FINANCE AND COMMERCE

Press, Volume LXXVII, Issue 23361, 21 June 1941, Page 7

FINANCE AND COMMERCE

GRAIN A&D PRODUCE

POTATO PRICES HIGHER

There has been littteactivity in the gram produce markets this week except in potatoes, which have shown a considerable firming. For the last lew y*i eks> there has been a steady demand for potatoes from the North' Island, and this, with increased interest in the market locally, has pushed the price up to £7 10s for, whites and Dakotas, and £8 for Suttons. Crops are reported to be coming out of the ground better than was expected, though in many areas yields will be low.

The small seeds market is very dull, w “h little business in any section. The following are prices to be paid to farmers on trucks, except where otherwise,stated:— i,y h . e , a J~ Tuscan - 5s 9d : Hunters, 5s velvet, 6s Id; Marquis, 6s 3d (ail

Oats—A Cartons, nominal, 3s; B grade, 2s 9d; Algerians, 2s 3d to 2s 6d; Duns, 3s 3d to 3s 6d for heavy dark quality; 2s 3d to 2s 9d for light and inferior.

Ryegrass—Perennial, 3s 6d to 4s: Italian, 3s 6d to 4s. Cocksfoot—To Is per lb. Red Clover—ls to Is 3d per lb. Peas—Partridge, to 6s 3d. Lupins—3s 6d to 4s. Potatoes—Whites and Dakotas, £7 10s ton; Buttons, £B. Chaff—£3 10s a ton. Onions—£B a ton. Linseed—£l3 a ton. White Clover—To 2s per lb. ASHBURTON • i There has been rnore activity in the potato market at Ashburton during the week, and several sales have been made at increased rates. Most growers are still inclined to hold for higher values. •

There is a good demand for heavy lines of Garton oats, but other varieties are neglected. • . , •' Partridge peas are still saleable, but most lines have been dealt with. Oaten sheaf chaff is not meeting with the demand it would appear to warrant. -,

The market for ryegrass, cocksfoot, and white clover remains firm at recent quotations.

Eololwing are prices quoted to farmers, on trucks, sacks extra, free of comonission:—• s

Wheat—Tuscan ss‘ 9d, Hunters, 5s lid, Velvet 6s Id, Marquis 6s 3d (all f.0.b.). ''

Oats—A Cartons 3s, B grade 2s‘ 8d to 2s 9d; Algerians 2s 5d to 2s 8d; Duns 3s 3d for heavy dark quality, 2s 3d to 2s 9d for light and inferior. Grass Seeds—Perennial to 3s 6d, Italian 3s to 3s 6d, according to quality; cocksfoot Is per lb. according to quality.

