COMMERCE AND FINANCE

Otago Daily Times, Issue 24421, 5 October 1940, Page 3

COMMERCE AND FINANCE

THE SHARE MARKET bUNEbIN STOCK EXCHANGE BRIGHTER CONDITIONS CONTINUE MINING SECTIONS ACTIVITY The past week opened brightly on the Sunedin Stock Exchange, the most notable feature being a revival of interest in mining shares. The recent announcements of good returns obtained by the Clutha River Dredge and the Austral-New Zealand Company's dredge operating at Lowburn gave rise to some intensification of interest in these two companies, and the effect spread to other lines in the, same section. The announcement of a 6d dividend on Martha- shares was also a contributing factor. On the whole, values did*not change to any extent, though the offer for Austral-New Zealands was increased to £1 5s when sellers were asking £1 9s, and there was a marked improvement in the bidding for Clutha, Rivers. In the latter case, however, the actual market value is more difficult to estimate as no sellers have come forward. All front-rank industrials had a good •week with prices for New Zealand lines steady and Australians inclining to firm. The keen demand of a week ago for Mac Duffs was not maintained, offers for the-ordinary shares being withdrawn and sellers cutting down on the figure they were demanding for the preference issue MUbiirn. Times, and McKenzies:were prominent throughouty and among-the transTasman'lines, Broken. Hills and G. J< Coles commanded a sustained inquiry. ■- The steadiness of the miscellaneous ■ection did not extend to the brewery .-.■•■ection, Ballin's, New Zealand and Dunedin Breweries all being easier on sellers' quotations. Tooths and Carlton, however, attracted increased attention and higher bids. The banking section was more active than for some weeks. New Zealands had a number of transactions at £2 2s 6d, remaining very steady throughout and nationals were a little firmer with a sale at £2 Os 3d. With the exception of Unions, overseas banks were mainly .'. neglected and. no offers were made for i a parcel of-E:§rand A. Banks which was available at £4 15s. ' i 7; v . Meat preserving, shares were in good demand with contributing New Zealand Refrigeratings turning over at 9s 6d. There was less eagerness towards the close of the week, but the price remained unaltered. , . Loan and agency, coal and oil and woollen shares were practically unchanged. YESTERDAY'S SALES DUNEDIN

AUCKLAND Sales on 'Change.—4 p.c. Australian Bonds, 1947, £105; Mount Roskill Road Board. 1955. 41 p.c, £lO4 10s; Auckland Gas (pref.), £102; National Insurance, 18s 9d; Auckland Gas (late sale), 8s 3d; Auckland Gas (cont.; late sale), 3s Id; Dominion Breweries, £1 10s; A.C.I, (late sale), £1 18s 6d; Broken Hill Proprietary, £2 6s 9d; Colonial Sugar, £52 4s; New Zealand Drug (rights), £1 7s 3d; Wilsons Cement, 19s 6d. , , ,„ n Unlisted Stock.— Selfndge's (New Zealand), 3s 9d., WELLINGTON Sales on 'Change.—National Bank of New Zealand (late Thurs.), £2 0s 6d; Equitable Buildings (late Thurs.), 12s 6d; Auckland Gas (late Thurs.), 8s 3d; 4 p.c. Stock, 1958 (2). £IOB 7s 6d; Auckland Harbour Board, 41 pc 1959, £IOB 2s 6d; Auckland Gas, 8s i.4d; New Zealand Breweries, £1 13s; '■' Broken Hill (2), £2 6s 9d; Colonial Sugar, £52 ss; Mac Duffs (pref.), 17s 6d; McKen- ; zies Stores, £2 ss; Wilsons Cement, 19s 6d; Mount Lyell. £1 10s. CHRISTCHURCH Sales on 'Change.—Manawatu Woollens, 19s 9d: Mount Morgan, 8s Bd. . " UnUsted Stocks.—Australian Motorists i Petrol, 12s 6d. ■ ■'/■ , , - ._ Sales Reported.—3J p.c. Stock, 1953-57, '£lol.ss; New Zealand Drug Cp. (rights), £1 7s 3d; Mount Lyell (2), £l. 10s, £1 10s Id; Asociated Gold Dredges (10s paid), 9s 7d. , CANTERBURY MARKETS GRAIN AND PRODUCE A QUIET PERIOD (Per ..United .Press .. Association) i Ji CHRISTCHURCH, Oct. 4. There has been little activity in any ■ectlon of the grain and produce rnarket this week. The r spring wheat sowing which was delayed in some parts of the province by unfavourable, weather, is practically complete. It -has been impossible to sow some areas Which were intended lor wheat, particularly in the Ellesmere district, and earlier estimates of the total area o£ 300,0dO ! .acres-have had to be reVised, Growers'are reminded that the last day for -forwarding the current season's f.a.q. milling wheat is November 30. Wheat held after that date will miss the final payment of 3d a bushel. No announcement has been made about the further export of potatoes to Aus- * tralia, and little interest is being taken in the markets ' % PRICES FOR MAIZE FIXED SCHEDtp ANNOUNCED (Per United Press Association* -r • WELLINGTON. Oct. 4. In a statement to-day the Minister of Marketing, Mr W. Nash, dealt with the auestion of prices for locally-grown maize. "In order to 'encourage production. Mr Nash said, " and stabilise the market in the interests of the growers it has been decided, after consultation with the Ministed of Agriculture, Mr W. Lee Martin, that the prices to be paid for the 1941 maize crop will be fixed prices arranged upon the same • basis as that ruling for 1940. These prices are (all f.0.b., s.i., Gisbome): July shipment, 5s 6d; August, 5s Bd;' September. 5s 9d; October. 5s lOd; November, 5s lid; December, 6s; January to "June. 1942; 6s. In the: case: 6f supplies drawn from the Bay of Plenty, Wairoa and Hawke's Bay, the above prices will be increased by 3d per bushel, f.0.b., s.i., or on trucks, as the case may be. It is. expected that such basis will prove remunerative to the grower, and it is therefore hoped that the arrangement will result in the planting of a substantially increased acreage of maize. Increased local production of maize will render importations unnecessary and thereby assist in safeguarding sterling funds."

