Commerce, Mining, & Finance

Evening Star, Issue 22459, 2 October 1936, Page 7

Commerce, Mining, & Finance

THE SHARE MARKET DUNEDIN STOCK EXCHANGE The first business recorded in refrigerating shares for some considerable time was effected this morning, when two parcels ot the contributings changed hands at 9s id, which is a drop of 3d on the approximate market price a month ago. Sales were also recorded this morning in National Bank of New Zealands at the firm price of 60s, in G. J. Coles at yesterday s selling price, and in three issues of Dominion gold mmffew Zealands and Commercials continued to provide the only buyers of bank shares, though E.S. and A.’s were available at 2s cheaper. , , , In the miscellaneous group closer markets were experienced by Broken Hill Proprietary, Australian Glass, and Dunlop Rubbers, the margin in the last-named case being only Id. , Carltons provided the only change m the quotations for brewery shares, an increase of 2s in the buying offer failing to attract present holders. Amongst unlisted stocks Woolworths (Sydney) had improved inquiry at £5 7s, with sellers quoting at £5 8s 6d. Interest in Australian mining was fully maintained. Mount Lyells had a closer market, while Modnt Morgans lost most of the ground gained yesterday, sellers easing 7d to 14s Id, with buyers at 14s. SALES REPORTED. National Bank of New Zealand, £3. G. J Coles, £3 17s. Worksop, Is 9d. Mossy Creek, Is 4d. SALES ON ’CHANGE. New Zealand Refrigerating (coat.), 9s 3d (2). , , , Gillespie’s Beach, Is sjd.