Red clover Is to Is 4d per lb, white Is 6d to 2s per lb. Peas—Partridge 6s 3d. Chaff—Good bright oatsheaf, £3 15s. Potatoes—Whites and Dakotas, £6 15s to £7 per ton. DUNEDIN (P.A.) * .DUNEDIN, June 20. Millers still continue to operate in oats, which is being sold on' a bpsis of 3s 2d, sacks extra, equivalent to 3s lid, f.0.b., s.i. White oats stocks in stores are oh the light side. ; Both here and in Southland the chaff market remains quiet with little demand. To-day’s quotation is £6 to £6 ss, sacks extra, ex truck. The last week has seen 1 a . firm tone in the potato market.- Arran Chiefs are worth £7 10s to £8 a? ton, f.0.b., s.i., with King Edwards about £9. It is rumoured -that the Government will adopt restrictive measures to prevent potato prices from soaring. VEGETABLES AND FRUIT WHOLESALE PRICES The following are wholesale prices for the week ending June 20:— Vegetables—Unfavourable weather conditions in the early part of the week resulted in short supplies. Yesterday, however, increased quantities were available and prices remained particularly firm. Ruling values are: Cauliflowers, 5s to 12s 6d a dozen; cabbages; 3s to 7s 3d a dozen; lettuces, 2s 10d to 4s a dozen; spinach, 3s to 3s 6d a dozen; hothouse, 4s 6d to 5s ,10d a dozeri; rhubarb, 9s to. 10s a dozen; celery, 2s 6d to 9s 6d a dozen; marrows, 2s 6d to 6s 6d a dozen; sprouts, up to 6Jd per lb; potatoes, 4s to 4s 6d a sugar-bag; onions, best quality up to 6s a sugar-bag; swedes, 2s 6d to ss. a sugar-bag; cucumbers. 9d to Apples: Good supplies of Sturmers, : Delicious, 'and Cooking . apples 'are coming forward, and are selling at fixed rates. Pears: Best quality dessert up to 6/6 a three-quarters T case. Cooking; up to 5s 6d. Tomatoes: Local hothouse, limited supplies coming forward and realising up to Is 5d per lb. ■New Zealand passion fruit: Supplies 'scarce, and any good lines coming forward are ’ realising high prices. New «ealand Poormahs: Increased supplies aye available, and selling at 10s to 12s ■Q C&SO Imported Fruits: Further supplies of oranges and bananas are expected .shortly. 1 ] SECURITIES IN LONDON (UPA) LONDON. June 20. , Consols, 21 p.c.. £BO Ss; Funding Loan. 1960-90,4 p.c., £ll3 ss; War 3i p.c., £lO4 2s 6d; Conversion Loan, 3i p.c., uua. Victory Bonds, £lll ss; New Zealand 1948-58, 4i p.c., £lO3 17s 6d; 1945, 3 p.c., £99 ss. SALE OF PROPERTIES MESSRS FCtRD and HADFIELD, LTD.. Real Estate Agents and Auctioneers, m-133 Worcester street report having sold on behalf of Mr C. SendaU. his Modern, Woofiham road, Avonside,'to ,Mr J. RUdge.'

-ALSO- ' . . , On .behalf of Mrs Morgan, her-twd-storey Bungalow, Aikmah’s road, Men-: vale, to a Client.

: ' ' -ALSO,On behalf of Captain Kerr, his mod-, ern six-room Bungalow, road, Cashmere Hills, to Mr E. Buckhurst.;

FORD and HADFIELD;, LTD., for Real Estate. . —«

STOCK EXCHANGES

LOCAL PRICE LEVELS

MAINTAINED

There was a good volume of diversified business reported yesterday, and price levels generally werewell maintained. Apart from vestibule business the following transactions were recorded:— ' -

Sales on ’Change; Listed Stocks—£2ooo War Loan, 1/10/53 (2), £B3 15s; 200 New Zealand Breweries, 31s 6d.

