TRADE AND FINANCE

Evening Post, Volume CXXV, Issue 145, 22 June 1938, Page 14

TRADE AND FINANCE

PRODUCE & MARKET REPORTS FROM DAY TO DAI

DAIRY PRODUCE

THE EXPORT TRADE

MARKETS ABOVE GUARANTEE

"Evening Post." June 22,

Although prices for New Zealand butter on the, London market have .; fluctuated this , season—beginning -August I—between 106s and 152s per : ,cwt, the price, so far, should average ■out at well over the Government guaranteed, price of 112s per cwt (in sterling), equal to 124s 10d per cwt in New.Zealand currency for finest, grading 94 points and over. The price of cheese, however, has not shown such marked variations, white cheese ranging from 64s to 74s per cwt. The guaranteed price for all cheese is 67s per cwt (in sterling), equal to 71s lOd for finest, grading 94 points and over. The guaranteed prices quoted above are basic prices for produce, free on board. •.

s The graphs, .accompanying these comments on the markets will show the 'courses for both butter and cheese from August, 1937,' the beginning of the increased guarantee period; to May 31, 1938.

The comparative, prices for butter ' and cheese taken for illustration of 'market movements are the highest i London quoted yeek /by week, and as ■furnished by the Marketing Depart- !: Without exact-.information (which is Snot available) of the quantities, grades, land description of dairy produce 'shipped, it is-impossible until the end i-of the season' and the completion of accounts-and ;auditing of returns to : show exactly by how much the guaran;teed price has:'been exceeded T>y the .returns on the produce sold. f! In considering the returns as shown * in graphic form it should be remem- ■ bered that the lowest and highest 'prices in London (sterling) for butter " and cheese during the season have . been as follows:—

Highest. lowest. Per cwt. Per cwt. Butter ... Oct. 30 152/- Jan. 29 106/Cfceeso ... Nov. 8 74/- Dec. 24 64/- ' These were "top" or "bottom" prices as th?case might be for the period August, 1, 1937, to May 31, 1938.

BUTTER MARKET STEADIER

(By Telegraph—Press Assn.—Copyright.)

(Received June 22, 11 a.m.)

LONDON, June 21. The butter market is steadier. Danish, 123s a cwt; choicest salted New Zealand, 121s; Australian, 119s; unsalted, New Zealand, 1225; Australian, 1215.'

THE FRENCH FRANC

(By Telegraph—Press Assn.—Copyright.) (Received June 22, 10 a.m.) LONDON, June 21. Sterling exchange on Paris, 177 13-16 francs to £1. __v , ,-, , Francs. June 20 178 i June 18 1783-8 June 17 17|i May 4 1681 May 2 1623 April 25 165J April 1 l£2i March 26 163 15-16 March 8 15515-16 Par with sterling, 124.21 francs to £1.

STOCKS AND DEBENTURES,

(By Telegraph—Press Assn.—Copyright.) (Received June 22, 11.30 a.m.) t'- ' LONDON, June 21. On the Stock Exchange today corporation debentures and stocks compare with previous quotations as follows: —

MARKET BRIGHTENS

OUTLOOK CLEARER

LONDON STOCK EXCHANGE

(By -Telegraph—Press A«sn.—Copyrtßht.i

[Received June 22, 10.30 a.m.)

LONDON, June 21. Owing to the brighter international political outlook overnight and the improvement in the sentiment of Wall Street, the London stock and share markets were appreciably busier today, with widespread gains. But the giltedged security section of the market proved an exception.

