FINANCE AND COMMERCE

Press, Volume LXXIV, Issue 22414, 30 May 1938, Page 11

FINANCE AND COMMERCE

LONDON MARKETS STILL DULL WOOL PRICES MAINTAINED The London share and commodity markets continue extremely shaky, with no sign of a revival. The news from Wall Street has been discouraging and has .been the main factor in keeping London cheerless. Gilt-edged- securities show some strength, and New Zealand stocks have brightened on the reassuring statements recently made. Wool maintains its strong position. Stocks in users’ hands are not large, and the excellent Continental demand has kept the market in good shape. The large purchases by Germany this season are taken as an indication that when wool is reasonably priced, substitutes are not a serious menace. There was a moderate turnover on the Christchurch Stock Exchange on Saturday morning. Price swere erratic. The Argo gold dredge reports a record return of 2410z.

LONDON STILL WEAK

‘ WOOL REMAINS STEADY GILT-EDGED FINISH BETTER tVRITBD PRESS ASSOCIATION—COPYRIGHT.) LONDON, May 27. Whatever slender hopes of an early revival of markets may have been entertained were, dissipated this wfeek, when Wall Street failed to show the slightest sign ox strength, and principal commodities fell sharply, some touching new.lpw levels, . Copper was the lowest since 1935; and consumers were also buying little tin, holding off for lower prices. Lead and spelter also ,were~.poor Steady Wool Prices L Wool,- in spite of the scarcity of new [business in tops and yarns, keeps re- ! markably steady, and Unsold stocks , are so light that many firms are buyj ing -ahead. Even more Important has i been the heavy purchasing from the r Continent. The present comparatively low values [for wool have encouraged countries rlike Italy and Germany to operate j more extensively. The German import figures are by far the largest of fany season since 1933-34, and show an increase of 50 per cent, over last season. The fact that both Italy and Germany . are coming: into the market now values tare easier confirms Bradford’s belief j-that their reliance on synthetic fibres, [has been one of necessity rather than ■choice, and that modestly-priced wool has nothing to fear from the competition of substitutes. Gilt-Edged Market Bonds finished better after a depressing week. New Zealands have been in demand after reassuring statements from various sources. COMPANY NEWS M.L.C. BONUSES The with-profit ordinary branch policy-holders of the Mutual Life and Citizens’ Assurance Company Ltd. have now received their bonus certificates for the year 1937. The company has allotted for the year reversionary bonuses amounting to £1,174,000. ASHBURTON MARKET A good demand for seed, wheat was , experienced by local merchants last week. Millers are still keen buyers of all lines of wheat in good condition. Fowl wheat is in good supply, but sales are difficult to effect. The, market for oats remains quiet. There is a good demand for good, , bright oatsheaf chaff, but there is practically none of this grade available. Light and inferior lines of chaff are difficult to dispose of. Perennial ryegrass is still in strong demand, but most lines have been marketed. Potatoes are meeting with little inquiry, and merchants are taking delivery of forward purchases. 1 Several samples ,of cowgrass have {been offered, but the quality is not attractive. ! Partridge peas are meeting with a | good demand for lines suitable fot ■shipment. The following are prices quoted to [farmers, on trucks at country stations, [unless otherwise indicated, sacks ex-l-trdi. free of commission:— • Wheat—Milling Tuscan, Ss 8d; Munjtej's, 5s 10d; Pearl, 6s. Fowl wheat. 5s 8d (all f.0.b.). y Oats—A Cartons 2s lOd, B’S 2s 6d: i Algerians, 2s 9d to 3s; Duns, 3s to 3s 6d. Grass Seeds—Perennial ryegrass, 3s i»d to 4s 3d; Italian, 2s 9d to 3s; cocks* {foot, 7d to BJd; red clover, fid to 7d; .White clover, 8d to lOd. Chaff—£3 15s to £4 a ton. Partridge Peas—ss 3d for No, J grade; undergrade, 3s fid to ss. Barley—Malting, 4s 7£d‘ feed, 3s fid. , Potatoes—Whites and Dakotas, £3 6s. LONDON PRODUCE LONDON, May 28. Friday’s closing prices were:— Cotton—Spot. 4.46 d per lb: June. 4.29 d. Rubber—Para, s|d per lb; plantation Jute—June-July, £l7 8s 9d a ton. Copra—June-July, South Sea, £lO a ton; smoked. £lt); plantation Rabaul, £lO 15s. Linseed Oil—£24 15s a ten Turpentine—£l lls per cwt. Apples—Good demand. New Zealand, ex Rangitata, ai4* quoted:— Granny Smiths 12s 3d to 13s 9d a case; Jonathans, 9s fid to 10s 3fl; Cleopatras, 9s 3d to 9s 6d; Australian, Granny Smiths. 10s 6d to 15s fid; Jonathans, 8s 6d to 10s 9d. BRITISH WAR LOAN {British opnriAi wireless.' RUGBY, May 28. War Loan, 3A per cent., is quoted at £lOl 7s fid. British treasury bills (British orririAi wißElbsb.i RUGBY, May 27. - The total amount applied for in tenders for £45.000,000 of Treasury hills was £69,025,000. The average rate per cent, for bills at three months was 10s 9.37 d against 10s l.lld a Week ago. PRICE . OP SILVER (BRITISH OFFICIAL WIRELESS.) RUGBY. May 28. Spot silver is quoted ,at 18|d a fine ounce, and forward at 18 9-16 d,