Sales Reported: Listed Stocks—2o Union Bank of Australia (late sale Thursday), £6 10s; 347 United Building, 21s 9d; 100 Tooth’s Brewery, 51s 6d; 100 Broken Hill Proprietary, 42? 3d; 100 Milburn Lime, 37s 6d; 100 Woolworths (Syd., ord.) (late sale Thursday). 16s; 100 Woolworths (Syd.. ord.); 16s. Increased Turnover War Loan, due 1953, rose to £B3 15s, and late offers cf £B3 12s 6d failed to attract A late sale of Union Bank of Australia on Thursday was reported at £6 10s; unsupported sellers yesterday offered at £6 12s 6d. National Bank of New Zealand were firmer on buyers’ offers, 32s 6d. Buyerfc of New Zealand Insurance raised their bids to 63s 3d, ■ but sellers were reticent. United Building moved up to 21s 9d, and more were wanted at 21s 6d. Unsupported sellers of Timaru Woollens rejpced their limits to 14s 6d. New Zealand Breweries were firm, with . sellers and business at 1 31s 6d. Tooth’s Brewery changed hands at 51s 6d, and there were further buyers at that figure, no sellers offering. Broken Hill Proprietary were steady at 42s 3d, market closing Id on either side. Sellers of Donaghys Rope came down to 51s 6d. Milburn Lime changed hands at 37s 6d, and late offers of 37s failed to attract sellers. A late sale of Woolworths, Ltd., on June 19 was reported at the Unaltered price of 16s, and there was further business yesterday at the same figure. LATEST QUOTATIONS N.Z. Govt'. Debentures.—3i p.c. Ins.,. 1953-57. b. £lOl 10s; 3i p.c. Bonds, 195357, b. £lOl 10s; 3i p.c. Ins., 22/5/60. b. £IOO 12s 6d; 4 -p.c. Ins., 1943-46, s. £103; 4 p.c. Ins., 1946-49, b. £lO3 ss; 4 p.c. Ins., 1949-52, b. £lO4, 15s; 4 P.c.Jns., 1952-55, b. £lO4 12s 6d; 4 p.c. Ins., 1954-58, b. £IOB, s. £107; Rural Bonds. 5 p.c.. 15/9/47, b. £lO2 10s; War Loan. 1/10/53, b. £B3 12s 6d. Municipal Debentures,—Auckland-Trans-port Board, 41 p.c., 1/4/46, s. £JO3 _ss. Banks.—Australasia, s. £8 9s 6d; Comm, of Australia, b. 13s 9d. s. 14s; National of N.Z., b. £l v l2s 6d; New South Wales, s. £28:: N.Z.. b. £1 15s 9d, s. £1 16s sd; Union of Australia, s. £6 12s 6rt. Insurance.—Aust. General, s. IBs 6d; National, b, 189 3d. s. 18s 9d; N.Z., b. £3 3s 3d; South British, b. £2 12s, s. £2 13s; Standard, s. £3 Is 6d. , Loan and Agency.—Christchurch Building, b. £l6 ss; DalgCty and Co., b £6. s. £6 15s; Mutual Benefit, b. £l4; National Mortgage A (cum div.), s. £1 15s; N;Z. Guarantee Corpn., b. 2s, s. 2s od. Shipping.—P. and O. Deferred Stock, b. £1 5s 6d; Union (pref.), s. £1 7s. . Frozen Meat.— Canterbury, b. £9 7s 6d; Canterbury (pref.) b. £6 Us; N.Z. Rcfrig. (£1 paid), b. 16s 6d; N.Z. Refrig. (10s paid), b. 7s 3d, s. 7s 8d; North Cant. Freezing (pref.), b. 15s 6d, s. 17s 9d; Southland, b. £1 12s. m Woollens.—Felt and Textiles, b. £2, Kaiapoi (7s paid), b. 4s lid, s. 5s Id; Kalapoi (pref.), s. 18s 6d; Oamaru, b. 19s Ddj Timaru, s. 14s 6d; Wellington (pref.), b Coal.—Westport, b. £1 3s, s. £1 4s; West-port-Stockton b. 2s 4d, s. 2s 7d; West-port-Stockton (pref.). b. 6s 2d, s. 6s 9d. Gas.—Auckland, s. 6s 6d; Christchurch, "s, £1 Is 6d; Wellington, s. £1 10s 9d. Breweries. —Dominion (cum dlv,), s. ti 8s 6d; Dunedin, s. £1 3s; Melbourne Coop„ b. £2 10s; N.Z.. b. £1 Us 4d, s. £1 11s 6d: Swan, b. £1 3s; Tooths, b. £2 11s 6d; Ward (in liqdn.), s, Is 4d. Miscellaneous.