CHRISTCHURCH STOCK EXCHANGE.

Press, Volume LXVII, Issue 20173, 27 February 1931, Page 12

CHRISTCHURCH STOCK EXCHANGE.

YESTERDAY'S TRANSACTIONS. There was a moderate turnover on' tall yesterday, - . and prices generally showed;a hardening, tendency. Transactions, exclusive of vestibulebusiness, included:—--200 Aust. Bank of Commerce. ; 50 National Bank of Australasia V: (£5-paid). , 200; National. Insurance./ 300 Christchurch Gas. 100 Mt. Lyell. ' :

200 King Solomon Minings ' r " 1800 Mahakipawa Goldfields. Australian Bank of Commerce shares advanced to 14s 2d and 14s 6d, market closing 14s buyefrs, 15s sellers. Commercial Bank of Australia shares were 'stronger' with buyers at 14s 3d, sellers at 14s sd. National Bank -of Australasia £5 paid' shares changed bands at £4.l9s\6d. f Bank of New bouth' Wales' ex dividend, were available _at £25 15s, buyers at £24. Bank of JVew Zealand hardened to 49s 6d, buyers, 1 4959 d sellers. Buyers of pnion Bank of Australia shares raised ihejr bids to £6 145,, sellers at £6 17s bd. National Insurance were:firm at 13s, closing quotations 3d on-either: side. New Zealand: Insurance shares were firmer on buyers' offers 395, sellers at 41s. Buyers' offers for Dalgety "and Goldsbrough, Mort shares revealed stronger markets for both stocks. Christchurch Gas shares had dealings at 24s lOd, 24s lid and 24s 9d, and there were further sellers at 24s 9d.buyers at 24s 7d. Buyers of Isew Zealand Breweries raised their bids to 35s 2d, sellers at 35s lOd. Staples Brewery shares were stronger on buyers' offers 31s 6d, sellers at 355. Mt. Lyells had business at 19s lid and more were wanted at 19s 9d, sellers (it 20s 2d. New- Zealand Drug Company shares claimed stronger buyers at 61s, but severs were reticent. Whitcombe and Tombs hardened to 55s buyers, 67s 6d sellers. King Solomon Mining shares remained at Wednesday's closing price, Is 7d, closing quotes is nilW 8 ' , l 8 8d sellers. Mahakipawa Goldfields shares had dealings at 9id, sellers staying in at that price, buyers at 9d. • > 1

AUCKLAND. Sales on 'Changs-^ £ ». <l. War Bonds, 1939, 4J per cent. . . > 93 10: 0 Inscribed Stock, 1933, Si i per cent. • - .. 99 0> 0 V Bank? of Australasia . 812 6 8 15! 0 Commercial Bank of Austra- 1 lia •• .. 0 14 2T Bank of New South Wales (cum div.) .i 26 10 0 , New Zealand Insurance ..' 1 18 6 Auckland Gas ...» 1 2 6 Union Bant . . 6.17; 6N&w Zealand Breweries - 1 15 ; 6 Moanataiari (fully paid) , (2) 0 1 3 Waihi . , ... 0 15 ; 5 WELLINGTON. Sales reported:— - ' j £ 8.: d. Bank of N.S.W. (cum div.) 26 10/ 0 26 5 0 < Wilson's Cement Co. .: 1 19. 3 N.Z. Govt. p.c. : bonds, 1938 ..' ' , ;. 93 7 6 DUNEDIN. Sale Reported— Commercial Bank ~ 0 14 3 NEW ZEALAND STOCKS. FALL OF SEVERAL POINTS. (moil on* owjr corbispondent.) LONDON, January 20. At the end of last week New Zealand stocks developed weakness and the five per cent. 1946 issue dropped 2 to 99. The four and a-half per cent. 1948-58 fell 1} to 94 and the three and a-half per cent. 1940 was a point lower at 87. . .

The Financial Editor of "The Times" makes 7 the following comments: New Zealand securities declined - further owing to the increased discount on, the New Zealand pound, which was really a direct 'consequence of the increased discount to which earlier' in the week the Australian pound' had fallen. New Zealand 'a 'finance, however,' is not to be confused with that ■of Australia, though the economic relations between the two countries make it difficult in present circumstances-to* separate their exchanges altogether. There is ' no crisis in C New: Zealand finance and no cause for apprehension among holders of New Zealand stocks. The crisis in Australian finance will "be overcome as soon as confidence in the financial and economic policy - of - the ' country is restored. Australia-is a young and developing country qnd must remain a borrower for some yfears to come, That fact. is clearly recognised in lending countries, which will 'be prepared ,to extend to her all the assistance that she may need so long as they have confidence that her financial policy is sound and that the moneys borrowed will be wisely used and therefore be a help.-anS not an embarrassment to; the country.

Be storing Confidence.

