TRADE AND FINANCE

Evening Post, Volume CXXI, Issue 131, 4 June 1936, Page 12

TRADE AND FINANCE

PRODUCE & MARKET REPORTS FROM DAY TO DAY

: A STRONG BUYIXCT WAVE SYDNEY SHARE MARKET (By Telegraph.—Press Assn.—Copyright.) SYDNEY, June 3. Confidence in the local industrial outlook produced a strong buying wave _ on the Stock Exchange today. Business was exceptionally heavy and price rises were distributed over a wide 5, range of stocks. Improvement was ,f also noticeable in Government securities. The threats of Japanese reprisals " had a depressing effect on pastoral i- shares. t Sales: Bank of New South Wales, . £32 17s 6d; Commercial Banking Co. 1 of Sydney, £20 7s; Colonial Sugar, !- £42 2s 6d; Adelaide Steam, 30s; Howf ard Smith, 19s 3d; Australian Gas, A, - New Zealand delivery, £7 12s 6d; British Tobacco, 41s 6d; Tooths, 52s 6d; 5 Carlton Brewery, 575; Queensland 1 Brewery, 30s; G. J. Coles, 81s 3d; Drug . Houses, 30s 6d; Australian Iron and Steel, pref., 255; Australian Glass, 92s 3d; Dunlop-Perdriau, 18s; Goldsbrough ■ Mort, 32s 4id; Wilcox Mofflin, lis 9d; Henry Jones Co-op., 41s 6d; Fairymead i Sugar, 48s; Anthony Hordern, 19s; ditto, pref., 23s 6d; Lustre Hosiery, 265; ! General Industries, 19s Sd; Australian t Gypsum, 19s l'Jd; Cash Orders, 265; . Australian Wodd Pulp, 12s 9d; Mark i Foy, 27s 6d; Hume Pipe, 20s; Mauri Brothers, 595; Claude Neon, 50s 9d; ■ Stedmans Sweets, 18s 6d; Edwards I Dunlop,. 42s 6d; Malleys, 17s; Sargents, i 25s 6d; Wunderlich, 20s 3d; Broomfields, i 8s 6d; John McGrath, 355; Warburton [ Franki, 18s 6d; Greater J. D. Williams, . 7s; W6olworths, ordinary ex bonus is- , sues, sales, £5 15s, £5 14s 6d; Broken ! Hill Proprietary, 695; Broken. Hill Pro- . prietary, new issue, 46s 3d; North Bro- . keh Hill,' £8 7s; Broken Hill South, £5 12s 6d; Zinc Corporation, 84s; Placer Development, £5 15s;' Taranaki Oil, Is; Lady Shenton Gold, ss. MELBOURNE, June 3. Sales on the Melbourne Stock Exchange today included: Commercial Bank of Australia, 19s 6d; E.S. and A. . Bank, £6 4s; National Bank of .Australasia, £5 paid, £7 6s; G. J. Coles, , 81s;' Nestles, pref., 33s 6dr Australian . Glass,'92s; Goldsbrough Mort, 32s 4id; ■ Emperor, 12s 10d; Mount Lyell, 24s 9d. J PRICE AND"RETURN j Latest sales reported and mafle < on the' Stock Exchanges of-the. Dominion, with the highest prices . and the approximate yields per cent, per annum , to investors Call subject to appropriate taxes iand exchange where operative), based' on the last annual dividends, plus bonuses, if any, and considering redemption and brokerage in the case of redeemable securities where dated. | were as follows:— , Highest Yield. ; price. p.c.,p.a. ; £ s. d. £ ■. d. -

DAIRY EXPORT TRADE THE OTTAWA AGREEMENT CALL FOR RECIPROCITY New Zealand is vitally interested in he agreements made at Ottawa between Great Britain and the Dominions, especially as they affect the export of butter and cheese to the United Kingdom. The National Dairy Association in its report to be presented at the dairy conference to be held at Hastings makes special reference to the termination of those agreements this year. It is pointed out that in the near future the New Zealand Governmient will be faced with the task of making new arrangements with the British • Government with respect to the entry of New Zealand produce into the Home market. "The immediate future is of vital concern to the industry," states the association, "and it is essential that New Zealand should be strongly represented at the conference which will be taking place next year at London. The shadow of quotas which loomed so largely two years ago h§s faded somewhat. into the background, and in view of the steady and continued improvement in general trading conditions in the United Kingdom there is little reason to fear that thfis question, which was strongly fought by our producers at that time, will be revived. PRESENT UNCERTAINTY. •"Nevertheless, there still appears to be considerable uncertainty as to the future policy of the British Government regarding primary products, and it may be taken for granted that the Home agriculturists, headed, by Major Elliot, will make every effort to ensure that they are adequately protected in any fresh agreements which may be entered into between the Imperial authorities and the Dominions. The conflicting interests of the Home producers, the Dominions, and our foreign competitors present a difficult problem, although in so far as Denmark is concerned, her recent trade agreement with Germany has largely discounted any claim she may have Had for special consideration on the United Kingdom markets." NEED FOR RECIPROCITY. | The association believes that the Do- , ■minions can rely on getting generous . treatment from the Imperial Government, but adds: • "It would be futile for our representatives to expect everything and offer nothing in return. The powerful' British manufacturing in- , terests which control equally powerful political influence are strongly urging reciprocal trade agreements, and ■ in return for special consideration for . its primary products - New _ Zealand ■ must be prepared to extend every . facility for the entry of British manu- : factures into this country. This_ policy has been' persistently urged by the . leaders of the dairy industry, and re- - cent utterances of the Prime Minister , and other members of Cabinet indicate that our Government fully appreciates 1 the need for reciprocity. The trading , position between Britain and New Zea- . land has certainly improved over the last two years, but it is still far from satisfactory from Britain's point of Vl lt W is held that a logical sequence of 1 the guaranteed price scheme must be a reciprocal agreement with Bri- . tain. ' ,

