COMMERCIAL

Press, Volume LXXXVI, Issue 26031, 7 February 1950, Page 7

COMMERCIAL

STOCK EXCHANGES MARKETS QUIET Markets were quiet on the Christchurch Stock Exchange yesterday, and dealings were restricted to a few stocks. Prices generally were well maintained, but Macduffs’ shares dropped back sharply to business at 12s 2d—lOd below the last recorded local dealings. DOMINION TRANSACTIONS CHRISTCHURCH Sales on ’Change „ £ s. d. Var’n. Ballins Breweries, rights „ •• 0 10 N.C. Macduffs, Ltd. (600) .. 012 2— lOd Sales Reported Comm. Bank of Aust. « J 3oo * •• •• 16 9 N.C. Ballins Breweries, rights (346) .. 0 1 0 N.C. 3 p.c., 61-63 (£1000) .. 99 10 0 3 p.C., 62-64 (£7360) .. 99 10 0 AUCKLAND Sales.—National Savings Bonds, 19/8/52 (100), £lO5 7s 6d, and 30/10/52 (£1500), £105; 15/6/61-64, 3 per cent. (£1000). £99 12s 6d; 15/7/63-65, 3 per cent. (£200), £99 7s 6d; Comm. Bank Aust. (300), 26s 9d, and (300), 26s lOd; Ballins Breweries, rts. (128), Is; South British (50), 965; Wright. Stephenson, pref. (1000), 24s 6d; Huddart Parker (100), 54s 6d; Korma, pref. (200), 19s 3d; Fletchers (110), 32s 9d; Forest Products (900), 6s 3d; Silknit N.Z. (100). 30s; Woolworths, Ltd. (100), 24s 9d. Unlisted: Matea Forests (107), 2s 4d; Ross and Glendining (150), 525. WELLINGTON Sales.—Late Friday: Comm. Bank of Aust., ex div., 2 sales (465), 26s 9d; Huddart Parker, ord. (100), 54s 6d; British Tobacco (200), 465; Woolworths, Ltd., 2 sales (200), 255; Woolworths N.Z., 2 sales (200), 24s 4d. Unlisted: Ross and Glendining (50), 525. Yesterday: 2J per cent., 1/10/53 (£6oo’, £99 15s; 3 per cent., December 1953-56, 2 sales (£400), £100; 3 per cent., 1960-63, 2 sales (£5520), £lOO 2s 6d; 3 per cent., 1961-64, 3 sales (£1065); £99 12s 6d; 3 per cent., 1963-65 (£525), £99 10s 6d; 3J per cent., 1953-57 (£3000), £101; 4 per cent., 1952-55 (£350), £lO2 ss; W.F.C.A., pref. (300), 20s 6d; Wright, Stephenson, pref., 24s 6d; Roma, pref. (200), 19s 3d; Macduffs (600), 12s 2d; Silknit N.Z. (100), 30s; Wool worths, Ltd., 2 sales (340), 255; Broken Hill South (200), 43s 3d. Unlisted: N.Z. Motor Bodies (850), 33s 6d; Ross and Glendining (100), 525. DUNEDIN Sales.—Bruce Woollen, ord. (63), 43s 6d. Reported: 3 per cent., December, 195356 (£1000), £100; Woolworths, Ltd. (350), 25b; Wright, Stephenson, pref. (350), 24s 6d; Commercial Bank, ord. (100), 26s 9d.

OTHER EXCHANGES SYDNEY A wide range of shares, including frontrank industrials, improved in price on the Sydney Stock Exchange yesterday. Sales.—Bank of New South Wales, £47; Commercial Banking of Sydney, £26 16s; Commercial Bank of Australia, 30s 3d; Tooths. 83s 6d; Asspciated News., 16s 3d; Anthony Hordern, 26s 6d; British Tobacco, 51s; Broken Hill Prop., 52s 6d, and contributing, 40s 6d; Dalgety, Us 6d; Electro. Zinc, 76s 6d; Felt and Textiles, 48s 9d; Hadfields,. 14s 9d; Morts Dock, 275; ’Burns, Philp, 89s; Colonial Sugar, £65 17s 6dDunlop, 435; Gordon and Gotch, 25s 3d: Woolworths, 27s 3d; Wilcox, Mofflin, 17s 3d; Yarra Falls, 70s; North Broken Hill, 765; South Broken Hill, 74s 3d; New Broken Hill, 30s 6d; Oil Search, ss; Emperor, 13s; Wellington, 3s sd.

