Finance and Commerce

Timaru Herald, Volume CXLII, Issue 20503, 22 August 1936, Page 18

Finance and Commerce

CHRISTCHURCH STOCK EXCHANGE

LATEST QUOTATIONS Special to "The Timaru Herald” CHRISTCHURCH, August 21. The following quotations were ruling when the Stock Exchange closed foi the day:— £ s. d. £ s. d.

Unlisted Stocks All transactions in stocks quoted in this section are subject to a different rate of brokerage from Listed Stocks, and are not quoted on the Official List.

AUSTRALIAN STOCK EXCHANGES United Press Association—By Electric Telegraph—Copyright (Received August 21, 8.5 p.m.) SYDNEY, August 21. The turnover on the investment market to-day was only moderate. Coles and Woolworths receded as a result of the announcement that the Government intends inquiring into the chain store operations. £~les on ’Change

FURTHER DIVIDEND MILBURN LIME AND CEMENT CO. By felegiaph- Hies* Association DUNEDIN, August 21. The directors of the Milbum Lime and Cement Co., Ltd., at a board meeting to-day, resolved to recommend at the annual meeting of shareholders that a dividend of 5 per cent, for the half-year be paid, making 82 per cent, for the year.

KEEN COMPETITION

CRUTCIIINGS SALE IN NAPIER By Telegraph—Press Association HASTINGS, August 21. Prices 2d to 2£d better than those at the 1935 winter sale, and Id to lid better than the same quality at the last summer sales were procured at the 1936 crutchings sale in Napier this afternoon. Competition was keen from a fully representative bench of buyers. The highest price was 103 d for clean, w’ell sorted super wool. Good to super fetched 91 d to 105 d, medium 85d to 9d, low quality, up to Bd. The offering included a small quantity of fleece wool, which realised up to lOd.

NATIONAL BANK

BALANCE-SHEET REVIEWED Sir Austin Harris, chairman of the National Bank of New Zealand, Ltd., in his comments on the bank’s business for the year informed shareholders at the meeting in London that on the liabilities side the figures are very similar to those of last year. Capital, reserve fund and currency reserve all remain the same. Note circulation has dwindled to under £lOO,OOO. The notes to the trading banks ceased to be legal tender in January, 1935. At the end of the month of July the banks, under the Reserve Bank of New Zealand Act. had to pay over to the Reserve Bank a sum equal to the amount of the notes then outstanding, after which date they were no longer liable for their payment or for the d. ty on them. Deposit and current accounts at £13,655,000 were £lOO,OOO higher than las* year. Deposit rates had remained unchanged. Bills payable and other liabilities showed an increase of £200,000. On the assets side, coin and notes and cash at bankers and money at .11, which included statutory balance at the Reserve Bank, were £638,000 higher than last year, and this amount, together with a satisfactory increase in advances of £900,000, offsets a decrease of £1,500.000 in the securities. Bills receivable in London and remittances in transit showed increases of £150.000 and £lOO,OOO respectively, while bills discounted were nearly £lOO,OOO lower. Premises, conservatively valued, stood in the books at £4OOO less than last year. VICTORIAN MARKETS United Press Association—By Electrip Telegraph—Copyright (Received August 21, 5.5 p.m.) LONDON, August 20. Wheat —4/11 a bushel. Flour —£12 a ton. Bran —£5/15/- a ton. Pollard —£6 a ton. Oats —2 4 to 2/45 a bushel. Ba ’*” —English, 3.3 a bushel. Maize —5/2 a bushel. Potatoes—£7 TO/- to £8 a ton. Onions—£lB to £l9 a ton.

HUDDART PARKER, LTD. DIVIDENDS DECLARED By Felegiaph Press Asoociatloo WELLINGTON, August 21. Messrs Huddart Parker. Ltd., ha declared dividends payable o Sept-em ber 17 as follows: Preference share 3 per cent and ordinary shares per cent.

