Commerce, Mining, & Finance

Evening Star, Issue 21899, 10 December 1934, Page 7

Commerce, Mining, & Finance

FOREIGN EXCHANGE ON NEW ZEALAND GURNENCY BASIS France—

T.T. represents telegraphic transfers. O.D. represents on demand transactions. The above ratee are subject to alteration. BRITISH TREASURY BILLS TREASURY BILLS. (British Official Wireless.) Press Association —By Telegraph—Copyright RUGBY, December 7. The total amount applied for in tenders for 40,000,000 Treasury bills came to £58,425,000. The amount allotted in bills at three months was £40,000,000 at an average rate per cent, of lls 2.8 d, compared with 9s 3.94 d per cent. last week. MEAT MARKET Press Association—By Telegraph—Copyright LONDON, December 8. New Zealand Sheep.—North Island 'selected cross-bred wethers: 48-56ib, 4|d; 57-641 b, 4fd. Australian Sheep.—First quality cross-bred and/or merino wethers: 40- ' 651 b, 3Jd. Argentine~ Lambs.—Second quality: Average about 281 b, 6id. New Zealand Lambs.—Second quality; Average about 321 b, 6d. Australian Lambs.—Other States : First quality—36lb and under, 6id; 37421 b, 6fd. Second quality—36lb and under, 6d. All States: Third quality—average about 261 b, s®d. Argentine Chilled Beef.—Ox fores (160-2201 b), os hinds (160-2201 b), Sd.

BRITAIN'S IMPORT RESTRICTIONS FOREIGNER SUFFERS FIRST [Per United Press Association.l CHRISTCHURCH, December 8. Misconceptions which have become general in certain quarters in New Zealand regarding the working of Britain’s policy of regulating the importation of primary products were refuted by Mr Malcolm MacDonald in a striking speech at a civic reception. Mr MacDonald explained that he had found during his talks with New Zealanders that there was a common belief that it was the aim of the British Goyernmene to go in for large-scale agricultural development with the object _of making the Homeland self-supporting so far as foodstuffs were concerntd. This was entirely wrong. The reason for the intended regulation was to raise the price levels from their present depressed- basis and so make it possible for the British farmer to sell his goods at an economic price ; but it was not to be thought that the British farmer was the only primary producer who would benefit by this plan. Farmers throughout the world would find themselves with more money, and so would become better consumers again. This regulation would, not be applied equally to the foreigner, but the dominions would receive exemption from the scheme until it was seen whether the regulation of the imports of the foreigner was sufficient to restore the price levels. Only when this had been seen to be insufficient would the dominions come under the scheme.

SELLING NEW ZEALAND BUTTER WATCHING TRADE DESCRIPTIONS GRADUALLY IMPROVING POSITION. One of the matters about which complaint has-lor years been made in connection with the selling of New Zealand butter in England is that in a great many cases it loses its identity before it reaches the customer and thus a tremendous amount of consume: goodwill is lost tp New Zealand farmers. Unfortunately, the Merchandise Marks Act in England does not give complete protection and allows butter to be sold as “ Empire,” which in reality contains mostly foreign butter and only a small quantity of butte: produced from one or other of the dominions. . The Dairy Board has long recognised that one of its principal English activities must be to see that an increasing amount of New Zealand butter is annually sold as such, and it is pleasing to find from the latest information available, that the position is steadily improving- . . During the past year m particular great strides have been made along these lines, as the work has been assisted through the increased amount of money made available for the advertising allocation. Of a total of 7,010 shops at which calls were made over a stated period, 4,539 were selling New Zealand butter, and of these 3,723 were clearly and definitely marking it as such. This position is infinitely superior -to that of many of our competitors, and it is possible to say with confidence to-day that the board has secured the goodwill of the trade. Moreover, m addition to the figures given above, it should be remembered that practically all the largest provision firms in England such as the Home and Colonial Stores, Lipton’s, the Maypole Dairy Company, and others, regularly make display features of New Zealand butter, and as these various stores probably have close on 4,000 branches all told it will be seen that at regular intervals New Zealand butter is prominently featured. No one would suggest that the position is yet Perfect, but it is satisfactory, to find that steady work is having its reward.

