COMMERCIAL

Press, Volume LXXXIX, Issue 26987, 12 March 1953, Page 12

COMMERCIAL

STOCK EXCHANGES MARKETS ACTIVE Markets were active on the Christchurch Stock Exchange yesterday. Business ’was well spread and prices on the whole were firm. Gains exceeded losses. DOMINION TRANSACTIONS CHRISTCHURCH

Fletchers, “B” pref. (200) 1 0 9 +3d Morris Hedstrom (350) .. 22 6 I The sale of 2500 New Zealand Guarantee Corpn, at Is lid reported by the Stock Exchange in yesterday’s issue, should have read “2500 New Zealand Guarantee Corpn. of Is lljd.”] AUCKLAND Sales.—l/10/53, 2i per cent. (£1500), £lOO ss; 15/1/53-57, 3J per cent. (£400), £.98 ss; A. and N.Z. Bank (200), 335; Bank of N.S.W. (20), £3l 15s; N.Z. Breweries (400), 38s 6d; N.Z. Insurance (200), £5 Ils 6d; Wright, Stephenson (100), 545; National Timber (100), 18s; Consolidated Brick (100), 9s 6d; Electro. Zinc, pref., cum div. (500), 21s 6d; Humes, N.Z., pref., new (400), 21s 3d; N.Z. Drug (200), 98s 6d; McKenzies (500), 13s; N.Z. Farmers’ Fertiliser (200), 365; Forest Products, pref. (200), 14s 6d; Phillips, Impey (200), 725; Toppa Ice (500), 5s 6d; Wilson’s Cement, new (200), 12s, and contributing (100), 6s sd. Unlisted: Auckland Meat (423), 40s; North Shore Transport (240), 12s 9d; Ross and Glendining (55), 435. WELLINGTON Sales.—Late Tuesday: Wright, Stephenson (100), 545; McKenzies (500), 13s. Yesterday: 3 per cent., 1956-59 (£lOOO, 2 sales), £95 7s 6d; 3 per cent., 1955-58 (£350), £95 7s 6d; 4 per cent., 1952-55 (£450), £lOO 10s; A. and N.Z. Bank, London registry (250), 335: N.Z. Breweries (150), 38s 6d; South British Insurance (300), 49s 6d; Wright, Stephenson (100). 545; British Tobacco, cum (100), 27s 9d; G. J. Coles (385, 2 sales), 14s 3d, and ex (500), 14s 3d; Wilson’s Cement, 5s paid (200), 6s sd, (300 ) 6s 4d, and contributing (200), 6s 4d; Auckland Gas, fully paid (500). 6s 3d; Morris. Hedstrom (350), 42s 3d; Win. Cable Holdings, 15s paid (100), 20s; Mackintosh, Caley Phoenix, £l, fullypaid (150), 295; Newton King, pref. (200), 22s 9d; Woolworths, N.Z. (400), 17s 9d. DUNEDIN Sales.—Milbum Lime (150), 18s; A.C.I. (200), 365. Sales Reported.—A. and N.Z. Bank (250), 335; G. J. Coles (800), 14s 3d; Bank of N.S.W. (20), £3l 15s; National Bank of N.Z. (250), 665; N.Z. Breweries (350), 38s 6d; K.P. N.Z. Drug (100), 98s 6d; N.Z. Paper Mills (111), 31s 6d. INVERCARGILL Sale Reported.— N.Z. Paper Mills (111), 31s 6d. OVERSEAS EXCHANGES MELBOURNE Price variations in the investment section of the Melbourne Stock Exchange were small yesterday, but the undertone of the market appeared slightly firmer. Sales.—Commercial Bank of Australia, 22s 6d; Goldsbrough, 39s 6d; Australasian Paper, 18s 9d; A.C.1., 44s 3d; British Tobacco, 355; Broken Hill Proprietary, 42s 3d; Courtaulds, 22s 6d; Drug Houses, 37s 6d; Dunlop, 30s 6d; Electrolytic Zinc, 27s 6d; G. J. Coles, 17s 6d; Humes. 42s 6d; United Provisions, 13s 6d; Yarra Falls, 38s; Broken Hill South, 565; Mount Lyell, 20s lOd; North Broken Hill, 71 s 6d; Mount Morgan, 24s 3d. SYDNEY Share prices relapsed into irregularity in moderate trading on the Stock Exchange yesterday. Losses exceeded gains by a substantial majority. Sales.—Commercial Bank of Sydney, £2l; Commercial Bank of Australia, 22s 9d; Bank of New South Wales, £37 7s 6d; Tooheys, ex div., 26s 6d; Tooths, ex div., 70s 3d; Australasian Paper, 18s 9d; A.C.1., ex div., 445; Bradford, ex div., 35s 9d; British Tobacco, 35s IJd; Felt and Textiles, 27s 3d; Coles, ex div., 17s 6d; Mort’s Dock, 225; Mount Isa, 48s 6d; ftlount Morgan, ex div., 24s 3d; North Broken Hill, 71s 9d; Mount Lyell, 20s 7Jd; Woolworths, 16s lOJd; Taubmans, 16s; Dunlop, ex div., 30s 6d; Courtaulds. 22s 7Jd; Colonial Sugar, £45 2s 6d; Broken Hill Proprietary, 42s 3d; Associated News, 14s 4d. CHRISTCHURCH QUOTATIONS

