FINANCE AND COMMERCE

Press, Volume LXXVII, Issue 23263, 25 February 1941, Page 5

FINANCE AND COMMERCE

grocery trade PRICES AND PROSPECTS +-?-i ep ? rt ? fro T tlie wholesale and retail £ rade l ast /i wee £ dlsclosed that trading had be |,” £°° d and the turnover satisfactory. nf S |” c ® ' ast report no price movements 1 Si, 3 ? hja T ve 1311611 P lace ln overIm port restrictions still to hamper business in overseas fmpor’t S hst 6 meS boinS ° n the Pr° hi bited Tinned Fish Stocks of tinned fish of all descripll?ns ’ 6speciall y of salmon, are now run•low the Dominion. No lo import have been issued for v,o? e K tlme ‘ addition to mullet, which manv b v»L Pa . Cked in the Dominion for many years, two new lines are now comthe market, packed in the DoTh ese are kingflsh and mussels " fauce. These lines are attractlvely packed and should find a very ready sale, as prices are reasonable. Cream of Tartar of . tartar is still exceedingly • Brccers being out of stocks. ?° W *r:L f3lr su PPii? s of cream of tarsatisfaction* 6 3re avallallle an d are giving Dried Herßs and Carraway Seed .importers hold licences to import dried sage and thyme, as well as carraway seeds, no supplies are available. These commodities all come from the Continent, . tnerefore importations from Belgium France, and Holland are now impossible. Increase in Coastal Freights a^ oas .» 1 .! hipl ? ing freights as from yesterday will be advanced by 2J per cent for nearly all commodities. There is, as vet, no increase in freight on sugar and a few other lines, and the trade cannot understand why preference has been given to , 0n the lines concerned this will make the third advance t Vi? asl year ’ with the total advances of 12J per cent. Ammunition Although city grocers do not trouble about stocking ammunition, It is a regularly stocked line in almost every country store. Overseas reports just to hand mention that both shot gun and .22 ammunition has advanced itj price. Eggs The fresh egg market is active, witli Plentiful and the demand good. mLu he pr P 6l P al outlets at present 5 16 ® urnha m military camp and the aerod™™es ' i These substantial outlets have market 1005 W3y towards steadying the w as L^ e ? k So ,T le city stores were securqnnnUoiw 68 i n some instances oversupplies) from farmers, paving 2s and iq 10d ’ P Ullets : at ls 4d all price 3 being net and free of commission. Butter WiUi the recent spell of dry weather tne failing oft in supplies of separator butter continues. The limited quantities coming on to the city market are readily disposed of at Is per lb, net, free of commission. ■ Pimento The price of pimento is very high at present in the West Indies, tlie meagre crop last season being the cause. Sugar The Indian Government, in a recent report dealing with the sugar industry in India, states that in 1932 protection was given for 15 years under a tariff to assist the production of white sugar. In the shwt space if eight years the industry has made remarkable strides. As recently as 1938-39 it was necessary to import only 300.000 tons of white sugar (irom Java), but in 1939-1940 tlie production of white sugar in India had mounted to 1,373,000 tons, out of which, when the new season opens, there will be a carry-over of 400.000 tons. The Indian Government has now stated that it is imperative that outlets be found for the coming heavy surplus of white sugar anticipated from the new season’s crop. The sugar industry of India has made such strides that it ts now well within the bounds of possibility that India will in the immediate future be the world’s largest sugar producer. The great mass of the population of India do not use white sugar, but a native production called gur (a semi-solid sugar), the annual production of which line (in addition to white sugar) is between 3,000,000 and 4.000. tons, all of which goes into domestic consumption. At the outbreak of the war the international sugar agreement was suspended, to be replaced by most countries with import restrictions. The Indian Government it is expected, will ask the British and Empire Governments to look with favour on sugar produced In India, and to permit shipments to be imported into the various Empire countries as well as to Great Britain. , . ... With sugar produced in India •wun cheap labour, it appears as if. before very long, Indian sugar will be an important factor In keeping prices down, provided, of course, the countries to which it is exported, do not overload it with excessive Import duties. Tea The Java tea market last week was very active, with supplies plentiful. Quality is still very satisfactory. Common, and low mediums have been In keen demand, and values have advanced by 1 to 2 cents a half kilogramme. It has now been announced that Great Britain this coming season will purchase 487.000. of tea from the producing countries. It is understood that orders will be placed for Empire tea in India, Ceylon, and Africa, and for quantities of Java tea from the Netherlands East In |’ far no mention has been made as to prices, but there is no reason to believe that there will be much variation, if any, from last season's values. Australian Produce The ■ Australian onion market has recently declined substantially. Prices are now down to about £6 to £6 10s. Milling peas are very firm at 8s 9d, and maize is quoted at 7s. The quotations are f.0.b., Melbourne. Lime Juice Fresh supplies of lime juice are believed to be afloat for this market. On arrival the importers will probably find that costs have advanced considerably on previous shipments. Canned Fruits One Dominion packer has issued prices for new season's canned fruits. These are approximately the same as those ruling last year. The total Dominion pack will be quite Insufficient to meet the demand, a fact which intending buyers should note, as later it will be necessary to utilise imported canned fruit.

