FINANCE AND COMMERCE

Press, Volume LXXVII, Issue 23493, 22 November 1941, Page 7

FINANCE AND COMMERCE

STOCK EXCHANGES LOCAL MARKETS QUIET Markets were quiet on call yesterday, but there was a good volume of reported business and price levels were well maintained with an upward tendency in several stocks. Apart from vestibule business the following trans- - actions were recorded:— Sales on 'Change—Listed Stocks: 100 United Building, 225. Sales Reported—Listed Stocks: 500 New Zealand Guarantee Corporation, 2s lid; 500 National Insurance, 20s; £3OO N.Z. Loan and Mercantilt (ord. stock). £4l 10s: £4OO 4 p.c. Ins., 1949, £lO3 10s; 40 Wellington Woollens •(pref.), £7 16s. Sales Reported—Unlisted Stocks: £425 Pyne, Gould, Guinness ("A” Debs.) £IOO. Prices Well Maintained New Zealand Government, 4 per cerit. Stock (due 1949) advanced to £lO3 10s, and more was wanted at that price. National Insurance were firm at 20s. Buyers of Standard Insurance raised their bids to 65s sd, but sellers were reticent. New Zealand Guarantee Corporation had business at 2s lid, market closing Id either way. New Zealand Loan and Mercantile (ordinary stock) remained unaltered at £4l 10s. United Building advanced to 225, and late offers at that price failed to attract sellers. Kaiapoi • Woollens (pref.) were firmer with buyers at 18s 9d. Wellington Woollens (pref.) rose sharply to £7 16s, and late offers of £7 15s met with no response. Buyers’ offers for Milburn Lime, Otago Daily Times. Whitcombe and Tombs, Ltd., Woolworths, Ltd., Woolworths (South Africa), and Arahura revealed firmer markets. Unlisted Stocks—A parcel of Pyne, Gould Guinness, Ltd., “A” Debentures changed hands at £IOO. and late offers of £99 10s failed to attract sellers. LATEST QUOTATIONS N.Z. Govt. Debentures.—-3 p.c. Ins., 195154, b. £99 10s; 31 p.c. Ins., 1953-57, b. £103; 31 p.c. Bonds. 1953-57, b. £103; 31 p.c. Ins., 22/5/60, b. £103; 3J p.c. Ins., 1957-60, b. £100; 4 p.c. Ins., 1943-46, b. £lOl 15s; 4 p.c. Ins., 30/11/48, b. £lO5 10s; 4 p.c. Ins., 1946-49, b. £lO3 10s; 4 p.c. Ins., 1949-52, b. £lO4 10s; 4 p.c. Ins., 1952-55, b. £107; 4 p.c. Ins., 1954-58, b. £107; 4 p.c. Bonds, 1940, b. £102; 4 p.c. Bonds, 1949. b. £lO3 10s; War Loan, 1/10/53. b. £88; Natl. Development Loan. 31 p.c., 1956-59, b. £IOO 15s. Company Debentures.—Auckland Gas, 31 p.c. (Perp.), b. £93, s. £94; N.Z. Refrig. (41 p.c., 1945), b. £lOl. Banks—Adelaide, s. £6; Comm, of Aust., s. 14s 9d; Comm, of Sydney, s. £l7 ss; E„ S., and A. (ex div.), s. £4; Natl, of A/asia. (£5 paid), s. £6: Natl, of N.Z.. b. £1 19s 9d; N.S.W., s. £2B ss; N.Z. (ex div.), b. £1 19s, s. £1 19s lOd; N.Z. (mort. shares, ex div.), s. £1 11s 9d; Union of Aust., s. £7 6s. Insurance.—National, b. 19s lid; South British, b. £3 3s 6d; Standard, b. £3 5s 6d. Loan and Agency.—Christchurch Building, b. £l7; Dalgety and Co., b. £6 6s; Goldsbrough, Mort (cum div.), s. £1 8s; Invincible Building, s. £4 12s; Mutual Benefit, b. £l4 15s; N.Z. Guar. Corpm, b. 2s lOd, s. 3s; N.Z. Loan and Merc, (ord. stock), b. £4O; Wright, Stephenson, b. 17s 9d. Shipping.—Huddart-Parker, b. £2 ss; P. and O. Def. Stock, b. £1 14s 7d; Union (pref.), b. £1 7s 3d. Frozen Meat.—Canterbury (pref.), b. £7 2s 6d; Gear, s. 15s 3d; N.Z. Refrig. (£1 paid), b. £1 Is; N.Z. Refrig. (10s paid), b. 9s 4d, s. 9s 6d; North Canty. Freezing (pref.), b. 19s: Southland, b. £1 13s 3d. Woollens.—Bonds Hosiery, b. £1 10s; Felt and Textiles, s. £1 18s 9d; Kaiapoi (17s paid), b. 17s 6d; Kaiapoi (7s paid), b. 6s 6d, s. 6s lOd; Kaiapoi (pref.), b. 18s 9d, s. £1; Manawatu (ex div.), s. £1 11s; Mosgiel, b. £lO 10s; Wellington (pref.), b. £7 15s. Coal.