PREMIUMS FOR LOANS

New Zealand Herald, Volume LXXI, Issue 21879, 15 August 1934, Page 7

PREMIUMS FOR LOANS

DEALING AT HIGHER RATES REDUCTIONS IN YIELD TWO NEW RECORD LEVELS High premiums for New Zealand Government loans were realised in dealing on tho Stock Exchange yesterday. In Wellington business was done in 1910 4 per cent loan at £-107 12s. 6cl and in 1955, bearing a similar rate of interest, at £llO ss. Allowing the accrued interest on tho 1940 loan, which amounts to approximately 5s Gd, the premium paid by the purchaser was £7 7s, while on the 1955 loan, on which' the accrued interest amounts to 12s Gd, the premium was £9 12s 6d. Similarly high rates ruled in Dunedin for 1949 4 per cent loan and i n Auckland, where 1940's were dealt in at £lO7 10s, or slightly under the Wellington price, which is a record. Tho yield to the investor, including redemption, on the Wellington sale is £2 13s 4d per cent, a record low level, while the average yield on the business done in Government loans on the New Zealand Stock Exchanges yesterday was £3 0s 3d per cent. No dealings from Christchurch were available, as that Exchange observed a full holiday yesterday for the racing carnival.

SHEET IRON TRADE BRITISH MANUFACTURERS EXPORTS LOWER BY HALF The effect on British manufacturers of the expansion in the sheet iron trade in other countries was referred to by Sir John B6ale, chairman of directors, at tho annual meeting in Birmingham of Guest, . Keen and Nettlcfolds, Limited. 1 Sir John said that British exports of sheet iron were now down to half their former high level, partly on account of tho check to world demand and partly on account of manufacturing operations in Japan, British India, Australia, Canada and Argentina. British manufacturers had been faced with entire loss of trade unless they met the situation in countries where that was possible. John Lysaglit, Limited, controlled by "Guest,", Keen and Nettlofolds, established works at Newcastle, Australia, Sir John said. Supported by the fiscal policy of tho Australian Government, thos'e works for some time past had been working to capacity, and they now were being enlarged to enable them to supply practically the entire needs of the Commonwealth. Australia demanded goods of local manufacture and the new enterprise of John Lysaght, Limited, had not been an entire loss to Great Britain. A certain amount of British machinery had to be exported and that gave employment at home. For reason already indicated, Guest, Keen and Nettlcfolds, Limited, had established a screw factory at Sunshine, near Melbourne. Those works had benefited greatly by the revival in Australian trade, and arrangements for enlarging them were in a forward state. The heavy side of the company's business and of Baldwin's, Limited, has been converted into British (Guest, Keen, Baldwins) Iron Steel Company. Limited. When Australian Iron and Steel Company, Limited, was formed. Baldwins, Limited, received 100,000 ordinary fully paid £1 shares and £OB,OOO in cash for a steam roller mill.

THE CITY MARKETS * PRICES -REMAIN STEADY KEEN DEMAND FOR ORANGES Prices practically similar to those ruling at the close of Inst week were realised at the City Markets yesterday, and supplies also' were steady. Fair quantities of apples and pears were offering, for which there was a fair demand. Oranges were keenly sought. The market was heavily supplied with cabbages, celery and onions, while plentiful quantities were available of new potatoes, sprouts, pumpkins, carrots and all vegetables in season, for 'which the demand was fair. The supply of poultry was medium, the demand*for table birds being very keen. Prices remained firm. FRUIT - \i>ples, Delicious, 2s t6 is a case: Jonathan, 3s to 5s 6d: Salome, 2s, 6d to 4s 6d; Ballarats, 4s 6d to 5s Gd; Granny Smith, 5s (id to 7s Gd; 3s 6d to ss; extra fancy, up to 7s; pears, Coles, Gs to 7s Gel,; Nelis, Gs to. 8s; passions. to 13s; mushrooms, 2s Gd per lb.; plums, Callfoniian, 19s •» crate; oranges, Island repucks, 1-ls to 23s 6d; lemons, cured,- to I<->s Gd; others, 4s to . 8s;. grapefruit, rxew Zealand, large. 5s to 7s Gd; medium. 3s to ss; small, 2s Gd to 3s; Californian, 30s to 38s 6d; tomatoes, Island. 10s Gd to lis a caso; hothouse, Gd to lid a lb.; bananas, 10s to 17b; tree tomatoes, 3s Gd to Gs; pines, Queensland, 17s 3d to 20s; grapes. Californian. 24s to 20b Gd; coconuts, 12s Gd a sack. FIELD PRODUCE Potatoes, now, Id to 2id per lb.; southern, 5s Gd to 6s 6d per cwt.; swedes, 2s to 3s a.bag; dnions, 2s to 4s 9d; kumnras. 4s Gd to 7b a bag; cabbages, Is to 4s a sack; on benches, 9d to Is Gd a dozen,; cauliflowers, 2s to. 4s Gd; on benches. Gd to 3s 9d a dozen; pumpkins, 7s to 14s per cwt.; cucumbers, Gs to 10s a dozen; carrots, 4d to 9d; pnisnips, 8d to Is; beet, Gd to 10(1; turnips, 3d to Gd; radish. 3d to Gd; spring onions, 4d to 7d a bundlo; spinach, 9d to ]8 Gd a .dozen; leeks. Id to 4d a bundle; French brans, hothouse, 8d to Is 3d per lb; Brussel sprouts, 3d to 4d; marrows, 9d to Is Gd a dozen; melons, citrons. Is to 2a'-. each: lettuce. Is to Gs Gd a case; colery, cooking, 3d to 8d a bundlo; dessert, Is, to 35,; rhubarb, 2s to 4s Gd a dozen.

POULTRY Cockerels, heavy breeds, prime, 4s to 5s Gd; not prime, 3s up; light breeds, prime, 2s -9d to 4a; not prime, 2s up; fat roosters, heavy breeds, prime, 2s Gd to 3s Gd; light breeds, 2s to 3s; fat hens, heavy breeds, 2s 9cl to -4a; light breeds, 2s to 3s Gd; pullets, heavy - breeds, best, 3s to 4s Gd; smalloir, 2s up; light breeds, best, 2s Gd to 4s; smaller, Is Gd up; drakes, young, prime, 2s to 2s 9d; smaller, Is Gd up; old, Is Gd lo 2s; ducks, young, 2s to 3s; old, lo Gd to 2s; turkey liens, 4a to 6s 6d; gobblers, Gs Gd to lis; guinea fowls, 2s Gd to 4s. TALLOW MARKET FIRMER MANILA HEMP OUTPUT The Department of Agriculture has received the following cablegram, dated August 11, from tho High Commissioner for New Zealand, London: — Tallow. —Tho market is firmer with moro interest shown on spot for forward shipments. Values, about unchanged. Hemp.—The Manila - market is steadier. It is reported that tho Philippines Government is considering restricting production. Closing values —K grade for August-October shipments, £l2 15s. There is a firmer tone in Sisal. August-October shipment sold at £l4. New Zealand is nominally unchanged with no first-hand sales reportod. Market is weaker awing to increased quantities of English. Present stocks of New Zealand are limited. Apples. —Current prices arc: —Sturmer, 9s to 10s 6d; Delicious, ex Trojan Star, and Dougherty, 9s 6d to 13s 6d; Statesman, 10s to lis 6d; Tasma, 10s 6d to 13s 6d; Glengylo and Stark, 12s to 13s Gd.