THE STOCK EXCHANGES

Press, Volume LXXV, Issue 22705, 9 May 1939, Page 11

THE STOCK EXCHANGES

Commercial Bank of Australia (pref.) had business at £9 10s. Buyers of Bank of New Zealand raised their bids to 39s 7d, sellers at 40s. Goldsbrough, Mort were firmer on buyers’ offers, 295. * Kaiapoi Woollens (7s paid) were ; fractionally firmer at 3s 6d, market closing 3s 4d buyers, 3s 7d sellers. ’ Buyers of Broken Hill Proprietary raised their bids to 62s lOd, but sellers > wanted 63s 9d. Broken Hill Proprie- ■ tary,-contributing, moved up to 56s 3d, i and more were offered at 575, buyers > at 565. New Zealand Drug Company rose sharply to 665. Woolworths, Ltd., 1 were fractionally weaker at 245, mar--3 ket closing Id on either side. Mount Lyell were firm, with buyers I and dealings at 28s, sellers at 28s 2d. . North Broken Hill were dealt in at ' 475. 3d, and there were further buyers i at 46s lOd. LISTED STOCKS Sales on 'Change , £ s. d. ■ £BOO N.Z. Govt. SJ p.C. Ins.. 1953-57 .. (2) 91 10 0 100 Kaiapoi Woollens (7s 1 paid) .. .. 0 3 6 : 200 Broken Hill Proprietary (cum div.) (contr.) .. .. 2 16 3 100 Woolworths (Sydney, ord.) .. .. 14 0 200 Mount Lyell (3)* 18 0 100 North Broken Hill ..278 Sales Reported £3OO N.Z. Govt. 4 p.c. Ins., 1949 .. .. J9B S 0 25 Comm. Bank of Australia (pref.) .. 910 0 50 N.Z. Drug “Co. .. 3 6 0 2 LATEST QUOTATIONS (■ N.Z. Govt. Debentures i Buyers. Sellers. 1 E s. d. £ s. d. : 3 p.c. Ins., 1941 .. 96 10 0 . 4 p.c. Ins.. 1949-52 .. 98 15 0 34 p.c. Ins., 1953-57 91 0 0 f 32 p.c. Ins., 1938-41 .. 99 0 0 3 4 p.c. Ins., 1946 .. 98 15 0 . 4 p.c. Ins., 1949 .. 98 15 0 i 4 p.c. Ins., 1955 ,t 98 5 0 I 4 p.c. Bonds, 1946 .. 98 15 0 7 4 p.c. Bonds, 1849 98 7 6 3 4 p.c. Bonds, 1955 .. 99 2 6

LOCAL MARKETS ; QUIET PRICES FAVOUR SELLERS Share markets in Christchurch were quiet yesterday and dealings were restricted to a few stocks. Price movements on the whole* were in favour of sellers. New Zealand Government 3£ per cent, stock, due 1953-57, changed hands at £9l 10s, and late buyers at £9l failed to attract sellers. New Zealand Government 4 per cent, stock, due 1949, was firmer, with buyers and business at £9B ss.

