COMMERCIAL

Press, Volume LXXXIII, Issue 25248, 29 July 1947, Page 8

COMMERCIAL

STOCK EXCHANGES

MARKETS FIRM

Markets were firm on the reopening quotations for the week on the Christchurch Stock Exchange yesterday, but business was restricted to a few stocks, I in which the turnover was smaller. After dealings on Friday afternoon at 43s 6d, Macduffs were quoted wide yesterday at 43s buyers, 45s sellers.

AUCKLAND Sales.—per cent. Stock, 15/4/50-51 (£250), £99 2s 6d; 3 per cent., 15/5/53-56 (£550, £lOO 10s; 3 per cent., 15/2/55-58 (£700), £lOO 17s 6d; 3 per cent., 15/11/5760 (£1665), £lOO 2s 6d; 31 per cent., 15/9/57-60 (£800), £lO2 17s 6d; Dominion Breweries (100), 75s 6d; Auckland Gas (200), 7s lid; Taupiri (50), 68s 6d; South British Insurance (100), 95s 3d; Golds., Mort, rights (481), IQs 3d; North Auckland Farmers, B.T.F. (100), 17s 9d; Felt and Textiles of N.Z., ord. (250), 60s; A.C.I. (100), 60s 3d; Cox Bros. (400), Us 3d; Dunlop, N.Z. (100), 9s lOd; Electro. Zinc (80), 68s; Farmers' Trading (100), 38s 9d; Hatifields (300), Us; K.D.V. (500), 14s 6d; MeKendrick, pref. (150), 28s 6d; Reid Rubber, con. (125), Ts 6d; William Cable (200), 34s 9d, and rights (100), 7s; Mount Lyell (100). 28s 3d; Arahura (100), 30s; Martha (100), 6s. Unlisted: Southern Cross Assurance (200lY 3s; Whakatane Paper, pref. (183), 26s 3d. WELLINGTON Sales.*-Late Friday: Goldsbrough, Mort, rights (166),- 10s Id, and ex rights (363), £1 12s; Dominion Fertiliser (150), £1 10s; Dunlop, N.Z., Ltd., ord. (100), 9s lOd; William Cable and Co., rights (100), 7s. Yesterday: 3 per cent. Stock, 15/11/57-60 (£1770), £lOO 2s 6d; 3 per cent. Stock, 15/2/55-58 (£4OO. 2 sales). £101; 3 per cent.. 15/12/53-56 (£300), £lOO 7s 6d; Auckland Gas (100), 7s lid; Goldsbrough Mort, rights (260), 10s id. and (141, 2 sales). 10s Id: Felt and Textiles of N.Z., ex div. (50), £3; Wilson’s Cement (260), 18s 9d: Macduffs, Ltd., ord. (450). £2 4s; Arahura Gold (100), £1 10s; Waihi Gold Mining (800). 5s 6d; Mount Lyell (100), £1 Bs. DUNEDIN . Sales.—Macduffs, ord. (100), 43s »d. Sales Reported.—3 per cent. Stock, Dec., 1953-56 (£600), £lOO 4s 6d; Kaiapoi Woollens, ord., late sale (100). 30s; Macduffs, ord. (120), 43s 9d; N.Z. Breweries (150), 57s 9d.

OTHER EXCHANGES SYDNEY The market for oil shares on the Sydney Stock Exchange yesterday had one of its periodic bursts of activity, and prices moved strongly upward. Oil Search, which headed the trend, went early to 10s from last week’s closing price of 8s Bd, and stayed there at the last call. Sales.—Bank of New .South Wales. £39 ss; Howard Smith. 24s 6d; Burns. Philp, 81s 6d; Tooths, 75s 3d; Tooheys. 37s 3cU Carlton 79s 3d; Goldsbrough. 325; Zinc Corporation. £6 15s: Electro. Zinc, pref., 67s 3d: Broken Hill Proprietary, 51s: Placer Development. £6 15s; Oil ‘Search, 10s; A.C.1., 59s 9d: Associated News, pref., 22s fid: Apstral Gas (A). £7 12$ 6d; An♦hony Hord*rn. 295: Australian Paper. 36s lOJd: Associated Pulb. 33s 9d: Drug Hous**;, 38s: Dunlop. 38s 3d; David 555: Hadfields. Us: Mark Foy. 48s M Taouin Suear. 535; 43s; Sargents. 29s 9d; Woolworths. 24s 4Jd. MELBOURNE Sales.—Commercial Bank of Australia, 23s Commercial Bank of Sydney. £24 16s; Associated Pulp. 345: A.C.1.. 60s; Dunlop, 38s 4d; pref., 495; 1.C.1., Australian and N.Z.. pref., 37s Id; Nestles, Dref., 4Qs 3d: Mount Lyell. 28s 3d; Mount Morgan, 8s 6d; Tonkah Compound, 24s 4d; Emperor, 18s Id; Oil Search, 10s. / MINING Associated Gold Dredges.—For the week ended July 26 the company’s dredges recovered U2J ounces from 81,220 yards in 360 J dredging hours. Clutha Dredge Return.—Three hundred i ounces for 121 hours.—(F.A.) I

