FINANCE AND COMMERCE

Press, Volume LXXVI, Issue 23177, 14 November 1940, Page 9

FINANCE AND COMMERCE

.WORLD’S WHEAT CROP LOWER PRODUCTION THIS YEAR ma DECLINE IN DANUBE BASIN (r.VI'IT.!' rrtKSS ASSOrtATION - COPVIMGIIT.) WASHINGTON. November 12. The Agricultural Department estimates the world wheat crop for 194041, including Russia and China, at 6,100.000,000 bushels, ' hich is 2 per cent, below the 1939-40 yield and 8 per cent, below the 1938-39 yield, and 11 per cent, above the average for the five years ended 1937-38.

Detailed estimates, not including Russia and China, are:—America 792,000,000 bushels, up 37,000,000; Canada 361,000,000, up 71,000,000; Danube basin 295,000.000, down 158,000,000; Argentina 220,000,000, up 1,000,000; North Africa 118,000,000, down 31,000,000; Australia 100,000.000. It is estimated that 606,677,000 bushels, Including flour, were moved in the course of international trade in 193940, Canada exporting 35 per cent., Arfentina 20. Danube 14, and Australia 3. America’s exports were equivalent to 54.274,000. compared with 115,784.000 in 1938-39. COMPANY NEWS PERPETUAL TRUSTEES (PBB3B ASSOCIATION TF.I.KOEAM.) DUNEDIN, November 13. At a meeting of the board of directors of the Perpetual Trustees Estate and Agency .Company of New Zealand, Ltd., held on November 12, it was decided to declare an interim dividend of Is a share for the last six months. This Will be payable on November 25. COLONIAL SUGAR SYDNEY. November 13. The Colonial Sugar Refining Company has announced an interim dividend of 17s (unchanged) a share in respect of the year ending March 31, 1941. ELECTROLYTIC ZINC INCREASING OUTPUT FOR DEFENCE The product of the Electrolytic Zinc Company of Australasia, Ltd.. is being directed In increasing quantities to defence work.

The chairman,. Sir Colin Fraser, said this at the annual meeting oi the company in Melbourne. Under existing conditions, it was not possible to refer in detail to the factors governing the industry throughout the world, he said, but he couid say that the company's product was being absorbed in increasing quantities, hot only for direct munition requirements, but also for related purposes.

