COMMERCIAL

Southland Times, Issue 22333, 26 May 1934, Page 3

COMMERCIAL

INVERCARGILL STOCK EXCHANGE. YESTERDAY’S CALL-OVER. At a meeting of the Invercargill Stock Exchange yesterday the following prices were recorded:— Banks. Australasia: s £l2 10/-. Commercial: s 17/-. Commercial, pref. 4 per cent, (cum.): b £9 10/-. National of Australasia (cont.): s £6 12/6. National of New Zealand: s 84/-. New South Wales: s £32. New Zealand: s 50/9. New Zealand Long "D” issue: b 34/9. Union of Australia: s £lO 3/-. Breweries. Dunedin Brewery Co.: b 25/-. New Zealand Brewries (Shares): b 42/-. Timaru Brewery (10/- paid): b 8/3. Coal. Westport Coal: b 17/-. Westport 8 per cent, non-cum. pref.: b 2/11, s 3/3. Kaitangata: b 20/-, s 21/-. Insurance. National: b 20/-. New Zealand: b 62/-. Standard: b 63/-, s 66/-. Loan and Agency. Goldsbrough, Mort, and Co.: s 33/-. National Mortgage: s 64/-. Trustees’ Executors (Dunedin): b 60/-. Wright, Stephenson and Co. (ord.): b 18/-, s 20/-. Meat Companies. | N.Z. Refrigerating 20/- paid): b | 18/3. (10/- paid): b 8/5. s 8/9. Southland Frozen Meat (£1 ord.): b 65/6. (10/- ord.): s 33/6. (£1 pref.): b 65/6. Mining. Big River: s lOd. Electrolytic Zinc (ord.): b 26/-. Golden Sands: s 3/3. Waitahu: s 4/10. Kildare: b 1/10, s 2/2. King Solomon: b 3/11, s 4/1. Mount Lyell: b 21/6. Mahakipawa: s lOd. Okarito: b 8/3, s 8/5. Paddy’s Point: b 2/5, s 3/-. Waihi Gold Mining: s 35/-. Waihi Grand Junction: b 4/9, s 5/-. Bell Hooper: s 9d. Bell Kilgour: b 3d, s 4d. Bendigo: b 6d, s Bd. Nokomai: s 3/-. Moonlight Nelson: s 7d. Skippers: b lOd, s lid. Goldfields Dredging: b Bd. Upper Shotover: s 1/-. Maerewhenua: s lOd. Mining House: s 5Jd. Woollen Mills; Bruce (pref.): b 21/-. Kaiapoi (ord.): b 9/6, s 10/-. (pref.): s 19/6. Mosgiel: b £lO. Miscellaneous. British Tobacco (Aust.): s 37/9. D.I.C. (ord.): b 14/6. (pref.): b 23/-. Dominion Fertilizers: b 17/9, s 18/3. McLeod Bros.’ Soap: b £2B. New Zealand Drug: b 76/-, s 77/6. N.Z. Guarantee Corporation: b 4/2. New Zealand Paper Mills: s 30/3. Wilson’s (N.Z.) Portland Cement: b 28/-. Debentures. Government Stock, 31- per cent., 1938— 43: b £lO4. Government Stock, 3J per cent., 193943: b £lO4. Government Stock, 4 per cent., 1940: b £lO5 5/-. Government Bonds, 4 per cent., 1940: b £lO5 5/-. Government Stock, 4 per cent., 1946: b £lO5 10/-. Government Bonds, 4 per cent., 1946: b£los 10/-. Government Stocks, 4 per cent., 1949: b £lO5 10/-. Government Bonds, 4 per cent., 1949: b £lO5 10/-. Government Stock, 4 per cent., 1955: b £lO7 10/-. Government Bonds, 4 per cent., 1955: b £lO7 10/-. Late Sales on Thursday. Skippers, lid (2). King Solomons, 4/1. Bank of New South Wales, £32. THE WEEK’S TRANSACTIONS. The amount of business transacted on the stock exchanges of the Dominion has been up to the average of the past few weeks. The operations were marked by the continued improvement in the demand for Government stocks. Bonds and stocks carrying interest at four per cent, all advanced in price, the line due in 1940 selling at £IQ6, 1946’s and 1949’s brought £lO6 10/and the issue due in 1955 sold up to as high as £lOB 10/-. Limited business only was done in tax free stock, a parcel of 1939-52, 3J per cent, stock changing hands at £lO5 15/-. Banks. The chief item of interest in the banking section was the decline in the price for Bank of New Zealand ordinarys. The market, which touched a2/6 last week, is back to 50/6, quite a few sales being reported at that figure. Bank of New Zealand long term D issue show firmness selling at 34/9 ana 35/-. No change has taken place in the price of commercials of Australias (ord.) which sold at 16/8 and 16/9. Dealings were reported in Commercials of Australia preference at £9 16/-. A further fall took place in Bank of New South Wales shares, sales going through at £32 and £32 5/-. Union Banks were quiet and unchanged selling at £lO. Nationals of New Zealands came back a little, dealings in this banks shares being reported at 81/3 and 82/-. Nationals of Australias (cont.) are steady and unchanged at £6 10/-; a dividend of 2/6 per share is payable on these shares at the end of this month. Several ' transactions were reported in E.S. and A. Banks at £5 8/-, being the same figure they sold at a week ago. Insurance. The period under review r saw more activitiy in the insurance group, while i

