FINANCE AND COMMERCE

Press, Volume LXXIV, Issue 22593, 24 December 1938, Page 14

FINANCE AND COMMERCE

SHARE MARKET CLOSES FINAL WEEK OF TRADING DULL END OF MOST DIFFICULT YEAR The Stock Exchanges closed this week after a year which has been more difficult for investors than any for a very long time. Markets have been called upon to absorb a succession of the severest shocks; when hopes have risen they have been quickly dashed again by sudden alarms. A partial cause of investors’, nervousness has been events abroad. Usually they are the main upsetting influence in the local market, but this year the political situation in the Dominion has given rise to widespread fear for the future of securities. Whether this fear is justified or not. the fact . remains that the prices of most- New Zealand stocks to-day are well below those of a year ago, while leading Australian issues are dearer on the New Zealand market than they are in Australia. In the last few days of trading, local markets were more than usually dull, investors showing little inclination to enter into fresh obligations. The only sensation was a sharp rise in Grey • Rivers on moderate turnover. The rise, which followed the announcement of the first return, took the shares from 15s to 18s, but they closed weaker round 17s 3d. The downward trend in Government loans appeared to have reached its lowest point and one or two issues firmed. Bank shares were in steady , demand, but price movements were ir- ■; regular. Commercial Bank of Australia lost ground and National of New Zealand were fractionally weaker, but •; Commercial of Sydney rose. New Zeai land fluctuated between £1 19s 9dand £2, and E., S., and A. were firm at £5 [' 11s and £5 10s. The loan and agency and frozen meat 11 sections were featureless, but the few H coal issues traded in were firmer. Grey £ Valley Collieries rose Is at 6s 6d and i Westport-Stockton ordinary were bet- [ ter at 3s*Bd and 3s lOd. The preference were steady at 7s. Christchurch f Gas continued their downward movement, and turnover at £1 4s was 9d ;; below last week’s prices. Auckland I! Gas. however, recovered some of their I recent loss, showing at 18s 9d a rise of ?. 9d since last week. The only brewery shares traded in ?! locally were New Zealands, which moved up a point on small turnover f{ to £1 18s Id and closed firmer. Outf| side Christchurch, Dominion Breweries (ex dividend) were firmer at £1 10s £ 7Jd, and £1 10s 3d, and Tooths rose to [ £2 16s 9d. ij Jn the miscellaneous section, most in--6; terest was again in leading Australian [! industrials and chain stores. Australia ian Glass moved up to £5 7s 6d and ! British Tobacco to £2 10s 9d. Beaths tj dropped Is at 17s, and Broken Hill ProEl prietary declined from £2 ,18s 3d to £2 f: 17s 6d. Taranaki Oil fell to 9s Bd. G. i J. Coles were firm at £4 2s, Electrolytic L Zinc preference at £2 10s and Donali ghy’s Rope and Twine at £2 2s. Colon-' Si ial Sugar were weaker at £4B and £4B ss, but closed with buyers at £49 and hj sellers asking 15s more. Woolworths reti covered to £1 2s and Woolworths | ! (New Zealand) to 19s. ] Bevond the rise in Grey Rivers, there J; was little that was notable about business*in the mining section. New Rivers i' were firm at 9d. Mount Lyells declined fi to £1 8s Pd, and Mount Morgans ad- | vanced to 10s 3Jd. i J> BRITISH WHEAT MARKET f If LONDON. December 22. I Wheat cargoes are dull, with prices { unchanged. Parcels are steady. Futures are” quoted as follows: —

ivxcxjr j The above Liverpool quotations are i all old contract New contract quotaf; tions are:—March, 4s 4Jd; May, 4s sd. [j Liverpool is quoting new contracts [S because of the removal of the import [j duty from January 1, 1939. fj ; CHICAGO FUTURES

LONDON METALS MARKET

1 NEW YORK TIN S NEW YORK. December 22. Tin is quoted at 46.25 cents per lb. LPlnd your market with an advertisement in “The Press,’* in the Small fl« v , e rtisement Columns, Office open 10 pm. —l7

TRADING BANKS’ RETURNS POOR DEMAND FOR LAMB IN LONDON Another substantial decline in net overseas funds, a continued contraction of deposits, and a further increase in advances, which are running at the abnormally high ratio of GS.T-'g per cent, to deposits, are the principal features of the monthly summary of the six trading banks in New Zealand as at Monday, November 28, 1938. Lamb is in poor demand on the London market because of extremely cold weather and a consequent inquiry for heavier meats. Prices for wethers and ewes are unchanged, but trade is slow. Chilled beef is steady, with a good Christmas trade. New Zealand porker pigs are firm, with consumption good, and there is a better demand for New Zealand baconer pigs.

