FINANCE STOCKS AND MINING

Free Lance, Volume XVII, Issue 920, 1 March 1918, Page 6

FINANCE STOCKS AND MINING

more the local shave market is agitated by rumours of another 1 shipping merger, and on this occasion the two companies alleged as likely to come together are the Huddart Parker Company and the Howard Smith .Company. Whether this is correct or otherwise there are no> means of ascertaining. At all events the shares of the Huddart Paxker Company, which are fairly largely held in New Zealand, have had a sharp advance from 35s 6d to 375, with a strong demand at the latter price. The buying orders come mainly from Australia and l^unedin. r * *■.*-■• * ■ Investors in the southern city did very the P. and O. and TTnion Steam Gdonpany merger, and this perhaps c ;is not very surprising,- as they were favourably situated for obtaining reliable information. In the present case also their forecasts are likely to be more correct than those of others, and the active buying, of Huddart Parker shares for which Dunedin is a good deal responsible may be accepted as presaging some such movement as a merger. * •» a * The prospectus of the Commonwealth War Loan has been issued, and, as a good many people anticipated, there are two rates of interest —4J per cent, free of income tax and 5 per cent, subject to taxation. The difference between the. two rates is too narrow to have any appreciable effect, but it must be .remembered that the income tax in Australia is lower than it is in New Zealand. A similar scheme should be adopted here, but the' higher rate should be 5f per cent.; indeed an effort should be made to raise whatever sum is needed on the subject to taxation, basis. * » » » We have already exempted the interest on £30,000,000 of war' loans from taxation, and the burden on the incomes of jfche rest of the community is thereby increased. It is but right that all incomes should contribute to the war taxation, and the fairness of this will be admitted by all. The plea for not following this plan is that if the Government were to offer 5i per cent., the tendency would be for interest rates to advance. This is true enough to some extent, but the advance in the price of money must come about when the various Governments remove the restrictions which hedge in the money market.

Another point in the Commonwealth prospectus is that applications for the loan, which is to be for an unlimited amount, do not close until April 10. The Treasury has about .eight weeks iii which to make a. thorough canvass of the States. It will be necessary for Sir Joseph Ward to.take energetic steps to push the' New Zealand War Loan if he is to. get the" money in quickly. The prospectus ought toi be out early next week when the political turmoil of the Wellington North election shall have become a memory. * * * * South Africa, like the rest of the overseas Dominions, has been doing its share in the great war and it is pleasing, to note that the finances of the Union of South Africa, axe in a very satisfactory condition. There is a surplus this year of £464,000, but for the coming year a deficit of £403,000 is anticipated ; still it was not expected that it would be necessary to increase taxation. The Minister of Finance emphasised the marked increase in the production of foodstuffs and industries since the war. a © . o © There is no doubt about South Africa benefiting by the war, especially in the production of foodstuffs. The production of gold and diamonds has invariably been associated with South Africa, and few people realise that farming is making .great headway there. South Africa contributes a considerable quantity of wool, and since the war commenced frozen meat and butter have been sent to Britain in fairly lai;ge lots. Messrs. Weddel and Co., in writing of the imports of South African butter," Eiodnted out that, notwithstanding the act that the South African farmers have not been pampered the same as the farmers in this coumtry, where they have all the assistance of dairy experts and a costly Dairy Division, the butter coming from South Africa, was of commendable quality and realised very good prices. Once more there is trouble in the local butter market, the suppliers "demanding" the establishment of an equalisation fund." They have, they say, failed to. get this fund established, and so from to-day (March Ist) the local market is not to be supplied, with butter. Though this may appear a terrible threat when one sees it in print, it is, nevertheless, a bluff. The Government this time, however, has risen, to the occasion, and the retailers are to be supplied with butter in bulk from cold store. # . * •» «• Any retailer desiring to purchase Government butter may do so by making application and paying £3 19s 4d per box of 561b, the minimum, order being two boxes. This .minimum order just about killsi the game for the small retailers unless they club together in their purchases. The Government price is thus Is 5d per lb, and as there will be no charge for patting and wrapping this butter should be retailed at Is 6d per lb. The retailers have an excellent