FINANCE AND TRADE

i prices for the leading lines continue to 1 soar upwards. New Zealand insurances were placed at 62/6 and 63/-. South British also touched higher levels selling at 80/-. Nationals, at 20/3 and 20/6, are also much firmer. Buyers for Standards increased their offers to 63/-, sellers asking 3/- more. Pastoral. The pastoral section continues to be neglected, very few sales being reported. Goldsbrough Morts weakened being placed at 32/3 and 32/5. N,Z. Loan and Mercantile stock had business ' reported at £56 10/- and £57 10/-. There was some inquiry for National Mortgage “B” shares, buyers offering 30/-, but no selling quote was received. The quotation for Wright, Stephensons was ordinary, buyers 18/-; sellers 20/-; and preference, buyers 20/-; sellers 21/6; both quotations being ex dividend. Meat Section. In the meat section there was business reported in New Zealand refrigerating companys contributing shares at 8/6 and 8/7, and in the fully paids at 18/6. Southland Frozen Meats are firmer being dealt in at 66/-. Mining. With few exceptions mining companies shares were quiet. Waihis were neglected and since the dividend was paid little business has been transacted in this company’s shares. Waihi Grand Junctions were done at 4/11. This company showed an increase of about £l5OO in the net profit compared with the previous year but the dividend 4d per share is unchanged. Okaritos which have been fairly steady during the past few weeks, again sold at 18/5.I8/5. King Solomons were quiet only limited business going through at 4/01and 4/1. Mount Lyells are weaker falling to 21/6 but recovering later to 22/1. No improvement has taken place in the market for Bell Kilgours, sales at 3|d and 4d. Bell Hoopers had little or no inquiry and the market is dull. Nokomais came back a little, selling at 2/9. Waitahus were neglected, sellers only being quoted at 4/8. Upper Shotovers were offered at 1/- but there was no buying quotation. Skippers had a few sales reported at lid. Mahakipawas fell to 7Jd and Bd, recovered a little during the week to cell at 9d and lOd but later the market came back to BJd. Gillespies Beach sold at 1/10 and 1/11 and several parcels of Brian Boru were transferred at 1/6| to 1/8. Mining House concessions sold at 4d and 4Jd one or two fairly large parcels being dealt with. Moonlight Nelsons brought 7£d to 81d and Goldfields Dredging at 9d are a shade above last week’s market. Miscellaneous. Gains were established in some lines in the general section. Dunlop Rubbers sold at 18/8 and 18/9. New Zealand Breweries advanced to 42/3 and 42/5, this company anI nounced the rate of its final dividend during the week, which is the same as the previous year. Staples Breweries remain steady at 27/10. Timaru Brewery Company’s shares (7/6 paid) brought 6/3 and 