CHRISTCHURCH STOCK EXCHANGE.

Press, Volume LXVI, Issue 20091, 21 November 1930, Page 12

CHRISTCHURCH STOCK EXCHANGE.

Y ESTER DAY'S TRANSACTIONS. There was a fair turnover or stocks on call yesterday, with prices of-sev-eral showing an easing tendency. Transactions, exclusive of vestibule business, included: 500 Commercial Bank of Australia. 20 !£., S., and A. Bank. 135 Union Bank of Australia, 20 Dalgety and Co. 1000 Goldsbrough, Mort. 100 New Zealand Breweries. 200 British Tobacco. 22 Colonial Sugar. 100 Electrolytic Zinc (pre:.:. 200 Mt. Lyell. 600 Mahakipawa Goldn-elas. 200 Okarito Mining. Commercial Bank of Australia shares eased to dealings at 17s sd, 1/s 4ja, and 17a 3d, closing quotations l<a U1 buyers. 17s 3d sellers. Buyers of tho preference shares reduced their oners to £6 7s 6d, sellers at £6 12s. English, Scottish, and Australian Ban* shares weakened to sellers and business at £5 8s 9d, no buyers offering. Bank of New South Wales shares further dropped to £32 2s 6d buyers, £32 ICte sellers. Union Bank of Australia shareis were active with dealings at prices ranging from £9 l&s to £9 14s, and more were offered at £9 17s 6d, buyers at £9 13a 6d. Miscellaneous. Dalgety and Company shares declined to dealings at £8 4s 6d, market closing £8 5s buyers, £3 8b sellers. Goldsbrough, Morts eased further to 22s 3d and 22-s on the morning call and on the afternoon call had dealings at 225. 22s 6d. 22s 3d, and 22s 2d, market closing 22s buyers, 22s Id sellers. New Zealand Breweries shares weakened to 44s 6d buyers. 44s 10d but a sale was later reported at 455. British Tobaccos eased to dealings at 32s 10d on the morning call, but recovered to 33s Gd on the afterntvon call, market closing 33s buyers. 33s 6d sellers. Colonial Sugars had dealings at £34 10s pnd £34 17s 6d, closing quotations £34 10s buyers, £34 l4s sellers. Electrolytic Zinc preference shares changed hands at 18s 6d, market closing Id on either side. Mt. Lyells were firm with business at 20s 3d and 20s 2d, closing quotations 20s buyers, 20s 3d sellers. Okarito Gold Mining shares were firmer with dealings at ss'9d. and Mahakipawa Goldfields shares changed hands at 9d, closing quotations Bld buyers, 9d sellers. LATEST QUOTATIONS. Buyers. Sellers s. d. £ 8. d.

'K.Z. Government Debentures — per cent Inscribed, 1933 or.d 1939 . per cent. Bonda, 1941 .. .. 38 S 0 5i per cent Bonds, IS>S3 .. .. 90 7 e 100 0 0 5J pfr cent. Bond? and Inscribed, 1333 ID 3 0

AUSTRALIAN BANKING.

GROWTH OF ADVANCES. INCREASE IN FIXED DEPOSITS. Further evidence of th-3 pay in •which Australian banking resources have been strained in face of an abnormal position is given in the aggregates of liabilities and assets of al'. banks in Australia for the September quarter, as published in a Cornmonwwdth Gazette. Against deposits of i,' 303,409.380, advances and Government and municipal securities together amount to £338.066,103. an excess of JL'32,056,7'23. Advances alone are only £10,757.340 less than deposits. Following is a comparison of the returns for the September quarter of the Inst three vears, showing the variations in fixed (interest-hearing) and free deposits, and in advances, those on Government and municipal securities being shown separately: 19CS 1530. De\ osits— £ £ £ Fiiod ' 85,397 £02,75* .STI i,7,235,219 Tree '35,807,704 119,213,042 96,171,161 £311,305,696 321,967,613 £03,409,380 Advance*— Public 56,358,966 57,7€3,946 43,414,003 Other 263,586,331 296,223.448 292,652,040 £299,847,347 835,986,854 236,066,103 Advances in the June quarter of this year amounted to £300,749.599. so "tliafc thero has been a decline in three months of £8,097,555. Atrainst this was an increase of £991,184 in the banks? holdings of Government and municipal securities. '

TAX ON FLOUR.