STOCK EXCHANGES SATURDAY’S BUSINESS MODERATE TURNOVER There was a moderate turnover on the Christchurch Stock Exchange ,on Saturday morning, with the bulk of the dealings in industrials. Price movements were irregular. Apart from vestibule business, the following transactions were recorded:— Listed stocks Sales on ’Change £ s. d. 200 N.Z. Breweries (cum div.) .. .. 22 9 22 8 50 British Tobacco .. 2 7 9 300 Booth, Macdonald (pf.) 0 110 100 Dunlop Rubber .. 110 100 G. J. Coles .. (2) 4 0 6 200 Woolworths (Sydney, ord.) 10 9 1 0 10 60 Woolworths Properties (rights) .. (3) 0 3 9 150 Broken Hill South (cum div.) .. (3) 17 3 100 Mount Lyell (cum div.) (2) 12 6 350 Mount Morgan .. 0 8 8 (3) 0 8 9 50 North Broken Hill (cum div.) .. .. 2 0 3 Sale Reported 400 Consolidated Brick .. 0 9 8 Loan and Agency Goldsbrough, Morts were weaker with sellers at 29s lOd, buyers at 29s sd. New Zealand Breweries showed an easing tendency with dealings at 42s 9d and 42s 8d and further sellers at 42s 9d, buyers at 42s 6d. Miscellaneous Booth, Macdonald,. preference, changed hands at Is lOd, and more were wanted at that price, sellers at 2s. British Tobacco-were fractionally firmer with sellers and business at 47s 9d, buyers at 47s 7d. Consolidated Brick remained unaltered with buyers and business at 8s 9d, sellers at 9s. Dunlop Rubber were firm at 21s, and there were further unsupported sellers at 21s Id. Electrolytic Zinc were weaker with sellers of the ordinary at 36s 9d and of the preference at 41s. G. J. Coles were weaker with sellers and dealings at 80s 6d. buyers at 80s sd. Woolworths, Ltd., had dealings at 20s 9d and 20s 10d, and these were buyers’ and sellers’ closing quotations respectively. Woolworths Properties, “rights,” were steady with buyers and dealings at 3s 9d, sellers at 3s lOd. Mining Broken Hill South declined to 27s 3d, and there were further sellers at that price, buyers at 27s Id. Mount Lyells were weaker with sellers and dealings at 22s fid, buyers at 22s sd. MouSt Morgans recovered to 8s 8d and 8s 9d, market closing 8s BJd buyers, 8s 9d sellers. North Broken Hill, cum dividend, were easier with sellers and business at, 40s 3d, buyers at 40s Id. LATEST QUOTATIONS

