FINANCE AND COMMERCE

Press, Volume LXXVI, Issue 23131, 21 September 1940, Page 11

FINANCE AND COMMERCE

SHARE market

FIRM

further EXPANSION IN

TURNOVER

government loans in STRONG DEMAND

The recent steady expansion in Stock Exchange turnover was mainlined this week, when the value of dealings reached £15.522, the highest noint since early in May. The sales mbraced a wider range of issues, and where prices were not better they were generally fully firm on late levels The demand was strong in most sections of the market, but particularly so for Government loans and some New Zealand industrials and rhain stores, values for many of which advanced substantially Dealings m the different sections

The demand for Government loans was again strongest for the longerdated issues, which showed advances ranging up to 15s. Yields are now round 3J per cent. Local body and company debentures were quieter, but there was no easing in values. New Zealand accounted for most of the business in bank shares at prices round 42s 6d, but they were easier at the close. Commercial and Union were firmer. . . ' Insurances were firm to better, and the shares of two frozen meat companies, Canterbury and New Zealand, showed substantial improvement. Canterbury gained 5s to £lO 10s, although the preference were Is b’d easier at £6 12s 6d, and New Zealand gained Is 2d to 20s 9d, with the contributing up to 9s 6d. Woollens, coal and gas were also firm to better, but breweries showed some falling away from recent levels, Dominion going down to 31s 6d and New Zealand to 34s 6d. Carlton, at 83s 6d. lost 6s 6d on the last business, which was more than a year ago. The general trend among miscellaneous industrials was firmly upward, but two exceptions were Australian Consolidated Industries, which lost Is 9d to 15s 6d, and Woolworths (N.Z.). Which eased to 16s 6d. There was substantial trading in some low-priced mining shares, but values generally were firm.

MARKETS AGAIN FIRM YESTERDAY

Markets continued firm on call yesterday, when there was a good volume of diversified business. New Zealand Government 4 per cent. Bonds, due 1949, were firm, with buyers and business at £lO6. Commercial Bank of Australia were fractionally firmer at 15s, and more were wanted at that price. Bank of New Zealand were fractionally weaker, with dealings at 42s 3d and 42s 2d, and further sellers at 42s 3d, buyers at 425. Union Banks were Is easier, at £7 Is *6d. New Zealand Refrigerating rose to 20s fid, market closing 3d either way. Westport Coals were firmer on buyers' offers of 22s 6d. Sellers of New Zealand Breweries reduced their limits to ?4s 3d, buyers 345.. Broken Hill proprietary were firmer, with buyers it 46s 6d. . , Buyers of G. J. Coles raised their bid? to 66s 6d, but sellers receded to Ws 6d. Macduffs rose sharply to 10s 6d. market closing 10s 3d buyers. Us Woolworths were fractionally weaker, with sellers and business at 18s 2d. Woolworths (New Zealand) eased to 16s 6d, and there were further buyers at that price, sellers at 16s Bd. gales on 'Change— £2OO N Z. Govt. 4 per cent. Bonds, 1949. £106; 100 Commercial Bank of Australia. 15s; 300 Bank of New Zealand (2). 42s 3d, 42s 2d; 200 New Zealand Refrigerating (fil paid), £1 0s 9d; 200 Macduffs (ord;), 10s 6d; 100 Woolworths (Syd.. Wd.), (ex dlv.), 18s 2d. Skies Reported —so Union Bank ot Australia, £7 Is 6d; 100 Woolworths (NZ), 16s 6d.

PRODUCE AND GRAIN

RECORD YIELD OF POTATOES

AVERAGE PLACED AT 7.04 TONS AN ACRE

Figures contained in the latest Abstract of Statistics show that the average potato yield an acre this year was 7.04 tons, the highest on record. Last | season’s was 4.86. The area, at 20,033 ! acres, was greater than last year’s, which was 18,032, but it was considerably below the average for recent years. In 1937-38, 23,090 acres were planted; in 1936-37 22,462, and in 193336 22,958. Though the area planted was the second smallest in the last five years, the total yield, at 141,105 tons, was the second largest. The only crop exceeding it was the 1937-38 one, which yielded 146,785 tons, On a percentage basis, potatoes of table quality represented 71.1 per cent, of this year’s total yield, and those described by growers as suitable for seed accounted for 20 per cent. The remainder, 8.9 per cent., represents the proportion rejected as fit only for pig feed. Corresponding percentages for 1938-39 were 67.3, 23.2, and 9.5 respectively. A table contained in the Abstract shows that 35,680 tons, or roughly a quarter of the total, were grown in the North Island this year. Wellington was the chief producing district in the North Island with 2319 acres, yielding 17,965 tons with North Auckland second with 1368 acres yielding 7072 tons. Cantex-bury's ai’ca was 10,797 acres, yielding 81,761 tons. Otago had 1666 acres, yielding 11,486 tons, and Southland 1161 acres yielding 8462 tons. Vopularily of Varieties

