COMMERCIAL

Timaru Herald, Volume CXXXVII, Issue 19485, 9 May 1933, Page 14

COMMERCIAL

GOOD FAT LAMB SALE. POOR DEMAND FOR BEEF. The outstanding features of yesterday’s market at Pleasant Point, was the keen sale for fat lambs, and the poor demand for a large yarding of fat cattle. Fat Cattle.—A yarding of fat cattle numbering about 80 head, met with a very slack sale. The quality was not good, and butchers appeared to be holding supplies, otherwise more of them would have been attracted by the low prices some vendors were accepting. One line of station cows, heifers and steers was yarded, but most of them were passed in at auction. Values were: Fat steers, extra good, to £7/17/3, medium £3 to £5/15/-; fat heifers £2/10/- to £4/5/-; fat cows 37/6 to £3/5/-; runners to 37/6. Store Cattle.—With poor prospects for winter feed, it could not be expected that this section would sell very well. Sales made were:—Two-year steers 30/-; yearling heifers, good colours, 12/- to 15/-; 2-year heifers, 30/to £2. Dairy Cattle.—This sale was not as good as usual, sales recorded being: Springing heifers, £3 to £5/15/-; springing cows, 30/- to £5/10/-; cows in profit £6; heifers, to £4/12/6. Pigs.—About seven pens met with a firmer demand, prices being about 2/6 up on those at Temuka sale. Weaners made from 3/- to 7/-, and slips sold as high as 10/6. Fat Lambs.—This market was the most encouraging of the day. Buyers were keen, and one exporter who had previously missed auctions was again operating, and in most instances the prices were above schedule. Best lambs made up to 13/6, with others ranging from 11/2 to 12/6. Fat Sheep.—One and a half races were offered, the total number being slightly smaller than at late sales. The market opened on terms with last week, but towards the end it hardened by about 1/-. Sale values were:—Best fat ewes, to 7/9; exporters’ ew'es, 3/6 to 5/4; fat wethers, best to 14/6, others 11/- to 12/-. Store Sheep.—ln this section, prices were unchanged, the following sales being made:—M.S. lambs 6/-, forward lambs 8/9, medium lambs 7/1, wether lambs 4/7, small ewe lambs 5/1, twotooth Romney ewes from the south 15/-; two-tooth wethers 7/6 to 10/-. Aged ewes were hard to sell. Horses.—Few of the horses yarded were of good quality, and sales were not as easy to make as had been the case of late. A seven-year gelding sold at £2O; aged geldings £6 and £7; 3-year half-draught filly £24/10/-. A 5-year mare was passed at £35. Implements.—After the stock sale, the following implements were sold:— Hustler, £l3: lorry, £5; tractor plough, £23; drill, £2l; 2 row drill, £2l; roller, £B/15/-; ridge plough. £3.

CHRISTCHURCH STOCK EXCHANGE.

LATEST QUOTATIONS. (Special to " The Herald.”) CHRISTCHURCH, May 8. The following quotations were current when the Stock Exchange closed after the afternoon call:— Buyers Sellers

