COMMERCIAL

Southland Times, Issue 22351, 16 June 1934, Page 3

COMMERCIAL

FINANCE AND TRADE

INVERCARGILL STOCK EXCHANGE. 1 YESTERDAY’S CALL-OVER. At a meeting of the Invercargill Stock Exchange yesterday the following prices were quoted:— Banks. Australasia: b £ll 15/-. Commercial: s 16/4. Commercial: pref. 4 per cent, (cum.): b £9 10/-. E.S. and A. Bank: s 105/-. National of New Zealand: s 81/-. Union of Australia: s £lO. Breweries. Dunedin Brewery Co.: b 25/-. New Zealand Breweries (shares): s 44/6. Coal. Westport Coal: b 17/-. Westport Stockton (ord.): b 2/5. Westport 8 per cent, non-cum. pref.: b 2/11. Insurance. National: s 20/4. Standard: s 66/-. Loan and Agency. Dalgety and Co.: b £9 15/-. Goldsbrough, Mort and Co.: s 31/6. National Mortgage: s 62/-. Wright, Stephenson and Co. (pref.): b 19/6, s 20/6. Meat Companies. New Zealand Refrigerating (20/paid): b 19/-; (10/- paid): b 9/-. Southland Frozen Meat (£1 ord.): b 69/-; (£1 pref.): b 69/-. Mining. ■ Broken Hills: b 72/-. Mount Morgan: b 25/9, s 26/9. Gillespie’s Beach: b 1/9, s 1/11. Golden Sands: s 3/3. Waitahu: b 4/-, s 4/6. Kildare: b 1/10. King Solomon: b 3/10, s 4/1. Mount Lyell: s 21/9. Mahakipawa: s 1/0L Okarito: b 8/1, s 8/4. Waihi Gold Mining: s 34/6. Bell Kilgour: b 3d. Bell Hooper: b 51d, s 7d. Bendigo; b Bd. Big River: s lOd. Central. Shotover: s lid. Goldfields Dredging: b 9d, s lOd. Moonlight Nelson: b sd, s 7d. Nevis Diesel: s 4d. Skippers: s 1/-. Nokomai: b 2/10, s 3/1. Upper Shotover: s 1/-. Maerewhenua: s 9d. Woollen Mills. Kaiapoi (cont.): b 3/6; (pref.): s 19/6. Mosgiel: b £lO. Miscellaneous. British Tobacco (Aust.): b 37/-, s 37/7. D.I.C. (pref.): b 23/9. Dominion Fertilizer: b 18/-, s 18/3. Milburn Lime and Cement: b 32/3. New Zealand Drug: b 76/-. New Zealand Farmers’ Fertilizers: s 20/3. New Zealand Paper Mills: b 29/6. Otago Daily Times: b 46/-. /Debentures. Government Stock, 3J per cent., 193843: b £lO6. Government Stock, 3J per cent., 193943: b £lO6. Government Stock, 4 per cent., 1940: b £lO5. Government Bonds, 4 per cent., 1940: b £lO5. Government Stock, 4 per cent, 1946: b £lO6. Government Bonds, 4 per cent., 1946: b £lO6. Government Stocks, 4 per cent., 1949: b £lO6 5/-. Government Bonds, 4 per cent., 1949: b £lO6 5/-. Late Sales Thursday. King Solomons: 4/-, 4/-. > THE WEEK’S TRANSACTIONS. Mining companies’ shares comprised the bulk of the business transacted on the stock exchanges of the Dominion during the week. There was a small turnover in Government stocks. Banks were particularly quiet, while the business done in the general section was about up to the average. Trading in Government Stocks was exceptionally light, but this was due to lack of sellers as there were buyers about for all lines at the prices that have been ruling lately. One or two parcels of 1946 4 per cent, stocks were placed at £lO6 17/6, while the 1955 issue, which was quoted ex interest from yesterday, sold early in the week at £IOB 17/6 to £lO9. It is interesting to note that in June, 1933, twelve months ago, all lines of 4 per cent. Government Stocks were selling at about £IOO 5/-; while the 3>) per cent, tax frees were bringing £99 15/-. Banking shares have been out of favour during the past fortnight. Very little business was done in this section during the week, although a number of different lines were dealt in. New Zealand ordinaries, cum. dividend, were placed at 51/6 and 51/9. A parcel of Bank of New Zealand’s D issue brought 35/-. From yesterday this bank’s shares will be quoted ex dividend. Commercials of Australia are dull with little or no inquiry, a sale or two going through at the reduced price of 16/2. A parcel of this bank’s preference issue found a buyer at £9 18/6. Business was also reported in Nationals of New Zealands at 79/-; New South Wales at £3l 15/-; E.S. and A. Banks at £5 4/-; Australasias at £l2, and Commercials of Sydney at £l7 10/-; but in each case the business done was very limited.

