BUSINESS and FINANCE

Star (Christchurch), Volume LXVI, Issue 20366, 25 July 1934, Page 9

BUSINESS and FINANCE

ON ’CHANGE.

A Very Quiet Market This Morning. FEW SALES RECORDED. This morning's call was the quietest for some time in Christchurch, and only' two parcels of Government Stock and 1300 mining shares were the recorded business. The Government section was still strong. 1940 stock bringing £lO5 15s, buyers staying in at that figure, sellers asking 5s more. For the 1946 and 1949 stock sellers wanted £lO7 10s. and for 1949 and 1955 bonds buyers were prepared to pay £lO7 ss, but no sellers answered. Banks were quoted at much the S 3 me levels as yesterday. New lands having sellers at 26s 6d, Commercials at 15s 6d. and Reserves at £6 6s 6d. Buyers of the last-named offered £6 ss. British Tobaccos were wanted at 375, which was 3d below sellers’ quotes, and for Kauris buyers’ limits were Is too low at 17s 6d to attract sellers. In the mining section, Maerewhenuas found buyers dropping offers to the low level of Id, sellers holding out for 7d. Buyers of Okarito offered 8s Id, Nevis Diesel had sales at 4d, and Skippers showed no change at Bd. SALES COMPLETED. The figures in the final column indicate, as compared with last Christchurch sales: t a rise, - a fall, n.c. no change. THREE O'CLOCK CALL YESTERDAY. Sales on ’Changre. £IOO N.Z. Re frig, 6}. ’35. £lO2 J flO/200 Elec. Zinc (pf), 33/11 (2) -4d 500 Gold. Dredge, lOd fid 100 Mt Lyell. 21/9 fhi 300 Nevis Diesel, 4d ........ —Jd 100 Waihi, 32/4 -4d Sales Reported. £250 Govt Stock, ’4O, 1105A7/6 | -2/6 22 Bank A’sia, £ll/2/6 ! -10/100 Elec. Zinc (p.f.), 34/- .. I -3d 3 000 Golds. Dredge, lOd tid 100 "Waihi, 32/6 | -2d THIS XORHINO'S CALL. Sales on ’Change. £IOOO Govt S., ’4O, £lO5/15/- (2) I -5/500 Nevis Diesel, 4d ! —id Sale Reported. 800 Skippers, 8d | n.c. TO-DAY’S QUOTATIONS. Following are to-day’s quotations:—

Unlisted Stocks. All transactions in stocks quoted in this section are subject to a different rate of brokerage from listed stocks and ar§ not quoted on the official list.

