COMMERCE AND FINANCE

Otago Daily Times, Issue 22987, 16 September 1936, Page 12

COMMERCE AND FINANCE

LOCAL AND OVERSEAS MARKETS

THE SHARE MARKET DUNEDIN STOCK EXCHANGE A large volume of business was transacted on the Dunedin Stock Exchange yesterday, no fewer than 14 sales being recorded. Bank of New Zealands changed hands late on Monday at £1 19s 3d, but buyers would not advance above £1 19s yesterday, with no response from sellers. The New Zealand Refrigerating issues were weak, but South Otago Freezings were in better demand, with buyers at £7 15s and sellers 5s away. Goldsbrough, Morts advanced a further few pence, with sales at £1 14s 2d and £1 14s 3d. There was a further buyer forward at £ 1 14s, but there was no response from sellers Cash Orders (rights) were sold at 8s 5d premium, and National Timbers changed hands at 13s lid, both issues not being quoted on the afternoon market. Gillespie's Beach shares showed signs of improvement. There were two sales reported at Is 6d, and after the last call there was a further sale at Is 7d. It would appear that investors are at last beginning to accord this issue the attention it merits. Nemonas, which are paying their first dividend, had reported business at Is 9d, with further buyers at Is 7d. In the Australian mining section Broken Hill Souths advanced to buyers at £6, but sellers were not interested even at this improved price. Ordinary Electrolytic Zincs were in firm demand at £2 Is 3d, but sellers were absent. There was considerable interest displayed in Government Loans issues, four sales being recorded at firm rates. In the unlisted section Sydney Woolworths changed hands at £5 9s Bd.

NORTHERN EXCHANGES AUCKLAND Sales on 'Change

WELLINGTON Sales on 'Change

CHRISTCHURCH Sales on 'Change

Woolworths (Sydney; ord.) 5 9 6 DOLLAR AND FRANC (United Press Association) (By Electric Telegra; h—Copyright) LONDON, Sept. 14. Exchange on New York is quoted at 5.06} dollars to the £, and on Paris at 76 29-32 francs to the £. PRICE OF FINE GOLD (United Press Association) (By Electric Telegraph—Copyright)

MINING NEWS PADDYS POINT RETURN The secretaries of the Paddy's Point Gold Mining Company, Ltd., report a wash-up of 86oz 3dwt as the result of 22 days' sluicing. AUSTRALIAN STOCK EXCHANGES (United Press Association) (By Electric Telegraph—Copyright) SYDNEY, Sept. 15. (Received Sept. 15, at 10.30 p.m.) The investment market was without change to-day, but a firm tone was noticeable in all but gold shares. THE MORNING SALES

NEW GUINEA GOLD SHARES (United Press Association) (By Electric Telegraph—Copyright) LONDON, Sept. 14. New Guinea Gold shares are quoted at 3s 7Jd. BRADFORD TOPS MARKET (United Press Association) (By Electric Telegraph—Copyright) LONDON, Sept. 14. Bradford tops are quiet, but firm. The tendency is against buyers. Yarns are quiet. LEAD MARKET (United Press Association) (By Electric Telegraph—Copyright) LONDON, Sept. 14. Pig Lead.—lmports 29,424 tons (Australian 10,366). LORNEVILLE STOCK SALE (Per United Press Association) INVERCARGILL, Sept. 15. The fat sheep yarding at Lorneville stock sale to-day contained some good quality sorts. Ewes sold on a firm market, and there was a slight easing in values for good wethers, but lightweight wethers showed no change. There was only a medium supply of fat cattle, the market for which was firm. Fat Sheep.—Extra prime heavy wethers realised from 38s to 41s; prime quality, 34s Gd to 36s 6d; good quality, 32s to 33s sd; and lighter-weights, from 27s to 30s 6d. Prime heavy ewes realised from 28s 6d to 31s: good quality ewes, 26s to 27s 6d; medium, 23s to 24s 6d; and light-weights. 19s to 21s. Fat Cattle.—Prime heavy-weight bullocks realised from £l4 10s to £ls 2s 6d; good quality, from £l3 to £l3 15s: medium sorts, from £ll 10s to £l2 10s; lighter sorts, from £9 to £lO 10s; prime heavy-weight cows, up to £il 17s 6d; good quality cows, from £9 10s to £lO 10s; medium quality, from £3 to £8 15s; lighter and unfinished sorts. from £6 to £7; prime quality heifers, up to £ll ss; good quality, from £9 15s to £lO 10s; lighter sorts, from £8 to £9; and smaller and unfinished, from £6 10s to £7 10s. PROPERTY SALE Messrs Park, Reynolds, Ltd., report having sold at auction the freehold property No. 10 Grey street, Musselburgh, containing 21 poles (more or less), with a 6-roomed dwelling and usual conveniences, to Mr W. G. Carr, at a satisfactory figure.