chance now to smash through the rules which compel them to- make 2d per lb profit or go without supplies. The public will buy the butter in lots even though it is not' wrapped in butter paper as Ions; as it is sold at Is 6d per lb. * *■ *■ * Thei fat stock markets throughout the Dominion are very steady. At Burnside, extra prime bullocks realised £22, prime bullocks £19 to £20 ss, medium £10 10s to £18 os, light £14 to £15 10s, prime cows and heifers £13 to £16, medium £11 5s to £12 12s 6d, old and inferior £9 to £10 10s. At Addington, the prices were: Extra prime steers to £21, prime steers £17 to £19, ordinary steers £13 10s to £16 10s, prime heifers £11 5s to £15 15s, ordinary heifers £9 7s 6d to £11, prime cows £12 10s 1 to £15 ss, ordinary cows £9 10s to £12. At Carterton, fat cows made £12 17s to £13 Is; at Levin, £12; at Rangiotxi, £11 14s to £11 17s 6d; at Waverley, £12. 3s to £14 10s; at Marton, £11 to £12 ; at Taumaranui, £14; fat steei's realised £13 to £14 at Levin; and £15 at Marton.. Fat heifers made £10 6s at Rongotea; and £10 to £11 17s at Levin. At Westfield, the prices were: Pat steers from £12 10s to £22 2s 6d, and cows and heifers from £7 10s to £19 ss. * ■» # " # At Burnside, extra prime wethers realised 46s 9d, • prime wethers 39s to 425. medium 35 S to 38s, others 34s 6d, extra prime ewes 45s 9d, prime ewes 35s to 38s, medium 31s to 335, light 25s to 28s 6d. At Addington,. extra prime wethers to 40s, prime wetliersi 34s to 38s, lighter wethers 29s 6d to 33s 6d, extra prime ewes 37s Bd, prime, ewes 32s 6d to 34s 9d, medium ewes 27 S 6d to 325, lighter ewes 23s 6d to 275. Fat wethers realised 32s 6d at Taumarunui; fat ewes 31s at Levin; 30s 9d to 33s at Marton; 31s 9d at Alfredton; and 30s 8d at Pahiatua. At Westfield, the prices were: Extra heavy prime wethers 38s 6d to 435, heavy prime wethers 35s to* 38s, medium to heavy 31s to 34s 6d, lighter 28s to 30s, best heavy prime ewes 31s to 33s 9d, good' 26s "to 29s 3 lighter 21s to 255. s * * # At Burnside, - extra prime lambs made 32s 6d, prime lambs 27s to 28s 9d, medium 24s to 25"8 6d, light and unfinished 19s to 22s 6d. At Addington, extra prime lambs to 34s 9d, prime 26s .to 29s 7d, lighter 21s 3d to 25s 6d. At Levin, light fat lambs 18s 3d; at Rongotea 21s 9d; at Palmerston Noi'th, 18s 3d to 20s. At Westfield, the prices were: Heavy prime lambs 26s to 295, good 23s to 255, lighter 18s to 22s 6d. At Addington, choppers made £4 to £6 los, baconers £4 5s to £6 10s, porkers £2 15s to £3 16s. At Carterton, baconers £3 7s, and porkers 26s 6d to £3 los; at Levin, porkers £2 12s 6d to £4. At Westfield, choppers and heavy baconers made £5 to £6 12s 6d, others £3 12s 6d to £4 18s', large porkers £3 3s to £3 10s, medium 45s to 60s, light 85s to 445. «» tt * . 4> Investment shares are very firm, and "there are more buyers than sellers. National Bank, buyers £5 7s; Bank New Zealand (old issue) sellers £12 10s, (new issue) buyers £17 6s; Union Bank, buyers £54 ss; Loan and Mercantile (old stock), buyers £81 10s; New Zealand and River Plate, buyers 365; National Insurance, buyers £3; New Zealand Insurance, buyers £8 ss; South British Insurance, sellers £6 2s; .Gear Meat (£1), buyers £4 16s; Union Steam (ordinary) buyers £3 2s 6d, (preference) buyers £1 Is; Wellington Woollen (ordinary), buyers £6 lls; Waipa Colliery, sellers 18s 6d; New Zealand Paper Mills, buyers 19s 3d; Sharland's (ordinary), buyers £1 7s 9d; Auckland Trams (ordinary), buyers 20s 6d; W.F.C.A. (£5), buyers £6 ss. # * * ■» In the mining market there were buyers of Grand Junctions at 13s lid; and Mammoth Molybdenite (8s paid) at 5s 9d, and sellers of Talisman at 10s.