BANKING SHARES HAVE INQUIRY

Southland Times, Issue 24237, 21 September 1940, Page 3

BANKING SHARES HAVE INQUIRY

INDUSTRIAL LINES ACTIVE INVERCARGILL STOCK EXCHANGE

The inquiry for Government bonds and stocks was well maintained on the Invercargill Stock Exchange yesterday. Limited inquiry continues to come for bank shares. There was a better market for some of the leading industrial lines and Broken Hill Proprietaries had buyers at £2/5/9. D.I.C. (pref.) moved up to £l/3/6, and Coles were at £3 6/6. Overseas mining stocks were quiet, with few buyers. Quotations were as follows:—

Government Debentures. —4 p.c. Stock 1940-43. b £lOO/10/-; 4 p.c. Stock 1943-46, b £lOO/10/-; 4 p.c. Bonds 1943-46, b £lOO 10/-; 4 p.c. Stock 1946-49. b £105; 4 p.c. Bonds 1946-49, b £105; 4 p.c. Stock 1949-52, b £lO6/5/-; 3‘'2 p.c. Stock 1953-57, b £100; 4 p.c. Stock 1954-58. b £lO7/5/-, s £lOB. Banks.—E. S. and A. Bank, s £4/15/-; National of New Zealand, b £l/19/-; New Zealand, b £2/2/6; New Zealand Long "D” issue, b £l/8/-; Union of Australia, s £7 2/6. Breweries.—Dunedin Brewery Company, s £l/5/-; New Zealand Breweries, b £l/14/6; Tooth’s Brewery, s £2/16/-. Coal.—Kaitangata, s £l/11/6; Westport Coal, b £l/2/6; Westport Stockton (pref.), b 5/-. Insurance.—National, b 18/9; New Zealand, b £3.

Loan and Agency.—National Mortgage, s £2; Trustees’ Executors (Dunedin), b £4 4/-; Wright, Stephenson (ord.), s £l/0/3; (pref.), b 19/9; Perpetual Trustees, b £2 10/-.

Meat Companies.—New Zealand Refrigerating (20/- paid), b £1; (10/- paid), b 9/4; Southland Frozen Meat, b £l/15/6; South. Otago Freezing Company, b £5/4/-. Shipping.—Howard Smith, s £l/3/-; Union Steam Ship Company (pref.), b £l/6/-; P. and O. Stock, s £l/4/-.

Woollen Mills.—Bruce, b' 18/-; Kaiapoi (pref.), 17/-; Mosgiel, b £lO/10/-; Wellington Woollens (ord.), s £7; Timaru, b 11/-. Miscellaneous.—Australian Iron and Steel, b £l/6/-; .’roken Hill Proprietary, b £2 5/9; British Tobacco (Aust.), s £2/9/-; G. J. Coles, b £3/6/6; D.I.C. (pref.), b £l/3/6; Dominion Fertilizer, b £l/7/-; Dominion Rubber Company, s £l/1/-; Donaghy’s Rope and Twine, b £2/13/6; 1.C.1. (pref.), b £1 4/-; McDuffs Ltd., b 9/6; McKenzie’s Department Stores Ltd., b £2/2/-; Milburn Lime and Cement, s £2/1/6; New Zealand Drug (rights), b £l/6/6; N.Z. Farmers’ Fertilizers (pref.), b £l/1/6; N.Z. Guarantee Corporation, b 3/4, s 4/-; Wilson’s (N.Z.) Cement, s 19/9; Woolworths Ltd., b 17/6, s 18/6; Southland Ice Cream, b £l/2/6. Mining.—Broken Hill South, b £l/5/-; North Broken Hill, b £l/16/-; Big River, s 7d; Electrolytic Zinc (ord.), s £2/12/-; Gillespie’s Beach, s 6d; Martha Uold Mining, b.7/-, s 7/9;'Mount Lyell, s £l/8/-; Mount Morgans, b 7/9; Okarito, b 7d; Waihi Investments, s 6/-; Grey River, b 16/-; Austral (N.Z.), b £l/3/-.

