COMMERCIAL

Press, Volume LXXXV, Issue 25969, 24 November 1949, Page 10

COMMERCIAL

STOCK EXCHANGES MARKETS ACTIVE There was continued activity on the Christchurch Stock Exchange yesterday, and price movements were irregular. Macduffs ordinaries were again in the limelight, with dealings at prices ranging from 12s to 12s 3d, the latter figure representing a gain of 3d on Tu esc ay’s price. In closing quotations, buyers offered 12* 3d —sellers Id away. DOMINION TRANSACTIONS

AUCKLAND Sales.—l/10/53, 2i per cent. (£2000), £99 7s 6d: 15/12/53-56. 3 per cent. (£425), £lOl 2s 6d; 15/1/53-57 . 3j per cent. (£805). £lO2 2s 6d: Bank Australasia (43), £8 15s; Commercial Bank Aus. (830), 22s 6d. and. pref (45). £9 17s 6d; Union Bank (310), £8 ss: National Insurance (1400),=*23s 4d: N.Z. Insurance (200), £5; D.1.8.A. (700), 23s 3d; Taupo Totara Timber <290), 21s 6d; Felt and Textiles. N.Z., pref. (100), 24s 3d: Booth Macdonald, pref. (200), 14s; B.H. Pty. (100). 435; (300), 42s 9d; and (200), 42s 6d; Bums, Philp (100). 70s; Farmers’ Trading (100). 38s 6d; Gordon and Gotch (500>, 225: Forest Products, pref. (200), 13s 3d; Phillips. Impey (200), 755; WoolWorths, N.Z. (600), 23s 3d. WELLINGTON Sales.—Late Tuesday: Dominion Breweries (68), 64s 9d; Taupo Totara (200), 21s 6d; Colonial Sugar. 2 safes (10), £55 10s; Macduffs (1000), 12s J Woolworths, Ltd. (1100). 225. Reported: 3 per cent., 62-64 (£3000). £lOO 10s. Yesterday: 3 per cent., 52- (£1000). £lOO 10s; 3 per cent., 5255 (£200). £lOO 7s 6d; 3 per cent., Dec., 53- (£625), £101; 3 per cent., 57-60, 4 sales (£1590). £99 12s 6d; 34 per cent.. 5357 (£459). £lO2 2s 6d; N.Z. Insurance (50), £5; D.1.8.A. (400). 23s 3d: Lincoln Mills. 9 per cent., pref. (250). 295; Wellington Wool. ord. (140). £9 12s 6d; 8.H.P., ex div. (300). 2 sales, 435; Macduffs (139), 12s, and (5651), 4 sales, 12s Id; Radio Corp. (165), 13s; Wm. Cable, ex div. (200). 33s 6d; Woolworths, Ltd. (500), 225; Woolworths. N.Z., 2 sales (700), 23s 3d. Afternoon call: 3 per cent.. May. 53-56 (£400) £99 17s 6d; N.Z. Forest Prod., 4J per cent, debentures. March 31, 63-68 (£1000), £99. DUNEDIN Sales Reported.—Union Bank (50), £8 ss: Macduffs, Ltd. (800, 500), 12s; National Mortgage “A” (1000), 10s 6d. LATEST QUOTATIONS

OTHER EXCHANGES SYDNEY Industrials were easier on the Sydney | Stock Exchange yesterday, and base metals followed the overseas decline in j metal prices. Sales: New South Wales, £3B 15s; Commercial Banking of Sydney, j £24; Commercial Bank of Australia. 265; Tooths, 78s 6d; Anthony Hordern. 23s 3d; British Tobacco, 48s: Broken Hill Prop.,’ 48s; Associated News. 16s lid; Burns, Philp, 79s 6d; Colonial Sugar. £62 17s 6d; Drug Houses, 40s; Electro Zinc. 74s 3d; Felt and Textiles. 465; General Industries, 34s 6d; Gordon and Gotch. 245; Howard Smith, 255; Morts Dock. 26s 6dn Wilcox, Moffiin. 16s lOJd; A.C.1.. 58s 6d. Aus. 3d: Kandos. 455; North Broken Hill, 83s fid; South Broken Hill. 455; Mount Morgan, 18s lOid; Kuala Kampar, 22s 6d; Rawang, to; Oil Search, 5s 6d. »

