Investment Market To-day

Evening Star, Issue 23143, 17 December 1938, Page 14

Investment Market To-day

QUIET GALL-OVER

SEVERAL AUSTRALIANS PASSED G. J. COLE CLOSE EASIER A slack tone marked the final call ol the w'eek this morning, interest waning for even some of the popular trnnstasman leaders. Passings were numerous, while business was restricted to a sole transaction. G. J. Coles had a sale and vendors at £4 2s, 2s above the best buying offer. Broken Hills gained 3d, but Sydney Woolworths were hesitant. Such popular issues as 1.C.1. prefs., Dunlop Rubbers, Colonial Sugars, and B.H.P. contribs. failed to reach the quotation sheet. Bank of New South Wales finished firmer, while both issues of Huddnrt, Parkers closed with a steady inquiry. Mining scrip was quiet, and a lethargic trend militated against business. New Zealand issues showed little appreciable change. Wright Stephenson's preference scrip was sought at late rates, while Kaitangntas had an inquiry at £1 ss, 3s below holders’ limits. Crystal Tecs finished steady, while other issues were lifeless. SALES REPORTED. —Late Yesterday.— Broken Hill Proprietary, £2 17s 9d. Macduffs Ltd. (ord.), 3s. New Zealand Newspapers. £1 9s 9d New Zealand Breweries, £1 18a. Mount Lyell. £1 9s 6d. Gillespie’s, 9d. —This Morning.— G. J. Coles, £4 2s.

V.V.V U W.V.W.W."»V. DIVIDEND AND CALL LIST. DIVIDENDS DUE. Mount Lyell—Final, la a share ... Deo. 19 Mortis, Hedstrom, Fiji—lnterim, 3 per cent Dec. 31 Uevonpoit Steam Ferry Ltd.—lnterim, at 5 per cent, per annum ... ... ... ... Deo. SO Sulphide Corporation—Pref., la (sterling) a share Deo. 22 K. and E. Tingey Ltd.—lnterim half-year, 3 per cent Dec. 31 •British, Tobacco— Final, ord., at 10 per cent, per annum, and interim 2 per cent Deo. 31 National Bank of New Zealand Ltd.—lnterim, 2J per cent., less U K. income tax Jan. 4 Woolworlhs Properties Ltd. — Interim half-yearly, at 6 per cent, per annum Jan, 15

FRUIT AND PRODUCE

BROKERS' ANNUAL MEETING

SATISFACTION WITH GOVERNMENT CONTROL

Supplies of all overseas fruit, with the possible exception of bananas, hail been ample for all requirements during the past season, said Mr W. Lovell, president of the Otago Fruit and Produce Brokers’ Association, at the annual meeting. Under the present system of Government control, the importations of all overseas fruit had increased; in fact, the supply of oranges had nearly doubled as compared with the period prior to the embargo. . The supply of bananas at times had l been short of requirements, but the Chairman stated that an adequate supply had been assured for Christmas, the Government having arranged to ship from both Fiji and Queensland in addition to distributing the usual supplies by the Maui Pomare and the Matua.

Very drastic changes had taken place in the fruit trade since the taking over by the Internal Marketing Division of the importation of bananas and all citrus fruits. Government control had proved satisfactory, eliminating a Jot of the uneconomic competition due to over-importation and other causes in the past. The fixing of prices by the department prevented _ trades getting below an economic price, and was of distinct value to the small trader, as less capital was now required for the arranging of overseas credits, and there were no violent fluctuations in prices, Brokers would admit that Government distribution was satisfactory, and he expressed confidence in the Internal Marketing Division, and the officers supervising the banana and citrus fruits trade. There was some uneasiness as to the possibility of a re Auction in commission, but representations had been made to the department that the present commission was barely adequate owing to the greatly increased costs of material and wages, and the further probable increase which would take plane in the near future. Reductions had been made by the department in respect to various charges, hut the commission charge was considered a reasonable one, ami would remain unchanged. The amendment by the Government to the regulations governing the grading and packing of pip fruits had resulted in a definite improvement. An extension of the regulations to eustin the elimination of the minimum grade being forwarded was desirable, and would carry the support of the Otago Association.

ELECTION OF OFFICERS

The election of office-bearers resulted: President, Mr W. C. Reilly; vice-president, Mr W. Lovell; secretary, Mr J. M. Rodperson; honorary auditor. Mr B. M'Callum; committee —Messrs J. H. Hinton (T. Paterson and Co. Ltd.), TI. Williamson (Bray Bros. Ltd.), ,T. H. Waiftth (Co-opera-tive Fruit growers of Of ago). J. Fraser (Oiairo Fruit and Produce Company), E. Ewing (Ewing and Co. Ltd'.).