—Westport, b. £1 4s 9d; WestportStockton, b. 2s Bd, s. 2s lid; WestportStockton (pref.), s. 7s 3d. Gas.—Auckland, s. 7s 9d; Christchurch, s. £1 3s 6d; Christchurch (10s paid), b. 11s 4d; Wellington, b. £1 10s Gd. Breweries.—Ballins (15s paid), b, 11s 9d, s. 12s 3d; Dominion, s. £1 11s; Dominion (pref.). b. £1 12s: New Zealand, b. £1 16s 6d: Staples (in liqdn.), s. 2s 6d; Tooths, s, £2 14s 6d. Miscellaneous. —Alloy Steel (N.Z.), b. £1 17s 6d; Aust. Alloy Steel, b. Bs. s. 8s 6d: Andersons (pref.), s. 17s 6d; Beath and Co., b. 19s 9d; Beath and Co. (pref.), b. £l, 2s; Booth, Macdonald (pref.), b. ss, s. 5s 6d; British Tobacco fpref.), b. £1 9s. s. £1 11s Dd; Broken Hill Pty.. b. £1 19s 4d, s. £2; Burns, Phllp, b. £2 11s 6d, s. £2 13s 6d: .Colonial Sugar, s. £52; Dorn. Fert., b. £1 3s 6d; Donaghy Rope (new, 10s paid), b. £1 14s 6d; D.I.C. (pref.), b. £1 4s; Farmers’ Trading, s. £1 Hay’s, Ltd,, b. £1 10s; Hay’s, Ltd. (cont.), b. £1 ss; Howard Smith, s. £1 2s 3d; Hume Pipe (Aust.), b. 14s 9d; Kauri Timber, b. £1 ss; Milburn Lime, b. £1 18s; McKenzies. Ltd., b. £2 3s. s. £2 5s 6d: N.Z. Drug Co., b. £4: N.Z. Farmers (Ist pref.), s. £3 10s; N.Z. Farmers’ (A pref.), s. £2; N.Z. Farmers’ (B pref.). b. £1 9s; N.Z. Farmers' (4J p.c. Stock, 1950). b. £B9; N.Z. Farmers’ (4i p.c. Stock, 1955), b. £B9; N.Z. Newspapers, b. £1 14s, s. £1 15s 6d; Otago Daily Times, b. £1 19s 6d; Procera Bread, s. 10s; Quill, Morris (1936), s. 18s 6d; Weeks, b. £8 10s. s. £10; Whitcombe and Tombs, b. £3 13s 3d: Woolworths (Sydney) (ord.), b. 16s 2d: Woolworths (N.Z.), b. 14s 7d; Woolworths Properties, b. £1 Ss 9d. . % ’ Overseas Listing.—Woolworths (S.A.), b. •17s Australian Mining.—Mount Morgan, b. 8s lOd, s. 9s 2d. N.Z. Mining.—Addison’s Flat, s. Is 3d; Alexander, s. 4s 6d; Arahura, b. £1 8s 6d; Argo, b. Id. s. 2Jd; Barrytown, b. 9s; Big River, b. Bd, s. 10d; Golden Sands (cum div.), b. 6d; Grey River, b. 14s 9d; Kanlerl, b. £1 5s 3d; Maori Gold, b. 4d, s. 7d; Martha, s. 9s 6d; Moonlight Goldfields, b. 2d, s. 4d; Ngahere, s. 10s; Snowy River (5s paid), b. 5s 6d, s. 7s 6d; Worksop Extended, s. 3d; Slab Hut (5s paid), b. ss, s. 5s 6d; Slab Hut (4s 6d paid), s. ss; Una Hill, b. Is. s. Is sd. Unofficial List.—Ass. Gold Dredg. (las paid), b. 12s, s. 13s 3d; Ass. Gold Dredg. (Is def.), b. 14s; Aust. Invest. Trust, b. 4s 6d; Ballins Breweries (debs:), b. £95; Blackball Creek, b. 9Jd. s. Is Id; Christchurch Press, b. £7 12s 6d; Langes Mobile Gas, b. 2s Id: Pyne. Gould, Guinness (A debs.), b. £99 10s; Reece. Ltd . E. (pref.), b. 4s 7d; Urlwins b. £2 3s; Westland Breweries s. £1 4s. AUCKLAND Sales.— Govt. Stock. 15/2/43-46. 4 p.c., £lOl 17s 6d; Govt. Stock. 15/4/46-49, 4 p.c., £lO3 7s 6d: Govt. Stock, 15/5/49-52, 4 p.c., £105; Govt. Stock. 15/6/52-55, 4 p.c.. £lO7 15s (2); Bank of New Zealand, 39s 9d (3); National Insurance. 20s; N.Z. Insurance, 72s 6d; Loan and Merc., £4l 10s; Broken Hill Pty., 39s 9d: Dunlop Rubber, 23s 6d: K.D.V. Boves. 10s (late sale); Robinson Ice, 23s 9d: Woolworths (N.Z.), 14s lOd; Woolworths (Sydney). 16s 3d: W. R. Carpenter, 40s; Waihl Investments, 4s 3d; Una Hill, lid. WELLINGTON Sales.—4 p.c. Stock, 1949, £lO3 7s 6d; 31 p.c. Stock, 1959, £IOO 12s 6d; Colonial Sugar, £sl (all late Wednesday); War Loan, 1953. £BB 10s; Bank of N.Z.. 39s 9d; National Bank of N.Z., 40s; .Wellington Wollen (pref.), £7 15s; Macduffs (pref.) (2). 21s. DUNEDIN Sales Reported.—4 p.c. Stock (1946-49), £lO3 7s 6'd; 4 p.c. Stock, (1949-52), £105; W R Carpenter, £2; National Insurance, £1; N.Z. Guarantee Corporation, 2s lid; Waihi Investments, 4s 3d; Mount Morgan, 2s. SYDNEY Although quiet, the Sydney Stock Exchange yesterday displayed a strong undercurrent, due to the British drive in the Middle East. Sales.