DIVIDENDS DUE Howard Smith —Ord., 2, per cent, per annum; pref., 11, per cent Oct. 6 Amalgamated Zinc (De Bavay’s) —Half-yearly, 5 per cent. ... Oct. 9 Amalgamated Wircless- j -final, 6 per cent, and bonus 1 per cent., making 11 per cent, per annum Oct. 12 Woolworths Ltd.—quarterly, ord. 2 per cent. ... Oct. 15 Woolworths (N.Z.) Ltd.—lnterim pref. £2 14s per cent Oct. 15 Burns, Philp (South Sea) —halfyearly 5 per cent, per annum Oct. 15 G. j. Coles—lnterim, quarterly, 2} per cent Oct. 15 Wunderlich Ltd.—lnterim halfyearly, ord., 6 per cent, per annum; Ist and 2nd pref., 6 per cent, per annum; 3rd pref., 7 pei cent, per annum Oct. 15 United Provisions —pref. halfyearly, at 8 per cent, per annum, ord. 2 per cent, per annum Oct. 30 N.Z. Guarantee Corporation— Pinal, 2d a share, 9 13-18 per cent, per annum Oct. 30 Imperial Chemical Industries Ltd. —lnterim, 2} per cent., on ordinary shares Nov. 2 THE RESERVE BANK THE WEEKLY SUMMARY [Per United Press Association.] WELLINGTON, October 1. The ‘ Gazette ’ issued to-night contains the following statement of the liabilities and assets of the Reserve Bank of New Zealand as at the close of business on September 28. The figures at the close of last week are given for the purposes of comparison, shillings and pence being omitted:— LIABILITIES. Last Week. This Week. £ £ 1. General Reserve Fund 1,500,000 1,500,000 2. Bank notes ... 11,194,480 11,174,757 3. Demand Labilities—(a) State 3,950,106 3,898,062 (b) Banks 6,653,609 6,873,521 (c) Other ... ... 190,987 241,634 4. Time deposits ... . 5. Liabilities Jn currencies other than New Zealand currency ... ... G. Other liabilities ... 104,517 105,489 . Total £23,593,857 £23,793,465 ASSETS. 7. Reserve—(a) Gold 2.801,733 2,801,733 (b) Sterling exchange 16,921,502 16,835,564 (c) Gold exchange ... 8. Subsidia y coin 172,295 170,524 9. Discounts—(a) Commercial and agricultural bills (b) Treasury and local body bills 10. Advances—(a) To State or State undertakings—(l) D rry industn account (2) For other purposes ... 894,230 700,000 (b) To other public authorities ... (c) Other 11. Investments .. 2,035,850 2,123,576 12. Bank buildings ... ... 13. Other assets 68,246 66,717 Total £23,503,857 £23,793,465 Proportion ot reserve {No. 7 less No. 5) to notes and other demand liabilities £, 88.694% 88.504% RABBITSKIH* REPORT The Dunedin Stock Agents and Wool Brokers’ Association reports as fol-1 lows:—With the rahbitskin season practically over, quantities offered at yesterday’s sale were small, and the quality generally inferior. There were a few small orders in the market, but the somewhat erratic nature of the sale was due to the fact that most of the buying , was purely speculative. The following ' is the range of prices:— Summer broken. 24Jd to 26d; second winter broken, 32d to 34d; first winter broken, 45d to 45}d; runners, 23d to 25d; summers, bucks, 26d to 28d; does, 23d to 2ofd; small, 16d to 20d; light racks, 34d to 36d; first winter bucks, spotted, 103 dto 112Jd; first winter does, spotted 64d to 68d; second winter bucks, 116 d to 126 d; second winter does, 76d to 79d; first winter bucks, 130 dto 138 d; first winter does. 85d to 88d; prime winter bucks, , 137 dto 139 d; prime winter does, 88d to 90d; outgoing bucks, 83d to 89}d; outgoing does, 56d to 62}d; spring bucks, 52d to 58d; spring does, 35d to 39d; milky, 30d to 38d; fawns, 28d to 36d; winter fawns, 70d to 76d; first winter blacks, 74d to 76d; second winter black, 58d to 60d; hareskins, 20d to 36d: horsehair, 18d. SALE OF JERSEYS BULLS AND HEIFERS TPer United Press Association.] PALMERSTON NORTH, October 1. At the fourteenth annual Manawatu Jersey bull and heifer sale the top price was secured by Mr P. A. Anderson, Levin, for a yearling bull, 46gs. There was a representative attendance of buyers, and a very good sale resulted. PRICE OF GOLD Press Association—By Telegraph—Copyright LONDON, October 1. (Received October 2, at noon.) Fine gold is quoted at £7 0s skl an ounce. DOLLAR AND FRANC Press Association—By Telegraph—Copyright LONDON, October 1. (Received October 2, at noon.) The dollar is quoted at 04,} The franc is not quoted.

TWO-WAY TRADE N.Z.'S HUGE EXPORT TO BRITAIN BILATERAL AGREEMENT ARGUMENTS [Per United Press Association.] AUCKLAND, October 1. New Zealand is now exporting 50 per cent, more butter to the United Kingdom than is Denmark, the United Kingdom is purchasing twice as much New Zealand cheese as Canadian cheese, New Zealand is supplying 40 per cent, of the pork requirements and is in an outstanding position as the largest exporter of lamb and mutton to the' Home market." These facts were quoted by Mr William Goodfellow in support of his contention that New Zealand must have a bilateral trade agreement with the Mother Country and must purchase correspondingly greater quantities of British goods as her exports expanded. He was proposing a vote of thanks to Sir Richard Linton, former Agent-General for the State of Victoria in London, who addressed the Chamber of Commerce. Sir Richard Linton is making a twoway trade mission to Australia and New Zealand on behalf of a powerful group of English industrialists. Sir Bichard urged the great importance of the Ottawa Agreement to the dominions and the necessity for a continuation of that agreement in preserving the prosperity of these countries. There was a very real sentiment in the Old Country attaching to the dominions, Sir Richard said, and the British housewife was fully aware that in the dominions the food that was required by the Mother Country was being produced by their British kith and kin. Yet he was convinced that, though we had taken full advantage of the Ottawa Agreement, the dominions had not scratched more than the surface of their trade prospects in the United Kingdom. “ If we believe in reciprocity as a people,” he said, “ we must support a two-way traffic between England and the dominions.” Sir Richard referred to the problem of shipping and the difficulties that were experienced by companies in getting full cargoes back to New Zealand after carrying New Zealand’s produce. There had been considerable talk of subsidies for British shipping by the dominions. Actually shipping companies would be reluctant to accept subsidies as such. All that they wanted was sufficient traffic to make their services payable. AUSTRALIAN STOCK EXCHANGES Press Association. —By Telegraph—Copyright SYDNEY, October 1. On the Stock Exchange the market for investments was fairly firm, prices holding well. Gold shares were not quite so strong.

