COMMERCIAL

Press, Volume LXXXIV, Issue 25390, 13 January 1948, Page 8

COMMERCIAL

NEW ZEALAND STOCK EXCHANGES REOPENING TO-DAY The New Zealand stock exchanges, which have been closed for the Christmas and New Year vacation since December 23, will resume business this morning. SYDNEY STOCK EXCHANGE COLONIAL SUGAR SHARES RISE SHARPLY A sharp rise in Colonial Sugar on the Sydney Stock Exchange yesterday has lifted- the price well above the record. Market talk of a new issue*has focussed attention on these shares. Broken Hill Proprietary notched a new post-war record and generally the market was strong. Sales.—Commercial Bank of Sydney. £24 10s; Commercial Bank of Australia, 225; National Bank (12s 6d paid), 20s 4Jd; Howard Smith, 28s; Tooths, 82s 9d; Goldsbrough, Mort, 36s 9d; Wilcox, Mofflin. 20s 6d; Mount Lyell, 34s 6d; Broken Hill Pty., 57s 9d; South Broken Hill, 44s 9d; A.C.1., 66s 6d; Associated News., 19s, and preference, 20s; Anthony Hordern, 29s 6d; Australian Paper, 38s; British Tobacco, 54s 3d; Colonial Sugar, £62 15s; Claude Neon, 40s; Drug Houses, 42s 6d; Felt and Textiles, 67s 6d; General Industries. 34s 4Jd; Hume .Pipe, 28s 7jd; Kandos. 48s; W. R. Carpenter, 47s 6d. MELBOURNE Sales.—National Bank (12s 6d paid), 20s 6d; Cox Bros., 10s lOd; Dunlop, 42s 9d; G. J. Coles, 84s 6d; Myers, 49s 3d; Hume Pipe, 295; N.Z. Forest, 6s; New Broken Hill, 50s 6d; North Broken Hill. 82s; Emperor, 17s 9d; Mount Morgan, Ils 6d; Wellington Alluvials, 4s sd; Oil Search, Bs. GOVERNMENT STOCK LONDON QUOTATIONS LONDON, January 8. Quotations for British and New Zealand Government loans on the London

1948-58, 4; p.c. ..102 0 0 101 17 6 1952-55, 3 p.c. ..101 0 0 101 2 6 SHAREMARKET INDICES

New York.—Dow Jones (126 equals 100). 1939 Highest (Sept.), rails, 35.90: industrials, 151.22 Lowest (April) rails 23.15; industrials. 121.4 Shares