—British Tobacco, 42s 3d; Drug Houses, 28s Id; Dalgetys, £6 10s; G. J. Coles. 56s 3d; Howard Smith, 21s 7d; Woolworths, 15s; Wunderlich, 235; Standard Cement, 20s 6d; Woolworths (N.Z.), 14s 3d; Morts Dock, 19s 6d. MELBOURNE Sales.—E., S., and A. Bank (ex div.), 76s 6d; Carlton Brewery. 61s; Dunlops, 245; Broken Hill Pty., 37s 6d; South Broken Hill, 245; North Broken Hill, 395; Mt. Lyell, 26s 9d; Mt. Morgan, 9s 2d; Emperor, 9s 6d. PROPERTY SALES MESSRS BAKER BROS. (Estate Agents), LTD., 166 Manchester street, report having sold on account of Mr F. Davy two-storey bungalow in Kauri street, Riccarton, to a client. . ALSO: On account of Mr W. R. Saunders, his five-roomed dwelling in Richmond terrace, City, to Mrs M. A. Brown. —C Find your market with an advertise merit in “The Press." in the Small Advertisement Columns. Office open till 10 p.ra, “17

GRAIN AND PRODUCE STOCKS OF MOST LINES ARE LOW There is so little business in the grain and produce markets at present that the trade is almost at a standstill. Potatoes are almost unprocurable throughout Canterbury, and seed potatoes have been sold for table use. The price to any grower who has tables left is about £2O a ton. Stocks of most other lines are almost as bare as those of potatoes. The new season, which will not begin until about the end of January, will open to almost bare boards. Those in the trade report that not for many years has there been so complete a clean-up of stocks in most lines. The following quotations have been supplied by the North Canterbury Grain, Merchants’ Association. the prices being on trucks, country stations, sacks extra, unless otherwise stated:— Wheat —Tuscan, 5s lid a bushel; Hunters, 6s Id; Velvet, 6s 3d; Marquis, 6s sd, all f.o.h. Oats—-A Cartons, 3s 2d a bushel; B Gartons, 2s 9d; Algerians, 2s 3d to 2s 6d; Duns, 3s 3d for heavy dark quality, 2s to 2s 6d for light and inferior. Ryegrass—Perennial, 3s 6d to 4s a bushel; Italian and Western Wolths, 3s 6d to 4s. Cocksfoot —To Is per lb. Red Clover—lOd to Is 2d per lb. White Clover —Is 6d to 2s per lb. Partridge Peas—6s to 6s 3d a bushel. Lupins—3s 6d a bushel. Chaff—£3 10s. COMPANY NEWS WELLINGTON MEAT EXPORT COMPANY Net earnings of £6388 are reported by the Wellington Meat Export Company, Ltd., for the year ended September su This compares with £6270 a year ago, and Ik the first upward turn in profits for five years. A sum of £8271 was allowed for depreciation. The fixed preference dividend of 6 per cent, is proposed, absorbing £4732. and the balance, £1656, is to be applied to the reduction of the debit in the appropriation account to £13,415. No ordinary dividend has been paid for 14 vears. The report states that during the'year £9325 was spent in altering and equipping a building at Ngahauranga for emergency cool storage. The work was being done at the request of the Government, which would lend a sum to cover the cost, estimated at £13,000. As the company already had a substantial excess of storage over statutory i equipments, it is expected that the equipment will either be removed or purchased by the Government after the war and that the loan will then be cancelled. GOLDEN BAY CEMENT The accounts of the Golden Bay Cement Company. Ltd.. Wellington, show a loss of £626 for the year ended June 30, after providing £7OO for taxation. This compares with a net profit of £4147 In the previous year, when £10,307 was provided for taxes. The report points out that there was a profit of £74 for the year, after providing for debenture interest tax. but before providing for ordinary taxation. Under 1940 legislation the rate for debenture interest tax was increased to 8s 9d m the pound, and was