COMMERCE AND FINANCE

Otago Daily Times, Issue 24400, 11 September 1940, Page 2

COMMERCE AND FINANCE

THE SHARE MARKET DUNEDIN STOCK EXCHANGE FURTHER GAINS RECORDED The keen demand for most issues of Government loans on the Dunedin Stock Exchange yesterday resulted in further advances in the long-term scrip, but sellers continued to remain silent. Banking shares were inactive, and insurance and shipping shares were unchanged. In meat preservings contributing New Zealand Refrigeratings were inquired for at the firmer price of 9s 4d, while sellers asked 9s 6d. Waitaki Farmers’ Freezings also improved slightly with a buyer at £4 14s. Taranaki Oils again firmed, the closing buying offer being 6s sd, but sellers would not do business under 7s 6d. Donaghy’s Ropes were in better demand at £2 14s, and ordinary Mac Duffs again improved slightly, buyers offering 8s 6d. Buyers of McKenzies Department Stores were prepared to give £2 2s 3d. AUCKLAND Sales on ’Change.—Stock. 1946-49, 4 p.c., £lO5 7s 6d Commonwealth Bonds, 1947, 4 p.c., £lO6 10s; Waitemata Bty„ 1959, 44 p.c., £106; Bank of New Zealand, £2. 2s 6d; New Zealand Insurance, £3 Is 9d; Renown (ord.), 10s 6d; Auckland Gas (cent.). 3s; Broken Hill Proprietary (4), £2 6s: Farmers’ Trading, £1; 1.C.1. (pref.), £1 4s 6d: Mac Duffs (pref.), £1; New Zealand Drug (rights), £1 5s 3d; Farmers’ Fertiliser (pref.), £1 2s 6d; New Zealand Newspapers, £1 9s 9d; Taranaki Oil Development, 3s 3d; Taranaki Oil Fields, 6s 6d; Wilsons Cement, 19s 6d; Martha. 7s 6d. WELLINGTON Sales on ’Change.—Farmers’ Trading (late Mon.), £1; Mac Duffs (ord.; late Mon.), 8s 9d; Taranaki Oil Developments (late Mon.), 3s 4d; Broken Hill South (late Mon.), £1 7s; 34 p.c. Stock, 1953-57, £IOO ss; 2 p.c. Stock, 1955, £lO6 15s; Commercial Bank of Australia (3), 14s lOd; South British Insurance, £2 10s; Australian Consolidated Industries (cont.), 17s 3d; Broken Hill Proprietary, £2 6s, £2 5s 6d. CHRISTCHURCH Sales on ’Change.—Grey River,'l6s 6d. Sales Reported.—Auckland Gas, 5 p.c. perpetual, £102; New Zealand Insurance (late Monday), £3 Is 9d. RABBIT SKIN SALE VALUES SATISFACTORY The Dunedin Stock Agents and Woolbrokers’ Association (Messrs Dalgety and Co., Ltd., Donald Reid and Co., Ltd., Stronach, Morris, and Co., Ltd., New Zealand Loan and Mercantile Agency Company, Ltd.', Wright, Stephenson, and Co., Ltd., Otago Farmers’ Co-operative Association, Ltd., and National Mortgage and Agency Company, Ltd.) report as follows:: A good offering was submitted at yesterday’s auction of rabbit skins, approximately 45 tons being catalogued. Buyers, representing the principal exporting and fur houses, were in attendance, and a fairly good clearance was effected. Considering the lateness of the season, values were satisfactory, exporters purchasing freely for immediate shipment. New Zealand'manufacturers also operated on does. As compared with the rates ruling on August 27 prices on the average receded Id to 6d per lb. Good lines of winter bucks and does commanded attention and showed the least depreciation. First bucks sold to 112 d, second bucks to IOOd, spotted bucks to 84d, first does to 86Jd, second does to 77d, spotted does 72d, furrier does to 75d. The official range of prices is as follows:—Small, 164 d to 183 d per lb; runners, 2G4d to 33d; racks, 32d to 344 d; summer bucks. 