COMMERCIAL

Timaru Herald, Volume CXXXVII, Issue 19326, 29 October 1932, Page 6

COMMERCIAL

CHRISTCHURCH STOCK EXCHANGE.

LATEST QUOTATIONS (Special to the •• Herald.”) CHRISTCHURCH. Ocober 28. The following quotations were current when the Stock Exchange closed after the afternoon call: —

dis. prem. The Day’s Transactions. Sales on ’Change.—National Bank of Australasia (£5 paid, cum. div.) £5 12s 6d; National Bank of New Zealand £4 0s 6d; Bank of New Zealand. 45/6 (4); N.Z. Refrigerating (10/- paid) 2/5

(5); Mt. Lyell 20/5; Alexander (contr.) 16/8 (2); 17/-; 17/3; Cornish Point 4d (2); Golden Dawn 5/- (2); Golden Point sid (2); sid (4di; Okarito 8/3, 8/3-1; Electrolytic Zinc (pref. ex. div.) 25/-, 24/9.

DUNEDIN WEEK-END REPORT.

WHEAT SURPLUS EXPECTED. By .Teiegrapn—Press Association. DUNEDIN, October 28. The wheat market continues quiet, chiefly on account of there being no offerings from the country to submit to millers. Up to the present nothing definite can be stated as to the prices for the coming harvest, but with the large area under crop the equalisation fund will be much greater, and this is certain to lower values compared with those ruling last season. Present prices provide for only Id for the equalisation fund, these prices being on a basis of 4 10/ f.0.b., sacks extra for Tuscan. Reports now coming in from all growing areas promise a bountiful harvest. With the area sown, this will mean that there will be a surplus of milling wheat in New Zealand, and it will be difficult to dispose of any oversupply. The fowl wheat market remains quiet, with little business passing. Only small lots are inquired for, and as most of the stocks are under-grade wheat, sales are difficult to effect. The value of best fowl wheat is from 4/10 to 4/9, but under-grade wheat is offering at about 4/-, sacks extra, ex store.

The market for oats continues quiet, with practically no business. An occasional order is coming from the North Island. There is an entire absence of orders for A Grade Gartons, the bulk of the requirements for the North Island being fixed up with B Gartons and under-grade oats. The general quotation at present is on a basis of 3/5 for A Grade, and 3/1 for B. with under-grades offering at 2/9 to 2/10. Local trade in chaffs still confined to small lots ex store. Very few consignments were coming in, and stored stocks are ample for all requirements. Values remain unaltered, being on a basis of £4/10/- sacks extra ex truck for best quality. Under-grade chaff is difficult to sell, and is offering at £4, sacks extra, ex store.

The small supplies of potatoes available keep the market firm. Distributing trade is fairly quiet, but requirements have to be drawn from Southland districts, as local supplies are just about exhausted. The value of freshlypicked lines of good quality is £6/10/per ton, sacks Included, ex store.

Business in all lines of seeds continues quiet. The retail demand is not as good as in previous years, with the result that there is not the same amount of business passing in the wholesale market. Prices remain unaltered, with some lines in short supply, such as good ryegrass and cowgrass.

Fruit Markets. There is a real scarcity of apples, and any supplies coming forward are realising improved values. Central Otago apples have finished for the season, and the only supplies now offering are from Canterbury cool stores. Any choice lines which now come forward are likely to realise high prices. This is in marked contrast with the market at this time last year. Cooking apples met only a fair demand, probably on account of the low rrice of rhubarb. A few dessert pears are still coming from Christchurch, and sound lines realise good prices. All lines of Australian navel oranges are now cleared up, and the market will be bare until next shipment, per Wainui on Tuesday week. A large proportion of the previous shipment was in poor condition, and had to be sold at low rates. The season for navel oranges is almost through, and only small lines are expected by the next steamer. The Waikonaiti. from Sydney, will arrive towards the end of next week with supplies of valencias, pines, passions, cucumbers, and probably a few mandarins. The Maui Pomare is expected at Lyttelton on Sunday, and the southern portion of the consignment of bananas will come to hand on Tuesday afternoon. There is keen demand, and the price fixed shows a sharp advance in that obtained for the previous consignment. There will be two further consignments of Samoan bananas before Christmas, the agents having speeded up the boat to enable the shipment to arrive here about December 19.

