BUOYANT MARKETS

New Zealand Herald, Volume LXXIII, Issue 22346, 18 February 1936, Page 7

BUOYANT MARKETS

LONDON STOCK EXCHANGE ARMAMENT SHARES STRONG DOMINION STOCKS FIRMER LONDON, Feb. 15 A particularly heavy week on the London Stock Exchange provided further evidence of the buoyancy of the markets, though price movements were small, with the exception of rail, steel and armament shares. The general firmness is gratifying, and shows there are still plenty of investors ready to take immediate advantage of any reactions. Armament shares naturally are strong, especially aircraft, which showed substantial rises in late dealings on Friday as the result of the defence debate in the House of Commons. The record steel figures for January gave an added impetus to shares in the heavy indsturies, Harland nnd Wolff preference toucning the highest point for six years. Homo rail dividends confirmed the best expectations, and substantial rises were recorded in all the stocks affected. Copper made the best showing the mining market owing to the big European demand for rearmament purposes, combined with bullishness in New York. It is considered that the growing demand is bound to result in the loosening of the copper Restriction agreements.

Gold shares were irregular, Australians being almost completely out of tho picture. The gilt-edged section was quiet and featureless. The underwriting of the £3,500,000 Central Electricity Board's 3} per cent stock overshadowed the market. Australians, however, were better on good December trade returns. New Zealand stocks improved in anticipation of a balanced Budget. BRITAIN'S TRADE JANUARY RETURNS OUTSTANDING FEATURES LONDON, Feb. 16 The overseas' trade returns for January confirm tho preliminary figures published on Wednesday, namely: Imports £70,024,000, exports £34,460,000, and re-exports £4,320,000. The working day averages now available, show that exports totalled £1,276,281 _por diem, as compared with £1,454,877 in December and with £1,314,115 a year ago. The corresponding figures for imports were £2,593,473, £3,103,309 and £2,293,750. The returns were disappointing in respect to exports, notably coal, the decline in which, however, was largely due to sanctions, Italy taking only 6423 tons, compared with 34,400 in January, 1935. In all there was a fall of £403,000 in coal exports, of which £340,000 represented the reduction of deliveries to Italian account. Big declines also were recorded in shipments to Germany and Spain. Striking Effects ol Sanctions

The returns indicate how effectively sanctions are operating. There were no imports of Italian dairy produce, and imports of fresh fruit and vegetables from Italy totalled only £165, compared with £83,000 in January, 1935. Imports of other goods totalled £390, compared with £82,000. No textiles were imported, compared with £84,000 worth last January. Exports of herrings to Italy, which amounted to £14,089 in January, 1934, reached only £955 last month, and wool in various states sent a year ago to Italy to tho value of about £96,000 is represented in the most recent returns by an export of £166. Iron and steel exports to Italy dropped from £23,044 to £4.

There was a further relative expansion in 1935 in British trade with the Empire countries. Exports to British countries rose to 48 per cent of the total exports from 46.9 per cent in 1934. Re-exports were lower at 19.8 per cent, compared with 21.6 per cent. Imports from British countries represented 37.6 per cent of all imports, as against 37.1 per cent in 1934. Eigger Trade with the Dominions

The Financial Times, commenting on the distribution of overseas trade, points out that, thanks to the Ottawa agreements, British imports the Empire have expanded £35,729,000 in the last two vears and exports increased by £30,796,000. Tho reduction in the adverse balance in the United Kingdom's Empire trade indicated in these figures does not appear to support the Federation of British Industries in its contention that Empire countries have obtained greater benefits from the Ottawa agreements than Britain.

Nevertheless, there is certain force in the federation's insistence that the Dominions should fulfil their promise that protective duties should not exceed a level which would givo United Kingdom producers an opportunity for reasonable competition. British industry can scarcely view complacently the importation of produce and goods from the Empire for a total value of £80,000,000 more than tho Dominions purchased from Britain. The trend, however, is in tho right direction, especially in tho case of Australia, which is taking far moro British goods. N.Z. SHIPPING CO. PAST YEAR'S OPERATIONS The accounts of the New Zealand Shipping Company, Limited, for the year ended September 30 show a balance in the profit and loss account of £75,333, after providing a full year's dividend on the 6 per cent preference shares, and a dividend of an unstated amount on ordinary shares. Tho amount brought into the accounts was. £74,995. Sundry amounts due to the company, contingency reserves and provision for taxation increased in the year from £4,000,815 to £4,075,388. Among tho assets the fleet appears at £l, against £2,057,158 a year ago. Sundry debtors and cash increased from £3,561,262 to £4,213,554. Tho fleet consists of nine steamers and five motor-vessels. Tho ordinary capital is held by tho P. and O. Company.

PUKEKOHE PRODUCE [from our own correspondent] PUKEKOHE, Monday No movement in values for locallygrown produce has occiirred during the past week. Potatoes remain at from 4s to 4s 6d per cwt, f.o.r. Pukekohe, and onions at from 4s 6d to 5s per cwt. Pickling onions sell at 7s Gd per cwt. Carrots, parsnips and swedes are priced at 3s 6d a sugar-bag; rhubarb, 3s a do/.en bundles ; pumpkins, os fid per cwt; cauliflower plants, 9s per 1000; cabbage plants, 7s 6d per 1000. CALL AND DIVIDEND LIST Dividend*— Due Bank N.S.W. quarterly, S« a share . . .. . . Feb. 26 National Mortgage—final, 21 p.o. Feb. 2(1 Mataki—ld a share .. .. Feb. 26 Kuala Kampar Tin—3d sterling a sharo and bonus of 3d .. Feb. 27 Kuala Lumpur Tin—ls a share Feb. 28 Carlt.Hi Brewery—final, 6 p.o. .. Feb. 28 Elder Smith—int., 6 p.o. .. Mar. 2 Standard Insurance—int., Is 8d a share Mar. 9 Broken Hill South—div„ 2s Gd a share; bonus, 2s 6d a share Mar. 14 Eleot, Zino—int., ord, and pref., t p.c Mar. 10 Hume Pipe (Aut.), int., 5 p.o. p.a Mar. SO \