COMMERCIAL

Southland Times, Issue 22008, 6 May 1933, Page 3

COMMERCIAL

FINANCE AND TRADE

INVERCARGILL STOCK EXCHANGE. YESTERDAY’S BUSINESS. At a meeting of the Invercargill Stock Exchange yesterday, the following prices were quoted:— Banks. Australasia, b £lO 2/6. Commercial, s 14/6. E.S. and A. Bank, s 85/6. National of Australasia (cont.), b £5 15/-. National of New Zealand, b 70/-. New Zealand, b 45/-, s 45/6. Breweries. Dunedin Brewery Co., b 20/9. .New Zealand Breweries—(Shares), b 29/6, s 30/6. Tooth’s Brewery, s 36/6. Coal. Westport Coal, s 14/-. Kaitangata, b 20/6. Insurance. National, b 16/6. New Zealand, b 48/9. South British, b 63/-. Standard, s 53/6. Loan and Agency. Trustees’ Executors (Dunedin), b 47/6. Meat Companies. N.Z. Refrigerating—(2o/- paid), b 10/9. (10/- paid), b 3/9, s 3/11. Southland Frozen Meat—(£l ord.), b 42/6, s 44/-. (10/- ord.), b 21/3, s 22/-. (£1 pref.), b 42/3, s 44/-. South Otago Freezing Co., b 70/-. Mining. Mount Morgan, b 36/-, s 37/6. Electrolytic Zinc—(ord.), b 16/3, s 17/-. Gillespie’s Beach, b 1/5. Waitahu, b 5/1. Kildare, b 1/101. King Solomon, b 1/10, s 2/-. Mount Lyell, b 19/9, s 20/9. Okarito, b 9/4, s 9/6. Waihi Grand Junction, b 3/8. Nokomai, b 5/1. Freshford, b 1/41, s 1/6. Upper Shotover, s lid. Shipping. Huddart-Parkcr (pref.), b 22/3. Union Steam Ship Co. (pref.), b 22/-. Woollen Mills. Bruce (pref.), s 20/-. Kaiapoi—(ord.), b 4/-. Mosgiel, b £B. Miscellaneous. Australian Glass, b 45/-. British Tobacco (Aust.), b 33/3. D.I.C.— (ord.), s 11/-. (pref.), b 18/-. Donaghy’s Rope and Twine, b 35/-, s 40/-. Milburn Lime and Cement, b 26/-. New Zealand Drug, b 64/-, s 65/6. N.Z. Fanners’ Fertilizers, s 16/3. N.Z. Paper Mills, b 25/-. Southland Guarantee Co., Ltd., b 5/-. Wilson’s (N.Z.) Portland Cement, b 32/6. Debentures. Government Stock, 31 per cent., 1938, b £99 I'o/-. Government Stock, 3 per cent., 1939, b £99 10/-. Govt. Inscribed Stock, 4 per cent., 1940, b £lOO, s £lOl. Government Bonds, 4 per cent., 1940, b £lOO, s £lOl. Government Stock, 4 per cent., 1946, b £lOO, s £lOl. Government Bonds, 4 per cent., 1946, b £lOO, s £lOl. Government Stock, 4 per cent., 1949, b £lOO, s £lOl. Government Bonds, 4 per cent., 1949, b £lOO, s £lOl. Government Stock, 4 per cent., 1955, b £lOO, s £lOl. Government Bonds, 4 per cent., 1955, b £lOO, s £lOl. Invercargill Fire Board Debentures., 6 per cent., 1935, s £lO2. Sales on ’Change. 300 Gilespie’s Beach, 1/5. 125 Mount Morgan, 37/-. THE WEEK’S TRANSACTIONS. GOVERNMENT LOANS FIRM. Although holders of Government loans are still awaiting receipt of their scrip following on the conversion operations, trading in this class of security was very steady and the market has advanced to above par for the 4 per cent, issues due in 1940, 1946, 1949 and 1955. The quotation yesterday for this scrip was buyer £lOO. There have been no dealings in the 31 per cents tax free issues, 1938 and 1939, but the market remains firm with buyers at the increased figure of £99 10/-. Business in banking shares is about up to the average of the past few weeks. Commercials of Australia are a little weaker, selling at 14/4 to 14/5. Sellers yesterday were asking 14/6 and buyers 14/3. A sale of Australasias was reported at £lO 7/6, showing practically no alteration from the price they sold at a month ago. Bank of New South Wales are unaltered at £29, two or three parcels changing hands at this figure. The Bank of New South Wales’ quarterly interim dividend for period ended March 31 is at the rate of 5/- per share. The dividend is payable about May 30. The rate is at the same as that for the previous quarter. For the financial year ended September 30, 1932, the bank paid one qaurterly dividend of 6/- per share and three of 5/- per share, making an average of 5| per cent, for the year as against 8 per cent, for the previous year. An improvement is noticeable in the market for National Banks, two parcels selling at 75/-. The contributing issue of Nationals of Australasia had more inquiry than usual and several sales were reported at £5 18/to £5 19/-, this price being cum dividend. E.S. and A. Banks were disposed of at 85/-. Since the beginning of the week this bank’s shares have been ex dividend. Bank of New Zealands are a little easier, no doubt due to the reduction in :he rate of dividend. There wore sales during the week at 45/- to 44/9. The directors of the Bank of New Zealand are recommending that a dividend of 5 per cent, for the LiSf-year ended March 31 bt paid on ordinary shares, making with the interim dividend paid in December last, a distribution of 11J per cent, for the year as compared with 14 1-3 per cent, for the previous year. The reduced dividend on the ordinary shares will require £421,875 as £537,590 in 1932. In the insurance section both New Zealands and South British continue to receive strong support. New Zealands have advanced to 49/9 and South British were turned over at 64/6 and 65/-. Nationals are also very firm and had transactions reported at 16/6 and 16/11. . . . In the frozen meat section business was confined to a few sales of New Zealand Refrigeratings, £1 paid at 10/7 to 11/-. The Loan and Agency section was not at all active, one sale of Dalgety s being reported at £7 9/-. The only other company’s shares in this section to be dealt in was Goldsbrough Morts, which sold at 22/6.

