COMMERCIAL

Press, Volume LXXXVI, Issue 26125, 30 May 1950, Page 7

COMMERCIAL

STOCK EXCHANGES MARKETS QUIET Markets were relatively quiet on the I Christchurch Stock Exchange yesterday, and prices generally were well maintained. Quotations for Government stock J were few and this applied to both buyers 1 and sellers. In the New Zealand mining ! section there were buyers for Kanieri at 14s, and for Grey Rivers at ss—sellers 9d away. There were unsupported sellers of Austral (N.Z.), at 6s 9d, and Martha at 4s lOd.

AUCKLAND Sales.—ls/1/53-57, 3J per cent. (£400), £lOl 15s; Auckland E.P. Board, 15/6/59, per cent. (£200), £lO9 2s 6d; City of Auckland, 1/12/63-4, 4 per cent. (£400), £lO9 7s 6d; Nat. Bk. N.Z-. (£500), 56s 6d; Auckland Gas (1100), 9s lid; N.Z. Insce. (300), £5 8s; F.A.C. “B” pref. (700), 26s 9d; Wright, Stephenson, pf. (250), 25s 6d; Aust. Found, rts. (847), Is Id; Claude Neon, N.Z. (100), 565; Col. Sugar (5), £62; M.K. Mfrs. rts. (206), 2s 9d; Forest Prods. (200). 6s 6d; Tip Top Ice (600). 17s 10Jd; ; Woolworths, N.Z. (200), 25s 8d; Woolworths. Ltd. rts. (800), 13s Id. Unlisted: Alex. Harvey, old issue (700), 545. WELLINGTON Sales.—Late Friday: Beath and Co. (100), 51s; Sharlands, ord. (100), 52s 6d. Yesterday: 3 per cent., May, 53-56 (£500), £99 10s; Bank Australasia (150), £lO 2s * 6d; Bank N.S.W. (5). £4l; Union Bank, (30), £9 18s; Gear Meat (500), 30s 3d; N.Z. 1 Insurance (25), £5 8s; South British (200), 98s; Dalgety (600), 10s 2d; Wellington In-' vest. (500), 10s 6d; F.A.C. “B" pref. (700), j 26s 9d; Aust. Found. Invest, rts. (180), Is: I Claude Neon, N.Z. (100), 565; Beath and: Co. (100), 51s; Hallenstein Bros. (250),' 30s 6d; J. J. Niven (50), 45s 6d, and (150),' 2 sales, 45s 9d; Metters, N.Z. (200), 21s 6d; R. and E. Tingey, pref., ex div. (200), 31s! 6d: Skellerup, pref. (150), 21s 9d; William Cable (100), 36s 6d; Wool worths Props. (250), 26s 6d. DUNEDIN Sales.—N.Z. Insurance (200), £5 8s; Aust. Foundation, rights (1423), Is Id. Reported: N.Z. Insurance (600), £5 8s; McLeod Brothers (200), 58s; D.1.C., pref. (100), 28s.

OTHER EXCHANGES SYDNEY The firm market tone on the Sydney Stock Exchange yesterday was reflected by the large number’ of price rises in trading. Sales.—New South Wales. £4B ss; Union Bank, £ll 6s; Tooths, 93s 9d; Tooheys, 40s; Associated News, pref., 19s 6d; Aust. Paper, 33s 9d; A.C.1., 575; and. .new issue, 565; Bradford Cotton. 44s 6d; British Tobacco, 50s; Broken Hill Prop., 53s 6d; and. contributing, 48s 3d: Burns, Philp, 91s 6d; Colonial Sugar, £69 10s; Drug Houses, 42s 9d; Electro Zinc, pref., 80s 6d; Coles. 22s 9d; Stedman, 32s 6d; Wilcox, Moffiin, 19s; Carpenters, 23s 9d; Anthony Hordern. 255; Felt and Textiles, 48s 9d; Mount Lyell. 255; New Broken Hill, 325; Broken Hill North, 80s 6d; South Broken Hill, 50s 3d; Placer Dev., £6 7s 6d. MELBOURNE Investments were inclined to weaken on the Melbourne Stock Exchange yesterdav. Little business was done in mining. Sales: Bank A’sia, £ll 12s; Commercial Bank Australia. 28s 6d; Goldsbrough, 475; Drug Houses, 42s 9d; Felt and Textiles, 495; Coles, 22s 9d; Nestles, pref., 40s 3d; Herald. 19s 3d; Electro Zinc, 81s 3d; Broken Hill Pty., 535; South Broken Hill, 50s; North Broken Hill, 80s; Mount Isa, 425; Loloma, 27s 4d; Mount Morgan, 245; Oil Search, 4s 9d. MINING Clutha Dredge.—For the week ended May 26, the dredge worked 127 hours for 101 ounces of gold. The yardage for the last four weeks was 226,000.—(P.A.) Blackwater Mines.—For the four-weekly period ended May 19, the mine crushed 1754 tons of ore, yielding 611 ounces of fine gold.—(P.S.S.)

