COMMERCE AND FINANCE

Otago Daily Times, Issue 22498, 16 February 1935, Page 11

COMMERCE AND FINANCE

CHRISTCHURCH STOCK EXCHANGE (Special to Dailt Times.) CHRISTCHURCH, February 15. During the la*t week the share market was quieter, and the number of transactions recorded on the metropolitan exchange* showed a falling off. Prices moved irregularly, but on the whole were in favour of buyer*, especially in the case of several Australian industrials. In Government issues, breweries, apd frozen meat shares there was an increased turnover. The following is a comparison of the daily recorded turnover on the local market for the last fortnight:—

The local turnover was made up a* fol-low*:—-Debentures £6OOO, banks £3611, pastoral £3Ol, refrigerating £343, breweries £1063, gold mining £2066. The number of shares that changed hands in each section was:—Banks 1620, insurance 400, loan and agency 600, frozen meat 600, fas 200, breweries 850.; miscellaneous 015, gold mining .27,540. The following transactions in Government Loans were recorded:—3 J per cent, stock (1038-43) £lO7, (1939-52) . £lO7 2s 6d, (1038-52) £107; 4. per cent, stock (1937-40) £lO2 15s to £lO2 (1048-46) £lO6 15s, £lO7 (ex interest) ,'£los: bonds, ilo7 2s 6d, £107; bond, £lO7 10s (1046-49), £lO7 10*. £lO7 7* 6d, (1952-55) £lO9 2s 6d to £lO9 10a; rural bonds, £lO5. Mount Albert 4J per cent, debentures changed hand* at £lO6 s*. - •>. In the banking section Australasia* remained unaltered at 111 12s 6d. Commercial ; nf Australia- (ex dividend) changed hands at Iflet 7d, 10s 6d, and 16S sd, and the preference at £9 17*. Commercial of Sydney declined to £l6 13s, E.B. and A. eased to £5 and £4 XOsrNational of Australasia (£lO paid) bad dealing* at £l2 17s 6d and £l3. The £5 paid were easier at £6 7* and £6 6s 6d. New South Wales (cum dividend) weakened from £3l 12s 6d to £3O 15s. New Zealand receded from 50* 9d to 49s 9d. The "D ” Mortgage remained at 32a 6d and 32*. Reserve Banks relapsed to £6 10* 6d. £0 11*, and £6 10*. National Insurancs* were easier at 23s 2d to 23* (last week -22 a 10d to 23s 6d). New Zealand (cum dividend) eased to 09* 6d and 60s, and business (ex dividend) wae done at 67*. Standard* were firm at 72s 6d. Goldabrough, Mort* declined to. 28* 3d. New Zealand Guarantee Corporation were steady at 5s lOd and 0«. New Zea-land-Loan and Mercantile ordinary stock changed hands at £45 and £42 10*. United Buiding Society firmed, to 22a. Ne# Zealand Refrigerating were easier with dealings in the fully paid at 19s 9d and 19s 6d, and in the 10g paid at 9s 6d to 9* 4d. Gears were weaker at 22*. ? Renown Coal (ordinary) were firm at 7a 9d, and the preference had business at 2s 3d. Taupiri eased to 17s 6d and Westports remained unaltered at 225. Auckland Gas (fully paid) advanced to 27g 6d and 27* 7Jd, and the 15* paid to 20b. Christchurch Gas (ex dividend) had dealings at 34* 9d and 34s 10}d. - Bruce Woollen* (ordinary) had business at 14s «d. Dominion BrCweries changed hand* at l l6* 3d. New Zealand* gradually weakened from 51* 9d to 50s. closing around 50* 6d. Timarn (10a paid). advanced to 12* ,6d. i Tooths are easier with local geljers at;4Bg 4d. Last week's business was. at .ifils.^.

