THE STOCK EXCHANGES

Press, Volume LXXII, Issue 21906, 6 October 1936, Page 11

THE STOCK EXCHANGES

MARKETS STEADY

FAIR LOCAL TURNOVER

DEALINGS COMPLETED

Debentures A parcel of Christchurch City Council 4j per cent. Debentures, due 194049, changed hands at £lO3. Commercial Bank of Australia were steady at 18s 4d, market closing id either way. Bank Of New Zealand were firmer on buyers’ offers 38s Bd. New Zealand Refrigerating, fully paid, were easier at 19s, market closing Id either way—the 10s paid had dealings at 9s and 9s Id. buyers staying in at the higher price, sellers at 9s 2d. Christchurch Gas had business at 28s. Timaru Brewery changed hands at 2s lOd and 2s 9d. buyers staying in at the lower figure, sellers at 2s lid. Miscellaneous Australian Glass were firmer on buyers’ offers 935. Broken Hill Proprietary were fractionally firmer, with buyers and business at 77s 4d—the contributing moved up to 57s Id, market closing 57s buyers, 57s 5d seliers —the “rights” to Wellington Alluvials Were dealt in at 2s 4d. Dunlop Perdriau Rubbers showed an easing tendency, with business at 17s Id. and further Sellers at 17s. buyers at 16s 10d. O. J. Coles, cum dividend, ex rights, advanced to 775, and more were offered at that price, buyers at 70S lid—the ‘‘rights” were weaker, with buyers and dealings at 35s 3d, sellers at 35s 4d. Hume Pipe (Australia) were firmer, with sellers and dealings at 19s, buyers at 18s lOd. An odd parcel of National Electric changed hands at 14s lOd, and further buyers at that price failed to attract sellers. Wilcox Mofflin remained unaltered at 116, market Closing 3d either way.

Mining Maerewhenua were firm at 2d. Mount Morgans recovered to 14s 3d and 14s 3Jd, and these were buyers’ and sellers’ closing quotations respectively. Unlisted Stocks Apex Ice Cream had business at 18s, and more were wanted at that price, sellers at 22s 6d. Buyers • of Selfridges (Australasia) raised their bids to 265. Sellers at 29s 6d —the new issue was firmer on buyers’ offers 27s 9d.

There was a fair turnover on the Christchurch Stock Exchange yesterday, with more activity in Dominion issues than there has been recently. Prices remained steady.

