COMMERCIAL

Southland Times, Issue 22758, 7 December 1935, Page 3

COMMERCIAL

FINAiNCE AND TRADE'

INVERCARGILL STOCK EXCHANGE. YESTERDAY’S CALLOVER. Three sales were reported at yesterday’s call-over as follows:— 1940 Stock, 4 per cent., £lO2 7/6. Commercial Bank, 17/6 and 17/7. Dalgety’s, £8 9/-. The following quotations were also called:— Government Debentures.

THE STOCK EXCHANGE. THE WEEK’S TRANSACTIONS. The turnover on the stock exchanges of the Dominion this week, while not up to that of the previous period, was quite a satisfactory one. A feature of the week’s trading was the activity shown in Government 4 per cent, bonds and stock. The large volume of business done in Government securities saw the market steady to firm. The longer dated loan due 1955 advanced 10/- on the price that was ruling last week, sales of this particular issue being made at £lO7 10/-. Banking. A fair amount of business was done in the banking section, Bank of New Zealands and Commercials of Australia both showing some activity. A number of transactions were reported in Bank of New Zealand ordinary shares at prices above those ruling during the latter end of last week. Sales made ranged from 48/6 to 49/6. Bank of New Zealand long term “D” shares were not in great demand, a few dealings only being reported in this line at 33/-. Commercials of Australia showed improvement, the market advancing from 17/1 to 18/- during the week. The preference shares of the Commercial Bank of Australia were quiet, but very steady at £9 15/-. E. S. and A. Banks had hardened in price, and although the turnover was on the light side, the price obtained was £5 11/6. Union Banks were placed at slightly lower figures, a few sales going through at £9 8/6. Nationals of New Zealand came back in price to 72/- and 72/6. The directors of the National Bank have declared an interim dividend for the half-year ended September 30, 1935, at the same rate as last year, viz., 4 per cent, per annum free of British income tax. Reserve Bank of New Zealand shares regained a considerable amount of lost ground in selling at £6, quite a few parcels of this bank’s shares changing hands at that price. The insurance section attracted some attention. New Zealand Insurances had sales ranging from 63/3 to 63/9. South British had come back in price, the latest sales being at 92/6. Nationals sold several times at 19/8, later going at 19/5 and 19/7. Frozen Meat. Business in the frozen meat section was confined to shares in the New Zealand Refrigerating Company. The market for this company’s scrip is a little easier. Sales of the contributing issue were reported down to 10/5, later re-