6/6. Colonial Sugars were placed at £64 10/- and £65. Wilson’s Cements advanced to 28/6. Dominion Fertilizers are steady at 18/-. New Zealand Farmers’ Fertilizers firmed to 18/C and 19/-. Milbum Limes sold at 32/6, more being wanted at 32/-. Sales were reported in Kaiapoi Woollens, the contributing issue at 3/3, and the preference at 18/3. New Zealand Guarantees are a little firmed at 4/3. N.Z. Paper Mills brought 31/- . but were afterwards quoted ex dividend buyers 29/-, sellers 30/3. NROTHERN EXCHANGES. (Per United Press Association). Auckland, May 25. Sales on ’Change: Stock 1946 4 \per cent. £lO6 5/-; Stock 1949 4 per cent. £lO6 5/-; Stock 1955 4 per cent. £lOB 5/-; Auckland City 1940 5} per cent. £105; Commercial Bank of Australia 16/9; Bank of New Zealand (D. pref.) 35/-; Union Bank £9 19/-; National Insurance 20/7; N.Z. Insurance 63/3 (2); Dominion I. and B. 17/9; Trades Finance (contributed) 2/6; Auckland Gas 26/6; Devonport Ferry 23/-; Northern Steam 7/3; N.Z. Breweries 42/6 (2); Fanners’ Trading 5/- (2); Fanners’ Fertilizer 19/6; N.Z. Newspapers 30/3; N.Z. Paper Mills 30/4; Wairakei 4/-; Wilsons Cement . 28/8; Mahakipawa 8d (2), 74d; Mahakipawa 1929 (pref.) 1/2 (2); Mataki 2/1; Mining House (6d paid) 4Jd; Skippers lljd; Waihi 34/1; N.Z. Refrigerating (contr.) 8/61, 8/7. Unofficial list: Investment Executive Trust (ord. B) £95 10/-; Harvey Turbine (odd lot) 20/-. Wellington, May 25. Sales on ’Change: Inscribed Stock 3| per cent. 1939-1952 £lO5 15/-; Stock 4 per cent. 1946 £106; Stock 4 per cent. 1949 £lO6 10/-; Stock 4 per cent. 1955 £lOB 10/- (3); Bank of New Zealand 50/6 (late Thursday); National Insurance 20/6, 20/8; Gear Meat 28/6 (late Thursday); Gray Valley Coal 11/6; Westport Coal 17/- (late Thursday); Sharland (pref.) 24/-; Alexander Mines (contr.) 14/6; Gillespie’s Beach 1/11; Waihi 34/-. Unofficial list: Investment Executive (second B debenture) £95 10/-. Christchurch, May 25. Sales on ’Change: N.Z. Government 4 per cent. Inscribed 1940 £lO5 15/- (4); N.Z. Government 4 per cent. Inscribed 1946 . £lO6 5/-; N.Z. Government 4 per cent Inscribed 1949 £lO6 5/-; E.S, and A. Bank £5 7/6; N.Z. Guarantee Corporation 4/6; N.Z. Breweries (cum. div.) 42/4 (3); British Tobacco 37/3; Dunlop Rubber 18/7 (2); Brian ' Bom (1/- paid) 1/6; Golden Point 3d, 3Jd; Mahakipawa 8d (2); Mahakipawa (pref.) 1/1 (2); Moonlight .Nel- . son Creek 4d; Nevis Diesel Electric 4d : (2); Nokomai 2/7J (2); Euratha (5/- i paid) 13/2. Sales reported: Bell Hooper (1/- i paid) 7d; Mount Lyell (late Thursday 22/- (2); Rawang Tin 8/8; Union Bank of Australia £9 19/-; N.Z. Refrigerating (10/- paid) 8/6; N.Z. Drug Company i (late Thursday) 76/9. Unlisted sales: Golconda Holdings (1/- paid) 1/SJ. ; Dunedin, May 25. > Sales reported: New Zealand Brew- i eries 42/5; Brian Boru 1/-, 7d; Nevis j:

MINING REPORTS. BELL KILGOUR WASH-UP. (Per United Press Association). Dunedin, May 25. Tlie Bell Kilgour Company wash-up for the week ended May 25 amounted to 20oz Bdwt, 18 grains. KING SOLOMON RETURN. The return from the King Solomon Deep Lead Mine for the week was 630 z. 12dwts. OTAGO MARKETS. QUIET TONE GENERAL. (Per United Press Association). Dunedin, May 25. Broken weather continues to interfere with 'threshing, and there has been practically no offerings from the country. So far this season there have not been many frosts, but when they do make their appearance it is expected that the mills will be able, to get into paddocks. Advanced prices being paid this month are on a basis of 3/7 per bushel for Tuscan to growers nearest the port, sacks extra. Present indications point to a considerably less area being sown in wheat this season, as wet weather prevented many farmers from sowing in the autumn, and, moreover, some of them are increasing their sheep flocks, considering that their returns from this branch of farming will be more profitable than if they continued to grow wheat. The fowl wheat market is quiet. Shipping prices hjve declined, and there is now more fowl wheat offering than is required for immediate consumption. Best quality fowl wheat is selling at 3/4 per bushel, sacks extra, delivered in Dunedin. The shipping value has declined to 3/2), f.0.b., sacks extra. Thq oat market remains weak, with practically no business passing. Millers have withdrawn from the market, and it is also quite an exception to receive an order for a shipment to the North Island. On the other hand, farmers are still offering from the country, but with the poor outlook for this cereal, merchants are not inclined to do business. Values for shipping have declined to 2/5, f.0.b.5.i., for A’s, and 2/2 for B’s. These prices are equivalent to 1/9, sacks extra, on trucks at country sidings, for A’s and 1/6 for B’s. Undergrades, which appear to be fairly plentiful, are not worth more than 1/3, sacks extra, in the country. Sales of chaff continue slow. An odd truck load finds a buyer at £3 15/— per ton, sacks extra, and smaller deliveries, ex store, are worth £4 5/per ton. Supplies are fairly plentiful, and there are sufficient stocks in the stores to cover requirements for the next month or so. The potato market has again weakened. The expectation of early shipments to the North Island has not been fulfilled. Advices from Auckland state that a considerable quantity of locallygrown tubers is still available there. Prices have bee% reduced in order to effect sales to the north, and to-days shipping value is £3 10/- per ton f.0.b., i s.i. So far there has not been much alteration, but the tone is weaker. Up to £4 5/- per ton, sacks included, is available for good lines, ex store. Consignments are arriving freely, but the quality of the tubers is somewhat patchy. . . All the seed markets remain quiet, with a firm tone. Not much business is doing in seeds at this time of the year, as merchants prefer to wait until the spring demand from retailers before operating. Farmers, however, have sold the bulk of their seeds to merchants. . Cocksfoot remains firm, and with the shortage in Chewing’s Fescue and dogstail, higher prices are being asked for these lines. There is a fair amount of white clover from southern districts this season, and this will help to make up the shortage in Canterbury. Prices for this southern seed ar» below what is being asked in Canterbury. Fruit Report Business has again been quiet during the week in the fruit marts. Heavy supplies of Winter Cole pears have been coming forward, and prices are low. Consignments of Winter Cole from Central Otago should, however, begin to slacken off now. Apples are offering at low prices, with choice quality only being inquired | for. Low prices, indeed, are ruling for j apples in every market in New Zealand. A small shipment was sent by consignment to Australia by the Waikouaiti, in order to try to open up a fresh market. The duty on fruit is 3/9 per case, and freight, etc., 2/3 per case, so that good prices will have to be realized to show a margin of profit. The result of the experiment is awaited with keen interest by those concerned. The banana market is well supplied, and sales are slow. A shipment of Fiji mandarins and bananas came to hand during the week. . A consignment of Californian Valencias, grapefruit and lemons arrived to- < dayj ex Karetu, transhipped at Auckland, and a further consignment of island oranges and Rarotongan bananas will reach Wellington on Monday, 1 ex a mail steamer. I Nothing further has been heard regarding the removal of the embargo : on the importation of Australian fruit ] to New Zealand. In the meantime, the i market is quiet, dependent upon Cali- 1

