COMMERCE AND FINANCE

Otago Daily Times, Issue 24414, 27 September 1940, Page 2

COMMERCE AND FINANCE

THE SHARE MARKET DUNEDIN STOCK EXCHANGE BROKEN HILLS EASIER Union Banks were firmer with a sale at £7 Is 6d on the Dunedin' Stock Exchange yesterday and National Banks realised £2 and £2 0s 9d. Bank of New Zealarids continued to have a close market at £2 2s (buyer) and £2 2s 9d (seller). Broken Hill shares were easier, the previous day's ofTar being yesterday's selling quotation. The market closed with a buyer at £2 ss. Mac Duffs were again wanted at 10s 3d, but the preference issue seemed less steady. Milburn Limes turned over at £2 0s 9d, a buyer later offering 6d less. New Zealand Drugs continued in demand at £3 13s 9d with sellers Is away, and the rights were wanted at £1 6s 6d. Australian mining shares had a steady inquiry, but no business resulted. YESTERDAY'S SALES DUNEDIN , Sales Reported

AUCKLAND Sales on 'Change.—Stock, 1953-57, 3J p.c. £IOO 12s Gd; Stock, 1940-43, 4 p.c. £lOl 2s 6d: Stock, 1952-55, 4 p.c, £107; Stock, 1954-58, 4 p.c, £lO7 17s 6d; A. H. 8.. 1959, 41 p.c, £lO7 10s; Takapuna Borough, 1954, 3J p.c, £97 15s; Mount Albert Borough, 1961, 4J p.c, £lO7 10s; Auckland Gas (pref. stock: odd lot), £lOl 15s; Bank of New Zealand. £2 2s sd, £2 2s 6d; South British (late sale), £2 10s; F. A. C. (£5), £4; Northern Steam, 3s 9d; M. K. Manufacturers. 6s Id; New Zealand Refrigerating (£1). £1 0s Hd; Wilsons Cement, 19s 7d; Wool worths (Syd.), 18s 6d. WELLINGTON Sales on 'Change.—Broken Hill Proprietary (late Wed.), £2 6s 9d; 4 p.c. Stock, 1952, £lO6 15s: 4 p.c Stock, 1958, £108; 3J p.c. Stock, 1957 (2), £101; Mount Albert 4i p.c, 1961, £lO7 10s; Bank of New Zealand, £2 2s 6d; Wellington Woollen (ord.), £6 15s; Broken Hill Proprietary, £2 7s; Claude Neon (N.Z.), £1 Is: N.Z. Drug. £3 14s 3d; N.Z. Drug (rights), £1 7s: N.Z. Breweries, £1 14s 3d. CHRISTCHURCH Sales Reported.—34 p.c Stock. 1953-57, £lOl 7s; 4 p.c. Stock, 1949-52, £IOC 15s; 4 p.c Stock. 1952-55. £107; 4 p.c Stock. 1954-58 v £lO7 17s 6d; Bank of New Zealand, £2 2s Id; Australian Iron and Steel (pref.), £1 6s 3d; Broken Hill Proprietary, £2 7s QUEST FOR OIL MORERE AND MIDHIRST (Per United Press Association) GISBORNE, Sept. 26. New Zealand Petroleum, Ltd., reports that the Morere well has reached 4510 feet with no change in the formation. At Midhirst the depth is unchanged The company is preparing to set the casing to shut off low-pressure water and sand, which have been impeding drilling. LEVY ON WOOL RATES FOR CURRENT SEASON (Per United Press Association) WELLINGTON, Sept. 26. The rates of the levy on all wool produced in New Zealand were announced in a Gazette notice to-night. They are 6d per bale, 3d for .each iadge and Id. per bag or sack. These rates will apply on all wool produced in New Zealand, which, at any time during the season commencing on October 1 of this year, is exported from the Dominion or is delivered to a wool manufacturer for use in New Zealand. TOOHEYS' BREWERIES HIGH LEVEL OF PROFITS Net profit of £163,014 reported by Tooheys, Ltd., brewers, Sydney, for the year ended July 31 is an increase of £10,727, and is thet highest since 1928-29. Dividend is unchanged at 9 per cent., and requires £155,843 on. the increased, capital. Payment to the staff provident fund is £SOOO, and the remainder of the profit, £2171, is added to £29,962 brought forward, to make a surplus of £32,133 carried forward. Receipts increased by £114,104 to £935.661, and expenses by £103,377 to £772,647. MINING NEWS GREY RIVER RETURN (Per United Press Association) WELLINGTON, Sept. 26. The Grey River dredge return is 3450 z in 131? hours (99,792 yards). SYDNEY STOCK EXCHANGE (United Press Association) (By Electric Telegraph—Copyright) SYDNEY. Sept. 26. (Received Sept. 2G, at 11.30 p.m.) The Stock Exchange is steady but quiet. The Morning Sales.—Associated News. Ms 6d; Anthony Hordern (pref.),. £1 0s 3d; Australasian Paper, £1 10s 9d: Australian Consolidated Industries (cont.). 18s; Broken Hill Proprietary, £2 4s 3d; Drug Houses, £1 6s 7Jd; Electrolytic Zinc (pref.). £2 12s 9d. Commercial Banking of Sydney £l9 16s. National Bank (£5 paid) £5 12s, Tooheys £1 9s. Colonial Sugar £47 12s Gd, Newbold £1 6s 9d. Peters £1 0s 9d, Standard Cement 19s Id, Wunderlich £1 Os Gd, Woolworths 18s. Kandos 18s 6d. Yarra Falls £2 3s. The Melbourne Stock Exchange was closed to-day because of the Royal Show AUSTRALIAN MARKETS (United Press Association) (By Electric Telegraph—Copyright) SYDNEY, Sept. 26. (Received Sept. 26, at 11.30 p.m.) The wheat market is quiet. Silo grain is quoted at 3s 11 Jd and bagged at 4s 3,}d. Flour, £l2 10s. Bran and pollard, £5 10s. Potatoes—Tasmanian, £l3 10s to £ls 10s; New Zealand white skins, £l3; Dakota red £l2 10s.. Onions—Victorian brown, £B. Maize—Yellow, ss.

