BUSINESS and FINANCE

Star (Christchurch), Volume LXVI, Issue 20361, 19 July 1934, Page 11

BUSINESS and FINANCE

REVIEW OF COMMERCIAL AFFAIRS

ON ’CHANGE. Quiet Call at This Morning’s Sales. BANK OF N.Z. AT 47s 2d. This morning’s call at the Christchurch Stock Exchange was very quiet, with a lack of activity in all sections. The most noticeable feature was a further easing in Bank of New Zealands, which following sellers’ quotations of 47s 6d yesterday, had a* sale of 100 shares to-day at 47s 2d. The last Christchurch sale was made at 47s 6d. Bank of New South Wales were asked for at £3O ss, sellers at £3O 17s 6d; and Unions improved to buyers’ offers of £9 17s 6d, sellers asking 2s 6d more. • Fully paid New Zealand Refrigerating found sellers reducing their demands to 19s Id, and a buyer appeared at 18s lOd, Few the contributing shares the quotations were close together at Ss 6d and 8s 7d. A sale was recorded yesterday afternoon of Colonial Sugars at £55, and this morning buyers were 10s lower than this, sellers at £65 10s. Dunlop Rubbers eased a little further at 18s 7d and 18s lOd quotations, and a parcel of 26 New Zealand Drugs brought 78s, no buyer responding to a later seller’s price of 795. ► New Zealand Breweries (ex-dividend) showed a margin of lOd between buyers and sellers, the latter asking 43s 6d. The mining section was slow, Mahakipawas losing Id with a sale at lOd. Big River quotations were close together at Is lid and Is 2d, and Waihis staved at approximately yesterday’s figures, sellers coming down Id to 32s 2d. Wool worths, Sydney (ordinary), found buyers and sellers at £7 15s and £7 18s respectively. SALES COMPLETED. The figures in the final column indik S ? om P5 r ed with last Christchurch sales: t a rise, - a fall. n.c no change.

TO-DAY’S QUOTATIONS. Following" are to-day’s quotations:

TO-DAY IN AUCKLAND. (Special to the “Star.”) AUCKLAND, July 13. After yesterday’s midday activity, this morning’s call was quieter. The only sales recorded wpre a couple of parcels of mining scrip. Changes in quotations were not numerous. Government Stocks were in keen demand, sellers came in with £lO7 5 S for the 1946 issue, and for the 1955 issue at 5s higher. Banks were very quiet and for New Zealands, on offer at 47s 6d t' ere were no buyers. Insurances on the other hand were all bid for at full late rates. New Zealand Breweries were offered cheaper with a range between 42s 6d and 43s 6d. Staples were wanted at 28s and Tooths nt 44s A parcel of Northern Roller Milling shares was avaiiable at 38s. Buye: s offered ri/L prefs. In the mining section, Kmg Solomons improved with a sale at 4s. buyers still In at Id less. the noon call. ,-o? here was , a rise of 8d above late values recorded in Kauri Timber shares t/i an ? t m ° re , were wanted at 18s it n th T Se i l,ers askin & 18s 9d. South tsritjsh Insurance advanced 3d, after which buyers offered 80s 6d but no ESS**!?® available Bank of New Zealand had sellers at 47s 3d, hut the best buyers stopped at 475. New Zealand Di ug shares came on the market at 78s bq, and buyers moved up to 76s 6d. In the mining section buyers of Big Rivers advanced to is. Higher offers were made for 1940 Bonds anil Stock, buyers coming m at £lO4. OTHER EXCHANGES. iUCILiSD. . AUCKLAND, Jul 5 - i S . Salps.—Skippers, Sd; Kins Solomon Timl,e» n Tss R Sr7' w r > iCk ’- 7s 9,1; Kaur ' M c-i 8 , 1 ’,. 1,so " * Cement, 2Oh Jcl ’ British Insurance, 80s 9d. WELLINGTON. 0 „ WELLINGTON. Julv 19 lid Hle Kaiapoi Woollen (ord.), ils SYDNEY SALES TO-DAY. (Received July 19. 2 p.m.) Bonds-, 038. £tof Y 7? J 6d''l94, y til o7 ■ I»4S, £-,09 l'2s £1 6d; : «Vl 17? Tooths, Ws’ & & Teaterday. fied “stacks tOCk E i cha "Se E U>’-d J ay l3 'cl 1 a B ssiLater dealings wereBank of Hew South Wales. £3O 7s 6dCommercial Bank of Sydney, 116 19s'; Bank Australasia. £ll 17s 6d: Queensland National Bank, £5 2s 6d: Huddart Barker, 33s 6d; Adelaide Steam. 25s 6d; "• p - Carpenter, 41s: G. ,T. Coles. 43s ,*d: Australian Iron and Steel (pref.) -Is 3d: Anthony Hordern. 14s 3d: Standard Cement. 17s 7Jd; Mount Morgan. 24s lid: Bulolo Gold, £8 2s 6rl: Placer Hevelnpment. £25; Rowans Tin, 9s Id; Euratlia Gold, 10s Sd. Melbourne Sales. MELBOURNE, July 18. Goldsbrougl? Mort, 30s; Dunlop Perdriau, 19s; Mount I-yell. 2ls 6d.