Buyers. Sellers. £ S. d. £ s. d. Kauri Timber (255) .. Morris Hedstrom (£1) 1.5 0 Macduffs (pref., £1) N.Z. Drug Co. (£2) 8 5 0 N.Z. Farmers’ Co-Op. / _ „ (£2 10S paid) .. 0 8 0 N.Z. Farmers’ Co-op. - * , (10s paid) .. .. 0 0 1 N.Z. Farmers’ Co-op. _ „ „ (Ist pref., £5) .. “ 3 0 0 N.Z. Farmers’ Co-°P- _ , „ (A pref., £4) .. 10 0 110 0 N.Z. Farmers’ Co-op. (44 p.c. Stock, 1949, £100) .. 81 0 0 82 0 0 N.Z. Farmers’ Co-op. (44 p.c. Stock. 1855, £100) .. .. N.Z. Farm. Fert. (£1) 0 16 3 N.Z. Newspapers (16/8) 111 0 N.Z. Paper Mills (£1) 119 14 0 Quill, Morris (1986) (£1) .. .. 018 3 _ Radio (1936) (10s) .. Taranaki Oil. (24/7 pd.) 0 8 0 Victoria Nyanza (£1) 011 0 Whltcombe & Tombs (£2 ]os paid) .. Wilson’s Cement JlOs) 0 16 4 Woolworths (Sydney) (ord,, ss) .. .. 1 311 14 1 Woolworths (2nd pref., £1) .. .. 1 11 6 Woolworths (N.Z.) (ss) 018 0 » Woolworths (N.Z.) (pf., £1) .. .. - 1U 6 Overseas Listings Woolworths (S.A.) (ss) 014 10 016 0 Australian Mining. Broken Hill Sth. (ss) 17 9 19 0 Mount Lyell (£1) .. 18 0 18 2 Mount Morgan (2s 6d) 010 8 010 9 Mt. Morgan (pf., £1) 113 Nth. Broken Hill (ss) 2 610 Rawang Tin (10s) .. 0 7 2 New Zealand Mining Argo (Is) .. .. 0 17 Argo (cont.) .. 0 0 6 Austral (N.Z.) (£1) .. 14 0 14 6 Big River (Is) „ 0 0 9 Clutha River (2s) „ 0 2 1 Grey River (10s). .. 016 10 017 8 Maori Gully (Is) „ 0 0 6 0 0 8 Mossy Creek (is) .. 0 13 Skippers, Ltd. (Is) .. 0 0 1 Waitahu (ss) 0 0 9 Worksop Extend. (Is) 0 10 UNLISTED STOCKS All transactions in stocks quoted in this section are subject to special brokerage and are not quoted on the official list:— Buyers. Sellers. £ e. d. ' £ s. d. Assoc. Gold Dredges 0 6 3 0 7 3 British Developments 2 0 0 2 9 0 Blackball Creek .. 0 010 0 1 1 Christchurch Press .. Carbonic Ice .. 18 0 ~ Ngahere .. .. Selfridges (A/asia.) 0 10 0 Self ridges (W.A.) (12s „ 6d paid) .. .. Timaru Lime .. Thyrodone .. .. f _ 16 0 Westland Breweries .. 10 6 Woolworths Properties 16 9 Woolworths Properties . (W.A.) .. .. AUCKLAND Sales on ‘Change £ S. d. 34 p.c. Ins. Stock. 1953-57 .. 91 7 6 34 p.c. Ins. Stock. 1939-48 M 98 10 0 Bank of New Zealand •» 2 0 0 National Insurance .. m, 015 5 N.Z. Insurance .. *• 213 0 Pukemiro Collieries- .. - •* 016 6 Renown (pref.) (late sale) •. 0 2 6 Auckland Gas .. ♦* 016 9 Dominion Breweries (ord.) «. 112 0 Colonial Sugar .. .. 51 0 0 Consolidated Brick .. • • 92 2 Farmers’ Trading (B pref.) (2) 10 0 M. Manufacturers .. .. 0 49 N. Farmers’ Fertiliser (late sale) .. ... •• 016 0 Taranaki Oil (rights) ~002 0 0 1 Wilson’s Cement .. .. 0 17 3 Woolworths (N.Z.) <• .. 018 0 Woolworths (Sydney) (2) 14 2 WELLINGTON Sales on ‘Change £ e. d. N.Z. Guar. Corpn. .. .. 0 311 Bank of New Zealand (2) 119 9 2 0 0 G. J. Coles .. .. 4 5 6 DUNEDIN Sales Reported . £ s. d. Bank of New Zealand 2 0 0 1.C.1. (pref.) .. .. t. 1 411 15 0 SYDNEY Leading industrial and base metal shares advanced Strongly on* the Sydney share market to-day. Barriers* and Mount Lyells registered good gains.

