FINANCE AND COMMERCE

Press, Volume LXXVII, Issue 23323, 8 May 1941, Page 4

FINANCE AND COMMERCE

STOCK EXCHANGE BUSINESS TURNOVER SHOWS INCREASE IRREGULAR PRICE MOVEMENTS There was an increased turnover on the Christchurch Stock Exchange yesterday, and business was well spread. Price movements were irregular, New Zealand Government 4 per cent, stock, due 1949, advanced to £lO2 15s. and late ofTerr of £lO2 12s Cd failed to attract sellers. Buyers of the 4 per cent, stock, 1949-52, and 1954-48. revealed firmer markets. E., S., and A. Bank changed hands at £4. Bank of Australasia were weaker, with sellers at £8 12s 6d. New Zealand Refrigerating (10s paid) changed hands at 6s lid—a rise of lid since last local business on Anril 22 Buyers of Kaiapoi Woollens raised their bids to 15s. but sellers were reticent. Broken Hill Proprietary rose sharply to 42s 3d and 42s Bd/market closing 42s buyers. 43s sellers. Dunlop Rubber rose Is to business at 21s 6d. closing quotations 6d on either side. Wilson’s Cement eased to 18s 6d, market closing 18s 5d buyers, 19s sellers. Mount Lyelis were firmer, with buyers at 27s 4d, and Mount Morgans had improved demand at 9s 2d. Sales Reported—£3Bo N.Z.Govt.4 p.c. stock, 1949.. £lO2 15s; 100 E.. S., and A. Bank. £4: 100 N.Z. Refrigerating (10s paid), 6s lid; 250 Broken Hill Proprietary (ex div.), (3), 42s 3d, 42s 6d; 200 Dunlop Rubbers (2), 21s fid: ?no Wilson’" Cement (3), 18s 6d. LATEST QUOTATIONS N.Z. Govt. Debentures—3 p.c. Ins., 1941. b. £99 10s; 31 p.c. Ins., 1953-57. b£loo 10s: 31 pc. Bonds, 1953-57, b. £IOO 10s, 31 p-c. Ins., 22/5/60, b., £101: 4 p.c. Ins>j, 1943, b. £IOO 15s: 4 p.c. Ins. 1946. b £lO2 10s: 4 pc. Ins., 30/11/48, b. £104; 4 p.c. Ins.. 1949, b. £lO2 12s 6d; 4 p.c. Ins., 194952, b £lO5 12s 6d; 4 p.c. Ins., 1955, b. £lO5 10s; 4 p.c. Ins., 1953-58, b. £lO6 7s 6d; 4 p.c. Bonds. 1949, b. £lO2 10s: 4 p.c. Bonds. 1955. b. £lO5 10s: Rural Bond?. 5 p.c.. 13/9/47, b. £102: War Loan, 1953, b. £B2 2S Other Debentures —Booth, Macdonald. 5 p.c.. 1/8/47. b. £77; N.Z. Refrig.. 4i p.c.. 1/8/45. b £IOO 10s: Timaru Gas. 4 p.c.. 1/11/45, £B9.' _ „„ Banks —Australasia, b. £8 7s, s. £8 12s 6d' Comm, of Aust., s. 14s Id: Comm, of Aust. (pref.). b. £8 15s, s. £9 ss; Comm, of Sydney, b. £18; E., S.. and A., b. £4; National of N.Z.. s. £1 16s: N.S.W (cum dlv.). s. £29; N.Z. (cum dlv.), b. £1 16s 6d s. £1 16s lOd: N.Z. (Mortgage shares) (cum div.), b. £1 9s 6d; Union of Aust.. b. £6 10s, s. £6 15s. Insurance—Aust, General, s. 19s: New Zealand, b. £2 19s; South British, b. £2 8s 3d: Standard, b. £2 19s 6d, Loan and Agency—Christchurch Building, b. £l6: Dalgety and Co., b. £6: