Commerce, Mining, Finance

Evening Star, Issue 23727, 7 November 1940, Page 7

Commerce, Mining, Finance

RISE IN WESTPORTS DUNEDIN BREWERIES FALL OTHER VALUE CHANGES EVIDENT Increased ’ interest in share trading durjn«r the past few days had its repercussions on the Stock Exchange this morning in the form of altered quotations for some lines. Notable was Westport Coal, for which a bid of £1 3s came to light. Sellers made no offer on account of these holdings. Another sudden development was the decreased offer of Dunedin Breweries, following a low bid of 19s 9d. • 4 ' Government loans dropped out of the picture almost completely. Investors have been less and less interested in these, and only three lines were quoted. One of these was the new War Loan, which attracted a bid that surprisingly was followed by no offers. A list of banks was on offer at late rates. Insurances were sought fairly extensively The contributing issue of New Zealand Refrigerating was offered at the same price at which sales were effected yesterday, but evidently these transactions had sufficed to steady the demand below that figure. Electrolytic Zinc (pref.) attracted a larger bid. Mount Morgan moved closer to a sale at 10s 2d (buyers! and 10s 9d (sellers), and the offer of Wellington Alluvials firmed slightly following two sales yesterday. SALES REPORTED. —Yesterday.— New Zealand Insurance, £3 Os 6d. National Electric, 18s. Dominion Fertiliser (on ’Change), £1 7s 9d. ■ ' Bank of New Zealand (after call), £2 Is. National Tobacco (unlisted), £1 11s. —This Morning.— Kaiapoi Woollen (pref.), 17s. Wellnigton Alluvials, 4s sd, 4s S^d. * ORANGE SUPPLIES EXHAUSTED BANANA SHORTAGE RELIEVED GOOSEBERRIES ON MARKET Lovell, Bates Ltd. report as under for the period ended to-day:— A shipment of bananas was distributed yesterday, and, the market being bare, supplies were eagerly sought by retailers. The quantity available was not sufficient for the demand, and rationing was necessitated. Supplies of oranges are exhausted. A small allocation transhipped at Wellington is scheduled to reach this market to-mor-row. Further supplies are due to arrive soon. Lemons are now sold out of wholesale hands. Distribution of further quantsties is adv.sed prior to the week-end. Tomatoes are arriving in increasing quantities from Christchurch and local hothouses. Values have declined slightly since last isport, but are considerably higher than for the same period of last season. It is expected that values will remain firm for some time.

Increasing quantities of green peas are reaching the market from Waimate and Nelson. A sharp drop in prices took place during the last few days. Fair supplies of aew potatoes are now on offer from ’Pukekohe. Nelson, and local growers. Values are considerably lower than last week. Prices of cauliflowers have advanced sharply during the week, supplies being short of requirements. Spring cabbages are not so plentiful, and prices obtained are higher. Good quality lettuces have a good inquiry at advanced prices. Small and inferior sorts are difficult to place. New season’s carrots are now being marketed, and have realised good prices for consignors. Gooseberries are realising good values, but only limited quantities are being marketed. White turnips have a good inquiry at reduced values. Rhubarb has advanced in price during the week. Table onions have advanced sharply in value during the past week. A further rise is anticipated, as only limited quantities are being marketed. Prices are;— Bananas, 22s 6d to 255. New Zealand lemons, 15s to 20s a case. Apples.—Delicious, 8s 6d lo 10s 6d; Sturmer, 9s 6d to 10s 6d. Local hothouse tomatoes, 2s 2d. Christchurch hothouse tomatoes, Is 9d to 2s. Asparagus, 11s 6d to 13s. Spinach, Is 4d a dozen. Potatoes. —Peninsula, sjd to 7d per lb; Nelson, 3d; Pukekohe, lid; King Edward. £3 a ton; whites, £2 10s a ton. Gooseberries, 4d to 5Jd. Green peas, 4Jd to 5d per lb. Onions, 22s a bag. Spring cabbage, 3s 6d to 4s a case. Cauliflowers. —Choice, T7s to 18s. Lettuce. Is 6d to 3s 6d a dozen. Carrots Is to Is 3d a dozen; 4s 6d a bag. Broad beans, 4d per lb. Beetroot, Is 4d a dozen. Parsnips, 3s to 4s a bag. Celery, Is a bundle. Rhubarb,,2id per lb. White turnips, Is 6d a dozen. MINING NEWS ARGO COMPANY’S REPORT. The directors of the Argo Gold Dredging Company Ltd., in their report for the year ended July 31, state that throughout the year no major stoppages have been experienced. The average weekly return for the period was 370 z 17dwt, compared with 53.850 z for the previous year. The working expenses a cubic yard were 4.67 d, against 4.70 d for the previous year. The average price received a crude ounce for gold, after deducting export gold duty, war tax on gold, and realisation expenses, was £8 13s 4d. The Average value realised during the previous year was £8 Os I.Bd. Recently very poor ground has been worked. From 9 to 10 chains upstream ahead of the present dredging face values shown in the bore holes are much better, but it has been decided to do some further boring. The total gold production for the year amounted to £18,536 12s (previous year £20.272 17s lOd), less export dutv on gold £1,160 19s 4d, war tax on gold, £1,304 T4s 7d, and realisation expenses, £313 17s 4d, leaving a net return of £15,757 Is Id. Two dividends, each of Id a share, were declared, absorbing £4,000, and the reserve fund was increased from £4,200 to £4,600. The total amount of gold duty and war tax duty paid by the company on its total gold production won during five years’ operations amounts to £9,720 12s 9d.

