COMMERCIAL

Timaru Herald, Volume CXXXVII, Issue 19273, 29 August 1932, Page 14

COMMERCIAL

LONDON MARKETS. i FROZEN MEAT QUOTATIONS. i ■ 1 Trlled Press Association—Bv Electric Telegraph—Copyright 5 (Received August 23. 5.5 p.m.) LONDON. August 27. The weekly quotations for the undermentioned classes of frozen meat are based on actual sales of wholesale quantities of carcases of mutton or • beef, or of quarters of beef delivered to Smith field market and/or London stores. They are compiled by lae 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 bulk of shipments * now on offer:— Argentine sheep.—First quality, crossbred wethers, 48 to 641 b, 22d. Patagonian sheep.—Ewes, 40 to 501 b, 24d. New Zealand lambs.—Canterbury, 361 b and under, 54d; 43 to 501 b. 45d. j Second quality, average 301 b, 48d. Other South Island brands. 43 to 501 b, 4ia. Selected North Island brands, includ- ’ ing Downs, 43 to 501 b. 4gd. Second . quality, 301 b 43d. Other North Island ! brands, second quality, average 3010. ’ 4 id. Australian lambs.—Victorian, first ; quality, 361 b and under. 4d; 37 to 421 b, ’ 4d. Other States, first quality, 361 b and under. 4d; 37 to 421 b, 4d. Victorian second quality. 361 b and under, 4£d. Argentine lambs. —First quality. 37 to 421 b. 4d; 43 to 501 b. 4>sd. Patagonian lambs.—First quality, 36 lb and under, 4.1 d; 37 to 421 b, 41 d; second quality, average 301 b, 44d. New Zealand frozen beef. —Ox hirds 160 to 2201 b, 3ld. Australian frozen beef. —Ox hinds, over 1601 b, 3id. Argentine chilled beef, ox fores, 160 to 2201 b, 25d; ox hinds 160 to 2201 b, 53d. New Zealand pigs.—First quality, 111 to 1201 b. 43d. Australian pigs.—First quality, 111 to 1201 b. 43d. Others unchanged. CHRISTCHURCH STOCK EXCHANGE. LATEST QUOTATIONS(SpeciaI to "The Herald") CHRISTCHURCH. August 27. The following quotations were current when the Exchange closed for the week-end:—

Sales on ’Change: Bank of New Zealand. 46 - (2); South British Insurance. 58 New Zealand Refrigerating (10/ paid). 4'5; Christchurch Gas. 24'6 (2). 24 7; New Zealand Breweries, 26 10 (2); King Solomon. 1/10 (2); Okarito. 8 6: Waihi Grand Junction, 2/11. 2/10 (2). Sales reported: Dalgety and Co, £7/15/-; New Zealand Refrigerating <*:i paid), 11/9. CHICAGO WHEAT QUOTATIONS. United Press Association Bv Electric Telegraph—Cop vrjgm (Received August 28. 6.5 p.m.) NEW YORK. August 27. Chicago wheat quotations.—September 534 cents, December 57i cents. May 61; cents per bushel. REVIEW OF THE SHARE MARKET. Business on the New Zealand Stock Exchanges during last week was very good, and more than the average number of sales was recorded at prices, which showed.that the recent increase was more than maintained. Bank and insurance shares reached higher levels, while the demand for the scrip of pastoral companies was the best that had been recorded for a long time. The London and New York Exchanges report a much better market for Australian and New Zealand securities, and this relieves anxiety regarding the conversion of loans falling due. The reduction in overdraft rates lately announced by the Commonwealth Bank is likely to be followed by the trading banks, and with interest rates on mortgages being lower an increased supply of money will be available for the purchase of gilt-edged securities. There is a promising outlook for a good clip of wool, and an abundant yield of dairj produce. The outlook is promising, but there can be no great improvement except through a recovery of overseas commodity prices. Indications are not wanting that this desired result is more than a possibility.