Mining companies’ shares did not account for as much business as usual, but business was by no means quiet Waihis cum dividend of 1/- per share advanced to 23/-. Grand Junctions with a dividend payment approaching finned to business at 3/10. A parcel of Electrolytic Zincs (preference) was sold at the increased price of 29/4. Nokomais sold during the week at 5/1 and 5/4 compared with 5/- last week. Freshfords are a little below the price that was ruling for them last week sales at 1/3 and 1/4. Okaritos are very steady at 9/6, several parcels changing at this figure. Waitahus are slightly firmer at 5/1 to 5/3. An easing tendency is evident in Mount Lyells with sales at 20/6 down to 20/3. Gillespie’s Beach are practically unchanged at 1/5. In the miscellaneous section there was an inquiry for Australian Glass Company’s shares at 45/-, but no selling quotation. British Tobaccos had buyers at 33/3, but the market was bare of sellers. A parcel of National Tobacco £1 shares brought 59/-. New Zealand Breweries are very firm, selling from 29/6 to 30/-. During the first week in April this company s shares were selling at 27/3. Colonial Sugars sold at £55 15/-, showing a rise of 5/- during the week. Wilson’s Cements are firm at 32/3 to 32/6. This company’s annual meeting will be held early in June when the directors will recommend the payment of a final dividend of 1/- per share, making, with the interim dividend paid last November of 1/- per share, a total of 2/- for the year. The directors will also recommend that the capital of the company be reduced by £300,000 by returning to the shareholders 10/- per share. New Zealand Drugs are firmer, two sales being reported at 65/-. Paper Mills were disposed of at 25/- and had further buyers at the same price. NORTHERN EXCHANGES. (Per United Press Association.) Auckland, May 5. Sales on ’Change: Stock 1938-43 31 per cent. £99 17/6; Stock 1955 4 pel cent. £lOO 7/6; Auckland Harbour Board 1936 4 per cent. £99 5/-; Commercial Bank of Australia 14/6 (2); Bank of New Zealand 45/5, 45/4 (3); Bank of New Zealand (D Mort.) 30/-; National Insurance 16/10, 17/-; New Zealand Insurance 49/6; Pukemiro Colleges 20/- (4); Auckland Gas 23/-; Northern Steam 6/3; Wellington Woollen (pref.) £5 2/6; Colonial Sugar £55, £54 15/-; Wilson’s Cement 32/9; Consolidated Gold 9/6; Mt. Lyell 21/-. /Wellington, May 5. Sales on 'Change: Inscribed Stock 4 per cent. 1940, £100; Bank of New Zealand 45/6, 45/5; National Insurance 17/-- New Zealand Breweries 30/(late Thursday) 30/-; Colonial Sugar (both late Thursday) £54 10/- £54 15/-- General Motors holders 6 per cent.’ (pref.) 15/7; Big River 1/4; Mount Lyell 20/6; Waihi (late Thursday) 23/3 < ‘ 2) ' Christchurch, May 5. Sales on ’Change: Bank of New Zealand (cum. div.) 45/4 (2); New Zealand Breweries 29/10; Beath and Co. (1/paid) 4/-; Colonial Sugar £55; Mt. Lyell 20/9 (3); Wilson’s Cement (cum. div.) 33/-; Freshford 1/4J. Sales reported: New Zealand Brewcries 30/1; Bank of New Zealand 45/6; Westport Coal 13/8. Unlisted sales: Bell-Hooper 10 2 d (2); Central Shotover (6d paid) 1/3. Dunedin, May 5. Sales on ’Change:—Big River 1/4; Central Shotover (6d paid) lOd, 1/(two); N.Z. Breweries £1 10/-. Sales reported:—National Insurance 17/-; N.Z. Refrigerating (paid) 11/-; Donaghy’s Rope and Twine £1 19/’* Gillespie’s Beach 1/SJ; Big River 1/4 (two); Central Shotover 91d (two), 1/1, 1/11. rTIHE DOMINION executive 1 TRUST, ltd. STOCK AND SHAREBROKERS. Alexandra Buildings, comer Dee and Don Streets. Telgrams: “Executive,” Invercargill. A. H. MACKRELL. QTOCK AND SHARE BROKER. U Member Invercargill Stock Exchange. Federal Buildings, Dee Street, Invercargill. TO INVESTORS. INVESTORS should not risk their savings in speculative share issues which promise high returns without security when there are available Debentures showing regular interest payments of 5 per cent and 61 per cent respectively with a wide guaranteed margin of safety. The subscription lists for both these investments are rapidly filling up. Investors interested please write or call for full printed particulars to The Securities Corporation (N.Z.), Ltd.. National Bank Chambers, The Crescent, INVERCARGILL. Telephone 2002, P.O. Box 243; and at Dunedin, Christchurch, Wellington. MATAURA STOCK SALE. A FAIR YARDING. The monthly stock sale at Mataura was held on Thursday. The entry was fair and there was an average attendance. A fair number of lambs were forward and sold at current rates. Aged ewes were not in demand, and brought low rates. Fat sheep sold well at freezing rates. Little interest was shown in the cattle entry. Wright, Stephenson and Co. Ltd.: 28 fat wethers 11/-, 16 do 10/5, 56 ewe lambs 8/4, 62 wether lambs 8/7. Passed in: Cow in milk no bid. Southland Farmers’ Co-operative Association, Ltd.: 13 fat ewes 11/3, 7 do 11/6, 21 fat wethers 9/3, 79 2-tooth wethers 5/4. Passed in: 63 2-tooth ewes National Mortgage and Agency Co., Ltd.: 12 fat wethers 11/9, 12 do 12/9, 35 f.m. ewes for 30/-, 21 do for 23/-, fat lambs 8/6, 140 f.m. ewes 3/-, 114 do 1/7, 101 m.s. lambs 5/4, 84 f.m. ewes 2/5, fat cow £l, fat heifer £2 10/-, 4 fat steers £3 15/-, 5 2-year steers £1 10/-, dairy heifer £2 10/-, vealer £1 8/-, dairy heifer £l. Passed in: 44 f.m. ewes 1/1. Dalgety and Co. Ltd.: 136 f.m. ewes 1/3. riversdale stock sale. A SMALL ENTRY. There was only a small entry at the Riversdale stock sale yesterday, consisting chiefly of lambs for which the demand was not very keen. The entry of cattle was a very small one and attracted no interest, no sales being recorded. Sales were as follows: — Wright, Stephenson and C 0.—48 wether lambs at 8/6, 57 mixed sex lambs at 9/1, 327 ewe lambs passed at 6/ New Zealand Loan C 0.—90 ewe lambs at 7/-, 15 mixed sex lambs at 5/1, 40 wether lambs at 4/6, 15 cull lambs at 1/9, 295 6-tooth ewes at 9/5, 109 s.m. ewes at 7/2. Dalgety and Co. —450 6 and 8-tootn wethers passed at 6/11. J. E. Watson and Co.—4 hewers and

