BRIGHT OPENING

Evening Star, Issue 22938, 21 April 1938, Page 8

BRIGHT OPENING

BANKS OUT OF DOLDRUMS NEW ZEALAND BREWERIES RECOVER A brighter ton© marked operations when the market reopened this morning, and, although advances were restricted, definite signs of improvement were not lacking. Australian mining issues displayed Tittle change, just following the trend of the base metals market, which has shown only a fractional improvement. Commonwealth industrial leaders and banking shares were better. Turnover, as was to be expected, was limited. Government loans revealed little change, although the ’46-49 issues were quoted ex interest. Banks displayed a slight improvement. New Zealands changed hands at the satisfactory price of £2 3s 9d, while other issues to gain ground included Nationals of New Zealand. Commercials, and Long “ D’s.” Union Steams (pref.) had a buyer 2d up at £1 7s, but holders remained off. Westport Coals had buyers 2d above the last Dunedin sale, which was recorded just before the Easter vacation at £1 2s 9d, while Vendors to-day fixed their limits at £1 3s 6d. The improved inquiry for Commonwealth industrials resulted in some popular leaders recovering to the best markets for a considerable time. Broken Hill Proprietaries, for instance, sold at £3 Os 6d, the highest price they have fetched since mid-March. G. J. Coles had buyers badk on the £4 mark, Is below sellers’ lowest concession. Woolworths Ltd. (ord.) lost little ground on being quoted ex div., the market closing between £1 2s and £1 3s 6d. Dominion stocks were quiet. Taranaki Oils finished fractionally brighter, while New Zealand Breweries advanced to a - wide market between £2 4s 3d and £2 5s 6d. Transtasman mining stocks were uncertain, wide margins operating against business. Mount Lyeils gained Id, but other issues were dull. SALES REPORTED. —This Morning.— Bank of New Zealand, £2 3s 9d. Sandhills, 2d. SALES AFTER CALL. • —This Morning.— Broken Hill Proprietary, £3 Os 6d (2).

RISING COSTS AMERICAN SALARY CUT GENERAL MOTORS TO SAVE According to the New York correspondent of the ‘Financial Times,’ London, General Motors Corporation (United States) recently followed the example of United States Steel Corporation by reducing salaries. Mr A. PSloan, General Motors chairman, said that because of the drastic cut in the volume of business now being experienced it was necessary to adjust the pay of salaried employees. Wage-earners were receiving less than formerly as a result of the decrease in the number of working hours. It was fair and equitable, therefore, to make the following adjustments, which were to be effective from March 1: Employees receiving a maximum salary of 10,000dol a year will be subjected to a cut of 10 per cent., while officials, including Mr Sloan, and others receiving an annual salary of above 50,000d01, will be reduced by 10 per cent, on the first 10,000dol, 20 per cent, on the next 40,000d01, and 30 per cent, on all sums over 50,000d01. Based on the 1936 payroll of 40,000 employees, it is estimated that the salary cuts will result in a saving of 7,500,000d0l (£1,500,000) annually. SHARE QUOTATIONS Press Association —By Telegraph—Copyright LONDON, April 20. (Received April 21, at 11 a.m.) Share quotations: Clutha River, buyers Is 7£d, sellers Is 10Jd; Molyneux River, buyers 10id> sellers Is IJd,