COMMERCIAL

Otago Witness, Issue 4031, 16 June 1931, Page 17

COMMERCIAL

LONDON STOCK EXCHANGE. LONDON. June 11. The following are the latest quotations for Gorernment securities compared with the prices ruling last week

LONDON STOCK EXCHANGE LONDON, June 9. Bank of Australasia, £8; Bank of New South Wales, £2O; Union Bank of Australia, £5 15s; National Bank of New Zealand. 84s; Bank of New Zealand 4 per cent., £93; shares, 42s 9d; Loan and Mercantile 4 per cent. Debentures, £66 7s 6d; ordinary stock, £35.

FOREIGN EXCHANGES.

BUGBY. June 11. Par. Juno D. June 11. Paris, fr to £1 .. 124.21 124.25% 124.21% Brussels. Oelgas to £J 35 34.92% 34.92% Oslo. In to £1 .. .. 18.150 18.10% 18.10% Stockholm. Sr to £1 ~ 18.150 18.15% 13.15% Copenhagen, in to £1 18.150 18.16% 18.16% Berlin, marks to £1 ~ 20.43 20.5 20.51% Montreal, dol to £1 .. 4.86 2-3 — 4.88% New York, do) to £1 4.86 2-3 4.80 17-32 4.86 9-32 Yokohama, penes to pen 21.58 24 11-32 24 11-32 Hongkong, pence to dot 25.15 11% 11 11-32 Bombay, pence to rupee 18 17% 17% Batavia, florins to £1 12.107 Milan, lire to £1 .. 92.45 02.02% 92.02% Amsterdam, guild to £1 12.107 12.09% 12.08% I’racue. lit to £1 .. 24.02 164% 1G4% Genera, ki to £1 .. 25.22% 25.07% 25.05% Vienna, scbillltgs to £1 24.56% 34.62% 34.61% Helsingfors, marks to £1 193.334 193% 193% Madrid, pesetas to £1 25.22% 50.3 48.20 Athena drachma to £1 25.22% 375 375 Lisbon, escudos to £1 4.50% 110% 110% Bucharest, lei to £1 .. 973 817% 817 Rio de Janeiro, pence » to mllrels IS 3%’ 3 15-16 Bueno* Aires, pence to r,es< ” 34% 34 7-16 Bhanghat. pence to tael 23% 14 u 3-i,j LONDON METAL MARKET. LONDON, June 11. Following are the official quotations in the metal market:— Ton. Copper, spot .. ..£35 5 0 P.ise £l'l4 4% Copper, forward .. .. 36 18 9 Rise 112 6 Electrolytic, spot .... 38 0 0 No change. Electrolytic, forward .. 39 0 0 No change. Wire bar 39 0 0 No change. LeatL Sl,ot UlO 0 Rise 017 6 Lead, forward .. .. 12 0 0 Rise 1 fl 0 Spelter, spot .... 11 6 3 Rise 16 3 Spelter, forward .. .. 11 17 c Rise 16 3 Tm. spot 105 8 9 Rise 415 0 Tin. forward 106 18 9 Rise 415 0 Oz. Silrtr - 12%d Fall %d Silver, standard .... 13 3-16 d Fall l-16d BANK OF ENGLAND RETURN mi r n • • LONDON, June 11. lhe following is the Bank of England return:— ISSUE DEPARTMENT. Note issue in circulation .. £354.250,870 Banking department .. .. 61,005,032 £415,255,902 Government debt £11,015,100 Other Government securities 233.609,212 Other securities 11,274,894 Silver coin 4,160,794 Gold coin and bullion .. .. 155,255,902 £415,255,902 BANKING DEPARTMENT. Proprietors' capital £14,553,000 n,,-"," ••x 3.270,197 1 üblic deposits 9 627 017 Other deposits (bankers) .. 69,651 406 Other accounts 33,266,981 beven-day and other bills .. 2.205

