COMMERCIAL

Southland Times, Issue 21091, 24 May 1930, Page 3

COMMERCIAL

INVERCARGILL STOCK EXCHANGE. 'I , YESTERDAY’S CALL-OVER. The following quotations were made at yesterday’s call-over at the Invercargill Stock Exchange:— Bank of Australasia: b £l2 2/-. Commercial Bank of Australia: b 20/6; s 20/10. National Bank of New Zealand: b £6 2/-. Bank of New Zealand: b 58/6. New Zealand Breweries (shares) b 52/6; s 53/9. Westport Coal: b 31/6, s 31/9. National Insurance: b 14/3, s 14/9. New Zealand Insurance: b 43/-, s 44/6. Goldsbrough, Mort and Co.: b 31/3. Gear Meat Preserving (20/-): b 10/3, s 11/6.

New Zealand Refrigerating Co. (10/paid): b 4/6, s 5/-.

Southland Frozen Meat Co. (£1 ord.): b 35/-; (10/- ord.), b 17/6; (£1 pref.), b 35/-. Mt. Lyell Mining: b 28/-, s 29/-. Stoney Creek: s Bd. Huddart, Parker (ord.): b 37/-. Union Steam Ship Co. (pref.): b 20/9. Kaiapoi (cont.): b 3/9. Kaiapoi (ord.): s 11/6. British Tobacco (Aust.): b 39/-, s 40/-. Christchurch Gas Co.: b 26/-. Dominion Investments: b 24/-. Dominion Rubber Co.: s 22/-. Milburn Lime and Cement: s 33/-. New Zealand Drug Co.: b 62/-. New Zealand Farmers’ Fertilizers: b 18/6. Wilson’s (N.Z.) Portland Cement: b 42/-. Inscribed Stock (1938): b £9B 5/-. War Bonds (1938): b £9B 5/-. » Inscribed Stock (1939): b £9B 5/-. War Bonds (1939): b £9B 5/-. Government Bonds, 54 per cent. (1933): b £99 5/-. THE WEEK’S TRANSACTIONS. Prices for most lines in Banking shares and Government stocks remained very steady, at time of writing the market is inclined to .firm especially for some of the banking lines, the settlement of the coal strike in New South Wales ought to help to improve matters in Australia, and it would not be surprising to see an improvement in prices almost immediately. New Zealand Government 44 per cent, bonds with currency to 1938 had a sale at £9B 10/- and the market closed with buyers offering £9B 5/-. The 5 J per cents due 1933 and 1936 were inquired for at £99 5/-. Australian Bank of Commerce remained at last week’s figure, but there were no quotations at yesterday’s call-over. Commercials of Australia were sold at practically the same price as last week, and the latest quote was buyer 20/7, seller 20/10. E.S. and A. Banks sold up to £6 4/-, and Nationals of Australasia both ordinary and contributing issue show distinct signs of an improvement in price. Nationals of New Zealand remain very steady, buyers £6 4/-, sellers £6 7/6. Bank of New Zealand’s have buyers 58/6, no sellers. Bank of New South Wales, buyers for this bank’s shares increased their offer to £39 5/-, sellers £4O. Union Banks show no alteration in price, with buyers at £ll 5/-, and the same remark applies to Bank of Australasias which have buyers offering £l2 3/-. Insurance lines are quiet, buyers for Nationals 14/3, sellers 14/9. New Zealand Insurances are quoted buyer 43/6, seller 44/6. There has been no inquiry for Standard or South British Insurances. Westport coals with a dividend due shortly of 1/- per share, are firmer than last week with buyers at 31/6. Grey Valley Collieries have gone unquoted for some weeks now, an interim dividend of 3 per cent, was paid during the week to the shareholders 'in this company. New Zealand Brewery Company’s shares have firmed in price during the last few days and a parcel was reported sold yesterday at 53/3. There has been very little inquiry for mining shares, the latest quotation for Mount Lyells was buyer 28/-, seller 29/-, a slight easing in the price of a week ago. The only inquiry for Loan and Agency shares was one for Goldsbrough Morts, buyers offering 31/3, sellers 32/-. British Tobaccos continue to be one of the moot popular sellers in the miscellaneous section and several sales took place during the week at an advance in price of fully 1/over that of last week, no business was reported in either shipping or woollen companies’ shares and the shares in meat companies were not dealt in at all. The