COMMERCIAL

Timaru Herald, Volume CXXXIX, Issue 20106, 13 May 1935, Page 14

COMMERCIAL

CRISTCHURCH STOCK EXCHANGE latest quotations Special to " The Timaru Herald " CHRISTCHURCH. May 11. The following quotations were ruling when the Stock Exchange closed for the day:—

FRIDAY’S CLOSING PRICES United Press Association—By Electric Telegraph —Copyright (Received May 12, 6.30 p.m.) LONDON, May 11. Friday’s closing prices were:— • Cotton—Spot, 6.8 d per lb; June, 6.54 d. Rubber —Para, 4Sd per lb; plantation smolted, 5 11-16 d. Jute —May-June shipment, £lB/3/9 a ton. Hemp—May-June shipment, nominal £ls/15/- a ton. Copra—May-June shipment, South Sea, £l2/2/6 a ton; smoked, £l2/2/6; Plantation Rabaul, £l2/17/6. Linseed Oil —£23/5/- a ton. Turpentine —59/6 per cwt.

SYDNEY STOCK EXCHANGE United Press Association—By Electric Telegraph —Copyright SYDNEY, May 11. Commonwealth bonds.—4 per cent., 1938, £lO3/7/6; 1941, £lO5/11/3; 1944, £lO4/8/9; 1950, £lO6/15/-; 1955, 107 10/-; Commercial Bank of Sydney, £l7/15/-; Bank of New South Wales, £3l/7/6; Tooheys Brewery, 29/-; Tooths Brewery, 52/6; Associated News, 22/101,; Associated News (pref.t, 23/101; British Tobacco, 38/9; Dunlops, 17/-; Winchcombe Carson, 28/-, FRUIT MARKET United Press Association—By Electrlo Telegraph—Copyright (Received May 12, 6.30 p.m.) LONDON. May 11. Apples are in good demand. New Zealand.—Coxs, 11/- to 16/- a cese; Jonathans, 8/6 to 12/-; Delicious, 9/6 to 11/9; Granny Smith, 9/6 to 13/-; C’eopatras, 9/- to 9/6. Australian—Coxs, 7/- to 14/- a case; Jonathans, 7/6 to 12/-; Cleopatras, 7/to 10/-; Granny Smith, 10/- to 11/-. Pears. —New Zealand: Winter Coles, 8/- to 10/- a box; Packhams, 8/-; Coxes, 7/6 to 9/- for three-quarter boxes; Josephines, 10/3 to 10/9. Australian: Winter Coles, 7/6 to 9/3 a box; Packhams, 7/- to 9/3. CHICAGO WHEAT QUOTATIONS United Press Association—By Electrlo Telegraph—Copyright (Received May 12, 6.30 p.m.) NEW YORK, May 11. Chicago wheat quotations.—May 931 cents a bushel; July, 94 cents; September, 94Jcents. New York, cash, 1121 cents.

SATURDAY’S SALES By Telegraph—Pres3 Association AUCKLAND, May 11. Sales on 'Change.—Northern Steam 7/5; Farmers’ Trading 7/11, 7/10, 8/-; Union Oil 29/-; Wilson’s Cement 35/6; Mt. Morgan 38/11; Neon (New Zealand) 43/-, Sydney 50/-, 51/-; Bank of New Zealand 51/-; Broken Hill 55/-; Woolworths (New Zealand) £ll/5/-; Bonds, 1940, £lO5/7/6; Stock £lO5. WELLINGTON, May 11. Sales on ’Change.—Bank of Australasia £l2/13/6; New Zealand Insurance 71/-; 31 per cent Stock, 1939-43, £lO4/15/-; Woolworths 89/-. CHRISTCHURCH, May 11. Sales on ’Change.—Reserve Bank £6/13/-; National Insurance (cum. divj 21/8; Timaru Brewery (7/6 paid) 7/10; British Tobacco 38/9; Broken Hill Proprietary (cum. div.) 55/-; Dunlop Rubber 16/10, 16/9; "Sun" Newspapers 6/6; Brian Boru 4d; Mossy Creek 2/6 (3); Mt. Morgan 38/-. Sales Reported.—Claude Neon (New Zealand) 43/3; Manawatu Knitting Mills (late sale May 10) 37/-; Standard Insurance 72/9; National Insurance 21/8. DUNEDIN, May 11. Sales Reported—National Insurance 21/8; Crystal Ice 42/6; New Zealand Drugs £4; Staples’s Brewery £l/12/11; unlisted—-Jones Nevis 9d.