COMPANY NEWS COLONIAL SUGAR ACCOUNTS SECOND HIGHEST. PROFIT ; ON RECORD • “The Press” Special Service I AUCKLAND, May 29. t The net profit of the Colonial Sugar > Refining Company, Ltd., for the year > ended Marc® 31, shows an increase of > £24,809 to ££231,571. This result, which is the company’s second highest to date, was reached after providing £10,220 more for depreciation at £475,800 and making all other charges, including the provision of £200.000 for increased replacement costs. The dividend is unchanged at 9 per cent., to which a half per cent, b'onus has been added, against a bonus of 1J per cent, in the previous year. The total distribution equals 38s (Australian currency) a share (30s 6.154 d to New Zealand investors), end absorbs £1,111,500. Additions to reserve are £lOO,OOO, against £75,000 in the previous year, bringing the reserve account to £1,500,000. The balance of profit of £20,071 is left to increase the carry-forward to £524,958. The directors state that the most important happening in the Australian sugar industry during the last year was the result of the Empire sugar conference in London, which gave to Australia an increase in her export que-ta of sugar from 460,000 to 600,000 tons per annum. An extension of both cane-growing and milling capacity throughout the industry has already commenced. Last year’s Austra- ; lian sugar crop amounted to 902,000 tons, I and the estimate for the coming season constituted a record of over 1,000,000 tons. Ampol Petroleum.—The directors of Ampol Petroleum, Ltd., are considering a new issue of ordinary shares and 6 per 1 cent, cumulative preference shares at a ; pnfemium. to be offered to shareholders on i a pro rata basis. Terms of the issue have ! net yet been decided upon. i Macduffs Shareholders Approve Merger. : —The directors of Macduffs, Ltd., an- | nounce that, on the expiry last Friday of the time-limit for the acceptance of i 1 Woolworths’ merger offer, al] ordinary • shareholders had accepted, with the ex- ' ception of about 20 shareholders holding ; altogether fewer than 5000 shares, or onethird of 1 per cent, of the total.—(P.A.) SHARE MARKET INDICES

WORLD CONSUMPTION OF WOOL “ AMAZINGLY HIGH LEVELS MAINTAINED ” (Special Correspondent N.Z.P.A.) C LONDON, May 29. A strong feature of the wool situation here is that wool consumption maintains amazingly high levels, with machinery employed to capacity. Spinners and manufacturers are working down their contracts for supplies of tops in preference to placing new orders, says the International Wool Secretariat special news service. This is healthy for the trade, as it improves the liquidity of the industry's position. There are indications that more business is waiting to be done when spinners fend manufacturers feel the moment opportune for buying. Wool tops quotations are generally unchanged compared with last week, with scarcely enough new business to test prices.

STOCK SALES PLEASANT POINT "The Press” Special Service TIMARU, May 29. At the Pleasant Point sale to-day 75 head of fat cattle were yarded. For the most part quality was good. The demand was for prime sorts, and this class <)1 cattle appreciated fully £1 a head. A lew store cattle were offered. A large penning of 5500 fat lambs came forward to meet a very keen demand from exi porters, and values firmed on the recent good rates. Several pens of extra prime wethers and ewes were included in the very large yarding of fat sheep, and here aiso values showed a firming tendency, values appreciating for the best sorts fully ms a head. Tail-end lots made up the oi tlle store sheep entry, and the offering was followed by a large number ot farmers, whose demand kept values very firm. Values were:— ; Fat Cattle—Fat steers, best £23 to £27 7s 6d. medium £l9 to £22 17s 6d, light £l7 to £lB 17s fid; fat heifers, medium £l2 to I £l5 17s 6d; fat cows, best £l4 to £l9 7s £ll to £l3 7s 6d - light £8 to l £lO 7s fid.

Lambs.—Extra prime heavy 63s to 67s lOd, prime 58s to 625, good 55s to 57s 49s’ ,nednim 50s to 54s 10d - H ght 43s to no Fa ? eep ' — Fat wethers, prime heavy J° - s -l Od ’ Prime 60s to 675, medium 55s to o9s, light 51s to 545;. fat ewes, prime heavy 49s to 52s lOd, prime 42s to 48s, medium 37s to 41s, light 32s to 36s 6d. . Stoie Sheep.—Two-tooth wethers. 40s to 49s bd; two and four-tooth wethers, 49s to 54s 6d. Wether Lambs.—Best 37s to 445. medium 32s to 365, inferior 25s 9d to 31s. F.m. ewes in lamb, 38s 6d; aged ewes, 21s; ewe lambs, medium, to 435. DISPERSAL SALE AT FEILDING RECORD PRICES OF 360 GNS. AND 250 GNS., PAID FOR MANGAMAIRE ROMNEY MARSH EWES.

