COMMERCIAL

Press, Volume LXXXIII, Issue 25095, 29 January 1947, Page 10

COMMERCIAL

STOCK EXCHANGES

ACTIVITY IN SHARES OF N.Z. BREWERIES

Sales in New Zealand Breweries shares and Government stock formed the bulk of the business on the Christchurch Stock Exchange yesterday, 500 of the former being sold at the unchanged price of 58s, while £4OOO worth of 31 per cent. Government stock maturing 15/9/57-60 changed ■hands at £lO2 17s 6d. Dunlop (New Zealand) ordinary shares had further business at 7s Id. but there was no support for the preference shares, which were quoted at 6s lid sellers, no buyer. An odd parcel of 130 Kaiapoi Woollens was sold at 275. Buyers increased their bids by 3d to 71s for National Bank of New Zealand, but the lowest seller was at 71s 6d. New Zealand Refrigerating fullypaid shares remained firm at 40s 3d, 40s 6d, but the 10s paid shares were easier at 19s 9d, 20s.

Sales.—N.Z. Govt. Stock, 15/12/53-56, 3 p.c. (£250), £lOO ss; Wool Bonds, 1/2/48 (85), 21s lid; Auck. Harbour, 9/7/61, 4J p.c. (£300), £ll 10s; Auckland Gas Perp. Deb. (£150), £99 10s; Bank of A’asia. (11), £l3; Bank of N.S.W. (8), £4O 10s; Newton King (pref.) (100), 26s lid; Loan and Mercantile (pref.) (£250), £l3B 10s; Auckland Gas (500), 6s 10d; (con.) (100), 3s; Devonport Ferry (670), 28s 6d; Dominion Breweries (50), 69s 9d, (300), 70s; Broken Hill Pty. (171), 47s 3d; Colonial Sugar (5), £56 10s; Dunlop, N.Z. (500), 7s Id; pref. (100), 6s lOd; Farmers’ Trading (217), 35s 6d; Fletchers (150), 38s 6d; K.D.V. Boxes (100), 15s 6d; Macduffs, ord. (110), 30s 6d; Milne and Choyce, ord. (100), 475; Reid Rubber (280), 28s; Silknit, N.Z. (500), 325; (100), 32s 6d; William Cable, ord. (200), 44s 6d; Wilson’s Cement (130), 19s 3d; United Provisions (100), 24s 6d. Unlisted: Korma, pref. (100), 18s 9d; (690), 19s; Whakatane Paper, pref. (300), 255.

Wellington Sales.—Late Monday: N.Z. Govt. 31 per cent. Stock, 15/9/57-60 (£4580), £103; Dalgety and Company (100), £lO 10s; Broken Hill Pty. (300), £2 7s 6d; N.Z. Farmers’ Fertiliser (150), £1 8s 3d. Yesterday: 3 per cent. Stock, 15/5/53-56 (£200), £lOO 10s; Dunlop, N.Z., Ltd., pref. (250; 2 sales), 7s; 2i per cent: Stock, 15/5/48 (£230), £99 58; 34 per cent. Stock, 15/9/5760 (£1000), £103; 3 per cent. Stock, 15/2/55-58 (£200), £101; 3 per cent. Stock, 15/11/57-60 (£945), £lOO 2s 6d; National Bank of N.Z. (50), £3 Ils 3d; Wellington Gas (225), £1 14s; Wellington Wool, pref., cum div. (50), £10; Kauri Timber (250; 2 sales), £1 14s 6d; Broken Hill Pty. (100), £2 7s 6d; Wm. Cable, ord. (50), £2 ss; Kauri Timber (150), £1 14s 6d; Rubber Distributors, £1 8s; N.Z. Breweries (100), £2 18s; 2J per cent. Stock, 15/2/49-50 (£6800; 2 sales), £99 ss; 3 per cent., 15/9/52-55 (£500), £101; 3 per cent. 15/5/53-56 (£12t?0), £lOO 10s; 3 per cent. 15/12/53-56 (£1450), £lOO ss; Woolworths, Ltd. (100), £1 8s lOd.