FOREIGN EXCHANGE RATES The Bank of New South Wales, Christchurch, quoted the following rates as ruling on Saturday for its sales and purchases of foreign exchanges. All rates are subject to alteration without notice:—

FROZEN MEAT SMITHFIELD QUOTATIONS United Press Association—By Electric Telegraph—Copyright (Received May 12, 6.30 p.m.) LONDON, May 11. "'ollowing are the approximate average prices realised for the week based on actual transactions of wholesale quantities, and are for representative parcels on the basis of delivered to Smithfield market and/or ex London Argentine Chilled Beef, —Ox fores, 1601 b to 2201 b, 33d; ox hinds, 1601 b to 2201 b. 68d. Other quotations are unchanged. MINING NEWS By Telegraph—Press Association GREYMOUTH, May 10. The Mossy Creek dredge return is 7C rz 17dwt for 8600 yards of wash treated. METALS MARKET UDlted Press Association—By Electric Telegraph—Copyright (Received May 12, 9.15 p.m.) LONDON, May 11. Quotations: —

P. AND O. DEFERRED CAPITAL No interim dividend Is being paid on the £4,592,500 of deferred stock of the Peninsular and Oriental Steam Navigation Company for the half-year ending March 31. Dividends have been paid regularly on £3,040,000 of 5 per cent, preferred stock, but the final deferred dividend was 6 per cent, in 1931. In addition to operating P. and O. boats to Australia and the East, the company has many controlling interests including the Orient, New Zealand Shipping Coy., Union Steam Ship Coy, and British India lines. A half share is held in the Aberdeen and Commonwealth Line. WEST COAST DREDGING COMPANY The declaration of a dividend of 6d a share of 5/- each payable on May 31 was announced at the first annual meeting in Melbourne last week of Stafford Gold Dredging N.L. which is operating on the West Coast. The chairman of directors said it was hoped that they would be able to pay quarterly dividends in future but the amount had not yet been determined. The dredge had since January 31 encountered some difficulties but was now in virgin ground and an .uninterrupted run was looked for. The directors were considering the formation of a subsidary company to work two new areas recently acquired, as one dredge would have to work 203 years to treat the whole area. Recovery of gold at first had been 50 per cent, but was now between 75 and 78 per cent.; when jigs were installed it was expected that it would be 90 per cent.

COMPANY EARNINGS The earnings of 167 companies. 134 Australian and 33 New Zealand in 34 different business groups, are analysed in the latest issue of lobson’s Investment Digest. The 1934 net earnings represents an increase of 18.6 per cent over those of 1933. Of the 167 reviewed, 121 did better in 1933. Of these 94 were Australian and 27 were New Zealand companies. The net profit of the whole was £766,890 greater at £4,616,358 which was £262,676 below the level of 1930. The net profit on capital was £6/8/6 per cent as against £6/12/91 per cent, in 1930. These companies paid £5/19/- per cent in dividends in 1930 and £4/10/51 per cent, in 1934. During the last 5 years capital was reduced by £1,645,669 and now stands at £71,846,662 but reserves have been increased by £1,271,971 to £27,464,378. Shareholders’ funds are now £99,311.040. New Zealand companies suffered a reduction in capital of £317,252 to £5.913,561 but reserves rose £321,915 to £1.922,835 making shareholders’ funds £4663 greater on the four years. Last year £3/19/05 was earned and £5/14/1035 per cent distributed. Two Banks, English, Scottish and Australian and Bank of N.S. Wales made a slight improvement. It is gratifying to find that the New Zealand companies have made such a good recovery. For some time their improvement was a long way behind that made by the Australian companies.

MINING NEWS By Telegraph—Press Association GREYMOUTH, May 11. The Maori Gully wash-up was 68ozs 12dwts retorted gold for 1011 hours’ working. BANK OF ENGLAND RETURNS FOR LAST WEEK United Press Association—By Electric Telegraph—Copyright LONDON, May 9. Returns of the Bank of England for the week ended May 8 are as follows: Gold and silver coin £194,431,381 compared with £194,371,237 a week ago, and £194,694,005 a year ago. The reserve in notes and coin is £58.996,718. compared with £59,531,849 last week and £73.295,814 last year. The proportion of reserves to liabilities is 39.30, compared with 37.00 a week ago and 48.0 a year ago. The circulation is £394,249,541 compared with £392,578,531 last week.

Issue Department * Notes issued— In circulation 394,249,541 In banking department 58,389,924 £452,639,465 Government debt 11,105,100 Other Govt, securities .. 247,038,656 Other securities 154,328 Silver coin 1,791.916 Fiduciary issue 260,000,000 Gold coin and bullion .. 192,639,465 £452,639,465 Banking Department Capital 14,553,000 Rest 3,193,698 Public deposits .. 7,248,038 Other deposits— Bankers .. .. .. -- .. 104,559,165 Other accounts 38,012,445 £167,566.346 Govt, securities 92,476,044 Other securities— Discounts and advances 5,798,846 Securities 10,294,738 Notes .• •• 58,389.924 Gold and silver coin .. .. 606,794 £167,566,346

