STOCKS AND SHARES

Taranaki Daily News, 27 January 1934, Page 11

STOCKS AND SHARES

TARANAKI EXCHANGE THE LATEST QUOTATIONS. Following are the latest quotations on the Taranaki Stock Exchange:— New Zealand Government Loans. Buyers Sellers

THE MONEY MARKET BANK OF ENGLAND RETURN; DECLINE IN PUBLIC DEPOSITS. The Bank of England return for the week ended January 24 is as follows:—

SHORT LOANS AND DISCOUNT. The Bank of England quotes short loans at 7-8 per cent., the same as last week. The market rate of discount for best three months’ bills is 1 per cent. LONDON TRANSACTIONS. By Telegraph—Press Assn.—Copyright. Rec. 5.5 p.m. London, Jan. 26. Peninsula deferred stock, 18s 7Jd; Mt. Lyell, 20s; Bulolo Gold, 112 s 3d. CONSOLS AND COLONIAL STOCKS. The following table gives quotations for consols and colonial inscribed stocks, compared with January 18:—

FOREIGN EXCHANGES. STEADINESS OF DOLLAR. British Wireless. Rugby, Jan. 25. The following rates on foreign exchanges are current, compared with the cabled quotations on January 23 and par:—

NEW ZEALAND MONEY ABROAD.

These valuations represent the current rates at which the banks sell drafts payable on demand. THE DECEMBER DECLINE BUYERS ALL VERY NERVOUS. HAND-TO-MOUTH OPERATING. Interesting information is contained in the December report received by Mr. E. Griffiths, New Plymouth, from his London principals, A. J. Mills and Co., Ltd., as follows:— Butter: Prices continued to decline throughout the month, and e have now reached a lower level than was generally expected. In view of the heavy grading in Australia and • New Zealand and the ..large quantities due to arrive on the market during January, buyers are all very nervous and are only operating from hand to mouth, and with no support the market has steadily declined. It was absolutely necessary to get a maximum'consumption as early as possible, in order to take care of the heavy arrivals from now on, and now that the general retail price for Empire butter has been reduced to lOd, and in many cases 9d per lb, we anticipate a still further expansion of an already large consumption. Probably the best thing that could have happened was for the market to decline quickly in the early part of the season, in order to stimulate consumption, as it is quite possible that we shall get an earlier recovery than was the case last year, and we are still hopeful that the average price for this season will show an improvement over last season.

Arrivals from Continental sources during November show a considerable decline, with the exception of those from Russia, which country continues to ship larger quantities than last year. Cold stored stocks of Russian and Baltic butters have rapidly declined, and at the end of this month should be practically cleared, so that Empire butter will have a still larger outlet with Denmark as the only serious competitor. Danish butter continues to demand a tremendous premium, as production is now at its lightest, and Continental countries are taking a larger proportion of the Danish output, so that the quantities for this market are barely sufficient to fill the open price orders. It is extraordinary how consumers continue to pay 3d and 4d per lb more for this article, when the fine quality from New Zealand and Australia is sold in the same shops. Imports into the United Kingdom for November, with those for the corresponding period of 1931 and 1932 in parenthesis, are: Russia, 30,392 cwt (1931, 57,502 cwt, 1932, 6005 cwt); Finland, 8255 (17,388 and 13,091); Estonia, 3260 (4802 and 1506); Sweden, 18,354 (14,304 and 7518); Denmark, 178,396 (189,500 and 201.792); Netherlands, 2614 (3504 and 4919); Argentine, 17,777 (36,395 and 22,199); Irish Free State, 879 (20,946 and 12,855); Australia, 130,844 (115,043 and 169,201); New Zealand, 229,207 (131,213 and 225,796); other countries, 21,003 (6114 and 9990); totals, 640,981 (596,711 and 674,872). Cheese: This market has remained fairly steady during the last month, with the exception of coloured cheese, which is now at a discount of 3s to 4s. This position should soon right itself, as arrivals from Canada have now stopped, and the northern ports which have been taking Canadian cheese throughout the summer months will have to pay more attention to New Zealand cheese. Current arrivals of New Zealand cheese are closely sold up, and are making a good price compared with matured Canadian cheese, which is meeting with a poor demand. The general retail price of New Zealand cheese was reduced a few weeks ago to 6d pei’ lb, and Canadian is retailed at 7d per lb, and the general report from the retailer is, that the consumer is not prepared to pay Id per lb premium for Canadian cheese. Imports into the United Kingdom for November, with those for the corresponding period of 1931 and 1932 in parentheses are: Netherlarids, 12,299 cwt (1931, 17,544 cwt, 1932, 12,166 cwt); Italy, 8596 (10,049 and 7591): Australia, 5169 (916 and 7407); New Zealand, 99,697 (64,640 and 108,786); Canada, 109,414 (156,336 and 109,863); other countries, 3245 (6102 and 3577); totals, 238.420 (255,587 and 249,390). BASE METAL MARKETS. HIGHER AVERAGE PRICES. Apart from lead, which is the chief product of the Broken Hill mining com-

