COMMERCIAL

Southland Times, Issue 22378, 18 July 1934, Page 2

COMMERCIAL

INVERCARGILL STOCK EXCHANGE. YESTERDAY’S QUOTATIONS. At yesterday’s call-over of the Invercargill Stock Exchange the following prices were quoted: — Banks. Australasia: s £l2. Commercial: s 15/9. E.S. and A. Bank: s £5 2/-. New Zealand: b 47/6, s 48/6. New Zealand Long “D” issue: b 34/-. Union of Australia: s £lO. Breweries. New Zealand Breweries (shares): b 44/-, s 44/9. Coal. Westport Coal: b 18/6. Westport Stockton (ord.): b 3/-. Insurance. National: b 19/3, s 19/9. South British: b 79/6. Standard: b 64/6. Lean and Agency. National Mortgage: s 61/-. Perpetual Trustees (Dunedin): b 69/-. Trustees’ Executors (Dunedin): b 68/-. ' Meat Companies. 'N.Z. Refrigerating (20/- paid): s 19/6; (10/- paid): s 8/10. Southland Frozen Meat (£1 ord.): b 70/-, s 73/-; (10/- ord.): b 35/-; (£1 pref.) b 70/-. Mining. Gillespie’s Beach: b 1/10, s 1/11J. Waiiahu: b 4/10, s 5/1. Kildare: b 2/-. King Solomon: b 3/10, s 4/3. Mount Lyell: b 21/1. Mahakipawa: b 9d. Okarito: b 8/-. Waihi Gold Mining: b 32/-, s 32/9. Waihi Grand Junction: b 4/2. Bell Hooper: s 6d. Bell Kilgour: b 4d; s 51d. Bendigo: b Cd; s 81d. Big River: s 1/1. Brian Boru: s 1/71. Goldfields Dredging: b Bd, s 91d. Nokomai: b 2/10, s 3/-. Skippers: s 71d. Upper Shotover: b 9d, s 1/3. Nevis Diesel: b 31d, s 41d.

