FINANCE AND COMMERCE

Press, Volume LXXIII, Issue 22142, 12 July 1937, Page 13

FINANCE AND COMMERCE

BRITISH PRODUCE MARKETS

METALS MARKET LOWER

LAMB PRICES MAINTAINED

For all baric metals but lea d there was a further slight eas- ! ing on Friday. The losses in no case were great. Lead rose i more than £2 a ton. U Best quality lamb remains firm in London, but Australian ,f and Patagcnian shipments have been heavy enough to depress ' prices for seconds. Wethers are firm and in good demand, but ! ewes are cheaper. Australian shipments, according to a cable message, are SOO.OOOcwt higher than they were last year. Wool continues firm at the London sales, where a good selection on Friday met spirited competition.

AUSTRALIAN MEAT! ' SHIPMENTS |

LARGE INCREASE REPORTED

PEDIGREE STOCK BOUGHT

IN BRITAIN

rcjnriD pbess association— copyright.i

LONDON, July 10.

Xhe boom in Australian meat shipments, which exceed last year's by 306,000cwt, is .reflected in the monthly purchases of English pedigree livestock. A quantity of Red Polled cattle at' Wolverhampton were selected for Australia, and also Southdown rams. ■ The Australian Meat Board is establishing an office overlooking the Smithfield market.

MEAT PRODUCERS' BOARD CANDIDATES FOR ELECTIONS CANTERBURY DELEGATES REAPPOINTED The returning officer of the New Zealand Meat Producers' Board announces that he has received the following nominations as delegates to represent the various districts on the electoral committee: — Auckland: Messrs G. H. Jew (Ngaruawahia), A. B. Moore (Whangarei), H. H..Mountain (Waimate Nortn), E. S. Ralls (Towai). H. W. Wilson (Ngaruawahia). Three delegates are required. Gisborne: Messrs T. le C. Powdrell (Wairoa), S. D. Reeves (Gisborne). Two da.egai.ea were required and Messrs Fowareli ana Reeves have been ae«wu"ea elected. Hawke's cay: Messrs J. Barker (Hastings), C. R. Edgecornbe CVVaipunurau), L, Maclean i Has tings), H. B. S.uckey (Dannevirke). Three delegates are required. West Coast: Messrs T. Currie (Brunswick), J. Knight (Feildmg), R. MacDonald (AshhurstJ, L. Marfell (Stratford), L. B. Wall (Kairanga). Three delegates are required. Wairarapa: Messrs J. M. James (Masterton), M. McLeod (Martinborough). Two delegates were required and Messrs James and McLeod have been •declared elected.

Marlborough-Nelson-Westland Mr H. J. Stace (Spring Creek). One delegate was required and Mr Stace has been declared elected.

North and Mid-Canterbury: MessrE I. L. M. Coop (Ataahua), E. Hay <P»*eon Bay), L. O. Oakley (Rakaia). Three delegates were required and Messrs Coop. Hay. and Oakley have 6 an declared elected. Sotrth Canterbury: Messrs H. B. S. Johnstone (Otaio). J. Trotter (Fairlie). *rwo. delegates were required and Messrs Johnstone and Trotter have teen declared elected. Otago: Messrs J. D. Revie (Heriot), O.J. Ross (Hillgrove). E. T. Shand t&okonga). Three delegates were required and Messrs Revie. Ross, and cL? ave been declared elected. Southland: Messrs W. J. A. McGregor &>• E..K Sim (Tuatapere), H. Smith (Waikaka Valley). Three delerw we , re required and Messrs McriSSS ' ?""• ? nd Smitn have been de"arad elected. W^S 6 ?* J ll the case of Auckland. «awkes Bay. and West Coast, the mmiDer of nominations does not exceed SStrifcSw ° f d ? legates required. A b - a r°^\ is bein 2 conducted in the aE?'i££ t $ ctß named and th e neceslc 2 paper is beinff dispatched San i7ift£ eD " owner owning not les? ttL °? i? eei> in th °se districts. th£ .tJJr** o^? 1 committee elected from to as semble in WeM«nrton Stote"* 26 a , nd 27 ' to consider the «flrnn,,„ ann, i a L reDort and statement w accounts of the and to elect tH»^^ r 2 d HF ers ' representative's on hav» v? rd * for whicn thf> follnwin«? Au nominated:— Messrs H. D. 9 D w h^-. tchurch ' R iWne member). '*&*■ mJl\ c T rr ond. Csit»Sr g S herh and Mr H - E "