FOREIGN EXCHANGES ‘ I QUOTATIONS FROM BANK OF NEW SOUTH WALES The Bank of New South Wales quoted the following exchange rates yesterday:— Buying. Selling. N.Z. on London—• _ m. z . " a “ s «- m A £A ra tD~tl(lO N.Z. T.T. IWW- 1« O.D. 100/10/- 100 F £fT to £IOO N.Z. T.T. 90 £B/12/6 O.D. 90 88/12/6 New York— ' „... \ Dol., to £1 N.Z. T.T. 3.7742 3.7310 O.D. 3.7792 3.7320 Montreal— Dol. to £1 N.Z. T.T. 3.7891 3.7492 O.D. 3.7978 3.7502 Belgium— _ _ _ Belgas to £1 N.Z. T.T. 22.307 21.907 O.D. Czechoslovakia— Korunas . to £1) N.Z. T.T, O.D. KrSnerTo £1 N.Z. T.T. 18.140 17.830 O.D. 18.200 17.832 Finland— Marks to £1 N.Z. T.T. 184.78 178.98 O.D. 185.18 179.08 France — Francs to £1 N.Z. T.T. 142.99 140.49 O.D. 144.24 140,51 Germany— Reichsmarks to £1 N.Z. T.T. O.D. Greece—■ Drachmae to £1 N.Z. T.T. O.D. Holland— Florins to £1 N.Z. T.T. 7.117 6.967 O.D. 7.157 6.969 Italy— Lire to £1 N.Z. T.T. O.D. Java— Florins to £1 N.Z. T.T. 7.098 6.948 O.D. 7.138 6.950 Norway— Kroner to £1 N.Z. T.T. 16.126 15.836 O.D. 16.186 15.839 Noumea— Francs to £1 N.Z. T.T. 145.49 138.74 O.D. 146.99 138.78 Pap eete— Francs to £1 N.Z. T.T. 144.89 138.89 O.D. 146.39 138.93 Sweden— Ktonor to £1 N.Z. T.T.. 15.744 15.449 O.D. 15.804 16.452 Switzerland— Francs to £1 N.Z. T.T. 16.872 16.602 O.D. 16.972 16.605 Chefoo— N.Z. pence to dol. T.T. O.D. Hong Kong— N.Z. pence to dol. T.T. 181 18g O.D. 18 7*32 18| India and Ceylon— N.Z. pence to ruf>.’ T.T. 22 7-52 22i O.D. 22 3-16 221 Japan— N.Z. pence to yen T.T. O.D. Manila— N.Z. pence to peso T.T. 81 35-64 321 O.D. 3129-64 321 Shanghai— N.Z. pence to dol. T.T. O.D. Singapore— N.Z. pence to dol. T.T. 34 33-64 35 O.D. 34 27-64 35 Union of South Africa—£N.Z. to £S.A,IOO T.T. 123/4/6 124/17/O.D. 122/17/* 124/17/ASSOCIATED BANKS’ DOLLAR RATES 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 subjectto alteration without noUce:— U.S.A. Canada. (Per £1 N.Z.) Dol. Dol. Selling— T.T. „ i 3.72 1-16 3.73 13-16 O.D. M * 3.72 5-16 3.741-16 Buying— T.T. ,* » 3.77J 3.78J O.D. .. £ 3.774 3.79 13-16 CALL AND DIVIDEND LIST Dividends Due. Sharland and Co.—lnt., 2| p.c. .. • .. To-morrow Traders' Finance—int., ord. 24 p.c.; pre£„ 5 3-5 p.c. pn. .. May 15 Bycroft—final, 4 p.c. .. .. May 16 National Insurance—int., 4d a share .. .. .. May 16 Aust. Con. Industries —final, pf., 44 ’p.c., ord., Is a share .. May 17 Bank Adelaide—final. 2| p.c. .. May 17 N.Z. Paper Mills—final. 4 p.c. May 20 P. and O. Deferred—int., 2 p.c., stg., less British Income tax May 24 Bank N.S.W.—quarterly, 6s a _ share .. .. .. May 25 Broken Hill Pty.—half-yearly, Is 3d a share; con., lOd a share' .. .. .. May 31 E„ S., and A. Bank—int., 34 p.c., less 3s 7d in £ income tax .. .. .. May 31 Emperor Mines—6d a share .. May 81 Imperial Chemicals—ord., stock, final, 6 p.c. sterling .. June 1 Henry Jones—lnt., 6d a share June 1 Tarlngamutu Timber—int., 3 p.c. June l Broken Hill South—int., 6d a share .. June 15 Bank N.Z.—final, ord., Is a share; D Mort., 3J p.c. .. June 17 Mount Lyell—int., 6d a share .. June 19 Calls Tooheys—new, 8s a share .. June 21 Broken Hill Pty.—new, final, ■ 5s a share .. .. July 31

