COMMERCIAL

Press, Volume LXXIX, Issue 24119, 1 December 1943, Page 4

COMMERCIAL

STOCK EXCHANGE

MODERATE TURNOVER YESTERDAY

There was a moderate turnover yesterday on the Christchurch Stock Exchange, and business was well spread. Business included:— Sales on ’Change.—Listed stocks: £SOO 21 per cent. Government Stock, 1947-49. £97; 350 Woolworths (Syd.) (ord.), 19s 2d (3). Sales Reported.—Listed stocks: 200 National Bank of New Zealand, 53s 6d. 53s 9d; 300 Broken Hill Pty. (late sale Monday), 44s 6d; 500 Broken Hill Pty., 44s 6d;' 150 Hay's, Ltd.. 38s 6d; 100 McKenzies, Ltd., 50s; 200 Mount Lyell (late sale Monday), 30s Quotations N.Z. Govt. Debentures: 21 per cent. Ins., 1946, b. £9B 10s; 21 per cent. Ins., 1947-49, b. £97; 21 per cent. War Loan, 1953, b £94, s. £94 10s; 4 per cent. Bonds. 1952-55, b. £lO7. Banks; Commercial of Australia (pref.), b. £lO 10s; Commercial of Sydney, b. £2O 10s; National of N.Z., b £2 13s 6d. Insurance: New Zealand, b. £4 7s; Standard, b. £3 17s Bd, s. £4. Loan and Agency; Christchurch Building, b. £l9 10s; Dalgety and Co., b. £8 10s; Goldsbrough, Mort (cum div.), b. £1 8s 4d, s. £1 9s; Invincible Building, b. £4 17s 6d; Mutual Benefit, b. £ls ss; N.Z. Guarantee Corpn., b. 3s lid; Wright, Stephenson, b. £1 4s 9d; Wright, Stephenson (pref.), b. £1 3s Bd. Frozen Meat; N.Z. Refrigerating (£1 paid), b. £1 7s 2d; N.Z. Refrigerating (10s paid), b. 12s lid, s. 13s 3d. Woollens: Bruce, b. £1 10s 3d, s. £1 11s 6d; Kaiapol (17s paid), b. £1 3s 7d, s. £1 4s 3d; Mosgiel. b. £l2 ss; Wellington (cum dlvj. b. £9 7s 6d. Coal: Westport-Stockton. s. 3s. Gas; Wellington (pref.), b. £1 4s. Breweries: Melbourne Co-op., b. £2 IBs; Swan, b. £1 4s Od; Tooheys, b. £1 12s. Mlscellaneous: Beath and Co. (pref.), b. £1 4s 3d: Berlei (N.Z.), b. £3 16s; Broken Hill Pty., s. £2 4s 7d; Dominion Builders, b. 7s 6d; Dominion Fertiliser, b. £1 ss, s. £1 6s; Dunlop Rubber, b. £1 4s; Farmers’ Trading, b. £1 2s 9d; General Industries, b. £1 2s 9d: Gordon and Gotch, b. £2 13s: Mason. Struthers (£1 paid), s. £1: N.Z. Farmers’ Co-op. (“B” pref.), s. £3 2s 6d; N.Z. Farmers’ Co-op. (4J per cent. Stock, 1950) b. £97 10s. s. £99; N.Z. Farmers’ Co-op. (4i per cent. Stock, 1955). b. £97 10s; Quill, Morris (1936), b. £1 5s 3d; Woolworths (Sydney) (ord.), b. 19s Id Woolworths (South Africa), s. £1 12s 6d. Aust. Mining: Broken Hill South, b. £1 6s; Mount Lyell, b. £1 9s 3d, s £1 10s. AUCKLAND Sales.—Second Liberty Loan, 15/5/53-56, 3 per cent., £9B; Third Liberty Loan, 15/12/53-56, 3 per cent.. £99 2s 6d; Bank of New Zealand, 425; National Bank of New Zealand, 545; Union Bank, £7 13s; Northern Steam 10s 8d; Northern Steam (con.). 2s 9d; Kaiapol, 245; Tooths. 565; Broken Hill Pty., 44s 6d; Farmers’ Trading (B pref.), 25s 3d; Forest Products, 8s 3d; G. J. Coles, 60s 6d; Hill and Plummer, 30s; Wtolworths (Sydney). 19s; Gillespie's Beach, 4d. WELLINGTON Sales.—Late Monday: Westport Coal (ex div.) 25s 6d: McKenzies Dept. Stores, 50s. Yesterday; Ins. Stock, 15/2/43-46, 4 per cent.. £lOl 12s 6d. Westport. Coal (ex div.). 25s 6d; Broken Hill Prop., 44s 6d; Woolworths, Ltd 19s 2d. DUNEDIN Sales Reported.—National Bank of N.Z., 53s 6d (late Monday): N.Z, Refrigerating (cont.). 13s (2) CUSTOMS RETURNS CHRISTCHURCH FIGURES Customs revenue loi the eight months of the financial year to November 30 shows an Increase ovei that of the corresponding period ol 1942, the totals being £1,942,313 and £1.884,630 respectively Beei duty and wai expenses were the principal items of increase, war expenses being £130,000 more Sales tax showed a decrease In the period. Customs for the month showed a slight Increase, but tor the eight months was less by £52,000 The following are the detailed Igures compared with the corresponding periods of last year:— Month of November, —Customs, £59,230 (£58,919 last vear): beer. £28,411 (£21.434); sales tax, £42.055 (£44,187); war expenses. £143,908 (£134.983). Totals. £273.604 (£259,522) For eight months.—Customs, £429,841 (£481.418); beer, £168.721 (£137.943); sales tax £324,012 i £355.703); war expenses, £1,019,739 (£889.566) Totals, £1,942.313 (£1,864.630), AUCKLAND (P.A.) AUCKLAND, November 30. Revenue collected by the Customs Department in November was £674,982. an increase of £91,673 over November last year. An increase was recorded from all sources. The total for the 11 months was £6,660,544, compared with £3,823,004 for the corresponding period in 1942. The amounts for November with those tor November, 1942, in parenthesis, are: customs. £209.474 ’£l6B 291): excise on beer, £41,408 (£30,747); sales tax, £108.332 (£108.218); war expenses account, £315.768 (£276.053). DUNEDIN (P.A.) DUNEDIN, November 30. The following are the customs returns for the port of Otago for November, with the figures for November last year in parenthesis:—customs duty, £34,803 (£32 340); beer duty £46.543 (£36,157); sales tax; £30,028 (£34.207); war expenses account, £119.727 (£115.725).