panies, the chief base metals commanded higher average prices during 1933 compared with quotations for 1932. Average metal prices for the past three years are compared in the following table: — 1931 1932 1933

Prices of copper and lead remain weak, and although spelter has made headway, a further improvement would be welcomed by producing companies. Tin hardened appreciably during the year and the average price of £194 Ils lid a ton was £5B 13s Id and £76 2s lid higher, compared with the average quotations for 1932 and 1931 respectively. The substantial advance was due to the improved statistical position, increased American consumption and curtailed production accounting for a shrinkage in visible supplies.

WHEAT IN AMERICA. By Telegraph—Press Assn. —Copyright. Rec. 5.5 p.m. Chicago, Jan. 26. Wheat: May, 88 7-8 cents a bushel; July, 87J cents; September, 88J cents. The New York price for cash is 99 3-8 cents. AMERICA BUYING GOLD. Rec. 5.5 p.m. London, Jan. 26. Gold is quoted to-day at £6 12s Id per fine oz., compared with £6 12s lOd yesterday and £6 12s 9d the previous day. America bought £7oo,ooo—all that was available. The previous day America purchased £BOO,OOO worth, the total available. WOOL COMPETITION MAINTAINED. London, January 25. At the wool sales 10,777 bales were offered, including 5044 from New Zealand, and about 9360 were sold. There was a good selection. Merinos and crossbreds met with active home and Continental competition and full recent rates maintained. New Zealand scoured halfbred combing, Waituna Downs, made top 33d and average 31d; greasy crossbred AHW top 20d, average 16d. The Bradford tops market is rather hesitant and business is small. Following are the topmakers’ quotations and those for the previous three weeks:— Jan. 4 Jan. 11 Jan. 18 Jan. 25 d d d d

EAST AFRICAN COFFEE. Proposals providing for 30,000 shares of the East African Coffee Plantations, Ltd., of Melbourne, being constituted as 7 per cent, cumulative participating preference shares, which were agreed to at a meeting held on December 20 last, were confirmed by shareholders at a subsequent meeting. Owing to the lack of response from shareholders, the directors were obliged to alter the articles of association in order to place the issue. The necessary amendment to the articles was sanctioned by shareholders. The chairman (Mr. S. B. Bagley), at the conclusion of the meeting, said that the issue had now been oversubscribed, application coming principally from shareholders. It was now believed that the current season’s crops, representing 400 tons, would realise £BO a ton, instead of £6O previously expected. MINING INFORMATION. Okarito: For the four weeks from December 3 to December 30, 1933: Total gold won, 82oz 15dwt; total time "worked, 241 hours; total non-working time, 335 hours (dredge stopped for Christmas holiday); total yardage treated, 12,900, an average of 54 cubic yards an hour; average value of ground, on basis of gold worth £4 an ounce, 6d per cubic yard. Gillespie’s Beach Gold Dredging Company, Limited (South Westland): A return of 630 z. for a broken period of approximately 150 hours’ dredging. . Nokomai: A further wash-up of 540 z. .Sdwt. from the paddock being worked is reported by Nokomai Gold Mining' Company, Limited (Central Otago). This, with 2550 z. 7dwt., makes a total of 3090 z. 15dwt. to date. BRIAN BORU LISTED. The scrip of Brian Boru Gold Dredging Company is now listed on the New Zealand Stock Exchanges, having been fisted in Christchurch on January 15. Authorised and issued capital is £27,000, in ordinary shares of Is each. Head office is at Greymouth. SUCCESSFUL FLOTATION. N.Z. WOOLPACKS AND TEXTILES. The New Zealand Brokerage Corporation, Limited, Auckland, reports the successful raising of £IOO,OOO, being the first issue of New Zealand Woolpack and Textiles, Limited. The maximum capital of the company is £300,000. A factory at Foxton has been built, the machinery installed, and woolpacks will be on the market for the coming season. Further to this building the company proposes erecting a second factory in Auckland and a third in Southland. AUCKLAND GAS COMPANY. NET PROFITS £4890 HIGHER. The accounts of the Auckland Gas Company, Limited, for the year ended December, 1933, show an increase in the net profit of £4890 to £71,979. This compares with £78,816 earned in 1931. The amount brought forward from the

