THE SHARE MARKET

Evening Star, Issue 21508, 5 September 1933, Page 5

THE SHARE MARKET

NNEIIN STOCK EXCHANGE Inquiry for Bank of New Zealand shares .was a few pence bettor, £2 8s 9d being .Offered, with sellers asking £2 9s 3d. Commercials eased Id, and buyers were 2d away. A seller of Nationals of New Zealand came on the market at £4 ss, .and buyers responded at £4. Inquiry for jUniou Banks moved up to £9 6s without > seller quoting. Kaitaugata Coals were for sale at the slightly cheaper rate of £1 2s, and a buyer came on the market at £1 Is. Contributing Southland Frozen Meats .were wanted at £1 5s 7d, but yesterday’s seller at £1 5s 6d did not quote. Milburn Lime and Cements eased to £1 11s 6d, but the shares were not wanted. Regent Theatres had continued inquiry at 18s 9d, and a seller came on the market at £l. SALES. Eeported:—Southland Frozen Meat (cent.), £1 5s 9d (ex dividend); King Solomon, 3s (2); Bell-Kilgour, Is 7£d (2)BellHooper, (2), Is (2). Reported after the call: —Bell-Hooper, 3s; Bell-Kilgour, Is Bd, On ’Change:—King Solomon, 3s (2); Gillespie’s Beach, 2s (2). Late Sale yesterday;—Mount tyell, £1 Is 9d.

DIVIDENDS DUE. Stock. Am’nt. Period. Date. Standard ‘ Insurance Is 3d final _ To-'-'i' "~- Huddart, Parker (ord.) 6d. interim Sept 14 Huddart, Parker (pref.), 71-sd, interim • Sept. 14 Golden Sands 3-sd, 3rd monthly, Sept. 14 Okarito Is fifth Sept. 16 Broken Hi.l South Ist Sept. 22 N.Z. Drug 8 2-sd, interim Sept. 23 British Tobacco 3 3-8 d Bank of Australasia 7s tAustralian currency.

PRICE OF FINE GOLD PrdSs Association—By Telegraph—Copyright. LONDON, September 4. (Received September 5, at 10'a.m.) The latest quotation for gold is £6 lls.

THE DOLLAR Pres* Association—By Telegraph—Copyright LONDON, September 4. (Received September 5, at 1.30 a.m.) The dollar is quoted at 4.56.

DIVIDEND ANNOUNCED BEATH AKD CO. LTD. A telegram received by the Stock Exchange 1 Association from Messrs Death and Co. Ltd., Christchurch, states: “Annual accounts satisfactory; paying usual dividend of 8 per cent, on ordinary and 5 per cent, on preference shares.”

THE CURD TEST WAIRARAPA SUPPORTS DAIRY DIVISION [Per United Press Association.] CARTERTON, September 4. A meeting of Wairarapa factory managers was held at I eatherston on August 29 to consider the report of a meeting hold at Woodville of dairy factory representatives on the curd test question. The following resolutions were carried unanimously:— “ That this meeting of Wairarapa factory managers takes strong exception to the resolution reported as being passed at Woodville by a meeting of supposed representatives of dairy faetories and factory managers, including those of Wairarapa, condemning the curd test for milk grading, and emphatically denies that factory managers from Wairarapa "were presented at that meeting.” “ Whilst not wishing to take sides in a technical dispute calculated only to wreck the attempt that is being made to clean up the cheese industry, this meeting of Wairarapa factory managers is unanimously of the' opinion that the curd test is quite capable of detecting milk unsuitable for the manufacturing of first-class cheese.” “ That it is easily manipulated and fits in best with ordinary factory practice and is eminently suited to demonstrate to suppliers the difference between first and second grade milk.” “That as there is a difference of opinion even among scientists as to the respective merits of the various tests used for milk grading, wo deplore this dispute as it savours more of personal elements than a real endeavour to bring about an improvement in the quality of cheese and milk.” “ That full publicity be given to those resolutions, through tlie Press, and also that this meeting reaffirms its confidence in the Dairy Division and Mr W. M. Singleton as director.”