WOOLWORTHS, LTD. boxtjs CAPITALISED RESERVES (By Telegraph.—Press Assni— Copyright.) SYDNEY, June 3. The shareholders of Woolwortos, Ltd., have unanimously adopted tne directors' proposals lor capitalising £421,969 of reserves by a bonus .issue of ordinary shares of £1 each as fullypaid on a share-for-share basis. t . The meeting also agreed that the capital of the company be increased from £1,000,000 to £2,000,000 by the creation of 1,000,000 additional ordinary shares of £1 each. It was explained that the reserves to be capitalised formed part of the sum standing to the credit of the assets revaluation reserve account. ... The new bonus shares participate m dividends declared after yesterdays date. »

SIGNS OP RECOVERY

POSITION IN -AUSTRALIA Sir James Elder, speaking at the annual meeting of the National Bank of Australasia, Ltd., Melbourne, last week, said that the movements in Australian banking funds over the last 12 months furnished the clearest indication of a marked acceleration in the process of recovery. The restoration of private investment carried with it a healthy and desirable demand for' new capital, a trend which would leave a decreasing volume of money available for public borrowings. At the same time, he said, the movement connoted higher inter-' est rate levels. In a period of exparidins trade and production, rising money costs were neither unnatural nor unhealthy. "A shortage of London funds arising from,- for example, excessive imports would call for replenishment from cash, holdings in Australia, which might conceivably necessitate some contraction in the volume of local advances," he said. "For some months past, the steadily increasing growth of imports has been causing banking authorities in this country considerable concern. They recognised that the increase in advances has been accentuating the problem, because of the creation of a potential demand for overseas goods. Eventually a stage may be reached where the strain on London funds may become so great as to necessitate a: less liberal lending policy. The decrease in holdings- of • securities in Australia indicates the extent to which the banks have endeavoured to meet-the situation, but as imports have shown no tendency to ease, it has become apparent that some slowing down of new lendings is essential: It is not easy for banks to turn their faces against new and profitable business, but considerations of national and banking safety are paramount."'

WILSON'S CEMENT

DIVIDEND AND BONUS Wilson's (N.Z.) Portland Cement, Ltd., Auckland, has advised the Stock Exchange Association that the directors have decided to recommend at the annual meeting on June 24 the payment of a final dividend for the year ended March 31,1936, of ninepence per share and a jubilee bonus of 5s per share to .mark the 50th anniversary of the commencement of cement manufacture by the Wilson family at Wark■worth on the Mahurangi River in 1886.

tercst, but not brokerage. b.—lncludes bonus. d.—Capital doubled by issue of bonus shares, 1:1. ! f.—lnterim div. increased. I n.—Position not available. s.—Div. payable in sterling. t. Capital trebled by issue of bonus shares, 2:3. DIVIDENDS DUE. Rotoltl Timber—pref. 5 per cent, per Hhnum June 5 Perpetual Forests —final 4 ' per cent. June 8 Peters Icecream, New Zealand—6 per cent June 9 Perpetual Trustee Estate and Agency Co. of New Zealand—ll 1-9 per cent .... June 12 N.Z. Breweries —final 4 per cent June 12 Walhl Grand Junction—4d per share June 12 Bank of New Zealand—final, Is per share or 10 per cent, per annum June 12 Broken Hill South—2s 6d per share June 13 National Timber—final 2V4 per cent'. .. June 15 Oamaru Woollen—lnterim 2V6 per cent June 15 Glsborne Gas—l'/t per cent June IT Robinson Icecream, Auckland—6 per eent. • ; Juno 18 Gordon and Gotch—half-yearly ord. at 12 per cent, per annum; pref. at ■ 8 per cent, per annnm .... June 18 Hume Steel—half-yearly pref. at 7% per c«nt. per annum .Tune 20 Mount Lyell—lnterim 6d per share .. June 23 Farmers' Trading Co., Auckland— final ord. 5 per cent. June 25 North Broken Hill—2s 6d • per share and bonus of Is per share June 26 Morris, Hedstrom—final 2>/4 per cent., making 5 per cent, per annum .. June 30 British Tobacco—quarterly, 1% per cent June 30 National Mortgage—interim 5 per cent. per annum July 1 Zinc Corporation—2s fid on pref. and ord., making 4s 6d for the year, and first half fixed cum. dividend of 2s on pref.-, all dividends Eng- * llsh currency, less Income tax .. July 1 Bulolo—lnterim 1 dol. 40 cents July 2 Placer Development—lnterim. 50 cents July 2 National Bank of N.Z.—final 2 per cent.., making 4 per cent, per annum in sterling, free of tax July 11

