ON CHANGE.

Star (Christchurch), Volume LXVI, Issue 20542, 18 February 1935, Page 9

ON CHANGE.

N.Z. Breweries Active. BANKS EASIER. STEADY BUSINESS FOR MONDAY MORNING. Quite active markets, with values still easing fractionally, were recorded on “Change this morning. Main features were heavy business in New Zealand Breweries at unchanged levels, and a large turnover of Big River shares, also at late rates. Otherwise the market was uncertain, and in one instance —for the scrip of Tooths Brewery—business was put through at a substantial drop compared with the last sale over a month ago. Government stocks and bonds were very quiet, buyers for the 1940 issue being unsupported at £lO2. There were no sellers in any position. Among the banks, weaker quotations ruled, and Commercial of Sydney showed a big drop, the market closing between £ls 6s and £l6 2s 6d. Commercial of Australia were also easier, and Bank of New Zealand sellers were offered at the last sales price, buyers Is lower at d9s. The only insurance quotations were two offers to sell, New Zealand at 68s, and Standard (cum dividend) at 74s 3d. There was an active market for New Zealand Breweries, four parcels changing hands at late rates, with further sellers at 50s 6d, buyers 2d below. Tooths sold at a big drop; but Carlton (cum dividend) looked firm, the market showing buyers 545, sellers 565. British Tobacco were the only issue to have business in the miscellaneous section, the price easing by 2d, and closing offers lying from 37s lOd to 38s 2d. The market for Australian Glass was again uncertain, and DunlopPerdriau Rubber failed to show any sign of an upward tendency. Sellers of Beath and Co. dropped their limits to 32s 9d, but no buyers put in an ap- • pearance. Kauri Timber remained very firm, the market showing buyers 19s 4d, sellers 20s 3d. In the mining section. Big River changed hands freely at late rates; and Brian Boru were again at 4id, the market closing 4d on either side of this figure. Glenroy looked a little firmer, and Rawang Tin sold at last week’s level. Reported business in Skippers brought 6d, but no buyers were offering on ‘Change. SALES COMPLETED. The figures in the final column indicate. compared with last Christchurch sales: t a rise, - a fall, n.c. no change. this xoumra’s call. Sales on ’Change. 100 Goldsbrough, 28/1 -2d 260 N.Z. Brews., 50/6 (4) n - c ;,, 100 Tooths Brews., 47/10 —Z/li 100 Br. Tobacco, 38/- -2d 1100 Big River, 2/3 (3) n.c. 500 Brian Boru. 4|d 120 Mount Lyell, 17/7 .... -2d 100 Rawang Tin (c.d.), 8/- .. n.c. Sales *sportsd. I 3500 Skippers. 6d (2) n.c. 100 Westport Coal, 21/6 I -»n Unlisted on ’Change. I 50 W’worths (ord.), 93/- I Tod OTHER EXCHANGES. P»r Free. A.aoclation. AUCKLAND. This Day. Mat&kl. ts. National Timber. 15s. Dominion Breweries, 17a. Auckland Gas, 27s 6d. Waihi, 89s 6d, 40s. Bank of New Zealand. 49s 9d. Woorworths, Ltd., 93s 3d. Woolworths (N.Z.), £9 15s. Government stock, 1946, £lO4 l<s 6d. WELLINGTON, This Day. N.Z. Refrigerating (Cl pd,), 19s 7d (2). New Zealand Breweries, 15s 6d (2). DUNEDIN, This Day. Saies on 'Change— Dominion Fertiliser, 21a 7d. Woolworths (ord.), 93s 6d. Sales Reported— Bank of New Zealand (D mort.), 325. N.Z. Farmers* Fertiliser, 18s 9d. Government 3| p.c. stock, 1941, £lO2. After Call— Dominion Fertiliser, 21s Sd. TO-DAY IN AUCKLAND. (Special to the “ Star.”) AUCKLAND. This Day. At the first call of the week bidding was restrained, but values generally were steady. There was no inquiry for insurances, except in the case of Standard, for which 71s 6d was offered. Banks were rather dull, with Reserve being on offer at £6 11s 6d, with no buyers. Government stocks showed little change, but 1946’s went 2s 6d cheaper with a sale at £lO4 17s 6d. New Zealand Breweries were quoted between 49s 6d and 51s 6d, and Staples were on offer at 32s 3d. Amalgamated Brick debentures were offered lower at £lO2 5s for the Auckland issue, and £lOl 15s for the Wellington. At noon, Waihi sold at the record level of 40s, more being wanted at that price. CALL AND DIVIDEND LIST. DIVIDENDS. Due. 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 National Mortgage—final, 2J p.c Feb. 27 Okarito Dredge—6d per share Carlton Brewery—final, half yearly, at 10 per cent, per per annum, making 9 per cent, for the year Feb. 28 Berlei, Ltd., Sydney—ord. and pref.. 8 per cent, per annum Mar. 1 Standard Insurance halfyearly. la 3d per share .. Mar. 4 Huddart, Parker —final, pref., 3 per cent., ord., 4 per cent. Mar. 9 Electro. Zinc—interim. pref., 8 p.c. per annum Mar. 13 Broken Hill South—interim. Is fid a share Mar. 15 TREASURY BILLS. British Official Wireless. RUGBY. February 15. A total of £38.840,000 was applied for in tenders for £25,000,000 Treasury Bills. The maximum amount was allotted in bills at three months, the average rate per Cent being 4s ll.SOd, compared with 4s 8.23 d a week ago.