8 steers passed at 9/-, 9 steers passed at £3. KING SOLOMON WASH-UP. The wash-up at the King Solomon mine for the past week totalled 68oz. 4dwt. OTAGO MARKETS. MILLING WHEAT APPEARING. NO ALTERATION IN OATS. STEADY DEMAND FOR CHAFF. (Per United Press Association.) Dunedin, May 5. Occasional samples of milling wheat are still appearing on the market. This wheat has been grown in the Central Otago and South Otago districts. The advanced price in this district for the month of May is 3/5, f.0.b., at the growers’ nearest port, for Tuscan, 3/7 for Hunter’s and 3/9 for Velvet. Fowl wheat is not plentiful locally and quotations rule on a basis of 3/2, sacks extra ex truck, for the best quality. Shipping prices in the north are slightly firmer, sales being made at 3/1, f.0.b., sacks extra. There is no alteration in the oat market. Farmers are still disinclined to accept current values and on the other hand merchants are not showing much interest. What demand there is has been for A’s, which are in rather short supply, and current shipping value is 1/11, f.o.b.s.i. B’s are offering at 1/7 to 1/8, f.o.b.s.i. „ . c ■ The demand for chaff locally is fairly steady, with most of the sales being made from stores. The value of the best quality chaff is from £3 10/- to £3 15/- per ton, sacks extra. There has been a fair inquiry during the week for potatoes from Auckland and sales have been made on a basis of £3 15/- per ton, f.o.b.s.i. Best quality potatoes are to-day worth £3 per ton locally, sacks included, ex truck. „ , . The market for all seeds is now quiet. , , . The ryegrass market shows no alteration and neither does that for cocksfoot, which is still quoted on a basis of 6d per lb for standard Akaroa on trucks at Christchurch. The dogstail market has been a little firmer. Brown top is also inquired for, but there is little doing in fescue. Fruit and Vegetables. Apples are in good supply, consignments arriving from all districts. There is a better demand for choice quality Jonathans and Delicious, but Coxs Orange Pippins are finished for the season. The bulk of the apples offering are of poor quality, and these have to be sold at low rates. Californian navel oranges are on offer at high rates. A shipment of is-land-grown oranges reached the market during the week and a small lot ot Rarotongan-grown also came to hand. The condition of the latter was affected, consequent on the bad weather experienced by the steamer. . Tomatoes are still on offer from Christchurch, with a few coming from Central Otago. The colour of most of the lines is now poor. Good sound lines realize satisfactory prices. The market is a little firmer for local hothouse grown. The market is bare of lemons. Pears are in good supply. Moderate values are ruling. Cauliflowers and cabbages are not plentiful and good prices are being obtained. CANTERBURY MARKETS. LITTLE BUSINESS PASSING. INACTIVITY IN POTATOES. (Per United Press Association.) Christchurch, May 5. There has been little business passing in the produce markets during the week, and the inactivity in the potato market is causing concern. Even although there is little activity, interest in the probable trend towards the demand for Canterbury potatoes is very keen. Cabled advice from Australia that growers there _ have made repeated representations to have the embargo continued are not considered encouraging to the prospect of its being lifted. Threats of a shipping holdup are worrying. So-far this seasons quantities which have been sent to the North Island are much below that of previous years for the corresponding period. The Waipiata, which was to have left Lyttelton this week, has been held up in Dunedin by the dispute. Normally, there would be another vessel leaving next week. Quotations for potatoes have not been altered this week, and there is very little inquiry from the North Island yet. DAIRY PRODUCE MARKET. Messrs Dalgety and Company Limited report having received the following market cable from Messrs Samuel Page and Son. London, under date of April 4 Butter market: Quiet following an active market. We quote: Danish, 95/to 96/-; New Zealand finest salted 72/to 74/-; Australian finest unsalted, 71/to 74/-; Australian finest salted, 70/to 73/-; Australian G.A.Q., 67/- to 69/-. Cheese market: Quiet following an active market. We quote: New Zealand white, 41/- to 42/-; New Zealand coloured, 47/-; Canadian white, 62/- to 68/-; Canadian coloured, 64/- to ba/-. Messrs Henderson & Co., Ltd. have received the following cable dated May 5 from their London principals, Messrs Trengrouse & Nathan Ltd:— Cheese: White, 41/-. Quiet. Coloured, 47/-, 48/-. Good demand. Messrs A. S. Paterson & Co. Limited are to-day in receipt of the iollowing cable advice from their P r H 1_ cipals, Messrs J. & J. Lonsdale & Co. (London) Limited:— Butter: Market quiet with buyers inactive, owing to a slower demand; Danish, 74/-; New Zealand 73/-, 74/-, Australian 72/-. . Cheese: White cheese slow, 41/-. Coloured cheese firm, 47/-. Some importers were bearing the marKet and unnecessarily quoting 1/- to 2/ - lower for both butter and cheese. FOREIGN EXCHANGES. (British Official Wireless.) (Rec. 5.5 p.m.) Rugby, May 4. The following rates of foreign exchange are current to-day compared with par: — , Par. To-day. Paris fr. 124.21 84J New York, dol. 4.866 3.91 - Montreal, dol. 4.866 4.46 2 Brussels, belga 35.00 23 31-3 Geneva, fr. Amsterdam, fr. 12.10 831 Milan, lira 93.46 64., Berlin f.m. 20.42 14 5-32 Stockholm, kr. 18159 19.30 Copenhagen, kr. 18.159 Vienna, sch. 34 585 31| Prague, kr. 20.02 oom Helsingfors, mark 124.23 22b 2 Madrid, kr. 15.225 39 Lisbon, escu Athens, dr. 375.00 580 Bucharest, lei. 25.225 560 Belgrade, kr. 247 Rio de Janeiro, mil. 5.898 5 nom. Buenos Aires, dol. 47.57 d « Montevideo, dol. 45.57 d 35 n °™- . Bombay, rupee 16 I Shanghai, tael , Hong-Kong, dol. 24.58 d 16| Yokohama, p. to yen 24.582 14, f The selling rate for telegraphic transfers, London on Cape Town, is £99 17/6 for £lOO sterling, and the buying rate . £lOO 17/6.