DECLINE IN PIG MEAT PRODUCTION ‘APATHY OF GOVERNMENT’ Remaining stationary for the last two years, in spite of increased butter-fat output, the present pig .meat production was more than SO per cent, below the war-time peak and well below pre-war figures, while at the same time the local demand for pork and bacon had increased ■ by 50 per cent., said Mr A. G. Alexander, chairman of the Waikato District Pig Council, recently. Unless some stimulus was given to production it was clear to those closely associated with the industry that it would not be long before there was a shortage of bacon and pork in New Zealand, continued Mr Alexander. This shortage would probably occur sooner than -anyone exHigh cost of production, heavy losses through disease, and difficulty of getting foodstuffs were responsible for the present position. A further severe curtailment W’ould occur this season as a result of the change-over to* milk powders. Twenty-six dairy factories and an everincreasing number of dairy farmers would be out of pig raising this year, and still more were hoping to change over. The trend was to get away from pigs to an easier and more profitable alternative. Mr Alexander said the Government had shut its eyes to the difficulties of the pig producer, little practical assistance being given, in spite of repeated approaches from industry representatives. “While this goes on.” he said. “Britain, faced with the necessity of maintaining meagre rations. is buying from • Canada and the United States at much higher prices, in addition to spending precious dollars.” Danish farmers prefer pig raising to any other form ,of farming, said Mr Alexander. because prices and conditions were attractive. A more realistic attitude from the Government would solve many of the problems attached to pig producing s *-in New Zealand, and there was no reason why a position similar to that in Denmark should not obtain here. 4 COMPANY NEWS British Tobacco Company.—The directors announce a final dividend of 1 per cent, on ordinary and B ordinary shares, making a total dividend for the year of 9 per cent., and an interim dividend for 1949-50 of 2 per cent., both payable on December 30.—(P.A.) Anthony Hordern and Sons.—Dividends for the half-year ended August 24 are payable on November 30 at the rate of 6 per cent, per annum, on both ordinary and preference shares.—(P.A.) Land Company's Profit.—The New Zealand and Australian Land Company, Ltd., incorporated in Edinburgh, earned a net profit for the year ended March 31 of £ 177,597, according to. cabled advice from London. The result compares with £709,182 in the previous year, and £75.323 in 1947. Ordinary dividend, increased from 5 per cent, to 5% per cent., less British income tax of 9s in £l, requires £61,875. Sanford, Ltd.—Both the net profit and dividends of SanforcL. Ltd., for the year ended August 31 show sharp reductions. The net profit of £1353 is little over onefifth of that of the previous year and is the lowest result' since 1935. The profit is struck after providing unspecified amounts for taxation and depreciation. The preference dividend is reduced from 6 3-5 to 5 3-5 per cent, and ordinary dividend from 8 8-9 to 5 5-9 per cent. (5d a share). Total dividend requirements of £3307 are more than double the net profit and the carry-forward is reduced from £6657 to £4703. The gross profit from trading fell by £9554 to £26,172, while the income from interest and rents was £155 lower at £271. Expenses, including taxation and depreciation, showed a decrease of £4308 to £24,590.—(P.5.5.) EVERY SECOND U.S. FAMILY HAS CAR Half of America’s 50,400,000 families owns at least one motor-car each, while one out of 17 owns two or more, the Federal Reserve Board reports. The board says 77 per cent, hold life insurance policies with premiums ’above 100 dollars a year, 71 per cent, have bank accounts or Government savings bonds; and 45 per cent, own a home or a farm; only 8 per cent., however, own shares in companies.