WOOL-SELLING SEASON

EXTENSION PROPOSAL BRITISH FEDERATION ASKED FOR SUPPORT (New Zealand Press Association) WELLINGTON, March 11. The British Wool Federation has been asked to send an executive member to New Zealand in July to support the federation’s request for an extension of the wool-selling season in New Zealand. The invitation is from Federated Farmers, and if a spokesman comes he will have an opportunity to address the annual conference of the meat and wool section. This information is given in a circular to provincial executives of Federated Farmers. The meat and wool section of Federated Farmers has passed resolutions asking the Wool Board and the Wool Commission to extend the selling season. It is understood that most provincial branches favour a longer selling season. The British Wool Federation, writing to Federated Farmers at the end of January, said it considered that the season should be extended at the end and not at the beginning, and that the crutching sales should not be interfered with. Extension at the beginning would probably lead to a further increase of the practice of early shearing, which in its view is generally undesirable. The federation added that what it felt was needed was an appreciable lightening of the load of offerings by extending the season to July. At the moment offerings were put on the market in January, February, and March, at the same time as the heavy offerings of similar types came on in Australia and elsewhere. Whether the extension was worked by having more sales or greater intervals between sales depended largely on local factors in New Zealand. “From time to time and in various ways we have heard of a number of objections to this proposal,” the letter added. “These objections have, however, never impressed us as being valid or in any was insuperable, and we feel that so much is to be gained by growers and users alike from an extension of the season that once this fact is thoroughly appreciated the difficulties will largely disappear.” OUTLOOK FOR WOOL

BRADFORD TOPS FIRMER (N.Z. Press Association—Copyright) LONDON, March 10 There was a firmer note in the Bradford tops market yesterday as a consequence of dearer wool in the Dominion markets. Most topmakers found it necessary to advance top quotations at least Id and sometimes 2d compared wtih last week. In Brisbane, Yorkshire importing houses are buying wool at the highest prices they have paid this season. Brad-ford-style Merino combing wools are costing the equivalent of up to 6d per lb in top, more than can yet be made in Bradford for the combed product. In South Africa, good style combings are even further out of line with prices that can be made in tops. Many topmakers have sold their entire output for the next three months and cannot accept business for delivery before July. Tops are being taken up by spinners as rapidly as produced. Yarn output is under pressure with cloth manufacturers complaining of the difficulty in securing both warps and wefts as quickly as they ■would like.

