COMMERCIAL

Press, Volume LXXXIII, Issue 25082, 14 January 1947, Page 8

COMMERCIAL

STOCK EXCHANGES BUSINESS RESUMED The Christchurch Stock Exchange resumed business yesterday afternoon after the Christmas-New Year holiday. With the upward lift on the Australian share markets, New Zealand quotations for Australian securities in many cases were marked well above closing prices for last year. The following buyers’ quotations were well in advance of last year’s closing rates:—Bank of Australasia, £l3 0s 6d; Commercial Banking of Sydney, £25 10s; E., S., and A. Bank, £7 17s 6d; National Bank of Australasia (fully paid), £l5 10s; New South Wales. £4O ss; Union Bank of Australia, £l2 2s 6d; and Tooths Brewery, 74s sd. N.Z. Loan and Mercantile (ord. stock) had buyers at' £lOB, no seHers. Buyers of P. and O. Deferred Stock raised their bids to 86s, but sellers are scarce. Woolworths, Limited, changed hands at 29s 6d, and there were further sellers at that figure, buyers at 295. Blackwater Mines were - placed at 15s, and closed with unsupported sellers at 16s. Sales on ’Change.—Listed stocks: 100 Woolworths (Sydney) (ord.), 29s 6d; 100 Blackwater Mines, 15s. LATEST QUOTATIONS N.Z. Govt.: 2J per cent. Inscr., 15/2/4950, b. £100; 2J per cent. Inscr., 15/4/50-51, b. £99 ss; 3 per cent. Inscr., 15/9/52-55, b. £lOO 15s; 3 per cent., Inscr., 15/5/53-56, b. £lOO 12s 6d, s. £lOl 10s; 3 per cent. Inscr., 15/2/55-58, b. £101; 3 per cent. Inscr., 15//4/56-59, b. £lOO 10s; '3 per cent. Inscr., 15/11/57-60, b. £lOO 10s, s. £101; 3 per cent. Inscr., 15/4/60-63, b. £lOO 12s 6d; 4 per cent. Inscr., 31/5/54-58, b. £lO6, s. £lO6 10s; Liberty Bonds, b. £1 2s. Banks: Australasia, b. £l3 0s 6d; Commercial of Aust, (cum div.), b. £1 3s lid, s. £1 4s 6d; Commercial of Aust, (pref., cum div.), s. £ll 15s; Comm, of Sydney, b. £25 10s; E. S., and A., b. £7 17s 6d; National of A’asia. (£lO paid), b. £l5 10s; National of A’asia. (£5 paid), b. £B, s. £8 7s 6d; National of New Zealand, b. £3 Bs, s. £3 Ils; New South Wales, b. £4O ss, s. £4l 10s; Union (ex div.), b. £l2 2s 6d. Insurance: F.A.M.E., b. £1 2s 3d. s. £1 3s 6d; F. (pref.), b. £1 ss; National, b. £1 6s; New Zealand, s. £5 Is; South British, s. £4 10s; Standard, b. £4 6s. Loan and Agency: Dalgety, b. £lO ss, s. £lO 10s; Goldsbrough, Mort, b. £1 14s; N.Z. Farmers’ Co-op. (10s paid), b. 9s. s. 9s 4d; N.Z. Farmers’ Co-op. (Ist pref.), b. £6; N.Z. Loan and Mercantile (ord.), b. £108; N.Z. Guarantee Corpn.. s. 5s Id; Wright, Stephenson, b. £1 13s 6d. Shipping: P. and 0., b. £4 6s. Woollens: Felt and Textiles, b. £3, s. £3 ss; Kaiapoi (17s paid), b. £1 6s 6d, s. £1 7s. Frozen Meat: Southland, b. £3. Gas: Auckland, b. 6s 9d, s. 7s 6d; Auckland (5s paid), b. 3s; Timaru, b. 14s 9d, s. 17s 6d. Breweries: Aust. Distillery, b. 18s, s. £1: Ballins, b. £1 14s; New Zealand, b. £2 18s, s. £2 19s; Tooths, b. £3 14s, s. £3 19s; Westland, b. £1 18s 6d. Miscellaneous: Aust. C. 1., b. £2 16s, s. £2 18s 3d: Aust. Found. Invest., b. 6s 2d; Aust. Iron and Steel (pref.), b. £1 17s; British Tobacco. b. £2 16s, s. £2 18s; Broken Hill Pty., b. £2 7s 6d, s. £2 9s; Burns, Philp, b. £3 Us; Claude Neon (N.Z.), b. £2 8s; Colonial Sugar, b. £52 10s, s. £56; Consolidated Brick (ex div.), b. 15s, s. 15s 6d; Donaghy’s Rope, s. £3 10s; Dunlop. N.Z., b. 7s, s. 7s 3d; Dunlop Rubber, b. £1 12s; Electro. Zinc (ord.), b. £3 8s; Electro. Zinc (pref.), b. £3 Bs, s. £3 10s; Fletcher Holdings, b. £1 17s 3d, s. £1 18s 3d: -Cl. J. Coles (cum div.), b. £4 9s, s. £4 15s; Hay’s, Ltd. (15s paid), s. £2 15s; McLeod Bros., s. £3l ss; Macduffs, b. £1 9s; National Electric, b. £2 7s; New Colosseum, b. £2 6s; N.Z. Newspapers, s. £2 9s; Reid Rubber (cont.), b. Bs, s. 9s 6d; Selfridges, b. £2; United Provisions, b. £1 4s, s. £1 8s; Wilson’s Cement, b. 18s 9d; Woolworths (ord.), b. £1 9s, s. £1 9s 6d: Woolworths, N.Z. (ord.), b’. £l7s6d, s. £1 8s Id; Woolworths (W.A.), b. £5 10s: W. R. Cooke and Son, b. 13s 6d, s. 16s 3d; Turnbull and Jones (pref., cont.), b. 16s. Aust. Mining: Broken Hill South, b. £1 14s; Bulolo, s. £6 15s; Mount Lyell, b. £1 2s 3d, s. £1 3s 6d; Mount Morgan, b. 7s 9d; Mount Morgan (cum div.), b. £1 3s 9d; North Broken Hill, b. £3 Bs. N.Z. Mining: Arahura, s. £1 Us; Austral (N.Z.). b. 13s, s. 14s; Blackwater, s. 16s; Grey River (ex div.), s. 10s; Ngahere, b. 8s 6d, s. Ils.