MELBOURNE, October 1. Bonds were unchanged. A firm tone was maintained for industrials, but Barriers were easier on the report of labour troubles.

MOUNT MORGAN MINES PRODUCTION STATEMENT Mount Morgan Ltd. reports that the production for four weeks ended September 30 was 2,G71055 of gold and 140 tons of copper.

FOREIGN EXCHANGES

OK NEW ZEALAND CURRENCY BASIS

The Bank of New South Wales, Dunedin, quoted the following rates (to-day) for purchase and sales of foreign exchanges (all rates subject to alteration without notice); —

DOLLAR RATES. The Associated Banks (other than the Bank of New South Wales) quoted the following dollar rates to-day on a New Zealand currency basis. They are subject to alteration without notice :

SYDNEY WOOL SALES Press Association—By Telegraph—Copyright SYDNEY, October 1. At the wool sales the closing auctions for the week saw keen competition from Yorkshire and the Continent. The market continued firm at full late rates. Greasy merino sold to 21RI. A total of 12,101 bales was offered, and 10,086 sold, while 2,251 were privately disposed of.

Quotations as under Buyers. Sellers. £ s. d. £ S. d. BANKING— New Zealand 1 18 3 1 19 0 Commercial 0 18 3 0 18 6 E.S. and A —‘ 5 18 0 National of New Zealand ... ... ... — 3 1 0 INSURANCE— National 0 18 6 0 19 0 - New Zealand ... ... — 3 1 9 Standard — 3 2 0 SHIPPING— Howard Smith 0 19 0 P. and O. Deferred 1 11 Stock 0 — U.S.S. Co. (pref.) ... 1 6 0 _ MEAT PRESERVINGN.Z. Refrigerating (paid) — 0 19 5 N.Z. Refrigerating 9 (cont.) 0 9 3 0 4 Southland Frozen (paid) 312 0 — Southland Frozen (pref.) 3 12 0 8 — South Otago Freezing — 0 0 Waitaki Farmers’ Freezing .. 4 0 0 4 4 0 LOAN AND AGENCYGoldsbrough, Mort ... — 1 14 0 National Mortgage ... — 2 11 0 N.Z. Loan and Mercantile (ord.) — 36 0 0 N.Z. Guarantee Corporation — 0 5 9 Perpetual Trustees ... — 3 4 0 Wright, Stephenson 0 17 (ord.) 0 —* COAL— Kaitangata 1 1 0 — Westport ... .... ... —, 1 3 1 t WOOLLEN COMPANIES— Bruce (ord.) — 0 14 6 Kaiapoi (pref.) — 0 19 6 MISCELLANEOUS— Anthony Hordern ... — 0 19 0 Associated News (pref.) 1 3 0 — Australian Glass 4 12 0 4 13 0 British Tobacco 2 3 0 2 3 9 Broken Hill Pro- ' prietary 3 16 3 3 16 9 Broken Hill Proprietary (cont.) 2 16 6 2 17 6 Brown, Ewing (ord.) 0 17 0 — Brown, Ewing (pref.) 1 '■ 2 3 — Crystal Ice Co. 2 5 6 — Dominion Fertiliser ... — 1 4 6 Donaghy’a Rope and Twine ... 2 11 0 _ 1 Dunlop Perdriau Rubber 0 17 1 0 17 2 G. J. Coles ... — 3 17 6 Milburn Lime and Cement — 2 3 0 M’Leod Bros! — 35 0 0 ' National Electric 0 13 9 — General Industries ... — 0 19 6 N.Z. Newspapers — 2 0 0 N.Z. Paper Mills ... 