Commerce, Mining, & Finance

Evening Star, Issue 22576, 18 February 1937, Page 9

Commerce, Mining, & Finance

AUSTRALIAN STOCK EXCHANGES ; freai Association—By Telegraph—Copyright ‘ SYDNEY, February 17. I The Stock Exchange was fairly buoyant, with more' attention tc> ban* - shares, which are moving upward, industrials were irregular, while Barriers responded to the firmer metal prices. £ s. d.

MELBOURNE, February 17. Bonds were quiet and industrials generally steady, with Broken Hill Proprietary better, ' but Coles easier. Fijian Golds were edsier on the Loloma issue.

ADDINGTON STOCK SALE pm United Press Association.] CHRISTCHURCH, February 17. Host sections were firm at the Addington stock; sale _ to-day. The ■tore sheep entry was the largest this season and numbered Io,OOU. me quality was mixed, but a fair propor- ' tion was good sheep. All good lines 1 eo]d well up to late' rates. Lambs were forward in about the same numbers as at list week s sale, and! there was a keen and firm demand for good lambs, but others were to ‘ la 6a a head lower. Two-tooth ewes made to 455. , , , , Tha fat lamb entry of 1,600 head 1 showed better quality than last week, and there was a very keen sa*», with best light lambs 6d to 9d dearer. Values were:—Extra prime heavy, to 34s 7d!; prime heavy, 29s to 31s; prime medium-weight, 26s 6d to 28s 6cf; ordinary, 24s 6d to 265; light, to ,25s._ The fat sheep entry was the heaviest this season, but the quality was mixed, with a large proportion of secondary sorts. For best kinds there was a very free sale at fully last week’s rates. Exporters operated steadily for suitable sorts. Values were:—Extra prime heavy wethers, to 37s Id; prime heavy, 28e 6d to 30s; prime mediumweight, 26s to 28s; ordinary, 23s to 2os 6d; light, to 22s 6d; prime heavy ewes, 23s 9d to 265; prime mediumweight, 21s to 23s 6d; ordinary, 19s 6d to 20s 9d); light, to 19s. A small entry of fat cattle made values rise £1 to 25s all round on a keen ’ market. Values were:—Extra prime heavy steers, to £ls 7s 6d; prime heavy, £ll 5s to £l3 10s; prime medium-weight, £lO 10s to £l2; ordinary, £8 to £10; light, to £7 15s; extra prime heifers, to £l2 2s 6d: prime, £8 to £9 10s; medium, £6 to £7 15s; light, to £5 15s; extra prime cows, to £ll 2s 6d; prime, £6 5s to £8: ordinary, £4 16s to £6; light, to £4 10s. There was a medium entry in the pork section, and prices showed a slight easing. Baooners were yarded in large numbers, and, considering the entry, the market was good. Values:— Choppers, 54s 6d to £4 8e 6d; porkers, 31s 6d to 34s 6d; heavy, 36s 6d to 46s 6d; average per lb, s|d to 6jd. Baconcrs made 48s 6d to 56s 6d; medium, 58s 6di to £3 6s 6d; heavy, £3 9s 6di to £4 4s 6d; average per lb 5Jd to 6d. SYDNEY WOOL SALES Pres* Association—By Telegraph—Copyright SYDNEY, February 17. 'At the wool offered and 10,306 sold, while 1,124 were disposed of privately. All good wools sold freely at firm rates, while irregularity continued in regard to inferior and doubtfiil yielding. lines. Greasy merino made 30Jd. - 1