COMPANY NEWS WESTPORT COAL COMPANY LTD. The directors of the Westport Coal Company Ltd., in their annual report and balance sheet, recommend the payment to all shareholders on the register on November 6, 1940, of a final dividend for the year of 6d a share, payable on November 21, making altogether a distribution of Is a share for the year.

DUNEDIN STOCK EXCHANGE THIS MORNING S GALL LATEST QUOTATIONS

DIVIDENDS AND CALLS. The following is a list of shares on which dividends will shortly bo payable:— Donaghy’s Rope and Twine—Annual, 7g per cent Nov. 7 Waitahu —2d a share Nov. 9 N.Z. Paper Mills-Interim, 3 per cent. Nov. 15 D.I.C. Ltd. —Pref., 5 per cent., free of security tax; ord., 7 per cent Nov. 16 Bruce Woollen—Annual; ord., 5 per cent.; pref., 8 per cent. ... Nov. 25 National Bank of Australia Ltd. —lnterim, 6 per cent, per annum .. .. Nov. 27 Broken Hill Proprietary—7£ per cent Nov. 27 National Insurance —5d a share ... Nov. 28 Bank of New Zealand—lnterim, ord., Is a share, Long D, 3£ per cent Dec. 7 North Broken Hill—ls a share ... Deo. 12 Henry Jones Co-operative—ls 6d a shave Dec. 16 Broken Hill South—ls a share ... Deo. 18

OUR PRODUCTS AFTER WAR LONG-TERM PLAN URGED THREAT TO COUNTRY’S PROSPERITY [Per United Press Association.] NEW PLYMOUTH, November 6. The effect which present tendencies and post-war economics will have on New Zealand’s prosperity as a primary producing country was considered by the annual, conference of the Associated Chambers of Commerce to-day, when it was contended by Mr S. E. Mair (Canterbury) that the problem of the future was one that needed immediate study and planning. After a long discussion the conference adopted a Canterbury remit requesting evidence that among the activities of the Government departments, marketing boards, and production councils an adequate and continuous investigation is being or will be effectively conducted into the future of agricultural and pastoral production and the implication of possible increases in such production with the object of establishing and making public (a) a short-term policy during war time, and (b) a long-term policy for post-war conditions. In 1938 the value of all New Zealand exports was £58,000,000, Mr Mair said. Of that total £48,000,000 went to the United Kingdom, £4,000,000 to other parts of the Empire, and £6,000,000 to foreign countries. The main exports in order were butter, meat, wool, cheese, and skins and hides. Skins and hides together represented a value of £8,000,000. “It wilb thus bo seen,” ho said, “ that our whole economy and prosperity depend largely on the continued successful sale abroad of four main commodities. The production of New Zealand butter increased by more than 70 per cent, between 1920 and 1938, Mr Mair said, and to-day it was threatened by improvements in margarine, which was selling in England at 5d to 9U a pound, depending on quality. Between 1938 and 1940 the United Kingdom consumption of margarine increased from 101 b to 201 b per person, whereas the consumption of butter fell from 241 b to 121 b per person, with a value of £15,000,000, Meat exports increased by 16 per cent, between 1920 and 1938, Mr Mair said, yet a quota was put on mutton and lamb last year. Wool exported from New Zealand in 1938 was valued at £12,000,000, an increase of 67 per cent, since 1920, It was to be noted that the production of staple fibre had increased from insignificant figures in 1920 to an amount equal to two Australian wool clips, roughly 6,000,000 bales. The world output of rayon and staple fibre in 1939 was 2,200,000,0001 b, compared with 1,900,000,0001 b estimated as the world production of clean wool in that year. The effect of the war on wool was not pleasing to contemplate, Mr Mair added. When the last war ended the surplus Government stocks totalled 2,500,000 bales, of which 768,000 were New Zealand. Unfortunately New Zealand wood was mostly of the coarse variety, which would not be in such demand when the soldiers threw off their uniforms. IMPORT LICENSES

