AMERICAN OUTLOOK

New Zealand Herald, Volume LXXV, Issue 23083, 7 July 1938, Page 9

AMERICAN OUTLOOK

CO-OI'KItATIVE EFFORT RESTORATION OF BUSINESS RUSH ON STOCK EXCHANGE According to cabled messages to various quarters from Now York, expert comment on the causes of the change in market sentiment in the past fortnight differ, but there is no disagreement on the conclusion that it has created a new public psychology. Special and advisory services, which have been pessimistic or neutral for months, are suddenly revising their outlook. It is reported that bedlam prevailed on the New York Stock Exchange floor on June 29, when market prices rose uniformly. Floor clerks and customers' men were rushing madly to fill the orders pouring in from all parts of the country and abroad. The sales were easily absorbed, and stocks reached their best prices in the last hours, trading stocks making the largest'gains. Jhcse included W'ostinghouse Electric, Dupont, United States I?ubbcr, Bethlehem Steel. United States Steel, American Telephone, American Can, and various railways and public utilities.

Ihe enormous increase in turnover that h-is taken place is evidenced by the fact that for a half-day's trading on Saturday, June IS, turnover was only 100,000 shares. A week later 1,160,000 shares wore turned over on the half-day, while on .Tune 29 the figure rose to 2,700,000 and the average advance was 5.19 dollars. The highspeed tickers fell behind the market. In many cases brokers' information was half an hour slow.

ihe heavy trading and rising market made Stock Exchange memberships more valuable. One seat was sold for 65,000 dollars (£16,250, New Zealand) representing a gain of 14,000 dollars (£3o00) over the lowest price a fortnight ago. •

In other quarters it is reported that Mr. Boosevelt lias made a pact with big business interests. Everybody is being induced to think that the recession can be conquered and what is called a Government, labour, business and finance co-operativo venture to bring hack bettor times has been launched.

LONDON WOOL SALES NEW ZEALAND OFFERING STEADY PRICES EXPECTED LONDON, July 5 The fourth series of London wool sales, for 19:38 will commence on July 12 and conclude on.Julv 22. The catalogue totals 91,000 hales, including 44,850 .New Zealand and 40,000 Australian. Dalgcty and Company, Limited, reports that cabled "advice from its London office is to the effect that a fair demand is expected, but no important | change in prices is anticipated. The list of arrivals closed on .July 4. The following vessels in which the companv is interested have arrived for the sales:—Port_ Melbourne, Huntingdon, Tainui, Tairoa, Tamaroa, Mahana, Coptic, Pakelia. Wairangi, Port Chalmers. The Mahia was late, but was admitted. The companv will sell on July 12, 13, 18, 21 and 22. BUTTER MARKET EASIER NEW ZEALAND AT 121/- PER CWT. LONDON, July 5 The market for butter is quiet, quotations being:—Choicest salted New Zealand 121s per cwt., Australian 119s; unsalted, Is premium. Compared with quotations at the close of last week, the market for both New Zealand and Australian butter is 2s per cwt lower DAIRY PRODUCTION KAIKOHE COMPANY'S YEAR [by telegrath—OWN correspondent] KAIKOHE, Wednesday

ihe Kaikohe Co-operative Dairy Company's report and balance-sheet for the year ended May 31 show that the factory s output was 575 tons, an increase of 158| tons over last season. A good deal of this increase was the result of the zoning, although some is accounted for by further increases in the herds milked by suppliers, who are gradually increasing their carrving capacity. The grading average was J3.976, slightly lower than last season. Ihe number of suppliers was now 296, an increase of 66.

Shares totalling 3174 were allotted and 942 were surrendered, on account of suppliers being taken into new districts.

Ihe directors have authorised a deferred payment of 2d per lh. butter-fat over the whole season's supply. The average advance has been 12.07 d. so that the season's average fall grades) will be 14.07 d. A payment of 5 per cent en dry shares, absorbing £32 10s, and 31 per cent on wet shares, absorbing £132 6s, has been recommended.

The directors in their report state that an exchange of suppliers with adjoining companies has left the company with a compact and easilv-worked area, the most distant point from which cream is now being collected being not more than 16 miles from the factory.

MINING NEWS

TRITON GOLD PROFIT Tito not profit of Triton Gold Mines, N. 1;., Western Australia, for the six months ended March 31 -»vns £.32,997. This compares with a profit of £85,228 for the 12 months ended September 30, 19.37. The net profit was struck after allowing £2142 on account of administration charges, and appropriating £1.335 for income tax, and provision for the Western Australian gold mining profits tax. 'During the six months, two dividends, each of 6d a share, requiring £48,000, were declared, leaving the appropriation account, as at March •31, at £.36.128, against £51,131 at September .30. YIELDS OF COMPANIES Harry town (West Coasts .—Return for .Tune. 5400z. from 198,000 yards in 171 hours. Mataki Dredging (MurchisorO.—Return for June, 15.30z. from 41,771 yards. WHOLESALE EGG PRICES The Auckland Egg Marketing Committee announces that wholesale egg prices are reduced by 4d a dozen "in the case of first and B grade lien and first grade duck eggs, and B grade duck eggs by 3d a dozen. Quotations are:—Hen: First grad;«. 2s 4id a dozen; B grade. 2s 3jd; C grade, not quoted. Duck: First grade, 2s 4'd; B grade, 2s 3id. Country storekeepers' minimum buying prices for first grade eggs are Hen, 1b 10d. a dozenf duck, 1b 10d.