MONEY AND MARKETS

Southland Times, Issue 23228, 17 June 1937, Page 3

MONEY AND MARKETS

CITY MARKETS

Samples Of Oats Offering SOME GOOD RYEGRASS LINES Oats.—Although offerings from farmers have been slower than in past years, samples are now coming to hand steadily. In some cases farmers have been fortunate enough to save oats in good condition and not greatly discoloured, but in many cases the samples submitted are of indifferent quality, and some lines have been damp and a great many discoloured by the weather. It is reported that oats are being brought into the North Island from Tasmania, and this has had a somewhat steadying effect on the market. Values to farmers are about 3/3 a bushel for heavyweight lines suitable for milling 01 seed, and proportionately less for lower quality. Good Duns are scarce and are commanding prices rather higher than Gartons, but the biggest proportion of the samples submitted is light in colour and light in weight and such samples can only be sold at reduced prices. Wheat.—Prices for lines suitable for milling are those fixed by the Wheat Purchase Board, which are 5/2 for Tuscan and Yeomans, 5/4 for Hunters and Montana King and 5/6 for Velvet, these prices being f.o.b. Bluff. Fowl feed lines are not plentiful and are saleable at practically the equivalent of milling prices. Chaff.—Offerings have eased to some extent, as most of the old season’s chaff has been dealt with and new season’s chaff in most cases requires to be put into stack for a considerable time in order to get into proper condition. The value to farmers for good bright quality is about £4 10/- a ton, on trucks, country stations. Ryegrass.—The quantity offered by farmers this season has been very small, as most of the crop has been destroyed. An odd small line, however, 1 comes on the market and some of these lines are in surprisingly good _ order considering the weather experienced. The value for good lines range from 3/- to 3/6 a bushel. Other seeds. —There has been practically no white clover offering this season and in Invercargill practically no crested dogstail has been saved. Some offerings of brown top have been made, but the quantity available is much less than in a normal season. Dressed seed suitable for export is worth 1/- a lb for certified and lOd to lid for rmcertified. Potatoes.—There has been a considerable easing in value of potatoes in Canterbury, which seems to indicate that the export business will not be very extensive and that the production in Canterbury has been sufficiently high to supply the ordinary shipping trade. The production in Southland has been below normal, although some districts appear to have suffered much worse than others. However, the local market will probably be regulated to a great extent by the general position of the other South Island markets. It seems doubtful that the high prices which have been paid recently will be maintained. At the present time the market value for shipping purposes is about £5 10/-, on trucks, country stations.

ORANGES NOW PLENTIFUL The apple market is still overloaded with heavy supplies of inferior grade fruit, choice lines being scarce and the only ones to realize satisfactory prices. Dessert pears are less plentiful again, prices remaining steady. Bananas are selling steadily and with prices fixed at the present low level, there will be no difficulty in disposing of the recent shipment ex the Maui Pomare within the four-weeks period. Lemons, both Californian and New Zealand, are in short supply and as only a small quantity is being imported by the latest steamer, the southern markets are facing a very lean period. New Zealand lemons are also realizing high values in the North Island, and there does not appear to be sufficient inducement for consignments to be. sent south. Marmalade oranges are already on the market and supplies should be regular, although the quantity is likely to be smaller than usual for the season. The few cases of Cook Island oranges remaining out of the Limerick shipment were cleared this week and a shipment of South Australian navels which arrived last week has also been cleared out of wholesale hands. For the next shipment orders are being taken and a sufficient quantity will be landed to fill requirements, although there will be no excess supplies. Mandarins are also expected by the Waitaki on its next trip, and these should be found to be in ideal condition.

