FINANCE AND COMMERCE

Press, Volume LXXVII, Issue 23315, 29 April 1941, Page 6

FINANCE AND COMMERCE

MEAT EXPORT

KILLINGS TO MID-APRIL REDUCED MUTTON FIGURES Export killings at the Dominion's freezing works from October 1 to April 12 last, show a total of 9,349,914 freight carcases, which/ according to the official statement of the New Zealand Meat Producers’ Board, is 579,325 in excess of killings in the corresponding period of the previous season to the nearest comparable date. Restrictions on export killings operative from March 24, subject to several modifications since that date, are now showing their effects when comparisons are made with the previous season’s statistics to the same approximate date. North Island production was 6,410,141 freight carcases, compared with 6,220,846 and South Island 2,939.773, compared with 2,549,743 in the previous season, to April 13, 1940. ' Lamb killings have reached a total of 9,067,502 or 788,316 carcases above that of. the previous season. Ewe killings now show a decrease of 13,815 carcases compared with the previous season, the current total being 1.294.216. Wethers have declined by 484.861. the killings this season totalling 497,301. Details of lamb and mutton production to April 12. with the corresponding figures for the previous season (to April 13) are as follows: North Island 1941. 1940. Wether mutton .. 444,613 903,178 Ewe mutton .. 868,745 992,772 Lambs (carcases) 4,969.991 4,629,406 South Island 1941. 1940. Wether mutton .. 52,688 78,984 Ewe mutton .. 425,471 315.259 Lambs (carcases) 4,097,511 3,649,780 Frozen beef production has reached 343,143 quarters, compared with 212,922. Porker killings (105.739 in the North Island, and 3976 in the South) total 109,715, showing an increase of 73,314 carcases. Baconer killings were as follows:—North Island 275.527 (compared with 254,403); South Island 8804 (9484), an increase this season of 20,444 carcases. Killings of choppers total 10.286 being an increase of 1268. Killings of other classes of meat expressed in 601b freight carcases were as follows, with the figures for the previous season to approximately the same date:— 1041. 1940. Boneless beef .. 307,900 409.231 Boneless bobby veal 86.745 65.634 Sundries .. 315,378 280,625 WOOL PROSPECTS AMERICAN REQUIREMENTS (U.P.A.) LONDON, April 27. Prospects for the wool industry were the subject of an address at the Royal Society of Arts during the week. The speaker, Mr Foster Duplessis, representative of South Africa on the International Wool Secretariat, summed up the general opinion by saying that there was no immediate crisis facing Domi ion woolgrowers. but South America was precariously placed. The United States was devoting huge sums to buying up South American surpluses. Mr Duplessis predicted a rapidlv expanding American armament programme and an unprecedented increase in consumption of clothing wool which woult cause the United States to draw incre: singly upon the Australian wool reserve held there. “Whatever America draws will be replaced.” he saui. “The order is to keep the reserve at 250.000.0001b.” He added that it seemed inevitable that post-war reconstruction would include international economic co-operation and effective control of the industry. U.s. COMMODITY PRICES STRONG UPWARD TREND WASHINGTON, April 27. ’ The United States Commerce Department has reported that wlmlesale commodity prices continue their upward trend, which began last August. Prices of all commodities, other than farm products and foods, were higher at the end of March than in mid-Aug-ust, 1840. , , Defence demands had sent certain items much higher. Wholesale lumber prices were up 20 per cent., woollen and worsted goods 12 per cent., cotton goods 23 per cent., and leather 7 per cent, higher. ASHBURTON LOAN SOCIETY DIVIDEND OF SEVEN PER CENT. A surplus of £3666 15s, compared with £3557 17s 4d in the previous year, was shown in the balance-sheet of the Ashburton Loan and Investment Society and Bank of Deposit at the annual meeting of sthareholders last evening. The chairman of directors (Mr W. Bryant) presided. The surplus was distributed as follows:—Payment of a dividend of 7 per cent, on A and B shares, £lO6l 7s 9d; transferred to reserve fund, £400; transferred to fluctuation of securities and contingencies account, £100; carry forward, £2105 7s 3d. Messrs E. H. Orr and R. G. Shearman, who retired from the directorate, were re-elected unopposed. Mr Bryant was re-elected chairman at a subsequent meeting of directors. The chairman said that the turnover for the year was £163,367. Approval had been received to allocate a further 800 A capita] shares of £5 each, and these would be offered to shareholders immediately. STOCK MARKETS PLEASANT POINT TIMARU, April 28. Th'e fat cattle yarding at Pleasant Point sale comprised mostly well bred station cattle, but they required more condition to be described as prime. The sale was dragging, and values eased by 20s a head on late rates. Medium to prime steers sold at from £9 2s 6d to £ll 12s 6d. prime heifers £lO to £ll 17s 6d. light to medium £5 2s 6d to £8 12s 6d, extra prime cows to £ll 2s 6d, prime £8 to £lO 2s fid, light to medium £5 2s fid to £7 12s fid. . The two races of fat sheep contained mostly light ewes suitable for export. Butchers’ ewes were barely firm at late rates, but export ewes met with a good sale. The few pens of wethers yarded alao sold readily. In the fat lamb section the yarding contained 240 head, which were mostly extra prime sorts. Bidding was keen and values appeared to be in excess of schedule rates. Prime wethers sold at 24s 7d to 28s lOd, light to medium 19s lOd to 22s lOd, prime ewes 12s Id to Us lOd, light to medium 9s Id to 11s 4d; extra prime lambs to 28s lOd, prime 24s to 20s lOd, light to medium 19s to 225. lOd. With the exception of a pen of outstanding Romney ewe lambs, which realised 24s 9d, the yarding of store sheep was of average class. Prices showed little variation on late rates. Extra good Romney; ewes lambs sold to 24s 9d, medium 16s to 18s Bd, forward wether lambs 13s Id, small to medium 7s to 9s, five-year Roniney ewes 8s -Id, two-tooth wethers 17s to 18s 6d. MINING REPORTS Nemona—The return for the period ending April 24 was 240z in 178 hours from Mdotyardi. T

