COMMERCE AND FINANCE

Otago Daily Times, Issue 24415, 28 September 1940, Page 3

COMMERCE AND FINANCE

THE SHARE MARKET DUNEDIN STOCK EXCHANGE GENERAL DEMAND MAINTAINED PERIOD ENDS' STRONGLY' The demand for all sound classes of investments continued to be steady on the Dunedin. Stock Exchange during the past week, but the reticence of sellers prevented any marked increase in the volume of business. Australian industrials met with a good Inquiry, which was somewhat easier towards the end of the period, which ended strongly throughout the market. , Government loans were steady throughout, but sellers were never in the market. Long-dated loans continued to have the most eager Inquiry, but all issues of Bonds and Stocks carrying interest at the rate of 4 per cent, were wanted, and no bids fell as low as par. The announcement of the Government’s intention to raise a new war loan produced no immediate effect on the market. Banks were more active than in recent weeks, Nationals and Unions turning over at slightly advanced prices, while the demand remained steady for New Zealands and the “ long D shares. Australlas had one or two tentative quotations. National and Standard Insurances were asked for throughout the week, but no business resulted. Inquiries continued for meat preserving shares, with practically no variation in the market, and loan and agency lines were-quiet. A parcel of Auckland Gas shares changed hands, but this section was otherwise neglected. In the coal mining section Kaitangatas and Westports were firm, the latter. having a sale at £1 2s 9d. Woollens were'not active, though Bond’s, ordinary Bruce, preferred Kaiapoi, and Timarus were all in demand, the last having a bid of 12s. Australian industrials were mainly steady, though quotations were irregular and Broken Hills, after firming to have business at £2 6s 6d, dropped back to the extent of about Is, only to recover before the end of the week. All frontrank Dominion lines were well supported, but sellers seldom responded to buyers advances. Milburn Limes again came into prominence, and there was a keen demand, particularly in the early part of the week, for Mac Duffs. Breweries were generally dull, though a parcel of New Zealands realised £1 14s. In-: the Australian mining section, interest was fairly well maintained, out few parcels were .available, and even when close markets " were experienced, sales leemed hard to effect. YESTERDAY'S SALES DUNEDIN

Wright, Stephenson (pref.; 2) .. 1 0 6 National Electrical 0 17 6 ; "v AUCKLAND ; Sales on ’Change.—Stock. 1946-49. 4 per cent., £lO5 15s; Stock, 1949-52, 4 per cerit., £lO6 15s; Commercial Bank of Australia, 15s; Bank of New Zealand (2). £2 2s 6d. New Zealand Insurance, £3 Os 6d, South British (late sale), £2 10s. £2 9s 9d, Dominion Breweries Hate sale £1 11s, New Zealand Breweries (late sale), 3d; British Tobacco, £2 9s sd; Bremen Hill Ptv (late sale), £2 6s 9d; Claude Neon (N y z.: late sale), £1 Is 6d; Colonial Sugar. £52 10s; New Zealand Refrigerating (#1), £1 Os 6d, £1 Os 9d; Taranaki Oil Developments.: 3s ' 3d; Wilsons Cement. 19s 7d. Woolworths (N.Z.), 16s 9d; Clutha (late sale), Is 9d. . . WELLINGTON Sales on ’Change.—Bank of New Zealand (late Thurs.) £2 2s 6d; Mac Duffs (ord.; late Thurs.), 11s; 3| per cent Stock 1941, £101; 4 per cent. Stock, 1949, £lO5 15s; Bank of Ausralasla. £B7 7s 6d; New Zealand;Refrigerating (cont.), 9s 6d; New Zealand- Breweries, £1 14s; Farmers Trading, £1 0s 3d; Mac Duffs (prd.), 11s; Woolworths Ltd.. 18s <sd; ‘National Electric, 17s 6d; Woolworths (N.Z.), 16s lOd. CHRISTCHURCH Sales on ’Change.—Dunlop Rubber, 19s 8d: McLeod Bros., £27 10s. • Sales Reported.—South British Insurance £2 10s; New Zealand Refrigerating (£1 paid), £1 0s lid; Christchurch Gas, £1 ss; New Zealand Breweries, £1 14s; British Tobacco, £2 9s 6d; Farmers Trading. £1 0s 6d'. . _ . Unlisted Stocks.—Sales reported: Australian Motorists Petrol.. 11s. MINING NEWS WAITAHU RETURN The Waltahu Gold Mining Company, Ltd..; reports that a further partial washup in No. 24 paddock resulted in a return of 270 z 9dwt. for 24 shifts of eight hours each. This makes a total of 570 z 17dwt so far won from this paddock. MARTHA, GOLD MINING COMPANY INTERIM DIVIDEND DECLARED (Special to Daily Times) AUCKLAND, Sept. 27. Cabled advice has been received from London by Mr J. H. G. Banks, local director and attorney for the Martha Gold Minincr Company (Waihi), Limited, that the directors have declared an unchanged interim dividend of 6d a share, free of British income tax. payable on November 1. GOODS ON ARMADALE AMENDED PROCEDURE (Per United Press Association) WELLINGTON, Sept. 27. The Associated Chambers of Commerce have been advised by the Minister of Customs, Mr Nash, of a modification of the procedure previously laid down in regard to the Armadale insofar as goods loaded in New York affected. Where such goods have been endorsed against a tnird or fourth period licence a special fourth period licence will be issued to the value of the goods so endorsed if the importer considers that the balance remaining on his existing licences is insufficient to cover the requirements for the remainder of 1940. In other cases where an importer held no licence in respect to the third or fourth period, and a special fourth period licence has accordingly been issued, this licence will not now be regarded as a charge against the allocation for a later period.

