BUSINESS AND FINANCE

Star (Christchurch), Volume LXVI, Issue 20425, 2 October 1934, Page 9

BUSINESS AND FINANCE

REVIEW OF COMMERCIAL AFFAIRS.

ON ’CHANGE.

Demand for Wool Shares. BANKS ACTIVE. GOVERNMENT ISSUES WEAKER: MORE MINING SALES. A better demand for wool shares, activity in the mining section, and a good measure of support for hanks were the features of this morning's call, when a good list of sales was recorded and the market generally arl a healthv tone. In the Government section, reported business of 1940 stock was done at £IOB •>s and a seller at the same figure appeared on ’Change. Bonds of the same veaf changed hands at a considerably lower level. Buyers were back in the market again for most issues without much response from sellers. Commercial Bank of Australia eased again slightly compared with yesterday’s price, but Bank of New Zealand remained firm with business at 48s 9d. the market closing Id on either side of this figure. Reserves also sold at late rates, and closing quotations were firmer with sellers asking £6 9s 6d. In the wool section, Dalgety’s, in sales of 50 shares, advanced Is, and Goldsbrough Mort had been buyers at 29s Sd, sellers asking 30s. New Zealand Breweries were quieter,, and buyers lowered their offers below 48s, though holders were disinclined to - ome with them, and no business was j Miscellaneous issues were in fair de-, mand. Broken Hill Proprietarv gaining 1 fractionally and closing at steady ! rates; and Dunlop-Perdriau holding! yesterday s levels Id on either side of I 19 Sj British Tobacco and New Zealand Newspapers, both quoted ex-divi- j dend, had buyers at 38s Id and 32s re- I spectively. Mining recovered to fairlv active j dealings, without much change in values. Bell Kilgour were at yesterWay’s selling prices. Big River staged j firm at Is <ld, and Mahakipawa improved to business and at lid Two parcels of Mount Lyell changed hands, and more were on offer at the i sales Price. Nokomai quotations showe a decline, with sellers now prepared t > accept 3s 9d against buvers at 3s btcadv business in Woolworths, Ltd., *^o" aS - d , one amon S unlisted stocks at ,35.. with more on offer at that Tgure. SALES COMPLETED. , j indi- < * e. compared with last Christchurch T a rise, - fall. n.c. no change. THIS MORNING’S CALI,. Sales on ’Change—£.loo Govt. Bonds 1940. £lO7/15/- I -7 6 100 Comm. Bank Auft.. 16/2 -'M 100 Bank of N.Z.. 4S/S (2) .. ! t2d 22 Reserve Bank. £6/0 . /2) n*c I 50 Dal get y and Co.. £9/4/6 <2> n'100 N.Z. (cum div.) j ' j ,I*® Broken HU/ w'/Vo "(•>)'i; j fid XOOO Bell Kilgour. 3d . . . . I „ ~ 500 Big River. 1/7* ’ i n V ! 400 Mahakipawa. lid tid ' 1000 Mahakipawa (1930 issue pref.), !/3£ (4 > i ud 300 Mount Lyell, 19/10 (2) .. nTc. Sales Reported—and Co - £*'*/* - . ! tl/- i £loßo Govt. Stock, 1940, £IOB/5/- i f2) • - - - j -2/6 Unlisted Stocks on ’Change 300 Woolworths, Ltd. (ord ) 1 73/- (6) ; n r THREE O’CLOCK CALL YESTERDAY. Salss on ’Change. 400 Goldsbroughs, 23/6 (4) .. ! t4d 100 Anth. Hordern. 14/S .... ! -id 900 Bell Kilgour, 2Jd, 3d, 3Jd j t‘id S«la« Reported. 100 Com. Bank Aust., 16/4 .. t4d 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 i rate of brokerage from listed stocks and are not quoted on the official list.