FRIDAY'S CLOSING PRICES

FrM a „> , • LONDON. July 10. OnSf y s o Prices were:— ftßsd. on ~ Spot - 698 d per lb; August to<&* T m aTa ' 10d per lb: plantation Co^^ U T ly i" Au £ ust - £2l 8s 9d a ton. 8s a o ?™- Jul y-August. South Sea. £ls tatL »k sn \ oked - £ls 5s a ton - Plan""jon Rabaul, £l6 ss. Tfedl. oil-£32 5s a ton. £1 n s per cwt. a Apple Market ZeafX.* a l e - in fi° od demand. New brid^'J^ 11 arr »ved by the Camsold at- £ ataroa . and Port Caroline. manian S «J" rmer s. 9s to 10s a case; TasthanS^s St 9s to 10s 6d; Jonahamf^ 1 ? firr n er - Australian Packams - 1 5s to 18s a case. AMERICAN WHEAT ESTIMATE TK a « .WASHINGTON, July 9. ATO official wheat production estiEmnJ* 88 ' 22 8.000 bushels, and *»1,000,000 bushels of maize. BRITISH WAR LOAN Cwitmh omcm mnxvtaa.) ». T RUGBY, July 9. *IOO 3J per cent is l uote d at

LONDON WOOL SALES

PRICES MAINTAINED GOOD SELECTION OFFERED (C.VITED I'KESS ASSOCIATION—COPYRIGHT.) ■ ' LONDON, July 9. At the wool sales there was brisk bidding for a good selection. Prices were firmly maintained. There were | 6467 bales offered, including 3465 from New Zealand; and 5561 were sold. New Zealand lots sold as follows: Scoured merino, Irishman Creek (top price average 34d; slipe halfbred lambs. Pareora, average 21£ d; crossbred lambs (top price 2Ud), average 193 d. FROZEN MEAT PRIME LAMB FIRM GOOD DEMAND FOR WETHERS The New Zealand Meat Producers' Board advises that the following are the approximate average prices realised for the week, based on actual transactions of wholesale quantities of the descriptions of meat mentioned, and aie for representative parcels of the goods offering during the week, being for business done on the basis of delivered to Smithfleld Market, and/or ex London stores. (Prices for the two previous weeks are also shown):—

Lamb Market—Tendency of market is firm for prime quality, but competition of Patagonian and also Australian has weakened second quality. Consumption continues satisfactory. Mutton Market—Wethers firm, with good demand. Ewes weaker, owing to larger supplies.

Beef Market—Frozen beef nominal. Chilled beef firmer, owing to lighter supplies. New Zealand Porker Pigs—Market quiet and unchanged. New Zealand Baconer Pigs—Market steady and unchanged. PRICE OF GOLD (BaiTTSn OFFICIAI WIBELESS.' LONDON, July 10. Gold is quoted at £7 0s 3d a fine ounce. PRICE OF SILVER RUGBY, July 9. Spot silver is quoted at 20 3-16 d a fine ounce, and forward at 20id.

STOCK EXCHANGES

QUIET SATURDAY MORNING

DEALINGS RESTRICTED

DOLLAR MARKET RATES The Associated Banks (other than the Bank of New South Wales) quoted the following dollar rates on Saturday, on a New Zealand currency basis. They are subject to alteration without notice:— U.S.A. Canada. (Per £1 N.Z.) Dol. Dol. Selling— T.T. .. .. 3.97 7-16 3.98 5-16 O.D. .. .. 3.972 3.98 H-16 Buying— T.T. .. .. 4.011-16 4.01 J * .D. ... .. 4.02 1-16 4.03

MINING

BIG RIVER Big River Gold Mines, Ltd., report that the battery resumed crushing last Monday with two shifts. The Argo dredge return is 420z for 100 hours and 9000 yards. MOSSY CREEK The Mossv Creek drcdco Inst \v n ck | washed up for a return of 28oz 12dwt from 8449 yards of material in 112 hours. The return is 41oz for 80 hours' dredging. 9700 yards being treated. The reason for the low number of hours worked is the failure of the power supply. WORKSOP The Worksop dredge secured a return of 30oz after losing a day's work. A dividend (No. 10) of 10 per cent, (free of income tax) has been declared on all shares in the above-named comI pany, and will be payable on July 19. I This dividend represents a distribution of £I6OO. One hundred and sixty pounds has been added to the general reserve, which now stands at £I6OO. The aggregate of dividends paid to date represents the total capital of the company. BRITISH TREASURY BILLS {BRITISH OFTICIAI WTnEI,F.R».* RUGBY, July 9._ The total amount applied for in tenders for £40,000.000 worth of Treasury bills was £77.565 000. The average rate per cent, for bills at three months was lis 0.17 d against lis 0.45 d a week ago. METALS MARKET LONDON, Julv 9. July 8. July 9. £ s. d. £ <; d Standard, spot 57 0 0 56 8 1?, Forward .. 50 19 4/, W 8 1J Electrolytic .. 62 5 0 02 0 0 to .. 64 5 0 04 0 0 Wire bars .. 64 5 0 64 0 0 Le^d— Spot .. 22 11 3 24 16 10i Forward .. 24 14 4i 24 11 101 Softer— Spot .. 22 11 3 22 10 7i Forward .. 22 1 10J 22 14 Ah Tin Spot .. 205 17 6 264 2 6 Forward .. 264 17 6 264 2 6 oz. .. 20d Fine, per oz. 219-16 d July 2. Antimony— £ s. d. British .. 83 0 0 Foreign .. 57 10 0 i Pig iron .. 5 0 1 Molybdenite .. 2 0 6 Wolfram .. 3 3 6 20d 20 3-16 d 21 9-16 d 21 13-16 d July 2. July 9. £ s. d. £ s. d. 83 0 0 83 0 0 57 10 0 57 10 0 A unit. 501 5 0 1 206 2 0 6 336 3 4 4