CRIPPLING TAXATION AND HEAVY ADDED COSTS ANNUAL MEETING OF H.Z. REFRIGERATING COMPANY [Pjb United Press Association-] CHRISTCHURCH, February 17. “ The present rate of company tax (7a fid) compares with the British rate of 4s 9d, and is, perhaps, the highest in the world. Such a heavy imposition must in the long run have a crippling effect on Our industrial, life, for there is little inducement to risk capital in new enterprises or to spend money on improvements to existing factory equipment when nearly 40 per cent of the earnings goes away in tax, said.air W H E. Flint (chairman of directors), in 7 an address to shareholders at the forty-ninth annual general meeting of the New Zealand Refrigerating Company Ltd, ' Reviewing the company’s accounts, Mr Flint said the balance available for appropriation was £26,941 15s 3d loss than last year. The company s earnings were actually larger than in the previous year, but the increase in the rate of income tax for companies to_ 7s fid in the £ had necessitated setting aside a much larger amount than was required in the previous year to meet the liability for the tax. _ The land tax had also absorbed an additional £1,114. “ The preparation and shipment of chilled beef has continued At Imlay in ■ common with a number of other NorthIsland works,” Mr Flint continued. ‘ This business is still in its early stages in New Zealand, and is not yet on a profitable basis from the company s point of view. Judging, however, from the reports from London, tins class or beef is rapidly improving, and reflects credit on the efforts of the producer. The preparatory work done by the company was also favourably commented upon. “ Since we last .met there have been important additions to our costs arising out of the Government legislation,” said Mr Flint. “In November last a new award was made by tho_ Arbitration' Court, and-this award, with other increases arising principally out of the new legislation (leaving out of account the increases in income tax and land tax), probably amounts for the Dominion to from £300,000 to £400,000. Arising out of the trouble about Christmas in Auckland, the Minister of Labr our directed the freezing companies to increase the pay of the hourly men, and we estimate the cost of this will amount to another £BO,OOO or £IOO,OOO directly or indirectly. This extra cost, which will probably be little short of £500,000 for the Dominion, will be a further , tax on the meat producers of this country, “ In connection with the extension of a direct steamer service to the Far East, your directors caused a thorough investigation to be made into the prospects for the company’s products in that part of the, world, I am glad to be able to report that a small but steady business is now being built up, and I think we shall be in a good position to benefit from any general increase in the trade between this county and the East;” •**- Referring to the dividend, Mr Flint said; “In the present Circumstances I am sure you will agree that it is wise to continue a conservative policy in regard to the dividend, and to make as full provision as possible for future expenditure on renewals and extensions,” The directors recommended the payment of the same dividend as last year, which was adopted. The retiring directors, Messrs W. H. E. Flint and B. Hay, were re-elected. FLOOR MILLERS ALARMED EXCESSIVE MOISTURE IN WHEAT RISK OF REJECTION Numerous complaints are being made bv millers throughout the South Island that farmers are threshing wheat at a far too high moisture content. In some cases samples offered to tne mills have had as much as 18 per cent, moisture content. The matter was referred by a representative of the Christchurch ‘ Press 1 to the Wheat Research Institute, which endorsed the complaints and made the following statement “ Wheat will not keep in condition when stocked ini the mills, if it contains more than 15 per cent, moisture. Wheat placed in bags at higher moisture content than this must be laboriously dried in the paddock, if one wishes to avoid the serious risk of its being rejected at the mills. , “ The very -difficult harvest experienced last year, together with the uncertain weather this year, are in certain cases having the effect of making farmers hurry too much with the threshing or heading of their wheat. Several samples that were being harvested at much too high moisture content have been received at the institute, and serious trouble is bound to be caused, unless due precautions are taken. The institute tests the moisture content of wheat without charge to farmers, and the chanco of much trouble and loss is avoided when this service is fully availed of.” SOUTHLAND WOOL OVER HALF-MILLION FOR FIRST SALE [PEft United Press Association.] INVERCARGILL, February 17. The total realisation from the first Invercargill wool sale held on February 5 was £545,350. The offering was 26,039 bales, of which only 41 bales were passed, so that the clearance can be described as complete. The average price per bale wag £2O 19s fid, and the average price per lb 15.7 d. The course of the sale was followed by a large and unusually representative crowd of buyers and others interested in toe wool industry, and the keenness and satisfaction shown by growers and brokers are fully justified by the official returns. A comparison with the realisation of the first sale last year illustrates the strength of the market throughout this season’s sales and indicates that woolgrowers of the Dominion are experiencing a return to prices which made the industry so nourishing before the depression years. The offering last year was 26,069 bales, of which 389 bales were passed. The total return was £309,878, an average price per 'bale of £l2 Is 4d and an average price per ib of 8.76 d.