“We believe. 109," he said, "that after the war, when conditions will prevail which we cannot predict, the company's products, particularly refined zinc, will continue to be in strong demand.” Sir Colin Fraser said that the company and others in. which it was actively and , financially participating was playing a ! leading part in ■ filling urgent defence needs. STOCK SALES STORTFORD LODGE (press association telegram.) HASTINGS, November, 13. A short yarding of fat cattle sold on a dearer market at Stortfard Lodge. No bulldcks -were offered, and the majority of the female pens were only medium sorts. There was a poorer quality offering of store cattle and prices weakened somewhat. The store sheep, entry comprised mainly wethers, which sold on a brisk market. Fat sheep met a rather better sale. Prices were:—Fat cattle, best heifers £9 12s (id to £lO 2s fid. medium £7 17s 6d to £8 12s 6d, plain £5 2.s fid to £6 12s (id. heaviest cows to £lO 7s fid. medium to good £7 7s fid to £9 12s fid; store cattle, three-year steers £3 ss, two-year £7 Is, light £5 to £3 12s fid, good yearlings £5 to £5 2s. three-vear heifers £7 10s, twoyear £4 to £3 17a. Store sheep, twotooth wett)ers 18s lOd to 21s Id, fourtooths to 20s sd, two-tooth owes 23s 9d to 275, ewes with lambs 16s 9d to 20s 6d; fat sheep, ewes 14s lOd to 17s lOd, best to 24s lOd, wethers 23s 7d, lambs 22s lOd to 29s 7d. BURNSIDE (PBESS ASSOCIATION TELEORAM.I " DUNEDIN, November 13. A poor demand saw cattle prices drop back at the Burnside stock sale to-day *n spite of a smaller yarding than usual. The bulk of the yarding was prime, but medium quality cows were in over-supply. Extra heavy bullocks made to £2l 17s fid. prime heavy bullocks £l7 7s fid to £l6 7s fid, prime medium bullocks £ls 2s fid to £l6 12s fid, medium and light bullocks £ll to £l3 2s fid, prime heifers to £l4 7s fid, medium heifers £lO 2s fid to £ll 7s fid, light from £7 12s 6d to £9 15s fid; prime heavy cows £ll 12s fid to £l3 12s 6d. medium cows £8 2s fid to £9 ss, light and unfinished from £6 10s. There was a yarding of 200 head of store. cattle for Which the market was firm for well-bred bullocks. Other sorts made full market Tates. Good three and four-year-old steers brought to £ll 17s 6d, three-year steers to £lO 10s, two-year steers to £7 16s. In the fat sheep pens 1530’ were yarned. the bulk being made up of ewes with a larger percentage of wethers than the previous week.* The quality of the ewe yarding on the whole was good. The wethers contained several pens of aged and lighter sorts. The market opened a shade under last week’s rates, improving with the aid of outside competition to the extent of 2s a head for all classes of sheep. Hoggets were- not in the same demand and showed a drop on previous sales. Prime heavy woolly wethers realised to 435. prime woolly wethers 39s to 41s, medium and light woolly wethers 35s to 3,5.. prime heavy shorn wethers to 39s 9d. prime shorn wethers, 35s to 375, medium shorn wethers 32s to 33s fid, light shorn wethers 26s to 28s; prime heavy young woolly ewes to 445, prime woolly ewes 36s to 37s fid, medium woolly ewes 32s to 3-s fid. light woolly ewes 2ls fid to 23s 6d. prime heavy shorn ewes to 3Rs, prime shorn ewes'29s to fils, medium shorn ewes 25s fid to 275, light from IBs. The quality of the lamb offering' was good with only a sprinkling of medium and unfinished. Best lambs made to 3is, prime Jambs 23s to 275, medium to 23s fid, light, 13s to 21s. , More than 170 fat pigs came forward. Best baconers made to £5 10s, heavy baconers to £4 10s, and best porkers £J 15s. FOREIGN EXCHANGE Telegraphic rates of exchange on overseas centres yesterday were quoted by JR« Bank of New South Wales as folWWa (the first quotation being the buy‘ilg one and the second the selling:—On: New, York, dol. to £N.Z., 3.2542. 6.2050: Montreal, dol. to £N.Z„ 3.6039, 3.5290: Greece, drachmae to £N.Z., —, 412.70; Java, florins to £N.Z.. 6.187, 6.004; Hong Kong, N.Z. pence to dol., 18J. 19 1-32; India and Ceylon, N.Z. pence to rupee, 22 I&A4. 22 45-64; Shanghai, N.Z. pence to . 5 9-16; -Singapore. N.Z. pence to *Bk 34 53-84, 35 37-64; Manila, pesos to 6-559, 6.442. , StrfV ■ '

