THE SHARE MARKET

Evening Star, Issue 22086, 20 July 1935, Page 13

THE SHARE MARKET

' DUNEDIN STICK EXCHANGE Business was reported in a wide range of stocks this morning, and sales were effected on ’Change in both issues of Refngeratfiank of New Zealands liave eased from a sale during the week at 52s to sellers at 51s 9d and no buyer over 51s 3d. Bong “ D's ” were also easier with sellers at 335. . . . , There was a marked firmness in the meat preserving section, and in the loan and agency section there was strong support for National Mortgages, trustees’ shares, and Wright, Stephensons. A buyer appeared this morning for Australian Iron and Steel prefs., the first quotation for these shares in months. British Tobaccos appear to be hardening with business at 39s 6d. ... rn irw, Bulolo Dredgings were for sale at ius, a premium of £8 10s, but buyers were very reluctant to meet the market. Every issue of Government loans found the usual strong support of investors, and two 4 per cent, issues of stock were on Amongst unlisted stocks Quartz Mountain (Papua) Ltd. showed a rapid rise, buyers offering as much as Is 9d premium without attracting a reply from sellers. SALES. On ’Change.—Refrigerating (paid), £1 Is (two); Refrigerating (cont.), 9s lid. Reported.—Refrigerating (cont.), 9s lid (late yesterday) ; South British Insurance, £4 18s 3d; Bruce Woollen (ord.), 14s; British Tobacco, £1 19s 6d; Consolidated Brick. 10s 6d (three); Mount Morgan, £1 17s (two); 4 per cent. Stock (1952-55), £ll2. Quotations as under: — Buyers. Sellers. £ s. d. £ s. d.

DIVIDENDS Due Union Bank—lnterim, Zs 6d a .share ... _ July 25 Golconda Holdings Ltd.—s per cent, ... July 27 Staples’s Brewery—2£ p.c. ... Aug. 7 Commercial Bank • Half-yearly, ord. 6 2-3 p.c., pref. 4 p.c., Aust. our. Aug 9 New Zealand Farmers’ Fertiliser —si per cent Aug. 15 New Zealand Insurance—Pinal, Is a share ... Aug. Electrolytic Zinc—half-yearly, ord. 5 p.c., pref. 8 p.c Sept. 10 THE SEARCH FOR GOLD KING SOLOMON RETURN The King Solomon return for the week was 740 z lOdwt. WORKSOP RETURN A Reef ton message states that the return of the Worksop dredge was 560 z for 123 hours over 9,000 yardsWAIMUMU SLUICING The Waimtimu Sluicing Company’s return for 14 days was 360 z 16dwt. METAL MARKET Press Association—By Telegraph—Copyright LONDON. July 18. The following are the official metal quotations:— Copper.—Standard, £3l 8s 9d per ton; forward, £3l 16s lOkl. Electrolytic.—Spot, £35; forward £35 sk. Wire bars, £35 ss. Head.—Spot, £l4 17s 6d: forward. £l4 18s 9d. Spelter.—Spot, £l4 2s 6d: forward, £l4 7s fid. , , Tin.—Spot, £234 17s fid; forward. £224 18s 9d. ) Pig Iron.—Home trade, £3 7s fid; export, £3 2s 6d. Antimony.—British* £74 10s; foreign, £46. . . Molybdenite, £1 14s fid per unit. Wolfrahi, £1 Us. Silver.—Standard, 30 3-16 d per oz; fine, 32 9-16 d. BULOLO SHARES Press Association—By Telegraph—Copyright LONDON, July 19. (Received July 20, at 11 a.m.) Bulolo shares are quoted at £7 Is 3d. THE GOLD BLOC DIFFICULTIES BEFORE IT / —— The world may be . divided into at least four groups of countries, each group holding on to a different monetary system. The largest group consists of those countries which have abandoned the gold standard, and whose currencies nave depreciated by from 40 to 90 per cept. This includes England, the British dominions, Norway, Sweden, Denmark, Finland. Estonia, Japan, Spain, Greece, ana the South American countries. - The second group comprises cbuntries which, to use the words of the Netherlands Trading Society, have “propped lip the gold standard with a security system which practically deprives it or its_ worth.” ( In these countries the official money Value h as no longer a connection with real value. The group Includes Germany, Austria, Hungary, Yugoslavia, and, in a sense also, Italy. . The third group comprises countries which have reduced the gold value of their currencies, but have Subsequently returned to the t*old standard. They are the United States. Czechoslovakia, and Belgium. The fourth group has remained on the gold standard. This includes France, the Netherlands, and Switzerland. ... The greatest difficulty facing these groups m the way of currency agreement and the elimination of upsetting developments like the speculative attack on the franc is whether to return to gold, to adhere to gold, or to adopt some method of goods standard. In the United States the question has, at least provisionally, been resolved in favour of gold. In England and other countries of the sterling group it W still in suspense. But granted a general return to gold, there is still the quo*, tion as to what level the countries will adopt for stabilisation on gold. For various countries in the first and second groups there is also the practical difficulty of foreign payments being so extensive that the free gold standard might not be maintained without special arrangements made beforehand Finally, it is not yet clear how the gold standard would operate in the long run if business between countries remained hampered by quotas,, high import duties, import prohibitions, and similar weapons of what has come to be known as “ trade warfare.”