Woollen Mills. Kaiapoi (ord.): b 11/-; (pref.) b 19/-, s 19/9. Mosgiel: b £lO 5/-. Miscellaneous. British Tobacco (Aust.): b 36/3. Dominion Fertilizer: s 20/6. Dominion Rubber Co.: b 28/-, s 30/-. Dunlop Rubber (Aust.): b 18/6. Milburn Lime and Cement: b 32/6. New Zealand Drug: s 78/6. N.Z. Guarantee Corporation: b 4/3. New Zealand Paper Mills: b 30/-. Wilson’s (N.Z.) Portland Cement: b 29/-. Woolworths (Sydney): b £7 10/-. Debentures. Government 3J per cent. Stock, 193852: b £lO6 10/-. Government 3} per cent. Stock, 193952: b £lO6 10/-. Government 4 per cent. Stock, 1946: b £lO6 10/-. Government 4 per cent. Bonds, 1946: b £lO6 10/-. Government 4 per cent. Stock, 1949: b £lO6 10/-. Government 4 per cent. Bonds, 1949: b £lO6 10/-. Government 4 per cent. Stock, 1955: b £lO6 10/-. Government 4 per cent. Bonds, 1955: b £lO6 10/-. NORTHERN EXCHANGES. (Per United Press Association.) Auckland, July 17. Sales on ’Change: Stock 1955 4 per cent. £lO7 5/-; City of Auckland 1967 4} per cent. £106; Bank of New Zealand 47/4, 47/5; Bank of New Zealand (D pref.) 34/-; Commercial Bank of Australia 15/5; National Insurance 18/6; Standard Insurance 65/3; Loan and Mercantile £57; Pukemiro Collieries 24/-; Auckland Gas 26/7; P. and O. (deferred) 21/11; Kaiapoi Woollen 11/1; Consolidated Brick 7/9 (2); Milne and Choyce Debentures 18/6; Farmers’ Fertilizer 20/11; New Zealand Refrigerating (10/- paid) 87/5; Wilsons Cement 30/-; Goldconda 2Jd.; Skippers Bld. (2). Unofficial: Golconda Holdings 1/7. Wellington, July 17. Sales on ’Change: Inscribed Stock 4 per cent. 1946, £107; Inscribed Stock 4 per cent. 1949, £107; Inscribed Stock 4 per cent. 1955, £lO7 5/-; Bank of New Zealand 47/6; Bank of New Zealand (D pref.) 34/3 (late Monday) 34/-; Goldsbrough Mort 29/11, 30/1; South British Insurance 80/3; Kauri Timber 18/7A; Wilsons’ Cement 30/04; Woolworths, New Zealand (ord.) £5 16/-. Unofficial: Woolworths, Sydney (ord.) £7 10/-; Metters, New Zealand, Ltd., 5/-. Christchurch, July 17. Sales on ’Change: New Zealand Government 4 per cent. Inscribed 1949, £107; N.Z. Government 4 per cent. Inscribed 1955, £lO7 2/6; National Bank of Australasia (£lO paid) £l2 3/-; United Building Society 21/6; Christchurch Gas (10/- paid) 15/3 (2); N.Z. Breweries (cum. div.) 44/2; British Tobacco 36/6; Dunlop Rubber 19/1 (2); Aotearoa 6d; Big River 1/1; Gillespie’s Beach 1/11; King Solomon 4/1 (3); Maerewhenua 7d; Mahakipawa (pref.) 1929 issue, 1/01; Nokomai 3/- (3); Skippers 7Jd. Sales reported: Commercial Bank of Australia (cum. div.) 15/5; N.Z. Refrigerating (10/- paid) 8/5; Whitcombe and Tombs 75/-; Mataki 2/5, 2/4; Mount Lyell 22/-, 21/10; Nokomai 3/-; Skippers 8d (4). Unlisted: Woolworths, Sydney (ord.) £7 8/-. Dunedin, July 17. Sales Reported: Standard Insurance £3 5/- (late Monday); New Zealand Breweries (cum. div.) £2 4/3 (4); Mount Lyell £1 1/9; King Solomon 4/-, 3/11; Goldsbrough Mort £1 10/3; Goldfields Dredging 9d.; Gillespie’s Beach 1/11; Central Shotover 10d.; Skippers 7Jd. (2).

LORNEVILLE STOCK SALE. LARGER YARDINGS. PRICES EASE SLIGHTLY. Larger yardings of fat sheep and fat cattle were features of the weekly Lorneville stock sale yesterday. As a result of this, prices in some cases showed an easing tendency. The yardings with those of the previous week, were as follows:— July 17. July 10. Store cattle 35 139 Fat cattle 124 146 Store sheep 231 149 Fat sheep 611 559 Tire yarding included 22 dairy cows and one vealer. Fat Sheep.—There was a bigger percentage of wethers than usual in this section. For good quality ewes the market was about on a par with the previous week, being fairly firm throughout. For wethers the opening rates were sound but, as there was an over-supply, prices eased as the sale progressed and passings were frequent. Prime quality wethers realized from 26/- to 28/-; good quality medium weights brought from 24/- to 25/6. lighter weights down to 22/-, and unfinished sorts as low as 19/-. Extra prime heavy ewes realized up to 19/6; prime heavy weights brought from 17/to 18/3, good quality medium weights from 15/6 to 16/6, and light and unfinished down to 14/-. Store Sheep.—There was another small yarding in this section, and prices showed little variation on the previous week’s sale. A pen of good conditioned wether hoggets made 15/6 and a pen of four-toothed Romney cross ewes passed in at 29/-, while a pen of Rom-