DUNEDIN STOCK EXCHANGE THIS MORNING'S CALL LATEST QUOTATIONS

COMMONWEALTH CONVERSION LOAN Press Association—By Telegraph—Copyright LONDON, December 16. (Received December 17, at 8 a.m.) The underwriters were left with GO per cent, of the Commonwealth conver. siou loan. Dealings opened at 2 per cent, discount. INTERNAL LOAN FULLY SUBSCRIBED. CANBERRA, December 17. (Received December 17, at 10.45 a.m.) The Commonwealth cash and conversion loan has been fully subscribed. Most of the maturing loans have been converted, and enough new money was subscribed to pay off those who did not convert. In addition, the £4,000,000 of new money required for defence has been secured. BEEF IMPORTATIONS ARRANGEMENTS FOR FIRST QUARTER (Independent Cable Service.) Press Association—By Telegraph— Copyrjghi LONDON, December 16. The international beef conference recommended the following importations for the first quarter of 10.39: AUSTRALIA. cwt. Chilled 111.760 Frozen ... 323,050 Veal 10.140 Offals 22,580 NEW ZEALAND. cwt. Chilled 115,000 Frozen 100,000 Veal 45.000 Offals 13.000 The totals, including other British territories, the Argentine, Brazil, and Uruguay, are:— ewt. Chilled 2,271.781 Frozen 539.050 Veal 97.742 Offals ... 165,427

PROGRESS OF CROPS FINE WEATHER BADLY NEEDED SEEDS EXPERIENCING A QUIET PERIOD SHORTAGE OF STRAWBERRIES FOR CHRISTMAS Bray Bros. Limited report as follows on operations in the fruit, produce, and grain markets during the week ended to-day:— The heavy rain which fell last weekend both in Otago and Canterbury will not affect the growing crops to any extent. All districts report, however, that a spell of fine weather is now badjy needed. If fine weather is experienced from now on excellent yields should result through the South Island. In the meantime little interest is being shown in the milling wheat market: Millers are continuing to work on their stocks of Australian imported wheat and local supplies. Some of the ports have received their prices for oats in an attempt to clear stocks. Quotations for ,A Cartons have been made at 35,.2dj f.0.b., s.i., which price represents a reduction of Id a bushel. The general quotation is, however, 3s 3d, f.0.b., s.i., for A Gartons and 3s 2d for R’s. Few lines’of oats are held at this port, but fair suplies are still available in Canterbury and Southland. The demand in the consuming is on the light side. Wholesale prices are as follows; Flour. 200’s, £l3s los , 6d; 100’s, £l4 12s 6d; 50’s. £l4 17s 6d; 2o’s. £ls 7s 6d. Bran, £5 5s a ton. Pollard, £6 los a ton. Oatmeal, 2001 b sacks, £l9 a ton; 25’s, £2O a ton. There, is no change in the chaff market. Local merchants are drawing their requirements from Canterbury, but the demand is slow. Sales are confined to stnaH lots ex store, with the quotation remaining at £6 10s a ton (sacks extra). The demand is confined to sound quality, medium and poor lines being hard to place. With supplies of new potatoes increasing daily_ the demand for old tubers is weakening. These are selling at £2 5s to £2 10s a ton (sacks included). Trade generally in seeds is experiencing a quite period. There'is little inquiry from overseas, and the local retail demand is also on the small side. Stocks of all_ lines are, however, light, and there will not he much interest shown until the new season’s seeds are available..

Business in the fruit .markets during the week has been fairly- quiet owing to the cold and wet weather.