Buyers. Sellers. £ s. d. £ s. d. N.Z. Govt. Debs.3i p.c. Inscr., 193843 ... . 103 0 0 — 34 p.c. Inscr., 193943 104 0 0 — 31 p.c. Inscr., 193952 ... . 107 5 0 — 33 p.c. Inscr., 1941 4 p.c. Inscr., 1937103 10 0 40 104 7 6 — 4 p.c. Inscr., 194346 107 15 0 — 4 p.c Bonds, 193740 104 10 0 — 4 p.c. Bonds, 194346 107 15 0 — 4 p.c. Bonds, 195255 112 10 0 — Other Debs.— Gisborne Sheepfarmers, 61 p.c., 1941 101 0 0 — Glaxo, 61 p.c., 1945 102 0 0 — Banks— Australasia .... 11 0 0 Comm, of Aust. . 0 15 8 0 15 9 Do. (pref.) . . . — 9 16 0 Comm, of Sydney 17 14 0 E., S. and A. . . . National of A’asia 4 17 0 4 19 0 (£10 paid, cum div.) 12 11 6 12 18 0 National of A’asia (£5 paid, cum div.) 6 2 0 6 4 6 New South Wales (cum div.) . . 30 15 0 31 0 0 New Zealand (cum div.) 2 10 10 2 11 0 Reserve 6 13 0 6 13 6 Union of Aust. 8 12 6 8 15 0 Insurance — A.P.A 1 1 7 National (c. div.) 1 1 7 1 1 9 New Zealand . . . 3 10 6 3 11 6 Standard .... 3 12 3 3 13 0 Loan & Agency — Dalgety and Co. (cum div.) . . 8 2 6 8 6 0 Goldsbrough Mort. 1 10 5 1 10 6 Mutual Benefit . . National Mortgage — 14 10 0 “A” 2 10 0 — N.Z. Loan & Merc. (ord. stock) . — 42 0 0 Jnited Building Society i 1 6 i 2 0 Shipping— P. and O. Deferred Stock — 1 2 0 Frozen Meat — N.Z. Refrigerating Cl paid) . . . 0 19 8 1 0 3 N.Z. Refrigerating (10/- paid) . . North Canterbury 0 9 0 0 9 1 Freezing .... 0 13 0 — Southland .... — 3 16 3 Woollens — Bruce 0 12 6 0 14 9 Kaiapoi (7/- paid) 0 5 1 — Kaiapoi (pref.),. . 0 17 9 0 18 9 Coal — Westport (cum d.) 1 1 7 0 _ Stockton (pref.) . 0 4 0 5 0 Gas — Christchurch . . 1 16 6 Do. (10/- paid) 0 17 9 — Timaru 1 0 6 1 2 0 Breweries — New Zealand . . . 2 14 9 2 15 5 Staples 1 12 0 1 13 2 Timaru (7/6 paid) 0 7 9 0 8 2 Tooths 2 11 9 2 12 6 Miscellaneous — Amalg. Wireless (contr.) .... 1 17 6 — Anthony Hordern Associated News0 18 2 0 18 6 papers .... 1 2 0 1 3 0 Australian Glass . Aust. Iron & Steel 3 0 0 ~ (pref.) 1 2 6 i 2 9 Beath and Co. . . — 1 10 6 British Tobacco 1 18 8 1 18 9