TO INVESTORS IN STOCKS AND SHARES Investors am invited to transact tlieir business through members of the Dunedin Stock Exchange. .... , All Contracts are completed in accordance with the Buies and Regulations of the Stock Exchange Association of New Zealand. These have been approved and adverUsed in the ‘ Government Gazette. No member of a Stock Exchange in any part of tha world is permitted to advertise shares for sale or purchase. _ Persons, firms, or companies who advertise shares for sale or purchase or erhplov canvassers are not members of the otocic Exchange. The following are the members of the Stock Exchange;— C. H. Breeze, 21 Crawford street. D. J. Calder, N.Z, Express Buildings. Hamilton and Davidson, Stock Exchange Buildings. _ Logan and Vivian. N.Z. Express Buildings. W L. Goldsmith, Stock Exchange Buildings. J. S. Hislop, 105 High street, J. B. Laidlaw, 125 High street. Ralph Malcolm and Co., Stock Exchange Buildings. „ „ „ _ .., Wm, Brown and Co., N.Z. Express BuildW. k ng Wd. Stock Exchange Buildings. N.' and E. S. Paterson Ltd., 163 Rattray W B. C.Eeid and Co., Edinburgh House. Sligo Bros., Stock Exchange Buildings. Fenwick and Reeves* Standard Insurance Buildings, Arthur M. Sidey and Co., A.M.P. Buildings. J. W. Smeaton and Co.. 152 High street. W. B. H. Statham, 320 Princes street. W. F. Titchener, Queen’s Buildings. J. H. Walker, T. and G. Buildings. W. J. Watson, Stock Exchange Buildings. Quick, Smith, and Black, Stock Exchange Buildings.

FOREIGN EXCHANGES OH NEW ZEALAND CURRENCY BASIS The Bank of New South Wales, Dunedin, quoted the following rates for purchase and sales of foreign exchanges (all rates subject to alteration without notice) Buying, Selling.

THE SHARE MARKET

OUNEDIN STOCK EXCHANGE PRICES FLUCTUATE FREELY Business continued t 6 be transacted at a rapid pace on the local share market this morning, and values for many leading stocks continued to fluctuate freely, though the trend of prices generally was in an upward direction. Banking scrip maintained strong support, though the only change in the market was a slight gain by Commercials, which were sold at 19s sd. Dealings were particularly numerous in miscellaneous industrials, Australian issues providing the bulk of the business. Broken Hills continued to move forward, three sales being recorded in the paids ab 85s, wmie the contributings were sold as high as 72s 9d Business was also done in Coles at the weakened price of £5 7s, Caldwell Wines, General Industries in favour of buyers at 20s 2d, and Mort's Docks at the sellers figure of 13s 9d, and Associated News preference at the unchanged price of 23s lOid. Improved offers were made for Australian Glass, British Tobacco, and Woolworths ordinary shares, the market being firm in all cases. The Sydney shares in Woolworths, on the other hand, suffered a loss of about 2s 6d. New Zealand Breweries met a slight setback to the recent high values, while other brewery issues were also inclined to be easier. Investors continued to manifest! a keen interest in Australian mining, Mount Lyells and Mount M6rgans being the media for business at improved prices. Electrolytic Zincs recovered yesterday's loss, and Kawang Tins consolidated yesterday's gam with a further rise of about 2d to 12s 2d. The market for Government Loans retrained somewhat quiet. SALES REPORTED. Associated News (pref.), £1 3a 10£d. G. J. Coles, £5 7s (late yesterday). Caldwell Wines, lSs. Mount Morgan, 17s Id (late yesterday). Talisman Dubbd, 8s lOd. SALES ON 'CHANGE. Dunlop Perdriau Rubber, 19s Id. General Industries, £1 0s 2d. Mort's Dock, 13s 9d. Mount Lyell, £2 7s (2). SALES AFTER CALL. Commercial Bank, 19s sd. Broken Hill Proprietary, £4 5s (3). Broken Hill Proprietary (cent.), £3 12s 9d. Mount Morgan, 17s 2d.