STOCK EXCHANGES

LOCAL PRICE LEVELS MAINTAINED Markets were quiet on call yesterday, but there was a good volume of reported business. Price levels were well maintained. Apart from vestibule business the following transactions were recorded:— Sale on ’Change; Listed Stock—£2so N.Z. Govt. 4 per cent, stock (1955), £lO5 10s. Sales Reported: Listed Stocks—£2oo N.Z. Govt. 34 per cent. (1953-57), £IOO 10s; £IOOO War Loan (l/lb/53), £Bl 17s 6d; £9OO N.Z. Refrigerating 4i per cent. (1/8/45). £101; 50 Dalgety and Co., £6 2s 6d; 100 Westport Coal, 23s 3d. Government Stocks Firmer New Zealand Government 3J per cent, stock, due 1953-57, was firm at £IOO 10s, and late offers at that price failed to attract sellers. The 1955 stock relapsed to £lO5 10s. War Loan, due 1953. advanced to £Bl 17s 6d, and there were further buyers at £Bl 15s, no sellers offering. A parcel of New Zealand Refrigerating 41 per cent, debentures, due 1/8/45, changed hands at £lOl. Dalgety and Company had business at £6 2s 6d, market closing £6 buyers, £6 7s 6d sellers. Westport Coal were steady with buyers and business at 23s 3d, sellers at 245. Unsupported sellers of Milburn Lime reduced their limits to 38s 6d. Woolworths, Ltd., were weaker with unsupported sellers at 16s 4d. Mount Morgans were easier with unsupported sellers at 9s 7d. Unlisted Stock—Sellers of Associated Gold Dredges (12s paid) reduced their limits to 12s 9d, buyers at 10s. LATEST QUOTATIONS N.Z. Govt. Debentures—3 p.c. Ins., 1941, b. £99 10s; 3J p.c. Ins., 22/5/60. b,- £101; 31 p.c. Ins., 1953-57, b. £IOO 10s; 31 p.c Bonds. 1953-57, b. £IOO 10s; 4 p.c. Ins.. 1943 b. £IOO 15s; 4 p.c. Ins., 1946, s. £lO2 10s: 4 p.c. Ins., 1954-58, b. £106; 4 p.c. Bonds. 1954-58, b. £106: Rural Bonds, 5 p.c., 15/9/47, b. £102; War Loan, 1/10/53, b. £Bl 15s. Other Debentures—N.Z. Refrig., 41 p.c., 1/8/45, b. £IOO 10s; Timaru Gas, 4 p.c., 1/11/45. b. £B7 10s. Banks—Comm, of Australia, s. 14s 6d. Comm, of Australia (pref.). b. £8 12s 6d; Comm of Sydney, s. £l9: Natl, of N.Z., s. £1 15s 9d; New South Wales, s. £29 10s; New Zealand (cum div.), b. £1 16s; New Zealand (mortgage shares, cum div.), b. £1 9s 3d; Union of Australia, s. £6 19s. Insurance —National, s,, 19s 2d; New Zealand, s. £3 Os 3d; South British, s.. £2 Ds 3d; Standard, s, £3 Is; Australian »General, s. 19s. Loan and Agency—Dalgety and Co., b. £6: s £6 7 6s; Christchurch Building (cum div.), b. £l6 10s; Goldsbrough, Mort. b. £1 3s s. £1 5s 9d; Mutual Benefit, b. £l4; Natl Mortgage A, s. £1 15? 0d; Natl. Mortgage B. s. £1 2s 6d; N.Z. Guar. Corpn., s 3s Id; Permanent Investment, b. £9 15s; United Build., b. £1 0s 6d, s. £1 Is 3d; Wright. Stephenson, s. 18s 6d; Wright, Stephenson (pref.), b. 19s. Shipping—Huddart-Parker, b. £2. Frozen Meat —Gear, s. 13s lOd; N.Z. Refrig. (£1 pd.), b. 16s; N.Z. Refrig. (10s pd,), b. 6s; North Canty. Freezing (pref.), s, 18s Woollens—Felt and Textiles, b. £1 17s 6d, s. £2; Kaiapoi (17s pd.), b. 14s 9d. s. 15s 3d; Kaiapoi (7s pd.). b. 4s lOd, s. 5s Id; Oamaru, s. 19s 9d; Wellington (prof,), b, £6 15s.