ADVERTISING IN ENGLAND WORK OF THE DAIRY BOARD The increased publicity allocations made by the Dairy Board in connection with the sale of New Zealand dairy produce in Great Britain have allowed the board’s London office to carry out much more effective campaigns. ■ When only a small amount was available tne London office had to content itself with work at exhibitions, but now special “ weeks ” are regularly hejd in dilfetent centres, and every possible form ot publicity is utilised to make these a complete success. . The London office has long recognised the need for judicious use of the newspaper and magazine Press of England, and an increasing amount of money has been spent in these highly profitable publicity avenues. People who return to New Zealand from a trip to England, and who criticise the board s publicity work, have usually only seen some minor aspect of it, and have not troubled to ascertain all the facts. Broadly speaking, the campaigns today seek to cover intensively some districi where New Zealand butter js not selling as well as it should. In some instances Danish strongholds are attacked. Possibly a grocers’ exhibition gives the opportunity for commencing the campaign, and simultaneously arrangements will be made for retail shop demonstrations and indoor displays throughout the whole ot the town. Prizes for the best displays stimulate keen competition among the grocers, and as the photographs that have appeared in many New Zealand papers show, some wonderful displays are made.

It is quite well realised that the campaign as outlined above is incomplete, and that it is essential to convince the buying public of the wisdom of purchasing New Zealand butter in preference to the product of other countries. For that purpose the newspapers are ideal, while the magazines are used also in special directions. Anyone seeing the window displays alone might criticise the publicity work, and so could anyone seeing newspaper advertisements alone. The board realises that for effective publicity under today’s conditions all sort of displays must be linked together. The newspaper reader sees a good display advertisement- featuring New Zealand butter, and her interest is stimulated by prizes offered in connection with a judging competition for the best shop window display. From entering for that competition to buying New Zealand butter regularly is a fairly easy step. Publicity work, particularly in a country like England, is highly specialised work, and a great deal of time and attention has been devoted to the successful planning of the Dairy Board’s work. The remarkable increase in sales in many areas where Danish butter formerly hold sway must be attributed largely to the steady selling influence of effective publicity.

THE SHARE MARKET DUNEDIN STOCK EXCHANGE Two sales of Refrigerating contributing shares were reported at 10.2 this morning, and the market tended to harden still more. Dominion Fertilisers showed improvement with business at 21s, and New Zealand Breweries- gained ground with a sale at 49s lOd, cum div. Westport Coals had improved inquiry, but still sellers failed to appear. Dominion Rubbers were on offer at 325, but investors were not attracted. Mosgicl Woollens were also for sale > at a figure which failed to interest buyers. New Zealand Paper Mills were fractionally weaker, but Woolworth’s (Sydney) shares continued to gain ground. There was an improved demand for New Zealand and “Dunedin Breweries, and no sellers appeared. In the gold mining section, Kildares moved up Id, but sellers stayed in at last week’s figure, despite the announcement concerning the option over the company’s claim. Big Rivers reveal a tendency to recover slightly, and Waitahus were firmer. Buyers of Government Loans continued to move cautiously. SALES. Reported.—New Zealand Refrigerating (cont.), 10s 2d (two) ; Dominion Fertiliser, ill Is; New Zealand Breweries, £2 9s XOd (cum div.).

Francs to £1 59.64 59.69 N.Z. Noumea— ' Franca to £i T.T. O.D. 60.94 61.24 ' N.Z. T.T. 61.89 58.89 O.D. 62.29 58.94 Papeete— franc* to £1 61.89 62.29 58.89 58.94 N.Z. T.T. O.D. Belgium— Belfas to 1C V. £1 T.T.17.392 16.692 Germany— Reichsmarks to £1 O.D. 17.492 16.707 N.Z. T.T. —* 9.690 O.D. — 9.695 Italy— Lire to £1 46.Q0 46.04 N.Z. ' o.d! > —’ Switzerland — Francs to 91 * 12.086 12.096 N.Z. Holland— Florins' to £1 b.b; 12.486 12.561 N.Z. T.T. O.D. 6.014 6.064 5.764 5.768 Java — Fiorina to £1 5.738 - 5.742 N.Z. T.T. O.D. 5.963 6.013 Japan— N.Z. pence yen to 1 ... T.T. - 17 21-32 Shanghai— N.Z. pence dc41ar to 1' T.T. 20 1-8 21 7-16 O.D. 20 21i India and Ceylon— M.Z. pence to 1 22 9-32 22 5-32 22J 22 9-16 rupea Hongkong— N.Z. pence to 1 T.T. O.D. dollar T.T. O.D. 25 1-8 25 26 3-16 26 1-8 Singapore— N.Z. pence dollar to i T.T. O.D. 34 7-16 34 5-16 35 3-8 35 5-16