fornian oranges at high prices, or island-grown. Island oranges generally are in poor condition. Californian lemons are high in price, and New Zea-land-grown are offering freely. The Californian variety is preferred by retailers owing to their keeping qualities, and this despite their high price. Passion fruit has a better demand. Gros Colmar grapes are still arriving from local hothouses and from the Kakanui district. Supplies, however, should shortly ease off. CANTERBURYMARKETS. PLENTIFUL SUPPLY OF POTATOES. (Per United Press Association). Christchurch, May 25. The potato market is still dragging. Information from Auckland is to the effect that local supplies are continuing much later into the season than was expected. In spite of the wet weather holding up some sources of supply, ample potatoes are coming forward to meet immediate needs, with the assistance of the moderate shipments from the south. Prospects are that this state of affairs will continue for a few weeks yet The extent of the local supply in Auckland has been a surprise to merchants. Prices quoted in Christchurch are still £3 10/- a ton, f.0.b.5.i., and £2 10/- on trucks. This week’s boat has been delayed and will not leave till the beginning of the week. The holding of the northern market will depend on the size of her cargo Fowl wheat is not creating much interest. The inquiry is small, and values are from 3/2 to 3/2) per bushel, f.o.b.s.e. There is a weaker tone in both the oats and the chaff markets. A grade Gartons are worth 2/5 per bushel, f.0.b.5.i., and B’s 2/2. OTAUTAU STOCK SALE. (From Our Correspondent.) About 600 sheep and 20 head of mixed cattle came forward for the Otautau stock sale yesterday, and there was a moderate attendance of buyers and others interested. The bulk of the yarding consisted of one straight-out line of 400 store wethers, the balance being composed of one pen of 6-tooth j ewes and odd pens of store lambs, including a small yarding of fat sheep. In the fat sheep section fat lambs made from 21/- to 23/- and fat ewes 13/- to 14/9. Store sheep: Store wethers brought from 21/7 to 22/7, m.s. lambs (small) to 14/3, ewe lambs to 20/3, 4shear ewes to 23/-, and 3-shear ewes were passed in at 25/-. There was very little competition in the cattle section, consequently the sale was not very brisk. WILSON’S PORTLAND CEMENT, LTD. ACCOUNTS SHOW PROFIT OF £45,713. The accounts of Wilsons’ (N.Z.) Portland Cement, Ltd., for the year ended March 31 disclose a net profit of £45,743, compared with £39,999 earned in the previous year, and £62,956 in 1931-32. The balance available from the previous year is £48,345, making £94,088 available for appropriation. An interim dividend of 5 per cent, absorbed £15,000, and the directors recommended a final dividend of 5 per cent., absorbing a further £15,000. The balance to be carried forward is £64,088. LONDON PRODUCE MARKETS. (United Press Assn.—Telegraph Copyright.) London, May 24. Wheat—Cargoes are firm. Parcels are fully steady. Futures —London: June, 17/10); September. 18/8; December, 19/2; Liverpool, May, 4/4i; July, 4/6; October. 4/85; December, 4/10J. Spot trade is slow and prices are barely maintained. Australian, exship, 23/9, 25/-. Flour—Steady. Australian, ex store, 16/6, 17/6. Oats—Dull. Pears and Beans —Quiet and unchanged. SYDNEY STOCK EXCHANGE. (United Press Assn.— Telegraph Copyright.) (Rec. 8 p.m.) Sydney, May 25. On the Stock Exchange fixed income securities maintained a firm front, but price concessions were obtainable in regard to ordinary shares, especially those which have .not yet returned a

dividend list. Banks and pastorals were stronger. Sales were:—

CONSOLS AND COLONIAL STOCKS. (United Press Assn.— Telegraph Copyright.) London, May 24. The following table gives quotations for consols and colonial inscribed stocks, compared with those of May 10. May 10. This week.