The insurance market was quiet, and eased a little from the peak prices that have been ruling lately. New Zealands came back 1/6 to sell at 62/-. South British are 1/- below last week’s market, with a sale at 79/-; while National Insurances came back to 20/3 and 20/-. Pastoral companies’ shares are weak. No doubt the less favourable developments in the wool market have not been helpful. Goldsbrought Morts are round about 30/9 to 31/-. The only other line in this section to be dealt in, Loan Mercantile stock, found a buyer at £57. The frozen meat market continues to show activity. New Zealand Refrigeratings are steady, the contributing issue being dealt in at 8/11 and 9/- and the fully paids bringing 19/- to 19/6. Southland Frozen Meats took a sharp jump upwards during the last few days, several sales going through at 70/-. Buyers yesterday were offering 69/-. Although there was a good deal of buisness done in the mining section, there is nothing sensational to report. Waihis were offered at 34/6, but the market was bare of buyers. Waihi Grand Junctions were placed at 4/2, this price being ex dividend. Okaritos show an unchanged market with buyers at 8/1 and sellers at 8/5. King Solomons showed some activity. The market at one stage touched 4/2, but the bulk of the sales were put through at 4/-. Mount Lyells are unchanged, several sales going through at 21/-. Bell Kilgours were placed several times at

' 4d. No sales were reported in Bell Hoopers for which there were buyers at 7d. and sellers at 9d. There was little or no inquiry for Waitahus, for which sellers asked 4/6. Skippers had fair business at 1/OJ and 1/1. The quotation yesterday showed sellers at 1/-. Quite a number of sales were reported in Mahakipawas at lOJd. to 1/-. Brian Boru (1/- paid) brought 1/6J and 1/7, showing no change from a week ago. Goldfields Dredging sold at 10d., the same figure as last week. Nokomais showed a slightly firmer market in selling at 3/-. Gillespie’s Beach were done at 1/11 and Maerewhenuas showed no change in selling at BJd. Central Shotovers are weak, a sale going through at 9)d. Electrolytic Zincs (preference) found a buyer at 33/9. Mount Morgans went from 25/- to 27/— at very short notice, later coming back to 26/-. In the miscellaneous section the markets generally were very steady. Only a few slight fluctuations were noticeable in one or two lines. New. Zealand Breweries eased a trifle, selling at 44/2 and 44/3. Tooth’s Breweries also eased a shade, being turned over at 43/6. Thnaru Breweries (7/6 paid) fell to 6/7 and 6/6. Dunlop Rubbers were dealt in at 17/11, 18/3 and 18/4. A parcel of Dominion Rubbers was reported sold at 25/-. Wilsons’ Cements are a little firmer with sales at 29/6 and 29/9. Dominion Fertilizers are firmer, several sales going through at 18/- to 18/3. British Tobaccos are quiet and unchanged at 37/6. Colonial Sugars had a few sales at £65 5/- and £65 7/6. New Zealand Guarantees were placed at 4/6. A sale, the first for some time, of Australian Glass Company’s shares was reported at 50/-. NORTHERN EXCHANGES. (Per United Press Association.) Auckland, June 15. Sales on ’Change: Stock 1949, 4 per cent £lO6 15/-; Stock 1955, 4 per cent (ex interest) £107; Auckland Harbour 1943, 5J per cent £lO6 5/-; Auckland Harbour 1940, 5J per cent £lO4 12/6; Mount Albert Borough 1963, 5} per cent £104; Hikurangi Coal 1948, 7 per cent £SO; Bank of Australasia £l2; Bank of New Zealand (cum div.) 50/4; Queensland Insurance 70/-; South British Insurance 79/-; Farm Auction (B pref.) 21/3; Goldsbrough Mort 32/-; Auckland Gas 26/6; Auckland Gas (15/- paid) 