FINANCE AND COMMERCE

Press, Volume LXXVI, Issue 23203, 14 December 1940, Page 8

FINANCE AND COMMERCE

SHARE MARKET REVIEW LOCAL EXCHANGE QUIET GOVERNMENT LOANS .HIGHER Except for one or two days during the week the share market was quiet and the volume of recorded business below the recent weekly average. There was, however, steady inquiry for a wide range of stocks and price levels were well maintained with an upward move in New Zealand industrials and Government issues. Some Australian securities showed an easing. Value. £ Government .. 2.910 2,945 Debentures .. 300 270 Shares No. Loan and Agency .. 69 1,122 Shipping .. 125 366 Woodens .. 100 680 Coal .. 911 833

Outside Christchurch the following sales were recorded (price movements in parenthesis):— Up—Macduffs (pref.) 20s (6d); N.Z. Drug Company, 77s 6d (6d); Reid New Zealand Rubber, 23s 3d (Is 3d). Down—G. J. Coles, 68s 9d to 68s 3d (9d). Steady—Colonial Sugar, £52 ss, £52; Dunlop Rubber, 20s 6d; Morts Dock, 18s; N.Z. Newspapers, 325; Southland Ice Cream, 23s 6d; Wilson’s Cement, 18s Bd, 18s 9d; Woolworths Properties, 24s 9d; Woolworths, Ltd., 17s 6d; Woolworths (N.Z.), 15s. Mining—Big River eased Id to Is 2d. Grey River (cum dividend) eased to 16s. Okarito in their first local business

since July 26 advanced lljd to Is si<3. YESTERDAY’S BUSINESS There was a moderate turnover on call yesterday and price movements were irregular, but for the most part in favour of holders. Buyers were in stronger evidence for New Zealand Government loans and industrials. Buyers of 4 per cent, bonds, due 1955, raised their bids to £lO7, without attracting sellers. Sellers of Bank of New Zealand reduced their limits

Gas .. 200 237 Breweries .. 750 1,179 Miscellaneous 1,600 2,846 Mining .. 2,600 385 Turnover day by day was:— This Week. Last Week. £ £ Monday ~ 1,577 3,373 Tuesday .. 1,464 1,148 Wednesday .. 1,051 1,036 Thursday .. 4,859 4,226 Friday .. 1,912 2,737 £10,863 £12,520 The New Zealand Government di per cent, stock. 1953-57, advanced io £lO2. The 4 per cent, stock, due 1943, was firm at £lOl 15s, and the 1949 at £lO4. The 4 p.c. stock, 1946, rose to £lO4, but later eased to £lO3 12s 6d. Four per cent, stock and bonds, 1955, gained 10s at £lO7 ss, and the 1954-58 stock 5s at £lO6 15s, and the 1949-52 held round £lO5 and £lO5 ss. Rural bonds moved up 10s to £lO4. Wai Loan, 1953, was firmer at £BO 15s and £BO 12s 6d. In the banking section Australasia advanced 2s 6d to £8 12s 6d, New Zealand fluctuated between 41s 3d and 41s, Commercial of Australia were steady at 15s, and New South Wales at £3O.

to 41s, buyers 40s 9d. Christchurch Building were firm at £l6 ss, and late offers of '£l6 2s 6d met with no response. WestportStockton Coals (ordinary) were firm, with buyers and business at 2s 4d. Booth, Macdonald (pref.) moved up a point to ss, sellers staying in at that price, buyers 4s lOd. British Tobacco were easier, with dealings at 48s 3d, and further unsupported sellers at 48s

6d. Broken Hill Proprietary were steady at 455, market closing 44s 6d buyers, 45s 3d sellers. Electrolytic Zinc (ord.) changed hands at 545, closing with unsupported sellers at 54s 6d. New Zealand Drug Company were firmer on buyers’ offers, 775. Woolworths, Ltd., were firm at 17s 4d, and more were offered at 17s fid buyers at 17s. _ Sales on 'Change—Listed stocks, 100 Westport-Stockton Coal, 2s 4d; 100 Booth, Macdonald (pref.), ss; 100 Woolworths (Syd.. ord.), 17s 4d. Sales Reported —35 Christchurch Building, £l6 ss; 300 British Tobacco (2). 48s 3d; 100 Broken Hill Proprietary (2). 455; 100 Electrolytic Zinc, 545.