TO-DAY IN AUCKLAND. (Special *o the “ Star.”) AUCKJLAND, July 25. The firmness in the market for Govvermnent stocks was exemplified by a sale this morning of the 1938-52 issue <3} per cent) at £lO7, which is £3 above the last local sale in May. After this sale there were buyers for every listed line at well up to late rates, but not a single parcel was on offer. Apart from stocks, insurances were again the strongest section. Following a sale yesterday afternoon of New Zealands at }2s 3d3, the market showed buyers 61s 9d, sellers Is higher. There was a good all-round demand for industrials, Consolidated Bricks quote being between 7s 8d and 7s lOd. Buyers for Farmers' Trading (pref.) raised their offers to 18s 9d for “A” pref., and to 13s 9d for “B ” prefs. New Zealand Breweries improved with business at 42s 9d, after which buyers stayed in at 42s 6d. The Noon Call. The market was quieter at noon, and only five sales were put through. Commercial Banks showed improvement, but otherwise there was little change in the banking section. Wellington gas were wanted at 40s 3d, Auckland Gas at 265, and New Zealand Brewery offers were raised 3d to 42s 9d. OTHER EXCHANGES. Per Press Association. DUNEDIN, July 25. Sales reported—Reserve Bank, £6 6s; Nokomai (late yesterday), 3s sd. Sale on ’Change—Goldfields, lOd. After call—Farmers’ Fertiliser, 20k 9d. WELLINGTON. July 25. Sales—Big River, Is Id; Bnftk of New Zealand, 45s 6d; Skippers, Bd. AUCKLAND, July 23. Sales—King Solomon, 3s lid; Northern Steam, 6s; Farmers’ Trading, 6s 2d, 6s 3d; Commercial Bank, 15s 6d; Farmers’ Auct. (£2), 16s; Mount Lyell. 21s 8d: Goidsbrough Mort, 29s 8d; Wilson’s Cement. 30s 2d; N.Z. Breweries. 42s 9d: Govt. Stock, 1938-52, £107; Auckland Gas (con.), 19s. LONDON STOCK EXCHANGE. United Press Assn.—By Electric Telegraph—Copyright. (Received July 25, 1.30 p.m.) LONDON, July 21. Palgety’s, £7; Dnlgety’s 4 tier rent debentures, £IOO 11s 3d: Goidsbrough Mort, 5 per cent “ B debentures, £IOO 10s. SYDNEY SALES TO-DAY. SYDNEY, July 25. Sales —Commonwealth 4 p.c. Bonds, 1938, £lO5 12s 6d; 1941, £lO7 10s; 1944! £IOB 7s fid; 1947, £lO9 15s; 1953, £llO 10s; 1957, £lll 7s fid; Bank of New South Wales. £3l; Tooth’s, 43s 3d; Anthony Hordern "(pref.), 24s 3d; Associated News, 21s; British Tobacco, 37s 3dJames Stedman, 15s 10}d. Yesterday. SYDNEY, July 24. On the Stock Exchange to-day, general investment securities found a rather quiet market, hut there was no great pressure to sell. Commonwealth bonds were in good demand at higher levels. Later dealings were; Commonwealth Bank of Sydney, £l6 19s; Union Bank, £9 17 s; Bank Australasia. £ll 15s; Colonial Sugar, £64 15s; Asociated News. 21s (pref.) 23s -U.d; Burns, Philp, 525; British Tobacco 37s 3d; Tooth’s. 43s 9d; Drug Houses of Australia, 19s frd: Henry Jones. 31s: Electrolj-tio Zinc. 265; G. .T. Coles, 43s 3d; Bulolo Gold. £8 3s fid: Rawang Tin. 9s Id. (New Zealand delivery); 9s 2d: Euratlia Gold, 10s lid. Commonwealth 4 pe- cent bonds—- ! 1 938, £lO5 12s 6d: 1941. £lO7 7s Grl: 1944 j £IOB ss; 1 947. £lO9 ss; 1 953, Cl 10 8s j 9d: 1955, £llO 15s; 1957, £1 11 6s 3d: 1 959, £lll 6s 3d: 1961. £ll2 7s 6d. Melbourne Sales. MELBOURNE. July 24. . Goidsbrough Mort., 30s; National Bank (£5 paid), £5 19s; Herald and Times, 00s 6d; Metropolitan Gas, £l4 12s; Mount Lyell, 21s 10}.d. YESTERDAY’S SALES. Auckland—New Zealand Inscribed. 4 per cent, 1910, £lO5 ss; Auckland. 5} per cent, 1949, £106; Bank of New Zealand, £2 6s; New Zealand Newspapers, £1 10s 3d, £1 10s; New Zealand Insurance, £3 2s 3d. Unlisted: Investment Evecutive Trust (2nd B), £94 10s; Golconda HoldI ings, is Bd. ! Wellington—New Zealand Inscribed, 4 per cent. 194 6, £lO7 2s Gd; New Zea- ; land Inscribed. 4 per cent. 1955, £lO7 I 7s 6d; Bank New South Wales (July 23), ' £3O 13s ; Reserve Bank, £6 6s 6d; Union Steam (pref.). £1 7s 3d; New Zealand Breweries (.July 23). £2 2s «d: Staples Brewery (Julv 23), £1 8s 6d; New Zealand Paper Mills (Julv 23), £1 Us 2d; | King Solomon (July 23), 4s. I Dunedin—Sales on ’change: Reserve j Bank, £6 6s. Sales reported: Reserve ‘Bank, £G 6s; National Insurance, 19s 6d.

