FINANCE AND COMMERCE

Press, Volume LXXVI, Issue 23055, 25 June 1940, Page 11

FINANCE AND COMMERCE

HIGH PRICES FOR APPLES UP TO 25/- A CASE PAID IN LONDON SMALL QUANTITY FROM NEW ZEALAND LONDON, June 23. A lew cases of New Zealand and Tasmanian_ apples have reached spectacular prices up to 255. Prices generally are above 19s a case, this being considerably higher than those ruling in the previous few weeks, when, according to New Zealand circles, cargoes were disposed of at a loss. Traders say there is no quantity at present available which will benefit by the new high prices, which, in, addition, are slowing demand. The butter position in the United Kingdom is little changed, but the public is not absorbing its ration of 4oz weekly allowed a head. The Rubber Trade Association has had several emergency meetings and has decided for the present that the market should remain open. The question of fixing maximum and minimum prices is under discussion, but nothing has been decided. SOUTH AFRICAN WOOL RETURN FROM RECENT SALES ELIMINATION OF CONTINENTAL DEMAND Returns from the South African wool sales up to the end of March were, on an average, about 10 per cent, higher than the British contract price with Australia, 13.4375 d per lb. Since the Australian grower will receive half the profits on Australian wools resold outside the United Kingdom, however, his return may yet be appreciably increased. ' With Continental demand for wool practically eliminated, it remains to be seen how the South African grower will fare next season. According to figures quoted by Winchcombe, Carson, Ltd., the Sydney brokers, in their latdst report, the United States was the largest buyer in Africa up to the end of March. Great Britain was second. France occupied third position with the equivalent of 61,200 bales, Belgium purchased 30,700 bales, Italy 32,700 bales, and Japan 42,800 bales. Japan has not rushed the African raw material. The exports to Japan during the July-March period were larger from South America than from Africa. With an army in China, the Japanese Government probably needed South American crossbreds, because Australian and New Zealand crossbreds were fully required by the British Government. The average of 12.57 - recorded for the Australian clip up to May 31 indicates that growers will be paid their full 10 per cent, retention money after the close of the season and an additional dividend to bring the average for the Australian clip to 13.4375 d per lb, the contract price. COMPANY NEWS COLONIAL MUTUAL LIFE CONTINUED PROGRESS Reference was made by the chairman of the board of directors of the Colonial Mutual Life Assurance Society, Ltd., at the annual meeting to the loss sustained In the death of Colonal J. Esson, chairman of the New Zealand board. The society’s progress had continued to give satisfaction and the completion of ordinary new business of £10,581,546 (a figure exceeded by only one other office in Australia and New Zealand, arid by only four in the British Empire) was particularly noteworthy. Premium income for all departments advanced to £3,845,507. an 'increase over 1638-results of £77,618. Funds increased by about £2,000,000 to £25,404.524. This figure shows an increase of more than £ 17,000,000 during the last 15 years. The society’s policy of Investing only iij first-class securities had met with continued success, notwithstanding current investment difficulties, and the rate, of Interest earned on mean funds after deduction of taxation was £4 3s 78- per cent. As the society valued its liabilities on a 3 per cent, basis its position in this respect was specially Strong. The annual valuation of policy liabilities disclosed a surplus of £881,727, a record figure. Special reserves for contingencies over and above normal policy liabilities had been increased to. more than £1,000,000. In addition the society had set aside £50,000 as a reserve against possible taxation increases. a Expenses of management in the ordinary department. including taxation, remained low at 8.47 per cent, of the renewal premium income. Since its inception the society had paid to policyholders a total of £30,758,836. CONSOLIDATED BRICK AND PIPE NET PROFIT REDUCED BY HALF DIVIDEND LOWERED TO H PER CENT. [THE PRESS Special Service] AUCKLAND, June 24. Net profit of £13,714 against £28,422 in the previous year is reported by Consolidated Brick and Pipe Investments, Ltd., for the year .ended May 31. Earnings are almost entirely composed of dividends received from subsidiary companies. The directors recommend a final dividend of 1 per cent., making 3$ per cent, for the year, against 5 per cent, in the previous year and 4 per cent, in 1938. H.M. ARCADE AND THEATRE DIVIDEND His Majesty’s Arcade and Theatre Company, Ltd., Auckland, has advised the Stock Exchange Association that it will be paying an interim dividend on July 1 of 2 3-5 per cent, on the preference shares, less Is in the pound social security tax, and 3 per cent, on the ordinary shares. The transfer books will not be closed. “The ’Press” Classified Advertisements are read at the breakfast table, and are sure to deliver results during the day—l2 words Is, 3 insertions 2s 6d. 'Phone 33-358, ’ • .