STOCK EXCHANGE BUSINESS LOCAL MARKETS QUIET DEALINGS RESTRICTED Markets were quiet on the Christchurch Slock Exchange yesterday and dealings were restricted to a few stocks. Buyers of New Zealand Government 4 per cent, stock, due 1954-58. raised their bids to £lO6 10s, but sellers were reticent. New Zealand Insurance were firmer on buyers’ offers. 61s. Buyers of New Zealand Refrigerating (£1 paid) offered 20s 4d. but sellers wanted 20s 9d. Unsupported sellers of Australian Consolidated Industries and Dunlop Rubber reduced their limits to 41s and 21s respectively. Buyers’ offers for Macduffs (ordinary). Quill. Morris, ard Whitcombe and Tombs, Ltd., revealed firmer markets. National Electric were steady at 17s 9d. market closing 17s 7d buyers, 18s sellers, A late sale of New Zealand Breweries on Tuesday was reported at 32s 6d. New Zealand Farmers’ Fertiliser were firmer, with business at 225. closing quotations 21s lOd buyers, 22s 3d sellers. Sales Reported, Listed Stocks —100 New Zealand Breweries (late sale Tuesday). £1 12s 6d; 100 National Electric. 17s 9d; 100 N.Z. Farm. Fertiliser, £1 2s, LATEST QUOTATIONS N.Z. Govt. p.c. Ins., 1952-57, b. £101; 3J p.c. Bonds, 1953-57. b. £101; 4 p.c. Ins.. 1940-43, b. £lOl 2s 6d; 4 p.c. Ins., 1943-46, b. £lO2 las; 4 p.c. Ins., 1946-49, b. £lO3, s. £lO3 10s; 4 p.c, Ins., 1949-52, b. £105; 4 p.c. Ins., 1952-55, b. £105; 4 p;c. Ins., 1954-58. b. £lO6 10s; 4 p.c. Bonds, 1949, b, £102; 4 p.c. Bonds, 1953 b £lO5 10s; War Loan, 1/10/53, b. £79 10s. Banks—Comm, of Australia, s. 13s 2d; Cninm fill Sydney, s. £2l; Natl, nf A’asia (£lO pd,. cum div.), b. £l2; Natl, of A’asta (£5 pd.. cum div.), b. £5 17p 6d; Natl, of NZ.. s. £1 I9s; New Zealand, b £2, s. £2 Is; New Zealand (mort. shares), hj. £1 7s 9d; Union of Australia, s. £7 2s. Insurance —Natl, (cum div.). b. 17s 6d, s, 18s 6d; New Zealand, b. £3 Is; South British, b. £2 8s 7d, s. £2 9s-6d. Loan and Agency —Dalgety and Co., s. £6 10s; Goldsbrough. Mort. s. £1 8s; Natl. Mortgage A. s. £1 17s 6d; Natl, Mortgage B, s £t 3s; N.Z. Guarantee Corpn. b. 2s 8d; N.Z, Loan and Merc, (ord stock, cum div.), s. £36; United Building, b. £1 0s 3d; Wright, Stephenson, s. £1 0s 3d Shipping—New Zealand (pret.), b. £ll. Frozen Meat— Canterbury, s. £ll 10s; Gear, s. 14s 9d; N.Z. Refrig. (£1 pd ). b, £ I Os 4d, s, £1 Os 9d; N.Z. Refrig. (10s pd.), b, 9s 2d, s. 9s 6d; North Canty. Freezing (pref.) s. £1; Southland, s. £1 16s, Woollens—Bruce (cum div.). b. 19s; Felt and Textiles s. £1 18s 3d; Kalapoi (17s pd.l. b. 13s 6d: Kalapoi (pref.). b. hs; Clamant, s. £1 0s 6d: Wellington, b. £6 12s 6d; Wellington (pref.), b. £7. Coal— Westport, .