AUCKLAND Sales.—Commercial Bank of Aust. (100), 23s 6d; Dunlop (N.Z.) (ord.) (200), 7s Id; Farmers’ Trading (B pref.) (101), 27s 9d; Emperor (200), 19s 6d; Emperor (200), 19s.

WELLINGTON Sales.—Bank of New South Wales (10). £4O 10s; Union Bank of Australia (ex div.) (50), £l2 ss; Dunlop (N.Z.). Ltd. (pref.) (50), 7s Id; British Tobacco (50), 57s 6d; Dunlop (N.Z.), Ltd. (pref.) (250), 7s Id (2). SYDNEY Sellers of many front-rank shares now free are increasing in number, and in some instances are willing to trade below recent peak prices. Sales.—Tooths, 74s 6d; Queensland Brewery, 365; Australian Paper, 37s 9d; British Tobacco, 56s 3d; Anthony Hordern, 28s 9d; Stedman, 265; Winchcombe, Carson, 38s 6d; Wilcox, Mofflin (new), 16s; Bank of New South Wales, £4O 15s; Broken Hill Pty., 475; Broken Hill North, 68s 6d; Wool worths, 27s lOJd; Aust. Consolidated Industries, 565; Larut Tin, 8s 7d; Associated News, 21s 4Jd; Amalgamated Textiles, ■ 16s 3d; Bradford Cotton, 53s 3d; David Jones, 565; Dunlop, 32s 6d; Millaquin Sugar. 54s 6d; Adelaide Steam, 355; Bulolo, £6 4s; Goldsbrough, 345.