STOCK EXCHANGE BUSINESS NO SALES MADE ON ’CHANGE WOOLLEN SHARES WANTED No business was done on the Christchurch Stock Exchange yesterday, and dealings were restricted to reported business yesterday and late on Friday. Price levels generally were well maintained. There was strong buying support for woollen shares, A late sale of War Loan, 1953, on Friday was reported at £Bl 10s. and yesterday’s quotations were 10s on either side. Bank of New South Wales changed hands at £2B 17s 6d and £2B 15s, and closed with unsupported sellers at £29. Oamaru Woollens were firm at 20s. A late sale of Carlton Breweries on Friday was reported at 665. Broken Hill Proprietary were firm with buyers and dealings at 41s, sellers at 42s—late sales of the "rights” on Friday were reported at 17s IJd. and buyers yesterday offered 17s, sellers at 17s 6d. There was a closer market for Mount Lyells, which were quoted 27s lOd buyers, 28s 5d sellers. Sellers of Ngahere Gold reduced their limits to 13s 9d, buyers at 10s 3d. Listed Stocks: Sales Reported—£2Bo War Loan 1953 (late sale Friday). £Bl 10s; £6OO Napier Harbour 4J p.c. (30/9/54). £lO3 10s; 20 Bank of New South Wales, £2B 17s 6d, £2B 15s (2); 200 Oamaru Woollens, 20s; 100 Carlton Brewery (late sale Friday), 665; 250 Broken Hill Proprietary (ex rights), 41s (3); 100 Broken Hill Proprietary (rights) (late sales Friday). 17s lid (2). LATEST QUOTATIONS N.Z. Govt. Debentures—State Advances, 3* p.c., 1/9/55-60, s. £100; 3J p.c. Ins., 1953-57, s. £IOO ss; 3J p.c. Bonds, 1953-57, b. £100; 4 p.c. Ins., 1940-43, b. £lOl 17s 6d; 4 p.c. Ins., 1946, b. £lOl 17s 6d, s. £lO2 ss; 4 p.c. Ins., 30/11/48, b. £lO3 10s; 4 p.c. Ins., 1949, s, £lO4 10s; 4 p.c. Ins., 1949-52 b. £lO3 10s, s. £lO4 10s; 4 p.c. Ins., 1955, s. £lO5 ss; 4 p.c. Bonds. 1946, b. £102; War Loan, 1953, b, £Bl, s. £B2, Other Debentures—E., S.. and A. Bank, 4 p.c. interminable debenture stocks, s. 18s: Booth, Macdonald, 5 p.c., 1/6/47, b, £77; N.Z Refrig.. 41 p.c., • 1/8/40-45, b, £IOO. Banks—Comm, of Australia, s. 14s 6d; Comm, of Sydney, s, £l9 10s: New South Wales, s. £29; New Zealand, b. £2 Is. Insurance—National, b. 19s; New Zealand, s. £3 4s; South British, s. £2 11s; Standard (ex div.), b. £3; Australian General, s. 19s.

Loan and Agency—Dalgety and Co., b £6; Christchurch Building, b. £l6 ss; Goldsbrough, Mort., s, £1 7s; Mutual Benefit, b. £l3 10s; National Mortgage A, s. £1 17s; National Mortgage B, b, £1 Is 9d: Permanent Investment, b. £9 10s: United Building, b £1 0s 6d, s. £1 Is 6d. Shipping—P. and O. Deferred Stock, s. £1 6s.

