COMMERCE AND FINANCE

Otago Daily Times, Issue 23203, 29 May 1937, Page 11

COMMERCE AND FINANCE

LOCAL AND OVERSEAS MARKETS

CHRISTCHURCH STOCK EXCHANGE THE WEEICS ACTIVITIES (Special to Daily Times) CHRISTCHURCH, May 28. The lively interest in breweries which remained unabated throughout the period, was a feature of the week's trading on the Christchurch Stock Exchange. Turnover in this section amounted to the substantial total of £17,700. The market for industrials was also fairly active but some of the leading Australian issues were distinctly weaker. The market appears to be recovering, only slowly from the break that followed the collapse of the metals' boom and the caution of the English Exchanges since the announcement of the armaments contribution has not assisted to brighten trading. A turnover of £62,339 was the largest for many weeks and compared with £41,725 in the previous week. There was no great interest in Government issues but the market appears to be hardening further. It is difficult to account for this stiffening because the interest rates outside show a tendency to firm. The banking section was quiet and prices decidedly weaker. The Commercial Bank of Australia were again the most active issue but the price slipped from 19s 2d to 19s in trading. The National Bank of-Australasia (£5 paid) were cheaper with sales at £7 10s and £7 Bs, and Bank of New Zealand fell away a few pence to £2 4s 7d. At the end of the week New Zealand were the only insurance shares to be traded, the price showing a slight appreciation on last week. Loan's were almost entirely neglected and were as a whole weaker. Among meat company issues there were several sales of North Canterbury Freezing,*the first for some time. The price rose in dealings from £1 17s 6d to £2. The market expects something in the way of a present from New Zealand Breweries and Staples, and interest in these two issues has been lively and sustained throughout the period. New Zealand were particularly active and continued the rise of last week to gain 2s to round £2 6s. Staples were 3s lower at the beginning of the week than they were at the end of last week, but they picked up 2s before the end. There was a certain amount of interest in Tooths, but the other two accounted for almost the whole of an exceptionally large turnover in this section. Ordinary industrials were In general weaker, particularly some of the leading Australian issues, but to-day there was a firming in maay. The market appears to have little real strength, but in a number of cases a writing-down of market values would do no more than bring the price Into-some more reasonable relation to thj} recent returns and immediate prospects. Among the exceptions was Australian Glass, which improved about 3s on the week, and British Tobacco, which were about steady. Both Broken Hill issues sagged away throughout the week but showed a slight upturn at the end. G. J. Coles were not-as briskly traded as usual, and faded to £5 7s on Thursday, but recovered a little after. Both Electrolytic Zincs were weaker. Little attention was given to Woolworths issues, but both Sydney ordinaries and rights dropped sharply. Mount Lyells eased but not markedly, while Mount Morgans slipped decidedly till there was a slight revival to-day. Broken Hill South were actively traded, but after rising till mid-week they slipped to £2 lQs 6d below their starting; point.

AUSTRALIAN STOCK EXCHANGES (United Press Association) (By Electric Telegraph—Copyright) SYDNEY, May 28. (Received May 28, at 10 p.m.) The Stock Exchange dealings to-day were along quiet lines, with general steadiness. THE MORNING BALES Commonwealth Bonds—--33 p.c. 1949 99 5 0 4 p.c, 1938 103 ,0 0 4 p.c, 1944 102 12 ,6 4 p.c, 1961 .. 102 0 0 Tooths 2 18 3 Anthony Hordern .. .. 019 4J Woolworth's (second pref.) 18 6 ADDITIONAL SALES Bank of N.S.W. (ex div.) .. 36 15 0 Com. Banking of Sydney .. 22 0 0 National Bank (£lO paid) 15 15 0 Colonial Sugar .... .. 47 10 0 Associated News .. .. 12 9 (pref.) 1 3 4J British Tobacco 2 10 9 Toohey's .. 1 13 0 Queensland Brewery .. 16 0 Dunlop Perdriau .... 12 0 (pref.) 116 3 Goldsbrough. Mort .. .. 118 6 Electrolytic Zinc .... 217 9 Felt and Textiles .. .. 115 10J Stedman 0 17 0 United Provisions .. .. 010 6 Clifford Love 2 15 0 Taubmann's 3 10 0 David Jones -2 2 6 Anthony Hordern .. .. 019 4£ Neon Signs ........ 017 4J Selfridges (New Zealand) 0 2 6 0 5 6 Mount Morgan .... .. 013 10 Mount Lyell 2 5 6 Kuala Kampar 12 3 Tonkah Harbour 13 0 Taranaki Oil 0 3 9 MELBOURNE, May 28. Industrials were inclined to drift on quiet trading. Barriers have steadied, but gold shares fluctuated. Com. Bank of Australia .. 0 19 2 National Bank (£5 paid) .. 710 0 (£lO paid) 15 5 0 G. J. Coles 5 110 Dunlop Perdriau 12 0 Electrolytic Zinc .. .. 217 9 (pref.) 218 6 Mount Morgan ' 0 13 7 Mount Lyell .. 25 9 Broken Hill Proprietary .. 4 19 North Broken Hill .. .. 314 5 South Broken Hill .. .. 211 3 Loloma 109 Sulphide Corporation .. 015 0 Satupulo .. 1 17 0