N.Z. EXCHANGE. Auckland Opinions Oppose no Change. Per Press Association. AUCKLAND, July 19. Comment on the Reserve Bank’s exchange statement was made by the Mayor. Mr G. W. Hutchinson, who said that he was extremely disappointed, as he had been looking forward to a reduction in the rate. It was most disconcerting to learn that the burden carried by some of the larger local, bodies would have to be carried for an indefinite period. The Auckland City Council, including the Water Department, was paying £49,000 yearly in exchange. The charge for water could not now be reduced. The president of the Chamber of Commerce, Mr A. G. Lunn, expressed the opinion that the statement meant that the bank was warning people that it was useless to hold off their remittances, as the exchange would remain unaltered until circumstances compelled the bank to alter it. It was obvious that if w r e had another successful exporting season, the accumulation of funds in London w'ould make the retention of the high rate impossible. The statement of the Reserve Bank Board is published on page 8. COMPANY AFFAIRS. Mr Charles Cowan Elected Director of P. and O. (Received July 19, 10 a.m.) LONDON, July 18. Mr Charles Cowan, chairman of the New Zealand Shipping Company, has been elected a director of the P. land O. Shipping Company. N.Z. Breweries. At the annual general meeting of shareholders of New Zealand Breweries, Ltd., a report of which was published yesterday afternoon, Dr P. F. M’Evedy and Messrs D. W. Madden and H. C. M’Coy were re-elected directors. The meeting resolved to increase the number of directors from eight to nine, and Mr E. T. Crisp (Gisborne) was elected to the board. The report and balance-sheet were adopted.

EXCHANGE RATES. Dollar and Franc. (Received July 19, 11.30 a.m.) LONDON", July IS. The American dollar is quoted at 5.03 J to the pound sterling, and the franc at 76 5-16. Local Dollar Values. Current dollar excnanges, as quoted by th© Neiv Zealand banks, are as under: tt A Buying Selling. United States .... 5.13 493 Canada 5.03 4.38 JAVA RAVE. (Received July 19, 10 a.m.) „ , . LONDON, July 18. Batavia. 7.41 florins. £1 (New Zealand) is Worth:

CUSTOMS ASSESSMENTS. Rates of exchange ruling at the announced dates o 1 departure of the vessels named are shown In the following table. They are subject to eonflrmatlon by the Customs Department when the exact time of departure is learned on arrival of the vessels in New Zealand. finally declared' rates being marked *: Canadian Challenger, Canada, dols. 5.05 Tapti, U.S.A., dollars 5.94 Wairuna, Canada, dollars ........ 6.00 Sydney Maru, Japan, yen 14128 Mariposa, Canada, dollars *5.00 Golden Coast, America, dollars . . 5.06£