EXCHANGE REVIEW. Activity on Australian Markets. In a period of recovery, with steadily decreasing interest rates as a strong 1 factor, activity on the Stock Exchange |isto be expected. During 1934, the business on the Australian Stock Exchanges was disproportionate to the degree of recovery, says the January review of H. Byron Moore, Day and Journeaux, of Melbourne. In the first year of the depression, there had been a restriction of investment. Funds had banked up and with the number of first-class stocks fewer than in normal periods, it can be understood that the pressure of funds seeking investment should force the prices of the stocks available to higher levels. This is what occurred in 1934 to a degree greater than in the earlier years of recovery, when confidence was still lacking. In a period of recovery and in a period of depressed interest rates, a proportion of the funds which emerges voluntarily, or is forced from hoarding or out of low-priced fixed deposits, tends to seek the speculative section of the market. In the case of Australia the re\-ival in gold-mining afforded an excellent opening for such funds. One consequence was that much of the activity on the Australian Stock Exchanges during the year was concerned with gold-mining stocks. Nor is any limitation of this activity visible at the moment. The high price of gold in terms of depreciated currency makes it certain that, so far as gold is concerned, there will be more exploratory and developmental activity in the current year with the inevitable result of increased flotations. It would seem that there will be ample funds to occupy the market throughout this present term. EXCHANGE RATES. London Quotations. British Official Wireless. (Received February 18, 1 p.m.) RUGBY, February 16. London on the cities mentioned:— To the £

actions. Dollar Rates. The Associated Banks (other than the Bank of New South Wales) quote the following dollar-sterlingr rates, subject to alteration without notice:— U.S.A. Canada, dollars, dollars. Conversion of dollar bills received for collection and sale of dollar drafts and telegraphic transfers 4.85 4.56 Purchase of dollar bills 4.89 4.90 On a New Zealand currency basis these rates are equivalent to: U.S.A. Canada, dollars, dollars. Selling— T.T 3.89 £ 3.901 On Demand 3.592 3.90 J Buying— On demand 3.93& 3.932 CHAMBER OF COMMERCE. An invitation to the Canterbury Chamber of Commerce to be represented at the Eighth International Congress for Scientific Management, to be held in England from July 15 to 20, has been received from his Majesty’s Trade Commissioner in New Zealand. Mr K. Boulter. The congress will be under the patronage of the Prince of Wales, and will be attended by outsanding figures in trade and industry in the United Kingdom. ZEALANDIA PACKING. A decision to go into voluntary liquidation was made at a meeting of shareholders of the Zealandia Packing Company, Limited, held last week, and was confirmed at a subsequent meeting of creditors. The company was formed about three years ago for the freezing and canning of fish, a factory being built at Whangaroa The original capital was about £20,000. but this was increased to £270,000. Last year the capital was reduced to £36,000. Efforts toward a financial reconstruction of the company were made recently*

QUOTATION LIST. Buyers and Sellers This Morning. Buyers. Sellers. £ s. d. £ s. d.

BRAZILIAN FINANCE. LONDON, February 15. The Brazilian Finance Mission, head»d by Senor Costa, Minister of Finance, arrived in London and were met by a representative of the Foreign Secrebarv. While in London they propose to discuss with the bondholders the question of the debt situation. It is also ?xpected that, in negotiations with -epresentatives of the British Government, the questions of blocked commercial debts and exchange for current requirements will be discussed.

