COMMERCIAL

Southland Times, Issue 22490, 26 January 1935, Page 3

COMMERCIAL

FINANCE AND TRADE

INVERCARGILL STOCK EXCHANGE LIMITED. INVESTORS are advised to consult and transact their business with accredited members of the Invercargill Stock Exchange as under:— A. L. ADAMSON, Crescent R. R BINNEY, Tay Street. J. T. CARSWELL (Carswell & Co.). D. CUTHBERTSON, Esk Street A. W. JONES (W. A. Ott & Co. Ltd.). A. H. MACKRELL, Dee Street W. A. OTT (Ott & Co. Ltd.), Dee St E. B. PILCHER, Esk Street J. B. REID (Reid & Jones), Don St D. M. SCANDRETT, Esk Street. F. H. TUCKER, Clyde Street T. H. WATSON, Clyde Street

INVERCARGILL STOCK EXCHANGE. YESTERDAY’S CALL-OVER. At a meeting of the Invercargill Stock Exchange yesterday the following prices were recorded: Government Debentures. Government Stock, 3J per cent., 193843: b £lO6. Government Stock, 3$ per cent., 193852: b £lO6. Government Stock, 3J per cent., 193943: b £lO6. Government Stock, 3J per cent., 193952: b £lO6. Government Stock, 4 per cent., 1940: b £lO2 10/-. Government Bonds, 4 per cent., 1940: b £lO2 10/-. Government Stock, 4 per cent., 1945: b £lO6 10/-. Government Bonds, 4 per cent., 1946; b £lO6 10/-. Government Stock, 4 per cent., 1949: b £706 10/-. Government Bonds, 4 per cent., 1949: b £lO6 10/-. Government Stock, 4 per cent., 1955: b £lOB 10/-. Government Bonds, 4 per cent., 1955: b £lOB 10/-. Banks. Commercial: s 16/8. E.S. and A. Bank: s £5 2/6. National of New Zealand: b 71/-. New Zealand: b 50/-, s 50/9. New Zealand Long “D” issue: s 31/-. Reserve Bank of New Zealand: b £6 12/6. Breweries. New Zealand Breweries (Shares): s 52/9. Staples’ Brewery: s 34/3. Coal. Kaitangata: s 21/6. Westport Coal: b 21/6, s 22/6. Westport Stockton (ord.): s 3/-. Insurance. National: b 22/-. New Zealand: b 70/-. South British: b 96/6. Loan and Agency. Goldsbrough, Mort and Co.: s 30/-. Wright, Stephenson and Co. (pref.): b 19/6. Meat Companies. N.Z. Refrigerating (20/- paid): b 21/-. Southland Frozen Meat (£1 ord.): b 76/-; (10/- ord.): b 38/-; (£1 pref.): b 76/-. South Otago Freezing Co.: b £6 5/-. Shipping. Huddart-Parker: b 37/-. Union Steam Ship Co. (pref.): b 27/-. Miscellaneous. Australian Glass: b 61/6. British Tobacco (Aust.): s 40/6. Colonial Sugar Co.: b £4l 5/-. D.I.C. (pref.): s 27/-. Dominion fertilizer: b 21/-. Dunlop Rubber (Aust.): s 20/-. Milbum Lime and Cement: b 42/6, s 43/-. . , N.Z. Guarantee Corporation: b 5/9. New Zealand Paper Mills: s 34/6. Otago Daily Times: b 53/-. Wilson’s (N.Z.) Portland Cement: s 33/9. Woolworths (Sydney): s 95/-. Woollen Mills. Bruce (pref.): b 21/3. Kaiapoi (cont.): s 6/-. Mining. Bell Hooper: s 3jd. Bell Kilgour: b Id, s IJd. Bendigo Goldlight: b Bd, s lid. Broken Hill: s 54/-. Big River: s 2/1. Gillespie’s Beach: b 1/7J, s 1/9. Golden Sands: s 3/-. Goldfields Dredging: b 7Jd, s lOd. Kildare: b 2/5. King Solomon: b 3/4, s 3/6Maerewhenua: s 3d. Moonlight Nelson: s Id. NeVis Diesel: s 4d. Nokomai: b 2/-, s 2/9. Okarito: s 8/3. Skippers: b 6£d. Waihi Grand Junction: b 4/8. Waitahu: b 2/-. Maori Gully: b 1/SJ, s 1/9. Sales Reported. Wright, Stephenson (pref.): 20/-. Woolworths (Sydney): 94/-. N.Z. Insurance: 70/9. THE STOCK EXCHANGE. THE WEEK’S TRANSACTIONS. Moderate business was transacted on the stock exchanges of the Dominion during the week, and the market generally is a steady one. • Except for an advance of from 30/to 40/- in the market for 1940 Government bonds and stocks, the prices for all issues of four per cents, remain unchanged. The 31 per cents, continue to be sought after, but supplies are not available. . , . - In banking companies’ stock the most consistent seller was Bank of New Zealands (ordinary), the market for which advanced to as high as 51/-; later there was a slightly easier tone, 50/6 being accepted for this banks’ shares yesterday. Bank of New Zealand long-term D shares have come back, a sale being reported at 30/-. Commercials of Australia firmed to 16/9 and 16/10, but toward the end of the week the market had come back to 16/5 and 16/6. Nationals of New Zealand moved up a little, selling at 72/-. The market for E.S. and A. Banks was slightly firmer, business being done at £5 2/and £5 2/6. Little or no change has taken place in the price of Union Banks, which were reported sold at £9. A slightly easier tone was in evidence for Bank of New South Wales shares—a few parcels of this bank’s stock changing hands at £3l 5/-. Reserve Banks were'quite , active, and the