BANK OF ENGLAND

RETURN LONDON. December 12. The Bank of England return Is:—lssue department: Notes in circulation, £604.500.000; notes In banking department. £25,700,000; other Government securities. £615,300.000; other securities, £3,700.000: silver coin, —. Banking department: Rest, £3,300,000; public deposits, £16,400,000; bankers’ deposits, £115,800,000: other accounts. £51,300,000; Government securities, £149,800.000; discounts and advances. £3,900,000; other securities, £20,800,000.

Insurance shares moved irregularly. National were fractionally firmer at 18s 2d. New Zealand relapsed to 62s and 61s 9(3, and South British to 495. In the loan and agency group dealings were confined to Christchurch .Building at £l6 ss—the first recorded business for more than two years. Frozen meat and woollen company shares had a steady inquiry. Canterbury (ex div.) were firmer at £lO 10s. New Zealand Refrigerating advanced to 20s 6d and the 10s paid were' firm at 9s 6d and 9s 7d. Kaiapoi Woollens remained unaltered at 13s 9d Felt and Textiles moved up to 39s 3d and Wellington to £6 16s, Coal shares were more active. Taupiri eased to 21s. Westport-Stockton (ordinary) were firm at 2s 4d, and Westports were

notes and coin, £26,900,000. Ratio of reserve to liabilities, 14.66 per cent. The Bank of England discount rate remains unchanged at 2 per cent. REID RUBBER MILLS fTHE PRESS Special Sendee.)

fractionally firmer at 22s 9d. Gas shares were firm—Auckland at 7s 7d and Christchurch at 23s Bd. Recorded dealings in breweries were restricted to New Zealand at 31s 5d and 31s 9d. Miscellaneous Australian Consolidated Industries were fractionally weaker at 395, Booth Macdonald , (pref.) were steady at 4s lid, and ss. British Tobacco were easier at 48s 9d and 48s 3d. Broken Hill Proprietary were firm at 455. New Zealand Farmers* Fertiliser eased 5d to 21s lOd. Woolworths, Ltd., remained at 17s 4d.

AUCKLAND, December 13. The directors of Reid (New Zealand) Rubber Mills, Ltd., have decided to make a final call of 5s a share, making all shares fully paid. The call Is payable in two Instalments of 2s 6d each, payable on January 15 and March 19. The company’s authorised capital Is £120,000 In £1 shares, of which 89,593 shares are allotted. Of these, 3000 are fully paid, the balance being paid to 15s. Capital now being called up amounts to £21,648.

Where no approximate price is given return Is worked on mid-market price inless only one quote is given. '

• OTHER QUOTATIONS N.Z. Govt. Debentures—3 p.c. Ins., 1941, b. £100; 3J p.c. Ins., 1953-57, b. £101; 3i p.c. Bonds, 1953-57, b. £lOl 10s; 3| p.c. Ins., 1941, b. £100; 4 p.c. Ins., 1940-43, b. £lOl 10s, s. £lO2 10s; 4 p.c. Ins., 30/11/48, b £lO3 ss; 4 p.c. Ins., 1946-49, s. £lO4 10s; 4 p.c. Ins., 1952-55, b. £lO6 17s 6d. s. £lO7 ss; 4 p.c Ins., 1954-58. s. £107; 4 p.c. Bonds, 1955, b. £107; War Loan, 1/10/53, b.- £BO ss. , Other Debentures—Christchurch City. 31/3/41, s. £lOl 17s 6d; Dunedin City, 4J pc 1/4/43, s £104; Hamilton Borough, 41 p.c., 1/7/43, s. £lO4 ss. Banks— Comm, of Sydney, b. £2O, s. £2l; Natl, of A’asla (£lO pd.), b. £l2. Insurance —Mercantile Mutual, s. £1 12s

