COMMERCIAL

Grey River Argus, 7 August 1937, Page 3

COMMERCIAL

N.Z. SHARE MARKET. [Per Press Association I. AUCKLAND, August 6. Sales: Electro. Zinc (pref.) 595; Ml. Lyell 43s 9d. Unlisted: McKenzies 83s 6d; Wool worths £6 10s. Sales, 12.15 call: Dominion Breweries (rights) 12s; Aust. Glass 94s Gd: Broken Hill Pty. 83s 9d; Colonial Sugar £47 12s; Coles 995; Taranaki Oil 4s lOd; Broken Hill South 51s: Mt. Lvell 43s 9d, 43s lOld. CHRISTCHURCH. August G. Sales: Australian Glass 94s 3d; Broken Hill Pty. 83s 9d (2), 83s lid, 83s lOd; Dunlop Rubber 23s 9d: Electro. Zinc (ord.) 59s 5d (2); Electro. Zinc (pref.) 59s 6d (4); Hume Pipe (Aust.) 19s 9d (3); Woolworths (South Africa) 17s 6d; Broken Hill South 51s, 51s 3d; Mount Lyell 43s 6d, 43s 7d, 43s Sd (11); Mt. Morgan 12s (Pd (4); Rawang Tin 12s 7d (2), 12s 7id, 12s 7d (2). Reported: British Tobacco (late sale sth) 50s 9d. WELLINGTON, August 6. Sales, morning call: Bank of New Zealand £2 4s 6d; Taranaki Oil 4s Sd; Woolworths Ltd. (first pref.) £2 Is 9d. Sales reported: 35 per cent, stock 1941, £lOl ss; New Zealand Insurance Corporation ss; Union Steam (pref.) £1 6s 6d; Kandos Cement £1 6s; Taranaki Oil 4s lOd. Unofficial list: McKenzies Department Stores £4 4s. Sales, noon call: 4 per cent, stock 1946 £105; Broken Hill S 4« (three sales’), 83s 9d; G. J. Coles 99s (2); Wilson’s Cement 20s Id; Nemona Is Gid. Unofficial list: McKenzies Department Stores 84s (2). There is a further slight rise in the amount of sterling exchange shown as being held this week by the ReserveBank. The amount, £20,876,000, is slightly higher than the holding at the corresponding date last year. The amount outstanding in the dairy account is shown at £64,000 less than it was last week, and other assets have risen by £22,300. The note issue is £39,700 higher. Demand liabilities to the State have increased by £307,300, and to the banks by £32,000, but others have decreased by £394,100. Other liabilities are £10,900 less. DUNEDIN, August 6. Sales: Bank of New Zealand £2 4s 6d (2); Broken Hill Pty. £4 3s 6d; New Zealand Breweries £2 10s 3d (2); Dunedin Breweries £1 10s; Brokbn Hill South £2 11s 6d. * RABBITSKIN SALE. DUNEDIN, August 5. The offering at the rabbitskin sale was slightly lighter than on July 2, and buyers were operating on limits slightly lower than at previous sales. Some good parcels of winter grades were offered, realising up to 157 d for prime bucks, but there was a noticeable increase in the proportion of late outgoing and spring grades, top prices for which varied around 108 d for bucks to 80d for does. The -market was par to 6d lower for winter bucks and does with lates and outgoing par to 3d lower, and other grades, including inferior quality skins, firm at last sale’s rates. Best rates were:— Incoming winter, 91id to 981 d; early winter bucks, firsts 134 d to 136 d, seconds 120 d to 123 d; early winter does, firsts 95d to 96id,‘seconds 82d to 85d; first spotted winters, bucks 122 d to 125 d, does 80d to 82d; second winter bucks 139 d to 140 d; second winter does 90d to 97d; first winter bucks 150 d to 154 d; first winter does 10.1 d to 102 d; prime bucks 154(1 to 157 d;

prime. does 102 d to 106 d; outgoing bucks 107 d to llOd; outgoing does 67d to 81 Id; spring bucks 84d to BGd; spring does 47d to 52d; milky 39d to 465 d; fawn 70d to 74d; winter fawn 90d to 98d; summer black 24d t0.25d; autumn black 50d 1o 54d; first winter black l(10d to 105 d; second winter black" Sod to S4d; bare skins 50d to 52Jd: horse hair 20d to 21 Id; furrier does 90d to 935 d. LOAN AND MERCANTILE. LONDON, August 5. The directors of the N.Z. Loan and Mercantile Company have drawn up a scheme to deal with arrears of divi•dend on six and a-half and live pel cent, preferences. They propose to pay in cash the arrears and the year’s dividend to June, 1937, on five per cent, to cancel the arrears on six and a-half per cent.; also the current dividend, and convert this class of capital into ordinary stock. Second preference holders will receive £70,000 in cash and £250,000 in ordinary shares, which the existing ordinary shareholders will provide by surrendering a fourth of their holdings. They will also surrender another quarter, for cancellation. The scheme will enable dividends to be paid far sooner than is at present possible. “The Times” city editor considers the scheme a reasonable solution of a complicated problem.

BRITAIN’S TRADE. [British Official Wireless!. RUGBY, August 4. Evidence that beneficial results of the British trade revival are reaching all classes of the community is contained in the quarterly statement of the number of persons in receipt of poor relief in England and Wales. For the quarter ended March 31, the total number in receipt of the relief was smaller in each week of the quarter than in the corresponding quarter of 1936. The number in the last week of March was 73,230 fewer than in the last week of March, 1936. NEW BRITISH LINERS FOR PACIFIC. LONDON, August 5. The "Telegraph” understands that orders are being placed early in September with British firms for twin 22,000-tonners, speed 20 knots, for the Pacific service. The total cost, approximately three millions, will be covered by loan, of which the British Government will subscribe half, the balance being jointly contributed by Canada, Australia,' and New Zealand. The liners will be definitely superior in size and speed to the Matson vessels.

DOUGHNUTS "OFF” IN GERMANY. BERLIN, August 5. Confectioners have been ordered not to bake any more doughnuts, because of Germany’s shortage of fat. BRITISH WOOL TRADE. AUCKLAND, August 6. "Conditions in England, so far as wool is concerned, are very sound,” said Mr .Rowland Smith, a prominent Sydney wool merchant, returning by the Monterey. “In Bradford, Britain’s largest 'wool centre, there are few visible stocks of tops, and it looks as if the Homeland will be a heavy purchaser of Australian and New Zealand wools this season. In Europe, however, the position is a little obscure owing to the state of uncer-

lainty with Italy and Germany. It is a question of reciprocity, but it appears as though they will be larger buyers than last year. France has not large stocks. Japan is likely to buy as usual.” Mr Smith added that, economically, and in every other way, Britain had never stood more solidly than to-day.