WOOL FREIGHTS POSITION IN AUSTRALIA The Australian Graziers’ Association has expressed its keen dissatisfaction with the rates and conditions of wool freights. The freight rate of wool is lid a pound, plus 5 per cent, primage, and minus 10 per cent, rebate to buyers, and Is 9d a bale “ loyalty rebate ” to buyers, resulting in a net freight to of 1.003 d sterling a pound. This rate was stated to be higher than the freight from New Zealand, and was 10 per cent, higher than the rate for frozen meat from Australia, an arnpmalous position, it is stated, in view of the fact that meat was a much more expensive cargo to handle. In the Argentine the wool freight was only onethird of the freight charged on meat. The wool growers agreed to wool remaining within the scope of the Australian Oversea Transport Association provided that an agreement can be reached with the shipowners on four points. These are: Future wool freights to be negotiated annually between wool growers and shipowners. A, reasonable freight reduction in wool to be made. All percentage rebates and primage to be abolished, but objection not to be taken to a loyalty bonus at a flat rate not exceeding Is 9d a bale. Any agreement arrived at to be operative for the 1935-36 wool export season. Mr F. dii Boise, chairman of the Overseas Shipping Representatives’ Association, has informed the Graziers’ Association that there is no possibility whatever of any reduction in the wool freights, aS desired. Country Party members of the House of Representatives may take- some action to bring about a realignment of wool 1 freights, failing a suitable settlement between wool growers and overseas shipping companies. It is probable that steps will he taken to bring about an amendment of the Industries - Preservation Act, enabling open competition. It has been pointed out that shipowners outside the conference lines cbnlcl guarantee valuable rebates', despite intensified shipping competition. BRITISH STEEL TRAGE A MARKED IMPROVEMENT The British steel trade position is stronger than at any time within the. last 30 years, reports the Sheffield Chamber of Commerce, notwithstanding a much lesS than normal demand for shipbuilding steel at home, and-the serious export difficulties only too well known to traders. “We are making and converting more than 800,000 tons of steel per month, compared with a monthly average of 638,600 tons in the pre-war record year when shipbuilding was in full activity, and there were no serious foreign exchange setbacks or import restrictions,” the chamber adds. “ Our output is wonderful ih view of the altered, circumstances. It is due, of course, in ,the main to the substitution : or steel for wood, brick, and stone in many lines, and this substitution—this score for steel—is consequent on the improvements made in steel manufacture. “ Bv fuel economy schemes, by improved mechanical methods, and by metallurgical research work, our steel makers are able to offer steel at an average per ton price only slightly above the pre-war level, when labour and material costs were much lower than to-day, “ And this is not all. Steel is so much Superior that lighter plates, bars, rods, etc., will stand the wear and Stresses which only much heavier products could stand in times past, with the result that actually, per unit of utility, steel is cheaper than ever it was. Contrasted'with this, timber, bricks, and' stones are considerably more costly.”