July July June 9. 2. 25. Per lb. d. d. d. New Zealand Sheep— Crossbred wethers and/or maiden ewes: 481b and under 5k 5i 5k 49 to 561b 51 5k 51 57 to 641b 5 5 5 65 to 721b 4i 43 4.2 Ewes— i81b and under 4 41 4:5 49 to 551b 3k 38 32 57 to 641b 3g 3i 35 65 to 721b 33 32 3J New Zealand Lambs— Canterbury: 361b and under 7i 7i 7J 37 to 421b 61 6S 7 43 to 501b 63 62 62 Second quality: Average about 311b 7 71 7.', Other South Island— 361b and under Ik 7i 7i 37 to 63 7 7 43 to 501b 6J 61 62 North Island Downs361b and under 1i 73 7§ 37 to 421b 7 7 7 43 to 501b 63 62 62 Second quality: Average about ■iOib VI n 73 North Island— First quality: 361b and under 73 73 72 37 1o 42 b 6J 6| 6J Second quality: Average about 31ib 65 7 71 Australian Lambs— Victorian— First quality: 29 to 361b 6? 63 6.2 37 to 421b 6k 6k 6a Argentine Lambs— First quality: 361b and under 6h 6k 6k 37 to 421b 61 6 6 N.Z. Chilled Beef— I Ox hinds, 145 to 2101b 5i 51 42 Ox fores, 145 to 2101b 33 32 35 Australian Chilled BeefOx hinds, 145 to 2101b _ 4£ 4i Ox crops, weights correspond ng — 3k 3k Union of South Africa Chilled BeefOx hinds, 145 to 2101b 5k 5' z 51 Ox fores, 145 to 2101b 3g 32 33 Southern Rhodesian Chilled BeefOx hinds, 145 to 2101b 5J 4k 41 Ox fores, 145 to 2101b 3* 31 3 Argentine Chilled Beef Ox hinds, 145 to 2101b 61 6i 61 Ox fores, 145 to 210^ 4 4 4 Uruguayan Chilled Beef— Ox hinds, 145 to 2101b 5| 51 5i Ox fores, 145 to 2101b 31 3J 32 Brazilian Chilled Beef- - Ox hinds, 145 to 210ih • .. 51 45 42 N.Z. Porker Pigs— First quality: 61 to 801b 61 61 61 81 to 1001b 61 61 6} 101 to 1201b 6g 6i 6f N.Z. Baconer Pigs— 121 to 1601b 6J 64 61