REVIEW OF COMMERCIAL AFFAIRS

INTEREST RATES. The return to the investor on his outlay, based upon the latest dividends, works out as follows on the latest sales. Where Government stocks are included the calculation provides for accrued interest. In the case, of local body issues allowance is also made for 20 per cent Interest reduction. PER CENT PER ANNUM. Govt. Stock, 194 0 2 19 0 Bank of Australasia 3 7 5 Elec. Zinc (pref.) 4 14 1 CALL AND DIVIDEND LIST. Due East African Coffee —pref., at rate of 7 per cent July 31 Smith and Smith. Dunedin — —pref., 5 per cent July 31 Union Bank of Australia —final at rate (in sterling) of 5 per cent per annum .... Aug. i Auckland Gas—interim, paid and con., 23 per cent Aug. 2 Trustees and Executors Co.. Melbourne—final, at rate of 6 per cent per annum . Aug. 2 N.Z. Insurance—final Is per share and bonus 6d share Aug. 7 Commercial Bank of Australia —final pref. at rate of 4 pei' cent per annum, oi dinary at rate of 5 per cent per annum Aug. 9 Electrolytic Zinc—pref.. at rate of 8 per cent per annum and (ord.) at rate of 4 per cent per annum .... Sept. 7 EXCHANGE RATES. London Quotations. British Official Wireless. (Received July 25, 12.15 p.m.) RUGBY, July 24. London on the cities mentioned:— To the £ Par. July 24 July 23 New York (dol.) 4.86 2-3 5.04} 5.04 i Montreal (dol.) 4.56 2-3 4.9 7 4.97.1 Paris (fr.) 124.21 76 17-32 76 7-32 Brussels (belga) 35 21.57& 21.60} Geneva (fr.) 22.22} 15.47 .15.47 Amsterdam (fi.) 12.107 7.451 7.45} Milan (lire) 92.46 58 13-16 58a Berlin (marks) 20.43 13.00} 12.98 Stockholm (kr.) 18.159 19.39} 19.401 Copenhagen (kr.) 15.159 22.39} 22.40} Oslo (kr.) 15.159 19.90} 19.90} Vienna (sch.) 34.58} 27 27 Prague (krone) 164 i 121} 121} Helsingfors (f. marks) 193.23 2268 226? Madrid (pes.) 25.22} 36 29-32 36 29-32 Lisbon (esc.) 110 1101 110} Athens (drach.) 375 525 f 525 t Bucharest (lei.) 813.6 505 505 Belgrade (dinars) 276.32 221 22l Rio de Janeiro (d. to mils) 5.599 4lt 4Jt Buenos Aires (d. to peso.) 47.62 36}f 36}t Montevideo (d. to peso.) 51 3Sgf 38gt Batavia (florins) 12.11 7.43 7.43 Value in pence Par. d. d. Bombay (rupee) 18d 18 3-64 18 3-64 Shanghai (dol.) * 16 3-16 16 3-16 Hong Kong (dol.) * 173 178 Yokohama (yen) 24.58 d 143 14} * Pence per local unit. t Sellers. Dollar and Franc. United Press Assn.—-By Electric Telegraph—Copyright. (Received July 25, 2 p.m.) LONIX)N, July 24. The American dollar is quoted at 5.04 a to the pound sterling, and the franc at 76}. Local Dollar Values. Current dollar exchanges as quoted by the New Zealand banks are as under:— Buying. Selling. United States 5.14 4.94 Canada • 5.07 4.57 £1 (New Zealand) is Worth: £ s. d. In Yokohama (13.47 yen) .... 1 7 7 In Sydney 1 0 0 In New York (4.03 dollars) .. 0 16 7 In Montreal (3.98 dollars) .. 0 16 4 In London 0 16 0 In Berlin (10.36 marks) 0 10 2 In Brussels (17.3 belga) .... 0 9 10 In Paris (61.2 francs) 0 9 10 Customs Assessments. Rates of exchange ruling at the announced dates of departure of the vessels named are shown in the following table. They are subject to confirmation 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 *:— Tapti, America, dollars 5.04 g Golden Coast. America, dollars . 5.06} Canadian Highlander, Canada, dol. 4.99 Brisbane Mara. Japan, yen .. 14 7-32 d Hauraki. Canada, dollars 4.983 Edenholm, America, dollars .... 5.03 SURVEY WANTED. Hydro-electric and Irrigation Scheme. (Special to the “ Star.”) DUNEDIN, July 25. To irrigate 14,000 acres of improperly irrigated land at Bannockburn, to provide hydro-electrical energy for the working of Cromwell Flat, to provide power for the Kawarau Company, and to assist that company in its project of dewatering the river, were the objects of a scheme propounded by Mr W. A. Bcdkin, M.P., at a public meeting at Cromwell. Mr Bodkin said that having learnt that Kawarau had a capital of £400,000 practically assured and that the company was successfully floated at Home, and since the Unemployment Board had determined to set aside £250,000 for the rehabilitation of industry, he decided to endeavour to get a substantial proportion of that amount for the rehabilitation of the mining industry in Central Otago. The successful flotation of the Kawarau Company meant, that the Kawarau River would be worked Nothing could be undertaken in any part of the world that would give a greater impetus to the goldmining industry than the successful accomplishment of the Kawarau scheme. The meeting decided that the Government be asked to make a survey of the project for a hydro-electric and irrigation scheme from the Nevis River, and that the Mines Department be urged to undertake the systematic boring of Cromwell Flat.