ADVANCING PRICES VARIOUS CAUSES ALLEGED INDUSTRIAL LEGISLATION AND SPANISH REBELLION (Special to Daily Times) AUCKLAND, Sept. 15. Because of the change in industrial conditions the prices of bottles have been advanced by at least 10 per cent, on the average. This rise will affect the public in many grocery and other trades, but where stocks are held prices are likely to be unchanged until replacements are made. Several classes of grocery goods will shortly show rises in the retail shops from causes connected with the Spanish rebellion. The fighting in Spain has resulted in the cancellation of indent orders for Jordan Valencias and soft shell almonds. Small quantities of Sicily almonds are available, but prices for these show an advance of fully 50 per cent, on last season's rates. Olive oil is another line that shows a marked advance on account of interference with supplies from Spain. Latest quotations from France, which draws olives from Spain, show a rise of about 30 per cent. Californian dried fruits comprise other grocery lines that before very long may show retail advances. This particularly applies to prunes, of which there is a 25 per cent, crop shortage. The opening wholesale prices are very firm. Some lines of New Zealand-made confectionery have advanced recently—one class of chocolate by 3d lb. FOREIGN EXCHANGES ON NEW ZEALAND CURRENCY BASIS The BauU ot New Suutb Wales, liunedln, quoted the following rates for purchases and sales of foreign exchange yesterday : London- Buylnß. Belllnc

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

OREPUKI SHALE WORKS DEVELOPMENT ADVOCATED (Special to Daily Times) INVERCARGILL, Sept. 15. The potentialities of Southland as an oil-producing province was recognised many years ago when up-to-date shale works were erected at Orepuki to establish this industry in the far south. The development of this project was at that time abandoned, but the machinery which was then installed has been kept in a state of excellent preservation by the caretaker. An influx of overseas oil products has jeopardised the advancement of this oil scheme, but a movement is now on foot in the Orepuki district to have these works reopened. A petition is to be sent to the Prime Minister urging that the shale works be put into operation as a means of reducing the unemployed in that district. FRUIT FROM RAROTONGA SHIPMENT BY MAUNGANUI (Per United Press Association) WELLINGTON. Sept. 15. The United Press Association's special correspondent at Rarotonga advises that approximately 3300 cases of bananas and 1060 cases of tomatoes are being forwarded from Rarotonga to New Zealand by the Maunganui. No oranges are being forwarded in this consignment, as the Rarotongan season is now finished. THE WOOL MARKET AUSTRALIAN PRICES FIRM (United Press Association) (By Electric Telegraph—Copyright) BRISBANE, Sept. 15. The wool sales have opened. A strong market ruled for well-grown and average wools. Compared with the closing rates in Sydney last week, the market for all grades was very Arm. Greasy wool sold at up to 20id a lb, and scoured at 30d. SALES IN PERTH (United Press Association) (By Electric Telegraph—Copyright) PERTH, Sept. 15. The wool sales have opened. The prices are fully firm on the latest levels in the eastern States. Japan was not represented. ELECTROLYTIC ZINC The production statement of the Electrolytic Zinc Company of Australasia for the four weeks ended August 26 is as follows:—Zinc. 5417 tons, of which 90 tons were used at the works; silver lead product for shipment to Port Pirie for realisationLead 205 tons, silver 32.38Q0z. West Coast Department.—Zinc concentrates. 3487 tons: lead concentrates. 724 tons. Exceptionally severe weather conditions obtaining throughout the period adversely affected productive operations at the West Coast mines.