LATEST QUOTATIONS AUSTRAL-NEW ZEALAND FIRMER The following are yesterday afternoon's buying and Celling quotations on the Dunedin Stock Exchange, which are subject to the usual brokerage:— N.Z. GOVERNMENT LOANS

• f 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 CHRISTCHURCH SHARE MARKET MOST SECTIONS WELL SUPPORTED SLIGHTLY SMALLER TURNOVER (Special ro Daily Times) CHRISTCHURCH, Oct. 4. Solid support came in for most sections of the share market this week, although the turnover showed some recession from the comparatively high level touched last week. Values generally were well maintained, except for brewery shares, whicn were marked down. Government loans, which were more freely traded last week, were firmly held and the few parcels that were available were at prices showing advances up to 15s on recent levels. Trading in other debentures was practically confined to Auckland Gas (5 per cent, perpetual), but municipal and local body issues were fairly active in other centres , , . , Banks moved somewhat irregularly, with National of New Zealand showing some weakening, but insurances on a more active market fully maintained their recent rates. Frozen meat and gas shares also had a better turnover at prices which were generally firm, and shipping shares, which have had little inquiry for a long time, showed some improvement on a small turnover. Woollen shares attracted better business and the orices of several issues were silently higher. The two big Now Zealand brewery concerns were weaker, Dominion losing Is to 30s, and New Zealand Is 6d to 32s 9d. The big Australian company. Tooth's, which has been off the market since early in April, also slipped back sharply, sales this week being at 51s 6d, which is 6s 9cl below their last price. Miscellaneous industrials were well supported at prices which were fully firm, but chain stores showed some irregularity. G. J Coles and McKenzies being stronger and Woolworth's (N.Z.) weaker. The " Mosquito Fleet " had all the New Zealand mining business, with several issues at" better rates, and among the Australians. South Brokens, Morgans, and Lyells all gained ground, the last-named being Is lOd better at 30s Id.

