FINANCE AND COMMERCE

Press, Volume LXXIV, Issue 22376, 13 April 1938, Page 13

FINANCE AND COMMERCE

fat stock prices lower

LONDON MARKETS STRONGER

Fat stock at the Addington sale yesterday was in general cheaper, except that pigs were firmer. Fat sheep met a much weaker sale, with values down 2s a head. Exporters were not operating because the holidays will interfere with operations at the works. The best fat lambs were a shade better, but others were weaker. Cattle were also lower. Store sheep met a hard sale except for the best two-tooths and strong-woolled lines, in spite of a smaller entry.

The week-end improvement on Wall street and in general sentiment was reflected in London in a very firm opening to the week. Values all round improved and the volume of business was larger.

Metals in London have also shown a satisfactory all-round rise with the opening of th‘e week.

COMPANY NEWS

dominion pictures

[THE PRESS Special Service.]

AUCKLAND, April 12.

•The directors of the Dominion Picture Theatres Company, Ltd., Auckland. have declared an interim dividend of 3 per cent, on preference (hares, and 4Jd a share on ordinary •harea for the half-year ended March .1 payable on April 29. - The preference distribution is unaltered, but the rate on the ordinary shares is to 1| per cent, from 14 per cent. Ignite corresponding period last year.

northern ROLLER

yywASB IN FLOUR PRICE WANTED 4MM AMOOIAIIOS TBUWBAII.) AUCKLAND, April 12. ■frMrmwing shareholders at the an«Bl meeting of the Northern Roller Billing Company, the chairman of directors (Mr'J. B. Donald) said that As increase of net profit from £11,793 to £19,859 had largely come about by fht increase of the selling price of flour made by the Government, However, the gristing charge allowed by toe Government was still insufficient to permit the company to earn a reasonable profit, as’ shown by the fact that the net return for the year’s trading was barely sufficient to pay the 3* per cent dividend that was recombended. Only by a further increase in the price of flour would it be possible to ihow a higher profit, as expenses had been carefully scrutinised. The directors hoped that this year’s wheat from Australia would give a better outturn than last year’s supplies frpm Australia and New Zealand. PRISON TERM FOR WHITNEY FAILURE OF NEW YORK FIRM THEFT OF SECURITIES (runs ran. association —cofraiaxr.i NEW YORK, April 11. Richard Whitney, whose stockholding firm recently failed, and who was charged with stealing 103,000 dollars’ worth of securities from the New York Yacht Club, was sentenced to from five lo 10 years in Sing Sing prison.

(bx oua coiimbrcial bdito».)

LONDON PRODUCE MARKETS \ , HIGH COMMISSIONER’S REPORT The Department of Agriculture has received this following cablegram from the High Commissioner for Heir Zealand, dated April 8, 1938: Tkllow—Moderate business has been done on .spot- at about Is below last .week’s rates. Hemp—Manila: Market quiet and anchanged. Quotations nominal on the basis of £lB 15s to £l9, AprilJune shipment . Sisal: Market dull and easier; nominal on the basis of £l6 15s, AprilJune shipment. New Zealand: Nothing to report. Apples—s.s. Waiwera discharged Locdoiv Akaroa, Southampton. Market flow. The following are the market Tallies of sound conditioned fruit of the Varieties mentioned, the range of prices generally representing the diffrtance between the several grades ■nd/or counts. Variable conditioned fruit of similar varieties proportionately lees in value. Cox's Orange, IDs, 14s; Jonathan, 10s, 12s; Dunn’s Favourite, 9s, I Os; Alfriston, 7s 6d, 9s; Wor—e(cr Pearmain, 7s, 8s 6d. BRITISH WAR LOAN <wmn official RUGBY, April 11. War Loan, 3J per cent., is quoted •t £lO2 3s 9d. PRICE OF GOLD LONDON, April 11. Gold is quoted at £7 Os o|d a fine ounce. .

assooiattov

VALUES MARKED

MORE OPTIMISM IN LONDON STOCK EXCHANGE BRIGHTER (oaiTsn pKise associatiok— copikxqbt.) LONDON. April 11. Wall Street’s week-end swing up, and more optimistic news from various centres, have caused a general marking up of values, and Stock Exchange business is more active, CANTERBURY MARKETS ALL SECTIONS QUIET ONIONS IN FIRM DEMAND

Tuesday Evening.