RISING COST OF LIVING

Most Manufactures Dearer

IMPORTED’ GOODS ALSO

RISE

The cost of living is rising. Though rents and other fixed Charges have shown cio change yet. manufactured goods such as food, clothing* and household necessities are dearer than they were a year, or even aix months ago. With very few exceptions, the price of goods manufactured in New Zealand has in the last few months risen, and the rise has been again in almost every case passed on to the consumer, in the grocery and food lines which are of most interest to the ordinary member of the public, the rise has been widespread, and though the full force of the new order inaugurated by the Government with; higher wages and shorter hour* has not yet been felt because old stocks, are still to some extent in hand, in general there has been an appreciable rise in the cost of living. ■ The new industrial laws are not entirely the cause of this rise, because many imported line* have risen in price, mostly because rearmament in Europe, and the natural rise following greater prosperity in Great Britain and elsewhere, have created a demand for goods that has justified a rise in prices. The rises in most goods, wages, and other charges have come so recently, that retailers have not yet been able to make an accurate estimate cf their effect on costs, but provisional estimates range from 10 per cent, in groceries, to 20 per cent, for footwear and clothing. Some retailers are finding that with the higher price of New Zealand goods, It Is better business to import from England or other countries. Dearer Groceries In the grocery business, fairly accurate estimates of increasing prices are available from comparisons of the price lists sent to customers by the larger houses. In standard imported lines there has been little of no variation, but moat locally made standard lines are dearer. Biscuits, for instance, have shown a considerable rise, one type having increased In price from lid to is Oid per lb. Jams have risen for ordinary lines from 7d to 8d per ib. and pickles from is 3d to Is 4d a bottle, and considerably more fori some lines. Confectionary is dearer, the rise for boiled sweets having bden from 6d to 8d per lb. Brushware has shared in the increase, prices for the humble scrubbing brush being quoted by one firm from lid to 2s as against 6d to is lid at this time last year. The rise in costs hag already been reflected in wearing apparel, which is estimated to have risen by up to 15 per cent, for Ideally made lines such as man’s shirts. Woollen goods are also dearer, but the rise is difficult to apportion between dearer raw material and increased costs. It is certain, however, that there has been a rise, and manufacturers are worried about the possibility of cheap overseas goods being found more attractive by retailers and public alike. Footwear Prices Locally-madfe footweaf has increased substantially, the estimate, of several retailers being from 12| to 20 per cent. in some cases manufacturers have retained the old prices for lines, but have cut down the quality. Imported footwear has also risen in price- for reasons unconnected with affairs in New Zealand. Great Britain has Imposed a tariff of from 3J per cent, to 5 per cent, on certain types of leathers and this has caused a corresponding rise in the price of imports. The demand lor war material has also made heavy leathers dearer. The duties on imported footwear have given local manufacturers an increasing share of the New Zealand market, and with growing turnover they have been able to turn out an increasingly good article at a reasonable price. In some casgs factory efficiency has been increased to absorb part or the whole of the added costs of manufacture, but these cases are isolated. , ... Rents have remained much where they were a year ago, entirely because the Government has insisted that this should be So. It is probable that without the Fair Rents Act. rents would have risen for residential properties ih sympathy with the rise of taxation. Meat has risen substantially since a year ago, but again not all of this rise 1* directly attributable to higher costs, though a portion of it is to cover higher wages and shorter hour* In the Industries connected With the supply of fresh meat for local consumption. The value of. stock on the hoof ha* increased markedly in the last few months. Petrol by Government decree has been raised in price. The added cost to the private user is Id a gallon, but the commercial user in certain circumstances is paying now 2sd a gallon more than he was a year ago. The price of bread ha* been higher for some months, since the Government scheme fof- control of the whole industry Was put into operation. Flour also is dearer for the householder. Fuel and Lighting Coal has been raised in price, but so far there has been little change in the price for other forms of fuel, or for electricity for lighting. Authorities supplying electricity as a rule work to yearly estimates, and some rise is possible when the authorities budget in the coming year to cover increased labour costs. ' ! Increased costs are also likely to affect rates and transport. There has been a substantial increase in the price Of engineering services, such as repairs to cars. Ironmongery and tinware of local manufacture have also been increased in price. Retailers are yet In no position to Say accurately what effect the new legislation has had or will -have, on their business, partly because their Stocks are to some degree made up of goods bought I riore labour and other costs rose, and partly because the full effect of much of thi new legislation has not yet been felt, but m general they have found no noticeable increase in the spending power of the nubile, some retailer* have actually had the opposite experience. It ha* been found :a some cases, particularly by small retailer* catering to what mav be termed a middle class connexion, that their returns Since the announcement bf the budget have fluctuated to a greater degree from week to week than they have in the last three year*. One footwear retailer had increased returns lor every week except five in the three year* before the budget. came out, but since then hi* returns have been most erratic, and on an average lower than they were for the six months before the budget allowing for seasonal fluctuations. .

MINING

MATAKI

(PASS 9 ASSOCIATION TKLEOBAK.)

OKARITO

(p&a&s association tsucoban.)

WAITAHU

MATAKI

(rlasa association Tzleoram.)

PARA RUBBER

AUCKLAND. October 5. * The Stock Exchange has received a telegram that the Mataki Company has declared a dividend of Id, payable on October 14.