subsequently increased by a further 15 per cent, for war expenses. This created a heavy liability for the company on those of its tax-free debenture Issues, as those taxes were not deductible for income tax purposes. For that reason. £7OO had had to be set aside for taxation. As a result of the year’s loss the credit in appropriation account is reduced to £4991 The main increase was the advance in shipping freight charges. So far. the Price Tribunal had not permitted the company to advance its prices to cover those increased costs. In view of the adverse result, further application is to be made. During the vear the company took up its quota ef war loan amounting to £8520. and since the close of the accounts £SOOO had been subscribed to the second War Loan. The company, which lias a paid capitfV ® £72 481. * oi ir series of debentures totalling £149,225. London Quotations (November 2n).-SU-ver is unchanged. Tin is duoted at £257 5s snot to £257 10s spot and £269 15s to £261 forward. The American markets are closed. PROPERTY SALES W. E. SIMES AND CO. CITY AND SUBURBAN DEPARTMENT. Account Mrs Gcw. flat residential site, nossall street. Merivale. Account Mrs Hasell. sunerior residence and J-acre, Springfield road, Merivale. Account Mrs Cox, 1 acre and bungalow, 5 rooms, Mathers road, Spreydon. Account Mrs Roper to Mr Sutton, residence, 6 rooms, Canal reserve. Account Jennings Estate, factory site, Montreal street, off Victoria street, city. Account Mr Shaw, choice bungalow, St. James avenue, Papanui. Account Mr Ullrich, of Sydney, N.S.W.. Spanish designed bungalow and iacre. Heaton street, Papanui. Account Miss Douglas, bungalow and section. Dyer's Pass read, Cashmere Hills. Account Canterbury College, 2 building sites. Matai street, Riccarton. Account Public Trust, bungalow, 7 rooms, Leinster road, Papanui. Account Mr Washbourne. new bungalow, Galway avenue, Papanui. Account Mr Fehsenfelt, Gloucester street property to Mr F. I. Sutton. Account Charles Lahmert, 58 acres and residence, Hanmer Springs, to Mrs Burgess. Account Barrie’s Estate, H-acre and bungalow, Quinn's road, Shirley, to Mr R. Hole. We have a most comprehensive list of properties on our books and buyers and sellers should consult our firm with 40 years’ experience. W. E. SIMES and CO., Auctioneers. 239 Manchester street. —6 W. E. SIMES AND CO. BUOOKSIDE FARM SALE Account Messrs Smith Bros., 180 acres dairying land with bungalow and full range of farm outbuildings, to Mr J. Patterson. Also large auction dispersal sale in conjunction with Messrs H. Matson and Co. HORNBY PROPERTY SALE Account Mi- F. A. Hall his complete and up-to-date poultry farm, together with all buildings, machinery, plant and stock, This is one of the largest cash sales ever made of a poultry ranch. UPPER RICCARTON SALE Account Mr Robert Fairbairn, 20 acres Withell’s road, with bungalow and outbuildings to Mr P. Dugan. • All transactions were on a cash basis. If you are a seller or buyer consult us for, personal and prompt attention. Forty years’ experience at your disposal. W. E. SIMES AND CO. Auctioneers, 239 Manchester street. —6

VEGETABLES AND FRUIT WHOLESALE PRICES The whdlesale market report for the week ended November 21 is as follows: — Vegetables—Cauliflowers are still in short supply, and realising very high prices. Fair supplies of other varieties have been available during the week. Increased quantities of spring cabbages came forward tq-day, and prices for these were easier. Ruling values arq: Cauliflowers, 5s to 19s 9d a dozen; cabbages, Is 6d to 6s 6d a dozen; lettuces,' Is 3d to 3s 3d a dozen; spinach, 2s to 2s 6d a dozen; rhubarb, 4s 6d to 8s 6d a dozen; spring carrots, 