is quoted at 2/91; bagged 2/BJ. Shippers’ prices for growers’ lots 2/9J; for bagged 2/9? for bulk, equivalent to 2/2J and 2/1 ? respectively at country stations. Flour.—£9 5/-. Bran.—£4 10/-. Pollard.—£s.

Potatoes.—Tasmanian £7 to £7 10/~; Victorian £6. Onions.—Victorian Globes £5.

Maize. —Yellow 5/6 to 5/8; white 5/3 to 5/6.

STEEL CORPORATION DIVIDENDS.

(United Press Assn.—Telegraph Copyright.) Washington, January 31.

For the first time in 36 years the United States Steel Corporation has cut its dividend on preferred stock. It declared a 50 per cent, quarterly dividend instead of the usual 1.75 dollars. This was announced after the Stock Exchange closed but the exchanges in the Far West, due to the differences in times, received the news before closing and steel stocks fell off sharply. FOREIGN EXCHANGES. (British Official Wireless.) (Rec. 5.5 p.m.) Rugby, February 1. The following rates of foreign exchanges were quoted to-day compared with par:— Par. To-day, Paris, fr to £ 124.21 86 11-16 New York, dol to £ 4.86 2-3 3.38 5-8 Montreal, dol to £ 4.86 2-3 4.04 Brussels, belgas to £ 35 24.11-32 Geneva, kr to £ 25.22 i 17.17-32 Amsterdam, guilder to £ 12.107 8.43 Milan, lire to £ 92.46 66 5-16 Berlin, marks to £ 20.43 14.25 Stockholm, kr to £ 18.150 18.45 Copenhagen, kr to £ 18.150 22.40 Oslo, kr to £ 18.150 19j Vienna, schl to £ 34.58 J 29J Prague, kr to £ 164 £ 114 3-8 Helsingfors, mark to £ 193.23 227 Madrid, pesetas to £ 25.23 J 41 3-8 Lisbon, escudas to £ 110 110 Athens, drachma to £ 375 600 Bucharest, lei to £ 831.6 575 Belgrade 276.3 250 Rio de Janeiro, pence to milreis 5.890 5| nom. Buenos Aires, pence to pesos 48.72 41? Montevideo, pence to pesos 51 34 nom. Bombay, pence to rupee — 18 5-32 Shanghai, pence to tael — 20 5-16 K OTe . i. 2458 JSS S Yokohama, pence to yen 24.582 14.15-16 LONDON PRODUCE MARKETS. The Bank of New Zealand, Invercargill is in receipt of the following advice from London office as at the close of business last week:— Butter.—Quiet. Finest grade 80/- per cwt; first grade 79/- per cwt. Cheese.—White. Fair demand 45/to 46/- per cwt; coloured, short supply 58/- to 59/- per cwt. Frozen Meat.—The market for wether mutton is firm but there is little business doing. The market for ewes is inclined to become weaker; supplies are more than sufficient to meet the demand. The demand is good for light weight lambs but the market is weaker for heavy weights. There is little better demand for beef. Unfav-

ourable weather affecting trade generally. Wethers, light, 4Jd to 5d per lb; heavy, 4d to 4?d per lb; ewes, 2Jd to 3 5-8 d; lambs, 2’s, 7{d to 7Jd per lb; B’s, 7d .to 7|d per lb; 4’s, 6ld to 6?d; seconds, 6d to 6Jd per lb; ox hinds 3Jd to 3?d per lb; fores, 2?d to 3 per lb; cow hinds, 3d to 3?d per lb; fores, 2Jd to 2? per lb.

Messrs Henderson and Co. Ltd., report having received the following cable dated 2nd inst. from their London principals, Messrs Trengrouse and Nathan Ltd.—Cheese: White 45/-; coloured 57/-. Firm, active.

BUYING OF GOLD. THE AUSTRALIAN MINT. DOUBLING OF PURCHASES. Gold purchased in 1932 by the Royal Mint, Melbourne, was double the amount received in 1931. It consisted of a large quantity of old jewellery, as well as newly-won gold from various parts of Australia. The total amount purchased last year was 439,634 ounces gross weight, valued at- £1,853,763. In 1931, 217.405 ounces were purchased fer £702,348. The 1932 receipts are approximate figures. The official figures will not be released for some time, but they will not vary a great deal from the estimate for last year. The large increase in purchases of old gold was mainly due to the fact that England went off the gold standard, and the price of gold rose sharply. In addition, the price of gold included a substantial premium, due to the favourable exchange rate. Before the abnormal rise in the exchange rate, fine gold was worth about £4 5/- an ounce. When the exchange reached 30 per cent, the premium on gold increased the value to aproximately £5 13/-. After England went off the gold standard the premium paid on gold rose to 78 per cent. “People then swarmed in with old jewellery,” said Mr McCay, the Deputy Master of the Royal Mint. “They were two and three deep at the counter waiting to sell trinkets and other gold treasures. There were heavy sales for the first six months of 1932. “The price varied from 2/- an ounce for rolled gold to about £5 an ounce for high-class jewellery. Up to £5 15/- was paid for 18 carat gold, but there was very little of it offering. Rarer still were 24 carat articles —pure gold.” PRICE OF FINE GOLD. (United Press Assn. —Telegraph Copyright.) (Rec. 5.5 p.m.) ..London, February 1. Fine gold is quoted at £6 l/2|d. MOUNT LYELL SHARES. (United Press Assn.—Telegraph Copyright.) (Rec. 5.5 p.m.) London, February 1. Mount Lyell, 16/3. P. AND O. SHARES. (United Press Assn.—Telegraph Copyright.) (Rec. 5.5 p.m.) London, February 1. P. and O. shares, 16/6. CANADIAN SECURITIES. HEAVY SELLING IN LONDON AND PARIS. (United Press Assn.—Telegraph Copyright.) Toronto, February 1. The demand for sterling in Canada to make a settlement for Canadian securities sold here by Europeans, especially British holders, accounts for the strengths of sterling and the weakness of the Canadian dollar, Mr A. A. G. Harlow, head of the Foreign Exchange Department here of the Canadian Bank of Commerce, said to-day. There has been heavy selling of Canadian bonds and stocks in London and Paris for more than a week, Mr Harlow said. In some quarters this is attributed to talk of inflationary measures here. To name a specific cause would be guesswork. He intimated that the question of railway debts in Canada may have entered into the selling. He mentioned specifically the selling of Canadian Pacific stock in London, adding that, with the weakness of Canadian funds in London, New York would show a similar decline.

NEW YORK MONEY MARKET. CANADIAN DOLIjAR AND THE POUND. (United Press Assn.—Telegraph Copyright.) New York, February 1. The Canadian dollar staged a brilliant recovery this afternoon, wiping out the overnight loss of 2 3-8 cents, to close at 84, the same as Tuesday’s close. The pound, after opening stronger, finished the day at 3.38 7-8, a drop of five-eighths for the day.