WORLD GRAIN POSITION

GLOOMY FORECASTS FOR WHEAT \ The International Wheat Conference, which has just been concluded in Paris, produced some gloomy forecasts of the world grain position during the next 12 months, says the “Financial Times” (London), on July 17. The world import requirements, for instance, were placed at 50,000,000 tons for human consumption, plus about another 6,000,000 tons for animal feeding stuffs. It was estimated at the same time that exports in 1947-48 might amount to 32,000,000 tons, of which 5.5 millions would be coarse grains and the rest wheat. These exports, it was considered, might he "contributed as follows Million Tons. United States .. .. 14.5 Argentina ». .. .. 5.5 Australia ■.. .. •• 1.65 Canada 8 Other countries, including Soviet .. • • 2.35 Total .. .. .. 32 Any estimate of imports needs must, of course, be subject to a large margin of error, and a conference consisting largely of deficiency countries, as this one did. would naturally place the figure as high as possible. There is little doubt, either, that import requirements would be less if the internal controls in countries needing the wheat were more effective. Taking grains as a whole, a large proportion is consumed by animals on the farm in order to produce high cost foodstuffs, such as meat and eggs. Controls in Europe There is thus a substantial reserve available, if grain stuffs could be diverted from animal to human consumption, which is a much more economical way of .obtaining calories. Unfortunately, however, controls tn Europe are by no means foolproof. Even wheat is being fed to animals, so that the need for imports is inflated above the level which it might be with proper and effective controls. - It is clear, however, that the world grain shortage is an acute one. The European crop, excluding Russia, may be as much as 10 per cent, below the 1,350,000,000 bushels of last year (the pre-war average was about 1.670,000,000). Belgium, France. Denmark Holland, Sweden, Eire. Greece, and Spain are the countries where the prospect seems the most bleak. For Italy private estimates are not to discouraging, but the official forecast is a gloomy one, foreshadowing a substantial increase in her import needs LONDON WOOL SALES FIRM MARKET FOR ALL i SORTS The Bank of New Zealand has received the following cabled advice from its London office, dated July 25:—“The sales have closed firm for all descriptions of wool. There is an active demand by Hom® buyers and Continental buyers. Market is very strong for best merinos.” Current quotations for wools of average condition : d d Merinos— Ordinary 60/64’s .. .. 29 to 33 Halfbreds—56’s .. .. .. 25 to 28 50/56’s .. .. .. 23 to 27 Crossbreds—50’s .. .. .. 20 to 22 48/50’s .. .. .. 19} to 22 46/48’s .. .. .. 18} to 19 44/46’s .. .. 18 to 18} STOCK SALES PLEASANT POINT “The Press” Special Service \ TIMARU, July 28. Approximately 100 head of fat cattle were yarded at the Pleasant Point sale to-day. The offering was larger than usual for the time of the year. A good proportion of the yarding comprised good quality steers. Competition was sound throughout the sale and values remained firm. Extra prime heavy steers made £.22 17s 6d to £25 17s 6d, medium to prime £l4 17s Gd to £2l 2s 6d, medium to prime heifers £ll 7s 6d to £l6 7s 6d, medium to prime cows £8 7s 6d to £ls 7s 6d. There were more than two races of fat sheep and the entry was of good quality, with a yarding in excess of local requirements. There was a general easing of 4s to 5s a head on all grades. Ex tra prime wethers made 54s lOd to 62s 7d, prime wethers 44s lOd to 49s 7d, light

to medium 38s to 42s lOd, extra prime owes 41s lOd to 46s Id, prime 37s 4d to 3&s lOd, light to medium 26s 4d to 33* lOd. In the store sheep section a line at good two three, and four-shear Romnay ewes in lamb realised 40s 4d.

DOMINION TRANSACTIONS CHRISTCHURCH Sales on 'Change 2J4 p.c., 1950-51 (’£200) 98 12* 6* Nat. Bank of A/asia. (£1 Var'n. N.C. —Id 4-3d 4-3d paid) (300; 200) Gold. Mort, rights (153; 96; 93) (50; 100) Reid. N.Z. Rubber (100) 1 11 3 0 10 1 2 11 1 7 3 3 Sales Reported Nat. Bank of A/asia. (£1 nd.) (L.S.F.) (300) .. 1 11 3 N.C. Nat. Bank of A/asia. (£1 pd.) (200) Gold. Mort, rights (71) .. 1 11 0 10 3 2 N.C. N.C. Bruce Woollens (50) 2 9 6 N.C. Kaitangata Coal (500) .. 1 12 0 -2/-