< The proceedings at the Loan Council ahd Mr Scullin's speech yesterday are calculated to restore the confldejice which the language of the. extremists had, done so much to undermine. jfißs Speech avowed that^Mr,' Scullin '3b&fement" of, tfio currency; iund" all' debased too, including ,#*ges.- ; A: reduoiion -in is; necessary, v. Auatriilia! order to bring her costs, and other products iuiworld markets alt, a "doing this is net' to 'but to reduce -wages and salaries., It .'ls true that the same result is achieved } jby, inflfttion, 'or debasement ,pt, the currency, but such a poliey brings other tevils inf its train. ■ One of these evils sds thav default «ccura to greater or i lessfir extent on 'all contracts expressed M Australian J currency, befeanse the I creditor receives lew than no is entitled to. - . V- . AUSTRALIAN STOCKS. FURTHER RECOVERY RECORDED

-LONDON, February 35. There was » further food recovery of most Australian stocks. Deallnt* recorded were:— „ t . . . . S. 1 d. S.' ,::'d.

REASONS FOR FIRMNESS. ' (Received February 26th, ip p.m.) " * LONDON, February 26. The ".Financial News" •" attributes the firmness of Australian • stocks to the news of the cleavage in the Labour ranks in New South Wales,, and: to the talk of a reduction of i;he exchange rate. The outside market has practically dried np. ,

GOODYEAR RUBBER

(AUST.) J HEAVY DECLINE IN J ' Net profit of £83,395 disclosed, by the. 1 Goodyear Rubber and Tyre Co. (Australia), Ltd., for the year ended December. 31st, r*presents a heavy decrease of £165,761. preference dividend of 8 per cent.,,which la the only allocation made, requires £24;«00. The balance is added to the Burpjbis profits account of £263,275 brought forward, making U £322,871. 1929 1930. Net profit .. •• £249,856 £88,595 jptfef.' dir., .8 p.c. .. 24,000 , 24,000 ?53,871 Preference • • 300,000 300,000 Ordinary 500,000 '500,000 Goodyear Tyre Co. .. 617,515 ' 549,420 Open accounts • • • t89,005 ti11,941 Accrued dividend' . • 12,000 12,000 ASSETS. - " Freehold land and ,rr hj :" buildings • • 807,900 8H,£37. Atopics . 703,005 ■ 448,464 Sundry debtors .. 220,341-226,755 Deposits and Commonalto bonds .. 4 - 28 *< 2*055, •Prepaid expenses , .. 4,420 - 6,097 ■ + Includes provision : for taxation. The liability to the parent company lias increased by £68,095. Open - accounts, together with! provision; for, .taxation, have -an addition of £22,986. The decline in business is reflected in stocks, which have been re-, duced by £259,541, There is a small increase of £6414 in sundry debtors. Against the fall in, stocks, the company has added £85,294 to -its csnh items, and also Mil noww holding of .fixed deposits apd'Commonwwlth bolide of £131,432, f ,