LATEST QUOTATIONS IMPROVEMENTS IN INSURANCES The following are yesterday afternoon’s buying and selling quotations on the Dunedin Stock Exchange, which are subject to the usual brokerage:—

All stocks in this section are not quoted on the official list, and transactions are subject to a different rate of brokerage:— Buyer. Seiler. £ s. d. £ s. d. Dunedin Ice Cream .. 1 4 6» Mackintosh - Caley - ' Phoenix .. .. .. 0 8 0 BUSINESS IN JULY BANK ADVANCES AGAIN LOWER NOTE CIRCULATION REACHES NEW RECORD Bank debits placed to individual customers’ accounts during the month of July averaged £18,258,414 a week, a decrease of £1,033,556 (5.4 per cent.) below the average for June. Compared with July. 1939, however, an increase of £949,226 (5.5 per cent.) is recorded. The average amount on deposit with the trading banks during the month of July (£78,660,528) shows a small increase (£167,953) above the average for June, a substantial decline in fixed deposits being more than offset by an unseasonable movement in deposits on current account. The latter, at £45,495,284, showed an increase of £941,571 above the June average, while compared with July, 1939, an increase of £10,984,473 has been recorded. Fixed deposits during July averaged £32,372,314, a decrease of £830,163 below the June figure. The ratio of free to fixed deposits in July was 140,54 per cent, compared with 111.94 per cent. 12 months earlier. There has been a further substantial decline in bank advances, the average for July (£46,909,642) being £1,353,382 less than that of the previous month and £7,789,989 below the average for July, 1939. The ratio of advances to deposits has now reached the abnormally low figure of 59.64 per cent., the comparable ratio for July, 1939, being 82.91 per cent. Unexercised overdraft authorities at July 29 amounted to £29,647,402, compared with £29,643.228 on June 24. The corresponding figure at the end of July, 1939, was £23,549,121. The active bank-note circulation, which reached a new high level in June, advanced still further during July, the average for the month (£15,251.757) being £726.523 above the June figure. The increase during the last two months has amounted to £1,530,335 (11.2 per cent.), while compared with July, 1939, an increase of £3,478,141 (29.5 per cent.) has tsksn place. Net overseas funds (on account of New Zealand business) of banks operating in New Zealand reflect the slackening of the export season, the amount held on July 29 being £(N.Z.)25,574,219, a decline of £(N Z.) 1,807,885 below the total at June 24 On July 31, 1939, net overseas funds totalled £ (N.Z.)8,922,449. AUSTRALIAN STOCK EXCHANGES (United Press Association) (By Electric Telegraph—Copyright) SYDNEY, Sept. 27. (Received Sept. 27, at 11 p.m.) The tone of the share market remains strong despite the uncertainty of the overseas situation. , Bank of New South Wales £27, British Tobacco £2 9s 3d, Felt Textiles £1 13s, Colonial Sugar £47 15s, Mount Lyell £1 8s 3d. Loloma £1 3s sd. MELBOURNE, Sept. 27. Commercial Bank of Australia 14s 2d, Drug Houses £1 6s 9d, G. J. Coles £3 6s, Herald and Times £2 7s 9d, Emperor 10s 4d, Consolidated Industries £1 15s 6d, Consolidated Industries (new) 17s 9d.