Two hundred cases of Mangaian oranges reached the market last week ex the Mataua and over half of these found sale. This is undoubtedly the finest sample which has reached here from the Cook Islands and certainly justifies the establishment of the island service by the Matua, the condition being perfect and the quality better than anything else offering at the present time. Further shipments of island oranges can be expected, approximately 150 cases arriving at the end of this week, to be followed by another shipment ex the Matua in three weeks time. There is a better demand for vegetables and high prices have been obtained for cauliflowers. Cabbages have also improved in value. Carrots and parsnips are clearing as fast as supplies can be obtained. Wholesale prices are quoted as follows:— Apples.—Cooking, 4/- to C/- a case; choice Delicious, Jonathan and Sturmer, 7/- to 9/-; inferior grade dessert, 4/- to 6/-. Dessert pears.—4/- to 5/- a box. Ripe bananas.—To 20/- a case. Cauliflowers.—7/6 to 10/- a sack. Cabbages.—4/- to 5/6 a sack. Parsnips and carrots. —To lid a lb. Celery.—4/- to 6/- a doz. Spinach.—To 1/6 a doz. Leeks.—l/- to 3/- a dozen, according to quality. Pumpkins.—lid a lb. Swedes.—l/3 to 2/6 a bag. Marmalade oranges.—l 4- to 17/- a cai£. MERCHANDISE PRICES WHOLESALE Bran.—£6 a ton Butter. —First zrade, 1/3; second grade. 1/2; separator, lid to 1/for best quality. Oatmeai 25’s £27 a ton; 200’s £25 a ton Pollard. 100’s £7 10/- a ton. 150’s £7 5/- a ton Flour. -200’s, £l3 15/6 a ton; 100's, £l4 12/6 a ton; 50’s, £l4 17/6 a ton; 25’s. £l5 7/6 a ton. RETAIL Bran. —7/6 a 1001 b. Butter.—l/4i to l/sj; separator, 1/1.

Flour —2s’s 4/6; 50 s 8/6; 100 s 16/Oatmea. -25’s 7/9. 50’s 15/3. Pollard 9/ a 1001 b Onions. -81 b for 1/Potatoes.—lolb to 121 b for 1/-. EGGS Quotations of the price of eggs have been obtained from six Invercargill merchants. Wholesale merchants quote wholesale rates at 1/8 a dozen in the city and 1/7 in the country. Retail merchants quote wholesale rates at 1/6 and 1/7 a dozen and retail prices at 1/9 and 1/10 a dozen.

SHARE MARKET

INVERCARGILL STOCK EXCHANGE MORE ACTIVITY AMONG INDUSTRIAL SHARES At the call-over on the Invercargill Stock Exchange yesterday there was a little more activity in industrial companies’ shares. The metal market remained weak and gold shares in some cases were easier. Quotations were as follows:— Government Debentures

NORTHERN EXCHANGES

SALES ON ’CHANGE

Unofficial Woolworths (Syd.) 619 0 WELLINGTON £ s d 3’4 p.c. Stock 1953-57 (Tues.) 99 17 6

SYDNEY STOCK EXCHANGE IRREGULARITY IN PRICES (Received June 16, 8.55 p.m.) SYDNEY, June 16. There was considerable irregularity in investment prices on the Stock Exchange today but the market had a good healthy undertone; some barrier shares were much weaker.

NEW ZEALAND BREWERIES (United Press Association) WELLINGTON, June 14. At the fourteenth annual meeting of New Zealand Breweries, Ltd., the chairman (Mr David W. Madden) referring to tlie report and balance-sheet said: “The economic policy of the Government has resulted in a general expansion of trade and, in common with other manufacturing concerns, we have to record an appreciable increase in output This change in the national economy, however, has brought with it many onerous obligations and every department of our business has been affected thereby.” The report and balance-sheet which recommended the payment of a final dividend of 4g per cent., making a total for the year of 8J per cent., was adopted. Messrs D. W. Madden, H. C. McCoy and the Hon. W. Perry, M.L.C., were re-elected directors. MANAWATU KNITTING MILLS, LTD. (United Press Association) WELLINGTON, June 16. The Manawatu Knitting Mills Limited has advised the Stock Exchange Association that the directors have declared an interim dividend for the halfyearly period ending May 22 of 4 per cent., payable on June 28. COLOMBO - TEA SALE DUNEDIN, June 16. Mr L. M. Wright has received the following cabled report on the Colombo tea auction of June 15:— “At yesterday’s tea auction of 2,750,0001 b common grades met with a keen demand and prices advanced Id. Medium and fine teas were slightly irregular, following quality. Next week’s sale is catalogued for 2,225,0001 b.” LONDON STOCK EXCHANGE BANK SHARES AND DEBENTURES (Received June 16, 6.30 p.m.) LONDON June 15. Bank shares and debentures are quoted as follows:

Buyers Sellers £ s d £ s d Stock, 3J p.c., 1938-43 101 1° u Stock, 3| p.c., n 1938-52 102 0 u Stock, 31 p.c., n 1939-43 101 10 U Stock, 3| p.c., n 1939-52 102 u A Stock, 4 p.c., 1946 103 10 U A Bonds, 4 p.c., 1946 103 10 V a Stock, 4 p.c., 194'J 103 10 U a Bonds, 4 p.c., 1949 103 10 u Banks Commercial u 10 New South Wales 36 10 New Zealand 2 5 0 New Zealand long 1 6 6 “D” issue Breweries N.Z. Breweries n (rights) 1 1 u Staples’ Brewery 2 Coal Kaitangala. 1 1 2 3 6 6 Westport Coal - ■ Insurance National 0 16 11 — South British 4 14 0 — Standard i 19 0 Loan and Agency Goldsbrough, Mort and Co. 1 11 6 National Mortgage 2 13 0 N.Z. Loan and Mera cantile 46 0 Southland Farmers’ n Co-op. * -to Wright, Stephenson A (ord.) 1 0 Q (pref.) 1 1 Meat Companies Gear Meat Co. 0 17 0 N.Z. Refrigerating (10/- paid) 0 8 11 Southland Frozen Meat (ord. and pref.) 3 14 6 — Shipping Huddart-Parker 2 0 0 Union Steam Ship Co. (pref.) 1 6 0 — P. and O. Stock 1 18 Woollen Mills Bruce 0 11 0 Kaiapoi (pref.) 0 16 6 — Mosgiel 6 Oamaru 0 18 6 1 1 0 Miscellaneous Broken Hill Pty. 3 19 9 British Tobacco (Aust.) 2 9 0 Colonial Sugar Co. 46 0 0 G. J. Coles 5 8 0 DI.C. (ord.) 0 16 9 D.LC. (pref.) 1 3 9 — Dominion Fertilizer 1 4 0 Donaghy’s Rope and Twine 2 13 0 Dunlop Rubber (Aust.) 1 2 9 Wilburn Lime and Cement 1 18 6 —— N.Z. Drug 3 14 0 3 15 0 N.Z. Farmers’ Fertilizers 1 0 3 N.Z Guarantee Corporation 0 4 11 Permanent Building Society 5 17 0 Wilsons (N.Z.) Cement 2 0 0 Woolworths (N.Z.) 8 5 0 Shillings, Ltd. 0 18 0 0 18 9 Mining Broken Hill South 2 7 6 — Big River 0 1 7 Electrolytic Zinc (ord.) 2 13 0 (pref.) 2 16 0 Gillespie's Beach 0 1 62 Goldfields Dredging 0 0 6 Mount Lyell 2 1 9 Mount Morgans 0 12 11 Nokomai 0 2 9 Skippers 0 0 4 Waimumu 0 0 4 Waipapa 0 0 8i Unlisted Woolworths (Sydney) 6 19 0 7 5 0

AUCKLAND £ S d Stock 1943 4p.c. 104 0 0 Auckland Harbour Board 1952 4’,4p.c. (2) 107 10 0 do. 1954 4’4 P-C. (2) 107 10 0 Commercial Bank of Australia 18 7’/a do. (pref.) (2) 9 5 0 Bank of New South Wales 36 0 0 Bank of N.Z. 2 4 0 do. (D mort.) 1 6 4 North Auckland Farmers' Co-op. (B pref.) (2) 11 0 Renown (pref.) 2 9 Taupiri 15 6 Auckland Gas (cont.) 15 9 Christchurch Gas 1 7 0 Devonport Ferry (2) 1 0 0 N.Z. Breweries (rights) 1 1 4 do. 1 1 2 Broken Hill Propty. 3 18 6 do. 3 18 . 1 do. (cont.) (2) 3 13 0 Colonial Sugar 47 0 0 Dunlop Perdriau 1 2 3 do. 1 2 0 G. J. Coles 5 7 6 Farmers' Fertilizer 1 1 0 N.Z. Newspapers 1 14 3 Robinson Ice 1 3 6 Wilson’s Cement (2) 2 0 6 Mount Lyell (2) 2 0 9 Mount Morgan (2) 12 0 Rawang Tin 11 5