DOLLAR RATES. The Associated Banks (other than the Bank of New South Wales) quoted the following dollar rates to-day on a New Zealand currency basis. They are subject to alteration without notice:— U.S.A. Canada. (Per £1 N.Z.) (Per £1 N.Z.) SELLING— T.T. (dol) 3.92 i 5.92 g O.D. (dol) ... ... 3.92 J 3.82 J

DIVIDENDS DUE Carreras Ltd.—half-yearly pref., 5 per cent.; interim ord. lOd per share (equal to 33 1-3 per cent. per annum) Feb. 22 Winchcombe, Carson —half-yearly at rate of 8 per cent, per annum ... Feb. 22 Quill Morris (1936) —final 2i per cent, at 5 per cent, per annum Feb. 24 National Mortgage and Agency (N.Z.)—5 per cent, per annum Feb. 21 Gillespie's Beach—ld a snare (8 1-5 per cent.l Feb. 24 Bank of N.S.W.—lnterim, quarterly, 6s per share Feb. 25 Standard Portland Cement, Syd-ney-half-yearly at 8 per cent. per annum Feb. 25 Australian General Investment Trust—s per cent. Feb. 26 Kuala Lumpur Tin—ls per share Feb. 26 Equitable Building—4 per cent. per annum Fob. 26 Silverton Trams—9d per share ... Feb. 26 Carlton and United Breweries — dividend and bonus, Is 3d ... Mar, 1 Standard Insurance —half-yearly, Is 3d per share (unchanged) Mar. 1 Christchurch Gas—interim at rate of 7 per cent, per annum ... Mar. 1 Elder, Smith—interim, at 6 per cent, per annum ... Mar. 1 W. E. Carpenter and Co.—interim at 8 per cent, per annum ... Mar. 15 Electrolytic Zinc—half-yearly, 6 per cent, on ord. and pref. ... Mar. 18 Huddart, Parker, Pty.—final pref. 3 per cent, or 6 per cent, per annum; ord. 4 per cent, or 7i per cent, per annum Mar. 20 Broken Hill South—ls per share Mar. 24

Bank of'New South Wales 37 0 ,0 Commercial Bank of Sydney 23 4 0 rVimmercial of Australia ... V la 6 Colonial Sugar, o a 10i , Associated Newa ... ... (pref.) 1 1 4 3 Burns. Philp South Seas ... 1 16 0 Australian Gas (A) 7 5 2 13 6 British Tobacco ... .;.; ... 5 6 3 e: Tooths 2 17 Tooheys ... i ••• — 1-17 ' Carlton Brewery ... ... ... 0 ' D Coles ••• •••••: ■ 5 7 6 ■ and Steen 0 1» (pref.) — — ■ Morris Hedstrom ... ... ••• X' / 1 10 Fairymead Sugar — ••• 1 19 3; David Jones ... ... ... z o 0 6 » Anthony Hordern ... ... T 1 Standard Cement u 11 General Industries ... ... i u 7i r New Zealand delivery 1 0 9 Beard, Watson ••• (J u 41 Cash Orders ... ... i a 4i Mauri'Brothers .A ... ••• ■ a ia 5 ■ Sargeants ! ... ••• -• 1 12 0 6 Waldas ... — . — ‘ X y Hume Pipe ... ' Woolwortns ... ... 1 X 8 10 9 d ‘ Selfridgea ... — ••• 1 18 1 19 9 6 Mount Morgan 0 17 6 New Zealand delivery 0 17 4i Mount Lyell Kuala Kampar ... Z 0 9 1 2 9 Eawang — ••• Larut U 1Z u 0 19 lOi - Loloma ••• 1 3 10* Mandated Alluvial 0 a 'Z

•£ fi. d. Commercial Bank of Aus6 tralia .••• o ta National Bank (£10 paid). 15 16 0 Howard Smith .... ... ■ .•> 1 3 8 Carlton Brewery ... 3 6 0 Coles 5 6 0 Dunlop Perdriau o la 5 Goldstrough, Mort 1 18 9 Electrolytic Zinc ... ... (pref.) 2 17 2 19 3 9 Mount Morgan Mount Lyell 0 17 2 7 6 li Broken Hill Proprietary ... North Broken Hill 4 45 1 9 0 C - - 1 ’- T *-'-on Hill 2 9 0 Tongkah Harbour 1 3 0 0 Emperor 1 0 7i Loloma 1 Satupulo ••• 0

