MONEY AND MARKETS

Southland Times, Issue 23074, 16 December 1936, Page 3

MONEY AND MARKETS

SHARE MARKET INVERCARGILL STOCK EXCHANGE Quotations at yesterday’s call-over on the Invercargill Stock Exchange are as follow’s:— Government Debentures

Unlisted Woolworths (Sydney) 7 12 6 northern exchanges SALES ON ’CHANGE AUCKLAND £ s d

THE WHEAT MARKET CARGOES AND PARCELS DEARER (United Press Assn.—Telegraph Copyright) (Rec. 6.30 p.m.) London, December 14. Wheat cargoes are very firm, prices being from 6d to 1/- higher. Parcels are from 6d to 7sd dearer. Futures—London: January, 43/8; May, 42/6J. Liverpool: December, 9/4s; March, 8/88; May, 8/7s; July, 7/6 3-8. Chicago: December, 135 3-8 cents; May, 129 7-8; July, 117$.

SYDNEY STOCK EXCHANGE RENEWAL OF ACTIVITY (United Press Assn.—Telegraph Copyright) (Rec. 10.30 p.m.) Svdney, December 15. The Stock Exchange displayed renewed activity today as a result of the more settled position overseas. Industrials generally were firm but barriers were higher owing to a substantial rise in the price of lead.

FOREIGN EXCHANGES (United Press Assn.—Telegraph Copvrißht.) (Rec. 5.5 p.m.) Rugby, December 14, The following mean closing rates ot foreign exchange were quoted today com-

NEW ZEALAND CURRENCY BASIS. The Bank ot New South Wales. Dunedin, announces the following rates of foreign exchange on a New Zealand currency basis: on Buying Selling London—

MINING RETURNS MATAKI (United Press Association) Auckland, December 15. The Mataki return for the week ended December 13 was 350 z for 135 hours’ work and 8500 yards. GOLDFIELDS DREDGE (United Pres.: Association) Dunedin, December 15. The Goldfields dredge return was 18oz. GILLESPIE’S BEACH (United Press Association) Wellington, December 15. The Gillespie’s Beach return was 970 z 13dwt for 124 hours’ work. THE PRICE OF GOLD (United Press Assn.—Telegraph Copyright) London, December 14. The price of gold is £7 1/9 an ounce.

