COMMERCIAL

Southland Times, Issue 22240, 3 February 1934, Page 3

COMMERCIAL

FINANCE AND TRADE

INVERCARGILL STOCK EXCHANGE. YESTERDAY’S CALL-OVER. At a meeting of the Invercargill Stock Exchange yesterday morning the following prices were recorded: Banks. Australasia: b £l2 15/-. Commercial: s 18/5. Commercial of Sydney: b £l7 2/6. National of Australasia (cont.): b £6 10/-. National of New Zealand: b 83/-. New South Wales: s £34 10/-. New Zealand: b 41/-. Union of Australia: s £lO 2/6. Breweries. New Zealand Breweries (Shares): b 40/6, s 41/6. Staples’ Brewery: b 29/-. Coal. Westport Coal: b 14/7, s 15/-. Kaitangata: b 21/-. Insurance. National: s 19/-. New Zealand: b 57/3. Standard: b 61/-. Loan and Agency. Dalgety and Co.: b £lO 8/-, s £lO 12/-. N.Z. Loan and Mercantile: b £59 10/-. Trustees’ Executors (Dunedin): b 50/-. Wright, Stephenson and Co. (pref.): s 18/6. Meat Companies. N.Z. Refrigerating (20/- paid): b 19/9; (10/- paid): s 9/5. Southland Frozen Meat (£1 ord.): b 66/-; (10/- ord.): b 33/-; (£1 pref.): b 66/-. South Otago Freezing Co.: b 119/-. Mining. Big River: s 1/-. Broken Hill: b 43/-. Electrolytic Zinc (ord.): b 26/3; (pref.): b 34/9. Gillespie’s Beach: b 2/5, s 2/6J. Golden Sands: s 2/-. Mount David: s 2/-. Waitahu: s 6/4. Kildare: s 1/10. King Solomon: b 3/9J, s 4/-. Mount Lyell: s 26/1. Mahakipawa: s 2sd. Okarito: b 9/3. Paddy’s Point: s 4/-. Wailii Gold Mining: b 29/6. Nevis Diesel: b lid, s 1/-. Freshford: s 3d. Central Shotover: b 9d, s 1/-. Upper Shotover: s 1/8. Bell Kilgour: b 9d, s lid. Bell Hooper (1/- paid): s 11 Jd. Nokomai: s 2/3. Shipping. Union Steam Ship Co. (pref.): b 24/10. Woollen Mills. Bruce (pref.): b 18/-. Kaiapoi (ord.): b 10/-. Miscellaneous. D.I.C. (pref.): b 22/G. Dominion Fertilizer: b 17/-, s 17/9. Dunlop Rubber (Aust.): b 20/6. New Zealand Drug: b 74/6, s 76/9. N.Z. Farmers’ Fertilizers: s 18/3. N.Z. Guarantee Corporation: b 8/-, s 8/4. New Zealand Paper Mills: b 28/-. Otago Daily Times: b 46/6. Debentures. Government Stock, 3£ per cent., 193843: b £lOl 5/-. Government Stock, 3J per cent., 193943: b £lOl 5/-. Government Stock, 4 per cent., 1940 b £lOl 5/-, s £lOl 10/-. Government Bonds, 4 per cent., 1940: b £lOl 5/-. Government Stock, 4 per cent., 1946: b £lO2 10/-. Government Bonds, 4 per cent., 1946: b £lO2 10/-. Government Stock, 4 per cent., 1949: b £lOl 2/6. Government Bonds, 4 per cent., 1949: b £lOl 2/6. Government Stock, 4 per cent., 1955: b £lOl. Government Bonds, 4 per cent., 1955: b £lOl. Sales Reported. Gillespie’s 2/SJ. THE STOCK EXCHANGE. THE WEEK’S TRANSACTIONS. Compared with the previous period the business transacted on the Stock Exchange during the week shows a slight improvement. Very firm support continues for Government loans, but there have not been a great many sales reported. Tax free issues are about on a par with last week’s market. The four per cents, had business transacted in the 1940 issue at £lOl 5/- to £lOl 10/-, showing a firmer tone. Carrying 5J months’ accrued interest the 1946 line were placed at £lO3. No business was reported in the 1949’s and only one sale of the 1955 issue was put through, the price being £lOl 12/6. Moderate business only was done in Banks. New Zealand ordinary have recovered nearly all the ground they lost last week, the market advancing steadily from 48/- to 49/6. Commercials of Australia have weakened a little, business being done in them at 18/1 to 18/3. Bank of New South Wales shares have eased considerably, latest sales being at £33 5/-. The Bank of New South Wales has declared an interim quarterly dividend of 5/- per share payable about the end of this month. Nationals of New Zealand were placed at 86/6, but there was not the same inquiry for this bank’s shares; best buying offer yesterday being 83/-. Australasias show little or no alteration in price, selling at £l2 15/- and £l2 18/6. Union Banks sold at £lO 2/6, but after the half-yearly dividend was paid on Wednesday there were sellers at £lO 2/-. Sales were reported in Nationals of Australasia contributing at £6 14/6 and fully paids at £l2 18/6.

