COMMERCE AND FINANCE

Otago Daily Times, Issue 24405, 17 September 1940, Page 2

COMMERCE AND FINANCE

THE SHARE MARKET DUNEDIN STOCK EXCHANGE WEEK OPENS QUIETLY The investment market reopened yesterday after the week-fend with few alterati'ons in the values ruling last week. Government Loans were again in strong demand, up to £lO7 being offered for the 1954-58 Bonds and Stock, the latter being on offer at £IOB. Banks and Insurances were quiet, but there was an improved inquiry in the miscellaneous section. Broken Hill Proprietaries were firmer with a buyer at £2 ss, and a seller at £2 6s. Preferred 1.C.1.'s were wanted at £1 4s. and ordinary Mac Duffs were steady with an unsupplied buyer at 9s 3d. The preference issue was offered at £1 Os 6d. New Zealand Paper Mills had a close market at £1 9s 3d (buyer) and £1 9s 8d (seller), while Southland Ice Creams were wanted at £1 2s 6d. An offer came forward for Ordinary Woolworths, the figure being 16s. but this failed to attract a seller, as did a quotation of 17s 6d for Sydney Woolworths. There was a further firming in New Zealand Drugs (rights), the offer standing at £1 6s. and New Zealand Breweries were wanted at £1 14s 6d. with a seller only 6d away. YESTERDAY’S SALES - DUNEDIN Sales Reported £ s. d. N.Z. Refrig, (cont.) 0 9 j> Big River J ® ‘ Nemona , 003 AUCKLAND Sales on ’Change.—Bonds. 1953-57, 3i p.c., £IOO 10s; Stock. 1953-57, 31 p.c., £IOO 10s; Stock, 1940-43, 4 p.c. (ex int.), £101; Amalgamated Brick (Auckland), 1944-46, £101; Auckland Gas Perp. Stock, £lOl 15s; Commercial Bank of Australia, 14s lOd; Bank of New Zealand, £2 2s 6d; F.A.C. (A pref.), £1 2s; Auckland Gas (odd lot), 8s 2d; Timaru Wool. 12s; Broken Hill Pty., £2 5s 9d; N.Z. Drug, £3 14s; Wilsons Cement. 19s 6d. WELLINGTON Sales on ’Change.—4 p.c. Stock, 1952, £lO6 10s; Beath and Co., 15s 6d; Myer Emporium, 9 p.c. (pref.), £1 12s 6d; Tai'anaki Oil Fields. 6s 6d. CHRISTCHURCH Sales on ’Change.—New Broken Hill, 13s 3d. Sales Reported: N.Z. Government 4 p.c. Stock, due 1946, £103; Permanent Investment (3), £9 10s; Broken Hill Pty., £2 5s 6d; Electrolytic Zinc (ord.), £2 10s; N.Z. Newspapers (cum div.; 2), £1 9s 6d; Standard Insurance. £2 18s. MINING NEWS CLUTHA RIVER DREDGE % RETURN OF 660 OUNCES The final return for last week from the Clutha River Gold Dredging Company's dredge proved a surprise to all concerned when it was found that 660 ounces had been recovered for 123 hours’ working. The company’s returns lately have mostly been in the vicinity of 50 ounces a week. At the present time, the dredge is undergoing certain alterations to enable it to work the flats of the river valley, and is dredging on tribute for the Molyneux River Dredging Company. It is working on a portion of the river, not far from Alexandra, which has been dredged more than once by other machines, and it is not altogether easy to understand why such a pocket, if pocket it was, had not been picked up before. The water was not deep at the place where the dredge was working and there was no reason to suppose that a rich return might be obtained. GILLESPIE’S BEACH The secretaries of Gillespie’s Beach Gold Dredging Company, Ltd., report that the wash-up for the week ended on Saturday, September 14. was 48oz 14dwt for 133 hours from 16,548 cubic yards. .• • ' ALEXANDER MINES The fourteenth annual meeting of shareholders of the Alexander Mines, Ltd., was held at Reefton. Mr D. A. McVicar, chairman of directors, presided. The directors’ report, balance sheet, and statements of accounts for the year ended May 31. were received and adopted. The two retiring directors, Messrs J. B. Discaciati and James Haiety, were re-elected unopposed. Mr M. J. Fogarty was reelected auditor. The remuneration of the directors and auditor was fixed at the same rate as last year. It was decided slightly to change the practise of issuing weekly reports showing the progress of operations in the mine, to the issue of a report at the end of each month showing the result of the operations in tlie mine conducted during that month. The last-named report will also contain the gold returns for the month. The chairman reported that, as a result of developments underground in the mine, the prospects of the mine had materially improved during the last month, and this improvement is being maintained. CLUTHA AND MOLYNEUX SHARES (United Press Association) (By Electric Telegraph—Copyright) LONDON, Sept. 15. Clutha shares: Buyers 7d, sellers 9d. Molyneux; Buyers Id, sellers 2d. Scott Bros., produce merchants and commission agents, agents for “ The Dunedin Egg Suppliers’ Association," report:— Eggs: The Associated Agents quote—Eggs: Heavy, Is 7d; standard, Is sd; medium, Is 4d: pullets, Is per dozen. Separator butter; Wanted, to Is per lb. Honey, 7Jd to BJd per lb; 101 b tins. 8s 6d each; slb tins, 5s each. Beeswax, Is to Is 3d per lb. Poultry: Good demand; hens, 2s to 2s 6d each; heavy breeds, 2s 6d to 3s 6d each; roosters, Is 6d to 2s each; cockerels, 2s 6d to 4s 6d each: ducks, 2s to 3s each; ducklings, up to 4s each; geese, 3s to 4s 6d each: goslings, 3s 6d to 5s each; turkeys, gobblers 9d to lOd per lb, hens 8d to 9d per lb. Fat: Nominally, 8s to 10s per cwt. Potatoes: Arran Chief, in oversupplv; nominally, £3 10s per ton; King Edwards, £4 per ton. Carrots, Is 6d to 2s per sugar bag. Parnsips, slow, 2s to 2s 6d per sugar bag. Swedes. Is 3d to Is 6d per sugar bag. Onions: New season’s Canterbury.?, 16s per cwt. Whole fowl wheat, 6s 3d to 6s 9d per bushei, sacks extra. New Zealand cape barley, 6s per bushel, sacks extra. Australian cape barley, 4s per bushel. Australian Chevalier, 4s 3d, s.i., ex store. Undergrade wheat, to 21s per sack. s.i. Chaff: Prime oaten sheaf, £6 10s per ton, cx truck: £7 10s per ton, ex store, bags extra. Whole maize, 7s 6d per bushel. Oyster grit, 6s 6d per 1001 b bag. Straw: Wheaten and barley, 2s 9d per bale, ex store. Lucerne meal, 12s per 901 b bag. Lucerne chaff, 8s Od per sack. Oats: Gartons. 4s 6d to 4s 9d per bushel. sacks extra. Free use of fowl crates on application. We have in stock chick and pullet grit, new season’s chickfood, fine and medium, bone meal, Black Leaf ’’ 40,” etc.