GRAIN AND PRODUCE MARKETS UNCHANGED WHEAT RETURNS The abstract of statistics for August shows that threshing returns of wheat have been received for 89 per cent, of the total areas threshed. The yield so far is 7,103,759 bushels from 228,058 acres, giving an average yield of 31.15 bushels per acre. The fowl wheat market remains unchanged at 5s 6d to 5s 9d per bushel, sacks extra, ex store. Prices for Flour, etc. Wholesale prices are as follows: — Flour.—2oo’s, £l3 15s Gd; 100’s, £l4 12s 6d: 50’s, £l4 17s 6d; 25’s, £ls 7s 6d. Pollard, £6 15s per ton of 20001 b, Bran, £5 5s per ton of 20001 b. Oatmeal.—2oolb sacks, £27 14s per ton; 251 b, loose, £29 4s; 251 b, packed In sacks of eight, £29 14s. Small Stocks of Oats Stocks of oats are practically exhausted in the local stores, and this position actually applies to the stores throughout the South Island. There is a steady demand from farmers for seed oats, and the few good lines available are being used for this purpose. There are no oats available for shipment from this port, and as a consequence, business with the North Island has to be done from other ports. The nominal value of A grade Gartons is 4s 8d per bushel, f.0.b., 5.1., with B’s at 4s 6d, f.0.b., s.l. These prices are equivalent to 3s lOd and 3s 8d respectively* on trucks, country sidings, sacks extra. Quiet Demand for Chaff The demand for chaff is on the quiet side. Values are unchanged at the lower values ruling recently. Glut of Potatoes The potato market lifeless, with supplies greatly in excess of the demand. Unless an outlet can be found in an overseas market —and this does not appear likely—it would seem that in Canterbury particularly large considerable quantities of potatoes will be left in growers’ hands. Quiet Period In Seeds There is little to report in the seed markets. Values of the principal lines, such as cocksfoot, ryegrass, and white clover, remain firm at recent rates, with stocks, which are not heavy, gradually diminishing. The recent firming in the browntop market is well maintained. Here, again, the quantity of seed held is small, and the next harvest is from six to seven months away. The market for crested dogstail and cowgrass continues on the quiet side. Recent reports of a poor harvest in England for seeds may have the effect of stimulating Interest in these particular varieties. Stocks of Chewings’s fescue are in short compass, and it is now evident that there will be a complete clearance by the end of the year. The new seed should be available about February. It is difficult to name prices of seeds, because in practically every instance there is a vWde range between the lower quality and seeds of export quality. Miscellaneous Produce Wholesale prices are as follows: Chaff—Good, bright oaten sheaf, to £6 10s per ton. ex truck; to £7 per ton, ex store. Potatoes.—Prices low and irregular. Dairy Butter. —Milled bulk, Is per lb; separator, Is per lb. Bacon. Is 3d per lb. Hams, Is 2d per lb; boneless, Is sd-. Onions,—Canterbury, to 15s per cental bag. Eggs.—Heavy, Is 6d per dozen: standard, Is 4d; medium, Is 2d. These prices are fixed under the new Government scheme.

