COMMERCIAL

Timaru Herald, Volume CXXXVII, Issue 19249, 1 August 1932, Page 12

COMMERCIAL

LONDON MARKETS. FROZEN MEAT QUOTATIONS. United Press Association—By Electric Telegraph—Copyrlgnt (Received July 31. 5.5 p.m.) LONDON. July 30. The weekly quotations for the undermentioned classes of frozen meat 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 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 not selected lines, but for parcels fairly representative of the blk of shipments now on offer:— New r Zealand sheep—North Island selected crossbred wethers and maiden ewes, 651 bto 721 b, 2ifd; ewes, 651 bto 721 b, 2Ad. Australian sheep—First quality crossbreds and/or merino wethers, 401 b to 651 b. 2£d; second quality, 301 b to 551 b, 2id. Argentine sheep—First quality crossbred wethers, 481 b to 641 b, 25d. New Zealand lambs—Canterbury, 361 b and under 51d; 371 b to 421 b, 5Ad; 431 b to 501 b, siid; second quality, average 301 b, 42d; do. other South Island brands. 361 b and under, sd; do. 371 b to 421 b, sd; 431 b to 501 b, sd; do. selected North Island brands, including Downs, 361 b and under, 51d; 371 b to 421 b, s&d; 431 b to 501 b. s£d; second quality, average 301 b, 45d; other North Island brands, first quality, 361 b and under, sd; 371 b to 421 b, sd; do. second quality, average 301 b, 45d. Australian lambs —Victorian, first quality, 361 b and under, 4gd; 371 b to 421 b, 4§d; do. other States, first quality, 361 b and under, 4gd; 371 b to 421 b, 4}d; do. all States, third quality, 371 b to 421 b, 4Sd. Argentine lambs. —First quality, 371 b to 421 b. 4id. Argentine chilled beef—Ox fores, 1601 b to 2201 b, 2fcd; ox hinds, 1601 b to 2201 b, sid.

CHRISTCHURCH STOCK EXCHANGE.

j/ TEST QUOTATIONS

(Special to the “ Herald.'') CHRISTCHURCH. July 30. The following quotations were current when the Exchange closed for the week-end: —

FOREIGN EXCHANGES British Official Wireless RUGBY, July 26. xne following are the current rates of exchange:—