TO-DAY IN AUCKLAND. (Special to the “ Star.”) AUCKLAND, October 2. Business on the Stock Exchange ! quietened down yesterday afternoon, ; but brightened again this morning, i when a good list of sales was put j through. Sales of Government stocks included 3J per cents, which have had ! very little business lately. The 38-52 and the 39-52 changed hands at £llO -10 s. In the case of the first mentioned this showed a rise of 30s since August and in the other an advance of 2s 6d .-inco September 29. Banks were again inclined to quietness, and insurances i were firm as ever. South British leading the way with buyers at 92s 6d and no • sellers. Loan and Mercantile scrip was | easier with sellers at £2 less at £32. A feature of this morning’s trading was a sharp advance in Waihis, which moved up to s-Jes at 34s 6d and 255. , after which the market stood 'between j 24s 6d and 355. The Noon Call. Mining shares were the most prominent in the noon turnover of business. Values generally showed little change. ■ Big Rivers were id higher and Skippers -d lower, while Goldfields Dredging re- | mained steady. Holders of Farmers’ Trading reduced their limits id after buying had moved up to 6<*. Mount Albert 4 debentures were quoted between £ 1 r *4 and £IOS. OTHER EXCHANGES. WELLINGTON. October 2. IAC T ’« r r# ' nt SRopk (19401, tlOK; (1046), £ 108 15s : (7949) £!]]• 0 9s; Bank of New Zealand. 4*s 9d _ . DUNEDIN. October 2. Sales: Brian Born, is 2d (‘wo) >ortf Cl: a ° ldfields Dredging, 11 Id c , AUCKLAND; October 2. Sales; Bank of New Zealand 4S« 9di Auckland Oas. 2fis 7d: Waihi 25s : ; Broken Hill, 51s 9d; r,nvt. stock it n r ' • nt. £IJO 70s; 4 pep -ont. 1955. f 1 ] 217 s 1 r 'o : Commercial Bank (pref.). f;. ]«•-• New Zealand Ref rig.. 79 S fid: Big River! is .id; Goldfields Dredging, lid; Skippers, 7d. INTEREST RATES. j Th. return to tile inverter nn htr outlay. based on the latest dividends works i nut as follows on the latest’ sales. | e 7asSia%7in IGTIt rov : 'rl‘ k s interest. In the ease* of In-aV^hodv , peV 1 cent 3 Vi?t'cres 6 for 20 ' by the investor are given in parentheses. ! per cent per annum. ; Goldsbrough Mort (29 6) .... 4 l* Commercial Bank (16/2) .... .’! i m I f *Ovt. Bonds. 7 940 (£7 07/15/-) 2 10 fi : Govt. Stock. 1940 (£IOB/5/-) . . 2 9 3 j Bank of N.Z. (48/9) . 400 i Reserve Bank (£6 9/-) ' 3 17 6 1 Dalgety and Co. (£9/4/6) .! . . 2 14 9 ; N.Z. Guarantee (5/2) ' 7 16 3 i Broken Hill (57/10) ;» 77 0 YESTERDAY’S SALES. i Auckland—Sales on ’Change- New ! Zealand Insurance. £3 Ss 6d; Bell-Kil-srour. 3d; Golconda (10d paid). =>d: Golj den Dawn, 2s 2d. Unlisted: Peters Ice, 19s 6d. ! Wellington—Late sales. September i 29 : New Zealand 4 per cent Inscribed 1 946 £IOB 15s, 1 949 £ll 1. 1 955 £ll *> 17s fid: Ne w Z-a land Guarantee. 5 s 2 d British Tobacco (ex div.), £i 7 S s 4d: Mount Morgan. £7 14s 3d. Sales. Octooei 7: Reserve Bank. £6 9s (2); Doiuiui >on Fertiliser. £1 0s 4ld. Dunedin—Sales reported: Westport Uoal. 19s 2d; Wright, Stephenson (pref > , £1 Os 6d; Bell-Kilgour (2), 2Jd.