OTAUTAU SALEYARDS COMPANY The chairman of directors, (Mr G. A. Burnett) presided over a small attendance of shareholders at the annual meeting of the Otautau Saleyards Company. In moving the adoption of the report (already published) and balance-sheet, the chairman said tha + the yards opened at Wairio might have accounted for the small shortage in the yardings this year. With the extra sales, the yards were now large enough to cope with all the stock offering. The facilities for handling stock had now so advanced, by buying sheep by lorry, that the same congestion did not occur. Better facilities for catering were required, and it was the intention of the directors to make these available for the large sales during the coming season. Mr Burnett said that the directors appreciated the assistance given by the auctioneers and agents, and they had always worked in harmony together. In seconding the motion, Mr A. Fisher said that although the company was only a small one, it was a tremendous asset to the whole district. The new drafting pens were very beneficial, and he agreed with the chairman that better catering facilities were urgently needed. He was glad to feel that they had given satisfaction to the stock agents. The shareholders should congratulate themselves on having such a chairman as Mr Burnett, as he had given unstinted time and energy, and had their interests at heart. On behalf of the stock agents Mr J. C. Miller congratulated the directors on the year’s work. Nothing had been neglected and all requests for improvements had been carried out, he said. Messrs J. C. Miller and A. H. Lindsay were elected to the directorate, and Mr John Fisher was re-appointed auditor. A minute of appreciation of the services given by Mr A. C. Mills, a retiring director, over a number of years was passed. THE WOOL MARKET BRADFORD FIRMER (United Press Assn. —Telegraph Copyright) (Rec. 6.30 p.m.) London, December 14. The Bradford wool market is firmer and consumption is well maintained. Yarns are very firm. “BEAR” SELLING DENOUNCED ARTIFICIAL BASIS OF VALUES (United Press Assn.—Telegraph Copyright) London. December 14. “Selling wool for a fall, which has arisen in recent years in Australian markets, is a pernicious practice,” said Mr M. IT. Pickles, president of the British Wool Federation, at a meeting of the Bradford Textile Society. He added that the “bear” seller helped to kill confidence and established an artificial basis of values, preventing others obtaining a return based on the world price, which was the only sound basis. Some Continental houses had introduced the practice, of which English operators were not guilty. “I am pleased that it proved expensive for them last season and the early part of this,”' said Mr Pickles. “The added price at which wool sells in world competition should be the basis of costing, but a dangerous element is being introduced if that price is made the plaything of gamblers.” SYDNEY VALUES STILL FIRM KEEN COMPETITION (United Press Assn.—Telegraph Copyright) (Rec 11 p.m.) Sydney, December 15. At the wool sales 13.360 bales were offered and 12,175 were sold, also 1974 privately. The market continues very strong, with keen competition from Yorkshire, Germany, France and America. Greasy Merino made up to 31 4 w a lb. BRITAIN’S OVERSEAS TRADE (United Press Assn.—Telegraph Copyright) (Rec. 5.5 p.m.) London, December 14. The Board of Trade returns for November arc as follows: £ Imports 78.671,000 Exports 38,441,000 Re-exports 4,342,000 The principal increases, compared with November last year are: Imports Dairy Produce 840,000 Grain and Flour 1,961,000 Wool and Timber 124,000 Wool Raw Waste 841,000 The principal decreases are: Exports £ Non-ferrous Metal Manufactures 554,000 Coal 360,000 PLACER DEVELOPMENT INCREASE IN INCOME Placer Development, Ltd., received 749,483 dollars (£A192,175) in dividends for the year ended April 30, compared with 379,641 dollars for 1934-35. Tire accounts are in terms of Canadian currency. Other income brought the total to 757,457 dollars, against which are property expenses of 25,623 dollars and administrative expenses of 45,592 dollars. The profit is 688,241 dollars (£A176,472), campared with 5,767,133 dollars (£A1,441,783) for the previous year, the latter figure being swollen by sales of properties taken in at 6,265,823 dollars. Dividend No. 4 of 2.40 dollars per share of 5 dollars and No. .5 of 50 cents per share of the dollar, together require 602,670 dollars. Allowing income tax of 1560 dollars, the credit balance at April 30 was 1,038,591 dollars against 954,581 dollars brought forward. Dividend No. 6 of 50 cents per share was paid on July 6. The company’s holding in Bulolo Gold Dredging is shown at 288,263 shares, equal to 30.6 per cent, of the total issued, and valued at market prices on dates received at 10,296,499 dollars. A further 18.015 shares have been acquired since, making the total holding 306,278 shares. Investments in other companies appear (at cost) at 1,675,752 dollars, comprising Pato Consolidated 1,044,974 dollars, Asnazu Gold 200,736 dollars, Golden Queen Mining 220,435 dollars, Rutherglen Gold Dumps 129,607 dollars, Pan-American Engineering 30,000 dollars, and Canadian Exploration 50,000 dollars. Cash items are 353,119 dollars, debtors 10,970 dollars, and advances to associated companies 76,193 dollars. Current liabilities are 476,083 dollars, chiefly a bank loan of 414,470 dollars. Capital at April 30 was 614,970 dollars (1 dollar shares), increased since to 700,000 dollars by the sale of 85,030 shares in London. Reserves are share premiums 1,444,076 dollars and special and general 8,855,184 dollars.

Pato Consolidated (South America), in which the holding has been increased by 128,172 shares to 1,000,000 shares, is working two dredges. A third will be working at the end of January, and the number later increased to six. Working practically one dredge during the year ended April 30, this company earned a profit of 195,000 dollars. A separate company will probably be formed to work the adjoining Restrepo options, of which Placer owns 50 per cent. Asnazu Gold Dredging earned a profit of 214,000 dollars, and has paid a first dividend of 5 per cent, per share. Recoveries and operating profits of Rutherglen Gold Dumps Ltd. (Victoria) are stated to be fully up to expectations.