THE SEARCH FOR GOLD BELL HILL COMPANY The secretary of the Bell Hill Sluicing Company has received a report to the effect that the wash-up resulted in a return of 41Joz.

FOURTEEN MILE BEACH The directors of the Fourteen Milo Beach Gold Mining Company Ltd. report that the first wash-up resulted in a return of 470 z 13dwt 12grs. This return represents broken time while opening out the first paddock preparatory to shifting the elevator to its new position where rich wash is known to exist. Another wash-up will take place in a few weeks’ time.

LOOSELY-USED TERMS A BANK'S DEFINITIONS Loose use of such terms as devaluation,” “ inflation,” and “ depreciation ” are dealt with by the Midland Bank Review in an endeavour to make their meaning clear to the average reader. The phrase “ depreciated currency,” the bank points out, is used to describe a currency which has fallen in value, without any very clear definition of the standard by which that value is to be judged. A devalued currency, on the other hand, is one whose gold content has boon reduced by statutory authority. Thus depreciation can proceed without any act of devaluation at all, while devaluation may take place without any further depreciation; it may mean no more than official recognition of depreciation which has already taken place. President Roosevelt has power to devalue the dollar—that is, to reduce its gold content, by anything up to 50 per cent. He has not yet devalued; what he has done is to depreciate the dollar internally by producing a rise in commodity prices and externally by producing conditions for a fall in the exchange value of the dollar. The depreciation which followed Great Britain’s departure from gold took a different course. The pound sterling underwent heavy external depreciation, but internally it depreciated very little. Considering the net movement since the departure in September. 1931, the external depreciation of sterling is about 30 per cent., but internally there has actually been some appreciation, since the pound will buy more now than two years ago. Inflation is simply the reverse side of internal depreciation of a currency, internal depreciation being regarded, broadly speaking, as a change in the relationship between currency and goods.' Money becomes worth less in goods if it multiplies more rapidly than goods, and it is the expansion of money which, when it leads to loss of value, is known ns inflation. As a matter of 'fact, money can often be expanded considerably without leading to depreciation. but when this occurs there is no inflation.

The bank has something to say in favour of one type of inflation. During depressions, it points out, the difficulty is to stimulate demand for goods, and this can hardly be done without raising prices so as to give the producer a reasonable chance of profit. In these circumstances inflation _ is to be welcomed ; there is no likelihood of its getting out of hand as in war time, while its accomplishment will help to restart enterprise, give employment, increase employees’ incomes and the profits of business men, and generally increase demand for goods. Hence the newlv-discovered virtues of inflation, which, through confusion of circnmstcnr> 0 , Ims come to he thought of. since 1924, as for ever damned. Hence, moreover, the vital distinction between the deliberate depreciation of the American dollar and the uncontrollable inflation in a number of European countries after the war.

