FIANCE AND COMMERCE COMPANY NEWS

Press, Volume LXXV, Issue 22662, 17 March 1939, Page 13

FIANCE AND COMMERCE

COMPANY NEWS

WOOL IMPROVES AT DUNEDIN RAM FAIR OPENS An exceptionally keen demand developed for fine wools at the third Dunedin sale yesterday, when 27,000 bales were offered. The best descriptions of halfbreds were very firm, and there was a distinct appreciation for medium and inferior grades over recent New Zealand The Continent and Bradford were in the market strongly, though limits were strict. The annual Christchurch ram fair opened yesterday, when flock rams were disposed of. There was a heavy entry of Romney Marsh, which sold well to a keen demand. Southdowns and Ry elands also met a good inquiry, but fine woolled sheep, particularly halfbreds and Corriedales, had a most disappointing inquiry with low prices and frequent passings. The Reserve Bank figures for this week show another decline, amounting to £114,212 in sterling exchange. The total outstanding in the primary products marketing account at £7,317,326 is a record.

DUNEDIN WOOL SALE

i LOWER HALFBREDS DEARER DEMAND KEEN AND WIDESPREAD BRADFORD AND CONTINENT ACTIVE (ntzas isaocu/nov tzlzozam.) DUNEDIN, March 16. The third Dunedin wool sale was held to-day, when catalogues totalling 27,218 bales were offered. The selection generally was of a better standard than that offering on February 8. A good many clips showed the effect of the unfavourable weather in the winter and early spring, and were thin and inclined to be tender. Dry yolk was also more prevalent and showed up to a greater extent than usual through most of the clips. Competition was very keen and

more spread than at the previous sales held here. Both Bradford and the Continent operated freely, but their limits were strictly leflned. Local mills continued to be keen buyers of choice lots suitable to their requirements. Support was given by Ger-

many. but Japan’s buying strength appeared to be very limited in comparison with the previous Dunedin sale. Good types of merino were firm, but heavy-conditioned lots of this quality did not attract the same attention. Better type nalfbreds were unchanged and average and inferior types were firmer. Fine crossbreds sold on a par

with February rates. Ordinary crossbreds showed very little variation, with the exception of hoggets, which were dearer. The demand for skirtings was good, and in some cases prices were higher tot finer grades, but there did not appear to be the usual buying orders for crutchings, which can be quoted cheaper.

Growers met the market exceptionally well and passings were limited and were confined only to lots where growers’ reserves were excessive.

Top price for the sale was 152 d for three bales of super fine combing merino grown by James Freeland of Morrison’s, and 17 bales of super combing merino hogget grown by J. Preston and Son, of Longlands, realised 15id. The range of prices was;— Feb. 8. March. 16

LONDON SALES

OPENING RATES FULLY HELD demand more general (UNITED PRESS ASSOCIATION—COPYRIGHT.) LONDON. March 15. At the wool sales 8350 bales were offered, including 2029 New Zealand, and 7376 were sold. A good selection met an active demand, and buying was more general. A good clearance was effected at fully opening rates. New Zealand slipe crossbred lambs, Fairfield, brought 12Jd.

SHARES TUMBLE IN U.S.

SOME RECOVERY LATER EFFECTS OF CRISIS IN EUROPE (UNITED PRESS ASSOCIATION—COPYRIGHT.) NEW YORK, March 15. The Czech situation caused wide selling on the stock market, prices tumbling in some cases five points in the early selling, and recovering somewhat toward the end. Industrials were heaviest hit, but the bond market also suffered losses. Fear is expressed that Czech obligations held in the United States totalling 165,000,000 dollars may prove difficult of collection, as have Austrian debts Commodities, principally wheat and sugar, showed the usual war scare gains, the former rising at least one cent a bushel in Chicago. Turnover on the New York Stock Exchange was 1,110,000 shares. CZECH LOANS MARKED DOWN LONDON EXCHANGE QUIETER LONDON. March 15. The Czechoslovakian crisis has slowed business on the Stock Exchange, but British funds are only a shade easier, Czech loans have been heavily marked down, and German, Dawes, and Young loans have declined slightly. Quotations: — Clutha River, buyers Is 3d, sellers Is Cd. I.lolyneux River, buyers 3d, sellers 6d.