MELBOURNE Sales Mount Morgan .. •* 0 9 114 Mount Lyell .. « 1.66 Electrolytic Zinc (pref.) «. 210 o Broken Hill Pty. .. *. 219 0 Broken Hill (cont.) .. «. 213 0 British Tobacco .. «. 2 7 0 Carlton Brewery .. *.350 National Bank (£lO paid) „ 12 ID 0 Loloma .. .. ~ 110 Broken HIU North .. „ 2 4 0 Broken Hill South .. .. 16 0 Herald and Weekly Times .. 3 2 6 Drug Houses .. .. 119 Aust. Consolidated Industries 112 104 Bank of Australasia .. .. 810 0 USED CARS. Are advertised through 'The Press” want-ads. at the lowest possible cost. They offer the widest possible market to both the buyer and the seller, —6

: WESTERN SAMOAN i TRADE I Decline in 1938 tEFFECT OF LOW EXPORT s VALUES A decline of £175,427, or 28.8 per [■ cent., occurred in the trade of Western Samoa in 1038, according to information contained in the annual report of the president, Mr K. Meyer, of the Western Samoa Chamber of Commerce. v Imports were less than in 1937 by 5 £71,596, or 26.7 per cent., exports were B less by £103,831, or 29.5 per cent., and B the favourable' trade balance was less by £32,235, or 38.1 per cent • The cause of this decline in trade, B the report says, was the fall in the market values of copra and cocoa. Copra 4 exports were 11,241 tons, valued at 5 £103,629, or 41.7 per cent of the total value of exports. The figures for L 1937 were 13,340 tons, valued at £199,747, or 56.7 per cent. Of the total I value. Cocoa exports in 1938 were 1 1647 tons, valued at £59,699, or 24 per i cent, of total export value,,and the [ figures for 1937 were 1253 tons, valued 1 at £71,138, or 20.2 per cent, of the • total. j Other exports, with comparative figl ures for last year, were: —Bananas, 205,715 cases, valued at £77,143, or 31 [ per cent, of the total' (187,755 cases, valued at £70,446, or 20 per cent, of 1 the total); rubber, 49 tons, valued at • £3293, or 1.3 per cent, of the total (60.9 tons, valued' at £5505, or 1.5 per cent, of the total); miscellaneous and re-ex-ports £4095 (including specie, £3125), or 2 per cent, of the total (£5600, or 1.6 per cent! of the total). Copra Industry Copra production, the report continues, is the most important industry in Samoa, but owing to the low market values of South Seas copra and the high cost of labour and other production charges,, it is an industry which remains principally in the hands of the Samoans. Of the 11,241 tons exported in 1938, 8677 tons, or 77.2 per cent., were native produced; and of the 18,340 tons [ exported in 1937,10,625 tons, or 79.6 per cent., were native produced. The export of native copra a head of native population was approximately 4-cwt in 1937, and 3.2cwt in 1938. The world exports of copra total approximately 1,000,000 tons, so Samoa supplies about 1 per cent, of that total. It has been estimated that the world ’ imports of coconut oil and copra (ex- ,. pressed as oil) are also about 1,000,000 t tons (of 22401b), so that on this basis 5 Samoa supplies about | per cent, of the