GRAIN AND PRODUCE MARKETS UNCHANGED SOWING HEARING COMPLETION The final increase in the payments for milling wheat, under the Government guaranteed price, is recorded this month, the values being based on 5s 10id, f.0.b., aacks extra, for Tuscan. The increase however, does not interest growers to any extent, as there is practically no milling wheat now to offer. There is a fair quantity of fowl wheat still available, a considerable proportion being undergrade. The demand for fowi wheat is on the quiet side, and sales are difficult to effect. The fowl wheat market has been affected by the heavy quantity of undergrade which has been offering from Southland. The wholesale value for best quality is 5s 6d to' 5s 9d per bushel, sacks extra, with undergrade selling at from 4s 9d to 5s 3d per bushel. With the fine weather experienced earlier in the season, fair quantities of wheat were sown, and odd deliveries of seed lines are still being made to the country. It is anticipated that the sowing of spring wheat will be completed this month. Prices for Flour, etc. Wholesale prices are as follows; — Flour.—2oo*s, £l3 15s 6d; 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. Firm Position in Oats The oat market continues firm, with few lines now offering from the country Most of the oat crop appears to have been marketed, and the stores are holding only a limited quantity. Inquiries continue to be received from the North Island, and the ruling quotation for shipments is 4s 8d to 4s 9d per bushel, f.0.b., s.i., for A Gartons, with B's at 4s 6d, f.0.b., s.i. Millers are also operating for lines suitable for their trade. With the limited quantity of oats now available it is expected that there will be a total clearance of stocks by the end of the year. Seed oats are still being delivered in the country, and indications point to a substantial sowing for the season Limited Demand for Chaff There is only a limited demand for chaff. The stores hold ample supplies, and an occasional consignment continues to arrive from the country. Small lots ex the stores are worth £7 per ton wholesale, and the value for a truckload is £6 10s per ton. Poor Sale for Potatoes The potato market continues lifeless. The stores are unable to make clearances, and low values are being accepted to effect a sale. The future position of the market appears to be hopeless, as the supplies throughout the South Island are too great to be absorbed by householders. Little Change in Seeds Some lines of seeds are being inquired for in the wholesale market, but generally a quiet period is being experienced. The ryegrass market is unchanged. High-germinating seed is wanted for the spring retail trade, but there is no market for low-germinating quality. The cocksfoot market firmed during the week, and up to Is 6d per lb is now being asked for deliveries of Akaroa seed from Christchurch. By the time this seed is railed to the local market a high retail price is in sight. This position is expected to continue, as sales have been made for shipment to England. Supplies of Danish cocksfoot are now unobtainable in the English market. After a short period of quietness the market has improved, following on inquiries from overseas. Seed of a high purity and germination is required for export, and there are now few lines of this quality available. The cowgrass market is quiet, but the Montgomery clover market continues firm. Several sales of Montgomery clover have been made during the week for the requirements of the Dominion, and a shortage of stocks is keeping values steady. Dogstail S eed is in over-supply, and there is little prospect of an export demand. Export business has been transacted with England and America in Chewings's fescue and brown top. There is a shortage of supplies of both these seeds, and the.market is firm. 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 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 ORANGES ON MONDAY A shipment of bananas arrived at the week-end. The fruit was in fair order and met a ready sale. A supply of Australian Valencia oranges is due to arrive on Monday. There will be about 2500 cases in the shipment. Small quantities of pears are still being delivered ex cool stores. . The market is bare of supplies of lemons, and no information is, available regarding the next consignment. The supplies of apples coming forward are about equal to the demand. Most of the apples are out of cool store. A small quantity of pineapples arrived during the week, and brought high prices in the wholesale marts. Vegetables, with the exception of cauliflowers, have been slow of sale. Large quantities of spring cabbage are reaching the marts, but the quality has been only fair, and lower prices have been ruling. Savoy cabbages are practically unsaleable. Large quantities of lettuce are available. The quality generally is poor, and any sound lines have a good demand. Swedes, beetroot, parsnips, and celery are about finished for the season. The prices for cauliflowers have improved. " , Leeks are still in over-supply. Supplies of rhubarb have increased, and the market is easier Small lots of radishes are coming forward and meeting a quick sale fit the marts. Spinach is in fair supply. Wholesale Prices Wholesale prices are as follows: Australian Valencias, to be landed on Monday. Apples.—Delicious and Stunners. 8s to 10s 6d per case. Pears.—Dessert, to 6s 6d per half-case. Pineapples, 30s to 40s per case of 18 to 21. Samoan Bananas.—Green, 21s 6d per case. Lemons.—New Zealand, 13s to 20s per case, according to count. Cauliflowers.—Choice, to 9s per sack; others, 4s to 6s; inferior, Is to 2s. Cabbage, Is per sack; spring, Is to 2s per case. Radishes, Is per dozen bunches. Spring onions, 6d to 8d per dozen bunches. Spinach, Is per dozen bunches. Silver beet, to Is 6d per dozen. Leeks, Is to Is 6d per dozen bunches. Potatoes, 3s to 3s 6d per cwt. Rhubarb, to 2s per dozen lib bunches. Lettuce.—Choice, Is 6d to 2s 6d per dozen; others. Is per case. Carrots, Is to Is 6d 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. BALCLUTHA STOCK SALE (Special ro Daily Times) BALCLUTHA, Oct. 4. The fortnightly sale to-day was a remarkably good one for all classes of stock, and particularly for fat sheep and fat cattle. Fat Sheep.—A fair yarding. Best heavy wethers made 50s, medium wethers 30s to 38s, heavy ewes 42s to 48s, medium ewes 32s to 395. Store Sheep.—A small yarding. Ewes and lambs, all counted, sold at 14s to 17s 2d. There were no other store sheep. Fat Cattle.—A fair yarding and keen demand. Bullocks sold at £l4 to £ls 12s 6d, fat cows £l2 10s to £l4 15s, fat heifers £lO to £l4 10s, light and unfinished £6, unfinished bullocks £9. Store Cattle.—Mixed steers and heifers, 15 months old, sold at £4 18s, two-year steers £8 Is. Dairy cows sold at up to £9 for best. Pigs.—A fair penning, and a very keen demand for suckers, which sold at 27s to 355.

