BUSINESS AND FINANCE

Star (Christchurch), Volume LXVI, Issue 20539, 14 February 1935, Page 10

BUSINESS AND FINANCE

REVIEW OF COMMERCIAL AFFAIRS.

ON CHANGE. Banking Scrip Lower. WOOLWORTHS UP. markets still at lower LEVELS. A notable feature of this morning’s call was the fact that every issue sold on ’Change registered a drop on recent values. There was only a small volume of sales recorded, and quotations generallv were at the lower rates recently ruling. The Government section was dull, very little interest being taken either by buyers or sellers. After yesterdav afternoon’s business in 1940 stock at a heavily, reduced figure, no quotations were made to-day. Among the banks, Commercial of Australia relapsed to business at 2d below yesterday’s level, and the market later stood at Id on either side of the sales price. New Zealand sold at a sharp drop of 9d, with further sellers at 50s. Reserve sellers raised their limits to £6 11s 6d without response. In their first dealings since August 1 last year, New Zealand Loan and Mercantile ordinary stock came on the sales list, showing a drop of £l3 10s in the interim. The price in August hadr-been £56. Goldsbrough Mort sellers were considerably lower than yesterday,' the market closing from 27s 9d to 28s 2d. Strong buying offers for United Building Society scrip were unsupported at 22s Id. New Zealand Refrigerating 10s paid shares declined to business and further buyers at 9s sd. In the brewery section. New Zealand were wanted at 50s. and Carlton at 545. The market for Tooths was still very weak. Quotations among miscellaneous stocks were quiet. Australian Glass looked easier, and British Tobacco dropped from buyers yesterday at 38s 3d to sellers this morning at 38s 2d. Demand for Australian issues generally was at substantially lower rates, except for Kauri Timber, which showed steady strength. In the mining section, Okarito had business and further buyers at a drop of 2d, and Skippers came below the 6d mark. Waihi were very strong, the market showing buyers 39s 4d, sellers 40s. Woolworths, Ltd., ordinary shares firmed in the unlisted section, buyers going up to 92s 6d, sellers wanting 945. SALES COMPLETED. The figures in the final column indicate.. - gomjaared with last Christchurch sales: t a rise, a fall. n.c. no change. THIS KOSNZVG'S CALL. Sales on ’Change. 300 Comm. Bank Aust., 1 16/5 (3) I -2d 150 Bank of N.Z., 50/- (2) ' -9d £IOO N.Z. Loan and Merc. ) (ord. stk.), £42/10/- .. -£l3/10/200 N.Z. Refrig. (10/- pd.), I 3/5 (2) -3d 50 Okarito (c.d.), 8/- ! -2d 500 Skippers, sid I —ld Sales Reported. 200 Mount Lyeil, 17/10 .. | t2d UNLISTED STOCKS. Sales on ’Change. 1000 Argo Gord <l7- pd.), ! 1/6 (3) I n.c. TEHEE O'CLOGE CALL YESTESDAT — Sales on ’ChapflW: 100 N.Z. Breweries, 58/- (2) .. I -6d 100 British Tobacco. 38/1 ! -2d 500 Mahakipawi, 10id j tJd 400 Mount Lyeil, 17/9, 17/8 (2) .| t3d Sales Reported: £3OO Govt. Stock. 1940, £lO2/5/- I -22/6 100 United Building. 22/- t6d 50 N.Z. Breweries, 50/- | —6d UNLISTED STOCKS Reported: 200 Argo Gold <l/- paid), 1/6 . J n.c.

