MARKET OPENS FIRMLY

Evening Star, Issue 23492, 5 February 1940, Page 9

MARKET OPENS FIRMLY

PRICES GENERALLY STEADY ' ADVANCES IN SEVERAL GOVERNMENT ISSUES All sound lines were accorded strong support at the opening callover for the week this morning of the Stock Exchange, this applying particularly to • gilt-edged securities, up to £lOl 15s b«ng offered without any response for three issues, while £lOl 10s was the buying price for five others. There was one late sale, and one after the call. ■-■ Insurance and banking shares maintained their firm prices, though E.S. and A.'s were slightly easier at £4 17s 6d. After call there ivas a sale of Bank : of New Zealands at £2 Is Cd, representing an advance of Cd on the price obtained for these issues last week. The closing quotations were £2 Is 3d (buyer) and £2 Is 9d (seller). Interest f in the meat preserving section was mostly confined to the contributing issue of New Zealand Refrigeratings. ■ which were turned over at the current price of 9s sd, the market closing with a seller at 9s 7d. In the woollen section, the majority, of lines were well >. supported. Sellers of Kaiapois in- • creased their limits to 5s 3d, a buyer offering 43* lOd. Investors , again ; directed attention more to Dominion lines than to Australian industrial issues. A seller came on to the market for the first time for a period for M'Leod Bros. Ltd. shares, the quotation being £27 10s. The buying offer was £26,. Several of the. West Coast dredging shares were on offer at the recent firm rates. SALES REPORTED. —Late Friday.— -" .New Zealand Refrigerating (cont.) , 9s sd. —After Last Call.— Bank of New Zealand, £2 Is 6d. OUALITY LAMBS INTERVIEW WITH CHAIRMAN OF MEAT BOARD * "' In an interview at Wellington, Mr T. A. Duucan, chairman of the New Zealand Meat Producers' Board, said he would like to again stress to the , farmers of the Dominion the vital importance of further improving the • quality of our lamb. As the mating season was at hand, it was opportune to impress upon farmers the necessity ' for using the best rams procurable, J thereby maintaining'and impFoving»the ""quality of lamb arid mutton exports. Mr Duncan pointed! out that this has § articular reference to the selection or outhdowns. In the sale of our lamb to "the British Government, Down carcasses in the North Island obtain a premium over ordinary cross-breds. All ; Down-cross lambs are not, however, eligible for the Down grade, on account of poor conformation and! breeding. " The selection of good Down sires, gaid Mr Duncan, " crossed with good! types of ewes, is, in my opinion, the best way to ensure getting the great- ■• est percentage possible into the Down grade. This, of course, should be coupled with good feeding. "The premium which this Dominion has always secured in the United Kingdom over that obtained! by other exporting countries is due to quality, v and every endeavour must be made to see that this premium is maintained or increased," concluded the Chairman of the Meat Board. CONTROL OF HIDES SALE PUBLIC INQUIRY URGED FARMERS LOSING £200,000 ANNUALLY [Per United Press Association.] - WELLINGTON, February 4. "An aspect of the Government's planning and control under its war . emergency powers which could form the subject of useful public inquiry is Mr Nash's endeavour to control the sale ■of hides," said the Leader of the Opposition (Hon. Adam Hamilton) in a statement to-night. " The Govern- . meiit's intention to make farmers give . the hides to ouv local consumers at prices less than Great Britain pays deserves close explanation. What is . equally alarming is the Government's , intention to institute a costly and unnecessary pooling scheme, thus making - farmers pay the cost of expensive .: machinery to keep their own prices down. Not only does Mr Nash's action rob the producers of perhaps £200,000 a vear and destroy existing methods : , of trading, but it is in direct contradiction of Mr Nash's promises for the Government that if Britain did not com- . mandeer any particular produce producers would be able to sell in the open market. The whole arrangements concerning hides and also skins have the o savour* of a public scandal. That is apart altogether from the fact that Mr Nash, in the expansion of his desire . to grab more control and power, has used the cloak of war to go further than is necessary. A draught of fresh air from a public inqnirv might be the best remedy for the bad odour coming from this particular piece of fixing and planning. ~ "This also gives further point, continued Mr Hamilton. "_ to the necessity and common sense in the publicinterest of having Parliament in session to clear up in public discussion and debate such actions and problems.