Wellington. Inscr. Stk., 4 p.c. (1040) a. 102 15 '0 3 9 3 Amalg. Brick (Wgtn.), 7% p.c.. (1944) 99 0 0 n. Bank of N.Z 2 5 3 4 8 4 Golflsbrough Mort .. 1 12 • 5 3 14 0 N.Z. Refrig. (10s pd.) 0 -9 3 5 18 10 Westpbrt Coa'l — 11 6 4 13 0 Leylarid-.O'Brien , .... 1 '2' 8 4 8 2 N.Z. Breweries ...... 2 14. .0 2 15 6 British Tobacco .... 2 .1 4 2 18 0 Btoken Hill Pty. ..i. 3 9 3 2 17 9 G. J. Coles 4 13 3 1 5 Woolworths, N.Z. ..9 0 0 1 11 1 Wilson's. Cement b.i. 2 4 6 3 7 5 Woolworths, Ltd. ' (2nd' pref.) : 1 6 0 5 7 8 Consolid. Brick 0 10 4 — Unofficial— ' Woolworths, Ltd. df 5 15"6 1 10 3 Auckland Inscr., Stock, 4 p.c. ' •: (1940) a. 102 12 6 3 10 1 Inscr. • Stock, 4 p.c. (1940)' a. 104 5 0 3 9 10 Inscr. Stock, 4 p.c. (1949) a. 104 5 0 3 9 4 Inscr. Stock, 4 p.c. (1955) a. 106 10 0 3 10 8 Amalg. Brick (Wgtn.), 7% p.c., 31/3/44 ... 99 0 0 n. Giufcorne Sheepfarmers 6% p.c. (1941) 100 10 0 6 4 8 Comm. Bank of Aust. 0 19 3 3 ,0 7 Nat. Bank of N.Z. ..s. , 3 11 6 2 15 11 National 'Insce. 0 18 0 4 3 4 Sth.. British Insce. ... 4 10 0 2 19 3 Auckland Gas (15s pd.) 0 19 3 4 5 8 Broken Hill Pty., ..i, 3 .9. 3 2 17 9 Colonial' Sugar 41 5 0 3 0 7 Consolid. Brick ...... 0 10 2 — Dunlop ; Perdriau ..., 0 17 10' G. J. Coles 4 13 3 ,1 5 Henry. Jones .2' 1 0 4 5 4 Wilson's Cement b.i. 2 4 0 3 8 2 Woolworths (X.Z.) .. 8 15 0 1 12 0 Unofficial— Selfridges (A'asia), (new) 10 0 n. Woolworths, Ltd. ..df 5 16 0 1 10 2 Christchurch. Inscr. Stock, 4 p.c. (1040) a. 102.15 0 3 9 3 Bank of N.Z 2 5 4 4 8 2 National' Insce 0 18 0 4 3 4 Invincible Building .. 5 0 0 5 0 0 N.Z,. Refrig. (10s pd.) 0 9 6 5 15 0 Christchurch Gas 1 10 0 4 13 4 Broken Hill Pty. .. ,i. 3 9 0 2 17 6 Dunlop-Perdriau .... 0 17 8 •— G. J. Coles 4 0 7 3 2 0 Morts Dock 0 9 10 ' — Hume Pipe (Aust.) .. 0 19 9 4 1 0 Argo, Gold 0 1 6'/4 — Maori Gully ........ 0.1 0% — Skippers 0 0 4 . — Mount Morgan 0 14 7 — National Insce 0 18 0 4 3 4 Goldsbrough Mort .. 1 12 6 3 13 10 Oaniaru Woollen .... 116 3 14 5 N.Z. Breweries 2 14 0 2 15 6 G. J. Coles 4 10 3 18 Wilson's -Cement b.i. 2 4 6 3 7 5 Waimumu 0 0 7% — Unofficial — Shillings Ltd. (7s 6d) 010 6 — Woolworths, Ltd. ..df 5 15 6 1 10 3 Woolworths (W.A.) t.f 5 9 6 1 10 5 Dunedln, Inscr. Stock, 3% p.c. ■ (1938-52) 102 15 0 3 12 1 Govt. Bonds, 4 p.c. (1940) a. 102 15 0 3 9 3 Goldsbrough Mort ... . 1 ii 7 3 13 8 Broken Hill Pty. ...i. 3. 9, 0 2 17 6 G. J. Coles 4 0 9 3 1 11 Woolworths (N.Z.) .. 8 18 0 1 11 5 Skippers 0 0 4% — Waitahu 0 2 3 n. Unofficial— Woolworths, Ltd. d.f 5 15 0 1 10 5 t—Ex. rights. a.—Market price includes accrued in-