COMMERCIAL

Southland Times, Issue 24248, 4 October 1940, Page 2

COMMERCIAL

LITTLE CHANGE IN MARKET INVERCARGILL STOCK EXCHANGE GOVERNMENT BONDS FIRM There was no great change in the market prices on the Invercargill Stock Exchange yesterday. Government stocks remain very firm and it is particularly hard to obtain supplies. Banks were steady, New Zealands being asked for at £2/2/-, with no sellers below £2 2/6. Unions improved, with buyers at £7/1/-. Industrials showed little change, and there was a slightly better market for Colonial Sugars, with buyers at £5O.

A sale of Bank of New Zealands at £2/2/6 was reported. Quotations were as follows:—

Government Debentures.—4 p.c. Stock 1940-43, b £lOO/10/-; 4 p.c. Stock 1943-46, b £102; 4 p.c. Bonds 1943-46. b £102; 4 p.c. Stock 1946-49, b £lO5/5/-: 4 p.c. Bonds 1946-49, b £lO5/5/-: 4 p.c. Stock 1949-52, b £lO6/15/-; 4 p.c. Stock 1952-55. b £107; 4 p.c. Bonds 1952-55, b £107; 3',i p.c. Stock 1953-57, b £lOO/5/-; 4 p.c. Stock 1954-58, b £lOB.

Local Body Debentures.—Bluff Harbour Board, b £103; Invercargill City, b £103; Southland County, b £lO3. Banks.—Commercial, b 14/-; E. S. and A. Bank, s £4/15/-; National of New Zealand, s £2/1/9; New Zealand, b £2/2/6; New Zealand Long "D” issue, b £l/8/-; Union of Australia, b £7/1/-. Breweries.—Dunedin Brewery Company, s £l/3/6; New Zealand Breweries, s £l/14/9.

Coal.—Kaitangata, s £l/11/6; Westport Coal, b £l/2/6. Insurance.—National, b 18/6, s 19/1; Standard, b £2/18/-.

Loan and Agency.—National Mortgage B, b £1; Trustees’ Executors (Dunedin), b £4/4/-; Wright, Stephenson (ord.), s £1 0/3; (pref.), b £l.

Meat Companies.—New Zealand Refrigerating (£1 paid), s £l/1/-; (10/- paid), s 9/7; Southland Frozen Meat, s £l/16/6; South Otago Freezing Company, b £5/2/-. Shipping,—Howard Smith, b £1: Union Steam Ship Company (pref.), b £l/6/-. Woollen Mills.—Bruce, b 18/-; Kaiapoi (pref.), b 16/3; Mosgiel, b £10; Wellington Woollens (ord.), s £7; Bonds Hosiery, b £l/7/-.

i Miscellaneous.—Australian Iron and Steel, b £l/6/-; Broken Hill Proprietary, s £2 7/-; Colonial Sugar Company, b £5O; G. J. Coles, b £3/6/6: D.I.C. (pref.), b £l/3/6; Dominion Fertilizer, b £l/7/3; Dominion 1 Rubber Company, s £l/1/6; Donaghy's Rope I and Twine, b £2/14/6; McDuffs Ltd., b 10/9; McKenzie's Department Stores Ltd., b £2 5/-, s £2/6/6; Milburn Lime and Cement, b £2/0/3; New Zealand Drug, s £3/14/9; New Zealand Guarantee Corporation, b 3/3, s 4/-; Otago Daily Times, s £2/0/3: Woolworths Ltd., b 18/-, s 18/9; Woolworths (N.Z.), s 16/9; Southland Ice Cream, s £1 5/-. Mining.—Broken Hill South, b £l/5/6; North Broken Hill, b £l/16/-; Big River, b 6d; Gillespie's Beach, s 6d; Martha Gold Mining, b 7/6; Mount Lyell, s £l/9/9; Mount Morgan, b 8/3; Nokomai. b 1/-; Grey River, b 17/-; Austral (N.Z.), b £l/4/6. DUNEDIN j Sales—Bank of New Zealand £2/2/6: Martha (late sale) 7/9; National Bank £2 0/3. CHRISTCHURCH Sale on 'Change.—Christchurch Gas (10/paid (2) 11/-. Sales Reported.—Christchurch Tramways i 4 p.c. 1949 £lO5/15/-: Christchurch Gas £l/5/-; Australian Consolidated Industries (2) £l/18/4; Burns, Philp £2/12/-; Mossy Creek 1/2. Unlisted Stocks.—Sales on 'Change: Associated Gold Dredges (10/- paid) 9/6. WELLINGTON Sales (late Wednesday).—3’-3 p.c. Stock 1957 £lOl/2/6; 4 p.c. Stock 1949 £106; Huddart Parker £2/10/-; British Tobacco £2 10/-. Sales (yesterday).—4 p.c. Stock 1948 £lO5 5/-; Equitable Building 12/6; Auckland Gas (2) 8/4, do. ?/3; New Zealand Insurance £3/0/6; Oamaru Woollen £l/0/6; Bonds Hosiery £l/7/6: Dominion Breweries £1 10/3; Wilson's Cement 19/6; Broken Hill South £l/6/3. I AUCKLAND Sales.—Bonds 1946-49 4 p.c. (2) £106; I Stock 1946-49 4 p.c. (2) £106; Takapuna Borough 1954 3li p.c. £97; Amalgamated Brick (Auckland) 1944 6 p.c. £lOl/15/-; Union Bank £7/2/6; Auckland Gas 8/3; Devonport Ferry £l/2/-; Bonds Hosiery (late sale) £l/7/6; Dominion Breweries (2) £l/10/-; New Zealand Breweries £l/12/9; | A.C.I. £l/18/6; Broken Hill Proprietary (2) £2/6/9; Milne and Choycc (debentures) 15/Ui (ex div.).