294 d to 33Jd; autumns and incomings, 36d to 50d; spotted winter bucks, 80d to 84d; spotted winter does, 69d to 72d; second winter bucks, 96d to lOOd; second winter does, 73d to 77d; first winter bucks. 108 d to 112 d; first winter does, 834 d to 86Jd; outgoing winter bucks, 70d; outgoing winter docs, 56d to, 67d; furrier does. 72d to 75d; spring bucks, 54Jd to 59Jd; spring does, 39d to 48d; stained does, 50d to 55d; first milky, 36d to 37d; milky, 31d to Slid; summer broken, 30d to 32d; ’ thtrdk-.broken, 33d to 34d; second winter^broken, 36d; first winter broken, 373 d to 39d; summer fawns, 24d to 36d; second fawns. 64d to 66Jd: first winter fawns, 84Jd to 86d; summer black, 24d to 24Jd; autumn black, SOJd to 47d; first winter black, 7DJd to 76Jd; first hareskins, 354 d to 364 d; hareskins, 223 d to 23|d; horsehair, 28d to 31d; first ferrets. 12s 3d to I3s 9d; second ferrets, 4s to 7s 2d. WAIPIATA STOCK SALE SATISFACTORY PRICES FOR SHEEP The spring, stock sale held at Waipiata yesterday was attended by local farmers, their main Interest being in the trend of values and hot in the purchase of stock. The district has experienced an exceptionally good winter and early spring, and the doubts expressed during the autumn of a scarcity of feed have fortunately not been fulfilled. These conditions led to a smaller entry of surplus sheep than usual. Fat and forward wethers, cull and small two-tooth ewes comprised the main part of the yarding. Light-weight fat wethers sold to 265, forward halfbred. wethers from 23s to 245, and small two-tooth dry ewes at 23s These rates were substantially better than those ruling during the autumn. A few horses were offered, but there was nothing outstanding. Ordinary draughts sold at £l4. and useful hacks to £ls. During the auction a sheep given by Mr L. Bleach to the local Queen Carnival Patriotic Committee was put up for sale, with the usual resale conditions. The response of the small gathering was unanimous, everyone present contributing handsomely to the fund, and the result, £72 Bs, must have been gratifying to Mr W. J. Crawford and his assistants, who’ are organising for the fund in this district. AUSTRALIAN STOCK EXCHANGES (United Press Association) (By Electric Telegraph—Copyright) SYDNEY, Sept. 10. (Received Sept. 10, at 11 p.m.) In spite of the tense war situation the share market remains firm, with only minor fluctuations. The Morning Sales.—Bank of Australasia. £7 ss; Commercial Bank of Australia, 13s 8d; Bank of New South Wales, £26; Tooths, £2 9s 3d; Tooheys, £1 7s 6d; Anthony Hordern, 13s; Broken Hill Proprietary, £2 3s; Dunlop Perdriau, 19s. Additional Sales. —Mercantile Mutual Insurance £1 6s 9d, British Tobacco (ex div.) £2 2s 6d, Woolworths 17s Id, Consolidated Industries £1 15s, Consolidated Industries (cont.) 17s, Standard Cement £l, Mort’s Dock 17s, Mauri Bros. £3 10s, Newbold £1 ss,- Mount Lyell £1 7s 7d, Austral New Zealand £1 2s 6d. MELBOURNE, Sept. 10. Commercial Bank of Australia 14s, National Bank (£5 paid) £5 15s, Coles £3 2s, United Provisions 7s 3d, Myers £1 9s 6d, Oil Search 4s, Emperor 10s lOd.