5s 9d; Dominion Rubber, s. £1 Is 6d; Dunlop Rubber, b. £1 Os 3d; Electro. Zinc, s. £2 14s 6d; Electro. Zinc, s. £2 17s 6d; G. J. Coles, s. £3 8s 9d; General Industries, s. 18s 6d; Greater Crystal, b. 13s 6d; Hay’s, Ltd., b. £1 3s; Hay’s, Ltd. (contr.), b 18s; Hume Pipe (Aust.), s. 15s 6d: Kauri Timber, b £l, s £1 2s; Macky,. Logan, b. 19s 6d; Mason, Struthers, b. 10s, s. 15s; Meggitts, b. £1 12s 6d; Millaquin Sugar, s. £2 10s; Morts Dock, s. 18s 3d; Moturoa Oil, s. 4s 3d; Macduffs, s. 11s; McLeod Bros., b. £26 10s; Natl, Electric, b. 17s 9d: N.Z.

Drug Co. (2nd Instalment), s. £2 3s; N.Z. Farmers’ Co-op. (A pref.), s; £2; N.Z. Farmers’ Co-op. (B pref.), s. £1 10s; N.Z. Farmers’ Co-op. (41 p.c. Stock. 17/5/49), k £B4; N.Z. Farmers’ Co-op. (41 p.c. Stock. 1949), s. £B4; N.Z. Farmers Co-op. (41 p.c. Stock. 1950), b. £80; N.Z. Farm. Fertiliser, s. £1 2s 3d; Selfridges, s. £1; Standard Cement, b. £1; Taranaki Oil Development (4s‘6d pd.), s. 3s 6d; Weeks, b. £7 15s; Woolworths Properties, s. £1 5s 3d; W. R. Carpenter, b. ss. Australian Mining—Broken Hill South, b. £1 6s; Ramrod, b. Is lOd; Mount Lyell, b. £1 7s 6d, s. £1 8s 8d; Mount Morgan, b. 10s 9d; Placer Development, b. £3; Wellington Alluvials, b. 4s 3d. N.Z. Mining—Addison’s Flat (cum div.). b. lid; Austral (N.Z.) Mining, b. £1 6s. s. £1 9d; Big River, J>. Is Id, s. Is 4d: Goldfields Dredging, b. Jd; Grey River (cum dlv.), b. 16s 3d, s. 17s; Kanleri (def.). s. £1 3s; Maori Gold, b. Id, s. 3d; Mining House Concessions, s. 3d; Moonlight Goldfields, b. 4d, s. 8d; Nemona, b. 4Jd; New River, b. 2d, s. sd; Ngahere, s. £1; Ngahere (def.), s. 15s; Skippers, Ltd., s. Id; Wainl Investments, s. 4s 9d; Worksop Extended, s. 4d. Unlisted Stocks—Ass. Gold Dredg. (Is

6d. Loan and Agency—Christchurch Building, b. £l6 2s 6d; Goldsbrough, Mort, s £1 7s; Mutual Benefit, s. £l3 10s; Natl Mortgage A, s. £1 17s: N.Z. Guarantee Corpn., b. 2s 9d; Perm. Investment, b. £9 10s; Wright, Stephenson, s. £1; Wright. Stephenson (pref.), b. 19s 9d. Shipping—New Zealand (pref.), b. £ll 10s; P. and O. Defd. Stock, b. £1 3s 6d: Union (pref.), b. £1 6s. Frozen Meat— Canterbury (ex div.), s. £lO 15s; Southland, b £1 14s 6d, s. £1 15s 6d; South Otago, b. £5. WooUens— Yarra Falls, s. £2 7s; Manawatu, s. £1 0s 6d; Oamaru, s. 19s 9d; Tlmaru (ex div.), s. 16s 3d; Wellington (pref.), b. £7. Coal— Westport-Stockton, b. 2s 4d. s. 2s 9d. Breweries—Ballins (15s pd.), b. 11s, s. 12s; Swan, b. £1 ss; Tooths, s. £2 14s; Ward (in llqdn.), b. Is 6d; Staples (In llqdn.), b. Is, s. 3s. Miscellaneous —Aust. Alloy Steel, b. Ss 6d; Alloy Steel (N.Z.). s. £1 17s; Aust. Iron and Steel (pref.), b. £1 6s; Berlei (N.Z.), b. £3 6s; Booth, Macdonald (pref.) b. 4s lOd, s. ss; Burns Phllp, b. £2 11s 6d, s. £2 l’ss; Dominion Builders, b. 5s Id, s.