REVIEW OF THE SHARE MARKET. A good volume of business was : transacted on the Stock Exchanges during the past week. Although the number of transactions in bonds, and stocks showed a decrease, this was due almost wholly to the rapid rise that has recently taken place in the value of these investments, and caused buyers to pause before purchasing at figures placed upon them by the vendors. In all ether sections the market displayed firmness and steadiness. Although in very few' cases are substantial profits being made, it is a sign of strength that many companies can make even a small profit. At the annual meeting of the Commercial Banking Company of Sydney, one of the largest trading banks in Australia, the chairman stated that the profit was 2.8 per cent, of the capital and reserves. As the reserves in many of the banks are built up largely by premiums on shares issued to shareholders, it will be seen that the dividends, small as they are ac present, do not give anything like «• payable return on the money paid for them at any time during the last fifteen years. It is to be hoped that when better times arrive the dividends will be more commensurate whh the price paid for the scrip. There are indications that investors are more confident of the future than they have been for some lime past. Banking. The number of transfers of bank scrip was well up to the average, and there was a general firmness in the market. Commercial Banks cased slightly, and changed hands at 13 0 cum div. The prefs. were very firm at from £7/3/- to £7 3 '-. Australasias are wanted at £9/6/-, but none are offering below' £9/14/-. English. Scottish and Australian Banks are inclined to firm, with buyers at 81 6 and sellers at 83/-. The financial year closed on June 30th. National of Australasia, fully paid, were up a little at £10,19 - and £ll, W'hile the partly paids brought five guineas. National of New Zealand were ex dividend of 1 6 per share, and changed hands at 69 6. with buyers offering 66/-. Bank of New Souiii Wales were a little lower at £26/11/-, and £26 15/-, with buyers at the latter figure, and sellers at half a crown more. Bank of New' Zealands have been rising steadily, and finished firm at 47/-, at which figure buyers stayed in, sellers asking tw'o-pence more. The “D” Mortgage 74 per cent, shares were up to 26/6. at which price the demand continued, but none were offering. Union of Australia were ex dividend of tw'o shillings per share, and realised £6/17/- to £6/18/-. Insurance. The market for the shares of the Dominion's insurance companies is exceedingly brisk, and values continue to move upward. New Zealands cum dividend are hardening, and were sold up to 40,6, closing with buyers at 40 1, i and sellers 40. 8. Nationals went up to i 12/6, and were firm at that figure. South British advaned to 54 6. and could be obtained under 56, 6. Staalards had business at 41 3, and were difficult to obtain at that price. Loan and Agency. In this section there was a brighter tone than for some weeks past. Goldsbrough Morts fluctuated between 21 J and 22/1, and closed at 21/9 to 2.1. IJ. Dalgetys remained steady at £7 5-. New' Zealand Loan and Mercantile were inquired for at £36 10 -. but holders wanted £43. New Zealand Guarantee Corporation showed no change at 4 7., and Farmers Trading were unaltered at 4/-. Wright Stephensons ordinary had buyers at 10 6. Meat Freezing. There were sales of Gear Meats at 31 - and 31/6, after which 31 9 was offered. New Zealand Refrigerating fully paid changed hands at up to 12/- j at which price buyers were v. siting to be supplied; the contribs. changed j hands at 4 2 to 4/5. South Ota:.;0, which had a record season, were want- j ed at 40 - without result. Southland j fully paids w'ere offered at 44/-, but buyers w r ere not quoting. Miscellaneous. The shares of the large industrial companies w'ere keeping well to the level that they reached during the last month. Australian Glass were steady at 35/3, at which price more were wanted, with sellers at 36 British Tobaccos showed little change at from 28 - to 28/3. Colonial Sugar had transfers at £4l/5/- to £4l/17/6. Dunlop Perdriau were at 11 1 to 11 9. There has been a steady increase in the price of New Zealand Paper Mills, which had demand at 19/9, and sellers 21 6. New’ Zealand Farmers’ Co-operative Stock 44 per cents, 1940 and 1945 had a good rioi, and sales were made at £45 for both issues. New Zealand Farmers Fertilisers were a little better at 13/- cum div. New Zealand Drugs keep improving and were up to 54/- buyers, bui sellers wanted 58 /-. Wilsons Portland Cement w'ere slightly weaker at 30/-. Whitcombe Tombs had a sale at 50/-. Government Stocks and Bonds. The price to w'hich Government securities has risen is beyond the ideas of a majority of buyers, and sales were j not numerous. There was no apparent weakening, and supplies were j difficult to obtain. There were several | transfers of 44 per cent, tax free bonds, and stocks maturing in 1938 and 1939 at £96. Five and a half per cent, stock due 1936 realised up to £lOl 7 6 .ana the bonds of the same issue brought | £lOl/2/6. Five and a half per cent, j stock due February and September 1937 were steady at up to £lOl 5 while the bonds due in September 1937 were transferred at £lOl/5/- and £lOl 10/-. Debentures. For local body and municipal debentures there was a good market, especially for the short-dated issues which, in several instances, were at a premium. Ashburton Power Board. 52 per cents., 1933. realised £lOl. Auckland Gas Company, 64 per cents. 1935, [ W'ere taken at £9B. New r Zealand Re- , frigerating CL per cent.. 1935, were ■ offered at £9O without attracting buy- j Mining* The demand for mining shares continued good, especialy for scrip of companies which have recently started operations or those which wall soon begin. Waihis exhibited a firm tone, due to reports of recent developments, and sales were made at 15/1 to 15/8. and closing at 15/5 buyers, 15/8 sellers. Grand Junctions fell back to 2/9. Golden Dawns receded to 4/1, but rose rapidly to 4 94 and closed at 4/3 to 4 4. Golden Sands, a sluicing proposition on the West Coast which will begin W'orking in a couple of months, had sales at 1/84 for one shilling shares. The demand continued at that figure, but holders asked 1/91. Okaritos fell to 8/81 buyers, and 8 104 sellers. The returns for the last three weeks have been much lower than those of three months ago. Paddy's Point continue to rise, and were firm at about 5/-. King Solomons return of 70ozs for the week, although not so good as that of the tw'o previous weeks, kept the shares steady at 1/10 and 1/11. Alexander contribs 13/6 paid up realised 17/6. Blackwaters and Consolidated Goldfields were steady at last week's quotations. The sensational finds in the claims on the Shotover River reported a few days ago are found to be greatly exaggerated. Success wall largely defend on a low level of the river which frequently rises with great rapidity. j