Stock, 34 p.c., Buyers. Sellers. £ s d £ s. d 1938-43 — 102 10 0 Stock, 3A- p.c., 1938-52 101 10 0 —— Stock, 34 p.c.. 1939-43 102 10 0 Stock, 3't p.c., 1939-52 101 10 0 Stock, 4 p.c., 1940 100 15 0 Bonds, 4 p.c., 1940 100 15 0 — Stock, 4. p.c., 1946 102 0 0 102 10 0 Bonds, 4 p.c., 1946 102 0 0 102 10 0 Stock, 4 p.c., 1949 102 0 0 — Bonds, 4 p.c., 1949 102 0 0 ■ Bonds, 4 p.c., 1955 (ex div.) 102 0 0 102 0 0 Banks Commercial 0 19 0 — Commercial, pret. 4 p.c. (cum.) 9 5 0 National of New Zealand 3 3 0 — New South Wales — 34 10 0 New Zealand (ex. div.) — 2 1 0 Union of Australia 10 5 0 — Breweries N.Z. Breweries (ex div.) 2 12 0 2 13 6 Coal Kaitangata 1 2 0 — Westport Coal 1 1 9 1 2 3 Insurance National — 0 18 3 Standard — 3 0 0 Loan ant Agency Goldsbrough Mort and Co. 1 15 3 1 16 3 National Mortgage 2 10 0 — Trustees Executors (Dunedin) 3 12 0 — Wright, Stephenson (ord.) 0 18 0 1 0 0 N.Z. Loan and Mei cantile 34 0 0 — Meat Companies N.Z. Refrigerating— (20/- paid) 0 19 9 1 1 0 (10/- paid) 0 9 7 0 9 10 Southland Frozen Meat Co. (ord. and pref.) — 3 15 0 Shipping Howard Smith 1 1 0 — Union Steam Ship Co. (pref.) 1 6 3 -— Woollen Mills Bruce 0 13 6 Kaiapoi (pref.) — 0 18 0 Mosgiel 9 10 0 — Miscellaneous Associated News 1 3 6 1 4 0 Broken Hill Broprietary 4 2 6 Colonial Sugar Co. 43 0 0 — G. J. Coles 4 9 0 4 11 0 Dominion Fertilizer — 1 4 6 Donaghy’s Rope ant 1.0 Twine 2 5 — Dunlop Rubber (Aust.) — 0 17 10 N.Z. Drug 3 14 6 — N.Z. Farmers’ Fertilizers — 1 0 0 N.Z. Guarantee Corporation 0 5 3 — Otago Daily Times 2 o 3 — Wilson’s (N.Z.) Cement 1 17 0 — Woolworths (N.Z.) * — 6 10 0 Shillings Ltd. 1 0 6 1 1 6 Mining Big River —— 0 2 0 Gillespie’s Beach — 0 1 6 Electrolytic Zinc (ord.) — 2 8 0 (pref.) — 2 9 6 King Solomon 0 0 b — Martha Gold Mining 0 19 6 —— Mount Morgans 0 15 6 — Okarito 0 3 6 — Skippers — 0 0 4 Waipapa ——— 0 U 1U Waihi 0 12 0 —

Auckland Harbour 1945 p.c. 104 0 0 Central Power Board 1950 P-c. 103 15 0 Auckland Drainage Board P-c. 1942 101 0 0 Auckland Transport Board 4’,4p.c. 1941 101 0 0 Bank of New South Wales 34 5 0 New Zealand Insurance 3 0 3 Dalgety and Co. 10 12 6 Auckland Gas 1 3 0 Broken Hill Propty. 4 1 6 do. 4 1 9 Burns Philp 3 13 9 Electrolytic Zinc 2 7 9 Gillespie’s Beach 1 5 Martha 1 0 0 Placer Development 4 17 6 Unofficial Woolworths (Sydney) 7 13 6 WELLINGTON £ s d N.Z. Guarantee Corporation 5 4 Shillings Ltd. 1 1 0 Mount Morgan 15 6 CHRISTCHURCH Listed £ s d Bank of New South Wales 35 0 0 Dalgety and Co (4) 10 12 6 N.Z. Refrigerating (£1 paid) (2) 1 0 0 Dunlop Rubber (2) 17 6 do. 17 7 Electrolytic Zinc (prefj (4) 2 10 0 G. J. Coles (cum. div.) (3) 4 9 6 Sales Reported Dalgety and Co. (3) 10 12 6 Dunlop Rubber (2) 17 6 Broken Hill Propty. 4 1 3 G. J. Coles (cum div.) 4 9 6 DUNEDIN £ s d Millaquin Sugar 2 2 0 Morts Dock 13 4 Mount Morgan (Saturday) 15 7>,i do. 15 7 New Guinea Goldfields , 5 0>/ 2 Gillespies Beach 1 5 4 p.c. Bonds 1946-49 101 17 6