def ). s. 14s 9d: Ass. Mot. Petrol (pref.), b. £1; Aust. Mot. Petrol, b. 6d; Blackball Creek, s. Is Id; British Developments, s. £1 Is 2d; Christchurch Press (cum dlv.), b. £6; Aust. Invest. Trust, b. Is 9d, s. 6s; Lange’s xvlobile Gas, s. 7s 6d; Air Travel (N.Z.), s. £1 Is; Mlkonul (Is def.). b. 4s. s. ss; Masonite (2s 6d def.), b. £1 7s ,6d, s. £1 15s; Paparoa Coal, s. 6s 9d; Taramakau (5s paid), s. 4s; Tlmaru Lime, s. £1 Is; Vega Batteries, s. 15s. AUCKLAND Sales—N.Z. Govt. Bonds. 4 p.c., 1952-55, £lO7 ss; 4 p.c. Stock, 1946-49, £104: National Bank of A’asla. (£lO paid), £l2 2s 6d; Bank of New Zealand, 41s; N.Z. Insurance, 61s 9d (3); South British, 495; F.A.C. (A pref.), 22s 3d; N.Z. .Breweries, 31s 8d; Broken Hill Pty., 455; Bycrolt, 43s 6d: Dunlop Perdriau, 20s 6d (late sale); N.Z. Drug, 77s 6d. DUNEDIN Sales—Broken Hill Pty., 455; Colonial Sugar, £52; 1.C.1. (pref.), 245. WELLINGTON Sale*—Late Thurs.: Wairarapa Farmers (pref.), ss; National Insurance, 18s 2d; Broken Hill, 455; N.Z. Newspapers, 325; N.Z. Farmers’ Fertiliser, 225. Yesterday: N.Z Breweries, 31s 9d; Aust. Consolidated Industries, 39s 3d; Wellington Gas (ord.) (2) 32s 6d; (N.Z. Newspapers, 325; Wool-

worths,. Ltd. (ord.), (2), 17s 6d; British Tobacco, 48s 3d; Bank of N.Z., 41s. SYDNEY Prices moved irregularly on the Sydney Stock Exchange. Morning Sales—Bank of New South Wales. £27 9s; Tooths, 535; Anthony Hordern, 13s 6d; Australian Consolid. Indus, (contr.), 25s 4Jd; Broken Hill Pty., 44s 9d; Cash Orders, 18s IJd; Cumberland Paper, 31s Afternoon—Union Bank, £6 7s 6d; Consolidated Industries, £1 18s 3d; Colonial Sugar, £47 15s; Henry Jones, £1 12s 6d; Mark Foys, 19s 3d; Carpenter. £1 16s 6d; Felt and Textiles, £1 17s 9d; Felt and Textiles (con.), £1 6s 6d; Goldsborough, Mort, £1 5s 6d; General Industries, 17s 3d; Mt. Morgan, 11s 4d; Rawang, 8s lOd.