Coal—Grey Valley (ex div.), b. 5s 6d; Westport, b. £1 3s 3d, s. £1 4s; WestportStockton, s, 2s 8d; Westport-Stockton (pref.), s, 6s 8d; Kaitangata, b. £1 11s. Gas—Auckland, s. 6s 9d; Christchurch, b. £1 Is.

Breweries—Ballins (15s pd.). s. 11s Gd; New Zealand, b. £1 It's, s. £1 11s: Swan, b. £1 3s. Miscellaneous—Australian Consolidated Industries, b. £1 18s Gd, s. £2 2s; Aust. Iron and Steel (pref), b. £1 5s 6d; Beatli and Co., b. 14s 3d; Booth, Macdonald (pref). b. 6s sd, s. 6s 9d: British Tobacco, b. £2 6s; Broken Hill Pty. (cum div.), b. £2. do. (Ss paid, new), b. £2 2s; Colonial Sugar (ex dlv.), s. £54; Denhard Bakeries (ord.). s. 11s Gd; Dominion Fertiliser, s. £1 7s; D.I.C. (pref.). b. £1 3s; Dunlop Rubber, b. £1 Os 3d; G. J. Coles, s. £3 4s: Hay’s, Ltd., b. £1 5s 3d; do. (con.), b £1; Hume Pipe (Aust.). b. 13s. s. 14s sd; Masonite, b. £l. s. £1 5s Gd: Mllburn Lime, « £1 18s 9d; Macduffs (ofrd.). s. 10s; do. (pref.), 1 s. 19s 3d: N.Z."Farmers’ Co-op. (4J p.c. Stock, 1950), s. £81; N.Z. Newspapers, s. £1 10s Gd; Prestige (N.Z.) (pref.). s. £1 Is; Selfrldees (Australasia), s. £1; Weeks. Ltd., b. £7 15s; Whitcombe and Tombs, b. £3 7s. s. £3 15s; Wilcox Mofflin. b. 7s 7d. s. Ps; Wilson’s Cement, s. 19s Id; Wool worths (Syd.) (ord.), b. 15s 9d. s. 16s 4d; Woolworths (N.Z.). b. 13s Id. s. 13s sd: Woolworths Properties, b £1 3s 9d. Overseas Listing—Woolworths (S.A.). 6. Mining—Broken Hill South, £1 2s; Mount Morgan, s. 9s 7d. N.Z. Mining—Clutlva River, b. 9d; Golden Sands, s. 8d: Grey River (cum div.). b. 16s, s. 16s 3d; Maori Gold s. s)d; Moonlight Goldfields, b. 2d, s. 4d; Worksop Extended, s. 3d. Unofficial List—Ass. Gold Dreg. (12* paid), b. 10s. s. 12s 9d: Blackball Creek. s. 9d; British Developments. 6. 17s 10d Christchurch Press, b. £7; Mikonui (3s 6d paid), s. is: do. (deferred),, b. 5s Paparoa Coal. s. Os 8d; Reece, Ltd., E. (pf). b 3s fld; Sllknlt (cum dlv.). b. Gs Gd; Urlwlns. b. £2 2s Od. AUCKLAND Sales—War Loan, 1/10/53, (2). £O2; Govt. Stock, 15/3/40-43. 4 per cent ( K tc sale), £101: Auckland Hospital and Charitable Aid Board. 