FRUIT AND VEGETABLES SHIPMENT OF BANANAS HOTHOUSE TOMATOES A quiet week has been experienced in the marts. There have been no arrivals of overseas fruit, but a shipment of Samoan bananas is expected on Tuesday next. The shipment will comprise approximately 2000 cases, which is a larger shipment than usual. Hothouse tomatoes have commenced to come forward from the North Island, and supplies from Christchurch should be available early next month. Australian navel oranges have been sold out of the marts. A further shipment is expected In about 10 days’ time. The prices of the incoming shipment have been raised by Is to Is 3d per case. There will be only a few navels in the shipment. The bulk of the oranges will be Valencias. Lemons are in fair supply. A further supply is expected at the end of next week. Poorman oranges are still coming forward, but the demand Is weak. Supplies of apples are getting on the short side. This fruit is meeting with a ready sale. , „ ~ There will be no Importations of Californian grapes this season, as this fruit has been declared a luxury by the Customs Department. Cauliflowers have had a better demand. Supplies are not so plentiful as last week. Spring cabbages are in better supply, and savoys in heavy supply. The latter are slow of sale. Rhubarb is more plentiful and the market is easier.

Spinach is in good supply. There is a sound demand for choice quality lettuce. Swedes, carrots, and parsnips are still selling at low prices. Many of these lines are arriving in poor condition, and as they are not saleable they have to be disposed of as pig food or taken to the tip. Frufct growers in Central Otago are experiencing an anxious time, as early frosts are being experienced almost nightly. It is too early as yet to determine the damage which may have been caused, as the stone fruit is still mostly in the budding stage. It is reported,' however, that nectarines and apricots have been affected in some districts. Frost-fighting appliances are installed by some orchar'dists in Centi’al Otago, and the fire pots are proving quite effective in warding off attacks by frost. Wholesale Prices Wholesale prices are as follows: Australian navels, 20s 3d to 265, according to count. Boorman oranges. 10s to 12s per case. Apples.—Delicious and Sturmers, 8s to 10s 6d per case. Pears.—Dessert, to 6s 6d per half-case; cases, to 135., Samoan Bananas.—Will arrive next week. Lemons.—New Zealand, 13s to 20s per case, according to count. Cauliflowers.—Choice, 2s 6d to 6s per sack; others, Is to 2s. Cabbage, Is 6d to 2s per sack; spring. Is 6d to 2s per case, Potatoes, 3s to 3s 6d per cwt. Celery, Is to 2s 6d per dozen heads. Rhubarb, 2s 6d to 3s 6d per dozen 11b bunches. Lettuce; Choice, Is 6d to 2s 6d per dozen; others. Is per case. Carrots. Is to 2s per sugar bag. Swedes, Is to Is 3d per sugar bag. Beet, 9d to Is per dozen bunches. Parsnips, Is to Is 6d per sugar bag. EXPORT OF POTATOES GOOD PRICES IN SYDNEY (Per United Press Association) CHRISTCHURCH, Sept. 27. Another shipment of approximately 1000 tons of potatoes was sent from Lyttelton to Sydney this week. This completes the Lyttelton quota under the arrangement reached some months ago to export 5000 tons to Australia this season. The final shipment of approximately 600 tons will be from Timaru early next month. New Zealand potatoes are selling in Sydney now at £l3 a ton, and on this price the Government should be clearing between £2 and £3 a ton, where it was more or less only breaking even on the earlier shipments. , . The successful conclusion of negotiations with the Federal Government for further shipments is still hoped for. although prices for Australian potatoes, which now range up to £ls 10s a ton, have gone higher in other seasons without the Federal Government considering it necessary to lift the embargo on imports from New Zealand. It does seem, .however. on the information available, that prices in Australia this season would be higher than they are if it were not for control being exercised over them. In the meantime, the local market is In a peculiar position. There is still a substantial surplus of potatoes and very few are required, but buyers who have been making inquiries found that if they want potatoes they have to pay a higher price than that which has been ruling for some time. Growers have reached the stage where they are not prepared to bother with their potatoes unless a reasonably payable price is obtainable. there is not a great deal of activity In the seeds market and prices show little change. There is little demand for chaff, inquiry being received for only odd trucks, and the price remains round £5 a ton.