Dividends Payable. Auckland Gas, interim, 3 per cer August Ist. British Tobacco, quartely, li I cent., July 30th. Christchurch Gas, interim, 3 i cent., August 4th. Wellington Gas (ord.>, interim, per cent., August Ist. New Zealand Farmers’ Fertilis annual 5 per cent.. August 15th. Commercial Bank (ord.), Anal, per cent.. August 11th. Commercial Bank <pref.), final, per cent.. August 11th. Mercantile Mutual Insurance, fin 3 per cent.. August 11th. New Zealand Insurance, final. 1 per share. August 2nd. Queensland National Bank, final per cent.. August Elder Smith Co., final. 2 per cen September Ist. N.Z. In' urance Company. The report for the year pnded Mart j 31 st tfiows a reduction of £9'>.ooo in n : prem um income compared with th ! of l t he Previous year. The return fro rents and interert was lower by Notvotlvt: nd s ng this fa-1 the directo recommend a final dividend for tl year at the unaltered rate of ox shilling per share. The net reven/ from fire, marine and accident pren mm 3 was £1.053.35!. The balan. brought forward was £180.943. A dlv (lend paid in August absorbed £75.00 The surplus on the year’s operation after making provision for taxatioj depreciation and all ascertained lossc was £77.805. The net income fro/ rents and interest was £126.455. makin a total of £310.205. This had been dea with as follows (less the interim div dend paid last February absorbin £75.000); final dividend of £75.00 transfer to the investment fluctuatio account. £50.000. and to carry forwai £110.205. LONDON STOCK EXCHANGE. GOVERNMENT SECURITIES. United Press Association—By Electric Telegraph—Copyright LONDON. July 28. The following are the latest quota tions for Government securities: —

THE SHAREMARKET. By Telegraph -Press Association AUCKLAND July 30. Sales on 'Change.—Union Bank, £6 17 -: Northern Steam. 6 6: Auckland Gas. 21 -; Moturoa Oil. 3/3; Farmers' Trading. 4/13. WELLINGTON. July 30. Sales reported.—New Zealand Government 4 h per cent. Stock (1938), £B6 (2 sales late Friday); 51 per cent. Stock (Sept.. 1337), £lOl 5 - (late Friday); Bank of New South Wales, £26/12 6 <late Friday); Queensland Insurance Co., £2 (late Friday). BROKEN HILL PROPRIETARY. PROFIT ON YEAR’S WORKING. By Telegraph—Press Association WELLINGTON. July 30. The Broken Hill Proprietary cabled the Stock Exchange Association as follows:—Subject to audit, the nett profit for the year ended May 31st. 1932. was £103.720/4/8, after providing £252,589/12/4 for depreciation and £47.814/17/5 for debenture interest.