Broken Hill Proprietary (cum div.) 2 14 11 2 15 0 Claude Neon (Syd) 2 9 0 2 13 0 Colonial Sugar . . — 41 10 0 Consolidated Brick Dominion Builders’ — 0 8 9 Supplies . . . — 0 7 6 Dom. Fertiliser (c. rliv.) .... 1 2 4 — Dunlop Perdriau Rubber .... 0 16 8 0 16 10 Electrolytic Zinc (pref.) 1 14 3 — General Motors— Holden’s (pref.) — 1 2 8 Gordon and Gotch Hays, Ltd. (15/2 4 0 2 9 6 — 0 16 6 Hume £ipe (Aust.) 0 12 6 0 16 6 Kauri Timber . . 0 19 5 0 19 9 Holden’s Airways . Mason, Struthers 1 7 0 — (£1 paid) . . . Imperial Chemical 0 16 0 Industries . . . — 2 5 0 N.Z. F a r m e r s’ Co-op. (45 .p.c. Stock, 1945) . . 81 0 0 N.Z. F a r m e r s’ Co-op. (45 p.c. Stock, 1945) . . 81 0 0 _ N.Z. Farmers’ Fertiliser — i 0 0 N.Z. Newspapers . Quill Morris (in 1 16 0 2 0 0 liquidation) . . 0 4 0 0 4 9 Sun Newspapers . T a u p o Totara 0 6 3 0 6 6 Timber (16/- pd. pref.) 0 15 3 Victoria Nyanza Sugar Wilson’s Cement 0 5 0 - (cum div.) . . . 1 15 0 1 17 6 Woolworths (N.Z.) ord Woolworths (N.Z.) 10 17 6 11 2 0 pref Woolworths (Syd.) ~ 2 i 6 2nd pref. . . . 1 6 0 1 8 0 Mining— Addison’s Flat . . Alexander (15/0 1 9 0 3 0 paid) — 0 15 6 Bell Hooper .... 0 0 05 0 0 1 Bendigo Goldlights 0 0 lli 0 1 1 Big River .... 0 2 4 0 2 5 Blackwater .... 1 10 6 1 13 0 Brian Boru .... 0 C 33 0 0 45 Central Shotover . 0 0 01 0 0 3 Gillespie’s Beach . 0 1 4 0 1 51 Golden Dawn . . 0 2 1 0 2 8 Golden Point . . Go’dfields Dredg0 0 03 0 0 ii ing — 0 0 55 Kildare 0 3 4 0 3 5 King Solomon . . 0 4 1 0 4 45 Lawson’s Flat . . 0 0 45 0 0 5 Maerewhenua . . . 0 0 13 0 0 25 Mahakipava . . . Mahakipawa (pf.) 0 0 65 0 0 8 1930 issue . . . — 0 1 2 Mossy Creek . . . 0 2 55 0 2 65 Maori Gully . . . Mining House Con0 1 6 0 i 7 cessions .... 0 0 2 Mount Morgan . . 1 17 11 1 18 0 Okarito Placer Develop0 5 10 0 6 1 ment 26 10 0 17 10 0 Rawang Tin . . . 0 7 2 0 7 5 Skippers 0 0 2'f 0 0 25 Stafford Sluicing 0 0 4 0 0 11 \v aihi (cum div.) — 2 3 9 Worksop Extended — 0 2 85 Waimumu Sluicing — 0 0 10 Unlisted Stocks All transactions ir stocks quoted in this section are subject to a different rate of brokerage from Listed Stocks and are not quoted on the Official List. Buyers. Sellers. £ s. d. £ s. d. Assoc’ted Motorists Petrol (pref.) . 1 4 0 1 6 0 Ben Ledi .... — 0 0 7 Barry town 1 0 6 i 1 3 Argo Gold .... Coulls, Somerville 0 1 3 and Wilkie . . . 0 15 0 Antonio (3d paid) Canterbury Roller 0 0 3 0 0 6 Flour — 0 10 0 Harley Chambers, Limited .... — 1 0 0 Macetown 0 1 0 National Tobacco . N.Z. Mining In3 10 0 vestment .... N.Z. Perpetual 0 0 75 0 1 0 Forests . ... 2 6 3 N.Z. Woolpacks New River (7 id ~ 0 17 0 paid) — 0 0 65 E. Reece, Ltd (pf.) 0 2 9 Swith Wylie .... 0 2 6 0 9 0 S -owy River . . . 0 0 1 0 0 2 Temuka Flour . . Tru-Colour Films 1 1 6 (vendors shares) 2 5 0 Upper Watut (2/pald) White’s Electric 0 4 6 0 4 11 (6d paid) . . . Woolworths (Syd.) 0 0 5 ord 4 8 3 4 8 6

Buying. Selling. London— £ N.Z. to £100 st. T.T. 124 124/10 O.D. 123/10 124/7/6 Australia— £ A. to £100 N.Z. T.T. 101 101/10 O.D. 101 101/10 Fiji— £ F. to £100 N.Z. T.T. 90/7/6 89 O.D. 90.7/6 89 New York— Dol. to £1 N.Z. T.T. 3.925 3.885 O.D. 3.945 3.892 Montreal— Dol. to £1 N.Z. T.T. 3.923 3.893 O.D. 3.941 3.89i France— Frcs. to £1 N.Z. T.T. 59.83 58.53 O.D. 60.13 58.58 Germany— Reichmarks to £1 N.Z. T.T. — 9.481 O.D. — 9.486 Italy— Lire to £1 N.Z. T.T. — 46.65 O.D. — 46.69 Japan— N.Z. to 1 yen T.T. — 17 27-32 O.D. — — India & Ceylon— N.Z. d. to rup. T.T. 223 22 23-32 O.D. 22i 22 21-32 Singapore— N.Z. d. to 1 dol. T.T. 34 5-16 34} O.D. 34 3-16 35 3-16

Copper— £ s. d. Standard .. 33 4 4?. Forward 11 10i Electrolytic 10 0 to . . .0 .. .. 5 0 Wire Bars 5 0 Lead— Spot 7 6 Forward .. 13 7 6 Spelter— Spot .. 14 0 0 Forward 8 9 Tin— Spot .. 225 7 6 Forward .. 219 7 6 Silver— Standard, per oz. .. 33 Fine 35 5-8