FINANCE AND COMMERCE

Press, Volume LXXV, Issue 22678, 5 April 1939, Page 13

FINANCE AND COMMERCE

i ADDINGTON STOCK MARKET 9* * n

NORTHERN roller milling profit -I The weekly Addington mar ket was held yesterday because of the approaching holiday. Pennings were smaller in most sections and values showed little change from those of last week. Fat sheep were an exception. They were firmer. The Northern Roller Milling Company reports an increased net profit and higher ordinary dividend for the year ended February 28. ‘

SOME ADVICE TO

INVESTORS

Calm in Times of Crisis

"WISER TO HOLD THAN

Tuesday Evening.

TO SELL”

Counsel to Investors to “keep their beads" and to avoid panic during times of international crises was offered by |4r P. A. Hoge, president of the Brisbane Stock Exchange, following reaction on the market during the Czech crisis. "Wo have had several war scares in recent times, and differences have al•way* been adjusted without recourse to war,” said Mr Hoge. "In the event of WW. prices would find their level automatically, as they did .In 1914-18. If peace is maintained, it is certain that price trends will be upward. In the meantime, Investors must continue to exhibit confidence in themselves and to their country. “Conditions on Australian exchanges to tile last few days have merely reflected conditions on the major markets of London and New York,” he added. “In September, a jj c i asgeg Q f investments were adversely affected, but, once the political atmosphere in Europe had cleared, the recovery was gradual, By January prices had reached a peak." Some similar advice was issued by Mr E. G. Blackmore, chairman of the Sydney Stock Exchange, following Mr Hoge’s statement • Dow Jones Influence “It la inevitable that a break in overseas juices will be reflected here,” said Mr Blackmore. “For one thing, some of the stocks dealt In on the London Exchange are dealt in here, and then tijfre is the psychological effect to be t*Bsn into consideration. London, in t- .' is affected by conditions in New HV.and so we get a reaction froth t\ js well. My personal view, how* eVB4jK? that, unless there is an urgent need of money, it is wiser to hold than to sell.” ' There‘ls a feeling among Sydney brokers that too much significance is attached in Australia to the Dow Jones Index from New York, “In the bands of people who don't understand them, these averages may be very dangerous," a member of the exchange said. “In my opinion the pew Jones averages are allowed to have too big an effect here. For one thtox, there is the element of gambling to New York. What the racecourse is to many an Australian, the Stock Ex-cflange-is to the rank and ‘file in New form bf gambling; hence fluctuations are greater. UnforJunately 1 , those fluctuations, particularly in a time like this, may affept Us out here. The effect is much greater than Is warranted.” LONDON METALS MARKET IHICE OF TIN HIGHER J cop PEH ALSO ADVANCES

LONDON WHEAT MARKET

LONDON PRODUCE MARKETS butter and creese PRICES AT CtOSE OP WEEK The Ncw Zealand Dairy Board, by SffiS? 6 ” 4 Wlth , the Marketing Der ouiifnao re ? orts a t the close of Ifeaian on Saturday the Mh d gutter market was quiet, retail prices unchanged. E f°nomic Committee at 7rb7rl ftocfcs of all butters in store kU year bastes ’ gainst 535,539 boxes h .Se retail prices for New Zealand £ 1)2 15 2 4d. t0 ls 34 P ' r lb ’ Qnd -1,2*5 quoted for salt butters, with the week before, were as fol-

• March 25. March 31. Per cwt Per cwt Au^t«n. aland 116 & 114 to 115 ffIKL •• US J° 115 113 114 Oanish.spot;. 135 to 136 135 to 136 South African 109 to 112 107 to 111 2eah?nii te ?i < J ni^ ters were Ohoted: New to IJ?5' ÜBf.U B f. 1° 120s; Australian. 114s • ns s -THK PoI^h - 112s : 110s to ua S ian . H6s to ii7s. descdbed W a S quie n t d ° heeSe market was foUows*--? UO * ed * or c^eese compare as March 25. March 31. Per cwt. Per cwt

BRITISH WAR LOAN . (bbitisb omcur wibebess.) RUGBY, April 3. War Loan, 3i per cent., is quoted at £96 15s.

CANTERBURY MARKETS POTATOES CONTINUE QUIEf FUTURE OF TRADE WITH AUSTRALIA (VT OTO OOMMKRCIAt. EDITOH.)

There is a fair amount of retail business in the Canterbury grain and produce markets but not a great deal of wholesale. Seed wheat is still going out in larger quantities than usual, and it looks as though the sowing will be a heavy one. A good shower of rain now would be encouraging to growers. Deliveries of milling wheat have increased since the April increment went on to the price. The sample continues to be excellent.