MELBOURNE Investment trading was light on the Melbourne Stock Exchange yesterday. Gold weakened in the morning but showed a slight recovery at the afternoon call.

Sales.—Commercial Bank of Australia, 30s 4d; Dalgety, Ils 9d; Goldsbrough, Mort, 42s 2d; A.CJ., 635; Australasian Paper, 32s 8d; Dunlop, 43s 3d; Felt and Textiles, 48s lOd; G. J. Coles, 24s 6d; Hume Pipe, 425; Myer, 12s; N.Z. Forest, 7s 4d; Electrolytic Zinc, 76s 6d; Broken Hill Pty., 52s 3d; New Broken Hill Pty., 40s 7d; South Broken Hill, 475; New Broken Hill, 30s 6d; North Broken Hill, 765; Mount Isa, 395; Mount Lyell, 235; Emperor, 12s lid; Loloma, 235; Mount Morgan, 18s; Oil Search, 4s lid.

LONDON Broken Hill North, 62s 2Jd; Broken Hill South, 375; Broken Hill Proprietary, 425; Consolidated Zinc, 23s 3d; New Guinea, Is 6jd; Mount Morgan, 14s 6d.

LONDON WOOL SALES PRICES FOLLOW N.Z. LOWER VALUES ■ 1 (NJL. Press Association-Copyright) LONDON, February 3. At the London wool sales to-day, a total of 20,451 bales was offered, of which 19,000 were sold. The catalogue included 10,167 bales from New Zealand and 9327 from Australia. Continental buyers continued to take the greater proportion of the offerings. Fine wools of good length are selling well at prices slightly below last week’s opening rates. Good competition from the Continent was a feature of the sales, states the Committee of the London Wool-Brokers. Buyers from the home trade were less active than last week, and apart from paying some extreme prices for super-style lots, concentrated largely on inferior descriptions. The offering on both to-day and yesterday included a large quantity of dry, short wools from the North Island, mostly from Gisborne and the East Coast, which made an attractive show in the warehouses. Thursday’s sales reflected the irregular and lower market reported from Napier last Monday, prices for fine crossbreds being 5 to 7J per cent., and for medium grades, 10 per cent, cheaper than last week. Some hoggets fetched high prices, the best being 64d for six bales from Tokomaru Bay, and nearly all clips were fully cleared on a satisfactory basis. Before to-day’s sale, however, reports were received from Wanganui indicating a further decline of 7J per cent, in the New Zealand market and consequently London prices fell to the same extent. The full effect of this decline was felt on prices for fleece wools, but skirtings continued to. sell well at rates not far below yesterday’s level. It is now clear that supplies of crossbreds reaching Europe are satisfactory and that, as the half-way stage in the New Zealand selling season approaches, prices are falling to a more normal basis. This trend is encouraged by the natural reactions against the recent high prices when supplies were very scarce. Bank Advices The produce department of the Bank of New Zealand is advised by its London office under date February 3 that New Zealand greasy medium crossbred' suffered a further decline of 10 per cent, on Friday, fine crossbred a further 5 per cent, recession, and scoured wool generally was down from 5 per cent, to 10 per cent., compared with the opening of the sales. Sliped wool was 15 per cent. down. The Bank of New South Wales under even date received the following advice from its London office:—"The market for crossbreds was weaker with little spirit and a reduced Remand. Under heavy offerings prices were sometimes 10 per cent, cheaper than on Thursday.” REACTION IN BRADFORD “ DESIRABLE DEVELOPMENT ” (Special Correspondent N.Z.P.A.) LONDON. February 6. Taking its lead from the weaker wool markets in the Dominions and London, the Bradford tops market was in a more hesitant mood last week. Although there is an undoubted downward droop in prices, says the International Wool' Secretariat special news service, provided it does not go too far, this generally is regarded as a desirable development. The tops market cannot be quoted reliably because of the disparity between individual quotations for comparable tbps. On an average, Merino tops quotations are 6d to 8d cheaper than a week ago, fine crossbreds 5d to 7d cheaper, and medium crossbreds a little less. The big need at the, moment is for a settled basis in wool prices, for there is evidence that further good business is waiting to be done when stable prices emerge. Meanwhile, wool-importing trades are faced with the need to buy wool in the Dominions in order to stock up for the between-seasons period; July to September. DEVALUATION CRISIS INDIA’S DRAIN ON STERLING “ MOST POWERFUL SINGLE CAUSE ” (N.Z. Press , LONDON, February 6. The most powerful single