COMMERCIAL

Press, Volume LXXVIII, Issue 23812, 4 December 1942, Page 6

COMMERCIAL

STOCK EXCHANGES

SCARCITY OF SELLERS

The volume of business done on the Christchurch Stock Exchange yesterday was again small because of the scarcity of sellers. Apart from vestibule business the following transactions were recorded: Sales on ’Change.—Listed Stocks: 28 Commercial Bank of Australia (pref.), £10; .100 New Zealand Refrigerating (10s paid). 10s lid (2); 4 Colonial Sugar, £52.

Sales .Reported.—Listed Stocks: 500 Christchurch Gas, 22s lOd (2): 600 Broken Hill Proprietary (late sales Wednesday). 40s. 40s 6d.

Sale Reported.—Unlisted Stocks: 100 N.Z. Oil Concessions (rights). 20s. Quotations 2J p.c. Ins., 1/8/46. b. £9B 10s, s. £99; 3 p.c. Ins., 15/9/52-55, b. £99 ss, s. £99 10s; 4 p.c. Ins., 15/2/43-46, b. £IOO iss; 4 p.c. Ins., 15/6/52-55, b. £lO7 10s; Rural Bonds, 1947, b. £lO3 10s; E., S., and A., b. 74s 6d; National Bank of N.Z., b. 47s 6d; New South Wales, b. £3O; New Zealand, b. 40s; National Insurance, b. 21s 3d: Goidsbrough, Mort, b. 28s, s. 295; Mutual Benefit, b, £ls; Permanent Investment, b. £10; Canterbury Frozen Meat, b. £l2 10s; Gear, b. 18s 6d; N.Z. Refrig. (£1 paid), b. 245, s. 24s 9d; N.Z. Refrig. (10s paid), b. 10s lid. s. 11s; Felt and Textiles. b. 41s, s. 435; Kaiapoi (17s paid), b. 19s 3d, s. 19s 9d; Kaitangata, b. 335; Westport, s. 255; Westport-Stockton, b. 2s sd, s. 2s 9d; Christchurch Gas, s. 235; N.Z. Breweries, b. 33s 9d; Beath and Co., b. 235, s. 25s 6d; Booth. Macdonald (pref.), b. 6s lOd. s. 7s 4d; British Tobacco, b. 43s 9d; Broken Hill Pty., b. 40s, s. 41s; D.I.C. (10s paid), b. 15s 3d; Dunlop Rubber, b. 19s lOd; Electro. Zinc (ord.), b. 48s; Electro. Zinc (pref.), b. 53s 6d; G. J. Coles, b. 545, s. 57s 6d: Gordon and Gotch, b. 40s; MacdufTs (pref.), b. 19s, s. 20s; N.Z. Drug, b. 81s 9d. s. 83s; N.Z.F. (A pref.), b. 37s 6d; N.Z. Newspapers, b. 34s 9d; Otago Daily Times, b. 42s 6d, s. 44s 6d; Quill, Morris (1936), b. 18s 3d; Woolworths (ord.). b. 15s 6d; Woolworths Properties, b. 255; Mount Lyell, b. 28s 6d, s. 30s; Mount Morgan, b. 8s 9d. s. 9s 9d; North Broken Hill, b. 455; Arahura (def.), s. 225; Grey River, s. 14s 3d; Ngahere, b. 6s; Slab Hut (5s paid), b. 5s 3d, s. 5s 6d. AUCKLAND Sales.—Liberty Bonds, 15/9/49, 18s 3d; Bank of Australasia (odd lot), £9; Bank of N.Z., 40s 3d (2); National Insurance, 21s 3d; Newton King (pref.), 15s; Auckland Gas, 7s Id; Dominion Breweries, 31s; Broken Hill Pty., 40s (2); Colonial Sugar, £52 10s (2); G. J. Coles. 565; McKendrick Bros, (pref.), 225; Reid Rubber (new issue), 26s 3d: Wilson’s Cement, 18s 3d; Sanford. 4s 6d; Emperor, 11s 6d. Unofficial List.—l.C.l.. 18s. WELLINGTON Sales—Late on Wednesday: Booth, Macdonald (pref.). 7s 2d; Broken Hill Pty. 40s: Woolworths. Ltd., 15s lOd; C. and A. Odlin (ord,), 20s 6d. Yesterday: Stock, 15/9/52-55, 3 p.c., £99 7s 6d; MacdufTs (ord.), 6s 9d; Woolworths Properties, 25s 6d; Waihi, 3s Bd, DUNEDIN Sales Reported.—National Insurance, 21s 3d; Otago Daily Times (odd lot). 425. SYDNEY In quiet trading firm values for all shares were maintained on the Sydney Stock Exchange . yesterday, sellers holding off. Sales.—United Provisions, 11s 10d; Queensland Insurance, 52s Cd; Broken Hill Pty. 40s; Felt Textiles, 40s 6d; Peters, 225; Australian Consolidated Industries, 50s 6d; Associated News. (pref.), 16s 3d: Wilcox. Mofdin, 10s 9d. Produce markets were unchanged.

BANK OF NEW SOUTH WALES

NEW ZEALAND CONDITIONS REVIEWED Reviewing the operations of the year at the annual meeting in Sydney of shareholders of the Bank of Now South Wales, the chairman of directors (Sir Robert Gillespie) prefaced his statement by reference to the improved war position and to the financial obligations connected with the control of the war.

Taxation, he said, was the easiest method of obtaining money from me public, and although they had not readied the stage at which it was impossible to derive more from taxation, there was a limit to which taxation could be pushed. To raise all the money needed tor the war effort by taxation would create hardship. Compulsory loans were another form of taxation, with the difference that they were repayable after the war. Schemes of post-w'ar credits had been adopted by Great Britain and Canada. A similar scheme applied to Australia would have undoubted benefits, but it would net raise nearly enough New Zealand Conditions

"In the past year New Zealand has again shown," said Sir Robert, "that -he is both able and willing to submit to increased discipline to strengthen her war effort. Further prohibitions have been placed on the manufacture of many types of consumer goods, and rationing of commodities in short supply has been imposed. New Zealand seems to nave adopted a more comprehensive and intensive approach to the manpower problem than has Australia The Dominion is also to be commended for earlier recognition of the inevitability of the war effort cutting into civilian consumption and of the necessity of imposing controls to avoid inflation as national income increased Rationing and high taxation have been very successful in keeping down prices. “During (he year rates of taxation were stepped up further to meet increased war expenditure. The Budget provided for a total war expenditure of £133,000,000 in the year ending March, 1943, which is more than double that of the year 1942. "Both primary and secondary industries have expanded under war conditions. Some reorganisation of the dairy industry is necessary in order to meet the change in export requirements, as Britain is now asking for less cheese and as much butter as can be supplied. Prices for both butter and cheese have been increased. The guaranteed price for wheat has been Increased to 6s lid for the 1943 harvest, compared with 4s in Australia Shipping difficulties may explain the Dominion’s wheat policy for the moment, but such a policy will be difficult to justify if freer world trade ensues after the war. The establishment of a linen flax industry has been successful in the South Island. A medicinal industry has also been etablishcd and consignment of various plants used in the manufacture of drugs will be sent to the United Kingdom to take (lie place of supplies from European markets. But primary industries are hampered by the shortage of labour and fertiliser.”