Frozen Meat—Canterbury, s, £10; Canterbury (pref.), b, £6 10s; Gear, s. 14s 3d: N.Z. Refrig. (£1 pci.), s. 18s lid; N.Z. Refrig (10s pci.), b. 7s 6cl, s. 8s id; South Otago, b. £5. Woollens—Yarra Falls, s. £2 7s; Bonds Hosiery (ex cliv.), b. £1 4s 6d: Bruce, b. £1 Os 6d; Felt and Textiles, b. £1 18s 6d; Kaiapoi (17s pd.). b. 13s 7d; Kaiapoi (7s pd.), b. 4s 3d, s. 4s 8d; Kaiapoi (pref.), b. 17s tid, s, 18s 6d; Manawatu, b. £1; Oamaru, s. £1 Os 6d; Wellington, b. £6 10s, s. £7; Wellington (pref.), b. £6 15s. Coal—Grey Valley, b. 5s 6d; Westport, s. £1 4s; Westport-Stockton lord.), b. 2s 3d, s. 3s Id; Kaitangata, b. £1 7s. Gas—Auckland, s. 7s Id; Auckland (contr.), b. 2s 7d: Christchurch, b, £1 Os 9d, s. £1 2s; Christchurch (10s pd.), s. 10s 9d. Breweries—Ballarat, s. £2 10s; Ballarat (pref.), s. £1 6s; Ballins (15s pd.), s. 11s 6d; Carlton, b. £3 4s; Dominion (ord.), s. £1 11s; New Zealand, b. £1 12s, s. £1 12s 8d; Swan, b. £1 3s 6d; Tooths, b. £2 13s 6d, s. £2 16s; Ward (in liqdn.), s. Is 6d. Miscellaneous—Aust. Consolidated Industries, b £1 19s; Beath and Co., b. 14s 3d; Booth. Macdonald (pref.), b. 6s 3d; British Tobacco, b. £2 ss. s. £2 8s 9d; Broken Hill Pty. (ex rights), b. 12 Is, s. £2 2s; Broken Hill Pty. (rights), b. 17s, s. 17s 6d;. Canterbury Saleyards, s. £1 18s; Colonial Sugar, hj. £53 10s; Dominion Builders, s. 6s; Dominion Fertiliser, s. £1 7s 6d: Dominion Rubber, s. IBs; D.I.C. (10s paid), b. 13s 9d; D.I.C. (pref.), b. £1 3s; Dunlop Rubber, b. £1 0s 3d. s. £1 Is; Electro Zinc (ord.). s. £2 13s; Evans Atlas Flour (cum div.), b. £1 ss; G. J. Coles, s. £3 ss; Greater Crystal, b. 13s 6d; Hay's, Ltd., b. £1 3s: Hay's Ltd. (con.), b. 18s 9d; Hume Pipe (Aust.), b. 13s; Masonite, b. £1 3s, s, £1 5s 6d; Macduffs (ord.). b. 9s 3d, s. 10s: Macduffs (pref,), b. 18s 6d, s. 19s 6d; McLeod Bros., b. £26; National Electric, b. £1: N.Z Farmers’ Co-op. (A pref.), b. £1 10s, s. £2; N;Z. Farmers' Co-op. (B pref.), s. £1 10s; N.Z. Farmers’ Co-op. (4J p.c. Stock, 1950), b. £79. s. £B2; N.Z. Newspapers, s. £1 12s; N.Z. Paper Mills, s. £1 11s 3d: Self ridges (Australasia), s. £1; Taranaki Oil Developments, s. 2s 6d; Weeks. Ltd., b. £7 15s; Wbltcombe and Tombs, b, £3 ss; Wilson’s Cement, b. 19s; Woolworths (Sydney) ford., cum div.), b. 17s 4d, s. 17s 6d: Woolworths Properties, s. £1 4s od; Washington, Soul, Patterson, s. £3 10s.

Overseas Listings—Woolworths (S.A.) b. 15s.

