COMMERCE AND FINANCE

Otago Daily Times, Issue 25021, 15 September 1942, Page 2

COMMERCE AND FINANCE

THE SHARE MARKET YESTERDAY'S SALES Dunedin.—Sales reported; Kaitangata Coal ilal? Friday), 32s 6d. Auckland.—Sales on ’Change: Auckland Harbour Board; 1946. 4f p.c.. £U)S; War Loan. 1933, £92; 1931-54, 3 per cent... £99; Liberty Loan, 1952-55, 3 per cent.. £99 10s (2); Slock, 1946-49. 4 per cent.., £lO4 12s 6d; Commercial Bank, 14s lOd: Bank of New Zealand, £1 19s 6d; New Zealand Insurance. £3 11s; Kaitangata Coal. £1 12s 6d; Auckland Gas, 6s 4d; Colonial Sugar, £3O 15s; Consolidated Brick, 7s; Farmers’ Trading (B preL), £1 3s 4d; Woolworths (VicJ, £1 7s. Wellington.—Sales on ’Change: National Bank of New Zealand, £2 4s 3d; Commercial Bank, 14s lOd, 14s lid; Bank of New Zealand, £1 19s 6d. Christchurch.—Sales on ’Change; Bank of New Zealand. £1 19s 7d; WestportStockton Coal, 2s lid; Australian Consolidated Industries, £2 7s. Sale reported; Broken Hill Proprietary (late Friday), £1 18s lid, £1 18s. LOCAL QUOTATIONS