RESERVE BANK RETURN ADVANCES TO STATE INCREASED An increase of £1.000,000 in advances to the State other than for the Marketing Department is shown in the return of the Reserve Bank for the week ended September 30. This brought the advances to the high level of £25,040.000. Advances to the Marketing Department showed a drop of £59.061 to £2,975,021. The bank’s holding of sterling exchange fell by £113,960 to £9.987,894. State deposits were higher by £535,520. The return, with variations compared with the previous week, is as follows:— LIABILITIES

Proportion of reserve to notes and other demand liabilities, 30.84 per cent. (31.651 per cent, last week). PRICES GENERALLY FIRM STOCK SALE HELD AT WINTON Approximately 500 sheep and 10 head of cattle were yarded at the Winton stock sale yesterday. Prices generally were firm. The National Mortgage and Agency Co., Ltd., sold; 178 ewe hoggets at 32/-, 95 ewe hoggets at 36/9, 17 wether hoggets at 26/-, 17 ewe hoggets at 22/-, 16 wether hoggets at 16/6, 5 fat ewes at 36/6, 3 fat wethers at 40/-; one steer at £7/15/-, one steer at £5/15/-. Wright, Stephenson and Co., Ltd., sold: One dairy cow at £B, three cows at £7/5/-, one steer at £9/7/6. New Zealand Loan and Mercantile Co., Ltd., sold: 14 fat ewes at 35/6. Dalgety and Co., Ltd., sold: 73 ewe hoggets at 34/3. The Southland Fanners’ Co-operative

Association sold: 67 ewe hoggets at 34/3, one fat ewe at 24/-, one dairy cow at £lO/10/-, one dairy heifer at £5. COLOMBO TEA AUCTION J. Rattray and Son report as follows on the tea auction held at Colombo on Tuesday:— Good quality teas were available. Supplies were short and the immediate future prospect is for small quantities. All grades were dearer, common teas showing an advance of Jd to fd per lb and medium and fine kinds a rise MINING _RETURNS GREY RIVER DREDGE (United Press Association) WELLINGTON, October 3. The Grey River dredge return for the week ended October 2 was 186,?oz for 109 hours and 78,555 cubic yards. The' total for the month of September was 13620 z for 532 hours and 392,033 cubic yards.

Variations £ £ General reserve 1.500.000 same Bank notes Demand liabilities— 20.108,913 4- 9,665 State 5.574,380 H-535,520 Banks 15.450.165 + 37.508 Other 264.473 + 86.518 Other currencies 22.497 4-9.987 Other liabilities 816,498 —161,250 TOTAL 43.736.925 + 517,947 ASSETS Variations Reserve— .£ Gold 2.801.852 same Sterling exchange 9,987,894 —113,960 Subsidiary coin Advances— 116,948 —640 Marketing Dept. 2.975.021 —59.061 Other 25,040.000 + 1.000,000 Investments 2.553.220 same Other assets 261,990 —307,392 TOTAL 43,736,925 + 517,947