COMMERCIAL.

Timaru Herald, Volume CXXV, Issue 18519, 17 March 1930, Page 10

COMMERCIAL.

THE LONDON MARKETS. FROZEN MEAT QUOTATIONS. (United Press Association —By Electric Telegraph—copyright.) (Received March 16. 5.5 p.m.) LONDON, March 15. The weekly quotations for the un-der-mentioned classes of frozen meats are based on actual sales of wholesale quantities of carcases of mutton or lamb, or of quarters of beef delivered to Smithfield market and or ex London stores. They are compiled by the Quotations Committee, Smithfield. To arrive at the equivalent ex ship values one farthing per pound should be deducted from the prices quoted below. Quotations given represent the average for the week, and are selected lines, but for parcels fairly representative of the bulk of the shipments now on offer.

New Zealand sheep.—Canterbury and North Island, selected crossbred wethers and maiden ewes, 48 to 56ib., 7 3 *d; 57 to 641 b., 7}d; 65 to 721 b., 62d; North Island, 48 to 561 b., 71d; 57 to 641 b., 7d; 65 to 721 b., 6id.

Argentine sheep—First quality crossi bred wethers 48 to 641 b., 62d; 65 to 721 b., 6id; over 721 b., 6d. New Zealand lambs —Canterbury 36lb. and under, 8 7-8 d; 37 to 421 b., 82d; 43 to 501 b., Bid; second quality, average 331 b., Bid; selected North Island brands, 361 b. and under, 8 7-8 d; 37 to' 421 b., 82d; 43 to 501 b., Bid; second quality average 311 b., B:'id; other North Island brands, first quality, 361 b. and under, Bf-d; 37 to 421 b., Bid; second quality, average 311 b., Bld.

Australian lambs.—Victorian first quality. 3olb and under, B}d; 37 to 421 b., 8d; do. other States, first quality, 361 b. and under, 72d; 37 to 421 b., 73d; Victorian, second quality, 361 b. and under, 8 l-8d; other States, second quality, 361 b and under, 6d; all States, third quality 361 b. and under, Bd. Argentine lambs.—First quality, 361 b. and under. 8 l-8d; 371 b to 421 b., 8d; 43 to 501 b., 73d.

Argentine chilled beef. —Ox fores, 160 to 2201 b., 53d; ox hinds, 160 to 2201 b., 7£d.

New Zealand pigs.—First quality, 101 to 1201 b., lOld.

ESTIMATED CROP YIELDS. The following estimated average yields per acre of wheat, oats and barley for the season 1929-30 have been compiled by the Government Statistician from reports furnished by stock inspectors of the Department of Agriculture throughout the Dominion: BarWheat. Oats. ley. District. Bush. Bush. Bush. North Island . 34.03 39.47 38.39 Nelson. . . . 24.00 30.00 35.00 Marlborough . 30.72 35.00 34.91 Canterbury . 30.40 38.61 31.54 Otago .... 30.89 38.26 36.26 Southland . . 36.61 45.50 41.17 Average (estimated) for the Dominion, season 1929-30 30.56 39.71 33.89

Average (actual) for the Dominion, season 192829 34.60 41.93 40.06

In accordance with these estimates, the total yield of wheat for the Dominion should be approximately 7,100,000 bushels, as against an actual yield of 8.832,864 bushels for the season 1928-29.

The percentage of oats threshed for the five seasons ending with 1928-29 was 28.87 of the total area under that

crop. Assuming that a similar proportion is threshed this year, the total yield of grain should be approximately 3,150,000 bushels, as against an actual yield of 3.065,113 bushels for the season 1928-29.

The percentage of barley threshed for the five seasons ending with 1928-29 was 98.23 of the total area under that crop. Assuming that a similar proportion is threshed this year, the total yield of grain should be approximately 680.000 bushels, as against an actual yield of 781,102 bushels for the season 1928-29.