Euyers Sellers d. £ d. N.Z. Govt. Debs.44 p.c. Insci\. 1938 95 12 6 96 0 0 44 p.c. laser.. 1939 95 12 6 — 44 p.c. Bonds. 1939 95 12 6 44 p.c. Bonds, 1938 95 12 6 5i p.c. Inscr. 1937 98 0 0 — 54 p.c. Inscr., 1936 101 2 6 101 10 0 54 p.c. Bonds, 1936 101 5 0 54 p.c. Inscr., Sept. 1937 101 0 0 — 54 p.c. Bonds, Sept. 1937 101 0 0 — Banks— Australasia . . . 9 6 0 Comm, of Aust. (cum div.) . . . 0 13 10 0 13 11 Comm, of Aust. (pref, cum div.) 7 3 0 7 4 0 Comm, of Sydney (ex div.) . . . 13 0 0 14 10 0 E.. S. & A 4 2 0 4 3 0 National of A/asia. (£10 paid) . . 10 19 0 National of A/asia. (£5 paid) . . . 5 0 0 5 10 0 National of N.Z. . 3 6 0 3 9 6 New South Wales 26 10 0 26 17 6 New Zealand . . . 2 7 1 2 7 9 New Zealand (“D” Mort. Shares) . 1 6 0 Union of Aust. . . 6 19 0 6 19 6 Insurance— National u 12 6 0 13 0 New Zealand (cum div.) 2 0 0 2 1 3 South British . . 2 13 0 2 17 6 Standard .... 2 1 3 — Loan and Agency Goldsbrough Mort. 1 2 0 1 2 1 N.Z. Guarantee Corporation . . 0 4 6 0 4 11 United Building Society .... 0 14 9 — Frozen Meat— Canterbury (pref.) 4 0 0 5 0 0 Gear 1 11 6 N.Z. Refrigerating (£1 paid) . . . 0 11 9 0 12 0 N.Z. Refrigerating (10/- paid) . . 0 4 4 0 4 6 North Canterbury Freezing . . . 0 2 6 0 17 3 Shipping— Union (pref.) . . 0 19 e Coal— Grey Valley . . . 0 8 0 0 14 0 Westport .... 0 12 0 Stockton (pref.) . 0 0 7 0 0 9 Gas— Auckland (cum div.) 1 1 1 Christchurch (cum div.) 1 4 6 1 6 6 Christchurch (10/paid, cum div.) 0 11 9 0 12 9

Breweries— Carlton 8 0 1 11 New Zealand . . . 1 4 7 11 Staples . 1 3 0 Tooths 1 5 7 1 6 3 Miscellaneous— Australian Glass . 1 15 9 1 16 British Tobacco 1 8 0 Colonial Sugar . . 41 7 6 42 0 0 Dunlop Ruboer . . Electrolytic Zinc 0 11 0 0 11 5 (ord.) 0 12 Electrolytic Zinc (pref.) ... 1 0 9 1 1 6 Henry Jones Co-op 1 7 6 Kauri Timber . . 0 8 0 Mt. Lyell 0 17 0 0 17 3 N.Z. Drug Co. . . 2 13 6 N.Z. Farmer s’ Co-op. (4S p.c. Stock. 1940) . . 42 0 0 N.Z. Farmers’ Co-op. (4i p.c. Stock. 1945) . . 42 0 N.Z. Paper Mills . 0 19 6 1 0 6 Taranaki Oil . . . 0 1 0 Wilson's Cement . Wool worths (N.Z.) 1 9 0 1 9 4 (pref.) .... 1 5 6 Woohvorths (N.Z.) (new, fully pd.) 1 7 0 Mining— Cornish Point . . 0 0 1 Golden Dawn . . 0 4 2 0 4 Golden Point . . . Golden Sands (1, - 0 0 6 0 0 6* paid) 0 1 7i 0 1 11 King Solomon . . 0 1 8 Mahakipawa . . 0 0 3.?, 0 0 4 Ditto (pref.) . „ 0 0 4* 0 0 6 Paddy’s Point . . 0 3 11 Okarito . . 0 8 9 0 8 Waihi Waihi Grand 0 15 4 0 16 0 Junction . . . 0 2 6 0 Blackwater . . . 0 12 Consolidated . . . 0 4 9 Waitahu 0 0 4 0 0 IS (disc.) (disc.)