SALES REPORTED £ s & Bank of N.Z. (late Mon.) .. 1 19 3 Goldsbrough, Mort .. .. 1 14 2 1 14 J Cash Orders (rights, prem.) 0 8 5 National Timber 0 li 11 Gillespie's Beach (2) .. .. t+0 1 6 Nemona (late Mon.) .. ttO 1 9 4 p.c. Stock,- 1937-40 .. .. 101 15 0 4 p.c. Bonds, 1946-49 (2) 105 17 6 4 p.c. Stock, 1952-55 .. 105 15 0 SALE REPORTED AFTER LAST CALL Gillespie's Beach ■HO 1 7 UNLISTED STOCKS WoSlworths (Syd.) .. .. 5 9 8 The following are yesterday afternoon's buying and selling quotations, which are subject to the usual brokerage:— BANKING Buyer. Seller. £ s. d. £ s. d. A'asia t+12 0 0 — N.S.W - 32 17 6 N.Z , 1 19 0 — Commercial .. .. 0 18 3 0 18 8 Natl, of N.Z. .. 3 0 6 3 2 6 Natl, of A'asia. .. 14 10 0 15 0 0 INSURANCE National .. .. 0 18 1 — Standard .... — 3 2 0 SHIPPING P. and O. Def. Stock .... 1 11 0 — U.S.S. Co. (pref.) 16 0 — MEAT PRESERVING N.Z. Refrig. (paid) 0 19 0 10 0 N.Z. Refrig. (cont.) 0 8 11 0 9 3 South. Frozen Meat (paid) .. 3 12 6 — South Otago Freezing .. .. 7 15 0 8 0 0 LOAN AND. AGENCY Dalgety and Co. 8 10 0 — Goldsbrough, — Natl. Mortgage .. — 2 11 0 N.Z. Loan and M. (ord.) .. .. 32 0 0 — Perpetual Trustees .... — 3 4 0 Wright, Stephenson (pref.) .. . — 0 18 6 COAL Kaitangata .... 110 — Westport .. .. — 13 3 WOOLLEN COMPANIES Bruce (ord.) .... — 0 14 6 Kaiapoi (cont.) .. — 0 6 6 MISCELLANEOUS Anthony Hordern — 0 19 0 Associated News (pref.) 13 0 — Australian Glass.. 4 13 3 — British Tobacco .. t+2 2 0 ■ — Broken Hill Pty. - 3 19 6 Brown, Ewing (ord.) 0 16 9 — Crystal Ice .. .. 2 5 0 — Dominion Fertiliser — 15 0 Dunlop Perdriau ftO 18 4 G.J.Coles 4 0 9 — Milburn Lime .. . — ' ♦*2 3 0 Natnl. Electric .. 0 12 11 — N.Z. Drug Co. .. +t3 15 0 — Farmers'Fertiliser 110 — N.Z. Paper Mills.. 16 0 Regent Theatre .. — — 116 Woolworths (ord.) — 5 4 0

BREWERIES N.Z. Breweries .. 2 12 0 — — 1 10 0 Tooth's ■ 2 16 0 — AUSTRALIAN MINING Broken Hill South ft6 0 0 — Electrolytic Zinc (pref.) • 2 3 0 — Electrolytic Zinc (ord.) 2 1 3 — Mount Lyell .... 1 8 11 19 3 MINING Argo 0 1 8 — Big River .. 0 1 9 0 2 2 Central Shotover — 0 0 5 Clutha River .... 0 1 9 — Gillespie's Beach ffO 1 6 0 17 Kildare — 0 2 6 King Solomon 0 0 9 0 1 1 Molyneux River 0 1 81 — tto 1 7 — 0 5 6 Paddy's Point .. — 0 3 6 Waimumu Sluicing — o o m Waipapa Beach.. 0 0 8* 0 0 11 — 0 2 3 GOVERNMENT LOANS 3£ p.c. Stock, Nov., 1938-52 103 15 0 3i p.c. Stock, Mar., 1939-43 103 15 0 — 3! 2 p.c. Stock, Sept., 1939-43 103 15 0 104 0 0 3J p.c. Stock, May, 1941-52 103 5 0 3' 2 p.c. Stock, Nov., 1941-52 103 5 0 4 p.c. Bonds, 193740 101 10 0 — 4 p.c. Stock, 1937- » 40 — 102 0 0 4 p.c. Bonds, 194346 103 15 0 — 4 p.c. Stock, 194346 103 15 0 _ 4 p.c. Bonds, 194649 1JD5 15 0 — 4 p.c. Bonds, 195255 105 10 0 4 p.c. Stock, 195255 105 io 0 — ** Ex dividend. ft Cum dividend. DIVIDENDS PAYABLE The following is a list of shares on which dividends will shortly be payable:— Gillespie's Beach - Id per Sept. 16 Apex Investment, Masterton —Interim, at 4 per cent. per annum .... Sept. 17 Huddart, Parker ■ — Interim, pref., 3 per cent., ord. 3i per cent Sept. 17 Broken Hill South—Quarterly, 2s 6d a share .. Sept. 18 N.Z. Drug Co.—Interim, 3J per cent , Sept. 21 North Broken Hill —Dividend and bonus, 5s per share Sept. 20 Renown Collieries -Ord. : lOd, final pref. at 7 per cent. Sept. 21 Auckland Farmers' Freezing • —6 per cent, per annum Sept. 25 Hume Pipe, Australia, Ltd.— 5 per cent, per annum Sept. 28 Mason, Struthers— ■3 per cent. Sept. — Lincoln Mills—Final, pref. 5 per cent., and ord, 8 1-3 per Oct. 2 Bank of Australasia—Interim. 3s Gd per share Oct. 2