—Andersens (pref.), n. 14s, s. 17s; Beath and Co., b. 15s; Begg and Co., b. £1 Is; British Tobacco, s. £2 6s Set; Broken Hill l'ty„ b. £2 2s 2d. s. £2 2s 4d: Broken Hill. Pty...(new, £1• paid), s; £2 2s 3d; Burns, Philp. s. « Tls; Colonial Sugar, b. £52 10s, s. £s3 ss; Dominion, Fertiliser, b. £1 . 2s* s.. £1 ss‘ Ddftaghy Rope, b. £2 9s s,-- £2; "lls- - 6d;SrD.I.Ci .-110s b ! ;l3s 7d; DJ.C. (pref.), b. £1 3s M; Dunlop,. Rubbei*,: b. £1; 0s ,6d. s. £1 Is 9d; Electro. Zinc (ex rights), b. £2 9s, s. £2 13s; Electro. Zinc (pref.), s. £2 16s; G. J, Coles, b. £3, s. £3 3s; Greater Crystal, b. 13s, s', £1; Hay’s, 1 Ltd., b. £1 0s; Hay s, Ltd; (con.), b. £1 Is; Howard Smith, b. 18s 6d, s. £1 2s; Hume Pipe (Aust.), b--135,,5. 15s; 1.C.1. (Aust, and N.Z.) (P ref J> b. £1 4s; Kauri Timber,, b. £1 Is, a. £1 2s 9d; Masonite, b, £1 ss; Milburn Lime, b, £1 17s; M.K. Manufacturers, b. 5s 7d, s. 6s 3d; Macduffs, .s. 9s 3d; Macduffs (pref.). s. 19s 3d;, N.Z. Drug Co., s. £3 17s 8d; N.Z. Drug Co. (£1 paid), b. £2 9s 3d, N.Z- Farmers’.Co-op, (A pref.), s. £1 18s 0d; N.Z. Farmers’ Co-op. (B pref), b. £1 2s 6d; N.Z. Farmers’ Co-op. (41 p.c. Stock. 20/2/51), b. £BO. s. £B2; N.Z. Farrners’ Co-op. (41 p.c. Stock. 15/7/51), b. £BO, s. £B2; 'N.Z. Farmers’ Co-op. (4l P ; c. Stock. 27/5/49), s. .£B2; N.Z. Paper Mills, b £1 10s; Reid Rubber (rights), b. 2s 9d, s. 3s 6d; Prestige (N.Z.) (pref.). b. £1 0s 6d; Quill, Morris, s. 19s 6d; Taranaki Oil Dev. (5s 6d paid), s. 2s 8d; United Pictures, s. 9s 9d; Tingey, R. and E. (pref.), b. £1; Urlwlns (pref.), b. £1 2s 9d; Weeks, b. £8; Whltcombe and Tombs, b f3 7s 6d s. £3 10s; Woolworths (Sydney) (ord.), s. 16s Id; Woolworths (N.Z.) (ex dlv.), b. 12s 6dfi Woolworths (N.Z.) (Ptff.), b £1 16s; Woolworths Properties (ex div.), b. £1 4s 3d; Zinc Investments, b. 5?. Australian Mining.—Broken Hill South ,b £1 4s; Mount Lyell, b. £1 5s 9d, «. €1 6s 9d; Mount Morgan, b. 9s. s. 9s 6d; New Broken Hill. b. Us 6d; Placer Development (cum div.), b. £3 Islfid. N.Z. Mining,—Arahurk (cumV div.), b. £1 4s 6d; Argo. s. Is; Austral NLZ-). £l. s. £1 3s 9d; Barrytown, s. I4s 6d. Golden Sands, s. 8d; Grey River, b. 14s 3d, s. 15s 9d; Kanleri, b. £1 2s 6d; Maori Gold, b. 21d; Martha, b. 7s sd; Mataki. b 3d, s. 8d; Moonlight Goldfields, b. 2d. s 4d; New River, s. 4Jd: Ngahere. s. Us 6d; Nokomal, b. 10d; Skippers. Ltd., s. Jd; Waihl Investments, b. 4s; Worksop Extended, s. 3Jd, Unofficial List,— Amalgamated Batteries, s, 14s; Assoc. Gold Dredg. U4s paid), b. 12s 7d s. 13s 8d; Assoc. Motorists’ Petrol (pref.) b. £1 4s; Aust. Invest. Trust s. 8s; Aust. Motorists’ Petrol (cum dlv,,) b. 9s, Anex Ice b. 7s 6d; Blackball Creek (cum dlv.). s, lOd; British Developments, s. 16s; Christchurch Press b. £7 ss, s. £7 I7s 6d: Lange’s Mobile Gas, b. Is 6d. Mikonul (3s 6d paid). 9. Is; National Tobacco. b. £1 9s; Reece, Ltd., E. (pref.). b. 3s 9d) R.U.R. (N.Z.). s./ESTOs;' Square Pictures, .s, £1 3s; Urlwin’s, b. £2 3s 6d. Westland Breweries, s. £1 10s. AUCKLAND Salas.—Govt. Stock. 15/4/46-49, 4 p.c., £lO3 15si Bank of New Zealand, 365, South British, 52s 6d (odd.lot); Standard Insurance, 60s 63; N.Z. Guar, Corpn., _2s 4d: F.AU. (£2), 21s 6d: Taupirl (ord.), 21s 3d; Napier Gas, £6 15s (odd lot); British Tobacco. ’ 44s 8d; Farmers’ Trading (B pref.), 21s 3d; G. J. Coles, 62s (late ialeß Morte Dock. 19s 3d: N.Z. Fertiliser (pref.). 22s Ud; Reid Rubber .(rights), 3s (2): Woolworths Holdings (S.A.), 14s lid.