COMPANY NEWS PRUDENTIAL BUILDING After 5J per cent, dividends had been paid, accounting for £2991, the Prudential Building and Investment Society of Canterbury made a profit of £926 for the year ended December 31, 1952, with the previous year’s profit of £l6OO. The profit of £926 has been carried to general reserve which now stands at £10,870. According 'to the report of the directors, "while the working profit shows a slight decline on the previous year, this is accounted for by extraordinary and non-recurring expenditure such as alterations and repairs to the office building, cost of introduction of new card system by recommendation of auditor, and conservatism in granting loans considered wise in view of the general situation.” The loan account at December 31, 1951, was £120,784, and at December 31, 1952, £124,640 4s sd. The retiring directors, Messrs R. J. Bailey and B. A. Undrill, offer themselves for re-election. Gordon and Gotch (Australasia).—The directors advise their intention of paying a centenary dividend of IJd a share to ordinary, shareholders on June 3.—(P.A.) STOCK SALES BURNSIDE (New Zealand Press Association) DUNEDIN, March 11. In the fat cattle section at the Burnside sale today, 310 head were penned. The quality was in line with the previous week’s sale, with two or three consignments of the best quality cattle seen at Burnside for some time. Bidding was buoyant from the outset for all classes of fat cattle, and continued fairly regular till the end of the sale. Early in the sale, cattle prices were better by £1 a head, but they improved further, and on the average were £2 a head above last week’s rates. An extra quality consignment from Seacliff made from £54 17s 6d to £s9—an average for the truck of £56. Fat sheep were also in short supply, about 1800 being offered. In the early stages of the sale, prices showed an improvement of 3s to 4s a head, but on the average rates could be quoted at 8s to 10s a head higher than last week. The entry of fat lambs numbered 250. There were a few consignments of extra quality. Generally the offering was better in quality than for some time.

Store cattle had a medium yarding of average class, and the inquiry was well up to recent sales. Runners and vealers were also in strong demand, vealers in particular making high rates. Baconers and porkers, which have been in short supply now for some weeks, were again fewer than the required number, and there was a keen sale at high prices. Only a few dairy cows were offered. Included in the number were two choice heifers which made £35 and £34. Cows of good class suitable for milking vendors are making from £27 to £32. Quotations were:— Fat Cattle.—Extra prime quality bullocks, to £59; prime, £46 12s 6d to £5O 12s 6d; medium. £37 17s 6d to £42 2s 6d; light, from £3l 12s 6d. Extra prime heifers, to £42; prime, £29 6s 6d to £36 2s 6d; medium, £26 12s 6d to £29 2s 6d; light, from £23 17s 6d. Extra prime cows to £35 6s 6d; prime, £26 12s 6d to £3l 2s 6d; medium, £27 17s 6d to £24 17s 6d; light, from £l2 17s 6d. Fat Sheep.—Extra quality wethers, to 795; prime, 67s to 745; medium, 60s to 635; light, from 535. Extra quality ewes, to 52s 6d; prime, 44s to 48s; medium, 30s to 355; light, from 255. Fat Lambs.—Extra quality lambs, to 725; prime, 64s to 70s; medium, 58s to 61s; light, from 495. Store Cattle. —Average class three to four-year-old steers, to £3O 12s 6d; two and a half-year-olds, £25 12s 6d to £2B 2s 6d; fresh-conditioned cows, to £l7; poorer sorts, from £l3 ss. Best runners, to £2B; medium, £2O to £24; best vealers, £8 5s to £ll 10s. Fat Pigs.—Best quality baconers, to £l2 4s; prime. £ll to £ll 15s; medium, £9 18s to £lO 12s; light, from £2 18s. Best porkers, £7 5s to £8 10s; light and medium, from £6 ss. CEYLON TEA MARKET (N.Z. Press Association—Copyright) COLOMBO, March 10. Prices were firm to dearer’ at the Ceylon tea sales this week, when 3,794,9941 b were sold. High-grown broken orange pekoes realised 285 cents, medium liquoring, broken orange pekoes, 220 cents, medium liquoring orange pekoes, 195 cents, low and medium broken orange pekoes 193 cents, and low medium dust 200 cents per lb.

RESERVE BANK RETURN

FURTHER GAIN IN STERLING FUNDS (New Zealand Press Association) WELLINGTON, March 11. Sterling exchange continues to rise, according to the Reserve Bank returns for the week ended March 4. Comparative weekly returns are as