AUCKLAND Sales—Bonds 1953-57 314 p.c. £lOO/12/6; do. 1952-55 4 p.C. £107; Stock 1954-58 4 p.c. £108; Bank of New Zealand £2/2/4; Dominion I. and B (2) 17/6; Booth, Macdonald (pref.) 4/3; Broken Hill Proprietary £2 6/3; Farmers’ Trading £l/0/3; New Zealand Farmers’ Fertilizers (pref.) £l/3/-; Wilson’s Cement (3) 19/9; Woolworths (Sydney) 18/3, do. 18/2; Martha 7/6; Broken Hill South - £l/6/-. WELLINGTON Sales late Thursday—Bank of N.Z. £2/2/6; Commercial Bank (ord.) 14/10. Sales Yesterday.—4 p.c. Stock 1955 £lO7 5/-; 3 p.c. Stock 1941 £99/17/6; Auckland Harbour Board 4’A p.c. 1959 £108; Mount Lyell £l/8/6; Taranaki Oil Development 3/2. CHRISTCHURCH Sales on ’Change.—4 p.c. Bonds 1949 £106; Commercial Bank of Australia 15/-; Bank of New Zealand (2) £2/2/3, £2/2/2; N.Z. Refrigerating (£1 paid) £l/0/9; McDuffs (ord.) 10/6; Woolworths (Sydney; ord.) (ex div.) 18/2. Sales Reported.—Union Bank of Australia £7/1/6; Woolworths (N.Z.) 16/6. DUNEDIN Sales.—Union Bank £7; N.Z. Refrigerating (paid) £l/0/9; Mac Duffs (ord.) 10/9; N.Z. Drug (rights) £l/7/0; N.Z. Drug £3 14/0; Woolworths (Syd.) 18/3; N.Z. Breweries £l/14/6; Taranaki Oil 6/6. SYDNEY (Received September 20, 10.20 p.m.) SYDNEY, September 20. Saturday’s Commonwealth elections caused . slackening in trading on the Stock Exchange today. Price levels of front rank investments, however, remained steady. Quotations: —Tooth’s Brewery £2/9/9; Amalgamated Wireless Contributing £2/1/0; Australian Paper (pref.) £l/5/4; Hackshalls 10/6; Mark Foy 16/6; John McGrath £l/9/-; Sargents £l/4/-; Electrolytic Zinc £3/10/6; Consolidated Industries (cont., N.Z. delivery) 16/7. MELBOURNE Sales:—Consolidated Industries £l/15/3; United Provisions 6/2; Myers £l/10/-; Metropolitan Gas £l3/10/-; Broken Hill Propty. £2/4/-; Loloma £l/3/3.

DREDGE CONVERTED TO COAL BURNER

SAVING IN OPERATING COSTS

Instituted for the purpose of cutting down operating expenses, the alterations to the Otago Harbour Board’s dredge Otakou to enable her to burn coal in her furnaces, instead of the oil fuel for which she was designed, have been completed, and for a little over a week the vessel has been carrying out her customary tasks on the harbour with her boilers fired by locally-pro-duced fuel.

The work of altering the furnaces and bunkers occupied a little more than a month, and was carried out entirely by the board’s staff. On August 7 the Otakou was tied up at the Victoria wharf, where the oil burners in the furnaces were removed, fire-bars were installed, and new furnace fronts and doors were fitted. Further alterations consisted of re-bricking the furnaces, lining the fuel-oil tanks to enable them to be used as coal bunkers, and plating the stokehold floor to prevent coal entering the bilges. After a trial run on September 6 the dredge resumed work at the Kitchener street wharf on September 9 and carried a load of spoil to Point, this first major test demonstrating that no . loss of power had resulted from the i change-over in fuel, and that the Otakou’s general efficiency was unimpaired.

Provision has also been made for the speedy coaling of the dredge, a large hopper having been constructed on the Kitchener street wharf, from which coal will be transferred to the dredge’s bunkers by crane and grab. The saving to the board which will result from the change to coal fuel is estimated to amount to approximately £2148 a year, while the vessel’s fuel consumption will no longer constitute a drain on- the . country’s oil resources.