MAEKEWHENUA COMPANY

The secretary reports the following progress for September, 1936: The work on the mine was mostly concentrated on the Golden Gully development The progress of the tailings through the tunnel was very satisfactory, and it is estimated that 100 cubic yards an hour passed through the tunnel. All this material goes over gold-saving boxes and any values contained therein are saved. Sluicing at Duffers Gully is now being terminated and work has begun on cleaning up the gutter and the long tail race'in that gully. A partial wash-up of the boxes has produced apSroximately 602 of gold, valued at £43 )s, but the main quantity which is lodged 'in the gutter is still to be washed up. The mine expenditure for the month amounted to approximately The extension money, £124, for the month of October, in connexion with the option to London, has been received. ,

MINING HOUSE CONCESSIONS, LIMITED

The secretary submits the following report of progress during September:— The monthly wash-up (Wo. 2) produced, 13oz 13dwt of gold, valued at £B6. The mine expenditure, including mine manager’s salary, amounted to approximately £45.

DUNEDIN, October 5. Hie Okarito return for the week ended on Saturday was 17oz 7dwt for 132 hours’dredging.

DUNEDIN, October 5. The Waltahu wash-up was 52 oz 6owt for 27 shifts of eight hours each.

WELLINGTON, October 5. The Mataki Gold Dredging company has advised the stock Exchange Association that a dividend of one penny a share will be payable on October 14.

COMPANY NEWS

The annual meeting of the Para Rubber Company, Ltd., was held yesterday. The managing director, Mr G. W. Skellerup, presided over a fair attendance of shareholders.

The directors’ report and balancesheet were presented and approved. It was decided to pay a dividend of 5 per dent, per annum payable on October 7. to transfer £IOOO to reserve, and to carry forward to appropriation account undivided profits amounting to £2003 0s sd. , , . Hie retiring directors. Messrs J, A. B. Cookson, C. S. McCully, C. J. Ronaldson, J. W. Simes, and H. T. Stubberfleld Were re-elected. The auditors, Stewart. Beckett and Company, were re-appointed.

r ,. listed- stocks Sales on ’Chinee £ s. d. £300 Christchurch City, 4| _ ,, . p,c., 31/3/40-49 103 0 0 200 Comm. Bank of Aust, 0 18 4 100 N.Z. Refrig. (£1 pd.) 0 19 0 300 N.Z. Refrig. (10s pd.) (2) 0 9 0 0 9 1 500 Tirnaru Brewery (in . . .. liqdn;) 0 2 10 (4) 0 2 9 50 Broken Hill Propty. 100 Broken Hill Propty. 3 17 4 (15s pd.) (2) 2 17 1 100 Broken Hill Propty. (rights to Welling- _ . ton Alluvials) 0 2 4 100 Dunlop Rubber 50 G. J. Coles (cutfi div.. 0 17 1 and ex rights) 3 17 0 200 G. J. Coles (rights) (3) 1 15 3 400 Hume Pipe (Aust.) (3) 0 19 0 221 National Electric (odd parcel) 0 14 10 1000 Maerewhenua 0 0 2 250 Mount Morgan <2) 0 14 3 0 14 Sales Reported 200 N.Z. Refrig. (10s pd.) (2) 0 9 1 200 Christchurch Gas .. 1 8 0 100 Tirnaru Brewery (in liqdn.) 0 2 9 50 G. J. Coles (cum div. and ex rights) 3 17 0 100 Wilcox Moffiin 0 11 0 UNLISTED STOCKS Sale on ’Change 100 Apex lea 0 18 0