| CANADIAN LOAN. Refunding of 1914 Victory Issue. j United Press Assn.—By Electric Telegraph—Copyright. (Received October 2. 12.30 pm.) OTTAWA, October l j A Canadian refunding loan of 250,000,000 dollars is being offered in four series of two, five, eight and fif-teen-year maturities at interest of 2, 2s. 3 and 3* per cent respectively. The loan will be offered to the public on Monday. The issue mainlv is refunding the' 222.000,000-dollar ' 1914 Victory loan, due on November 1. DUNEDIN LOANS. Conversion Operations. Per Press Association. DUNEDIN, October 1. To-dav was the date fixed for the conversion of city loans totalling £2.214,700. Up to last night debentures approachI ing £2,000,000 had been received and no objections to conversion had been lodged. The whole amount will be converted at the rate of 4} per cent. EXPORT OF VEAL. Possibilities of Trade With United Kingdom. “We are rather afraid the Meat Board has paid more attention to performing the duties usually carried out by shipping and insurance clerks than to investigating every marketing possibility,” says the current issue of ” Point Blank,” the official organ of the New Zealand Farmers’ Union. " Has any endeavour been made to discover whether there is a possibility of New Zealand developing a trade in veal with the Mother Country? From recent arrivals from England we learn that there should be a market for the good quality article. “ Veal sold in England at a high price, we are informed, and the Home producers cannot supply the demand. At one time large quantities were imported from the Continent, but that trade has now been stopped because of the danger of the introduction of foot and mouth disease. The board should immediately inquire into whether the demand exists, as has been stated, the possibilities of chilling, and whether, in the event of the Home producers being unable to supply the demand, the British Government would be prepared to exclude veal from the restriction provisions. “If satisfactory arrangements can be made, there is a unique opportunity for New Zealand to develop a profitable trade, without much danger of competition from other countries. Argentina being a beef producing country would not come into the picture, as it would not be profitable for producers there to kill the beef cattle before maturity. Further, competition from Australia would not be serious. New Zealand farmers,, on the other hand, would find it profitable to rear unwanted calves for the required six weeks, and export them as veal. However, it all depends upon the result of the investigation suggested above, and this -hould be undertaken without delay.” EXCHANGE RATES. Dollar and Franc. (Received October 2, 11.30 a.m.) 1 LONDON, October 1. The American dollar is. quoted at l.lLvii to £1 sterling, and the franc at 7 4 9-1 6. Local Dollar Values. Current dollar exchanges as quoted by the New’ Zealand banks are as under:— T . , Buying. Selling. Lmted States 3.06 4.86 Canada 4.94 4.74 £1 (New Zealand) is Worth.: Tn Yokohama (12.47 vein .... *i 7 In Sydney 1 n 0 In New York (3.99 dollars) .. n is 5 In Montreal (3.56 dollars) .... 0 15 10 In London 0 16 0 In Berlin C9.SS marks) 0 9 8 In Paris (59.87 francs) 0 9 7 In Brussels (16.81 belga) u 9 7 WHEAT QUOTATIONS. (Received October 2. 12.30 p.m.) LONDON, October 1. Cargoes—Blow. [ Parcels—Unchanged. t Futures are quoted:—Lomlon. FebruI Liverpool/ Oct ohm-, ss’ ijd'a "central: ! December, 5s 3fcd; March. 5s S*rt; May, r io!d - j WHEAT POOL PAYMENT. I (Received October 2. 2.15 9.111.) GA LG ARY. October 1. The initial payment by the Alberta I wheat pool for the. 193 4 crop has been 1 boosted Ith cents to 30. compared with |«» , [nipro‘v.<| T .lsminrt! s P ' " ‘ ‘*" t! CALL AND DIVIDEND LIST. ; Due. I Nestles and AngloiSwiss Milk ! (Australasia). Ltd., annual • pref.. 8 per cent Oct. 2 | Howard Smith, quarterly on fi j per cent cum pref Oct. 5 I Amalgamated Zinc, half-vearlv at rate of 5 per cent per on nun 1 Oct. 5 Farmers’ Auctioneering, ord.. 4 per cent per annum Oct.. 6 MUne and Clioycp. Auckland, pref. 6 per cent per annum: B pref. 7 per cent per annum; ord. and debentures, per cent per annum Oct. 10 Mount Morgan, quarterly, fid per share. Oct. 10 Northern Roller Mills, interim. 7 per cent per annum Oct. 10 Woolworths (N.Z.). Ltd . interim of £2 14s per cent on paid /■um pref. Oct. 15 of 2d per share Oct. 15 ; Australian Paper arid Pulp, final. I making 8 per cent per annum on preference and ordinary .. Oct. 15 I Waihi. interim. Is per share .. Nov. 1 ■ Mataki, Id a share Oct. Call. Now Cornish Point Mines, 2d on ! contributing shares, making | 9d paid Oct. 6

B Selle £ d £ JfT.Z. GOVT. STOCK — 3* p.c. Inset-., i 4 3 and 1<»9 3i p.c. Iuser.. 193810 4 p.c. I user., l 1 • 4 0 4 p.c. Ins. r . l!M« 108 17 109 0 4 p.c. Inscr.. l:• 4in 0 4 p.c. Inscr.. 195.» 11 4 p.c. Bonds, 1940 107 15 0 4 p.c-; Bonds. 104 0 111 0 4 p.c. Bonds, 105.3 112 12 Rural Bonds 104 0 BANKS — Comm, of Aust. . . 0 16 ■Comm, of Sydney 17 lu 0 Natl. A’asia (£10 paid) 13 1 0 13 3 c Xatl. A’asia (£5 0 6 Natl, of N.Z 15 6 New South Wales 12 Now Zealand .... 2 10 Reserve ti « T.nion of Aust. .. 0 10 0 INSURANCE — A.P.A. 0 Merc. Mutual .. 1 3 National 1 Standard r: L'nited 10 1 0 0 LOAN AND AGENCY — r>alpety and Co. 0 Goldsbrough Mort l 9 8 1 N.Z. Guarantee Corpn. (c. div.) 0 5 1 0 5 2 FROZEN MEAT — f anterbury .... 9 12 6 10 0 bear 1 S N.Z. Ref rig. (£1 paid) 0 19 1 0 N.Z. Refrig. (10s paid) o 9 0 9 ’VOLLXNS— Kaiapoi (17s paid) 0 12 Kaiapoj ( , h paid) " 10 Mosgiel lo 15 0 COAX. Stockton (pref.) . o 4 9 5 0 GAS Christchurch .... 1 13 Timaru 1 0 BREWERIES Carlton 2 Montelths (ex div) 0 1 2 New Zealand .... 2 Staples 1 10 0 Timaru (7s 6d pd„ ex div.) 0 Tooths 2 10 2 S 0 MISCELLANEOUS Associated Newspapers 1 4 6 Anthony Hordern 0 14 0 1 4 11 Aust. Iron and! Steel (pref.) . . 1 2 1 Beath and Co. 41s pd., <•. div.) 0 9 0 10 6 British Tobacco «ex div. i 1 8 1 1 IS Broken Hill Propty. 2 1 1 1 1 10 Claude Neon Rights (Sydney) l 1 9 Cons. Brick 0 10 11 0 11 0