Bank of N.Z. (D long term) (Tues.) 1 G 4 Australasia Pulp and Paper (Tues.) 1 3 6 3'/ 2 p.C. Stock 1939-43 (3) 102 5 0 Bank of New South Wales 35 15 0 Gear Meat ' 16 1 Dominion Breweries 2 4 0 N.Z. Breweries (rights) (2) 1 1 4 do. (rights) (2) 1 1 3 G. J. Coles 5 7 0 do. 5 7 6 Australia Paper Manufacturers (pref.) 1 3 0 Martha Mine 15 6 Mount Lyell 2 0 7 Rawang Tin 1 4 Unofficial McKenzie's Stores (2) (Tues.) 4 1 0 Woolworths Limited 6 19 6 do. (2) 7 0 0 Radio 1936 Limited 1 1 9 CHRISTCHURCH • £ s d Commercial Bank of Australia 18 7 do. 18 5 National Insurance 17 0 Goldsbrough Mort (cum. div.) 1 16 9 do. 1 16 4 Christchurch Gas 1 7 0 Dominion Breweries 2 4 0 N.Z. Breweries (rights) (4) 1 1 2 Broken Hill Propty. (3) 3 18 6 do. (3) 3 18 5 Dunlop Rubber (3) 1 2 4 do. (4) 1 2 3 do. 1 1 10 Electrolytic Zinc (ord.) (2) 2 9 8 G. J. Coles 5 7 0 do. (3) 5 6 9 Hume Pipe (Aust.) 19 1 Taranaki Oilfields 3 11 Mount Lyell (cum. div.) (7) 2 0 6 Broken Hili South (cum. div.) 2 6 6 Mount Morgan (cum. div.) 11 10 North Broken Hill (cum. div.) 3 9 0 do. (2) 3 8 9 do. 3 8 6 Rawang Tin 11 0 Sales Reported Carlton Brewery 3 4 0 Broken Hill Propty. 3 19 0 Unlisted New River 9 Woolworths (Syd., ord.) (3) 6 19 0 Sales Reported McKenzie's Department Stores 4 1 0 Woolworths (Syd.) 6 19 0 DUNEDIN £ s d N.Z. Breweries (Tues.) 1 1 3 do. (2) 1 1 3 Huddart Parker (pref.) 1 1 0 Taranaki Oil 4 0 Bank of N.Z. 2 4 0 Mount Lyell (cum. div.) (3) 2 0 3 do. 2 0 2 North Broken Hill (2) 3 9 6 Broken Hill Propty. (cont.) 3 12 0 Unlisted Christchurch Press 8 9 6

Sales were: £ S d Bank of New South Wales 36 2 6 Commercial Bank of Australia 18 6 Colonial Sugar 48 0 0 Mercantile and Mutual Insurance 1 11 6 United Insurance 10 13 0 Associated Newspapers 1 2 6 do. (pref.) 1 3 6 Huddart Parker 1 18 6 Adelaide Steam 1 11 9 British Tobacco 2 10 6 Tooth’s Brewery 2 16 0 Toohey's Brewery 1 13 6 Carlton Brewery 3 4 0 Australian Glass 4 13 6 Dunlop Perdriau Rubber 1 2 0 Winchcombe Carson 1 19 6 Electrolytic Zinc 2 10 6 do. (pref.) 2 13 3 Anthony Hordern 19 3 Felt and Textiles 1 15 9 United Provisions 10 3 General Industries 1 0 6 Mount Morgan 11 7 Mount Morgan (N.Z. delivery) 11 7 Mount Lyell 2 1 0 Broken Hill Propty. 3 18 6 North Broken Hill (N.Z. delivery) 3 10 0 South Broken Hill 2 7 6 Melbourne Sales Most activity was in bonds. Some of the leading industries were inclined to weaken, but the tone Improved at the close. Sales were: £ s d Commercial Bank of Australia 18 7 National Bank (£10 paid) 14 10 0 British Tobacco 2 10 0 Carlton Brewery 3 3 9 G. J. Coles 5 8 0 Australian Glass 4 13 0 Dunlop Perdriau Rubber 1 1 10 Hume Pipe 19 5 Silverton Trams 1 15 6 Felt and Textiles 1 15 6 Yarra Falls (rights) 8 6 Electrolytic Zinc 2 10 3 do. (pref.) 2 13 0 Victoria Nyanza 17 9 Mount Morgan 11 5 Mount Lyell 2 0 0 Broken Hill Propty. 3 18 3 North Broken Hill , 3 9 9 South Broken Hill 2 16 9 Emperor 15 8

£ S d Bank of Australasia 9 11 1014 E.S. and A. Bank 4 16 0 Union Bank of Australia 8 16 3 Bank of New South Wales 28 8 9 National Bank of N.Z 2 10 0 Bank of N.Z. 1 15 0 British Tobacco 1 18 9 Goldsbrough Mort 1 10 0 Dalgety and Company 8 15 0 P. and O. (deferred) 1 11 3 N.Z. Loan and Mercantile— 4 p.c. 96 0 0 Ordinary 38 10 0