Sales:— £, s d Bank of New South Wales 35 5 0 Commercial Bank of Sydney 20 13 0 Commercial Bank of Australia 19 Colonial Sugar 43 7 6 Australian General Insurance 18 6 Associated Newspapers (N.Z. del.) 1 4 3 Associated Newspapers (pref.) 1 3 British Tobacco 2 6 3 Tooth’s Brewery 2 15 9 G. J. Coles 4 10 9 Goldsbrough Mort 1 16 0 General Industries 19 3 W. R. Carpenter 2 4 9 Meggitts 1 10 0 Morts Dock 13 7 Waldas 1 14 0 Victoria Nyanza 15 0 Woolworths (ord.) — Buyer 7 13 0 Seller 7 15 0 Woolworths (N.Z., ex div. and ex rights)— Buyer G 2 6 Selfridges— Buyer 1 17 9 Seller 1 18 3 Mount Lyell 1 17 9 Bulolo Deposits 2 2V 2 Emperor 19 V/2 Kramat Tin . > 17 0 Rawang Tin 10 9 Larut 14 10 Melbourne Sales The market generally was steady. There was a strong demand for barriers < 311 the higher metal prices. Sales:— £ S d Commercial Bank of Australia 19 4 G. J. Coles 4 10 3 Australian Iron and Steel (pref.) 1 5 io Dunlop Perdriau Rubber 17 9 Goldsbrough Mort 1 16 3 South Broken Hill 2 2 0 Zinc Corporation 6 15 0 Emperor 18 11 Kauri Timber 1 5 3 General Motors 1 3 9 Silverton Trams 1 16 3

pared with par:— Par Today. Paris, fr. to £ — 105 9-64 New York, dol. to £ 4.886 4.90% Montreal, dol. to £ 4.886 4.90 Brussels, belgas to £ 35 29.02 Geneva, fr. tp £ 25.221 21.33% Milan, lira to £ 20.43 93 3-16 Berlin, rmk. to £ 24.42 12.19 Stockholm, kr. to £ 18.159 19.39% Copenhagen, kr. to £ 18.159 22.40 Oslo. fr. to £ 19.159 19.90 Vienna. «chgs to £ 34.585 26% Prague, kr. to £ 164.25 139 Helsingfors, tn. to £ 103.23 226% Madrid, pesetas to £ 25.15 — Lisbon, escudos to £ 110 110% Athens, dr. to £ 875 547% Bucharest, lei to £ 318.6 620 Belgrade, dinars 275.31 213 Rio do Janeiro, p. to mllrel: s 8.892 4% Buenos Aire*, p. to dol. 45.577 Montevideo, p. to dol. 57 39% Bombay, p. to rupee 10 18 9-64 Shanghai, p. to dol. — 14 17-32

£N.Z. to £100stg. T.T. 124 124/10/O.D. 123/10/124/8/9 Australia— £A to £100 N.Z. T.T. 101 100/10/O.D. 101 100/10/Fiji— £F to £100 N.Z. T.T. 90/7/6 89 O.D. 90/7/6 89 New York— Dollars to £1 N.Z. T.I. 3.96% 3.93% O.D. 3.98 3.93% Montreal— Dollars to £1 N.Z. Tl. 3.96% 3.92% O.D 3.97% 3.93% Austria— Schillings to £1 N.Z. T.T. — 20.60 O.D. —- 20.62 Belgium— Belgas to £1 N.Z. T.I. — 23.180 O.D. — ■■ 23.191 Czechoslovakia— Crowns to £1 N.Z. T.T. — 110.43 OD. — 110.48 Denmark— Kroner to £1 N.Z. T.T. 18.203 17.893 O.D. 18.263 17.900 France— Francs to £1 N.Z. T.T. — 84.23 O.D. —— 84.27 Germany— Reichmarks to £1 N.Z. T.T. —. 9.721 » O D. — 9.726 Holland— Florins to £1 N.Z. T.T. — 7.192 O.D. — 7.196 Italy— Lire to £1 N.Z. T.T. 74.63 O D. — 74.68 Java— Florins to £1 N.Z. TT. —— 7.153 O.D. —- 7.157 Norway— Kroner to £1 N.Z. T.T. 16.181 15.891 O.D. 16.181 15.891 Sweden— Kroner to £1 N.Z. T.T. 15.785 15.490 O.D. 15.845 15.500 Switzerland— Francs to £1 N.Z. T.T. — 17.053 O.D. —- 17.058 Noumea — Francs to £1 N.Z. T.T. 82.86 OD. —- 82.92 Papeete— Francs to £1 N.Z. T.T. — 83.01 O.D. —. 83.07 Hong Kong— N.Z. pence to 1 dollar T.T. 18 9-32 18 25-32 O.D. 18% 18 49-64 India and Ceylon— N.Z. pence to 1 rupee TT. 22 13-32 22 11-16 O.D. 22% 22 43-64 Japan— N.Z. pence to 1 yen T.f. — 17 13-32 O.D. — 17 25-64 Shanghai— N.Z. pence to 1 dollar T.T. 17% 18% O.D. 17 19-32 18 7-64 Singapore— N.Z. pence to 1 dollar T.T. 34 23-32 35 13-64 O.D. 34% 35 3-16 Chefoo— N.Z. pence to 1 dollar T.T. 17 41-64 18 17-64 O.D 17 19-32 18%