The Italian Government has notified the Commonwealth Government that its imports of Australian wool will be reduced by half from August 1. on account of the large adverse trade balance.—United Press Association.

NZ. GOVT. STOCK- ? li ir i d.' Sellei £ S. dl 3s, p.c. Inscr.. 193S43 and 1938-52 31 p.c. Inscr.. 193843 and 1939-52 4 p.c. Inscr., 1940 4 p.c. Inecr., 1946 4 p.c. Inscr., 1949 4 p.c. Inscr.. 1955 4 p.c. Bonds, 1940 4 p.c. Bonds, 194 6 4 p.'\ Bonds, 1949 and 1965 .... 106 107 105 107 107 105 107 107 15 0 0 0 15 0 0 0 0 0 32 6 0 0 5 0 106 107 107 0 10 10 0 0 0 OTHER DEBENTURES Eastbourne Bpr.g^ 101 101 4 4 p.c.. 1 Eastbourne Boro., 4i p.c., 15-12-48 BANKS 0 10 15 0 0 19 6 0 Com. Aust. (c.d.) Comm, of Sydney K.. S. and A National of A’asia (£10 paid) .... Xational of A’asia (£5 paid) .... New South Wales New Zealand .... 3 6 4 12 5 30 15 5 35 0 18 6 3 0 17 6 25 0 5 6 17 6 0 6 6 6 Union Aust. (c.d.j INSURANCE— 9 19 0 9 19 6 19 United 10 10 1 0 56 XiOAlT AND AGENCY— Dalgety and Co. 9 <'5-oldsbrough Mort 1 Mutual Benefit . . 10 X.Z. Guarantee . . o N.Z. Loan and Merc (ord. stk.) 0 0 9 8 10 0 4 4 0 4 5 0 10 6 FROZEN MEAT— Canterbury (pref.) N.Z. Refricrerating (£1 paid) N.Z. Refrigerating (10s paid) .... North Canterbury 5 0 0 8 6 18 0 8 5 10 0 15 9 11 1 3 0 18 3 0 19 8 0 7 Southland (10s WOOLLENS— Kaiapoi (17s paid) Kaiapoi (7s paid) Kaiapoi (pref.) . . 0 10 0 0 11 3 5 7 COAX.— Westport .... Stockton (ord.) . Stockton (pref.) . 0 3 0 4 3 0 5 0 Christchurch (c.d.) Christchurch (10s paid, cum div.) Timaru .... 1 12 0 0 14 11 breweries Monteiths 0 12 0 2 y New Zealand . . . Timaru 2 Timaru (7s 6d p’d. j Tooths 0 6 6 0 6 3 3 11 11 2 MISCELLANEOUS Allied Motors ... 0 Anthony Hordern 2 3 0 1 1 1 1 Aust. Distillery . . Aust. Glass A erst. Iron and Steel (pref.) Beath and Co. Beath and Co. (Is 1 7 0 11 6 9 10 17 0 11 6 5 0 4 8 1 13 10 17 12 0 5 IS 13 2 14 18 17 17 15 4 3 0 3 10 11 6 6 0 British Tobacco . Burns. Phijp .... Colonial Sugar Dominion Builders’ 1 64 1 65 Dunlop Rubber .. Electrolytic Zinc (pref., cum div.) Gordon and Gotch Howard Smith . . . Kauri Timber . . . Mason, Struthers (£1 paid) .... Mason, Struthers (10s paid) .... National Electric N.Z. Drug Co. . . . N.Z. Farmers’ Coop. (1st pref.) . N.Z. Farmers’ Co°P- (“A” pref.) N.Z. Farmers’ Coop < 4J p.c. stk.. 0 1 0 0 0 0 1 0 18 7 13 G 17 6 15 0 6 0 6 0 25 0 6 0 10 0 0 1 2 0 0 0 0 N.Z. Farmers* Coop. (4 i p.c. stk., N.Z. Farmers’ Fertiliser (cum d.) N.Z. Paper Mills . Northern Roller 1 1 0 3 15 6 1 1 16 in 0 Rural Bonds .... Xnit.ed Provisions Wilson’s Cement . Woolworths (N.Z.) 103 1 10 0 8 0 9 9 1 Wool worths (Sydney) (1st nref.) Taupo Totara 1 19 6 MTNING— Alexander (13s Cd Aotearea ........ 0 0 li