MINING ARGO The Argo yield for the week ending May 28 is 241 ounces for 132 hours and 16,000 yards. The return is a record for the dredge. WORKSOPThe Worksop Extended return is 420z for 192 hoiprs and 14,000 yards. GOLDEN SANDS The Golden Sands return is 350z 12dwt for 44 shifts. MAORI GULLY The Maori Gully return is 670z 3dwt retorted gold for five days’ dredging, of 103 hours. The lost time was occasioned by the winch shaft breaking and having to be replaced. PRICE OF GOLD LONDON. May 28. Gold is Quoted at £7 0s 9d a fine ounce: FOREIGN EXCHANGES (BRITISH OFFICIAL WIRBLIBS.)

BANK OF NEW SOUTH WALES The Bank ol New South Wales quoted the following .exchange rates on Saturday Buying. Selling. N,Z. on London—

UNLISTED STOCKS

SYDNEY Sales on the Sydney Stock Exchange on Saturday were;—

METALS MARKET

Paris, fr. to £1 RUGBY, May 28. Par. May 27. May 20. 179 178 13-16 17B| New York, dol. to £1 4.866 4.93 3-16 4.94 9-16 Montreal, dol. to £1 4.866 5.004 5.008 Brussels, belgas to £1 39 29.301 29.274 Geneva, fr. to £1 23.3215 21.714 21.714 Amsterdam, fl. to £1 12.107 8.963 8.964 Milan, lire to £1 92.43 94 93 15 r 16 Berlin, reichmarken to £1 20.43 12.31 12.31 Copenhagen, 22.40 kr to £1 18.159 22.40 Stockholm, kr. to £ 1 18.159 19.394 19.394 Oslo, kr. to £1 18.159 19.90 19.90 Vienna, schgs. to £1 34.585 _ Prague, kr. to £1 154.25 1423 1424 Helsingfors, marks to £1 102.23 2263 2263 Madrid pesetas to £1 23.2215 _ Lisbon, escudos. to £1 375 110{ 1104 Athens drach to £1 375 547| 5474 Bucharest, lei to £1 813 60 6774 6774 Belgrade, . dinars 376.3 218 218 ' Bio de Janeiro, pence to mllreis 4.90 213-16 2 13-16 Buenos Aires, pence to dol. 51 18.954 13.954 Montevideo, pence to peso • 204 204 Bombay, pence to rup. • 17 29-32 17 29-32 Shanghai, pence to rup. * 104 16j Hong Kong, pence to yen • 14J 142 Yokohama, pence to yen 24.58 14 14 Batavia. guilders 12.107 8.9S4 8.954 Warsaw, par zlotys to £1 43.38 •Determined by price of silver.