1 6 0 — ‘ Otago Daily Times ’ — 2 6 0 Regent Theatre — 1 1 6 Woolworths (ord.) ... 5 1 0 5 6 0 BREWERIES— Dominion 1 11 6 Dunedin — 1 10 0 Carlton 3 2 0 — UNLISTED STOCKS— M’Intosh, Caley, Phoenix — 0 12 0 National Tobacco (ord.) — 3 5 9 Woolworths (Sydney, .ord.) 5 7 0 5 8 6 Otago Farmers’ Co-op. — 0 4 0 Shillings Ltd (17s 6d paid) 0 17 2 0 18 6 AUSTRALIAN MINING— Broken Hill South (£1) 6 2 0 Electrolytic Zinc (pref., £1) 2 5 6 2 6 3 Electrolytic Zinc (ord., £1) Mount Lyell (£1) ... 2 .3 0 2 3 9 1 9 7 1 9 10 Mount Morgan (2s 6d) 0 14 0 0 14 1 GOLD MINING— Argo Dredging (Is) 0 : 1 7 0 1 9 Big River (Is) — 0 2 1 Central Shotover (Is) — 0 0 6 Clutba River (2s) 0 1 9 — Consolidated Goldfield (4s) — 0 16 9 Gillespie’s (Is) 0 L 5 0 1 6 ■ Kildare (2s) — 0 2 6 King Solomon (Is) ... 0 0 6 0 1 0 Molyneux River (2s) 0 1 8 — Mossy Creek (Is) 0 1 3 — Nokomai (5s) 0 1 9 0 1 11 Okarito (5s) — 0 5 0 Paddy’s Point (5s) ... 0 2 0 0 3 0 Waipapa Beach (Is) 0 0 6 0 0 10i Waitahu (5s) — 0 2 3 N.Z. GOVERNMENT LOANS— (Bonds quoted are £100 lends.) 3J p.c. Stock, Nov., 1938-52 103 15 0 — 3j p.c. Stock, March, 1939-43 3j p.c. Stock, Sept. 101 10 0 — 1939-43 101 10 0 3j p.c. Stock, May, 1939-52 103 15 0 — 31, p.c. Stock. March, 1941-43 101 10 0 — 3i p.c. Stock, Sept., 1941-43 101 10 0 — 3j p.c. Slock, May, 1943-52 103 10 0 — p.c. Stock, Nov., 1941-52 103 10 0 — 4 p.c. Stock, 1937-40 _ 102 0 0 4 p.c. Bonds, 1943-46 103 15 0 — 4 p.c. Stock, 1943-46 103 15 0 — 4 p.c. Bonds, 1946-49 105 5 0 4 p.c. Stock. 1946-49 105 0 0 4 p.c. Bonds. 1952-55 105 5 0 4 p.c. Stock, 1952-55 105 5 0 —

£ s. d. Commercial Bank of Australia 0 18 74 E.S. and A. Bank 5 16 0 Howard Smith 0 18 6 Huddart, Parker 1 16 6 Burns, Philp 3 12 0 Australian Gas (B) 7 7 6 British Tobacco 3 4 0 Queensland Brewery (pref.) 1 2 0 Australian Glass 4 13 6 Dunlop Perdriau 0 17 6 Dunlop Perdriau (pref.)... 1 13 6 Goldsbrough, Mort 1 14 0 Electrolytic Zinc 2 3 9 Anthony Hordern 0 18 6 Farmers 1 13 9 General Industries 0 19 0 Commonwealth Wool 0 17 0 Permanent Trustee 0 18 6 Mark Fov 2 12 0 W. H. Soul 4 2 0 Wunderlich 1 4 3 Hackshalls 0 15 0 Kandos 1 1 6 Hume Pipe 0 19 0 Waldas Shoes (New Zealand delivery) 1 14 9 John M'Grath 1 19 0 Mount Morgan 0 14 3 Mount Lyell 1 10 H Zinc Corporation 4 4 6 Placer Development 4 19 0 Tongkah Harbour 0 18 4i Lady Sbenton 0 2 3 Mandated Alluvials 0 15 6 New Guinea Goldfields 0 4 11