RESERVE BANK RETURN (New Zealand Press Association.! WELLINGTON, November 23. The Reserve Bank return for the week ended November 16, with' the previous week’s figures in parenthesis, is as follows : Liabilities.—General reserve fund. £1,500,000 (same); bank notes, £52,857,042 (£52.617355); demand liabilities: State, £10,008,068 (£6,689.042); banks, £73.935,915 ( £ 76,278,728); other, £336,272 (£ 113,261); liabilities in currencies other than New Zealand currency. £29330 (£30,805); other liabilities, £3,962.554 (£3,893.652). Total: £ (N.Z.>142,629,081 (£141,122,822). Assets.— Gold, £3,729,612 (£3.645,629); sterling exchange (New Zealand currency), £40,563,133 (£41,318.692); subsidiary coin. £156,989 (£185,169); advances, - State marketing organisations. £2,257,324 (£2,420,510); for other purposes, £42,000,000 (£39,808.986); other advances. £5,084,510 (same); investments. £48,094,280 (same); other assets, £743,232 (£585.046). Total: £( N.Z.) 142,629,081 ( £ 141,122,822). Proportion of reserve to notes and other demand liabilities. 32376 per cent. (33 112 per cent.). CEYLON TEA MARKET COLOMBO. November 22. There was active general demand at the Ceylon tea sales to-day, but the market closed irregular, except for fannings. Offerings totalled 2,811.6751 b. Top high-grown broken orange pekoes 35 x cents per lb, medium liquoring broken orange pekoes 285 medium liquoring orange pekoes, 300, low medium broken orange pekoes 265, and low medium dust .350. BASE METAL PRICES LONDON, November 22. The price for lead, foreign pig is £97 a ton, and for domestic £9B 10s. The wT Sst?/ £M-iS relgn ’ is £Bslos • m^hl s^°7 t !gs 5P ° t £643 55 • ton - Division of Banking Profits.—For every i-t Z™ s3 P ro fits earned by the English. Scottish and Australian Bank, Ltd for the year ended June 30, 1949, expenses of management absorbed 13s 4d according to a summary issued by the *? an f- Income and other taxes required e X. ery , £1 - whUe allocations to the bank officers’ provident fund, and to reserve each accounted for 4d. Shareholders, by way of dividends, received Is

CHRISTCHURCH Sales on ’Change £. s. d. Var’n. B.H.P. (100) .. 2 3 0 -f-9d B.H.P. (100, 100) .. 2 2 9 4-6d BUT. (100) .. 2 2 6 4-3d Macduffs (500) .. 0 12 0 N.C. Macduffs (500, 100) .. 0 12 1 +ld Macduffs (100. 100) .. 0 12 2 4-2d Macduffs (200) 0 12 3 +3d Mt. Lyell (100), ex div. 0 19 9 — 5d Sales Reported 2J P-C., 50-51 (£500) .. 99 12 6 — 4 p.c. Bonds, 52-55 (£1125), late sale Tuesday .. 103 15 0 — Bank of Aus’asia. (81) 8 10 0 —11/6 Comm. Bank Aust. (100), late sale Tuesday .. 12 6 N.C. Natl. Mort. “A” (1500), c.d. 0 10 6 ’4-2/-Huddart Parker (150) .. 2 7 9 — 9d Claude Neon, N.Z. (50), cum div. 2 10 0 4-2/6 Woolworths, Ltd. (200) .. 1 2 0 —Id Farmers’ Trading (100) 1 18 6 N.C.