cause of last year's devaluation crisis in Britain was the action of Sir Stafford Cripps in allowing India to draw £210,000,000 sterling from her frozen balances in London, sayfe the "Manchester Guardian’s” financial editor. He adds: "The extent of the Indian run on sterling in the critical year, July, 1948, to June, 1949, is still not fully realised here. Yet it is a vital part of the Government’s record and a fatal blot upon the record of the present Chancellor?' Recent Anglo-Indian financial talks in New Delhi have brought some rhyrrie and reason into the situation, the "Manchester Guardian” continues. India has now agreed to restrict her demands and to try to keep within a limit of £50,000,000 during the next 12 months. Even so, moderation will not be achieved lightly or easily, and the decisions reached in New Delhi are clearly good resolutions rather than firm undertakings. The\, “Manchester Guardian’s” financial editor says he does not advocate that Britain should repudiate debts of the type of those accumulated by India during the-war, but he does urge that reasonable conduct by both debtor and creditor during the difficult period is essential. Mr Roy Harrod, the Oxford economist, has put forward a proposal for funding all Britain’s frozen sterling balances and limiting payments from them to £100,000,000 sterling annually. COMPANY NEWS BERLEI (N.Z.) LTD.’S ACCOUNTS RECORD SALES TURNOVER A net profit of £16,905 against £16,714 the previous year, is shown in the accounts of Berlei (N.Z.), Ltd., for the year ended December 19. Dividend for the year is maintained at 17J per cent, (final 6d a share) and requires £12,250. A sum of £4921 is transferred to general reserve, compared with £9OB in 1948, leaving £12,295 to be carried forward, against £12.561 brought in. Dividends received, including transfer of £15,000 from the subsidiary company’s unappropriated balance, together with £4921 from profit and loss appropriation account, have been credited to the general reserve fund, which now stands at £90,000. Sales showed an increase of £28,985, to create a new record, state the directors. Shortage of female labour was still acute, but this was offset by labour employed at the company’s provincial units, continues the report. Deliveries of raw materials from overseas have been satisfactory, especially when it is now necessary to obtain about 90 per cent. 8f these from the United Kingdom, against 60 per cent, in the pre-war period. Net consolidated profit was £3198 lower at £20,463. The decline is attributed to increased costs and the arbitrary fixing of prices by the Price Tribunal. Tax provision was £41,123, against £34,239, and the balance-sheet stands at £265,374, compared with £241,233 in 1948. Standard Insurance.—The directors have resolved to pay a dividend of Is 6d a share for the .half-year ended December 31, 1949. The dividend will be payable on and after Monday, March 6.—•(P.A.) Dunlop Rubber (Australia).—This company announces an interim half-year dividend (unchanged) at per cent, on ordinary, and 5 per cent, on preference shares, payable March 31.—(P.A.) National Reliance to Increase Capital.— The directors of the National Reliance Investment, Co., Ltd., has decided to raise additional capital of £lof>.ooo, by the issue at par of 210,000 shares of 10s each. These will be offered to shareholders in the proportion of one new share for every four held at February 25. Application money is payable in full, on or before the closing date of issue, March 31. The issue has been underwritten in full by J. B. Were and Son. Melbourne—ex rights, February 25.—(P.A.) Snowy River Dividend.—This dredging company has declared a dividend of 10 per cent. (Australian currency), payable February 22.—(P.A.) Queensland Brewery.—This company is paying an interim dividend of 3>/ 2 per cent, on ordinary shares, and 2% per cent, on preference shares for the halfyear ended December 31. The dividends are payable March 3—ex February 17. (P.A.) United States Steel Corporation.—This company, the world’s largest steel-maker, reports that its 1949 profit was the highest in 20 years. Net income was nearly 166,000,000 dollars. The profit would probably have set an all-time record but for losses through the long steel strike.—New York, February 1. MINING Grey River.—For the period ended January 24, the dredge worked 244 hours, handling 121,000 yards, and producing 134.40 z bullion.—(P.A.) * Martha Gold Production.—For the period ended December 31, the mine operated 35 days, ciushing 11,218 tons of ore for 11790 z sold and 21.6340 z silver.— (P.S.S.)