market stronger with business at £6 12/6 to £6 13/6. The tone of the insurance group is a distinctly firm one.. South British continue to move upward, latest sales being at 97/6. New Zealand insurances were done at 70/9 and 71/-, being 1/6 to 1/9 higher than the figure they sold at last week. Nationals, which figured prominently on the sale-list last week, were wanted at 22/3 and one sale went through at that figure. Queensland insurances brought 56/- and there was some inquiry for Standards—buyers offering 71/-. Business in the Loan and Agency section remains very restricted and the turnover in this section is on a par with that of the previous week. Goldsbrough Morts were transferred at 29/6 and a sale of Dalgetys was put through at the increased price of £8 10/-. In the meat section Refrigerating Company’s shares were done at 10/1 and 10/2, and the fully paids brought 21/1 and 21/2. The market for Southland Frozen Meats continues very firm, and that for South Otago Freezing Company’s shares shows no change from the previous period. Business in the mining section was a little brighter than last week, but there is still room for some expansion. Waihis were very quiet, only an odd sale or two being reported at 39/6 Business was done in Grand Junctions at 4/8 and 4/10, showing a slightly better, tone. Mount Lyells remain fairly stationary, being placed at 17/1. Electrolytic Zincs were the means of business—the ordinary issue bringing 21/6 and the preference falling a point or two to sell at 33/-. Broken Hill Proprietary were sparingly dealt in at 53/9 and Mount Morgans had several sales at 38/6 to 40/3. In the lower-priced mining scrip there was some activity in Big Rivers, but the market was a little irregular during the week, sales ranging from 1/10 to 2/4, latest sales being at the lowest figure. Little interest was taken in Skippers, the market being weaker at 7J d. and 7d. Goldfields Dredging are easier, sales taking place at 71d. King Solomons came back. Sales early in the week at 3/6, but later falling to 3/3 and 3/4. An improved tone was noticeable with Mahakipawas, the market moving up from 9d. to 1/-. Gillespie’s Beach, although quiet, are firmer at 1/8. Brian Bonus show no change, sales going through at B|d. Some lines in the general section were particularly active, notably Woolworths, Sydney, and Sun Newspapers, Ltd. Woolworths experienced a very substantial rise, going from 86/- to 95/3, while there was big business done at prices round about 92/- to 94/-; latest sales were at 94/3. Sun Newspapers came in for a lot of attention and numerous sales, were reported from 4/to 5/3. The shares in this company are 10/- ones, and are fully paid. New Zealand Breweries had a rather quiet week, limited business only being put through at lower prices, viz., 51/6 and 51/9.

Business was reported in Staples Breweries at 33/6. Timaru Breweries, 7/6 paid, moved up to 8/3, and a sale, the first for some time, was reported in Dunedin Breweries at 29/3. Dunlop Rubbers are very steady, sales during the week ranging from 19/10 to 20/-. Colonial Sugars brought £4l 15/-, and a parcel of Australian Glass Company’s shares were reported sold at 63/-. Wilson’s Cements are firmer, several parcels of this company’s shares changing hands at 33/6. New Zealand Guarantees remain steady and unchanged at 5/10 and 5/11. Business was reported in Dominion Fertilizers at 21/-, and there were also sales reported in British Tobaccos at 39/- and 39/3.