SYDNEY STOCK EXCHANGE. TIN SHARES IN DEMAND. (United Press Assn.— Telegraph Copyright.) (Rec. 8.50 p.m.) Sydney, May 5. On the Stock Exchange to-day there was a heavy turnover, covering a wide field with heavy dealings in tin shares. The bulk of the general business was done at firmer rates, although there were no spectacular gains in any de-

Henry Jones’s net profit fo f was £171,066 compared with £91,554 the previous year. An interim addend of sixpence a share has been declared. Melbourne Sales. Commercial Bank of Australia 14 7 Goldsbrough Mort 13 7 Huddart Parker }J} " British Tobacco 1 I 4 10 $ SYDNEY WOOL SALES. CURRENT QUOTATIONS. (United Press Assn.—Telegrapn Copyright.) (Rec. 5.5 p.m.) Sydney, May 5. Wool prices at the current local market were:— d. d. Greasy Merino FleeceBest 14 to 17 j Good 12 to 131 Average 101 to 114 Light, Seedy or BurryBest ■ 121 to 13 Good Hi to 12 Average 10 to 10JLambs, light, seedy or burry— Best 9 to 10J Good 7 to 8 Average 4 to 6 Greasy Comeback Fleece — Fine up to 12JGreasy Crossbred — Fine up to 11J Medium 6 to 8 Coarse 3 to 4 • GOVERNMENT SECURITIES. (United Press Assn.—Telegraph Copyright.) London, May 4. The following are the latest quotations of Government securities compared with the prices ruling on April