BANKINGNew South Wales ... 31 10 0 — 9 New Zealand 2 11 3 2 11 New Zealand, Long 0 “ D ” .... 1 12 s 1 15 Commercial . 0 16 8 0 16 10 E.S.' and A 5 0 0 — National of New Zea 8 land — 9 Reserve — 6 9 6 Union of Australia 0 Ltd 9 0 — INSURANCENational — 1 1 0 South British 4 18 0 4 19 0 Standard — 3 13 6 A.P.A 1 1 9 — SHIPPING— Huddart, Parker (pref.) 1 6 0 — P. and 0. Deferred 0 Stock 1 1 — U.S.S. Co. (pref.) ... 1 7 3 — MEAT PRESERVINGCanterbury (ord.) ... 9 12 0 — N.Z. Refrigerating (paid) 1 1 0 1 1 6 N.Z. Refrigerating 0 (cont.) C a ii U 10 Southland Frozen (paid) 3 16 0 — South Otago Freezing ,6 15 0 LOAN AND AGENCYDalgety ... ... — — 8 8 6 0 National Mortgage ... 2 11 — National Mortgage (“ B ” issue) Perpetual Trustees ... 1 12 0 — 0 3 4 0 3 10 Trustees, Executors, and Agency 3 4 0 — Wright, Stephenson (ord.) 0 18 . 0 Wright, Stephenson (pref.) 0 19 10 — COAL— — 1 0 9 Westport 1 1 10 1 2 2 WOOLLEN COMPANIESBruce (ord.) 0 13 9 — 6 Bruce (pref.) . 1 3 Kaiapoi (pref.) 0 18 6 0 19 3 MISCELLANEOUS— Australian Iron and Steel (pref.) ... ... 1 4 0 — British Tobacco 1 19 0 — Broken Hill Proprietary r— 2 19 6 Consolidated Brick ... 0 10 3 •— Crystal Ice Co. ... ... 2 3 0 2 8 0 D.l.C. (pref.) 1 ■4 6 — Dominion Fertiliser ... 1 3 0 — Dominion Fertiliser V* (debs.) 108 0 d —- Dominion Rubber ... — 1 9 0 Donaghy’s Rope and Twine 2 12 0 . Dunlop Perdriau Rubber 1 . 0 16 3 Mil burn Lime and Cement —- S 7 0 National Electric 0 11 9 — N.Z. Farmers’ Fertiliser ... 1 0 6 — N.Z. Newspapers 1 18 0 1 19 0 N.Z. Paper Mills ... ‘ Otago Daily Times ’ — 1 14 0 2 9 6 — Woolworths (ord.) ... 12 0 0 — Woolworths (Sydney) 4 12 6 — BREWERIESNew Zealand 2 13 0 3 14 3 Staples’ — 1 16 0 Timaru ... 0 8 11 — Tooth’s 2 14 0 — ■ MSTRALIAN MININGBulolo Dredging ... — 9 10 0 Kleetrolytic Zinc (pref.) 1 14 6 — Electrolytic Zinc (ord.) 1 7 6 — Mount Morgan 1 16 9 1 17 6 North Broken Hill ... — 6 16 0 Upper Watut 0 4 8 — 1LD MININGBendigo Goldlight ... 0 0 9 0 0 10* Big River — 0 2 Charleston — 0 0 6 Gillespie’s — 0 1 5i Golden Progress 0 0 3 — Goldfields Dredging 0 0 2 i — Glenroy — 0 0 4 Kildare — 0 3 2 King Solomon — 0 3 10 Moonlight-Nelson Creek — 0 0 1 Nokomai 0 5 6 0 6 0 Okarito 0 0 5* 0 0 61 Sandhills — 0 0 f) Waihi — 1 18 0 Waitahu 0 2 9 0 3 0 M.Z; GOVERNMENT LOANS(Bonds quoted are £100 Bonds.] 3i p.c Stock, March, 1936-43 105 5 0 — 3i p.c. Stbck, May, 1936-52 107 12 6 3} p.c. stock, November, 1938-52 107 12 6 •— 34 p.c. Stock, March. .1939-43 ... 105 5 0 34 p.c. Stock. Soptfemher, 1939-43 105 5 0 w 34 n.c. Stock, May, 1939-52 107 12 6 — 34 p.c. Stock, March, 194143 105 5 0 — 34 p.c. Stock, September, 1941-43 ... ... 105 5 0 — 34 p.c. Stock, May, 1941-52 107 12 6 — 34 p.c. Slock. November, 1941-52 107 12 6 — 4 p.c. Bonds, 1937-40 102 0 0 — 4 p.c Stock, 1937-40 102 0 0 102 15 0 4 p.c. Bonds, 1943-46 108 0 0 — 4 p.c. Stock, 1943-46 108 0 0 — 4 p.c. Bonds, 1946-49 108 15 0 — 4 p.c. Stock, 1946-49 108 15 0 — 4 p.c. Bonds, 1952-55 111 15 0 — 4 p.c. Stock, 1952-55 111 15 0 112 0 0 UNLISTED STOCKS— Quartz Mountain 0 6 9 _ Caley, Mackintosh, 6 Phoenix 0 13