tN.Z. to £100 stg. T.T. 124* 124/10/O.D. 123/10/124/8/9 Australia— EA. to ElpO N.Z. T.T. 101 .101/10/o.D. 101. 100/10/Fiji— EF. to £100 N.Z. T.T. 00/7/8 89 New York— O.D. 90/7/6 89 3.6058 3.0614 Dol. to £1 N.Z. T.T. O.D. 4.0058 3.9654 Montreal— D01. to £1 N.Z. T.T. 4.0451 4.0127 O.D. 4.0571 4.0167 AUfetrla-*-Schgs. to £1 N.Z. T.T. Not quoted. O.D. Not quoted Belgium— • Beiges to £1 N.Z. T.T. 23.742 23.432 O.D. 23.817 23.443 Czechoslovakia— Korunas to £1 N.Z. T.T. 113.26 O.D, — 113.31 Denmark— . Kroner to £1 N.Z. T.T. 18.203 17.893 O.D. 18.283 . 17.899 Finland-**-Marks to. £1 N-.Z. T.T. 185.15 179.35 O.D. 185.55 179.45 France— Francs to £1 N.Z. T.T. — 141.91 O.D. — 141.05 Germany—# Relchmarks to £1 N.Z. T.T. — 9.819 O.D. — 9.824 Greece*** : Drachmae to £1 N.Z. T.T. — 429.54 O.D. > — 429.84 Holland— Florlns-tn £1 N.Z. T.T. 7.304 7.154 O.D. 7.344 7.158 Italy— Lire to £1 N.Z, T.T. _ 75.31 O.D. — - 75.33 Java — Florins to £1 N.Z. T.T. 7.283 7.133 O.D. 7.323 7.137 Norway— Kronor to £1 N.Z. T.T. 18.182 15.892 O.D. 16.242 15.898 Noumea— Francs to £1 N.Z. T.T. _ 140.68 O.D. — ,140.70 Papeete—.' . .. Francs to £1 N.Z. T.T. 140.71 O.D. — 140.75 Sweden-r . , Kroner to £1 N.Z. T.T. 15.785 15.490 q.D. 15.845 15.496 . Switzerland — T.T. 17.625 17.355 Francs to £1 N.Z. O.D. 17.730 17.360 Cheefoo— T.T. 14 47-84 N.Z. pence to dol-. — o;D. 14 23-32 Hong Kong— T.T. 18g 183 N.Z. pence to dol. op. 18 11-32 18J India and Ceylon— 22 7-64 22 25-64 N.Z. pence to rup. T.T. o.p. 22 5-64 22 25-64 Japan— T.T. N.Z. pence to yen — . O.D. 17J Manila— T.T. N.Z. pence to peso 20 11-16 30 3-16 O.D.‘ 29 19-32 30 3-16 Shanghai— T.T. N.Z. pence to dol. Not quoted. O.D. Not quoted. Singapore— N.Z. oence to dol. T.T. 341 34 47-64 O.D. -34 5-32 34 47-64