NORTHERN EXCHANGES. (Per United Press Association.) • . ' Auckland, January 25. Sales on ’Change: Stock, 1955, 4 per cent., £109; Wairarapa Power Board, 4| per cent., £104; Gisborne Sheepfarmers, 6J per cent., £103; Bank of New Zealand 50/3, 50'/-; Union Bank £9 2/-; New Zealand Insurance 71/-; New Zealand Guarantee Corporation 5/1OJ; Pukemiro Colleries 25/6; Taupiri Coal 18/3; Westport Coal 22/-., Taupo-Totara Timber 5/- (2); Claude Neon (New Zealand) 54/-; Farmers Trading 7/7; Sun Newspapers 5/2, 5/3; Wilson’s Cement 33/6; Mataki 1/11; Waihi Junction 4/10 (2); Mount Lyell 16/9. Unofficial: Alluvial Holdings 2/3; Golden Crown (2/- paid) 3/3; Golden Crown (6d. paid) 2/-. Wellington, January 25.

Sales on ’Change: Stock, 3J per cent., 1938-1952, £lO6 15/-; Bank of Australasia £ll 12/6 (2); E.S. and A. Bank £5 2/3; Bank of New Zealand (D long term) 29/3 (2); New Zealand Guarantee Corporation 5/10J (late Thursday); Gear Meat 21/9 (2); New Zealand Refrigerating (10/- paid) 10/1 (late Thursday); Wilson’s Cement 33/6; Sydney Ferries 9/3; Woolworths (second pref.) 28/3; Sun Newspapers 5/5 (late Thursday); Big River 1/8 (late Thursday); Grand Junction 4/10; Mount Morgan 40/-. Christchurch, January 25.

Unlisted sales on ’Change: Ben Ledi 9d.; Woolworths, Sydney (ord.) 92/6, 92/-. Sales on ’Change: Commercial Bank of Australia (cum. div.) 16/7; Reserve Bank of New Zealand £6 13/-; New Zealand Refrigerating (10/- paid; cum. div.) 10/1 (4); Quill Morris (in liquidation) 4/1;. Sun Newspapers 5/- (3), 4/11; Big River 1/11 (2); Mahakipawa Hid. . (2); Mount Morgan 39/9, 39/6. Sales reported : New Zealand Government 4 per cent., Inscribed, 1937-1940,

£103; New Zealand Government, 4 per cent. Inscribed, 1943-1946, £106; United Building Society 21/6; Canterbury Frozen Meat (pref.) £6; Westport Coal 23/3 (late Thursday); Sun Newspapers 5/1, 5/2, 5/3, 5/1 (4), 5/2 (2); Big River 1/10, 1/11 (2); King Solomon 3/4 ‘ 1 , Dunedin, January 25. Sales on ’Change: Bell Hooper Id. Sales reported: Sun Newspapers 5/(late Thursday), 5/1; Timaru Brewery 8/4; Stock, 4 per cent., 1955, £lO9 2/6 (both late Thursday); Reserve Bank of New Zealand £6 13/-; National Insurance £1 2/6; New Zealand Refrigerating (cum. div.) £ll/1J; Westport Coal £1 2/-; Mount Morgan £2. BILLS ON AUSTRALIA. NEW RATES OF PURCHASE. AIR MAIL POSTAGE. (United Press Assn.—Telegraph Copyright.) (Rec. 11.55 a.m.) London, January 25. English, Australian and New Zealand banks announce the following new rates of purchasing bills on Australia, sent direct by air mail, per £100:— At' sight, £126 2/6; 30 days, £126 7/6; 60 days, £127 2/6; 90 days, £127 12/6. Air mail postage will be charged customers. OTAGO MARKETS. FIRMNESS IN WHEAT. (Per United Press Association.) Dunedin, January 25. Local millers are now purchasing lines of Tuscan wheat,, chiefly from the Ashburton district, at a price fixed under the Wheat Purchase Board scheme. With a smaller area under crop this season, and the increase in price to be paid to farmers by the Wheat Purchase Board, the fowl wheat market has firmed, and it is likely to remain firm till the end of the season. For small lots, ex store, the Dunedin quotation is 4/6 per bushel, and in Canterbury the shipping quotation is round about 4/-, f.o.b. sacks extra. There has been a better inquiry for oats during the week, but this has been of a speculative nature, and has been chiefly confined to South Island buyers. The shipping demand to the North Island is negligible, but on the other hand the - stocks in store in Dunedin are very small. The quotation for the April-September shipment is 2/7 per bushel, f.0.b., s.i., for A Gartons, and 2/4 for B’s, with Id. per bushel under these figures for prompt shipment. The total demand for potatoes is still being supplied from the auction rooms, and it will be some time yet before the main crop is available. Operations in main crop tubers are paying an advance of 2/6 per ton on the rates ruling last week. Sales have been made in the Canterbury April-May-June delivery at 87/6 per ton, f.0.b., s.i. It is very difficult to secure supplies of chaff, either in the local market or from the north. Values have hardened, and to-day’s quotation is £4 10/- per ton, ex-truck, with ex-store lots ruling at £5. One or two parcels of new crop Cocksfoot and Ryegrass have been secured by the local merchants, chiefly from Canterbury. The quality is well up to the average, and deliveries have come to hand in good condition. Broken weather in the south has delayed the threshing of Ryegrass and while rains have been very welcome, a spell of fine weather is wanted to enable the threshing to proceed. Fruit Report.