covering to 10/8. The fully paids are 6d easier at 22/-. In the loan and agency group business was done in Goldsbrough Morts at 31/6, a few sales going through at that figure. Mortgage Corporation of New Zealand shares eased to 5/5 and 5/6. The amount of trading done in this line, however, was very small. Wright, Stephenson’s preference issue was inquired for at 19/-, but there were no sellers below 20/-. The mining section experienced a quiet time. Electrolytic Zincs have come back a little with sales at 34/4. The same company’s preference issue had business reported at 38/10. Mount Morgans are also easier, being placed at 36/6. Mount Lyells were fairly active and a little below last week’s market, being done at 21/- and 21/1. Martha Gold Mining Company had dealings at 19/6, but the market was a very quiet one. Waihi Grand Junctions are not often dealt in, but during the week a parcel or two of this company’s shares changed hands at 4/-. The remainder of the mining companies’ shares listed on the exchange came in for little or no demand. Big Rivers brought 1/10, buyers offering the same price for further lots. Maori Gullys, at 1/- to 1/1, show no change in price since last week. Skippers were done at 3,|d and Goldfields Dredging at 2;jd, but the total amount of business was very small. Miscellaneous. In the general section there was a certain amount of activity, but the business done was not up to that of the preceding week. New Zealand Breweries show no change from the market ruling last week-end, sales _ being reported at 55/-. This price is cum dividend payable on December 14. Tooth’s Breweries have eased considerably, the latest market price being 54/-. Dunlop Rubbers failed to hold their price and the market this week is an easier one at 16/-. British Tobaccos have eased in sympathy with the Australian markets, tire price falling during the week to 39/3. This company is paying the usual quarterly dividend on December 31, the rate being unchanged. Broken Hill Proprietary were turned over at 57/3, later coming back to 56/6. The market for this company’s shares remains a fairly active one. New Zealand Guarantees show no change in selling at 5/-. This company’s shares have been round about this figure for some time. Colonial Sugars are not quite up to the price that has been ruling lately, sales during the week being at £4l 17/6. Wilson’s Cements had dealings at 42/-, more being asked for at the same figure. Woolworths (Sydney) commanded some attention, steady business going through in this line at £5 18/-. NORTHERN EXCHANGES. (Per United Press Association.) Auckland, December 6. Sales on ’Change: Bonds (15/6/55) 4 per cent. £lO7 10/- (3); Commercial Bank of Australia 17/10; National Bank of New Zealand 72/-; Bank of New Zealand 49/4; Reserve Bank D £5 19/6; Australian Provident Association 20/3; New Zealand Insurance 64/- (2); South British 92/6; N.Z. Breweries 53/6; British Tobacco 39/3; Colonial Sugar £42; Dominion Fertilizer 24/- (2); G. J. Coles 65/6; N.Z. Newspapers 41/3; Blackwater 33/-; Golconda Holdings 1/6; Mataki 2/2; Placer Development £5 6/-. Unofficial list.—N.Z. Investment Trust £10; Argo 1/S 2 f Jones Nevis 7d, 7ld. Wellington, December 6. Sales on ’Change: Commercial Bank of Australia 18/-; Reserve Bank of New Zealand £6; Union Bank £9 8/6 (3); Equitable Building £6 7/6 (late Thursday); NeW Zealand Guarantee Corporation 5/1; New Zealand Insurance 63/6, 63/9, 64/-; Oamaru Woollen 22/-; Dominion Breweries 17/8; British Tobacco (Australia) 39/6 (late Thursday), 39/6; Colonial Sugar £42, £42 1/3; Consolidated Brick 11/-, 11/1 (2); Procera Bread (vendors’ shares) 44/-, 45/- (3); Woolworths, New Zealand (ord.) £5 17/6 (2); G. J. Coles 65/71; Waihi Grand Junction 4/-; Golcanda Holdings 1/6; Hauraki Consol 3Jd. . i Unlisted sale on ’Change: Associated Motorists’ Petrol (pref.) 24/- (late Thursday). Christchurch, December 6. Sales on ’Change, Unlisted Stocks: Cranwells (Aust.) 37/6; Woolworths (Sydney) ord. £5 18/-. Sales of unlisted stocks reported.— Woolworths (Sydney) ord. £5 17/6. Sales on ’Change, listed stocks. —N.Z. Government 4 per cent. Bonds (1952— 55) £lO7 5/-; Commercial Bank of Australia 18/- (2); National Bank of New Zealand (cum. div.) 72/3 (2); Mortgage Corporation (5/- paid) 5/4; New Zealand Refrigerating (10/- paid) 10/7; British Tobacco (cum. div.) 39/-; Electrolytic Zinc (pref.) 38/9 (2); Procera Bread (vendor shares) 43/6 (2); Woolworths (N.Z.) ord. cum. div. £5 17/6; United Provisions 12/6 (2); Mahakipawa 3d; Mount Morgan 35/7 (2), 35/8, 35/9; Skippers 3d. Sales reported: Commercial Bank of Australia 17/11; Bank of New Zealand (cum. div.) 49/3; New Zealand Insurance 63/9; South British Insurance 92/3; New Zealand Refrigerating (10/paid) 10/7; Australian Glass 82/9; Dominion Fertilizer 24/- (3); Electrolytic Zinc (ord.) 34/9; G. J. Coles 65/3 (2); New Zealand Farmers’ Co-op. 44 per cent. Stock (1940) £B7 10/-; National Bank of New Zealand 72/6. Dunedin, December 6. Sales on ’Change: National Bank of Australasia (contr.) £6 18/-; New Zealand Refrigerating (paid) £1 2/-; New Zealand Refrigerating (contr.) 10/8; Dominion Fertilizer £1 3/6; New Zealand Newspapers £2 2/-; Electrolytic Zinc (ord.) £1 14/6; Mount'Morgan £1 15/2; Upper Watut (4/- paid) 6/11; Waipapa Beach 1/61-. Unlisted sale on ’Change: Jones Nevis 7Jd.