Potatoes are quiet, the market awaiting definite information about the future of the trade with Australia. A statement is expected within the next few days as the period for.which the embargo was lifted expires this week. The prospects of a further opportunity to export are not considered encouraging on latest reports. It is stated that the shortage in the, eastern states of Australia is diminishing because of heavy consignments from Tasmania and Victoria, and the price of Tasmanian potatoes is reported to have dropped from £24 to £l6 in a week. An interesting report on the potato market is New South Wales, prepared by the Director of the State Marketing Bureau, Mr A. A. Watson, was released last week by the Minister for Agriculture, Mr A. D. Held. After stating that potato prices in New South Wales would reach high levels from time to time as long as production continued to be far below the requirements of the population and that such circumstances were tantamount to the permanent encouragement of speculative marketing, the report said that a means of expanding the potato industry In New South Wales could possibly be fopnd, ' Mr Watson suggested that potato growers might set up a comprehensive marketing system of their own. “Any means," he said, “which might be adppted in this state to keep so valuable a food within the reach of the majority of buyers, would necessarily include action with a view to eliminating all handlings between the stages of, wholesale and retail trading, “If a growers’ marketing organisation could not be established, the position would be substantially Improved if one central wholesale potato market were set up in Sydney. "It would be still further improved. I consider, if semi-wholesale markets, under the same control as the central market, were established at suitable strategic marketing points within suburban Sydney.” Local quotations for potatoes are unchanged. The North Island is fairly well supplied, and the demand has eased off a little.

The oats and chaff markets are unchanged.

Small seeds are quietening slowly. The North Island demand is not as good as it was, but,the markets are firm with little change in prices. A certain amount of browntop is being harvested now, and values are is 3d for certified seed, machine-dresSed, and Is Id for uncertified. Quotations

The following are the prices quoted to fanners on trucks at country sidings, unless otherwise indicated: — Wheat—Milling, f.0.b,, Tuscan 5s 7d, Hunters 5s 9d, Pearl Ss Hd. (Final payment of 3d a bushel on all wheat at the end of year.) Oats—A Gartons 2a 0o to 2s 7d, B Gartons 2s 4d. Algerians up to 3s. Duns 3s 6d to 4s,

Ryegrass (good germination)— Perennial up to os fld '(nominal). Italian up tO'4a to 4s fld (nominal). White Clover —Is to Is 3d per lb. Red Clover —Old season’s. 4d to fld per lb; new season’s, 7d to 7id. Cocksfoot (plains and Peninsula)— fld to 7Jd per lb. Potatoes—prompt, £fl iss to £7. a ton. May, June, July delivery £6 to £fl 10s a top. Chaff—£3 15s a ton. Onions— £l3 a ton, Partridge Peas—6s fld to 7s, according to quality. Barley—Malting 4s 7Jd, feed 3s a bushel. Bran —Large £4 15s, small £5 ss. Pollard—Large £0 5s a ton, small £6 15s.

LONDON, April 3. Wheat cargoes are easier and parcels are lower. Futures are quoted:—

London—May, 21s 4d, July 21s 7d. Liverpool, old contract, May 4s 3fd; new contract. May, 4s 2d; July, 4s 3gd. Chicago futures are quoted:—May, 67g cents; July, 671; September, flfl, GOLD AND SILVER LONDON, April 3. Gold is quoted at £7 8s 5d a fine ounce. Standard silver Is quoted at 19 15-16 d ah ounce spot, and 19|d forward. CALL AND DIVIDEND LI3T Dividends Due Bartholomew Timber—int., 6d a share .. .. .. To-day N.Z. Drug—final. 4J p.c. .. April 6 Milne and Choyce—int., pref., 6 p.c. p.a.; B pref., 7 p.c. p.a.; ord. and deb. stock. 5 p.c. p.a. April 10 Rawang Tin —final, lid a share, sterling .. .. .. April 13 Wooiworths (Syd.)—final. Hi p.c, .. .. .. April 1$ Wooiworths (N-Z.)—int., pref., 4i p.c. .. .. .. April 15 Amalgamated Wireless (A’asla.) -3nt., 5 p.c. .. .. April 24 T. J. Richards—lnt., pref. and B. ord-, 5 p.c. .. .. April 25 South British—int.. Bid a share April 27 Drug Houses of Australia—int,, 3 p.c. •• •• •• April 29 Aust. Iron and Bteei—cum pref., int., 7i P-e. pa. for halfyear ended May 1, 1935, (subject statutory reduction) May l D.l.C.—pref., 5 p.c. p.a. .. May 1 Imperial Chemicals —ord., stock. final, 5 .p.c. sterling „ •• June i

COMPANY NEWS

NORTHERN ROLLER MILLING

INCREASED PROFIT AND HIGHER DIVIDEND TTHE PRESS Special Service^ AUCKLAND. April 4. An improvement in earnings and an Increase in the rate of dividend on ordinary capital are features of the accounts of the Northern Roller Milling Company, Ltd., for the year ended February 28.

Profit for the' year, after provision for depreciation, rates, land tax, ahd other contingencies except allowance for income and social security tax was £26,077, compared with £19,859 in the previous year. Income tax requires £10,948, against £8096 last time, while the appropriation for the Social Security tax is £1460. After allowance of these taxes, the net earnings are £13,569, against £11,763 a year ago.