world requirements of coconut. products. Export of Bananas The export of bananas, now in second place, has increased ninefold in 11 years—from 22,815 cases in 1928 to 205,715 in 1936. The value has increased sevenfold —from £11,219 to £77,143. "The only bar to the continued expansion of this trade,” the report continues, "seems to be the limit of absorption of the fruit by New Zealand. It would appear that those operating the scheme are deserving of considerable praise; and it is pleasing to record their complete vindication by the recent commission of inquiry. The industry is almost wholly in the hands pf the natives, who have thus reaped vast benefits during the year of depression.” The quantity of cocoa exported in 1938 was the highest on record, and the low price was therefore particularly disappointing. Because of a heavy storm and abnormal rains in January of this year, the report says, it is doubtful whether the 1939 crop* will compare at all favourably with the last The exports of cocoa beans in 1937 and 1038 were made foUowK— Produced by: Tons. P.C. Tons. P.C. European planta- ’ tions .. 702 56.0 873.530 N.Z. Reparation Estates .. 280 22.4 421 25.6 Samoan natives 271 21.6 853 21.4 1253 Flow of Trade Tables in the report giving the flow of trade show that the United Kingdom took more of Western Samoa s exoorte than any other country, with New Zealand a very close second-The United Kingdom figures were £85,647. or 34.4 per cent., against £66,578. or 18.0 per cent, in 1937. and the New Zealand figures were £84,021 (including specie £8125), or 33.8 per cent, against £75,054, or 20 per cent The United States in 1938 took 10.2 per cent against 16 per cent in 1937, Australia ,3 per cent against 1.4 oer cent, and. Holland 2.3 per cent, against 5.4 per cent. Countries which took Western Samoan exports in 1837 but not In 1938 were Canada, Japan, Germany, and France. . - New Zealand was easily the largest source of Western Samoa’s Imports in 1938, the value of the goods taken from this country being £68,815, or 30 per cent, against £71,396. or 28.7 per cent in 1087. The United Kingdom was next, supplying 15.3 per cent, and then came Australia, 14.3 per cent, the United States of America, 9J> per cent, Canada 6.4 per cent, and Japan. 7.4 per Cent •

Other Debentures Tolaga Bay, 41 p.c.. 31/3/43 — 101 0 0 Booth, Macdonald, 5 p.c., 1/6/47 60 0 0 65 0 0 ; N.Z. Refrig., 41 p.c., 1/8/40-45 .. 87 0 0 100 0 0 Banks Australasia (£5 paid) .. 9 8 6 — Comm, of Aust. (10s) 0 16 8 0 16 9 Comm, of Sydney (£12 10s paid) 19 15 0 ... 3 E., S., and A. (cum dlv., i £3 paid) 5 7 0 5 8 'o Natl, of A’asla. (£3 pd., 3 cum dlv.) 6 13 6 6 17 6 Natl, of N.Z. (£2 10s paid) — 2 6 6 N.S.W. (cum div., £20) 30 0 0 —- 3 N.Z. (cum dlv., £1) 1 19 7 2 0 0 N.Z. (mort. shares, cum div., El) 1 6 10 — 3 Insurance National (cum div., 7s paid) — 0 15 6 New Zealand (£1) 2 13 3 Standard (£1 paid) .. — 2 11 0 £ Loan and Agency Dalgety and Co. (£5 paid) 6 7 6 6 17 6 Elder Smith (£6 paid) — 8 17 6 i Goldsbrough. Mort (£1) 1 9 0 1 10 0 3 United Building (£1) .. — 1 1 0 Wright, Stephenson (£1) 1 0 4 X 1 6 Frozen Meat - Canterbury (pref., £5) 5 12 6 — N.Z. Refrig. (£1 paid) 0 15 1 0 15 6 N.Z. Refrig. (10s paid) 0 6 10 0 7 2 North Cant. Freezing (pref., 10s) .. 0 16 0 — Southland (£1) 1 7 6 — Woollens Felt and Textiles (£1) 1 11 3 1 12 3 Kalapol (17s paid) 0 10 9 0 12 0 Kaiapoi (7s paid) 0 3 4 0 3 7 Kalapol (pref., 17s) .. — 0 14 11 Manawatu (£1) 1 0 0 1 5 0 Coal Grey Valley (£1) 0 5 6 — Kaitangata (ex div., £1) 1 6 9 — Taupiri (£1) 0 16 0 — / Westport (cum dlv.. 10s) — 1 0 3 S Westport-Stockton (10s) 0 3 6 0 3 9 i Westport-Stockton (pf., 10s j 0 7 0 — Gas Auckland (£1) 0 16 1 r Christchurch (£1) 1 3 1 — » Wellington (£1) — 1 10 0 Napier (£5 paid) — 3 19 0 Breweries BaWas (15s paid) 0 9 8 0 10 4 Carlton (£1) .. 3 0 0 Dominion (£1) «. 1 11 7 — New Zealand (£1) 1 18 0 1 18 3 Queensland (£1) .. 1 7 0 — Swan (5s) .. •• 1 9 0 — Timaru (In liqdn.) 0 0 9 — Tooths (£1) .. ... 2 IB 0 Wards (in liqdn.) 0 0 5 — Miscellaneous Andersons (pref., £1) .. — 0 18 9 Aust. Consolld. Industries (cum div., £1) .. 1 16 3 1 16 6 Beath and Co. (£1) 0 14 9 — Booth, Macdonald (pf.. £1) 0 2 3 — British Tobacco (£1) .. 2 11 0 2 11 9 Broken Hill Pty. (cum div., £1) 3 2 10 3 3 8 Broken Hill Pty. (con., cum dlv., 16/8 paid) 2 16 0 2 17 0 Colonial Sugar (£20) .. — 51 10 0 Consolid. Brick (£1) .. 0 8 11 — Donaghy Rope (cum div., £1) 2 7 6 — 9 Dunlop Rubbet (£1) .. 1 1 9 1 2 2 Electro. Zinc (£1) 2 8 3 2 9 3 Electro. Zinc (pref., £1) 2 13 9 2 15 0 G. J. Coles (cum rts.) 4 (£1) 4 5 0 4 5 6 Gen. Industries (12/6) 0 18 3 1 0 0 2 Gordon & Gotch (£1) 2 16 0 — Howard Smith (£1) .. 0 19 6 Hume Pipe (Aus.) (£1) 0 19 4 1 0 3 I.C.I. (Aust. and N.Z.) 8 6 (pref., £1) 1 5 3

