AUSTRALIAN EXCHANGES

New Zealand Herald, Volume LXXV, Issue 23009, 9 April 1938, Page 11

AUSTRALIAN EXCHANGES

HEAVY SELLING IN SiYDNEY WEAKNESS IN INDUSTRIALS (Received April 8. 8.6 p.m.) SYDNEY, April 8 Heavy selling orders, some on behalf of estates, caused weakness in some leading industrials on the Sydney Stock Exchange to-day. Medium - priced stocks, however, were fairly steady. Business in base metal shares was almost at a standstill. Sales included: _£ s d Ba:nk of Adelaide . . 0 7 () Commercial Banking. Sydney 20 14 0 Ba:tik New South Wales .. 3L 12 0 Union Bank 8 15 0 Mercantile Mutual Insurance 1 10 0 GoMsbrough Mort . . . . 110 O Adelaide Steam .. .. 1 13 0 Winchcombe, Carson .. 1 10 0 Tooth's Brewery .. .. 214 0 Auntralian Glass .. .. 4 113 Ditto .. .. 4 110 Automatic Totalisators .. 0 18 O British Tobacco .. 2 0 0 Broken Hill Proprietary .. 210 3 Ditto 2 10 0 Buirns Philp .. .. 213 (> Ditto (South Sea) .. 18 o Claude Neon .. .. 2 7 (1 Colonial Sugar .. .. 47 12 0 Du:ulop-Perdriau .. l l .1% Electrolytic Zinc (N.Z. deliv.) 2 0 3 Ditto (pref.) .. 2 5 0 Felt and Textiles (paid) .. 1 12 0 General Industries .. o 18 7Va Morts Dock .. .. 0 110 Standard Cement .. .. 10 0 Taranaki Oil 0 0 3 Victoria Nyanza Sugar .. O 14 6 United Provisions .. 0 0 9 Woolworths (Sydney) .. 12 3 Mount Lyell 17 0 Mount Morgan (N.Z. deliv.) 0 9 0 Commonwealth Bonds.—4 per cent, 1938, £lOl Us 3d; 1941, £lO3 2s Od; 104-1, £lO4 2s 6d; 1917, £lO2 15s; 1050, £lO3 ss; 1953, £ 104 28 Od; U>ss. £lOl 12s Od; 1057, £lO5 ss; 1959, £lO5 10s; 1001, £lOl ss. MELBOURNE EXCHANGE On the Melbourne Stock Exchange to-day light trading took place in industrials. Gold mining shares were quiet, but Commonwealth bonds were firm. Business included: — £ s d Commercial Bank Australia 0 10 0 Nat. Bank A'asia (£5 paid) 010 0 Ditto (£lO paid) . . . . 14 3 0 Howard Smith .. . . 110 Carlton Brewery . . .. 3 5 0 British Tobacco .. .. 2 7 0 i Broken Hill Proprietary . . 2 18 1) Dunlop-Perdriau .. .. 113 G. J, Coles .. .. 3 18 3 Broken Hill South .. .. 110 6, Loloma .. .. .. 12 10% Mount Lyell .. .. 1 7 f> North Broken Hill .. 2 7 6 Zinc Corporation .. .. 4 0 0 DOMINION RUBBER CO. LOWER VALUE OF PRODUCTS SEVERITY OF TAX CHARGES [BY TELEGRAPH—OWN CORRESPONDENT] DUNEDIN, Friday Unsettled politics in Europe and instability and slump conditions in the United States wero the two important factors contributing to a disastrous fall in rubber prices which had naturally affected the profits of the Dominion Rubber Company, Limited, said the chairman of directors, Mr. Hugh Adam, when moving the adoption of the report and balance-sheet at the annual meeting this afternoon. Rubber had now fallen to 6d per lb. in London, while the company's cost of production last year was 6Jd. Mr. Adam considered that if consumption and production could bo so regulated as to enable a price of 9d per lb. to be maintained, then a satisfactory return was assured to shareholders, but the authorities agreed that there was little chance of a substantial rise in price occurring before the end of 1938. "The cost of production for the year was 6id per lb., against ojd the previous year," Mr. Adam said. "The increase is due almost entirely to increased labour charges on the estate and the large amount which we have to pay for income tax which is approximately 7s 3d in. £1 on the profit earned and which works out at slightly more than lid per lb. of rubber actually produced." Due to the substantial rise in price for a short period up to April last and the larger output the average selling price of rubber was almost Sid per lb., against approximately 62d last year. This enabled the company to show a profit of £5691, an increaso of £2148.

RECORD INSURANCE YEAR MUTUAL LIFE AND CITIZENS The results of the 51st year of the Mutual Life and Citizens' Assurance Company, Limited, surpass all records. The new ordinary branch business written was £8,158.354, and the new industrial branch business £4,401,774, a total of £12,560,128, representing a large increase over the previous best figures. The increase in funds was £1,441,415, the largest in the company's history, while the total income increased by £271,221 to £4,015,736. Thei low percentage of income absorbed in expenses reflects good and economical management. Tho funds of the company are soundly invested, the effective rate of interest earned on funds and reserves being £4 19s per cent in the ordinary branch and £5 16s Od in the industrial branch. The result of the year's operations has enabled tho company to maintain the high bonus rates paid for 1936.

GOLD AND SILVER QUOTATIONS IN LONDON (Received April 8, 7.5 p.m.) LONDON. April 7 Fine gold is quoted to-day at £7 Os osd an oz., compared with £7 Os ljd yesterday. Silver is quoted at 19« d an oz. spot and 18Jd forward, compared with 19d and 18|d yesterday. - The quotation for silver at per fine oz. is; 20id, compared with 204 d yesterday. The following is a summary of tho fluctuations in the prico per ounce of fine gold this year:— £ a d Highest price, March 10 .. 7 0 6% Lowest price. January 3 .. 010 6 April 1 . . .. ... 7 0 0% April 2 7 0 3 April 4 7 0 0% April 5 . . . . 7 0 0% April 0 7 0 3 % April 7 7 0 OZ, PRICES OF METALS LONDON MARKET WEAKER LONDON, April 7 Following are to-day's quotations on the London metal market, compared with those of April 6: — April 7 April 0 Per ton Per ton £hd £ h d Copper, stan., spot 38 10 0 38 11 10% Copper, stan., 3 mos. 38 14 4% 38 10 30% Copper, electrolytic <l2 30 0 43 0 0 to to <l3 10 0 43 10 0 Copper, elec:, wire bars .. 43 10 0 43 10 0 Lead, soft, spot ..15 4 4% 15 5 7% Lead, Boft, forward .15 5 7% 15 11 10% Spelter, spot .. 13 8 1% 33 31 4% Spelter, forward .. 13 12 6 13 17 6 Tin, slan.. spot .. 107 17 H 109 5 o Tin, 51an.,.3 mos.. 308 7 0 109 17 Q NEW PRIVATE COMPANY The following private company has been registered in Auckland:— McGinty's Bargain Stores, Limited, to take over the business now carried on at Pukekohe by Cleveland McGinty, department and gisneral storekeepers, outfitters, etc. Capital, £2OOO, in £1 shares. Subscribers: C. McGinty, 1090 shares; Mrs. J. McGinty, 10.