£ S. d. Commercial Bank of A ustralia 0 is 9 E.S. and A. Bank 5 lo 0 Carlton Brewery 3 4 0 G. J. Coles 3 18 0 Australian Glass 4 13 3 Electrolytic Zinc 9 3 9 Electrolytic Zinc (pret.) 9 6 9 Mount Morgan 0 14 3 Mount Lyell 1 10 0 Broken Hill Proprietary 3 17 6 .North Broken Hill 9 14 0 Tongkah Harbour 0 18 3 Emperor 0 lo 0 Loloma 1 3 3 Silverton Trams 1 18 0 Broken Hill Ptr. (rights) n V 7 General Motors i 3 6 ‘ Herald ’ and ‘ Times ’ 3 9 fi Kauri 'Timber 1 5 0 Myers 1 1G U Varra Calls 9 0 0 Sulphide Corporation 0 10 8 Hume Pipe 0 19 0

Buy ng. Selling. London— £100 stg. N.Z T.T. £121 £124 10/ O.D. £123 10/ £124 8/9 Australia— £A to £100 N.Z T.T. £1C1 £100 10/ Fiji— £F to £100 N.Z T.T. £9C 7/6 £89 Now York — Dollar to £1 N.Z ... T.T. 3.99 3.95} O.D, 4.00} 3.95} Montreal— Dollar to £1 N.Z ... T.T. 3.98} 3.95} O.D. 4.00} 3.95} Belgium— Belgas to £1 N.Z ... T.T. 23.361 O.D. — 23.372 Czechoslovakia — Crowns to £1 N.Z ... T.T. — 96.67 O.D. — 96.72 Denmark— Kronor to £1 N.Z ... T.T. 18.203 17.893 O.D. 18.263 17.903 Germany— Keiclnnarks to £1 N.Z ... T.T. — 9.798 O.D. — 9.803 Holland— Florins to £1 N.Z ... T.T. - 7.268 O.D. — 7.272 Java— Florins to £1 N.Z ... T.T. — 7.177 O.D. — 7.181 Norway— Kroner to £1 N.Z ... T.T. 16.181 15.891 O.D. 16.241 15.901 Sweden — Kroner to £1 N.Z ... T.T. 15.785 15.490 O.D. 15.845 15.500 Switzerland— Francs to £1 N.Z ... T.T. — 17.145 O.D. — 17.150 Hongkong— N.Z. pence to 1 dollar .. T.T. 18 13-64 18 45-64 O.D. 18 11-64 18 23-32 India and Ceylon N.Z. pence to 1 rupee .. T.T. 22} 22 21-32 O.D. 22 11-32 22 41-64 Japan— N.Z. pence to 1 yen T.T. — 17 31-64 O.D. — 17 15-32 Shanghai— N.Z. pence to 1 * dollar ... . .. T.T. 17. . 18 O.D. 17 15-32 17 63-64 Singapore— N.Z. pence to 1 dollar ... .. T.T. 34 23-32 35 13-64 O.D. 341 35 3-16

U.S.A. Canada. (Per £1 N.Z.) (Per £1 N.Z.) SELLING— T.T. Mol) 3.95| 3.95J O.D. (dol) 3.96g 3.96* BUYING— T.T. (dol) 3.99i 3.99i O.D. (dol) 4.00| 4.00i