Par. Feb. 16. Feb. 1 5. New York, dol. 4.86 2-3 4.87g 4.871 Montreal,dol. 4.S6 2—3 4.888 4.87g Paris, fr. 124.21 73 27-32 74 21-32 Brussels, belga 35 20.87 20.801 Geneva.fr. 25.221 15.05 15.07 Amsterdam, fl. 12.107 7.201 7.211 Milan, lire 02.46 578 57 13-32 Berlin, marks 20.43 12.15 12.15 Stockholm, kr. 18.150 19.40 19.40 Copenhagen, kr. 18.159 22.39* 22.39* Oslo, kr. 18.150 19.90* 19.90* Vienna, sch. 34.58* 26 26 Prague, krone 1641 116* 1163 Helsingfors, f. marks 193.23 226* 226* Madrid, pes. 25.22* 351 358 Lisbon, esc. 110 110J 110J Athens, drach. 375 512+ 514 + Bucharest, lei 813.6 485* 490* Belgrade, dinars 276.32 2J 5 215 Rio de Janeiro, d. to mils. 5.800 4J+ 4J + Buenos Aires, d. to peso. 47.62 36*+ 36J + Montevideo, d. to peso. 51 40+ 39X + Batavia, florins 12.11 .7.18* 7.20* Value in pence Par. d. d. Bombay, rupee ISd. 18 5—32 18 5—82 Shanghai, dol. • 18* 17 15-16 Hong Kong, dol. * 21g 211 Yokohama, yen 24.58d. 135 14 1-64 • Pence per local unit. + Sellers. Bank of ITew South. Wales. The Bank of New South Wales. Christchurch, quote the following rates (in terms of New Zealand currency) for sale and purchase of foreign exchanges: Buying. Selling. London (£ N.Z. T.T. 124 124* to £100 stg.) O.D. 123* 1248 Australia (£ A. to T.T. 101 100* £100 N.Z.) O.D. 101 100* Fiji (£ F. to £100 T.T. 908 89 N.Z.) O.D. 90| 89 New York (dol. T.T. 3.94* 3.89| to £1 N.Z.) O.D. 3.953 3.90* Montreal (dol. to T.T. 3.95 3.91 to £1 N.Z.) O.D. 3.961 3.91* France (francs to T.T. 59.98 58.68 £1 N.Z.) O.D. 60.28 58.73 Noumea (francs T.T. 60.93 57.93 to £1 N.Z.) O.D. 61.33 57.98 Papeete (francs T.T. 60.93 57.93 to £1 N.Z.) O.D. 61.33 57.98 Belgium (belgas T.T. 17.147 16.447 to £1 N.Z.) O.D. 17.247 1 6.462 Germany (reichs- T.T. — 9.5 58 marks to £1 N.Z.) O.D. — 9.563 Italy (lire to £1 T.T. — 45.47 N.Z.) O.D. — 45.51 Switzerland (f’cs T.T. 12.317 11.917 to £1 N.Z.) O.D. 12.392 11.927 Holland tflorins T.T. 5.925 5.675 to £1 N.Z.) O.D. 5.975 5.679 Java (florins to T.T. 5.883 5.658 £1 N.Z.) O.D. 5.933 5.662 Japan (N.Z. d. to T.T. — 17 21-32 1 yen O.D. — — Shanghai (N.Z. d. T.T. 21 15-16 ?3* to 1 dol.) O.D. 21 13-16 23 3-16 India and Ceylon T.T. 22 13-32 221 (N.Z. <1. to 1 ru.) O.D. 22 9-32 22 11-16 Hong Kong (N.Z. T.T. 26 27-32 27 29-32 d. to 1 dol.) O.D. 26 23-32 27 27-32 Singapore (N.Z. T.T. 34 7-16 35g d. to 1 dol.) O.D. 34 5-16 35 5-16 T.T. represents telegraphic transfers. O.D. represents on demand trans-