LATEST QUOTATIONS Buyers. Sellers. (E 5* d. £ s. d N.Z. Govt, Debentures 4 p.c. Ins., 1937*40 .t — 102 0 0 4 p.C. Ins., 1943-46 104 0 0 — 4 p.d. Ins., 1948-49 105 12 6 -— 4 p.c. Ins., 1952-55 105 10 0 106 0 0 4 p.c. Bonds, 1948 • .. 104 2 6 — 1 4 p.c. Bonds, 1949 103 10 0 — 4 p.c. Bonds, 1955 105 10 0 — Rural Bonds, 5 per cent., 15/9/4? 101 0 0 — Other Debentures Ch.Ch. Drainage Board, • 41 p.c., 30/0/63 105 0 0 107 10 0 Nth, Canty. Hospital Brd., 41 p.c., 1/11/45 103 0 0 106 0 0 N.Z, Refrig., p.c., 1940-45 101 5 0 — Quill, Morris, 4 p.c., 1946 — 100 0 0 Banks Australasia (£5) 11 15 0 — Comm, of Aust. (10s) 0 18 3 0 18 5 Comm, of Aust. (pref., £10) 9 0 0 9 5 0 E„ S., and A. (£3 pd.) 5 14 0 5 10 6 Natl, of A/asia. (£10 paid) 14 2 0 14 10 0 Natl. of A/asla, (£5 paid) 7 1 0 7 3 6 N.S.W. (£20) 32 10 0 32 15 0 New Zealand (£1) .. 1 18 8 1 18 11 Union (£5) 9 8 6 9 11 0 Insurance National (7S paid) 0 18 7 0 18 10 New Zealand (£1) .* 2 19 0 3 0 9 South British (£1) .. 4 8 6 — - Standard (£1) — 3 2 0 United (£5) 10 0 0 — Loan and Agency Dalgety and Co, (£5) — 9 2 6 Goldsbrough, M. (£1) 1 13 5 1 13 9 InVlnc. Bldg. Soc, (£5) 4 0 0 5 0 0 Natl. Mort. (A, £2) .. — 2 10 0 N.Z. Guar. Corpn. (cum div., 3s) 0 5 5 0 5 7 Perm. Invest (£10) .. 9 5 0 lo 2 6 United Bldg. Soc. (ex dlv., £i) 0 19 6 1 1 0 Frozen Meat Cahtby. (£7 10s paid) 9 6 0 9 12 6 N.Z. Refrig. (£1 pd.) 0 19 1 N.Z. Refrig. (10s paid) 0 9 1 0 9 2 Nth. Cant; Freez. (£3 paid) — 1 17 0 Wditaki (£1) a 9 6 5 0 0 Woollens Kaiapoi (7s paid) , . 0 5 3 0 6 0 Kaiapoi (pref,, Its) .. 0 18 6 Breweries New Zealand (£1) 2 11 2 2 12 0 Staples (£1) — 1 14 1 Tirharu (In liepi., 10s) 0 2 9 0 2 11 Tooths (£1) 2 15 0 — Miscellaneous Amalga. Wireless (con,, cuni div., 14s pd.) .. 1 •19 0 2 I 6 Cash Orders Amalg. (12s paid) 1 3 3 • 1 4 9 w. r. Carpenter (£1) 2 1 6 — Aust. Glass (£1) 4 13 0 4 14 0 Aust. Iron and Steel (£1) 1 5 3 1 6 3 Beath and Co. (cum div., £1) I 0 6 1 2 0 Booth Macdonald (£1) 0 2 1 ■— British Tobacco (£1) .. 2 2 10 2 3 1 Broken Hill Prop. (£1) 3 17 4 3 17 5 Broken Hill Prop. (18s paid) ., 2 17 0 2 17 8 Broken Hill Pty. (rights to Wgtn, Alluvial?) .. 0 2 3 0 2 6 Canty. Farmers’ Co-op. (pref., 25s paid) — S 2 6 Canty, Farmers’ Co-op, (D pref., £3 10s) .« — 2 1 6 Claude Neon (N.Z.), (£1) 1 15 0 2 1 0 Claude Neon (Victoria), (£1) 2 0 9 -— Colonial Sugar (£20) 42 17 6 43 5 0 Consol. Bride (£1) .. 0 9 8 0 o 7 D.I.G. (£1) 0 18 6 D'.LC, (pref., £1) «, 1 3 0 —