STOCK SALES DUVAUCHELLE The yarding at the Duvauchelle cattle sale on Friday comprised approximately 225 head—lso head of fat cattle, 50 stores, and the balance springers and bulls. Dry weather forced dairymen to unload their store cows. Many of these, though entered in the fat pens, were only in stores condition. Some good lines of fat steers and heifers were offered. A line of nine steers, sold on behalf of Mr E. P. Coffin, Okain’s Bay, realised from £2O to £25 5s a head. The best price for fat heifers was £lB 2s 6d and for fat cows £l5 10s. Some good quality springing heifers realised up to £24 a head. The stores consisted of Snail lines of calves and store cows. A fair range of bulls was offered. Prices generally compared favrates bly Wlth reCent Add * n Bton market The range of prices was as follows: Extra prime steers, £2O to £25 ss; prime light-weight steers, £l3 15s to £lB 10s; extra prime heifers, £l6 17s 6d to £lB 2s 6d; prime heifers, £l3 to £l4 17s 6d; light-weight heifers, £9 to £lO 15sextra prime cows, £l3 12s 6d to £l5 10s; prime cows, £9 17s 6d to £l2 10s; lightweight and unfinished sorts, £6 5s to £9; ™ s L to £5 15s: springing heifers, £8 to £24; store cows, £4 10s to £6 ss; bulls, £4 10s to £lO. PLEASANT POINT i n ?iJSb Wa s avera ge in the yarding of 60 head of fat cattle (mostly cows) Pnint Ster^h y s . fortni ?btly sale at Pleasant Point. The demand was keen and steer beef appreciated fully 30s a head, sn? 4L2 enn J ng of * at ? ambs numbered 500 head. Keen competition held values very firm. The entry of fat sheep was also a very large one, including a few W mJ? erB i and ewes of excellent 3?™ y e‘ lar 2 est yarding of store sheep so far this season included a numpeT4 w ell-grown rape lambs. The demand from the large number of fnr!^ erS cJ >r n Se V t was very firm for best med jnm lambs easing wo« b^y i‘ ? ne bne at and forward WM-e — BmbS avera g ed 38s 6d. Values Fat Cattle.—Fat steers, best £23 to £26

IMPORT LICENSING AMENDMENTS The following import licensing amendments have been announced by the Customs Department:— Utility Type Shoes.—An allocation has been fixed for the importation of utility type .shoes, sizes 10-5, suited for use by maids and youths, from the United Kingdom and other British sterling countries to the extent of 40 per cent, of the amounts of licences granted for imports of similar goods, namely, children’s utility shoes, sizes 10-5, and women’s utility shoes, from the same sources In 1946. It is desired that reasonable quantities of maids’ shoes of the better types should be imported within the allocation and licences will be noted accordingly. Bicycle Tyres.—The size 26 x2x 11 carrier oversize is to be added to the list of sizes which may not be imported under licences granted in respect of bicycle tyres, etc.