Romney Marsh breeders from many parts of New Zealand were in attendance or were represented at the ‘’Mangamaire ’ Dispersal Sale at Feilding Show Grounds on Wednesday, 24th inst. corn plete ewe flock comprising some 600 ewes was up for sale, and the sheep came forward in really tip-top order and condition, reflecting great credit to the breeding programme carried out by the late Mr J. E. Hewitt, and also to the management of the flock since his decease.

The bidding was spirited right from the opening pen, which commenced on the five-shear ewes. Prices up to 32gns. and 42gns. were paid for pairs and singles; the top nriced ewe at 46gns. going to a Feilding breeder. For the pens of three and fours, values ranged from 10 to 16gns. Strong bidding met the four-shear ewes and a record price of 360gns. was paid by the same Feilding breeder for the best single; the next single making 50gns. The pens of threes and fours were bid up to 24, 26, 36, and 38gns. Strong competition also met a single three-shear ewe which was secured by another Feilding stud at 250gns. In this ape i group the pens of threes and fours reilised up to 31 and 32gns. A Canterbury buyer secured the first i singles and pairs in the two-shear age i group at 70gns, lOOgns., and 175gns. Pen lots were bid from 9, 10, 12, 14gns. and up to 24, 26, and 30gns. In the mixed age group 28 ewes were offered in pen lots, and values ranged from 8,9, llgns. up to 23gns. The Canterbury buyer also took the top shearling single ewe at 115gns, with the other singles and pairs selling for 41, 52, and 60gnS. The pens of shearlings made a full range in values up to 20, 26, and 48gns.

The sale of the ewes was followed by the auction of the sires of the flock, comprising some nine stud rams, and these sheep were widely dispersed, with values ranging from 32J, 35, 40. 42, 100, 160gns, top P ri ced ram, "Mangamaire” ?A 78y/47 ’ went to a Waverley breeder at ! 420gns. i In attendance at the sale was Mr J. M. I of Victoria, a client of Messrs I Goldsbrough, Mort and Company, Ltd., Melbourne, and he was keenly interested in securing a selection of the Mangamaire sheep for his Markwood Flock. He secured some choice pens totalling a line of 47 ewes, which will be shipped to Australia at the end of next week. The averages for the sale are as follows: 49 Five-shear Ewes averaged 14gns. 125 Four-shear Ewes averaged 17gns. Thr«e-shear Ewes averaged 14jgns. 118 Two-shear Ewes, averaged 17gns. 28 Mixed age Ewes, averaged lOgns. 153 One-shear Ewes average 12Jgns. The average for the sale of the C3O ewes was just on 15gns. The nine stud rams averaged 98jgns. The sale was under the control of Messrs Dalgety and Company, Ltd., and Messrs Murray Roberta and Compinv, Ltd.., in conjunction. Advt.

DOMINION TRANSACTIONS CHRISTCHURCH Sales on ’Change £ s. d. Var’n Beath and Co. (100, 100). Whitcombe and Tombs 2 10 6 4-6d (100, 100) 1 4 3 — Sales Reported N.Z. Insurance (200) 5 8 0 + 6d Dalgety and Co. (100) .. 0 10 1 — 5d A.F.L, rts. (400, 300) 0 1 1 + ld D.I.C., pref. (100) 1 8 0 N.C. Skellerup, pref. (150) 1 1 9 — 3d