Island tomatoes are out of wholesale hands, but a further supply will arrive some time next week.

The lemon market is heavily supplied with New Zealand grown.

SYDNEY STOCK EXCHANGE. MUCH BETTER TONE. United Press Association—By Electric Telegraph—ConyrLght (Received October 28, 9.45 p.m.) SYDNEY, October 28. On the Stock Exchange there was a much better tone, owing to the announcement that the coming loan would not exceed £8,000,000, and the fact that the probable effective rate of interest would be under 4 per cent. The improvement extended to the rest of the market. Bank of New South Wales £32 13s, Commercial Bank of Sydney £l7 2s 6d, Huddart Parker 32/-, Howard Smith 10/3, Fairymead Sugar 26/6, Dunlop Perdriau 17/9, British Tobacco 36/-, Winchcombe and Carson 24/-, Tooths 36/-, New Zealand delivery 36/-.

Commonwealth bonds (all 4 per cents.): 1938, £lOl 17s 6d; 1941, £lO2 ss--11947, £IOO 17s 6d: 1950, £lOl 7s 6d : 1953, £lO4 15s; 1955. £lOl 17s 6d; 1957 £lO2 ss; 1959, £IOO 15s; 1961, £lOl ss. ’ Melbourne sales.—National Bank (£5 paid). £6 10s; Metropolitan Gas £ll 9sBritish Tobacco (pref) 26'6; Electrolytic Zinc (pref) 28/-; Herald and Times 55/9; Myers 26/9. PRECIOUS METALS. United Press Association —By Electric Telegraph—Copyright LONDON, October 27. Gold is quoted at 125/8 per standard ounce. Silver—Spot, 18id, forward, 18 3-16 d, per standard ounce.

SHEEP SKIN SALES. United Press Association—By Electric Tel egraph—Cooyrlgh t LONDON, October 27. At the sheepskin sales 7013 bales were offered, including 1109 bales of New Zealand. About 90 per cent were sold. There was a large attendance and good Home and Continental competition. Compared with September 8, Australian merinos were unchanged; crossbreds, fine, were 5 per cent dearer; medium low, unchanged; New Zealand halfbreds par to 5 per cent cheaper; crossbreds, generally unchanged; hoggets, slightly dearer.

THE POTATO MARKET.

SEASON NEARLY OVER. By Telegraph—Press Association CHRISTCHURCH, October 28. With the potato market nearing the end of the season, there is little of interest occurring in the local grain and produce trade. Auckland inquiries are now of very small dimensions, the local crop having reached a point practically sufficient to supply the demand. However, there is still a steady demand from southern outports. Prices have firmed locally during the last few days, and whites are quoted at £6 5s f.0.b.5.i., Dakotas at £7 10s, and Sutton’s Supreme at £7 to £7 ss. Fowl wheat is firm at 5/- per bushel f.o.b.s.i.

BRADFORD TOPS MARKET. United Prefis Association—By ILectrlj Telegraon—Copyright. LONDON, October 27. At Bradford a fair amount of busness is being done. Top makers are adopting a firmer attitude; 70s 24d; G4‘s 22Ld, 60s 21id. 56’s 18d, 46’s lOd, 40’s 9a. AUSTRALIAN MARKETS. United Press Association —By Electric Telegraph—Copyright MELBOURNE. Otcober 28. Wheat. 3/2. Fleur £8 10s. Bran, £5. Pollard, £5 10s. Oats, 1/8 to 1/9. Maize, 4/10 to 4 11. Onions are quiet; Silver Skins £l3 to £l3/10/-. LONDON PRODUCE MARKETS. United Press Association—By Electrlo Telegraph--Coo v right LONDON. October 27. Butter is slow; Danish 116/- to 118/-; New Zealand, choicest salted, very scarce, 10/6; first grade 97/-: Australian, choicest, 96/ -to 97/-; unsalted New Zealand 106/- to 110/-; Australian 97/- to 100/-. Cheese is firm: New Zealand, white 66/-, coloured 60/-. THE BANK OF ENGLAND.