quotations for other miscellaneous lines were on a par with those of a week ago. Christchurch Gas buyers 26/-, no sellers. Dominion Investments buyers 24/-, Dominion Rubbers sellers 14/9, these shares are weaker than they were last week. Milburns, sellers 33/-, are also slightly easier. Drugs have buyers at 62/6 and Farmers’ Fertilizers at 18/6, no sellers. Wilson’s Cements are very firm at last week’s figure. THE SHAREMARKET. IESTERDAY’S TRANSACTIONS. (Per United Press Association.) Auckland, May 23. Sales on ’Change: War Bonds (1930), 41 per cent. £99 7/6; Australian Bank of Commerce 24/9; Commercial Bank of Australia 21/- (2); Bank of New Zealand 58/9 (3); Taupiri Coal 25/-; Auckland Gas (cont.) 17/9; Northern Steamship 14/2; Kauri Timber 13/-; New Zealand Breweries 53/3; British Tobacco 40/-; Kernpthorne Prosser 63/3; Waihi 13/4. Wellington, May 23. Sales reported: New Zealand Government 54 per cent. Stock (1936) £99 5/-; Australian Bank of Commerce 24/9, 24/10, 25/3; Tooth’s Brewery £1 14/-. Christchurch, May 23. Sales on ’Change: Australian Bank of Commerce 24/9, 24/10; E.S. and A. Bank £6 6/-; Bank of New South Wales (cum. div.) £39 5/-; Goldsbrough Mort 32/6; New Zealand Breweries 53/-; Tooths Brewery 34/-; Mount Lyell (cum. div.) 29/3, 29/-; Mahakipawa Id. (3). Sales reported: Commercial Bank of Australia 21/-; National Bank of Australasia (£5 paid cum. div.) £7 12/6; New Zealand Breweries 53/3, 53/-; British Tobacco 40/(2); Mount Lyell (cum. div.) 29/3. Dunedin, May 23. Sale on ’Change: Okarito 1/8 prem. Sales reported: National Bank of Australasia (cont.) £7 12/6; Mount Lyell 28/9, 28/11. CANTERBURY MARKETS. CHAFF FIRM. Christchurch, May 23. The market for oats continues strong, and prompt oats in the south have firmed a shade, A Gartons being quoted to-day at 3/104 f.0.b., s:i. for May June delivery. They have been sold at 3/11 f.0.b., s.i. B’s are still -very hard to obtain. The supply of oats continues to come from the South, there being little available in Canterbury. Chaff is firm and the quotation is £7 a ton, f.0.b., s.i., which is equivalent to £5 10/- a ton on truck, with very little offering. Values remain unchanged. Quotations are 5/8 to 5/9 for Tuscan, 5/9 to 5/10 for Hunters, and 5/11 to 6/- for Pearl, the on (trucks price in each case. Sales of next season’s wheat continue to be made at 5/6 for Tuscan, ' and 5/9 for Hunters. Fowl wheat is scarce and the demand good. The value remains firm at 5/11 f.0.b., s.i., which is equal to 5/6 on trucks. The prompt position for potatoes continues weak and there is little demand from northern ports as the markets there are fully taxed with supplies. The price to farmers remains at £3 5/- a ton, on trucks. The forward position is a shade firmer, and quotations are June-July £4 5/-, July-Sep-tember £5 10/-.

The onion market, consequent upon crops now being off the paddocks, is firm, and their values firm at £2 10/- a ton, on trucks. The demand is good at present.

DUNEDIN MARKETS.

Dunedin, May 23. Millers are at present holding ample stocks of wheat and are not showing much interest in the market. There is, however, an occasional demand for Tuscan, which is not so plentiful as in past seasons as a mlmber of farmers have changed over to the growing of Hunters. As regards Velvet wheat, millers will not be now prepared to pay more for it than the price for Hunters, as they have sufficient of the latter variety for mixing purposes. The ruling price for fowl wheat is 6/f.0.b., eacks extra, and it is difficult to secure supplies. There will also be an advance in the price of the cereal for June delivery. Milling wheat prices remain unchanged for the moment. Tuscan is worth 6/3 f.0.b., sacks extra, and Hunters 6/5. These prices are equivalent according to railage, to 5/8 to 5/9 on trucks, country sidings, sacks extra for Tuscan, and 5/10 to 5/11 for Hunters. Velvet can be quoted at the same price as that ruling for Hunters.