Banking. The demand for bank scrip continues, and as sellers do not seem to be numerous at present prices. limits have to be raised to do business. Commercial ordinary rose to 14 2. with buyers at 14 1. The four per cent, preference sold at up to £6 13s 6d. English, Scottish and Australian Banks rose half-a-crown, and were transferred at 85 - at which figure they were steady. National of Australasia. £5 paid, were at £5 5s to £5 7s, while the fully paids were worth £ll to £l2. National of New Zealand jumped to 74 -, after a sale at 73 6. New South Wales changed hands at £27. and were offered at that price, cum div.. .vith buyers at five shillings less. New Zealand were better at 47 6. while the “D’‘ Mortgage. 11 per cent., shares remain unchanged. Union Bank of Australia showed improvement with sales up to £7 3s 6d; buyers and sellers within sixpence of that figure. No change was noted in Australasias or Queensland Nationals, which were firm at last week’s quotations. Insurance. The demand for insurance scrip exceeded the supply at present prices, and buyers limits had shown a steady increase during the last three weeks. Nationals were sought at 13 5, but sellers were not quoting. New Zcalands were firm at two guineas, at which figure sales were made. Consequent on the successful year, as shown by the last balance sheet. Standards rose to 45 - without sellers. South British so'd at 58 - and were wanted at 57 6. but sellers asked 58 6. Queenslands were on the market at 45/-. without buyers. Loan and Agency. Substantial gains in the prices of pastoral companies shares were recorded during the week. Dalgety’s sold up to £7 15s. and were steady at that price. National Mortgage £2 paid, sold at 36 -. and remained firm. Goldsbrough Morts had several transfers at 24 1, and were still in demand about that price. N.Z. Guarantee Corpora- i tion rose rapidly :o at 5.9. N.Z. and River Plate were very fi.-m at 29/9. Breweries. After reaching 27 3. New Zealand ; Breweries receded io 26 9, vith •. at 26 7. Tooth Breweries were ./ro - ut 28 with buyers unsuppi. i at ;V price. Staples remained r &; at from 23 9 to 25 Meat Freezing. The demand for the ck res of meat companies remains fairly good. N.Z. Refrigerating fully paids were r to 11/9, while the contribs re t -an •- ferred at 4/6. The ordinary issue- w Canterbury Meat was wanted a. five guineas, but sellers asked £C 15s. Gear Meats were transferred at £6 15s. Southland and South Otago were unchanged. Miscellaneous. The inquiry for sound industrial scrip was well maintained, and prices remained for the most part in favour of sellers. British Tobaccos were steady in the neighbourhood of 30/-. Colonial Sugars realised £44 7s 6d. a slight easing on previous week’s quotation. Australian Glass increased to sales at 39/9. Dunlop Rubbers were very firm at between 12/6 and 13/-. N.Z. Drugs rose sharply to 57/3, and were steady at that price. N.Z. Farmers’ Fertilisers changed hands at 13/9. Wilsons Cements were much better at 31/-, and Milburn Lime and Cements were up to 25/3 buyers, without sellers. Beaths were sought at 20/3, but sellers asked two shillings more. Henry Jones Coop. showed improvement, and were in the vicinity of 30 - after sales at 30/6. N.Z. Farmers’ Co-op. Stock, 4i per cent. 1945, was wanted at £42. but none was offered. N.Z. Paper Mills were wanted at 20/6. Whitcombe Tombs rose to 55/-. Woolworths (N.Z.) prefs were asked for at 24 6. but 28 - was required. Moturoa Oils were much better at 3/6. Government Stocks and Bonds. The demand for Government securities eased during the last fortnight, but prices have not shown any great change. Four and a half per cent, tax

