FINANCE AND COMMERCE

Press, Volume LXXIII, Issue 22252, 17 November 1937, Page 11

FINANCE AND COMMERCE

METALS SHARES ACTIVE

BRITISH TRADE BUOYANT

Metals shares on the Christ church Stock Exchange yesterday were particularly active, and much of the turnover for the day was in these shares. Values were erratic- but generally lower. In the other sections there was more interest with prices fairly well maintained. On the Australian Exchange, business was restricted in expectation of further recessions in metals prices.

British overseas trade for this year shows continued expansion in almost every department, particularly in coal, of which exports have been high. The visible balance is adverse, but it is estimated that rises in the value of invisible items have offset this.

Metals quotations from London yesterday show few changes, but the price of tin' is fractionally weaker.

BRITISH EXTERNAL TRADE

INCREASED EXPORTS OF

COAL

HIGHEST IMPORTS TOTAL SINCE 1930 x (BBITISB OFFICIAL WIR«USSB.)

RUGBY, November 15.

For the first 10 months of this year the exports of coal from Britain were up by nearly 18 per cent., compared with the corresponding period of 1936. This is but one of the favourable features of the overseas trade returns issued at the week-end. Imports, which in October reached the highest value of any month since the beginning of 1930, were £837,940,598 for the 10 months, an increase of £149,831,635 over the same period of 1936. This total includes £60,359,108 of raw materials, indicating a continuation of the great industrial activity of recent months. The visible balance of trade this year to date shows a deficit of £340,000,000 or £64,000,000 more thr. „ at the same time last year, but the invisible exports are estimated to be running also at a considerably higher level.

LONDON MORE

CHEERFUL

BRIGHTER TONE AT OPENING

BRITISH FUNDS STEADY

(UNITED PEBS3 ISSOCIATIOS COPtEIOU C, LONDON, November 15, Markets opened more cheerfully, business being active and transactions being made at stronger rates. British funds were steady- Oils "were firmer and mines showed a better tone. Dealings were resumed in Brazilian bonds at nominal rates.

BRITISH WAR LOAN (BRXTISB OFFICIAL. WIRELBSS.) RUGBY, November 15. War Loan, 3J per cent., is quoted at £lOl 15s. x

AUSTRALIAN FRUIT IN * LONDON

LONDON, November 15. Forward sales of 120,350 cases of South Australian apples and pears have been arranged in the United Kingdom and European countries, where trade is not restricted. Prices are lower than last year due to keen competition and the excessive North American stocks on hand. Negotiations are being continued with all European countries.

CANTERBURY MARKETS

ALL SECTIONS DULL

(BV 008 COUMMCUL IDITOS.f Tuesday Evening. Little activity is shown in the grain and produce markets, in which there is a more than ordinary lack of interest even for this time of year. No 'section shows any sign of life. Potatoes have now been cleaned up, and though an excellent market exists in Auckland and Wellington, supplies here are negligible and practically no dealings are passing. There is little interest in next season's crop pending some definite advice on the prospects of exports to South America, and the price remains unchanged. ' There is some trade in outs, at unchanged prices, but the volume of business is small. The dry weather has upset the normal programme throughout New Zealand, and in the meantime little interest is being taken in small seeds. Quotations

The following are the prices quoted to farmers, on trucks, at country sidings, .unless otherwise indicated: — Wheat—Milling, f.0.b., Tuscan 5s sd, Hunters 5s 7d, Pearl 5s 9d. Fowl wheat, prompt, to 6s f.o.b.

Oats—A Gartons to 3s 2d, B Gartons 3s; Algerians, to 2s lOd; Duns. 2s 9d to 3s 3d.

Ryegrass—Perennial, 2s 6d to 3s: Italian, 2s 6d to 2s 9d Cocksfoot—Plains, 7d to 8d; Akaroa. 5d to 9d per lb. Cowgrass—6d to 7d per lb. White Clover—Bd to lOd. Chaff—To £4 a ton Barley—Feed, 4s a bushel. Partridge Peas —4s 9d to 5s a bushel, Bran—Large, £4 15s: small, £5 ss. Pollard—Large. £6 5s a ton; small. £6 15s.