STOCK EXCHANGE INACTIVE NO SALES RECORDED LOCALLY SELLERS OUTNUMBER BUYERS IN ALL SECTIONS For the first time over a very long period, no sales were either reported or made on the Christchurch Stock Exchange yesterday. In all sections bidding was spiritless, sellers easily outnumbering buyers, and margins were often wide. Government loans had less support than they have had recently. . New Zealand Breweries, which firmed at the close of last week to 325, were available at 31s 6d, with buyers at 29s 6d.' LATEST QUOTATIONS N.Z. Govt. Debentures —31 p.c. Ins., 195357, s. £IOO 10s; 4 p.c. Ins., 1940-43, b. £IOO, s. £lOl 10s; 4 p.c. Ins., 1946-49, s. £lO2 17s 6d. Other Debentures.—Mortgage Corporation, 3g p.c., 1/9/55-60, s. £9B. Banks—Australasia, b. £8; N.S.W., s. £26 10s; N.Z., b. £1 19s, s. £2 Is. Insurance—S.' British, b. £2 4s. Loan and Agency—Dalgety, s. £6 ss; Invincible Building, s. £5; United Building, b. 19s lid, s. £1 Is. Frozen Meat—Canty., s. £lO 10s; Gear (cum div.), s. 14s 3d; N.Z. Rcfrig. (£1 pd.), s. £1; N.Z. Refrig. (10s ,pd,), s. 9s; North Canty. Freezing (pref.), b. 17s 6d. Woollens—Bonds, s. £1 6s 6d; Kaiapoi (17s pd.), s. 14s 9d; Kaiapoi (7s pd.), s. ss; Kaiapoi (pref), s. 18s. ; Coal—Westport, b. £l, s. £1 Is 3d; West-port-Stockton, s. 2s 6d; Westport-Stockton (pref.), b. 4s 9d. Gas—Auckland (10s pd.) (fully pd.), s. 9s 2d; Christchurch, b. £1 3s. s. £1 5s 6d; Christchurch (10s pd.), s. 12s 6d. Breweries—Ballins (15s pd.), s. 12s; Dominion (cum div.) s. £1 11s; N.Z., b. £1 9s 6d, s. £1 11s 6d. Miscellaneous—Andersens (Ist pref.), s. 19s; Booth, Mac. (pref.), b. 2s 3d; C.F.C.A., b. 8s; Dom. Builders (cum div.), s. 6s; Donaghy Rope, b. £2 12s: Hay’s (contr.), b. 15s 6d, s. 17s; Milburn Lime, s. £2 Is; Macduffs, s. 6s lOd; Macduffs (pref.), s. 14s 3d: McKenzies, b. £1 19s 6d; N.Z. Drug, b. £3 12s, s. £3 15s; N.Z. Farmers' Co-op. (4J p.c. Stock, 1949), b. £76; N.Z. Farmers’ Co-op. (41 p.c. Stock, 1950), b. £77; N.Z. Farmers’ Co-op. (41 p.c. Stock, 1955), b. £7B; Quill, Morris (1936), s. £1 3s; Taranaki Oilfields, s. 6s 9d; Wilson’s Cement, b. 13s 6d; Woolworths (N.Z.). b. 13s 2d, s. 14s 3d; Woolworths (N.Z.) (pref.), s. £1 14s 6d. N.Z. Mining—Addisons, b. Is; Alexander (15s pd.). s. 7s; Big River, b. 6d; Grey River (cum div.), s. 14s 6d: Mossy Creek, b. 6d. s. Is 3d: Nemona, s. 6d: New River, b. 2d, s. 6d; Okarito, s. Is 6d; Worksop, s. sd. Unlisted Stocks—Assoc. Gold Dredges (8s pd.), s. 8s; Assoc. Mot. Pet. (pref.), s. £1 6s; Christchurch Press, b. £6 10s; Lange’s Mobile Gas, s. 15s; Paparoa Coal, s. 6s 9d. AUCKLAND Sales—N.Z. Govt. Stock, 15/1/53-57, 31 p.c., £IOO 10s (late sale); N.Z. Govt. Stock, 15/11/38-41, 31 p.c., £100; Franklin Power Board, 1/3/58, 41 p.c., £105; Mount Eden Borough, 1/4/42-44, 41 p.c., £lOl (2); Mount Eden Borough, 1/4/55-60, 41 p.c., £104; Bank of N.S.W., £25; Bank of N.Z.. 40s 3d (late sale), 39s 3d; Union Bank £6 10s; N.Z. Insurance, 565; South British. 