FINANCE AND COMMERCE

Taranaki Daily News, 21 March 1934, Page 12

FINANCE AND COMMERCE

DEMAND FOR SHARES .MILD BOOM IN WAIHIS. AUCKLAND DEALINGS. Auckland, March 19. Information published last week regarding the latest developments at the Waihi gold mine has resulted in a mild boom in shares on the Auckland Stock Exchange. , Active dealing took place to-day, six parcels, totalling between 600 and 700 shares, changing hands. The shares closed on sale at 36s 6d, which is easily the highest price since the shares were reduced to 5s paid in 1926. The first signs of appreciation in the market were seen about the middle of last week, after a consistent transfer* at 30s 6d. Two parcels were accepted at 31s on Wednesday; the sale price had moved to 31s 9d on Friday, and dealing took place up to 32s 9d on Saturday, The rise was even more marked today, when selling opened 2s 3d higher at 355. Additional sales were made in the following order: 35s 6d, 36s (2), 36s 3d, and 36s 6d. The buying pressure is coming solely from local quarters., It is stated that London, which has occasioned some previous upward movements, is not at present interested at the levels touched locally. SHAREMARKET TRANSACTIONS. NEW ZEALAND EXCHANGES. Transactions on New Zealand stock exchanges are reported by the Press Association as follows:— Wellington: Sale on exchange: Bank of Nev/ Zealand, 48s. Dunedin. Sales on exchange: Bank of New Zealand, 48s; Standard Insurance, 60s 9d; King Solomon, 4s (cum div.) ; Electrolytic Zinc (ord.), 26s 6d. Christchurch: Bank of New South Wales, £34 ss; Union Bank of Australia, £lO 5s (4), £lO 5s 6d, £lO ss; National Insurance, 18s 9d; Standard Insurance, 60s 6d (2); New Zealand Guarantee Corporation (cum div.), 4s 2d; Canterbury Frozen Meat (pref.), £5 10s; New Zealand Refrigerating (£1 paid), 17s 4d (odd lot), 17s sd; New Zealand Refrigerating (10s paid), 8s Id (odd lot); Kaiapoi Woollens (17s paid), Ils 2d (2); Tooths Brewery, 41s 9d (2), 425; Australian Iron and Steel (pref.), 21s 6d (2); British Tobacco (cum div.), 38s 3d (2); Brian Boru, 32s lid (2); Glenroy (9 paid), lOd; King Solomon (cum div.), 4s, 4s Id (3); Moonlight Nelson Creek, Is 2-1 d; Nevis Diesel Electric, 10s (4); Nokomai, Is 7d; Okarito (cum div.), 9s 6d; Waihi, 37s (4); Waitahu 5s o|d. Sales reported: Bank of New Zealand, 48s, 47s lOd (2), 48s (5); Union Bank of Australia, £lO 5s 6d (5); New Zealand Refrigerating (£1 paid), 17s 4d; Christchurch Gas, 28s 9d; New Zealand Breweries, 40s; Tooheys Brewery, 275; Australian Iron and Steel (pref.), 21s 6d, 21s 3d; Colonial Sugar, £64 10s; Electro Zinc (pref.), 345; New Zealand Refrigerating (10s paid), 8s 2d. Unlisted: National Tobacco, 635; E. Reece Ltd. (pref.), Is 9d. Auckland: Rural 1947, 5 per cent., £9B; Stock, 1938-52, 3| per cent., £lO2 ss; Auckland City, 1936, 5| per cent., £102; Devonport Borough, 1937, 4| per cent., £101; Amalgamated Brick (Auckland), 1944, 7J per cent., £B9; Bank of New Zealand, 48s; Standard Insurance, 60s 6d; Farmers’ Auc., B pref., 19s (2); Traders Finance (7s 6d paid), 2s 6d; Wright Stephenson, 19s 4d; New Zealand Breweries, 40s; Electro Zinc (pref.), 34s 3d; Morris Hedstrom, 16s 8d; King Solomon, 4s; Mataki, Is 9Jd; Waihi, 37s (2), 36s 6d. Unofficial list: Invest. Exec. Trust (pref., ex div.), 29s 2Jd. WELLINGTON WOOL SALE OFFICIAL RANGE OF PRICES. COMPARISON WITH FEBRUARY. The official range of prices for Monday’s Wellington sale affords the following comparison with February- sale values:—

LONDON MARKETS. TALLOW, HEMP AND APPLES. The Department of Agriculture has received the following cablegram, dated March 17, from the High Commissioner for New Zealand, London:— Tallow: Poor demand at auction; 701 casks offered, of which 14 sold. Present spot quotations are: Mutton: Fine. 245; fair to good, 20s to 225; dark to dull, 18s to 18s 6d. Beef: Sweet and/or mixed. 20s 6d to 225; fair to good, 19s to 20s 6d; dark to dull, 17s 6d to 18s. Mixed; Fair to