In the miscellaneous investment eec--tion tcoht'ributiDgl v were fti(ctwiuny,:‘wi«ker > ..atjl2«.6d,. Australian Glass were steady at 64s 6d,- but weakened to 62s (sellers). At the close British Tobaccos slid back to 38b 4d to 38s Id and Bycrofts to 50s 6d. Broken Hill Proprietary were fractionally weaker at 53s to 52s 6d. Colonial Sugars eased to £4l; Dominion Fertilisers were firm at 21s Bd, but Dunlop Rubbers dropped to 19f, 18s 9d, and 18s 4d. Drug House of Australia had business at, 24s lid, and Electrolytic Zinc were firmer, with dealings in the ordinary at 21b 9d to 225, and in the preference at 34f and 34s 6d. Henry Jones advanced to' -37 s Id, and K.D.V. Boxes (rights) were dealt in at 9d. Kauri Timber recovered to 19s 2d, Milburn Lime were firm at 43s 3d, National Timber firmed to. 15s, New Zealand Drugs eased to 78s 6d, New Zealand Farmers Fertiliser rose to 19s, and New Zealand Newspapers remained at 85s. Northern Roller Milling (preference) had business at 26e 6d. Quill Morris (in liquidation) moved up to ;4s 9d and 4s lOd. Robinson lee Cream were firmer at 23s and 24e. Sun Newspapers showed an easing at 4« 4d, 4f sd, 4s 2d, and 4s. Woolworths (Sydney, second preference) remained' unaltered at 395. Wilsons Cements advanced to 33s 9d and 34«. -The local gold mining turnover of 27,540 shares was made up as follows: —Big River 2340, Brian Boru 11,300, Goldfields Dredging 2000, Kildare 300, King, Solomon 800, ,Lawsons Maerewhenua 1000, Mahakipawa 2000. Mahakipawa (pref., 1929 issue) 300, »Maori Gully 1650, Mossy Creek 300, Mount Lyell 900, Nevis Diesel Electric 1500. Nokomai 200,, Okanto 150, Rawang Tin (cum div.), 200, Skippers 1500. Big Rivers were easier at prices ranging from 2s Id to 2s 34d, and Brian Borul at 7d. to 4}d. Gillespie s Beach were steady. at Is 7d and Glenroy had business at 2d, Goldfields Dredging were firm at 8d to 9|d, Kildare advanced to 2s lid and 3s and King* Sobmon fo 3s lOd, 3s lid and 4s, Lawson’s Flat were a shade better at 3|d. Maerewhenua realised lid. Mahakipawa were firm at 10ld and lOd, and the 1029 preference were fractionally weaker at Is da. Mataki firmed to Is lid and 2s. Mossy Creek were fairly steady at 2s sd, Mount Lyells ranged from 17s 4d to 17s lOd* Maori Gully remained at Is 4d, Mount Morgans rose to 40s 6d, 40s 3d, and 40s sd, Nevis Diesel Electric were firmer at Ud, 2d, and IJd, Nokomais eased to. 2s 4d. and Talisman Dubbo to 9s 6d. Okartios were firm at 8s and 8s OJd. Rawang Tins were steady at 7s lid ana Bs. Skippers showed an easing at old, 6d. and sid. Waihi were firm at 39s od and 39s 6d. and Grand Junction at 4s 8d and 4» 9d.

AMALGAMATED WIRELESS DIVIDEND (Pee United Press Association) WELLINGTON, February 15. Amalgamated Wireless, Ltd., has ad▼i«ed the Stock Exchange Association that an interim dividend of 4 per cent, oh' capital will be payable on March 16. DAIRY PRODUCTION DECLINE IN WAIKATO OUTPUT. The heavy drop in production due to the prolonged dry spell experienced in the Waikato this season is reflected in the returns of the dairy factories. At the Taupiri Dairy Company’s Taupiri factory 131 J tons of butter was made last month, as against 153 J tons for the corresponding month of last year, a decrease of 14.63 per cent. For the aame company’s Tuakau factory the drop was from 157 i tons to 1235, or 21.62 per cent. . The Morrinsville Co-operative Dairy Company, Limited, manufactured 341 tons of butter in January, 1934. while for the : corresponding month this year the output fell to 271$ tons, a decrease of 20.38 per cent. That the drop has not yet been checked is indicated by the fact that in the first five days of February last year 49 ton« 2cwt of butter was made, while for the corresponding period of this year the output was only 34 tone Bcwt.

LOCAL AND OVERSEAS MARKETS.

There was a plentiful supply of fl.ax in New Zealand, he said, and the woolpacks manufactured were infinitely superior to the Calcutta product. They were stronger, would hold more, and would withstand more pressure than the jute packs. He considered that if the industry were developed fully and supported by a tariff it could enter the Australian market, which was at present held entirely by Calcutta firms. New Zealand would have the advantage of a superior article and proximity to the huge market in Australia. MORE USES FOR RUBBER A hew development in rubber treatment, claimed to be a revolutionary step in wrapping, paint, clothing, and moulding fields, is reported by the E. M. Kratz Laboratories, Gary, Ind., U.S.A. This new treatment was evolved as the result of research carried out for ten years to find a satisfactory wrapping paper for food and kindred purposes. The work is stated to have resulted in the discovery of a rubber treatment that is useful for various purposes. Among these (says the Manchester Guardian), is a method of coating translucent paper with rubber, giving a transparent wrapper that is imprevious to moisture, which seals itself under heat, is unaffected by extreme cold, and indifferent to time. Rubber is also claimed to be made suitable for an ingredient of paints that are especially valuable in treating structural steel or waterproofing cement, since they give protection against corrosion and fumes, water, acids, and alkalis. A rubber fabric can also be spun into cloth with the desired qualities of rubber -retained after its physical properties have been changed, so that it is chemically stable, imprevious to moisture, fats, and oils; and a new fabric is available as a dielectric for radio construction and similar purposes; and in addition a rubber can be produced for moulding purposes.

