COMMERCE AND FINANCE

Otago Daily Times, Issue 23577, 13 August 1938, Page 11

COMMERCE AND FINANCE

LOCAL AND OVERSEAS MARKETS

MOTOR IMPORTS NEW RECORD FIGURES £3,084,096 IN HALF-YEAR Record activity in the motor trade in New Zealand is shown by returns compiled for the New Zealand Herald by the Comptroller of Customs in Wellington. From the figures for the first six months of the year it seems certain that a new trading peak will be reached for the year. To the end of June, 19,610 motor cars, chassis and commercial vehicles had been imported, substantially exceeding last year's half-yearly recor.d of 17,287. while the dutiable value of the imports. £3,084,096, was also much higher than the £2,697,575 which was the previous record set for the corresppnding period last year. Both this year's totals represent more than half the figures for the whole of last year, when the number imported was 36,761. and the dutiable value £5,786,383. Following are details of the dutiable value of all importations of motor vehicles from all countries in the first six: months of the past 10 years:—

Britain's Large Share The popularity of British cars is shown by Britain's claira to 11,173 of the importations, or 56.9 per cent., compared with 9624, or 55.7 per cent, for the first six months of last year. The dutiable value of these Biritish vehicles was £1,782,367, or 57.8 per cent., compared with £1,550.346 and 53.8 per cent, last year. Canada's share has increased from 26.2 per cent, to 29.9 per cent, of the dutiable total, but the value of imports from the United States has shown a further decline, dropping from 16.3 per cent, to 12.3 per cent. Following is an analysis of the dutiable value of motor imports for the six months ended June 30:—

In addition to these, 2!i unassembled or completely knocked down cars were imported from Italy, the dutiable value being £2169, and the following assembled cars were also landed: Australia, one, £362; Germany, four, £1505; Italy, one. £9O. Many Unassembled By far the largest proportion of imported vehicles arrived in an unassembled or completely knocked down condition. Of the total of 19,610. there were 14,168 unassembled, compared with 11,055 last year; and 5442 assembled, compared with 6232 last year. There- were 16,349 motor cars and chassis, compared with 14,672 for the first haM Of last year, and there were 3261 ' commercial vehicles, as against 2615: for the .corresponding period of 1937; Ji Following are details of imports of motor* cars.'chassis and commercial vehicles for the first six months of this y*ar:— r United United

Canada again exported the greatest number of commercial vehicles, the total of 1880 being far in advance of the 1183 exported up to June 30 of last year. The United Kingdom's total increased slightly from 711 to 740, and the United States total increased from 351 to 641. Commercial Vehicles Following are details of the commercial vehicles imported during the

No commercial vehicles were imported this year from any country other than the United Kingdom, Canada and the United States. CANTERBURY MARKETS GRAIN AND PRODUCE A QUIET WEEK <Peb United Press Association) CHRISTCHURCH, Aug. 12. As for most other sections of business in the city National week has been a very quiet one for the grain and produce markets. Little trading of any <kind has been done and prices have not changed. Chief interest continues to be in potatoes. Rumours that Australia will lift the embargo on New Zealand potatoes persist. Merchants have been receiving many inquiries from Australia, and these have encouraged the belief that the time has not come yet to give up all hope of an export market. Farmers have been very strong holders, and because of that, together with the bad weather over the last six or seven weeks, deliveries from the country have been held up sufficiently to keep the market from crashing. Sellers are reluctant to operate beyond August and most buyers seem to be working on a hand-to-mouth basis. The quotation to farmers remains at £2 »0s at handy stations. It was estimated earlier this year that the area sown in wheat would be practically back to normal, but bad weather has upset calculations. Wheat sown early in May, and which had come through the ground before the weather broke, will be all right, but many crops which were put in later in the month and have been waterlogged ever since, will have to be written off. Although few orders for seed have been coming in, the spring sowing of wheat is not likely to be a large one now because most of the ground will not be fit to work for some weeks The present stocks of wheat are very low and will all be required for local consumption. The market for Garton oats is lifeless, but Duns and Algerians of good quality have been in demand Chaff is much firmer with supplies scarce. Several large Government tenders have recently been completed for certified commercial ryegrass and certified cocksfoot. It is understood that more tenders will be called, and these will probably keep the market firm at present rates.