19/3; Bycroft 48/-; Electrolytic Zinc 26/-; Farmers Fertilizer 9/101; Wilsons Cement 29/-; Golden Dawn 1/11; Mahakipawa lid; Talisman 11/5; Waihi 33/-; Mount Lyell 21/-. Unofficial list: Auckland Farmers’ Freezing (20/- paid) 20/-; Timberlands Woodpulp (pref.) 18/-. Christchurch, June 15. Sales on ’Change: N.Z. Government, 4 per cent. Inscribed 1955 (ex interest) £lO7 5/-; Bank of New Zealand (D. mortgage shares, ex div.) 35/-; Union Bank of Australasia £9 18/6 (2); Goldsbrough Mort (cum div.) 31/3; N.Z. Refrigerating (10/- paid; odd lot) 9/-; N.Z. Refrigerating (10/- paid) 9/1 (2); Kaiapoi Woollens (17/- paid) 10/6; Westport Stockton (pref.) 3/- (2); British Tobacco (cum div.) 37/5; Dominion Fertilizer 18/1; Electrolytic Zinc (pref.) 33/8; Dunlop Rubber 18/- (2); Alexander Mines (13/6 paid) 15/6; Bell Kilgour 4d; Bendigo Goldlights B|d; Brian Boru (1/- paid) 1/7 (2); Golden Point 3d, 2Jd, 2d (3), ljd (5); Mount LyeU 20/11, 21/1; Okarito 8/1. Sales reported: N.Z. Government 4 per cent Inscribed 1940 £106; N.Z. Government 4 ner cent Inscribed, 1955 (ex interest) £lO7 6/-; Bank of New South Wales £3O 12/6, £3O 15/-; Goldsbrough Mort (cum div.) 31/6; Auckland Gas 26/7; Bendigo Goldlights BJd; Glenroy (9d paid) lOd; N.Z. Refrigerating 19/4; Union Bank £9 18/-. Unlisted: Mount Marshal 6/-; Sun Newspapers 4/3. Dunedin, June 15. Sales on ’Change: Goldsbrough Mort. 31/6; Dominion Fertilizer 18/3 (2); Okarito 8/-; Moonlight Nelson Creek 6d. Sales reported: Electrolytic Zinc (ord.) 24/6; Glenroy 10d.; Okarito 8/2.

OTAGO MARKETS. . SCARCITY OF FRUIT. (Per United Press Association.) Dunedin, June 15. A few samples of milling wheat have been on offer from farmers during the week. In isolated cases growers are offering wheat which has been held for an additional penny on advanced prices for the month of June, or has just been threshed from the stack. It is difficult to interest millers generally, as they have now purchased the bulk of their requirements for the month of June. The basis of values in the Otago district is 3/8 per bushel for Tuscan, f.o.b. to growers nearest the port, 3/10 for Hunters, and 4/- for Velvet. The fowl wheat market continues quiet. The shipping market in Canterbury has firmed to the extent of Id per bushel, the present value now being 1/1J per bushel, f.0.b., sacks extra. Local values are above this shipping parity; best quality is quoted in Dunedin at 3/4 per bushel, sacks extra, ex store, with odd lots selling now and again at higher money. The oat market continues lifeless. Millers are not operating, and there is practically no demand for shipment. Merchants holding stocks are not accepting current shipping rates, and are also not inclined to operate in the country until they can sell some of their stocks. The shipping value for A Gartons is 2/4 f.0.b.5.i., and for B’s, 2/1. The equivalent of these figures in the country is 1/8, sacks extra on trucks, for A’s, and 1/5 for B’s. There is no alteration in the chaff market. Odd consignments are still arriving, and an occasional truck load is sold at £3 15/- per ton, sacks extra, ex. truck. The bulk of the business going through is confined to sales of small lots, ex store, these realizing £4 5/- per ton, sacks extra. More chaff has been arriving from Central Otago and the surrounding districts than has been the case for a number of years, and as a consequence merchants do not have to draw from Canterbury to the same extent as in previous seasons. The local potato market is quiet, with sales, apart from King Edwards, somewhat difficult to make. The prices being realized are well