Goldsbrough, Mort, b, £1 4s. s. £1 4s 10d; Mutual Benefit (ex dlv.), b. £l4; National Mortgage (A), s. £1 15s: National Mortgage (B). s. £1 2s: N.Z. Guarantee Corpn . s. 3s; Perm. Investment, b. £9 15s; United Building, b. £1 0s 6d: Wright. Stephenson. S- Shipping—Huddart-Parker, b. £2, s. £2 8s; Huddart-Parker (pref.), b. £1 6s 6d. Frozen Meat—Cantby., b. £9: Gear, s. 13s 4d: N.Z. Refrig. (£1 paid), b. 16s sd: N.Z. Refrig. (IQs paid), b. 6s 6d, s. 7s 3d; North Cantby. Freezing (pref.), s. 18a Woollens—Bonds Hosiery, b. £1 ss: Felt and Textiles, b. £1 18s 6d, s. £2 2a 3d: Kaiapoi (17s paid), b. 15s; Kaiapoi (7s paid), b. 4s lOd, 8. 5s Id: Oamaru, b. 19s 2d; Wellington (pref.). b. £l6 17s 6d. Coal—Grey Valley, b. Ss 8d: Kaltangata (cum dlv,), b. £1 11s: Westport, b, £1 3s; Wostport-Stockton. b. 2s 3d. s 2a fld; Westport-Stockton (pref.), b. 6s 2d. s. 7s. Gas—Auckland, s. 6s 8d: Christchurch, b. £l. s. £1 Is 3d: Christchurch (10s paid), s. 10s Bd. j .. Breweries —Bailins (13s paid), s. 1 Is 3d; Dominion, s. £1 9s 3d: New Zealand, b. £1 10s 6d, s. £1 11s 6d: Swan. b. £1 3s 6d; Staples (in llqdn.). s. Is; Tooths (ex dlv.), b. £2 11s Id; Ward (in llqdn.), s. Aust. Consolld. Industries) b. £2 0s 6d; Aust. Consolld. Industries. b. £1 IS& Beath and Co:, b.- 14s; Sjegg and Co„ b. £1 Is; Booth, Macdonald (pref.), s. 6s 8d: British Tobacco, b. £3 6s*fld. s. £2 7s 10d; Broken Hill Pty. (ex dlv!) b. £2 2s. s. £2 3s; Broken Hill (new, 5s paid), b. £1 3s 8d; Broken Hill Pty, (new, £1 paid); b. £1 19s; Denhard Bakeries (ord.), s, 11s fld; Dominion Fertiliser, b. ’ £1 ss: s. £1 7s: Donaghy Rope (cum div.); b. £2 ss; D.I.C. (10s paid), b, 13s: D.I.C. (pref.h b. £1 3s; Electro Zinc, b. £2 11s 0d; Electro. Zinc (pf.). b. £2 13s: G. J. Coles b. £3 2s s. £3 3s; Hay’s. Ltd., b. £1 6s; Hay’s, Ltd. (cont.), b. £1 Is; Hume Pipe (Aust.), b. ISt, a. 14a: I.CJ. (Aust. and N.Z.) (prof.), b £1 3s; Masonite, s. £1 5s 6d; Mllburn Lime. s. £1 18s 9d; M.K. Manufacturers, b. ss, s, 6s; Macduffs (ord.), b. 9s, s. 9s 10d; Macduffs (pref.), b. 18s §d, s. 19s 6d; N.Z. Farmers’ Co-op. (A pref.). s. £1 19s; N.Z. Farmers’ Co-op. (B pref-). b. £l; N.Z. Farmers’ Co-op. (4J p.c. Stock, 1950), b £7B, s. £81: N.Z. Farmers’ Co-op. (41 p.c. Stock. 1955), s. £81; N.Z. Newspapers (ex div.), s. £1 10s 6d; N.Z. Paper Mills (cum dlv.). b. £1 IQs 6d; Northern Roller (cum dlv.). s. £1 2s; Prestige (N.Z.) (pf.). s. £1 Is 3d; Selfrldges (Ausfasla.). b. 15s. s. Ms; Weeks. Ltd., b. £8: Whltcombe and TombS. b. £3 7s, s. £3 15s; Wilcox, Mofflin, b, 7s lid. s. 8s Id; Wilson’s Cement, b. IBs Bd. s. 19s; Woolworths (Syd.) (ord.), b. 18a id. s. 16a 4d;: Woolworths (N.Z.). b. 