COMMERCIAL

Press, Volume LXXXVII, Issue 26605, 15 December 1951, Page 9

COMMERCIAL

STOCK exchanges

MARKETS R EMAIN QUIET quiet on the Christyesterday. Tradto relatively tew Issues. *" drst time for weeks there * ‘Sveral gams and no losses. transactions CHRISTCHURCH

s-dss Canneries v AUCKLAND e .--IS/4/M-S9. 3 per cent. (£2000). 15/8/59-01, 3 per cent. (£2000) 1/10/53. 2i per eent. (£1300), # Harbour Board, 10/8/66. * rent ' £100), £93 iOs: Hamilton * v-h 1/7/M, <1 per eent. (£306). £lO2 gflUth British (230). 57s 6d; New--115 wine (IW>,'Ms: Aus - Iron «^ d Steel. i s S»; 2fc M: BH - <«»). «s: Products (180). 10s 8d; Reid Rubber ifclS-'WMXatane Board (300), 225; (150), 335. WELLINGTON Late Thursday: B.H.P. (50), 41g .-rj Coles (200), 17s 3d; Milburn Lime ads. Unlisted: John Duthie Helds. S ’3ss Yesterday: 3 per cent.. 56-59 (2 (£300). £96 15s: Bank N.9.W. (7), B.H.P (J 00 41s 6d; Courtaulds Wti f3M». 17s 9d: Humes. N.Z.. pref, i as Id: J. J. Niven (200), 595: Me--r.es rights <2D), 10S. Unlisted: DoSr Farmers. £5 ord. (20). £5 10s. call: 3 per cent., Dec., 53-56 TfpMO). £99 15s; 4 per cent., 54-58 £’M5), £IW 17s 6d: NZ - breweries (100), • » DUNEDIN sales Reported— Milburn Lime (400). •t McKenzies Stores, rights (20). 10s; Stephenson, pref., rights (100), 4s. latest quotations

. S, MINING retuX 5 • ®^ ver Dredging Company. t*£bar f ° r the clean-up period, NoCtHerS-* 0 December 11, 195 J. was ofrt,a °uuces of gold from 186,000 i-Uli wp-o te H al in 257 hours. November o£ gold from

WAGE INCREASE IN AUSTRALIA

MORE INFLATION PREDICTED

ba^ e *“g« £ e v»F\~ quarter saw -J^ ge rates each » e noTah® a rx ht 3F £- Not that everyone cannot use the pvtra only undermine the economy Increased remuneration should always be given as a reward for good work o? increased production. But increases in the wages bin tor industry when working hours are fixed at Sj nn V k L \° 40 *\ au ra (nominal) a week, can afoSi/thZ'ut da S’ nf reckoning somewhere ?• , Increased wages costs in, evitably must be passed on to the eom. munity. and the cost atrueture in most a‘ E mnS. r h by Pontage a much higher price to the final can. crease 4^*an actual basic wage in.

h.o Q^™ni n * es th j®. B nancial year are facing P r °“»» with restricted credit, higher taxes, and increased operating costs Thpin grggtest difficulty wS be ensuTJ J nvS Cl tn P.X Bin Qf in turnover to enable g maintenance of profits. Rearmament and Government spending n, fcm t *£ d their taflUWd to the spiral, while the announcement that the British ° f Materials intends to purchase ? 001 for stockpiling Should help to su PP° r t the wool market. „i,.T hl *£ ev J er way you ltM * at it.” concludes the journal, “and in spite of seme Prophecies that inflation was on the wane, there is little doubt that it will be with us for some time yet.”

WOOL SALES AT MELBOURNE

IMPROVEMENT IN PRICES MAINTAINED (N.Z. Press Association—Copyright) . MELBOURNE, December 14. Prices were fully on a par with the improved rates reported during the week on the concluding day of the Melbourne Jl ales ~ Competition was well spread with the Continent, Japan, America, and ‘°cal mills being the strongest purchasers. The selection was attractive, particularly the Merino section. There was a very satisfactory clearance of the 13,400 bales offered. Top Prices:—Type 19, yield 72 per cent., 7 bales 140 d; type 20, yield 72 per cent., 4 bales 132 d; type 411 A, yield 72 per cent., 5 bales llljd; type 415 A, yield 74 per cent., 6 bales 69%d; type 416/SA, yield 76 per cent., 7 bales 68>2d.

COMPANY NEWS

Booth, Macdonald.—The restoration and conversion of both preference and ordinary capital into one class of fully-paid 10s ordinary shares was unanimously approved at meetings of shareholders of Booth, Macdonald and Company, Ltd., yesterday.

Reid Rubber Accounts.—Price control remained one of the greatest difficulties for the rubber trade in New Zealand, the chairman of Reid (New Zealand) Rubber Mills, Ltd. (Mr A. M. Seaman), told the annual meeting in Auckland. The machinery of control was still toe slow in operation and the official approach often unrealistic. he said. Price movements in rubber products in New Zealand occurred about six months later than overseas. Yet the industry had had a great volume of production in both the tyre and general foods factories. To consolidate its posiion, the company had in the last two years provided for depreciation totalling £287,000. nearly half of which was not recoverable in authorised selling prices. After providing for heavy depreciation, and allocating £37,100 for taxation, there remained £30,311 of the year’s profit available for shareholders. Preference dividend (5 per cent.) absorbed £12,056 and ordinary, £22,767. Previous profits were drawn on to the extent of £4512. Stocks on hand at £684,582 showed an increase of £304,132—(P_A.)