free stock 1938 realised £95 5s and £95 10s; the bonds sold at up to £95 7s 6 !. Five and a half per cent, bonds, 1933, brought £99 7s 6d. Five and a haff per cent, bonds, February. 1937. sold at £99 2s 6d. The five and a half per cent, inscribed stock, due September, 1937, was steady at £lOl 10s. Soldier Settlement Stock and Bonds five and a half per cent.. 1933, were firm at a little below par. Mining. There was a fairly good demand f~r shares in gold-mining companies - ral of which showed gains on the figures of the previous week. Waih: keenly sought, and changed hard ~t up to 16 4. The prospects in Grr Junction mine are improving, and s were effected at up ic 3 -. with afi ' r market. The hr * re .ci" from 1 den Dawn mine states that for 13 wo ing day» 4C7 t for £BOB. based on gold at £4 per oa. The shares were selling from 4 S to 5 -. Nokomai Sluicing, 5 - paid, real • ised 51. The returns from Okari.o Dr:dging were not so good as those of two months ago. but the shares have not fallen to a great extent: and sales were made up to 89. Indications at Golden Point are very satisfactory, and the scrip rose to 9£d. King Solomon improved rapidly during the week, and realised 1/19. Blackwaters were steady, with demand at a shade of over 13 -; with sellers at 13 2. Developments at this mine have lately revealed some rich stone. The improvement in the price of copper, lead and silver, though not sufficient to render the Australian mines profitable, yet give hope of better times. All Broken Hill shares have risen and are in good demand. Mount Lyells were steady at about 20 -. E.c'-’trolytic Zinc prefs were firm at 2i i, and ordinary at about 15/-. Orari Dairy Company. The report for the year ended July 31st. states that values were on a slightly higher scale during the year than those ruling for the previous year, but the gain was lost through the severe drought. The output dropped by about 15 per cent., causing an increase in the overhead expenses. The cheese was sold in London at 6id per lb f.o.b. The quality of the cheese showed a distinct falling off. due to the extreme drought. The advent of compulsory milk-grading will, it is hoped, enable the former high standard to be regained. The directors are impressed with the necessity of sending high quality cheese to London. It is considered imixjrtant to continue top-dressing and special arrangements had been made for a supply of carbonate of lime at a reduced rate. The calf export scheme had operated successfully, although values were much lower. The average pay-out over the last five years was 7/3 per calf. Cull cattle had been dealt with, and this gave suppliers a chance of disposing of discarded stock, and to know that they were not been taken by other dairymen. Rennet is now supplied to N.Z. cheese factories at a lower price than in any ether part of the world. The directors express gratitude to suppliers for a continuance of loyalty during a very difficult reason. Auckland Farmers’ Freezing Co. The net profit for the year, after making provision for depreciation and income tax. is £15.575. which is £1424 less than in the previous year. Including £1963 brought forward, there is 217.538 available for distribution. The directors recommend a dividend of 6 per cent., the same as last year. This will absorb £13.950. and the balance, £3588. is to be carried forward. In lambs, a record was established by an increase of 33 per cent, over the previous year; sheep were 44.6 per cent, and catde 53.7 per cent, above last year’s totals. Pigs decreased by 33 per cent. The output of butter was 11.3 per cent, better, but cheese was less by 10.9 per cent., leaving an increase on a butter fat basis of 8.8 per cent, for the season. Kawarau Claims. After the Government was pressed for the closing of the gates of the Kawarau dam they were shut for a fortnight. Some good wash-ups are reported to have been made, though several were kept secret for fear of the Amalgamated Co. demanding a share. The company denied that such was its intention. The company intends to dam the Arrow River so as to lower the level in the Kawarau. and a tunnelling scheme to cost £6O 000 is proposed. It is probable that this idea will be carried out if the money can be raised in London or America.