£130,370,806 Government securities . , .. £33,210,90t« Discounts and advances .... 6 597 037 Other securities 28.526,210 Notes in reserve 61,005,032 Gold and silver coin .. .. 1,031,621 £130,370,806 . The proportion of reserve to liabilities is jj.lo per cent. Short loans are quoted at l a per cent.; three months’ bills at 2£ per cent. PRICE OF FINE GOLD LONDON. June 9. I'ine gold is quoted at £4 4s lUd ner oz. THE LEAD MARKET T . T LONDON, June 12. J^d.— Imports 20,858 tons (Australian 6o06); exports, 820. BEET SUGAR •p „ LONDON, June 11. Beet Sugar.—July, 6s 33d. LONDON FRUIT MARKET LONDON, June 10. lhe Tamaroa s New Zealand apples realised: —Stunners, Ils 6d to 12s 6d; Delicious, 13s to 15s; Rokewoods, Romes and Statesmen, 14s to 15s. The secretary of the Otago Provincial J* i uilgi owers Council advises that the High Commissioner’s cabled report for week ended June 6 on the London fruit market is as follows: —Market firmer on account of light supplies. New Zealand practically cleared. Current prices are:— Apples: Jonathans and Statesmen, Us to 14s; Delicious, Stunner, and Ballarat. Us to 13s; Granny Smith, 16s; others, 11s to 12s. TALLOW SALES LONDON, June 10. At the tallow sales 811 casks were offered and 302 were sold at Is to Is 6d decline. ISluttoiK Fine, medium 18s. Beef: Fine, 21s; medium, 17s. BRADFORD MARKET „. LONDON, June 11. The Bradford market is stagnant and weak. Quotations: 70's, 244 d; 64’s 2Ud* 60’s, 20d; 56’a, 131 d; 50’s, 12d; 4G's~ 9d : 40’s, Cd. FROZEN MEAT Messrs Dalgety and Co., Ltd., hare received the following cablegram from their head office, London, dated June 11’— Lamb.—The market for New Zealand lamb is firm, and the demand is fair Quotations: New Zealand prime Canterbury lamb. 28/361b. 7|d; New Zealand prime North Island lamb. 28/361b. 7Jd; New Zealand prime Canterbury lamb, 36/421b, 7|d; New Zealand prime North

Island lamb, 36/421b, 7Jd; New Zealand prime Canterbury lamb, second quality, 6*d; New Zealand prime North Island lamb, second quality, 64d; New Zealand prime Canterbury lamb, 42/50Ib, 7Jd; New Zealand North Island lamb, 42/501b, u&d. Southdown lamb selling at id premium.

Mutton.—The market for New Zealand mutton is firm and the demand is quiet. Quotations: New Zealand prime Canterbury mutton, 48/561b, sjd; New Zealand Prime North Island mutton, 48/561b, 54d; rrS'Xx.i Prime Canterbury mutton, 56/641b, s<l; New Zealand prime North Island mutton, 56/641b. 4§d; New ZeaT’J’ lme Canterbury mutton, 64/721b, 4gd; New Zealand prime North island mutton, 64/721b, 4}d; New Zealand prime Canterbury ewes. ,48/641 b, 4d; New Zea3Jd pllme Noi "th Island ewes, 48/641b.

Beef. The market for New Zealand beet is. nominal, and the demand is nil. (/notations: New Zealand prime ox beef hinds 3d. fores 2/d; Argentine chilled hinds 6d, fores 2Jd. Pork.—The market for New Zealand pork is unchanged, and the demand is poor. Quotations: English porkers. 80/lOOlb. 9d; New Zealand porkers. 80/1001b, 5Jd; New Zealand porkers, 100/120Ib. sd. Australian Lamb.—The market for Australian lamb is unchanged, and the demand is moderate. Quotations: G.A.Q Australian lamb, 287361 b; 6d; G.A.Q. Australian lamb, 3G/4218. Gd; F.A.Q, Australian lamb, 28/361b. sgd. Australian Mutton.—The market tor. Australian mutton is unchanged, and the demand is fair. Quotations: G.A.Q. Australian mutton, 40/601b, 4d; F.A.Q., Australian mutton, 30/551b, 3gd. The demand for frozen meat has been checked by the increased prices asked. WHEAT, FLOUR, ETC.

~.. , LONDON, June 11. Wheat cargoes are dieter at 3d to 6d lower. Parcels skow 3d to 6d decline futures:—London: June, 19s 7d; September, 19s 7-Jd. Liverpool: Julj, 4s 2§d; October. 4s 33d; December, 4s s«d. The spot trade is dull; tendency to be easier. Australian, ex ship, 24s 3d and 25s 6d. Flour; Quiet. Australian, ex store, 18s 6d and 19s 6d. Oats: Slightly easier. Feas and beans: Quiet and unchanged. NEW YORK, June 11. Chicago wheat quotations: June, 691 cents per bushel; July, 57; September, 563; December, 60g.