Business on the Chnstchurch Stock Exchange on Saturday morning was quiet, with dealings restricted to a few stocks. Most prices were firm:— DEALINGS COMPLETED LISTED STOCKS Sales on 'Change £ s. d. 100 Com. Bank of Aust. (cum div.) 0 18 11 100 Goldsbrough, Mort .. 1 14 8 100 N.Z. Rcfrig. UOs pd.) 0 8 10 100 Broken Hill Pty. 4 2 3 4 2 4 250 Electro. Zinc (pf., cum div.) (4) 2 19 9 3 0 0 100 Taranaki Oilfields .. 0 4 11 1000 Big River 0 16 0 1 6.', 1000 Ma crew hen i! a 0 0 o.\ 50 Broken Hill South 2 8 6 100 Mount Lyell 2 2 1 100 Mount Morgan (ex div.) 0 12 1 Sales Reported 100 Bank of N.Z. 2 4 2 4C0 N.Z. RLfrig. (10s pd.) 0 8 10 1C0 N.Z. Breweries (cont.) 1 16 3 25 G. J. Coles 5 7 0 UNLISTED STOCKS Sales on 'Change 100 Ballins Breweries ll5s pd.) 0 12 0 Banking: Commercial Bank of Australia were fractionally firmer, with business at 18s lid, and further sellers at that price, buyers at 18s lOd. Bank of New Zealand remained unaltr red with buyers and business at 44s £ !d, sellers at 44s 4d. Goldsbrough. Morts were firm at 34s 8d, and further sellers at 34s 9d. New Zealand Refrigerating, 10s paid, remained unaltered, with dealings at 8s lOd. New Zealand Breweries, contributing, were firm it 36s 3d, closing quotations 3d on either side. Miscellaneous Broken Hill Proprietary changed hands at 82s 3d and 82s 4d. market closing 82s 3d buyers, 82s 5d sellers. 1 Electrolytic Zinc, cum dividend of 9 j per cent, and bonus of 2i oer cent.. making 17i per cent, for the . year, rose to 59s.9d and 00s for the preference,! and closed firm—buyers of the ordin-1 ary offered 58s 8d, sellers a t 59s 6d. G. J. Coles moved up to £5 7s, closing quotations £5 6s 6d buyers, £5 7s I sellers. Taranaki Oilfield were steady,] with sellers and business at 4s lid. Big River changed hands at is 6d and Is 6 Ad. Maerewhenua aad busincss at Id. Broken Hill South appeared easier at 43s 6d. market closing 3d either v ay. Mount Lyells showed little variation, with buyers and business at 42s Id. Mount Mor gans ex dividend, were firm, with sellers and | business at 12s Id. Unlisted Stocks Ballins Breweries (15s paid) remained unaltered with buyers and business at 12s, sellers at 13s. AUCKLAND Sales on 'Change £ s. d Commercial Bank of Australia 0 19 0 Bank of New Zealand 2 4 3 C. L. Innes .. .. 1 11 0 Electrolytic Zinc 2 19 6 2 19 3 2 19 0 Electrolytic Zinc (pref.) 3 0 6 Skippers 0 0 2\ Taranaki Oil 0 5 0 Southland Meat 4 5 0 Unofficial List McKenzie's 3 19 0 3 19 3 WELLINGTON Sales on 'Change £ s. d. Taranaki Oil (late Friday) 0 5 0i Electrolytic Zinc (ord.) 2 19 6 Huddart-Parker 1 18 8 Unofficial List Woolworths (Sydney) (late Friday) 6 19 6 DUNEDIN Sales on 'Change £ s. d. Broken Hill Prop. 4 2 0 Westport Coal 13 9 Dominion Fertiliser 14 0 Dunlop Perdriau Rubber 12 6 Mount Lyell 2 2 0 2 1 10 SYDNEY Sales on the Sydney Stock Ex change on Saturday were:— £ s. d. Tooth's Breweries 2 15 9 Associated Newspapers 1 3 0 Anthony Hordern 0 19 1J Lustre Hosiery .. .. 12 6 Broken Hill Proprietary 4 3 6 Electrolytic Zinc 3 0 6 Dunlop Perdriau 1 2 11 General Industries 110 FOREIGN EXCHANGES (BBITISB OFOTCl&l WIRELESS.) RUGBY, July 9. Par. July i 1. July 9. Paris, fr. to £1 124.21 123 15-64 128 3-64 | New York, dol. to £1 4.866 4.951 4.95 13-16 Montreal, dol. to £1 4.866 4.962 4.96J Brussels, belgasto£l 35 29.42 29.442 Geneva fr. to £1 25.2215 21.65J 21.65? Amsterdam, fl. to £1 18.107 9.003 9.012 Milan, lire to £1 92.45 94 3-K i 94 3-16 Berlin, reichmarken to £1 30.43 12.332 12.332 Copenhagen, kr. to £1 18.159 22.40 22.4" Stockholm. kr to £1 18.159 19.39J 19.39J Oslo, kr to £1 18.159 19.90 19.90 Vienna, schgs to £1 34.585 261 261 Prague, kr. to £1 164.25 142 3-16 142 I Helsingfors, marks to £1 192.23 226J 226J Madrid, pesetas to £1 25.2215 — — Lisbon, escudos to £1 110 110 3-16 110 3-16 1 Athens drach to £1 375 547J 547J Bucharest, lei to £1 843.5 670 670 Belgrade, dinars 276.3 216 216 Rio de Janeiro pence to milreis .. 4.899 4i 43 Buenos Aires. pence to dol 51 — Montevideo. pence to dol. • 393 39J Bombay, pence *r> rupee 13 181 18J Shanghai, pence to yen * 14g 14 11-32 Hong Kong, pence to yen • 14 11-] 6 14 11-16 Yokohama. pence to yen • 13 3K 2 13 31-32 Batavia. guilders 12.107 E.99i 9.00 Warsaw, par zlo.vts to £1 43.36 26.15 ♦Determined by price of s ilver.