FINANCE AND COMMERCE

Press, Volume LXXVI, Issue 23080, 24 July 1940, Page 6

FINANCE AND COMMERCE

BRITISH OVERSEAS TRADE

IMPORTS AND EXPORTS

LOWER IN JUNE

FIGURES FOR SIX MONTHS

SHOW INCREASE

LONDON, July 22. Britain’s overseas trade in June declined, largely as a result of Italy’s entry into the war and France’s defection. Imports in June were valued at £90,779,000, and exports at £36,211,000, representing a fall of 14 per cent, for imports and 20 per cent, for exports compared with May, and 10 per cent, and 9 per cent, respectively compared with June last year. Imports for tne six months ended June, however increased by £164,739,000 to £612,527,000, and exports by £13,418,000 to £249,737,000, compared with the first six months last year. Official comment on these figures points out that although the total figures for exports have dropped from May to June, trade with North and South America, Africa, and Australia is fully maintained.

Export industries had recently to go without certain raw materials, but only for a time, and they will have in the future as much as before. Through France going out of the war and Italy coming in, and the consequent blocking of the Mediterranean, trade with Europe has been affected. With industries concentrating on armaments and the turning of Britain into an armed fortress, trade rivals had been suggesting that British manufacturers would be unable to fulfil orders, but they had done so, and export industries would now be given all the raw materials they required, even though the armaments drive goes on. German agents in South America, it 'was stated, have been trying to persuade customers that they must buy from Germany, as Britain could not fulfil orders, but there was no chance of German commercial travellers being followed by German goods as long as the British Navy was afloat. Exports of manufactured goods totalled £200,000,000, which. was £15,000,000 more than last year.

EXPORT TRADE AND MUNITIONS

(bsitiss omcuL wibbusss.)

N RUGBY, July 22. Speaking in the House of Commons in reply to a question about the relative importance of munitions and export trade, Mr Arthur Greenwood, Minister without portfolio, who is specially charged with formulating the economic policy of the British Government. said he regretted the disturbance to Britain’s export trade which had been inevitable during the last six weeks while the country had been concentrating increased capacity _ and labour in the production of munitions. While continuing to ensure the largest possible output of' munitions, Mr Greenwood said, the Government intended also to maintain so far as possible the export trade which remained of vital importance as a means of paying for imports of munitions and other .goods essential to the war effort.

STORAGE SPACE FOR

MEAT

NORTH ISLAND PRODUCERS ADVOCATE EXTENSION

(razaa association teleoeam.) ’ ‘ CAMBRIDGE, July 23.

- At a meeting of meat producers at Cambridge this afternoon, Mr T. A. Duncan, chairman of the New Zealand Meat Producers’ Board, emphasised'the need for increasing storage space in the Dominion for frozen meat, because of .the • uncertainty of shipping. A resolution strongly recommending this was passed: ' ■ The meeting assured the Meat Board of; support in its efforts to ascertain the exact meat requirements of the British Government during the war. Mr Duncan said the Meat Board had-received •no■-definite information on the matter.

PRODUCE AND GRAIN

FIRST POTATO SHIPMENT TO AUSTRALIA

first shipment of potatoes for Australia, approximately 1000 tons, is due"to leave this week. Other shipments, to complete the 5000 tons which the Australian Government has agreed ! to admit this season, are scheduled for the next lew-months. The market remains inactive with little change in quotations. The North island appears to be-well supplied. 1 Quotations

•The following quotations to farmers are-on trucks at country sidings, unless otherwise.indicated. ,

Wheat—Milling, f.0.b., Tuscan, 5s lOd, Hunters 6s, Pearl 6s 2d, Marquis (Final payment of 3d a bushel tar'all wheat at the end of the year.) .'Oats: A Cartons 3s, 9d .to 4s; B Gar■tons 'Ss Sd to 3s 6d; Algerians Ss 6d to 3s 9d;. Duns 4s to 4s 6d, according to sample. Ryegrass; Perennial, and Italian 6s to :7s, according to sample. Cocksfoot, 9d (nominal). White clover: ■2s»t<r 2s ScL' Red clover: Is to Is 4d. Partridge 'peas:6s 9d to 7s. Chaff: £6. Bahley: Malting, ex stack, 4s 10Jd; ex stock, 4s 7id; Cape, 4s to 4s-6dr black, 6s‘ to 6s 3d. Potatoes: £2. Onions: £7. Linseed, f.a.q., £25.