Scott’s New Issue—J. and A. P. Scott, Ltd., engineers, Dunedin, is issuing at par 35,000 £1 5 per cent, cumulative preference shares to existing ordinary and preference shareholders in the ratio of three new shares for every five held, The new shares, if paid in full before December 31, will rank for dividend from January 1. Authorised capital is £lOB,OOO.

GRAIN AND PRODUCE MARKETS

As has been the practice in previous years, publication of the list of quotations to farmers for small seeds and grains will be suspended until early in the New Year, when the produce of the 1952 season begins to trickle in. No developments of note have occurred during the week, and markets remain quiet and unchanged. The state of th,e ry egrass market in the New Year will doubtless be governed to np small extent by the incidence of blind seed disease, A period qf bright sunshine is needed to stimulate the seeding of white clover crops which, in any case, will carry much bulk this season.

DUNEDIN Little interest has been taken in wholesale trading in seeds, and the retail trade is now also showing the effects of several weeks of unfavourable weather. There have been odd parcels of white clover, Montgomery red clover, and cowgrass changing hands, with values of the latter two lines tending to ease. Most of the perennial ryegrass now on offer is of the lower germinating quality and the demand for this is not great.

OTHER EXCHANGES SYDNEY Uncertainty remained a preflominnant factor in a quiet market on the Sydney Stock Exchange yesterday, with industrial leaders holding firm. . Sales.—AJi.Z: Bank, 43s 6d; New South Wales. £4l 12s 6d; Tooheys. 29s 3d: Tooths. 84s 6d; Aus. Paper. 39s Od; and. contributing. 235; ACIMs 3d; and. eontributing, 32s 3d; Berlei, 20s lid, 8.H.P., 525; and, contributing. 39s 3d; Burns. Philp, 72s 9d; and. contributing, 565; Col Sugar, £55: Drug Houses, 48s; Dunlop. 40s 6d; Feltex, 40s; General Industries, rights. 20s; Coles, 20s lid; David Jones. 41s; Hadfields, 20s; and rights 7s; 36s 6d; Woolworths, 20s 10id, Mount Morgan 23s 3d; Placer Development, £2O ss, Oil Search, 3s 9d; Kuala Kampar, 48s.

MELBOURNE Movements or. the Melbourne investment market were small yesterday, and the sales volume was light. A. oclar , Sales.—Goldsbroygh, 47g _M: A aslan Paper. 29s 3d; and new, 23s 3d; A.CX. Ms, British Tobacco, 40s; DuTUop, 40s 6d, Feltex, 39s 9d; Coles, 30s 4d; Hume Industries, pref., 30s 3d; Humes, 38s; LC.L 375, Myer. 9s £d; N.Z. Forest, 13s 6d; Woolworths, 21s; Yarra Falls, 51s; Electro. Zinc, £5 Ils; Broken Hill Pty., 51s 6d; Broken South, 68s 3d; North Broken, 925; Mount Lyell, 23s 7d; Emperor. 8s Bd. LONDON Government: Consolidated 2i per £6l 10s; Funding Loan, 4 per cent., £99, War Loan, 3i per cent., £81; Conversion Loan, 3i per cent., £B2; Victory Bonds, 4 per cent., £101; Commonwealth. 3j per cent., £94: Commonwealth, 3i per cent,. 50-61, “£94 10s; Commonwealth, 31 per cent., 65-69, £B9; Commonwealth. 3 per cent- £95 10s; South Australia. 3 ser cent., £6B 10s; N.Z., 3 per cent., £9B. Broken Hill North, 70s; Broken Hill South, 535; Consol. Zinc, 325; New Broken Hill, 28s 3d; New Guinea, Is 4id.

PROPERTY AUCTION PROPERTY SOLD H. G. Livingstone. Ltd., in conjunction with Homefinders, Ltd-, hav ®. sold a-!! I ,® magnificent modern brick residence situated 876 Avonside drive. The property was advertised tor by the auctioneers. H. Gin conjunction with Homeffnders,

gal ft* an *Ch <100) inge * £ 8. 2 6 d. Vap*n. 3 4-3d 11 nref (ISO) 1 2 4 N.e. Sales Beoorted JJjan, 1/10/53 99 15 0 — ‘^c Bfi, S tock ’ 1953 ' 5 ’ 100 15 0 — S !< ®*«tock." 1852-55 101 10 0 — ’South Wales 37 10 0 — .r'n&Bt' coop ’ 105 ‘‘ 0 14 103 10 0 -r 0 — IDs pd- (1°°) 0 17 8 +2d ’“L,, ate Thursday •■ nA* To ” h * 0 10 0 17 1 4 0 N.C. 9 +ld 0 N.C. -'‘’Sales «'<«rt ed i, Canneries (300) Unlisted 1 19 0 N-Ce