good, 19s to 20s; dark to dull, 17s to 18s. Gut, etc.: 16s 6d to 18s. Hemp: Manila: Market quiet but steady, with prices same as last quotations. Output January 1 to March 12, 283,000 bales, against 220,000 for the same period last year. Stocks in the United Kingdom at February 28, 17,479. bales, against 14,345 for the previous year. Stocks in Manila at March 12, 129,000 bales, against 158,000 for the previous year. Sisal: Market firm and good business has been done. No. 1 grade for March-May and April-June; shipments sold at £l7 10s, for May-July shipment £l7 12s 6d. New Zealand:' Market continues quiet, with no first-hand sales reported. Stocks in London at Febnlary 28, 21 tons, against 61 tons at same time last year. Apples: Mataroa discharged in good condition generally. Market quiet. Current prices for Cox’s Orange, 25s to 32s 6d; Worcester Pearmain, 12s to 14s; Alfriston, Ils to 13s; Gravenstein, 9s to 12s. Market well supplied with American apples. Prices for Newtown Pippins and other popular varieties, 9s to 14s. LATEST MINING ADVICE. The latest mining information received at New Plymouth is as follows: — Crown Company’s dividend: Cabled information has been received by the New Zealand attorney, Mr. R. G. Milligan, that at the annual meeting of New Zealand Crown Mines Company, Ltd.,- in London on March 28, the directors will recommend payment of a dividend of 3d a share, less income tax at the rate of 5s in the £l, payable on March. 29. Exchange will be added, and allowing for the reduction for British income tax, the New Zealand shareholders will receive approximately 21d a share. A dividend of lid a share, equal to 6J per cent., was paid for 1932, when the net profit was £7OB. The company formerly operated at Karangahake, but. it is now an investment company, 67 per cent, .of its investments being in goldmining shares, largely in Australia and New Zealand. Talisman Dubbo (Karangahake): The treatment of 37. tons of dry ore at the Golden Dawn battery returned £2BB, actual realisation. Okarito (South Westland): Last week, 31oz. 15dwt. for 120 hours. Gillespie’s Beach (South Westland): Last week, 520 z. 17dwt. for 123 hours. Mataki (Murchison): Last week, ‘3soz. for 144 hours. Brian Boru (Greymouth): 81oz. 14dwt. for 125 hours. RUBBER AGREEMENT DENIAL. Rumours that an agreement had been reached for the regulation of rubber supplies were officially denied in London on February 13. A statement issued by the Governments of Great Britain and the Netherlands was to the effect that current reports were inaccurate and without authority,

DISASTROUSLY LOW PRICES. i AUSTRALIAN EGGS IN LONDON.; ' London, March 18. Th? Australian egg season will'close next week with prices at a disastrously low level, the value of IS’s being only 5s 6d to 6s per long 100. Thanks to open weather both here and on the Continent, supplies have been enormous, and though the consumer is enjoying the luxury of a new-laid egg for one penny, the unfortunate producer must be losing heavily. The price of the best Danish is 6s 6d per 100, so when the duty, freight and cost of package are deducted, it is dourtful if the producer gets more than 3s 6d. Taking the Australian season as a whole, it is expected that the price average will be slightly under that of last year. It is interesting to note that in 1933 Australia was England’s third largest supplier,- only Denmark and the Irish Free State sending more. Australia’s contribution was slightly over 10 per cent, of the total imports. ABERDEEN ANGUS BULLS. IMPROVED PRICES OBTAINED. London, February 13. Improved prices were obtained for Aberdeen-Angus bulls at the Idtest sale at Perth, Scotland. Purchases were made for the Argentine, New Zealand and Northern Ireland. Compared with the corresponding day last year, the price per head was increased by almost £9. The top price of 510 guineas was obtained by Mr. Petrie, Aberdeenshire, for a bull that is to go to the Argentine. Mr. Hobson, London, gave 500 guineas for one of Sir George MacphersonGrant’s animals. Mr. Hugh Dales, Belfast, bought a Harviestoun bull at 340 guineas. Mr. Honeyman, Derculich, sold bulls for 480 guineas and 240 guineas, the latter to Mr. Ogilvie, New Zealand.

Feb. 15 Mar. 19 d. d. d. d. Merino, 64/70, 60/64— Extra super ... None None Super None None Average lit to 19 16} to 18 Inferior 16} 15 Fine half-bred, 56/58— Extra super .. 22 to 23} '22} to 231 Super ........ 20 to 21} None Average .... 16} to 21 17 to 19} .Inferior 14 to 16} 13} to 16} Med. half-bred, 50/56— Extra super .. None None Super 19 to 19} 18} to 19 Average 15} to 18} 15} to 18} Inferior Hi to 15J 11 to 15} Extra fine xbreed, 48/50 — Super 141 to 164 13f to 16} Average 10} to 14} 10} to 13} Inferior 6} to 10} 6} to 10} Fine xbred, 46/48— Super 11} to 14} 11 to 13| Average 9} to 11} 8? to 10} Inferior 6} to 9 6 to 8} Medium xbred, 44/46 — Super 9} to 12 9} to 121 Average 7} to 9} 7 to 9 Inferior ■ 5 to 7 . 5 to 6} Coarse xbred, 40/44 — Super 8} to 10} 8} to 10} Average 7} to 8} 6} to 72 Inferior 6 to 7} 5 to 6} Low xbred, 36/40 — Super 8 to 9} 7} to 9} Average 6} to 7} 6} to 7 Inferior 6} 5 to 6 Hoggets, 48/50 .. 8} to 16} 8 to 16§ Fine, 46/48 .... 8? to 13} 8 to 13} Medium, 44/46 9} to 12} 6} to 11} Coarse, 40/44 . None 8} to 8} Low, 36/40 .... 8} to 9} None Lambs— Down, 50/56 .. 15} to 18} 13 to 18 Fine, 44/50 ... 12 to 17} 10} to 15 Medium, 40/44 None Hi Seedy and inferior. all grades ... 8} to 12} 6} to 10| Bellies and pieces— Merino: Good to super 16} 12} to 14} Low to medium 15} . * 12} Half bred: Good to super 15} 111 to 14} Low to medium 7 to 14 7} to 11} Crossbred: Good to super 8 to 14} 61 to 111 Low to medium 5} to 9 31 to 7} Crutchings— Med. to good . 7 to 10} 6} to 8J Inferior & seedy 4} to 6} 3} to 6 Locks— 8 Halfbred .... 7} to 9} 55 to 7 Crossbred .... 4| to 7 3} to 5