With short supplies of oats, Canterbury merchants there are drawing on the southern markets, while shipping business to the north is confined to Dunedin and Bluff, but supplies here are now about worked off. Sales of A Gartons were being made at as low as 3/84 f.0.b., s.i., but 3/10 is now being asked. B’s can be quoted at 3/84 f.0.b., s.i. Only odd lines of oats are being offered by farmers as most of their crops have been sold. Prices to growers are 3/3 per bushel, sacks extra, on trucks, country sidings for A’s and 3/1 for B’s. The chaff, market continues firm. There is not much demand locally, but inquiries for shipping are keeping prices up. The shipping price is £6 15/- per ton, f.0.b./ s.i. The local quotation is £5 15/- per ton, ex truck.

*The potato market is dull. With consignments arriving from the North and South the demand locally is very quiet, and it is with difficulty that sales are being made at £5 per ton, sacks included, ex truck, Dunedin. The tone of most of the seed markets is firm. Exporters have been inquiring during the week for Chewing’s fescue, and crested dogstail, and sales have been made at as high as lid per lb for the former and 9d for the latter. Ryegrass is also being inquired for. Fruit Report.

Business has not been over brisk in the fruit marts during the week. Fruit of all kinds has been offering at low rates with buyers hard to find. Dessert apples are in good supply with the demand confined to choice quality only. Australian navels landed ex the Karetu from Sydney, have been sold out of wholesale hands. Manderines landed by the same vessel were on the green side and so were the lemons. Ripe bananas have been offering at low rates, but supplies are getting short in the meantime. A large shipment of Island oranges is also expected next week. These are being quoted at low rates in the north and it is expected that the local portion will sell at reasonable prices. Quite a large quantity of tomatoes are arriving from Central Otago and Christchurch. The demand is centred on well coloured and firm sorts. Hothouse lines still sell readily. Supplies of North Island passion fruit are not equal to the demand. N.Z. LOAN AND MERCANTILE AGENCY COMPANY. DIVIDENDS DECLARED. Wellington, May 23. The New Zealand Loan and Mercantile Agency Company has received cable advice from London that interim dividends have been declared at the rate of 24 per cent, on the 5 per cent, cumulative preference stock, and 2 per cent, on ordinary stock, and a dividend of 3J per cent, for 6 months, to June 30, on the 64 per cent, cumulative second preference stock of the company, all less English income tax. CHICAGO WHEAT. New York, May 22. Chicago wheat prices advanced well following reporta from the south-west of a less favourable outlook coupled with strong foreign markets. Firm buying gained momentum towards the end of the session. Wheat closed May 1064, July 1074, September 109 s, December 114 J cents per bushel. LONDON WOOL SALES. London, May 22. At the wool sales 10,029 bales were offered, including 1785 New Zealand. About 3470 were sold. There was a moderate selection of Merinos, good offerings of slipes and a limited supply of other descriptions. A steady tone was evident with good competition, prices being maintained. New Zealand greasy crossbred “HBJ” 13d. Bradford is quiet and quotations are fair ’ but unchanged. Stocks of tops are small. , New Zealand crossbreds, mainly slipes, including 1000 bales of thezGrear brand, of which the best halfbred lambs realized 144 d,, but 300 bales of “Tomoana” were mostly withdrawn at 14d. Best greasy 58’s realized 13d. WHEAT CARGOES. London, May 22. Wheat: Cargoes maintained their steadiness while parcels were in quiet demand at late rates. Futures—London-May 36/4, July 36/5; Liverpool, May 7/10g, July 7/11 (net), October 7/llf (net), December 8/0J (net). Spot trade is fairly active. Australian ex ship 43/-. Flour is firm. Australian ex store 30/3. Oats and barley are steady. Peas and beans are slow. DAIRY PRODUCE. Messrs Joseph Nathan and Co., Ltd., Invercargill, advise having received the following cable, dated May 23, from their London principals Messrs Trangrouse and Nathan, Ltd. •Butter: 129/-. Cheese: White 80/-, coloured 86/-. Both markets quiet.