Bell Hooper (Is . paid) 0 0 4 4 0 0 6 Bell Kilgoui .... 0 0 4 4 0 0 i> Bendigo Boldlights (9d paid) 0 0 74 0 9 Rig River 0 1 1 0 \ 1 j> Blackwater .... _ 1 1 : ’’ Brian Boru 0 1 (>4 9 1 1 Bulolo 8 0 0 .Deep Read 0 1 3 0 1 3 Charleston 0 1 0 0 ] :!f Oillespie's Beach 0 1 9 4 9 1 11 Blenroy 0 1 14 0 1 * Bolden Dawn .... 0 2-5 Colronda (lOdpd.) 0 0 .1 0 ® p Bolden Point ... 00-4 Goldfields Dredging 0 0 94 0 0 104 Bolden Sands .... 0 2 3 0 3 0 King Solomon ... 0 3 11 0 4 2 Ki*ala Kampar .. 0 16 9 Dawson’s Flat . . 0 0 4 0 0 5 Maerewhenua . . 0 0 1 ° 0 J Mahakipawa .... 0 0 94 00 104 Mahakipawa (pf.) 1920 issue .... 0 1 1 U 1 6 Mahakipawa (pf-) , 1930 issue .... 010 0 1. 1 Mataki 0 2 6 Mining House Cons. 0 0 5 Mount By ell 1 1 9 1 1 10 Mount Morgan . 14 9 " Klectric 0 0 33 0 0 41 Murray Creek .... 0 1 0 Xew Cornish Point (Is paid) 0 0 7 0 011 Xew Cornish Point (6d paid) 0 0 44 0 0 6 Xokomai 0 3 5 0 3 8 Okarito 0 S 1 0 S 8 Oxenbridge Sh.ot- _ „. over (Is paid) . 0 0 10.} Paddy’s Point ... 026 Rawang Tin ... - 0 9 0 Upper Shotover (9d paid) .... 0 0 6 Wa ihi 1 12 2 1 12 6 Waihi Grand Junction 0 4 1 0 4 2 TVaitahu 0 4 0 0 5 0 Wetherstoncs ..007 Worksop 0 1 r> 0 174 Skippers 0 0 74 0 0 8 Stafford 0 14 Mossy Creek , . . . 0 13 0 16 Peninsula Tin (15s paid) 1 2 0 1 3 0

Buyers. Sellers. £ s. d. £ s. d. Andersons, Ltd. (pref.) 0 14 0 Commerce Build- . ings (ord.. £1 paid) 0 12 0 Ben Ledi (Hd paid) 0 0 6 0 10 Golconda Holding . 0 17 0 1 10 N.Z. Mining Investment 0 0 6J 0 1 0 Pyne and Co.. 4 p.e. “ B ” Perpetual . 100 0 0 Snowy River 0 0 li 0 0 2 Wool worths (Viet.) (pref.) 1 6 6 1 7 0 Woolworths (Sydney), ord 3 0 0 3 5 0