VALUES ON STOCK EXCHANGE

CHRISTCHURCH RATES, DECEMBER 13, 1940 FORMER LEVELS COMPARED

VEGETABLES AND FRUIT

CHRISTCHURCH MARKETS Cauliflowers and cabbages have been in short supply, and values firmer. Good supplies of other vegetables have come forward, and values are as follows: Cauliflowers, 4s to 7s 6d a. dozen; cabbages, 3s 6d to 8s a dozen; lettuces, 3s to 4s 6d a dozen; spinach, 2s 3d to 3s 8d a dozen; peas, Is 7d to Is lid a

peck; new potatoes, Jersey Bennes up to 2Jd per lb, others IJd to 13d; beans, hothouse french beans Is 4d per lb; rhubarb, 4s 6d to 6s 6d a dozen; onions, 6s to 8s a sugar bag; cucumbers, up to Is per lb. Fruit: Supplies practically finished. Any good quality lines coming forward are realising high prices. Tomatoes—At the beginning of the week large quantities came forward, and

values were 8d to Is Id per lb. Towards the end of the week supplies became short, and best quality advanced to Is 6d per lb. Strawberries, supplies very scarce, realising from Is 9d to 3s Id a punnet, according to quality. Raspberries, limited supplies coming forward, and values are from Is 2Jd to Is sid a punnet. Cherrie?, the mar-

ket is well supplied at present. Extra choice, large, realising from Is 2d to Is 6d per lb. Others 8d to Is Id per lb. Peaches, increased quantities came forward yesterday, and values remained very firm. Extra choice Is 2d to Is 3Jd per lb. Others 6Jd to IOJd according to quality. Imported fruits—Further supplies of bananas and Australian oranges are expected next week. Eggs—First grade Is 7jd to Is 8d a dozen, seconds Is 6£d. ■

GRAIN AND PRODUCE ALL SECTIONS QUIET The grain apd produce markets are at present exceptionally quiet, more so than they usually.are at this tune of year. It is not expected that there will be a great deal of interest in any line now until after the Christmas break, when the new season s crops will begin to make their appearance. There is little business of any sort doing apart from odd wholesale inquiries for small seeds and a restricted demand for chaff. Quotations The following are quotations to farmers on trucks at country stations, unless otherwise indicated Wheat-Milling, f.0.b.. Tuscan 5s lid. Hunters 6s Id. Pearl 6s 3d. Marquus 6s sd, (Final payment of 3d a bushel on all wheat at the end of 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 Ital ian 6s to 7s, according to sample Cocksfoot, 9d (nominal) White clover; 2s to 2s sd. Red Cloven is. Partridge peas: 6s 9d to 7s. Chaff: SA 15s (nominal) Barley; Malting, ex stack, 4s IOJd, ex stook 4s /id: Cape, 4s to 4s 6d: black. 6s to 6s 3d Onions: £l6. sacks extra. Linseed f.a.q., £2l.

ASHBURTON A quiet period has been experienced on the Ashburton market. A good inquiry exists for heavy Garton oats suitable for milling, but supplies have all been marketed. Oatsheaf chaff of heavy weight and bright colour is saleable, but undergrade lines are neglected. ' , . There is a good demand for fowl wheat and supplies are getting low. Occasional retail orders are still coming to hand for ryegrass, cocksfoot, and clover seed. , . Other markets remain unchanged. The following are prices quoted to farmers on trucks at country stations unless otherwise Indicated, sacks extra, free of commission:— _ , ~. Wheat— Milling, f.0.b., Tuscan 5s lid, Hunters 6s Id. Pearl 6s 3d. Marquis 6s sd. (Final payment of 3d a bushel on all

wheat at end of year.) _ . Oats —A Cartons 3s 9d to 4s, B Cartons 3s 6d, Algerian 3s 9d to 4s, Duns, dark heavy, 4s 3d to 4s 9d. , , , Partridge Peas—6s 9d to 7s a bushel, Ryegrass—Perennial 6s 6d to 7s, Italian 7s to 8s Cocksfoot —8d to 9d. White Clover—ls 9d to 2s 6d. Red Clover—ls to Is 4d, Chaff—£4 15s.