above shipping parity, sales going through at £4 to £4 5/- per ton, ex truck, sacks included, for ordinary tubers. This price is equivalent to £4 7/6 and £4 12/6 respectively per ton f.o.b.s.i. The shipping market in the north was down to £3 10/-, but it has since firmed, as the supplies arriving in Auckland from the surrounding districts have eased off considerably. This firming in the shipping market has not been reflected in the local market, as prices for ordinary tubers here are still on the high side, as compared with other ports. Up to £5 per ton can be obtained for truck lots of prime King Edwards.

Some activity has been experienced in the seed markets during the week, following on dry weather in the Northern Hemisphere. • Reports from most of the growing areas in the Northern Hemisphere show that the crops are turning out poorly, and a firmness in the local markets has resulted. In anticipation of export inquiries for New Zealand grown seeds, stocks are not heavy, and if an overseas demand sets in, prices locally will no doubt firm considerably. The cocksfoot market is firm in Canterbury, at up to 1/5 per lb. being realized for certified Akaroa. By the time this seed is railed to Dunedin and sold for retailing, a high value has to be obtained. The market continues firm for Brown Top, Chewings Fescue and dogstail. Fruit Report.

Supplies of apples have eased off considerably, and the market has a much better tone for choice quality lines. The stock held in auction rooms have now been cleared, and all lines are being, spid daily as they come forward. The shortage in the retturps from Central Otago, caused by frosts, is now becoming more apparent, and future supplies will have to be drawn. chiefly from the Canterbury and Central Otago cool stores. Fairly heavy stocks are held in the cool stores, but as these have to last till the end of the season, there is not likely to be any over-supply. Dessert pears have a better inquiry, as supplies are not so heavy. The market is bare of oranges, but a further shipment of Californian is expected to arrive towards the end of next week. Californian oranges are so high in price that retailers cannot show much, if any, margin of profit on their sale. Rarotongan oranges have been arriving in such poor condition that most retailers would sooner be without them. Some seasons ago large quantities of Australian oranges and mandarines were on offer at prices which showed retailers a fair margin of profit. Rumours have been current during the week that there is a likelihood of the embargo on the importation of Australian citrus fruits to New Zealand being lifted, so far as South Australian and Victorian oranges are concerned, as from July 1. The absence of Australian oranges and mandarins is being severely felt by retailers and merchants, as there is very little variety of fruit at present on the market. Pears and apples are practically the only lines .available in any quantity. New Zealand lemons are plentiful, with low prices ruling. Californian are still on offer at very high prices. CANTERBURY MARKETS. IMPROVEMENT IN POTATOES. (Per United Press Association.) Christchurch, June 15. The potato market showed a little improvement in mid-week, due to the prospect of spot supplies in Auckland being all absorbed. A small revision in quotations took place as a result, but under the influence of an unexpectedly heavy consignment from Timaru, lifted by the Waimarino last night, and a further heavy cargo at Lyttelton to-day, this improvement has been lost. The Timaru complement, much the largest from that port so far this season, comprised 2920 sacks, and it is understood that the Lyttelton shipment will be about 4000 sacks. This is enough to keep Auckland supplied for eight or nine days, and the Port Waikato will follow in a few days. Her cargo, however, is expected to be of moderate size. From £3 15/- to £3 17/6 per ton is quoted for the June delivery, fo.b. s.i., and from £2 10/- to £2 15/- on trucks, according to stations. Fowl wheat is quoted at 3/1J to 3/2 per bushel f.o.b. s.e. Oats are attracting no interest. Southern quotations are up to 2/5 f.o.b. s.i. for A. Gartons, and to 2/2 for B’s. Chaff is quoted, a shade of improvement, at £4 per ton f.o.b. s.i., and £2 10/- on trucks. BLACKWATER MINES. (Per United Press Association.) Wellington, June 15. The Blackwater Mines final dividend for 1933 is eighteen pence. Consolidated Goldfields have recommended an interim dividend for 1933 of ninepence, both tax free, payable on June 30 in British currency. MINING REPORTS. KING SOLOMON RETURN. The week’s work at King Solomon realized 670 z. 15dwt. of gold. DAIRY PRODUCE PRICES. (United Press Assn.—Telegraph Copyright.) London, June 14. Butter: Firm and active. Danish 86/-; choicest salted New Zealand 79/-, 80/-; Australian 75/-; unsalted, about two shillings premium. Cheese: Good demand. New Zealand white 49/6, 50/-; coloured 47/-. Australian, none offering. Messrs Dalgety and Company, Limited, report having received the following market cable from Messrs Samuel Page and Son, London, under date of the 14th inst.— Butter: Market firm. We quote.— Danish 86/-; New Zealand finest salted 78/- to 80/-; Australian finest unsalted 74/- to•. 76/-; Australian finest salted 74/- to 75/-; Australian G.A.Q. 71/- to 72/-. Cheese: Market firm. We quote.— New Zealand white 49/6; New Zealand coloured 47/-; Canadian white 54/- to 56/-; Canadian coloured 53/- to 56/-; Canadian c.i.f. 50/- to 51/-, The National Mortgage and Agency Coy., Ltd., report having received the following cable from Messrs A. J. Mills & Co. Ltd., London:— Butter: Market firm. Finest 79/-, 80/-; Firsts 78/-, 79/-; Danish 86/-; Australian 75/-. Cheese: Market firm. White 49/-, 50/-; Coloured 47/-, 47/6; Canadian white 56/-, 58/-; Canadian coloured 52/-, 54/-. Messrs A. S. Paterson and Co., Limited, report having received the following cable advice from their principals, Messrs J. and J. Lonsdale and Co. (London) Limited: Butter—Market firm. New Zealand 80/-; Australian 75/- to 76/-; Danish 64/- f.0.b.; landed cost 85/-, Cheese—Market quiet, buyers inactive—at advance. White cheese 49/6 to 50/-; coloured, slow, 47/- to 47/6. Messrs A. H. Turnbull and Co., Ltd., agents for Messrs W. Weddel and Co. report having received a cable from their principals, Messrs W. Weddel and Co., Ltd., dated London 13st inst. reading:—Danish butter, 86/-; N.Z. finest, 78/6 to 80/-; Kangaroos, 73/- to 75/-. Butter market firm. N.Z. cheese, white, 49/6 to 50/-; N.Z. cheese, coloured, 47/- to 47/6. Cheese market firm.

