Investment Market To-day

Evening Star, Issue 23094, 21 October 1938, Page 6

Investment Market To-day

DAIRY EXPORTS SHARP FALL RECORDED BIG DECLINE IN BUTTER FIGURES FOR AUGUST AND SEPTEMBER A sharp fall in exports, of butter and cheese during the opening months of the new season reflects the serious decline in dairy production which has occurred throughout the Dominion. Shipments of butter for August and September are 3,305. tons lower at 19,398 tons in comparison with tne opening months of last season, while the export of cheese in the same period has declined by 399 tons to 12,142 tons. Exports of butter and cheese in the opening months of the last three soasons compare as follows: — BUTTER. ' 1938-39. 1937-38. 1936-37. . Tons. Tons. Tons. August • 10,089 10,738 9,987 September 9,309 11,965 8,686 Totals ... 19,398 22,703 18,673 CHEESE. August 6,141 5.829 5,302 September . 6,001 6.712 4,281 Totals ... 12,142 12,541 9,583 Compared with the 1937-38 season, September shipments of butter are down by 2,656 tons, or 22 per cent., while those for the two months have fallen by 14.5 per cent. The reduction in cheese is less marked. September shipments being 611 tons lower, or approximately 9 per cent., and for the two months there is a decrease of just more than 3 per cent.. On a butterfat basis grading figures for August revealed a decrease of 6.5 per cent, m production, while for the two months the decrease rose to 15 per cent, in Comparison with the preceding season. The main reason for the decline has been the late spring and-retarded pasture growth, while in the Waikato there has been the additional factor of the after-effects of facial eczema. ' Recent rains have already stimulated pastures, and, providing cold drying winds do, not again intervene, production should improve. In any case, however, the season is likely to reach a later flush. Although a poor beginning has been made, the position is not irretrievable. This is indicated in the fact that al- - though the 1936-37 season made a less favourable start than either the current or the last season, butter shipments in 1936-37 reached the record total of 149,003 tons; This result was brought about by, a highly productive summer and autumn following a poor spring.

ASSOCIATED BANKS BUYING AND SELLING RATES SLIGHT INCREASE ANNOUNCED [Per United Press Association.] WELLINGTON, October 20. The chairman of the Associated Banks announces that it has been decided to increase the T.T. selling rate on London from £124 10s to £125 to accord with the Reserve Bank of New Zealand selling rate. The T.T. buying rate will be correspondingly increased and the other rates —both selling and buying—accordingly. Consequently, on and after to-morrow the following rates for New: Zealand on London will be

In accordance with the foregoing, the rates per £IOO New Zealand on Australia are simultaneously altered to Buying £IOO 10 0 Selling £IOO 0 0 MOUNT LYELL SHARES Press Association —By Telegraph—Copyright ' LONDON, October 20. (Received October 21, at 1 p.m.l Mount Lyell shares are quoted at 22s 9d. • BEET SUGAR Press Association—By Telegraph—Copyright LONDON, October 20. (Received October 21, at 11 a.m.) Beet sugar, 5s 2id.

London Funds Again Lower N.Z. Paper Mills Dividend Inactive conditions continued to rule investment operations this morning, when operators were disinclined to alter limits. Business was slack. Wall Street remains comparatively steady. Industrials closed a point and a-half better on another large turnover. Base metals weakened in London yesterday, the only issue to hold its ground being spot electrolytic copper. Gold gained Id to £7 5s 9£d an ounce. New Zealand Paper Mills Ltd. has declared an unchanged interim dividend of 3 per cent. The sterling exchange reserve of the Reserve Bank has again fallen sharply, the decline of £841,905 in this week’s retgrn bringing the item down to £9,118,330.

quoted‘ Per £100 London. Buying. Selling. £ s. d. £ s. d. tT. ... ... 124 10 0 125 0 0 On demand ... 124 .1 3 124 19 6 3 days sight ... 124 0 3 — 30 days sight 123 16 3 124 18 3 60 days sight 123 11 3 124 17 0 90 days sight 123 6 3 124 15 9 120 days sight 123 1 3 —