£ s. d £ S- d. BanksAustralasia 8 10 0 Comm, of Aust. 12 9 Pref. 10 0 0 N.S.W. (Melbourne register) 35 0 0 Natl, of N.Z. 2 16 3 N.S.W. 36 10 0 Union 1 8 13 0 Breweries— Ballins 1 10 8 1 11 0 Dominion 3 4 0 New Zealand 2 3 9 Westland 2 10 Coal— Kaitangata 1 12 3 Pukemiro __ 1 18 U Frozen MeatCanterbury 16 10 0 Pref. .. 8 15 0 N.Z. Befrig., 10s pd. 0 19 1 0 19 3 Southland 2 18 0 Waitaki, c.d. 8 10 0 — Auckland, 5s paid 0 3 0 Christchurch 15 6 10s paid 0 11 3 0 12 0 Timaru 0 10 0 0 12 0 Insurance*— F.A.M.E., pref. _ 15 6 New Zealand 4 19 6 Loan and AgencyGeneral Finance .. 10 3 C.F.C.A., ord. 17 0 Pref. 3 3 0 Chch. Building 20 15 0 Dalgety. c.d. 0 9 0 Golds., Mort, c.d. .. 1 15 6 Invinc. Bldg 5 10 0 Mutual Benefit 18 15 0 . Natl. Mort., “A” .. 0 10 0 0 11 0 "B” 2 9 6 N.Z.F. Co-op. 0 11 3 0 11 7 First pref. 6 17 6 “A” Pref. 4 11 0 __ “B” pref. 4 10 0 4i p.c. Stk, '50-60 102 15 0 MM 41 p.c. Stk, ’55 .. 102 15 0 N.Z. Guarn. Corpn. 0 5 0 0 5 3 N.Z. L. and Merc. ord. 100 0 0 105 0 0 Permanent Invest. 12 15 0 Perpetual Trustees 2 6 0 South Island Fin. 12 9 Trustees’ Exors. .. 5 15 0 United Building .. 1 4 6 Wright, Stephenson 2 9 6 2 11 0 Pref. Shipping— Huddart Parker .. 2 7 6 Union (pref.) 1 10 6 _ Woollens— Bruce 1 18 0 Felt and Textiles .. 2 0 0 Felt and Textiles of N.Z. .. 1 15 6 1 16 6 Pref. —. 14 6 Kaiapoi, 17s paid .. 18 0 18 6 Pref. 18 0 Timaru 17 6 18 6 Wellington 9 10 0 Pref. 9 12 6 /• MiscellaneousAlloy steel (N.Z.) — 2 12 6 Andersons, 1st pref. 15 6 Aust. C.I. 2 12 0 Aust. Found. Inv. —— 0 5 11 Avoir Metal __ 12 3 Beath and Co. 2 9 0 2 10 6 Is paid 0 18 0 10 3 Pref. 17 0 Begg and Co. 1 14 0 Booth Mac. 0 3 3 Pref. 0 13 6 British Tobacco 2 0 6 Broken Hill Pty. .. 2 2 3 2 2 9 Claude Neon, N.Z. 2 9 0 Colonial Sugar 55 5 0 Denhard Bakeries, pref. __ 15 0 Dom. Builders 0 10 1 Dom. Fertiliser .. 18 6 Dominion Rubber 0 9 0 Donaghy’s Rope .. 2 19 6 D.I.C.. 10s paid .j 18 6 1 10 0 Dunlop, N.Z. 0 19 0 Pref. — 10 3 Farmers' Trading G. T. Coles — 1 19 0 0 19 6 Hadfields 0 14 0 Hallenstein Bros. .. 19 0 Hay’s, Ltd. 3 5 0 __ I.CJ, A. ‘N.Z, pf. 14 0 K.D.V. Boxes 0 10 3 0 11 6 Maling, pref. 10 9 Mas. Struthers (£1 paid) 18 6 ___ 14s paid 0 19 0 Metters (N.Z.) 14 0 Midland Motors, pf. 119 M.K. Manufacturers 0 11 6 0 12 3 Morris. Hedstrom, c.d. 2 8 0 Macduffs 0 12 3 0 12 4 McKenzies 3 3 6 McLeod Bros. 2 15 3 National Electric .. 3 10 N.Z. Drug 5 2 0 N.Z. Forest Prod. 0 5 11 0 6 0 Nthn. Roller Mill. 1 13 0 Quill. Morris (1936) 2 2 0 Radio (1936) 0 15 0 Sharland 2 7 0 __ Silknit 16 0 17 6 Simpson and Williams 2 14 0 2 18 0 Skellerup, pref. 117 12 0 Turnbull and Jonea 1 15 3 ___ Weeks, pref. 15 0 Wilson’s Malt 1 10 0 W*worths, ord. 1 1 10 12 9 (N.Z.), ord., x.d. 13 0 13 4 W. R. Cooke and Son 0 7 11 — UNLISTED STOCKS Buyers. Sellers. £ s. d. £ s. d. Andrews and Beaven, pref. __ 13 0 Ass. Mot. Pet, pf. 1 12 0 Beaths (Is paid. 19s deposit) 1 17 0 2 0 0 Canty Seed 15 6 Korma Text, ord. 0 12 6 __ Mack*h, Caley, Phoenix, contr. 0 11 0 Matea Forests 0 2 3 Reece. Ltd, E. (ord.) 0 1 0 —— (Pref.) 0 11 0 ——_ Scales “C” (pref.) 0 7 3 Whakatane Board Williamson. Jeffrey 19 0 —