13s) Woolworths_ (N.Z ) (pref.), b. £1 168} Woolworths Properties, b. £1 4s 3d. Overseas Listing* - ’Woolworths (S.A.). s. 15a 3d '■■■■ ' •. *■ . Australian Mining—Broken Hill South (cum dlv.)Tb. fil 3s. s. £1 6s: Mount, Lyell (cum dlv.). b. *1 7s 4d,s. £1 8s 3di Mt - Morgan, -b. 9a 2d, a, 9s 6d. _ Sands, s. «d; Grey River, b; 14s Qd, s. 16s 6d; Maori Gold, b. 2d. s. 6d; Moonlight Goldfields, b. 2d, s. 4dl New rW b* 2d. s, Sd: Ngahere.s. I4sr Mining House Concessions, b, Jo, SkiDpwsTLtd.. s. ld: Waihl Investments, s. Tel Worksop.Extended, s. 3d. „ ■ Unofficial List—Asaoc. Gold Dredges (12s paid), b, 10a, s. 12s 3d; Aust. Motorists Petrol, b, lls: Blackball Creek, s. _9d British Developments, a, 17 s 6d. Christchurch Press, b. £7: Mlkonul (3$ -|d paWL s. Is; Mlkonul (deferred), a, sa; Slab Hut (3s paid), b. 2s 3d, 5.,3s 6d:,SUKnlt, b, 6s 8d; Una Hill, b. lid. s, la 4d. , AUCKLAND Sales —War-Loan, 1/10/53; £B2 .(3);. 4 P.c. Ins. Stock, • 18/3/40-43, £101: 4 p.c, Ins. Stock. 18/4/48-49.£102 17s 4 p,c,. Ins. Stock. 5/6/52’85. £IOB 55;4 p.c. Ins. StOCk, 31/5/54-58. £lO7 ss; Auok. Trans. Board, 1/4/44-47, 41 P-c.. £102: Mt. Albert Borough. 1/7/43, 4J P-C-, £102: Auckland G«s Perp. Block, £9B 15s; Comm. Bank of*Aust.; 13s lid; Bank of N.Z.. £1 16s 6d (2); Union Bank, £6 103 (lot® a i e *„ T day); Standard Insurance, £3 (late sale Tuesday); Dominion Breweries, £1 8s (3), NZ Breweries, £1 16a 9d; Aust. Alloy,, ateel. 7s Bd: Farmers Trading. 19* Id ( {at® sale Tuesday): do, (B prefo. £1 2a (2),Sandford (ord.), 48! Woolworths (Byd.), 16 s 2d(late sale Tuesday): Mt, Morgan, 9sW. Unofficial list) Auckland Farmers Fraez Inc (£1). £1 0s 9d. . WELLINGTON sales—Comm. Bank B (ord.), 14s; N.Z. Refrig. (cont.), 7*, 8a 9d. DUNEDIN Sales-4 p.c, Govt. Bonds. 1952-55, £106; js„ S„ and A. Bank (ex div.), y;WestMrt Coal, £1 8s 3d; Broken Hill Pty. (ex dlv.). £2 2a 3d (2); N.Z. Paper Mills, £1 10s 9d; Wilson’s Cement, 18s 6d, N.Z. Breweries, £1 10s 9d. /■■■.■ BXBNEV A firmer tendency was noticed on the Sydney Stock Exchange yesterday, with an increased turnover. Sales—Bank of New South Wales, 12s; Tooths, . 50s fld; Associated Nevis.. Us. 6d: Australian Consolidated Industries (con.), 34a Mid; Broken Hill 9d: Colonial Rugar. £53; DavldJ °AfurnMn Salesr-'Commerclal Bank of Syßney: £lB gs; MsdciaWd News., •Us .W: Associated Nows. (prel.). 15b; Australian QM (A). £8 8s 6d; General Mustrtes, 17s. Mort’s Dock. Us Bd: Adams. 14s: Howard and Textll«. 378 3di Electrolytle Zinc, sl«l,Flcctra Zlne (pret). Ms; Bawang Tin. 7s 3d. Larut Tin, 8s 2d. MELBOURNE Sales—Commercial Bank of „Australia. Broken- Hill, 88s Id; Loloma, 2!s 9d. .