The Day’s Business. Sales on ’Change: Commercial Bank of Australia, 14/3 (2); N.Z. Drug Co., 66/-; Mt. Lyell, 20/11; National Bank of Australasia (£5 paid, cum div.), £5 18/6; Bank of New South Wales (cum div.), £29/12/6; Dunlop Rubber, 16 9; N.Z. Farmers’ Co-op. 4i per cent, stock, 1940, £42; N.Z. Refrigerating, 6i per cent., 1935, £96 10/-; Westport Coal, 14/-; Electro Zinc (pref.), 30 4; Central Shotover. 1/1; Freshford. 1/4 (3). Sales reported: Mt. Lyell, 21/-. REVIEW OF THE SHARE MARKET. The business transacted on the New Zealand Stock Exchanges during the past week was above the average, both in the amount of money involved and in the number of transfers recorded. All sections of the investment market shared in the increase, but greatest attention seemed to be devoted to shares of industrial companies which have proved their stability and their ability to adjust their businesses to the altered conditions, and to be able to produce dividends proportionate to their share capital. Investors are beginning to realise that the rate of interest that they can reasonably expect must be much smaller than that obtainable three years ago. and they are willing to invest accordingly. Government securities are now at par value, and in many instances a small premium is procurable. Thus no loss of capital has resulted from the operation of the conversion scheme, and as sales are easily made it is not difficult for those who wish to transfer their savings from stocks and bonds to another investment to do so. The share market indicates a feeling of returning confidence and a disposition to accept the times, hoping for a return of prosperity due to higher price levels. Banking. The market for bank scrip was very good, and though the variations in prices were not pronounced, the demand was steady. Australasias went up to £lO 7s 6d, and at the end of the week were wanted at £lO 7s. Commercial cf Australia fluctuated between 14 7 and 14/4, and finished with buyers and sellers at a penny on either side of the last-named price. E. S. and A. Banks were ex div. of 1/6 per share, and sold at 85/6 and 85/-. National of Australia £5 paid, changed hands at £5 19s to £5 18s. Nationals of New Zealand rose sharply, and sold at up to £3 16s, but the rise was not sustained, and sellers were willing to take 74/-. New South Wales quarterly dividend of 5/- per share is payable at the end of the month. Sales were made at £29 10s. closing at buyers £29 7s 6d, sellers £29 15s. New Zealands cum. div. w'ere steady at about 45/7 at which figure the market closed firm. The D Mortgage shares rose to 30'-. Union Banks were strong at £7 10s 6d, at which price the demand continued. Insurance. There are no signs of any weakening either in the demand or in the price of insurance scrip. Nationals cum. div. of fourpence per share registered a further advance with sales at 17 South British were 1 3 higher, at 65 3. at which price the shares were firm. New Zealands kept their previous j week's gain, and were quiteed at 49 9. ; Standards were hard to get at 52 6. ! A.P.A. were without sellers at 9/-. Loan and Agency. A better inquiry for shares in pas- I toral companies was in evidence. Dalgety’s, cum. div. of 2 6 per share, were sold at £7 9s, after which buyers advanced to £7 9s 6d. Goldsbrough Morts had transfers at 22 6 and 23 -. I and closed firm at buyers 23 3. sellers 23 10. National Mortgages were a little better, with buyers at 32/9. sellers 40/-. N.Z. Guarantee Corporation were at 4 3 to 4 10. Coal. Westports were sold at slightly better figures, with transfers at up to 13 8. The interim dividend is due at the end of the month. Grey Valley w’ere better at buyers 13 6. sellers 20 -. Pukemiro had sales at 19 - and 20 -. Kaitangatas were strong at 20 9 for 16 - paid shares. Breweries. All brewery shares have risen a little during the past week. New Zealands were sold at up to 30 1. closing at 29 10 to 30, -. Staples registered a rise of 23. After sales at 24 - they were transferred at 25 closing with buyers at 25 ; - and sellers at 25 6. Tooths changed hands at 36 1. and were wanted at 36 6 buyers, 37/- sellers. Meat Freezing. New Zealand Refrigerating fully pa ids were sold at from 10 6 to 11 -. and had demand at the latter figure; sellers 12 -. The contribs. were fractionally higher at 3 10. Canterbury Meats prefs.. and ordinary were unchanged at last week’s prices. Southland paids were strong at 43 6. South Otago were wanted at 65/-.