Sales on ’Change , Listed £ s. d. Var’n. N.Z. Govt., 3 p.c. Stock, 52-55 (£400, £200) .. 98 12 6 N.Z. Govt., 3 p.c. Stock, Dec., 53-56 (£650) 97 5 0 —- A. and N.Z. Bank (150) 1 13 0 N.C. N Z.F. Co-op., 10s fully paid (150. 200, 200) 0 12 0 N.C. Aulsebrooks, pref. (300) 2 0 4-Id Broken Hill Pty. (100) .. 15 0 -1/9 Colonial Sugar (5) Woolworths, Ltd., ord., 37 10 0 4-10s C.d. (500) 0 14 0 N.C. Sales Reported: Listed N.Z. Govt. 4 p.c. Stock, 52-55 (£450) 100 10 0 __ A.N.Z. Bank (200) N.Z. Refrig. (200), late 1 13 0 N.C. sale Wed. 1 11 6 4-3d N.Z. Insurance (50), late sale Wed. 5 11 6 4-1/6 N.Z. Insurance (150, 50) 5 11 6 4-1/6 N.Z. Guarantee Corpn. (300), late sale Wed. 0 1 111 N.C. Perm. Invest. (19), late sale Wed. .. 11 0 0 Parker Lamb Timber (100) 0 5 9 Donaghy Rope (100) .. Electro. Zinc, pref., c.d. 2 10 0 — (450). late sale Wed. 1 1 6 — 3s

N.Z. GovtBuyers. £ s. d. Sellers. £ s. d 21 p.c., 1/10/53 .. 100 2 6 — 3 p.C., 15/9/52-55 .. 98 10 0 98 15 0 3 p.c., 15/5/53-56 .. 97 5 0 3 p.c., 15/12/53-56 .. 97 0 0 —• 3 p.C., 15/2/55-58 .. 95 5 0 — 3 p.c., 15/11/57-60 .. 93 12 6 — 3 p.C., 15/8/59-61 .. 92 7 6 92 10 0 3 p.c., 15/4/60-62 .. 92 10 0 — 3 p.c., 15/7/61-63 .. 90 10 0 — 3 p.C„ 15/7/63-65 .. 90 5 0 — 31 p.c., 15/1/56-59 .. 95 10 0 —— 34 p.c., 15/9/57-60 .. 95 10 0 — 31 p.c., 15/1/53-57 .. 98 2 6 98 10 0 4 p.c., 15/6/52-55 .. 100 7 6 100 12 6 4 p.c., 31/5/54-58 .. 100 10 0 — Banks— Aust, and N.Z. .. 1 13 0 1 13 6 Comm, of Aust. .. 0 18 3 0 18 9 National of N.Z. .. 3 5 6 3 6 3 N.S.W. 31 10 0 31 17 6 Breweries— Ballins, ord. 12 0 13 0 Dominion .. 3 5 6 — New Zealand 1 18 3 1 19 3 Tooths .. .. 2 17 6 2 18 6 Taranaki .. 17 6 — Frozen MeatCanterbury .. — 20 0 0 Pref. .. .. — 7 0 0 N.Z. Refrig. — 1 11 6 10s 0 15 3 0 15 6 North Canty., pf. .. 10 6 12 0 Southland 2 18 0 — GasChristchurch ., 0 15 9 0 16 0 10s paid 0 6 0 — Timaru 0 19 0 10 3 Insurance— National .. 110 113 New Zealand 5 11 0 5 12 6 South British — 2 10 0 Standard 3 12 6 3 14 6 Loan and Agency— C.F.C.A., ord. 15 3 18 0 Stock 100 10 0 Dalgety 0 9 11 — Invincible Bldg. .. — 4 19 0 Mutual Benefit 15 0 — N.Z.F. Co-op. 0 12 0 — A pref. — 4 15 0 B pref. — 4 15 0 41 p.c. Stk., 1960 95 0 0 — 41 p.c. Stk., 1955 95 0 0 — N.Z. Guarantee .. 0 1 11 —— Perm. Invest. 10 15 0 — South Is. Finance — 17 0 United Build., c.d. — 10 3 Wright, Stephenson — 2 14 0 Pref. 12 3 —— Shipping— P. and O. .. 2 18 0 — Union, pref. .. 14 6 15 0 Timber— Kauri .. •• 14 0 Parker, Lamb 0 5 6 — Woollens— Bruce .. •• 1 15 0 1 17 6 Feltex 12 6 13 9 N.Z. pref. — 10 3 Kaiapoi 10 9 —— Oamaru .. .. 1 18 6 — Mosgiel .. .. 2 5 0 — Timaru 119 12 0 L., W., Rudkin 2 11 3 — Pref. — 12 0 Miscellaneous— Amalg. Batt. 13 9 —— Ampol •— 1 16 3 Aust. C.I. — 1 17 0 Aulsebrook, pref. .. 1 1 9 — A.W.A., rights 0 8 11 0 9 3 Avon Metal — 0 17 6 Beath and Co. .. 2 13 Beggs — 1 17 9 Booth, Mac. 0 5 0 0 5 6 Broken Hill Pty. .. 1 14 6 1 15 0 Colonial Sugar 37 5 0 37 15 0 Courtaulds 0 18 0 0 19 3 Dom. Fertiliser 1 11 0 —. D.I.C., 10s paid .. 13 0 13 9 Pref. 12 6 —— Dunlop, N.Z. 0 14 9 — Fletchers — 18 3 "B” pref. 10 5 — Frozen Prod., x.d. — 0 7 3 G. J. Coles 0 14 3 0 14 4 Henry Berry 119 — Pref. 110 116 Hay’s, Ltd. 3 7 0 Humes, N.Z., pref., c.d. 116 12 0 I.C.I., A., N.Z., con. 0 14 0 —— J. Gadsden, pref. .. 113 — J. J. Niven — 2 15 0 K.P. Drugs, x.d. .. 4 18 0 — McKenzies 0 13 0 •— McLeod 2 7 0 — Mid. Mot., pref. .. — 10 9 Milburn Lime, 15s — 0 19 0 M.K. Mfrs. 0 12 8 — Morris Hedstrom .. 2 10 — N.Z. Forest Prod. 0 10 0 — Norvic Shoes — 0 19 9 Otago Daily Times 2 4 0 2 5 0 Quill. Morris 0 19 G 10 3 Reid Rubber 0 13 0 0 14 0 Skellerup, pf.» c.d. — 10 9 Tingey, pref. —— 15 6 Weeks, pref. .. 110 — Whakatane, ord. «.< 0 16 9 —