Heavy supplies of cherries have been coming to hand, hut most of the lines are showing the affect of the unseasonable conditions-prevailing. Good quality, however, is realising satisfactory prices. ' ' Strawberries have been in short supply and from reports from various districts. it would appear that there will be a shortage for the festive season. The first of the new season’s peaches have been marketed and with warmer weather the supplies will increase. The tomato- market is erratic. Prices eased at the earlier part of the week, but there is a tendency for the .market to ■ firm. Prices in Christchurch are slightly higher than Dunedin’s. A small shipment of Californian grapes came to hand but were in mixed condition. , , New Zealand lemons are m short supply and high prices are available for the small lots on offer. There is good enquiry for New Zealand apples of good quality and quality lines of stunners and delicious ex cool store are realising satisfactory prices. The Inst shipment before Christmas of Samoan bananas arrived on Tuesday ex the Maui Pnmaro. It wilj take brokers and retailers all their time to have them ripe for the Christmas New potatoes have a good demand. Supplies, however, are erratic, owing to digging operations being interfered with by the wet weather. Prices fluctuate. ... , It appears as if green peas will be high in prices this Christmas as the supply is not equal to the demand. Lettuces are difficult to sell unless of good quality. , , . Low prices are being realised for cabbages. . . Cauliflowers eased in price during the week. . ■ Kcrgs, butter, and cheese are selling freely. Honey is slow of sale. Wholesale prices are as follows Carrots. Is 3d to Is 9d. Rhubarb, Hd to 2d Radishes, 6d dozen Broad' Beans, lid to 2d. Peas: sd; others. 3d -to 4d. Cabbage, Is 6d to 2s Cauliflowers. 6s ' Apples: Rturmers. 12s 6d to 13s fid: delicious, 11s to 13s fid; cookers, 10s to r.emons (New Zealand). 20s to 23 Oranges (Australian), 17s to 21s.

Bananas, 18s 6d to' 22s 6d. Pears (large case) , 12s to 14s - Pineapples, 21s to 235. Tomatoes: Christchurch hothouse. Is to Is Id; local hothouse, Is Id to Is 2Jd. . , . Strawberries, Is 4d to Is 6d; small, 9d to Is. Cherries, Is to Is 4d; small, 4d to fid. Gooseberries, 2d to 3d. Black currants, 6d. FOREIGN EXCHANGES OK NEW ZEALAND CURRENCY BASIS The Bank of New South Wales, Dunedin, quoted the following rates for purchase and sales of foreign exchange ‘(all rate* subject to alteration without notice): — Baying. ' , .Selling.

DOLLAR RATES. The Associated banks (other than the Bank of New South Wales) quoted the foU lowing dollar rates to-day on a New Zealand currency basis. They are subject to alteration without notice:— U.S.A. CANADA. (Per Cl N.Z.) (Pei £1 N Z.)' SI'ULINOT.T. (do!) ... 3.71 1-8 3.74 11-18 O.D. (dol) ... 3.71 3-8 HUYINti— O.D. (dol) ... 3.76 1-2 3.80 3-3 QUEENSLAND SUGAR GAME HARVEST RECORD EXPECTED It is expected that nearly 5,310.000 tons of cane will be crushed by Queensland sugar mills during the harvesting season which is now nearing completion. Should this be realised it will constitute a ca tie harvest record for the State, exceeding the previous high figure of 1936 by some 140,000 tons of cane. An average yield of one ton of sugar from 6.95 tons of cane is expected, making a total production of sugar of 764,000 tons, which is virtually identical with the record set by 1937. Prospects for 1939 crap at present are particularly favourable, as the cane is well advanced in all areas*