LATEST QUOTATIONS. - . - - Buyers, ; Sellers. • ' ' .v ■ : s.d. 4 e:d. N.Z. Government Debentures— i 4$ per cent. Inscribed,. 1988 .. 93 0 0 93 i 7 6 <1 • per cent. Inscribed, 1938a .. 92 15 0 98 10 0 ' <1 -per, cent. Bonds; , J938 , .. ... 93 . 2. 6 95 0 0 - 4J per cent. Bond*, 1939 .... • - 93 : 0 0 ~ ,6i - per- cent. Inscribed, 1932 . .. .. 98 10 0 — 6i per cent. Inscribed and Bonds, 1933 .. 99 0 0 — Other Debentures— Chrtstchureh . City, 6J per oent., 19150 .. ~ 96 0 0 Springa-Ellesmere Power « per cent., 1937 .. — 99 10 0 Glaxo, OJ per cent., -.1845 . .. ..87 0 0 01 0 0 N;Z.. Befhg.j 6J per cent., J935 .. ■— 9i 0 0 Booth,'Macdonald,6i . ?er cent., 1982 *.. 03 0 0 70 0 0 Banks-- ■ Aust. of Commerce .. 0 13 0 0 16 0 > Australasia .. .. 8 12 0 Comm. of Aust. .. 014 8 014 6 Comm. of Sydney .. — 15 0 0 National of Australasia (£5 paid) .. 4 5 0 5 5 0 . National 0! N.Z, ,. 4 '4 11, 0 414 0 New 8onth Wales (ex div.) .. .. 24. 0 0 2o 15 0 New Zealand .. -5 fl; 6 a 9fa* New Zealand &'■ Mort- • <$?■ gaga shares) .. 1 K 'j Union of Aust* .. 8 i'4 0 6 17 "8'^ Insurance— T] National .. .. 0 12 9 0 IS 8' .. .. no 0 2. 1 0 South;. British 2 10 , 8 2 14 O, Loan, ; #nd Agency—'. 4 _ "■* Christohurch Building. . . • • Society 12 7 '« , BMnty ■ and ,Co. ' ft 7 ,0. a 15 0' ' Gflldsbrtmgb, Mort, '..• 0 18 t 10 8 » s Mutual Benefit ■ 12 0 0 > ,'NiZ,'-'(hunuit<* "Corpn. ■*<>'■• 5 ' 0 0 6 IP. SMpping— >P. and - O.' Deferred" ' } 'j Stpck , .. 1 11 0 116 0' .Union (pref.) .. 0 la 0 — ■ Txosfa : Meat— : ■. \t Canterbury (ord.) .. 4 0 0; Canterbury (pref.) .. 2 0 vo 5 O'O ' N.Z. * Befrig. (£1 paid) 0 7 1 — N,£ Befri*. (10« paid), 0,1*8 0 1 JOl : Norths Oanty. Freezing 0 16 -0 8 0' Woollens— Kaiapoi (17s paid) .. 0 S 6 0. 8 9 Coal— Westport ... ,1 3 1 15 0 Gas— Christchurch .. 14 7 14 9 Ubristchuroh (10s "paid) 0 10 0. — Timaru ..' .. 1 _ fl 2 0 Breweries— Carlton (cum dir.). .. 110 10 0. . New Zealand ... 115 2 116 10 :> Staples .. 1 n 6 a 15 0 Timaxu / . — 0 13 0 Timaru (5s paid) 0 4 6. 0 5 0 Tooths .. . 019*0 119 Miscellaneous— Allied -Motors ■ ... 0 010 Australian Olass . .. 18 0 18 0 Australian Iron and ~* Steel (prfcf.) j — 0 14 0 Beath and Co. ,. 1-0 0 12 0 Beath "and Co. (Is paid) 0 1 3 0 2 ' 4 British Tobacco .. 18 0 19 0 Broken Hill Propty. .. 0 10 0 0 14 0 Dunlop Perdriau Bub> ' ,'W * .. 0 9 9 Electro. Zino (ord.) .. 0 6 6 012 0 Electro. Zino (pref,) .. 0 15 ' R 0 17 0 Holden's- Motors . 0 8 8 , 0 10 0 Maaon ( Struthers (£1 ,r paid) «, A x" , " ~ 01111 Mason, Strutrers (14s paid) .. .. — 0 9 0 Milburn Lime 1-8 6 — t Mt:Lyell- .. - ... 0J9 9 10 2 ' N.Z.' Drug Co. ■ '.. 2 11 0 — N.Z. Farmers' Co-op. (1st pref.) 800 N.Z Farmers' Co-op. r-SK. pwf,) . ~ *• ~ 1 IS 0 b.Z. Farmers Co-op. (GJ per oent. Stock, 1940) 42 0 0 — N.Z. Farmers' Co-op: (6J per cent. Stock, . - 1945) .. .. 47 0 0 ft7 10 0 N.Z. .Paper Millar' .. 0 15 6 0 18 3 North Canty. Co-op, , « .E lou , r , . •• 0 10 9 0 17 0 Quill, Morns, . 5 0 0 7 6 Taranaki OA ,.. ' 0 '2 0 0 3 5 . Whitcombe and Tombs' 2 15 0 2 17 6 , Wilson's Cement .. 119 0 » 0 6 Wupderlich 0 19 0 8 0 £\ans Atlas Flour ,i. ~1 0 0 — Mining— Alexander ' ' ' 0 9 9' Cornish Point ..-0 0 2 — King Solomon ... 0 1 .7 0 1-8 Mahakipawa - <0,0 9 0 OW Mahakjpawa (pref,) ... 0 0 10 0 0 11J Okarito .. .. 0 5 6 — Stoney Creek (7Jd paid) — 0 0 1 j •••/ ' ■•- 0 15 8 0 15 9 -Wiiihiv. Grand Junction . o- 2 »o 0 $ 0 • /"Windinsrl Creek (ls.pd,) .0 0 1 o o 3 • North-Broken Hill .. 1 2 2 6 YESTERDAY'S SALES. CHRISTCHURCH. - Sales on 'Change— Aust. Bank of C&mmerce * Christchurch Gas ' Mt.' Lyell Mahakipawa r * . Y4V King Solomon ... Sales Beported— Aust. Bank of Commerce National Bank. of . Aus- ' tralasia (£5 paid) ... National Insurance m. X «. (1. 0 14 2 1 4 10 1 4 11 14 9 O 19 11 0 0 9i 0 17 0 14 6 4 19 6 013 0

Commonwealth — 0 to 73 lo o Five per cants . ■ 70 0 Six per cents 77 0 0 to 99 5 - 0 New South Wslea — 0 to" *0 0 0 Four per cents,.. 77 0 'Three pes ' cents 62 10 0 to. 84 0- 0, ■ 'Three and a hall /V- . ■' per cent*.-. SO 0 0 to SB 0 0 Sis and. * half per cents . .. 71 0 0 to 78 0-0 Queensland—r 88 0 to 68 0 0 Five per cents .. 0 Three per cents "50 0 0 1 — " Six per cents .. South, Australia — 79 0 o -jSix anda half per.; 0-W 74 0 0 cents , .. 72 0 West Australia— ■ Three and a half 0- -r- - uer cents .. 74 0 - New Zealand stocks: aU recovered; from two to five points.