OTHER EXCHANGES. WELLINGTON, This Bay. Woolworths, Ltd., 925. AUCKLAND, February 14. Commercial Bank 16s sd. • Commercial Bank (pref.), £9 l<s 6d. Taupiri Coal, 17s 6d. Broken Bill Pty., 535. Standard Insurance, 72s 6d. Colonial Sugar, £4l. Woolworths (Sydney) 91s 6d. SYDNEY STOCK EXCHANGE. SYDNEY, This Day. Commonwealth, 4 per cent bonds—— 1938. £lO4 10s; 1041, £lO5 12s 6d; 1944, £lO7 7s 6d. Anthony Hordern, 18s lid. Associated News, 22s .'ci Associated News (pref.), 235. Colonial Sugar. 141 las. Morris Hedstrom, las 9d. TO-DAY IN AUCKLAND. (Special to the ** Star.**) AUCKLAND, This Day. There is a definitely easier tone on Exchange. At this morning’s call Bank of New Zealand were easier with quotations between 49s yd and 50s. Reserve Banks were again on offer at £6 11s tid and a buyer came in is lower. The weaker trend in Australian securities was evidenced in a sale of Colonial Sugar 12s 6d lower at i-w. New Zealand Breweries were available at 51s 6d, but again there were no buyers. King Solomon were steady between 3s lOd and 3s lid, and Government stocks were in keen demand at full late rates. YESTERDAY’S SALES. The following sales were completed in other centres yesterday afternoon: Auckland—Bank of New Zealand (D Mort.), £1 12s; K.D.V. Box (rights). 9d (3); Sun Newspapers, 4s sd. Unlisted: Woolworths (Sydney), £4 11s 6d. Dunedin—Sales on ’Change: Big River, 2s 3d; Skippers, 6 id. Sales reported: N.Z. inscr., 4 p.c., 1940, £lO2 10s; E., S. and A. Bank (late), £5. Sydney.—On the Stock Exchange yesterday investment prices continued to sag, and the drift was noticeable in Government bonds, banks and Eastern Dredging shares. Later dealings were: Com. Bank Sydney, £l6 10s; Colonial Sugar, £4l 17s 6d; Aust. General Insurance, 15s 6d; Adelaide Steam, 31s 9d; Howard Smith, 16s 9d, Huddart, Parker, 38s 6d: Burns, Philp (South Sea), 275; Aust. Gas A, £8 Is; Tooths, 48s 9d; Goldsbrough Mort. 2Ss; Wilcox, Mofflin, 9s 6d; Morris Hedstrom, 18s 9d; Henry Jones, 37s 3d; Millaquin Sugar, 35s 3d; Electrolytic Zinc, 22s lid; pref., New Zealand delivery, 34s 6d; Farmers, 25s 10id; David Jones, 40s 6d; Standard Cement, 20s; G. J. Coles, 59s 6d; General Industries, 14s 6d; Mount Lyeil, 17s 10id; Placer Development, £2B ss; Larut, 11s 9d; Broken Hill South, 70s 6d; North Broken Hill, 995; Larut Tin, 11s 9d; Euratha Gold, ss. Melbourne.—Com. Bank Aust., 16s lOd; Com. Bank Sydney, £l6; Goldsbrough Mort, 28s 3d; British Tobacco, 38s 9d; Electrolytic Zinc, 22s 9d; Mount Lyeil, ISs.

STILL UNSETTLED.