Miscellaneous. The increasing strength of the market for the best industrials is one of the most noticeable features of the operations of the Exchanges. The chief difficulty of investors is to obtain supplies at what they consider a reasonable figure. Australian Glass rose to 47, 6. and there were buyers at 47/-, but no sellers. British Tobaccos were firm between 33/6 and 34/3. Colonial Sugars cum. div. of 25/-. sold at £55 15s. Ex div. the price was firm, and sales were made at up to £54 12s 6d. at which price buyers were unsupplied, sellers asking half a crown more. Du Rubbers were wanted at 16 6. Kauri Timbers were better on offers of 10 6 Henry Jones Co-op. cum. div. of fd realised 37 -. Beaths rose to 25 6 for paids. w’hile the shilling paids wno quitted at 4-. Donaghy’s Rope ancl Twine jumped to 39 - cum. div.. a*.d buyers were waiting at 37 6. N.Z. Pa eer Mills were up to 25 -. Wilson’s cum div. sold at 33/-. WoolwortTs (N.Z.) pref?. were wanted at 34 3. but the best sellers were at 40/-. Dominion Fertilisers sold at 10 6, and more were wanted at that price. G-iv rnment Stocks and B^nds. All securities in this section were readily sold at prices generally in favour of holders as compared with those I ruling three months ago. Four per cents, realised five shillings premium, while three and a half per cent, inscribed stock due 1939-52 was changing hands at £99 15s. Sales of four per cents, due 1940, 1946. 1949, were made at par to 10/- premium. Bonds due 1955 brought £IOO ss. Debentures. The market for local body debentures was verv active, and competition for these investments was keen. Auckland Harbour Board. 4 per cents, due 1936, realised £99 and £99 ss; Auckland City, 5’ rer cents.. 1336. brought £99 ss; Wellington City. 5s per cents. 1940, v’ere turned over at ten shillings premium. Wellington Harbour Board. 41 o°r cent. 1946. sold at £95. Invercargill City 51 per cent.. 1948. changed hands at £IOO. Tamaki West Road Board 5 per cents.. 1949. were disposed of at £99 10s; and the 53 per cents. ,due 1959, brought par. Mining. The activity which has been so marked a feature of the mining section continues to increase. Interest in the development of the industry is not confined to the Dominion, but money for new claims is being raised in Australia and in Britain. Waihis keep rising, and sales were made up to 23/3. Grand Junctions rose in sympathy, and changed hands at 3/11 at w'hich figure they were steady. Blackw r aters improved to 22/-. Stone yielding nearly 1 ounce to the ton has been found in No. 12 level and 2 ounce stone in No. 11 level. This should materially help the average of the crushings. Consolidated Goldfiields were turned over at 9/6. Golden Points were down to l&d. The ore occurs in graphitic schist, which has proved very troublesome as far as the recovery of the gold is concerned. Golconda. 6d paid up, went up to lid. King Solomons kept steady at 1/11. Freshford’s returns so far have not caused a demand for speculation, and sales were made at 1/3 to 1/41. Nokomai’s improved and sold at from 5/1 to 5/4. Okarito’s returns, if kept up at the average for the last month, will soon justify another dividend, and have caused prices to remain at 9/4 to 9 6. Lawson’s Flat have become a popular scrip, and reached 1/6 for shilling shares. Golden Sands keep about 2 9. Gillespie's Beach, 9d paid, had sales up to 1/5. Waitahus were inclined to rise, and changed hands at 5/1 to 5/3. Central Shotovers, 6d paid, sold at 1/1 i. Kildare’s rose to 2/2 buyers. 2/10 sellers. Big Rivers had numerous sales at 1/4. Australian Mining. The better prices quoted for base metals, with a brighter outlook for tin, copper, lead and zinc have caused a keener demand for the shares of the big Australian mining companies. Mount Lyells rose to 20-9. Copper is not yet at a price w T hich is payable for Mt. Lyell although improvements are being made and costs reduced. Electrolytic Zinc prefs. firmed rapidly, and sold up to 30/4. The ordinary were up a little at 16/9 to 17/3. All Broken Hill shares rose. North Broken Hill are up to 74 6, South’s cum. div. are at 4-/-, and Broken Hill Proprietary cum. div. are up to 32/-, without sellers. Imperial Chemical Industries. Ltd. . The directors report that for the year 1932 the gross income was £6.415.423. compared with £4.668.685 for 1931. After allotting £1.000.000 for depreciation, and £686.351 for income tax the net income was £4,729,072. With the balance brought forward there is £5.245,897 available. After providing £1.586,751 for dividends cn preference shares, and £1.089,740 as interim dividend of 21 per cent, on ordinary shares, the directors placed £500.000 to the reserve fund, and recommend the payment of a final dividend of 3* per cent, on ordinary shares. This leaves a balance of £543,770 to be carried forward. As the deferred shares do not participate in the profits until the ordinary shares have received 7 per cent., no dividend is payable on this class of share for the current year. RETAIL PRICES OF MEAT IN LONDON. The New Zealand Meat Board has been advised by its London manager, that the following retail prices were being quoted for New Zealand lamb | and mutton retailed in London durj ing April, 1933. These prices represent a fair average of the prices quoted by the better class shops in 'London for the best quality of New Zealand lamb and mu.ton: — New Zealand lamb. — Legs lOd, shoulders 9d. loins 9d, necks 4d. breasts 3d, forequarters 7d. hindquarters 9d. New Zealand mutton (wethers).— Legs Bd. shoulders 7d, loins 7d, necks 3d, breasts 2d.