MINING NEWS KING SOLOMON RETURN (Pgr United Press Association) INVERCARGILL. February 15. The wash-up at the King Solomon mine this week amounted to 90oz Idwt. MAHAKIPAWA GOLDFIELDS Advice has been received from the mine manager of Mahakipawa Goldfields, Ltd., that he has now bored through to the Golden Gate workings, enabling an inspection of the old workings to be made right up to the King Solomon- shaft. THE GOLDFIELDS DREDGE The secretary of the Goldfields Dredging Company, Ltd., reports that the return for the week ended February 15, was 21oz lOdwt for 129 hours' dredging. ' NATIONAL MORTGAGE (United Press Association.) (By Electric Telegraph—Copyright.) LONDON, February 14, (Received Feb. 15, at 5,5 p.m.) The National Mortgage and Agency Company of New Zealand, after contributing £6255 to the staff superannuation and provident fund, showed a credit balance of £37,371, of which £14,986 was brought forward. After paying a final dividend of 5 per cent, tax free and placing to reserve £SOOO, the amount carried forward is £15,292. MELBOURNE MARKETS (United . Press Association.) (By Electric Telegraub—Copyright.) MELBOURNE, February 15. Wheat, 2* liid.to 2g 11 Jd. . Flour, £7 15s. . . . Bran, £4 15s. .Pollard, £5, Oats, 2* 5d to 2s 5Jd. B»f!ey; English, 2s lOd to 3s, Maize, 3* 6d. Potatoes, £ll 10» to £l2 10*. Onions, £8 lOg to £8 12s 6d. AUSTRALIAN EXCHANGE CHANGE OF RATE UNUKELY Although Australian trade statistics for the first half of the current financial year dp not show as favourable a balance as those of last year, it is unlikely (says the Melbourne Argue), that any alteration in the exchange rate on London will be made in the near future. The high exchange rate of £125 on London has been maintained for more than three years, despite favourable .balances, the specific purpose being to accumulate a fund in London sufficient to pay interest on Commonwealth and State loans, and for essential imports in the event of exports falling short of these requirements. When these funds were growing in London, commercial interests adversely affected by the high exchange rate urged a reduction, but the directPrs of- the Commonwealth Bank adhered to their long-range policy. Practically all the gold reserves had been exported, and with only new gold production and commodity .exports to rely on, they declined to be influenced by a few favourable export seasons. The effect of that policy is now being witnessed, and the less favourable trade balance is not. causing any immediate concern.

It may be significant that in % paper on London funds and the Australian economy before the recent science conRr:Wilson, economist attached to, the statistician’s, branch of the federal Treasury,, stated that the total available reserves of international currency held in. London by the Commonwealth Bank and the Australian trading banks amounted to £68,245,000. Approximately a sum of £30,000,000 is required for the annual service of Australian loans abroad, and this substantial reserve should preserve the credit of Australia for a considerable time in the most adverse circumstances. Another aspect that should not be overlooked arises in connection with the policy of the Federal Government ,in seeking reciprocal trade treaties with Great Britain and other countries. A rising exchange rate would introduce awkward complications. • THE FLAX INDUSTRY BRIGHT FUTURE PREDICTED. A fine future for the flax industry in the Dominion was predicted by Mr W. Barker, representative of British firms, manufacturing machinery for the making of woolsacks, cornsacks, and rope and twine, who (says the Press), arrived in Christchurch on Wednesday. Considerable development in the manufacture of woolpacks and sacks has been made in the North Island, and Mr Barker is confident that if the industry is developed fully it may be possible for New Zealand to avoid the necessity of importing these goods from Calcutta, and possibly build up a trade with Australia, Mr Barker said that the whole supply of woolpacks and cornsacks for Australia and New Zealand came from Calcutta, where the goods were manufactured from jute. New Zealand itself used Bflo,ooo woolpacks and 2,000,000 cornsacks a year, and considerable difficulties had arisen from the dependence on the supply from Calcutta. The manufacture of woolpacks bad been established at Foxton, and it was possible that another.factory would be established in the South Island, Mr Barker was confident . that if the • industry were fully developed and sufficient machinery employed, New. Zealand could supply all its own needs, and thus avoid altogether the spending of large sums of money with the Calcutta firms.