£ s. d. Bonds, 1940, 4 p.c. (2) .. 101 10 0 Stock, 1955, 4 p.c 105 15 0 5 17 6 Bank of New South Wales (2) 32 10 0 Bank of New Zealand .. 1 19 3 Farmers' Auct. (£5 pd.) .. 4 8 6 Goldsbrough, Mort . .. ,. 1 14 0 1 14 3 Union Steam (pref.) ... ., 1 6 3 National Timber c 0 13 10 Taupo Totara (pref.) .. .. 0 19 0 British Tobacco 2 2 6 3 18 6 0 18 1 Electrolytic Zinc .. .. .. 2 1 9 .Milne and Choyce .. .. ., 0 14 9 1 16 3 0 10 6 0 13 0

G. J. Coles (late Mon.) .. N.Z. Insurance Broken Hill Pty (2) Broken Hill Pty. (cont.) .. (2) G. J. Coles ... ...... 4 0 3 2 3 18 3 17 2 17 2 17 4 1 A. 1 9 6 7 9 0 3 6 n (3) Electrolytic Zinc (ord.) .. Mount Morgan 1 0 18 0 18 2 2 0 13 y 3 2 3 0

Commercial Bank of Aus0 18 5 Commercial Bank of Australia (pref.) .. .. , .. 9 2 6 1 13 11 N.Z. Refrigerating (£1 pd.) 0 19 6 0 19 4 Kaiapoi Woollen (17s pd.; 0 15 10 Tooths Brewery ., .. 2 15 8 2 15 9 0 18 11 British Tobacco (cum div.) 2 2 4 Broken Hill Pty. (4) . 3 18 6 Dunlop Rubber (2) .. . .. 0 18 1 (cum div.) 0 18 0 Electro. Zinc (pref.) 2 3 11 2 4 0 G. J, Coles (cum rights; 2) 4 1 9 1 4 0 0 0 4 Mount Lyell (2) 1 9 0 19 1 . 0 12 11 Sales Reported Commercial Bank of Aus0 18 5 3 2 6 1 14 0 1 14 3 N.Z. Refrigerating (£1 pd.) 0 19 7 0 19 4 0 19 2 Kaiapoi Woollens (17s pd.; 0 15 9 Argo Gold (cum div.) .... 0 1 9 1 15 3 Broken Hill Pty 3 18 6 3 18 9 Broken Hill Pty. (15s pd.) 2 17 2 Dunlop Rubber (cum div.) 0 18 1 Electro. Zinc (ord.) .. 2 1 10 Electro. Zinc (pref.) .. 2 4 1 G J. Coles (cum rights; 4 1 3 1 4 3 0 13 0 Sulphide Corporation .. .. 0 16 9 Unlisted Stocks

LONDON. Sept. 14 £ s. d. September 1 1 .... 6 17 5 September 10 6 17 7. 1 , September 9 . 6 17 5J September 8 . 6 17 10i September 7 . 6 13 1 September 5 . 6 18 1 September 3 . 6 18 0'. September 2 . 618 3 September 1 . 6 18 2