RABBITSKIN SALE

COMPETITION KEEN Messrs Dalgety and Co., Ltd., Dunedin, report as follows: — “About 65 tons were offered at Thursday’s sale. Contrary to expectations, the American demand is keeping up remarkably well in spite of the large quantities which have been purchased this season at high prices in New Zealand and Australia. At the sale on Thursday competition was again keen for all grades and winter bucks and does were from Id to 4d dearer than last sale. Our prime winter bucks sold at 150 d per lb. All other grades were very firm. The following was the range of prices: Prime bucks 150 d, first winter bucks 145 d, second winter bucks 136 d, spotted bucks 121 d, outgoing bucks 102 d, first spring bucks 70d, second spring bucks 47d, prime does 106 d, first winter does 95d, second winter does 85d, furrier does 82id, spotted does 77d, outgoing does 66d, first spring does 45d, second spring does 42d, first early winter bucks 137 d, first early winter does 83id, incoming winters 90id, late autumns 74d, early autumns 545 d, second early winter bucks Hid, second early winter does 648 d, second incomings 825 d, second late autumns 628 d, second early autumns 46id, dawny autumns 43id, racks 39id, summer does 34d, summer bucks 36d, first milky 46d, milky 34id, summer broken 325 d. sennnd winter broken 433 d, Ist winter broken 62d, runners 301 d, small 2Hd, summer blacks 24id, third winter blacks 491 d, second winter blacks 71d, first winter blacks 86d, fawns 481 d, winter fawns 835 d, hareskins 42d, first hareskins 492 d, horsehair 18d.

PRODUCE MARKETS

CHRISTCHURCH By Telegraph—Bless Association CHRISTCHURCH, August 21. Since the announcement of a further shipment of potatoes to South America, the market has firmed, and quotations are now about 5/- a ton more than they were at the beginning of the week. For two days or so in the middle of the week there was also a fairly determined demand from Auckland, and though this has now ceased, the market has remained firm. It is probable that there will be no further shipments of potatoes overseas this season, and farmers with potatoes still i.x hand should consider well before holding them longer. The small seeds market is firm, without a great deal of business doing. Overseas inquiry continues, though rising prices have to some extent discouraged interest in that quarter, and in addition there is a fair inquiry from sources within the Dominion. There is a good demand for perennial rye, in which overseas buyers are interested, and the price is up to 2/6 on trucks for good heavy seed. The price for Italian is 1/9 to 2/- on trucks, with very little business at these figures. Cowgrass is firm, and is worth up to 6d on trucks for best. White clover remains unchanged. Wheat, oats and chaff, with the approach of warmer weather, have not been in such keen demand.

DUNEDIN

By Telegraph—i-res? association DUNEDIN, August 21. Lack of interest in the milling wheat market continues, and few sales are being made to millers. The fowl wheat market remains firm for shipment. The ruling quotation is 4/9, sac’:s extra, with up to 5/- a bushel, ex store for small lots. The oat market continues firm with merchants now asking higher prices. Quotations vary from 3/4 to 3/6, f.0.b.5.1. for A’s. The market for B Gartons is firmer and these have been sold during the week at 3/15 Best quality chaff is worth £4/10/to £4/15/-, sacks extra, ex truck. Most of the North Island ports have purchased a fair quantity of pctatoes from Bluff, Dunedin and Canterbury, and these supplies are sufficient to meet northern requirements for x while. Freshly picked lines of Arran Chiefs are worth £4/10/- a ton, with King Edwards ruling round about £5 -t ton. Practically all seed markets remain firm.

DAIRY PRODUCE United Press Association—By Electric Tel egraph —Copyrl gh t (Received August 21, 5.5 pan.) LONDON, August 20. The butter market is firm; Danish, 126/- to 128/-; choicest salted and unarmed New Zealand. 121/- to 122/-; A stralian, 120/-. Cheese is dearer; New Zealand white 70/- to 71/-; coloured 68/-.

A YEAR’S BUSINESS

STANDARD INSURANCE The directors of the Standard Insurance Company, Dunedin, report for the year ended June 30 last that the net revenue for the year amounted to f 83,231 7s 9d: and the expenditure to £136,695 Is 7d, leaving a balance of £46,536 6s 2d, to which has to be added the balance carried forward from last year, viz., £20,055 12s, making a total of £66,591 18s 2d; from this an interim dividend was paid in March last amounting to £12,500. leaving a balance of £54,091 18s 2d. The balance has been dealt with in the following manner:—Depreciation office premises, £5000; appropriation for depreciation of securities. £500; donated to staff provident fund, £1500; allocated to reserve fund. £lO,OOO. The directors recommend that the balance, £32,591 18s 2d, be dealt with as follows: Pay a dividend for halfyear ended June 30, 1936, at the rate of Is 3d per share, £12.500; and carry forward to next year, £20.091 18s 2d. Full provision has been made in the accounts for all ascertained losses to the close of the year. The dividend of Is 3d per share now recommended, if approved by shareholders, will be payable at the company’s offices immediately after the meeting, and at □ranches upon reieipt of advice. Messrs W. E. C. Reid (C.8.E.) and James Quaile, who retire from the directorate, are eligible and offer ’hemselves for re-election.