Buyers Seilers. £ s. d £ s. d. Domin. Pert. (£1) i a 6 —*- 0 Dunlop Rubber (£1) .. 0 16 10 0 17 Electro. Zinc (ord., £1) 2 SO 2 3 6 Electro. Zinc (pf., £1) 2 5 8 2 5 11 Gen. Indust, (12s Cd) — O 19 6 Glenmore Brick and Tile (16s) • 0 2 7 0 7 6 G. J, doles (Cum div.. 3 17 ex rights, £1) 3 IS 11 0 G. J. Coles (rights. £1) 1 IS 3 1 IS 4 Greater Crystal Palace (£1) 0 5 0 0 12 6 Hay’s, Ltd. (£1 paid, 1 3 cum div.) 116 0 Hay’s, Ltd. (10s paid. 0 17 cum div.) 0 16 0 9 Howard Smith (£1) .. 0 18 6 Hume Pipe (Aust.), (£1) 0 18 10 0 19 0 KaUri Timber (25s) 14 6 1 4 8 Milburn Lime (£1) .. ZOO 2 1 6 Morris Hedstrom (£1) 1 0 0 Morts Dock (£1) 0 12 0 Natl. Electric (£1) 0 14 10 N.Z. Drug (£2) N.Z. Farmers’ Co-op. 3 14 6 - M (10s paid) — 0 1 0 N.Z. Farmers' Co-op. (B pref., £4) — 2 2 e N.Z. Farmers’ Co-op, (4J p.c. Stock, 1940, £100) 92 0 0 92 15 0 N.Z. Farmers’ Co-op. (4i p.c. Stock 1939 and 1945, £100) 92 0 0 , N.Z. Farmers’ • Fert. (£1) 16 9 Procera Bread (10s) .. 1 10 0 United Provisions (£1) — 0 12 0 Victoria Nyanza (£ 1) 0 12 6 WhitCombe and Tombs (£2 10s paid) 3 0 0 3 3 0 Wilcox, Mofijin ( £ 1) 0 10 9 0 11 3 Wilson’s Cement (10s) 1 15 0 1 16 9 Woolworths (N.Z.), (ord., £l) 5 4 0 5 12 0 Woolworths (Viet.), (pref., £1) — 1 9 0 Milling Arthur's Point (Is) .. 0 0 Ci Alexander (£1) 0 13 2 0 17 6 Alexander (15s paid) 0 14 0 0 17 9 Argo (Is) 0 1 7 , — Big River (Is) — 0 1 114 Brian BOrU (Is) 0 0 31 0 0 41 Central Shotover (Is) 0 0 2 0 0 4 Gillespie’s Beach (Is) 0 14 0 1 7 Goldeh Point (6d) 0 0 0i Lawson’s Flat (Is) .. 0 0 24 0 0 5 Maerewhcnua (Is) ,. 0 0 l| 0 0 2,1 Maori Gully (Is) 0 0 7 0 0 s| Martha (cum div. 5s) 10 1 Moonlight Goldfields (is) 0 0 9 0 1 3 Mossy Creek (Is) • 0 1 3] 0 1 S Nevis Diesel Elec. (Is) 0 0 02 Nokomai (5s) 0 0 11 0 1 11 Nemona (Is) 0 1 8 Skippers (Is) o o si 0 0 4 Walhi Gd, Juhc. (2S) 0 3 5 0 3 9 Waimumu Sluic. (Is) — 0 0 9 Worksop Extend. (Is) 0 1 8 Australian Mining Mount Lyell (£1) Mount Morgan (2s 6d) 19 6 1 9 8 0 14 3 0 14 3} Kuala Kampar (10s) .. 0 14 6 RaWang Tin (10s) .. 0 9 0 — Upper Watut (5s) 0 2 2 0 2 9 UNLISTED STOCKS All transactions in stocks quoted in this section are subject to a different rate of brokerage from listed stocks and are not quoted In the official ist. Buyers. Sellers. £ s. d. £ s. d. Andersohs, Ltd. (pf.) 0 15 0 0 19 6 Assoc. Motorists’ Petrol , (pi'eL) 15 0 —■ Apex Ice 0 IS 0 1 2 6 Christchurch Press .. — 0 10 0 Gouil, Somerville, 0 15 Wilkie .. .. — 0 Coull, Somerville, Wilkie (51 p.c. debs.. 1/5/41) — 106 0 0 •tones, Nevis — 0 0 6 Macetown .. 