COMMERCIAL

Grey River Argus, 3 August 1937, Page 2

COMMERCIAL

N.Z. SHARE MARKET. DUNEDIN, 9 Sa Ms: Colonial Sugar £27 12s 6d; Mt. Moro-nn 11 s 11 d. CHRISTCHURCH 9. Sales: Auckland Gas 21s 10 r - N-”v Zealand Breweries (rights) 34s 76; British Tobacco 49s 7d; Mt. Lyell Z’p (4); Mt. Morean Us lid (8). WELLINGTON. August 2. Sales, morning call: Broken Hill £4 3s, £4 2s 3d: Mt. Lvell £2 3s. Sales reported: Broken Hill £4 3s; Wilson’s Cement £1; Mt. Morgan Ils 9d. Sales, noon call: Gear Meat 17s 9d; Broken Hill 82s 3d. AUCKLAND, August 2. Sales: South British 98s 6d: Leyland O’Brien 18s 6d; Dominion Breweries (cum. rights) 455; Broken Hill Ptv. 82s 9d (3), 82s 6d; Sanford 6s: Wilson’s Cement 20s. Unlisted: McKenzies 83s; Silknit (New Zealand) 50s lid. Sales, noon caff: Bank of New Zealand (3) 44s 6d; South British 98s 6d; Broken Hill Pty. (2) 82s 6d. Unlisted: McKenzies 83s. SELFRIDGE STORE FOR AUCKLAND. AUCKLAND, August 1. Selfridges (New Zealand), Ltd., a newly-registered company with capital of £300,000, has acquired a long lease of a two-storey building in Karangahape Road. Selfridges will take possession on September 15. It is proposed to carry out considerable alterations to the premises to tit them for the requirements of a modern department store. A controlling interest in Selfridges (New Zealand), Ltd,., is held by Selfridges of Australia. The now company was formed with the object of creating a chain of department stores through the Dominion. BIG POTATO HARVEST IN GERMANY. BERLIN, August I. Over a quarter of a million Hitler boys and girls are assisting with the harvest, particularly the early potato crop, which is expected to be between forty-three and fifty million tons, the major proportion of which will h< made into potato flour in order to provide ten per cent, admixture of flour for bread.

ENGLISH PRODUCT MARKET. LONDON, July 31. Butter remains firm, but there is little business passing at the present prices. Traders do not expect an appreciable break, but buyers are becoming cautious. Speculative interest is not warranted. A further small appreciation may occur in the next week or two- but it is unlikely to be accompanied by any volume of business. Cheese is also higher, but quiet. Gillanders and Company, surveying the prospects of the forthcoming Empire egg season, consider that values will not deviate materially from those of previous years, but emphasise that it is dangerous to allow shipments to arrive too late, when unforseen happenings can cause heavy losses.

WOOL BUYING COMPETITION. LONDON, July 31. Bradford dealers expect to have to face more competition from Japan at the forthcoming sales. They anticipate that Japan is likely to be a heavier purchaser this season, as stocks must be light. Military activities should also increase her demand, though it is significant that the Ministry of Commerce has urged the industry to use larger quantities of “zellwolle” in conjunction with wool. At present, about 15 pei cent, is being used. RUBBER SLUMP. LONDON, July 31. Rubber provided the week’s disap-

pointment, but the “Financial News” says that the price cannot remain long at the present level. The market expects a revival of speculative activity in the autumn. American buyers, who are not well covered, \have already started to buy freely. AUCKLAND CUSTOMS. AUCKLAND, August 1. A general increase in Customs and excise revenue and in saies tax collections is shown by the returns of the Customs Department in Auckland for July, compared with the same month last year. Falls were recorded in both excise duty, and sales tax payments compared with the figures for June, but the gain in Customs revenue more than compensated tor this. Collections of Customs duty last month amounted to £272,366 as against £260,419 for June. The total collection of Customs, motor spirit, and tyre duty for July was £335,961, compared with £318,705 for the same month last year, and £327,879 for June. Excise on beer amounted lo £12,710, compared with £12,305 and £17,417 for July last year and June; and the sales tax yield was £81,95b, compared with £69,417 and £84,570. For the first seven months of this year, Customs revenue alone came to £1,913,930, the total for the corresponding period last year being £l,765.580. With the motor spirit tax of 6d a gallon and the tyre duty added, the respective figures were £2,379,192 and £2,221,168. Excise on beer during the January-July period this year amounted to £104,378, against £90,939 last year; and from sales tax £574,346 was collected, compared with £464,022 last year.

CHRISTCHURCH RETURNS. CHRISTCHURCH, August 1. Revenue colleded by the Customs Department in Christchurch continues to show a marked increase on the figures for last year. From all sources of revenue last month, £8,776 more was received than in July, 1936. Customs duties only ’ rose from £95,771 to £99,412, and the only decreases were in petrol taxes and meat export levies. FLAX PACKS. CHRISTCHURCH, August 2. “Information has been received by me,” said Mr. D. G. Sullivan, in an interview to-day, "from one of the leading men in the woollen industry in Bradford, that the reports on the use of New Zealand phormium tenax packs are very favourable, and are giving confirmation of the earlier impressions that opposition to the use of this pack was based on prejudice. Further information has been submitted voluntarily from one of the largest wool-combing plans in Rou-baix-Tourcoing (France), to the effect that the system employed in the side seams of New Zealand packs avoid the danger of fibres being mixed in the wool, and the staff of these particular works readily understands its use. The firm in question is enthusiastic in its praise of New Zealand packs, which they state reached them in excellent condition.” MONEY MARKET. LONDON, July 31. Contrary to expectations, the markets had a cheerful week, though the volume of business was not large. Some sections recorded sharp rises, notably gold shares. Pekin is too far away lo disturb any but foreign bond-holders. The Stock Exchange is disinclined to take a gloomy view of the European situation. Gilt-edged securities are firm. The new Iraq loan opened at 21 per cent, premium. Industrials are quietly steady, especially iron and steel, and coal, while shipping shares continue strong favourites. A holiday atmosphere, however, pervades the city, and there is no likelihood of much activity for several weeks. New capital issued in Great Britain In July amounted to £20,305,459. The (

total for seven months in 1937 amounted to £5,117,721,329. Metals are quiet. Lead has fallen to approximately the same price as

■ spelter. The jump in wolfram was due to fears that the Sino-Japanese (dispute would interfere with Chinese I shipments. B *