Paris, fr. to £1 .. .. Par. 124.21 89 11-16 New York, do], to £1 4.886 3.50£ Montreal, belgas to £1 4.886 4.03 Brussels, belgas to £1 35 25.325 Geneva, fr to £1 . . 25.2215 Amsterdam, fl. to £1 12.107 Milan, lire to £1 .. .. 93.43 Berlin, reich to £1 .. 20.43 14.76 Stockholm, kr. to £1 18.159 19.475 Copenhagen, kr to £1 18.159 18.55 Oslo, kr. to £1 . . . . 18.159 20 Vienna, schgs. to £1 34.585 31 i Prague, kr. to £1 .. 18.159 120 Helsingfors, pesetas to £1 193.35 235 Warsaw, zlotys to £1 43.38 31.62 Madrid, pesetas to £1 25.2215 44 11-16 Lisbon, escudos to £1 110 110 Athens, drach to £1 375 Bucharest, lei. to £1 818.6 Belgrade, dinars 25.22 2225 Rio de Janeiro, pence to milreis 4.988 5 1-32 Buenos Aires, pence to dol 47.577 Monte Video, pence to dol 51 30 Batavia (guilder) 9.12 (nom.) 8.81 Bombay, d. to rupee 18 m Shanghai, d to tael * 20 9-32 Hongkong, d. to dol. * 15i Yokohama, d. to yen 24.56 181 * Determined by price of Silver.

£ s rl Victory bonds 4 p.c., 106 15 ( Imperial consols, 21 p.c 73 5 ( War loan, 5 p.c., 1929-47 . 102 2 ( Funding loan, 41 p.c.. 1960-90 108 10 ( Conversion loan. 3' p.c. 100 7 ( Commonwealtn 6 p.c.. 1931-41 101 7 ( Commonwealth 5 p.c., 1945-75 100 7 ( N.Z. C p.c.. 1936-51 . . . 104 0 ( N.Z. 41 p.c., 1948-58 .. .. 102 0 ( N.Z. 31 p.c.. 1940 95 0 ( N.Z. 3 p.c., 1945 85 15 ( N.S.W. 61 p.c.. 1930-40 100 0 ( N.S.W. 6 pc.. 1930-40 .. .. 99 5 ( N.S.W. 5v p.c., 1022-32 99 0 ( N.S.W. 4 p.c., 1933 .. .. 97 10 ( N.S.W. 31 p.c., 1930-50 . . .. 80 0 ( N.S.W. 3 p.c., 1935 91 7 ( Victoria 5i p.c.. 1930-40 98 15 0 Victoria 5 p.c.. 1922-43 .. .. 98 10 0 Victoria 4* p.c., 1940-60 97 15 C Victoria 31 p.c., 1929-49 81 5 n Victoria 3 p.c., 1929-49 76 0 0 Queensland. 6 p.c.. 1930-40 . . 99 7 6 Quenesland 5 p.c.. 1940-60 .. 98 0 0 Queensland 3 p.c.. 1922-47 . . 77 0 S. Aus. 6i p.c., 3930-40 99 15 S. Aus. 3i p.c.. 1939 . . . . 91 0 0 S. Aus. 3 p.c.. 1M3 or after 66 12 6 W. Aus. 6 p.c., 1930-49 100 0 0 W. Aus. p.c.. 1930-35 94 7 6 W. Aus. 3 p.c.. 1915-35 92 15 0 Tasmania 61 p.c., 1930-40 .. 100 0 0 Tasmania 3: p.c., 1920-40 .. 89 15 ( Tasmania 3 p.c., 1920-40 87 15