MORE ELASTICITY URGED LONGER NOTICE REQUIRED [Per United Press Association.] NEW PLYMOUTH, November 6. Import licensing and ways of facilitating its operation were considered to-day by the Dominion Conference of the Associated Chambers of Commerce. “ Though Auckland presents this remit,” said Mr A, Ely, “ I wish to emphasise that this does not imply that the chamber is in favour of the import licensing system.” The original remit suggested that “in view of the > improvement in the overseas funds the import limits should be extended,” but those words were deleted on its being pointed out that in present circumstances the fact that there were _ more funds _in London did not alone justify an extension of the licenses except for war purposes. There were important commitments that had to lie met from the London funds, it was stated. In its amended form the remit was adopted as follows: —“This conference, considers that during the operation of the import control system its application should bo made less irksome, expensive, and complicated lo the importer. To that end it recommends that — (a) Import licenses (extending over a period of 12 months) should ije in the hands of importers at least four months before the opening of the period to which they relate, (b) Licenses should cover classes or categories of goods (not tariff items os at present), and the classes should be made reasonably wide in scope. (c) In the event of supplies not being available from the original licensed sources *ithin the limited period the importer should have the right to transfer orders under the quota from any one portion of the Empire to any other. The Minister is to bo asked to reconsider the appointment of members of the commercial community in dealing with fifthperiod licenses. “ Wo can see at present in a very clear manner how importers have been prejudiced by the insufficiency of time allowed in connection with fourth-period licenses,” Mr Ely said. “ Many importers who ordered goods from abroad "immediately the licenses were issued are finding it physically impossible to land them before December 31, 1940 Under the exigencies of.war, the risk of production delays is enhanced, and under the convoy system the chances of boats being delayed or diverted en route are great. The authorities in New Zealand should recognise the position by more elastic provisions than have so far been announced in connection with the latest date on which fourth-period goods may be landed without liaving their values written off against later period licenses. “ One is sometimes constrained to wonder whether some of those in authority in New Zealand realise there is a war on,” Mr Ely added. “ Such rulings as tiiose recently given by the Minister of Customs in this matter "may well prove damaging to our good name'in Great Britain. They are certainly prejudicial to the interests of importers acting with the best intentions, and to consumers." AUSTRALIAN STOCK EXCHANGES

press Association—By Telegraph—Copyright SYDNEY, November 6. Leading industrials showed little alteration, but leading base metal shares firmed on the Stock Exchange to-day. Morning Sales.—Toohey’s, £1 9s 9d; Tooth’s, £2 14s; Anthony Hordern, 15s; British Tobacco, £2 10s; Broken Hill Proprietary £2 5s 3d; Cash Orders, 16s 6d; Farmers, £1 8s Bd. Afternoon Sales.-. Union .Bank. £6 7s; Felt Textiles £1 16s 9d ; Sledman, 12s 9d; Kandos, £1 12s 6d; Mort’s Dock, 17s 9d; Woolwo’rths, 17? 9d : Wilcox. Mofllin. 7s; Loloma. £3 4s Id: North Broken Hill, £2 MELBOURNE, November 6. National Bank (£lO paid), £l2 7s; Drug Houses, £1 8s; Felt Textiles (rights), 15s; ‘Herald and Times,' £2 14s 6d; Emperor, 10s Id : Mount Morgan, 10s 2d; Mount Lyell. £1 9s 9d.