LATEST QUOTATIONS Banks— Buyers. £ s. d. Sellers. £ s. d. Comm, of Aust. .« 16 9 1 6 10 Pref. 9 12 6 E., S., and A. 6 10 Natl, of N.Z. - .. 2 18 6 2 19 6 N.S.W., c.d. 40 15 0 Union .. .. 10 0 0 Breweries— Ballins .. .. 19 0 19 9 New Zealand .„ 2 7 3 2 8 0 Baltins, rights 0 10 Oil Westland 2 2 0 Frozen MeatCanterbury 16 5 0 Pref. 8 0 0 8 10 0 N.Z. Refrig., £1 paid, x.d. 10s paid, x.d. • Southland 3 ~0 0 1 18 6 0 19 6 GasChristchurch, c.d... 15 3 15 6 10s paid, c.d. Insurance— National New Zealand 5 4 0 0 12 6 15 3 Standard 4 7 6 __ Loan and Agency— C.F.C.A., ord. 17 6 19 0 Pref. 3 3 0 Dalgety 0 9 11 mm. Goldsbrough, Mort Invincible Building 5 ~8 0 1 18 6 Natl. Mort., "A,” c.d. . “B,” c.d. - 2 "T 0 0 8 4 N.Z.F. Co-op. 0 12 3 —— First pref. 7 10 “A" pref. 4 12 9 — “B” pref. N.Z. Guar. Corpn. 4 12 0 105 0 0 mm Perm. Invest. 12 7 6 South Island Fin. 13 3 mm Trustees Executors 5 17 6 __ United Building .. 13 0 14 0 Wright, Stephenson Shipping— Huddart Parker, pf. 16 3 2 12 0 P. and O. 2 3 0 Union, pref. N.Z. (London reg.) Woollens— Bonds , .. 2 13 3 1 10 7 15 0 0 Bruce .. 2 3 6 mm Felt and Textiles .. 2 3 0 mm Felt and Textiles of N.Z. .. 1 15 9 1 16 3 Pref. 14 5 mm Kaiapoi, 17s pd. .. 18 6 18 9 Pref. 18 0 —. Mosgiel 2 13 0 mm Oamaru 2 0 0 _. Wellington, x.d. .. 9 17 6 MM Miscellaneous— Alloy Steel (N.Z.) Ampol Andersons (1st pf.) 1 ~5 6 2 12 6 1 14 0 Amalg. Wireless .. Aust. C.I. 2 15 0 2 13 0 Avon Metal Beath and Co., pf. 17 01 1 0 Begg and Co. Booth, Macdonald 1 15 0 0 4 2 Pref. 0 13 9 MM Broken Hill Pty. 13s 4d pd. 1 15 0 2 8 0 Canty. Saleyards .. 1 17 9 MM Claude Neon, N.Z. 2 13 0 MM Colonial Sugar 59 17 6 .60 5 0 Dom. Builders 0 10 9 MM* Dom. Fertiliser 1 10 0 MM Dominion Rubber 0 12 6 MM Donaghy’s Rope .. 3 10 MM D.I.C., pref. 17 9 MM Dunlop Rubber, c.d. 1 15 9 Dunlop, N.Z. Electro. Zinc., ord. Evans Atlas |.. 1 ~7 6 0 18 6 3 10 0 Fletcher Holdings 1 12 0 Frozen Products .. 110 G. J. Coles 1 19 12 3 Hay’s. Ltd. 3 9 0 — Henry Jones K.D.V. Boxes 0 10 9 3 13 0 Maling, pref. Mas., Struthers, £1 paid 19 0 1 1 0 Metters (N.Z.) 14 0 1 10 0 Midland Mot., pref. 1 1 9 1 ,2 6 Macdtiffs 0 12 2 0 12 6 McKenzies N.Z. Drug 5 12 6 3 2 0 N.Z. Forest Products 0 6 1 Pref. N.Z. Newspapers .. 2 13 0 0 13 9 Northern Roller Milling Otago Daily Times Quill. Morris (1936) 2 ~3 0 1 13 0 2 9 6 Radio (1936).. 0 15 6 MM Silknit 19 6 MM Skellerup, * pref. .. 1 16 12 0 Whit, and • Tombs 1 2 4 UM. Wm. Cable 1 14 0 MM Wilsons Cement .. 0 17 9 u— W’worths, ord. (N.Z.), ord. 14 0 15 0 14 6 W. R. Cook & Son 0 8 1 UNLISTED STOCKS Buyers. Sellers. £ s. d. £ s. d. Amalg. Batteries .. 13 0 16 0 Ass. Mot. Pet., pf. Beaths (Is pd., 19s deposit) 1 12 0 1 17 6 1 19 6 Ch’ch. Press 12 10 0 Mack., Caley, Phoenix 1 13 6 Lane, Walker, Rudkin 2 19 0 3 2 0 Matea Forests 0 2 6 0 2 8 Licensed Freeholds Reece Ltd., E., ord. 0 10 1 7. 6 Pref. 0 11 0 Regent Theatre .. Scales “C,” pref. 0 7 6 0 12 6 St. Elmo Courts, 6 per cent., pref. .. 14 0 17 0 Whakatane Board Mills .. 0 18 6 Pref. .. .. 12 6 13 3 Williamson Jeffrey 1 10 0