Dunedin Sale.—N.Z. Refrigerating cont, (400), 20s. Sales Reported.—N.Z. Refrigerating, pd. (100), 40s 2d; Dunlop N.Z. Pref. (125; 2 sales), 7s; Dunlop N.Z., ord. (100; 2 sales), 7s Id; McLeod Bros. (5), £3O; National Savings, August, 1949 (100), 27s 6d; Woolworths, S.A. (200), 45s 6d; N.Z. Govt. 3 per cent. Stock, 1952-55 (£1000), £101; 3 per cent. Stock, December, 1953-56 (£2000), £lOO ss; 3 per cent. Stock, 195558 (£1000), £lOO 17s 6d;. 3 per cent. Stock, 1957-60 (£530), £lOO.

syGney The Sydney Stock Exchange was slow yesterday morning in regaining its stride after Monday’s holiday break. There appeared to be no accumulation of buying or selling orders, and the turnover to 3 p.m. was the smallest since the resumption of business this year. Afternoon sales, however, equalled the January average. v

Sales—Commercial Bank of Sydney, £24 12s; Union Bank, £l2 6s; Bank of Australasia, £l3 4s; Associated News, 20s 3d; (pref.), 22s 6d; Burns, Philp (South Sea), 4os; Tooths, 745; Queensland Brewery, 355; G. J. Coles, 84s 6d; Woolworths, 28s; Mark Foy, 44s 6d; David Jones, 53s 3d; Anthony Hordern, 27s 6d; British Tobacco, 54s 9d; General Industries, 28s; Bradford Cotton, 535; Australasian Paper, 36s 9d; Felt and Textiles, 57s 3d; Amalgamated Textiles, 15s 6d; Wilcox, Mofflin, 16s 3d; Colonial Sugar, £54 ss; Electro. Zinc, 64s 6d; Mount Morgan, 7s 9d; Mount Lyell, 235; Broken Hill Proprietary, 46s 9d; Broken Hill North, 69s 6d; New Broken Hill, 40s 6d.

SECOND WOOL SALE

OFFICIAL REPORT AND PRICES

The following is the official report and range of prices for the second main Christchurch wool sale of' this season, held on Monday, issued by the Christchurch Wdolbrokers’ Association, in conjunction with the N.Z. Woolbuyers’ Association and the N.Z. Wool Disposal Commission:— “The January Christchurch wool sale was held in the Radiant Hall, when 33,000 bales of new season's wool were offered and, in addition, 1500 bales of scoured wool on account of the N.Z. Wool Disposal Commission. "Although the offering included some particularly attractive halfbred and merino clips, the general style of the offering was not up to the December standard. In general, prices were rather lower than December, especially for the medium qualities. “Competition was general, and practically the whole offering was sold at auction.

AMERICAN WOOL INDUSTRY PRICE POLICY REACTIONS (N.Z. Press Association—Copyright) increas?ri iC f ° f l An quallt Y increased from 40 cents per lb in 1932 ° ne . dollar in 1941, but United States in^ rease d only from 418,000,000 gr , eas Y bales to 456,000,000. handlers in Boston refer to these figures in expressing wariness of anv tho Ve rf^^, enta J seeking to hold up S c • . of d °mestic wool as a means stl £“J at JP g domestic production. They say that there is no historical record warranting the belief that such a polk? would succeed. p * In Washington, the Republican, Senator Edward Robertson, from the wool-produc-ing State of Wyoming, has sent a letter “J , e Secretary of State (General G. C. Marshall) urging the imposition of a quota system on foreign wool and a 15 per cent, increase on the present tariffs on imported wool and manufactured wool. Senator Robertson said that this was necessary "to preserve from extinction an American industry that produces one of the most critical of war materials. American industry cannot continue to pay the wages necessary to provide a decent standard of living and at the same time compete with foreign imported wool produced in countries where wages are one-third of those paid in the United States. STOCK SALES TINWALD There was a medium yarding at the Tinwald stock sale yesterday, and values remained about the same as for last week. » Fat wethers realised up to 30s for lightweights, to 33s for medium-weights, to 34s for good quality, and to 37s lOd for prime heavy sheep. Mrs D. A. McDowell (Hinds) sold three at 37s Id. Fat ewes sold up to 17s for lightweights, to 19s 6d for medium grades, to 22s Id for good quality, and to 30s 4d for prime heavy ewes. Four two-tooth ewes sold at this figure. John Small (Wheatstone) sold three at 21s lOd. In the store section, 130 wether lambs brought 25s and 150 realised 23s Bd. Thirty-one fat lambs sold in the freezing pens gt 345. One bull sold at £4 7s 6d, and one steer at £3 17s 6d. RANGIORA There were improved yardings in all sections at the weekly Rangiora stock market yesterday. Prices were as follows: Sheep.—Store lambs, 21s 3d to 25s 4d; fat wethers, 27s 6d to 31s 6d. Cattle.—Cows in profit, £4 15s; store cows, £3 15s to £7 15s. Pigs.—Slips, 35s to 455. LORNEVILLE (P.A.) INVERCARGILL, Jan. 28. The fat sheep yarding at Lorneville totalled 626, compared with 331 last week. Two-thirds of the yarding consisted of wethers. For prime and heavyweight sheep the market was a little easier, but good quality and medium and light-weights, especially ewes, were a shade firmer. Prime quality light and handy-weight wethers made 38s to 40s; heavy-weight wethers 37s to 395; unfinished 34s 6d to 36s 6d. Light-weight ewes made 25s to 28s; over-weights 21s to 22s 6d; unfinished 15s to 18s. , , There was a small entry of fat lambs and competition was firm. Heavy-weight butchers lambs made 375. to 39s 6d; prime qualities 33s to 355; light-weights 28s to 3 °Fat cattle numbers increased slightiy, the majority being of good quality. Heavy-weight cattle were in short supply. Prime quality bullocks and mediumweights made £2l 10s to £?3; heavyweights £l9 10s 6d to £2l; light-weights £l6 10s to £lB. Good quality heavyweight heifers made £l4 10s 6d to £l6, light-weights £ll 10s to £l3. Good Quality young cows brought £l2 to £l4: medium quality £lO to £11; aged and unfinished £7 10s to £9.