ney ewe lambs made 21/-. This was the total yarding. Store Cattle.—The yarding was again particularly small, there being only four pens of store cattle entered and a few dairy cows. Three steers sold at £3 18/-, three empty cows in fair condition brought £2 If-, while five calves fetched £1 4/-. The dairy cows were very hard to quit and few were interested. Factory calvers sold from £1 5/- to £2 10/- and winter cows from £3 to £4 5/-. Fat Cattle.—There was a full yarding of fat cattle comprising chiefly steers. The quality was not nearly so good as last week, there being a fair sprinkling of rough and unfinished bullocks and cows. The yarding exceeded local requirements and though prices were only down 10/- in the opening stages they gradually dropped to about 20/-. Prime heavy bullocks realized £7 10/- to £8 17/6, prime quality medium weights £6 5/- to £7 5/-, light weights down to £5. Extra prime heavy cows up to £6. Prime quality £4 5/- to £5, aged £3 5/- to £4, rough and inferior down to £2. Prime quality medium weight heifers up to £5 15/- and lighter weights £4 5/- to £5. STUD SHEEP SALE. OFFERING OF SOUTHDOWNS. Considerable interest was aroused at the weekly Lorneville stock sale yesterday by an offering on behalf of Mr H. J. Andrew, of Maheno, of 45 stud Southdown ewes by the National, Mortgage and Agency Company, in conjunction with Messrs Wright, Stephenson and Company. There was keen competition during the progress of (the sale and the top price realized was £9 9/-. Sales were:— Four two, three and four-shear ewes, Signs, to A. S. Taylor, Heddon Bush. Four two, three and four-shear ewes, 7gns, to Peter Campbell, Wyndham. Five two, three and four-shear ewes, 4tgns, to J. Campbell, Otautau. "Four two, three and four-shear ewes, Signs, to R. Fraser, Tokanui. "Five (four one-shear and one twoshear) ewes, sJgns, to P. A. Burke, Winton. Five one-shear ewes, sgns, to W. Irving, Myross Bush. Four (three one-shear and one twoshear) ewes, sgns, to J. T. May, Winton. Three one-shear ewes, 64gns, to R. H. Dickie, Tuturau. Three one-shear ewes, Bgns, to Peter Campbell. Three one-shear ewes, 7gns, to A. C. Robinson, Gorge Road One two-shear ewes, 71gns, to R. H. Dickie. One two-shear ewe, 9gns, to W. S. Horrell, Te Tua. One three-shear ewe, 6}gns, to A. C. Robinson. McNAB STOCK SALE. There was a very poor offering at the fortnightly stock sale in the McNab yards yesterday. Buyers were well represented, however, and they maintained a fairly keen interest in the proceedings. Only cattle were submitted to auction; the offering comprising a number of medium weight prime heifers, which brought up to £5. Dairy cows were slow of sale, but as much as £4 5/- was secured. Sales were:— N.Z. Loan and Mercantile Agency Co., Ltd.: 2 fat heifers £5, 4 do. £4 10/-, fat cow £4 12/6. Southland Farmers’ Co-operative Association, Ltd.: Dairy cows £4 5/and £2 17/6. MINING REPORT. GABRIEL’S GULLY COMPANY. The gazetted statement of affairs of the Gabriel’s Gully Sluicing Company provides an instance of profitable mining by private enterprise on a small scale. This company was formed in May, 1907, to work a claim in the Tuapeka district of Central Otago, with a small capital of £6OO. The present number of shareholders is nine. The total quantity of gold produced since registration is 21,7250 z 13dwt 10gr, valued at £87,385 4/9. The total expenditure since registration is £76,835 1/6 and the total amount of dividends declared £22,375. SYDNEY STOCK EXCHANGE. INDUSTRIAL SECURITIES IMPROVE. (United Press Assn.—Telegraph Copyright.) (Rec. 8.10 p.m.) Sydney, July 17. On the Stock Exchange to-day general industrial securities displayed increased activity round improved levels, but gold shares with a few exceptions were inclined to drift. Sales:—