Insurance companies’ shares were quiet but firm. New Zealands failed to report a seller during the week which is quite unusual. South British improved on last week’s market to sell at 77/-. Standards were sold in three or four places at 62/-. Nationals were offered at 19/-, but there were no buyers. The market for pastoral companies’ shares, Goldsbrough Morts excepted, is slightly firmer. Dalgety’s improved to sell at £lO 9/6 and £lO 10/-. National Mortgage A shares were priced at 64/-, and a parcel of Loan and Mercantile ordinary stock sold at £6O. Goldsbroughs have fallen gradually all the week, the range of sales going from 35/- down to 34/3. In the meat section there was some

activity shown. Gear Meats brought 25/3 and more were wanted at the same figure. New Zealand refrigeratings had quite a number of sales in both issues, the fully paids bringing 19/10 to 20/-, and the contributing 9/4 to 9/-. Southland Frozen Meats brought 65/-, 67/-, and 68/- and the contributing issue 34/-. Buyers were firm yesterday for this company’s stock at 66/-. Business in mining companies’ shares was fairly well spread, and was noticeable for extensive dealings in Mount Lyells. Waihis went throughout the week without a sale, latest quotation showing buyers at 29/6. Okaritos have improved, sales going through at 9/4 to 9/6. King Solomons have taken another step upward, going from 3/8 to 3/11 during the week. Waitahus have fluctuated a little, selling from 6/6 down to 6/-. Mount Lyells were particularly active on a firmer market, a wide range of sales being reported from 25/9 to 26/-. Electrolytic Zincs (ordinary) are back a little, sales early in the week were reported at 27/-, but later 26/6 was accepted. A parcel or two of Zincs preference were transferred at 35/6. Gillespie’s Beach continue to improve, sales at 2/4, 2/5 and 2/6. Upper Shotovers have been quiet, the market yesterday showed sellers at 1/8. Nokomais were also neglected, sellers 2/3, no buyers. Nevis Diesel Electric were done at lljd and two or three parcels of Marewhenuas were exchanged at Bell Kilgours were asked for at 9d, sellers 11, and Bell Hoopers 1/- paid were offered at lljd. There was more business transacted in th. general section this week. New Zealand Breweries recovered the slight setback they experienced last week and the market is quite up to what it was a fortnight ago; sales up to 41/7. Tooth’s Breweries are not quite so strong, being done at 44/-. Staple’s are firmer, with sales at 29/9 and 30/-. A parcel of Timaru Breweries (7/6 paid) brought 5/9. Dunlop Rubbers failed to hold the price they sold at last week, the bulk of sales going through during the last day or two being at 21/-. British Tobaccos were fairly active, quite good business being done in this company’s shares at 36/11 to 37/3. Among other lines dealt with in this section were Westport coals at 15/-, Dominion Fertilizers at 17/8, Donaghy’s Rope and Twine at 47/6, Union Steam preference at 25/41 and Kaiapoi Woollen preference at 16/-. NORTHERN EXCHANGES. (Per United Press Association.) Auckland, February 2. Sales on ’Change:—Bonds 1946, 4 per cent., £lO3 5/- (odd lot); Stock 1949, 4 per cent., £lO2 5/-; Stock 1955, 4 per cent., £lOl 5/-; Mount Albert 1959, 6 per cent., £lOO 10/-; Stock 1963, 5J per cent., £lOl 10/-; Amalgamated Brick (Auckland), 1944, 7| per cent., £93; Bank of New South Wales £33 8/5; Bank of New Zealand 49/8, 49/9 (2); Union Bank of Australia £10; Australian Provincial Assurance 10/11 (2); Farmers’ Auctioneering (B. pref.) 18/9; Australian Iron and Steel (pref.) 21/3; Bycroft, 42/3; Farmers’ Trading 3/8; Farmers’ Trading (B. pref.) 10/3; New Zealand Newspapers 30/6; King Solomon, 3/10; Mataki 1/5; KualaKawpai, 15/-; Mount Lyell 25/6, 25/7, 25/6. Unofficial list:—lnvestment Executive Trust (B.) £102; Goldfields Dredging BJd. Wellington, February 2. Sales on ’Change: Stock, 4 per cent., 1949, £lO2 2/6; National Bank of New Zealand £4 5/- (3); Bank of New Zealand 49/8; Wellington Gas (cum. div.) 37/6; Alexander Corlirib 15/9; Mount Lyell 25/8. Unlisted: Woolworths, Ltd. (ord.) 25/5. Christchurch, February 2. Sales on ’Change:—Bank of New Zealand 49/9; Union Bank of Australia £10; A.P.A. 11/1; Dalgety and Co., £lO 9/6; New Zealand Loan and Mercantile (ord. stk.) £6l 5/-; New Zealand Refrigerating (£1 paid cum. div.) 19/10; New Zealand Breweries 41/-; Australian Iron and Steel (pref.) 21/-; British Tobacco 37/-; Electrolytic Zinc (ord.) 26/11 (4); Mount Lyell 25/8, 25/7; Bell-Hill 2/6; Gillespie’s Beach 2/5 j, 2/5; Golden Point 3d, (3); King Solomon 3/11; Upper Shotover (9d paid), 1/7. Sales reported:—New Zealand Refrigerating (£1 paid, cum. div.), 19/11; Henry Jones Co-operative, 33/6 (2); Woolworth’s (New Zealand), ord., £5. Dunedin, February 2. Sales on ’Change:—New Zealand Refrigerating (cont.) 9/2. Sales reported:—Union Bank £lO 15/-; New Zealand Refrigerating (cont.) 9/2, 9/l| (2); British Tobacco £1 17/-: Electric Zinc (ord.) £1 6/11; Okarito