previous. year was £968, making available £72,947. An interim dividend of 21 per cent., paid in August, 1933, absorbed £30,936 10s, and £lO,OOO has been transferred to income-tax reserve account, leaving £32,010 10s. The directors recommend the payment of a final divi-. dend of 2f per cent., making 5J per cent, for the year on both fully-paid £1 shares and the contributing 15s paid shares. This will absorb £30,936 10s, and the carryforward is £1074. The directors state the income tax reserve account' now stands at £55,000. The working account shows receipts, from the sale of gas, residuals and fittings £12,952 lower at £390,847. Total expenditure has been reduced by £18,227 to £320,072, all items showing a decrease. Manufacturing costs are £ll,lOO lower at £145,308, and distribution costs have been reduced by £2llO to £42,810. Management expenses total £21,576, compared with £22,586, and clerical salaries £24,996, against £25,259. At £36,944, rates and taxes show a decrease of £521, and debenture interest is £1193 lower at £15,200. Allowance for depreciation is £30,175, compared with £30,835 in the previous year. ■ > NEW PLYMOUTH EGG PRICES. Wholesale prices for eggs at New Plymouth this week, with last week’s prices as a comparison, were:—First grade hen eggs Is Id to Is 3d (Is Id to Is 3d), second grade Is to Is Id (Is to Is Id), mixed Is to Is 3d (Is Id to Is 2d), duck eggs lid to Is Id (lid to Is OJd), pullets lid to is (lid to Is).

4 p.c. Bonds, 1949 .. £ s. d 101 10 0 £ s. d. 4 p.c. ditto, 1940 101 2 6 — ■ 4 p.c. ditto, 1946 102 10 0 — 3J p.c. Ins. Stock, 1938-52 101 10 0 3J p.c. ditto, 1938-43 .. 101 10 0 — 3% p.c. ditto, 1939-43 .. 101 10 0 4 p.c. ditto, 1940 101 0 0 101 15 0 4 p.c. ditto, 1946 ...... 102 12 6 — 4 p.C. ditto, 1949 ' — 101 10 0 Debentures. Wgtn - . City, 4j p.c. 1943 101 0 0 —— Wellington Gas Co. ; . 102 10 0 — Wgtn. Racing Club .. 97 10 0 — Banks. Australasia 12 12 6 — Com. Bank Co., Syd. — 18 13 0 Eng., Scot, and Aust. —• 5 18 0 National of N.Z 4 7 0 4 8 6 National of Australasia, £5 paid 6 11 0 — Ditto, £10 paid .... — 14 0 0 New South Wales .. — 35 0 0 Ditto, Sydney reg. — 34 15 0 New Zealand — 2 8 6 Ditto “D” long term 1 12 0 — Union of Aust *10 2 0 10 4 6 Financial. Abraham, Williams, 3 0 0 Ditto ord 2 0 0 4 0 0 Goldsbrough Mort & Co 1 15 3 1 16 0 N.Z. Guarantee Corp., ord., cum rights • 0 8 2 8 5 N.Z. Invest., Mort. & Deposit 0 4 6 6 6 General Finance .... —— 10 0 National Mort. “A” 3 5 6 N.Z. Loan, Merc. ord. 59 0 0 61 0 0 Wgtn. Trust Loan . . *4 10 0 — Gas Christchurch ... •19 0 • —. Wellington, ord *1 16 6 — Wellington, pref — 14 3 Insurance. National of N.Z — 0 18 8 Queensland — 3 7 0 3 0 0 —• Meat. Gear Meat — •15 6 N.Z. Refrig., £1 paid 0 19 6 *10 1 Ditto, 10/- paid .... 0 9 4 0 9 6 3 2 0 . — Transport. Union Steam, pref. .. " — 16 0 P. & O. Defd. Stock 116 —— Kelburne Tramway .. 13 0 — Woollen. Wellington, ord 5 10 0 5 11 6 Kaiapoi 0 10 0 0 10 9 Coal • Pukemiro 1 10 — Westport - 'Stockton pref. . 0 2 6 — Timber. Bartholomew ,, 0 12 6 — Leyland-Q’Brien .. 10 3 Taringamutu Totara . 0 4 0 — ■ Breweries. N.Z. Breweries .... 1 19 4 119 9 Staples and Co 18 3 — Miscellaneous. British Tobacco, Aus. 1 17 0 1 17 6 Colonial Sugar ..... 64 15 0 65 10 0 Consol. Brick & Pipe 0 6 5 — Dunlop Perdriau .... — 12 0 Electro Zinc., ord. .. 17 0 17 6 Ditto; 8 p.c. pt. pref. *1 15 - 0 1 15 9 Howard Smith, ord. . •— 0 16 3 N.Z. Paper Mills ... 18 0 — Prestige, N.Z. pref. . —■ 116 Sharland & Co., ord. 1 4 0 15 9 Dominion Fertiliser .. •— 0 17 6 Associated News .... — 12 6 Woolworths, N.Z. ord. 5 10 0 Dental and Med. Sup. 0 5 9 r— Dominion Investments ,1 10 0 — Howard Smith, ord. .. • — 0 16 3 National Electric .... 0 5 0 — Wilsons Cement .... 17 6 18 0 Oil. Moturoa, ord — 0 3 2 Mining. Alexander, contrib. .. 0 15 9 0 16 0 Bell Kilgour — 0 10 0 10 Blackwater — 1 10 6