BRITISH EXCHEQUER RETURNS

DEFICIT REDUCED LARGE RETURNS FROM INCOME TAX (BRITISH OFFICIAL WIRELESS.) RUGBY, March 15. With only three weeks of the financial year to run. Exchequer returns show a deficit at March 11 amounting to £23,805,012, having been reduced during the week by £29,662,491. Ordinary revenue during the week totalled £5,374.823, making the total to date £859,731,074, which is £43,511,050 more than at the corresponding date last year. Total expenditure, less self-balanc-ing items and sinking funds, is £883,536,086 compared with £806,064,277 at the corresponding date of 1938, and with the estimate for the present financial year of £948,366,000. The yield from income tax last week was £13,137,0p0, against £10,307,000 for the corresponding week a year ago.

Merino— d. d. d. d. Extra super 14J to 18 144 to 15$ Super 12$ to 14 12 to 14 Average 10J to 12 10 to 114 Inferior 9i to 101 9 to 9$ Fine Halfbred (56/58)— Super 12 to 14 124 to 14 Average 10$ to 11$ 11 to 12 Inferior 9 to 104 94 to 10$ Medium Halfbred (50/56)Super Ti$ to 12$ 12 to 12$ Average 10$ to 114 10$ to 11$ Inferior 8i to 10 9 to 104 Pine Crossbred (48/50)— Extra super 13 to 134 124 to 134 Super Hi to 124 114 to 124 Average 9 $ to 11 9$ to 11 Inferior 8$ to 94 84 to 94 Medium Crossbreds (46/48) — Super iU to 12 10$ to 12 Average 94 to 10$ 94 to 104 Inferior 8 to 94 8 to 94 Crossbred (44/46)— Super 104 to 114 104 to 114 Average 9$ to 10J 94 to 10 Inferior 84 to 94 84 to 94 Merino Necks and Pieces— Super 101 to 124 104 to 124 Low to med. u to 10 8 to 10 Halfbred— Extra super to 12 to 12 Super 10 to 103 10 to 114 Good to super 8 to 94 84 to 10 Low to med. 6 to 74 64 to 7$ Crossbred— Super 9 to 104 9 to 104 Average 7i to 84 74 to 84 Inferior 6 to 6$ 6 to 7 Crutchings— Med. to good 5 to 74 5 to 7 Inferior 4 to 4$ 4 to 4$ Crutchings— Crossbred: Med. to good 64 to 84 6 to 8 Inferior 4 to 6 4 to 54 Locks— Merino 4 to 5 4 to 54 Halfbred 4 to 54 44 to 5$ Crossbred .. 3i to 44 34 to 4$

KEMPTHORNE, PROSSER [THE PRESS Special Service.] DUNEDIN, March 16. A net profit of £62,148, as compared with £77,735 last year and £50,130 in 1937, is reported by Kempthorne, Prosser and Company's New Zealand Drug Company, Ltd., for the year ended January 31, 1939. The dividenJ, as already announced, is unchanged at 8 per cent. The directors report that the unappropriated balance brought forward from profit and loss account last year was £39,443 14s 5d, to which is added net profit for this year £62,147 19s 7d, making £101,591 14s, less interim dividend for half-year to July, 1938, at 3J per cent. (£20,405), leaving to be dealt with the sum of £81,186 14s. The directors recommend the payment of a dividend of 4£ per cent., making 8 per cent, for the year, absorbing £26,235; to add to general reserve the sum of £15,000, and to carry forward to next year £39,951 14s. N.Z. GUARANTEE CORPORATION WELLINGTON, March 16. The board of the New Zealand Guarantee Corporation at a meeting to-day decided to pay an interim dividend of l£d a share for the half-year ended Eebtuary 28, 1939. The dividend will be payable on March 28. Transfer books will be closed at 5 p.m. on March 20. The dividend is equal to 8£ per cent. HOLME STATION FAIR [THE PRESS Special Service.] TIMARU, March 16. The quality of the sheep forward at the Holme Station ewe fair was up to the usual standard. There was a firm demand for all classes of sheep and passings were negligible. An outstanding line of two-tooth Romney ewes realised 33s 6d, the highest price in South Canterbury this season. Prices were on a par with those ruling at the Studholme ewe fair. Best two-tooth Romney ewes made 30s to 33s 6d, medium 24s to 28s. small 19s 6d to 23s good two-tooth halfbred ewes to 23s 3d three and four-shear crossbred ewes to'l6s 9d. best four and five-year tp 15s 3d, medium lis to 12s. best four and five-year halfbred ewes lis 6d to 13s. medium 8s to 10s, good Romney ewe lambs 14s lOd to 16s 6d, medium 10s 3d to 13s lOd. small 7s 4d to 9s.