LATEST QUOTATIONS

GOVERNMENT LOANS IN DEMAND

The following are yesterday afternoon’s buying and selling quotations on the Dunedin Stock Exchange, which are subiecl to the usual brokerage:— N.Z. GOVERNMENT LOANS

MINING NEWS ARGO GOLD RETURN The return of the Argo Gold Dredging Company, Ltd., for the week ended September 7 was 30 ounces for 132 hours’ working (10,500 yards). ALEXANDER MINES, LTD. The Alexander Mines, Ltd., report for the week ended September 5 is as follows; No. 6 Intermediate Level.—This face has bden extended 10 feet, making a total ot 114 feet north of the rise. The reef shows in the back of this level, coming down to one foot below the level caps, but at this point the reef is faulted and displaced into the eastern side of the level. A reef five feet in width is showing, and promises to open up into a fine body of ore. Solid Stope Drive off No. 2 Rise.—A small amount of work has been done here, the lode maintaining its width of 15in. Sloping.—Sloping has been carried on in No. 1 and No. 3 slopes above the intermediate, the lode varying in width from three to four feet. Above No. 5 intermediate one stope only is being worked, and in places very little stone is obtained, owing to faulted country. Fifty-five tons have been sent to the battery. NEW RIVER RETURN The following is the official gold return of the New River Gold Dredging Company for the week ended September 5:—20 ounces of gold were secured from 9345 yards treated in 102 hours’ dredging time. WHITE’S ELECTRIC DREDGING COMPANY The official gold return of the White’s Electric Gold Dredging Company (Barry - town), Ltd., for the week ended September 5 was: 26 ounces of gold from 8960 yards treated in 110 hours’ dredging time. LORNEVILLE STOCK SALE LOWER VALUES FOR FAT SHEEP (Per United Press Association) INVERCARGILL, Sept, 10. The fat sheep yarding at the Lorncville stock sale to-day was slightly larger than that of last week, and consisted mainly of wethers. Approximately half of the wethers were of good quality, the remainder being light and unfinished. The varding of ewes was of only medium quality. The number yarded was in excess of the requirements of local butchers, and the absence of outside competition caused a drop in values of 3s a head for good quality sheep and 4s a head for medium and unfinished sorts. Prime heavy wethers brought from 37s to 38s 6d, good quality 35s to 365, medium 31s 6d to 32s 6d, light-weights 27s to 29s 6d. Good quality ewes made from 32s to 33s 6d, medium 23s to 29s 6d. light-weights 25s 6d to 275, with unfinished from 20s to 225. A small entry of light-weight fat hoggets realised from 20s to 22s 6d, There was a good entry in the fat cattle section, and it included some nice quality heifers and medium-weight bullocks. The entry of cows, with the exception ot a few. was of only medium quality. Prime quality bullocks in most cases sold on a par with those of last week, but other sorts were easier by about 15s a head, and over the last race passings were frequent. Prime quality bullocks brought from £l7 10s to £lB ss; good quality

medium-weights, £ls 10s to £lO 10s: handy-weights, £l3 13s to £l4 10s; lightweights, £l2 to £l3. Extra prime heavy heigers brought from £l6 to £l7 ss: medium weights, £l3 10s to £ls; lightweights, £lO 10s to £ll 10s. with smaller sorts from £8 5s to £9 10s. < Prime quality cOws made from £l2 10s to £l4; medium quality, £lO 10s to £ll 10s; lightweights, £9 to £10; with inferior sorts from £7 10s to . £.B 10s. AUSTRALIAN BUTTER RECORD OUTPUT Australian butter production in the year ended June 30 last was a record. It amounted to 212.680 tons, and compared with 210,000 tons in the previous highest year, 1934-35. Last year’s production exceeded that for the previous year by 134,000 cwt, or 4.5 per cent., and that for 1834-35 by 58.000 cwt, or 1.4 per cent. Cheese production in the past four years has increased by 83 per cent., or 285,000 cwt. Last years' record production was 630,000 cwt, compared with 586,124 cwt in the previous year and 344,631 cwt in 1935-36. The industry has expanded in all the States except New South Wales, where production, has remained constant at about TO.OOOcwt a year in the past decade.