OTAGO MARKETS. (Per United Press Association.) Dunedin, December 6. Transactions in milling wheat by the Wheat Purchase Board have now been completed for the season and no further lines will be accepted by the board in the meantime. Any lines available will have to be held by delivery to the board with next season’s crop. The fowl wheat friarket continues steady. With the near approach of the new harvest, merchants holding stocks are inclined to sell more freely. Values remain unchanged on a basis of 5/- per bushel, sacks extra ex truck for best quality, with small lots ex stores bringing up to 5/3. Business in oats is restricted consequent on the small stocks now available. There are, however, practically no inquiries and on the other liand orders of any extent could not be filled if they were to be received. The market remains unaltered on a basis of 3/11 f.o.b. s.i. for A’s and 3/9 for B’s. These prices are equivalent to 3/3 and 3/respectively on trucks, country sidings. Quotations are still being received for delivery next season. The price named is 3/- f.o.b. s.i. for A Gartons, but merchants are not showing much interest, as it is expected that there will be heavy yields next year, with low prices ruling. Stocks of chaff in the stores are being worked off, but the amount of business going through is on the small side. Space in the stores is required for

wool now coming forward and merchants are therefore not anxious to buy chaff. Best quality is worth to-day about £5 10/- sacks extra ex store. Old potatoes are now practically exhausted for the season and the demand has changed over to new potatoes. Business in all lines of seeds is very quiet and there is practically no wholesale trade going through. Transactions are confined to retail orders from the country, but these orders are on the small side. Indications point to good liarvests for most lines of seeds and there is a tendency on the part of merchants to wait for the new season’s crops before operating further. The cocksfoot crops are looking well and it is expected that there will be a larger harvest than last year. The ryegrass saved will not, however, be so plentiful as was the case the previous year and it is expected that the dry weahter conditions which prevailed a month or two ago will cause a decrease in the quantity of white clover to be harvested. Fruit Report Business has had a much brighter tone in the fruit marts during the week with heavier supplies of fruit and produce on offer. Only small quantities of New Zealand grown Sturmers are now available in the marts, chiefly from Canterbury. A small, shipment of Canadian arrived during the week. These apples were readily taken up at high prices. The tomato market has been erratic, prices fluctuating from day to day according to supplies offering. There was a better tone in the market towards the end of the week. New Zealand grown lemons are in heavy supply. Gooseberries are now plentiful. Choice quality strawberries met a keen demand at the end of the week. Jam quality, however, are offering at low rates. Supplies are coming forward from Central Otago, Waimate, Outram and Sawyer’s Bay. Supplies of cherries are increasing and choice quality realize satisfactory prices. Bananas are in short supply. A further shipment of Samoan grown is due to arrive about December 16. Jamaican oranges are now on the market. A small shipment of Californian navals came to hand at the end of the week. A small shipment of Californian grapes, grape fruit and Rarotongan bananas, is due to arrive next week ex the mail steamer at Wellington. CANTERBURY MARKETS. (Per United Press Association.) Christchurch, December 6. The only interest at present in the grain and produce markets is in fowl wheat and that interest is mainly speculation on the supplies available and whether the board will import from Australia to the South Island. Merchants, of whom now only a few hold stocks, are generally of the opinion that shipment to the South Isiand has already been arranged and will leave Australia on Monday, but neither confirmation nor denial is forthcoming from the board. Stocks in merchants hands are very firmly held, and like those held by the board, are being rationed out carefully. The price has shown a slight increase over the quotations in the early part of the week and now stands at 4/10 f.o.b. It is difficult for the purchaser to buy more than a few sacks at a time. However, the Australian shipping strike has to some extent upset the board’s plans for wheat importations into the North Island. The Monowai which was to have reached Auckland with 500 tons on December 12 had to leave with only 300 tons. Two ships are at present discharging on the North Island coast. There is no sign of life in the potato market, which appears to have been finally washed up. There is only desultory interest in the market for April-May-June’s which remain at the nominal price of £3 to £3 5/-. on trucks with very little business doing. The other markets are very quiet, good weather and the consequent increase in feed in the country having stifled interest in oats and chaff. SYDNEY STOCK EXCHANGE. BROKEN HILL SHARES FIRM. (United Press Assn.—Telegraph Copyright.) (Rec. 8.55 p.m.) Sydney, December 6. On the Stock Exchange stronger buying support was evidenced to-day, but the volume of business was not up to recent levels. Broken Hill shares retain a very firm position, but banks were neglected. Sales were:—

MINING REPORTS. KING SOLOMON RETURN. 'fhe return at the King Solomon mine this week was 1670 z lOdwt. GOLDEN SANDS LTD. (Per United Press Association.) Christchurch, December 6. The directors of Golden Sands Ltd have declared an interim dividend of 10 per cent, payable on December 18.