THE METAL MARKET. (United Press Assn.—Telegraph Copyright.) (Rec. 8.10 p.m.) Lotadon, July 16. Metal quotations are as follows:

LONDON MARKETS. (United Press Assn.—Telegraph Copyright.) London, July 16. The Bradford tops market is quietly steady on the basis of 64’s being quoted at 28. Shares: —New Guinea, 5/B}. Apples—Firm. The Port Hobart’s NewZealand Stunners realized 8/- to 9/6, Dohertys 10/ -to 11/6, Statesman, 9/to 9/6. Yates 10/-, Romes 9/6, Grannysmith, 12/6 to 15/-. The Department of Agriculture has received the following cablegram, dated

July 14, from the High Commissioner for New Zealand, London:— Tallow: Market continues quiet with little more business on spot. Values about unchanged. Hemp: Manila: Market dull and unchanged. “K” grade for July-September shipment valued at £l2 15/-. Output January Ito July 9, 748,000 bales against 584,000 for the same period last year. Stocks in the United Kingdom as at July 1, 28,921 bales against 12,899 at the same time last year. Stocks in Manila at July 9, 119,000 bales against 131,000 at same time last year. Sisal: Steady demand at lower prices. No. 1 grade for July-September shipment sold at £l4 15/-; August-October shipment at £l5. New Zealand: Market unchanged with no first hand sales reported. Stocks in London at July 1, 10 tons against 148 tons as the same time last year. Apples: More movement with improved tone in the market. Port Hobart, Avelona Star and Doric Star at London discharging fruit in good condition. Current prices are—Ballarat and Stark, 6/6 to 8/-; Delicious, 6/- to 8/6; Dougherty, 8/- to 11/-; Dunn’s Favourite, 6/- to 7/6; Granny Smith, 9/to 14/-; Jonathan and Rome Beauty, 7/- to 9/-; Rokewood and Statesman, 7/- to 10/-; Sturmer, 7/- to 8/6; Tasma, 6/- to 9/-; Pioneer, 6/- to 8/-; Yates, 9/-; Frimley, 8/- to 9/-. FOREIGN EXCHANGES. (British Official Wireless.) (Rec. 5.5 p.m.) ' Rugby, July 16. The following rates of foreign exchange are current to-day compared with par:— Par. To-day. Paris, fr. 124.21 76 11-32 New York, dol. 4.886 5.04} Montreal, dol. 4.886 4.98} Brussels, belga 32.00 21.564 Geneva, fr. 25.22 15.43 Amsterdam, fr. 12.10 7.434 Milan, lira 93.46 58 21-32 Berlin, r.m. 20.42 13.154 Stockholm, kr. 18.159 19.40 Copenhagen, kr. 18.159 23.391 Oslo, kr. 18.159 19.90 J Vienna, sch. 34.558 27 Prague, kr. 20.22 121} Helsingfors, mark 124.23 126 J Madrid, kr. 15.225 36 13-16 Lisbon, escu 44 110 Athens, dr.* 570 525 Bucharest, lei 25.225 503 Belgrade, kr. 25.225 221 Warsaw, zlotys to £ 43.36 ■ Rio de Janiero, mil.* 8.98 3} Buenos Aires, dol.* 45.57 d 364 Montevideo, dol.* 45.57 d 38 11-16 Bombay, rupee 19 18 1-16 Shanghai, tael 16 3-16 Hong Kong 17 J Yokohama 14} Batavia, guilder 12.107 *Sellers official. BRITISH WAR LOAN. (British Official Wireless.) (Rec. 5.5 p.m.) Rugby, July 16. The 3} per cent, war loan is quoted at £lO4 2/6. THE DOLLAR AND THE FRANC. (United Press Assn.—Telegraph Copyright.) London, July 16. The dollar is quoted at 5.03 7-8 and the franc at 760 to the £ sterling. PRICE OF GOLD. (United Press Assn.—Telegraph Copyright.) London, July 16. The price of gold is quoted at £6 17/114 per ounce. WHEAT CARGOES. (United Press Assn.—Telegraph Copyright.) London, July 16. Wheat: Cargoes are slow and irregular being 3d to 6d dearer. Parcels are attracting fair trade at irregular prices. Manitoba’s are 3d dearer and Plates 6d higher. Futures: London, September 20/74, December 21/11; Liverpool, July 4/ll|, October 5/23, December 5/4J, March 5/6f. WOOL REPRISALS. UNLIKELY DEVELOPMENT. If reports regarding the decision of Germany, Italy and Japan favour the buying of wool from countries purchasing goods from them were taken as a true indication of the flow of orders during the coming season, a leaner selling year for prices would be expected in Australia than in South Africa, says an Australian authority. Whilst justice in the requests for reciprocal trade must be admitted, the threats to transfer buying orders bodily elsewhere cannot be accepted at their full face strength. If South Africa received the bulky orders for the staple which might be expected from recent statements, merino wool would become extremely dear in that country, and those bought in Australia would be on a better competitive basis with the goods they manufactured than purchasers in Africa. Such a position could only prove temporary. Except in the case of coarse crossbreds, no signs exist of any surplus production of wool. Yearly consumption is at least very close to the sheep’s backs. If the staple is wanted, the chief sources of supply are Australia and South Africa for merinos, South America and New Zealand for crossbreds, and approximately 534,000 bales of the finer types of crossbreds grown in this country. An effort to substitute crossbreds for merios extensively would strengthen demand for the former and make them relatively dear. Wool requirements might be diminished by a larger use of substitute fibres, but millmen must study their customers’ needs. A Government autocracy might enforce less attractive materials on its own people, but if export business is wanted trading requirements must be met. A single consuming country might withhold buying to a considerable degree, but threats of a decided. withdrawal of competition on the part of three large consumers cannot be accepted as probable unless they are prepared seriously to curtail activity in their woollen mills, and thereby injure their own commerce, or if monetary conditions prevent them from financing purchases.