DEBT TO EGYPT ANDJtNDIA PRELIMINARY STEP TO SETTLEMENT BRITISH OFFICIAL ON WAY TO DISCUSS PROBLEMS (N.Z. Press Association—Copyright) (Rec. 8 p.m.) LONDON, January 28. A preliminary step towards the settlement of Britain’s financial obligations to India and Egypt—the two largest individual creditors of her sterling account —is being taken with the departure for India of Sir Wilfred Eady, of the Treasury and a representative of the Bank of England. India has a sterling balance credit of about £1,300,000,000 and Egypt about £440,000,000. In addition to discussing balances with Egypt, negotiations are also pending to cover the Egyptian requirements of hard currency during the three months from the end of March to July 15. Under the terms of the American loan agreement is bound to make sterling receipts on current account freely convertible into dollars or any other currency after July 15. The existing arrangement whereby Egypt obtains her requirements of dollars from the dollar pool of the whole sterling area ends on March 31, so that a further temporary agreement is required. “Official information on the intentions of the delegation or on the pattern of the agreement which would commend itself to the Treasury has been noticeably lacking,” says the “Financial Times.” “Nevertheless it. is clear that all sterling balance agreements will be constructed on the same broad plan, largely because no other plan is feasible for the economic situation in which Britain now finds herself. “The total of any given sterling balance is likely In the first place to be reviewed and where possible reduced. As regards India and Egypt, It is suggested that a case for reduction can be found in the objects on which much of the money now constituting the balances was spent. Some was payment for goods shipped to Britain, but a large portion was expenditure inside these countries on pay and locally produced supplies for the British forces and on military installations, “It is further suggested in some quarters that the prices of some of these internal goods and services were to some extent inflated. To embody in any agreements with India or Egypt Undertakings to spend the whole or the greater part of their balances in Great Britain or the sterling area would be contrary to both the letter and spirit of the American loan agreement. “Nevertheless it is probable that much of the ‘preliminary talks’ will centre on the intentions of the two Governments with regard to the expenditure of their balances. Any undertakings given will remain strictly verbal. Even if Britain’s creditors wish to spend the whole of their balances in the United Kingdom it is clear that the Treasury cannot afford to allow more than a proportion of this country’s annual production to be devoted to the liquidation of past debts.” WOOLPACK SUPPLIES (P.A.) WELLINGTON, January 28. No improvement in the total supplies of woolpacks since the board’s previous meeting was reported at the last meeting of the New Zealand Wool Board.- Supplies now being distributed have helped to meet immediate requirements, but it is evident that there will be no surplus at the end of the 1947-48 season, and the board is exploring every channel to secure sufficient woolpacks to cover next season’s clip. SHAREMARKET INDICES

New York.—Dow Jones (1926 equals 100), 1939, Highest (Sept.), rails, 35.90; industrials, 151.22. Lowest (April), rails, 24,15; industrials, 121.4.