IMPROVED ONION CROP NO NEED FOR IMPORTS FIRST TIME FOR YEARS (Per United Press Association) WELLINGTON, Oct. 4. “ The onion crop last season proved very satisfactory, and this Is the first time for many years in which it has not been necessary for New Zealand to import onions from overseas,” said the Minister of Marketing (Mr W. Nash) today. "Until recent years New Zealandgrown onions could only be depended upon to keep in sound condition until June or July, and from then onwards to the end of the year It has been necessary to supplement local supplies with substantial importations from Japan, California, Canada, and Australia. Largely as a result of the work of the Department of Agriculture, the onion growers are now growing much better-keeping varieties than was the case a few years ago. " While there is still room for further improvement,” Mr Nash said, " sufficient sound onions are now available to meet New Zealand requirements up to the end of October and probably until the new crop commences to come in about the middle of December. Thus a considerable saving in overseas exchange has been effected, and it is hoped that with the further cropping of better-keeping varieties importations may also be rendered unnecessary in future years. MINING NEWS AUSTRAL N,Z. DREDGE The return for September of the Aus-tral-New Zealand Dredging Company, operating at Lowburn, was 1082 ounces. The dredge worked 427 hours in 25 days, treating 270,000 cubic yards. AUSTRALIAN STOCK EXCHANGES (United Press Association! (By Electric Telegraph—Copyright) SYDNEY. Oct. 4. (Received Oct. 5, at 0.30 a.m.) The Stock Exchange to-day was quiet preceding the holiday week-end. Additional Sales. —British Tobacco £2 10s, Dunlop, Perdriau 18s 6d, Tooheys £1 8s 6d. General Industries 16s 6d, Henry Jones £2 15s 3d, Felt Textiles £1 12s 9d, Adams 13s 6d, Wunderlich £1 Is 6d, Mount Lyell £1 9s 7d. MELBOURNE. Oct. 4. Bank of Australasia £7 6s, Herald and Times £2 8s 3d, Consolidated Industries £1 15s 9d, Electrolytic Zinc (pref.) £2 13s. ______________

Sales Reported Bank of N.Z. (long D) .. . Broken Hill Proprietary .. . * . 1 . 2 . 7 . 2 a. 8 0 2 6 d 6 3 6 9