CALL AND DIVIDEND LIST

National Bank of N.Z.—2 p.c. (less British income tax 9s in the £) (ex Dec. 27) .. Jan. 21 N.Z. and River Plate—4 p.c. (less British income tax 9s in the £•) (ex Jan. 13) .. .. Jan. 22 Ballins Breweries—3 p.c. and 10th anniversary bonus 1 p.c. (ex Dec. 7) .. .. .. Jan. 31 British Tobacco (ord.) —Ig p.c. (ex Jan. 9) .. Jan. 31 1.C.1., Aust, and N.Z. (pref.)—2J p.c. (ex Jan. 17) .. .. Jan. 31 Invincible Building—2 J p.c. (ex Jan. 21) .. Jan. 31 Commercial Bank of Australia (ord. 4 i>.c:, pref. 2 p.c.) (ex Jan. 22) .. Feb. 7 Mount Morgan (pref.)—3J p.c. (ex Feb. 3) .. .. Feb. 15 Woolworths, W. Aust, (pref.)—4 p.c. (ex Jan. 25) .. Feb. 15 Woolworths, Ltd. (Ist pref. 5 p.c., 2nd pref. 3J p.c.) (eX Jan. 20) Feb. 15

RECORD DEPOSITS IN TRADING BANKS

A new record in deposits with New Zealand’s trading banks has been reached for the fourth successive month, deposits for the month ended November 25 being £156,846,720, against £156,203,309, £156,163,328, and £153,505,197 in the three preceding months.

According to the summary at November . 25, aggregate unexercised overdraft authorities were £45,723,377. London funds, which totalled £12,998,170 on November 25, showed an. increase of £154,696 on the figure at October 28. Overseas funds held elsewhere were £2,898,304, an increase of £247,319. Total funds at £15,896,474, showed an increase of £402,015. Against these funds were demand and time liabilities amounting to £1,400,136, making the banks' net overseas assets £14,496,338, an increase of £550,274. Demand liabilities were £120,617,368, an increase of £534,005. The total of demand and time liabilities elsewhere than in New Zealand was £1,400,316, a decrease of £ 148,079. The banks’ net excess of assets over liabilities was £17,318,381, an increase of £188,096. Reserve balances of the six banks totalled £58,116,667, a decrease of £2,143,355. Government securities held by the banks were the same at £25,121,530*. Other securities decreased by £13,260 to £2,231,446. Aggregate advances on November 25 were £64,097,349, an Increase of £1,069,298. Aggregate discounts were £190,281. a decrease of £18.545. The excess of demand and time liabilities over discounts and advances was £92,559,090, compared with £92,966,432 on October 28. The aggregate unexercised overdraft authorities amounted to £45,723,377. an increase of £65,455. The total of advances and discounts and unexercised overdraft authorities was £110,011,607, compared with £108,894,799. MINING Associated Gold Dredges.—A total of 2421 ounces was recovered from 91,950 yards in 375 hours, for the week ended on January 11.