BRADFORD BUSY ON ARMY CONTRACTS

FULL EXPORT ALLOCATION TO BE RESTORED

i; , LONDON, July 22. According to a Bradford message, work in hand for the fighting services will keep spinner manufacturers busy for a considerable time. The civilian section is very quiet and quotations for yarns Jure unchanged. Cabinet bias decided that full allocation can be. restored for materials for exports without affecting the enormously increased armaments production.

NEW YORK TIN

NEW- YORK, July 22, Tin is quoted at 51 cents per . lb.

FOREIGN EXCHANGES

Telegraphic rates of exchange on overseas centres yesterday are supplied by the Bank of New South Wales as follows fthe first quotation being the buying and the second the' selling) j—^On: New York, doLrto £1 N.Z., 3.2542. 3.2050; Montreal, ifloV to ra N.Z., 3.6039. 3.5290; Greece, drachmae to £1 N.2., —, 412.70; Java, I -Borins to £IN.Z., 6.187, 3.004; Hong Kong, N<Z.-.pence to dol.;. 18}. 19 1-32; India and i - N.Z. ■ pence -to rupee. 22 19-64, i 23-45-64; Manila, N.Z. pence 137-84, .37 29-64: i<doL,;.-~; 5 ; 9-16: to 1401," 34:53^,'-

STOCK EXCHANGE BUSINESS

BUYERS AGAIN ADVANCE OFFERS

ACTIVITY IN NEW ZEALAND

BREWERIES

Buying offers for some industrials showed further improvement on the Christchurch Stock Exchange yesterday. and other sections of the market were firm. The sales list was again small, however. Dealings on ’change were confined to a parcel of New Zealand Government 4 per cent. 1943-46 stock at £lO3 10s, an advance of 7s 6d, and four parcels of New Zealand Breweries at the firm price of 345. A sale - was also reported at this price. The market for the brewery shares closed between 33s 6d and 345.

Among the Government issues, the 1955 stock and bonds had higher buying offers at £lO3 15s, but no sellers were forward. Other issues which were firmer on buyers’ offers included Union Bank of Australia, Canterbury Frozen Meat, and Ballins Breweries. Evans Atlas Flour (cum dividend) had buyers at 20s sd. Sales on ’Change—£2oo N.Z. Govt. 4 p.c. stock, 1943-46, £lO3 10s; 500 N.Z. Breweries, 34s (4).