YEGETABLES AND FRUIT CHRISTCHURCH MARKETS Good supplies of vegetables have come forward this week. Values are as under: —Cauliflowers, up to 7s a dozen: cabbages, 2s to 4s 6d a dozen; lettuce, 9d to Is a dozen; spinach, 2s 4d to 2s 9d a dozen; peas, up to 2s 7d a peck; potatoes, from l£d to 2d per lb; french beans, up to Is 2d per lb; cucumbers, 9d per lb. Fruit—Apples: Supplies scarce. Delicious, best quality up to 15s; Stunners, up to 13s 6d; cooking apples. 8s to 10s a case. Tomatoes: Good supplies coming forward, and values advanced, compared with the early part of the week. Best quality. Is Id to Is 3d per lb; others, 8d to Is. Cherries: Good supplies coming forward. Extra choice large realised from Is 6d to Is lid per lb; choice. Is 2d to Is sd; others, from 8d to Is Id. Strawberries: Supplies very scarce, up to 2s 9Jd a punnet. Raspberries: Supplies scarce owing to wet weather and values high. Peaches: Up to 6id per lb. Apricots: Small, up to 4£d per lb. Imported Fruits—Supplies of Jamaican oranges, Australian oranges, and Californian grapefruit are available. A shipment of Samoan bananas,’ ex the Matua, arrived yesterday. Eggs—First grade, up to Is 4Jd a dozen; seconds. Is 2d to Is 3d; duck eggs, up to Is sd. DUNEDIN OP&XSS i-SSOCXATIOM TXLEOBAM.) DUNEDIN, December 23. Fairly heavy supplies of peaches arrived towards the week-end. Immature sorts had little inquiry, but anything showing ripe brought high values. Only small lots of apricots have so far been reaching the marts. Cherries advanced in price day by day and up to 2s IJd per lb was obtained to-day for a small lot of extra choice quality, grown at Alexandra. Choice quality Florence are also selling well. Small and poor quality cherries are offering at fairly low prices. The tomato market remains firm. Supplies from Canterbury towards the weekend were on the green side. Cold weather is affecting the ripening of unheated glasshouse tomatoes, and these are not coming forward in the quantities expected. Supplies of hothouse tomatoes are practically finished. Reports from Canterbury state that cold, wet weather had adversely affected outside-grown tomatoes, and that these will not be on the market until towards the end of January. Gooseberries and black and red currants have been hard to place during the week, and low prices are ruling. Faiir supplies of these fruits are reaching the marts. Strawberries are realising famine prices, and up to 2s 9d a pottle was obtained at the marts today. Supplies are coming from Roxburgh, Taieri, and Outram. Apples from cool stores have been on the short side, but the demand is not slackening. Australian oranges are now sold out of-the wholesale business. Jamaicans, however, are available. Supplies of bananas are on the short side, and repairs which have to be carried out on the island steamer Maui Pomare will have the effect of keeping supplies short for the next four or five weeks.

BANK OF ENGLAND RETURN LONDON, December 22. The following Is the Bank of England return for the week ended December 15:— ISSUE DEPARTMENT

The ratio of reserves to liabilities is 36.62 per cent. The Bank of England discount remains unchanged at 2 per cent. BUTTER AND CHEESE LONDON MARKET PRICES LONDON, December 22. Butter is firm. New Zealand choicest salted. Ills; unsalted, none ofing. Australian salted, 108 s; unsalted, Ills to 112 s. Cheese —New Zealand (nominal), white, ,69s 6d to 70s; coloured, 69s 6d. Australian is steady. White is quoted at 65s to 65s 6d and coloured at 65s 6d to 66s 6d. BRADFORD TOPS MARKET LONDON, December 22. The Bradford market is relatively steady, considering the small business because of the holiday atmosphere. Quotations are:— Last

v Dec. 12. Dec. 22. I- London (a quarter)— s. d. s. d. j January 23 9J 23 3 I March 23 11 23 3J Liverpool (a cental)— December 4 10i 4 s March 4 9 4 6| It May 4 9i 4 7i

NEW YORK. December 22. Cents a bushel. j Dec. 12. Dec. 22. December .. 64J 64} ! May .. 66| 67} | July i .. 66i 66}

LONDON, December 22. Dec. 21. Dec. 22. A ton. A ton. Copper— £ s. d. £ s. d. Standard, spot 44 0 7* 43 18 1* Forward 44 4 4J 44 3 1* Electrolytic .. 49 10 0 49 10 0 to 50 0 0 50 0 0 ■ Wire bars 50 0 0 50 0 0 Lead— Spot 15 3 9 15 1 10i Forward , 15 6 10J 15 5 7i Spelter— Spot . 13 18 U 14 1 10J Forward 14 0 0 14 1 10i TinSpot 214 2 6 214 12 6 Forward 215 3 9 215 12 6 Silver— Standard per oz. . 19 l-16d 20 l-16d Fine, per 02. 21|d 21|d

Notes Issued— In circulation In banking department £ .. 503,000,000 .. 53,400,000 556,400.000 Government debt. Other Govt, securities Other securities Silver coin .. 11,000,000 .. 218,600,000 .. 100,000 .. 300,000 Fiduciary issue Gold coin and bullion .. 230,000,000 .. 326,400.000 556,400.000 BANKING DEPARTMENT Capital .. .. .. 14,500,000 Rest .. .. .. 3,400,000 Public deposits - .. 12,500,000 Bankers .. .. .. 98,400,000 Other accounts .. .. 37,300,000 166,100,000 Government securities Discounts and. advances Other securities Notes and coin .. 72,100,000 .. 14,900,000 24,800,000 .. 54,300,000 166,100,000

week. Dec. 22. Merinos— d. d. 70’s .. 27 26* 64’s .. 25 25 60’s .. Crossbreds— .. 24 24 58’s .. 21J 21 56’s .. 19 J 19 50’s .. 17 17 46’s “ ... *16 •16 44’s ., ■ ■ - • .. *16 •18 •Nominal.