CHRISTCHURCH STOCK EXCHANGE. WEEK-END QUOTATIONS. (Rnerial to the “Herald ”) CHRISTCHURCH, March 15. The following were the quotations when the Exchange closed for the week-end:—

Sales on ’Change: Australian Bank o i Commerce 25/1; Bank of New South Wales £4O (2); Carlton Brewery 37/6; New Zealand Breweries (cum div.) 82/9; British Tobacco (cum div.) 42/-; Dunlop Perdriau Rubber 18/3. Sales reported; National Bank of New Zealand £6; British Tobacco (cum div,) 42/3; Dunlop Rubber 18/3; Union Bank of Australia £l2; Bank of Adelaide £7/2/-. WELLINGTON, March 16. Sales on 'Change: Christchurch Gas (10/- paid) 12/9; New Zealand Breweries 82/9.

REVIEW OP THE SHARE MARKET. There was a fair amount of business on the New Zealand Exchanges during the past week. Buyers were not inclined to increase their limits, but holders of scrip in well-established companies showed little disposition to part with their investments at any great reduction on rates lately ruling. New Zealand companies In the first class have not suffered in any way approaching those in Australia. Sixty large corporations in the Commonwealth show a decline of sixty millions sterling in the value of their shares, compared with the market price at which they were selling in the middle of last year. This reduction Is due, not only to the financial depression, but also to the lower values of their manufactures throughout the world, and to the heavy fall in the price given for base metals. In recent years large sums of money have been sent to Australia by New Zealand investors for the purchase of shares in the best of their companies. The return has been very good, and bonus issues have been frequent. Last year no Australian Bank was paying 5 per cent, on the market price of its scrip. The investor was looking for accretions of capital to repay his outlay. For the future, the rate of interest on the capital outlay will determine the price of the shares. It will take time to enable the investor to And out when the market has reached a level that gives prominence of permanence

When that time arrives we shall see a steady run of business.

Commercial Bank of Australia shares continue to be the most popular of the banking stocks. This is probably due to the fact that the shares are ten shillings, fully paid, thus allowing the investor with small means an opportunity to become a proprietor. The shares realised from 21/5 to 22/-. The prefs. are on the market at £7, with buyers at 12/6 less. Australasias closed very Arm at £l2/5/- to £l2/9/-, after sales had been made at £l2 and £l2/2/6, cum. div. There was little movement in Australian Bank of Commerce, which were steady in the vicinity of 25/-. English, Scottish and Australian Banks made a partial recovery to sales at £6/10/-, but receded to buyers at £6/5/6, sellers £6/7/6. National of Australasia, fully paid, had a further fall, and realised £ls and £l4/18/6, after which they were offered at £l4/18/-, but buyers would not advance beyond £l4/16/-. The five pound shares are easier at £7/4/9 to £7/6/-. National of New Zealand were lower to the extent of a shilling, and realised £5/19/- and £5/19/6. New South Wales were quitted at £4O, and are offered at that figure, with buyers at five shillings less. New Zealands are selling from 56/9 to 57/3, with buyers offering 56/6. Union Banks had several transfers at £l2 to £l2/1/-. The closing quotes were £ll/17/6 and £l2. Shares in the insurance group have remained at practically the same level as that of the previous week. These shares have, on the whole, suffered less in values than those of the banks or pastoral companies. New Zealands remain steady about 43/9. Nationals are firm at 14/1 to 14/3. South wiush I have buyers at 60/9, but holders re- ; quire 61/3. Standards are ex div. of j 1/3, and have no buyers at 57/-. Ausj tralian Provincial Assurance, an Ausj tralian company dealing principally in ' life assurance, had a sale at 6/10, but | late buyers offer only 3/7; sellers 7/6. I Mercantile Mutual are wanted at 25/-. ! There was a further weakening in the j market for loan and agency scrip. The , continued fall in the price of wool and I meat is affecting the prospects of the j pastoral companies, and the shares meantime are not as attractive as they , were 12 months ago. Dalgetys eased | from sales at £ll/7/6 to £ll/4/-, and ! more are available at the lower price, j with buyers at eighteenpence less. Goldsbrough Morts are round about 31/-. National Mortgages are lower, with a buyer at 61/-, and a seller at 69/-. In shipping the market is lacking in animation. Huddart. Parkers, ord., cum div., realised 35/6 and 35/-, which is the lowest price obtained for several years. Buyers are offering 35/3. There does not seem much chance of the shipping companies’ interests in the coal mining industry yielding much profit for some time. Northern Steam paids realised 14/-. p. and O. j deferred stock is steady at 53/-. j Union Steam prefs., and Huddart, ! Parkers, prefs., are wanted at par. I Little is doing in coal-mining, al- [ though there was steady demand for I Grey Valleys, which were realised at j 26/7 and 26/9. Westports are in deI mand at 30/-, with holders asking one ! shilling more. The North Island comj panies are steady at last quotes. Re- ! nown prefs. brought 3/-. Good progress is being made with the erection of machinery for the manufacture of ! briquettes, and the production of smokeless and sparkless coal. The prospects of success in this venture are said to be good, and the Waikato companies are committed to a large expenditure during the next twelve months.