The Bank of New Zealand is not escaping the pinch of hard times. The following table, in which are grouped the figures for the years prior to 1921, exhibits the annual profits for thirty years:— 1901-4 (average .. .. £210.890 1905-8 (average) .. .. 300,016 1909-12 (average) .. 318,497 1913-16 (average) .. 349,077 1917-20 (average) .. 427,291 1921 827,255 1922 682,043 1923 553,639 1924 753.831 1925 819.286 1926 912,160 1927 847,571 1928 841.873 1929 912.954 1930 948.534 1931 845,913 The decline in the profits this year aS compared with last, amounts to £102,721. WOOLLEN COMPANY’S PROFITS. By Telegraph— Association. DUNEDIN. October 28. The directors of the Mosgiel Woollen Company recommend the payment of a final dividend of 4 per cent, and a bonus of 2 per cent., making 10 per cent, for the year.

Buyers Sellers J s. d £ s. d. N.Z. Govt. Debs.— 45 p.c. Inscr., 1938 96 15 0 — 4 A p.c. Inscr., 1939 94 15 0 — 45 p.c. Bonds, 1938 96 17 6 97 15 0 45 p.c. Bonds, 1939 94 15 0 — 55 p.c. Inscr., 1937 96 10 0 — 54 p.c. Bonds, 1933 98 5 0 — 5i p.c. Inscr., 1936 99 17 6 — 5£ p.c. Bonds, 1936 5i p.c. Inscr. Feb. 99 17 6 — 1937 100 0 0 — 55 p.c. Bonds, Feb. 1937 5i p.c. Inscr., Sept. 100 0 0 — 1937 100 0 0 100 5 0 5Z p.c. Bonds. Sept. 1937 . • 100 5 0 — Other Debentures— Tolaga Bay. 6 p.c., 1944 — 100 0 0 Hauraki Plains. 6 p.c., 1962 . . . Waitomo Electric, - 100 0 0 6 p.c., 1964 . . 100 0 0 Ch.Ch. Drainage, 55 p.c., 1965 . . Ch.’Ch. Drainage, 95 0 0 99 0 0 55 p.c., 1944 . . N.Z. Breweries 97 0 0 98 15 0 Bonds 1 0 6 Glaxo, 65 p.c., 1945 N.Z. Refrigerating, 75 0 0 — 65 p.c., 1935 . Booth Macdonald, — 94 0 0 65 p.c., 1937 . . Golden Point (£5) 30 0 0 40 0 0 8 per cent. . . — 5 0 0 Banks— Australasia . . . a 11 0 9 18 0 Comm, of Aust. . . 0 14 4 0 14 7 Ditto (pref.) . . . 7 2 0 7 10 0 Comm, of Sydney 14 15 0 B., S. and A. . . . National of A/asia. 4 8 0 4 13 0 (£10 paid, cum. div.) 11 0 0 12 0 0 National of A/asia. (£5 paid, cum. div.) . . . 5 7 6 5 13 9 National of N.Z. . 3 19 0 4 1 0 New South Wales 28 0 0 29 0 0 New Zealand . . . New Zealand (“D” 2 5 3 2 5 6 Mort shares) . . 1 9 0 Union of Aust. . . 7 15 0 7 16 6 Insurance— National (cum. div.) 0 14 4 0 14 6 New Zealand . . . 2 3 0 United — 9 0 0 Loan & Agency— Dalgety and Co. . 8 11 0 8 14 9 Goldsbrough Mort. N. Z. Guarantee 1 3 7 1 3 8 Corpn. (ex. div.) N.Z. Doan & Mer0 5 1 0 5 5 cantile (ord. stock) . . 40 0 0 60 0 0 United Building Society ..... 0 14 10 0 15 3 Shipping— Union (pref.) . . 1 0 0 Frozen Meat— Canterbury (pref.) N.Z. Refrigerating — 4 10 0 (£1 paid) . . . N.Z. Refrigerating 0 8 0 0 9 3 (10/- paid) . . 0 2 3 0 2 6 Woollens— Kaiapoi (17/- pd.) 0 4 6 Kaiapoi (pref.) . . 0 5 3 — Coal— Westport . . . 0 12 6 Stockton (ord.) . . ft 0 6 — Gas— Auckland .... 1 ft 6 l 1 9 Christchurch . . . Christchurch < 10/1 4 6 1 5 paid) ..... 0 ii 7 0 12 1