OTAGO MARKETS. FOWL WHEAT QUIET. LITTLE BUSINESS IN SEEDS. (Per United Press Association.) Dunedin, February 2. Some of the first lines of wheat threshed in Canterbury have now made an appearance on the market, and the quality is quite good. From now onwards, consequent on the present spell of fine weather, offerings will increase daily. So far as the districts south of Dunedin are concerned, the present spell of fine weather will prove very timely, as crops are later than usual, and in some instances are just starting to change colour. The first . cutting, therefore, should take place in about three weeks’ time.

The fowl wheat market is quiet. Local supplies are not plentiful and merchants are securing their requirements from the Wheat Purchase Board and from Southland. The retail value for small lots is from 4/3 to 4/6 per bushel, sacks extra, ex store. The oat market continues quiet, with little demand. A’s, prompt delivery, are

worth 2/5 f.o.b.sj. and B’s 2/3. The position for forward delivery, April to September, remains unaltered, the quotation being 2/6 for A’s f.o.b.s.i. and 2/4 for B’s. Although there is not the same quantity of oats available this year, farmers having planted a decreased area, the crops appear to be of good quality, and promise a satisfactory yield. The current value to farmers for A’s is 1/10 to 2/- on trucks, country sidings, with 2d per bushel less for B’s. The chaff market continues quiet, with little business going through. Sales are confined to deliveries ex the store, £4 5/- per ton being obtainable for second quality. Supplies are still being drawn from Canterbury and Southland. Seed markets have not yet fully opened, but threshing has commenced in Canterbury and some lines of Southland ryegrass have also appeared on the local market. The yields of ryegrass L: Canterbury are very poor, dry weather early in the season necessitating the farmers turning their stock into paddocks which had in the first instance been shut off for seed-grow-ing purposes. Other weather conditions, such as frosts, have also affected the fields. The farmers’ ideas of the values of ryegrass and cocksfoot are beyond those of merchants, with the result that no business is being transacted in the meantime. Moreover, merchants are chary about stocking seeds at the high prices ruling, as they are afraid that the demand from the North Island will be affected seriously by the low prices obtaining for dairy produce. White clover crops also appear to be short. Fruit Report. New season’s apples are now in good supply. Consignments are coming mainly irom Nelson and the market is easier. The quality so far is above that of the apples • offering at this time last year. A small lot of Cox’s Orange Pippins, grown in Nelson, brought good prices. Bon Chretion pears are in better supply, and are meeting sound inquiry. Outside grown tomatoes are plentiful, these coming chiefly from Nelson, with small lots from Christchurch. This has caused a smart drop in the prices of hothouse grown. Hothouse grapes have a good demand, though only small lots are so far on offer. Nectarines are in better supply, and the market is easier. Peaches are plentiful, the Wiggin’s variety also being in full supply. Jam peaches are selling at low rates, but crated lots of choice quality have a sound inquiry. Apricots are almost finished