London— £100 stg. N.Z T.T. £124 £124 10/ O.D. £123 10/ £124 8/9 Australia— £A to £100 £100 10/ N.Z T.T. £101 Fiji— £P to £100 £89 N.Z T.T. £90 7/6 New York— Dollars to £1 3.924 N.Z . T.T. 3.95J O.D. 3.97i 3.92* Montreal— Dollars to £1 3.92i N.Z. ... .. , T.T. 3.96 O.D. 3.97i 3.93 Austria— Schillings to £1 N.Z ., T.T. 20.58 O.D. — 20.60 Belgium— Belgas to £1 23.190 N.Z .. T.T. • O.D. — 23.201 Czechoslovakia — Crowns to £1 111.80 N.Z .. T.T. — O.D. — 111.85 Denmark— Kroner to £1 13,203 17.893 N.Z T.T. O.D. 18.263 17.903 France— Francs to £1 84.23 N.Z .. T.T. — O.D. — 84.27 Germany— Reichmarks to £1 9.701 N.Z. ... . .. T.T. — O.D. — 9.706 Holland— Florins to £1 7.297 7.147 N.Z. . T.T. O.D. 7.357 7.151 Italy— Lire to £1 N.Z .. T.T. .— 74.51 O.D. — 74.56 Java — Florins to £1 N.Z . T.T. 7.265 7.105 O.D. 7.325 7.109 Norway— Kroner to £1 N.Z. . T.T. 16.181 15.891 O.D. 16.241 15.901 Sweden — Kroner to £1 15.490 N.Z . T.T. 15.785 O.D. 15.845 15.500 Switzerland — Francs to £1 N.Z . T.T. 17.427 17.157 O.D. 17.532 17.162 Noumea — Francs to £1 N.Z .. T.T. — 82.86 O.D. ■— 82.92 Papeete— Francs to £1 N.Z .. T.T. — 83.01 , O.D. -— 83.07 Hongkong— N.Z. pence to 1 dollar . T.T. 18 9-32 18 25-32 O.D. 18 14 18 49-64 India and CeylonN.Z. pence to 1 22 11-16 rupee — - . T.T. 22 13-32 OJ3. & 5-8 8Z4&64

Quotations as under:Buyers. Sellers. £ 6. d. £ 3. d. BANKINGNew South Wales ... 35 10 0 — New Zealand 2 0 3 2 0 9 Commercial 0 19 4 0 19 6 Commercial (pref.) ... 9 i 0 6 — E.S. and A 6 6 0 8 0 National of New Zealand 3 0 0 3 2 6 Union of Australia Ltd ... 10 12 0 — INSURANCE— National 0 18 0 0 IS 5 New Zealand 3 1 6 3 2 6 Standard 2 18 0 2 19 3 SHIPPING— P. and 0. Deferred Stock 1 16 6 — U.S.S. Co. (pref.) ... 1 6 0 MEAT PRESERVING— » Gear — 0 17 6 N.Z. Refrigerating (paid) — 1 0 b N.Z. Refrigerating 9 (cont.) — 0 b Southland Frozen (paid) ..' 3 16 0 4 0 0 South Otago 6 Freezing 7 12 — LOAN AND AGENCYGoldsbrough, Mort ... —- 1 18 3 Mortgage Corporation 3i per cent. Stock — 98 10. 0 National Mortgage (“ B ” Issue) 1 12 0 — N.Z. Loan and Mercantile (ord.) 43 0 0 45 0 0 N.Z. Guarantee Corpotation — 0 5 6 Otago Farmers’ Co-op. 0 3 9 — Perpetual Trustees ... — 3 4 0 Trustees, Executors, and Agency 3 12 0 — Wright, Stephenson 0 (pref.) ... 0 19 0 1 0 COALKaitangata ... ... 1 2 0 — Westport 1 4 0 • Westport-Stockton (ord.) 0 1 9 0 2 0 WOOLLEN COMPANIESBruce (ord.) — 0 13 3 Bruce (pref.) — 1 2 9 Kaiapoi (ord.) 0 14 0 0 14 8 Kaiapoi (cont.) ... ... — 0 6 0 Mosgiel 9 18 0 _ MISCBLANEOUS— Anthony Hordern ... — 1 1 3 Associated News \ (pref.) 1 3 6 — Australian Glass 4 12 6 4 14 6 Australian Iron and Steel (pref.) — 1 7 6 British Tobacco 2 12 0. 2 13 0 Broken Hill Proprieiary 4 4 6 4 5, 3 Broken Hill Proprietary (cont.) 3 12 0 3 12 6 Brown, Ewing (ord.) 1 0 0 1 1 3 Brown, Ewing (pref.) 1 2 6 — . Colonial Sugar Co, ... 42 10 0 — Consolidated Brick ... 0 11 0 Crystal Ice Co. ... ... 2 5 6 D.tC. (ord.) D.I.C. (pref.) 0 16 0 — 1 3 6 Dominion Fertiliser ... 1 4 0 1 4 6 Donaghy’s Rope and Twine 2 11 6 —. Dunlop Pcrdriau Rubber 0 19 1 0 19 2 General Industries ... 1 0 0 1 0 2 G. J. Coles 5 5 0 5 7 6 Hume Pipe 1 1 4 1 2 0 Milburn Lime and Cement 2 2 0 Mort’s Dock 0 13 9 0 13 11 National Electric 0 15 3 N.Z. Drug Co. 3 16 0 N.Z. Paper Mills ... ‘ Otago Daily Times ’ 1 7 6 2 6 0 Regent Theatre Shillings Ltd 1 0 6 0 18 9 Wilson’s N.Z. Cement 1 19 0 Woolwprths (ord.) ... 7 3 0