Sale Reported—2oo N.Z. Breweries, 345. \

LATEST QUOTATIONS

N.Z. Govt. Debentures—3 p.c. Ins., 1941. b. £9B 10s; 3i p.c. Ins.. 1953-57, s. £99 ss; 33 p.c. Ins., 1941, b. £100; 4 p.c. Ins., 1940435, b. £lOl ss; 4 p.c. Ins., 1943-46, b. £lO3 ss; 4 p.c. Ins., 1946-49, b. £lO3 10s. s. £lO4 ss; 4 p.c. Ins., 1952-55, b. £lO3 15s; 4 p.c. Ins., 1954-58, b. £lO3 15s; 4 p.c. Bonds, 1946, b. £103; 4 p.c. Bonds. 1955, b. £lO3 15s; Rural Bonds, 5 p.c., 15/9/47. b. £lO3. Other Debentures—Auckland Gas, 5 p.c. Perpetual, b. £99 15s. s. £lO2. Banks—N.S.W., b. £26; N.Z., b. £1 19s lOd, s. £2 0s 8d; Union of Aust., b. £6 Us 6d. Insurance —Natl., b. 17s sd; N.Z., b. £2 18s 3d; Standard, b. £2 15s. Loan and Agency—N.Z. Loan and Merc, (ord. stock), s. £4O; United Building, b. £l, s. £1 Is; Wright, Stephenson, m. 19s 9d; Wright, Stephenson (pref.), b. 19s 9d; N.Z. Mortgage Security, s. £1 ss. Frozen Meat—Canty., b. £9 15s; Gear, b. 13s 6d; N.Z. Refrig. (£1 pd.). b. 18s 9d; N.Z. Refrig. (10s pd.), b. 8s 4d, s. 8s 9d; North Canty. Freezing (pref.), b. 17s 6d; Southland, b. £1 11s. Woollens—Bonds, b. £1 4s; Kaiapoi (17s pd.), b. 14s 6d, s. 15s; Kaiapoi (7s pd.), s. ss; Manawatu, s. £1 Is; Timaru, b. 9s 6d. Coal—Westport, s. £1 3s 6d; WestportStockton, b. 2s, s. 2s 6d. Gas—Auckland (10s pd.) (fully pd., ex div.), s. 8s 9d; Christchurch ,(ex div.), b. £1 3s; Christchurch (10s pd, ex. div.), b. 10s 6d. t Breweries —Ballins (15s pd.), b. 10s 6d, S. 12s; .Dominion, b. £1 8s 9d; N.Z.. b. £1 13s 6d, s. £1 14s; Ward (in llqdn.), s. Is 6d. Miscellaneous—Alloy Steel (N.Z.), s. £1 17s; Booth. Mac. (pref.), b. 2s 3d; C.F.C.A., b, 8s; Dom. Builders, s. 6s; Dom. Fertiliser, b. £1 5s 3d; Dom. Rubber, s. £1 6s; Evans Atlas Flour (cum div), b. £1 0s sd; Hay’s (contr.), b. 15s, s. 17s; Macduffs, b. 5s 3d; Macduffs (pref.), s. 15s; Natl. Electric, s. 10s; N.Z. Farmers’ A pref.,-s. £2; N.Z. Farmers’ (4J p.c. Stock, 1950), b. £81; N.Z. Farmers’ (41 p.c. Stock, 1955); s. £B4; N.Z. Newspapers, b. £1 7s; N.Z. Paper Mills, b. £1 ss; Quill, Morris (1936), s. £1: Taranaki Oil Develop. (3s 6d pd.), s. 3s 6d; Urlwins (pref.), b. £1 3s; Tingey, R. and E. (pref.). b. 18s, s. £1 0s 6d; Whitcombe and Tombs, s. £3 ss; Wilson’s Cement, b. 17s 3d, s. £1; Woolworths (N.Z.), b. 14s; Woolworths (N.Z.) (pref.), b. £1 13s, s. £1 19s. N.Z. Milling—Alexander- (15s pd.), s. 6s; Alexander (ord.), s. 9s: Argo, b.' Bd. s. 10d; Austral (N.Z.). b. £1 Is 6d, s. £.l 8s; Big River, b. 6d; Clutha, s. 2s 6d; Golden Dawn, s. Is 8d; Golden Sands, s. lid; Goldfields, s. 13d; Grey River, b. 14s Id; Maori Gold, s. 6d; Moonlight,.s.,Bd; Mossy Creek, s. Is 3d; Nemona, s. sd; New River, b; 4,', d, s. 5Jd; Ngahere, s. £1 2s; Ngahere (deferred), s. £1 Is; Okarito, s. Is: Mining House Concessions, s. 2)d; Sjkippers, .Ltd., S.- Id; Waihi Investments, s. 7s; Worksop, s. 4Jd; Waimumu, s. 2d. Unlisted Stocks—Assoc. Gold Dredges (8s pd.), b. 6s, s. 8s; Assoc. Mot. Petrol (pref.), s. £1 6s; Christchurch Press, b. £6 10s; Brunner Collieries, s. 15s; Lange’s Mobile Gas, s. 11s 6d; Canty. Roller Flour, b. ss; Mikonui (3s 6d pd.). s. 3s 3d; Drive Yourself, s. £1 2s; Paparoa Coal, s. 6s 8d; Mt. Cook Tours, s. 10s; Rink Taxis, b. 3s; St. EJmo Courts (6 p.c. pref.), s. 18s 6d; Westland Breweries, s. £1 10s: Whakatane Paper Mills, s. 3s; Whites Electric, s. Id; Winchester Lime, s. 15s; Una Hill, s. Is Id. AUCKLAND Sales—N.Z. Govt. Stock, 15/1/53-57, 31 p.c., £99 (2); N.Z. Govt. Stock, 15/4/46-49. 4'p.c., £lO3 10s; Wanganui Harbour Board, 1/4/51, 4J p.c., £lO3 15s; National Bank of N.Z., 36s 3d; South British, 47s 6d (late sale); N.Z. Guarantee Corpn., 3s; Renown Collieries (pref.), 2s 9d (late sale), 2s 9d; Westport, 22s 3d; Dominion Breweries, 29s 3d (2); Reid Rubber (rights), 4s (2); Whlttome, Stevenson, 19s 6d (late sale); Wilson’s Cement. 17s 9d. WELLINGTON , Sales— N.Z. Govt. 4 p.c. Stock, 1949, £)O4, £lO3 10s (2); N.Z. Breweries, 33s 9d. DUNEDIN Sales Reported—N.Z. Govt. 4 p.c. Stock, 1940-43, £lOl 10s; N.Z. Govt. 4 p.c. Stock, 1843-46, £lO3 ss; Westport Coal, 22s 3d; N.Z. Refrigerating (con.), 8s 4d; M.K. Manufacturers. 5s 6d; Dominion Breweries, 29s 3d (late Monday), ' SYDNEY Trading was very slack on the Sydney Stock Exchange yesterday, and there Were only minor price changes. Sales—Comm. Bank of Sydney, £l7; Colonial Sugar, £47; Aust. Consolid. Industries. 32s lOd; Cash Orders, 13s 7d; Gordon and Gotch, 32s 9d; Goldsbrough, Mort, 235; Broken Hill Pty., 41s 7d; Larut Tin, 6s 4d; Placer Development, 475; Kanieri, 225; Oil Search, 3s 2d. MELBOURNE Sales—Aust. Consolid. Industies, 32s 9d; United Provisions, 6s lOd; Australian Paper Manufacturers (pref.), 24s 6d; Mt. Morgan, 7s lOd; Loloma, 22s 3d. STOCK SALES RANGIORA With a better yarding of stock, some good prices were realised at the weekly market in Rangiora yesterday. Values ranged as follows; — Sheep—Six and eight-tooth ewes 225, full-mouth ewes 16s. Cattle—Springers £9 to £ll, springing heifers £.ll, cows in profit £3 10s. Pigs—Porkers 57s to 665, stores 36s to 41s 6d, slips 25s to 28s, good weaners 21s to 245, smaller weaners 18s to 20s.