(ex div.), b £1 2s Id; West port-Stock ton. b. 2s 2d. Gas —Christchurch, b. £1 3s fid. s. £1 4s: Christchurch (10s pd.). s. 11s. Breweries—Ballins (!5s pd.). b. 10s 9d; New Zealand, b. £1 12s Jcl, s. £1 12s 9d, Swan (cum dfv.). b. £1 4s fid; Tooths, s. £2 17s. Miscellaneous —Alloy Steel (N.Z.), b. £1 12s; Aust. Gen. Industries, s. £2 Is; Beath and Co s. IBs fid; Booth, Macdonald (pref ), b. 4s fid: British Tobacco, s. £2 10s; Broken Hill Pty„ b. £2 5s 6d, s. £2 6s 6d; Colonial Sugar, b. £sl; pom. Builders s. 6s; Donaghy Rope, b. £2 13s 6d. s. £2 14s 6d; Dunlop Rubber, s. £1 Is; G. J. Coles, s. £3 Us; General Industries, s. His; Greater Crystal, b. 12s cd. s. £1; Hay s Ltd ~b. £1 3s; Hay’s. Ltd. Icontr,), b. IBs Howard Smith, b. U Os 98; Hume P pr (Aust.). b, 13s: Mncduffs b. 10s 9d Macduffs (pref.), b. 18s Oo; Natl. Electric b, 17s 7d, s IBs; N.Z, Drug Co., b £3 10s. N.Z. Farmers’ Co-op. (£2 10s pd ), s. £1 2s 6d; N.Z. Farmers’ Co-op. (B pref ). s £1 10s- N Z. Farmers’ Co-op. Hi p.c. StoCK, 1P49), b. £B2: N.Z. Farmers’ Co-op. (41 p.c. Stock, 17/5/49). s. £B7; N.Z. Farm. Feitillscr. b. £1 Is 10d. s, £ 1 :2s 3d. N.Z Newspapers, b. £f Us fid: Q' l lll. Mo ."p (1936), b. 18s 3d; Taranaki 0)1 Development (4s pd I, s. 3s 6d; Whitcombe and Tombs, b. £3 2s fid; Wilcox, Mofflim b. 7s; Wilson’s Cement (cum div), s. 19. 9d. Woolworths (Sydney) ford.), s. 18s 3d. Woolworths (N.Z.). b. 19s lid; Woolworths (N.Z.) (pref.), hj. £1 18s 3d. Overseas Listing— (S.A.), s. 15s 3d Australian Mining-Broken Hill South, b. £1 5s fid: Emperor Fiji, b. 10s fid; Mount Lyell icum div.), b. £1 10s; North Broken Hill (ex div.), b. £2 Is, N.Z. Mining—Addison’s Flat, b. lid; Austral (N.Z.) Mining, b. £1 6s. s. £1 10s, Barrytown. s. £1 3s; Big River, ‘A’ Golden Sands, s. lid: Grey River, b. 16s 9d s. 17s 3d; Moonlight Goldfields, b. 4d, Mossy Creek, s. Is: New River, s. sd; Worksop Extend., s. 4d. Unlisted Stocks— Assoc. Gold Dredges (Is def I s 15s’ Assoc. Gold Drg. (10s pd.). bIK s,'l2s; Aust. Mot. Pet., s. 13s; Blackball Creek, s. Is Id; Christchurch I rcss, s. £B, AUCKLAND g —lp*. M 7 Govt. 4 p.c. Stock, 1952-55. £lO5 10s: Bank of N.Z., 40s fid {ft)] F ’ A ,P’.' 225; Westport-Stockton (ord.), 2s 4d (2). Dominion Breweries, 29s 3d; Brokenlll Ptv 45s (3): G. J. Coles, 89s 6d. M.K. Mfrs.. 6s; Reid Rubber, 22s;_Wilson s Cement, 19s 3d; Emperor, 11s fid. WELLINGTON Sales—Grey River, 17s; Union Bank, £7 Os fid. DUNEDIN Sales —Bank of N.Z.. 40s fid: NZ. Refrig. (cont.f, 9s 3d. 9s 2 l-3d; Wright, Stephenson (pref.), 20s fid: Brown, Ewing ford.) (late Tuesday), 14s; Colonial Sugar, £52: G. J. Coles, 69s fid; Macduffs (ord.), 10s 11 d.’ SYDNEY Trading on the Sydney Stock Exchange was steadier yesterday than the day before with rises and falls about equal. 1 Sales-Colonial Sugar £49; Woolworths 17s 9d; Consolidated Industries 37s fid. Con industries (cont.l. 24s fid; Felt and Textiles, 3fis7d; J. , F w> dln S. »7s fid; Fairjmead Sugar, 34s fid; Newbold, 28s fid, W. H Soul, 695; Austral-New Zealand Gold, 24s fid. MELBOURNE Sales —National Bank (£lO paid), £l2 5s - Carlton Brewery, 675; United Pro* visions, 6s Bel; Mount Lyell, 30s; South Broken Hilt. 25s fid; North Broken Hill, 40S fid; Emperor, 10s lid. LONDON METALS MARKETS LONDON, November 12. Metal prices in London yesterday were- Silver, 23 5-16 d (standard) and 25 3-16 d ffine): tin. £258 5s to £258 10s (spot) and £260 5s to £260 10s (for-