Breweries— Carlton 1 13 0 Monteiths .... 0 2 6 New Zealand . . . 1 7 0 1 7 6 Staples 1 4 6 1 5 9 Timaru . . . — 0 10 0 Timaru (7/6 paid) — 0 5 0 Tooths 1 10 3 1 11 9 Miscellaneous— Allied Motors . . 0 0 10 Aust. Distillery . Australian Glass 0 18 0 (cum. dlv.) . . 1 19 3 2 0 6 Beath and Co. 1 1 8 1 5 0 Ditto (1/- paid) . 0 1 4 0 2 2 British Tobacco . . British Tobacco 1 10 3 1 11 9 (pref. cum. div.) 1 4 6 Broken Hill Propy, (cum. div.) . . 1 0 0 Colonial Sugar . . Dominion Builders' — 50 0 0 Supplies .... Dunlop Ferdriau 0 1 0 0 2 0 Rubber .... Electrolytic Zinc 0 15 6 0 15 8 (ord.) .... 0 15 7 0 16 6 Ditto (pref.) .. Glenmore Brick and 1 3 9 1 4 6 Tile .... 0 15 0 Greater Crystal Palace .... 0 12 6 . Gordon and Gotch Henry Jones 1 4 6 1 8 0 Co.-op. (cum. div.) 1 13 0 Howard Smith . . 0 8 0 0 11 0 Kauri Timber . . . 0 10 6 0 12 0 Milburn Lime . . . 1 5 6 Mt. Lyell 1 0 3 1 0 6 N.Z. Drug Co. . . N.Z. Farmers’ 2 19 6 3 1 6 Co-op. (4* p.c. Stock, 1940) . . 47 10 0 56 10 0 N.Z. Farmers’ Co-op. (4& p.c. Stock, 1945) . . 47 10 0 50 0 0 Otago Daily Times 1 17 0 Rural Bonds . . . — 91 0 0 Taranaki Oil . . . 0 2 1 0 2 10 Weeks Ltd Whitcombe and — 7 15 0 Tombs 2 14 6 2 16 0 Wilson’s Cement . Woolworths (N.Z.) i 11 3 1 13 0 (pref.) 1 6 6 — Mining— Big River .... 0 i 2 0 1 4 Blackwater . . . 0 17 9 0 18 3 Consolidated . . „ 0 7 0 0 10 0 Gillespie’s Beach . 0 0 2 0 0 3 prem. prem. Golden Sands . . 0 1 7 0 1 10 Alexander . . . 0 16 6 Alexander (contr.) 0 17 3 0 17 5 Cornish Point . . 0 0 3 0 0 4i Golden Dawn . . . 0 4 8 0 4 11 Golden Point . . 0 0 5 0 0 5i King Solomon . , 0 i 9£ 0 1 ii Mahakipawa . . . 0 0 3h 0 0 4i Mahakipawa (pref.) .... 0 0 6i 0 0 8 Okarito 0 8 3 0 8 4 Waihi (cum. div.) Waihi Grand 0 17 10 0 18 2 Junction .... 0 3 2 0 3 6 Paddy’s Point . . . 0 4 3 — Waitahu .... 0 0 3 0 0 15