Buyers. Sellers. £ S. a. £ K. d. N.Z. GOVERNMENT LOANS4 p.c. Stock, March, 0 0 1940-43 101 — 4 p.c. Stock, Nov., 0 1949-52 105 5 0 106 0 War Loan, October, 1953 79 10 0 — BANKING— New Zealand (£1) ... 2 0 6 2 1 3 E.S. and A. (£3) ... — 4 15 0 National of New Zea0 6 land (£2 10s) — 2 National of Australasia 12 0 (£10) - — 5 Union of Australia (£5) — 7 1 0 INSURANCE— National (7s) 0 0 0 18 7 New Zealand (£1) ... 3 — South British (£1) ... 2 8 0 — Standard (£1) 2 18 0 2 19 3 SHIPPING— P. and O. Deferred Stock (£1) — 1 4 3 U.S.S Co. (pref., 6 £1) 1 3 MEAT PRESERVING— N.Z. Refrigerating 0 9 (cont., 10s) — 3 Southland Frozen 0 (paid, £1) — 1 16 Waitaki Farmers’ Freezing (£5) 4 15 0 LOAN AND AGENCYNational Mortgage (“ B ” issue, £1) ... Perpetual Trustees 1 0 0 1 3 0 (18s) 2 11 0 — Trustees, Executors, and Agency (£3) ... 4 2 0 — Wright, Stephenson , (ord,, £1) — 0 19 6 COAL— Westport 1 3 0 — Westport-Stocktou (ord.) 0 2 0 — Westport-Stock ton 0 0 (pref.) ••• — 7 OIL— Moturoa (pref., 5s) ... — 0 5 0 Taranaki (£1 4s 7d) . — 0 6 6 Taranaki Oil Development (cont.) 0 4 6 WOOLLEN COMPANIESBond’s Hosiery (£1) 1 7 0 — Bruce (ord., £1) 1 0 0 —• Bruce (pref., £1) 1 0 0 — Kaiapoi (ord., 17s) ... — 0 13 9 Mosgiel (£4) 10 10 0 —

MISCELLANEOUS— Associated News (£1) 0 15 0 — Associated News (pref., £1) - 1 0 0 British Tobacco (£1) 2 9 6 — Broken Hill Proprietary (£1) 2 5 6 - Chas. Begg. and Co. 110 — Brown, Ewing (pref., £1) ...... - 1 3 0 Crystal Ice Co. (£1) 2 2 0 — ri.T.c. '(ora., i0s) '*... 0 13 0 0 14 0 D.I.C. (pref., £1) ... 13 6 - Dominion Fertiliser (£1) ... ... ... ... — 18 0 Dominion Rubber (£1) — 12 6 Donaghy’s Rope and Twine (£1) Dunlop Perdriau Rubber (£1) 2 15 0 — 0 19 6 - 0 G. J. Coles 3 8 6 ( 3 11 Macduffs Ltd. (ord., £1) 0 10 6 Macduffs Ltd. (pref., 0 18 0 - £1) Milburn Lime and Cement (£1) - 2 0 6 National Electric (£1) 0 17 9 0 18 6 N.Z. Drug Co. (£2) 3 15 0 - N.Z. Farmers’ Fertiliser (pref.) - 1 2 0 N.Z. Paper Mills 19 3 — (£1) * Otago Daily Times * (£1) 2 0 0 Regent Theatre (£11 1 0 6 Southland Ice Cream 13 6 - Woolworths (N.Z., — 0 16 ord., 5s) 3 Woolworths (Sydney, ord., 5s) 0 17 10 0 18 3 Woolworths Properties (ord., £1) 14 6 — BREWERIES— New Zealand (£1) ... 1 12 0 - Dunedin 0 19 9 11 6 Tooths (£1) — 2 16 0 OVERSEAS MINING— Electro! Zinc (ord., £1) 2 14 0 - Electro Zinc (pref., £1) 2 15 6 — 0 Mount Lyell (£1) ... 196 1 11 Mount Morgan (2s 6d) 0 10 2 0 10 9 North Broken Hill (Ss) 2 0 0 Wellington Alluvials 0 4 5 0 4 6 N.Z. MINING— Big River (Is) 0 0 6 - Clutha River (2s) ... - 0 2 3 Gillespie’s (Is) ... ... 0 0 6 Martha (5s) ... ... - 0 7 5 Nokomai (5s) 0 10 - Okarito (5s) 0 0 8 — Sandhills (Is) — 0 0 1 UNLISTED STOCKSAll Stocks in this section are not quoted on the official list, and transactions ’ are subject to a different rate of brokerage Mackintosh Caley Phrenix (£1) 080 0 10 0 Selfridge’s (N.Z.) 0 4 0 0 6 0 Dunedin Ice Cream 17 0 Otago Farmers (A pref.i — 0 19 6