Morning Sales Tooth’s Brewery £ s. 2 12 d.’ 0 Australian Gas A 7 4 6 Associated Newspapers (pf.) • . v 1 1 0 Broken Hill Proprietary 2 18 3 Broken Hill Proprietary (con.) (N.Z. delivery) 2 12 6 British Tobacco (pref.) 1 8 3 Cash Orders 0 15 lUi Colonial Sugar 46 7 0 Afternoon Sales Bank of New South Wales SB 16 0 Comm. Bank of Sydney 19 2 6 Comm. Bank of Australia 0 15 41 National Bank (£10 paid) £ 6 Mercantile Mutual 1 8 0 Associated Newspapers (pref.) 1 1 3 Adelaide' Steam .. 1 10 6 Howard Smith •• 0 18 6 Huddart-Parker .. 2 10 0 British Tobacco •• 2 7 0 Tooths .. tm ■ 2 12 3 Tooheys .. *• 1 9 6 3 18 3 Woolworths .. * 1 2 0 Mark Foy .. 0 18 0 Anthony Hordern *• 0 15 0 Anthony Hordern (pref.) *• 1 1 0 Lustre .. .. 0 17 6 Kandos 1 7 0 Morts Dock 0 14 6 Hume Pipe ... 0 18 0 Imperial Chemical Ind. (pref.) 1 3 0Aust. Consolidated Industries 1 13 0 Adams 0 15 3 Felt and Textiles .. 1 9 0 Taubmans .. .« 2 15 0 W. R. Carpenter H Standard Cement *• 2 0 6 1 1 9 Mauri Bros. .. «• 3 7 0 Henry Jones .. 2 8 0 Colonial Sugar 46 17 6 Electrolytic Zinc 2 5 3 Electrolytic Zinc (pref.) 2 9 9 Mount Morgan .. 0 10 0 Mount Lyell .. 1 6 4i Zinc Corporation Broken Hill Pty. 4 10 « * 3 0 0 Broken Hill Pty. (cant.) 2 13 9 Broken Hill North 2 4 3 Broken Hill South »• ft 1 6 9 Placer Development 3 10 0 Emperor .. 0 8 4 Kanleri 1 13 0 Austral-New Zealand Gold •• 1 2 0