STOCK SALES DUVAUCHELLE There was an entry of about 300 head, including about 100 head in the fat pens, at the monthly cattle sale at Duvauchelle on Friday. There was a keen sale throughout at ruling Addington market rates, the store cattle sale especially being the best for the current season. In the fat pens there were few steers, but a large entry of heifer and cow beef in prime condition. The whole yarding sold readily. In the stoi;e pens good straight colour lines of two and three-year-olds attracted keen competition, and prices paid were higher than usual. The plentiful supply of autumn feed no doubt accounted for the keen demand for stores, as autumn feed is now assured. The range of prices was as follows: Fat steers, £2O 5s to £2l; extra prime heifers, £l7 to £lB ss; prime heifers, £l2 5s to £l5; extra prime cows, £l5 to £l6 15s; prime cows, £l2 to £l4 Is 6d; lightweight cows, £8 2s 6d to £ll 12s 6d; yearling steers, £7 2s; two-year-old steers. £lO 12s 6d to £11; two-year-old heifers. £7 15s to £8 12s; three-year-old steers, £l3 10s Io £l5 17s 6d; store cows, £fl 7s 6d to £7 ss; store heifers, £8 5s to £8 15s; bulls. £6 to £l2 15s. PLEASANT POINT ” The Press ” Special Service TIMARU, January 13. The yarding of 80 head of fat cattle at the Pleasant Point sale was of average quality. The yarding was a little above the requirements, and prices were firm until the later part of the sale, when values eased and passings were frequent. Medium to prime steers made from £l3 to £l9 7s 6d; medium to prime cows, £9 12s fid 1o £l2 12s 6d; medium to prime heifers, £l2 2s fid to £lB 17s 6d. The two races of fat sheep comprised mostly ewes, and there was an absence of good quality wethers. The supply was in excess of butchers’ requirements, and exporters operated on light ewes. There was an all-round easing of values of about 2s fid a head. Approximately 1000 fat lambs were yarded, the quality generally being good; -but no lines of extra prime sorts were pended. Prices were well up to schedule. Medium to prime wethers made from 30s. to 34s lOd; extra prime ewes, 23s to 25s 4d; and medium to prirte quality, 19s to 22s 7d. Medium to prime lambs made from 28s Id to 32s 4d. Store sheep were not forward in quotable numbers.

ESTIMATED NUMBER OF LAMBS MORE THAN 18,000,000 FOR DOMINION (P.A.) WELLINGTON. Jan. 13. The estimated number of lambs for the coming season was 10,453,719 for the North Island and 8,229,713 for the South Island, giving a Dominion total of 18,683,432, said the Minister of Agriculture (Mr E. L. Cullen) to-day. The actual number of lambs tailed in 1945 was 11,252,679 in the North Island and 8,308,779 in the South Island, a total of 19,561,458. COMPANY NEWS Felt and Textiles.—Felt and Textiles of Australia, Ltd., proposes to increase the nominal capital of the company from £2,000,000 to £5,000,000 by the creation of 3,000,000 shares of £1 each. The new capital will be used to finance the expansion of yie company’s activities. An extraordinary meeting of shareholders wlil be held on February 3. The proposal of Felt and Textiles to increase the authorised capital apparently satisfied the market that a new issue will follow, according to comment in Sydney. William Cable and Company, Ltd.— William Cable and Company, Ltd., announce the issue of 120,000 £1 ordinary shares at a premium of 5s a share to advance the proposed expansion programme. The new issue will first be offered to holders of ordinary shares, but before the proportion of new issue to existing shares can be determined, state the directors, preference shareholders are given the opportunity to convert to ordinaries up to January 31. When the list of ordinary shares is thus determined shareholders will be advised of the proportion and of the date of the new issue. Zinc Company’s Plans.—A British zinc company may build a factory in Newcastle. The company requires 150 to 300 acres, with electricity, a plentiful water supply, and rail and road services. British Tobacco (Australia), Ltd.— The British Tobacco Company (Australia), Ltd., has announced a dividend on issued preference shares at the rate of 6J per cent, a year for the three months ending January 31.—(P.A.) Imperial Chemical Industries.—lmperial Chemical Industries of Australia and New

Zealand, Ltd., announces a diVidend for the half-year ending January 31 at a rate of 5 per cent, a year on 5 per cent, preference shares. The share register will be closed from January 17 to January 31 inclusive—(P.A.) CJutha River.—The Clutha River Gold Dredging Company for the week ended January 10 worked 113 hours for IS* ounces.—(P.A.). _ •