RESERVE BANK HIGH LEVEL OF NOTE ISSUE STERLING FUND STEADY ADVANCES SLIGHTLY LOWER (Per United Press Association) WELLINGTON. Sept. 26. The following is a statement of the assets and liabilities of the Reserve Bank as at the close of business on September 23: LIABILITIES

Proportion of reserve (No. 7 less No. 5) to notes and other demand liabilities .. 30.776% 31,651% Sterling exchange is expressed in New Zealand currency. LATEST QUOTATIONS NATIONAL BANKS FIRM The following are yesterday afternoon's buying and selling quotations on the Dunedin Stock Exchange, which are subject to the usual brokerage:— N.Z. GOVERNMENT LOANS

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

£ s. cl National Bank Of New Zealand 7 2 2 1 0 0 fi 0 !1 1 2 2 0 S 9

1. General Reserve Fund .. Last week. £ 1.500,000 This week. £ 1,500,000 2. Bank notes .. .. .. 20.028.137 20,093,248 3. Demand liabilities— (a) State 5.535.403 5.038.860 (b) Banks 14.516.297 15,412.657 (c) Other 153.921 177,955 4. Time deposits — - 5. Liabilities in currencies other than New 7o'land currencies ,. .. 034,808 12,511 6. Other liabilities .. .. 832,917 977,718 Total £-13,207,653 £43,218,978 7. ASSETS Reservefa) Gold 2,801.852 2,801,852 (b) Sterling exchange .. 10,217,038 10,101.854 (c) Gold exchange .. .. — 8. Subsidiary coin .. .. 113,572 i 18,588 9. Discounts —• (a) Commercial and agricultural hills (h) Treasury and local body bills .. -. — - 10. Advances— (a) To Slate or State undertakings— (1) Primary Pioducts Msrkcting Department 3.247,788 3.034,082 (2) For other purposes 24,010.000 24,040,000 (b) To other ,public authoritics - - (c) Other 11. Investments 2,553,219 2,553,220 12. Bank buildings .. .. — 13. Other assets 234.162 569,383 Total £43.207.653 £43,218,978