Buyers. N.Z. Govt. Debs. — Sellers. 3S p.c. Inscr., 193852 & 1939-52 . 103 0 0 — 4 p.c. Inscr., 193740 101 5 0 101 10 0 4 p.c. Inscr., 194649 — 105 10 0 4 p.c. Inscr., 195255 104 10 0 105 7 6 4 p.c. Bonds, 1940 101 5 0 101 10 0 4 p.c. Bonds, 1946 103 5 0 — Banks— Australasia .... 11 17 6 — Comm, of Aust. . . 0 18 4 0 18 6 Comm, of Aust. (pref.) .... — 9 3 0 E., S. and A. . . . 5 12 6 5 18 0 National of A’asia. (£10 paid) . . . 13 19 0 — National of A’asia. (£5 paid) . . . 7 0 0 — National of N.Z. . . 3 1 6 3 2 9 New South Wales 32 10 0 32 14 0 New Zealand . . . 1 19 2 1 19 9 New Zealand (Mort shares) . r . . 1 9 0 — Insurance — South British . . . — 4 13 0 Loan & Agency— Goldsbrough Mort. 1 11 6 1 11 7 Invincible Building Society .... — 4 17 6 N Z. Guarantee Corporation . . 0 5 6 0 5 8 Shipping— Union (pref.) . . 1 6 0 1 6 9 Frozen Meat — Canterbury .... — 9 5 0 Gear — 0 19 6 N.Z. Refrigerating (10/- paid) . . 0 9 3 0 9 3 North Canterbury Freezing .... 1 8 0 — Southland .... — 3 16 ) Woollens — Bonds Hosiery . . — 1 1 6 Kaiapoi (17/- pd.) 0 15 0 0 15 6 Kalapoi (7/- paid) 0 6 1 0 6 6 Kaiapoi (pref.) . . 0 18 3 0 19 0 Coal — Westport Stockton (pref.) .... — 0 3 9 Gas — Christchurch . . . 1 9 1 1 10 0 Christchurch (10/paid) — 0 15 0 Breweries— Dunedin .... 1 9 6 1 11 6 Monteiths . . . 0 14 0 — New Zealand . . . 2 12 0 2 12 3 Staples — 1 15 6 Timaru (in liqdn., ex. distrib.) . . — 0 3 2 Tooths 2 12 6 — Castlemain Perkins 1 2 6 — Miscellaneous— Amalg. Wireless (contr.) . . . 1 18 0 2 0 0 Anthony Hordern 0 18 9 0 18 10 Australian G1 - 3S . 4 11 6 4 11 9 Aust. Iron & Steel 1 5 3 1 6 0 Beath and Co. . . — 1 4 3 Death and Co. (1/- paid) . . . — 0 5 0 Beath and Co. (pref.) — 1 5 0 Booth, Macdonald (pref.) .... 0 1 6 0 3 6 British Tobacco . 2 1 0 2 1 3 Broken Hill Proprietary . . . 3 14 3 3 14 6 Broken Hill Proprietary (15/paid) .... 2 14 6 2 15 0 Cant'b’y. Farmers Co-op 0 12 0 0 19 0 Cant’b’y. Farmers' Co-op (pref.) . 1 18 0 — C’.. Neon (N.Z.) . . — 2 0 0 Colonial Sugar . . 42 15 0 43 2 6 Consolidated Brick 0 9 8 0 9 10 Dunlop Rubber . . 0 18 4 0 18 5 D.I.C — 0 16 0 Dominion Builders’ Supplies . . . 0 3 5 0 5 3 Dom. Fertiliser . . — 1 5 3 Electrolytic Zinc (ord., cum div.) 2 1 2 2 1 8 Electrolytic Zinc (pref.) .... 2 3 0 2 3 8 Farmers Trading 0 19 2 1 0 2 General Industries 0 19 2 1 0 2 G. J. Coles . . . 4 3 3 4 4 0 Hays Ltd. (15/paid) .... — 0 15 3 Henry Jones Co-op — 2 3 0 Herald and Weekly Times .... 3 8 9 3 9 0 Howard Smith . . 0 18 3 ■=— Hume Pipe (Aust.) 1 0 6 1 0 8 Kauri Timber . . 1 4 0 1 4 4 Mark Foy . . . 1 7 0 — Mason Struthers (14/- naid) . . 0 10 0 0 12 0 Maso” Struthers (10/- paid) . . . 0 5 11 0 8 0 Milburn Lime . . 2 1 9 — Morris Hedstrom . — 1 6 0 Morts Dock . . . 0 9 11 — National Electric . 0 12 1 0 14 11 N.Z. F a r m e r s’ Co-op. (£2/10/paid) .... — 0 19 0 N.Z. F a r m e r s’ Co-op. (10s pd.) 0 0 8 — N.Z. F a r m e r s’ Co-op. (1st pf.) — 3 18 0 N.Z. F a r m e r s’ Co-op. (A pf? — •5 12 0 N.Z. F a r m e r s’ Co-op. (45 p.c. Stock, 1945) . . — 91 10 () N.Z. Newspapers . z 0 6 2 6 i ?ocera Brer..1 . . 1 5 0 1 9 9 Quill Morris (1936. cum div.) . . . 0 18 6 1 0 0 Taupo Totara Timber — 0 11 0 Whitcombe and Tombs .... 3 0 0 3 3 6 Wilcox Mo- . . 0 12 6 0 12 9 Wool worths (N.Z.. ord.) 5 6 0 5 10 0 Woolworths (N.Z. pref.) .... — 1 18 0 Woolworths (Syd., 2nd pref.) . . . 1 5 0 1 6 6 Mining— Arthur’s Point . . — 0 0 6 i A? .xander (15/paid> — 0 14 ) Antonios Hyd. . . —. 0 0 7