Japan— N.Z. pence to X yen ... . T.T. 17 31-64 O.D. . 17 15-32 Shanghai— N.Z. pence to 1 dollar . TT. X7 X3-X6 18 5-16 O.D. X7 25-32 18 19-64 Singapore— N.Z. pence to X dollar . >•« ... T.T. 34 23-32 35 13-64 O.D. 34 5-8 35 3-16 Chefoo — N.Z. pence to I dollar , T.T. 17 53-64 18 29-84 O.D. 17 25-32 18 7-16

BUYING— T.T. (dol) •. 3.95J 3.95| O.D. (dol) 3.974 3.97 BREWERIES— New Zealand 2 17 6 2 19 0 Staples’ — 1 16 0 Dominion — 2 5 0 Dunedin 18 0 1 9 6 Carlton — 3 6 0 UNLISTED STOCKS— Woolworths (Syd., ord.) 8 5 0 8 10 0 Quartz Mountain (5s) . 0X0 _ Selfridges — 2 0 0 Dunedin Ice Cream 10 0 1 15 0 OVERSEAS MINING— Broken Hill South ,(£1) . 2 8 0 2 10 0 Electrolytic Zinc (ore £1) " 2 18 3 2 19 0 Electrolytic Zinc (pref., £1) ... 2 16 9 2 17 2 Empercr Mines, Fiji (10s) 1 1 0 Mount Lyell (£1) ... 2 6 10 2 7 0 Mount Morgan (2s 6d) 0 17 1 0 17 2 Placer Development — 5 3 0 Rawang Tin (10s) ... 0 11 10 0 12 6 Sulphide Corporation 0 12 0 0 15 0 GOLD MINING— Argo Dredging (Is) 0 2 1 Big River (Is) — 0 1 9 Clutha River (2s) ... 0 2 6 - - Gillespie’s (Is) 0 16 0 1 7 King Solomon (Is) ... — 0 0 8 Molyneus River (2s) 0 2 3 — Maori Gully (Is) — 0 0 7 Nokomai (5s) 0 °. 0 0 2 6 Okarito (5s) 0 3 9 0 4 3 Paddy’s Point (5s) ... — 0 2 9 Skippers (Is) 0 Q 2| 0 0 4 Wairaumu Sluicing (Is) 0 0 11 0 1 1 Waitahu (5s) — 0 2 6 Worksop (Is) 0 17 N.Z. GOVERNMENT LOANS— 34 p.c. Stock, Nov., 1938-52 101 0 0 101 17 6 34 p.c. Stock, March, 1939-43 102 0 0 3i p.c. Stock, Sept., 1939-43 102 0 0 3J p.c. Stock, May, 1939-52 102 5 0 34 p.c. Stock, March 1941-43 101 0 0 — 34 p.c. Stock, Sept., 1941-43 101 0 0 _ 34 p.c. Stock, May, 1941-52 101 0 0 _ 3i p.c. Stock, Nov., 1941-52 101 0 0 4 p.c. Stock, 1946-49 — 103 15 0 4 p.c. Stock, 1952-55 — 103 5 0