AUCKLAND

[THE PRESS Special Service!

AUCKLAND, November 16,

At this time of year there is usually a decline in potato prices, but the*sudden cessation of southern supplies has thrown the full weight of the demand on the Pukekohe crop, and, as a consequence, prices have advanced. Merchants are quoting from 8s to 8s 6d a sugar-bag. Canadian onions still hold the market. Fresh supplies came to hand by the Aorangi. and the bulk is being distributed direct from the wharves. The price is firm at 20s per 1001b. Since the last report, the local markets for grain and produce have been very steady, tl*e only notable alteration being in Australian pollard which is quoted at 5s a tori lower at from £9 to £9 ss, ex store. Local quoted on the same basis is unchanged at £7 15s a ton. Bran is still in short supply, and quotations are unaltered at CI 15s.

LONDON PRODUCE

MARKET

HIGH COMMISSIONER'S REPORT

The Department of Agriculture has received the following cable message, dated November 12, from the High Commissioner for New Zealand, London:—

Tallow —Market very quiet at about 6d below last week's rates.

Hemp—Manila: Market closes with better tone, "K" grade for JanuaryMarch shipments sold £24 10s. Sisal: After being easier closes steadier with better demand. Values for November shipments £24. Janu-ary-March shipments sold £24. New Zealand: Progress difficult on .account of low prices of competing fibres. "Common" offered £23 15s. nominally £23.

Eggs—Market quiet. English, national pack 20s 6d to 255; ordinary pack, 22s 6d to 235; Danish, 13s 3d to 16s 6d; Australian, 10s 9d to 13s.

BRITISH WHEAT MARKET

RUGBY, November 15. Wheat cargoes are easier and parcels lower. Futures are quoted:— Nov. 11. Nov. 15. London (qr.)— s. d. s. d. November .. 43 5 43 9 January .. 43 0 43 3 Liverpool (cental)— December .. 8 2g 8 03 March .'. ..7 105 7 103 May .. . .. 710 7 104

CHICAGO FUTURES

CHICAGO, November 15. Cents a bushel Nov. 11. Nov. 15. December -. May .. .. T..T.. <MI

May July

METALS MARKET

COMPANY NEWS

ABRAHAM AND WILLIAMS

The thirty-sixth annual meeting of Abraham and Williams, Ltd., was held in Wellington on Monday, Mr R. S. Abraham presiding. The profit and loss account showed a credit balance of £16,663 2s lid, to which had to be added the amount brought forward from last year, £15,195 9s 3d, making a total available for distribution of £31,858 12s 2d. Out of this sum the interim preference dividend for six months was paid on April 30 last, amounting to £2050 10s, leaving a balance to be dealt with of £29,808 2s 2d* A dividend of 4 per cent, on the ordinary shares was declared, and the fixed payment to the preference shareholders was adopted, leaving a balance of £19,268 16s 2d to be carried forward to next year's accounts. Messrs R. S. Abraham, R. W. Steel, mid S. R. Thomson, the retiring directors, were re-elected. Mr P. L. Sim was appointed auditor.

NATIONAL INSURANCE

The following are the main items of the balance-sheet of the National Insurance Company of New Zealand, Ltd., of which some particulars have already been published:— Liabilities

Change from , Sept. 30, last 1937. year. £ £ Capital paid up .. 350,000 Reserve fund .. 326,500 +6,500 Reserve required to reinsure current „ ris £s .. 117.500 +12,500 Creditors .. 62,196 +2,774 Appropriation for unpaid losses .. 48,769 +12,735 Investment fluctuation account .. 25,000 Taxation and contingency account.. 5,000 Profit and loss .. 58,461 +9l Total .. 993,420 +34,600 Assets Loans on mortgage . : 44.925 - 6,089 Freehold properties 127,808 —4.477 Debentures and shares .. 33,177 -17,657 New Zealand and Australian Governmefrt securities .. 666,953 +83,990 Accrued and outstanding interest on mortgages, etc. 10,588 • +290 Branch and agency balances .. 38,268 +6,875 Deposits and bank 71,707 —30,332 Total .. 993,426 +34,600 Sept. 1935. 1936. 1937. £ £ £ Net premiums 213,396 233,203 261.219 Underwriting profit 20.152 29,959 20.169 Profit .. 44.612 52.016 49.629 Dividend .. 10.7 10.7 10.7