RISING PRICES

AUSTRALIAN SHARES

PRIPE AND RETURN

Latest sales reported and made. on the Stock Exchanges of the Dominion, with the highest prices and the approximate yelds per cent. per\annum to investors .(all"subject to appropriate taxes and exchanges where'operative), based on last year's distributions, 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. £ s.d. Wellington. Inscr. Stock, 4 p.'c, 15/2/1943-46 ....a. 102 10 0 315 3 Inscr. Stock, 3% p.c, 3/1939-43 a. 100 2 6 3 10 3 Australian Glass .... 412 m 3 411 Broken Hill Pty 218 6 4 5 5 Burns, Philp 210 ! 6 '3 19 2 Colonial Sugar 46 12 6 .3 4 4 G. J. Coles 4 10 4 12 7 N.Z. Farmers' Fert. 0 18 6 6 9 8 Taranaki Oil . 012 11 — Woohvorths, rights .. 0 3 6- —• Mount Morgan 0 8 6 — Auckland. Inscr. Stock, 3% p.c, 15/1/1953-57 .......a. 97 5 0 — . Inscr. Stock, 4 p.c, •15/6/1952-55 .....a. 102 2 6 315 11 Inscr. Stock, 3% p. 0., 15/3/1939-43 a. 100 2 6 310 3 Cornm. Bank Aust., (pref.) u. 94 0 4 611 Bank of N.Z. 2 33 4 12 5 N.Z. Insurance 216 9 310 5 Devonport Ferry ';,.. 10 3 418 9 N.Z. Brewereis-..>.. 2 0 9 4 3 5 Broken Hill Pty.:.;.. 216 6 4 8 5 Colonial Sugar /:.... 46 12 6 3 4 4 Dunlop-Perdrjau .... 019 11 7 0 7 G. J. Coles i.:.,..... 4 0 9 412 10 Grey and Menzies .... 013 3 513 2 Electro. Zinc (pref.) . 2 3 0 8 2 9 N.Z.' Farmed Fert. :0 19 0 6 6'2 Taranaki Oil 0 13 3 - Woolworths, Ltd. .. 10 4 313 9 Broken Hill South .. 15 0 — Mount Lyell 14 6 — Sylvia Mines (4s pd.) 0-7 0 — Chrlstchurch. Inscr Stock, 4 p.c, ; 15/2/1943-46 a. 102 15 0 ' 3 14 6 Nat. Bank of N.Z., o.s. 215 0 312 8 Comm. Bank Aust. u. 015 8 4 5 1 E.S. and A. Bank o.s. 417 0 4 6 7 JT.Z. Breweries 2 10 4 211 British Tobacco ... 259 475 Broken Hill Pty. .... 216 3 4 810 Electro. Zinc (pref.) .200 810 0 N.Z. Drug Co 37 9 414 5 G. J. Coles 4 0 6 413 2 Taranaki Oil 0 12 0 - Wilcox Mofflin '. 0 6 6. - Woohvorths, Ltd;' ... 1 0 > 3.14.0 Woolworths, rights .. 0 3 8 — Broken Hill South .. 15 3 — Kanieri 1 5 0 - — Mount Lyell 1 4 3 — Mount Morgan 0 8 7 — Dunedln. Christchmch Gas .... 17 6 5' 1,9 Electro. Zinc (ord.) .. 115 6 917 2 Taranaki Oil ° U *!! — Woohvorths, rights . 0 3 6 — Mount Morgan 0 8 6 — a.—Market price includes accrued interest but not brokerage, o—Free of English income tax. s.—Paid 'in sterling. |u.—ln Australian currency. DOLLAR RATES. 1 The Associated Banks (other than the Bank of, New South Wales) quoted the following dollar rates today, on a New Zealand currency basis. They are subject to alteration without notlCe ' U.S.A. Canadian Dollars. Dollars. (Per £1 (Per£l N.Z.) N.Z.) Selling— T.T 3.971-8 4.01J On demand ... 3.97 9-16 4.0115-16 Buying— On demand .. 4.017-16 4.0515-16 JAVA EXCHANGE. (By Telegraph-Press Assn—Copyright.) .' (Received June 22, 10 a.m.) BATAVIA, June 21. Sterling exchange, 8.94J guilders to £1. The rate on June 20 was the same.

June 7. June 21. £ s d. £ S. d. Dalgety and Co., 4p. c ; .; 96 10 0 97 0 0 Dalgety and Co., shares 67 6 6 4 4£ British Tobacco .. 1 16 9 1 16 9 Goldsbrough, Mort 13 9 13 9 P. and O. Defd. .. 10 9 113

(By Telegraph—Press Assn.—Copyright.) 1 ' ' SYDNEY, June 21. A strong rise in the New York industrial index imparted new life into the Sydney Stock Exchange today, resulting in business almost doubling, with advancing prices for the majority of, issues. Broken Hill stocks also benefited by a stronger market. Sales (included:— £ s. d. Bank of New South Wales 31 10 0 Commercial Bank of Sydney 20 13 0 Bank of New Zealand .... 2 3 b Colonial Sugar 46 17 6 Mercantile Mutual Insurance * 1 10 o Associated News 1 0 6 Huddart, Parker 2 5 6 Burns, Philp 2 9 9 British Tobacco 2 6 6 Tooth and Co; 2 14 0 Aust. Iron & Steel (pref.) 1 7 9, | Dunlop-Perdriau 10 4*. I Hume Pipe 0 19 14 I Felt & Textiles 1 10 9 jNewbold Brick 1 11 0 Gordon & Gotch 2 10 6 Victoria Nyanza '. 0 15 0, United Provisions ' 0 6 1: Goldsbrough Mort 1 7 9 I Henry Jones Co-op 2 7 ft. Atkins ............... 1 2 0 W. Adams 0 15 6 Meggitts ., 1 11 0 Warburton Franki 1 0 3 Traders & Finance 1 1 3 Electrolytic Zinc 1 17 0 Electrolytic Zinc (pref.) ... 2 26 Mount Morgan 0 8 10, Mount Lyell 1 5 0 Broken Hill Pty 2 19 d North Broken Hill- 2 0 0 Rawang Tin, 0 8 3 Placer Development 3 16 0 Loloma Mines 1 2 7 Taranaki Oil .; 0 13 4 MELBOURNE, June 21. Sales on the Stock Exchange of Melbourne today included:— £ s. d. National , Bank of Aust. (£5 paid)...- 6 11 0 National. Bank of Aust. (£10 paid) 13 6 0 Carlton Brewery 3 4 9 G. J. Coles ....■ 4 2 0 Drug Houses . ..... 1 5 0 Australian Glass ....— 4 12 9 Dunlop-Perdriau 1 0 7 Goldsbrough Mort ..'.-.; 1 7 6 Felt & Textiles ........... 110 4J "Herald & Times" 2 18 0 Mount Lyell. '..:... 1 5 6 Broken Hill • Pty. ;..;..... 219 3 Broken' Hill Pty. ■ (new issue) 1 16 0 North Broken Hill 2 0 9 Broken Hill South 18 7 Zinc Corporation 3 13 0 Emperor Gold 0 12 4 Loloma Mines 127