0 0 2 0 0 3 New River 0 0 7 0 0 U N.Z. Mining Invest. .. — 0 0 1 N.Z. Perpet. Forests .. 2 12 9 2 17 6 N.Z. Perpet. Forests (4s paid) .. Mt. Cook Tours 0 13 0 0 4 0 0 ~6 0 Seifridges (A’asia) 1 9 (old) 18 0 6 Seifridges (new) 17 9 1 9 3 Shillings (17s 6d pd.) 0 17 6 0 18 0 Were’s Invest. Trust (rights) 0 0 11 0 1 1 Westland Breweries 1 11 (£1 paid) White’s Electric — 6 0 0 8 — Woolworths (Sydney) 5 6 6 (ord.) Woolworths (W.A.) ., *— 5 12 0 Waikato Carbonisation (5 p.c. debs., 1941, ex 80 0 interest) 85 0 0 0 AUCKLAND Sales ■ on ’Change £ s. d. Afnalg. Brick (Auck.L 1/3/44, 71 per cent. 99 15 0 Com. Bank of Aust. (pref.) 9 3 6 Bank of New South Wales 32 12 6 Kauri Timber 1 4 8 Broken Hill Prop. 3 17 3 3 17 3 17 41 3 Colonial Sugar (8) 43 6 0 Consolidated Brick 0 9 0 9 6 7 Farmers’ Trading , 4 0 18 10 G. J. Coles (rights) . 1 13 1 13 0 11 0 (J Mort’s Dock 7 N.Z. Newspapers 2 0 0 Mount Morgan • . 0 14 0 Placer Development . . , 4 19 0 R&wang Tin 0 9 0 WELLINGTON Sales on ’Change d. £ s. 4 per cent. Ins. Stock, 1948 (late sat.) ..104 0 0 4 per cent. Ins. Stock, 1949 (late 6 Sat.) .. 105 12 (2) 105 15 0 4 per cent. Ins. Stock, 1955 (late Sat.) (,3) 103 15 0 Comm. Bank of Aust. (late Sat.) 0 18 5 National Insurance (late SotJ .. 0 18 9 National Electric (late Sdt.) .. 0 15 0 Aust. Glass 4 12 0 4 13 2 Broken Hill Prop. 3 17 a 17 6 6 Taranaki Oil # 0 1 6 Motmt Morgan • • 0 14 0 Unlisted Stocks Shillings. Ltd.0 17 9 R. G. Kain (pref., 10s paid) .. 0 10 6 DUNEDIN Sales oh ’Change d, £ s* Natl. Bank (late Sat.) 3 0 0 O. J. Coles (rights) 1 14 6 Wilson's Cemerit (I5te Sat.) 1 10 3 MoUnt Morgan (2) 0 14 0 0 14 1 Martha (late Sat.) 0 19 9 MELBOURNE On the Melbourne Stock Exchange yesterday long-dated bonds were ill belter demand and investments were steady. Barriers were quiet, but gold mining shares were more active. Sales ' £ 8.:,,. d. Gomm. Bank of Australia. 9 18 8 National Bank (£5 paid) .. 7 5 0 National Bank (£10 paid) .. 14 10 0 Howard Smith 0 18 4 G. J. Coles 3 17 9 Drug Houses of Aust. 1 10 11 Australian Iron and Steel (pf.) i 6 4i Australian Glass 4 14 3 Dunlop Perdriau 0 17 3 0 Dunlop Perdriau (pref.) 1 13 Goldsbrough, Mort 1 14 0 Electrolytic Zinc 1 3 0 Mount Morgan 0 14 8 Mount Lyell Mt 19 9 Broken Hill Prop. 3 18 3 North Broken Hill m It 8 10 0 Zinc Corporation 8 17 3 Emperor Gold 0 15 2 Lolbma 1 3 3 Hume Pipe 0 10 0 Kauri Timber I 4 9 Herald and Weekly Times 3 9 9 General Motors 1 3 9