N.Z. GOVT. STOOX 4 p.c. Inscr., 193740 102 0 4 p.c. Inscr., 194346 104 0 0 4 p.c. Inscr., 194649 107 4 p.c. Inscr., 195255 109 4 p.c. Bonds, 194346 104 10 OTHER DEBENTURES — Makerua Drainage, 4i p.c., 1-8-46 . 0 Malvern Electric, 4J p.c., 31-5-49 . 103 0 0 105 0 Gisborne Sheepfarmers, 64 p.c., 19 41 104 BANKS— Australasia ,11 0 0 0 16 1 0 1 6 Comm, of Sydney 15 6 0 16 6 E., S. and A 4 18 0 5 0 0 National of A'asia (£5 paid) 6 4 6 6 New Zealand .... •9 0 10 0 New Zealand (D rnort. shares) 1 11 10 1 11 1 1 Union of Aust. . . S 7 6 8 17 6 INSURANCE-— New Zealand .... 3 8 0 Standard (c. div.) 3 14 3 LOAN AITS AGENCY— Dalgety and Co. . 8 8 0 8 15 0 Goldsbrough Mort 1 9 National Mortgage A (cum dlv.) 2 12 0 N.Z. Guarantee . . 0 5 11 United Building . 1 2 0 FROZEN MEAT— Canterbury (pref.) 5 .16 0 N.Z. Refrigerating (£1 paid) 0 19 N.Z. Refrigerating (10s paid) 0 9 WOOLLENS— 0 13 6 Kaiapoi (17s pd.) 0 15 6 Kaiapoi (7s pd.) 0 4 10 5 Kaiapoi (pre.) COAX.— Westport 1 1 3 1 2 0 Stockton (ord.) .. 0 Stockton (pref.) . 0 5 GAS— paid) 0 16 3 BREWERIES— 2 14 0 16 0 Monteiths 1 5 New Zealand .... 2 10 Staples Timaru (7/6 pd.) 6 Tooths 2 2 MISCElLABIOnS Associated Newspapers Analg. Wireless 6^ Anthony Hordern . Australian Glass . 18 3 Beath and Co. . . paid) 0 8 0 6 British Tobacco . 1 Burns, Philp .... 3 Claude Neon (Syd.) Colonial Sugar D.I.C. (pref.) l 2 6 6 Supplies 0 4 0 Pom in. Fertiliser . Dunlop Perdriau Rubber 0 18 3 Electrolytic Zinc(pref., cum div.) 1 14 0 Evans Atlas Flour 1 10 0 2 0 Hay's, Ltd. (15s paid) 15 6 Henry Jones Co-op. 1 12 0 1 Howard Smith 0 16 6 Kauri Timber . . . 0 19 4 1 0 3 Hume Pipe ( Aust.) (cum div.) .... 0 17 0 n.z. r> r g Co. . .. 3 17 6 N.Z.F. Co-op. (B Pref.) 1 0 0 N.Z.F. Co-op. (4J p.c. stock, 19 4r »> 82 0 0 84 0 0 N.Z.F. Co-op. (44 p.c. stock, 1945) 81 10 0 84 0 0 N.Z.F. Fertiliser . 1 0 N.Z. Newspapers . 1 15 0 Quill, Morris (in liquidation) 0 4 0 Sun Newspapers 0 3 19 0 4 \ ic. Nyanza Sugar 0 6 3 Wilson's Cement . 1 13 10 1 14 4 Wool worths (N.Z.) (ord.) . 9 7 6 9 19 0 Wool worths (N.Z.) 0 0 Wool worths (Syd.) (second pref.) . 1 10 0 MINING— Alexander 0 15 0 0 19 0 Alexander (156 pd.) 0 17 Aotearoa 0 1 Bell Hill 0 2 6 Bell Hooper 0 0 Bell Kilgour .... 04 0 0 Bendigo Goldlights 0 0 6 0 n Big River 3 2 4 Brian Bnru 0 0 4 0 o 5 Central Shotover . 0 0 Deep Lead 0 1 7 Gillespie's Beach . n 1 0 l 74 Glenroy 0 0 3 6 Golden Point Golden Sands .... 0 2 Goldfields Dredging 0 Kildare 0 King Solomon . . . 0 3 0 Maori Gully 1 0 Lawson's Flat . . 0 0 3 Maerewhenua .... 0 0 Mahakipawa .... 0 0 0 Mahakipawa (pr., 1929 and 1930 0 Mataki Mining House Concessions Moonlight Nelson Creek Mossy Creek .... 0 Mount Lyeli .... 1 7 Mount Morgan . . 1 19 10 0 6 Nevis Diesel Elec. 0 0 Nokomai New Cornish Point Okarito (cum div) 0 7 10 Rawang Tin (cum div.) 0 8 Sandhills Gold .. Skippers Stafford Sluicing . 0 0 Upper Shotover (lOd paid) .... Waihi 1 19 6 1 Waitahu 0 Worksop Extended 0 2 94 0 2 11 Unlisted Stocks Subject to different rate rom listed stocks:— Associ. Motorists Petrol (pref.) 1 3 2 Argo Gold (Is pd.) 0 1 54 0 1 6 Sen Ledi 0 0 6 0 0 8 iolden Gully .... 0 0 9 Moonlight Goldfields (Is paid) 0 0 10 ones Nevis 0 0 7 New River (6d pd.) 0 0 2 0 0 N.Z. Perp. Forests 0 2 9 y rToc-era Bread (10s paid) 0 15 0 3. Reece, Ltd. (pf.) 0 6 0 3 0 Jpper Watut (2s paid) 0 6 2 0 6 54 iVoolworths (Sydney) (ord.) .... 4 13 0 4 13 SVhite’s Electric Dredging (Gd pd) 0 0 8