ADDINGTON MARKET OVERSUPPLY OF FAT STOCK A GENERAL EASING Entries in most sections of stock at the weekly market yesterday were in excess of the buying capacity. Store lambs sold well for the best, as did young ewes, but older coarse-woolled ewes Wl rf e u „ eas -^, r Fat lambs sold keenly at the slightly improved schedule brought in recently. The fat sheep market met with mixed competition. Heavy plain and light plain wethers were distinctly easier. An over-sup-ply of fat cattle caused a sharp easing, averaging 25s a head, and porkers and vealers also dropped. STORE SHEEP The yarding In the store sheep pens was the smallest for some months, about 3000 adult sheep and 1500 lambs being forward against 6200 adults and 2300 lambs last week. The lambs were a fairly useful lot. but the quality of the sheep was not 1mP The V lambs Included several lines from the Chatham Islands and one or two good local lots, and the best sold under keen competition at prices a little better than those of last week. Light and Inferior lambs were dull. The best price was 17s 3d for a truck of Corrledales from Cheviot, and the best of the Chatham Island lambs, a line of 174. made 17s 2d. , The two-tooths forward numbered only 400. most of them from the Chatham Islands. There was little Inquiry for them, probably because It Is now rather late for buying coarse-wooled ewes, and values were little d’ffer»nt from the reduced rates of last week The best price was 25s 9d for a line of Chathams sheep. A fair proportion of 'wethers was included in the adult sheep offering, and they sold well under keen competition for anything carrying a bit of condition. Several lines of Chathams and mainland station ewes were included* but the ofierinE was not generally of high quality. Coarsewoolled older ewes were not in great request, and many of them appeared to sell distinctly cheaper than similar sheep last week, but for the rest there was little, change in values. The best price • was 15s fid for a small pen of full-mouth Chatham crossbreds. An excellent line of Corrledale four-year-olds made 10s, the best price for flne-woolled ewes. , A feature of the offering of wethers was a line of 588 four, six. and eight-tooth haubreds from Mount White. They were taken In one run at 13s 6d. The best wether price was 21s for a line of 190 four and six-tooth crossbreds. FAT LAMBS X,ambs are coming forward In fairly substantial numbers considering the period of the season, and yesterday there was a penning of 1100, a few less than a week ago. Quality covered a wide range, but there were fewer lighter sorts than was the case a week ago. The fractional increase In the export schedule enabled export buyers to extend their limits to a slight extent, and this was responsible for a general firming In values. Whilst the bulk of the lambs were of light quality, and ranged from 19s to 23s a* head, there were some exceptionally good weighty sorts. Three pens, from A. Cowle (Hawarden). each of five, sold at 34s 7d. 34s 4d, and 31s 4d. The sale as a whole was a very free one. FAT SHEEP The fat sheep yarding was again considerably In excess of the powers of the local market and the present restricted export buying to absorb. The yarding was about 5500 against 5700 last week, and contained liberal consignments from Southland, the Chatham Islands, and Marlborough. The proportion of wethers was larger than for some time, and heavy wethers wore cheaper by 2s to 3s a head than they were last week. Medium wethers, and light wethers Inside exporters’ restricted weight limits sold at about the same rates as last Week. Heavy ewes were also a little cheaper than they were last week, but medium and light ewes were about on a par. The yarding was very mixed In quality, but numbers of the heavier sheep from outside the province were of high quality. Except In odd instances, high quality was no recommendation If the weight was excessive. Values were:— Extra prime wethers. 28s to 32s 4d. Heavy wethers, 23s to 265. Prime medium-weight wethers, 22s 6d to 25s Ordinary wethers. 