Buyers. Sellers. £ a. d. £ 8. d, BANKING — New Zealand (ex div.) 2 8 0 — New Zealand (long “ D,” ex div.) — 1 12 9 National of N.Z. 3 11 0 — Reserve 6 10 0 INSURANCE— National 1 1 5 1 1 8 New Zealand — 3 10 0 South British 4 15 0 SHIPPING— P. and 0. Def. Stock .... — 1 0 0 U.S.S. Co. (pref.) ... 1 7 6 MEAT PRESERVING— Canterbury (pref.) ... 5 14 0 — N.Z. Refrigerating (paid) N.Z. Refrigerating 1 0 3 1 1 0 (oont.) 0 10 1 U iU 5 Southland Frozen (paid) 3 16 0 Southland Frozen (cont.) ... 1 17 8 — Southland Frozen (pref.) 3 16 0 — South Otago Freezing 6 5 0 .OAN AND AGENCYNatioual Mortgage ... Perpetual Trustees ... — 3 0 0 3 1 0 — \V right, Stephenson 9 (ovd.) 0 IV — Wright, Stephenson 9 (pref.) — 1 0 'OALKaitangata ... ... — 1 2 0 vv'estport 1 0 7 — Westport-Stock ton (ord.) — 0 3 2 Westport-Stockton (pref.) 0 5 3 MISCELLANEOUS— Australian Glass 3 2 0 — Brown, Ewing (pret.) 1 1 3 — Bruce Woollen Co. - (ord.) ... - 0 13 3 — Bruce Woollen Co, (pref.) 1 1 0 — Colonial Sugar Co. . . 42 10 0 — Crystal Ice Co. (new) — 1 0 Op D.I.C. (pref.) 1 4 9 1 6 9 Dominion Fertiliser ... 1 0 9 1 1 0 Dominion Fertiliser Debs 106 0 0 —■ Dominion Rubber — 1 12 0 Dunedin-Kaikorai Trams 1 18 0 — Dunlop Perdriau Rubber — 1 0 3 Kaiapoi Woollen (ord.) — 0 15 9 Milburn Lime and Cement — 2 3 0 Mosgiel Woollen Co. — 11 5 0 National Electric 0 8 3 — 6 N.Z. Drug Co — 4 0 N.Z. Malay Rubber (pref.) — 1 5 0 N.Z. Paper Mills ... — 1 14 9 • Otago Daily Times ’ 2 10 6 — Resent Theatre — 0 IS 6 Wilson's (N.Z.) Cement — 1 14 C Woolwortb’s (Sydney) 3 19 0 ~ BREWERIESNew Zealand (ex div.) 2 9 0 — Dunedin 1 9 0 — OIL— Moiuroa (ord.) — 0 4 0 Moluroa (pref.) — 0 5 6 AUSTRALIAN MIN1NGElectro. Zinc (ord.) — 1 4 9 Mount Lyell 0 17 8 iOLD MINING— Bell-Hooper 0 0 3 0 0 4 Bell-Kilgour ... — 0 0 2 Bendigo Goldlight ... — 0 0 11 Big River 0 1 6 0 — Central Shotover — U 10 Charleston 0 0 7 0 i 0 f Gillespie's — 0 Jl * Golden Point ... ... — 0 0 3 Golden Sands — 0 3 U '.oldfields Dredging ... 0 0 9 0 i 0 Ilcnroy Cildare 0 2 6 0 0 0 2 10 9 .awson’s Flat — 0 0 4 laerewhenua — 0 o H Vlataki (ex div.) ... — 0 2 b Moonlight, Nelson 0 Creek — 0 2* Mount David — 0 1 Nevis Diesel — 0 0 Nokomai — 0 3 6 Okarito 0 8 0 0 9 u Oxenbridge — 0 0 11 Sandhills — U 0 U I Skippers 0 0 0 0 84 Waitahu 0 2 0 0 Z 0

N.Z. GOVERNMENT LOANS /Bonds quoted are £100 bonds . Ah p.c. Stock. 1938* ‘1943 105 10 0 — 31 p.c. Stock, 19391943 105 10 0 — 51 p.c. Stock, 19411943 ... ; 105 10 0 — 51 p.c. Stock. 19381952 105 10 0 — 31 p.c. Stock. 1939‘1952 105 10 0 — 31 p.c. Stock. 19411952 105 10 0 — i n.e. Bonds, Jan. 15. 1910 102 0 0 — l n.e. Bonds. Feb. 15. 1943 104 0 0 — I p.c. Bonds, June 15, 1955 .. 112 0 0 — UNBISTKD STOCK— Quartz Mountain ... — 0 0 6p