CHRISTCHURCH STOCK EXCHANGE GOVERNMENT ISSUES PRICES SOMEWHAT STEADIER (Special to Daily Times) CHRISTCHURCH, Sept. 27. The loss of a day’s trading on Monday, Dominion Day, had little effect on the turnover in the Investment market this week, the total of £15,206 being only £266 below last week's improved level. Dealings in Government loans were again maintained at a substantial volume, but, although all the issues were well supported, prices were somewhat steadier than they have been recently. The 3, per cent. 1953-57 Stock and the 4 pel cent., 1949-52, advanced by the moderate amounts of 7s 6d and ss, and two j the 4 per cents, due in 1946 and 1949 were easier, the shorter dated at £lO2 15s, and the other at £lO6 10s. The other Issues were firm at recent ?' a Interest revived in a wide ia ”p of company and local body debentures, but not much business developed. Other sec tions of the market had the now customary surplus of buyers, and several shares continued the upward trend of recent W Prices of bank shares, In which most business was in New Zealands, we firmer, but Insurances, except South British, weakened sUghtiy. South Batlsl . which announced a larger distribution for the vear, remained at ous. Pastoral and frozen meat shares were firm to better on limited dealings, the only sales in the latter section being of New Zealands, for which slightly better prices of 20s 9d and 20s lid were paid for the 20 S shares. Contributing were firm at 9s 6d. Canterbury, ordinary and prefer ence, again had strong inquiry without dr Holdlrs Se of e coal and gas shares obtained some better prices, but some of leading brewery issues weakened. Dominion and New Zealand both lost 6d, the former to 31s and the latter to 345. All the miscellaneous industrial shares sold except one were either firm’ or better, the exception being Dunlop Rubber which sold at 19s Bd, 2s 3d below the last recorded business at the beginning of April. British Tobacco and Broken Hill were two Issues which made good gams, but tobacco shares steadied at the close. Grey Rivers, Lyells, and Cluthas had the onlv sales in the mining market, and all were at better prices. NEW ZEALAND GUARANTEE CORPORATION FINAL DIVIDEND (Per United Press Association) WELLINGTON, Sept. 27. The directors of the New Zealand Guarantee Corporation have decided to recommend at the annual meeting on October 29 that a final dividend of one penny a share less Social and National Security taxes be paid.

Sales Reported 4 p.C. Stock, 1954-58 Bank of Australasia Bank of New Zealand .. . 108 0 8 0 2 2 0 19 0 0 5 0 0 9 8 0 17 B New Zealand Breweries ... Sales on ’Change 1 14 0