Aotearoa 0 0 1 0 0 55 Argo 0 1 7 0 1 85 Barrytown .... 1 5 0 1 0 3 Big River .... 0 2 0 0 2 1 Blackwater .... 1 13 6 — Brian Boru .... 0 0 32 0 0 4 Central Shotover . — 0 0 6 Gillespie’s Beach (cum div.) . . 0 1 35 0 1 5 Golden Sands . . 0 2 0 0 2 8 King Solomon . . 0 1 1 — Lawson’s Flat . . 0 0 9.2s — Maerewhenua . . 0 0 0 0 22 Maori Gully . . . 0 0 75 0 0 85 Martha 0 17 0 — Mossy Creek (cum div.) — 0 1 8 Nevis Diesel Elec. — 0 0 os Nokomai 0 2 1 0 2 2 Okarito 0 3 0 0 4 11 Nemona 0 1 7 0 1 11 Skippers 0 0 32 0 0 4 Stafford Sluicing . — 0 0 3 Waihi Grand Junetion 0 3 5 — Waimumu Sluicing — 0 0 15 Worksop Extended (cum div.) . . — 0 2 0 Australian Mining Mount Lyell . . . 1 9 0 1 9 3 Mount Morgan . . 0 13 10 0 13 11 Rawang Tin . . . 0 9 0 0 9 1 Upper Watut . . . 0 2 6 0 6 0 Sulphide Corpn. . 0 15 8 0 15 11