ASHBURTON

With a limited entry of fat sheep offering at the Ashburton stock market yesterday, prices rose sharply. For the best prime sheep prices increased by 4rs or 5s compared with those obtained at Tinwald last week. There was a good entry of about 1000 in the store sheep section. The market was topped by Clemens Bros. (Newlands) with a pen of three prime wethers at 36s lOd. Another good price was obtained by a client who sold 5 ewes at 36s Id. Principal sales were:— Ewes—On account of Mrs E. M. Begg and Son (Wakanui), 6 at 29s lOd to 31s 4d; J. Gregory (Seafield), 11 at 29s 7d to 32s 4d; A. Grigg (Alford Forest), 10 at 14s 4d to 16s Id; K. Campbell (Lagmhor), 8 at 25s 4d to 26s 7d; L. H. Ruddock (Mount Somers), 38 at 17s 4d to 25s 7d; clients, 63 at 26s 9d to 36s 7d. Wethers—On account Of G. A. Franks (Lyndhurst), 6 at 29s to 34s lOd; Mrs E. M. Begg and Son (Wakanui), 3 at 32s 7d; G. Giles (Wakanui), 3' at 29s 4d to 35s 6d: clients, 36 alt 23s Id to 33s 7d. Lambs—On account of a client, 1 at 26s 6d, Store Sheep—On account of clients, 73 s.m. ewes at 20s 4d to 24s 2d; 145 four, six. and eight-tooth ewes at 18s sd; 65 two-tooth ewes at 29s 4d; 154 hoggets at ,25s 8d; A. M. Copland (Chertsey), 70 hoggets at 25s .Id. Cattle—On account P. H. Read (Elffelton), 1 dairy cow at £ls.

LORNEVILLE INVERCARGILL, July 23.

To-day’s yarding of fat cattle at i Lornevllle was the shortest of the season. I Included In the entry were some good { quality cows and. heifers. The sale was a i particularly bright one, values showing an improvement of 30s a head for all i sorts. Prime heavy.-weight bullocks sold up to £18; prime quality medium-weights £ls 10s to £l6 10s; light-weights, £l3 -to £l4; prime quality heifers. £l4 to >£ls; handy-weights, £l2 10s to £l3 10s; light-weights. £lO 10s to £ll 10s; prime

heavy cows, £l4 to £ls; good quality. £l2 15s to £l3 10s; medium, £ll to £ll 15s; unfinished, £9 to £10; Inferior. £7 10s to £8 10s; extra good runners, £6 to £6 15s; medium, £4 15s to £5 ss.

There was quite a full yarding of fat sheep, with a good proportion of wethers and ewes. Except for the first half race, for which values were easier, prices remained firm at last week’s rates. Prime heavy wethers realised 42s to 445, good quality 37s 6d to 40s, medium 33s 6d to 35s 6d, light and unfinished 27s to 295. prime heavy ewes 37s 6d to 40s, prime quality 34s to 365,' medium 31s to 32s 6d, light-weights 25s 6d to 27s 6d, unfinished' 18s to 225.