DOMINION TRANSACTIONS Christchurch Sales £ s. d. Kaiapoi (f.p.) (130) ■ 7 0 N.Z. Breweries (50, 50, 100) ” 2 18 0 Dunlops, N.Z., ord. (100, 50, 50) 0 7 1 Unlisted Whakatane Paper (200, 100) .. 0 7 0 Sales Reported 3J p.c. Stock, 57-60 (£4000) .. 102 17 6 Perm. Invest. (127) .. 11 10 0 N.Z. Breweries (100, 200) .. 2 18 0

QUOTATIONS Buyers. Sellers. £ s d. £ S. d. N.Z. Govt.— 21 p.c., 15/9/47 100 10 0 21 p.c., 15/5/48 .. 99 6 21 p.c., 15/6/47-49 .. 99 0 __ 21 p.c., 15/2/49-50 .. 99 0 - . 21 p.c., 15/4/49-51 .. 99 2 6 21 p.c., 1/10/53 98 0 0 3 p.c., 15/9/52-55 .. 101 0 3 p.c., 15/5/53-56 .. 100 10 0 __ 3 p.c., 15/12/53-56 .. 100 6 3 p.c., 15/4/56-59 .. 100 6 __ 3 p.c., 15/11/57-60 .. 100 6 100 10 0 3 p.c., 15/4/60-63 .. 100 10 0 100 15 0 3A P.O., 15/1/56-59 .. 101 6 p.c., 15/9/57-60 .. 103 0 0 31 p.c., 15/1/53-57 .. 102 ~5 0 — 4 p.c., 15/5/49-52 .. 103 0 0 Liberty Bonds .. 1 1 Wool Bonds, 1/2/48 1 11 —— Wool Bonds, 1/2/49 1 4 Banks— Australasia .. 13 0 .— Comm, of Aust. .. 1 2 10 E., S., and A. 8 1 6 Comm, of Sydney 27 0 0 Natl, of A’sia. (£10) 16 10 0 Natl, of N.Z. .. 3 n 0 Union 12 7 6 New Zealand (c.d.) 5 0 Standard .. 4 0 Loan and Agency— W.F.C.A. (ord.) .. 0 6 — W.F.C.A. (pref.) .. 1 0 6 Dalgety .. .. 10 0 Goldsbrough, Mort 1 14 9 1 15 3 N.Z.F. Co-op. (10s pd.) .. 0 1 (41 p.c. Stk., *50) 102 0 —— (41 p.c. Stk., ’55) 102 0 N.Z. Guar. Corpn. 0 5 1 Loan & Mer. (ord.) 125 0 0 Perm. Investment 11 10 0 —• United Building .. 1 6 Wright. Steph, (pf., x.d.) 1 8 0 Shipping— Union (pref.) .. 1 13 6 •— Woollens— Felt and Text., N.Z. 3 8 6 Kaiapoi .. 1 ~7 0 __ Kaiapoi (pref.) — 1 7 0 Oamaru .. 1-43 0 — Timaru .. .. 1 5 0 — Frozen Meat— Canterbury .. 15 10 0 — (pref.) .. 8 7 6 Gear .. 1 11 0 N.Z. Refrig., c.d. 2 0 3 2 0 6 N.Z. Refrig. (10s. pd.), c.d. — 1 0 3 Southland .. 3 1 0 —— Coal— Kaitangata • • — 6 6 Taupiri .. — 2 1 0 Westport .. 1 1*2 9 — GasAuckland .. 0 6 10 0 6 11 Ch’ch. (10s paid) c.d. — 0 13 3 Ballins .. .. 1 15 0 1 16 0 Dominion .. 3 9 3 ——. New Zealand .. 2 17 9 2 18 0 Miscellaneous— Alloy Steel (N.Z.) 2 15 6 — Aust. C.I. . t — 2 17 6 Aust. Fd. Invest. .. — 0 6 5 Aust. I. and S. (pf.) 1 17 3 — Beath and Co. .. 2 6 6 2 10 0 Berlei (N.2k) .. 5 10 0 Booth Mac. .. 0 3 0 — Brok: Hill Pty. .. 2 7 3 2 8 0 Consolid. Brick .. 0 15 2 0 15 5 Dental, Medical .. 1 13 3 —— Dom. Builders .. 0 7 9 0 9 0 Dom. Fertiliser .. — 1 8 3 Dom. Rubber .. 0 16 0 — Donaghy’s Rope .. — 3 9 0 Dunlop, N.Z. .. 0 7 0 . 0 7 2 (pref.) 0 6 11 Dunlop Rubber . • -- 1 14 6 Farmers’ Trading .. 1 15 9 Fletcher Hldgs. .. — 1 19 0 Frozen Products .. 0 19 0 — G. J. Coles 4 8 0 Hadfields — 0 13 0 Hay’s, Ltd. (15s paid) • • 2 15 0 I.C.I. (pref.) .. 1 7 6 Mas. Struth. (£1 pd.) 1 3 0 — Milburn Lime .. 1 16 0 Morts Dock .. 1 5 3 — Macduff s .. 1 9 6 —— (pref.) McKenzies . • 3 5 0 1 3 8 6 6 0 Natl. Electric .. 2 8 0 N.Z. Drug .. 5 7 0 5 10 0 Forest Products .. 0 5 0 0 5 6 Reid Rubber .. 1 7 6 — Reid Rubber (con.) 0 8 6 Selfridges .. 2 0 0 United Prov. .. 1 4 6 Wilcox, Mofflin 0 19 0 Wm. Cable .. 2 9 2 5 3 Wilson’s Cement .. 0 19 0 Woolworths (ord.) 1 8 7 1 8 9 Woolworths (N.Z.), ord. 1 7 6 Woolworths (W.A.) 5 10 0 6 10 0 W. R. Cooke 0 16 0 Turn, and Jones .. 0 19 3 1 0 0 (10s paid), pref. 0 15 6 Overseas Listing— Wool worths (S.A.) 2 9 0 Aust. Mining— Bro. Hill South .. 1 5 0 Mt. Lyell « 1 3 • 1 4 0