Buyers. £ s. d. Sellers. £ s. d Anderson’s, Ltd. (pref.) 0 18 0 0 19 9 Assoc. Motorists’ Petrol (pf.) . . 14 0 — Alloy Steel (NZ.) — 0 3 Cant. Roller Flour 0 5 0 6 9 Ch'Ch. Press . . 8 10 0 10 0 Coull Somerville & Wilkie .... — 15 0 Carbonic Ice ... 0 18 0 0 0 Jones Nevis .... — 0 National Tobacco . 3 3 0 6 0 Macetown .... 0 0 21 0 31 New River .... 007 — N. Z. Perpetual Forests .... 2 14 9 0 0 Self ridges (A’asia., old) 15 3 6 6 Selfridges (A’asia., new) — 6 6 Thyrodone .... — 0 0 Were’s Investment Trust 0 6 0 — Westland Breweries 18 0 — Do. (10/- paid) . 0 14 3 18 0 White’s Electric 0 n 9 0 10 Woolworths (Syd., ord.) 0 0 9 0 10 Wooiworths (West Australia) ... 5 14 0 17 6 AUCKLAND Sales on ’Change. £ S. •4 Bonds, 15/1/40, 4 p.c. (2) 101 6 Bonds, 15/4/ 49, 4 p.c. 105 15 0 Stock, 15/1/40, 4 p.c 101 7 6 Stock, 15/2/46, 4 $Lc x03 15 0 Stock, 15/4/49, 4 p.c 105 17 6 Stock, 15/6/55, 4 p.c 105 17 6 Amalgamated Brick (Auck.) 1/3/44, 7- p.c. (2) .. .. 102 0 0 Booth, Macdonald, 1/6/37, 65 p.c 71 5 0 9 6 New Zealand Insurance .. 3 2 6 Farmers’ Auctioneering (£5 paid (2) 4 6 Newton King (pref.) .. .. 0 7 0 Traders’ Finance (pref.) .. 0 18 3 Taupiri 0 16 3 Auckland Gas 1 3 7 Dominion Brewerie? .. .. 1 8 9 Dominion Breweries (rhts.) 0 5 0 Colonial Sugar 43 0 0 Farmers’ Trading 0 18 11 Farmers’ Trading (pref.) .. 1 1 4 Farmers’ Trading (B pf.) . 1 1 4 G. J. Coles 4 1 6 Morts Dock 0 10 3 0 10 2 Nc.7 Zealand Newspapers (2) 2 1 3 Gillespie’s Beach 0 1 4 Skippers 0 0 Waihi Investment 0 10 Waihi Junction 0 3 7 Mount Morgan 0 13 9 WELLINGTON Sales on ’Change. Bonds, 4 p.c., 1952-55 .. .. 105 10 I) Commercial Bank of Aust. (ord.) 0 18 4 Bank of New South Wales 32 15 0 Union Bank of Australia .. 9 8 0 New Zealand Insurance .. 3 2 6 (All late Thursday) Stock, 4 p.c., 1940 01 10 ; Bonds, 4 p.c., 1949 105 5 c E. S. and A. Bank .. .. 5 17 Bank of New Zealand .. .. 1 19 New Zealand Insurance .. 3 2 6 Colonial Sugar 43 5 0 43 0 3 South British Insurance (odd) 4 10 Q Wool worths (N.Z., ord.) .. a 8 0 Hume Pipe, 1 0 7 National Electric 0 12 C Unofficial. Selfridge’s (old issue) .. .. 1 6 0 CHRISTCHURCH Sales on ’Change. Stock, 4 p.c., 1937-40 . . .. 101 7 6 Stock, 4 p.c., 1943-46 . . .. 103 5 0 Commercial Bank of Aust. ( *^) 0 18 Goldsbrough, Mort .. .. 1 11 7 Australian Glass 4 12 u British Tobacco z 1 Consolidated Brick 0 9 0 Dunlop Rubber 0 18 3 Electrolytic Zinc (prei. cum div.) 3 6 (3) 9 3 3 G. J. Coles 3 19 6 Wilcox Mofflin (2) 0 12 9 Big River 2 0 Maori Gully (3) 0 0 8 Mount Morgan (2) 0 13 9 0 13 0 13 Sales Reported. Bank of New South Wales 32 14 0 Electrolytic Zinc (pref, cum div) 3 2 3 1 General Industries 0 19 r G. J. Coles 4 2 1 • New Zealand Newspapers (') 1 Wi’. :ox Mofflin 0 19, . • Unlisted Stocks. White’s Electric 0 0 9 Woolworths (Syd., ord.) .. 5 14 6 13 Carbonic Ice 0 19 DUNEDIN Sales on ‘Change. Commercia’ Bank C 18 4 Commercial Bank (odd parcel) 0 18 a

Mount Lyell <3) Nokomai (2) 1 0 9 2 2 Waipapa Beach .. 0 0 9: Stock. 4 p.c. 1946-49 . . . . 105 10 0

£ s. d. Bank of New South Wales 33 7 6 Colonial Sugar 43 10 0 Burns Philp 3 14 0 British Tobacco 2 1 3 Tooths 2 14 0 Tooheys 1 13 0 G. J. Coles 4 1 0 Goldsbrough Mort 1 11 9 Morris Hedstrom 1 5 9 Lustre 1 5 3 Standard Cement 0 15 7i Beard Watson 0 18 6 Sargents 1 9 0 John McGrath 1 19 0 Mick Simmons .. 0 16 9 Spencers 0 6 9 Edwards Dunlop 2 4 3 Kandos 1 0 3 Victoria Nyanza 0 10 9 Wool worths (ord.) 5 15 0 Woolworths (New Zealand) 5 8 0 Mount Morgan 0 13 8 Mount Lyell 1 10 0 Broken Hill "roprietary .. 3 15 3 South Broken Hill 6 0 0 Emperor 0 16 9 Loloma 1 5 9 Tavua 0 1 9 Melbourne Exchange Comm. Bank of Australia 0 18 9 Howard Smith 0 18 9 G. J. Coles .. .. 4 1 0 Drug Houses 1 9 9 Australian Glass .. .. .. 4 12 9 Dunlop Perdriau .. .. .. 0 18 7 Goldsbrough Mort 1 12 15 Electrolytic Zinc 2 1 9 Electrolytic Zinc (pref.) .. 2 3 6 Mount Morgan 0 13 10 Mount Lyell 1 9 9 North Broken Hill 9 7 0 x roken Hill Proprietary .. 3 14 9 Emperor 0 17 1 Loloma 1 6 75 Gordon and Gotch .. .. 2 10 3