QUOTATIONS Buyers. Sellers. £ s. d. £ s. d. BanksAdelaide — 7 10 0 Comm, of Aust., c.d. 1 3 a 1 3 10 Coram, of Sydney 24 15 0 — E., S., and A-. —■ 7 19 0 Nat. of A*sia., £1 1 11 0 12/6 0 19 — National of N.Z. .. — 3 14 0 New South Wales 39 0 0 Union — 12 9 0 Breweries— Ballins, rights 0 5 3 0 6 0 Dominion 3 15 0 — New Zealand 2 17 6 2 17 9 Swan ... .. — 2 2 6 Coal— Kaitangata — 1 13 6 Frozen MeatCanterbury, pref. 8 7 6 •— N.Z. Refrig. (£1 pd.) — 1 15 6 (10s paid) — 0 19 2 Nth. Cant, (pf.) .. — 1 4 6 South Otago 7 10 0 —■ Insurance— F.A.M.E. (pref.) .. 1 7 6 National — 1 9 0 South British 4 15 3 Standard — 1 4 18 0 Loan and AgencyGold. Mort., its. .. 0 10 1 C.F.C.A., ord. — 1 8 0 Pref. .. •• 2 17 0 — Ch.Ch. Build. — 22 5 9 SSiS: ty Mort. x.d.', — 11 15 0 x.r. * * • • 1 11 9 — Mutual Benefit .. 19 10 0 — Nat. Mort., “A .. 4 16 0 5 5 0 °B” 2 5 9 — Newton King 0 3 6 — N.Z.F. 0 10 0 ••A’’ pr®.* “B” pref. N.Z. Guam. Corp. 4 6 0 0 0 ~8 7 N.Z.L. & Mer., ord. Pref. * • 124 0 0 131 0 140 0 0 Perm. Invest. 11 15 0 United Building .. — Wright. Stephenson , — ShippingNorthern • • — 0 11 9 Hud. Packer, pref. 1 ’3 0 1 13 Woollens— Bruce Yarra Falls - 2 10 2 17 0 6 Felt and Textiles 2 19 3 — Kaiapoi, 17s pd. .. 1 9 9 MM Mosgiel 15 10 Timaru 1 9 Miscellaneous— Aust. C.I. • 2 19 3 Aust. Iron and Steel (pref.) 1 17 3 Beath and Co 2 9 0 Broken Hill Pty .. 2 11 3 2 11 Cant. Roller Flour — 0 15 Colonial Sugar — 55 12 Consol. Brick 0 16 0 0 17 0 Dorn. Builders 0 8 3 — Donaghy Rope 3 8 0 — D.I.C. (10s pd.) .. 1 9 6 Dunlop Rubber .. 1 18 3 1 18 6 Dunlop N.Z. Pref. 0 10 8 0 11 0 Electro. Zinc (pref.) 3 7 6 Fletcher Hold. •— 1 18 0 Pref. — 1 16 6 G. J. Coles — 4 8 3 Greater Crystal .. —— 1 7 0 Griffin and Sons .. 2 17 6 —— Jason Invest., rts. 0 11 U Hadfields •— 0 11 0 Matches, N.Z. — 0 10 0 Hume Pipe (Aust.) 1 5 9 1 6 1 Kauri Timber 1 14 0 1 15 0 K.D.V. Boxes 0 14 0 Mas. Struth. (£1

paid) 14s paid 15 0 0 17 6 10s paid — 0 13 u Matters, N.Z. — 19 0 McKendrick Bros. 1 15 0 M.K- Manuf. —• 0 13 0 Morts Dock 14 5. 15 0 Macduffs 2 3 0 2 ,5 0 Natl. Electric 2 15 0 — N.Z. News. _— 2 12 6 North. Roller 1 10 9 —— Pref. 17 6 —— Quill Morris (1936) 1 18 0 2 2 0 Radio, rts. 0 7 6 Radio (1936), x.r. — 10 6 Reid Rubber 17 0 17 6 N.F.P. 16 6 — Selfridges — 2 4 9 Taupo Totara — 0 17 3 Standard Cement .. 14 9 15 9 Reid Rubber, part paid 0 7 8 0 7 9 United Provis. Weeks \ 0 18 6 12 15 0 — Whit, and Tombs .. 8 10 0 Wilson's Cement .. 0 18 9 — W"ths. (ord.) 1 4 6 14 9 (N.Z.), ord. 1 11 0 1 12 0 W. R. Cooke and Son 0 6 4 — UNLISTED STOCK Buyers. Sellers. £ s. d. £ s. d. Amalg. Batteries 10 0 Pref. 10 0 Chch. press. 13 7 6 Korma Tex (pf.) __ 18 0 Mt. Cook Tours .. 0 8 0 0 10 0 Mack., Caley, Phoenix (ISs paid) .. 1 18 0 Con. __ 2 10 N.Z. Fisheries 0 18 0 Scales “C” (pref.) 0 5 6 Self ridges (W.A.) 10 0 12 0 Williamson Jeffery 1 12 6 Whak. Paper 0 8 0