Buyers. Sellers. £ s. d. £ s. d. N.Z. Govt. Debentures S3 p.c. Bonds. 1941 100 10 0 4 p.c. Ins., 1946-49 103 15 0 4 p.c. ins., 1952-55 104 0 0 —. Rural Bonds. 5 p.c.. 13/9/47 102 10 0 — Other Debentures Booth, Macdonald, 5 p.c.. 1/6/47 .. N.Z. Relrig., 4i p.c., 09 0 0 — 1640-45 101 0 0 _ C.F.C.A., 4i p.c., 21/4/42 , — 97 0 0 Banks Adelaide (£5) 6 0 0 Comm, of Aust. (10s) 0 15 7 0 15 0 Comm of Sydney (£12 10s) 19 17 6 20 2 6 E.. S„ and A. (£3 paid) 4 16 0 4 17 9 Natl, of A’asia. (£10 paid) 13 10 0 13 15 0 Natl, of A’asia. (£3 paid) — 6 15 0 Natl, of N.Z. (£2 10s) 2 11 8 2 12 9 N.Z. (cum div., £1) 2 4 6 — N.Z (mort. shares, cum dlv., £1) .. 1 9 4 _ Union (£5) .. 8 0 0 8 10 0 Insurance Natiot al (7s paid) 0 17 6 New Zealand (£1) .. — 2 18 6 Standard (£1) — 2 18 0 Loan and Agency Dalgety and Co. (£5) 8 0 0 8 7 8 Goldsbrough, M. (£1) 1 9 5 1 9 10 N.Z. Guar. Corpn. (3s) — 0 4 6 Permanent Invest. (£10) 9 10 0 — Shipping Adelaide (£1) 1 14 0 1 14 9 New Zealand (£10) .. 11 10 0 — Frozen Meat Cantby. (£7 10s pd.) 9 S 0 10 4 6 N.Z. Refrig. (£1 paid) — 0 19 0 N.Z. Refrig. (10s paid) 0 8 4 0 8 5 Southland (£ 1) 1 8 9 1 10 9. Woollens Bruce (pref., £1) 1 2 0 Kaiapoi (17s paid) .. 0 10 0 _ Kalapol (7s paid) Kaiapoi (pref., 17s) .. 0 2 9 0 17 3 Manawatu (£ 1) ' —. 1 13 0 Timaru (£1) — 0 12 6 Coal Grey Valley (£1) 0 14 0 Pukemlro (£ 1) 0 18 0 _ Westport-Stock ton (10s) 0 2 10 0 2 11 Westport-Stock ton (pf.. 0 5 11 .i— Gas Auckland (£1) 1 0 9 Auckland (con., 15s paid) 0 13 6 Christchurch (£1) 1 7 9 Breweries Dominion (£i) 1 17 3 Dunedin (£1) 1 9 0 New Zealand (£1) 2 2 6 2 2 9 Queensland (£1) 1 8 0 Swan (cum dlv., 5s) 1 7 3 Timaru (in liqdn.) 0 0 11 0 1 0 Tooheys (16s) — 1 10 3 Tooths (£1) .. 2 14 0 Miscellaneous Anthony Hordern (£1) 0 16 3 0 16 9 Aust. Foundation Trust 0 4 4 0 5 0 AUst. Glass (cum div.. £1) 4 12 0 Booth, Macdonald (pf.. £1) 0 1 10 0 2 0 British Tobacco (£1) 2 7 7 2 7 9 Broken Hill Pty. (£1) 2 19 7 2 19 10 Broken Hill Pty. (con.) 1 16 3 Consblid. Brick (£1) .. 0 8 9 0 9 0 Colonial Sugar (£20) 47 15 0 Dom. Builders (cum div., 10s) 0 4 0 ’ Dom. Fertiliser (cum div., £1) 1 5 0 D.I.C. (IDs paid) 0 14 0 Dunlop Rubber (£1) 1 1 1 Electro. Zinc (ord., £1) 1 Te 0 1 16 9 Electro. Zinc (pf., £1) 2 0 10 2 1 0 Evans Atlas Flout (10s) 0 19 0 G. J. Coles (£l) 4 0 5 4 0 6 David Jones (£l) 1 19 6 2 1 0 Hay’s, Ltd. (con., 15s paid) .. 0 16 0 0 18 g Howard Smith (£li 1 1 6 Hume Pipe, (£1) 0 18 9 0 19 3 Kauri Timber (cum dlv., 25s) 1 0 0 ~ Mlllaqum Sugar (£i) 1 17 0 Morris "Hedstrom (cum dlv., £1) 1 5 0 Macduff’s (£1) 1 0 0 Mecduffs (pref,, £1) .. 1 4 0 N.Z, Drug (£2) 3 7 6 3 9 0 N.Z. Farmers’ Co-op. (10s paid) _ 0 0 1 N.Z. Farmers’ Co-op. (A pref., £4) 1 13 6 1 19 6 N.Z. Farmers' Co-op. (B pref., £4) N.Z. Farmers’ Co-op. 1 15 0 (41 p.c. Stock, 1050, £100) S3 0 0 95 0 0 NiZ. Farmers’ Co-op., (4i p.c. Stock, 1955, £100) .. 95 0 0 Quill, Morris (1936) (£1) ' 0 18 9 Taranaki Oil. (24/7) .. 0 8 3 0 8 4 United Provisions (£1) 0 8 0 Wilcox. Moftlln (11s) 0 7 3 0 7 4 Woolworlhs (Sydney) lord., 6s) Woolworths (N.Z.), 1 0 9 1 0 10 (5s paid) 0 19 0 1 0 9 Woolworths Properties (rights) 0 3 9 0 3 10 Overseas Listings Woolworths (S. Africa) (Bs) 0 15 6 0 15 10 Mining. Argo (Is) 0 1 7 Argo (con.) 0 1 3 Big River (is) 0 0 6 6 1 2 Golden Dawn (5s) ... 0 2 5 Golden Sands (IS) 0 1 9 Goldfields Dredg. (Is) 0 0 2i Grey River (10s paid)’ 0 12 0 0 12 2 Maori Gully (Is) 0 0 5 0 0 6 Martha (5s) .. 0 10 9 0 12 6 Moonlight Gold. (8d paid) . .. 0 0 6 Mossy Creek (Is) • .. 0 1 2 NemOna (Is) 0 1 8 New River (Is) 0 0 31 0 0 6 Nokomai (5s) .. ; -ru 2 0