The directors recommend a dividend on ordinary shares of 4 per cent., which compares with 3J per cent, last year. The distribution requires £9OOO. The sum of £3900 has already been paid In preference dividend. The balance of undivided profits is to be carried forward. BARTHOLOMEW TIMBER INTERIM DIVIDEND UNCHANGED The directors of the Bartholomew Land and Timber Company, Ltd., have declared an interim dividend at the unchanged rate of 2£ per cent., equal to 6d a share, payable to-day. WQOLWORTHS PROPERTIES A decision to amend the articles of association of Woolworths Proprieties, Ltd., to provide that preference shares should be retitled preferred ordinary, shares was made at an extraordinary general meeting in Sydney last week.

NORTHERN OILFIELDS A progress report issued by the directors of Northern Oilfields, Ltd., on March 28, states that the company’s No. 1 test bore at Mltltal has" been reamed out to a diameter of 34 inches, and has reached a depth of 698 feet. At 690 feet, greensand was penetrated, producing a strong flow of gas, accompanied by a show of oil. This is the second band of gas and oil-producing sands passed through, MINING FIJI PRODUCTION The clean-up reports of the Fiji mines for the four weeks ended March 221 are as follows; Emperor—Crushed 14,750 tons for 4188oz fine gold. Concentrates stacked pending further treatment total 14J tons, estimated to contain lOOoz fine gold. Loloma—Crushed 2355 long tons for ,3210pz fine gold and 5630z fine silver. In addition, 380 tons of old residues were retreated for a yield of 20oz of fine gold.

BULOLO DEPOSITS TO WIND UP Shareholders of Bulolo Gold Deposits, Ltd., at a meeting in Sydney, decided that the company should be wound up voluntarily. The directors state that a distrlbm tion of approximately lid a share wilt be made. The company sold its New Guinea assets to New Guinea Gold Fields, Ltd., last September, for £21,500 cash. Capital comprises 417,842 shares of 2s each. STAFFORD DREDGING

An extraordinary meeting of Stafford Gold Dredging, N-L-, will be held on April 17 to authorise the winding up of the company, which was agreed to at the annual meeting on December 19. If the liquidation is approved by shareholders, the management states, a first cash distribution of Is a ishare will be made on April 19 from funds now available. There still remain certain assets, such as freehold land and dredging claims, as well as sundry plant and stores, to be disposed of, and ft is difficult to estimate what these will realise.

BARRYTOWN The Barrytown dredge during March ran 463 hours and treated 231,000 cubic yards for 805 ounces, PADDY’S POINT The share transfer books of the Paddy’s Point Gold Mining Company will be closed during the week commencing Monday, April 24, 1939, pending the payment of a dividend of 5 per cent, (equivalent to 3d a share), payable on May 1.

MOLYNEUX For the -wo weeks ended March 30, the Molypeux dredge operated 250 hours, and recovered 121 ounces. ALEXANDER t The Alexander gold return for March is:— . Battery department—lßo tons of ore crushed for llfloz 7dwt of melted gold. Cyanide department—Clean-up for months of February and March —650z 2dwt bullion. Total estimated value — £1278.

In addition —5J tons of concentrates were saved, valued at £l9O. In estimating the above values gold has been taken at 150s a fine ounce.

NEW WELCOME The New Welcome mine report for March states that the low level tunnel has been extended a further distance of 72 feet, making a total distance driven tp date of 439 feet. The country encountered has been good with small quart? leaders running through it. Tenders are now being called for driving the remaining distance, namely 760 feet

BUSINESS ON WALL STREET NEW YORK, April 3. Turnover on the New York Stock Exchange to-day was 1,470,000 share?.

(uhted razss association— coptbiobt.) LONDON, April 3. March Copper— £ s . Standard, spot 43 4 Forward .. 43 9 t Electrolytic ” 48 10 31, d. 8i 4* 0 April 3. £ s. d. 43 6 10} 43 11 10} 48 10 0 10 _ Wire bars .. ' Lead49 10 49 10 0 0 49 10 0 49 IQ 0 Spot _ Forward Spelter — 14 10 14 13 7} ii 14 0 10} 14 11 10| Spot -Forward Sin— 13 13 13 15 1} 7* 13 fl lOi 13 11 10| Spot . Silver^ 1 * 1 ** 215 2 213 17 6 6 210 7 6 215 2 6 Standard, • Per oz .. . Fine, per oz 19 15-16d 21}d 19 15-10d aiid

H.Z., white and s. s. s. s. . coloured Australian— 69 to 70 60 ! White .Coloured * Canadian— 52 SS to to 56 57 53 54 to to 56 58 White .. Coloured.. English farmers’ 71 72 to to 74 73 71 71 to to 73 73 _ finest ., Wrtith African 86 57 to to 96 58 88 53 to to 10O 58 Zealand •Ml retail at 8d . cheese continued per lb. t°