Government Loans.—3j per cent. Bonds and StocK, 1953-37, b. £lO2 10s; 4 per cent. Bonds and Stock, 1943-46, b. £100; 4 per cent. Bonds and Stock, 1946-49, b. £lO4 10s; 4 per cent. Stock. 1949-52, b. £lO5 15s; 4 per cent. Bonds and Stock, 1952-55, b. £lO6 15s; 4 per cent. Bonds and Stock, 1954-58, b. £107; Si per cent, Naticnal Development Loan, 1956-59. b. £lul; 3i per cent. Conversion Loan, 1957-60, b. £102; War Loan, 1953, b. £9l 10s; 3 per cent. War Loan, 1951-54, b. £99; 5 per cent. Rural Bonds, 1947, b. £105; 2J per cent. Liberty Loan, b. £97 10s; 3 per cent. Liberty Loan, b. £99. Banking, Insurance and Shipping.—New Zealand (£1), b. £1 19s 3d, s. £1 19s 9d; New Zealand (Long D, £1), b. £1 10s 6d; Commercial (10s), b. 14s 6d; National of New Zealand (£2 10s), b. £2 3s; National of Australasia (cont., £5), s. £5 11s; Union (£5), b, £6 19s; National (7s). b. 19s 9cl; South British (10s), s. £3 3s 6d; Standard (£1). b. £3 Is 3d; P. and O. Stock (£1), b. £1 12s 6d; U.S.S. Co. (pref., £1), b. £1 7s. Meat and Agency.—Gear Meat (10s), b. 16s; N.Z. Refrigerating (10s), b. 9s 6d, s. 9s 8d; Southland Frozen (ord.. £1), b. £1 14s; South Otago (£5), b. £5 3s 6d: Waitaki Farmers (£5), b. £5; National Mortgage (£2). b. £1 18s; National Mortgage (B, £1), b. £1 2s; L. and M. (ord.. £100), b, £2B; Guarantee Corp. (3s). b, 2s lid; Wright, Stephenson (ord., £1), b. 19s; Wright, Stephenson (pref., £1), b. £l. Breweries, Gas. Coal, Oil and Wool.— N.Z. Breweries (£1), b. £1 12s 9d. s. £1 13s 9d: Dunedin (£1), b. 19s; Kaitangata (16s), b. £1 11s lOd; Westport (10s), b. £1 ss; Westport-Stockton (ord., 10s). b. 2s Bd, s. 3s: Westport-Stockton (pref., 10s), b. 8s 2d; Moturoa (pref.. ss), b. 2s 3d, s. 4s; Taranaki Oil (£1 4s 7d), b. 5s 3d, s. 6s 3d; Bruce (ord., £ll. b. £1 4s: Kaiapoi (ord., 17s), b. 19s 6d, s. £1 0s 6d; Kaiapoi (cont., 7s), b. 7s; Kaiapoi (pref.. 17s), b. £1; Oamsru (£1). b. £1 2s Gd; Timaru (£1), b. 17s 9d. Miscellaneous.—Booth Macdonald (pref., £1), s. 7s 6d; Broken Hill Pty. (£ll. s. £1 18s 6d: Brown, Ewing (pref.. £1). b. £1 0s 6d: Colonial Sugar (£2O), s. £sl 10s; D.I.C. (pref., £1), b. £1 ss; Dominion Fertiliser (£1), b. 19s 3d; Donaghv’s Rope (£1). b. £2 8s Gel; G. J. Coles (£1), s. £2 11s 6d: Milburn Lime (£1). s. £1 15s Gd: National Electric (£1), b. £1 3s 6d: N.Z. Drug Co. (£2), b. £3 15s 3d: N.Z. Paper Mills (£1). b. £1 13s; Regent Theatre (£1), b. 16s: Woolworths (ord., ss). b. 14s 6d; Woolworths. (Svdney, 5sL b. 15s Bd. Mining.—Electrolytic Zinc (ord., £1), b. £2 5s 6d; Emperor (10s). b. 9s; Mount Lvell (£1), s. £1 18s 6cl: Mount Morgan (2s 6d), b. 8s; North Broken Hill (ss). s. £2 4s 6d; Clutha River (2s), b. is. s Is 3d; Gillesnic's Beach (Is), b. 3d: G'-ev River (IOsL s. 13s; Nokomai (ss). b. 3d: Waitahu (ss). s. Gd. RESERVE BANK • STERLING FUNDS SLIGHTLY LOWER (P.A.) WELLINGTON, Sept. 14. The following is a statement of the assets and liabilities of the Reserve Bank of New Zealand at the close of business on September 7 (the figures for the previous week in parentheses);--Liabilities. General Reserve Fund, £1,500.000 (£1.500,000); bank notes, £26.384.279 (£26,534,690); demand lia-bilities-fa) State £11.115,764 (£12,489.039), (b) banks £21.134.104 (£21.131,963), (c) other £605,001 (£406,253); liabilities in currencies other than New Zealand currency, £13.696 (£5946); other liabilities. £1,250.360 (£1,364.274);—t0ta1, £62,503.205 ‘ —Reserve — (a) Geld £2.801.877 (£2.801,877), (b) sterling exchange £25.677.779 (£25.219.709); subsidiary coin, £44.318 (£48.580): advances—(a) to the State or State undertakings: (1) Marketing Department £6,103.778 (£ (2) for other purposes £22.300.000 (£22.300.000); investments, £4.146.340 (£4.146.340): Other assets, £1.429,111 (£1 723.730): —total. £62,503,20.) (£63.432.167). , Proportion of reserve lo notes and othei demand liabilities. 47.650 per cent. (48.209 per cent,). Sterling exchange is expressed in New Zealand currency. MINING NEWS Gillespie’s Beach Dredge.—The wash-up for the week ended September 12 was »9oz 6dwt The dredge worked 130 hours, treating 15,840 yards. The annual report of the company states that during the year the dredge treated 701.475 cubic yards for a reiurn of 14650 z Bdwt of gold, valued at £13,869 7s sd. The net profit for the year’s operations amounted to £3294 13s 4d compared with £4lB 19s 9d for the preceding year. The dredge is now' working the remaining strip of ground between the inner tailings and the sea beach edge proceeding northward, in which direction a large area remains to be dredged. Okarlto Dredge.—A wash-up of 20oz 18dwt is reported as a result of 81 hours dredging from 3228 yards. Associated Gold Dredges.—The return for the week ended September 12 was 164J0z from 68,600 yards. TIMARU LIME COMPANY The report of the directors of the Timaru Lime Company is for the year ended on August 31. The year w'as difficult owing to the scarcity of workers, but the fact that the lime industry had been declared essential, should assist the company to obtain sufficient workers to maintain production. The Price Tribunal had approved a rise in the selling price of the company’s product, thus enabling the company to maintain a satisfactory trading position. The accounts showed an available balance of £IOOS 10s 7d. w'hlch the directors proposed to allocate to the payment of 5 per cent, dividend, absorbing £650. and to the transfer of £355 10s 7d to the succeeding year. DRAINAGE BOARD LOAN The Dunedin Drainage Board, at its monthly meeting last night, adpoted a recommendation from the Finance Committee that application be made to the Local Government Loans Board for sanction to the raising of a loan of £J7,400 for the purpose of repaying a loan of £23,000, less accrued sinking fund of £5530. which matures on January 1 next. The balance of £7O. the report added, would be provided out of revenue It was proposed that the repayment loan should be for a term of 15 years with interest at the rate of 3i per cent, and sinking fund of 5.2 per cent., sufficient to repay the whole loan at maturity. The security for the interest and sinking fund and for the repayment of the loan would b» a special rate over the whole of the board’s district. It would not be necessary to collect the rate.

Scott Bros., produce merchants and commislson agents, registered egg and onion merchants, report:—Eggs. For consignments received on September 7 to September It. inclusive, pay-out values to clients will be as follows: Heavy Is Bd, Standard Is fid, medium Is 4d. Butter. Wanted; lOd to Is per lb. Poultry: Hens, ?s fid to 3s each: heavy breeds, 3s to 3s 6d each; ducks. 2s to 2s fid each; ducklings 2s 6d to 3s 6d each; roosters. Is fid to Is 9d each; cockerels—light 2s to 3s each, heavy 3s to 4s each; geese, 3s to 4s each; goslings, 3s fid to 4s fid each; turkeys—gobblers lOd to Is per lb. hens Dd to lOd per lb. Potatoes; On basis of fixed rates. Whole fowl wheat, 24s per sack Chaff: Prime oaten sheaf. £6 10s per ton, ex truck; £7 ss, ex store, bags extra. Whole maize, 8s per bushel. Oyster grit, 6s fid per 1001 b bag. Straw: Wheaten, 2s 9d per bale; barley, 3s per bale, ex store. Lucerne meal, 12s fid per bag ’ Canterbury onions. 35s cwt. Gristed barley 18s per sack. Whole barley seconds, 21s per sacks, inc. Oat dust, 5s fid per sack. We stock meatmeal, oyster grit, crushed bones, etc. Eggs: We grade all consignments to regulations over automatic weighing and candling machines. Payments weekly.—September 14, 1942.