SYDNEY STOCK EXCHANGE. MINING SHARES IRREGULAR. (United Press Assn.—Telegraph Copyright.) (Rec. 8.40 p.m.) Sydney, June 15. On the Stock Exchange the investment market was better and steadier to-day. Commonwealth Bonds were still strong with few sellers, but the mining share market was distinctly irregular without any definite trend. Most of the business at both calls embraced gold shares. Sales:— £ s d

RECORD BOOM IN GOLD SHARES. (United Press Assn.—Telegraph Copyright.) Adelaide, June 15. There is a record boom in gold stocks on the Stock Exchange. No fewer than 295,000 shares were sold yesterday, while 1,015,000 have been exchanged officially during the last four days. MELBOURNE GRAIN QUOTATIONS. (United Press Assn.—Telegraph Copyright.) Melbourne, June 15. Wheat: 2/9J, 2/92. Flour: £7 12/6. Bran: £4 5/-. Pollard: £4 15/-. Oats: 2/41. Barley: English 2/6, 2/9. Maize: 3/3. Onions: Firm; £4 10/-, £4 12/6. LONDON MARKET REPORTS. (United Press Assn.—Telegraph Copyright.) London, June 14. Bradford is steadier, though business is small. Seventies 34d; 64’s 321 d; 60’s 30d; 56’s 23Jd. Sugar.—July, 4/11 J. Wheat.—Cargoes, weaker demand. Parcels of all descriptions are offered at 3d to 6d lower. Futures. —London, June 18/5, September 19/3, December 20/6; Liverpool, July 4/7 3-8, October 4/10J, December 5/1 per cental. Spot, trade is quiet, but there is a firmer tendency. Australian, ex ship, 26/6. Flour.—Quiet. Australian, ex store, 17/6, 18/6. Oats.—Threepence dearer. Peas and beans.—Unchanged. THE METAL MARKET. (United Press Assn.—Telegraph Copyright.) (Rec. 8.50 p.m.) ' London, June 14. Metal quotations are as follows:—