Australian Mining—Mount Lycll, b. £1 • 7s lOd, s. £1 8s sd. New Zealand Mining—Addison's Flat, s. Is; Austral (N.Z.). b. £1 4s, s. £1 7s; Big River, s. is 2id; Golden Sands, s. 8d: Grey River, s. 16s 6d: Maori Gold, b. 3Jd, s. 4Jd; Molyneux, b. 4d; Moonlight Goldfields, s. 4d; Nemona, s. fijd; New River, s. sd; Ngahere. b. 10s 3d, s. 13s 9d; Worksop Extended, s. 4d Unlisted Stocks—Amalgamated Batteries, a. 15s; Assoc. Gold Dredges (11s paid), b. I2s Id, s. ,12s 9d; Assoc. Gold Dredges (Is def.). s. 14s Id; Aust. Mot. Petrol, b. 11s fid; Blackball Creek, s. 9d; British Developments. s. 19s lid: Christchurch Press, b. £6 11s 3d; Aust. Invest. Trust, b. 2s 9d, s. 9s; Lange's Mobile Gas, s. 2s fid; Air Travel (N.Z.), s. £1 Is; Masonite (2s fid del.), s. £1 13s; Reece. Ltd., E. (pref.), b. 4s; Timaru Lime, s. £1; Taramakau, s. 4s: Belvedere Maisonette, s. 17s 9d; Belvedere Maisonette (pref.), s. 19s; Mikonui (ord.). s. Is 3d; Mikonui (def.), s. ss; Todd Motors (pref.), b. 17s. AUCKLAND Sales—Rural Bonds, 4 p.c., 1947, £lO3 10s; Bank of New South Wales, £2B 10s, (odd lot Sydney register), £2B 10s; Bank of New Zealand, 41s 3d; South British. 50s 9d; Westport-Stockton (pref.), 7s; Kaiapoi Wool, 13s 9d (late sale): Manawatu Knitting, 21s; Oamaru Wool, 20s; New Zealand Breweries, 32s 7d; Aust. Alloy Steel, 8s; Broken Hill Pty., 40s 9d (odd lot): do. (rights), (3) 17s fid; Mount Lyell, 275. Unofficial list: Farmers’ Trading C. (pref.), 18s fid. WELLINGTON Sales—Late Friday: N.Z. Govt 4 p.c. Stock, 1943, £lO2 ss; N.Z. Govt. 4 p.c. Stock. 1946, £102; N.Z. Govt. 4 p.c. Stock, 1949, £lO4 ss; N.Z. Govt. 4 p.c. Stock, 194952, £lO4 10s; War Loan, 1933, £Bl 10s; Wellington City, 41 p.c., 1943, £101; Wellington Woollen (pref.), £7; Carlton Brewery, 66s 4id; Broken Hill (rights), 17s 3d (3): Woolworths, Ltd., 17s 9d. Yesterday: N.Z. Govt. 4 p.c. Stock, 1946, £102: NZ. Govt. 4 p.c. Stock, 1955. £105; Bank of N.S.W., £29, £29 2s 6d; Bank of New Zealand, 41s 3d: N.Z. Insurance, 635; N.Z. Brewnies, 32s 7d; Broken Hill (lights). 17s 3d, Sharland and Co., 18s (2); Mount Lyell, 275. DUNEDIN Sales—War Loan. 1953, £Bl 10s; Bruce Woollen (ord.). £1 Is lid, £1 Is: Manawatu Knitting Mills, £1 Is; Milburn Lime, £1 19s: Booth, Macdonald (pref.). 7s 2d; Woolworths Properties (2). £1 4s 6d. SYDNEY Trading on the Sydney Stock Exchange yesterday was restricted and price movements were generally small. . Morning Sales—Commercial Bank of Australia, 13s lid; Bank of New South Wales, £26 ss; Broken Hill Pty. (rights), 17s 4Jd; Colonial Sugar, £46 17s 6d; General Industries, 17s 4id. Afternoon Sales—British' Tobacco, 4as 9d; Woolworths, 17s 4Jd; Felt and Textiles. 37s 7id; Lustre Hosiery, 225; Winchcombe, Carson. 23s 6d; New Broken Hill Console dated, 12s 1'ld; Larut Tin, 7s Icj. MELBOURNE Sales—Broken Hill Pty. (ex rights), 39s 3d; Dunlop Perdriau, 20s 3d; Drug Houses. 37s 3d: Mount Morgan. 10s 3d.

COMPANY NEWS AUCKLAND GAS [THE PRESS SpeciaJ Service.] & AUCKLAND, February 24. Steady progress, which, however, was not sufficient to keep pace with the increase in wages, the cost of materials and taxation, was reported by Mr V. J. Lamer, chairman of directors, in reviewing operations at the seventyninth annual meeting of the Auckland Gas Company, Ltd. He voiced disappointment that retrospective legislation had been passed nullifying the effect of capital reorganisation last year, since the liability for income tax had now been transferred from the perpetual debenture holder to the company. Mr Lamer pointed out that when the shareholder’s resolution rearranging the share capital was passed last April, the directors had every hope of at least maintaining the dividend. The resolution had the approval of the Supreme Court, and everything was in legal shape and order.

“Briefly the effect of the resolution was to cancel £592,617 of the company’s share capital, and in its place issue a like amount of 5 per cent, debenture stock, on which interest was subject to taxation in the hands of perpetual debenture holders,” said Mr Lamer. “It was recognised that the share capital was far too large in proportion to the debenture capital. As a public utility company, it was felt that, due to the crushing burden of taxation, the conversion of part of pur share capital to debenture capital would enable us to maintain our service to the public, and at the same time safeguard the shareholders. The retrospective legislation referred to now transfers the liability for income tax from the perpetual debentureholder to the company. Three other companies, besides ourselves, are similarly concerned. We are not without hope that the Minister for Finance, the Hon. W. Nash, with whom all companies have been in touch, next session provide some relief.” MINING REPORTS Gillespie’s Beach—The wash-up for the week ended February 22 was 20oz 7dwt for 133 hours from 16,335 cubic yards. Ncinona—The return for the week ending February 22 is 260z lldwt lor 114 hours and 9000 yards. Clutha—The Clutha return is llßoz in 123 hours.