D.I.<\ (10s paid! 0 „ 1 K G 1 >-I.C. (pref. ) .... 1 1 Rubber 1. Hay’s. Rtd. (15s 1 0 Henry Jones 1 1 i 6 Kauri Timber 1 9 Mason, Struthers ( £1 paid ) .... 17 6 1 1 0 0 3 1 8 0 X.Z. Farmers’ noop (1st pr*f.) . X.Z. Banners’ Co1 0 X.Z. t arniers' Coop. (4b p.c. stk.. 10 4.j and 1 &;)!•) 90 0 0 X.Z. Xewspapers (ex div.) 1 1 2 13 0 X.Z. Paper Mills 6 Xorthern Roller Milling (c. div.> 13 Quill, Morris (in liquidation) . . 0 2 7 0 3 0 Sun Newspapers . (■ 0 3 11 Viet. Nvanza Sugar 0 8 6 VV hitcombe and Tombs (o. div.) 3 1 8 IV ilson's Cement 1 Wool worth's (X.Z.) (ord.) 7 10 Moolworths (Syd.) 2nd pref 1 0 MIKING— Addison's Flat . . G Alexander .... 0 18 G Alexander (14s pd.) o 1H Bell Hill Bell Hooper .... Bell Kilgour .... 0 0 2i 0 0 3 Bendigo Goldlights 1 1 Big River 0 7i 0 1 8 Brian Boru 0 1 -i 1 4 Deep Dead 1 8 0 2 0 Gillespie s Beach 0 1 0 1 10 dlenroy 0 1 Golconda (lOd pd.) 0 « Golden Dawn . . 0 10J Golden Point .... 0 0 23 Goldfields Dredg0 0 11 0 1 0 Hatter's Flat .... I 4 0 6 Kildare 0 1 11 0 2 0 Dawson's Flat . . . 0 0 2* 0 0 Mahakipawa . . 0 0 I0i 0 0 11 Mahakipawa (pf.), 1929 issue 1 4 Mahakipawa (pf.), 1930 isfiue ... 0 Mossv Cre*ek .... 0 1 7 0 1 7 J Moonlleht Xelson 1 3 Mount Lyell 0 1 9 S 1 9 1 0 Mount Morgan (c. div.) 1 6 0 1 14 6 Xevis Diesel Klee. New Cornish Point (9d paid) .... 0 0 G Xokomai 0 3 0 0 3 9 Peninsula Tin (15s paid) .... 0 Sandhills Gold . . . »£ skippers 0 6J 0 0 7* Stafford Sluicing . l Talisman Dubbo . 0 12 6 VYaihi Grand Junction 0 4 G V\ orksop Kxtended 0 2 0 0 2 2

Buyers. Sellers. £ s. d. £ S3, d. ! Anderson’s, Ltd. j (pr., cum bonus) 0 17 3 1 0 0 Associated? Motorists (pref.) .... 10 6 13 0 Ben Ledi (Is paid) 0 0 10* 0 0 11 Claude Neon Lights 2 13 0 Golden Gully (Is paid) 0 1 1 Mount Marshall . . 0 7 5 0 8 5 Leonora Gold (2s paid) 0 2 8 Macetown (Is pd.) 0 12 Xational Tobacco . 3 4 6 3 12 6 XZ. Dry Cell and 1 Battery 0 12 6 1 X.Z. Mining Invest. 0 0 10* 0 10 X.Z. Perp. Forests 2 0 0 I’ara Rubber (15s paid) 0 17 0 Proeera Bread (10s Paid) 0 10 3 Snowy River ... 0 0 1 0 0 2 Were's Investment (ex div.) 0 4 2 0 5 0 1 Wool worth’s (Viet.) ! (pref.) 18 0 Wool worths. Ltd. i (ord.) 31211 313 0