CHRISTCHURCH STOCK EXCHANGE THE WEEK'S ACTIVITIES (Special to Daily Times) CHRISTCHURCH, Aug. 12. The " holiday spirit" which always slows business at Grand National time is the chief reason for the small turnover—£lo,s49. against £22,152 for last week—on the Christchurch Stock Exchnage this week. The Exchange was closed all day on Tuesday and on Wednesday and Thursday afternoons. The turnover on the other Exchanges was a fair weekly average. Price levels, on the whole, were well maintained, and there was a steady demand for the leading stocks. In most sections of the market, however, the unsettled state of world affairs continues to have a depressing effect, and the nervousness shown on Wall Street ana in London has been reflected on the Australian and New Zealand Exchanges. The recent flight from the franc caused the nervousness to SDread, and prices on the Paris and Berlin Stock Exchanges were marked down several points. Sterling, in its relation to gold, shows a further depreciation, and at one time this week gold reached £7 2s 7*d per fine ounce, the highest price since March, 1937. The banking section of the local Exchange was very quiet. The outstanding feature was the sharp rise in Commercial Bank of Australia from 16s lOd to 17s 4d. These shares eased slightly to the close at 17s 3d. Preference were firmer at £9 10s and £9 lis 3d. New Zealand and Union were firm at last week's closing rates, and National of New Zealand eased to 52s 6d, 52s 3d and 525. Australasia advanced to £lO 5s and New South Wales to £3l 10s. Insurance stocks were firm and woollens remained unaltered. In the loan and agency sections Goldsbrough, Morts ran up smartly to 29s Id, buyers offering 29s 5d at the close. Christchurch Gas (ex div.) were steady at 27s 3d. The only business in breweries was in Dominions at 34s 6d and in New Zealand, which eased from 43s to 42s 9d.

In the miscellaneous section, Broken Hill Proprietary recovered to 59s 9d, but later receded to 59s 3d and closed round es9s 6d. Electrolytic Zinc ordinary were steady and Woolworths (Sydney) eased to 21s sd, 21s 6d and 21s 3d. Taranaki Oilfields were sold at 13s 3d to 13s. In the mining Big River were firm at Is 2d. Goldfields Dredging were unaltered at 2Jd. Grey River advanced to 14s 3d. Nokomai were sold at Is 6d, Talisman Dubbo at 7s 7d, and Waihi Investments at 9s BJd. Broken Hill South fell to 31s 9d and Lyell's ranged from 28s 7d to 28s 4d. Morgans improved with sales at 10s 5d to 10s 7d. MINING NEWS NEMONA RETURN (Peb United Press Association) GREYMOUTH,' Aug. 12. The Nemona return was 38oz 4dwt for 130 hours, 15,900 yards being treated. . x MAORI GULLY RETURN (Pek United Press Association) GREYMOUTH, Aug. 12. The Maori Gully return totalled 220 z ldwt for 191. hours. The next return is expected to be the last and the dredge will then be benched pending the final decision as to the company's future. AUSTRALIAN STOCK EXCHANGES (United Pres. Association) (By Electric Telegraph—Copyrighti SYDNEY, Aug. 12. (Received Aug. 12, at 11 p.m.) The Stock Exchange was more subdued to-day, with only minor price variations. THE MORNING SALES Commonwealth Bonds —

Commercial Banking of Sydney (ex div.) .. .. 20 19 0

MELBOURNE, Aug. 12. In spite of the fall in America the market, to-day showed little change. Cox Brothers were better on the publication of record profits for the year and the announcement of a new issue