WORLD’S COTTON TRADE STATISTICAL POSITION SOUND The output of the Lancashire cotton textile industry is expanding appreciably and there is presumably a corresponding increase in its consumption of raw material. On the other hand, consumption in the United States—the largest consuming country—is running at a considerably lower level than a year ago, and this fact may tend to make American interests overlook the growth which is taking place in the United Kingdom, the Continent, Japan, and elsewhere. The statistical fiosition of cotton throughout the world s strong, and this is a consideration of which more is likely to be heard as the season proceeds. United States official estimates put the world carry-over of cotton at July 31 last year at 17,900,000 bales, or 28 per cent, below that of 24,800,000 bales a year previously, and 37 per cent, below the record of 28,500,000 bales reached at the end of 1944-45. The contraction in world stocks is attributed to two years in succession of low production during which mills used 5,000,000 to 6,000,000 bales more than was grown. World cotton production during the current season is estimated at 26,100,000 bales. This is 21 per cent, above last season’s estimated production of 21,500,000 bales, but 18 per cent, below the average for the la'st five seasons before the outbreak of the war. Increases in production this season compared with last are expected in Russia, Brazil, Peru, and Argentina, as well as in the United States, where a crop exceeding last season’s by some 3,000,000 bales has been forecast. This season’s total supply—crop plus carry-over—ap-pears likely to be some 44,000,000 bales compared wtih 46,300,000 bales for 194647. . AMERICAN RUBBER INDUSTRY TREND TOWARDS EXTRA LOW PRESSURE TYRES During 1947 the American rubber industry, thanks to its outstanding record of sustained high production, all but caught up with the large tyre shortage which was brought about by the war. In so doing, the industry has set what probably will be a new all-time record in rubber consumption, says Mr John L. Collyer, president of the B.F. Goodrich Company. Because of the industry’s efforts, the supply of and demand for tyres had reached nearly a normal balance before mid-year. tyres being one of the very first major articles to attain this position. By the end of the year inventories showed little evidence to recall the wartime shortages. In 1948, outstanding orders for most industrial products will have disappeared long before the end of the year, Mr Collyer continues. Even so, the estimate for 1948 put total rubber consumption in the United States at 870,000 tons. This would still be considerably larger than any prewar year (33 per cent, higher than in 1940) —larger, in fact, than any years except 1946 and 1947. Significant developments during 1947 included a trend towards extra low-pressure tyres, mainly as original equipment on new model cars, and the introduction by the Goodrich Company of a tubeless, self-puncture-sealing tyre, the aim of all tyre designers since tyres were first made This tyre, representing the biggest single change in tyre conception since the change from square-woven fabric to cords, was expected to be available for regular commercial sale in a few areas within the next two months, Mr Collyer said. NEW LIGHT-WEIGHT FABRIC' MIXTURE OF WOOL AND NYLON Claimed to be four times as strong as any known wool fabric of equivalent weight, a new light-weight wool . nylon mixture cloth, weighing from IJoz to 7oz a square yard, has just been introduced by a London firm, reports a Reuter’s correspondent. • The nexfc cloth consists of a blending of 95 per cent, wool and 5 per cent, nylonwoollen yarns of as fine as 50 skeins or worsted yarns of 100 to 120 counts have been spun round, the very fine core of nylon thread. The handle and characteristics of the cloth are essentially those of wool, and it can be dyed, printed, and processed in the normal fashion. The new fabric has a higher shrinkresistance than ordinary woollens and, as well as enhanced wearing properties, it can be woven on automatic looms. The mixture may be used for many purposes. including shirtings, dresses, suitings, furnishings, etc., and will be in production for the home and overseas markets soon. MINING Associated Gold Dredges (N.Z.), Ltd.— For the week ended January 10, the company’s dredges recovered 671 ounces of gold from 63.695 yards in 266$ dredging hours. Electrolytic Zinc Returns.—The production statement of Electrolytic Zinc Company of Australasia, Ltd., for the four weeks ended December 10 is as follows, the figures for the previously four-weekly period being given in parenthesis:—Risdon works: zinc. 5172 tons (5724). West Coast mines: ore treated, 10.318 tons (9433); lead concentrates, 790 tons (790); zinc concentrates, 3333 tons (2809); copper concen305 ton* (37ZJ,

Stock Exchange are:— Jan. 1. Jan. 8. £ s. d. £ s. d. Consols, 2J p.c. .. 81 15 0 81 15 0 Fund, ’60-90, 4 p.c. 112 13 112 10 0 War Loan, 3J p.c. .. 102 16 3 103 1 3 Brit., 3J p.c. Con. .. 105 2 6 105 11 3 Victory Bonds .. 103 16 3 114 1 3 New Zealand—

London.—“Financial Times” (1926 equals 100) Inds. Ord. Govt. Gold. Oct. 31 .. 111.5 «14.58 126.10 Nov. 23 .. 119.5 113.74 123.76 Jad. 3 .. 128.40 112.8 123.51 Jan. 5 .. 127.30 J 12.88 123.06 Jan. 6 .. 126.62 112.88 122.71 Jan. 7 .. 125.1 112.93 121.93 Jan. 8 .. 124.8 113.24 121.65 Jan. 9 ... 124.3 113.48 121.73

Rails Indus. sold. Oct 31 .. 48.74 181.81 800.000 Nov 29 .. 47.12 179.40 390,000 Dec. 31 .. 52.48 181.16 1,540,000 Jan. 2 .. 53.85 181.04 700,000 Jan. 5 .. 52.72 179.53 1,090,000 Jan. 6 .. 52.39 179.12 1,030,000 Jan. 8 .. 53.27. 180.60 890,000 Jan. 9 .. 52.85 180.09 980,000 Jan. 10 .. 52.87 180.20 380,000