Large quantities of stone fruit have continued to arrive from Central Otago, and dragging sales have been experienced during the week. A great proportion of the fruit is of inferior grade, and it looks at if many growers have been going in for quantity instead of quality. The wisdom of hard thinning is apparent when it is stated that choice graded lines of apricots and peaches were to-day selling at round about 3d. per lb., while inferior, small-sized jam lines were offering at 1/6 ner case, with buyers hard to find. The apricot season is quickly drawing to a close, and choice quality lines are now eagerly competed for. The northern markets show a big improvement, and high prices have been ruling for apricots in Christchurch during the past week. Nectarines are on offer, with choice quality only having any demand. Burbank plums are in full supply from Canterbury, and the market is weak. Plums of all descriptions have been offering freely, with low prices ruling. The first of the greengages has made an appearance on the market: the fruit is as yet a little on the hard side, and the demand is not over-keen. Cherries are finished for the season.

Supplies of outside-grown tomatoes are increasing daily from Christchurch and Central Otago, and the market is easy; inferior quality are now hard to place at low prices. Hothousegrown are offering from Kakanui and local houses, and are only realizing prices that must be considered unpayable to growers. CANTERBURY MARKETS. HEAVY OFFERING OF MILLING WHEAT. ■ (Per United Press Association.) Christchurch, January 25. The main interest in the grain market is the heavy offering of milling wheat. Samples generally are good, but a proportion is light in weight, and thin; however, considering the dryness of the season, the average quality of the wheat so far is distinctly good. There has been no instance of samples carrying excess moisture. Millers have bought freely. The yields, as expected, are turning out light, and predictions in the trade are that the general average will be at least four bushels an acre less than last season, when the average was 31| bushels. Fowl wheat continues very firm at 4/-, f.o.b.s.e. Some samples of oats have been offered and most of them are particularly good in colour and weight. One sample of Gartons went as high as 451 b to the bushel. The nominal quotations are 2/6 to 2/7. f.0.b., s.e., for A Gartons (for the April-September delivery), and 2/3 to 2/4 for B’s. No business is reported at these prices, buyers being scarce. Samples of peas have been offered to merchants unusually early. The peas are even, but small. Growers are diffident about putting a price on the samples and there is no quotation from the trade so far. The continued dry weather is making the potato crop uncertain. The inquiry has been general from the North Island for the last few weeks, as the dry weather in the Auckland province is likely to cause the Canterbury market to be resorted to earlier than usual. Similar weather conditions in Canterbury are hardening the growers’ ideas

of the market, and at the moment there are few sellers. Quotations nominally are about £4 10/- per ton for the April-June delivery for Whites, and to £4 15/- for Dakotas. Auckland merchants are not paying these prices in the meantime.

Indications are that the onion crop will be much reduced on account of the dry weather. Little forward business is being done, growers being disinclined to name a price for this business, Prompt onions are worth £7 a .ton on trucks.