TinSpot 226 6 3 224 7 6 Forward 225 11 3 224 7 6 Silver— Standard, per oz. 19 15-16 d 192 d Fine, per oz. 214 d 21 7-16 d CONSOLS AND COLONIAL STOCKS. (United Press Assn.—Telegraph Copyright.) London, JQne 14. The following table gives quotations for consols and colonial inscribed stocks, compared with those of June 7:—

THE DOLLAR AND THE FRANC. (United Press Assn.—Telegraph Copyright.) London, June 14. The dollar is quoted at 5.04 5-8 and the franc at 76 3-8 to the pound sterling. PRICE OF GOLD. London, June 14. The price of gold is quoted at £6 17/81 P er ounce.

Bank of New South Wales 30 10 0 Associated Newspapers 1 2 5J Berlei (pref.) 1 10 0 Tooth’s 2 2 6 Toohey’s 1 8 0 Carlton Brewery 2 3 0 Goldsbrough Mort 1 12 0 Morris Hedstrom 16 6 Henry Jones 1 13 0 Anthony Hordern (pref.) 1 5 0 Drug Houses of Australia 19 6 Australian Iron and Steel (pref.) 1 2 3 Dunlop Perdriau 18 U Broken Hill Pty. 2 5 0 South Broken Hill (ex dividend) o 11 0 Kuala Kampar 17 0 Rawang 9 0 Larut . 14 10 Kramat Tin . 2 18 0 Tanah Biji 1 0 6 Euratha Gold 12 11 Mount Coolon 10 4. Commonwealth Bonds (4 per cents)1941 106 15 0 1944 107 13 9 1947 108 12 6 1955 (ex interest) 107 12 6 . 1957 108 10 0 1959 108 12 6 1961 109 10 0 Melbourne Sales. Commercial Bank of Australia 16 3 Australian Glass 2 10 6 Herald and Weekly Times 2 11 0 Mt. Lyell 1 1 0

June 13. June 14. £ s d £ s d Copper— Standard, spot 31 16 104 32 10 74 Forward 33 3 14 32 16 101 Electrolytic 36 0 0 35 15 0 to 36 5 0 36 0 0 Wire Bars 36 5 0 36 0 0 American 9 cents 9 cents Lead— Spot 10 18 9 11 0 0 Forward 11 5 0 11 5 0 Spelter—• Spot 14 10 0 14 6 3 Forward 14 13 9 14 10 0

Last week. This week. £ s d £ s d Consols, 2| p.c. 77 0 0 77 10 0 Funding Loan, 4 1960-90 113 0 0 113 15 0 War Loan, 34 102 0 0 102 10 0 Conversion Loan, 34 102 5 0 102 15 0 Victory Bonds, 4 110 17 6 111 2 6 Commonwealth— 5 p.c., 1945-75 107 17 6 107 13 9 6 p.c., 1931-41 100 0 0 99 17 6 3J p.c., 1936-37 102 0 0 101 17 6 Victorian— 3 p.c., 1929-49 94 0 0 93 0 0 34 p.c., 1929-49 99 13 9 99 6 3 4} p.c., 1940-60 104 0 0 103 10 0 New South Wales 3 p.c., 1935 101 10 0 101 12 6 34 p.c., 1930-50 97 5 0 97 5 0 Queensland — 5 p.c., 1940-60 106 13 9 106 5 0 3 p.c., 1922-47 94 11 3 94 3 9 New Zealand — 44 p.c., 1948-58 106 17 6 107 5 0 34 p.c., 1940 100 3 9 100 2 6 3 p.c., 1945 97 13 9 97 11 3 6 p.c., 1936-51 107 11 3 107 10 0 South Australia— 34 p.c., 1939 100 12 6 100 8 9 3 p.c., 1916 or after 84 0 0 84 0 0 Tasmania— 34 p.c., 1920-40 100 2 6 100 3 9 3 p.c., 1920-40 97 17 6 98 0 0 Western Australia34 p.c., 1929-35 101 10 0 101 10 0 3 p.c., 1915-35 100 18 9 101 1 3