COMPANIES REGISTERED The Mercantile Gazette notifies the registration of the following companies:— Highgates, Ltd., registered as a private company. May 18, Office: 11 Bond street, Dunedin. Capital:' £IOO into 100 shares of £1 each. Subscribers: L. G, T. Plowman 99, E, J. Smith 1. Objects: To buy, sell, vend, and deal in articles of domestic use and ornaments of all descriptions. Aurora Investment. Ltd., registered as a private company, April 28. Office: Esk street, Invercargill. Capital: £2OOO in 2000 shares of £1 each Subscribers: Invercargill—G. Tapper 1500; G. C. Tapper 300. Objects: Mortgage Loan and Finance Company. , O'Connor and Riley. Ltd., registered as a private company, April 30. Office: Clyde street, Invercargill. Capital: £SOO in 500 shares of £1 each. Subscribers: Invercargill—F. O'Connor 188, E. C. Riley 187, P. N. Godward 125 Objects: Land and estate agents. Ward (S.) and Co.. Ltd., registered as a private company. May 3. Office: Esk street, Invercargill. Capital: £6OO in 600 shares of £1 each. Subscribers: Invercargill—W. R. G. Cruickshanks 500. E. M. Ward 100. • • Objects: Wool and skin merchants. BRADFORD MARKET (United Press Association) (By Electric Telegraph—Copyright) LONDON, May 27. On the Bradford tops market business is quiet and holders are reserved. Quotations.—Merinos: 70's, 40Jd; 64's, 38Jd; 60's, 37d; 58's, 33d; 56's, 31Jd; 50's, 26id; 46's and 44's, not quoted.

OVERSEAS TRADE EXPORTS AND IMPORTS COMPARATIVE FIGURES (PEn United Press Association) WELLINGTON, May 28. The statistical branch of the Customs head office has issued the following figures for the overseas trade of New Zealand (excluding specie):

The above values are expressed in terms of New Zealand currency. VALUE OF SI'ECIE EXCLUDED Exports. Imports. E £ Month of April. 19ST Four months mdod April, 1537 .. 8.000 83.472

MINING NEWS WEST COAST DREDGES (Per United Press Association) GREYMOUTH, May 28, The Maori Gully dredge return was 41oz Bdwt retorted gold for 126 hours' dredging. The Nemona dredge return was 15oz for 108 hours' work (15,000 yards). CANADA'S WHEAT SURPLUSES (United Press Association) , (By Electric Telegiaph—Copyright) WINNIPEG, May 27. Mr James Murray, chairman of the Wheat Board, announces that Canada's wheat surpluses will be cleaned up by the end of July. MOUNT LYELL SHARES (United Press Association) (By Electric Teleeraph— Copyright) LONDON, May 27. Mount Lyell shares are quoted at 35s 6d. ZINC CORPORATION DIVIDEND (United Press Association) (By Electric Telegraph—Copyright) LONDON. May 27. The Zinc Corporation is declaring a dividend of 3s od, both on the preference and ordinary shares, also 2s as the first half-fixed preferential dividend for 1937. WHEAT AND FLOUR (United Press AssociaUon) (By Electric Telegraph—Copyright) LONDON, May 27. Wheat cargoes are firm. Parcels are higherJ Futures:—London: July, 45s 34d; November. 42s 4Jd. Liverpool: May, 9s 8d; July, 9s 6Jd; October, 8s lOid. The spot trade is quiet. Australian, ex ship, 33s 6d to 34s 6d. Chicago futures: July, 1188 cents per bushel; September, 117; December, - 1183.

BUTTER AND CHEESE (United Press Association) (By Electric Telegraph—Copyright) LONDON. May 27. Butter Is inactive. Danish, 112 sto 113 s. Choicest salted New Zealand, 108 s. Australian, 106 s to 107 s. Unsalted, Is premium. Cheese is quiet. White and coloured New Zealand, 745; Australian, 72s to 72s 6d. Messrs A. S. Paterson and Co., Ltd., are in receipt of the following cablegram from London:— Butter.—Market quiet, buyers inactive. New Zealand, 108 s; Australian, 107 s; Danish. 945. Landed cost, 115 s. Cheese.—Market quiet, buyers inactive. New Zealand white, coloured, 745; Australian, 735. BEET SUGAR (United Press (By Electric Telegraph—Convright) LONDON. May 27. Beet sugar, 6s 7Jd.

Export). Imports. Excess of Exports. Month of AprilS £ 8 1937 . 8.402.000 4.342.000 4.000,000 1030 . 6.1S7.000 3.559.000 2,578,000 1935 . 3,800.000 2.339.000 1,057,000 Four n lontbs ei lded April— 1937 . 30,082,000 17.326,000 13,350,000 1936 . 24.934.000 13.1S0.000 11,754,000 1935 . 10,550,000 11,337.000 8.219.000