Prices on application September 16, 1940.

LATEST QUOTATIONS

LOANS STILL IN DEMAND The following are yesterday atternoon’a buying and selling quotations on the Dunedin Stock Exchange, which arc subiect to the usual brokerage;—

UNLISTED STOCKS All stocks in this section are not quoted on the official list, and transactions are subject to a different rate of brokerage:—

CANADIAN WHEAT PRODUCTION 8 LARGEST CROP ON RECORD (British Official Wireless) (United Press Association) (By Electric Telegraph—Copyright) RUGBY, Sept. 15. The first estimate of this year’s Canadian wheat production is over 560,000,000 bushels, the second largest crop on record. The oat crop is estimated at 400,000,000 bushels, barley 110,000.000 bushels, and rye 14,500,000 bushels. The total stocks of wheat in Canada on July 31 were 273,000,000 bushels, the largest amount on record. AUSTRALIAN STOCK EXCHANGES (United Press Association) (By Electric Telegraph—Copyright) SYDNEY, Sept. 16. (Received Sept. 16, at 11 p.m.) Buyers cautiously raised their limits in the industrial section on the Stock Exchange to-day, resulting in an improved tone. The turnover was on normal lines. The Morning -Sales. Commonwealth Bonds, 4 p.c. 1941, £lOl 15s; 4 p.c. 1961 (ex interest), £lO7 ss; Tooths, £2 9s 3d: Toohey’s, £1 3s; Anthony Hordern. I3s 3d; Australian Consolidated Industries, £1 15s 3d (contributing New Zealand delivery), 16s 9d; British Tobacco, £2 7s 9d; Broken Hill Proprietary, £2 4s; Colonial Sugar £47. Additional Sales.—-Bank of New South Wales £26, Burns. Philp £2 10s 3d, Dunlop. Perdriau 17s lOd, Farmers £1 5s 6d, Stedman (ex div.) 11s Gd. Morris, Hedstrom £l. Felt Textiles £1 19s 9d, Henry Jones £2 13s, Electrolytic Zinc £2 11s (pref.) £2 12s 3d, Mount Lyell £1 7s Gd. Rawang 7s 9d. MELBOURNE, Sept. 16, Commercial Bank of Australia 13s Od, Herald and Times £2 5s 6d, Broken Hill Proprietary £2 3s fid, Loloma £1 2s fid. Mount Morgan Rs 2d. PROPERTY SALE

Messrs R. S. McKenzie, Ltd., report having sold yesterday immediately after auction the freehold bungalow property of Mr J. J. A. Donaldson, at No. 26 Wales street. Bishopscourt. Tire purchaser was Mr J. B. A. Sutherland.