DAIRY PRODUCE . . LONDON, June 11. Butter is in good demand. Danish, U9s; choicest salted—New Zealand 110 s to U2s. Australian 107 s to 108 s; unsalted —New Zealand U6s to 118 s, Australian 110 s to 112 s. Cheese is steady. New Zealand—white 555, coloured 57s to 58s; Australian—white 545, coloured 575. Messrs A. .S. Paterson and Co., Ltd., are in receipt of the following cablegram from their principals in London: — Butter.—Market easier; Danish, unchanged; New Zealand. 110 s, Ills; Australian, 107 s. Cheese.—Market steady; white fullcream cheese, 54s 6d, 555: standardised cheese, 535, 545; coloured, 575, 58s; standardised cheese, 565. The New Zealand Loan and Mercantile Agency Company. Ltd., has received the following cablegram from its London house, under date June 10: —Butter: New Zealand choicest salted. Ills to U2s; market very slow. Cheese: White, 54s to 555; coloured, 57s to 58s; the market ie steady. The South Island Dairy Association, Ltd., has received the following market report from the New Zealand Produce Association, Ltd., London:—Butter: Quiet; 109 s to U2s; Danish, 118 s to 120 s. Cheese: While, 54s to 555; coloured, 56s to 58s. Amalgamated Dairies, Ltd., reports receipt of the following cablegram from its London office: —Butter prices unchanged; Anchor. 114 s; market very slow; other New Zealand finest, Ills; sales made down to 110 s; Danish, 113 s, f.0.L.; cheese market steady but quiet; white, 54s to 555; coloured, 57s to 58s.

The South Island Dairy Association. Ltd., has received the following market report from the New Zealand Produce Association, Ltd., London:— Butter.—Quiet; 110 s to 112 s; Danish, 117 s to llSs. Cheese. —Steady; white, 54s to 555; coloured, 575. AMERICAN MONEY MARKET NEW YORK, June 11. Call money rate of renewal, 11 per cent, all day. COLONIAL SUGAR COMPANY SYDNEY, June 11. Colonial Sugar Company shares are firm, and bank shares are quiet, but steady. AUSTRALIAN MARKETS SYDNEY, June 11. Wheat: Ex trucks. Sydney, 2s 34d; country stations, Is BJd. Flour, £lO 10s. Pollard, £4. Bran, £3 10s. Potatoes: Tasmanian, £6; Victorian, £5. Onions: Victorian, to £5. Supplies are now limited, but large shipments are en route from New Zealand. Oats: "White, 2s 8d; Algerian, 2s 3d. Maize, 4s. ADELAIDE, June 11. Wheat, 2s 2d. Flour, £6 17s 6d, Oats: Algerian, Is 6d. Onions, £5. Pollard, £4 10s. Bran, £3 15s.

MELBOURNE, June 12. Wheat, 2s 6d. Flour, £6 15s. Bran, £4. Pollard, £4 10s. Oats, 2s Id to 2s 2d. Barley.—English,-2s 7d to 2s 9d. Maize, 4s 3d to 4a 4d. —

BANK OF NEW ZEALAND

NET PROFIT OF £845,813. WELLINGTON. June 9. , w re PO r t of the directors of the Bank of New Zealand, Ltd., to be presented i t > general meeting of proprietors to be held on Friday, June 19, states:— I* or the year ended March 31 the profits, after providing for the expenses of management, all bad and doubtful debts, and other contingencies, and after making provision for the annual donation to the 1 rovident bund, and also for a bonus to the staff, are £867.013. From this has to be deducted interest on guaranteed stock amounting to £21.199, leaving the balance of profit for the year at £845.813 l'o this has to be added the balance brought forward from last year of £623,156. leavln" £1,468,970, from which has been paid a dividend on the preference “A’’ shares « 5 ?’9 00 ’ an interim dividend on the ’’ C long-term mortgage shares of £7031, an interim dividend on the ‘D ” longterm mortgage shares of £17,578, an interim dividend on the preference “B ” shares of £41,666, and an interim dividend on the ordinary shares of £250,000—a total of £366.276. There is thus left available for distribution £1,102.694. This the directors propose should be disposed of as follows: — Dividend on “C ” longterm mortgage shares at 6 per cent, per annum £7,051 0 0 Dividend on “D ’’ longterm mortgage shares at P er cen t. per annum 17,578 0 0 Dividend on preference “B ” shares (making £162,500 for the year) 120,533 0 0 bonus on preference “ B ” shares i 5,750 0 0 Dividend of Is 4d per share on the ordinary shares (making £500.000 for the year, equal to 2s 8d per share) .. .. 250,000 0 0 bonus of 1 per cent, on the

ordinary shares 37,500 0 0 I.ransfer to Reserve Fund (making £3,575,000) .. 25,000 0 0 Leaving a balance to be carried forward of .. £626,001 13 1 THE’ TALLOW MARKET n o, , LONDON, June 8. 'L o ','- 1 Stocks. 1953 casks; imports, 56a; deliveries, 464. GEAR MEAT COMPANY ti i ELLINGTON, June 11. lhe btock Exchange Association of New Zealand has been advised that the directors of the GeafxMeat Preserving and freezing Company have declared an in ternn dividend of 6d a share, payable on June 19. GOLDSBROUGH MORT WELLINGTON, June 11. the following cablegram has been received by the Stock Exchange Association from tne Goldsbrough, Mort Company: — ’Net profit to March 31 last, £117,476; brought forward from last year, £110,101; making £227.577, less dividend recommended, £120,000; transfer to Provident Fund, £2500; carry forward, £105,077.” CANTERBURY SALEYARDS COMPANY ex "WELLINGTON, June 11. J. lie Stock Exchange Association has received advice that the directors of the Canterbury Sale Yards Company, Ltd., have decided to declare an interim dividend of 5 per cent, in respect of the halfyear ending on June 30, such dividend to be payable on July 1. NEW ZEALAND BREWERIES, LTD. The annual meeting of shareholders of the New Zealand Breweries, Ltd., will be held in the company’s offices, Wellington, on Thursday, July 16.