Buyers. Sellers. £ s. d. £ s. d. Mining House Concessions (Is) •• Skippers (Is) Sandhills (Is) 0 0 0 0 1 Oi 0 0 1 0 03 4 Waitahu (5s) Worksop Extend. (Is) 0 0 0 0 6 8 0 "l 2i Australian Mining Mount Lyell (£1) 1 2 5 1 2 6 Broken Hill South (5s) 1 7 1 1 7 3 Mount Morgan (2s 6d) 0 8 8i 0 8 8 Mount Morgan (pref., 0 13 12s paid) 3 — , Mount Morgan (pref.. £1 paid) .. Nth. Broken Hill (5s) 1 1 2 0 3 1 2 ~0 3

All transactions in stocks quoted in this section are subject to a different rate of brokerage from listed stocks, and are not quoted on the official list: — ■ Buyers Sellers. £ s. d £ s. d. A.P.A. .. .. 0 9 0 — Balllns Breweries .. — 0 15 0 Mt. Cook Tourists .. — 0 5 0 N.Z. Perpetual Forests — 2 4 0 Selfridges (N.Z.) .. — 0 17 0 Timaru Lime .. — 1 1 3 White’s Electric .. — 0 0 4 Woolworths (W.A.) .. 4 7 6 4 10 0 AUCKLAND Sales on 'Change £ s. d. Inscribed Stock, 4 p.c., 1943-46 103 0 0 Consolidated Brick 0 8 9 M.K. Manufacturers 0 10 0 Martha .. .. .. 0 11 10 0 11 9 WELLINGTON Sales on 'Change £ S. d. Inscribed Stock, 3J p.c., 1939-43 100 5 0 Inscribed Stock. 4 p.c., 1946 103 2 6 (All above late Friday.) Woolworths, rights .. (2) 0 3 11 National Bank of N.Z. 2 12 3 Consolidated Brick 0 8 9 Woolworths, rights .. 0 3 11 DUNEDIN Soles on 'Change £ S' d. Woolworths (Sydney), (ord.) .. 1 0. 9 Sales Reported National Insurance 0 17 8 Broken Hill South <i. 1 7 6 ’ Sales After Call Broken Hill South 1 7 0

Commonwealth Bonds— £ s d 4 per cent., 1941 100 16 3 4 per cent., 1944 101 12 6 Commercial Bank of Sydney 20 7 0 Bank of New South Wales 22 0 0 Tooheys 1 10 4* Australian Glass 4 13 0 Broken Hill Proprietary 3 0 3 British Tobacco 2 8 0 LONDON LONDON, May 27. £ s. d. Mount Lyell 0 19 0 New Guinea Goldfields 0 1 li Clutha River, buyers .. 0 1 7i Clutha River, sellers .. 0 1 lOi Molyneaux River, buyers 0 1 0 Molyneaux River, sellers 0 1 3

LONDON, 'May 27. CopperMay 26. May 27. £ s, d. £ s. d., Standard, spot 32 16 3 32 11 3 Forward 33 1 3 32 16 10J Electrolytic .. 37 0 0 37 0 0 to 37 10 0 37 10 0 Wire bars 37 10 0. 37 10 0 LeadSpot 13 12 6 13 7 6 Forward 13 is n 13 10 74 Spelter— Spot 12 4 4i 12 0 7J Forward Tin12 8 9 12 10 7J Spot 159' 15 0 157 12 6 Forward 160 7 6 158 10 0 Silver— Fine, per oz. . . 1813-16d 1813-16d Standard, per oz. . 20 5-16d 20 5-16d May 20; May 27. Pig iron, a ton £ s. d. £ s. d. 5 9 0 5 9 0 Antimony— British 75 10 0 75 10 0 Foreign ♦44 10 0 ♦43 10 0 Molybdenite .. ♦2 4 0 (a unit) ♦2 4 0 Wolfram ♦2 0 6 •2 1 R ♦Nominal.