Quotations as under:- £ «. d. £ 1. d. Buyers. Seller*. RANKING— Bank of N.Z 2 8 9 2 9 3 Bank of N.Z., Long “ D ” 1 12 9 — « Commercial Bank ... 0 16 0 0 16 2 E.S. and A. Bank ... 5 5 0 ■ • — National Bank of New Zealand 4 0 . 0 4 5 0 Union Bank of Australia , Ltd 9 6 0 — INSURANCE— New, Zealand Ins. Co. ’ 2 12. 9 South British Ins. Co. 3 9 0 -7 jHIIPPING— Howard Smith 0 12' 0 ■ P. and 0., Deferred Stock ... ... ' ... 15 3 ■■ U.S.S. Co. (pref.) ... 1 3 3 — COALKaitangata Coal 1 1 0 1 2 0 Westport Goal Co. ... — 0 13 3 LOAN AND AGENCY— . Dalgety and Co. 9 6 0 — National Mortgage. (“B ” Issue) ' ... 16 0 — N.Z. Guarantee Corp. ;. — 0 7 2 .Wright, Stephenson , (ord.) ....... ... 0 11 3 ' Wright, Stephenson 0 13 ! (prof.) 0 MEAT PRESERVING— N.Z. Refrigerating • (paid) ... 0 18 6 N.Z; Refrigerating (cont.) 0 8 8 0 9 0 Southland Frozen Meat (cont.) ... .;. •... * 1 ■ 5 ■ ■7- — ;>■ South Otago Freez.... 4 15 0 — ■ - ■MISCELLANEOUS— British Tobacco 1 14 ’ 0 ; Bruce Woollen Co. (ord.) ... !' 1 l' 0 Colonial Sugar Co. ... 57 150 r~' Crystal Ice Co 1 6 0 — Dominion Fertiliser ... — 0 13 2 A D.I.C. (pref.) Donaghy’s Rope and ,r■ Twine ... .... ... 1 1 0 . — 2 0 0... 0 X Electrolytic Zinc (preR) ‘Ji 1 15 O' ‘X Electrolytic Zinc ■ (def. ord.) ... ... 1' 2 9 ■ -4 Kaiapoi Woollen (ord.) ... _ O' 8 ■ ■3 Kaiapoi Woollen O'12 O' (pref.) — ;. Milburn Lime and Cement (cum div.) 1 11 6 M'Lepd Bros 26 0 0 — ;o ;; Mount Lycll _ 1 1 6 X 2‘ : National Electric — 0 6, 0 ■ N.Z. Drug Co 3 6 3 —. ' N.Z. Malay Rubber' (pref.) • .... ••• 0 6 6 N.Z. Paper Mills 1 7 6 ‘Otago Daily Times* 2 2 6 — Recent Theatre 0 18 9 1 0; 0 Smith and Smith (pref.) Wilson’s (N.Z.) Cement 0 13 0 — 1 14 3 — 1 . N.Z. Newspapers 1 6 0 . ' BREWERIES— - Staples’ Brewery ’ Tooth’s Brewery 1 6 6 — 1 17 6 GASChristchurch ■ ; 1 7. 0 . — MINING— Kawarau 0 0 0 0: 7 ' r ' Waihi ... ... 1 6 9 — ■ - Waihi Gd. Junction 0 4 2 0 2; Kildare ... . .... ... : ... 0 2 3 6 Okarito (cum div.) ’ 0 11 9 ' 0 12 0 Paddy’s Point 0 4 6 0 5 3 New Cornish Point „ (6d paid) ... — 0 0 u / 1 King ' Solomon ... ... ■ 0 3 0 3 "Golden Point ... . 0 0 i* 0 0 3 Golden Dawn 0- 2 6 — . Gillespie’s Beach 0 2 2 i 0 2 3 Waitahii ... ’ ... .0 7 3 0 7 5 ■ Golden Sands ... 0 3 0 — V Big River ... •... ••• - u i Mount David ... ... 0 2 0 □ 2 B Nokothai ... ... 0 3 2 0 3 5 ■ Freshford 0 0 8 0 0 9 Central Shqtover ... 0 0 104. 0 1 0 BeJl-Hooper ... ... — 0 0114 0 1 0 1 1 8 Bell-Kilgour ... ,... 0 J. Oienbridge, Shotover 0 0 8 u u tu WAR BONDS- , , (Bonds quoted are £100 Bonds.) 193843 34 p.c. Ins. ... 100 15 0 - 1935-52 34 p.c. Ins. ... 100 15 0 193943 34 p.c. Ins. ... 100 15 0 — 1939-52 3f p.c. Ins. ... 100 15 0 — 194143 34 p.c. Ins. ... 100 15 0 — 1941-52 34 p.c. Ins. ... 100 15 0 -• 1940 4 p.c. Bonds' ... 100 10 0 — 1940 4 p.c. Ins. 100 5 0 1949 4 p.c. Bonds ... 101 5 0 " 1949 4 p.c. Ins. 101 5 0 . — 1950 4 p.c. Bonds ... 100 0 0 — 1955 4 p.c. Ins. 100 0 0