for the season, and choice Moorparks have a keen demand. Loganberries are almost finished for the season. Raspberries continue to be in good supply, but the season is now drawing to a close. Heavy supplies of Burbank’s plums have been arriving from Canterbury. Oranges are in short supply, but a further shipment is aboard the Waipiata, due to-day from Auckland. A large shipment of Rarotongan bananas is expected about the middle of next week, ex the mail steamer due at Wellington on Monday. A further supply of Californian oranges will also be in this vessel. CANTERBURY MARKETS BUSINESS QUIET. POTATO PRICES UNALTERED. (Per United Press Association.) Christchurch, February 2. The markets generally are quiet. Potatoes show a little activity, but prices are unaltered. May-June delivery is quoted at £4 5/- per ton, f.0.b.5.i., for white and £4 5/- for Dakotas. July-September deliveries are quoted at £5 10/-. Oats are quoted at 2/7 a bushel, f.0.b.5.i., for A Gartons and 2/4 for B’s, spread to September. There is a limited inquiry. Chaff is quoted at £4 per ton, f.0.b.5.i., or £2 10/- per ton on trucks. A few samples of new season’s wheat have come forward, but it will be a fortnight before a reliable estimate can be made of the general prospects. The yields vary remarkably, according to the territory and the extent of the damage by storms. The rains have held up threshings to some extent, but the fine weather of this week has enabled better progress to be made. The demand for small seeds from the North Island is nil. There is a little seed offering from growers, and for what is offering growers’ ideas of values are above those of the merchants. Until the North Island demand starts, merchants will be unable to establish their limits definitely, and in the meantime the policy is one of “Wait and see.” It is usual that the North Island inquiry is keen in February. Beyond a few lines of ryegrass there is no seed offering at the moment, and samples of that are of poor to medium quality only. Up to 3/6 on trucks is the quotation for choice ryegrass lines. SYDNEY STOCK EXCHANGE. (United Press Assn—Telegraph Copyright.) (Rec. 9.35 p.m.) Sydney, February 2. The Stock Exchange market for general investments was fairly steady, with a strong undertone. There were extensive dealings in Government loans. Sales:—

£ s d Bank of New South Wales 32 15 0 Commercial Bank of Sydney 17 12 0 Colonial Sugar 64 10 0 United Insurance 9 10 0 Australian Provincial Assur ance 11 5 Australian General Insurance 13 3 Australian Gas (A) 7 17 6 Associated News 1 2 4i Associated News (pref.) 12 0 Bums, Philip (South Sea) 19 6 British Tobacco 1 17 3 Australian Glass 2 10 0 Goldsbrough Mort 1 14 9 Wilcox-Moffilin 13 3 Millaquin Sugar (New Zealand delivery) 1 10 6 Electrolytic Zinc 17 0 David Jones 1 18 0 Anthony Hordern 16 0 Anthony Hordern (pref.) 1 4 1O> Tooth’s Brewery 2 4 9 Toohey’s Brewery (New Zealand delivery) 117 9 Carlton Brewery 2 5 6 Lustre Hosiery 12 9 Morris Hedstrom 18 4J Mt. Morgan Mines 3 13 0 Broken Hill 3 12 0 Bulolo Gold 7 0 0 Kuala Kampar 14 10 Commonwealth Bonds fours. 1938 105 3 9 1941 106 5 0 1944 106 17 6 1947 108 2 6 1950 107 17 6 1953 • 107 2 6 1955 107 3 9 1957 107 12 6 1961 108 0 0 Melbourne Sales. Dunlop Perdriau 112 Herald-Times 2 10 3 Electrolytic Zinc 17 0 Mt. Lyell 15 6 North Broken Hill 4 10 0 Taranaki Oil 1 9