SAVINGS BANK DEPOSITS INCREASE IN AUSTRALIA Deposits in the savings oanks of Australia amounted on June 30 to £240,428,000. This sum represents an increase of £9,577,000 over total deposits on Juno 30, 1937. From 1936 to 1937 deposits increased by £5,905,000. The increase in New South Wales last year was £4,063,000. and in Victoria £3,156,000. At June 30, deposits in the savings banks represented £34 17s 7d a head of population, compared with £33 16s 2d at June 30, 1937, and £29 12* 7d in 1931. Deposits a head of population were at their highest on June 30. 1929. They amounted then to £35 5s 2d. If, however, purchasing power be taken into account, the £34 17s 7d deposit to-day would have a purchasing power equal to what £39 lis lid would have had in 1928, while the £35 5s 2d in 1929 would have had a purchasing power equal to £34 13s 5d in 1928.

Half-year Value, £ Number 1929 . 2.055.517 15,072 1830 . 1,375,158 8,983 1931 . 388,032 . 2,629 1932 .. 267,143 1,883 1933 219,740 1,586 1934 727,244 5,747 1935 .. 1,517,379 10,140 1936 . 2,254.653 14,680 1937 ,. 2,697,575 17,287 1938 . 3.084.096 19.610

Unassembled or completely knocked* downcars .. .. Car chassis Com. tehlcles Totals Assembled — Cars .. .. Car chassis .. Com. vehicles United Kingdom £ 884,829 145.520 Canada £ 645,697 273\021 United States & 144,595 185 111,641 1,010.849 766,654 1,544 3.820 918,718 4,538 ~806 256,421 115,849 1,771 772,018 4.844 j 17,620

-<.-,* U: ■'''■': Kingdom Canada States No. No. No. Unassembled ■ or completely knocked-down cars ' ',', 5682 4284 947 Car chassis ,, — — 2 Commercial vehicles '.. .. 719 1878 631 Totals 6401 6162 1580 Assembled— Cars .. .. ,, 4734 17 635 Car chassis ,, 17 — — Commercial vehicles .. • • 21 2 • 10 Totals ,, 4772 19 645

past three years:— 1938 1937 1936 United Kingdom 740 711 935 United States .. .. 641 351 1393 1880 1553 529

101 6 3 102 0 0 103 10 0 104 7 S 4 p.c, 1953 103 8 9 103 13 9 104 6 3 4 p.c, 1959 104 15 0 4 p.c, 1961 105 2 6 Bank of New South Wales 31 17 8 Australian Gas (A) .. 2 16 7 9 3 0 Associated News (pref.) .. 1 3 9 Anthony Hordern .. 0 17 6 Cash Orders Amalgamated 0 16 7* 1 2 6 2 3 9 ADDITIONAL SALES

Commercial Bank of Aus0 17 0 Bank of Australasia .. 10 16 0 Colonial Sugar 49 10 0 British Tobacco 2 10 3 (New Zealand delivery) 2 10 3 2 16 3 1 11 9 1 12 3 1 18 0 0 14 0 Felt and Textiles .. .. 1 14 0 W. Adams (old) .. .. 0 15 9 Standard Cement .. .. 1 2 0 1 2 6 Malleys ., 1 0 6 Waldas .. .. 0 5 6 1 1 6 Goldsbrough Mort .. 1 9 6

of one for two at par. P Q ,1 Commercial Bank of AusJJ b. u. 0 17 6 2 10 0 G. J Coles 4 1 3 1 6 6 Australian Glass .. 4 15 0 Dunlop Perdriau .. 1 2 3 Australian Paper M'frs (pref.) 1 5 9 (new paid) .. 1 5 ,0 Cox Brothers 0 18 4 Herald and Times .. 3 0 0 Australian Foundation Investment Trust 0 5 5 National Reliance Invest0 10 0 Imperial Chemicals (pref.) 1 2 0 (pref., 10s paid) 0 11 9 Electrolytic Zinc 2 3 6 1 8 9 Broken Hill Proprietary .. 3 0 0 North Broken HQ1 .. 2 6 9 South Broken Hill .. .. 1 11 3 1 3 3