The market for New Zealand Brewery shares was active. A large number of sales was registered at prices ranging from 80/9 to 82/9, cum dividend. Other lines were not sought, and Australian Brewery stock showed a decline on figures lately offered for them. Carltons sold at 37/6.

In the miscellaneous section, British Tobaccos were the medium of several transfers at from 41.8 to 42 6. cum div. Colonial Sugars realised £44. Donaghy’s Rope and Twine, which do not often come on the market, brought 34/-. Holden’s Motors, which anticipate a reduced amount of business during the year, sold down to 14/11 for the ordinary shares. Wilson’s Cement, the output of which company is well maintained, realised 38/9. There was a falling off in the business done in Government bonds and stock. Several sales of 5* per cent, inscribed stock and bonds were made at £99/5/-. The tax free, 4i per cents., which have of late been popular, were neglected. Prices ranged from £97/10/to £9B/5/-. There were dealings in local body and municipal debentures at prices which show little variation from those recorded during the past month. Auckland Harbour Board 52 per cent., 1945, were disposed of at ten shillings premium. Six per cents., the same body, realised tiuz/io/-. Palmerston North Borough, 5 3-8 per cent., 1949, changed hands at £96.

In the mining market there has been little business done. Waihis remain steady at 13/6. The management seem hopeful of their venture in tin mining, but present low prices do not yield very handsome returns. Dredging in New Guinea has been looked at with a view to investment of some of the company’s capital. Another attempt at the Kawarau proposition seems probable with the approach of winter. Snares sold at sixpence. Mahakipawas sold at a penny. Moanataiaris retained their hold on the speculators, and realised 2/3. Another fall in the jnetal market has struck the Australian companies severely, particularly those at Broken Hill. Lead, tin and zinc show further reduction, but codper retains its price. Several mines will need to close, unless some arrangement regarding wages is made. 4 th ,? ?. est of the mi nes have not distriouted the whole of their profits in dividends, but have built up strong reserves, which will enable them to live through lean years. Electrolytic zin . c ordinary dropped to 25/-, ex div while the prefs. had sales at 26/- and 26/3. Mount Lyells were steady at from 32/- to 32/6. y at

NEW ZEALAND DRUG CO. The fifty-first report of the directors for the year ending January 31, 1930* states that the net profit lor the vear was £71,910, which, with the amount brought forward, £26,518, makes £98,426 available. An interim dividend of 4J per cent, absorbed £26,231 it i s proposed to pay a final dividend of 3i per cent., and a bonus of 2 per cent" making a total distribution of ten per cent. Reserve fund is to receive an addition of £IO,OOO, and the Staff Provident Fund benefits by £3 500 The balance of £26,632 is carried forward to next year.

A FINE PULPIT VOICE. The Rev. R , asked how he could speak so clearly and without effort, after already preaching five times in the day, said, “I carry Pulmonas and suck one every little while. They’ve strengthened my throat wonderfully, and I never get a sore throat." Fulmonas, 1/6 and 2/6

James’ Hair Tonic for preventint the hair falling off. Also for cleansing. beautifying and promoting its growth. This Tonic effectually cleanses the hair and prevents the accumulation of scurf or dandruff. Price, 2/6 from L. M. James, Prescrip: tion Chemist, Timaru.