AUSTRALIAN PROPOSAL. A propeal has teen made u> the Commonwealth Government to impose a sales tax of £7 4a a ton on flour, and alternative proposals were a Government guarantee of 3s a bushel on wheat, and tho fixing of a local price of 4.a Od .for wheat consumed withiu Australia. The proposed Bales tax ol £7 4s a ton would almost double the price of flour and would, if estimates were realised, return 7 l-5d a bushel to wheat farmers, but would necessitate an increaee of 2d a 41b loaf in the price of bread. With the estimated dividend from the sales tax, tho price of wheat eold in Australia would be about 2s lOd a bushel. Of the total Australian crop of 220,000,000 bushels, it is stated that 15,000,000 bushels will be required for seed. 40,000,000 for home consumption and 160,000,000 bushels will be exported. To make up the loss on export, official figures show that tha price of wheat in Australia would have to be increased to 5s 2d a bushel, or bj a total amount o? £6.000,000. Bakers responded with the assurance that if the proposed tax weVe put on flour bread would advance in price by lid to 2d per 41b loaf.

BRITISH IMPORTS.

PROPOSED MEAT TARIFF. A. manifesto urging; taxing imported foreign meat was' published by the British. Empire Producers' Organisation, and signed" by about 90 members of the meat "-trade.- Jt stated that "we, being importers, wholesalers, distributors, or otherwise engaged in the meat trade, deeire to express our confident opinion that there would be no increase in iuo cost of meat to the customer if a ferential tariff were negotiated with the Dominions which involved small taxes against foreign meat imports." A scheme for a tariff was worked out, Jt was suggested that the following schedule should be adopted :

Preferential Foreign Full Foreign Empire Tariff. Tarift. Tariff. Per lb. Per lb. Beet .. Free } t d gd Mutton .. Free Q<l Lamb .. Free ?jd id Pork .. Free ,\d "J Veal .. Fres £d £<3

If calculated according to the 1928 imports, such a preferential tariff would hare yielded £1.604,704, while the full foreign tariff would have yielded £4.515,493, equivalent to approximately .09d per lb and ,2Td per lb respectively, on the whole of the meat (of the classes affected) consumed in the United Kingdom. The manifesto continued thus: "We state with the greatest confidence our view that a tas upon South American meat imports would not increase prices in this country because practically at all times during recent years there has been more beef and frequent]-? more mutton and lamb available in South America than the United Kingdom could readilv absorb. Killings and shipping space have been regulated with a view to keeping both supplies and prices stable and economic. Prices have evidently been remunerative to the South American producer who, m order to maintain liis output in the event of a tax being imposed, would have to accept an equivalent reduction is price for his live stock/ 2