The grain and produce markets remain exceptionally quiet, with little variation from the end of last week. The trade in small seeds continues steady, but is showing signs of falling off in value. Very little white clover has yet been offered, and red clover is even scarcer. It appears that both crops are very short, but supplies from last year are ample to cope with the demand that has developed so far. y Potatoes continue inactive. with little change ip the situation. It is expected that digging will become general after Easter. Offerings of earlier dug crops have increased, but there are few buyers.' North Island inquiry is very dull. Onions are firm with a keen demand for the limited supply. Quotations

The following are the prices quoted to farmers, on trucks at country sidings, unless otherwise indicated:— Wheat—Milling, f.o.b. Tuscan 5s 7d. Hunters 5s 9d. Pearl 5s lid. Oats —New season’s A Cartons to 3s 10d, B Cartons to 2s 6d, Algerians 2s 9d to 3s. * Ryegrass—Perennial (new seasons* 3s 9d. Italian 2s 9d to 3s. Cocksfoot—Plains 8d to 9d. Akaroa 8d to 9Jd per lb. Cowgrass—6d to 7d per lb. White Clover —8d to lOd per lb. Potatoes—Forward, £3 5s a ton. Onions—£7 10s a ton. . Chaff—£4 5s a ton. Barley—Malting 4j 7id, feed 3s 6d a bushel. ~ Browntop—M.d., 9d to lOd per lb. Partridge Peas -4s 3d to 5s 3d a bushel. . „ __ _ Bran—Large, £4 15s; small, £5 ss. Pollard —Large. £6 Ss a ton,' small. £0 15s.

BRITISH WHEAT MARKETS

LONDON, April 11. Business in wheat cargoes is subdued, and parcels are easier. The sjpot trade Is easier. Futures are quoted:--April 7. April 11. London (a qr.)— d. s. d. Mav .. 41 9 43 3 November .. 31 8 33 7 Liverpool (a cental) . Mav .. •• ® 6 S .. a «* « 10* October .. .• 6 0

CHICAGO FUTURES NEW YORK, April 11. Cents a bushel. April 7. April 11. m,t •• •• S SI July - •• 2! n| September • • w* . 018 STOCK SALES burnsidb

DUNEDIN. April 12. prime bullocks were p r i me heavy prices remained stewy. medium helfers to «1117.^?^ 6 d to’£B* 12s M, SS prime* 'jws and IffKeTff-ZlSra JTI -1 butchers' weights br ? u ®tVbrmfeht £1 pvtra heavv prime lambs orougnv 10 IDs prime £1 4s to £1 6s 6d. medium £1 is fee? to £1 3s 6d. and light There were onlv 40 fat pigs the short supply, prices advaoced by os to 8s a head. _ LORNEVILLE 1 ’ INVERCARGILL. April 12. Fntples in all departments were heavier than last week at the Lornevlllc stock safe to-day The market was a double one In most cases the heavier yardings were too much for the demand, and there wls an elstog in values in several directions Butchers did not want all heavy ewes on offer, and these declined Klue by about 2s a head on last week’s rates. Freezing ewes, which sold at up to 14s, held to last week s rates, and the few light wethers entered were unchanged, top price for wethers being 27s 9d and for ewes 18s. There was » big entry of fat.cattle forward, consisting In the main of cows, a big proportion of to^be 1 inclinled IMK"SjS cattle values compared with last wedt were about 30s a head lower. Prime qual Ity heavy-weight bullocks realised from £42 to £l3 12s 6d, prime £ll to £ll 125., good £lO to £lO 15s, medium eud #7 10s to £9l good cows £7 5s to £B, medium £5 10s to r 1 P S l *. n^f r jEB £2 15s to £3 10s. good heifers up to «8 in« handv-weights £8 15s to £7 10s, lighter weights £5 10s to £6 ss, small and unfinished to £4 15s.

(BBITISH OFFICIAL W1BBLB88.)

Japan— „ _ N.Z. pence to yen T.T. O.D.

RATES

MINING MOUNT LYELL The Mount Lyell Mining and Railway Company, Ltd., progress report for the fortnight ended March 30 is as follows: — Mines—North Lyell: Tons extracted, 3049. Crown Lyell: Tons extracted, 1689. West Lyell: Tons extracted. 35,262. Lyell Comstock: Tons extracted, 2885. ~ . Reduction Works—Furnace m blast for full period; 5457 tons refinery anodes made for current year. Concentrator—Mill operated 336 hours and treated 42,556 tons of ore, producing 2283 tons of concentrates. Copper Refinery—Tankhouse in operation throughout fortnight, 496 tons of cathode copper being produced. Total for current year, 5787 tons.