PRICE OF STERLING. (United Press Assn.— Telegraph Copyright.) New York, May 4. Sterling closed three cents higher today at 3.92 dollars. METAL MARKET. TIN STILL RISING. (United Press Assn.—Telegraph Copyright.) (Rec. 8.50 p.m.) London, May 4. Metal quotations are as follows: — May 3 May 4. £sd £ s d

partment. Sales: — £ s d National Bank (£5 paid) 6 0 0 Colonial Sugar 5 0 Mercantile Mutual Insurance 17 9 Burns Philp 2 11 0 Howard Smith 8 3 Huddart Parker 1 11 1| Associated - Newspapers a 3 Associated Newspapers (pref.) 18 •6 British. Tobacco 1 14 9 Dunlop Perdriau lb luj Australian Glass 2 0 Goldsbrough Mort 1 3 9 Henry Jones 1 17 9 Fairymead Sugar 1 7 0 Tooth’s Brewery 1 17 3 Toohey’s Brewery 1 1 6 Mt. Lyell 1 1 Broken Hill Pty1 2 11 South Broken Hill 2 9 3 North Broken Hill , 3 14 9 Commonwealth Bonds (4 per cents. )— 1938 104 6 3 1941 104 13 9 1944 103 2 6 1947 103 5 0 1950 103 15 0 1953 104 10 0 1955 104 12 6 1957 105 2 6 1959 103 5 0 1961 103 7 6

27:— Last week This week. £ s d £ s d Consols 75 10 0 75 0 0 Funding Loan, 4 p.c., 1960-90 110 10 0 110 10 0 Assented War Loan 100 10 0 100 10 0 Conversion Loan, 3J p.c. 101 0 0 101 0 0 Victory Bonds, 4 p.c. (ex div.) 109 17 6 110 0 0 Commonwealth, 5 p.c., 1945-47 107 5 0 106 15 0 Commonwealth, 6 p.c., 1945-47 101 17 6 101 17 6 Commonwealth, 3J p.c., 1936-37 101 5 0 101 3 9 Victoria, 3 p.c., 1929-40 90 5 0 90 2 6 Victoria, 3| p.c., 1929-40 95 12 6 95 15 0 Victoria, 5J p.c., 1930-40 (ex. div.) 101 0 0 101 0 0 Victoria, 5 p.c., 1932-42 (ex. div.) 101 15 0 101 17 6 Victoria, 4J p.c., 1940-60 (ex. div.) 103 15 0 105 0 0 New South Wales, 4 p.c., 1936 (ex. div.) 101 10 0 101 12 6 New South Wales, 3 p.c., 1935 99 7 6 99 12 6 New South Wales, 31 p.c., 1930-40 95 7 6 95 3 9 New South Wales, 6j p.c., 1930-40 102 12 6 102 12 6 New South Wales, 6 p.c., 1930-40 101 5 0 101 5 0 Queensland, 5 p.c., Stock, redeemable 1940-60 104 2 6 103 15 0 Queensland, 3 p.c., 1922-47 90 10 0 90 5 0 Queensland, 6 p.c. 1929-40 102 2 6 102 0 0 New Zealand, 41 p.c., 1945-47 108 5 0 108 0 0 New Zealand, 31 n.c., 1940 100 7 6 100 7 6 New Zealand, 3 p.c., 1942 93 15 0 93 15 0 New Zealand 6 p.c., 1936-51 (ex. div.) 107 0 0 106 12 6 South Australia, 3J, p.c., 1939 101 2 6 100 10 0 South Australia, 3 p.c., 1916 or after 76 15 0 76 0 0 South Australia, 61 p.c., 1930-40 102 5 0 102 15 0 Tasmania, 31 p.c., 1930-40 ioo 7 6 100 10 0 Tasmania, 3 p.c., 1910-40 98 15 0 97 12 6 Tasmania, 6J n.c.. 1930-40 102 12 6 102 5 0 Western Australia, 31 n.c., 1926-36 100 7 6 100 10 0 Western Australia, 3 n.c.. 1915-35 99 17 6 99 5 0 Western Australia, 6 p.c., 1930-40 102 2 6 102 10 0

Copper, standard — Spot 31 6 3 32 6 3 Forward 31 8 9 32 8 9 Copper, Electrolytic— Spot 35 5 0 35 15 0 Forward 35 15 0 36 5 0 American 6.50 cents Wire Bars 35 15 0 36 5 0 Lead— Spot 11 1 3 11 7 6 Forward 11 8 9 11 13 9 Spelter— Spot 14 16 3 14 18 9 Forward 15 3 9 — TinSpot 173 17 6 177 7 6 Forward 174 8 9 177 18 9 Silver (pence)— Standard 19 7-16 191 Fine 21 20?