Gillespie’s Beach ... 0 2 0 0 2 3 King Solomon —— 0 3 9 Mount Lyell 15 0 15 3 0 9 0 ■1 ■ ■■ 19 9 1 10 6 Upper Shotover — 0 1 10 Nevis Diesel ........ 0 10 — 0 6 0 — " "Cum Dividend. Unofficial List. Glaxo Manufac., pref. —— 10 0 Taranaki Brewery &. Cordials, 12/6 paid —* 0 12 6 Taranaki Amusements —• 1 12 6 Claude Neon Lights, 2 5 6 National Tobacco .. *3 8 0 — Vac. Products, N.Z. 0 11 0 —- Ditto, rights — 0 10 Invest., Exec., Trust, first “B” deb — 98 0 0 Ditto, 2nd “B” deb. 94 0 Snowy River — 0 0 8 Majestic “A” deb. .. — 85 0 0 . . , . *Cum dividend.

ISSUE DEPARTMENT. Notes — In banking department ... 86,604,870 In circulation 364,212,789 Total . 450,817,659 Government debt .11,015,100 Other Securities— Government 244,498,460 Other securities 950,219 Silver coin 3,536,221 Fiduciary issue . .*. 360,000,000 Gold coin and bullion 190,817,659 Total 450,817,659 BANKING DEPARTMENT. Proprietors’ capital 14,553,000 Rest 3,564,523 Deposits— Bankers 118,960,089 Other accounts 36,906,153 Seven day and other bills ... 1,164 Total 185,900,384 Government securities 78,792,869 Discount advances .. . 8,097,940 Securities 1,500,345. Notes 86,604,870 Gold and silver coin ...... 904,360 Total 185,900,384 The principal items of the above return compare as‘ follows with those for last week, the proportion of the reserve being shown in the last line:— Jan. 17 Jan. 24 Deposits— & £ Public ......... 19,366,162 12,815,455 Bankers 114,981,108 118,960,089 Other accounts . 37,107,724 36,906,153 171,454,994 185,900,384 Securities— Government .. i 81,770,807 78,792,869 Advances, etc. .. 8,268,075 8,097,940 Other 13,656,495 1,500,345 Reserve 85,848,209 87,509,230 Note circulation .. 365,837,944 86,604,870 Coin and bullion 191,686,153 904,630 Proportion 50.00 52.10

