EASING TENDENCY

Evening Star, Issue 23724, 4 November 1940, Page 9

EASING TENDENCY

GOVERNMENT ISSUES PARTICIPATE NS INTEREST IN WAR LOAN Changes recorded at the first call-o\ei on the Duuedin Stock Exchange this morning •were few in manner, ana manny uiaicauic ol‘ an easing tendency, 'xtns was most apparent m (joverument issues, winch were again more or less ncgicc.cu by buyers. Vvar Loan has also lost any interest it might have had lor investors, even at the considerable discount at whien it nas been ottering. New Zealand Refrigerating shares were inclined to aurance, wim a wide maigm between bids and otters. South Otago breezing followed the same tendency, being bid for e* dividend at par. Both bid and offer for the ordinary Kaiapoi issue were down on late rates A seller ol Broken -Hills held out for £1 7s, a price considerably in advance of late quotations. The bid lor the main issue of the New Zealand Drug Company rose considerably, but there was no quotation of the new issue. Breweries remained at a low level for the New Zealand companies. Electrolytic Zinc was ottered at a high figure SALES REPORTED. —Friday.— Macduffs Ltd. (ord.. late), 10s 9d. OVERSEAS MARKETS EXPANSION DESPITE WAR IMPORTANT WOOL DEALS LONDON, November 2. It is learnt from Bradford that the British trade mission shortly leaving for South America may pave the way tor British acquisition o£ tne Argentine and Uruguay wool clips, thereby giving the United Kingdom control of the whole of the world s exportable Vvool. it is stated that such contrbl would have three immediate and most important possibilities. First, it would prevent Japan acquiring the South American surplus at prices at present upwards of lOd per lb, which is under the United Kingdom controlled price, thereby undercutting British firms with piecegooda produced by cheap labour. Secondly, it would centralise the whole of the world’s exportable wool for organised redistribution after the war. Thirdly, it would strengthen the demand ; for Bradford products, which had sadly declined until the activities of the Export Council caused ‘a revival. Details are available of the textile industry’s effort to maintain and expand its overseas trade. They show that the exports for the nine months ended Septem- ; bar were about £4,1100,000 ahead of the figure for the corresponding period of 1939. This actually represents a probable decline in volume in view of monetary inflationary influences. Manufacturers, straining every nerve to capture as much as possible of the trade previously held by the enemy, have had some successes despite the very real difli- . culties. Woollen and worsted tirras recently increased orders from South ' America. The iniprovQiuent is slight, but is all the more gratifying as the lost European, markets accounted for at least 20 per cent, of the Bradford exports. Many orders have been received for piecegoods from Switzerland, but the Board of Trade has not decided about the issue of export licenses in view of the danger of goods reaching the enemy. Soma quarters are expecting big things of the National Wool Export Corporation, which was recently formed. It is expected to have an annua! income of £50,000, which will be raised by a levy, for the investigation of export openings. It will not, however, subsidise exports.

COTTON, RUBBER, ETC. LONDON, November 2. Testerday’s closing prices were: — Bubber; Para, 12d per lb; plantation tmoked, 11 13-l Gd. Cotton: Spot, 8.17 d per lb. Turpentine: Nominal, £3 Is. COMPANY NEWS SANDFORD LTD. The directors of Sandford Ltd., Auckland, report that net profit for the year ended August 31, after reserving £2,200 for taxation, was £3,766. The balance brought forward from last year was £1,489, less Australian and New Zealand taxation, £1,155, leaving £334. The directors recommend payment of a dividend of 5 3-5 per cent, on preference shares (£1,120) and 6d a share on the ordinary shares (£2,625), both free of social and national security taxes, leaving £356 to be carried forward. HENRY JONES CO-OPERATION. The Stock Exchange has been advised by Henry Jones Co-operative Ltd. that a dividend has been declared of Is 6d a share, payable on December 16. . Registers close from December 2 to 16, both days inclusive. MINING NEWS NEW RIVER DREDGE. The New River dredge won 220 z of gold during 140 hours’ dredging in tho week ended on Thursday last. GILLESPIE’S BEACH. Owing to the short week on account of Labour Day the dredge master of the Gillespie’s Beach Gold Dredging Company Ltd. decided to postpone the wash-up until next week. CLUTHA RIVER GOLD. For the week ended November 1 tho dredge of Clutha River Gold Dredging Ltd., toperating at Alexandra, worked 119 hours and recovered 86oz. GREY RIVER DREDGING. In the digging time of 159 hours 35 mintotes in which the volume treated was 104,367' yards- made up of 77,056 yards Solid gravel and 27,311 gravel washed in by Good the return to the Grey River Dredging Company Ltd was 304.10 z. WEST COAST RETURNS. The returns for October are: — Barrytown dredge, 518 ounces tor 455 Lours (205,000 yards). Kanieri, 1,127 ounces for 552 hours (340,000 yards). Arahura, 1,252 ounces for 603 hours (378,tOO yards).—Greymouth Press Association.