LONDON METAL MARKET

(United Frees Association.) (By Electric Telegraph—Copyright ) LONDON. February 14. (Received Feb. 15, at 10 p.m.) Tbs following are the official metal quotations:—

LONDON STOCK EXCHANGE (United Press Association.) (By Electric Telegraph—Copyright.) LONDON, February 14. The following are the latest Quotations of Government securities compared with the prices ruling last week:—

THE BRADFORD MARKET (United Press Association.) (By Electric Telegraph—Copyright.) LONDON, February 14. (Received Feb. 16, at 6.5 p.m.) Bradford is quiet.. Seventies, 26£d; sixty-fours, 24*d; sixties, fiftysixes, 18d; fifties, 14d; forty-sixes, 10id; forties, 9Jd. CARRERAS DIVIDEND Carreras, Ltd., of Melbourne, have declared interim dividends at the rate of 10 per cent, per annum on preference and ordinary shares for six months ended December 31, 1934, payable February 21. *

Thia Last week. week. £ £ - Saturday .. .. 5,897 732 Monday .. 4.283 2,844 Tuesday 948 2,021 Wednesday .. 2.786 5,566 Thursday 2,743 •1,068 Friday .. 3,560 3,228 Totala .. £80,227 £15,459

Copper, spot Tom £27 5 714 Fall £0 6 3 Copper, forward .. 27 10 714 Rise 0 3 9 Electrolytic, spot .. 30 10 0 Rise 0 10 0 Electrolytic, forward 30 12 6 Rise 0 2 n Wire bar, .. .. 30 12 6 Rise 0 2 0 Lead, aoot .. 10 3 9 No change Lead, forward .. 10 10 0 Rise 0 2 0 Spelter, spot 11 18 9 No change Spelter, forward .. 12 S 9 Rise 0 1 3 Tin. spot .. .. 227 12 0 Fall 1 15 0 Tin. forward 223 17 6 Fall 1 10 0 Pig Iron, borne trade 3 '7 6 No change Pig Iron, export 3 2 Q No change Antimony. British 77 10 0 No change Antimony, foreign 58 5 0 No change Molybdenite .. .. Dnlt, 1 U 0 No change Wolfram .. .. 1 17 6 No change Silver, standard .. Silver, fine .. .. Oi 24%d 20 S-lfld Rise 3-lCd Rise 3-lfld

Last week. This week. £ B. a. £ «. a. Consols .. .. 92 0 0 90 0 0 Funding Loan, 4 p.o.. 1900-90 120 T 0 118 15 8 Assented War Loan .. .. 108 8 0 107 15 0 Conversion Loan. 3% p.o. .. in 8 0 116 0 0 Victory Bonds. 4 p.o. (exdis.) 111 6 0 110 0 0 C’Wealtb. 8 p.c.. 1948-78 .. 112 17 6 111 IS 0 U’wealth, 5 p.o.. 1935-48 .. 103 15 0 103 3 9 C’wealth, 4 p.o.. 1945-48 .. 10G 16 0 100 2 0 U’wealth, 3H p.c., 1948-SS .. 104 8 0 104 0 0 U’weallh. 3’.4 p.o.. 1038-87 .. 102 2 6 102 0 0 N.8.W.. 3 p.c., 1938 .. .. 102 7 G 102 6 0 N.S.W., Shi p.c., 1930-80 .. 100 5 0 100 2 6 N.S.W.. 414 p.c., 1935-46 .. 101 8 9 101 6 3 N.S.vy.. s p.c,, 1038-88 .. 103 10 3 103 13 9 Victoria, 3 p.c,, 1020-49 09 15 0 99 12 0 Victoria. 4?i p.o.. 1940-60 .. 100 10 0 100 0 0 Victoria, 6 b.c.. 194848 .. 112 10 0 110 10 0 Queensland. 3 p.c., 1922-47 .. 99 12 0 09 2 6 Queensland, 8 p.o.. 1040-00 .. 109 10 0 108 IT 0 S.A., 8 p,o„ 1910 (opt.) .. 92 13 9 02 0 0 S.A., 8 p.o,. 1948-76 ,. .. 112 10 0 1X0 0 0 W.A., 3 p.c., 1915-38 .. .. 101 S 9 101 0 0 W.A.. 4 p.o.. 1942-02 .. 104 2 6 103 IT 6 Tasmania. 314 p.c.. 1920-40 .. 101 10 0 101 10 0 Tasmania. 4 p.o.. 1040-50 .. 104 0 0 104 0 0 New Zealand, 414 p.o.. 1048-68 110 10 0 109 15 0 New Zealand. 3H p.c.. 1940 104 13 9 104 6 0 New Zealand, 3 p.o.. 1845 .. 101 16 3 101 10 0 New Zealand. 6 p.c.. 1030-61 106 10 3 106 13 9