Buyers. Sellers. £ s. d. £ 8. d. N.Z. GOVERNMENT LOANS— 4 p.c. Stock, Nov., 1949-52 96 15 0 97 10 0 3J p c Stock, March, 1939-43 — 97 15 0 3i p.c. Stock, Sopt., 1959-43 — 97 15 0 3 p.c. Stock, 1939-41 94 10 0 — 4 p.c. Bonds, 1943-46 98 10 0 — 4 p.c. Stock. 1943-46 98 10 0 — Rural Bonds — 99 0 0 BANKING— New South Wales (£20) 30 0 ) 32 0 0 New Zealand (£1) ... 1 19 9 2 0 0 Commercial (10s) — 0 16 8 National of New Zealand (£2 10s) ... 2 9 0 2 11 0 Union of Australia Ltd. (£5) 8 12 0 — INSURANCENational (7s) — 0 15 6 South British (£1) ... — 2 2 0 Standard (£i) 2 10 0 — SHIPPING— Huddart, Parker (ord., £1) 2 10 0 — Huddart, Parker (pret., £1) I 9 6 MEAT PRESERVING— Gear (10s) ... — 0 13 6 N.Z. Heir-Aerating (cont., 10s) — 0 8 2 Southland Frozen (paid, £1) 1 10 0 LOAN AND AGENCYGoldsbrough, Mort (£1) - — I XU 0 N.Z. Guarantee Corporation (3s) — 0 4 6 Wright, Stephenson (ord., £1) — I Wright. Stephenson (pref., £1) 0 19 6 COAL— Kaitangata (16s) 1 5 0 i 8 0 .Westport (10s) 1 OIL— Moturoa (pref., 5s) 1 0 5 0 Taranaki (£1 4s 7d) 0 10 6 WOOLLEN COMPANIES— Bond's Hosiery (£1) 0 15 0 — Bruce (ora., £1) 0 b 3 MISCELLANEOUS Associated News (£1) 1 1 6 — Associated News (pref. t £1) Australian Glass (£1) 1 3 5 4 0 0 i Australian Iron and Steel (pref., £1) ... 1 8 0 ‘— prietary (£1) 2 17 9 Z 18 3 Brown, Ewing (ord., £1) — 0 18 6 Brown, Ewing (pref.. £1) — 1 1 6 Crystal Ice Uo. (£1) 1 15 9 — D.l.C. (ptef., £1) ... — 1 3 3 Dunedin Stock Exchange Prop. (£1) — 2 3 0 G. J. Coles (£1) ... 4 0 0 4 2 0 Milbnrn Lime and Cement (£1) 1 11 0 1 13 6 Mort’s Dock (£1) ... 0 13 3 0 14 6 N.Z. Paper Mills . (£i) ••• I 1 * ‘ Otago Daily Times (£1) - 2 2 0 Smith and Smith (pref., £1) ... — — i 2 0 Woolworths (Sydney, ord., 5s) — i 4 10 BREWERIES— New Zealand (£1) ... 1 17 6 1 18 3 OVERSEAS MINING— Electro. Zinc (ord., £1) 2 5 0 Mount Lyell (£1) ... 1 8 9 1 10 0 Mount Morgan (2s 6d) 0 9 7 0 10 1 North Broken Hill (5s) ... , ••• — 2 10 0 GOLD MINING— Argo Dredging (Is) — 0 2 0 Austral N.Z. (£1) ... 1 2 0 Big River (Is) 0 0 11 ‘ Goldfields Dredging (Is) — 0 0 3 Nokomai (5s) 0 1 4 — Okarito (5s) 0 2 3 Sandhills (Is) 0 U

London— £100 Stg N.Z. T.T. O.D. £124 10/ £124 1/3 £125, £124 19/8 Australia — , £A to £100 N.Z. T.T. £100 10/ ’ £100 Fiji— £F to £100 N.Z. O.D. £90 £88 12/6 New York— Dollar to £1 N.Z. ... ... T.T. O.D. 3.76S4 3.7704 3.7165 3.7175 Montreal— Dollar to £1' N.Z. ... ... T.T. O.D. 3.8047 ‘ 3.3134' -• 3.7445 !*' 3.7455 Bdeiura — Belsas to £1 N.Z. ... ... T.T. O.D. 22.460 22.535 21.920 21.925 Czechoslovakia— Koruna*, to £1 N.Z. ... ... T.T. O.D. / “ 107 63 107.70 Denmark— Kroner to £1 N.Z T.T. O.D. 18 218 18.278 17,686 13 688 Finland — Marks to £1 N.Z. ... ... T.T. O.D. 186.15 186.53 176.00 176.10 France — ■Francs to £1 ' N.Z. T.T. O.D. 144.86 139.88 ■ 139.83 Germany— ’ Reichsmarks to T.T £1 N.Z. ... O.D 9.167 9.169 Greece— Drachmae to £1 N.Z. ... l.T, O D. - 418.68 418 8 3 Holland— Florins to £1 N.Z T.T. OD. 7.022 7.062 6.767 6.769 Italy— Lire to £1 N.Z. ... ... T.T. O.D. _ 70.52 70.54 Java— Florins to £1 N.Z. T.T. O.D. 6.934 7.034 6.734 6.733 Norway— ■ Kroner to £1 N.Z. T.T. O.D. 16.201 16.261 15.704 15.707 Noumea— Francs to £1 N.Z. ... ... T.T. O.D. 149.86 136.38 136:40 Francs to £1 N.Z. ....... T.T. O.D. 148.66 136.68 136.70 Sweden — Kroner to £1 N.Z T.T. U U 15 823. . 15.883 15.321 15 324 Switzerland — Francs to £1 N.Z T.T. T.T. 16.766 16.871 16.301 16.303 Hongkong— N.Z. pence to 1 dollar ... T.T. O.D. 18 M8 18 13-32 19 3-32 19 3-32 India and Ceylon— N.Z. pence to T.T. 1 .rupee — O D. 22 9-64 22 7-64 22 41-61 £2 41-64 Japan— . N.Z. pence to 1 yen T.T. O.D. ' _ 17 23-32 17 23-32 Singapore— N.Z pence to X dollar ... T.T. O D. 34 29-64 ■ 34 25-64 35 19-64 35 19-64