455, 44s 9d; Auckland Gas, 8s 6d; M.K. Mfrs., 5s lOd (odd lot). WELLINGTON Sales—N.Z. Govt. 31 p.c. Stock, 1957, £IOO 10s; N.Z. Govt. 3J p.c. Stock, 1941,' £100; N.Z. Govt. 4 p.c. Stock, 1943, £101; N.Z. Govt. 4 p.c. Stock. 1946, £lO2 15s (all late Friday); N.Z. Govt. 4 p.c. Stock, 1943, £101; N.Z. Govt. 4 p.c. Stock, 1946, £103: N.Z. Govt. 4 p.c. Stbck, 1949, £lO2 17s 6d. DUNEDIN Sales—N.Z. Govt. 4 p.c. Stock. 1940-43. £-101; National Insurance, 17s 9d. SYDNEY Trading on the Sydney Stock Exchange was restricted again yesterday and most sales of industrial shares were below late rates. Sales—Com. Bank of Aust., 12s 4d; Colonial Sugar, £46 ss; Assoc. News, 11s; Assoc. News (pref.), 14s 4d: Tooheys, 235; Aust. Consolidated Industries, 31s 4id; Kandos, 24s 9d; Adams, 10s 6d: Goldsbrough, 225; Electrolytic Zinc. 41s; Mt. Lyell, 21s 10d; Broken Hill Pty., 39s 6d; OH Search, 2s Bd. MELBOURNE Sales—Electro. Zlfic (pref.), 43s 3d; Loloma, 225; Emperor, 10s 3d; South Broken Hill, 20s 9d; North Broken Hill. 30s 9d, FOREIGN EXCHANGES Telegraphic rates of exchange on overseas centres yesterday are supplied by the Bank of New South* Wales as follows (the first quotation being the buying one and the. second the soiling)On: New York, doi, to £N.Z., 3.2542. 3.2050; Montreal, dol. to £N.Z„ 3.6039, 3.5290; France, francs to £N.Z„ 142.05, 141.05; Greece, drachmae to £N.Z„ —, 412.70: Java, florins to £N.Z., 6.187, 6.004; Hong Kong, N.Z. pence to dol., 18i. 19; India and Ceylon. N.Z. pence to rupee, 22 19-64, 22 45-64; Manila, N.Z. pence to peso. 36 37-64, 37 29-64; Shanghai, N.Z. pence to dol., —, 5 51-64; Singapore, N.Z. pence to dol., 34 53-64, 35 37-64. EUROPEAN COUNTRIES FACE GRAIN FAMINE LONDON. June 23. A grain famine faces parts of the Continent due to the military situation and Germany’s Invasion of grain-pro-ducing areas, including Poland. The position of Belgium is desperate. She faces famine in about two months unless circumstances alter. Holland is reported to be similarly situated. WOMAN ATTENDS STOCK EXCHANGE CALL DELEGATE FOR ABSENT DUNEDIN MEMBER fTHE PRESS Special Service.! DUNEDIN, June 24. For the first time perhaps in the history of New Zealand, a woman attended the call-over of the Dunedin Stock Exchange this morning. She is Miss Katharine Begg, and she appeared as delegate for Mr L. J Black who is serving with the New Zealand Forces. GERMANY’S CURRENCY WEAPON Germany’s considerable practice in despoiling occupied territories has enabled her to develop a skilful use of currency manipulation for the purpose. After Munich, for example, Germany fixed the official rate of exchange at 12 pfennig to the Czech crown—a rate which made the crown worth about one-fifth