s. d £ S. d. N.Z. Government Debentures— p.c. Inscr., 193843 — 100 0 0 4 p.c. Inscr., 1940 100 0 0 100 10 0 4 p.c. Inscr., 1946 4 p.c. Inscr., 1949 99 15 0 100 10 0 and 1955 . . . — 100 10 0 Other Debentures— N.Z. Refrig., 61 p.c., 1935 96 0 0 96 15 0 Banks— Australasia . . . 10 6 6 Comm, of Aust. . . 0 14 3 0 14 4 Comm, of Sydney Comm, of Aust. 15 7 6 15 15 0 (pref.) .... 8 12 6 9 0 0 E., S. and A. . . . National of A/asia. 4 5 0 4 6 6 (£10 paid, cum div.) 12 6 0 _ National of A/asia. (£5 paid, cum. div.) 5 17 6 5 18 6 National of N.Z. . New South Wales 3 8 0 3 14 0 (cum div.) . . 29 10 0 29 17 6 New Zealand (cum div.) 2 5 7 2 5 11 Union of Aust. . . 7 10 0 7 12 6 Insurance— National (cum div.) 0 16 10 0 17 3 Loan & Agency— Dalgety and Co. . 7 10 8 8 15 0 Goldsbrough Mort. National Mortgage 1 3 1 1 4 0 “A" 1 12 6 2 0 0 National Mortgage “B” 0 18 6 — N.Z. Loan & Mercantile (ord stock) 37 0 0 _ United Building Society .... 0 17 3 0 17 9 Shipping— Huddart - Parker (pref.) .... 1 2 0 — Huddart - Parker (ord.) .... 1 10 0 — Frozen Meat — N.Z. Refrigerating (£1 paid) . . . N.Z. Refrigerating 0 11 0 0 11 11 (10/- paid) . . 0 3 9 0 3 11 North Canterbury Freezing . 0 2 0 0 4 0 Woollens — Kaiapoi (17 - pd) 0 4 0 0 5 6 Kaiapoi (pref.) 0 6 0 — Coal— Grey Valley . . . 0 13 9 0 19 0 Westport 0 13 6 0 14 Gas— Auckland .... 1 2 6 Christchurch . . . Christchurch (10/1 6 10 1 8 0 paid) 0 13 1 — Wellington . . . 1 10 0 — Ditto (pref.) . . . 0 17 6 — Breweries — New Zealand . . . I 9 8 1 10 1 Staples 1 4 9 1 6 0 Timaru (7 6 paid) 0 3 3 0 4 0 Tooheys 1 0 0 — Tooths 1 16 6 1 17 0 Miscellaneous — Australasian Paper and Pulp . . . Amalgamated Wire1 10 9 — less Ccontr.) . . 1 0 0 — Australian Glass . 2 8 0 2 9 3 Beath and Co. . . Beath a n d Co. 1 4 0 1 6 0 il - paid) . . — 0 5 0 Beath and Co. (pref.) 1 0 3 1 5 0 British Tobacco 1 14 2 1 14 6 Ditto (pref.) . . Broken Hill Propy. 1 2 0 — (cum div.) . . . 1 12 10 — Burns. Philp . . . 2 9 0 2 11 0 Colonial Sugar . . 54 12 6 54 17 6

D.I.C. (pref.) . . 0 19 3 Dominion Fertiliser 0 10 0 0 11 6 Dunlop Rubber 0 16 6 0 17 0 Electrolytic Zinc (ord.) .... 0 16 8 0 17 6 Electrolytic Zinc (pref.) 1 10 3 1 10 6 Gordon and Gotch 1 11 6 1 15 0 Greater Crystal Palace .... 0 16 9 1 2 6 Howard Smith 0 7 0 0 10 0 Hume Pipe (Aust.) 0 9 6 0 15 0 Milburn Lime . . . 1 5 3 1 8 0 Moturoa Oil . . . 0 2 3 — Mt. Lyell 1 0 10 1 1 0 N.Z. Drug Co. . . 3 5 0 3 6 0 N.Z. Farmers’ Co-op. 45 p.c. Stock, 1940) . . 41 15 0 42 10 0 N.Z. Farmers’ Co-op. 45 p.c. Stock, 1945) . . 41 0 0 — N.Z. Paper Mills . 1 4 10 1 9 10 N.Z. Newspapers . 1 3 0 1 5 0 Sharland and Co. (pref.) .... 0 18 6 — Wilson’s Cement (cum div.) . . 1 12 0 1 12 8 Woolworths (N.Z.) (pref.) .... i 13 0 — Mining— Big River .... 0 1 35 0 i 45 Blackwater . 1 1 5 1 2 6 Central Shotover (6d paid) . . 0 1 05 0 i 2 Consolidated . . . 0 8 9 0 10 0 Cornish Point . . 0 0 1 0 0 4 Freshford .... 0 1 3 5 0 1 4 Gillespie’s Beach (9d paid) . . . 0 1 4 0 1 6 Golden Dawn . . 0 1 95 0 2 6 Golden Point . . 0 0 15 0 0 o Golconda (6d pd.) 0 0 9 0 0 115 Golden Sands . . 0 2 10 0 3 6 Lawson’s Flat (1/paid) 0 1 6 0 1 11 Mahakipawa . . . 0 0 15 0 0 2 Nokomai 0 5 1 0 5 4 Okarito 0 9 8 0 9 11 Waihi 1 1 6 1 2 1 Wai hi Grand Junction .... 0 3 10 0 4 O Waitahu (4/- pd.) 0 5 4 0 6 4 Unlisted Stc ?ks. All transactions i n stocks quoted in this section are subject to double rate of brokerage, and are not quoted on the Official List. Aotearoa Gold Prospecting . . 0 1 4 0 1 8 Bell Hooper . . . 0 0 11 0 0 lli Prudential Building (£1 paid) . — 0 5 0 Sun Newspapers . 0 2 0 0 3 3 Snowy River Sluic- * ing 0 1 8 — Temuka Flour . . — 1 0 0 Maerewhenua (6d paid) 0 0 5 0 0 6