£ s d Bank of New South Wales 30 7 6 Commercial Bank of Sydney 16 19 0 Union Bank 9 16 6 Bank of Australasia 11 17 6 Colonial Sugar 65 15 0 United Insurance 10 0 0 Associated Newspapers 1 1 1 7i Associated Newspapers (pref.) 1 3 6 Australian Gas (A) 8 0 0 British Tobacco 1 17 0 Tooth’s * 2 5 0 Dunlop Perdriau 19 0 Electrolytic Zinc 1 6 4 Electrolytic Zinc (pref.) 1 14 0 Fanners 19 3 Lustre Hosiery 1 2 6 Mt. Morgan 1 5 6 Broken Hill Pty. 2 4 6 Rawang 9 0 Commonwealth Bonds (4 per cents)' 1938 105 6 3 1941 106 17 6 1944 108 1 3 1947 109 17 6 1950 111 0 0 1953 110 3 9 1955 110 10 0 1957 111 0 0 1959 111 0 0 1961 111 17 6 Melbourne Sales. Commercial Bank of Sydney 16 16 0 Goldsbrough Mort 1 10 6 British Tobacco 1 16 9 Metropolitan Gas 14 13 0

Copper— Standard, spot July 13. July 16. £ s d £ s d 29 9 30 0 7| Forward 30 6 10J 29 16 104 Electrolytic 33 0 0 32 10 0 to 33 10 0 33 0 0 Wire Bars 33 10 0 33 0 0 American 9 cents. 9 cents. Lead — Spot 10 15 0 10 17 6 Forward 11 0 0 11 2 6 SpelterSpot 13 6 3 13 3 9 Forward 13 12 6 13 10 0 TinSpot 230 13 9 230 11 3 Forward 230 1 3 230 1 3 Silver — Standard, peroz ;. 20 9-16d 20gd Fine, per oz. 22 3-16d 22jd