N.Z, GOVERNMENT LOANS Buyer. Seller. £ s. d. i s d. 3J p.c. Bonds. 1953-57 100 12 6 — 3i p.c. Stock, 1953-57 100 12 6 — 3iJ p.c. Stock, 1941 101 0 0 — 4 p.c. Stock. 1940-43 .. 101 0 0 — 4 p.c Bonds, 1943-46.. 102 10 0 — 4 p.c. Stock, 1943-46 .. 102 10 0 — 4 p.c. Bonds, Nov., 1948 105 0 0 — 4 p.c. Stock. Nov., 1948 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, 1852-55 .. 106 10 0 — 4 p.c. Bonds. 1954-58 .. 107 10 0 — 4 p.c. Stock, 1954-58 .. 107 10 0 — MINING Austral N.Z Mining (£1) 1 4 0 — Big River (Is) .. .. 0 0 6 0 0 8 Clutha River (2s) .. 0 1 4 0 2 0 Gillespie's Beach (Is) 0 0 5 0 0 6 Grey River (10s) 0 17 0 — Martha 0 7 5 —- Nokomsi (5s) .. .. 0 1 0 — Okarito (5s) .. ., 0 0 6 — Waitahu (5s) 0 0 7 0 0 8J BANKING N.Z. (£1) 2 2 7 N.Z. (long D; £1) .. 1 7 6 1 9 0 E.S. and A. (£3) .. — 4 15 0 Natl, of N.Z. (£2 10s) 2 0 0 — Union (£5) .. .. 7 0 0 — INSURANCE National (7s) 0 18 10 0 19 1 New Zealand (£1) .. 2 19 6 — South British (10s) .. 2 9 9 — Standard (£1) .. .. 2 17 9 — SHIPPING Howard Smith (£ 1).. 1 0 0 P. and 0. 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 1 0 N.Z Refrig (cent.; 10s) 0 9 5 0 9 7 South. Frozen Meat. (paid; £1) .. .: — 1 17 0 South Otago Freezing (£5) 5 0 0 — LOAN AND AGENCY Natl. Mortgage (£2) — 2 0 0 Natl. Mortgage (B issue; £1) .. .. 1 0 0 — Perpetual Trustees (18s) 2 10 0 — Wright, Stephenson (ord.; £1) .. .. — 1 0 3 Wright. Stephenson (pref.; £1) .. .. 1 0 0 — COAL AND OIL Kaltangata (16s) 1 8 0 1 11 S Westport (10s) .. .. 1 2 6 — Westport - Stockton (pref.; 10s) .. .. 0 5 3 0 7 0 Taranaki Oil (£1 4s 7d) — 0 6 6 WOOLLEN COMPANIES Bond’s Hosiery (£1) 1 7 0 — Bruce (ord.; £1) .. 0 18 3 —• Kalapoi (pref.; 17s) .. 0 16 3 — Mosglel (£4) .. .. 10 0 0 —' MISCELLANEOUS Aust. Consold. Indus. (£1) 1 15 0 Aust. - Consold. Indus. (5s paid) 0 16 e — Aust. Iron and Steel (pref.; £1) .. ,. 1 6 0 — Broken Hill Pty. (£1) 2 5 6 2 7 3 Chas. Begg and Co. .. — 1 3 6 Colonial Sugar (£20) 49 0 0 — 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 3 G. J. Coles (£1) .. 3 6 0 — MacDuffs (ord.; £1) 0 10 9 — MacDuffs (pref.; £1) — 0 19 0 Milburn Lime (£1).. 2 0 0 — McKenzies Dept. Strs. (£1) ... 2 5 6 2 7 6 McLeod Bros (£10).. 28 0 0 Natl. Electric (£1) .. 0 17 3 0 17 9 N.Z. Drug Co. (£2) 3 13 9 3 14 9 N.Z. Drug (rights) .. 1 6 9 — Otago Daily Times (£1) — 2 0 3 Southland Ice Cream (£1) •1 1 6 Woolworths (N.Z.; ord.; 5s) 0 16 3 Woolworths (Syd.; ord.; 5s) 0, 18 0 — BREWERIES N.Z. Breweries (£ 1 I 14 6 Dunedin (£1) — 1 5 0 Tooth’s (£1) .. .. . 2 15 0 Carlton (£1) .. .. 3 2 0 — AUSTRALIAN MINING Broken Hill South (5s) 1 5 6 Electro. Zinc (ord.; i £1) 2 11 0 Emperor (10s) .. .. 0 10 9 - Mount Lyell (£1) .. — 1 9 0 Mount Morgan (2s 6d) 0 3 0 0 9 0 North Broken Hill (5s) 1 16 6 Wellington Alluvials (2s) .. ... .. — 0 4 6 •Ex dividend. UNLISTED STOCKS