£ s. d. Commonwealth Bonds— 102 10 0 4 per cent., 1957 101 7 6 Australian Gas (A) .. 7 8 0 (new) 7 5 6 2 16 6 1 2 7i 4 14 3 2 3 0 3 13 6 2 2 9 0 18 3 ADDITIONAL SALES Bank of New South Wales 33 5 0 Commercial Bank of Sydney 19 19 0 National Bank (£10 paid) .. 14 12 6 43 7 6 2 3 0 2 16 6 1 13 0 3 0 0 4 3 6 1 14 6 2 2 6 0 19 7J 2 11 3 1 13 0 0 12 0 1 0 9 0 18 3 Clifford Love (ex div.) .. 2 10 6 Carpenters (ex div.) .. .. 2 2 6 16 6 1 9 7J 3 18 6 6 6 0 Bulolo Gold 7 50 MELBOURNE, , Sept. 15. Bonds were steady and industrials maintained a firm tone in a quiet market. Gold mining shares were irregular. Commercial Bank of Aus . 0 18 10 2 3 0 3 0 3 4 4 0 4 14 9 0 18 2 1 14 10i 2 3 0 2 3 0 (pref.) 2 4 6 0 13 0. 0 13 1 1 9 4J Broken Hill Pty. (ex rights) 3 18 6 South Broken Hill 6 8 0 0 15 9 0 12 3 Sulphide Corporation .. 0 16 8 Irowat 0 2 1 0 19 10 Kauri Timber 1 4 5

£1 N.Z. CO £100 Btg. .. .. T.T. 124/10/0.1*. 123/10/124/8/9 Australia— £ A to £100 N.Z. r.T 100/10/O.D. 100/10/Fiji— £ Flo £100 N.Z. T.T. 80/7/6 89 O.D 00/7/6 89 Now fork— Dollars to £ N.Z. T.T. 4.091 4.05J O.D. 4.103 4.061 MontrealDollars to £ N.Z. r.T. 4.09J 4.053 O.D. 4.10} 4.00J Austria— Schillings to £ N.Z. .. .. r.T. —' 21.08 O.D. — 21.10 Belgium— " Helens to £ N.Z. r.r. — 23.937 O.D. — 23.918 CzechoslovakiaCrowns to £ N.Z. T.T. — 97.23 O.D. — 97.28 DenmarkKroner to £ N.Z. T.T. 18.203 17.893 O.D. 18.203 17.903 FranceCranes to £ N.Z r.T. — 01.47 O.D. — 61.51 Germany— Rclcliaraarks to £ NZ .. .. r.T. — 10.039 OD. — 10.011 Holland— Florins to £ N.Z ir. — 5.942 O.D. — 5.946 ItalyLire to £ N.Z. r.r. — 51.45 O.D. — 51.50 lavaFlorins to £ N.Z' r.T. — 5.914 O.D. — 5.918 NorwayKroner to £ N.Z. T.T. 18.181 15.891 O.D. 1G.241 15.901 SwedenKroner to £ N.Z. r.r. 15.785 15.490 O.D. 15.845 15.500 SwitzerlandFrancs to £ N.Z. r.r — 12.389 O.D. 12.391 NoumeaFrancs to £ N.Z. r.r. — 60.10 OD. 60.16 Papeete— Francs to £ N.Z. r.i. — 60.25 O.D. — 60.31 UongKong— N Z pence to 1 dollar .. .. r.T. 17 29-32 IS 29-32 O.D. 17 13-10 is 7 ;, India and Ceylon— N.Z pence to I rupee .. .. T.T. 22 9-04 22 57-64 O.D 22 3-64 22 % Japan— N.Z. pence to 1 yen .... T.T. — 17 41-64 O.D. — 178 Shanghai— N.Z pence to 1 dollar .. .. T.T. 17 23-04 18 23-64 O.D 17 11-04 18 11-32 Singapore— N.Z. pence to 1 dollar .. .. T.T 34 27-64 35 31-01 O.D 34 15-64 35 15-32 All rates subject to alteration wlthuu l ootlre

U.S.A. Canada (Per £ (Per £ N.Z.) N.Z.) Selling— Dols. Dols T.T .. .. 4.051 4.05 J O.D. .. .. ... .. 4.06g 4.06g .. .. 4.103 4.103 Buying-— O.D