STOCKS AND SHARES

New Zealand Herald, Volume LXXVII, Issue 23708, 15 July 1940, Page 3

STOCKS AND SHARES

.GRIM BRITISH BUDGET SAGGING IN PRICE LEVELS LONDON, July 12 - A grim Budgetary outlook has momentarily supplanted the air raid menace as the Stock Exchange bugbear. Economists have welcomed the forecast of the Chancellor, Sir Kingsley Wood, that the maximum taxation Avill be in the minimum time, but it has caused a shrinkage of business, with sagging of prices. Gilt-edged issues particularly _ are affected, partly as the result in inflationary fears arising from the authorities' decision to suppress details of the floating debt, against which decision there have been many protests. RISING STEEL OUTPUT SOUTH AFRICAN PRODUCTION PLANS FOR NEW WORKS The output of iron and steel at Jscor, South Africa, is being increased and will shortly reach 440,(J00 tons a year. The initial ingot output at the new steel works to bo built at Vereeniging is intended to ho 200,000 tons a year, making 'an annual total from the combined works of 700,000 tons of ingot steel. . . , The new works at Vereeniging will be complementary to, and part 01, the Iscor organisation. This announcement is made in the official journal of the South African Iron and Steel Industrial Corporation, Limited. Iscor will use a process extensively employed in the United States on all qualities of steel. It combines the high output of the Bessemer converter with the accurate quality control of the basic open hearth furnace. The efiect on Iscor operation will be to increase the output of steel by about 30 per cent. A noteworthy development is the rocent production of heat-treated bulletproof armour plate, shrapnel-proof sheets for helmets and high-grade alloy steels for tho manufacture of guns. Iscor is at present preparing plans for a wire works capable of producing some 30,000 tons annually of plain and galvanised wire, barbed wire and wire netting.

WAR SAVINGS CAMPAIGN £278,659,996 RAISED IN BRITAIN (Received July l-l, 0.30 p.m.) British Wireless July 13 Last week a total of £20,056,484 was raised in the war savings campaign, of which £5,364,155 was from the sale of savings certificates, £10,633,515 from tho sale of defence bonds, and £4,056,814 from the increase in the balance duo to depositors in the Post Office Savings Bank and trustee savings banks. Since the opening of the cam paign, £120,264,992 has been raised by the" sale of savings certificates and £119,979,690 by, tho sale of defence bonds. During the same period, the balance duo to depositors in the Post Office Savings Bank and savings banks has increased by £38,415,314, a grand total of £278,659.996.

MATCHES IN AUSTRALIA NO SHORTAGE EXPECTED No shortage of matches is expected in Australia as a result of war conditions, as factories are well able at present to meet any increase in demand. Australia is practically self-sufficient in matches, imports Inst year, chiefly from Finland, being valued at only £1677 sterling, against a totai production value in the Commonwealth of £696,192. Wood for the manufacture of matches in Australia conies mostly from Baltic countries. Baltic spruce and poplar wood are chiefly used. Manufacturers estimate that supplies of imported wood now in Australia are sufficient to enable present output for 18 months. Already some varieties of matches are made from Queensland hoop pine. FOREIGN EXCHANGE QUOTATIONS IN LONDON LONDON, July 12 Foreign exchange rates are:—New York (dollar), -1.03; Montreal (dollar), 4.1o; Switzerland (fr.), 17.80; India (rupee), Is 0( ; Honirkons: (dollar). Is 3d; Kobe (yen), i.-,%d; Shanghai (dollar). 3 t>fl-32d; Argentine (peso), 17.005; Stockholm (kr.). 10.00. New York message states that free sterling closed at 3.71 V 3 dollars to the pound, against 3.(i(>Vi previously. SIIAREMARKET INDICES London Stock indices compiled by tho Financial Times, London, are as follows (October 15, 1926, equals 100): Govt. Home Indus- Gold securities rails trials mines Jil 1V 10 .. 108.8 30.1 71.8 137.j July It .. 108.7 30.0 7-J.-J 130.^ July 1-2 .. 108.7 3.-.7 72.0 13ow New York

Dow Jones' averages (1926 equals 100) and turnover on the New York Stock Exchange are as follows: — •jo Rail- 30 Shares roads Industrials sold .Tii 1 v 10 .. 25.JM1 P.M. 10 280,000 .TlllV 11 .. 20.07 1 - L.SS 330,000 July 12 .. (8 i•Jt.ua 100.000 July 13 . . -J0.0.-V J21.-I8 IJO.OOO Highest and lowest in 1939. —Kails, 35.90 —24.15; industrials, 151.22 —121.1. BRITISH TREASURY BILLS British "Wireless LONDON, July 1The total amount applied for iu tenders for £65.000.000 in Treasury bills was £112,350,000. The maximum was allotted in bills at three months. The average rato per cent was 20s 4.97 d. MINING YIELDS Mining yields are:—Alexander (Rcnfton), June: Battery department, 30or. from 170 tons; cyanido department, 350 7. from 100 lons. Total value, £SOO. Also concent rates valued at .C 2-10. New River (West, Coast), • Itoz in I'J.l hours. White's Klectric (West Coast), Kio'z. Worksop Extended (Keefton), .-)007. in IGo hours. CALL AND DIVIDEND LIST Dividends — Due Woolworths (N.Z.) —Int.. ord., T. p.c. I o-day W'tlis Plies— pf., ord.. hlf-yr.. 3 p.c. To-day British Toh. —pf., iirlly, i'l/l'J/0 p.c. To-day Nat. Bank N.Z.—-final, T/ 2 p.c. stg. (less tax Is 11' id in 11) . . I o-morrow Con. Brick—final, 1 p.c To-morrow Black water —1030, final, 1/- stg. . July 18 Con. C.oldfie'.ds—lo-10, int., (id stg. July IS Paddy's Point—s p.c,. .. .. July •-'<> Argo—2oth, 1(1 .. •• Ju .v 122 Kanieri —ord. and de>f., II- . . . July (I. J. Coles—final, 10 p.c. .. July 'JO 1.C.1. (X.7,.)—h1f.-yr. pf.. •"» p.c. p.a. July 31 Union Bank—int.. •'!/- stg. (less British tax, Od) .. . . Ju yat BhlHjis Brew. —Int., 2 p.c. . . . July 31 N.Z. Insurance. — 1/- .. .. Aug. (» Alt. Morgan—int.. pf.. 8 p.c., p.a. Aug. 1"> Farmers' Fert.—pf., 'J 1 /. V-c.; ord.. 0 p.c. p.a. ■ • Auk. 15 Com. Bk. And.—-rpf.. 2 p.c.; ord., I'id (making 7 1-12 p.c. p.a.) Aug. 22 Electro. Zinc —final, ord. and pf., 8 p.c. Sept. 20 Shares are quoted ex dividend on the business day after the closing of transfer books for the payment of the dividend.