Buyer. Seller. £ S. d. £ S d. 3 p.c. Bonds, 1939-41 .. 99 0 0 — 3 p.c. Stock, 1939-41 .. 99 0 0 — 3£ p.c. Bonds, 1953-57 100 0 0 — ‘p.c. Stock, 1953-57 100 0 0 — 32 p.c. Stock, 1941 .. 100 0 0 — 4 p.c. Stock, 1940-43 .. 103 0 0 — 4 p.c. Bonds, 1943-46 .. 102 5 0 — 4 p.c. Stock, 1943-46 .. 102 5 0 — 4 p.c. Bonds, 1946-49 .. 105 0 0 *— 4 p.c. Stock, 1946-49 .. 105 0 0 — 4 p.c. Stock, 1949-52 .. 105 10 0 —. 4 p.c. Bonds, 1952-55 .. 106 10 0 — 4 p.c. Stock, 1952-55 .. 106 10 0 — 4 p.c. Bonds, 1954-58 .. 106 15 0 — 4 p.c. Stock, 1954-58 .. 106 15 0 — MINING Austral N.Z. Mining (£1) 1 3 0 — Big River (Is) .. •• 0 0 5 — Clutha River (2s) .. 0 1 0 — Gillespie's Beach (Is) 0 0 5 0 0 6 Martha — 0 7 10 Nokomai (5s) .. .. — 0 1 3 Okarito (5s) .. .. 0 0 7 — Sandhills (Is) .. .. — 0 0 1 Waltahu. (5s) .. .. — 0 0 9 BANKING N.Z. (£1) — 2 2 7 N.Z. (long D; £1) .. 1 7 0 — Commercial (10s) 0 14 0 — INSURANCE National (7s) .. .. 0 18 6 — New Zealand (£1) .. 3 0 6 South British (10s) .. 2 9 0 — Standard (£1) .. .. 2 17 6 •— SHIPPING Howard Smith (£1) — 1 3 0 P. and O. Def. Stock (£1) .. — 1 4 0 U.S.S. Co. (pref.; £1) 1 6 0 — MEAT PRESERVING Canterbury Meat (pref.; £5) .. .. 6 10 0 — N.Z. Refrig. (paid; £1) .. .. .. .. 1 0 0 — N.Z. Refrig, (cent; 10s) 0 9 4 0 9 6 South. Frozen Meat (paid: £1) .. .. 1 15 0 — South Otago Freezing (£5) 5 3 0 Waitaki Farmers (£5) 4 14 0 LOAN AND AGENCY Goldsbrough, Mort (£1) 1 4 0 — N.Z. Guarantee Corp. (3s) 0 3 4 —* Perpetual Trustees (18s) 2 10 0 — Trustees, Executors (£3) 4 4 0 — Wright, Stephenson (ord.; £1) .. .. — 1 0 3 Wright. Stephenson (pref.; £D .. .. 0 19 6 — COAL AND OIL Kaitangata (16s) .. .. _ 1 11 6 Westport (10s) .. .. 1 2 2 1 2 9 Westport - Stockton (ord.; 10s) .. .. — 0 2 4 Taranaki Oil (£1 4s 7d) 0 6 5 0 7 s WOOLLEN COMPANIES Bruce (ord.; £1) 0 18 1 — Kaiapoi (ord.; 17s) 0 15 0 — Kaiapoi (cont; 7s) .. 0 5 0 — Kaiapoi (pref.; 17s) .. 0 17 0 — Mosglel (£4) .. .. 10 5 0 — MISCELLANEOUS Aust. Iron and Steel (pref.; £1) .. .. 1 6 0 — British Tobacco (£1) •2 5 0 2 8 0 Broken Hill Pty, (£1) 2 4 6 2 6 6 Chas. Begg and Co. .. 1 0 9 1 3 6 Crystal Ice (£1) 2 .0 0 — D.I.C. (ord.; 10s) 0 12 9 — D.I.C. (pref.; £1) .. 1 3 3 — Dominion Fertiliser (£1) 1 7 0 — Donaghy’s Rope (£1) 2 14 0 G. J. Coles (£1) .. 3 5 0 — Kauri Timber (25s) 1 0 0 1 4 0 MacDuffs (ord.; £1) 0 8 6 — MacDuffs (pref.; £1) 0 16 0 — McKenzies Dept. Strs. (£1) 2 2 3 — Natl. Electric (£1) .. 0 17 6 0 18 6 N.Z. Drug Co. (rights) 1 5 0 1 5 3 Farmers’ . Fertiliser (£1) •• 1 0 0 Farmers’ Fertiliser (pref.; £1) ,. .. 1 1 9 — N.Z. Paper Mills (£1) 1 9 6 — Regent Theatre (£1) — 1 0 6 Southland Ice Cream (£1) 1 2 6 — Woolworths (Sydney: ord.; 5s) .. .. .. 0 18 0 0 18 S BREWERIES N.Z. Breweries (£1) 1 14 6 1 15 6 Dunedin (£1) .. .. • 1 5 0 Tooths (£1) .. •• 2 10 0 2 16 0 Carlton (£1) .. .. 3 0 0 — AUSTRALIAN MINING Broken Hill South (5s) .. 1 5 6 — Emperor (10s) .. .. 0 10 6 — Mount Lyell (£1) — 1 8 0 Mount Morgan (2s 6d) 0 8 0 0 8 6 North Broken Hill (5s) 1 16 0 — Placer Developments 2 12 6 3 5 0 Wellington Alluvials (2s) 0 4 0 0 5 3 • Ex dividend.