THREE O'CLOCK CALL YESTERDAY. Sales on ’Change: 100 Com. of Aust. <c.d.) 15/5 | n .c. 100 Goldsbroughs, 20/10 .... 1 —3d 100 X.Z. Refrig.. 19/- 3d 200 • Refrig - (cont.), 8/6 j 300 Btg River. 1/1 ... 300 Charleston. i/34 200 Xokomaj. 3/- , Sales Reported: 160 E.. S. and A., £5 n/ " 25 £l atl - °* A’asia (£5), £5 20 Unions. £9 18/- . . . 100 Goldsbroursns. SO/100 Sun News., 4/3 loOO Brian Bora. 1/74 ... -400 Skippers, 8d (3) .. THIS MORNING’S CALL. Sales on 'Change: 100 Bank of X.Z.. 47/2 100 Kaiapoi (17/- pd.), 11/nc LOO Sun .News., 4/3 •"iOO Mahakipawa. JOd .. . 2>‘0 'Mt. Lyell, 2J/7 (2) Sales Reported: 26 X.Z. Drug. 78/300 Nokomai, 3/- ... 1 o00 Skippers. Sd n.c.'

Buyers. W -Z- GOVT. STOCKs. d. £ s. cL 31 p.c. Inscr., 1938106 10 31 p.c. Inscr., 1939- ■ 306 31 p.c. Inscr., 1939106 \ I1C. Inscr.. in40 105 4 p.c, Inscr., 1946 4 B-c. Inscr., 1949 106 4 p.c. Ir.scr., 1955 107 10 4 P.c. Bonds, 3 940 4 p.c. Bonds, 1949 4 p.c. Bonds, 1955 107 OTHER DEBENTURES J'.astbourns Borougrh 55 p.c., 15-12-52 ... . . Booth Macdonald, <*i P-c., 1937 >* r -Z. Refrig-., 6| 72 0 0 72 15 0 101 15 barks— Adelaide Comm. of Aust. (cum div.) .... Comm. of Aust. 0 15 5 (pref., cum div.) t'omm. of Sydney S. and A. . Xatl. of .A’asia 16 4 15 19 6 0 9 16 5 10 39 0 0 0 0 <£10 paid) .... 32 3 0 (£.-» paid) Xatl. of N.Z. (cum 5 16 6 5 18 0 Xew South Wales Xew Zealand 30 5 0 30 17 6 Union of Aust. . . insurance— 9 17 6 10 0 0 A.P.A. Xational Standard I»0 AH AND jSOENCY Jialgety and Co. . ColdsbrnuErh Mort 1J Mutual Benefit X.Z. Guarantee 30 12 6 Cornn. X.Z. T.-an s- Merc. 0 4 4 0 4 6 (ord. stock) Permanant InvestUnited Building Wright. 8tephenson 1 1 1 and Co 19 Thvincible ...... SHIPPING — 3 - 6 Xew Zealand (pf.) ISOEEN MEAT — 9 0 0 X.Z. Refrig. (£1 18 10 19 X.Z. Refrig. (10s , 8 11 Southland tord.) . WOOLLENS— 3 6 Kaiapoi (17s pd.) 0 3 1 0 Kaiapoj (7s paid) 3 30 COAL —- Taupiri 12 - Westport 11 19 Stockton ( ord.) . . Stockton (pref.) . GAS — 0 4 1 0 4 « Christchurch (cum div.) . . . Christchurch (10s Timaru .... TT> 3REWEHNES — Xew Zealand (ex div.) Timaru 9 Timaru (7/S ]A). j ,, rooheys 2 MISCELLANEOUSAllied Motors Australian Glass Reath and Co. . . Death and Co. (is T 12 0 paid) 0 9 Broken Hill Pty. 2 4 0 Colonial Sugar . . 64 in 65 10 D.I.C- (10s paid) Tt.I.C. (pref.) .... 0 1 15 4 9 1 5 '.’■■mn. Builders' Supplies 0 3 0 4