20s to 225. Light wethers, to IDs. Extra prime ewes, to 22s 3d. ' Prime ewes. 16s to IBs 6d. Prime medium-weight ewes, 12s to 15s. Plain heavy ewes, 11s to 13s. Light ewes, to 10s 6d. PAT CATTLE The entry In the fat cattle section was again in excess of requirements, numbering 674 head, and following on recent averages of approximately 625 head, the result was a further drop In prices. Though there was a little more good quality penned than a week ago, the great bulk of the yarding was of indifferently finished steers, and aged cows. The market was sluggish throughout, with values dqwn for prime heavy-weight cattle by 25s to 30s a head, and for other sorts by 2Us Passings were more numerous than at any previous sale this season, It Is obvious that many graziers acted unwisely in holding on to their cattle when the prices were good, thus having to place them on the market now that feed necessitles force this step. An excellent line of prime cattle from the Coast, which were passed at top prices last week, received offers yesterday at 30s to 35? a head less, and were again passed, this decline, however, being somewhat In excess of the average easing. Best beef made from 34s to 36s per 1001b, medium to good 32s to 33s 6d, 1 and rough down to 345. • a big number of cull cows coming within this range. Values were as under;Extra prime heavy steers to £lfl 15s. • Prime heavy steers, £l3 10s to £ls. Prime medium-weight steers. £U los to £l3 Ordinary steers, £8 to £ll. Light steers to £7 10s. Extra prime heifers to £ll 17s 6d. Prime heifer?, £7 10s to £9 IBs, Medium heifers, £5 15s to £7 ss. Light heifers to £5 IQs, Extra prime cows to £io 17s fid. Prime cows, £8 15s to £8 15s. Medium cows, £5 to £6 Bs. Light and aged cows to £4 15s. VEALERS There was a heavy over-supply in the veal section, where the entry Included a number of. large station lines. At this time of year It is usual for butchers to buy station vealers freely to keep in cold store for use later In the winter. At present, however, the cool storage situation Is such that space is not available, and this class of buyer was out of the market. Later In the sale there was simply no market for any class, and values for runners were down by up to 80s a head Tern price was £7 ifis fid. Values were:— Good runners, £3 16s to £4 Us fid. Medium runners. £3 to £3 12s fid. Good calves, to £3. Medium calves, 45s to 52s fid. Light and small calves, 15s to 32s fid. STORE CATTLE The store cattle entry Included several pens of well-bred forward conditioned steers, but the remainder of the yarding was of very mixed quality, There was not much life In the sale except for the forward steers. A pen of eight Shorthorn and Shorthorn cross grown steers In forward condition sold at £U Ifis. and another of eight. similarly bred, at £lO fis. One or two other pens of steers, In average condition, were passed, The circle of buyers was small. • DAIRY CATTLE There was a big entry of dairy cattle, Good cows and heifers met a free sale, hut the demand for plain cows-and heifers and late oalvera was indifferent. Good heifers made from £U to £l6, medium from £7loa to £lO. and plain to £7, Good second, third, and fourth culvers made to £l4. with medium from «8 to £lO, and Inferior and late eaivers £2 upwards." : PAT pigs There wag a heavy entry in the porker section, bqt competition was exceptionally good considering the size of the entry unlll the lest two races were entered upon, when there was an easing of from 3s to 6g a head, Choppers were in heavy supply, bPt values shqyrcd.llttte change, The entry of baconers was larger than has beeft. the oase for g few weeks, and although the sale was a good one. competition^was not quite so keen- Heavy-weights practically maintained last week’s values, but medium and lighter weights were a shade easier. Values werej l Choppers,' £9 fis’ fid to £0 8s fid, .: Light 34s fid to 4Ss fid. Medium porkers.- 47s fid to 51s fid, • Heavy porkers. B3s fid to-58s fid. Average price per lb, 6jd to 7jd. LlgMT»whei& BTfi /fid to £3 JMd.,-' : Medium oacoaers, ;£8 Is fid to £3 17a fid. Heavy baooW. £3 ie? W to £4 9s fid. ' Extra- heavy; baoeaers, £4 10s fid to £4 Ifis fid* Average price per lb, o|d to 6|d.