"The following is the official range of prices:— Merino 60/64’s— d. d. Extra super .. .. 37 to 411 Good to super .. 27 to 31 Average .. .. .. 23 to 261 Inferior .. .. .. 19 to 22 Southdown 58/60’s— Good to super .. 261 to 271 Average .. .. .. 24 to 26 Inferior .. 18 to 23 Extra fine Corriedale and halfbred, 58/60’s— Extra super .. 33 to 37J Good to super .. 28 to 32 Average .. 241 to 271 Inferior .. 20 to 24 Fine Corriedale and halfbred 56/58’s— Extra super .. 291 to 311 Good to super .. 26 to 29 Average .. 24 to 251 Inferior .. 18 to 23 Medium Corriedale and halfbred 56’s— Good to super .. 25 to 27 Average .. 22 to 24 Inferior .. 18 to 21 Corriedale and halfbred 50/56’s— Good to super .. 22 to 24 Average .. 20 to 211 Inferior .. 17 to 19 Three-quarterbred 48/50’ Good to super .. 20 to 22 Average .. 181 to 191 Inferior .. 16 to 18 Medium crossbred 46/50’s, 48’s 46/48’s— Good to super .. 19 to 21 Average .. .. 171 to 181 Inferior .. 14 to 161 Fine halfbred hogget 58’S, 56/58’s— Good to super .. 26 to 28 Average .. 23 to 251 Inferior .. 20 to 22 Medium halfbred hogget 56’s— Good to super .. 25 to 27 Average .. .. 22 to 24 Inferior .. 191 to 211 Fine crossbred hogget, 50/54's, Good to super .. 22 to 23 Average .. 20 to 211 Inferior .. 171 to 19 Medium crossbred hogget 48/50’s, 48’s, 46/48’s— Good to super .. 20 to 21 Average .. .. .. 18 to 191 Inferior .. .. Pieces— .. 161 to 171 Merino: Good to super •• .. 24 to 261 Average .. .. 21 to 231 Halfbred: Good to super .. .. 22 to 26 Average .. .. 19 to 211 Inferior and, seedy .. 12 to 16 Fine crossbred or threequarterbred: Good to super .. .. 16. to 18 Average .. .. 14 to 151 Inferior and seedy .. 10 to 13 Crossbred: Good to super • . 15 to 161 Average .. .. 13 to 141 Inferior and seedy Bellies— .. 9 to 12 Merino: Good to super .. .. 18 to 21 Average .. .. Halfbred : .. 151 to 171 Good to super .. .. 17 to 20? Average .. •• 15 to 165 Inferior and seedy .. 12 to 14 Crossbred: -* Good to super .. 14 to 15 Average .. .. 12 to 131 Inferior and seedy Locks— .. 10 to 111 Merino Half bred ,, .. 9 to 12? Crossbred .. *’ 7 to J 91

London,—"Financial. Times” (1926 equals 100): — Indus. Ord Govt. Gold. January 3 .. 136.0 120.6 129.4 January 6 .. 136.1 120.7 129.4 January 10 . 137.1 120.9 129.5 January 15 . 139.3 120.7 134.5 January 21 . 139.6 120.6 x 134.3 January 27 .. 133.8 120.58 129.21

Shares Rails. Indus. sold. July 31 .. 61.86 201.56 1,020.000 Aug. 30 .. 57.29 198.19 1,160,000 Sept. 4 .. 52.24 176.72 3,620,000 Sept. 30 47.72 172.42 1,606.000 October 30 .. 46.64 164.20 1,940,000 November 27 .. 48.90 168.34 1,070,000 December 31 .. 51.13 177.20 1.820;000 January 7 .. 54.37 177.49 980,000 January 15 .. 48.14 171.95 1,040,000 January 22 .. 48.51 173.77 660,000 January 27 .. 49.46 177.28 900,000