Dorn. Fertiliser . 19 2 Dunlop Rubber . . Electro. Zinc, (ord 0 IS 7 0 18 10 cum. div.) .... Electro. Zinc (pf. 1 6 1 cum div.) .... 13 13 10 Gordon and Gotch 1 6 Henry Jones Co-op. 12 0 Howard Smith 14 8 Kauri Timber . . Mason Struthers 0 17 10 0 18 4 (£1 paid) .... Mason Struthers 0 15 6 1 0 0 (10s paid) .... 0 8 6 Moturoa Oil .... 0 0 2 8 N.Z. Drug Co. . . N.Z. Malay Rubber N.Z. Malay Rubber 0 7 0 3 19 0 0 1 e. 1 10 Evans Atlas Flour 2 1 0 2 4 Consolidated Brick N.Z. Farmers’ Co0 7 9 op. (45 P-c. stk., 1940) .... 82 10 0 84 0 0 X.Z. Farmers’ Coop (45 P-C. stk.. SI 0 0 X.Z. Paper Mills 1 10 6 10 N.Z. Newspapers Northern Roller 1 9 10 9 10 0 104 Wilson’s Cement . 9 Wool worths (N.Z.) 3 15 0 ■Woolworths (N.Z.) (pref.) •••••• u ney) (1st pref.) Quill, Morris (in 1 1 u liquidation) • • "Sun Newspapers . MINIIfG Addison’s Flat .. 16 0 2 6 Alexander Alexander/ (13s 6d paid) 0 14 s 0 14 10 Bell Hill Bell Hooper (Is paid) Bell Kilgour .... Bendigo Goldlights 0 0 41 0 0 51 $1 11 1 Blackwater. .... 6J 61 Consolidated .... Gillespie’s Beach . 2 1 Golconda (lOd pd) Golden Point .... 10 0 9 0 Golden Sands 0 2 8 Hatter’s Flat .... 2 2 8 King Solomon 0 3 6 0 4 0 Kuala Kampar . . 3 10 Mahakipawa .... llahakipawwa <pf.) (1929 issue) Mahaktpawwa (pf-) 0 1 0 (1930 issue) Matakl Mining House ConMount Lyell .... 1 1 6 1 1 7 Mount Morgan Moonlight Nelson 71 Nevis Ditesel Elec. New Cornish Point 0 0 4 i 0 0 42 (Is paid) .... 0 5 0 0 101 New Cornish Point 51 (6d paid) 0 0 32 0 Hi Oxenbridge Shot11 over (Is paid) . Rawaug Tin .... Upper Shotover 0 0i (9d paid) .... 0 0 9 12 Waihi Grand June4 Worksop 0 1 4 0 1 6 7i Stafford Sluicing . 0 0 4 0 44 Mossy Creek .... Peninsula Tin (15s 0 1 3 0 1 6 Unlisted Stocks. All transactions in stocks quoted this section are subject to a different rate of brokerage from listed stock and are not quoted on the official list: Buyers. Sellers. £ d. £ d. Anderson’s, Ltd. (pf) 0 12 0 Ben Ledi (9d paid) Invest. Exec. Trust 0 0 6 (“ B ’ debs., 2nd) 94 0 0 National Tobacco . Procera Bread (10s 3 2 0 3 5 0 13 Regent Theatre Buildings (Ch.ch) Shand and Co., Ltd. 0 9 9 0 12 9 0 16 0 Snowy River .... 0 1 0 2 Vigilant Fire Alarm Wool worths (Syd0 1 6 ney) (ord.) .... 7 15 0 7 18 0

In New York (4 dollars) in Montreal C4 dollars) .. In London 0 16 7 0 16 « 6 In Berlin (10.5 marks) .... In Brussels (17.3 lielga) .. In Paris (61.3 francs) . 0 10 4 0 9 10