WELLINGTON Sales ’(late Thursday).-4 p.c. Stock, 1949, £lO3 15s; . Oamaru Woollen, 20s 3d. Yesterday;' 4 p.c. Stock,l94B, £lO2 12s 8d; Oamaru Woollen, 20s 3d; British Tobacco. 44s 6d: G. J. Coles. 62s (2): Woolworths, Ltd,. 16s. DUNED j N ‘ ; ,

, Sales.r-tinion. Bank. £8 lOsf, Standard Insurance. 60s 6d; -Colonial G, J. Coles, 625;, Milburn Lime (2), 37s 6< Unllsted— Macklntosh-Caley-Phoenlx, 10s Bd ’ SYDNEY •

Overseas uncertainty Is again depressing, the Investment market in Sydney. Bank of New South Wales, slumped 15s to £25 155., Commercial Banking, Sydney, were down 3s to £l7 12s. Other afternoon, sales were:—Commercial: Bank of Australia, 13s Id; Woolworths, 15s; Sargents, 21s 3d: Kandos, 30s 9d; Mauri Bros., €ss 3d: Morris Hedstrom, 10s' 6d; Wilcox, Mofflin, 9s; Mt. Lyell. 26s 3d; Electrolytic Zinc (rights), new. issue could not be obtained for 25s 7id.

v MELBOURNE Sales.—Consolidated ’ (con.), 37s sd: Australian Paper Manufacturers (pref.), 25s 9d; G; J. Coles,. 59s 6d: Heralds, 485.; ■- ''; ' ' •

BANK OF NEW ZEALAND

A DIFFICULT YEAR

(P.A.) WELLINGTON, June 20. In moving the adoption of the report and balance-sheet of the Bank of New Zealand, at the annual meeting of shareholders this morning, the chairman (Mr A. T. Donnelly) announced that it was proposed to pay a further dividend of 3 per cent., making 8 per cent, for the year. Explaining the reduction from the former 10 per cent, dividend, he said; “You may recall that at the last annual meeting I made reference to the decline in the bank’s trading profits, explaining that they were insufficient to meet outgoings and to pay a dividend of 10 per cent, to shareholders. but that a substantial sum set aside for British income tax had been released and taken back into the profits, enabling the 10 per cent, dividend to be paid. “The result of this year’s workings, under similar restrictive trading conditions. but with even heavier taxation and an uncertain outlook for the future, made it necessary for the board, much to its regret, to reduce the final dividend from 5 to 3 per cent.” Bonus to Staff Maintained