Price Variation £ s d s d Consols, 2J p.c 75 10 0 0 0 Funding Loan, 4, ’60-90 111 17 6 2 6* War Loan, 3 J 101 5 0 —- — Conversion Loan, 3| .. 102 2 6 — — Victory Bonds, 4 .... 110 10 0 3 9* Com’wealth, 5, 1945-75 108 15 0 2 6t Com’wealth, 6, 1931-41 100 2 6 0 0 Com’wealth, 3J, 1936-37 101 5 0 1 3t Victorian, 3, 1929-49 .. 92 7 6 2 6* Victorian, 3J, 1929-49 . Victorian, 54, 1930-40 . 97 15 0 5 Ot 101 17 6 17 6t Victorian, 5, 1932-42 .. 101 15 0 1 3* Victorian, 4f, 1940-60 . 104 15 0 0 0 N.S.W., 3, 1935 100 2 6 1 3t N.S.W., 3J, 1930-50 .... 96 15 0 10 0* Queensland, 5, 1940-60 107 15 0 5 Ot Queensland, 3, 1922-47 91 17 6 8 9t N. Zealand, 44, 1948-58 107 15 0 2 6t N. Zealand, -3i, 1940 .. 101 5 0 1 9t N. Zealand, 3, 1945 .. 96 0 0 0 0 N. Zealand, 6, 1936-51 105 7 6 2 6* S. Australia, 3J, 1939 .. 101 5 0 2 6t S. Australia, 3, 1916 or after 79 15 0 0 0 Tasmania, 3J, 1920-40 . 101 2 6 1 ST Tasmania, 3, 1920-40 .. 97 0 0 20 0* W. Australia, 3|, 1929-35 101 15 0 12 6t W. Australia, 3, 1915-35 100 6 3 6 3“ tHigher.' “Lower.

Jan. 25 Jan. 24 Par. Montreal, dol. .. 5.01 4.866 New York. dol. . 4.97 5.00J 4.866 Paris, fr Brussels, belga 80.1-32 792 124.21 22.56 22.55 35.00 Geneva, fr 16.22 16.23 25.22 Amsterdam, fl. . 7.83 7.811 12.10 Milan, lire .... 59 13-16 59J 92.46 Berlin, r.m. .. 13.31 13.29J 20.43 Stockholm, kr. 19.39J 19.391 18.159

Copenhagen, kr. 22.40 22.40 , 18.159 Oslo, kr. 19.90 19.90 18.159 Vienna, sch 29 291 34.585 Prague, kr. .... 106 105? 164.25 Helsingfors, ink. 226 J 2261 129.23 Madrid, pes. .. 391-16 391 25.221 Lisbon, escu .. HO 110 110 Athens, dr. 5721 5521 375.00 Bucharest, lei . 530 525 813.6 Rio de Jan., mil. 41* 41* 5.899d Buenos Aires, dol 361* 361* 47.619d Montevideo, dol 36J* 37d* 51d Bombay, rupee 16 3-32d 18 3-32d 18d Shanghai, dol. . 141-16 16id — Hongkong, dol .' 15 f 1715-16 — Yokohama, yen 12 5-16 1411-32d 24.58d Batavia, fl 7.77 — 12.10 Warsaw, zloty . 27.81 — 43.38

Current dollar exchanges, as quoted by the New Zealand banks, are as under: — Buying Selling United States 5.12 4.92 Canada 5.15 4.95 The cost in New Zealand currency of the pound sterling and of the principal foreign units, on the latest quotations, is as follows: — Present Price Par' s. d. s. d. Australia, pound ... 20 0.00 20 0.00 London, pound .. ... 20 11.58 20 0.00 New York, dollar ... 5 0.92 4 1.31 Montreal, dollar ... 5 0.55 4 1.31 ... 0 3.76 0 1.98 ... 110.53 1 11.74 Copenhagen, krone .. 1 1.38 1 1.22 Yokohama, yen .. .. 1 6.34 2 0.58

Per ton Per ton Per ton Electrolytic £ s. d. £ s d. £ s. d. copper . 42 13 3 36 7 .9 36 14 2 Lead .... 13 0 6 12 0 9 1116 1 Spelter .. 12 8 10 13 13 10 15 14 10 Tin, spot 118 9 0 135 18 10 194 11 1

Per lb. Per lb. Per lb. Per lb. Seventies .. .. 42 44 431 421 Sixty-fours . 41 43 42 41 Sixties .... .. 38 40 40 39 Fifty-sixes . 281 30 i 30 30 Fifties .. 201 23 23 221 Forty-sixes . 151 161 161 16 Forties .. 12 13 13 121