Buyer. Seller. £ s. d. £ s. d. 3J p.c. Bonds, 1953-57 100 5 0 _ 3J p.c Stock, 1953-57 1.00 5 0 — 3? p.c. Stock, 1941 .. 100 10 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 .. 106 10 0 — 4 p.c. Bonds. 1952-55 .. 106 10 0 — 4 p.c. Stock, 1952-55 .. 106 10 0 — : i 4, p.c. Bonds, 1954-58 .. 107 5 0 — > 4 p.c. Stock, 1954-58 .. 107 5 0 ~ MINING Austral N.Z. Mining 1 3 6 — Big River (Is) .. .. 0 0 6 0 0 8 Clutha River (2s) .. 0 1 6 — Beach (Is) 0 0 5 0 0 6 0 7 4 — Mossy Creek (Is) — 0 1 6 Nbkomai (5s) .. .. 0 1 0 — Okarito (5s) .. .. 0 0 6 — ■ Waitahu (5s) .. .. 0 0 7 0 0 9 BANKING 7 15 0 8 2 6 N.Z. (£1) 2 2 0 2 2 9 N.Z. (long D; £1) .. 1 8 0 1 9 3 Natl, of N.Z. (£2 10s) 2 0 3 2 2 0 Union (£5) .. .. 6 19 0 — INSURANCE National (7s) .. .; 0 18 6 0 19 3 Standard (£1) .. ... . 2 17 6 — SHIPPING P. and O. Del. Stock (£1) — 1 4 0 •b'.S.S Co tprei.; £1) 1 6 0 - MEAT PRESERVING Canterbury Meat (pref.; £5) .... 6 10 0 _— N.Z. Refrig. (paid; £1) 1 0 0 1 1 0 N.Z Refrig (cont.; 10s) 0 9 5 0 9 7 South. Frozen Meat ipaid; £1) .... 1 15 0 1 17 0 South. Frozen Meat (pref.; £1) .. .. 1 15 0 — LOAN AND <\GENCY Natl. Mortgage (£2) — 2 0 0 Natl. Mortgage (B issue; £1) .. .. 1 0 0 — N.Z. Guarantee Corp (3s) 0 3 3 — Perpetual Trustees (18s) 2 10 0 — Wright, Stephenson (ord.; £1) .... — 1 0 3 Wright. Stephenson (pref.: £1) .. .. 0 19 9 — COAL AND OIL Kaitangata (10s) 1 8 0 1 11 6 Westport (10s) .. .. 1 2 6 — Taranaki Oil (£1 4s 7d) — 0 6 9 WOOLLEN COMPANIES Bond's Hosiery (£1) 1 7 0 _ Bruce (ord.; £1) 0 18 3 — Kaiapoi (pref.; 17s) .. 0 16 3 — Timaru (£1) .. .. 0 12 0 — Wellington (pref.; £5) 6 10 0 — MISCELLANEOUS Aust. Consold. Indus. (£1) 1 15 0 — Aust. Iron and Steel (pref.; £1) .. .. 1 6 0 — Broken Hill Pty, (£1) 2 5 0 2 6 6 Chas. Begg and Co. .. — 1 3 6 Crystal Ice (£1) 2 0 0 — D.I.C. (pref.; £1) .. 1 3 6 — Dominion Fertiliser (£1) 1 7 3 — Dominion Rubber (£1) — 1 1 6 G. J. Coles (£1) 3 5 C — MacDufTs (ord.; £1) 0 10 3 — MacDuffs (pref.; £1) _ 0 19 6 Milburn Lime (£1) 2 0 3 — McKenzies Dept Strs. (£1) 2 4 6 — McLeod Bros. (£10) 27 0 0 — Natl. Electric (£1) .. 0 17 6 0 18 0 N.Z. Drug Co. (£2) 3 13 9 3 14 9 N.Z. Drug (rights) .. 1 6 6 — Otago Daily Times (£1) 1 19 0 — Southland Ice Cream (£1) *1 2 0 — Wilsons Cement (10s) — 0 19 9 Woolworths (Sydney; ord.; 5s) 0 18 3 — BREWERIES N.Z Breweries (£1) _ 1 15 0 Carlton (£1) .. .. 3 2 0 — AUSTRALIAN MINING Broken Hill South (5s) 1 5 6 __ Electro. Zinc (ord.; £1) 2 11 0 — Electro. Zinc (pref.; £1) 2 13 0 — BImperor (10s) .. 0 10 9 — Mount. Lyell (£1) .. — 1 10 n Mount Morgan (2s 6d) 0 8 0 0 8 n North Broken Hill (5s) 1 16 0 — Wellington Alluvials (2s) — 0 4 8

Buyer. Seller. £ s. d. £ s. d Dunectin Ice Cream .. 14 6 — Mackintosh - Caley - Phcenix 0 8 0 — Booth Macdonald (pref.) .... .. ".. 0 4 3 —