LATEST QUOTATIONS Banks— Buyers. £ s. d. Sellers £ s. d. E., S., and A. 6 5 0 Nat. of A’sia (£1) 1 16 0 12s 6d 1 0 0 Natl, of N.Z., x.d. 2 18 o New South Wales 41 5 Union Breweries— — 10 0 0 Ballins 1 10 New Zealand, c.d. 2 8 Westland Frozen Meat— — 2 4 9 Canterbury ., 17 10 0 N.Z. Refrig., £1 pd. 2 0 0 10s paid 0 19 0 0 19 3 Canty., pf. .. 1 1 3 Auckland Christchurch 5 o 10s paid Timaru 0 0 11 12 6 0 14 9 Insurance— National New Zealand 5 5 7 0 — South British Loan and Agency— 4 17 6 — C.F.C.A., ord. i 7 6 Pref. Chch. Building Dalgety 21 12 6 3 8 0 0 10 0 Goldsbrough. Mort. General Fin. Invinc. Bldg. 2 0 5 0 12 0 6 — Nat. Mortgage “A”, c.d. “B” N.Z.F. Co-op. First Pref. 2 0 7 5 12 6 6 0 9 2 7 0 13 9 6 3 "A” pref. ?. “B” pref. 4 4 19 19 0 0 — p.c. Stk., ’50/60 10.3 2 6 p.c. Stk., '55 .. 10.3 2 Perm. Invest. 12 11 South Island Fin. Trustees Executors 6 o United Bldg. 3 Wright. Stephenson Shipping— 2 13 0 Huddart Parker 2 12 P. and O. ’’ 2 Union, pref., x.d. . Timber6 Tau po Totara Woollens— 1 7 1 — Kaiapoi. 17s pd. .. Pref. 1 8 7 1 9 0 Oamaru — Timaru — Miscellaneous— — i

Alloy Steel, N.Z Ampol 2 13 6 Andersons, 1st pf. Aust. Found. In- — vest., rights Avon Metal 0 0 11 — Beath and Co. .' 2 10 o Is paid Pref. .. .; C 19 9 — Booth, Macdonald o 4 — British Tobacco Broken Hill Ptv . 2 Y Bycroft Claude Neon, N.Z. Colonial Sugar 3 Consolidated Brick Doni. Builders Dom. Fertiliser 0 12 10 9 D.I.C., 10s pd. Pref. 1 13 9 1 14 6 Dunlop, N.Z., pf. Electro. Zinc, ord. Fletcher Holdings 3 io 6 3 13 0 G. J. Coles . Maling, pref. 0 1 19 11 1 b 0 Mas.. Struthers, £1 paid 14s paid 19 Matches, N.Z. o 4 Matches, pref. M.K. Manufao. 0 11 0 17 6 Morts Dock 1 McKenzies National Electric .. 3 12 M. Manufac., rts N. Drug 0 5 2 16 6 — N.Z. Forest Prods Pref. * Reid Rubber ’ Simpson and Wil0 0 0 6 13 16 3 4 0 0 6 6 liams Skellerup, pref. ’ N.Z. Malay Rub2 18 3 6 3 1 2 2 6 ber Pref. Weeks 0 0 6 14 0 0 — Pref. Whit, and Tombs \ 1 — Wilson Malt 1 12 W’worths, ord. .. 1 o 6 Woolworths, rts. .. 0 13 0 (N.Z.), ord., c.d. W. R. Cook & Son 1 0 5 8 6 4 — UNLISTED STOCKS s. d. £ s. d Buyers. Seilers Beaven, pref. 1 3 0 Courtaulds 0 5 2 Q Ballins, pref., 5s pd. Beechey & Under0 6 0 0 6 *> wood Beaths, Is pd. 19s — 1 2 6 deposit Black and White 1 17 6 2 0 0 Cabs 0 3 9 Canty. Seed 1 6 3 Ch'ch. Press 13 7 6 13 15 0 Korma Textiles Mac., Caley, Phoe0 12 6 nix, contr. 0 14 0 Matea Forests 0 2 0 0 2 2 N.Z. Woolpack 0 3 6 Namco — 0 18 0 National Tobacco .. N.Z. Motor Bodies, — 1 7 0 ex. —* 1 18 3 Prudential Building — 1 2 6 Scales “C.” pref. 0 6 0 9 6 Taramakau, 5s pd. Whakatane Board — 0 5 0 Mills 0 18 0 . Wellington Publishing 6 10 0 Winstones 1 13 0 Williamson, Jeffrey 1 10 0 —

New York.—Dow Jones (1926 equals 100) Rails. Indus. Gold. October 31 47.86 189.54 1.140.000 November 30 48.11 191.55 1.320.000 December 31 . 52 76 200.13 960,000 January 31 55.09 201.79 1,690,000 February 28 . 55.34 203.44 1.310,000 March 31 54.83 206.05 1,880,000 April 29 56.07 214.33 1,160,000 May 24 56.00 222.57 1,850,000 May 25 56.54 222.44 1,480,000 May 26 56.35 221.93 1,330,000 May 27 56.29 221.71 470,000 London.—•'Financial Times” (1926 equals 100) October 31 101.1 103.35 136.30 November 30 103.5 107.01 134.31 December 30 106.4 105.36 132.95 January 31 104.3 105.56 131.13 February 28 105.4 104.66 138.36 March 31 105.4 104.71 130.92 April 28 107.2 105.17 128.03 May 24 109.5 105.93 125.37 May 25 109.6 106.00 124.71 May 26 110.4 106.05 125.40