mz Government— M&,’? 1 JJ 1BS-. 15/5/531 px. Ins- 15/12/53 J pff Tps-, 15/2/55Buyers. £ s. d. Sellers. £ s. 99 10 d. 0 99 5 98 5 0 0 98 S 0 i j p.t Ins, 15/4/56- — 97 0 0 3 p.C. IM.. 15/8/5&c — 97 5 0 j px. Im.. 1980-62 — 97 0 0 j px. Ins.. 15/4/6096 10 0 l?e. ton- 15/8/S197 0 0 j*c. Ins. ”15/7/43H •— 97 q 0 3 px- Ins., 15/5/64Si —• 96 5 0 3i px. Ins.. 15/1/5351 —™ 101 0 0 4 px. Ins, 13/6/5255 101 5 0 4 px. Ins., 31/5/M100 0 y 4 px, Bonds, 1954100 0 0 101 5 0 Ch.Ch. Drainage ’> px, 30/9/65 . 97 0 0 100 0 0 Ashburton 41 px, 1/12/61 . w106 0 0 South Cant E-P-B 4j px, 1/3/62 . — 106 5 0 Aust and N Z. •— 19 0 Coram. erf Aust. . —— 1 1 0 X4.W. 37 0 0 — Sr?weries— ' BaHins, ®rd. 1 6 1 X 0 Pref, — 2 0 Donsmien • — 3 16 2 N-w Zealand 2 6 0 2 8 Kaitangata . 1 16 0 Frozen Meat— Canterbury 20 0 0 Pret -- — 3 2 g Gear 1 13 0 MX Refrig, 20s. . 1 15 0 Ms ** 3 0 Nth. Cant, pref 0 17 0 : 3 3 5 0 0 Chnstohurch — 0 19 0 15s paid .. — 0 9 3 Wellington — 1 6 3 ?AJ<X 1 2 0 N^ticn a 1 , ■ ■ 1 9 ScutH British 2 17 0 iwa and Agency— CJ.CX, ord. — 1 14 6 Chrit Bldg. — 22 0 0 Dalpty 0 11 0 0 11 3 -oicsbrough, Mort 2 4 0 - 13 17 0 10 2 14 « 10 9 MXF. Co-ep. —— 0 14 0 *A“ —. 5 12 K •yr pref5 15 0 px. Stk, *55 . United Building . 103 0 0 1 3 a Wright, Stephenson 3 4 0 Ort, righto 0 11 8 0 12 6 Pref, righto 0 3 8 — B and 0. def. stock — 2 10 0 Kauri j 18 0 Taupo Totara 1 w 0 JeSex, NX j !7 0 Jaapoi. ITs pd. . — 1 6 horma Tex, pref 0 19 3 Ord. 0 15 0 0 17 Q 1 8 8 W Steel. N.Z. . 4 8 0 Amata. Batteries, ■MMs .. 0 4 0 4w» Metal 0 18 3 Mt Tobacco 1 15 0 Hill Pte. . 2 1 0 2 2 6 S. Wilkie Sugar : 0 48 8 0 8 0 10s pd 0 17 M»- Buiidw, 0 11 0 0 14 0 “gbp. HX .fie .. Zinc, ord Atlas, contr 3 ~2 0 19 4 10 0 0 0 1 1 0 0 9 18 6 19 8 6 9 3 0 z ehts ■■ n 1 0 1 0 0 15 2 17 5 0 5 6 : g^ 2 - * : 1 2 4 1 3 2 19 5 0 12 6 — 1 16 0 i pref — i 0 Sg 18 - P re l , — 2 15 ... " Zie - rights 0 10 - 0 14 JiWnUnte, con. — kal, . . .. 0 14 Hedstom, S?e and Choyce Z J i-Jwest Prods, o 10 0 0 6 8 9 3 1 0 6 2 6 0 0 2 n 15 12 O 11 0 0 2 0 0 0 3 ..i™. ■ • — vi/’p* 1 Muis.; _ S$?n Boiler 0 1 14 18 0 0 Shoes do 1 W 0 pref. . Tomb Jjbtt Malt»5u’ 3 ., cement ■ ord. . 2 11 1 2 1 2 1 3 1 13 0 18 0 17 3 0 0 9 6 9 0 0 2 I 1 0 0 13 18 13 15 19 17 0 0 9 3 0 6 9 c.d. . jg*-,)., ord. J®" 1 ' pref sj*- Cooke anc 1 5 0 1 0 3 0 0 1 Listings— ‘ SA 0 8 0 19 0 0 0 1 19 a 0 0 0 3 6 0 2 a 2 0 2 0 2 0 6 9 6 0 4 0 UNLISTED STOCKS Buyers. Sellers. Bea ven, £ S ‘ d. £ s. d. ■ZS*-. rani Paid. 13 1 2 5 5 0 0 (N.Z. 1 H 3 1 12 0 Catoy •S’ 1 B, ’M Qlendln r/.. Assce 2 8 0 2 0 16 3 6 3 2 0 1 2 1 0 11 12 11 ~9 0 2 0 0 a —