AUSTRALIAN LOAN

CONVERSION

£11,000,000 TO BE OFFERED

IN LONDON

(CNITED FRESH 4SSOCIAIION"—CUI'YBIGHT.) LONDON, November 15. The High Commissioner for Australia (Mr S. M. Bruce) has announced arrangements made for the, underwriting, expected on November 16, of tho conversion of £11,409,965 Australian 3-1 per cent, stock, due on February 1, 1938, made up as follows: New South Wales, £6,427,465; South Australia, £2,932,500; Tasmania.. £2.000.000.

The terms of the 3J per cent, issue are:—Price £97. currency 13 to 1G years, maturing in 1954. with an option to redeem in 1051 or thereafter on three months' notice. The yield to the investors, calculated to the latest date of maturing, will be £3 15s Id.

The prospectus will be issued on November 17, and lists for cash subscription will open and close the following day.

FOREIGN EXCHANGES

(Bnmßii orricuj. vvjrkleus.) RUGBY, November 15. Par. Nov. 13. Nov. 15. Paris, fr. to £1 124.21 147 15*16 147 7-16 New York, . • dol to £1 4.806 4.98 11-16 4.994 Montreal,

dol. to £1 4.866 4.98 7-16 4.983 Brussels, belgas to £1 35 29.30} 29.304 Geneva, fr. to £1 25.2215 21.62 21.59J Amsterdam, fl. to £1 12.107 9.014 9.01J

Milan, lire to £1 92.43 943 942 Berlin, reichmarken to El 20.43 12.36J 12.37 Copenhagen, kr to £1 18.159 22.40 22.40 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 28 J 26J

Prague kr. to £1 164.25 1411 147 Helsingfors marks to £1 193.23 228J 2264 Madrid, pesetas to £1 25.2215 Lisbon, cscudos to £1 110 110 3-16 110 3-16 Athens; drach to £1 375 547 J 547 J Bucharest, lei to £1 813.60 677 i 677J Belgrade, dinars '276.3 216 216 Rio de Janeiro, pence to milreis .. 5.90 4J 2 29-32 Buenos Aires, pence to dol. 51 —r Montevideo, pence to peso • 39 13-16 39 13-16 Bombay, pence to rupee 18 18& 18J Shanghai, pence to yen * 14J 141-16 Hong Kong, pence to yen * 15 15 Yokohama, pence to yen 24.58 14 14 Batavia, , guilders 12.107 9.00 9.01 Warsaw, par zlotys to £1 43.38 'Determined by price of silver.

ASSOCIATED BANKS* DOLLAR RATES

The Associated Banks (other than the Bank of New South Wales) quoted the following dollar rates yesterday 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. .. .. 4.001 3.99Z O.D 4.0011-16 4.00 5-16 Buying— T.T 4.0311-16 4.031-16 O.D 4.0411-16 4.04 5-16

PRICE OF GOLD

LONDON, November 15. Gold is quoted at £7 0s Id a fine ounce.

NEW YORK TIN

NEW YORK, November 15. Tin is quoted at 45.28 cents per lb.

(UNITED PBB38 1 18SOCUTION — COPVttlGHT.) LONDON, November 15. Nov. 12. Nov. 15. Cooper— £ s. d. £ s. d. Standard, spot 41 1 3 41 8 9 Forward 41 6 3 41 14 4J Electrolytic .. 48 0 0 46 10 0 to 47 10 0 47 10 0 Wire bars .. 47 10 0 47 10 0 LeadSpot 17 13 li 17 14 4* Forward 17 15 71 17 15. 7£ SpelterSpot 16 14 4J 16 13 9 Forward 16 18 U 16 18 8 TinSpot 198 7 6 197 5 0 Forward 197 15 0 196 12 6 SilverFine, per oz. 19 13-16d 19|d Standard, per oz. 213d 21 3-16d