Oil the form of return from which these figures were arrived at, growers were asked to specify the varieties liarvested and to state whether the seed used was Government certified or not. Returns covering approximately 50 per cent, of the total area harvested show that easily the most popular crop was Aucklander Short Top. The area of certified seed was 1555 acres, yielding 11,488 tons, or 7.39 tons to the acre. The area of uncertified Aucklander Short Top was 1357 acres, yielding 9174 tons or 6.76 tons an acre. Dakotas were the next variety in popularity, with a yield of 6,98 tons an acre, and Arran Chief were third, with easily the highest yield of all, 10.20 tons an acre. Other high-yielding varieties were Inverness Favourite, with 9.31 tons an aero, and King Edward VII, Arran Banner, and Maori Chief, with yields ranging between 7.44 tons an acre and 7.69. Aucklander Short Top (Sutton’s Supreme), Kins Edward VII, and Arran Banner are early maincrop varieties. Inverness Favourite is a main-crop variety, and Arran Chief, Dakota, and Maori Chief are late main crop. A Recent information from Australia has raised hopes of an expansion in New Zealand’s potato export quota. It appears that the Australian market is short of supplies—prices have shown a steady rise in the last week or two—and further shipments than those arranged earlier may yet be possible. Other markets are quiet with little change in prices. Quotations

The following are quotations to farmers on trucks at country stations, unless otherwise indicated: — Wheat—Milling. to.b„ Tuscan. 5s lid, Hunters 6s Id, Pearl 6s 3d, Marquis 6s sd, (Final payment of 3d a bushel on all wheat at the end of the year.) Oats: A Cartons 3s 9d to 4s; B Cartons 3s 3d to 3s 6d; Algerians 3s 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 to 2s 5d Red clover: Is to Is 4d. Partridge peas; 6s 9d to 7s. Chaff. £5 (nominal). Barley: Malting, ex stack, 4s 10icl; ex stook, 4s 7id. Unpe 4s to 4s 6d; black, 6s to 6s 3d. Onions; £lO, sacks extra. Linseed, f.a.q., £25.

ASHBURTON

Ashburton grain merchants report a fairly brisk week op the local market. Several orders for seeds, both export and retail, have been dispatched and stocks of some lines are now on the small side. Most lines of milling wheat have been marketed as the maximum prjye has been reached. Garton oats of good quality are selling freely but light and inferior lines are neglected. The market for Duns remains quiet, owing to the high prices heina asked by sellers. The export demlnd for partridge peas is iaow over and the onlv lines selling are for seen purposes. The market for chaff is still dull the only lines selling being to fill forward contracts, The potato market remains lifeless with little hope of m Pr The m foliowing yre prices quoted to farmers, on trucks at country stations unless otherwise indicated r , free of commission —Wheat— Mining, f.0.b., Tuscan 5s lid. Huntersi 6s Id. Pearl 6s 3d, Marquis 6s sd. (Final pay ment of 3d a bushel on all wheat at end of year.) Oats—A Cartons 3s 9d to 4s B Cartons 3s fid, Algerian 3s lid to 4s’ Duns, dark heavy. 4s 3d to• 4s 9d. Partridge peas—6s 9d to 7s a bushel. No. 1 grade. Ryegrass—Perennial 6s 6d to 7s, Italian 7s to Bs. Cocksfoot—Bd to 9d. White Clover-ls 9d to 2 S Red Clover—ls to Is 4d. Chaff—£s. Potatoes— Prompt delivery, £1 10s.

dredging and mining

COMPANIES’ REPORTS AND

returns

irnfironn P*xtendcd“*“A decision rccom* Worksop o f the Worksop Extended Golc[ ie ® , ' e^ed| which able for working by the , * f mu« meeting, over which Mr d* 1 McViclr pSedT was called to »£sS3rl®«.dodging was too limited to warrant STT%S .C&l* ttn p."rm£ " e st y on “the ’dredge 6 ImaTecn diemanUed SstSSf: maefins was adjourned until November ?9 to await the results of the programme decided on. Mining—The fortnightly Austral ( • >•) Zealand Mining, — k: 47 ounces in 196 hours. property sales MESSRS BAKER BROS. (Estate Agents), LTD., 166 Manchester street, report, having sold on account of Mr C Right his six-roomed dwelling in Hawthorne street. Papanui, to Mr B. Gibbard. ALSO

were:— Value Government .. 6,035 Shares No. 6,295 Banks 950 2,374 Insurance .. 100 290 Loan and agency .. 8b 817 Frozen meat 315 1,281 Breweries 300 666 Miscellaneous .. 2,619 3.582 i Mining .. 2.400 217 Turnover day by day was:— This week. Last week. £ £ Monday .. 3,380 864 Tuesday .. 3,375 494 Wednesday .. 4.673 2,198 Thursday .. 2,332 6,863 Friday ., 1,762 1,364 £15.522 £11,783