£ s Buyei d 'S. £ s d Sellers. Stock, 31- p.c., 1938-43 103 0 0 Stock, 3j p.c., 1938-52 102 0 0 Stock, 31 p.c., 1939-43 — 103 0 0 Stock, 31 p.c., 1939-52 102 0 0 - Stock, 4 p.c., 1940 102 0 0 —.... —• Bonds, 4 p.c., 1940 102 0 0 - Stock, 4 p.c., 1946 104 0 0 Bonds, 4 p.c., 1946 104 0 0 - Stock, 4 p.c., 1949 104 5 0 ■ ■ —■ Bonds, 4 p.c., 1949 104 5 0 - ' Stock, 4 p.c., 1955 106 0 0 - Bonds, 4 p.c., 1955 106 0 0 Banks. Commercial 0 17 7 — E.S. and A. Bank 5 10 6 New South Wales — 33 10 0 New Zealand 2 10 3 — Reserve Bank of New Zealand 5 18 0 ■. National of Austra lasia 6 16 0 National of New Zealand 3 14 0 New Zealand — 2 10 3 9 15 0 Breweries. New Zealand Brew cries (Shares) — 2 14 0 Coal. Kaitangata Coal 1 1 6 Westport Coal — 12 6 Westport-Stockton (pref.) — 0 2 9 Insurance. N.Z. Insurance 3 3 0 Standard 3 5 0 3 10 0 National 0 19 3 0 19 9 Loan and Agency. Goldsbrough, Mort and Co. 1 11 6 — ■ - National Mortgage “B” 1 12 0 — Wright, Stephenson (pref.) — 10 0 Mortgage Corporation 0 5 4 0 5 7 Meat Companies. N.Z. Refrigerating (20/- paid) 1 1 10 12 3 (10/- paid) — 0 10 9 Shipping. Union Steam Ship Co. (pref.) 1 7 4 ■ P. and 0. Stock 1 1 6 — Miscellaneous. Australian Glass — 4 5 0 British Tobacco (Aust.) 1 19 0 2 0 6 Broken Hill Pty. 2 16 0 D.I.C. (pref.) — 14 3 Electrolytic Zinc (ord.) 1 14 0 1 14 9 Colonial Sugar Co. 42 0 0 - - ■ — Dominion Fertilizer 1 3 3 13 9 Dominion Rubber Co. — 17 6 Milburn Lime and Cement 2 4 9 New Zealand Drug 3 19 6 N.Z. Farmers Fertilizers 0 19 6 Otago Daily Tinies 2 10 0 " - '■ - ■ Wilson’s (N.Z.) Portland Cement 2 1 0 2 3 0 Woolworths (Sydney) — 6 0 0 Woollen Mills. Mosgiel 10 0 0 Oamaru 1 1 9 12 9 Kaiapoi (pref.) — 0 18 6 Mining. Bendigo Goldlight — 0 0 4 Big River 0 1 10 . Gillespie’s Beach — 0 12 Goldfields Dredging 0 0 2 0 0 3} King Solomon 0 3 6 Kildare 0 2 0 0 2 8 Skippers 0 0 21 0 0 3.} Mount Lyell ■ 113 Mount Morgans — 1 16 6 Okarito 0 6 0 Waipapa Beach 0 1 6 0 18 Junction Reward — 0 16

£ s d Commercial Bank of Sydney 18 5 0 Queensland National Bank 5 4 0 Colonial Sugar 42 10 0 Associated News 1 4 9 Associated News (pref.) 1 3 71 Howard Smith 0 10 101 British Tobacco 1 19 6 Tooth’s Brewery 2 15 3 Drug Houses 1 8 9 Australian Glass 4 4 3 Goldsbrough Mort 1 12 0 Morris Hedstrom 1 4 9 Millaquin Sugar 1 15 101 David Jones 2 3 0 Standard Cement 1 0 9 General Industries 0 19 104 Broken Hill Proprietary 2 7 9 South Broken Hill 6 0 0 North Broken Hill 9 0 0 Zinc Corporation 3 19 3 Bulolo Gold 8 5 0 Katu Tin 1 5 0 Emperor 0 16 101 Loloma 1 14 6 Koroere 0 9 6 Melbourne Sales. Commercial Bank of Australia 0 18 6 National Bank (£5 paid) 7 0 0 G. J. Coles 3 5 9 Australian Glass 4 4 6 Australian Cement 1 12 6 Australian Iron and Steel (pref.) 1 4 4J Loloma 1 14 6 Emperor 0 17 11 Enterprise 3 7 6