Liquidations on London Exchange. (Received February 14,' 2.15 p.m.) LONDON, February 13. The Stock Exchange continued unsettled, with fairly large liquidations. Consequently, weakness in gilt-edgeds continued until this afternoon, when there was a sharp recovery: 2 h per cent consols were at one time nearly 80s below Friday, which was equal to a capital depreciation of about £10,000,000. War Loan was about 60s lower, equal to a depreciation of nearly £60,000,000. Foreign Loans. In the House of Lords, Lord Templemore, replying to Lord Strabolgi’s inquiry regarding steps to encourage exports, said that the embargo on foreign loans in London had been relaxed from time to time, and would so be relaxed in the future where the maximum advantage could be obtained for British employment without throwing undue strain on exchanges. Though Germany and Italy charged less than Britain for guaranteeing Russian credits, they had not maintained the flow of Russian orders. PEPPER MARKETING. (Received February 14, 10 a.m.) LONDON, February 13. At a meeting of the General Produce Brokers’ Association it was decided to form an organisation for the orderly marketing of pepper in the hands of brokers and shippers, as a result of speculators failing to take up purchases. EXCHANGE RATES. London Quotations.. British Official Wireless. RUGBY, February 12. London on the cities mentioned:— To the £ Par. Feb. 12. Feb. 11. New York (dol.) 4.86 2-3 4.881 4.88 3-16 Montreal (dol.) 4.86 2-3 4.883 4.88 J Paris (fr.) 124.21 74 5-32 74 7-16 Brussels (BeJga) 35 20.97 20.99 Geneva (fr.) 25.22 J 15.11 J 15.13 Amsterdam (fl.) 12.107 7.24 J 7.24 Milan (lire) 92.46 57 9-32 57% Berlin (marks) 20.43 12.19* 12.20 Stockholm (kr.) 18.159 19.40 19.40 Copenhagen (kr.) 18.159 22.39 J 22.391 Oslo (kr.) 18.159 19.90* 19.901 Vienna (sch.) 34.581 253 264 Prague (krone) 1644 117 3-16 1171 Helsingfors (f. marks) 193.23 2261 2261 Madrid (pes.) 25.221 35 25-32 35 13-16 Lisbon (esc.) no 1104 1104 Athens (drach.) 375 517+ 516 t Bucharest (lei.) 813.6 4S7i 490 Belgrade (dinars) 276.32 216 216 Rio de Janiero <d. to mils.) 5.899 4}t «t Buenos Aires (d. to peco.) 47.62 361 t 361 t Monte Video (d. to peso) 51 38it 393 t Batavia (florins) 12.11 7.221 7.221 Value in pence Par. d. d. Bombay (rupee) 18d 18 5-32 18 5-32 Shanghai (dol.) * 17* 17 13-16 Hong Kong (dol.) *2l 11-16 211 Yokahama (yen) 24.58 d 14 14 ♦Pence per local unit. tSellers. Bank of New Zealand. Current dollar exchanges (in sterling) are quoted by the Bank of New Zealand as follows: Buying. Selling. United States . . 4.96 4.86 Canada 4.97 4.57 DOLLAR AND FRANC. (Received February 14. noon > LONDON, February 13. The American dollar opened at 4.88 1-16 to £1 sterling, and the franc at 74 3-16.

QUOTATION LIST. Buyers and Sellers This Morning. Buyers. Sellers. £ s. d. £ s. d. KT.Z. 0-OV. STOCK—--4 It Inscr :\ 1943 : 107 0 0 4 p.c. Bonds, 193740 102 5 0 4 p.c. Bonds, 195255 109 0 0 OTHER DEBENTURES Booth, Macdonald, 64. p.c., 1937 . . 70 10 0

CALL AND DIVIDEND LIST. DIVIDENDS. Dt?e. K.D.V. Boxes—interim, 4 p.c. Feb. 20 Peters Arctic Delicacy—interim, half-yearly, at 5 p.c. per annum Feb. 23 Bank New South Wales—quarterly, 5s a share Feb. 27 j National Mortgage—final, 21 p.c Feb. 2 7 Electro. Zinc —interim, pref., S p.c. per annum Mar. 13 Broken Hill South—interim. Is 6d a share Mar. 15