Return on Approx CJ investAm'l market ment at paid Approx price £ cd Ig-s Dividend approx a market ■i year market Companies. sh’e Buyers Sellers price ago payable price N2 curr £ £ s. d. f s. d. £ s. d. £ 8. d. £ s. d 4 12 10 10s 0 13 1 0 15 4 0 15 3 0 16 5 7 1-121 Feb.-Aug. Natl of N.Z. .. 2J 1 19 0 1 17 6 2 3 9 4 Jan.-July 5 6 8 N.S.W. 20 29 5 0 30 0 0 30 10 0 6 Jan.-July 4 0 0 1 2 0 9 2 1 0 2 1 0 2 0 3 10 Jan.-July 4 17 6 Union 5 7 1 6 — 7 1 6 8 4 0 7 Jan.-July 4 18 10 7S 0 18 0 0 18 2 0 18 9 10 5-7| May-Nov. 4 2 6 New Zealand .. 1 3 1 6 3 2 3 3 1 9 3 0 0 10 Feb.-Aug. 3 4 9 South British 10s — 2 9 0 2 7 6 171-121 Apl.-Oct. 3 9 8 Standard 1 — — 2 19 0 2 18 0 12* I Mch.-Sep. i 4 4 8 Loan and Agency— May-Nov 3 14 0 Dalgety and Co. 5 — 6 15 0 —- — 5 United Building X 1 0 0 1 0 9 1 0 3 1 0 6 5 1 Oct.-Apl, 1 4 18 9 4 1 10 10s 0 14 9 0 14 3 0 14 0 5 5-61 July-Oct. N.Z. Refrig. .. 1 — 1 0 6 0 19 6 5} 1 Feb. 5 7 3 N.Z Refrig., con. 10a 0 9 5 0 9 8 0 ' 9 6 0 9 2 bi Feb. 5 15 9 July-Feb. 5 19 9 10s 0 7 7 0 7 7 0 17 0 4i Auckland (con.) — — 0 2 10 0 12 0 4i July-Feb. 7 18 9 5 19 1 1 1 3 3 1 3 6 1 3 6 1 6 3 7 Aug.-Feb. 10s — —- 0 10 9 0 12 3 7 ' Aug.-Feb. 6 10 2 Wellington 1 — — 1 12 0 1 11 6 8 Aug.-Feb. 4 17 8 Coal— Tauplri 1 1 1 0 0 18 9 7* May-Nov. 7 2 10 Westport 10s 1 2 9 1 3 6 1 2 9 1 4 0 10 May-Nov. 4 7 10 Woollens— Bonds Hosiery 1 1 10 0 1 9 6 10 March 6 15 7 Felt and Text. 1 1 18 6 1 19 9 1 19 3 — 10 Mch.-Sep. 5 1 ll) Kaiapoi 17s — — 0 13 9 — 5 Sep. Breweries—• 1 1 10 0 12 Dec.-July 8 0 0 New Zealand .. 1 1 11 3 1 11 9 , 1 11 6 1 16 3 81 Jan.-July 5 7 11 Miscellaneous— 1 0 15 6 0 15 0 0 15 0 5 Mch.-Sep. 6 13 4 British Tobacco 1 | — 2 1 8 6 2 8 3 2 14 3 .10 Jan.-Apl. July-Oct. 4 2 10 Broken Hill Pty. 1 2 4 fi ' 2 5 3 2'5 0 4 5 6 71 Nov.-May 3 6 8 20 52 0 0 — 52 5 0 56 10 0 81 Nov.-May 1 — 1 7 6 1 6 6 6 June 2 3 17 0 — 3 17 6 3 15 0 8 Sep.-Apl. 4 2 6 1 _ 1 2 3 1 2 0 0 18 0 6 August 5 y 1 N.Z. Newspapers N.Z. Paper Mills Whit. & Tombs 16/8 1 2i 10s 1 12 1 9 3 4 0 18 0 6 6 6 1 1 13 11 0 0 1 12 1 10 3 5 0 18 0 0 0 9 1 8 2 18 0 16 6 6 6 8 7 6 3 Nov.-May Nov.-May Mch.-Oct. Nov.-June 4 3 4 4 13 4 4 12 3 4 0 0 Wooiworths, N.Z. Woolworths 5s 5s 0 17 0 0 15 0 17 0 6 0 15 0 17 0 4 1 4 9 16 171 July-Jan. Oct.-Apl. 5 6 8 5 0 11