The bonus of 7i per cent, to the staff was being maintained, said Mr Donnelly, who pointed out that the higher cost of living had been recognised by the Arbitration Court, which had granted a general 5 per cent, increase to award workers. The bank staff did not participate. “I may say,” he continued, “that the bank’s reduced earning power and the uncertain conditions made it necessary to limit the annual salary increments to the staff and to the officers on scale and to those who received promotion during the year.” The long-term mortgage debenture stock of £500,000 (continued the chairman). which fell due in London last November, had been repaid with the exception of £I7OO unpresented. Deposits, free and fixed, showed a net increase of £3,168 581, and as fixed deposits show a further decline during the year, the increase in free deposits was therefore greater than the net increase shown. It was natural that free deposits should increase considerably during a period of restricted imports and heavy war and civil expenditure. The Taxation Reserve The board considered it advisable, in view of increasing taxation in New Zealand and elsewhere, to add £ 150,000 to the reserve for taxes, making a total of £576,000. Total taxation paid by the bank in the year ended March 31 was £514,000. The chairman explained that the increase of £955,836 in the total of £7,022,099 of money at call and at short notice in Government and other securities in London had no special significance. The bank’s holdings of New Zealand Government securities totalled £8,357,002. The bank had made application. said Mr Donnelly, for the con-1 version of its considerable holding of old loans into the Government’s new conversion issue.' Municipal and other local body securities at £546,732 had increased by £291,982, due to the bank taking up further loans for investment. An increase of £1,536,123 in advances and bills discounted was due largely to the financing of the country’s produce pending shipment br purchase by the Government. Mr Donnelly announced that the board had re-elected him chairman for the ensuing year, and that the term of office of Mr A. E. Mabin, would expire on March 31 next. Mr Mabin would again offer himself for reelection as a member of the board. . In seconding the motion for the adoption of the report and balance-sheet, Mr H. J. Kelliher referred to the many and unusual problems confronting, not only the banking business, but every phase of commercial enterprise. Some shareholders might be inclined to feel disappointment at the reduction of dividends, but it should be remembered that bank deposits reached record high levels during the financial year, and apart from earning dividends the position of the executive and directors had been made more difficult by the increased responsibility of safeguarding the interests of depositors. He said that in order to meet the pressing needs of the war and an expansion of internal production banking institutions might be called upon to play a vitally important part. The report and balance-sheet were adopted. Totalisator and Holidays

■ A vote of thanks to the directors was moved by Mr Cheviot Bell, who put forward'two points for-considera-tion—viz., the alarming increase in totalisator returns and the Statutory observance of so many idle days in the New Zealand business year. In seconding Mr Bell’s motion,_ Mr L. W. McKenzie urged that provision should be made for men who returned from active service overseas and for the natural growth of the country as well as the inevitable wretched aftermath of war. ■ . . The nlanager, Mr Chalmers, referred Ho staffing difficulties brought about by the war. There were 254 officers either on active service or in camp in New Zealand. In addition 80 had retired since the war began, ’rhe bank had engaged 294 young men and women, but had actually 40 experienced officers fewer than at the beginning of the war.

MORE RAILWAY REVENUE

FIGURES FOK MONTH

(P.A.) WELLINGTON, June 20. Preliminary returns of railway revenue and expenditure for the second four-weekly period of the current financial year indicate an increase m net revenue of approximately £zo,4o*> compared with the figures for the corresponding period last year, said the Acting-Minister for Railways (the Hon. W. Nash) to-day. ' . ■ o "The approximate gross revenue from April 27 to May 24 amounted to £914,322 against £879,818 for the second period last year—an increase' or £34,504,” said the Minister, “and expenditure (£750,997) this year was only £6019 in excess of last year’s second period disbursements. The net revenue for the second period of 1941 and 1940 respectively was £163,325, a tentative estimate, and £134,840-an increase this year of £28,485. This satisfactory result represents a recovery of practically one-half of the decrease of £97,039 which marked the net revenue for the first four-weekly period of this year in comparison with that of the first perio f ’ of 1940. ' , “Returns for the eight weeks from April 1 to May 25 disclose a gross revenue of approximately £1,743,664 compared with £1,781,481 repeived during the April and May periods of 1940 —a decline of £37,817.' Against this, however, there has been a reduction of £9263 in expenditure. "The approximate net revenue for this year’s first and second periods amounted to £298,876, which is £28.554 less than the net revenue for the relative eight weeks of 1940,” concluded Mr Nash.

London Tift Quotations.—Tin Is quoted at £263 to £263 5s spot and £265 to £265 5s forward. Rubber is quoted at 13gd per lb.