N.Z. Govt. Debentures— Buyers. Sellers. £ d. £ s. d. 4 h p.c. Inscr., 1938 96 15 0 4?! p.c. Inscr., 1939 97 2 6 97 10 0 41 p.c. Bonds, 1938 97 0 0 — ok p.c. Inscr., 194-1 — 08 0 0 51 p.c. Inscr., 1933 97 5 0 98 5 0 51 p.c. Inscr., 1933 90 5 0 — 51 p.c. Bends, 1933 99 5 0 5i p.c. Bonds, 1936 99 5 0 — Oilier Debentures— Christch. Trams, 5-i p.c., 1944 . . — 99 10 0 Banks— Aust. of Comm. . 1 5 1 1 5 3 Adelaide 7 0 0 7 5 0 Australasia (cum. div.) 12 2 6 12 9 0 Comm, of Aust. . 1 1 10 1 2 0 Do. (pref.) .... 6 12 6 6 17 0 Do. (new, 5/- pd> 0 6 0 Do. (new, fully pd) 1 1 4 1 1 8 E.S. and A 6 7 6 6 10 National of A/asia (£10 paid) . . . — 15 0 0

Do. (£5 paid> . . . 7 5 0 7 7 National of N.Z. . 19 0 New South Wales 39 17 6 Union of Aust. . . 11 18 6 12 0 0 Insurance— National 0 14 2 0 14 New Zealand . . . 2 3 6 Standard United 8 5 0 2 17 6 Loan and Agency Dalgety and Co. . 11 1 0 11 4 6 Goldsbrough Mort . 1 11 0 National Mortgage 3 0 0 N.Z. Guarantee Corporation . . 0 8 6 United Building Society .... 0 14 9 — Shipping— Union (pref.) . . . 1 0 0 — Frozen Meat— Canterbury (pref.) 3 15 0 4 7 6 N.Z. Refrig. (£1 paid) 0 11 0 0 12 0 Do. (10/- paid) . . 0 5 4 0 5 7 North Canterbury Freezing .. Wellington (ord.) 0 7 6 0 2 0 10 9 6

Woollens— Kaiapoi (17/- pd.) 0 8 6 0 12 6 Do. (7/- paid) . . 0 3 3 0 3 7 Coal— Westport — 1 11' 0 Gas— Auckland .. .. .. 1 3 6 Christchurch .. .. 1 6 0 — Breweries— Carlton 1 17 3 1 17 9 New Zealand . . . 4 2 8 4 2 10 Staples 2 7 6 2 7 9 Timaru 0 15 0 0 15 9 Tooheys 1 3 6 Tooths 1 16 10 1 17 6 White Star .... — 1 0 0 Miscellaneous— Aust. Distillery . . 0 16 0 0 18 0 Australian Glass . 2 0 6 Beath and Co. . . 1 9 4 1 10 9 Do. (1/- paid) . . 0 7 2 0 7 3 Booth, Macdonald (pref.) .... 0 3 6 0 4 6 British Tobacco (cum div.) . . . 2 2 0 2 2 1 Colonial Sugar . . — 44 0 0 Dunlop Rubber . . 0 18 1 — Electro. Zinc (ord) 1 5 0 1 5 5 Gordon and Gotch 1 9 6 1 12 0 Do. (pref.) .... 1 5 9 Henry Jones Coop 1 10 0 1 11 0 Herald & Weekly Times (rights) 0 19 0 Do. (ord., cum d.) 2 3 0 2 4 0 Kauri Timber — 0 15 3 Holden’s Motors . 0 14 6 Mount Lyell . . . 1 12 5 1 12 7 N.Z. Drug Co. (cum. div.) . . . — 3 11 6 N.Z. Farmers’ Coop. (V. pref.) . — 3 0 0 Ditto <6£ p.c. Stock, 1940.) — 88 0 0 N.Z. F a r m e r s’ Fertiliser . . . 0 19 0 0 19 9 N.Z. Paper Mills . — 1 0 3 Quill, Morris . . . 0 12 6 0 15 0 N.Z. Sugar of Milk (pref.) .... — 1 0 0 Taranaki Oil . . . 0 3 0 United Pictures — 1 7 0 Wilson's Cement . 1 18 10 1 19 6 Mining—• Alexander .... 0 15 Kildare 0 Mahakipawa . . . — 0 0 1 Do. (pref.) .... — 0 1 Mount Isa .... 1 Okarito 0 1 i 0 0 prem. Stoney Creek (6d paid) 0 0 7 0 0 9 Winding Creek 1/- paid) . . . 0 0 10 0 1 0 Do. (6d paid) 0 0 14 0 0 9 THE MORNING’S TRANSACTIONS.