4s to 5s 6d a dozen; asparagus, 8s to 13s 6d a dozen; potatoes, up to 10s a sugarbag. New potatoes: Supplies scarce, realising from 4Jd to 7d per lb. Peas, 5Jd to 7Jd per lb. Onions: Practically finished, up to 20s 9d a sugar-bag. Cucumbers, lid to Is Id per lb. Fruit—Apples: Supplies of Delicious, Sturmers, and cooking varieties are coming forward, and values are unchanged compared with last week. Pears; Supplies limited, and values remain firm. Tomatoes: Increased supplies are coming forward, and meeting with a keen demand. Values yesterday were; Extra choice up to Is lOd per lb, others Is 3d to Is Bd, according to quality. Strawberries: Increased quantities came forward yesterday, and values were from 2s to 3s 3d a punnet. Cherries: Small quantities are now coming forward, and high prices are ruling. New Zealand passion fruit: Limited supplies are available, and values are easier compared with last week. Imported Fruits—A further small quantity of Australian orartges was distributed this week. MINING WEEKLY RETURNS Maori Gold.—The return this week was 4Goz 16dwt from- 8500 yards in 100 hours. Golden Sands .Dividend.—An Interim dividend of 15 per cent, has been declared, payable on December 19. Books close from December 1 to 19 (both days inclusive). Mossy Creek Company.—The annual meting of the Mossy Creek Dredging Company was held yesterday, the chairman of directors, Mr P. C. Heaphy, presiding. Messrs P. C. Heaphy and W. Hill, the retiring directors, were re-elected. Reports were received on areas which have been investigated, with a view to moving the dredge, which has been idle for the last six months. Nothing suitable has yet been found, and the meeting decided to continue investigating areas which are under offer to the company. COMPANY REGISTERED The following notice of company registration appears In the current issue of the "Mercantile Gazette":— Oborn (C. W.), Ltd. Registered as a private company November 6. Office, 162 Gloucester street. Christchurch. Capital; £2OOO into shares of £1 each. Subscribers: Christchurch—C. W. Oborn 634, H. W. Large 633, G. Rushworth 633, H. R, Lake 100. Objects; Builders, plumbers, merchants, and incidental. SECURITIES IN LONDON LONDON, November 20. Quotations in London for British and New Zealand stocks compared with recent levels are:—Consols, 2J p.c., Nov. 13. £B2 5s (November 20), £B2 ss; Funding Loan, 2J p.c., £ll4 10s (£ll4 10s); Funding, 196090. 4. £lO4 10s (£lO4 10s); British, 31 Conv.. £lO6 10s (£IOB 10s); Victory Bonds, £ll4 (£114); New Zealand: 1948-58, 41, £lO2 17s 6d (£lO2 17s 6d); 1945, 3. £99 12s 6d (£99 10s). STOCK SALE KAIKOURA A good entry of cattle, including some steers in excellent condition, was forward at the stock sale conducted by Pyne, Gould, Guinness. Ltd., at their saleyards, Kaikoura, on Thursday. The range of prices was:—Empty cows £5 2s 6d to £5 10s, fourth calvers £8 12s 6d, fat cows £4 7s 6d to £6 6s, cows with calves £3 2s 6d to £6 10s, heifers £2 17s 6d to £8 12s 6d, bulls, two-year Jerseys sgns, Shorthorns to 7jgns, four-year Polled Angus Sgns, Red Poll 4gns. SALE OF PROPERTIES Messr? FORD and HADFIELD, Ltd., Real Estate Agents and Auctioneers, 131-133 Worcester street, report having sold on behalf of Mr and Mrs Tooley, their modern Bungalow of 5 rooms and k’ette., Hills road, Shirley, to Mr J. Chamberlain. Also On behalf of Mr Haigh, his new Bungalow, Hills road, Shirley, to a Client. Also * On behalf of Mrs J. Askew, her modern Bungalow, Pratt street, Redcliffs, to a Client. Also On behalf of Mr White, his fine Bungalow, Mersey street, St. AJbans (in conj. Smith’s City Market), to Mr Cowie. FORD and HADFIELD, LTD., for Real Estate. 9892