Cocksfoot is now commencing to appear on the market, and 7jd a lb is available for Akaroa heavyweight seed. Some business has taken place at this figure, and a transaction at a fraction higher is also reported. Plains seed is worth from 6d to 6Jd, fanners’ dressed. Reports are to the effect that the white clover crops will be a large one. Quotations cover a wide range, from 5d to 8d per lb for farmers’ dressed. Best quality perennial and Italian Ryegrass is quoted at up to 2/- a bushel, to farmers, with light seed from 1/6 to 1/9. SYDNEY STOCK EXCHANGE. A BRIGHTER TONE. (United Press Assn.—Telegraph Copyright.) (Rec. 9.5 p.m.) Sydney, January 25. The Stock Exchange developed a brighter tone to-day and the turnover was heavier. The tone of the market was very firm generally. Sales were: £ s d

WAIKAKA STOCK SALE. Vendors failed to bring forward the full advertised entry at the Waikaka stock sale yesterday, due to the boisterous weather conditions. The New Zealand Loan and Mercantile Agency Co., Ltd., sold a line of forward mixedsex lambs for 17/-, and Messrs J. E. Watson and Co., Ltd., auctioned the cattle, disposing of a fat cow at 30/-, and a cow and calf at 20/-. DAIRY PRODUCE MARKET. (United Press Assn.—Telegraph Copyright.) London, January 25. Butter.—Active. Danish, 116/-; choicest salted New Zealand, 84/-, 85/-; Australian, 82/-, 83/-; unsalted, about 2/- premium. Cheese.—Slow. New Zealand coloured, 45/6; white, 46/-. Australian: Coloured, 43/—; white, 44/-. Messrs Dalgety and Company, Limited, report having received the following market cable from Messrs Samuel Page and Son, London, under date of January 24:— Butter: Market firm. We quote: Danish, 96/-; New Zealand finest salted, 83/- to 84/-; Australian finest unsalted, 83/- to 85/-; Australian finest salted, 82/- to 83/-; Australian G.A.Q., 80/-. Cheese: Market is depressed. We quote: New Zealand white, 45/- to 46/-; coloured, 45/- to 45/6; Canadian white, 56/- to 60/—; coloured, 56/- to 60/-. Messrs A. S. Paterson and Co., Limited are in receipt of the following cable advice from their principals, Messrs J. and J. Lonsdale and Co., (London) Limited:— Butter: Market firm. New Zealand 85/-; Australian 84/-; Danish, market quiet, buyers inactive, 95/- to 96/-, landed cost, 116/- to 117/-. Cheese: White cheese, 46/-; coloured, 45/6 to 46/-. LONDON WOOL SALES. (United Press Assn.—Telegraph Copyright.) London, January 24. At the wool sales 10,380 bales were offered, including 4929 bales from New Zealand. About 8551 bales of Australian and New Zealand wool were sold. Competition was well sustained at steady rates. Compared with the closing rates of the last series best greasy Merinos were five per cent, up and others unchanged; scoureds were par to 5 per cent, up; fine greasy crossbreds 5 per cent, dearer, medium coarse par to 5 per cent. up. New Zealand greasy crossbred “Titi,” top price IOJd, average 9d; lamb slipe “Feilding,” 14d and lljjd.

Bank of New South Wales 32 0 0 Commercial Bank of Sydney 17 15 0 Commercial Bank of Australia 17 0 Bank of New Zealand 2 11 0 Australian Gas A 8 2 6 British Tobacco .1 19 4JBurns Philp 3 4 0 Ditto, South Sea 1 6 9 Colonial Sugar 41 12 6 Queensland National Bank 5 5 0 Australian Iron and Steel (pref) 1 4 6 Dunlop Perdriau 19 7£ Newcastle Gas B 13 9. Howard Smith 16 10J Automatic Totes 18 10J Goldsbrough 1 10 0 Winchcombe Carson 1 8 6 Wilcox Mofflin 10 6 Morris Hedstrom 19 0 Henry Jones 1 16 0 Millaquin Sugar 1 16 6 Electrolytic Zinc 1 2 0 Tooths 2 11 0 Mt. Morgan 2 0 3 Broken Hill Propty. 2 14 3 South Broken Hill 3 15 0 Placer Development 27 0 0 General Industries 14 6 Euratha Gold 7 2 Melbourne sales were: £ s d Commercial Bank of Australia 17 0 National Bank (£5 paid) 6 8 0 British Tobacco 1 19 6 Herald and Weekly Times 2 13 0 G. J. Coles (pref.) 1 19 0