N.Z. GOVERNMENT LOANS Buyer. Seller. £ s. d. £ s. d. 3 p.c. Bonds, 1939-41 .. 99 10 0 — 3 p.c. Stock, 1939-41 . . 99 10 0 *—* 34 p.c. Bonds, 1953-57 100 0 0 34 p.c. Stock, 1953-57 100 0 0 — 32 P.c. Stock. 1941 100 0 0 4 o.c. Stock, 1940-43 . .* '100 10 0 —- 4 p.c. Bonds, 1943-46 .. 102 10 0 — 4 p.c. Stock. 1943-46 .. 102 10 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 .. ,106 0 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 .. 107 0 0 — 4 p.c. Stock, 1954-58 .. 107 0 0 108 0 0 MINING Austral N.Z. Mining (£1) 1 2 3 — Big River (Is) .. .- 0 0 6i 0 0 7 Clutha River (2s) .. 0 1 0 — Gillespie's Beach (Is) 0 0 4i 0 0 6 Martha — 0 Nokomai (5s) .. 0 0 11 0 1 Okarito (5s) .. 0 0 6 — Waitahu (5s) .. .. 0 0 0 0 9 BANKING N.Z. (£1) 2 2 0 2 2 9 N.Z. (long D; £1) .. 1 7 0 * Natl of N.Z. (£2 10s) 1 19 0 — Union (£5) .. .. 6 15 0 INSURANCE Standard (£1) .. •• 2 17 0 SHIPPING P. and O. Def. Stock (£1) — 1 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 icont.; 10s) - 0 8 5 0 3 6 South. Frozen Meat (paid; £1) •. •• 1 15 0 LOAN AND AGENCY N.Z. Guarantee Corp. (3s) •• — 0 3 8 Perpetual Trustees (18s) .. 2 10 0 — Trustees, Executors (£3) 4 4 0 — Wright, Stephenson (ord.; £1) — 1 0 3 Wright. Stephenson (pref.; £1) .... 0 19 9 COAL AND OIL Kaitangata (16s) 1 8 0 1 u s Westport (10s) .. •• 1 2 4 — Westport - Stockton (pref.; 10s) 0 5 0 WOOLLEN COMPANIES Bond’s Hosiery’ (£1) 1 7 0 — Bruce (ord.; £1) 0 18 1 Bruce (pref.; £1) 1 0 0 — Kaiapoi (cont.; 7s) .. 0 5 0 0 9 6 Kaiapoi (pref.; 17s) .. 0 17 0 — Mosgiel (£4) .. .. 10 5 0 — Wellington (pref.; £5) 6 10 0 MISCELLANEOUS Associated News (pref.; £1) . • • • — 1 0 0 Aust Iron and Steel (pref.; £1) .. •• 1 5 0 — Broken Hill Pty. (£1) 2 5 0 2 b 0 Charles Begg and Co. 1 i 0 1 3 e Crystal Ice (£1) 2 0 0 — D.I.C. (ord.; 10s) 0 12 6 — D.X.C. (pref.: £1) 1 3 3 — Dominion Fertiliser (£1) 1 7 0 — Donaghy’s Rope (£1) 2 14 0 — G. J. Coles (£1) 3 3 6 — I.C.I, (pref.; £1) 1 4 0 — Kauri Timber (£1 5s) — ~ •’? . 1 4 0 MacDufTs (ord.; £1) 0 9 3 — MacDuffs (pref.; £1) — 1 0 6 Miiburn Lime (£1) — 2 1 0 McKenzies Dept, Strs. (£1) 2 2 0 — McLeod Bros. (£10) .. 26 5 0 — N.Z. Drug Co. (£2) .. 3 13 0 — N.Z. Drug (rights) .. 1 6 0 •— Farmers’ Fertiliser (pref.; £1) •• •• 1 1 6 — N.Z. Paper Mills (£1) 1 9 3 1 9 8 Regent Theatre (£1) — 1 0 6 Smith and Smith (pref.; £1) — 0 19 6 Southland Ice Cream (£1) 1 2 6 — Woolworths (N.Z.; ord.; 5s) 0 16 0 —- Woolworths (Sydney: ord.; 5s) 0 17 6 — BREWERIES N.Z. Breweries (£1) 1 14 5 1 15 0 Dunedin (£1) .. -■ — 1 6 0 Tooths ( £ 1) — 2 16 0 Carlton (£1) •• 3 0 0 AUSTRALIAN MINING Broken Hill South (5s) 1 5 0 — Electro. Zinc (ord.; £1) — 2 11 0 Mount Lyell (£1) 1 6 0 1 8 0 Mount Morgan (2s 6d) 0 7 6 0 8 6 Nth. Broken Hill (5s) 1 15 0 — • Ex dividend.

Buyer. Seller. £ s. d. £ s. d. Dunedin Ice Cream .. 1 4 6 — Mackintosh - Caley - 0 8 0 0 12 6 Phoenix