more in reichsmarks than in other currencies. This apparent advantage brought no benefit to the Czechs, however, as it quickly resulted in the greater portion of the Czech note issue passing into German hands in exchange for marks. Germany was thus in a position to present all the notes at once to the Czech National Bank, and to demand that they should be redeemed in gold or foreign exchange—an obvious impossible request, but the threat was sufficient to establish German dominance. Later, when Germany invaded the whole territory, the rate was lowered to 10 pfennigs to the crown. Similarly the Austrian currency was pegged at a higher value in reichsmarks than the previous market rate. The Polish currency was fixed at a rate corresponding to previous official rates, although by then the mark was heavily depreciated in free markets. In the Low Countries Germany has apparently been in greater' haste to buy on the best terms for herself, and the guilder, previously worth about five reichsmarks, has been officially fixed at 1.5 reichsmarks, while German Credit Notes have been declared legal tender. The belga has been fixed at two to the reichsmark. In the Balkans, however, Germany has not succeeded in imposing upon Rumania the exchange rate which she sought in order .to favour her buying.

MINING COMPANIES’ REPORT Okarito—3oz 15dwt in 00 hours. Alexander—Mine report for week ended June 20:—No. 6 level; Owing to the shortage of labour, driving has been suspended temporarily. No. 6 intermediate level: This has been driven six feet on stone, toe face showing reef 4ft 6in wide. The lode is very hard and is between two good walls. Sloping; This has been carried out on two faces on reef averaging 36in in width. During the week 45 tons of stone Were sent to the battery. Gillespie’s Beach—Return for week ended June 22: 38oz Bdwt for 127 hours from 16,145 yards. PLEASANT POINT STOCK SALE The small entry of fat cattl,e at the Pleasant Point sale contained few prime sorts. Best cattle were firm af late rates, but light and unfinished were easier by- ; 10s a head. Best steers made £ll to £l3 2s 6d. medium £7 10s to £9 2s 6d. light £5 12s 6d to £6 12s 6d, best cows £8 7s 6d to £9 7s 6d, light to medium £4 17s 6d to £6 17s 6d; best heifers to £9 2s 6d. light to medium £5 to £7 12s 6d. The fat sheep yarding comprised two races,' and the quality was well up to standard. Late values were barely maintained. Prime wethers made 30s •to 34s lOd. medium 26s- to 295, light 20s Id to 24s Id, extra prime ewes to 27s lOd, prime 21 s 4d t0.25s Id, medium 18s’’4d to 20s 4d. light 15s lOd to 17s Id. Both ewe and wether iambs met with a good inquiry, but aged ewes were hard to quit. Best ewe lambs made 20s 3d to 21s, small ‘to -medium 14s Id to 16s 7d, crossbred wether lambs 10s to 11s Bd, .aged ewes 4s 2d. , , ,