MOLYNEUX (p*ea» association telkobam.) DUNEDIN. April 12. The Molyneux Gold Dredging Company announces that during the four weeks ended April 9. the dredge operated 257 hours for a recovery of 30* ounces. i METALS MARKET April 8. April 11. £ s. d. £ s. d. C °S P tand7rd. spot 38 9 4| 39 10 3 Forward • • 12 i n Electrolytic.. 42 10 0 43 15 0 Wire bars .. 43 10 0 44 15 0 LC Spot .. 15 9 4J 16 3 11 Forward .. 15 10 7J 16 3 1* .. 13 9 44 13 16 101 Forward .! 13 14 4* 14 3 14 T Sm.t .. 169 12 ,6 173 15 0 Forward .. 170 2 6 174 12 6 Silver— 10 tj Fine, per oz. 19d 18* d Standard,

foreign exchanges

RUGBY. 'April 11. Par April 9. April 11. Paris, fr. to £1 124.21 1615-16 160 3-16 NeW do° r to £1 4.866 4.96J 4.965-16 MOnt dot!’to £1 4.866 4.99 7-16 5.00 5-16 B b r eTgat’to £1 35 . *>. so* 20491 G « M X*'to £1 23.2215 21.641 21.632 Amsterdam. £1 12>1W 8 .96* 8.95* Mllan iire to £1 92.43 94* 94 7-18 «en r t Cl £l 20.43 12.37 12.37 i J8 15g 22 , 40 22.40 Oslo. kr. to £1 18.159 19.90 19.90 Vieftna, _

H m S a?ks°to £1 193.23 226* 226* Madri t d as P t e o Se il 25.2215 - LiSb °dos e tS U £l 375 110 3-16 110 3-16 Athens. dr«eh i 547 i BUCh lei eS t l o £1 813.60 677 * 677* Belgrade dinars 376.3 216 216 Hio de Janeiro,

fnllreV 0 .. 4.90 2 13-16 2 13-10 Buenos Aires, pence to dol. “I Montevideo, jq pence to peso • Bombay, pence . to rupee 18 18* 1D » S pen g ce al to dol. • 13 IS* H p n ence°to g Ven • 1413-10 14 13-16 Y pence m to yen 24.58 14 14 Batavia ’ guild ers 12.107 8.94* 8.94* Warsaw, par _ by price of silver.

BANK OF NEW SOUTH WALES

The Bank of New South Wales quoted the following exchange rates yesterday. Buying. Selling.

N.Z. on S .T. g/w . !««/-

A EA. r ‘to “tl«0 N.Z. T.T. MI

F “ S i. U, N.Z. T.T.»/« JJ

N l£l Y to k £1 N.Z. T.T. 4.0225 3.9880 O.D. 4.0325 3.0980

M S¥"i «K Z T T.J OJS. 4j>U>

TXHO.JJOW,

Be illS!ru. iI H.Z. TT.gJg

Czechoslovakia— Korunas „ _ 110 vj *1 N.Z. t.t. _ lUH

®" x SS: lain J’S»

« n*. ssssa s?su

"KSS®** HX SS:- ffiS

Germany—--BJS?

Greece—on. Z . SS

H Fl£lns to £1 N.Z. T.T. 7.801 7.151 to £1 N.Z. T.T.

Borins to £!N.Z. T.T. 7.275 7.125

to £1 N.Z. T.T. 18.181 15.891

N Francs to £ 1 N.Z. T.T. - 125.57

- 125.62

S K e ron n or to £1 N.Z. T.T. 15.792 15.497 O,D< 15.852 15.503

S JTancs a ?o d £l N.Z. T.T. 17.565 17.295 r rants OD. 17.670 17.300

Chefoo— , . . . NiS. pence to dol. T.T. Not quoted, O.D. Not quoted.

H N*.Z. K pence to dol. T.T. 18 19-64 18 43-64 v O.D. 18 17-64 18 43-64

India and Ceylon— „„ „„ N.Z. pence to rup. ggg

17 3S-64 17 33-64

Tz.Vnce to peso TX 29 39-64 30 7-64

S N n z gh plnce to dol. T.T. Not quoted. S ®“ doL Ml 13 ’ 32 34 61-64

ASSOCIATED BANKS* DOLLAR

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.

SeU .. .. 35813-16 4.013-16 p.D. !! .. 3.99 3-16 4.01 9-16 B ' J >iSPfr .. 4.021 4.04 5-16 O.D. .. 4u031 456 9-16