BANKS Australasia Comm, of Aust. 0 16 4 0 16 6 Comm. of Aust. (pf.) E., S. and A Natl. A’asia (£10 4 19 0 10 1 1 0 0 13 5 0 Natl A’asia (£5 paid) 6 6 0 6 3 8 11 0 0 New Zealand New Zealand (“D” Mort. shares) . . 1 11 6 1 6 12 11 0 6 Union of Aust. . . INSURANCE— 8 6 0 0 0 New Zealand (ex div.) South British 3 4 8 17 6 6 LOAN ANS AGENCY— Goldsbrough Mort Nat. Mortgage (••A” cum div.) . Nat. Mortgage (“B" cum div.) . 1 7 9 2 12 0 1 10 6 N.Z. Loan & Merc. (ord. stock) . . . N.Z. Loan & Merc. 41 10 0 43 10 0 (pref. stock) . . United Building 70 0 Society Wright Stephenson and Co. (pref.) 0 19 3 1 1 0 FROZEN MEAT Canterbury (ord.) 15 N.Z. Refrigerating (£1 paid) N.Z. Refrigerating (10s paid) .... 0 19 7 0 19 9 0 9 5 0 9 6 WOOLLENS— 0 Kalapol (17s pd.) 0 14 0 0 15 6 Kaiapoi (7s paid) COAX.— 0 4 6 Westport Stockton (pref.) . GAS 4 Christchurch .... Christchurch (lOs 1 14 6 1 16 BREWERIES —- New Zealand .... 2 10 0 2 11 0 Staples Timaru Timaru (7/6 paid) 0 0 11 s 6 6 1 0 0 12 13 9 0 3 3 MISCELLANEOUS — (contr.) 2 1 o 2 3 0 Anthony Hordern 0 17 7 o' 18 6 Aust. Distillery 0 1 * Beath and Co. . . . 1 13 3 Broken Hill Pty. 2 12 3 2 12 10 Burns Philp .... Claude Neon (Syd3 1 0 Colonial Sugar . . Con. Brick .... 40 0 12 9 6 0 4 o 10 9 0 9 Dom. Fertiliser . . 1 1 5 Dunlop Perdriau lfT n Electro. Zinc (ord.) 1 2 0 1 2 6 Evans Atlas Flour Hays, Ltd. (15s pd.) Howard Smith . . 10 0 2 0 0 Id 0 17 0 Hume Pipe (Aust. Kauri Timber 0 19 2 1 2 N.Z. Drug Co. , . . N.Z. Farmers’ Co3 17 0 op. (lOg paid) . N.Z. Farmers’ Coop (1st pref.) . . 0 1 6 2 15 0 op. (“A'' pref.) 0 15 0 1 1 0 op (“B” pref.) N.Z. Farmers' Coop .<45 p.c. stk., 1 0 0 1940 and 1945) S2 0 0 84 0 0 N.Z. Farmers’ Fer18 n N.Z. Newspapers . Quill Morris (In 1 15 0 liquidation) 0 0 0 4 11 Sun Newspapers . Wilsons Cement . Woolworths (N.Z.) 0 3 13 11 0 4 3 19 Woolworths (N.Z.) (pref.) Woolworths (Victoria) (pref.) . . . 2 0 0 1 10 0 MINING— Alexander 0 19 0 Alexander (15s pd.) 0 13 7 0 17 3 Bell Hooper .... Bell Kilgour .... Bendigo Goldlights Big River 0 0 1 01 0 i 0 16 Bismarck Deep .. 0 2 6 Blackwater 1 13 3 Brian Boru .... 0 0 5 0 0 6 Golden Dawn .... Golden- Point .... 0 0 0£ 0 0 3 0 0 li Golden Sands .... Goldfields ingKildare King Solomon . .. Maori Gully .... 0 2 3 0 7 0 0 0 0 2 3 Si 9 6 0 0 0 0 3 3 9 1 11 0 0 3* 0 0 5 0 0 1£ 0 0 2J Mahakipawa 0 0 10 0 0 10£ Mahakipawa (pf.), n Mahakipawa (pf.), 0 1 3 4i n Moonlight Nelson Creek Mossy Creek 0 2 3 0 0 0 2 ii n Mount Lyell 0 17 7 0 17 y Nevis Diesel Elec. 0 0 IS 0 0 25 Okarito (c. div.) . 0 8 0 0 3 Oxenbridge ShotRawang Tin (c.d.) 0 8 - 0 0 9 0 Sandhills Gold . . 0 4 Skippers 0 0 5£ 0 0 6 Stafford Sluicing • Upper Shotover (lOd paid) 0 0 9 0 1 2 0 0 10 Waihi Grand Junction . . 1 0 19 4 4 7 0 0 0 9 Waitahu 0 fi Worksop Extended 0 2 5 0 2 10 Unlisted Stocks. Subject to a different rate of brokerage from listed stocks. and not quoted Associated Motorists Petrol (pf.) 1 3 Argo Gold (Is pd.) 0 1 51 0 1 6 Barry town (10s 0 B Jones Nevis .... New River (fid pd.) 0 0 8 0 0 0 115 0 54 N.Z. Mining Invest. N.Z. Perpetual For0 1 0 Procera Bread (10s 13 6 E. Reece, Ltd. (pf.) 0 1 0 _ Buildings .... 0 7 6 (pref.) Upper Watut (2s 1 0 0 1 10 0 Were’s Investment Woolworths (Syd.), 4 12 6 4 14 0