Buyer. Seller. £ s. d £ s, . d 31 p.c. Bonds, 1953-57 100 17 6 — 3J p.c. Stock, 1953-57 100 17 6 — 3:1 P.c. Stock, 1941 .. 101 0 0 — 4 p.c. Bonds, 1943-46 .. 102 0 0 — 4 p.c. Stock, 1943-46 .. 102 0 0 — 4 p.c. Bonds, Nov., 1948 104 10 0 — 4 p.c. Stock, Nov., 1948 104 10 0 — 4 p.c. Stock, 1949-52 .. 106 10 0 — 4 p.c. Bonds, 1952-55 .. 107 0 0 — 4 p.c. Stock, 1952-55 .. 107 0 0 — 4 p.c. Bonds, 1954-58 .. 107 10 0 — 4 p.c. Stock, 1954-58 .. 107 10 0 — MINING Austral N.2 Mining (£1) .. .. .. .. 1 6 0 1 10 0 Big River (Is) .. .. 0 0 6 — Central Shotover (Is) — 0 0 1 Clutha River (2s) 0 1 8 — Gi.Hesoie's Beach (Is) 0 0 5 0 0 6 0 7 7 — Nokom'ai (5s) 0 1 0 — Okarito (5s) .. .. 0 0 7 0 0 8J Paddy's Point (5s) .. — 0 0 8 Sandhills (Is) .. .. — 0 0 1 Waitahu (5s) . .. 0 0 7 0 0 8 BANKING N.S.W. (£20) .. .. 27 0 0 _ N.Z. (£1) —. 2 2 6 N.Z. (Long D £1) .. 1 8 0 1 9 0 E.S. and A. (£3) .. — 4 15 0 Natl. Of N.Z. (£2 10s) 2 0 0 2 1 0 Union (£5) .... — 7 3 0 INSURANCE National (7s) .. 0 18 6 0 19 1 New Zealand (£1) .. 3 0 0 — South British (10s) .. 2 10 0 — Standard (£1) 2 18 0 — SHIPPING P. and O. Def. Stock (£1) — 1 4 0 U.S.S Co. (pref.: £1) 1 S 0 — MEAT PRESERVING Canterbury Meat {pref.; £5) .. .. 6 10 0 — N.Z. ■ Refrig. (paid; £1) — 1 0 9 N.Z Refrig (cont.; 10s) — 0 9 6 South. Froz. Meat (paid; £1) .... — 1 16 6 South Otago Freezing (£5) 5 2 6 — LOAN AND AGENCY Natl. Mortgage X£2).. _ 2 0 0 Natl. Mortgage (B Issue; £1) 1 0 0 —. Perpetual Trustees (18s) 2 11 0 — Trustees, Executors (£3) 4 a 0 _ Wright, Stephenson (ord.; £1) .... — 1 0 3 COAL AND OIL Kaitangata (16s) 1 11 6 Westport (10s) .. .. 1 2 6 13 3 Westport - Stockton = (ord.; 10s) .. .. — 0 2 3 Westport - Stockton .(pref.; 10s) .... 0 5 3 — Taranaki Oil (£1 4s 7d) .. .. '.. .. — 0 6 6 Taranaki Oil Develop. — 0 4 0 WOOLLEN COMPANIES Bond's Hosiery (£1) 1 7 0 _ Bruce (ord.; £1) 0 18 6 1 0 0 Bruce (pref.: £1) .. 1 0 .i — Kaiapoi (ord.; 17s) .. — 0 15 0 Kaiapoi (cont.; 7s) .. 0 5 0 0 5 5 Kaiapoi (pref.; 17s) .. 0 16 3 — Mosgiel (£4) .. ,. 10 0 0 — Oamaru (£1) .. .. 1 0 0 — Timaru (£1) .. ,. 0 12 0 ~ MISCELLANEOUS Aust. Consolidated Inds. (£1) .. ... 1 15 0 — Aust. Iron and Steel (pref.; £1) .. .. — 1 « 9 Chas. Begg and Co. .. 1 1 0 — Crystal Ice (£1) ';. 2 1 0 — D.I.C. (pref.; £1) .. 1 3 6 — Dominion Fertiliser (£1) .. 1 7 3 — Dominion Rubber (£1) — 1 2 0 G. ,J. Coles (£1) 3 7 6 — MacDuffs (pref.; £1) — 0 19 0 Milburn Lime (£ 1) 2 0 0 — MeKenzies Dept Strs. (£1) .. .. .. .. — 2 7 6 McLeod Bros. (£10) — 27 10 0 Natl. Electric (£1) .. 0 17 0 —. N.Z. Drug Co. (£2) — •3 14' 9 Otago Daily Times (£1) — 2 0 0 Regent Theatre (£1).. — 1 0 6 Southland Ice Cream (£1) — 1 10 0 Woolworths (N.Z.; — 0 16 9 Woolworths (Syd.; 0 18 1 0 18 7 BREWERIES Ballins (£1) .. .. — 0 12 0 N.Z. Breweries (£1) — 1 14 0 Dunedin (£1) .. .. — 1 2 6 Tooth's (£1) .. .. — 2 16 0 Carlton (£1) .. .. 3 4 0 — AUSTRALIAN MINING Broken Hill South (5s) 1 5 6 — Electro. Zinc (ord.; £1) .. 2 11 0 » — Electro. Zinc, (pref.; £1) 2 13 0 — Emperor (10s) .. .. 0 10 9 — Mount Lyell (£1) .. 1 9 6 1 12 0 Mount Morgan (2s 6d) 0 8 3 — North Broken Hill (5s) 1 17 0 — Wellington Alluvials (2s) .. — 0 4 6

Mackintosh Caley Otago Farmers (A Dunedln Ice Cream .. " Buyer; £ s. d. 0 8 0 1 ~i 6 Seller. & s. d 1 • •