/STORE PIGS The entry was slightly larger than that of last week, and at the commencement of the sale prices were ( down by about 3s a head. As the sale progressed values firmed a little, but at no stage did they reach the values of a week ago, Large stores, which were penned In substantial numbers, were about 2s a head easier. Values were:— Small weaners, 4s to JSs fid, medium 7s to 10s, best to 12s. Slips, Us to 15s. Small stores, Ifis jo 19s. Medium stores, 20s to 23s fid. Large stores ,to 28s, STUDHOLME (P.S.S.) TIMARU, May 7. The yarding at the Studholme sale was much smaller than at the previous sale. With the exception of a line of good twotooth ewes the yarding comprised sheep of medium quality. There was a good inquiry and late rates were fully maintained. Good Romney two-tooth ewes made 345, medium three-quarterbred 25s 6d. small to medium three-quarterbred ewe lambs 10 s 3d to 13s 3d; small halfbred ewe lambs, 7s to 8s; medium crossbred wether lambs, 8s 3d; two-tooth halfbred wethers, 12s to 14s fid. STORTFORD LODGE (P.A.) HASTINGS. May 7. Quality wether lambs sold firmly at Stortford Lodge to-day. but the inquiry was not so marked for lighter lines. Other classes maintained late rates, There was « firming tendency on the beef market, where quality was mixed. Store cattle attracted little attention since the small entry was made up of plain lines. Realisations were:— Store sheep: Wether lambs, tops 17s fid to 21s fid, medium 14s to Ifis fid, lighter 12s 5d to 13s Id, shorn 12s to J4s 3d: ewe lambs, 20s to 21s. wethers 10s IQd to 20s, mixed 17s to 17s 7d: ewes, r.w. ram. 10s 3d to 16s fid, 17s 7d. Store cattle: 20 months steers £2 16s, two off £3 IQs to £4 4s; cows in calf £2 5s to £3 Ss, Fat cattle: Young heifers £5 Ifis to £0 11s, heavier £7 Ifis fid to £8 fis fid, steers £fi 15s to £9 11s, mixed quality cows £5 12s fid to £7 fis. Fat sheep: Two-tooth ewes 20s 7d to 21s Sd, others IQs 4d, 12s Id to 17s Id, lighter 9s Id to 9s lOd) wethers, 31s iq to 21s 7d; lambs, 20s to 22a 7d: tops, 31s 4d; very light, 13s 10d. BURNSIDE (P.A.) DUNEDIN, May 7. A yarding of 293 fat cattle was penned at Burnside to-day, Included In this entry were several'pennings of mediumweight bullocks| Only an odd consignment of extra heavy cattle was forward, With the usual percentage of cows and heifers, The opening market for ail prime quality cattle can be quoted at IQs to 18s a head better than last week’s rates, with light bullocks and cows selling on a par with late rates. As the sate progressed, and over the concluding race, there was an easng tendency, and prices can be quoted on a par with last week. Prime heavy ox made to £l7 7s fid, prime £l3 2a fid to £l3 8s fid, medium £lO I7s fid to £l2 2s fid, light from £8 17s fid: extra prime cows and heifers to £lB i7s fid, prime £8 7s fid to £9 2a fid, medium ffi 7s fid to £7 17s fid, light from £4 12s fid to £5 12s fid. There was a small yarding of store cattle, and prices showed no improvement on last week’s rates, A yarding of 2470 fat sheep was penned, The entry consisted principally of ewes, with only an odd consignment of prime butchers’ wethers on offer, and several pennings of extra choice young ewes, The market for prime heavy wethers, which were in short supply, was fully firm on late rates, while prime heavy ones were selling on par to la a head better, Outside competition for light owes helped the market to the extent of Is to Is fid a head above the last sale. Extra prime heavy wethers made to 31s 3d, prime heavy 24s to 28s fid. prime 82s fid to 245, medium 47a to 19a fid, light from 18si extra prime heavy young owes to ifis 3d. prime 13s Bd to 15s fid. medium 10s 3d to Ha fid, light from fis 3d. Nearly- 1270 fat lambs were penned. Quality generally was on a par with that of last week, and there were only a few consignments of extra choice quality. The balance showed signs of bad weather. The sale throughout for good quality lambs was a good one. with prices fully up to the last sale. .Extra prime lambs njade 30s to 33s 60, prime 25a to figs fid, medium 22s to 245, light £l. . There was a small entry pf fat pigs, and these met with keen competition, prices all round showing a slight advance. Store pigs had a fair entry, and these showed no improvement. Mr Roosevelt Indisposed.—Mr Roqsc. velt. cancelled his regular Tuesday press conference owing to a slight fever and gastro-intestifaal trouble.— Washington, May d.