Buyers Sellers . d £ d N.Z. Govt. Deb...-4-i p.c. Inscr.. 1908 94 0 0 95 5 0 41 p.c. Inscr.. 1939 — 95 10 0 4-i p.c. Bonds, 1941 — 96 0 0 51 p.c. Inscr., 1933 98 0 0 51 p.c. Bonds, 1933 99 17 6 51 p.c. Inscr., Feb, 1937 — 99 7 6 5* p.c. Inscr. Sept, • , 1937 ...:.. 100 15 0 101 5 0 51 p.c. Bonds, Sept. 1937 101 5 0 101 10 0 Other Debentures N. Z. Breweries (Bonds) .... 1 0 3 N.Z. Refrig., 6$ p.c., 1935 — 94 10 0 Banks— Australasia (cum div.) 8 12 6 9 12 6 Comm, of Aust. . 0 14 1 0 14 2 Comm, of Aust. (pref.) .... 6 18 0 6 19 0 Comm, of Sydney 13 7 6 14 17 6 E. S. and A. . . . 4 5 0 4 6 6 National of A/asia. (£10 paid) . . . 11 0 0 National of A/asia, (£5 paid) . . . 5 5 0 5 9 r. National of N.Z. . 3 11 0 New South Wales (cum div.) . . 26 12 6 27 2 6 New Zealand . . . 2 6 0 2 6 3 Union of Aust. . . 7 0 0 7 4 0 Insurance— National 0 13 9 0 Id 2 New Zealand . . . 2 1 3 South British . . . 2 18 0 2 19 0 Loan and Agency _ Dalgety and Co. . 7 14 6 7 16 0 Goldsbrough Mort. 1 4 6 1 4 8 N.Z. G u a rantee Corporation . . 0 5 9 0 6 3 United Building Society .... 0 14 10 Mercantile Finance (pref.) . . 0 10 0 — Shipping— P. and O. Deferred Stock 0 19 3 Union (pref.) . . 1 0 0 — Frozen Meat— Canterbury (ord.) 5 10 0 7 0 C Canterbury (prel. > 4 0 0 5 0 0 N.Z. _ Refrigerating (£1 paid) . . . 0 11 4 0 11 x0 N.Z. Refrigerating (10 - paid) . . 0 4 4 0 4 r» North Canterbury Freezing . . . 0 3 6 0 12 6 Woollens— Mosgiel 6 10 0 — Coal— Westport .... 0 11 9 — Stockton (ord. > 0 0 6 Stockton (pref.) . 0 0 10 0 1 2 Gas— Auckland 1 1 5 1 3 ;) Christchurch . . 1 4 6 1 4 9 Christchurch (10 - paid) 0 11 9 0. 12 G Breweries— Carlton (cum div) 1 11 0 1 13 6 Fosters — 3 10 0 Monteith .... 0 2 0 New Zealand . . 1 6 10 1 t; i Staples 1 3 6 1 5 3 Tooths 1 8 0 1 8 4 Miscellaneous— Amalgamated (cont.) — 1 0 0 Australian Glass . 1 16 0 Beath and Co. . . 1 0 0 1 2 6 Beath and Co. (1/paid) 0 1 3 0 2 6 British Tobacco 1 9 4 1 10 0 Colonial Sugar . . — 45 0 0 Dominion Builders Supplies . . . 0 1 3 0 2 0 Donaghy Rope and Twine 1 10 6 Dunlop Rubber . . 0 12 7 0 13 0 Electrolytic Zinc (ord.) .... 0 14 6 0 15 4 Electrolytic Zinc (pref.) .... 1 3 5 1 4 0 Gordon and Gotch 1 4 0 Henry Jones Co-op 1 10 0 1 10 9 Howard Smith . . 0 8 11 0 9 Kauri Timber . . 0 8 6 0 10 Milburn Lime . . 1 5 3 Mount Lyell . . . 0 19 10 1 0 1 N.Z. Drug Co. . . 2 15 0 N.Z. Farmer s* Co-op. £2/10/paid) .... — 0 10 0 N.Z. Farmers' Co-op (1st pref) — 1 0 0 N.Z. Farmers' Co-op. (B pref) — 1 0 0 N.Z. Farmers’ Co-op. (41 p.c. Stock, 1940) . . 42 0 0 48 0 0

N.Z. Farmers’ Fertiliser . . . 0 13 3 N.Z. Paper Mills . North Canterbury 1 0 6 — Co-op. Flour 0 11 0 Taranaki Oil . . . Victoria N y a n z a 0 1 6 — Sugar .... Whitcombe and — 0 17 C Tombs .... 2 15 0 Wilson’s Cement . Wool worths (N.Z.) 1 10 9 — (new, fully paid) 1 3 6 — Mining— Cornish Point . . 0 0 11 0 Blackwater . . . 0 13 01 0 Golden Dawn . . 0 4 9 0 5 0 Consolidated . . . 0 4 6 0 6 0 Golden Point . . 0 0 81 0 Gillespie’s Beach . par. King Solomon . . 0 1 91 0 1 101 Golden Sands . . . 0 1 7 0 1 1C1 Mahakipawa . . 0 0 4 0 0 41 Do. (pref.) .... 0 0 51 0 0 6J Paddy s Point . . 0 4 7 0 Waitahu — 21 OKarito Waihi Grand June0 8 4 0 8 fi tion 0 2 9 0 2 11