——— Buyers. Sellers. £ s. d £ s. d. Whit, and Tombs — 10 6 Wilson Malt —— 13 6 Wilson Cem., new 0 11 8 0 12 0 W’worths., ord., c.d. 0 13 10 0 14 0 Properties — 10 0 N.Z., ord. 0 17 6 0 18 0 Pp., pref. 1 1 6 — W. R. Cooke 0 7 7 — Zeal. Mill 1 10 0 — Aust. Mining— Mount Lyell 0 16 9 0 18 0 Mt. Morgan, pref. — 0 17 0 Placer — 16 0 0 Mining— Arahura 0 18 3 12 8 Grey River 0 2 1 0 3 0 Martha 0 1 3 — Austral, N.Z. 0 3 0 — UNLISTED STOCKS Beaths (Is pd., 19s deposit) 1 11 0 ** Consol. Brick, pf. — 0 17 0 Canty Seed (N.Z.) 1 9 0 1 13 6 Carbonic Ice — 3 5 0 Christchurch Press. — 12 10 0 Mac., Caley, Phoenix 1 8 0 19 6 Masonite Def., 2s 6d fully paid 2 5 0 2 15 0 Matea Forests 0 2 0 — Prud. Blds. — 10 6 Rink Invest. — 1 12 0 Tekau Knitwear .. — 14 0 Victoria Mansions 1 6 0 — Watties Canneries, new, fully paid .. 1 15 0 1 16 3

follows: — Liabilities Feb. 25. Mar. 4. (£000) (£000) General reserve . 1,500 1,500 Bank Notes . 61,908 61,554 Demand Liabilities— State . 13,635 16,745 Bank . 95,161 90,236 Other . 647 795 Other currencies . 18 23 Other liabilities . 6,679 6,738 Total .. . 179,549 177,592 Assets Reserve— Gold 6,015 ■6,015 Sterling exchange . 48,830 49,012 Other exchange 844 711 Subsidiary coin . 628 627Advances to State— Marketing . 5,187 5,293 Other purposes . 53,163 50,154 Other advances . 6,019 6,019 Investments* . 58,132 58,132 Other assets 733 1,629 Total .. . 179,5-19 177,592 •Includes sterling investments amounting to £22,090,079.