DUNLOP RUBBER COMPANY The report and accounts of the Dunlop Rubber Company show a profit, after meeting depreciation and fixed charges, of £541,424. This compares with £1,576,585 for the year 1929. The reduction is severe, though, having regard to the combination of adverse conditions with which the company was faced, the results are not surprising (says The Times). To those shareholders inclined to fear that the Dunlop Rubber Company may have been losing ground to some of its rivals, it may be worth while pointing out that, according to statistics just available, the trading of 12 leading tyre companies ih the United States resulted last year in an actual loss of 20.488.800 dollars, following a profit for the previous year of 37.196.000 dollars. The directors of the Dunlop Company paid an interim dividend on the ordinary shares of 6 per cent., but they are not in a position to declare a final dividend. Indeed, after providing for taxation and preference dividend, the “ carry forward ’’ is reduced from £782.328 to £568,023. This means that the year’s earnings were equal to only about 24 per cent, on the ordinary capital. The board states that last September, when they had before them the encouraging results for the first half of the year, the information available regarding the prospects for the second half gave little indication of the full extent of the losses on exchange and inventory write-offs all over the world, amounting together to about £600,000, nor of the serious falling-off in profits which occurred mainly in the fourth quarter.

Last week. £ 8. d. This week. £ s. d. Imperial -eonsols. 214 p.c. .. GO 0 0 GO 0 0 War Loan, 5 p.c.. 1925-47 .. 103 0 0 103 0 0 Conversion Loan, 314 p.c. .. 84 10 0 84 10 0 Victory 4 p.c. .. .. .. .. 93 5 0 98 10 0 C’wealth 6 p.c., 1931-41 .. 74 0 0 79 0 0 C’wealth 5% p.c.. 1922-27 .. G3 10 0 68 10 0 N.Z. 6 p.c.. 1930-51 .. 100 10 0 101 15 0 N.Z.. 4 p.c.. 1920 .. .. .. 82 0 0 86 15 0 N.Z. 314 p.c„ 1940 .. 79 10 0 83 7 6 N.Z. 3 p.c.. 1945 .. .. .. 70 0 0 74 0 0 N.S.W. 614 p.c.. 1930-40 .. 70 0 0 73 0 0 N.S.W. 6 p.c., 1930-40 .. .. G5 0 0 70 10 0 N.S.W. 5’4 p.c., 1922-32 .. 57 0 0 G1 0 0 N.S.W.. 4 p.c., 1933 .. .. 55 0 0 GO 10 0 N.S.W. 314 p.c., 1930-50 .. 43 10 0 60 0 0 N.S.W. 3 P.O., 1935 .. .. 35 0 0 40 0 0 VIo. 614 p.c.. 1930-40 .. ... 50 0 0 56 0 0 Vic. 6 p.c„ 1932-42 .. 50 0 0 50 10 0 Vic. 4% p.c.. 1940-C0 .. •• 75 0 0 75 0 0 Vic. 314 p.c„ 1929-49 .. .. 43 0 0 54 0 0 Vie. 3 p.c., 1929-40 .. .. 33 0 0 45 0 0 Q’land 6 p.c.. 1930-40 .. 78 0 0 70 10 0 Q'land 6 p.c., 1940-60 .. 50 0 0 62 0 0 Q’land 3 9.C.. 1922-47 .. 41 10 0 48 10 0 JJ.A. 6% p.c., 1930-40 .. .. 73 10 0 7G 0 0 S.A. 3% p.c., 1939 .. 45 0 0 60 0 0 S.A.. 3 p.c.. 1918 or after .. 40 0 0 43 0 0 W.A. 6 p.c.. 1930-40 .. .. 70 0 0 73 0 0 JV.A- 314 P.C.. 1920-35 .. 05 0 0 65 0 0 W.A. 314 p.c.. 1915-35 .. G3 0 0 GO 0 0 Tas. 6% P.C.. 1930-40 .. .. 7G 0 0 82 0 0 Tas. 314 p.c.. 1920-40 .. .. 50 0 0 56 0 0 Tas. 3 p.c., 1920-40 .. .. 48 0 0 55 0 0