DAIRY PRODUCE MARKET. (United Press Assn.—Telegraph Copyright) London, May 24. Butter.—Firm. Danish, 88/- to 90/-; choicest salted and unsalted New Zealand, 77/- to 78/-; Australia, 75/-. Cheese.—Steady. New Zealand coloured, 44/6; white, 45/-; Australian, 43/- to 44/-. The National Mortgage and Agency Co. advise receipt of the following cable from their principals, Messrs A. J. Mills and Co., Ltd., London.— Butter.—Market steady. Finest 77/to 78/-; first 76/- to 77/-; unsalted

80/-; Danish 96/-; Danish f.o.b. 68/-; Australian 75/-. Cheese.—Market firm. White 45/-; coloured 44/6; Canadian white 54/- to 56/-; Canadian coloured 52/- to 54/-. Messrs A. H. Turnbull and Co., Ltd., advise having received a cable from their principals, Messrs W. Wed del and Co., Ltd., dated London 23rd instant, reading:—Danish butter 86/- to 88/per cwt. N.Z. salted 77/- to 78/- per cwt. Kangaroos 74/- to 75/- per cwt. Butter market steady. N.Z. cheese, white 44/6 to 45/- per cwt. N.Z. coloured 44/- to 44/6 per cwt. Cheese market steady.

Messrs Dalgety and Company, Limited, report having received the following market cable from Messrs Samuel Page and Son, London, under date of the 24th inst: Butter: Market quiet We quote: Danish 86/- to 88/-; New Zealand finest salted 77/- to 78/-; Australian finest unsalted 74/- to 75/-; Australian finest salted 74/- to 75/-; Australian G.A.Q. 72/- to 73/-. Cheese: Market firm. We quote: New Zealand white 45/-; coloured 44/-; Canadian white 52/- to 5<J/-; coloured 52/- to 56/-.

Bank of New South Wales i, 32 s 2 a 6 Colonial Sugar 66 12 6 Associated News 1 2 9 Pref. 1 3 6 Adelaide Steam 1 5 0 Bums Philp 2 14 0 Burns Philp South Sea 1 4 6 British Tobacco 1 17 10J Tooths 2 5 0 Tooheys 1 8 6 Winchcombe Carson 1 10 6 Henry Jones 1 12 9 Anthony Hordern 15 0 Mt. Morgan 1 3 0 South Brokens 3 12 6 Bulolo Gold 7 13 0 Bulolo deposits 10 Placer Development 1 5 5 Commonwealth Bonds 4 per cent.1938 106 15 0 1941 106 7 6 1944 107 15 0 1947 109 10 0 1950 109 10 0 1953 108 11 3 1955 109 3 9 1957 107 10 0 1959 108 5 0 1961 108 10 0 Melbourne Sales. National Bank (£5 paid) 6 10 0 Australian Iron and Steel (pref.) 1 2 3 Herald Times 2 11 6

£ s. d. £ s. d. Consols, 2J p.c. 79 0 0 78 5 0 Funding Loan, 4 1960-90 113 10 0 113 5 0 War Loan, 3£ 102 15 0 102 10 0 Conversion Loan, 3i 103 5 0 102 17 6 Victory Bonds, 4 111 10 0 111 5 0 Commonwealth— 5 p.c., 1945-75 110 15 0 110 6 3 6 p.c., 1931-41 102 12 6 101 0 0 3j p.c., 1936-37 101 12 6 101 17 6 Victorian— 3 p.c., 1929-49 95 5 0 95 10 0 3J p.c., 1929-49 5 p.c.. 1932-42 99 8 9 99 15 0 4| p.c., 1940-60 106 17 New South Wales— 6 107 0 0 3 p.c., 1935 101 10 9 101 10 0 3J p.c., 1930-50 99 12 6 99 10 0 Queensland — 5 p.c., 1940-60 107 8 9 107 7 6 3 p.c., 1922-47 New Zealand-— 96 1 3 96 10 0 4i p.c., 1948-58 107 1 3 107 2 6 3J p.c., 1940 102 0 0 101 18 9 . 3 p.c., 1945 97 13 9 97 13 9 6 p.c., 1936-51 South Australia — 107 2 6 107 2 6 31 p.c., 1939 102 0 0 102 7 6 3 p.c., 1916 or after 86 0 0 86 0 0 Tasmania— 31 p.c., 1920-40 101 13 9 102 0 0 3 p.c., 1920-40 Western Australia99 0 0 99 0 0 31 p.c., 1929-35 101 1 3 101 5 0 3 p.c., 1915-35 100 17 6 100 13 9