Other Debentures— Kural Bonds, o per cent., 1W7 so o K.Z. Breweries, Hondo l l 6 — Glsio, GA per cent., 1945 89 0 0 92 0 0 . N.Z. Bafrig., 64 per oent., 1935 92 0 0 — Giaborno Sheep, 65 per 95 0 0 cent., 1931 .. S3 0 0 Banks— Auit. of Cc-maiMce .. 0 19 6 0 19 9 Australasia 10 19 0 Comm. of A net. 0 17 3 0 17 3 . Comm. of Auet. (pref.) 6 7 6 6 12 0 Comm. of Sydnay 17 n e 17 17 6 6., and A. .. — S 8 9 National of Auatralasifc (£5 p*:d. cum dir.) 6 4 0 6 5 « National of N.Z (eunj 'jj*. •" 5^3 dir.) .. 6 — Kew South "Wa!fl6 ... S3 2 6 3510 0 JJew Zealard (cum div.) 3 1#. 9 % 37 1 Union oz Ai;et. .. 0 18 6 9 17 0 Insurance — A.P.A. 0 6 n National .. « 14 4 0 13 0 South British 0 ]6 3 — Standard 2 7 0 2 10 0 lioan and Agency— Dalpety and Co. * 5 0 8 * 0 GoMsbrough, Mort 1 2 0 12 1 N.Z. Guarantee Corpn. 0 7 0 0 7 4 TXnited Building Society 0 15 2 0 15 S frozen Meat— ?-.Z. Refriij. (£1 paidl i> n 9 Tf.Z. Refriir. (If* 0 3 1 0 3 9 Xorth Canty. Freezing 0 2 0 Woollens— Kaiapoi (17a paid) 0 8 II o m e Kaiapoi (7s paid! 0 S 0 0 4 0 Coal— Grey Valley 0 19 0 110 W«-stport 1 6 0 19 0 Stoctton (ord.) - - O 1 s Stockton (pref.i 0 2 0 Gas— Auckland 1 3 » — Auckland (eontr.) 0 17 0 — Chriatchurch I 4 n 1 5 1 Chrintchurch (Irs pjW) 0 3D 0 0 12 6 Breweries— Carlton — 15 0 J>'e* Zealatyi . 2. 4 6 2 4 10 Staples 1 18 6 3 s 1 6 ' Tooths ■. 1 4 a 14 6 . Tooheys r 0 16 0 0 18 6 Whita Star .. 0 6 a 0 12 6 Miscellaneous— Australian tilaea 1 6 o i. a o Beath • and Co. 1 3 7 1 S 6 Beath and Co. (la pd.) 0 4 3 0 5 0 Britiah Tobacco 1 13 0 113 8 Colonial Sugar 34 10 0 84 34 0 Dunlop Perdnau Hubber _• 0 11 6 Electro. Zinc 1 (ord.) .. o lis. ■3 0 13 3 Klectro., Zinc (pre?.) .. 0 18 S 0 18 7 ' .M*. Ly*ll .. 1 0 0 1 OS : JT.Z Drug Co. S 0 6 — •• .Tf.Z. Farmers' Co-on. (lot pre: .1 .. 3 10 0 K.Z Farmers' Co-op. •-f6J per cent. Stoci, 1940) 7 C 0 78 0 ,0 N.Z. Farmer*' Co-op. (SJ per-cent. Stock, ' 1945). - .. ■' .... ■78 CI 0 North Canty. Co-op* Flour .. 0 11 1 0 15 0 Quill,. 5tomi .. 0 10 0 Tsranaki Oil 0 2 0 ' TVhitcombe and Tombs 3 7 6 3 10 0 Wilson's Cement 1 39 3 Kvana Atlas Fiour .. 1 6 0 Putins American -Delicacy - J S 0 Shipping— P and O. DeicireU Stock 2 5 t) 2 5 6 Mining— Cornish Point 0 0 0s 0 0 5 Kawarau . ♦ •» 0 0 Si 0 0 6 King Solomon 0 0 4 0 0 10 Mahakipawa 0 0 8i C 03. 9 Okarito 0 5 10 0 6 0 Winding Creek (Is pet.) 0 0 1 0 0 6 "Winding Creek (9d pd.) 0 0 2 North Broken Hill .. 2 i 3 2 4 0 YESTERDAY'S SALES. CHRISTCHURCH Salea on 'Change— £ s. d. Commercial Bank of Australia ... 0 17 5 E., B., and A. Bank 0 17 3 8 9 o Union Bank of Australia 9 15 0 9 14 6 9 15 0 Goldsbrouglf, Mori 9 1 14 0 2 3 1 2 0 1 2 6 I 2 3 Colonial Sugar ~ . 1 2 2 'M 10 0 Electro. Zinc (prer.. 0 18 6 Mt. Lyell ' 1 0 3 Mahakipawa . . CJ) 0 0 9 Okarito (2) 0 5 9

Sales Exported— Commercial Bank of Aurcralia 0 17 4J and Co. 8 4 6 Goldsbrough, Mori. 1 2 0 Colonial Sugar 17 6 British Tobacco 1 1 13 6 Mt. Lyell 0 2 Union Bank 9 14 0 N.Z. Breweries . 2 5 0 British Tobacco ... 1 12 10 AUCKLAND. Sales on 'Change— Inscribed Stock, 13S6, 5* per cent. 99 5 0 "War Bonds, 1939, 4$ per cent. &9 0 0 Borough of Mt. Eden, 19Ci, 5J per cent. ■ • 97 10 0 E., S., and A. Bank 5 9 0 Bank of N.S.W. 3*2 15 0 Bank of New Zealand 2 16 9 New Zealand Insurance ... '2 2 9 Grey Valley Coal 0 19 3 Auckland Gah 1 3 9 Huddart-Parker 1 6 0 Tooths Brewery ... 1 5 0 Colonial Sugar ... Zi 17 6 Motnroa Oil 0 *4 0 Wilson's ( V,Tn-jVit . . 2 1 0 Mount T,yel1 1 0 6 WELLINGTON. Sales Keported-— Commercial Bank or' Aust. (ord.) (2) 0 17 6 Union Bank of Aust. (3) 9 15 0 ?".Z. Breweries (cum dir.! o G 0 DUNEDIX. Bales Reported— s. 9 E., S-. and A. Bank . . 5 0 Union Banic (u) 9 15 0 British Tobacco . . 1 14 0 Okarito 0 5 0