1/6/47. 41 per cent,. £lO3 15s: South British (2), 48s 6d; Dominion Breweries, 28s; Broken Hill Pty. j 3 >’ 4 * S J N.Z. Farmers’ Fertiliser (pref), 225, Union Soap. 255: Woolworths (Syd.) (3). 18s 3d, Mount Morgan (late sale), 9s 6d. Unofficial List—Auckland Farmers Freezing (£1 paid). 20s 9d. WELLINGTON Sales—Late Thursday: Govt. 4 p.c. Stock, 1952, £lO5 10s: Wellington Gas (pref.), 22s 6d: Woolworths. Ltd., 16s. ■ „ M Sales yesterday—War Loan, 1/10/53. £B2 (4); 4 p.c. Govt. Stock. 1955. £lO5 15s; Broken Hill Pty., 41s: Denhard Bread (pref.). 21s; Woolworths, Ltd., 18s (2); 4 p.c. Govt Stock, 1952, £lO5 10s. SYDNEY Investors are still displaying little Inclination .to do business on the Sydney Stock Exchange, but prices are holding satisfactorily. . . Sales—Tooths. 50s; Australian Gas A, £5 4s; Associated News., 11s Od; Broken Hill Pty., 395; Drug Houses, 255; Electrolytic Zinc (pref.). 50s 6d; General Industries, 17s. Afternoon Sales—Comm. Bank of Sydney £l7 18s; Colonial Sugar, £44 12s Go, Dunlop Perdrlau, 20s; Kandos Cement. 30s: Aust. Consolidated Industries. 28s 6d; Newbold Brick. 24s 7d; Henry Jones, 48s Gd: Goldsbrough, Mort. 23s lOd; North Broken Hill. 34s 4d; South Broken Hill. 22s 6d; Emperor, 9s lid; Loloraa. 21s 6d, Roma, Blocks (con.), 2s 3d. MELBOURNE Sales—Comm. Bank of Australia, 13s 2d; Natl. Bank (£5 paid). £5 15s; Herald and Weekly, 50s; G. J, Coles, 58s 6d: Dunlop Perdrlau, 19s 9d; Mount Lyell, 26s Gd; Emperor. 10s. COMPANY NEWS N.Z. CROWN MINES (P.S.S.) AUCKLAND. April 28. New Zealand Crown Mines. Ltd., London, Is recommending a dividend for 1940 of 3d (sterling) a share, equal to 12i per cent, (less English income tax at 7s 8d in the £), payable on May 9. The rate is unchanged; but income tax in the previous year was only 5s 4d in the £. NATIONAL INSURANCE CO. DIVIDEND DECLARED (P.A.) DUNEDIN, April 28. The directors of the National Insurance Company of New Zealand, Ltd., have declared an interim dividend of 4d a share for the half-year ended March 31, to be payable on May 16.