STOCK SALES

KANGIORA There were gjod entries in the cattle section and smaller entries in the sheep and pig sections al the Rangiora weekly stock market yesterday Values were:— Sheep.—fat ewes 22s to 24s 6d; ewes and lambs (all counted). 19s to 20s. Cattle.—Dairy cows, £7 ss; yearling heifers. £4 15s to £5 10s; store cows, £3 5s to £5 15s. Pigs —Slips. 26s to 295; weaners, 18s to 245. ASHBURTON Prices for lambs were slightly firmer, and ewe prices were about the same as last week, at the Ashburton stock sale yesterday There was a good yarding of sheep of fine duality. Sales: — Shorn ewes.—Light-weight, from 20s to 24s 7d; better quality, up to 27s Id. Woolly ewes, Irom 18s 6d to S6s 6d.

Lambs from 15s to 31s 4d; wethers, from 28s Id to 31s Id. In the Cattle section, steers sold at £l7 10s. £l3 12s 6d, £l2 12s 6d, and £3 12s 6d. one heifer at £l3 17s 6d, and one bull at £5. LORNEVILLE (P.A.) INVERCARGILL, November 30. Fat ewes of all classes remained firm at the Lornevllle sale to-day, but wethers were easier by about 2s a head. Prime heavy wethers realised up to 39s 3d; prime medium-weights, 36s to 37s 6d; lightweights, 31s 6d to 335; aged and unfinished, 27s 6d to 29s 6d; Inferior, down to 20s: prime heavy young ewes, up to 43s 6d; prime quality 38s to 40s 6d; medium, 34s 6d to 36s cd: unfinished, 26s to 30s; inferior, 21s to 23s 6d; prime maiden young ewes, up to 32s 6d; prime heavy, 29s to 31s 3d; medium, 24s 6d to 265; unfinished, 20s to 225; Inferior, 12s to 16s. Compared with the previous week good quality cattle were equal In value, and In some cases better, but cows of poorer quality were generally lower. Prime quality heavy-weight bullocks made from £2l to £23 12s 6d; prime, £lB 10s to £2O; good quality medium-weights, £l6 5s to £l7 10s; light-weights. £l4 10s to £ls 10s; small and unfinished, £ll to £l2 10s; prime handy-weight heifers, £l4 10s to £lB 15s; light-weights, £ll 10s to £l3; small, £9 10s to £lO 10s; good quality medium-weight cows £ll 10s to £l3; medium quality, £8 10s to £10: aged and inferior £5 10s to £7. Values for fat lambs improved by about 5s a head compared with the previous week. The yarding was insufficient for requirements. Prime heavy-weights realised up to 435; good quality, 34s to 365; medium, 27s to 30s: light and unfinished, 24s to 25s 6d.

WESTPORT COAL COMPANY

CHAIRMAN’S REVIEW “ The Press ’’ Special Service.

(P.S.S.) DUNEDIN. November 30/ Addressing shareholders at the annual meeting of the Westport Coal Company the chairman of directors (Mr James Begg) said they would no doubt regard the figures as disappointing, though probably this would have been anticipated from statements made at annual meetings in recent years. Mr Begg recalled that the Government as a war measure, had decided to set up' a price tribunal, which rigidly controlled selling prices with a view to maintaining them at pre-war levels scosts, however /had risen steeply, and although when wag/- increases wer. granted, the Government gave coal companies a subsidy to meet this, the subsidy had proved inadequate for the purpose and to cover the heavy increases for replacing the wire ropes, plant, and stores necessary to keep the industry going There was also control ol the output to ensure that the product was diverted to the most essential needs, and this sometimes resulted in larger quantities having to 6e supplied to industries and the prices of these supplies were not so remunerative. These restrictions wore mainly responsible for the noor result.

The company’s other sources ot revenue had not suffered to the same extent, and had helped it to pull through what would otherwise have been a disastrous year Mr Begg said that the output for the year was 265.230 tons, or 20.644 tons less than in the previous year mainly due to a shortage of-labour Plans were in train for the development of new areas at the Denniston colliery, and when these were opened the mine would soon regain its pre-eminence as a large producer of first-class coal.

MINING Gillespie’s Beich.—The Gillespie’s Beach Gold Dredging Company’s wash-up for the week ended November 27 was 20oz 4dwt In 128 hours from 15.210 cubic yards. —(P.A.) Austral-New Zealand.—Austral - New Zealand Mining reports from Cromwell that for the 28 days ended November 27. the dredge operated for 503 hours, treated 283,000 cubic yards and produced 448 ounces of refined bullion.—(PjA.)