INVESTMENT DECLINE

New Zealand Herald, Volume LXXV, Issue 23227, 22 December 1938, Page 7

INVESTMENT DECLINE

COMMONWEALTH IYEAR

COMMENT ON NEW ZEALAND EXCLUSION FROM MARKET (Received December 21, 8.40 p.m.) SYDNEY. Dec. 01 Reviewing conditions on the Stock Exchange, which closes for the Christinas and New Year vacation to-morrow, a leading member of the Exchange today said there had been a marked falling off of business this year, due mainly to a drop of £14.000,000 to £16,000,000 in the wool cheque, and to a lesser degree to the unsettled international position, which had caused many anxious moments. On the other hand there had been no real selling pressure, merely a desire to mark time to await developments both at home and abroad. This state of affairs was likely to prevail in the New Year. The member then referred to the New Zealand position and said, in consequence of tho Dominion Government's financial measures, he doubted whether New Zealand investors would bo able to buy on Sydney for some time. There had been some buying and some selling, and, but for the emergency measures, the buying would probably havo exceeded the selling by New Zealand. He added that, if Air. Savage and Mr. Nash read the reports of their treasurer, they would find that the Australian market took up a large amount of New Zealand loans, but, under the present New Zealand conditions, no Australian would think of it. Experienced financial men here looked upon New Zealand's action as unwise. It would have been far bettor to have free actions between New Zealand and Australia, to Australia at some future time being again willing to take up New Zealand loans. £741,412 PAY-OUT NOVEMBER BUTTER-FAT NEW ZEALAND CO-OPERATIVE DECREASE IN PRODUCTION [from our own correspondent! HAMILTON, "Wednesday The New Zealand Co-operative Dairy Company, Limited, paid out £741,412 yesterday as an advance payment for butter-fat supplied for both butter and cheese manufactured in. November, the bases being Is 2-Jd for finest butter-fat i for butter-making and Is 4d for first i grade butter-fat for cheese-making. , The sum distributed for November supj ply last year was £740.267. when the ; bases were Is Id and Is 2Jd respecI tivelv. There was an improvement in production last month over the earlier > months of this season, consequent on ! the rainfall following the dry spell exI perienced in October. However, when ■ the increase 111 the guaranteed price is I taken into account, it is clear that j there was a considerable decrease in the quantity of butter-fat supplied last month compared with that produced in November of last year. The drop in butter-fat yield for the first six months of tho current season, from June to November inclusive, is I very marked when compared with the i returns for the corresponding period of I last year. For the last six months i the company advanced its suppliers ! £2,527,802, as against £2,623,971 for i the first six months of the 1937-38 1 season, a reduction of £96,169, notwithI standing the increase of l}d per lb. in j the basis 011 which the payment was 1 made. THE FRANKLIN DISTRICT LOWER PRODUCTION FIGURES [from our own correspondent] PUKEKOIiE, Wednesday The figures of dairy production this season in the Franklin district are still behind those for the corresponding period last year, but with the better growing weather over the past few weeks the margin is contracting. In the case of one butter factory, the output up to November 20 was approximately 7 per cent below that for the same period in the previous season, but 1 since then it has been reduced to i about 6 per cent. However, as this re- ' about 70 tons of butter, | worth about £l2O a ton, the loss to the suppliers is about £BOOO. DECLINE IN OUTPUT »NORTHERN WATROA FACTORY I [by TELEGRAI'H —OWN correspondent] DARGAVILLE, Wednesday A decrease in output of 95 tons > 18cwt. for tho season to date, compared with the same period last year, lias been recorded by the Northern I Wairoa Co-operative Dairy Company, Limited. The decrease for the month of November was five tons. In November last year the output 1 was 453 tons 6cwt. and the amount of money distributed was £13.821, compared with 418 tons 7cwt. of butter manufactured in November this year, and a toal payout of £49,455. j The output for tho 1937-38 season to November, 1937» was 1368 tons 6cwt.. with a total payout of £132,561, ! compared with the output in the ; 1938-39 season to November, 1938, of j 1272 tons 7cwt. and a total payout I 'bf £136,671. DEBENTURES AND SHARES QUOTATIONS IN LONDON LONDON, Dec. 20 • Sales of debentures and shares on the London Stock Exchange included the following, the prices on December 6 being given for comparison : * Dec. G Dec. 20 £sd £ s d Dalgety (4 p.c. deb.) 90 0 0 oo 5' 0 British Tobacco .. 1 10 0 1 30 O Goldsbrough-Mort . 1 .1 0 11' 0* Dalgety 6 15 n* 5 0 3* P. and O. (def.) 12 0 110 •Nominal. BRITISH EXCHEQUER LATEST WEEKLY RETURNS (Received December 21, 6.8 p.m.) British Wireless LONDON, Dec. 20 Tho latest weekly Exchequer returns show that the total ordinary revenue is £472,063,905, compared with £461,854,746 a yea- ago. Tho total expenditure, less selfbalancing items, is £713,767,375, compared with £627,341,105 at the same date in 1937. PROPERTY AUCTIONS C. F; Bennett., Limited, will offer for sale by auction at its rooms, corner of Queen nnd Shortland Streetß, at noon to-day 37 freehold sections overlooking Kangitoto Channel, just beyond Narrow Neck. i